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The
financial
UtfflnrrrtZstl fIrmitrie
VOL. 127.
SATURDAY, NOVEMBER 24 1928.
NO. 3309.
that an important problem confronting the railroads, the shippers, and the general public of the
PUBLISHED WEEKLY
country, is: How long can the railroads continue to
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maintain their net income against declining traffic
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
revenue
s? Gross revenues during the nine months
510.00
$6.00
in Dominion of Canada
6.75 ended Sept.
Other foreign countries, U.8. Possessions and territories 11.50
30 1928 decreased 124,000,000, com_ 13.50
7.75
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and Quota- pared
tion Record the subscription price is $6.00 per year;
with
the
corresponding period in 1927; forfor
all
the
others
Is
$5.00 per year. For any three combined the subscriptio
year, and for the whole five combined it is $20 per year. n price is $12 per tunately, this was met by a
reduction in operatCOUPES DIU/Ler—,
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ing expenses of $134,000,000. Only the applicaBANK AND QUOTATION RECORD
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MONTHLY EARNINGS RECORD
8TATZ AND M
tion of the most rigid economy, we are told, saved
-annually)
Terms of Advertising
the net railway income from showing a large deTransient display matter per agate line
45 cents cline. Yet the income
Contract and Card rates
for the nine months of 1928
On request
Cameo° Orrics—in charge of Fred. H. Gray, Western
Representa
208 South La Salle Street, Telephone State 0613. tive was at the annual rate of return of no more than
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens.
London. E. C. 1.55%, compared with 4.60%, both figures
falling
WILLIAM B. DANA COMPANY, Publishers,
consider
ably
short
of
the
53
4%
to
which
the
ComFront, Pine and Depeyster Streets, New York
merce Commission says the railroads are entitled
Published every Saturday morning by WILLIAM B. DANA
COMPANY. The capital investment necessarily increases from
President and Editor, Jacob Seibert; Business Manager,
William D. Riggs;
Treas.. William Dana Seibert;Sec.. Herbert D.Seibert. Addresses
of all. Offtee 01 00. year to year and wage levels continue to
rise, while
the ratio of taxes to operating revenues has advanced
The Financial Situation.
to the highest point ever known. "In the first nine
It is refreshing to be able to note that the matter months of 1928, 6.30 cents out of
every dollar of reveof dealing more liberally with the railroads of the nue was absorbed by taxes,
contrasted with 6.17
country, in order that they may render the reliable cents in the same period of
1927."
and adequate service required of them and at the
President Willard, of the Baltimore & Ohio,
same time earn a fair return upon their capital in- tackles the problem without
gloves. Reverting to
vestment, is now being urged upon public atten- the question put by Fred W. Sargent
, the President
tion from many different quarters. With transpor- of the Chicago & North Western
Railway Co. last
tation rates being steadily reduced and with one class year when he asked whether the railroad
s were driftof railroad employees after another insisting upon ing back to the unfortunate conditio
n in which the
never-ending wage advances, these rail carriers face railroads found themselves in 1917,
at the time the
the menace of being ground between the upper and Government took them over as a
war measure, Mr.
the nether millstones. So flagrantly is this the case Willard asserts that if there had
been any doubt at
that the outsider has found it somewhat difficult that time concerning the right answer
to that questo understand why the railroads have not pressed the tion, there could not be any doubt
concerning the cormerits of their case, and the urgency of providing rect answer at the present time.
"Results and tenmeasures of relief, with greater earnestness and dencies clearly show that
the railroads are graduvigor. If, on the one hand, the Hoch-Smith joint ally, but none the less definite
ly, drifting back in
resolution appears to stand in the way of securing the direction of conditions
existing before the World
more nearly compensatory schedules of transporta- War—at the time, we will say,
of the 5% Rate Case
tion rates from the Inter-State Commerce Commis- in the Eastern region." In that
case, which was desion, on the other hand the situation of the rail- cided in 1914, the Commiss
ion reached the concluroads under the absence of the needed relief, is get- sion that the net operating
income of the railroads
ting steadily worse, thereby making their cause all was insufficient and should
be increased.
the stronger and such as to carry conviction, when
In one particular the railroads now are even worse
properly presented, to the minds of all disinterested off than they were in this
earlier period. Mr. Wilpersons.
lard points out how the situation has changed, as
But the cudgels on behalf of the rail carriers are compared with the former bad period,
in the follownow being taken up in good earnest. One illustra- ing words:
tion of this is found in the address delivered on
"Since the war conditions have changed. While
Wednesday of this week, at the annual dinner of the
the general business of the country may be increasRailway Business Association, by Daniel Willard, ing, and probably is, the same
is no longer true, to
President of the Baltimore & Ohio RR., and another the same extent as formerly, of the railroads.
The
in a report on the economic situation in the rail- development of hydro-electric power, extended use of
way industry submitted the same day by the Bu- crude oil for fuel, and shifts in industrial locareau of Railway Economics at the annual meeting of tions, have made serious inroads into the use of coal,
the American Railway Association held at the Bilt- thereby substantially reducing its movement by rail.
"The increased and steadily increasing volume of
more Hotel in this city. This latter report well says
tonnage moving on the inland waterways has large-
finantial Cixtanicte
2862
FINANCIAL CHRONICLE
[VOL. 127.
to do this; that in 1920 rail operating exly been diverted from the railroads, and it certainly to continue
and in 1927 the railroads
must be expected that the 3,000,000 motor trucks penses were $5,800,000,000
on
and spent $1,225,000,000
operation
traffic
in
more
6%
vehicles
handled
and 20,000,000 other motor
businets
some
0 level named in the
handling
5%7
the
are
that
highways
n;
operatio
for
States
less
United
matter
a
As
.
railroads
that formerly moved on the
Transportation Act has never been reached and that
convery
a
handling
are
they
that
know
we
of fact,
jn the last five years the tendency has been away
siderable volume of such business, both freight and from this goal instead of toward it. More than 600
passenger.
ons attended the dinner. At the speakers' table
"As a result of these influences, among others, per,
vice-presidents of nearly all
freight traffic handled by the railroads has remained were the presidents and
years.
eight
country.
of
the
last
lines
the trunk
substantially stationary during the
Whether this condition is to be permanent or only
temporary no one can say. It is apparent, however,
Brokers' loans on the security of stock and bond
that the railroads cannot now look with confidence collateral are now leaping upward with a swiftness
to an increase of traffic each year, sufficient to off- that is both startling and alarming, and no good purset the effect of reduced rates and increased operseeking to minimize the menace inating costs, as has been the case to a certain de- pose is served by
ances,
ate feature connected with
circumst
most
unfortun
The
volved.
such
in
is,
There
gree in the past.
involvthe gigantic speculation in the stock market is that
only one remaining avenue of relief, usually
efmore
is
that
and
res,
expenditu
it is being conducted on borrowed money. And the
ing large capital
fective and economical operation, and it will be stupendous magnitude of these brokers'loans constirecognized that there are rather definite limits in tute the evidence of this borrowing. With Stock
that direction. • - Exchange speculation spreading like wild fire, con"Coincident with these economic changes there
expansion in borrowing by brokers is the instant
has been a constant wearing away of rate structure
nts.'
'adjustme
concomitant. The expansion results from a
evitable
for
ons
through innumerable applicati
of double cause,first because the volume of speculation
s
unfairnes
the
say,
may
I
if
and,
m
unwisdo
The
so administering this lawfully established rule of is itself increasing and secondly because more and
rate-making as to require the carriers to accept rates more money is involved as prices rise higher and still
and fares insufficient to yield a fair return upon the higher. The further addition this week has been
value of their properties devoted to transportation no less than $176,315,000, raising the grand total of
purposes, should be apparent to anyone who gives
these loans to brokers and dealers (secured by stocks
the matter serious consideration. I have urged and
of
ation
interpret
and bonds), by the 45 reporting member banks in
g
now urge that a more far-seein
had
be
should
it,
of
on
applicati
New York City away above the five billion dollar
as
well
the law, as
not only in the interest of fair-dealing with the car- mark, the exact figure being $5,157,132,000. Bearing
riers, but primarily in the public interest, in order in mind that the Stock Exchange's own figures,
that the roads may continue to meet at least the which are more comprehensive than the Federal Reminimum standard of adequate service."
serve figures, but are compiled only once a month,
it
If
heeded.
be
usually run nearly $1,000,000,000 higher than the
What Mr. Willard says should
least
at
rates,
ation
Federal Reserve figures, we get some idea of how
is not possible to raise transport
any
against
protected
bank credit is being absorbed in the delirious specube
the. e rail carriers should
stand
firm
a
and
rates
which has now extended to all parts of the
lation
such
of
further leveling down
inwage
further
and to all classes of the community.
country
against
taken
be
should likewise
ve
imperati
as a matter of course that with this
as
is
follows
It
ent
requirem
latter
This
creases.
to
referred
increase, a new high record in all
we
further
3
week's
Nov.
of
issue
our
In
former.
as the
the increase in wages recommended by the Emer- time has been established. The aggregate of these
gency Board, appointed by President Coolidge, un- loans has now been rising uninterruptedly for thir21
der the provisions of the Railway Labor Act in the teen successive weeks and at $5,157,132,000 Nov.
22,
Aug.
on
1,000
carwith
$4,201,13
compares
the
amount
Western
the
case of the wage dispute between
riers and their conductors and trainmen, and found showing an addition of not far from $1,000,000,000
(according to the report last year of a Federal Board in the short space of three months. As compared
of Mediation which had denied the request) that this with Nov.23 1927 when the total was already unduly
increase would ultimately add $83,000,000 to the op- large, the increase is $1,675,846,000. In the further
erating expense of the railroads affected, the mileage expansion of $176,315,000 during the past week the
involved in the controversy being over half that of reporting member banks have themselves been the
the entire railroad mileage of the country or 138,- heaviest contributors, the loans made by these re672 miles out of a total of 237,054 miles. The whole porting member banks for their own account having
railroad world should set its face rigidly against risen during the week from $994,367,000 to $1,125,further wage increases of any kind, since the level 922,000. The loans made for account of out-of-town
of wages in the railroad service is very high and banks have remained virtually unchanged, standing
these rail carriers are in no condition to bear addi- at $1,750,794,000 Nov. 21 and at $1,751,460,000 Nov.
14. The loans for account of others, the most obtional burdens of that kind.
&
Boston
le form of borrowing, still keep mounting
the
of
jectionab
t
r,
Presiden
Hannaue
George
Maine Railroad;in an address at the annual dinner upward and have established still another high peak,
of the National Industrial Traffic League on Thurs- They are now (Nov. 21) $2,280,416,000 against $2,day night at the Hotel Astor, also discussed the sub- 234,980,000 Nov. 14, and compare with only $999,ject of the condition of the railroads. Mr. Han- 827,000 twelve months ago on Nov. 23 1927.
With such a tremendous absorption of bank crednailer pointed out that the railroad service is vastly
it
in stock speculation, it is only small consolation
that
time;
the
all
better and continues to get better
to
contraffic
find that borrowing of the member banks at the
that
so
spare
capacity
the railroads have
Reserve
the
institutions is not increasing, but rather dethat
extinct;
become
s
gestions and car shortage
During the week the discounts at the
creasing.
000
on
$700,000,
close
spending
been
railroads have
institutions were reduced from $857,.
Reserve
twelve
have
will
they
that
and
possible
this
make
a year to
Nov. 24 1928.]
FINANCIAL CHRONICLE
539,000 to $799,946,000. On the other hand, the
Federal Reserve Banks are continuing their policy
of buying more and more acceptances in the open
market, thereby nullifying to that extent the effect
of the reduced direct borrowing by the member
banks. During the week the acceptance holdings of
the twelve Reserve Banks were further raised from
$474,400,000 to $484,164,000. Holdings of U. S. Government securities were also increased somewhat
during the week, the amount rising from $222,339,000 to $226,055,000, and the result altogether is that
total bill and security holdings stand the present
week at $1,514,555,000 against $1,558,133,000 a week
ago, but comparing with $1,366,872,000 twelve
months ago on Nov. 23 1927. As showing how far
the Federal Reserve Banks have carried their policy
of enlarging their holdings of acceptances, we may
note that the acceptance holdings now at $484,164,000 compare with only $161,847,000 on Aug. 8, being an addition of $322,317,000. The holdings of U. S.
Government securities are also larger, the amount
now at $226,055,000, comparing with $207,868,000
on Aug. 8, making the combined addition to the
amount of Reserve funds in use through the open
market purchases of acceptances and of Government
securities no less than $340,504,000.
In this way the Reserve banks have been thrusting
Reserve funds into use at a time of the wildest speculation ever witnessed, when every consideration of
prudence suggested that Reserve credit should be
curtailed. We know of course that the theory is
that in buying acceptances the Reserve institutions
are employing Reserve credit for the direct accommodation of the mercantile community, but the fallacy of the argument consists in ignoring entirely
the fact that by taking over these acceptances the Reserve Banks are releasing a corresponding amount
of bank credit which the member banks can apply
in other directions. The acceptance holdings of the
Federal Reserve Bank of New York at $142,964,000
Nov. 21, compare with $32,170,000 on Aug. 8, being
an increase of $110,794,000, and the holdings of U.
S. Government securities at $41,412,000 compare
with $28,501,000, an increase of $12,911,000, making
the combined addition, at this the speculative center,
$123,705,000.
On the Stock Exchange the present week prices
have been soaring as never before in the history of
the Exchange, with the dealings of unprecedented
magnitude and the market very tumultuous in character. Reams of stock have been purchased, but
reams of stock have also been disposed of in the process of realizing profits. This naturally caused violent fluctuations, sharp declines being interspersed
with even more pronounced advances, but the general upward trend of prices has never been checked
except temporarily. One buying wave has succeeded
another, and swept everything before it and prices
have mounted upward in even more pronounced fashion than in the most noted of the long antecedent
period of upswings in values. The facilities of the
Stock Exchange have again been taxed beyond capacity, and a.s a last resort the Stock Exchange authorities began on Thursday in reporting sales on
the ticker to omit the volume of the sales on individual transactions—that is, no longer showing whether the sale at the given price covered 100 shares or
500 shares or 10,000 shares or 25,000 shares or whatever the amount might be. This worked well and on
2863
the first day of trial, the ticker never fell more than
15 minutes behind. This contrasted sharply with
the experience on the days immediately preceding,
the ticker on Saturday last having at one time been
46 minutes in arrears; on Monday at one time 51
minutes; on Tuesday 105 minutes, and on Wednesday 66 minutes. On Friday, with the sales again
omitted under the new rule, the ticker did not give
quite so good an account of itself, it being at one
time 48 minutes late.
The volume of business has been of huge proportions. At the half-day session on Saturday last,
business again exceeded the three million share
mark, and all records for a half-day's business were
shattered with sales of 3,105,216 shares. On Monday, the transactions totaled 5,040,750 shares; 011
Tuesday 6,503,230 shares; on Wednesday 6,014,855
shares; on Thursday 5,837,600 shares, and on Friday 6,954,020 shares, this last shattering anew all
past records for a day's trading, the highest previous total having been that of Friday of last week.
On the Curb Exchange the dealings have also been
of tremendous magnitude, the sales last Saturday
having footed up 1,183,100 shares; on Monday 1,575,900 shares; on Tuesday 1,932,700 shares; on Wednesday 2,134,100 shares, a. new high record; on Thursday, 1,988,200 shares, and on Friday 1,819,000
shares. The Curb ticker likewise fell behind at times,
it being 31 minutes in arrears at one point on Tuesday. The Curb ticker, however, at no time omitted
to report the volume of the sales on individual transactions. It should be added that, though on the
Stock Exchange the ticker, beginning with Thursday, omitted the volume of the sales, the Stock Exchange authorities undertook to supply the omission by furnishing records of the sales of each stock
at intervals during the day, and at the end of the day
favored the newspapers with complete compilations
showing the volume of the sales for each stock, active and inactive, for the day. The Fitch sheets, too,
which have for years been printing complete detailed
records of the sales, showing each sale in every stock
with the amount sold, have also continued publishing these records in the old way, getting their data
through messengers running back and forth from
the Exchange instead of from the ticker tape.
All through the week, while the general course of
prices was strongly upward and the market advanced most of the time with the velocity of a cyclone, and orders to buy stocks "at the market"
poured in on the Stock Exchange in overwhelming
numbers and of unparalleled magnitude, there was.
nevertheless, all the time selling on an extensive
scale, to realize the profits which had accrued on the
rise of the previous day, and this naturally was accompanied by violent declines. But such recessions
in prices were never more than of temporary duration, recovery following almost immediately after
the selling ceased. Meanwhile, new leaders were
brought forward and new groups of stock vigorously
bid up. Nor did stocks, which suffered reactions.
lag behind, but resumed their upward course, as already stated, when the selling pressure was relieved.
On Wednesday it appeared at times as if the market
was experiencing a definite slump, so heavy were the
declines, but as on so many previous occasions a
vigorous rally occurred in the closing hour, and on
Thursday the market again leaped forward and upward, wholly undisturbed by the downward plun.,(of the previous day.
FTNANCIAL eintONICLE
2864
On Friday it was supposed that weakness would
develop as a result of the further huge increase recorded in the total of brokers' loans, this increase
reaching no less than $176,315,000. Instead, stress
was laid upon the fact that the member banks had
diminished their borrowing at the Federal Reserve
Bank of New York during the week in amount of
$57,593,000. This was heralded as evidence that the
speculative furor, notwithstanding its prodigious
character, was not tending to impair the country's
credit structure. Accordingly, a new buying wave
swept over the market, surpassing the most spectacular previous movements of the kind. During the
first half hour on Friday, the sales on the Stock
Exchange reached no less than 1,320,000 shares, and
though the pace subsequently slackened, the sales
up to 1:30 p. m. aggregated 5,310,000 shares and
for the full day up to 3:00 p. m. fell but little short
of 7,000,000 shares, the actual total for the day being, as has already been stated, 6,954,020 shares. In
the afternoon, however, considerable irregularity developed when the news came that the Stock Exchange would remain closed to-day (Saturday) in
order to give the clerical forces in brokers' offices a
ellance to catch up on arrears of work. This occasioned considerable profit-taking sales by traders
and others who desired to be out of the market over
the week-end. As a result of such selling, considerable portions of the early gains were lost, without, however, disturbing confidence in the general
level of values. It is needless to say that many new
high records in peak prices for the year have been
established, the list including, among others, the following:
r Railroads—
11
Canadian Pacific.
Erie.
Great Northern Pref.
Kansas City Southern.
New York New Haven dr Hartford.
Norfolk Southern.
Northern Pacific.
Pere Marquette.
Indultria and Miscellaneous—
Amerada Corp.
American Agricultural Chem.
American Encaustic Tiling.
American & Foreign Power.
American Home Products.
American International Corp.
American Linseed.
American Metal.
American Radiator.
American Railway Express.
American Snuff.
American Sugar Refining.
American Woolen.
Anaconda Copper.
Andes Copper.
Archer Daniels Midland.
Anti:wade, Corp.
Bethlehem Steel.
Blumenthal & Co., Pref.
Boni Ami, class A
Brooklyn Edison.
Calumet & Arizona—
Case Threshing Machine.
Cerro de Pasco Copper.
Chandler Cleveland Motor.
Chile Copper.
Columbian Carbon.
Columbia Graphophone.
Commercial Credit.
Commercial Solvents.
Continental Motors.
Corn Products Refining.•
Cutler-Hammer Mfg.
Diamond Match.
Eaton Axle & Spring.
E. I. duPont de Nemours.
Electric Storage Battery.
Federal Light & Traction.
Federal Mining & Smelting.
Fidelity-Phoenix Fire Insurance.
First National Stores.
Florsheim Shoe, class A.
General Electric.
Glidden Co.
Gold Dust.
Granby Consolidated Mines.
Grrtsselli Chemical Co.
Greene Cananea Copper.
Hershey Chocolate.
Howe Sound.
Independent Oil & Gas.
Inspiration Consolidated Copper
International Business Machines.
International Harvester.
International Nickel.
International Printing Ink.
Johns-Manville.
Kayser Co.
Keith-A lbee-Orpheum.
Kennecott Copper.
Koister Radio.
Kresge (S. S.) Co.
Lambert Co.
Lehigh Portland Cement.
Liquid Carbonic.
Magma Copper.
Marland Oil.
May Department Stores.
Miami Copper.
Mid-Continental Petroleum.
Mohawk Carpet Mills.
Montgomery-Ward
Motion Picture.
Nash Motors.
National Belles Hess.
National Biscuit.
National Dairy Products.
Nevada Consolidated Copper.
N
Otis Elevator.
Otis Steel.
Packard Motor Car.
Pan American Petroleum & Transp.
Paramount-Famous-Lasky.
Pathe Exchange.
Phillips Petroleum.
Pillsbury Flour Mills.
Pittsburgh Coal.
Public Service Corp. of New Jersey.
Pare Oil.
Radio Corp. of America.
Republic Iron & Steel.
Reynolds Tobacco, class B.
Rossia Insurance.
Shell Union Oil.
Simmons Co.
Simms Petroleum.
Skelly Oil.
Spicer Mfg.
Spiegel-May-Stern.
Standard Gas Jr Electric.
Standard Oil of California.
Standard Oil of California.
Standard Oil of New Jersey.
Standard Sanitary Mfg.
Stromberg Carburetor.
Superior Oil.
Superior steel.
Texas Gulf Sulphur.
Transcontinental Oil
Union Carbide & Carbon.
United Fruit.
U. S. Smelting & Refining.
Victor Talking Machine.
Virginia-Carolina Chemical.
[Vot. 127.
Vulcan taqiiiiang.
Weber & Heilbroner.
White Rock Mineral Springs.
White Sewing Machine.
Woolworth Co.
Worthington.
Wright Aeronautical.
The high-priced stocks were again the distinct
feature of the market, that is, the ones which have
to their credit the most pronounced advances. As
already stated, the best figures of the week were not
maintained at the close because of the reaction
which the market experienced Friday afternoon.
Case Threshing Machine and E. I. du Pont both advanced above 500. Montgomery Ward & Co., after
having touched 428, closed yesterday at 422 against
414 the close on Friday of last week; Radio Corporation of America closed at 368 against 297½; Sears,
2; In1
2 against 193/
1
Roebuck & Co. closed at 185/
ternational Nickel at 203 against 196; American Can
at 111 against 116%8; Victor Talking Machine at
146 against 128/
2; Allied Chemical and Dye at 234
1
/8
against 238%; Timken Roller Bearing at 1467
against
2
1
8; American Express at 299/
against 1511/
4;
295; Warner Bros. Pictures at 127 against 1281/
2
1
Pathe at 12 against 6; Curtiss Aeroplane at 157/
against 142%; Wright Aeronautic at 255 against
210; Commercial Solvents at 240 against 232; Ameri2; General Elec1
can Tel. & Tel. at 194 against 195/
tric at 187 against 185%; National Dairy at 128
against 122; Western Union Telegraph at 191
against 19734; Westinghouse Electric & Mfg. at
s against 139/
/
1355
2; Johns-Manville at 189 against
1
/8;
184%; National Bellas Hess at 169 against 1707
2 against 187%; Asso1
American Radiator at 189/
8; Commonciated Drygoods at 597
8 against 571/
/
wealth Power at 91% against 95%; Lambert at
2; Texas Gulf Sulphur at 78
1
131% against 135/
4 against 913%.
1
4; Kolster Radio at 93/
1
against 77/
The copper stocks deserve separate mention for
their prodigious and spectacular advances. In their
case a special stimulating agency was a quite noteworthy list of increases in dividend declarations.
Thus Kennecott Copper increased from $6 to $8 per
share per annum; Phelps Dodge Corp. increased the
quarterly dividend from $2 to $2.50 per share; Calumet & Arizona declared an extra of $1 per share, in
addition to the regular quarterly dividend of $1.50
per share; no extra was declared three months ago;
the Greene Cananea Copper Co. increased its quarterly dividend from $1 to $1.50 per share; and Inspiration Consolidated Copper resumed at the rate
of $3 per share per annum, by the declaration of a
quarterly dividend of 75 cents per share. Kennecott
2 against 143% the
1
Copper closed yesterday at 145/
previous Friday; Anaconda Copper at 111% against
2;Inspiration
1
% against 46/
105; Andes Copper at 513
8; Chile Copper at 67%
/
12 against 377
Copper at 47/
8; Calumet & Arizona at 126 against 122;
/
against 685
2; Greene Can1
Calumet & Hecla at 45% against 46/
% against 167; Granby Copper at 837
anea at 1663
/8
8; American Smelting & Refining at 278
against 821/
against 282; and U. S. Smelting & Rfg. & Min. at
62 against 581/
2.
The oil stocks were less prominent than last week,
and several of them show net losses for the week.
% against
Texas Corporation closed yesterday at 683
4 on Friday of last week; Richfield Oil closed
1
74/
2
1
at 53 against 53/
2; Phillips Petroleum at 52/
1
/8
against 493
%; Atlantic Refining (new) at 537
4 against 46; Stand/
2; Marland Oil at 481
/
against 551
ard Oil of New Jersey at 53% against 54; Standard
Nov. 24 1928.]
FINANCIAL CHRONICLE
2865
Oil of New York at 391/
8 against 383
/
4; and Pure istered advances. Strength in cable and wireless
Oil at 30 against 281/
2.
shares was again marked yesterday, many internaThe motor stocks are irregularly changed for the tional issues also rising sharply.
The list otherwise
week. General Motors closed yesterday at 214% was firm and steady. The
gilt-edged division was
against 213 the previous Friday; Chrysler closed at quiet and stable all week.
1291/
4 against 135; Studebaker at 753
/
4 against
A firm opening on the Paris Bourse Monday was
7734; Packard at 1211/
2 against 1173
/
4; Nash at 105 followed by scattered weakness which finally spread
against. 965
/
8; Hudson at 835
/
8 against 841/
4; and throughout the list, even drawing down rentes. ConHupp at 74 against 751/
8. The rubber stocks did tinued uncertainty in the domestic
political situamuch better this week than last. U. S. Rubber tions was considered the cause
of the selling. Alclosed yesterday at 401/
8 against 381
/
4 the previous though the French market was dull Tuesday, a better
Friday and the preferred at 69 against 671
/
4; Good- tone developed with trading in some of the interyear Tire & Rubber closed at 94% against 833
/
4, and national shares quite brisk. The trading lagged
B. F. Goodrich at 813
/
4 against 80. In the steel Wednesday, however, the market
falling "into a
group U. S. Steel at times manifested weakness and complete torpor for no other
reason than a lack of
bear pressure often appeared in evidence. The stock confidence." Quotations fell
and traders were said
closed yesterday at 1673
/
4 against 172/
1
2 on Friday to despair of any improvement until after the budget
last; Bethlehem Steel closed at 83 against 785/s; Re- has been launched and until the
results of the reppublic Iron & Steel at 881/
4 against 903
/
8; Inland arations negotiations are known. The dullness conSteel at 737
8 against 75, and Ludlum Steel at 847
/
/8 tinued on succeeding days, with prices declining
against 87.
slowly. The Berlin Boerse also opened the week
The railroad stocks were neglected most of the with a show of firmness and activity,
stimulated
time, and only a few of them participated in the up- largely by a favorable Reichsbank report
and the
ward movement, while most of them are actually expectation that the Ruhr labor dispute
would be
lower than a week ago. New York Central closed settled shortly. Weakness developed
Tuesday, how/
4 against 185/
at 1843
1
2; Union Pacific at 2174 ever, when it appeared that the Ruhr dispute, which
against 218; Baltimore & Ohio at 116 against 1163
/
4; affects 250,000 metal workers directly and many
New York-Chicago-St. Louis at 1357
/8 against 1283
/
8; others indirectly, remained unadjusted. Business
Delaware & Hudson at 192 against 194; Atchison at was suspended Wednesda
y, Germany observing Re1981/
4 against 202; Southern Pacific at 1265
/
8 against pentance Day, which is a national holiday. When
125; Texas & Pacific at 181 against 180; Missouri. the market reopened
Thursday, further weakness
Pacific at 703
/
8 against 70/
1
2; Kansas City Southern developed. Trading became slow, the market being
at 84/
1
2 against 72; St. Louis Southwestern at 117/
1
4 described as virtually stagnant.
against 1211/
2; St. Louis-San Francisco at 118
against 118; Missouri-Kansas-Texas at 51% against
Numerous discussions of naval disarmament, and
531/
2; Rock Island at 133 against 133/
1
4; Great of the Kellogg treaty renouncing war as an instruNorthern at 108 against 109%; Northern Pacific ment of national
policy, again occurred over the
at 113 against 1103
/
4; Milwaukee & St. Paul pre- last week-end, with President Coolidge's Armistice
ferred at 54 against 531/
2; and Canadian Pacific at Day speech on American foreign relations still the
2461/
2 against 2331/
2.
focus of attention. Europe as well as America displayed the keenest interest in the question whether
European securities markets have been irregular President-elect Hoover had
known the substance of
the present week, with London and the Continent Mr. Coolidge's address before
it was delivered and
again following opposite trends. A great deal of whether it represented the views
also of the incoming
attention was directed to the international shares, administration. This question
was at least partially
particularly in the British market, where the Lon- answered by definite
statements that Mr. Hoover
don "Times" found it timely, Wednesday, to counsel had not seen the speech
in advance. European recaution in following the American advance. "The sentment against
some of the declarations in Mr.
operations of American dealers have in fact raised Coolidge's speech
again was made apparent in the
the prices of some shares, formerly more or less in weekly reviews,
which took exception quite generthe London fold, to heights far outstanding the in- ally to the statement
s about the cost of the World
terest of the London market," the "Times" was re- War to
the United States and about disarmament.
ported to have said in a dispatch to the New York Congressional
circles in Washington were said in
"Times." "These tendencies point to the desirability turn to
have taken umbrage at the tone of acerbity
of British investors and others to keep a watchful in which
many European criticisms were couched,
eye on the speculative boom in America, for the and the
question was seriously raised as to the effect
larger the American interests in London, the.greater of
the incident on passage by the Senate of the Kelwould be the effect, actual and sentimental, of the logg
anti-war treaty. "Not only might provocation
reaction in America which must come sooner or
over the President's plain talk endanger the treaty's
later." The London Stock Exchange opened the
ratification by foreign governments," a Washington
week with considerable irregularity, speculators special
to the New York "Times" said, "but the
selling quite generally and causing a lowering of manifest resentmen
t of European editors and the
prices in most sections of the list. A steadier tone hostility
exhibited toward the President's views by
developed Tuesday, with liquidation confined to a the
Government benches when his address was dislimited number of miscellaneous shares. This was cussed in
the House of Commons, were calculated
followed by a rallying tendency Wednesday, which to stimulate oppositio to
n
the treaty in the Senate."
carried almost all groups to higher levels. Trading
Sir Austen Chamberlain, Foreign Secretary of
was quieter and the movements more limited Thurs- Great Britain, commente
d briefly on President Coolday, but sharp rises were noted in the communica- idge's speech when embarkin
g for England last Sattion shares, while the international values also reg- urday at Quebec.
"We have no rivalry with the
2866
FINANCIAL CHRONICLE
[VOL. 127.
de- evacuation and reparations were distinct and sepaUnited States," Sir Austen said. "We have no
Conwith rate questions and could not be combined.
sire to start to enter upon a naval competition
asset
nt
appare
an
only
nts
represe
tion
and tinued occupa
them, but our circumstances are very peculiar
it
to the Allies, he argued, while on the other hand
they
if
fairly
more
us
judge
I believe they would
nce
acts as a barrier in negotiations based on confide
appreciated them. We are the center of a worldin
questions of European policy.
are
wide empire. While their communications
German Minister touched also on the Anglo
The
While
mainly Continental, ours lie across the seas.
the
ex- French naval compromise agreement, stressing
the approaches to their coasts, with the single
"While
.
policies
o
necessity of following the Locarn
ception of the Panama Canal which is heavily fortiit
might be advantageous to discuss the disarmasea,
open
the
across
fied with a large garrison, are
ment problem in separate parleys between individual
the approaches to England are through narrow waGovernments, such arrangements must be suborditerways which expose our trade to peculiar dannated to the general aim of disarmament," he regers. It is natural that the British people should
marked. The reparations negotiations he characterfeel it an elementary precaution for their safety and
ized as the most important foreign and financial
even their existence to have a force suitable, not only
problem of the Reich at the present time. As an
in size but in character, to guard these vital sources
of the Government, however, he was unable
of supply." David Lloyd George, former Liberal official
to discuss Germany's viewpoint, he explained, since
Prime Minister, told a London audience on the
the first steps in the entire matter must be made by
previous day that he is alarmed about Anglo-Amernon-political experts. The final decision must rest
ican relations. "It is no use outlawing war," he said,
with the responsible Governments involved, he con"when we are building cruisers, heavy guns, bomb"Meanwhile," he said,"the Government must
ceded.
ing machines and turning out the most poisonous
confine itself to emphasizing the general principle
gases. All Europe is engaged in it, and even Presithat one will be able to speak of a real solution of the
dent Coolidge is joining in."
reparation problem only if it does not exceed GerAn avenue for further naval disarmament discusmany's economic capacity; this, in other words,
sions appears to have been definitely opened by a
if it enables us to fulfill our obligations by
speech by Viscount Cecil of Chelwood in the House means
own economic power and without endangering
of Lords, Nov. 15, and by the American reaction to our
standard of life of our people." A motion of
it. Lord Cecil suggested that the time has come the
dence in Dr. Stresemann was introduced
when the United States and Britain should act to- non-confi
Reichstag Tuesday, but was rejected by a
gether in an armament limitation program. Presi- in the
to 98.
dent Coolidge, it appeared last Saturday, is will- vote of 219
for the projected conference of exations
Prepar
the
from
ing to do so if the suggestion should come
to revise the reparations settlement were conBritish Government. The President welcomes any perts
Paris, London and Berlin,in the meantime.
reponsible move that would lead to effective limita- tinued in
that the conferees meet in Brussels aption of the naval forces of the world powers, Wash- Suggestions
gained weight. After some difficulty
have
ing dispatches said. A London dispatch of Tues- pear to
e experts, the French Cabinet on
suitabl
finding
in
day to the Associated Press suggested,in turn, that a
ay named Emile Moreau, Governor of the
responsible Government spokesman may soon take Thursd
Bank of France, and Professor 0. Allix, of the Uniup these suggestions in Parliament, with a view
versity of Paris, as the French members (If the comto furthering an Anglo-American naval accord. A
mission of experts. Professor Allix is an economist
suggestion for a conversation between two statesof some note and was one of the French members
men, one an American and one an Englishman, was
of the Dawes commission. London dispatches of
made by Lord Lee, of Fareham, Thursday, at a
Nov. 19 indicated that Great Britain would recede
dinner in London welcoming Ambassador Houghton
slightly from the principle of the Balfour note if
back to London. Lord Lee, who was a British delethat proved to be the only way of scaling down Gergate with Lord Balfour at the Washington Confermany annuities from present totals. It had been
ence in 1921, urged that the United States and
suggested that Britain would claim arrears of £115,Great Britain ought to settle the problem of their
000,000 which are aid to be due her under reparamutual naval limitation and reach an agreement
tions and Allied debt accounts, England having
on the "vexed question of freedom of the seas" strictpaid America that sum in excess of her receipts.
ly between themselves, without bringing in France
Three of Britain's former Allies protested the claim,
or any other power.
it was said, and it was readily abandoned. A Londispatch of Nov. 20 to the New York "Times"
Reparations and the Rhineland evacuation, defi- don
d that England, France, Belgium, Italy and
ndicate
nitely linked since the six-power Geneva conference
sent a joint memorandum to Berlin in
had
Japan
on Sept. 16, were freely discussed before the German
German request for a conference to
the
to
reply
Reichstag Monday, by Dr. Gustav Stresemann, th‘
the Dawes plan. In this note the question
Foreign Minister, in his first Parliamentary appear- revise
of American financial experts was
ance after a long illness. The Rhineland occupa- of participation
ed, it is said. "The invitations will
ly
tion policies were vehemently criticized by Dr. formal discuss
after consultation with the AmerStresemann in his address. "Germany's rights are be extended only
ican Government and by the method Washington
encroached upon as long as our evacuation demands
s," the dispatch said.
are not fulfilled," he said. "We are linable to as- approve
It
made known in Berlin by the German Forwas
forth
set
period
the
s
beyond
burden
sume political
eign Office, Thursday, that the negotiations for a
in the treaties as a means of obtaining earlier evacions conference had not progressed beyond
uation, nor is there a possibility for us to obtain reparat
the
stage of diplomatic conversations and informal
evacuation by assuming financial burdens as the purnda. Both England and France, it was
memora
chat e price." Dr. Stresemann emphasized again, a
had asked certain special questions, chiefly
Berlin cable to the New York "Times" said, that stated,
Nov. 24 1928.1
FINANCIAL CHRONICLE
concerning the powers of the experts in the proposed
conference. These questions were presented through
conversations with the German Ambassadors in
London and Paris and were augmented by written
memoranda.
Several important financial steps were taken in
Englaird this week, the foremost being, of course, the
amalgation of the Treasury note issue with the Bank
of England's note issue. The day announced for
this fusion was Nov. 22, but so far as the British
public are concerned the change will take some time.
It will be marked by the gradual disappearance of
the Treasury pound and ten-shilling notes and the
substitution of Bank of England notes of the same
denomination. The weekly statement of the Bank
of England will show the effect of the change next
week. "Currency fusion" was provided for by an act
passed early this year. The act empowering the
Bank of England to issue the necessary notes, relieved the bank from the obligation to hold gold
against that part of the new notes which represents
the former fiduciary currency,so called, the limit being fixed at £260,000,000. In order to insure elasticity the power to increase may be granted by the
Government in case of necessity. In lieu of gold,
the bank is required to hold securities in its issue
department as collateral for the unsecured portion
of the new notes. Silver coin up to £5,500,000 may
also be considered as security. The Government,
on the other hand, transferred to the Bank,'assets
of its currency note redemption account to an amount
covering the aggregate of the fiduciary currency to
be taken up.
A further event of considerable importance was
the ratification by the House of Commons, Wednesday, of the transfer of cable and wireless communications of the British Empire to a private combination under Government supervision. The bill received its second reading after long debate, the Labor Party opposing the measure strenuously. In
justification of the step, Arthur M. Samuel, financial secretary of the Treasury, pointed out that the
Government was merely carrying out a recommendation of the Imperial Wireless and Cable Conference,
in which all the Dominions participated. The necessity for the action, a London dispatch to the New
York "Times" explained, was dictated primarily by
the increasing competition of beam wireless with the
cable companies, whose continued existence—considered necessary as a means of secret communication
in war time—was being threatened. The concern
formed to take over the services will be known
as the Communications Co. The Government is leasing the beam service to this company and is selling
to it the Pacific cable, the West Indian cable and
the two postoffice Atlantic cables. On these three
properties the purchasing company is to take over
a $6,000,000 debt and pay $6,335,000 in cash. The
beam service is to be leased for a single cash payment
of $300,000 and an annual rental of $1,250,000.
Recommendations for the flotation of further
loans by the Polish Government are the salient feature of the fourth quarterly report issued Monday,
of Charles S. Dewey, American financial adviser to
the Polish Government and member of the Council
of the Bank of Poland. The stabilization plan, by
which the international value of the zloty was fixed
at 11.22 cents, functioned smoothly during the first
2867
year of operation, he reported, and a large budgetary
surplus is indicated for the year. Budget receipts
for the six months of the fiscal year ended Sept. 30,
1928, consistently exceeded the estimates, amounting
to 1,393,000,000 zlotys as against expenditures of
1,332,000,000 zlotys, giving a surplus of about 61,000,000 zlotys. The situation of the railroad
system of the country is described as entirely
satisfactory, with the Government now engaged in
appraising the rolling stock and other property for
the purpose of raising additional money for improvements. Mention is made of objections to the
present taxes on business, which in effect discriminate against large concerns. The income tax on
business concerns is progressive, Mr. Dewey points
out, and in practice the weight of both income and
industrial tax ,falls heaviest on large companies. It
is inadvisable to place large concerns at a disadvantage with respect to competition with small concerns, he adds, as recent experience in industrial
countries shows the large scale production is more
economical.
"To safeguard against any possible lessening of
activity and reduction of imports due to the increased tariff rates made effective March 15, last,
estimates of receipts from the two largest tax
sources, the industrial tax and customs duties, were
made upon a most conservative basis," Mr. Dewey
states in his report. "The experience of the first
six months of the fiscal year shows that the fears
of the Government were not justified, as the receipts from the industrial tax exceeded those of
the first six months of the preceding year by 48,800,000 zlotys. Customs collections for the current
six-months period amounted to 212,755,000 zlotys,
as compared to 157,856,000 zlotys for the first six
months of the fiscal year 1927-28. Tax collections
as a whole, in the first six months of the current
fiscal year amounted to 61 per cent. of the budget
estimates for the year. Receipts from the State
monopolies, which form an important source of
revenue, have been satisfactory. The Tobacco Monopoly paid to the Government during the past six
months 198,007,000 zlotys, as compared to 179,042,000 for the same period of the preceding year, and
the Alcohol Monopoly yielded 199,183,000 zlotys as
compared to 151,127,000 during this period last year.
The amount required for the service of the stabilization loan for the third quarter was approximately
15,800,000 zlotys, while receipts were approximately
7.3 times these requirements."
Rapid amelioration of the unhappy conditions existing in Rumania in recent years has been undertaken by Juliu Maniu, the new Premier and leader
of the National Peasants Party. "Rumania is one
of the few countries of Europe which,like the United
States, is self-sufficient," M. Maniu remarked last
Sunday in an interview given the Associated Press
correspondent in Bucharest. "We require only foreign capital to help us develop our vast natural resources. We must have foreign money, brains and
enterprise. None do we invite more cordially than
America." A decree re-establishing the freedom of
the press in Rumania was published in the Official
Gazette, Tuesday, while at the same time civil rights
were restored to most of the territory within thirtyfive miles of the frontier which has been under semimartial law for the past ten years. Referring to
these measures, M. Maniu declared to a group of
2868
FINANCIAL CHRONICLE
newspaper men: "To-day is a festival of liberty.
The most important factor in liberty is freedom of
the press. Henceforth you are free to carry on your
profession and I promise to keep you faithfully informed." Continuing his drastic reforms, Wednesday, M. Maniu ordered the State gendarmerie reduced by 12,000 men and decreed that certain conscription classes should be sent home. Aside from
the financial saving, great importance was attached
to this act in Bucharest as the gendarmes for the
past ten years have been used largely for political
terrorization. The Government also decided to continue negotiations with the Bankers Trust Company of New York for a stabilization loan, dispatches said.
Fall of the Portuguese Cabinet recently, which
ended in a re-formation of a Government by Colonel
Vicent Freitas, as Prime Minister, has resulted in
the according of virtually dictatorial financial power in the new Government to Finance Minister Dr.
Olive Ira Salazar. Dr. Salazar was also Finance
Minister in the last Cabinet, his appointment to the
post being viewed in Portugal with certain misgivings at the time, a dispatch from Lisbon to the New
York "Times" points out. This was due chiefly to
the fact that Dr. Salazar was regarded as a theoretical economist rather than a practical one. So
successful have been the theories that Dr. Salazar
had previously expounded as Professor of Economics
in the University of Coimbra, the "Times" dispatch
said, that Prime Minister Freitas has now acceded to
his demands that there shall henceforth be no Governmental expenditures without formal approval by
the Minister of Finance. Under the new regime,
expenses are being cut to a minimum, it is said, and
Dr. Salazar is introducing a program of reforms in
the manner of collecting taxes and duties that is
expected to increase the public revenue substantially. The whole Cabinet has agreed to support
the decrees by which Dr. Salazar aims to obtain
these results.
A comprehensive economic survey of the Republic
of Nicaragua, which contains a number of suggestions for loans and for the general financial reorganization of the country, was made public by the
State Department in Washington Monday. The survey was begun a year ago by Dr. W. W. Cumberland
at the suggestion of President Adolfo Diaz of Nicaragua, and it was submitted to Secretary Kellogg
March 10, 1928, copies being furnished the Nicaraguan authorities at the same time. In giving out
the report, the State Department made clear that
it represents only "the personal views of Dr. Cumberland." Secretary Kellogg further indicated that
the State Department had not approved the report
as drawn, as there were certain things recommended
which the United States could not do. The suggestion for the survey was made to the State Department, which appointed Dr. Cumberland to undertake the task. The report, Washington dispatches
indicate, has for some time been the basis of negotiations for a loan between New York bankers and
the Nicaraguan Government and it is suggested
that the -e negotiations will be resumed after the
newly elected President, General Jose Maria Moncada, takes office on Jan. 1 next. Far-reaching participation by Americans in Nicaraguan affairs is
recommended by Dr. Cumberland in the report,
[Vol,. 127.
which are detailed in our news department on a subsequent page. The development of the native National Guard under the supervision of American
marine officers over a period of years is proposed,
as well as the placing of Americans in several strategic offices for the administration of Governmental affairs.
Evidence of substantial improvement in Mexican
finances during the past year was presented to the
Chamber of Deputies in Mexico City November 16
by Luis Montes de Oca, Mexican Minister of Finance.
Senor de Oca asked the Chamber for an increase of
6,250,000 pesos (about $3,125,000) in the current
budget, but stated that of this amount about 5,000,000 pesos will be met by surplus revenue this year,
while an additional 1,250,000 pesos will be saved by
reducing expenses in other ways. He calculated that
there will be a surplus of 500,000 pesos despite the
new proposals. "The figures mentioned," the Finance Minister said, "show that for the first time in
many years Mexico's budget will not result in a deficit but that, once equilibrium has been reached, there
will be a surplus. On the other hand, it is evident
that needs were so closely estimated that only the
increase mentioned was required, while last year it
was necessary to augment the budget 20,000,000
pesos; in 1926, 51,500,000, and in 1925 90,000,000.
This satisfactory condition can be attributed in
great measure to the new budget system which has
permitted greater exactitude in assigning expenses
for public services but doubtless such a situation
could not have been maintained except for the economic policy put into effect by President Calles,
who has permitted increased expenditure only when
necessity demanded it and always compensated such
increases by reductions in other branches. Finally,
it should be mentioned that the details above show
that all expenses proposed during the present year
can be fully met on Dec. 31 without increasing the
public debt. On the contrary, it will be reduced by
the sums which this year have been paid to various
Government creditors." In a Mexico City dispatch
of Nov. 20 to the New York "Times," it was represented that Senor de Oca will leave Mexico City before the end of this month, first having resigned his
Cabinet post, for the purpose of holding a final series of conferences with the International Committee of Bankers on Mexico in an endeavor to close a
new and definite agreement for the payment of interest and amortization of Mexico's foreign debt
and the debt of the National Railways of Mexico.
Senor de Oca will travel north as a special representative of the Calles administration, it was reported.
Parliamentary elections in Australia, which included a plebiscite on an important financial question, were held on Nov. 17, and resulted in the return to office of the Nationalist and Country Party
coalition Government. The Government majority
in Parliament was reduced by the election, owing
to heavy Labor victories in New South Wales. It
appeared from these that the Opposition Party
would win seven seats, with the likelihood that the
Government majority would be reduced from twenty-nine to fifteen. Australia voted overwhelmingly
in this election in favor of giving the force of law
to the debts and borrowing agreement entered into
by the States and Commonwealth last year, an Asso-
Nov. 24 1928.]
FINANCIAL CHRONICLE
ciated Press dispatch from Melbourne reported. The
agreement provides for the appointment of a compulsory loan council on which all the States will be
represented. In the new scheme of Australian financing, as produced by Premier Bruce at the 1927
conference, the Commonwealth Government was to
take over all the debts of the Australian States and
contribute $37,925,000 in connection therewith. The
Federal Government was to establish joint sinking
funds to provide for the extinction of the debts in
fifty-eight years, and the extinction of new loans
in fifty-three years. All future loans were to be
controlled by the loan council.
The Bank of Finland on Nov. 17 increased its discount rate from 63/ to 7%. Otherwise there have
been no changes this week in discount rates by
any of the central banks of Europe. Rates continue at 7% in Germany; 63/2% in Austria; 51A%
in Italy, and Norway; 5% in Denmark and Madrid;
43.'% in London, Holland and Sweden: 4% in
Belgium, and 33% in France and Switzerland.
In London open market discounts are 4%% for
short bills, against 414% on Friday of last week.
and also 4%3% for three months bills, as against
43% the previous Friday. Money on call in London was 41
4% on Tuesday and Wednesday, but
back to 33(% yesterday. At Paris open market
discounts remain at 314%, but in Switzerland,
have risen from 3 5-16% to 3%%.
In its statement for the week ending on Wednesday,
just before the amalgamation of the British currency,
the Bank of England reports a loss in bullion of
£382,484; there was,however,a gain in the reserve of
gold notes in the banking department of £159,000
due to a contraction of notesin circulation of £542,000.
The ratio of reserve to liabilities shows a very slight
increase, the current ratio being 42.88% against
42.51% last week; in the same period last year the
ratio was 31.45%. Public deposits diminished
£645,000 while "other" deposits increased £55,000.
Loans on Government securities increased £3,982,000 while loans on other securities dropped £4,703,000. Gold holdings now total £162,084,589 against
£151,489,640 last year and £152,974,616 in 1926.
Notes in circulation aggregate £132,804,000 against
£135,213,810 in 1927. The Bank's rate of discount
remains at
Below we furnish comparisons
of the various items of the Bank of England return
for five years.
RANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
Nov. 21.
Circulation
132,804.000
14,898.000
Public deposits
99,473,000
Other deposits
Govt. securities__ _ - 48.340,000
Other securities
34.757,000
Reserve notes & coin 49,031,000
Coin and buill m_ _ _ 162,084,589
Proportion of reserve
to liabilities
42.88%
Bank rate
454%
1927.
Nos. 23.
£
135.213,810
16,761,157
97,772,164
40.895.179
55,407,383
36,025,830
151,489.640
1926.
Nov. 24.
a
138,004,975
23,808,078
100,826,331
33,327,539
74,371,191
34.719,641
152,974,616
1925.
Nov. 25.
1
141,953,580
14,273.662
111,441,007
41,597,794
77,347,714
24.530,682
146,734,262
1924.
Nov. 26.
L
123.066.325
18,743,480
112.275.401
41.198,443
82,391.031
25,175,164
128,491,489
31.45%
454%
27.86%
5%
1954%
4%
1934%
4%
a Includes, beginning with April 29 1925. £27.000.000 gold coin and bullion
previously held as security for currency notes Issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b 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.
In its statement for November 17, the Bank of
France reports a decrease in note circulation of 545,000,000 francs, reducing the total to 61,409,916,250
francs. Note circulation last Saturday amounted to
61,954,916,250 francs and the Saturday before 62,-
2869
758,916,250 francs. Creditor current accounts rose
10,000,000 francs while current accounts and deposits showed a loss of 160,000,000 francs. Gold
holdings now aggregate 30,851,839,852 francs due
to a gain of 21,700,536 francs, but credit balance
abroad declined 14,367,036 francs. A decrease of
635,000,000 francs was shown in French commercial
bills discounted. Advances against securities dropped
23,000,000 francs while bills bought abroad rose
127,000,000 francs. Below we furnish a comparison
of the various items in the bank's return for the past
3 weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for IL eek.
Francs.
Gold holdings ____Inc. 21.700,536
Credit bats. abed_Dec. 14,367,036
French economical
bills dLscounted_Dec. 635,000,000
Bills bought abed_Ine. 127,000,000
Adv. a4t. securs—Dec. 23,000,000
Note circulation_ _Dec. 545,000,000
Cred. curl. acets__Inc. 10,000,000
Cum accts.& dep_Dec. 160,000.000
Status as or
Nov. 171928. Nor. 101928. Nov. 31928.
Francs.
Francs.
Francs.
30,851,839,852 30,830,139,316 30,771,796,771
13,889,677,644 13,904,044,680 13,900,027,121
3,793,485,830 4,428.485.830 3,454.485,830
18,775,027,419 18,648,027,419 18,642,027,419
2,202,550,303 2,225.550,303 2,273.550,303
61,409,916,250 61.954.916,250 62.753.916,250
18,708,034,809 18,778,034,809 17,499,034,809
5,346,697,048 5,506,697,048 5,061,697,048
The Bank of Germany, in its statement for the
second week of November reports a decrease in note
circulation of 237,594,000 marks reducing the total
to 4,172,738,000 marks. Note circulation for the
corresponding week last year amounted to 3,787,413,000 marks and for the year before to 3,009,666,000 marks. Other daily maturing obligations
dropped 15,704,000 marks while other liabilities increased 26,515,000 marks. On the asset side of the
account gold and bullion rose 23,622,000 marks, reserve in foreign currency 17,474,000 marks, silver
and other coin 13,167,000 marks, notes on other German banks 6,709,000 marks, advances 36,080,000
marks and investments 1,000 marks. Bills of exchange and checks dropped 303,735,000 marks and
other assets 20,107,000 marks. Deposits abroad remained unchanged. Below we furnish a comparison
of the various items of the bank's return for the past
3 years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Isos. 15 1928. Nov. 16 1927. Noe. 16 1926.
Inc. 23,622.000 2,563.545.000 1,854.498,000 1,754,722.000
Gold and bullion
Unchanged
70,096,000 193,921,000
Of which des.abr'd_
85,626.000
Ri!s've in for'n cuff _
17,474,000 185,590,000 287.122,000 349,661,0(X)
131118 of exch.& checks_Dec. 303,735,000 1,879,131,000 2.167.617,000 1,280,908.000
Silver and other coin_ _Inc. 13,167,000
99,998,000
60,688.000 125,518.000
Notes on oth.Ger.bks.lne. 6,709,000
24,324,000
20,692,000
23,661,000
Advances
Inc. 36,080,000
69,928,000
42.352.000
15,164.000
Inc.
Investments
1,000
92.309,000
92,080,000
91,280.000
Other assets
Dec. 20,107,000 537,545.000 628,884,000 791,555,000
Liatiiittes—
Notes in circulation Dec.237,594,000 4,172,738,000 3,787.413,000 3,009.666.000
Oth.dally matur.oblig.Dee 15,704,000 569,453,000 643.664,000 829,565.000
Other liabilities
Inc. 26,515,000 293,202,000 356,675,000 233,665.000
Money rates have been steady on the New York
market this week, the Stock Exchange figure for call
loans remaining at the undeviating rate of 63%;
time loans also were unchanged. Bank withdrawals
amounted to $15,000,000 Monday, causing sufficient
tightness to maintain the official rate without lower
offerings in the outside or street market. Nominal
withdrawals and light demand Tuesday caused an
overflow of money into the street market, where offerings were reported at 6%. On Wednesday and
Thursday outside offerings were reported at 634%,
but in yesterday's market demand was again sufficient
to prevent outside offerings. Brokers' loans against
stock and bond collateral, as reported Thursday by
the Federal Reserve Bank of New York on the basis
of reports from 45 member banks, registered the
largest weekly increfise ever reported. The increase
for the week was $176,315,000, which was taken to
2870
FINANCIAL CHRONICLE
[Vou 127.
of last week. The range this week has been from
4.84 19-32 to 4.84 11.16 for bankers' sight, compared with 4.84 5-16 to 4.843/b last week. The
range for cable transfers has been from 4.85 to
4.85 1-16, compared with 4.84 11-16 to 4.85 1-16
the previous week. At present rates it is believed
that the gold export movement from London to
New York is definitely halted for the time being.
The firmness is not due to any real activity in the
market, nor does it mean the cessation of seasonal
pressure: Normally sterling must continue under
seasonal pressure until about the middle of December. The most reasonable explanation of the
present firmness is that London finance officials
have been supporting the exchange in preparation
for the amalgamation of the Treasury notes with
the Bank of England issue which was put into
effect on Thursday, Nov. 22. It took only moderate
buying to send sterling cables from 4.84 13-16 to
4.85. The move prevented large gold shipments
the
from
on
rates
loan
London to New York which had been planned
Dealing in detail with the call
Stock Exchange from day to day,it is only necessary for this week. It is also thought not improbable
to repeat what has been said above, namely that that the buying might have come from official
the rate has remained unchanged on each and every sources as a measure of window dressing for the
this including renewals. Time loans Bank of England's first statement after the amalday at
ruled throughout the week at 6%@7%, for all ma- gamation, that is, for the statement to be issued
turities from 30 days to six months until yesterday on Thursday of next week. Frederick Hyde, Joint
when the single rate of 7% was quoted for the shorter Managing Director of the Midland Bank of London,
maturities namely 30 days, 60 days and 90 days for in his recent inaugural address as President of the
commercial paper. The ruling rate for four to six British Institute of Bankers, said in comment on
months names of choice character has been 531,@, the Currency and Bank Note Act: "Bankers will
53/2%. For names less well known the rate has watch with keen interest the working of the Act
been 5%@6%. New England mill paper continues under the changed conditions, and will be able to
at 5M@5%%.
form an opinion as to whether the system which
The posted rates of the American Acceptance throws the whole weight of gold movements, probCouncil for prime bankers' acceptances eligible for ably of much greater magnitude than formerly, on
purchase by the Federal Reserve banks have again to a relatively small proportion of the stock of
remained unchanged at 49/8% bid and 432% asked gold held by the Bank of England is the one best
for bills running 30 days and also for bills running suited to the country's needs. Under our present
1% bid and 4/% asked for 120 system, which is continued by the new Act, the
/
60 and 90 days, 43
days, and 438% bid and 49% asked for 150 and gold which can be withdrawn for export is that
180 days. The posted rate of the Acceptance Coun- represented by the notes in reserve amounting to
cil for call loans against acceptances has ruled through- about 50 millions, the balance of about 115 millions,
out the week at 532%. Open market rates for ac- or much the larger part, being held as cover for
ceptances have also remained unchanged and are as notes in circulation. This latter part of the gold
follows:
can be drawn upon only in the event of an abnormal
SPOT DELIVERY.
and the conditions
—180 Days— —150 Days— —120 Days— contraction in the circulation,
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
possible would
contraction
a
such
make
would
which
4it
4%
43
49
4N
4%
Prime eligible bills
- at the same time tend to turn the foreign exchanges
-90 Days- -80 Days- -30 Days
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
in our favor and so render an export of gold un4%
4%
4)4
4%
4H
4%
Prime eligible bills
profitable. It is, therefore, worth while considering
FOR DELIVERY WITHIN THIRTY DAYS.
43( bid whether it is wise to lock up the major portion of
Eligible member banks
4% bid
Eligible non-member banks
of our gold to meet an emergency which in practice
There have been no changes this week in Federal would not occur, and, in doing so, suffer the inReserve Bank Rates. The following is the schedule convenience of the unduly high rates that might
of rates now in effect for the various classes of paper have to be enforced to keep the remainder, which is
unprotected, at a sufficiently high figure to maintain
at the different Reserve banks:
confidence
both at home and abroad."
CLASSES
ALL
ON
BANKS
RESERVE
DISCOUNT RATES OF FEDERAL
AND MATURITIES OF ELIGIBLE PAPER.
The concensus of the market is that there will be
Date
Precious no marking up of the Bank of England rate of reRate in
Established.
Rate.
Effect on
Federal Reserve Bank.
Noo. 23.
although it is
discount, which continues at 4
4%
July 19 1928
likely the
5
more
admitted
becomes
that
step
a
such
Boston
4H
July 13 1928
S
New York
4'
1928
28
July
longer money rates in New York remain at their
Philadelphia
Aug. 1 1928
Cleveland
4H
13
July
1928
present level. The Bank of England has shaped its
Richmond
July 14 1928
5
43-I
Atlanta
4%
July 11 1928
5
policy during the past six months in such a manner
Chicago
July 19 1928
5
St. Louis
4
Apr. 25 1928
4'
Minneapolis
as
to make a higher bank rate unnecessary. A higher
June 7 1928
4
4%
Kansas City
I
4
May 7 1928
4%
Dallas
rate
in London would be felt adversely not only by
4
June 2 1928
43
San Francisco
British industry and commerce, but by business
Sterling exchange has continued to maintain the throughout Europe. Were an advance made in the
firmness which developed so noticeably on Thursday rate, it would probably lead to an upward revision
reflect the enormous volume of speculation rempant
on the securities markets. Bankers in New York
are beginning to discuss the effect of the present heavy
absorption of credit in securities speculation on the
world money market. Eventually, it is contended
in some quarters, a world-wide rise in money rates
will be occasioned, which would be felt constantly in
speculative circles. Much of the money available for
call loans in New York is said to be due to the foreign
funds attracted by the prevailing high rates for funds.
An advance in foreign rates may follow as a consequence, and in this event, it is contended, speculators
in New York may find their credit facilities suddenly
curtailed. The Federal Reserve Bank reports having
earmarked an additional $13,015,000 of gold during
the week. The usual reticence was observed by the
Bank as to the identity of the purchaser, but the
opinion in the financial district is that the gold was
bought for German account.
Nov. 24 1928.]
FINA NM A T., CT-ITIONTCLE
2871
of most of the central bank rates on the Continent. @4.84%; cable transfers, 4.84 15-16@4.85. On
Now that the gold export movement from London Monday sterling was steady. The range was
has been halted, and that the seasonal pressure on 4.844@4.84 11-16 for bankers' sight and 4.85@
sterling must steadily diminish until it reaches the 4.85 1-16 for cable transfers. On Tuesday the
vanishing point around December 15, the view that market was steady. Bankers' sight was 4.84 9-16@
no change in the rate will take place seems well 4.845
/s; cable transfers, 4.84 15-16@4.85. On
founded. However, no indications of a change of Wednesday the market was again steady. The
direction in the international flow of funds has ap- range was 4.84 19-32@4.84 21-32 for bankers' sight
peared. Europe is a heavy buyer of securities in this and 4.84 31-32@4.85 1-32 for cable transfers. On
market and has increased purchases since election. Thursday sterling continued firm. Bankers' sight
Our export trade balance is larger than ever, increas- was 4.84%@4.84 11-16; cable transfers, 4.85@
ing European payments to us on that account. Ameri- 4.85 1-16. On Friday firmness continued. The
can long-term lending to foreign borrowers, while not range was 4.84%@4.84 11-16 for bankers' sight and
as great during the past six months as it has been 4.85@4.85 1-16 for cable transfers. Closing quofor several years previously, has nevertheless increased tations on Friday were 4.84 21-32 for demand and
moderately, and while the flow of short-term funds is 4.85 1-32 for cable transfers. Commercial sight
difficult to trace, it is in the opinion of bankers for bills finished at 4.84 9-16; 60-day bills at 4.80 11-16:
the most part undiminished.
90-day bills at 4.78 13-16; documents for payment
This week the Bank of England shows a loss in (60 days) at 4.80 11-16, and seven-day grain bills
gold holdings of 082,484. On Monday the Bank of at 4.83 15-16. Cotton and grain for payment
England sold £19,000 in gold bars and on Tuesday closed at 4.84 9-16.
£43,000. On Thursday the Bank sold £408,000 in
gold bars and exported £503,000 in sovereigns to
The Continental exchanges have been firm largely
Canada. On Friday the Bank sold £172,000 in as a reflection of the advance in sterling. Most of the
gold bars. London dispatches on Friday stated Continentals continue dull so far as actual trading is
that the £408,000 bar gold sold on Thursday was sent concerned, German marks and Italian lire proving
to Germany. At the Port of New York the gold move- somewhat an exception. Berlin continues to take
ment for the week Nov. 15-21, inclusive, as reported gold both from New York and London. As ndted
by the Federal Reserve Bank of New York, consisted above in the discussion on sterling exchange, another
of imports of $7,132,000, of which $6,967,000 came small shipment of $52,000 gold was sent from New
from the United Kingdom, $102,000 from Ecuador, York to Berlin this week, bringing the total of these
$25,000 from Colombia, $28,000 from Peru, $5,000 shipments to $763,000 in the past 15 weeks. Bankers
from Chile, and $5,000 from the Belgian Congo. Gold are of the opinion that the increase of $13,015,000 in
exports consisted of $1,052,000, of which $1,000,000 the earmarked stock of the New York Federal
was shipped to Canada, and $52,000 to Germany. Reserve Bank is for German account, but official
Practically all the gold which came from England was announcements are not made regarding the earaccounted for here last week. The shipment of $52,- marking operations. The credit strain has lessened
000 to Germany brings the total of these small ship- somewhat in Berlin, so much so that foreign exchange
ments to $763,000 in a period of 15 weeks. The circles consider it probable that the Reichsbank rate
Federal Reserve Bank also reported haying earmarked of rediscount may be lowered from the present 7%.
$13,015,000 of gold. The ownership of the earmarked Nevertheless short-term funds continue to move
gold is not disclosed, but bankers are of the opinion from New York, Amsterdam, and other centers to
that it is for the account of the German Reichs.bank. the German market. For the time being no important
Yesterday the Bank of Montreal shipped $5,000,000 long-term loans are being contracted for German
gold from New York to Canada. Canadian exchange account in New York, but large volumes of such loans
has been firm, with Montreal funds at a premium have been blocked since early in May by the advance
ranging from par to 11-64 of 1%. The rise in Cana- in money rates in New York. Italian lire continue
dian to the gold point has been both sudden and un- in some demand owing to the flow of funds from this
expected. Throughout the past two months, which side from investment in Italian enterprises and from
is the season when Canadian exchange is usually immigrant remittances. Money continues relatively
strongest, the rate has been depressed and has ruled easy in Rome, Milan, and other Italian centers.
at a discount. Judging from precedent, bankers did There is an upward movement on the stock exchanges,
not expect it to rise to a premium this year, as naviga- with great activity in transactions. A wave of optition on the St. Lawrence will close with the first cold mistic sentiment is passing over Italy with the feelweather, thus ending the export season. It is doubted ing that national production is about to return to
that any gold movement can be kept up for long. normal proportions. The cost of living index of
For the past four years Canadian exchange has de- Italy rose from 485 in August to 495 at the end of
clined from a premium to a discount against the October, and this fact is interpreted as a symbol of
American dollar either during the last few days of reviving economic activity. However, the balance of
November or early in December. There is nothing Italy's foreign trade does not improve. Figures
apparent in the present situation which would make available for the first nine months of 1928 show that
it probable that the exchange rate will fail to follow imports of the period were 16,000,000,000 lire,
the usual seasonal course. The size of the Canadian against 15,674,000,000 lire in the same period last
wheat crop is a bullish factor, but this is offset by the year. Exports were 10,216,000,000 lire, as comhigh money rates in New York, the small volume of pared with 11,393,000,000 lire, the adverse balance
Canadian long-term financing in this market, and the being 5,794,000,000 lire for the period as against
increased flow of Canadian funds for investment 4,280,000,000 lire in 1927. French francs remain
abroad.
firm. The Bank of France continues to sell exchange
Referring to day-to-day rates sterling on Saturday in order to keep the franc at quotations sufficiently
last showed firmness. Bankers' sight was 4.84 9-16 high to prevent any loss of gold for shipment to
2872
FTNANCIAL CHRONTCLE
Germany. However, the sales are very much less
than they were a few weeks ago. This week its holdings of foreign bills show a net reduction of 6,000,000
francs. The total holdings amount to approximately
34,152,000,000 francs. The Bank of France has the
exchange situation entirely in its own control, and
were it not for the fact that central banking opinion
has brought about a thorough understanding with
respect to gold holdings of the various leading countries, the Bank of France would be in a position to
draw a great deal of gold from both London and New
York. It is estimated that the Bank holds approximately $1,300,000,000 of foreign exchange, principally on New York and London.
The London check rate on Paris closed at 124.11
on Friday of this week, against 124.09 on Friday
of last week. In New York sight bills on the French
2, against 3.903/2 a week ago;
centre finished at 3.903/
3 , and comcable transfers at 3.90%, against 3.90%
mercial sight bills at 3.903, against 3.90 5-16.
Antwerp belgas finished at 13.893 for checks and
at 13.90 for cable transfers, as against 13.893
and 13.90 on Friday of last week. Final quotations
for Berlin marks were 23.83 for checks and 23.84
for cable transfers, in comparison with 23.813/2
and 23.823/2 a week earlier. Italian lire closed at
3 for bankers' sight bills and at 5.24 for cable
5.23%
transfers, as against 5.243/i and 5.24%. Austrian
schillings have not changed from 143/g. Exchange
on Czechoslovakia finished at 2.9615, against 2.9615;
on Bucharest at 0.603., against 0.603; on Poland
at 11.19, against 11.19, and on Finland at 2.52,
against 2.52. Greek exchange closed at 1.29 for
checks and at 1.293/2 for cable transfers, against
2.
1.29 and 1.293/
[VOL. 127.
against 26.64 and 26.653/2. Checks on Sweden
closed at 26.72 and cable transfers at 26.733/2,
against 26.713/ and 26.73, while checks on Norway
finished at 26.643/2 and cable transfers at 26.66,
against 26.633/2 and 26.65. Spanish pesetas closed
at 16.11 for checks and at 16.12 for cable transfers,
which compares with 16.113/2 and 16.123/2 a, week
earlier.
The South American exchanges are comparatively
inactive. The gold flow from Argentina to New
York seems to have come to an end during the
week. There is a better tone in the South American
exchanges, owing largely to the fact that the export
season is approaching and promises to be more than
ordinarily favorable to most of the Latin-American
countries. A dispatch to the United Press from
Chile on Wednesday stated that Rios Gallardo,
Foreign Minister, has asked the Superintendent of
Banking to give all possible facilities to the Bolivian
commission studying the central bank system with
a view to establishing such a system in Bolivia.
Argentine paper pesos closed on Friday at 42% for
checks, as compared with 423/i on Friday of last
week, and at 42 3-16 for cable transfers, against
42 3-16. Brazilian milreis finished at 11.93 for
checks and at 11.96 for cable transfers, against
11.93 and 11.96. Chilean exchange closed at 12.10
for checks and at 12.15 for cable transfers, against
12 1-16 and 123', and Peru at 4.01 for checks
and at 4.02 for cable transfers, against 4.00 and
4.01.
The Far Eastern exchanges have been quiet. All
the Asiatic countries are preparing for an active export trade. This is especially true of India and Straits
Settlements. The Dutch East Indies are enjoying a
condition of great prosperity. China continues to
absorb silver in quantity as fast as it is offered from
any source. As noted here last week, the Bank of
India advanced its rate to 6% from 5%. The firmer
money rates in India are entirely a seasonal development. This advance is an incident unfavorable to
the London position, as India is now attracting
gold directly from South Africa, as well as from
London. India has been arranging for direct shipments of large amounts from Durban, and approximately £1,200,000 were engaged last week from the
Transvaal. This gold would, but for the change in
the Indian situation, have gone direct to the London
market. Japanese yen have been relatively weaker
than they were a week ago. Nevertheless, the yen
rate is fairly firm, partly due to the fact that it was
officially announced only last week that the Government is giving serious consideration to the question
of removing the embargo on gold. Closing quotations
for yen checks yesterday were 46.20@t463, against
46.40@46% on Friday of last week. Hong Kong
closed at 50.10©503, against 503'@503; Shanghai
3 , against 643/
at 643@644
38; Manila at 493%,
8@64/
3 Singapore at 563%@67, against 563%@
against 49%;
57; Bombay at 36/, against 36%, and Calcutta at
36%, against 36%.
The exchanges on the countries neutral during the
war have been dull, but, as in the case of the Continentals, they reflect the better tone of sterling exchange. This has been conspicuously true with
respect to Holland guilders. The Scandinavian
currencies present no features of special interest this
week. They have been quiet and firm at about
the levels prevailing for many weeks past. Spanish
pesetas have, it would seem, reached a condition of
relative stability. The pesetas rate seems now permanently pegged around 16.12 for cables. Fluctuations have been extremely narrow. Whether the
official Spanish control committee intends to keep
the rate there for a long period or to change the peg
price occasionally in accordance with conditions in
the market is not known. Peseta futures have been
• active recently and remain at a substantial premium
over the spot rate. The buying of futures comes
mostly from long speculators who are extending
their position in the belief that there will be an early
return to gold. • A few days ago advices from Madrid
by way of London stated that the Spanish Government is considering an early return to the gold
standard. The rate of probable stabilization has
not been disclosed, but it is understood that there is
little likelihood of a return to pre-war parity.
Bankers' sight on Amsterdam finished on Friday
at 40.133, against 40.13 on Friday of last week;
Pursuant to the requirements of Section 522 of the
cable transfers at 40.153, against 40.15, and comTariff
Swiss
Act of 1922. the Federal Reserve Bank is now
mercial sight bil s at 40.093, against 40.09.
at
and
daily to the Secretary of the Treasury the
sight
bills
certifying
francs closed at 19.25 for bankers'
19.243
buying
for cable transfers in the different counwith
rate
comparison
19.26 for cable transfers, in
world. We give below a record for the
the
tries
of
checks1
Copenhagen
and 19.25 a week earlier.
just
past:
,
2
week
at
26.663/
transfers
and
cable
finished at 26.65
Nov. 241928.]
FINANCIAL CHRONICLE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAI. RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV 17 1928 TO NOV. 23 1928, INCLUSIVE.
2873
The Approach to Latin-America-Mr. Hoover's
Visit and the Cumberland Report.
Noon Buying Rate for Cable Transfers to New York,
Country and Monetary
Value in United States Money.
Mr.
Hoover's
decision to pay an extended visit to
Unit.
Nov. 17. Nov. 19. Nov. 20. Nov. 21 Nov. 22. Nov. 23.
Central and South America is an interesting, as well
EUROPE$
as an unprecedented, example of foresight and en8
Austria,schilling
140600 .140676 .140563 .140582 .140610 1.40520
Belgium, belga
138955 .139902 .138963 .138962 .138962 .138961
ergy on the part of a President-elect in preparing
Bulgaria, ley
.007213 .007227 .007180 .007225 .007165 .007170
Czechoslovakia. krone 029628 .029625 .029624 .029625 .029622 .029824
himself for the responsibilities of the presidential
Denmark, krone
266482 .266520 .266517 .266532 .266554 .266552
England, pound sterloffice.
The custom (not, as is often thought, a Coning
4 849470 4.850149 4.849524 4.849860 4.850108 .850000
Finland, markka
025176 .025171 .025173 .025172 .025174 .025174
stitutiona
l requirement) which allows an interval
France, franc
039069 .039071 .039069 .039067 .039066
Germany, relchsmark. .238211 .238223 .238242 .239249 .238282 .039067
.238335
of four months to elapse between the date of an elecGreece. drachma
.012921 .012928 .012922 .012924 .012925 .012920
Holland, guilder
401459 .401488 .401470 .401444 .401482 .401457
Hungary, pengo
tion and the date at which the new presidential
174164 .174178 .174246 .174240 .174237 .174306
Italy. lira
052408 .052403 .052396 .052389 .052394 .052395
Norway, krone
term begins has often been pointed to as a practical
266452 .266511 .266508 .266517 .266525 .266542
Poland. zloty
112020 .112030 .111980 .111975 .111980 .111975
Portugal, esoudo
.044750 .044740 .044460 .044460 .044445 .044345
disadvantage which might well be done away with,
Rumania.len
.006025 .006033 .006030 .006033 .006033 .006033
Spain, peseta
.161156 .161184 .161153 .161169 .161151 .161156
and
Congress itself has made a number of unsuccessSweden, krona
267284 .267291 .267270 .267248 .267268 .267289
Switzerland. franc- 192482 .192488 .192514 .192507 .192522 .192536
ful attempts to shorten the interval, and at the same
Yugoslavia, dinar__ .017585 .017584 .017579 .017579 .017579
.017581
ASI Atime get rid of the evils of the so-called "lame duck"
ChinaChetno
.654791 .654583 .854583 .654583 .651250 .654583
short
session of an expiring Congress, by advancing
Hankow tael
.654791 .654583 .654583 .654583 .654166 .654583
Shanghai tael
.841071 .640714 .640803 .640446 .638928 .640803
the
date
of the inauguration of the new President
Tientein teal.- .676875 .676250 .676250 .676250 .672916 .676250
Hong Kong dollar_ .500357 .500178 .499821 .49982t .499910 .500267
and the date at which the new Congress shall meet.
Mexican dollar. _ . .466500 .465625 .465375 .465375 .465625 .465875
Tientsin or PelYanr
Most Presidents-elect, when they were not their own
dollar
.465833 .465625 .485208 .485208 .465208 .465208
Yuan dollar
.462500 .482291 .461875 .461875 .461875
successor
, have perforce spent this four months' in.364495 .364481 .364481 .364471 .364550 .481875
India, rupee
.364484
Japan, yen
.464472 .485258 .464338 .462758 .460272 .462061
Singapore(S.S.)dollar .584583 .584583 .564583 .564583
terval in a kind of semi-public retirement, receiving
.584583 .564583
NORTH AMER.Canada, dollar
visits from party supporters and friends, busying
.999958 1.000459 1.000694 1.001197 1.001558 1.001536
Cuba, peso
999237 .999268 .999206 .999237 .999312 .999237
Mexico. twee
479000 .479333 .478833 .479000 .478500 .470583
themselve
s with the selection of their Cabinet, arNewfoundland. dollar .997343 .997718 .998218 .998281 .998856 .998582
SOUTH AM ER.ranging
their
private affairs, and in a dignified way
Argentina, neso Mold/ .958202 .958480 .958176 .958290 .958121
.958286
Brazil, mIlreis
119431 .119413 .119409 .119436 .119415 .119377
"killing
time"
until the day of inauguration should
Chile. peso
.120531 .120670 .120739 .120741 .120744 .120743
Uruguay, peso
1 023958 1.026016 1.025838 1.024373 1.026273 1.026338
arrive.
The
most
importantrecent exception was made
Colombia • peso
.970900 .970900 .970900 .970900 .970900 .970900
by Pre.ident Wilson, who retained the Governorship
Owing to a marked disinclination on the part of of New Jersey until very near the date of his inaugutwo or three leading institutions among the New ration. Mr. Hoover, on the contrary, has chosen this
York Clearing House banks to keep up compiling Interval of enforced official idleness to make an exthe figures for us, we find ourselves obliged to dis- tended tour of the Central and South American Recontinue the publication of the table we have been publics, a part of the world with which our relations
giving for so many years showing the shipments and have not always been happy, but in regard to which
the United States, for various reasons, has long asreceipts of currency to and from the interior.
sumed
certain responsibilities, and with which our
As the Sub-Treasury was taken over by the Fedrelations
ought by all means to be close and cordial.
eral Reserve Bank on Dec.6 1920, it is also no longer
It
is
easy
to foresee some of the gains which should
possible to show the effect of Government operaresult
from
Mr. Hoover's unique tour. The mere
tions in the Clearing House institutions. The Fedpresence
in
the
countries to the south of us of the
Reserve
Bank of New York was creditor at the
eral
President-elect, seizing an opportunity which must
Clearing House each day as follows:
be used now if it is to be used at all, is an evidence
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANK of interest and good
will that will not pass unnoticed
AT CLEARING HOUSE.
in the countries which will receive him as an honored
Saturday, Agenda:I. Tuesday, Wednesd'y, Thursday, Friday.
Aggregate
guest. Only a narrow view of Mr. Hoover's journey
Nov. 17. Nov. 19. Nov. 20. Nov. 21. Nov. 22. Nov. 23.
for Week.
will picture him as a kind of high-grade commercial
$
$
120.101.000 117.000.000 128000.009 129.000.000 14t.000me 139.060.000 Cr 778.000.060
traveler engaged in drumming up trade. It is, of
Note.-The foregoing heavy credits reflect the huge naafis cf checks which
come course, entirely possible that Mr. Hoover's
visit may
to the New York Reserve bank from all parts of the country in the operaticn cf
the Federal Reserve System's par collection scheme. These large credlt balances, give some stimulus to trade
between
the
United
however, reflect only a part of the Reserve Bank's operations with the
Clearing
States
and
South
America,
House institutions, as only the items payable In New Yt.rk City are
but
if
it
does,
the
stimrepresented in
the daily balances. The large volume of checks on Institutions located outside
of ulus, we may be sure, will be mutually advantaNew York are not accounted for in arriving at these balances, as such
checks do
not pass through the Clearing House but are deposited with the Federal
Reserve geous, and gains on one side will be matched by gains
Bank for collection for the account of the local Clearing House banks.
on the other. We cannot sell or buy in South America without South Amelica benefitting in the
The following table indicates the amount of bul- process. The larger significan
ce of Mr. Hoover's
lion in the principal European banks:
tour, and the one which it is reasonable to suppose
he him elf has had in mind, is the opportunity
Non. 22 1928.
I
Nor. 24 1927.
Banks Ofwhich such a journey will give him of learning some1
Gold.
Silver. I
Total.
Gold.
Total,
I Silver. I
thing
at first hand of the countries in which he will
g
I
g
g
g
I
I
4
g
Ragland _. 162.084,589
162,084,589 151,489.840
France ___ a246814718
246,814,718 148.220,324 13,917,200 151,489.640 sojourn, making the personal acquaintance of leadd
180.137.524
Germany b 123.895,9501 c994,600 124,890,550 89,225.000
994.600
Spain _ ___ 102,533.0001 27,593,000 130.126,000 104,128.000 27.029.000 90,219,600 ers in politics, industry and commerce, acquainting
54,527,000
Italy
I 54,527,000 46,929.000 3,732,000 131.257.000
Nethlands 36,321,000 1,834,000 38,155,000 32,176.000 2.2(19,000 50,661,000 himself with the life of the people, and in general
34.445.000
Nat.Belg. 23,416,000 1.268,000 24,682,000 19,748.
1,197.000
Switzland 18.774.000 1.924.000 20,898,000 18,043,000 2,586,000 20.943.000 fitting himself better, by personal contact, to deal
20,629,000
Sweden... 13,169,000
I 13,189,000 12,823,000
I 12.823.000
Denmark _ 9.602,00
519,000, 10,121.000 10,116,00
661.000 10,777.000 with such problems as may be presented to him as
Norway
8.180.
I 8,180.000 8,180,000
I 8.1so.000
President. Mr. Hoover already enjoys a wider and
Total week 799.317.257 34.130.600833,447.857039,075,964 52,485,80089
1.561.764
Prnv wanit700 ROA nu 34I9I500834.077.883639.1101A56 52.257
02nR1. Ron K711 more intimate personal acquaintance with Europe
than any President that the United States has had,
a These are the gold holdings of the Bank of France as rep (rted in the new
form
of statement. b Gold holdings of the Bank of Germany are exclusive of
gold held and he knows a good deal about certain parts
of
abroad, the amount of which the present year Is £4,281,300. c As of Oct.
7 1924.
d Silver is now reported at only a trifling sum.
Asia from long service there as an engineer. His
2874
FINANCIAL CHRONICLE
[VOL. 127.
better, both for NicaSouth American journey will add to his equipment however, that it would be far
the undertakings
that
States,
United
the
and
ragua
whose
t
continen
another
with
a personal contact
g that they
assumin
,
habits of thought and political and social achieve- which Dr. Cumberland suggests
should be
done,
be
to
t
ments and hopes have probably been less generally are necessary or expedien
ility,
responsib
own
its
on
itself
ua
understood or appreciated in this country than those done by Nicarag
n
citizens.
America
of
ance
surveill
the
under
not
and
of either Europe or Asia.
surveillance may be
We have more than once expressed the opinion However effective such outside
not only does little
it
results,
te
immedia
the
securing
in
to
is
it
that the United States, committed as
Nicaraguan people a
maintenance of the Monroe Doctrine as a cardinal or nothing to develop in the
ernment, but almost inelement of its foreign policy, is on that account larger capacity for self-gov
n and criticism
suspicio
nt,
under special obligation to avoid, in its dealings evitably breeds disconte
es either in
themselv
show
time
with Latin-America, anything that savors of inter- which may at any
immediwhich
those
as
such
nces
disturba
ference with the domestic affairs of the Latin-Amer- domestic
interin
some
or
election,
recent
the
preceded
ately
ican States. The recent entanglement of the United
relaic
diplomat
disturbs
which
n
irritatio
national
ua,
Nicarag
States in the electoral controversy in
not
do
sure,
feel
we
people,
n
America
The
tions.
to
had
which
while perhaps one of those matters
inway
any
in
to become
be carried through once it had been begun, has un- want the United States
Cenor
South
any
of
affairs
questionably made a bad impression in Latin-Amer- volved in the domestic
are ready to be helpful
They
State.
n
America
tral
be
to
is
it
which
episode
an
y
ica, and is certainl
they draw back from
but
needed,
is
hoped may not be repeated. We are on this account wherever help
in the government of
part
a
of
savors
that
glad to observe that the Department of State, in anything
Government wishes
uan
Nicarag
the
If
peoples.
other
making public on Monday, the day of Mr. Hoover's
nt branches
importa
of
charge
in
ns
America
on
place
to
and
departure, the report of Dr. W. W. Cumberl
to do so,
free
y
obviousl
is
it
service,
public
its
of
ua,
Nicarag
of
the proposed financial rehabilitation
ility which it assumes for such
took pains to let it be known that the report repre- and any responsib
own, but for such officials to be
sented only "the personal views of Dr. Cumberland," a course will be its
by the American Government
and that Secretary Kellogg allowed himself to be selected or nominated
would, we fear, be a proents
quoted as saying, in substance, that "not only had or any of its departm
to plague us. The obreturn
would
the State Department not approved it as drawn, cedure that
through ownership of
control,
n
America
to
but that there were certain things recommended that jections
bank which is also
foreign
a
of
stock,
of
majority
a
the United States could not do."
ent are even
Governm
foreign
the
of
agent
at
fiscal
the
said,
is
it
,
The Cumberland report, prepared
would necessarily
the suggestion of President Diaz, proposes a general more weighty, since such control
American owners
financial reorganization of Nicaragua, including the involve some participation by the
of the Governpolicy
refunding of the present debt, the unification of all in the domestic and foreign
revenue services, and the installation of a budget ment in question.
Without attempting to forecast what Mr. Hoover
system. Chief among the recommendations is a
000,
might think of the Cumberland project, in case it
loan by the Nicaraguan Government of $30,000,
of
come before him for consideration, it may be
cost
should
the
of which $12,000,000, after deducting
out that Mr. Hoover's method of dealing
presthe
pointed
g
refundin
underwriting, is to be devoted to
America is proceeding along
ent outstanding public debt of $5,675,000, further with Central and South
feel confident that, as he passes
redemption or conversion of bonds, payment of different lines. We
, he will make the best
claims, highway construction, election expenses, from Republic to Republic
hurried visits to culily
necessar
his
paving and sanitation of Managua, and other pur- use possible of
suspicion or latallay
ips,
friendsh
personal
poses. Dr. Cumberland further suggests that a tivate
a tangible
person
own
his
in
offer
and
,
hostility
ua,
ent
majority of the stock of the Bank of Nicarag
have an
will
He
will.
good
n
America
of
e
assuranc
State,
the
which is to be made the fiscal agent of
of polisphere
ry
customa
the
widen
to
ity
opportun
offices
the
should be sold to Americans, and that
matters
nt
range importa
of Collector General and Auditor General should be tics by bringing within its
excluded. There is, for
wholly
often
more
ed
are
that
nominat
be
to
nts
filled by Americans, the incumbe
and artistic culture in
by the Secretary of State of the United States and example, a high intellectual
which the American
of
appointed by the President of Nicaragua. The des- South American centres
which Mr. Hoover's
and
ignation of Americans for these offices is intended, public knows very little,
to make better
of
course,
ly
indirect
according to Dr. Cumberland, to "assure proper col- visit may help,
poss&s
America
South
and
Central
lection and expenditure of public funds." Among the known. Both
with
and
repute,
ional
of
internat
s
scientist
public works recommended, to be financed from the many
admitted
of
a
scientist
himself
Hoover,
Mr.
referred
them
proceeds of the $12,000,000 loan already
finding a comto, is a highway from Managua, the capital, to the standing, will have no trouble in
ce on arbiconferen
rican
Pan-Ame
The
mon
ground.
Atlantic seaboard.
meet at WashIt is in every way desirable that the finances of tration and conciliation which is to
up its duties
take
Nicaragua, to the extent that they may be disordered, ington early in December may well
visit of the
friendly
should be put in sound condition, that the revenues with special zest in view of the
most of
which
from
s
should be properly collected and accounted for, President-elect to the countrie
ns
directio
such
in
is
It
and that such highways or other public works the delegates will come.
undergood
that
them,
like
others
as are needed should, to such extent as may as these, and in
of friendly co-operation bebe practicable, be undertaken and carried through. standing and a feeling
two continents need to be
the
of
States
fora
the
tween
If these tasks, or any of them, require
much as in the development of
eign loan, it is equally to be hoped that a loan comented, quite as
extension of financial assistance.
may in due time be forthcoming. It seems to us, trade or the
Nov. 24 1928.]
FINANCIAL CHRONICLE
The Power of the President.
the election is a thing of the past and
that
Now
the country has settled down to its daily affairs,
the strength of our institutions and the general good
nature of the people are once more confirmed. The
election has swept away the oratory and most, if
not all, the torrent of controversial assertion; the
prerogatives and duties of the new President are
constitutionally and closely defined and are well understood, and his record, public and private, not
only laid bare, but bandied about in fragmentary
discussion. It is no longer interesting.
One fact remains. "The Man on Horseback" has
always been a law to himself; and a modern compiler of American history makes the statement that
"the President of the United States is the most powerful executive officer in the world." Beyond what
Mr. Hoover as President therefore may do constitutionally remains what he may do from his own initiative or on the strength of his own individual
choice. Mr. Coolidge's "I do not choose to run" is
known to have been decisive. We have no mean;
of knowing what may be the line of Mr. Hoover's
action in ways lying outside of prescribed Presidential duty. Probably Mr. Hoover himself does
not know, and has not given it a thought, but he is
to take his place in a sufficiently long line of
Presidents of differing character and in very varied
circumstances who have when the occasion seemed
to demand it made their own decision and acted with
entire independence. We would call attention to a
few of them.
In 1803 President Jefferson learned that Bonaparte under the stress of his military campaigns and
the consequent exhaustion of France was in dire
need of money and was ready to dispose of France's
holdings in America. Immediate action was necessary and the President lost no time in effecting
"the Louisiana Purchase," obtaining for the United
States the vast continental area west of the Mississippi, which Congress and the country of course accepted.
In 1823, when the Holy Alliance was understood
to be favorable to an attempt to bring the South
and Central American States into subjection, the
English Secretary of Foreign Affairs, George Canning, suggested to the American Ambassador that
the United States should take decided ground
against the Alliance. The result was a Proclamation by President Monroe now known as the Monroe
Doctrine, which though not in any way confirmed
by Congress until December 1895, has been accepted
by successive Presidents, and is now the policy of
the country.
In 1833 General Jackson, whose Presidency bore
the stamp of his autocratic will from the first, withdrew the deposit of the Government from the United
States Bank, forcing the bank out of existence; and
in 1834 was censured by the Senate for doing so.
In 1841 on the death of President Harrison, VicePresident Tyler assumed the Presidency as his right.
The Constitution probably intended this in prescribing that he should so "act as President," though it
was questioned. Mr. Tyler's action was accepted
as fixing the practice; but not until 1886 was it actually confirmed by Act of Congress. President Tyler also asserted his independent power subsequently
in blocking the movement in Congress to re-establish the Bank.
2875
In 1861 President Lincoln to(,k independent action in calling out troops agaim t the Confederation. In January 1863 he issued on his own responsibility the Emancipation Proclamation and throughout the Civil War recognized that decisive action
must again and again be his, and that, not merely
as Commander-in-Chief of the Army. In the Cabinet, for instance, on an occasion when under the
lead of one of the little groups who constantly differed with him, the body argued against a plan of
his, he quietly withdrew to chat with people outside. After a while he went back and the Cabinet
meeting soon broke up. When he came out he was
asked how the matter was decided. "Oh," he replied, "the majority ruled. I was the majority."
In 1871 President Grant inaugurated Civil Service Reform, which has since been extended and become the rule of the Government. His inherent
power as the result of his historic career was always accepted and was instantly decisive, as when
he ordered the Treasury Department to take the action which stopped the uncontrollable financial
panic then under way in the days of irredeemable
paper money. It was the stroke of lightning which
in September '69 broke up "Black Friday," the crisis
of the contest between Commodore Vanderbilt and
Fisk and Gould for control of Erie.
In 1890, President Benjamin Harrison, who has
been regarded as one of the ablest Presidents we
have ever had, warned boomers out of Cherokee territories they were invading, and the next year, after
he had made an extensive trip through the South
and West better to inform himself, issued a decree
excluding white men from the Cherokee strip. In
1892 when Chile showed no intention to make redress for the assault on American sailors from the
"Baltimore" in the streets of Valparaiso some six
months before, and the Chilean Ambassador left
Washington, President Harrison sent an ultimatum
to Chile which brought prompt payment. Also in
the Bering Sea controversy when the joint Arbitration Commission appointed to settle it had delayed
action until their authority was about to lapse, and
Great Britain refused to extend the life of the Commission, the President notified Britain that unless
the extension of the Commission was at once granted
the honor of the United States would be involved.
Thereupon the extension was granted without further delay. In the one instance, eight hours was
allowed for an answer and forty-eight in the other.
Incidentally it may be noted that in the Bering Sea
case the decision of the Board of Arbitration made
the next year in Paris was against the United States.
But the incident did much to establish relations of
respect and comity between the two countries ever
since.
Subsequent Presidential history is sufficiently
well-known. In 1895 President Cleveland sent
through Secretary Olney to Britain and delivered
to Congress his message in regard to European aggression to collect debts in Venezuela, in terms so
authoritative and curt that the country was startled
at the possibility of war. Happily, England's reply
was so quiet and moderate that the crisis passed.
President Roosevelt's readiness for prompt action
in matters at home, like the relations of capital and
labor, and also abroad, as in connection with the
construction of the Panama Canal and in dealing
with the contiguous Central American Republics,
and our relations with Haiti, San Domingo .and
2876
FINANCIAL CHRONICLE
[VoL. 127.
be a superfluous inquiry in ethics to attempt to fix
the responsibility for a tragedy at sea, costing scores
of lives, wherein a questionable vessel, improperly
loaded, and possessing leaky lifeboats, that could
not be quickly and safely launched, becomes the central figure in an untimely sinking said to be second
only to that of the ill-fated Lusitania. And yet
somewhere in the dim realm of'causes there lies a
lesson in common duty the world may ponder at
will while bereaved families suffer and are silent.
And whether the spontaneous censure of the survivors falls upon the company owning the vessel or the
unfortunate Captain who went down with his ship,
somewhere the blame lies; and, though it may never
be fully established, it brings to our attention the
solemn responsibility of protecting human life.
We are aware that transportation on the sea is
the safest form of travel. We are aware that travel
upon the streets of our cities furnishes month by
month an appalling death list in which innocent
children play a principal part. We are aware that
flying in the air bids fair to follow the automobile
in its power to produce death, but is it not just, in
the face of these recurring disasters, that a boastful
civilization shall ask earnestly and intently: "Am
I my brother's keeper"? The people in the majesty
of law provide for inspection of public carriers. They
exact certain precautions for safety. They provide
the means for carrying their will into effect, and
still the fatal tragedies occur, and in the rush of
an all too arduous life are soon forgotten. We are
shocked when hundreds are lost in a single accident
that might have been prevented. We sadly shake
our heads in impotency when the daily record of a
few deaths becomes a commonplace bit of news. But
what do we actually do, save to order inquiries,
that drag along until their very verdicts are unnoted, when they finally appear, and are soon forgotten? What is the duty of the citizen in these
matters? And though responsibility spreads itself
thinly over the mass, are we therefore free from the
duty of giving protection, where alas it is so imperatively needed?
Organized society, corporate industry, individual
service, each is responsible, in some degree not easily
determinable, for unnecessary destruction of life.
We do live in a mechanistic age. But the machine,
save for structural defects and imperfect construction, performs its work without failure. It kills no
one through neglect of duty. If thousands of persons are killed by automobiles, the negligence or
criminal carelessness cannot be charged to the machine in itself. That has no volition. It does its
part in the service of mankind according to power
and intent. Of course, an internal combustion engine can never be constructed to work perfectly all
the time. Against the criminal carelessness of the
users we set up laws compelling licensing and providing speed limits and requiring certain routings
upon the streets and highways. And, more or less,
our Courts inflict penalties for infractions of rules.
But does the general public responsibility end here?
We think not. The public responsibility demands
that the public see that these rules are enforced, and
since the users of machinery comprise a majority of
the people they have a double responsibility—first
A Tragedy of the Sea.
as users, second as citizens. It is not enough to
In the rush and bustle of to-day, when the news- leave the process of enforcement to the laws. The
papers are filled with tales of disaster, and when careless driver who kills, the careless company
loss of life is getting to be a commonplace, it may which invites patronage of an unseaworthy vessel,
Cuba, will be remembered. The memorable cruise
of our fleet around the world was recognized as an
expression of the President's attitude and character
at the close of an administration to be held interpretive of the United States.
With the outbreak of the Great War, President
Wilson became at once the spokesman and the unquestioned leader of the country, and this quite as
much from recognition of his well-known personal
character, as from the office he had been chosen to
fill. His part in determining the time and terms of
our entering the war, of dealing with the events
that occurred in its progress, and at last in the
Council, the terms of the Treaty of Versailles, and
the creation of the League of Nations, are all too
recent and important to be forgotten. As to its
enduring influence, it has been recently said by an
English political leader that "the American policy
expressed by President Wilson is worth more to the
Democratic movement in England than battalions
led by the angels."
Be all this as it may, and of course there are
many opinions as to the individual instances referred to, a brief review of our history is sufficient
to show the place filled by the personality of the
President, whatever his party or his previous record. His position is unique. He is often unexpectedly laid hold of and set in his high place with limited knowledge of its duties on his part, and with
little more knowledge of him on the part of the people.
Then arise the inevitable occasions when he finds
himself the center of a critical situation, moved
and often compelled to act on his own responsibility,
accepting all the consequences which can neither be
avoided nor shifted. Then it is that interests important and even heavy with the weight of the
future re: t upon him. The country is schooled not
only to look to him but to trust him. In every
Presidential election especially in these later days
the people have had this more or less in mind or
have been brought to it in their discussions.
To-day as they turn to Mr. Hoover, they are aware
that as never before the world is one, and whatever
the political attitude of America, we in common with
others face a world in commotion, disturbing it may
be, but pregnant with a future that concerns all,
but cannot be forecast.
The people as yet may only be in "a yeasty ferment," but the Far East has seen the civilization
of the West divided into two great hosts fighting
to destroy itself in their effort to destroy each other.
Over against them the East now stands wondering
what is to be its course. It no longer waits to be
westernized. It has learned the value of its own
past, its art, its letters, its institutions. It can no
longer be patronized or held to be of lower grade and
inferior substance. It would at any price fit itself
for equality of opportunity to play its part in the
future, whatever that may be.
America faces this situation and must do her part.
Our President newly chosen is to lead, and we behind him will have confidence and faith as we recognize the character of the man we have chosen. The
nation's thanksgivings may well be heartfelt.
Nov. 24 1928.]
FINANCIAL CHRONICLE
the ignorant or careless mechanician, are each and
all responsible for disasters.
As citizens and as users of machinery we are glad
the fault is not ours. But, in the case we are considering, there are allegedly open port holes at starting and broken valves and misplaced cargoes and
ignorant, untrained crews, the blame falls upon the
owners, upon the business of ocean transportation
and upon the public at large. But we are in a hurry
and perhaps we think it is "none of our business."
Society, organized, does not even protect itself. Corporate operation does not hold its own members to
their duty—glad, often, that the disaster is not of
their own making, and the officers of the law who
failed as inspectors and the employers who were derelict too often escape. Responsibility is pushed
back and back until the indifferent public must answer the question: "Am I my brother's keeper?"
There is a vital remedy—it lies in the refusal of patronage. And if condemnation of this kind would
supplement the courts there would be fewer "accidents."
Now, we have evolved the rule, of widespread application, of safety first. Do we apply it to new
modes of transportation? Beyond doubt there are
thousands driving machines in our streets, who
though teennteakiy eapaine, aceoruiag Lo meager
rules of licensing, are unfit, mentally and morally,
and without a deep or clear sense of responsibility.
Are not we, too, who permit this state of affairs,
culpable? Are we not in some degree responsible for
the tragedies of the seas, for the sinking of the Vestris?
We are aware that in these comments we seem
to be fanning thin air. But our point is that we
have not filled our responsibility, our duty, when
we read with sorrow and indigation the heart-crushing stories of the survivors, when we lament the unfortunate dead, when we set the law in motion, and
then forget all about it. Time was in our own early
Puritan days, when a woman sinned she was pilloried in a public place with the scarlet letter pinned
upon her breast. Horrible as that appears to us
now, it did not seem so then. It was a primitive
method of what men called justice, and it was rank
injustice for it knew not mercy and arrogated the
right of condemnation. But if, when a tragedy occurs at sea, the public would silently refuse its patronage where criminal negligence is proven, might
not that teach the lesson that those who de-troy
rum reputation of a business by destroying life are
.inworthy the good-will of the public ever afterward?
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 23.1928.
Trade has been a bit "spotty"; good in some parts of the
country where the weather was seasonably cold, and not so
good in other parts where it was too warm. Retail trade,
owing to had roads and floods in some parts of the Central
West, has suffered to some extent. The rains which hurt
trade naturally helped the Winter wheat crop, but it is plain
enough that the jobbing trade has latterly slowed up somewhat. This may be attributed almost entirely to weather
conditions, the autumn having been abnormally warm, to
the detriment of seasonal trade in almost all departments
Now, however, temperatures are colder all over the country,
with more or less snow of late and even snow flurries here in
New York. What the country needs above all things is
seasonable weather and plenty of it. In some of the industries there is more or less irregularity; that is, the same spottiness is observable. The cotton textile industry tends
toward improvement. But steel, automobiles and the shoe
manufacturing industries have all been less active. At the
same time the output of textiles has increased as well as
sales to the consumer. It is noticeable, too, that specifications in the steel trade are reported larger. Coal production
was active with lower temperatures. Low grade bituminous
has declined. Latterly retail trade has felt the beneficial
effects of lower temperatures to some extent and also preholiday buying. Special sales have improved retail business
here and there. Petroleum output is increasing in Oklahoma, Texas and California. Coal output is far larger
than that of a year ago. And whatever may be said about
the automobile business, the output of automobiles is now
up to that of the high record year of 1926. It is true that
at Detroit the employment fell off 2,800 last week. But
the aggregate still amounts to 277,000, or 82,200 larger than
last year, and over 70,000 more than in 1926. It is remarked, too, that the tone of general business in this country
is still confident, as actual trade is larger than a year ago.
Meanwhile, as already intimated, the wheat crop has
benefitted by wide-spread rains and snows. The Pacific
Coast has also been helped by timely rains. The corn belt
it is true, needs cold dry weather after a rather prolonged
period of rains and latterly, snow, which have retarded the
work of husking in the Central West. To-day, however,
the weather was described as almost ideal in the corn belt,
so much so that it is expected that the crop movement will
increase. Corn has advanced somewhat owing to the smallness of the receipts at Western markets, lack of country
2877
11
offerings on any large scale, and in general the steadiness of
cash prices. One drawback has been the reports of rather
large European cancellations of old export contracts. But
sooner or later it is believed Europe will require a rather large
quantity of American corn. Wheat has not changed much,
as world's supplies are large and the export demand in this
country has been small. It appears, however, that Argentina
will have an export surplus of 220,000,000 bushels and that
fact rather tends to militate against any advance here.
But Liverpool reports that all the feeding grains are very
steady, with a continued demand for Argentina and American corn. Speculation in grain of late has increased somewhat, as some stock market traders have liquidated and
tried a little wheat as well as cotton. Cotton has advanced
about a cent owing to an excellent trade demand and the
fact that the ginning up to November 14 did not go beyond
11,320,000 bales which some considered too small to warrant
crop estimates by the Government as high as the last one
on November 8 of 14,133,000 bales. Moreover, speculation
has increased sharply on an overflow of business from the
Stock Market. Of late the daily transactions at the cotton
exchange have been estimated at as high as half a million
bales, that is for 3 days past. The exports, moreover, have
made a good showing but the "into sight" figures increased
this week. Worth Street's trade in goods has improved
noticeably and Manchester has been more optimistic, with
a better trade in cloths with India. The peak of the cotton
crop movement has passed, and there are hopeful prognostications as to the size of the world's consumption of
American cotton this year. Rubber has advanced somewhat as a natural ally after the prolonged decline. Besides,
the London stock is decreasing and some of the rubber statistics are regarded as rather bullish.
Raw sugar has advanced with a better demand from
Europe and larger purchases by New York refiners whereby
prompt raws were advanced to 23.c. To-day there were
122 December notices issued which had tittle effect on that
delivery. There is said to be some investment buying of
sugar by Wall Street interests on the theory that all bearish
points have been discounted that the price is below producing
cost. Coffee has shown no marked net change, though
latterly lower and there are reports that Brazil has been
inclined to sell rather more freely. Certainly Brazilian
prices have from time to time declined. On the other hand
it is remarked that deliverable grades are scarce here, while
contract prices are still much below spot quotations. The
discounts on distant months are considered large and 11-
2878.
FINANCIAL CHRONICLE
[VoL. 127.
• logical. The talk is that the Defense Committee will accept 21st inst. and a light fall during the night, powdering the
delivery on a considerable quantity at December contracts, ground, early on the 22nd inst. speedily disappeared. The
that is 45,000 to 50,000 bags. Raw silk has been quiet, weather had been so mild in this section that on the 21st
though there are said to be orders to buy at somewhat under inst. at Allenhurst, N. J. lilacs were blooming and also roses
the market, while the possibility ofa rise in Japaneseexchange in Monmouth County, N. J. started to bloom anew.
Here on the 21st inst. the temperatures were 31 to 42
is not ignored. The trading at the exchange here is small
degrees; at Boston 30 to 38, Cincinnati 32 to 48, Chicago
for the time being, with prices about steady.
One drawback in the general business situation of the 30 to 44, Cleveland 30 to 38, Detroit 28 to 34; Kansas City
West is the fact that supplies of cattle and hogs are so large 36 to 60, Milwaukee 28 to 40, Montreal 24 to 32; Omaha
that they have noticeably depressed prices at Chicago. 36 to 54, Philadelphia 38 to 44; Portland Me. 26 to 34;
Hogs have sold at the lowest price seen since last Fe ruary, Seattle 46 to 58, St. Louis 32 to 60, St. Paul 32 to 44; Winfalling to an average of $8.60, with cattle averaging $15. nipeg 30 to 38. To-day the temperatures were 36 to 42
Large supplies of storage eggs have been sold, causing a here. The forecast is for warmer weather, fair to-night
sharp decline in prices. At the Pacific Coast the lumber and cloudy or rainy to-morrow. Boston was 34 to 44,
industry has agreed on curtailment for early next year and Chicago 28 to 38, Milwaukee 24 to 36, St. Paul 26 to 36.
the effect has been to impart greater firmness to prices.
Hard woods have been in better demand. Soft wood lum- Decrease in Retail Food Prices in October as Compared
ber has sold less readily. While cotton goods have latterly
with Previous Months.
met with a somewhat better demand, with bleached goods
The retail food index Issued by the Bureau of Labor Staoccasionally showing a moderate advance, there has been a tistics of the United States Department of Labor shows for
better demand for worsted dress goods, especially lightweight October 15 1928 a decrease of about one-half of 1% since
fabrics, and fancy weaves. Moreover, men's wear suitings September 15 1928; an increase of a little more than fourand overcoating for the current season have been in sharp. tenths of 1% since Oct. 15 1927; and an Increase of 510%
demand. In contrast with this staple broad silks have been since October 15 1913. The index number (1013 equals
less active. Carloadings for four weeks of October were 100.0) was 156.1 in October 1927; 157.8 in September 1928;
5.2% larger than in the same trade last year, but about 2% and 156.8 in October 1928. The Bureau's advices, Nov. 19,
smaller than the same period two years ago.
also state:
The stock market is still a wild affair to use a somewhat
During the month from Sept. 15 1928 to Oct. 15 1928, 21 articles on
hackneyed expression, it beggars description. Transactions which monthly prices were secured decreased as follows: Pork chops, 15%;
raisins, 5%; leg of lamb, 4%; sirloin steak, round steak, and oranges, 8%;
have reached new high and incredible records and prices in a rib
roast, canned red salmon, flour, and navy beans, 2%; chuck roast,
single day early in the week rose anywhere from 5 to 63 ham, rolled oats, macaroni, rice, canned corn, canned peas, and sugar, 1%;
points. There was a setback later, noticeably on Thursday, and bacon, butter, and tea, less than five.tenths of 1%. Ten articles
Strictly fresh eggs, 8%; onions, 5%; cabbage, and canned
but before the day was over there came another leap up- increased:
tomatoes, 2%; plate beef, oleomargarine, lard, and bananas, 1%; and
ward. There were reports too that seats had risen to cheese and coffee, less than five-tenths of 1%. The following 11 articles
$550,000. Brokers Loans for the week ending November 21 showed no change in the month: Hens, fresh milk, evaporated milk,
increased $176,315,000, a record gain for one week, rising vegetable lard substitute, bread, cornmeal, cornflakes, wheat cereal, potatoes, baked beans, and prunes.
to such a staggering new high total as $5,157,132,100.
Changes ia Retail Prices of Food by Cities.
On the 22d inst. the market wound up with net gains for the
During the month from September 15 1928 to Opt. 15 1928, there was
day in some cases ranging from 5 to 49 points. To-day the a decrease in the average cost of food in 28 out of the 51 cities as
transactions closely approximate 7,000,000 shares, a new follows: Baltimore, Chicago, Cleveland, Detroit, Indianapolis, Manchester,
peak in all time making 30,500,000 shares this week, which St. Paul, and Springfield, 111., 2%; Boston, Cincinnati, Columbus, JackKansas City, Milwaukee, Omaha, Peoria, Philadelphia, Portland
necessitated closing the Exchange to-morrow Saturday sonville,
Me., St. Louis, Scranton, Seattle, and Washington, 1%; and Bridgeport,
1.i order to bring bookkeeping work up to date. There was Butte, Louisville, Minneapolis, Newark and Richmond, less than fivean early advance followed by a decline of 5 to 10 points. tenths of 1%. The following 20 cities increased: Atlanta, Charleston,
S. C., Denver, Fall River, Los Angeles, Norfolk, San Francisco, and SaThe Curb Exchange will also be closed.
vannah, 1%; and Birmingham, Dallas, Houston, Little Rock, Memphis,
Large
quiet.
generally
textiles
were
Charlotte,
N.
C.
At
New Haven, New York, Pittsburgh, Portland, Me., Providence, Rochester,
buyers recently in some cases covered their needs well for and Salt Lake City, less than five-tenths of 1%. In Buffalo, Mobile,
Orleans, there was no change in the month.
some time. Prices continued firm and many textile men aridForNew
the year period Oct. 15 1927 to Oct. 15 1928, 34 cities showed
higher
and
going
were said to be confident that cotton is
increases: Los Angeles and Seattle, 4%; Butte and Memphis, 3%; Charlesthat finished goods will advance. Greensboro, N. C. wired ton, S. C., Cincinnati, Dallas, Denver, Louisville, Portland, Me., Portland,
Salt Lake City, Scranton, and Washington, 2%; Buffalo, Columbus,
that mills must either produce at cheaper prices or suspend Oreg.,
Fall River, Houston, Manchester, Minneapolis, New Haven, New Orleans,
work.
Omaha, Providence, Richmond, Rochester, San Francisco, and Savannah,
PresidentCoolidge addressing the annual convention of the 1%; and Birmingham, Bridgeport, Chicago, Little Rock, Mobile, and
less than five-tenths of 1%. Sixteen cities showed decreases:
National Grange at Washington last Friday night re- Pittsburgh,
New York, 3%; Baltimore, 2%; Atlanta, Boston, Cleveland, Detroit,
counted what has been done by the Government for Agri- Newark, Philadelphia, St. Louis, and Springfield, Ill.,
; and Inculture. He declared that no other nation has given the dianapolis, Jacksonville, Kansas City, Milwaukee, Norfolk, and St. Paul,
five-tenths of 1%. In Peoria there was no change in the year.
aid that the United States has and emphasized the assis- lessAsthan
compared with the average cost in the year 1913, food on Oct. 16
tance to industry, indicating that it should work out its 1928 was 69% higher in Washington; 67% in Chicago; 65% in Scranton;
own salvation. That is certainly what it will have to do in 64% in Richmond; 62% in Birmingham, Buffalo, and Detroit; 61% in
Baltimore, Cincinnati, New Haven, New York, Pittsburgh, and
the long run, whatever panacea, palliatives or downright Atlanta,
Providence; 60% in Philadelphia; 59% in Boston, Charleston, S. C.,
quack nostrums may be applied in seeking to evade the and Fall River; 58% in Dallas; 57% in Milwaukee and St. Louis; 56% in
operation of the law of supply and demand, than which the Manchester, New Orleans, and San Francisco; 55% in Louisville; 54%
in Cleveland; 53% in Minneapolis and Newark; 52% in Memphis; 51% in
law of gravity is not more immitigable.
Indianapolis; 50% in Kansas City and Los Angeles; 49% in Jacksonwas
It
prevailed.
17th
inst.
weather
the
summerlike
On
ville, Little Rock, Omaha, and Seattle; 44% in Portland, Oreg.; 42%
68 degrees here. At Springfield, Mass. it was 73, a high in Denver, and 36% in Salt Lake City. Prices were not obtained in
record and at Boston 76 degrees the highest in the 54 years Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland,
Rochester, St. Paul, Savannah, and Springfield, Ill., in 1913, hence
that the Weather Bureau has been in existence. In parts of Me.,
no comparison for the 15-year period can be given for these cities.
the West rainfalls were reported. On the 17th inst. of 3 to
8 inches. Floods occurred in Kansas causing losses of lives Union
Trust Co. of Cleveland Views Election of Herbert
and damage to property. In parts of Oklahoma nearly 3
Hoover as President as Stabilizing Factor. In
inches of rain fell and there were rains elsewhere in the
Business.
Southwest. At Chicago on the same day the temperatures
The
election of Herbert Hoover to the Presidency has
were 46 to 56, at Cincinnati 60 to 74, at Cleveland 66 to 70,
at Detroit 59 to 68, at Kansas City 38 to 42, at Milwaukee proved a stabilizing factor in business, says the Union Trust
38 to 42, at St. Paul 32 to 38, Philadelphia 54 to 68, Pitts- Company, Cleveland. Along with other favorable factors,
burgh 58 to 72, Portland, Me. 50 to 62, San Francisco 56 the bank finds that the result of the election gives rise to the
to 64, Seattle 38 to 44, and at St. Louis 48 to 62. On the expectation of continuing good business for some time to
18th inst. it was 71 degrees here, a high record for that date come. "From such signs as have been in evidence since
for 58 years. The sea beaches nearby were crowded. At November 6th the outcome of the election has been widely
Atlantic City temperature was nearly 70 degrees, the board interpreted as assuring the continuance of our present era
walk was thronged and extra coaches were attached to of prosperity," says the bank in its business magazine
New York and Philadelphia trains. Boston had 64 degrees, "Trade Winds." It adds:
"Mr. Hoover's attitude towards business in the past has been one of coChicago 40, Cleveland and Cincinnati 41, Minneapolis and operation
rather than restriction. Ms Department has fostered consistPortland,
Me.
42
Omaha
36,
Seattle
54,
38,
City
Kansas
ently the idea that each industry, with the aid of governmental assistance
on
the
and research, should build up for Itself Its own code of ethics, its own
and Philadelphia 74. Flurries of snow occurred here
FINANCIAL CHRONICLE
Nov. 24 1928.]
Further Falling off in Detroit Employment.
The Detroit Employers Association reports employment
figures for week ended Nov. 20 as 276,952 a decrease of
2,785 from last week, but an increase of 82,241 over the
corresponding period of last year.
"Annalist's" Indexes of Business Activity for October
We quote as follows from the "Annalist," regarding its
index of busines activity.
The "Annalist" Index of Business Activity, preliminary, for October
Is 100.8, as against a heavily revised September figure of 98.7. (The
reason for the sharp revision of the September index is explained in the
footnote to Table I.) The principal factor in this increase was a sharp
gain in the adjusted index of cotton consumption, which rose from 94.2
for September to 106.0 for October. Other factors were fairly heavy
increases in the adjusted indices of pig iron production, freight car
loadings and bituminous coal production. Partly offsetting these increases, however, were a sharp decrease in the adjusted index of automobile production and a more moderate decline in the adjusted index of
zinc production. Table I summarizes for the last three months the movements of the combined index and the ten component series, each of which
has been adjusted for seasonal variation, long-time trend and variations
in cyclical amplitudes before being weighted according to its importance
and combined into the index of business activity.
TABLE I.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY.
Pig Iron production
Steel ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zino production
Combined Index
October.
September.
105.9
112.6
95.4
101.6
113.4
95.0
100.8
89.8
108.5
94.2
98.2
104.9
95.3
098.7
92.6
*95.4
106.0
91.9
*100.8
August,
102.7
106.4
93.4
103.0
86.4
104.3
95.2
101.0
116.1
99.0
98.8
* Subject to revision. a Revised. The computation of the revised index for
September resulted in an unusually sharp reversal of the movement ndicated by
the preliminary figure of 100.6 given in the "Annalist" of Oct. 19. Usually the
revised index turns out to be very close to the preliminary figure; tha for August,
for example, being 98.8, as against a preliminary indication of 98.7. The reason
for this close correspondence is that ordinarily the cyclical movements of all
adjusted series run parallel with one another. In September, however, an extraordinary divergence occurred. All but two of the seven series for which preliminary
data were available a month ago showed substantial increases. whereas the date
for the remaining three series, which became available later, showed sharp decreases
The magnitude of the September decline shown by the adjusted index of electric
power production is, indeed, difficult to understand, unless some error crept into
the figures as reported by the Department of the Interior, although there is, of
course, no basis for supposing that these figures were not reported correctly.
The following table shows the movement of the combined index by months
since the beginning of 1924:
•
TABLE II.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY.
1924.
1925.
1926.
1927.
104.0
January
105.0
February
102.8
March
99.3
April
92.4
May
86.9
June
86.8
July
89.8
August
95.7
September
97.7
October
97.4
November
101.5
December
•Subject to revision. a Revised.
102.4
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
96.5
92.9
ni n
1928.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES-(1913=100).
Nov. 20 1928. Nov. 13 1928. Nov. 23 1927.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
147.9
149.7
154.8
166.3
123.7
153.8
134.9
116.9
147.9
p?'11.-.2WC!q
W0.11.ZMM.0000
standards of practice, its own methods of co-operation, and its own regulations, in the spirit of good faith and fair play toward the public and toward
other businesses.
"Mr. Hoover's department has likewise approved of and fostered the
idea of trade associations, as a practical working method of self-regulation
within an Industry. In short, Mr. Hoover believes that the basic principle
of democracy should apply in business in this country lust as it applies in
government-and there is every reason to believe that during Mr. Hoover's
coming administration his attitude upon these points will be reflected in
the activities of the varlolle branches of the government, particularly in
the Department of Commerce.
"The expectation of continuing good business appears to be based upon a
sound foundation. The demand for steel and for automobiles continues
upon a high level. The threatened building decline has not materialized.
Returns from our large agricultural crops are coming in to the farmers,
and farm dollars are returning to industry through the retailers and the
sellers of agricultural implements.
"Prices ofsome basic commodities,such as copper and steel, are stiffening.
"Improvement is noted in industries such as coal and textiles which for
some time have been suffering from depression.
"Carloadings, as anticipated, are steadily exceeding last year's totals,
the figures for both September and October being in excess of those for the
same months last year."
2879
149.5
157.5
152.5
153.5
118.9
150.8
133.7
121.5
147.9
Loading of Railroad Revenue Freight Well Ahead of
1927 but Below 1926.
Loading of revenue freight for the week ended Nov. 10
totaled 1,053,295 cars, the Car Service Division of the
American Railway Association announced on Nov. 20.
This was an increase of 78,161 cars above the same week
in 1927, but a decrease of 53,594 cars under the corresponding week two years ago. Further details are as
follows:
Miscellaneous freight loading for the week totaled 394,328 cars, an
Increase of 21.363 cars above the corresponding week last year but 3,544
cars below the same week in 1926.
Coal loading totaled 193,434 cars, an increase of 21,874 cars above the
same week in 1927 but 48,508 cars below the same period two years ago.
Grain and grain products loading amounted to 49,356 cars, an increase
of 4.232 cars above the same week last year and 4,754 cars above the same
week in 1926. In the Western districts alons grain and grain products
loading totaled 32.123 cars, an increase of 2,340 cars over the same week
In 1927.
Livestock loading amounted to 31.280 cars, a decrease of 5,034 cars
under the same week last year and 6,880 cars below the same week in
1926. In the Western districts alone, livestock loading totaled 23,843
cars, a decrease of 4,522 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 261,768 cars,
an increase of 2,992 cars over the same week in 1927 but 4,281 cars below
the corresponding week two years ago.
Forest products loading amounted to 64,024 cars, 1,368 cars above the
same week last year by 3.433 cars under the same week in 1926.
Ore loading totaled 48,379 cars, 29,543 cars above the same week in
1927 and 10,529 cars above the corresponding week in 1926.
Coke loading amounted to 10,726 cars, 1,823 cars above the same week
In 1927 but 2,231 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year except the Southern which showed
a small decrease, but the Northwestern was the only district to report
an increase compared with the same period two years ago.
Loading of revenue freight in 1928 compared with the two previous
years follows:
1926.
1928.
1927.
3,686,696
3,756,660
3.447.723
Four weeks in January
3.677.332
3,801.918
Four weeks in February
3,589.694
4,805,700
4,752,031
4,982,547
Five weeks in March
3,862,703
3.875.589
3,738,295
Four weeks in April
4,108,472 4,145,820
4.006,058
Four weeks in May
5.154,981
4,995,854
4,923.304
Five weeks in June
4,148,118
3.913.761
3.942,931
Four weeks in July
4,388,118
4,249,846
4,230,809
Four weeks in August
5,703,161
5.488.107
5,586.284
Five weeks in September
4,700.796
4,464,872 4,787,527
Four weeks in October
1,131,832
1,039,075
1,103,342
Week of Nov. 3
1,106.889
1,053,295
975,134
Week of Nov. 10
Total
45,074,562 45,651.835
46.598.877
Industrial Activity Based on Consumption of ElectricityShows Gain of 10% in October as Compared with Same
Month Last Year.
Consumption of electrical energy by industry in October
was 10.1% greater than in the corresponding month last
year, according to reports received from more than 3,600
manufacturing plants by Electical World. All of the primary manufacturing groups, with the exception of textiles,
leather and its products, and lumber and its products,
showed a higher rate of operations, based on consumption
of electricity, than that of October, 1927. Contrasted with
September of the current year, however, general industrial
activity registered a drop in October of close to 2%. The
survey of the Electrical World goes on to say:
The peak of industrial activity in 1928, from present indications,
occurred in September, with October a close second and February,
usually the peak month of a year, in third position. The trend line
for the two final months of recent years has shown a slight downward
movement.
Despite the fact that the textile group is still operating on a plane
some 3.7% under last year, activity in this important industry has
increased steadily during the past three months, the gain in rate of
operations for this period amounting to 32%. The two final months
should find the rate of activity above the 1927 level.
The automobile industry, including the manufacture of repair and
replacement parts, recorded a drop in rate of operations of about 12.2%
"Annalist's" Weekly Indexes of Business Activity.
in October as compared with September, but activity in the industry was
fully 23.7% greater than in October last year.
presenting
its
weekly
index
of
In
commodity prices on
The rolling mills and steel plants of the nation continued on a
Nov. 23, the "Annalist" says:
high plane, the month of October registering a gain of 2.5% over
Price movements during the week have been highly irregular, but a September. The ferrous and non-ferrous metal working plants showed
sharp decline in cattle has swung the balance downward and the "Annalist" a gain compared with September of this year of 0.2%, based on conWeek*, Index of Wholesale Commodity Prices has declined to 147.9, as sumption of electrical energy.
With the exception of the Southern states, all sections of the country
against 148.9 a week ago. The index is now at the lowest level since
reported a higher rate of operations than a year ago. October manuApril 10, 1928.
Wheat, corn and potatoes declined slightly, but these decreases were facturing operations in New England were 4.7% greater than in the
partly offset by strength in other farm products, principally the minor similar month last year. Plants in the Middle Atlantic states were
grains, cotton, hogs and eggs. Food products were also lower on the operating at a rate 19.7% above last year. The North Central states
average, due to declines in dressed beef, pork ribs, yea, and butter. In- recorded a gain of 24.8%, and the Western states 18.2%. General
dustrial commodities showed little change, the only fluctuations of im- manufacturing activity in the South was 3.5% under last year.
portance having been in bituminous coal and in gasoline, which have
The rate of industrial activity in October, compared with September
declined.
this year and October, 1927, all figures adjusted to 26 working days
95.5
97.3
96.8
96.7
97.7
95.3
97.3
98.8
a98.7
*100.8
..
2880
FINANCIAL CHRONICLE
[vol.. 127.
For the first ten months of 1928, production shows a 15% gain over
the same period in 1927. All Provinces share this increase and show
substantial gains. Newfoundland leads with a 48% increase followed by
Oct.,
Alberta with a gain of 29%.
1927
For the twelve-month period just ended the records show an increase
119.9
of 13% over the preceding twelve months. Newfoundland leads for the
110.8
twelve-month period with a 38% increase; Alberta follows with a 28%
111.8
gain.
109.7
The records made in the cities vary widely. Hamilton leads the cities
111.0 both for the month and the year-to-date and shows substantial gains.
125.4
For the first ten menthe of the year most of the cities show increases.
139.2
114.2
111.0
in Building Permits in Michigan During
127.7 Increase
October.
115.6
115.8
in the 21 leading cities of Michigan for
Building
permits
120.8
117.2 October, 1928, showed a substantial increase over the month
and base, on consumption of electricity as reported to Electrical World
(monthly average 1923-25 equals 100) follows:
All industrial groups
Metal Industry group
Rolling mills and steel plants
Metal working plants
Leather and its products
Textiles
Lumber and its products
Automobiles and parts
Stone, clay and glass
Paper and pulp
Rubber and its products
Chemicals and allied products
Food and kindred products
Shipbuilding
Oct.,
1928
132.0
144.6
144.7
144.5
103.8
121.0
109.3
141.2
144.7
133.3
146.4
129.4
138.0
73.8
Sept.,
1928
134.5
143.0
141.2
144.2
106.9
112.5
111.3
161.0
152.0
132.0
151.2
132.0
142.0
72.3
of September, according to figures compiled by the Union
Trust Co. of Detroit. October figures for the Michigan cities
Gain of 16% in Life Insurance Sales in United States
and data for two comparative months are as follows:
During October as Compared with Same Month
Oct. 1928. Sept. 1928. Oct. 1927.
$10,040
Adrian
$11,165
$23,420
Last Year.
172,130
226,430
Ann Arbor
341,035
319,880
73,825
405,135
The regular monthly survey of ordinary life insurance was Battle Creek
77,406
47,610
Bay City
42,377
issued Nov. 20 by the Life Insurance Sales Research Bu- Benton Harbor
33,836
30,990
79,598
12.52.648 10,567,879 7,812,667
Detroit
reau. The October sales total $764,577,000, which is a 16% Flint
1,060,468 1,434,728 1,473,720
722,660
545.490
651,925
Grand Rapids
gain over 1927 sales. This gain is shared by 60% of the Hamtramck
120,300
192,575
36,420
221,922
37,890
437,550
contributing companies, and practically every section of the Highland Park
4,085
3,075
50,135
Ironwood
United States records an Increase. For the first ten months Jackson
343,910
132,178
473,707
176,629
151,746
151,695
Kalamazoo
of the year, sales are 4% above the 1927 record. The Bu- Lansing
279,350
560,675
267,355
4,250
4,740
12,728
reau's survey of the various sections of the country fol- Marquette
48,050
24,800
13,795
Mt. Clemens
123,615
77,621
71,562
Muskegan
lows:
1,139,790 1,097,700
865,875
Pontiac
New England.-The New England States show an increase of 21% in Royal Oak
73,795
85,515
169,072
643,311
573,116 1,437,533
October as compared to 1927 records. Massachusetts leads with an in- Saginaw
143,000
136,704
65.560
Wyandotte
crease of 29% while Connecticut shows a gain of 22%. The year-to-date
record shows a 4% increase which is shared by all States except Ver818.223,625 516.039,702 314,882,864
Totals
mont. For the twelve-month period just ended, the New England section
Increased 3% over sales in the preceding twelve months.
/Kiddie Atlantic-This section leads the country for monthly sales,
Industrial Situation in Illinois-Employment Again
recording an increase of 23% over October 1927. This increase is shared
Shows Upward Movement-Analysis by Cities.
by all the States.
For the first ten months of the year the records show a 4% gain for
With a further gain of 0.7% in the volume of Illinois
the section. New Jersey leads with a 13% increase. New Jersey also
industrial employment there are now 2.4% more names on
leads in the twelve-month period, just ended, with 2 9% gain.
East North Central.-Ohlo leads the States in this section with a monthly factory payrolls than was the case in October 1927. The
increase of 29%. The section as a whole records a 19% gain for October downward movement in factory employment also appears
and a 5% increase for the first ten months. For the twelve-month period
just ended, the gain for the section is 4%. Indiana leads with an to have stopped in Illinois and is now 2.2% greater than
it was last year, says Sidney W. Wilcox, Chief of the Bureau
8% gain.
West North Central.-This section records a 9% increase which is of Labor Statistics of the Illinois Department of Labor.
shared by every State with the exception of Kansas which records a slight
decrease. Iowa shows the greatest monthly gain in this section-a 18% In his review of the industrial situation, dated Nov. 19,
increase over 1927. For the year-to-date South Dakota and Nebraska Mr. Wilcox goes on to say:
As indicated by the reports of 1,500 Illinois employers, 2.1% leas money
lead with a 13% gain. For the twelve-month period just ended, the
has been paid in wages than was the case in October. In a number of
West North Central States record a 4% gain.
South Atlantic.-This section records a very slight decrease in sales industries, notably clothing and street railways, considerable numbers
for October, and is the only section of the country which failed to surpass have been placed on part time schedules with the result that payrolls
its 1927 record. Maryland leads with an 18% gain. For the year-to-date have declined in those industries without a corresponding drop in emand the twelve-month period just ended, sales in the South Atlantic section ployment.
Despite the upward movement of employment, the unemployment
equal the 1927 records. The District of Columbia leads both these
situation is somewhat less favorable than a month ago. In Chicago alone.
periods.
applications for work have been received. Eleven of the
East South Central.-This section as a whole records a 14% increase 786 additional
employment offices report that more people have applied for work
which is shared by every State except Alabama which experienced a slight 13 free
than was the case a month ago.
decrease. Tennessee leads with a 25% gain. For the first ten months
This situation is primarily due to two factors. The demand for agrithe section shows a 6% increase, which is also shared by every State ex- cultural help has been declining in most centres, so that transient labor
cept Alabama. The record for the twelve-month period just ended shows Is now drifting into large industrial centres where it hopes to be placed
a 5% gain for the section.
In manufacturing industries. The second factor is the clsoing down of
West South Central.-This section records an 8% increase for October. outdoor industries in industrial centres because of the approach of cold
Arkansas leads the States in the section with a 43% gain. The year-to- weather.
date sales show a 8% increase in which all States share. Every State in
Among the industries which have played an important part lathe October
the section also shared in the gain of 5% for the twelve-month period upswing are meat packing, coal mining and trade. Electrical products
just ended.
factories and agricultural implement estabilshements also supported the
Mountain.-The sales in this section for October show a 17% increase upward movement. Canners made heavy seasonal reductions.
over 1927. New Mexico shows a monthly gain of 53%, the greatest gain
An increase of 2.5% in the metal group indicates that approximately
recorded by any State. The sales for the first ten months of 1928 show 4,500 workers have been added to the forces of metal manufacturers.
a 4% increase. Nevada leads all States in the country with a 44% in- Increases of 30 to 40 men have been reported in a large number of cases,
crease for this period. For the twelve months just ended the section and in one instance a manufacturer reported an addition of several hundred
records a 2% gain. Nevada again leads all the States with a 40% names to his payroll. While metals ordinarily experience a pickup at
gain.
this time, the present increase is greater than usual.
Paoilie.-October sales in the Pacific section show a 6% increase. For
Manufacturers in the food industry reported a number of Interesting
the year-to-date these States record a 1% gain. The sales for the twelve- changes, among which is a 76% reduction in canning establishments and
month period just ended equal those of the preceding twelve months.
a 2.9% pickup in meat packing plants. Ice plants have reducrd their
forces by no less than 20.5%, and a 12% reduction is noted In ice cream
factories. The major downward movement in the food group is in line
Canadian Sales of Ordinary Life Insurance Reach New with previous October experiences but the October upswing in meat
packing plants is greater than that which is ordinarily experienced in the
High Point in October.
packing industry.
Furniture factories in Rockford and Chicago have continued to add to
During the month of October, $55,743,000 of new paidtheir forces. This pickup is of especial interest because the industry
for ordinary life insurance was purchased in Canada. This etperienced rather dull conditions during the first part of 1928. The
establishes a new record for any single month's produc- present oickup will be of special interest to Rockford because of the large
of furniture factories in that dty.
tion and represents an increase of $5,000,000 over produc- number
Employment in the building products group has declined except in
tion in May 1928-previously the highest month on rec- lime and cement factories. Brick tile and pottery establishments have
ord. The sales in October show a 16% increase over sales made a number of reductions, most of which are in conformity with the
policy of previous
Glass factories also report reductions, but in
in October 1927, and 80% of the contributing companies are this case it should years.
be noted that the decreased forces may not reflect a
figures
are
These
furnished
by
the
increase.
this
sharing in
change in the demand for building glass nearly as much as a reduced
Life Insurance Sales Research Bureau and represent the demand for glass products used by auto manufacturers which take a large
part of the product of the Illinois glass industry.
experience of companies having in force 84% of the total
Clothing factories have placed considerable numbers of workers on
insurance
outstanding
in
the
life
part time schedules and laid off a fairly large number. The payroll which
legal reserve ordinary
reflects
both reduced working time and decreased forces is 5% loss than
Dominion of Canada. The Bureau's announcement, under it was last
month. Both men's and women's clothing factories are being
date of Nov. 17, says:
operated with reduced forces.
range
monthly
gain.
These
increases
Shoe manufacturers have also reduced their forces during October as
Every province shares in the
have tanneries and manufacturers of miscellaneous leather product,.
from 2% in New Brunswick and Nova Scotia to 46% in Saskatchewan.
•
Nov. 241928.]
FINANCIAL CHRONICLE
There are now 13% fewer workers employed in this group than was the
case a year ago.
In the non-manufacturing industries, reductions have taken place in
Public utilities, services and road construction. Additions are reported
in trade, coal mining and building.
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
OCTOBER 1928.
Employment.
Industry.
Earnings(Payroll).
Total
"AyerPer Cent Index of Employment Earnings age"
Change (Average 1922=100). Per Cent it'eekill
from a
of Chge. Earnings
Month
from a
for
Ago.
Oct.
Sept.
Oct.
Month October
1928. 1928. 1927.
Ago.
1928.
All industries
+0.7 102.0 101.3
99.6
-2.1
All manufacturing industries_ _
95.9
+0.1
95.8
93.7
+1.2
Stone-Clay-Glass Products _ _ _ -1.2 120.2 121.7 120.9
-0.5
Miscellaneous stone prod'ts_ -2.6 101.4 104.1 101.1
+2.8
Lime-cement-plaster
+0.0 106.2 106.2 108.3
-6.0
-1.6 102.6 104.3 106.9
Brick-tile-pottery
-2.8
-1.4 146.9 149.0 146.3
Glass
+9.1
Metala-Machinery-Converces +2.5 109.7 107.0
99.6
-1-3.0
Iron and steel
+0.2 123.8 123.6 114.3
+0.6
Sheet metal work-hardware_ -0.6 100.4 101.0
94.3
+5.1
Tools and cutlery
+3.1
81.6
79.1
70.0
+3.3
Cooking-heating apparatus_ -0.8 109.1 110.0 109.5
+0.2
Brass-copper-zinc-oth. met.. +2.2 148.8 145.6 138.5
-3.8
-8.0
Cars and locomotives •
38.9
42.3
37.9 -11.0
+13.2 137.9 121.8 104.7 +16.1
Autos-accessories
+2.6 139.8 136.3 129.3
Machinery
+6.0
Electrical apparatus
+6.0 113.6 107.2 101.5 +11.9
+3.1 145.4 141.0 123.0
Agricultural implements_ _
+3.7
Instruments and appliances +9.9
57.5
52.3
59.3
+8.8
+2.5 109.9 107.2 110.1
Watches and jewelry
-2.4
All others
+4.5+22.7
+1.2
Wood products
i
+3.1
-2.8
Saw-planing mills
94.3
97.0 105.3
-1.1
+1.7 100.2
Furniture-Cabinet work _ _
98.5 111.1
+1.5
Pianos-musical instruments +4.6
59.3
56.7
82.5 +17.8
+1.7
Miscell. wood products49.9
49.1
61.3
+4.8
-7.7 103.9 112.6 116.9 -11.8
Furs and Leather Goods
-15.0
Leather
91.5 107.6 103.4 -15.4
+1.4
Furs and fur goods
83.0
81.9
86.5 +11.3
-5.1 109.2 115.1 119.5 -12.0
Boots and shoes
Miscellaneous leather goods -19.5
49.5
61.5
75.3
-1.5
Chemicals-011s-Paints
+0.3 124.9 124.5 116.6
+3.2
Drugs-chemicals
-0.6
93.8
94.4 107.0 -10.0
Paints-dyes-colors
-0.7 132.9 133.8 129.9
+7.1
Mineral-vegetable oil
+2.1 123.7 121.2 106.0
+2.6
Miscellaneous chemicals__ _ -0.8 156.0 157.3 134.8
+8.3
Printing-Paper Goods
+0.3 116.5 116.2 118.2
+3.3
Paper boxes-bags-tubes _
+3.2 149.0 144.4 149.0
+6.6
Miscellaneous paper goods_
+1.7 126.0 123.9 128.5
+5.0
Job printing
-3.6 107.5 111.5 111.3
+1.6
Newspapers-periodicals_ _ _
+4.1 135.9 130.5 133.7
+6.2
Edition bookbinding
+2.5
+3.1
Lithographing do engraving-3.6
Textiles
-4.1
+1.5-----101.
105.6
+3.1
Cotton and woolen goods_
+22.2 140.7 115.1 153.2 +12.0
Knit goods-hosiery
-16.1
82.9
98.8
93.8
-1.5
Thread-twine
-2.7
74.3
76.4
74.2 +11.0
All other
+1.1 110.5 109.3 106.6
-1.5
Clothing and Millinery
-0.8
61.9
62.4
65.5
-5.0
Men's clothing
-2.7
50.5
51.9
55.4
-8.6
Men's shirts-furnishings_ _ _
+4.7
98.5
94.1 105.4
+9.0
Overalls-work clothing
73.3
+2.2
71.7
78.9
+5.4
Men's hats and caps
+1.5
53.9
53.1
52.0
-1.5
Women's clothing
-4.5 105.9 110.9 110.3
+0.9
Women's underwear
+12.8 119.3 105.8
91.4 +17.0
Women's hats
-10.8
50.8
57.0
76.7 -19.3
Food-Beverages-Tobacco _
-4.2
90.7
94.6
98.1
-1.5
Flour-feed-other cereals... _
+2.8 103.4 100.6 109.9
+4.8
Fruit-vegetable canning _ _ _ _ -76.0
10.1
42.0
35.1 -72.7
Miscellaneous groceries_ _ _
92.5
+5.8
87.4 105.0 +27.0
Slaughtering-meat packing _
+2.9
88.3
85.8
88.9
-0.2
Dairy products
-1.7 103.7 105.5
99.3
-2.3
Bread-other bakery prodls. +0.6
80.8
81.3
95.5
-2.9
Confectionery
+10.7
86.5
78.1
80.4 +18.2
Beverages
+6.8
65.1
61.0
65.8
+3.7
Cigars-other tobacco prod._ +0.6
91.6
91.1
92.4
+4.7
Manufactured ice
-20.5
77.7
97.7
85.4 -22.0
Ice cream
-8.1
Trade-Wholesale-Retail
-12.2+3.5
61.5
+4.8
Department stores
+2.0 125.2 122.7 124.6
+1.6
Wholesale dry goods
62.1
63.8
64.6
+4.0
Wholesale groceries
+0.0
92.5
92.5
95.2 +11.9
Mall order houses
+4.9
89.8
85.6 105.5
+5.7
Metal jobbers
+0.1
1
Services
------------+0.6
Hotels and restaurants
-2.1
Laundries
-2.4
Public Utilities
139.4 141.2 137.4 -12.7
Water-light-power
-1.6 148.9 151%3 134.2
+0.7
Telephone
-1.1
136.6 138.1 131.2
-1.6
Street railways
-1.4 108.9 110.4 111.9
-5.4
Railway car repair shops__. -1.3
52.6
53.3
57.8
-1.4
Coal Mining
60.8
+27.2
51.5 +14.6
47.8
Building and Contracting- _ _
+1.3 140.4 138.6 134.7
+0.8
Building and construction_ _
91.7
97.5
+6.3
91.6
+6.1
Road construction
-18.8 774.6 954.0 582.0 -18.7
Miscellaneous contracting_ -18.0 210.2 256.3 279.3 -18.7
$29.21
28.57
28.25
31.01
24.78
31.93
26.19
26.13
30.97
26.80
33.57
31.74
28.60
30.54
29.24
31.43
30.12
29.50
29.54
25.41
27.31
28.62
32.71
28.44
30.50
22.87
18.84
26.93
43.71
17.53
16.56
28.44
29.21
29.00
30.01
26.12
34.36
25.91
29.09
34.49
46.33
34.96
40.07
20.16
28.58
15.70
20.48
20.77
24.18
27.93
18.61
15.86
32.74
23.40
12.38
23.61
26.99
26.81
20.98
30.18
26.52
33.40
28.78
21.66
24.47
24.10
42.42
49.48
24.31
24.48
22.46
28.60
23.06
31.51
13:N
20.17
31.67
36.56
27.26
35.27
28.08
26.55
43.74
43.34
39.55
50.71
Mr. Wilcox also furnished, under date of Nov. 19, the
following analysis of the industrial situation by cities:
Employment conditions have improved in ten of the 15 leading
Illinois
industrial ecntres during October. Furniture factories in Rockford,
and
farm implement establishments in Moline-Rock Island have been
leaders
in the Illinois upswing which has also been supported by metal
products
factories and builders who have been rushing to complete projects
before
cold weather. Corn husking is well along in the majority of
agricultural
centres, excepting Quincy, where it has just begun. Both
Danville and
Springfield report that improvement in the coal mining industry
has
resulted in improved business conditions and increased employment.
Aurora.-Industry has been very active in Aurora during the past
30
days. One factory which laid off 200 employees in September reports
that it has now continued operations with a force of 236 people. Another
factory is scheduled to open shortly. Among the leading industries
the
most active conditions appear to be in textiles and metals, both of
which
show significant additions when compared with last month. Builders
are reported to be active, although building expenditure, as indicated by
permits, is less than it was a year ago. The free employment office
ratio
shows a considerable improvement when compared with last October,
although the ratio indicates that conditions have not changed appreciably
during the last month.
Bloomington.-As indicated in the September review, the demand for
farm help has increased in Bloomington during the past month. Corn
huskers have found an especially active demand for their services, although
there are reports that husking is about complete in this community.
Owing to a seasonal decline in the canning industry, total factory employment has fallen off. Other leading industries have added to their forces.
2881
According to the free employment office, employment conditions are
better than they were in September or last October, this month's ratio
of 105 Comparing with 109 for last month and 128 for a year ago.
Cicero.-A recent study shows that Cicero has added ten industries
since October 1927. This fact probably explains the increased number of
available jobs at the free employment office which has placed 100 more
workers than in October 1927 and 66 more than last month. The increase
over a month ago is seasonal in character and reflects the 1.9% gain in
factory employment. Builders are reported to be active in this community,
and building permits indicate that they will continue to be busy for some
time.
Chicago.-An upswing of 1.2% has characterized the course of factory
employment in Chicago, where improved conditions are reported in many
leading lines of industry. Foundries have added considerable numbers
to their working forces, and meat packing plants report that increased
business has necessitated additional workers. Printers and clothing
manufacturers have reduced the number of names on their payrolls. The
return of large numbers or workers to factory centres for the winter months
Is already taking place and in Chicago 785 more applications for work
have been received than was the case in September.
Danville.-Employment and general business conditions continue to
improve in Danville. While no notable additions have been reported,
the present month's upswing has been supported in all leading lines, the
leaders of which are bricks and metals. Because of an unusually heavy
demand for farm help the free employment office has found it impossible
to meet the demand. Building has been more active than either last
year or a month ago.
Decatur.-Industrial conditions have varied considerably in this locality
during the past month. A number of foundries have been compelled to
increase their schedules becasue of increased orders, while heavy reductions
are reported in a number of other lines. Total employment in 22 factories
declined 3.6%. The course of buildings as indicated by permits has
been downward as compared with either last month or October 1927.
The extent of unemployment as reflected in the free employment office
ratio is on the same level as last month, although the competition for
jobs is less than it was a year ago when 143 workers applied for every
100 jobs.
East St. Louis.-Reductions have been the general rule in reporting
East St. Louis establishments, most of whom are engaged in meat packing
or in the manufacture of metal products. A single representative of
chemicals has also reported reduced working forces. The experience
of the free employment office also indicates that there are fewer jobs,
the ratio of applicants per 100 positions increasing from 105 in September
to 120 in October. Large building projects which have been scheduled
to begin operations have been held back somewhat because of labor differences. According to the free employment office an agreement is expected shortly after Nov. 1.
Joliet.-Last month's downward movement has been checked by an
0.8% increase, most of which is due to increased working forces in metal
products factories. Unemployment has increased, however, and the
competition for jobs has been greater than it was in September. The
free employment office reports that 279 more applications have been recalved, most of which came from outside workers who have been dismissed
by outdoor industries. Some demand for huskers is reported, but according to reports there are sufficient hands to meet current needs of agriculture.
Moline-Rock Island.-Two definite movements are apparent in the
reports of Rock Island-Moline manufacturers. Agricultural implement
factories have added large numbers to their forces, while reductions are
noted on the part of establishments manufacturing automobile equipment.
The free employment office reports that jobs have not been easy to obtain.
awl the demand for common labor in outdoor industries has been very quiet.
Peoria.-The estimated cost of buildings to be constructed, as indicated
by permits, is greater in Peoria than in any down-State centre. Other
indicators of business and employment conditions also reflect improvement.
manufacturers reporting a 5.6% gain and the free employment office
reporting a decline in its ratio of applicants per 100 Jobs Metal establishments have been especially active, although the present upswing has
been supported by all lines of activity. Road builders, according to current
information, are rushing their jobs to completion and have added greatly
to their forces during the past 30 days.
Quincy.-Industrial conditions have remained practically unchanged
in Quincy during October. All indications are, however,that both business
and employment is much improved when compared with last year. Among
the changes which have occurred the most significant are an increase in
building and the beginning of corn husking which is somewhat later in
this community than in other sections. The volume of employment
in factories shows a falling off of 2%, although no general movement
is discernible in the reports of 15 Quincy manufacturers.
Rockford.-A decided improvement is noted in the reports of 53 manufacturers who have added 3.7% more names to their payrolls. Furniture
factories have continued to increase both schedules and their forces, and
in metal factories many large gains have been reported. The extent of
unemployment,as reflected by the free employment office ratio is comparable
with a month ago, although conditions are much improved when a comparison is made with October 1927. There is a shortage of all kinds of
skilled metal workers at the present time.
Sprineffeki.-Employment conditions in Springfield have continued to
improve. In October 1927 161 applications were received for every 100
jobs: this year only 108 people applied for every 100 Jobs offered to the
office. Factory employment has increased during the past month, especially in metal products factories. Builders also report improved
conditions with prospects offurther gain in November,if weather conditions
permit.
