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financial-
The
rontde
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 123.
SATURDAY, NOVEMBER 27 1926
The Thronide
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The Conscription of Capital and Wealth in
Time of War.
Our good President has seen fit to bring up the
subject of the conscription of capital and of wealth
in time of war and to go on record as favoring such
a policy. Ready response has come, too, to the suggestion, showing the impossibility of carrying such
a policy into effect and the utter futility of attempting any steps in that direction. The occasion for Mr.
Coolidge's remarks was the address delivered by him
on Armistice Day (Nov. 11) at Kansas City, Mo., at
the dedication of the Liberty Memorial erected by
the people of Kansas City in memory of those who
served in the World War. The President spoke
without reserve, saying:
"It is more and more becoming the conviction of
students of adequate defense that in time of national
peril the Government should be clothed with authority to call into its service all of its man power and
all of its property under such terms and conditions
that it may completely avoid making a sacrifice of
one and a profiteer of another. To expose some men
to the perils of the battlefield while others are left
to reap large gains from the distress of their country, is not in harmony with our ideal of equality.
Any future policy of conscription should be all-inclusive, applicable in its terms to the entire personnel
and the entire wealth of the whole nation."
It seems to have escaped notice that President
Harding more than once before his death made a
similar suggestion. On the first occasion Mr. Harding was speaking under the stress of intense emotion
caused by viewing the remains of so many American
Bank and Quotation Section
Bankers' Convention Section
NO. 3205.
soldiers who had made the supreme sacrifice on the
battlefield and whose bones' had just been brought
back to this country for interment on American soil.
The President saw tier upon tier of coffins and was
utterly overcome by the sight. This occurred at the
exercises in honor of the nation's soldier dead at the
Army pier at Hoboken, N. J., on Monday, May 23
1921, a few months after the inauguration of Mr.
Harding as President. Mr. Harding participated in
the ceremonies, and he gave expression to the depth
of his feelings when he said: "I find a hundred
thousand sorrows touching my heart, and there is
ringing in my ears, like an admonition eternal, an
insistent call,'It must not be again. It must not be
again."' Newspaper accounts stated that Mr. Harding's voice broke, as he uttered these words, and his
eyes filled with tears.
The event seems to have made a lasting impression upon him. He referred to the incident over and
over. Speaking at the Memorial Day exercises at
Arlington Cemetery a week later—that is on May 30
1921—we find him remarking: "Only a few days
ago I saw more than 5,000 flag-draped coffins, tenanted with their heroic dead. There was mute eloquence in protesting war, theirs was the supreme
appeal for war's avoidance." And he kept constantly
recalling the incident thereafter. In another Memorial Day address in Washington two years later—
that is, on May 30 1923, only a short while before his
death—he again postulated the sad scene he had
witnessed, saying: "I have tried to visualize the
carnage and conflict, and the horrors and suffering
of war, softened by the comradery of camp and the
less perilous adventures of march and field, but I
came to understand how imagination had failed me,
when I stood at a Hoboken pier, among 5,000 dead,
in their flag-draped coffins, two years ago."
By this time Mr. Harding's thoughts had begun to
crystallize. The duties and obligations of war had
never been absent from his mind, and in his inaugural address, delivered on March 4, he had visioned an
ideal situation which he expressed in the following
words:
"If, despite this attitude, war is again forced upon
us, I earnestly hope a way may be found which will
unify our individual and collective strength and
consecrate all America, materially and spiritually,
body and soul, to national defense. I can vision the
ideal republic, where every man and woman 'is
2688
THE CHRONICLE
called under the flag for assignment to duty, for
whatever service, military or civic, the individual is
best fitted, where we may call to universal service
every plant, agency or facility, all in the sublime
sacrifice for country and not one penny of war profit
shall inure to the benefit of private individual, corporation or combination, but all above the normal
shall flow into the defense chest of the nation. There
is something inherently wrong, something out of accord with the ideals of representative democracy,
when one portion of our citizenship turns its activities to private gain amid defensive war while another
is fighting, sacrificing or dying for national preservation."
Now—in the Memorial Day address on May 30
1923—he was ready to declare for positive action.
After citing the heart-stirring scene witnessed at
Hoboken so indelibly impressed on his mind, he made
this emphatic pronouncement:
"In all the wars of all time the conscienceless profiteer has put the black blot of greed upon righteous
sacrifice and highly purposed conflict. In our fuller
understanding of to-day, in that exalted consciousness that every citizen has his duty to perform and
' that his means, his honor and his life are his coun• try's in a time of national peril, in the next war, if
• conflict ever comes again, we will not alone call to
service the youth of the land, which has, in the main,
fought all our wars, but we will draft every resource,
every activity, all of wealth,and make common cause
of the nation's preservation."
But Mr. Harding did not rest with the foregoing
declaration. During a visit to the soldier sick at the
Army's General Hospital at Denver on June 24 1923,
he reiterated his statement, saying: "If ever there
is another war, we will do more than draft the boys.
If I have anything to do with it, we will draft every
dollar and every other essential."
Returning now to the utterances of Mr. Coolidge
(in which it is apparent from the foregoing that the
element of novelty is lacking) what the President
said met, as already noted, with a quick and unanswerable response. We have never seen a more effective rejoinder to the suggestion put forth than the
immediate comment upon it made by Senator James
A. Reed of Missouri. We quoted Senator Reed's
remarks at length in our issue of Nov. 20, page 2606,
and gave the President's address in full in our issue
of Nov. 13, pages 2475-2477. Mr. Coolidge's declarations were characterized in a formal statement made
by Senator Reed on Nov. 13 as "the most astonishing
statement which ever fell from the lips of an American President." "Such a proposal would spell na• tional paralysis and national defeat," the Senator
was quoted in Associated Press advices from St.
Louis as having asserted on Nov. 13. "I heard this
phrase, the 'conscription of capital,' first employed
by that class of pacifists who insisted that the World
War was deliberately brought on by capitalists who
desired to enrich themselves out of the struggle and
that if capital should be conscripted wicked capitalists would no longer promote wars. Of course, the
idea that the recent war was the result of a con-
[Vor. 123.
spiracy of capitalists is an absurdity which reasonable men do not for a moment entertain. But I
never expected to hear the President of the United
States publicly declare an acceptance of this monstrous fallacy and yet more monstrous doctrine of
general conscription."
Mr. Reed, however, was especially felicitous in his
neat and effective characterization of the suggestion
itself of the conscription of capital or wealth. What
would be the immediate consequences supposing the
proposition in effect? "At the mere approach of war
every dollar would go into hiding," Mr. Reed well
said: "Business would be paralyzed; the wheels of
industry would cease It, move; the entire machinery
of trade and commerce would stop. No man would
dare trade, barter, buy or sell; no one would venture
to make an investment. Universal chaos would immediately result. Accordingly, at the very time
when the Government would most need to stimulate
the activities of the people and to promote the highest commercial activities, everything would suddenly
come to a standstill. The result would be worse
than the loss of a hundred battles." Mr. Reed added
that under such a law a military autocracy would be
erected on the ruins of our civilization, the press
would be throttled, the right of peaceable assemblage
denied, women would be subject to command by military autocrats and the Preddent could exercise powers greater than ever dreamed of by a Roman dictator or an Oriental despot.
By his trenchant utterances Senator Reed would
appear to have disposed of the proposition for all
time, so that it ought never to come up again as
worthy of being seriously entertained even for a
single moment. Before, however, dropping the subject, it seems desirable to point out that if conscription of capital or property is out of the question,
since the effort would defeat Well, there remains
available the conscription of income, which during
and since the war has been practiced on an unprecedented scale. Government appropriation of income
or profits also has its limits and must not be carried
too far, but it is a different kind of contribution
from that involved in conscription (or what is tantamount to the same thing, the actual confiscation)
of capital arid property. Those who still continue to
inveigh against war profiteering, real or alleged,
should not overlook the fact that, as far as this evil
existed during the war, it was rendered as nearly
innocuous as possible by the imposition of taxes which
certainly in this country have never had a parallel.
Through the excess profits and special war taxes
upon corporations, and through the normal and the
surtaxes upon individuals the Government appropriated for its own use the greater part, if not the
whole, in many instances, not only of the extra profits growing out of the war itself, but of the normal
and every-day profits of business and of trade and
commerce. As a matter of fact, these tax rates in
their final stage were so high that it must ever remain a question whether the burden could have been
Nov. 27 1926.]
THE CHRONTCLE
2689
entirely from the profits of corporacarried any considerable time if the war had lasted come is derived
tions. And these are the exactions on the ordinary
much longer.
incomes swollen by war profits.
Under the Revenue Act of 1919 corporations were normal incomes, not
In view of such a record, can anyone seriously
taxed 12% upon their income or profits for 1918 and
incomes and profits have not
10% for succeeding calendar years. In addition they urge that levies on
profiteer to the utmost, and will
had to pay exceedingly onerous war profits and ex- served to shear the
,
do more than that? Further
cess profits taxes. For 1918 the excess profits tax it ever be possible to
it
is
d,
comman
at
tax weapon
was fixed at 30% of the amount of the net income in more, with the income
the
of
nonsensical to speak
excess of the excess profits credit and not in excess not both illogical and
property. Obviously, Mr.
or
capital
of 20% of the invested capital and no less than 65% conscription of
ry habit of makof the amount of the net income in excess of 20% of Coolidge departed from his customa
subject and considering
the invested capital. Such tax schedules certainly ing an intense study of his
ing his condoserved to strip the corporations, large and small, of it in all its bearings, before announc
ion.
proposit
his
d
their profits, both extraordinary and ordinary. And sionS, when he launche
There is one phase of conscription that Mr. Coolwhile on this subject of the war taxes on corporaup for treatment, but
tions, we cannot refrain from quoting from an ar- idge might well have taken
to the conscription
ticle on the subject prepared by the Government ac- unfortunately did not. We refer
nation are to be
the
of
tuary, Joseph S. McCoy, which appeared in the of labor. If the young men
battlefield, if the inAmerican Bankers Association "Journal" for Sep- conscripted for service on the
corporations (as was virtember 1926. Speaking of the Excess Profits tax come of individuals and
for the purpose of
levied upon corporations as a war measure, Mr. tually done) is to be conscripted
e military
prosecut
McCoy took occasion to say: "This tax produced providing funds with which to
be required to do
the largest revenue ever derived from a single source activities, then also labor should
the war to a
of taxation in a single year of which the world has its share in the common task of bringing
any record. During the calendar year 1918 over successful' conclusion.
counOne of the really disgraceful episodes in the
$2,505,000,000 accrued from corporations on account
was the
try's experience during the 'World War
of this tax."
unions.
labor
the
by
d
On top of these huge taxes on corporations there shameless profiteering practice
d,
demande
was
came the very heavy taxes on individuals. For 1918 Wage increase after wage increase
durent, which
the normal tax on individuals was 12%, except that and insisted upon. And the Governm
ed virtually
supervis
or
ed
controll
on the first $4,000 of taxable income the rate was ing the war period
e. At
acquiesc
to
but
only 6%, while the surtaxes beginning with 1% on everything, had no alternative
had
States
e the United
amounts of income between $5,000 and $6,000, ran the time of the armistic
2,000,000 more men in
to a maximum of 65%, which applied on amounts of 2,000,000 men in Europe and
this country. This naturally
income in excess of $1,000,000. In the case of those the military camps in
labor, which the labor unions,
deriving their income or profits from corporations produced a scarcity of
said, promptly turned
the Government took virtually all the profits accru- to their lasting discredit be it
'at a time when,
ing,.for we have seen that the Excess Profits tax on to their advantage. In other words,
men" were
"some
,
corporations took 30 and 65% of certain of the prof- in the language of Mr. Coolidge
battlefield"—meanits of corporations and, if what remained was dis- "exposed" to the "perils of the
to—and
tributed in dividends to the shareholders, and the ing the 4,000,000 young men just referred
members
the
total of the dividends in the case of any individual receiving a mere pittance for so doing,
wholly free
(along with the other income of that individual) of the labor unions, safely at home and
securexceeded $1,000,000 the Government took 65% more from risk or danger, deliberately engaged in
ng
Somethi
es.
themselv
of such excess. The maximum of the surtaxes even ing gains and profits for
g
anythin
of
now, after successive reductions, is 20%, which ap- ought to be done to prevent a repetition
plies on all amounts of income in excess of $100,000. of the kind in future wars.
upward, but
2% tax on corpora1
If to this we add the present 13/
To be sure, the cost of living soared
main factor
tion incomes of all kinds, large or small, we have the pitiless exactions of labor were the
costs had
2% that the Federal Government is still exact- in the rise. Even though, however, living
331/
labor itself,
ing from those who derive-their incomes exclusively gone higher, independent of the action of
make the
to
from the profits of corporations, where the amount should not labor have been prepared
good. With
of the individual income exceeds $100,000. More- sacrifice, in the interest of the common
sacriover, as shown in the Tax Article we,published in everyone else called upon to make the severest
be
alone
labor
perform
who
our issue of Nov. 13, in the State of New York there fices, why should those
d
2% exempt—why, indeed, should they be permitte to
is also a State income tax on corporations of 41/
to
and a personal State income tax on individuals run- prey upon the induk trial and social body, promote
very existthe
when
time
a
at
ning from 1% to 3%, the higher figure applying on their own selfish ends,
incomes exceeding $50,000. Altogether, therefore, ence of the nation may be at stake?
If it is the duty of the legislator and the statesman
the State and nation together are even now taking
into make provision in advance for the conduct of
41% of amounts in excess of $100,000, where the
2690
THE CHRONICLE
future wars, the first step must be to endeavor to
make labor amenable to the same rule of action as
everything else and to curb the excesses of labor
unions. The profiteer is a common enemy of mankind whether the scope of his action lies in the labor
field or in the business world. To penalize the one
and to tolerate the other is not alone base inconsistency, but is to invite the very danger it is sought to
guard against. It is short-sighted not to recognize
this. As Mr. Harding put it in his inaugural,"there
is something inherently wrong, something out of
accord with the ideals of representative democracy,
when one portion of our citizenship turns its activities to private gain amid defensive war while another
is fighting, sacrificing or dying for national preservation."
The Financial Situation.
A week interrupted by a holiday on Thursday becomes fragmentary from a market point of view, as
there is naturally hesitancy about making new investment offerings or speculative commitments, and
there are two days rather than one in which there is
a tendency to close out transactions. Nevertheless,
the past week has had more than an ordinary quota
of important bond offerings and both the industrial
and rail averages moved into new high ground. The
$120,000,000 Standard Oil Co. 20-year 5% debentures, 1946, were.offered for subscription Monday
morning at 100%. The bonds. were immediately
taken and have gone to a considerable premium, closing last night at 10134.
There have been other strong indications that the
price level of high grade investment bonds has definitely gone above a 5% yield level, but this offering
is most conclusive, both because the syndicate,
headed by J. P. Morgan & Co., thought best to make
the offering at 1001/
2, and because the immediate
buying by the public has appraised the issue at a
still higher level. For the time being at least, investors who insist upon getting a high degree of security and marketability must accept less than 5%.
Another offering by a syndicate headed by J. P.
Morgan & Co. and -Kuhn, Loeb & Co. followed on
Tuesday morning. This comprised $19,740,000 Yokohama five-year 6s, 1961, offered at 93, yielding
slightly over 6I/2%. This issue is guaranteed principal and interest by the Japanese Government, carries a sinking fund of 1%, and is redeemable after
15 years. With the American offering houses there
was associated the Yokohama Specie Bank. These
bonds also found immediate sale, with the price
moving promptly to a premium.
Still another important offering was that of a syndicate headed by Harris, Forbes & Co. of $16,000,000
Texas Power & Light first and refunding 5s, 1956,
offered at 97, yielding about 5.20%. These bonds
are to provide new capital for one of the large electrical developments characteristic of the present
time, in which extended areas are joined together by
inter-connecting lines and furnished with current by
huge generating units, in this case the principal
plant being designed for 160,000 k.w. and the first
unit being one of 40,000 k.w.
The stock market has been characterized by relatively minor advances in the rails, but notable advances in a number of specialties, particularly the
[VoL. 123.
sugar stocks, equipment stocks, Commercial Solvents, Woolworth, Case Threshing and a few others.
As usual, however, some of the wider movements of
stocks not ordinarily so active proved erratic, sharp
advances being offset by almost equally sharp
declines. On Friday the market was buoyant in
sections, some of the better stocks, such as General
Electric and National Biscuit, which had been inactive of late, recording substantial gains, and many
specialties making sudden leaps upward, particularly Texas Pacific Land, which rose 220 points.
United States Steel recovered during the week much
of its previous loss, gaining more than 5 points.
On Monday the Government again revised its cotton crop estimate upward, this time by 481,000 bales,
as noted below, the latest estimate standing at 18,399,000 bales. Either this was pretty well discounted or the market has been so accustomed to a
crop sufficiently large to overshadow all previous
crops and to leave an extraordinarily heavy carryover, that even an addition as large as this was regarded as not particularly significant. The market
price remained pretty steady, failing to register any
real impact from this increase in estimate. Brokers'
loans reported on Monday showed an increase of
$6,018,000, following a larger decrease during the
previous week, a change too small to be regarded as
indicative of a tendency. The Irving Fisher index
of wholesale commodity prices showed a decline from
152.9 to 149.2, canceling a large part of the recent
increase and getting back to a point not much higher
than the October average. Freight car loadings for
the week ended Nov. 13 totaled 1,112,886, a decline
of 24,324 from the preceding week, the.decline being
seasonal and accentuated by Armistice Day. However, there was a gain of 62,946 over the corresponding week of last year and 96,043 over the corresponding week of 1924. Freight car loadings are continuing to indicate a relatively high activity in general
business.
An important item of recent news has been the
analysis lately made by the Midland Bank of London, one of the big banks in Great Britain, and
headed by Reginald. McKenna, formerly Chancellor
of the Exchequer, to the effect that Great Britain
has during the first nine months of 1926 fully covered the national expenditures by national earnings,
notwithstanding the terrific losses of the coal strike
and the continuous and extensive unemployment.
The Bank submits a national balance sheet in which
the debit balance of foreign trade is shown at $1,650,000,000. The argument is made, nevertheless, that
there are enough invisible credits to bring about a
national balance, as, of course, has been indicated
by the continuation of sterling atapproximately par.
Furthermore, the Bank quotes a recent statement
by Mr. Winston, Under Secretary of the United
States Treasury, to the effect that the maintenance
of sterling near par has been done without calling
upon the $300,000,000 credit arranged in the United
States at the time the stabilization of the currency
was undertaken. Assurance that Great Britain is
on a basis sufficiently strong to enable her to fully
pay her way during such a tragic setback as that occasioned by the coal strike, is evidence of international well-being of the highest importance and
goes far to indicate the very extensive progress that
has been made in economic recovery since the war.
Nov. 27 1926.]
THE CHRONICLE
2691
was 15,298,000 bales, or 165.5 pounds per acre, while
the final ginning returns for the 1925 cotton crop•
was 16,103,679 bales, or 167.2 pounds to the acre.
Not since 1914 has the yield per acre been above that
now indicated for the current year, and there are
only four years out of the past twenty years for
which a higher average yield appeared than that
now given for 1926. Up to Nov. 14 the present season there had been ginned 12,953,708 bales of the
current crop. This is about 70% of the latest estimate of the 1926 yield. A year ago, up to Nov. 14
1925, the ginnings were 12,260,352 bales, or about
80% of the indicated 1925 yield at that date, but
only about 76% of what the final ginnings for the
1925 crop showed.
The Agricultural Department report issued this
week says that there are large quantities of unpicked
cotton in Texas and Oklahoma. The estimated yield
for Texas is now put at 5,800,000 bales, which is
250,000 bales more than was indicated for that
State two weeks earlier. The final ginning returns
for Texas last year showed 4,165,374 bales. The indicated yield for Oklahoma, too, is much larger in
the latest report than it was in that issued two weeks
earlier, the increase being 100,000 hales. There is
likewise an increase for Mississippi and North Carolina of 50,000 bales each, while Arkansas, another
important cotton State, shows a gain of 25,000 bales
over the estimate made two weeks earlier. An increase of 30,000 bales is also indicated for Louisiana,
although the estimated yield for that State for the
current year is still somewhat below the figures for
1925.
South Carolina is given a further cut in the latest
report as to yield, compared with the estimate issued
two weeks earlier, but the production for that State
will nevertheless be much larger than it was in 1925.
There is also a small decline in the latest estimate
If there was anything surprising about the Gov- for Alabama in comparison with the earlier report
ernment report on this year's cotton crop issued on this year; the figures for that State, also, however,
Monday it was the increase of 481,000 bales in the for the current year, continue well in excess
estimate for the growing crop over that of two weeks of last year's yield. Georgia shows no change in
ago. It was a foregone conclusion that there would the latest estimate, as compared with that made two
be some gain shown, but after the boosts in the totals weeks earlier, and the same is true as to Tennessee
that have appeared in each of the semi-monthly re- and Missouri. This week's report makes the probports made by the Department of Agriculture on the able production of cotton this year 2,295,000 bales
current year's production since Sept. 1, amounting more than the final ginning returns for 1925, and•of
in the aggregate up to Nov. 1 to no less than 2,752,- this quantity 1,635,000 bales is contributed by the
000 bales, a further gain, such as is now shown, was State of Texas alone. Increases over last year also
hardly counted upon. Everyone is now asking what appear in the latest estimates for Oklahoma, Alathe final ginning returns for the current year will bama and North and South Carolina. The other
show. The Agricultural Department report issued States of large production all show smaller crops
this week was based on conditions of Nov. 14. For this year than appeared in the final ginnings of 1925
the crop of 1925 the final ginning returns of 16,103,- for those States.
000 bales were 805,000 bales larger than was indicated in the condition shown Nov. 14 1925, and two
The most important and significant announcement
years ago, the yield for 1924, showed an increase, relative to European affairs during the week was
covering the corresponding period of time for that made in London on the evening of Nov. 20. It was
year of 635,000 bales. Any such further additions the report of the Imperial Relations Committee of
the present season would bring the yield for 1926 the Imperial Conference, which had been approved
well above 19,000,000 bales, not counting linters, by the Imperial Conference at its meeting the day
and the latter are sure to increase the total by an- before. The document contains many striking proother one to one and a half million bales.
visions, several of which are expected to have a farestimate
is 18,399,000 bales, or a yield reaching effect upon the affairs of the British EmThe latest
186.3
of
acre
pounds.
A fortnight ago the indi- pire and their administration. The first to which
per
was
17,918,000
yield
or 181.4 pounds per special attention was directed in the synopses of the
bales,
cated
the condition of report cabled to American newspapers was that "the
estimate,
on
the
based
By
acre.
crop,
the
at
corresponding
cotton
date last Imperial Conference has succeeded in agreeing upon
1925
the
year, Nov. 14 1925, the indicated yield for that year formulae establishing the absolute equality of the
Another item of news, or rather of analysis, is of
Importance. The Department of Labor computes
an annual index to indicate the average rate of
wages paid and the average hours of work per week.
The index for 1926 is based on conditions as of May
15, the figures taking into consideration 824,313
workers in 66 cities, and, therefore, being deemed
representative of conditions throughout the country.
The index of the rate of wages per hour for 1926
stands at 250.3 as compared with 237.9 in 1925 and
100 in 1913, and the index of hours worked per week
stands at 92.8, compared with 93.0 in 1925 and 100
in 1913. Speaking in terms of the hourly wage, the
average worker's income is 21/
2 times what it was
2
1
in 1913, anti his cost of living approximately 1/
times pre-war cost. The purchasing power of a
given amount of work has thus gained exactly 2-3
during this period, or in other words, the average
worker can buy 1 2-3 times as much with a given
amount of work as in 1913.
If the decrease in working hours be taken into
consideration, the actual purchasing power, as expressed in the weekly wage, has increased by 55%.
This is the surest evidence of our prosperity. It
accounts for the great increase in business in practically all lines during the past ten or twelve years.
Nothing gives greater assurance of actual progress
than a normal advance in wages. It is true that production pays wages; as production increases, wages
are logically increased. It is only when wages are
increased faster than production that business
breaks down. For several years in most of our important industries common sense has ruled in negotiations between labor and management, with the
result that advance in wages, while steady and
notable, has been in conformity with actual progress in production.
2692
TYE CHRONICLE
Dominions of the British Empire with Great Britain." The London representative of the New York
"Times" asserted that "the report advocates such
far-reaching changes in the make-up of the Empire
that it will undoubtedly figure as one of the most
crucial documents and shining landmarks in British Imperial history." The report also provides for
the "elimination of the old term 'United Kingdom'
from the official name of the British Empire, and in
changing the official title of King George V and his
successors." The principal alteration in the latter
instance also is the dropping of "United Kingdom."
The change in both eases was said to have been
brought about by "the insistence of the Irish Free
State." The change with respect to the King's title
was made subject to his approval. "The present
title of the King was proclaimed under the Royal
Titles Act of 1901." It was pointed out in a London
dispatch that "legislative action will be necessary
to make the changes proposed in the Imperial Conference report."
Special reference was made in the New York
"Times" synopsis of the report that it is "signed by
the Earl of Balfour as Chairman of the Imperial
Relations Committee of the Imperial Conference."
Elaborating his synopsis of a feature of the report
already mentioned, the "Times" correspondent said:
"One of its most important sections concerns the
foreign relations of Great Britain as they affect the
British Dominions: The drafters of the report decided that it was best to leave the major share of the
responsibility for foreign relations, as heretofore,
with His Majesty's Government in Great Britain—
in other words, the last word in shaping British foreign policy is left to the British Foreign Office."
Turning to the interest of the United States in
the document, the "Times" correspondent said:
"Another cause of great interest to Americans, referring to the adherence of the United States to the
protocol establishing the Permanent Court of International Justice, states: 'The special conditions
upon which the United States of America desired to
become a party to the protocol had been discussed at
a special conference held in Geneva in September
1926, to which all the Governments represented at
the' Imperial Conference had sent representatives.
We ascertained that each of these Governments was
in accord with the conclusions reached by the special conference, and with the action which that conference recommended.'"
[VOL. 123.
the policy of the Dominions as a result of their pronouncement. They express the belief that no 'common cause' will be imperilled by the fact that each
Dominion is to be considered the sole judge of the
extent of its co-operation with the others."
The situation was still further outlined in a special London cable message to "The Sun" under date
of Nov. 22. The correspondent said in part: "The
Imperial Conference, which undoubtedly is the most
important held since the inception of such parleys
in 1907, comes to an end with far greater promise of
political accord among the constituent parts of the
British Commonwealth of Nations than seemed possible when it was convoked. While no attempt was
made to work out the terms of a constitution there
has been a reinterpretation of the Imperial relations
in the report of the Committee on Inter-Imperial Relations, of which the astute Lord Balfour, whose
genius for phrase making is conspicuously apparent
in that document, is Chairman. It will be subjected
to the acid test when the different Premiers, notably
Hertzog of South Africa, return to the respective
countries to elucidate it. As in the days when the
treaty with the Free State of Ireland was being hammered out, King George played no small part in
creating a favorable atmosphere for the discussions
of the status of Dominions within the Empire."
The assertion was made in a special cable dispatch
from London to the New York "Times" on Nov. 22
that "the most important comment of all that has
been made on the change of status of the Dominions
outlined in the report of the Imperial Conference
Committee was forthcoming to-day from General
Hertzog, Prime Minister of South Africa. He said:
'Nothing has ever been accomplished so calculated
to lay deep and enduring foundation for national
co-operation between the members of the British
Commonwealth of Nations and to insure real good
feeling among all of us. I feel I have every right to
say that what has been achieved is such as will satisfy the people of South Africa, both Dutch and English speaking."
The Imperial Conference, at next to its last session, gave special attention to the question of air
service. According to a special London dispatch to
the New York "Herald Tribune" on Nov. 22,"greatly
increased air services within the British Empire are
urged in a report on air communications approved
by the Imperial Conference and published this evening. The recommendation, which was signed by
Sir Samuel Hoare, the Secretary for Air, asks an
early extension of the present air services and provision for new airdromes and mooring masts to be
available for projected demonstration flights of airships in 1928 and 1929, and suggests the holding of
an Imperial air conference at that time." He also
made it known that "two other reports also were
made public to-night, one from the Committee on
Empire Research and the other from the Committee
on Nationality. The former stresses the need of the
active application of research in all fields of applied
science and proposes an Imperial research conference next year. The Committee on Nationality
drafted plans for unifying the nationality laws
throughout the Empire."
Commenting upon the manner in which the report
was received in London,its real meaning and significance, the representative of the New York "Herald
Tribune" in the British capital said in a long dispatch on Nov. 21: "That the 'British Empire' exists
no longer, having given way to an association of independent nations, is the reaction here to yesterday's report of the Imperial Conference recommending recognition of an 'equal status' of England and
its Dominions. Commentators on the whole greet
the report with praise, not only for its clarification
of Imperial relations, but also as signifying the outlook of unanimity in this year's conference. The
Conference has aroused the greatest interest of any
single event in recent months. Further study of the
report of the committee to-day revealed that the
London dispatches bearing the same date (Nov.
members do not anticipate any immediate change in 22)indicated that the report of the Imperia Relal
Nov. 27 1926.]
THE CHRONICLE
2693
finished, but Foreign Minister Briand insisted upon
his returning to Washington for at least another six
months. When notified by Foreign Minister Briand
that the Council of Ministers had decided to renew
his commission for another six months, M. Berenger immediately submitted a long letter in which he
recalled that he went to Washington to negotiate the
fulfilled the
debt funding settlement, and added:
mission you intrusted to me.' M. Berenger said he
had accepted the appointment to his second six
months' term in order to assist in ratification of the
debt funding agreement, but now felt that his duty
was done and that he ought to return to his place in
the Senate." According to a United Press dispatch
from Paris the same day,"the newspaper `Le Temps'
said Poincare would ask Louis Loucheur, former
Minister of Finance, to become French Ambassador
to the United States." It was decided later that he
would consider the offer. Various other names were
mentioned from day to day as probabilities.
Commenting upon the refusal of M. Berenger to
return to Washington, the Paris representative of
the New York "Evening Post" said in a dispatch on
Nov. 24 that "the refusal of Ambassador Berenger
It seems possible that inter-Allied military con- to accept a renewal of his commission as the repretrol of certain sections of Germany may come to an sentative of the French Government at Washington
end in the near future. It was made known through is regarded in Paris as possibly forecasting another
an Associated Press dispatch from Berlin on Nov. difficult, if not embarrassing mandate, for a French
23 that "Germany unequivocally demands with- negotiator in the adjustment of France's still undrawal of the Inter-Allied Military Control Com- ratified debt agreements. As told in these dismission, Foreign Minister Stresemann declared in patches last August, M. Berenger will not return to
the Reichstag to-day." He was quoted as having the United States. The inference drawn from his
said also that "we have proved our readiness to ful- decision is that the popular Ambassador remained
fill all the obligations arising from the Versailles in America long enough to appreciate fully the state
Treaty. Therefore we expect the other Governments of mind of Administration leaders regarding the
also to hesitate no longer and to draw the only pos- payment of war debts and that on his return to
sible conclusions from this situation. It would be Paris he was unable to communicate these sentiincompatible with our entry into the League of Na- ments to the Poincare Cabinet. Moreover, it aptions and the operation of the Locarno agreements pears from various statements purporting to come
to make the minor technical questions still at issue direct from Premier Poincare that the French Govan excuse for burdening the German people with a ernment will make one more attempt at a downward
psychological weight such as continuation of the revision of the payment schedule before advocating
ratification at the January session of the Chamber
foreign control commissions constitutes."
Word came from Paris the same day that "agree- of Deputies."
The selection of an Ambassador to the United
ment has virtually been reached on the whole question of the control of Germany's military strength, States is still unsettled. In a special Paris cable
revision of which has been sought by the Berlin Gov- message to the New York "Times" under date of
ernment since negotiation of the Locarno security Nov. 25 it was claimed that "choosing a successor to
pact and Germany's entry into the League of Na- Henri Berenger, Ambassador to the United States,
tions. The French expressed readiness to abandon is proving a most difficult affair. For a variety of
their demand for permanent military control pro- reasons it seems to have been now decided that it
vided Germany agreed to periodic control by the would be most unwise to send a Parliamentarian."
League of Nations. The German Government, it is It was added that "there are two candidates for this
understood, has shown willingness to accept this undignified position of great dignity, but on whom
condition."
the choice will fall has not yet been indicated. Both
these candidates, M. de Billy, Minister to Rumania,
Senator Henri Berenger will not return to Wash- and M. Claudel, Ambassador at Tokio, are men who
ington as French Ambassador, according to an Asso- are well trained in diplomacy and between them
ciated Press dispatch from the French capital on choice is difficult. To their number there is being
Nov. 23. It stated that he had "declined renewal of added a third—former Ambassador Jusserand,
his appointment." It seems that "the Council of whose friends at least think his return to WashingMinisters had decided to renew Berenger's commis- ton would ease the difficult situation, give confision as Ambassador to the United States. His ap- dence and make amends." The Paris cable dispointment runs for six months at a time in order patches received up to the time of going to press did
that he may retain his seat in the Senate. The term not state that a selection had been made.
'approved to-day would have been his third." The
Paris cable dispatches have indicated rather
correspondent recalled that "some time ago he offered his resignation on the plea that his work in clearly, in spite of conflicting reports previously,
'connection with the debt funding settlement was that Premier Poincare was not likely to take definite
tions Committee had received generally favorable
comment in the newspapers in that centre. The
Canadian press was somewhat divided in its opinion.
Announcement was made in an Associated Press dispatch from Capetown, South Africa, likewise on
Nov. 22, that "General Jan Smuts, the noted Boer
War General and South African representative at
the Peace Conference in Paris, 1919, to-day welcomed
the report of the Imperial Conference as leaving the
Imperial position substantially the same as it has
been since the Peace Conference. He said that he
hoped nothing more would be heard from Prime Minister Hertzog about international recognition of the
Dominion. He added also that the acid test of
South African Nationalists would be whether they
would now drop the plank of their platform laying
down sovereign independence as a party object."
From Melbourne, Australia, came word the same
day that "Federal circles here have expressed satisfaction with the action of the Imperial Conference
in adopting the report of the Inter-Imperial Relations Committee putting the Dominions on an equal
status with Great Britain."
2694
THE CHRONICLE
steps in the immediate future to stabilize the franc.
In a special Paris cable message to the New York
"Times" on Nov. 21 it was stated that "a speech by
Premier Raymond Poincare at Tarbes to-day amply
confirmed the semi-official statement issued last
evening, denying the rumors circulated on the Paris
Bourse that the Government was about to stabilize
the franc. He made very clear that he did not intend to commit himself in any way either as to the
figure at which the paper franc might be considered
ripe for such stabilization or concerning the approximate date when this figure, when finally decided
upon, might be expected to be reached. On the contrary, the Premier sounded a note of warning
couched in grave terms that the French people must
climb a long, thorny, rock-strewn path before they
could hope to reach the point where the financial
situation may once again be considered secure
against a sudden collapse and ruin."
The Premier was quoted directly as saying that
"the Ministers may, perhaps, change; the Ministry
of a national union must endure. In truth, the entire future of our nation is yet at stake, not only the
future of its finances and its money, not only the
material prosperity of the State and even the most
modest fortunes, but, in view of the consequences,
the moral power of the country, its force in intellectual expansion and even the independence of its political actions. Before this indispensable business
of public interest all other considerations must be
effaced—not for several days, nor for several weeks."
Commenting upon the speech the next day, the
Paris representative of the New York "Times" said:
Premier Poincare's speech yesterday set at rest
rumors of imminent stabilization of the franc which
disturbed the Bourse on Saturday, but whether its
effect is altogether good remains questionable." Referring to a rather sharp decline in the franc during
the day, the "Times" representative observed that
"while this fall of the franc improved the general
situation of the Bourse, its speculative character
was too marked to win any approval. ,Last week's
operations, which were directed from Amsterdam
and Berlin, are now having their conclusion, and the
financial editor of `Le Temps' in his review of the
week estimates that the profits which have been
taken at the expense of the French are great. Of the
whole operation the most remarkable feature was
the element of panic which seized the French during the latter part of last week, when they seemed
eager to unload every kind of stock which only a few
months ago, when the franc was falling, they were
desperately trying to secure. Of this panic the
greatest possible advantage has been taken, and it
iJ stated that the control of several important enter
prises has passed as a consequence out of French
hands. The shorts had in some cases during Saturday's and to-day's operations to sell even French
rentes to obtain cover. No one is prepared to con.
tend that a situation is healthy in which the valu2
of the national currency varies by eight to ten points
during two successive days of trading, switching up
and down as the franc has done. In business and
manufacturing circles the demand for stabilization
is becoming stronger every day. But the Premier
has always in mind the enormous mass of French
people who hold rentes, railway, municipal and
every other kind of bond and for whom revaloriza
[voL.123.
tion to the fullest extent possible is the only policy
the Government can follow. He believes, too, that
slow revalorization with an accompanying reduction
of prices will entail a less severe industrial crigis
than abrupt stabilization, and, third, he seems unwilling to seek stabilization if that course must involve recourse to foreign credits." It was added in
an Associated Press dispatch on Nov. 22 that "business and financial circles expect the franc to slump
sharply when the great speculative movement nc.w
on turns to profit taking. But it is thought that
meantime many importers probably will buy in
dollars and pounds at the present low rate of exchange."
A great amount of comment and discussion seems
to have resulted frora,the purchase of a newspaper,
with Government funds, by Dr. Stresemann, Foreign Minister in the present German Cabinet. The
Berlin representative of the New York "Times" cabled on Nov. 22 that "the 'Deutsche Allgemeine
Zeitung,'former house organ of Hugo Stinnes and in
its domestic policy frankly nationalistic, is the property of the German Government. The majority of
its stock was acquired for 400,000 marks in April
from the Prussian State, which previously had
bought the paper from the Stinnes estate." He
added: 'That is the substance of the explanation
the Foreign Affairs Committee of the Reichstag received from Foreign Minister Stresemann this afternoon concerning the 'Berliner Tageblatt's disclosure
that the 'Allgemeine Zeitung' was receiving a
monthly subsidy of almost 100,000 marks from the
secret funds at the disposal of Dr. Stresemann and
Chancellor Marx." Continuing, he said: "It is understood that Dr. Stresemann informed the Reichstag committee to-day that the editors of the paper
were pledged not to assail the Reich's foreign policy,
but nothing was said about their attitude toward
home affairs, in which they frequently echoed the
views of the Nationalist Party. The purchase price
and subsequent subsidies were paid from secret
funds, totaling 8,000,000 marks, that are allocated
to the Foreign Office and the Chancellor in the
budget."