Sterling-Rock Falls.-A 3.9% reduction of employment has taken place
In 17 Sterling-Rock Falls factories. The downward movement is due
primarily to reductions in the canning industry which laid off a sufficiently
large number to counterbalance an increase in the agricultural Implement
line.
National Bank of Commerce in New York Expects
Business In Fourth Quarter of Year to Measure Up
to Preceding Nine Months.
Under the head "The Business Outlook in Mid-November,'
the National Bank of Commerce in New York has the following to say under date of Nov. 22:
A gradually rising volume of business this year has culminated in a surprisingly high levet of activity. New records for the month and in some cases
for all months were reported in October in many different directions,such as
export trade,steel production,rubber consumption,copper deliveries, cotton
goods sales and building contracts awarded. A fourth quarter is now
assured
that will measure up in seasonal ratio to the standard of the first nine months.
2882
[VOL. 127,
FINANCIAL CHRONICLE
In point of volume of production the year 1928 promises to be the best that
the country has ever known.
Nor has the high rate of activity as yet reacted unfavorably on the longer
term outlook for business. Expansion of production has been premised
of
generally on the urgency of consumer requirements and a free movement
the
commodities into consumption. Speculation is notably absent from
the
commodity markets perhaps because of the very breadth and force of
movement on the Stock Exchange. Exception may be made in the case of
shipments
for
copper where the insistence of customers in contracting
recently assumed some of the aspects of a speculative boom.
trade
Stocks of raw material and manufactured goods in the channels of
the tenhave been increasing gradually in recent years in accordance with
was
peak
A
dency of retailers to pass back the burden of carrying them.
relation
reached last year when inventories proved somewhat burdensome in
to the lower rate of business activity. In this respect the situation Is better
today as the trend of stocks has since been moderately downward.
Bank of Montreal Reports Slight Seasonal Decline in
Canada Balanced by Gains in Some Industries—
Largest Navigation Season in Dominion's History
Ending.
Although some seasonal.decline in industrial activity in
Canada is apparent, the general level of production, distribution and consumption is high, according to the Bank of
Montreal. Building constrution continues active with no
prospects of a decline; there is a larger mining of coal and ores;
considerable construction of railway branch lines; and railways are placing substantial orders for equipment. Iron
its
and steel production is at a high level. The bank in
business summary Nov. 22 also says:
to show the largest
The season of navigation now ending is expected
the Dominion. Transmovement of freight and passengers in the history of
of prosperity. In little
portation companies are showing a marked degree
out of the Port of Monmore than 7 months there will have passed in and
13,000.000 bushels in excess
treal over 400.000.000 bushels of grain, about
largest grain handling port
of 1927. traffic which stamps Montreal as the
increasing patronage
in the world. Passenger steamships have also enjoyed
owing to the popularity of the St. Lawrence route.
expanded to a value of
In the past month, foreign trade of Canada
the same period last year.
$254,968,000. as compared with $.199,757.000 in
aggregate foreign commerce
Taking the 7 months period since Mar. 31, the
.000, an increase of
of Canada has reached the high total of $1,524.266
trade is more favorable,
$200,068.000, or nearly 14%. The balance of
0.
exports having exceeded imports in this period by $36.351,00
to cost approximately $7,800,000 and about 3,500 permits
for other buildings valued at almost $11,700,000. During
September, authority was granted for the erection of about
1,200 dwellings and 3,000 other buildings estimated to cost
approximately $6,700,000 and $13,500,000, respectively.
Nova Scotia, Quebec, Ontario, Manitoba and Saskatchewan
registered increases in the value of authorized building as
compared with September 1928, that of $2,279,554, or 27.0%,
in Ontario being most noteworthy.
In the more significant comparison with October 1927,
there were gains in Nova Scotia, New Brunswick, Quebec,
Ontario, Manitoba and Saskatchewan. In this comparison,
Saskatchewan recorded the greatest gain, of $1,414,750, or
324.2%. Toronto and Winnipeg showed improvement over
both September 1928 and October 1927; in Montreal, there
was a reduction in comparison with the preceding month, but
an increase over the same month in 1927, while in Vancouver
the total was lower than in either comparison. Of the other
centres, Halifax,Sydney,Moncton,Quebec, Guelph, Niagara
Falls, St. Catharines, St. Thomas, Sarnia, Sault Ste. Marie,
York Townships, Windsor, Ford, Sandwich, Woodstock,
Brandon, St. Boniface, Regina and Edmonton registered
increases as compared with Sept. 1928, and October 1927.
The following table gives the value of the building authorized by 63 cities during October and in the first ten months
of each year since 1920, as well as index numbers for the
latter, based upon the total for 1920 as 100. The average
index numbers of wholesale prices of building materials in
the first ten months of the years since 1920 are also given
(1913 equals 100).
Year.
Value of
Permits
Issued in
October.
Value of
Permits
Issued in
1st 10 Mos.
Indexes of
Value of PerIssued, 151
10 Months.
(1921:=100).
Aver. Indexes of
Wholesale Prices
of Building Materials in 151
10 Months.
(1913=100)•
149.2
176.2
321,508.672 $187,897,420
1928
147.6
150.2
18.848.019 180,000,554
1927
149.5
128.8
134,902,338
14.738,402
1928
153.9
102.9
11,312,644 109,878,825
1925
180.6
103.2
13,089,588 109,908,921
1924
166.8
111.0
118.319,159
9,999,187
1923
162.0
119.7
10,737.525 127.515.975
1922
187.0
93.7
99,084,870
10.491.228
1921
215.5
100.0
10.401.041 106.547.319
1920
•Revised.
in
The aggregate for the first 10 months of this year was 17.3% greater than of
1927, the previous high level of the record, while the average index numbers
other
wholesale prices of building materials continued to be lower than in any
year since 1920, except 1927.
—
Canadian Merchandising Reaches Five Billions
Average
Sales
le
Wholesa
and
Retail
Record Annual
20% over 1927 Volume, According to S. H. Logan
of Canadian Bank of Commerce.
year,
A merchandising volume of 5 billion dollars for the
H.
S.
by
made
estimate
the
is
Canada,
for
a new high record
ComLogan, General Manager of the Canadian Bank of
Seasonal Lumber Decline.
Retail
merce, in a special report on Canadian business.
turne
ns of the customary seasonal decline in
wholesal
indicatio
the
Definite
and
sales are put at 3% billion dollars
lumber appeared during the week
to
50%
5
from
for
softwood
ranging
demand
the
increase
an
billions,
2
1Y
over at
in which the demand held up
season
a
says:
after
17,
Logan
Nov.
Mr.
ended
20%.
about
over 1927 and averaging
by
issued
recently
slight, but it is considered to
was
figures
the
orders
in
decline
upon
well. The
"The Bank's calculations are based
of a census of nearly 67,000
from 848 softwood and
Reports
period.
the
of
typical
be
the Dominion Bureau of Statistics as a result
in
1924, the first of its kind
wholesale and retail establishments taken in
Manufacturers
Lumber
National
the
to
mills
d
natural
hardwoo
the
firms and for
Canada, with allowance made for non-reporting
Canada and the United Association for the current period gave production as 374,Increase in trade that has taken place in both
second census is taken, the 692,000 feet; shipments 342,790,000 feet, and new business,
States during the past three years. Until a
accurately measured, but the
growth of Canadian domestic trade cannot be
increase in the demand for hardwood
for future comparative 327,245,000 feet. An
information already obtained will be of great use
. With one less mill reporting hardwood
reported
was
lumber
analyses.
for some years past orders for the week showed a gain of approximately 10%
"The rseult of similar investigations conducted
States can meanwhile be over the previous week.
by the Federal Reserve Board in the United
distributive trade on this
The West Coast Lumbermen's Association reported for
accepted as indicating the changing character of
of wholesale trade has 233 identical mills production as 183,020,000 feet, as comcontinent. In the United States the money value
partly to the increasing
actually declined about 5% since 1925, owing
with an average weekly operating capacity for three
retailer or ultimate con- pared
business done directly between manufacturer and
242,004,000 and an average weekly production this
of
years
than
stock
more
carry
sumer and partly to the reluctance of retailers to
194,188,000. The Southern Pine Association for
of
year
the
On
customers.
their
of
s
called for by the immediate requirement
than
reported production as 68,692,072 feet, which was
higher
mills
149
10%
nearly
are
stores
other hand, the sales of department
stores are nearly 13,788,741 feet under the three year average. The National
chain
and
houses
order
mail
of
those
while
in 1924,
increase during the Lumber Manufacturers Association adds:
higher, 10% of this being accounted for by the
45%
last twelve months.
autumn has stimu"The marked expansion of building this summer and
and varnishes, the iron
lated many trades, among them hardware, paints
furniture, and although a seaand steel and other metal trades, lumber and
, the indications for spring
sonal decline in some lines is now anticipated
furniture sales, however, conand
metal
Hardware,
favorable.
are
trade
and forward orders about
tinue to be well maintained, with both current
20% ahead of a year ago."
Increased Building Activity in Canada.
by 63 cities
The estimated value of the building authorized
of
increase
an
was
this
672;
$21,508,
was
(luring October
total
r
Septembe
the
with
d
$206,387 or nearly 1% as compare
14.1%,over the aggreof $21,302,285,* and of $2,660,653, or
The value in the
1927.
October
for
gate of $18,848,019
of any other
month under review was greater than in October
, while
available
are
centres
these
of
statistics
year for which
months of 1928 exthe cumulative total for the elapsed 10
same months in
ceeds by nearly $28,000,000 that for the
which was comrecord,
this
of
level
high
1927, the previous
menced in 1920.
showing that
Some 50 cities furnished detailed statistics,
d
they had issued over 1,300 permits for dwellings estimate
Unfilled Orders.
The unfilled orders of 339 Southern Pine and West Coast mills at the
end of last week amounted to 868,369,064 feet, as against 884,220,787 feet
for 341 mills the previous week. The 149 identical Southern Pine mills
In the group showed unfilled orders of 244,764,346 feet last week, as against
253,135,765 feet for the week before. For the 190 West Coast mills the
unfilled orders were 623,604.718 feet, as against 631,085,022 feet for 192
mills a week earlier.
Altogether the 537 reporting softwood mills had shipments su%. and
orders 83%, of actual production. For the Southern Pine mills these
percentages were respectively 109 and 97; and for the West Coast mills,
77 and 74.
Of the reporting mills, toe 490 with an established normal production
for the week of 374,480,000 feet, gave actual production 85%, shipments
75%, and orders 70% thereof.
the
The following table compares the lumber movement, as reflected by
associations,
reporting mills of eight softwood and two hardwood regional
for the two weeks indicated:
Past Week.
Preceding Week 1928.
(Revised).
Softwood. Hardwood. Softwood. Hardwood.
381
543
380
537
Mills (or units) *
321,171,000 53,521.000 338.465,000 53.616,000
Production
285.718.000 57,072,000 305.633,000 59,159,000
Shipments
269.166.009 '11.079,000 294.063,000 58,722.000
Orders (Newbus.)
• A unit Is 35,000 feet of daily production capacity•
2,883
FINANCIAL CHRONICLE
Nov. 24 1928.j
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 190 mills reporting for the week ended Nov. 17.
totaled 125,148,000 feet, of which 34,404,418 feet was for domestic cargo
delivery, and 31.887,167 feet export. New business by rail amounted to
49,541,849 feet. Shipments totaled 130,150,510 feet, of which 38,893,158
feet moved coastwise and intercoastal, and 29,434,500 feet export. Rail
shipments totaled 52,508.218 feet and local deliveries 9,314,625 feet.
Unshipped orders totaled 623,6C4,718 feet, of which domestic cargo orders
totaled 192,997,318 feet, foreign 289,883,880 feet, and rail trade 140,723,519 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for
149 mills reporting, shipments were 9.41% above production, and orders
were 2.78% below production and 11.14% below shipments. New business
taken during the week amounted to 66,782,523 feet (previous week 61,312,179); shipments 75.153,942 (previous week 69,767,609); and production
68.692,072 feet, (previous week 69.255,902). The normal production
(three-year average) of these mills is 82.480,813 feet.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 31 mills as 29.814,C00 feet, as compared with a normal
Production for the week of 26,705,000. Thirty-five mills the previous week
reported production as 34,091,000 feet. Shipments were slightly less last
week, and new business sightly larger.
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 19 mills as 24,548,000 feet (65% of the
total cut of the California pine region) as compared with a normal figure
for the week of 25,952,000. Twenty-one mills the week earlier reported
production as 26,459.000 feet. Shipments showed a nominal decrease last
week, with new business considerably below that reported for the week
before.
The California Redwood Association of San Francisco,reports production
from 14 mills as 7,351,000 feet, compared with a normal figure of 8,288,000,
and for the week before 7.573,000. Shipments were slightly larger last week,
and new business slightly less.
The North Carolina Pine Association of Norfolk. Va., reports production
from 78 mills as 12.245,000 feet. against a normal production for the week
of 16,230,000. Eighty mills the preceding week reported production as
11.881,000 feet. Shipments and new business were about the same as that
reported for the week 'larder.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from nine mills as 6,286,000 feet, as compared with a
normal figure for the week of 6,492.00t,, and for the previous week 7,812.000.
Shipments were less last week, and a good gain in new business.
The Northern Hemlock and Hardwood. Manufacturers Association of
Oshkosh, Wis. (In Its softwood production) reports production from 47
mills as 4,061.000 feet. as compared with a normal production for the week
of 20.214,000. Forty-six mills the week earlier reported production as
4,578.000 feet. There was some falling off in shipments last wcek, but new
business continued about the same.
WEEKLY COMPARISON FOR 192 IDENTICAL MILLS-1928
(All mills whose reports of production, orders and shipments are complete for the
last 4 weeks.)
Oct. 20.
Oct. 27.
Nov. 10.
Nov. 3.
Week Ended—
174,367,063 182,688,251 188,638,793 189,465,752
Production (feet)
154,814,392 173,994.155 169,354,515 155,547,365
Orders (feet)
52,627.221
64,089.855 60,994,687 64,424,159
Rail (feet)
45.116,955 46,533,496
Domestic cargo (feet)
47,455,742
48.299,856
51,868,303 33,450.659
36,666,428
46,987,951
Export (feet)
11,139,051
11,375,567
18,065,001
14,616,493
Local (feet)
150,408,720 173,782,480 166.115.235 160,780.313
Shipments (feet)
69,457,540
69,004,616
58,162,613 64,106,841
Rail (feet)
48.102,762
51,687,940 60,642.419 53,056,080
Domestic cargo (feet)
32.678,972 32,080,980
22,493.166
34,416.727
Export (feet)
11,139,051
18,065,001
14,616,493
11,375,567
Local (feet)
631,085,022 831,238,465 636,773,924 641,429,753
Unfilled orders (feet)
142,920,252 149,555.026 150,016,974 163,890,548
Rail (feet)
196,295.317 201,057,589 211,624,309 222,457,711
Domestic cargo (feet)
291,867.453 280.625.850 275,132,641 255,081.494
Export (feet)
100 IDENTICAL MILLS.
All mills whose reports of production, orders and shipments are complete for 1927
and 1928 to date.)
Average 45
Arerage 45
Week
Weeks Ended Weeks Ended
Ended
Nov. 10'28. Nov. 1028. Nov. 12 '27.
102.370,923 y102,797,913 98,894,535
Production (feet)
82,449,679 108,976,948 101,846,487
Orders (feet)
98,387,107
90,218,568 y107,249,334
Shipments (feet)
x Weekly operating capacity is based on average hcurly production reported for
the years 1925, 1926. 1927 and four months of 1928 and the normal number of
operating hours per week.
y Includes adjustments result mill audit to Sept. 30.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 69 units as 7,595,C00 feet, as
compared with a normal figure for the week of 14,569,000. Sixty-seven
units the preceding week reported production as 6,404,000 feet. Shipments
were about the same last week, with new business slightly larger.
The Hardwood Manufacturers Institute of Memphis, Tenn.. reports
production from 311 units as 45,926,000 feet, as against a normal production
for the week of 55.879,000. Three hundred and fourteen units the week
before reported production as 47.212,000 feet. Shipments were slightly less
last week, and new business slightly larger.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations follow:
LUMBER MOVEMENT FOR 46 WEEKS,FOR WEEK ENDING,NOV.17 1928.
Normal
Production.
Orders.
For Week.
Production. Shipments.
Association—
3,461,173
3,470,287
Scuthern Pine, total 46 weeks_ _ _ 3,182,866
66.783
82,481
75,154
68.692
Week ended Nov. 17(149 mills)
8,291,353
6.200,136
W.Coast Lbrmens,total 46 weeks 6,059,937
125.148
130,151
208,332
168,174
Week ended Nov. 17(190 mills)
1,456,800
1.443.225
Western Pine mfrs., total 46 wks. 1,323.096
27,233
27.597
26,705
29,814
Week ended Nov. 17(31 mills) _
1,215,247
1,255.033
Calif.White&Sug.Pine,tot.46 wks 1,233.791
19.190
25,952
23,078
24,548
Week endeu Nov. 17(19 m Ills) _
355.870
348.150
362,450
Calif. Redwood. total 46 weeks_ _
7,392
6,206
8,288
7,351
..
mills)
Week endeu Nov. 17(14
412.081
394.505
394,482
No. Carolina Pine, total 46 weeks
9,822
11,312
16,230
12.245
Week ended Nov. 17(78 mills) _
412,940
393.735
428,492
No. Pine Mfrs.. total 46 weeks_ _ _
6.492
8,068
7,397
6,286
Week ended Nov. 17(9 mills)-Hardwood—
dr
Hemlock
No.
207,279
190,875
233,140
(Softwoods), total 46 weeks._
4.152
3.201
20,214
4,061
Week ended Nov. 17(47 mills) _
13.218,254 13,749,131 13,759,558
Softwoods,total 46 weeks
285,718
266,166
321,171
394,694
Week ended Nov. 17(537 mills)
No. Hemlock dr Hardwood—
360,672
369.862
393,531
(Hardwoods), total 46 weeks_ _
9.528
10,128
7,505
14.569
Week ended Nov. 17 (69 units)
2,088,211
1,929.641
2,145,828
total
Inst.,
Mfrs.
Hardwood
47.544
50,951
45,926
55.879
Week ended Nov. 17(311 units)
2,323,172 2,458,073 2.506,500
Hardwood,total 48 weeks
57.072
61,079
53,521
70.448
Week ended Nov. 17(380 units)
DOMESTIC CARGO DISTRIBUTION WEEK END. NOV. 10 1928 (107 Mills).
Orders on
Hand BeWashington ce Oregon— gin'g Week
Nov. 10'28
(92 lifills)—
California
Atlantic Coast
Miscellaneous
Orders
Received.
Cancellotions.
Shipmeat.
Unfilled
Orders
Week Ended
Nov. 10'28.
72,434,717 22,357,895 2,376,612 17,919,198 74,496,804
91,351,015 17.033,543 870,002 26,195.228 81,319,328
2,137.747 3,399,983
5,537,730
Total Wash.& Oregon_ 169,323,462 39,391,438 3,246,614 48,252,171 159,216,115
Brit.Columbia(15 mills)
986,430
1,062,703
502,000
1,547,133
California
2,787,251 12,357,801
12,101,816 3,043,236
Atlantic Coast
257,211
71,677
185,534
Miscellaneous
13,834,483 3,616,913
Total Brit. Columbia
•Tney41 dnmantir caren ___ 183.15704543.008.351
3,849,954 13,601,442
324.664 50.102.125 172.817.557
Lumber Production and Shipments During September.
The "National Lumber Bulletin," published by the
National Lumber Manufacturers Association, Inc., Washington, D. C., on Nov. 7 issued the following statistics on
the production and shipments of lumber during the month
of September:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS
ASSOCIATION FOR SEPTEMBER 1928 AND SEPTEMBER 1927.
Production.
Associations.
Shipments.
Mills.
Hardtc'ds.
Feet.
September 1928—
16
California Redwood
California White & Sugar
20
Pine Manufacturers_ _
53
North Carolina Pine
Northern Hemlock &
39 16,624,000
Hardwood Mfrs
9
Northern Pine Mfrs
7 1,060,000
Southern Cypress Mfrs_
120
Southern Pine
West Coast Lumbermen's 160
18
Western Pine Mfrs
7 4,915,000
Lower Michigan Mire....
17 4,306,000
Individual reports
Softwoods.
Feet.
30,553,000
Hardteds.
Feet.
Softwoods.
Feet.
29,465,000
134,415,000
34,992,000
114,561,000
39,722,000
15,315,000 25,086,000
49,132,000
6,984,000 2,083,000
276,736,000
552,679,000
71,290,000
521,000 6,467,000
38,145,000 6,885.000
19.951,000
39,614,000
7,591,000
302,883,000
587,740,000
77,337,000
1,595,000
24,038,000
486 26,905,000 1,210,782,000 40,521,000 1,244,497,000
Total
September 1927—
34,377,000
35,145,000
16
California Redwood
California White & Sugar
111,763,000
139,407,000
Pine Manufacturers.. 20
27.550,000
27,521,000
48
North Carolina Pine
Northern Hemlock &
19,187,000
14,277,000 28,475,000
38 18,536,000
Hardwood Mfrs
42,422,000
53,234,000
10
Northern Pine Mfrs
7.377,000
5,195,000 2,448,000
8 2,030,000
Southern Cypress Mfrs
326,873,000
313,555,000
125
Southern Pine
394,874,000
434,550,000
West Coast Lumbermen's 108
124,034,000
118,495,000
35
Western Pine Mfrs
2,655,000
2,617,000 6,830,000
10 4,257,000
Lower Michigan Mfrs__
36,137,000
37,878,000 10,877,000
26 11,928,000
Individual reports
444 36.751.000 1.181,874,000 46,630,000 1,127,249,000
Total Production, September 1928, 1,237,667,000 feet: September 1927, 1,218,625.000 feet. Total production, September 1928, 1,285,018,000 feet; September
1927, 1,173.879,000 feet.
Note.—Reports for September 1928 and September 1927 given above are not
from comparable mills and are not comparable.
Total
West Coast Lumbermen's Association Weekly Report.
New Orleans World's Great Mahogany Center.
According to the West Coast Lumbermen's Association,
reports from 195 mills show that for the week ended Nov. 10
The November issue of the Hibernia Bank & Trust Co. of
1928, orders were 11.15% under production, while shipments New Orleans "Foreign News and Comments" contains an
were 14.03% below output. The Association's statement article on the mahogany industry which indicates that New
follows:
Orleans is one of the world's three greatest ports handling
this expensive wood. The article states:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
195 mills report for week ended Nov. 10 1928.
(All mills reporting production, orders and shipments.)
Orders.
Shipments.
Production.
156,218,092 feet
151,158,747 feet.
175,828,236 feet.
14.03% under production.
11.15% under production.
100%
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (234 IDENTICAL MILLS.)
(All mills reporting production for 1927 and 1928 to date.)
Average Weekly
Average Weekly
Production 45
Weekly
Actual Production
Production
Weeks Ended
Operating
Week Ended
During 1927.
Nov. 10 1928.
Capacity.x
Nog. 10 1928
191,737,374 feet
242,434,315 feet.
y194.430.995 feet.
118.101.601 feet.
New Orleans receives by far the greater part of the mahogany produced
in Mexico, Guatemala, Honduras, Nicaragua, and Costa Rica together
with a substantial amount of that logged in Cuba. The Central American
and Mexican mahogany is of a most superior quality and commands
almost the highest price in the world's market—the imports of mahogany
through New Orleans vary somewhat, but average about 25 million board
feet per annum.
The method of cutting the logs, floating them to the sea,
shipping, unloading and sawing them and the final seasoning
of the finished boards is dealt with in detail in the article.
"Foreign News and Comments" also contains reports on
the damage done by the storm in Porto Rico as also upon
2884
[yin. 127.
FINANCIAL CHRONICLE
business conditions in Guatemala and Cuba. Porto Rico,
with most of her crops destroyed by the recent hurricane,
is making a valiant struggle to avert a financial crisis and
has favorable chances for success. Guatemalan business
conditions are very satisfactory and the country is enjoying
a period of unusual prosperity. With the improvement of
the sugar situation Cuban business has undergone a decided
change for the better.
Automotive Parts-Accessory Industry Closing Greatest Year-October and November Business at
High Levels.
The automotive parts and accessory business is enjoying
the greatest fourth quarter the industry has ever had and
will close 1928 with new high records in production and
sales, according to the Motor and Accessory Manufacturers
Association. In October, suppliers of original equipment
to the motor vehicle makers, and replacement parts and
garage equipment to the trade, did virtually the same heavy
volume of business that they had in September and during
the first half of this month maintained operations only a
little below the October level.
The Association further
announces:
The grand index of shipments to the car and truck manufacturers and
the wholesale trade by a large and representative group of M. & A. M. A.
members in October was 188% of the January 1925, figure, compared
with 202% in September, 212% in August and 129% in October a year ago.
Since last March, when the index for all divisions first reached 200%,
operations have not declined below an index figure of 187% for any month.
Business of original equipment makers in October was 200% of January
1925, as compared with 218% in September, 230% in August and 124%
In October a year ago. In only the firs., two months of this year has the
Index of this group been below 200.
October shipments to the wholesale trade last month by manufacturers
of service parts were at an idex of 184, as compared with 185 in September,
176 in August and 174 in October a year ago. The September figure was
the highest on record for the service parts manufacturers.
Shipments of makers of service equipments, that is, garage machinery
and tools, last month exceeded September, the Index standing at 141 as
compared with 140 in September and 120 in October a year ago.
Accessory sales to the wholesale trade in October were 91, as compared
with 122 in September, 147 in August and 103 in October last year.
Schedules of original equipment makers indicate largely expanded car
production for the early part of 1929.
cords and fabrics-42,619 solid and cushion tires were produced during the month of September 1928, as compared
with 5,601,856 pneumatic casings and 51,679 solid and
cushion tires in the month of August, when a new high
record was made for all time. Output in September 1927
totaled 3,616,390 pneumatic casings and 35,654 solid and
cushion tires.
Shipments during September last amounted to 5,358,728
pneumatic casings and 43,965 solid and cushion tires as
against 4,287,655 pneumatic casings and 45,881 solid and
cushion tires in the corresponding period last year and
6,302,258 pneumatic casings and 52,334 solid and cushion
tires in August 1928.
Inventory of pneumatic casings at Sept. 30 1928 totaled
7,323,645 as against 7,514,290 at Aug.31,last, and 7,291,294
at Sept. 30 1927.
Inventory of both balloon and high pressure innertubes at Sept. 30 1928 amounted to 10,157,593, as compared
with 10,448,085 at Aug. 31 1928 and 10,133,407 at Sept.
30 1927.
The total output for the 9 months ended Sept 30 1928
was 44,203,299 pneumatic casings and 394,122 solid and
cushion tires, as compared with 37,997,200 pneumatic
casings and 460,700 solid and cushion tires in the corresponding period in 1927, while shipments amounted to 44,242,479
pneumatic casings and 399,732 solid and cushion tires as
against 38,100,254 pneumatic casings and 449,345 solid
and cushion tires for the first 9 months of 1927.
The Association in its bulletin, dated Nov. 14, gave the
following statistics:
1928.
Month of September. .
1927.
Produdion.
sktPments•
TiresHalloos
Cords
Fabrics
3,220,369
1,853,887
26,931
3,327,028
1,990,535
41,165
1,807,924
1,755,119
53.347
2,132,318
2,051,117
104,220
Total pneumatics
Solid and cushion tires
5,101,187
.42,619
5,358,728
43,965
3,616,390
35,654
4,287,855
45.881
Total
Inner TubesLos pressure
High pressure
5,143,806
5,402,693
3,652,044
4,333,546
2,782,759
2,544,561
2,938,309
2,427,444
1,599,987
2,638.606
2,046,955
3,021,458
Production. Shipments.
Automobile Production Continues Large.
Total
5,327.320 5,365,753 4,238,593 5,068,413
October production (factory sales) of motor vehicles in
1928.
1927.
First Nine Months.
the United States, as reported to the Department of ComProduction. Shipments. Production. Shipments.
merce, was 398,818 of which 341,705 were passenger cars
Tiresand 57,113 were trucks, as compared with 415,283 passenger Balloons
29,798,246 28,461,998 20,928,409 19,979,278
Cords
14,167,767 15,388,981 16,493,641 17,098,738
cars and trucks in Sept. and 219,682 in Oct. 1927. The Fabrics
237,286
575,150 1,022,240
391,500
table below is based on figures received from 156 manufacTotal pneumatics
44,203,299 44,242,479 37,997,200 38,100,254
turers in the United States for recent months, 47 making Solid and cushion tires
394,122
399,732
460,700
449,345
passenger cars and 123 making trucks (14 making both
Total
44,597,421 44,642,211 38,457,900 38,549,599
Inner Tubespassenger cars and trucks). Figures for passenger cars Low
pressure
29,428,893 27,179,580 21,321,919 20,431,743
17,423,202 19,023,886 20,588,028 23,485,638
include taxicabs and those for trucks include ambulances, High pressure
Total
funeral cars, fire apparatus, street sweepers and busses.
46,852.095 46,203,466 42,009,945 43,917,381
Canadian figures supplied by the Dominion Bureau of
The Association also released the following figures, estiStatistics.
mated to represent 75% of the industry:
AUTOMOBILE PRODUCTION.
(Number of Machines.)
United States.
Total
Passenger
Cars.
Trucks.
Total.
Passenger
Trucks.
Cars.
199,650
264,171
*346,031
*358,682
*358,725
*280,620
*237,811
*275,585
226,443
183.042
*39,258
*40,564
*48.482
*47,700
*46,923
*43,197
*31,585
*34,409
*33,867
*36,640
15,376
18,655
23,250
24,611
25,708
19,208
10,987
12,526
11,262
7,748
11,745
14,826
19,723
20,890
21,991
18,470
8,719
10,139
8,681
6,236
3,631
3,829
3.527
3,721
3.717
2,738
2,268
2,387
2,581
1,512
'Total (10 months)_ 3,133,385 2,730.760
402,625
169,331
139,420
29,911
109,758
106,083
*24,612
*27,488
6,617
3,106
5,173
2,234
1,444
872
*3401,326 *2946,601 *454,725
179,054
146,827
32,227
8,463
12,504
17,469
24,211
33,942
28,399
25,226
31,245
21,193
18,536
6,705
10,315
15,223
20,517
29,764
25,341
20,122
24,274
16,572
13,016
1,758
2,189
2,246
3,694
4,178
3,058
5,104
6,971
4,621
5,520
991 155
151540
20 8811
11127-January
February
March
April
May
June
July
August
September.._..
October
.238,908
*304,735
*394,513
*406,382
*405,648
.323,817
.269,396
*309,994
*260,310
*219,682
Canada.s
November-__. *134,370
*133,571
December
Total(year)
928-January
February
March_
April
May
June
July
August
September
October
.231,728 205,646
*323,796 291,151
*413,327 371,821
*410.104 364,877
*425,783 375.863
*396,796 356,622
*392,076 338,792
*461,298 400,593
*415,283 358,872
398,818 341,705
*26.082
*32,645
.41,506
*45,227
*49,920
*40,174
*53,284
*60.705
*58,411
57,113
a Reported by Dominion Bureau of Statistics. •Revised.
Shipments of Rubber Tires in September Exceed
Production-Inventory Lower.•
According to statistics compiled by the Rubber Association
of America, Inc., from figures estimated to represent 75%
of the industry, 5,101,187 pneumatic casings-balloons,
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES.
Month of
9 Mos.End. Cal. Year
PettedSept. 1928. Aug. 1928. July 1928. Sept. 30'28.
1927.
Cotton fabric (lbs.) _17,796,599 21,853,756 20,947,408 195,776,417 177,979,818
Crude rubber (lbs.) -55,351,235 62,224,046 47,128,308 451.698,605 514,994,728
Statistics, representing 100% of the following respective
industries, were also issued:
Month of
9 Mos. End. Calendar Year
PeriodSept. 1928.
Aug. 1928.
Sept. 30 '28.
1927.
Gasoline consumed
1 247,022,000 1,122,450,000 10,164,168,000 12,512,976,000
(gallons)
xpaseger cars produced
375,444
284,520
3,233,070
3,085,738
xTrucks produced
59,471
36,832
438,657
487,585
x These figures include Canadian production and cars assembled abroad the Parts
of which were manufactured in the United States.
197 New Agricultural Extension Workers Appointed
Under Capper-Ketcham Act.
During the first four months in which funds under the
new Capper-Ketcham Act have been available, 197 new extension workers in agriculture and home economics have
been appointed in the 39 States reporting to date, according
to an announcement Nov. 16 by C. W. Warburton, Director
of Extension, United States Department of Agriculture.
The announcement adds:
Thirty-four of these new workers are county agricultural agents in
new counties, 48 are assistant county agricultural agents, two are negro
county agents, 62 are county home demonstration agents, nine assistants,
six negro home agents, 22 men county club agents, 18 women county
club agents, and one a State girls' club agent.
The Capper-Ketcham Act, passed at the last session of Congress, provided
$20,000 for each State and Territory of Hawaii, available July 1 1928,
for immediate use. It also authorizes a similar sum and an additional
$500,000 appropriation to be divided among the States and the Territory
of Hawaii each fiscal year following, to be in addition to the extension
funds available under the Smith-Lever Co-operative Extension Act ,of
Nov. 24 1928.]
2885
FINANCIAL CHRONICLE
May 8 1914. In both Acts the additional funds provided are to be allotted
to the States and Hawaii Territory in the proportion which the rural
population of each bears to the total rural population of the United
States, provided that each makes a like amount available from State
or other sources to be used for the same purposes as the Federal
funds.
At the time the Capper-Ketcham Act was passed a staff of approximately 5,000 technically trained men and women, including county workers,
specialists, and administrative workers, were engaged in co-operative extension work. The extension system as contemplated, that is, with
a man and a woman agent in each agricultural county, was about half
completed, with the agricultural work much in advance of other phases.
With the provision in the Capper-Ketcham Act that 80% of the money
appropriated shall be used for the payment of salaries of extension agents
in counties and that these agents shall be men and women "in fair and
just proportions," it was felt that work with farm boys and girls and
farm women would be greatly stimulated, a hope which is apparently to
be realized.
"Marked progress will unqusetionably be made," states Director Warburton, "toward rendering the information of the State agricultural
colleges and the department available to every farm man, woman, boy
and girl who may desire it."
FARM REAL ESTATE—AVERAGE VALUE PER ACRE AS OF MARCH 1
1928, 1926 AND 1920 IN PERCENTAGE OF THE PRE-WAR AVERAGE
(Average value in 1912-1914-100%.)
State st Division— 1928 1927 1926 1920
% % % %
124 124 126 142
Maine
New Hampshire_._ 112 112 113 129
123 125 126 150
Vermont
131 131 134 140
Massachusetts
134 133 130 130
Rhode Island
139 138 137 137
Connecticut
_——
New England__ _ 127 127 128 140
New York
New Jersey
Pennsylvania
State & Dictators— 1928 1927 1926 1920
South Dakota
Nebraska
Kansas
% %
96 97
117 119
113 113
%
107
123
113
%
181
179
151
West No. Central 113 115 121 184
Kentucky
Tennessee
Alabama
106 108 109 133 Mississippi
127 128 129 130
111 112 114 140
East So. Central_
Middle Atlantic_ 110 111 113 136 Louisiana
Texas
111 111 114 139 Oklahoma
Delaware
124 126 130 166 Arkansas.....—__
Maryland
Virginia
137 138 148 189
109 110 116 154
West So. Central
West Virginia
North Carolina
174 178 185 223
110 113 128 230 Montana
South Carolina
102 104 112 217 Wyoming
Georgia
176 183 223 178 Colorado
Florida
— — — — New Mexico
South Atlantic_ _ 134 137 149 198 Arizona
Utah
96 99 105 159 Nevada
Ohio
84 87 95 161 Idaho
Indiana
96 99 109 160
Illinois
Mountain States_
Michigan
125 127 129 154
120 122 125 171
Wisconsin
Washington
East No. Central 101 104 111 161 Oregon
California
140 145 155 213
Minnesota
Pacific
117 121 130 213
Iowa
96 99 104 167
Missouri
Nnrth Tetknen.
610 too 105 145
United States
130
127
145
123
134
130
145
126
139
134
154
134
200
200
177
218
130 133 139 199
132
139
127
147
135
141
128
150
143
146
130
153
198
174
166
222
137 139 144 177
71
95
70
94
72 126
95 176
82 82 89 141
Federal Survey Finds Improvement in Farm Real
108 108 106 144
122 123 125 165
Estate Situation—Survey Based on Reports by
127 128 129 167
Co-Operating Farmers and Farm Real Estate
99 99 99 135
116 117 119 172
Dealers.
101 101 103 151
Improvement in the farm real estate situation is noted by
110
111 112 140
the Bureau of Agricultural Economics of the United States
106 106 107 130
161 162 163 167
Department of Agriculture in its third annual survey of the
142 143 144 156
farm-lands market covering the period March 1 1927 to
March 1 1928. The survey is based largely upon reports
117 119 124 170
made by co-operating farmers and farm real estate dealers
throughout the country. The Department of Agriculture
made known asfollows on Nov.15 the results of the survey.
President Miller of New York Cotton Exchange Says
During the period under review, farm real estate values averaged for
Adoption of Amendments Looking to Control Comthe United States as a whole, showed the smallest decline recorded in any
single year since the drastic postwar deflation set in. Values of improved
mittee, Southern Deliveries, &c., Is a Most Confarm land per acre declined but 2% on the average during 1927 and early
structive
Step.
1928, as compared with a decline of twice that figure registered between
Gardiner H. Miller, President of the New York Cotton
March 1 1926, and March 1 1927. As of March 11928,the national average
value per acre was 17% above the pre-war level, according to the survey, Exchange, declared on Nov. 16 that the action of the memcompared with a figure of 19% above pre-war reached on March 1 1927,
and a peak of 70% above recorded on the same date in 1920. Averaged for bership in voting on that date for Southern deliveries, limithe entire country, the current figure of 17% above pre-war represents tation of interest in contracts and a control committee was
approximately the same level of values as prevailed in 1917.
one of the most constructive steps ever taken by the exThe major declines in values continued to be felt in the same regions in
which the heaviest losses appear to have been centered in recent years, change. Of 306 ballots cast, 260 were in favor of the amendprincipally the Corn and Cotton Belts. However, in both of these, the ments, 45 against and one ballot void. Mr. Miller's statedecreases shown for the year ended March 1 1928, were smaller than those
registered during the corresponding preceding period from March 1 1926 to ment follows:
March 1 1927. In some Southern States, the Bureau observes, values
hardened materially. Equally encouraging results were reported from
Montana and the two Dakotas where values for the first time in many
years exhibited a tendency toward comparative firmness. Although
continuing their decline of the last seven years, Iowa values showed the
smallest decrease recorded since the war-time peak was reached, and in all
of the Midwestern States without exception, values showed smaller losses
for the year ended March 1 1928, than for the corresponding period ended
March 1 1927. The Bureau makes no forecast as to whether or not the
"bottom" has been reached in mid-western farm-land values.
Farm real estate values in the New England and Middle Atlantic States,
according to the Bureau, showed very little change. Pacific coast values
declined very little on the average. In both of these sections values taken
generally have been relatively stable during the last three years, although
occasional slight declines took place. A third section in which the downward trend of values was apparently halted includes the eight States of the
West ordinarily designated as the Mountain group. In this division, the
survey indicated values to be exhibiting a trend now reasonably stable.
Data on foreclosures and related losses of title through default averaged
for the country as a whole indicated a slight decline to have taken place
during the year ended March 15 1928. From a rate of 23.3 farms per
thousand recorded in the 12 month period ended March 15 1927. the
volume of "forced" transactions dropped to 22.8 farms per thousand.
Notable decreases were shown in the Mountain States, particularly in
Montana and in the Dakotas, where the loss rates in recent years have
been the highest in the country having reached figures of 5 and 6% of all
farms in the latter three States. Most of the New England States likewise
have shown a moderate decline in the forced sale classification during the
last three survey periods, the Bureau finds. Frequent increases, however,
took place in the remaining States during the 1927-28 survey period, the
marked decreases in the highest loss-rate States having been offset by a
larger number of small increases elsewhere.
Voluntary sales, the report states, decreased. The downward drift was
rather general. Outstanding exceptions to the trend werefound in Montana,
Wyoming and the two Dakotas. Buyers in such sales were mostly local
active farmers buying for personal or family operation.
The farm tax burden continues to be a heavy charge upon land ownership,
taxes on farm real estate having risen still further during 1927 to reach a
figure 158% higher than before the war. The 1926 farm tax level is estimated by the Bureau to have been 153% above pre-war and the 1925
level 150% above. Although the recent trend does not show the sharp
upward rate characteristic of the years immediately following the close of
the war, the continuing recent increases are not reassuring to owners of
American farm property, and immediate relief may be difficult to obtain.
A review of the credit situation as it affects farm real estate presents
contrasting aspects. the Bureau finds. First mortgage money on the
whole continued in good supply with interest rates generally favorable.
Terms offered by owners to move farms in the present market were frequently found to be attractive. On the other hand the recent tightening
In the money markets, according to the report, may be reflected in slightly
higher farm mortgage interest rates later. A tendency for the major
sources of farm mortgage credit other than former-owners to place their
money with greater scrutiny of risks than formerly was in frequent evidence.
On the whole, the report concludes, the farm lands market continued to
be comparatively inactive during the year with buyers few and cautious
although here and there a fair degree of local activity was shown. The
complete report of the Bureau's survey will be given in a printed pamphlet
now in press.
"For many years the question of Southern deliveries on New York contracts has been agitated and in recent years the demand, both within and
without the exchange, has been insistent that something should be done
to check abnormal parities between markets and between various months
in the New York market, but heretofore members of the Exchange were
unable to agree upon any plan of action, with the result that the proposals which were presented to the membership were invariably defeated.
"The report of the special Committee of Fifteen of which John H.
McFadden, Jr., is Chairman, presented a plan, however, which eliminated
most of the objections raised to the plans for Southern deliveries which
had previously been submitted to the members, chief of which was the
elimination altogether of New York as a delivery point. The plan adopted
to-day by the vote of the membership retains New York as a delivery
point without discrimination either for or agaihit such deliveries; it
also permits deliveries at five Southern points at the same differential15 points, or 35/100ths cents per pound—which is the uniform freight
rate from each of the five Southern delivery points to the New York
market.
"It is believed that the changes adopted by the New York Cotton
Exchange will afford a broader, safer market for hedging purposes and
that with the fear of manipulation removed, the business of the exchange
will undoubtedly increase. The step is a progressive one and in line
with the modem tendency to eliminate unnecessary expense in the handling
of merchandise, particularly in the marketing of such a great staple commodity as cotton."
The action of the members of the Exchange in voting
overwhelmingly in favor of limitation of interest in contracts, a control committee with broad supervisory powers
and for Southern deliveries at five points in addition to the
present delivery at New York, was noted in these columns
Nov. 17, page 2750. The three amendments, which become
part of the by-laws and rules as a result of the vote, are
regarded as one of the most important and far-reaching
steps ever taken by the exchange. The amendment in regard to limitation says in part:
"The interest in futures contracts for delivery in any one month of any
Individual, firm or corporation, and his or its affiliations shall not exceed
the limit prescribed by the Board of Managers, but this limit shall not
apply to an interest in any one month wholly composed of hedges against
the purchase or sale of spot or cash cotton.
"When in the judgment of the Board of Managers the hedging transactions of any individual, firm or corporation and his or its affiliations
are of such volume as to unduly affect or endanger the normal parities
between months or markets, or for any other valid reason, the Board of
Managers may prescribe a limit in respect to the interest in futures contracts which shall include such hedging transactions."
The Control Committee is to be composed of three members of the exchange appointed annually by the Board of
Managers, but not members of the board. The committee
has power to direct the Treasurer of the Clearing Associa-
2886
FINANCIAL CHRONICLE
tion to require each carrying member to report the names
and interests in any designated position of all clients, as
well as his own position, &c. The identity of clearing members is guarded br the use of symbols, instead of names, in
the report to the Control Committee. When an interest is
found in excess of the limit fixed, however, the name of the
member holding such interest is disclosed to the committee.
The amendment says in part:
"The Committee shall further have the power to summon any member
of the Exchange, together with any records, for the purpose of investigation and if they should find an undue congestion in any one position not
In violation of the By-Laws or Rules of the New York Cotton Exchange,
they shall endeavor to bring about a correction thereof, failing which
they shall report the situation to the Board of Managers.
"In the event of an interest under investigation being found to have
violated the By-Laws or Rules o fthe Exchange, the Committee shall so
report to the Board of Managers whose decision in the case shall be final,
after giving the interest and/or interests under investigation an opportunity to be heard.
[VOL. 127.
The Outlook for the Crops on the 1st of NovemberReport of the Department of Agriculture.
The Crop Reporting Board of the United States Department of Agriculture made public on Nov.9 its forecasts and
estimates of grain crops of the United States as of Nov. 1,
based on reports and data furnished by crop correspondents,
field statisticians and co-operating State Boards (or Departments) of Agriculture. The production of corn is placed at
2,895,449,000 bushels, which is somewhat less than the Department's estimate of 2,903,000,000 bushels a month earlier.
The production of corn in 1927 was 2,773,708,000 bushels
and the five-year average is 2,775,634,000 bushels. The
production of white potatoes is now placed at 465,651,000
bushels, which compares with the Department's estimate of
464,000,000 bushels a month ago and a yield of 406,964,000
bushels in 1927. We give below the report.
Little change in crop prospects occurred during October. The generally
The adoption of Southern deliveries by the exchange newarm weather facilitated the harvesting of late crops, but frosts came a
cessitates a new contract, making deliveries permissible at little earlier than usual in much of the central and western corn belt. In
seller's option at New York, Norfolk, Charleston, Galves- most other sections damage from frost and freezing has been less serious
usual. Rice, potatoes, sweet potatoes, cotton, beans, peanuts, sugar
ton, Houston or New Orleans. The Board of Managers is than
beets, apples, pears, oranges, grapefruit, and grapes are all showing yields
to determine when the new contract shall become opera- slightly above expectations. The yield of flaxseed, however, was about
tive. Precautions have been taken to safeguard trading 10% below that expected a month ago and the estimates of corn, tobacco
and buckwheat have each been reduced less than 1%.
and prevent possible artificial influencing of prices through
Combining all crops, yields per acre have been 3.4% above average
misuse of the six delivery points the exchange will have yields during the past 10 years. This favorable showing is chiefly the result
of favorable weather conditions, although in the case of corn, potaunder the new contract. The amendments add the followtoes, hay and some other crops,the larger yields are particularly the result of
ing clauses to "acts detrimental to the best interests of the the increasing use of better varieties and better cultural methods.
exchange."
Corn.
". . . to ship cotton to any contract delivery point of the Exchange
at an obvious loss for the purpose of artificially influencing prices.
". . . to ship cotton from one designated delivery point of the
Exchange to another designated delivery point of the Exchange for the
purpose of artificially influencing prices.
". . . to ship cotton to one designated New York contract delivery
point at a loss as compared to delivering at some other designated New
York contract delivery point for the purpose of artificially influencing
prices.
". . . for any member to refuse or neglect to liquidate holdings of
a client that are in excess of the permitted limit, when so ordered by the
Control Committee and/or the Board of Managers."
Activity in the Cotton Spinning Industry for October
1928.
The Department of Commerce announced on Nov. 19
that, according to preliminary figures compiled by the
Bureau of the Census, 35,413,000 cotton spinning spindles
were in place in the United States on Oct. 31 1928, of
which 30,315,086 were operated at some time during the
month, compared with 28,227,090 for September, 28.243,508
for August, 28,159,676 for July, 28,627,556 for June, 28,948,144 for May, and 32,535,200 for October 1927.
The aggregate number of active spindle hours reported
for the month was 8,694,172,114. During October the
normal time of °Oration was 26% days (allowance being
made for observance of Columbus Day in some localities)
compared with 243/2 for September, 27 for August, 25 for
July, 26 for June, and 2672 for May. Based on an activity
of 8.83 hours per day, the average number of spindles
operated during October was 36,808,129, or at 103.9%
capacity on a single-shift basis. This percentage compares
with 90.6 for September, 87.7 for August, 79.7 for July,
88.4 for June, 95.1 for May, and 105.0 for October 1927.
The average number of active spindle hours per spindle
in place for the month was 246.
The total number of cotton spinning spindles in place,
the number active, the number of active spindle hours and
the average spindle hours per spindle in place, by States,
are shown in the following statement
Spinning Spindles.
Stale.
In Place
Oa. 31.
Active Durinp Oct.
Cotton growing States-- 18,557,830
New England States-- 15,319,454
All other States
1,535,716
Alabama
1,642,856
Connecticut
1,126,388
3,081,188
Georgia
Maine
1,102,628
Massachusetts
9,235,120
Mississippi
176,966
New Hampshire
1,416,030
New Jersey
378,936
New York
771,440
6,223,454
North Carolina
2,322,384
Rhode Island
5,492,360
South Carolina
602,468
Tennessee
281,840
Texas
709,056
Virginia
849,886
All other States
17,827,738
11,204,956
1,282,392
1,570,362
1,054,126
2,933,322
766,828
6,404,736
147,334
978,460
340,200
619,002
5,946,832
1,884,610
5,425,662
573,166
241,500
676,254
752,692
35,413,000
30,315,086
United States
The November estimate of corn production in the United States is 2,895.000,000 bushels, or 3 of 1% below the October forecast. Slight increases
In the Southern States were more than offset by small decreases In Iowa,
Missouri, and Minnesota. Wind and rain damaged corn in parts of
Iowa during the second week of October, and some frost damage is reported from other areas. Otherwise, the month of October has been
generally favorable to the drying out and harvesting of the corn crop.
An average yield per acre of 28.3 bushels is reported this year. The
present estimate of corn production is above the 1927 crop by about 122,000.000 bushels, or 4.4%.
The percentage of corn that is of merchantable quality this year is reported as 82.9% as compared with 75.2 a year ago and 80.7%, the tenyear average.
Farm stocks of old corn on Nov. 1. estimated at about 54,000.000 bushels,
are less than half as great as the 113,000,000 bushels estimated on the
farm a year ago.
Combining this year's production and farm carryover from last year's
crop, the farm supply of corn this season is 2,949,000,000 bushels, as compared with 2,887,000,000 bushels a year ago, or an increase of about 2%•
While the farm supply of corn is only 2% above a year ago, the quality
of this year's crop, especially in the Corn Belt States, is far better than a
year ago. The distribution or location of this year's crop is materially
different than for the 1927 crop, as there is an increase in production of
36% in the Corn Belt States east of the Mississippi River, but a decrease
of about 14% In the South.
Buckwheat.
Buckwheat will not be as plentiful this year as it was in 1927. An
unusually large acreage was sown but the yield of 17.5 bushels per acre
was 2 bushels below that of last year, and lower than in any year since
1918. As a result, total production amounts only to 14,664,000 bushels.
In 1927 a large crop of 16.029.000 bushels was harvested, but the average
for the past five years has been only 13,711,000 bushels. The quality
this year is somewhat lower than usual.
Flaxseed.
The production of flaxseed, while about the same as the average for the
past five years. is considerably below last year's harvest. The total crop
is estimated at 20,026,000 bushels, compared with 26.570,000 bushels in
1927. The decrease is due not only to a somewhat smaller acreage, but
to a smaller yield per acre. The average yield is reported as 7.1 bushels
per acre compared with 9.1 bushels last year and a ten-year average of 7.1
bushels The quality is lower this year. 86.5% compared with 89.3%
last year, and 89.7% the ten-year average.
Bice.
The rice crop of the five producing States Is estimated at 40,422,000
bushels. Last year these States produced 44,339,000 bushels, while the
average for the past five years Is 36,302,000 bushels. The acreage this
year is less than that of 1927 by 44,000 acres, or nearly 4.4 %. The yield
this year Is reported as 41.9 bushels per acre, and while that is 3.7 bushels
higher than the 10-year average, It is 2.1 bushels per acre lower than that of
1927. Quality is good,91.4% compared with 89.8% last year. The average
Yield per acre and the quality of rice In California this year are the best
experienced Inn number of years.
Potatoes.
With the acreage of potatoes largely increased in nearly all important
Active Spindle Hoursfor October. States as a rtsult of encouraging prices for three years, and with the yield
per acre the second nighest on record, there appears to be a large supply of
Aver. per Spinpotatoes in all parts of the country. The total production of early and late
dle in Place.
Total.
potatoes combined is estimated at 465,651,000 bushels, compared with
6,056,574,095
326
406,964,000 bushels harvested last season. The estimate for this season
2,366,299,273
154
includes some potatoes that may not be harvested and a considerable
271,298,746
177
quantity ofsecond grade potatoes that will not be marketed.
501,379,129
305
236,735,760
210
Sweet Potatoes.
996,322,621
323
148,381,608
135
Sweet potatoes, which were unprofitable In 1927,show a total production
1,288,079,915
139
of 81,340.000 bushels. This Is 12,588,000 bushels, or nearly 14% less than
50,652,204
286
the excessively large crop of 1927, but slightly larger than the five-year
206,068,672
146
162
61,280,880
average. The acreage was considerably reduced because of unsatisfactory
143,527,847
186
prices for last year's crop, but the yield per acre this year is less, being
1,994,282,784
320
estimated
at 95 bushels compared with about 101 bushels in 1927. and 94
460,775,213
198
the average during the previous 10 years. The wet weather on the Atlantic
2,031.821,816
370
194,127,397
322
Coast and the drought in parts of Texas which reduced the yield, also
73,794,172
262
resulted in a rather low average quality.
127,047,105
179
180,094,991
212
Tobacco.
Tobacco production, responding to the generally favorable prices of
8,694,172,114
246
1927, shows an increase of 11.1%. The reported yields indicate a crop of
FINANCIAL CHRONICLE
Nov. 24 1928.]
1,346,566,000 pounds, compared with 1,211,301,000 pounds a year ago.
and 1,337,561,000 pounds, the five-year average. The average yield per
acre this year is lower than usual, about 728 pounds compared with 768
pounds in 1927 and 785 pounds, the average of the previous 10 years, but
acreage is much greater this year. It is estimated that 1,850,000 acres were
harvested this year compared with only 1,577,000 acres in 1927 and 1,738,000 acres, the five-year average. All important types except bright fluecured and Virginia dark-fired show increased production over last year.
The quality of the crop for the country as a whole Is the lowest for many
years. 74 4% compared with 80.5% a year ago, and 80.6% the 10-year
average. A special report on tobacco will be released.
2887
Production.
Per Cent of Full Crop
In Thousands,
Crop.
10-Yr.
5-Year
Aver. 1927. 1928. Average
191819221927.
1926.
1927.
1928.
(Preliminary.)
Apples-Total crop
bus 58.4 40.4 61.5 199,236 123,455 183,309
Commercial crop
bbls. a62.1 44.3 64.2 33,652 25,900 34,441
Peaches-Total crop
bus 62.1 49.4 72.6 54,302 45,463 67,875
Pears-Total crop
bus 69.7 56.8 73.4 20,677 18,072 23,604
Grapes_ b
tons 79.2 80.5 83.3
2,631
2,095
2,465
lbs. 44.2 31.6 57.4 537,796 22,131
Pecans
Beans.
Calif. Almonds
lbs. 71.4 62.0 75.0 20,400 24,000 27,000
lbs. 76.1 77.0 57.0 329,200 416,000 338,000
Apricots
Dry edible beans are estimated to produce 17,056,000 bushels this year,
lbs. 83.9 80.0 60.0 20,000 24,000 19,000
Figs
compared with 16,891,000 bushels in 1927. The increase results from inGrapes:b
creased acreage: the average yield per acre showing but little change.
Wine grapes
tons a87.2 87.0 84.0
470
407
473
Raisin grapes
tons a82.9 85.0 85.0
1,138
1,443
1,397
10.2 bushels per acre this year,compared with 10.4 last year,and 11 bushels,
tons 77.6 78.0 80.0
Table grapes
314
348
460
the 10-year average.
All grapes
tons 85.0 84.0 84.0
1,859
2,264
2,327
The preliminary estimate of production of white pea beans grown mainly
Grapefruit
boxes
1,859
720
Lemons
boxes 79.8 67.0 86.0
In Michigan and New York, Is about 5.550,000 bushels compared with
6,021
6.400
Lima beans
bus.
2,201
2,357
2,310
the relatively short crop of 4,800,000 bushels last year. Large white beans
lbs. 61.1 75.0 68.0 23,800 31,000
Olives
in the same States are about 440,000 compared with 380.000 last year.
Oranges:
Production of the Great Northern is about 1,800,000 compared with
Navels
boxes
69.0 94.0
boxes
69.0 94.0
Yalencias. ace
2,500,000 and the Red Kidney about 1,200.000 compared with the relatively
All
boxes
78.9
69.0 94.0 22,942 22,500
oranges
short production of 866,000 last year. The Red Mexican has increased
Plums
lbs. 79.2 64.0 80.0 111,200 114,000 150,000
about a third owing to a big increase in Idaho,.without known change in
Prunes (dry)
lbs. 71.1 82.0 75.0 270,000 406,000 370,000
California. Pintos are about 2,300,000 or 250,000 less than last year.
Walnuts
lbs. 82.6 104.0 61.0 50,200 97,000 64,000
boxes c76.7 c56.0 c74.0 d7,380 d6,500 d7,000
Limas are about the same as last year, large limas being less and baby Fla. Grapefruit
Oranges
boxes
c81.9 ci30.0 c82.0 d10,180 d7,100 d11.000
limas more. As Blackeyes decreased somewhat in California, and Pintos
a Short time average. b Production is the total for resh fruit, Juice and raisins.
increased, and limas made little change, the other beans grown in that
for 1927 and earlier years exc udes grapes not harvested. c ConState, including the small whites, pinks, cranberry and Bayo are all com- Production shown
dition Nov. 1. d Commercial movement by ra 1 and boat.
bined, about the same as last year. About 93% of the total crop is reported
The amount of Corn remaining on farms in the United States on Nov. 1
as merchantable. The pick is 5.5 pounds in Michigan and New York, and 1928 is estimated at 1.94% of the crop of 1927, or about 53,939,000 bushels,
as compared with 113,412,000 bushels on Nov. 1 1927 and 120,967,000
slightly greater elsewhere.
bushels, the average of stocks of corn on Nov. 1 for the five years 1922-26.
Fruits.
CROP REPORTING BOARD.
W. F. Callander, Chairman,
November reports on fruits do not materially change earlier estimates of Approved:
Dunlap,
S. A. Jones,
J. B. Shepard,
W.
R.
production. The apple crop suffered somewhat from storms from the
C. F. Sale,
E. E. Kaufman,
Acting Secretary.
G. S. Ray.
Ozarks north, but the Eastern States had an unusually favorable fall, and
is
estimated
at
crop
bushels.
183,309,000
This is an increase of
the total
The State figures for Nov. 1 1928 issued on Nov. 9 are
about 3% over the indication a month ago, but indicates only about an
as follows:
average crop.
Grain Sorghums.
CORN.
61,310
58,631
Total Production in Thous
5-Year
Aver.
1922-26.
Crop.
1927.
80.7
89.8
290.2
686.1
88.8
86.4
87.2
89.8
89.6
89.7
75.2
88.5
89.3
87.7
88.4
80.3
90.3
92.2
88.9
89.3
89.8
_
82.9
88.7
89.6
90.9
89.4
89.1
88.9
88.6
86.9
86.5
91.4
86.9
86.6
80.6
816
81:6
87.3
80.5
82.8
74.4
89.4
87.9
88.7
93.2
90.5
87.0
87.5
89.7
86.7
Yield Per Acre.
10-Yr.
1928
Aver. 1927. 1928
(prelim.) 1917-26
Prelim.
bus. 2,775,634 2,773,708 2,895,449
Corn
27.7
28.1
28.3
556,016 553,288 578,599
Winter wheat
14.9
14.6
16.0
61,702
76,155
Durum wheat,4 States "
84,885
12.0
14.4
13.8
189,660 243,152 240,381 612.3
Other spr. wheat, U.S "
15.7
15.5
807.378 872,595 903.865
All wheat
14.0
14.9
15.7
1,351,723 1,184,146 1,452,966
Oats
31.8
28.2
34.6
192,020 264,392 350,593
24.4
Barley
28.0
28.6
63,831
58,811
43,274
13.5
Rye
15.9
12.2
13,711
16,029
14,664
Buckwheat
18.7
19.5
17.5
20,148
26,570
20,026
7.1
Flaxseed
9.1
7.1
36,302
44,339
40,422
38.2
Rice,5States
44.0
41.9
115,055
137,608
sorghums
c
150,573
a20.4
20.4
Grain
21.8
30,582
gals.
31,876
82.1
82.6
Sorgor Sirup
78.1
57,359
7,753
tons
6,914
9.9
Sugar beets
10.8
10.9
bus 393,776 406,964 465,651 104.9 115.7 121.2
Potatoes, white
81,101
93,928
81,340
94.0 100.9
Sweet potatoes
95.0
1,211,301
lbs.
1,337,561
1,346,566
785
768
Tobacco
728
40
tons
56
44 d312 d334 d338
Broomcorn c
lbs.
27,052
29,794
31,810 1,185 1,211 1,243
Hops c
bus
16,335
16,891
17,056
11.0
10.4
Beans, dry edible c
10.2
lbs. 671,247 806,990 861,185
669
715
Peanuts
727
a1,023
844
3.48
bus
3.46
Alfalfa seed
2.65
1,112
1,738
1.50
1.44
1.53
Clover seed
3.98
4.17
Timothy seed
90,967 106,468
92,688
1.50
tons
1.74
1.58
Hay, all tame
a Short time average. b All spring wheat. c Principal producing States. d Pounds
per ACM.
46
46
44
40
U. S. total
277
25 1
253 2 775 834 2.773.798 2.895.449
t.00ONMNI,.0
102,380
36,125
6,147
15,473
57,750
41,974
12,243
3,535
840
2,831
964
6,905
382
635
3,842
856
1,850
260
26
1,678
1,185
Bush. Thousand Bush (000
40.0
595
518
42.0
854
615
45.0
3.749
3,276
44.0
2,225
1,886
42.0
414
380
44.0
2,757
2,090
37.0
24,846
22.542
39.0
8,954
7,160
40.0
61,570 . 50,165
37.8
144,997 109,720
36.2
172,722 132,458
38.8
332,457 254,070
33.7
56.922
38,995
43.0
82,636
68,250
35.0
141,324 127,246
42.8
427,324 386.986
29.8
180,211 172,637
25.5
24,203
23,975
21.0
103.891 134,995
21.7
204,442 291,446
27.0
104,466 176,910
4,927
4,725
30.0
36.5
22,845
22,660
24.0
44,560
47,967
17,685
15,109
36.0
53,626
19.0
49.697
25,449
12.5
24,791
48,914
54,502
10.5
9,123
7,449
13.0
23.0
89,042
75,010
21.0
72,899
70,658
14.0
42,956
47,456
36,599
34,140
14.5
17.5
35,586
36,575
17.5
21,970
20,318
23.0
45,975
84,190
21.0
80,433 119.347
19.0
6,625
7,168
45.0
2,594
3,116
20.0
3,696
3,362
14.0
20,584
22,816
2.490
18.0
3,673
955
1,408
28.0
494
25.0
543
25.0
37
50
2,104
1,591
39.0
2,916
2,219
36.0
3,334
2,464
35.0
-.V.N
..,
1,
98,868
37,938
5,271
15,440
58,649
42,029
9,454
3,690
823
2,906
1,008
6,733
386
721
3,517
931
1,577
237
25
1,618
1,128
244
1,208
Bush.
37.0
41.0
39.0
41.0
38.0
38.0
34.0
40.0
39.5
32.5
31.5
30.0
27.5
32.5
30.5
35.5
29.0
25.0
29.0
33.1
30.0
35.0
44.0
29.5
33.5
22.8
17.0
14.0
13.0
26.0
24.0
16.0
17.8
19.0
17.5
26.5
23.0
23.5
41.0
21.0
16.0
15.0
32.0
26.0
25.0
37.0
36.0
32.0
MAA.MI,
CON0000
Corn
101,821
Winter wheat
37,149
Durum wheat,4 States
4,793
0th. spr. wheat, U.S. 14,679
56,621
All wheat
42,586
Oats
7,609
Barley
4,709
Rye
738
Buckwheat
1
Flaxseed
933
Rice, 5 States
6,372
Grain sorghums c_ _ _ _
391
Sorge siruP
n713
Sugar beets
3,533
Potatoes, white
879
Sweet potatoes
1,739
Tobacco
359
Broomcorn c
21
Hops c
1,452
Beans, dry edible c
978
Peanuts
a294
Alfalfa seed
819
Clover seed
Timothy seed
59,839
Hay, all tame
1927
Bush.
43.4
45.6
45.5
45.9
42.1
46.3
36.9
42.8
43.2
39.6
36.5
36.1
33.9
38.5
35.4
39.9
28.3
23.7
27.2
25.4
17.4
32.7
38.8
266
32.6
20.3
15.8
13.6
14.2
27.9
24.5
14.6
16.8
M1881581110
Arkansas
18.6
Louisiana
17.0
Oklahoma
17.5
19.3
Texas
Montana
16.5
Idaho
36.7
Wyoming
21.3
Colorado
16.0
New Mexico_
19.6
Arizona
27.1
Utah
23.6
Nevada
26.6
Washington _ - 36.5
Oregon
30.9
California
33.8
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut_ _ _ _
New York
New Jersey
Pennsylvania_ _ _
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa_
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina_
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
10-Yr.
1928. Avge,
(Prelim.) 1918- 1923.
1927.
N
5-Year
Aver.
1922-26.
Quality.
10-Yr.
Aver,
1928
1927
1928
(Prelim.) 1918-27 Per Cent. Per Cent.
Per Cent.
State.
Quality.
Production.
1
Acres Harvested in Thousands.
Croy.
Yield per Acre.
16-Yr.
Harvested,
Awe.
1917- 1927. 1928. 5-Yr. Av. 1927.
1926.
1922-26.
REFEHEMREEREMAMERRHEEEERMMEREMPFa
i
Grain sorghum yields have far surpassed expectations in the entire
southern plains region,especially in Texas and New Mexico. The equivalent
production for all purposes and not merely of that harvested for the grain,
is about 150,000,000 bushels compared with 138,000,000 last season.
Combining the production estimates of the 17 principal crops in proportion to 10-year average value per unit, the composite production of
these crops this season was 4.8% greater than last year and 7.6% greater
than the average production in the 10 years, 1918-1927.
By the same method of calculation the per capita production of the
principal crops of the United States this season was 3.6% greater than it was
last year, and 0.5% lower than the average per capita production during
the last 10 years.
Crop Report as of Nov. 1 1928.
The Crop Reporting Board of the United States Department of Agriculture makes the following estimates for the United States, from reports and
data furnished by crop correspondents, field statisticians, and co-operating
State Boards (or Departments) of Agriculture and Agricultural Colleges:
P.C.
81
82
77
83
80
83
76
85
81
79
80
81
74
68
76
85
78
62
80
87
80
83
81
82
78
85
83
81
81
79
81
82
80
73
74
75
78
66
84
77
79
79
83
78
84
79
78
87
80.7
P.C.
70
82
73
80
75
83
73
75
80
81
80
88
70
72
78
91
85
55
80
86
92
74
78
72
76
77
69
74
70
69
75
78
76
75
78
87
84
49
88
73
80
78
80
75
90
84
65
85
82.9
Mid-Year Report of Silk Association of America, Inc.'
Reviews Statistical Position of Silk Industry in
United States, Japan, China, &c.
The statistical position of the silk industry in the United
States, the consumption of raw silk, the manufacture of
broad silk, hosiery, ribbon and velvet, the value of United
States silk products, the number of establishments employed
In silk manufacture and their distribution by States, employees, wages, the amount of silk consumed in the knit
goods industry and other equally interesting statistics on
the silk industry in this country are contained in the Twenty-Ninth Mid-Year Report of the Silk Association of America, Inc., which was issued Nov. 17. A statement indicating the contents of the report says:
The United States, the report shows, is the largest silk consuming country in the world, and raw silk is the chief import of the United States.
Though the major part of the consumption is in the ready to wear in-
FINANCIAL CHRONICLE
2888
dustries for use in the manufacture of silk dresses, silk underwear and
silk hosiery, silk is also used in the interior decoration of homes, by
industry, and by the United States Government for stitching army and
navy uniforms, for parachute fabrics, and other uses.
To supply the needs of the American public, the report states, the silk
manufacturer has shown himself capable, during the past year, of putting
on the market silks of such beautiful styling as to be equal to the finest
fabrics produced abroad and the American woman has been able to obtain
better values in silk fabrics and better styling than ever before. Conditions in the broad silk industry point to a good winter and spring season. Consumption has fairly well paralleled production this year and
overproduction, while apparent in competitive lines, is not considered so
great as last year. In the merchandising and distribution of silks, some
changes are noticeable. Rand to mouth buying has become more and
more the policy of the retail trade. Buyers are less willing to commit
themselves to the laying in of stocks at seasons of the year too early
for rapid turnover or before fashion developments and, as a result, silk
manufacturers have been obliged to keep on hand fairly large stocks to
meet hurried zrders.
Other divisions of the industry report an optimistic outlook for the
winter and spring seasons. Ribbon manufacturers anticipate an increase
In demand for ribbons in the coming spring. Fashion has favored the
velvet manufacturer with what is termed as an unprecedented demand
for velvets. Increasing interest is being shown in fabrics made of spun
silk. Consumption of silk knit goods-hosiery and underwear-has increased during the past year.
Statistics of raw silk production in Japan and China, the two chief sources
of supply, have an important place in the report. Production, export and
consumption figures have been compiled, and a tabulation made of New
York market prices. Statistics on cocoon production have also been
Included in the report as well as statistics on waste silk, a by-product
of raw silk.
World and United States production of rayon and rayon imports into
the United States have also been charted and rayon prices on the New
York market tabulated.
Paper Men Agree on Price Schedule to Save IndustryCanadian Government Officials Approve Stabilization Plan-Terms Not Disclosed.
The following is from the "Post" of last night (Nov 23):
Newsprint manufacturers have reached an agreement on prices for
paper in conference with Canadian Government officials, which is expected
to lead to stabilization of that industry, according to advices received today from Montreal.
The terms of the compromise were not made public. The manufacturers
met to-day with the Prime Ministers of Ontario and Quebec and the Ministers of the Crown Lands of the two Provinces. Later the following statement was issued:
"The whole paper situation was renewed and discussed and the Ministers were informed that the manufacturers, after a week of conferences,
had come to a satisfactory agreement leading to stabilization of the industry, the terms of which were submitted.
"The Ministers agreed that stabilization of the industry over a period of
years was a matter of national importance and felt that the present arrangement would bring this about. Further conferences will follow to work out
the necessary details."
It is understood that co-operation among Canadian newsprint men is
closer than at any time in the past.
Slashing of prices for paper due to overproduction in Canada had led to
chaos in that industry in the Dominion, prices being cut to a point where it
was contended that many of the companies would operate at a loss.
September Figures Show Falling Off in Paper Production as Compared with Same Month Last Year.
For the first time this year the total production of paper
has fallen below the level of the corresponding month last
year, according to identical mill reports to the American
Paper & Pulp Association. The total production of paper
in September was 549,287 tons as compared with 609,421
tons in August and 532,634 tons in July. The nine months'
total was 5,197,631 tons as compared with 5,093,410 tons
production for the same period in 1927. Shipments during
the first nine months of 1928 totaled 5,161,163 tons as
compared with 5,054,323 tons in the same period in 1927.
Stocks on hand at the end of September totaled 279,003
tons as compared with 261,136 tons at the end of September 1927. In its further advices the association, under
date of Nov. 16, says:
The total pulp production, according to identical mill reports for September, was 184,173 tons, as compared with 199,544 tons in August and
186,615 tons in July. Production was at the rate of about 76% of
capacity.
The nine months' total production of pulp was 1,860,601 tons, as compared with 1,891,317 tons produced during the same period in 1927, a
decrease of about 2%. Stocks on band at the end of September 1928
totaled 111,879 tons, as compared with 135,546 tons at the end of September 1927.
COMPARATIVE REPORT ON PAPER OPERATIONSIN IDENTICAL MILLS
FOR THE MONTH OF SEPTEMBER 1928.
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Felts and building
Other grades
Total-All gradesSeptember
August
Nine months 1928
Nine months 1921
production
Tons.
Shipments
Tons.
102,852
86,815
217,163
49,459
14,415
27,908
13.174
5,358
9,309
22,834
107,894
89,377
220,430
49,434
14,797
27,915
14.644
5,751
9,204
22,188
549,287
609,421
5,187,631
5.093.410
561,634
608,528
5,161.163
5,054.323
Stocks on Hand End
of Month-Tons.
35.687
54,173
47,371
54,014
9,032
42,689
11,870
4,061
2.300
18,328
279,003
290,908
279,003
261.136 '
For.. 127.
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OF SEPTEMBER 1928.
Stocks on
shipped
Used
Hand End
During
During
Grade.
Produeof Month.
Month.
Month.
lion.
Ground wood
Sulphite, news grade
bulphite. bleached
Sulphite, easy bleaching
Sulphite. MItscherlich
Sulphate pulp
Soda pulp
Pulp-Other grades
Total-All gradesSeptember
August
Nine months 1928
Nine menthe 1097
Tons.
70,308
35,254
22,704
3,397
6,620
23,744
22,073
73
Tons.
76.631
32,552
20,512
3,117
5,561
17,251
13,817
Tons.
3,286
2,559
2,947
271
919
7,000
8,377
85
Tons.
86,438
9,557
2,995
624
1,646
5,330
5,178
111
184,173
199,544
1,860.601
1 501 017
169.341
191,485
1,672,654
1 740 014
24,994
22,393
205,492
170 510
111,879
122,041
111,879
135_540
Petroleum and Its Products-Pecos County To Continue Pro-Rating Output.
There were no changes in crude oil quotations this week.
Light oil remains in strong position, and Mid-Continent refiners are still paying a premium of 10 cents a barrel on high
gravity oil in many instances. Large integrated companies
are storing surplus production of light crude rather than sell
at present posted prices. Expectation of a sharp increase
in high gravity crude output in the Seminole area, as a result
of the heavy drilling campaign in the Mission pool, may
militate against an increase in posted prices, although new
production from the Mission area will not attain large volume
until the first quarter of 1929.
Operators in Pecos County are planning to extend their
pro-rating agreement for six months, upon expiration of the
present agreement Jan. 1. A test run in the Yates pool,
Pecos County, early this week disclosed a potential rating
of 4,208,455 barrels daily, as compared with the present
production of about 72,500 barrels a day for the field under
the conservation arrangement.
Continued favorable developments in the Elwood Terrace
field in, California are reported this week, and it is evident
that considerable new production of light oil is in sight from
this field. Barnsdall Corp. and Rio Grande Oil Co. are the
largest operators in the field.
Reports of the coming visit to this country of Sir John
Cadman, of Anglo-Persian Oil Co., Ltd., have revived interest in the question of South American curtailment. Sir John
Cadman is closely identified with the Royal Dutch-Shell interests. He will address the American Petroleum Institute
at its annual meeting in Chicago in December, and is expected to bring the American petroleum industry a plan for
better stabilization of the world oil position through cooperation of Anglo-American oil interests. It is considered
possible that the visit here of Sir John may result in something in the nature of a working agreement between the
Royal Dutch-Shell interests and American oil companies,
not only with respect to South American curtailment, but
with regard to world marketing operations as well. Organization of an American oil export combine under the provisions of the Webb-Pomerene Act,now in progress, will enable
the American industry, as a unit, to function more economically in foreign markets, and it is quite possible that this
body will co-operate more or less closely with the European
combine represented through Royal Dutch-Shell.
Prices are:
$3.60
Pennsylvania
1.80
Corning
1.45
Oabell
Wortham, 40 deg. 1.56
1.33
Rock Creek
Smackover,24 deg. .90
3.25
Buckeye
Bradford
$3.60
1.60
Lima
1.37
Indiana
Princeton
1.55
Canadian
Corsicana, heavy.. 1.00
Eureka
3.40
Oklahoma, Kansas and Texas$1.16
32-32.9
1.56
40-40.9
1.78
44 and above
Louisiana and Arkansas1.16
32-32.9
1.31
35-35.9
1.35
Spindletop, 35 deg, and up
Elk Basin
1.48
Illinois
$1.55
Wyoming, 37 deg- 1.41
1.29
Plymouth
1.77
Wooster
Gulf Coastal "A"- 1.20
Panhandle,44 deg.. 1.36
Big Muddy
Lance Creek
Bellevue
Markham
Somerset
California14-14.9
42-42.9
$1.33
1.48
1.25
1.00
1.75
.85
1.95
REFINERY PRODUCTS-CONTINUED WEAKNESS IN
GASOLINE.
While no pronounced declines developed, there has been a
generally easy tone in the gasoline market throughout the
current week. Refiners in the Mid-Continent area are quoting prices fractionally lower, and while the larger interests
were making some pretense of holding the market at 93jc.
per gallon for U. S. Motor, independent refiners were selling
as low as8 io3. and 83
40. appeared to be the average going
price. The tank ear market in the East is unchanged, but
barely holding its own at 11c, a gallon. Export inquiry has
fallen off, but prices are unchanged. A number of tankwagon and service station price reductions were made in the
East.
Nov. 24 1928.]
FINANCIAL CHRONICLE
Gasoline sales in the 46 States having gasoline tax laws,
and the District of Columbia, amounted to 4,652,393,575
gallons during the first six months of 1928, an increase of
680,970,224 over the corresponding period last year, according to data released by the Department of Agriculture this
week. Refiners were greatly interested in October automobile production figures, showing output of 398,818 units
in the United States for the month, against 415,283 in the
previous month, and 219,682 in October last year.
There were no important changes this week in refined
products, other than gasoline. Lubricating oil prices are
higher, Pennsylvania refiners advancing their quotations in
line with higher production costs due to the recent increase
in crude. Fuel oil is steady to firm, with kerosene showing
a softer tone and lower prices for the near future indicated
on this product. Refiners in the East are getting a continued heavy volume of furnace oil business, and this has
tended to aid the position of fuel oil. A chronological summary of the week's price changes follows:
Nov. 17.-Atlantic Refining Co. and Gulf Refining Co. reduced gasoline
service station prices 2c. per gallon in New England to 18e. a gallon.
Nov. 17.-Jenney Manufacturing Co. reduced service station gasoline
prices lb. per gallon to 19e. in Boston.
Nov. 20.-United States Motor gasoline Mc. lower at 8%c. per gallon
at Chicago.
Nov. 21.-Standard Oil Co. of New Jersey and American Oil Co.reduced
service station gasoline lc. per gallon to 21c. in Washington. D. C.
Nov. 22.-Pennsylvania refiners advanced fuel oil prices Mc. per
gallon.
Prices are:
Gasoline (U. S. Motor)
Portsmouth
11% Norfolk
1134
Jacksonville
.11
Tampa
.11
"Oklahoma
.08% New Orleans
..1154
Providence (deliv.)_ 1234 Houston
.13
.10%
.11
Chicago
08% California
.08%
.11
Marcus Hook
.11
*North Texas
.08%
Philadelphia
11
Note.-The above prices are f.o.b, refineries, tank car ots, unless otherwise noted.
Delivered prices are generally lc. a gallon above the refinery quotation.
'A number of the large refiners were still quoting .09 i.
New York
Chelsea
TivertonBoston (delivered)
Carteret
Baltimore
11
.12
Gasoline (Service Station)
201 Richmond
New York
.251 Charlotte
.24
19
Boston
San Francisco
.21
Charleston
24
24
Baltimore
Wheeling
24
Chicago
17
Norfolk
25
Parkersburg
.21
New Orleans
1934
-The
above prices are retail prices at service stations and include State
Note.
taxes in States where a tax is imposed.
Kerosene.
091 Chicago
New York
05341 Philadelphia (delly.) .10
New York (dellv.)._ .101 Philadelphia
.09 1 Oklahoma
0534
Note.-The above prices are f.o.b, refineries, tank car lots, unless otherwise noted.
Delivered prices are generally lc. a gallon above the refinery quotation.
Bunker Fuel Oil.
New York
1 05 1 Norfolk
1051 New Orleans
.95
Baltimore
1.05 1 Charleston
901 California
.85
Note.-The above prices are f.o.b. refineries; a charge of Sc. a barrel is made for
barging alongside.
Gas and Diesel Oil.
Gas oil. New York
05341 Diesel oil. New York
0.00
Note.-The above prices are f.o.b. refineries.
Export Quotations.
Gasoline, Navy. New York (151305. .2640 Kerosene. s. w., New York, cases__ .1765
Bulk
10341 W. W., New York. cases
1890
Tank Wagon Prices.
18 !Kerosene. w. w.. New York
asollne, New York
Crude Oil Output in United States Lower.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Nov. 17 1928, was 2,490,850
barrels as compared with 2,497,000 barrels for the preceding
week, a decrease of 6,150 barrels. Compared with the output
of 2,466,950 barrels per day for the week ended Nov. 19
1927, the current figure shows an increase of 23,900 barrels
daily. The daily average production east of California for
the week ended Nov. 17 1928, was 1,847,350 barrels, as
compared with 1,858,000 barrels the previous week, a
decrease of 10,650 barrels. The following are estimates of
daily average gross production (in barrels) by districts for
the periods shown below:
1Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas_
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
(Figures in Barrels.)
Nor. 1728. Nor. 10'28. Nov.3'28.
715.100
721,100
725,450
96,000
96,700
96.950
66.760
65,050
68,200
88,950
87,700
88,600
$4,750
55,250
55,400
330,200
328,900
329,250
21,450
21,300
21,600
26,600
26,550
26,850
38,750
39,400
38,150
83,400
83,200
83.300
113,400
117,250
115,600
21,100
20.750
21,250
109,000
111,000
113,000
59,550
61,150
61,300
12,200
11,750
11,800
7,700
7,350
6,950
2,450
3,600
2.500
643,500
639,000
631.000
Total
2.490.850
2,497,000
2,497.150
The estimated daily average gross production of the Mid-Continent field
Including Oklahoma. Kansas, Panhandle, North. West Central.
West.
East Central and Southwest Texas, North Louisiana and Arkansas, for the
week ended Nov.17 1928. was 1,521,950 barrels, as compared with 1.525.150
barrels for the preceding week, a decrease of 3.200 barrels. The MidContinent production, excluding Smackover. Arkansas heavy oil. was
1,467,900 barrels, as compared with 1,470,600 barrels, a decrease of 2,70O
barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week follow. (Figures in barrels
of 42 galiors.):
-Week EndedOklahomaNoo.17. Nov.10.
North LouisianaTonkawa
11,800 11.900 Haynesville
Burbank
25,500 25,900 Urania
Bristow Slick
20,500 20,600
Cromwell
8,850 8,800
ArkansasSeminole
42,950 42,700 Smackover, light
Bowlegs
50,200 50,100 Smackover, heavy
%aright
10,800 10,800 Champagnolle
Little River
110,200 115,250
Earlsboro
77,550 78,600
Coastal TexasSt. Louis
126,800 127,050 West Columbia
Allen Dome
23,000 23,500 Pierce Junction
Panhandle nutsHutchinson County_._ _ 30,300 30,100 Slipuinlldletop
Carson County
6,100 6,000
Gray County
26,850 27,000
Coastal LouisianaWheeler County
800
700 Vinton
North TexasEast Hackberry
W1lbarger
33,000 31,400 Sweet Lake
Archer County
19,300 19,500 SuuT
lph
vur
omiD
ngo
me
West Central TexasShackelford County_ _ _ _ 10,400 10,500 Salt Creek
Brown County
10,400 10,700
MontanaWest TexasSunburst
Reagan County
17,300 17,300
CaliforniaHoward County
30,050 29,600 Santa Fe Sprlogs
Peer s County
71,400 72,550 Long Beach
Crane & Upton Counties 52,100 53,400 Huntington Beach
Winkler County
148,700 145,700 Torrance
East Central TexasDominguez
Corsicana Powell
9,650 9,700 Rosecrans
Nigger Creek
700
700 Inglewood
Southwest TexasMidway-Sunset
13,400 13,300 Ventura Ave
Luling
8,900 8,850 Seal Beach
Laredo District
-Week EndedNov.17. Nov.10.
5,800 5,800
6,200 6,400
7,200
7.250
54,050 54,550
12,950 11,900
7,750
7,850
9,900 11,000
11,700 11,950
38,200 39,600
4,400
4,100
1,900
2,100
4,400
4,100
1,950
3,000
36,250 37,150
8,300
8,300
50,000
187,500
51,500
16,000
10,000
5,IJ I
28,111
75,000
51,500
25,500
50,000
187,500
51,500
16,000
10,000
5,000
28,000
74,000
52,000
25,500
Gross Crude Oil Stock Changes for October, 1928.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains increased 709,000 barrels in
the month of October, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit,
but not producers' stocks at the wells.
Changes in Stocks at Refineries East of California for
October, 1928.
The following is the American Petroleum Institute's
summary for the month of October of the increases and
decreases in stocks at refineries covering approximately
88% of the operating capacity east of California.
(Barrels of 42 Gallons.)Domestic crude oil
Foreign crude oil
Gasoline
Kerosene
Gas and fuel oils
Lubricants
Miscellaneous
Total
Deduct
15
2889
Net decrease
Increase.
Decrease.
380,000
343,000
816,000
269,000
1,671,000
62,000
665,000
878,000
3,328,000
878,000
2,450,000
Gas Tax in 46 States and District of Columbia Yields
$140,635,398 First Half of 1928-No Tax in Massachusetts and New York.
For the first six months of 1928,46 States and the District
of Columbia, report a total sale of 4,652,393,535 gallons of
gasoline which is a gain of 680,970,224 gallons over the
same period of 1927, according to information on gasoline
taxation collected by the Bureau of Public Roads of the
United States Department of Agriculture. In announcing
this, Nov. 16, the Department said:
No tax was levied in Massachusetts and New York and a tax was In
force for only month in Illinois.
The revenue collected amounted to $140,635,398 which is 839,384,557
more than collected on the 3,971,423.311 gallons sold in the first six months
of 1927.
Nearly every State showed a gain in consumption. California heads the
list with a gain of over 39,000,000 gallons and with an increase of one
cent a gallon in the tax. Texas is second, with a gain of 38,900,000 gallons.
Nov. 19'27. Ohio is third with a gain of over 36.000.000 gallons and at
an increase of
768,350
105,900 one cent a gallon in the tax. Pennsylvania is fourth, with a gain of over
increase
at
an
and
in tax of one cent a gallon. Kansas
82,550 31.000,000 gallons
78,400 ranks fifth with a gain of over 28,000.000 gallons. Montana. with 29,58,550 678,808 gallons more than doubled her 1927 sales of 14,278,756 gallons.
220,850
In addition to the six States above mentioned. 11 others showed gains
28,350
25,950 In sales ranging from 10.000,000 to 19.000,000 gallons. as follows:
49,600 Alabama__ More than 11,000,000 gals. Missouri
_ _ _ More
15,000.000 gals.
97,500 Arakansas_ __More than 10,000,000 gals. No. Carolina_More than
than 14,000,000 gals.
122,650 Connecticut More than 10,000,000 gals. Oklahoma- More than
17,000,000 gals.
15,600 Indiana
More than 15,000,000 gals. Washington More than 14,000,000 gals.
115.000 Minnesota-More than 12,000,000 gals. Wisconsin__ .More
than 15,000,000 gals.
51,300
gasoline tax per gallon for the six month period of 1928
average
The
13,700
6,500 was 3.02 cents as compared to the average of 2.55 cents for the same
period
2,200
last year. Of the total revenue collected. $95,849,113 will be used by
624,100 of
the State highway departments in construction and maintenance of State
2.466,950 roads: 629.557,416 will be used in construction and maintenance of local
FINANCIAL CHRONICLE
2890
interest and premium payments
roads, and $5,630,668 will be applied to the
of State and county road bonds.
in gasoline consumpIn general. the States showing the greatest gains
of highways during the
tion are those which have improved a large mileage
last three or four years.
[Vol.. 127.
National
formed to supplement the activities of the new
month.
next
doors
its
open
will
which
,
Metal Exchange
The announcement further states:
Lead Co.), ViceOther officers will be: A. B. Hall (of the National
Goldschmidt & Co.)
President, and Martin H. Wehncke (of Brandeis,
will include Edwin
Treasurer. In addition to the officers, the directors
Reached New Groves (of J. W. Phyfe & Co.), John Hughes (of the United States Steel
Venezuelan Oil Production in October
Erwin VogelCorp.), James E. Pope (of the Pope Trading Corp.), and new AssociaHigh Record, Amounting to 10,519,588 Barrels.
Sons of New York, Inc.). The
and
Lazarus
(of
Lewis
sang
hnessy's
will govern dealAccording to the November issue of "O'Shaug
tion has adopted a specific quality tin contract, which
Venezuela for ings in Straits and other specific qualities of tin. It is modelled after
South American Oil Reports," production in
Tin Contract, which
a new the style of the present New York Metal Ezichange New
York Metal Exthe month of October totaled 10,519,588 barrels,
will no longer be available after Dec. 1 when the
than
more
barrels
change goes into liquidation.
record for all time. This was 1,042,085
and was
the previous high figure reached in September
the total Further Decline in Steel Output-Buying Movement for
with
an increase of 4,495,884 barrels as compared
this year
of
October
in
s
Shipment
1927.
First Quarter Under Way-Pig Iron Prices HigherOct.
in
output
bar8,614,723
with
compared
Steel Prices Unchanged.
amounted to 9,282,807 barrels,
last
rels in September and 5,928,121 barrels in October
Steel output has shown a further decline, but the reyear.
cession in specifications has been checked and a buying
of the
Venezuelan production during the first ten months
movement for the first quarter is getting under way, the
50,254,against
as
barrels
7
84,536,74
totaled
current year
"Iron Age" of Nov. 22 states in its summary of iron and
1927. Ship656 barrels in the corresponding period in
steel conditions. Finished steel prices, for the most part,
with
ments amounted to 80,945,790 barrels as compared
remain buoyant, as evidenced by advances during the week
s
41,496,558 barrels in the first ten months of last year.
of $2 a ton on tin plate and tin mill black plate, continue
The above referred to report also contains the following the "Age," which we further quote:
in most disIn pig iron, also, sustained market activity is indicated
statistics:
into the
D.
tricts. In the Central West, forward contracting is extending gone up
PRODUCTION BY COMPANIES, PARTLY ESTIMATE
(n Barrels of 42 Gallons.)
of next year, and at Birmingham prices have
October
1928.
October
1927.
Daily
Average.
111,515 1.732,038
98,134 1,701,092
3,889
34,237 555,000
7,171 161,000
23,673 456,000
31,381 1,169,165
4,717 193,409
56,000
1,200
55,872
54,874
10.519.559 339.342 9.477.503 315.917 6.023.704
D.
SHIPMENTS BY COMPANIES. PARTLY ESTIMATE
(In Barrels of 42 Gallons.)
194.313
3,527.260
V.0.0
3,529.100
Lego
114,639
Falcon 011 Corp.__ _
1,156,845
Gulf-Creoles
405.000
Gulf
725,000
Gulf-Von. Petroleum
892,428
Caribbean Petroleum
131,316
B. C. 0., Ltd
38,000
General Asphalt_ _ _ _
Total
Daily September Daily
Average.
Average. 1928.
October
1928.
3,410,400
V.0.0
2,501,968
Lago
114,639
Falcon Oil Corp.... _
1,194,500
Gulf-Creole
430,020
Gulf
764,480
Gulf-yen. Petroleum
725,600
Caribbean Petroleum
103,200
B. C. 0., Ltd
33,000
_
Asphalt_
General
0 949 ow
113,782 3.345,453
113,842 2,944.018
3,698 116,680
37.313 1,027,111
13,065 215,117
23,387 710,185
28,788 941,430
4,236 141,509
36.000
1,226
Daily September Daily
1928. Average.
Average.
October
1927.
17,903
5,194
14,710
37,715
6,239
1,806
Daily
Average.
110.0133.238,550 107.952 1,718,324
74,368 1,455,481
80,709 2,231,043
3,899
3.698 116,680
38,532 1,009.650 514,700
38,532
458,500
6.985
209,550
13,871
22,860 402,069
24,661 685,000
30,448 1,145,549
23,406 913,437
5.800 177,498
3,329 174,013
56,000
1,200
36,000
1,226
55,430
46,951
2R7 1117 5025 121
101 220
900 ALSO Old 792
a Creole proportion, 572,929 barrels.
16,603
14,790
12,970
36,953
5,726
1.806
second quarter
25e a ton.
scrap
Scrap is again notable for its contrary trend. Heavy melting four
of
at Pittsburgh has declined to $17 a ton, or $1 below the level
weeks ago.
averages
Steel ingot production in the Greater Pittsburgh district now
declined
80%, compared with 85% last week. At Chicago, output has
mills.
to 82%, largely as a result of the annual overhauling of rail
is schedSimilar work is being done at the Alabama rail mill, which
output for
uled to resume operations Nov. 24. The rate of steel ingot
Steel Corporation subsidiaries is 80% for the second week.
since
largest
Specifications for finished steel at Chicago were the
desire to
February, but new business is small, possibly reflecting a
however,
keep stocks down preparatory to inventory taking. Cleveland, of first
reports not only heavier shipping orders, but a good volume
quarter contracting in alloy steel bars, sheets and strips.
part for the recent
The automotive industry, which accounted in large
g to the current
decline in specifications, is conspicuous in contributin
quarter buying.
recovery. It is also supplying the chief impetus to first
anxious to have prices named
In fact, parts makers that use steel bars are
with motor car builders.
for next quarter for use in figuring on contracts
steel awards
A high rate of construction is indicated by fabricated
in the previous week.
tons
of 47,300 tons, following a total of 55,000
of storage tanks,
The oil industry contributed one letting of 12,000 tons
total) aggregating
besides miscellaneous orders (not included in the
to Lockport, Ill.,
10,000 tons. The gas pipe line from Tulsa, Okla.,
Co., will take
sponsored by the Texas Corp. and the Empire Gas & Fuel
a Milwaukee
a total of 76,528 tons, which has been divided between
as previously
,
at
Youngstown
placed
and a Pittsburgh mill instead of being
reported.
tons of
Railroad buying of the week includes the placing of 10,000
of 300 freight
rails by the 3lissouri-Kansas-Texas and the distribution
tons
30,000
cars. The Chicago & North Western is in the market for
of rails, and the Wabash will buy 55 locomotives.
iron,
Another slight rise in the "Iron Age" composite price for pig
against $18.50
the tenth in three months, brings it to $18.54 a gross ton,
a lb., as
last week and $17.63 a year ago. Finished steel remains at 2.369c
the following table shows:
Pig Iron.
Finished Steel.
Nov. 20 1928. $18.54 a gross ton.
Nov. 20 1928, 2.369c. a pound.
218.56
2.369c. One week ago
One week ago
17.92
2.3620. One month ago
One month IWO
17.63
year ago
October
World's Production of Copper for the Month of
a New
Tons,
Short
176,600
mately
Totaled Approxi
High Record.
According to figures compiled by the American Bureau
copper for
of Metal Statistics, the world's production of
short
176,600
about
to
d
amounte
r
Septembe
of
month
the
month
tons, as compared with 157,500 tons in the preceding
and 148,300 tons in October 1927.
Copper output for the ten months ended Oct. 31 1928,
2.307o. One
One year ago
15.72
-war average
1.689c. 10-year pro
by principal countries of the world which furnished about 10-year Pre-war average
Based on average of basic iron at Valley
plates,
tank
beams,
comBased on steel bars,
at Chicago,
98% of the total, amounted to 1,523,418 short tons, as
wire, rails, black pipe and black sheets, furnace and foundry irons
Birproducts constituting 87% of the Philadelphia, Buffalo, Valley and
pared with 1,367,410 tons in the corresponding period last these
mingham.
United States output of finished steel.
Low,
High.
Low.
High.
year. The daily rate of production for these countries
July 24
1928_2.369c. Oct. 30 2.314c. Jan 3 1928.-818.54 Nov. 20 $17.04
17.54 Nov. 1
for the month of October 1928 was 5,601 short tons, as 1927_2.453o. Jan. 4 2.293c. Oct. 25 1927___ 19.71 Jan. 4
Jan. 5 19.46 July 13
21.54
1926-18
May
2.4030
5
Jan.
tons
c.
1926-2.453
4,686
July 7
against 5,151 tons in the preceding month and
1925_2.560c. Jan. 6 2.396c Aug. 18 1925_._ 22.50 Jan. 13 18.96
19.21 Nov. 3
1924-2.789c. Jan. 15 2.460c Oct. 14 1924_ 22.88 Feb. 26 20.77
for the month of October 1927, The Bureau's figures fol- 1923_2.824
Nov.20
20
Mar.
30.86
2
1923Jan.
2.446c.
24
c. Apr.
low:
production of
as
as
well
buying
in
situation
An
easier
MONTHLY COPPER PRODUCTION (IN SHORT TONS).:
98% of world's total.) iron and steel has developed in the past week, but the un(By principal countries of the world, which furnished about
derlying strength of the markets has suffered no impairDaily Rate.
Monthly Production.
ment, according to the "Iron Trade Review" of Cleveland.
1926. 1927. 1928.
1928.
1927.
1926.
Finished steel users are generally well protected for this
140,546 4,178 4,624 4,534
142.337
129.518
quarter. Advances on sheets, strip, tin plate and semiJanuary
144,546 4,516 4,745 4,984
132,370
136,455
February
144,843 4,346 4,398 4,672
steel leave little incentive for speedy covering
136,347
finished
134,727
March
143,427 4,565 4,324 4,781
135.729
136,938
April
4,940
quarter, while on most other lines producers
4,488
first
the
for
4,402
153,414
139,114
136.468
May
156,474 4,137 4,475 5.216
134,243
124,100
June
opened first-quarter books. Compared with
yet
not
have
4,942
4,264
4,016
153,190
132,186
124,48;
July
4,147 4.355 5,124
158.838
135,015
128,568
markets as a whole are at least 20% more
the
a
year
ago,
August
154,518 4,400 4,443 5,151
133,291
132.013
y
September
5,601
4,686
4,406
173,623
active. Interest in first-quarter requirements, especiall
145.278
136,600
October
4,944 4,733
141,975
148.321
broadening. Prois
November
s,
consumer
ve
4,805
by
the
automoti
larger
4,590
148.961
142,300
December
ducers of steel, sensing marked pressure for material early
4,543 4.994
1,600,491 1,658,346 1,523,418 4,385
Total
152,342
138.196
in 1929, are not pushing sales and are attempting to emerge
133.374
Monthly average...Mexico, Canada, Chile and
obx Table includes production by the United States,
from the fourth quarter with a minimum of low-priced
Belgian Congo.
Peru. Japan, Australia, Europe (partly estimated) and
ligations, adds the "Review," continuing:
West a
Pig iron demand in the East is brisker, but in the Middle
American Tin
developed. Some
C. S. J. Trench Elected President of
reaction to the past month's unprecedented selling has
price. More
Trade Association.
large melters, it appears, are awaiting a similar letdown in
furnace interests seek to
C. S. J. Trench, of C. S. Trench & Co., has been elected second quarter inquiry is developing, but blastfuel
for that
costs
and ore
distance ahead, with
President of the American Tin Trade Association, recently avoid commitments that
Nov. 24 1928.]
FINANCIAL CHRONICLE
period undetermined. In pig iron as well as in finished steel there is the
suggestion that consumers will hold receipts down to actual requirements
because of the approaching inventory season.
The prospect for plate mills, especially in the Chicago district, is
bright. In addition to some 200,000 tons that will be required for freight
cars now on inquiry, Chicago mills have booked 12,000 tons for a refinery at Houston, Tex., and 10,000 tons for Pacific coast tanks. A
Milwaukee maker of welded pipe is closing on a pipe line requiring
40,000 tons of plates. The shipbuilding revival has received impetus
from inquiry by the Ward line for two steamers which will take 7,500
to 8,000 tons, while nearly twice that tonnage is pending in another
eastern ship inquiry. The Great Lakes subsidiary of the Steel corporation may lay down two freighters requiring 5,000 tons each. Two Matson liners for the Pacific trade will call for 18,000 tons. The northern
New Jersey pipe line which will entail 39,000 tons of plates is maturing.
The 1929 rail buying movement to date is fully the equal of 1928
one a year ago. From 30,000 to 40,000 tons may be placed at Chicago
this week, not counting the 52,000 tons pending for the North Western
and 48,000 tons for the Milwaukee railroad. The New York Central is
taking bids on accessories for its recent large rail orders. The Canadian
National and Canadian Pacific railroads, which last week closed on a
total of 7,124 cars, have placed 1,000 automobile and 30 passenger cars
additional. The Great Northern has closed on 300 ore cars and the Chicago
Great Western on 300 box. New inquiry includes 1,472 cars and 1,050
underframes by the Louisville & Nashville, 300 by the Western Pacific
and 200 each by the North Western and Great Northern. The Santa
Fe may close on 4,000 to 5,000 cars.
On steel bars and shapes new business has been rather slow, although
Chicago mills received the best specifications since February. Cold
finished, strip and sheet mills feel the slack in automotive specifications,
but operations have generally been maintained at the expense of backlogs. Cast iron pipe orders have mounted, a French maker taking 14,000
tons at Warwick, R. I., and a domestic maker 26,000 tons in two awards.
Tin place for the first half has been advanced $2 per ton, to $5.35
per base box, Pittsburgh, with the cash discount unchanged at 2 per
cent. All sheet makers now quote 2.85c, Pittsburgh, on black, 3.60c
on galvanized, 2.10c on blue annealed and 4.10c on autobody, without
a real test. Books on hot strip have been opened at 1.90c and 2.00c,
Pittsburgh, according to width. Semifinished steel has withstood some
pressure, especially in the East against the $42 wire rod price. Plates,
shapes and bars generally are 1.90c to 1.95c, Pittsburgh, with producers
apparently waiting on each other to open first quarter books.
October's all-time steelmaking record was based largely on the consumption of 5,024,642 tons of lake ore, 9% over September and 10%
over last October, leaving only 39,554,612 tons of ore at furnaces or on lower
lake docks as of Nov. 1, compared with 42,163,529 tons a year ago.
Shipments of ore this month have been much heavier than in last
November and when the ore shipping season ends next week an ample
supply will have been brought down.
Steel corporation subsidiaries this week as last are operating at
'about 80%. Production in the Mahoning Valley is tapering slightly
'and Chicago is at about 85%. Pittsburgh mills average 80 to 85%.
Under the impetus of advancing sheet and pig iron prices the "Iron
Trade Review" composite of fourteen leading iron and steel products
has jumped 26 cents this week, to $36.19, its highest in 13 months.
Another reduction was made in the production of steel
ingots the past week, says the "Wall Street Journal" of Nov.
20. The 11. S. Steel Corp. Is operating at between 79% and
80% of capacity, a drop of about 1% from a week ago, when
the rate 'Was between 80% and 81%. Two weeks ago the
Steel Corp. was running at 85%, continued the "Journal,"
adding:
2891
tons as compared with the output for the week ended Nov.
12 1927, but 597,000 tons less than produced in the week
ended Nov. 3 1928. This decrease was apparently due to
the election holiday on Nov. 6. The production of anthracite for the week ended Nov. 10 last amounted to 1,784,000
net tons as compared with 1,377,000 tons in the preceding
week and 1,530,000 tons a year ago. The output of beehive
coke for the week ended Nov. 10 totaled 105,100 net tons,
as against 90,700 for the corresponding period a year ago and
97,800 tons for the week ended Nov. 3 1928. The Bureau
of Mines report is as follows:
BITUMINOUS COAL.
The total production of soft Coal during the week ended Nov. 10, including lignite and coal coked at the mines, is estimated at 10,543,000 net
tons, as against 11,140,000 tons in the preceding week. The decrease,
597,000 tons, or 5.4%, was apparently due entirely to the election holiday
on Nov. 6. Loadings on the other five days were higher than in the preceding week, and the average output per working day Increased 5.1%.
Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1923
Cal. Year
Week.
to Date.
11.248,000 397,367,000
1,875,000
1,560,000
11,140,000 408,507.000
1,857,000
1,566,000
10,543,000 419,050.000
1,952,000
1,574,000
Oct. 27
Daily average
Nov.3 b
Daily average
Nov. 10_c
Daily average
1927
Cal. Year
Week.
to Date.a
10,019,000 434,011,000
1,670,000
1,704,000
9,027,000 443,038.000
1,505,000
1,699,000
9,454,000 452,492,000
1.659,000
1,699,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Revised since last report. c Subject to revision. Election
day weighted as approximately 4-10ths of a working day.
The total production of bituminous coal during the present calendar
year to Nov. 10 (approximately 266 working days) amounts to 419,050,000
net tons. Figures for corresponding periods in other recent years are
given below:
1927
1926
1925
452,492,000 net tons11924
479,573,000 net tons 1923
435,026,000 net tons 1922
407,735,000 net tons
494,810,000 net tons
344,448,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the courtry as a whole during the week ended Nov. 3
amounted to 11,140.000 net tons. Compared with the output in the preceding week this is a decrease of 108.000 tons or 1.0%. The following
table apportions the tonnage by States and gives comparable figures for
other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Total Production for Week Ended
November
Nov. 3
Oct. 27
Nov. 6
Nov. 5
Average
State1928.
1928.
1927.
1923.a
1926.
Alabama
329,000
333,000
310,000
450,000
409.000
Arkansas
49,000
46,000
51,000
44,000
28,000
244,000
192,000
Colorado
86,000
265,000
236,000
Illinois
1,290.000 1.186,000 1,088,000 1,798,000 1,571,000
Indiana
297,000
275,000
303,000
569,000
536,000
74,000
67,000
Iowa
38,000
109,000
128,000
54,000
Kansas
55,000
51,000
120,000
102,000
Kentucky-Eastern
1,082,000 1,116,000
849,000
947,000
724,000
351,000
318,000
Western
288,000
340,000
218.000
Maryland
63,000
62,000
53,000
67,000
35,000
Michigan
1,000
1,000
13,000
16,000
26,000
85,000
78,000
Missouri
76,000
82.000
73.000
98,000
96,000
Montana
78,000
75.000
83.000
59,000
59,000
69,000
New Mexico
6.3000
62,000
71,000
61,000
North Dakota
58,000
46,000
35.000
435,000
423,000
Ohio
158.000
739,000
764.000
74,000
85,000
Oklahoma
69,000
68.000
72,000
2,714,000 2,880,000 2,142,000 3,327,000 2,993,000
Pennsylvania
108,000
113,000
85,000
Tennessee
120,000
117,000
18,000
18.000
20,000
30,000
29,000
Texas
110,000
125,000
116,000
96,000
112.000
Utah
279,000
278,000
227,000
292,000
217,000
Virginia
52,000
60,000
50,000
65,000
72,000
Washington
West Virginia-Southemb 2,216,000 2,310,000 1,763,000 2,148,000 1,304,000
850,000
815,000
777.000
942.000
Northern_c
743,000
168,000
173,000
193,000
168,000
184.000
Wyoming
1.000
6,000
1,000
5,000
5,000
Other States
Independent steel companies show a reduction of about 2% in their
activities, the present rate being around 82%, contrasted with about
84% in the preceding week and a shade above 87% two weeks ago.
For the entire industry the average is placed at approximately 81%,
,ik% in the previous week and better than 86% two weeks
against 82,
ago.
Total bituminous coal_ _11,140,000 11,248,000 9,027,000 12,991,000 10,878,000
At this time last year the Steel Corp. was running at between 70%
Pennsylvania anthracite__ 1,377,000 1,959,000 1,568,000 1,555,000 1,896,000
and 71%, with independents at 64% and the average approximately 67%.
Anthracite Industry More Active.
Increased activity in the anthracite industry is evidenced
by the indexes for October, prepared by the Federal Reserve
Bank of Philadelphia from reports received by the Anthracite
Bureau of Information from leading collieries of the State.
Employment increased 1.8% over September, although it
is still 5.8% below the same month last year. Payrolls
increased 29.5% over September, and also are 9.5% above
the index for Oct. 1927, indicating a higher rate of colliery
operations. Index numbers of employment and payrolls for
recent months are shown below.
INDEX NUMBERS-1923-25 MONTHLY AVERAGE=100.
Employment.
January
February
March
April
may
June
July
August
September
October
November
December
12,517,000 13,207,000 10,595,000 14,546,000 12,774,000
Total all coal
a Average rate maintained during the entire month. b Includes operations on
the N.& W., C. dc 0., Virginian, K.& M., and Charleston Division of the B.& 0.
c Rest of State, Including Panhandle.
ANTHRACITE
The total oroduction of anthracite during the week ended Nov. 10 is
estimated at 1,784,000 net tons. This is a decrease of 175,000 tons, or
8.9% from the output in the week ended Oct. 27, the most recent full-time
week. Records of daily loadings indicate that the time worked on election day. Nov. 6, was equivalent to approximately one-half of a normal
working day.
Estimated United States Production of Anthracite (Net Tons).
1928
1927
Cal. Year
Cal. Year
Wee*.
Week.
Week Endedto Date.
to Date.a
1,959,000 62,368,000
1,727,000 67,187,000
Oct. 27
1,377,000 63,745,000
1,568,000 68.755,000
Nov. 3.6
1,784,000 65,529,000
1,530,000 70,285,000
Nov. 10.c
a Minus one day's production first week In January to equalize number of days
In the two years. b Revised. c Subject to revision.
Wage Payments.
1926.
1927.
1928.
1926.
1927.
1928.
8.1
36.7
111.4
114.6
115.8
116.9
116.9
117.8
118.0
118.9
119.3
119.9
119.6
119.2
114.3
115.5
119.0
118.7
116.9
117.1
118.7
119.8
116.6
119.7
120.2
113.6
107.7
112.3
115.9
113.8
105.1
107.9
110.8
112.8
--_____
8.2
10.3
120.0
115.7
128.0
131.1
115.5
123.6
126.2
134.6
115.0
127.4
112.4
105.9
91.3
93.0
120.1
126.6
86.3
90.5
112.0
109.4
116.2
98.1
98.7
96.0
88.5
86.1
122.1
92.8
62.0
86.7
92.5
119.8
BEEHIVE COKE.
The total production during the week ended Nov- 10 1928 Is estimated
at 105,100 net tons, an increase of 7,300 tons over the preceding week
and 14.400 tons more than produced in the week ended Nov. 12 1927.
Estimated Production of Beehive Coke (Net Tons).
--Week Ended-1928
1927
Nov.10 Nov. 3 Nov.12
to
to
1928.c
Date.a
1927.
1928.b
Date.
83,700 79,600 60,400 2,666,500 4,863,400
Pennsylvania and Ohio
8,100
507.000
7.200
14,500
697,900
West Virginia
4,800
3,100
132,100
_ __
Ala., Ky., Tenn. and Oa
226.600
5,300
5,300
4,200
216,400
283,000
Virginia
4,900
5,700
6,800
197.000
Colo., Utah and Washington
318,100
United States total
Daily average
105,100
17,517
97,800
16.300
90,700 3,719,000 6,399,000
15,117
13,825
23,751
Minus one day's production first week in January to equalize number of days
Current Output of Bituminous Coal, Anthracite and in the
two years. b Subject to revision. c Revised.
Coke Higher Than in 1927.
The weekly estimate of bituminous coal production in the
According to the United States Bureau of Mines, the pro- United States, prepared by the National Coal Association
duction of bituminous coal during the week ended Nov. 10 from preliminary car loading reports, shows a total for the
1928 totaled 10,543,000 net tons, an increase of 1,089,000 week ended Nov. 17 1928 of 11,100,000 net tons.
[Vol,. 127.
FINANCIAL CHRONICLE
2892
30 days of September. The daily rate increased from 131,Monthly Production of Coal in October.
956 tons to 136,105 tons. There were 82 active plants, and
The total production of soft coal during the month of these plants produced about 86% of their capacity.
October amounted to 50,360,000 net tons, as against 41,301,- MONTHLY PRODUCTION OF BY-PRODUCT AND BEEHIVE COKE AND
PIG IRON.
000 tons in September, according to the United States Bu(Figures for coke in net tons; for pig iron in gross tons.)
reau of Mines. The average daily rate of output in OctoPig
Total
Beehive
By-Product
Iron.a
Coke.
Coke.
Coke.
ber was 172,000 tons higher than that for the month of SepMonthly total:
2,784,118
tember, an increase of 10.2%.
4,139,262
419,000
3,720,262
Oct. 1927
3,062,314
4,270,682
312,000
3,958,682
Sept.1928
The production of anthracite increased from 6,036,000 net
3,373,806
4,640,262
421,000
4,219,262
Oct. 1928
tons in September to 8,554,000 tons in October, and the aver- Daily
average:
89,810
136,123
16,115
120,008
Oct. 1927
age daily rate of output was 30.6% higher in October than
102,077
144,436
12,480
131,956
1928
Sept.
stafollowing
the
also
The
issued
Bureau
In September.
108,832
151,698
15.593
136,105
Oct. 1928
tistics:
a Mures from the "Iron Age."
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN OCTOBER (NET TONS).
Month.
August 1928_ _
September
October_a
October 1927._ _
Bituminous.
Anthracite.
No. of Avge. per
Working Working
Total
Day.
Production. Days.
No. of dirge. per
Working Working
Total
Day
Production. Days.
41,108,000
41,301,000
50,360,000
43.827.000
27
24.4
27
26
1,523,000
1.693,000
1,865,000
1.686,000
6,883,000
6,036.000
8,554,000
7.353,000
27
24
28
25
255.000
252,000
329.000
294,000
a Revised.
Production of By-Productand Beehive Coke in October.
According to the United States Bureau of Mines, a substantial increase marked the production of both coke and
Iron in the month of October. The output of by-product coke
set a new high record; the production of beehive coke was
the largest in any month since last March, and that of pig
iron, the largest since May 1927. In comparison with September the daily rate of output increased 3.1% for by-product coke, 25% for beehive coke and 6.6% for pig rim.
The total output of by-product coke in the 31 days of
October was 4,219,262 net tons, against 3,958,682 tons in the
The new plant of the Youngstown Sheet & Tube Co. at South Chicago,
Ill., began operations on Oct. 15. This plant comprises 70 ovens of the
Koppers-Becker type.
The cumulative output of both coke and pig iron for the year to-date
now shows an increase in comparison with 1927. For pig iron the increase is 0.9% and for coke 0.7%. The increase in coke has come entirely
from the by-product ovens, Of output of which up to Oct. 31 was 8.1%
greater than in 1927. The cumulative production of beehive coke, on
the other hand, shows a decrease of 43%.
CUMULATIVE PRODUCTION OF COKE AND PIG IRON, CALENDAR
YEAR TO OCT. 31.
(Figures for coke In net tons: for pig iron in gross tons.)
Total
Beehive
By-Product
Pig Iron.
Coke.
Coke.
Coke.
First 10 Months—
31,165.435
43,317,486
3,562,000
39,755,486
1928
30,888,175
43,022,884
8.248,000
36.774,884
1927
32,742,703
47,661,000
10,706,000
36,955.000
1926
30,130,016
44,293,000
8,684,000
35,609,000
1925
25,636,409
36,450,000
8,658,000
27,792.000
1924
coke
As usual at this time of year, there were large surplus stocks of
gas for
at by-product plants on Oct. 1. A group of 21 plants supplying
city use and producing coke suitable for domestic fuel that have reported
their stocks to the Bureau of Mines in recent years had a total of 959,000
tons of unsold coke on hand Oct. 1, as compared with 879,000 tons on
'July 1, and 952,000 tons on Aug. 1. Figures for the same group of
plants on comparable dates in other years are given below.
799,000
Oct. 1 1927
1,114,000
Sept.1 1924
959,000
Oct. 1 1928
628,000
Oct. 1 1926
Current Events and Discussions
Returns of Member Banks for New York and Chicago
The Week with the Federal Reserve Banks.
Federal Reserve Districts—Brokers' Loans.
The consolidated statement of condition of the Federal
with the returns for June 29 1927, the Federal
Reserve banks on Nov. 21, made public by the Federal
Reserve Board and which deals with the results for the 12
Reserve banks combined, shows a decrease for the week of
$57,600,000 in holdings of discounted bills and increases of
$9,800,000 in holdings of bills bought in open market, of
and of
$3,700,000 in United States Government securities,
circula$12,000,000 in cash reserves. Federal Reserve note
deposits
tion declined $15,400,000, member bank reserve
Total
$18,400,000 and Government deposits $8,300,000.
amount
bills and securities were $43,600,000 below the
Federal
held on Nov. 14. After noting these facts, the
Reserve Board proceeds as follows:
bids for the week were
The principal changes in holdings of discounted
of New York, 810,decreases of $24,600.000 at the Federal Reserve Bank
86,500,000 at St. Louis,
300.000 at Philadelphia, 813,200,C00 at Cleveland,
$12,400,000 at Chicago and
and 85,600,000 at Richmond, and increases of
of bids bought in open
$5,200.000 at Kansas City. The System's holdings
34,200,000, while
market increased $9,800.000 and of Treasury notes,
Treasury certificates
holdings of United States bonds declined $300,000 and
$200,000.
for the week of $6.Federal Reserve note circulation shows a decrease
$3,100,000 at Cleve800,000 at the Federal Reserve Bank of Philadelphia.
$2,000,000 at San
land, $2.700,000 at Chicago, $2,300,000 at Boston,
banks.
Francisco and $15.400.000 at all Federal Reserve
preceding
The statement in full, in comparison with the
will be
year,
last
week and with the corresponding date
2926.
and
2925
pages
mely,
pages—na
t
subsequen
found on
liabilities
and
assets
principal
A summary of changes in the
year ended
of the Reserve banks during the week and the
Nov. 21 is as follows:
(+) or Decrease (—)
Increase
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U.S.Government securities, total
Bonds
Treasury notes
Certificates of Indebtedness
Federal Reserve notes in circulation
During
Year.
Week.
+$12,000.000 —$192,500,000
--192,500,000
+8,300,000
—43,600,000
—57,600.000
54.800.000
—2,800.000
+147,700,000
+381,700,000
+183,300,000
+198,400,000
+9,800.000
+157,500.000
+3,700,000
—300.000
+4,200,000
—200.000
—395,200,000
—210,600,000
+61.700,000
—246,300,000
—15,400,000
—12,100,000
—57,800,000
_27,800,000
—46,400.000
Total deposits
—18,400,000
+3,100,000
Members reserve deposits
300 000
—8
Government deposits
of the
condition
statement of
released
and
Thursday, Nov. 29, being a holiday, the weekly
30,
Nov.
Friday,
Federal Reserve banks for Nov. 28 will be Issued on
for publication on Saturday, Dec. 1.
' '
Beginning
Reserve Board also began to give out the figures of the
members banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday,before which time the statistics covering the entire body of reporting member banks—now 631—
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show an
increase of $176,315,000, the grand aggregate of these loans
on Oct. 21 being $5,157,132,000. This is first time these
loans have passed the five billion mark and is the thirteenth
time in as many weeks that an increase over the preceding
week has been recorded.
On Aug. 22 (thirteen weeks ago) these loans totaled
$4,201,131,000, so that the net gain since then amounts to
nearly a billion dollars to be exact, $956,001,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York —45 Banks.
Nov. 211928, Nov. 14 1028. Nov. 23 19271
Loans and investments, total
7 340,452,000 7,226,308,000 6,980,798,000
Loans and discounts, total
5452,739,000 5.322,184,000 5,108,290,000
37,985,000
37,134,000
Secured by U.S. Govt. ooligations_ _ _ 47,681,000
2 640,693,000 2,505,971,000 2,424,992,000
Secured by stocks and bonds
2,764,365,000 2,779,079,000 2,845,313,000
All other loans and discounts
Investments, total
U. S. Government securities
Other bonds, stocks and securities
Reserve with F. R. Bank
Cash in vault
1,887,713,000 1,904,124,000 1,872,508,000
1,074,657,000 1,084,457,000
813,056,000 819,667,000
721,587,000
53,335,000
707,016,000
58,230,000
989,837,000
902,671,000.
776,674,000
66,833,000
Net demand deposits
Time deposits
Government deposits
5 293,610,000 5,198,350,000 5,452,294,000
1,205,280,000 1,215,304,000 1,068,821,000
28,113,000
22,047,000
22,047,000
Due from banks
Due to banks
97,488,000
114,705,000 111,263,000
1,181,009,000 1,191,888,000 1,256,384,000
Borrowings from F. R. Banks, total
Secured by U. B. Govt. obligathms
All Other
91,945,000
108,343.000
08,130,000
70,215,000
21,730,000
89.505,000
18,838,000
66,175,000
1,955,00
Nov. 24 1928.]
FINANCIAL CHRONICLE
Nov. 21 1028. Nov. 14 1928. Nco. 23 1927.
Loans to brokers and dealers (secured by
$
8
$
stocks and bonds):
1,125,922,000 994,367,000 1.188,881.000
Fcr own account
For account of out-of-town banks_ _1,750,794,000 1,751,460,000 1,292,578,000
2,280,416,000 2,234,990,000 999,827,000
For account of others
5,157,132,000 4,980,817,000 3,481,286,000
Total
On demand
On time
4 532,109,000 4,347,490,000 2,666,067,000
625,023,000 633,327,000 815,219,000
Chicago-43 Banks.
2 078.323,000 2,056,338,000 2,008,292,000
Loans and investments, total
Loans and discounts, total
1 601,473,000 1,696,083,000 1,541,960.000
Securea by U. S. Govt. ooligations___ 14,183,000
Secured by stocks and bones
802,793,000
All other loans and discounts
784,497,000
14,869,000
804,038.000
777,176,000
13,368,000
847,615,000
680,977,000
476,850,000
460,255,000
466,332,000
U.S. Government securities
202,886,000
Other bolds, stocks and securities_ _ _ _ 273,964,000
203,840,000
256,415,000
207,220.000
259,112,000
186,231,000
18.153.000
171,027,000
19,602.000
Investments, total
Reserve with F.It. Bank
Cash In vault
184,929,000
17,540,000
Net demand deposits
Time deposits
Government deposits
1,271,634,000 1,262,471,000 1,327,587,000
671.874,000 671,941,000 622,837,000
4,293,000
4,293,000
9,526,000
Due from banks
Due to banks
Borrowings from F. R.Bank, total
157,550,000
328,036,000
177,828,000
349,448,000
153,478.000
373,294,000
70,080,000
67,786,000
9.868,000
Secured by U.S. Govt. obligations__ 38,964,000
38,688,000
7,949,000
31,116,000
All other
29,098,000
1,917,000
Thursday, Nov. 29, being a holiday, the statement for Nov. 28 will be issued on
Friday, Nov. 30.
Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
numbering 631, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Nov. 19:
Complete
The Federal Reserve Board's condition statement of631 reporting member
banks in leading cities as of Nov. 14 shows decreases for the week of $83,000,000 in loans and discounts,of$14,000,000 in investments,of $96,000,000
in borrowings from Federal Reserve banks, and of $19.000,000 in Government deposits, and an Increase of $64.000,000 in net demand deposits.
Loans on stocks and bonds, including United States Government obligations, were $84,000.000 below the Nov. 7 total at all reporting banks, a
reduction of $100.000,000 being reported by member banks in the New
York district and of $9,000,000 by banks in the Boston district, while
reporting banks in the San Francisco district reported an increase of $9.000.000. "All other" loans and discounts increased $6,000,000 in the San
Francisco district and $5,000,000 in the Cleveland district, and declined
$6,000,000 and $5,000,000, respectively, in the Chicago and Atlanta
districts, all reporting banks showing a small increase for the week.
Holdings of United States Government securities declined $16.000.000
in the New York district and at all reporting banks, while holdings of other
bonds, stocks and securities increased $10,000.000 in the New York
district and $2,000,000 at all reporting banks, and declined $6.000.000 in
the San Francisco district.
Net demand deposits, which at all reporting banks were $64,000,000 above
the Nov. 7 total, increased $33.000,000 at reporting banks in the San
Francisco district. $18,000,000 in the Chicago district. $10,000,000 in the
Cleveland district. $8,000,000 in the Dallas district and $7000000 in the
Kansas City district. Time deposits increased $8,000,000 in the New York
district and $6,000,000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week wore reductions of $98,000,000 at the Federal Reserve Bank of New
York,$24,000,000 at Chicago and $9,000,000 at San Francisco,and increases
of $14,000,000 at Boston and .of $9,000,000 each at Philadelphia and
Cleveland.
A summary of the principal assets and liabilities of 631 reporting member
banks, together with changes during the week and the year ending Nov. 14
1928, follows:
Increase (+) or Decrease (—)
During
Nov. 14 1928.
Week.
Year.
S
5
8
total
Investments,
22,377,525,000
Loans and
—96,877,000 +825,482,000
18,015.663,000 —83,007,000 +804.992,000
Loans and discounts, tctal
Secured by U.S. Govt. obligations 110,928,000 —12,318,000
6,724,196,000 —71,928,000
Secured by stocks and bonds
9,180,541,000 +1,235,000
All other loans and discounts
—11,418.000
+400,859,000
+415,551.000
6,361,882,000 —13,870,0013
+20,490,000
2,997,888,000 —15,857,000
U.El. Government securities
Other bonds, stocks and securities_ 3,363.974,000 +1,987,000
+215,724,000
—195,234,090
1,721,743.000 +15,924,000
266.950,000 —3,546,000
—103,905,000
+3,029,000
13,409,088,000 +63.704,000
6,927,193,000 +6.455,000
72,504,000 —19,283,000
—401,365,000
+444,758,000
—242,792.000
1,275,011,000 +74,812.000
3,359,173,000 +37,235,000
—76,852.000
—357.920,000
641,240,000 .0-95,728,000
+408.672,000
433,436,000 *-57,076,000
207,804,000 —38,652,000
+271,580.000
+137,092,000
Investments, total
Reserve with F. It. banks
Cash in vault
Net demand deposits
Time depcsits
Government deposits
Due from banks
Due to banks
Borrowings from F.R.banks,total
Secured by U.S.Govt. obligations
All other
•NOV. 7 figures revised.
2893
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Nov. 24, the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
General conditions throughout the week were good and crop conditions
favorable. A storm has caused damages appraised at some 3,000,000
paper pesos (about $1,260,000) damages at Villa Maria. The announcement that President-elect Hoover will visit Argentina has made a favorable
impression upon the business men of the country.
AUSTRALIA.
Business conditions were slightly more favorable in October, particularly
with industries not affiliated with automotive lines, although these were
reported as slightly better throughout the country. No important labor
difficulties are anticipated at present, and wheat and wool crops are very
satisfactory. General improvement in the business trend is indicated
by an increased demand for money and by an exceptional activity in the
Job printing business. Incorporation of new companies, however,continues
very low except in engineering lines. The outlook for Christmas business
Is satisfactory, though imports continue on a moderate scale.
AUSTRIA.
Nothing has happened to disturb seriously the favorable trade and industrial situation which haa prevailed in Austria for several months in practically all important lines of business. A modest improvement has started
in the cotton spinning mills and cotton trade after a period of uninterrupted
depression since last winter. Iron and steel production is holding close
to peak levels and the principal metal consuming industries report substantial advance orders on hand. Including electrical equipment,locomotive and
car building, wire and steel cable, agricultural machinery, and machine
tool branches. Seasonal goods, such as footwear, clothing and hats, ate
reported moving well in the retail trade. The credit situation has shown
very little change in recent weeks: the banks report ample funds, particularly from abroad, to meet all current requirements, while the demands
on the national banks are fluctuating within a relatively normal range.
BRAZIL.
The general commercial and credit situation remains uncertain. Business
men are apprehensive as to the outlook, and there are rumors of important
failures approaching. Exchange weakened a little during the week, but is
expected to react favorably to the improved New York coffee market.
BRITISH MALAYA.
Business continues conservative but confidence in the future is fully
restored and a gradual steady return to normal conditions may be expected.
Importers are showing interest in new agencies and are otherwise planning
ahead. Interest in rubber circles is centered in extent of probable rubber
exports in November and December. Local market is steady and quiet.
Automobile sales continue dull although some interest is shown in taking
on new lines. Low stocks In practically all textile lines have resulted in
renewed activity during last month. Reported price cutting by sardine
exporters causing retailers to buy for immediate needs only. Market for
other canned goods is brisker. Dealers anticipate increased demand for
fertilizers from rubber estates following keener competition since lifting of
restriction. Plans for installation of carrier telephone between Kuala
Lampur and Ipoh are reported and if successful this type of long distance
telephone will be erected throughout the Federated Malay States.
CANADA.
Tte trend of trade during the past week Is described as generally satisfactory, although both wholesalers and retailers are complaining over the
continuation of warm weather, which has delayed Christmas buying in some
quarters. Eastern Canada reports satisfactory business and rural trade
in Ontario, except in the northern regions which sustained crop losses from
wet weather, has been improving. There is somewhat less optimism in
Alberta and Saskatchewan as lower grades and yield in crops become apparent, but the Priarie section is generally prosperous. British Columbials
busy, and retail grocery trade in Vancouver is reported as particularly
good.
Railway extension In the west, heavy orders for new railway equipment.
and new mining developments are maintaining the good demand for iron
and steel heretofore noted. October production of pig iron was 3% over
the previous month and the output of steel ingots and castings 9% heavier.
The only universal steel plate rolling mill in Canada is expected to resume
operations before the close of the present year. Lumber companies are
reported to be purchasing tractors for their logging operations, which have
been somewhat delayed because of warm weather and heavy rains.
CHINA.
No particular trade development has occurred during the past month in
Shanghai trade areas, and business in general has adopted a wait-and-see
policy pending Government reorganization and policies. Several staple
lines were shipped to interior points for redienishrnent of stocks, but these
now show declines. Import transactions are temporarily retarded due to
reluctance of dealers to assume additional obligations prior to Chinese
New Year settlement period. North China business is quiet. Railways
continuo disrupted, although the return of a small amount of rolling stock
has permitted the inauguration of semi-weekly passenger service between
Peking and Mukden. Manchurian crops are estimated locally to be 2%
above last year's crops. All lines in the Shanghai area report few transactions. Excessive taxation above agreed amounts have closed foreign
owned cigarette factories in Tientsin and Hankow.
FINLAND.
Due to the pronounced stringency in the money market that has preof
Finland was obliged to increase the official
Bank
vailed for some time the
discount rate by one-half per cent to 7% effective Nov. 17. Except for the
money crisis conditions within the country are practically normal. Industrial activities are satisfactory, the export markets are continually
developing, and unemployment does not exceed normal. The harvest is
expected to be average but a decline in imports is looked for due to the reduced purchasing power of the people as a result of crop returns falling
below those of last year.
FRANCE.
The formation of the new Poincare cabinet which assures the continuance
of former economic policies, the prompt passage of the national budget and
adequate defense of French interests in the coming negotiations Concerning
reparations and with regard to war debts has been received favorably In
business circles. The industrial situation remains steady. The coal
market has been strengthened by the termination of the textile strike, the
FINANCIAL CHRONICLE
2894
resumption of purchases by sugar refineries and good demand from other
industries, based partly on the fear of labor complications in the coal mines.
Export demand for French iron and steel products continues strong with
orders booked well ahead. Demand for construction steel was unusually
large during October. A seasonal slackening has occurred in automotive
sales. Machinery prices are generally steady and the volume of domestic
and export business is increasing. Manufacturers of electrical equipment
are operating at capacity and the market for radio supplies is active. Difficulties in obtaining building materials on reparations account have retarded
the house building program. The cotton industry, though still below
normal,has become more stable. Wool manufacturing improved decidedly
during October otter a slow beginning. The raw silk market,though active
at the beginning of October, was quiet during the remainder of the month.
Silk conditionings are considerably above last year. Orders booked are
somewhat below normal but the general situation is not unsatisfactory.
Rayon activity is steady. Rubber is active with prices steady; hides and
skins prices are declining and seasonal activity in the retail shoe trade is
satisfactory. Labor difficulties, especially a dockers' strike at Bordeaux
tends to unsettle trade. Car loadings from Jan. 1 through Oct. 20 show a
satisfactory gain over the corresponding period of 1927. Planting of winter
grains began about Oct. 15. under favorable circumstances with acreage
about equal to last year. Prospects for the sugar beet crop continue to
improve as the harvest progresses favorably.
GREECE.
A gradual improvement in business conditions continues, following the
is
depression caused by the dengue fever epidemic. The improvement
partly reflected in the larger customs receipts for October, after a sharp
returns.
drop in revenues from this source. Crop reports indicate favorable
over
Estimates for cereals, cotton, wine and olive oil show larger increases
last year. The tobacco crop, however, is expected to be smaller, although
in
the quality is better than last year. Important recent achievements
irrigation
the public works program include the signing of a contract for
which
Piraeus
of
port
work in the Struma Valley. Passenger traffic in the
ended by
had heretofore been controlled by boatmen appears to have been
new facilities which permit steamers to come alongside.
HAITI.
reserHeavy, well-distributed rains have filled all irrigation ditches and
of growing
voirs of the Islands and have improved further the condition
norcrops. Temperatures throughout the Territory have been higher than
change in
mal for November. Bankers report there has been no material
there are
the volume of trade compared with the preceding month but that
indications of an increase of 5 or 6% over the corresponding month in 1927.
reRetail merchants are complaining of slower trade, but collections are
ported as fair to good. A distribution of $750,000 by banks to Christmas
improve
to
expected
is
December
of
week
Savings Clubs during the second
business somewhat. About 30 sugar mills are expected to be busy grinding
the new cane crop by December 1st.
[VOL. 127.
UNITED KINGDOM.
After allowing for one additional working day in October of this year as
compared with the same month of 1927, a slight increase in the total valuation of exports of British goods is apparent in the latest trade figures. On
a monthly valuation comparison, British Board of Trade returns show October exports of United Kingdom goods to have been 5.1% greater than those
for the same month of last year; by the same comparison, imports were at a
decline of 2.2% and re-exports were 6% less. Exports of United Kingdom
goods aggregated £64,310,000 while imports and re-exports totaled £102,640,000 and £8,880,000 respectively. All of these valuations were substantially greater than the totals for September, and the export total,
being only slightly exceeded by that in the March trade, was the second
largest monthly valuation of British exports for the year. On the basis of
aggregate figures, the October export valuation appears as especially encouraging, as tending to offset the heavy reduction reported for September.
A slight improvement in employment is also indicated, unemployment registers on Nov.5 showing a reduction from the previous week of 25,000 persons
seeking work in Great Britain while the number reported for Northern
Ireland was less by 1,000.
The Department's summary also includes the following
with regard to the Island possessions of the United States.
PHILIPPINE ISLANDS.
Business in October was gocd but November opened with trade slightly
quieter although specialty lines remained active. Excellent trade for
the Christmas season is anticipated. Indent ordering of textiles improved
In October and arrivals of textiles were heavy. Merchants and importers
carrying stocks, however, reported slow business with stocks accumulating.
Improvement continued in the automotive trade and prospects for November trade are very good. Demand for tires resulted in some shortages of
pneumatics for trucks. Sales of most imported foodstuffs were good.
Early sugar crop reports indicate an output of centrifugal for the coming
with little
season of 600,000 tons. October's abaca market was very quiet
Interest in the United States or London and the copra market continued
steady with heavy production. The tobacco trade expressed satisfaction
Philippine
at recent passage by F hilippine legislature of bill equalizing
tobacco and sugar duties with tariff of United States.
PORTO RICO.
in most
Economic conditions in Porto Rico remain stable with sales
relief socistaple lines steady. Construction work continues active and the
and
1.700
lumber
of
feet
ety is ordering locally approximately 5,000,000
n activities.
tons of corrugated galvanized sheets for use in reconstructio
than in any
October retail business in San Juan was reported to be better
promises to be equally
previous month of the current year and November
after the
necessary
n
good. This can be attributed to the reconstructio
in circulation
September hurricane which has placed considerable money
tradesmen. The
and afforded work for a large number of laborers and
determined at
trend of business beyond the period of rebuilding cannot be
the inability of
of
account
this time. The fertilizer business is slow on
bank clearings
many tobacco farmers to finance purchases. San Juan
compared with
during the first 14 days of November were $8,125,000 as
$9.100,000 in the same period of last year.
INDIA.
A distinct improvement in India's labor situation has encouraged the industrial outlook, but trade conditions generally are marked by dullness.
Holiday trade is reported from most large centers as disappointing. A
partial failure of the wheat crop has not only prevented a surplus for export Amalgamation of Note Issues of British Treasury and
but has necessitated importation of considerable amounts of this comBank of England.
modity from Australia and Canada. This is the first time that Canadian
On Nov. 22, the date when the amalgamation of the
wheat has been exported to India. Cotton acreage is reported to be about
20% above the average for the past ten years. Crop conditions are generally note issues of the British Treasury and Bank of England
good, but stocks are accumulating and export demand is disappointing.
Press advices from London
Local mills are buying sparingly and the price trend is downward. Jute became effective, Associated
Is quiet and barely steady, due to heavy stocks at local mills, with the export this referred to the change:
disappearance
demand only average.
Today marked another important stage in the gradual
"appointed
ITALY.
of wartime expedients in Great Britain, for it was the
the much
with
issue
England note
of
Bank
of
the
eight
months
of
fusion
first
the
the
for
trade
for
day"
foreign
Italian
the
for
Total figures
M. M. larger issue of Treasury notes, of El 10s. denominations, which were
the year show, according to a report from Commercial Attache
over only known in British currency during and since the war.
Mitchell, Rome, a decrease of 138,527,000 lire in the value of imports
henceforth
The whole of the British note issue and circulation will
the corresponding period for last year and a decrease of 1.116.202,000
1927 revert, under the control of the Bank of England, which for months,
lire in the value of exports. Compared to the first eight months of
the rate
at
this has been printing the new pound and ten shillings notes
this is a decrease In imports of .9% and in exports of 10.9%. During
replace the old treasury
period of 1927 the exports equalled 70.4% of imports, and during 1928 of a million a day. These will gradually
all the old notes are
they have fallen to 63.3%. No details are as yet available as to the nature notes. It probably will be some months before
exchanged.
of the goods going to make up these differences.
Before the war, the smallest denomination of paper money was a ES
JAPAN.
Bank of England note, the remainder of the currency being in gold,
silver and copper coin. The issue of bank notes was made by hte Bank
Due to the enthronement ceremonies and numerous holidays, all business
of England, and was practically covered by reserve of gold in the bank.
exchange
stock
and
quiet
is
market
money
The
lines show little activity.
On the outbreak of the war, the Government, to impound all gold
dull, with lower quotations in many leading issues. Removal of the gold
for war finance authorized treasury notes in denominations of £1 and
embargo is believed unlikely before May. Tariff questions will perhaps
in- 105., which were not exchangeable for gold. The issue of these notes
receive no action before December. The raw silk market is dull, with
the war, and inflation period following, reached an enormous
dications that prices will be maintained at present levels to the close of the during
there was no limit fixed by law. Eventually, however,
because
of
total
crops
rice
in
forecasts
Second
occur.
changes
yen
sharp
year, unless
the Government decided to apply the brakes and at the present time
Japan and Chosen place estimates slightly below the first forecasts.
the issue has been reduced to roughly 300 million pounds, compared
with the issue of Bank of England notes of about 4185,000,000.
MEXICO.
Winston Churchill's last budget provided that this issue of treasury
was
1928,
17
Nov.
week
ended
the
during
general
in
business
Mexican
be fused with the Bank of England issue,
of notes should henceforth
far below normal for this season of the year. A national convention
and the whole be under the control of the Bank of England.
capital and labor was inaugurated by President-Elect Pones Gil for the
if
The New York "Times" in a London message Nov. 21
purpose of carefully considering the proposed new labor law which,
between
approved, is to go Into effect or January 11929. Air mail service
had
the following to say:
Mexico City and the important mining center of Matehala was inaugurated
Tomorrow England will be provided with a new paper currency, the
at a discount of
on Nov. 15. Dollars exchange continues firm with silver
amalgamation of the treasury or currency note issue with the Bank
approximately 3.80%.
of England's note issue. This will apparently mark the permanent
disappearance of gold as a medium of exchange in domestic payments
NETHERLAND EAST INDIES.
here.
depressed
the
only
rubber
with
prosperous
General conditions continue
After today the Bank of England will be ready, in fact eager, to
returns
trade
and
preliminary
favorable
are
factors
ling note now on issue for its own
market. All financial
have exchange every pound and ten-shil
values
export
although
advance
to
continues
trade
import
These currency notes came into exIndicate that
notes
of
the
same
denomination.
in
Imports
market is unabated.
fallen off. Activity in the automotive
to the great demand for gold for foreign
month and included a nuns istence in England owing
September were 68% higher than the previous
payments that arose on the outbreak of the war.
locally
to
buy
plans
announced
has
Government
ber of new models. The
It became necessary to substitute paper for gold money for domestic
the small type, for use of officials.
step had to be taken on short notice, the
a large number of automobiles, chiefly of
of staples for the native payments and, because the
imports
and
well
moving
are
Machinery sales
issue was made by the British Treasury and not by the Bank of EngAmerdull.
is seasonally
be
trade continue active. Textile trade, however,
land. It had always been intended that the issue should ultimately
quantities and condition and special
that an instiican fresh fruits are appearing in good
transferred to the bank, in accordance with the principale
ImChristmas
season.
the
for
market
the
aulines of foodstuffs are coming on
the government should be the note-issuing
the unsold balance has been tution independent of
provement has occurred in the sugar trade and
whole note issue, however, will in the ufture
estimates have increased to thority. The profits of the
crop
Current
tons.
long
to
298,600
reduced
government.
to
the
accrue
pending
developheld
being
will be
2,945,400 tons. Rubber trade is quiet, stocks
The new notes will be the same size as the old but the design
of native rubber are
and upward
ments. Government orders requiring better quality
based on the existing Bank of England notes of five pounds
tapping.
native
in
curtaflment
rigidly enforced, causing some
Nov. 24 1928.]
FINANCIAL CHRONICLE
which are so well known in Europe. The principal addition will be a
special waterwark representing in profile the head of Britannia, whose
figure has appeared on the bank's notes from the earliest days.
The panel in the right-hand top corner containing the denomination
will be printed in green ink with an underlying cross-banded tint of
blue. The ten-shilling note will be printed red with an underlying mauve
tint. The design on the back of both notes has been worked up from
the acanthus leaf motif surrounding the seated figure of Britannia on
the face of the bill.
In the pound note elaborated foliage in tints of blue, green and mauve
supports the reproduction of the long, low, main front of the Bank of
England, below which on either side is Pistrucci's "St. George and the
Dragon." In the 10 shilling note the sketch of the Bank is omitted,
and instead of Pistrucci's model the value of the note in figures is
shown in two interstices in the leaves.
The act empowering the issue relieved the Bank of England from the
obligation to pay in gold coin and fixed the new issue provisionally at
£260,000,000, with power to increase it if found necessary. This will
insure elasticity.
As security the Bank of England is obliged to hold securities in .its
issue department sufficient to cover it, and is allowed to hold Z5,500,009 of silver coin as part of these. The government, on the other hand,
will transfer tomorrow to the Bank assets of its currency note redemption account to an amount equal to the total of the transferred treasury
notes.
2895
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month; (2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks is
now included; (3) minor coin (nickels and cents) has been
added. On this basis the figures this time are for Sept. 30
1928. They show that the money in circulation at that date
(including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,846,198,357,
as against $4,802,819,937 Aug. 31 1928 and $4,948,462,008
Sept.30 1927, and comparing with $5,698,214,612 on Oct. 31
Previous items regarding the amalgamation of the British 1920. Just before the outbreak
of the World War, that is
Issues appeared in these columns Nov. 10 page 2627 and on June 30 1914, the total was
only $3,458,059,755. The
Nov. 17 page 2761.
following is the statement:
CIRCULATION STATEMENT OF UNITED STATES MONEY-SEPTEMBER
30, 1928.
MONEY HELD IN THE TREASURY.
MONEY OUTSIDE OF THE TREASURY.
Tolal
KIND OF
MONEY.
Amount. a
Total.
Amt. Held in Reeve against
Trust against United States
Gold & Silver
Notes
Certificates (& (and Treasury
Treas'y Notes
Notes
of 1890).
of 1890).
$
3old coin and
$
$
94,124,946,960 3,190,083,377 1,422,737,499
bullion____
.3old certificates c(1,422,737,499)
539.961,701
;tan.silver doll
480,121,705 476,552,294
;liver certifs.._ c(475,254,594)
Treasury notes
c(1.297,700)
of 1890
301,495,141
3,911,805
Subsidy silver_
117,309,103
2,379,729
idinor coin__.346,681.016
3,592,749
IL S. notes---.
2,083,654,930
082,450
F. It. notes_.4,049,608
F.1t.bank notes
120,500
898,152,659
notes
bank
19,030,084
Nat.
Tot. Sept.3028
Comparative
totals:
Aug. 31 1928
gSe pt. 30 1927
gOct. 311920
gMar. 311017
gJune 30 1914
Jan. 1 1879
Held for
Federal
Reserve
Banks
and
Agents.
$
$
156,039.088 1,449,064,510
Total.
3
934,863,583
1,422,737.499
3,869,411
59.539,996
475.254,594
$
162,242,280
1,297,700
3,911,805 297,583,336
2,379.729 114.929.374
3,692.749 343,088,267
982.450 2,082,672,480
120.560
3,929.048
19,030,084 670,122.575
Held by
Federal
Reserve
Banks
and
Agents.f
5
Population
of
Continental
United
Per
States
Capita (Estimated.)
In Circida ion.
Amount.
3
372.909.386
977.672.859
46.411,333
397,588,790
3
3.14
8.24
.39
3.35
1,297,700
14.286,941 283,296.385
2,498,197 112,431,177
39,978,165 303,110.102
383,763,990 1,698,908,49
12.580
3,916,46
30,466,908 648.655,667
.01
2.39
.95
2.55
14.31
.03
5.46
561,954,197
445,064,640
13,128,663
77,665,804
8,216,251,118 43.700.522,459 1,899,289,793
156,039,088 1,449,034,510 e196,129,068 6,415,018,452 1,568,820,095 4,846,198.359
40.82 118,720.000
8.157,252,148 43,697,124,832 1,942,393,868
8,675,462,084 44.208.959.692 2,093,696,600
8,479.620.824 42,436,864,530 718,674.378
5,396,596,677 42,952,020,313 2,681,691,072
3,796,456.764 41.845,575,888 1,507.178,879
1.007,084,483 d212.420.402
21,602.640
156,039,088 1,392,274,210
155,420,721 1.772,869,836
152,979,026 1.212,360,791
152,979,026
150,000,000
100.000,000
40.50 118,601,000
42.19 117,297.000
53.01 107.491,000
40.23 103,716.000
34.92 99,027,00(
16.92 48.231,000
a Includes United Stated paper currency In circulation in foreign
countries and
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Does not Include gold bullion or foreign coin other than that held by the
Treasury.
Federal Reserve Banks, and Federal Reserve agents. Gold held by Federal
Reserve
banks under earmark for foreign account is excluded, and gold held abroad for
banks
Is included.
Federal Reserve
c These amounts arc not included in the total since the money held in trust
against gold and silver certificated and Treasury notes of 1890 is Included under
gold coin and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e This total Includes 519.423.519 of notes In process of redemption, $151,808.946
of gold deposited for redemption of Federal Reserve notes, $5,403,885 deposited for
redeinptlon of national bank notes, $2,430 deposited for retirement of additional
circulation (Act of May 30 1908). and $7,561,883 deposited as a reserve against
Postal savings deposits.
I Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
g Figures revised to conform to changes effective Dec. 31 1027. Further revised
figures for 1917 and 1920 used beginning with Aug. 31 1928 statement.
Note -Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption; United States notes are
secured by a gold reserve of $156,039,088 held In the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are
also secured dollar for dollar by standard silver dollars held in the Treasury. Federal
Reserve notes are obligation.s of the United Staten and a first lien on all the assets
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal Reserve notes in actual circulation. Lawful money has been
deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
Uniteci States for their retirement. A 5% fund Is also maintained lawful money
with the Treasurer of the United States for the redemption of national banknotes
secured by Government bonds.