Apart from his purchase of a newspaper with
Government funds, Foreign Minister Stresemann has
been encountering opposition in the Reichstag. It
was set forth in a special Berlin wireless message to
the New York "Times" on Nov. 25 that "in the conclusion of the foreign affairs debate in the Reichstag
to-day the attacks of the extreme.wings on the Government's policy of conciliatory bargaining with
France fizzled out when only the Communists and
ultra-reactionary Voelkisch voted lack of confidence
in Foreign Minister Stresemann. The lack of interest in the whole affair was shown by the fact that
the Government benches were empty when the discussion was begun." It was also stated that "by
abstaining from voting on orders of Count Westarp
the Nationalists deliberately avoided registering
censure of Dr. Stresemann's policies voiced by their
spokesmen. Second reading of the Government's
bill for the suppression of obscene and trashy
printed matter, with which was associated a bill to
preserve the morality of the stage and movies,
brought motions from the Socialists and Communists to return the bill to committee, whereupon Herr
Kulz, Minister of the Interior, pointed out that the
Nov. 27 1926.]
THE CHRONICLE
measure had been dragging for more than a year in
committee and asked Parliament to finally settle the
matter." The correspondent explained that "the
measure provides national and State censorship
boards composed of teachers, writers, directors of
welfare institutions and publishers, who are empowered to place objectionable publications on the
blacklist. Should one State blacklist a book and a
neighbor pass it, provision must be made to prevent
smuggling by making possession of the condemned
matter as serious an offense as selling." Attention
likewise was called to the fact that "the debate on
the subject, which begins in the Reichstag to-morrow, is likely to be very bitter and may prove critical for the Marx Cabinet, since Herr Kulz clings
tenaciously to the bill as amended by the Parliamentary Committee on Education."
Very few of the original leaders of the Soviet
movement in Russia are left. Only on Nov. 24
"Leonid Krassin, Russian Soviet Charge d'Affaires
in London, died from pernicious anaemia." He had
not been in good health for several months, but according to a London Associated Press dispatch, "his
death came as a shock to his friends." The author
of the dispatch claimed that "Krassin's exact status
in England was never clearly defined. Moscow
called him an Ambassador and he occupied the old
Czarist Embassy with a large staff and entertained
on a scale comparable with the other diplomats, but
Great Britain never recognized his full Ambassadorial status." He maintained also that "the death
of M. Krassin will not interrupt any important negotiations with Great Britain. Only last week the
Charge visited the Foreign Office, continuing his
efforts to solve the problem of Bolshevik propaganda
which Foreign Secretary Chamberlain told the
House of Commons was keeping Great Britain and
Soviet Russia apart. Mr. Chamberlain added that
he had been informed by the charge that the Soviet
Government would welcome better relations with
Great Britain and that he had replied that Moscow
first must cease Communist propaganda against the
British Empire."
As for the attitude of the British Government toward Krassin, the Associated Press representative
said: "At the Foreign Office in Downing Street today tribute was paid to M. Krassin as a sensible and
responsible diplomat, who, if he had not passed
away, undoubtedly would have brought about improved relations between Russia and Great Britain.
It was said that Krassin's greatest value to Moscow
was that he commanded the respect and confidence
of the British financial world." Krassin held many
positions as foreign representative of his Government. It was recalled that in 1922 "Krassin was
made Ambassador to Berlin. He later. was made
Ambassador to France, and still later Charge d'Affaires in London. Early in the present year he was
stricken with pernicious anaemia in Paris and had
to undergo an operation and blood transfusion."
Krassin's death appears to have been received in
Moscow with genuine regret. According to a special
wireless message from that centre to the New York
"Times" on Nov. 24, "news of the sudden death of
Leonid Krassin came as a great shock in Moscow,
where it was generally thought that he had successfully overcome his serious illness. The New York
'Times' correspondent was informed that the body
2695
would be brought back to Moscow for a public funeral and that already fourteen days of mourning had
been decided upon. Actually at the present moment
Krassin's death has produced a feeling of consternation because it is obvious that no other man in the
Soviet Government is so sympathetically seen by
England, with whom Russian relations are tense on
account of the coal strike situation. There also is
reason to suppose that Krassin had begun to undertake extremely discreet pourparlers with certain
prominent representatives abroad of the American
State Department, to which much importance was
attached here. To replace him will be a matter of
the greatest difficulty." Announcement was made •
in an Associated Press dispatch from London last
evening that "the body [of Krassin] will be cremated
to-morrow. There will be no official or religious
ceremony. The ashes will be sent to Moscow."
The political situation in Poland is still in an uncertain state, judging from a special wireless message from Warsaw to the New York "Times" on Nov.
25. It stated that, "weary from its subjugation to
Marshal Pilsudpki since,the beginning of the May
dictatorship, the Polish Sejm to-night, through 9.
resolution of one of the Left parties, proposed political suicide, but in vain. The last feeble effort of the
Sejm was made to-day in a resolution for dissolution
and in another resolution demanding the power to
reject the dictator's decrees. Marshal Pilsudski's
Government representatives have studiously ignored
the Sejm for a week, no members of the Cabinet attending its sessions or committee meetings not having connection with the budget. Thus it is plain to
the country's representatives that they have been
shorn of all power except in budgetary matters, and
especially are excluded ,from decisions on foreign
policies. Zemek Palace began to
-day to undergo extensive repairs, a restoration for the first time since
it was built in the thirteenth century, and talk of its
use as a royal palace has been revived."
Again this week the strike of British coal miners,
which began May 1 last, has been regarded as practically settled. London cable advices have indicated
that this was at least more nearly true than at any
previous time since the trouble started. The London
correspondent of the New York "Times" cabled on
the evening of Nov. 19 that "the coal strike is practically ended." He added that "its knell was rung
this evening, exactly twenty-nine weeks since it began on May 1, when the Delegate Conference of the
Miners' Federation passed a resolution recommending all districts where the strikers are still holding
out to open negotiations with the mine owners with
a view to reaching an agreement. These district
agreements will be subject to certain general principles to be discussed at a later meeting of the Delegate Conference, but the discussions will be scarcely
more than a matter of form. It is well nigh impossible that they can stem the tide of surrender among
the strikers." The New York "Herald Tribune" representative in London outlined the situation in part
as follows, Nov. 19, bringing out some new features:
"Perplexed and at sea after the revolt at their approved coal strike peace terms, the miners' delegate
-day to the men in effect: 'If you
conference said to
don't like our solution, see what you can do for yourselves.' The baffled leaders, after a prolonged de.
2696
THE CHRONICLE
[Vot:123.
bate, voted to instruct the districts to open separate Of Trade gave an estimate of £250,000,000 to £300,peace negotiations on their own account, subject 000,000 as representing the loss in production due to
only to ratification afterward by the national fed- the six months' coal stoppage and reduced activity
eration. That leaves the miners leaderless, and the resulting from increased unemployment. He was
dispute which has tied up industry for six months careful to add, however, that this estimate did not
now seems doomed to fizzle out in a piece-meal fash- include losses due to the disturbance of trade conion." He added, however, that "the coal situation nections and to contracts and orders not secured.
now is so thoroughly tangled that it is almost useless His calculation would appear to be the result of a
to predict the next development. The more peace- simple arithmetical process. A competent econfully disposed districts undoubtedly will seize the omist recently estimated the total annual national
opportunity to bargain with the colliery owners and income of Great Britain at about £3,600,000,000. A
to return to work. Some districts, however, will close examination of the unemployment figures and
continue to wage the hopeless fight. Certainly the other relevant data suggests that over the six months
break away of individual miners will be increased of stoppage the average curtailment in national progreatly. Already this week 40,000 men returned to duction has been about 15%. Fifteen per cent of
the pifs, making nearly 400,000 in all, or more than £3,600,000,000 is £540,000,000 yearly, or £270,000,000
one-third of the total number out. The strike is for six months, and that is roughly the mean figure
broken and no longer is creating any great amount of-the President of the Board of Trade. This method
of anxiety."
of calculation is certainly the soundest available."
Apparently the miners did not bother with further negotiations, but went back to work as rapidly
No change has been noted in official discounts at
as possible. It was stated in a special London cable- leading European centres from 7/
1
2% in Paris; 7%
gram to the New York "Times" on Nov. 23 that "the in Belgium, Italy and Austria; 6% in Berlin; 5/
1
2%
miners are not awaiting the result of the negotia- in Denmark; 5% in London and Madrid; 4/
1
2% in
tions which are now going on with the object of se- Sweden and Norway, and 3/
1
2% in Holland and
curing district settlements of the coal strike. They Switzerland. The open market discount rates in
are streaming back to work in every coal field in the London were a trifle firmer, and short bills closed
country. Over 20,000 returned to-day, making the at 4 11-16(2)43
/
4%,against 4 11-16% last week,though
total now employed at the pits 410,502. Since the three months' bills closed at 4 11-16@4 13-16% (unbeginning of the present month 141,000 men have re- changed). In Paris and Switzerland the open marsumed work. Of these 81,791 returned in the last ket discount rates remain at 6/
4% and 27
/8%,
1
2@P/
nine days."
respectively, the same as a week ago. Money on
Further steps taken by the Government in antici- call in London was firm, the rate reaching 43
/
8%,
pation of the strike actually coming to an end, were but closed at 37
/%, as against 35
/
8%, the close the
noted in a special London dispatch to the New York preceding week.
"Times" on Nov. 24. It was stated that "with 421,478 men (practically half the total number who can
The Bank of France in its weekly statement issued
be employed) now working, the mines steadily in- Thursday (Nov. 25), showed a further large contraccreasing their output of coal, and the end of the tion of 801,463,000 francs in note circulation. Total
mine stoppage apparently in sight, the Government note circulation, therefore, now aggregates 53,262,has decided to cancel all restrictions on the use, sale 726,040 francs, as compared with 48,085,443,310
and distribution of coal, except those prohibiting its francs at the same time last year and with 40,447,export. The Secretary of the Mines Department an- 111,195 francs the year before. Gold holdings renounced in Parliament to-day that the restrictions main unchanged, the total standing at 5,548,320,900
on the use of gas and electricity for lighting, heating francs. The Government during the week repaid
and power, and on the use of coal for industries and 150,000,000 francs more of its indebtedness to the
businesses, would be withdrawn as from to-morrow, Bank, thereby reducing the total of advances to the
and that the restrictions on domestic consumers State to 35,700,000,000 francs, as against 31,950,would continue only to the end of the week. As 000,000 francs at the same time last year and 22,many industrial establishments are practically 600,000,000 francs the year previous. Other changes
without supplies of fuel, a heavy demand is looked in the Bank's report were: Silver increased 6,000
for and this may prevent an early reduction in the francs; bills discounted, 160,521,000 francs; Treasury
deposits, 29,304,000 francs, and general deposits,
present inflated price."
584,545,000 francs. Trade advances fell off 74,Estimates of the probable losses to Great Britain 600,000 francs. Comparisons of the various items
from the coal miners' strike, direct and indirect, con- in this week's return with the statement of last week
tinue to be made. Leonard T. Reid, Assistant Editor and with corresponding dates in both 1925 and 1924
of the London "Economist," summarized the situa- are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
tion in part as follows in a long wireless message
Changes
Status as of
"After
eight
20:
for Week.
Nov. 24 1926, Nov. 26 1925. Nov. 27 1924.
to the New York "Times" on Nov.
Holdings—Francs.
Gold
Francs.
Francs.
Francs.
years we are still in a hundred ways paying the cost In France
Unchanged
3,684,476,193 3,683,463,538 3,680,379,227
Unchanged
Abroad
1,864,320,907 1,884,320,907 1,864,320,907
even
months,
or
many
Similarly,
of the Great War.
Unchanged
Total
5,548,797,100 5,547,784,444 5,544,700,135
years, may pass before Great Britain leaves finally Silver
Inc.
6,000
304,432,467
339,071,875
315,138,802
Bills discounted_ Inc. 160,521,000 4,420,273,185 3,588,411,669 4,809,315,013
behind her all the effects of the great coal strike of Trade
advances_ _ _Dec. 74,600,000 2,094,219,899 2,561,701,853 2,715,056.837
Note circulation_ _Dec.801,463,000 53,262,726,040 48,085,443,310 40,447,111,195
1926. It is impossible, therefore, to set a definite Treasury
deposits_ Inc. 29.304,000
17,659,218
60,008,282
9,125,483
General deposits_ _Inc. 584,545,000 4,325,158,189 3,012,853,097 1,976,471,081
figure and say that the total economic loss incurred Advances
to State_Dec. 150,000,000 35,700,000,000 31,950,000,000 22,600,000,000
by Britain can be precisely measured. There are,
however, sufficient data to justify rough estimates.
The Bank of England this week reported a small
In the House of Commons the President of the Board loss in gold (£25,018), although as note circulation
Nov. 27 1926.]
THE CHRONICLE
fell £104,000, there was a gain in the reserve of gold
and notes in the banking department of £79,000.
Deposits were heavily increased; public deposits
registered an addition of £3,326,000, and "other" deposits moved up £609,000. Loans on Government
securities fell off £1,080,000, but loans on other securities expanded £4,948,000. The proportion of reserve to liabilities, however, declined from 28.70%
last week to 27.86%, which compares with 191/
2% a
year ago and 191
/
4% in 1924. Total gold holdings
aggregate £152,974,616, which compares with £146,734,262 in 1925 and £128,491,489 a year earlier (before the transfer to the Bank of England of the £27,000,000 gold formerly held by the Redemption Account of the Currency Note Issue). Reserve totals
£34,719,000, as against £24,530,682 a year ago and
£25,175,164 in 1924. Loans amount to £74,371,000,
in comparison with £77,347,714 and £82,391,031 one
and two years ago, respectively, while note circulation is now £138,094,000, as compared with £141,953,580 in 1925 and £123,066,325 the year previous. The
Bank's official discount rate has not been changed
from 5%. Clearings through the London banks for
the week were £758,539,000, against £796,407,000 a
week ago and £770,768,000 last year. We append
comparisons of the different items of the Bank of
England return for a series of years:
$47,300,000, while rediscounting of other bills rose
$13,300,000, making an increase in total bills discounted for the week of $60,600,000.. -.Open market
purchases were smaller, holdings of these bills declining $7,200,000. In total bills and securities,
(earning assets) an expansion of *45,100,000 occurred, although deposits were reduced $38,800,000.
Federal Reserve notes in actual circulation increased $23,700,000, but member bank reserve accounts fell $35,800,000. At New York there was a
still larger loss in gold, namely,,$57,100,000, while
rediscounting of all classes of bills expanded approximately $58,700,000. Bill buying in the open
market declined $1,900,000. Increases occurred in
total bills and securities of $50,700,000 and the
amount of Federal Reserve notes in circulation rose
$4,100,000. Deposits, on the other hand, fell off
$22,600,000 and member bank reserve accounts decreased $20,900,000. Notwithstanding smaller deposits, the reserve ratios declined mainly as a result
of the contraction in gold reserves. At New York
the decline was noteworthy—to 81.6%, a drop of
3.3%, although for the combined System the decline
was merely a fraction, to 73.3%, against 73.7% last
week, or OA% off.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1925.
1924.
1923.
1922.
Nov. 24.
Nov. 25.
Nov. 26.
Nov. 28.
Nov. 29.
Circulation
b138,094,000
Public deposits
23,809,000
Other deposits
100,827,000
Govt. securities__
33,327,000
Other securities
74.371,000
Reserve notes & coin 34,719,000
Coin and bullion a152,974,616
Proportion of reserve
to liabilities
27.86%
Bank rate
5%
141,953,580
14.273,662
111,441,007
41,597,794
77.347,714
24,530,682
146,734,262
123,066,325
18,743,480
112,275,401
41,198,443
82,391,031
25,175,164
128,491,489
125,015,660
21,131,689
99,767,071
43.373,506
72,796,613
22,503,077
127,768.737
122.884,525
17,028.785
104,435,200
48,305,366
67,935,487
23.005,930
127,440,435
19;§%
4%
1931%
4%
18%
4%
18.94%
3%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard.
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.
The Imperial Bank of Germany in its statement,
issued as of Nov. 15, revealed continued heavy shifting of funds. Note circulation was reduced 175,109,000 marks, although as against this other maturing
obligations rose 147,752,000 marks and other liabilities 17,130,000 marks. On the assets side the Bank
reported a decline in bills of exchange and checks of
67,074,000 marks and an increase in advances of
4,371,000 marks. Deposits held abroad also increased, 13,928,000 marks, and silver and other coins
9,404,000 marks. Reserve in foreign currencies fell
62,907,000 marks, but there were increases in notes
on other banks of 7,974,000 marks, and in other
assets of 80,253,000 marks. Gold and bullion holdings registered a further gain of 17,746,000 marks,
which brought total gold stocks up to 1,754,722,000
marks, as compared with 1,206,959,000 last year and
694,626,000 marks a year earlier. Note circulation
outstanding aggregates 3,009,666,000 marks.
The Federal Reserve banks' weekly statements,
which were issued on Friday, instead of Thursday,
on account of the Thanksgiving holiday, indicated a
general broadening of activity, substantial increases
being shown in rediscounting operations, both nationally and locally. According to the report of the
System, gold holdings fell $21,300,000. Rediscounts
of bills secured by Government obligations increased
2697
Another gain in surplus reserve, this time of over
$23,000,000, was the most noteworthy feature of last
Saturday's statement of the New. York Clearing
House banks and trust companies. This brought excess reserve up to something over $39,000,000 and
was accomplished in spite of larger deposits. Loans
were increased $5,683,000. Net demand deposits
rose $1,780,000, to $5,365,463,000. This total is exclusive of $17,861,000 of Government deposits, a fall-ing off in the latter item for the week of $9,745,000.
Time deposits increased $721,000, to $628,340,000.
Among the lesser changes was a decline in cash in
own vaults of members of the Federal Reserve Bank
of $704,000, to $45,408,000, although this does not
count as reserves; a reduction in the reserves of
State banks and trust companies in own vaults of
$109,000, but an increase of $725,000 in the reserves
of these same institutions kept in other depositories.
Member banks added to their reserves in the Federal
Reserve Bank the sum of $23,062,000, which, of
courEe, was the factor responsible for the addition to
surplus reserve of $23,321,490. Excess reserves now
are $39,603,120, as compared with $16,281,630 last
week. The above figures are based on reserve requirements of 13% against demand deposits for
member banks of the Federal Reserve, but not including $45,408,000 cash in vault held by these members on Saturday last.
Again this week the ruling rate for call money
has been 4/
1
2%. Time money has shown a tendency
toward still greater ease, without much change in
quotations. In preparation for the disbursements
next Wednesday, Dec. 1, a stiffening in quotations
on demand loans would not cause surprise. In fact,
it began yesterday, when, on the calling of between
$30,000,000 and $40,000,000 demand loans, there
was an advance to 5% in the afternoon. Although
the stock market has been more active, a substantial increase in brokers' loans has not been
reported so far. For the week ended Nov. 17 the
Federal Reserve Board reported'an increase of only
a little more than $6,000,000. The abundant supply
2698
THE CHRONICLE
all week of moneylo be loaned on call seemed to indicate that there had not been any substantial increase
in the demand for funds for purposes other than to
finance transactions in securities, but, on the con
trary, a decrease. Trade reports.have called at
tion to a slackening in various lines of b
The "Iron Age" this week stated that new
in the steel industry was from 10.to 20% • • er the
October figures. Car loadings, on the ot er hand,
are holding up well. For the week ended Nov. 13'
they totaled 1,112,886 cars, an increase of 62,946 over
the corresponding week of last year and 96,046 over
the same Week of 1924. Production of crude oil continues on a large scale. For the week ended Nov. 20
the average daily increase was 26,600 barrels. As
the middle of December draws near higher rates for
call money naturally are looked for. On Dec. 15
approximately $453,000,000 of Treasury certificates
will mature. It is expected that income tax payments on that date will amount to about $400,000,000, and it is estimated that the Treasury will have
between $150,000,000 and $200,000,000 in the general fund. In local banking circles it seems to be
expected that the Treasury will offer about $250,000,000 nine months' certificates bearing 3/
1
2% interest. Gold is going to Canada in rather large
volume, mostly in payment for grain shipped to the
United States. The general investment market has
been somewhat more active. Offerings of domestic
bonds are on a fairly large scale, while new issues
of foreign securities continue to appear in the American market.
ble bills
[Vor.. 123.
SPOT DELIVERY.
90 Days.
3/S ©33i
60 Days.
3M lit3%
30 Days.
FOR DELIVERY WITHIN THIRTY DAYS.
e eligible bills
Eligible non-member banks
3% bid
lift bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
NOVEMBER 26 1926.
Payer Maturing—
Within
90 Days.
FEDERAL RESERVE
BANK.
After 90 Alms6
Days. but
but
Within 6 Within 9
Months. Months.
Com'rcial Secured
Agricl ot by U. S. Bankers' Trade Agricul.• Agrieul.
Livestock Governm't Awl). Acceyand
and
Paper. Otago- lances. lances. Livestock Livestock
ti.e.s.
Hons.
Payer. Payer.
Boston
4
4
4
4
4
New York
4
4
4
4
4
Philadelphia4
4
4
4
4
Cleveland
4
4
4
4
4
Richmond
4
4
4
4
4
Atlanta
4
4
4
4
4
Chicago
4
4
4
4
4
Bt. Louis
4
4
4
4
4
Minneapolis
4
4
4
4
4
Kansas City
4
4
4
4
4
Dallas
4
4
4
4
4
San Francisco
4
4
4
4
4
* Including bankers acceptances drawn for an agricultural purpose and
by warehouse receipts. dal
4
4
4
4
4
4
4
4
4
4
4
4
Quiet firmness, relatively speaking, charac zed
trading in sterling exchange this week and prices
ruled within exceptionally narrow limits, the extremes
in the quotation for demand bills' being 4 843
4 and
4 84 9-16. As a matter of fact there was practically
no range at all, the bulk of the business that was
transacted passing at 4 84 7-16. Although this is
slightly under the levels of the week preceding, the
Dealing with money rates in detail, call loans have undertone of the market was steady and the general
ranged during the week between 43/ and 5%,the same
as a week ago. As a matter of fact rates have again
been stationary the greater part of the time. On
Monday, Tuesday and Wednesday call funds loaned
at the single rate of 432%, this having been the only
figure named. Thursday was a holiday (Thanksgiving Day). On Friday renewals continued at
432%, which was the low, but before the close there
was an advance to 5%.
For fixed date maturities the undertone has been
easier and rates for all periods from sixty days to six
months have declined to 432@4N%,which compares
with 4M@4%% for sixty and ninety days and 4%@,
4%% for four, five and six months a week ago.
Offerings were freer but trading was quiet and featureless.
Commercial paper rates have not been changed
from 434.@43/2% for four to six months' names of
choice character, with names less well known at 432@
4%%,the same as last week. Increased activity has
been reported, owing to more liberal supplies of bills.
New England mill paper and the shorter choice names
are still passing at 43i%.
Banks' and bankers' acceptances have been quiet
but steady. Offerings continue light but the demand
has likewise been limited. There is nothing to report
in the way of news. For call loans against bankers'
acceptances, the posted rate of the American Acceptance Council remains at 4%. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal Reserve banks 33
4% bid and 3/% asked for bills running 30 days, and the same for 60 days; VA% bid and
397
0 asked for 90 days; 4% bid and 3Y% asked for
1
120 days, and 4/%
bid and 4% asked for 150 days
days.
Open market quotations follow:
and 180
attitude was one of expectancy that values were on
the upgrade. Nevertheless, caution appeared to be
the keynote and very little inclination was shown to
take advantage of the virtual ending of the British
coal strike. In all probability dealers will await some
more concrete evidence of a resumption of normal
trade activities before risking extensive new commitments in foreign exchange. The result was
marked dulness, locally at least, which in the latter
part of the week was accentuated by preparations for
the Thanksgiving holiday. In London sterling was
in demand and cable rates were firm to strong.
A development of the week was the rise in quotations for the Canadian dollar to a point where gold
shipments become profitable, and the consequent
inauguration of a movement of the precious metal
from New York to Montreal. Bankers here attach
no special significance to the movement, stating that
it is purely seasonal and simply reflects payments for
the large volume of exports of wheat and other Canadian products. Talk of an outflow of gold from London, however, has practically ceased. Sterling rates
are now on a level well above the gold export point.
Removal of the coal strike as a market factor means
that the chief influence for the next few weeks on
sterling price levels will be the trend of money. At
the moment this is downward, and in some quarters
it is rumored that a lowering in New York Federal
Reserve Bank rate is within the range of possibilities.
Should this come to pass, there would doubtless be
an increase in American balances in London, which
should make for higher sterling rates. A small consignment of South African gold is coming to New
York, the transaction being made possible because
of the decline in the open market price at a time when
sterling is Mc. above the gold export point.
Nov. 271926.]
THE CHRONICLE
2699
As to the more detailed quotations, sterling Poincare's utterances at Tarbes, to the effect that
exchange on Saturday last was firmer; as a result France was not yet in position to stabilize the franc,
demand ruled at 4 84 7-16 (one rate) and cable which caused a rush of selling by speculators who had
transfers at 4 84 15-16; trading was fairly active for expected immediate stabilization at a four-cent level,
a half-day session, especially on the London market, while the final rally was based on a strong Bank of
advance in the cable rate being largely responsible France statement. According to bankers usually
for the strength here. On Monday freer offerings well informed, permanent stabilization will not be
induced reaction and the range was 4 84/@4 84 7-16 practicable until the war debt agreements are actually
for demand and 4 84%@4 84 15-16 for cable trans- settled. It is noteworthy that despite the excitefers. A falling off in activity was noted on Tuesday ment in the spot market, future rates in francs have
but rates were not changed; demand continued to shown very little change, which would seem to indirange at 4 849'@4 84 7-16 and cable transfers at cate that operators in view of prevailing uncer4 84%@4 84 15-16. Pre-holiday dulness prevailed. tainties prefered to confine themselves to short time
on Wednesday and sterling ruled at 4 84 7-16@ commitments.
4 84 15-32 for demand and 4 84 15-16@4 84 31-32 for
Italian lire also showed considerable activity and
cable transfers. Thursday was a holiday, (Thanks- for a time there was a rise from 4.13 to 4.24, on
giving Day). Friday the undertone was firmer and buying based on rumors that a stabilization rate of
demand advanced fractionally to 4 8.43/
2@4 84 9-16 somewhere between 90 and 100 lire to the pound
and cable transfers to 4 85@4 85 1-16. Closing quo- had, been decided upon by the Government at Rome.
tations were 4 84 9-16 for demand,4 85 1-16 for cable Later this was denied, Italian bankers claiming that
transfers. Commercial sight bills finished at 484 7-16, the Government had reached no definite decisions on
sixty days at 4 80 7-16, ninety days at 4 78 9-16, that point, and the quotation dropped back to 4.18,
documents for payment (sixty days) at 4 80 11-16 and though closing firm at 4.24. Aside from these moveseven-day grain bills at 4 83 3-16. Cotton and grain ments in francs and lire, there has been very little
for payment closed at 4 84 7-16.
doing. Antwerp currency remains fixed within a
Announcement of the engagement of approxi- fraction of 13.90 for the new belgas. German and
mately $3,000,000 in gold for shipment to Canada by Austrian exchanges have been practically stationary.
the Canadian Bank of Commerce and the Bank of Greek exchange continues to rule at around 1.23,
Montreal, aroused considerable interest and led to while the minor Central European group has been
predictions that this portended the inauguration of inactive and unchanged. As already indicated, tradthe seasonal flow of gold from this center incidental ing dwindled in the latter part of the week owing to
to payment for exports of wheat and other Canadian the approaching holiday. A few small flurries ocproducts. It is believed that the movement will be curred as a result of short covering undertaken out
considerable this year. Advance in the Canadian of fear of unfavorable developments abroad during
dollar rate to 3-16 of 1% premium was of course the time that the New York market was closed.
directly responsible for the gold movement and was Firm rates were the rule on Friday, but were not
said to reflect certain financing operations with accompanied by any real increase in activity.
Canada that have not been made public. Gold from
The London check rate on Paris closed at 133.92,
South Africa is said to be on its way to the United against 137.00 a week ago. In New York sight bills
on the French centre finished at 3.61, against 3.59;
States, to the amount of about £180,000.
cable transfers at 3.62, against 3.60, and commercial
Movements in Continental exchange were irregular sight bills at 3.60, against 3.58 last week. Closing
and with one or two notable exceptions trading was quotations on Antwerp belgas were 13.913 for checks
quiet and featureless. French francs held the centre and 13.913/ for cable transfers, which compares with
of the stage, as it were, and attracted wide attention 13.913 and 13.913/ a week earlier. Reichsmarks
by renewed fluctuations of a sensational nature, first finished at 23.73 for checks and at 23.75 for cable
in one direction, then in the other. On Saturday of transfers, as against 23.72 and 23.74 last week.
last week a fresh wave of buying of large proportions Austrian schillings continue to be quoted at 143g.
developed which sent franc quotations skyrocketing Lire finished at 4.24 for bankers' sight bills and at
until another new high record of 3.7332 had been 4.25 for cable transfers. This compares with 4.17
reached, or 16 points above the record established the and 4.18 the previous week. Exchange on Czechoday previous. By Monday, however, Governmental slovakia closed at 2.96/,(unchanged); on Bucharest
selling, accompanied by profit-taking, began, and at 0.55, against 0.545
/s; on Poland at 11.50, (unthere was a sharp slump to 3.50, although at the changed), and on Finland at 2.52%, (unchanged).
close a recovery set in and there was another advance Greek drachmae finished at 1.233 for checks and
to 3.653/2. While this buying in reality reflected 1.23% for cable transfers, in comparison with 1.233
the improvement that has taken place in French @1.23% the week before.
affairs and the return of confidence in the future of
the franc, the too rapid rise in rates has caused
The neutral exchanges, formerly so-called, were
some serious complications in international trade ar- neglected and rate movements proved inconserangements; hence the effort of the Government to quential, except for a small spurt of strength in
hold the rate within bounds by means of selling Norwegian krone. Trading throughout was narrow,
through a representative of the Bank of France. and uninteresting. Dutch guilders have been heavy
The market for a time was erratic and feverish, the and ruled at a fraction above 39.95. Swiss francs have
heavy overbuying having caused a highly speculative been only fairlysteady, while Danish and Swedish curcondition. Later in the week realizing or profit-tak- rencies have been inactive and easier, each losing
ing increased in volume and the rate moved unevenly, a point or two during the week. Norwegian exveering from 3.50 to 3.57, then down to 3.5332, change, on the other hand, opened at 25.58, shot
with a subsequent drop to 3.463/2, but finishing at up to 25.73, but quickly dropped back to 25.48,
3.61. The weakness was the result of Premier with no particular activity to speak of. Spanish
[VoL. 123.
THE CHRONICLE
2700
pesetas shared in the general inactivity and moved
within comparatively narrow range, at around 15.14.
Bankers' sight on Amsterday closed at 39.953
4,
against 39.95; cable transfers at 39.97%, against
39.97, and commercial sight bills at 39.91%, against
39.91 a week ago. Final quotations on Swiss francs
were 19.273/ for bankers' sight bills and 19.293/2 for
cable transfers. Last week the close was 19.27
and 19.28. Copenhagen checks closed at 26.59
and cable transfers at 26.63, against 26.61 and
26.65. Checks on Sweden finished at 26.643/ and
cable transfers at 26.683/2, against 26.65 and 26.69,
while checks on Norway closed at 25.48 and cable
transfers at 25.52, against 25.58 and 25.62 the
week preceding. Spanish pesetas closed the week
at 15.14 for checks and 15.16 for cable transfers,
in comparison with 15.15 and 15.17 a week earlier.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
NOV. 20 1926 TO NOV. 26 1926, INCLUSIVE.
Noon Swing Rate for Cable Transfers is New York.
Value in United States Money.
Country and Monetary
Unit.
Nov.20. Nov. 22. Nov.23. Nov.24. Nov.25. Nov.26.
EUROPE8
Austria. eel:lining__ .14079
.1390
Belgium, belga
007260
Bulgaria, lev
Czechoslovakia, krone .029619
2663
Denmark, krone
England, pound ster4.8486
ling
.025202
Finland, markka
.0363
France. franc
Germany, reichemark. .2374
.012308
Greece, drachma
.3997
Holland, guilder
.1755
Hungary. pengo
.0415
Italy, bra
.2562
Norway. krone
.1136
Poland, zloty
.0509
Portugal. escudo
.005450
Rumania.lea
.1515
Spain. peseta
2668
Sweden,krona
Switzerland. franc__ .1928
Yugoslavia, dinar__ .017655
ASIAChina6208
Chefoo, tad
6103
Hankow,tadl
.6879
Shanghai, tael
.6242
Tientsin, tael
Hong Kong. dollar_ .4725
.4313
Mexican dollar_
Tientsin or Peiyang,
.4221
dollar
.4183
Yuan, dollar
.3603
India, rupee
4913
Japan. yen
Singapore(S.S.),dollar .5596
NORTH AMER.1.001431
Canada. dollar
.999250
Cuba, peso
468500
Mexico. peso
Newfoundland, dollar .999063
SOUTH AMER.Argentina peso (gold) .9239
.1221
Brazil, milteLs
1204
Chile. peeo
1 nnnn
•
8
.14071
.1391
.007250
.029620
.2663
$
.14089
.1391
.007253
.029623
.2662
$
.14073
.1391
.007244
.029616
.2662
t
4.8489
4.8492
4.8489
.025206 .025211 .025203
.0355
.0352
.0350
.2373
.2373
.2373
.012334 .012339 .012336
.3998
.3998
.3997
.1755
.1756
.1755
.0417
.0422
.0421
.2573
.2586
.2555
.1123
.1133
.1123
.0511
.0510
.0511
.005462 .005485 .005534
.1514
.1515
.1514
.2668
.2668
.2668
.1928
.1928
.1928
.017660 .017659 .017655
HOLIDAY
i
.14079
.1391
.007244
.029619
.2662
4.8497
.025209
.0365
.2374
.012340
.3997
.1755
.0424
.2554
.1131
.0511
.005524
.1516
.2668
.1928
.017657
'.6221
.6122
.5923
.6250
.4763
.4388
.6288
.6181
.5984
.6313
.4784
.4419
.4329
.4292
.3603
.4912
.5598
.4321
.4283
.3601
.4908
.5594
.4304
.4275
.3601
.4910
.5594
.4350
.4313
.3601
.4908
.5592
1.001606 1.001709 1.001698
.999313 .999250 .999156
.466667 .466500 .465167
.998625 .999258 .999258
1.001650
.999156
.466333
.999180
.9245
.1193
.1203
1.0007
.9242
.1224
.1204
1.0000
South American exchange was dull, but steady,
with Argentine pesos up to 40.68 for checks. and
40.73 for cable transfers, which compares with
40.63 and 40.68 last week. Brazilian rnilreis, on
the other hand, again lost ground and declined to
12.10 for checks)then rallied and finished at 12.15,
with cable transfers at 12.20, against 12.23 and 12.30
a week ago. Chilean exchange was irregular, and
rose to 12.20, but slumped to 12.30 and closed at
12.05, the same last week. Peru was firmer, advancing to 3.61 and closing at 3.58, against 3.57 the
previous week.
The Far Eastern exchanges again suffered in
consequence of fluctuations in the silver market
and the Chinese currencies turned weak. Hong
Kong taels declined to 473, but closed at 489/8@
48 9-16, against 49M@49; Shanghai went to as
/, but finished at 603..1@603/2, against
low as 591
/@6lYt last week. Japanese yen were firmly
603
held and closed at 49.15@49.50, against 49.15@
49.25 last week. The remainder of the list showed
no change to speak of. Manila finished at 49%@
49%, against 49%@49 8; Singapore at 563'1@
1 @56%; Bombay, 36 3-16@.36%
563/2, against 56.4
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended November 25.
Banks' interior movement
out of
Banks.
Into
Banks.
85,830.861
Gain or Loss
to Banks.
8992,800 Gain 84.838,061
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday.
Nov. 20.
Monday.
Nov. 22.
Tuesday, Wednawry, Thursday
Nov. 23. Nov. 24. Nov. 25.
Friday,
Nov. 26.
Aggregate
for Week.
83,100,000 98,000,000 85,000,000 100,000 000 }fondly 116 000000 Cr.472.000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Nov. 25 1926.
.6275
.6175
.5973
.6288
.4771
.4400
.9238
.1235
.1204
1,000.1
The New York Clearing House banks, in their
operations w4tk interior banking institutions, have
gained $4,838,061 net in cash as a result of the currency movements for the week ended Nov. 25.
Their receipts from -the interior have aggregated
$5,830,861, while the shipments have reached $992,800, as per the following table:
Nov. 26 1925.
Banks o
.6296
.6188
.5998
.6329
.4791
.4413
.9242
.1219
.1203
1.0002
(unchanged), and Calcutta, 36 3-16@36% (unchanged).
Gold.
Myer.
Total.
I Silver. I
CI
al
£
I
England__ 152,974,616
146,743,262
'152,974,616 146,743,262
France a__ 147,360,000 13,560.000150,920.090 147,338442 12,600,000159,938,542
c994,600 52,336,900
Germany b 78,040,000 c994,600 79,034,600 51,342,300
Spain ____ 102,263,000 26.626,000128.889.000 201,467.000 25.854.000 227,321,000
Italy
45.510,000 4,157,000 49.667,000 35,645.000, 3,358,000 39,003,000
Nethland 34,860,000 2,255,000 37,115,000 38.373.000, 1,958,000 40.331,000
Nat.Selg._ 16,694,000 1,073,000 17,767,000 10,954,0001 3,648,000 14,602.000
Switzland. 17,718,000 2,908,000 20,626,000 18,438,000 3,606,000 22,044,000
12,817,000
12,540.000 12.817,0001
Sweden..
12,540,000
881,000 12,495,000 11,630.0001 1,050,000, 12,680,000
Denmark _ 11,614,000
8,180,000 8,180.000,
I 8,180,000
Norway
8,180,000
Total.
Gold.
Total week 327,753,616 52,454,600680.208,2i6 682,919,1041 53,068,600 735.987,704
Prey. week 129,364,682 52,378.600681,743,282 583,449,516 52,842,600636,292,116
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are exclusive of
£11,695,000 held abroad. c As of Oct. 7 1924.