J. P.
J.
AU
Other
Money.
Morgan Returns from Abroad.
P. Morgan, who had
been abroad since July, returned
on the White Star liner Olympic which reached New York
on Nov. 21. Russell C. Leffingwell, a partner in J. P.
Morgan & Co., and John McHugh, President of Chase
National Bank were likewise passengers on the steamer.
Removal of Embargo on Gold Sought by Japan.
The Clearing Houses of the cities of Tokyo and Osaka
have asked that the embargo on gold exports from Japan be
206.417,666 6,402.521,184 1,599,701.247 4,802,819.937
186,972,535 6,560,198,992 1,611.736,894 4.948,462,098
352,850,336 6,761.430,672 1,063,216.060 5,698.214.612
117,350,216 5.126,267,436 953.321,522 4,172,945,914
188,397,009 3,458,059,755
3,458.059,755
90.817,762 816.266,721
816,266.721
lifted, according to a statement attributed to the Commercial Secretary of the Japanese Embassy in New York on
Nov. 13. The "Journal of Commerce" in indicating this
said:
The decisions of the Clearing Houses were drawn up Oct. 15, it was
stated. The requests of the Clearing Houses, it is understood, reflect
a general movement in Japan to bring the nation back to a gold basis.
The recent rise of the yen is attributed to the movement for the bringing of Japan back to a gold basis. The statement of the Embassy
follows:
"The recently reinforced discussion for lifting the embargo on gold
export brought about on Oct. 21 the decision of the clearing houses in
1okyo and Osaka in the favor of immediate lifting, and in addition thereto
the various financial concerns held the opinion that the financial and
it.dustrial readjustment having already reached satisfaction and the internutional balance sheet also indicating an improvement there would be
little fear of a bad effect from the embargo lifting. From these current
Nvorable opinions the yen exchange market met a continuous drastic rise
Dom the $45 basis for the United States currency on Oct. 15 to $47.75
on Oct. 26, although it experienced a reactional fall thereafter. The stock
and bond markets showed a sympathetic fall, discounting the result from
the embargo lifting.
We also take the following from the "United States
Daily" of Nov. 14:
Resumption of free gold shipments is the center of financial discussion
in Japan, the Department of Commerce stated Nov. 13. Japan's foreign
indebtedness on Sept. 29 was 2,142,000,000 yen. The statement follows
in full text:
The removal of the gold erport embargo continues to be the principal
subject of discussion in the financial world. Opinions of bankers, economists and business men, as expressed in the local press, are remarkably
unanimous that the permanent advantages of the resumption of free gold
shipments are far more important than the temporary adverse effects.
There is also unanimity of opinion to the effect that conditions in Japan
are favorable to the early removal of the embargo.
There is, however, a great deal of uncertainty with respect to the preliminary measures necessary. Certain financiers believe that it is unnecessary previously to establish credit reserves in New York and London. Other authorities are equally emphatic in their opinion that Japan's
foreign gold or credit reserves are too small to permit free gold shipments
without very serious effects on the country's financial and economic
structure. They contend that adequate reserves must first be built up,
presumably by the flotation of foreign loans, since domestic gold reserves
are required as a reserve for the note issue of the Bank of Japan under
the existing law.
2896
FINANCIAL CHRONICLE
During recent weeks there has been a very marked decline in Government
bond prices. It seems to be agreed that the primary cause for this break
in the market was a rumor that the Cabinet contemplated heavy additional issues of Government bonds. The decline is, more probably, a normal reaction; since for some time the larger banks were buying Government bonds in order to utilize their surplus funds and this buying has
diminished.
The Department of Finance has proposed new special income and business profit taxes to make up the deficit in the national revenue which
will be caused by the transfer of the land and business taxes to the
prefectural governments. According to the draft of this plan, the new
spe.rial income tax will be levied only upon the income from lands, buildings and other immovable properties. Income from labor or services will
not be affected. The new income tax will be 2%, and an additional
tax of 11h% will be assessed on business profits. It is estimated that
these two taxes will yield an annual revenue of from 40,000,000 yen to
45,000,000 yen.
Japan's foreign indebtedness totaled 2,142,000,000 yen on Sept. 29, according to a report of the Department of Finance. Of this total, 1,453,000,000 yen represented Government loans, 257,000,000 yen municipal
or other public loans, and 432,000,000 yen industrial and commercial
bonds and debentures. Interest payments on these loans are estimated
at about 112,000,000 yen a year.
Plan Proposed for Rehabilitation of Nicaragua's Finances
Calls for Loan of $30,000,000 and Sale of Majority
Stock of Bank of Nicaragua to Americans.
The State Department at Washington made public on
Nov. 19 a report on economic and financial conditions in
Nicaragua prepared by W. W. Cumberland, who in November last year was delegated by the State Department,
at the instance of President Diaz of Nicaragua to undertake a survey of conditions in that country. In presenting
a plan for the rehabilitation of Nicaragua's finances Dr.
Cumberland proposes, among other things, a loan of $30,000,000, and the sale of a majority of the stock in the
Bank of Nicaragua to Americans. From a Washington
dispatch Nov. 19 to the "Times" we quote the following
regarding the report:
[Vol,. 127.
tors of the government for more than $250,000 and they have no agricultural or industrial commitments whatever."
Outline of Financial Plan.
The financial plan recommended calls for:
The appointment of a collector general who would collect all revenues
and receipts and deposit them with the Bank of Nicaragua as fiscal
agent.
The appointment of an auditor general to examine the accounts and
records.
The designation of a high commission, consisting of the Finance
Minister, the Collector General, who would be entrusted with framing
the budget and have a veto power over any legislation designed to
reduce revenues and receipts and exercise control over currency issues.
The establishment of a claims commission, consisting of two Nicaraguans, to pass upon claims, foreign and domestic, arising out of
revolutionary and other troubles.
In addition the plan would authorize the sale of a majority of stock
in the Bank of Nicaragua, with minority representation on the Board
of Directors by Nicaraguans, and would set up the bank as fiscal
agent of the republic. The Nicaraguan government would be authorized to contract a loan of not more than $30,000,000, of which the first
series would be the contemplated $12,000,000, which would be expended
by direction of the high commission.
The Pacific Railroad would also be permitted to borrow $2,250,000
on conditions approved by the directors of the road and by the high
commission for extensions and improvements.
Russia's Creditors Join in New Effort to Secure Pay-
ment—Proceed Against Poland, Esthonia, Lavia
and Others—Americans Not Represented in New
International Committee.
It was stated in the New York "Journal of Commerce" of
Nov. 19 that new vigorous efforts on the part of holders of
pre-Soviet Russian bonds to protect their interests and attempt to realize on their investments are currently being
made by the new International Committee of IIolders of Russian Bonds. The paper quoted further stated:
The first step to be undertaken by this committee,it is learned on excellent
authority, is to attempt to determine the proportional liability of Poland,
Esthoiala, Latvia, Lithuania and Rumania on these bonds, since they were
issued when these countries were included in the Russian Empire.
The new International Committee was formed late last month at a conThe report was given out today for publication by the State Depart- ference in London. it differs from previous efforts to put up a solid front for
ment with the consent of President Diaz. The department made clear, all Russian international creditors in that only holders or Government bonds
however, that it represents only "the personal views of Dr. Cumber- are included, while claims against private persons and property rights are
land." Secretary Kellogg in amplification of this position said that not not represented. The policy of the committee is to insist that no separate
only had the State Department not approved it as drawn but there were agreements with Russia be made by any of the bondholders,so that an agreecertain things recommended that the United States could not do. He ment with one country recognizing debts will now have to apply to ail. Thus,
did not reveal what these things are, asserting that he was not prepared the Russian effort to make a separate agreement on her national debt with
to discuss the report in detail.
England or France in order to obtain new loans would not be possible if the
Dr. Cumberland undertook the survey on Nov. 15, 1927, as he was present committee achieves it. purpose.
returning to the United States to engage in private banking in New
The now International Committee includes ad important holders of RusYork after several years service as financial adviser and General Re- sian pro-war bonds except American. Holders of Russian bonds here are not
Nicaragua
ceiver of Haiti. He spent approximately three months in
formally organized, but tae National City Co. has usualiy acted in protecand submitted his report to Secretary Kellogg from Managua on March tion of their Interests. As far as can be learned the National City Co. has
10, 1928. Copies were furnished President Diaz at the same time.
not joined the International Committee and has no intention of requesting
Since then New York bankers and agents of the Nicaraguan Govern- admission to it.
ment, with the report at a guide, have endeavored to agree upon terms
The committee has indicated that it will proceed to have determined the
fie floating a $12,000,000 loan to Nicaragua, for the purpose of con- liability of the succession States to the Russian Empire under the terms of a
solidating the present debt, providing means for rehabilitation of the convention affixed to the Treaty of Versailes. This clause provided that a
financial structure of the government and for carrying out economic special commission be formed to establish the proportional liability of each.
improvements in the republic.
Such a commission has never been formed,and It is to secure its formation at
These negotiations collapsed several months ago for reasons which the earliest possible moment that the committee is now making energetic
doubts
involve
to
understood
were
which
but
never were announced
preparations.
There is one complicating factor In this connection. In the treaties of
entertained by American bankers as to the stability of Nicaragua. With
prospects of law and order improved in the past few months and a peace between Russia and Poland, as well as several other of the succession
Presidential election carried out peacefully, it is now the expectation States,it was provided that the Soviet Government assumed all obligation on
that the negotiations will be resumed after General Jose Maria Moneada, the Russian pro-war debt. This clause of course had only nominal significance as long as Russia did not pay her debts. The bondholders claim that
the Liberal President-elect, is inaugurated on Jan. 1.
The extent of American participation in Nicaraguan affairs recom- such a clause has no validity, as long as they do not receive payment on their
mended by Dr. Cumberland is far-reaching. He not only holds up as obligations from the Soviets.
The International Committee has made known that these successor State
the keystone of the arch of the new Nicaraguan State which he envisages a National Guard developed to proper efficiency over a period may prove liable for about 20% of the Russian debt. Principles for the
of years by American marine officers, but stipulates that Americans division of national debts among successor States have not been clearly
should be placed in several strategic offices for the administration of established in international law, according to the best authorities, but
generally the division is made on the basis of national wea.th or tax paygovernmental affairs.
Among the points he makes are that a majority of the stock of the ments. In certain instances, according to one international legal authority,
be
bank
the
that
and
Americans
to
sold
be
are divided according to population and area also.
should
debts
Bank of Nicaragua
made the fiscal agent of the State, and that Collector General and the
Auditor General should be Americans, nominated by the American
Secretary of State and appointed by the Nicaraguan President, so as Economic and Industrial Conditions in Denmark
During September—Re-opening of Private Bank
"to assure proper collection and expenditure of public funds."
Appointment of Americans to the two latter offices, he adds, "would
Following Its Closing on September 28.
be welcomed by the Nicaraguan people."
The measures taken toward the re-opening on Oct. 3
The present outstanding funded debt of Nicaragua is $5,675,000, of
which $3,296,567 is external. The $12,000,000 loan, after deducting of the Private Bank of Denmark, the closing of which on
debt
refunding
public
for
this
used
be
would
the cost of underwriting,
Sept. 28 was referred to in our issue of Sept. 29, page 1749,
and for other necessary expenses as follows:
$3,297,000 are indicated in the statement regarding the economic and
Redemption or conversion of 1909 bonds
2,372,000 industrial conditions in Denmark during September, issued
Redemption or conversion of customs guaranteed bonds
26,000
Expenses of redeeming or converting outstanding bonds
2,000,000 Nov. 20 by the National Bank of Copenhagen and the
Payment of claims
3,000,000 Danish Statistical Department. We quote therefrom as
Highway construction
250.000
Payment of balance of $1,000,000 loan
55.010 follows:
Payment to Salvador
As far as banking and financial conditions are concerned the interest
Election expenses150,000
350.000
during the past month is especially associated with the events concerning
Managua
of
sanitation
Paving and
100,0.10 the Private Bank. After an Investigation of the Private Bank's position
Miscellaneous
by the bank inspector was completed, it was apparent in September that a
$11,600,000
Total
reorganization was necessary, and as those negotiations which during the
Dr. Cumberland rejects as "childish" any suggestion that American ratter half of September were introduced between representatives of the
participation in the administration of Nicaraguan finances would mean principal banks and the State remained without result. the Private Dank
closed September 28th. In the course of a few days, however, It was possithe surrrender of the sovereignty of Nicaragua.
"Total American investments in Nicaragua," he says, "of some ble without the co-operation of the State to bring about an adjustment,
to
loans
Nicaand
the
investments
the three other principal banks in connection with a number of instituas
private
$10,000,000, including both
raguan government, are surprisingly small in amount. In fact, Ameri- tions closely allied to the bank subscribed a new share capital of 28 Mill.
can financial interests are greater in each of the other Latin-American Kr.; for further safety of the depositors is coalition consisting of Stockholm.
republics, with the possible exception of Paraguay, than in Nicaragua. Enaldlda Bank, Hambroes Bank. London. and Guaranty Trust 0o., New
The New York banks which have for years interested themselves in the York, together with the three Danish principal banks, have subscribed
inanalal affairs of the republic are not at the date of this report credi- a contribution capital of 15 Mid. Kr. Irrevocable for a number of years,
S
Nov. 241928.]
FINANCIAL CHRONICLE
which is liable for the bank's obligations after the bank's own capital. As
there according to the bank inspector's investigation remained 12 Mill.
Kr. of the bank's old share capital, the capital contributed to meet the
bank's obligations will hereafter be a share capital of 40 Mill. Kr., and a
responsible contribution capital of 15 Mill. Kr. As moreover the bank's
connection with the activities, which caused the essential losses, at the
same time was arranged, there was brought about an entirely sufficient
and reasonable basis for the bank's continued activity, and the bank opened
on Oct. 3rd.
These events have not had any important influence on the extent of the
three principal private banks' outstanding band and deposits, as the
outstanding loans increased with 4 Mill. Kr., the deposits with 1 Mill. Kr.
The rather unimportant withdrawals of bank book deposits in the Private
Bank during the days before the close of the bank, have thus been more
than compensated for by the increase in the deposits of the two other banks.
The outstanding loan of the National Bank has however during the month
increased with about 22 Mill. Kr.
Neither has the month of September brought any great fluctuations in
the bank's accounts with foreign countries, as the three principal private
banks foreign credits during the month have been increased with 8 Mill.
Kr. as far as the account in foreign currency is concerned, at the same time
the net debt to foreign countries in Danish Kroner has gone clown 1 Mill. Kr.
Also the National Bank has during September increased its stock of foreign
currency, namely with 7 Mill. Kr., so that it appears that there was rather
a considerable amount of foreign currency on the market. The National
Bank's amount of bills in circulation is as a result of the increase in the
outstanding loans and stock of foreign currency increased from 340.9 to
360.3 Mill. Kr.; in September, 1927 the amount of bills was 351.4 Mill. Kr.
For settling of accounts by the check-clearing undertaken by the banks
and savings banks through the National Dank, there was during the month
delivered checks amounting to 434.0 Mill. Kr. against 412.0 Mill. Kr. in
August.
The average weekly transactions on the Copenhagen stock exchange
In September amounted to 3.8 MILL Kr. for bonds (August, 1.2 Mill. Kr.)
for stocks 1.8 Mill. Kr. (August, 1.2 Mill. Kr.); in September, 1927, the
aorresponding figures were 1.8 and 2.2 Mill, Kr.
In the index for stock exchange quotations there was during September
an increase from 93.0 to 93.7 for bonds and a decrease from 100.1 to 99.9
for stocks (the quotations of July 1 1914, fixed at 100). Compared with
September, 1927 the stock group "other companies", which especially
includes agricultural stocks (102.3 in September. 1928 against 91.6 in
September, 1927) and shipping stocks (respectively 119.3 and 118.0) were
high this year. The banks' index was for both years 85.5 and the industrial
stocks were lower this year with 91.1 against 94.6 last year; the complete
Index was 2.2 points higher this year, namely 99.9 against 97.7.
The following is also taken from the statement:
2897
collections as a whole, in the first six months of the current fiscal year,
amounted to 61% of the budget estimates for the year.
"Receipts from the state monopolies, which form an important source
of revenue, have been satisfactory. The Tobacco Monopoly paid to
the government during the past six months 198,007,000 zlotys as compared to 179,042,000 zlotys for the same period of the preceding year and
the Alcohol Monopoly yielded 199,183,000 zlotys as compared to 151,127,000 zlotys during this period last year.
''Customs rates were revised on March 15 1928 in order that they
might be relatively the same under the present stabilized zloty as under
its former exchange value. The receipts for the third quarter of 1928
totaled approximately 115,100,000 zlotys as compared with 80 million
zlotys for 1927. The amount required for the service of the stabilization
loan for the third quarter was approximately 15,800,000 zlotys so that
the receipts were approximately 7.3 times the requirements of the loan
service."
The report stresses the need for tax reform, now being
studied by a committee appointed by the Minister of Finance. It says:
"There is objection to the present taxes on business in that in effect
they discriminate against large concerns. The income tax on business
concerns is progressive and in practice the weight of both the income and
industrial tax falls heaviest on large concerns.
"It is not advisable to place large concerns at a disadvantage with
respect to competition with small concerns. Recent experience in industrial countries has proved that large scale production is more economical and Polish industry will be unable to compete with foreign
concerns if it is kept from developing to its normal sire. There is reason to believe that in the near future effective steps will be taken to improve the system of taxation in Poland."
Visit to Russia of Charles S. Dewey, American Financial Adviser to Poland.
Regarding a brief visit to Moscow by Charles S. Dewey,
American Financial adviser to Poland, a wireless message
from Warsaw Nov. 18 to the New York "Times" said:
Charles S. Dewey, the American financial adviser to Poland, returned
from Moscow to•day after a four days' visit at the Soviet capital. He reiterated the statement that his journey was purely of private nature and
that he, with his wife and family, enjoyed themselves on their brief
holiday.
"There was nothing behind my Moscow trip," he said here. "It was
purely personal. Moscow made an impression like that of any other city
that is very busy and has plenty of taxis. I noticed that the Government cooperative stores were full of buyers. The people look healthy.
"I talked with Litvinoff, the Assistant Foreign Commisar, Piatakoff,
the State Bank Director and Briachanoff, the Finance Commissar and
discussed Soviet economic and financial condition. They informed me on
Soviet domestic affairs without even mentioning foreign relations. I think
it is very useful for me as Poland's financial adviser to get acquainted
with economic conditions in neighboring countries."
In Warsaw the opinion prevails that Mr. Dewey especially investigated
the possibilities of Polish exports to Russia and of increasing the mutual
exchange of goods. His statement more or less confirms this. He denies
all rumors that he went to Moscow at the behest of the American Government or American interests to discuss Russo-American relations with
the hope of reaching some basis for negotiations on the old Russian debts.
The Danish export of agricultural products was In September, 1928,
larger than during the corresponding month last year for butter and eggs,
but slightly smaller for bacon and meat; the average weekly exportations
amounted to: butter, 2,705.800 Kilos (September, 1927. 2.670.800 ICIlos);
eggs. 956.300 scores (913,800 scores); bacon, 4,893,200 Kilos (4.936.600
Kilos); beef and cattle, 1,11^.800 Kilos (1,222.100 Kilos).
The prices of the exported articies were for all articles with the exception
of eggs, higher than in September last year, the average weekly notations
being: butter, 330 Kr. (September 192., 326) per 100 Kilo; eggs, 1.55 Kr.
(1.69 Kr.) per Kilo; bacon. 1.54 (1.43 Kr.) per Kilo; beef, 59 ore (58 ore)
per Kilo on the hoof.
The trade balance with foreign countries in August amounted to 155
Mill. Kr. for imports and 146 Mill. Kr. for exports, so that there was an
Import surplus of 9 Mill. Kr. against 10 Mill. Kr. in August, 1927. For
the months January-August the import surplus was this year 78 Mill.
Kr. against 63 Mill. Kr. in 1927.
The Statistical Department's wholesale index went down In September
from 154 to 151. The decrease which is especially due to the fall in the Increase of 73% in Long Term Mortgage Credit in
price. of grain and fodder, is found in the Individual groups especially for
Poland in First Six Months of 1928 as Compared
vegetable food stuffs (7 points) and fodder (11 points); besides building
material has fallen two points and the leather group and chemical technical
with Same Period Last Year.
goods each 1 point, while animal food stuffs have increased four points.
The amount of long-term mortgage credit increased 73%
These fluctuations have to a marked degree continued the improvement
of the relation between the prices for import and export articles, as the price in the first half of 1928 in Poland as compared with the
index for imports in September fell from 148 to 138, while the price index same period in 1927, reflecting the success of the stabilizafor exports increased from 144 to 149.
The freight rate figure in September increased from 103 to 107.2. In tion plan. The New York office of the Legation of PoSeptember 1927 the figure was 109.0.
land, In announcing this Nov. 17, said:
The percentage of unemployed was at the end of September 12.2 against
The total number of mortgage loans in the first half of 1928 was 10,658
16.0 in September last year. in the real industrial professions the percentage aggregating 184,863,000 zlotys, as compared with 9,921 for the whole
was respectively 13.3 and 16.4.
year 1927 aggregating 214,165,000 zlotys.
The Government's revenue from consumption taxes was In September
The scarcity of long-term credit and the high interest rates have con12.3 Mill. Kr. of which 5.0 Mill. Kr. were custom revenue taxes proper. stituted a considerable handicap in the economic development
of Poland.
In September 1927 the corresponding figures were 12.7 and 5.0 MID. hr. .The continual expansion of Poland's industry
has called for a supply of
capital which at first was only reluctantly offered. The majority of the
mortgage loans enumerated above were advanced by private banks, the
Stabilization in Poland Functioning Smoothly, Ac- ,Bank of Poland using little of its capital for this purpose.
different exchanges in which these loans have been payable afford
cording to Quarterly Report of Financial Adviser anThe
interesting indication of the new confidence in the
of the
Charles S. Dewey-Need for Tax Reform Pointed zloty. In the year 1927 loans to the value of 80 million stability
zlotys were advanced in paper zlotys, about 60 million in gold zlotys, 59.5 million in
Out.
dollars and 9.6 million in pounds sterling. During the first half of
Stabilization In Poland Is functioning smoothly, accord- 1928 there was a considerable
increase in the credit offered in paper zlotys
ing to the fourth quarterly report of Charles S. Dewey, which aggregated 123.3 million. Gold zloty issues were negligible in
amount,
dollar
issues
decreased
to 36 million, and loans in pounds sterling
American Financial Adviser to the Polish Government and
amounted to 20 million.
member of the Council of the Bank of Poland. Mr. Dewey
There is a marked downward trend in the rates of Interest. During the
points out that government receipts in the first half of first half of the year the great majority of the loans were offered at 8%
although in later months the 7% figure was also common.
the fiscal year from April 1 through Sept. 30 have
consistently exceeded the estimates and provide for a considerable
budget surplus. Actual receipts during this period amount- New Central Bank of German Industries Elects ExFinance Minister Reinhold Chairman.
ed to 1,393,000,000 zlotys as compared with 1,332.000.000
According to cable advices received here by the Inteezlotys expended, giving a surplus of about 61,000,000 zlotys.
national Germanic Co., Ltd., the new Central Bank for
He says:
"To safeguard against any possible lessening in business activity and
reduction of imports due to the increased tariff rates made effective on
March 15 last, estimates for receipts from the two largest tax sources.
the industrial tax and customs duties, were made upon a most conservative
basis. The experience of the first six months of the fiscal year shows
that the fears of the Government were not justified, as the reeripts from
the industrial tax exceeded those of the first six months of the preceding
Mad year by 48.8 million zlotys. Customs collections for the current
aixi•month period amounted to 212,755,000 zlotys as compared to 157,860,000 zlotys for the first six months of the fiscal year 1927-1928. Tax
German Industries, of which Dr. Peter Reinhold, former
German Minister of Finance, is Chairman of the Board,
has been officially registered and all legal formalities In
connection with its organization have been completed.
Cable dispatches also state that the authorized capital of the
new bank, organized with the support of American banking
interests, has been paid in. The capital consists of R. M.
7,500,000 fully paid bearer shares and R. M.
10,000,000
2898
FINANCIAL CHRONICLE
25% paid registered shares. The bearer shares have been
purchased by a group of German private bankers and the
registered stock will be held by State and Provincial Banks
of Germany and other banking interests in Germany,
kolla,nd and America, including the International Germanic
Co., Ltd., which will be the largest holder of the registered
shares. The bank plans to interest itself primarily in the
introduction of long term loans to the middle-sized and
smaller industries of Germany. It is expected to grant
secured loans for twenty years which, including interest,
will be amortized in forty equal semi-annual payments.
The Board of Directors of the new institution is announced
as follows:
[vol.. 127.
expended under the direct control of the Commissioner, approximately
as follows: $6,083,000 for the improvement of roads, railways and ports,
$2,433,000 for reconstruction work necessitated by the earthquakes
of last spring, and $5,253,000 for the payment of floating debt in order
that the revenues of the State may be used to maintain a balanced
budget.
The currency, which has been subject to only small fluctuations during
the past five years, will be stabilized in relation to gold by law.
Speyer & Co. announced on Nov. 21 that they had been
advised by cablegram that subscription lists for the Kingdom of Bulgaria loan closed in London at 9:30 o'clock
that morning, the issue having been oversubscribed.
The bonds will be dated Nov. 15, 1928, and will become
due Nov. 15 1968. Provision is made for a cumulative
sinking fund, sufficient to pay all of these bonds at or before
maturity, to be applied to the semi-annual redemption of
bonds by lot at par, the first redemption to be on November 15, 1929. The bonds are not subject to call before
November 15, 1938, except for sinking fund. The Government reserves the right to repay at par on that date, or on
any interest date thereafter, all or any part of the Bonds
then outstanding, upon six months' previous notice.
The bonds will be in coupon form of denominations of $1,000
and $500. Principal and interest will be payable in New
York at the office of Speyer & Co. or of J. Henry Schroder
Banking Corp., in United States gold coin, without deduction for any Bulgarian taxes, present or future. Principal
and interest will also be collectible, at the option of the
holder, in Belgian francs in Brussels, in lire in Milan and
Swiss francs in Zurich, at the banking houses referred to
below, at the current buying rates for sight exchange on
New York.
Wladimir Molloff, Minister of Finance, in advices to the
bankers offering the bonds says:
Chairman. Dr. Peter Reinhold, former German Minister of Finance.
Dresden; Vice-Chairman, Degenhardt, President of Saxon State Bank,
Dresden; Vice-Chairman, W. E. von Marx, Vice-Chairman, International
Germanic Trust Co.. New York; Vice-Chairman, Hans ArnimId, Glebe.
Arnhold, Dresden; Vice-Chairman, Dr. Albert Hahn. Director, Deutsche
Effekten-und Wechselbank, Frankfort o.M., Berdn; Directors: Mr. von
Wolf. President of Bavarian State Bank, Mullion; Dr. Stubben, President,
Brunswick State Bank. Brunswick; Dr. Schrod, Director. Hessian State
Bank. Darmstadt, Mr. Rabeling, Director of Oldenburg State Credit
Institute, Oldenburg; Dr. Schell. Minister and Director Wurttemburg Giro
Central Institute, Stuttgart; Mr. Thorner, Director Lippe State Bank,
Detmold; Harold G. Aron. President, International Germanic Oo.. Ltd..
New York; Paul May, of Lippmann, Rosenthal 6c Co., Amsterdam; L. P.
Sheldon, Vice-President. Blair & Co., Inc., New York; Henry Retzmann,
Member of the Board of the Central Institute for German Industries.
Leipzig; Mr. Glaeser, Vice-President Prussian Central Co-operative Credit
Institute (Preussische Central-Genossenschaftskasse); Mr. Lehmann,
Director Central Institute of German Provincial Banks, Berlin; Mr. von
Bruckhausen. Director of Provincial Bank of Westfalia. Munster; Mr.
Sachs, Ministerial Director. Berlin; von Meister. Regierungsprasident,
Hochst, o.M.; Mr. von Marx, Lamdrat, Frankfort, o.M.; Dr. Fritz Oppenheimer. Attorney at Law, Berlin; Alfred Jarislowsky, of Jarislowsky & Co.,
Berlin; Johann F. Schroeder, of I. F. Schroeder Bank, Bremen; Siegfried
Aufhauser, Consul, of H. Aufhauser, Munich; Hans Wehuschenck, of Bass
& Herz, Frankfort, o.M.; Friedrich A. Straus, of Straus & Co., Karlsruhe;
Dr. Heinz von Bottinger, of F. W. Krause & Co., Berlin; Ernst Ludwig
Friedmann,of E.L. Friedmann & Co., Berlin; Franz Fellchenfeld. Director.
The loan is issued pursuant to the Geneva Protocol of March 10, 1928,
Bank of Foreign Trade, Berlin (Bank fur Auswartigen Handel); Julius as amended Sept. 8th, approved by the Council of the League of
of
Heimann
H.
Ernst
Dr.
Hanover;
Son,
&
Meyer
Ephraim
Gumpel of
Nations by resolutions of Parch 10, June 9 and Sept. 17, 1928, ratified
E. Heimann, Breslau; William von Thelemann, of Merck, Finck & Co., by acts of the Bulgarian Parliament of April 13 and Sept. 27, 1928,
Munich. and Kurt Krahmer, Deutsche Vereinsbank, Frankfort, o.M.
and pursuant to an act of the Parliament of November 15, 1928, approvItems regarding the new bank appeared in these columns ing the loan contract The amount of the loan is limited to $13,000,000
dollar bonds, £1,800,000 sterling bonds and Fr. Fres. 130,000,000 bonds.
Sept. 1 page 1187 and Sept. 29, page 1748.
The loan will be the direct obligation of the Bulgarian Government
and will be secured by a first charge on all receipts from the Import,
export and other customs duties. The receipts from these revenues for
Italian Bank Closes.
the two years ended March 31, 1928, and the estimated amount for
The "Wall Street Journal" of Nov. 22 announced the the current fiscal year, are approximately as follows:
Fiscal year ending
following advices from its London bureau:
March 31
Ad vices from Rome say the Piccolo Credito Ferrarra Bank, operating
Amount
1927
widely in northern Italy, has closed its doors. The Italian government
$8,763,000
funds
necessary
1928
has authorized the Agrarian Credit Institution to advance
9,282,000
1929
to meet immediate needs of many thousand small depositors, mostly
9,021,000
farmers. Five directors of the bank are reported to have been arrested.
or, for each year, over four times the annual interest and sinking fund
on the entire loan.
By resolution of Sept. 24, 1928, the Inter-Allied Commission (estabBulgaria Seeks Postponement of Reparation Payment. lished under the Treaty of Neuilly) released the customs
revenues from
the first charge for reparations and costa of occupation and the general
Associated Press Advices Nov. 20 said:
The Council of Ministers adopted to-day a formal petition to the Repara- charge for treaty obligations.
If at any time the receipts from the above revenues should fall below
tions Commission asking that body to postpone until March, 1929, the
current instalment on Bulgaria's reparation payments. The petition 150% of the annual service requirements of the loan, the Inter-Allied Comcontinue
to
government
has agreed to release, at the request of the Council of the
mission
the
enable
to
needed
was
stated that the money
restoration work in the "Valley of Roses" and other regions devastated by League of Nations, from the above general charge additional revenues
sufficient to insure total revenues equal to at least 150% of the service
the earthquakes of several months ago.
requirements, and the additional revenues so released shall be forthwith
assigned to the service of the loan.
The pledged revenues will be paid as recollected into a special account
Bulgaria.
of
Kingdom
of
Bonds
Offering of $13,000,000
(with the National Bank of Bulgaria), to be controlled by a CommisCorp.
Banking
Schroder
Henry
J.
and
Co.
&
Speyer
sioner appointed by the Council of the League and, after the terminaoffered on Nov. 21 for public subscription at 97 and accrued tion of his functions, by the trustees for the bondholders to be appointed
by the Council of the League. The sum required for the servise of
Interest, to yield 7%%, $13,000,000 Kingdom Of Bulgaria the
loan will be remitted to the fiscal agents in monthly instalments for
sinking
secured
forty-year
1928
7% Stabilization Loan
the account of the trustees.
For the year, ended March 31, 1928, revenues were about $50,290,000,
fund gold bonds. Of the $13,000,000 total, $4,000,000 were
the surplus over expenditures was about $435,000.
withdrawn for sale as follows: $1,000,000 in Belgium by andBulgaria,
with an area of about 40,000 square miles, has over 5,000,000
Banque Beige pour l'Igtranger, Brussels, $1,500,000 in Italy Inhabitants, or a larger population than Denmark, Finland, Norway or
by Banes Commerciale Italians, Milan, and $1,500,000 in Switzerland. The country is mainly agricultural, and exports considerable
quantities of tobacco, cereals and other farm products.
Switzerland by Credit Suisse, Zurich.
External loans of Bulgaria were sold before the war in England and
says:
circular
The offering
leading countries of Continental Europe; the 41
2% bonds of 1907 and
/
limited
Loan,
International
an
of
part
are
(the last pre-war loans) were marketed on a 5% basis.
Bonds
1909
These $13,000,000
the
to
yield
to
Nations)
of
League
the
of
Council
the
by
authorized
(as
It is stated that conversions have been made at 138 lava
Government a net amount equivalent to £5,000,000 Sterling; the balance
of this loan is being offered as follows: £1,500,000 Sterling Bonds to the dollar and at par of exchange for other currencies.
Items regarding the loan appeared in these columns Nov.
In London by the Ottoman Bank, J. Henry Schroder & Co. and Stern
Brothers; E200,000 in Amsterdam by Hope & Co, and Banque de Paris 3, page 2446 and Nov. 17, page 2762.
on
Prase
v
Banka
Zivnostenska
by
Prague
in
.£100,000
et des Pays-Bas;
behalf of a Czechoslovakian Banking Syndicate, and Fcs. 130,000,000
bonds in Paris by Banque de Paris et des Pays-Bas, Banque de I'Union Offering of $2,000,000 7% Bonds of Farmers' National
Parisienne, Comptoir National d'Escompte de Paris, Credit Lyonnais, Credit
Mortgage Institute of Hungary.
Mobilier Francais and Societe Generale pour Favoriser le Developpement
An offering of $2,000,000 Farmers National Mortgage
"due Commerce et de l'Industrie en France.
It is pointed out that this is one of the few recent foreign loans in which the leading banks of France are participating by making a public issue of a large part of the
bonds, thus assuring a broad international market. As to
the purpose of the loan it is announced:
From the proceeds of the loan, approximately $7,300,000 will
le the National Bank of Bulgaria for stabilizing the currency,
proximately $3,163,000 to the Agricultural Bank and to the
f10,01:e!;04.1ve Bank for additional working capital; the balance
be paid
and apCentral
will be
Institute 7% Hungarian Land Mortgage sinking fund gold
bonds was made on Nov. 20 by J. G. White & Co., Inc., and
E. H. Rollins & Sons at 923i% and accrued interest to
yield over 7.60%. A sinking fund, operating by semiannual drawings by lot at 100 and interest, is deemed sufficent to redeem the entire issue by maturity. The bonds
offered are part of an authorized issue of $5,000,000. It is
stated that there is to. be presently outstanding,,not more
Nov. 24 1928.]
FINANCIAL CHRONICLE
than $4,000,000, of which $500,000 have been, reserved for
private offering in Hungary. The bonds will bear date
Oct. 11928, and will mature Oct. 1 1963. They will be coupon bonds in denomination of $1,000, registerable as to
principal only. Principal and interest (April 1 and October
1) will be payable at the principal office of Guaranty Trust
Company of New York, in gold coin of the United States of
America of or equal to the present standard of weight and
fineness, without deduction for any present or future Hungarian taxes. The Guaranty Trust Company of New York,
is Paying Agent; Central Corporation of Banking Companies,
Budapest, is Fiscal Agent. Information suppled to the
bankers offering the bonds by Count John Hadik, President
of the Institute, follows:
Government Control.
The Farmers National Mortgage Institute was founded in 1879 under a
Special Act of the Kingdom of Hungary, for the primary purpose of providing a credit medium for the small farmer.
The Hungarian State owns 94% of the Institute's present outstanding
shares and its participation cannot be withdrawn. The Institute Is operated
under governmental supervision through a permanent Commissioner appointed by the Finance Minister. The election of Its President and VicePresident is subject to ratification by the head of the State and its Articles
of Association cannot be amended without governmental approval.
Operation.
The business of the Institute, since its formation, has been confined to the
granting of mortgage loans on lands and buildings used for agricultural purposes which loans may not exceed 50% of the appraised value thereof.
The Institute has never issued any bonds or other direct obligations in
foreign currencies and its pre-war indebtedness, which is now being liquidated, does not exceed $35,100.
It has never suffered a loss on any of its mortgage loans and has always
paid the interest and principal, when due,of all of its Land Mortgage Bonds.
Security.
The Bonds will be the direct obligation of the Farmers National Mortgage
Institute. The Institute will at all times maintain sub-obligations secured by
first mortgages on productive agricultural property situated within the
Kingdom of Hungary in a principal amount at least equal to the principal
amount of the Bonds of this issue outstanding plus the amount of all the
other outstanding Land Mortgage Bonds of the Institute.
Interest, principal and sinking fund on the sub-obligations securing the
Bonds shall be sufficient to meet the corresponding requirements of the outstanding Land Mortgage Bonds of the Institute.
In case of default in any Land Mortgage Bonds of the Institute created
after Januray 1 1925, all sub-obligations and special reserve funds created
after such date will be pooled as security for all such Bonds outstanding.
Sinking Fund.
A sinking fund is provided beginning October 1 1929. and operating semiannually sufficient to retire the entire issue by maturity through redemption
by lot at 100 and interest. If Bonds are cancelled or redeemed in addition to
sinking fund requirements, subsequent sinking fund obligations will be correspondingly reduced.
Agricultural Situation in Hungary.
Hungary with an area of 35,900 square miles and a population of over
8.000.000 Is essentially an agricultural country, deriving almost two-thirds
of its income from this source.
The present expansion of the activities of the Farmers National Mortgage
Institute to provide small land owners with essential credit facilities is being
carried out as an important part of the Government's program for the intensive development of the country's agricultural resources. Over 61% of
the cultivated area of Hungary is composed of small farms of 140 acres or
less. The Institute has in the past placed substantially all of the mortgages
sought by this class of land owners.
Hungarian Finances.
In every year since 1924 when the Reconstruction Plan of the League of
Nations was put into effect and the Reconstruction Loan was issued, the
Hungarian budget has shown a substantial surplus.
Since 1925. $127,000.000 has been utilized by the government for productive capital investments without further foreign borrowing, and $38,000,000
has been appropriated for such purposes in the 1927-1928 budget.
Hungary is experiencing a general revival in trade and prosperity. The
National finances have been restored, political conditions have become
stablized, crops are satisfactory, and building operations are extensive.
Conversions from Hungarian to United States currency have been made
at the rate of $0.175 per pengo.
$15,000,000 Loan Offered for Rudolph Karstadt, Inc.,
Germany's Largest Store System—Issue Oversubscribed.
A $15,000,000 loan for Rudolph Karstadt, Inc., the largest
chain and department store organization in Germany, was
placed on the American market Nov. 22 in the form of
15-year first mortgage collateral 6% sinking fund bonds
by Dillon Read & Co.; International Acceptance Bank, Inc.;
Bankers Co. of New York; Equitable Trust Co. of New
York; Bancitaly Corp.; Kissel, Kinnicutt & Co.; Scholle
Bros.; Edward B. Smith & Co., and Shields & Co. A substantial amount of the issue has been withdrawn for offering in Europe. The bonds which were offered at 98 and
interest were oversubscribed the day of offering. The
bonds will carry warrants, detachable after April 30, 1929,
entitling the holder to receive without further cost three
American shares, each representing 40 Reichsmarks par
value of the company's capital stock. The American shares
will carry full dividend lights for the fiscal year ending
January 31, 1929, but will not carry rights to subscribe for
2899
capital stock which will presently be offered to shareholders.
Proceeds of the offering, and of $2,360,008 par value capital stock presently to be offered to stockholders, will be
used by the company for improvements and additions to
Its properties, for the retirement next April of $2,264,00
first mortgage 7% bonds and for payment of other indebtedness. From a small shop established in 1881, the business
of Rudolph Karstadt, Inc., has grown to be the largest
chain of department and unit price stores in Germany. The
Company operates 77 department stores, and 17 unit price
stores in the leading German cities, as well as 15 factories
and a large wholesale and export business. Plans were recently announced for extending its chain of unit price
stores to France, in association with French interests and
for expanding its German chain at the rate of about 20 new
stores a year. Further data in connecton with the offering are given in our Investment News Department on a
subsequent page.
Offering 011.05,000 American Shares of Rudolph
Karstadt, Inc.
Scholle Brothers and Shields & Co., Inc., Nov. 23, announced the sale of 105,000 American shares (representing
4,200,000 Reichsmarks par value of capital stock) of Rudolph Karstadt, Inc., at $22.60 per American share flat.
The offering does not represent new financing on the part
of the company. For further details see under "Investment
News Department" on a subsequent page.
Bonds of Danish Consolidated Municipal Loan Called
for Redemption.
The National City Bank of New York, as fiscal agent,
has issued a notice to holders of Danish Consolidated
Municipal Loan 25-year 8% sinking fund external gold
bonds, series A and series B, respectively, dated Feb. 1
1921 and due Feb. 1 1946, to the effect that $325,000 aggregate principal amount of the bonds have been drawn by
lot for redemption on Feb. 1 1929 at 107% and accrued
interest. Payment on the drawn bonds will be made upon
presentation and surrender at the head office of the National
City Bank of New York, 55 Wall St., on Feb. 1, after
which date interest on the drawn bonds will cease.
Definitive Bonds of Municipality of Medellin now
Ready for Delivery to Holders of Temporary Bonds.
Hallgarten & Co. and Kissel, Kiimicutt & Co. announce
that definitive bonds of the issue of $9,000,000 Municipality
of Medellin (Department of Antioquia, Republic of Colombia) external 6%% gold bonds of 1928, dated June 1
1928 and due Dec. 1 1954, are ready for delivery to holders
of outstanding temporary bonds. Exchange may be made
at the office of the National Bank of Commerce in New
York, 31 Nassau St., New York City.
Record Volume of Trading on New York Stock Exchange—Local Exchange and Markets Elsewhere
to CloselTo-day (Saturday)—Curtailed Ticker
Service in Effect.
The volume of trading on the New York Stock Exchange
soared to new high figures this week—yesterday's figures
(Nov. 23) of total share sales very nearly reaching the 7
million mark—the amount of the transactions being 6,942,500. That the day was likely to witness new high figures
of trading wasevidentshortly after the opening of the market,
the sales of stock in the first half hour having been 1,327,200
shares, compared with 770,500 shares in the period from
10 to 10:30 a. m. on the preceding day. On both the 20th
and 21st the transactions exceeded 6,000,000 shares, and
on the 22nd they fell a little short of that figure. As a
result of the pressure which has resulted from the extraordinarily heavy trading, the Governing Committee decided yesterday (Nov. 23) to close the Exchange to-day
(Nov. 24). The offices of the Stock Exchange members
will remain open as on previous occasions when the Stock
Exchange closed on Saturday to permit clerical forces to
catch up with their work. The Now York Curb Market
will also be closed to-day, and some of the Stock Exchanges
outside New York which have likewise voted to close to-day
are the Philadelphia, Boston, Pittsburgh, Chicago and
Detroit Stock Exchanges.
Notwithstanding the fact that the New York Stock Exchange put into effect on Nov. 22 its previously announced
2900
FINANCIAL CHRONICLE
plan of omitting the volume of individual sales from the
ticker, the unprecedented volume of trading yesterday
found the ticker a half hour behind the market at the closing
hour; earlier in the day it had been as much as 48 minutes
behind. Notice of the elimination of the individual sales
was issued as follows on Nov. 21:
NEW YORK STOCK EXCHANGE
Committee of Arrangements
November 21 1928.
To the Members of the Exchange:
Commencing at the opening on Thursday, November 22, 1928, the
volume of all individual sales will be omitted from the ticker, except that
the opening sale of each stock will be printed in full with the volume as
formerly.
Arrangements have been made with the printer of the sales sheets, Francis
E. Pitch, Inc., to compile reports of individual sales from slips furnished
by reporters on the Floor, and to publish them on the sales sheets.
The total sales of all stocks will be printed on the ticker at periodic intervals. and total sales of individual stocks will be given to the newspapers by
special wire at various times during the day.
By order of Committee of Arrangements.:
ASHBEL GREEN,Secretary.
Last night's "Sun" referring to yesterday's (Nov. 23)
trading said:
Sales Volume Top Record.
In point of sales volume to-day was the biggest ever. Transactions aggregated 6,942,500 shares exclusive of inactive stocks and "rights." That
was neariy 300.000 shares in excess of the former record of 6.666,200 shares
made on November 16. It was a record breaking day on the New York
Curb Market Exchange also, sales there reaching a total of approximately
3,000,000 shares. As an outcome of the heavy trading on the Curb, the
Curb ticker at one time fell a whole hour behind the market.
To end the confusion caused by the lateness of the curb ticker the governors of that exchange decided to-day to emulate the example of the
New York Stock Exchange and omit all sales volume excepting on opening
transactions. The innovation will go into effect next Monday. The
Governors announced that the sales volume will be printed every hour on
the Curb board ticker.
From the "Times" of yesterday (Nov. 23) we take the
following regarding the dealings of the day before:
Investors and speculators throughout the country were obliged yesterday
to follow the stock market with a ticker service that gave only actual quotations and that omitted for the first time all figures as to volume. The New
York Stock Exchange, however, succeeded in eliminating most of the
ticker delays and in bringing the tape nearer to the market than it has been
at any time since the present phase of the bull movement started.
After the day's experience the stock market community was pretty
generally agreed, in spite of the handicap imposed upon traders, that the
decision of the Exchange authorities had been justified. The Exchange
officials and ticker expert were pleased with the results, which exceeded
their highest expectations. The latest that the ticker ran at any times
yesterday was fifteen minutes at 12 o'clock. It was five minutes behind
at the close and the last of the quotations on active stocks were tapped
off at 3:21 o'clock. This was in striking contrast to what had happened
previously. On Tuesday, for instance, the ticker ran two hours and fiftytwo minutes after the end of trading, with the last quotations in the active
Issues printed at about 5:20 o'clock. Yesterday the ticker wound up its
day's work,including the quotations in the inactives. at 3:32 o'clock.
Limit of Abbreviation.
The omission of the sales totals, which was ordered as an emergency
measure and which will not be continued any longer than necessary. represents the limit to which the Exchange can go in abbreviating the Present
ticker service. With the possible exception of a negligible saving in time
that might be accomplished by further revision of the symbols, the Exchange has done everything it can with the ticker now in use. The new
and speedier ticker which has been ordered will not be in service throughout
the country until late in 1929 or early in 1930, although its installation will
begin shortly. That ticker is designed to record 7.000,000, 8.000,000 and
even 9,000,000 share markets with little if any delay.
The plan tried out yesterday of dropping all volume figures had been
received with misgivings when it was announced, traders fearing that such
an omission would make it impossible for them to judge the market accurately. Brokers and traders, however, accepted the change without
serious protest, feeling that anything would be preferable to the tardy
ticker service which they had been receiving.
Yesterday the only volume figures printed were in the opening transactions. Thereafter, each trade was reported separately but with only the
price indicated and that by the fewest characters that could be used.
The same system of abbreviations in reporting prices that has been in
use for several months was followed.
[Vol,. 127.
United States this year, and another banking reason advanced is that the
era of high money has definitely passed and that by the turn of the year
money rates will be definitely "cheap" in comparison with those now In
effect.
Scenes on the floor of the Stock Exchange and on the Curb Market
were the wildest in the history of the two institutions. Every available
broker was at work and it was a day in which there was not a moment's
rest. About the active posts were literally mobs of milling,shoving, excited
brokers trying to catch a bid or fill an offer. On the Curb, too, there WAS
excitement.
Stock Exchange galleries were filled to capacity. News of the markets
attracted a steady stream of visitors to both exchanges.
Brokerage offices, down town and up, were jammed to the doors. Many
of the speculators find themselves in a dilemma. They don't know whether
to sell and take their profits or hold on an risk a reaction which may be as
strenuous as has been the market's rise. Most of them feel, however, that
it cannot continue at its present rate.
In an effort to reduce ticker delays, which have become increasingly
serious as trading expanded, the New York Stock Exchange decided late
yesterday afternoon to omit all figures as to volume in recording current
stock market transactions. Beginning within a day or so, probably tomorrow, the tape will cary the number of shares on opening sales only.
Thereafter each trade will be priaed separately as at present, but with no
figurt to indicate the number of shares involved.
This plan, admittedly drastic, has been suggested before, but aroused
such opposition among brokers and traders that it was not adopted. Hecently the Exchange announced that, beginning soon after Dec. 1, it would
omit all figures as to volume on all transactions involving fewer than 500
shares. Even that plan, although generally accepted as unavoidable in the
circumstances, has been opposed on the ground that volume figures are
essential to traders following the market by the tape.
The decision to eliminate all volume figures was reached after the Exchange authorities had seen the ticker run two hours and forty-two minutes
beyond the 3 o'clock close of trading, the greatest delay ever experienced.
The Exchange authorities hope that by eliminating the volume figures
the ticker delays can be reduced, possibly by one-half. The omission of
volume figures will continue as long as the market is of such size as to make
it necessary. The new and speedier tickers, which were ordered some time
ago, will not be in operation throughout the country before the latter Part
of 1929 or the early part of 1930.
Arrangements will be made to supply sales totals to newspapers and
press associations. Special telegraph printers will be provided for the afternoon newspapers and press services and through these the Exchange
will announce the totals at intervals.
The present plan is to furnish
the morning newspapers with the total sales in each issue as soon as possible
after the close of the market.
32 Stocks Lent "Flat" by Exchange Traders—Number
Is Largest in Several Months.
The following is from the New York "Times" of Nov. 20:
Thirty-two stocks on the New York Stock Exchange were lent "flat" In
the loan crowd after the close of the market yesterday—that is, they could
be borrowed by Exchange members from other members without interest. This is the largest number to be lent flat in several months. Two
stocks continue to be lent at a premium. They are Baldwin Locomotive,
lending at 1-64%, and Wheeling & Lake Erie Railroad, lending at 1-33%
The rates generally are 5;i to 63i% for the run of railroad and industrial
shares. However, one stock, Drug, Inc., is lending at 13,6%, three are
lending at 2% and one, American Tobacco, at 3%.
The issues which were lent flat last night were American Brake Shoe,
American Brown Boveri, American Woolen, common and preferred;
Armour & Co. 13, Chicago Pneumatic Tool, Chicago & Eastern Illinois,
Chicago Great Western preferred, Continental Baking A, Crucible Steel
common, Cuyamel Fruit, Cushman's Sons, Devoe & Reynolds, Foundation
Company, Jones Brothers Tea, Jordan Motors, Lehigh Valley, Manhattan Electrical Supply, National Belles Hess, National Lead, Pressed Steel
Car, Real Silk Hosiery, Remington, Savage Arms, Simmons Company,
Sloss-Sheffield Steel, United Fruit, United States Rubber first preferred,
United States Pipe, Virginia-Carolina Chemical common and preferred
and Western Union,
Banks Sharply Cut Own Loans to
Brokers—a Few Large Institutions Practically
Withdraw from Market—Build up Eligible Paper
Portfolio at Same Time.
According to the New York "Journal of Commerce," of
Nov. 20, considerable interest has been aroused in financial
circles here by confirmed reports that several New York
banks have been reducing the volume of their outstanding
Regarding the pressure which the staffs of brokerage brokers' loans, and at the same time have built up their
houses have been subjected to with the large volume of holdings of eligible paper. Continuing, the account says:
trading the "Times" of Nov. 21 said:
The fact that these steps have been taken simultaneously with the deClerical Staffs Work All Night.
The lights burned all night in Wall Street after such a tremendous day.
Few firms could disband their staffs, even three or four hours after the
normal quitting time, and most staffs worked until the dawn to make inroads of the high mountain of clerical work plied up by the tremendous
markets. Most of them now are far behind and it is expected that the
Stock Exchange authorities will grant a holiday on Saturday, as they did
in the Spring, when a long succession of big days put their clerical work far
behind. The Exchange governors will hold a special meeting today, and
probably will announce some action. All members, however, are not in
favor of a holiday on Saturday, because of the big overhead due to the wirerental charge, which is on the basis"of a six-day week.
Just what has aroused the speculative fervor which appears to have swept
the country is still a mystery, even to many of the speculators themselves.
A consensus of dozens of bankers, brokers and speculators in the financial
district during the last few days credits largely the election of Herbert
Hoover to be President. It is believed his administration will parallel that
of President Coolidge and that industry will expand and prosper. Industrial expansion, with Increased dividends and mergers in prospect, Is another
reason advanced. Still another is the possible attitude of Mr. Hoover
toward railroad consolidations, expected in Wall Street to be favorable.
Still another reason offered is the theory that employment is high and
"everybody has money." A purely banking reason advanced is that this
Is an era of "geld inflation." despite the big exports of the metal from the
Several New York
velopment of an unprecedented volume of trading on the New York Stock
Exchange and widespread public participation in stock speculation has
been regarded as significant.
The New York banks have played a reduced role in the call money
market over since the Federal Reserve authorities in the late spring evinced
their strong displeasure at the persistent rise in these collateral loans, and
showed that they felt a bank was unjustified in rediscounting at the Reserve banks in order to lend money to brokers. On Jan, 4 New York
banks had advanced on their own account $1,611,177,000, or nearly 40%
of all loans made through them to brokers. Their loans averaged above
$1,250,000,000 until the late spring and then dropped to around the
$800,000,000 level.
In the recent expansion of the brokers' loan total the New York banks
again increased their loans on own account to well above one billion dollars, though this time such loans constituted little more than 20% of the
total advances to brokers. Thus local banks are now responsible for
little more than half as large a part of the brokers' loans total as was
the case at the beginning of the year.
Last week the New York banks sharply reduced their loans by $70,000,000. The burden of financing brokers has thus been passed on largely
to out-of-town banks and especially to the outside lenders included in the
designation "loans for the account of others." Last week these outside
loans accounted for 45% of the total, out-of-town banks for 36% and
New York banks for barely 20%.
Nov. 24 1928.]
FINANCIAL CHRONICLE
2901
practically en- bills purchased In the open market. For several weeks, 8113C0 the newly
One large New York bank, it has been determined, is
holdings
go. Another created bills have come into the market in heavy volume, their
lendings
own
its
as
far
as
market,
loan
call
the
of
out
tirely
bills held
it is willing have averaged better than 365 million dollars which, with the
has reduced its loans, and has again lowered the percentage
of the
hand, there for account of foreign purchasers, have taken care of over 59%
to lend on the value of many active securities. On the other
outstanding.
volume
total
inand
large
make
to
continue
they
are certain banks which indicate that
This support of the Federal Reserve banks has enabled the dealers to
maincreasing loans on call for their own account, which accounts for the
maintain steady discount rates for bills during a period of unusually heavy
total.
the
of
size
the
tenance in
operations.
Simultaneously with a reduction in their brokers' loans, many banks
There is no immediate prospect of any change in the bill rates, a condiwhich
are expanding their holdings of eligible paper. One large institution
reassuring to the accepting banks desiring to offer their customers a
tion
enbeen
has
market
loans
is practically entirely out of the brokers'
cost for their acceptance credit requirements.
low
the
in
assets
its
of
portion
a
feasible
bill
as
large
as
deavoring to place
If they are able to maintain rates at about their present level, the
form of rediscountable bills. By having a large portion of their assets market dealers will make it possible for the banks to get the benefit of a
in this shape, these banks feel they will be in a position to meet any full season of acceptance credits, which from present indications would
tightening of the money market by having paper freely acceptable for re- raise the total volume of bills another $125,000.000 by Jan. 30 next.
discount at the Reserve banks. Furthermore, should the Reserve banks
The statistics supplied by Mr. Bean follow:
again object to rediscounting by institutions having large amounts of
ENTIRE
such
to
open
not
be
would
institutions
these
brokers,
to
loan
TOTAL OF BANKERS ACCEPTANCES OUTSTANDING FOR
money on
COUNTRY BY FEDERAL RESERVE DISTRICTS.
objection.
31 1927.
Oct.
1928.
Sept.29
Oct. 311928.
Federal Reserve Districts—
5109,528.574
3112,209,812
8120,363,388
1
716.746.084
Stock
York
New
on
752,932,454
Shares
Listed
844,952,223
of
Value
Market
2
16.267,019
16,358,96115,520,602
3
Exchange on Nov. 1 $61,075,813,465.
13,470.653
13,038,482
14,820,644
4
11,797,756
6.548.767
8,890,193
5
17,963,332
On Nov. 1 1928 there were listed 1,142 different stock 6
15,829,162
19,407,402
34,019,820
32,589,103
37,170,887
issues aggregating 727,792,206 shares, as compared with 7
1,949,815
1,455,097
871,546
8
2,705.276
3.344,603
4,841,071
1,131 stock issues aggregating 711,197,109 shares on Octo- 9
608,654
100,163
148,129
10
10,193,139
8,503,976
10,491,790
ber 1st preceding. The announcement of the Stock Ex- 11
39,916,702
42.093,959
44,430,655
12
change, issued Nev. 19, further said:
Also, on Nov. 1 1938, the total market value of all listed shares was
$61, 075,813,465—an increase of $1,743,689,954 over the figure of $59,332,123,511 for October 1.
Over the same period, borrowings in New York on security collateral
increased $366,081,377 from $5,513,639,685 on Oct. 1 to $5,879,721,062
on Nov. 1.
The ratio of Exchange member borrowings to listed share values
thus increased 0.33%—from 9.29% on Oct. 1 to 9.62% on Nov. 1.
The average market value of all listed shares advanced $0.49 per
share, from $83.42 per share on Oct. 1 to $83.91 per share on Nov. 1.
Bankers'Acceptances at New High Level—Total Volume
at $1,122,746,889 Exceeds Outstanding Commercial
Paper by $790,000,000—Service Rendered by Federal
Reserve System in Bull Market.
The volume of dollar acceptances reported by American
banks as outstanding on Oct. 31 broke al -ecords, not only
this country,
for the fifteen years of acceptance financing
but compared with Sept. 29 figures, for any ngle month.
Complete figures for all accepting banks repo. sing to the
American Acceptance Council showed a total of $1,122,746,889 which was $118,580,709 more than the total reported for
Sept. 29 and a gain of $147,580,065 over the amount in the
market one year ago. Robert H.Bean, Executive Secretary
of the Council, in his monthly report, issued Nov. 16, from
which the foregoing is quoted, also has the following to
say:
$875,166,824
$1,004,166,180
$1,122,746,889
Grand total
8147,580,065
8118,580,709
Increase
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Oct. 31 1927.
Sept. 29 1928.
Oct. 311928.
$308,580,459
5320,908,553
$313,925,489
Imports
343,071,601
369.916.393
416,467,894
Exports
22,120,326
15,087,624
15,326,631
Domestic shipments
172,302,715
99,433.157
138,317,979
Domestic warehouse credits
31.153,113
27,980,463
31,577,283
Dollare exchange
Based on goods stored in or
shipped between foreign
97.938,610
170,839,990
207,131,813
countries
ACCEPTANCES'
BANKERS
PRIME
ON
QUOTATIONS
MARKET
AVERAGE
Oct. 15 to Nov. 15
Dealer.,' Buying Rate. Dealers' Setting Rate,
4.50
4.625
30
4.50
4.625
60
4.50
4.625
90
4.625
4.75
120
4.807
4.932
150
4.807
4.932
180
$13,015,000 of Gold Earmarked Here By Undisclosed Buyer
—Bankers Concerned As to Renewed Exports Would
Sharply Tighten Credit Here.
The Federal Reserve Bank of New York announced on
Nov. 22 that it has earmarked $13,015,000 of gold for
foreign account during the past week. In noting this the
"Journal of Commerce" yesterday (Nov. 23) said:
foreign
This is practically the first important earmarking operation for
account since the extensive French transactions of last spring.
Reserve
No explanation of this operation was forthcoming at the
circles.
bank, but it was regarded as of the first importance in banking
after
halt
a
to
came
movement
Since Aug. 31 when the banks reported $952,000,000 the lowest level Early in the summer, the gold export
for the year, there has been a very heavy increase In the use of bankers approximately $500,000,000 in the precious metal had been withdrawn
acceptance credits, amounting to $170.000.000 for the two months period. from this market. The gold withdrawals had directly led to the tightenThat this is only about the customary seasonal increase in bills, however, ing of credit here. Further gold withdrawals, therefore, would tend
Is clearly indicated by a comparison of totals for similar periods in three again to tighten domestic credit conditions, at a time when the large
necesprevious years.
and expanding volume of bank credit makes additional reserves
but
1927.
1928.
1926
The amount earmarked yesterday was insignificantly small,
sary.
$782,055,000
$952,051,000
3582,634,000
August
the process of building up their reserves
863.823,000
1,004,106.000 if foreign central banks resume
614,151,000
September
all,
foreshadowed. Above
975.166,000
1.122,748,000 with American gold, serious consequences are
681,647,000
October
encouraged, it may indicate a change in reserve
The record volume of over eleven hundred million in dollar acceptances is if the earmarking was
largely due to the energetic business building ability of about one hundred policy.
German Position.
outstanding banks whose total of acceptances now exceeds one billion
In the absence of an official statement it was the majority opinion in
dollars.
for the account
With these banks acceptance credits are given first consideration with international banking circles that the gold was destined
Schacht has frethe result that many formerly large users of credit in the form of commercial of Germany. It was pointed out that Dr. Wilhelm
quently stated of late that he will buy gold abroad whenever the influx
paper are now steady drawers of hankers bills.
way
The decline in the use of commercial paper is seen in the figures for the of short-term foreign credits into Germany becomes large, in that
outstanding of both bankers acceptances and commercial paper during the hoping to prevent large amounts of short-dated balances from accumulating within the country. He fears the disorganizing effects of the
past four years on Oct. 31:
1927.
1928.
1925.
1926.
possible sudden subsequent withdrawal of such balances. Buying gold
3430,000,000 raises money rates abroad and reduces such rates within Germany, and
Commercial Paper _ _ _ _3684,000,000 $593,000,000 8611,000,000
674.000,000 682,000,000 975,000,000 1,122,000,000
•
Acceptances
thus tends to halt the short term lending. Dr. Schacht has absorbed
It is now certain that a great share of the financing of American trade large amounts of gold from the London market recently in connection
and the movement of this year's seasonal products will rest with the leading with this policy.
of
banks of this country, many of whom are making full use of the credit
Not every informed observer agreed that Germany was the taker
services permitted them under the Federal Reserve Act, and gaining to the gold, whoever. Others believed it more likely that France was the
themselves a substantial amount of new earnings in the form of acceptance buyer. It is pointed out that the reserve ratio of gold to circulation and
commissions.
deposit liabilities of the Bank of France has now fallen to slightly above
For the past twelve months the average of outstanding bills has exceeded 38%, against a legal minimum of 35%. At the time of stabilization the
acceptance
commissions
alone
have
which
the
netted
one billion dollars on
ratio was 40 per cent, but subsequent business expansion and increased
the banks more than $10,000,000 in the aggregate.
in the
credit requirement have lowered the ratio despite moderate gains
The survey Just completed shows a very heavy gain in export credits, the
resumes her role of buyer of gold in this marFrance
If
supply.
gold
amount for which purpose stands at $416,000,000 or $102,000,000 more
balances ket she is amply provided with resources in the way of foreign
than is being used for import transactions.
to do so. French foreign exchange holdings now total about $1,400,080,is
seen
point
in
the
the
storage
are
reaching
crops
increase
season's
the
bills,
That
000 in all forms. A large portion of this is in the shape of dollar
for the month of $39,000,0000 in the volume of bills against goods stored which can be used at any time to draw gold from here to Paris.
gold
In domestic warehouses, but this item is still $34,000,000 below that for
the
of
takers
possible
remotely
Two other countries regarded as
Oct. 31 1927.
Canada and Bulgaria. Canadian exchange is now at the gold
were
banks
to
American
of
credits
finance
goods
acceptance
dollar
country
The use of
point, and a shipment of $1,000,000 has been made from this
stored in warehouses abroad or for Inter-country shipment continues to to Canada. It is barely possible that the Canadians have changed their
Increase, there now being $207,000.000 in bills for such purposes against traditional policy of receiving actual shipments of gold, and instead will
ship$97,000,000 last year.
earmark gold here, to release it several months later when gold
Cotton Is the principal commodity represented in the heavy increase in
the
ments normally would move from Canada to this country. Thus,
by
substantial
amounts
for
followed
rubber,
time
this
at
reported
bills
expense of the periodic gold shipments back and forth from this country
hides, sugar and tobacco.
to Canada could be eliminated.
Bills to finance the importation by American manufacturers of heavy
Bulgaria floated a stabilization loan early this week, of which ;13,purchases of Australian wool have not as yet reached the market but
was place here. Of this loan, $7,500,000 was to go to the
000,000
will
further
total
hence
swell
the
few
weeks
a
appearance
their indicated
National Bank of Bulgaria. Despite the recency of the loan flotation,
acceptances.
of
it is thought barely possible that the proceeds may have been converted
The Federal Reserve banks continue to co-operate admirably with the
into gold.
accepting banks and the bill market by maintaining a heavy portfolio of
2902
FINANCIAL CHRONICLE
The increase reported yesterday in gold earmarkings brings the
amount of gold held with the Reserve banks for foreign account to
$ 2,154,000. First earmarkings occurred in 1922. Most recent changes
ere the release in October of $1,200,000 from earmark and the addition
f the same amount in September to earmarked gold held here. At the
time it was believed that these movements were for Polish account.
'
[Vol.. 127.
In the first several years of this inflow since 1920 a considerable part
of
the new supplies was used to pay off loans at the Reserve
banks, and the
increase of credit outstanding was comparatively small, but in the
five
years from June 28 1922 to June 30 1927, with an increase of
$800.000,000
in our gold stock, total boars and investments of member
banks increased
by about $8,000,000,000, which is approximately 10 to 1.
If we include the non-member banks in the calculation, the proportion
of credit to gold is higher, In the same five years the loans and investGeorge E. Roberts of National City Bank on Credit ments of all banks, member
and non-member,increased by $17,000,000.000
or a credit expansion of more than 20 to 1.
Situation and High Interest Rates.
These figures in detail give the measure of the influence of these importaThe "high interest rates signify more than the effects tions of gold upon the credit
situation, and suggest the influence which
upon whoever pays them" was the statement made by this credit expansion has had on our business life. In some respects this influence
is
not
an
apparent as might be expected. From the beginteng of the
George E. Roberts, Vice-President of the National City Bank
movement foreign observers predicted a general inflation of prices in the
of New York, in discussing in New York on Nov. 20 "The United States, similar to that
which resulted from the credit expansion
Credit Situation" before the Fifth Conference of the Na- which followed upon our entrance into the war in 1917, but that has not
occurred.
tional Association of Finance Companies. "They signify,"
The fact is that business had been innoculated against the inflation
said Mr. Roberts, "that a competitive situation exists, that fever. It had experienced inflation from
1915 to 1920, and deflation in
a selective process is going on, that somebody who would 1920 and 21, and wanted no more of either. There has been no inflation
in commodities since 1921, and the Ancreased supplies of credit were turned
like to use credit is not getting it. That means a check into the stock and securities market.
The conditions there were favorable.
upon activity and a restriction of purchasing power some- The level of prices in 1921 was abnormally low. Prices bad been depressed
where, and in the long run that is not good for business, by the high interest rates during the war and years following, and by the
demoralized state of business of 1921. After 1921, some of the Industries
or good for the corporations whose stocks are in the have been depressed, the country
has been generally prosperous since.
Industrial costs were high, but enterprising managers poured out great
market."
expenditures for improvements,and results have been seen in the earnings.
Mr. Roberts observed that "it is sometimes said that Capital has been
accumulating and flowing into the market from more
the public will never submit to autocratic control of bank sources than ever before, and this, together with the increasing supplies
credit," but that, he averred, "Is precisely the purpose for of bank credit resulting from the gold imports, caused a rapid decdne of
interest rates.
which the Reserve system was established." He pointed
Lower interest rates always have a prompt reaction upon capital values.
out that "the resources of the local banks, member and If the general level of Interest rates declines, capital values inevitably rise.
non-member, are far greater than they were before the In an 8% money market, such as we had in New York in 1920, a 6% bond,
reckoned simply on the basis of current
would be worth 25% less
Reserve system was established, and those banks are as free than par. or 75, but if money should fallyield,
to a 4% basis, as a good many
people
one
year
ago were thinking it likely to do, that bond on a long term
as they ever were, until they begin to draw upon Rebasis might be worth 150. The same argument applies to stocks and the
serve system resources. When . they do that they are decline
of interest rates was the most potent influence in getting the rise
bound to conform to the policies of the Reserve system." of stocks and securities under way.
Furthermore, in many cases, the physical properties represented by the
Mr. Roberts declared that a member bank, in applying for
stocks in the market, owing to the increase of constructional costs, have a
Reserve credit "for the purpose of either directly or in- replacement
value higher than before the war, and this has been another
directly supplying credit for purposes which are distinctly factor in the re-valuation of capital assets.
Finally,
it is to be considered that the corporations whose stocks are listed
outside the scope and in contravention of the authority of
on the New
Exchange, and more particularly those which have been
the Reserve Act" is disloyal to the system. He added: leaders in theYork
market, may be said to be the elite of American corporations
"There is another obvious reason, based upon ordinary con- and of investments avaliable to the public. They are leading, outstanding,
siderations of prudence, why member banks should not progressive, corporations with records of success and apparently strong in
their fields.
borrow Reserve credit for forbidden purposes. It is unFmthermore, the years since the war have been, as I have indicated,
sound banking, because they are sacrificing their reserves." years of many industrial and business changes, in which these companies
have been prominent—of mergers, reorganizations and consolidations
Mr. Roberts told the gathering that "if the Reserves Banks which
while putting a good many concerns out of business have been adwere to shut up tight and not issue another dollar of vantageous to survivors—years of new ideas and methods in Industry
credit, brokers' loans might continue to increase, if the and in merchandising—and in many cases the results have been of the
kind which fire the imagination.
rates offered were high enough to attract credit from
The agricultural implement industry will serve as an illustration. In
other uses." A further observation was that "the banks, 1921 this industry seemed to have an uninviting outlook for years to come,
which have been steadily accumulating bonds since 1922, but to-day it la riding the high tide of prosperity, and looking out upon the
most promising future it has ever known. It has rehabilitated itself and is
have turned sellers this year, and have disposed of prob- promising to create a new agriculture.
These changes and developments, with the favor rgfundamental condiably $600,000,000 to $700,000,000 to set free funds to meet
tion of a continelng supply of new credit at low interest rates hay., been
the decline of deposits and for use in the short term mar- the
basis of the greatest period of stock speculation ever known. Once
ket." The address follows in full:
such a movement gets under way it tends naturally to gain suport and
momentum, and this one was plunging ahead with tremendous impetus;
The Credit Situation.
when suddenly something happened. A new situation developed, which
A great change has come over the general credit situation in the past year. suggests the old problem of what would happen if an irresistable force should
meet
an immovable obstacle.
One year ago money was lending in this city upon stock exchange collateral
A change, dramatic in its suddenness, and vital importance, has taken
at about 4%;in recent mont.m it has been ranging from 6 to 7;42 and higher.
Upon commercial paper the advantage has been less, but from I to 1 % place in the past year. The inflow of gold, which had been almost uninand long term investment rates are higher. The change is significant terrupted for seven years, ceased, and more than that, an outflow began.
which in the course of ten months took away practically all of the gains of
because it results from a change in fundamental conditions.
In order to understand them one must first have a clear idea of bank credit. the previous years.
Under our old banking and currency system, which we lived under for
A bank loan usually results in a deposit, for the borrower generally takes
credit in his bank account and checks against it. He may check it all out years, and under which we had an almost complete suspension of cash paybut the checks will be deposited In other banks. Hence a general increase ments in 1907, that loss of gold would have been calamitous: for having
of bank loans usually causes a general increase of bank deposits, most of built up a great fabric of credit on those importations of gold, we would
them payable on demand. Our banking laws for the protection of the have had to pull it down, at the same rate, some 20 to 1. at which it had
situation require that every bank shall keep cash reserves against their been built up, and that would have meant general disaster. The Federal
deposits. Our banking system is based upon gold, and in the last analysis Reserve system, however, by reason of being the holder of the consolidated
the capacity of our banks to expand their credits depends upon their holdings gold reserves of the country, and a large reserve of credit-making capacity.
of gold. The gold is now consolidated to a great extent in thc Reserve was able to handle the situation without any contraction of credit. There
has been no contraction of credit on account of the loss of over $500.000.000
banks.
From 1920 to 1927 we had an almost uninterrupted inflow of gold, ex- of gold.
cepting the year 1925, when largely on account of our participation in the
The stock market took that service as a matter of course and went on
Dawes Plan loan to Germany we had a net export of about $135,000.000. buying stocks and borrowing more money,as before. A rising stock market
In every other year of that period we had a surplus of gold imports, and the must have move credit, or at least It always wants more, and it would not
aggregate gain was neatay $2,000,000,000. We did not get this gold because make much head way, if all purchases had to be made with payments in
we wanted or planned for it: conditions were such that the world dumped it full, cash down. The Reserve authorities, however, soon let it be known
in our lap. It came as the result of abnormal economic,financial and politi- that they considered it one thing to release Reserve credit to take the place
cal conditions in Europe.
of the gold exported, but another and very different thing to reease it to
This gold flowed into the member banks and was passed on to the Re- serve as the basis of continuing stock speculation, and that they were
serve banks, becoming the basis of credit. The Federal Reserve Act re- unwilling that their reserves should be drawn upon for that purpose. They
quires that in what are known as Central Reserve cities, which are only raised the discount rate in January 1928, again in May and again in July.
three, New York, Chicago and St. Louis, the reserve shall be 13% on and took other steps to tighten the credit situation.
demand deposits, in what are known as Reserve cities, comprising 64
Interest rates began to rise, but the stock market had no intention
cities of leading importance, 10%, and for all other member banks 7% of being cut short in a prosperous career by any mere
shortage of gold reserves
on demand deposits. For time deposits, on not less than 30 days' notice or an announcement of banking policy. It expressed confidence that it
the required reserve is 3% for all banks.
could get money by bidding for it, and proceeded to do so. with considerable
It is of some importance that the proportion of time deposits in total success. Of course, bankers knew that high interest rates would attract
deposits has been steadily increasing. On Dec. 29 1922, it was 28% for money. They have an old maxim in London that
10% will draw gold out
all member banks and for June 30 1928 it was 37%. This low rate on time of the ground. The manner in which money or credit responds to high rates
deposits lowers the average rate on all deposits and thus increasing the is simply an illustration of the ordinary workings of the law of supply and
credit expansion which may be had on the gold reserve.
demand. If any commodity is in short supply, so that there is not enough
Governor Roy A. Young. of the Federal Reserve Board, in an address to meet all demands, the price naturally rises
under the influence of compebefore the American Bankers Association a few weeks ago, stated that tition, until a part of the demand is eliminated,
and and equilibrium is
on an average, for $100 of deposits carried by a member bank a Reserve established on the new basis. The people who
are willing and able to pay
bank receives $7.50. That is approximately 13 to 1. and means that one the price, get what they want and others go without.
That is what has
additional dollar of reserve will support $13 of new credit, or $7,500,000 been happening in the money market since the price
of money began to rise.
of new gold will support $100,000,000 of new credit.
The price has fluctuated from day to day, which shows that it has not
io
Nov. 24 1928.]
FINANCIAL CHRONICLE
been artificially controlled but has been responding to supply and demand.
It never was supposed by well-informed persons that the supply of
credit for brokers' loans would be peremptorily shut off. There are many
more or lees elastic elements in the situation. In the first place, the Reserve banks have not ceased or hesitated to discount eligible paper—the
class to which they are by law restricted—at 5% and the preferred clam
known as acceptances, as 434%, and the amount of reserve credit outstanding has been substantially increased in the last three months. It is the
usual policy to release reserve credit with some freedom in the fail season,
on account of crop-moving demands and the increased activity of business,
and when It is considered that each dollar of reserve credit may become the
basis of $10 to $20 of other bank credit, it is evident that the entire credit
situation is likely to be affected.
Moreover, if the reserve banks were to shut up tight and not issue another dollar of credit, brokers' loans might continue to increase. if the rates
offered were high enough to attract credit from other uses. In time of
scarcity the highest bidder gets what he is after.
There is elasticity in the use of credit in all quarters, particularly over
limited periods. Nearly every locality can practice economy in the use
of credit for a time, and with money lending in Wall Street at 6,7 and 714%
interest there has been a strong Inducement to do so. Country banks
have ahd an inducement to restrict or discourage home borrowings and
corporations to trim or postpone expenditures for a time. Savings, profise
and other free funds, which normally would be going Into permanent investments, are to some extent, attracted to the stock market for investment or loan. Bond flotations have fallen off, and the banks, which have
been steadily accumulating bonds since 1922, have turned sellers this year.
and have disposed of probably $600,000,000 to 1700.000,000, to set free
funds to meet the decline of deposits and for use In the short term market,
We have an Illustration of the influence of these high rates in the effect
upon Canadian funds. The Canadian banks usually draw considerable
gold from this country in the crop-moving season, last year $25.000,000
from September to December: this year with the largest crop in her history
they have taken none, and a recent statement of the Canadian banks has
shown over $300,000,000 loaned on call in foreign countries, the largest
sum they ever reported, and the greater part of it undoubtedly in New
York.
Credits have been transferred here from other countries in various
ways, attracted by the high rates, and part of the gold which went abroad
last year is now coming back, from Argentina and Great Britain. These
countries don't like to give it up. They are now back on a gold basis, and
they need what gold they have as the basis of credit. There is little reason
to doubt that so far as productive purposes are concerned their needs are
greater than ours.
So there is nothing remarkable in the fact that under the inducement
of high interest rates money has been available in increasing amounts for
brokers' loans. This, however, does not nullify the fundamental change
in the situation. This country Is still on a gold basis and gold is required
in increasing amounts if bank credits are to continue expanding, although
it is true that we make a little gold go a great way. Nevertheless, the great
period of accumulation has run its course. We may get more, but we will
have to maintain high interest rates here in order to get and to keep it,
and it is a question whether the game is worth the candle.
It is to be remembered that high interest rates signify more than the
effects upon whoever pays them; they signify that a competitive situation
exists, that a selective process Is going on,that somebody who would like to
use credit is not getting it. That means a check upon activity and a restriction of purchasing power somewhere, and in the long run that is not
good for business, or good for the corporations whose stocks are in the
market.
It is said that the situation is artificially tight and that the Reserve
banks should loosen up credit. They have, it is said. 65% of reserve,
which is abnormal and unnecessary. Reference is often made to the gold
certificates in circulation, which might be taken Into the reserves.
The Reserve authorities reply that they are forbidden to lend for any
but commercial purposes, and that the terms and spirit of the Reserve
act clearly make evident that the resources of the system were not to be
drawn upon for investment or speculative purposes.
The stock market people have said in effect: "We don't ask you to
supply credit for our operations; all we ask is that from now on you supply
all the credit needed for business purposes and leave the rest of the money
and credit to us." Of course, that would be farcical. The money market
Is not divided into water tight compartments and Reserve credit Cannot
be released for any purpose without to some extent affecting all divisions
of the market. Its release for one purpose may set free credit for a wholly
different purpose, and in the last analysis if the Reserve banks intend to
control their reserves they must control them absolutely, and business of
all kinds must adjust themselves to the conditions.
It is sometimes said that the public never will submit to autocratic
control of bank credit, but that is precisely the purpose for which the
Reserve system was established. We had no central control over bank
credit for many years, and the system broke down completely, again and
again, for want of it. The old system was Intolerably weak and Incompetent, and the Fderal Reserve system was established for the purpose of
creating a final banking authority, outside of the competitive conditions
which hamper the management of other banks, this central authority to
be vested with control of a final reserve fo credit, not to be drawn upon
for either investment or speculative purposes, but to be used only for the
support of regular industry and trade, and above everything else to maintain the integrity of the currency.
As to the 65% reserve a great deal of misconception exists. It is 65%
of the demand liabilities of the Reserve banks themselves, but practically
it is the only reserve for all the member and non-member bank deposits
in the country and for a great part of the currency. When the Reserve
banks were established they undertook to supply currency to member
banks and the latter were relieved from the requirement of carrying other
reserves. If all the gold in the Treasury was combined with the reserves
of the Reserve banks the total sum, measured against all demand liabilities
would give not 65% but about 6.5%. The percentage of our banking
and currency system to-day is not materially different from that of the
Bank of England, and the reserves of the two systems are lower in proportion to liabilities than those of any other important banking system in
the world. It is not true that our reserves are abnormally high.
This Is not saying that they are not strong—they are strong, amply
strong for any demands that conceivably may be made upon them—for the
banks are strong in the confidence of the public, which is the main thing.
They ought to be kept strong, and they ought not to be criticized for
conservative policies.
I repeat that the Reserve system was established to be a final authority
within its field. That field does not include the credit operations of the
member banks within their own resources. The resources of the local
banks, member and non-member, are far greater than they were before
the Reserve system was established, and those banks are as free as they
over were, until they begin to draw upon Reserve system resources. When
2903
they do that they are bound to conform to the policies of the Reserve
system. When they are using Reserve credit that credit is indisinguishable
from their own, and it cannot reasonably be claimed that a member bank
is justified in applying for Reserve credit for the purpose of either directly
or indirectly supplying credit for purposes which are distinctly outside of
the scope, and in contravention of the authority of the Reserve act.
For a member bank to do that is to be disloyal to the system, to embarrass its policies and to contribute so far as a single member can to the
defeat of the purposes for which the system was established.
The Reserve system was established to give protection and stability to
the credit situation in the interest of all business, and it would seem to be
an unanswerable proposition that all banks and all business should support
the policies of the system and cooperate to make them effective.
There is another obvious reason, based upon ordinary considerations of
prudence, why member banks should not borrow Reserve credit for forbidden purposes. It is unsound banking, because they are sacrificing their
reserves. They all have enough ineligible paper, without going into debt
to acquire more. Their eligible paper is practically their only reserve.
It is the means by which they have recourse to the Reserve bank to take
care of any emergency demands which may come upon them. Hundreds
of member banks in the West and South have failed since 1920 because
they did not have eligible paper; surely it is folly to go into debt and give
up eligible paper to do so, no matter how good it may be.
If the present credit situation is not artificial, in the sense of being planned
and arranged, there certainly are anomalies in it. It is not the usual
thing to have money supplied at 51i to 6% for commercial purposes, while
bringing 6 to 714 and sometines 8. upon good stock exchange colleteral.
The explanation, however, is simple enough: The one is eligible paper,
which can be passed up, if desired, to the Reserve bank, and the other is
not. Furthermore, there Is the fundamental difference, that the one class
of paper represents productive uses and the other does not. The industries and business of the country must be carried on; they are the basis at
last of even stock exchange values, and it is important that their needs
shall be supplied at reasonable prices.
On the other hand, what difference does it make, in any public sense,
whether A or B owns certain stocks, or whether a transfer from one to the
other occurs at $100 or $200 per share. What difference does it make that
the level of stocks is what it is to-day instead of what it was one year ago,
except that the rise has tied up a lot of credit and so increased the cost
of credit for all uses. The rise has not increased the assets of the corporations, or lowered their production costs, or increased their earning
power or increased the real wealth of the country. It has resulted simply
in a revaluation on paper, largely in anticipation of future developments.
Surely it cannot be contended that the benefits of such a revaluation at
this time can be compared with the benefits to be derived from keeping
the regular business of the country in motion.
The situation Is that the banks have been giving the preference to regular
business, and letting the stock market have, from day to day, what they
had to spare of available funds. That has not been enough to satisfy the
stock market demand, and the market has been bidding vogorously for
more. The market, and not any outside authority, has been making the
rate, and doing so because the current rates have been necessary to attract
the supply of credit wanted.
Another anomaly is that the price of credit for short collateral loans is
now far above the rate upon long term investments. This cannot be a
permanent situation. The banks now hold over $10,000,000,000 of investments, most of them bonds which it is safe to say pay much less than
the current rate on brokers' loans. This disparity could not exist for long
if the opinion was general that brokers' loans would continue to take an
indefinite amount of credit at present rates.
Ordinarily there is a fairly definite relationship between interest rates
in the several divisions of the money market. but at this time the rate for
brokers' loans is far out of line with rates for long term investments, and
yet in the long run these stocks and bonds in the market must be taken by
somebody for long term investments.
Furthermore, it is agreed that originally the main factor in the rise of
stock and security prices was the decline of interest rates. What does this
higher.
change of rates mean. Are all interest rates to be permanently
If so, how can the present level of stock and security prices be maintained.
them
and if not, where are the new supplies of credit coming from to bring
down.
Of course, we are familiar with the argument based upon the increasing
wealth of the country, and the multiplied number of investors. It is good
can
as far as it goes, but see just how far it goes. The increasing wealth
have bearing on this situation in just two ways, to-wit: as It produces a
credit.
bank
of
basis
the
made
be
flow of purchasing power and as it can
It cannot be made the basis of bank credit except as we have increasing
bank reserves. The flow of income is all right, but the dIfferenec between
the present situation and that which we have become used to in recent
years is that heretofore we have had the flow of income, plus S10'.000.000
of bank credit for each $5,000,000 or $10,000,000 of gold imports, while
now it looks as though our purchasing power is to be reduced to current
income with perhaps a comparatively small annual addition to the gold
reserves.
George L. Harrison Appointed Governor of Federal Reserve Bank of New York Succeeding the Late Benjamin
Strong.
Announcement was made yesterday (Nov. 23) of the
appointment of George L. Harrison as Governor of the
Federal Reserve Bank of New York, succeeding Benjamin
Strong, whose death was noted in our issue of Oct. 20,
page 2170. The Reserve Bank's announcement follows:
At the meeting yesterday (Nov. 22) of the directors of the Federal
Reserve Bank of New York, George L. Harrison was appointed Governor of the bank to succeed Benjamin Strong. Mr. Harrison has
been associated with the Federal Reserve System since its organization
in 1914. He served first as Assistant General Counsel and later
General Counsel of the Federal Reserve Board. Since 1920 he has
held the office of Deputy Governor of the Federal Reserve Bank of
New York and in that capacity had charge at first of the cash and
collection functions of the bank, and more recently of relations with
foreign banks and gold operations.
In addition to the Bank's announcement Gates W.
McGarrah, Chairman of the Board of the Bank, issued
the following statement:
It gives me great pleasure to announce the appointment of Mr.
Harrison as Governor of the Federal Reserve Bank of New York.
2904
As Deputy Governor he has demonstrated to
and thorough knowledge of all the operations
System and it is a matter of gratification to
to announce the appointment of one so well
FINANCIAL CHRONICLE
the directors his ability
of the Federal Reserve
the directors to be able
qualified for the office.
The Bank also issues the following with reference to
Mr. Harrison's career.
Mr. Harrison was born in San Francisco, California, on January
26, 1887, the son of Colonel George F. E. Harrison, at that time
stationed at San Francisco as military instructor at the University of
California, and Mary Ray Harrison. He prepared for college at the
Western High School at Washington, D. C. He was graduated from
Yale in 1910 and from the Harvard Law in 1913. While at Harvard
he served as associate editor of the Harvard Law Review. Following
his graduation from law school he served for a year as legal secretary
to Justice Oliver Wendell Holmes of the United States Supreme Court,
and in the fall of 1914, two weeks before the opening of the Federal
Reserve Banks, he was appointed Assistant General Counsel of the
Federal Reserve Board. He serve din that capacity until he went
abroad in 1918 with the American Red Crosras Captain and Assistant
Zone Commander of the French Zone. On his return to this country
in 1919, he was appointed General Counsel of the Federal Reserve
Board. He left Washington in 1920 to become a Deputy Governor
of the Federal Reserve Bank of New York. From 1920 until 1926 he
had charge of the cash and collection functions of the bank, which
include more than half of the personnel of the bank. As the relations
with foreign banks of issue became increasingly important in connection
with the credits extended by the Federal Reserve Banks to these
banks of issue, Mr. Harrison then devoted a large proportion of his
time to these operations, including the gold transactions handled by
the bank. Since 1920 he has acted as secretary to the Conference of
Governors of all the Federal Reserve Banks, meetings of which are
held semi-annually in Washington. In connection with the foreign
Operations of the bank, he has made a number of trips abroad in
recent years and conducted a number of the negotiations which led
eventually to the extension of credits by the Federal Reserve Banks
to foreign banks of issue to aid in monetary stabilization abroad. He
was with Governor Strong on his last trip abroad in the summer
of 1928.
President E. C. Mitchell of National City Bank On Appointment of G. L. Harrison as Governor of New York
Federal Reserve Bank.
Regarding the selection of George L. Harrison as Governor of the Federal Reserve Bank of New York, Charles
E. Mitchell, President of the National City Bank, said:
"In view of his recognized understanding of central banking both here
and abroad, his close association for the past six years with Benjamin
Strong, and his pronounced strength in personality, the public will
regard with satisfaction the selection of George L. Harrison as
Governor of the Federal Reserve Bank of New York."
Governor Roy A. Young of Federal Reserve Board In
Address Before National Grange Appeals for Retention
of Federal Reserve System Solely as Credit Structure.
The Washington correspondent of the New York "Journal of Commerce" on Nov. 20 stated that industry and
finance, where speculatively inclined, received another
warning on that date from Governor Roy A. Young of
the Federal Reserve Board, coupled with the suggestion
that some constructive advice on the subject of inflation
was obtainable from the agricultural industry. Further
reporting Gov. Young's declarations on the subject the
account went on to say:
Speaking before the National Grange, Governor Young explained the
mechanics of banking as it involves the Federal Reserve System. Earlier in the day Senator Charles Curtis of Kansas, Vice President-elect,
discussed farm relief legislation.
"Of late," Governor Young told his audience, "we have heard a
great deal about speculative credit. This particular kind of credit is
not unknown to your industry, as you had your experience with inflated
values several years ago. You have learned that the intelligent use
of credit is advantageous, and you have also learned the results of the
indiscriminate use of credit.
"Those who today in other fields are speculatively inclined, I believe,
can well afford to stop and reflect, and if the present speculative situation is comparable to that of agriculture nine or ten years ago they
can well seek advice from your industry rather than from some of the
sources they are now using."
Governor Young stated that there is little, if any, speculative credit
used in agriculture now. He explained the methods by which agriculture is aided in the production and marketing of its products; how the
money needed for these purposes comes from the system through member and non-member banks to the farmer. He declared that the
mechanics of all of this is not thoroughly understood by the non-member
banks and therefore not appreciated, but he stated he felt sure that as
time goes on "it will be understood and thoroughly appreciated by
them."
He explained that experience had shown that the additional seasonal
Reserve credit needed between August 1 and December 31 of each year
amounts to approximately $300,000,000. There is some lack of knowledge, he said, as to how this money goes into productive industry and
as to how the farmers are otherwise aided by the Government. He referred to the establishment of the Federal Intermediate Credit banks,
whose credit ordinarily is secured by issuing and selling debentures,
"Occasionally a situation arises wherein the managers of those institutions cannot sell their obligations quickly and advantageously to the
American public," he explained. "A tight money situation did exist
this fall, with the result that the Reserve system, through various Federal Reserve banks, purchased debentures from the Intermediate Credit
banks and also discounted some of their obligations. This assistance
is of a temporary nature, but it has enabled the Intermediate Credit
banks to dispose of their debentures in an orderly and systematic way.
Itrou 127.
This assistance upon the part of the Reserve banks was beneficial and
appreciated."
He cited illustration designed to point out the inconvenience that
would develop if credit anywhere along the line should fail to function,
also that the Reserve system holds what might be termed a keystone
credit position nationally and internationally.
"Through Congress the people have given themselves in the Federal
Reserve system a wonderful credit structure, not only for the benefit
of the agricultural industry but for all industries," Governor Young
declared in conclusion. "It is, however, a credit structure and, in my
opinion, should not be made anything else. Many people have criticized
it adversely, but please remember that it was created by human beings,
is being operated by human beings, and human beings sometimes err.
Generally speaking, however, I feel it has functioned as well as was
humanly possible. Many people have overestimated its powers and
many others would like to add to it responsibilities which are not directly related to credit and finance. I appeal to the National Grange to
do everything in its power to retain the Reserve system as a credit
structure and a credit structure only."
Senator Curtis, in addressing the Grange this afternoon, declared he
believed that Congress would properly deal with the farm situation; that
he had not lost faith in its ability to work out a constructive program
provided the subject was approached openmindedly after informal conferences with Congressional leaders.
"I simply pledge to you my support for such legislation which might
be enacted that will bring to agriculture the relief it is entitled to," he
declared in his remarks, made brief because of the condition of his throat.
Secretary Mellon Reported As In Favor of Discontinuance
of National Bank Notes.
While declining to directly express his views, Secretary
of the Treasury Mellon on Nov. 22 is reported in the
"Journal of Commerce," to have given the distinct understanding that he does not favor the continuance of national
bank notes as a permanent part of the national currency
system. We quote from a Washington dispatch to the
paper named, its advices (Nov. 22) continuing:
Mellon, however, indicated he probably would simply call the attention
of Congress that some action should be taken relative to the national
bank currency, since the Consol Bonds, of which $599,724,050 are outstanding held to guarantee the bank notes, mature in 1930.
While the bonds do not mature until April 1, and there will be the
last session of the Seventieth Congress, probably a special session and
then the first session of the Seventy-first Congress prior to that time,
Mellon feels that some action should be taken far enough in advance
for the benefit of the bankers.
There is a difference of opinion among the national bankers as to
whether the currency should be continued. It is generally felt here that
the bankers as a rule favor the use of National bank currency for a
number of reasons. Mellon pointed out that the National bank currency
furnished a supply of money to the Government at somewhat less cost
than would be the case if this system did not exist.
On the other hand, on the Secretary's behalf, it was shown that the
National bank notes are really not a suitable part of the currency system
and that if it had not existed at the time the Federal Reserve Act was
enacted, "never would have been established." This not system is not
quite in line with the American idea of currency, according to Mr.
Mellon.
At the time the Federal Reserve Act was passed in 1914 it was contemplated that the Government would do away with the National bank
notes gradually. To wipe out this currency at once would have been
unwise, it was felt.
However, as fourteen years have elapsed and with $700,000,000 National bank notes still in existence, Mr. Mellon considers that it is time
to call on Congress for some definite action.
If Congress decides that the National bank notes to be retained as a
permanent part of the currency system, the Treasury Department will
ask for authority to reduce their size to that of the new paper money
which will "go on the market" next July. It is considered improbable
that this will be done at the present Congress, however, as no immediate action relative to the National bank currency is anticipated.
Should Congress decide to go into the National bank currency situation it was anticipated that extensive hearings would be held and that
officials of the Reserve Board, Reserve Bank Governors and Treasury
officials as well as prominent National bankers would be called on to
give testimony as to the advisability of discontinuing or maintaining
this currency.
The Consol Bonds which back up the National bank currency draw
2% interest.
Resignation of J. W. McIntosh as Comptroller of the
Currency—J. W. Pole Named as Successor.
Announcement was made on Nov. 20 of the resignation of
Joseph W. McIntosh as Comptroller of the Currency, and
the appointment by President Coolidge of John W. Pole of
Cleveland, Ohio, as successor to Mr. McIntosh. The Treasury Department's announcement says:
Mr. Pole's active and executive experience in banking has been continuous for the past twenty-three years. His banking career began in
an executive capacity with the First National Bank of Decatur, Alabama,
and continued in that and other banking institutions for more than
cen years.
After the establishment of the Federal Reserve system, Mr. Pole became identified with the Comptroller's Office and was appointed Chief
National Bank Examiner of the Sixth Federal Reserve District. At the
beginning of the Dawes Administration as Comptroller of the Currency,
lie was designated Chief National Bank Examiner of the entire United
States and in this capacity he has served until the present time. He has
an extremely wide and intimate acquaintance with bankers throughout
the country and his training and experience have made him especially fitted
tor the office to which he has been appointed.
President Coolidge, in expressing his appreciation of the
services rendered by the retiring Comptroller, addressed him
as follows:
Nov. 24 1928.]
FINANCIAL CHRONICLE
2905
taken as it was not a
"Hon. J. W. McIntosh, Comptroller of the Currency, Washington, D. C. officially that no action had been
"My Dear Mr. Mentosh:—I have your letter of Nov. 17, tendering policy of the conference to adopt resolutions.
your resignation as Comptroller of the Currency, and hereby accept it,
From a New Orleans dispatch Nov. 22 to the New York
to take effect on the appointment and qualification of your successor.
seven of the Governors
"In accepting your resignation I want to take this opportunity of express- "Evening Post" it is learned that
ing to you my deep appreciation of.a valuable service you have rendered at the conference have agreed to place the proposal in
to the government in the important post which you are now relinquishing, force in their respective commonwealths.
and my best wishes for your success in the future. Very truly yours,
With reference to the proposal the advices to the "Times"
CALVIN COOLIDGE."
21, said:
Nov.
Mr. McIntosh, in submitting his resignation, wrote Secoutlined by Governor Brewster, the procedure provides for the
As
follows:
as
retary of the Treasury Mellon
cooperation of Federal and State governments in controlling con"My dear Mr. Secretary:—I hand you herewith my letter of resigna- struction work for the public good so "that a reserve may be prudently
will,
you
tion, addressed to the President of the United States, which, if
accumulated in time of plenty against the lean year that is to come."
I shall appreciate your sending to him on Monday morning.
"The economic foundation of this policy," said Governor Brewster,
"May I at this time express to you my sincere appreciation for the "and the specific ways of putting it into operation were expounded by
opportunity of serving under you and for the many evidences of confi- William T. Foster and Waddill Catchings of the staff of the Pollak
dence and friendship which you have shown in the four years of my Incum- Foundation for Economic Research."
bency of this office.
Under the proposal public authorities would store up a reserve of
"I have many regrets upon leaving the office which I occupy and it construction projects equal in cost to two years' normal expenditure
term.
full
my
out
served
have
to
pleasure
great
me
given
have
would
on improvements and release this reserve at times of unemployment.
However, as I explained to you, after ten years of public life in Washing- Such a fund, Governor Brewster said, would be one of the best forms
ton, I feel that I have reached the age where I must give some attention of insurance against national panics.
to my private affairs.
"These views of the way in which the States and other public
"My contact with you I consider a great honor and one which will authorities may cooperate with the Federal Government in controlling
life."
my
all
pleasure
with
be remembered
in some measure construction work for the common good," Governor
Brewster began, "are presented to the Conference of Governors at the
said:
Mellon
Secretary
reply
In
request of Herbert Hoover as an authorized exposition of a portion
"My dear Colonel McIntosh:—It is with a feeling of very genuine regret of his program for stabilizing the prosperity fo the United States."
that I receive your resignation as Comptroller of the Currency. I know He continued:
that for some time past you have retained this office at a personal sacri"In requesting the presentation of this project to the Conference
fice, and I cannot let this opportunity pass without expressing to you of Governors Mr. Hoover emphasized the importance of establishing
say sincere appreciation of the services which you have rendered to the cooperation between Federal, State and municipal governments in acTreasury and to me.
cordance with the proposals outlined at the time of the unemployment
"At the time you assumed office nearly four years ago, the banking conference in 1922.
in
an
and
was
country
unsatisfactory
the
of
sections
some
in
situation
"With an annual expenditure of $7,000,000,000 upon construction,
somewhat insecure condition. Since that time this situation has shown America is in a position to stabilize prosperity to a most remarkable
marked improvement; and this is due in no small measure to the con- extent. Public authority spends more than $1,500,000,000. With
structive efforts and the sympathetic attitude which you have shown this we• are here primarily concerned."
toward the banks in helping them to work out their difficulties. In
"Private business will soon follow such practical demonstration as
your conduct of all matters of which you have had charge, you have the government may make. This may apply not only to construction,
shown yourself intelligent, efficient and loyal, and I shall always look but to the renewal and extension of capital facilities of every sort.
back with pleasure on our association together in the work of the Treas"It is the considered recommendation of the one who has received
ury."
the overwhelming mandate of the American people to guide and guard
Mr. McIntosh, who had previously been Deputy Comp- their progress in the next four years that a construction reserve may
prudently be accumulated in time of plenty against the lean year that
tr er, was appointed Comptroller in December 1924.
is to come.
"This involves simply the provision of the necessary funds or credit
to be released when indexes shall indicate the need, and such designaProposal Advocated By President-Elect Hoover for Crea- tion of projects as may commend itself to the authority concerned."
Governor Brewster assured his hearers that no infringement of legistion of $3,000,000,000 Construction Reserve Fund To lative prerogatives was contemplated, because no project could be
Stabilize Employment Presented At Conference of carried out except as the Legislature might direct, although the rapidity
of the construction program within defined limits could be accelerated
Governors in New Orleans.
or retarded to synchronize with national and local needs.
At the Conference of Governors in New Orleans on Nov.
"Insurance Against Panics"
21, a plan for the creation of a $3,000,000,000 reserve fund
"The creation of such a construction reserve," the Maine executive
for the promotion of construction work in dull periods went on, "is one of the best forms of insurance against the panics
was brought forward by Gov. Ralph 0. Brewster of Maine. of our past. It may be a cure-all but it certainly will alleviate
our ills. In some measure it is possible to do for employment what
According to a New Orleans dispatch to the "Times" Gov. the Federal Reserve system has done for finance and with equal adBrewster stated that he offered the plan at the request vantage to the country as a whole.
"Picture the approach of an economic crisis with unemployment
of President-elect Herbert Hoover, as an authorized exthreatening on every hand. The release of $3,000,000,000 in conposition of a part of his program for the reduction of
struction contracts by Rublic and quasi-public authorities would remedy
unemployment. The dispatch indicated that Mr. Hoover's or ameliorate the situation in the twinkling of an eye. Federal indexes
authorization for placing the proposal before the Gov- are already becoming available that remove the problem from the
domain of speculation or opinion and place the need upon a basis of
ernors was given to Governor Brewster within the last simple facts.
As
telegraph.
to
rethe
week and was sent to him by
"No centralization of authority is proposed, but merely the creation
ported basis of the proposal we quote the following Boston of a condition by concerted action that shall make possible a remedy
that will appeal persuasively to all. Follow the flow of those $3,000,advices Nov. 21 to the "Times."
000,000 to the contractor, to the laborer, to the material men, to the
The plan for a nation-wide construction reserve to be held for use factory, to the factory employes, to the merchants, to the farmer. It
which
overproduction
was
and
announced
in times of unemployment
goes like the house that Jack built and unemployment is at an end."
before the Conference of Governors at New Orleans today as advoLater advices (Nov. 22) from New Orleans to the same
cated by President-elect Hoover is based on a plan put forth by Wil- paper stated:
liam T. Foster of Newton, head of the Pollak Foundation for Economic
Governor Brewster explained today that Mr. Hoover's plan was
Research, and Waddill Catchings, New York banker, in their book,
predicated on the establishment of fact-finding agencies, the duty of
"The Road to Plenty."
which it would be to ascertain the state of the nation's business. If
Mr. Foster, who is widely known as an economist, was in New indications showed depression near, large sums would be released by
Orleans today at the request of President-elect Hoover, to assist
Federal and State agencies, large numbers of men would be put • to
Governor Brewster in presenting the plan.
work on construction of buildings, roads and public supplies and the
The Foster-Catchings theory, developing the relation of the condepression would be avoided.
struction industry to sustained prosperity, created doubt among some expected
Agreement among the various authorities concerned on the basis for
conservative economists when it was first announced but recently began
proper fact-finding would be one of the first problems to be solved,
to find converts.
Governor.
Mr. Foster is a native of Boston, worked his way through Harvard, said theagreement would mean legislation by Congress and the several
Such
graduating near the head of a class of 600, became an instructor at
States. He was confident that the legislation would be authorized.
Bates College and later at Bowdoin, and in 1910 accepted the presiHe went on:
dency of Reed College of Portland, Ore., remaining there ten years.
"Of course these things cannot be made effective overnight or in a
He took up the work of the Pollak Foundation in 1920. Previous to few months. Moreover it will be necessary for the several States to
"he
to
he
of
Road
wrote
Plenty"
publication
several
other books handle matters in their own way and in accordance with their needs.
the
dealing with economic subjects.
It will be for the Governor and legislators to make such recommendaA. Lincoln Filene, speaking today at a building congress meeting in tions for laws as they deem necessary. It will also be necessary to
place of Mr. Foster, expressed the opinion that in a few years the educate the public. It is not genera:0.y known that two States have
Foster building reserve system would be actually applied.
programs in accord with that proposed. They are Pennsylvania and
As an example of the present building system, Mr. Filene pointed California.
being
was
office
post
Boston
new
the
that
constructed in a prosout
"The whole thing is in line with the modern tendency of business.
perous time with the stock market continually rising, instead of a dull President Hanrahan of the Boston & Maine Railroad recently told
period. He advocated an annual budget among the New England build- me that he had been asked by one of the directors why, in time of
ing trades to boom business and provide for the interchange of ideas. depression, he had not reduced his maintenance of way expenditures.
In stating that the Governors attending the conference He replied that that was the time to increase them."
declined on Nov. 21 to endorse the proposal by resolution,
The proposal received attention at the annual ConvenAssociated Press accounts from New Orleans on that date tion of the American Federation of Labor, also in session
said that at the request of Governor Brewster the con- the present week at New Orleans, William Green, Presiference considered his proposal of endorsement in an dent of the Federation, stating (we quote from the "Eveexecutive session. At its conclusion it was announced ning Post") that the program is a full and complete la-
2906
FINANCIAL CHRONICLE
[vol.. 127.
•dorseident of the wage policy of the organization. The President Coolidge on the Farm Problem—Declares Aid
"Post" advices Nov. 22 likewise said:
to Co-operatives—Sound Farm Policy.
SO'. important did the convention deem the Brewster speech that it
Addressing theannual convention of the National Grange
was read to the delegates and made a part of the proceedings of the
convention. "This morning an event took place," declared Mr. Fry, at Washington on Nov. 16, President Coolidge referred to
(Secretary of the Metal Trades Department) "which, in addition to the co-operativelmovement as "sound in theory" and, he
placing the stamp of approval upon our basis for wages, also conway offers the
litituted what may be turning point to the history of American in. added "when conducted in a businesslike
most promising solution of the great marketing problem."
dustry and the relationship we have to it.
"At a conference of Governors, Governor Brewster delivered an The President went on to say that "it avoids any attempt
address which was of outstanding importance to our welfare, as well as
Government into business, both
that of the country as a whole. Governor Brewster's address dealt at price fixing or putting the
with the question of under-consumption due to insufficient wages and of which would be fatal to the independence of the farmer
idleness. Its substance was not only a complete indorsement of our and in the end would bring disaster. It likewise," he added,
trades union basis for wages, but in addition was an indorsement of
subsidy, which the Amerone of the policies of this Federation for the purposes of relieving and "avoids the hazardous proposal of a
preventing unemployment.
ican people would never be willing to pay for any length of
"Of greater significance than the approval of this address by the time. It rests on the sound merchandising principle of
Governors conference was the fact that President-elect Hoover authorized
it in the most advanGovernor Brewster to make the statement. The economic understand- taking the product and disposing of
ing of the relationship of wages to the prosperity of industry and tageous way that shrewd and orderly marketing affords."
commerce which we have expressed has now received the authorized He likewise said that "such further assistance as is necessary
approval of the President-elect of the United States.
through setting up a board for
"I saw the speech of Governor Brewster before it was delivered. to render this effort effective
If it had been delivered before the election, you can readily under- its administration, supplied with sufficient funds to demonstand and appreciate its significance.
strate its soundness in its experimental stage, may well be
"My statement here this afternoon was read by Governor Brewster,
national Government."
to that the looking up of our efforts in the wage question has the provided by the
The President in his address reviewed the measures underapproval of the man who made that address before the Governors. This
is the first time in the history of any country that the Chief Executive taken by the Government in behalf of the farmer since 1920.
of a nation and the Chief Executives of the States have indorsed the
In instancing what had been done he mentioned the enactphilosophy and understanding and principle of the wage problem, which
ment of the Emergency Tariff Act, passed, he said, especially
the wage earners have worked out."
for the benefit of agriculture, and which had been followed
up by the permanent tariff measure of 1922." He noted
Forthcoming Treasury Issue — The Following Pre- that "the passage of these laws at once restored the sheep
liminary Notice of a Forthcoming Treasury Offerindustry and kept the great dairy industry in a prosperous
ing Was Issued Nov. 22 by the Federal Reserve
condition. He furthermore said that "in framing both these
Bank of New York.
measures the advice of the representatives of the farm organiFEDERAL RESERVE BANK OF NEW YORK
zations was not only sought but the rates of duty on agriCircular No. 891. November 22 1928
cultural products were fixed in accordance with their recomNew Treasury Issue
mendations." In stating that "it has been asserted that
Preliminary Notice of Offering and Methods of Filing Subscriptions
we removed our duties on imports foreign manufacturers
if
To all Member Banks, State Banks, Trust Companies and Savings Banks in
would sell more goods in this country which would enable
the Second Federal Reserve District:
From advices received from the Treasury Department of the United them to purchase more of our agricultural products," the
States, this bank Is enabled to transmit to banking institutions in this disPresident observed that "about 65% of our importations
trict the following information:
now come in free of duty." "Suppose," he said, "we re.1. That a Treasury offering may be expected shortly.
2. That the subscription may be closed by the Treasury without advance moved the tariff on some of the balance. It is assumed
notice, and therefore,
countries would send in imports.
3. That each subscribing bank, upon receipt of information as to the in that case that foreign
would
terms of the Treasury offering (either in the press, through the mails or by If that were done," he continued, "our own factories
telegram) should promptly file with the Federal Reserve Bank any sub- close and our people would be out of employment. Such a
scriptions for itself and its customers. Phis is important, as no guarantee
always injured agriculture. If
can be given as to the period the subscription books may remain open, and result has never helped but
subscribing banks, even before receipt of official subscription blanks, may this did not occur, it would mean that our wages and profits
file their subscriptions by telegram or by mail with the Federal Reserve must be reduced to meet foreign competition, in which case
Bank. Any subscriptions so filed by telegram or mail in advance of receipt
and, according to the argument,
by subscribing bank of subscription blanks furnished for the partielcular there would be no imports
Issue should be confirmed immediately by mail, and on the blank pro- no additional sales of farm produce abroad." The President
vided. when such blank shall have been received.
spoke,among other things, of the financial help to agriculture
4. That if the terms of the offering when announced provide for both cash
through the War Finance Corporation, the Intermediate
which
for
payment
be
other
in
may
subscriptions
and
tendered
subscriptions
securities, the subscribing bank should prepare its subscriptions in such Credit Banks and the Federal and Joint Stock Land Banks,
manner as to indicate the method by which it proposes to make payment
and the assistance to the co-operative movement through the
and the respective par amounts of securities, if any, to be tendered in
Capper- Volstead Act and the creation of a Division of Copayment.
Classification of Subscriptions, Etc.
Operative Marketing in the Department of Agriculture.
Bank Customers' Subscriptions: With regard to Issues, subscriptions to In con- eluding his address, the President said:
which the Treasury determines for the purpose of allotment shall be considered as on a cash basis irrespective of whether or not payment is to be made
in cash or in securities, the following classification will be required of subscriptions madefor account ofcustomers,stating the number ofsubscriptions
In each class.
Class A—Subscriptions for $1,000 or less for any one subscriber:
1,000, but not exceeding $ 10,000;
Class B--Subscriptions for over $
Class C—Subscriptions for over $ 10,000. but not exceeding $ 50,000;
Class D—Subscriptions for over $ 50,000, but not exceeding $ 100,000:
Class E—Subscriptions for over $ 100,000, but not exceeding
500.000:
Cmss F—Subscriptions for over 5 500,000, but not exceeding $1,000,000:
Class 0—Subscriptions for over $1,000.000.
Where the matm-ing securities are not by the Instructions accompanying
the offering given a preference they shall be treated as cash and such subscriptions to be paid for in securities should be included in the classification.
Bank Subscriptions—A subscription for a bank's own account shouid not
be included in the above classification of subscriptions for account of customers but should be clearly Indicated as for the bank's own account and in
addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms of an offering or
under instructions accompanying an offering, the Treasury agrees to allot
new securities in full for any of its securities maturing on the date of the
new issue or on any later date, subscriptions to be paid for in such securities
should not be classified.
Application Forms to be Furnished.
When the terms of the offering are announced, notice thereof, together
with subscription blanks, will be mailed promptly by this bank to banking
institutions in this district. Should notice and subscription blanks for any
reason be delatyed in reaching such institutions this bank will nevertheless
receive subscriptions either by letter or telegraph. It is suggested that
sunscriptions be promptly transmitted to this bank.
It it be found necessary to telegraph subscriptions they should be confirmed immediately either by letter or on subscription blank, setting forth
the classifications indicated above and method of payment, and clearly
stating that the confirmation is not an original subscription so that duplication may be avoided.
Very truly yours,
GATES W. McGARRAH,
Acting Governor
the fact
The profound interest of the Government Is demonstrated by
Governthat it is doing more for the agriculture of the nation than any other
Much rement does or ever did. But we are still far from perfection.
during
mains to be done. But as we consider the progress that has come
further
the life of the National Grange we have every reason to expect that
the
on
itte
that
improvement will be still more rapidly made, to the end
farm may be broader, fuller and richer.
The address in full follows:
Ladies and Gentlemen:
The last half century has seen many organizations formed in the name
of agriculture, usually to relieve some local or national distress. When
conditions have improved the organization has dissappeared. But the
National Grange, having a much broader basis, has continued without
interruption a long and useful existence.
The main reason for this has been the sound foundation on which it
stands. It has not devoted its efforts to the treatment of local and temporary symptoms, but with a wider and more penetrating view it has
sought to eradicate causes. It has been interested in securing prosperity,
improving living conditions and encouraging education; but primarily It
has stood for the development of the men, women and children of the
farm in intelligence, character and moral worth. Realizing that these
are the moat important products of life in the open country, it has never
failed to place upon them its main emphasis. Based on this need, which
goes on alike in prosperity and adversity, while other organizations were
panaceas
committing their life and tiller reputation to the promotion of
for the relief of all the ills of the farm, some of which have been tried.
some rejected and some proved a delusion, the Grange has continued to
hold a sound and conservative position and to grow steradlly in influence
the
and in the public estimation. It has been an inspiring example to
other successful farm organizations now in existence.
bad
When its activities began the farm was isolated, highways were
the land and
educational facilities were poor, labor-saving machinery onlacking.The
In the home were scarce, social life was almost entirely
roads
Grange has steadily given its support to the movement for better
and better schools, to developing agricultureal colleges and experiment
Agriculture
stations, organizing the Natioral and State Dooartments of
entitled
and to the general improvement of life in the farm home. It is
have
to great credit for the vast improvements which the last fifty years
witnessed.
Nov. 24 1928.1
"
PINANTCIAL CHRONICLE
2907
ment. Such a result has never helped but always Ininred agriculture.: If
this did not occur, it would mean that our wages and profits mpst Po:rem
duced to meet foreign competition, in which case there would be no imports
and,according to the argument, no additional sales of tam produce abroad.
We should only have distress and living conditions much below what they
are now in our industries. This has never benefited agriculture. , Whether
these results in whole or in part, instead of being benefited agriculture'
would be injured by losing some of the best of its important domestiO
market.
In addition to this, it does not, follow at all that if foreigners secured
money be selling commodities in our market they would spend it here in
corresponding purchases. They would buy where they can buy the cheapest.
We know that there are other countries which have low-priced land and lowpriced labor, which makes it possible to raise grain and cattle cheaper than
we can. If additional purchases were made, every economic principle
compels us to suppose they would be made in those regions.
Another agency that was brought into action to assist agriculture at
this juncture was the War Finance Corporation. It carried financial
help directly to agriculture, arranging financing for approximately 1,000,000
bales of cotton and going to the relief of the live-stock industry. At one
time its loans reached nearly $300,000,000. The revival of agriculture its
told in the complete liquidation of these loans with almost no loss. This
action saved our animal industry. Another method of relief was the Agris,
Previous Eras of Farm Distress.
cultural Credit Corporation, formed to furnish capital for diversification in
In common with every other business activity, this country has seen the North Dakota region. It has been doing much to restock that locality
periods of prosperity and periods of depression in agriculture. Your with cattle, sheep and hogs with a most beneficial effect.
organization has had experience with at least two eras of great distress.
The Intermedate Credit Barks.
Following the Civil War there was a rapid settlement of the great prairie
To furrish long-time credit for raising and marketing crops and live
States, resulting in so large an increase of farm products that they could
find no satisfactory market, notwithstanding the vast growth of our in- stock the Government advanced $60,000,000 to supply the capital for twelve
dustrial activities at the same time. Both, however, were coerating on Intermediate Credit Banks. These were especially adapted to the needs of
a failing market, which culminated in the distress and the panic of the co-operative marketing associations. Their total rediscounts and advances
early '90s. As is always the case in time of distress,those who were afflicted up to last October amounted to more than $458,000,000 made at reasonable
were not alwsys discriminating in their attacks and criticisms. These rates, which have also tended to make rates generally reasonable for agriwere particularly prevalent against the railroads, the packing houses, the culture.
The real estate mortgage requirements of agriculture have been provided
grain trades, and the banks, and finally upon the United States currency.
During this period the country twice turned the two great political for by the Federal and Joint Stock Land Banks, which have made more
than
450,000 loans on farm lands, aggregating more than $1,900,000.000.
to
reduce
sometimes
voting
the
tariff
and sometimes
parties out of office
voting to raise it. We can see now that the fundamental difficulty was these are made at rates lower than the farmers of any other country enjoy
overproduction complicated by unsound money. The United States on any extended scale. It funishes capital at a price lower than it can be
Government was trying to fix the price of silver by law, which, of course, secured for industry.
Because of the large sums available at these banks, other money lending
was bound to fail.
This period ended In the last years of the century, when sound a currency institutions have been obliged to reduce their rates to about the same point.
law was enacted and our great industrial development began under the Without the benefit of this law farm loans would probably range nearly
stimulation of the protective tariff of the McKinley Administration, This 3 per cent, above what they now are. The main reason for these low rates
was also the period of the introduction on a large scale of farm machinery, is because the Federal Government made the bonds of these banks free
substituting horsepower, steam power and gasoline power, and later some from all taxation.
The direct benefit which accrues to the borrowers from these banks,
electric power,for man power, greatly increasing the productivity of the invidual on the farm. Scientific knowledge was also applied to both the because all national, State and local taxes are thus remitted on their borrowraising of crops and live stock, but our industrial demand was so large ings, is probably not less than $500,000.000 P year. When it is considered
that farm prices steadily increased until at the time of the World War that the same benefits extended only in a somewhat less degree to those
who borrow from other sources, the advantage to agriculture derived from
their index price was far above the index price of other commodities.
With the high prices and unlimited demand of the war period we all our Federal farm loan fund system reaches a stupendous sum. It is a benefit
know what happened. A great artificial inflation took place in all kinds the like of which no Government anywhere on earth ever bestowed on an
of property. The prices of farm products and farm land, in common industry.
Your organization has seen the co-operative association. The National
with all other prices and rates of wages, reached a very high level. The
farmer was called on in the name of patriotism to enlarge his production, Government first undertook to assist this movement by the passage Of
and the spirit in which he responded was a determining element in the Capper-Volstead act, and it has more recently passed another important
law setting up a division of cooperative marketing in the Department of
winning the war and saving the allied nations from starvation.
Agriculture equipped with men and money to stimulate and develop the
Holds Deflation was Inevitable.
method of diposing of farm produce. The grain exchanges and the packing
But this was followed by the drastic horizontal deflation which occurred industries have keen brought under Government supervision and control.
in 1920. The loss which this brought to those who owned farm products About $4,000,000 has recently been added to the appropriation for agriand farm lands was stupendous. The suffering was enormous. This cultural research. Cotton standards have been adopted. Agriculture has
has sometimes been charged to the efforts made by the Government, been protected from poor seed. An investigation is under way to find new
beginning in the fall of 1919, to reduce the mounting cost of living. I uses for cotton. Authorization has been granted for licensing agricultural
warehouses
thin`- it is apparent now that it was hound to come in any event.
A farmer has been put on the Federal Reserve Board, a former Master of
During the seasons of 1919 and 1920 the inhabitants of Europe began
National Grange has been placed on the Tariff Board and finally there
supplies
the
colonial
which
food
and
distant
had
their
own
raise
accumulated
to
through lack of shipping were brought in. The needs of our own markets, have been four sweeping reductions in Federal taxation, which I am told
left bare by the war,for the raw materials of the farm had become supplied. by the Department of Agriculture practically relieve the farmersfrom paying
Deflation was bound to occur, as it always does after the inflation of a taxes to the Federal Government.
war period.
Expansion of Department Work.
But its occurrence was none the less filled with distress. The artiThe work of the Department of Agriculture has been strengthened and
ficial prices had stimulated overproduction. The final result was disaster, expanded. A noteworthy development, in addition to the
scientific and
as the final result is always disaster in the vicious circle of an artificially and research work upon which it is continually diligent in behalf of the farhigh price and increased production. In the end, overproduction Occurs, mer, as well as in behalf of the consumer, is the establishment
of a comwhich brings the artificial price down with a crash, to the ruin of all prehensive radio service through which a vast amount of
vital market inconcerned
is
now
and
other
helpful
facts
carried
formation
to
millions
of
farmers
daily
It was this condition of agriculture with which the country has had through the medium of stations in all parts of the country. At the
same time
to deal since 1920. We had more ready money than any one else, so the market news service has been extended until the leased wires now cover
that the products of other countries were headed for our shores. In the nearly 8.000 miles and reach from coast to coast.
winter of 1921 our imports of wheat from Canada represented 40,000,000
The different things the National Government Is doing to aid agribushels. Enormous imports of wool and other farm products were taking culture is a most impressive list.
place.
With this assistance the great agricultural depression has been gradually
To meet this condition the Emergency Tariff Act, passed especially relieved. In 1921 the purchasing power of farm products had
dropped to
for the benefit of agriculture, was enacted, followed up by the permanent 69. In October of this year it had risen to 90. The live-stock
industry is
tariff measure of 1922. The passage of these laws at once restored the especially prosperous, but grain prices are not so
encouraging.
Yields per
great
dairy
kept
the
industry
and
in
a prosperous consheep industry
acre for this season were about 3% above average for the last 10 Years,
dition. In framing both these measures the advice of the representatives
acreage
of
crops
harvested
was
the
the
while
largest
of
record. This gives a
of the farm organizations was not only sought but the rates of duty on
definite assurance of an increased gross income for agriculture as a
agricultural products were fixed in accords' ce with their recommendations. very
whole.
Of course, if the country adopts the policy of protection, it has to be
It is apparent that the farmer has become very well schooled in the
applied not only to the things the individual sells, but also to the things
art of production. But further advances will be made through the use of
he buys. This general rule, however, was almost completely suspended improved machinery and of improved breeds of stock, more scientific
In the case of agriculture. Practically verything that the farmer raises cultivation and the elimination of all wasteful methods which will
reduce
is well protected. Practically everything he buys for the purpose of the cost and increase the quality of production. The farmer who can
engagirg in the business of farming comes in free of duty.
these
directions
is
on
a
solid
proceed in
foundation with every assurance of
Of course food and clothing pay a duty because they are made of raw success.
farm products, but they are not peculiar to the business of farming like
has
not
yet
which
been
so
well learned is that of marketing.
lesson
The
barbed wire, cotton gins, binding twine, threshing machines, mowing One of the greatest handicaps of agriculture is temporary
overproduction.
machines, plows and harrows. It is true that there is a duty of $1.12%
hungry
to
consume
all
that the farmer ever raises. His diffiduty of $14 a ton on wheat and $240 The world is
on a ton of pig iron, but there is a
attempting
to
sell
at
the
wrong
or
from
time
the
wrong place. '
arises
culty
a ton on butter.
The most successful method of meeting this difficulty has been through
Duties.
Import
The Questior of
co-operative associations. They have enabled agriculture in a large way to
removed our duties on imports foreign take better advantage of all the agencies of distribution, the bankers, the
It has been asserted that if we
this
country,
which would enable carriers, the commission merchants, the packers and the millers. This is a
manufacturers would sell more goods in
agricultural products. About 65 per cent. movement to unify all the agencies of production, distribution and Conthem to purchase more of our
come in free of duty. We afford the largest free sumption,so that they can function ass co-ordinated whole which will sell at
of our importations now
of Great Britain. Between the right place and at the right time. A fine example of this is the Grape
market in the world, with the possible exception
the balance are farm products which are protected. Exchange recently established in California.
15 and 20 per cent. of
of
the
balance. It is assumed
tariff
on
some
This movement toward co-operative marketing is still in its infancy, it
Suppose we removed the
would send in imports. If that were has sometimes failed through lack of management, but it. is sound in theory,
in that case that foreign countries
conducted ins businesslike way offers the Most promising SOMLIOD
done,our own factories would close and our people would be out of em.sloy- and when
In its early days the influence of the National Government upon agriculture was indirect and remote. It had the sale of the public lands through
which it opened up the agricultural domain of the Middle West. and it did
something to encourgae land and water transportation in those areas.
the agricultural colleges and experiment stations were
But it was not
established in 1862 that the Federal Government began directly and specifically on a consideral scale to contribute to the encouragement and improvement of agriculture.
The Department of Agriculture with a seat in the Cabinet began on
a very modest scale. It is now made up of many bureaus employing
about 22,700 persons, having agents in all parts of this country and some
abroad giving special attention to the culture of every thing that grows
on the land and to all kinds of domestic animals, promoting education,
supervising production, transportation and marketing, building roads,
protecting health, regulating grain exchanges and packing industries,
and expending about $155.000,000.
All of this has been of such a quiet and unobtrusive growth and development ti at many of our people, even though they are engaged in farming,
are almost unaware of its existence. This opinion is so prevelant that
it is often asserted the National Government is not doing much for agriculture. As a matter of fact, this money outlay represents only a small
part of what the United States really does for the farmer.
MAU
FINANCIAL CHRONICLE
2908
to the great marketing problem. It avoids any attempt at price fixing or
putting the Government into business, both of which would be fatal to the
independence of the farmer and in the end would bring disaster. It likewise avoids the hazardous proposal of a subsidy, which the American people
would never be willing to pay for any length of time. It rests on the sound
merchandising principle of taking the product and disposing of it in the
most advantageous way that shrewd and orderly marketing affords. Such
further assistance as is necessary to render this effort more effective through
setting up a board for its administration, supplied with sufficient funds to
demonstrate its soundness in its experimental stage, may well be provided
by the national Government.
Strength of the Farm Home.
My own views on farm relief have been so many times set out in my
messages to the Congress that I do not care to dwell upon them on this
occasion. Sometimes I wonder if gatherings of farmers are not a little tired
of hearing discussions offarm relief.
The great strength of the farm in our national life lies in the farm home.
It has been the prime source from which have sprung the ability and the
character of the nation. Those who suggest that the farmer is in danger of
being reduced to a state of peasantry entirely disregard the inherent independence and resourcefulness that are bred in life in the open. That spirit
does not depend upon the possession of a large amount of property or income or the price of agricultural products.
I was born and raised in such surroundings, and on this subject I know
whereof I speak. The danger of the development of the peasant spirit in
this country lies in our crowded tenements, which shelter the dependent
wage earners of our great centres of ilopulation. Under present conditions
that menace also is disappearing. From that danger our farm population is
the most remote.
Every one knows that agriculture was prostrated by the inevitable resuit of a cruel and remorseless deflation. All the property of the country
suffered at the same time, but agriculture was slowest in recovering and in
many respects was least able to help itself. The Government of the United
States wants to see the condition of the farmer continue to improve. It is
very encouraging to know that it is far better than the condition of the
farmer in any other country. The profound interest of the Government is
demonstrated by the fact that it is doing more for the agriculture of the
nation than any other Government does or ever did. But we are still far
from perfection. Much remains to be done. But as we consider the progress
that has come during the life of the National Grange we have every reason
expect that further improvement will be still more rapidly made, to the
end that life on the farm may be broader,fuller and richer.
Treasury Department Announces July 1 as Tentative
Date for Issuance of New Small Size Paper Currency—Congress to Decide Question of Retiring
National Bank Notes.
In making known on Nov. 16 that July 1 of next year had
been fixed as the tentative date for the initial issuance of
the new small size paper currency the Treasury Department indicated that National bank notes will not be included in the initial distribution. The statement of the
Department says that "It was originally contemplated at
the time of the creation of the Federal Reserve system
that national bank currency should be retired." However,
it says "since a considerable period of time has elapsed,
the Secretary of the Treasury deems it advisable to submit the matter to Congress for its further consideration at
the next session. "Should Congress determine that National
bank currency is to be continued in circulation, the Department will be prepared to begin production of National
bank notes in the reduced size early in the fiscal year 1930,
which begins on July 1, next." The Treasury Department's
statement follows:
At the conference of Governors of the Federal Reserve Banks, the
Treasury to-day stated its tentative plans for the issuance of the small
size currency which are subject to modifications after the Governors of
the Federal Reserve Banks have had an opportunity to study them. July
1929 has been fixed as the time for the initial issue. All kinds of currency except National bank notes and all denominations from $1 to $20
will be included in the initial issue and it is probable that the higher
denominations of gold certificates and Federal Reserve notes will be
issued at the same time.
Issues of old-size United States currency by the Treasury will cease
about April 30, 1929, and thereafter for two months the currency demands will be met by Federal Reserve Banks from their stock on new or
circulated old-size currency. This may involve for a short period the
circulation of notes that would ordinarily be retired from circulation because of their condition, but it is believed that the public will accept
the
this as a temporary measure rendered necessary by the plans for
change to new-size currency and in this way will co-operate in facilitating
the carrying out of the program.
banks
On July 1 1929 there will be in the hands of the Federal Reserve
bills of the variready for distribution a sufficient number of small-size
demands. It will
ous kinds and denominations to meet the reasonable
allocate distribution so
probably be necessary for a period of time to
will rethat for several weeks a certain proportion of old-size currency
in the cancellation and
main in circulation, due to the problems involved
a date as is possible,
redemption of the old-size currency. At as early
outstanding oldhowever, the Treasury will require the redemption of all
Reserve banks.
size currency as rapidly as it reaches the Federal
the Federal
The issuance of the new-size currency will be through
Reserve banks and their branches.
further public stateThe Secretary of the Treasury will later issue a
distribution. Full
ment definitely fixing the issue date and method of
by the Federal
details will thereafter be furnished the individual banks
required.
Reserve Bank of the district from time to time as
Treasury from
the
Advance orders for currency cannot be accepted by
handled through
individual banks or others, as the distribution will be
the Federal Reserve Banks in the manner above indicated.
distribution.
National bank currency will not be included in the initial
FedIt was originally contemplated at the time of the creation of the
eral Reserve system that this currency should be retired. However, since
a -considerable period
of time has elapsed, the Secretary of the Treasury
[VOL. 127.
further
deems it advisable to submit the matter to the Congress for its
that
consideration at the next session. Should the Congress determine
Departthe National bank currency is to be continued in circulation, the
in
currency
ment will be prepared to begin production of National bank
1
the reduced size early in the fiscal year 1930 which begin on July
next.
Problem of Railroads to Maintain Net Income in Face
of Declining Traffic and Revenues—Decrease of
$124,000,000 in Gross Revenues in First Nine
Months of 1928.
How long can the railroads continue to maintain their
net income against declining traffic and revenues is an
important problem confronting the railroads, the shippers
and the general public of this country, according to a report
on the economic situation in the railway industry submitted
on Nov. 21 by the Bureau of Railway Economics to the
annual meeting of the American Railway Association held
at the Biltmore Hotel in New York.
"Gross revenues," according to the report, "for the first
nine months in 1928 were $4,534,000,000, a decrease of
$124,000,000, or 2.7% under the corresponding period in
•
1927." The report went on to say:
This decrease in revenue reflects reductions of more than 2% in freight
traffic and more than 6% in passenger traffic. At the same time, operating expenses totaled $3,341.000.000, a reduction of $134,000.000 under the
recorresponding period in 1927 or 3.9%. Transportation expenses were
were reduced $65,000,000 or 4%. Maintenance of equipment expenses
duced $48.000,000 or 5%, and maintenance of way expenses. $25,000,000
or 4%, a total reduction of $73,000,000 or 4.6% in maintenance expenses
the
as a whole. These various reductions in operating expenses during
have
first nine months of 1928 marked the extent to which the railways
applicathe
Only
kept their expenses in hand during the current year.
tion of the most rigid economy has saved the net railway income from
showing a large decline.
to
"Net railway operating income for the nine months period amounted
period in
$820,000,000 contrasted with $810.000,000 for the corresponding
1927. In the face of a decline in gross revenues amounting to $124,000.000.
this slight increase in net income was secured only through the application
of economical and efficient methods to railroad operation. The net income
for the first nine months of 1928 was at the annual rate of return of 4.55%
compared with 4.60% for the corresponding period in 1927. The increase
in net income was relatively smaller than the increase in investment, and
the rate of return therefore declined.
reve"Wage levels continue to rise while the ratio of taxes to operating
nues now stands at the highest point ever known. In the first nine months
of 1928, 6.30 cents out of every dollar of revenue was absorbed by taxes,
contrasted with 6.17 cents in the same period of 1927.
"Large capital expenditures and close attention to efficiency have resuited in the highest standard of efficiency being attained by the railroads
shown imthis year on record. The majority of efficiency factors have
provement in 1928, and in some cases marked improvement, compared
per freight
load
average
the
with the preceding year with the exception of
shippers.
car which factor Is one for which responsibility is shared with the
"Net tons per loaded car (including less-car-load freight) averaged 26.5
corresponding
tons for the first nine months this year, th lowest for any
period of the preceding five years.
"In :espect to the factors for which railway managements were wholly
responsible, the operating efficiency of the railways in 1028 has shown
continuing improvement over that of the past five years. Their general
efficiency during this period is marked not only by progress in many of the
individual factors of performance and by improvements in the general
index of efficiency, but also by the economies which enabled them to mainlong
tain their net income against declining traffic and revenues. HOW
conthis process can be continued is one of the important problems now
general
the
and
country
the
of
fronting the railway industry, the slippers
public."
Railroads Short "Fair Return" by $2,897,036,186—If
Railroads had a "Guarantee" from the Government, the Government Would Now Owe Them
That Amount.
The following is from the Nov. 16 issue of Railroad Data,
the organ of the Committee on Public Relations of the
Eastern Railroads:
On Sept. 1, 1928, there had elapsed eight years since the war-time Government guarantee of net return to the railways expired. While the
Transportation Act became a law on March 1 1920, the provisions of
the Act did not gd into full effect until after the expiration of a sixmonth guarantee period, that is, on Sept. 1 1920.
In the eight years from Sept. 1 1920 to Sept. 1 1928 the Class I
steam railways and large switching and terminal companies in the United
States failed to earn a "fair return" on their property investment by
$2,897,036,186.
What "Fair Return" Means.
The "fair return" was fixed by the Inter-State Commerce Commission
under the provisions of the Transportation Act, at 6% until March 1 1922,
and at 5%.% after March 1 1922. It is based on the carriers' book investment in road and equipment, including materials and supplies and
cash, at the beginning of each year.
If—as has been erroneously alleged many times—the railroads had
a "guarantee" from the government, the government would now owe
them this 2 billion 900 million dollars. Since the railroads have no
"guarantee," the government does not owe it. It has simply been lost
by the railroads and by those who invest their savings in providing railroad facilities for the country.
Shortages Graphically Shown.
The shortage of actual earnings under the "fair return" for the individual periods is shown in the chart below. (This we omit.—Ed.) The
white areas represent the net railway operating income actually earned
by the Class I railroads, while the black areas show the difference between the net railway oprating income actually earned and the amount
equal to the "fair return" on property investment as shown by the books
of the carriers.
Nov. 24 1928.]
FINANCIAL CHRONICLE
It will be noted that the so-called "fair return" varies from year to
year. This follows from the fact that the railroads annually make substantial investments in additional facilities. The net increase In property
investment for the eight full years from 1920 to 1927, inclusive, was more
than 4 billion 700 million dollars.
2909
European Morris Plan activities outside of England as yet."
Mr. Boushall will be gone about six weeks.
Lee, Higginson & Co. this week laid the cornerstone of
their new building, 35-41 Broad St. The building, which
will have nine stories, is to be ready for occupancy before
May 1 1929. The building will make a marked change in
the character of the block in which the old Curb Market was
conducted up to a few years ago. It will replace a row of
low brick buildings and will be of classic design fronting 106
feet on Broad St. and with a depth of 110 feet.
Meeting of German-American Board of Trade.
Germany's assets and present earning power were the
subject of an address at noon Tuesday, Nov. 20, by Harold
G.Aron, Chairman of the Executive Committee of the International Germanic Trust Co. and President of the International Germanic Co., Ltd., at a luncheon of the Board of
Trade for German-American Commerce at the Bankers'
The Straus National Bank & Trust Co. of New York
Club. Mr. Aron was Chairman of the Organization Com- this week opened its new building at Fifth Ave. at
46th St.
the
International
Trust
mittee of
Germanic
Co. and continues as Chairman of the Executive Committee of the
The fifteenth annual dinner of the Bankers Forum New
Trust Company as well as President of International Ger- York Chapter, American institute of banking section of the
manic Co., Ltd.
American Bankers Association will be held at the Hotel
Pennsylvania, New York on Thursday evening, December 6,
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. at 7 o'clock. The Guest of honor will be Craig B. Hazlewood, Vice-President of the Union Trust Co., Chicago.,
New York Stock Exchange memberships were reported and President of the American Bankers Association.
posted for transfer this week as follows: Walter A. Hardy to
Albert E. Fagan, consideration $480,000; J. Chauncey
At the special meeting of the shareholders of the Corn ExMcKeever to Ector 0. Mumm, $470,000; Maurice A. Gil- change Bank of New York on Nov.21 the proposal to increase
martin to Willard A. Waldheim, $480,000; Palen Nelson to the capital stock from $11,000,000 to $12,100,000, by the
John W. Foster, $480,000; George B. Thurnauer to Edwin issue of 11,000 additional shares to be offered for subscription
J. Connor, Jr., $490,000; William C. Moore to Milton M. to the shareholders at $400 per share, to the extent of 10%
Cohen $495,000; Alfred J. Johnson to Michael Addison, of the stock held by them on January 3 1929 was ratified.
$495,000; Les F. Weil to Buell Hollister, $525,000; Marshall Warrants for the additional stock will be mailed to shareW. Trask to Harold J. Henry, nominal; Edmund J. Drum- holders of record Jan. 3 1929, and payment will be required
mond to William P. McDermott, $530,000. Arrangements to be made in full on or before Feb. 1 1929. The plans to
were reported made to-day for the sale of a membership for increase the capital were noted in our issue of Oct. 20
$550,000, the highest recorded price. Two other member- page 2184.
ships were reported to have been arranged for at $540,000
James A. Beha, who as no-ted by us Nov. 17 page 2769
and 8530,000 respectively.
resigned as New York State Superintendent of Insurance to
A new high record price for New York Curb Market become Chairman of the Board of directors of the Internamembership was reached this week when arrangements were tional Germanic Trust Co., of New York, took up his duties
reported for the sale of a seat at $160,000. The last pre- on Nov. 20 in the company's offices, 26 Broadway. Mr.
ceding sale was for $150,000.
Beha received during the day many messages and personal
calls of congratulations from leaders in the financial, insurThe New York Cotton Exchange membership of Silvan ance and political life of the country.
Newburgh was reported sold this week to Norrie Sellar for
$31,250. The last preceding sale was for $30,550.
Another notable increase i-s revealed in the banking reA new high record price for New York Produce Exchange sources of the Trust Companies of the Nation through the
seats was made this week when a regular membership was distribution of the Silver Anniversary issue of "Trust Comreported sold for $26,250. Subsequently a sale was made at panies of the United States" published and distributed for
25 years by the United States Mortgage & Trust Co.of New
$26,000.
York. The impressive total of $21,946,819,035 was reached
A Chicago Stock Exchange membership was reported on June 30,of this year. This shows a gain of $1,465,000,000
sold for $70,000,an advance of $5,000 over the last preceding over a year ago. The States having resources of over
$1,000,000,000 each are as follows:
sale and a new high record price.
Chicago Board of Trade memberships have made a steady
advance during the week. The first sale was at $29,500
(a new high record) up to this time and an advance of $500
over the last preceding sale. Following transactions were at
$30,000, $35,000 and $45,000.
A Chicago Curb Market membership was reported sold
this week for $10,000, a new high record, and an advance
of $2,000 over the last preceding sale.
A Philadelphia Stock Exchange membership was reported
sold this week for $30,000, a new high record price.
The regular monthly luncheon meeting of the British
Empire Chamber of Commerce was held on Thursday,
Nov. 22, at 12:15 p. m. at the Whitehall Club, 17 Battery
Place. Alfred H. Swayne, Vice-President of the General
Motors Corporation, and Sir Mark Sheldon, K.B.E., were
the speakers.
California
Illinois
New Jersey
New York
ylvania
Pennsylvania
$1,184.485,141
2,142.689,340
1,454.058,402
6,558.213.700
1,792,497,187
2.784,312,235
$15,916,256.005
The resources of these six States account for about 73% of
the Country's total. The largest gain was made in New York
which showed an increase of over $500,000,000. Substantial
increases in other States give Elinois $91,000,000, Iowa
$62,000,000,Missouri $68,000,000,New Jersey $190,000,000,
Ohio $104,000,000, Pennsylvania $244,000,000, and Wisconsin $129,000,000. The Capital, Surplus & Undivided
Profits and Deposits in the six States named are as follows:
surphis & UndiCalifornia
Illinois
New Jersey
New York
Ohio
Pennsylvania
Capital.
$61,785,000
122,515,140
83,875,000
295,930,000
93,195,000
180,891,049
sided Profits.
$58,751,494
145,226,594
111,569,599
480,006.141
88,972,064
390,835,672
Deposits.
$1,026.747,290
1,743.230.558
1.173,403,371
5,328.729,644
1.543,869,331
2,071,491,967
$838,191,189 $1,275,361,564 $12,887,472,161
In reviewing the figures, John W.Platten, President of the
Among those sailing on Nov. 21 on the Berengaria was United States Mortgage & Trust Co., states in the introThomas C. Boushall, President of the Morris Plan Bank of ductory:
Nearly twenty-two billion dollars, the highest peak yet attained in the
Virginia, which recently consolidated with the oldest Morris
banking resources of the Trust Companies of the Company. is revealed by
Plan Bank, that of Norfolk. Mr. Boushall said that he was the
figures in this the Silver Anniversary Edition of "Trust Companies of the
going abroad to assist in starting the Morris Plan Co. in United States."
During
the past year their resources have increased almost one and a half
company
or
no
bank
is
in
"There
England.
England which
billion dollars and compared with ten years ago the increase is over twelve
is engaged in the making of loans based on character and and a half billion dollars.
Never before has there been such widespread interest in the fiduciary
earning power," he said, "although the need for such a
of Trust Companies and the rapidly increasing number of appoint-.
service has been felt. The so-called 'hire purchase' system, activities
ments under wills and trusts is unmistakable evidence that both individuals
our
instalment
selling,
to
is
corresponds
very
popular,
which
and corporations are recognizing more and more the capacity of these comand the Morris Plan should come to play as big a part in panies for administrative service of the highest type.
British finance as it has in American. While I shall probThis yearly publication of the United States Mortgage &
ably visit Paris and Brussels, we do not plan to extend Trust Co.,it should be borne in mind,is not limited to trust
2910
FINANCIAL CHRONICLE
[VOL. 127.
Bullard; Ralph Blumencompanies, per se, but embodies statistics of all companies America; Major General Robert Lee
i feld, Editor of the London Express; J. E. Otterson, President
busiin
engaged
titles,
actively
their
in
"trust"
word
the
with
of the Electric Research Products, Inc.; Nathan Burkan and
ness in the United States and Territories, coming under the Sam
Harris.
jurisdiction of the State Bank Commissioner, Auditor, etc.,
those
and
both,
or
business
or
banking
trust
a
either
and doing
Incident to the proposed split-up in the stock of Chelsea
banks, banking associations, or institutions acting in a Exchange Bank of New York on the basis of four shares for
fiduciary capacity without the word "trust" in their titles, every one now held through the issuance of new stock with
but supervised as above, and commonly classed as trust com- par value of $25 a share, it is rumored says one of the news
panies by the State officials to whom they are amenable.
agencies, that dividends at the rate of $2.50 per share will be
equivalent to $10 per
An announcement as follows was issued Nov. 22 by the paid on the new stock. This would be
25% increase in the
a
or
capitalization
on
present
the
share
York:
New
Guaranty Co. of
Guaranty Co. of New York has taken corporate proceedings to increase current dividend rate. The Chelsea Exchange Bank reports
the capital stock of the company from $5,000,000 to $9,000,000. When total resources of the bank, as of November 15 1928, of
this increase in capital becomes effective a stock dividend of $4,000,000
$26,464,000 compared with $24,112,000 a year ago. Gene
will be declared out of the company's surplus and reserve accounts. As the
of
Co.
Guaranty
of
stock
Pope, President of Colonial Sand & Gravel Co., has been
the
of
all
owns
York
New
of
Co.
Trust
Guaranty
New York, the dividend will be paid to the Guaranty Trust Co. of New elected a director of Chelsea Exchange Bank.
York.
The "Times" of Nov.22 commenting on the action said:
Uzal Condit Varick, Vice-President of the American
The first instance on record of a stock dividend by an investment sub- Trust Company of New York died on November 17. Mr.
sidiary of a New York bank became known yesterday when the Guaranty
began his banking
Co.announced that it has arranged to increase its capital stock from $5,000,- Varick was fifty-five years of age. He
career in 1890 with the Fourth National Bank of New York.
000 to $9,000,000.
In making the change the Guaranty Co. is capitalizing its recent large Eleven years later he was appointed National Bank Examiner
earnings. The result will be to issue additional stock to the trust company,
become Cashier of the
and the enlarged capital will enable the Guaranty Co.to enlarge the volume from which post he resigned in 1903 to
of Brooklyn. Later he became
of securities that it can underwrite.
Bank
National
Sprague
The Guaranty Co. is organized along different lines from the investment Assistant Treasurer of the Lawyers' Title and Trust Comsubsidiaries of most New York banks. The general practice is for the
stockholders of the parent bank to own the stock of the subsidiaries, the pany, now the Lawyers Trust Company,and in 1919 became
stock being Issued share for share in inseparable units. In the case of the Vice-President of the American Trust Compnay.
Guaranty, however, the subsidiary's shares are not issued to the holders
of the trust company's stock, but are simply carried by the trust company
According to an advertisement in the Brooklyn "Eagle"
as part of its Investments. The new stock of the company thus can be
merely added to the investments of the trust company,a method that could of Oct. 24 the Kingsboro National Bank of Brooklyn is
not be followed where a subsidiary's stock is issued with the parent com- being organized by a group of Bay Ridge residents. The
pany's shares. In most cases it is not possible to change the number
of a subsidiary's outstanding shares, except where the bank is changing bank, which will be formed with a capital of $500,000,
Its own capitalization.
surplus of $250,000 and undivided profits of $100,000, will
The Guaranty Co., which was organized in 1920 by taking over the
the
to
largely
contributed
commence business the early part of 1929, with the complehas
Co.,
Trust
Guaranty
the
of
bond department
growth of the trust company through its underwriting and distribution of tion of alterations in its own building at 6901 5th avenue,
the
securities. Harold Stanley, now a partner in J. P. Morgan & Co., was
corner of Bay Ridge avenue. The announcement says:
first head of the investment company, and its present president is Joseph
The capital stock has been fully subscribed at $170 per share, with
Swan.
may reduce the amount
The enlargement of the capital of the company follows an increase of the reservation that the Organization Committee
in order to give to the
$30,000,000 in the capital funds of the Guaranty Trust Co. last June. At of stock to be allotted upon said subscriptions,
stockholders upon the
that time the trust company's capital was increased from $30,000,000 to people of Bay Ridge the opportunity of becoming
$40,000,000 and its surplus from $30,000,000 to $50.000,000, In addition same basis.
The capital stock of the bank is, therefore, hereby offered to the
to which its latest statement showed undivided profits of more than $10,000,000. The trust company's total resources were given as $838.129,668 people of Bay Ridge for subscription at $170 per share (to be applied
$100 for capital, $50 for surplus and $20 for undivided profits to cover
in its latest statement.
building, equipment and other corporate purposes).
Guaranty Trust Company of New York, which acts as
transfer agent or registrar it is stated, for more than 28% of
the corporations whose stock is traded in on the New York
Stock Exchange and more than 17% of those whose stock is
traded in on the Curb Market, has moved its Transfer
Department to larger quarters on the main floor of 128
Broadway, which building the Company recently acquired.
The new offices afford the additional facilities that the growth
of the Guaranty's transfer and registration business made
necessary.
The Directors of the Sate Bank and Trust Company of this
city on November 21 approved a proposal to increase the
capital of the institution from $5,000,000 to $6,250,000. A
special meeting of the stockholders will be called shortly to
ratify the plans of the directors. The new stock will be
offered to stockholders at $205 a share,$100 to be apportioned
to the capital, $100 to surplus and $5 to the capital of the
Staban Securities Corporation, the bank's investment
subsidiary.
Payments are called for as follows: 10% with subscripiton; 15% November 1; 25% on December 1; 25% January 1
and 25% on the call of the Organization Committee.
of New York has issued its State"The Bank of Yorktown
ment as of November 15 1928, showing resources of $7,732,759 and deposits of $6,045,490—an increase in deposits of
$2,000,000 in the past year. George M. Adrian is President
of this Institution located at Eighth Avenue and ThirtyEighth Street, the 'Ready-to-Wear Center.'"
At the meeting of the share-holders of the Second National
Bank of Hempstead held on November 15, it was voted to increase the Capital Stock from $100,000 to $300,000 in order
to care for the additional service it is rendering to the community.
Dr. Willard E. Wheelock ha- s been elected a director of the
First National Bank of Rockville Center and Jacob Post
already a director, has been made Chairman of the Board.
The stockholders of the Weehawken Trust & Title Co. Of
Union City, N.J., on Oct. 16 voted to increase the capital of
the institution from $800,000 to $1,000,000 and to reduce
the par value of its stock from $100 to $25, with a view enabling its depositors to become stockholders. The bank will
shortly establish a branch office on Summit Avenue at
Dr. A. H.Giannini, Chairman of the Board of Directors of Eleventh Street, Union City, N. J. The increase in capital
The Bank of America National Association, New York, was will become effective on January 18 next.
honored by the Anglo-American committee of the Association
Effective Nov. 1, the First National Bank of Boothbay
of Motion Picture Advertisers of America at a banquet at
Harbor, Me. (capital $50,000), was placed in voluntary
the Biltmore Hotel on Nov. 20. Dr. Giannini was presented
liquidation. The institution has been taken over by the
with a silver trophy and the presentation was made by Sam
Augusta Trust Co. of Augusta, Me.
who
came
from
London,
of
Harris, editor of "The Cinima"
beis
This
token
trophy.
the
confer
to
especially
London
Directors of the Travelers Bank & Trust Co. of Hartford,
stowed annually on the individual selected by the committee Conn., on Nov. 13
voted to recommend to the stockholders
goodas the one who has most advanced Anglo-American
an increase in the bank capital from $100,000 to $500,000,
inpicture
motion
the
with
connected
will through services
according to the Hartford "Courant" of the following day.
dustry. Dr. Giannini is said to be the first banker to L.
Marsden Hubbard, President of the Institution, was refinance motion pictures here and abroad. At the banquet ported
as saying that "growth in the bank's business has
of
Chairman
the
Hays,
Will
the speakers were Dr. Giannini,
made
it
seem necessary to add somewhat to capital." The
of
Motion Picture Producers' and Distributors' Association
The newly organized Plaza Trust Company of this city will
open for business on December 5 at Fifth Avenue and Fiftysecond Street. The institution has a capital of $2,000,000
and a surplus of $1,000,000. An item regarding the bank appeared in these columns October 27 page 2321.
Nov. 24 1928.]
FINANCIAL CHRONICLE
increase will be the first voted by the company since it
began business in 1913. It is proposed to hold a special
meeting of the shareholders on Dec. 11 to vote on the enlargement of the capital, and, providing action at that
meeting is favorable, new stock will be issued to stockholders of record Dec. 1 in the ratio of four new shares for
each share of old stock held at par, $100 a share. The
Travelers Insurance Co., it was stated, owns 930 of the
1,000 shares of capital stock of the bank now outstanding, the remaining 70 shares being held by the directors of
the bank .as qualifying shares. The original subscription
price for the 1,000 shares was $125 a share and the 930
shares held by the Travelers Insurance Co. are carried
on its books at $116,250, or $125 a share. At the beginning
of the present year, it was said, the Travelers' Insurance
Co. reported this stock as having a total market value of
$302,250, or $325 a share. The Travelers' Bank & Trust
Co. commenced business in 1913 with a capital of $100,000
and a paid-in surplus of $25,000. Since then the surplus
has increased to $500,000 as Of Oct. 1 last, and undivided
profits on that date were $196,034. Total assets of the
Institution as of Oct. 1 this year aggregated $10,048,779.
The officers of the bank in addition to Mr. Hubbard are
as follow's: Martin Wells, Secretary and Treasurer; R. C.
Dickenson, Trust Officer; Joseph W. Bennett, Auditor;
John B. Bolles, Assistant Secretary, and Frederick F.
Fisher, Assistant Treasurer. The directors at their meeting on the 13th also voted a 5% dividend payable Dec. 1
on old stock of record that day.
2911
life in Boston. Mr. Grant had been Vice-President of the.
trust company since 1913. According to a brief outline of his.
career, appearing in the Boston "Transcript" of the same day, Mr. Grant, who was born in Salem, Mass., in the early,
eighties joined the staff of Blake Brothers then one of the •
largest dealers in commercial paper in Boston. From there,
at the age of 28, he went to the National City Bank as,
Assistant Cashier and within three weeks was promoted to .
the Cashiership. Subsequently he was associated in an
official capacity with the Eiliot National Bank, the Third
National Bank, and the National Shawmut Bank. His.
connection, however, with the Shawmut was of short dun?.
tion, for in 1902 a few weeks after he entered that institution, the City Trust Co. was organized and Philip Stockton,
its President, selected Mr. Grant as Treasurer. Mr. Grant
took an active part in the organization of the new company
and to him, in no small measure, was due its phenomenal
growth. Upon the merger of the City Trust Co. with the
Old Colony Trust Co.in 1910, Mr. Grant was given a leading
position with the enlarged bank and in 1913 was made a
Vice-President, the office he has now resigned.
Directors of the .Old Colony Trust Co. of Boston at a.
recent meeting elected G. P. Gardner, Jr., a member of the board and made the following appointments in the bank's
personel; L. D. Seaver, Vice-President; A. W. Bosworth,:
Assistant Vice-President; A. S. Newhall, Cashier; A. H.
Garbutt, Assistant Cashier; A. H. MacIntyre, Trust Officer,.
and J. D. Trenholm, T. Lewis Kennedy, R. E. Roach and
Walter A. T. Norris, Assistant Trust Officers.
According to advices from Boston on Nov. 17 to the Wall
Street Journal", the Shawmut Association,.affiliated with the
Roy A. Hovey, Bank Commissioner for Massachusetts,.
National Shawmut Bank of Boston, has acquired a sub- was authorized on Nov. 20 by Judge Pierce of the State Su?
stantial stock interest in the Hingham Trust Co.,Hingham, preme Court to pay a dividend of 3% to depositors
in the
Mass. The institution has a capital of $100,000, surplus and commercial department of the defunct Hanover Trust Co.
undivided profits of $162,000 and deposits of approximately of Boston, as reported in the Boston "Transcript" of
that
$1,700,000.
date. This dividend will be paid before Christmas, and will
make with dividends already paid 66% of the entire claimsA personal loan department for the accommodation of of commercial depositors. The Boston paper went on to.
small borrowers has been opened by the National Shaw- say:
mut Bank of Boston. The following statement concernMr. Hovey said that, having adjusted and settled with the approval of
the Court the claims of the Polish Industrial Association and the estate in
ing the matter was issued last week by the institution:
To meet the needs of small borrowers, the National Shawmut Bank of
Boston has established a Personal Loan Department. This Department
will make loans of $100 to $1,000 at 6%, without requiring collateral
from the borrowers.
This new Shawmut Department seeks to accommodate reputable men
and women of limited means who may need money for emergencies or
who may wish to take advantage of an opportunity demanding a small
amount of capital. It permits them to borrow in a private, dignified
manner, free from burdensome rates and terms.
Such persons, if regularly employed, may procure a personal loan after
they have satisfactorily answered certain questions and have obtained the
signatures of two other responsible individuals, who become co-makers
of the note. The borrower receives the full amount of the loans, less 6%
per annum and a small investigation expense ranging from 75 cents to
two dollars.
Loans will be made for one year and repayment will be made in the
form of weekly or monthly deposits in the Shawmut Savings Department.
These deposits will draw interest at 3% per annum and at the maturity
of the note the fund in the Savings Department will be sufficient to pay
the loan and leave a small deposit to the borrower's credit.
bankruptcy of Charles Ponzi, amounting together to $1,443.600.90. the
claims presented and allowed against the commercial department are
$1,236,080.20. The Commissioner has cash on hand of $60,367.14 and of
this $37,082.41 will be required to pay the seventh and last dividend authorized by Judge Pierce. Mr. Hovey says that in figuring the claims on which
a dividend may be paid. he has not considered unclaimed deposits of $56.425.41 and rejected claims of $161,565.92.
The Hanover Trust Co. was closed Aug. 11 1920. Savings
depositors have been paid in full.
Dr. Samuel Empey Robertson, President of the Dime,
Savings Institution of Newark, N. J., and former medicaldirector of the Presbyterian Hospital died at his home at
Maplewood,N.J., on Nov.8. Dr.Robertson was at one time
President of the old Newark Board of Trade and of the
Newark Institute of Arts and Sciences. He was a member of
the City Planning Commission under the late Mayor Hausaling. Dr. Robertson had been connected with the Dime
On Dec. 10 stockholders of the Mechanics National Bank Savings Institution since February, 1900, and had served as
of Worcester, Mass., will vote on a proposal to increase the President since 1916. He was born in Canada 69 years ago.
bank's capital from $400,000 to $500,000 by the issuance of
1,000 shares of new stock (par value $100 a share) at $250
The newly organized First National Bank of Whippany,
a share, as reported in the Boston "Herald" of Nov. 9, N.J., which opened for business on Sept.27 reported deposits
which went on to say:
as of close of business Nov.10of $154,801. The institution has
Shareholders will have the right to subscribe to one new share for each
a
capital of $50,000 and a surplus of $12,500. The President,
make
surplus
and
will
undivided profits
four. This
approximately $1,400,000. In 1025 bank declared a stock dividend of 100%.
Edwin R. Marshall was elected President of the Boulevard Trust Co. of Brookline (Boston) at a recent meeting
of the directors, according to the Boston "Herald" of Nov.
15. Mr. Marshall succeeds William A. McKinney, who has
held the Presidency for a number of years. Mr. McKinney
will now devote his efforts to special administrative problems as a member of the executive committee and as a VicePresident. The new President has long been a leader in
banking and investment fields and is President of the Old
Colony Corporation of Boston (the investment division of
the Old Colony Trust Co.) He is also a Vice-President of
the Old Colony Trust Co. and trustee of the Old Colony
Investment Trust and Old Colony Trust Associates.
Robert B. McEwan, Jr., is Vice-President and Treasurer of
R.'R. Mawan & Son. A.F.Townsend, the Vice-President,
is President of several large plants; the Manhattan Rubber
Company being one of them. D.A.Baldwin, the Cashier was
formerly a member of the Chief National Bank Examiner's
staff in the 2nd Federal Reserve District and for many years
was connected with the old Liberty National Bank and Central Union Trust Co. of New York. The stock of the bank
which has a par value of $100 was disposed of at $125 a share.
At a meeting of the Board of Directors of the Central
National Bank of Philadelphia, held Nov. 22, Charles E.
Ingersoll asked to be relieved of some of his activities, and
the Board unanimously elected him to the newly created.
position of Chairman of the Board of Directors, effective
Jan. 1 1929. Archie D. Swift, Vice-President, was unaniOn Nov.15 George Warren Grant retired as Vice-President mously elected President. Mr.Swift has been with the bank
of the Old Colony Trust Co. after 51 years of active business for the past 12 years, coming from Ridgway, Pa., where, for
2912
FINANCIAL CHRONICLE
[VOL. 127.
a number of years, he was Cashier of the Elk County National lachian Highway Association. The deceased banker was
prominent in the affairs of the Indiana State Bankers AsBank.
sociation.
That the directors of the Industrial Trust, Title & SavW. J. 'McAneeny, Vice-President and Treasurer of the
ings Co. and of the Fern Rook Trust Co., both Philadelphia
institutions, have voted to submit a proposal to consolidate Hudson Motor Car Co.,has been elected a director of the Merto their respective stockholders, was reported in the Phila- chants' National Bank of Detroit, according to advices from
delphia "Ledger" of Nov.23. The date of the stckholders' that city appearing in the "Wall Street Journal" of Nov. 17.
meetings has not yet been determined. A special meeting of
After Mar. 4, Vice-President Charles G.Dawes will return
the stockholders of the Industrial company will be held on
Dec. 7 to vote on a proposed increase in the bank's capital to the Central Trust Co. of Illinois,Chicago,as Chairman of
of $100,000 (2,000 new shares of the par value of $50 a the Board.
share). The present capital is $500,000 (10,000 shares of
Stockholders of the Peoples Trust & Savings Bank of Chi$50 par value). The new stock, it was stated, is to be offered to stockholders of record Dec. 7, in the proportion of cago on Nov. 15 approved the proposed increase in the bank's
one new share for each five shares held, at the price of $300 capital from $1,000,000 to $2,500,000, noted in our issue of
a share. Stockholders of the Fern Rock Trust Co. are Oct. 6, page 1902. At the same meeting the directorate was
scheduled to hold a special meeting on Jan. 10 to vote on a Increased from 13 to 17 members.
proposed capital increase from $200,000 (4,000 shares of
A new Chicago bank—the Brainerd State Bank—was forthe par value of $50 a share) to $400,000 (8,000 shares of
$50 par value), the new stock to be offered to the stock- mally opened at 87th St.and South Ashland Ave. on Nov. 17.
holders at the price of $80 per share. These special meet- Visitors at the opening received American flags as souvenirs
ings, the "Ledger" stated, "had been arranged for before of the occasion. The new bank, which is the thirteenth in
the merger had been decided upon, it was said yesterday." the chain of the John Bain banks, is capitalized at $200,000
J. Edward Schneider, President of the Industrial Trust, with surplus of $100,000 and reserve fund of $20,000. Mr.
Title & Savings Co. was reported as saying that the name Bain organized his first bank 22 years ago.
of the new organization will be the Industrial Trust ComA special meeting of the stockholders of the Congress Trust
pany. The consolidated bank will have combined capital,
surplus and undivided profits of $4,000,000 and resources of & Savings Bank of Chicago will be held on Dec.21 for the purpose of voting on a proposed increase in the bank's capital
approximately $18,000,000.
from $400,000 to $500,000. The letter calling the meeting,
George E. Painter and C. C. Taylor have been elected signed on behalf of the directors by Henry S. Henschen,
directors of the Dollar Savings & Trust Co. of Pittsburgh, President of the institution, says in part:
In the judgment of the Board of Directors,the growth of the Bank to date
Pa. (North Side). Mr. Taylor is Senior Vice-President of
and the opportunities for expansion, which are evident on every hand, make
the First National Bank at Pittsburgh.
it desirable to increase the Bank's Capital Stock to $500,000. The Bank's
Frank L. Stein, President of the Ohio National Bank of
Columbus, Ohio, tendered his resignation as President and
as a director of the institution at the regular monthly meeting
of the directors on Nov. 16 and was succeeded by Fred A.
Miller, who has been Chairman of the trust committee of
the bank for the past five years, according to the Ohio "State
Journal" of Nov. 17. At the same time Edwin Buchanan,
a Vice-President of the bank for the past seven years, was
elected Executive Vice-President. Mr. Stein resigned the
Presidency in order to devote his time to his own outside
interests, it was said. The directors expressed their appreciation of his 29 years of service with the institution.
On Nov. 19 John H. P. Brewster tendered his resignation
as a Vice-President of the Cosmopolitan Bank & Trust Co.
of Cincinnati,Ohio,according to the Cincinnati"Enquirer"of
Nov. 20. Mr. Brewster went to the Cosmopolitan two years
ago. Prior to that time he was Assistant Cashier of the Cincinnati branch of the Federal Reserve Bank of Cleveland from
its establishment. He plans to engage in a wider field of
activity, the paper mentioned said. •
That the Kenton Savings Bank & Trust Co., Kenton,
Ohio, was closed recently, pending an audit of its books,
was reported in the following press dispatch from Kenton
on Nov. 8, printed in the Toledo "Blade" of the same
-date:
Completion of the audit and appraisal of the assets of the Kenton Savings Bank & Trust Co., here, whose doors were closed after a run on
the institution, will not be completed until four or five weeks, E. H.
Blair, State Superintendent of Banks, says.
Circulation of rumors was blamed by the State official for the run.
When the bank's ready funds became nearly depleted the bank officials
called upon the State Department for advice. The State men upon their
arrival took charge of the bank's affairs and closed the doors to make an
audit and appraisal.
Before the bank is re-opened its officials desire to be able to give
the public the bank examiners' statement of the bank's true condition.
Edward E. Blackburn, President of the Marion National
Bank and the Marlon State Bank, Marion, Ind., and interested in a number of industries in that city, died on Nov.
10 in a Kokomo, Ind., hospital, following a stroke of paralysis suffered the previous night while speaking at a bankers' dinner in that place. Mr. Blackburn was a native
of Kentucky, but moved to Marion more than twenty years
ago where with others he organized the Marion National
Bank of which he was President at his death. Among other
interests he was Secretary and Treasurer of the Rutenbur
.Electric Co. of Marion and Vice-President of the Appa-
quarters will before long need enlarging, and it seems likely that a Trust
Department and a Real Estate Loan Department will be required in the
near future.
It is planned to issue the new stock at $150 per share, of which amount
$100 will be credited to Capital Stock.$10 to Surplus and $40 to Contingent
Fund. Each stockholder of record at the close of business on December 21st
will be entitled to subscribe for one new share for each four shares then held.
It Is expected that payment of the new shares will be called for on Dec. 28.
Two important Kansas City (Mo.) banks are in process
of consolidation, namely the Fidelity National Bank & Trust
Co. and the New England National Bank & Trust Co. The
Fidelity Savings Trust Co. and the Fidelity National Co.
(affiliated institutions of the Fidelity National Bank & Trust
Co.) are also included in the merger. The consolidated bank,
according to the Kansas City "Star" of Nov. 14 will continue the name of the Fidelity National Bank & Trust Co.
and will be located at the present site of that institution,
the Southwest corner of 9th & Walnut Sts. On this corner,
a bank and office building 18 stores or more in neight will
probably be erected. The capital of the new institution will
be $3,000,000. It will have a surplus of 81,000,000 and
$1,700,000 representing the securities company's value, making the capital resources $5,700,000. Deposits will approximate $50,000,000. .The capital stock, 30,000 shares of the
par value of $100 a share, will be held by the present stockholders of the respective banks as follows: 20,000 shares by
Fidelity stockholders and 8,000 shares by New England
stockholders. The remaining 2,000 shares will be placed
on the market at a minimum price of $225 a share. The
consolidation will go into effect about Jan. 1. Henry C.
Flower and Lester W. Hall, Chairman of the Board and
President, respectively, of the Fidelity National Bank &
Trust Co. will retain the same positions with the enlarged
bank, while j. F. Downing, Chairman of the Board of the
New England National Bank & Trust Co., will be Chairman
of the Executive Committee of the new bank.
James T. Bradley,a Vice-President of the Commerce Trust
Co. of Kansas City, Mo., and a member of the Kansas City
Chamber of Commerce, died on Nov. 15 at the Bethany
Hospital in that city. The deceased banker was born in
London, Ont., Canada, but moved to Missouri with his
family when a boy. His banking career began in 1884 in
Sedan, Kas., when he entered the employ of the Turners'
Bank of that place. In 1891 Mr.Bradley was made a national
bank commissioner for Kansas, a position he held for seven
years. In 1903 he went to Kansas City, Mo., as Cashier of
the National Bank of Commerce and served in that capacity
until 1916 when he was elected a Vice-President of the
institution. Subsequently upon the consolidation of the
National Bank of Commerce and the Commerce Trust Co. to
Nov. 24 1928.]
FINANCIAL CHRONICLE
2913
form the present institution, Mr. Bradley continued as a he inauguarated a movement to form a national organization
Vice-President of the enlarged bank, the office he held at the of the trust companies of the United States which later
time of his death.
resulted in the formation of the trust company division of
the Association. The deceased banker was born in Boyle
Godfrey Schirmer, founder and President of the American County, Ky., the son of Daniel W. and Rebecca Robertson
National Bank of Denver, Colo., died Nov. 14th in his (Dunlap) Jones: His early educational opportunities were
.66th year. Mr. Schirmer, born in New York, was educated meagre, but in 1875 he was graduated from Centre College,
in Germany and for some time was German Consul at Den- Danville, Ky., with the degree of A. B. For a year therever. He was the only Denver bank president who had after he taught school at Lawrenceburg, Ky., and then
his seat out in front where every one entering the bank has entered a law office in Stanford, Ky. and for two years read
immediate access to him. Mr. Schirmer was a collector of law at night. In 1878 he was admitted to the Kentucky
-coins and stamps but noted for charitable activities. At bar and the same year moved to St. Louis and entered the
the time of his death he was Treasurer of no less than 15 St. Louis Law School. After attending a summer session
charitable organizations. Mr. Frank Kirchoff a prominent of the University of Virginia Law School in 1879 he opened a
Denver contractor has been elected President of the bank to law office in St. Louis and practiced his profession for nine
succeed Mr. Schirmer.
years. In 1888 Mr. Jones became Vice-Pnsident and
General Manager of the Decatur Land & Furnace Co. of
The closing and taking over by the State Department of New Decatur, Ala., but after a successful reorganization
Trade and Commerce on Oct. 23 of a small Nebraska bank, of the company he returned to St. Louis and resumed his
the Nebraska State Bank at Ohiowa, after it was learned law practice. After a brief period, however, he was elected
that its cashier, C. H. Brinkman, had disappeared the pre- Secretary of the Mississippi Valley Trust Co.and from that
vious Sunday, Oct. 21, was announced on Oct. 23 by Clarence time on continued with the institution. Before assuming
Bliss, Secretary of the Department, according to advices the Chairmanship in February 1925 (the office he held at his
by the Associated Press from Lincoln, Neb., on the same death), Mr. Jones had been President of the bank since
date, printed in the Omaha "Bee" of Oct. 24. It appears a 1912. At the time of his death he was a member of the
note from Brinkman, stating that he was short in his Advisory Council of the Fderal Reserve Board.
accounts and could not remain to face impending developments in the bank's affairs, was found at the bank the
Advices from Richmond, Va., on Nov. 19, printed in the
morning of the closing by W. H. Weiss, Assistant Cashier, "Wall Street News" of the same date, stated that the
and brother-In-law of Brinkman, to whom it was addressed. Richmond Trust Co. of that city has secured from the State
The note requested Weiss to report the bank's condition a charter amendment authorizing it to reduce its maximum
to the State Department and ask that an examiner be sent authorized capital stock from $1,000,000 to $500,000, and to
to investigate. This Weiss accordingly did. Secretary Bliss reduce its actually issued and outstanding capital stock from
was reported as saying that a $12,000 shortage already had $1,000,000 to $500,000. The change does not materially
been found and this would probably be increased when a affect the capital of the company other than to increase ,ts
complete check of the bank's accounts had been made. surplus, it is said.
When last examined, Jan. 23 of the present year, the dispatch said, deposits of $123,000 were shown. The bank was
Advices from Petersburg, Va. on Oct. 22 to the Baltimore
capitalized at $15,000 and had a surplus of $2,500. Brink- "Sun" reported the closing on that day of the Union Trust
man owned a majority stock interest of $8,800 in the institu- & Mortgage Co. of Petersburg. The following notioe was
tion, it was stated. A dispatch from Geneva, Neb., on Oct. posted on the bank's door:
"City of Petersburg, to-wit: By virtue of authority vested in me by law
23, appearing in the paper mentioned, said in part:
County Attorney Guy A. Hamilton says the State investigation so far
has not shown criminal action in the conduct of the bank by Brinkman
and that no charges against him have been filed.
"Brinkman apparently struggled along as long as he could," Hamilton
says, "and only left when on the verge of insanity due to worry.
"He has shown an honest attitude. The capital is impaired but there
may be a chance to pay out depositors."
Investigators say statements of the operating expenses of the institution
did not show the bank operating at a loss, as was the case, but that no
embezzlements have been found.
Willis G. C. Bagley, President of the First National Bank
of Mason City, Iowa, has been elected President of the Citizens' Savings Bank of Hanlontown,Iowa,to fill the vacancy
caused by the death of C. H. McNider of Mason City, who
organized the institution in 1899 and served as its President
from that time until his death a few weeks ago, according to
a press dispatch from Mason City on Nov. 19 to the Des
Moines "Register." The appointment of Mr. Bagley to succeed the late Mr. MoNider as President of the First National
Bank of Mason City was noted in the "Chronicle" of Nov. 10
1928.
I have this day suspended the Union Trust and Mortgage Company pending
the application for a receivership given under my hand this 22d day of
October, 1928. M. E. Bristow, Deputy Commissioner of Insurance and
Banking of Virg"
Subsequently, the dispatch said, Herbert Pritchard,
acting President of the trust company, issued the following
statement:
"Due to unliquid loans and investments, the Union Trust and Mortgage
Company has been forced to suspend doing business. A movement to
reorganize is in progress, which it is hoped will succeed."
In conclusion the advices said:
Meanwhile a receiver for the company has been applied for.
Commissioner Bristow granted authority for the insurance department
of the company to continue business. It is the opinion of bankers and
other citizens of Petersburg that had the real estate market here been as
good two or three years ago as it is at present., the bank would not have
been forced into temporary suspension.
A later dispatch from Petersburg (Oct. 24), appearing in
the "Sun" of the following day, stated that Judge Mullen,
of Hustings Court, had appointed Bernard C. Syme receiver
for the closed bank, his bond being fixed at $250,000. Mr.
Syme, who is a prominent lawyer and for some time was
State Attorney, had taken charge of the institution, it was
A press dispatch from Kirksville, Mo., Nov. 16, appearing said.
in the St. Louis "Globe-Democrat" of the next day, stated
A press dispatch from Dunn, N. C., on Nov. 14, printed
that an initial dividend of 50% will be paid depositors of the
failed Commercial State Bank of Kirksville about Dec. 20, In the Raleigh "News and Observer" of Nov. 15, stated that
according to plans announced by Special Finance Com- following action taken the previous night by its directors,
missioner L. L. Vaughn. The bank's liabilities are $160,000 the First National Bank of Dunn failed to open for busiand the Commissioner now has $63,000 on hand in cash and ness on Nov. 14 and was later placed in the hands of the
expects that collections within the next thirty days will in- national bank examiner. It appears the directors decided
crease this sum considerably, the dispatch said. The advices to close the bank when a small "run" developed on the
furthermore stated that it was believed for a time the bank afternoon of Nov. 13 that gave promise of reaching larger
could pay in full, but the latest information is that it will not proportions if the bank opened the next day. According to
pay more than 75% of its obligations. Failure of the institu- it last published report (Oct. 3), the closed bank had total
tion in June last was noted in our issue of July 71928,page 62. resources of over $500,000. It was capitalized to $50,000
and had a surplus of $20,000. From the dispatch we take the
Breckinridge Jones, Chairman of the Board of Directors following:
The First National Bank, one of the several banks in this part of the
of the Mississippi Valley Trust Co. of St. Louis and identito be caught in the failure of the bank in Wilmington operated by
fied with banking progress in Missouri and the Middle West State
the Coopers several years ago, having a part of its assets tied up in
for nearly 40 years, died on Nov.21 in his 73rd year. Death the failure of the Wilmington bank, has been struggling to overcome
Since it was taken over by the present management
was due to an infection of the throat. Well known in its losses since 1921. practically
negligible, and, according to all informait,s losses have been
Middle Western banking circles, Mr. Jones was generally tion
its affairs• have been wisely and safely administered. In the past
recognized as the "father of the trust company section" year its struggle has been even more against odds, following a run which
of the American Bankers' Association. As early as 1896 developed last spring, but which it was able to weather safely.
2914
FINANCIAL CHRONICLE
A recent examination of the bank, however, revealed sufficient bad paper,
practically all of which was brought over from the stressful period just
following 1920, to impair the capital. The Comptroller of the Currency,
under whose department the bank operated, advised that the bad paper be
taken out, even if it became necessary to assess the stockholders for an
amount necessary to take up the doubtful paper.
Acting on the advice of the national bank examiner, the directors of
the First National were planning to organize a new bank, to be known
as the Citizens National Bank, assess stockholders of the old bank, take
over and liquidate its affairs. The plan had been instituted quietly, and
up to the last night more than $40,000 of the needed $50,000 capital
for the new bank had been subscribed. Information concerning the move
leaked out yesterday morning, depositors became panicky, and the run
developed yesterday afternoon, necessitating the action taken by the board
of directors.
['trot,. 127.
in its title appeared in the "Chronicle" of June 16 1928 and
Sept. 29 1928, pages 3705 and 1756, respectively.
• According to the Toronto "Globe" of Nov. 10, the directors
of the Canadian Bank of Commerce the previous day elected
Arthur F. White, former President of the Standard Bank of
Canada, a Vice-President and a director of the enlarged
institution, and also elected S. H. Logan, the General Man-.
ager of the Canadian Bank of Commerce, and six former
directors of the Standard Bank of Canada members of the
Board. These latter are: Thomas H. Wood, A. R. Auld,
W. K. George, F. W. Cowan, and A. M. M. Kirkpatrick.
Our last reference to the proposed merger of these important
Announcement was made Nov. 16 that the First National Canadian banks appeared in the "Chronicle" of Sept. 29,
Trust & Savings Bank of San Diego, Cal., through its holding page 1761.
company the San Diego-California Co., has purchased the
Bank of Southern California in La Mesa, Cal., according to THE WEEK ON THE NEW YORK STOCK EXCHANGE.
advices from San Diego on that date, appearing in the Los
Except for the downward reaction on Wednesday, the
Angeles "Times" of Nov. 17. E.J. Belcher, Jr., President of
was
named
say,
to
on
went
New
York Stock Market has continued its record-breaking
dispatch
the
bank,
Diego
San
the
President of the acquired bank, with W. B. Whitcomb and advance during the present week. The phenomenal rise
G.H.Schmidt as Vice-Presidents; L. J. Heitcam as Manager in stock prices was somewhat checked by the midweek setand Cashier, and J. Foster Couts, Assistant Manager and back, but the advance was again renewed the following day
Cashier.
when the tremendous demand for all classes of stocks continued
unabated. On Monday, the sales were slightly over
AngelesL. S. Gilhousen, Assistant Cashier of the Los
Nov.
5
on
shares and on Tuesday in excess of 634 million
million
Angeles,
Los
Bank,
Savings
&
Trust
National
First
12 observed his twenty-eighth year as a banker and of con- shares. On Wednesday and Thursday 6,014,855 and
tinuous service with one institution. A news item from 5,837,600 shares respectively and on Friday the sales reached
the bank says:
a total of 6,942,500 shares, this last establishing a new high
Mr. Gilhousen, who was born in Kahoka, Mo., came to Los Angeles
record
for a day's business. The enormous daily turnover
as
Bank
National
Angeles
In 1900 and entered the employ of the Loa
collector. In 1905 the First National Bank, the Los Angeles National completely swamped the mechanical facilities of the exand the Southwestern Banks were consolidated under the name and
change, so much so that the tickers were at times nearly
charter of the First National Bank of Los Angeles. In that same year
the stock of the Los Angeles Trust Company and that of the Metropolitan behind the transactions on the floor, until Thursday when
Bank and Trust Company were acquired by the stockholders of the First
the
National Bank, becoming the Los Angeles Trust & Savings Bank and later the Stock Exchange ticker began reporting merely
the Pacific-Southwest Trust & Savings Bank.
shares sold.
of
number
price
of
the
each
no
longer
and
sale
On Sept. 1 of last year the First National Bank and the Pacific-Southwest Trust & Savings Bank consolidated under the national charter and This worked a corrective. Radio Corporation, Case.
the name of the Los Angeles-First National Trust & Savings Bank. Mr. Threshing Machine, International Harvester, and DuPont
Gilhousen, who has been with the bank through the various changes, was
made sensational gains several times during the week, but
appointed auditor in 1920 and assistant cashier in 1921.
there has also been widespread trading in copper, oils and
Erie M. Leaf, President of the National Bank of Com- the public utilities. The report of the Federal Reserve Bank
merce of Los Angeles, announced on Nov. 15 the election for the week ending Nov. 22, made public after the close
as Vice-President in charge of new business of T. C. Scroggs, of the market on Thursday, showed an increase in brokers'
former Vice-President and Cashier of the Seaboard National loans amounting to $176,315,000, the largest increase in theBank of that city, according to the Los Angeles "Times" of
history of the market. Call loans continued at 63%
Nov. 16. The election of J. W. Westerfield, for several
throughout the week.
years chief clerk of the National Bank of Commerce, as an
Price movements had an appearance of irregularity during
Assistant Cashier, to act as personnel officer, was announced
the
short session on Saturday, both buying and selling orders
by Mr. Leaf at the same time. Mr. Scroggs, the paper flowing into the market in record volume. The most striking
Vicepositions:
the
following
held
formerly
said,
mentioned
features of the day were on the side of the advance, Radio
President and director of the Oklahoma Stock Yards National
leading the upswing with a block of stock at 300; later in the
Bank, Oklahoma City, Okla.; Vice-President of the Bank of
day the price receded to 293, shot ahead to 304 and closed
American
the
of
President
La.;
Orleans,
St. Bernard, New
301,a net gain of 4 points. American Tel. & Tel. also
at
Trust & Savings Bank, El Paso, Texas, and President of the attracted considerable speculative attention, as it opened
with
associated
became
1923
he
In
Co.
Loan
Cattle
El Paso
at above 200 and then slid back to its previous close at 195Yi.
the Collins staff of Philadelphia as consultant for their bank Bethlehem Steel assumed the leadership of the steel group
clients in the Middle West.
as it pushed steadily ahead to 81, its highest price since 1920.
The election of Judge Henry H. Rolapp as a directoi of United States Steel common remained practically unchanged
the National Bank of Commerce was reported in the Los from its preceding close. Montgomery Ward had another
Angeles "Times" of Nov. 14, which went on to say:
spectacular jump of 10 points and closed at 424. The strong
Judge Rolapp was former President of the Amalgamated Sugar Co. of
Co.
Sugar
stocks of the oil group included Shell Union Oil, Phillips.
Western
Great
the
for
counsel
general
also
was
Ogden, Utah. and
Although Judge Rolapp has retired from many of his business activities, Petroleum, and Standard Oil of California, all of which
City,director
he Is still a director of the Deseret National Bank of Salt Lake
Co. of Utah and moved into new high ground. Texas and Gulf Sulphur was of the Home Fire Insurance Co., director of the Royal Coal
Corporation.
a feature of unusual strength and closed 4 points higher at
Packing
Mountain
director of the Rocky
80%. Packard proved the star of the motors and reached
new high ground above 122. General Motors, however,
A press dispatch from San Francisco on Nov. 20, printed
back and most of the independents followed suit.
slipped
the
that
stated
same
date,
the
of
News"
Street
"Wall
in the
The
lost none of its buoyancy on Monday, though
Market
institution)
Giannini
(a
Co.,
Trust
&
United Security Bank
prices, for a time, were somewhat irregular due in part to
articles
to
new
file
about
is
city,
that
in
headquarters
with
its present heavy profit taking in the early part of the session. The
of incorporation at Sacramento. Cal., changing
official day's turnover passed the 5 million mark, more than 800 inname to Bank of America of California, according to
dividual shares were dealt in and the tickers were 51 minutes
said:
continuing
dispatch
advices. The
made,
be
will
institution
late.
the
Radio Corporation assumed the leadership with a
of
designation
in
No changes other than
Bank of America, of New York, is spectacular jump of 30 points which carried its closing price
officials state. No connection with
Indicated by the new neame.
to 331. Copper stocks continued in stronger demand,
Trust Co. of Los Angeles. pending in the
A suit of the Security Bank &
nullified
be
the
thus
by
will
Anaconda
Calif.,
and Chile advancing into new high ground with
'Superior Court of Orange County,
will allow the former United substantial gains.
contemplated change in name. This action
Westinghouse Elec. & Mfg. Co. closed
its chain approximately 50 banks
Security Bank & Trust to incorporate in
at
%
1403
4 points, Du Pont moved ahead
with
a
of 33
gain
new
the
of
adoption
following
now held by the French American Corp.
4 points, Case Threshing Machine registered a gain of
name, Bank of America of.CaRforbia.
the Security 193j points to 449. American Home Products, Columbia
Items with reference to the suit brought by
San
Francisco Carbide and Carbon, International Paper, and Superior"
the
Bank & Trust Co. of Los Angeles against
"Security"
Steel also made noteworthy advances. Unprecedented
word
the
using
from
latter
the
bank to prevent
buying orders again rolled into the market on Tuesday,
million shares.
the day's sales reaching more than 6
The influx of buying orders came from all parts of the
United States and from many foreign countries. The
volume of buying was so immense that the ticker ran 105
minutes behind. Speculative activity was at a fever heat
all through the day until the last hour when a sharp downward reaction occurred as a result of profit taking by some
of the early buyers. Some noteworthy advances of the day
points, Du Pont 52 points,
were Radio Corporation
International Harvester 433. points, Woolworth 6% points,
Wright Aero 634 points, Liquid Carbon 7 points, Goodyear
Tire 6 points, Calumet & Arizona 6% points, Canadian
% points.
Pacific 73 points and Case Threshing Machine 453
Steel stocks and Motor issues did not participate in the
extravagant advances of some of the leaders.
On Wednesday the stock market suffered a bad break in
the early trading, but a moderate rally toward the end of
the day carried many issues above their early lows, though
numerous sharp losses were still in evidence in the general
list. General Motors sold below 207, but closed at 2083%
with a loss of more than three points. Chrysler and Packard
also declined from 2 to 3 points. Radio Corporation moved
up and down throughout the session and finally closed at
. 359 with a net gain of 1 point for the day. Wright Aero
was another spectacular feature and moved ahead 8 points
to 221. Case Threshing Machine which enjoyed several
spectacular advances during previous days yielded about
19 points. International Harvester also was below its
preceding close.
Trading was again fast and furious on Thursday and
sensational advances into new high ground were registered
by many of the more active speculative stocks. Wright
Aero was one of the outstanding strong features as it moved
briskly ahead and closed at 270 with a gain of 49 points for
the day. Curtiss Aeroplane stocks followed with a gain of
15 points and closed at 155. Speculative interest was for a
time directed to the copper stocks, Kennecott advancing
4. Anaconda, Chile, Greene
about six points to 1433
Cananea and practically all of the rest of the group moved
ahead to higher levels. Mid-Continent was the strong
feature of the Oil shares as it advanced three points to 433.
Marland Oil moved up to 48%, Houston Oil improved about
one point and so did Pan-American P. & T. With the
possible exception of General Motors, the motor stocks were
stronger, particularly Chrysler which gained five points to
1303' and Packard which improved 4 points to 120.
Many of the so-called specialties were bid up from three to
five points and stocks like Montgomery Ward, Victor Talking Machine, and Union Carbide and Carbon were in strong
demand at higher prices. Railroad issues also were higher
and moved briskly upward under the guidance of Union
Pacific, ,Great Northern and New York Central. Independent Steel shares moved forward under the leadership
Bethlehem Steel, but United States Steel common lagged
behind.
Stock prices swung violently backward and forward in a
mixture of advances and declines in the boiling market on
Friday. Transactions were so heavy that even under
the new system the ticker fell behind, at one time more than
% of an hour. Motor stocks were in demand and moved
briskly forward under the leadership of General Motors.
Other features were numerous throughout the list, and
included new record prices by such stocks as Kansas
City Southern, New York, New Haven & Hartford,
Erie common, Pere Marquette, Andes Copper, Inspiration Copper, Commercial Solvent, Cerro de Pasco, Kennecott Copper, Federal Mining & Smelting, Wright Aeronautical, Mid-Continent Petroleum, Superior Oil, Marland Oil,
Consolidated Gas, Case Threshing Machine and Union
Carbide and Carbon. The New York Stock Exchange and
the Curb Market will be closed on Saturday, Nov. 24, to
enable the clerical forces in brokers offices to catch up on
arrears of work.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Week Ended Nov. 23.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tr.*al
2915
FINANCIAL CHRONICLE
Nov. 241928.]
Railroad,
cic..
Bonds.
State.
Municipal &
Foreign Bonds,
3,105,216
5,040,750
6,503,230
6,014,855
5.837.600
*6,954,020
33,824,500
5,723,000
6,131,500
7,011,000
6,750,500
6,973,000
31,642,500
2,835,000
2,892.000
2,747,000
2,872,000
1,385,000
$121,000
592,500
529,500
341,000
108,500
206.000
33.455,671
336,413,500
314,353.500
$1,898.500
Stocks,
Number of
Shares.
United
States
Bonds.
* New record. Highest s ngle day's transaction in (lie bistory of the Exchange.
1928.
Stocks-No. of shares_
Bonds.
Government bonds_ __
State and foreign bonds
Railroad & misc. bonds
Total bonds
Jan. 1 to Noe.23.
Week Ended Noe. 23.
Sales at
New York Stock
Exchange.
1927.
1928.
1927.
33,455,671
11,798.495
780,573,099
504,817,597
$1,898,500
14,353.500
36,413,500
$1,507,700
17,888,000
35,919.700
$168,112,750
685,497.635
2,056,861,676
8259,389.750
756,621.700
1,934,432,600
$52,665,500 $55,315,400 $2,910,472,061 $2,950,424,050
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Nov. 231928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Baltimore.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond SakS.
*47,734
*65,571
82,173
82,535
108,326
62,622
312,000
32,000
33,000
60,000
27,000
6,000
448,961
$170,000
436.358
3280.350
a84,770
a135.751
a120,666
6112.928
a107,869
a26,250
$27,000
73,800
19,000
25,000
14,000
2,158
5,421
9,271
9,239
7,376
8.127
588,234
$158,800
41,592
3162,600
597.286
$143.100
19.410
*150.500
$5.500
32,000
41,500
19,500
33,100
31,000
* In addition sa es of rights were: Saturday, 2,517; Monday, 1,700.
a In addition, sales of rights were: Saturday. 13.600; Monday. 33,900; Tuesday, 36,500; Wednesday, 20,500; Thursday, 14,000; Friday, 4,600.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thum,
Fri.,
Wed.,
Mon.,
Tues..
Sat..
Nov. 19. Nov. 20. Nov. 21. Nov. 22. Nov. 23.
Nov. 17.
26
11-16d.
26 11-166. 26 11-16d. 263(
Silver, per oz __ 26 13-166. 26%d.
Gold, per fine os 84.11%d. 848.11%(1. 848.1134d. 849.11%d.848.11%d.848.11%d,
56
56
56
55%
Consols,2%%
55%
101%
101%
101%
101%
101%
British,5%
98%
983(
98%
97%
97%
British.4%% French Rentes
64.80
64.45
65
65.45
65.46
(In Paris) fr.. ____
French War L'n
92.30
92.15
92.25
92.25
92.60
(in Paris) fr_
The price of silver in New York on the same days has been:
Silver in N.Y., pares.(eta.):
58
Foreign
58%
58
57%
58
58
*a,
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a very heavy
increase compared with a year ago, but the greater part of
this is due to the fact that Thanksgiving Day fell in this
week last year while the present year it will come a week
later. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, Nov.
24), bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
50.8% larger than for the corresponding week last year.
The total stands at $14,232,227,271, against $9,436,252,733
for the same week in 1927. At this centre there is a gain for
the five days ending Friday of 76.0%. Our comparative
summary for the week follows:
Clearings-Returns Si, Telegraph.
Week Ended Nov. 24.
1928.
1927.
Per
Cent.
37,558,000,000
659,734,312
575,000.000
499,000,000
128.210,172
158.600.000
210.238,000
216,396.000
181.250,239
214.682,456
118.831,187
85.838.433
69,968,904
$4,294,000,000
471,566,852
395,000,000
401,000,000
99,269,997
112,200,000
176,435,000
127.684.000
124,290,299
116,683,331
85.081,669
72,224,631
52,157,852
+76.0
+39.9
+45.6
+24.4
+29.2
+41.4
+19.2
+69.5
+45.8
+84.0
+39.7
+18.8
+34.1
Thirteen cities, five days
Other cities, five days
810,675,747,703
1,184,441,690
36,527,593.631
980,085.950
+63.5
+20.8
Total, all cities, five days
All cities, one day
311,860,189,393
2,372,037,878
$7,507,679,581
1.928,573,152
+58.0
+23.0
MA9.
19997971
20 VIA 9g9 712
4.5.11 a
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, on 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. 17. For
that week there is an increase of 10.0%, the 1928 aggregate
of clearings for the whole country being $13,501,893,604,
against $12,272,796,306 in the same week of 1927. Outside
of this city the increase is only 6.6%. The bank exchanges
at this centre record a gain of 22.2%. We group the cities
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the New York
Reserve District (including this city) clearings show an expansion of 27.0%, but in the Boston Reserve District there
is a decrease of 21.6% and in the Philadelphia Reserve District of 8.2%. In the Cleveland Reserve District clearings
have declined 1.4%, in the Richmond Reserve District
14.6% and in the Atlanta Reserve District 13.9%. In
the Chicago Reserve District the totals are larger by 3.9%,
but in the St. Louis Reserve District there is a loss of 9.4%
and in the Minneapolis Reserve District of 9.0%. The
Dallas Reserve District records a falling off of 7.3%, the
Kansas City Reserve District of 12.3% and the San Francisco Reserve District of 4.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Nov.17 1928.
1927.
1928.
Inc.or
Dec.
1925.
129 cities 13,501,893,604 12,272,796,306 +10.0 10,095,751,671 10,954,795,424
Total
4,852,460,648 5,193,535,653 +7.6 4,650,995.113 4,824,601,125
Outside N. Y. City
31 eltlem
454680.076
610.673.304 -10.0
401.822.403
396.776.113
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended November 17.
Marines at1928.
1927.
Inc. or
Dec.
1926.
1925.
First Federal Reserve Dist rict-Bosto n787,249
950,227 -39.9
571,021
Maine-Bangor_
3,572.030
4.170.133 -4.1
4,000,576
Portland
Mass.-Boston. _ 490,000,000 645,000,000 -24.0 522,000.000
2,396,204
2,524,524 -17.5
2,082,918
Fall River_ _ _ _
1,322.800
1,388,745 +2.1
1,418,529
Lowell
1,481,347
1,534,405 -11.0
1,366,916
New Bedford_ 6,075,206
5.591.375 +35.2
7,558,277
Springfield_ _ _ _
3,348.515
3,950,020
3,496,953 +13.0
Worcester
14,632,754
18,247,786 -2.9
17,775,637
Conn.-Hartford
7,241,205
9,094,577 +11.9
10,180,393
New Haven_ _
15.749,400
18,548,500 -2.9
18,070.200
R.I.-Providence
666,060
787,552 -6.8
738,011
N.H.-Manches1
771,633
3,839,541
534,000.000
2,756,347
1,820,002
1,637,255
5,780.936
3,559,895
15,646,940
7,899,735
16.831,500
682,293
579,272,770
595,226,077
Total(12 cities)
557,712,498
711,334,777 -21.6
Second Feder al Reserve D istrict-New
5,259,583
7,549,398
N.Y.-Albany_ _
1,184,323
1,763,405
Binghamton
59.827,846
69,048.689
Buffalo
1,085,929
1,322,798
Elmira
1,779.606
1,579,220
Jamestown_ _ _
New York_ _ _ 8,649,432.958 7.079.260,653
14.436,935
19,151,404
Rochester
6,770.908
7.362.325
Syracuse
3,988,074
3,935,548
Conn.-Stamford
1,028,822
900,060
N. J.-Montclair
44,867.272
42,125,167
Northern N J_
York
6,363.792
+43.5
6,536,846
+48.9
1,020,600
1.061,200
56,575,812
+15.1
63,682,868
1,008,252
1.148,952
+21.8
1,646.528
1,689,898
-11.3
+22.2 5,444,756.558 6,130,194,299
12,173,306
12.842,776
+32.7
5,957,608
5,618,889
+8.7
3,887,131
-1.3
3,736,408
760,028
626,463
-12.6
41,373,331
37,776.109
-6.1
Total(11 cities) 8,804,170.972 7.219.489,951 +22.0 5,575,545,277 6,264,892,377
Third Federal Reserve Dist rict-Philad elphia
1,830,147
1,611,229
2,118,562 -23.9
Pa.-Atoona_ _ _
4.690,280
5.336,605 +1.1
5,394,416
Bethlehem._
1,360,824
1.713.764 -16.1
1,438,378
Chester
2.085.518
2.311,426 -15.6
1,951,645
Lancaster
Philadelphia_ - 618,000,000 670,000,000 -7.8 810,000,000
4.766,972
4.863,645
4,981,723 -2.4
Reading
6,409,009
5,969.041
7,074.683 -15.6
Scranton
4.939,827
3,988.969 +4.3
4,160.127
Wilkes-Barre_
1.934,831
2,460.149 -6.8
2,293,589
York
7,003,944
5,607.578
9,104.908 -38.4
N.J.-Trenton
1,700,631
4.489,478
1,489,367
2.610,369
629.000.000
3,977,638
5.846.634
4,565.240
1,698,346
7,086.392
-8.2 645,021.352
662,464,095
Total(10 cities)
651.289.648
709.090,789
Fourth Feder al Reserve D strIct-Clev land
8,091,000
7,053,000 + 14.7
Ohio-Akron
5,102.819
4,918.840 +3.7
Canton
77,490,019
92.892,617 -16.6
Cincinnati _ _ _
161.882,766 151.717,689 +6.7
Cleveland
19.523,400
21,231,600
Columbus _ 2.125.285
2.010,874 +5.7
Mansfield
6.732,275
5,246,046 +28.3
Youngstown__ _
FL-Pittsburgh.. 190,713,678 193,344,971 -1.4
6,016,000
3,865,358
81,819.972
130,063.442
15,490.000
2,844.653
5.054,418
194,351,068
6,680.000
3.723.306
79,514,667
129.145,516
14,143,700
2,274,517
5,123,851
185.552.655
-1.4
439,504,911
426.158.212
Fifth Federal Reserve Dist rict-Riches ond1.401,791
1.672.920 -16.2
W.Va.-Hunt'g'n
5,217,161
6,054,160 -13.8
_
Va.-Norfolk
64,250.910 -18.9
52.102.000
Richmond __ _ _
3,317.984 -22.5
2.572.992
S.C.-Charleston
Md.-Baltimore _ 105.971,103 128,872.133 -17.8
27.049,539 +11.4
30,128.035
D.0.-Washing.n
1,570,621
10,561,003
56,589.000
2,935.200
112,573,965
27,491,402
1,850,238
10.208,158
66,071,000
3,227.373
127,760,132
30.071.059
Total(8 cities)-
471,661,242
478,415,638
231,217,646 -14.6
211,721,191
239,187,960
Sixth Federal Reserve Dist rict-Atlant a9,394,102 +7.0
10,051.817
Tenn.-ChatVga
*3,500,000 -5.7
*3,300,000
Knoxville
30.198,007 -6.6
28.216.223
Nashville
59,089,618 *64.813,003 -11.7
Oa.-Atlanta__ - 2.428.295 -4.8
2,305,990
Augusta
2,418.300 +19.0
2,878.311
Macon
19,108,525 -20.6
15,165.464
4,470,000 -48.9
2.283.000
Miami
31,857,501 -19.0
25.816,636
2,098,166 +16.2
2,438,295
Mobile
2,425,000 -8.8
3,923,000
MIss.-Jackson_ _
454,973 +24.3
565,537
Vicksburg - - 71.158,837 -23.8
54,236,923
La.-New Orleans
9,915.016
3,605,000
25,667.294
64,635.608
2.208.624
1,973.752
26.056,847
9,652,393
27,913,701
2,340,472
1,799.639
437.286
56.172,822
9,936,296
3,200,000
24,711,158
96,580,105
2,531,700
2,184.318
40.484,322
26.119,112
30.050,699
2,224.380
1,676.000
395,255
76.135.752
244,324.709 -13.9
232,378.454
316,229,097
Total(6 cities)
Total(13 cities)
197,393,032
210.270.814
Week Ended November 17.
Clearings at1928.
1927.
Inc. or
Dec.
1926.
1925.
$
i
$
$
%
Seventh Feder at Reserve D Istrict.-Chl cage.-296,292
234,337
Mich.-Adrian _351,384
299,239 +17.4
925,172
Ann Arbor_.
.
.
1,116.504
1,063,745
878,861 +21.0
Detroit
244,230,600 187,808,143 +30.0 180,714,406 197,563,034
8,559,824
Grand Rapids _
8.107,857
10,165,108
8,045.619 +26.4
2.281,963
2.880,345
Lansing
3,599,196
2.621,017 +37.3
2,830,384
Ind.-Ft. Wayne
3,671,264
3,588,363
3,268,294 +9.8
Indianapolis
25,003.000
17.696.000
28,754,000
26,075,000 +10.3
3,361,100
South Bend.._
3,009,400
3,635,900
4,183,300 -13.1
4,970,023
5,853,959
Terre Haute--5,091.605
6,299,342 +80.8
41,459,065
47,250,528
46,124,681
45,118.223 +4.7
Wis.-Milwaukee
2,847,654
2,665,109
Iowa-Ced.Rap3,023.468
2.999,008 +0.8
12,173,819'
Des Moines --11,514,564
10,028,140
11,208,273 -10.5
6,784,635
Sioux City
5,948,825
6,020,587 +4.5
6,284.348
1,604,693
Waterloo
1,487.312
1.457.597
1,472,306 +9.0
1.630,879
1,611,154
1,907,974
III.-Bloom'gton
2,119,568 -10.0
Chicago
785.621,982 805,471,909 -2.5 683,781,754 698,919,003
1,431,748
1,677,713
Decatur
1.315.688
1,569,659 +6.9
6,024,165
Peoria
5,200.378
5,596,706 +7.6
4,582.273
Rockford
3,542,867
2,904.399'
4,112,003
3,629,314 +13.3
2,781,565
Springfield....
2,799.321
3,058.333
2,658,477 +15.0
Total(20 cities) 1.171.073,248 1,127.342,845
1926.
$
$
$
$
%
Federal Reserve Diets.
595,226,077
579,272,770
711,334,777 -21.6
557,712,498
181 Bo6ton_ __ _12 cities
8,804,170,972 7,219,489,961 +22.0 5,575,545,277 6,264,892,377
2nd New York 11 "
662,464,095
645,021,352
709,090,789 -8.2
651,289,648
3rd Philadelphial0 "
426,158,212
439,504,911
478,415,638 -1.4
471,681,242
4th Cleveland__ 8 "
239,187,960
211,721,191
231,217,646 -14.6
197,393,082
5th Richmond - 6 "
316,229,097
232,378,454
-13.9
244,324,709
210,270,814
"
__13
5th Atlanta_.
995,964,620 1,016,074,534
1,170,073,248 1,127,342,845 +3.9
7th Chicago_ _20 "
272,482,221
251,155,331
276,562,731 -9.4
250,808,307
8th St. Louis_ _ 8 "
164,845,152
156,235,809
173,125,981 -9.0
157,546,586
11th Minneapolis 7 "
279,049,926
289,101,031
276,521,387 -12.3
242,417,135
10th Kansas CitY12 "
106,013,621
106,347,059
-7.3
101,990,134
94,533,642
"
5
Dallas
11th
612,172,152
613,503,866
723,379,718 -4.2
693,016,430
12th San Fran..17 "
tunas.
[VOL. 127.
FINANCIAL CHRONICLE
2916
+3.9
995.964,620 1,016,074,534
Eighth Fedora 1 Reserve Dis trict.-St. Louts.Ind.-Evansville
6,126.084
5,629,969
6,078,234 -6.4
550.-St.Louis.. 151,700,000 147,800,000 +2.6 157,100,000
Ky.-Louisville_
36,993.014
44,701,959 -12.9
38,916,427
Owensboro_._
404,882
391,600 +3.4
288,918
Tenn.-Memphis
29,880,579
33,543,495
35,128,035 -4.5
Ark-Little Rock
18,987,733
18,824.557
20.468,529 -9.8
Ill.-Jacksonville
346.783
345.170
374,124 -7.7
1,432,220
Quincy
1,443,807
1.620,250 +28.9
5,583,234
172,500,000
37,869,060
327,647
35.404,383
18,940.618
428,463
1,428.813
251,155,331
272,482,221
Ninth Federal Reserve DIs trict-Minn eapolis10,943.877
Nlinn.-Duluth
11,454,801
10,948,822 +4.6
98,084,300
Minneapolis_ - _ 101,045,233 111,093,372 .-9.0
St. Paul
38,137,782
35.974,695
41,774.489 -13.9
N. Dak.-Fargo_
2,341,163
2,530,549
2,423.137 +4.4
3. D.-Aberdeen_
1,674,963
1,525,714
1,763.185 -13.5
949.571
Mont -Billings.
1,010,594
849,976 +18.9
4,104,153
4,005,000
Helena
4.273,000 -6.3
12,709,577
105,824,226
38,138,292
1,945,569
1,793,032
765,161
3,669.295
Total(8 cities).
250,808.307
276.562,731
-9.4
156,235,809
164,845,152
Tenth Federal Reserve Dis trict-Kans as City407,568
Neb.-Fremont _
350,028
371,154 -5.7
430,207
Hastings
505.327
499.542 +1.2
4.786.240
Lincoln
4,026.253
5,360,620 -24.9
45.208.901
Omaha
43,348,194
47,250.581 -8.3
Kan.-Topeka _ _
3,944,952
3,444.951
2.711,556 +27.1
9,121.565
7,845,557 +4.1
Wichita
8,167,865
Vlo.-Kans. City 137.929,109 165,680,236 -16.7 181,554,454
8,294,898
St. Joseph_ _ ...
7,212,220
6,231,582 +15.7
32,633,133
34,165.252
37.129,241 -8.0
>kla.-Okla.City
1,121,444
Dolo.-Col. SpIrs
1.409,649
1.597,403 -11.8
a
a
a
a
Denver
1,597.669
1.858,287
1,843,915 +0.8
Pueblo
354,118
677,869
4,852,534
46,750,089
3,856,300
8,317,103
163,128,446
8,006,075
40.434,120
1.404.902
a
1,268,370
Total(7 cities).
157,546,586
173,125.981
-9.0
276,521.387 -12.3
289,101,031
279,049,926
Eleventh Fede ral Reserve District-Da Ilas1,659,998
1.946.066 -14.7
['ex.-Austin_ _
67,595,280 -5.3
64,001,538
Dallas
16,175,799 -10.9
Fort Worth_ _. 14,414,713
9,770,000 -10.1
7,906,000
Galveston
6,551,393
6,502,989 +0.7
A.-Shreveport-
1,812,143
64,022,880
19,856.806
14,200,000
6,455.230
2,061,285
67,156,496
18,371,661
12,364,000
6.060,179
-7.3
106.347,059
106,013,621
Twelfth Feder al Reserve D strict-San Franc' sco50,440,451
55,377,955 -3.4
53,572,209
Vash.-Seattle_
13,700,000
16,479,000 -11.0
14,666.000
Spokane
1,648,086
2,244.228
2,427,988 -7.6
Yakima
49,416,868
52.034,203 -12.2
)re.-Portland.. 45,678.652
21,534,935
18,794.517
22,193.712 -15.3
Jtah-S. L. City
7,106,742
7,239,607 -29.2
5,128,609
)alif.-Fresno
8.771,201 -4.0
7,805,274
8.737.878
._
Long Beach.
246,524,000 226,887,000 +8.7 195,049,000
Los Angeles_
19,619,596
21.219.752
21,103,637 +0.5
Oakland
7,596,639
8,546,816 -11.1
8.026.464
Pasadena
10,987,680
8,750,587 -21.3
6,884423
Sacramento.._
6.838,852
6,451,800
7,406,192 -12.9
San Diego_ _ _
San Francisco. 244,320,456 274,862.996 -11.1 210,671,000
3.477,771
4,167,908
3,898,116 +6.9
San Jose
2,313,112
1,572,404
1,972,918 +16.7
Santa Barbara
2.487,143
2.214.487
2,630,190 -15.8
Santa Monica.
3,121,600
2,561,700
2,797,600 -8.4
Stockton
50,640,197
14,458,000
2,297,613
48,746,692
24,649,499
6,136,904
7,458,124
173,543,000
24,530,501
6.501,899
11,591,959
5,314,161
225,120,000
3,407,356
1,531.758
2,168,284
4,076,200
Total(11 eltle8)
Total(5 cities).
242,407,135
94,533.642
101,990,134
Total(17 cities) 693,016,430 723,379,718 -4.2 613,503,866 612,172,152
:rand total (129
13501893.604 12272796,306 +10.0 10095751,67110954795.424
cities)
outside New York 4.852,460,646 5,193,535,653
-6.6 4,650,995.113 4,824.601,125
Week Ended Nov. 15.
Clearings at1928.
$
CanadaMontreal
148,181,196
124,804,383
Toronto
Winnipeg
79,015,237
20,145.881
Vancouver
8,039,195
Ottawa
Quebec
6,134,149
Halifax
3,198,799
Hamilton
5,515,258
Calgary
12,841,925
St.John
2,673.218
Victoria
2,399,200
London
3,437,617
Edmonton
6,785,545
Regina
8,352,275
Brandon
897,579
Lethbridge
786,735
Saskatoon
3,103,595
MOOSP Jaw
1,754,980
Brantford
1,129,731
Fort William_.
.
.
1,625,994
New Westminster
834,584
Medicine Hat_ - 674,079
Peterborough
906,598
Sherbrooke
947,020
1.228.612
Kitchener
Windsor
5,525,893
Prince Albert_ _ _ 517,578
Moncton
936,543
Kingston
816,617
Chatt am
874,438
Sarnia
595,624
Total(31 cities)
454.640.076
1927.
$
154,579,068
149,024.661
95,617,520
21,454,901
8,986.099
7,489,702
3,326,124
5,971,828
13,650.244
2,673,247
2,697,326
3,598.265
8,624,953
8,594.638
819,293
1,063,758
3,449.753
1,964,497
1,296,402
1,205,701
759,184
607,584
900,552
948,018
1,499,111
5,312,712
520,216
1,012,280
1.018,621
753,523
1,253,223
inc.or
Dec.
1926.
1925.
$
$
%
-4.0 119,065.647 114,472,349
-16.2 109,344,240 110,901,043
74,623,808
79.598,096
-18.4
18,631,944
-5.8
18.052,425
7,418,037
-10.5
7,660,588
6,442,967
-18.1
7,576,925
3,154,577
-3.9
3,078,522
5,465,213
-7.6
6,441.259
9,140,851
-5.9
11,122,626
2,777,311
2,662,072
-0.1
2,112,587
2,151,890
-11.1
3,229,220
3,145,471
-4.5
5,628,236
6,103,725
--21.3
8,618,383
8,477.117
-2.8
722.181
871.937
+9.5
628,927
822,338
-26.0
3,183.946
2,819,690
-10.0
1.633.980
-10.7
1,776,174
1,056,642
1,195,889
-12.9
1,053,161
1,774,206
+34.8
746,946
780,199
+9.9
433,003
433,033
+10.9
688,781
848,729
+0.7
895.363
990,367
-0.1
1,061.709
1,192,796
-18.0
4,689,985
5,187,288
+4.0
470,489
524,828
-0.5
1,010.443
931,260
-8.0
855,098
770,736
-19.8
730,189
+16.0
720,988
-52.5
510.673.704 -50 0 401.822.403
a Manager refuses to report weekly clearings. •Eatlmated.
398.776.113
Nov. 24 1928.]
FINANCIAL CHRONICLE
THE CURB MARKET.
Trading in the Curb Market this week continued at the
tremendous pace started last week with transaction to-day
reaching the highest ever recorded. While prices moved
to higher levels there was considerable irregularity. Oils
and mines were features. Humble Oil & Refg. eased off
at from 113% to 108k, recovered to 1143
% and moved
down again reaching 105% finally. Imperial Oil of Canada
dropped from 95 to 893's and ends the week at 90%. Ohio
Oil after early advance from 76% to 78 declined to 72%
3,
and recovered finally to 75%. Prairie Oil & Gas gained
almost 11 points to 653( the close to-day being at 64%
3.
Standard Oil (Indiana) sold up from 863/ to 9538, down
to 903/i and at 90% finally. Standard Oil (Kentucky)
lost four points to 170, recovered to 1793
% and rested finally
at 176%. Gulf Oil of Pa. rose from 145 to 165, reacted to
154 and recovered to 1573'. In the mining group Newman
and Noranda were heavily dealt in the former up from 194
to 2103
% and at 206 finally. Noranda Mines gained almost
10 points to 623
/s, the close to-day being at 62. Heavy
trading in the Marconi issues were the features in the Utilities
division, Marconi of Canada advanced five points to 14%,
with the close to-day at 13 8, Marconi of London sold up
from 18% to 27% with the final transaction to-day at 25X.
Among Industrials Butler Bros. advanced from 343 to 53
3
but reacted finally to 43%.
Other strong features were
Amer. Dept. Stores, Bohn Alum. & Brass, Niles-BementPond Co., Nar. Sugar Radio-Keith-Orpheum, General
Baking, Internat. Safety
'
Razor.
A complete record of Curb Market transaction for the week
will be found on page 2944.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended
Nov. 23.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*STOCKS(No. Shares).
/adtts.
Miscell.
887,050
1,231.800
1 514,450
1 672.640
1 573,600
1,424,900
Oils.
163,400
183,600
231,750
246,560
236,100
214,900
Mining.
Total.'
BONDS(Par Value).
Foreign
Domestic. Goternment.
132,650 1.183.100 $1,427,000
160,500 1,575,900 2,476.000
186,000 1.932,703 2,203,000
214,900 z2134100 3,441,000
178,500 1,988,200 3,256,000
179,200 1,819,000 2,903,000
5166,000
547,000
737,000
643.000
521,000
686,000
Total
8,304,440 1,276,310 1.052,250 10633000 815.706,000 $3,300,000
New high record. *In addition. rights were sold as follows: Saturday, 56,000:
Monday, 115,800 Tuesday, 85,300: Wednesday, 80,500; Thursday, 81,000; Friday,
86.800.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu St Co. of London, written under date of
Nov. 7 1928:
GOLD.
The Dank of England gold reserve against notes amounted to £163,456,840 on the 31st ultimo (as compared with £165,1308,275 on the previous
Wednesday), and represents an increase of /9,550,525 since April 29 1925
when an effective gold standard was resumed.
About .£812,000 bar gold (C769,000 from South Africa and £43,000 from
West Africa) was available in the open market yesterday. £330.000 was
secured for New York. E260,000 for a destination undisclosed, and £103,000
for Germany; the balance of £119,000 was divided between the Home and
Continental Trade and India.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of /300,000 during the week under
review:
Nor. 1. Nov. 2. Nov. 3. Nov. 5. Nov. 6. Nov. 7.
Nil
Nil
Received
Nil
Nil
Nil E2,009.000
Withdrawn_ _ _ 1;7,000 El,023,000
Nil £10,000 £147.000 523,000
Of tho amount withdrawn on the 2nd instant about £1,000.000 was for
New York; the bulk of the £147,000 withdrawn yesterday and £500.000
of to-day's withdrawal were for the same destination. The £10,000
sovereigns withdrawn were for Holland. The receipt of £2,000,000 to-day
was in sovereigns from Spain and is the first of the shipments front that
country to which we referred in our letter of last week.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 29th ultimo to mid-day on the 5th instant:
ImportsExports-£430,447 Germany
British South Africa
£1,027,550
Russia (U.8.5. R.)
10,000 France
16,103
Switzerland_ _ _
37,600
United States of America 1,927,019
Ecuador
20.600
British India
43,830
Other countries
31,976
Total
£440,447
Total
£3,104,678
CURRENCY.
The Currency and Bank Notes Act 1928, providing for the transfer of
the
Issue of £1 and 10s. Od. currency notes to the Bank of England. is to come
Into operation on the 22nd of this month. This date has been fixed by an
Order in Council made on Nov. 1 1928.
In its issue of Oct. 20 last, the "North China Herald" states that "A new
silver dollar is to be issued to commemorate the establishment of the
Nationalist Government at Nanking, to replace the memento dollar minted
in the second year of the Republic (1912). On the obverse side of the new
coin will be the portrait of the late Dr. Sun-Yat-Sent, and on the reverse,
an attractive allegorical design symbolising the growth of the Kuomintang
and some of the improvements planned for this country."
SILVER.
The silver market has continued inactive and,save for some small enquiry
from the Indian Bazaars and China, buyers have been hesitant. Prices
have therefore shown a tendency to sag during the latter part of the week.
China has also offered to sell, but has been unwilling to follow the market
down, and for this reason orders were mainly inoperative.
Silver has been offered on Continental account, but little interest has
been evinced by American operators.
On the 2nd instant the prices for cash and two months' delivery were
quoted the same at 26 tid. For some time the price for cash silver has been
at a discount as compared with that for two months' delivery, and we have
to go back to August 13th for the last occasion on which the quotations
for the two deliveries were level-the price was then 273id. for both
positions. A difference was, however, re-established on the 5th instant,
when silverjor forward delivery was again quoted at 1-16d. premium.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 29th ultimo to mid-day on the 5th instant:
2917
ImportsExportsPrance
£64,650 Russia (U.8.8. R.)
Germany
19,950 Netherlands
United States of America-- 31,197 Egypt
Mexico
65,372 British India
Other countries
3,218 Other countries
£56,900
58,300
28.250
18,802
8,537
Total
£184,387
Total
£170,789
INDIAN CURRENCY RETURNS.
Oct. 31. Oct. 22. Oct 15.
Notes in circulation.
18384
18466
18402
Silver coin and bullion in India
10631
10600
10683
Silver coin and bullion out of India
Gold coin and bullion in India
2976
2976
2976
Gold coin and bullion out of India
Securities (Indian Government)
4233
4234
4234
Securities (British Government)
561
574
574
The silver coinage during the week ending the 31st ultimo amounted to
six lees of rupees.
The stock in Shanghai on the 3rd instant consisted of about 59,300.000
ounces in sycee. 83,400,000 dollars and 9,860 silver bars, as compared
with about 58,300,000 ounces in sycee, 82,000,000 dollars and 9,320 silver
bars on the 27th ultimo.
Quotations during the week:
-Bar Silver, Per Oz. Std.Bar Gold,
QuotationsCash.
2 Mos.
Per Oz. Fine.
Nov. 126%d.
26 11-16d.
84s. 11%d.
26;id.
226;id.
d:
8
84a
4... figd
326 13-16d. . 26 13-16d.
5-3-16.
84s. 11d.
62611-16d.
26;id.
84s.
.
26;td.
726 11-16d.
R4s. 11%d.
Average
26.708d.
26.7506.
84s. 11.4d.
The silver quotations to-day for cash and two months' delivery are each
Md. below those fixed a week ago.
(In lacs of rupees.)
:Commercial and Miscellaneonsp,eurs
Breadstuffs figures brought from page 2986.-All
the statements below regarding the movement of grain-receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour.
Corn.
Wheat.
Oats.
Barley.
Rye.
bls.198lbs bush.60 Ms bush.56 lbs. bush. 32 lbs. bush.481bs. bush.S6lbs.
Chicago
358,000 2,220,00i
228,000
502,000 215,000
121,000
1,977.000
208,00
334,000 366,000
Minneapolis
133,000
Duluth
3,651,000
200,000
62,0001
170.000 274,000
Milwaukee...
52,000
11,000
90,000
125,0001
182,000
6,000
Toledo
428,000
43,011
51,0001
1,000
2,000
Detroit
30.000
49,000
24,000
124,000
St. Louis
542,000
203,000
680,0001
53,000
48,000
Peoria
21,000
148,000
760.0001
60,000
Kansas City._
878,000
112,
613,0001
Omaha
328,000
305,
152,000
117,000
148,000
St. Joseph
26,000
5,000
Wichita
308,000
26,000
2,000
Sioux City
9.000
186.000
92,000
Tot. wk.'28
Same week '27
Same week '26
Since Aug. 1
1928
1927
1926
452,000 8.658,000
486,000 10,627,000
354,000 6,134,000
5,451,000
3,063,000
3,117,000
2,056,000 1,347,000 536,000
3,156,000 1,760,111 1,403,000
2,222,000 904.000 642,000
8,476,000274,448,000 69,928,000 63,068,00060,771,00015,456,000
7,953,000257,458,000 68,323,000 (l2,748,00039,481.00024.053.000
7.820,000179,004.000 75,404,000 61,746,000.18,700,00017.631,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 17, follow:
Receipts at-
Flour. I
Wheat.
oats.
Corn.
Rye.
Barley.
I Barrels. I Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York -.... 301,000 2,172,000
18,000
290,000 710,000
24,004
Palladelpala
65,000
668.000
22,000
69.000
33,000
54,000 1,245,000
Baltimore_ _ -121,000
2,000
16,000
45,000
New Orleans•
102,000
84,000
30,0001
Galveston
97,000
95,000
27,000
Boston
195,000
I
12,000, 104,000
Tot. wk.'28 492,000 2,577,000
342.000
403,000 863,000
24,000.
Since Jan.P2821,950,000234,418,000 65,430,000 31,704,00047,735,00017,717.000
Week 1927._i 548.000 9,792,000
Since Jan.1'2720,103,000 263,390,000
223,000
298,000 232,009 452,000
8,958.000 21,589,000 19.958,00014.675,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov.17 1928, are shown in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bu...hels.
1,276,775
64,000
168,000
441,000
5,430,000
58,000
Total week 1928_ _ 7,437,775
Anms.Traalc 1027
7_558.308
Barrels. Bushels. Bushels. Bushels.
137,014 111,746
34,912 232,839
7,000
2,000
3.000
38.000
2,000
142,000
4,000
28,000
19,000
327,000
5,000
100,000
80.000 340,000
17,000 2,129,000
28,000
48.706
247,014
320.510
490,746
58.588
51,912 2,968.839
915.211 1.958.504
The destination of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
Since
1Veek
and Since
Nov.17 July 1
July 1 to1928.
1928.
United Kingdom_
Continent
Bo.& Cent. Amer_
West Indies
Brit.No.Am.Col
Other countries
Wheat.
Week
Nov. 17
1928.
Since
July 1
1926.
Cont.
Week
Noe. 17
1928.
Since
July 1
1928.
Bushels.
Bushels. Bushels, Bushels
Barrels. Barrels.
60,739 1,380,321 2,179,012 38,177,824
701.326
124,520 2,473.666 4,780,763 107,013,454
26,000
169,000
11,000
117,000
26,000
121,000
185,000
1,000
4,000
26,000
2,000
429,000
1.000
__-395,891
46,755
477,000 1.773,604
2,250
Total 1928 ____ 247,014 4,604,878 7,437.775 147,107,882
Total 1027
320.594 5.423.681 5.514.746 130 767 7n4
28,000 1,295,576
Canadian4.283.000
Montreal
Ft. William & Pt. Arthur_36,178,000
10,448,000
Canadian
Other
Total Nov. 17 1928- _50,909,000
Total Nov. 10 1928-_54,714,000
Total Nov. 19 1927„-.36,220,000
Summary135,254,000
American
50,909.000
Canadian
465.000
2,941,000
1,516,000
676,000
376,000
1,845,000 7,733.000
957.000 2,252,000
4,922.000 3,178,000 10,661,000
4,293,000 2,917.000 9,801,000
2,063,000 2,230,000 2,518,000
3,806.000 14.532.000 5,572,000 9,751,000
4,922,000 3,178.000 10,661.000
Total Nov. 17 1928_186,163,000 3,806.000 19,454,000 8,750,000 19,412,000
Total Nov. 10 1928-188,635,000 3,034,000 18,483,000 8,020.000 19,960,000
Total Nov. 19 1927_125.941.000 20,786,000 25,396,000 4.870,000 5,920.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Nov. 16, and since July 1 1928 and 1927,
are shown in the following:
Corn.
Wheat.
1927.
1928.
Week
Nov. 16.
Since
July 1.
Since
July 1.
1927.
1928.
Week
Nor. 16.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
107,000 3,340.000 1,466,000
North Amer_ 13,815,000232,439.000 205,022,000
8,000 1,717,000 7,060,000
l68,000i 1.456.0001 7,256,000
Black Sea.....
Argentina__ 3,029,0001 41,957,000 28,874,000 4,592,000135,709,000 151,520,000
936,0001 19.336,006 20,040,000
Australia -__
8,064,000
1,064,00
India
720,000 18,795,000 11,696,000
888,000 18.348.000 11,840.000
0th.counte
Total -
- 18,836,000!314.600.000'281.096.000 3,427,000157,561,000171.742,000
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange, Nov. 17 to Nov. 23, both
inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
Bank Stocks-,
Boatmen's Nat'l Bank._100 190
First National Bank __.l00
Nat'l Bank of Com._ _ _ _100 166
190
335
166
190
340
169
2 168
69 320
198 157
Trust Co.Stocks100 545
Mercantile Trust
100
Miss Valley Trust
100
Trust
Union
St L
542
354
480
545
354
480
20 533
52 330
10 460
Miscellaneous Stocks33% 3334
20 ______
A S Aloe Co,com
103 10334
100
Preferred
82
82
82
_100
_.
pfd
Corbitt,
Beck &
253( 31
Bentley Chain Stores,com* 31
51
* 5034 47
Preferred
1334 20
• 15
Best Clymer Co
40
39
• 40
Boyd-Welsh Shoe
4834
100 ----- 47
Brown Shoe,corn
19
19
19
*
Burkart Mfg,Pre
125
Century Electric Co _ _ A00 ------ 121 10334
------10234
_100
ChampShoeMach,pfd_
7
7
Chicao Ry Equip,corn._25 -----18
18
25 ----Preferred
40
39
Coca-Cola Bottling.sec _ _ _ 1 39
934
9
9
Cons Lead & Zinc, A.*"
34
--33
*
Elder Mfg,corn
100 7934 7834 7934
3034
Ely&WalkerDGds,com _25 3034 29
110 112
100
let preferred
11
10
Fulton Iron Works,corn _ _*
Granite-Bi-Metallic _ _10 ____ -- 50c 55c
on
22
-
75
90
20
1,719
261
485
220
40
220
9
58
24
4
55
750
300
342
90
25
610
500
204
High.
Sept 19234 June
Feb
Aug 345
May
Apr 236
July 570
Sept 355
July 490
3234 Sept
10234 Au.g
Sept
80
21
Oct
4534 Oct
1334 Nov
3834 Jan
45 June
19
Nov
115
Sept
98
Oct
6
Oct
18
Nov
Mar
21
9
Nov
2334 Jan
72
Jan
28
Sept
July
110
Nov
10
30c Mar
June
18
40
10434
95
31
51
27
45
5534
2434
145
107
12
20
6334
1734
38
90
33
120
1634
54c
30
Jan
Feb
Sept
May
May
Feb
Nov
Nov
Apr
May
Apr
Apr
Mar
Mar
Mar
June
Sept
May
May
May
Jan
May
May
Nov
JI
Nov
102
9634 Nov
9834 Oct
SS
SS
OWOWIt.ON8880014,
00000
,
000OW
8G;,WWWW04,
0!O0200N=00000W-4030-40 ,
00000-400.=-4-40-4=03.g...40.1,
SS X X
4.404 ..z04Txs.444.144
x"a,-,04xxTxx›.o..4,
?aiggtgr,%'4V18.AgM;a4W4'2.47..i1A4.V.V.,-W441
o
440T
Miscellaneous BondsHouston Oil 5345
1938 102
Moloney Electric 534s 1943
Scullin Steel 6s
1941
...._,, ..._, ._ ....
9034 Aug
8334 Nov
00
OW
.
.
.
..
Street Ry. BondsCity & Suburban P S 5s'34
United Railways 4s_ _1934
High.
5808
a0-401
.
-.... .7..“:,
.
. .
.
.
o.4. .
.:,
1
t,,,.w.00ww.w.,o.omow.wc4.t.wwo
t.. o. w.1o 0 co .'w
w. 4... .0
-,8-8-g 88
£220
w -1.o...4
Doo
o.4000w000,wo.000w00000.00w00000wo...0..
oo
Note.-Bonded grain not included above: Oats, New York. 112.000 bushels;
Philadelphia, 11,000; Buffalo, 101,000; Buffalo afloat, 272,000; Duluth, 6,000;
total, 502,000 bushels, against 106,000 bushels in 1927. Barley, New York,
603,000 bushels; Boston, 309,000; Philadelphia, 50,000; Baltimore, 328,000; Buffalo,
2,009,000; Buffalo afloat, 572,000; Duluth, 166,000; Canal, 359,000; on Lakes,
687,000; total, 5,083,000 bushels. against 3,042,000 bushels in 1927. Wheat,
New York, 2,077,000 bushels; Boston, 1,852,000; Philadelphia, 1,809,000; Baltimore, 3,602,000; Buffalo, 12,609,000; Buffalo afloat, 2,898,000; Duluth, 271,000;
on Lakes, 2,312,000; Canal, 2,488,000; total, 29,418,000 bushels, against 18,473,000 bushels in 1927.
Low.
oo.o.ww..00owww.005..w5..0.p.o0.am00-4....1
0w.000nw0m.0.0wwwowwoow00w&o.4wwwo..0.o.0
X4
XX
SSSX X
S S S
X
,.„..,
. .
.
oot.ww..omowww.005.woaow.4..004.......4
o
wo.0000000-vo000iw0w.p.00000104.0.ww4...0.w00
S
S SS
X
XX
XSX S
S SX
Total Nov. 17 1928___135,254,000 3,806,000 14,532,000 5.572,000 9,751,000
Total Nov. 10 1928.._133,921,000 3,034,000 14.190,000 5,103,000 10,159,000
89,721,000 20.786,000 23,333,000 2,640,000 3,402.000
Total Nov. 19 1927
Range Sines Jan. 1.
Nov
Hydraulic Pr Br,corn_ _100
3
Nov
Preferred
74
100
Indep Packing, corn
10
Oct
*
Income Leashold,corn _ _25
10934 July
Inter Shoe,corn
Jan
62
* 7834
Johansen Shoe
34
Sent
* 3934
Johnson-S & S Shoe
Apr
48
' 6234
Laclede-Christy C1Pr,pf100
Nov
98
Landis Machine,corn _ __25 4434
Nov
42
Mahoney-Ryan Aircraft...5 1735
1634 Nov
Meletie Sea Food,corn
Nov
•
30
Moloney Elec"A"
5434 Nov
• 5434
Mo Portland Cement _ __25
Mar
38
Marathon Shoe,corn _ _25
Nov
53
Meyer Blanke,corn1934 Nov
Nat Candy corn
Nov
' li
17
1st preferred
100
108
Sept
*
Pedigo-Weber Shoe
34
Nov
Pickrel Walnut
*
21% July
Rice-8th Dry Goods corn.* 22
1834 Nov
1st preferred
100 108
108
Nov
2d preferred
100
95
Nov
Schoeneman J pref. -100
95
Nov
Apr
16
Scruggs-V B DO com---25 18
let preferred
7734 May
100
Scullin Steel pref
Jan
31
* 3634
Securities Inv corn
Apr
30
* 3734
Sedalia Water pref____100 101%
100
July
Sheffield Steel corn
Jan
33
• 68
Skouras Bros A
Apr
* 55
37
Sou Acid & Sulphur corn_ •
3934 June
Sou'western Bell Tel pf _100 11934
117
Aug
Stlx Baer & Fuller com___• 36
Mar
27
St Louis Amusem't A_
Sept
*
21
St Louis Pub Serv corn..,,,,* 20
Nov
20
7934 Apr
Preferred A
*
Wagner Electric com__ * 148
Feb
37
Preferred
.160 108
9634 Jan
>coo
wo
.0ow
w.
:X
SX
A. .
D000
coo
hoow
4..
;XS
GRAIN STOCKS.
Rye,
Wheat,
Corn,
Oats,
Barley,
bush.
bush.
bush.
bush,
bush.
738,000
291,000
117,000
30.000
329,000
166,000
4,000
24,000
256.000
7,000
657.000
14,000
159,000
376,000
4,000
2,487,000
75,000
101.000
4,000
828,000
78,000
124,000
937.000
254.000
518,000
6,000
1,960,000
96.000
36,000
5,000
4,192,000
121,000
211,000
790,000
347,000
43,000 1,642,000
5,591,000
65,000
2,561.000
30,000
6,000
44,000
227,000
2,569.000
150,000
7,000
285.000
17.000
27.000
1,217,000
13.405,000 1,708,000 3,320,000 1,951,000
39,000
55,000
786,000
775,000
866,000
305,000
1,237,000
49,000 1,093,000 1,176,000 1,025,000
23,943,000
1,926,000
820,000
29,088,000
31,000 2,608,000
34,000
335,000
715.000
78,000
187,000
4.000
334,000
152,000
4,197.000
29.000
35,000
80,000
49,000
19,842,000
1,000
2,000
2,000
5,866.000
5.000
2,445,000
1,000
715,000
35,000
13,090
1,017,000
333,000 1,763,000
127,000
58,000
650,000
128,000
9,085,000
48,000
163,000
2,088,000
476,000
15,000
779,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph. Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
.. .
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 17, were as follows:
Exports.
[Vol.. 127.
FINANCIAL CHRONICLE
2918
• No par value.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Nov. 17 to Nov.23, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
July
155 18
Aetna Rubber,corn
26
• 2534 25
Apr
225 17
Akron Rub Reclaim'g,com*
26
21
Allen Industries, corn _ *
Co 1034 July
15
1534
Am Multigraph, corn ____* 3534 3534 37
300 2634 Jan
Bessemer Lime& Cmt,com*
263 3334 June
36
37
Jan
5
75
Bishop & Babcock,corn _50
6
6
% Aug
734
Bond Stores"A"
20
3
335
334
4
4
4
% Jan
15
Bond Stores "13" _____ __•
934 Sept
13
13
175
Buckeye Incubator, corn _*
32 6534 Oct
67
Bulkley Building, pfd _ _100 ------67
Sept
23
409 19
21
Byers Machine"A"
* 23
23 112
May
100
180 180
Canfield, Oil,com
88 109% Jan
Central Alloy Steel, pfd.100 1114 111
11134
5734 2,045 3634 Feb
City Ice & Fuel
• 5734 56
170
10
7
7
7
234 Feb
Clark, Fred G,corn
Jan
2
100
10
10
Cleve Auto Mach,corn_ _50 10
Jan
55 104
135 135
Cleve-Cliffs Iron.com ___* 135
293 110 June
11234
Cleve Elec 1116% pfd _100 11234 111
May
620 102
105 10534
Cleve Railway,corn _100 105
620
1% July
234
10
234 2%
Cleve Sec,P L, pfd
17 359
Jan
376 376
100
Cleve Trust
120 21
Oct
24
2434
Cleve Un Stkyards, corn •
692 17
Oct
20
22
CleveWorstedMIlls,com100 22
112 112% Jan
200 220
Dow Chemical,corn
•
20 10334 Aug
10534 106
Dow Chemical, pfd_ _ _ _100
303 54% Jan
6134
Elec Cont & Mfg,com ___* 61% 60
434 Feb
100
*
734 734
Falls Rubber,com
July
32
33
110 30
Faultless Rubber,corn _* 33
Oct
178 180
245 165
Fire,stoneTire&Rub,com 10 180
25 109
Jan
100 11134 11134 11234
6% preferred
170 10534 Nov
100 108
107 108
7% preferred
98 25
Feb
*
4734 47.34
Foote-Burt,corn
Feb
100 100
38 80
100
Preferred
July
120 95
Gen Tire& Rub,pfd __ _100 9934 99 100
Jan
15 96
10434 10434
Glidden, prior prf
100
59
60
300 5634 Oct
*
Godman Shoe,com
Mar
70 95
GoodyearTire&Rub,pfd_• 102% 10234 102%
1,597 47
July
Grasseill Chemical, corn_ _• 9534 86
9534
126 10534 Feb
10934 110
Preferred
100 108
41
July
41
40 39
Greif Bros Cooperage,com*
Jan
465 465
172 390
Guardian Trust
100 465
2734 3,132 1234 Apr
25
Harbauer.corn
* 26
Feb
36% 2,917 18
India Tire & Rub,COM -- _ * 35
35
4234
527 2734 Mar
Jaeger Machine,com ___ _• 4134 41
Aug
20 18
26
26
Jordan Motor, pfd
100
Aug
30
30
600 19
10
Kaynee,corn
280 4934 Apr
Kelley1s1Lime&Tr,com _ •
56
5834
Jan
Lake Erie Bolt & Nut,corn• 27
2634 27
82 17
42
41
600 3934 Oct
McKeeArthurG&Co,corn.*
Met Paving Brick,com
47
47
16 3134 Jan
*
July
65 24
MillerWholDrug,com____• 2834 2734 2835
Miller Rubber, pfd _ __ _100 73
74%
150 70
May
73
50 2934 Jan
Mohawk Rubber,corn
230 230
•
110 55
Jan
90
90
Preferred
100
Murray Ohio Mfg,corn _ _*
30
31
90 1334 June
Myers Pump.corn
Feb
* 3954 3734 3934 2,300 33
734 Jan
National Acme.com _ _ _ _10 27%
24
27% 4,790
National Refining, corn _25
38
449 34% Aug
37
National Tile, com
38
1.300 2634 June
' 37
37
Feb
National Tool, pfd
25
10 16
_100
25
Nov
Nestle-LeMur,corn
25%
480 25
* 2534 25
Oct
*
1900 Washer,com
150 23
2334 24
Jan
96
96
55 93
NorthOhloP&L6%,pfd 100
Ohlo Bell Telephone, pf 100
123 109 June
111 113
Oct
Ohlo Brass"B"
95
1,283 86
90
•
Mar
Ohio Seamless Tube,corn.* 76
214 38
76
78
Jan
Packard Electric, corn ___* 100
1,370 47
92 10334
Packer Corp,corn!
325 3234 Feb
• 3334 32% 3335
93-4 Jan
Paragon Refining. corn_ * 18
1,420
1735 1834
16 4134 Sept
Preferred
• 4334 4334 4334
Reliance Mfg, corn
12,718 3734 Oct
45
41
* 43
Feb
1,792 256
Richman Bros, corn
355 390
* 390
20
734 Nov
River Raisin Paper,com ._*
8
8
8
Jan
155
10
215 215
Sandusky Cement,corn _* 215
Aug
825 22
Scher-Hirst, class A
2234 2434
*
504 7,585 3334 Feb
Selberling Rub,corn
* 4934 48
558 10231 Aug
108 108
Preferred
100 108
Nov
3534 1,500 34
34
Selby Shoe. com
• 35
Nov
oo
Ins
9n 99
-----------inn sor
High.
30
29
1734
3834
3734
8
4
%
49
7034
40
181
112
60
834
10
14734
115
109
334
400
2734
30
225
107
66
13
3934
232
11234
11134
48
100
103
10434
60
102%
9534
111
4534
465
2734
56
42 34
50
4334
5834
28
45
49
2834
98
246
93
31
4334
2734
39
38%
25
29
3034
100
114%
10034
78
1033.4
4034
20
4334
45
390
12
230
29
5234
108
47
101
Oct
Jan
May
Oct
Jan
Apr
Nov
Nov
Jan
Feb
Jan
Nov
Mar
Sept
Aug
Nov
Sept
May
Mar
Apr
Mar
Apr
Mar
Nov
Feb
May
Aug
Jan
Jan
Nov
Jan
Nov
Nov
Mar
Oct
Nov
Nov
Nov
Apr
May
Mar
Nov
Sept
Nov
Mar
May
Oct
Sept
Apr
May
Nov
Jan
Nov
Sept
Nov
Apr
Nov
Jan
Oct
Nov
Oct
Feb
Feb
Apr
Mar
Oct
Nov
May
Sept
Oct
Nov
Nov
Apr
Sent
May
Sept
Nov
Apr
Oct
Nev. 24 1928.]
FINANCIAL CHRONICLE
00405
FrkWY
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Sherwin-Williams,com _ _25
100
Preferred
Stand Tex Prod,com _100
100
"A" preferred
100
"B"preferred
Stearns Motor,coin
*
*
Steel Tubes CIA
Class B
•
'Thompson Prod,corn
*
Preferred
100
Trumbull-Cliffs Fur,pf_ 100
Un Metal Mfg,corn
*
Un Mtge, 1st pfd
100
Unton Trust
100
Weinberger Drug
*
WoodChemProd,com A *
Class B
•
Ystown S &J pfd
100
Bonds1931
Cleveland RY 58
Cleve & Sand'y Brwg,68'48
Steel Tubes deb 8s -._1943
89
90
106,4 105,4 186%
11
11
67
66
32% 3234
634
6
6,4
100 101
7534 76
76
3734 34
3734
105 105
103% 103%
4434 48%
48
2% 2%
2%
313 320
21% 21% 23
2734 28
28
21
21%
102
10014 102
100
93%
112
176
37
83
100
1,821
613
976
1,827
24
20
800
269
512
665
1,305
1,310
205
Range Since Jan. 1.
Low.
65%
105%
8
50%
26%
3
95
74
22
101%
10034
42%
2%
285
21%
24%
18%
99%
100 100
$1.000 100
10134 10134 2,000
93% 95
33,200
Feb
Nov
Aug
Aug
Sept
Mar
Nov
Oct
Feb
Mar
July
June
Oct
Jan
Nov
Sept
Nov
Oct
High.
95
10934
16
71
35
8
'101
76
44
105
106
49
30
320
23
28
21%
102
May 101
Sept
Mar
Mar
Apr
May
Apr
Nov
Nov
May
Nov
Mar
Aug
Jan
Nov
Nov
Nov
Nov
Nov
Feb
•No par value.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
Nov. 13-The First National Bank of Edinburg, Texas
Cilgt,0160
Correspondent, Neal A. Brown, Edinburg. Texas.
l in New York, N.Y.._ _
Nov. 16-The Court Nat'l Bank of Holis
200,000
Correspondent, Glen A. Rich,care Jr. W.Thele, 19916
111th Ave., Hollis, L. I., N. Y.
Nov. 17-The Ramona National Bank of Alhambra, Calif
100,000
Correspondent, Howard R. Rayne, 920 So. Marguerite St., Alhambra, Calif.
APPLICATION TO ORGANIZE APPROVED.
Nov.16-The Nat'l Bank of Queens County in New York, N.Y41,000,000
Correspondent, Thedore P. Lawler, 263 Barclay St.,
Flushing, N. Y.
APPLICATION TO CONVERT APPROVED.
Nov. 13-South Side Nat'l Bank of St. Louis, Mo
$200.000
Conversion of South Side Trust Co., St. Louis, Mo.
CHARTERS ISSUED.
Nov. 13-The Ashland-69th National Bank of Chicago,
$200,000
President, H. B. Stayer; Cashier, J. A. Woodrow.
Nov. 16-Straus National Bank & Trust Co.of New York, N.Y. 2.000,000
President, S. W. Straus: Cashier, Wm.A. Clow.
CHANGE OF TITLE.
Nov,18-The First National Bank of Beverly, New Jersey to
"First National Bank & Trust Co. of Beverly."
VOLUNTARY LIQUIDATION.
Nov, 13-The First National Bank of Burlington, Colo
Effective Oct. 22 1928. Liquidating Agent, Warren $30,000
Shamburg. Burlington, Colo. Absorbed by Stock
Growers State Bank of Burlington, Colo.
2919
Shares. Stocks.
$ per sh. Shares. Stott&
8 Per share.
5 Dedham & Hyde Park G. & El.
100 Reed-Prentice Corp. prof.; 100
Co. v. t. c.. par $25
Reed-Prentice Corp. com, as
3231
15 Tennessee East. Elec. Co., 7%
bonus
2034 on pref.
Preferred
9834 30 Haverhill G. L. Co. (rights on),
75 New England Pow. Assoc., 6%
par $25
6334
preferred
973.4 2 units First Peoples Trust
so
100 Worcester Consol. St. By.,
65 Baush Machine Tool Co. COM
134
1st pref., par $80
22%
7 Great Northern Paper Co..
50 K. C. Clay Co. & St. Jo. By.,
Par $25
623.4 ex-211v.
Co., pref.; 100 K. C. Clay Co. &
200 Quimby Oil Corp., par $10.---$3 lot
St. Jo. Co. corn, as bonus_ _$12 on pfd. 10 Eastern Util. Assoc., common- 39
20 Amer. Teleg. & Cable Co.. coca- 20
20W. L. Douglas Shoe Co., prof.- 91
4 units First Peoples Trust
10 Attleboro Steam & Elec. Co.
50
100 Boston Maritime Corp
10e.
v. t. e., par $25
9034
427 Royal Worcester Corset Co.,
12 special units First Peoples Trustcommon v.1. c
28
25 Amer. Glue Co., common
as
25 Amer. Glue Co., common
36
5 New Bedford Gas & Edison Light
40 New Bedford Cordage Co., com(undeposited). par 525
97%
mon, par $10
13-1334 50 Anglo-Amer. Commercial Corp.
10 Mass. Bonding & Ins. Co
565
corn.: 6 British Internat. Corp.
45 Textile Finishing Machinery Co..
series A; 100 Baush Machine Tool
common
131
Co. pref.; 4 B. B. & R. Knight
2 units First Peoples Trust
Corp. cl. C corn. v. t. c.; 95
50
7,900 Pollock Pen Co., common;
Reed-Prentice Corp. corn.; 95
2,300 Pollock Pen Co. pref.---$10 lot
Reed-Prentice Co. corn
$400 lot
63 Joint Stock Securities Co. of
11 Hood Rubber Co. 735% preferMass
ence
5
75)4
5 Central Sugar Corp., pref.; 5 Con50 Farms Co. Inc. Cl. A corn.; 10
verse Rubber Shoe Co. pref.; 40
Hopkins & Allen Arms Co. corn.;
Converse Tire az Rubber Co.
100 Hopkins & Allen Arms Co.
common
pref. ($15.67 per oh. paid In
$17 lot
30 units First Peoples Trust
50
liquidation); 10 U. S. Machine
378 Ludlow Mfg. Assoc__194-197 ex-div.
Gun Co. cl. IV trust ctfs.; 100
200 Internat. Securities Corp. of
U. S. Machine Gun Co. el. III
Amer., class A corn. ED
trust Ws.; 98 Rivett. Lathe &
57%
20 Lane-Libby Fisheries Co., pref_52 lot
Grinder Co. coca.; 2 Rivett,
5,000 Green River Oil Co.,founders
Lathe & Grinder Corp. com__$210 lot
she.; 25,000 Green River Oil Co.
2 Dennison Mfg. Co. 7% pref _105 & city
capital shares
$1 lot 62 Joint Stock Securities Co. of
10 Amer. Glue Co., common
Maas. corn.: 9 Tremont & Suffolk
38
17 Boston Belting Corp., Pref..
Mills($29 per sb. paid in liquids.);
par $50
50 Mass. Consol. Rye. corn.;
$10 lot
10 Brockton G. L. Co. v. t. c., par
6 Rivett, Lathe & Grinder Corp.
$25
4334
coin.; 12 Rivett, Lathe & Grinder
1,650 U. S. Drilling Corp., par $1;
Corp. common
$125 lot
315 Continental Asphalt & Petrol50 Lockwood. Greene & Co.. Inc..
eum Co., pref., par $10; 100 Forpref.; 250 Wickwire Spencer Steel
eign Invest. Trust class A (ctf.
Corp. corn. V. t. C.; 30 Riordon
of beneficial int.)
$10 lot
Co., Ltd., pref.;$4,000 B.B.& R.
500 Pollock Pen Co., common
Knight 7s, 1930
234
$500 lot
50 Guaranty Security Corp. 7%
Rightsper Right.
prof., par $10; 20 Guaranty Secur10 Second Nat. Bank (Malden)_- 2334
ity Corp. class A corn., Par $10
100 Haverhill G.L.Co.(when ias.).. 43.4
7
225 Graton & Knight Co. COM
Bonds1234
Per Cent.
225 Beacon Participations Inc.,
$5,000 Lockwood, Greene & Co.,
class A pref
1834 ex-div.
Inc., 7s. due March 1933-2534% flat
4 Mass. Bonding & Insur. Co
550
$633.58 U. 8. Worsted Corp. skg.
12 Craton & Knight Co., pref
71
fd. 6s, due 1938
47
By R. L. Day & Co., Boston.
Shares. Stocks.
8 Per oh. Shares. Storks.
$ per sh.
2 National Shawmut Bank
83634 50 No. Bost. Ltg. Prop, common
7 Atlantic Nat. Bank
308
v. t e
9834
10 Worcester Co. Nat. Bk.. par $50 17534 1 Mass. Utilities Assoc. pref__45 ex-dlv.
4 Hamilton Woolen Co
29
2 Holyoke Water Power Co
• 85031
10 Grinnell Mfg.Co
5634 10 Gamewell Co. common
as
20 York Mfg. Co
173.4 6 units First Peoples Trust
50-5034
50 Nonquitt Spinning Co
26
5 Bigelow & Dowse Co. pref
95
50 Ipswich Mills. pref
24
1 Massachusetts Real Estate Co 40
30 Dwight Mfg. Co.. par $25
113.4 50 Old Colony Trust Associates
63
Auction Sales.-Among other securities, the following, 3 Laurel Lake Mills
8 6 Quincy Mkt.Cold Stor.& W'house
Boston Mfg. Co., pref
25
Co. common
3734
not actually dealt in at the Stock Exchange, were sold at auction 688
7 Pepperell Mfg, Co
10534 15 Old Colony Trust Associates_- 63
in New York, Boston, Philadelphia and Buffalo on Wednes- 6 Nashua Mfg. Co. common
453.4 8 units First Peoples Trust
50
5 Continental Mills
9034 20 special units First Peoples Trust_ 3
day of this week:
25 Great Falls Mfg. Co
734 20 No. Bost. Ltg. Prop, common
10 Nashua Mfg. Co. common
4534
By Adrian H. Muller & Sons, New York:
v. t. c
99
112 Ludlow Mfg. Associates
1943$ 25 Amer. Glue Co. common
Bo
Shares. Stocks.
Per sh. Shares. Stocks.
$ per sh. 4 City Mfg.Co
163
4,600 Crowell & Thurlow 8.8. CO ,
400 Associated Real Estate Co.
Carl Theatre Corp. (N. Y.), no
10 Connecticut Mills, 1st pref
par $10
1834
$10104
(Florida corp.), no par
$25 lot
par
Ludlow
100
Mfg.
$2
lot
Associates
194
40 Great Northern Paper Co.. par
500 Electric Ferries Inc. 8% pref - 1234 50 Clarion Coal Mining Co. pref_810
4734
lot 100 Nashawena Mills
825
62%
3,000 Electric Ferries Inc. corn.
800 G. Boissonnault Co., no par_ $5 lot 54 Arlington Mills
4234-4234 200 13. S. & M. Petroleum Co.
v. t. o
2% 49 Burke Printing Co., nc
corn., par $10; 114 U. 8. & M.
$10 lot 12 Royal Weaving Co
198
1,666 2-3 Brevard Abstract & Title
67 Republic Oil & gulphur Co.,
50 Plymouth Cordage Co
6434-65%
Pet. Co. pref., par $10
$5104
Ina. Co.of Titusville. Fla., corn. _85 lot
par $10
$50 lot 100 Saco Lowell Shops, 2d pref..,.. 13
20 Old Colony Trust Associates.- 63
$5,400 promissory note of Brevard
1034 Syndicate Petroleum Co.corn.,
500 Security Mtge. Co.common___ 234 8 units First Peoples Trust
64
Abstract & Title Ins. Co.. dated
no par: 50 Harrold Texas 011 Co.,
250 Indian Co
1
50 Fall River Gas Wks., par $25.-- 57
April 11927. due Apr. 1 1930__$90 lot
Harrold, Tex., ctf. of Int., Joint
6 units First Peoples Trust
60
160 Rockland L. & P. Co. corn.
256 Interboro. Consol. Corp. pref $5 lot
Stk. Assn. (unincorp. & non-as50 Post Office Square Co. Prat
v. t. c.. par 850
119
2
30 Green Vale School common
1
sessable), par $10; 10 Beacon Pho1 unit First Peoples Trust
so
BondsPer Cent.
500 Thraman Oil Co.corn., par $1- $1 lot
toplay Corp. pref., par $10;5Bea
2 special units First Peoples Trust_ 3
12,000 Russian rubles 5148 1916-$30 kit
10 Educational Radio Corp
$1 lot
con Photoplay Corp. corn., par
475 Saco Lowell Shops C013113011..... 63.4 $5.000 Converse Rubber Shoe Co.
807 Alvarado Mining & Milling
$10; 15 Internat, Barber Towel
50 Hood Rubber Co. 73.4 pref-75-753.4
7s, July 1932 ctf. of dep
10 flat
temp. Ws., par $20
5e.
Supply Co
SI lot
Oil
Vegetable
pref.;
Corp.,
175
350
10 Titusville Iron Works Co. pref.,
By Barnes & Lofland, Philadelphia:
Vegetable 011 Corp. corn., no
ctf. of deposit
$800 lot Shares. Stocks.
$ per sh. Shares. Stacks.
53101ot 5 Struthers Furnace Co., pref .$35 lot
par
$ Per eh.
15 Bryn Mawr Ise Mfg. & Cold
50 Federal Wireless Telep. & Teleg.
100 Interboro. Consol. Corp. pro? .82 lot
Storage Co., par $25
33
Co..
per
$1
$3101
100 John Thompson Press & Mfg.
BondsPer
25 Phila. Warehousing & Cold Stor$2 lot $23,500 Brevard Abstract & Title Cent. 10 Central Trust & Savings Co.,
Co. Prof
Dar $50
247
age Co
4534
400 John Thomson Press & Mfg.Co
Ins. Co. of Titusville. Fla., 10%
10 Drovers& Merchants Nat.Bank 1603.4 10 Keystone Telephone Co.. pref.,
$2 lot
par $25
2d mtge. bonds due Apr. 1 1933;
2 Tenth Nat. Bank of Phila
385
no par
Apr, 1 1927 coupons on
20 Coney Island Hotel Corp. 7%
$15108
8 Penn Nat. Bank
775
2subordinate notes of $15,000 each,
cum. pref.; 10 Coney Island Hotel
$1.000 Journal Co. lot 6s, 1943_$500
made by the limey Worsted Co.
Corp. common, no Par
$62 lot $10,642.84 Amer. Coal By-Products lot 4 Eighth Nat. Bank of PhIla____1205
8 Central Nat. Bank
786
to Chas. J. Webb Sons Co.. dated
150 Ritz-Carlton Restaurant &
Co. 8% 10-year Inc. notes
$11
lot 5 Bank of Phila. & Trust Co
469
Jan. 2 1926, one due Jan. 2 1928
Hotel Co. of Atlantic City 7%
$29,500 Page Machine Co. 1st Os,
2 Bank of N. A. de Trust Co
445
pref.; 3734 Rita-Canton Restauand one due Jan.2 1929,int.8%$75 lot
Nov. 1 1911
$25 lot 5 Union Bank & Trust Co
355
170 Savannah River Lumber pref.
rant .4 Hotel Co.of Atlantic City
$5,000 Detroit Southern RR., Ohio
v. t. c
common, no par
$100101
$100 lot
South. Div., lot 4s, Mar, 1 1941 $32 lot 3 Amer. Nat. Bank, Camden, N.J_130
10 Jenkintown (Pa.) Bank & Trust
100 International Holding & Invest$10 lot $500 Inter-Urban By. Co. 1st 734s,
62 John C. Orr Co. common
Co
577
ing Co., Ltd
$205 lot
$30 lot
1931, Apr. 1927 and subsequent
611 John C. Orr Co. pref
33 Jenkintown (Pa.) Bk. & Tr. Co_575
16 Horn & Harden Automat Co.,
50 Walcott Clothing Corp. corn.,
coupons attached
$63 lot 33 Jenkintown (Pa.) Bk.& Tr. Co_570
Illinois, common
3
no par; 60 Walcott Clothing
$1,000 Auburn & Syracuse Elec, RR.
10 Broad St. Tr. Co., par $50.-- 9231 40 Enterprise Mfg.Co
Corp. pref
$60 lot
234
Co. 1st & ref. 55, 1942. April
Susquehanna Title & Trust Co.,
4 Phila. Bourse pref
Green Vale School common
17
1926 and subsequent coupons at2634
Par $50, as follows: 5 at 62; 5 at
4 Phila. Bourse common
110 Clarion Coal Mining Co., com-S5 lot
3034
tached
7%
57; Sat 56; Sat 55.
8 Continental Equitable Title &
2 Market St. Title & Tr. Co., par
By Wise, Hobbs AL Arnold, Boston:
Trust
330
850
660
8
Stocks.
per sh. Shares. Stocks.
Shares.
per share. 8 Market St. Title & Tr. Co., par
BondsPer Cent.
181
324 Roxbury Carpet Co., corn
15 Boston Nat. Bank
8
$50
660
$25,000 bond & mtge. of Antonio
5 Old Colony Trust Co
47234 35 Brighton Mills, class A pref
263.4 5 North City Trust Co.. Par $50.... 89
Pescatore to Loyal Realty Co..
20 Nat. Shawmut Bank
33534 35 Whitman Mills Corp
1734 10 Pa. Co.for Ins. on Lives, &c.- 987
dated Oct. 11926.due 1 year,int.
6 Narragansett Mills
10 Second Nat. Bank (Malden)... 161
5
1034
823
Federal
Trust
Co
at
6%, on premises Nos. 714 &
Bank
(3Valtham).225
Nat.
Waltham
55 Southern Worsted Corp.. com1
11 Colonial Trust Co.. par $50
806 S. Delhi St.; No, 924 Catha247
3 Chace Mills, 3 Fairhaven Mille 60
5 Central Trust Co.(Cambridge)_399
5 Marine Trust Co.. Atlantic Citi,
rine St.; No. 813 S. Percy St.;
10c.
prof., 3 Fairhaven Mills com-$18 lot
23 Hamilton Mfg, Co., common
825
N. J
No. 1236 Peters St.; No. 142880,
331 50 Lancaster Mills, pref
22 Lancaster Mills, common
2 Moorestown (N. J.) Tr. Co
200
Bouvier St.: Nos. 1220 to 1232,
4
40 New England Southern MilLs, 18
47 Stafford Mills
27 Farmers & Mechanics Tr. Co..
incl.,
S. Warnock St., Phila. (as,
Mfg.
Co
Woolen
&
Pref., undeposited
1 Troy Cotton
62e.
130
West Chester, Pa
signed to the Southwark Nat.
6% 10 Arlington Mills
par $500
4231 75 Bankers Bond & Mtge. Co.. no
Bank)
$5,000lot
10
20 New England Southern Mills,
1 Granite Mills
68% $10,000 bond & mtge. of Antonio
Par
25
Pref.. Ws. of deposit
15 Boston Mfg. Co., pref
15
Co. of Pa., par $25
3234
Pescatore to Loyal Realty Co.,
3034 100 Boston Woven Hose & Rubber 500. 219Mortgage
35 Merchants Mfg. Co
River Road Sand & Gravel Co..
dated Nov. 1 1926, due 1 year,
14
Co., common
25 Saco Lowell Shops. 2d pref
55
Inc., New Jersey
from date, Int. at 6%. covering
8831
123.4-12% 30 Saco Lowell Shops, 2d pref
40 Davol Mills
100
- 1334 36 Priority Invest. Co. N. J
Premises Nos. 1000 to 1008, incl.,
Co
2934 107 Old Colony Trust Associates_6345
loo Hamilton WoolenCo
20 Haverford Land a;Impt. Co..
Latona St., Phila. (assigned to
9331 5 Fiske & Co.,Inc., Pref.(unass't'd) 45
36 Border City Mfg,
75
Par $50
the Southwark Nat. Bank)_.$500 lot
55 Nashua Mfg. Co., common-9531-95 6 Central Maine Power Co.,$6 PRI- 98
100 Catawissa RR. 1st Prof
4634 $5,000 Richland Coal Co. lot 834s,
3
100
Mills
Chace
Heywood-Wakefleld
60
Co., coin_ 2431 10 Courier-Post Co., prof
9834
June 1937, ctf. of deposit_ _ _ _31,100 lot
293.4 36 Merrimack Chemical Co.,Par $509034
50 Hamilton Woolen,common
10 Amer. Telephone Co., par $10 $4 lot III. Coal Corp. lots. 1.60. 1943, ctf,
21
30 Fall River Elec. Lt. Co. (un30 Union Mills Inc., common
20 Alvord Reamer & Tool Co. pref.,
of dep. as follows: $2,000 at $70
15 Salmon Falls Mfg.(liquidating)_ 23.4
deposited). Par $25
with 20 ohs. corn, (par $100) as
lot; $5,000 at 33.4%; 81,000 at
6034
41
6 Ludlow Mfg. Associates...1943( ex-div
617 Roxbury Carpet Co.. Prof
811 lot
bonus.$40 lot; $3,000 at $100101.
.
By A. J. Wright & Co., Buffalo:
i per sh.
Shares. Stocks.
85 Rochester Industries, Inc., no
Si lot
Par
100 New Sutherland Divide, par $1,
50c. lot
$ per oh.
Shares. Stocks.
150.
1,000 Area Mines, par $1
10 Labor Temple Assn. of Buffalo
lot
-_75c.
S5_
par
Inc.,
es Vicinity.
2
100 Wright Hargreaves, no par-
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Boston dr Albany (quar.)
Chesapeake Corp.(quar.)
Chesapeake & Ohio common (quar.)_
Chic. R. I. & Pacific common (guar.).- _
6% preferred
7% Preferred
Mc.N.0.& Texas Pacific common..
Common (extra)
Preferred (quar.)
Consolidated Rite,of Cuba, pref.(au.)-Cuba Northern,common
Gulf, Mobile & North., pref. (guar.).
Hocking Valley. common (guar.)
Illinois Central leased lines
Missouri-Kansas-Texas, pref.(quar.)
Mobile & Birmingham, pref
Norfolk & Southern
Extra
Reading Co., 2nd pref. (quar.)
When
Per
Cent. Payable.
Books Closed
Days Inclustse.
234 Dec. 31 Holders of rec. Nov.30
*75c. Jan. 1 "Holders of rec. Dec. 8
*234 Jan. 1 'Holders of rec. Dec. 8
•114 Dec. 31 *Holders of rec. Dec. 7
Dec. 31 *Holders of rec. Dec. 7
*3
•314 Dec. 31 *Holders of rec. Dec. 7
Dec. 26 *Holders of rec. Dec. 7
4
.
Dec. 26 *Holders of rec. Dec. 7
*3
"134 Dec. 1 *Holders of rec. Nov. 21
2 Holders of rec. Dec. 10
Jan.
I%
$4.40 Dec. 28 Holders of rec. Dec. 280
"114 Jan. 2 *Holders of rec. Dec. 15
*214 Dec. 31 *Holders of rec. Dec. 8
Jan. 2 Dec. 11 to Jan. 5
2
•134 Dec. 31 'Holders of rec. Dec. 15
Jan. 2 Dec. 2 to Jan. 1
2
*134 Jan. 3 'Holders of rec. Dec. 20
Jan. 3'Holders of rec. Dec. 20
•1
•500. Jan. 10 'Holders of rec. Dec. 20
Public Utilities.
Dec. 28 *Holders of rec. Dec. 20
*2
American Gas Co.(quar.)
234 Jan. 15 Holders of rec. Dec. 20
Amer. Telep. & Teleg. (quar.)
$1.25 Jan. 2 "Holders of rec. Dec. 7
Brooklyn Union Gas (quar.)
"1.14 Dec. 31 *Holders of rec. Dec. 10
Cleveland Ky., corn. (quar.)
Consol. Gas El. L.& Pow.,Ballo."75c. Jan. 2 *Holders of rec. Dec. 15
Common (quar.)
•13.4 Jan. 2 *Holders of rec. Dec. 15
Preferred series A (quar.)
•114 Jan. 2 *Holders of rec. Dec. 15
Preferred series D (quar.)
•1.38 Jan. 2 'Holders of rec. Dec. 15
Preferred series E (quar.)
Jan. 15 Holders of rec. Dec. 200
2
Detroit Edison Co.(guar.)
Gulf States Utilities,66 pref.(quar.)_-- $1.50 Dec. 15 Hclders of rec. Dec. 50
Dec. 15 Holders of rec. Dec. 5a
1.3734
$
(quar.)
$5.50 preferred
134 Jan. 2 Holders of rec. Dec. 15
Illinois Power Co..6% pref. (guar.)_ _
134 Jan. 2 Holders of reo. Dec. 15
7% preferred (guar.)
Kansas City Power & Light, pf. B (qu.)_ •31.50 Jan. 1 *Holders of rec. Dec. 15
234 Dec. 15 Holders of rec. Dec. 1
Laclede Gas Light,corn.(quar.)
234 Dec. 15 Holders of rec. Dec. 1
Preferred
Louisville Gall & Elec. com. A a:B (qu.) 4314 Dec. 24 Holders of rec. Nov. 30
Monongahela W.Pa.Pub.Ser. pf.(qu.)- 4334 Jan. 2 Holders of rec. Dec. 15
*134 Jan. 2 *Holders of rec. Dec. 14
Montana Power,corn.(quar.)
$1.75 Jan. 2 Holders of rec. Dec. 15
Nat.Power & Light,$7 pref.(quar.)__
Dec. 31 Holders of rec. Dec. 10
New England Telep.& Teleg.(quar.)_ _ _ 2
'581se Dec. 1 *Holders of rec. Nov. 15
Ohio Public Service, pf A (mthly.)
600 Jan. 1 Holders of rec. Dec. 8
Peoples Light & Pow.,corn. A.(quar.)
Toledo Edison Co. 7% pref. A.(mthly.) "5813c Dec. 1 *Holders of rec. Nov. 15
*50c Dec 1 *Holders of rec. Nov. 15
6% preferred (mthly.)
134 Dec. 20 Holders of rec. Nov. 30
Va. Elec.& Power,7% pref.(guar.)- - - 134 Dec. 20 Holders of rec. Nov. 30
6% preferred (quar.)
134 Jan. 15 Holders of rec. Dec. 31a
Western Power Corp., pref.(quar.)
Banks.
Chelsea Exchange(quar.)
Cosmopolitan
Prise°State(quar.)
Trust Companies.
Bronxville
Equitable (guar.)
Jan. 2 Holders of rec. Dec. 210
2
Dec. 1 Holders of rec. Nov. 150
3
234 Dec. 1 Holders of rec. Nov. 15
*5
3
Dec. 15 Holders of rec. Dec. 7
Dec. 31 Holders of rec. Dec. 15
Miscellaneous.
•60c Dec. 15 *Holders of rec. Dec. 2
Acetol Products,Inc. Cl. A (quar.)
25c Dec. 1 Holders of rec. Nov. 20
Allen Industries,corn.(quar.)
750 Dec. 1 Holders of rec. Nov. 20
Preferred (quar.)
200. Jan. 2 Holders of rec. Dec. 14
Alliance Investment Corp.(guar.)
Allied Refrigeration Industries$1.50 Jan. 2 Holders of rec. Dec. 15
$6 Prior pref. (quar.)
*50c. Jan. 2 *Holders of rec. Dec. 7
Amer.Bank Note.corn.(quar.)
"s1 Dec. 29 "Holders of rec. Dec. 7
Common (extra)
•75c. Jan. 2 *Holders of rec. Dec. 7
Preferred (quar.)
*,1 Dec. 22 *Holders of rec. Dee. 3
American Coal(extra)
250. Jan. 2 Holders of rec. Dee. 140
Amer.Home Products(Mthly.)
2 Feb. 1 Holders of rec. Jan. 15
Amer.Shipbuilding,corn.(quar.)
134 Feb. 1 Holders of rec. Jan. 15
Preferred ((Mar.)
Jan. 1 Holders of rec. Nov. 300
1234c.
American Thread preferred
•30e. Dec. 1 'Holders of rec. Nov. 20
Amer -Scottish Invest. Co.(quar.)
Jan. 2 Holders of rec. Dec. 10
134
pref.
(quar.)
Armour & Co.(Ills.),
134 Jan. 2 Holders of rec. Dec. 10
Armour & Co.(Del.) (quar.)
134 Dec. 1 Holders of rec. Nov.20
Allah Limited, pref.(quar.)
*750. Dec. 31 *Holders of rec. Dec. 21
Associates Investment Co.(quar.)
•250. Dec. 31 *Holders of ree. Dec. 21
Extra
*50c.
1)
(NO.
Backstay Welt CO.(qu.)
134 Jan. 2 Holders of rec. Nov. 30
13elgo-Canadian Paper. pref. (quar.)___
30e. Dec. 1 Holders of rec. Nov. 20
Bentley Chain Stores, cont. (quar.)___ _
Dec. 1 Holders of rec. Nov. 20
$1
Preferred (quar.)
30e. Dec. 1 Holders of rec. Nov. 20
Berry Motor (quar.)
1 *Holders of rec. Dec. 15
Jan.
*3
Boardwalk Securities Corp.(quan)
Dec. 15 *II( lders of rec. Dec. 1
•2
Christmas dividend
15
Dec.
Dec. 1 to Dec. 10
2
(guar.).
A
corn.
Corp.
011
Chica
Bolos
Holders of rec. Dec. I
Boston Woven Hose & Rubber,corn.(qu) $1.50 Dec. 15
Dec. 15 Holders of rec. Dec. 1
3
Preferred
30
Nov.
•1
(monthly)
Brewer (C.) es Co.
Nov. 30
'3
Extra
Dec. 1 *Holders of rec. Nov. 17
*$1
Bristol Manufacturing
1 'Holders of rec. Jan. 4
Feb.
•50e.
Bush Terminal Co., corn. (quar.)
Feb. 1 *Holders of rec. Jan. 4
Common (payable in corn. stock)_ _ - _ "1134 Jan.
'Holders of rec. Dec. 28
15
•134
Debenture stock (guar.)
Jan. 2 'Holders of rec. Dec. 14
Bush Terminal Bldgs., pref. (quar.)_.. "134 Dec. 20 "Holders of rec. Dec. 5
"75c.
(extra)
corn.
Coke,
By-Products
Dec. 17 *Holders of rec. Dec. 1
•61
Calumet & Arizona Mining (quar.)
$1.50 Dec. 17 'Holders of rec. Dec. 1
Extra
2 Holders of rec. Dec. 15
Jan
87340.
Canadian General Elec.. pref.(qu.)
*we. Gee. 15 "Holders of rec. Nov. 30
Catelli Macaroni Prod.. pref. A (gIL)
2 Holders of rec. Dec. 15
Jan
750.
common
(quar.)
Celotex Company,
134 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
"500. Jan. 10 *Holders of rec. Dec. 13
Central Alloy Steel, common (quar.)-"134 Jan. 1 'Holders of rec. Dec. 13
0 Preferred (goan)
The. Jan. 1 Holders of rec. Dec. 1
Certo Corporation (quar.)
250. Jan. 1 Holders of rec. Dec. 1
Extra
•250. Jan. 2 'Holders of ree. Dee. 20
Chicago Yellow Cab Co.(monthly)
"250. Feb. 1 *Holders of rec. Jan. 21
Monthly
•250. Mar. 1 *Holders of rec. Feb. 19
Monthly
•750. Jan. 2 "Holders of rec. Dec. 3
Chrysler Corporation (quar.)
% Jan. 2 Holders of rec. Dec. 15
(monthly)
Cities service, common
Holders of rec. Dec. 15
134 Jan. 2
Common (parable in common stock)_ _
% Jan. 2 Holders of rec. Dec. 15
Pref. anti pref. BB (monthly)
Holders of rec. Dec. 15
2
Jan
Sc.
Preferred B (monthly)
[VOL. 127.
FINANCIAL CHRONICLE
2920
Name of Company.
When
Per
Cad. Payable.
Books Closed
Days Inclusive.
Miscellaneous 'Continued).
Jan. 1 Holders of rec. Dec. 20
$2
Commercial Solvents Corp.(quar.)
•250. Jan. 2 Holders of rec. Dec. 20
Consolidated Retail Stores, corn,(qu.)
Jan. 2 Holders of ree. Dec. 20
'2
Preferred (quar.)
Dec. 15 Holders of rec. Nov.30
1
Cookeville Co., pref. (guar.)
Dec. 1 Holders of rec. Nov. 26
5
Como Mills
37140. Dec. 15 Holders of rec. Dec. 1
Crane Co., comInc n (guar.)
1% Dec. 15 Holders of rec. Dec. 1
Preferred (guar.)
*25c. Jan. 15 *Holders of rec. Dec. 31
Crown Zellerbach Corp., corn.(guar.)
Dec. 31 *Holders of rec. Dec. 15
(guar.)
•134
Crucible Steel, pref.
25e. Jan. 2 Holders of rec. Dec. 46
Cuban-American Sugar, corn.(guar.) -134 Jan. 2 Holders of rec. Dec. 40
Preferred (quar.)
61.75 Jan. 2 Holders of rec. Dec. 15
Dahlberg & Co., Inc. (quar.)
Dec. 15 Holders of rec. Dec. 1
2
Dark Manufacturing, pref. (guar.)
650. Feb. 15 Holders of rec. Jan. 29
Dominion Bridge, Ltd. (quar.)
Dominion Glass, Ltd., corn.& pt.(qu.)_
134 Jan. 2 Holders of rec. Dee. 15
Dominion Textile, Ltd., tom.(gust.)... $1.25 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
134 Jan, 15 Holders of rec. Dec. 31
Du Pont (E.I.) de Nem.& Co., corn.... "82.50 Dec. 15'Holders of rec. Dec. 1
"$4.75 Jan. 5 "Holders of rec. Dec. 1
Common(special)
•134 Tan. 25 *Holders of rec. Jan. 10
Debenture stock (guar.)
Dee. 6 *Holders of rec. Nov. 20
Durham Duplex Razor, prior pref.(qu.) •31
Jan. 2 Holders of rec. Dec. 8
61.25
_
(cm.)_
pf.
&
corn.
Electric Stor. Battery,
Jan. 2 Holders of rec. Dec. 8
Corn. & pref. (pay. in corn. stock)... 110
3734c. Dec. 1 Holders of rec. Nov. 19
Ely-Walker Dry Goods, corn.(quar.)_
30e. Dec. 15 Holders of rec. Dec. 1
Equitable Financial Corp.. cl. A (qtr.) Feltman & Curme Shoe Stores, PT. (qu.) *134 Jan. 2 "Holders of rec. Dec. 1
First Maine Invest. Corp., el. B (No. 1) •10c.
"61.50 Dec. 31 'Holders of rec. Dec. 14
Florsheim Shoe, pref. (guar.)
Foote Bros. Gear & Mach'y, coin. (qu.) *30c. Jan. 1 *Holders of rec. Dec. 20
*134 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
'250. Jan. 2 *Holders of rec. Dec. 7
Forhan Co., com.(guar.)
'40e. Jan. 2 *Holders of rec. Dec. 7
Class A (quar.)
French (Fred F.) Investing Co.. Pre- 334 Dec. 15 Dec. 2 to Dec. 16
French (Fred F.) Security Co.. Pref
334 Dec. 15 Dec. 2 to Dec. 16
$1.25 Dec. 15 Holders of rec. Dec. 5
Gamewell Co., common (quar.)
1m Jan. 1 Holders of rec. Dec. 10
General Railway Signal, corn.(quar.)--- $1.25
Jan. 1 Holders of rec. Dec. 10
Preferred (guar.)
•4c. Dec. 10 "Holders of rec. Nov.30
Golden Cycle Mining & Reduction
Goodyear Tire & Rubber, 1st pref. (qu.) 134 Jan, 1 Holders of rec. Dec. 1
Preferred (gnar.)
134 Jan. 1 Holders of rec. Dec. 1
6214c. Dec. 31 Holders of rec. Dec. 12
Gotham Silk Hosiery, corn.(quar.)
Great Northern Securities (qu.)(No. 1)_ '37%c Dec. 1 *Holders el rec. Nov. 20
$1.50 Jan. 7 Holders of rec. Dec. 13
Greene Cananea (guar.)
•75e. Feb. 15 *Holders of rec. Feb. 1
Greenway Corp. 5% pref. (quar.)
•75c. May 15 *Holders of tee.. May 1
(guar.)
5% Preferred
•750. Aug. 15 'Holders of rec. Aug. 1
5% Preferred (quar.)
*75c. Nov. 15 *Holdeis of rec. Nov. 1
5% Preferred (guar.)
Gun!(Charles) Co., common (gust.)...
400. Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Dec. 24 *Holders of rec. Dec. 16
Hale & Kilburn, pref. (No. 1)
*El
Hall (C. M.) Lamp (guar.)
*25c. Dec. 15 *Holders of rec. Dec. 1
*25e. Dec. 15 *Holders of rec. Dec. 1
Extra
25e. Dec. 1 Holds!, of rec. Nov. 26
Homestead Funds Corp.. tom.(guar.).$1.75 Dec. 1 Holders of rec. Nov. 26
Preferred (quar.)
•$1.50 Dee. 10 *Holders of rec. Nov.30
Honolulu Plantation (extra)
•114 Dec. 1 *Holders of rec. Nov.20
Hood Rubber,7% pref.(guar.)
250. Dec. 15 Holders of rec. Nov. 30
Horni Signal Mfg.
•50e. Jan. 2 *Holders of rec. Dec. 15
Household Products(extra)
2 Holders of rec. Dec. 11
30
N
$1.25 Jan.
Hudson Motor Car (guar.)
Holden of rec. Nov.25
Imperial Royalties Co., pref. (mthly.)
Holders of rec. Dec. 20
7
Jan.
75e.
Inspiration Congo]. Copper Co. (guar.).
Internat. Combustion Eng., pref.(au). •134 Jan. 2 *Holders of rec. Dec. 20
Internat. Printing Ink, corn.(quar.) - •6214c Feb. 1 *Holders of rec. Jan. 14
'114 Feb. 1 *Holders of rec. Jan. 14
Preferred (guar.)
3714c Dec. 1 Holders of rec. Nov. 17
Johnansen Shoe,corn.(guar.)
1214e Dee. 1 Holders of rec. Nov. 17
Common(extra)
134 Jan. 2 Holders of rec. Dec. 10
Kaufmann Dept. Stores, pref. (qu.).
50c. Jan. 2 Holders of rec. Dec. 20
Kelsey-Hayes Wheel, common (gar.).Jan. 2 Holders of rec. Nov.30
82
Kennecott Copper Corp. (guar.)
6234c Jan. 1 Holders of rec. Dec. 15
Kimberly-Clark Corp., corn.(guar.)-Jan. 1 Holders of rec. Dee. 15
"2
corn.
in
stock)
Common (payable
134 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
.300. Dec. 31 *Holders of rec. Dec. 11
Kresge(S.S.) Co.,corn.(goar.)
•134 Dec. 31 'Holders of rec. Dee. 11
Preferred (quar.)
20 Dec. 15 Holders of rec. Dec. 1
Lake Shore Mines(goar.)
Dec. 15 Holders of rec. Dec. 1
20
Bonus
134 Dec 1 Holders cf rec. Nov. 15
Legere(P.T.) Co., Ltd. pref.(gust.). *90e. Jan. 2 *Holders of rec. Dec. 13
Lehigh Valley Coal Sales(guar.)
Jan. 10
"63 50 Jan. 1 'Dec. 22 to
Libbey. McNeil & Libby, pref
Liggett & Myers Tobacco, pref.(guar.)- "134 Jan. 1 *Hclders of rec. Dec. 10
500. Dee, 31 Holders of rec. Dec. 13
Loew's Incorporated, corn.(quar.)
$1 Dec. 31 Holders of rec. Dee. 13
Common (extra)
234 Jan. 2 Holders of rec. Dec. 170
Lord & Taylor,corn.(guar.)
•25e. Jan. 2"Holders of rec. Dee. 10
May Drug Stores(guar.)
McCahan(W.J.) Sug.Ref.& Molasses134 Dec. 1 Holders of rec. Nov. 226
Preferred (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 5a
Mergenthaler Linotype (guar.)
50c Dec. 31 Holders of me. Dec. 60
Extra
•$4 Jan. 2 *Holders of rec. Dec. 20
Metal & Therm's Corp
50c Dec. 1 Holders of rec. Nov.20
National Family Stores, Inc. pref.(qu.)_
*25c Dec. 15 *Holders of rec. Nov.30
National Transit (guar.)
Dec. I Holders of rec. Nov. 15
134
New England Bond at Mtge.,pf
'4334r Jan. 2 *Holders of rec. Dec. 20
Nichols Copper Co., class A
•114 Jan. 2 *Holders of rec. Dec. 10
North American Provision, p1.(qu.). _
*30c. Dec. 1 "Holders of rec. Nov. 20
North American 011(Mthly.)
$ 1.62% .Tan. 2 Holders of rec. Dec. 11
North Central Texas 011, pfd.(qu.)
11 Dec. 27 *Holders of rec. Dec. 17
1
.
Parafflne Cos.(goar.)
•250. Dec. 27 *Holders of rec. Dec. 17
Extra
*75c. Dee. 15 *Holders of rec. Dec. 1
Penn-Mex. Fuel
25e. Jan. 2 Holders of rec. Dec. 8
Peoples Drugstores, Inc.. corn.(au)...
114 Deo, 15 Holders of rec. Dec. 1
Cony. preferred (guar.)
*lc Deo. 1 *Holders of rec. Nov. 25
Petroleum Royalties, pf.(mthly)
"Sic Dec. 1 *Holders of rec. Nov. 25
Preferred (extra)
Tan. 2 *Holders of ree. Dec. 18
"$2.50
Dodge
Phelps.
Corp.(guar.)
50c. Dec. 31 *Holders of rec. Dec. 15
Pitts. Plate GI., new corn.(MO (No. 1).
'3714e Mar 1 *Holders of rec. Feb. 15
Poor & Co.,coin.(guar.)
*50c. Mar. 1 "Holders of rec. Feb. 15
Common (extra)
134 Dee. 15 Holders of tee. Dec. 1
Port Alfred Pulp & Paper, pf.(qu.)
Jan. 2 *Holders of rec. Dec. 15
•75c
Pratt & Lambert,corn.(guar.)
Tan. 2 "Holders of rec. Dec. 15
32
Common (extra)
114 Dec. 15 Holders of rec. Nov. 240
Procter & Gamble Co.,6% pfd.(guar.)_
16 *Holders of rec. Dee. 1
Dec.
•50e.
Q.R.S. Co.(extra)
*El Jan. 15 "Holders of rec. Dec. 31
Quaker Oats, corn.(guar.)
*Holders of rec. Feb. 1
28
Feb.
•114
Preferred (guar.)
Remington-Rand Co.. 1st pref.(quar.).. •134 Jan. 1 *Holders of rec. Dec. 8
Jan. 1 *Holders of rec. Dec. 8
*2
Second preferred (guar.)
62%c Jan. 15 Holders of rec. Dec. 15
Rum iclor Corp.,corn.(qu.)(No.))
•25e. Dec. 1 *Holders of rec. Nov. 24
St. Louis Screw & Bolt (guar.)
"25e. Mar. 1 *Holders of rec. Feb. 25
Quarterly
*25e. Tune 1 "Holders of rec. May 25
Quarterly
Dee. 1 Holders of rec. Nov.20
. Mary's Mineral Land
.The.
Jan. 2 Holders of rec. Dec. 14
St. Maurice Valley Corp., pref.(qu.)
Jan. 1 *Holders of rec. Dec. 20
Scoville Manufacturing (go.)
334 Dec. 1 Holders of rec. Oct. 31
Securities Associates. Inc., pref
*Holde of rec. Nov. 26
5 'Holder,
12
u
"El Dec.
Selherling Rubber,corn.(quar.)
Holders of rec. Dec. 1
$1
Separate Units,Inc.(gnar.)
Holders of rec. Dec. 1
2
250. Jan,
Extra
rec. Dec. 15
Sherw-Williams Co., Canada, corn.(qu.) 81.50 Dec. 31 Holders of rec. Deo. 15
Holders of
Dec.31
06.
%
6
1
.
Prefer!ed (q'lar.)
rec. Dec. 20
of
1 *Holders
. 2
Jan,
Shreveport-El Dorado Pipe Line MI
Holdersof rec. Nov. 15
Southern Ice & Utilities, $7 pref(qu.)_
rec. Nov. 15
of
Holders
1
. Dee.
5
78
.7
0
.46
81.
$
$7 participating preferred (quar.)
1 *Holders of rec. Dec. 15
...850e
1
Spencer-Kellam & Sons, Inc. MI
rec. TTec. 15
of
•Kolde
'Holder,
21
Dec.
Standard 011(Kentucky)(gear.)
Dee. 15
6240 Dec. 21 "Holders of rec. Dec. 7
Extra
1 Holders of rec.
n.. 2
paeo
J
Standard 011(Ohio),corn.,(gnar.)
Nov. 22
rec.
of
rs
'Holders
1
.606.
Superior Portland Cement(Mthly.). -- '2740
Holders of rec. Nov. 28
Dec.
Thomson Elec. Welding(guar.)
of rec. Nov. 28
"Holders
1
Dec.
*81
Extra
$hi
Nov. 24 1928.]
Name of CompanY.
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Thompson Products, pref.(goar.)
Ill Dec. 1 Holders of rec. Nov. 20
Tidal Osage Oil, vot.& non-vot.(guar.)- .50c. Dec. 15 'Holders of rec. Dec. 1
Traders Investment Corp.(extra)
.530 Nov. 20 'Holders (free. Nov. 20
Union Carbide Sr Carbon (quar.)
$1.50 Jan. 1 Holders of rec. Dec. 7
Union Financial Corp.cl. A( quar.)
*3714c Dec. 1 'Holders of rec. Nov. 15
United Cigar Stores of Am..corn.(quar.)
25c. Jan. 2 Holders of rec. Dec. 7
U.S.Distributing, old & new pf
.33 50 Jan. 1 *Holders of rec. Dec. 11
Universal Pictures Inc. 1st pfd. (qu.) _ _
2
Jan. 2 Dec. 20 to Jan. 2
Va. Iron, Coal & Coke-No action on se ral-ann ual dlvi dend.
Walker(Hiram)-Gooderliam
& Worts, Ltd.,registered stk.(au.) 750. Dec. 15 Holders of rec. Nov.30
Bearer shares (guar.)
75c. Dec. 15 H('dere of coupon No.5.
Walworth Co.,corn.(guar.)
*30c. Dec. 15 "Holders of rec. Dec. 3
Preferred(quar.)
.75c. Dec. 31 'Holders of rec. Dec. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payahle.
Books Closed
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary
$2
Dee. 2 Holders of rec. Nov. 28
Ordinary (extra)
51.50 Dec. 2 Holders of rec. Nov. 28
Preferred
Feb. 1 Holders of rec. Jan. 11
52
Preferred (extra)
$1.50 Feb. 1 Holders of rec. Jan. 11
Atch.. Topeka & Santa Fe, corn. guar.) 234 Dec.
Holders of rec. Oct. 251ci
Atlantic Coast Line RR., corn
34 Jan. 1 Holders of rec. Dec. 12a
Common (extra)
14 Jan. 1 Holders of rec. Dec. 12a
Baltimore & Ohio, corn. (guar.)
134 Dec.
Holders of ree. Oct. 20.
Preferred(guar.)
1
Dec.
Holders of rec. Oct. 20o
Bangor & Aroostook, corn. (gust.)
87c. Jan.
Holders of rec. Nov. 30o
Preferred (guar.)
1)4 Jan.
Holders of reo. Nov. 300
Boston 43 Providence (guar.)
214 Jan.
Holders of rec. Dec. 20
Canadian Pacific, common (quar.)
214 Dec. 3 Holders of rec Nov. 30a
Chesapeake & Ohio pref. series A
31( Jan 1'2 Holders of rec. Dec. go
Chestnut Hill(cum.)
75c. Dec.
Nov. 21 to Dec. 3a
Chicago .2 North Western, common.... 2
Dec. 3 Holders of rec. Dec. 3a
Common (extra)
50c. Dec. 3 Holders of rec. Dec. 3a
Preferred
314 Dec. 3 Holders of rec. Dec. 3a
Cleveland dr Pittsburgh,spec.guar.(qu.)
50e Dec.
Holders of rec. Nov. 10
Guaranteed (guar.)
8714c Dec.
Holders of rec. Nov. 10
Cuba RR., preferred
3
Febll Holders of rec. Jan 15'29
Delaware & Hudson Co. (guar.)
2)4 Dec. 2 Holders of rec. Nov. 2i
Georgia Sou dr Fla, let & 2d pref
214 Nov.2 Holders of rec. Nov. 14
Hudson & Manhattan, common
114 Dec.
Holders of n3c. Nov. 160
Illinois Central, corn. (quar.)
1)4 Dec.
Holders of rec. Nov. 90
Kansas Oklahoma d3 Gulf, pref. A
6
Dec. 1 Holders of rec. Nov.30
Maine Central. corn. (quar.)
1
Jan.
Holders of rec. Dec. 15o
Preferred (guar.)
134 Dec.
•
Holders of rec. Nov. 15
Midland Valley. preferred
$1.25 Dec.
Holders of rec. Nov.240
Orleans
New
Texas & Mexico (guar.)
Ill Dec.
Holders of rec. Nov. 15o
N.Y.Chicago & St. L., corn & p1.(qu.)_
14 Jan.
Holders of rec. Nov. 15a
Norfolk & Western,corn.(quar.)
2
Dec.
Holders of rec. Nov. 30o
Common (extra)
2
Deo. 1 Holders of rec. Nov. 30o
North Pennsylvania (guar.)
Nov.2 Holders of rec. Nov. 19a
$1
Pennsylvania RR.(guar.)
8734c Nov.3 Holders of rec. Nov. lo
Pere Marquette, cont. (guar.)
114 Jan,
Holders of rec. Dec 7o
Five per cent prior preference ((Mar.). 114 Feb.
Holders of rec. Jan. 4a
Five per cent preferred (guar.)
114 Feb.
Holders of rec. Jan. 4a
Phila. Germantown & Norristown (cm.)- 51.50 Dec.
Nov. 21 to Dec. 3
Pittsburgh Bessemer St Lake Erie . pref_ _ 51.50 Dee.
Holders of rec. Nov. 15
Plttsb. Youngst. & Ashtab., pt. (qtr.)._
134 Dee.
Holders of rec. Nov.20
Reading Co. 1st pref. (quar.)
50c. Dec. 1 Holders of rec. Nov. 22a
Rutland RR., preferred
1
Dec. 1 Holders of rec. Nov. 30a
St. Louis-San Francisco, corn.(quar.)__ _
1)4 Jan.
Holders of rec. Dec. 3a
Common (extra)
250 Jan.
Holders of rec. Dec. 3a
Preferred (gmar.)
14 May
Holders of rec. Apr. 130
Preferred (guar.)
114 Aug.
Holders of rec. July la
Preferred (guar.)
14 Nov.
Holders of rec. Oct. is
Preferred (guar.)
14 Feb V2 Hold, of rec. Jan. 7 '29a
Southern Pacific Co.(guar.)
114 Jan.
Holders of rec. Nov. 28a
Union Pacific, corn. (guar.)
24 Jan.
Holders of rec. Dec. la
Virginian By.,common (annual)
417
Dee. 3 *Holders of rec. Dec. 8
Wabash, pref. (guar.)
1g Nov.2 Holders of rec. Oct. 25o
Public Utilities.
Amer. Power & Light, corn. (guar.).- - 250. Dec.
Holders of rec. Nov. 15
Common (one-fiftieth share corn. stk.) (f) Dec.
Holders of rec. Nov. 15
Corn. (extra) (5-50ths sh. corn. stock) (f) Dec.
Holders of rec. Nov. 15
Amer. Superpower, corn A & B(1-25th share common A stock)
(1) Dec. 3 Holders of na3. Nov.30
psnit preferred (gust.)
$1.50 Jan.
Holders of rec. Dec. 15
$5 preference (guar.)
$1.50 Jan.
Holders of rec. Dec. 15
American Teleg. & Cable (guar.)
114 Dec.
Holders of roe. Nov. 30a
Amer. Water Wks. & Elec., 1st pt.(cm.) 51.50 Jan.
Holders of reo. Dec. 12a
Associated Gas & Elec. $6 pref.(quar.) _ 41.50 Dec.
Holders of rec. Oct. 31
$84 preferred (guar.)
51.625 Dec.
Holders of rec. Oct. 31
35 p1.(qu.)(No. 1)
151.25 Dec. 1 Holders of rec. Nov. 15
Original preferred (guar.)
18714c Jan.
Holders of rec. Nov. 30
$7 preferred (guar.)
I $1.75 Jan.
Holders of rec. Nov. 30
Associated Tilley. Utilities, 37 pref.(qu.) $1.75 Dec. 1 Holders of rec. Nov.30
$O preferred (guar.)
51.50 Dec. 1
Holders of rec. Nov.30
Atlantic Public Utilities, cont. A (go.)..
50c. Dec.
Holders of rec. Nov.20
Preferred series A (guar.)
$1.75 Dec.
Holders of rec. Nov. 20
Baton Rouge Elec. Co.. pref. A (guar.). 1)4 Dec.
Holders of rec. Nov. 15a
Blackstone Val. Gas & Elec.. pref
3
Dec.
Holders of rec. Nov. 15a
Boston Elevated Rya., corn.(guar.)._ •14 Jan.
*Holders of rec. Dec. 10
First preferred
*4
Jan.
'Holders of res. Dec. 10
Preferred
*334 Jan.
*Holders To rec. Dec. 10
Brooklyn City RR.(guar.)
10e. Dec. I Holdersof rec. Dec. la
Bruin= Tr., L. & P., ord. (quar.).,
44e. Dec.
Holders of rec. Oct. 31
Brooklyn Edison Co.(guar.)
2
Dec.
Holders of rec. Nov. 80
Bklyn-Manhattan Tr., pref. A (guar.)._ 81.50 Jan15'2 Holders of rec. Dec.
31a
Preferred series A (guar.)
$1.50 Ap 15'2 Holders of rec. Apr. 1 '2ea
Buff. Niagara & East. Pow.,corn.(qu.) .
30c. Dec. 3 *Holders of rec. Dec. 15
Class A (guar.)
.
30c. Dec 3 *Holders of rec. Dec. 15
Preferred (guar.)
.
40e. Dec. 3 *Holders of rec. Dec. 15
$5 preferred (guar.)
•$1.25 Jan. 3 *Holders of rec. Jan. 15
Canadian Hydro-Electric, 1st pi.(qu.).._
114 Dec.
Holders of rec. Nov. 10
Central Ark. Pub. Serv. Corp., PL(Qu.) 154 Dee.