The British Commonwealth of Nations.
Not since the Locarno treaties has a Government
document made such a stir in the world as the report
which the Inter-Imperial Relations Committee of the
British Imperial Conference made public last Saturday. There was a general expectation that the
marked growth of independent sentiment in the
Dominions, and especially the advanced views recently expressed by Premier Hertzog of the Union
of South Africa, would lead the Conference to adopt
some statement in which the constittfflonal relations between the Dominions and the mother country should be more clearly defined, but the elaborate
report prepared by the committee was a good deal of
a surprise. Not all of the report is easy reading,
and its longest section, that relating to the
international relations of the Dominions, offers an elaborate and complicated series of
suggestions, the full significance of which will
doubtless become clearer as they are applied
from time to time in practice. Taken as a
whole, however, the report announces and expounds
certain principles of far-reaching importance for the
9,or 1926.]
THE CHRONICLE
2701
future of the British Empire, and it .is those prin- in Great Britain. The immediate consequence
ciples that, at the moment, seem chiefly to invite of this change will be that the Governor-General will cease to be, as now, the medium of comcomment.
It should be said at the outset that the report does munication between the British Government and the
not undertake to outline a constitution for the Em- Government of the Dominion to which he is accredpire. The idea of a written constitution has never ited, and that the Governments will communicate
appealed to the people of Great Britain, and tip,- with one another directly. Apparently, the procommittee has not attempted to fasten upon the posed arrangement would also prevent the recurEmpire a kind of fundamental law that the mother rence of such a constitutional crisis as lately develcountry has never desired for itself. The "widely oped in Canada over the resignation of the Mackenscattered parts" of the Empire, the committee de- zie King Ministry and the designation of a new Preclares, "have very different characteristics, very dif- mier by the Governor-General.
ferent histories, and are at very different stages of
The question of the Imperial aspects of Dominion
evolution," while considered as a whole the Empire legislation appeared to the committee to be too com"defies classification, and bears no real resemblance plex for anything except a general statement of
to any other political organization which now exists principles. It was agreed, however, that a Dominor has ever yet been tried." India is excluded from ion has the right to advise the Crown in all matters
the scope of the report because of the fact that its relating to Dominion affairs, save where constiturelation to the Empire is defined by the Government tional provisions in Acts already passed reserve conof India Act of 1916, and the so-called Crown colo- trol to Parliament or the Crown; and that, connies and other overseas possessions are also left at versely, the British Parliament should refrain from
one side. What the committee has done is to em- legislating in regard to Dominion affairs "against
body in generalized, but nevertheless formal, state- the views of the Government of that Dominion."
ments certain principles which have emerged in the The suggestion, while it rests upon the principle of
practical relations between the self-governing Do- reciprocity, seems to amount to conferring upon the
minions and the mother country, to give them formal Dominions a kind of veto power in advance, as far
sanction, and to point out certain changes in pro- as legislative proposals affecting the Dominions are
cedure which the recognition of the principles ap- concerned, and to make inapplicable the continuance
pears to involve.
of even a formal approval of Dominion Acts in Great
The basis of the suggestions that are made lies in Britain. The subject is obviously a complicated one,
the acceptance of the fact that the DominiOns are in theory as well as in practice, because of the re"autonomous communities within the British Em- peated emergence of common interests in which
pire, equal in status, in no way subordinate one to something akin to legislative uniformity would seem
another in any aspect of their domestic or external to be desirable, and the report accordingly suggests
affairs, though united bycommon allegiance to the that a committee be created to which such questions
Crown, and freely associated as members of the might be referred.
British Commonwealth of Nations." The emphasis
Far the larger part of the report is devoted to the
which this comprehensive statement places upon subject of the international relations of the Dominequal status would seem to be designed to meet ions. It seems difficult to determine in advance prethe objection urged by General Hertzog to what he cisely how the complicated proposals of the commitregarded as discriminating treatment of South tee at this point would work in practice, and the
Africa in Imperial councils. From this recognition difficulty is increased by the existence of the League
of autonomy and political equality arises the need of Nations and the treaty procedure which memberof such changes of law or procedure as the commit- ship in that body seems to require. In substance,
tee goes on to recommend. The establishment of the however, the report recognizes the right of the DoIrish Free State as a Dominion, it is pointed out, minions to conclude .treaties or other international
has rendered inappropriate so much of the present agreements, but suggests that where such agreelegal title of the King as recognizes him as King of ments affect other Dominions or Great Britain, the
"the United Kingdom of Great Britain and Ireland interests of those parts of the Empire should be conand of the British Dominions beyond the seas," and sulted. In other words, while it is conceded that in
it is accordingly proposed that Parliament shall the sphere of foreign relations, as in that of defense,
provide for substituting a phraseology which shall "the major share of responsibility rests now, and
read "of Great Britain, Ireland and the British Do- must for some time continue to rest, with his Majesminions beyond the seas." The change seems small, ty's Government in Great Britain," it was felt that
but it nevertheless means a good deal in the legal "the governing consideration underlying all the distheory of the Empire.
cussions of this problem must be that neither Great
A much more far-reaching change, also growing Britain nor the Dominions could be committed to
out oi the full recognition of autonomous status, has acceptance of active obligations except with the defito do with the representation of the British Govern- nite assent of their own Governments." It is in acment in the Dominions, and, in general, the legisla- cordance, apparently, with this principle that the
tive powers of the Dominions and of Parliament, re- Imperial Conference, while expressing its approval
spectively, in Dominion affairs. The committee rec- of the action of Sir Austen Chamberlain, British
ommends that the Governor-General shall cease to Foreign Secretary,in the matter of the Locarno treabe regarded as a representative or agent of the Brit- ties, nevertheless took no steps looking to the acceptish Government or any of its departments, and shall ance of the obligations of those treaties by the reprebecome instead a direct representative of the Crown, sentatives of the Dominions.
with essentially the same relation to the administraThese are the main provisions of the report. Hostion of affairs in the Dominion as is held tile critics have pointed out that the report contains
by the King to the administration of affairs little that is actually new, and have classed it with
2702
THE CHRONICLE
123.
other formal statements of accomplished fact. It for, it is but scantily appreciated. All in all, the
is a characteristic of British constitutional history, citizens seem too busy with the affairs of life to
however, that constitutional changes have usually waste time in sustaining and directing the Governbeen allowed to develop by a natural process of ment. Yet it goes on—an enormous number of laws
growth rather than under the constraining influence are enacted—the machinery of the nation becomes
of formal statutes, and that a good deal of what at more complicated, boards, commissions and committhe time has been hailed as revolutionary has been tees to inquire into and regulate almost everything
in reality only a recognition of a state of things long increase, and the Juggernaut of Rule rolls on threatin being. The development of the Empire into what ening to obliterate individual rights the people are
may now, with greater appropriateness than before, too indifferent to preserve.
be called a Commonwealth of Nations, is a striking
Examination shows that in the election just
illustration of this characteristic.
passed local and conflicting issues controlled as far
For most practical purposes the British Domin- as there was any control. In rock-bound Republiions have long been what they are now recognized as can Massachusetts a Democratic Senator
was
being, namely, independent States. They have been elected. In Missouri there was a return to the
and are free to legislate within their own territories Democratic fold in the Senatorial race. In Illinois
in such ways as seem to them good, free to make and Pennsylvania the investigation into the use of
agreements with other States in furtherance of their money at the primaries seems to have been without
own advantage. What marks them off from such force. Locally, the wet and dry issue had some efStates as Italy or France is the fact that their polit- fect, but without any conclusive power. The Ku
ical independence is qualified by 'a common alle- Klux Klan in some places insinuated itself but withgiance to the British Crown, and tempered by the out determining results. In New York the Demopractical necessity which they all recognize of co- crats won a Senator on the Smith popularity, but
operation in defense, in trade, and in countless mat- the latter will find perhaps that Democracy in Misters of economic and social life.
souri and Ohio, despite the defeat of Pomerene, will
It is this unique status that the Imperial Confer- be encouraged to be in the Presidential race without
ence has at last made clear to the Empire and to the the handicaps New York will have. Writers fall
world. That the central authority which has hith- back now on the assertion that much depends on
erto existed as an Imperial binding force has been how Congress deports itself. But if it is to be poweakened somewhat by the action of the Conference, litically affraid, what can it legislatively do?
few will venture to deny, and it may well be that the
There is little cause for satisfaction in all this.
spirit of independence which has won such conces- A pessimist as to the fate of the country will doubtsions as the report of the committee embodies will less despair. Liberty-loving citizens, fretted at the
in time go further. The central thread of the report, load of laws they must annually assume, or at least
on the other hand, is loyalty to the Crown, and upon biennially, will welcome a deadlock in the Senate.
the continuance of that loyalty the Conference evi- But laws increase out of all direct ratio to a predently relies—a degree of confidence which there ponderance of political power. The law-maker is
seems no reason to question.
always with us. ALd if the people do not care
enough to demand great issues or to send good men
An Inconclusive Election.
to office, and by good we mean qualified in statesSince the returns of an election materialize at the manship, they must continue to bear the ills they
meeting of Congress, we may now examine them with have and shoulder more. One important fact seems
a view to their effect. And yet what is there to to emerge—if we are to have no large national issues
examine? What great underlying issue was at at stake save in a Presidential election, then more
stake? Can any sage analyst say that Mr. Coolidge and more the Executive himself becomes the chief
was endorsed or the reverse? 'Can any wise and issue, and his power correspondingly grows by vircanny politician point out the coming Presidential tue of the excess of laws to administer.
It is said politicians at Washington are forecastcandidates for the big battle two years hence? Can
any publicist outline the legislation that will now ing that prohibition, as a result of this year's conprevail? From our own reading of the comments test, will be one of the major issues. But in what
we must conclude that this 1926 election was almost form is it to come before the people? The results of
wholly inconclusive. There seems to be in it an the referendum, where held, are neither directory
augury that the coming meeting of Congress will be nor conclusive. States are accused of nullification
without power of enactment, although, with a few in the mere expression of opinion. Congress must
exceptions, the old body will be in session until the first modify the Volstead Act or submit an amendfourth of March. This, however, remains to be seen. ment to repeal before we can have a national trial
That the people will not be alarmed by possible in- of strength. Otherwise a social, not a Gpvernactivity is certain. And it is intimated, without mental, question is involved. So that the party platactive protest anywhere, that there will be no spe- forms must in essence declare for or against light
wines and beer, or that a repeal amendment be subcial session.
mitted, attaching thereto a declaration in favor of
interest
the
on
overpowering
There was really no
State
or national control. It is not a fault of our
We
held.
just
election
part of the people in the
government that our territory is wide and
plan
express
of
heretofore
to
have had occasion as citizens
about
but
diverse,
it is a fact that it complicates the stateonly
Ordinarily
apathy.
alarm at prevailing
half the qualified electors vote. Women have been ment of national problems. And it follows that our
given the opportunity to correct this, but have not major issues should confine themselves to our larger
done so. Several women in this election are sent to questions of national policy and economy.
Taxation, one of the most complex matters we
Congress; two women Governors have been retired
to private life. Possessed of suffrage, long striven have to deal with, is an example. How much figure
Nov. 27 1926.]
iFfr
CHRONICLE
it cut in the past election it is impossible to determine from the results. The revelation of a large
surplus in the current year's taxes demands consideration at the meeting of Congress now near at hand.
Our national income tax is a national issue. While
it is not expected that tax returns under any law
can be accurately determined in advance, it is possible to adjust on the basis of this large surplus injustices that have been pointed out in the present
law. In its enactment by a bi-partisan effort both
ends were played against the middle. It is an old
game. The poor (we use the terms only relatively)
and the very rich were favored at the expense of the
rest. Votes to be secured were the guiding power.
The small corporations were left to bear the brunt.
A surplus results. Now this is a national question,
without regard to party or section. But it cannot
become an issue in a national party platform as presented to voters. Revision and reform are not always the same. What should and can be done is to
treat the question now as a matter of administrative
detail to be corrected without regard to any future
election as far as it may be. But there looms now a
lot of discussion which will be of a partisan nature
without economic foundation.
The drifting nature of our politics disquiets and
alarms. Anxiety to do something for the people and
fear of the results upon party fortunes renders all
our elections farcical. Prohibition, as to whether
it invades personal rights, and is contrary to our
scheme of government and our. Constitution, is something definite as to national character, no matter
that an amendment exists. An amendment can be
amended or repealed. A tax law found to produce
excessive revenue can be studied as to its bearing
upon all classes of incomes. There is no partisan
issue in it. It is a monstrous wrong to take more
taxes from the people than necessary to maintain
the Government. All want reduction. No instruction here is needed. It ought not to wait on anything but right and justice. But we are so snarled
up in political probabilities that the very purpose
and structure of government is imperilled.
The Expediency of Crop Limitation.
A symposium on this subject in "The Country
Gentleman" discusses not so much the expediency as
the feasibility of this proposal in behalf of the
farmer. A single crop may be limited, but should it
be? Is price, high or low, the direct incentive to the
growing of any one crop? Why do we have a corn
belt and a cotton belt, or a citrus fruit belt? Is it
not because soil and climate are in these sections
especially adapted to the growing of the one crop
selected? Nature, not man, is the dictator. Other
crops may or may not be grown in the section, but
not so advantageously. Corn may be grown instead
of cotton, but not the reverse. Yet corn does not
produce as well in the soil and climate as cotton.
Nature, therefore, places the first limitation on all
primal crops. And if man in the face of nature's law
chooses to limit the growing of his best and first
ordained crop he disdains his bounty.
This is not to say he should be a one-crop farmer.
As we have often suggested, the farm is the unit of
production. Here alone, as to utilizing the bounties
of nature, man is supreme. He works within the
walls and laws of nature. Yet so great is his bounty
that he is not bound by an iron rule to one crop.
2703
His farm,in any section, if it be but forty acres, will
grow several kinds of produce. It may be, owing to
conditions, as remote even as the influence of world
markets, that he individually chooses to 'forego his
major crop; or it may be expedient that he utilize
the various powers of his soil and climate to diversify his acreage; but speaking of classes and sections, the American farmers as a body undertake to
limit the acreage of their best crop at their peril. It
is not wise to try to grow figs from thistles, because
the price of thistles is too low. To rush from one
failure to another is folly. Farmers cannot discard
the help of nature and rely wholly on. self-help of
any kind.
At best, then, as a general principle, only a partial
limitation of any one crop is possible. We do not
regard it as feasible, either by co-operative agreement or by legislative enactment. The latter is abhorrent to liberty. The farmer is subject to the
vicissitudes of life, to the possibilities and even probabilities of personal disregard, and to the larger
control of nature. And it is clearly not expedient
in the light of the world's needs. We boast as a
people of our agricultural self-sufficiency. We can
grow all we need for our own consumption. Our
interior valleys constitute one of the richest empires
of the globe, capable of sustaining several times our
present population. We agree that world surpluses
control price. But of what avail to control alone
our own surplus without control by agreement the
surpluses of other States and domains. To voluntarily lessen our own surplus in the face of scarcity
abroad is certain to lessen income. Why take the
chance?
And even supposing full production the world
around, of any one crop, or of all crops for that matter, are there not countries that cannot feed their
own peoples, are there not growing consuming peoples and cities, are there not varying trade conditions controlling prosperity and purchasing exchange values, that render it wholly inexpedient for
any one people, or territorial domain, to limit acreage of crops. Let it be known that to limit is always
to lessen. An overplus one year suggests a limitation of acreage—scarcity due to failure does no such
thing. Low price due to surplus is the sole motive.
It is never proposed to limit in view of increasing
need, larger markets, greater demands. Yet one is
as expedient as the other. Less acreage when it is
impossible to foresee the fullness of the world's
need, or the inevitable failures that come some time
elsewhere, seems an invitation to forego possible
profits.
Are there not certain natural limitations that
may be left to time and changing demand. Take the
profits during the last twenty-five years from poultry raising and dairying. Congested cities more and
more consume these products. Prices have risen in
this period two or three hundred per cent. Collection and distribution have been systematized. The
well-to-do farmer with large acreage no longer looks
upon this source of income with contempt. Demand
is met by supply. The change is gradual, the limitation (here it is expansion and increase) is natural.
The will of the individual owner, social and economic conditions, the restrictions of nature, the lure
of profits in new ventures, the possibilities of the
farm unit, all these work a natural control, limit in
each direction according to demand, and work no
2704
TTTE CHRONICLE
hardship to anyone save as lack of judgment in any
business works ill.
An extraordinary cotton crop causes attempted
withholding from market by credit financing.
Credit is always costly. Again, cotton will keep—
corn and wheat will not to the same extent. They
shrink. Feeding cattle eat their heads off after the
fat is on. Individual granaries would afford great
relief, and preserve independence. But limitation
of acreage to withstand over-production, and sequestration of product, are the equivalent loss of
cash returns. As is well known of cotton, tenant
farmers can neither limit nor sequestrate. So that
there are too many unknown quantities that affect
limitation to say. that it is either feasible or expedient. There are too many professional farmers,
too much theorizing, too much ordering by organizations, too many friends of the farmer entering the
world's court where supply and demand are the law.
No right-thinking man objects to any plan that will
help—but to help it must work, and a look before a
leap is always in order.
It is averred that manufacture controls its output
according to demand. This is not wholly true. But
supply here is more a fixed quantity than in agriculture. Manufacture is subject to a willful change of
fashions. Old goods, while they do not deteriorate
in quality perhaps, will not sell. And fashions at
least are determined in advance. Agriculture is subject to shortages caused by unseasonable weather.
This cannot be foretold to any appreciable degree.
Yet all the crops in all places do not fail at the same
time. Food is more fundamental than clothes. The
old coat may be turned and worn again. Demand
for food is a certainty every year to the extent of
supporting life. Agriculture and manufacture are
not in the same boat. They cannot change places.
They cannot work by the same rules. Each has its
peculiar risk. Undoubtedly a war-time boycott
brought clothing prices down or started a partial
downward movement. At the same time an unnatural scarcity in foodstuffs sent prices upward.
In our great mid-West there have been heavy
rains, causing some damage to standing crops. But
the fall grass is heavy and late. And just as the
overflow of the Nile enriched the soil though it
swept away harvests, so nature somehow always
compensates. And when all laws are passed and all
agreements signed, and all credits bestowed, there
will still be nature, to restrict, to guide, to control,
her child-man, and to preserve him in his toil, giving bounties indefinable for all her seeming wrath.
And it is not unfeeling to say that here must the
farmer, and all life, put primal and final trust. Let
us as a people study this plan of limitation in all
its phases before putting it before nature—chastening sometimes, but always kindly and bountiful.
The Investor and the Scientist.
The investor, that is, the rentier, as the French
call him, the man more or less dependent upon the
income of his invested funds, and the man devoting
his life to scientific investigation are supposed to
have little in common; as the bank where money is
regarded as both accumulated and preserved is as
far as the poles from the research laboratory now
silently appearing in many quiet corners even of the
universities. In fact, both bear witness to the extent and significance of the new movement in which
[VOL. 123.
men the most remote are drawing together and interests the most diverse are found to be interdependent, and even interlocked.
The degree to which this is taking place almost
before our eyes, and yet but little appreciated, is set
forth in extended form by the well informed writer
of "Does Research Pay?" issued some little time
ago.* We call attention to some of the facts he reports. They are of general interest as bearing directly upon our present subject, and are sufficiently
obvious to require no further confirmation.
In 1925 the distillers of wood alcohol, with an investment of $100,000,000 and its products valued at
more than $35,000,000 a year, considered themselves
beyond possible injury. Two months later they did
not know whether they had any industry or not.
A process for manufacturing methanol, or wood
alcohol, had been discovered that was so much
cheaper than distillation that it threatened to displace their industry at once.
This is, however, only the beginning. Two billion
dollars is the estimate on "the production scale" and
several billions more on "the asset scale" of the big
oil industry. In the field of motors and fuels it is
threatened. Alcohol is a desirable motor fuel in
some respects superior to gasoline; but it was not to
be had in sufficient quantity. Three billion extra
gallons of gasoline had by 1924 been added annually
by "cracking" to the more than 4,000,000,000 gallons
produced by the old methods, nearly doubling the
output of gasoline from a barrel of oil, so that the
price of gasoline was brought down to 15 cents a
gallon and less. To-day it is estimated by the American engineers that synthetic methanol can be produced at a much lower figure, possibly at 4 cents.
Coal can be liquefied at 12/
1
2 cents a gallon, and the
complete "gasolinification" of petroleum is the goal
set by some of the refiners. Little is yet known of
the real nature and origin of petroleum, but the improved processes apply not only to the production
of gasoline, but to alcohol and coal tar, and the
innumerable by-products and new materials produced from the one and the other.
The story of wood alcohol opens side doors and
carries us further. One of the products of the distillation of wood is formaldehyde. The wood of the
country has long been threatened with exhaustion.
The early settlers "waged perpetual war with trees."
Only so could they get a foothold on the soil. The
manufacture of paper from wood carried the fight
into a modern stage. Chemists have succeeded in
making newsprint paper out of wood that can be
"cultivated like corn and potatoes," and new methods have been devised for recovering the cellulose
that floats off in the paper making. Cellulose is
still obdurate, little understood, and hard to break
up; but however used in the process of paper making or in artificial silk, it is recoverable. Still, the
lumber industry was in danger of forced retreat but
for the luxurious use of other and costlier materials. Now another of these has been devised of extensive possibilities. It is termed bakelite, and is
one of the most remarkable that science has produced. Formaldehyde and carbolic acid, the one
from the distillation of wood and the other of coal,
unite in it. It is fireproof and insoluble, can be
made partly transparent, or dyed through and
through in any color, gives a hard surface to wood
"What Price Progress?" by Hugh Farre], G. P. Putnam's Sons.
Nov. 27 1926.]
THE CHRONICLE
2705
or cardboard that can be polished, and is so hard as leaving no brush marks, a single coat of lacquer is
to defy ordinary scratching. Is it any wonder that all that is needed and a perfect surface is attained.
while its use is by its present cost limited to billiard Greatly increased production is made possible withballs, coral beads, bearings for automobiles and air- out excessive supply of extra capital or space.
These instances are sufficient to show the imporplanes, fountain pens and innumerable similar
things, its cost will be reduced, and it is regarded by tance of the aid that science renders and the extent
combustion engineers as "one of the most impor- of its application. The General Electric Co., which
tant discoveries of the age?" "It opens up new pos- has the most extensive laboratories and employs the
sibilities in the cheapening of power and fuel and largest number of scientific experts, shows a list Of
in the development of synthetic methanol, of which results embracing increased efficiency in steam boilformaldehyde is a by-product"
ers, improved engines, new compounded metals, proThe consumption of coal has always been accom- longed life of machines, reduced time and space of
panied with excessive waste, and the possibility of operation, greatly increasing the span of life of all
exhausting the supply has been constantly dis- who use its appliances. By its employment of sciencussed. Conservation concerns everybody. See tists of the highest ability encouraged to work in
what has been accomplished. The scientific men the realm of abstruse research, it has made discovtackled the problem with the result that in 1924 eries in light and electricity affecting the world, the
some of the great public utility companies were do- developed X-ray machine as applied to human dising their work with a consumption of less than one- ease, and the vacuum tube which gives us radio as
third of the tonnage used in 1914 and were paying now used and a power development of undetermined
less for what they consumed, though the ton rate possibility. This is equally true in the realm of the
was more than double. All of the power companies atom and the electron where the high vacuum sought
have not effected economies, but all of them will contains "only 40,000,000,000 molecules"; and a
have to do so sooner or later in the interest of their molecule if increased to the size of a grain of sand
stockholders if not actually to secure their own would In the number contained in an inch of air
survival. The Delaware & Hudson RR. has intro- "make a breach 3,000 miles long, one mile wide and
duced a locomotive that burns only 55 pounds of three feet deep."
coal per 1,000 gross ton miles, against 135 pounds
We have not referred to artificial silk, which,
consumed under similar conditions by other loco- while it is not silk, has many of its good qualities,
motives still in use, and it expects before long to and of which we consume almost as much as we imhave locomotives consuming only 38 pounds while port of natural silk, and has already outstripped it
hauling 1,000 gross tons. By increased efficiency in as an industry. The fact that we consume 70% of
operation alone the railroads in one year have cut the total product of rubber, as yet a foreign monop$30,000,000 from their coal bills. The fight of sci- oly, would suffice to show the importance of the
ence against the waste of power and of valuable already discovered synthetic product which, it is
medicines, oils, dyes, perfumes and fertilizers that claimed, is not an imitation but is real rubber, awaitgoes on in the great majority of the furnaces, kilns, ing development.
Unsolved problems abound, as the nature and
gas works, coke ovens and domestic heating plants
origin of petroleum, the production of pure steel, the
has evidently, as our author says, only begun.
Modern science can put coal on a competitive basis composition of cellulose. For the past 150 years we
with water and perhaps with oil. If alcohol should have been striving to use known discoveries. That
supersede gasoline as a fuel for internal combustion supply is now pretty well exhausted. The great field
engines a different situation may arise; but coal in for research is for new discoveries.
Professor Bogert of Columbia University says:
powdered or liquid form is already meeting the
competition of oil and may prevail. But the con- "The American manufacturers have failed to underservation of heat and power is not the only line of stand the need for research to keep their industry
profit. Coal is the source of a hundred other things at the front. When they get a job they appeal to
of which men do not think. Last year the by-prod- Washington for a protective tariff to take care of
ucts from coal reached a value of nearly $100,000,- their own laxness. Their backwardness only reflects
000, which is equal to approximately half the sum that of the general public. We do not appreciate, as
paid by the railroads for fuel in the same year. In Germany, France and England do, the significance
some instances these by-products were worth con- of science to the present-day civilization." No clearer
siderably more than the coal consumed, so that the case could be made for the thoughtful attention of
heat or gas produced cost nothing. Indeed, more the investor. It is a field in which opportunity is
than "300 separate compounds have been taken out boundless, and where indifference and ignorance
of or fabricated from the molecules and atoms found may mean loss that can be irremediable.
in coal."
The automobile industry with its phenomenal
Drafting by Committee of New York Community Trust
growth and the immense capital invested in it was
of Program Regarding Use of "Undesignated"LReclogged and being forced into an impossible posisources Acquired by the Trust.
tion by the impossibility of obtaining drying room
Homer Folks, Secretary of the State Charities Aid Assofor painting the cars. This was a process of apply- ciation, will head a sub-committee of the Community Trust's
named to draft a preliminary proing, drying and rubbing down many coats of paint, Distribution Committee
gram regarding the use of such "undesignated" resources as
sometimes 18 to 20 operations, requiring many days may be acquired by the Trust. At the offices of the Trust,
and much space. This was all changed by the in- 120 Broadway, Thomas Williams, Chairman of the Distribuvention of nitro-cellulose lacquers. These require tion Committee, said:
Though each of our present funds is dedicated by its founder to a desigthe same time for drying as other paints, but as they nated
purpose, we are advised of wills which will eventually place upon us
"undesignated" income for the general
can be applied on thick priming and coloring mat- the responsibility of disbursing
welfare of the community. Sr. Folks's report will be a starting point in
ter shot on a surface roughened by a sand blast, and the formation of our future policy.
2706
THE CHRONICLE
.4
[Vol,. 123.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. goods have advanced
to /
3
4c., and in general prices have
Friday Night, Nov. 26 1926.
been steady, with some descriptions scarce and somewhat
More favorable weather for the consumption of season- larger sales reported for
forward delivery of colored cotable goods has helped trade in holiday merchandise. Retail tons, tickings, denims, etc. Both woolens
and worsteds have.
trade has been increased by colder and snowy weather. been quiet. A movement is under
way to gather and publish
Wholesale business has.not increased, but the sales of cloth- statistics as to output, stocks and
sales of woolens and woring have. Retail coal trade is larger. Southern trade is steds. It will make for more
intelligent manufacturing,
larger than it was 30 days ago. The South is more confi- that is, avoiding over-production; the
manufacturer will be
dent. For a month cotton prices have been steady; the able to see his way more clearly.
Silk goods have been
farmer is not sacrificing his crop. He has sold enough in quiet. Raw silk has been
quiet.
many cases to make him independent, at least for the time
Stocks have been irregular, but to-day there was an adbeing, even though the. price is 8V2 cents lower than a year vance in the higher-priced
industrial shares on large tradago. Government help has made him less fearful of a smash ing, not much affected by
stronger rates for money, which
In prices, especially as the consumption of cotton is very touched 5% this afternoon,
while the total transactions in
large. Wholesale trade, however, as a rule keeps within stocks reached 1,594,000
shares, with United States Steel up
very conservative bounds. There is some filling in demand to 150%, and Locomotive
shares at a new high level. Bonds
to meet holiday trade. But the West and Northwest are have been active, and in some
cases at new high quotations.
not buying on a large scale. Grain prices are lower than a French trancs have advanced
and to-day sterling was
year ago. That is not forgotten. The lumber trade has de- higher. London
has been more or less disturbed by the
creased. Pig iron has been dull. Steel meets with a re- continued rise
of the French franc. One regrettable fact is
duced demand as regards the finished product. Some re- that France has not
been grappling with its external debt
ports say that there is a somewhat larger business in rails In the right fashion,
nor has it been able to adopt measures
and cars. Less business is being done in leather. Though to put the currency on
a stable basis. It has made futile
the retail demand for coal has increased, export buying has efforts to check the rise in
the franc. The franc, though
fallen off, as the coal strikers in Great Britain return to occasionally reacting,
has shown an upward tendency. This
work, and prices are lower. There is a lessened production serves to injure
the export trade of France for the time
of automobiles. Bank clearings have decreased. Larger being and to cause more
or less unemployment. In London
sales are reported of jewelry, paper and radio materials. they think M. Poincare
will have to adopt measures looking
It is said that failures in general trade are larger than to the stabilization
of the franc. As the case stands, the
those of a year ago. The fact that prices for grain and French Government
reports larger tax collections, a decotton are considerably under those current at this date crease in the
adverse trade balance and progress in sinking
last year militates more or less seriously against wholesale fund measures
looking to the extinction of short-term secubusiness and of course tends to retard the turnover.
rities. It is of interest to notice that Secretary of the TreasWheat advanced 3 to 4 cents this week, partly owing to ury Mellon
believes that fluctuations in the French franc
heavy rains in northern Argentina, which offset large Rus- would be
modified if France would return to the gold basis.
sian shipments. Besides, to-day the export business in Belgium recently
followed the example of Great Britain in
North American wheat was fully 1,000,000 bushels. There restoring the
gold standard and Mr. Mellon thinks France
was some foreign demand for rye and barley. There is no would do well to take
the same course. This is common
doubt that European wheat crops are deficient and now sense, suggesting a breath
of fresh air in a close room.
that the British coal strike seems to be practically ended
New Bedford, Mass., reports that 75% of the textile maand ocean freight rates are weakening a better foreign de- chinery is in operation and mills
are said to have orders
mand for American grain seems not unreasonable to expect. enough to carry them over the
first of the year. In New
Corn has declined only slightly, despite large receipts for a Baliford, the strike at the Dartmouth
mill has been called
time, for latterly the crop movement has fallen off and off and the strikers will resume
work next Monday mornhusking returns are still far from satisfactory. Raw sugar ing. The mill, following an
announcement last Sunday, it
has advanced sharply, owing to heavy buying, as the effect Is said concedes practically
all the points at issue. The
of the restriction of the Cuban crop to 4,500,000 tons be- strike lasted six weeks
and affected 1,500 workers. The
comes apparent and the way seems to be opening for a bet- dispute was over the weaver
fining system, which is to be
ter market for Cuban sugar in England. Recently, it is greatly modified or abolished.
At Manchester, N. H., all
said, British refiners bought 90,000 tons for delivery early departments of the Amoskeag
Manufacturing Co. closed
In 1927. Coffee has advanced as Brazilian markets have Monday afternoon until
Friday morning. In Germany cotrisen, exchange on London has advanced and the financial ton mills increased
operations during the early part of
situation in Brazil, though still watched carefully by the November. But spinners
were still withholding purchases
outside world, seems somewhat better. Rubber has latterly of raw cotton, waiting for
a stabilization in the cotton
declined here and in London. Cotton has advanced slightly price. In Poland activity of
the cotton industry was mainon the December delivery, as large spot houses have shifted tained during October at about the
September level. Cottheir hedges into later months, with spot markets at the ton spinners, however, were
seriously concerned over the
South unexpectedly strong, even in the teeth of a crop of decline in cotton prices as they
were faced with possible
18,400,000 bales. December to-day reached a premium over losses on that account. Vienna
cabled that following a
January of 13 points. The world's spinners' takings of cot- lockout on the 20th inst. by
Prague manufacturers wage
ton are large and exports have recently been heavy, so that parleys of textile workers with
employers have failed of
taking the exports and mill takings together, there is a any desired result and five large mills
are still closed.
notable excess over the total of a year ago. There is much
There were brief snow flurries here on the 21st inst. It
cotton unpicked and the quality is probably depreciating, was cold, snowy and blustery in the
Central West on the
so that It may be that the estimated crop will not be picked. 22d inst. Parts of Iowa were hard hit
by snow storms.
There is certainly a marked disparity between the crop esti- Illinois had snowfalls which ceased
as the thermometer
mate and the ginning, not forgetting that the ginning in the fell to 13 degrees. Chicago had snow
and a temperature
latest period, Nov. 1 to Nov. 14, was under 1,700,000 bales, of 15 degrees. Montana had 7 degrees
below zero. In Verwhile in the previous fortnight it exceeded 2,500,000 bales. mont and northeastern Canada it was
snowing. Tornadoes
But while there is a steady "Investment" demand and the In Arkansas and Missouri and Louisiana
killed 35 persons
mills "call," on declines, speculation is not in cotton. It and injured 50 on the 25th inst. Wires
were down and lights
keeps to stocks, grain, sugar, rubber, etc., the recent trans- were out and there was much
destruction of property. The
actions in sugar and rubber being notably large. At the storm moved northeastward,
bringing rains and gales to
wool sale in London prices were 5 to 10% lower. Wool in New York and indicating snow
flurries in the interior of
this country has been generally quiet and steady, with a fair this State. Rains accompanied
the high winds. In New
trade reported in Boston in some grades. Cotton goods have York on the 25th inst. the temperature
was 32 to 42 degrees,
been quiet, or in only moderate demand. Some unbleached In Chicago 50 to 52, in Kansas
City 38 to 70, in Cincinnati
Nov. 271926.]
THE CHRONICLE
32 to 54, in Cleveland 28 to 50, in Minneapolis 20 to 36, in
Winnipeg 8 to 12. To-night it was raining heavily here.
To-day the temperatures were 43 to 54. The outlook is for
much colder weather on Saturday.
Federal Reserve Board's Summary of Business Conditions in United States—Little Change in Production in Basic Industry—Industrial Activity
Continued in Large Volume.
Industrial activity continued in large volume in October
while the general level of prices declined slightly, says the
Federal Reserve Board in its summary of business conditions
in the United States, made public yesterday (Nov. 26).
The Board's advices continue:
Notwithstanding the seasonal increase in borrowings for commercial
purposes the volume of bank credits outstanding declined in recent weeks,
reflecting the continued liquidation of loans on securities.
Production.
Production in basic industries, as measured by the Federal Reserve
Board's index which makes allowance for the usual seasonal variations,
showed little change in October as compared with September. Textile
mills activities and the daily average output ofiron and steel was maintained
during October but in November there was a decrease in steel production.
The output of bituminous coal was stimulated by exports and bunker demands and attained new high records in October and November, and the
petroleum production also was large. There was a sharp decline in automobile production and the output of cars was smaller in October than in
any month since January. The volume of building activities, as indicated
by the value of contracts awarded, has declined for the past three months,
as is usual at this season of the year, and has been throughout the period
at a slightly lower level than during the exceptionally active autumn season
of 1925. Residential contracts during the same period have been smaller
than a year ago, while those for engineering projects and public works have
been much larger.
Trade.
Distribution of commodities at wholesale declined in October, contrary
to the usual trend for that month, and was in smaller volume than in
October of any year since 1922. Sales of department stores show the usual
seasonal growth in October but owing partly to less favorable weather
conditions and to a smaller number of trading days were at a somewhat
lower level than in the same month oflfst year. Sa es of mail order houses
were also smaller than a year ago. Stocks of merchandise carried by wholesale firms were slightly smaller than a year ago while department store
stocks increased more than is usual in September and Octeber and at the
end of October were larger than in 1925. Freight car loadings were in
record volume in October and November because of unusually large shipments of coal and ore and a continued heavy movement of other commodities.
Wholesale prices of nearly all groups of commodities declined in October
and November. Prices of bituminous coal, however, advanced sharply
as the result of foreign demand caused by the British coal strike, but recently
there has been some decline in coal prices. The price of raw cotton, after
falling rapidly in September and early October. has been steady in recent
Weeks.
Prices.
Prices of non-agricultural commodities, as classified in the Bureau of
Labor Statistics price indexes, declined slightly between September and
October, while those of agricultural products declined about 2% to the lowest level since the summer of 1924. Seasonal growth in loans for commercial
and agricultural purposes at member banks in leading cities has been accompanied by continued liquidation of loans on securities, with the consequence
that the total volume of loans and investments of these banks in the middle
of November was considerably smaller than a month earlier.
that wages while firm are showing no tendency to rise further. They add
that the supply of common labor and skilled craftsmen is adequate to take
care of present construction except in a few localities.
Increase Entirely in New York City.
The October total for New York City was close to $120,000,000. $43.000,000 more than September. Most of the increase occurred in Manhattan
and Brooklyn, although Queens reported a good improvement after a rather
dull September. As in 1925, October was the month chosen for the filing
of numerous plans for office buildings in the Manhattan office. This year
eleven structures were planned at estimated cost of fourteen and a half
million dollars. Apartments were valued at almost as large an amount,the
highest for any month of 1926. In connection with the latter it is interesting
to note that although the October valuation was exceeded three times in
1925, more families were provided for this October than in any other month
In recent years. In Brooklyn plans for five large theatres were chiefly
responsible for the October advance, but more residential projects were
put through also. The other boroughs reported increased activity in residential construction rather than in ether classes of building, but in the
Bronx this was offset by a decrease in non-residential plans.
Forty Per Cent Loss in Westchester and Up-State Cities.
The estimated cost of work planned in the four Westchester cities coral
bined dropped from $5,500,000 in September to $3.400.000 in October'
This was about the same as in October 1925. Most of the decrease occurred
in Yonkers, where there was a general slackening after an active September.