Holders of rec. Nov. 15
Central Dl. Pub. Serv.. pref. (quar.). - *51.50 Jan. 1 'Holders of rec.
Dec. 31
Central Indiana Power. firer. (quar.)... •15.‘ Dee.
'Holders of rec. Nov. 20
Central Public Service, class A (an.).....
4314c Dec. 1 *Holders of rec. Nov. 24
ChicagoRapid Transit (monthly)
.
65o. Dec.
'Holders of rec. Nov. 20
Prior pref. series B (monthly)
.60e. Dec.
'Holders of rec. Nov. 20
Clev. Elec. III.6% pref.(quar.).....
14 Dec
Holders of rec. Nov. 15
Consolidated Gas(N. Y.), corn. (guar.).
75c. Dec. 1 Holders of rec. Nov. 8a
Consolidated Gas Utilities A tquar.)____ .55e. Dec.
*Holders of rec. Nov. 19
Consumers Power Co.,$5 pref.(guar.)- $1.25 Jan.
Holders of rec. Dec. 15
6% preferred (guar.)
134 Jan
Holders of rec. Dec. 15
6.6% Preferred (guar.)
51.65 Jan.
Holders of rec. Deo. 15
7% preferred (guar.)
Jan
Holders of rec. Dec. 15
8% preferred (monthly)
50c. Dec.
Holders of rec. Nov. 15
50e. Jan.
5% Preferred (monthly)
Holders of reo. Dee. 15
6.8% preferred (monthly)
55c. Dec.
Holders of rec. Nov. 15
6.6% preferred (monthly)
55c. Jan.
Holders of rec. Dec. 15
East Kootenay Pow pref.(guar.)
1)4 Dec. 1 Holders of rec. Nov.30
Empire Gan & Fuel,0% pref.(monthly). *50e. Dec.
"Holders of rec. Nov. 15
14% preferred (monthly)
*541(se Dec.
*Holders of rec. Nov. 15
*mop. Dec.
7% preferred (monthly)
*Holders of rec. Nov. 15
•662-3c Dec.
8% preferred (monthly)
*Holders of rec. Nov. 15
Engineers Public Saw.,com.(qu.)(No.1)
25c. Jan 2'2 Holders of roe. Nov. 290
55 Preferred (guar.)
81.25 Jan 22 Holders of rec. Nov. 29a
$5.50 pref. 'guar.)
1.3714 Jan.
Holders of rec. Nov. 28
English Elec, Co.. Canada A
.51.50 Jan. I 'Holders of rec. Dec. 31
Federal Light & Traction, corn.(guar.)
20e. Jan.
Holders of rec. Dec. 13a
Common (payable In common stock).. fl5o. Ian.
Holders of rec. Dec. 13a
Preferred (gar.)
114 Dec.
Holders of rec. Nov. 17a
Names!Company.
2921
Per
When
Cent. Payable.
Books Cloud
Days Inclusive.
Public Utilities (Concluded).
Federal Water Service, el A (gM.)
P50e. Dec. 1 Holders of rec. Nov. 8
Gary Railways, Prof. A (goat.)
$1.80 Dec. 1 Holders of rec. Nov.20
General Public ServiceCommon (3-100 share of corn.stock)
(f) Dec. 31 Holders of rec. Dec. 10
Com.(special) (5-100 share tom. stk.) (I) Dec. 31 Holders of ree. Dee. 10
$6 Preferred (Quarterly)
$1.50 Feb. 1 Holders of rec. Jan. 10
$5.50 preferred (guar.)
1.3714 Feb. 1 Holders of rec. Jan. 10
Convertible preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. HI
Hackensack Water,corn.(guar.)
75c. Dec. 1 Holders of rec. Nov. 140
Preferred (guar.)
• lic Dec. 1 Holders of rec. Nov. 140
Havana Electric By., pref.(guar.)
1(4 Dec. 1 Holders of rec. Nov. (la
Indianapolis Water. pref. A (guar.)._
114 Jan. 1 Holders of rec. Dec. 12a
Indiana Service, 7% prof. (gnar.)
114 Dec. 1 Holders of rec. Nov. 15
6% preferred ((mar.)
114 Dec. 1 Holders of rec. Nov. 15
International Power Securities (No. 1) .
51 Dec. 15 'Holders of rec. Dec. 1
Laclede Gas & El., prior lien (guar.)._ •154 Dec. 1 *Holders of rec. Nov. 24
Massachusetts Gas Cos.. pref
2
ilec. 1 Nov. le to Nov. 30
Middle West UM., prior lien stk.(qu.)
$2
Dec. 15 Holders of rec. Nov.10
56 prior lien (guar.)
$1.50 Dec. 15 Holders of rec. Nov. 10
National power dr Light,common (qu.).
250. Dec. 1 Holders of rec. Nov. 12a
Nebraska Power. pref.(guar.)
134 Dec. 1 Holders of rec. Nov. 15a
North American Co., common (guar.)._ 12)4 Jan. 2 Holders of rec. Dec. 5a
Preferred (guar.)
750. Jan. 2 Holders of rec. Dec. 54
North American Edison. pref.(gust.)..
51.50 Dec. I Holders of rec. Nov. 15o
North Amer. Utility Securs., 1st pf.(au.) $1.50 Dec. 15 Holders of MO. Nov.30
First pref. allotment ctfs. (quar.)...._ 51.50 Dec. 15 Holders of rec. Nov.30
Northern States Power(Wis.), pt. (qu.)_
114 Dec. 1 Holders of rec. Nov.20
Ohio Edison Co..6% prof.(goar-)
114 Dee. 1 Holders of rec. Nov.15
1.65 Dec. 1 Holders of rec. Nov. 15
6.6% Preferred (guar.)
7% pref.(quar.)
11i Dec. 1 Holders of rec. Nov. 15
preferred
11( Dec. 1 Holders of rec. Nov. 15
6preferrede
5%%
(monthly)
Wtia.)
500. Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
55e. Dee. 1 Holders of reo. Nov.15
Oklahoma Gas dr Elec.. prof. (guar.).- 114 Dec. 15 Holders of rec. Nov.30
Pacific Telep & Teleg, corn. (gust.).... .1.1% Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
'134 Jan. 15 °Holders of rec. Dec. 31
Penn-Ohio Edison 7% prior pref. (cm.). 1
Dec. I Holders of rec. Nov.20
Pennsylvania-Ohio Pow.& Lt.$5 pf.(au) 51.50 Feb. 1 Hrlders of rec. Jan. 19
114 Feb. 1 Holders or rec. Jan. 19
7% preferred (gust.)
7.2% pref. (monthly)
600. Dec. 1 Holders of rec. Nov.20
7.2% pref. (monthly)
60c. Jan. 2 Holders of rec. Dec. 20
7.2% pref.(monthly)
60o. Feb. 1 Holders of rec. Jan. 19
55e. Dec. 1 Holders of rec. Nov.20
6%
%p
prref
ef, fmmo
6
8..6
onthIly)
55c. Jan. 2 Holders of rec. Dec. 20
as C
(o
m n
profh
t l)
prof
550. Feb. 1 Hclders of rec. Jan. 19
G
e0
6
.ples
3
Jan. 1 Holders of rec Dec. 120
Philadelphia Electric (guar.)
50c. Dec. 1 Holders of rec. Nov. 306
Phila. Suburban Water, pref.(gust.)... 114 Dec.
Holders of rec. Nov. 100
Preferred (quar.)
134 Mr.1'2 Hold, of rec. Feb. 9'296
Portland Electric Power.24 pref.(au).. 114 Dec. 1 Holders of rec. Nov. 15
Puh.Sery Corp of NJ 6% Pf (mthly) 50c Nov 3 Holders of roe Nov 20
Radio Corp of Am.. prof. A (gttar.) _ _
13.4 Jan.
Holders of rec. Dec. lo
Rhine-Westphalia El. Pow. Am. shares_ $1.92 Dec.
Holders of rec. Nov. 17o
Southern Calif. Edison,8% pref. M.).- 3714c Dec. 1 Holders of rec. Nov.20
4334e Dec. 1
7% prof. (guar.)
Holders of rec. Nov.20
Southern Canada Power, pref. (guar.)_
114 Dec. 1 Holders of rec. Nov.30
Southern Colo. Power, corn. A (qu.)
50e. Nov. 24 Holders of rec. Oct. 31
Preferred (quar.)
154 Dec. 1 Holders of rec. Nov. 36
ac Light, pref.(1u.) 114 Dec. 1 Holders of rec. Nov. 15
Southweetern
'lowest'west Gas Util., pref.(qu.)
1.6234 reb 1'29 Hold,of rec. Jan.20'29
Preferred (gust.)
1.6214 WY1'29 Hold.of rec. Apr.20'29
Standard Gas & El.,$4 pref.(qu.)
$1 Dec. 15 Holders of rec. Nov. 30a
Tennessee Elec. Power,5% 1st pfd(cm) 1)4 Jan. 2 Holders of rec. Dec. 15
Six per cent first preferred (guar.) - 114 Jan. 2 Holders of rec. Dec. 15
Seven per cent first pref. (guar.)
114 Jan. 2 Holders of roe. Dec. 15
7.2% first preferred (guar.)
51.80 Ian, 2 Holders of rec. Dec. 15
Six per cent first preferred (monthly).
50c. Dec. 1 Holders of rec. Nov. 15
Six per cent first preferred (monthly).
50c. Tan 2'29 Holders of rec. Dec. 15
7.2% flew preferred (monthly)
60c. Dec. 1 Holders of rec. Nov. 15
7.2% first nreferred (monthly)
60c. Jan 2'29 Holders of rec. Dee. 15
United Gas Improvement(gar.)
Si Dec. 31 Holders of rec. Nov.30
Extra
50e. Dec. 31 Holders of rec. Nov.26
Western Power Corp.. 7% pref. (guar.). 114 Jan. 15 Holders of rec. Dec. 316
West Ohio Gas Co., pref. A (guar.)._
1)4 Dec. 1 Holders of rec. Nov. 15
West Penn Rye., 6% pref. (quar.)
114 Dec. 15 Holders of rec. Nov.24
Wisconsin Power & Light. pref.(gnar.)
O114 Dec. 15 *Holders of rec. Nov,30
Wisconsin Pub.Serv.Corp.,7% PI.(qu.) 114 Dec. 20 Holders of rec. Nov.30
114 Dec. 20 Holders of rec. Nov.30
614% Preferred (guar.)
134 Dec. 20 Holders of rec. Nov.30
6% Preferred (quar.)
Banks.
Amer. Colonial Bk. of Porto Rico (1u.)_
Port Morris
Trust Companies.
Farmers Loan & Trust (extra)
Fire Insurance.
Commonwealth (stock dividend)
Globe & Rutgers Fire (In stock)
Importers & Exporters (guar.)
North River (guar.)
2
3
Dec. 1 Holders of rec. Nov. 18
Dee. I Holders of rec. Nov.26
s4
net. 1 *Holders of rec. Nov. 19
*e100
*e100 Subject to stkhldrs meet'g Nov.12
111
Dec. 1 *Holders of rec. Nov. 19
sit
Dec. 15 *Holders of res. Dee. 9
Miscellaneous.
Adams Express,common (quar.)
*134 clDei3.31 Holders of rec. Dec. 150
Preferred (quar.)
O134 dDec 31 Holders of rec. Dec. 150
Alabama Cash Credit Corp., corn,(go.).
9e Nov.24 Holders of rec. Nov. 12
Preferred (guar.)
15e Nov.24 Holders of rec. Nov. 12
preferred (extra)
9e Nov.24 Holders of rec. Nov. 12
Aldred Investment Trust corn.(No. 1)..
50e Dee. 1 Holders of rec. Nov. 15
Alliance Realty, pref. (guar.)
14 Dec. 1 Holders of rec. Nev.24
Aluminum Manufactures, corn.(quar.)
50(3 Bee. 31 Holders of rec. Dee. 15
Preferred (guar.)
154 Dec. 81 Holders of rem. Dec. 15(11
American Aggregates CorP.,130m.(No.1) .
75c Dec. I *Holders of rec. Nov.SO
Amer. Brit. dr Cont. Corp., 1st pf.(411.). 81.50 Dec. 1 Holders of rec. Nov. 15
Amer. Capital Corp.. ere:. (gu.)
1.374 Dec. 1 *Holders of rec. Nov.15
Amer. Chain, Inc., pref. (guar.)
134 Dec. 31 Holders of rec. Dec. 21a
Amer. Chatillon Corp.. Pf.(qu.)
'$1.75 Febl'29 *Holders of rec. Jan. 20
Preferred (guar.)
31.75 May119 'Holders of rec. Apr. 20
.
American Chicle, new corn.(qu.)(No.1)
50e. Jan. 1 Holders of reo. Dec. 12a
Prior pref. (guar.)
114 Jan. 1 Holders of rec. Dec. 12
American ColortyPe. corn.(qum.)
50c. Dec. 31 *Holders of rec. Deo. 12
.
0114 Dee, 31 *Holders of rec. Dec. 12
Preferred (num.)
American Hardware Corp.
Quarterly
Jan 1'29 Holders of rec. Dec. 150
$1
Amer. Home Products (monthly)
25e. Dec.
Holders of rec. Nov. 14a
Amer. Laundry Mach. corn.(gust.)-*51 Dee.
Amer Linseed. pref.(guar.)
134 Jan2'29 Holders of rec. Dec. 210
Amer Mach.& Foundry,tom.(extra).. $1.50 Dec.
Holders of rec. Nov. 22a
Dec. 3 Holders of rec. Dec. 154
American Manufacturing, corn.(guar.). 1
11f Dec. 3 Holders of roe. Dee. 15o
Preferred (guar.)
American Metal. common (guar.)
750. Dec.
Holders of rec. Nov.20o
114 Dec.
Holders of rec. Nov.20s
Preferred (guar.)
Amer. Multigraph, corn. (guar.)
50c. Dec.
Holders of rec. Nov. 15
40c. Dec.
Common (extra)
Holders of rec. Nov. 15
American Radiator. common (guar.)... 51.25 Dec. 3 Holders of rec. Dec. Ho
American Hallway Express (guar.)
$1.50 Dee. 3 Holders of rec. Dec. 15a
*50c. Jan. 15 *Holders of rec. Dec. 31
Amer. Rolling Mill. corn.(guar-)
114 Dec. 1 Holders of rec. Nov. 2a
Amer. Smelting & Refining pref.(MO-50c. Jan. 1 Doe. 16 to Jan. 1
American Stores Co.(guar.)
50c. Dec. 1 Nov. 16 to Dec. 2
Extra
lll
Jan. 2 Holders of rec. Dec. 5o
Amer. Sugar Refg., Prof.(guar.)
,
Amer. Sumatra Tobacco. Prof •(guar.
,
- 134 Dec. 1 Holders of res. Nov. 15
$2
Amer. Tobacco. corn & corn. B (guar.)
Dec. 1 Holders of rec. Nov. 10a
American Wholesale Corp.. pref.(guar.) 134 Jan 229 Called for red. Jan.2'29
Anchor Post Fence, common (gust.).... *750. Dec. 15 *Holders of rec. Dee. 1
Andes Copper Mining (special)
750. Dec. 17 Holders of rec. Nov. 156
Artloom Corp.. corn. (guar./
75c. Jan 1'29 Holders ol res. Dec. 21s
Preferred (guar.)
134 Dee. 1 Holders of rec. Nov. 180
2922
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Incltutve.
Miscellaneous (Cont(nued).
20
Aimee. Apparel Indus., corn.(mthly.)* 33 1-3e Dec. 1 *Holders of rec. Nov. 21
• 33 1-3e Jan 229 *Holders of rec. Dec.
Common (monthly)
10a
Associated Dry Goods 1st pref.(quar.).. 14 Dec. 1 Holders of tee. Nov. 10a
134 Dec. 1 Holders of rec. Nov.
2d preferred (guar.)
50c. Dec. 31 Holders of ree. Dec. 10a
Associated Oil guar.)
Atlantic Coast Fisheries (stock div.). _ e200 Dee. 1
75c. Dec. 31 Holders of roe. Dee. Ila
AU. Gulf dz W. I. S.S. Lines pref. (qu.). •134
Dec. 15
Atlantic Macaroni
250. Dec. 15 Holders of rec. Nov. 2Ia
Atlantic Refining, new common
*50e. Dec. 1 *Holders of rec. Nov. 16
Atlas Portland Cement (guar.)
51
Dec. 10 Holders of rec Nov. 30a
Atlas Powder, common (guar.)
•434c Dec. 1 *Holders of rec. Nov. 19
Atlas Stores (guar.)
14 Jan 129 Holders of rec. Dec. 20a
Babcock & Wilcox Co.(guar.)
14 A prl'29 Hold of rec. Mar. 20'29a
Quarterly
4c. Nov. 24 Holders of roc. Nov. 12
Badger State Cash Cred.Corp.com.(qu.)
20e. Nov. 24 Holders of rec. Nov. 12
Preferred (guar.)
4c. Nov. 24 Holders of rec. Nov. 12
Preferred (extra)
•50c. Dec. 1 *Holders of rec. Nov. 20
Balaban & Katz, corn.(monthly)
*50c. Jan. 1 *Holders of rec. Dec. 20
Common (monthly)
.
4
•111
Jan 129 *Holders of rec. Dec. 20
Preferred (guar.)
334 Jan. 1 Holders of rec. Dec. in
Baldwin Locomotive Wks.,com.dr pfd_
Bamberger (L.) & Co.
14 Dec. I Holders of rec. Nov. 10e
Preferred (quar.)
Jan. 2 *IIolders of rec. Dec. 15
521
Bancitaly Corp.(guar.)
Jan. 1 *Holders of rec. Nov. 1
(5)
Stock dividend
$4 Jan. 15 Holders of rec. Dec. 31
Bankers Capital Corp., corn
$17 Jan. 15 Holders of rec. Dec. 31
Common dz preferred (extra)
Jan15'29 Holders of rec Dec. 31
52
Preferred (guar.)
10
Bankers Invest. Trust of Amer., com.__ .25c. Dec. 31 *Holders of rec. Dec. 20
Dec. 31 *Holders of rec. Dec.
*15c.
shares
(guar.)
Debenture
15a
Dec.
rec.
of
Holders
1
50e. Jan.
Barker Bros. Corp.. cons. (guar.)
134 Jan. 1 Holders of rec. Dec. 15a
Cony.64% Pref. (guar.)
15
Nov.
rec.
of
*Holders
1
Dec.
*624c
(guar.)
coin.
Bastian Blessing Co.,
Bawlf (N.) Grain Co., Ltd., pref. (Mi.). 14 Dec. 1 Holders of rec. Nov. 15
25e. Dec. 1 Hriders of rec. Nov. 15
Beacon Participations, partic. pref.(qu.)
60c. Dec. 10 IIolders of rec. Nov. 240
Beech-Nut Packing, corn (extra)
14 Dec. 15 Holders of rec. Nov.30
Belding-Corticelli, Ltd., pref. (quar.)_ _ _
•20c. Dec. I *Holders of rec. Nov. 20
Belle Isle Creamery (extra)
75c. Dec. 15 Holders of rec. Nov.d23a
Best & Co., common (guar.)
14 Jan. 2 Holders of tee. Dec. la
Bethlehem Steel, pref. (guar.)
Dec. 31 Dec. 26 to Dec. 30
14
(quar.)_
Bloch Brothers Tobacco, pref.
14 Jan. 2 Holders of rec. Dec. 15
Blumenthal (Sidney) & Co., pref
Dec. I Holders of rec. Nov. 15a
$1.50
(guar.)
common
Borden Co.
Dec. 1
Boston Woven Rose & Rith..com.(ext.) $1 ,Dec. 15 Holders of rec.
*500. Dec. 1 *Holders of rec. Nov. 17
Brach (E. J.) & Bons (guar.)
Nov. 20
rec.
f
c
*Holders
•1%
'Dee
1
Brill Corp., pref.(guar.)
Dec. 31 Holders of rec. Dec. 21
$1
Bristol-Myers Co.(guar.)
Nov. 15
rec.
of
Dec.
*Holders
1
*40c.
y)
(hi-monthl
A
Investors
Type
British
Nov. 20
Brown (John W.) Mfg.. corn. (quar.)_.. *25e. Dec. 1 *Holders of rec.
1234c Dec. 1 *Holders of rec. Nov. 20
Common (extra)
62Sic.iDec. 1 Holders of rec. Nov. 20a
Brown Shoe,common (guar.)
Dec. 15 Holders of rec. Nov. 16
51
Buckeye Pipe Line (guar.)
250. Jan 229 Holoers of rec. Dec. 8a
Bucyrus-Erie Co., common (guar.)
c
4
2'29 Holders of rec. Dec. 8a
62
Jan
(guar.)
Convertible preferred
14 Jan. 2 Holders of rec. Dec. 8a
7% pref. (guar.)
10 Holders of rec. Nov.28
750.
Dec.
Machine
(guar.)
Adding
Burrough
.400. Dec. 1 *Holders of tee. Nov. 14
Byron-Jackson Pumps (guar.)
Dec. 15 Holders of rec. Nov. 300
$1
California Packing Corp.(guar.)
25c. Jan. 1 Holders of rec. Nov. 23a
California Petroleum (quar.)
Dec. 15 Holders of rec. Nov. 30a
Caltunet & Heels COOS. Copper Co.(gu.) 31
Campbell. Wyant & Cannon Fdy (au.). •50c. Dec. 1 *Holders of rec. Nov. 15
*e50
Dec. 1 *Holders of rec. Nov. 15
Stock dividend
Canadian Fairbanks-Morse, LUI.,pf.(gu) 514 Dec. 15 Holders of rec. Nov. 30
2
Dec. 31 Holders of tee. Dec. 20
Canfield 011. common (guar.)
14 Dec. 31 Holders of rec. Dec. 20
Preferred (guar.)
Holders of rec. Nov. 10
(r)
Carib Syndicate (stock dividend)
Cast Iron Plea Co.. new (qu.)(No. 1)_. *500. Dec. 15 *Holders of tee. Dee. 1
*550. Nov. 25 *Holders of rec. Nov. 15
Caterpillar Tractor(quar.)
•20e. Nov. 25 *Holders of rec. Nov. 15
Extra
51.75 Dec. 1 Holders of rec. Nov. 10
Celluloid Co., partio. let pref.(quar.)__
$1.75 Dec. 1 Holders of rec. Nov. 10
$7 preferred (guar.)
*75c. Jan. 2 *Holders of rec. Dec. 15
(guar.)
corn.
Co.,
Celotex
*14 Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
Central Investors Corp., Cl. A (guar.).- •37)4c Jan 2'29 vHolders of rec. May 10
201
Century Ribbon Mills, pref.(quar.)...- 14 Dec. 1 Holders of rec. Nov.24
*3140 Jan. 15 *Holders of rem Dee.
Chapman Ice Cream (guar.)(No. 1)
'29
1
Feb.
rec.
of
Hold.
Fb15'29
25c.
(qu.)
B
&
A
Corp..
Exch.
Chelsea
25c. My15'29 Hold. of rec. May 1214
Class A & B (guar.)
Dec. 28 Holders of rec. Dec. 100
$I
Ciresebrough Mfg. Correa (guar.)
Dec. 28 Holders of rec. Dec. 100
$1.60
Extra
250. Dee. 1 Holders of too. Nov. 204
Chicago Yellow Cab Co.(monthly)...750. Jan 1'29 Holders of rec. Dec. 10o
Chickasha Cotton 011 (guar.)
The. A pr129 Holders of ree.Mar 9'29a
Quarterly
The. Jul 1'29 Holdersof rec.June10'29s
Quarterly
Dec. 10 Holders of rec. Nov. 23a
80c.
(guar.)
common
Childs Co.,
14 Dec. 10 Holders of tee. Nov. 23a
Preferred (guar.)
The. Dec. 29 Holders of rec. Dec. 5a
Chile Copper Co.(guar.)
Jan 229 Holders of res. Dec. 17.
2
Chrysler Corp.. pref. (guar.)
34 Dec. I Holders of rec. Nov. 15
Cities Service, common (monthly)
Dec. 1 Holders of tee. Nov. 15
common
fA
stock).In
(payable
Common
34 Dec. 1 Holders of rec. Nov. 15
Preferred and pref. BB (monthly).50. Deo. 1 Holders of rec. Nov. 15
Preferred B (monthly)
City Ice & Fuel (Cleve.), corn.(guar.).- *75e. Nov. 30 *Holders of rec. Nov. 10
*2 1.624 Dec. 1 *Holders of rec. Nov. 10
Preferred (guar.)
Claremont Investment, corn. (guar.)... •18c.
*32c
Preferred (guar.)
*650. Dec. 1 *Holders of rec. Nov. 23
Clark Lighter, class A (guar.)
50c. Dec. 1 IlcIders of rec. Nov. 15
(guar.)
common
Stone,
Cleveland
25e. Dec. 1 Holders of tee. Nov. 15
Common (extra)
•550. Mar. 1 *Holders of rec. Feb. 15
Common (quar.)
•50c.
June 1 *Holders of rec. May 15
Common (guar.)
*50c. Sept. 1 *Holders of rec. Aug 15
Common (guar.)
Jan. 2 Holders of rec. Dee. 12a
51.50
(guar.)
corn.
Co.,
Cola
Coca
6240. Ja. 2'29 Holders of rec. Dee. 15
Cohn-Hall-Marx,com.(guar.)
62340. Ap.1'29 Holders of tee. Mar. 150
Common (guar.)
624e. Jul 1'29 Holders of rem June 16
Common (guar.)
134 Dec. 1 Holders of rec. Nov. 18a
Collins & Allman Corp., Pref. (guar.).Nov. 2(3 Holders of rec. Nev. 12a
2
Colorado Fuel & Iron, pref. (quar.)..._
Jan. 1 Holders of rec. Dec. So
Commercial Invest. Trust, corn.(qu.)- $1
Jan. 1 Holders of rec. Dec. 5a
Common (payable In common stock)-- fi
Jan. 1 Holders of rec. Dee. for
634% prof.(guar.)
14 Jan. 1 Holders of rec. Dec. 5a
7% first preferred (guar.)
Consolidated Cigar Corp.,7% pref.(qu.) 134 Dec. I Holders of rec. Nov. 21a
30e. Jan. dl Holders of rec. Dec. 10a
Container Corp.. class A (guar.)
150. Jan. dl Holders of rec. Dec. 10a
Class B (guar.)
•1
Jan. dl *Holders of rec. Dec. 10
Preferred (guar.)
134 Jan. I Holders of tee. Dec. 20a
Continental Can, preferred (guar.)
Continental Securities. pref. (guar.)._ _ $1.25 Dec. I Holders of rec. Nov. 15
*50c. Dec. 31 *Holders of rec. Dec. 17
Coty, Inc., new stock ((Mar.)
Dec. 31
e4
Crosley Radio (stock dividend)
25e. Jan 129 Holders of rec. Dec. 20n
(guar.)
Corp.
Radio
Crosby
• 8740. Dec. 1 *Holders of me. Nov 20
Crosse & Blackwell, Pref.(Guar.)
*31.25 Dec. 1 *Holders of rec. Nov. 13
Crown Zellerbach, pref. (guar.)
*51.50 Dec. 1 *Holders of rec. Nov. 13
6% convertible pref. (guar.)
Dec. 15 *Holders of rec. Nov. 30
*21
Cumberland Pipe Line
•50c Dec. 3 *Holders of rec. Nov. 20
Curtis Publishing (monthly)
*Holders of rec. Jan. 21
*fz 100 (z)
Corn. (payable in corn. div.)
•50o Dec. 10 *Holders of rec. Nov. 20
Common (extra)
_
Holders of rec. Nov. 15a
_
_
(guar.).
1
corn.
Dec.
Inc.,
Si
Cushman's Sons,
14 Dec. 1 Holders of rec. Nov. 150
Seven per cent preferred (quay.)
Holders of rec. Nov. 15a
1
Dec.
2
)
Preferred
cent
per
Eight
(guar.).
56c Dec. 15 Holders of rec. Nov. 30
David & Frere, Ltd.. common A
•314c Jan 1'29 *Holden, of tee Dec. 20
Davis Industries, class A (guar.)
*314 c Jan 1'29 *Holders of rec Dec. 20
Class 13 (guar.)
Dec. 22 Holders of rec. Dec. 8
1
Davis Mills (quar.)
(oil.)
*50c Dec. 15 *Holders of rec. Dec.
corn.
Inc.,
Cohn,
&
(Alfred)
Decker
•134
Dec. 1 *Holders of rec. Nov. 20
Preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
Deere & Co., corn. (guar.)
14
Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
Dec. 15 Holders of rec. Nov. 30a
2
Diamond Match (guar.)
10 Holders of rec. Nov. 26a
(k)
Dee.
Special
[VOL. 127.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books MAW
Days Inclusive.
Miscellaneous (Conlinued).
Dictaphone Corp., common (guar.).- -- .50c. Dee. 1 *Hciders of rec. Nov. 16
*50c. Dec. 1 *Holders of rec. Nov. 16
Common (extra)
Dec. 1 *Holders of tee. Nov. 18
*$2
Preferred (guar.)
Dominion Glass, corn, and pref. (guar.) *51.75 Jan. 2 *Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov. 150
El
Drug, Incorporated
Jan15'29 dolders of rec. Dee. 31a
SI
Dunhill International (guar.)
$1
Ap15'29 Holders of rec. Apr.1'29a
Quarterly
51.25
Jan.
2 Holders of rec. Nov. 30a
(guar.)
common
Kodak.
Eastman
75c. Jan. 2 Holders of rec. Nov. 30a
Common (extra)
14 Jan, 2 Holders of rec. Nov. 30a
Preferred (quar.)
50e. Dec. 1 Holders of rec. Oct. 31
Eastern Theatres (Toronto). com.(qu.).
Eastern 13th. Investing Corp.,$6 pf.(qu) 51.50 Dec. 1 Holders of rec. Oct. 31
$1.75 Dec. 1 Holders of rec. Oct. 31
$7 preferred (guar.)
$1.25 Jan. 2 Holders of rec. Nov. 30
$5 pr. pf (guar.)
$1.50 Feb. 1 Holders of rec. Dec. 31
Participating preference (guar.)
50c. Dec. 1 Holders of rec. Nov. 20
(quar.)
common
Corp.,
Electrographic
1% Dec. 1 Holders of rec. Nov. 20
Preferred (quar.)
623.4c Nov. 30 Holders of rec. Nov. 150
EltIncon Schild Co., corn.(quar.)
1% Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
Dec. 1 Nov. 16 to' Dec. 2
3
1140 Fifth Avenue, Inc., pref
h0c. Dec. 24 Holders of rec. Dec. la
Emporium Capwell Corp.(guar.)
Equitable Office Bldg., new com.(qu.) ' 50e. Jan. 2 Holders of rec. Dec. 15a
14 Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 8
3
Essex Company
Dec. 1 Holders of rec. Nov. 8
3
Extra
75e. Dec. 31 Holders of rec. Dee. 120
Fairbanks Morse & Co., corn.(quar.)._ _
14 Dec. 1 Holders of rec. Nov. 120
Preferred (guar.)
20c. Dec. 1 Holders of rec. Nov. 21a
Fair (The), common (monthly)
20c. Jan. 2 Holders of rec. Dec. 21a
Common (monthly)
20c. Feb 1'29 Hold. or tee. Jan.21'290
Common (monthly)
134 Feb 129 Hold.of rec. JELLI.21'29a
Preferred (guar.)
25c. Jan 1'29
Fanny Farmer Candy Shops, corn. (q11.)
50e. Nov. 30 Holders of rec. Nov. 300
Fashion Park, Inc., corn (par)
14 Dec. 15 Holders of reo. Nov. 23a
Federal Mining & Smelting, pref.(qu.)
374c. Nov. 30 Holders of rec. Nov. 15
Federated Capital Corp., corn. (qu.)
374c. Nov. 30 Holders of rec. Nov. 15
Preferred (guar.)
*$1.50 Fb15'29 *Herders of ree.Jan 3129
Fidelity Industrial Bank (guar.)
.50c. Fb 15'29 *Holders of rec.Jan.31'29
Extra
Dec. 1 Nov. 16 to Dec. 2
3
15 Park Ave., Inc., preferred
Fifth Avenue Bus Securities (quar.).... *16c. Dec. 29 *Boldest of rec. Dec. 24
4
Dec. 1 Holders of rec. Nov. 15
Finance Service (Balt.). corn
14 Dec. 1 Holders of rec. Nov. 15
Preferred (quar.)
Jan. 1
*2
First Nat. Pictures, 1st pref. (auar.)_
•14 Jan. 1
Second preferred A (guar.)
12)40. Dec. 1 Holders of rem Oct. 31
First Trust Bank,Inc.(qu.)
54c. Dec. 1 Holders of rem Oct. 31
Extra
Fitzsimmons& Connell Dredge& Dock•50c. Dee, 1 *Holders of rem Nov. 20
Common (quar.)
Flintkote Co.corn. A (stock dividend).. 1100 Nov. 24 Holders of rec. Nov. 17
50c. Dec. 15 Holders of rec. Dec. 1
Follansbee Brothers, com.(guar.)
25e. Dec. 15 Holders of rec. Dec. I
Common (extra)
14
Dec. 15 Holders of rec. Dec. 1
Preferred (guar.)
34 Dec. I Holders of rec. Nov. 20
Folmer Granex Corp., pref
23e. Jan 1'29 Holders of rec. Dee. 15.
Formica Insulation (guar.)
100. Jan 1'29 Holders of rec. Dee. 15a
Extra
Fuller(George A.) Co.$1.50 Jan. 1 Holders of rec. Dee. 10
Partic. prior pref. (guar.)
51.50 Jae. 1 Holders of lee. Dec. 10a
Participating preference (guar.)
14 Dec. 1 Holders of rec. Nov. Ha
General Asphalt, pref. (guar.)
Dec. 1 Holders of rec. Nov. 10a
SI
(quar.)....
A
class
Cable
Corp.,
General
14 Dec. 1 Holders of rec. Nov. 22.
General Cigar, Inc., pref.(guar.)
75c Jan. 1 Holders of tee. Nov.d17a
General Ice Cream Corp., corn.(qu.)_
Jan. 1 Holders cf rec. Nov.d17a
31
Common (extra)
134 Dec. 1 Holders of rec. Nov. 19
Preferred (guar.)
$1.25 Dec. 12 Holders of rec. Nov. 174
General Motors, com. (qear.)
$2.50 Jan. 4 Holders of rec. Nov. 170
Common (extra)
134 Feb. I Holders of tee. Jan. 7a
6% Preferred (quar.)
14 Feb. 1 Holders of rec. Jan. Ta
7% preferred (guar.)
134 Feb. 1 Holders of tee. Jan. 7a
6% debenture stock (guar.)
80e Nov. 24 Holders of rec. Nov. 12
Georgia Cash Credit CorP.,1st prf (guar.)
81.25 Dec. 1 Holders of rec. Nov. la
Gillette Safety Reser (guar.)
Dec. 1 Holders of rec. Nov. la
5
Stock dividend
25r Dec. 1 Nov. 21 to Nov.30
Gladdlng, MeBean k Co.. monthly
Goldberg (8. M.)Stores.Inc..57 pf.(qu.) *51.75 Dec. 15 *Holders of reo. Dec. 1
Golden State Milk Products (quar.)__ _ _ •50c Dec. 1 *Holders of rec. Nov. 17
Dec. 1 Holders of roe. Nov. 9.
51
Goodrich (B. F.) Co., corn.(quar.)
14 Jan, 2 Holders of rec. Dec. 10.
Preferred (auar.)
14 Dec. 1 Holders of tee. Nov. 15
Gorham Mfg.. 1st pref. (quar.)
°award (H. W.) Co., com.(monthly)... 33 1-3c Dee. 1 Holders of rec. Nov.206
33 1-3c Jan l'2P Holders of rec. Dec. 20
Common (monthly)
Gramophone Co•w45 Nov. 21 *Holders of rec. Oct. 27
Amer dep. refs, for ord. shs.
75e. Dec. 1 Holders of rec. Nov. 15.
Grand Union Co., preference (guar.).--Dec. 1 *Holders of rec. Nov. 12
531
com.
(quar.)..
Tea,
Pacific
Great Atl. &
*134 Dec. 1 *Holders of rec. Nov. 12
Preferred (guar.)
Dee, 28 Holders of rec. Dec. ea
$2
Great Northern Iron Ore Prop
(qu.) 14 Jan. 2 Holders of rec. Dee. 15
Greenfield Tap & Die Corp..6% Pf.
Jan. 2 Holders of tee. Dec. 15
2
8% pref. (quite.)
60c. Dec. 1 Holders of rec. Nov.200
Omen Watch, common (guar.)
60c. Marl'29 Holders of rec.Feb.19'294
Common (guar.)
134 Febl'29 Hold. of rem Jan. 19'29a
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15.
2
(quar.)
Guantanamo Sugar, pref.
Jan. 2 Holders of rem Dee. 154
$I
Gulf States Steel, corn.(guar.)
14 Jan. 2 Holders of rec. Dec. 15a
First preferred (guar.)
•60c. Dec. 1 *Holders of rec. Nov. 15
Hale Bros. Stores (guar.)
34 Dec. 31 Holders of rec. Nov. 30
Hamilton United Theatres, pref
14 Dec. I Holders of reo. Nov. 10.
pref.
(guar.)
Hamilton Watch,
150. DO. 1 Holders of roe. Nov. 20
Hanes(P. H.) Knitting COWL dc corn. B
14 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Harbison-Walker Refractories50c. Dec. 1 Holders of rec. Nov. 20.
New common (quar.)(No. 1)
1% Jan, 21 Holders of roe. Jan. 10.
Preferred (guar.)
50c. Dec. 1 Fielders of reo. Nov. 19a
Hartman Corp., class A (guar.)
30c. Dec. 1 Holders of rec. Nov. 19a
Class B (guar.)
.52 Nov. 30 *Holders of rec. Nov. 15
Hart Schaffner. Marx,Inc.(guar.)
75c. Dec. 1 Holders of rec. Nov. 15
Hathaway Bakeries, Inc.. class A (qu.).
134 Dee, 1 Holders of rec. Nov. 15
Preferred (guar.)
•45e. Nov. 30 *Holders of rec. Nov. 15
Hawaiian Pineapple (guar.)
.25c. Nov. 24 *)tolders of tee. Nov. 5
Hazeltine Corp.(amar.)
•150. Dec. 14 *Holders of rec. Nov. 15
Hecht Mining (guar.)
35e. Nov. 30 Holders of rem Nov. 23
Hibbard, Spencer Bartlett & Co.(mthly)
35e. Dec. 28 Holders of rem Dee. 21
Monthly
2
Dec. 1 Nov. 21 to Dec. 2
Higbee Company,2d pref. (guar.)
50c. Dec. 1 Holders of ree. Nov. 15
Hires (Charles E.) Co., corn. A (guar.)._
*50e. Dec. I *Holders of roe. Nov. 20
Hobart Mfg. (guar.)
0824c Jan, 1 *Flolders of rem Dec. 15
Holland Furnace,common (guar.)
25e. Jan. 1 Holders of rec. Dec. 15.
Common (extra)
334 Jan. 1 Holders of rec. Dee. 156
Preferred
5e. Dec. 1 Holders of rec. Nov. 14
Hollinger Consol. Gold Mines(mthly.)50c. Dec. 1 Holders of rec. Nov. 15
Homestake Mining (monthly)
Horn & Harden Co.(N. Y.), pref.(qu.) *14 Dec. 1 *Holders of tee. Nov.12
87%c Dec. 1 Holders of rec. Nov. 15,
Household Products (quar.)
Houston Gulf Gas, pref. A & B (quar.)_ .51.75 Dec. 1 *Holders of rec. Nov. 20
10c. Nov. 24 Holders of rec. Nov. 12
Illinois Cash Credit Corp.. eon].(guar.).
20 c. Nov.24 Holders of roe. Nov. 12
Corn. (1-100th share pref. stock)
(.
Holders of rec. Nov. 12
Preferred (guar.)
12
Preferred (1-100th share pref. stock).. (1) Nov. 24 Holders of rec. Nov.
of rec. Nov. 12
.1101(ler8
.510 Dec. 15
Illinois Pipe Line
25c. Dec. 1 Holders of rec. Nov. 15
Imperial Oil. Ltd., registered stock (au.)
1234c Dec. 1 Holders of rec. Nov. 15
Registered stock (extra)
250. Dec. 1 Holders of coup. Nov.16
Coupon stock (quar.)
1234c Dec. 1 Holders of coup. Nov.16
Coupon stock (extra)
14 Dec. 1 Holders of rec. Nov. 20
Indiana Limestone Co., pref. (guar.)._ _
7i5e. Dee. 1 Holders of rec. Nov. 12
Ingersoll-Rand Co., common (guar.)-- Dec. 1 Holders of rec. Nov. 12
St
Common (extra)
Dec. 1 Holders of rec. Nov. 15a
624c
1
Inland Steel, common (guar.)
Dec. 1 Holders of rec. Nov. 154
Int. Agricultural Corp.. prior pf. (guar.)
21.50 Dec. 1 Holders of rec. Nov. 22
Internarl Cigar Mach'y (extra)
•25c. Jan 1'29
Int. Cont. Invest. Corp.corn.(qu.)
*25c. Aprl'29
Common (guar./
.25e. Jly 129
Common (guar.)
Nov. 24 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
500. Nov. 30 Holders of rec. Nov. 190
Internat. Combustion Engine, corn.(ou.)
1 h Dec. 1 Holders of rec. Nov. fa
International Harvester, pref. ((mar)__
(bearer)
coupon
Ltd.,
Petroleum.
Inter.
280. Nov. 30 Holders of coup. No. 18
Stock
Nov. 30 Nov. 24 to Nov. 30
Registered stock
60c. Dec. 1 Holders of rec. Nov. 140
jnternat.Safety Rater,class A (quar.)
710 Dec. 1 Holders of rec. Nov. 14a
Class B
55c Dec. 1 Holders of rec. Nov. 15
Internat. Securities Corp., corn. A (qu.)
124c Dec. 1 Holders of rec. Nov. 15
Common B (quar.)
154 Dec. 1 Holders of rec. Nov. 15
7% preferred (guar.)
154 Dec. 1 Holders of rec. Nov. 15
84% preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 15
0% preferred (guar.)
50c Dec. 1 Holders of rec. Nov. 15a
International Shoe. pref. (monthly) _ _ _
14 Dec. 1 Holders of rec. Nov. 15a
International Silver, common (guar.)
$1
Pn15'29 Holders of rec. Jan.5'29a
Interstate Iron & Steel, corn.(quar.)
*144 Dec. 1 *Holders of rec. Nov. 20
Preferred (quar.)
62i4c Dec. 1 Holders of rec. Nov. 16
Jaeger Machine (quar.)
Jan. 16 Holders of rec. Jan. 2a
$1
Jewel Tea, common (guar.)
$1
Dec. 15 Holders of rec. Nov. Ma
Common (extra)
134 Jan. 1 Holders of rec. Dec. 13a
Preferred (guar.)
50c Dec. 1 Holders of rec. Nov. 15
Johnson-StePhens-Shinkle Shoe (guar.).
'134 Dee. 1 *Holders of rec. Nov. 13
Jones & Laughlin Steel, corn. resae.)_
51
Dec. 1 'Holders of rec. Nov. 13
Common 'extra)
*134 Jan. 2 *Ho dem of rec. Dec. 13
Preferred (quar.)
'1234cJan 1/9 *Holders of rec. Dec. 20
Mayne° Co. (extra)
'1234cAprl'29 'Holders of rec. Mar. 20
Common (extra)
•123.tc July1'29 'Holders of rec. June 20
Common (extra)
2
Dec. 1 Holders of rec. Nov. 20a
Kinney(G.R.) Co., pref.(mar.)
154 Dec. 10 Holders of tee. Nov. 30
Kirby Lumber, common (quar.)
30c. Dec. 31 Holders of rec. Dec. Ila
Kresge (5.8.) Co., corn.(guar.)
144 Deo, 31 Holders of rec. Dec. ha
Preferred (guar.)
25e. Dec. 1 Holders of rec. Nov. 10a
Kroger Grocery & Baking, COM.(final%)$1
Jan. dl Holders of rec. Dec. 24a
Yuppenheimer (B.) & Co., corn
134 Dec. 1 Holders of rec. Nov.23a
Preferred (guar.)
80c. Dec. 1 Holders of rec. Nov. 17
Lake of the Woods Milling, corn.(quar.)
154 Dec. 1 Holders of rec. Nov. 17
Preferred (guar.)
75e. Dee. 31 Holders of rec. Dec. 220
Landers. Frary & Clark (guar.)
134 Nov.30 Holders of rec. Nov. 20a
Lanston Monotype Machine (quar.)___
Nov. 30 Holders of rec. Oct. 31a
$1
Lehigh Coal & Nay. (Quar.)
Lehigh Portland Cement. corn.(quar.)_ 62440 Feb. 1 Holders of rec. Jan. 14a
% Jan. 1 Holders of rec. Dec. 14a
Preferred (guar.)
75c Dec. 1 Holders of rec. Nov. 15a
Lehn & Fink Products (guar.)
Libby Owens Sheet Glass, corn. (guar.). *500. Dec. 1 'Holders of rec. Nov. 21
'134 Dec. 1 *Holders of rec. Nov. 21
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 15a
Liggett & Myers Tob.,com.& corn.B(qu.) $1.
25e Dec. 1 Holders of rec. Nov. 15
Lindsay (C. W.)& Co., Ltd., corn.(qu.)
*500 Dec. 1 *Holders of rec. Nov. 17
Loblaw Groceterlas, Ltd.(quar.)
5
Dec. 10 Holders of rec. Nov. 17a
Lord & Taylor,common (extra)
144 Dec. I Holders of rec. Nov. 17a
let preferred ((Har.)
$2.50 Dee. 1 Holders of rec. Nov. 10
Ludlow Mfg. Associates (quar.)
75e Dec. 1 Holders Of rec. Nov. 20
Lyall(P.) & Sons ,quar.)
McCrory Stores Corp.500 Den. 1 Ilolders of rec. Nov.20a
Common and common B (quar.)
25c Dec. 1 Hodlers of rec. Nov. la
McIntyre Porcupine Mines(quar.)
McKesson & Robbins, Inc.Preference series A (quar.)
134 Dec. 15 Holders of rec. Dec. 1
500 Feb. 15 Holders of rec. Jan. 25a
Macy (R.II.) & Co.(quar.)
15
Feb. 15 Holders of rec. Jan. 25a
Stock dividend
MallInson (II. R.) & Co.. Inc.. rd.(gu.) 134 Jan2'29 Holden" of rec. Dec. 204
50e Dec. 1 Holders of rec. Nov. 16a
Manhattan Shirt, common (guar.)
Dec. I Holders of rec. Nov. 15
Marmon Motor Car, common (guar.) _ _ $1
$1 Dec. 1 Holders of rec. Nov. 15a
May Department Stores ((mar.)
Dec. 3 Holders of rec. Nov. 22
$1
May Hosiery Mills, Pref.(guar.)
134 Dec. 1 Holders of rec. Nov. 15
Mengel Co., pref.(guar.)
61 .Ian 2'29 Holders of rec. Dec. 17
Merck Corp.. preferred (guar.)
Merrimack Mfg., corn. ((Har.)
Dec. 1 Holders of rec. Oct. 29
$3
4734c Dec. 15 Holders of rec. Nov. 30a
Metro-Goldwyn Pictures, pref.(quar.)
MetroPolitan Paving Brick, corn.(qua_
50c Dec. 1 Holders of rec. Nov. lb
Common (extra)
$1
Dec. 22 Holders of rec. Dee. 7
134 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Mid-Continent Petroleum, pref.(guar.). 134 Dec. 1 Holders of rec. Nov. 150
75c Jan. 1 Holders of rec. Dec. 15
Midvale Co.((Har.)
50e ',Jan. 2 Holders of rec. Dec. 15a
Miller (I.) Ai Sous,coin.((Har.)
I% Dec. 1 Holders of rec. Nov. 15
Preferred (quer.)
12340 Dec. 20 Holders of rec. Dec. 8
Mining Corp. of Canada
Mitchell (Rote.) Co, Prof. (guar.)
154 Dec. I Holders of rec. Nov. 15
Mohawk Mining (guar.)
$3
Dec. 1 Holders of rec. Oct. 31
Mohawk Rubber. corn. (In corn. stook)_ '1300 Subj. to sticholders meeting Nov.15
144 Dec. 15 Holders of rec. Nov.30
Montreal Cotton, Ltd., corn. (quar.)
144 Dec. 15 Holders of rec. Nov.30
Preferred (guar.)
norrIs (Philip) az Co.. Ltd.. Inc.(gu.)
25o.Ja n. 18'29 Hold, of rec. Jan. 2 '290
mtuisingwear,Inc.(guar.)
750. Dec. 1 Holders of rec. Nov. 15a
25o. Dec. 1 Holders of rec. Nov.21
Murphy (D. C.) Co.((Par.)
2 "Holders of rec. Dee. 15
National BancservIce (No. 1)
•$1.25 Jan
National Bankitaly Co.(extra.)
*50c. Jan 119 *Holders of rec. Sept.15
1.44 Dec. 1 Holders of ree. Nov. 2Ia
National Hellas Hess, pref.(quar.)
51.50 Jan. 15 Holders of rec. Dec. 31a
National Biscuit, corn.(guar.).
Preferred (guar.)
134 Nov. 30 Holders of rec. Nov. 16a
75c, Jan. 2 Holders of rec. Dec. 5a
Nat. Dairy Products, corn.(guar.)
11
Jan 219 Holders of rec. Dec. 5a
Corn.(payable in corn.stk.)
•154 Jan
Preferred A & B (quar.)
2 "Holders of rec. Dec. 5
National Dept. Stores. 2d pref. (guar.) _ '134 Dec. 1 "Holders of rec. Nov. 15
$1.25 Dec. 31 Holders of rec. Dec. 140
National Lead, common (quard
144 Dee. 15 Holders of rec. Nov.80a
Class A, pref. (guar.)
144 Feb. 1 Holders of rec. Jan. 180
Class B preferred (guar.)
144 Jan. 2 Holders of rec. Dec. 8
National Sugar Refining (quar.)
1
Jan. 2 Holders of rec. Dec. 8
Extra
•30e. Jan. 1 *Holders of rec. Dec. 17
Newberry (J. J.) Co., corn.(guar.)
Preferred (quar.)
'134 Dec. 1 *Holders of rec. Nov. 15
2
Dee. 10 Holders of rec. Nov. 20
New Jersey Zino (extra)
*500. Dee. 28 'Holders of rec. Deo. 13
New York Transportation (guar.)
500. Dec. 15 Holders of roe. May 24
Nichols Copper, common
'134 Dec. 31 *Holders of rec. Dec. 21
Niles-Bernent-Pond Co. pref. (qu.)
$2 Jan. 2 Holders of rec. Dee. 7
Northern Pipe Line, new stk.(No. 1)
81 Jan. 2 Holders of rec. Doe. 7
Extra
500. Dee. 1 Holders of rec. Noe. 28
North Atlantic Oyster Farms A (qu.)._
lunar.)
011
Texas
150. Dec. 1 Hollers of rec. Nov. 10
Central
North
134 Dec. 1 Holders of rec. Nov. 22
Ogilvie Flour Mills, pref. (guar.)
*500. Dec. 15 *Holders of rec. Nov. 17
Ohio Oil ((Har.)
2
Jan. 2 Holders of rec. Dec. 140
Omnibus Corp.. prof. (guar.)
Dec. 18 Holders of rec. Nov. 30a
111
Otis Elevator, corn. (extra)
115 Feb. 15 Holders of rec. Jan, 18a
Corn.(payable in cont. stock)
25e. Nov.30 Holders of rec. Nov. 15,
Packard Motor Car Co.(monthly)
$1
Nov. 30 Holders of rec. Nov. 15a
Extra
505. Dec. 31 Holders of rec. Dec. 12a
Extra
250. Dec. 31 Holders of ree. Dee. 12a
Monthly
25e. Jan . 31 Holders of rec. Jan. I2a
Monthly
25c. Feb. 28 Holders of rec. Feb. 120
Monthly
*780 Jan. 2 *Holders of rec. Dec. 15
Paragon Refining, class A (guar.)
750. Dec. 29 Holders of rec. Dec. 7a
Paramount FamousLasky,new oom.(qu.)
750. Ja 1429 Holders of rec. Deo. 29a
Park & Tilford (quar.)
el
Ja 1429 Holders of rec. Dec. 296
Stock dividend (quar.)
780. Ap14'29 Hold,of roe. Mar.29'29a
Quarterly
Cl
Ap14'29 Hold, of rec.Mar. 29'29a
Stock dividend (quar.)
*874c Dee. 1 *Holders of ree. Nov. 20
Fender(D) Grocery, el. A (quar.)
Pennsylvania-Dixie Cement, Pf. (CM.)-- $1 75 Dec. 15 Holders of roe, ONov.30a
374c. Nov. 30 Holders of rec. Nov. 20,
Perfection Stove (monthly)
31340. Dec. 31 Holders of rec. Dec. 20.
Monthly
*280. Nov. 30 *Holders of lee. Nov.23
Petroleum, Ltd. (quar.)
(quar.)_
_
common
75c Dec. 1 Holders of rec. Nov. 20a
Corp.,
Phillips-Jones
134 Dec. 1 Holders of rec. Nov. 17a
Phoenix Hosiery. let & 2d pref. (qu.)...
*17 4c Nov. 25 'Holders of rec. Nov. 15
Pickwick Corp., pref.(qmar.)
40c Dec. 1 Holders of rec. Nov. 15a
Pillsbury Flour Mills, Inc., corn. (qu.)
154 Dec. 1 Holders of rec. Nov. 15a
Preferred (quar.)
_
_
(qu.)
Dec. 1 'Holders of rec. Nov. 15
&B
.750
corn.
A
Co.
Pines WInterfront
"ell) Dec. 1 'Holders of rec. Nov. 15
Pittsburgh Plate Class (stock dlv.)
'50c.
Dec. 31 *Holders of rec. Dee. 13
(guar.)
stoCk
New
I% Dec. 1 Holders of rec. Nov. 10s
Pittsburgh Steel Co.. pref.(quar.)
141 Dee. 1 Hol, era of rec. Nov. 15
Powdrell & Alexander Inc., pref. ((mar.)14 Dec. 15 Holders of rec. Nov. 30
Pro-phy-lac-tic Brush. pref. (quar.)
50c. Dec. 1 Holders of rec. Nov. 19
Propper Silk Hosiery Mills, Corn. (qu.)
Name of Company.
2923
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
Prudence Co., Inc., pref.(quar.)
14 3 an15'29 Holders of rec. Dee. 310
Pure Oil, common (quar.)
2.1c. Dec. 1 Holders of rec. Nov. 100
Purity Bakeries, corn.((Hat.)
780. Dec. 1 Holders of rec Nov. 150
Preferred (quar.)
14 Dec. 1 Holders of rec. Nov. 15
Quaker Oats, pref. (Quar.)
'134 Nov. 30 'Holders of rec. Nov. 1
Qulssett Mill. preferred
•3
Dec. 1 *Holders of rec. Nov. 21
Remington Typewriter, com. (quar.).._ $1 25 Jan. I Holders of rec. Dee. 80
Common (extra)
$5 Dec. 15 Holders of rec. Dec. Sc
First preferred (quar.)
154 Jan. 1 Holders of rec. Dec. 8a
Second preferred (quar.)
2
Jan. 1 Holders of rec. Dec. 86
Republic Iron & Steel, common (quar.)- SI Dee. 1 Holders of rec. Nov. 14a
Preferred ((mar.)
154 Jan. 2 Holders of rec. Dec. 14a
Reynolds Metals, pref. (mar.)
*21
Dec. 1 'Holders of rec. Nov. 21
Rima Steel Corp
(n) Holders of dividend warrants
Rolland Paper, Ltd.,6% N.(guar.).114 Dec. 1 Holders of rec. Nov. 15
Roxy Theatres, pref., A (qu.)
'8734e Dec. 1 'Holders of rec. Nov. 15
Ruddy (E. L.) Co., Ltd., pref. (quar.)- 114 Dec. 1 Holders of rec. Nov. 15
Safeway Stores, new corn.(qu.)(No. 1)_ ."750. Jas. 1 *Adders of rec. Dee. 20
7% pref.(quar.)
*134 Jan. 1 *Holders of rec. Des. M
6% pref.(quar.)
'134 Jan. 1 'Holders of rec. Dec. 20
St. Joseph Lead (guar.)
50e. Dec. 20 Dec. 9 to Dec. 20
Extra
25e. Dec. 20 Dec. 9 to Dee. 20
St. Reels Paper, common (quar.)
*75c. Jan. 1 'Holders of rec. Dec. 10
Preferred (guar.)
*144 Jan. 1 *Holders of rec. Dec. 10
Savage Arms, new common (quar.)
50c. Dec. 1 Holders of rec. Nov. 15a
First preferred (quar.)
•114 Jan. 2 'Holders of rec. Dec. 15
Second preferred (guar.)
*144 Feb. 15 *Holders of rec. Feb. 1
Schulte Retail Stores, corn. (quar.)
8734c Dec. 1 Holders of rec. Nov. 15a
Common (payable in corn, stock)
ug Dec. 1 Holders of rec. Nov. 15
Common (payable in corn, stock)
u4 Mar '29
Sears, Roebuck & CoQuarterly (payable in stook)
.91 Feb110 Raid, of rec. Jan.15'29a
Quarterly (payable in stock)
el
bfyl '29 Hold, of roe. Apr.13'200
Seeman Brothers. Inc., corn.(extra)
50c. 3-15-29 Hold, of rec. Mar. 1 '200
Segal Lock az Hardware, corn. (qu.)
280. Dec. 15 Holders of rec. Nov.30
Selby Shoe. pref. (guar.)
*144 Feb119 "II lidera of rec. Jan. 15'29
Preferred (cinar.)
"I4M ay 1 '29 'Holders of rec. Apr. 15'20
Selfridge Provincial StoresAmer. Deposit receipts
51034 Dec. 6 *Holders of rec. Nov. 15
A p.I'20 *Hold, of roe. Mar.2119
Sheffield Steel, common (in corn, stock). vfi
Common (payable In common stock) .f1
July1'29 *Hold. of rec. June 20'29
Common (payable In common stock)
*.fl
Oct 119 'Ibid. of rec. Sept. 20'29
Shell Transport & TradingAmerican shares (interim)
Jan.
Shell Union 011 (quar.)
*Ffse: ilec. 31 Holders of roc. Dec. 54
Shepard Stores, Inc., Cl. A (guar.)
75o Febl 2P Hold. of reo. Jan.20 29
Class A (oliar.)
780 May129 Hold. of rec. Apr.20 29
Sherwin-Williams Co., pref. ((mar.)
14 Dec. 1 Holders of rec. Nov. 15
Shippers' Car Line Corp., pref. (qu.)
$1.75 Nov. 30 Holders of rec. Nov. 16
Shubert Theatre Corp.(quar.)
$1 25 Dec. 15 Holders of rec. Dec. la
Simms Petroleum
40c. Dec. 15 Holders of rec. Nov.304
Simon (Franklin) Co., pref.(quar.)
134 Dec. 1 Holders of rec. Nov. 17a
Simon (H.)& Sons, Ltd., pref.(qu.)
154 Dec. 1 Holders of rec. Nov.20
Sixteen Park Ave., Inc., prof
3
Dec. I Nov. 10 to Dee. 12
Skelly Oil (guar.)
50c Deo. lf Holders of roe. Nov.154
Smith (Howard) Paper MillsPreferred (quer.)
1 4 Nov. 3r Holders of rec. Nov.20
Solar Refining
55
Dec. 20 'Holders of res. Nov.30
Southern Grocery Stores, corn. (guar.).- '1214' Nov. 31 'Holders of rec. Nov. 15
Class A friar.)
*62,4( Nov. an 'Holders of rec. Nov. 15
South Penn 011 (quar.)
50c Dee. 31 Holders of rec. Dec. 15
Extra
280 Dec. 31 Holders of rec. Dec. 15
Stock dividend
*e50 Subject stockholder week Jan. 15
South Porto Rico Sugar. tom. (311.)
50c Tan. 2 Holders of rec. Dec. 10a
Common (extra)
280. Jan. 2 Holders of rec. Dec. 10s
Preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 10
Southwestern Stores, Inc.. Df. A (Cu.).480. Dec. 1 Holders of rec. Nov. 15
Spalding (A. G.)& Bros. corn.,(quar.).. $1.50 tan. 15 Holden" of rec. Jan. 5
First preferred (guar.)
154 Dec. 1 Holders of rec. Nov. 17a
Second preferred (quar.)
2
Dec. 1 Holders of rec. Nov. 17
Spear & Co.. tat pref.(quar.)
144 Dec. 1 Holders of rec. Nov. 154
Specialized Shares Corp., corn.(MO 121.c. Dec. 1 Holders of rec. Nov.20
"B"
(guar.)
Preferred."A" az
780. Dec. 1 Holders of rec. Nov.20
Standar]. Not, Corp., new corn.(guar.)
"380. Jan. 2 'Holder of rec. Dec. 24
Standard Oil (Calif.) (quar.)
624c Dec. if, Holder's of rec. Nov. 15a
Extra
50c Dec. 15 Holders of rec. Nov. 15a
Standard Oil (Indiana)(quar.)
'6234r Dec. 15 'Holders of rec. Nov. 16
Extra
"280. Dec. If 'Holders of rec. Nov. 16
Standard Oil (Nebraska) (guar.)
620. Dee, 20 Nov. 27 to Dec. 20
Extra
50o. Dee. 20 Nov. 27 to Dec. 20
Standard 011(N. J.) $100 par stk.(qu.)- $1
Deo, 15 Holders of rec. Nov.26.
$100 par stock (extra)
50c. Dec. 15 Holders of rec. Nov.268
$25 par value stock (quar.)
250. Dec. 15 Holders of rec. Nov. 26.
$25 par value stock (extra)
1214c. Dec. 16 Holders of roe. Nov. 264
Standard Oilof N.Y.(guar.)
40c Dec. 15 Holders of rec. Nov. Mt
Standard Oil (Ohio), pref. (quar.)
154 Doe. 1 Holders of rec. Nov. II
Standard Sanitary Mfg., corn. (quar.)..
42c Nov. 25 Holders of rec. Nov. 54
Preferred ((Her.)
134 Nov. 26 Holders of rec. Nov. awr
Sterling Securities Corp" 534% Pf.(qu.)
114 Dec. 1 Holders of rec. Nov.20
Additional non-cum. div
4 Jan. 15 Holders of rec. Dec. 81
StLx, Baer & Fuller (guar.)
3734c Dec. 1 Holders of rec. Nov. 15
Stroock (S.) & Co.(quar.)
.75r Deo. 22 *Holders of rec. Dec 10
Studebaker Corp., corn.(guar.)
$1.25 Dee. 1 Holders of rec. Nov. 104
Preferred (guar.)
I% Dee. 1 Holders of rec. Nov. 104
Bun Oil Co., corn.(guar.)
25c Dec. 15 Holders of rec. Nov. 26.
Common (stock dividend)
(m) Dec. 15 Holders of rec. Nov.264
Preferred (quar.)
I 4 Dec. 1 Holders of rec. Nov. 104
Swan-Finch 011 Corp.. prof.(guar.).- *4334c nee. 1 Holders of rte. Nov. 10
Sylvestre Oil, pref. (guar.)
$2
Dec. 1 Holders of roc. Nov. 10
Tennessee Copper & Chem.(guar.).280. Dee. 15 Holders of rec. Nov.306
Texas Corporation (quar.)
780. Jan. 1 Holders of rec. Nov. 23.
Texas Gulf Sulphur (quar,)
Dec. 15 Holders of reo. Dec. la
$1
Thompson (John R.) Co.(monthly)....30c. Dec. I Holders of roe. Nov. 23.
Timken Detroit Axle. pref.(guar.)
154 Dec. 1 Nov. 21 to Nov.30
Tobacco Products Corp., corn.(guar.).- $2
Jan. 15 Holders of rec. Doe. 17
Truscon Steel. pref. (quar.)
•154 Doe, 1 'Holders of roe. Nov.20
Unaerwood Elliott Fisher Co.,corn.(qu.) $1
Dec. 31 Holders of rec. Dec. 12m
Preferred and pref. series B (quar.)-- 154 Dec. 31 Holders of rec. Dee. 12.
Union Guarantee Mtge., COM. (guar.).- $1.50 Jan 2'29 Holders of rec. Dec. 11
Cora. (extra(
$1 Jan2'29 Holders of roe. Dec. li
Union Mills, corn. (quar.)
"50c Dec. 1 'Holders of rec. Nov.20
Preferred (quar,)
'13.4 Dec. 1 'Holders of rec. Nov.29
Union Mortgage,corn.(guar.)
$2 Jan2'29 Holders of roe. Dec. 13
Common (extra)
2
Jan 2'29 Holders of roe. Dee. 16
8% Preferred(guar.)
13.4 Jan2'29 Holders of rect. Dee. 16
Union Tank Car (quar.)
$1.25 Dec.1 Holders of rec. Nov. 164
United Biscuit of Amer., corn, (quar.)
40c Dec. 1 Holders of rec. Nov. 171
United Biscuit, class A (quar.)
.$1
Dec I *Holders of rec. Nov. 10
United Electric Coal Coe., corn. (qu.)..The, Nov. 30 Holders of rec. Nov.23.
First preferred (guar.)
$2 Dee. 1 Holders of rec. Nov. 28
United Fruit ((llot.)
$1
Jan, 2 Holders of rec. Dec. 3.
United Milk Crate, class A Omar.)
.50c Dec. 1 *Holders of res. Nov. 16
United Paperboard, pref. (guar.)
$1.50 Jan6'29 Hold, of rec. Jan. 2 '294
Preferred (quar.)
$1.50 Ap15'29 Hold. of rec. Apr. 1 '29a
United Piece Dye Works,84% Pt(au.)154 Jan2'29 Holders of roe Dec. 20s
U.S. Bond az Share, common (extra)... '$2.50 Dec. 1 "Holders of rec. Nov. 16
*50c Pet. 1 *Holders of rec. Nov. 15
Participating preferred (extra)
U.S. Cast Iron Pipe & Fdy.,corn.(au.). 234 Des. 15 Holders of roe. Dee. la
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la
U. S. Dairy Products, corn. A (guar.).- 'Si
Dec. 1 *Holders of rec. Nov. 16
"111 Dec. 1 'Holders of rec. Nov. 16
First preferred (truer.)
Second preferred (quar.)
"2
Dec. 1 *Holders of rec. Nov. 16
U. S. Freight (auar.)
.75c. Dec. 10 *Holders of rec. Nov. 19
U. S. Gypsum, corn, (quar.)
"2 Dec. 31 'Holders of rec. Dec. 15
Preferred (quar.)
"134 Dec. 31 'Holders of rec. Dec. 15
U. S. Hoffman Machinery (guar.) -Si
Dec. 1 Holders of rec. Nov.20
U.S.Petroleum (quar.)
*lc. Dec. 10
U.S. Playing Card, tom. (quar.)
•51
Jan. 1 'Holders of rec. Dec. 21
Common (extra)
*$1
.1an. 1 'Holders of rec.
U. EL Printing & Litho.. corn. (guar.).- .$1.50 Jan. 1 *Hreders of rec. Dec. 21
Dee. 21
...... . _ _
Second pref.(nom 1
1 ." .1R n 1'20 Dee 22 to
Dec. 31
2924
Name of Company.
[vol.. 127.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
$1
Dec. 15 Holders of rec. Nov.26a
U.S. Steel Corp., coin. (guar.)
14 Dec. 29 Holders of rec. Nov.30a
Preferred (guar.)
18( Nov. 28 Holders of rec. Nov. 30
Utah Radio Products (extra)
*50c. Dec. 1 *Holdela of tem Nov.20
Vacuum Oil (quar.)
75c. Dec. 20 Holders of rec. Nov. 30
Special
Dec. 20 Holders of rec. Nov. 30
$1
Valvoline 011, corn.(guar.)
134 Dec. 17 Holders of rec. Dec. 14
Vanadium Corp. of Amer (extra)
Dec. 15 Holders of rec. Dec. la
$1
Vapor Car Heating, pref. (ouar.)131 Dec. 10 Holders of rec. Dec. la
Va.-Carolina Chem., prior pref.(guar.). 131 Dec. 1 Holders of rec. Nov. 18a
Wagner Elec. Corp., corn. (quar.)
$1.50 Dec. 1 Holders of rec. Nov. 15
Waite & Bond, clam A (guar.)
500. Dec. 1 Holders of rec. Nov. 15
Class B (guar.)
30c. Jan. 2 Holders of rec. Dec. 15
Wayasamack Pulp dr Paper, corn.(qu.)
75c. Dec. 1 Holders of rec. Nov. 15
Wayne Pump, pref. (quar.)
•87340 Dec. 1 "Holders of rec. Nov.24
Welch Grape Juice, corn.(guar.)
25c. Nov. 30 Holders of rec. Nov. 15
Common (extra)
25c. Nov. 30 Holders of rec. Nov. 15
Preferred (quar.)
131 Nov. 30 Holders of rec. Nov. 15
Wesson Oil de Snowdrift. pref. (quar.)13‘ Dec. 1 Holders of rec. Nov. lea
Western Auto Supply,corn., A & B (qu.) •75c. Dec. 1 "Holders of rec. Nov.20
Common A & B (extra)
*50c. Dec. 1 *Holders of rec. Nov. 20
Western Dairy Prod., Cl. A (Quar.)
$1 Dec. 1 Holders of rec. Nov. I9a
Wheatswortli, Inc., pref. (quar.)
Dec. 1 Holders of rm. Nov. 15
2
White (J. G.)& Co.. Inc., pref.(qu.)--134 Dec. 1 Holders of rec. Nov. 15
White(J. G.)Eng.Corp., pref.(quar.)
134 Dec. 1 Holders of rec. Nov. 15
White Motor (guar.)
250. Dec. 31 Holders of rec. Dec. 12
White Motor Securities. pref. (quar.)
*1% Dec. 31 "Holders of rec. Dec. 12
White Rock Mineral Springs, common .._ $1.50 Jan. 2 Holders of rec. Dec. 14a
First preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 14
Second preferred
734 Jan. 2 Holders of rec. Dec. 14
Winton Engine, pref.(No. 1)
*8734c Dec. 1 *Holders of rec. Nov.20
Wire Wheel Corp., common (No. 1)_. "Sl Dec. 15 "Holders of rec. Dec. 1
41$2 Dec. 15 "Holders of rec. Dec. 11
Class A (Participating dividend)
Preferred (quar.(
$1.75 Jan 1'29 Holders of rec. Dec. 20
Wisconsin Parts, corn. (qu.)(No. 1)
•40c.
*10c.
Common (extra)
Witherow Steel, 1st pref. (quar.)
•134 liec. 1 "Holders of rec. Nov. 26
•1,„i Dec. 1 *Holders of rec. Nov.28
2d preferred (No. 1)
$1.25 Dec. 1 Holders of rec. Nov. 100
Woolworth (F. W.) Co., corn.(quar.)500. Nov. 30 Holders of rec. Nov. 150
Wright Aeronautical Corp. (guar.)
25c Dec. 1 Holders of rec. Nov.200
Wrigley (Wm.) Jr. Co.,corn.(mthly.)
"25c. Jan. 2 *Holders of rm. Dec. 20a
Monthly
.
750. Jan. 2 *Holder, of rec. Dec. 200
Extra
•25c. Feb. 1 *Holders of rec. Jan.419a
Monthly
"25c. Mar. 1 *Holders of rec. Feb. 200
Monthly
*25c. Apr. dl "Holders of rec. Mar. 200
Monthly
Yellow & Checker Cab,corn. A (mthly.)- 6 2-3e Dec. 1 Nov.26 to Nov. 30
500. Jan. 2 Holders of rec. Dec. 15
Young (L. A.) Spring & Wire (quay.)
"250. Jan. 2 *Holders of rec. Dec. 15
Extra
U.S. Realty & ImPt.(guar.)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
I Payable in common stook. g Payable in scrip. S On account of accumulated
dividends. I Payable in preferred stock.
k Payable in the no par value shares of the North Amer. Match Corp. at rate
of three-tenths of one share for each share of Diamond Match stock.
1 Associated Gas dt Electric dividends payable In cash or in clads A stock as
follows: On clam A stock at rate of 234% of one share of class A stock for each
share held: on original pref. 1.90-100th share class A stock: on $7 pref. 3.80-100ths
share class A stock; on $5 pref. 2.72-100ths share class A stock.
m Sun 011 stock dividend is MX shares for each one hundred held
n Dividend is at rate of six pengoes per nitre of fifty Pengoes par and at the rate
of one pengo twenty heller per one-fifth share.
o Holland Furnace regular dividend is payable either 2% in stock or 6234c. In
sash.
V Payable in cash on one-fiftieth of a share of clam A stock.
r Dividend Is one share of Colon Oil common for each share of Carib Syndicate stk.
National Dairy Products declared four per cent, on common stock payable in
cola,stock In quarterly Installments of one per cent. each beginning Jan. 2, 1229.
u Sehulte Retail Stores declared 2% in stock, payable 34% Quarterly.
w Leas deduction for expenses of depoaitary.
y Dividend Is one share Bank of America stock for each forty shares Bancitaly
Corp. stock.
s Curtis Publishing stock dividend subject to stockholders' meeting Jan. 4.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Nov. 16:
INSTITUTIONS NOT AN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, NOV. 16 1928.
NATIONAL AND STATE BANKS-Average Figures.
ManhattanBank of U.S
Bronx Borough_
Bryant Park Bank
Chelsea Exch. Bk_
Grace National__
Harriman Nat'l__
Port Morris
Public National__
BrooklynFirst National._
Mechanics
Nassau National_
Peoples National_
Traders NAtInnal
Loans.
OM.Cash, Res., Dep., Dep.Other
Gross
Including N. Y. and Banksand
Gold. Bk.Notes. Elsewhere. l'ruitCos. Deposits.
$
150,697,600
20,248,000
2,091,400
21,984,000
17,075.924
31,036,000
4,400,900
115,571,000
$
$
$
$
$
28,700 2,224.100 23,907,500 1,355,200 157,616,700
20,820,000
7,500 660,000
700,000
2,142,600
80,500 143,800
140,200
22,205,000
_ - - - 1,923,000 1,073,000
5,000
77,216 1.398.781 937.595 14,458,531
20,000 722.000 4,285,000 1,223,000 38,744,000
4,305,100
45,000 128,300
200,500
24,000 2,111,000 7,250,000 4,644,000 111,230,000
19,794,000 34,000 440,000 2,216,000
54,243,000 257,000 1,666,000 8.230,300
22,325,000 85,000 301,000 1,779,000
8,683,000 5.000 143,000
634,000
9 070 ann
an son
100 Ann
267.000 18,091,000
53,558,300
305,000 20,731,000
68,000 8.776,000
17 inn 2 2A5 AM
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Reeve Dep., Depos.Other
Gross
N. F. and Banks and
Eelselohere. Trust Cos. Deposita.
Manhattan$
$
$
American
52,866,2130
790,700 12,948,500
Bank of Europe & Tr. 17,282,485
861.108
88,240
Bronx County
23,178,802
649,509 1,931,425
Central Union
251,149,000 *30.053,000 4,933,000
Empire
76,456,900 "4,675,400 4,058,800
Federation
18,244,216
195,558 1.345,493
Fulton
16,443,500 "2,094,500
310,500
Manufacturers
279,932,000 2.519.000 46,320,000
United States
80,184,002 4,120,833 8,5
4
BrooklynBrooklyn
61,222,800 1,493,400 10.443.zia0
Kings County
27,255,383 1,926.587 2,857,940
Municipal
52,953,700 1,488,500 3,895,900
Bayonne, N. J.Mnehnnina
A IA1 711
909 117
Roo one
$
$
28,700 58,008.700
16,470,938
23,259,911
2,909,000 257,390,000
3,581,900 73,520,800
237,712 18,419,223
16,322,000
__,_
1,834,000 272,286.000
......_ 61.878,497
-------- 65,803,900
25,634,885
43,800 48,785.800
zno an
0 onl.luil
"Includes amount with Federal Reserve Bank as follows: Central Union
$29,265,000; Empire, 23.058,000: Fulton, $1,969,900.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Nov. 21
1928.
$
Capita!
84,800,000
Surplus and profits
110,650,000
Loans, disc'ts & investle 1,109,744,000
Individual deposits
712,895,000
Due to banks
153,875,000
Time deposits
276,833,000
United States deposits
8,266,000
Exchanges for dig. House
39,444,000
Due from other banks
97,465,000
Reeve In legal depositles
85,817,000
Cash in bank
9,842,000
7,...,........ In -A. A Mr
011 AAA
Changesfrom
Previous Week
Nov. 14
1928,
Nov. 7
1928.
$
$
$
84,250,000
Unchanged
84,800,000
Unchanged
110,650,000 110,184,000
-8,483,000 1,118,227,000 1,115,438,000
+10.015,000 702,880,000 710,622,000
+4,359,000 149,316,000 160,430,000
+1,603,000 275,230,000 276,288,000
-195,000
6,461,000
9,183,000
+8.440,000
33,004,000
38,889,000
+14,038.030
83,427,000
90,138,000
+73,000
85,744,000
87,275,000
-265,000
10,107,000
10.340,000
-.00 Ann
1 nin nnn
I 020 AM
Weekly Return of New York City Clearing House.Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with
return for the week ending Nov.17, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY, NOV. 10 1928.
are 10% on demand deposits and 3% on time deposits, all
•Surplus di Net Demand
Time
to
be kept with the Federal Reserve Bank. "Cash in vaults"
Deposits
*Capital. Undivided
Deposits
Clearing House
Profits.
Average.
Aterage.
is not a part of legal reserve. For trust companies not
Members.
members of the Federal Reserve System the reserve required
$
$
$
$
6,000.000 13,207.600
59.150.000
10,625,000 is 10%
Bank of N.Y.& Trust Co_ _ _
on demand deposits and includes "Reserve with
38,400,000
Bank of the Manhattan Cu__ 12.1(.0.000 19,418,400 148,378,100
50,423,000 legal depositaries" and "Cash in vaults."
Bank of America Nat. Assn__ 25.000.000 37,173,100 135,434.000
90,000,000 74.502,901 a820,692,000 163.005,000
National City Bank
Beginning with the return for the week ending May 14, the
8,385,000
Chemical National Bank _ _ ..... 6.000.000 20,399,000 135.451,000
44.59..000
National Bank of Commerce_ 25,000,100 47,428,200 309.651,000
45,468,000 Philadelphia Clearing House Association discontinued showing
Chat.Phenix Nat.Bk.har.C.... 13,500,000 15,109,000 156,094.000
5,0011,000 26,904,200 .22.444,000
2,901,000 the reserves and whether reserves held are above or below require/11/20ver National Bank
11.000,000 17,959.200 181,087,000
32,572,000
Corn Exchange Bank
10,000.000 25,310,900 130,148,000
11,283,000 ments. This will account for the queries at the end of the
National Park Bank
10,000,000 88,893.100 231,242,000
15,271,000
First National Bank
44,883,000 table.
Amer.Exchange Irving Tr.Co 40,000,000 52,705,900 376,749,000
1,000,000 1,492,000
7,709,000
Continental Bank
60.000,000 78,803,900 0568,834,000
Chase Nati,mal Bank
500,000 3,308,200
24.607,000
Filth Avenue Bunk
15,262,000
1,000,000 1.920,300
Garfield Nati mal Bank
9,000,000 12,734,200 124,269,000
Seaboard Nati, sal Bank
6,828.900
'39,019,000
5,001,000
Trust
Co
Bank
&
State
25,000,000 75,541,800 c344,951,000
Bankers Truat Co
5,000.000 6,385,300
55,306.000
U. S. Monsen & Tnist Co
38,567,000
10,000,000 22,922,800
_
Co_
Title Guarantee & Trust
40,000,000 60,479.400 d455.952,000
Guaranty Trust Co
3,681.800
4.000.000
42,268,000
Cu
Fidelity Trust
19,078,000
3.000.00(1 3.935,200
Lawyers 'Trust Co
10,000.000 25,180.100 136,957,000
New York Trust Co
22.416,300
e108,762,000
10,000.000
Farmers Loan & Trust Co.__
30.000.000 27,116.400 /325.769,000
Equitable Trust Co
29,948.000
1.400.000 3,915.300
Colonial Bank
600,000
71,103.000
678,000
428.000
8.650,000
59,222,000
58.407,000
5.906.000
3.104,000
81.175.000
5.421,000
2.215,000
27,849,000
24,993.000
45,656,000
7.475,000
Week Ended Nov. 17 1928.
Two Ciphers (00)
omitted.
Members of
Trust
P.R.Ssstem Companies.
1928
Total.
Nov. 10
1928.
Nov. 3
1928.
$
67,058,0
67,058,0
Capital
67,058,0
57,558,0
9.500,0
Surplus and profits..
.
18,441,0 194.843,0 194,815,0 194,815,0
-- 178,202.0
Loans, dints. & Invest. 1,038,374,0 102,903,0 1,141,277,0 1,142.231,0 1,140,213,0
45,134,0
42,063.0
Exch. for Clear House
971,0
49,185,0
48,214,0
95.635,0
96,014,0
Due from banks
107,120,0
638,0 107.758,0
Bank deposits
3,869,0 137.617,0 133,647,0 183,745,0
133.978,0
Individual deposits- 829,012,0
48,826,0 877,838.0 871,370,0 663.395,0
Time deposits
27,824,0 244,552,0 242,541,0 240,705,0
216,728,0
Total deposits
80.319,0 1,080,037,0 1,047,558.0 1,067,846,0
979,718.0
9,436.0
9,181,0
Res with legal depos10,044.0
10,044,0
Clearing Non-Member.
63.446,0
69,590,0
89,083,0
69,063,0
3.299,000
783,200
5.724,000 Rea. with F. R. Bank_
500.000
Mechanics Tr. Co., Bayonne_
12,985,0
12,400,0
Cash In %atilt *
12,560.0
10,900.0
2,860.0
80281,0
91,758,0
92,667,0
79,963,0
12,704,0
SAG ann non 705 AM sal 8.147.073.000
876,413.000 Total res. & rash held
Reserve required
7
t
0)
$270,933,000:
$13,867,000:
(4) $75,- I Excess reballe and cash
Includes deposits in foreign branches: (a)
7
lo vault
?
7
7
080.000; (d) $97,731,000: (e) 32.499.000: (f) $116,984,000.
'As per official renorts: National, Oct.3 1928; State, Sept. 23 1923: Trust corn'
,wane mealltall.
• Cash In vault not counted as reserve for Federal
I
11111065. Sept. 28 1928.
Nov. 24 1928.]
FINANCIAL CHRONICLE
2925
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.22 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 betwepn 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 2892, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 21 1928.
Nov. 21 1028;Noe. 14 1923. Nov. 7 1928. Oct. 31 1928. Oct. 24 1028.10a. 17 1928. Oct. 10 1928. Oct. 3 1928. Nov.23 1927.
RESOURCES.
$
$
$
1,125315,0001 1,172275,000 1.134,989,000 1.182,041,000 1.180.352.000 1,207,448,000 1,198,568.000 1,178,312,000 1,569,165,000
Gold with Federal Reserve agents
80,193.000
Gold redemption fund with U.S. Tteas_
72,282.000
68,558.000
71,833.000
69,083,0110
69,439,000
69.947.000
41,594,000
Gold held exclusively seat. F. It. notes 1,203,539,000 1,252,268,000 1,204,072.000 1,253.877.000 1,248,910,000 1,279.730,000 1.268,007,000 1,248,259,000 1,610,759,000
Gold settlement fund with F. R.Board- 796,380,000 721,680.000 763,380.000 709,223.000 706,947,000 677.753,000 682,992.000 688.054.000 588,007,000
Gold and gold certificates held by banks_ 662,548,000 685,184,000 675,315.000 677.996.000 690,373,000 678,629,000 673,726.000 680.322.000 661,172.000
Total gold reserves
Reserves other than gold
2,667,467,000 2,659,132,000 2,642,767,0002,641,096.000 2,646,230,000 2,636.112,000 2,624,725.000 2.616,635.000 2,859,938,000
132,622,000 128,968.000 125,609,..M0 131.900,000 132,064,000 133,275,000 128.213.000 134,766,000 132,687,000
Total reserves
2,800,089,000 2.788,100.000 2,768,367,000 2,772,996.000 2,778,294.000 2,769.387,000 2.752,938,000 2,751,401.000 2,992,6253100
Non-reserve cash
64,051,000
60,478,000
56,192,000
57,487.000
56,874,000
51,494,000
50.266,000
54,117,000
53,801.000
Bills discounted:
Secured by U. S. Govt. obligations.- 470,127,000 524.931,000 584,154.000 562,096,000 553,393,000 569.984.000 609.355,000 616.087.000 286,826,000
Other bills discounted
329,819.000 332,608,000 373.236,000 370,175,000 358,534.000 365.826.000 384.047.000 409.831.000 131.469,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
799,946,000
434,164,000
857,539,000
474,400.000
957,390,000
448,645.000
932,271,000
440,376,000
911,927,000
401.478,000
935,810,000
379,409.000
54,068,000
113,166,000
58,821,000
54,377,000
108,961.000
59,001,000
54.359,000
114,295,000
54,028.000
53.359,000
121,582.000
52,158,000
53,412.000
125,667,000
51,968,000
53,071.000
124.339.000
53,955,000
53,271,000
86,281,000
87.160,000
53,149.000
90,363,000
87,092,000
264,688,000
51,428,000
305,116,000
Total U. S. Government securities_
Other securities (see note)
226,055,000
4,390,000
222,339,000
3,855.000
222,682.000
3.730.000
227.099,000
3,730.000
231,047,000
3,730,000
231,365.000
5,280.000
226,712.000
4,580,000
230.604.000
4,580,000
621,232,000
635,000
993,402.000 1,025.918.000
331,788.000 309.976.000
418,295,000
326,710,000
Total bills and securities (see note)._
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,514,555.000 1,558,133.000 1.632,447,000 1,603,476,000 1,548.182,000 1,551.864,000 1,556,462.000 1,571.078.000 1,366.872,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,249,675,000 5,444,737,000 5,180,222.000 5,193,038,000 5,187,892,000 5,424,164,000 5.146,728.000 5.226,430.000 5,194,642,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,377,965,000 2.405,720,000 2.384,709.0002,419,022.000 2,374,473,000 2,395,114,000 2,345,756,00012,413,990,000 2,435,790,000
737,873,000 890,829,000 637,764,000 655,508,000 689,914,000 900,479.000 666.067.000 700,191,000 651,939,000
146.502,000 146.415,000 146,308,000 145,878,000 145,926,000 145,677,000 145.588,000 143.658.000 131.649,000
233,319,000 233,319,000 233.319.000 233,319.000 233,319,000 233.319,000 233,319,000 233.319.000 228,775,000
37,381,000
36,403,000
32,525.000
33,851,000
34,495,000
35.713.000
17,786,000
29.642.000
30,786.000
728,000
800,760.000
60,590,000
8,902.000
729.000
968.055,000
60,574.000
8,668,000
732.000
728,000
658,155,000 694,479,000
60,551 000 60.548,000
8,480.000
8,933,000
732,000
734,235,000
60,513,000
8,449,000
574,000
975.181,000
60.493.000
10,473,000
574.000
716.985.000
60,368,000
9,135,000
574.000
780.649,000
60,318,000
8,909.000
565,000
706,811.000
59,945,000
13,707,000
1,716,635,000 1,732,051.000 1,742,409,000 1,709,816.000 1.710,409,000 1,717,0.50,000 1,725.212,000 1,703,630,000 1,728,703,000
2,346.141,000 2,364,508.000 2.329.820,000 2,370.988,000 2,321,838,000 2.358,874.000 2,313.195,000 2,349,553.000 2,392,520,000
7.090.000
15.385.000
6,210,000
25.240,000
24,671.000
32,569.000
20,498.000
3.194,000
3,981,000
6,483,000
6,314,000
6,945.000
6,686.000
6.594,000
6,099,000
5,266,000
5,914.000
5,942.000
18,246.000
19,513,000
23,085.000
20,709,000
23.624.000
21,437,000
33,375,000
25,926.000
24,101,000
Total liabilities
5,249,675,000 5,444.737.000 5.180,222,000 5,198,038,000 5,187,892,000 5,421.164,000 5.146,728,000 5.226,430.000 5,194,642,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
65.2%
64.3%
64.1%
64.8%
64.0%
63.6%
64.5%
63.6%
68.7%
Ratio of total reserves to deposits and
F. It. note liabilities combined
68.4%
67.3%
67.4%
68.0%
67.2%
67.1%
67.6%
71.9%
66.8%
Contingent liability on bills purchased
for foreign correspondents
263,844,000 256,953,000 253,117,000 250,941,000 262,421,000 258,979,000 268,863,000
267.635 186,781,000
==
Distribution Au Maturities5
$
1-15 days bills bought in open market _ 140.932,000 130.469.000 119,823,000 131.511.000 119.115.000 132.637,000 114,237.000 121,609,000 111,725,000
1-15 days bills discounted
655,002.000 703.343.000 793,490,000 770,441,000 770,689,000 800.659.000 860,385,000 887,007,000 354,146,000
1-15 days U. S. certif. of Indebtedness.
8,250,000
4,126,000
9.580,000
4,461,000
4,275.000
9,905,000
5,3803)00
4.830,000
83,122,000
1-15 days municipal warrants
16-30 days bills bought in open market.
94,682,000
37,781,000
86,944.000
39,703,000
30,579,000
30.889,000
52,332.000
68,415.000
64,913,000
16-30 days hills discounted
42,048,000
54,815.000
37,457,000
38,516,000
39.193,000
42,312.000
35,788,000
47.813,000
18,668,000
16-30 days U. S. certif. of indebtedness_
14.463,000
16-311 days municipal warrants
31-60 days bills bought in open market _ 159,346,000 159,494.000 155,617.000 139.843,000 123,392,000
96,808,000
57.777.000
73,626.000
97,576,000
31-60 days bills discounted
52,693,000
54.962,000
56,490,000
57.780,000
55,401,000
66,556,000
54,174,000
65.999,000
26,525.000
31-60 days U. S. certif. of indebtedness_
13,953,000
11,058,000
11.596,000
11,229.000
11,051,000
31-60 days municipal warrants
190,000
155,000
35,000
61-90 days bills bought in open market.
85,804,000
93.505,000 100.987.000 111.296.000 114,293,000 105,813,000 107.588.000
50,366,000
94,304,000
61-90 days bills discounted
29.975,000
24,880.000
27.942.000
29,251,000
31,566,000
11,394,000
34,308.000
35.014.000
31,357.000
61-90 days U. S. certif. of indebtedness_
26.000
37.750.000
32,805.000
61-90 days municipal warrants
30.000
30,000
30,000
36.000
30.000
30,000
Over 90 days bills boutlit la °den market
3.400,000
3,988,000
6.370,000
3,803.000
2,130,000
4,975,000
5,934,000
5,397.000
5,738.000
Over 90 days bills disco inted
20.168.000
19,539,000
18,522 000
13,262,000
15,691,000
17,948,000
7,562,000
11,698.000
9,732,000
Over 90 days certif. of ladebtedness
36,108,000
35,468,000
38,745,000
35,911,000
36.099.000
33,072,000
50,080,000
43,953,000 221,994,000
Over 90 days municipal warrants
F. R. notes received from Comptroller._ 2,918,730.000 2.913,201,000 2,905,369,000 2,911,308,000 2,912,632.000 2,883,012,000 2.872.292,000 2,864,043.000 2,934.163.000
F. It. notes held by F R. Agent
812.200,000 813,105.000 812,405,000 813,920.000 798,150,000 769,460.000 772,041.000 773.720,000 820.040,000
Issued to Federal Reserve Banks
2,103,530,00012,100,096.000 2.092.964.000(2.097.388.000 2.114.482,000 2.113,552.0002,100.251,0002.090.323,0002,114,123,000
How SecuredBy gold and gold certificates
Gold redo a Awn fund
Gold fund-Federal Reserve
By eligible paper
1
346,557,000 346,557,000 346,557,000 346,567.000 345,567,000 346,568,000 346.568 000 344.067,000 415,467,000
87,774,000, 98,105,000 100.658.000 102.686,000
92,470.000
92,360,000
92,755.000
98.510,000 108,481,000
i3oard
690./64,0001 727,413,000 687,774.000 732.791,000 741,315,000 768,520,000 759,245,000 735,735,000 1,045,217,000
1,250,537,000,1,277.031.000 1.356.704,000,1,318,367,000 1,257.740,000 1.244,281,000 1,270.638,000 1,291,675,000 716,423.000
Total
2,375,632.000 2.440.100.0002,491.693.000
.
2.500.411.000 2,438,092,0002,451,729.000 2.469,206 000 2,469.987.0002.285,588.900
_
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately
the amount of balances bed abroad and amounta due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of
Federal
Credit Bank dehentures, was changed to
"Other securities." and the cation "Total earning assets" to "Total bills and securities." The latter term was Intermediate
adopted as a more accurate description of the total of the
acceptances
discount
and strurIties acuuired under the provisions of Sections 13 and 14 of the Federal
Reserve Act, which,it was stated, are toe only items included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOS'? OF BUSINESS NOV 21 1928.
Two cilhers (00) omitted.
Total.
Boston.
New
York,
Federal Reserve Bank ofPhila. Cleveland. Richmond Atlanta. Chicaso. St. Louis. Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
$
S
$
$
$
$
S
$
'S
$
$
8
$
Gold with Federal Reserve Agents 1,125,095,0 119,159,0 174,462,0 83,247,0
117,900,0 44.866,0 68.254,0233,590.0 22,305,0 44,504,0 29,478,0 24,793.0
Gold redM fund with U.S. Treas.
83,444,0 7,265.0
22.514,0 14.393,0 6,415,0 3,065,0 4,785,0 7,691,0 5,232,0 3,216,0 3,181,0 2,147,0 162.537,0
3,541,0
Gold held excl. agst. F. It. notes 1,208,539,0 126,424.0 196,976,0 97.640,0 124,315,0
73.039,0 241.281,0 27,537.0 47,719.0 32,659,0 26.940,0 166,078,0
Gold settlet fund with F.R.Board 796,380,0 25,291,0 307,115,0 50,144,0 66.357,0 47.931,0
21.247,0 16,632.0 159,715,0 29.362,0
Gold and gold etre. held by hanks 662,548.0 39.201,0 418.455,0 27,853.0 48,314,0 10,164.0 4,804,0 54,776,0 9.765,0 21,088,0 32.067,0 24,335,0 43,027,0
5,487,0 6.357,0 7,133,0 30.239,0
2,667,467,0 190,916,0 922,546,0 175,637,0
Total gold reserves
238.986,0 79,342,0 94.475,0 455,772,0 66,664,0 74,294,0 71,083,0 58,408,0239,344,0
132,622,0 17,063,0
B.serve other than gold
23,227,0 6,349,0 12,735,0 7,438,0 11,109,0 14,698,0 16,176,0 1,743,0 5,482.0 5,730.0
10,872,0
2,800,081,0 207,979,0 945,773,0 181,986,0 251,721,0
Total reserves
86,780,0 105,581,0 470,470.0 82,840,0 76.037,0 76,565,0 63.138,0250,210,0
64,051,0 8,853.0
Non-reserve cash
19,606,0
902,0 4,831,0 5,467,0 3,674,0 7,570.0 2,973,0 1.303,0 2,272,0 2,529,0 4,071.0
Bills discounted:
Sec. by U. S. Govt. obligations 470,127,0 25,055,0 129,024,0 54,513,0 52,029,0 16,610,0 17,834.0 80.159,0 24.681,0 10,064,0 18,717,0
329,819,0 28,266,0
Other bills discounted
40,728,0 15,540,0 27.924,0 22,209.0 45,861,0 57.836,0 16,500,0 3,931,0 27.410,0 11,704.0 29,737.0
7.014.0 36,600.0
discounted
799,946,0 53,321,0 169.752,0 70,053,0 79,953,0
Total bills
63,695,0 137,995,0 41,181,0 13,995,0 46,127,0 18,718,0 66,337,0
481,164,0 47,262,0 142,964.0 22,104,0 51,649,0 38,819,0
Bills bought In open market
39,894,0
9.699,0 21,507,0 22,985,0 24.938,0 45,0740
26,676.0 29.415,0
U. S. Government secutities:
54.068,0
689,0
Bonds
1,384.0
535,0
154.0 19.927,0 7.125,0 4,518,0 8.755,0 9.186,0
548.0 1,152.0
45,0
113,166,0 3,547,0
Treasury notes
20,400,0 10,755,0 29,059,0 1,303,0 3,721,0 7,465,0 11,881,0 4.858,0 1,902,0 4.841,0
18,630.0
58.821,0 3,295,0
Certificates of indebtedness
19,628,0 10,352,0 4,400,0 1,209,0 1.243,0 7,738.0 2.210,0 1.651,0
1.075.0 2.290,0 3,700,0
7,,
S. 0
:
' 112 n ^. nfi,q ni ,1,17 n 1 fl144 n
Total U. B. Gov't seeuritim__
A I IR n fth IF.4 n 21 21ft n 11 rprr 0 1 1 1/9 n la ..., n ........ -
[VOL. 127.
FINANCIAL CHRONICLE
2926
RESOURCES (Concluded)Two Ciphers (00) omitted.
8
4,390.0
Phila.
New York.
Boston.
Total.
$
155,0
$
200,0
$
Other securities
•
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other
• 1,514,555.0 108,114,0
728,0
37,0
800,760,0 76,911.0
80,590,0 3,824,0
8,902,0
173,0
Cleveland. Richmond Atlanta. Chicago. Si. Louts Minneap. Kan.City. Dallas. San Fran.
$
$
$
$
535,0
$
$
$
3,500,0
$
$
354,328,0 114,004,0 165,609,0 69,159,0 98,228,0 213,043.0 72.096,0 47,071,0 80,844,0 63,273,0 128,783.0
35,0
18.0
18,0
14,0
21,0
69.0
52,0
25,0
21,0
47,0
371,0
231,163,0 64,077,0 68,440,0 62,737,0 28,935,0 90,448,0 35,629,0 17,375,0 43,491,0 35,405,0 48,149,0
3,828,0
1,956,0
4,308,0
16,675.0 1,751,0 6,806,0 3,699,0 2,867,0 8,720,0 3,954,0 2,202,0
662,0
437,0
418,0
816,0
645,0
467,0 1,585,0
182,0 1,422,0
736,0
1,359,0
5.249,675,0 405.891,0 1.569,275.0 362,949,0 408,881,0 228,334,0 240,894.0 791,056.0 198,158,0 144.821,0 207,916,0 167,756,0 433,744,0
Total resources
LIABILITIES.
164,820,0
F. R.. notes in actual circulation 1,716,635,0 149,606,0 333,497,0 129.180,0 204,620,0 70,932,0 128,127,0 291,845.0 60,762,0 62,383,0 64,466,0 47,397,0
Deposits:
187,444,0
72,014,0
89,718,0
54,070,0
66,683,0
135,142,0
355,789,0
183,316,0
81,663,0
69,625,0
898,694,0
2,346,141,0
151,983,0
acc't_
Member bank-reserve
423,0
767,0
930,0
920,0
867,0
262,0
516,0
171,0
865,0
86,0
1,096,0
187,0
7,090,0
Government
433,0
214,0
220.0
165,0
262,0
311,0
256,0
848,0
634,0
570,0
2,109,0
457,0
6,488.0
Foreign bank
5,398,0
56,0
521,0
380,0
704,0
1,074,0
1,125.0
156,0
116,0
112,0
8,500,0
18,246,0
104,0
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
910,309,0
200.580,0
49,784,0
63,007.0
12,008,0
2.377.965,0 152.731,0
737,873,0 73,403,0
146,502,0 10,158.0
233,319,0 17,893,0
37,381,0 2,100,0
135,910,0 185,591,0 70,263,0 67.920,0 357,973.0 83.496,0 55,535,0 91,389,0 73,051.0 193,698.0
59,037,0 66,578,0 57,903.0 27,282,0 84,271,0 36.371,0 15,477,0 37,524,0 33,567,0 45,880,0
14,530,0 14.412,0 6,103,0 5,231,0 18,470,0 5,404,0 3.009,0 4,2/6,0 4,318,0 10.867.0
21.662,0 24,021,0 12,324,0 9.096,0 32,778,0 10.397,0 7,039,0 0.046,0 8,527,0 16,629,0
896,0 1,850,0
2,621,0 3.659,0 1,809,0 2,338,0 5,719,0 1,728,0 1,378,0 1,275,0
5,249,675,0 405,891,0 1,569.275.0362,949,0 498,881,0 228,334.0 240,894,0 791,056,0 198,158,0 144,821,0 207,916,0 167,756,0 433,744,0
Total liabilities
Memoranda.
69.8
49.1
53.2
57.4
64.5
72.4
64.5
57.8
53.9
68.6
76.0
68.8
68.4
Reserve ratio (per cent)
Contingent liability on bills pur75,274,0 24,950,0 27,314.0 13,394,0 11,031,0 36,506,0 11,293,0 7.091,0 9,455,0 9,192,0 18,647,0
chased for foreign correspond'is 263,844,0 19.697,0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes in
250 ROA n 211 300 n 100 504 n 33 857 0 32.842_0 10 512 0 22 237 n ag 020 n 11 11080 7 205 n 0 240 n 0 1080 110 281 6
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS NOVEMBER 21 1928.
New York.
Boston.
Total.
Federal Reserve Agent at-
Phila.
Cleveland. Rwhmond Atlanta. Chicago. Si. Louis. Minneap. Kan.Cile. Dallas. San Fran.
3
8
Two Ciphers (00) omitted-P.R.notes rec'd from Comptroller 2.918,730,0 236,606.0
F.R.notes held by F.R. Agent__ 812.200,0 51,610.0
3
$
S
$
$
$
$
$
8
$
8
730,781,0 216,047,0 270,892,0 118,484,0 217,884,0 454,135,0 89,850,0 82.570,0 105.375,0 71,005,0 324.201.0
100,000,0
15.312,0
17.490,0
31.560,0
12,889,0
296,780,0 53,200,0 33,430,0 19,039,0 57,520,0 123,370,0
184,998,0
434,001,0 162,847,0 237,462,0 99,445.0 160,364,0 330,765,0 72,360,0 69,681,0 73,815,0 56,593,0224,201,0
35,300.0
10.859,0
73,060,0
100,564.0
17,293.0
50,000,0 6.690,0 27,100,0
7,600,0 14,167,0
153.407.0
705.0 2,337,0 2,118,0 3,500,0
16,055,0 7.870,0 12,900,0 4,176,0 6,154,0 2,590,0
5,000,0 75,377,0 55,000,0 34,000,0 35,000,0 231,000,0 14,000,0 28,000,0 27,360,0 4,000,0
295,504,0 84,715,0 130,122,0 62.727,0 93,051,0 177,681,0 50,709,0 33,262,0 68,610,0 43.377,0
F. R. notes issued to F. R. Bank. 2,106,530,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates____ 348,557,0
87,774,0
Gold redemption fund
690,764,0
Gold fund-F. R. Board
1,250,537.0
Eligible paper
469,966,0 167.962.0 248.022.0 107.503.0 161.305.0 411.271.0 73.014.0 77.788.0 95.055.0 68.170.0 272.752.0
2.375.632.0 219.723,0
Total collateral
35,000,0
18,510,0
109,027,0
110,215.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 631 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 2893 immediately following which
we also give the figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS NOV. 14 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta, Chicago. St. bouts. Mtnneap. ICan.Citg. Dallas. San Fran.
Loans and Investments--tota1
8
$
$
$
3
22,377,525 1,529,058 8.439,049 1,233,387 2,197.070
$
677,158
$
$
639,350 3.329.274
8
715.264
8
404,993
$
686,954
$
5
482,210 2,043,760
Loans and dlscounts-total
16.015.883 1.098,7076.114.389
849,271 1.478.142
523,211
505,992 2,465,870
512.693
274,697
441,965
361,978 1,388,948
110,926
Secured by U.S. Gov't obliges
Secured by stocks and bonds...._ 8.724,196
9,180,541
All other loans and discounts
11,627
39,120
420,0152,907,004
667,065 3,168,265
4,676
445,005
399,590
12,257
642,602
823,283
2.845
186,373
334,193
20,881
3,383
134,666 1.084,390
387,963 1,360,399
4,102
213,233
295,358
2,475
89,801
182,421
3,230
112,588
326,147
2,365
91,155
268,458
4,185
397.364
987,399
6,361,882
430.3492,324,660
384,116
718,928
153,947
133,358
883,604
202,571
130,296
244,989
120,232
654,812
71,992
58,304
121,126
123,863
83,050
37,182
362,268
292,547
34.253
9.479
123,226
23,585
Investments-total
U. B. Government securities_ .__ 2,997,888
Other bonds,stocks and securitke 3,383,974
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Dovernment deposits
Due from banks
Due to banks
Borrowings from F. R. Bank-total
Secured by U.S. Gov't obliga'ris_
All other
1.721,743
266,950
162.449 1,178,099
267,900 1,146,561
112,352
271,764
334,887
384,041
69,631
84,316
58,631
74,727
367,850
495,754
75.556
127,015
771,395
70,791
79,030
17.113
131,291
31,511
42.456
12.599
40,216
11,285
267.159
43,206
47,203
8,706
26,891
6,635
56,202
11.823
102,392
20,217
13,409,088
8,927,193
72,504
947,539 5,784.657
469,117 1,758,873
23,416
5,637
726,073 1,041,494
292,340 958,287
6,265
5,639
365,764
243,460
2,716
323,549 1,899,613
234,304 1,268,083
6.588
0,144
392,598
239,387
1,999
239,505
137,465
419
506,041
181,180
1,667
320,382 881.873
131,408 1,017,329
6,701
5,313
1,275,011
3,359,173
51,266 151,767
153,030 1.254,707
62,888
183.137
105.364
232,592
59,321
115,884
87,383
116,930
264,228
488,788
60,596
136,006
63,471
99,043
131,454
220,855
73,496
133,318
163,779
224,903
641,240
32,585
151,531
60,475
79,422
26,311
42,205
104,132
33,574
14,142
21.915
14,291
60,077
433,438
207,804
19,165
13,400
129,113
22,418
49,635
10,840
57,290
22,132
14,885
11,426
12,974
29,231
60,071
44,061
18,457
15,117
9.650
4,492
10,506
11,409
8,723
5,568
42,967
17,710
821
RA
77
411
70
84
31
92
29
24
64
44
55
Irnmlur at r•mnrtina hAnks
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.21 1928,
In comparison with the previous week and the corresponding date.last year:
RilSOUITISGold with Federal Reserve agent
Gold redemp.fund with U.S.Treasurer_
Nov. 211928. Nov. 14 1928. Nov.33 1937.
8
$
$
174,482,000 174,585,000 335,068,000
9,878,000
24,311,000
22,514,000
Gold held exclusively agst. F.R. notes. 196.978,000
Gold settlement fund with F.R. Board.. 307.115.000
418,455,000
Gold and gold ctfs. held by bank
198,896.000
237,973,000
438.487,000
344,946,000
373,356,000
423,981,000
Total resources
Total gold reserves
Reserves other than gold
922,548,000
23,227,000
875,3313.000 1,040,283,000
25,618.000
21.108,000
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S Govt. obligations
Other bills discounted
945,773,000
19.606,000
896.444,000 1,065,901,000
15,234,000
18,954,000
129,024,000
40,728,000
154,684.000
39,713,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
169,752,000
142,964,000
194,397,000
142.770,000
112,852.000
84,645,000
1,384,000
20.400 000
19,628,000
1,384,000
21.330,000
20.083.000
47,357,000
7,326,000
73,682.000
41,412,000
200,000
42.797.000
200.000
128,365,000
380.164.000
325,862,000
Total U.S. Government securities_
Other securities (see note)
Nov. 211928. Nov. 14 1928. Nov.231927'
Gold held abroad
Due from foreign banks (se note)
Uncollected items
Bank premises
All other resources
98,259.000
14,593,000
371,000
231,163,000
16,675.000
1,359 000
372,000
245,568,000
16,675,000
1,409,000
213,000
177,400,006
16,376,000
4,959,000
1,569,275,000 1,559,586,000 1,605,845.115
LlabiltassF. R. notes in actual circulation
Deposits-Member bank, reserve sect
Government
Foreign bank (see note)
Other deposits
333,497,000
898,604,000
1,096.000
2.109.000
8.500,000
332,685,000
894,993.000
1,138.000
1
.:18.SSS
£1,
369432,001
964,976,000
565,000
Total depogits
Deferred avallabilty items
Capital paid in
Surplus
All other iabilities
910,399.000 907.006.000
200.580,000 195.497.000
49.896,000
40,784,000
63,007.000
63.007.000
11,695.000
12.008.000
980.977,000
149,859,000
40,134.000
61,614,000
4,139,000
Total liabilities
Ratio of total reserves to deposit and
F. R.. note liabilities combined
Contingent lability on bills purchased
for foreign eorrevpondents
11:94.14::
1,569,275,000 1,559,580,000 1,605,845,000
76.0%
75.274,000
72.3%
73.441,000
78.9%
54,451,000
354.328.000
Induces held anroaa and amounts due to
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount of
debentures, waS changed to "Othet
foreign correspondents. In addition, the caption. "All other earning assets." Previously made up of Federal intermediate Credit Bank desCription of the total of the disaccurate
securities,- and the caption. -Total earning assets" to "Total bills and securities." The latter term was adopted as a morestated, are the only items Included therein.
was
It
and
the
of
14
13
which,
sections
Act,
Federal
Reserve
of
provision
counts.acceptances and securities acquired under the
Total bills and securities (see note).-
FINANCIAL CHRONICLE
Nov. 24 1928.]
Vaulters'
azetteo
1928.
2915.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow.
Wall Street, Friday Night, Nov. 23
Railroad &
Miscellaneous
Sales
STOCKS.
Week End. Nov. 23 1928. for
Week.
Stocks.-See
Range for Week.
Lowest.
Highest.
page
2927
New York City Realty and Surety Companies.
(AU prices dollars per share.
Rid
Ask
Bid
Ask
Bid
Ask
85 Mtge Bond__ 152 160 Realty ASSOC'S
Alliance nit) 75
(Bklyn)com 5425 435
Amer Surety 265 275 N Y Title &
99
1st pref.__ 96
Mortgage__ 565 570
Bond & M 0. 435 445
95
2d pref---- 93
Lawyers Mtge y330 336 IT S Casualty- 380 400
Westchester
20s4
--_20
Rights
___.
Title & Tr_ y450
Lawyers Title
Rights ____ 250 275
& Guarantee 365 373
Range Since Jan. 1.
I Lowest.
Highest.
New York City Banks and Trust Companies.
(AU prices doUars per share.)
per share. $Ver share. $ per share.$ per share.
Par. Shares
RailroadsAsk
Ask Tr.Cos.-N.Y. Bid
Ask Banks-N.Y Bid
10 1184 Nov 17 1184 Nov 1711834 No 12534 June Banks-N.Y. Bid
Ala & Vicksburg--100
200 205 Central Union 1775 1790
184 187 Publio
Nov AmerIca
Atoll Top & S F rights-1 8,000 24 Nov 23 3 Nov 23 24 Nov 3
675
830
840
255
County
245
Unions_
Amer
60
Feb
101
Oct
Nov
17
9954
Nov
171
99h
Pitts_
--1Q0,
10
Buff Roch &
460 468
99 101 Empire
Rights
102
Nov Bronx Bank* 550 650
los' 200 101 Nov 23
Preferred
260 270 Equitable Tr_ 470 475
Seventh
Buff dr Susquehanna _1001 900 '554 Nov 23 63 Nov 171 324, July 6434 Nov Bryant Parks 275 325
835
174
180
Farm
L
&
Tr_
825
211
Seward
206
Central
Nov
19
38
Sept
63
Nov
100 1,440 594 Nov 22 61
Preferred
775 800 Fidelity Trust 405 425
210 240 States
Apr Century
200 59% Nov 21 60 Nov 171 584 Sep 69
Canada Southern_ _ _100
Rights
105 110 Fulton
580 620
643
637
Chase
May
Nov
21
297%
Feb
375
332
Nov
19
3334
J
_
_
_100
of
N
1,100
RR
Central
305 325 Guaranty__ 747 753
Trades
Oct 94 June Chath Phenix
100
70 81 Nov 23 82 Nov 171 80
Cuba RR pref
250 290 IntiGermanie 225 233
Nat Bk &Tr 608 615 Yorkville
Sept
20 90 Nov 19 90 Nov 19 80 Jun 115
Green Bay & West-100
Yorktown'_
220 240 Interstate-- 287 293
385
375
Exeh*
Chelsea
9%
Nov
22
Nov
231
7
Aug
June
•
1,400
1134
1734
Havana Elec Ry
Lawyers Trust
970
Brooklyn.
960
Chemical....
Nov 17 64 Nov 17 6334 Oct 7834 Sept64
100
10
Preferred
575 625 Manufacture
1200 400 First
July 440
100
160395 Nov 1942134 Nov 21 340
May Colonial*
Hocking Valley
Each*.
325
340
New $25
250 254
Globe
710
Commerce...702
Apr
31) 794 Nov 20 81% Nov 22, 794 No 86
Ill Cent leased line-100
373 379 Murray Hill_ 290 300
July 824 June Continentals_ 540 580 Mechanics'
RR secured stk ctf-100 260 7834 Nov 19 7934 Nov 191 75
765 Municipal•_ - 450 460 Mutual(W
755
Each...
Corn
Nov
20
82)4
Aug
50
Nov
21
89
June
87
&
Essex
60
8834
Morrie
chester)____ 350 400
450 465
35 Nassau
32
Rights
70 18034 Nov 19 182 Nov 21 1714 Aug 204% May
Nash Chatt & St L-100
___ N Y Trust__ 820 825
Ap 14854 May Fifth Avenue- 2200 2300 People's
60 141 Nov 20 141 Nov 20 125
New ON Tex & Mex_ 100
188 193
1000150
170
Times
Sq
Prospect
4600
4525
First
.10
Aug 1124 June
140 10634 Nov 21 110 Nov 20 106
N Y Lack & West875 885
Title On &
575
Nov 43
July Garfield
100 26 Nov 17 26 Nov 171 25
N Y State Rys pref _ _10
II 8 Mtge & Tr 600 615
Trust Co..
500
May Grace
Pacific Coast 2d pf.
-100 200 28 Nov 20 28 Nov 20 2034 Aug 39
3250 3300
United Ste
New York.
1340 15-5-6
M
5154 Oct Hanover
10 50 Nov 23 50 Nov 231 50
Phila Rap Tran pfd- _5
1000 1100
Am Ex Iry Tr 469 473 Weetchest'r
1100
Indus. & Macon.
Comic
Bence
285
275
Liberty
19
Jan
99
944
Nov
21
93
94
Nov
Mar
pref
_10
300
Adams Express
Brooklyn.
420
440
Italians
Tr.
730
720
Jan 85
*
30 85 Nov 20 85 Nov 20 53
Nov manhattansAlliance Realty
Brooklyn__ 1225 1275
130 99 Nov 2, 100 Ntv 20 9334 Sep 100 June National City 1028 1035 Bank of N 1
Am & For Pow prof(6)_*
& Trust Co 740 750 Kings Co____ 2600
707 715
Nov 9934 Nov Park
*
430 97 Nov 17 9934 Nov 23 97
Amer Nat Gas pref
1050
Midwood____ 270 290
True
1040
Bankers
Oct 152
Apr Penn Each... 183 190
10 1424 Nov 20 14234 Nov 20 141
Amer Radiator pref..-100
670 725 Bronx Co Tr_ 425 450
Nov 774 Nov Port Morris
100 77 Nov 2,1 77 Nov 21 77
Amer Pow & Lt pref A-•
* 9,000 8534 Nov 20 8634 Nov 17, 854 Nov 8634 Nov
Pref A stamped
Ex-stock div. it Ex-rights.
*State banks. I New stock. s Ex-divi lend.
*608600 46 Nov 19 5334 Nov 23 36% Nov 534 Nov
Andes Copper
10 2,800 29 Nov 23 31 Nov 17 2534 Jan 34% Apr
Art Metal Constr
300 100 Nov 21 101 Nov 22 99% Aug 113% Apr
Assoc Dry Ode let pf 100
No 101% June
uotations for U. S. Treas. Ctfs. of Indebtedness, &c.
100 92 Nov 19 92 Nov 19 92
Barker Bros pref _ --100
011634 Nov 20 116 h Nov 20 1164 Nov 120
Jan
Brown Shoe pref_ _ _100
Int.
int.
BuCyrue-Erie prof(7) 100 260 114 Nov 19 1154 Nov 23110)4 M 117
Apr
Rate.
Bid. Asked.
Maturity.
Ran. Bid. Asked.
Maturity.
Jan 1114 May
Central Alloy Steel pf 100 1,12011054 Nov 2111034 Nov 21 107
Columbia Graphophone_ 806600 6734 Nov 19 8234 Nov 23 6734 No 82
Nov
984,
Columbian Carbon rights 13,900 24 Nov 17 34 Nov 20 24 Oc
34 Nov D.C. 15 1928_ 834% 991in 99,Iii Sept.15 1930-32 04% 97".2
98'n
99Iiss 9911,1 Mar. 15 1930-32 334% 971,3,
94 Nov Dec. 15 1928- 4%
Corn Invest Trust rights- 56,887 7% Nov 17 9X Nov 20 74 No
10
Jan 1084 June Mar.15 1929- 334% 991532 99,132 D's. 15 1930-32 34% 97 as 98'12
Commit Cigar pref(7) 100
100 104 Nov 20104 Nov 20 98
1929
44% 100021, 1001'n
15
,7ss
Sept.
99
99"ss
334%
1929_
ktiir.is
754
Nov
21
Nov
23
new
8934
754
Nov
Inc
240700
894 Nov
Coty
100
300 25 Nov 22 264 Nov 20 12
Sep 27
Nov June 15 1929- 454% 100Pit 100fsi
Crex Carpet
80 110 Nov 201104 Nov 23 110
Cuehman's Sons pref --*
Sell 11634 Mar
164
Nov 19 184 Nov 23 14)4 Oct 18
9,500
Detroit Edison rightsNov
United States Liberty Loan Bonds and Treasury
170 36 Nov 19 364 Nov 17 344 Oct 464 Jan
Durham Hosiery pref 100
Nov 2
Eaton Axle & Spring rts- 35,300 14 Nov 17 254 Nov 23 1
Nov Certificates on the New York Stock Exchange.
Eisenlohr Bros pref.-1
110 88 Nov 21 904 Nov 20 88
Nov 1004 Feb
80 1104 Nov 2011034 Nov 20 1084 Sept 110% Nov
Elec Auto-Lite pref_ -100
210 121% Nov 17 122 Nov 20 120% Nov 1294 Apr Daily Record of U. S. bond Prices. Nov. 17 Nov. 19 Nov. 20 .\ or. 21 Nor. 22 Not. 23
El Pow & Lt ode 40% Pd
23 14 Nov 21 154 Nov 20 124 Sept 19
Elk Horn Coal pref _ _50
Feb
100'n
100'n 100
High 9915ti 990st 100
100 103 Nov 21 103 Nov 21 100 Nov 109
First Nat Pict 1st pf _100
Feb First Liberty Loan
991132
84% bonds of 1923-47_ Low- 9920ts 992en 9922n 99223, 100
Franklin Simon pref _100
20 1074 Nov 20 107X Nov 20 107 X Nov 113
Feb
99"as
100
100
Close 00,132 99"12 100
(First 34)
100 1,400105X Nov 19 106 Nov 20 102
Oct 107
Gen Cable pref
Oct
41
2
15
90
67
33
units$1,000
sales
is
Total
pref
(7)
100
Cigar
40
General
Mar
11534 Nov 21 11634 Nov 21 114X Sept 130
ofHigi
Converted 4% bonds 1
General Gas & El cl B_*
300 764 Nov 19 764 Nov 19 37
Jan 80 Nov
1932-47 (First
10 10634 Nov 23 106 Nov 23 104
Gen Ry Signal pref _ _100
Aug 1154 Feb
General Motors new_ _10561000 834 Nov 29 884 Nov 23 83% Nov 904 Nov
_,_
____ ,
____
...„
___
--__
Total sales In 11,000 units_ _
Gobel(Adolf)*116800 54 Nov 17 624 Nov 23 504 Nov 62)4 Nov
-n
Converted 454% bonderlib 1101,32 10-1112 100"n 1001132 10-11,2 100"
Grand Stores pref _ _ _100
100 117 Nov 21 117 Nov 21 107 June 120
Nov
100"n
100"32
10022n
100"n
101112
100"n
Low_
of 1932-47 (F11111 shoo
Guantanamo Sus 91_100
70 92 Nov 20 94 Nov 23 90
July 107
Jan
Close 10022n 1012n 10024, 100t2n 100241 1002in
Gulf States St let pi_ 100
90 105 Nov 19 108 Nov 23 1034 Nov 110
Apr
s
22
2
3
74
4
Total sales is 51,000 emits_
Hackensack Water pf _25
90 314 Nov 22 33 Nov 20 23
Jan 38% June
Second converted 45-4% High
Preferred A
25
130 27 Nov 22 274 Nov 23 2534 Jan 29 June
____
____
____
___.
--__
---Low_
(First
1932-47
of
bonds
Hamilton Watch pref 100
150 1004 Nov 19 100h Nov 19 99
Apr
Aug 104
Second 4345)
Holland Furnace
14,6
47)4 Nov 21 49h Nov 19 454 Nov 50% Nov
_ __
____,_
____
------Total sales In 11.000 snits-Industrial Rayon
• 3,000 133% Nov 22 140 Nov 23 132
Oct 146
Oct
.
10-1132 1MM,, 101
10-1.....
32
{High 10-1,
Int Nickel pref ctfs_ _100
95 119 Nov 21 119 Nov 21 119
Nov 119
Nov Fourth Liberty Loan
10022n
100"32
10021n
10022n
---1012n
Low_
liti% bonds of 1933-38
got Paper & Pow A _ _100 6,600 28)4 Nov 23 344 Nov 19 2874 Nov 3434 Nov
1008in 101
101
____ 101
Close 101111
(Fourth 434.)
Class B
* .
15 Nov 20 19 Nov 19 15
Nov 19
Nov
49
3
61
66
____
24
Total sales in $1,000 units__
Class C
* 13,500 11 Nov 21 1334 Nov 19 11
Nov 134 Nov
..--- 113In 113,n 11398, 113% 112"n
High
Internat'l Silver
100
700 148 Nov 19 154 Nov 19 126
Jun 196
Jan Treasury
112"as
_-__ 112t2n 11220n 113132 113
Low_
1947-52
4343,
Preferred
100
200 121 Nov 17 121 Nov 17 119
Oct 131
Jan
n 112"n
” 113,
12 113,
-- 113,n 113,
Close
Interstate Dept Stores_* 2,600 63% Nov 23 674 Nov 19 614 No 69% Nov
22
24
30
51
43
____
Total sales in $1.000 units__
Preferred
100
100 12534 Nov 23 1254 Nov 23 124% Oct 131
Oct
22 108,32 107"12 108,32
107"n 107"ss 108,
{High
Jewel Tea pref
100
100 1194 Nov 17 125 Nov 21 1194 Nov 125
May
107"sa
1071132
108
,
12
107"32
107"32
107"n
Low_
4g. 1944-1954
Johns-Manville pref _100
24011934 Nov 19 120 Nov 22 11834 Oct 122
Apr
107", 108,n 10813, 108"3 108132
Clone 107
Kaufmann Dept St $12
Nov 34
2,600 30 Nov 22 31)4 Nov 20 30
Oct
10
61
200
91
66
3
Total sates in $1.000 units__
Kreuger & Toll
81,800 3634 Nov 22 374 Nov 17 354 Nov 404 Oct
s2 105132 105132 1041,n
---_ 105,n 105,
High
Laclede Gas pref _ _ _100
100
Jan
100
Nov
20
1004
Nov
19
100
1244 Jan
1041in
---- 104", 104"32 1051,2 105
Low_
1941-1955
8545.
McKesson & Robbins_ _* 5,900 4534 Nov 17 464 Nov 17 45% Nov 49
Nov
104"ss
32 105
33 108,
32 105,
..-- 105,
Claw
Preferred
50 9,600 54 Nov 19 574 Nov 23 54
Nov 57% Nov
IC
2
11
116
161
..___
Total sales in $1,000 units_
MacAndrews & F pf _100
Oct 109
360 107 Nov 17 107 Nov 17 106
May
9924, 9926c
99133: 99"a
____ 992.4
illigi
Mundt Sugar prof.. 100
Nov 88
Jan
100 51 Nov 20 51 Nov 20 40
992X
99221
9922n 9922
-___ 991h
Low_
1943-1947
8%e,
Common
100
Nov 41
270 263.4 Nov 22 30 Nov 23 21
Jan
99%
99513
98"32 99113
--_- 99"3
Close
Melville Shoe
1,100 644 Nov 2 6534 Nov 23 60% Nov 70
1
Sept
1
6
101
Tow Eau to 51,000 salts.......51
Mexican Petroleum_100
40 290 Nov 22300 Nov 22250
Mar 360
Jan
--- 99113,
99"as 99112
High 9912n 9920s
600 464 Nov 21 494 Nov 19 46% Nov 49% Nov
Murray Corp rights__
991h
---99'
13
32
991,
99
0
3
9914n
Low..
1940-1943
'334..
National Lead pf A.100
70 140% Nov 20141 Nov 19 139
Jan 1474 may
9924
9912,
9922n 99211
Close 9904,
Preferred B
100 230 118 Nov 19118 Nov 19 115
July 136
Jan
I
12
130
1
Total sales In 11.000 units_
National Supply pf_ _ 100
10 115% Nov 191154 Nov 19 114
Sept 119
Jan
500 150 Nov 21 150 Nov 21 150
Nat Surety new
Nov 150
Nov
Note.-The above table includes only sales of coupon
North Germ Lloyd wl
400 89 Nov 23 6934 Nov 22 69
Nov 693-4 Nov
100 330 1134 Nov 2 1144 Nov 19 109
Outlet Co pref
Sent 11474 may bonds. Transactions in registered bonds were:
Pacific Mills
100 430 3334 Nov 22 3434 Nov 20 25
Oct 354 Nov
1002on to 1001135
4 let 4348_6
Pac Tel & Tel pref._100
50 121% Nov 2012134 Nov 2 114
Oct 125% may
100"12 to 101112
44e
Penick & Ford pref _100
10 106 Nov 23 106 Nov 23 103
Oct 115
Mar 21 4th
Penns Coal & Coke- --50 800 1234 Nov 19 13 Nov 17 8
Aug 144 Jan
Phillips Jones pref. _ _100
20 884 Nov 23 90% Nov 21 85
Ap 99
May
Foreign Exchange.
Pub Eder El & Gas pf _100 600 1084 Nov 20 109 Nov 19 107
Aug 1104 Apr
Rhine Westph Pr & Lt.- 5,800 5134 Nov.20 53 Nov 17 50
To-day's (Friday's) actual rates for sterling exchange were 4.844(4)
Oct 54)4 Oct
Royal Dutch rights
3,600 74 Nov 19 7% Nov 22 74 Nov 7% Nov 4.84 11-16 for checks and 4.85(4)4.85 1-16 for cables. Commercial on
11-16@4.803-1; ninety
Sloss-Shef St & Ir pf _100
100 111 Nov 19 111 Nov 19104)4 Oct 123
Mar banks, sights, 4.8454(4)4.84 9-16; sixty days, 4.80
So Porto Rico Sttg pf _100
180 13134 Nov 23 135 Nov 21 131
Oct 144% Aug days,4.78 13-16(84.78",,; and documents for payment,4.8034 19.)4.80 11-16.
for payment 4.83 15-16.
and
grain
Spang Chalfant pfd _ _ 100
15-16,
100 974 Nov 23 974 Nov 23 97
4.83
payment
for
Cotton
Oct 100
Aug
Sun °Sprat
100
140 103 Nov 19 107 Nov 22 100
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9054
Jan 109)4 Apr
Texas Corp,rts
200 4% Nov 23 44 Nov 23 4% Nov 44 Nov for short. Amsterdam bankers' guilders were 40.12040.1354 for short.
10 1,400 564 Nov 17 5834 Nov 23 554 Nov 61% Oct
Truscon Steel
Exchange at Paris on London, 124.11 francs: week's range, 124.13
Underw Ell Fish pr._1
40 125 Nov 23 125 Nov 23 119
Mar 126
Apr francs high and 124.10 francs low.
,
U S Cast Iron Pipe & Fdy
The range for foreign exchange for the week follows:
200 19 Nov 23 19 Nov 23 184 Nov 19
Cable.,
2nd pref
Checks
Sterling, ActualNov
40,300 434 Nov 17 634 Nov 20 44 Nov 634 Nov High for the week
4.85 1-16
US Ind Alcohol rts
4.84 11-16
4.85
U S Tobacco
19-32
*1 1,200 1004 Nov 19 105 Nov 22 86 June 120
4.84
Oct Low for the week
10 136 Nov 21 136 Nov 2112734 Jan 139 June
100
Preferred
Paris Bankers' Francs
•34,200 78)( Nov 19 8434 Nov 23 584 Oct
3.9034
United Elec Coal
3.9054
week
High
for
the
Nov
04%
530 120 Nov 17 1214 Nov 23 120
3.90 11-16
Unlv Leaf Tobacco pf 100
Oct 125
3.9054
Sept Low for the week
101
30250 Nov 21 260 Nov 21 120
Utah Copper
Oct260
Amsterdam Bankers' GuildersNov
80 514 Nov 21 524 Nov 19 47
40.1554
40.14
Va Ir Coal&Coke pfd 1001
Oct 624 Jan High for the week
150 494 Nov 2 5034 Nov 19 494 Nov 61
40.15
40.12
Warren Bros let pf __ _5
Apr Low for the week
Wesson 011 & Snowdrift* 5,700 87 Nov 21 9534 Nov 2 87
Nov 95
Marks
Bankers'
Germany
Nov
•I 10010534 Nov 1910534 Nov 1910534
23.84
23.83
Preferred
10
Nov
Nov 834
High for the week
* 2,800 2134 Nov 23 22 Nov 20 18% Oct 22% Nov Low for the week
23.82
23.80
Wilcox Oil& Gas
'I
5134 Nov 23 55 Nov 17 5134 Nov 56% Nov
Young Spring & Wire_•,
Bank.Trust &Insur ance Co. Stocks.
Curb
Market is
80705 Nov 21 710 Nov 2 550
Bank of Commerce.1001
Feb 770 June
The Curb Market.-The review of the
50760 Nov 17 770 Nov 19600
Mar 770
Corn Exchange Bank 1001
Nov given this week on page 2917.
50475 Nov 17 480 Nov 17 410
Jan 763
EquitTrCoOfNY....10l
Sept
50705 NOv 21 705 Nov 21642
A complete record of Curb Market transactions for the
National Park Be.nk_ 1
Jan980
May
week will be found on page 2944.
•No par value.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 17.
Monday,
Nov. 10.
Tuesday,
Wednesday, Thursday,
Nov. 20. I Nov. 21. I Nov. 22.
Sates
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER 8H ARE
Range Since Jae. 1.
ON basis of 100-share kas
PER SHARE
Range for Previous
Year 1927.
Friday.
Nov. 23.
Lowest
Highest
Lateen
Highest
$ per share $ Per share j $ per share 1 $ per share $ per share 5 per share Shares
Railroads.
Par
share
Per
per share $ per share
per shots
20134 202
10018 201781 202 20314 19818 20178 19818 20018 10814 2004 6.700 Atch Topeka & Santa 1",.. .100
1823
2
8
201
Mar
Nov 16 16114 Jan 200 An,
104 10412 10414 10412 10414 10412 10418 10418 10414 10414 104 104
2,000 Preferred
100 1024 Jan 5 10813 Apr 9
105% Dee
Jan
9938
17234 172% 17212 17212 173 173
17112 1727 170 17012 170 170
2.200 Atlantic Coast Line RR_ _100 15718 Oct 5 19112May 7 174% Apr
2054 Ain
11612 116% 11512 11612 116 11738 11334 1173 11458 11512 11412 116
38.000 Baltimore & Ohio
1033,June 10 1194 Apr 12 1064 Jan 125
001
•78
79
77
78
78
78
*78
7812 7873 788 7813 7812 1,200 Preferred
10
°(0
) 77 Nov 19 85 Apr 4
7314 Jan 83 June
7034 7034 70
71
708 71
6814 71
1,700 Bangor & Aroostook
*69
70
70
70
50
61
June
12
Jan
844
11
44
Jan 1034 Mal
•110 11114 110 110 *____ 11114 •____ 11114 •
11114
140 Preferred
11114 •
110 July 7 11534kIay 31 10112 Jan 122 June
*78
80
*75
80
*75
80
+75
80
1.400 Boston & Maine
7712 7912 7934 80
100
0° .58 Feb 18 83 May 10
68% 68% 6618 6913 6538 6713 65
664 6612 66% 65
6612 27,000 Bklyn-Manti Tran v t e_No par 53% Jan 17 7714May 3 -53 - Aug -70-7-2 -Jan
9018 9018 9038 9038 +9038 9034 *9038 9034 *89
600 Preferred v t c
90% 9034 9034
No par
JaR
do34 4112 41
43
4234 44
4218 44
33,900 BrunswIck Term & Sty Sec_1(10 82
4118 43
42
43
141,j
Ja n 5
4 4
97
8738m S
N tairt 4
3
77
84
12 Oci
Oct 8198% Dee
23118 233
2303, 236
23614 24212 236 24234 23712 24138 238 251
90,300 Canadian Pacific
100 1.9512June 19 251 Nov 23
19612 19834 197 19814 198 200
197 19934 199 19934 201 202
14,200 Chesapeake & Ohio
17512June 19 20514 Jan 6 1-51-1-4 -Jan 21-8-1;-601
+1034 11
11
108 11
11
1138 1078 113, 11
11
118 3.500 Chicago & Alton
52 Jan 30 1834May 2
4.34 Jan
1038 June
1734 1834
1818 1818
1818 1834 173, 183, 18
1753 1838 4,400 Preferred
18
77 Feb 20 2638May 2
713 Jan
1838 July
44
.41
4412 45
4212 4212 *41
45
*43
*43
96
500 Chic & East Illinois RR__ _11110
46
37 Feb 28 4814May 10
°
0
)
:
):
604 Jan 61 July
62
62
64
6473 6438 644 65
66
65
6512 6512 6614 4,800 Preferred
1011 58 Aug 15 7658May 4
43 Jan 8473 Oct
15
1513 1434 1514
1514 1578 1478 1512 1518 1558 1478 1538 12,700 Chicago Great We8tern
100
94 Feb 8 16118May 2
813 Jan 224 May
3478 3412 3514 347 3612 3518 3612 354 3613 3538 3614 31,200 Preferred
34
101) 2012 Feb 20 3638 Nov 12
Deeu
4,
14
f0
741 Jn
3478 35% 3413 3538 3514 3633 3518 367
3514 3638 35)8 357 29,300 Chicago 5111w St Paul & Pac_ _
2214 Mar
4013
Jan
Apr
9
26
531
53
53% 5234 5314 5314 5514 5318 5518 5318 5438
5412 48.7,00 Preferred new
37 Mar 2 5612Sept
371
/
4 Dee
_
___
9018 9134 9018 9114 9012 9314 9053 9318 9034 914 9012 92
39,700 Chicago & North Western_1110
1) 78 June 19 9414May 4-78% - Jan 974 Soul
140 140 *140 143 *140 142
140 140 *139 142 *139 142
300 Preferred
100 137 Sept 5 150 May 2 1264 Jan 150
Oct
13334 1347 13312 135. 133 13478 13134 13473 13214 1337 13134 13312 17,800 Chicago Rock 1a1& Pacific. 100 106
Feb 18 13634 Oct 24
6812 Jan 118 July
109 109 *10814 110 , 10838 10914 *10813 10934 *10014 10934 1093, 1093,
900 7% preferred
100 1061
.Feb 9 11113May 31 1021* Jan 111% Del
102 102 *102 104 ' 1024 10213 *10213 104 *10214 104
500 8% preferred
1024 10234
100 100 Feb 24 105 May 31
9514 Jan 101 Noe
*108 115
110 110 +1071 110 *108 110 *108 110 *108 110
100 Colorado & Southern
100 105 Aug 15 126 May 3
Jan 137% July
84
*7714 78
*77
80 , *7712 7812 +7712 7812 7712 7712 *7712 7812
50 First preferred
100 67 July 3 85 Apr 10
Jan 78 Dee
70
*70
*70
*70
76
76
76 1 70
70
76
*70
10 Second preferred
+70
76
100
Nov
6913
2
85
May
75 001
9
Jan
68
751 7512 75
76
7312 74
7634 75
75
7578 74
4,000 Consol RR of Cuba Pref....100 89 Apr 12 8753June 1
75
65 Aug 77 MAY
19312 19312 193 . 194 . 193 195 . 191 195
19412 19412 18912 192
5,40(1 Delaware & Hudson
100 16314 Feb 10 228 Apr 28 1714 Jan 230 June
84
132 132
132 132 1 131 13134 131 133
13034 131
13234 13234 3,700 Delaware Luck & Western.100 127 Nov 1 150 Apr 9 13018 OM 173 Ma;
53
58
*5734 59
5712 58
574 57/
1
4 56
5878 584 5812 1.600 Deny & Rio Or West peel...100 6018 Feb 20 858 Apr 28
414 Jan 6714June
35
*334 4
*334 4
*334 4 1
334 334
358
400 Duluth So Shore & Ati
312 312
77 Dee
100
3 Aug 3
638 Jan 6
238 Apr
*612 61
*6
613 +614 613 *512 614 *534 6
1 Preferred
*51+ 6
100
43sJune 19
912May 2
4 Mar 1114 Des)
6112 6238 6134 6278 6338 6538 6258 6513 633 6812 6712 6914 205,900 Erie
100 48/4Ju1,e 19 6914 Nov 231
3913 Jan 69% Sent
6114 59
1
4 5912 60
5914 59/
6114 60
59
6138 6058 6138 20.5001 First preferred
100 50 June 18 634 Jau 7
52% Jan 6614 Aug
57'z 57
571
*56
/
4 58
57
5734 5818 5738 5753 58
5814 3.200 Second preferred
100 4914June
62 Jan 6
Jan 13412 Aug
49
10834 10938 10814 109% 10958 11434 111 11434 11114 11312 112 11213 64.000 Great Northern preferred_ _100 9311 Feb 20
6 114% Nov 20
79% Jan 10371 8e91
10478 10514 10513 106
107 11134 10814 11113 10838 10914 108 108
21,700/ Prof certificates
100 914 Feb 7 11134 Nov 20
854
Mar
101 Beni
2938 2938 3114 3018 3178 3038 3212 3218 33 131,400
2834 2914 29
Iron Ore Properties_ _No par 1914June 12 333 Oct 23
18 July 2834 Sept
5213 5333 5212 5314 5212 5312 53
5213 524' 5113 52
6.400 Gulf Mobile & Northern_ _100 43 Aug 6 6178May 10
53
Jan
354
7638 July
•103 104 1+103 105 *103 105 *103 104 *103 104 *103 104
Preferred
100 99 Aug 16 109 May 1 105
Jan 11214 Apr
5538 544 56
5512 557
55
55
5512 55
5512 55
5612 6,900 Hudson & Manhattan
100 51 Jan 3 7312 Apr 24
404 Jan 85% May
86 1 *83
*83
.83
86
85
86
*83
*83
*83
I Preferred
86
86
100 81 Oct 8 934 Mir 26
78
Jan 0013 May
14113 14212 140 140
14012 141
14013 14114 14012 14034 13913 140
3,000 Illinois Central
100 1314 Jan 11 148/4May 9 12118 Jan 13932 Oct
•138 142
140 140 1*138 143 1+137 140 .138 140 *138 142
100 Preferred
13
100
147
Jan
1304
May 15 12072 Jan 140
Oct
477 4834 422 48
3912 4178 393 4212 40
40
41
40,400 Interboro Rapid Tract v t 0.100 29 Jan 5 62 May 3
42
304 Aug 534 Feb
4713 4713 47
4712 4738 4878 48
48
48
49
49
50
4,100 Int fly, of Cent Arnerica_100 3612 Mar 16 51 June 113
23 Apr 424 Oct
*8013 804 .804 8034 *8018 8034 804 81
*8013 8078
220 Preferred
8018 81
1110 6972 Jan 3 82 May 1
Apr 7414 OM
62
7314 75
7114 7214 72
7734 7973 79
SO
82
82
8514 108.800 Kansas City Southern_ 11)0 43 June 13 8514 Nov 23
4114 Jar
704 July
6973 6978 *69
70
70 I 71
71
70
70
700 Preferred
70
71
*70
100 6612 Aug 10 77 Apr 20
04% Jar
7311 Dee
9833 9838 9714 9714 9838 9934 9714 9958 97
4,900
9614
9614
Lehigh Valley
98
44 Feb 20 116 Apr 26
8812 Oot 13713 June
15013 15012 148 148 *147 149
147 147
1,000 Louisville & Nashville
14612 14612 145 146
18°
00 13938 Nov 2 1591251ay 10 1283, Jan 15018 Oot
*86
30 Manhattan Elevated guar_100 75 Jan 9 96 May 4
8738 8738 87% 8612 8612 *8612 90
*8612 90
*8613 90
7814 Dec 90 Feb
4912 5012 46
5138 454 4614 4534 46
4514 46
Modified guaranty
4533 5334 11,200
100 40 Jan 10 64 May 3
413, Dec 54% Feb
*312 412 *312 413 *312 412
413 413 *312 41
/
4 *313 414
200 Market Street Rallway
4 Oct 10,
100
712Nlay 15
433 Nov
1371 June
1.600
*4113 42 ; 40% 4112 4012 4112 39
Prior preferred
4134 43
41
*413 43
100 39 Nov 23' 54114May 4
411
/
4 Feb 81,
4 Aug
3
234 3
278 278
3
28 1,700 Minneapolis & St Louis.._..100
234 234
23
278 278
178.May 23
612May 2
138 Jan
48 Feb
45
*44
1,900 Minn St l'aul & S S Marie.. 10(1 40 June 21 5238 Jan 6
4434 46
48
*46
47
458 458 467 4713 *45
Jan 564 Dec
27
*75
*75
80
*76
80
80 1 7534 7012 *75
200 Preferred
80
*75
79
100 76 Feb 7 87141%112y 16
50
Apr 8812 Dec
62
80 I,eased lines
*61
62 .6012 62
*61
62
62 1 *61
62
62
*61
100 01 NOV 15 7113 Jan 9
58/
1
4 Mar 71 Noy
/
4 5478 503 54
5214 5338 524 5313 531
5158 523 5112 5334 97.000 Mo-Kan-Tex RR
No par 3012Jutte 13 55 Nov 14
3113 Jan
8612 June
10412 105
2,900 Preferred
10412 1053, 10518 1058 10538 10538 105 105
10418 105
100 10112June 12 109 Feb 3
9514 Jan 1094 Dee
72
6918 7078 43,300 Nlissouri Pacific
7012 71% 7018 704 6912 7238 70
6958 707
417, Feb 7 7614Sept 17
100
0,
374 Jan 82 Ape
123 123
Preferred
12214 1233, 12112 123% 12158 12334 12158 123
1227
500
121%
8 10
1015 Feb 20 126 Oct 25
9018 Jan 1183, Nov
314 314
33, 33,
314 314
333 3%
3)3 334 4,400 Nat Rye of Mexico 2d pref_100
312 312
I Feb 17
54 Apr 211
11 Aug
ala Oct
18334 18538 182 18458 18413 18812 182 18678 183 18458 18318 1848 133,300 New York Central
158 Feb 18 191 12May 10 13714 Jan 1714 001
12838 12914 12814 129,
132 1355, 135 137% 11,400 N Y Chic & St Louis Co... _100
3 130 13212 13012 132
1)1() 12114 Oct 10 146 May 11 5110 June 24011 May
3001 Preferred
•10734 10812 108 108 *10734 108 1 10734 10734 *10734 108
107% 10734
100 10412 Aug 24 110 Jan 4 102 Mar 110 Dee
*285 300 +285 300
360,N Y .1. Harlem
297 300 I 290 300
298 330
31114 326
50 1158 Jan 3 505 Apr 26 167 Deo 185 Apt
6838 6858 7214 7112 7314 7012 7212 7038 7334 731
68
100 5438.1une 19 77% Nov 23
/
4 773g 167,500N It N H dr Hartford
4138 Jan 6314 Deg
113 113
113 11338 113 113 1 1133* 11338 11314 1131
113 113
112 Sept 17 117 May 3 1103, Oat 114/3 Not
/
4 1.7001 Preferred
2812 27
2658 2718 27
6,700 N 5( Ontario & Western___100 24 Feb 20 39 May 2
2858 2713 2813 2738 28
2718 28
234 Jan 41114 Sept
614 Jan 24 13 May 3
N Y Railways pre!
+8
9
No par
*7
812 +7
8
8
*7
*7
8 I *7
8
4% Dec 15% Jan
4312 44
43
4413 4412 45
21,200 Norfolk Southern
58
11.81 32 June 12 58 Nov 23
44
44
45
574 46
3718 Jan 0612 June
4,200INorfolk & Western
191 193 1 19334 19334 192 1935, 19134 192lz 19212 193
193 193
100 17
75June
912 A 19 197 May 9 156
Jan 202 Nov
+84% 8578 38518 8778 *854 86 , *8518 86
1011
Apr 26 90 June 12
*8518 86
*8518 86
83 June 90 July
j PreferredPacifte
11014 11218 10912 11134 113 118 i 112 11638 1115, 11478 11112 11478 97,000,Northern
100 92; Feb 7 118 Nov 20
78
Jan 10218 Dec
10618 107
10438 110
109 115
0:: 9038 Feb 20 115 Nov 20' 86 July 0972 Dec
15
10818 11173 109 11012 10712 10912 39,900 Certificates
*23
27 ' *23
200 Pacific Coast
27
100 1912Nfay 14 3478May 25
*23
27
+23
*23
27
2634 26%
27
154 Feb 3138 Dno
6678 6712 6712 6912 6914 697
6178June 19 7211 API' 27
68% 6934 6833 69% 6714 6878 120,500 Pennsylvania
Mai Jan 88
Oct
500 Peoria & Eastern
31
31 ' 31
*30
3114 *31
100 25 Mar 12 37 May I
*30
3112 31
3113 31%
31
20
Jan la% July
.
801Pere Marquette
146 14634 14612 14634. 146 14612 14514 14712 147 14912 8,200•.