New Rochelle also slowed down in all classes of building. Mt.'Vernon
stayed even with September and White Plains gained a little because of
more frequent plans for apartment houses. Planning is rather quiet in
both these cities after the exceptional activity of earlier months.
The decline up-State was widespread and included all but three of the
eighteen cities. Permits issued during October were valued at $8,000,000,
20% less than in October 1925.
Bank Credit.
At the Reserve banks the decline in the volume of member bank credits
has been reflected in a reduction of the total bills and securities to a level of
$37,000,000 below the corresponding date in 1925. Discounts for member
banks were in about the same volume as a year ago, while holdings of acceptances and of United States securities were smaller. Easier conditions
prevailed in the money market in November. Rates on prime commercial
paper declined from 4)i041(1%
in October to 4;4% in November,and there
,
was also a reduction of 1,i% in the rates on bankers' acceptances.
Record Building Permits for New York State in October.
Contrary to the expected course of building plans, the last
quarter opened with a month of activity which established
a new record for the year. 'Permits issued in twenty-three
cities of New York State during October were volt=
$131,000,000, almost $7,000,000 more than the unusual
valuation of October 1925. This points to a change in the
.seasonal movement of permits in this State. As in 1925,
numerous plans for office buildings, apartment houses and
amusement places were filed in New York City and these
were responsible for the peak in October which matched the
earlier one of the spring. The rest of the cities of the State
in both the Westchester and up-State districts began to
slow down as usual. How much of the work planned in
October is for winter building is a question, but undoubtedly
this has had something to do with the increase in permits
filed during the fall. This statement was issued on Nov. 26
by Industrial Commissioner James A. Hamilton. His
statement continues:
Construction planned in the ten months of this year has reached $1.036,000,000. 4% more than in the corresponding ten months of 1925. Residential building is the class which has advanced most decidedly over 1925,
though the lead over last year was not increased in October. Amusement
places which were conspicuous in the October figures were another class of
construction which has been important in keeping permits ahead of last
year, although public, commercial and industrial buildings have declined.
NIA recent analysis of labor conditions in the building trades by the Building
Economic Research Bureau of the American Bond & Mortgage Co. states
2707
Realty Financing in the United States Reaches a New
High Record in 1926, Says American Bond &
Mortgage Co.
Realty financing in the United States will set another new
high record in 1926, according to the Building Economic
Research Bureau of the American Bond & Mortgage Co.,
which estimates that the volume of real estate mortgage bond
flotations during the year will total approximately $900,000,000. Statistics made public by the Bureau showed that the
leading investment houses have been underwriting realty
issues at the rate of $60,000,000 a month,promising an annual
volume of $720,000,000. Financing done by the hundreds of
small local houses spread over the country, whose underwritings range from $1,500 to $250,000, it was estimated, will
aggregate from $150,000,000 to $200,000,000.
"During the first ten months of the year," it is stated,
"approximately $611,196,000 worth of real estate mortgage
bonds were offered to the investing public by the larger
investment houses, as compared with $560,087,000 in the
same period in 1925, a gain of slightly more than 9%. The
volume of new issues for the last two months undoubtedly
will increase this amount to at least $700,000,000, surpassing the record-breaking volume of $685,294,800 recorded
in 1925." The statement then continues as follows:
The recent slackening in the volume of building operations has not been
felt in the realty bond market and the demand for new capital for apartments, apartment hotels and other types of buildings continues strong.
The situation, however, calls for caution and good judgment in financing
new construction, although the importance of declines in rents and vacancies
as have been reported from various sources during the year undoubtedly
have been unduly exaggerated. Lending institutions must guard against
the possible economic blunder of over-production by pursuing a policy of
critical conservatism, with the investors' safety paramount in mind.
Survey of the building situation reveals that there Is still a considerable
unsatisfied demand for certain types of buildings throughout the country,
especially those that are well located as to light and accessibility. Where
there actually is what might be termed an over-built situation, it 18 80
obvious that no reputable building or lending institution will lend its efforts
or money to aid or abet further building in that particular district. There
is nothing in the present situation that would justify anxiety or jeopardize
the interests of investors in real estate bonds, safe-guarded and sold by
reputable investment houses, and the wonderful record made by real estate
securities during the past year should be maintained in 1927.
Realty figures compiled by the Research Bureau do not•include the
enormous purchases of real estate mortgages made during the year by
insurance companies, fraternal organizations and other similar financial
enterprises for their own account. In New York, banks and insurance companies alone took $243,420.000 in 1925. Life insurance companies, which
at the end of the year 1925 held real estate mortgages amounting to more
than $4,823,000,000. or 42% of all their admitted assets, have increased
their investments in mortgage loans 130% in the last five years. Heavy
purchases have also been made this year by insurance companies who have
found real estate mortgage leaps the safest and highest yielding typo of investment; one large company alone underwrote $123,218,000 in real estate
bonds during the first ten months.
Another important development of the year has been the growing realization on the part of bankers of the bankable desirability of real estate mortgage bonds. To-day it is estimated that at least 5,000 banks are handling
first mortgage bonds, either as underwriters or dealers. The element of
safety and high yield has made this type of bond attractive to the banks
and the investing public.
Review of statistics shows that real estate mortgage bonds have had a
phenomenal increase in popularity since 1919. when it is estimated that only
$57,458,000 worth of this type of security was absorbed by investors. Since
that time the increase in volume has been steady and to-day they rank
next to public utilities as the greatest investment outlet for capital.
Available figures indicate that during the last eight years somewhat
i
more than $2,170,000,000 of mortgage bond issues have been offered the
investing public.
In 1925 the volume of realty flotations equaled appmdmately 72% of
the amount for public utilities, and exceeded rafircad bond issues by more
2708
THE CHRONICLE
than 11.321,232.000. The volume ofreal estate issues for the first ten months
of this year equaled approximately 62% of public utility flotations,(and
exceeded railroad issues by more than $285,000.000.
"An interesting development in the realty bond field during the last
few months has been the offering of an European issue, to finance the
erection of apartment buildings in Berlln, guaranteed by a group of important German insurance companies. This is the first time that any
foreign financing of this type has been done in this country and the experiment is being watched with considerable interest by real estate bond houses,
who have kept out of the European realty field because of unsettled economic
conditions."
Real estate financing has been an outstanding influence
in our present period of prosperity and financial progress,
according to W. J. Moore, President of the American Bond
& Mortgage Co.
"In furnishing funds for the financing of needed building construction,
[VOL. 123.
crafts. While a number of wage readjustments
the
larger cities are being made on the basis of slightoutside
increases
the building situation generally is well-stabilized and free
from disturbing elements. These facts represent
consensus of reports submitted to S. W. Straus & Co. the
all parts of the country and made public this week. from
Labor
conditions in the building industry were summarize
d as
follows:
1. Wage scales have reached a peak and
any attempt to boost wages
in the spring will be met with resistance by the
building public. Some
slight adjustments of wages may be made in
similar cities, however.
2. Despite numerous reports there has been no
concerted action for the
forty hour or five day week.
3. Jurisdictional disputes have practically been
eliminated in building
labor circles because of the excellent work of the
National Board for Jusrldictional Awards.
4. There is no shortage of men in the building
craft with the exception
of bricklayers and plasterers of which there seems
to be a present deficiency
in numbers, amounting to approximately 20,000 men.
5. Tranquility is assured between builders
and the building crafts
generally, despite some difficulties yet unsettled
in San Francisco and
Cleveland.
In New York, Boston, Philadelphia, Baltimore,
Pittsburgh, Washington,
Worcester, Mass., Springfield, Mass., builders
report there is sufficient
work contemplated for this winter to keep resident
building workers employed on a full time basis. New York
builders report a slight shortage
of bricklayers and plasterers; also a slight
shortage in the interior trades.
Employment in Philadelphia hit a snag early this fall
and builders report
many of the resident building workers have
procured work in other Eastern
cities where building is more flourishing.
High wage scales prevail in New York City where
builders there report
that a rate of $14 a day is being paid to
bricklayers, plasterers, stone
masons and hoisting engineers and structural iron
Decline in Apartment House Rentals in Miami.
workers. In Philadelphia the wage scale for carpenters ranges
from $1 to $1 25 an hour;
Apartment house rentals have been decreased 40% for painters, $1 an hour;
plasterers, $1 75 an hour, and electricians from $1
1926-1927 season, W. B. Leddy, President/of the Miami to $1 18% an hour. An average between the New York scale and that
in Philadelphia is the prevalent wage rate in
Beach Apartment House Association, announced on Nov. 16. paid
most Eastern cities.
In Chicago the Building Construction Employers'
Association and the
There are 2,800 living units in the 168 apartment houses, Building Trades Council
have agreed on a standardized agreement, which
75 of which are new, on Miami Beach. Rates made on the replaces the old uniform one. This pact, which will have to be embodied
each individual agreement between a trade and a
six months seasonal basis, range from $100 a month for two In
unit of employers
virtually insures peace in the Chicago building Industry.
The significance
rooms to $800 a month for six rooms, he says, with a pre- of the new agreement lies
generally in the effect it will have on the open
shop group of builders who have been co-operating with
ponderance of medium priced accommodations, adding:
the Citizens'
Committee to Enforce the Landis Award.
Hotel prices, too, have been stabilized.
It is said the open shop Landis Award contractors will form
"Apartment house owners are basing their rates this season on a new
an association
of their own and function independently. This group it
valuation of ground and buildings." Mr. Leddy explains the decrease
is reported will
in consist of
about 100 Chicago builders, including both large and small
rates of last year which caused unfavorable comment in some quarters.
"Rents have been based on a 20% gross operating basis on new and lower contractors.
Chicago construction promises to keep all resident building
values on the present prices at which their costly buildings could be built
workers busy
this winter, dependent, of course, on favorable weather conditions.
to-day.
A
slight lull in building activities was recorded in early
"In many instances the apartment house owners will be able
fall, but this soon
to make no disappeared
when the volume of October construction started. Wage
more than a mere operating pittance on the buildings, in every
instance scales in Chicago
range from $12 to $14 a day, the latter rate being paid to
the parties who rent the apartment will benefit.
only a trade or two. No wage increases are contemplated
"It was in the Interest of stabilizing the business interests
for spring,
of the com- builders believe.
munity and to present the unequaled climate of Miami Beach
and its
In Cleveland, labor disputes over the open shop issue have been a factor
numerous outdoor recreations at prices that are compatible
with the In impeding the
progress of the city's building program. Builders there
suitable, ample accomodations offered, that the rental
reductions were report that many
of the resident building craftsmen have left to obtain
made."
employment in other cities. Another significant factor noted in the S. W.
Establishment of Building Economic Research Bureau Straus & Co. survey is that in virtually every city builders report bonus
payments have disappeared.
by American Bond & Mortgage Co.
This fall slight increases were made in the wage scale of some building
trades
in Chicago, Nashville, Norfolk. Pittsburgh, Detroit, Cincinnati,
With a view to meeting the growing demand for more
Duluth, Kansas City, St. Louis, Buffalo. Dayton and Reading, Pa. Builddirect, comprehensive and impartial determination of the ers
in these cities report that supply of labor is adequate to demand,employfacts regarding the building industry, the American Bond ment brisk and the labor market tranquil. Reductions were reported from
Philadelphia
and Salt Lake City, but these were due, it is said, to the sur& Mortgage Co. announces the establishment of a Building
plus of common labor and of workers in some of the skilled trades.
Economic Research Bureau, under the direction of Guy W.
Canadian labor conditions in that country's building industry are reported
Seem. The Bureau will be located at the company's New to be tradquil and employment in general well stabilized.
In the Pacific coast cities builders report that labor conditions appear to
York offices, 345 Madison Avenue. Mr. Seem, Director of be normal with a plentiful supply
of competent labor to supply
the Bureau, has had wide experience in research and public These cities include Vancouver. Seattle, Portland, Oakland, Losdemands.
Angeles,
relations work with several leading investment banking Stockton, Sacramento and San Diego, and the smaller cities along the west
coast. In San Francisco a carpenter's strike called last April to enforce a
houses. He was formerly associated with the editorial wage increase demand has curtailed to some degree
the city's building prostaffs of the New York "Times," Associated Press and gram. But now builders there say the strike has waned and the city's
program of building is progressing along without any difficulty. It is
reUnited Press. The Building Economic Research Bureau, it ported
that the desire of the officialdom of the 'United Brotherhood of Carwas announced, will extend the scope of its work to cover penters and Joiners of America to counteract some of the
aftermath of the
all activities in the building construction industry through- Frisco strike led in the selection of Los Angeles as the 1927 convention of the
American Federation of Labor.
out the United States and Cahada. The Bureau will prePlasterers and bricklayers in Seattle are paid $11 a day; painters and
carpare comprehensive sectional and national surveys, compile penters $9, and hoisting engineers $8 a day. This scale for basic trades prevails in most of the larger of the west coast cities. Fair and brisk employstatistics and data showing the trend of building labor and ment is reported from St. Paul,
Minneapolis, Cincinnati, Hammond, Ind.,
material costs and disseminate information regarding build- Madison, Wis., Des Moines, Topeka, Milwaukee, Indianapolis,
New Orleans.
Dallas
Fort
and
Worth,
Texas,
St. Louis, Omaha, Lincoln, Denver
ing construction financing and real estate securities. Study
and Spokane.
will also be made of rental and housing situations In the
Builders in Jacksonville and Miami Florida, report that most
of the
largest cities of the country, where a large volume of con- building workmen in that State are employed in the reconstruction area,
which was visited by the hurricane. They report also
that prior to the
struction financing is being reported. Data and statistics hurricane the volume of construction in
Florida was of
size to furcompiled by the Bureau will be made available to the public, nish steady employment for the building workers in sufficient
the State. Florida
through a monthly publication to be known as the "Ameri- builders aver that after completion of work in the devastated district, the
building program in the State will proceed.
realty bonds have made a widespread contribution to the business prosperity
of the country," said Mr. Moore. "Proceeds of these mortgage securities
go through a variety of channels,putting new life and blood into the veins
of commerce. Millions of dollars are provided for wages and employment
In the building trades, and the thousands of men engaged in manufacture
and transportation of building materials. Thus the purchasing power of
the Workers is increased and business generally is stimulated and benefitted.
"Real estate bonds have stood the test of time and their popularity can
be attributed to the Intelligence of investors who now fully realize the
soundness of this type of security, as such bonds remain unchanged by
economic and political disturbances. They never depreciate or fluctuate
in a fluctuating market; their value is constant; the income from them
dependable. When safe guarded by responsible security houses, they meet
every requirement of safe, profitable and carefree investment."
can Builder-Economist." Investors and builders are invited
to consult the Bureau at any time on any questions pertainBuilding Projects in Illinois During October at Flood
ing to activities in the building industry and the real estate
Tide.
bond financing field.
Building projecting in Illinois was at flood tide in October,
according to the summary covering building construction in
S. W. Straus & Company on Labor Conditions in the Illinois during October,
issued Nov. 20 by Reuben D. Cahn,
Building Trades.
Chief of the Bureau of Industrial, Accident and Labor
With building permits in the 500 leading cities of the Research of the Illinois Department of
Labor. Mr. Cahn
United States during the last six months only slightly less says:
than two and one-half billion dollars, the nation's winter
Just when the feeling was becoming general that the five-year-old building
building program, will from present indications be of boom was going to lapse into inactivity, a torrent of new projects poured
Into local building offices throughout the State, establishing a new high
such magnitude as to absorb all available labor in the building October building permit record.
THE CHRONICLE
Nov. 27 1926.]
The estimated value of new work authorized in October in 23 of the principal cities was $59,276,000. This was $24,000,000 over September and
$21.000,000 over October a year ago. Most of this great increase occurred
in Chicago and adjacent cities. But outside the metropolitan district the
trend was also decidedly upward and new fall peaks were made in twothirds of the cities. In East St. Louis, Elgin, Moline, Peoria and Quincy
the gains in authorizations were particularly pronounced.
In Chicago alone permits to the number of 2,954 were taken out, the
aggregate cost being estimated at $51,139,045. That figure compares
with $30.825.200 in October 1925 and $23,830,350 in October 1924. Increases in permits characterized every classification, but the largest gains
were in office buildings and apartment buildings. Permits to build apartments in Chicago were the largest during the present year. The families
provided for in new housekeeping dwellings number 4,856 in that city.
During the first ten months of 1926 Chicago has provided dwellings for
34,557 families, Berwyn for 1,282, Evanston for 1,046, Oak Park for 621.
Cicero for 541.
Of cities in the metropolitan district, Berwyn more than doubled its
September building figures and Cicero reported increases of two-thirds over
September. Building prospects were larger also in Highland Park, Oak
Park, Evanston and Winnetka, while Blue Island reports a decline.
Outside the metropolitan area, Decatur led all cities in the aggregate of
October building, although the figure was a decrease of more than 50% from
September. Peoria was a close second, East St. Louis third, Rockford
fourth, and Elgin fifth. During the first ten months of 1926, Rockford
has furnished dwellings for 769 ramifies and is at the forefront of home
building outside of the metropolitan area. East St. Louis has provided for
623, Decatur for 516, Aurora for 473, and Springfield for 406 families.
In the metropolitan area, Chicago, with new building valued at $51,139.045 in October, is first; Evanston Is second with $1,784,550, Derwin third
with $944,100. During the first ten months of 1926, Chicago has authorized
building Worth $326,055,265; Evanston is second with $13,568,520, Berwyn
third with $7,861,700, Oak Park fourth with $5,487,041, and Cicero
fifth with $4,942,770.
Of cities outside the metropolitan area, Peoria leads for the first ten
months of 1926 with building worth $5,441,680; next comes Decatur with
$5,044,052; Rockford is third with $4,807.149; East St. Louis fourth with
$4.191,892, and Springfield fifth with $3,946,280.
Builders on projects nearing completion were running a race with the
weather during October. Road contractors were anxious to get as much
done as possible, while the weather permitted, and on building construction
the aim has been to get a roof on, so that the work could be conducted
irrespective of snow, rain or low temperatures. At the opening of the
month there was some stimulation in the completion of buildings for occupancy as soon as possible after Oct. 1, the usual dead-line on the fall renting
season.
2709
Ordinary Life Insurance Sales Show Gain for the Year
-Slight Decrease in October Production From a
Year Ago.
The sales of ordinary life insurance in the United States
during the month of October show a slight decrease over sales
in last October, which had increased 17% over October 1924,
according to figures just published by the Life Insurance
Sales Research Bureau of Hartford, Conn. The report includes the sales of new paid-for ordinary insurance as reported by 81 companies having in force 88% of the total
life insurance outstanding in the United States legal reserve
companies. The Bureau says:
The Middle Atlantic section shows the highest gain in sales this month
over the sales of October 1925. The records for individual States show
the greatest increases in Pennsylvania and Alabama.
For the 10-month period sales are 3% higher than in the corresponding
period of last year, all sections sharing in the general gain. The East
North Central and South Atlantic sections lead in the year-to-date gain,
each showing a 5% increase over last year.
New England.
Vermont with 7% increase, shows the best gain in this section over
October 1925. Sales in the New England States gained 3% for the year,
Maine leading with an 8% increase. An average gain of 4% was made in
this section in the 12 months ended Oct. 31 1926 over the preceding 12
months.
Middle Atlantic.
This section leads all the sections of the country in its monthly gain of
4%. The States comprising this section are: New York, New Jersey and
Pennsylvania, which pay for approximately 30% of the total business in
the United States. Among the State improvement is most noticeable in
Pennsylvania, in which State the October production of ordinary life
Insurance was 16% ahead of last October. New York shows a gain of
3%, and New Jersey shows a decrease of 14% for the month. Despite
..the monthly decrease in sales in New Jersey, sales in New Jersey for the
year are 7% ahead of sales last year.
East North Central.
For the 10-month period this section leads the country with its 5% gain
over the same period of last year. Michigan and Ohio show gains of 8%
and 5%, respectively. All States in this section share in the year-to-date
gain.
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
West North Central.
IN ILLINOIS CITIES IN OCTOBER 1926, BY CITIES, ACCORDING
Sales in this section were lower in October this year than in October 1925.
TO KIND OF BUILDING.
Iowa is the only State to show an increase. The average gain for the 10
months over the same period of 1925 IS 3%. All States except South
Total.
Residential
Dakota share in the general gain.
Buildings
October 1926.
September 1928. Oct. 1925.
October 1926.
South Atlantic.
Cities.
No. Estimated No. Estimated Estimated No. Estimated
This section and the East North Central section have the largest increases
Bldos.
Cost.
Mtgs.
Cost.
Cost.
Ridge.
Cost.
for the year-to-date, both showing a 5% gain. Florida leads all the States
in the country in the year-to-date gain of 27%,although the monthly figure
$
$
$
$
Whole State_ 5,032 59,276,490 4,588 35,140,121 38,004,495 1,667 34,919,500 in Florida shows a decrease of 22% from October 1925. The District of
Columbia and Maryland made gains of 11% and 9%,respectively.
Chicago
2,954 51,139,045*2,642 27,143,945 30,825,200 1,121 29,035,800
East South Central.
Outside Chic. 2,078 8,137,445 1,946 7,996,176 7,179,295 546 5,883,700
Sales in this section in October were practically identical with sales in
Aurora
109
290,777 131
31
145,850
552,306
369,572
Alabama,
year.
with a gain of 14%, leads in the increase
_ _
75
857,600 October of last
220
944.100 *210
981,300
443,000
56,000 of October 1926 over last October. For the first 10 months of the year
62,300
11
BerwynBloomington
23
85,000
27
186,000
11
119,050 this section shows an increase of 2%. Kentucky leading with a 5% Bain.
Blue Island_
62
175,515
143.321
49
174,561
None
13,745 Non
Canton
6
1,455
7
84,425
596,000
435,521
30
Cicero
West South Central.
88
658,562 *65
395,127
16
41,000
123,011
Danville
18
66,900
107,500
16
Arkansas, Louisiana, Oklahoma and Texas comprise this section, and
273,450
248,675
46
Decatur__
156
535,475 101 1,282,987
248,550 show a slight decrease over the record of a year ago. Oklahoma leads in
350,185
47
E.St.Louis. 157
395,719
474,510 *177
288,800
176,376
30
177,933
Elgin
136
358,845 120
monthly gain, showing a 12% increase over last October. Oklahoma
46 1,584,500 the
976,250
Evanston
149 1,784,550 *120 1,069.000
19
239,500 also leads in the year-to-date gain.
High'd Park
296,785
41
202,540
264,150
30
14
121,200
Joliet
42
146,375
46
853,700
*
Mountain.
39,100
7
Moline
101
110,050
50,324
116,380 118
25,000 Non
Non,
The amount of insurance purchased during October in this section is 4%
Murphysb'o
1
12,000
40,000
3
Oak Park
237,718
13
440,000 less than in October 1925. Idaho continues to lead,showing a 10% increase
75
543,628
96
357,100
Peoria
384,220
31
172,300
147
528,98, 125
475,475
Quincy
30
143,000
12
36,350 for the month and a 16% increase for the year-to-date. In the 10-month
162,762
29
42,470
Rockford
246
934,915
56
237,000 period sales averaged. 3% higher than sales in the corresponding period
392,802 203
694,320
Rock Island
44,000 last year.
119
58.344
14
83,508
96
83,894
Springfield _
116
19
105.950
164,815 124
480.047
298,954
Pacific.
Wilmette._ _
33
101,500
115,220 *36
237,043
9
154,515
Winnetka _ _
Washington leads this section with a monthly gain of 9% over October
23
9
136,000
234,875 *17
171 II 0
79,250
last year. The gains in the section as a whole average 3% for the year
• Figures not available before April 1926.
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED to date.
IN ILLINOIS FROM JANUARY THROUGH OCTOBER 1926
BY CITIES, ACCORDING TO KIND OF BUILDING.
Life Insurance Sales in Canada 11% Ahead of Year Ago
January-October
1926.
Jan.-Oct.
1925.
Residetuial
Buildings.
January-October
1926.
No. Estimated
Bklgs.
Cost.
Estimated
Cost.
No.
Estimated
Cm.
Bldgs.
Total.*
Cities.
Whole State
43,339 6400,409,165 8385,584.035 18,487 $249,962,701
Chicago
25,894 326,055,265 308,357,750 10,644 200,031.650
Outside Chicago
17,445 74,353,900 77,226,285 5,843 49,931,051
Aurora
1,202
3.515,440
464
3.617,363
2.408.303
Berwyn
1,737
8,493,225
881
7,861,700
7,203,100
Bloomington
110
220
1,146,900
1,050.250
784,100
Island
431
113
Blue
1.535.770
1,254,597
862,700
Canton
4
34
51,820
142,930
11,800
Cicero
302
667
5.781.20
4,942,770
3,694,500
Danville
146
1,320,700
1.262,100
766,400
117
Decatur
1,274
507
4,66t840
5,044,052
2,425,250
1,379
East St. Louis
482
4,925,363
4,191,892
3,124,833
1,176
Elzin
267
2,361.107
3,059,314
1,351,378
Evanston
1,124 13,568,520 11,201,120
374
9,111,870
Highland Park
365
175
2,046,718
2.109,380
1,789.941
134
Moline
910
843.930
1,241,027
698,483
9
Murphysboro
23
261,400
817,900
30.300
858
223
6,453.093
Oak Park
5.487,041
4,199,35C
1,355
315
PeOrla
5,441,680
5.177,738
3,155.550
373
173
1,095,025
QuLney
1,232,598
705,550
1,785
592
5,653.861
Rockford
4,807,149
2,914,500
124
721
1,198,650
Rock Island
1,065,600
448,950
1,242
335
5,215.901
3,946,280
1,948,781
Springfield
271
1.328.582
93
1,811,370
1,138,400
Wilmette
winnatka
172
1373.075
1 071 165
60
1 091 oar
figures
available
before
April
1926.
no
'omitted;
Joliet
•Total includes additions, alterations, repairs and installations, details of which
are not shown for lack of space.
-Increase of 10% for the Year.
The production of ordinary life insurance in Canada was
11% greater in October this year than in October 1925, according to a report just published by the Life Insurance Sales
Research Bureau of Hartford, Conn. In announcing this,
the Bureau adds:
During the month $40.226.000 of new business was paid for by companies
having in force 84% of the total outstanding business in Canada. This is
an increase of $3.967,000 over the sales of October of last year. The report
includes the production of new paid-for business, exclusive pi revivals, increases, dividend additions, reinsurance from other companies, and group
insurance.
The records in the different provinces vary widely. Quebec leads with a
27% gain. The next largest increase over last October is 15% in Prince
Edward Island.
Improvement in the cities is most noticeable in the records of Quebec and
Vancouver, which show gains of 44% and 43% respectively over Oct. 1925.
Ten-Month Period.
For the ten-month period the total new ordinary business paid for by the
Canadian companies was $380,032,000 against $346,290,000 during the
same months of 1925, an increase of 10%. Every province in the Dominion
shares in the general gain for the year, the increases ranging from 2% in
Manitoba to 26% in Saskatchewan. Sales in Quebec and Ontario, the
most important provinces, increased 15% and 7% respectively over the
first ten months of 1925. The largest year-to-date gain in the citieslin
16% in Montreal.
The average increase in the twelve months ended Oct. 31 1926 over
the preceding twelve months is the same as the cumulative gain, 10%
2710
THE CHRONICLE
All provinces share in the gain for the twelve-month period, with the
largest Increase in Saskatchewan.
Business Summary of Bank of Montreal-Collapse of
British Coal Strike-Estimated Loss $1,500,000,000.
"The outstanding event of the month in the commercial
world," says the Bank of Montreal in its "Business Summary" dated Nov. 22, "is the virtual collapse of the coal
strike in Great Britain, after more than six months' costly
continuance, for while at the time of writing a large number
of miners are still out of the pits, work already has been extensively resumed." The Bureau adds:
The loss caused by the strike, estimated at the immense sum of 91.500,000,000, has not been confined to crippling of industries, privation
of workers and an increase of unemployment in Great Britain, but has
reached out to many countries, including Canada. in the way of diverting
shipping and of reduction of export trade.
The summary also says in part:
[VOL. 123.
factured 105,447,051 ft., sold 79,928,874 ft. and shipped
91,209,819 ft. New business was 25,518,177 ft. less than
production and shipments 14,237,232 ft. less than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
Week EndedNov. 13.
Nov. 8.
Oct. 30.
Oct. 23.
No. of mills reporting_ _ _
107
107
106
109
Production (feet)
105,447,051 113,268,010 114,065,198 118,466,756
New business (feet)
79,928.874
91,046,801
90.810,982 112,443,178
Shipments (feet)
91,209,819 103,191,478 101,518,490 103,062,001
Unshipped balances:
Rail (feet)
97,252,370
98,877,045 102,442,284 111,630,441
Domestic cargo (feet)
126,338,493 127,546,981 139,520,328 151,773,395
Export (feet)
119,844,356 126,617,427 118,260,272 132,684,499
Total (feet)
343.435,356 353.041,453 358,222,884 398,068.335
First 46 Weeks1926.
1925.
1924.
1923.
Average no. of mills
106
114
132
123
Production (feet)
4,820,312,533 4,604,427,213 4.208,886,246 4,675,771,237
New business (feet)
4 870.006,394 4,698,894,162 4,284,330.591 4,682.530,147
Shipments (feet)
4868.921.687 4.754,409,676 4,399,059,493 4,819,032,399
Further Increase
During the month uncertainty as to the crop situation in the Prairie
Provinces, caused by adverse weather, has been dispelled, for although
much damage was done, the crops which have been garnered are satisfactory on the whole and represent a purchasing power only slightly less
than that of the crops of last year. Thus, this major element of doubt
in regard to business has been removed and the outlook is one of reasonable
assurance. The movement of grain to the Lakes and tidewater has been
remarkably active. From Aug. 1 to Nov. 12 the farmers of Western
Canada marketed 200,092,000 bushels of wheat,or about 5,000,000 bushels
more than in the corresponding period of last year. Stocks of wheat at
Ft. William and Port Arthur on Nov. 13 were nearly 11,000,000 bushels
in excess of last year, while at Montreal the quantity in store is practically
up to elevator capacity. Some of this increase comes from a carryover
of' last year's crop on Aug. 1 of about 35.000.000 bushels. In the Central
Provinces the harvest, as a whole, falls below that of last year in consequence of unpropitious weather but it has been far from a failure, and
in the case or root and fodder crops, the value, placed at 9316,856,000
for all Canada, is slightly greater, while the yield of hay and alfalfa is
also computed as of higher value than in 1925.
The improvement in industry and commerce which has been a feature
of the current year. continues and is perhaps most strikingly manifested
in railway traffic, which for the month of October established a new record
with 322,683 carloadings as compared with the best previous record of
306,194 in November 1925. This increase, while accounted for in some
measure by grain marketings, was for the most part due to the movement
of general merchandise, a natural accompaniment of the enlarging purchasing power of the people.
Wholesale trade is appreciably better than last year, while retail trade
has improved, despite the difficulties of transportation in rural districts
through a prolonged period of wet weather. Manufacturing operations
on the whole are good. Iron and finished steel industries are enjoying
a stable business, .with an excellent outlook: healthy conditions prevail
in regard to the textile, rubber, automobile and sugar industries; the
outlook is decidedly better for the shoe and woollen trades; and the newsprint and pulp industries are still enjoying a period of great prosperity,
Building operations, both actual and prospective, show no abatement,
construction contracts awarded in October reaching $43,384,000, surpassing all previous records for that month, while in the elapsed ten months
the value of contracts awarded, S324,250.000,tis an increase of 36% over
last year.
Newsprint Production Breaks Records-Canadian Mills
In First Ten Months Surpassed Entire Production
of 1925-Exports Exceed Output.
From the Montreal "Gazette" of Nov. 16 we take the following:
in Canadian Exports
Paper During October.
of
Pulp and
According to the report issued by the Canadian Pulp &
Paper Association, the exports of pulp and paper from
Canada in October were valued at $15,647,249, the highest
figure reached since March this year. The figures show an
increase of $430,000 over the previous month, and of $1,700,000 over October 1925. The Montreal "Gazette" of
Nov. 23, from which this is learned, goes on to say:
The total for the month was made up of exports of wood-pulp, valued
at $4,633,043, and paper valued at $11,014,206, the corresponding values
for September being 95,133.406 and $10,085,804, respectively.
Details for the various grades of pulp and paper are as follows:
October 1926
-October1925----PulpTons.
Value.
Tons.
Value.
Mechanical
36,159 $1,053,685
49,902 81,445,060
Sulphite, bleached
18,842
1,448.521
17,031
1,280.194
Sulphite, unbleached- __- 21,340
1,196,994
19,670
1,041.939
Sulphate
15,292
933,843
12,608
759,281
PaperNewsprint
Wrapping
Books (cwt.)
Writing (cwt.)
All other
91,633
$4,633,043
99,211
$4,526,474
159,509 $10.434,174
.1,282
148,510
6,915
57,237
922
6,837
367,446
124,529
1,374
4,463
562
$8,773,538
182 865
42.646
4,886
413,354
$11,014,206
$9,417.289
For the first ten months of the year there has been an appreciable increase
in the value of pulp and paper exports over the corresponding months of
1925, the total value for the current year being $142,737,970, as compared
with 8125.463.628 in the ten-months' period last year. This represents
an increase of 817.274,342, or nearly 14%•
Exports of wood-pulp in these months were valued at $43,004,510, and
exports of paper at $99,733,460. as compared with $38,708,391 and $86,755,273. respectively, In the first ten months of 1925.
Details for the ten-months' period are given below:
-Ten Months 1926- -Ten Months 1925
PulpTons.
Value.
Tons.
Value.
Mechanical
311,546 $9,397,285
277,667 88,146.495
Sulphite, bleached
168,866
13.170.983
11,631.072
155,196
Sulphite, unbleached
207,746
11.782,644
11,405,593
212,451
Sulphate
136.331
8,653,598
7,525,231
123,100
824,489 $443,004,510
PaperNewsprint
Wrapping
Books (cwt.)
Writing (cwt.)
All other
768.414 $38,708.391
1,421.849 $93,626,449 1.142.029 880.487.010
1,916,594
15,566
17.102
2,318,828
48.767
418,188
35,131
328.955
16,483
122,730
8,796
74,773
3,649.499
3,545.671
The report of the Newsprint Service Bureau covering production of
newsprint in Canada and the United States for October and the ten months
$99,733,460
886.755,237
to date, continues the steady climb to new and unexpected records, not
Pulpwood exports have been slightly lower this year, the quantity
only In production, but in consumption. During the month of October. exported for the first ten months being 1,249,907 cords, valued at $12.590,Canadian mills produced 168,860 tons, the highest in their history, and 638. as compared with 1,290,120 cords, valued at $12,842,564 exported
shipped practically the whole of this 168.821 tons. United States mills in the first ten months of 1925.
produced 143,148 tons and shipped over 3,000 tons more, 146,411 tons.
The combined production for the month was thus 312,008 tons, and shipments 351,232 tons. Canadian mills in October ran 31,354 tons ahead Activity in
the Cotton Spinning Industry for October
of October of last year, which was 137,506 tons.
1926.
For the first ten months to the end of October, production in Canada
has actually been higher than during the entire twelve months of 1925,
The Department of Commerce announced on Nov. 19
which in themselves ran far ahead of any other year. The total for the
ten months this year was 1,549,582 as against 1,250,974 for the correspond- that according to preliminary figures compiled by the Bureau
ing period of last year, and as against 1,522,217 for the entire year of 1925. of the Census, 37,428,398 cotton spinning spindles were in
Thus, in ten months, Canadian production has run ahead of last year to place in the
United States on Oct. 311926, of which 32,592,the same date by 298,608 tons. United States production for ten months
stands at 1,403,173 tons as against 1.258.723 tons last year, an increase 806 were operated at some time during the month, compared
of 144,450 tons.
with 32,134,682 for September, 31,321,936 for August,
The combined increase for Canada and United States to date is 443,058 31,082,482 for July, 31,770,900
for June, 33,267,410 for May,
tons ahead of last year,or an Increase for both combined of 17%. Canadian
mills operated in October at 98.1% of the increased capacity compared with and 32,520,208 for October 1925. The aggregate number of
97% for October of last year, while United States mills operated at 96.8%, active spindle hours reported for the month was 8,369,684,compared with 90.2% for October 1925.
073. During October the normal time of operation was
The following comparisons will serve to show the strong position the
newsprint industry still occupies in spite of heavy additions to capacity 254 days (allowance being made for the observance of
during the year to date:
Columbus Day in some localities), compared with 25% for
In TonsCanada. United twos. Total.
October 1926
143,148
168,860
312,008 September, 26 for August, 26 for July, 26 for June and 253
October 1925
135,225
137,506
272,731 for May. Based on an
activity of 8.78 hours per day the
average number of spindles operated during October was
37,020,077, or at 98.9% capacity on a single-shift basis. This
Increase 1926
443,058 percentage compares with 98.5 for September, 87.4 for
144,450
298,608
The figures also show that shipments-that is, sales-are following August, 78.9 for July, 88.4 for June, 88.9 for
May, and 89.5
Closely on production,for the ten months'shipments amounted to 2,947,341
for October 1925. The average number of active spindles
tons, as compared with total production in that period of 2,952,755 tons.
hours per spindle in place for the month was 224. The total
number of cotton spinning spindles in place, the number
West Coast Lumbermen's Association Weekly Report. active, the number of
active spindle hours and the average
One hundred and seven mills reporting to the West Coast spindle hours per spindle in place, by States, are shown in the
Lumbermen's Association for the week ended Nov. 13 manu- following statement:
Increase 1926
Ten months 1926
Ten months 1925
31,354
1 549,582
I 250,974
7,923
1,403,173
1,258,723
39,278
2,952,755
2,509,697
•vis.
Spinning-Spindles.
Active Spindle Hours for October.
State.
In Place
Oct. 31.
Active During Oct.
Aver. per Spindle
in Place.
Total.
Cotton-growing States-- 17,897,134 17,313,622 5,309,859,453
17.808,116 13.788,470 2,739,360,529
New England States..