14514 146
1 1 247.. Feb 9 14913 Nov 23 1144 Jan 1404 May
10
181)
Prior preferred
98 , *97
+97
98
98
96 Oct 31 1019, Mar 28
97
98
•97
97
97
98 , 97
93
Jan 9914 Dee
3001 Preferred
94
94
94 ' 94
94
93
1.92
92 Nov 13 10034 Mar 30
94 ' *92
*92
*93
94
81% Jan 9713 Dee
15114 1523, 154 158
100
152 152
0
121 14 Feb 20 163 Oct 9 12212 Jan 174 May
15312 15312 15312 15312 153 15312 5,100 Pittsburgh & West Va
3,500 Reading
10418 10418 105 10614 10412 10458 10312 10414 1034 103
106 106
511 9414 Feb 7 11938May 10
Jan 12814 JIMA
514
First preferred
45 , *43
*43
44
*43
451 *4212 44 , *4212 44 I *4213 44
50 41)3 Nov 1 48 Apr 9
4013 Jan 4.34 Dee
8001 Second preferred
50 44 Jan 28 597..May 1
48131 4714 4714
4733 4738 47
47
4812 *47
*4713 50
*47
4338 Jan
50 Feb
300 Rutland RR peel
69
69 1 67
6712 .67
67
69 •66
*67
69 1 67
*65
60 Feb 21 7214May 18
43
Jan 09 May
11812 11812 118 119 ' 1177 11038 11814 118% 1181
/
4 1184 11712 11838 7.900 St Louis-San Francisco____11(10 109 Feb 7 122 Mar 23 10034 Jan 11714 Jure
9612 9612 9658 9634 9634 97 1 9612 97 1 9612 96% 9612 96% 7.8001 1st pref paid
100 9458 Oct 10 101 May 21
6,200/Sea
5,400.131 Louis Southwestern
12014 12134 11712 12078 1203, 12038 11714 1197
board1
110
120 12078 11812 121
1:0 674 Feb 8 12413 Nov 10 11 Jon 93 JunO
100
Preferred
9234
*90
9018 *90
94
91
*90
9018 904 *90
9058 *89
100 89 July 14 95 Jan 3
7878 Jan 94114 Dee
Air Line
1712 1712 1734 1734 1753 1812 1758 1833 1712 1712 1738 18
11% Mar 3 304 Jan 3
281
/
4 Mar 11114 Feb
2178 2178 5 701
Preferred
22
22
2013 2214 +2113 22121 *2013 22
*20
*20
17 Aug 4 38 Jan 3
324 Apr 4538 July
Southern
27,110
12512 127
Pacific Co
125 12612 12638 1274 12558 12734 12514 126
12534 126
11758 Feb 7 131145lay 9 10614 Jan 1267s Dee
1473, 14914 10,400,Flouthern Railway
149 14978 1481+ 14878 14813 14938 148 14813 148 148
1110
1(
:1: 13013 Feb 8 165 May 7 119
AD 169 Dec
_ *9918 9912 98
9912 2,1001 Preferred. . ______ _
991 9111
pa
9938 100
•132 135
9658Sept 25 102 Jan 17
94 Mar 1014 Dec
132
2601 Mobile & Ohio certifs
129
129- 119
13318 134% 13318 13412 130 130
. *130 132
100 100 Jan 13 15913 Jan 20
80 July 115 Deo
2,100 Texas & Pacific
180 18334 182 18334 181 181
18018 18012 *181 184
141 185
9912 Jan 31 19958 Oct 23
5973 Jan 11.1375 Nov
33
3,000 Third Avenue
*32
34
3438 3412 3378 3378 *32
35% 35% 3413 357
284 Jan 10 4618May 3
Feb
41
2814 Aug
3612 3512 3712 2,500 Twin City Rapid Transit_ _1110
39
3614 35
3913 3912 3934 3934' 38
36
‘1)11
3214 Sept 5 56 May 8
45 Nov 6514 Feb
100
100
*9914
100
Preferred
•9914
100
*9914
98
1
98
1
100
.98
398 100
94 Oct 30 107 Feb 10
101
Apr 106 May
99
26,400 Union Pacific
215 218
216 21934 215 219
21612 218% 217 221
21734 220
1884 Feb 6, 22478 Nov 12 1591. Jan 19738 Dec
1,300 Pre
refferre
1
4 8313 8318 831
/
4 834 8314 8318 8314 8318 8318
i.ed A
8314 8312 83/
77 Mar 8534 Dec
8218 Oct 3 8714 Jan 20
11,600 Wabash
788 7912 78% 80
78121 7953 82
7834 81
*7812 7912 78
51 Feb 18 9614aIay 11
4.1312 Jan 81 June
800
9312 9312
9.5
*93
94
94 4 94
9314 9314' 94
*93
95
Jan 101 Juno
11111(11:1:
8812 Feb 7 102 May 18
78
*9214 95
Preferred 11
*9214 95
94
95 1 *92
*92
*92
94
*92
Jan 98 June
95
615
87 Feb 4 9912May 18
10(
45)3
4434 4014 20.760 Western Maryland
4533 4873 447g 4658 4412
43
43% 4258 433
8u
3/134, Feb 8
1314 Jan 07% June
Ps
9 5434May 10
4 1_ 4512 45% 2,500 Second preferred
4613 4718 *
Jan 071
23
*42
/
4 June
48
4313 42% 42% 45
Feb
547eMay 10
118
31% 31% 3173 1"/ 3171 3178 3153 3113
2518 Ayr 4713 June
2814 Feb 7 3713 Jai) 13
10(
3112 3",
315" 31%
5634 564
564 1.100 WPreefrenrrePd"ific
57
56 •56
57
56
Apr 761 Feb
554 55'1 5514 56
55
100 5212 Aug 15 624 Jan 15
•Biti atm asked prices. no gales on 1511 day, • al-alyalaua
a 4.11-divinend and ex-Mits. y 151-tbsota.
Ez-dly. oil',. the SWIM of Chesapeake Corp. Clock.
1
2929
New YorK Stock Record-Continued--Page 2
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday.
Tuesday, , Wednesday. Thursday,
Monday,
Saturday.
Nov. 23.
Nov. 22.
Nov. 20. I Nov. 21.
Nor. 19.
Nov. 17.
$ per share $ per Share $ per share i Per share $ Per share 3 per Share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jas. 1.
Oshasia of 100-shars logs
Lowest
Highest
$ per share
8 POT Oars
PER SHARE
Basle for Pretties
Y oar 1927
Lowest
Highest
Per share S per share
Shares
Industrial & Miscellaneous.
1
No par 3614 Nov 2 85 Apr 62
4812 18,800 Abitibi Pow & Pap
4113 4338 44
3812 3913 3814 3978 3918 4012 3934 41
100 76 Nov 2 10238July 31
2,200 Preferred
8114 8212 84
80
7912 81
79
79
SO
7912 7912 79
4 Not
Siii 11-81par 90 June 19 11712 Nov 14
8traus____No
&
Abraham
1,400
11112
110
11014 11012
112 11438 .110 112
116 116 .112 115
109 Oct 27 11412June 18 109 Aug 1134 Feb
210 Preferred
11012
110
*10912
11014
4
.1093
4
1093
11014
*110
4
1093
4
1093
111114
.10934
210 Nov
Jan
19
Oct
410
4
Jan
124
195
0
0
1
Express
Adams
2.500
37812
37514
376
370
370
365
370
*365
375 375 .345 370
75 Oct
154 Fob
100 1112 Feb 8 65 Sept 25
5212 12,430 Advance Rumely
5018 5314 4934 0114 50
4812 50 1 5012 52
4812 49
224 Oct 454 Nov
100 3414 Jan 17 6934Sept 25
6138 6138 5,000 Preferred
62
61
6278' 6258 63
6238 6212 6112 6212 62
17
Jan
234
20
Mar
54
618 Sept
June
4
52
1
Lead
Ahumada
10,800
8
33
311
312
312
314
312
8
33
314
338 338,
312 334
No par 59 June 19 87 Nov 15
8678 15,900 Air Reduction, Inc.
86 I 84
8512 8358 8434 83
8478 8318 84121 84
84
712,Tune 12
1418 Jan 24
74 June
No par
Rubber. Inc
Ajax
97,200
912
81
97
11
1018
10
9
8
105
912
1
10
8
93
812 9
24 Feb
June
1 Jan 5 10 Nov 10
812
8'4 25.300 Alaska Juneau Gold Min_. 10
81
73
83*,
8
814 87 ' 8'4 83
834 87
18
Apr 32 Sept
2658 2514 2612 2512 2512 2514 2512 1.700 Albany Pert Wrap Pap_No par 23 Mar 15 3114 Jan 26
2534; 26
25
25
25
24112
16914
18
Feb
131
146
12
par
Nov
8491
Jan
Dye_No
Allied
St
Chemical
28,400
23712
234
I
237
23412
236
22912
23712
233
23412 23834 22912 234 I
100 12012June 28 12738May 4 120 Mar 124 Au,
1,300 Preferred
12312 124
*123 12412 124 125 1 12314 12314 12312 124 *123 124
Jan 11814 Dee
88
100 11518 Feb 18 14734 Nov 16
Mfg
Allis-Chalmers
6,700
4
1443
14312
14312
143
1435a
14218
8
1435
8
1415
143121
14314
144 145
11% Nov
2418 Feb
918 Oct 8 164 Apr 19
1,200 Amalgamated Leather_No par
1112 1138 1138, 1014 1014 1018 1018 1034 1034 1038 1034
411
68 Dec 108 Feb
69 Mar 2 90 Apr 19
7514 7514 1,500 Preferred
79
79 . *77
7718 *77
78 ' 75
7312 73121 *74
19
Nov
8
27% Apr 375s Felt
No par 274 Feb 20 437
43 I 41
4112 431g 125,600 Amerada Corp
43
4378' 4238 4334 41
3978 40
39
818 Apr 2112 Des
2412' 2214 2312 2314 2378 83,400 Amer Agricultural Chein__100 1558 Feb 20 26 Nov 19
2214 2478 2312 26 I 2418 2518 20
19
284 Apr 7214 Dee
Nov
8
797
20
Feb
8
3
55
100
7612 39,100 Preferred
74
76
74
7958 7212 77
797s 78
7412 7834 78
Jan 98 Nov
4.1
10 748, Jan 17 159 May 9
4,100 Amer Bank Note
134 135
131 133
131 140
13638 13638 136 137
13712 138
564 Jan 65 Sept
50 60 Oct 19 6578 Jan 3
6113
160 Preferred
61 .61
61
62
6234 61
62 I 61
62
61
61
151s Oct 234 Mai
18
1712 1712 17514 175* 1.500 American Beet Sugar __No par 1434 July 13 2412 Aug 28
1758 18
18
18
18
18
18
35 Dec 804 Jae
100 36 Feb 17 6158Sept 13
400 Preferred
50
50
50
50
50
50
55
55 .50
*50
55
.50
Jan 264 Oct
13
,Feb 18 41 June 4
3658 3518 3638 3518 3758 3612 3838 30.100 Amer Bosch Magneto__ o par 153
3714 3738 3612 3712 36
3515 May 68 July
21,500 An) Brake Shoe & F.__ _No par 3978July 17 4918 Jan 27
45
8
443
8
457
45
4612
8
443
47
8
453
46
4412
8
463
45
128 Mal
Feb
11714
12
June
128
11
Oct
4
1223
100
I
Preferred
128
*12518
12812
128
.12518
.12518
12812
.125 12812 *125 12812 .125
514 Aug 3012 Jan
108 Apr 27 2814Slay 21
1614 2,590 Amer Brown Boverl El_No par
1318 1378 1378 1512 15
1414 1312 14
14
1414
14
l() Aug 98 Feb
6574May 21
27
Apr
4014
100
Preferred
2,800
8
507
8
4912
.49
507
50
5014
4
493
49
50
49
*4912 513
4358 Mar 7751 Dee
25 7012 Jan 18 11712Nov 16
1101* 11378 11138 11338 11033 11312 197,400 American Can
11438 11612 11338 116
11512 117
Jan 14114 Dee
100 1364 Jan 10 147 Apr 30 126
9001 Preferred
142
14114 14114 14114 1404 142 142 .14112 142 .14112 142 *14112
95 July 111 Dee
13.700 American Car & Fdy....No par 8814July 31 11112 Jan 3
9334 94
9612 9538 9612 95
96
95
9578 94
96
96
Oct 1344 June
1244
31
Mar
13712
1
AUg
11953
100
900, Preferred
11812
.118 11912 118 118 *11814 120 *11814 11812 118 11812 11814
9818 Dec 103 Sept
100 81 Oct 20 105 June 4
900 American Chain pref
84
84
85
86 1 .84
8912 85
8912 .85
8912 .85
.85
4812
8
Nov
21
Nov
45
par
No
Chicle
,American
9,900
453
4512
46
4
45
453
4 46
4614 4514 4578 4518 4614
46
i(;" -.Wu; ifir "Li;
No par 107 Jan 6 114 May 21 "
I Prlor preferred
114
.109 114 .107 11212 .109 114 .110 114 .109 114 .109
938 Apr 1511 Nov
1512 Apr 10
37,900 Amer Druggists Syndicate..10 11 Feb 18
12
litz 1218 1178 1238 1158 12 I 1134 1178 11
1138 1178
3888 Aug 571,Nov
22
Nov
84
4
Jan
par
53
Tiling_No
Encaustle
13,000 Amer
7818 82
84
7612 80 . 79
7412 7412 76
73
7212 74
Jan 183 Nov
100 169 Jan 10 30014 Nov 10 127
Express
American
3.400
29912
292
29412
285
29114
280
28912
28812
288
285
290
4285
5334 5478 28.800 Amer dr Forn Power___No par 2238 Feb 28 5834 Nov 17. 184 Feb 31 Des
55
54
55
5412 5514 54
5434 5634 5412 56
884 Feb 1094 Dec
No par 10434June 25 110 May 24
10814 10814 10814 10814 10812 10834 10812 10812 10812 10812 1,100 Preferred
.108 109
No par 81 Feb 24 100 Sept 7
2.500 2d preferred
9512 96
96
9638 96
9514 9614 96
9612 9512 96
96
71 Apr -12-7i "Uzi
814 Oct 9 155., Feb 1
914
*913 19
914
900 American Hide dr Leather_100
914 913 *913 19
913 912
91,
•9
68 Mar 664 July
6788 Feb 1
100 31 Nov 1
1,500 Preferred
34
34
39
*36
39
*37
37
4014 3812 3812 37
39
30% Jan 71 Not
Amer Horne ProductsNo par 59 Feb 18 86 Nov 17
62,400
85
83%
85
8
832
8511
483
83
86
82
8
817
8014
254 Oct }12 Aug
No par 28 Jan 10 4658 Aug 6
4258 13,400 American Ice
4212 42
4278 42
42
4218 4314 4238 4334 4214 43
Jar 9612 Mal
84
100 90 Jan 7 9912May 9
9212 9212 1,600 Preferred
93
93
93
9212 9212 9212 9212 93
94
*93
72% Dee
17
Nuv
132
Jan
37 Mal
5
71
par
Corp___No
Internet
13114
Amer
61,000
128
4
13138
1293
4
12918
1263
13012
12412
4
1303
12714
13018 132
Jan
10
4
June
17
Oct
12
Jan
514
1138
Foamite_10
&
France
La
Amer
9,400
834 9
814 824
858 9
812 878
834 9
814 813
2018 Apr 7212 Nov
100 563* Jan 13 15212Nov 23
Linseed
1,200
15212
147
145
American
147
.135
147
147
8
1467
4
1463
*140
8
1457
8
1457
Nov
9212
Ma
8
465
23
Nov
4
1593
13
Jan
8612
100
1593
300
4
15212
4
Preferred
4
15934
1593
130
.
*151
15934
.151
15912
•150 15912 15912
9914 Oct 116 May
par 87 June 21 115 Jan 31
1044 10458 10318 10412 103 10438 98 1031z 100 10134 101 10112 10,500 American LocomotIve_No 100 10314 Oct 24 134 Mat 24 11912 Feb 127 July
110 111 *109 10912 1.200 Preferred
11178 112
112 112
112 112
•111 113
2(1
Mar
180
7314 Jan 18812 Dec
16
12912June
par
o
-N
1.800
Tdy
&
174
172
Machine
Amer
177 178 x174 17514
177 17812 17514 177
•17812 179
4952 Des
364 Nos
68,700 Amer Metal Co Ltd___No par 39 Mar 13 58 Nov 23
5412 5512 5578 58
56
75034 5312 54
5012. 5078 5012 51
100 109 Aug 8 1.1712May 14
115 115
115
.113
115
.113
•
115
*113
115
*11314
*11314115
101-3 Dec
1234July 19 25 Feb 7
No par
, 1712 1612 1612 1538 1558 1612 1612 5.100 American Piano
167
18
13
14
14
84 Nov 1104 mal
100 45 Nov 5 90 Jan 3
350 Preferred
4712 4838 4734 4734 4612 4812 4758 475*
47
46
*4518 46
Jan 73ss Oct
54
7734 7912 18,100 Am Power & Light____No par 6214 Jan 11 95 May 14
7914 7734 79
7958 8118 78
8118 8178 8118 82
No par 10158 Nov 10 10714May 28
*10178 1021ri 10212 10212 10238 10212 10212 10212 1025* 10212 10212 10212 1.500 Preferred
25 13018 Jan 18 19114 Nov 17 if61-2 Jar. 1475* Sept
185 18678 186 18978 23,100 American Radiator_
18512 19114 188 19078 18312 187
18578 190
8712 Apr 111314 Nov
130 14112 3.100 Amer Railway Exert., - _100 11012 Jan 4 14112 Nov 23
12812 129
128 12934 •129 130
12818 12818 12812 129
354 Jan 8212 Des
7218 7478 12,600 American Republics___No par 5114 Feb 7 85 Apr 12
7438 7138 73
7358 7534 ' 7212 748 731s 7478 72
0
28
m nyt 2
8Sea
4718
42 July 6474 Nov
7013 6934 7012 6934 71
22,000 American Surety Razor_No par 56 Jan 10 76
7078 74
70
6912 7012 6912 70
14
45
3878 Oct 51 Ally
Slay
Nov
8
273
par
No
c
t
v
Seating
Amer
32
3,700
3314
32
32
32
32
33
33
3278 33 1 Utz 33
212 Oct
, Jar
63
312 Aug
414
4
4
418 414 2,100 Amer Ship & Conon__.No par
4
4
4
4
8 37
4
Jan 1234 Nov
80
150 American ShIpbuildIng100 80 Sept 28 119 Jan 6
8514
8514 .85
85
85
85
8312 85 .85
84 I *83
*81
27418 28278 25,700 Am,Smelting & Refining-100 169 Feb 27 285 Nov 12 13258 Jan 1884 Dec
277 283
28314 285 I 280 28458 28012 28414 27512 282
100 1313, Jan 9 142 Apr 201 1194 Mar 133 Dot
500 Preferred
13718 13718 •13714 138 I 13712 13712 13718 13718 13714 13714
•13718 138
100 141 Jan 5 189 Nov 20 119% Jan 118; Nov
700 American Snuff
189 189
18834 189
18512 18512 189 189 1 186 186
182 182
9412 Jan 10812 Oct
100 106 Oct 30 120 June 5
Preferred
.105 11212 *105 11212 .105 11212 *105 11212.105 11212 *105 112,2
614 Apr 7284 Dee
70% Jan 11
5018June I
6612 75.800 Amer Steel FoundriesNo pa
67 1 6312 6512 63
68 i 63
68 I 6412 6838 66
64
Jar,
July 115
11014
29
Feb
120
19
June
109
100
11034 112 .11012 11112 4,300 Preferred
11078 11078 11034 111 I 11114 11134' 112 112
954 Ma;
100 55 Feb 18 87 Nov 20i 6514 Nov
85% 93,200 Amer Sugar Refining
8314 84388378 87 1 8278 8614 8334 8538 83
8314 85
Nov
104
11612
31'
Sfa7
11012May
1
Feb
100
100
Preferred
1,800
10712
4
1083
4
1083
4
10812
1083
108
10812
4
1083
*10812
10634
10612 108
4112 Jan 6884 Oct
4758 Feb 27 7358Sept 7
No pa
5612 5738 4,300 Am Sum Tob
5812 60 I 5818 5878 57
5878 5738 58
6078 61
Apr 864 Ana
26
21
21
22
200 Amer Telegraph dr Cable...100 1954 Oct 19 32 Jan 17
22 .18
211 .18
.19
21
21
14914
17
Jan 18512 Oct
May
211
24
July
172
100
Teleg
&
193 19614 55.600 Amer Telep
195 19714 197 198 I 19212 19758 191 196
194 200
Jar 189 Nov
10,800 American Tobacco com.....50 162 June 11. 1S254 Nov 16 120
180 18034 177 17912 177 17914 177 179 I 17712 17934 178 179
Jan 188 Nov
11914
18412Nov
16
19
June
152
50
11
class
Common
4
1793
178
8
1807
I
178
21.900
4
180
1803
17812
179
1
180
177 18034 17812
11018
Jan 120 Dec
18
Sept
126
4
1153
20
AM
100
500 Preferred
12012 12012.120 121 .120 121
.12014 12012 12018 12014' 120 120
2,800 American Type Founders100 10978 Aug 10 14214 Nov 16 11978 Nov 148 Feb
, 136 13814 136 13634 134 136
139 141 1z 139 139 I 138 1383
116 Sept
Feb
10714
31
Mar
115
10
Oct
8
1073
Preferred
112%100
*110
8
1115
411014 11238 *11014 11238 *110 11258 11110 11258 *110
Mi Aug 7218 Sep*
52 June 11 7054May 4
No pa
635* 6434 47,776,Aria War V. ks & El
6314 6412 6212 6414 6334 6534 6414 6612 6418 65
91172 Oct 1034 Dee
108 A pr 13
5
Oct
98
1.500
101
1st
101
preferred
1007g
4
10012
I
1003
4
1003
101
10014,
10014
.100
.100 101
164 June 335s Jan
100 14 July 27 3238 Nov 21
2934 93,000 American Woolen_
31 ' 2818 3238 2914 3012 29
2458 2733 29
2412 25
4678 June 8612 Jar
100 39 Aug 31 6534 Nov 20
5914 6212 6278 6534 6118 8513 6134 6358 6118 6318 62,200 Preferred
60
58
1912 Feb 9
978 May 2414 0e1
1012June 20
1412 *1312 15
14 1 14
14
*1312 15
700 Am Writing Paper ethi_No
14
•141/1 1412 14
2534 Apr 5714 AUz
18
Oct
4
3
53
12
June
34
ate___100
,
certlfl
45
44
46
*44
45
44
45
400 Preferred
*4512 4612 4534 4534 *45
534 Sept 1014 Fee
638 Jan 10 57 Oct 17
4338 46
44
27,100 Amer Zinc. Lead dr Smelt_25
4478 4835 4538 4838 4112 4438 43
45
45
Oct • 514 Feb
35
25 40 Jan 16 11778 Oct 18
2,500 Preferred
10112 10112 100 10438 10118 10118 9938 102 I 99 100 *101 102
Cl', June 6012 Dee
11014 114 879,000 Anaconda Copper Mining. 50 54 Jan 18 11434 Nov 20
10334 10934 11038 11434 10612 11218 10734 112
104 106
38 Mar 63 Dec
Nov 20
112
10
Feb
5514
par
Midi'd_No
110
Dan'18,
14
112
4
Archer,
1093
10918
8
4
1117
8
1113
1097
I
37,700
110
110
10512
10412 105
Jan 1134 Des
100 112 Oct 27 11614 Mar 16 108
11312 11312
210 Preferred
11312 11312 .11312 114 *11312 114 *11312 114 *11312 114
Oct 9814 Fob
79
100 8618 Jan 3 9712June 7
9312 .93
93 I *93
9312 1,000 Armour & Co (Del) pref
9234 93 1 9338 0338 93
*9234 93
1578 Jan
16
Mar
2312SeP1
Jan
814
1114
8
_25
A
claw
8
Illinois
163
of
Armour
8
167
1614
1718
1638
s
167
16
64,600
4
163
8
173
1653
1712
17
94 Jan
5 Dec
(338 Jan 10 1312May 11
25
838 57,700 Class B
814 838
8
814 838
818 812
8381
8
818 812
60 Apr 8614 Jan
2
m;er 6
5115423A
2 9
13
2
y
n
l
a
u
JJ
8
4
1
71
5
3
8
8534
84
100
8414
6'
863
85
86
8612
Preferred
210
54
85
864
864
8
8514 857
Nov
554
Apr
21
433k
par
Corp_No
4212
4212
44
4212
4
3
43
43
Constable
Arnold
4334
18,000
4312 4412
I2
4054 Dec 544 Jan
3314 3314
35
No par 29 July 20 444 Mar 30
36 1 *32
*32
600 Artlooni Corp
3212 3512 3233 3236 *3212 36
19 10912 Nov 1144 Not
Mar
114
12
Nov
4
1043
.105
105
109
100
'.105
109
109
.105
105
I
Preferred
90
105
105
.105 109
E358 Nov
394 Feb
40'4June 13 6012 Nov 12
No par
56
5734 5514 56781 55
56
CO
61,300 Amoo Dry Goode
5538 56781 56
5818 57
Oct 504 Feb
35
47
25 3712 Feb 18 5338Sept 7
4718 48
48
47
50 1 47
48
48
160 Associated Oil
5014 *47
*47
Noy
4312
Mar
30%
21
5978May
18
Feb
48
,
371
49
,
pa
8
473
_No
8
Line_
487
8
186
477
4
4814
W
&
4
G
473
Atl
5,800
73*
4734 4814 4758 4838
294 Mar 415* No
5818 5912 3.600 Preferred
60
5918 5934 5934 60
100 38 Feb 27 6514 Oct 31
8 5918 60'z 60
605* 60,
25
Oct
23
Nov
5358
6314
8
533
5418
55141
x5418
Refining
25
5414
8
5512
547
4
Atlantic
543
4
106,600
553
543*
8
557
55
100 11412Sept 10 11814 Jan 3 115', Feb 1111 AOl
340 Preferred
11734 11734 11612 11738 11738 11734 *11758 117341 11758 11758 11738 11758
5612 Mar 70 June
90 I 9114 9334 9234 93
90
90
No par 63 Jan 3 101 Mar 23
2,800 Atlas Powder
8834 8834 8812 90 I 90
Jan 107 July
98
104
104
•104
1
104
106
104
106
100 102 July 24 11012May 31
Preferred
106
220
,
108
103 104 .104
1
74 June 1218 AO
6
174June
1214
5
Jan
84
12
1218
12
1214
12
12
1212
pa
No
2,4
1,300 Atlas Tack
1212 *12
.12
1014 Jan
Mar
414
914May 14
458 Jan 3
738
614
638
6
614 612' *6,4 612
6
6
7,4
734 8,200 Aust1U,NIcholserCo__No pa
234 Dec 61
Jan
Jan 21
*3034 32 I 3218 33
*3312 34
500 Preferred non-votIng____100 25 July 13 &
3212 *3014 33
3234 3234 30
Nov
804
Dec
7214
9
May
75
29
Oct
58
6412. 6214 6214 .62
63
800 Austrian Credit Anstalt
6112 6112 6112 8114 6212 .62
461
438 Mar 11 Dee
64 Jan 18 2011 Nov 20
1814 1934 1812 1978 24,300 Autosales Corp
1718 2012 1858 20
17
No Par
1534 1534 16
4214 Dee
28 Ma
3812 3812 4.600 Preferred
50 25 Aug 31 3938 Nov 20
3734 3938 3812 3 I 3818 39
37
3538 3538 36
43 Nov 1672 Nov
4414 4414 4414 4412 4412 4412 4412 45
45
1,200 Autostr Sat Razor "A"_No Par 43 Oct 17 5212May 1
45
*4414 45
654 Beg,
31 14318 J
Mar
285
11
June
*235
235
250
.235
250
250
275
250
.234
Wks_100
Locomotive
100
275
Baldwin
.234
.234 278
Jon 12514 July
11934 11034
100 115 Oct 24 1244 Apr 11 116
190 Preferred
11812 11912 11712 11712 11758 11758 11912 120
.119 120
109
109 10914
250 Barnberger (L) & Co pref. _100 10714 Nov 14 1114 Jan 6 10654 Mar 11078 Dee
10912 10912 10912 10912 10878 10878 108 10878 .108
14
3212June
3
Aug
8
267
3012
,
297
29
32
8
285
par
No
29
8
285
9*
Brothers
3,000
Barker
2914
2914 2914 29
Feb
2412 2514 2434 2434 2,600 Barnett, Lent her
2412 25
2412 25
No Par 2312 Aug 20 521, Feb 1
2138 25
25
25
2014 Oct 3512 FeL
47% 9638 4778 129,700 Barnsdall Corp class A
25 20 June 12 53 Nov 12
4878 47
4734 4838 4718 4778 4712 481s 47
2011
10
Nov
5118
5212
14
Gel
June
20
iree
•46
.46
48
25
48
48
.46
49
*47
Class B
48
50 .46
*47
4918 Jan 109 Dee
108 11134 11014 11178 11012 11012 109 110
No Par 98 June 20 14012 Mar I
4,500 I3ayuk Cigars, Inc
10214 10214 103 106
101
28
Mar
110%
Jan
110
19
June
Aug
105
104
105
4
1043
4
105
1053
100
105
105
4
preferred
First
1043
180
105 105 *10434 105
14
Oct 1814 JUDI
124 Mar 18 2312 Oct 16
21
22
No par
2212 2158 2212 211, 22
46,800 Bcacon Oil
223s 22
2212 22
22
5014 Apr 7414 Nov
20 7033 July 13 8838 Nov 18
, 8614 8712 8334 8612 8334 8434 78312 841u 10.400 Beech Nut Parking
867
8712 86
87
12
Jan
22
1512
28
July
July
2714 Jae
13
14
14
1312
1414
1312 1358
4.800 Belding Elem'way Co__No Par
141, 1312 14
14 . 1418 14
8434 85
1,000 iteiglan Nat Rye part pref.-- 825,Sept 27 9212May 14
85,4 8514 8514 8454 8484 *8412 85
8468 8458 85
•Bid sod aoko3 Wow:no Woe on shla day. x En-divideutd, o Ex-rIgh1o.
2930
New York Stock Record-continued-rage 3
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW BALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Nov. 17.
Monday,
Noe. 19.
Sales
JO?
Tuesday,
Nov. 20.
Wednesday, Thursday,
Noe,
. 21.
Nov. 22.
Friday.
Nor. 23.
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jas. I.
On baste of 100-share kAs
Lowest
stows
PER IIHABB
llamasfor Preview
Year 1927
Lowest
MOM
$ Per share 3 Per share $ per share $ per share $ per share $ per share Shares Indus. &Miscell.(Con.) Par 3 per share
$ per share $ per share i per Merl
9712 977
9612 9714 968 9712 954 98
9412 975 x9318 9618 10,000 Best & Co
No par 5344 Jan 19 102 Oct 29
491t' Aug 5954 Noe
79
81
7812 8412 8138 8334 7814 833
8414 500,300 Bethlehem Steel Corp
7934 8212 80
100 5178June 19 8412 Nov 19
4314 Jan 6612 Sept
121 121
121 12118 121 12134 12114 12114 12112 12112 121% 12134 2,600 Beth Steel Corp pf (7%)-100 11618June 29 126 Apr 13 1045 Jan 120 Del
46
4612 451z 4534 45
4534 43
4334 3,900 Bloomingdale Bros----No par 3358July 23 4734Sept 15
45
43
45
*43
34 June 52.
7 Nov
*10912 110 *10912 110 *10912 110 *10912 110 *10912 110
10 Preferred
10912 10912
100 1094 Jan 11 11134July 3 10912 Jan 114 Nov
*116 11712 117 11712 11512 117
117 1174 11814 11814 119 11914 1,390 Blumenthal & Co pref
100 87 June 37 11938 Nov 23
44
Jan 95 De•
7438 7438 74
74
7714 794 10,900 Bon Aml class A
74
75
7512 78
7812 80
No par 6514 Jan 3 80 Nov 22
53% Jan 69% Dee
1114 1178 1034 1114 1014 11
1012 1034 1014 1118
10% 114 6,100 Booth Fisheries
No par
832 Apr
412 Sept
4 1212Nov 16
514
69
69
*62
68
*62
67
200 1st preferred
63
6678 6678 *60
MO
66
100 414 Mar 14 7218 Nov 14
36 Sept 5714 MaY
1694 17112 167 169
167 170
165 16612 165 16712 8,400 Borden Co
1643 167
50 152 June 19 187 Jan 11 16712 Dec 169 Del
*17
1734 17
17
1612 17
1,000 Botany Cons Mills class A_60
17
16
17
*15
1718 16
84 Aug 23 23 Jan 4
18 May 3011 84301
5312 55
5312 548 534 545* 51
514 5234 132,100 Briggs Manufacturing.No par 2118 Feb 4 63% Oct 16
5312 51
527
1911 Sala 38% Feb
*43* 434
438 43*
434 434
1,000
British Empire steel
43
4
43
4
43*
45*
43
4
*412
100
115 Jan 10
914May 25
2 Deo
Is Apr
•642 g
63* 638 *638 8
400 26 preferred
718 74
*638 8
8
8
100
214 Jan 6 12 Feb 1
1 Apr
74 Dec
7134 73
7114 7214 71
724 6712 7178 6812 7012 6814 7018 26,000 Brockway Mot Tr
NO par 4512June 1 7512 Nov 9
_
•143 145 *142 150 *142 150
100 Preferred 7%
141 141 *137 145 .137 140
100 110 June 21 149 Oct20-290 290 *281 298 *286 295 *281 298 *282 28914 *282 298
100 Brooklyn Edison Inc
100 2063* Jan 10 290 Nov 17 4812 -Feb 22-5 -Dec
172 17212 16934 16934 *165 169
5,500 Bklyn Union Gaa
166 165
16518 16734 167 170
No par 139 June 13 17414Sept 21
891 Apr 15712 Del
*4734 48
47
477 *4612 47
47
46% 4678 46
4612 4612 1,800 Brown Shoe Inc
No par 4518June 11 554 Apr 5
3011 Feb 6014 Deg
54
5512 534 5412 5314 5412 52
39,000
Brunsw-Balke-Collan'r.No
5712
5334 52% 5638 55
par 2712 Feb 20 6234Sept20
NM July 887s Jai
355g 36
3514 3534 3512 3614 36
373* 364 387
3912 4134 30,600 Bucyrus-Erle Co
10 2412 Feb 18 50%June 2
4518 453* 4412 4518 4412 45
4412 4514 4514 4718 4714 4958 29,600 Preferred
10 3338 Feb 17 5452May 14
124 124 *12114 12314 *122 1231z 124 124
600 Burns Bros new clAcomNo par 9312 Feb 17 127 Oct 29
12412 12514
124 124
851i June 1-2584 -Jan
34
3412 3338 34
3,500 New class B com____No par
334 3712 35
*3412 35
39
*3412 35
1678 Mar 8 4338June 4
1614 Mar 114184 Jai
*105 10512 *105 1054 10512 10534 *10512 106
60 Preferred
10512 10512 105 106
100 975* Feb 21 11034June 11
90 June 100
Jan
17212 17212 172 17234 172 172 l 172 17214 172 17214 17212 173
2,800 Burroughs Add Mach-No par 139 Jan 14 1761:Sept 29 590 Mar 145 Del
7112 6912 7112 68
71
714 727
No par 50 June 20 73 Oct 30
6912 6814 694 6812 6912 9,900 Bush Terminal
2984 Jan 69 No•
10714 10714 107 10814 107 10812' 10714 10714 10712 10814 *10712 109
160 Debenture
100 1047s Aug 16 115 May 21
9114 Jan 11171 Du
11512 116 •11512 1164 11514 11514 *11514 118
150 Bush Term Bidgs pref
100 111 Aug 1 11912June 15 1035* Feb 120 Alla
11612 11612 *11512 118
1018 1014 10
10381 1018 1012 1012 107s 1034 11
1012 1118 16,800 Butte & Superior Mining-10
85* Aug 6 1634May 21
Ps Nov 1134 Jan
838 9
95
15,800 Butte Copper & Zino
814 9 I
5
418 Jan 19 11% Oct 26
812 87
9
814 94
84 834
85* Mar
64 May
444 4412 4312 4412 42
42
2,100 Butterick Co
42
4212 4278 4278 4212 43
100 40 July 13 13712May 15
44
Oct 6154 Feb
160 16458 15734 1637 157 160
152 156% 17,600 Byers & Co(A M)
No par 9012 Jan 16 16814 Oct 23 113 Jan 1025* Dee
149 1595* 153 156
•111 11314 .11112 11314 *11112 11314 *11112 1134 *11112 11314 *11112 11314
Preferred
100 1087.8 Apr 13 11412 Aug 11 105%May 11212 Dee
95
9534 93 9592
4,100 By-Products Coke
1
95
No par 66 Mar 1 98% Nov 10
96
94
9434 93
944 95
68 Jan 9212 June
7412 747
743* 76
7914 13,900 California Packing
No par 68,2June 18 8258 Sept 17
752 78
77
6014 Apr 79 Del
7834 77
788 78
•31
35
25 2514 Mar 16 36 Sept 6 - -*31
36
*31
35
California Petroleum
*31
36
*31
36
*31
35
- ---3
318
318 33/1
3
538 Apr 30
314 7.300 Callahan ZInc-Lead
3
314
318
3
-119 Sept
34
3
10
134 Mar 8
5 Jan
-2.
12138 123
121 12438 126 133
97,500 Calumet & Arizona Mining-10 89 Feb18 133 Nov 20
15112Ju1Ie 1234 Dee
124 1327 12514 12834 1254 128
4438 4614 4412 4558 4512 4614 4438 458 445* 4534 4518 457 74.500 Calumet & Hecht
25 2015 Jan 10 473* Nov 8
144 July 2434 Dee
791 80
80
813* 8134 8378 7918 8278 795 81% 7818 8114 51,000 Canada Dry Ginger Ale-No par 1547j Jan 5 8612May 8
36 Jan 604 Aug
45
4512 4514 4512 4412 4512 4412 45
4712 13.000 Cannon Mills
45
44
45
No par 44 Nov 22 50 Sept 14
____ ---- -----4295* 42934 429 449
451 500 475 493
16,900 Case Thresh mactdne
485 615
100 247 Jan 21 616 Nov 23 182 Jan 28314 001
476 485
*123 127 *123 127 *123 127 *123 127 *123 127 *123 127
Preferred
100 123 Oct 8 13512Mar 30 111 Feb 129 Des
4412 454 4312 4412 4312 453* 424 4378 424 4334 4218 4378 95.900 Central
2818 Mar 27 4538 Nov 16
___
94 Apr 33 Apt
*19
20
1812 19
•19
1,700 Century Ribbon Mills_ _No par 11 Aug 14 24 Oct 23
20
195* 195* 1918 194 1812 19
104 Jan
163* Aug
*85
87
*85
90 Preferred
87
*83
87 •8314 86
8314 8314 83
100 77 Aug 24 92 May 15
8314
70 Jan 883* Del
107 10934 1048 1088 107 10911 10718 10912 108 11379 11114 115 187,900 Cerro de Pasco Copper_No par 6812 Jan 3 115 Nov 23
68 June 7212 Dee
313 3178 3034 31
3078 3178 3138 323
3158 3214 315* 3134 9,500 Certain-Teed Products_No par 3014 Oct 26 6419 Apr 28
Jan 554 May
U
•75
79
*75
90
*75
9044 *75
9018 *75
9018 *75
100 90 Oct 30 100 May 21
9018
--- 7% preferred
_
76
76
*76
7612 7612 7818 78.2 784 784 787 *75
78
2,000 Certo Corp
No par 7011 Oct 26 794 Aug 23 -65 Dec 787
; Aug
188,1912 1858 2012 2012 2312 1914 21
19% 21
89,000 Chandler Cleveland MotNopar
2014 24
512 Feb 29 24 Nov 23
412 Nov
16 Mat
27
268 27
2934 274 3014 2634 271* 28
3014 46,700 Preferred
29
29
No par 14 Mar 13 3014 Nov 20
18 Jtme 2614 May
7214 7214 7112 7234 7218 73
7234 16,300 Chesapeake Corp
7114 7314 71
72
72
No par 6234July 13 8174 Jan 6
6454 Jtme 867g 0e1
1494 154
147 150
14612 150
14734 149
1474 14838 148 14911 3,800 Chicago Pneumatic Tool_100 111 Aug 15 15434 Nov 16 12012 Jan 13714 Mar
32
32
32
33
*3234 *34
3514 34
3,4 3334 34
910 Chicago Yellow Cab__ _No par 297/ Aug 1 43 Jan 14
34
Oet
38 July 17
5014 51
.5014 51
50
5.300 Chickasha Cotton OH
49
50
50
50
49
5018 49
10 4514June 12 584 Oct 1
----- so, 6478 5314 5414 523* 5414 5118 54
22,700 Childs Co
5278 534 6238 53
No par 87 Apr 19 5712Sept 10 -48% Mar -6-65*Itill
663* 68% 66
688 69% 7312 65
7118 214,000 Chile Copper
7134 6812 7038 68
25 37% Mar 5 7312 Nov 20
3318 June 445 Del
•7518 90 .754 9() *7518
__ *7518 997g *754 997 *754 997
Christie-Brown tern etfallo par 79 June 20 131 Jan 23
3671 Jan 9072 Dee
13114 1345* 1285* 13214 12834 11212 12314 12912 125 13078 12838 1327 630,400 Chrysler Corp
No par 5654 Jan 16 1404 Oct 6
384 Jan 634 Dec
*5212 5334 *5212 5312 *5212 5334 534 5312 *5212 538 .5212 5334
10 City Stores elem.(
No pot 5114 Jan 19 5414June 11
464 Mar 54 Dee
109 10938 10612 107
6,100 Class B
1064 10714 106 10612 10512 10512 105 107
No par 62 Jan 5 11478 Nov 15
4112 Apr 6412 Deg
7214 7214 72
7218 71
7214 6514 7114 69
6978 6612 67% 5,700 Ciuett Peabody & Co._No par 6514 Nov 21 1093 Apr 5
51 June 844 Oet
118 118 *117 118 *117 118
20 Preferred
117 118 *117 118
117 117
100 11458Nov 7 124%Mar 19 1114 Jan 1254 Nov
171 1717s 170 171
169 1698 16818 1707 168 16814 16712 16834 4,400 Coca Cola Co
No par 127 Feb 20 1804 Oct 15 /964 Apr 1994 Apt
597
5912 6034 59
5712 5878 564 5734 5634 5838 574 60
13,400 Collins & Aikman
No par 60 June 26 1113* Jan 3
86 Aug 11338 Dee
1.92
95
*90
95
*90
200 Preferred non-voting____100 90 Nov 22 109 Jan 3 10212 Sept 10934 Del
90
90
94
90.
90
*8812 90
777 7934 774 79
78
82
100 5212June 26 8412 Jan 31
40.300 Colorado Fuel dr Iron
77
7312 775* 7434 77
74
4258 Jan 965* July
9734 9814 9734 1045* 106 1093* 101 107
103 10512 38,400 Columbian Carbon v t °No par 79 June 12 10938 Nov 20
103 104
66% Jan 10114 Nov
129 13014 12818 12978 1287 130
128 1297s 128 12934 12714 1305* 45,900 Colum Gas & Elea
8274 Feb 9834 MU
No par 8912 Mar 15 13338Sept 20
107 107
1067 107
1,000 Preferred
107 107
100 108 June 19 1101s Jan 3
106 10614 10678 10678 10678 107
9912 Jan 11011 Dee
534 5434 52
5434 5412 574 5618
62
71 261,000 Commercial Credit____No par 21 Feb 20 71 Nov 23
16 June 244 Dee
5814 64
41413 25 *2412 25 *2412 25 25 5814
620 Preferred
25
25 23 Feb 3 27 May 8
25
2512 253* 2512
17 June 2412 Sept
26
26
2514 26
2514 2514 255* 26
25 23 Feb 7 27114May 11
980 Preferred B
2578 26
2534 26
187
.
June 25 Dee
987 993
983* 99
10,030 let preferred (6ti %)---100 85 June 12 107 Nov 22
10414 107
99 102
69
81358 Deo
10012 102% 10012 107
130 13012 130 13311 13338 13478 130 1344 13014 13438 130 133
23,100 Comm Invest Trust-__No par 5534 Mar 1 14078 Nov 1
414 May 62 Des
.1 10314 105
preferred
1034 105 *10314 104
30 7
100 99 Jan 27 109 May 14
10314 104
9412 Sept 102 Dee
10314 1034 10314 105
*96
9712 *9612 97
400 Preferred (654)
100 923sJune 16 9812 Aug 20
97
97
97 .96
86% July 9814 Des
97
*96
97 .96
26
26
25
25
27
100
618 Aug 30 3018 Nov 2
2834 8.100 Warrants_
277
281 29% 28
2712 30
231 234
22612 22812 227 22912 223 226
238 25014 22,200 Commercial Solvents_No par 13772June 19 25014 Nov 23 1-46 Nov 966 Sail
22512 235
4811 May 788* Oct
93
15,700 Commonwealth Power_No par 6214 Jan 11 9612Nov 16
943* 9112 9338 9214 9338 91
92
9118 9234 9134 93
74
75
75
18,200 Conde Nast Publics_ _No par 48 Jan 14 84 Oct 13
74
75
74
74
89 Aug 53 Del
7418 7418 7312 7312 74
2814 2938 2838 2958 2812 2978 275* 29
1734 Jan 2914 Dee
284 125,000 Congoleum-Nairn Ino_No par 22 June 12 3112 Apr 17
27
277
• 29
7212 7212 72
7378 72
No par 67 Feb 18 8172 Jan 3
47 Mar 8811 Dee
74
727 7334 73% 7478 7312 7478 4,900 Congress Cigar
*118 112 *118
14 Jan 10
14 Feb
No pa,
334May 14
14
300 Conley Tin Foil stpd
112
38 Jaa
14
118 *118 112 *118
112 *118
953
9518 9578 9478 9512 94
No par 794 Jan 20 lio June 4
7614 Oot 8654 July
927 9414 10,000 Consolidated Clgar
934 9412 934 94
*96
100 933 Oct 29 104 Sept 13 ---- ---- ---- ---98
96
300 Preferred (6)
96
*96
98
98
*97
98
97
975* *97
2512 253
2512 257
2512 264 26
2712 2738 283* 28
2838 28.800 Congo' Film Ind pret_No par 23 July 16 29138004 10
9218 9314 90
93
9012 927
95% 406.800 Consolidated Gag(NY) No par 574 Aug 28 17014May 7 14
94
8918 91
9012 93
Mar 28
9912 997k 9912 993
par 9714 A ug 31 106 M
93
9912 9934 994 9934 994 9934 9912 992
1 10,000 Preferred
Dee
414 438
43
414 438
47
34 Mar
538 Mar 28
48
2,
2 Aug 16
478
412 4
4% 478 64,700 Consolidated Textile_ No par
74 JIM
22
22
2214 2214 22
2212 2111 224 215* 22
4.500 Container Corp A vot No par 20 Nov 1 36 Apr 30
214 22
11
1114 1078 1112 11
No par
934 Oct 31 1914 Apr 30
11,200 Clam B voting
11
1114 1034 11
10
1034 11
371
3712 3812 3714 38
37
363 3712 37
4014 394 4034 12,500 Continental Baking Cl ANo par 264 Apr 10 5312 Jan 13 -3312 -Air /471 -Jim
7
7
7
71
35* Apr 10
4 May 1014 Jag
No par
73,
74 714
87 Oct 25
7
7
734
714 734 138,500 Clam B
87
87
8634 87
8712 8814 88
100 78 Apr 10 9612 Jan 20
73 Apr 973* Nov
887
8734 89
89's 898 2.200 Preferred
12358 1245g 121 12378 1234 1263* 125 12734 12518 128
588* Ave 867s Dee
115258 644 80,700 Continental Can Ine___No par .16258 Nov 23 1287s Sept 4
.125 127 *125 127 *125 126 •125 127
130 Preferred
Jan 126 Juni
100 123 Jan 6 128 Mar 26 120
125 125
127 128
884 8938 8812 8912 897 9158 8614 9114 8918 89% 89
7412 Dec 933* Dee
26,200 Continental Ins
10 75 Feb 16 9478May 15
90
1818 1938 193 2012 194 203* 1818 1914 184 1912 18% 19% 19,400 Continental Motors_ __No par
10 Mar 13 2012 Nov 19
872 Nov
185* 'pa
9238 91
90
89% 90
4672 Jan 68 Nov
25 643* Jan 3 9318 Nov 20
9114 74,300 Corn Producta Rerining
9318 8912 917
90
9018 915
142 143
.143 145
142 142
530 Preferred
Jan 1424 Dee
142 14212 142 144 *143 14412
100 13812 Jan 16 14634 Apr 10 128
300 302
302 302
_ _ _ _
300 300
__
3,000 CotY Inc
____
No par 123 Jan 3 310 Nov 12
__
56
Jan 123 Dee
8214 8112 -824 8134 17-3-8 55
8214 833* 80% 8234 81
764 Oct 963* Was
8-/38 22,600 Crucible Steel of America_100 6914July 3 93 Feb 7
114 114 *113 115 *113 116
.113 114
800 Preferred
Jan 115 Sept
100 112 Oct 28 121 May 11 103
114 114
114 114
2312 2412 248 2612 2612 2838 2612 2834 2618 273* 264 28
54,000 Cuba Co
24 2871May 8
No par 20 Oct4
1812 AugAUff 3
Jag
47 001 103* iss
57
514 514
6,300 Cuba Cane Sugar
5
514
422July 31
No par
54 54
711May 12
512 6
314 512
514
1612 1678 1634 173
•1538 16
2058 18,300 Preferred
163 1778 174 187* 19
2858 Nov 5034 Jan
100 1334 Oct 15 321* Jan 12
164 167
1634 17
163 17
187 Nov 2811
175* 1812 1812 1914 10,900 Cuban-American Sugar----10 164 Aug 13 2414May 26
1678 18
*953, 99 *--__ 99 •9812 99
9512 97 *954 97
*9812 99
Preferred
100 9512 Oct 11 108 Feb 1
9715 Noy 107 Aug
b
614
614 614 *64 612 *512 612
5 Nov 17 13 Sian 4
18
Jan
104 Nov
558 55* *64 64 1,300 Cuban Dom'can BusNopar
6838 6878 6814 6812 6818 69
50 56 Jan 3 7814 Aug 21
6712 7,400/Cudatur Packing
673* 67
6612 68
MI Apr 5834 Sept
67
138 14234 136 139
1414 1473 138 147
150 16412 174,900 Curtiss Aer & Mot Co__No par 5318 Feb 27 19234May 16
454 Nov 693* Dec
141 155
207 225 •207 225 *207 225 *207 225 •207 225 *207 225
Cushman's Sons
Oet
No par 14414 Jan 13 230 Oct 16 103 Apr 152
121 121
121 124
121 121 *121 125 *121 135
50 Preferred (7)
121 121
100 114 Jan 11 141 Sept 20 107 Apr 126 Dee
62
62
63
61
ggi4 6414 652
6338 6478 66
11
64% 652 8,400 Cutler-Hammer Mfg
10 52 June 20 6512Nov 22
58
59
5812 6878 •5812 59
1,000 Cuyamel Fruit
*5812 69
*5812 59
Na par 49 July 27 63 Oct 11 -80 -Apr -Uls OM
6234 6334 6214 6378 63
635, 61.2 632
6114 623* 6012 6214 49,100 Davison Chemical
No par 341* Feb 18 6634Sept 24
2614 Apr Ws Dee
*3912 40
39
39
3834 39
3914 1,600 Debenham Securities
3914 3912 39
3834 39
36 Oct 19 494 Apr 27
Ls
- -.- _=_- =124 125
125 126
1234 12312 125 125
125 125
410 Deere & Co pref
125 125
100 1154 Feb 1 12614May 15 1-01512 -Jan 12532 NOM
201.2 20112 202 20214 20112 20112 201 201
5,100 Detroit Edison
201 212
201 201
100 16612 Jan 11 220 Sept 17 1331, Jan 1701g Du
544 5434 54
5412 54
584 15,600 Devoe & Reynolds A__No par 40 Jan 3 61 Apr 16
5434 5418 5412 535* 5412 55
364 Aug 427, Del
•113 11512 *113 11512'3113 11312
30 let preferred
*113 11512 112% 113 *113 1154
Jan 1144 Dee
100 108 Jan 9 120 May 16 101
162 164% 164 164
1.65 16612 160 166
184 16434 164 16812 1,330 Diamond Match
100 18431 Jan 18 16812 Nov 23 115 Feb 1473* Sept
•2634 28
28% 202 *26% 28
900 Dodge Bros Class A____No par
134 Oct 374 Jae
2614 2734 2614 2734
*262* 28
12 June 11 405* Oct 11
10634 1074 *1063 107% *10834 1073 *1068 10734 *10634 10784 *10634 1078
564 Oct 88 Feb
Preferred
No par 6312June 19 111 Sept 22
83* 812
84 '812
812 812
814 812 6,100 Dome Mines, Ltd
7 June 1414 Des
814 83s
812 85*
No par
8 June 13 134 Jan 6
1184 1197 118 11078 1184 120
19,800 Drug Inc
117 11812 11634 11814 11612 118
-- -- -- ---- ---No par 80 Mar 15 12018 Nov 16
5
mg Oct
97
9514 96% 943 97
28,800 Dunhill International-No par 5511 Jan 9 9958 Nov 15 19 Aug
957g 98% 95
943 96
945 98
Jan
July
Mar fiffi "Lei
mar 103
Jan
• 131d sag asked prteic no sale on this day,
t Ex-dividend of 1007 in corn stock. z Itc-dIvidond, a ra-rlitilta. 6 IS'iaaarailaa• a Shil"gl•
New York Stock Record-Continued-Page 4
2931
For wiles during the week of stock, not recorded here. sloe fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday.
Tuesday, Wednesday, Thursday,
Monday,
Saturday,
Nov. 23.
Nov. 21. I Nov. 22.
Nov. 20.
Nov. 19.
Nov. 17.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mum .fas. 1.
Os basis of 100-share lots
!Boleti
Lowesi
PER SMARR
bare for
Year 1927
Higbee,
Lowest
per Mare
8 Per raare $ per share 11 Per 8110
per share I per share Shares Indus.& Miscel.(Con.) Par 993
4 Nov
1
$ per share $ Per 0628 I $ per share $ per share
Oct 3 11812Mar 3 1144 Mar 117/
400 Duquesne Light let pref--_100
10112 10158 *10012 ____ 10112 10112 *10012 ____ 1014 10114
*10112
30 12614 Jan 17514 geld
19414July
20
Feb
par
163
_No
Co___
8,800 Eastman Kodak
4 18634 18934 18712 188
ON
13112
Jan
188 1887s 185 18812 185 18812
100 12312 Aug 31 134 Apr 3 11914
200 Preferred
12614
*126 130 126 12612 *126 12614 *126 1264 126 126 *126
2114 Oct 2914 June
26 Jan 11 6818 Nov 23
5714 57 63341 6412 881, 58,100 Eaton Axle & Spring...No par 310
5714 5712 56
Oat
4
1
/
863
574 58
Jan
5614 58
168
23
Nov
503
10
Jan
El du Pont de Nem----No Par
435 43912 43712 440 448 503 476 493 481 488h 483 488 34.900
100 114 July 18 1211tMay 8 10512 Feb 118 Dee
1,100 6% non-vot deb
Feb
1612
Nov
*11814 11918 *11814 11818 118 11814 11818 11818 11818 11858 *11814 11812 2,900
1014
10
5934
3
Oct
Jan
1218
25
Bros
Elsenlohr &
55
55
5458 55
55 55
55 55
55 55
55 55
No par 3314 Aug 29 4034June 1
36
6,000 Eltingon Schtid
3534 35
35
3512 37
*3412 35
36
35% 35% •35
100 10138 Aug 15 11434June 1
10814 10834 10658 1081z 1,700 Preferred 1335%
10934 10934 108 1104 *108 110 *10834 109
60 shine 25 119 Oct 20
pa
No
20,120 Electric Antoine
10812 111
108 11012 109 111
111 112
2 Mar -11;
11118 11314 11014 112
pa;
834 Aug 15 1738June 6 Y11No
Boat
13,000
Electric
8
8
115*
1118
11
*
8
113
114
117
1214
4 Dee
1
1214 1134 128 1134
12
4 Jan 32/
1
16/
par
21114 Jan 10 4512May 14
No
7k
Lt
&
Pow
Electric
55,900
395* 385s 39
3918 4014 39
4112 404 41
40
Jan 109 Nov
4058 42
96
8
Mar
11018
11
Oct
10578
No par
4 10758 10758 *10712 10734 10712 10734 1,000 Preferred Battery__ _No
4 Jan
1
•10712 1074 10712 10734 10734 1073
6314 May 79/
9932 Nov 20
20
Feb
69
par
Storage
73,100
Elec
95
8k
967
9518
963*
9518 98
9534 964 9518 964 9834 99
7 Dec 153s MAY
9 Jan 1
6 June 19
600 Elk Horn Coal Corp..NO par
78* 718
718 718
74 7% •64 712
738 73*
Apt
13
Oot
4
738 7%
1512June
21
514 Feb
100 Emerson-Brant Class A.No par
*75* 914 *75* 818 *75* 84
818 81s
6614 Jan 8114 Dee
*712 94 *74 94
85 Apr 17
5,200 Endicott-Johnson Corp__-.50 7514June 12 127
79
7812 79
775
7712 7812 784 7812 78
125 Bent
Jan
4
1
/
116
18
76% 7738 77
May
27
Jan
12114
100
200 Preferred
_
*125 130 125 125 *126
4 Jan 8912 00
1
21/
4934 Oct 1
4778 111-2 47% 48 52.300 E,ngineere Public Berv--No par 33 Feb 18
48 1-13
464 4812 4814 4914 4734 49
-------.
Nov 2 10212 Oct 1
91
par
No
Preferred
1,800
934
1
9318
94
9238
93
927
9212 92% 92% 93
92 92
29% Oct 23 3314July 3
3134 33 3218 3278 11,400 Equitable Office Bldg No Par 55
3114 32
317 32
Nov7
3114 3138 3114 32
Nov 13 79 Jan 3 60 Aug
par
Clean_No
Vacuum
Eureka
4,500
58
58
5778
5834
5734
575*
58
5714
59
58
5912 60
4 Jan 23 Dee
1
15/
Oct 30
300 Exchange Buffet Corp_ _No par 1934 July 17 24%
2334 24
24
24 *23 24 *23
2412 *2312 24 *23
May
Nov
*23
19
4312
3014
Apr
64
5
Jan
324
No par
Morse
4412 4412 4478 4518 4538 451k 45 4534 4414 4414 4412 4614 3,600 Fairbanks
100 104 Jan It 11434May 14 107 Dee 113 Mar
20 Preferred
*110 112
*110 112 .110 112 110 110 *110 112 110 110
4 Jan 47 May
/
871
15 42 Jan 10 61 Nov 20
56
5834 5612 561
5712 7,200 Federal Light & Tree
56
5534 564 58% 61
55
91/
*54
4 Feb 100 Aug
1
No par 98 Jan 6 109 Apr 19
40 Preferred
100
*98 100 100 100 .98 100 *9912 100 100 100 1 *9912
60 Feb 187 Juni
Nov 23
19312
17
Apr
120
&
Mining
Sme1V6-100
Federal
1921
19312
2,400
190 192
190 190
185 188
17812 184
176 177
7512 Jan 97 Mat
4 Jan 3 10212Sept 18
1
100 91/
600 Preferred
4 Jan
1
•101 10114 101% 10112 1014 1017 *10112 102 102 102 *10112 102
17 Dee 30/
1618 Aug 1 2578May 11
2058 2138
5 10,300 Federal Motor Truok-No par 7514June
2034 22
2214 2118 22
21
21
Nov
136
12
N
Ins
Fire
103 105 I 10314 105 20,000 Fidel Phen
lows l044 102 106
4;7
98 101
2.
Ii7
No,
Ti18
97 98
1514May
9
Jan
4
/
111
No pa
20 Fifth Ave Bus
1312
1312 *12
*1112 1312 1112 1112 *115* 131 *113* 1312 *12
1914 May E0 Feb
23 Apr 4 69 Nov 23
No pa
6512 65 69 48,800 First Nat'l Stores
6118 63 I 61
Oct 20 Apt
4
1
/
14
4
6314 64% 624 6314 82 63
Jan
13
4
1
/
17
Aug
4
1
/
8
pa
No
1258 1378' 1212 1314, 125* 1318 50,300 Fisk Rubber
1234 1334 1318 137
81 Jan 100 Sept
1214 13
2,200 1st preferred stamped___100 5534 Oct 2 9112 Jan 10
8912 70
69 I •62 69 1 •82 69
69
71
69
6934 70
100 54 Oct 2 9714 Jan 5 9412 July 102 Sept
200 1st preferred cony
*62 69
69 69 *62 69
70
RN Feb 7118 Dee
16
3162 6734 6734 674 *68
Oct
4
1
/
89
19
June
65
No pa
834 8538 8234 8434 87,000 Fleischman Co
8234 834 8212 83% 8312 874 83 86
494 Nov 3 5812 Nov 19
No pa
55 i 5412 5514 14,700 Florsheim Shoe Cl A
554 554 *52
544 55% 5512 5612 5534 56
26
Sept
4
993
23
Oct
9818
100
300 Preferred 6%
9912 9812 9812 *98 100 .98 100
9914 9914 *98
86 No, -8.114 -Ai);
99 99
3632 Oct 16 51514Ma7 16
No pa
6.840 Foundation Co
4834 45
46
4814 46
3912 4714 45
38 38
60 June my Dee
3712 371
No par 72 June 12 1191*Sept 10
8
98 10012 86,600 Fox Film Class A
3414 Jan 10618 Dee
11
9634 9734 96% 98% 99 10112 9634 101 1 984 99
Jan
1094
22
Oct
43
pa
No
48 49% 47 48% 4514 48 1 455* 473* 4512 4714 26,900 Freeport Texas Co
4714 481
pref.__ _No par 1034 Mar 17 109% Apr 23
low
prior
10512
Co
1
106
5001Fuller
*104
1057
10538
19534
10534
105
105
107
*104
No par 15 Mar 23 2811 Jan 5 22 Dec 59 Aug
25
2312 254 17.000 Gabriel Snubber A
2112 22 i 215* 22 , 22
2134 22
22 22
4 Jan 1613 D44
1
6/
No per
714June 12 183* Feb 2
12
121 22,200IGardner Motor
1238' 1112 1214' 1114 12
1214 12
12
4 Dee
1
1134 12
66 Jan 64/
91 Sept 19
8338 803 8414 15,300 Gen Amer Tank Car__ _No par 60% Feb 20 11134May
82
84% 86 1 8012 85
855* 86
15 106118 Mar 1124 Sept
8512 86
23
10914June
100
.
11014 1101
*11014 112
800 Preferred
Mat
9614
65
Aug
30
1104 11014 11014 11014 11014 11014 11014 11018
Apr
9478
12
June
68
100
817 55,500 General Asphalt
791
8034 79
78
7612 793* 75
4 May
/
7538 7412 76
74
100 110I,Junell 1414 Apr 30 10714 Aug 1441
2.600 Preferred
118 118 11814 119 i 118 120 , 12034 1217
140 Oct
*11112 118 *1114 120
Apr
11812
8
June
150
32
Oct
132
Par
pref.--No
110 General Baking
135 138'1'.... 139 *138 139 I 138 138 .4'138 139
*____ 139
No par 21 Feb 4 4138 Nov 12
383
7,300 General Cable
3718 3912 3712 3734 37
38 1 374 377
3718 37
-;
-156
37
56 Feb 9 8834 Nov 12 IF, Dec
No pa
8234 8312 82 84 1 8112 82 I 8014 82 20,0001 Class A
83 83% 8318 84
52 Jan 7471 Dee
5918 Nov 2 754 Feb 2
No pa
6,800 General Cigar. Inc
60 6112 6018 6112 6012 61
613* 62
4 Sept
1
6034 6034 604 61
81 Jan 146/
124 Feb 27 189 Nov 20
pa
No
1871
Electric
18614
18412
181
125,8001General
18858
180%
184
189
4 Jan
1
18314 18512 18012 18412
11 June 11/
1114 111
8,100 General Electric special- _10 11 Sept 26 12 June 7
1114 1118 1114 1118 1114 111k 1114 1114 118
4 Feb
1
47/
11
36 AD
731 13,900 General Gas & Elect A No Par 3514 Jan 18 74 Nov 16
73 I 73
7312 72
72
7214 74 1 7334 74
73
71
11 10512 Oct 13
8July
pa
741
No
Corp
1021
Cream
10018
I
101
8
Ice
1003
,
Gen
42,900
Oct
10034 105 101 10234 101 10312 100 102
25 130 Jan 10 22434 Nov 7 ffii; Aug 141
20712 21512 471,400Deneral Motors Corp
21258 2144 21138 213 1 21138 21334 20614 213 1 2045n 2095*
100 12312 Jan 26 12712 Apr 12 1181, Max 125% Dos
o preferred
12434 125 : 12434 12478 12434 12478 3.900
125 125
12434 125
Apr 59% Nov
12434 125
3
544
,
Jan
587
15
Aug
49
pa
_No
_
A_
Ad,
Outdoor
I
51
51
5012
1,300 Gcn
5114 51
51
5012 51
*5012 51
81
51
87 Jan 6874 Nov
294 Aug 1 523* Jan 7
34 I 34
3434 3,200 Trust certifleates___.No pa
334 3334 3418 3434 3418 3418 3312 34 . 3318 10412
8414June 211 1233* Jan 3 824 Jan 1534 BeP11
No pa
103 106
104
21,000 Gen Ry Signal
107 10938 10512 10812 103 106
10514 107
88 Jan 81 Dee
3
Jan
82
13
4512June
par
No
777
20,300 General RafraC201•1227734 7612 778 7512 7714 77
78 I 77
775 7812 77
par 9718June 19 12338 Oct 8 95% Nov 1094 Oct
113 119% 118 11938 11512 11734 115 1167 11612 11778 37,500 Gillette Safety RILZ02._No
11938 120
3512 Dec 59 gene
14
5978June
6
Mar
4
1
/
34
par
No
1
5112
51
5012
17.900 Gimbel B202
5012 513* 5018
5112 52
514 52
514 52
,
91 Nov 1081s Jul
100 87 Mar 6 101 June 15
9234 9234 9234 9234 925 925* 924 9234 2,100 Preferred
1412 May 22 Alag
19
9334 9412 9358 937
Nov
3118
27
Jan
ar 2038
No 1pw
2912 30.4 57,600 Glidden Co
304 3034 2912 3078 2958 30
3012 31
295* 311
86 Aug 101 Jun!
Jan 4 105 Sept 12
95
140
Prior
preferred
4
1041
10434
1043
1041
*10412 10434 *10413 105 10412 10412 10412 10412
124 Nov 23 62 Mat 78% De'
114 124
88,000 Gold Dust Corp v S e-__No par 71 Jan 16
114 1157 112 11434 11112 115
114 116
114 116
4 Jan 964 Do'
1
42/
NO par 6812June 18 9938 Jan 4
8234 814 83 32,300 Goodrich Co(S F)
8138 8334 82
8014 8138 8114 83
8014 81
95 Jan 11112 Do'
38May 1
115
17
Feb
10912
100
113
3001 Preferred
Aug 6918 De'
4811
*112 11212 112 112 •11138 11212 11138 11138 1114 11112 *11112
13
Oct
98%
25
4518June
Par
8634 9134 8312 9234 9284 9512 98.400 Goodyear T & Rub--No
8.358 83 89
82
83 84
921s Nov 98% De°
No par 9212 Mar 16 1024 Ncv 21
10034 10112 10158 102 102 1027 102 10218 102 10218 7,2001 1st preferred
14
10034 101
Jan pass Dee
4
1
/
57
Apr
9378
13
June
75
Pax
NO
88
8934 46,800 Gotham Silk Hodery
897
8758 89% 87 9212 88
894 90% 8814 90
58 Jan 854 Deo
No par 75 June 19 93 Apr 14
3,8001 New
80
83
821z 837
83 8312 82 83
8518 8612 84 84
Apr 12 104 Jan 122 Sep
130
23
Nov
8
1097
100
New
10978
Preferred
110
2001
10978
110 110 *105
*110 115 •110 113 .110 114
ar 10358 Oct 15 112 May 7
_o_lp00
Preferred ex-warrantaN
102 *____ 102 •____ 102
4 008 I1-174 Nov
*_104 • .- 104 •____ 103
7 June 23 125* Feb 2
1,500 Gould Coupler A
*714 8
8
*714 8
8
8%
8
8
--_--___
8
*712 8
1614 Feb 18 6114 Sept 26
par
Motors.No
4234 4514 4338 45 41.200 Grabam-Palge
44
43
4412 464 4412 4558 43% 45
26
Sept
56
19
2612June
No par
38
3814 39
38
1,000 Certificates
38
38
41
41
41
811, Jan 45 May
*3912 40% 41
18 8512 Nov 20
Feb
3914
Pr_100
&
8m
M
Cons
8234
84
Granby
8412
82
37,000
8114 8512 8218 85
821
8112 8212 80
100 6514June 20 9478 Oct 18
9012 91
9034 92
20,800 Grand Stores
9238 9438 9034 937
417 Oct 17
3812 8914 8812 92
ly 1
03142JAuug
46
2
3318 3414 7,000 Grand Union CO
3414 347
348 347
35
34
3412 35
341 353
62% Oct 17
Par
"r
o
No
N
5512
58
5538 5612 4,800 Preferred
5514 5514 558 683
57
5778 56
13
57
12512Sept
10
Oct
112
No Par
117 11714 2,700 Grant(W.T.)
11614 118
116 117
117 118
11614 11838 116 117
6184Sept26 98% Nov 20
95
9612 9414 9714 43,600 Grasselli Chem Co...--No Pa
977
93
987
88
8412 85% 8512 871
13
Sept
110
17
Sept
109
100
•110 111 *10912111 *10912 111 *10912 11012 *10912111
•109
Elugar-Nopar 31 Jan 26 38 Jan 7 WI; Dee 1275i BeDs
Westrn8.90
tferre6%
3234 33
1Grea
3212 33
Pre
3212 33
3212 33
3211 328 32% 33
100 11212 Feb 20 120 Jan 3 11612 Feb 123 gent
1,220 Preferred_
114 115 11312 113% 11312 114141*11312 115
115 115
4 Jan 15111 Dee
1
29/
Nov 20
115 116
16314 17034 16418 170 132.900 Greene Cananea Copper-100 8938June 19 173
4 May
/
111
7 Oo
161 16412 160 16438 166 173 1614 169
912 Jan 4
5 Oct 11
6
1,000 Guantanamo Sugar----NO Par
6
*534 6
558 57
*512 8
512 534 *534 57
AO Oct 64 Feb
Sept 12
4
1
/
73
9
Jan
61
100
Steel
States
6812
6838
6934
5,200 Gulf
68 6934 6712 6812 6812
697
69
July
27
Aug
22
31
Jan
30
6
Jan
23
6934 70
25
2412 2418 2418
50 Hackensack Water
244 2418 247 2478 2412 2412 *234 2412 *24
56 Jan 72% Des
25 97 Nov 12
9014 90
90
9014
360 Hanna 1st pre( class A----100 59 May
9014 9218 •90 92
9112 92
4,9112 93
Oct 2714 Mas
224
8
Feb
,
.
271,
2
Aug
2312
B
28 *25
00 Ha
28
12,6700
254 254 •25
18% Dec 39% AP,
2538 254 22514 2514 *2514 28
NO par 1638 Aug 6 2638 Nov 1
Class
237 2412 2418 2512 2434 2578
23% 247
2518 x234247
7612 Jan 125 Oct
25
25 10334June 13 120 Oct 29
200 Herne(0 W)
115 115 *115 117 *115 116 *115 111
3478 Dec 404 Dec
23
Nov
111 111 •112 115
8
897
31
Jan
par
4
1
/
30
Choeolate___No
68
6512
Hershey
6712
697
16.600
63121
62
68
644
67%
66
7014 Dec 7512 Dee
16
6912
67
ar 704 Feb 6 8878 Nov
poo
No 1
8214 82
83
81
9,400 Preferred
82
8158 8318 81
99% Dec 103 Dee
14
83 83% 8212 83
Apr
105
17
Aug
10014
preferred
*10312 105 *10312 105
800' Prior
22 Jan 6178 July
20
10414 10414 *10312 105 10312 10312 10312 10312
Jan
4
1
/
30
25
Sept
mu
No par
21
20
204 20
2014 4,700 Hoe(R)& Co
4014 Oct
4 Jun
/
•1712 181 •1712 1812 1734 1734 18
8678 Apr 131 311
24
2312 2312 1,100 Hollander el Son (A) No par 23 Oct 29
2412 2418 24181 24
2418 2418 *24
241
60 Jan 76 Oct
12.
Nov
24
80
4
Jan
67
100
80 •76
100 Homestake Mining
80
1175 80 *76
70% Noy
Jan
4
1
/
85 *77 80 z80 80
68
171
•77
No par 64% Feb 21 84 Oct
75
78
6.800 Househ Prod.lne
7734. 7518 76
76
78
78
7612 79
Apr 91 604 Jan 175 Oct
7614 77
13212 134
6.500 Houston Oil of Tel tom otts100 1198 June 19 161
135 135 I 13512 136
135 139
Dee
Jul
681e
135 139
4
1
/
84
20
135 137
Nov
72
18
Feb
No par 40 i
70
72
893 70
39,300 Howe Sound
6734 713
70'1 7078 72
69
68% 691
6814 Jan 9112 Aug
997,2 Mat 6
8358 85 110,500 Hudson Motor Car.....No par 75 Jan 16
83141 82 85
82% 83% 82 83% 81
Oct 3614 Dee
16
82% 84
8
Oct
4
1
/
81
16
Jan
29
Corp__10
7434 7312 7412 7112 73341 7134 7534 7234 7512 91.800 Hupp Motor Car Gas_No par 2114 Feb 20 3838 Nov 19
73
1711 May 32% Feb
7518 761
37% 383* 3718 381* 3534 3734' 3618 3634 3511 3638 121,700 Independent Oil &
371
13 Mar 47 Dee
37
No Par 20 Oct 3 70 Apr 27
2512 2512 2412 25 1 *244 2434 247 25 I 1.500 Indian Motocycie
2512 26
Jan 102% Dee
261
92
26
12
3
Apr
Nov
115
93
100
1
•____ 95I
Preferred
94
*---.
95
•____
95
*93
74 May 1214 Sept
9 Feb 18 3918July 9
10
41
373
3412
3578
324
3312
3318
Refining
3372
32
94,500
Indian
344
3318
3412 3518
714 June 12 gene
10
812 Jan 16 S7,4 JUL). 9
3012 3312 41,600 Certificates
2914 2978 2818 2934 2838 32
30 30% 2912 30
100 160 Oct 22 18014 Nov 12
175
17412
Preferred
170
18014
700
1801
170
170
*165
18518
AD
18518
175
21
WI; WO; 861,
•165
No Po, 90 Feb 18 104 Nov
102 103
102 103
1,600 Ingersoll Rand
10212 1021 102 104
4 Dee
1
994 9914 9812 100
41 Feb 611/
46 Mar 8 76 Nov 12
745* 737 74% 13,900 Inland Steel
751, 75% 744 7512 75
7512 74
7534 74
Jan
Ws
June
4
1
/
12
23
Nov
487
25
Feb
18
r
a0
.2
rf.P
4714 46
487 200,700 Inspiration Cons CoppeN
3814 4014 39
11 Nov 25 Nov
3738 37% 3812 3814 3812 40
818July 2 2134 Jan 4
11
1138 17,500 Intercont'l Rubber..__Ns Par 13
9
91
953 1034 1012 11
4 Apr 1611 Dee
/
61
94
9
17
9% 918
24
2078May
Feu
16% 17% 1612 1878 1614 1678 22.500 Internal Agrlcul
4 May
1
33 Mar 66/
1714 174 17% 174 173
16
48'aMar2O 8434 Nov 21
83
7,400 Prior referred
831
8312 8454 8312 833
4 Dee
1
Jan 119/
821s 8412 8312 841
8178 82
wr 114 Jan 16 16638 Nov 23 5318
a
PIA
Noo1P
Jan
8514
4
1
/
Mar
156 15778 158 15714 153 160 15814 16514 18312 186% 30,400 Int Business Ntarhines_N
45
13
Nov
8438
3
15238 154
Jan
par
56
84i
804 824 8014 81117814 8112 27,500 international Cement. No
40% Oct 64 Mat
831g 8418 83
Feb 20 744Sept 25
83 84
7034 6818 71 169.200 Inter Comb Eng Corp__No Par 4514 Mar
71% 69
68
7338 7012 72
Got 10514 D44
101
25
110
Sept
21
72% x71
71
103
100
10412 1044 105 105 *10412 105 I
200 Preferred
*104 105 *10312 105 •10312 105
22434 Feb 18 39434 Nov 20 185% Jan 256% Dec
380 375 381
9,600 International Harvester....100
328 335 332 335 33514 3943 385 380 3694
100 1364 Mar 1 147 May 1 126% Jan lag Dee
14134 14134 *14134 14214 1,200 Preferred
62 Mar 954 Dee
*141% 142 142 142 142 142 142 142
934 Jan 3 12178May 14
.35
98
99
98
993
9878 22.700 International Match prof.
98
8% May
99 100
318 Oct
99 100
73*May 9
334Mar 26
9912 100
58
534 57
5.300 Int Mercantile Marine__..100
53
54 534
4 May
1
538
824 Oot 55/
17
Jan
12
534 6
44%
8418June
5% 54
100
384 3734 374 3812 12,400 Preferred
373
383g
38
36
89
Jan
4 Dee
1
/
23
38%
8814
Nov
735
37
20512
24
Feb
3812
38
18814 1913* 191 2054 89,700 International Nickel (The).25
192 1951 187 194
19112 195
125 Nov 1 103% Ma 110 Dee
5
Jan
11012
195 197
100
6%
120 120 1 1,300 Preferred
120 120 •120 123 •120 123 120 120
120 120
•um and asked prima 00 sales on this day. p Ex-dividend. 4IC: rianga.
2932
New York Stock Record-Continued-Page 5
For sale* during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
PER SHARI
PAR PHARR
Saks
STOCKS
Range Since Jan. 1,
Range for Pregiolig
for
NEW YORK STOCK
Saturday., Monday.
On basis of 100-sharelols
Tuesday. , Wednesday, Thursday,
Year 1921
Friday.
the
EXCHANGE
Nov. 17. 1 Nov. 19. I Nov. 20.
Nov. 21.
Nov. 22.
Nov. 23.
Week.
Lowest
Highest
Lowest
Highest
S per share $ per share $ per share $ Per share $ per share 6 Per share Shares Indus. &
Miscel. (Con.) Par goer share
S per share $ per share $ 95?
5511 5534 57
6038 60 61& 5814 6078 59 60
5718 593
9,000
International
Paper___No par 50 Oct 30 8638May 14 a3918 May 8112 Nov
523 5513 58
59
58
5934 5412 5613 5514 5534 *5512 56
13,9101 Certificates
No Par 4912 Nov 13 7212Ju1y 23
*96
9634 9412 965* 94 94% 9412 9412 94%
94% 9438 9438 1,900 Preferred (7)
100 91 Oct 30 108 Jan 14
9612 Jan 1123* ??;.14..
*92
93
9113 93
9212 9212 90 90
90
90
9014
3,800 Preferred certificates
90
100 90 Nov 21 103 July 13 -4913 4912 4914 4934 4934 50% 4912 497
5012 5112 5124 56
10,600 Int Printing Ink Corp-No par 4734 Oct 8 56 Nov 23
•53 54
53 53
52 53
52% 5212 54
59
57
55
34011nternationa
l Salt
100 4911 Mar 28 6814 Jan 12 63 SePt 75 -15;
1897* 19312 186 19278 18814 1913 186 189
18612 188% 18614 192 27,400 Internet Tele') & Te1eg_100 13012 Fe 20 1971,,June
2 12214 Jan 16812 Betd
28
28
28 2814 30
31
30 30
2912 2934 28
2.500 Intertype Corp
28
No par 2334Sept 10 38% Jan 20
5134 52
191k Jan 8911 June
52
52
52
5212 52 53
53
5313
53
2,600
5312
Island
Creek Coal
1 47 Oct 13 61 May 14
6812 May 67 Sept
169% 170 169 16912 16913 17014 170 470 *164 168
167 167
2.300 Jewel Tea, Ine
No par 7734 Mar 1 179 Nov 12
6312 Jan 38 Dee
18314 186
185 18834 188 19434 18114 19212 186 19172 18512 19258 106,400 Johns-Manville
1943
No
par 9614June 19
Nov 20
*12158 122 1205* 1215* 12112 12214 121 12112 12112 12112 *12112 122
410 Jones & Laugh Steel pref_ _100 1191* July 2 12414May 7 fir Feb 123 Oat
*33 391
34
34 *33
3913 *33 36 *33
*33
37
38
100 Jones Bros Tea, Inc_.
.No par 252, Mar 31 4112 Oct 17
1032 Jan 844 Dee
12
1214 1158 13
13% 14
13% 1334 1318 1312 123* 1312 14,500 Jordan Motor Car
No par
818 Aug 10 1912 Oct 29
123* July 221, Jan
*11114 11334 11334 11334 *11014 11334 "11114 11334 •11114 11334 *11114 11334
10 Kan City P&L 1st pf B No par 108 Aug 2 114 Apr 26
7934 80% 7858 7912 78% 80
1
791 81,
7934 82
8218 8512 66,800 Kayser (J) Co v t o
No par 623* Jan 5 8512Nov 23 YrApf 655* Des
35 3572 357 364 38
43*3 187,400 Keith-Albee-Orpheum _No
41
385* 425* 40% 4318 41
par 1512May 7 4312Nov 23
104 106 10658 11012 115 120
117 125
120 124% 12534 12812 8,400 Preferred 7%
7512May 7 12812Nov 23
19% 205* 2018 20% 20
2012 19% 2012 1972 2014 1978 2014 72,600 Kelly-Springfield Tire-No 100
par 195* Nov 13 25 Oct 16
912 Jan -3-11i Nov
9312 95
9312 95
9334 9334 90 93 *90
*91
94
94
1,500i
8%
prererred
100 5614 Feb 17 95 Nov 16
35 Feb 102 Sent
101 101
100 101 *100 101
100 100
100 100
1,800, 6% preferred
100 100
Feb
100
17
101
68
Nov
16
66
4934 49% 47 48
Jan 9712
468 475
4618 4834 4614 4712 4614 473 17,200 Kelsey Hayes Wheel-No par 2212 Jan 10 58 Oct 15
19 Oct 27
*11012 113 *11012 113 *11012 113 *11012 111
*11012 111
111
101 Preferred
100 106 Mar 8 111 Nov 23 103 July 110 Dee
1712 1812 177 1812 1712 1812 1634 1814 16% 17% 111
1510 1634 181,200 Kelvinator Corp
734July 24 2278 Apr 13
No par
141% 143% 1393 14134 13912 14312 136 1397 139 143% 14412
14814 315,300,Kennecott Copper
No Par 80', Feb 20 14814 Nov 23 WC. Feb WI;'Be;
50 50
.5013 5012 50
5012 *4912 5012 49
5012 5012 5112 1,5001101nm Co
No par 877 Aug 15 5634 Oct 11
atlia June 65 Jag
96 97
97 9712 29312 97
94
93
640 Preferred
96
9614 93
96
100 874 Mar 22 100 Apr 11
68 June 93 Dee
9134 93% 90 93
9212 957
9014 947
91
9312 9234 9578 394,400,Kolster Radio Corp----No Dar 51% Aug 15 95% Nov 20
61% 62% 61
62
6134 62
6058 62
6078 61
10,6001Kraft Cheese
60% 62
25 533 Mar 31 76 May 17
49 June
81% 82
81% 88
8812 9134 8634 90
87% 8938 87
8932 73,400 Kresge(SS) Co
10 605* Feb 24 9134 Nov 20
45811 Jail 7714 Sep
*111 114
111 111 *11014 114
11112 11112 441113 113 *11112 113
100 Preferred
100
118
11014June
14
Apr
11014
27
Feb 118 July
*1958 19% 20
20
20
20
19% 191, *1914 19% 1938 1938
800 Kresge Dept Stores____No par 134 Jan 18 2714 Feb 29
10 June 18 Des
*75
99
75
75 *71
99 •75 99 •71
99 *71
99
100 Preferred
100 5184 Feb 1 75 Aug 31
Nov
65
80 Jan
*110 113 111 111
11214 11214 11278 113
113 11314 11378 114
1,500 Kress Co
No par 87 Feb 20 11912Sept 24
59 Jan 1054 8323
12712 128% 12534 12812 1251 127
12312 126
12412 127
12452 126% 77,600 Kroger Grocery di Bkg _No par 7314 Mar
27 13214 Nov 7
34
34
34
341
34
35
35
35% 3512 3534 3514 3538 7,000 Lago 011 & Transport_No par 27% Feb 20 3918 Apr 17
-276.
12'Wit -3
-71; NoV
13314 1363s 133% 13472 13218 136
130 13312 131 13314 13012 13212 53.900 Lambert Co
No par
Jan 10 13638 Nov 17
66 Jan 8312 Oet
1952 20
1952 2178 21
2112 20% 207
2072 2072 20% 21 1 1 12,000 Lee Rubber & Tire_ _ _ _No par 79%
171s Jan 3 264 Oct 10
Jan
7
184
Dee
53% 5411 5332 5413 54
5634 56
57
4
581z 56
20,700
5.53 .56
Lehigh Porltand Cement.. 50 4234June 25 5812 Nov 21 ----*10734 109 109 109
10814 1084 1084 10834 108% 10834 10858 108%
2301 Preferred 7%
100 1075* Nov 15 11052May 28
58% 59
584 585* 571 58% 57% 5778 5638 57
6,90(1 Latin & Fink
5632 57
No par 38 Jan 17 647 Oct 1
WI; Apr 11" NOV
*3734 3814 3818 384 3812 384 3734 3812 *37% 38
3754 38% 3,300.Llfe Savers
No par 281k Aug 15 4G14 Nov 1
2014 Sept 3434 Dee
95 95
95 97
*93 94
9334 95
92
92
9012 9012 2,0001Liggett & Myers Tobacco_ _25 8318June 22 1221z Jan 3 .38712 Feb 128 Sep
92% 93% 9314 9412 93% 9412 9134 9334 9134 93
9218 93 27,000 5 ries B
25 8014June 19 12312 Jan 3 *864 Feb 128 Oct
13612 13512 *13014 138 *13512 138 *13512 138
*136 137
13712 13712
200 Prat rred
100 134 Aug 2 147 Apr 11 12414 Jan 110 Dee
4412 4413 4412 4538 4313 44
4312 43% 43
43
4434 4434 1.600 Lima Lot° Works
No par 38 July 27 6578May 14
49 Oct 764 Apr
9214 95
9558 10212 107 111
10814 116
11634 124
113% 12412 202,40C Lirpri Carbonic
45
,
4 Sent 785* Del
6132 62
6214 6314 6234 6312 6134 635* 6172 6212 6112 6238 56,100 LOWS Incorporated_No par 634 Feb 20 12412 Nov 23
No par 4918June 19 77 May 9
687 Jan 634 Ma/
10178 101% 1011s 102
10212 10234 10212 10234 10234 10234 102 10234 1,4001 Preferred
par
No
994 Mar 15 1102* Apr 30
928 10
101
10
912 10
934 1038
934 1014
934 10% 47,500 Loft Incorporated
No par
514 Feb 0 190 Aug 27
5 -00i "i1;
*3032 31
*3038 32 •31
317
31
31
3112 3112 3178 3178
500 Long Bell Lumber A___No par 26 Jan 3 364
Feb 3 254 Dec 43 May
70
7212 711 725
, 73
74
7012 7412 7112 72
70% 73% 22,000 Loose-Wiles Blacult
25 4414June 19 8834 Sept 12 $1164 July 574 use
120 120% 121 124
120 122
121 121
12134 122
12112 12212
280 181 preferred
100 11712 Aug 17 125 May 9 118 Jan 123 Nov
3013 31% 295* 3112 31
317
30 3073 29% 307
2812 3012 47,100 Lorillard
25 2334June 12 4672 Apr 19
2312 May 47% Jab'
*97 9934 9712 9712 *98
9912 98
993* 9912 10018 9978 99% 1,800 Preferred
100 90% Oct 6 114 Mar 13 107 Jane 1184 Jan
1712 1712 17
1712 1718 181
175 1814 1712 18
17% 17% 48,700 Louisiana Oil
No
par
94 Feb 21 1984 Apr 30
10 Oct 12 Aug
92
*91
91
91
92
92 92
92
8912 9112 *90
92
160 Preferred
100 78 July 24 96 Apr 30
854 Dec 97 Feb
37% 3812 3734 3814 3734 38
373 38
37% 3734 37
37% 4,600 Louisville 0 & El A__ _No par 28 Feb 7 41 May
16
3s Jan 8015 Dee
86% 87% 8418 87
23
8614 87% 8314 867* 83% 844 83% 85 23,000 Ludlum Steel
No par 2538 Jan 11 8812
14
20 Oct 334 Ma.
51
51
50 5114 50 50% 50 5018 4972 50
50% 51
3,400 MacAndrewa & Forbes_No par 44 Aug 28 573 Nov
Apr 14
43 Nov 58% Des
*125 132 •125 132 *125 135 *125 132 *125 135 *125 135
Mackay Companies
100 16812 Mar 2 134 Mar 20 105 June 134 Aug
*8.5
90 *85 90 *85 90 *85
90 .85
87
90
*85
Preferred
100 684 Jan 13 86 Oct 25
67 Aug 74 Aug
100 101
10134 103 10212 10472 100% 10512 102% 10334 10114 104% 104,800 Mack
Trucks, Inc
No par 83 Apr 17 1074 Jan 3
8814 Jan 11834 16132
177% 17912 178 17912 17714 17934 175 178
176 178
175 17612 4,200 Macy Co
No par y134 Aug 28 382 Aug 27 124 Jan 2434 Nov
19% 2012 19
19% 20
205* 2014 2012 1934 2012 19% 2014 15,600 Madison 134 Garden.._No
par 19 Nov 19 34 May 7
204 Aug 28% 0e1
65 6638 66
6913 7214 75
741
70
727
70
7118 737 89,800 Magma Copper
No par 4334
27 75 Nov 20
29% Feb 585* Dee
37% 3814 3612 377
371
37
3434 37
367
36
3612 10,100 Mallinson (H R)& Co_No par 16 Feb
36
Jan 20 3812 Nov 16
1112 Apr 2034 Del
*100% 108
10013 105 *10012 104 *10013 104 *102 104 *102 104
Preferred
100 8716 Jan 30 110 Oct 9
*34
6634 July 95 Dee
36
34
36
36
36
36
36 *34
36
36
834
700 Mandel Bros
par
No
82
June
4012
25
Jan
24
39%
4934 Aug
32 32
3134 32
3134 32
3114 313
32
31
32
31
4,700 Manb Elee Supply..__No par 28I2Sept 13 6638June 6 63 Dec
Oot 132 Aug
35% 36
3434 3512 35
355* 35
35
3512 3512 37
35
4,100 Manhattan Shirt
25 3134 Feb 18 43 May 14
2414
3534
Jan
Dee
19% 1952 1834 19
1834 1978 191 20
19% 20
6,400 Maracaibo Oil
19% 193
1213 Feb 20 251t Apr 28
12 Oct 224 Jan
46
4634 4511 4614 4514 47
475 493 246,900 Marland Oil Expl_No par
46
47
493
473
No par 33 Feb 17 4934Nov 23
31 June 581, Jan
75% 7634 76
7678 765* 7712 761 767
763* 773
77% 78% 13,800 Marlin-Rockwell
No par 4514 Mar 8 8138 Oct 19
27 Jan 557s Nov
*1652 1634 1612 1658 1612 1612 165* 161
1612 163* 1634 19
3,300 Martln-Parry Corp.... _No par
121 Mar 12 253,June 4
1512 Dec 2434 Feb
17134 17134 168 16914 16815 169
167 170 16712 1692 167% 169% 3,700 Mathleson Alkali WorksNo
par 11734June 19 173 Nov 16
82 Jan 13234 Des
121 122 124 124 *122 125
12312 12312'123 125 •123 125
40i Preferred
115
100
Jan
12
130
Apr
27
103
Jan 120 Dee
96% 101
1
101 108 109 113 103 1095, 1045* 108
10478 108% 158,700 May Dept Stores
25 75 July 17 11312Nov 20
6634 June 901% Nov
28 29
2818 29
27 280* 26'4 27
2612 2678 2612 26% 26,200 Maytag Co
No par 1713 Aug 14 3012 Nov13-49% 49% 4812 49
4812 49
47 471
4718 48
47
46
6,6001 Preferred
No par 4018 Aug 14 52 May 24
90
90 90
90'2 90 90
90 90
90
90 *90 9012 1,2001 Prior Preferred
No par 90 Nov 12 101 May 24
•7214 73
72
72% 725
723* 6912 7134 7012 7012 7034 71% 1,200 McCall Corp
par 68 Feb 3 75 Sept 24
No
10514 10514 1054 10514 210512 108
10512 1061 10512 10713 10534 106
330 McCrory Stores Class A No par 77 Feb 13 10978 Nov 12
65 Mar 90 Del
114 114 1125s 11414 *11212 11512 114 115 •112 11334 111 112
3,4001 Class B
No par 8012 Mar 14 11934 Nov 10
564 Mar 9634 Del
*116 120
116 12112 *11712 12178 11712 11712 11612 11612 *117 119%
200. Preferred
109
Feb
100
8
11812Nov
12
07
Mar 11612 SOPS
*19% 2014 1934 2014 *1912 20
1912 2112 *20
2034 2112 22% 3,400 McIntyre Porcupine Mines...5 1914Sept 11 2812 Mar 16
he% ma? hg% 062
70% 72% 6934 7112 7112 7212 7014 72
7312 53,600 McKeesport Tin Plate_No par 6212June 13 754 Oct 8
7012 7234 72
34 34% 34
8
3434 34
341
331 34
32% 24,000 Mengel Co (The)
315* 3312 32
No par 2514 July 17 41 Sept 18
*2514 2512 2512 2534 2538 25% 2532 251
2512 2512 •2514 2512
800 Metro-Goldwyn Pictures pf 27 245* Aug 30 2718May 29
24% Jan 264 Feb
67% 6978 60% 68
63 6514 6014 63
61% 63% 61% 67 177.100 Mexican Seaboard 011__No par
412 Jan 19 70 Nov 16
3 Aug
914 Fel
2958 3012 3034 32
28 30
2812 315* 2934 310, 3012 31% 118,100 Mhtml Copper
5 17114 Jan 5 32 Nov 20
1318 June 20114 Dee
3812 3914 3812 3914 3838 40
393* 4078 4034 4314 42
4414 254.200 Mid-Cont Petrol
NO par 25% Feb 20 4414 Nov 23 97 Apr 105 Feb
5% 6114
5% 614
558 6
534 6
28,800 Middle States 011 Corp....10
534 6
534 6
24 Jan 8
74May
132 Jan
10
3% Jun.
4% 4%
4% 418
4
418
418
4
418
4
4
418 4.400 Certificates
14 Jan 3
10
672May 10
14 Ja
234 June
249% 255 253 25614 25212 25634 256 265 267 28312 272 28434 14,100 Midland Steel Prod pref-100
193 June 19 290 Jan 4 106 Apr 315 Dee
21
21
21
21
2034 2112 21
2112 2112 2212 22
2212 3,000 Miller Rubber
No par 1812 Aug 13 27 Jan 3
1712 Nov 3534 AN
4612 47
46% 47
45% 46% 453 55
53
55% 60 97,500 Mohawk Carpet Mlibt-No par 3918 Aug 14 60 Nov 23
55
150 166 *150 166 •150 166 41155 168 *150 166
11155 156
Montana Power
100 10214 Jan 10 175 May 3 -111-17
2 Jan 1091j 0*3
413 424 419 428 416 42434 398 418 407% 428 415 425 53,400 Montg Ward & Co Ill Corp_10
117 Jae 19 428 Nov 19
604 Feb 123% Dee
6% 678
634 714
6% 7%
67
6% 6% 14,800 Moon Motors
7%
par
8% 7l8
54 Feb 6 1112May 11
6 June 124 Jan
312 334
312 3%
33
33
314 313
33
4
Mother
16,000
333 312
334
Lode Coalitlon-NO
N
24 Aug 10
418May 14
Ds Oct
Pa Jan
*1114 1134 1112 1112 12
12
13
13
13% 14
137 1414 3,300 Motion Picture
No par
6 Mar 29 1414 Nov-23
64 Sept16% Mar
1824 18% 18
1812 19
18% 19
18
1978 7,500 Moto Meter A
185* 2012 19
No par 13 Mar 22 24348ept 20
17 Nov 3834 Apr
*156 18112 159 160 159 159
156 160
15614 15614 156 15714 1.200 Motor Products Corp_No par 94 July 7 21834 Oct 15
38
38% 3818 3872 38
38% 3734 38
375 3734 7,900 Motor Wheel
375* 373
par 2612 Jan 12 6114 Oct 16 164 Jan 277s Mel
Nis 9112 88% 9134 8714 8914 854 8634
6,100 Mullins Mfg Co
85
84
86
85
No
oo
6914June 19 95% Oct 10
10 Jan 794 Des
104 10412 103 10478 10358 104
103 10414 102% 104
1034 10314
690 Preferred
par 10258 Nov 22 10478 Nov 19
No
*5112 5212 5114 51% 5134 5134 514 52
5312 1,700 Munsingwear Inc
534 53
53
No par 4634 Mar 5 6212May 18
360*
Writ 68 Nov
11312 11478 113 115
11114 113
17012 112
110
109% 11118 109
12,600 Murray Body
No par 214 Feb 1 1244 Oet 20
16 Oo
43
II
9652 9734 9418 9734 96% 9712 95 96% 95 103% 103% 106% 394,000 Nash Motors Co
No par 8014 Feb 20 106%Nov 23 60% Apr 1017 Dee
22 2214 22
22% 23
2334 238 278 2618 2718 2638 27% 106,400 National Acme stamped-AO
714 Jan 4 2778 Nov 21
5 Feb
712 001
170 17534 16614 175
172 1783, 167 17434 16612 170% 167 16934 20,900 Nat Hellas Hess
No par 61 Jan 8 17832 Nov 20
8118 Sept 4612 Dee
*115 116 •1151 116 *11512 116 z114 114 *107 11412 •110 114
200 Preferred
100 9014 Jan 3 1151, Nov 16
8614 Sept 97 Apr
174% 17534 1744 17612 17414 1775* 179 18514 185 188
18214 18734 69,400 National Biscuit
35 15912Ju1y 12 188 Nov 22
9434 Jan 187 Dee
*14.214 148 *14312 145 *143% 145 *143% 145 *14312 146 *14312 146
Preferred
100 13712 Feb 29 150 Apr II
96
9614 98
9712 96 97
92% 9638 9418 95
9513 9712 258,300 Nat Cash Register A WI No par 4714 Jan 16 10112Nov 12 180 Jan 162 Dee
394 Jan 614 Den
12314 124% 122 12738 127 1295* 12414 126% 12414 12614 12512 12934 209,800 Nat Dairy Product,... No par
6412 Jan 5 12934 Nov 23 594 May 65.
8 Aug
28
2812
28
2814 2812 29
2752 2834 28
2,900 Nat Department Stores No par 2178 Jan 5 321 Oct 26
28
28% 28
2014 June 27% Mat
*93
93% 93 93
93 93 *93 9314 *93
300 1s1 preferred
9314 9314 9314
100 91 Jan 10 102 May 2
July
894
9414
Jar
36% 37
37 393k 3814 395* 37
39
36% 3778 3634 3732 5,100 Nat Distill Prod cite...No par 2914June 12 58% Jan 9
17 Feb 60 Oet
.58
6214 *6214 63
6212 6212 *60 6212 *6018 6112 .
100 Preferred temp etre_ _No par 5114June 13
60 6112
Jan 9
43 Mar 6934 Jung
55% 5534 54% 55% 54
5514 52 5313 5218 5272 5278 5313 9,000 Nat Enam & Stamping_ -100 2314 Mar 26 7138
573 Nov 13
191, Apr 3531 Juno
12212 12212 123 123 122% 12312 122 122
12014 121
124 12572 2,600 National Lead
100 115 July 11 136 Jan 31 1)95 May 2021* May
4218 437
44
44% 4318 443
4078 4212 4132 4214 41
4252 68.900 National Pr & Lt
No pa? 21% Jan 18 4458 Nov 1/
,
1 June 2634 Sega
19
17% 1712 1712 1734 1714 1734 1718 1734 17
1712 1712 17% 4,200 National Radiator_ _ _ No par 14 July 25 4038 Jan 9
3634 Nov 391k Nov
*4312 46 *4312 46 *43% 46
*4313 4812 *4312 46
*4312 46
Preferred
No Par 40 Nov 2 9818 Jan 17
96 Nov 98 DM
128 130 12634 12934 12534 12784 125 .128
127 12812 126 128
11,100 National Supply
50 8414June 12 130 Nov 16
76 May 977k Dee
300 304% 30112 30412 296 30334 297 300 *295 203 294 206
480 National Surety
100 28712June 13 372 Nov 7 4218 July 373 Dee
*345 349 340 345 340 353 348 34812 345 34712 345 346
33,600 National Tea Co
150 Jan 17 355 Oct 23 108 Apr 180 Dee
No
35% 36% 350* 3638 36% 3712 35 3634 354 3612 36% 37% 227,100 Nevada Consol Copper-No Par
par 1734 Jan 18 373 Nov 23
1234 June 204 Dec
4,3% 4334 434 44% 4312 45
4412 4634 4512 4634 45
4632 23,200 N Y Air Brake
No par 3978 Oct 32 501211ov 16
8914 Oot 50 Juno
Sept
Bid and sated prices: no sale* on this day. a Ex-dividend. z Ra-ellitila.
2933
New York Stock Record-Continued-Page 6
For sales during the week of stocks not recorded here. see sixth page preceding
HIGH AND LOW HALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Nov. 17.
Wednesday, Thursday. i Friday,
MOnday, I Tuesday.
Nov. 23.
Nov. 20. I Nov. 21. 1 Nov. 22.
Nov. 19.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
lots
Os basis *1100Lowest
Highest
PER SHARE
baste for Puffins,
Fear 1927
Leneesi
Hiehssi
per *bars $ per share 11 per .bat.
$ per share $ per share Shares Indus. & Miscel.(Con.) Par
$ per share $ per share $ per share $ per share
Jai. 65% Nov
per Aug
100 1147
lhare14 6414 Jan 4
32
4812 497 *4812 50
700 New York Dock
48
*4812 4912 .4812 50
4812
50
*48
100
21
Sept
7212 Feb 9812 Nov
85
86
Jan 4
Preferred
86
95
8618
8618
88
*86
500
8712
*8512
88
*86
88
*86
9312 Feb 1034 Oet
310 NY Steam pref (6)-No par 9812 Oct 5 10512May 16
10212 103
1027s 103
10212 103
103 103
102% 103
10214 103
Jan 11412 Oot
114 114
110 lst preferred (7)... __No par 102 Jan 30 115 Apr 19 105
11312 11312 11312 11312
*11213 11512 •11212 11512 *1124 114
eJan
10
90 Nov 17
45% Jan 6412 OcS
8534 86% 8314 865* 8312 8434 8414 86 114,100 North American Co
8614 88
834 90
Jan 55 Aug
1°8Sept11
55
50 5
t 15 5553May 16
50
5334 5312 5312 *5312 5412 1,300 Preferred
5334 5318 53% 5314 5312 53
*53
Oct
96% Jan 105
10118 101% 101 10138 10138 10112 1,200 No Amer Edison pref__No par 99% Oct 2 10572 Feb 7
*10012 10134 bouts 10112 10034 101
47% Jan 58 Sept
30 Northwestern Telegraph. 60 48 Oct 30 55 May 15
51
5112
51
5112' *51
.51
*4812 51
*4813 51
*4812 51
Feb
5%
16
June
Mar
14
2112
57
_10
712Sept
57
Rubber___
4
&
Tire
Norwalk
4,800
6
4
53
614
8
55
.
6
614
4
53
534
514 514
834 Dec Is
Jan
7% Aug 31 13 May 14
818 812 *7% 812 *734 884
500 Nunnally Co(The)_.No pal
813 812 *818 812
812 812
25 2014June 13 41 Jan 11
314 Jan 887s Des
2812 29
7,500 011 Well Supply
283, 29
2838 2878 2812 2878 287 28% 2858 29
June
7
110
14
Mar
997
June
97
11
100
Jan
11012
102%
Preferred
8
997
320
99
100
99
99
100
*99
100
100
100
*99
0 1514May 10
13
o 2
N0
11 Mar 1712 Jane
No par
914 912
95* 984 8,600 Omnibus Corp
194 913
9% 10
914 934
934 934
9938June 12
Jan 9912 May
17
5:
100 84
81
100 Preferred A
*86
94
94
*86
94
857o 853* *86
*8512 94
*8512 94
par
Feb 82% Dee
5812
7
Jan
CoNo
884
Ornzenheim
&
Collins
80
783,
7814
79
79
4
783
6,100
80
783*
7914
7912
80
80
2378 Dec 35 Apr
18 NIlly
1 6734A
; 70 Oct 25
g1
,Orpheum Circuit, Ino
*40
65
63
*38
*41
65
63
65 •30
*35
35
*34
100 75 May 9 102 Jan 5 10234 Nov 10812 June
330 Preferred
*9012 93
90
93
89
93
9212 93
*92% 93 .9218 93
50 147% Feb 20 2473 Nov 21 s103 Feb 15524 Oct
5,100 Otis Elevator
245 247
24312 24534 24434 24734 244 246
24214 24214 242 243
100 11914 Jan 24 12634July 19 108 Feb 122% Aug
70 Preferred
122 122 .122 126
122 122 *122 126 *122 126
*12178 126
1212In:e
714 Feb
No par 1012 Jan 18 4013 Nov 23
3714 3834 3914 4038 38
4012 134,200 Otis Steel
3558 3618 3512 3638 368 39
614 Feb 91 Nov
100 8212 Jan 10 10078 Nov 21
1,300 Prior preferred
100 10078 100 100
100 100
100 i100
9912 100 100
*99
9234 •91
52% Jan 99 Dee
No par 81 June 19 9918Sept 4
91
100 Outlet Co
93
*91
93
*91
93
93
93
94
*93
78 Dec 85% Dee
25 744 Jan 3 95% Apr 18
94
907 '90
9,800 Owens Bottle
90
9114 91% 90% 917
8912 89% 89% 90
81 Feb 60 Dee
25 4312 Feb 28 5478 Nov 16
5212 5312 53
5312 537
53
53
532* 3,200 Pacific Gas & Eleo
5314 5314 5314 537
No par 73% Oct 10 8538June 29
7412 75
2,300 Pacific Ltg Corp
75
738 7418 7434 743
75% 75
7614 7614 75
I May
214 Apr 27
is faa
1 Sept 14
No par
114 12,300 Pacific 011
118
1
118
1
118
1
118
1
118 114
1
157 158
100 145 June 12 160 May 17 124 Mar 162 Des
157 157
157 1583 158 15813 1,000 Pacific .Telep & Teleg
15512 15712 157 157
8344 Apr 62 Dee
10 5614 Feb 18 12314 Nov 23
11512 1207 118 12314 385,000 Packard Motor Car
11814 12112 11712 121s 11734 12112 11312 119
547
404 Deo 6572 Jan
53
5511 5314 547
534 547 12,200 Pan-Amer Pete & Trans____50 384 Feb 20 5512 Nov 21
5178 5212 52'8 52'z 52
4014 Dee 66% Jan
50 $7% Feb 20 58% Nov 7
5712 5514 587
577 172,200 Class B
56
568 58
55% 541 5584 55
55
1684 Oct 3772 Jan
28
Apr
28%
23
par
B_No
Petrol
1512July
West
Pan-Am
18
18
3,500
19
18581
19
18
18'2
8
185
*
185
18
1812 1812
14
2134May
11
Feb
8 Apr 1872 Jan
114
par
ref__No
&
Prod
15
1518 153
151
151% 15% 155* 15
1511; 4,500 Panhandle
1512 1512 15
56 Sept 83 Nov
100 70 Feb 21 10614May 15
200I Preferred
80 I
*8034 847
84
8034 803 *75
8738 84
871% *84
*84
20
Nov
64
par
Lasky_No
9
Oct
474
Fam
Paramount
1*
54
5218
525
54
3
53
5314
168,300
4
533
52
52% 538
5214 53
No par 34 Mar 10 98 Nov 19 IC -inn 16;-13-ei
9218 957
98
95
9414 9714 81,700 Park & Tilford
95
93
9534 98
96
94
Jan 104 Dee
6
9 Aug 15 1413 Jan 5
1
10% 124 1214 131
1212 13 I187,000 Park Utah C M
1212 13
1014 1012 102* 101
3114 Dec 12 June
2 Feb 8 15 Nov 23
par
No
Exchange
Pathe
71
912 15 ;400,000
63*
64 63,
712 10
61
6
614
6
1812 Dec 4814 June
8% Feb 9 34 Aug 8
No par
304 32581 83,4001 Class A
28% 307
24% 24% 2418 24% 243* 2512 25% 231
184 Aug 2772 Feb
347 3512 3418 351
3538 3412 3538I 21,8001Patino Mines & Enterpr____20 2378 Jan 3 42 Apt 30
34
3458 3512 3458 353
Jag
20 Apr 32
50 1418 Sept 13 2572 Mar 18
1712 177k
171
1718 173
1738 1718 1738 4,100,Peeriesa Motor Car
17
1634 16% 17
1913 Sept 2772 May
No par 22% Jan 7 4112 Oct 16
35
3838 3612 3738 3534 37
3838 38
3612 13,100 Penick & Ford
36% 36% 37
Jan
39%
Dee
214
2
May
31
18
1414July
Par
No
Cement
Penn-Dixie
6,500
20
20
1918
19%
4
3
20
197
1912
19
1914 20% 1934 207
91 Sept 100 May
100 75 Sept 13 9658 Apr 25
*83
84
*83
84
84
83
84
83
*83
*83
83
100I Preferred
8412 .
Jan 16834 Nay
200 People's 0 L &0(Chlo)-100 151% Jan 6 20114 Sept26 126
198 198 •194 198 *194 198 *193 197 *194 197 *194 197
8514 Jan 1534 Des
1Phlladelphis Co (Pittab)....50 145 Mar 24 17434May 4
*155 165 •155 163 •155 163 *155 163 *155 163 *155 163
Jan 51 Dee
40
50 4512 Mar 15 49 Aug 18
4712 47% *4712 48
4712 4712
*4712 48
60, 5% preferred
*4712 48
*47% 48
50 Jan 534 Sept
50 6134 Oct 2 57 Mar 29
5234 53
52
52
5234 527
*52% 53
5218 53
1,800; 6% preferred
53
53
47% Mar
June
37%
3
Jan
39%
par
13
8June
No
_
I_
273
&
C
323*
34
3114
313
331
Read
ac
3212
Phil&
82,600
35
34
33
30% 304 31
18 Sept 6112 Jan
1918 1912 18
197
191
183, 195± 15,900 Philip Morris & Co., Ltd---10 15 Mar 1 2512May 28
17% 19
20% 19
20
364 Oct 6014 Feb
No par 3514 Feb 20 53* Nov20
5138 52% 5114 5214 166,200 Phillips Petroleum
5018 5034 5034 51% 5134 53% 5118 527
5 21 Oct 23 38 May 8 8518 Dec 5272 Aug
*2614 29
*2614 27
2512 2512 2712 29
*2712 29
600 Phoenix Hosiery
*2712 30
100 96 Jan 9 10312 Feb 14 103 Jan 107% 11117
971 •96
9912 *95
971 *96
9712
9712 *91
I Preferred
*9434 9912 *95
_
1812 Oct 30 27%Sept 17
par
_No
A_
Class
23
24
2258
22
4
3
23
Pierce-Arrow
23%
22
4,000
4
23
2213
223
2212
*21
3 71 Sept 21
ct 30
Oar
2m
100 56112
600 Preferred
*8012 62
6134 *6012 61
60
6012 62
61% 6012 6012 .
*60
312
3
11 Jun.
a-r
- lg las
25
54 Apr 27
3
3
314
31
35* 18,100'Pierce Oil Corporation
3
3% 314
31211 314
134 Mar 26 Jtme
100 1614 Feb 20 60 Oct 5
38
37
3612 3712 36
37
37
365* 2,500 Preferred
36
36
37
37
57
24 Mar
658 AM 27
54 Zone
57
57
813 Feb 16
No par
5% 6
6
6
614
15,700 Pierce Petroi'm
534 6
534 618
3072 Nov 8718 Aug
eb 18 57% Nov 20
jan
F
5412 5634 55% 57
5434 56% 5612 573
545 56% 58,000 Pillsbury Flour Mills.. No Par
54% 55
14038 Nov 20 106 Aug 109 0e1
100 1082148
1403* 14038 140 140
138 140
138 14014 •140 145
1,200 Preferred
4136 138
3284 Mar 7212 June
100 3612June 1
65% Nov 22
62
647
58
6534 62
5012 51% 5012 65
6538 105,100 Pittsburgh Coal of Ps
51
50
70% Mar 98 Sent
91% Nov 21
100 81 may
8712 90
9111 9112 91
9112 •90
8712 88
9014 1,600; Preferred
88
*87
348
8012 Apr 55 JUDO
3678 Mar 20
100 26 Feb 1
30
32% 33
*274 30
32% 3378 3212 33
3,000,Pitta Terminal Coal
*2712 30
74 Apr 8412 Dee
13
Mar
82
1
Oct
63%
100
77
7214
77
7713
*7214
77
7718
7214
Preferred
7712
610;
7712
77
*71
65 Aug 9112 Jan
76
69
777
74
12,800 Porto Rican-Am Tob ol A_100 5314 July 5 7972 Jan 6
7512 76
7312 768
7534 76
6712 68
2934 3034 29
No pas 2314 Aug 15 864may 18 15 Aug 5272 Dee
29
30% 28% 29% 2812 29% 15,300 Class B
2512 2534 26
_
10334 19334 10312 10312 10314 10312 102 8 10278 *10234 103341 10334 10334 1,200 Postal Tel & Cable Pref.--100 10058 Aug 28 106 Sept 20
92% Mar 12612 Dee
13612May 31
No par 6138July 1
69% 6834 693, 6818 6914 672* 68821 675 694 98,800 Postum Co. Inc
70% 69
70
3612 Feb 7814 Dee
30% Oct 5
No par 18 June 1
2214 2234 2178 2212 2178 223* 2134 2214 18,200 Pressed Steel Car
2234 23% 2212 23
7612 Feb 9211 May
100 70 Aug 29 9312 Oct 8
7614 77
7612 7812 7612 77
2,000 Preferred
76% 76% 76% 7612 763* 77
1614 Jan 8378 May
29,2 Nov 16
3
277s 20,400 Producers & Refiners Corp_50 16 Feb 1
2712 2818 2712 2814 27
2834 29% 2738 28% 2758 28,
36% Jan 50 Feb
50 41 Feb 20 4958June 6
46% 47
458 46
470 Preferred
474 474
474 *4512 47
4712 46
47
Feb 71 Sept
17
Feb
91
1
Nov
55
54
par
Brush-No
Pro-phy-lactio
54
54
54
54
54
*5312
54
54
54
54
120
54
*53
82 Jan 4872 Bern
7718 Nov 17
76
74
7134 74
725 74
72% 7412 195,000 Pub Bar Corp of NJ........No par 4112 Jan
7718 73% 76
76
Feb 105 Nov
9812
4
May
115
Jan
103%
100
10558
106
106
preferred
106
106
10534
3
6%
105
10512
1,000,
106
4
3
105
4
106%
106
100 117 Oct 1 13912May 31 10812 Jan 12014 Nov
1217* 122 *121 122 *121 122
400; 7% preferred
•11912 12212 12212 12212 *121 122
150 May 4 125 Jan 13314 Nov
100 134 Jan
146 146 •13978 145 *13978 145
146 *13978 146
*14212 146
No vas 7778 Oa 1 94 May 15 7314 Aug 804 Dee
86% 90
90% 9334 873* 9238 884 8934 8713 8934 157,400 Pullman Inc
8838 90
Oct 4672 Jan
27
60 19 Oct 11 3472 Jan 3
1914 197j 1912 2012 2073 2438 237 248 12,500 Punta Alegre Sugar
20% 20% 1918 20
Oat 33% Ma/
25
3114 Nov 21
25 19 Feb
2912 3114 29% 3013 30
31 244,600 Pure Oil (The)
2814 28% 2812 2873 2834 31
Jan 11512 Dee
111%
119
6
June
15
Mar
108
100
11318 11314 1135* 11312 11314 11312 *11312 114
540 8% preferred
113% 1133 11212 113
75 June 15 13938 Oct 15
128% 12818 127 12812 12714 12812 12612 12678 12578 126% 126 126% 4,400 Purity Bakeries
15
Oct
16614
12
July
105
158
158
159
Preferred
160
159
300
*150
158
158
*150
•150
159
159
41', Apr 101 Nov
335 367
295 335
345 379
361 379 236,300 Radio Corp of Amer___No par 8514 Feb 20 384 Nov 22
364 384
293 304
Apt
49 May 57
50 544 Jan 4 80 May 16
57
57
*56
600 Preferred
585*
*56
58
575
56
58
561 *56
*56
204
Nov 49 Mat
12
Nov
3
56
17
Jan
2
7
34
10
53
54
51
54
12,100 Real Silk Hosiery
52
52
5312 514 5234 51
5134 53
80 June 99 Dec
100 8012July LI 97 Nov 1
*94
97
*94
20 Preferred
94
97
96
94
9414 9414 *94
97
*94
53 July
9 June
54 Feb 23 13 May 15
No par
9%
912 *9
*9
500 Reis (Robt) & Co
912 *9
912
*9
9
9
*(04 91
2012 Nov 4714 Dee
Novas 234 Jan 20 3612May 31
27% 30% 2734 29
2812 29% 132,000 Remington-Rand
273* 295
2712 2838 2712 28
Atr
10212
874 Nov
100 8812Sept 19 98 June 2
8912 89% 8812 90
90 I 89
*89
1,3001 First preferred
89
90 901 *8912 90
Atm
Oct 110
90
100 Jan 24
9212 921
Oct
100
9213 9211 *92
300 Second preferred
94
*9212 951 •9212 943 *9212 951
Dee
2
267
Dec
3
Oct
354
254
1
4
2
291
52514
10 2
283* 2938 283* 2918 28% 2878 2813 285 28,300 Reo Motor Car
2834
2812 283
Oct 7572 Ma,
53
89% 905
874 90
8614 90% 153,300 RePublie Iron & Steel__ _100 494June 19 9412Nov 20
88% 89% 88
'1 8512 02s
96% Jan 106 May
100 102 June 25 112 Feb 6
1104 11014 *111 112 *111 112
200 Preferred
111 111 *111 112 I
*11012 112
13 Deo
4 Feb
No par
123* 12
814 Feb 18 1478June 4
1238 12
1214; 25,000 Reynolds Spring
1178 1214 1134 1214 1214 1254 12
9818 Feb 162 Dec
23
Nov
8
24
1647
Apr
128
B_25
class
15812
157
158
Tob
15712
(RJ)
16218
1617
15938
8
15918
1647
156
*
Reynolds
76,900
15414 15514
13
5
8 Dee
285
Dec
8
3
25
Nov
66
17
Feb
23%
_25
California_
51
55
52%
53
5213 535* 5113 5314 159,900 Richfield 011 of
5378 5114 5358
52
Oct
Jan 196
74
25 145 June 13 23912 Nov 23
237 23812 234 23912 11,200 Ross's insurance Co
214% 218% 215 2223 22434 2373 229 237
6414
Sills
July
20
Oct
Feb
64
20
Jan
44%
62
83
Y
631
(N
Co
62
Dutch
63
4
3
62
6212
Royal
62%
shares).
12,900
62%
I
6114
6134 6214
80 MAY 6372 Mar
445g 451
45
453
10 37 Mar 16 4938Sept 19
4412 45% 4512 463te 14,100 St Joseph Lead
464 454 451
45
41
42
40
39
40
4012 4.200 Savage Arms Corp_.__No par 37 Aug 10 494 Aug 31
3912 401
397 397
40% 41
53
527
54
535* 537
53% 53% 5258 5314 36,300 Schulte Retail Stares_No par 4978 Feb 18 674 Apr 14 -if Jan 67 BepI
5212 5314 52
100 11634 Nov 9 129 Apr 11 11614 Jan 123 Aug
20 Preferred
117 1171 •11712 120 *11712 120 •118 120 .118 120 1
•117 120
85g Sept 15% Dee
10 Feb 18 1712June 18
1434 15
*1434 17
15
14% 147k
15
No par
1,300 Seagrave Corp
14% 15
15
15
Jan 9112 Dee
51
1911 187 1897 18014 1831 18158 185% 18112 186 146,600 Sears, Roebuck & Co_Nopor 8212 Jan 16 19712Nov 14
18712 192% 187
354 Ja*
1 June
312 33
par
74 Oct 24
2 Jan 18
5%
5
51
5
5
512
5
512 19,300 Seneca Copper
534 5%
Jan 10112 Oct
1311
56%
18
Oct
14014
13412
1351
17
Feb
80%
1363
13312
130
134%
13012
4
1313
No par
No
13214 11,500 Shattuck (F G)
13112 131%
41% Oct 4772 Feb
_ _ •5518 59
*56
571 *56
5712 *56
Shell Transport & Trading.£2 Ws Jan 24 574 Oct 23
5712
233% 57 •33%
24% Oct 315* Feb
3838 391
3712 38% 375 38 271,600 Shell Union 011
3814 39
No par 2314 Feb 8 3938 Nov 20
3712 3734 381
36
55 Aug 7678 Nov
86
8034 77
ar 5434June 19 854 Nov 1
7918 8058 21,400 Shubert Theatre Corp_o
Ar par
772 797
80% 8134 8014 8134 78
33% Jan 6434 Des
par 5514.1une 19 9934 Nov 23
8914 918 8812 9114 8912 978* 955 991 105,500 Simmons Co
8852 891
90
89
164 July 2632 Dee
17
Nov
2714
2614
k
26
253
4
263
20
4
253
Feb
2513
184
27
Petroleum
1.
0
8
1
No
2718
8
263 68,600 Simms
26% 2714 25%
5
Oct 2238 Jan
15
45
43
4313 464 4414 45
428 45% 770,700 Sinclair Cons 011 Corp-NO Par 17% Feb 20 46% Nov 14
43% 44% 4212 441
Jan 10412 Dee
97
109 109 *1084 109
109 109
109 109 I
100 10212 Jan 4 110 Oct 29
600 Preferred
*109 10918 108% 109
373* Feb
June
2412
4184
21
4012
Nov
42%
15
403
Fcb
425* 4158 4212 4058 4238 72.000 Skelly 011 Co
25 25
4012 4112 4034 417
122 122
1223 12312 2.700 Sloss-Sheffield Steel & Iron 100 102 June 23 134 Feb 6 1104 Nov 13414 Apt
124% 12734 123 1261 123 123 *118 121
1634 July
June
113*
30
Apr
113
22
1138
Nov
1113
1154
1138
20
113
1112
12
11%
115
1153
Packing
i
8
4,200 Snider Packi
11% 1214
524 July
44 Nov
32
32
31 Nov 19 60 Jan 11
*31
31
33
31
313
*31
33
1,500 Preferred
3212 31
32
,May
5
42
Aug
8
7
33
24
*
49%May
7
4258
18
Feb
3212
4318
44%
rr
ppaa
par
42
4214
4418
00
0
423
42
4512
N
N
N
Sus
42
Rico
Porto
So
58,500
43%
42%
Dee
315* Jan lib
5I7 11,800 Southern Calif EdIson
511
51
51
52
51
25 4312 Jan 6 5414May 4
52% 5134 52% 512 52
52
15 MAY Afk Jan
344 Jan 25 6058May 21
35
3412
par
3418
34
35
3412
3412
A__No
3412
35
Cl
344
Ditties
Southern
3,500
35
35
3
Jai
20
Oct
624
23
Apr
28
30
141
8
5
13
Jan
at
m
13
138
9
143
144
o
l
1334
/2/_o_
14
147
B
Class
6,100
1414 1412 1412
Jan 1124 Nov
109 Jan 7 120 Apr 3 103
20 Spalding Bros 1st pref.
115 115 *115 1171 *115 1171 •116 11713 115 115
*116 117
24
461
21
July
Oct
4512
53
26
4618
par
45
46%
4512
48'2
Inc
8
473
pan
0e
0
8
0
0
0
6
4
6
4,
VP
alfant&Co
c0
Cb
g&
ar
4612
4612 4612
4 get; 18 Des
2 20 Feb 29 -14ov 16
14 N0
03
16
12
No par 7
1134 11
1212 13
1134 11
11
1112 1112 1112 111
73 Feb 88 Dee
*78
923s Feb 29
79
79
79
*78
*78
79
100
*78
10 Preferred
78
78
70
*76
1
8
3
Jan 287k May
2012
20
Nov
4
453
12
Jan
44
43
5
42
2312
45
43
45
4334
4434
Par
No
68,700
Co
Mfg
Spicer
39% 4014 4112 43%
91 Nov 20
- _ - 89
87
897
8613 89% 29,700 Spiegel-May-Stern Co Ne par
87
8912 9014 8834 9014 894 91
4 40% Nov 8
ot 25
0p
5'38e
24
6
3234 33
327 33
3312
32%
34
33
Tobacco-No
Comm
Stand
Par
3
15,500
33
33
3312 3334
7k 727 747k 73
-a- -lin 883* Jun.
7312 7414 40.600 Standard Gas & El Co_No par 5772 Jan 12 76% Nov 17
7414
7534 7612 7434 7576 7413 75
5718 Jan 6612 Nov
50 65 Jan 3 7112May 16
6614 6612 6614 6612 1,700 Preferred
6714 6658. 8718 66% 67
6834 86% 67
704 Jan 1041 Dee
20
Apr
127
5
Jan
11412
100
114
112
118
100
113
112
114
112
10,000
Milling
Standard
1104 111
114 114
Jan 103
84
99
99
100 100
100 97 Nov 2 112 Apr 23
Dee
99
99
*99 100
170 Preferred
*99 100
*99 100
122.42221degg and eg.figiass.
•Sid and oiled prices; 00 seta 00 thls days I ifs-divIdenn. a 211-0022 .e
2934
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here,see seventh page precedIr g
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 17.
Monday,
Nov. 19.
Tuesday,
Nov. 20.
Wednesday, Thursday, I
Nov. 21.
Nov. 22.
Friday.
Nov. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share
per share
Per share
Per share
Per share Shares Indus.& Miscel.(Con.) Par
6812 6914 6812 89'2 6912 77
7212 76
7513 7812 206,400 Standard Oil of Cal____No par
7234 75
5334 5438 5384 5414 5358 5412 52% 5434 53
5334 5314 5414 205,700 Standard 011 of New Jersey_25
3812 3878 3818 381
3818 4014 38% 4078 384 3912 39
3934 390,600 Standard 011 of New York__25
5
538
514
4,800 Stand Plate Glass Co_ _No par
5
5.14 538
5
5
5
5
434 514
2218 21% 2214 21
22
22
22
2234 22
5,430 Preferred
21
21
22
100
3614 3614 3613 3713 3712 42
47,600 Stand San Mfg Co____No par
42% 45
431g 4412 431g 44
47 47
4618 4612 4578 4612 4513 4513 4513 4638 2,400 Stanley Co of Amer.- _ _No par
46
47
11214 114
113% 11434 10912 11338 109 11134 110 114
11212 11512 81,000 Stewart-Warn Sp Corp.No par
70
787s 74
22,60011trofflberg Carburetor_No ear
88
79
6514 654 65% 88
76
788 80
7638 7814 7512 77,4 7514 7612 75
7534 75
77
7533 7612 60,600 8tudeb'rcorP(The)---- N,,ar
*12434 125
12434 12434 *118- 127
190
12434 12434 1243 12434 *12434 125
100
37
35
35
378
3% 3%
No par
3% 334
38 333 6,000 Submarine Boat
38 334
7212 733
725 738 73
No par
74% 7313 7434 7315 7434 7213 73% 10,900 Sun 011
1034 11
1012 11
1034 1112 1034 1138 11
No par
1212 1234 14 482,200 Superior 011
49
5038 51
5634 55% 5678 5118 5514 50
24.500 Superior Steel
100
51
54
52
*1612 17
168 18,2 1712 18
198 6,300 Sweets Co of America
18
50
1812 198 19
18
53
4
514
*412 5
4,000 Symington
434 518
No par
412 412 '412 5
418 4%
*13
1312 1234 16
1512 1212 14% •144 1412 1438 1438 10,700 Class A
15
No par
4,100 Telautograpb Corp----No Par
1814 1814 1814 1813 18% 1812 1812 1812 1814 18% 1914 21
1714 171
1714 1734 1738 1734 1634 17% 1633 17
29,600 Tenn Corp & C
1634 17
No par
7313 7412 72% 7334 7318 7438 7258 74
25
7233 74 26812 6913 155,100 Texas Corporation
78
807
8018 8212 80% 82% 7614 8034 7712 79
8012 487,800 Texas Gulf Sulphur__ No pa
77
2238 23
21
2213 2138 2314 2313 25% 24
2434 2314 2412 73,900 Texas Pacific Coal & 011----10
2334 2378 2338 2334 2334 2512 2518 2634 247 2618 2412 2533 170,000 Texas Pao Land Trust
2534 2614 277 30
30
317g 27% 31% 3012 3034 2978 3038 6,600 Thatcher Mfg
No par
471 4818 4818 4913 49% 5012 49
50 I 1,400 Preferred
No par
50
50 i 50
50
43
err
ired 7%
43% 42
ereFfa
No 1170ar
0
4334 4334 4412 24278 437g 4214 43 I 4238 4334 11,300 Thp
*110 114 *110 114 *110 114
110 114 *110 114
110 114
25
64 I 1,700 Thompson (J R) Co
63
6434 6434 6512 6534 6534 66
64
64
63
63
2234 231
2318 2333 2312 2418 2312 2414 233* 24
23
2373 138,900 Tidewater Assoc 011-No par
6,300 Preferred
100
884 8834 8813 8912 8954 90
90
90
8912 8934 891 90
3512 348 3512 3358 3512 3412 35
9,400 Tide Water 011
*3314 3313 34
100
3333 348
100
*9514 9513 954 9514 9512 9513 9512 9512 9514 9514 9434 9514 1,300 Preferred
15014 151
148- 1
x14718 14934 145% 14713 145 14778 14618 14778 22,500 Timken Roller Bearing.No Par
23,400 Tobacco Products Corp-100
10634 107% 1067s'lUB
106% 107
10514 10612 10478 10638 10334 107
3,500 Class A
115 115
11413 116
100
115 116 *115 11713 116 116
115 115
DI* certifs A
*20
*20
23
2313 *20
•20
23
23
*20
231 no
23
Div certifs B
*20
23
*20
24
*20
24
*20
23
•20
24
*20
23
1312 556,400 Transet'll Oil tern ctf__-No Par
1114 1112 1112 1333 1334 1413 1238 143* 13
1334 13
900 Transue dr Williams St'l No par
47
*47
4834 *47
4834 48
48
47
4838 462 4612 47
42
43 I 42
422 15,500 Tnco Products Corp___No par
4212 43
427
4214 43
4214 43
42
17,700 Under.Elliott Fisher Co.No par
8038 814 8012 82
8213 833 82
8214 8038 82
83'4 81
' 1,800 Union Bag & Paper Corp__100
3712 37,12 38
*3713 38 I 3712 3712
*38
30
3712 3734 37
19214 104
19212 196
19334 202
19813 2064 202 209 158,900 Union Carbide & Carb_No par
19312 195
25
5413 55
55
5538! 5538 5634 53.400 Union 011 California
55
58
5338 5412 543 57
200 Union Tank Car
122 122 *118 12212 *119 122
100
118 118 *116 118 I•115 120 I
No par
5118 5133 5012 5134 5112 5138 5112 5134' 8,600 United Biscuit
___ I Preferred
100
*12
50114 5-1 _ *15
•12014 ____*12014 ----I
21014 -5-1-12
2713 28
2V-4 -27-38 2712 28
2634 2712 23,200 United Cigar Stores
10
27
2733
%
500 Preferred
105 105 *104 105 *104 105 *104 105
105 105
100
105 105
17.500 United Fruit
par
141 143
146 14734 14414 146% 14114 145
1437 147% 146 148
United Paperboard
18
18
18
18
•I713 18
*1712 18
No l103
*1712 18
19
18
4,300 Universal Leaf Tobacco No par
84% 84
83
84% 858 84
82
84
8278 831
8213 83
70 Universal Pictures let pfd_100
*9312 9414 9414 9434 9334 9434 *9334 9434 '9334 9434 *9334 9434
23
243
23% 2414 23% 2378 2234 2314 2234 2338 2233 2338 13,800 Universal Pipe & Rad-No par
1 Preferred
*100 106 *100 101
100 101 *100 110 *100 101 *100 101
100
4514 4514 45
4512 451 48
4812 4758 4778 9,100,U 8 Cast Iron Pipe & Fdy__20
47
4814 47
1,100 1.st Preferred
*1838 1878 185s 1833 1812 1858 *1858 1878 •1838 184 *1858 19
No Pa.
1618 1638 1614 1678 1634 1734 17
1634 17
16% 17
1734 9,500,U S Distrib Corp
No par
*80
8212 8012 8013 81)12 82
841s 1,400, Preferred
83
100
80% 80% 84
84
4734 48
5,6001 U 8 Hoff Mach Corp___No par
4713 497 *48
4978 46% 4812 *4614 4712 45% 467
12313 12512 12538 128
128 12953 12512 12838 12533 12738 125 12734 27,000 U S Industrial Alcohol
100
12518 125% 12518 1258 *12518 12512 12518 12518 12514 12512 12514 12514
1201 Preferred
100
317 32% 327 333
3384 13,6001 U S Leather
3378 3514 3418 3578 3311 345* 33
No par
5
1
5758 8,300 Class A
55
558 56
56
No par
56 4 5712 5712 5778 567 583* 57
*100 103
102 102
102 103
10212 10212 *102 10213 102 10212
700 Prior preferred
100
8013 83
8034 8353 8118 83
31,600 US Realty & Impt
81
8358 87
No par
8278 8034 83
3818 3834 3814 3938 3912 4012 3912 4138 3958 40.38 4018 413* 27,400 United States Rubber
100
5
6612 6812 6913 70
6638 66
100
6714 7038 6714 69
69
6934 7,400 1st preferred
577
58
5812 57
62 34,400 US Smelting, Ref & Min _50
58
6058 5934 6118 591 61
60
*54
5414 54
54
700 Preferred
54
54 .54
54
50
5412 54
54
54
171 17218 16912 17112 16812 17178 16512 170
16714 16834 1664 171 337.800 United States Steel Corp
100
14/14 14114 14114 14134 14114 14114 14114 14138 14114 14114 14114 14114 6,800 Preferred
4014 417
67,300 Utilities Pow & Lt A__No par
4112 4314 4212 4318 41
4212 41
4114 42
42
103% 1047 10038 10312 101 104
No par
99% 10214 10014 106% 10118 10653 77,000 Vanadium Corp
33
33
3513 35*3
*34
500
130 Va1nRa
gt praelftee
No par
33
37
37
37
*33
36
37
preferred
*72
100
73
*7314 74
*72% 73
73
74
72
72
72
72
73
No DO/
7318 7338 74
7234 7312 73
72
73
7333 7313 7312 3,500 Vick Chemical
12538 12753 123 128
12914 13212 13313 13912 13814 156
144 1584 507,800 Victor Talk Machlne_No Par
900 7% prior preferred
100
107 107% 10712 10712 10713 10712 10714 10714 10714 10714
107 107
43,900 Virg-Caro Chem
8 19
No par
2034 1918 2012 18
19
1914 2018 20
1934 18
100
603 14,800 6% preferred
5918 6238 6112 6414 6112 638 59
6014 5912 61% 60
98
300 7% preferred
100
98
9712
*9712 9812 .9712 98
*97
9712 *97
9712 *97
8,200 Vivaudou (V)
1718 1634 17 I 1612 17
No par
1734 1778 1738 1734 163* 1712 17
Preferred
100
90
*82
90
*82
90
90
*80
82
*88
8834 *80
90 '
100
7,380 Vulcan Detinning
33
60
3334 325s 3334
3814 4478 48
40
3613 37
*8412 8612 8612 8612 8612 87
100
250 Preferred
8812
8612 87 '8634 8712 88
100
*2612 27
2612 27
31 • 3412 3934 1,390' Class A
27
2912 29
2^% 29
par
Waldorf
System
No
2453 25 1 24
2434 24
12.600
24
247
2334 244 2334 24
2334
No par
23% 2313 2238 2318 23
2334 2233 2 138 2218 2238 2214 2234 8,800 Walworth Co
76
76
7312 76
3,050 Ward Baking Class A_-No Par
73
7712 74
77
77
78
7612 77
No par
1618 1614 157g 1613 1578 1638 1618 17 I 18% 193* 183* 193* 66,500 Class B
No par
8178 81% 80
81
80
8018 80
81
81
81 , 8112 8112 2,100 Preferred (100)
12814 12938 128 13034 130 13434 127 13278 128 130 I 127 12934 109,200 Warner Bros Pictures No par
10
128 12914 12814 13033 130 13414 12714 13358 12734 130 i 12714 12912 34,600 Class A
No par
4212 4314 4214 4334 42
42781 22,700,Warner Quinlan
427
4158 4278 4133 4234 42
par
Warren
Bros
No
147 155
156 15614 15612 160
2,700
155
15713 15978 15714 15712 1524
No par
' 32
3234 31
3214 31
3134 3038 3134 30
30% 294 30 2 9,400 Warren Fdry & Pfpe
No par
81
8178 80
8134 7938 81
7814 79 1 7733 8013 788 7912! 11,300 Weber & Hellbr,
100
200 Preferred
*98
9912 *99
99% *98
99
9913 9913 100 100 *100 103 I
1897 19734 19178 1947 193 197
189 19312 185 19012 188 1912 17,800 Western Union Telegram5 A00
4618 50
5118 52 I 49
5218 4818 497
4814 4912 4838 4913 91,300 Wstnghse Air Brake---NO bar
137 140
13414 14034 140 14312 13214 140 I 13512 139 1 13518 13958 206,100 Westinghouse Elm & Mfg__50
60
135 135
520 1s1 preferred
132 13414 134 137
132 133
1343* 1348* *130 135
2234 24% 2212 2318 2214 2378 23
2478 2412 25% 12,400 Weston Die° Instruml_No par
23 I 24
100 Class A
No par
*3312 34 I 33% 3312 '33% 34 '3312 34
*3312 34 ! *3312 34
80 West Penn Elee el A...No par
•10413 10434 10434 10434 *1C1413 10434 *10414 10434 10412 10434 *10414 1044
490 Preferred
100
10914 10914 10912 10934 10834 10912 1083s 10834 10813 10878 108% 1088
280 Preferred (6)
100
10018 10014
993* 993* 9934 9934 9934 100
100 100 1 100 100
150 Weet Penn Power pref----100
11534 11534 11534 11534 11534 11534 11534 11534 1154 116
11518 116
120 6% preferred
10812 10812
100
*10813 110
10813 10813 10834 10912 10812 10834 •10812 110
700,West Dairy Prod Cl A No par
58
587 *57
5812 *5612 57
5712 5712 57
5712 *5612 57
. 3,700 Class B
2812 2812 28
2914 2812 2914 27
No par
2834 2658 2718 2758 283
3414 35
3434 35
3434 35
3414 3478 3414 3434 34% 348 34,000 White Eagle 011 & Refg_No par
3758 3734 3712 3778 3713 3734 37
No par
377
3714 3878 3712 3812 15,800 White Motor
7
20,800 White Rock Min Sp etf
43
4378 4438 4434 4418 48
50
4712 4933 4833 4912 4812 49
431 464 67.700,White Sewing Mashine_No par
3734 3838 3734 3812 3834 40
4014 4138 4078 437
5412 5412 5534 3,900 Preferred
No par
*52
54
5214 5214 52
52
5214 5334 53
2818 29 84,100 Willye-Overland (The)
285g 2918 2818 2818 2758 2838 2718 277
2718 29
200 Preferred
9812
98% *98
99
99
99
99
*98
99
100
*98
99 •98
1112 12
1158 1278 1183 12
1218 1214 1214 1238 9,200 Wilson & Co Inc.
No par
1218 127g
24
3,400 Class A
24% 24
*2434 25
No per
2412 2413 2414 2438 24
2478 24
*5454 66
65
6414 644 1.700 Preferred
100
647 65
647g 65
65
6412 65
21418 2183g 220 22534 218 22512 21914 22312 21818 22212 63,500 Woolworth (F W)CO
25
21618 217
4014 4278 41
42
423 447
4138 4312 4134 431s 4214 4434 20,700 Worthington P & M
100
69
69
2,600
69
Preferred A
7112 69
63
644 6434 705
100
. *6212 65
70
3,600 Preferred B
60
5372 5312 54
60
5512 58
100
59
58 .5934 5712 60
255 289 137,200 Wright Aeronautical__ _No par
225 272
20212 209
198 20634 20412 220
213 227
75
75% 2.000 Wrigley(Wm Jr)
76
76
No par
77
7718 7678 7678 27534 768 7513 76
2,900 Yale & Towne
6113 63% 617 62
25
644 65
64'4 65
64
64% 6378 64
357 363* 3534 3618 3533 363s 36
4013 3918 4113 3914 4034 257,100 Yellow Truck & Coact* CI B.10
9813 9938 18,300 Youngstown Sheet & T_No pa
9812 9978 98% 993
9818 997
9913 9812 99
98
•pit sad ankee erten: no aka as libls day, • Ex-dividend. 5 Ilx-rigtits
• No per value
y Es-rater.
PER SHARE
Range Since Jou. 1.
US basis of 100-siarelo Vs
PER SHARI
Janos for Previous
Year 1927
HOW!
11 per share
7812 Nov 23
5434 NoV 21
4112 Apr 30
778 Feb 23
40 Feb 23
45 Nev 21
6934Sept 12
1153/Nov 16
88 Nov 23
8712 Oct 19
127 June 19
614 Mar 21
7478 Nov 15
14 Nov 23
567 Nov 20
2312Sept 10
7 May 8
1938 Apr 27
2238May 17
18 Nov 12
7434 Nov 16
8212 Nov 19
2638 Nov S
8034 Apr 27
3912May 8
533sJune 1
4434 Nov 15
11414 Oct 26
7134June 4
25 Sept 7
9012Sept 11
36 Oct 8
96 Nov 5
154 Nov 8
11818 Apr 16
128 Feb 14
2534 Jan 17
24 June 19
1412 Nov 20
5918 Feb 7
4478Sept 19
8314 Nov 19
4934 Feb 1
209 Nov 23
67 Apr 16
1281sM17 8
57 Oct 23
135 Oct 24
343e Feb 10
11418 Apr 6
148 Nov 19
277 Apr 19
875* Nov 16
100 Feb 24
3578 Oct 6
10413 Oct 20
53 Nov 1
1912 Nov 2
2014 Jan 4
9018 Jan 16
5838 Jan 28
138 Oct 25
12578 Nov 19
51 May 7
72 Apr 25
10912May 14
9338May 4
63% Jan 4
1091e Jan 13
62 Nov 23
5514May 2
17212 Nov 16
14714 Apr 26
453*May 31
11112 Nov 12
4078 Oct 22
78 Nov 2
7878 Aug 30
15834 Nov 23
11112 bfar 28
2034 Nov 19
6414 Nov 19
9912 Nov 12
Ws Jan 4
100 Jan 28
60 Nov 23
99 Sept 41
3934 Nov 23
27 Apr 9
2678 Sept 20
123 Feb 2
295 Jan 13
9712 Jan 19
13914Sept 11
$ per Mare $ per share
50% Apr 6014 Jan
3518 Apr 4138 Feb
2934 June 3418 Jan
2 Mar
ass June
10 Mar 1571 JUDI
4478 Oct 18
19212 Apr 11
3678 Oct 19
8178 Nov 17
103 Jan 8
201 Oct 29
5738 Jan 27
144 Nov 16
139 Nov 16
2912June 7
4012May 22
112 Apr 9
11514 Apr 9
10412 Apr 10
118 June 27
113 Jan 5
78 Apr 11
49 MX 12
3558 Nor 13
4344.1wis 1
4978 Nov 23
4634 Nov 23
5534 Nov 23
3078 Oct 20
10113May 25
16 Feb 14
35 May 15
7734 Feb 11
22534 Nov 20
4418 Nov 20
7112 Nov 21
60 Nov 22
289 Nov 23
84 Aug 31
8412 Apr 25
4238Sept 18
1067s Jan 25
24 June
65 Jan
18
Oct
6514 Deo
10134 Nov
1441s Jan
40
Oct
6718 Jan
82 Mar
11 Sept
30 July
9778 Jan
102 Jan
101 Dec
111
Jan
100I3 Jan
5318 Dec
2414 Dec
20 Dec
Ma Nov
26
J1411
2153 Mar
116 Feb
1312 Oct
87 June
10 May
1814 May
68 Apr
11738 Jan
2012 Jan
44 Dec
Oet
37
2412 Apr
5078 Jan
7014 Jan
25 Jan
5018 Oct
1911 Jan 3
14% Aug 8
73 Nov 20
1512July 27
79 Nov 3
8078 Aug 23
22 Jan 5
28 Feb 17
140 June 20
13 June 12
5910une 12
9912June 19
13912July 11
4218June 4
8818 Jan 5
9634 Jan 6
1212 Jan 6
8034 Jan 8
103 June 22
108 June 13
9812July 21
11312 Oct 9
103 June 28
5312 Jan 6
203e Jan 5
20% Feb 21
3014 Feb 21
3414 Jan 19
3314June 13
8134 Aug 21
1734 Jan 16
9233 Jan 3
11 Oct 10
22 Jan 3
6314 Oct 29
17618 Feb 20
28 Jan 5
4434 Ian 9
Cl Jan 4
ag Feb 27
68 July 26
6112 Nov 22
278* Feb 38
8312June 19
13914seve11
Lowest
Tholes!
Lowest
per _____
53 Feb 20
3734 Feb 18
2834 Feb 17
214 Jan 8
10 Jan 18
34 June 11
3634 Aug 21
7714 Feb 18
44 Jan 3
57 Jan II)
12112 Feb 25
3 Feb 14
3112 Jan 9
212 Feb 17
18 Jan 18
1111e Feb 8
4 Aug 20
10 Aug 20
1514 Jan 28
1012 Jan 16
50 Feb 17
6218June 12
121s Mar 1
20 June 13
22 Jan 5
45 Oct 16
84 Jan 3
10418 Jan 26
5614June 13
1434 Feb 20
817e Mar 16
193s Mar 7
8634July 26
11232 Mar 3
93 Aug 6
10978 Aug 7
19 Aug 2
19 Aug 2
(Kinn.13
4534 Jan 3
3238June 1
63 June 13
3612 Feb 20
13618 Feb 18
4234 Feb 11
110 Oat 3
3412 Apr 30
11214 Mar 22
2278 Aug 4
104 Oct 19
13112June 12
1718 Aug 2
6038June 13
9114 Nov 15
1538June 12
8778Sept 1
45 Nov12
18 Nov 14
1312June 22
76 Oct 10
4518 Nov 23
10218.7une 19
1183eSept 28
22 Jan 18
52 Jan 5
102 Nov 19
6114 Feb 4
27 June 27
85 July 2
3912 Feb 20
51 Jan 26
13238June 25
13838 Jan 5
2818 Feb 20
60 Jan 18
738 Jan 7
4378 Jan 6
68 Jan 17
5218 Jan 8
10112 Jan 6
12 June 12
4436 Jan 18
884 JOB le
1134June 26
78 June 22
2212June 13
74 Arne 21
1912June 29
541g Mar
2618 June
49 June
118 Feb
212 Feb
30 Mar
31/1 Dec
18
Oct
7 Apr
318 Sept
6
Oct
1112 Mar
818 June
65 Apr
69 Jan
12 Apr
Ms Jan
1612 Aug
611 Aug
2414 Jan
105 Aug
47 Jan
15118 Oct
85 Oct
19 July
85 Nov
78 Jan
9234 Oct
108 Apr
871s Nov
an Bev'
6812 Sept
12512 Nov
81e May
347s Jan
61s Feb
28 81117
16 Dee
6
RIO
1534 Nov
1714 Nov
1314 Jen
58 Jan
8138 Sept
1878 June
40 June
2312 Sept
5012 Nov
36 Au.
11114 Sept
6534 Dee
1918 ions
9084 Awe
2918 Jae
9018 Sept
14212 Atm
11738 Des
12372 De4
44 Apr )5i1; Nov
10
May
50
Des
45
Jan
/0
Deo
381s Jan 7314 June
9918 Jan 1541s Nov
3911 June saq Jan
94 Jan 12712 Des
391a
4014 Dee
-3-2-si Dec Wi Kai
104 July 109 June
1131s Jan 160 Sept
1612 Mar 235e Sept
6018 Nov 7412 Dee
9614 Dec 10338 Apt
241e Sept 3714 Mae
814 Jan 98 Dee
1433 May 2254 July
81 May 9614 Sept
44 Oct 633e May
69 Mar 11112 Dee
10714 Apr 121 Des
14 July 2512 Nov
2734 June 5612 Dell
89 July
64 Apr
8714 June
8533 June
833* Jan
4538 Jan
111% Jan
129 Jan
27
Jan
37
Jan
bh Sept
4214 Dec
18
Jan
32 July
9614 Oct
71 May
261s Apr
73 June
2014 Dec
95 Dec
161, Jan
90
Jan
16
Jan
1814 Dec
17 Dee
8918 Apr
174 June
84 Apr
10612 Nov
697s Des
6718 Feb
11138 Apt
4878 Dec
54 Dee
160% Bent
14114 Dec
34 mar
6718 Dec
1438 Feb
64 Feb
6338 June
54% Dec
10212 Des
1518 Saps
4814 Dee
91 Nov
3914 June
118% June
80 Aue
125 Aug
5934 Atli
25 Feb
2412 Apr
11834 Oct
8332 Feb
10014 Nov
15;i1 WI;"iii
3412 Dee
180 Nov
27 AIM
751s Aug
10338 Axle
176 Dee
501s Sept
9434 Dee
1037s De.;
1838 Feb
3484 Ape
111 Lug
112 Sept
10134 Dee
118 May
111 Dee
57 Nov
283e Ne•
2718 Feb
8842 Fel)
4112 Sem
5$4 Aug
59
Jan
2454 Mao
96 Aug
171s Feb
3278 Feb
84 Feb
19812 Des
45 June
ells June
5111s June
9434 Dec
7252 Dee
8418 AO.
40 Aug
10018 Dee
2935
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
Jaw.1 1909158 Brawn/.asnaod of80101030 80l$48 5080585084 and prim are now "and (Mercer-amyl for income and 2203110251 bonds
BONDS
161 Y. STOCK EXCHANGE
Week Ended Nov. 23.
'
is
t
Pries
e'riday
Nov. 23.
Weirs
Range or
Last Sale.
Bangs
8inee
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 23.
Pries
Friday,
Nov. 23.
Weer.
Range or
Lan Sale.
Low
High
Fligs No. Low
Rid
e
Cundinamarca (Dept-Col) 73 '46 J
9972
9978 100
1959 MN 8978 Sale 8912
99203, 1001.2 248 98544 101"88
Extl e f 6403
99 10100 Czechoslovakia(Rep of)82_1951 A0 10902 Sale 10912
_ 99,,,,Nov'28
Sale 1002,,, 1019., 114 100 103044
1952 A0 10912 Sale 10912
Sinking fund 8a ser B
1001,4 1021718 Danish Cons Municip 82 A._1946 FA 11038 111 11078
1009.,Nov'28
1946 P A 11038 11034 11014
Series B s 1 82
101
Sale 100,9., 1012.2 203 100584 104
1942 J J 10458 Sale 10412
Denmark 20-year extl 6s
11299.,Sale 11229., 1139.1 169 1091481161os Deutsche Bk Am part ctf 62_1932 MS 9714 Sale 9714
1081.2 Sale
1089.2 431 1041481111141 Dominican Rep Cust Ad 5355'42 MS 99 Sale 99
10499.2 Sale 1042.., 10591, 324 1014, 10815.8
1940 AO 99
1st ser 514801 1926
9914 9634
9915., Sale 99142 99393, 160 98544 10314,
2d series sink fund 5552_1940 AO 96,2 99 9678
9903.,Sale 991233 999,s, 160 98 100"81 Dresden (City) external 7s 1945 MN 10014 Sale 10014
1947• J 10334 105 1037g
Dutch East Indies exti 6s
1962 M
40-year external 63
104 Sale 10338
State and City Securities.
1953 MS 10358 104 103
30-year external 5355
1953 MN 10314 Sale 10314
30-year external 5352
8814 934
89
,
8 -___ 8814 Nov'28
N Y C 344% Corp st-Nov 1954
86 Sept'28
89
,
8 92
844% Corporate St-May 1954
86
931s El Salvador (Repub) 83____1948 J
110 111 10978
1936
48 registered
9934 10035 Finland (Republic) exti 65_1945 MS 9834 Sale 96,13
9934 Mar'28
_
1956
18 registered
9912 June'28
0812 10034
External sink fund ie.__ _1950 M
100 Sale 9934
Corporate
stock
1957
3
1%
98
98
98
1956 MS 9912 Sale 9834
974 10134
External a f 6558
644% Corporate stock_1957
104,
8
10458 Nov'28
1958 P A
1044 10854
Extl sink fund 5348
9034 Sale 9034
9 1044 10878 Finnish Mun Loan 6545 A 1954 AU 98
04% Corporate atock-1957
104,
8 Sale 10453 10453
9814 98
4% Corporate stock
1968
9814 101,
97,
4 ____ 9814 Nov'28
External 6355 series B__ _ _1954 A0 98 Sale 98
4
1959
6% Corporate stock
97,
4 9812 988 Nov'28
9712 10134 French Republic ext 7552._ _1941 3D 11414 Sale 11334
1
&Me Corporate Stock __ _ _1960
_ _ _ _ 1004 9978
1949
9978
9934 10258
JO 1077
External 75 of 1924
,Sale 10634
_1964
&Me Corporate Stock_
10034 - - - - 10178 Oct'28
10058 10512 German Republic ext'l 72.._ _1949 AO 10658 Sale 10658
1966 M
101
1954 MN 10214 Sale 10158
10133 Nov'28
434e Corporate stock
10138 10582 Gras (Municipality) 85
A
stock
1972
Corporate
101 10314 10112 Nov'28
434e
Gt Brit & Irel(UK of) 5552_1937 P A 10334 Sale 10334
10012 105
A
1971
4.34e Corporate stock
105,
4 107 10812 June'28
1929 FA 11818 Sale 11818
1084 10934
10-year cony 5555
1963 111
4348 Corporate stock
105 108,
8 105 Nov'28
4% fund loan £ op 1960.-1990 MN 8658 8738 8612
10434 10934
1965
105111 1107'8 107 June'28
434a Corporate Mock
5% War Loan £ opt. 1929_1947 3D 9884 9914 9914
107 10934
4348 Corporate stock_July 1967
10518 - - - - 10533 Nov'28
102 1104 Greater Prague(City)734s_1952 MN 10553 Sale 10558
Greek Government 21 sec 72_1964 MN
9812 Sale 98
New York State Canal 411-1960
9912 10514
9912 Aug'28
1968 P A 86 Sale 85,2
Sinking fund sec Os
Mar 1962 MB
4/ Highway
10312 June'28
10312 10312
Haiti (Republic) s f 6s
1952 A 0 10014 Sale 9972
1946 A 0 9814 Sale 9712
Hamburg (State)62
Foreign Govt. &Municipals.
Heidelberg(Germany)ext 734,50 J
104 10478 10412
Hungarian Munic Loan 744s 1945 J 3 9712 Sale 97
1947 FA 9018 Sale 90
Agile Mtge Bank a f 65
9078 46
External s f 72____Sept 1 1946 3 J
8812 95
94 Sale 94
Apr 15 1948 AO 8812 89 8812
6
1 69 A
8812
8818 9114 Hungarian Land M Inst 7403 '61 M N
98,2
2 99
Akershus (Dept) exti 58_1968 MN 9014 Sale 89,
9014 29
4
8834 9012 Hungary (Kingd of) of 7448_1944 F A 10034 10138 101
Antioquia (Dept) Col 75 A__1945
20
97
J 96 Sale 9512
9412 10082 Irish Free State extle. 21.52_1960 MN 9612 Sale 9612
Externals f loser B
1945 J
9412 Sale 9412
95,
4 43
Italy (Kingdom of) ext'l 7s_ _1951,
9412 99
97 Sale 9634
External of 7e series C-1945• J 96 Sale 95
7
96
94
9834 Italian Cred Consortium is A1937 M
95 Sale 95
9514
External a f neer D
1945 J J 94,
8
4 Sale 9412
1947 po B 94 Sale 94
9412 96
Extl ace s 72 ser B
External a f 75 let ser
1957 A0 93
9412 23
,
4 Sale 9334
9354 994 Italian Public Utility ext 78.1952 3 J 9638 Sale 96
1957 AO 9314 94
Extl sec a f 7142d ser
11
94
1931
9314 9812 Japanese Govt E loan 4a
93,4
9234 Sale 92
Ext1 sec s f 7s 3d ser
1057 J 0 9314 Sale 9314
8
94
954 F A 10112 Sale 10112
9314 9612
30-year a f 6445
Argentine Govt Pub Wks 611_1960 AO 100 Sale 99,
8 16
4 100,
99 1007/3 Leipzig (Germany)s f 72_ _1947 F A 10012 Sale 100
Argentine Nation (Govt
Lower Austria (Prov) 7 Ms_ _1950 3 43 9714 9834 98
Sink fund 88 01 June 1925_1959 in 10012 Sale 99,
99 10034 Lyme (City of) 15-year 65_ _19341M N 101 Sale 100
4 10012 72
Ext15 I (ts of Oct 1925-1959 AO 10014 Sale 99,
4 10012 38
99 10058
1957 M
Sink fund fts series A
10018 Sale 100
100,
4 85
99 10114 Marseilles(City of) 15 yr 62_1934IM N 10058 Sale 100
External (Ss series B-Dee 1958 30 99,
4 10014 99,
4 10018 93
9878 10118 Mexican Irrigat Asstng 435)3_1943
3258 3112
29
Extl sf68 of May 1928 .-1960 MN 100 Sale 99,
4934
99 10034 Mexico(U 5) extl 53 of 1899 £'45 QJ
4 10018 26
External a f 613 (State Ry)_1960 MS 9978 Sale 99,
111
3612
1945
4 100
Assenting 5s of 1899
985a 101
34
35
Ext1 tle Sanitary Works___1961 FA
85
99,
4 Sale 99,
4 100
9834 10118
3378
Assenting 5e large
Ext135 pub wke(May '27).1961 ▪ N 100 Sale 99,
34
4 100
Assenting 4s 01 1904
99 101
,
4
2234 22
22
554e-1962
Public Works extl
9678 57
8 Sale 96,4
FA 96,
Assenting 48 of 1910 large
9412 9714
25 Sale_ 25
Argentine Treasury 5,3 E__1945 MS 90,
9
8 92 01,
92
Assenting 45 of 1910 small__ _
9014 9378
2214
4
Auetralla 30-yr 511 --Jul/ 15 1955• J 97 Sale 9614
97
07
Trees 65 of'13 assent(large)'33 33
9512 99
_ 34
External 5e of 1927--Sept 1957 MS 9614 Sale 96
9812 77
9612 99
Small
35,4
Extl g 4442 of 1928
1956 MN 8812 Sale 8814
8812 99
8634 9258 Milan (City, Italy) ext'l 6445 '52 A0 9158 Sale 9118
Austrian (Govt) 5 f 7a
1943 3D 10318 Sale 10278 10314 56 102 1044 Montevideo (City of) 75_ __1952 3D 102 Sale 101,
4
U. S. Government.
FUN Liberty Loan
J D
344% of 1932-1947
in
Cony 4% of 1932-47
Cony 434% of 1932-47
J D
22 cony 434% of 1932-47
J D
Fourth Liberty LoanAO
134% of 1933-1938
1947-1952 AO
Treasury 434s
1944-1954 J D
Treasury 48
1946-1956 M
Treasury 3542
1943-1947 J
Treasury 34411
Treasury 3401June 15 1940_1943• D
824
Ask to
9997., Sale
Bavaria (Free State)640-1945 F A
Belgium 25-yr ext Of 74012_1945 J D
20-yr a 1 Eiti
1941F A
25-year external 644s-1949 M
External a f as
1955 J J
External 30-year e 1 la_. 1955 J D
Stabilization loan 7e
1956 M N
Bergen (Norway) a 1 8ii
1945 M N
15-year sinking fund 6s
1949 A 0
Berlin (Germany) a f 640_1950 A 0
Bogota (City) ext'l a 1_844_1945 A 0
Bolivia (Republic of) ext1813.1947 M N
Ext1 sec 75
1958 J J
Bordeaux (City of) 15-yr 68.193456 N
97
97
,
8 9718
11514 Sale 115
11012 Sale 10814
10514 Sale 10514
101 Sale 10018
10818 Sale 107
,
4
4 Sale 105,
4
105,
11314 Sale 113
100 10114 100
9814 Sale 9814
105 106 105
106 Sale 10514
9712 Sale 97
10034 Sale 100,
8
9712 19
11538 53
11012 70
10614 47
121
101
108,
8 91
30
106
113,
8 23
4
10014
9914 22
12
106
51
106
9712 63
24
101
90
9912
114 116
10814 11134
10314 10914
984 1014
1054 10918
10414 10814
112 11378
9852 102
97 100
10314 10872
10312 108
934 9812
99 10112
Brazil(US of) external 83_1941 1 13
Externals I 855s of 1926 1957 A 0
Extl s 16148011927
1957 A 0
1952 J D
75 (Central RallwaY)
734e (coffee occur) (flat)_1952 A 0
Bremen (State of) extl 76-1935 M S
1957 M S
Brisbane(City) a 155
Budapest(City) extl at 6s
1962
D
Buenos Aires (City) 6445
1955
1960 A 0
Extlef6eaerC-2
1960A 0
Extl 5 f tis ser C-3
Buenos Aires (Prov) exti 68_1961 M
Bulgaria (Kingdom) a f 73_1967 3 J
10814 Sale 10814
9612 Sale 9614
9614 Sale 96,4
100 Sale 100
105 10512 10512
10112 Sale 10112
9218 Sale 9218
84 Sale 84
102 Sale 102
99 Sale 9814
98,
8 9912 9814
93,
8 Sale 93
9012 Sale 8912
40
109
06
,
8 166
96,
8 98
10014 49
8
106
10214 31
3
9214
61
85
7
102
7
99
25
99
93
,
4 155
9178 105
107 11334
92
9912
95
9912
97 103
103 1085s
10014 10312
904 9572
8212 894
9912 102,4
96
,
4 101
96
92
,
4
92,
4 97
8912 93,
8
Caldas Dept of(Colombia)7345'46 J 3
Canada (Dominion of) 58-1931 A 0
10-year 545
1929 F A
1982 M N
55
1936 F A
434a
1954 J
Carlsbad (City) a f 8e
Cauca Val (Dept) Colom 7445'46 A 0
Central Agri° Bank (Germany)
Farm Loans 1 78 Sept 15 1950 M
Farm Loan I f 68_July 15 1960 J J
Farm Loan a f 65.Oct 15 1960 A 0
Farm Loan 68 Der A_Apr 15'38 A 0
Chile (Republic of)20-year external a f 7e____1942 M N
External sinking fund 65_1950 A 0
External s f (is
1961 F A
19813 J
Ry ref esti t131
1961 M s
Extl s f 68
QhlleMtgeBkS14eJune3O 1957) D
S 6343 of 1926__June 30 1961) D
Apr 30 1961 A 0
Ouarsf6s
C7hiame (Hukuang RI) 5e....1951 j D
Christiania (Oslo) 30-yr a f 6e *54 M 11
99,
8 Sale
101 Sale
10053 Sale
104,
8 10438
100 Sale
10514 Sale
10014 Sale
100
101,
4
101
105
100
10514
10012
103 Sale
93
,
8 Sale
9314 Sale
9312 Sale
94 Sale
9814 Sale
100 Sale
9312 Sale
39
3978
10034 Sale
Cologne(City)Germany 63411950 M
Colombia (Republic) 68____1961 1 .1
External 5 f 6s ol 1928-1961 A 0
Colombia Mtg Bank of 6558.1947 A 0
Sinking fund 73 of 1926_1946 M N
Sinking fund is of 1927-1947 F A
1952 J D
Copenhagen (City) 55
1953 M N
25-yr g 4401
Cordoba (City) extl e f 7a.-A957 F A
External a f 7e Nov 15 1937 M N
Cordoba (Prov) Argentina 7s1942 J J
Ceuta Rica (Repub) exti 71_1951 M N
S
1944
Cuba (Repub) 5a of 1904
External 55 of 1914 ser A-19 9 F A
External loan 440 ser C1949 F A
Sinking fund 544s__Jan 15 1953 .1
96,
4 Sale 9634
9818 21
90,
8 Sale 9014
91
73
9012 Sale 90
9034 114
87
8712 8712
8712
1
93 Sale 9214
93
14
92
93,
9384
4 9314
4
96,
4 Sale 9618
97
41
89 Sale 8812
8933 40
95,
4 Sale 9584
9612 18
96
9678 96
9618
100 Sale 99,
4 100
1
8
9512 96,
4 95,
96
32
10084 10114 101 Nov'28
_
1
10212 103 10218 10218
98
98
98
4
99
10012 10212 10138 10234 44
9812 Sale
8814 Sale
8814 Sale
91,
4 Sale
9918
10078
10018
10414
99,
4
10514
10014
9812 •
8814
8818
9114
0218
9314
9314
9338
93,
8
97,4
99,
4
9318
3718
0034
e On the basis 0135 to the E sterling. 4 Cash sale.
99
89
89
92
24
36
53
97
58
2
21
16
24
168
81
103
77
94
99
9414 90
9414 72
93
,
4 134
98,4 47
100
144
9353 84
3912
6
10034
1
Netherlands 6s(flag yrices)_ _1972 M
1954 * 0
30-year external 118
New So Wales (State) ext 56 1957 P A
Apr 1958 AO
External s 1 5s
1943 FA
Norway 20-year extl 68
1944 FA
20-year external Os
1952 A0
30-year external 68
1965 1
40-year s f 5342
Externals f 52_ _Mar 15 1963 M
Municipal Bank extl sf58.1967 J D
Nuremberg (City) extl 62...1952 FA
Oslo (City) 30-year e f 65.._ _1955 MN
1946 FA
Sinking fund 5553
'
Ii
Panama (Rep) exti 5555-.1953
1961 3D
Exti sec f 6SO
Extl s f 52 ser A _ May 15 1963 MN
Pernambuco (State of) ext. 7e '47 M
Peru(Republic of)
Exti 51 sec 7352 (of 1926)-1956 MS
1959 MS
Eat! 5 f sec 78
1960 J O
Nat Loan extl 5 165
1961 AO
f g 62 interim ITO
Poland (Rep of) gold (is_ __ _1940 * 0
Stabilization loan a f 75_1947 AO
1950
Ext sink fund g 82
Porto Alegre (City of) Ss__ _ _1961 ▪ I)
Extl guar sink fd 7552-___1956 1 .1
Queensland (State)extl a 1 75 1941 A0
1947 P A
102
25-year external 62
10212 Rio Grande do Sul extl of 88_1946 AO
1968 .1
Ext'l 8 f 65 temp
1024
1966 MN
109
Dal a f 78 of 1926
1014 Rio de Janeiro 25-yr s 1 Ss_._1946 A0
1953 FA
10934
Extl 5 16345
1952 AO
Rome (City) exti 635s
103
Rotterdam (City) extl Gs__ _1964 ▪ N
98 10114 Saarbruecken (City) 65
1953 ii
8634 9334 Sao Paulo (City)s f 8s_ _Mar 1952 MN
864 9334
Eati s f 655s of 1927
1957 MN
8834 96
San Paulo (State) extl sI 85_1936 J J
External sec 5 f 83
1950 J J
1005a 104
External s f 72 Water L'n_1956 MS
9158 974
Extl s f 63$ Int rcts
1968 J i
9158 97
Santa Fe(Prov. Arg.Ren.)7a 1942 MS
9252 97
Saxon State Mtg lust 7s_ _ _ _1945 J o
9234 9412
S F g 614s
Dec 1946 J O
9554 9954 Seine, Dept of(France)exti 78'42
9654 101
Serbs, Croats & Slovenes 83 62 MN
91
95
1962 MN
Extl sec 75 ser B
2518 441
Masons (City of) extl 6s-1936 MN
9934 102
1948 FA
Styria (Prov) extl is
1939 3D
Sweden 20-year 65
9614 994 External loan 535s
1954 MN
8888 9688 Swiss Confed'n 20-yr sf85..1940• J
90
9512 Switzerland Govt ext 5401_1946 AO
8612 9334 Tokyo City 52 loan of 1912 1952 MI
92
98
1961 A0
Eat!s 5552 guar
92
98
954 101
Tolima(Dept of) extl 7a____1947 M N
8734 897* Trondhjem (City) 1st 535e__1957 85 N
95 101
Upper Austria (Prov) 7s__ _1945 J D
95 100
Externals f 6353_ _June 15 1957 J D
97 10112 Uruguay (Republic) extl 88_1946 F A
944 9914
1960 M N
External a I 65
9978 105
Venetian Prov Mtg Bank 78_1952 A 0
1004 10314 Vienna (City of) eat! LI 8s 1952 141 N
19611.1 D
96 101
Yokohama(City) exti 68
10112 1054
98
100
994
10338
98
105
9814
C44
Beall
ANN
Jas. 1.
High
Blob No, Low
931* 100
9
9978
8912 924
94
90
8 108 112
10934
15 108 112
110
.
4 1104 1121
11078
7 110 11171
11034
49 103 1043s
105
99
97
9812 96
97 10072
99
,
4 33
19
95 100Ia
97
9412 991a
10
97
9938 102bs
10034 16
10438 15 103 105%
18 102% 1051s
104
3 101% 104%
103
10314 20 10418 1044
18 107% 114
111
954 10013
98,
4 14
994 1024
11018 26
/
2
97/
1
4 1011
9912 41
90
90
91,
8 31
7
97 101
98
11
97 101
98
114,
8 77 113 11971
10712 128 10512 111
276 1047s 111
108
10214 48 101 10114
10414 62 10333 10614
1
4 119
11818 26 116/
8712 13 48518 901.,
3 49712 9912
9912
10534 15 1004 1094
9812
9
96/
1
4 10034
8414 92
81
88
17
101
9814 104
9
104,
4
9
97%
26
95
9912 11
10
10214
96,
4 51
9718 156
9512 15
4
9434
904 41
9234 68
204
102
10012 19
2
9878
33
101
100,
4
Oct'28
Jan'28
3612
Nov'28
2318
2514
2314
Nov'28
3514
91,
4
102
33
1
7
46
41
4
96
10
10514
12
105 10514 105
10058 61
10014 Sale 10014
9412 35
944 9412 9378
19
94
9334 Sale 9312
53
103
10234 Sale 10234
103
43
10214 Sale 10214
44
103
10234 Sale 10134
10118 61
10034 Sale 100
9712 104
9714 Sale 97
6
91
9034 Sale 90
1
9014 Sale 9014
904
101 Sale 10012 10114 22
1
100
9912 10014 100
1013, 10212 10238 Nov'28 __ - 2
10212
10158 10212 10218
9512 39
9512 Sale 9434
14
95
93,
4 95,
4 94
98 102
9378 994
10314 1054
9512 102
94
974
9711 101
1004 1034
944 9714
964 1004
95
9974
94 100
954 1014
904 94%
100% 10614
99 10118
96% 102
99 10118
99
31
4934
8352
30
22
24
224
34
3514
91
10(78
10112
274
494
4334
4311
344
324
31
4633
464
9558
105
10412 109
100 10314
93
96
93
98
10112 10354
101 10412
1014 1084
984 10252
94
98
9312
90
894 9314
9934 103
9812 103
1014 10412
102 1044
93
97
9378 984
10714 Sale 10714
10214 Sale 10214
91 Sale 9034
91 Sale 91
83 Sale 83
8812 Sale 8712
9938 Sale 9914
10612 10678 10612
10212 Sale 102
10733 93
10212 28
9114 114
9114 129
84 I 21
8858 208
9934 76!
10612
21
10212 171
10318 10784
100 1044
894 94
91
9112
801 87
8714 9171
984 10171
10411 109
10012 1061*
III 112 11012
104 Sale 10334
10618 Sale 106
9278 Sale 9214
9878 Sale 98
10712 Sale 10554
9578 Sale 9512
92 Sale 92
10234 10314 10212
89 Sale 89
11514 11512 11512
9938 99
99
106 Sale 106
10714 Sale 10714
101 Sale 10012
9312 Sale 9312
9734 Sale 9754
9914 9912 9812
94
9412 96
10512 Sale 10434
9712 98
9712
84
9818
9858 99
9212 Sale 9212
10214 10234 10212
10414 Sale 10334
110 Sale 10912
10438 Sale 10334
78 Sale 78
90 Sale 90
7i
11178
8
104
10618 30
9312 184
9878 64
1071z 14
9614 94
9212 114
10312 14
8918
4
1151
5
9933 15.
1065, 13:
1073
15:
31!
101
63
941
98,
8 38
71
99'z
9514
5
10512 90
25
98
87,
85
9812 26
9234 14
10234 111
10414 20
11014 23
9
10438
7912 171
11012 1124
10334 1084
111514 10104
9214 9412
2712 12015
10533 1104
9313 9718
914 964
10214 106
89
98
11214 120
064 1004
105 1084
106 109%
100 1004
9312 95
94/
1
4 1004
98
9912
9612
94
1034 10014
961 10111
85
84
98 102
92
97
102 105
1024 10553
10912 1114
10171 1064
761 84
9234
9534
9814
8812
108
9812
93
874
9533
93
9234
9778 9578
Sale 9818
8812
89
Sale 108
Sale 9734
Sale 9214
Sale 8718
Sale 9512
97:
24
954
9812
8812
109
9812
9312
8734
96
478!
8 927
:
4
1 9
9%
4
9434 994
6
9634 994
3
96
904
19 1074 1104
681 964 100
24
90
grit
71
87
89
331 94 100
2936
BONDS
N Y. STOCK EXCHANGE.
Week Ended Nov. 23.
New York Bond Record—Continued—Page 2
t3
Pries
Friday,
Not. 23.
Bel
Railroad
Ala Gt Son lot cons A 5s____1943 ID
lat cone 4s OCT B
1943ID
Alb & Sue/ let guar 310
1946 *0
*0
Alleg & West lot g gu
Alley Val gen guar g 48
1942 M
Ann Arbor let g 4s_ ___July 1995 Q J
Atcb Top & S Fe—Gen g 0_1995 *0
Registered
*0
Adjuetment gold 46—July 1995 Nov
Registered
Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 48 of 1909
1955 D
Cony 0 of 1905
1955 in
Cony g 48 issue of 1910 1960 JD
Rocky Mtn Div let0
1965 ii
Tram-Con Short L let 0_1958'I
Cal-Aria let & ref 410 A 1982 M
At! Knox
'
, & Nor lot g 58 1946 ID
Atl & Chart AL let 411e A 1944 Ii
let 30-year 56 series B_1944Ii
Atlantic City lot cons 4s_
J
1951
All Coast Line lot cons 48 July '52 M
Registered
MB
General unified 410
1964 ID
L & N con gold 48____Oct 1952 MN
Atl & Day ist g 48
1948 Ii
26 48
1948 II
AU & Tad lert g guar 4a
1949 *0
Austin & N W lot gu g 58_1941 Ii
Range
Since
Jan, I.
Week's
I;
Range or
g
Last Sala. ro
Ask Low
5
6
92
_
3
9
1
2
2
5
5
82
12
-30
21
45
6
11
10
10678 1074 107
1
107
9814 24
97/
1
4 Sale 9734
1
4
9912 Bale 99/
091
/
4 39
9788 9812 9734
9812 16
11158 11178 11158 11218 20
22
11714 118 11718 118
971
/
4 33
97/
1
4 Sale 9712
8838 118
88 Sale 8734
99
65
99 Sale 9838
9518
5
9518 Sale 9518
8038 82 8038 Nov'28
10012 101 i0212 10258 16
108 109 10818 10814
1
4 Oct'28
8914 9078 90/
82 85 82 Nov'28
105 ____ 106 Nov'28
/
4 10358 16
10278 Sale 1021
10034 Aug'28
_
1001
7
100 Sale 100
10534 Sale 10534 1053
10314 Nov'28
8812 9514 9312 June'28
10318 106 102 Oct'28
101 105 10318 Apr'28
105 Nov'28
105
8512 85 Nov'28
85
9814 10014 9918 Sept'28
100 101 10014 Nov'28
11234 Sale 11234 11234 10
11012 112 112 Nov'28
_
9334 9714 9434 Nov'28
93
1
4
17
9212 93 92/
88 Sept'28 _
9914 99 Nov'28
99
1
4 9134 Nov'28
9134 94/
45
10378 Sale 10312 104
Charleston & Siren% let 7s__1936 J J 11318 _- 119% Aug'28
Chem & Ohio fund & impt 58_1929'3 99/
997e 12
1
4 197; 9958
1st consol gold 5s
1939 MN 103/
4
1
4 Sale 10312 10334
Registered
1939 MN
103 July'28
General gold 4365
1992 MS 155- 16612 99/
1
4 10018 24
Registered
MS
9634 July'28
20-year cony 410
1930 FA jai)" Sale 9958 100
48
Craig Valley let 5e__May 1 '40 J J 100
- 9934 Nov'28
Potts Creek Branch let 45_1946 3, 8914 if 9034 Sept'28
R & A Div lst con g 4s
.1
1989
9278 9112 Nov'28
2d consol gold 48
1989 13
9258 July'28
Warm Springs V lot g 5a 1941 MS 155
100 Sept'28
9912 257
Champ Corp cony 5e May15 1947 MN 99 gale 99
Ohio & Alton RR ref g 3s_ _1949*0 7012 71
71
7118 80
Ctf dep stpd Oct 1928 int.....
4
704
7012 Sale 7012
Railway first lien 310_.....1950 Ii 641
6612 13
/
4
_ 6612
Certificates of depoeit......
6412 -70 65 Nov'28 _ _
Ohio Burl& Q-1ll Div 3H0_1949 Ji 8758 884 8734
8814 15
Registered
89/
1
4 Feb'28
Illinois Divialon 4s
1949 J
931494 94 Nov'28 _ _
General4s
1958 MS 9334 Sale 9334
9434 16
__
Registered
S
9314 Sept'28
-- -Matra!410serB
1977 FA 991
9978 34
/
4 Sale 9914
1Jt&refSaoerlee,A
1971 FA 10614 Sale 10634 107
8
Chicago & East Ill let 8s....1934 *0 10558
-- 10612 Nov'28 _ _ _
0& E Ill Ry (new eo) con 58_1951 MN 8612 Sale 8512
8714 51
Chic& Erie lot gold 50
1982 MN 10634 110/
1
1
4 10634 10634
Chicago Great West lot 0.-1959 MI 6812 Sale 6812
69/
1
4 74
Chic Ind & L011111V—Itat es__1947 31 11418 11714 114
Oct'28 _ _ _
Refunding gold 58
1947
J 10212 10412 103 Nov'28
Refunding 48 Series C
1947 3, 92 93 93
93
1
lit& gen 5sser A
101
2
1968
N 101 102 101
1st & gen 6e ser
109
_
1968 3
10
10856 109
Chlo Ind & Sou 50-year 4s
9214 Oct'28
1958 J
55E,
__
Ohio L 8& Eau lot 410
9918 Oct'28
1969 in
Oh 51 &St P gen g 43 A-May1989 Ii 88 Sale 88
36
89
Registered
82/
1
4 Nov'28 _
Q
Gen g 310 ser B__May 1989 J
767 78 7658 Oct'28 _ _
Gen 410 series C...May 1989 ii 9812 Sale 9834
9834 23
Registered
9838 9812 100 May'28
WO .11
Fries
Frtdo,
Noo. 23.
Week's
Range or
Last Sale.
13a
4.5 Low
Hick N.
BM
Higk Chic Milw A St P (Concluded)—
uen 430series E__ - _ May 1989 J J 9814 Sale 9814
98/
1
4 80
1925'p
Debentures 48
711
/
4 Feb'28 - _
Chic Mliw St P & Pac 5s
1975 FA 9534 Sale 9558
96 414
Cony adj 58
Jan 1 2000 40 7738 Sale 77
7712 1285
Chic & N'west gene 33.45_ _1987 MN 8078 Sale 80
8078
9
Registered
7712 Oct'28 _ _
Q F
General 4s
1987 MN -.
9
92
/
4
65 /21-4 911
Registered
Q F
94 Apr'28 _ _
Stpd 4s non-p Fed in tax '87 MN 8934 92 92
9218 11
Gell 434e stpd Fed Inc tax_1987 MN
10612 Oct'28
Gen 58 stpd Fed Inc tax___1987 MN 11013 111 11012 11034
5
Registered
MN
_ 113 Mar'28
_
Sinking fund 68
1879-1929 AC 166.4 _ _ 10012 Nov'28
_
Registered
A0 9958 9978 10014 Oct'28 _ _ _ _
Sinking fund 5e
1879-1929 AO 10112 ____ 9912 Nov'28 __—
Registered
AO
_
__ 100 May'28
Sinking fund deb 5e
1933 MN 1-0212 1-0278
6
- 9914 10112
Registered
MN
10012 Oct'28
10-year secured g 75
1930 ID 103 Sale 10214 103
13
15-year secured g 634s
1936 MS 11058 114 11058 111
14
lot ref g So
May 2037 3D 10714 10814 10758 Nov'28 _ _ _ _
1st & ref 4 Sis
May 2037 3D 98/
1
4
9918 22
1
4 Sale 98/
Chic RI & P Railway gen 48 1988'3 9014 Sale 90
9014 18
Registered
'.1
88 Oct'28......
1934 *0 95/
Refunding gold 4s
1
4 Sale 9514
95
120
Registered
*0
_
93 Sept'28
1952 MS 9434 95 9434
Secured 430 seriesA
054 50
Ch St LA NO Mom Div 43.1951 ID 8658 89 8734 Nov'28 _
Gold 58
June 15 1951
D 10512 ____ 106 Oct'28
Registered
D
107 Apr'28
Gold 330
June 15 1951 3D 8334 ____ 8412 Jan'28 - -Ch St LatP 1st conag5a____1932 AO 11014 ____ 100
100
3
91
98
Registered
*0 jo6i2
10158 June'28
8918 204 Chic St P M &0cons 613..___1930 ID
10113 10112 10112
2
9812 101
Cons 09 reduced to 3348___1930 in 9612 Sale 9612
2
9612
98 1.0018
Debenture Ss
1930
S 9913
_ 99 Nov'28
100 105
Stamped
M
4
99
99
0
9918
4 1-00
00112 0
101 101
Chic T H & Bo East let 5o._1960 Jo 9914 10012
9913
I
Inc gu 50
103 110
Dec 11980
9434 23
9312 Sale 9312
Chic Un Sta'n lot gu 4348 A.1963 3, 10114 Sale 10012 10114 73
10612 112
974
1st Is series B
91
1963 3' 10414 105 10414 10414
1
1014 10718
1944 .1
Guaranteed g So
102 104 103 Nov'28
8212 9118
19633' 11534 11618 11534 11614
let guar 610series C
9
100 1051, Chic A West Ind gen 65 Dec 1932 QM 8814 8812 10212 Sept'28 _ _
1952 3' 10434 105 8814
Consol 50-year 40
100 10418
12
89
1962 MS 1,6
let ref 53is ser A
8368 93%
_ 12 104
0454 Sale
953
14
2
684 72 Choc Okla & Gulf cons 5a
1952 MN 10458 ___ 10458 10458
1
98 Cm ii & D 2d gold 454s
95
1937'3
Nov'28 17
94 97 C I St L & C lst g 45_Aug 2 1936 Q F 95%
9559 ____ 9612 Nov'28
97
97
Aug 2 1936 Q F
Registered
974 Oct'28
82 8218 Cin Leb A Nor 1st con PI4!1942 MN 90 -92-12 9018
9018
1/12b No. Low
10358 _
10312 Nov'28
94
9418
_ _ 94
8534 88 87 Nov'28
8912 Nov'28
9312 9412 93/
1
4 Nov'28
/
4
80
77
80 791
9312 Sale 9318
9334
9112 Oct'28
88
8812 90 88
9134 Jan'28
89
88 88 88
89 Oct'28
9718
9718
9118 _
91
91 Sale 91
91
91
90 91
9134
91,2 9114 9134
9114
9114 Sale 9114
9912
99 99/
1
4 99
10318 10612 105 Sept'28
99 100 99 Nov'28
103/
1
4 10412 10358 10334
87 9212 8718 Oct'28
94
9234 93 93
93 Aug'28
9858
98 99 977
9238
911
/
4 Sale 9112
76
75
7678 7514
6914 707s 7114 Nov'28
8738
891
/
4 87/
1
4 8534
10278 Sale 10278 10278
Balt& Ohlo Ist g 48_ __July 1948 *0 931
93/
1
4 66
/
4 9414 9314
Registered
July 1948 Q J 98/
1
4 9834 9214 Nov'28
20-year cony 410
99 15
1933 M
9858 Sale 9812
Registered
MS
98 June'28
Refund dc gen So series A1995
102/
1
4 64
D 10214 Sale 102
101 Sept'28 - _
Registered
ID
let gold 5s
July 1948 *0 1048 sitYe- 10458 10514 18
Ref & gen 611 series C
1995 Jo 10912 Sale 10918 l094 49
PLE&W Va Sys ref 48_1941 MN 9418 Sale 94
4
9414
Bouthw Div lot 59
22
J 10312 Sale 10314 104
1950
8518
Tol& CM Div lot ref 4s A_1959 3, 8434 8512 8518
Ref & gen 58 series D
10358 57
1
4 Sale 103
2000 MS 103/
Bangor & Arooatook lot 58_1943 1
3
102
102 Sale 102
Con ref 4a
6
86
1951 ii 8512 86 8512
Battle Crk & Slur let gu 38 1989
6812 Feb'28 -D 63
Beech Creek lot gu g 4a
95 Sept'28
1936 3, 96
Registered
95 Aug'28 3,
2d guar g 58
07 Jan'28
1
1938
Beech Crk Ext Ist g 316s
82 Aug'28 — —
1951 *0 785s
Belvidere Del cons gu 310_1943 .1
86
Big Sandy lot 48 guar
1944 J0 9118 -9412 934 Nov'28
Bolivia Ry let 5e
1927 II
Boston & Maine 1st 52 A C 1967 M S 9834 Sale .553;
. 161
8 80
Boston & NY Air Line 181 48 1955
A 80 82 8134 Nov'28
Bruns dr West lot gu g 4s_ _1938 .1
9312 96 9412 Oct'28
Buff Roth & Pitts gong 56_1937 MS 10114 ---- 101 Nov'28
_
Conso1410
9512 33
1957 MN 94 9512 94
Bur C P.& Nor lot & coil 58 1934 *0 100 101 10014 10014
1
Canada Sou cons gu 58 A _1962 A 0
Canadian Nat 410_13ept 15 1954 M S
5-year gold 410__Feb 15 1930 F A
30-year gold 410
1957.1 J
Canadian North deb s t 75_ _1940 J D
25-year f deb 611s._ _ _ _1946 J J
10-yr gold 44a---_Feb 15 1935 11 A
OanadlanPacRy4%debotock,,,,J J
Col tr 41Ie
1946 M 5
Carb & Shaw let gold0
1932 M S
Caro Cent 1st cons g 4s
19491 ./
Caro Clinch &01st 30-yr 58_1938 J D
1st & eon g es ser A_Dec 15'52 J 0
Cart & Ad brt gu g 48
1981.1 D
Cent Branch U P lat g 40_1948 J D
Central of Ga let g 5s_Nov 1945 F A
Conisol gold 5s
1945 MN
Registered
MN
10-year secured 69__June 1929 J D
Ref & gen 510 series B1959 A 0
Ref & gen 58 series C
1959* 0
Chatt Div pur money g 0_1951 J D
Mao & Nor Div
g be__ _1946 J .1
Mid Ga & Atl dly pur m 5s 1947 J
Moblle Div lot g M
19461 .1
Cent New Eng 1st gu 4a__1961 1 3
Central Ohio reorg lat 411e 1930 M S
Cent RR A Bkg of Ga coil 58 1937 II N
OentralofNjgengolasa__.l9873 1
Registered
1987 Q J
General 48
1987.1 J
Cent Pao 1st ref gu g 4a
1949 F A
Registered
F A
Mtge guar gold 310....Aug 1929 J D
Through Short L let gu 48_1954 A 0
Guaranteed g 5e
1960 F A
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Nov. 23,
10312 10814
9212 98
84
9111
89
95%
9214 99
7518 8612
9112 99
90 96%
8712 94%
91
9114
874 94
8414 89
88
94
884 94
8812 90
9014 9414
8814 96
92 1044
105 107%
964 1001,
102 10714
8718 94
91
9814
93
9716
96 104
8814 95S4
7414 81
6514 7612
831e 923.
97 102/
1
4
Ranee
Rinse
Ain. 1,
Hiss
Low
925s 9854
71
7344
9214 9811
6152 7954
7512 86
7454 84,58
89
98
94
94
9614
89
102 113
10414 117
113 113
100 10258
10014 10114
99 10158
100 10018
9914 1031e
10012 1024
10218 10612
10812 11414
10418 118
9518 1944
864 96
88 924
9314 9514
93 954
91
9714
8714 924
105% 1084
10518 107
1-031;
1
10118 101%
98 103%
9512 98
974 10012
9812 100
96% 103%
9118 9872
97% 1034
103 107
10114 105
114 1194
1017s 105%
84% 9311
10218 10558
1045,3 10752
9512 100
9518 98%
9714 974
9354
87
Clearfield & Mah lot gu 58_1943 /
Cleve Cin Ch & St L gen 48._1993 D
1931'3
20-year deb 4Sie
General Is Series B
D
Ref & 1m pt 88 series A-- _1
23 J
1999
1941
110631'3
Ref A impt 6s ger C
Ref de impt 55 ser D
.1
1939
Cairo Div lot gold 48
3
Cin W A M Div 1st g 4s-1991 3'
St L Div let coll tr g g 48..1990 MN
Spr & Col Div 1st g 4s
1940 MS
1940 3'
W W Val Div 1st g 4e
Ref A impt 434s ser E
1977 3'
1034 1
CCC&I gen cons g 6s
Clew Lor & W con let g 58_1933 40
Cleve & Mahon Val g 5s
1938'3
Cl & Mar 1st gu e 4Sis-- — 1935 MN
Cleve a; P gen gu 410 ser B_1942 A0
1942'3
Series A 4 J68
0 MN
194
958
Series C 311s
FA
Series D 310
Cleve Shor Line lot gu 434s_1961 *0
Cleve Union Term ist510-1972 *0
AO
Registered
AO
lat s f 58 ser B
1973
7 AO
'lets f guar 43isserC
9912 ____ 100 July'28
/
4
8
911
/
4 Sale 911
9113
9958 12
9912 Sale 9912
_ 112 Aug'28
1121
/
4
10038 101 mot, mu 49
1
16618 10614 10634 10634
1
4 10414 65
10414 Sale 103/
6
95 Sale
91 Nov'28 _ _
91
_
0i 91
91
2
91 Sale
01
9634 Mar'28
- 90 Oct'28 _ _ I
9153
99
9912 27
105
1e38 106 Sept'28
10
94
9 8a
100/
1
4 104 10014 10014
1
100 — -- 100 Oct'28 _ _
9714
5
904
-- 9714
9918 ---- 10134 Mar'28
100
100
2
Oct'28 __„
9012
-- 91
8934- 8958 Apr'28 _ _ _
lot) 1-01- 10012 10012
109 110 10912 10912
107 Oct'28
105 105'2 10434 105
17
10018
- 10014 Nov'28
1945 ID 9112 ---- 92 Nov'28
Coal River Ry let gu 4s
Colorado & South lot g 4s_ _.1920 FA 9958 Sale 9912
9912 —5i
Refunding & eaten 436s.. 1935 MN 9738 98/
9738
2
1
4 9714
1948 *0 9158 Sale 911
9138
/
4
Col A H V lot ext g 48
1
FA 9212 Sale 9212
Col & Tol let ext 4s
9212
3
94
53
5 *0
90 May'28 __ _ _
Conn & Passum Riv let 48_ 19
1930 PA 951/4
9534
Consol Ry deb 4s
95/
1
4
1
1954
Non-C.011V 48
76/
1
4
.1 7634 -7912 7634
1
Non-cony deb 48____J&J 1955'3 7614 Sale 7614
7614
2
76 Nov'28 ___
Non-cony deb 4s____A&O 1955 AC 76
Non-cony debenture 48..„1956'3 76 -gg-34 764
7614
5
95
42 D 95 Sale 9414
g...10
Cuba Nor Ry lot
95 , 17
9712 34
3, 9738 Sale 9658
M
Cuba RR 1st 50-year
53-489
1936
D 106 Sale 106
10718 14
1st ref 7118ser A
1936 ID 9812 99 9712 Oct'28 _ __
lot lien & ref 6s ser B
100 100
8818 9711
97% 10014
108% 110
100 103
10314 108%
9812 1054
95
94114
8518 931,
8618 9458
974
96
90 964
9512 100%
108 10812
10018 10418
100 10112
9714 984
10134 10134
9918 100
9014 91
8918 89%
99 10512
10314 11010
107 107
100% 107%
99 1007a
9934 10214
106 10838
10212 105
9312 954
102 109
10318 10318
103 106/
1
4
gals 8858
98 10034
9934 10212
10814 11912
10714 11818
/
1
4 99
89/4 9612
94
88
99 9914
9118 9514 Day & Mich lot cons 430_1931'3
10012 10612 Del & Hudson let A ref 4s___1943 MN
1935 A0
30-year cony 55
1937 MN
15-year 5558
1930 D
10-year secured 78
- -3;
'IV 16
1936 FA
10212 1074 D RR & 13Idge let gu g 4s
Den A RU let cons g 45___ _1936'3
103 106
.1
Consol gold 410
971/ 105
5 MN
956
9634 10214 Den A P.O West gen 58_Aug 193
Ref & taint 58 ser B Apr. 1978 M N
984 10118
1935'.1
9934 10218 Des M & Ft D let gu 4s
Temporary ate of deposit_ _
934
90
1
4 Des Plaines Val let gen 410_1947 MS
8712 95/
1995 ID
914 925 Det & Mao let lien g0
1995 D
Gold 4a
100 10212
964 10018 Detroit River Tunnel 410_1981 MN
644 74 Dui MLssabe & Nor gen 58_1941 .1
7312 Dul at Iron Range 1st 55..„1937 AC
69
AO
Registered
587/ 720
7112 D ul Sou Shore & Atl g 58_ _ _1937 J J
59
8518 9118 East Ry Minn Nor Div let 4s '48 *0
_ _1930 3'
898* 9014 East T Va 4L Gs Div g
1956 MN
Cone lst gold 58
92118 9814
1
4 Elgin Joliet & East lat g 5s 1941 MN
88 98/
1965 *0
9314 93% El Paso & SW lot 5s
064t 10278
10418 11014 Erie let consol gold 75 ext 1930 M
1996
1st cons g 45 prior
1034 1074
Registered
19,6
96
8314 93
1996 .1 J
1st consol gen lien g 45
10318 11214
Registered
'3
7212
66
Penn coil trust gold 46.... 1951 PA
114 11814
1953 *0
50-year cony0series A
102 106
1953 *0
Series B
1953 *0
Gen cony 4s aeries D
994 10
92
714
100
1987 MN
Ref & impt 53
10814 11112
1
Erie & Jersey lot of 611—A955
9612
90
Genessee River lot a 1 5a_ _1957
J
99 10212
8512 934 Erie & Pitts 1111 g 310 ser B _1940 ii
1
1940
Series C 310
825* 91%
MN
764 10476l 8114 Est RR extls 1 70
95
100 10012
91
9312
9813 1001s
9518 100
91% 9872
91
95%
90 90
954 9512
724 824
72 854
8118
76
854
73
94
9814
4618 10014
10512 110
964 10114
1
4
98/
1
41
3
_ 98/
95
20
9312 95 9412
101
2
101 10112 101
10
105 Sale 10412 105
103
1
103 10312 103
9614 A0g'28 ___ _
9414 _ _
9214i 61
92 Sale 917
93
93
1
9312 96
9634 199
96 Sale 9512
94/
1
4' 54
9412 Sale 9412
27/
1
4 50 28 Oct'28 _ _ _ _
27 I 19
2612 29/
1
4 27
10214 Feb'28'_ _ _ _
76 Nov'28 ___ _
754 July'28 _ _ _ _
1
4 10018
99/
1
4 10012 99/
8
10312 Aug'28
10358
10034 102 10112 Nov'28
10012 May'28,____
84
86 87 Nov'28 _ _ _ _
95/
1
4 July'281_ _ _ _
9112 _
1
4
99/
1
4
1
99/
1
4 Sale 99/
108 112 10534 Nov'28 _ _ _ _
102 10312 10218 10241
1
/
4 Nov'28 __ _ _
110 1041
974 10012
9014 96%
100 103%
103 107
10214 107
9614 954
874 94
9214 984
87
97
9114 95
274 35
26
8212
10214 10214
75
82
70 80
97 103
10312 1034
9914 10312
1004 1027s
8118 90
95 98
99 10614
10314 11012
9912 10618
104% 1094
102/
1
4 10314 10234 103 I 17
86 Sale 80
an ao
...... - __. 86 Jan'28 _ _
83 I i.
6.
82 Sale 8134
7738 Nov'28 _ _ _ _
1
41 25
10058 115 - 10038 100/
86/
1
4
86
8678 86
4
86 I 16
8514 8614 8514
8534
841
/
4 8518 8534
8
9738 Sale 90/
1
4
974' 175
111 11312 111
1111
Ill 11212 111 Nov'28
mos ____ 102 Feb'28
8818 9012 91 June'28
10314 Sale 1034 10341 28
1024 1004
8314 91
86 86
7712 88%
7e
8714
10018 104
8018 8911
8018 8911
8212 8818
93
4444
11058 116
110 115
102 102
90% 94
100% 104
9112 95
18-34
79/
1
4
9412
100
91'13
10018
9912
88
9772
10658
9814
10312
105 11078
9678 10214
9758 101
961
/
4 10218
11014 117
1154 123
96/
1
4 10314
8558 92
96 10114
9518 9814
80
9018
100 10512
107 10914
90/
1
4 95
79
90
0408
7111844
1000
00
5 4 10
New York Bond Record-Continued-Page 3
BONDS
s
N. Y. STOCK EXCHANGE. V
Week Ended Nov. 23.
a.
Price
Friday,
Nov. 23.
Week's
Range or
Last Sale.
Maim
&Ws
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 23.
2937
Price
Frfday,
Nov. 23,
Weat't
Range or
Lass Sale.
st
al
High No, Low
High
Bid
Ask Low
flak No.
Oct'28
99 10212 Louisville de Nashville 5s___ _1937 MN 102 Sale 102
102
1
6 98 10334
10018
Unified gold 4s
9514 9614 9514
96
1940
23
Nov'28
96 10112
Collateral trust gold 58_1931 MN 10014
10014 10914
2
83
82
9138
8414
10-year sec 7s___May 15 1930 MN 10178 10214 10154 10214
9
3912 18
39
52
1st refund 5%s seriesA-2003•0 10614 10712 10712 10712
5
Apr'28
9812 9934
1st dr ref As series B
2003 AO 104 10478 105 Nov'28
_
Nov'28
1st Fs ref 43le series C
2003 * 0
10412 1094
100 9912 10038
2
Nov'28
10338 1074
N 0& M 1st gold 6s
1930.33 101 ____ 10178 10178
1
Oct'28
994 1024
2d gold 65
1930.33 10014 ____ 100 Oct'28
Nov'28
99 1014
Paducah & Mem Div 48_1946 FA 9212
6
9631142 Oct8
Nov'28
97 10038
St Louis Div 2d gold 35_1980 MS 6612
Nov'28
2
99
86 1011
/
4
Mob & Montg 1st g 4%s_ _1945 MS 10012
100 Sept'28
10054 23 9678 10(44
South Ry joint Monon 4s _1952 3.3 8858 Sale- 8858
8854 15
Nov'28
MN
7418 79
Atl %nom,& CM Div 4s_ _1955
9314 9354 99391582
Nov'28
9534 101
Loulsv Cin & Leg Div g 44s'31 MN 08
,
s 99 9812 Nov'28
9 111 117
112
Mahon Coal RR 1st 58
1934I, 100
Sept'28
10678 20 105 10931 Manila RR (South Lines)48_1939 MN 74 -i112 74
7412 21
Oct'28
98 994
1st ext Is
1959 MN 75
80 75
75
1
Manitoba S W Coloniza'n 551934 JD 99 ____ 9934
9934
1
11212
Nogen
78
Great
series A-1936 J 3 11314 Sale
11314 83 111 116
J .1
11412 Apr'28
Registered
11412 1143$ ManG B &NW 1st 3546_1941 1 J 88
89 88 July'28 __ __
-5712 9812 98
let & ref 4%s series A----1961 J
2 9538 102; Mich Cent Det dr Bay City 5s_'31 M S 10098
9934 Nov'28
General 5)is series B
11012 20 1054 11514
1952
3 11014 Sale 110
Registered
Q M 9912 foi- 10034 Apr'28
General 50 series C
1973
3 10614 10634 10614 10612 13 103 209
Mich Air Line 45
19403 J 9314 96 9512
9512
1
26
General 4%s series D
99 Sale 9858
19763
9914
J J
9612 10114
Registered
9112 Nov'28
General4sseries E
9914 26
9578 1014
1977 3 3 98i 99 9858
1st gold 3As
1952 M N 86
_ _ 9218 July'28 ___ _
Green Bay & West deb ctfe A____ Feb
_ 85 Oct'28
85
864.
20-year debenture Is
1929 A 0 9912.
9958 9912
9912 11
Feb 2818 1812 2814
Debentures ctfs B
2812 57
2214 30
A 0
Registered
99 Oct'28_..
Greenbrier Ry 1st an 4s
9578 Mar'28
1940 MN
8538 95; Mid of N J 1st ext 5s
1940 A 0 9414 -95.- 96 Nov'28 ___ _
18 10038 107; Mils L S & West imp g 5e__ _1929 F A 9912 10014 9954 Oct'28 ____
Gulf Mob & Nor 1st 5%0_1950 A 0 10454 Sale 10434 105
1950 A 0 10112 102 102
102
let M 58 series C
2 99 104
Mil & Nor let est 450(1880)1934 J D 9414 98 98 May'28 ____
GuU&SIlotref&tergos.b19523 3 10838 ____ 10858 10858
5 10712 1054
Cons eat 4540 (1884) 1934 11 D 95
9612 9412 Oct'28
Hocking Val 1st cons g 43l0_1994 11
101 10238 101
10214 13 9734 107; MII Spar & N W 1st gu 48 1947 Al 13 9254 94 9212 Nov'28 ____
1999 .1 .i
10212 May'28
10212 1044 Mils & State Line lst 3548_1941 .1 J
Registered
90 Apr'28.
Hos/atonic Ry cons g 5s
1937 M N 9818 ____ 9814 Oct'28
9712 1014 Minn & St Louis 1st cons 50_1934 MN 4814 53 484 Nov'28 --1937 J J 10214 ____ 10214 Oct'28
H & T C let g Saint guar
9834 10418
Temp ctfs of deposit__ _1934 M N 47.8 5212 4738
4738
1
Waco & N W div let 613-1930 M N 9812 102 102 May'28
102 1034
1st & refunding gold 48.-1949 141 S 15 Sale 1438
15
12
Houston Belt & Term let 58-1937 3 3 10014 ____ 102 Oct'28
98 1024
Ref & ext 50-yr 55 ser A 1962 Q F 1314 16
1312 Nov'28 ____
Houston E W Tex 1st g 50_1933 MN 10014 102 10014 10014
2 1004 10078
Certificates of deposit---------1933 M N 97 9734 10014 Oct'28
lat guar 5s red
994 1024 MStP&SSMcong 4sintgu'38
.I
8812 Sale _
_ 1644
98
Bud & Manhat igt 5s ser A 1957 F A 97 Sale 97
97 10312
lst cons 5s
19383 J 9518 Sale 9518
951s
5
Adjustment income 65 Feb 1957 A 0 8758 Sale 8712
8854 75
8614 954
let cons 5s gu as to int
1938 J J
Sale 99
9970 12
10-year coil trust 6Sis_ _ _1931 M S 10184 Sale 10012 101
33
1
9412 __ 95 Nov'28
lillnole Central let gold 49-1951
9114 9914
1st & ref 6s aeries A
1946 J .1 101 Sale 101
101
12
J J
Registered
95 May'28
95 95
25-year 5%s
9114 21
1949191 13 91 Sale 9034
8718 Oct'28
1951 1
1st gold 354s
8034 9013
1st Chicago Term s 1 4s_1941 MN 9312 ---_ 9518 July'28
.1 3
Registered
84 Nov'28
84
8,534 Mlssissipp Central 1st 5s___ _1949 .1 .1 99 __ _ 99 Oct'28
8714 8612 June'28
Extended let golJ 3341_1931 A 0 84
8612 8818 Mo Kan & Tex 1st gold 4s 1990 .1 D 87 Sale 87
8818
let gold 3$ sterling
1951 111 S
74 Sept'28
74
75
Mo-K-T RR pr lien 58 ser A_1962 J I 10112 10178 101
10178 26
Collateral trust gold 4e-1952 A 0 911
92 Nov'28
40-year 4s series B
1962 J .1 87 Sale 8653
8834 9614
8758 27
MN
Registered
87 Oct'28
87
87
Prior lien 454seer D
19783 J 95,
4 Sale 9554
961s 28
let refunding Is
9378 13 9018 9912
1955 M N 9378 Sale 9278
Cum adjust & ser A Jan 1967 A 0 10454 Sale 10414 10512 19
Purchased lines 354s
87
1952 3 1 8334 9012 87
10 82 9018 Mo Pao 1st & ref 5s ser AI965 F A 10018 Sale 10018 10114 117
J J
Registered
81 Nov'28
81 86
General 4s
1975 IA S 7814 Sale 7814
7912 37
Collateral trust gold 48-1953 M N 8913 _ _
00
90
2 8818 94
lst & ref 5s ser F
1977 lel S 99% Sale 9914 100
81
MN
Registered
9014 May'28
9014 9014 Mo Pac 3d 7s ext at4% July 1938 MN 99,
8 9912 924
9214 349
Refunding 55
712 Sale 10714 10712 26 103 11074 Mob & Sir prior lien g50. 1945 J .3
1955 M N .1.5.
103 Aug'28
1
15-year secured 6548 g-.1936 I J 110 11378 11012 111
22 10812 1141,
Small
1 J
100 Aug'28
40-year 4(s
Aug I 1966 F A 10012 Sale 100
10078 184
98 10254
Ist m gold 4s
1945 3 1 8834__ 88118 Nov'28
Cairo Bridge gold 4s
1950 3
8618 July'28
8618 971,
Small
19453 .1 8612 -88 8614 Nov'28
Litchfield Div 1st gold 30_1951 J
7634 _ _ 7818 June'28
7812 8212 Mobile & Ohio gen gold 48..1938 M 8 93,
9334
8 9512 934
Loulsv Div & Term g 3543 1953 J
8478 Sale 8478
3 80
8478
91
Montgomery Div 1st 158.1947 F A 103 _
10454 Nov'28
2
°maim Div let gold 38_
1951 F A 7712 Sale 7712
3
7712
7538 804
Ref &'mut 454s
9618
1977 M 8 96 Sale 96
g 7612 82 7658 Oct'28
St Louts Clv & Term g 38_1954
90
72
Mob & Mar 1st gu gold 4s1991 M 8 89
92 8918 Nov'28 33
3%0
Gold
1951
3
8478
8478
8354 91
8084 994 Mont C let gu 65
1937 3 J 10758 110 106 Oct'28 J J
Registered
7834 Nov'28
7834 7834
1st guar gold 5s
19373 J 10114 10458 102
102
Springfield Div 1st g 35i8_1951 J
84
88 Oct'27
D 8014 82 82 Nov'28
Morris & Essex let gu 3Hs_ 203_
Western Lines let g 40_ _ _1951 F A 91
89l 9484
93 90 Oct'28
Registered
F A
92 Apr'28
92
90
Nash Chatt & St L 48 Ser A 1978 F A 9112 9278 9212 Nov'28
ill Central di Chic St L & N ()N Fla dr S lst gu g 56
18 July'28
1937 F A 10118
Joint 1st ref 58 series A__ _1963 .1 0 105 Sale 10434 105
37 10138 10814 Nat Ry of Mex pr lien 4518 19573 J 1734
101 Sept'28
let &ref 454sserC
19633 D 9612 9812 98
8 96 101
9812
July 1914 coupon on
J J 1734 _
1834 July'28
Assent cash war rct No 4 on 6 1358 Sale 134
13/
1
4
5
Ind Bloom & West 1st eat 40_1940 A 0 91
_ 91
91
91
9218
Guar 70-year s f 4s
8712 Aug'27
1977 AIndIU&IOWalstg4s
19503 .1 9312 11112 9412 Nov'28
91
97
Assent cash war rdt No 5 on ---- -5E8 114 16 Nov'28
Id & Louisville let an 4s
1956
8812 89 89 Oct'28
88
92
3812 July'27
Nat RR Meg pr 1 43.45 Oct 19263 8
Ind Union Ry gen 50 ger A 1965 J
103 10314 103 Oct'28
100 105
1912
Assent cash war rct No 4 on
22
22
Gen & ref As series 11
1965.3 g 103 ____ 103
103
10112 10412
1st consol 45
Wii 20 _
22 Apr'27
1951
Int& Grt Nor 1st 6eser A_1952
10578 Sale 10512 1057s 35 104 10812
Assent cash war rct No 4 on
1178 Sale 117s
1178 30
Adjustment Ele ser A July 1952 -- 9212 Sale 9178
9212 85 85
994 Naugatuck RR 1st g Is
1954 ii-l'
837s -- 86 Oct'28
Stamped
7712 Feb'28
774 7712 New England RR Cons 58_1945 3 1 9818 105 981s Oct'28 _
J 981st 58 series B
1956
98
99
15
9412 1017s
Consol guar 48
1945 3 J 8734 885s .8734 Nov'28
19563 .1 9712 101
lst g 58 series C
98
98
5 9578 102 N J June RR guar lst 45._ _1986 F A 88
ma 2
- 8818
tot Rye Cent Amer 1st 58_1972 MN 8314 Sale 8312
8438 43
814 9212 N0& N E let ref &imp 4%5A'52 1 3 97 16 97 Nov'28
let coil tr 6% notes___ _1941 MN 9434 9514 9478
10
95
944 994 New Orleans Term 1st 4s__ 1953._
.1 9058 9188 9114
9112
22
&
ref
6548
1947 F A 9658 Sale 9612
let Ilen
19
97
91 100
N 0Texas & Mex n-o Inc 59_1935 A 0 9814 10012 9938 100
s
1938 J D 37
Iowa Central 1st gold 5s
3938 3912
3912 11
88 52
litt 5s series B
1954* 0 9954 Sale 9954 1005
, 58
Certificates of deposit.......... 39
40 40 Nov'28
1956 F A 10078 10234 0078 101
1st 5s series C
377s 69
2
Refunding gold 48
1951
1058 11
1034
1034 11
104 19
lst 454.3 series D
1956 F A 96 Sale 96
96
5
James Frank & Clear 1st 49-1959 J D 9058 9034 8934 Oct'28
let 5545 series A
A 0 10358 104 10312 104
884 967s
g
K2A&GRlstgug58
19381
100
103 May'27
N & C Bdge gen guar 4%21_1945
96,
4 98 9634 Oct'28
1990 A 0 86 -90 8738 Oct'28
Kan& M let gu g 40
9
6-1i NYB&M B 1st cong 58_1935 A 0 99
,
9938
4 100 9953
N Y Cent RR cony deb 65_1935 M N 107 Sale 107
108
11
HOFts&mRyrefg41-1936 A 0 9334 Bale 9334
12
924 97
94
MN
Registered
107 Apr'28
KO&MR&B let gu5s 1929 A 0 9778 _ _ _ 100 Oct'28
9912 10.34
1998
F
Consol 4$ series A
A 9354 Sale 9212
9334 14
Kansas City Sou let gold 38_1950 A 0 76 Sale 7512
76
7
724 7934
Ref & impt 4548 series A 2013 A 0 100,
8 Sale 9934 10038 2:
Apr 1950 J
Ref & kept 63
100 Sale 100
10012
8 97 10314
Ref & impt 58 aeries C
2013 A 0 10734 Sale 10712 108
31
Kansas City Term let 43_ _ _1960 J .1 9138 Sale 91
9178 36
8812 9534
Registered
A0
106 Nov'28
gold
4s__
Central
_1987
3
J
Kentucky
91 Sale 91
91
91
1
9612
Kentucky & Ind Term 438_1961 J
8612 9354 90 Sept'28
90
9614 N Y Cent & Hud Riv M 354s'97 J J 8034 Sale 8033
8114 45
1961 .1 3 9014 9312 9212 Oct'28
9018 egs,
Stamped
Registered
1997 .1 J 7958 8078 7912
7912
2
1961.3 J 97
Plain
97 Oct'28 _
97
9838
Debenture gold 42
1934 M N 9534 9638 9618
963/3 27
Lake Erie & West let g 50-1937 J .1 10218 --_ _ 10058 1021s 12
Registered
9930 10514
MN
9718 Apr'28
1941
J
10312
gold
58
10058
10058 10058
2d
99% 15%78
5
30-year debenture 4s
1942 J I 944 9512 9412 Nov'28
8612 82 Nov'28
Lake Shr & Mich El g 3540-1997 J D 81
7978 8718
Lake Shore coil gold 3516_1998 F A 79 80 7912 Nov'28
1997 D
Registered
8112 July'28 _
8112 86
Registered
1998
F A 7812 8012 78 Nov'28
M
N
40
1931
9814 Sale 9814
25-year gold
9812 39 97 100
Mich Cent poll gold 3%s_ _1998 F A 7934 8078 794 Nov'28
MN
Registered
9954 Apr'28
9954 OK
Registered
1998 F A
7718 ____ 77 Ju1y'28 _
Leh Val Harbor Term gu 58_1954 F A 10454 10712 10438 Oct'28
103 10715 N Y Chic & St L lst g 4s__1937 A 0 9638 9714 97
9714 12
003a
9958 Nov'28
Leh Val N Y lst gu g 45-4B-1940 J
9938 10211
Registered
9612 Feb'28
1937 A 0 9455
Lehigh Val(Pa) COM e 45-.2003 MN 8834 Sale 8834
8934 13 8634 9312
25-year debenture 4s
1931 M N 9754 Sale 9718
971
55
MN
Registered
89 June'28
89 91
2d 6sseriesA BC
1931 M N 10112 Sale 10112 102
26
2003 MN 9814 9878 9814
General cons 4548
9954 15
9634 10214
Refunding 5 As series A
1974 A 0 107 Sale 10658 10734 42
MN
Registered
99 Nov'28 - _ _
95 10012
Refunding 5515 series B 1975 3 J 10658 Sale 10612 10718 26
N Y Connect lst gu 4%s A 1953 F A 9734 ____ 977s
9814
9
Lehigh Val RR gen 5$ series_2003 M N 107
0638 10638
3 1044 11114
lst guar 5s series B
1953 F a 100 10212 104 Aug'28 _
0312 Nov'28
Leh V Term Ry Ist gu g 50-1941 A 0 10312 _
1004 10714 NY & Erie 1st eat gold 4s_ 1947 M N 9134 ____ 9178 Nov'28
A 0
Registered
0378 Feb'28
10372 10378
3d
ext
gold
450
1933 M 13 9912 100 9932 c• 9912
8
90 Oct'28
Leb & N Y let guar gold 48_1945 MS
9212
87
4th est gold 58
1930 A 0 99 100 100 Oct'28
Leg & East 1st 50-yr 51 guI965 A 0 10813 116 0712 Nov'10
105 11548 N Y& Greens L an g 5s..._ _1946 M N 96
99 9714 Nov'28 _ _
Little Miami gen 45 Ber A...1962 M N 9218 ____ 90 Nov'28
_
88
9618 NY & Harlem gold 350
2000 M N
8618 Mar'28
1935 A 0 1034 108 0412 105
Long Dock consol g 68
10 10412 10912
Registered
M N
8518 Apr'28
_ 0258 Oct'28
Long Isld 1st con gold 513.1/11Y 1931 Q J 10012
100 10312 N Y Lack & W let & ref gu 5s1973 M N 7838 ____ 80 July'27 _
9418 s984
let consol gold 48_-_ _July 1931 Q J 964 9712 9612 Nov'28
First & ref gu 454s con1973 M N 10012
110
Oct'28
1938.3
D
92 93 93 Nov'28 General gold 48
92 9611 NYLE& W 1st 7sext
1930 M S 10034 ____ 104 . Feb'28
1932 D 96
96 Nov'28 -Gold 4s
92 10012 N Y &Jersey 1st 58
1932 F A 10038 10012 10038 10045
4
1949 M S 874 9358
- 88 Nov'28
Unified gold 4e
8734 9338 N Y & N E Bost Term 4s_ _1939 A 0
1934
D 9818 99 00 Nov'28 Debenture gold 58
274 10014 N Y NH&H n-o deb 4s
1947111 8 -___ 8734 86 Nov'28 _
193711 N 100 Sale 9914 10014 14
30-year p m deb 58
97 1014
Non-cony debenture 3545_1947 M S 8154 Sale 8134
8134
2
9112 90
•901s 11
Guar Sh B 1st con gu As Oct'32 M 8 90
80 9484 Non-cony debenture 3548_1954 A 0 7712 78 7714 78 14
9918 Nov'28
Nor Sh B lst con gu 5s_Oct '32 Q J 9934
99 102
Non-cony debenture 4s
1955 J 1 -.-- 8612 854
2
8514
8914
8958
9412
48-1945
91
8
Nov'28
Jeff
CO
11/1
0
Lou &
Bdge
8714 9414
Non-cony debenture 4s
1956 M N -_-- 8512 8512
8512
4
Cony debenture 351s
1956.3 J 76
7654 76
7712 21
Cony debenture 68
117
1948 3 J 11612 Sale .116
53
-P111
1 J
111
Registered
2
Collateral trustee
1940 A 0 1041* Sale 104
10414
6
Debenture 4s
1957 IA N 7614 Sale 7534
7612 21
1st & ref 454s ser of 1927-A967 J D 9138 Bale 9112
9178 110
Harlem R & Pt Ches 1st 451954 M N 9054 91
904
904
1
Feb.
I.
Duo
MA
Fla Cent dr Penn 1st eat g 58_1930 J J
1943• J
1st consol gold 5s
Florida East Coast let 4%8_1959 J D
1974 M S
1st & ref 5s series A
Fonda Johns dr Cloy 1st 4%51952 MN
'
3
Fort St U D Co lst g 4118-1941
W & Den C 1st 33415
1961
Frem Elk & Mo Val 1st65-1933 AO
GH&SAM&Plst5s
1931 MN
2d extens 55 guar
1931 ▪ .1
Galv lions & Bend 1st 58_1933 AO
Oa & Ala Ry lot cons 55 00t 1945 33
Ga Caro & Nor lst
g 58-1929 Ji
Georgia Midland let 35
1946 A0
Or R & I ext 1st gu g 4%5_1941 JJ
Grand Trunk of Can deb 68_1940 AO
15-years 5 1 fis
1936 MS
Grays Point Tern, 1st 5s.1047 3D
Ask Low
99
9934
96
82
39
9934
105E8
10558
10334 ____ 104
10018 10034
9812 ____ 9934
9934 10018 98
98
9812 99
10034 Sale 99
7558 7814 7558
9612 9712 9634
112 113 11178
10658 Sale 10658
98
9954
96
9812
82311 Sale
39- Sale
-
Range
Since
Jan. 1.
Lou
High
10012 106
9334 994
100 102es
10154 10512
10438 11012
1004 109
9738 1044
100 1084
100 1024
924 9612
6512 71
100 1027s
867s 944
9012 984
98 10034
9914 1034
6978 7904
75
824
9914 10112
88 88
9918 1024
10044 10178
9112 gm,
921s 9218
7712 8934
9812 100
99 99
9212 9954
9858 10058
98
9914
9412 991s
9212 9714
90 98
42
CI
60
57
14
2304
1112 21
-If
Ws
934 1004
98 101
9978 1084
100 10314
9012 96
951s 9614
98 100
85
9234
99 10434
85
9218
904 91.148
1014 10912
9838 10378
7614 8314
98 1024
9134 974
103 105
993s 100
8434 984
82 9248
924 98
9934 1054
924 9934
88 974
106 11278
102 1044
7934 88
90
101
18
1884
12
9814
10414
18
12.114
21
-iirs 12
-1111;
91* -111-71;
86 85
98 1024
8734 93
88 100
95 102
884 954
9512 102
98 1014
100 105
93 10071
102 106
964 100
9812 102
10538 1094
107 107
894 974
984 10412
10418 11034
106 1064
7978 8711
7738 854
9312 994
9718 9818
914 99
7714 864
764 8278
78 87
77 11014
924 984
964 Ms
9512 1004
100/2 1034
105 1077s
10434107'.
9512 10212
10012 1054
914 9S4
9212 1004
100 10044
94 100
864 874
851s 851s
9954109
RIF foli:
"9"0-78a, 8104
7018 814
7831 S812
79
8812
7012 80
1114 1184
9812 115
103 laps
724 8235
81
9434
9358
89
New York Bond Record—Continued—Page 4
2938
BONDS
a. T.STOCK EXCHANGE
Week Ended Nov. 23.
t;
Pries
Fes(lag.
Nov. 23.
Raltfl
8ISC4
Jae. 1.
Wears
&mks or
Last Said.
BIS
Ask Low
NY0& W ref lit a 48_June 1992 M S 7534 7614 7614
7612
Reg $5,000 only June 1992 MS
72
72
General 48
1955 J D 70
8738
NIY Providence & Boston 451942 A 0 8812
*0
8934
Registered
N Y & Putnam let con go 45 1933 A 0 8912 9212 8912
NY Sum & West lid ref 56 1937 J J 8938 9038 90
2d gold 44ii
1937 F A 8018 8434 8434
General gold 5e
1940 F A 7218 7378 73
99
Terminal 18t gold 5e
1943 ▪ N 10112
N Y W-ches B let ser I 446 '48 J J 8734 Sale 8718
Nord Ry ext1 f848
1950 A 0 10212 Sale 102
Norfolk South let & ref A 56_1961 FA 92 Sale 90
Norfolk & South let gold 56_1941 ▪ N 100-- 100
Mob
Htol No Low
15
72% 80%
77
7812 78
Apr'28
8714 8084
Nov'28
87% 95
Oct'28
89% 8084
jan'28
1
88
964,
8912
3
8014 9212
9038
77
8434
Nov'28
3
68
804
731s
99 1021.
Nov'28
21
8312 92
88
18 100 10314
103
28
97
90
92
1
100
98% 103
Norfolk & West gen gold 661931 M N
Improvement & ext 6a_ _ _ _1934 F A
New River let gold 66
1932 A 0
N& WRy latconsg 48 —1998 AO
Reglittered
1996 AO
DWI let lien & gen a 4s._ _1944 J J
10-yr cony(is
1929 MS
Pocah C & C Joint 48
1941 J D
North Cent gen & ref 58 A_ ,l974 M S
Gen &ref448ser A 8t0d 1975 M S
North Ohio 1st guar g 56
1945 AO
North Pacific prior lien 46- _,1997 Q J
Registered
1997 Q J
Gen lien ry & Id at 38.Jan 2047 Q F
Reglstered
Jan 2047 Q F
Ref & impt 44e series A2047 J J
Ref & impt 65 series B.
.2047 J 1
Ref &!mot 56 series C___ _2047 J J
Ref&impt fs series D_ _2047 ▪ J
Nor Pao Term Co let g 6a__ _1933 • J
Nor By of Calif guar g 58.-1938 A 0
10178 10518 10234 Oct'28
10438 --- 10478 Aug'28
10318 1-0412 10318 N0v'28
931s
93 Sale 93
9112 Nov'28
8818
9314 9412 9318
94
184 Nov'28
9212 9312 9218 Nov'28
10778
- 108 Aug'28
9612 IWO 10034 Oct'28
9619
96
9912 9619
9214
92 Sale 9114
92
9212 9034 Nov'28
673s
6738 Sale 6612
64 Nov'28
9978 100
9812 100
114 Sale 11314 114
106 107 10618 10678
10614
106 Sale 106
10934 - - 10934 June'28
10218 1-062 107 June'28
.• 1
North Wisconsin 18t 68
1930
.1
Og & L Cham lat gu g 48- .... _1948
Ohio Connecting By let 48_ _1943 MS
Ohio River RR let g 58
1936 3D
General gold 56
1937 A 0
D
Oregon RR & Nav con g 45_1946
Ore Short Line let cons a 58 1948 J 3
Guar Mod cons 58
1948 .1 .1
Guar refunding 48
1929 J D
Oregon-Wash let & ref 40_1981 1
Pacific Coast Co la g58._ _1946 J D
Pao RR of Mo lat ext g 4a_ _ _1938 F A
20 extended gold 58
1938• J
Paducah & Ills lets f 44a_ _1955 J J
Paris-Lyons-Med RR esti 88_1958 F A
Sinking fund external 76_1958 M S
Paris-Orleans RR f 76
1954 M 5
External sinking fund 548 1968 M 5
Paulista Ry ltrt & ref a f 78
1942 ra 8
9938 10214 99 Sept'28 _
5
8218
8112 83 8218
9558 Nov'27 _ _ _
_
Apr'28
104
101
Oct'28 _ _ _
9978 106 101
9412 9414
95
5
93
10614 10778 10578 Nov'28 _ _ -10614 108 10534 Oct'28
9912 80
9914 Sale 9578
59
90
8838 Sale 8838
8
7934
70
7918 7934
10
9514
Sale
9514
9514
1
100
100 Sale 100
9812 9834 10038 Oct'28
9912 68
9914 Sale 99
10434 81
10334 Sale 10314
104 1041 10234 Oct'28 _
9512 46
9412 9478 9412
2
103
103 104 103
Pennsylvania RR cons g 48 1943 MN
Congo'gold 48
1948 M N
le sterl nod dollar_May 1 1948 MN
Consolidated 8144a
1980 F A
General 4128 series A
1988 J D
General fs series B
1988 .1 D
10-year secured 78
1930 A 0
I5-year secured 645
1936 F A
FA
Registered
40-year secured gold 56_ __1984 M N
PaCogu 34scolltr A reg_1937 MS
Gum 348 coil trust sec B_1941 P A
Guar 346 trust etre C_ _ _1942 3D
Guar 3126 trust etre D____1944 3D
Guar 15-25-year gold 481931 A0
Guar 48 ser E tried ctia_ _ _1962 MN
Secured gold 4 Us
1963 MN
Pa Ohio & Del let & ref 448A77 * 0
Peoria & Eastern let eons 48_1940 * 0
Income 46
April 1990 Apr.
Peoria & Pekin 13n let 548_ A974 FA
Pere Marquette let sex A 58_1956 J
1st 4s aeries B
1956 3 3
____
6
8
14
32
36
87
73
__
42
____
_
5
____
6
94% Nov'28
9412 97
9434
9418 9438 9412
9414
9414 - - 9414
10218 1-02-12 10218 10234
10038 Sale 10014 10134
10812
108 10838 10814
10318 Sale 10212 10314
11038 Sale 11012 111
112 Apr'28
105 Sale 10334 105
Oct'28
8834 -,- 88
5712 Nov'28
871290
89
89
8712 Nov'28
871
9714
97328 97-7-8 9718
9212 Nov'28
9114 92
9912 192
9818 Sale 99
5
9712
9712 Sale 9712
8712
8712
1
8712 91
19
43
40
44
40
3
105
105
2
1
- 4 1-0-g4 10434 105
94 Nov'28
93
94
PhLla Bait & Wash let g 48....1943 MN
General 68 series B
1974 F A
Phillippine Ry let 30-yr ef 481937 .1 J
Pine Creek registered 1st 138 1932 1 D
"CC&StLgu448A
1940 A 0
Series B 412a guar
1942 A 0
Series C446 guar
1942 MN
Series D 48 guar
1945 MN
Series E 346 guar gold
1949 FA
Series F 4a guar gold
1953 3 0
Series G 4a guar
1957 MN
Series H con guar 4s_ _
_1960 P A
(*deal cons guar 448_ _1983 F A
Series cons guar 4191._ 1964 M N
Genera. M 58 series A___.1970 1 D
Registered
J D
Gen mtge guar 58 series B.1975 A 0
AO
Registered
94
10714
39
10314
100
10018
99
95
94
95
95
98
101
101
109
Pitts McK & Y lat gu Os.l932 33
24 guar 135
1934 3 3
Pins SI) & L E 1st g 58
1940 14 0
let consol gold 58
1943 ii
Pitts Va & Char let 41
1943 MN
Pitta Y & Ash 1st Miser A
1948 3D
let gen 56 series B
1962 F 4
let gen Bs series C
1974 3D
Providence Secur deb 48..
1957 MN
Providence Term las 48_ _1958 MS
Reading Co Jersey Cell coil Di 51 A0
*0
Registered
Gen & ref 446 series A-1997 J J
Rich & Meek let g 48
1948 MN
Richm Term By let gu 58 ...1962 ii
EtIo Gnuide Juno 1st go 58_1939 3D
Rio Grande Sou lot gold 48_ _1940 J J
Guar 48 (Jan 1922 coupon)'40 J J
Rio Grande West 1st gold 46_1939 .1
let con & coil trust 4s A. _1949 * 0
R I Ark & Louis lit 448...A934 (11
Rut-Canada 1st gu g 48
1949 3 1
Rutland 1st con g 4126
1941 3 J
Oct'28
10114
105
103
___ - 10338 June'28
10014 - - 10038 Nov'28
10014 Aug'28
10038
- — - 9018 Sept'28
95 June'28
9338 _ _
10314 ---- 10318 Oct'28
-___ -3
- 7334 -- 434
7334- - 80 Nov'28
837
8 92
94
9212 9414 9334
9434 June'28
30
9938 Sale 9958 100
___ 7478 7918 May'28
10078 102 10412 June'28 _
103 100 Nov'28
5 May'28
712 Apr'28
6
9138
9112
9214
-9114
1
863s
8514 863s 8638
957g
7
9638 9712 9578
8212 82 Nov'28
80
9134 10
9134
9138
16
4
4
30
37
3
65
11
9
Oct'28 _ _ _ _
94
_
10534 Oct'28
3918
6
-4034 39
105 104 June'28
10012 Nov'28
10018 Nov 28
9912 Oct'28
9614 Nov'28
9714 Sept'28
97 Aug'28
Oct'28
95
9718 july'28
1-0312 101 Nov'28
10212 101 Nov'28
10914 16
11034 109
11338 jan'28
1.6614 Sale 10914 109% 24
11312 Jan'28
St Joe & Grand Isl let g 48 1947 • J 8814 ____ 8814
8814
St Lawr & Adir 1st g(Se
1998
3 100
_ 100 Aug'28 1
281 gold 68
1996 * 0 10511 146 10512 10512
L & Calro guar g 46
1931
'
3
98
9634 Oct'28
117
OIL Ir Mt & Sgeneong 58_1931 * 0 ioo Sale 9958 100
Stamped guar 5,1
1931 * 0 99% 10012 10134 Dec'27
81
Unified & ref gold 48
100
1921 3 1 9914 Sale 9918
96
22
ltiv & Div 1st g 48
N 9534 Sale 9538
1933
1
100
St L M Bridge Ter gu g 56 1930 * 0 100 1001 100
4 Due May. e Due June. 1 Due August.
10184 10512
10418 107
103 10684
89% 11888
9012 Ms
9215 964
175 1901,
9114 9714
10724 108
9812 10122
95 103
89
9711
97
88
13212 721,
6334 6911
97 108
111 11714
103158 10911
lin% 1098
.
107 110(
8
105 107
99 102%
7812 8814
1035
,faun 1041,
9114 96
102 110.
8
10512 1111,
98 100
861s 9412
7324 884
9124 9512
100 1024
10022 1014
96 10075
10112 10512
101 10412
93
9824
10114 10412
9452 991,
93 100
9212 99
100 107
9775 10473
10414 118
10212 10572
1087s 1134
112 112
10134 1051,
87% 93
8718 92
9014
89
8712 904
9624 100
90
951s
9912
99
9514 102
8338 22
3735 5018
10214 10812
10018 1051t
8812 9612
BONDS.
N. Y.STOCK EXCHANGE.
Week Ended Nov. 23.
11
VI
Prim
Fridati,
Nov. 23.
Ras/2
Since
Jan. I.
Week's
Balks or
Last Bak.
1104
HOD No. Low
Ask Lose
B12
8512 93
125
90
St L-San Fran pr lien 45 A..,.1950 3' 8918 Sale 8918
8743 9725
9112 334
1978 MS 9012 Sale 9012
Con M 4;is series A
9872 10412
10234 32
1950 J
Prior lien 55series B
10214 Sale 10214
1 100 165
10218
St Louis & San Fr By gen 6s.1931 J
10218 10334 10218
9914
10315
Nov'28
1931 J
100
General gold 55
100
10112 111
St L Peor & N W 1st gu 55-1948 3' 10234
- 10234 Nov'28
97% 97%
-6;i14 9738 Apr'28
1931 MS _
St Louis Sou lst gug 48
9214
79
3
88
St L S W lst g 4s bond ctfo 1989 MN
Wiirs 89 3712 Nov'28
82
87%
.• 1 83
2d g 4s Inc bond ctfs_Nov 1989
8512 84
94% 99
17
96
1932• D 96 Sale 9558
Congo' gold 45
9672 10315
'3 10018 10114 10014
10038 12
let terminal & unifying 55_1952
9112 98
12
St Paul & K C Sh L lst 4 hs_1941 P A
9514 Sale 95,4
96
99 100
Oct'28
1931 FA 9958 10034 100
St Paul & Duluth 1st 58
9012 9614
1968 3D 9034 __-- 9312 Sept'28
1st consol gold 48
97% 97%
'
3
St Paul E Gr Trunk let4lis_1947
9718 June'28
St Paul Minn & Man con 45 _1933 3,
1933 3 J
lst consolg 6s
3 J
Registered
6s reduced to gold 4As ___1933 3'
3,
Registered
Mont ext let gold 45
1937 3D
Pacific ext guar 4e (sterling)'40 3'
'
3
St Paul Un Dep 1st & ref 5s_1972
1943 J
SA & Ar Pass lst gu g 4s_
Santa Fe Pres & Then 1st 58 _1942 MS
1934 AG
Say Fla & West let g 65
1934 * 0
lst gold 53
Scioto V & NE let gu g 4s
1989 MN
Seaboard Air Line let g 418._ _1950 AG
1950 AO
Gold 4sstamped
Oct 1949 FA
AtJustment 5s
1959 A0
Refunding 45
let & cons 65 series A _ _ _ -1945 MS
MS
Registered
Atl &131rm 30-yr 1st g 45.41933 MS
Seaboard All Fla 1st gu 65 A _1935 TA
1935 TA
Series B
Seaboard & Roan 1st Ss extd1931 3'
So Car & Ga let ext 546.-1929 MN
1936 TA
S&NAlaconagug 5s
Gen cons guar 50-yr 5e--1963 * 0
9614
9614
961
_
4105 10312 Nov'28
104%
_
10512 10634 Mar'28
9834 Nov'28
96i2
9712 -9912 98 Nov'28
94
9614 9418 Nov'28
92 Nov'28
90
2
10712
10614 10712 10638
91%
9218 28
9114 93
Oct'28
10034 102 100
Oct'28
104
104
9934
- - 10712 May'28
5
92%
9258 sale 9258
80 Nov'28
75% 80
39
78
7512 Sale 75
188
42
4034 Sale 4012
6012 20
60 Sale 60
92
7914
7712
Sale
7712
85 Mar'28
gi -8612 8758 Nov'28 33
73
72 Sale 72
7418 Nov'28
7114 76
98 Nov'28
98 100
100 10112 9934 Nov'28
1
10118
10118 Sale 1011s
10718 10834 1145$ Oct'28
So Pao coil 45 (Cent Pao coll)k'49 3D
3D
Registered
June 1929 M
20-year cony 48
1st 4948(Oregon Lime) A.1977 M
1934 3D
20-year cony 5s
1968 M
Gold 448
1950 AO
San Fran Terml 151 4,
*0
Registered
So Pao of Cal 1st con gu g 55_1937 MN
_1937
So Pao Coast lst gu g 4s_ _l937
1955
So Pac RR let ref 48
'
3
Registered
Southern By let cons g 5s_ _1994 J
J J
Registered
Devel & gen 4s series A _ _ _1956 At)
*0
Registered
1956 * 0
Develop & gen Os
1956 * 0
Develop & gen 6lie
Mem Div 1st g 5s
1996 ▪ 1
'
3
St Louis Div let g 48
1951
East Tenn reorg lien g 58_ _1938 M
1938 M
Mob & Ohio coil tr 45
9212
92 Sale 9134
8714 89% 88 Mar'28
9934
9912 Sale 9912
99,2 Sale 9912 10038
101,8 — - - 101 Nov'28
9814
9814 Sale 98
92
9134
9134 92
90 Nov'28
88
10218 1-114 10634 June'28
9512 Oct'28
9512 98
9412
93 Sale_ 93
96 Apr'28
11234
11124 Sale 11134
10618 -- 10912 109,2
90
8938 Sale 8912
8714 Sept'28
1163
4
1153
8
iiEs 1163-4
12238 Sale 12212 123
10218 107 10612 Nov'28
9034 9212 9034 Nov'28
100 103 10518 Oct'28
9334
9334 Sale 9334
Spokane Internal let g be__ .19563 J
Staten Island By let 494s..., 1943J D
Sunbury & Lewiston let 4s_ -1936 3 J
Superior Short Line 1st 55_ _e1930 M 8
Term Assn of St L 1st g 4118_1939 A 0
1944 F A
let cons gold 5s
1953 1 .1
Gen refund a f g 48
Texarkana & Ft 51st 5948 A 1950 F A
19433 J
Tex & N 0com gold 59
20003 D
Texas & Pac 1st gold 5e
2d Inc58(Mar.28cpon)Dee 2000 Mar
1977 A 0
Gen & ref 5s series B
1931
J
La Div B L lst g 5e
1964 M
Tex Pac-Mo Pac Ter 534o
Tol & 01110 Cent 1st an 5e — _1935 J
1935 A 0
Western Div lot g fsa
94 100
1935 J D
General gold 5s
10414 116
West
1st
45_1917
J J
Toledo
Peoria
&
4213
39
1950 A 0
Tol St LAW 50-Ira 45
104 108
19313 J
T0IWV&Ogu4sA
99% 102
19333 J
let guar 4lie aeries B
09 10212
1942 M 5
1st guar 4s series C
9912 in%
Tor Ham & Buff 1st g 4s _ _ _1946 J D
9514 99
9712
97
D
Ulster & Del 1st cone g 5s.-.1928
97
97
Certificates of deposit ------ _ _
95 971/,
1952 & 0
1st refunding g 48
97
9758
100 10512 Union Pacific 1st RR &Idgt 4s'47 3 J
J J
Registered
98 105
June 2008 Si S
let lien & ref 4s
10414 11412
1967
.1
4
Gold
113% 113%
June 2005 M S
1st lien & ref 5s
10435 1151g
1968 J D
40-year g 4s
11812 11312
1944M b
U N J RR & Can gen 45
1933 3 J
Utah & Nor let ext 45
105 105
NA
Vandalla cons g 45 series A 19551957
1031e 107
MN
Cons s t 48series B
10018 106
10014 10014 Vera Cruz & P assent4 As _1934
1931
9018 90,2 Virginia Mfd 5a series F
1936 M N
General 53
9412 9714
10318 10811 Va & Southw'n let gu 5s_ _ _2003 1 J
1958 A 0
let cons 50-year 5s
71
80
,
4 Virginian By 1st 58 series A..1962 M N
1939 M N
gold
55
Wabash
R11
151
9114
80
1939 F A
24 gold 5s
9184 97
Ref & gen s I 5,30 ser A_ _ _1975 M S
94% 9514
.19393
1
registered
Debenture
B
6e
98 10484
1st lien 50-yr g term 4e_ __ _1954 J J
7914 8214
Det
&
Chi
ext
lst
g
581941
2
1
10414 10412
Des Moines Div 1st g 48-1939 3 3
100 10112
Omaha Div lstg3l4s,,,.,..l94I A 0
4% 5
1941 NI S
5
712
Tol & Chic Div g 43
90
9512 Wabash By ref & gen 55 B._1976 A 0
1978 F A
Ref Agen4l4sSerC
8314 9088
91
99%
7918 84% Warren let ref gu g 334a _._ _2000 TA
1948 QM
90
96% Wash Cent let gold 45
1945 P A
Wash Term let gu 3 4
1945 P A
let 40-year guar 4s
92
86
100 10084 W Min W & N W let gu 5s 1930 F A
West Maryland let g 45
1952 * 0
105 108
1st & ref 534s series A_„ 1977 J
98
9878
1937
9814 10214 WestNY &Pa letg 56
Gen gold 4s
'
1943 * 0
98- 10183 Western Par let ear A be__ _ _1946 M
MS
Registered
94
97%
2381'3
9814 10124 West Shore let 4,guar
2381 '.5
Registered
8312 _ _ _
8312
8312
85 Nov'28
99
578
99%
9958 1-02 100
10414
101%
89 -9012 9012
1038 Sale 10358
101
11184 1172 11134
024
10214 10212 1100
10012 10012
107 105
100
10112 103 10112
____ 100 10112
15
9112
905
9734 ____ 98
9734 ____ 9734
9412 ____ 9412
8934 8918 8958
100
105
Arr:2
28
9
Nov'28
Nov'28
Nov'28
10334
102
11134
V2
217
2
01c0
66
84
9
72
4
72
32
1
85
4
10
2
1
8
10
1
32
2
1001
14
106
Oct'28 Nov'28
10112
Nov'27
Nov'28
Nov'28
Oct'28
Nov'28
Nov'28
6378 Sale
65 Sale
3812 40
947g Sale
__l__
,
92
13
18
4 sae
59
6378
65
65
37
37
9412
95
,
92
155 Oct'28
9134
984
9712 Sale 9712
1091s 110 10838 10918
8914 Sale 8914
89%
94 J1ly'28
935s 95
958 ____ 96 Nov'28
9514 Aug'28
945
Oct'28
1714 18% 1838
1858
10014 June'28
98
10012 10112 10012 Nov'28
4% Oct'28
10
90
4:: ---- 98
95
95
9512 95
1055 Sale 10512 10614
10314 Sale 10234
10314
10014 101 101 Nov'28
_
10414 10412
10412
10112 _ _ 8878 May'28
85
8878 85
85
10112 ____ 10534 July'28
9134 Nov'28
8538 87
8338 Oct'28
92
95
9134 Nov'28
100 10012 10014
102
93 Sale 9238
93
8278 83 Mar'28
9038 Mar'28
8812 90
Oct'28
86
8518 88
85 Nov'28
99
99% 9914 Aug'28
83
82 Sale 82
1001,
99 Sale 99
10118 102 10118 Oct'28
92 Nov'28
9914
10012
98% 100
87% 887s 9718 Aug'28
89
88 Sale 877e
87
87 Sale 863e
2
35
53
43
16
62
5
2
46
36
18
2
66
32
16
52
44
20
12
95% 0888
10312 11112
106% 10684
94 10114
98
9Q11
9314 9812
8812 9474
10412 10925
8722 9424
100 104
10014 109
1074 10712
924 98
7412 8512
8872
72
40
82%
57
7212
98%
73
7886 85
8639 95
9412
68
69
243
,
98 10022
99 10172
100 105
114% 115
5775 95
88
88
9812 100
96% 104
100 10814
9514 10012
882e 06
8912 90
105 108
9512 9758
984
91
98
96
108 11912
106 115%
8584 98
8714 8714
11812 121
11724 127
104 11312
8775 94
10414 1054
9112 964
81
90
95
9612
9918 99%
9834 10215
10153 107
94
87
101% 107%
100 10812
10713 115
9912 10178
105 10914
100 10314
9814 103
9984 10188
74114 I8-1;
98 10084
0724 108%
9412 101
89% 9484
66
75
85
55
32
48
9314 99
9112 9712
8913 9833
95% 10114
108 11584
8513 90
9212 9912
96
98,2
9514 98
9413 9913
1714 28%
10014 10112
100 10324
9814 10714
90 10324
104 109%
101 106%
9814 10413
102% 107%
89
85
10412 105%
9158 NM
8325 88%
89
951s
9754 105
8825 944
83
88
1
2
9012 90/
. 91
831
96
85
9825 181
7815 8714
964 10312
100 106
8841 94/
1
2
97% /01
97% 971s
841g 9814
Ws 98
2939
New York Bond Record-Continued-Page 5
BONDS
O. Y. STOCK EXCHANGE
Week Ended Nov. 23.
Pries
Frldav.
Nov. 23.
Week's
Range or
Last Sale.
lame
Mum
Jas, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 23,
Price
Friday,
Nov. 23.
Week's
Rams or
Lett Sals
41.a
&WO
SON
Jan. l.
HISk
Flts8 Vt. Low
Ask Loy
BIS
99 10214
1
Copenhagen Telep ext6s_ _1950 A 0 10012 Sale 10012 10012
100 10272
10212 Nov'28
norn,Prod Refg let 25-yr of 55'34 M N 10212 _
26
9814 10011
100
Crown Cork & Seal6165--.1947 J D 9914 Sale 9918
48 10114 10314
Crown-Willamette Pap 65.__1951 .1 3 103 Sale 10212 103
93
07
31
80
Cuba Cane Sugar cony 70 ___1930 J 3 7012 Sale 7314
107
654 97
83
Cony deben stamped 8%.1930 J I 82 Sale 7434
Cuban Am Sugar 1st coll 83_1931 11.1 S 10414 Sale 10312 10414 59 10314 108
97 1014
68
98
Cuban Dom Plug let 734e..,,1944 M N 98 Sale 97
9974 1044
Cumb T & T lat & gen 5s__ _1937 J J 10278 10312 103 Nov'28
8
9812 101
Cuyamel Fruit lst s f es A -1940 A 0 9912 9934 9934
9934
_
76 Dec'27
Denver Cons Tramw lst 34_ _1933 A 0
3 "iiis 103
101
Den Gas & EL let & ref of g 51151 NI N 101 Sale 100%
5
1951 M N 101
99 103
101
101
Stamped as to Pa tax
6
73
504 75
70 Sale 70
fiery Corp(D G) 1st sf7e_ _1943 M
INDUSTRIALS
15 10014 10378
Detroit Edison 1st coll tr 53_1933 J 3 10134 Sale 10134 103
13
4
102
M
1940
105114
July
A,
104
1
series
105
10312
10312
5,
ref
&
lat
90
885s
87
AdamsExpress coil tr g 43-1948 1111 8 8858 Sale 8858
5 1014 10814
1949 A 0 1043$ 10458 104%
3 100 10954
10458
Gen & ref 5s series A
103%
Ajax Rubber lot 15-yr s f 88.19363 D 103% Sale 103
M
110
106
27
1940
B_July
Sale
107
107
series
14
es
108%
ref
Nov'28
&
1st
313
S
14
01
14
8
-1925
A_
Oa
deb
Alaska Gold M
6 1017$ 107
19555 D 10514 1051 105
1051$
Gen & ref User B
1926M
31s 10
312
812 Nov'28
Cony deb Gs series B
2 1024 10714
1962 F A 10512 10614 10534 10534
4
9914
9873 9914
Series C
9912 9914
Albany Pertor Wrap Pap 68_1948 A 0 98
9712
95
98
9712 16
97
98 1035
. Det United lot omul g 430-1932 3 3 97
100,4 38
Allie-Chalmers Mfg deb 50-1937 M N 10014 Sale 100
613
1940 MN 10412 Sale 104
8614 10914
105
9614 14
9674 Dodge Bros deb 63
9614 Sale 96
93
Alpine-Montan Steel let 73_1955 M
1942 MN 8614 Sale 86
807s 884
12 104 10612 fold (Jacob)Pack let6e
8614 23
Am Agri,/ Chem lot ref s f710'41 F A 10412 10434 10414 105
_
95 100
85 101
97 Nov'28
Dominion Iron & Steel 55..,i939 M
79
9134 Nov'28
93
Amer Beet Bug cony deb 88.1935 F A 9114 93
2
1942 3 J 9914 Sale 9914
90 100
06
9914
9618 1041
. Donner Steel 1st ref 7s
American Chain deb s f 83- -.1933 A 0 9614 Sale 96,4
97
57
Sale
N
NI
'66
1081s
8
1045
1034
10412
A
104%
ser
Gs
let
2
Pow
99
964
N
99
Duke-Price
M
.
1
Sale
102
_1931
50_.
debenture
99
011
Am Cot
36
10012 101 1003s
98 1011
101
Duquesne Light let 4ti A 1967 A
97
92
1942 A 0 9512 Sale 9514
9512 55
Am Cynamid deb 55
9514 95 Nov'28
95
1953J D
5
9512
Amer Ices f deb 5s
79 10511
56
94
.
9312 Sale 9134
3 103% 106
1930 A 0 10334 10414 10334 10334
East Cuba Bug 15-yr e f g 734537 M
Am Mach & Fdy s f 6s
963
96
93114 99
9634 10
Ed El III Bkn 1st con g 4s _ _ _1939 J
American Natural Gas Corp96 Nov'28
19953
11012 11358 113
- 108/4 1174
36
98
4 9912 Ed Elec III lst cons g 5e
97,
Deb 63.0(with purch warr) 42 A 0 9712 Sale 9713
04% Sale 9312
9412 10
9314 9912
10114 136 100 10254 Elec Pow Corp(Germany)630'50 NI
ALm Sm & RAM 30-yr 5e ser A '47 A 0 101 Sale 100
99
10
95
93
90
91
9114
Elk Horn Coal lst & ref6t23.1931
Amer Sugar Ref 15-yr 63_ _ _ _1937 3 3 10334 Sale 10334 10412 114 10213 108
91
74
8118 823 81 Nov'28 - .Deb 7% notes (with waffle '31 J
10018 1003 10034 10034
99 1021s
1
Equit Gas Light let con 55 _ _1932 NI
9958 290
9818 100
9938 Sale 9958
Am Telep Teleg con tr 45-1929 J
9712 Sale 9712
96 101514
9
97%
5
9612
96
1938 M 13 9612 98
92% 1004 Federal Light & Tr let 53_ _1942 NI
Convertible 4e
95 10113
97% 981 98 Nov'28 -- _
1933M
2 9914 10218
9934
let lien 3f 53 stamped_ - _ _1942 M
20-year cony 43,211
10034 Sale 9934
6 100 10613
1195423
94 10
103 1031 10212 10314
1st lien 83stamped
1946 3 D 10414 Sale 10418 10412 25 10314 106
30-Year coil tr 54
97 105
16
991 9834
99
99
J D
10538 Nov'28 1044 104% 30-year deb 6e ser B
Registered
95 1014
19393 D 101 Sale 993
10134 38
1960 3 3 10614 Sale 10578 10612 175 10318 109
Federated Metalss f 75
85-yr s f deb 5s
243 10014 174
174
167% Sale 156
1943 M N 10758 Sale 10758 10814 109 10414 110
Flat deb 73(with warr)
20-year f 5Me
994
983
91
879
4
j
j
Sale
9914
g
nt?
I
warra
9614
0
much
A
stock
1940
17
10514
Without
10514
8
1017
65
10412
deb
106
10412
Am Type Found
it 11112 Sale 11118
11212 16 110 120
99% 59
9738 101% Fisk Rubber 1st 18s
Am Wat Wks& El mite 56.. _1934 A 0 9878 9938 9878
8913 11308
10438 Nov'28 -- -10212
39 10218 1091t Ft Smith Lt & Tr 1st 5s-1
3 NI
94
12
1975 m N 105 106 10458 106
Deb g 6seer A
10558 31 1004 1104
58
1947 1 J 8612 Sale 86
881
83
934 Frameric Ind & Deb 20-3,r 730'42 3 J 105% Sale 10514
Am Writ Pap let g Be
7 104 11075
10412
Anaconda Cop Min let 53-1953 F A 10558 Sale 10514 1054 266 103 1064 Francisco Sugar 1st f 7325._1942 NI N 1044 Sale 10414
10234 46 101 1034
10414 Oct'28
10414 1051/ French Nat Mail SS Lines 78 1949 J 0 1024 Sale 10214
Registered
107.7 11014 18312 Gas & El of Berg Co cons g 531949 J D 10214 -- - 105 July'28 - - 105 1074
1938 F A 178 Sale 167
18312 2569
15-year cony deb 70
A 0 110 Sale 10878
47 j3
11012 31 106 117
939
_11,
_ 137 Sept'28 137 137
Gen Asphalt cony 6s
Registered
9912 101
10034 Sale 10012 10034 103
233
228 Sale 201
120 233
Gen Cable 1st I 530 A _ _ _
&ndes Cop Mtn cony deb 74 .1943
1
1942 F A 9458 Sale 9438
9438
941s 96
9434 141
92 10514 Gen Electric deb g 3t/s
Anglo-Chilean of deb 7s_ _ _1945 M N 94 Sale 9334
7 102 10611
3
8278
8014 96114 Gen Elm (Germany)75 Jan 15'45 J J 10212 Sale 10212 10318
Antilla(Comp AsuM 730_1939 3 J 82 Sale 7278
- 117 12615
120 Nov'28
S f deb Otis with ware.. _ _1940 J D
Ark & Mem Bridge & Ter 55_1964 M S 10112 10212 10112 Nov'28 _ _ -- 1014 104
9
964 1002
101
9812 100 10014
43
1939 3 D 0212 Sale 9212
931
Without waretaattach'd '403 D 1219014 9414
Armour & Co 1st 430
92
951s
1948 NI N 93 Sale 93
9312 73
J 92 Sale 9134
1943
9234 73
20-years f deb 63
874 94
Armour & Co of Del5t0
177 1014 1004
1937 F A 103 Sale 10234
103
10212 10234 10214 Nov'28
101 1031: Gen Mot Accept deb 65
Associated 0118% gold notes 1935 M
A 1014 Sale 10114
9414 1021.
1940 F 0
_1945A
10212 33
1947 1 D 10312
10314 107
Genl Petrol ist 6 t 53
1248
107 July'28 _
Atlanta Gas List 56
1952
10634 14 102 1034
105 10734 105
15 Nov'28
Gen Refr 1st s f 6sser A
19
1218 10
Atlantic Fruit 7s etre 060...1934 J
98 103
J D 1258 ____ 15 July'28
100 Sale 9912 10034 23
Good Hope Steel & I sea 7s
15
15
Stamped ctfs of deposit
10712 Sale 10738 10738 49 10614 10811
34
80
7914 Sale 79
72% 8212 Goodrich(B F)Co let 6)40_1947 .1
AU Gulf& W I SS L col tr 51_1959 J
8954 90
9334 252
9312 Sale 93
1937 3 J 10214 Sale 10158 1024
8
977$ 10314 Goodyear Tire & Rub 1st 5s _1957 NI N
Atlantic Refg deb 58
9912 103
Baldw Loco Works let 5s1940 M N 10612 107 10612 10658 18 l0612 1084 Gotham Silk Hosiery deb(is .1936 3 D 10013 Sale 9978 10012 13
8
69
1
75
834
7318
734
sf65
.1
7318
lst
Coupler
730-1937
6
Gould
As)
10012
(Comp
100 10012 10018
10018 108114
Baragua
16
F A 9838 Sale 9838
4F
1940
99
97 10118
9912 15614 Gt Cons El Power(Japan)78.1
Barnadall Corp 130 with warr 1944) J D 143 Sale 14258 14614 453
9512 95
9534 82
9214 98
95
Ist&genst6t0
Deb 63(without warrant) _1940 J D 9734 Sale 9738
9734 408
8978 9814
MN
10415 10678
j 10534 Sale 10534 10614
941 j
19
9334 52
Batavian Pete gen deb 410_1942
9314 Sale 9314
9071 94% Great Falls Power lst 3155 _1
9
964 101
99
99% 9814
1936 3J 9018 92
6
Belding-Hemingway 68
9034
90
9018
99% Gulf States Steel deb 532s_ _ _1942 J D 99
87% 92%
873* Nov'28 _ - -10614 23 104 109% Hackensack Water 1st 4e- - -1952 3 J
Bell Telep of Pa 58 series B_.1948 1 3 106 10612 106
954 Ms
_ _ 954 Mar'28 - _
961
1930 M
1960 A 0 109 Sale 109
Hartford St Ry 1st 40
1098 38 106 113
lst & ref 5s series C
3
98
81
84%
8-8712 8412
8412
Havana Elec consol g 58_ _ _1952 F A
30
Berlin City Eleo Co deb 6tie 1951 J D 94% Sale 948
95
9378 98
7
S
6912
M
68
78%
Sale
1951
6812
1920.
68
0
A
.1950
of
series
s
Otis
Deb 5ti
Berlin Elm El& Undg
93
97%
9458 94% 93
9458 48
9914
9214 19
90
92
Beth Steel let & ref 58 guar A '42 PA N 10114 Sale 10114 102
9978 10418 Hoe(R)& Co 1st6 tis ser A.1934 A 0 9114 92
9
10112 54 100% 1044
30-yr p m &Imp et 5e
1936 J J 10112 Sale 10078 10112 21
Holland-Amer Line es Mat) _1947 NI N 10012 10112 10058
99 103
96
86
N 87 Sale 8612
mD
2J
40
96
8714 28
eons 30-year 6s series A..I948 F A 10412 Sale 10412 105
99 1024 1057a Hudson Coal IsIs f 58 ser A.19
10018 109
104% 10634 1047s Nov'28
Cons30-year 5tin ser B.-1953 F A 103 Sale 10258 103
Hudson Co Gas lst g 53
55
9918 105
64
1s
Sale
103
102
14
100
J
4
1013
053_1932
4
1013
Refining
Bing & Bing deb 6tie
Oil&
Humble
1950 M S 98.4 9812 9814
4
9812
9614 99
1937 A 0 100% Sale 100
10038 115
98 10111
Deb gold 55
Botany Cone Mills 6340
1934 A 0 7514 7512 7513
59
884
914 38
78
9
5
1934 NI (3 9714 99
Bowman-But Hotels 75
97 10512 Illinois Bell Telephone 58- -1956 J D 104% Sale 10412 10434 29 1034 1019s
97
964 49
90 1014
1940 A 0 9914 Sale 6838
7
lYway & 7th Av let con 6e-.1943 J D 73 Sale 73
75
81 - Illinois Steel deb 414s
88
7
9878 10318
103
1940 A 0 103 10314 103
91
Brooklyn City RR let 53_ _1941 J J
___ 7333 91
9012 9512 Reeder Steel Corp f 75
92
8
924
92
92
921s 92
Bklyn E,dison !no gen 53 A
1949 5 .1 10412 Sale 10412 106 _1_6
5 101 1067$
Mtge Bs
73
86% 10114
A 92
MN
92
9234 8912
1948 F
3 J
Registered
10538 Mar'28
105% 1053 Indiana Limestone let 0168.1941
2
9734 10011
9834
1936 M N 98% 103
9873
1930 3 J 10112 Sale 10112 10218
General 63series B
5 1004 1043 Ind Nat Gas & 0115s
13 10212 10514
10434 Sale 10434 105
Indiana Steel 1st 5s
N
102 Sept'28 - - 101 104
A 0
M
72 33
958
19
Dklyn-Man R T sec Os
1968 3
99
90
9812 Sale 9812
964 10084 Ingersoll-Rand 1st 55 Dec 311935
914 9438
94 Sale 9334
9433 77
Bklyn Qu Co & Sub con gtd tse '41 M N 6112 65
72
84
65 Nov'28
Inland Steel 1st 434s
22 100 10214
102
1941 J J 7218 Sale 7218
7218
let &stamped
2
Inspiration Con Copper 634s 1931 111 8 102 103 10134
64
90
744 8614
79% 261
Brooklyn R.'Fr lot cony g 48_2002 J J
8814 Nov'27
Interboro Rap Tran 1st 58_ _1966 J J 7734 Sale 77
J J 7734 Sale 77
7412 8619
7914 247
3-yr 7% secured notee_ _1921
13612 Nov'27
105
Stamped
4
764 83
77
1950 F A 9312 Sale 9312
9418 11
77
Bklyn Un El lrit g 4-53
92l 100
41
90
82
79 Sale 78
70
1950 F A 91 Sale 8978
91
Stamped guar 4-5e
25
8978 991
10-yearBesred
‘
I1 99 Sale 99
10014 74
9614 10314
M0
32 A
93
106
19
1 104 111
Bklyn Un Gm let cone g 58_ _1945 M N 106 10612 106
10-year cony 7% notes_ -1
2
92
90 100
9312
9312 9312
let lien & ref 63series A.-1947 01 N 11714 Sale 11714 11714
5 116 1194 lot Agri° Corp let 20-yr 5s --1932 NI N
6
8478 Sale 84%
77
NI N
4
/
801
19363 J 330 Sale 327
8614
335
18 250 335
Conv deb 5SO
Stamped extended to 1942
941/ 100
104% 331
1948 NI N 10412 Sale 1034
1
Buff& Sum Iron 1st e f 5e.....1932 J D
96,2
Int Cement cony deb fse
9314 102
9612
9878 Sale 98%
9053 10011
1952 A 0
1947 M N
9914 126
944 Internat Match deb 55
Bush Terminal lat 4a
88
8838 Oct'28
22 102 1054
1955 1
103
99%
9514 103
Consol58
6
0934 Sale 99
Inter Mercan Marine s f 6s._1941 A 0 102 Sale 102
9534 Sale 9514
9414 102%
7
Bush Term 111dgs 53 gu tax-ex '60 A 0 103 Sale 10134 103
9618 134
International Paper 5s ser A.1947
9914 10$
82
99
97 10514
102
1955 M 8 99 Sale 98
10 100 1034
By-Prod Coke let 534e A_ 1945 MN 102 Sale 102
Ref f 6eser A
9212 9810
9714 58
Cal G & E Corp unit& ref 53_1937 MN 10312 Sale 10312 10334 18 10313 105
Jot Telep & Teleg deb g 4tie 1952 J J 96% Sale 9012
10438 Sale 104
10433 24 10213 1054
Cal Petroleum cony deb 31531939 F A 10312 Sale 10212 103% 93
9534 10434 Kansas City Pow & Lt 5s.....1952 M
5 10014 1054
1938 M N 104 Sale 10312 10414 54
10014 102 10114
10114
Cony deb s f 5t0
1957 3
95 10414
lst gold 4tie series B
32 10418 1064
10518 Sale 10418
1053
9814 13
Camaguey Bug let f g 73_ _1942 A 0 9734 Sale 9734
97 10114 Kansas Gas & Electric 611_ _.1952 NI
7 10013 10314 Kayser (Julius)& Co deb 050'47 M S 135 Sale 12412 1351 455 10514 13.558
Canada S S L 1st & gen 6s_._1941 A 0 10212 _ _ 10212 102%
17
97
104
88 101
961
95
9478
104 Sale 104
4 104 10512 Keith(B F)Corp lst6s
Cent Dist Tel let 30-yr 5e_ _.1943 3
1946 01
11014 28 10814 1107.
Cent Foundry let s f es May 1931 F A 9612 9934 9712 July'28
9713 9912 Kelly-Spring(Tire8% notes_ 1931 M N 11018 Sale 110
95
9312 99
92
9312 Nov'28
Keyston Telep Co 1st U._ _1935 I J
1941 MN 12414 125 124% 12412 21 120 126
Oct'28
10214 1077.
Central Steel 1st g s f fas
Kings County El &Pgfar1937 A 0 10312 104 103
88
125 135
1997 A 0 12814 - - - 12814
Certain-teed Prod 530 A_ _ _1948 M
168
8678 Sale 85
12814
47
85
Purchase money 6s
8012 914
Cespedee Sugar Co 1st f 7)0'39 Ms ____ 9778 97% Nov'28
8214
8214
97% 105
Kings County Elev 1st g 4s_1949 F A 8112 -85
64
3
6412 64
8013 904
F A 82 Sale 82
8238
Chic City & Conn Rye 5sJan 1927 A 0
7
614 69
Stamped guar
100 107os
10114 101% 20 100 10418 Kings County Lighting
CD° L & Coke let gug 5e.....1937 I J 10184
9 I J 105 10534 105 Nov'28
1954
58 _ _.1
4894
1927 F A 81 -6i 8034
2 1144 120
Chicago Rye let 53
8114 16
11612 11714 11612 11612
78% 88
First & ref tis
1947 J J 97 Sale 9612
97
Chile Copper Co deb 5s
105 10314
3 10512 10612 1054 Oct'28
J (8
4j
150
1956
9314 9714 Kinney(GR)& Co 734 %notes'3
1968 A 0 8934 Sale 8912
15
Sale
90
10212 10576
Cin G&E 1st M 4s A
105
105
D
104
35
89% 9012 Kresge Found'n cell tr 6s _.19363
6 10041 10514
78 90 Apr'28
ClearfleldBltCoallst4o...1940J J
10212 Sale 10212 10212
8714 90
Lackawanna Steel 1st 58 A _ _1950 01
1938 F A 12 i1.2 Sale 10912 122
Colon 011 cony deb lis
586
9913 122
19433 J 100 101 100 Nov'28
99 1044
10014 12
Colo F &I Co gen s f 58
98 10214 Lao Gas Lot St L ref&ext 56_1934 A0 10012 102 100
1934 F A 9414 9514 9418
9434 12
Col Indus 1st & coil 198101
9814
94
Coll & ref 534s series C-_1953 FA 10514 Sale 10413 10514 22 102% 106
1952 M N 100% Bale 10038 10034 104
994 101%
5
Sale
9912
ii
Columbia & E deb 58
9913
9912
A-1954
of
430
Nay
&
C
9814 102
Lehigh
____ 10115 10138 10138
1
97 10218
Oct'28
9914 98
Columbus Gas let gold 5s-1932 J J 93
9412 10014 Lehigh Valley Coal lot g 58-1933 J
9412
9412
100 101
Columbus Ry P & L 1st 4tis 19573 J 9358 95
ii
97_ 100 Oct'28
3
9115 100
Registered
97
97
Oct'28
_ _ 87
Commercial Cable let g4!._2397 Q
97 Aug'28
77ts, 8814
1st 40-yr gu int red to 4% 1933 ii -61
101 102
9914
99% 100
9812
Commercial Credits f(Ss_ -.1934 MN 871934 FA 101
101 Sept'28
3
934 1014
let&refsf 53
19363
94% 93 Nov'28
96 10415
% notes
93
1944 P A - --96 Nov'28
Col tr s f
97
92
let & ref f 5s
09
95% 10114
1954 P A -_-- 9338 95% Nov'28
132
Comnel Invest Tr deb 68-1948 M S 98 Sale 98
9512 99
Ist&refef de
94 10014
1
10518 Sale 104% 10318
94
94
Computing-Tab-BOO s I 6s-1941 J
1964 P A
2 104 10612
lat &refs(59
94
93%
9944
Sept'28
____
A
96
P
1974
_
Conn Ry &L Istdrrefg410-1951 J J 9712 981 98 Nov'28
98 103
lst &ref 315s
19613 J 9712 98 9713
35
_
3714 May'28
3714
9712
Stamped guar4tis
4
964 102
Lex Ave & P F 1st gu g 5s-1993 M
12118 18 120 127
. Sale 121
Consolidated Hydro-Eles Works
Liggett & Myers Tobacco 78_1944 AO 121
9713
9712 Sale 9712
9978 1051Ie
1951 P A 10134 10314 10212 102% 13
3
96 1004
of Upper Wuertemberg 75_1958 J
53
D 70 Sale 7812
7918 28
79 113 208
208
1941 P A 198 Sale 160
Com Coal of Md let & ref 58_1950
70
8354 Liquid Carbonic Corp 68
114
152 105% 114
Consol Gas(N Y)deb 510-1945 F A 10614 Sale 10512 10634 114 10434 107
Loew's Inc deb 65 with warr _1941 A0 11334 Sale 112
1007* 53
10134
99 10212
4 100 10334
Consumers Gas of Chic gu for 1936 3 D 10134 Sale 101
Without stock pur warrants_ A0 100 Sale 100
10412 20 192 106
28 104 11813
1944 AO 113 Sale 10638 113
Comumere Powerlst 56.-1952 MN 106 Sale 104
Lorillard (P)Co 73
1946 J D 98
117
993 98
Apr'28
100
117 117
AO
31
98 10278
Container Corp lot 65
Registered
25
91
9012
9212 61
8173 9814
1951 P A 9034 Sale 85
15-yr deb 55 with warr_ _1943 3 D 9034 91
8914 9812
.58
9212 Sale 8834
47
91
9838 97% Oct'28
1937 .1
8814 9712
79
Cent Pap & Bag Mills646 1944 F A 07
Deb 5t0
97os
High
Low
Ask Low
MOD
544
Wheeling & Lake ExiePA
Sept'28
100
100
1
.
100
100
1930
Ext'n & inapt gold 53
914 10214
9138 Oct'28
9078 94
Refunding 4o series A...1906 M
9712 102
9712 Nov'28
1966 M
97% 102
Refunding 15e series B
2
884 94
8914
1949 M
8834 9078 8878
RR let consol 4s
7
7018
70
1942 JD 69% 71
574 721:
Wilk&Eastietgug6s
10354 1043
10334 May'28
1938 3D 10053
Will&SFletgoldSs
92
92 June'28 93
Murton-Salem SB let 4e..._1960 ii
8214 10
83 82
82
8124 923
Wis Cent 50-yr let gen 48„_1949 J
9
92
88
9134
9311
Sup & fluidly & term let 45'36 MN 9112 92
92
92% Mar'28
9258
Wor & Con East let 4343__ -1943 Si 75%
2940
ON
N. Y. STOCK EXCHANGE
Week Ended Nov. 22.
New York Bond Record—Concluded—Page 6
r.
113
ct
Price
Friday,
Nor. 23.
}Peck's
Range or
Last Sole:
uI
ni,
2
Range
Rises
Jos. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 23.
t •••
t
Pries
FrMag,
Nov. 23.
Week's
Range or
Lan Sale.
gi
Bea
Macs
Jam. 1.
BM
Ask Low
HMI No. Low
High
Mob No. Low
H100
BM
Ask Low
Louisville Gas & El (Ky) 55_1952 MN 10372 10418 10378 10414
9 10058 10635 Pure 011 1 534% notes___1937 F A 100,
9712 10234
10010 10234 114
s
Louisville Ry 1st cons 55___ _1930
---- 9434 9512 Oct'28 _ _ _ _
95
9812 Purity Bakeries s f deb 55___1048 J J 9418 Sale
9214 9532
9514 9418
9558 10
Lower Austrian Hydro El PowRemington Arms 6s
1937111 N
97 101
9934 Sale 9912 10014 20
11314 PA 85
1st:11633s
85
3
8614 85
8614
911: Rem Rand deb 5335 with war '47 M N 0334 Sale 03
92
97,
4
9412 189
McCrory Stores Corp deb 5335'41 JO 9912 Sale 99
9912 43
9858 10255 Repub I & 8 10-30-yr 5551_1940 A 0 10114 Sale 10114 102
9934 1054
3
Manati Sugar let 51 7335-1942 AO 96 Sale 95
91 109,
9612 49
4
Ref & gen 5335 series A___1953 J .1 10214 10234 10234 103
105
10012
19
Manhat Ry(NY)cons g 45_1990 AO 68 Sale 68
69
67
45
7718 Relnelbe Union 75 with war.1046 J J 104 Sale 10334 10438 63 10315 1134
2d 45
2013 ID 68
69
6312 Oct'28
60
Without stk punch war___1946
7114
J
9612 102
9678 Sale 9634
0714 60
Manila Elec Sty & Lt s f Se..J953 M
98
__
96 1031, Rhine-Main-Danube 75 A___1950 M S 10212 Sale 10214
_ 8675 Nov'28
10212 11 10018 104
Marion Steam Shove sf 65._1947 AO 99 V9.12 99
99
1
Rhine-Westphalia Elec Pow 75'50 M N 10034 Sale 10034 10115 25 100 10239
99 102
Mfrs Tr Co ctfs of partic in
Direct mtge 65
1952 M N 9112 Sale 9078
8913 94
9112 41
A I Namm & Son 1st 6s1943 ID 10412 10434 10412 10412
3 10312 100
Cons m Os of 1928
1953 F A 94 Sale 93,
9334 941:
4
9418 125
Market St Ry 75 ser A April 1940 IQ .1 96,
8 Sale 9612
98
9612 10012 Alma Steel 1st s f 7s
25
1955 F A
98
9212
8
Sale
93
921
9212
.
Meridional El 1st 75
1957 AO 9612 Sale 9614
9614 1003* Rochester Gas & El 75 ser 14_1946 M 8 10914 10912 10914
9634 43
9 10714 114
10938
Metr Ed 1st & ref 55 ser C__1953 J
10378 10434 10378 10434
Gen mtge 5335 series C 1948 M S 19014 ... 10614
4 10014 105
2 104 10813
10614
Metr West Side El(Chic) 45_1938 FA ____ 7678 7712 Nov'28
841.
Gen mtge 4135 series D._ _ 1977 NI S 10158 102 10134 Nov'28
7712
10134 102
Miag Mill Mach 78 with war 1994 ID 94,4 95,
9912 103
Roch & Pitts C&Ipm 55..1946 MN
4 97 Nov'28
4 90 901s
90
90
Without warrants
ID 9112 92
4
8912 9812 St Jos Sty Lt & Pr let 55____1937 M N 909518 96
94
9512
9811
9512
Mid-Cont Petrol let 655s..__1940 M
10518 Sale 1.
05
10514 56 10412 1061,
Midvale Steel St 0cony s135 1036 MS 101 Sale 09,
8 101
86
9834 1025, St Joseph Stk Yds let 4135._1930
3
96
99
_ _ 9858 Nov'28
blilw El Ry & Lt ref & ext 433831 J
99 Sale 9812
St
L
99
Rock Mt & P 5s stmpd_1955 3 J
9712 1002
16
76
7973
1
981277
7814
- 7814
7814
General & ref 55 series A__1951 JO 98,
4 99 10258 10258
2 10212 1053
: St Paul city Cable cons 55..103713 93
9714 92 Nov'28
91
9812
1st & ref Is series Is
D 102 Sale 10112 102
1961
13
9914 1031, San Antonio Pub Son,let 65_1952 J J 10614 10814 10734 10814
4 1051: 10984
Montana Power 1st bs A
1943 2 2 10312 Sale 103
10358 14 10035 1081
: Saxon Pub Wks(Germany) 7s '45 PA
09 10318
9912 Sale 991: 10018 92
Deb 58 series A
1962 ID 10114 Sale 10114 10134 23
Gen ref guar 6345
99 195
1951 MN
98
9478 17
94
9412 Sale 9418
Montecatini Mln & Agric—
Schulco Co guar 6345
1946 J
10112 Sale 0118
16 10012 10513
102
Deb 7s with warrants____1937 J
12814 Sale 12014 13112 689 10034 13112
Guar a 13335 series B
1946 AO 102 10218 102
105
3
100
10218
Without warrants
J2 93
,
4 Sale 93
9418 326
93 101,2 Sharon Steel Hoop 5 f 53424.1948 MN 9818 Sale 9818
9512 984i
3
0834
Montreal Tram 1st & ref 55_1941 2 2 99 Sale 99
09
9814 1021
16
. Shell Pipe Lines 1 deb bs___1952 SIN 9712 Sale 9634
9333 9712
97,2 90
Gen & ref
58 series A___1955 AO 08,4 -- 9814 Nov'28
98 10171 Shell Union 0115 f deb bs__1947 MN
9472 10012
96
Sale
9812
9812
987
8
Series 13
__ 9858 Sept'28
1955 AO 9814
0858 1004 Shinyetsu El Pow let 6335_1952 JO 92 Sale 9112
9114 9612
8
92
Morris & Co lid s 1 434s
21
1939
88
88 gale 8712
8518 885, Shubert Theatre 6s_June 15 1942
D 91
34
9212 9238
93
88
9472
Mortgage-Bond Co 45 ser 2 1966 AO 82
8214 82 Nov'28
82
8212 Siemens & Halske 51 75
3 102 103 101
1935
99 104
10312 30
10-25.-year Ss series 3
1932 I2 9712 98
9712
9712
9678 9934
Deb 5 f 6339
6
1951 MS 10512 10578 103 Nov'28
10412 112
Murray Body 1st 634s
1934 J
10214 Sale 10214 10212 22
9055 10258
f 6335 allot ctfs 50% pd
1,4 S 1051.Sale 10512 10614 93 10438 10734
Mutual Fuel Gas 1st gu g 55_1947 MN 10318
Oct'28 _
102 107
Sierra & San Fran Power 58_1949 FA 10112 Sale 10138
-- 102
9812 105
2
10112
Mut Un Tel gtd 6s ext at 5% 1041 MN 10114 ---- 10434 2uly'28 _
10214 10414 Silesia Elec Corps f 634s____1946 PA 10138 102 10034 Nov'28
9118 96
Names(A I) & Son—See Mfrs Tr
Silesian-Am Exp coll tr 79___1941 LA 9912 Sale 99
102
16
96
9912
Nassau Elec guar gold 4s_.1951'J J
57
56 Sale 56
6 56 65 Simms Petrol6% notes
1029 MN
34
9814 10813
9912 1003* 102
99
Nat Dairy Prod deb bUs---1948 F A 99 Sale 99
9912 259
9578 9934 Sinclair Cons 01115
MS 10358 Sale 1034 104
123 100 10414
75.1937
-year
Nat Enam & Stampg 1st 56_1929 J D 10118 - - - - 101
Oct'28
let lien coil 65 series D
101 10412
9714 100
1930 M S 9912 Sale 9912
9934 86
Nat Radiator deb 6315
1947 F A 75 Sale 75
79
let lien 6345 series D
7318 101
40
10112 25
9514 10212
1938 ii) 10112 Sale 101
Nat Starch 20-year deb 53__1930 J J 100 10018 00 Nov'28
100 10054 Sinclair Crude Oil 5335 ser A.1938 ii 98 Sale 9712
9418 9954
44
98
National Tube let s I 5s.. _1952 M N 104,
044 10415
8 105
4 102 10514 Sinclair Pipe Line s f 5s
1942 AU 9734 Sale 9512
9714
93
9612 51
Newark Consol Gas cons 55_1948 J
10414 10514 0414 10414
Skelly 011 deb 534s
2 102 108
1939 MS 9512 Sale 9414
9178 9614
9434 40
New England Tel & Tel 55 A 1952 J D 10714 Sale 0714 10734 10 10518 11116 Smith (A 0) Corp let 6345..1933 MN 102
101 1031s
10112
32
Sale
102
1st g 4335 series B
1961 MN 100,
4 Sale 0028 102
South Porto Rico Sugar 75...1941 JO 10133 102 10514
9912 106
157
4 105 11014
10512
New On Pub Sony 1st 58 A 1952 A 0 9714 Sale 97
9712 27
95 10152 South Bell Tel & Tel tot sf551941 13 164 105 104
10458 10 10212 10611
First & ref 5s series B
1055 J D 9712 Sale 9712
9814 33
9534 10113 Southern Colo Power 68 A__1947
J 10412 10412 104
4 102 10714
10514
N Y Dock 50-year let g 48 1951 F A 84,
4 Sale 84,4
8434
S'west
84
90
Bell Tel let & ref 55..1954 PA 10412 Sale 10412 10478 56 10214 10715
1
Serial 5% notes
1938 A 0 9014 Sale 9018
9112 24
94
Spring Val Wateelst g 5s__1943 MN 09"
88
__ 100 Aug'28
9912 10212
NY Edison let & ref 6335 A_1941 A 0 116 Sale 11534 116
Standard Milling 1st 5s
15 113 119
N 100 gile 9912 10018 20
1930
9872 10112
let lien & ref 58 series B___1944 A 0 10418 105
0378 10518 28 103 106
let & ref 5338
M
1945
10412
2
1023
4
Sale
10214
1023
4
1023
4
N Y Gas El Lt & Pr g 55..1948 J D 10738 Sale 0738 10712 11 10558 1115: Stand 011 of NJ deb 5s Dec
134 1021g 104
15'46 PA 10234 Sale 10234 103
Registered
110 Apr'28
110 110
Stand Oil of N Y deb 4335_1951 JO 9734 Sale 9734
9334 9812
9814 152
Purchase money gold 45_1949 F A
95
9534 9514
951
9218 9831 Stevens Hotel 18t 65 series A.1945 J2 101 Sale 100
10
9712 10212
25
101
NYLE&WC&RR 5345_1942 MN 10138
_ 0258 Oct'28
Sugar Estates (Oriente) 7s__1942 M 6 98
7
97 1014
9818 98
98
NYLE&WDock&Imp5s1943 J .1 100Is 1-66 100 Aug'28
WI 16111 Superior Oil 1st 5175
1929 PA
1 100 110
102 100
100
N Y & Q El L & P lat g 55_1930 F A 56
62
0018 10018
6
9875 1017, Syracuse Lighting 1st g 55 1951
D 10678 ____ 10678 Nov'28
105 110
NYRy51sIRE&ref4s._,1942J .1
62 Nov'28
62
6214 Tenn Coal Iron & RR gen 543_1951 .1
10134 106%
10234 ___ 10258 Nov'28
Certificates of deposit
58 June'28
Tenn Cop & Chem deb 68___1941 A0 11178 Sale 11178
58
60
13
101Is 117
11512
30-year aril Inc 5s___ _Jan 1942 A-0
3
-6
4 Mar'28
215 4
Tennessee Rice Pow let 681947
D 10614 Sale 10618
10634 24 105 10814
Certificates of deposit__________
20
19
3 Oct'28
Third Ave 1st ref 48
212 4
73
1960 J
66
67 Sale 6638
6712 27
N Y Rys Corp Inc 65___jan 1965 A pr 2014 Sale 19i2
23
119
1358 32
Ad)Inc 58 tax-ex N Y Jan 1960 AO 6258 Sale 6258
55$4 727s
6512 29
Prior lien 68 series A
1965 J
8612 Sale 8612
8712
7538 9415 Third Ave Sty 1st g 5s
5
9512 10113
9718 Sale 97
1937 3
971s 182
N Y& Riches Gas let 6s A__1951 M N 10612 108
0638 Nov'28
Toho Elec Pow 1st 7s
104 109
98 10072
1955 MS 9878 Salo 9878
3
9918
NY State Rys 1st cons.1338_1062 MN 4512 Sale 45i8
4612 55
6% gold notes....July 15 1929 21 9958 Sale 9875
3731 50
98 100
9914 2()
1st cons 633s series B
1962 MN 5558 Sale 5558
58
4878 7438 Tokyo Elec Light Co, Ltd—
13
N Y Steam 1st 25-yr 68 ser A 1947 M N 10618 Sale 06
10634
let 65 dollar series
6 105 10914
D 9958 Sale 9012
1953
220
9214
90
91
NY Telep 1st & gen 8 f 4335.1939 MN 10034 Sale 0012 10113 55
9914 10312 Toledo Tr L & P 534% notes 1930 2J 10018 Sale 10018 1001. 39
99 10134
30-year deben f 65_ _Feb 1949 F A 11012 Sale 1012 1103.
32 10934 1111, Transcont 0116335 with war 1938 33 105 Sale 10314
525 100 107
107
20-year refunding gold 65_1941 A 0 10711 Sale 0678 10758 34 108 109
Trenton G & El 1st g 5s___1949 MS 1037s 105 10434 June'28
10434 10712
N Y Trap Rock 1st 6s
19462 0 10058 Sale 0028 10112 15
9878 10312 Trumbull Steel let 51 6s____1940 MN 10234 Sale 10234 10234 15 101 10312
Niagara Falls Power 1st 55_1932 J J 10212 Sale 0214
10212
9 10018 10434 Twenty-third St Ry ref 55_1962 13 _
62
61
Nov'28
5618 6812
Ref & gen 68
Jan 1932 A 0 10218 103
0312 10378
2 10278 10614 Tyrol Hydro-Ele,c Pow 7335_1955 MN
9978 10158
69i2 loo
9912 loo
Nlag Lock JE 0 Pr 1st 55 A...1955 A 0 102,
8 Sale 0358 10353
8 101 10434
Norddeutsche Lloyd (Bremen)T.Jilgawa El Pow s f 75
1945 M
0932i Sale 9935 10038 33
97 103
20yraf6s
1947 M N 9214 Sale 9314
9334 84
92
9434 Undergr'd of London 4338__1933 1 3
9512 9524
9534 Mar'28
-_
Nor Amer Cem deb 6338 A 1940 M S 71 Sale 7012
Union Else Lt & Pr(Mo)55_1932 MS ioi" Sale 102
72
69
93
21
4 100 103
102
No Am Edison deb 58 ser A.1957 M
10014 Sale 100
99 1031,
Ref & ext 55
MN 10114 102 10114
1005s 35
1033
100
103
10114
13
Deb 54”ser It,.. _Aug 151963 F A
10158 10218 129 10134 1021.3 Un E L&P(I11)1st g 6338 ser A _'54 21 10312 10334 10378 10378
1 101 1041a
Nor Ohio Trac & Light 6s___1947
1051.2 Sale 10278 10312 16 100 10712 Union Elev Ry (Chic)
9473
55
1945 AD 8712 8912 8712 Nov'28 - - 8712
Nor States Pow 25-yr bs A__1941 A 0 101 Sale 101
Union 011 let lien s f Ss
10134 26
9978 104
1011. __ 10158 Nov'28 - _
1931 .1
9912 102
let & ref 5-yr 65 series B__1941 A 0 10618 Sale 105
1061s 30 104 107
30-yr 6s series A ____May 1942 17 A 100 Sale 109
109
15 108 11212
North W T let Id g 433s gtd_1934 J
_
9934 09
1st Hen 51 55 series C_Feb 1935 A0 0958 sale 9212
Oct'28
_
9712 106
9958 18
9712 102
Norweg Hydro-El Nit 5555_1957 M N 6i5 sale 9134
0212 108
9038 9414 United Biscuit of Am deb 68_1942 MN 10012 Sale 100
10012
8
9872 10212
Ohio Public Service 73313 A__1946 A 0 112 113 113 Nov'28,__ _ _ 113 11934 United Drug nets 25-yr 5s
9734 Sale 9734
1953 M
95 10014
9812 118
1st & ref 7s series B
1947 F A
115 115
United Rys St L let g 45___1934 31 8214 Sale 8212
115181 13 115 llb
7
83
81
8512
Ohio River Edison lst 65
1948 J J 166 10638 106 Nov'28
United SS Co 15-yr 68
_ 10412 108
Ii
1937 MN 0712 Sale 9714
95 101
9814
Old Ben Coal let (is
1944 F A 9112 93
Un Steel Works Corp 6335 A_1951 ID 91 Sale 91
9112
9612
96
93
87
20
• 91
10
90
Ontario Power N F let 5s__.1943 F A 10218
ID 91 Sale 91
With stock pun warrants
10214 10214
32
3 10058 10611
8934 9712
92
Or.tario Transmission jet 55_1945 M N 10212 1-03-12 10212 Nov'28 _ _
Series C without warrants_ ID 91
10058 10434
9312 02 Nov'28 - - - 90
96
Oriental Devel guar 68
11,53 M 8 9758 Sale 9718
9618 108
D 91
With stock pur warrants__
92
98
91
.53
8972 9872
9312
19
Esti deb 533s int ctfs
1958 SIN 00 Sale 00
9012 United Steel Wks of Burbach
90
9015 142
Oslo Gas & El Wks extlbs_.1963 M S 93,1 Sale 921,
AO
Esch-Dudelange a f 7s_ _1951
9314 28
10412 106 10412 106
12 10214 106
9033 9375
533s
1946
U S Rubber 1st & ref 55 ser A 1947 1
100 Nov'28
_ 100 100
9012 Sale 8018
8314 9611
9034 137
Otis Steel let 131 65 see A_ _ 1941
10-yr 734% secured notes_1930 FA 10012 Sale 10012 101
ioi Sale 101
9733 10178
43 100 10554
10134 47
Pacific Gas dr El gen & ref bs 1942 J J 10234 Sale 10234 1031s 27 10018 10514 U S Steel CorplCoupon Apr 1963 MN 10734 Sale 10734 10818 108 108 10942
Pac Pow & Lt 1st & ref 20-yr 55'30 F A 9934 10018 100 Nov'28
9912 1015:
5110-60-yr5s1Regis__Apr 1963 MN
10612 Oct'28 -- -- 10512 10813
Pacific Tel & Tel 1st 58
1937 J 2 10338 Sale 10234 1033.1 26 10212 105
Universal Pipe & Rad deb 65 1936 JO 90
9114 90
20
91
8914 96
Ref mtge 58 series A
1952 M N 10538 Sale 10538 10534 15 102 108
Utah Lt & Trac 1st & ref 55..1944 A0 9653 Sale 9658
0712 20
9432 10012
Pan-Amer P T cony e I 65_1934 M N 10612 Sale 10514 10712 112 10228 108
Utah Power & Lt 1st 55
1944 PA 10012 Sale 10012 102
9834 10332
43
151 lien cony 10-yr 75
1930 F A 10412 Sale 10412 104713
10518 107 105
105 10872
4 10312 10875 Utica Elec L & 1st 5 f g 55_1950 1
Oct'28
Pan-Am Pet Co(of Cal)cony 65'40 2 D 9912 Sale 9735 100
Utica Gas & Elec ref & ext bs 1957 II 10635 10712 1061 1
91% 100
10632
180
4 10412 112
Paramount-B'way 1st 5335 1951 I J 10034 101
9978 101
Utilities Power & Licht 5335_1947 ID 94 Sale 9358
9312 9414
9878 104
48
9414 48
Paramount-Fam'e-Lasky 65_1947
100 Sale 9978 10012 56
98 10214 Vertientes Sugar 1st ref 73..1942 JO 9834 Sale 9712
99
41
97 101
Park-Lox 1St leasehold 6335_1953 J J 95,
4 Sale 95
96
8612 10214 Victor Fuel 1st 5 f 55
46
1953 3
4212 4478 48 Nov'28
55
7
Pat & Passaic G & El CODS 5s 1949,M 8 10434 105% 104
Oct'28
102 1071: Vs Iron Coal & Coke 1st g 551049 MS 82 Sale 82
9174
82
82
4
Paths Exch deb 7s with warr 1937'M N 84 Sale 2858
50
8534 Vs Ry & Pow let & ref 5s
8514 246
1934 31 101 Sale 10034 101
102
9912
28
Penn-Dixie Cement 65 A____1941 MS 9412 Sale 9412
9312 102
9612 34
Walworth deb 655s (with war)'35 AD 90
9614
95
95
82
04
25
Peop Gas & C 1st cons g 65._1943 AO 11118 11518 114 Nov'28
1st sink fund 65 series A
02
1945 A0 90
IN)
9612
11334 120
9012 12
80
Refunding gold 55
1947 MS 106 Sale 10512 106
D 106 10714 100
17 102 10818 Warner Sugar Refin let 75..1941
10612
6 10512 10772
Registered
M S
104 Apr'28 _
Warner Sugar Corp 1st 7s_1939 II 9015 Sale 90
104 104
9018
8412
95
3
Philadelphia Co sec 55 ser A_1967 JO 9958 Sale 9912 100
97 1011s Wash Water Power 5158____1939 J
124
10312 Sale 10312 10312
3 10238 106
Phil), Elec Co 1st 4335
N 10012 Sale 10014 10012 42
1967
9712 10412 Westches Ltg g 5s stnipd irtd 1950 JO 10412 10534 10412 10412
1 10412 1091
:
Phil& & Reading C & I ref 55_1973 .1
92 Sale 9113
9214 19
911s 1023, West Penn Power ser A 5.9...19443 M
103 10312 10212 10384 15 101 105
Phillips Petrol deb 5335
D 9458 Sale 9458
1939
let 55 series E
95
9114 95
145
1063 MS 10514 10534 10514
10514
10 102 108
Pierce-Arrow Slot Car deb 851943 MS 10618 10612 10618 107
let 5345 series
9012 108
6
_ _ _ 105
1953 /10 105
105,
8 10 10114 10634,
Pierce Oil deb s f 8s_Dec 15 1931 JO 10438 105 1041s Oct'28
let sec 55 series G
10418 10634
1956 11) 104 Sale 104
10418 33 10114 105
Pillsbury Fl Mills 20-yr 65_1943 AO 10412
10434 10434
10312 106/, West Va C & C 1st 65
80
4978 50
50
1050 33 25
56
50
Pirelli Co (Italy) cow: 7s____1952 MN 12612 Sale 124
129
Western Electric deb 55_
242
9914 129
1944 AO 103 Sale 10278 1035* 35 10114 105
Pocah Con Collieries let 61551057 J
9458 95
9412
9412
1
9312 9612 Western Union coil In cur 55_1938 12 10338 10312 10212 10312 11 100 10512
Port Arthur Can & Dk 6s A_1953 PA 10458 10534 10334 Oct'28 _ 10334 10634
Fund & real est g 4335____1050 MN
9658 10312
9834 10134 9834
5
9834
1st M 65 series B
1953 PA 10412 10534 104 Nov'28
10334 106
15-year 633s
1936 5A 11058 11078 1105s 11058
3 loss, 11271
Portland Elec Pow 15t 65 B...1947 MN 102 10212 102
102
12 100 1051i
25-year gold 55
1951 JO 103 Sale 103
10334 13 19114 10514
Portland Gen Elec 1st 5s____1935 21 9934 10012 100 Nov'28 _
99 1031, West'h'se E & M 20-yr g 5a 1946 5.1 S 10414 Sale 10418
10434 21 1013.1 108
Portland Ry 1st & ref 5s__1930 MN 9712 9814 9712
9712
4
9714 9934 Westphalia Un El Pow 6s__.1953 J J 8734 Sale 8634
9112
86
32
89
Portland Ry L & P 1st ref 58.1942 PA 9934 Sale 9914
9934 15
98 10134 Wheeling Steel Corp 1st 5338 1948
993s 10414
10134 Sale 10114
10158 18
J
MN
B___1947
series
1st lien & ref 6s
10218 10438 102
102
5 100 10473 White Eagle Oil & Ref deb 5345'37
1st lien & ref 734s series A_1946 MN 10718 10714 10734 Nov'28
_ _ 10638 108
934 100
With stock purch warrants...- MS 10418 Sale 10418
10534 22R
Porto Rican Am Tub cony 651942 13 9878 Sale 9812
99
9512 105
125
White Sew Mach 68(with war)'36
122 13119
J
125
129 125
Postal Teleg & Cable coil 52_1953 JJ 9615 Sale 9618
983t 107
93
9718
Without warrants
98 104
16
08
9812
98
97 Sale 9612
Pressed Steel Car cony g 55_1933
9814 45
5112
90 116
Wickwire %Jen St'l 1st 7s_ __1935 J J .5214 Sale 4012
28
5412 101
_ 11034 Sept'28
Prod & Ref sf88 (with war).i931 ID 11118
11034 116
Wickwire Sp 50'1 Co 78..Jan 1935 MN
53
35
241
53
50 Sale 4012
D 11034 iff 111
Without warrants attached___
111
1 11018 11218 Willys-Overland 5 f 6338-..-1933 MS 10212 Sale 10212 10253
10112 10312
Pub Sus'Corp NJ deb 4345_1948 PA 162 Sale 15912 168
808 116 168
Wilson & Co let 25-yr 5165_1941 A0 104 Salo 10138 104
12 100 10512
Pub Serv El & Gas 1st & ref 5s '65 ID 104 105 10414
105
4 102 10558 Winchester Repeat Arms7335 '41 AO 10712 Sale 10712 10755
10(3 10312
1967 JD 10033 101 10034 10118 26
1st & ref 4345
99 10115 Youngstown Sheet & Tube 551978 Ii 1007e Sale 100
164 9914 10114
101
Punta Alegre Sugar deb 75..1937 2 1 9612 Sale 9312
9612 44
11312 307
-
Nov. 24 1928.]