320,464.091
MIother States
1,723.148 1,490,714
297
154
186
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
420,315.789
1,433,060
207,140,082
1,005,096
820,067.064
2,828.194
168,263,437
916.702
8,439,394 1,647.737,464
232.299,318
1.109,652
67,145,529
386,924
165,065,505
725,834
5,849,958 1,873.250,167
23,709,870
113.314
454,594,230
2,180,142
5,311,156 1,701,115,219
156,156,389
551,504
68,080,349
223,876
155,984,420
685,894
208.759,241
832,106
285
173
281
149
145
163
162
185
307
192
179
317
273
284
219
216
37,428.398 32,592.806 8,369,684,073
224
United States
1.472,462
1,198,308
2,915,790
1,130,608
11,368,594
1,428,402
415,604
893,748
6,094.088
123,172
2,537,396
5,361,350
571.964
239,828
711,314
965,770
Cottonseed Oil Production During October.
On Nov. 18 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out,on hand
and exports during the month of October 1926 and 1925:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
State.
Received at Mills*
Aug. 1 to Oct. 31.
1926,
United States
1925.
Crushed
Aug. I to Oct. 31.
1926.
1925.
On Hand at Mills
Oct. 31.
1926.
1925.
received in time for inclusion in this report. Figures on
truck production also include fire apparatus, street sweepers
and buses.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Passenger Cars.
Trucks.
Total.
U. S.
213,851
253,955
334,214
393,262
384,548
366,510
360,124
223,517
274,227
408,017
205.550
243.176
321,200
377,747
386,197
352,261
348.984
216.087
263.855
394,096
8,301
10,779
13,014
15.515
18,351
14,249
11.140
7,430
10.372
13,921
28.203
34.482
45,180
47,984
45,719
38,151
41,870
37,850
60,482
46,013
26,638
32,789
43.091
46,408
43,831
36,357
40,025
36,364
58.002
44,323
1.565
1,693
2,089
1,576
1.888
1,794
1.845
1.486
2,480
1,690
Total(10 months)_.3,212,225 3,089,153
1925.
January
February
March
April
May
June
July
August
September
October
November
December
Total(year)
a Canada.
Total.
U. S.
aCastada.
123,072
425,934
407,828
18,106
328.694
278,643
8,741
7.498
40,048
34,488
37,811
32.757
2.237
1,731
3,835,801 3,696,490
139.311
500.470
478,396
22.074
33.461
29,763
41.685
37.608
49.233
44.848
53,887
50,314
.51,333 *47,828
*47,115 *44,182
*41.921 *39,666
*47,907 .45,404
*51,299 *46,428
42,890
3.698
4,077
4.385
3.673
3.505
.2,933
337,435
286,141
1926.
January
February
March
April
May
June.
July
August
September
October
284.703 272,922
11,781
334,524 319.763
14,761
399.105 381,116
17.989
401,836 383,907
17,929
394,569 373,140
21.429
358.365 339.547
18,818
329.950 316,997
12.953
*393,040 380,258 .12,782
*363,537 *350.913 *12,624
288,848
(b)
•2.255
"2.503
4,871
(b)
Total(10 months)__
3,407,411
428,931
•Revised. a Reported by Dominion Bureau of Statistics since Jan. 1 1926.
b Not yet available.
2,601.133 2,652.080 1,476,841 1,411,375 1,146,792 1,272,981
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
163,162 189,852
63.511
99,913 104,489
85,650
18,500
16,722
3,242
14,629
15,298
3,263
193,766 208,164 106,242 115.056
88.196
93,379
31,903
13,330
21.429
12,630
19.273
8.473
264,503 275,610 166,693 129,410 100,263 146,513
122,910 153,591
82,952
54,674
68,434
70,691
320,584 375,492 158,715 172,768 167,504 205,703
160,225 163,696
75.042
78,995
85,560
85,047
166,383 207,274
66,833 108,276
99.968 102,292
112,798 133,541
73,323
72,644
40.873
61,582
144,962 137,206
81,049
83,872
65,737
53.781
846,383 711,414 487,166 411.680 369.103 320,827
55,054
28,404
58,089
28,579
29,796
28.666
•Includes seed destroyed at mills but not 23,576 tone and 32.276 tons on hand
Aug.1, nor 23,484 tons and 53,868 tons re-shipped for 1926 and 1925, respectively.
COTTONSEED PRODUCTS MANUFACTURED,-SHIPPED OUT AND
ON HAND.
Item.
2711
THE CHRONICLE
Nov. 27 1926.]
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Oct. 31.
ORM
Shipped Out
Aug. 1 to
Oct. 31.
On Hand
Oct. 31.
Crude oil
1926-27 *8,405,715 440,339,867 379,522,112 .104.777.908
1925-26
(pounds)
4,847,333 410,311,007 364,458,189 92,314,768
Refined oil
1926-27 a145,603,880 6306,443,336
a132,578,395
(Pounds)
1925-26 173,549,345 290,598,672
78,165,847
Cake and meal
1926-27
172.566
642,895
151,578
663,883
(Tons)
168,101
1925-26
504,723
18,976
653,848
Hulls
235,684
1926-27
279,250
97,989
416,945
147.439
(Tons)
282,418
1925-26
39,503
390,354
141,441
Linters (Running
183,140
1926-27
256,395
68,186
bales)
88,055
194,655
1925-26
264,163
18,547
Hull fiber
13,768
11,370
1926-27
10,552
14,586
(5004b.bales)_-_ _ 1925-26
12.591
9,763
18,346
4,008
Grabbota, motes, &c 1926-27
7,742
7.323
7,432
7,633
(500-1b. bales)_ _.
4.623
.1925-26
5,198
1,758
8,063
*Includes 3,532,157 and 8,962,938 pounds held by refining and manufacturing
establishments and 2.970.733 and 33,094,390 pounds in transit to refiners and
consumers Aug. 1 1926 and Oct. 31 1926, respectively. a Includes 3.044.473 and
4,427,150 pounds held by refiners, brokers, agents and warehousemen at places other
than refineries and manufacturing establishments and 2,699,519 and 12.386,198
pounds in transit to manufacturers of lard substitute, oleomargarine, soap, ato.,
Aug. 1 1926 and Oct. 31 1926, respectively. 1* Produced from 333,970,799 pounds
crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR THREE MONTHS ENDING
OCTOBER 31.
Item1025.
1926.
011-Crude (pounds)
5.605,844
1,562,082
Refined (pounds)
8,393,455
1,750,766
Cake and meal (tons)
122.160
83,333
Linters (Running bales)
22,322
11,966
New Automobile Models and Prices.
The Chandler-Cleveland Motors Corp. has introduced
a new Chandler "Big Six" five-passenger Metropolitan
Sedan to sell at $1,695 f.o.b. Cleveland.
A new straight eight and a new six-cylinder car will soon
be introduced by the Auburn Automobile Co. The eight,
it is reported, will sell for about $1,495.
Automobile Production Shows Decline.
October production of motor vehicles in the United States
as reported to the Department of Commerce, was 331,738,
of which 288,848 were passenger cars and 42,890 were trucks,
as compared with 397,341 passenger cars and trucks in
September and 438,419 in October 1925. The Canadian
figures are supplied by the Dominion Bureau of Statistics,
and have not yet been compiled.
The table below is based on figures received from 172
manufacturers for recent months, 65 making passenger cars
and 124 making trucks (17 making both passenger cars and
trucks). Data for earlier months include 77 additional
manufacturers now out of business, while September data
for 20 small firms, mostly truck manufacturers were not
Crude Oil Prices Show Further Reductions-Gasoline
Price Cuts Sectional.
Additional price reductions occurred in certain grades of
crude oil during the week, the major portion being adjustments to bring price schedules in line with those announced
last week. (See page 2591 of our Nov. 20 issue.) Of this
character was the announcement by the Texas Co. that it
had reduced Salt Creek crude to $1 55 a barrel for oil of 29
gravity to 29.9 gravity, each succeeding grade being posted
at an increase of Sc. up to 37 gravity Oil and above at $1 95
a barrel. The Grayburg Pipe Line Co. announced from
Fort Worth, Texas, on Nov. 22 a new schedule of prices
which starts with $1 25 per barrel of 28 to 28.9 gravity and
advances Sc. for each degree of gravity except for a 10e.
jump from 30 to 31 gravity. This schedule of Somerset
(Tex.)crude prices is said to be a trifle under the one recently
posted by the Humble Oil & Refining Co.
The Humble Pipe Line Co., a subsidiary of the Humble
Oil & Refining Co., controlled by the Standard Oil Co. of
New Jersey, has filed a new schedule of gathering charges
on crude oil, showing a reduction from 20 to 123. cents a
barrel. The new rate will be effective as soon as approved by
the State Commission of Texas,in which State the company
principally operates. The reduced rate means a saving of7%
cents a barrel to refiners purchasing crude. Press reports
state that it is possible that the Standard may extend this
action to its other pipe line systems, including the Oklahoma
Pipe Line Co. in Oklahoma and the Standard Pipe Line Co.
in Arkansas and Louisiana.
Reports on Nov. 23 stated that the Texas Co. had reduced
Big Muddy (Wyo.) crude oil 40 cents a barrel to $1 85,
effective as of Nov. 19. It also reduced Moffat crude,
Colorado, 30 cents a barrel to $1 50, and Tow Creek crude
25 cents to $1 25 a barrel, both effective as of Nov. 20.
The Magnolia Petroleum Co. announced on Nov. 23 that
the price of Iata.n district (Texas)crude will be $1 50 a barrel,
against $1 15 formerly.
Gasoline price changes have not been very widespread
throughout the past week. Atlanta, Ga., reports state
a few details concerning the existence of a so-called "price
war" in that city. The Pan-American Petroleum Corp. on
Nov. 20 cut the price of gasoline 2c. per gallon to 21c. per
gallon, to take effect at all Pan-American stations throughout
the State. In making the announcement, the Atlanta
"Constitution" quotes R. S. Gibbs, Division Manager of the
company, as saying:
Our competitors are allowing price concessions to a privileged few.
The Pan-American Petroleum Corpporation's policy is to sell Pan-AM
gasoline at one price to all consequently, the Pan-American Petroleum
Corporation is making this cut to meet price conditions.
The reduction made a total of a 6c. drop in gasoline prices
during a period of about 30 days.
On Nov. 26 Chicago wholesale market quotations were
reported as follows: U. S. motor grade gasoline, 83
4@9c.;
kerosene, 41-43 water white, 63
%@63'c.; fuel oil, 24-26
gravity, $1 30©$1 35.
2712
THE CHRONICLE
Crude Oil Production Registers Gain.
An increase of 26,600 barrels per day was reported in the
United States crude oil output during the week ended Nov.
20. According to statistics compiled by the American
Petroleum Institute, the estimated daily average gross crude
oil production in the United States for the week ended Nov.
20 was 2,370,450 bbls., as compared with 2,343,850 bbls.
for the preceding week. The daily average production east
of California was 1,724,750 bbls., as compared with 1,710,650
bbls., an increase of 14,100 bbls. The following are estimates of daily average gross production by districts for the
weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Nov. 20 '26. Nov. 13 '26. Nov. 6 '26. Nov. 21 '25.
Oklahoma
552,400
557,500
499,350
546,600
Kansas
115,200
114.900
106,050
114,000
North Texas
266.050
255,900
260,000
East Central Texas
68,350
55,3'.0
56,100
56,500
West Central Texas..
73,550
119,150
113.650
109,400
Southwest Texas
40,250
42,400
42.900
42,600
North Louisiana
45,200
57,5(10
55,450
56,900
Arkansas
198,350
144,050
144,400
146,200
Gulf Coast
84,650
173,600
177,000
170.550
Eastern
106,000
111,000
110,500
111,500
Wyoming
82,900
63.9 0
62,200
62,050
Montana
15.950
18,850
16,850
17.850
Colorado
5.200
7,250
7.400
7,300
New Mexico
5,600
4.650
6,250
4,600
California
639,000
634,200
645,700
633.200
Total
2,357,050 2,051,850
2,370,450
2,343,850
The estimated daily average gross production of the Mid-Continent
field, including Oklahoma. Kansas, north, east central, west central, and
southwest Texas, north Louisiana and Arkansas, for the week ended
Nov. 20 was 1,350,000 bbls., as compared with 1.334,250 bbls. for the
preceding week, an increase of 15,750 bbls. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was 1.235,800 bbls.,
as compared with 1,220,250 bbls., an increase of 15,550 bbls.
In Oklahoma, production of North Bremen is reported at 27100 bbls.,.
against 25,600 bbls.; South Braman, 5,500 bbls., against 5,500 bbls.:
Tonkawa, 33,400 bbls., against 33.550 bbls.; Garber, 23,700 bbls., against
23,100 bbls.; Burbank, 44,900 bbls.. against 46,800 bbls.; Bristow-Slick,
26,900 bbls., against 26,950 bbls.; Cromwell, 14,950 bbls., against 14,650
bbls.; Papoose, 9,400 bbls., against 9.450 bbls.; Wewoka, 24,650 bbls.,
against 25,800 bbls.; Seminole, 112,950 bbls., against 106,550 bbls.
In north Texas, Hutchinson County is reported at 153.100 bbls., against
147,750 bbls., and Balance Panhandle, 14.500 bbls., against 14.450 bbls.
In east. central Texas, Corsicana Powell, 24,250 bbls., against 24,700
bbls.; Nigger Creek, 11,200 bbls., against 11,500 bbls.; Reagan County,
west central Texas, 30,150 bbls., against 31,150 bbls.; Crane and Upton
counties. 20,900 bbls., against 17,950 bbls., and in the southwest Texas
field. Luling, 19,750 bbls., against 20,000 bbls.; Laredo District, 16,600
bbls.. against 16,500 bbls.: Lytton Springs, 3,250 bbls., against 3,350 bbls.
North Louisiana. Haynesville is reported at 8.750 bbls., against 8,800 bbls.;
Urania, 14,050 bbls., against 14,850 bbls., and in Arkansas, Smackover
light, 13,200 bbls., against 13,750 bbls.; heavy, 114.200 bbls., against 114,000 bbls.. and Lisbon, 6,650 bbls., no change. In the Gulf Coast field,
Hull is reported at 20,800 bbls., against 21.400 bbls.; West Columbia.
9.600 bbls., against 9,650 bbls.: Spindletop. 79,550 bbls., against 81.800
bbls.; Orange County. 7,050 bbls., against 6,500 bbls., and South Liberty,
4,950 bbls., against 5,350 bbls.
In Wyoming, Salt Creek is reported at 43.000 bbls., against 42,600
bbls.; and Sunburst, Mont., 14,000 bbls., against 15,000 bbls.
In California, Santa Fe Springs is reported at 45,500 bbls.. against
46,500 bbls.; Long Beach, 96.000 bbls., against 95.000 bbls.; Huntington
Beach, 77,500 bbls., against 66,000 bbls.; Torrance, 26,500 bbls., no
change; Dominguez, 20,000 bbls., against 21,000 bbls.; Rosecrans, 14,500
bbls., against 15,500 bbls.; Ingelwood, 40,000 bbls., no change; Midway
Sunset 94,000 bbls., no change; Ventura Avenue 57,300 bbls., against
57,200 bbls., and Seal Beach 5,400 bbls., against 2,500 bbls.
[VOL. 123.
"With Christmas comparatively close at hand, it is safe to say that,
unless the coal strike is settled within the next fortnight, there can be
little in the way of a resumption of zinc smelting in Great Britain before
Jan. 1, as it will be at least a month after ending of the coal dispute before
smelting operations can really get under way.
"Consumption of slab zinc in Great Britain is holding up remarkably
well in the circumstances, especially as following the first paralyzing effects
of the closing down of the coal mines and steel works, consumers had
necessarily to import both of these commodities. In the past three months
the United Kingdom has consumed just over 12,000 tons of zinc monthly,
and it must be remembered that every ton of this has had to be imported.
Zinc Rollers an Continent Busy.
"On the Continent the zinc rollers continue fully occupied, but there
Is not the amount of new business there was on hand a month ago, and
the time for delivery has now been reduced to six or eight weeks, in contrast
with three months.
"The Belgian metal output is fully maintained and the same may be
said of smelting in Germany, Poland and France. Whether the present
slowing down of trade in the fabricating end is of a permanent or a purely
temporary nature, it is impossible to judge at the moment, but the position
In this respect will be clearer two months hence. We may attribute some
of the falling away to seasonal causes, as the building trade is less active
than in the summer months and there is consequently not the same home
demand for rolled zinc, galvanized sheets and oxide.
"The market has suffered in sympathy with the easier tendency of other
non-ferrous metals and zinc has, moreover, been affected by the decline
in the St. Louis quotation and the somewhat freer offerings in London
by Belgium and Germany. On the other hand it Is not anticipated that
this larger selling on the London market will result in any marked increase
In declarations; probably a high percentage is represented by selling by
Continental smelters against ere purchases.
"Admittedly, there is little to warrant the belief of any substantial
imrrovemert in the zinc mrrket yet awhile-apart frem ary sentimental
rally when the settlement of the coal strike is announced-but,generally,
the technical position is sound and, unless there be unfavcrable developments of an extraneous character, we may reasonably expect a brighter
zinc market before long."
Copper Output Up Here and Abroad-United States
Mine October Output 75,643 Tons, with World
Production Estimated at 142,400.
Total crude production of copper in the United States in
October amounted to 75,643 short tons, against 71,7.28 tons
in September and 72,014 tons in August. In October last
year output was 71,042 tons. For ten months ended with
October production totaled 724,809 tons, says the "Wall
Street Journal," of Nov. 16, which adds:
Smelter production in October was 88,034 short tons, compared with
80.320 tons in September and 77,613 tons in August. From January to
October smelter output totaled 805,513 tons.
Blisted produced from scrap in October amounted to 2,226 short tons,
contrasted with 1,627 tons in September and 1,745 tons in August. For
t n months blister output from scrap was 15,798 tons.
World production of copper by countries which furnished about 97%
of total in 1924, amounted to 137,6S9 short tons in October, against 132,013
tons In September and 128.568 tons in August. For ten months output
was 1.310,929 tons.
Estimate for non-reporting countries for October Is 4,700 short tons, contrasted with 4.500 tons in September and 4,000 tons in August. For ten
months, estimate is 41.100 tons, making estimated world production of
copper for the first ten months of 1926, 1,352.000 tons.
Following table gives in short tons copper production of countries that in
1925 produced 97% of the.copper of the world, for the last five months with
totals for the first ten months of 1926. Table also gives American Bureau of
Metal Statistics' estimate of world production of copper for these same
months and period.
July. August. Sept. October. Jan.-Oct.
World Zinc Stocks Increase 1,400 Tons-Sharpe Estimates World Stocks Nov. 1 at 31,500 Metric
Tons, Against 30,100 Oct. 1.
A. J. M. Sharpe, Honorary Foreign Secretary of the
American Zinc Institute, estimates world stocks of zinc
Nov. 1 at 31,500 metric tons of 2,204.6 pounds each, compared with 30,100 Oct. 1, an increse of 1,400 tons. Stocks
of zinc Sept. 1 he estimated at 33,200 tons; Aug. 1, 37,200;
July 1, 40,600; June 1, 49,200; and March 1, 33,500 tons.
The foregoing was contained in the Nov. 23 issue of the
"Wall Street Journal" from which we also take the following:
Following table gives, in metric tons, Mr. Sharpe's estimates of zinc
stocks in various countries during the last six months:
Nov. 1. Oct. 1. Sept. 1. Aug. 1. July 1. June. 1
14,400 14.200 16,500 20,900 23.400 27.200
United States
2,300
2,10u
2,400
2,200
2,400
2.300
Canada
2,200
2,200
2.200
2,200
2,200
2,200
Australia
5.800
6.5,,0
5,500
5.00P
9,000
6,000
Germany and Poland_ _ _
1,800
l.600
2,000
2.800
2,100
2,400
Belgiuva_
1,000
1,000
1.200
1,000
1,200
1,000
France
1,000
1.200 2,200
1.400
1,200
Great Britain
1.000
200
200
200
20Q
200
200
Scandinavia
500
500
500
500
500
Far East
500
1,500
1 ,500
1,500
1.500
1,500
Elsewhere
1,500
Total
31,500 30.100 33,200 37,200 40.600 49,200
Effect of Coal Strike Pointed Out.
Mr. Sharpe in reviewing the world situation Nov. 1 says:
"I was in hopes of the present survey being prepared after termination
of the British coal strike. The dispute, which has entered its seventh
month, has, however, extended into November, and British trade nad
industry is accordingly still carrying on tinder the greatest disabilities.
With more than one-third the miners returned to work of their own accord,
and the members increasing daily, the union leaders are desperately anxious
to reach an immediate arrangement on the best terms possible. Negotiations between the contending parties are now proceeding and, as the
Government is likewise desperately anxious to see the crisis ended, there
s good reason for the belief that the strike will be called off some time
afore tn 'end of November.
United States
Mexico
Canada
Chile and Peru
Japan
Australia
Europe_x
Belgian Congo
,.
Total
Esilmated for non-reporting countries
76,479 77,613 80,320 88,034
• 3,532 3,306 3,278 3,648
2,927 3,142 2,599 2,538
18,430 19,501 20,280 21,173
6,057 6,074 5,891 *6,000
540
226 1,220 1,027
8,800 10,500 10,800 8,700
7,718 8,206 7,625 6,539
805,513
35,155
28,125
205,677
60,314
7,937
94,400
73,808
124,483 128,568 132,013 137,659 1,310,929
4,000 4,000 4,500 4,700 41,100
WnrIrl'a total
128.500 132.600 136.500 142.400 1.352 ono
*Estimated. x Incomplete; partly estimated.
Monthly average of reporting countries for the first ten months was
131,093 tons compared with average for full year 1925 of 128,406 tons and
for 1924 of 121,623 tons.
Following table gives mine output of copper for the United States for the
last four months with totals for first ten months. Output is in short tons
and by types of mines:
July. August. Sept. October. Jan.-Oct.
Porphyry mines
Lake mines
Vein mines
Custom ores
Total
29,683 29,658 29,169 31,811 283,535
7,111 6,261 7,605 6.923
72,420
32,178 33,228 30,939 32,809 331,490
3,256 2,867 4,013 4,100
37,364
72.228 72.014 71 726 75 1142
794 MO
Steel Orders a Trifle Lower-Pig Iron Demand Also
Declines-Prices Steady.
No marked change has occurred in the week in the steel
market. Orders still run 10 to 20% under the October rate
and production is only fractionally lower than a week ago,
declares the "Iron Age" in its weekly review issued Nov. 24.
Without the incentive of an expanding demand and stiffening
prices, consumer efforts are centered to an extent rarely so
pronounced on passing through the inventory season with
she irreducible minimum of stocks Contracting for first
Nov. 27 1926.]
THE CHRONICLE
2713
quarter is at a low ebb and the bulk of such buying is not those States, observes the "Age" in its summary of market
looked for until after the turn of the year, according to conditions, from which we quite:
Aside from this softer tone to screenings general price levels in the
the "Age," which goes on to say:
Middle West were firmly maintained. With few exceptions, however,
One factor which makes for the sustained operations is the heavy production of rails. Chicago reports ingot output unchanged, and the entire •
Pittsburgh district remains at 70 to 75% of capacity. Yet some independent companies are off 5% from the output of one and two weeks ago.
A Steel Corp. blast furnace at South Chicago was blown out, but a Carnegie
stack and a new one of the Weirton Steel Co. were put into operation.
Railroad business has been notable. Three roads placed 25,000 tons of
rails with Chicago mills and 10,000 tons were put under inquiry. The
Baldwin Locomotive Works has booked 75 engines for the Pennsylvania
RR. and 20 for the Western Maryland, making nearly 200 ordered in two
weeks. Although fewer freight cars were reported in need of repairs on
Nov. 1 than at any time in five years. car builders look for early largescale buying. New inquiries are for a total of 1,075 cars.
Steel centres generally report betterment in automobile steel demand.
Releases on recently suspended shipments will care for this year's needs.
however, and no increase in current demand is expected. The present
daily output of motor cars by Michigan builders is put at 14,000.
Price irregularities in sheets are more pronounced and point to difficulties in establishing the levels set for first quarter buying.
Makers of cold finished bars, strip steel and bolts and nuts have opened
their books for the first quarter at prevailing prices except in the case of
•
the cold finished bars, on which a $2 a ton advance is asked.
Structural steel awards of the week were 33,000 tons, well above the
average of the past two months, and a revival of interest in building work
is indicated by inquiries aggregating more than 40,000 tons, many in the
West.
No change has occurred in either of the "Iron Age" composite prices this
week, finished steel remaining for the seventh week at 2.453 c. per lb.
and pig iron for the second week at $20 13 per ton. The usual composite
price table is as follows:
Finished Steel.
Nov. 23 1926, 2.453c. Per Lb.
2.453e.
One week ago
2.453e.
One month ago
2.439e.
One year ago
1.6890.
10-year pre-war average
Based on steel bars, beams,tank plates,
plain wire, open-hearth rails, black pipe
and black sheets, constituting 87% of
the United States output.
Low,
High.
1926_2.453c., Jan. 5;2.403c.. May 18
1925_.2.560c., Jan. 6; 2.396e.. Aug. 18
1924.2.789e., Jan. 15; 2.4600., Oct. 14
1923_2.824o., Apr1124; 2.4460., Jan. 2
Pig Iron.
Nov. 23 1926, $20.13 Per Gross Ton.
$20 13
One week ago
One month ago
19 71
21 55
One year ago
15 72
10-year pre-war average
Based on average of basic iron at Valley furnace and foundry irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
Low.
High.
1926_321 54, Jan. 5; $19 46, July 13
1925._ 22 SO, Jan. 13; 18 96, July 7
1924.. 2288. Feb. 26; 1921. Nov. 3
1923._ 3086. Mar.20; 2077. Nov.20
Finished steel as well as pig iron demand continues to
shrink, reports the "Iron Trade Review" of Cleveland on
Nov. 25. Consumers generally seem intent on reducing their
inventories and express no fear as to supplies or prices from
the fact that shipments of steel exceeded new business in
the past week observes the "Review" in its summary of
market conditions. It is evident that consumption has been
maintained on a slightly higher plane than buying would
indicate. But, by the same token, whatever backlogs mills
have accumulated are being rapidly depleted, adds this
journal's weekly resume, from which we quote further as
follows:
Finished steel production this week is not averaging over 75% for all
districts and is tending downward. Prices on finished steel are not now of
paramount interest to consumers in the Pittsburgh, Chicago and eastern
Pennsylvania districts: producers have solicited first quarter business but
have not corralled much.
While the price of structurals has not been subjected to any decisive test
recently, due largely to indifference of buyers, each passing week, with a
subsidence of buying, weakens its technical position. Up to this time the
fuel situation has helped to sustain the morale of producers but this prop
is now withdrawn.
Producers believe December will develop sufficient first quarter business
to hold present levels but attractive tonnage in the meantime might provoke
competition among the mills. A fair proportion of recent bookings of
finished steel calls for delivery in the first week of January. It seems
probable that inventories of consumers at the close of the year will be at a
record low level. A tight situation in supplies in the forepart of January
could develop easily. Interest in pig iron is comparably low. Melters
view the easier fuel situation as a factor favorable to them and they are
disposed to delay covering for first quarter. Pig iron prices generally are
easier.
Improvement in the automotive industry still is more a hope than a
promise. October production was 15% under September and November
will show further loss. Purchases of steel by Detroit automotive interests
in the first half of November were less than 50% of those in the first half of
October. The result has been further pressure upon prices at Detroit.
With the Illinois Central railroad expected to inquire for 8,000 to 0,000
freight cars and the Norfolk & Western for 2,000. the outlook for the car
building industry has improved. Should this business develop it would
require 100,000 to 110,000 tons of finished material.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $38 50. This compares with $3847 last week and
$38 43 the previous week.
Bituminous Coal Prices Decline at Latest Reports
Regarding British Coal Strike—Anthracite
Demand Weakens.
The collapse of organized opposition to a settlement of
the British strike took further toll of prices in the Eastern
bituminous markets of the United States last week, reports
yhe "Coal Age" on Nov. 25. Declines ranged from a minimum of 25c. on smokeless lump in Columbus to $2 25 on
high-volatile coals at the Hampton Roads piers. At the
same time the rising demand for domestic sizes of Middle
Western coal created a surplus of screenings in Illinois
and Indiana and weakened prices in two of the districts in
the story of prices in the Appalachian region was an unrelieved tale of
falling quotations in which no producing district or marketing centre
escaped. Alabama, perhaps, was the most successful in resisting the
downward trend—largely because advances in that section, as in the
Middle West, have rested more on local demand than on developments
in the export trade.
The high rate of weekly production and the waning Lake trade also
have contributed to what may easily become a price debacle. A new
high mark for bituminous output was set during the week ended Nov. 13,
when the output was estimated by the U. S. Bureau of Mines at 13,756,000
net tons. This brought the cumulative total for the year to 487,759,000
tons, as compared with 496,136,000 tons in 192$ and 484.774,000 tons
in 1920. While there is some doubt whether the daily averages of the
last month can be maintained much longer, loadings on Nov. 15 and 16
indicated that output for the week ended last Saturday would be over
13,000,000 tons.
The Lake trade, which has piled up a total tonnage greater than any
year since 1923, has only a few days longer to run. During the week
endea Nov. 21 there were 656.153 tons of cargo and 32,166 tons of vessel
fuel dumped at the lower ports. This made the season's total to date
27,951,389 tons, as against 26,49q,591 tons for the corresponding period
last year and 23,308,350 tons in 1924. The 1923 total for the corresponding
period was 30,578,814 tons.
The "Coal Age" index of spot bituminous prices on Nov. 22 was 243
and the corresponding weighted average price was $2 94. This was a
loss of 32 points and 38c. in one week. Compared to the high point of
299 and $3 61 on Nov. 8, the decline was 56 points and 67c. If the usual
jam which follows the closing of navigation occurs this year, the probability
will be that there will be further declines in price levels.
There are, however, other factors which must be taken into consideration
in mapping the immediate future of the bituminous trade. On the whole,
consumer buying is on a hand-to-mouth basis. Many purchasers have
withdrawn from the market in an attempt to further depress spot quotations. If, as happened a few weeks ago, the quantity of free tonnage
available again should be materially reduced, an upturn in prices would
result. Transportation, it must be remembered,is none too fluid, although
there has been a slight increase in surplus car supply. This increase
easily might be wiped out by a greater diffusion of equipment.
From unevenness anthracite demand has passed to weakness in markets
close to source of supply. The full effects of this softness have not been
felt, however, because some of the more distant communities have increased their buying. New England,for example, is showing more interest
and trade at the Head of the Lakes is strong. Moderate production
also has helped the situation. During the week ended Nov. 13 output
was 1,792,000 net tons. Production last week was interfered with at
some operations by flood conditions.
The Connellsville coke market also suffered declines. Careful supervision of production, however, has shortened the losses which might
otherwise be incerred. Independent ovens in that section have a problem
on their hands in the wage situation. The market for raw coal is fading.
Alabama coke ovens are extremely active.
The coal market has been laboring with falling prices, that
at certain points show a tendency to slight and temporary
reactions, declares the weekly review of the markets issued
by the "Coal and Coal Trade Journal" on Nov. 25. There
are those who were looking for ten-dollar coal at the mines,
says this publication, who now are looking for the five-dollar
tons that have disappeared. The export trade has receded,
and traffic on the Lakes is ending, but industrial buying is
not easing off in the opinion of the "Journal," which goes on
to say:
The British strike is a thing of the past so far as American coal men are
concerned, but its effects are still with us. These effects are being digested,
however,and becoming a prominent part of the coal trade of this land.
In the midst of immediate difficulties and rearrangements of demand and
prices, the shadow of possible labor difficulties is not overlooked. Those
who know most about the situation declare that the burners of coal will
show wisdom if they do notforget that an uncomfortable time may face them
if they pursue a hand-to-mouth policy.
A tendency to decline marked prices in Boston. News regarding the
British strike settlement and mild weather were hard for high prices to beat. •
However. the latter part of the week showed some improvement. New
England knows that winter will come. Also that strike settlements have
been heard of before.
A distinct recession in prices has generally marked the condition in New
York. The climax of high prices came suddenly but not without warning.
There seems to be the general impression that a time for readjustment has
arrived and it is being taken advantage of to the fullest extent. Those
who deal in coal in this centre show themselves very much in command of
the situation.
The Philadelphia market is doing nicely.' Current news seems to have
gone over its head. Only the speculators have suffered. Low-volatile
is still in a strong position. Industrial buying has taken advantage of some
speculative wrecks,but it would have been active in any event. High wages
are seen to be a matter of grave concern, but for the time being they are
being overlooked.
Baltimore is taking stock of the wonderful time the coal trade has been
having there. Vessels are still going out of this port in record time. Nevertheless, gas and steam coal have suffered seriously in price during the past
week.
There seems to be simply a waiting game in Chicago and it appears as if
most of the operators there are fully prepared to wait. The steady increase
in production in nearby fields makes local matters easy. Coal is wanted
and is found. Cold weather may mean something serious to the serenity
of domestic prices. The only ones who have suffered recently in this section are the speculators.
Hysteria is said to have appeared in Cleveland. Prices scaled fifty cente
a ton during the week. Here the Lake closing has its greatest effect.
Buying became extremely cautious in Pittsburgh. A rigid embargo to
seaboard also had its severe effects, and the approaching closing of the Lakes
was a bad influence. Prices gave way and spot figures went the way of the
rest. Steam mine-run was offered as low as two dollars. Such prices did
not apply, however, for forward tonnage. Some mines in the district suspended, awaiting developments.
It is said there was demoralization in the Cincinnati coal market last week
Cancellations made their sinister appearance. Coal that reached the ter-
2714
THE CHRONICLE
[Vol,. 123.
minals was not delivered. Prices gave way under these conditions. Smokelots, however, maintained a good movement. Here the recent tendency to
wage increase had a distinct effect and a serious one, for it bespeaks difficulties in the future.
There are whose who consider that the coal market, especially in relation
to price. is in a healthier condition to-day than it was a little while ago.
The decline has come without disaster. Figures are more attractive to
purchasers. Some bad news is out of the way. A level has been reached
from which higher prices are not an impossibility.
Daily loadings indicate that for the country as a whole the time worked
on Armistice Day was equivalent to about 7-10ths of a normal working day.
Total production of bituminous coal during the present calendar year to
Nov. 13 (approximately 268 working days) amounts to 487,759,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1920
484,774,000 net tons 1923
496.136.000 net tons
1921
363,492,000 net tons 1924
410,709,000 net tons
1922
349,723,000 net tons 1925
441,500,000 net tons
Bituminous Coal Production Reaches New High Level
—Anthracite and Coke Increase.
With an increase over the preceding week's output of
652,000 net tons, the production of bituminous coal during
the week ended Nov. 13 reached a new high record of 13,756,000 net tons, reported the U. S. Bureau of Mines on Nov.20.
During the same period the production of anthracite gained
227,000 net tons and coke 11,000 net tons, the Bureau states
in its weekly sununary, from which we quote further:
ANTHRACITE.
Production of anthracite during the week ended Nov. 13 is estimated at
1.792,000 net tons. This is a gain of 227.000 tons over output in the preceding week, when elections were held, but is slightly less than in the week
of Oct. 30. Loadings on Nov. 11—Armistice Day—were approximately
773 cars, as against 6,403 cars on the corresponding day of the week before.
Estimated United States Production of Anthracite (Net • Tons).
1926--1925
Cal. Year
Cal. Year
Week Ended—
Week.
to Date.
Week.
to Date. a
Oct. 30
1,805,000
70,026.000
19.000
61,331.000
Nov. b
1,565,000
71,591,000
28 000 61,359,000
Nov. 13b
1,792,000
73,383,000
61.392,000
a Minus one day's production first week in January to33,000
equalize number of
days in the two years. b Subject to revision.
The week of Nov. 13 set a new high mark in the history of bituminous coal
on
production, in spite of a partial observance of the Armistice holiday
Nov. 11. The total output is estimated at 13,756.000 net tons.
Estimated United States Production of Bituminous Coal (Net Tons) a
(Including Coal Coked)
1926- 1925
Cal. Year
Cal. Year
Week.
Week.
to Date.
to Date. b
Oct. 30
13.486,000 460,898,000 12,485.000 417,252.000
Daily average
2,248,000
1.796.000
2,081.000
1,625,000
Nov. 6c
13.104,000 474.002,000 12,171,000 429.423,000
Daily average
2,299,000
2,135.000
1,807,000
1.637.000
Nov. 13d
13.756,000 487.759,000 12,167.000 441,590.000
Daily average
1,820,000
2.413,000
2,135,000
1.648.000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus one day's production first week in January to equalize number of days in the two years. c Revised. d Subject to revision. Armistice Day weighted as 0.7 of a normal working day.
BEEHIVE COKE.
During the week ended Nov. 13 the estimated output of beehive
coke
Increased 11,000 tons over the figure for the preceding week,
as the following table shows:
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1926
1925
Nov. 13
Nov. 6 Oct. 14
to
to
1926.6
1926.c
1925.
Date.
Dates
Pennsylvania and 01110_149,000
157.000 236,000 8,326,000 6.707.000
West Virginia
18,000
17.000
16,000
677.000
543,000
Ala., Ky., Tenn. & Oa_ 20,000
4,000
24,000
551.000
795,000
Virginia
6,000
6,000
10,000
309.000
316.000
Colorado & New Mexico 6.000
4,000
5.000
226.000
208.000
Washington and Utah.... 4,000
4.000
4,000
152,000
169.000
U. S. total
203,000 192,000 295,000 10,241,000 8,738,000
Daily average
34,000 32.000 49,000
39,000
33.000
a Adjusted to make comparable the number of days
in the two years.
b Subject to revision. c Revised since last report.
Current Events and Discussions
The'; Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Nov. 24, made public by the Federal
Reserve Board, which deals with the result for the twelve
Reserve banks combined, shows an increase for the week of
$60,600,000 in holdings of discounted bills, and declines of
$7,300,000 in holdings of bills bought in open market and
$8,200,000 in holdings of United States securities, with the
result that total holdings of bills and securities increased
$45,100,000 to $1,270,700,000. After noting these facts,
the Federal Reserve Board proceeds as follows:
Total deposits declined $38.800.000, cash reserves $26,800,000 and nonreserve cash $9.100,000, while Federal Reserve note circulation increased
$23.800,000.
Discount holdings of the Federal Reserve Bank of New York increased
558.700,000 during the week, those of Chicago $7,600,000, of Boston $6,400,000, and of Philadelphia $4,200,000. The principal declines in holdings
of discounted bills ware reported by St. Louis, $5,500,000, San Francisco
$5,200,000. and Minneapolis $4,200,000. 'Smaller holdings of acceptances
bought in open market were reported by all Federal Reserve banks exs_t?
Boston, Philadelphia, Kansas City, and San Francisco. The Syireiiii3
holdings of certificates of indebtedness declined 55,300.000, of United
States bonds 51.900.000. and of Treasury notes $1.000.000.
The principal changes in Federal Reserve note circulation during the
week included increases of $9.400,000 at Cleverand, $7,000,000 at Philadelphia, $4,300,000 at Chicago. and 84,000.000 at New York. The
Atlanta and San Francisco banks reported reductions of $2,300,000 and
52,200.000, respectively, in their note circulation.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 2748 and 2749.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Nov. 24 1926 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities. total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members reserve deposits
Government deposits
Increase (() or Decrease (—)
During
1Veek.
Year.
—326,800,000 +$97.400.000
+21,400,000
+83.800,000
+45,100,000
—55.400,000
+60.600,000
+2.900,000
+47,300,000
—10,800,000
+13.300.000
+13,700,000
—7,300.00
—18,800,000
—8,200,000
—32,40C,000
—1,900,000
—10,600,000
—1.000,000 —431,900,000
—5.300.000 +110,100,000
+23.800.000
+42,500.000
—28,500,000
—38.800,000
—17.400.000
—35,800,000
—1.100,000
—8,700,000
returns of the Federal Reserve banks are always given ou
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
ending May 19 1926, it was the practice to have them ready
on Thursday of the following week, and to give them out
concurrently with the report of the Reserve banks for the
next week. The Reserve authorities have now succeeded in
expediting the time of the appearance of the figures, and they
are made public the following week on Monday instead of on
Thursday. Under this arrangement the report for the week
ending Nov. 17 was given out after the close of business on
Monday of the present week.
•
The Federal Reserve Board's condition statement of 691
reporting member banks in leading cities as of Nov. 17
shows declines of $24,000,000 in loans and discounts and
$1,000,000 in investments, and increases of $23,000,000 in
net demand deposits and $9,000,000 in borrowings from the
Federal reserve banks. Member banks in New York City
reported increases of $3,000,000 in loans and discounts,
$14,000,000 in investments and $32,000,000 in net demand
deposits, and a reduction of $8,000,000 in borrowings from
the Federal reserve bank.
Loans on stocks and bonds, including United States
Government obligations, were $47,000,000 below the
previous week's total at all ieporting banks and $41,000,000
below at reporting banks in the New York district. "All
other" loans and discounts increased $23,000,000, the larger
increase of $42,000,000 reported by the New York district
being offset in part by reductions in some of the
other
districts, particularly Boston, St. Louis and Minneapolis.
Total loans to brokers and dealers, secured by stocks
and
bonds, made by reporting member banks in New York
City
were $6,000,000 above the November 10 total, loans for
outof-town banks having declined $4,000,000 while loans
for
own account and for others increased $1,000,000
and
$9,000,000, respectively. As already noted, the
for
these member banks are always a week behindfigures
the Reserve banks themselves. The statement those for
goes on
to say:
Holdings of U. S. Government
securities decreased
small declines being reported for any of the $17.000.000, only
The Member Banks of the Federal Reserve System— relatively
districts. Holdings
of other bonds, stocks and securities were
$16.000,000 above the previous
Reports for Preceeding Week—Brokers' Loans
week's total at all reporting members and
$17.000,000 above at banks in
the New York district.
in New York City.
demand deposits increased 323.000.000, increases of $46,000,000
in
It is not possible for the Federal Reserve Board to issue the theNet
New York district and 38.000,000 in the Chicago district
being partly
weekly returns of the member banks as promptly as the offset by declines of $11,000.000 in the Kansas
City district, 38,000,000 in
returns of the Federal Reserve banks themselves. Both the Philadelphia district and $7.000,000 in the Richmond district. Government deposits were $34,000.000 less than the previous
week,smaller figures
.cover the week ending with Wednesday's business, and the being
reported for all districts.
Nov. 271926.]
Borrowings from the Federal reserve banks were $0,000.000 above the
Nov. 10 total, the principal changes in this item including increases of
$16,000,000 in the Boston district and $9,000,000 in the Chicago district,
and a decline of $20,000,000 in the New York district.
On a subsequent page—that is, on page 2749—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Loans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Reserve balances with F. II. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. R. banks
2715
THE CHRONICLE
Increase (+) or Decrease (—)
During
Year.
Week.
—$24,000.000 +$273,000,000
—2,000,000 —27,000.000
—45,000,000 —92,000,000
+23.000,000 +392,000,000
—1.000,000 +133.000,000
—17.000.000 —56,000.000
+16.000,000 +189.000,000
+17,000,000 —36,000,000
—10,000,000
—5,000,000
+23.000,000 —268,000,000
+2,000.000 +452.000.000
—34,000,000 +31,000,000
+9,000,000
+3.000,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Nov. 27) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
Considerable activity in both manufacturing and merchandising over the
past week has caused a continuation of the general improvement in business
throughout Canada. For the three months ended Oct. 31,exports of wheat
from the Dominion totaled 50,690,000 bushels, which was 44% less than
for the same period in 1925. but the value of this year's shipments,$73,837,000. was only 26.7% under that oflast year. Because of the recent abolition
of the price guarantee by Canadian millers, the buyer in the flour trade
hereafter will not be protected from price changes after a contract has
been signed, but all contracts will be binding as to both price and time
of delivery. Production of newsprint paper in October totaled 169.000
tons, compared with 160,000 a year ago. During the month, Canada
exported 2,107 motor trucks to 32 countries, and 5,439 passenger automobiles to 58 countries, valued at $3,361,755. Registrations of motor
vehicles in six of the nine provinces up to Nov. 1 totalei 625,306. October
building permits in 63 cities aggregated $14,615,000, over $3,000,000 more
than in either September 1926 or October 1925, and the highest value
recorded for the month since official figures have been compiled. The
cost of building materials this year have shown the lowest average since
the war. The production of iron and steel was well maintained throughout
the month. Commercial failures in September numbered 126, with liabilities of $2.498.000, as compared with 115 with liabilities of $2,455,000 in
August 1926 and 151 and $1,529,000 in September 1925. The cumulative
figures for the first nine months of 1926 show a considerable reduction from
previous years.
GREAT BRITAIN.
The end of the coal mining dispute, which has held up production in
British industries for 29 weeks,is believed in England to have been provided
for on Nov. 20 by the action of the delegates' conference of the Miners'
Federation in authorizing the member unions to negotiate for district
settlements. Agreements so negotiated are to be referred to a later meeting
of the delegates' conference for review.
GERMANY.
German exports to the United States declined somewhat in value during
October. Shipments totaling $17,040,000 were made during that month
as compared with $19,367,000 in September. The satisfactory condition
of Government finances is shown in the value of total receipts for the first
seven months of the fiscal year (April 1 to Nov. 1), amounting to 4.101,000.000 marks. This figure represents a 7% increase over the estimates for
that period. At the middle of November 50% of the Berlin Stock Exchange
quotations were above par. The number of bankruptcies in October rose
slightly, there being 498 reported as against 467 in September.
FINLAND.
During the last week of October the export trade was lively although it
was hindered somewhat by the increased shipping rates due to the British
coal strike. A favorable balance, however, is expected locally for October.
No marked changes are noticeable in the economic and financial situations.
Money continues to be fairly easy despite the seasonal demands in the
money market for the repayment of exporters' short term credits abroad.
The payment of advances on next year's sales relieved the slight stringency
following these demands. The labor market is quiet despite the reduction
in supply of work, which usually sets in towards autumn. Labor conditions,
however, are considerably more favorable in this respect than at the same
time last year.
NORWAY.
The exchange problem is again of outstanding importance and significance in Norway. While it is realized that the return of the crown to par
will bring with it additional economic difficulties, it is also believed in
Norway that these will be more than offset by the general stability and security which will accompany the establishment of parity. About two
months ago a reduction in the value of the crown was advocated, but this
policy has been abandoned because of the present nearness of the crown to
par—within Maga 9%. The export branches of Norwegian industry and
trade will be most adversely affected by the further appreciation of the
crown, it is said. It is the consensus of local opinion that the intensification of the existing business depression will be directly proportional to the
rate at which parity is reached.
SWEDEN.
General economic conditions in Sweden continue satisfactory and domestic
business activity is moderate. The money market has recently become
firmer due to the exportation of a considerable amount of capital during re•cent months, the appearance of an adverse trade balance and because of the
pronounced demand for money at the end of each year—usually increased by
the necessity to make tax payments in December. There has been considerable buying of foreign securities during the last few months and this
has caused the dollar exchange rate to rise. Price levels have been rising
steadily for some time, due principally to the English coal strike. The
lumber industry is confronted with a hopeful outlook as a result of increasing
consumption of this commodity and lessened production in Sweden and
Russia. Sales up to Nov. 15 totaled 1,683.000.000 board feet, practically
the entire production. In addition to this, 148,600,000 board feet have
been sold for delivery next season. Due to the English coal strike. Swedish
paper mill operators are finding it increasingly difficult to keep their mills
running. Paper prices have advanced slightly and an uncertain demand has
developed. Chemical pulp mills have shown a smaller turnover during recent weeks but their outlook is nevertheless quite satisfactory, about 55%
of their 1927 production having been placed. Signs of another early winter
were in evidence a few weeks ago but they now have disappeared and consequently the anticipated further detrimental effect on trade did not materialize. According to present indications, the shipping season will be considerably longer than last year. Imports of coal and coke were considerably
less during October than during September. Declared exports to the
United States totaled $4,244,000, as against $4,741,000 during September.
DENMARK.
Danish industry and agriculture is in a very difficult position. The
production and export of agricultural products is considerably above that
of a year ago but prices are correspondingly lower. The marked price
decline is due to the rise in the value of the Danish crown, the English coal
strike, the German tariff policy. English meat import restrictions, and,
finally, to the increasing production of• these foodstuffs in Denmark's
foreign markets. The money market is still tight due largely to the credit
restriction policy of the Bank of Issue. A low discount rate has been
maintained, however, apparently as an effort to lighten the financial
burden on Danish industry and agriculture. This low rate has prevented
the inflow of foreign capital and the rise in the value of the crown virtually
to par has caused the gradual withdrawal of speculative funds. At a result,
the capital available for investment is very low. Business failures and
compositions numbered 600 during the first 9 months of this year as against
471 during the corresponding period of 1925. Collection conditions not
good.
GREECE.
The disturbed business and economic conditions in the country have
affected Greece's foreign and coastwise trade during the last few months.
The Government is now considering legislative action with a view to improving shipping conditions. It is believed in Greece that the country's need of
wheat and the year's estimated production of 100,000,000 tons, or about
31,000,000 gallons of olive oil, will lead to modifications of the present
export and import restrictions which will in turn tend to improve the
foreign trade situation. The British coal strike, however, has produced a
fuel shortage in Greek ports, where only Turkish, German and Russian
coal has recently been imported.
TURKEY.
AUSTRIA.
The slow export movement caused by shipping conditions and the
The end of October and the first two weeks of November were characresultant weakness of Turkish exchange are still the outstanding features of
terized by increased buying both for domestic consumption and for export
through the
shipment in the following lines: Cotton, wool, textiles, ready-made cloth- the Constantinople market situation. The Government,
efforts to maintain the
ing, shoes, leather. electro-technical equipment, and iron and steel semi- Ministers of Finance and Commerce, is making
sterling,
pound
and a
the
manufactures. This activity has improved the industrial as well as the Turkish pound at a rate not lower than 9.10 to
number of plans are under consideration to alleviate the situation. These
trade outlook, but a shortage of ready cash and difficultities in making
of commodities with
collections greatly hamper the full development of this movement. Bank vary from the limitation of imports to the exchange
definite improvement in the
commercial funds, however, were somewhat easier during the period under other countries without money transfers. A
opening of the Port
resulted
from
the
review with rates remaining unchanged. Budget estimates for 1927 show port situation at Constantinople has
equipment for handling merchansubstantial increases both in expenditure and revenues compared with the Company's new warehouse with modern
improvement of communications is still being
current year. There was very little change in the situation of the National dise. The program for the
Government. New rolling stock has been ordered from
Bank as well as in the activity of the various industries. Unemployment emphasized by the
railways,
train service has begun on the SamsounEurope for the Anatolian
Increased slightly.
Charchamba line and the telephone connection between Adena and Yenidie
ITALY.
has been completed. No figures are available as to the progress actually
Public subscription to the new 5% loan quoted at 875 opened on Nov. 18 being made in Turkish foreign trade, but the latest figure for Customs
and is scheduled to close on Jan. 18 1927. Lira payments are accepted in receipts show the revenue from this source for the month of Sentomber to
Government bonds or coupons maturing Jan. 1. Subscriptions exceeding have been ET 135,000 higher than in Sept. 1925. The Agricultural Bank
1,000 lire may be paid in three installments, the first at the time of sub- of Turkey, which is the oldest Turkish financial ins. tution. nos been
scription. the second on April 15 and the third and last on June 30. The changed into a Turkish incorporated joint steck company with an authold bonds experienced a decline to 83 but later recuperated and were being orized increase of capital from LT 11000.000 to ET 30,030.000, a new
quoted at 85.50. A nationwide campaign to assure the success of this issue "landed property" bank has recently opened and the "artisans bank" has
has begun.
increased its capital. A company has recently been organized to operate
SPAIN.
a brick factory at Eski-Shehir. According to a decision of the Council of
carrying
out
issue
of
225.000,000
pesetas
in
the
to be utilized
Ministers, the exportation of silver from Turkey is now permitted.
The new
public works program was placed upon the market on Nov. 16. The outEGYPT.
standing feature of this issue is to be found in the Government's announceThe slow export movement of the cotton crop. on which the purchasing
ment that as interest rates are increasing it was necessary to offer this loan
at 5%. Heretofore the Government has paid as high as 5.25% on short power of the country so largely depends, has resulted in an increasing
time obligations but this is the first occasion on which the Governnient has money stringency, with a tightening of credits by foreign firms. As the
effects of the L E 4,000,000 cotton financing scheme are felt, gradua.
offered so high a rate on its permanent public debt. The loan Is tax-free.
2716
THE CHRONICLE
[Vol,. 123.
relief is anticipated locally. The 1926 cotton crop, even though a light one. exchange value
of the tical remains unchanged at $0.44 bank's selling rate
estimated locally at about 55.000,000 pounds less than that of 1925, will and $0.4525
buying rate.
nevertheless probably be accompanied by low prices and high stocks, it is
said in Egypt. Farmers and merchants are holding back their stocks and
INDO-CHINA.
arrivals on the markets are considerably behind those of the corresponding
Indo-China's trade is quiet, because of continued high rice prices,
due
period in 1925.
to increased costs and small reserves of paddy, which .limit the mills'
CHINA.
supplies. First quality rice was offered on Oct. 30 at
piasters
13
per
Railway service remains very irregular with freight movements slow, 100 kilos (about 3 cents a
pound) at shipside, In gunnies. October exports
irregular and costly, due to the retention of freight cars by military forces of rice from Saigon were slightly
under the September shipment, totaling
and high charges levied by them when cars are released for freight service. 101,734 metric tons, of which
73.440 tons were white rice. The remainder
In the Shanghai section bank stocks of silver show increase over last year. was largely broken rice, shipped
to France, where it is increasingly used
Silver exchange is steadier, causing exports to be favorable but imports in the manufacture of bread.
The official exchange rate of the piaster
unfavorable. Interest in road construction and use of light motor busses on Oct. 30 was 15.25 francs,
or a dollar value of $0 4825.
continues.
BRITISH MALAYA.
Silk filatures have enjoyed an excellent season on account of the good
British Malayan trade in October continued the steady
cocoon production and export demand. Exports of raw silk from Shanghai
tone of recent
months,
with slight advances in prices of both rubber and
to the United States during October were 784,000 pounds, and waste silk
tin. There
337,000 pounds. Shanghai stocks of bristles are fair. Shanghai iron and was little speculation in rubber, because of small price fluctuations. Tin
steel market conditions are better owing to low silver exchange which held prices continued the upward trend of recent months, averaging for October
up further imports and enable dealers to clear their stocks. The paper 155.52 Straits dollars ($87 20) Per picul of 133 1-3 pounds. Exports
market is considerably improved, and the automotive market is brighter. of tin for the month amounted to 6.065 long tons, of which 68% went
The piecegoods market suffered from the unstabllity in the Yangtze to the United States. 23% to Great Britain, and 8% to continental Europe.
Exports trade in October advanced considerably
Valley situation. Cotton prices are weak on account of the small mill
over that of the predemand and the low price of American and Indian cotton. The crop is vious month and reached the largest value since March,totaling 103,348,000
Straits
dollars ($57,9'47.000). Imports of 80,151,000 Straits
now estimated locally at 6,500,000 piculs. The tea market has been dulet.
dollars
Arrivals of goat skins are in excess of those for this time last year. Native ($44,940,000) were slightly under September imports.
Exchange on New York, London and Calcutta
wheat Is arriving at Shanghai in better quantity. American wheat is still
remained steady in
silver $1 per Neill too high for the market. Flour market in Tientsin is October but the rate on Hong Kong was weaker, attributable to the lower
price of silver. The dollar rate for the month
weak.
averaged $O 5607.
JAPAN.
INDIA.
Business continued dull in Japan during October, as a result of the ad verse
Since the close of the Pooja holiday season at the end
of October, Indian
silk situation and as a further result of the cotton depression. However, business has improved and
the whole economic trend is better. Standing
better conditions are looked for in Japan after the year-end settlements. crops are generally satisfactory
and the jute and steel industries are operating
The rice crop is disappointing and it is believed locally the year's adverse at a profit. The coal industry
has revived due to orders coming from the
trade balance will be larger than expected. The paper market is over- Mediterranean area. Low-grade
jute is selling at lower prices, but the
stocked; lumber glut continues; and the chemical industry and trade, par- better gtades are firm. Cotton is
moving slowly due to bad parity prices.
ticularly in dyes, remains quiet. There is growing opposition to a higher The Bombay mills are still holding
large stocks of finished piecegoods
duty on steel. The embargo on gold has not been removed, but the Gov- which they are unable to unload.
The Indian and Home Governments
ernment has resumed small shipments of specie to meet its foreign obliga- have announced acceptance of
all the Currency Commissoin's recomtions. With the yen approximately 49 cents, the Government Is said to mendations, subject to changes of
minor details, and enactment of the
feel that specie shipments from time to time to meet interest payments will Currency Bill when the Legislature
meets late in January is believed in
have little or no effect upon the exchange rate. Prices of raw silk continued India to be likely. The silver market
has improved considerably, with
to decline nd conditions in the market were chaotic. There was an in- a good offtake. Belief is now
prevalent in India that the Government
crease in the exports of raw silk to the United States. It is believed in will spread its silver over a
longer period to avoid upsetting world markets
Japan the bottom has been reached in the depression in the cotton industry, unduly.
and normal purchases of American cotton are exrected there.
AUSTRALIA.
Orders have been placed for German goods on reparations accounts up to
General business is active in Australia as the spring season
advances, and
2,400,000 yen,In addition to previous large purchases by the Government.
merchants are looking forward to a good summer business
as a consequence
Financial statistics indicate increases in Japan's national debt: exchange of
satisfactory prices for wool and a good wheat crop. The
Budget speech
rates and postal savings; decline in stock and bond flotations, and lower
in New Wales proposed a tax on publications and
increased freight rates
quotations on the Tokyo Stock Exchange.
on certain commodities ranging from 5 to 30% advances.
Both proposals
are arousing considerable local opposition. Wool sales
PHILIr PINE ISLANDS.
at Sydney indiPhilippine business was generally dull throughout October, chiefly as a cate rising prices, with strong general competition. Melbourne prices
result of inactivity in the leading import market, textiles. Slight improve- remain unchanged. September imports reached a higher total than has
ment in the trade has been noted since the middle of November in retail been attained for that month, during the last three years. all major comsales, due to early Christmas buying. The islands' leading export markets modities sharing in the advance. Exports were up to the average.
were quiet in general but firm. Overproduction on the copra market was
ARGENTINA.
somewhat lessened, but current arrivals at Manila are temporarily heavy,
Argentine trade is slowly but steadily improving after the long
period of
following the typhoon damage in cocoanut areas. Extent of the damage is depression recently
experienced. Ocean freight rates are declining and as a
not yet determined. Recent slightly better tone in foreign markets has
result exports of all cereals have increased. There is, however, no change
strengthened the abaca trade. All centrals are now grinding the new sugar In the volume
of linseed shipments. Recent rains have caused a slight damcrop. As a result of tha termination of the cigar strike and demand from age to the linseed
crop, but, on the other hand, have improved the quality
the United States for the hollday trade, cigar exports increased in October. of pasturage. Harvesting
of linseed has begun. There has been no change
The textile trade continued dull as a result of conditions in the American made in the recently announced
estimate of 223,000,000 bushels for the new
cotton market. There was also a shortage of working capital in that trade. wheat crop.
An official report gives the area sown to wheat as 7,800.000
Automotive sales were fair. As a result of typhoon damages, imports of hectares
(19,273,800 acres) and to linseed as 2,700,000 hectares (6,671.700
fruits greatly increased, including apples, oranges and grapes.
acres). The hide and wool markets are quiet. The market for apples is
strong with receipts from the United States since January totaling 210,000
HAWAII.
Owing to improved crop prospects, all Hawaiian merchants are hopeful boxes and barrels.
BRAZIL.
of increased business during the coming year, and plans are being made
The general Brazilian outlook is slightly Improved although the moveaccordingly. The President of the Hawaiian Sugar Planters' Association
announced recently that the sugar crop which has just been harvested is ment in import lines is retarded by the uncertainty in exchange caused by
the absence of definite information as to the policy of the new Government
a record one for the ilsands. Latest local estimates place the yield at
787,000 short tons, or about 11,000 short tons in excess of last year's crop. in this respect. The coffee market is firm in the face of weakening exchange
and prices of most export products are higher. It is generally
Reviewing the progress of the industry during the past twenty years, the
President of the Association states that from a 30% increase in acreage the believed in Brazil that weaker exchange will also improve the domestic
total yield has increased 83%,the yield per acre has increased by reason of situation, especially in the textile industry.
PERU.
scientific cropping from 4.47 short tons in 1906 to 6.39 short tons in 1926.
A slight improvement in the depressed condition of Peruvian business was
In 1906 a total of 430,000 short tons was harvested from 96,000 acres. It is
expected in Hawaii that the next crop will yield approximately 800,000 noticeable during the week ended Nov. 20. which is believed to be traceable
to the adjustment of trade to present conditions. The emergency tariff
short tons.
The Hawaiian Associated Chambers of Commerce ratified at the last law recently enacted by Congress was incorporated in a decree signed by
meeting proposals for promotion of inter-isles air service, pledging support the President on Nov.19. It is reported that the new tariff schedule will
for the International Conference of Education Recreation which is to meet become effective Jan. 1 1927. and it is expected in Peru that details rein Honolulu in April next. Other matters taken up were means of preven- garding specific changes will be made public within a few days. The extion of forest fires and control of certain pests. Recommendations were change rate on Nov. 20 was $3 56 to the Peruvian pound, as compared
also submitted to the Territorial Government urging removal of the present with $359 on Nov. 13.
COLOMBIA.
automobile license tax and the substitution of a two-cent-per-gallon gasoline
tax.
Navigation on the Magdalena River Is normal. Nearly 100
•
boats are
NETHERLAND EAST INDIES.
in operation on the river, ranging from 25 to 500 tons capacity,
and new
October general conditions in west Java were fair, but less favorable in boats are being put into operation just as fast as they , an be constructed at
east Java. The wet season has set in and plentiful rains are expected. Barranquilla. However, with all available tonnage it will probably take
October's textile market was weak and the automotive trade seasonally months to clean up the freight that has accumulated at the coast ports.
slack, though ot dull. There was steady demand for foodstuffs. Sugar At least 50% of all the cargo received at the ports has been construction
strengthened and rubber was steady. Coffee was quiet and the tea market materials for use on the numerous Government projects, particularly raildull, owing to overproduction. Latest import returns for Java register roads. A bill was introduced in the last session of Congress for the Government to construct a fleet a river boats to transport its
considerable increase in September values.
own materials.
The construction of such a fleet would release the priva'
ely-owned boats
SIAM.
for the transportation of other than Government
materials and would not
Prospects for the forthcoming Siamese rice crop continue good and a large only be of aid in alleviating the present congestion but would provide
surplus fr export during the milling season,beginning the first of the year, is greater permanent facilities for river transportation. However, Conexpected locally. Current tonnage, however, is scarce on account of rising gress adjourned on the 17th without taking any action on the bill.
freight rates. The price of best quality white rice dropped approximately
MEXICO.
one tical per picul (133 1-3 pounds) in October. At the close of the month
Due to the large overhead under which the National
it was quoted at 11.20 ticals per picul, or about 10.038 a pound.
Railways of Mexico
Imports into Bangkok for October totaled 14,500.000 Mats in value. ate operating, with no increase in revenues, they are reported to be exPerlImports of general merchandise increased 1,000,000 ticals over the previous encing difficulty in meeting their obligations. The Executive President
month, and the general merchandise market, in consequence, continues of the railways has requested the labor unions to accept a readjustment of
somewhat overstocked. This condition is especially felt in the textile wages and of the personnel so as to enable the company to meet its bills.
tirade, particularly in the cheaper grades of cotton piece goods, which are
PORTO RICO.
coming in in increasing quantities from Japan. Larger shipments of rice in
Business conditions in Porto Rico during the first three weeks of Novak
October brought the month's total export figure to 13,500,000 ticals. The her were
more active than at any time during the immediately preceding
THE CHRONICLE
Nov. 27 1926.]
three weeks of
months of September and October, or the corresponding
months are
November 1925. Commercial prospects for the next few
growing crops
to
favorable
encouraging. Weather conditions continue
Coffee picking,
and the agricultural outlook is, therefore, generally good.
reported that
which began early in October, is progressing rapidly, and it is
December.
some of the sugar mills are expected to begin grinding early in
to $13,amounted
20
to
Ban Juan bank clearings for the period of Nov. 1 for the corresponding
800,000, a gain of $2,000,000 over the transactions
days of 1925.
Stock of Money in the Country.
•
The Treasury Department at Washington issued its 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. The figures this time
are for Nov. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
84,933,167,057, as against $4,906,198,326 Oct. 1 1926 and
$4,900,838,845 Nov. 1 1925, and comparing with $5,628,427,732 on Nov. 1 1920. Just before the outbreak of the
European war, that is on July 1 1914, the total was only
$3,402,015,427. The following is the statement:
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Reserve notes are olhigations of the United States 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
United States for their retirement. A 5% fund is also maintained in lawful money
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds.
Return of J. P. Morgan from Abroad.
J. P. Morgan returned from abroad on the White Star
liner Adriatic on Nov. 21. Mr. Morgan had been abroad
since July. He brought with him two chests filled with
manuscripts dating back prior to 1200 A. D. and valued
at $375,000, says the New York "Times," which also noted
that the manuscripts were contained in two chests, heavily
bound with brass. They were kept in the specie room under
guard for the entire voyage.
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Mr. Mills, who was defeated as a candidate for Governor
4. He is a
in the last election, will lose his seat in Congress on March
handles all
member of the House Ways and Means Committee, which
of the
experts
revenue legislation, and is considered one of the financial
Republican membership.
Mr. Winston formerly was a member of a Chicago law firm.
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silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of S154.188,e8 .3 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
Report of Intended Resignation of Garrard B. Winston
as Under-Secretary of the Treasury-Probable
Successor Reported as Ogden L. Mills.
According to Associated Press advices from Washington
Nov. 22, Garrard B. Winston, Under-Secretary of Treasury,
is preparing to return to private life and there is every
indication that the post will be offered to Representative
Ogden L. Mills of New York before the close of the approaching session of Congress. The accounts state:
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a Includes United States paper currency in circulation In foreign countries and
banks.
the amount held by the Cuban agencies of the Federal Reserve
b Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
c These amounts are not Included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard sliver 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
In the United
total money outside of the Treasury to arrive at the stock of money
States.
of redemption, $152,867,827
e This total Includes $17,337,497 of notes in processnotes,
$10,466,624 deposited
of gold deposited for redemption of Federal Reserve for retirement of additional
for redemption of national bank notes, $3,695 deposited
circulation (Act of May 30 1908) and $6,614,600 deposited as a reserve against postal
savings deposits.
Federal Reserve banks of
f Includes money held by the Cuban agencies of the
Boston and Atlanta.
2717
United States Acceptances Bills Handled Free in
London.
The New York "Evening Post" announced under date of
Nov. 20 the following copyright advices from London:
attention
Increased competition in the acceptance business is exciting
America
here. Joint stock banks are busily engaged in accepting for
London
and Germany on cutting terms, and one even hears of certain
nothing on the
banks accepting American financial companies' bills for
concerns
the
of
business
London
the
understanding that they will obtain all
in question.
Lombard
This policy may be consistent with the endeavor to maintain
country's general
Street's activities, but is scarcely consistent with the
economic position and state of exchanges.
Queen Marie of Rumania Terminates Visit to United
States-Loan Reports Denied.
Queen Marie of Rumania, who had been in this country
since Oct. 18, and had planned to remain here until Dec. 24,
curtailed her visit, and sailed on the steamer Berengaria on
Nov. 24. The decision of the Queen to sail for home on the
first steamer available was made known at Louisville, Ky.,
on Nov. 18, the announcement, it was said, having followed
cable advices, which were not made public, but which were
understood to have indicated a severe development in "King
Ferdinand's illness. The Queen's two children, who had
accompanied her to the United States-Prince Nicholas and
Princess Ileana-sailed with her. The Queen's tour of the
country had taken her out to the Pacific Coast, but she was
unable to carry out her plans to make a tour of the South.
While at Chicago on Nov. 15, the Associated Press carried
the following advices from that city relative to reports of
of a loan to the Rumanian Government:
the Rumanian Government,
If America's bankers have arranged a loan to
and knows nothing of it,
Queen Marie has had no part in the negotiation
. The reference was
a spokesman for the royal party announced to-night
and British bankers
American
that
saying
to a dispatch from Bucharest
were arranging a Rumanian loan. news of the reported financial arrangeThe spokesman also denied that
Marie's decision to curtail her
ment was in any way responsible for Queen
American tour.
Previous reports of loan plans were referred to in these
columns, Oct. 23, page 2061. In a radio message broadcast
on Nov. 23 (the night before her departure), the Queen, in
declaring that her coming was not concerned with business,
said (according to the New York "World"):
your minds that perhaps I came here
Do not let any thought come into
I came here for, and that was to know
for anything else than what I said
for all that you had done, for all that
you all, to tell you of my gratitude
of the war, and after the way
America had done for Rumania in the time
when we were so poor. I wanted to come and say."Thank you" to you all.
Denies Business Mission.
I wanted to see all the glorious things you had to show me-your farms,
your mountains and your rivers and your wonderful buildings. I have seen
2718
THE CHRONICLE
[VOL. 123.
as much as I could. But do not let anybody tell you that I have come for• (1) The ratio of gold
reserves to note issues in Europe as a
anything else. I did not come on business; I did not come for politics. I
came for nothing but just to make friends with you and to carry that friend- whole is very substantially less than it was before the war;
ship back with me in my country and be able to tell the King that America (2) the splitting up of three great Empires into smaller
will be kind to Rumania and will remember Rumania; and that if ever the economic
units has decentralized large gold reserves and
moment comes, America will understand what Rumania is and that Rutherefore tended to make them less efficient; (3) most of the
mania also has her rights under the sun.
countries in Europe and outside that are now on the gold
exchange standard, aim ultimately to build up firm gold
reserves of their own, and in consequence they are likely to
become gold traps for many years to come;(4) the traditional
tendency of Continental central banks to regard gold as
There is small likelihood of Japan's lifting its embargo on gold shipments
out of the country, says Charles E. Herring, Commercial Attache at Tokio, treasure to be hoarded as soon as acquired shows little sign
in a report to the Department of Commerce. Japan does not want to take of being broken; (5) the
world's production of gold, in the
chances on a fluctuating currency, now that the yen is nearly at par, Mr.
absence of large fresh discoveries, is likely to decline over
Herring states.
the next decade, owing mainly to the probability of gradual
His report follows:
Although the Japanese Government has made no official announcement exhaustion of
the Rand; (6) the physical volume of world
concerning any possibilities of the removal of that country's embargo on
gold, it Is considered in well-informed financial circles in Japan that there Is production and trade is likely to expand over the next
no immediate likelihood of such action.
decade, and this expansion will require an increase in the
It is said in Japan that Government and private commitments abroad are effective
supply of gold or force a fall in gold prices.
such that existing gold reserves could not be dissipated without unfavorable
"The Statist" points out that the gold standard is as yet
results. Prospects for the trade balance this year are also stated in Japan
to be of such a nature as render inadvisable the removal of the gold embargo. only in its infancy—it is only within the last
three-quarters
As the yen is now so nearly at par and can apparently be "pegged" of
a century that it has secured general adoption—and it is
without difficulty, Japanese industry and trade do not expeilence the
disadvantages of a widely fluctuating currency. Furthermore, there is a desirable that even closer co-operation should be secured on
feeling in Japan that the immediate return of the yen to par, while the the part of those who have to nurse so
young a plan, however
margin is not so great, would nevertheless add to the difficulties of Japanese
sturdily it may appear to have grown. Such co-operation, it
exporters during a period none too satisfactory in other respects. As has
been the case in other countries with a rapidly rising exchange, Japanese is suggested, should be directed to (1) Preventing a further
foreign business has suffered from the improving yen, since production costs narrowing of gold points; (2) securing
general adoption of
have not fallen proportionately.
the economy of non-circulation of gold coins; and (3) promoting a system whereby only the great nations operate a
The Swiss Bank Corporation on the Stabilization of gold bullion standard, these having
absolutely free gold
the Belgian Currency.
markets, and the smaller central banks work on a gold exThe decree for stabilization of the Belgian currency was change standard only.
signed by the King and promulgated on the 25th of October
last. The exchange is thereby stabilized at 175 Belgian Dr. Otto Kiep
Appointed Charge d'Affaires of German
francs to the £ sterling, which is equivalent to 14.42 Swiss
Embassy at Washington.
to 100 Belgian francs. A new unit of currency—the Belga—
The following advices (Associated Press) were reported
has been created which will provisionally be a theoretical
from
Berlin, Nov. 12:
unit only, and will be worth 5 paper francs as stabilized, or
Dr. Otto Kiep, former Chief of the Press Section of the Foreign
Office,
0.209211 grammes of fine gold. On this basis the parity of has been appointed
Counselor and Charge d'Affaires of the German Emthe dollar is 7.19193 and the £ sterling is worth 35 Belgas. bassy in Washington, to succeed Dr. Hans Dieckhoff, who becomes Counof the Embassy in London, succeeding A. Dufor Feronce, who goes
By this decree the stabilization of the Belgian currency re- selor
to Geneva as German Under Secretary to the League of Nations.
ceives its definite consecration.
In their latest monthly bulletin the Swiss Bank CorporaColonel Ferrara Appointed Cuban Ambassador to
tion, whose Chairman, Mr. Leopold Dubois, has taken part
United States—Payment of American Claims
as a member of the international bankers' syndicate in all
Against Cuba.
the negotiationA between that syndicate and the Belgian
Colonel Orestes Ferrara was appointed Cuban AmbassaGovernment for the issue of the stabilization loan, which
has just taken place, express the opinion that, with the help dor to the United States on Nov. 17, it is learned from Assoof this loan, the Belgian National Bank should be able to ciated Press accounts from Havana. He succeeds Dr. Raput the above decree into practice. After giving a short fael Sanchez Aballi, who resigned. It is stated that Presisketch of the measures undertaken during the last few months dent Machado authorized the announcement of Colonel
and complimenting M. Jasper's Ministry on the efficiency Ferrara's appointment after he had accepted the resignation
of the work carried through under the able and energetic of Ambassador Aballi, who has held the post at Washingstimulus of M. Francqui, the writer states that while on the ton for nearly two years. The New York "Times" of Nov. 18
one hand every satisfaction is felt at the stabilization of the said:
Colonel Orestes Ferrara, Liberal leader and former Speaker of the Cuban
Belgian currency, since the principal quality requisite for
House of Representatives, has taken a leading part in Cuban affairs
for
a standard of value is its stability for home and foreign trans- the last 20 years. In the diplomatic break
between Cuba and
actions, it is on the other hand only right to call attention to which has just been settled, it was he, representing his country asUruguay,
delegate
to the League of Nations, that took Alfredo Guani, Uruguayan
delegate, to
the enormous sacrifice which the pre-war creditors of the task
for remarks considered derogatory to Cuba's dignity. He is at present
State, the municipalities and industrial and other companies on a special mission to Brazil.
Colonel Ferrara has been in the United States on several
have been called upon to make. Inflation, the worst tax
missions at
various times and spent some time in Washington in 1917 as
the represenwhich has ever been imposed, has worked its usual havoc in tative
of a faction opposing the Menocal Government
Belgium as elsewhere. Luckily, the policy of M. Jasper has
The Nov. 19 edition of the "Evening Post" contained the
arrested the franc in its course tow&ds disaster.
following from Washington:
The efforts toward stabilization will succeed, says the
It developed to-day that the selection of
Orestes Ferrara, a native
Swiss Bank Corporation, since the Government and the of Italy, but soldier and citizen of Cuba, toColonel
represent the island republic at
National Bank have in their hands all the elements required Washington, was primarily for the purpose of bringing about as soon as
possible a settlement of the claims of various American citizens
against the
to make it • so. The rate of stabilization is not arbitrary; Cuban
Government. These claims run into millions of dollars.
the budget having been made to balance, there is no further
There have been a number of prominent voluntary intermediaries
in the
danger of inflation through an increase in the floating or matter of the American claims against Cuba, but Colonel Ferrara has evidently supplanted them all and comes from Havana with a
wide and comshort-term debt. When calculated in terms of gold, the prehensive power.
balance of payments does not seem to be less favorable than
it was before the war. And finally, and most important of Uruguay Apologizes to Cuba for Statement of Delegate
All, the National Bank, greatly strengthened by the proto League of Nations—Recall of Minister
ceeds of the present loan and assured of effective support of
Countermanded.
a large number of issuing banks, is fully equipped for carrying
According to Associated Press advices from Havana, Nov.
the reform of the currency to a satisfactory conclusion.