FINANCIAL CHRONICLE
2941
Outside Stock Exchanges
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Nov.17 to Nov.23, both
inclusive, compiled from official sales lists:
Stocks-
...Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
• 1234
Almar Stores
American Stores
• 100
Bankers Sec. Corp pref_ _ 50
Bell Tel Co of Pa prat_ _100 116%
Blauners all certifs
494
Bernet Inc
Budd (E 0) Mfg Co
" 3834
Preferred
Budd Wheel Co
36
Cambria Iron
50 41
Camden Fire Insurance__ _
32
Commonwealth Cas Co_10
Consol Traction of N J_100 53
_100
Cramp Ship & Eng
Curtiss Publishin Co corn _•
Electric Stor Battery 100
Fire Association
10 54
Horn & FIard't(Phila) corn*
Hom & Hard't(N Y)com-•
Insurance Co of Na A _10
Keystone Telephone_ _ _ _50
3%
50
Preferred
Keystone Watch Case
*
Lake Superior Corp_ _ 100 16%
Lehigh Coal & Nav
50 166%
Lit Brothers
10 26
Lit Schuyl Nav RR & C_50
Manufacturers Cas Ins__ __ 67%
Mark (Louis) Shoes Inc--•
314
North East Power Co_ _ •
Penn Cent L & P cum pf__*
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50 102
Pharr, Co (Pitts) 5% pt _SO
50
6% preferred
Phila Dairy Prod pref
6534
Phila Electric of Pa
25
Phila Elec Pow full paid _ _ _
34
Phil& Insulated Wire
•
Philo, Rapid Transit_ _50
50 50
7% Preferred
Philadelphia Traction_ _ _50
Reliance Insurance
10 27%
Shreve El Dorado Pipe L 25 39
Scott Paper Co 84% lif B.
Sentry Safety Control
Stanley Co of Amer etfs...* 62
Tacony-Paimyra Bridge--* -- __ - Tono-Belmont Devel_ _ _ _1
4
Tonopah Mining
1
Union Traction
50 3934
United Gas Impt
50 1654
United Lt& Pr A com
*
US Dairy Prod el A
• 49%
Victory Insurance Co__ AO 26%
Victor Talk Mach com
•
W Jersey & Seashore RR.50 4434
Westmoreland Coal
50 4134
1214 1334
94 10114
67% 72
116% 11634
45% 50
954 94
37
39
614 65%
36
45
41
41
32
334
314 32
53
53
3
3
222 2234
9534 99
51% 55
222 234
59
62%
82
91
331 3%
14
14
424 42%
15% 17%
159 171
25% 26%
41% 41%
67% 714
331
3
48
56
79
794
674 69%
102 104
534 5331
52
52%
95
954
82% 85
34
3434
61
61
52% 54
50
50
56% 56%
28
27
38% 42
100 100
14% 16
62%
61
37
36
%
"is
354 331
3934 3934
185 173%
25% 26%
51%
49
26% 27
1234 1554
4234 4434
4134 43
6,765
470,27
5,100
200
1,200
100
19,800
1,565
2,100
40
5,400
900
40
400
322
5,333
17,000
195
6,200
12,300
447
20
120
7,600
29,100
6,200
6
6,600
4,600
80.20
160
32,800
600
25
140
274
400
8,700
30
1,60
1.369
660
1.600
5,000
5
1,70
29,00
1,000
3,400
1,500
1.096
50,700
4,200
73
250
15,900
1,200
500
Range Since Jan. 1.
Low.
High.
11% June
64
Jan
674 Nov
114% July
41
Nov
834 June
17
Aug
41
Aug
25
Oct
41
July
27% Jan
25% Oct
50% Aug
111 Feb
210
Nov
69% Jan
46% Oct
205% Aug
Feb
52
68
Aug
3
Jan
12
Jan
35
July
3
Jan
1054 Feb
22% Jan
39
Oct
47
Sept
3
July
204 Mar
78
July
61% July
92
Jan
46
Mar
51
Oct
90
Mar
65% Jan
22
Jan
60
Sept
50% May
50
Apr
55
Aug
25 June
18
Mar
98
Oct
ng Sept
30% May
2534 Oct
nr .Nov
334 Oct
3614 Sept
114% Jan
15
Feb
.3734 Jan
25
July
62
June
3314 Jan
35
Aug
20
Feb
10134 Nov
7514 Oct
118% Oct
60 May
14
Feb
3954 Oct
73
Mar
45
Nov
4334 Mar
394 May
3534 Oct
62% Mar
14
Jan
219% Nov
Nov
99
85
Apr
2374 Mar
64
Mar
10434 May
7
Jan
21
Jan
50% Jan
18% Nov
171
Nov
29 June
45
Feb
714 Nov
224 Jan
56
Nov
82
May
73
Apr
109% Jan
5334 Nov
564 May
97
Oct
76
Nov
35% Oct
66
Nov
61
Apr
52
Apr
64
May
3714 Jan
45
Oct
101
Sept
16
Sept
68% Sent
37
Nov
Jan
2
5
July
46
May
173% Nov
2734 July
6234 May
34
Jan
15534 Nov
4474 Nov
574 Jan
r may
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Per Price. Low. High. Shares.
Maryland Trust
100 225
Mercantile Trust Co-- _50
Merely & Miners Trans---• 46
Monon W Penn PS pref-25
Mortgage Security com_ •
Mt V-W'db'y Mills v 1-100
Preferred
100
Nat Bank of Baltimore_100
National Cent Bank_ _100
National Marine Bank__ • 7731
New Amsterdam Cas Co_10 76
Park Bank ctfs
10 304
Penns Water & Power...• 88
Southern Bank Sec Corp__
51
Preferred
9914
Stand Gas Eq pf w war.100
Un Porto Rican Sug com_•
Preferred
•
Union Trust Co
50
United Rys & Elec
50 14
US Fidelity & Guar__ _ _50 415
New
8531
Wash Ball dr Ann pref._50
West MU Dairy Inc corn.
.
8
Prior preferred
50
Western National Bank..20 40
225 225
460 460
46
464
2514 26
414 44
1434 144
84
85
267 267
2704 27035
7731 77%
734 7834
3054 3034
8434 8834
4534 51
97
994
33
33
4331 454
50
50
332 332
134 14
415 435
844 88
11
11
98
98
534 5414
40
40
___
514
BondsElec & Peoples tr etf 4s '45 5654
Inter-State Rys coil tr 4s'43
Lake Sup Corp 5s
_1929
Lehigh C A N cons 44s'54
Penna Co 454s
1963
Peoples Pass tr etfs 4s _ 1943
piylla Elm (Pa) lots f 4s'86
1st 434s series
1967
1st 5s
1966 100
lst lien & ref 510_1947
lst lien & ref514s_ _ _1953 1054
Phila Elec Pow Co 5145'72
Strawbridge & Cloth 5* '48 100
Un Rys& El(Bait) 45.1949
n........• Aannolf
P1,174
354
5
5534
48%
50
994
994
58
94
10014
105
10631
1054
10534
9954
RR
74 10,100
9
7,700
574 $18,500
50
20,000
50
5,000
99%
1,000
994 5,000
5834 5,000
94
1.000
10014 1,000
106% 13,300
1,000
10634
106% 8,000
105% 5,000
14,000
100
on
act (sIn
334 Nov
5
Nov
52
484
15
99
994
564
92
9834
104
10534
1054
104
994
734 Nov
14
Nov
Nov 66
May
July 52 Juni
Jan 50
Api
Oct101% May
Nov9911 No
Nov66% Aril
Feb9534 May
July 10334 May
July 190
Jar
Sept 10734 Ma
Nov 10734 Jar
Aug 108
May
Nov 1014 Jun,
RA
Clot
271% l•to,
•No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Nov. 17 to Nov. 23, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares
4434
Arundel Corporation
Atlantic Coast Line(Ct.)50
Baltimore Comm'l Bank100
50 158
Baltimore Trust Co
100
Baltimore Tube
100 57
Preferred
Benesch (1)& Sons, pref _25
Black & Decker,corn ____* 3234
25
Preferred
Central Fire Insurance __10
50
Century Trust
Chee&PoTelofBalt,pf- _100 1144
• 64
Commercial Credit
25 26
Preferred
25 27
Preferred 13
64% 1st preferred -_100 10534
Com Credit of N 0,pref _
Consol Gas,E L &Power...• 88
6% preferred Fier D __100 11014
54% pref wiser E _100
5% Preferred ser A __100 102%
Consolildation Coal......100 2034
100 65
Preferred
Continental Trust
• 34
Eastern Rolling Mill
25
Equitable Trust Co
50 31514
Fidelity & Deposit
Finance Co of Amer A...8 114
Finance Service coca A-10
First Nat Bank w 1
Houston Oil pref v t c._100
"
Humphreys Mfg Co
Mfrs Finance corn v t_ _ _25 314
25 214
1st preferred
25 __20
2d preferred
Maryland Casualty Co..25170
* 33
Maryland Mtge coca
Prior pref
e rc
42
444
175 176
15334 1534
168 158
17
17
55
57
2734 2734
3234 33
2734 2734
4134 42
200 200
114 115
53
6734
25
26
27
26
9854 108
2434 24%
91
87
110 1104
107 107
10234 103
2014 2131
65
65
263 263
3154 344
98 100
305 316
1134 113.4
18
1811
574 58
9234 94
26
26
31
3134
214 2134
204
20
163 172
33
33
11314 1134
5,597
47
40
369
100
415
10
1,625
35
125
55
15
3,114
885
386
3,173
103
3,585
20
5
142
414
94
24
2,648
70
899
333
31
619
20
90
324
96
159
213
383
25
Range Since Jan, 1,
Low.
High.
3511 July
162
Sept
146
Mar
1574 Nov
May
9
34
Jan
2634 Apr
24
Jan
254 Apr
39
Aug
200
Oct
113
Apr
2131 Mar
23
Jan
23
Feb
8614 Sept
2434 Nov
674 June
10914 Jan
105
Oct
100 June
20
Nov
65
Nov
260
Oct
244 Mar
97
Aug
260 June
1034 July
164 Jan
5734 Nov
92
Aug
26 June
2434 Mar
1911 Aug
rut Aug
150
Aug
18
Apr
100 June
5131 May
212
Jan
161
June
225
Mar
17
Nov
57
Nov
2754 Jan
344 May
274 Oct
49 Jane
236
May
1154 Sept
6731 Nov
2834 Jan
2714 May
108
Nov
26
July
93
Apr
11434 May
10834 Sept
10534 Mar
334 Jan
85
Jan
320
May
3414 Nov
128
Apr
326
May
12
Oct
2054 Feb
64
July
10314 Mar
52
Oct
33
Oct
26 June
2014 Oct
195
May
33
Oct
11314 Nov
Low.
Oct
225
Aug
450
44
Aug
25
Jan
434 Nov
Sept
12
8034 Sept
260
Oct
268
Feb
77
May
7034 Aug
3034 Nov
68
Jan
35
July
90
Oct
23
Aug
374 Sept
44
Sept
315
Jan
12
July
34834 June
844 Nov
11
Nov
75
Jan
5234 Jan
3934 Aug
High.
260
470
50
27
2131
29
9734
275
275
8194
834
3014
87
51
97
75
70
72
34534
2014
49654
88
18
100
5514
43
BondsBaltimore City bonds:
4s, Water Loan_ _ _ _1958
1004 10034 51,000 98 June 103
Black & Decker 64s-1937 12414 1234 12454 18,000 10614 Jan 133
Cons Gas genera144s_1954 9931 9931 99% 2,100 984 Sept 10354
ConsolG E L &P 44s 1935 99
98.4 99
8,000 9834 Sept 103%
let ref 13s ser A
1949
106% 1064 2,000 1054 June 108
lst ref 54sser E._..1952 1064 1064 10614 2,000 104
June 10734
Danville Trac 1st
A938
45
45
3,000 4431 Sept 45
Fair & Clarks Trac
5s.
5s _1938
9334 9311 4,000 914 Sept 99
Fairmont Coal 1st 5s_ _1931
9654 9654 1,000 9654 Nov 9954
Ga Sou & Florida 5s _1945
97
984 3,000 97
Nov 102%
Houston Oil 54%nags •38
102 1024 4,000 100
Aug 105%
KnoxvilleTrac,5s
1938
100 100
4,000 9911 Oct 101
Lexington(Ky)St Eis _1949
102 102
1,000 102
Nov 103
MdEllst&ref614s ser A1957 914 90
92
8,000 87
Oct 9914
Mellon Valley Trac 58.1942
9334 934 1,000 92
Oct 9754
North Ave Market 6s -1940 99
99
994 11.000 97
July 101
Olustee Timber 6s _ _ _ _1935 94
94
94
3,000 94
Sept 944
Prudential Refin 6148_1943
9834 99
3,000 97
Oct 100
RolandParkHomel'd5.4s-994 9931 1,000 9931 Nov 100
Silica Gel 6As
1932
101 101
500 100% Nov 10634
Sou Bankers Sec 5* ...1938 100
99 100
16,000 96
Oct 100
UnPorRicSu64 %notes '37
9634 9651 10,000 95
Sept 10634
UnRy &E lst 4s
1949 6534 65
654 3,000 55
Nov 75
Income 4s
1949
45
454 18,000 43
Aug 55
Funding 5s
1936
65
65
800 65
Nov 844
1st 6s
1949
85
8534 16,000 85
Aug 90
Wash Balt & Annan 5* 1941 80
7931 80
2,000 794 Nov 96
West Md Dairy 6s_ _ _ _1946
1054 10511
1,000 1044 Oct 10731
* No par value.
June
June
May
Jan
Jan
Aug
Slay
Apr
Apr
May
May
Nov
Sept
Nov
Nov
Jan
May
May
May
Jan
Sept
Nov
Feb
June
Jan
May
Jan
Feb
Apr
Apr
Jan
Jan
Oct
Feb
Mar
Jan
Sept
May
Jan
Jan
Apr
June
June
Sept
July
May
Nov
May
Jan
Jan
Jan
Jan
Jan
May
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, Nov. 17 to Nov. 23, both
inclusive, compiled from official sales lists:
P Tillafl
RIghtsBankers Securities Corp.__
Budd Wheel Co
8
2
185
53
100
31)
43
20
1
19
1,150
106
1,811
276
134
100
340
95
10
1,550
546
6,822
60
65
30
105
Range Since Jan. 1.
Stocks-
Ja(Cl
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Ahrens-Fox A
*
Am Laund Mach corn_ _25
Amer Products pref
*
Amer Roll Mill corn......5
Amer Thermos Bott A_ •
50
Preferred
Buckeye Incubator pref 100
Carey (Philip) com _._100
100
Preferred
Central Brass A
*
Cent Ware & Refrig A..20
100
Central Trust
Churngold Corp
*
Cin Car Co
50
CNO&TP
100
CM Gas & Elec pref_ _ _100
Gin Gas Transports...100
CN&CLt&Trcom...100
100
Preferred
Cin Street Ry
50
CM & Sub Tel
50
*
City Ice & Fuel
Crosley Radio A
•
Dow Drug common_ _ 100
Eagle-Picher Lead com _ _ 20
Early & Daniel corn
•
Preferred
100
Egry Register A
•
First National
100
FleLschmann pref
100
Formica Insulation
•
Gibson Art common
•
Globe-Wernicke pref _ _100
Gruen Watch corn
*
Preferred
100
Hatfield-Campbell corn_ *
Hobart Mfg
*
Int Printing Ink
*
Preferred
100
Jaeger Machine
•
Kahn participating
40
Kodel El & Mfg A
•
Kroger common
10
•
Lunkenheimer
Griess Pfleger pref
Julian Kokenge
McLaren Cons A
*
Mead Pulp
•
Special pref
100
Meteor Motor
*
Nash (A)
100
Nat Recording Pump----*
Ohio Bell Tel pref
100
Ohio Shares pref
100
Paragon Refining com__25
Procter & Gamble corn_ _20
100
6% Preferred
Pure Oil 6% pref
100
Rapid Electrotype
"
Rollman prat
100
United Milk Crate A_
•
U S Playing Card
10
US Shoe common
•
Preferred
100
Whitaker Paper corn. •
Preferred
100
•No par value.
93%
9851
1254
29
3854
9931
1504
504
120
5654
74
434
18%
2434
51
95
52
71%
55
100
414
214
364
31
113
184
288
1024
114
1063'
2134 22
93% 9754
2834 29
98 100%
22
21
48% 4834
114 13
230 232
124 124
2814 29%
24 2%
263 264
38% 3634
3934
38
440 440
9834 99
146 152
100.4 10054
77
77
5034 sly,
119 120
564 5654
68
75
40
4314
1834 18%
71
76
10,9 109
35
36%
392 395
124 12434
24
244
5014 534
95
95
52
55
115 115
1234 12%
71% 74
48% 55
984 100
4114 42
37
37
20
2154
128 1284
28
2854
100 100
3551 364
1731 1734
71
71
10254 1034
33%
30
130 130
33
34
1124 113
105 105
17
1814
284 293
11134 111%
101 10254
70
70
103 103%
3234 33
11134 114
73.4 7%
69
69
62
67
10614 10635
10
1,533
245
692
872
14
1,036
36
8
1,190
226
3
128
4,448
10
392
264
39
5
598
364
41
4,182
1,132
660
110
28
37
28
10
353
668
17
841
4
75
148
1,194
658
105
250
672
61
188
15
1,748
40
10
13
204
20
61
74
20
367
417
37
349
110
21
270
300
367
5
116
10
Range Since Jan. 1.
Low.
High.
21
Sept 2334 Jan
92
Nov 114 June
25
July 294 Apr
85
Aug 120
Aug
11
Feb 223.4 Oct
43 June 4931 Feb
734 Sept 49
Jan
222
Jan 275
Apr
120
Aug 126
Aug
2234 Jan 2934 Nov
231 June
4
Jan
255
Jan 269
Jan
2254 Jan 46
Sept
29
July 3934 Nov
429
Jan 480
Apr
97
Aug 1004 May
1224 Feb 152
Nov
9734 Feb 109 June
77
Nov 121
May
454 Jan 55
Jan
524 Aug 128
May
3654 Apr 61
Sept
25
Feb 75
Nov
34
May 444 Aug
1534 Mar 24% Jan
Mar 934 May
56
107
Oct 110
May
Oct 3734 Nov
29
36034 Feb 395
Nov
120
Oct 128
May
2054 Mar 26
Feb
Jan 54
43
Nov
Sept 99
94
Nov
July 5631 Feb
46
1144 Feb 11654 Oct
12
Oct 18
Feb
Jan 754 Oct
44
304 Aug 55
Nov
97
Aug 10034 Oct
29% May 42
Nov
35
Oct 4354 May
13
Oct .5554 Jan
Jan 1284 Nov
70
254 Feb 29% Mar
99
Sept 10051 Oct
294 Sept3034 Nov
1614 Feb 2034 May
Mar 82
65
Jan
Sept 10534 Oct
101
Jan 45
26
May
Apr 146
100
June
28
Aug 48
Apr
10954 June 115
Apr
103
Aug 10631 Apr
94 Feb 20
Sept
249
Jan 300
May
9694 Jan 113
July
96% Jan 10254 Nov
3454 Feb 75% Sept
May 10351 Nov
99
26
July 3514 Oct
10914 Aug 132
Jan
554 Feb
9% Apr
48
M
7234 July
52
July 67
Nov
10211 Jan 108 >4 Mar
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Nov. 17 to Nov.23, both
inclusive, compiled from official sales lists:
bba
to
.1414WWW ba
.M000WOMWW00
W
NN
N
.g.N00000M0N000.00
0,
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AK
Tuna
4ttgUittt
tgtttgi.ttOtilYgttgtgltt=tttWAgtttnittnWal'
0-,z,243,,t-v-zz-40,->gzogzzz-lxk,zzzzz-qzzzzw,-, zzz
Oct
Nov
Feb
Feb
Aug
May
May
Aug
Nov
Jan
May
May
Aug
Nov
Feb
Aug
Oct
Oct
July
June
Apr
Jan
Nov
Nov
Feb
Aug
Oct
Jan
Nov
Nov
Jan
Sept
Oct
Feb
Jan
Oct
Aug
Mar
Aug
Nov
Feb
Nov
Jan
Nov
Apr
Nov
Jan
Oct
Oct
Jan
Jan
Feb
P
Bonds-
High,
Low,
90
15
84
16
33
2%
634
54
43%
1635
19%
38
6%
34
345
95
55
38
104
119
48%
20
11%
410
6%
17
5%
603
333-6
635
80
3
68%
48%
27
536
25
33
17
16%
475
27
42%
10%
3035
120
43
100
16
68
13
3334
2
100 100
15
16
88
91)
32
33%
50
50
3% 3%
7% 7%
59% 60%
43% 4535
23% 26%
23
23%
39
39
9
9
34
34
400 410
98% 99
55
55
38
38
104 104
121% 121%
64% 65
29
2935
11% 12
410 410
8% 1134
28%
24
535 5%
750 750
3335 33%
5% 635
88
88
4
4
70
69
5436 60
37
32
5% 6
30
30
44
37
25
27%
1635 16%
520 520
27
27%
4336 443.4
10% 11
40
38
120 120
4635 52
102 102
16
16
76
76
3035 31
55
51
Range Since Jan. 1.
m
0^,-0000=S000
V,NM0
8ng.742""s=g%24224;2nSg22-'
VVNNNMC 20
M
M
NOM
.N
Allegheny Steel
Am Vitrified Prod corn_ 50 16
50 90
Preferred
Am Wind GI Mach corn 100
100
Preferred
335
Arkansas Gas Corp com_..•
10
7%
Preferred
• 60
Armstrong Cork Co
Blaw-Knox Co new
25 43%
Carnegie Metals Co._ _ _10 24%
Cent Ohio Steel Prod corn *
Citizens Traction Co._ _ _50
10
Devonian 011
Federated Metals
First National Bank__ 100
Follansbee Bros Co pref 100
Harbison-Walk Refrac___• 55
Horne (Joseph) Co com_ *
Preferred
Jones & Laughlin St Pf-100
25 6435
Lone Star Gas
May Drug Stores Corp- •
McKinney Mfg corn
•._12
Monongahela Nat Bank100
Nat'l Fireproofing corn_ _50
50
Preferred
Penn Federal Corp com*
Peoples Savings & Trust100
Petroleum Exploration 25
534
Pittsburgh Brewing pref 50
Pittsburgh Coal pref _ _ _100
4
5
Pittsburgh Oil & Gas
Pittsb Plate Glass new_ __
Pitts Screw & Bolt Corp_ _• 59
Pittsburgh Steel Fdy corn * 37
5%
Salt Creek Consol 011_ _ _10
Stand Plate 01 prior pf_100
Stand Sanitary Mfg corn 25 43%
Surbuban Electric Dev_ _• 26%
10
Tidal Osage Oil
Union National Bank_ _100
Union Steel Casting corn _•
United Engine & Fdy com * 4334
United States Glass__ _ _25 1036
Waverly Oil Wks class A •
Western Say & Dep Bank50
West'house Air Brake.___• 49
West Penn Rys pref_ .,.,100
25
Wiser Oil Co
Witherow Steel com_ _100
31
Preferred
•
Zoller (William) corn
to
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
..wQN0
Stocks-
[vol.. 127.
FINANCIAL CHRONICLE
2942
* No par value.
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, Nov. 17 to Nov.23,
both inclusive, compiled from official sales lists:
Stocks-
Last Week's Range for
Week.
ofPrices.
Sale
Par, Price. Low. High. Shares.
Amn Co
Anglo & Lon Par N Bk_ __ _
Atlas Diesel
Bancitaly
Bank of Calif
Bank of Italy N T & S A__
John Bean
Byron Jackson Pump
Byron Jackson rights
Calamba Sugar common_ _ _
Preferred
Calif Copper
Calif Cotton Mills cora._ _ _
Calif Ink A
Calif Packing
Caterpillar Tractor
Clorox
Coast Counties G & E 1st pf
Crocker First Nat Bank_
Crown Zellerbach pref
Crown Zellerbach v t c
Dairy Dale "A"
148
272
74
127
219%
54
9634
13
______
18%
9%
______
78
77%
47
10034
______
80
233-4
25%
23
East Bay Water A pfd_ _ _ _ ______
110
B preferred
Emporium
5%
Fageol Motors common
7
Preferred
120%
Fireman's Fund Ins
11%
Foster & Kielser common._
Galland Mere Ldy
60%
Golden State Milk
Gt West Pr ser A 6% pfd
Preferred 7%
Hawaiian Com'l & Sug Ltd Si
67
Hawaiian Pineapple
3934
Home Fire & Marine Ins
42%
Honolulu Cons 011
23%
Hunt Bros Pack A com
Illinois Pacific Glass A._ _ _ 48%
94
Holster
106%
LA G &E pref
33
Langendorf United Bak A_
27
Leighton Ind A
Byte
51%
Leslie Salt Co
5
Leslie Cal Salt rights
Magnavox
13%
Magnin common
Mercantile Am Re Co_ __ _ ______
Nor Am Inv, corn
100%
Preferred
42
Nor Am Oil
Occidental Ins Co
Oliver Filter,"A"
46
5335
Pac G & E,com
27%
1st Preferred
7435
Pat Lighting Corp,corn
6% preferred
160
Pac Tel & Tel,com
Preferred
Paraffine Co's Inc,com ___ 89%
Piggly Wiggly West Sts"A" 30%
Pig'n Whistle, pfd
52%
Richfield
- . 011
.-0A I/
147% 152%
24635 273%
7035 74%
125 127%
299 350
218 222
54
50
95
951.5
13%
13
28
28
1835
18
8% 9%
100 1003-5
62% 63%
79
75
77% 7934
4535 47%
100% 100%
400 400
80
76
23%
23
25% 26
22% 23%
96
96
110 110
27% 28
4.90 5%
7
7
120 121
11% 12%
10,432
970
2,535
14,823
540
12,347
17,507
7,080
1,350
300
715
7,859
20
1,235
4,082
17,419
3,791
135
10
2,610
16,451
1,090
5,025
20
100
521
2,725
100
185
2,464
54
53
60
64%
101 101%
105% 105%
50
51
62% 67
39% 40
41% 44
22% 23%
47% 49%
90
95%
106% 107
33% 33%
27
28
18
18
14
14
47% 52%
3.85 5%
13% 15%
3535
34
99
99%
114% 116
100 100%
41
43%
26% 27%
4534 47%
46
48
53
54
26% 27%
7435 76
10135 102%
154 160
120 12134
8936 9234
30
3134
15
15
52% 5435
310
35,266
85
97
150
4,008
515
19,281
1,240
1,062
125,121
190
670
530
50
575
7,822
17,769
97,758
4,147
15
210
145
4,672
541
1,608
3,738
7,605
6,465
8,214
135
228
225
3,930
2,205
275
27,358
OA
az
OA I/
1
19k
Range Since Jan, 1.
Low.
130
225
31
100
269%
125
50%
3536
13
27
18
2
75
30
69%
53
30%
98
340
76
22%
23
17%
84%
90
27
2
5
110
11%
Jan
Mar
Jan
June
Feb
June
Nov
Apr
Nov
Oct
Sept
Mar
Jan
Jan
June
Jan
June
Jan
June
Oct
Nov
Jan
Jan
July
Sept
Oct
Jan
Jan
June
Nov
Nov
53
33 June
98% Jan
103% June
46 June
Jan
41
36% Oct
Feb
35
22 June
42 June
30 June
105% Jan
Aug
32
July
18
Oct
18
July
13
47% Nov
3.85 Nov
30c. Jan
Jan
22
Nov
99
Jan
105
Jan
99
June
36
Nov
25
Aug
39
3835 Aug
43% Mar
26% June
72% Feb
Nov
100
July
145
113% Jan
June
79
21% June
14% Apr
23% Feb
99 Le
MA.
High.
220 June
May
295
87% Aug
220.35 May
May
452
31135 May
Nov
54
10835 Sept
133,4 Nov
33
Sept
19% Sept
9% Nov
143% Mar
65% Nov
8135,Sept
84% Sept
Oct
49
Jan
102
Mar
450
Sept
82
29% Sept
32% June
31% May
Apr
99
110% Mar
343,4 Jan
735 may
Mar
8
Jan
127
Jan
19
64%
64%
103%
106%
5335
67
49%
44
28%
62
95%
112%
39
3234
24%
16%
56%
ssi
16%
35%
99%
116
103
46%
28
5635
5534
54%
29%
9634
106%
160
125
109%
38%
1735
55%
2554
Aug
Oct
Apr
Mar
Jan
Nov
Jan
Nov
Apr
June
Nov
Apr
July
Sept
July
Sent
Nov
Nov
Nov
Nov
Nov
Nov
May
Oct
Aug
Sept
Sept
Nov
Apr
May
Feb
May
Mar
Apr
Oct
May
Nov
Sent
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares,
Roos Bros, corn
Preferred
SJL&Pprpfd
116
6% pr preferred
Schlesinger "A",corn
Preferred
Shell Union 011, corn
37%
Sperry Flour, corn
75
Preferred
Spring Valley Water
Stand Oil of Calif
793-4
Tidewater Asso 011, com
2335
Preferred
Trans-America Corp
126%
Union Oil Assocs
5534
Union Oil of Calif
5634
Union Sugar, corn
255
%
Preferred
30
West Am Finance, pfd
______
West Coast Bank Corp.- .. _
30
Yellow & Checker CabCo._
50%
Range Since Jan. 1.
Low.
High.
31%
242 30% Oct 37% Mar
31%
10 9735 July 10335 Apr
98
98
140 113% Jan 11935 May
116 11635
Jan 10635 May
25 100
100 10135
1,388 20 June 27% Mar
2235
21
May
July 99
225 90
92
91
Nov
Feb 39
12,565 24
36% 39
Apr
1,553 60% Mar 85
72% 75
104%
Mar
Nov
95
95
101
100
May
Oct 120
230 89
Feb 7934 Nov
68% 79% 65,632 53
Oct 24% Nov
3,143 21
23
24%
9034 Nov
620 88%
8935 9135
Nov 128% Nov
125 128% 29,284 125
5334 56% 21,756 41% Feb 5735 Apr
53% 5734 42,090 42% Feb 5735 Nov
25
2834 9,625 21%.34 Mar 3281% NOVblvo
955 21% Aug
2935 31
8
Feb3
6
500
534
6
Oct
N
Mo
avr
30
30% 1,187 30
Nov 58% Mar
473 48
50% 51%
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, Nov.17 to Nov.23,both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks-Par.Price. Low. High. Shares,
Acme Steel Co
25
Adams Royalty Co, cam •
All-Amer Mohawk "A".-5
Allied Products "A"----•
Altorfer Bros cony pfd---•
American Colortype, corn •
Amer Fur Mart Bldg Pf100
Amer Pub Serv pfd
Amer Pub UM part pf _100
Prior preferred
100
Amer Shipbuilding _ _100
Amer States See Coro A.
Class "B"
•
Warrants
Armour dr Co pref
100
Art Metal Wks Inc prof--•
Assoc Appar Ind Inc corn.*
Assoc Investment
Atlas Stores Corp com___•
Auburn Auto Co corn.....'
Automatic Washer CoConvertible preferred--•
Backstay Welt Co coin --•
Balaban & Katz v t o_ _25
Preferred
100
Baldwin Rubber "A"
•
Bastlan-Blesaing Co com..•
Barter Laundries Inc A...•
Beatrice Creamery com_50
Bendlx Corp
Class B new
5
Borg-Warner Corp corn..10
100
7% Preferred
Brach dr Sons(E J) corn_.•
Butler Brothers
20
Campb Wyant& Can Fdy•
Castle & Co(AM)com 10
Ce Co Mfg Co Inc own...*
•
Celotex Co corn
Preferred
100
Cent Dairy Pa Corp A pfd•
Lentral Ill Pub Serv pref..'
CentralPub Ser(Del)_
•
Central Pub Serv (Del) A •
Central States Ut11$7pfd -•
Central SW GUI corn_ _ _•
Prior lien pref
•
Preferred
Cent West PS B pref__100
•
Chain Belt Co cora
Cherry Burrell Corp com_*
Chic City & C Ry par sh_ •
•
Preferred
Chicago Elee Mfg el"A" -•
Chic Jeff Fuse & El com__*
Chio No Bh & MC
Prior lien pref
100
100
Preferred
Common
100
Chic Ry part ctf ser 2_100
Chic Rap Tr pr pf A _100
Chic Towel Co Co cony pf•
Commonw Utll B
Club Alum Uten Co
•
Coleman Lamp & St corn.
Commonwealth Edison_100
Consul Aut Mdse corn,,.'
Consumers Co oommon__5
Warrants
Crane Co preferred _ _100
Curtis Mfg Co
a
•
Davis Indus Inc "A"
Dayton Rub prior tom. *
Class A corn
Preferred
100
Decker (Alf) & Cohn Inc.'
Eddy Paper Co (The)._ •
El Household Util Corp_10
Elec Research Lab Inc.._•
Empire G&F Co 7% Pi-100
6% preferred
100
64% preferred-- - -100
8% preferred
100
Fed Pub Serv 034% pref.*
Federated Pub Inc $2 pith*
Foote Bros G & M Co_ _
Galesburg Coulter-Dlso_.•
Gen Water Wks Corp pf$7*
GleanerComHaryes.rCorp•
Godchaux Sugar, Inc, el B•
Great Lakes Aircraft A_.•
Great Lakes D & D__ _100
Greif Bros COrp"A"co
Grigsby-Grunow Co
•
Common (new)
Hammermill Pap Co comb0
Kart-Carter Co cony pi__•
Hart Parr Co. corn
Hart Schaffer & Marx...100
Henney Motor Co..
Preferred
Hershey Corp. cony pf A'
Class"EP
•
Hormell&CofGeolcom"A"*
Houdaille Corp CIA con pr.'
Class B
25
Illinois Brick Co
Illinois Nov Util pref __ 100
121
41
51
46%
38
98
101
91
13%
14
5
46%
57
58%
58
115
109%
23
29
51
46
35
98
100
91
96
83
1235
1335
5
88
4434
53%
58%
58
112
34%
33%
34%
35
85
105
22%
45
4135
26% 26
84
81
117
108
128% 115
102%
24% 23%
44
33%
6,000
121
26
2,250
14,450
43
54% 4,750
46%
750
39
700
50
98
355
10135
211
9135
96
80
83
500
14
5,000
1,200
15%
5% 2,000
88
70
48
2,300
15,200
57
450
63%
59% 2,050
120
11,800
35
3836
91
105
22%
45
27
8435
Range Since Jan. 1.
Low.
83
18
13%
49
46
2334
97
97%
91
93%
80
4
4%
M
66%
28
51%
36
27
78
3,250 32
3,750 3334
1,900 50%
20 101
100 22%
2,250 24
5,000 21
2,550 64
20034
1235
37%
17
29%
34
24
99%
96
97%
111%
29
38
96%
100
102
30%
27%
40
Nov
Apr
Oct
Nov
Oet
Oct
Feb
June
July
June
Jan
Oct
May
May
June
Nov
Oct
Oct
Oct
Mar
Sept
Oct 36
Oct 3834 Nov
Jan 104% Oct
Mar
Jan 110
Nov 2534 Sept
Feb 49% Oct
Apr
June 32
June 84% Nov
Oct
Oct
Aug
Sept
Nov
June
Feb
Nov
Feb
Feb
June
Aug
Apr
Jan
Oct
Jan
Aug
Nov
Nov
Aug
Nov
June
Aug
Feb
Feb
75%
75
72%
73
92
27
10034
30
37
97%
98
112
105%
100
51
5136
2
22%
18
46%
Oct
Oct
Nov
Oct
Aug
Nov
Apr
Nov
Oct
Oct
May
MeV
Jan
Nov
Nov
Nov
Feb
Jan
Jan
Nov
9335 July
Nov
48
13% Nov
1% Aug
99% Oct
95
Sept
3135 Nov
27
Aug
56% July
Jan
165
7% Aug
734 Jan
3% Feb
119
Jan
Oct
37
12% Aug
65
Aug
35 June
66
Aug
Feb
25
Nov
27
13% Jan
2% Jan
98% Nov
95% Nov
97% Oct
10835 Feb
94
Nov
29
Nov
18% Jan
47% Jan
100
Aug
66% Oct
Jan
3
24% Nov
Jan
245
Apr
39
100
65
44
3%
10235
102
33
39
84%
201
1535
17
10%
122
47%
2334
90
59
95
34
4235
37
4235
105
99
101%
113%
94
29
38%
110
100
104%
37%
27%
345
45
Apr
Jan
Jan
May
Jan
Apr
Nov
Jan
Nov
Nov
Nov
64% 67% 2,500 35
65
68
2,300 42%
61
70
9,800 42
67
68
2,900 49
15
80
8835 88%
27
25
27
2,500 18
98
97% 98
36
93%
2735 27%
100 1512
36
36
20 20%
97% 97%
100 97
8435
83
83
425 76
106
104% 106
379 100
98
98%
321 97%
100 100
50 100
so
46% 51
6,300 41
1,450 47%
4834 47% 49
135
1%
200
1
1635 1735
200 11%
1435
14% 1434
100 10
46% 35
4634 12,500 30
33
3435
81
High,
121
28,4
55%
54%
49%
40
101
104
101
103
117%
14%
17%
6%
91%
49%
58
65
6734
14134
Oct 131
118% 16,950 95
129 111,350 70 June 131%
103
650 101% Aug 104
2435
1,600 16% Jan 26%
Apr 50
50 293,050 20
65
68
65
67
50
Jan
Oct
Aug
Oct
Nov
Feb
June
Mar
Nov
July
Sept
Jan
Jan
Jan
Jan
June
Sept
Jan
June
Sept
9834
97
48
5035
13% 1734
3
3
99% 10035
9734 973-4
3135 33
32% 34%
84%
77
19934201
14% 15%
12
13%
535 5%
120 120
37
37%
16
17
68
68%
42
42%
78% 7834
27
30%
27
28
33% 36%
21
2434
99% 99%
95% 97%
97% 97%
111%
94
94
29
29
33% 38%
94
97%
100 100
91 104%
30
37%
24% 27%
265 275
40
40
113% 108 115
35
35
34% 33% 35%
55% 53
56
163% 170
167
58
53
50
50% 52
52
68
67
75%
68
6734 7734
43
31% 43%
40
58
58%
60
57% 40
4035 4134
100% 100 100%
93
670
185
200
55
100
1,05
11,200
13,10
2,98
65
4,400
30
5
3,100
3,05
2
2
129
2,25
10
5,05
25,95
7
51
2
19
15
15
11,400
5,20
20
3,20
10,35
16,72
22
10
40,05 102
35
5
29%
9,75
4034
40
134
71
12
32,97
4234
65
44%
7,80
6,310 42
7,300 29%
18,850 40
24,500 40
650 39
85 983.4
Oct 125
Feb 70
June 39%
Oct 58
Jan 181
Feb 58
Feb 57
Oct 83%
Oe
83
Nov 43%
Nov 58%
Nov 60
Feb 44%
.158 10134
Best
Apr
Sept
Oct
Oct
May
May
May
May
May
Nov
Oct
May
July
May
May
Nov
Nov
Nov
Oct
Aug
Nov
Nov
Nov
May
Apr
Oct
June
Oct
Nov
Apr
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Sept
Sept
Nov. 24 1928.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sate
Stocks (Continued) Par. Price. Low. High. Shares.
Baden Pneum Tool v t C. •
Inland WI & Cable cLin .10 6954
Intermit Pow Co. Ltd corn.
Jackson Motor Shaft Co__'
Kalamazoo stove cum ._• 121%
Kellogg gwitchbri corn ir, 20
Kentucky Ut11 Jr cum pf 50
57%
& WI corn.. _
Keystone
29
Lane Drug com v t c
29%
Cum preferred
3
La Salle Ext Unit,com__10
Lawbeck Corp (Ws
Leath & Co corn . . ._ .• 1954
Cumulative preferred. _" 48
Warrants
Libby McNeill & 1,11mv Ill 1354
Lincoln Ptg Co 7% pref_50
Purchase warrants
10
Lthusay Light, corn
• 393-4
Lion 011 Ref Co corn
London Packing r'o _ ..• 42
Lynch Glass Mach Co...' 284
MeQuay- Norris Mfg
Mapes Consul Mfg, corn •
Mark Bros' Tneatres pref • 315;
•
Meadow Mfg C 0 emu_
50
Preferred
Mer & Mfrs Ser.25 3054
Part preferred
Metro Ind Co errs
Mid Cost Laund Inc, A..' 37
Middle West Utilities.. _.• 168
100 123
Preferred
• 103
$6 cunt preferred
•
$5 cum prior Ben
Prior lien preferred..100 127
Midland Steel Prod com__• 120
Midland Util100
6% prior lien
7% prior lien prof.._I00 102
7% preferred "A . _ ltio
Miller dr Hart Inc ConV pf.•
Minneap Honeywell Reg • 51
100 123
Preferred
Miss Val Lail pr In pref _ *
• 54
Modine ,gifs corn
• 225
Mohawk Rubber
284
Monighan Nita Corr A.__
SILmsantc Chem Works_ _• 93
Morgan Lithograith corn • 57
Naehman Spring n iled corn' 70
Nat'l Bancservice Corp..'
National Battery Co phi • 67
tg,,,t, mee power A mot-.• 35
434
N AtIonal Leather COM - __II)
• 45
Nat Standard corn
Neve Drug Stores, corn __ _• 16
• 2654
Convertible A
Nobblitt Sparks Ind corn.• 3755
North American Car corn.' 54
Northwest Erie Co corn..• 4734
North West UM100
Prior lien pref
100
7% preferred
•
Oak & Prod class A
•
Class B .
• 394
Ontario Mfg Co corn
* 2454
Pacific West 011
Parker Pen (The) Co con110 55
Penn Gas & Elea A corn..• 24
Peoples Lt & Pow "A"com • 4454
Perfect Circle (The) Co. • 54
Pines Winterfront A com.5 215
Poor & Co class B cony_.• 3154
Potter Co(The) corn ......• 37
• 29
Process Corp corn
Pub Sem, of Nor 111•
Common
100
6% preferred
Q-R-S Music Co corn _ _ _ _• 161
•
Quaker Oats Co. corn_
100
Preferred
• 5034
Raytheon Mfg Co
Reliance MIR1
33%
Common
Rich Prod Corp cl "A" •
33
Class
"B".
& Tool com___• 4054
Roes Gear
Ryerson & Son Inc cum _.• 4154
Sangamo Electric Co_ __ .• 38
100 108
Preferred
Saunders class A com___.• 63
50 53
Preferred
65
Sheffield Steel
150
corn•
oom.__•
Co
Sonatt on Tube
Bo Colo Pow El A cum ..25 25
South leo & Utll Colt corn.
.100
S'weeut Gee & El 7% pf.
' 90
Southwest Lt & Pow poet
Spiegel May Stomata% p100 99
Standard Dredge cony PL• 42
Standard Tel pref $7
: 56
Stelnite Radio Co
Stewart Warner Speedom.•
Storkline Fur cony pref.25 2954
Studebaker Mall Or corn _ 5 13
• 27%
Class A
Super Meld Corp coin - -- -* 7254
Sutherland Pap Co. coin _10
100 136
Swift & Co
lb 32
Swift International
Tenn Prod Corp, cont.. • 2554
99
100
pref
Power
Co
Texas-La
Thoni risen (J It) Corn _ -.25 6454
12th St Store (The) pfd a • 26
4
Stock pur warrants
Unit Corp of Am pref... • 354
100
pref
•
CIA
Pow
United Lt &
*
Class 13 preferred
Un Repro Corp part of A.• 36
Universal Products Co....* 47
20 74
08 Gypsum
533
25% paid
Utah Radio Products cm* 5654
Vorclone Corp part prof..' 51
• 2534
Wahl Co com
Walgreen Co• 60
warr.
_
pureh
Corn stock
Preferred 6Si %_ __100
Ward(51)& Co• 1254
Class A
Waukesha Motor Corn _.•
31
_
_
•
_
corn.
_
Prune.
Wayne
Convertible preferred...*
• 50
Wleboldt Stores, Inc
Wilcox-Rich cony pf A..-• 40
• 3534
Class B
Williams 011-0-Matic com• 19
Winton Enuine con pref_ _• 75
Wisconsin Parts ruin ....• 3734
Yates-Arner Wren part of• 2434
Range Since Jan. 1.
Low.
High.
60 474 Feb 56
May
12,000 26
Jan
73
Nov
100 .303 Sept 32/4 Sebt
650 40% Nov 46)4 Nov
22,550 65.
Jan 141 4 Oct
6
74 Aug
43,800
2914 Oct
62 50% Feb 5451 June
3.700 4344 June 70
sept
28,050 21/4 Oct 3154 Nov
8,200 2654 Nov 30
Nov
600
3
44 July
Mar
1,000 102
Nov 102 4 Nov
2.350
14
JIllre 20% Nov
1,100 48
Nov 53 June
50
4% Nov
44 Nov
14,700
15
Nov
84 Apr
850 4334 Nov 60)4 Nov
1,850
354 Nov
9% Nov
760
2
Jan
534 Oct
28,850 2434 June 4334 Oct
650 30
Juror 43
Nov
4,900 254 Nov 28% Nov
550 234 Jan 60
May
100 35
Oct 43)4 Oct
30% Nov 374 Oct
13,300
104 Jan 22% Apr
100 444 Jan 55
Mar
524
60
31
43
115
17%
51
5754
22
264
3
102
18
48
4%
1354
433-4
7%
4
37)4
42
254
.5654
43
30%
12
45
5355
7254
32
46%
124
23
51
60%
314
30
354
102
20%
52
45f.
1434
4654
9%
454
41
42
28%
59
43
33
1254
45
30
104
34%
167
12254
101
103
1264
993i
34% 7,250 15% Jan 38
104
200 100
June 108
37
13,100 34
Oct 38%
17154
1.700 12354 Jan 172
123%
985 1164 Jan 12554
1034
1,630 9314 Jar, 10354
103
20 99
Mar 108
127%
560 1224 June UM%
120
890 84
June 120
Nov
Sept
Oct
Nov
Slay
Nov
May
Mx,
Nov
90
90
119 90
Oct
102 103
1,000 9854 Aug
96
98
52 96
Nov
49% 494
100 49% Nov
4354 51
8,400 JO
Feb
10854 123
500 95
May
93
95
45 93
July
51
55
1,000 314 Ji.ne
224 231
805 I80
Sept
28
2855
750 44'4 Apr
924 9354
800 38/6 Jae
5654 58
1,00
56si Nov
6254 7154 14,60
28% lolly
72
72
55
72
Nov
51
7()
33,80
3454 Nov
35
36%
1,75
21)4 Jan
454 6
16,85
35g Jan
45
4754 1,00
3714 Ian
1354 20
7,40
13% Nov
21
30
1.80
21
Nov
3754 39
1,850 28
June
53
55% 5,250 32% Jan
4354 47%
650 29
Jan
9954
107
107
55
51
116
101
59%
249
36
95
'171.4
7154
7254
70
42
67 .4
334
44
4434
574
504
June
Slay
Sept
Oct
Nov
Nov
Aug
Nov
Nov
Ma!
Oct
Apr
Nov
Nov
Nov
May
Nov
Mai
Apr
Sept
Slay
Oct
Oct
101
102
45
97 100
314
80
87
1,980
80
85
2,650
35
41
16,200
2454 26)4
7,775
55
56
6.950
234 2554 1,550
4354 4454 5,350
54
60
3.850
204 2214 10,550
27% 32% 18,100
3654 42
5,100
28
29% 4,000
105
10554
101
102
41
27
56
274
4454
60
22154
3254
46
30%
Feb
Slay
Oct
Oct
Nov
Nov
Nov
May
Nov
Nov
Nov
Nov
Oct
Nov
9934
97
31%
314
26
244
55
20
3854
31%
.54/5
274
36
28
185
1154
161
320
120%
47%
187
115%
163
320
120%
50%
314
394
3754
4054
403-4
37
108
61
50
65
146%
25
1954
994
8954
9854
38
96
53
112
29)1
1254
274
7154
2354
13554
3134
2554
99
6454
26
331
3434
100
57
3554
4654
63
43
55
484
25
3354
4354
43
4454
42
40%
108
6554
54
6654
161
2554
1954
9954
90
94)
4454
9634
6134
114%
30%
13
2854
75
2331
13954
33%
2554
99
66
27
4
39
100
67
38
48
79
55
60
52
264
60
105
65
105
1254
174
31
44
50
39
3554
1754
6755
3754
2454
127
42 121
176%
18
56
33
30
31
45%
550 44
1,850 50
50%
42)4 3,300 35
3954 2,10
31%
2244 40.20
14,00
4254
77
39
95
27
26
12,450 12
184
70
1,650
10
90
1,450
159% Jan 191
Aug
Aug 125
103
Aug
Oct
3854 Jan 187
262
Apr 33254 Nov
111
Jan 128
Apr
41
Aug
Get
85
18,450 26%
2,750 314
1,700 25)4
2,200 30
4,850 404
5,700 '29
50 104
3,750 53
4,200 50
2,475 4854
7,880 244
800 23
10
17
10 1)8
150 89
700 83
16,000 30%
100 96
35,700 4254
1,100 7754
2,950 294
1,650
84
1.70
27%
5,500 45
100 22
1,92 124%
8.250 26
300 13
20
99
2,700 5854
1,250 25
3,200
24
13,76
23
15
95
15
53
2,800 35%
1,600 39
36,25
55
5,94
35
13,900 21
12,10
40
2.70
834
1,50
2
Sept
Nov
Aug
Aug
Judy
Nov
Nov
Jan
Oct
July
Jan
Nov
Nov
Nov
og
Nov
Sept
Sept
June
Nov
Aug
May
Nov
Nov
Mar
July
Aug
Oct
Oct
Aug
Aug
Apr
Nov
Nov
Feb
Nov
May
Nov
June
July
Jan
Jan
Feb
Nov
June
June
Aug
June
Jan
Jan
Nov
Sept
Aug
Oct
Aug
Aug
Mar
33'4
4354
43
474
42
41
110
65%
51
95
164
2634
2654
1044
96
107
544
96%
61%
11454
3154
164
2854
81%
27
146
34%
27
101
70
31%
7
3954
10254
58
5654
50%
100
55
54
52%
50
5
Jan 65
1003A Feb 110
Mar 130
Mar 17611
Nov 52
Nov 52
Nov 56
Oct 4754
Oct 43
Jan
2254
Sept
77
Aug
431
Apr 20
Nov
Nov
Nov
Oct
Nov
May
Nov
Nov
Nov
Oct
Nov
Sept
June
Mar
Ayr
June
May
Nov
Nov
Nov
Nov
Oct
Nov
Oct
Sept
Nov
Pet,
Oct
May
Oct
May
May
May
Apr
Slay
Sept
Oct
June
Nov
Sept
Oct
Gel
Nov
Feb
June
Nov
Sept
June
Oct
Oct
Oct
Nov
Nov
Oct
Nov
2943
Friday
Sales
Last Week's Range for
sale
of Prices.
Week.
Stocks (Concluded) Par .1', cc, Low. High. Shares.
Yellow Cab Co Inc (Chic)• 33
Zenith Radio Corp cony_ •
• a54
Common
BondsCentral States Util 68_1938
1927
Chic City Rye 5s
Certificates of depc.slt'27
1927
Chicago Rys 34
1927
5s series A
Commonw Edison 65_1943
Cooper RivI3ridge tat 6s5,
1947
Fed Pub Ser Os
Guard Title Mtge 554s 1938
Federal Utll 5s4s..___1930
N A Water 6s
Northwestern Elev 5s_1941
Pettibone Mulliken Os 1943
StandTelCo54s"A"..1943
Swift & Co 1st /I f 34_ _1944
Texas-1 x P ,wer 6s._1040,
314 34
10,800
210 220
1,100
52
5754 54,350
97
97
814
82
80%
60
111%
96
96
99
964
99
99
984 9854
88
99
95
101%
100
Range Since Jan. 1.
Low.
High,
Jan
204 sep 43
354 Feb 234
Oct
52
Nov 57)4 Nov
97
Aug 985;
52.000 97
81% 4,000 815; Nov 8854
82
Nov 8754
1.000 82
Aug 88
80% 3,000 79
62
3,000 58
July 68
11154 2,000 110% July 114
96
2.000 9554 Sept 9754
99
2,000 99
Oct 100
96% 5.00,1 96,
4 Nov 100
99
2,000 98% Sept 100
984 10.000 98)4 Nov 9854
88
1,000 88
Oct 95%
99
5.000 99
Nov 09
95
3,000 95
Nov 95
7,000 10154 Aug 103
102%
100
lo 11,10 1no
10..!
Mar
Jan
Jan
Jan
Jan
Mar
May
Jan
July
Apr
Nov
Mar
Nov
Nov
Jan
June
•No par value.
a After payment of a 300% stock dividend.
Boston Stock Exchange.-Record of transactions at
the Boston Stock Exchange, Nov. 17 to Nov.23, both inclusive, compiled from official sal--s
Stocks-
Friday
2,/es
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price, Low, High. Shares.
Railroad100
Roston & Albany
100
Roston Elevated
100
Preferred
100
let preferred
100
2d preferred
/MA & Maine I om unfit 100
Prior are: stamped 100
Ser A 1st ofd stpd
101'
Series B 1st pref stpd 100
4or I i .4 pr') ,t ori Intl
Series D 1st cref stpd 100
Neg re •el,ts 70 5 paid
Chic Jet Ry & U 8 Y. _100
100
Preferred
Conn A: Pass Riv prof..100
..ast Mass St Ry Co__ _100
100
Adjustment
100
Maine Central
N Y N 11 & Hartford__ .100
Nor New lIfite pshire_ _100
100
Old Colony
50
Pennsylvania RR
MincellaneounAmerican Brick Co
title, Pneumatic Service 25
50
Preferred
100
airier Tel & Tel
•
gmoskeag Mfg Co
Beacon 011 Co
Wigelow-Hart!Carpet-.•
Brown & Co
Continental Securities Coro
Crown, Cork & Seal Co Ltd
Common stock
10
East Boston Land
Eastern !Manufacturing..5
Eastern SS Lines Inc.....2t,
Preferred
Economy Grocery Stores_•
rqllson Flee Illum _____ 10U
Florida Public Service__
talveston Hous Elec..100
100
Preferred
General Alloy -Co
Georgian (The) Inc
20
Preferred class A
German Invent Corp
•
_inctirist Co
Gillette Safety Razor Co •
Greenfield Tap & Die...25
Greif Co,.p'ge Corp cl A _ _
Hood Rubber
•
10
Insurance Sec
Intl Button Hole
international Corn__ _
Kidder Peabody Amen A
100
Preferred
Libby !McNeill & Libby_ 11,
25
Loew's Theatres
Massachusetts Gas Co.100
Preterred
100
gfergenthaler Linotype 100
Mortgage Ilk of Colombia.
National Leather
10
Nat Mfrs & Stores Corp.Nelson Corp (Herrn) tr ctb
New Engl Equity CorP-- -6
10
Preferred
New Eng Pub Serv
•
•
Prior pref
New Eng Tel dr Tel_ _ _10(u
PactfIc Mills
100
Plant (Thos G) 1st pf_.100
Reece Button Hole
10
Reece Folding Machine_10
Ruse Stores(*Me/ Inn So New England Ice
Preferred
ate? Sec Corp nf allot ctts. _
Swedish Am Inv part 0(100
Swift & Co
100
Torrington Co
•
rower Mfg
Traveller Shoe Co
Union Copper Land & Min
Union Twist Drill
5
United Elec Coal
•
United Shoe Mach Corp_25
Preferred
25
ri Brit Inv $3 pf allot ctf.
Venezuela Holding Corp__
Waldorf System Inc
•
Waltham Watch B corn..'
Waltham Watch. pfd__100
Prior preferred
100
Walw...rth Company
''0
Warren Bros
so
let preferred
50
2nd preferred
50
Wr'cl 11,/If Mfg Co. cap stk
Whitenights, Inc
MiningArcadian Cons Mtn Co
Arizona Commercial_
85
1034
116
102
80
109
85
13354
11654
166
101%
29
5454
64
74
_
136%
67%
185 189
8954
85
10154 1034
115 117
102 10354
75
80
10734 110
82
85
12954 133)4
114 11654
165 166
10454 1044
16531 16554
10654 10654
10131 102%
25% 29
5.1
5534
6244 64
68% 74%
1004 100 .
136 13654
66% 69%
234
650
32
94
70
681
107
366
70
460
391
11
7
40
40
155
645
80
3,327
2f
269
2,059
Range Since Jan. 1.
Low.
17654
83
100
110
1015;
55
107
693.-4
10654
98
135
104
151
10554
101%
2554
50
59
54%
100
131%
62
Sept
Oct
Feb
July
Oct
Jan
Aug
Jan
Jan
Jan
Jan
(),.t
Jan
Oct
Nuv
Nov
July
Feb
June
Nov
July
June
High.
1944 May
99
Mar
10734 Apr
12055 Jan
110% Jan
Apr
83
115
May
87
Mar
145
Apr
131
Apr
180
May
11:934 Apr
16534 Oct
11354 June
Apr
107
Apr
43
6554 Apr
72% Sept
74); Nov
111
May
141
Apr
72% APT
17
17
3
3%
18
15% 18
193
190% 19834
22% 22
24%
22
2234
95
9354 96
92
94
115)5 112 115%
10 16
June 20
1,83
231 Oct
454
84
15
June 24%
4.04
17134 July 210
9.77
18
Apr 2.514
56
14A
, Feb 23%
43
87% Sept 994
22
92
Nov 9834
33
81
Jan 1344
Mar
June
Feb
May
AD,'
Oct
May
May
Apr
15)4 16%
654 654
14
1%
10154 10154 10434
47
47
20
19
22
271
270 273
82)4 824
34
32
71
70
14%
1254 15
45
1434
16
254
50
154
1,45
86
3
45
3.61
1154
1,27 252
10 824
475 31
176 70
1,825 10
Oct
Aug
Jan
May
Apr
Nov
May
Mar
May
Apr
Nov
17
17
18
18
29% 29
1174 11434
12
11%
40
25)4 244
30
954
69%
205
889
590
3,377
460
80
385
195
32
715
654
17
20
31
120
1255
414
26
31
954
74%
16
17%
284
98
954
39
24
2454
8
4554
Aug 18
Jan
8
Jan
24
Feb 118
Sept
51
Jan 22
Feb 305
Nov 102
Feb 43
Nov 8654
Jane 15
Aug 2041 Jan
Nov 2254 Apr
Sept .154 Jan
June 123% Oct
13
Jan
Mar
July 46
Sept
Nov 4354 Jan
32
May
Sept
Mar
Nov
Feb 7454 Nov
93
93
69 93
Oct
13
1454
286
754 Jan
1254
12
13
869
754 Jan
132% 132 13754
838 109
Feb
260 753; Nov
764 763.4 78
105
100 105
1,980 98
Oct
45
35 434 Aug
453-4
454 554
887
354 Nov
42
40
4431
460 30
Apr
2454 253-4
550 24
Oct
3954 4054
Jan
295 25
5 93
Jan
93
98
9954 9934
40 905; Oct
10554 10554
Aug
20 103
14454 14254 145
Mar
940 r137
33%
3354 34
2,251 25
Aug
21
21
10
12
July
17
17
Mar
174
200 15
14 2
154 Feb
220
2354 2254 2354
160 10
Apr
10
Jan
60
9
1034
80
5 7034 Oct
80
3534 3154 3554 12,44
301-4 Oct
180 180
20 1233.4 June
136% 135 1394
623 1244 Jan
78
1,093 65
70
80
Sept
3
1,21
.90
Mar
3%
33-4
20
40 17
2054
Aug
.75
.75
10
.40 Apr
17
22
22
1,33)0 11 Apr
844 7954 8454
735 404 Apr
75
744 7554
4,17
633-5 Jan
314 31
728 2934 Mar
313.-4
110 7134 July
7534 7651
8
1254 3,020
12
74 Nog
24
25
375 194 Jan
66
66
200 60
Jan
91
91
40 82
Sent
102 102
15 101
102
Sept
23
23
70 1434 Aug
148 163
310 s141
June
49
60
140 49
Nov
544 55
201 52
Oct
2101 4354 Rvia:
59
604
5
654
3441
254 Nov
651
26
4%
1%
434
2
5
7351
4.865
1
Aug
34 Mar
9554
1454
15
155
88
112
52
6
48%
34%
434
100
10954
111%
152
4054
25
1714
2%
36%
1454
90
37
201%
150
80
5
2614
154
2254
8454
77
32
90/6
36
27%
90
98
10634
25%
192%
60
6054
6051
3154
Jan
Nov
Sept
May
May
Jan
Apr
May
Oct
May
Aug
Jan
Feb
May
May
Jan
Oct
Sept
May
June
Feb
Feb
May
Oct
Nov
Nov
Auc
Apr
Sept
Oct
Nov
May
June
May
May
Apr
Mar
Apr
Mar
Sept
Apr
Apr
May
Nov
Apr
24 June
6
Jan
2944
FOL. 127.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
25
Arnold Ml dog Co
Bingham Mines
10
Calomer A Recta
25
.25
Cllff Mining Co
Copper Runge
- .2.,
East Butte Copper Mln_10
Hancock Consoddated...25
1
Hardy Coal Co
25
Helvetia
blood I reek Coal
Preferred
100
Isle Royal Copper
25
Keweenaw Copper
25
La sulle4 'upper Co
25
Lake copper 1'41114
25
Mason Valley Mines____5
Mass Consolidated..
25
Ma,flower & old t olony 2o
Mohawk .
_25
Neu CornellaCopper _
New Dominion Copper___,
New River Co pref
N14,1414.4414g 4.1111.444
a
Nortt, 11,itte
North Lake Mining
1
Ojibwa) M. 11.1
25
0111 Dominion Co
25
•
P. C. Pocahoutas Co
Quincy
25
Rights
Si Mary'si Mineral Land 25
Eharmon
10
Superior & Boston Cop 10
. 5
Utah A444414 b11,111is
Utah Metal & Tunnel_
1
25
Victoria
46
45%
25%
434
5344
25%
714
234
1%
1%
1
42
4431
.90
65
734
.15
331
20%
12%
44
37
3%
131
.35
46;4
44%
23
2434
4
234
2%
.80
5134
25
5
2
1%
1
.75
1
3534
40
.30
65
2%
6%
.15
2%
16%
12
43
sg
35
.35
.25
3%
1%
1%
.31
4634
4611
46
2534
4%
3%
234
.80
5331
loo
26
9
234
1%
2
.75
1
43
4.5
134
65
3%
711
.15
4
2034
1234
48
8
38%
.50
.50
3.%
1%
2%
Range Since Jan. I.
Low.
High.
.75 May
.25 Aug
25
Jan
Oct 56
350 41
Nov
2.967 2934 Jan 47
Nov
July 46
3,280 12
Nov
8,154 14% Mar 26
5
Oct
14 Feb
6.218
441 July
.30 Mar
2.130
Jan
12
2t', .011s
50
141 Apr
.50 Apr
50
May
Ai). 60
295 47
6o 103% June 106% Apr
3.001 rIlfa Feb 26% Oct
9
Nov
114 Mar
18.335
244 June
Feb
1,809 .75
FPI'.
3
May
I
2.720
244 Nov
134 June
305
.83 May
20 Mar
100
1% May
25 O.t
1.125
Apr
5.316 35% Nov 65
Nov
2.127 210a Fen 46
Mar
134 Nov
19.520 .10
Nov
Sept 65
375 52
514 Jan
2% N
356
yi Nov
914 No
56.33
.70 Sept
.10 Nov
20
4
Nov
.60 Feb
1.804
Mar 204 Nov
9
14.623
Oct 17
May
195 11
6,762 1234 Apr 4834 NV
8
Nov
3% Sept
4,217
1.928 21 st Mar 3544 Nov
1,150 .25 Mar .70 'Slav
.75 May
.15 Mar
1,560
Jan
3% A ilti
2,660
144 Feb
1
Feb
3,160
234 Sept
95
Apr
570
Bonds-
Friday
Last Week's Range Sales
for
Sale
of tilted.
Price. Low. High. Wed..
Amer Tel & Tel 5348_1943
Amoskeag Mfg 05
194$ so
At G W I SS 7. 5s_.1959
Barstow (W 5) Co 611_1942
Central Pr & Lt 5s
_1956
Chic Jet Rya U S Y 561940
East Marrs Street RR434s series A
.1948
5s series B
1948 7034
68 series D
194:6s series A
1929
Fox New Eng]The 634s '43
Gannett Co Inc (1s_ _1943
Hood Rubber 79 . _ _ 1936
Houston L & P 4315 1978
R C MA B 5s 1ienne_1934
Mass Gas Co 431s_
1931
Miss River Power 56_1951 101
Mtge Liaok of C--hun 78 '46
19 E Tel & Tel 58
1932
PC Pocah Co 78 deb _1935
Shineyetsu 6348
1912
Swift & C:o Sc
1944 101%
Western Tel & Tel 5s 1932
WhitenDett Inc ,,x inlo
108
90
79%
98
99
101%
Range Since Jan. 1.
Low.
1.000 106%
108
31,000 x7
92
79% 1.000 72
2,000 96
98
1,000 9834
99
10241 3.000 101
23.000 63
65
63
7031 70% 2.000 70
5,000 81
82
82
1.000 99%
99% 99%
1,000 100
101
101
9931 99% 5,000 9934
14,000 99
99
99
10,00o 93
93
93
10n 96%
6434 9831
98% 9831 5.000 9714
1,000 100%
101
101
92
100% 100% 2,000 100
9,000 104
104 104
2.000 91
n1
91
101% 102% 4,000 101
10034 100% 9,000 100
71
1.000 75
7;
High.
July 108% Jan
Oct 9534 Jan
Jan 81% May
Nov
Nov 98
Nov
Nov 99
July 103% Jan
Nov
Nov
Nov
N v
Sent
Oct
Oct
N. v
A,c
Nov
Sent
N v
Aug
19,,v
Nov
June
July
Nov
79
88
88
100
102
99%
10344
93
101%
100%
104
9434
103%
115
91
103
103
128
Apr
Apr
Apr
Mar
Sept
July
Jan
Nov
Feb
Jan
Jan
Feb
Feb
May
N or
Jae
Jan
Mar
• No par value. z Ex-dividend.
Cleveland and St. Louis Stock Exchanges.-For
this week's record of transactions on the Cleveland and St.
Louis Exchanges, see page 2918.
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Nov. 17) and ending the present Friday (Nov. 23) (Friday). It is compiled entirely
from the daily reports of the Curb Market itself, and is intended to include every security, whether stock or bonds,In
which any dealings occurred during the week covered:
Sales
F,tray
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Week Ended Nor 23.
Stocks-
Indus. & Miscellaneous.
•
Aeotot Pr a ,..• A
25
Acme Steel corn
Acoustic Products corn...•
•
Adams Millie Corp
seen Supply Mfg cl A__ •
:lase It.
Agfa Anse+, Corp cum_ "
10(1
Preferred
Si)
Ala r.a sou RR ord
50
Preferred
Allot. A Fisher Inc cum
•
•
...
.310,41 Paci.
Prior preferred
100
Beni r preferred
100
Allison lulu: Store) Cl A--•
•
C7itS.4 It
Alpha Port1 Cement eon+ •
Attroontoo 1'1) 440M
Preferred
100
Ltd
•
10il
Amer Arch
A n.er Bakeries+ class A_ •
An, brown 14over, F.14,Co,r1,
F0111141441eshureo_.....•
•
Amer Cloths corn
1141
Amer Clear. com
Preferred
100
Amer Colortype. coin. 100
Amer Cum Alcatol v t c 100
am( van 10111 el B ... It,
Preferred
100
Muer Dept stores Corp •
Amer?,',,, Hawaiian SS 11
American hieter Co
•
Aloe! Kayo:, ProductS..•
art.., liolitro Min
Amer. Smelting & Refining
•
New common WI
arn nolvento A Chem v te•
pant preferred_ •
American Stores,
Amer Thermos Bot cl A_ •
Amer Thread Net
Amsterdam Trading Co
American shares
Anchor cap core com___•
•
46 50 cony ,ref
Anchor Post Fence MILL _ •
444111441 I4rI4
A .t.. I I e,
Apco Mossoerg Co "A" 25
A411011114* Co 00111
634% cum nref. . 101
Arctic Dairy Prod corn_ _10
Armstrong Ct.rk new con,•
Art Metal W...rks cony pi.*
stroelaieri Dv & Print •
Associated Laundries clA.•
tlantlr Fruit & Sonar...•
,•
I,taw Plywood. .
Atlas Portland Cement_
. -•
eon, -•
1.1bf. ra A utoinoi
Aviation Corp of the Amer.
Axton-Fisher Tob corn A If
Babcock dr Wilcox Co_ .10(
Backstay Welt Cu cona___•
Babb, Corp rem nion_ _ •
Preferred
Balaban & Kate corn vte 25
B.ocitaiy
Bastian Blesaing Co
(Lod, A Co
100
Preferred
Baxter Laundr cl A eons _25
It
iser,4114 corp. lieW
Bird Grocery Stores corn_*
•
Isitstiner's ocro
•
Bliss 1-' It Co corn ._
Wilt,10144114148. A CO OOM •
10
Blyn shoes Inc cum
Boelog ARM & Trans corn.*
Pre( with warrants__ _50
Boback (II C) Co corn...*
B . .1, nk .:1 in':- 4 HMO.•
Borg Warner Corp corn.100
Bowman-silt H. tele corn.*
22
17%
31%
48
50
41
78
36%
131
11%
3
8%
6
49
157
11./
130
8
143
38
(4
43%
22%
2234
20%
96%
25%
45
99
3%
Range since Jan. 1.
Low.
Nov
200 21
21,31 22
Jan
300 83
112 115
Oct
1734 18% 38,100 17
July
4,600 24
30% 32
14
Jan
1,200
42
50
544 Jan
2,100
41
50
3834 4134 9,800 334 Nov
Nov
70
7
71% 7..
Oct
200 150
157 157
15231 Nov
1 .2% 1
May
3134 3831 7.500 26
The A UR
1% 2% 24,800
6% Mar
800
1014 14
25c Aug
3!,.3
1.0
2 5
AIM
8
500
8% 8%
314 Aug
5% 631 4.300
49
49% 2.200 36 .Feb
Jai
15.000 20
13734 163
I,.,; 34
'07
105% Jar,
.11111P
700 NO
125 130
Juin
400 la
48% 4931
Jai
200 49
52
52
8
30
143
112
934
30
146
112
35
2.1%
42%
911
21
2234
10834
1934
9611
38
t,41,
44%
9"
23%
23
112
2134
10014
93%
24%
43%
94
22
3%
High.
3134
108
2141
.3434
75
50
4234
75
18434
185
3841
6
24
17
21 34
1533
5031
9744
11011
134
70
59
Feb
Oct
Oct
Nov
May
May
Sept
Nov
May
Apr
Nov
Oct
Oct
Oct
Jan
Jan
Nov
Ma)
May
Sept
Jan
May
14
May
1,900
434 Felt
Jan
Oct 45
100 30
Oct 16234 Apr
675 125
June 115 June
01, 112
600 23%
7731
37.700 ,r31.44
95
1434
64,100
1634
2,300
750 105
13
53.900
23,700 VA
10034 30.000
25% 12,400
9,300
47
34,200
102
300
23%
3% 1,300
91%
11%
15
92%
10
2311
40
Fel
Oct 8734
5334
Job
Jan 100
Jan 24%
Jar, 25%
Nov 124
Mar 24
June 114
Sept
Nov
May
June
Jule
Ort
Feb
June
Jan
Nov 10034 Nov
Jan 28 Sa May
Nov
Mar 47
Nov
NOV 102
Feb 2344 NOV
31%4 May
Jan
50 31 Nov 431.4
3134
31
51% 49
53% 8,800 4244 Oct 5334
Oct 114%
400 102
110% 110% 110%
15.800 12% June 49
49
46% 38
51
37% 16.600 4614 Pei
35% 30
334 Apr 12%
,,),I
1151,
9
awe 7441
70% 1,500 30
70
70
100 985) Oct 101
99
99
100 43% Nov 4341
43% 4341
Aug 66
375 52
62
61
60
2934 July 4714
414 414
2831 2834 30% 2,000 26% Sent 33%
15
Nov
12
1334 2.000 12
13
1%
1
111 2.900 60r Belo
134
93%
10.800 r6334 Jai
80
86
84
Feb 47%
1.200 38
40
44
40
112 118% 5,600 80% Seto 143
116
31% 343-4 5,300 28% Oct 35
33
300 2131 Selo 5141
3634
3611 36
Nov
Nov
July
Nov
May
Sept
Oe.
Nov
Oct
Ma'.
Apt
Mal
Nov
Apr
125
3:74
1331
15
84
125
45
600 11731 Mar 132
132
500 34% Nov 37%
31%
17%
Fel
6
14% 1,300
954 Felt 19%
500
15
De, 104
9034 11,100 60
9,700 ,199% June 223
128
Mal
4814
100 28
45
Nov
Nov
Sept
June
Oct
API
Oct
9834
26%
115
40
4611
43
84
314
65
6434
84
74%
126%
231
800
102
2631
300
116%
11)11
40
52% 10,800
4734 11,300
9941 9,100
600
67% 11,700
69% 4,300
400
85
85% 25,200
100
12654
100
2%
Oct 102
Apr 33
Oct 130
Feb 41
Nov 52%
Ma, 60
Mar 9941
4%
Aug
Nov 75
Nov 704
Sept 69%
lab 47
June 12631
6%
Aug
June
Apr
Oct
Nov
Nov
Oct
Nov
Jan
Nov
Nov
June
June
Nov
June
127
14
85
125
100
40
5234
45
95
66
6734
85
81%
12634
294
97
23
99
20%
4614
163.
26
1%
55
57
58
33%
7534
134
Jan
Nov
(let
Nov
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Brill corp. class A.
Class B
•
811
Preferred
100
Brill. Mfg corn
• 26%
Class A
Bristol Myers Co rem .• 8434
firit-Ain Ton ord bear f
Ordinary registered...51
'Arnie!) CelaneseAmer deposit receluta..
Budd (E t Mfg cum
• 39%
Bullard Mach Tool
• 9831
Butler Bros
20 4341
C.onp. yant A Cannon•'oundry.
Canadian Indust Alcohol..
Car',tram) Milt Prodarrowr
45
Gwen Co of Am
10( 161
Caterpillar Tractor
•
aven-lioldis. Inc. eon,. • 3434
654% Pref With commoe
purchase warrants
1191
'elartege("ore or Am corn • 48
First ',referrer]
New preferred
100 95
Celhal. Id Co commun....* 6634
67%
'elides Co corn
Cent Aguirre Sugar
5
.
0 148
..rroogs, Pipe Corp. • 13
Chain Belt Co
3.3
tharlF I 5.rp
'hecker rah Mfg 00M. • 46
010CIS CO prof
100
73
Cities service.common_ .13
ereferred
16) 9941
931
Preferred B
City Ice at Fuel (Cleve). • 57
City Machine & Tool corn • 32
Clark Lighter cony A._ _• 24%
+. 4.11M101441( Utensil. • 3231
Cohn-Hall-Marx Co
• 4811
Coleman Lamp & Stove. •
-.3,1gate Palmolive Peet
85%
Ex-stock dividend
1-it
ommotan Syndicate
Colts Pat Fire Arms Mfg 2.5 47
.'onsol AutomaticMerchandising v t o__ _.• 75
63.511 preferred
•
10
Consolidated Cigar warr___
oueol Dairy Products.. • 46%
'wool Filrn Indus. nom • 1911
wrap, Lauudrles _ .. • 20%
Ret Stores lac, corn • 32
Consumers Co
20
Cont'l Can new corn WI. •
Coon (13 B) Co rem
• 4134
-opeland Products Rioclass A with warr ___. • 16%
Cuty Inc new w
'ourtaulds Ltd Amer deli
21%
recta for ord atk reg CI
Crocker & Wheeler con, 100 135
,
ruese & Blackwell
Pret with warranta.. • 54%
'rowley Milner & Comoro • 5434
Cuneo Press craomon__ _10 48
614% pi with warr__ _100
Curtis Mfg c,m
5 3714
'orris Pub Co com
•
cures@ Actopl Exp Corp. • 26%
Curt hid Flying serv Inc..' 2131
Davega. Inc
..... ___.• 3711
Davenport Hosiery Co_ •
Davis Drug Stores allot ctfs
reere A Cu. on:union _ lOt 540
Forest Radio, v t o.. • 28
Detroit Creamery
10
Dictograph Products new.*
Dixon (Jos) Crucible___100
_ • 40
•Oenle1411e,•'eating
Dominion Bridge
Dominion Stores Ltd-.."
. 15134
Donner Steel. corn
• 20%
100
8% preferred
531
DubIller Condenser Corp
Duplan fink Corp. corn. • 25%
100
8% cum pre
24
8
8831
26
2731
84
29
2931
24
834
8831
2634
2s Sa
8634
29%
29%
100
300
600
1,600
:411,
9,000
300
300
734 934 8,300
3931 4,400
37
88 104% 2,5(10
47,600
3331 53
66
42
45
160
77
3331
72
42
50
161
79%
3434
Range Since Jan. 1.
Low.
18
634
8834
14
2034
65
2534
2831
Oct
Oct
Nov
JAII
July
May
la.,
May
High.
3434 Jan
1734 May
Aug
95
32% Oct
34% Jan
8641 Nov
31
Oct
31% Sept
734 Nov riSii May
June 40% Oct
15
Jah 104% Nov
43
Nov
2031 Apr 53
June 75
400 48
100 36.31 Fat- 5044
66
Jai
700 l0
Jan 226
100 156
Jai, 8514
300 53
3,600 3134 Au, 43%
100 105
105% 10544
41
53% 11,300 41
115 124% 3,800 115
500 95
700 6634
66% 68%
600 40
66% 68%
200 116%
148 150
$14
1334 57,900
10
4•44,4 41%
47% 503i
600 275-n
aa 34%
45% 5744 17,600 2034
10 8454
106% 107%
7234 73% 29,000 54
1,700 944
9934 9934
931 931
500
4
1.300 3534
5641 58
32% 2,000 32
32
1.100 17
s2441 2531
3234 3334 1,200 2"34
4131 48% 1,100 2331
1,200 80
83
80
Nov
NOV
Aug
Nov
N. v
Feb
Fel.
Joo,
Oct
Job
Mal
Jan
Jae
Ja+
JOH
NoV
Aug
AiiM
Jan
Nov
Nov
Apr
May
Mar
Aug
June
11231 June
May
103
185% Jan
10234 Oct
Feb
122
7.1% Oct
June
164
13% Nov
50% Nov
411 14 Oct
41% Oct
Nov
110
7434 Nov
1039.May
9% Apr
6034
33
37
1854
60
83
Sept
Nov
Apr
Jan
Sept
Nov
85% 3,500
83
134
Fos 11.500
1,500
47
49
81
Oct
1 114 Nov
29% Jai
92
5551
Oct
May
Oct
1434
43
10
44
17%
2034
30
10
61%
41%
744
42%
511
21
12%
14
2614
934
61
41%
1534
48
13
51
20%
21
37
16%
65
4211
Nov
Aug
Nov
Oct
Nov
Oct
Oct
Apr
Nov
Oct
1534 14,600
400
4334
300
12
4641 6,600
2031 14,600
15,400
21
32% 1,100
loo
lo
6434 8.400
800
41%
1,000
16% 1751
75
7811 10,200
20% 21%
135 136%
1,000
150
2,400
54
55
54
5.554 1,000
200
48
50
100
94
94
21I0
37% 37%
219% 224% 1,025
800
25
2734
1734 2131 132,900
37% 3834 2,700
300
19% 20
900
57
56
2,025
485 560
25% 29 248,000
Ii),
44
44
100
27% 27%
40
170 175
17,000
3834 41
‘oo
103 104
14234 1-5254 3,000
21s)
20% 2056
lob
9711 97,
4% 5% 13,900
25
26% 1,400
100
102 102
Ana
Nov
July
Jat
Sept
July
Aug
June
Nov
Oct
7.4
74% Nov
Oct
24
763,
4 Nov
20
23
Oct 2434 May
Sept
Jai, 150
51
3454
9
44
0
Oct
Jut,,
3734 Nov
Ajusui.,:e,
213210091
7
Jm45
1441 Oct
Mar
Nov
95
134 Jut'
Mar
34
N
OT;
15
9
15
10
56
15% Feb
68% Fe.
104 SI Jar,
Seapyt
59
041 54
22
11 i
100;4 Nov
56
5744
59%
10334
3734
221
44
20
51
2114
57%
560
36%
44
27%
196
4674
104
15231
2514
9731
5%
29%
11044
Nov
Oct
Oct
June
Nov
Nov
May
Nov
Jan
Nov
Nov
Nov
Nov
Oct
Nov
Apr
Sept
Nov
Nov
Nov
Nov
May
Nov
June
Nov. 24 1928.]
FINANCIAL CHRONICLE
I Friday
Sales
I Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares
DuPont(Ei)deN5C sneww1
Durant sit..41.
"
Duz Co Inc CIA v t c-- •
Eastern 1t.,pina AIM
Klee Shovel Coal par Pf.-•
25
Elgin Watch
EValsa Auto Loading CI B 5
Es 100% stock dividend
10
Fageol Motors corn
Fairchild A station class A*
100
Faiarde Sugar
Fandango Corp corn
•
Fausteel Products Inc _ •
Fedders 11N. I IIe. el A
Federal Screw works.
Federated Business Pub
lot pref without warr_
Federated NIemit; tr etts_.•
FilenCe( Wins sons Cis. •
g 40;
crof _
10
Fire Aeon of Philo
Firestoise 'r
st cons
10
7% preferred
100
Fokker Air Corp of Amer •
Follansbee Bros Co corn_ .•
Ford Motor co of Can _ 100
Forhan ('oil A
•
Foundation CoForeign shares class A.-•
Fox Thew rea doOr A VOID •
frail/ICC (II 11) Mfg cam •
100
Preferred
•
Frets) Rue man Radio
French Line . .600 Franc
Amer Ohs rep com LI stk.
•
Freahmais Chas cs.
Gairosburit ('oulter-1)4e ..•
_.
•
Game well Co. corn
...B.•
Gears & Forging class
'Celli All ,ys Co
•
General Amer I nvestore. •
General Baking eons
•
ess
Prefers
•
Gent Mottos Corp corn •
General Cable warrants
Gen'Slew Cit.I Britain
Ainsomas 1101..11 ref,.
•
Gen Fireproofing corn
Lien I 1.4s,..,14, Nlost I. 414/11 •
General Mille Inc, COM-•
Gil ert (A C) Cu cum....*
Preference
•
Boms, roes *
C(1 sort
Gleaner Comb Harvester.*
Olen Aide. .
Goldner's.(S MI 41 •en, mutt.
57 prof with pur warr__•
Golden state 13111kProd _25
Gold Seal E 4.CtrICA1 1.:41 •
Gorham Mfg corn
Ose ham Ksslusac %I twit....
Oran °phone Co Ltd.61
Am deli recta ord
•
Granite, it) :stem cm
31 Atl & Pee Tea lot of 190
Greif (L) & Br prof X.100
thigsby-Grunow Co new...
Ground Gripper Shoe CoAllot Ms for coin & pref.
Hall ii M
Printiug.....11
Hall(
:ands 444 .1 6 •
Hart-Carter cony prof- •
Hart Parr (111 COM
•
Preferred
HartSt hal&M arzcom _ _100
Hazeltine Corp.
•
Hercules Powder emu 100
Preferred
100
Heyde(' Chemical Co....•
Bora ,1 loot El ei n COM •
Hormel (George Al Co....•
Born(Al )Co PIIM
•
7% let pre?
50
•
Horn & Harden coin
Househ'd Finance part p1511
Lluy tes ss IS Doi 0101,
•
pc-, e H %term.. t
Imperial Tob tut Canada__5
luau.
Insurance Securities__ _ .10
Int Harvester,consneww 1*
Internat. N1s.kel Co of Can •
Interns? produets eons
•
100
S8 cum prof
Internal Pio lector Core.•
Internal gem y Itaior Ii •
International Shoe coin •
Isotta-Fraschini wart.
Jacks n kiot. r Shaft
Joeke Bros coin v IC
Kellogg ,wIteliss'd & sup 10
Kemsley kill bourn & Co •
Otis ..f depatit
Keystone Aircraft Corp - ••
Mos herly J Mirk Cs.rmeons•
Kinnear Stores Co eons •
Klein (I) Emil) Cu corn_ •
Knott Corp,corn
•
•
Kohaeker stores corn_
LackawannaRliorNJ _ _ 100
Lame...eon sevimities. •
Lake Superior Corp...loo
laket 1,c111114, A Maeh •
Land Co of Florida
•
Landover Si. lo el A stpd _1
Lane Bryant Inc corn__ _•
Larrowe Milling
Lefeouri Realty Own
•
Preferred
Lehigh Coal & Na,
Lehigh Vat coal elf. new
Ctrs of deposit
Lehigh I Nile, 4
'later 514
Certifs of deposit
Leonard Fitzpatrick &
Mueller Stores Cow_ -•
Libby McNeil & Llisby.11
1
Libby Owe'tr. ••Inoet (11/18,
10
Lit Brothers Corp
London Tin SyndicateAmer dep r1,1113- - -rea 41
Magnin
& Cu corn....*
Mapes Coneol Mfg
Mar Steam Shov,coM
Mantua, Motor Car corn •
25
Maryland Casualty
Massey-Harris Ltd corn •
Mavis Bottilug Co Of AM •
May Grua Stores('ore
•
McCord Bad As kik v t e •
Ai
•
Range Since Jan. 1.
Low.
High.
142
15
142
6.700 1405( Nov 143
N ;v
344 Mar Ill 34 Oct
11,500
15
5
434 Apr
100
9% May
Fels 84
500 22
33
Oct
July 55
5434 1,000 43
Osst
250 60
71%
Jan 73
Oct
6334 53%
451
551
2731 23
118
121
6
554
1631 14%
434 4331
5834 51
66% 39.000 44
431
531 3.300
27% 19,500 23
121
3,400 116
1,700
63,4
3
1751 7,100 12
27%
1,90
45%
5855 4,900 33
14051
14
5
3134
5434 53
69
31
28
200 26
2914 24% 3314 10,800
14
82
7231 84
8.400 524
10614 106 10651
900 1115
5451
52
1,400 474
178
177 180
6,150 166
10754 10755
50 105
20
19% 233-4 31,900 2134
60
59
6231 22,400 45
601
586 613
5.150 610
364 3431 37
9.000 23
1854
2834
3114
954
534
15
96
1434
1., -o
69
1134
8014
4711
204
2834
13
175
25
21%
32
424
51
6934
165:4
94% 85
931
1154
21.4
2934 2934
May
Sept
Nov
Sept
Mai
50%
100 42
July
71 4 Mar
17% 44.950
.34 Fri
1734 Nov
96
500. :474 Jolt 1 12
Oct
69
62
76
Fe
May
15% 1,600 10
Oct 154 Nov
53•
1034 Aim
1534 Nov
6934 9,800 5634 Pet
May
17
1134 A o,
12 270,500
17
Ma,
81% 50,400 7251 Oct 813
Ma,
48
21.001 3514 Jan 5314 Mat
1.3001
2294
8
July
25
Nov
9
1751
134
85
14
1034
200, 91.4
12411 3,100 99
2751 2.4001 .s.
81% 23.800, 6434
20%
1,100 13
4,
s
43
5
7% 1,1001
104% 3.000 70
15334 3.000 146
224
8001 22
94
700. 94
C334
Cs) 44
14
13,600
6
75
31.0 4934
1934 45,200 1234
67
3951
11651
99A
12034
65
65
65
2234 22
233-4
3634. 2934 374
534, 5
6
354 35%
5514 5034 58
12634 118 12831
150 110
5194 4134 5634
345 351
121. 121
20
1834 2054
2411 25
4234 3134 4654
40
43
44
4134 44%
6154 5954 65
50
50
5034
283.4 28
3034
5431
513-4 51
1 134 1194
1134
85
8134 8914
31 31 3051 3134
11;
1 ft
34% 32
344
1134 1134 124
81
81
123( 1274
4411 41
4534
78
73
79
186 210
4434 4354 4,434
3951 3831 40
20
18% 20
2934 21
30
25% 2734
5454 4451 57
53% 5044 54%
29
2994
26% 27%
33
3331
44
43
8351 8351
4951 4934 51
1551 18
1734
3251 31
3231
11%
113-4 12
2
2
76
7534 70
3051 2954 30 A
33
36
38
38% 40
166% 158 172
29)1 29
2934
2811 29%
494 50
4834 4834 501(
43%
53
77%
2014
3334
214
9714
7
504
1334
95
69
144
12
6334
9
75
47
20
62%
3634
11651
9954
12034 10931
21%
Nov
SC111
Apr
J..
Jan
Nov
Nov
Mal
Nov
Nov
18% 91.200
2934 31,700
3151
700
150
9551
534 16,200
67
3931
2834
31
Nov
Mar 33%
Sept 84
N-sv i074
Nov 84
\
431.
Nov 112
N
2334
Oct 6294
Jar tIPS
Jas. 3831
12%
28
2951
9551
43.1
10
12334 120
27
27
80
7751
194
1934
4t%
634
6%
10134 9034
152
152
22
94
61
61
1154
14
711
75
19
17
176
26
Oct 6674 Nov
Aug
6% May
Nov 294 Oct
Sept 16514 Apr
June 10
Apr
35
Fel
Jan
Feb 5051 May
Oct 58% Nov
guy
MST
Mar
May
Fel.
111%
June 125
33
sept 81%
Aug. 214
June 50
A
12%
Nov 10414
to
169
444
N.sv
Nov
65
Au
Imo
17
Fe
80
Nov 20%
Nov
rent
Mar
Mar
Nov
J.411
Oct
Oct1034
Oct
Jan
Oct
Sept
1,509 55 June 73%
9.700 27
0
41
10 115% 0
120
100 974 Fe
Ion
2,200 10834 Oct 120%
Oct
Nov
Apr
Mar
Nov
500
3,1100
23,500
33,000
100
25.000
2.450
./
41,000
150
20
400
800
16,900
2,300
4.0001
2,400,
3.600,
47,900,
7.100,
3.500
9.000
48,000
48.100
1,800
100
200
11,900
3.400
20
1.6-0
1,500
300
3.600
1.200
74.300
20,900
400
1.700
300
700
10
1,800
8,600
1,700
1,300
IllIt
2,400
900
2,600
2,200
20,300
900
1,400
50
425
65
'4
2
43-4
33
.13 A
118
132
814
192
11814
714
2114
31
14
4114
5234
411 14
I•
254
8)4
6794
24 34
83
32
I I4
7534
64
25
69
75
15
36
9
144
19
20
50
263.4
27
33
40
82
15
354
21
1034
1
3851
25
2551
36
10554
274
2834
49%
434
Oct
Ja.
.....
Nov
Nov
All.,
Nov
.las
Feb
Jao
Feb
Fe
Ms,
Ns v
Istly
N
Mar
Nov
ttu
'
mar
All.,
Seto
Nov
N v
Jsmo
Jima
mspt
July
Feb
Aug
At,"
May
Slay
July
Nov
Sept
Nov
June
N, v
July
Joh,
Oct
June
Jan
1, 1
Aug
Apr
June
Mar
Aug
June
Mar
Mar
Nov
Noy
Nov
mist
Nov
65% Oct
27
seta
3734 Nov
to
364 Oct
63 June
13414 Nov
Nov
160
5634 Nov
Nov
300
Nov
125
204 Nov
264 All.,
464 MAT
44
Nov
4.)
July
65
Nov
5414 Oct
313-4
Oct
1154 Nov
1 .4
324 Nov
10134 Nov
3434 Nov
15
sem
88
Sept
14
61a)
4534 Nov
of
A to
210
Nov
4'I34 N v
43
Jan
(Jot
30
Nov
274 Nov
Ns sv
5654 Oct
3415, Mas
2734 Nov
44 4 Mat
4494 A Ill'
8511 Jan
Jan
18% Nov
. toe.
0
25% Feb
19% ran
76
Nov
304 Nov
424 Sept
43-34 SOW
172
Nov
39
Jan
3114 Sent
664 Jan
52% Nov
2834
100 27
July 43
Jan
14% 5,700
9
Jan
154 Nov
179
19.500 1(3)
Alto 186
Nov
5,900 2331 Mar 2954 June
2631
2151
100 2051 Oct 22
Oct
32
500 23
Fe.) 32
Nov
45
1,100 4014 Oct 45
Nov
53
1,700 8834 July 60% Oct
7954 28,500
1834 pet 7934 Nov
166 St
75 151
Aug 1934 m ay
9531 5.600 30
Mar 954 Nov
12% 39,000
84 Nov 22
May
2931
900 20
Aug 294 Nov
2931
100 18)4 Apr 3331 Nov
2945
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares
McLellan Stores cl A
•
Mead Johnson & Co con, • 6451
Mercantile Stores Co..100
Mergenthaler Linotype. *
ft%
•
Mesabi Iron
34etropol Chain Stores_ • 77
Met .5 & 50e Stores B- •
Preferred
100
Michigan Steel Corp
•
Midland Steel Prod
• 1184
Midvale CO
• 50
Miller (I) & Sons corn._'42
Minneapolis-Honeywell•
Regulator common _
MOCK, Judson Voehrineer • 28
Mond-Nickel Amer deli rots 334
MunsantuChein‘s3ks corn
MonteeatInl Mln & Agr1631
1A'arrants
Montgomery Ward & CoNswcoeiu'nn w I
• 154
Moore Drop Forge el A__ •
Moti...n Piet Cap pref.. _25
.. • 7934
Murphy 141 C)cons
Nachmann-ciel Corp.__
Nat Baking, corn
Nat Bancserv lee Corp._ _• 7234
Nat Dairy Pr d pref A_100 10534
Nat Food Produm-elClass A with wart
•
12
Class B
10
National Leather
Nat
& Stores
Nat t.hber NtaelVy
:
3 38 4
1110 19134
Nat Sugar Refit
• 48
New w I
Nat rhestre Supply eons •
834
National Tile
Sal Trade Journal Inc •• 3514
Natiltems Pharnsesstessessm *
Concerti Me preferred. •
•
Nebel (Gomel Co cons
2914
Nehl Corp corn
• 65
tat preferred
•
Nel•ner Bros corn
Pre•erred
2554
NelSon (Herman)Corp.
%Imo. 15mg Stores corn...• 17
Convert.11 le A
• 2731
New. erry (J .3) Co corn_ •
190
Preferred
9
Ness Met & Art? 1 and._ _ 1
New On Or Nis r RR_..100
ss iprl r com_100
t,e
NewportsC
• 10714
N Y Aucti fl earn A
•441
. 52
liamborg
N
N Y TransporlatIOn. _10
_ • 23
Nlaeara -Moe C
viebnle & 91 epard Co... • 7914
Stock porch warrants
soh* Bement pond
• 146
soma Electric Corp e m • 2534
794
North American Cement.•
Northweat Enstineering • 4934
• 29
Novadm-Agne corn
100
7% rum met
•
Oakes Prod, cony A
.lass 13
•
Ohio Brass oleos B
•
Ositari • Mfg
Ovinet sn Br s part Prof- -•
Paramount Cab Mfg corn.• 37
ParaffIne C a corn
•
Park Austin & Griscomb26
Portico referred
Parke ims• 1* ("ot
• 5451
65
Fender (131 Grocery Co A.
Claes B
• 6151
'515me3 IJ Cs Cord 4 011116
Pennsylvania Raft Mfg_ _ 5(
Peoples Drug Store. Inc. • 86
Pepperell Mfg com...liT 110
Perfect irrie Co
• 4234
Pet Milk nom
Phelps Dodge Corp... 10. 1954
Philippe( I souls) I ne A cons • 333-4
334
Phil Morris Con Inc corn •
2t
954
Class A
Berth *'
le) einem
Prof class A (nitrite A DP• 19
_
Pie Bakeries of Am el A..*
• 3534
'sfroe Governor Co
-leap WIgoly Corp coin •
l'Itney Bowes Postage
• 15
Meter
.
Lake Erie com _50 146
Pittab & Co_to.
mat. Plate Glass.
68
New
Ptitrert4 Sugar COM
•
• 7134
& Lambert ro
Procter & Gamble corn..211 280
3 t
911k Hosiery
4234
•'••1111er
•
Price Bros
_
Prudence 00 7% pret_ _10(
Pyrene Manufacturing..11'
734
Quaker Oats c
•
Radio-Kelth-Orpheum A.• 41;4
Rainbow LUMIDMIS PrudA• 66
Raybeettos Co corn ..
7334
Realty Assoelates corn
• 420
Repettl. Inc
5 77c
Republic Mot Trk
2
•
ReynoldEl Metals, corn
• 37
Preferred
89
Rich Tool. corn B .
• as
Preferred class,A
• 4234
Richman Bros Co
•
Richmond Radiator com.•
7% cum eonv pfd
• 324
11.41118 Royce of Amer p1.100 46
Roos(lest* Tool. COM_. • 42
Ross Stores Inc
• 2)
Royal Bak Prodnewcom100 47
Preferred
100 105
Ruherotri Co
11.4 10934
htfe-T-Stat Co common. • 394
Safety Car Iltg Ltg._100
views, St wets new cm.. 16434
Old fifth Miff
Reels Paper Co
• 12834
gehtff Co com
• 53
7% cum cony pf....100
lehulte Real Estate Co._.• 36
3chulte Flitted 50 to Si Ste. 2334
Ino 9234
Fret 2nd paid,
Sebutter-JohnsonCand A.. 244
second Gen'l Amer Inv Co
Conunon
• 2731
6% pref with
warrants_..
...email Prot,common
i;
•
Range Since Jan. 1.
Low.
High.
5534 60
6,400 52% June 64
633-4643-4
1,100 5314 Feb 72
126 128
400 97
Jan 152
100% 10531
May 114
1,000 100
44
331 331 4,500
1% Mar
71
78
Jan 78
16,400 54
451 411
7
100
34 Setst
7131 77
4700 44
Jan 81
61
61
100 5034 Sept 65
100 120
3,500 8014 May 120
4931 5031 1,800 39
51
Jai
4251
41
800 29 • Oct 43%
4334
274
32
93
5%
5234
28
3334
93
3,400
1,000
4.400
200
7% 59,700
Fel,
30
2734 Nov
Oct
31
384 Jan
2
145 155% 117.100 1414
66
61
700 3554
24
5
21
800 6234
7934 8134
71
fo.
4-41 314
44 434
300
4
7234 1,700 71
72
103 107
12,000 100
July
,
26
5434
65
65
102%
lo2
88
110
5934
43%
196
3434
434
934
19
23%
3534
4934
1954
25
3634
4934
30
4,100
2.500
1,000
170
900
2&0
2.100
5,6011
2.525
SO
5,300
800
2,70
2514
38
38
334
01%
92
4414
83
344
40%
117
24
34
9
Air
Jul,
Jan
Jan
Aug
Ito
Mar
July
Ate
Nov
Eel'
sell?
Nov
Jun.,
1;00
600
1854 Oct
22
Oct
18% Feb
23% Mar
144 15
500
1454 149%
700
270 275
30
694
40,.0
68
114 54
200
72
68
10,300
283 292
275
38% 4234 8,1300
attA 9051
100
102 10334
3-43
734 734
600
325 325
50
3414 4334 272.000
5834 6934 66,100
6314 75
31,900
420 445
850
76e 80e
500
134 2
900
3614 41
6,000
6834 72
8,400
3734 394
1,200
4134 43
1,700
355 370
120
144 154 2,000
324 33
aoo
46
45
aoo
4434
42
400
2214 24
6,
4531 484 21,400
1044 105
150
10934 11234
1,400
364 41
39.500
148 149
150
18334 16834 4,750
83
200
83
1254 15134 28,50
4834 53
1,900
200
185 194
3,700
31% 40
2,800
22% 24
9234
90
500
244 25
2,000
7 JUDO
139
Oct
GO
Feb
Nov
68
14 Nov
50
July
247
Feb
33
June
8054 Nov
101% Oct
634 Mar
280
May
3334 Nov
20
Aug
1714 Aug
27034 Jan
50e. Fels
194 July
1914 Sept
010
sem
36
Nov
-38
Nov
205
June
1414 N ,v
3234 Nov
38
Apr
301( June
184 Oct
454 Oct
1(13
Oct
411)4 Jan
18% Mar
135
Jan
148 14 Oct
30
June
Jan
60
26
Jan
11034 Jan
17
Jan
17 June
7914 June
Oct
24
264 274
113 1154
6134 66
6,800 25
3,60
110
4,000 33
52% Nov
Oct
20
37% Oct
95
Nov
734 Nov
N, v 15534 Nov
Mar 6634 Nov
l's', 2634 Apr
Jan 81% May
Ale
Nov
71
Aug 10% Jan
Oct 74
Oct
Nov 10734 May
27
32
700 2214 July
1134 12
2,300
6
Jan
44 534
700
34 Ns v
41
700 31
4414
Alit
374 394 5.400 23
Joh
181
1,250 119
193
Feb
4834 2,800 44
47
Nov
1.500
834 9
6
Jam
38
37
200 30
Aug
314 35% 4,800 311
Rept
800 15
15
17
Nov
2414 25%
300 2414 Nov
2234 23%
700 Is
Apt
2534 3i34 49,300 244 Oct
65
65
100 6494 Oct
118 123
1,900 73
Ale
250 11094 Jo,
162 16834
2534 264
Juno
500 20
1914 7.300 13
13
Nu%
204 28
3,600 20% N,A
125 125
111, 120
Aur
5. 105% N
105% 101%
9
8
3.600
7)4 June
314 3114
100 25
Mar
144 15614
1.100 114
Jan
100 114
3.600 1)24--s Aug
1,300 16
174 19
Aug
1. 00 44154 Oct
52
5694
20
4934 4934
404 Nov
2134 234 5.500
12 38 Mai
8134 3.300 3114 J..
73
60
59
500 1614 Fel
128 154% 36.600
Jill
ts
2434 25% 2,66
2114 Juno.
814 2.3110
7
Jam
6
434 493-4 4,800 29.4 Fel
264 30
1.500 264 N v
112%
(hi
Oct
871( 9334 1,500 55
Sept
53%
00
100 85
904 92
No
3534 39
600 314 Aug
%
734
7
Mar
36% 3834 9.400 3314 Nov
bb
SD
8234 Nov
26
5034
5934
56
102
u023-4
85
105
54
4034
193
3314
334
954
May
May
May
Jan
June
Nov
Mar
June
Nov
Nov
Nov
Oct
33
15
6
48%
484
193
48%
lit4
3834
3514
28%
37%
20114
3134
67,-b
1304
170
34%
34
434
145
11014
1134
48.4
1564
114
19
5414
4931
234
07
117
15434
274
13
514
36
"334
103
11,2
10034
39
93(
3534
108
Oct
May
Nov
Nov
NoY
Nov
Nov
May
Oct
Oct
May
May
eepi
Nov
Nov
Niov
Oct
May
May
May
Apr
May
Aug
May
Nov
Nov
N -.V
May
Nov
Nov
Oct
Oct
Nov
Oct
Feb
(set
Oct
Oct
Oct
Oct
Mar
Nov
June
Nov
Apr
29
54%
05
65
.054
104%
88
110
59%
47
1994
45
10
14
Apr
N, v
Nov
Nov
may
Nov
Nov
Nov
N•sv
Oct
Oct
Oct
Mar
Jan
2214 Jan
3434 June
3734 Oct
4914 Nov
15%
185
MA
694
144
72
300
4234
80%
10734
93-4
325
4334
734
75
445
134
3
41
72
39%
43
370
3714
4034
70
4714
28
5234
1114
125
57
170
1684
88
151%
53
195%
47%
2834
100%
2894
NOV
Ayr
Sept
Nov
Jan
Nov
May
Nov
Nov
Apr
Jan
Nov
Nov
Nov
Nov
Nov
Apr
Jan
Nov
Nov
Nov
Nov
Nov
Jan
June
May
Oct
Sept
Oct
June
May
lose
Mar
Nov
Nov
Nov
Nov
Oct
Oct
Oct
Feb
Oct
Oct 27% Nov
Oct 11694 Oct
Jae 66
Sept
aj.
Sales
Friday
Last Week's Range for
of Prices
Week.
Sale
Stocks (Concluded) Per. Price. Low. High. Shares.
• 494
Seiberling Rub, corn
Selfridge Provincial Stores
391
---E1
Ltd ordinary.Sentry Safety Control
serve) Inc(new co) v t e • 16
100 54
Preferred v t c
•
Scton Leather aom
ao
Sharon Steel Hoop
shearer 1W A, Pao . • 56
Sherwin Williams corn...25
* 19%
Sikorsky Aviation corn
Silica Gel Corp.eum v 0..• 21
Silver (Isaac) de Bro
100 584
Singer Mfg
El
Singer Mfg Ltd
Smith (A 0)Corp corn_ _-• 175
• Sofa Viscosa Ltd 120 lire
Deposit receipts
•
South Coast Co corn
• 4634
Southern Asbestos
Southern Groc Stores corn_
Bo Groo Ste cony cl A__• 35%
South Ice & util corn A...
Common B
Southern Stores Corp el A•
Southwestern Stores corn'
• 25
Preferred series A
Straiding (A 0)& Bro coin' 294
84
Span & Gen Corp. Ltd--E1
Sparks WithIngtoo Co_ _ _• 178
Spencer Kenos & Sons new 3934
Spiegel may Stern CO635% preferred . ..1011 99
Standard Invest Corp com* 3934
Slam Invest $5.50 pref. •
134
Standard Nlotor Constr.100
Standard Pub class A. _25
Stinnes (Hugo) Corp. •
Strauss(Nathan) Inc corn * 324
Stromb Cans Teleg MI13• 48%
8troock 18)& Co
• 414
dusts Motor Car
Sullivan Machine Co
•
Superheater Co
Swedish Amer Invest p1100
100 13434
Swift & Co
16 3235
Elwin International
Svrac Wash Macb B com..• 274
44
Taggart Corp
Tennessee Prod Corp corn' 25
Thompson Prod Inc el A • 38
T1mken-Detrolt Axle..10 2434
Tishman Realty & Consr •
334
Tobacco Products Exports.
Todd Shipyards Corp__..' 57
• 24
Toddy Corp class it
ClassB v Lc
125
Trans-America Corp
rransoont. Air 'Primer). _• 21
Trana-Lux Pict Screen
534
Class A common
•
254
Truax-Traer Coal
574
Trunz Pork Stores
Tublse Artificial Silk ot B.• 52534
*
Tulip Cup Corp corn
Tung-Sol Lamp Wks corn.* 1535
• 2534
Class A.
244
Union Tobacco
•
United Biscuit el A
Class B
United carbon v t 0.... • 404
100 9535
Preferred
United Milk Prod,com_ .• 20
100 8034
7% cum pref
Unit Piece Dye Wks coin.* 105
United Profit Share corn.'
United Shoe Mach corn..25
5535
(.1 8 Asbestos
U S Dairy Prod class A--• 4934
• 63
U S Foil class B new
• 44
0 Is & Foreign See com
$8 first pref
73
S Freight
20 774
U ii Gypsum Co com
Preferred
•
U 9 Radiator corn
U S Rubber Reclaiming_ •
21
Universal Aviation
Universal insurance-- _25
• 29%
Universal Pictures
Van Camp Packing pref 50
50%
Ctrs of deposit
-• 25%
Waitt & Bond class
20
Class B
83%
Waigreen Co corn
6134
Warrants
Walker(llram),Gooderham
81
& Worts common
Warner Bros Pict pref..: 56
Watson (Jno Warren) Co • 1034
32)5
Wayne Pump corn
• 50
Welboldt Stores cons
Wesson Oil& &iD conk v t e•
Western Auto Supply el A• 5731
8
Warrants
Wheeling Steel corn.. -100
Wilcox Rich class B
Preferred
Williams 011-0-Mat Heat•
1335
Winter (Ben)) Inc
Wire Wheel Corp corn new. 3334
• 39
Woodworth Inc eom
• 10
Worth Inc cony el A
•
Yellow Taxi of N Y
Young(LA)So & WIcom
Zenith Radio new
Zonite Products Corp corn• 33
log
Rights.
Atch Top & Santa Fe
Checker cab Mfg
Cons Retail Stores
Flat
Freshman (Clue)& Co
General Mills
Llbbey Owens Sheet Glass..
Loew's Inc
St Regis Paper
Shell Union 011
Texas Corporation
United Elec fiery bond rts_
White Sewing Mach deb rts
7
2%
17
550.
25
1434
634
3
124
Public UtilitiaoAlabama Power $7 Md..
36%
Amer & Foreign Pow ware_
Amer Gas de Eine eum____• 186
•
Preferred
Amer Lt & Tree cora __.100 217
100
Preferred
Amer Nat Goa corn v o__• 1734
[Var.. 127,
FINANCIAL CHRONICLE
2946
Low.
High.
5214
14
33%
400
3'le 33ie
16
16
100 16
4%
1231 16 123.100
40
54
7.400 23
28
2935 1,300 2614
30% 31
300 1934
54
57% 2,800 30
1,200 6534
92
89
19% 2035 4,000 17%
19
2134 2,000 17
68% 69
925 39
300 428
560 584
54
100
635 64
180 104
175 19434
435
Nov
Nov 16
Jan 16%
Feb 54
Sent 3235
May 31
Sent 60%
Mar 92
Oct 20%
Feb 29
Jan 7231
Jan 5813
9
Jan
May 200
May
Nov
May
Nov
May
Nov
Apr
Sept
Nov
AM
$7.,v
Oct
May
Aug
5%
100
74 74
20
2634 1,300 20
45% 48% 11,700 23(4
100 25
2835 2834
600 3134
3535 3531
20s 13
18
18%
2,200 154
1834 20
18
400 1434
20
1735 2034
300 18
1.300 25
25
25
430 8125
279 300
234
635 935 89,700
1594 182% 7,900 30
3935 40% 2,800 31%
Oct 10
May 29%
Jan 48%
June 3634
Mar 45%
Feb 26%
Sept 28
Oct 40
June 2334
June 2834
Jan 300
11
Feb
Jan 185
Sept 42
May
Oct
Nov
Oct
May
May
June
Mar
Se-it
June
Nov
July
Oct
Nov
4614 5035
3,500
33%
Feb
984 99
38
40
106 106
134 14
5
5
935 934
314 324
2835 29%
4231 5034
48%
35
6034 60%
150 157
183 n195
13434 141
3235 3334
29
25
4234
25
2534
38
35
2434 2535
4435 454
334
335
63% 59
24
22
104 104
125 1284
1835 21
2,400
1,300
100
400
500
400
1,800
900
17,900
44,900
300
100
700
2,100
21.500
37,400
19.700
2,000
9.200
11,400
500
1.000
2,200
700
200
6.800
28,800
84
34
100
60c
234
83-4
30
244
38
14
50
145
125
125
254
11)4
424
14
30
11%
33
3
414
21%
10
125
18%
Aug
Aug
Feb
Jan
Feb
Apr
Nov
Oct
Feb
Mar
Mar
July
July
Jan
Jan
July
Nov
Ms'
Jun*
Feb
Jan
June
Apr
Sept
Oct
Nov
Nov
100
49%
107
4
5
19
33
35
5034
484
634
178
202%
15034
tg
2934
4841
29(4
44%
26%
4744
434
6034
2734
13%
128%
35
May
May
Sept
Apr
Nov
May
Nov
Jan
Nov
Nov
Nov
Jan
Oct
Nov
Fet
Nov
Nov
Oct
May
Oct
Sept
Feb
May
Oct
Oct
Nov
May
535 64
25% 27
4834 (3134
515 540
934 914
15% 15%
254 26
24% 2534
6534 6534
27% 2835
40
41
95
96
2134
20
804 814
93 114%
1134 12%
7435 7535
57%
52
494 49%
55% 6331
4131 46
9434 100
77%
73
63
82
130 130
41
41
13
13
174 21
80
80
26% 294
15,000
24
6,400 2535
16,500 4335
540 450
6
200
1,000 10%
1,900 19%
8,700 23
100 54%
1,100 1335
3,900 19
2,100 6835
1.700 17
350 76
4,200 524
1,300
845
1,500 6334
7,500 274
600 2835
17,700 2934
6,600 2035
700 94
5,800 1034
7,325 5331
100 123%
300 3814
9
200
46,300 17H
100 76
1,600 13%
May
Nov
Nov
Feb
Apr
Feb
Feb
Nov
May
Feb
July
July
Aug
July
Feb
Aug
Jan
July
July
Aug
Mar
June
Feb
Aug
July
Aug
June
Nov
Aug
Aug
7
27
6135
62834
10
1534
29
2834
704
33
43
96
42%
91
114%
1334
77)4
694
824
634
54%
100%
84%
100
135
48
1635
21
87
29%
Apr
Nov
Nov
Apr
Oct
Oct
Oct
Nov
Aug
Sept
Nov
Nov
June
June
Nov
Oct
May
Oct
Mat
Nov
Oct
Fet,
Jan
Jun.
July
Jan
Jan
Nov
Sept
Nov
21
Oct
244 Jan
Mar
15
3734 June
16% Apr
5935
29
21
87
6731
Nov
Apt
Oct
Nov
Not
Nov
Nov
Jan
Sept
Oct
Oct
Al)
Apr
Nov
Nov
Nov
Oct
etp
Jun*
Oct
Mar
Oct
Nov
Nov
Apr
47
254
1935
80
58
5934 5,100
1,100
2535
1,400
20
87
19,500
67% 4,100
794
55
10
3135
92
574
8
92
414
3834
18
13%
30%
3735
10
2035
5131
53%
32%
85
5734
1234
3434
50%
96
60%
9
96
41%
394
21
14%
3435
39
10%
2035
5735
584
34
51,700
8,400
18,900
4,500
1,000
2.300
1,200
700
400
490
400
1,300
1,000
17,800
1,400
600
200
11,200
2,900
1,800
7934
5431
5
3134
504
67
61
4(4
34
4135
3835
7
1134
204
26%
1035
1235
3135
5334
3134
Oct
Nov
Sept
Nov
Nov
Feb
July
Sept
Feb
Nov
Nov
Jan
June
Mar
Jan
Nov
Mar
Mar
Nov
Oct
91%
5935
20
6234
56
9634
664
1734
96
41%
39%
2134
16
36%
4034
234
24
57%
584
48%
3
7
14
1534
1
55c.
12
234
1414
634
444
3
10
335 35,300
8% 9,900
400
245
19 149,200
334 79,700
6,800
144 11,900
25% 1,600
31,900
17
7(4 16,800
5 106,400
34 11,600
1235 4,300
3
7
1%
235
50e
55c
1135
114
144
634
34
88e
834
Nov
Nov
Nov
Apr
Nov
Nov
Nov
Feb
Nov
Nov
Oct
Oct
Oct
334 Nov
84 Nov
23-4 -Nov
Nov
19
3.35 Nov
1 -Nov
1435 Nov
2535 Sept
1734 Nov
7% Nov
Nov
5
335 Nov
1235 Jan
ao
Odted
P'rtuay
Last Week's Range for
Week.
Public Utilities (Cond.) Sale
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan, 1.
Jan
100 114
115 115
is% Feb
36% 37% 22,600
18434 1884 11,800 11734 Jan
107 107% 11,000 10334 Oct
Jan
975 170
216 22135
251 1074 Apr
113 113
17
173i 6,5001 1635 Oct
116
39%
190
111
249
117
22
Apr
Nov
Nov
Ma)
Ma,
Apr
Me.
Adler Pub Util, part pfd100
Amer States Sec corn al A..•
Corn class B
•
Warrants
Amer Superpower Corp A •
Class B common
•
First preferred
Arizona Power com_ _100
Assoc Gas & Elea CIA....'
1331
13%
5%
51%
52%
9931
49
Bell Telco of Pa634%._100 115%
Brazilian Tr L & Puew ord 704
Brooklyn City RR
100
7
Buff Niag & East Pr corn.• 5934
Class A
• 4634
Preferred
26 26%
Gsntral Pub Seri/ Or A---.• z3534
Cent & S W UtliPrior lien stock
Cent States Elec corn._ _.• 116
6% pi with warrants.100 10235
6% Did without warn...
7% preferred
100
19
Warrants
384
Cincinnati Car
Cities Serv Pr & Lt $6 p1.' 9735
7% cum pref
100
Columbus Elec de Pow,corn
Co
Edison Cu inti *i(154
Com'wealth Pr Corp pf. 100 10234
cons0 E & T Bair man • 874
Cont.]G & E 7% pr p1_100
Duke Power Co
100 13934
EBY! States Pow B corn_ _.• 4235
Elec Bond & Sh pref. __100 10934
Elec Bond & Sh Sector__ _.• 138
Elec Invest without war. • 7234
Elec Power de Lt 2nd pt A" 10335
2034
Option warrants
Electric Railway Sec...."
Empire Gas & E8% 01.100
Empire Gas & E 7% p1.100 9935
Emplr4 Pow Corp part etk• 38
28%
Engineers Pub Sera war..
FederalWater Serv al A__• 41%
Fla Pow & Lt. pref
General Pub Serv Corn ..• 29
General Pub Sera 7% Pi.*
intermit Util class A
• 46
Class B
• 15%
Partic pref
Warrants
1235
Italian Soper Power
Warrants
X C Pus Serv, corn v t c..•
Long Island Light new.... 4935
Marconi intermit Marine17
Commun Am dep rots__
1334
Maroon! WIrel T of Cm_ _1
Marconi tvireless Tel Load.
2534
Class 13_
Middle West Util corn_
•
7% pref
$6 cum pref
•
......
Minn Pow & Lt 7% pfd_
Mohawk & Bud Pow corn' 54
• 10834
let preferred
•
2d preferred
19
Warrants
Mohawk Valley Co
Cthe of deP class A
Municipal Service
• 30%
Nat Elee Power Class A..' 3535
Preferred
100
Nat Pow & Light pref._. • 108
Nat Pub Serv corn clan A-• 2535
Common class B
•
NY Felep 64% pref _.100
Nor Amer 11t11 See corn.__• 124
let preferred
Northeast Power corn _ _•• 5034
Nor States P Corp oom_100 14735
7% preferred
Pacific G & E let pref. 25
Pac Pow & Ltg 7% Of- -100
5134
Penn-Ohio FA corn
100 10535
7% prior prof
26 preferred
• 97%
28
option warrants
Penn Ohio Secur
• 17%
Pa Gas & Flee class A...
Penn Power .5 Lt $7 prof."
8735
Peon tt firer & Power._ _
Power Corp of Can com •
POW Corp of Can 1st P1.100
Power Securities corn. •
50 133
Providence Gas Co
Puget Hound P.5 L eons 100
100 9844
6% Preferred
41erra Pacific El com__100 57
South Calif Edis A pi_ _ _25 29
25
Preferred B
531% preferred C. _ _25
Bo Colorado Pow ci A...25 2534
Ssutheast Pow & Lt corn • 55
•
Commcn v t c
• 88%
Partic pre:
27 preferred
•
20
Wareta to our corn stk._
So'west Bell Tel pref. .100
So'west Pow & Lt
0100
Stand Gas& Elee 7% pf 100
Standard Pow & Lt com .26 4535
Preferred
•
Swiss Amer Elec prof
Tampa Electric C
• 66%
Union Nat Gas of Can '
United Elea Serv warrants
United Gas (mut
ao 16535
United Lt & Pow corn A..' 2634
Preferred B
32%
111 Pow & Ls class B.
1411 Sharee Corp °out.- • 1734
Western Power pref.. .100
•
Winnipeg Elec Co
ioo
9135 9135
13
13%
1334 1434
54 6
5034 54%
51% 58
9935 100
194 22
4735 50
115%
7034
7
584
4534
2634
3535
Range Since Jan. 1.
Low.
25 90
7%
11,700
7%
7,700
•R
22.900
31,300 3331
9,800 3431
500 98
275 15
17,900 8035
10 114
11535
7535 5,200 5435
6
735 7,000
61% 42,200 3014
4934 7,700 31
2635 1,500 25%
3634 2,000 1914
99
99
116 11734
101 105
9835 994
114 115
1534 35
3834 39%
9735 9731
10734 10731
6634 67%
198 203%
102 10235
86
9035
10445 104%
139% 140
4034 48
109 10944
133341433-4
72% 7534
101
10334
2034 22%
714
714
11135 11135
9935 9934
35
42%
244 28
41
4234
1014 10135
2735 29
140 14034
4435 46
1435 1534
97
97
434 5
1234 14
634 734
7
7
44% 50%
50
900
900
1.100
200
1,800
1,800
500
300
300
1.890
1,100
3,100
125
125
27,300
700
58,100
34,300
400
9,300
100
400
500
21,000
2,200
23.200
100
6,200
125
2.700
28,200
160
4,300
6,200
7.200
100
17,100
High.
Feb
Jan 92
Mar 1435 Oct
Mar 18% May
Apr
6% May
Apt
Aug 56
Nov
Aug 58
June 105% May
Nov
July 28
Feb 52% May
Apr 119
July 76
9%
Jan
Jan 6131
Jan 50
Nov 27
Jan 38
Mar
Nov
May
Nov
Nor
May
Oat
11434
.20
105
994
121%
35
3934
102
109
79%
203
104 34
9234
1084
14834
48
11135
144%
79%
106
24%
8g
11314
105
4234
28
4234
10834
2934
145
52
19%
105
4%
16*
8%
1535
50%
May
Nov
Nov
Nov
May
Nov
Nov
May
Apr
May
Nov
Jan
99
30
984
9835
10434
7
3334
9535
1054
65
467
9934
671*
10434
130
11%
10734
76
40%
101
1335
644
11044
9934
dO
22
2734
100
1634
115
4134
3%
97
1
10
354
7
42%
Nov
Jan
Nov
Nov
Jan
Nov
May
Jan
Jan
Sept
Jan
Oct
Jan
Aug
June
Jan
JU1Y
Jan
Jan
Nov
Jan
Jan
Fe
Oct
Feb
Nov
Jan
Oct
Jan
Jan
Oct
Feb
Jan
June
Oct
Oct
Nov
Nov
12
3
May
Feb
may
Jan
May
Nov
Apr
Nov
Ma,
Apr
May
Aug
Apr
May
Nov
Nov
May
Apr
Nov
Nov
May
May
May
Nov
June
June
Jam
Nov
IR
10,100
154 17
94 1435 68.400
18%
166
121
101
49
4835
10734
107
18
July
Jan
Jan
Jan
Nov
Jan
Sept
July
Jan
27
173
125
1014
49
68
110
108%
19%
Nov
Nov
Feb
Nov
Nov
Nov
Jan
Sept
May
Nov
Jan
Jan
July
Oct
Jim
Jan
June
Jan
Jan
Jan
Jan
Oct
June
Nov
Jan
Oct
Feb
Jan
Feb
Jan
Apr
Jan
Aug
Oct
Apr
Jan
Jan
Jan
Jan
June
Sept
Nov
JUIY
Feb
Feb
Jan
July
Feb
1173' Aug
Aug
105
109
Nov
2934 Jan
102% Nov
Nov
98
59
Sept
2834 Jan
134 July
111% Jan
1331 Jan
5234 Jan
1834 Jan
II
Feb
10214 July
10634 Nov
71
3134
404
110
111
29%
3434
11534
1534
9644
56
152
110%
30
109%
5234
109
100
29%
25
27
111%
90
96
101
1734
140
10731
105%
62%
30
30
25
2(135
61
5735
92
11135
24%
121
11735
115
58%
107%
10334
7834
45
341
17345
2734
58
3334
184
108
1064
Aug
Nov
May
Apr
Feb
May
May
27% 62,000 1531
600 123
17135
100 117%
121
300 94
10231
50 49
49
25,500 2944
58
125 10634
108%
275 10234
108
6
1935 22,100
65
65
3034
30
3535 3735
106 105
107% 108
25
2534
30
30
1134 11435
11% 1535
9535 96
47
56
14635 15134
108% 10834
2634 2734
107 107
504 52)4
10434 10535
97
98%
27
2935
1634 1735
2535 26
107 110
s82
89
81
87
100 100
16
16%
131 133
98 102
973( 98%
56)4 58
29
29
26% 26%
2435 2434
2534 2535
54345834
55
5635
8834 8835
106 10635
1935 2135
1184 118%
10835 10834
109 110
4535 47
102% 102%
96
97%
66% 68
4031 42
234 3%
164 173%
25% 264
5545 56
3054 33%
16% 17%
106 -106
1064 1064
100
15,500
900
10
603
3,000
200
825
22,300
300
61,500
9,600
200
400
30
9,700
460
140
3,300
1,900
1,200
120
2,900
325
50
500
50
1,340
140
1,400
1,100
600
200
300
14,900
2,400
100
200
3,700
50
100
200
SOO
150
800
1,300
700
13,200
60,800
88,100
300
14,700
7,300
200
50
17
Nov
134 Nov
65
1331
2734
9934
10634
22
244
11131
7
92
194
133
1074
234
107
3234
103
92
II
13
20
106%
68
71
100
11
117
34%
92
29
28
26%
244
23
41%
40%
84
106
1234
Former Standard 011
Subsidiaries.
6,900 17
1835 19
tnglo-neuer Oil ivot Ns; SI 19
174 1834
1,900 1635
Non-voting shares....£1 18
49
50 4434
49
Borne Scryrnser Co_..100
200 58
6834 69%
tsuckeye Pipe Line
50
1,000
145%
11734
150
150
Chesbrough Mfg
25
26.700 16
1935 20
ontineutai 011 v to.._ 10 19%
200 644
72
70
Eureka Pipe Line
100 72
200
431
731 7%
Galena Signal 011
100
100
73-1
7)4 7)4
735
Certificates of deposit
10 8034
83
83
New preferred
100
o
8334 8341
Old preferred
100
Humble 0114 Refining...25 105% 10534 11431 59,700 n934
700 17634
255 259
snouts Pipe Line
100
22%
Jun
20)4
Jun
Oct 5635
Jan 76
Jan 161
2:3
Feb
Jan 88
13
Jan
71.1
Oct
Oct 85
Jon 8931
Feb 114%
Jan 264 ,
Nuf
Nov
Sept
Nov
May
Mar
Apr
Feb
Nov
Aug
May
Nov
may
may
Apr
May
May
Sept
Sept
Apr
Oct
Apr
Oct
Apr
Apr
Nov
Oct
Alit
June
Mar
may
Ma,
Sept
June
May
May
Apr
May
Oct
May
Nov
Nov
Sept
Mar
Nov
May
Apr
Nov
Feb
Feb
Feb
Apr
Apr
Jan
Apr
Juke
Nov
Oct
July
Nov
Nov
Former Standard 011
Subsidiaries
(Concluded)
2947
FINANCIAL CHRONICLE
Nov. 24 1928.]
Saks
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High. Shares.
Range:Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
HondoNov
10.600 564 Feb 104
Imperial 011(Canada cou• 904 8934 95
10134 101% 5,000 10034 Apr 10234 Man
100 6134 Apr 904 Nov Abbotta Dallies 6a-1942
90 34 904 0034
Nov 9404 41.15
Registered
14053 864 84% 863-4 311,000 84
P & P 50 A
Abitibi
Oct
914
Fet
1.800 741.4
50 8234 523-4 84
Indiana Plpe Line
43
554o
Straus
Abraham &
May
324
June
194
5,300
244
34
22
Oct
234
50
_12
Oct 114
1054
National Tranidt___
With stk purchase warr_ 11034 110 111% 251,000
Oct
350 38% Jan 75
71
May
100 704 70
98
New York Transit
11452
98% 15,000 944 Jan 101
Oct Adriatic Electric 7s
200 5634 Sept 69
634 6331
Mar
10034
Sept
93
37,000
96
Northern Pipe Line new 50
9634
Alabama Power 041 1967 96
Nov
46,200 5834 Feb 78
26 75% 72% 78
17,000 994 Oct (15)105 Nov
Ohio Oil.
1956 10254 101 104
1st & reI 56
May
June 84
1,900 28
39
38
Oct
25 38
Jan 68
604 109,000 35
Penn-Mel Fuel
55
55
Sept b534 Nov Allied Pk, 1st col tr 88_1931
46
127.800
5431
654
64%
Oct
_25
_
Aug 68
Gas.
30
Oil&
68,000
Prairie
5631 62
1939 59
Deb 05
Nov
Aug 247
10,050 172
218 247
July 1033-4 API
WO
Prairie Pipe Line .. ..1011 247
70.000
101%
102%
1014
'54
he
Costdeb
Aluminum
Nov
216
Mar
300 167
211 34 212
100
Solar Refining
9804 9834 19,000 9554 Aug 100% July
Aug Aluminum Ltd S. _ _ 1940
19
July
Nov
Southern Pipe Line new_10 18% 1434 184 2,900 12
82,000 974 June 117
11634 115 117
6834 8,600 164 Jan 714 Nov Amer Aggregates 6a...1943
25 674 67
S• nth Penn 011
6043
Alcohol
Corrint'l
Amer
Apr
Jan 104
900 70
80
8534
Nov
12034
July
98
211,000
frwest Pa Pipe Lines..100
1204
119
11934
With warrants
7134 Feb 9535 Nov
Standard Oil(Indiana) _25 9051 863-4 95% 110,500 16
Amer 0 & El deb 5s 202). 9834 984 99 189,000 934 Aug 101% At.
Jan 2784 Apr
Stattlard 011 (Kansas).- 25 2284 224 23% 3,400 1224 Fri
Light&
Power
1794 Nov American
Mal
June 110
Atandard 011 (Kentlicky,25 17634 170 17934 33,100 3114 Pet
er'. without warrnts 201e 10734 10734 1074 165,000 105
5404 Nov
543-4 4,600
26 :5234 50
Aug 1004 Apr
7
Standard 011 (Net))
9944 9934 4,000
ima• 11134 Nov Amer Radiator del) 4 48'47
2,850 71
10334 103 107
Aug
99,4
81,000
I'554
Standard Oh(0)corn
98
9754
974
May Amer. Roll Mill. deb 51.
Jan 125
70 100
100 11734 1174 119
Sent 1064 Ago
Preferred
9734 37,000 94
9734 95
193r
Amer Heating es..
23,500 72 Jun. wig Nov
9884
May
• IlIl ill new
117 120 118,000 99 June 125
Amer Solv At Chem 68.1936
99
Nov 101% Jan
1,000
994
9934
1928
Amer Thread 68
10114 Jan
Other Oil Stocks.
Anaconda Cop Min 60.1929 10034 9934 10004 40,000 9914 Oct 10234 Msr
Juni
76.000 97
99 100
Oppalachlan El Pr S. 1956 99
14 Jan
710 790 27,300 65e Fs pt
72c
101de. _ .1
,
June 10134 mar
wer Cony 0111
9734 984 72.000 96
Arkansas Pr & Lt 60_1956 98
934 Nov
3.35 Feb
94
83-4 954 211,300
6
Nov
24,000 9574 Nov 93
tner Maracaibo Co
34
98
9534
98
New
44 Sept
7.600
:4
23.4 Feb
29-4 4
10
May
July 101
4.000
95
Argo Oil Corp
97
97
334 Nov Arnold Print Wks 68 .1941
334 Nov
3% 33' 2,900
334
Aug
Arkansas Gas Corp corn..'
9534 9634 48,000 9434 Sept 102
954
1930
6s
8
,
PY81
&
Dye
An
Nov
734
Nov
100
735
100
Mal
Preferred
Associated 0& IC 545 1977 10134 10154 102 131,000 5945 July 1144
Apr
5
100
234 234
134 Jan
24
11354
07
Atlantic Lobos 011tsym .•
Mal
1936000
Aug
10034 10434
Conde b.434s WI war190 104
Nov 9934 Nov
Barnadall Corp etk purch
99% 1573000 94
95
97
Without warrants...
2934 Nov
34 July
233-4 2234 243-4 84,900
Apt
8,000 (414 Jan 92
Warrants (deb rights)..
Nov 58.8118.5 Sim Hard 654* '33 863-4 5634 88 491,000 124
48
300 3204 Feb 55
48
Nov
Nov 127
British Amer Oil coupon_ •
124 127
124
4345_1948
F
S
&
Top
Ate')
Jan
Ncv
2334
z4
z4
83,600
2134
z4
.
eon,
12.000 1554 Apr 2034 May
a,in Syndicate new
20
20
.1949
88.
Fruit
Atlantic
No
1784 Nov
16
1784 3,300 16
16 34
74.000 104
Cohn 01'
Aug 1153'l May
854 May Atlas Plywood 54*._ .10411 10634 105 108
634 July
300
654 654
634
1
Canard Royalty 011
Bates Valve Bag 6s. _1942
1734 May
124 59,000 104 Jan
• 124 11
Man
59
Jan 116
33.000
1124
34
108
Creole Synoicate
34
112
warr
purely
With stock
34
134 134 3,500 750 Sept
14
Nov
July 116
27.000 99
Crown Cent Petrol Corp..'
113 115
15
Oct Beacon 011 6a. wlth warr36 114
15
2,700
13
634 Sept
July lob% Muss
Crystal Gil & Ref corn ____* 1435
10234 16,000 '02
1023.4
10254
11056
5a.
Canada
of
Tel
Bell
Oct
58
56
150 48
56
Sept
100 56
Feb
July
106
5,000
10204
Preferred
103
10234
1st 58 series B Jan 1957
84s Jar
28
3,600
27
• 27
334 Oct
39,000 894 Aug 311154 Jour
Darby Petrol Corp.
9234 93
601
214 Nov Berlin City Flee es ..1958
2134
74 Fe
21
Feb
2,000 9835 Jan 101
Derby 011 & Refg pref.- •
100
100
1929
634% notes
Nov
60,700 10134 Feb 165
July 10454 Apr
12,000 101
1014 103
tiult Oil Corp of Penns..26 1574 145 165
74 Nov Boston Con Gas 5a.. _1947
64 Nov
64 704 14,100
745
Homaokla Oil
1)53.4 Aug 100 34 May
......
5,11967
RR
Maine
&
Boston
24
Nov
29.000 113t Feb
Bourdon Gulf Gas_ . _ _ • 224 1834 24
10134 1014 5,000 1014 Nov 10414 Jan
193.3
6s
Jun,
134 234 83,800
1
234 Mar
24
intercontinental Petrol.. it)
Fel
55
Nov Burmeister & Wain Co. of
59,200 35
4834 51
Jan
1,000 94% JIM 100
International Petroleum_ • 49
96% 9674
'40
65
yr
15
Copenbiwen
600
14 Jul)
2%
2
3 May
2
•
Jun 11444 Jan
24,000 108
Kirby Petroleum
10934 111
4
Non
454 634 8,700
9% May Canadian Nat Rye 704.1935 10934 10101 10234 9,O0 100 Sept 30555 Mar
6
Leonard 011 Develonin't_36
1014
1950
5s
Lt
&
Pr
Carolina
Oct
434
Fet
11,500
374
20
4034
• 39
62,000 89% Aug 971k Apt
Lion 011 Refit
924 93
65
1,700 4834 Apt 654 Nov Cent States Else Se. 1148 93
Jar
99
LoneStar Gas Corp .-.25 6445 64
95% 964 23,000 954 Sep
650 720 11,300 540 Sept
134 AIM Cent States PA Lt 64s'53 9634 100 10054 7.000 97
Magdalena Syndicate- _1 66c
Jun
111234 July
1942
Tool
54e
Pneum
Chic
700 3434 Oct 48 34 Jan
35
3634
• 36
Jan
87
Aug
7,000
Margay Oil
78
80
7934
101 24
434 Mar Chic Rya 5,(Ifs deli..192:
1,400
135 Jan
24
1
4r"
Marland 011 of Mel
8854 8834 9034 59,000 4701 Ault 964
S
24 No
Mar Childs Co Orb Si,
33-4 314 1,000
•
10434 Mar
Mexico-Ohlo 011
5,000 974
310 35c 11,100 200 Juls 74o May Cincinnati St Ry 554s 1952 98% 98% 98% 88,000 MN Sept
mny
Mexico 011 Corp.. -.10 310
Apr
964
94
9434
944
14 134 9.200 76e June
134
1S4 Oct Citlee Service As .. Woo
mu
35,000 93
Mountain & Gull011-1
Nov 98
93
284 Jan Cities Service Oas 554, 1942 9334 9834 93% 24,000 98
Aug 103% sot
Mountain Prod Corp....10 21% 214 224 15,200 1934 Sept
9934
Mar
3034 Apr Cities Sent Gas Pipe i. 6043 99
• 26% 264 2734 2.000 24
Nat Fuel Gas new
974 974 133.000 964 Aug 1011
97%
PAL
1952
5140
Beni
Cities
43-4
5
534
44
Jan
2,000
434
Sept
Nov
1.000 10304 Oct 107
New Bradford Oil
107 107
200
'234 Sept
335 354
5% Apr Cleve Else Tel 58 A__ _1954
5,000 97
New England Fuel 011_ *
Jan
June 100
9754 98
1634 224 46,600 15
No. 224 Nov Cleve Term Bldg 68_..1941 98
22
N Y Petri I Royalty
99 34 994 5,000 9934 Nov 9954 Nov
Bdge
Riv
Columbia
854s'.53
May
10
1
Nov
1,700
10
134
•
034
North Cent Tel 011
Jar
3.000
944
83
July
34
88
8734
8844
8c
15c June Commander Larabee tis '41
80
2,000
30 Feb
1
Northwest 011
39,800 244 Nov 264 Nov Comment owl Privet
• 244 244 26
Pacific Western 011
58,000 8714 Aug 8434 Jan
88
874
88
5
Bank
Aug
Ks-- 231
234 334 14,800
Jan
34
6
1537
Pandem 011 Corporation *
22,000 9634 July 1023-4 Apr
99% 100
11 34 19,200
834 Feb 15S4 July Commonw Edison 4%s '57 100
Pantepec Oil of Veneauela• 1154 11
600
6
7% Apr Come!0 EL&P Balt414 Oct
634
634
Pennock 011 Corp
Jun. n10854 Feb
31.000 104
106%
106
1949
A..
series
613.
274 31., 12,300 27
Nov 3114 Nov
29
Plymouth Oil
May
12,000 9754 Oct 102
99 100
9
100
9
1434 Ain' Consol Publishers64s 1936 99
June
8
25
11,000 89
Jan
Red Bank 011
Sept 96
94
93
93
11141
88
Textile
Conrail
Aug
13
93-4 94 12,300
.34 Pat
93.4
66,000
974
Reiter Foster Oil Curt,
Mai
Aug
8914
933-4
923-4
9254
1950
2434 2434
100 22
Apr 314 Mar Conti0& El 5s
fay
25
YU
RIcblield Oil Pre
32,000 9414 Aug
97
97
97
1937
011
Continental
534s
Nov
104
104
Jan
83-4
15,400
434
104
•
Byau Gummi Petrol
Sept 954 Feb
2,000 91
91
91
Jan Cost-Meehan Coal 634854
1,000
7
534 Nov
534
501
10
21,000
trait Creek Cons Oil
Mar
9834
Aug
954
9734
97,4
1929 973-4
tan Cuba Co 6% notes
45
lb 2534 254 264 11,300 2331 Sept
2,000 1094 July 112% Aim
Salt Creek Produeora
111
111
910
Nov Cuban Telep 74a. _ _ _1941
Oct 1475
Superior Oil B warrants_ _ _ 1475 1200 1475
Nov
994 10134 17,000 973.4 Jan 12
3•Is 3111, 15,80
3
43-4 May Cudahy Pack deb 54a '37 993.4 99% 101
Mar
301.
1
Teton()IL& I and
30,000
99% July 102% Mar
1946
5s
Feb
2234 May
Wit4 May
24,000 80
Tidal Osage Oil v t stook * 16% 1634 174 2,800 13
Jan
904
90
C
0054
1101
Ry
Lake
Der,
Salt
&
1534 1634 2,500 1334 Feb 2154 Apr
• 16
Non-voting stock
1014 10231 12.000 9944 Aug 104% M11.1
Detroit City Gm
700 75
B 1955 1014
July 93% Jan
Transcin a 011 7% Pref.100 864 864 9134
3,000
June 10815 Pet
1947 10604 1063.4 10634 31,000 UM
_
6s. setles A
800 18
Nov
Jan 62
• 62
604 62
Venes-Max Oil
93
Nov 1044 Ma'
944 9634
95
Detroit lot Wise 6145 1952
54,100
84 Oct
74
64 8
44 Sept
.0a•
38,000
Venesuela Petronum- -6
Nov 101
88,4
884
34
89
25-year e f deb 71 1952 8801
500
34 Apr
54
534 544
834 Apr
Woodley Petroleum Corp1937
634p_
Gas
Gulf
Dixie
234 Feb
834 May
6
535 744 22,400
25
7.000 894 Oct 9935 Jae
"V" 011 & Oas Co
90
90
with warrants__
Aug 9935 May
95
963.4 11,000 93
Elec Pow (Germ'y)635s 53 95
Aug 91335 MW
9234 934 86,000 412
Emulre OIl & Rata 6HO .42 93
Mining Stocks.
27,000
904
Oct 9714 stAr
92
913.4
1967 92
Eur Mtge A, Ins 7,
96
9654 27,000 7834 Aug 974 Jan
'42
ha
Co
&
Morse
Fairb'ka
30
30
Apr
Jan
1,000
6c
Amer Comm Min & M111.1
44 5
Alr
700
4
5
431
534 Feb Farmers Nat Mtge Inst
10,000
924 Nov
Arizona Commercial
1963 92% 9231 924 10,000 92% Nov
In Hungary 78
23% 26
27,600
2734 Apr
10 25
Nov
Carnegie Metals
8014 Aug 91
88
86
_1933
100
44 Feb Federal Sugar
3
Aug
33.4 34
1
ma.,
731,000
10814
I)slIj
ctriet Con.ol Mining
June
104%
106
55c 60c
2.600 20c May 60c Nov Fed Wat sery100 634. 1957 10634
CAnernock Tub & Dege_100 60c
Residential
Mtge
Finland
16
144
5
Jail
154
70,800
16
_5
Nov
Muses_
19,000
944 Oct
Consol Cooper
1961 9434 943-4 944 37.000 93% NOV
4 260
Bank 613
2944 320
Jan 320
Nov
Aug
90
Cons klin & Smelt (Cast)25
97,4 Ms,
94
180 18c
2,00
18c. Jan 32c. May Firestone Cot Mille 58 1948 9354 9334
l'
35,000 9214 Aug 9584 Jan
Cortez Sliver Mines
964
96
953-4
50
Cal
1942
TAR
Firestone
800
900
8,100 68c
Oct
234 Jai.
M & MI 81c
Creamy Consul
5c
60
8,000
Sc
t
6o Sept First Bohemian Glass Wks
3c Mar
Jan
19,000 85
Divide Extension.
Nov 103
86
lot 78 with stk pur war'57 85% 85
Apr
Ma•
80c 950
3.800
2
23,000 8834 Nov 8854 get
Dolores Fsperanza Corp 2 900
883.4 90
1931 90
Flak Rubber 535s
17
17
Rio 17
18 34 Feb
Nov
20 17
106,000
40914
API
91
Eagle Picher Lead
Oct
92
933-4
4
43.4
1.200
134 Jan
Oct Florida Power* LI 50 11154 92%
6
10
Feb 10134 Aug
East Butte
1004 100% 2,000 87
434
4
Jan
Galena Signal Oil 7e 1930
1,300
2
134 Jan
51,000
101
Engineer Gold Min Le4.5
Jai,
Oct
9634
97
97)4
97
latineau Power M.__ linla
9% 12
37.700
634 Sept 1334 Nov
34,000
Evans %%'Mower Lead com• 12
Jun 1041, Al,
1941 1004 100% 100% 75,000 100
80
70
Si
Nov 85
200 70
80
Oct
Mar
97
Preferred
90
Oct
924
91
92
6a_1934
100
Mln
Jar, Gelsenkirchen
60
44,000
Sc July 16c
80
1
Falcon Lead Mines
104 12
51,400
234 Jan
134 Sept Oen1 Amer Invest 5s 1952
•pr
82,000 86
()olden Centro Mines. . 5 12
Oct 95
8734 8634 89
150 200
W1thout warrants
9,000
Se
Jan
20c Nov
24,000 100
June
Goldfield Congo' Mines 1
Jan 118
104 34 106
.ten Laundry Mach It 34537 106
1534 174 6,700
1304 Apr
18
Jan
250 fog
Juno
23,000
10034
Aug
Heels Mining
94
96
9634
8% 9
2,100
184 Jar. General Rayon ea ser A '48 96
654 Oct
Hollinger Cons Old Mlisee 6
19% 21 34 184,100 16 34 June 2114 Fey
leneral Vending Corp-80.000 84
July 984 001
Bud Bay MID & Smell...• 20
86
14137 8534 85
16
Aug
33.4
warr
witti
010
8,000
454
214
4
May
Sept
84
Cower19,000 65
Can
Iron
Nov 9634 Jan
75
400 380 Sept 640 Feb Ga & Fla RR Ca
500 50c
1946 704 65
5
Mar
131,000 98
103
Kerr Lake
Sept
993.4
99
9934
134 2
3,100
Georgia Power ref 5...1967
134
11's Air
24 Nov
11,000
10054 Jan
Mason Valley Mines _6
99
May
10054 10031
500
354 311.,
3
Oct
534 Jan Goodyear Tire & Rub 5828
Mining Corp of Canada 5
Jan
1,000 100
Ap 0101
10055
10055
10034
394
64,800
25•4
543'31
453-4
Feb 474 Nov GoodyearT&IttCali
Jan
2,000 10634 Juno ILI
New Cornelia Cotwer. 6 45
108 108
238 241 34
150 1804 Jan 243
Sept Grand Trnk Ry 6%s.1936
101 241
New Jersey Zinc
Nov 974 Jan
8534 1.000 85
8554
15
14%
200
1958
60
Ry
W
de
Guant'amo
123(
Rosarlo10
1434
Sent 17% Apr
N Y & Honduras
194 2104 73.100 122
Jan 2104 Nov Guardian Investors 58.1948
Aug
21,000 99
Newmont Mining Corn.-10 206
Sep 101
9974 99 100
34 4,900
254
334
With warrants
6
234 Oct
34 Jan
19,000 99 34 Aug 1024 Mar
NipissIng Mines
62%
5234
1937 10154 10054 102
366,900
1754
62
Mar 64
Gulf 011of Pa 5a
•
July
Jan
10234
34,000
Aug
Mounds Mines. Ltd
9934
102
10154
14 373.000
79c
111
63e Sept
Sinking fund deb 58_1947
13( Nov
May
20,000 9714 Aug 102
Ohio Copper
99
99
24 24
300
24 Jan
234
Gulf Staten HUI 5s.....1956 99
1
834 Ian
Feb
6,000 99
Premier Gold Min
Aug 103
34
101
10034
10034
4,000
30
34
28
244 Sept 3234 Nov
29
Hamburg Elm Co 78.1935
16,000 8534 Oct 931.4 Aug
Roan Ant elope C Min Ltd_
4,500 400 Mar 760 Sept
480 550
480
Hamburg El & Ind 534s'38 874 8704 89
1.000 93
Aug 96% Sept
St Anthony Gold Min
9534 953-4
2434 119,500
19
eh Jan 2434 34., Hanover Cred Inst 68_1931
7,000 97
Nov iO3(4 Jan
Shattuck Denn Mining. _• 2234
97
984
400 10
1234 12H
1936 97
July
Hood Rubber 70
14
Sept
3,000
Jan
85 June 96
Silver King Coalition M 5
85% 85,4
33-4
600
334
'36
15
Oct
Jan
1
5140
2%
Plat..
435 sem
@FedFRASER