16, Uruguay that night apologized to Cuba for statements
made by Alfredo Guani, Uruguayan delegate to the League
The London "Statist" on the Tendency of Gold Prices. of Nations, which Cuba regarded as derogatory to her naThat the general tendency of gold prices will be towards tional honor and which caused Cuba to sever diplomatic refurther deflation during the next decade is the conclusion lations with Uruguay on the 16th. The Havana advices of
arrived at in "The Future of Gold Prices" which forms the that date further state:
The announcement of the apology was made by the State Department tointroductory article to the Annual International Banking
night. Pedro Erasmo Callorda, the Uruguyan Minister, delivered a note of
Section of "The Statist" of London just published. The apology
to Subsecretary of State Miguel Angel Camps a little before midconclusion rests in the main on the following considerations: night, which the Cuban Government accepted as satisfactory.
No Immediate Likelihood, It Is Said, of Removal by
Japan of Embargo on Gold Shipments.
The following is from the "United States Daily" of Nov. 22:
•
Nov. 271926.1
THE CHRONICLE
2719
Dr. Campa called President Machado on the telephone, and the Presi- 003 22 rendered after a trial before Supreme Court Justice Proskauer in
dent, after learning the contents of the note, accepted it as ending the Jan. 1925.
The Trading Company once had factories and warehouses for blending and
incident.
"As a Cuban and a Latin-American," said President Machado, "I am packing tea in Moscow and Odessa and 3.000 employees were in its service.
but the Soviet Government nationalized the property. Meanwhile. the
glad."
Dr. Camps immediately after the note was delivered, said the Cuban Trading Company, from 1918 to March 1921. deposited money in the NaMinister to Uruguay, Ricardo Garcia y Fernandez, would be instructed to tional City Bank amounting to nearly the sum of the verdict just won. On
return to his post and take up the affairs of his Government, which were March 23 1921, the bank notified the company that it would not honor
turned over to Consul Bachiller when he departed by boat to-night from drawings on the account. It declared that the status of the company was
Montevideo for Buenos Aires.
In question because its property came under the Soviet decrees.
Bringing suit for the recovery of the deposits, however, counsel for the
Regarding the incident which threatened a diplomatic company
showed that most of the deposits had been made since the fall
break between the two countries, Associated Press advices of the empire and that the directors had continued to hold meetings in
France.
of Nov. 15 said:
The bank unsuccessfully held that payment of the deposits would render
The incident arose out of alleged assertions of Senor Guani, published it liable
to later suit here or abroad if the present Russian Government which
in South American newspapers, that, under the permanent treaty with the also claims the deposits, were recognized.
United States generally known as the Platt Amendment, Cuba's sovereignty
was restricted.
Republic of Poland to Retire $700,000 Bonds.
Men and Women Soviet University Students Obliged
The Republic of Poland has called for redemption an
to Take Military Training.
additional $700,000 25-year sinking fund external 8% gold
Under date of Nov. 9 the Associated Press announced the bonds, dated Jan. 1 1925, at 105% and interest. Dillon,
following from Moscow:
Read & Co., fiscal agents for the Republic of Poland 8%
Military training for all university students, men and women, has been
ordered by the Commissariat of War. Under the order, issued to-day, all external gold bonds, announce that they have received from
students are required to take 180 hours' instruction in military science dur- the Polish Government the amount of interest and sinking
ing their four-year course and two months' field practice during the sum- fund required to meet the payments due Jan. 1 1927 on
mer. When their university course is finished the men must serve nine
that loan. The numbers of bonds called for redemption on
months in the army or one year in the navy.
While the women students are required to take the course with the men. Jan. 1 at 105 have already been published. It is stated
they are exempt from the two months' field practice and active service in that this is the fourth semi-annual redemption, making a
the regular army.
As the new regulations apply to all universities and academies in Russia, total of $2,800,000 of the original issue of $35,000,000 bonds
tens of thousands of students will thus become potential soldiers.
to be retired to date.
Poland Reduces Budget—Proposed Return to Gold $2,000,000 Lent Budapest—City Borrows from GuarStandard.
anty Trust to Repay Speyer & Co.
The following Associated Press advices were reported
The following Budapest advices, Nov. 25 (copyright)
from Warsaw, Nov. 14:
appeared in the New York "Times:"
Poland's budget for next year amounts to 1,898,000,000 zlotys, or about
$210,000,000. The expenditures for 1926 amounted to 1,819,000,000 zlotys,
but the depreciation of the currency and increasing prices indicate that the
new budget is more economical than the previous one.
Gabriel Czechowicz, Minister of Finance, submitted these figures at the
first session of the Diet, and announced that for the first time Poland's
new fiscal year will begin on April 1 instead of Jan. 1.
The Minister found signs of improvement in general conditions. The
number of unemployed has diminished from 360,000 to 190,000. The trade
balance has been favorable since September 1925, and the Governmental
budget has been balanced since July.
The advice of Professor Kemmerer, the American financial expert, for
return to the gold standard will be followed, the Minister said, after a
longer period of stabilization of economic conditions.
M. Czechowicz is opposed to any increase in taxation, in view of the
financial weakness of the country. The present Government, he added,
would concentrate mainly on the problem of the increased cost of living. A
committee of prominent business men will be formed for the purpose of
studying production and devising means to bring about lower prices.
The municipality announces that it has obtained a loan of $2,000.000
from the Guaranty Trust Co. of New York at interest of 5%. This low
rate causes great satisfaction and is considered "a remarkable demonstration of the city's restored credit." It is a short-term loan, which will be
used to repay a similar advance which Speyer & Co. made to the city last
June at the rate of 634 •
Receipts Pledged for Hungarian Reconstruction Loan
During September 30 Quarter.
The Royal Hungarian Ministry of Finance in its latest
reports states that the receipts pledged for the 73' % Reconstruction Loan for the quarter ended Sept. 30 1926 were
$13,594,000, or about twice the interest and sinking fund
requirements for the whole year. The receipts for these
three months were 10% greater than for the same quarter
in 1925.
Greek Republicans Plan Union Cabinet.
The following Athens Associated Press advices NOV. 14 Speyer & Co. Announce Third Sinking Fund Drawing
of Hungarian Consolidated Municipal Bonds.
are from the "Journal of Commerce":
.
Speyer & Co. announced on Nov. 22 that the third
Final election figures of the recent national election were announced by
the Government to-day, showing a Republican majority of 80. A coalition drawing for the sinking fund of the
Hungarian Consolidated
Cabinet of Moderate Republicans under former Premier Kafandaris and
M. Michalakopoulos and the Moderate Royalists, under General Metaxas, is municipal 73'% loan has taken place, and that the bonds
generally expected as a result
so drawn will be payable on and after'Jan. 1 1927 at par
Party successors follow: Moderate Republicans, 108; Advanced Repubat their office, 24 & 26 Pine St., New York.
licans, 18; Independent Republicans, 20; Communists, 9; Agrarians, 8;
Royalists under P. E. Tsaldaris, 63; Moderate Royalists under Metaxas, 54,
and Independent Royalists, 11. Nearly 1,000,000 votes were cast at the
elections. The new Parliament has been called to meet Nov. 26.
Redemption of Certain Bonds of Danish Consolidated
Municipal Loan.
The National City Bank of New York, as fiscal agent for
Italy Reports Drop in Treasury Surplus-167,000,000
Danish consolidated municipal loan 25-year 8% sinking
Lire Were Devoted to Reduction of Circulation
fund external loan god bonds, series A and series B, rein First Quarter of Year.
spectively, due Feb. 1 1946, announces that certain bonds
Under date of Nov. 22 the following copyright advices
of these series have been drawn for redemption at 1073'
from Rome were reported in the New York "Times":
and accrued interest. The designated bonds will be reThe Treasury statement, published to-day, shows the state of the
budget for the first four months of the fiscal year and reveals that the deemed through the operation of the sinking fund upon
present surplus is only 19.000,000 lire, against a surplus of 188,000,000 lire their presentation at the office of the bank in proper form
on the same date date last year. This year, however, 167,000,000 lire on and after Feb. 1 1927, after which date interest on these
were included in the budget for the reduction of circulation, and 83,000,000
lire for railroad construction, formerly debited to a special account, were bonds will cease. The bank also announces that certain
also included in the budget. The real surplus for the four months therefore bonds previously drawn have not yet been presented for
was 269.000,000 lire, against 188.000,000 last year.
redemption.
Treasury's cash
The
reserves amount to slightly more than 1,500,000,000
lire, which is about 1,250,000.000 less than on June 30. This Is accounted
for by large payments made by the Treasury for the reduction of circulation.
The internal public debt amounts to a trifle more than 85,000,000,000
lire, which is 1,250,000,000 less than last month and more than 6,000,000,000
lees than on June 30. The total circulation decreased 200,000,000 lire in
the last mouth and now stands at 20,030,000,000.
Protest Palestine Loan—"Daily Express" Says Guarantee by Parliament is Inadvisable.
The fact that the British Parliament is to be asked to
guarantee a loan of £4,500,000 to Palestine raises a protest
from the "Daily Express" which points out.that Palestine
already is indebted to the British taxpayers to the extent
National Ciy Bank Loses Russian Suit—Judgment for
of £4,000,000.and to bondholders of the Ottoman public
$343,003 in Favor of Trading Company is Upheld
debt for approximately £1,000,000. Advices to this effect
on Appeal.
were contained in a London cablegram (copyright) to the
The following is from the New York "Times" of Nov. 20: New York "Times" Nov. 18, which further said:
The Trading Company, relic of Russian Empire business, won its second
legal fight against the National City Bank of New York yesterday when
the Appellate Division of the Supreme Court affirmed a judgment of 5343,-
The paper says Palestine lays claim to a surplus in revenue over
expenditures during the last six years, but this surplus has not been used to
pay
debts or even the interest on them. The article adds:
2720
THE CHRONICLE
"Great Britain is charged with the tasks both of helping to build up a
national home for the Jews and of seeing that the civil and personal rights
of the Arab population are protected. Members of Parliament who vote
for the loan will not only pledge British credit but at the same time approve
the Zionist policy to make Palestine a Jewish State in spite of our promise
to the' Arabs."
Redemption of Sao Paulo Bonds of 1921.
Speyer & Co. are notifying holders of State of San Paulo
15-year 8% sinking fund gold bonds external loan of 1921,
due Jan. 1 1936, that $990,000 principal amount of bonds
of this issue have been drawn by lot for redemption on Jan. 1
1927. The bonds so drawn will be paid at 105% of their
face value on and after that date at the office of Speyer & Co.,
24 and 26 Pine St., New York.
Congress in Colombia Adjourns without Authorizing
$100,000,000 Loan.
Bogota, Colombia, Associated Press advices Nov. 17
said, "Congress has adjourned without voting authorization
of the projected $100,000,000 loan."
It is noted in the "Post" that Bogota dispacthes in August
said the Colombian Government purposed to float a S100,000,000 international loan in 1927 to build railroads and
highways.
A. M. Pope of First National Corporation of Boston
Expects American Capital to Compete with Europe
in Proposed Developments in South American
Countries.
South American countries during the next decade will
experience greater developments from an economic, industrial and agricultural standpoint than any other section of
the world, in the opinion of A. M. Pope, Executive VicePresident of the First National Corporation of Boston. Mr.
Pope just returned from a three months' tour through the
Southern Hemisphere. American capital will compete with
European capital in the carrying out of the proposed improvements. Mr. Pope says:
The financing of these developments is an important factor in bringing
about realization of the ambitions of the various countries. In view of
current conditions, it is to be expected that American capital will dominate
in carrying out the expansion and improvements which appear to be in
the making among our southern neighbors. Europe previously supplied
most of the capital needed in South America. With most European
countries burdened with war debts or other domestic problems, however,
our neighbors must look to the American markets for funds.
South America has ranked among the best customers of American
manufacturers, especially since the war, and our products in many lines
now dominate all others. An increase in this flow of merchandise and
other products may be expected to follow the new capital which already
has begun to flow to the southern hemisphere from this country.
The construction of good roads to open up new traffic lanes is a crying
need in all South American countries. The construction of these roads
should result in increased demand for American road-building machinery
and supplies. Good roads should also bring about increased purchases
of American automobiles. American cars already predominate in all
countries, but with better roads the possibilities opened to our manufacturers are almost unlimited.
Completion of the improvements which are necessary to cope with the
development of the past decade should have a stimulating effect on business
not only in South America but also in the United States. Their completion should also reflect favorably on the economic position of the South
American countries from a world standpoint. During and since the war
the Latin-American countries have demonstrated their importance in
meeting the unprecedented demands for raw materials from leading nations
of the world. A survey of South American conditions, however, shows
that the resources of these countries have been barely scratched.
The tremendous size and the tremendous resources of the various South
American countries, the very general consistent improvement in political
conditions and the desire of the nationals of each country to achieve "their
place in the sun" encourages one to feel that it is right that the United
States should have had a part in assisting in the present development
through the loaning of capital and that it is good business on the part of
the investors in this country to continue these loans so long as the money
Is Constructively used.
As regards the movement of trade, Mr. Pope says "there
is no question but what our big industries are already finding the South American markets of extreme importance.
This importance will naturally increase through the development of the countries, towards which development of the
already large amount of capital loaned to South American
countries by the United States has had no inconsiderable
part."
New International Finance Corporation Formed Under
Name of American, British and Continental
Corporation.
It is announced that through the recently organized American, British & Continental Corporation, ten of the leading
banking organizations of Great Britain and Europe, in
association with American investment banking interests, will
actively pool their facilities and part of their resources in a
oint enterprise designed to meet diverse capital requirements
[VOL. 123.
throughout the-world. It is further stated'that the procedure to be followed will involve the active co-operation of all
organizations, participating in the formation of this corporation, in originating investments and in the examination of
investments presented to the corporation for its consideration. The corporation, as indicated in these columns last
week, page 2598, is sponsored by Blyth, Witter & Co. and
J. Henry Schroder Banking Corporation. The announcement set forth the framework of the operating organization
of the corporation, stating that the personnel of the various
boards and committees through which it will function is now
in the process of selection here and abroad. A banker'
committee, with headquarters in London, is being organized
and will include representatives of Blyth, Witter & Co.,
London, of J. Henry Schroder & Co., London, and of each
of the following continental banking institutions, which are
stockholders in the corporation: Banque de L'Union Parisienne, Paris; Dresdner Bank, Berlin; Societe Generale de
Belgique, Brussels; Credit Suisse, Zurich; Allgemeine
Osterreichische Boden Credit Anstalt, Vienna; Stockholms
Enskilda Bank, Stockholm; Hungarian Commercial Bank
of Pesth, Budapest; Lipman, Rosenthal & Co., Amsterdam;
and the Bochmische Unionbank, Prague. It is stated that—
The bankers' committee, as a whole, will act in an advisory capacity and
will be called together from time to time to discuss general situations
the .corporation's investments or investment policies. Thus, if
conditions in a particular country require study, the consensus of opinion
of the bankers' committee, developed with the assistance of the investment
and banking organizations they represent, is expected accurately to reflect
conditions in that country.
Proposals made by any member of the banker's committee will be submitted through a London committee to the board of directors of the cor
poration for final action. This London committee, which will be com—
posed of representatives of J. Henry Schroder & Co., London, and Myth,
Witter & Co., London, will also assist the boards by reporting its opinion
when transmitting such proposals.
Foreign investments originating in this way will, therefore, come before
the board of directors with the opinion of recommendations of the members
of the bankers' committee proposing them, and also the London committee.
The board of directors of the corporation will be made up of two members
of Blyth, Witter & Co., two representatives of the J. Henry Schroder
Banking Corporation, two representatives of the group of continental
banking institutions, and counsel for the corporation resident in New York.
affecting
Offering of $19,740,000 City of Yokohama 6% Gold
Bonds—Booki Closed—Issue Oversubscribed.
The oversubscription of the issue, and the closing of the
books, was announced almost immediately after the opening
of the subscription books at 10 a. m. on Nov. 23, to the
offering of $19,740,000 City of Yokohama External Loan of
1926 sinking fund 6% gold bonds, made by a banking syndicate composed of J. P. Morgan & Co., Kuhn, Loeb & Co.,
the National City Co., the First National Bank and the
Yokohama Specie Bank, Ltd. The bonds were offered
at 93% and accrued interest, to yield over 6.50% to maturity.
They will be dated Dec. 1 1926 and will mature Dec. 1
1961. The issue will be redeemable in whole or in part,
at the option of the city, on Dec. 11941, or on any interest
date thereafter prior to maturity, at 100% and accrued
interest. A cumulative sinking fund of 1% per annum,
calculated to be sufficient to redeem the entire issue on
or before maturity, is to be applied to the purchase of
bonds if obtainable at or below 100% and accrued interest,
or, if not so obtainable, to the redemption on June 1 of each
year commencing June 11928,at 100% and accrued interest,
of bonds called by lot. The bonds are unconditionally guaranteed by the Imperial Japanese Government as to principal,
interest and sinking fund by endorsement on each bond.
They will be coupon bonds in denomination of $1,000.
Principal and interest (June 1 and Dec. 1) will be payable
in New York City at the office of Yokohama Specie Bank,
Ltd., in United States of America gold coin of the present
standard of weight and fineness, without deduction for any
Japanese taxes present or future. All subscriptions were
received subject to the due delivery of the bonds bearing
the Imperial Japanese Government guaranty,and to approval
by counsel of the sufficiency of relevant documents and
authorizations. The amount due on allotments will be
payable at the office of J. P. Morgan & Co., in New York
funds to their order, and the date of payment (on or about
Dec. 13 1926) will be stated in the notices.of_allotment.
Temporary bonds or interim certificates, exchangeable for
definitive bonds when received, are to be delivered. The
present loan, it is stated, completes the reconstruction
financing for the City of Yokohama. Following the earthquake the Japanese Government agreed to guarantee loans
to Tokio and Yokohama if floated • in foreign markets.
Previous steps in the program were the $150,000,000 loan
here in 1924 and referred to in our issue of Feb. 16 1924,
Nov. 27 1926.]
THE CHRONICLE
page 735 and a £6,000,000 Tokio loan floated in London
last month. Mention of this was made in these columns
Oct. 9, page 1821. It is pointed out in the New York
"Times" that there remains authority for further Tokio loans,
which may be floated later, either here or in London.
Kengo Mori, Financial Commissioner of the Imperial
Japanese Government in London, Paris and New York, who
is at present in this city, under date of Nov.22 in a letter to
J. P. Morgan & Co. says in part:
Following the earthquake and fire of September 1923. the tonnage of
foreign trade handled through Yokohama declined sharply, but has since
recovered to normal proportions. The central Government undertook the
reconstruction, at its own expense, of the State-owned port facilities; upon
the completion of the reconstruction of these facilities, the capacity and
efficiency of the port will be considera,bly greater than before the earthquake.
The population of the city, which fell from 441,048 to 309,550 immediately after the earthquake, has since increased to an estimated number of
406,000 at the end of 1925.
Purpose of Loan.
The proceeds of the present issue are to be used in completing the reconstruction of the city's self-supporting undertakings, viz., the street railway
system,the water works and the gas supply works,in completing its general
reconstruction work, and in refunding short-term loans raised for similar
purposes. The general program of reconstruction of municipal property,
which involved a total expenditure of $46,051,700, is to be completed by
March 31 1929. The Imperial Japanese Government undertook to bear
approximately 41% and the city 59% of the total cost. Of the amount of
$27,082,059 to be borne by the city, the Government has advanced $9,257.725. to be repaid by the city within thirty years,and the balance of$17,824.334 IS to be provided from the proceeds of the present issue.
The reconstruction of Yokohama was planned not only with the purpose
of restoring the damaged area, but also with the purpose of improving the
plan and equipment of the city and of providing for its future development.
In all important localities the buildings erected are to be
fireproof.
2721
of industrial enterprises among the States of the German
Reich, and third in the amount of taxes collected by the
Reich.
The National City Company announced that the bonds
had all been sold at 10:50 a. m, the day they were offered.
The issue will be dated Dec.1 1926. They will be redeemable
as a whole at the option of the institution on Dec. 1 1931, or
on any interest date thereafter at 103 upon thirty days'
notice. Beginning June 1 1927, a cumulative sinking fund
will operate semi-annually to retire the bonds of this issue
by purchase at not exceeding 100 and interest, or by redemption by lot at 100. At least one-half of the bonds retired in
each half year will be redeemed by lot. The bonds will be in
coupon form in denominations of 81,000 and $500, registerable as to principal only. Principal, interest (June 1 and
Dec. 1) and premium will be payable in New York City in
United States gold coin of the present standard of weight and
fineness, without deduction for any present or future taxes
or duties levied by or within the German Reich or the Free
State of Saxony, at the National City Bank of New York,
trustee. Principal and interest are also collectible at the
option of the holders at the City office of the National City
Bank of New York in London, England, in pounds sterling,
in each case at the then current buying rate of the said bank
for sight exchange on New York City, New York. Saehsische Bank zu Dresden, co-trustee. Regarding the organization and purpose of the bank, the security back of the
bonds, the advices to the National City Company state:
Organization and Purpose.
Mortgage inThe Sachsische Landespfandbriefanstalt (Saxon State
as "Mortgage
stitution), which for purposes of brevity we shall refer to
in accordInstitution," is organized under the auspices of the Saxon State
Its prinance with the law of July 20 1925, of the Saxon Landtag or Diet.
It
Saxony.
of
cipal office is located in the City of Dresden, the capital
($238,Reichsmarks
1,000,000
began business Oct. 1 1925, with a capital of
under the detailed
095). which was contributed by the State, and operates
same management
supervision of the State Government. It is under the
had a successand auditing supervision as the Saxon State Bank. which has
ful career since its establishment in 1862.
Debt of the City.
granting of
The Mortgage Institution 's restricted in its business to the
The city's debt as of June 30 1926, giving effect to the issuance of the
on real estate (situated in Saxony) devoted
present loan and to the retirement of certain short-term loans from the loans secured by mortgages
and trade and on such other property under
proceeds thereof, was; Internal, $25,205,343; external, $24,426,418; primarily to industry,commerce
same. By
the same ownership as bears a direct economic relation to the
total. $49.631,761.
proper governmental authorities, the Mortgage
The external debt of the city in the amount stated above consist of this and with the consent of the
raise the necessary funds for loan purposes
Issue and of three loans issued in London in the years 1907 to 1912 in Institution Is authorized to
bonds up to 50,000,000 Reichsmarks ($11,904.761).
sterling form. These Sterling loans bear 5% coupons and are secured through the issue of
amount,secured by mortgages ofan equivalent aggregate
by general charge on all the taxes and other revenues of the city, but are aggregate principal
at least as high a rate of interest. Under its charter
bearing
and
principal
the
of
Two
Government.
not guaranteed by the Imperial Japanese
are eligible as trustee investments in Saxony.
Sterling loans are secured by special charge on the certain specific revenues. law, these bonds
There are now outstanding $4,942,000 of mortgage collateral sinking
Reichs.Guaranty of Imperial Japanese Government.
fund 7% guaranteed gold bonds, dud Dec. 1 1945, and 4,912,500
1946. The
All the bonds of this loan will be unconditionally guaranteed by the marks ($1,169,643) of bonds of a German issue, due June
the above mentioned
Imperial Japanese Government as to the payment of principal, interest present issue of $4,000,000 is therefore well within
50,000,000 Reichsmarks authorization.
and sinking fund, by endorsement on each bond.
Mortgage
The proceeds of the present issue of bonds will be used by the
The gross direct debt of the Japanese Government, outstanding on
industries by means of loans
Sept. 30 1926, amounted to $2,577,251,000, of which $739.131,000 was Institution to supply working capital to Saxon
subject only to charges of
external debt. The Government's contingent debt, represented by its secured by mortgages, the lien of which will be
guaranty of loans of the South Manchurian Railway Co., the Oriental the character hereinafter described.
Development Co., Ltd.. the Industrial Bank of Japan. Ltd., the City of
Security.
Tokio, and the City of Yokohama (this issue) amounts to approximately
The bonds of this issue have the following security under the trust in$108.300.000. The population of Japan proper is over 60,000,000.
Over one-quarter (about $660,000,000) of the Government's total debt denture:
(1) They are the direct credit obligations of the Mortgage Institution,
Is self-supporting, as it has been incurred in connection with the construcincluding its capital and general reserve and
tion, purchase, and improvement of the State Railway System. The secured by its entire resources,
set aside to secure this issue exclusively, which
State Railways, comprising, as of March 31 1925, 7,837 miles of line (out the special series reserve
amount to 5% of the aggregate prinof the total railway mileage in Japan of 10,884 miles), represent a total special series reserve will eventually
bonds.
capital investment of over $1,161,605,000. In each of the past 15 Years. cipal amount of the outstanding
(2) They will at all times be secured by the pledge of mortgages of an
the State Railways have earned substantial profits after the payment of all
States gold dollars or in gold
expenses and interest charges on the Government's debt contracted for unamortized principal equivalent in United
amount of the outstanding bonds, or, in
railway purposes. The net profits for the fiscal year ended March 31 1926 marks to the aggregate principal
lieu of such mortgages, cash of an equivalent amount. These mortgages
amounted to $71,629,000.
properties of the nature
In contrast with its general debt (exclusive of the railway debt) of about will constitute absolute first liens on industrial
liens of prior existing mortgages (for
$1,917,251,000 on Sept. 30 1926, the Government owns state forests, Indicated above, subject only to the
be made in the trust
harbor works, telephone and telegraph systems, public buildings, special the discharge of which appropriate provisions will
law of industrial charges
funds and other investments, having an estimated value in excess of indenture) and to any charges created by the
(industriebelastungsgesetz) of Aug. 30 1924 (industrial debentures issued
$6,000,000,000.
or by any charge created
• In every year since 1881-1882, the ordinary revenues of the Japanese in accordance with the so-called "Dawes Plan"),
(aufbringungsgesetz) of the
Government have exceeded its ordinary expenditures. Although extra- by the law for the collection ofindustrial charges
not of a capital nature, not
ordinary revenues (exclusive of proceeds of loan issues) have not always same date, and to possible minor charges
real estate. These mortgages may
fully covered extraordinary expenditures, the Government's indebtedness materially affecting the value of the
appraised value of the real estate
has arisen, not from recurrent budget deficits. but (apart from war and not exceed 30% of the conservatively
and the average unamortized
reconstruction expenses) principally from the purchase and improvement covered, together with improvements thereon,
pledged under the trust indenture shall not
of economic undertakings, such as the railway, telegraph and telephone principal of all such mortgages
shall bear interest at a
They
exceed 1,000.000 reichsmarks ($238,095).
systems and from the development of new territory.
and shall mature not later than Dec.
All figures originally stated in Japanese currency have been converted rate not less than 6%% per annum,
is
1 1946. The valuation of property coyered by the pledged mortgages
in this letter at the rate of two yen to the United States dollar.
of the land, buildings and machinery,
Application will be made by the City of Yokohama. in due course, for based upon the estimated sales value
be
to
valuation
such
charges,
depreciation
after deduction of reasonable
the listing of these bonds on the New York Stock Exchange.
to
justified in all cases by the profits which may reasonably be expected
The
be earned continuously on the basis of the records of previous years.
the
for
repayment
call
Mortgage Institution may, under certain conditions,
Offering of $4,000,000 61/6% Bonds of Saxon State Mort- of any pledged mortgage, either upon three months' notice or, with
has reason
Sold.
—Issue
gage Institution
the consent of the State Commissioner, immediately, in case it
to apprehend danger of loss.
Mortgage
InstituState
Saxon
of
84,000,000
issue
of all
liability
and
several
joint
A new
(3) They will be further secured by the
are pledged under the trust indenture, to
tion (Sachsische Landespfandbriefanstalt) mortgage collat- mortgagors whose mortgages the
original principal amount of their respecassessments up to 10% of
eral sinking fund 63% guaranteed gold bonds, due Dec. 1 pay
tive mortgages, should such assessments become necessary to insure the
to
yield
interest,
over
22
at
and
Nov.
97
1946, was offered
payment of interest and amortization of the bonds.
guaranteed by the Free State of Saxony
(4) They will be unconditionally
6.77%, by the National City Company. The bonds are
will also guarantee the payment of cumulative sinking fund installunconditionally guaranteed as to principal, interest and sink- which
ments sufficient to retire the whole issue by maturity.
ing fund by the Free State of Saxony. This State, with a
The Mortgage Institution must obtain from the State authorities approval
of nearly 5,000,000, ranks second in importance for the creation and issuance of any bonds.
City Properties.
The city owns and operates the street railway system,the Water works,
and the gas supply works, none of which have any competition from private
companies. All of these are normally self-supporting, their net revenues
being sufficient to cover interest and sinking fund charges on the municipal
debt contracted for their purchase and improvement. The total value of
the assets owned by the City of Yokohama, consisting of its self-supporting
undertakings and of land, buildings, securities and cash, was estimated
at $38,671,209 as of Dec. 31 1925.
population
2722
THE CHRONICLE
Inasmuch as the Mortgage Institution is exclusively a State
institution,
it is not required under the Law of Industrial Charges
to issue either negotiable or non-negotiable industrial debentures under the so-called
"Dawes
Plan." In accordance with the law for the collection
of industrial charges,
which effects a further distribution within Germany.
of the burden of the
industrial debentures referred to above, the Mortgage
Institution will be
required to make certain annual payments estimated
not to exceed $2,500
per annum.
The Saxon Mortgage Institution completed its first
year of business on
Oct. 1 1926 and to-day practically all funds so
far obtained from bonds issued
have been placed in the form of loans secured
on mortgages on real estate
such as described above. No losses of any
nature have been incurred to
date and the income for the year ended Oct.
1 1926 covers all expenses,
Interest, &c., and permits the setting up of
a liberal reserve. The Saxon
State Mortgage Institution has now sufficient additional applications
for
further loans of the character described above to insure
the early placing of
funds obtained from the proceeds of this issue.
The bonds were offered if, as and when issued and received,
subject to the approval of counsel. Delivery in temporary
form is expected on or about Dec. 15.
Offering of 100,000 Shares of Capital Stock of
Hungarian General Savings Bank.
Following their acquisition of a substantial interest in
the Hungarian General Savings Bank (Ungaaischen Allgemeinen Sparcassa A. G.), which with its 26 branch offices
comprises the largest branch office banking system in
Hungary, G. V. Grace & Co., New York City, offered on
Nov. 24 100,000 shares of capital stock, comprising 4,000
units of 25 shares each. This stock, which is listed on the
Budapest, Vienna and Trieste Stock Exchanges, was offered
here at a price of $62 50 per unit of 25 shares, the shares
represented by these units carrying full dividend rights
for the year 1926.
Regarding the history, &c., of the institution, it is announced:
History.
Hungarian General Savings Bank was founded in 1881. Unlike American
savings banks, Hungarian savings banks have broad powers, comparable
to trust companies in this country. Hungarian General Savings Bank
Is one of the four leading banks in Hungary. Its main office is in Budapest,
and its network of 26 branch offices comprises the largest branch office
system in Hungary. Each of these branches is self-sustaining.
Capitalization.
There are authorized and outstanding 730,500 shares of capital stock of
a par value of 100,000 crowns each. The stock certificates, however, are
still marked with the former par value of 100 crowns, the managemen
t
deeming it unnecessary to change them inasmuch as new certificates, reducing the amount of outstanding shares, and establishing a par value in terms
of pengo, are in course of preparation and will be issued early next year.
The present 730,500 shares will then be exchangeable for 116,880 new
shares of a par value of 50 pengo each, conversionto be on the basis of
25
shares of old stock for 4 shares of new. The units being offered at present
each represent 25 shares of old stock.
Earnings and Dividends.
For the year 1925 the Bank reported net profits equivalent to $119,143 20
or $4 per unit, in contrast to $106,211 70 or $3 63 per unit in 1924. Dividends for the year 1925 amounted to $3 53 per unit against $2 60 in 1924.
The Bank has paid annual cash dividends without interruption since
organization in 1881. . . .
Equities.
In 1913 the Bank's balance sheet showed capital and reserves amounting
to $7.700400. indicating a book value of $263 per present unit. An
example of the management's conservative policy is found in
the balance
sheet as of Jan. 1 1926, wherein, despite the before-mentioned growth
in
branch offices and real estate holdings, assets are so moderately
valued
that the indicated book value is only $65 per unit.
In addition, the Bank has substantial ownership in other banks,
through
which it has an equity in a group of 25 apartment houses
and a number
of real estate enterprises in Berlin.
Hungarian General Savings Bank furthermore owns large blocks of
securities of many corporations, representing some 27 diversified
branches
of industry. These securities are given only a nominal valuation in the
balance sheet. In 1913 the Bank had an interest in 20 different companies.
In 1925 this item had grown to 50.
Deposits.
At the close of 1925 total deposits amounted to $5,911,811 or approximately 50% of the $12,000,000 on deposit in 1913. This is an exceptionally
high ratio and compares to an average of some 16% reported by other
banks. During the current year, deposits have continued to increase and
at present are reported to be in excess of 37.000.000—about 60% of pre-war.
. . .
[VOL. 123.
Scott & Stringfellow, of Richmond. They are coupon bonds
in denominations of $1,000 and $500. Interest is payable
quarterly on March 15, June 15, Sept. 15 and Dee. 15
at
the office of the Industrial Bank of Richmond, Va. The
First & Merchants National Bank of Richmond is trustee.
The official announcement says:
Secured by deposit with the First and Merchants
National Bank of
Richmond, Va., trustee, of $60.000 of real estate first
and second mortgage
serial notes, the notes so deposited being secured by
mortgages on improved
income-producing city real estate. The real
estate notes under each
mortgage mature serially monthly until fully paid,
such payments being
deposited with the trustee, and thus providing the
funds necessary for the
payment of the collateral trust bonds as they
severally mature. Bonds
maturing one year or more after date of issue
are callable by lot at 101 and
Interest at any time upon proper notice by the maker.
These bonds are part of a series of $1,000,000, of
which $368,000 have
been issued, including the bonds now being issued
Additional bonds of
the series may be issued in accordance with the trust
indenture providing
for the deposit with the trustee of like real estate
mortgage notes representbig 125% of the aggregate principal amount of
the bonds so issued. The
clliateral deposited under each series is to be held
separate from that
&visited under any other series.
The bonds are the direct obligation of the Industrial
Bank of Richmond.
.x>rporation chartered under the laws of Virginia,
with a paid in capital
of $500,000 and a surplus of $80,000, and operated
under the supervision
of the Banking Division of the State Corporation
Commission.
The bonds are offered at prices ranging from 534% to
7%, according to the maturities.
Denver Joint Stock Land Bank Declares Regular
SemiAnnual Dividend of 4%.
C. L. Beatty, President of the Denver Joint Stock Land
Bank, has advised Nehemiah Friedman & Co., Inc., that
the board of directors of the Denver Joint Stock Land Bank
has declared the regular semi-annual dividend of 4% on the
capital stock, payable Jan. 1 1927 to stockholders of record
Dec. 24 1926.
Corn and Cotton States' Conference at St. Louis
Urges Legislation for Co-operative Marketing—
Proposals of Former Governor Lowden.
A declaration in favor of "legislation that will enable
farmers to control and manage excess supplies of crops
at
their own expense so as to secure cost of production with
a
reasonable profit" was registered at the closing session
in
St. Louis on Nov. 17 of the Corn and Cotton States' Conference, which asserted its conviction that "such legislation
must function through and foster co-operative marketing?'
The conference was in session for two days. It endorsed
the proposals advocated by former Governor Lowden of
Illinois for the creation of a Federal Farm Board "with
powers and funds to anticipate and provide for the removal
of the excess (farm) supply from the market until there is
need for it at profitable prices. The proposals of Governor
Lowden were outlined by him at the conference on Nov. 16.
As to the plan of the President's Cotton Committee the
conference contended that "it will not work out a sound and
permanent national policy respecting cotton." Immediate
reduction in tariff duties on such basic materials as aluminum,
steel and chemicals was urged by the conference. From the
St. Louis "Globe-Democrat" we take the following regarding
the conference and its declarations:
After proclaiming their statement of alms and purposes,
which included
an unequivocal warning to the two major political
parties, farm leaders
yesterday concluded their two-day session here and
departed for their
homes and respective organizations in eighteen different
States, convinced
their battle alignment for the national capital next month
will be strong
enough to carry farm legislation through to an early victory.
A move to have a proposed surplus control bill at least considered
in
the short session in December, so as to assure intelligent
action by the
House and Senate, was urged by a number of organizatio
n men during a
final round-table discussion at the Marquette Hotel,
when speaker after
speaker characterized the called meeting as one of the
most epochal events
In the history of agriculture.
Statement of Purposes.
Incorporation of this sentiment also was voiced in
the statement of purposes, which seeks to establish an equitable
Hungary.
agricultural policy for the
•
country, creation of a Farm Board as outlined by
former Gov. Lowden of
Under the administration of Jeremiah Smith, Jr., of Boston, who was Illinois, to control surplus farm
appointed Commissioner-General for Hungary, rapid progress has been marketing, recommends that products and pave the way for co-operative
the farmer have an equal footing with indusmade in the economic rehabilitation of the country. In less than one year trialists in buying and selling
at the tariff wall, heaps the blame for present
the budget was balanced, and Hungary thus left untouched some $20,000,- farm conditions on those
Senators and Congressmen who opposed the
000 of funds provided for her by the International Reconstruction Loan. farm relief measure in the last
Congress, and finally calls for federal
There was a surplus over expenditures in 1925 and the 1926 year is expected investigation Into activities
of those forces which have had for
their purpose
to show a balance over expenses of more than $10,000,000.
the subordination of agriculture.
Hungary has either paid or funded all obligations due the United States.
Assail
Both Parties.
Her currency has been stabilized since the issuance of the Reconstruction
The pertinent clause aimed at the two major
Loan in 1924. and her new unit of currency is the pengo, equal to 1734 cents
political parties follows:
"We direct attention to the fact that the
in United States currency.
two major political parties,
through their platforms and candidates of 1924,
specifically pledged themselves to take every step necessary to secure
agriculture economic
Offering of Collateral Trust Bonds of Industrial Bank equality with other groups in our national life. forThe
leadership of both
parties during the first session of the Sixty-ninth
Congress repudiated these
of Richmond.
platform pledges and pursued a legislative course
proved they did not
Two issues of 848,000 each, serial payment collateral trust regard them seriously. If our political parties are that
not trustworthy agencies
7% gold bonds of the Industrial Bank of Richmond (dated of government through which to record the public mind on legislative
then the people will find other means inside and outside such
Nov. 1 and Nov. 15, respectively) are being offered by policies,
Aarties to accomplish necessary reforms."
Nov. 271926.]
THE CHRONICLE
2723
believe that
to protect the interests of their States. Furthermore, we agriculture
such organization among Senators and Representatives in
as the
States and districts has never been as effective or as thorough
situation demanded.
Organization Needed.
to now
"The farmers of the United States have a right to expect them
regardless of
organize themselves into an aggressive and effective unit,
agriculture in
party, to express and work for the economic interests of
marketing
the coming session of Congress. These agencies will lower
will receive
consumer
costs between the farmer and consumer. The
much of the savings in all cases, and most of it in some.
tariff
"We favor the removal or modification of unfair and excessive
idle
duties that now afford shelter for price-fixing monopolies. It is
farmer
the
benefiting
to refer to manufactured articles on the free list as
and exwhen the materials entering into their manufacture are highly
such
cessively protected. We urge, therefore, immediate reduction on
basic materials as aluminium, steel and chemicals.
special
a
make
"We recommend the farmers' organizations that they
effects
study of the effect on agriculture of industrial tariffs and also of the
effect
of our change from a debtor to a creditor nation and especially of its
on the accumulation of our agricultural surpluses.
his
get
would
farmer
"Our 'Tariff Primers' have tought us that the
of
reward through the demand created by the high purchasing power
Wails of Socialism.
prosperous industrial classes. We demand that the farmer be given
by his own increased
"You hear wails of Socialism whea we propose relief measures to finance the opportunity to promote the national prosperity
price, as well as his increased producing
the annual $2,000,000,000 offarm surplus," he said. "But the Government purchasing power,through increased
financed the railroads and also wrote out a check on the Treasury for them power.
one
"In order that such farm legislation as is to be considered in the short
to the extent of more than a half million dollars. And I never heard
session of the Sixty-ninth Congress may be In the hands of Congress and
squawk about Socialism then.
we respectfully recommend that
"Some people say the Government should stay out of business. But it the public at the opening of the session,
Senate and House meet at once for
went into business for the railroads and raised the value of the securities the agricultural committees of the
and bonds to $19,000,000,000 when you could have 'rope into the market Its study and preparation.
"We distrust those interrelations which appear to give to industrial
and bought them for $12,000,000,000.
as dealers or speculators in
"It is my belief that financing of the farm surplus would require S1,500,- advisers, who are not without self-interest
not only in influencing the enactment
000.000, and that is not all you deserve. But even if it cost $4,000,000,000. farm products, the deciding vote
of agricultural legislation, but in determining the manner of administration
I'm ready to vote for that amount."
of such laws after enactment.
No Unwieldy Association.
Public Understanding.
The fight of the organization in Congress, as previously explained, will
would be
"We believe that a public understanding of such relations
be taken up by the various organization heads, rather than by any comvaluable, and that a thorough investigation would be unfair to no interest
mittee or group of the body that just concluded its meeting. The aim is to
Resolution
Senate
of
purpose
or individual; therefore, we commend the
prevent an unwieldy association, it was said by Dr. Tait Butler,farm edian in269 by Senator Wheeler, and urge that it be broadened to include
tor of Memphis, Tenn., who was chairman. Hence no permanent organthe
vestigation of the various forces which have been moving toward
ization was formed.
additional
of agriculture. We suggest the following as
The salient features of the statement of aims and purposes, in addition subordination
lines for such investigation:
to the warning against the political parties, follow:
dominate and
"a. The activities of the Department of Commerce to
Solicit Support.
encroach upon the Department of Agriculture, including interferences
"We solicit the supptt of organized commerce, finance, industry and in the personnel of such department.
legislation
"b. The source of the opposition toward effective agricultural
labor in securing a fair national policy for agriculture. However, we
Committee
look with disfavor upon any movement of business organizations to initiate described by Senator George W. Norris, chairman of the
on Agriculture in his speech to the Senate June 14 1926.
an agricultural program independently of farmers' organizations.
the cir"C. The speculative manipulations of the grain markets, and
"As a practical and immediate move to secure for agriculture a just and
calls,'
proper share of the national income and a position of equality with other cumstances surrounding the restoration of gambling in 'puts and
enable
by the Chicago Board of Trade."
industries in our national economy, we favor legislation that will
President
Among the others who spoke yesterday were: W. H. Settle,
farmers to control and manage excess supplies of crops at their own expense,
of the Rice
so as to secure cost of production with a reasonable profit. We assert our of the Indiana Farm Bureau Federation; C. E. Carnes, head
the late
of
son
conviction that such legislation must function through and foster co- Growers' Credit Association of Louisiana; Henry Wallace,
President
Secretary of Agriculture, and Xenophon Caverno, Canalou, Mo.,
operative marketing.
Association, who was
"While acreage cost of production of farm products is fairly constant of the Missouri Cotton Growers' Co-operative
•
from year to year, the prices received by farmers frequently vary as much Secretary of the meeting.
as 50% from one year to the next. No business can be stable and prosThe same paper had the following to say in part regarding
perous in which basic costs are fixed. and prices vary as prices of agriculture former Governor Lowden's proposals:
in
yields
different
widely
products vary. The same acreage may produce
Asserting at present the cotton spinners of Europe write the price of
even by condifferent years, hence certainty of yield cannot be attained
had a
to cotton which must prevail in the United States, he vowed that
continue
will
pests
insect
and
disease
plant
Weather,
acreage.
trol of
year ago the
do. Any pro- Federal Farm Board been created as advocated by him a
the
influence volume of production in spite of all that man can
determine
to
in normal years cotton spinners would be taking steamers to this country
duction program which would avert surplus production
the same as exporters are compelled to go to Brazil to
cotton,
of
price
alternaThe
years.
crop
bad
in
would bring scarcity to the point of famine
from unavoidable determine the price of coffee.
crops
tion of extremely low and unduly high prices, resulting
He drew attention to the paradoxical situation where bumper
variations in yield, is harmful alike to producers and consumers.
farmers,
mean prosperity for every one else in the country, but ruin to the
of
production
a
Suggestions.
where
Approve Lowden's
and derided in caustic terms such a state of affairs
"We believe that the principles and methods advocated by Gov. Lowden cotton that will last only six months ahead can be sugicient surplus on the
in his address to this conference for the stabilization of basic products of market to cause a loss to the producers of $300.000,000.
of
Declaring there was a logical analogy between the occasional surplus
agriculture, if enacted into law, would go far towards the solution of the
problems of agricultural surpluses; it strikes at the problem that is present staple farm crops and the surplus credit resources of the banks before the
proproposed
the
would
it
likened
West;
Lowden
and
Mr.
In the chief farm products of the Midwest, South
adoption of the Federal Reserve System,
vide means for the producers to adjust supply to demand in their markets Farm Board to the Federal Reserve Bank.
at fair and stable prices; it would broaden the basis of our national pros"We have proposed that such a board should be vested with power of
perity by restoring the purchasing power of agriculture, and we urge that inquiring into certain facts," he said.
are
who
sections
all
Its enactment should be the united aim of men from
His Proposal.
conscious of the gravity of the agricultural situation, and seek a way to
"Those facts are: Is there a surplus of some basic farm product? Does
meet it.
with a reasonable
"We deplore the disastrous decline in the price of cotton to a point far this surplus depress the price below cost of production
sufficiently organized co-operabelow the cost of production. We place responsibility for present condi- profit? Are the growers of that product
the producers of that product?
tions upon those who defeated the bill in the last session of Congress, tively as to be fairly representative of all
be answered 'yes'it is then
which would have provided a Federal Farm Board with ample powers and If the board finds that all of these questions must
take control of the surplus.
funds to anticipate and provide for the removal of the excess supply from empowered to authorize the co-operative to
The only aid from the Government which the co-operative would require
the market and carry it until there is need for it at profitable prices.
among all the producers
"We believe that the present collapse of the cotton market empha- would be that the Government should distribute
the co-operative of handling the
sizes a need for the further development of co-operative marketing by of the particular commodity the cost to
the Government board would
cotton farmers and for legislation which will strengthen their ability to surplus. Neither the Government nor
the co-operative itself 'fix' the price
carry on orderly marketing and make possible carrying over the surplus determine the price. Nor would even
determines prices. It, like every
from years of large production to years of small production and assessing In any other sense than industry generally
particular
other industry, would study all the conditions affecting the
the cost ratably against all the product.
conditions
commodity and from time to time decide upon a price which
which
Coolidge's Plan too Narrow.
would seem to warrant. It would simply enjoy the advantages
"The plan of the President's Cotton Committee cannot equitably dis- come from organized selling.
Work'
'World's
the
for
to
of
all
cotton
wrote
bales
I
and
cost
hazard of removing 4,000,000
tribute the
"I outlined this program in an article
the growers of cotton, but imposes the entire cost on a limited number more than a year ago. Suppose that program had been adopted and were
of growers who may participate.
now in operation. What would have been the result as to cotton?
"Under no circumstances can the plan amount to more than a tempoCo-Operatives Aid Price.
rary expedient to meet the crisis occasioned by the present large crop.
co-operatives of the South last year handled something
cotton
polciy
"The
respecting
national
a
out
and
sound
permanent
work
not
will
It
produced. And yet the financial papers of the East
cotton, resulting in price stabilization to both the producer, the manu- like 8% of the cotton
a marked influence upon the price of cotton for
facturer and consumer of cotton, which sound public policy and the public stated that they exercised
this influence by
the year. The trouble was that, though they exercised
welfare imperatively demand.
market, thus improving the price level, the non"The Congress of the United States has been influenced and controlled withholding from the
any of the cost
bearing
without
this
of
benefit
full
the
since the formation of our Government through bipartisan combinations members received
have not readily joined, and, therefore, the cowithin Congress,whose members have held loyalty to an econoimc interest Growers, knowing this,
not grown as rapidly as their proponents had hoped. If,
above party ties. This nation has accepted and grown accustomed to operatives have
growers had been persuaded that the co-operatives could
financial blocs, commercial blocs, industrial blocs and other groups formed however, the
stabilize the price of cotton, the majority of them, I believe,
to control legislative action. We resent therefore the implication that reasonably
They could, I think, have been persuaded of the
agriculture introduced a new element in legislation when Senators and would have joined.
co-operatives to accomplish this if the co-operatives had
Representatives from farm districts in both parties began to work together ability of the
Eighteen States Represented.
Although the heads of various farm organizations subscribing to the
proclamation were resident of only fourteen states, they were officially
representative of eighteen, comprising all those in the corn belt of the West
and Middle West and the cotton-growing states of Louisiana, North
Carolina, Texas, Oklahoma, Arkansas and Tennessee.
Expressing its gratification in the harmony and unification between the
cotton-growing states and those of the corn belt, the proclamation draws
attention to the fact that the "South, Middle West and the West have come
to know that agriculture in all these sections is faced by the same problems
and that the only hope for relief lies in united efforts."
Senator-elect Smith Brookhart of Iowa, who has been an interested listener
at the sessions of Tuesday,complimented the agrarian leaders for the prevalent harmony in a brief talk yesterday morning and felicitated them also
for refraining from endorsing any particular bill at this time. He asserted
his opinion that as a result they can now go to Washington with a united
front, tied down to no one project, and therefore successfully fight for all
that is justly due them.
Along the lines of talks by Gov. Lowden and Senator Caraway, Brookhart condemned the indifferent state of affairs which allows an average
surplus of farm products that is never more than 10% of the entire production to cause a depression of prices for the producers.
2724
THE CHRONICLE
possessed the power to distribute the cost of varrying this surplus among
all the producers, members and non-members alike. The cotton co-operatives than would have been in control of the situation. Last summer,
when it was apparent that the crop would be somewhat larger than needed
for the year's consumption, they would have invited representatives of
the spinners into a conference. They would have discussed the question
of price with them. They probably would have agreed upon a price somewhere between 18 and 20 cents.
[VOL. 123.
there will not be enough of American cotton at the end of the season to
supply the spindles of the world for half a year. We know, too, that we
can have no assurance that the entire carry-over at the end of the season
may not become a vital need next year. And cotton, too, is a product of
the farm that can be stored almost indefinitely without serious lowering
of quality.
"It is doubtful if the co-operatives of the staple farm products are ever
Sufficiently organized to take care of the ever-present problem of surplus
unless some way be found by which the cost of handling the surplus is borne
equally by all producers of the particular commodity."
Spinners' Interest.
"For the spinners are not so much interested in a low price as they are
stable
a
price. Having determined upon a fair price, the co-operatives
in
could easily maintain that price. For they could take the surplus out of Senator McNary
to Introduce Farm Bill Embodying
the market, knowing that the cost of carrying this surplus would be disFeatures of McNary-Haugen Bill—Other Congrestributed equally among all the producers. The mere power on the part of
the co-operatives to do this, without buying a bale of cotton, would, in
sional Proposals.
itself, in the opinion of experts with whom I have talked, largely accomThe intention of Senator MeNary to introduce a bill
plish the result. Even, however, if the co-operation were obliged to carry
the larger part of the surplus, the task would by no means be a difficult one. containing features of the McNary-Haugen bill
was made
The money needed for this would be largely raised through regular banking known by
the Senator on Nov. 19, on which date he is
channels upon warehouse certificates. If necessary, the Government
could safely lend the remainder. Its security would be perfect. For the reported by the United States "Daily" to have said:
I have talked with a number of Senators on the subject. I expect to inamount so advanced by the Government would be exactly covered by the
levy made upon the entire production of cotton for the year, covering any troduce a bill at the coming session embodying the features of the McNarypossible loss when the surplus should be sold. The producers, when fully Haugen bill with some changes and refinements. I cannot forecast the
informed, would be glad indeed to pay this charge, which would be negligible probable action of Congress on the subject. That depends in the
Senate
on what the committee thinks about it, what the situation may demand
in comparison with the increase in price which they would receive.
and whether we have time for consideraton of such legislation.
Production Cost Vital.
The McNary-Haugen bill was first introduced in the Senate.
It was
"Cost of production has become as vital a question with the farmer subsequently introduced in the House and was one
of the three bills reas with the manufacturer. And yet, when he complains that he is not ported out of the House Committee on Agriculture providing
for a revolvreceiving cost of production for the things he sells, he is derided by the ing fund to be set aside for cotton, for other basic agricultural
commodities,
economists and told by the business world that the prices of farm products for loans to co-operative associations handling other
agricultural products
are controlled not by cost of production, but only by the law of supply and and for purchase of warehousing or processing facilities.
It provided a
demand. It must be conceded, though, I think, that no one farmer or system under which producers would pay an equalization
fee upon the procmanufacturer, can go on producing indefinitely in this commercial world essing or first sale of each particular commodity so
that the producers
at less than cost of production. Does it not follow that some way must might eventually finance their own crop stabilization program.
be found, if we are to insure future adequate supply of food and clothing,
Outlines Purpose.
by which the producers of these prime necessities can secure at least the
Its purpose was to give farm producers power to influence their
cost to them of producing those necessities?
prices,
"During the growing season, when weather conditions are most favorable, to secure a protected price to producers of wheat, pork and beef, to effect
that fact is regarded as of good omen. Business responds to the promise orderly marketing through control of surplus crops, and to carry corn
of a bountiful crop; the railroads foresee a larger tonnage; industry antici- over from the high producing years to the low yield years. It also proposed
pates an abundance of food and raw materials at reasonable prices. There to promote co-operative associations of farmers by enabling them to control
is reason, therefore, the optimism which prevails in commercial circles when movement to market of temporarily needed quantities of their particular
there is just the right amount of heat and sunshine and rain. The farmer, commodity.
There was a meeting at St. Louis on Nov. 17 of 80 corn and cotton
too, is glad when he sees the kindly earth responding generously to his
orefforts to wring from its capricious bosom sustenance for man and beast. ganization representatives from six Southern and six Northern States. They
His gladr.ess, however, is tempered with the bitter thought that maybe adopted a declaration of principles calling for agricultural relief legislation. They indorsed a plan sponsored there by Frank 0.
these seeming blessings of a kindly Providence may bring him ruin.
Lowden, former
"Those who tire of the farmer's complaint say that he must adjust his Governor of Illinois, which in general principles, I understand, follows
production to the probable demand just as industry does. Wnile, no doubt, substantial features of the McNary-Haugen bill. It has the equalization
progress can be made through farmer organizations to better co-ordinate and other features of the bill that has been before Congress. • It is too
early yet t say just what Congress will do at the
supply with demand,.he cannot avoid the occasional surplus.
coming session.
"To illustrate, in 1924 the corn crop amounted to 2,300,000,000 bushels.
Senator Ellison D. Smith (Dem.), of South Carolina,
The following year. or 1925, it was 2,900,000,000 bushels. And yet the
2,900,000,000 bushels were worth less, according to the Government, by Representative Fred S. Purnell (Rep.), of Attica, Ind., and
$300,000,000. than the smaller crop of the year before. Suppose non tha
Representative James B. Aswell (Dem.), of Natchitoches,
the farmers,seeing that the 2,300,000,000 bbshels were worth $300,000,000t La.,
also, according to the same paper, had something to
more than 2,900,000,000 bushels, had attempted to adjust their acreage to
say regarding plans for farm relief, although, it asserts, all
the more profitable smaller crop. They would have cut it down
25%•
Did they do this? Not at all. They reduced their acreage about one-half four agreed that the shortness of the
session may prevent
of 1%. And it is fortunate for the world that they pursued this course.
any definite action being taken. The session will comprise
For, according to the Government's last estimate, the yield this year will
be 250,000,000 bushels less than last year—an amount less than the average approximately only 10 working weeks. As to the various
for the five-year period,and certainly no more than we will easily consume." plans, we quote the following from the
"Daily":
"Now, if they had effected the reduction of 25%, which some of our
Senator Smith Tells Plans,
theoretical friends suggest, we would have had a crop this year of about
Senator Smith said he is going to introduce a new bill at the coming
2,000,000,000 bushels, or way below the nation's need. The result would
have been very high prices for corn, and what is more important to the session for protection of cotton growers.
must have co-operation," he said, "based on correction of errors
"We
consumer,a very burdensome increase in the price of pork and beefproducts.
Indeed.no one can say to what price corn would ascend with a 2,000,000.000 that have been made in the past. We must have a majority of the crop
bushel crop when it went to $1. 25 a bushel with a 2,300.000.000 bushel that is to be co-operated in, and we must have the power of fixing the
price for the fiscal year in which the commodity is to be disposed of."
crop, as it did in 1924.
Senator Smith suggested, as an emergency proposal, that Federal Reserve
Must Raise Abundance.
banks be authorized to issue notes at the bare issuance cost, for 18 months,
"The fact is, the farmer must always plan to raise more than just
enough with the Government taking care of warehousing and insurance charges.
if the world is to be fed and clothed. Everyone recognizes
this need. In the past, he pointed out, cotton growers complying with requests to
hold
That is why a reasonable carry-over from season to season is regarded
by off from the market have been required to •pay warehousing and insurance
the commercial world as necessary if we are to have a feeling of
security for charges, but have received no allowance for these outlays in the prices
obthe coming year.
tained when the crops finally were marketed. "In the present emergency,"
"A surplus, therefore, of the staple products of the farm is inevitable and he
added, "the purchasing power of the cotton dollar is so low that the
necessary. The nation that holds this surplus is the richer for having it.
Government should take the initiative and reduce the cost of Federal Reserve
Industry can plan the better for the future if it knows in advance that we
notes to the actual expense of issuance."
shall have enough of food and raw materials. The farmer asks why,if this
Mr. Aswell Discusses Bill,
occasional surplus is a good thing for everyone else, it should result in a loss
Representative Aswell said that his proposal, the Curtis-Aswell bill,
to him. Mankind has been producing food for some thousands of years.
is
pending
before the House. "It proposes," he said, "to create a permanent
And yet, we are told, that in all that time we have not accumulated a suffimarketing
association
enough
large
in
scope
cient surplus to feed the world for a single year. We have been producing
and adequately financed, for
cotton for considerably more than one hundred years. We are told that the farmer to reach both foreign and domestic markets. It proposes a
last year we had the third largest crop of record. As a result, the price system to establish connections between producer and ultimate consumer
declined to a point where it was not profitable to produce it, if we would both here and abroad. It also plans to create inter-State zone organizations
measure profits by the standard employed in every other field of human and local associations.
"The State would create from among the co-operative organizations
activity. And yet at the close of the last season there was not a sufficient
now
carry-over of cotton to keep the spindles of the world busy for four months. in existence, a board of directors of seven members. This board would
"Cotton continued on its downward path. It rallied slightly upon the send a delegate to the inter-State zone convention, which, in turn, would
Government report of July 23 last showing a crop of 15,368,000 bales for work up through the national organizations. The first national board of
the current year, and reached the price of 18% cents a pound. That price, 12 is to be appointed from the three great organizations of the country,
as every cotton grower knows, was far below the cost of production. This is the National Grange, the Farmers' Union and the Farm Bureau Federation.
all conscience would seem to be sufficient punishment to the cotton growers
Federal Control Limited.
of the South for daring to raise 200,000 bales more than the world's need.
"After that the inter-State zone organzations will select
the national
For, last year, the world took 15,165,000 bales of American cotton. This
association. The only place where the Federal organization
surplus would feed the cotton spindles for about five days. Cotton growers
would touch
the organization would be through the fiduciary
agent who would serve
were puzzled and depressed by the heavy price they paid for these excess
until the money borrowed is returned with interest to
bales. But the end was not yet.
the United States
Treasury.
"The important point in my bill is that it provides for
Yield Estimate Decreased.
a separate com"Subsequent Government reports have increased the estimated yield by modity organization for each commodity, not one great union.
"It proposes a loan of 910,000,000, to co-operatives
about 2.500.000 bales. This added another surplus which it would take
for organization purabout two months to consume. Cotton went from 183 cents a pound to poses. It proposes a commodity assessment made by the farmers them12% cents a pound as a result of this two months'increase in surplus. Again selves to repay this loan. It does not assess a fee by
a political Federal
the cotton growers were penalized to this extent. I have figured it out on board.
the basis of Cotton Exchange quotations. And this increase in the yield
Management Described.
of just enough of cotton to supply the spindles of the world for sixty days
"My bill is a national farm marketing plan under which farmers,
has cost the cotton farmers of the South more than $300.000,000. And through their own national
organization, can stabilize and control their
yet we know that if the Government's largest estimate of yield is realized. products. Each inter-State zone board
of directors will be composed of the
Nov. 271926.]
P
THE CHRONICLE
2725
some new aviation
Chairman of each State board in the respective zone. The board will elect tender mercies of the growers in foreign lands, and permit
two years
records to be made in sugar prices, such as we have seen in the last
Its own chairman and elect from its members a manager for its zone.
the World War....
"A general executive committee will be composed of the Chairman of In the case of rubber, and with sugar itself following
prices.
farm
of
level
Transporation costs are involved deeply with the low
each of the zone boards, and will devote their entire time to the organizaof public interest in the Middle
tion's business. This committee will elect its own chairman, compensation Here is a matter which is in the foreground
can be made in railroad freight
to be fixed by the seven inter-State zone directors. It would have a full West. There is general belief that changes
to the carriers but would
staff, including sales, operating, accounting, traffic and transportation de- schedules which would cause no serious hardship
consumers.
partments. The plan for marketing farm products would be promulgated work out to the advantage of both producers and
through an enabling law, under which farmers would work out their own
Water Hauls Considered.
problems."
the matter of freight
And there is a disposition to look even deeper into
Baugen Bill Favored.
of an adequate
costs, especially into the possibilities for the development
going
am
"I
Purnell,
e
said
Representativ
development of the
"While this is a short session,"
system of inland river-carried commerce; also into the
are
there
I
realize
farm
relief.
some
for
legislation
at the ports
loaded
through
be
get
can
to
to try
St. Lawrence River, so that big ocean freighters
only about 10 working weeks, that appropriation bills have a right of way of the Great Lakes. Both projects seem essential in view of the steady
and the legislative channels will be jammed. I feel that there is a fair Increase of tonnage in the country's freight movement, which is likely to
chance of farm relief legislation, and if there is any action the legislation be continued.
the waterways
formulated will be along the lines of the McNary-Haugen bill. I am conI find business men and farmers taking more interest in
invinced that that is what the farmers want.
than I have ever observed before. Doubtless they feel
development
"The only farm relief legislation enacted at the recent session of Congress clined that way after paying a bunch of freight bills. And I find, too, that
Bill
was
House
discussion
of
of
months
net
result
East should
was a compromise. The
in general they believe that this is an occasion wherein the
7893, creating a co-operative marketing division in the Department of come promptly to the support of the West in getting this program started.
Agriculture. That division is now functioning.
Aid by Commerce Possible.
"The Haugen bill I favored then, and favor now. It originally proposed
a revolving fund of $375,000,000 to aid the farmers, of which $100,000,000
Many business men declare that unless this is done it will be necessary
was to be set aside for cotton $250,000,000 for other basic agricultural to organize a Middle Western Chamber of Commerce, to join with the agriand
commodities and $25,000,000 for loans to co-operative associations, etc. cultural organizations in a fight for the valid and important interests
The $375,000,000 subsequently was changed by the author of that bill to the just rights of that section.
effect
$175,000,000.
There is a great deal of interest in the Middle West in regard to the
are being
Proposal is Detailed.
the low price of cotton will have on the South. Conferences
leaders
twosections. Many farm
"The measure provided the necessary revolving fund and the system of arranged between the farm leaders of the
will presently receive more support
equalization fees to help the producers eventually to finance their crop in the Middle West believe the West
the problem of the crop surplus,
solve
to
stabilizing program. It created a Federal Farm Advisory Council, which from the South in its campaign
was to nominate 36 persons, from whom 12 would be selected as members as well as in other matters.
of the Federal Farm Board, which the bill creates. That Board would be
charged with the ascertainment of facts about any surplus and of assisting
Texas Commissioner of Agriculture Says Law to Restrict
in removing or withholding the surplus.
Cotton Acreage Could Not Be Enforced.
"One of the other two bills reported by the committee was the Capper.
Tincher bill (House bill 11018), introduced in the Senate by Senator Cap"Post" of Nov. 20 published the following
Houston
The
per (Rep.), of Kansas, an active leader of the Senate's farm bloc, and in
Nov. 19:
the House by Representative Tincher (Rep.), of Medicine Lodge, Kan. It Associated Press dispatch from Austin,
be controlled
authorized the Government to loan $100,000,000 to the farmers. It proUnder the Texas constitution, the growing of cotton cannot
posed the establishment of a Federal Farm Advisory Council, to be elected or restricted by law, George B. Terrell, Commissioner of Agriculture, deat conventions of farm Organizations and co-operative marketing associa- clared Friday.
Department
tions.
Mr. Terrell some time ago asked the Attorney-General's reduction,
Would Create Commission.
whether the legislature could pass a law requiring cotton acreage
Terrell was
Commissioner
"The Council would nominate the seven members of the Farmers Mar- but the Attorney-General has not yet ruled, and
keting Commission, which the bill would create to handle marketing prob- giving his own opinion.
the State's
The Commissioner said such a measure would not come under
lems. This Commission would ascertain facts, determine whether surpluses exist, and advise as to the creation of pools or exchanges to handle police powers.
diseases
contagious
"Police powers can be invoked to quarantine against
surpluses.
insect pests that
affecting people and live stock, and to eradicate dangerous
"The other measure reported was the Curtis-Aswell bill.
protect against ignorance
"The authors of all three bills—Representatives Haugen, Tincher and destroy crops, but they can not be invoked to
dangerous, but a highly
Aswell—are members of our House Committee on Agriculture. I cannot and had business management. Cotton is not a
assume to forecast what the House will do, but I am ready to co-operate in useful plant."
to enforce a cotton
impossible
Mr. Terrell said it would be virtually
real legislation for farm relief at this session of Congress."
the future.
acreage reduction law. He urged diversification as a remedy for
what
"Soil, climatic conditions, and marketing facilities should determine
might be
it
and
crops should be grown on lands not planted to cotton
Senator Capper Declares Congress Should Provide for profitable to let the land rest and go fishing.
grow crops
"Let us stop thinking of growing crops to make money and
Federal Marketing Board With Power to Withhold
soil, enable the
to save money. This system of farming will improve the
Surplus.
their chilsend
farmers to live better, to have more time for recreation,
and
Expressing it as his belief that "the agricultural forces of dren to school, have a larger bane account, and more independence
self respect."
the
for
ever
than
stronger
be
will
South
and
West
the
_
McNary-Haugen bill or some similar plan to enable farmers Egypt to Advance Funds to Cotton Growers to Stem
Crisis.
expense so as to secure cost of production with a reasonable
is nreting the cotton crisis
Egypt
of
t
Governmen
The
on
statement
a
in
profit." Senator Capper, of Kansas,
slowing up of the movement of the crop
the
followed
(which
Nov. 22 added in part:
the heavy American crop were
This Congress should promptly provide for a Federal marketing board there after the reports of
appointed by the President, with power to withhold surplus and pro rata published) with a financing plan, according to advice just
any cost among the producers.
received by the Department of Commerce, sayg the "United
More good, solid thinking, it seems to me,is being given to the economic
the text of
problems of the Middle West this fall than in any former years. That is States Daily"sof Nov. 24, which gives as follows
the most evident thing I encountered from my contacts with the farm folks the announcement:
to control and manage excess supplies of crops at their own
the last few mouths.
Low prices for farm products are causing more talk than anything else,
as might be expected. The general level is down to 130% of the pre-war
average, as compared to 143% a year ago. It now is only 10 points above
the level of 1921, which was right at the bottom of the tremendous depression through which the country was struggling at that time.
The farmer's dollar is worth only 83 cents. And these 83-cent dollars
are obtained from an agricultural system which requires from 12 to 14 hours
a day of work. But despite all that, farmers note that industry, with its
eight-hour day, is getting ready to cut the week to five days, and that the
change already has been made in several plants.
Says Farmers Want Share.
Naturally, the producers are interested in learning just how the industrial
life of the country is able to perform all these miracles, and at the same time
maintain the highest living standards the world has ever known. But
there is not, BO far as I can learn, any desire to take these good things away
from the people of the cities. Indeed, farmers like to see a high standard
of prosperity along the great white way, for under such conditions they are
able to sell the maximum amount of food of good quality to the folks there.
But they do feel that these better living standards should be passed around.
There is an increasing belief that this must be accomplished by bringing
the average level of farm prices back into the pre-war ration with the level
of non-agricultural products through some agency which shall remove the
farm surplus from our domestic markets. I expect the present Congress
to give real attention to this situation.
as
Commercial Attache James F. Hodgson, Alexandria, Egypt, reports
follows on the Government financing scheme for cotton: The slow movement
tightof the cotton crop increased the money stringency with foreign firms
ening credits, according to the local press. Some relief was anticipated
from the Government financing plan.
The President of the Egyptian Council of Ministers issued the following
crisis and
official communication on Oct. 19: "In order to stop the present
decided
to prevent the overflow on the cotton market. the Government has
to give advances to cultivators on account of their cotton."
pounds
Egyptian
The Government offers for such purpose 4,000,000
scheme
(about 820,000,000) which may be increased in case of need. This
rate of
will be carried out by the banks in the towns and districts. The
advanced, which rate
interest is fixed at 5% per annum on the amounts
will be
This
demand.
may be reduced to 3% if the advances are in great
storage.
the only expense to the borrower and will cover all charges including
extended for
The advances will hold good for four months, which may be
money on
another four months. For the present it is decided to advance
200 cantars
and
quantities of cotton varying between 5 cantors (500 pounds)
cents per
(20,000 pounds) from 2,750 Egyptian pounds per cantar (13I
per pound),
pound)to 4,500 Egyptian pounds per cantor (about 22).i cents
according to variety and grade.
The crisis in Egypt resulting from the slump in the price
of cotton has been the subject of consideration by the
Government for some weeks past. Toward the end of last
month it was stated that measures to restrict the acreage
were being considered, Associated Press accounts from
Cairo Oct. 29 having the following to say in the matter:
Holds Tariff Rates Involved.
Tariff rates are involved deeply in this whole matter of farm prices—and
this will be true to an even greater extent if a Government export corporathat the sugar
tion is established. There is a general feeling in Kansas
The Egyptian Government announces that it will place before Parliament
schedules, for example, must be maintained. We are making progress in
a new law, which will affect Europeans and Egyptians alike, limiting
developing a beet-growing industry in the Arkansas River Valley, which
Egypt's cotton acreage to one-third of normal for three years. The bill
cannot exist without the present rates.
beet fields, such as will be submitted to Parliament early in the forthcoming session, and, after
And I find that even in sections far removed from the
that if this sugar Its passage, it is announced it will be enforced strictly.
among my friends in Topeka, there is a growing belief
"Since the decline in the price of cotton," says a communique issued here,
destruction of
the
in
result
it
would
abolished
or
reduced
were
protection
would throw us upon the "the Government decided to make advances to cotton growers under certain
This
States.
United
the
in
industry
sugar
he
2726
THE CHRONICLE
conditions, but after closely watching the market it has decided the best
means to meet the situation is by limitation of acreage.
"Though the Government had declared to Parliament that it had no
intention to have recourse to limitation in 1927, it has been obliged by
numerous demands from various quarters from members of Parliament
themselves to go back on its intention. The Government, therefore, has
prepared a project oflaw providing for limitation not only in 1927 but during
the three years from 1927 to 1929. The Government has decided to send
the law to the General Assembly and the mixed Court of Appeals for approval so the dispositions will be applicable to Egyptians and Europeans
alike.
"The Government forthwith warns growers to respect the law when it is
passed, as it will accept no excuse for any infraction."
[VOL. 123.
The Philadelphia "Ledger" of Nov. 25 stated that a committee to liquidate the assets of the failed firm has been
appointed at a meeting of the creditors held on Nov. 24,
when preliminary estimates listed the company's liabilities at
$238,635 and its assets at $45,000. The committee,of which
Julius C. Levi, of Levi & Mandel, counsel for a number of
the creditors,is Chairman,would also determine,it wasstated,
what can be saved for the creditors. William C. Hesse Jr.,
formerly of Philadelphia, but now living in New York, and
William B.Botts compose the firm.
One of the earlier accounts regarding the crisis is the
following contained in copyright advices from Cairo, Oct. 17, Congressman Hull Calls Speech of McFadden
Absurd.
to the New York "Times":
Congressman Morton D. Hull (Rep., III.) in addressing
Egypt is on the verge of a serious economic crisis, owing to a slump
a group of bankers, characterized as absurd the recent
In the cotton market. The whole country is
imploring the Government
to take action, though it is not clear just what the authorities can do
to stave off disaster.
The press considers that the most effective action that can be taken
would be along the lines proposed by the American Cotton Confernece
last week. The newspapers advise the holding of a portion of the crops
by the agricultural syndicates and the prohibition of cotton cultivation
in upper Egypt, the Government making advances to small farmers and
entering the market as a buyer.
The Cabinet will soon consider these recommendations, and action of
some sort is expected.
In the meantime the position of the small growers is serious. They are
unable to pay taxes or rents, and are offering instead of money their
cotton, which it does not pay them to move.
Several bankruptcies have been reported from the Provinces during
the last few days.
speech of Congressman Louis T. McFadden (Rep.,
Pa.) before the New York Board of Trade and Transportat
ion, as
reported in the daily press. Mr. Hull pointed out
that Mr.
McFadden switched his position upon the branch banking
features of the McFadden bill six months ago,
when
he espoused the Senate form of the bill in place
of his own
original House measure. The recent vote of the
American
Bankers Association referred to by Mr. McFadden
was
shown to be inconclusive, as only 413 votes were cast for
the
extension of the territory in which branch banking might be
practiced, against 268 for limiting branch banking to its
Regarding the 1926 crop we take the following from the present boundaries, a small vote representing less than 1%%
of the 27,700 banks of the country, especially insignificant
"United States Daily" of Nov. 9:
,
The Textile Division of the Department of Commerce, in a statement as the convention was held
in California, a State where
just made public regarding the 1926 cotton crop of Egypt, announced
there
are over 600 branch banks. Mr. Hull recalled that Mr.
that Egyptian Government statistics place the estimate at 1.409.000
equivalent bales of 478 pounds each.
McFadden signed the Joint Conference Report on this bill
The statement, based upon advices from Joseph I. Touchette. Vice- In which
the attempt was made, in order to extend future
Consul at Alexandria, follows in full text:
The 1926 crop is estimated by the Egyptian Government at 1,409,000 branch banking priveleges to the national banks of 28 cities
equivalent bales of 478 pounds net, of which 593,000 bales are estimated of more than 100,000, to deny
branch banking relief to nato be Eakellarides. The area is estimated 1,854.000 acres, including
tional banks in 234 cities of,25,000 to 100,000. In conclud- .
1.019.000 acres planted to Sakellarides.
The law limiting the cotton planting for 1926 was promulgated some- ing, Mr. Hull emphasized the fact that efforts to pass the
what too late and many growers were unable to comply. The Ministry McFadden bill
with this provision for the extension of
of Agriculture, therefore, stopped the execution of the decree and recombranch banking into non-branch banking States has caused
mended the surveying of the areas under cotton.
the bill to be loaded like the old-fashioned omnibus bill,
Stocks are Reported.
The stocks in Alexandria on Aug. 31 amounted to 175,000 equivalent With many features not pertinent to its original purposes.
bales of 500 pounds includhig 102,000 bales Sakellarides. 56,000 bales Mr. Hull's address follows:
Ashmouni and Zagora, the rest consisting of other varieties, according to
My attention has been called to reports in the daily press of a recent
a report of the Ministry of Agriculture.
speech by Hon. Louis T. McFadden before the New York Board of Trade
By a decree of the Egyptian Government published Aug. 25, Clause
13 and Transportation.
of the conditions of delivery printed on the back of cotton contract forms
The statement is made that Mr. McFadden is now opposed to the Hull
is cancelled.
amendments. This opposition is not a new or recent development. Mr.
According to the Secretary of the Alexandria General Produce Associa- McFadden accepted the Hull amendments when they were offered during
tion, the decree was issued in order to prevent fraud because steam-pressed the 68th Congress and advocated their passage before the House of Repbales can not be verified by the buyet. Another reason for issuing the resentatives. The Senate committee considering the bill at that time also
decree is that pressing of cotton into bales by steam process before an reported favorably upon this modification of the bill. When the McFadactual spot sale takes place does not meet with the approval of the local den bill was introduced in the 69th Congress the Hull amendments had
buyers.
been made an integral part of the bill—and Mr. McFadden sponsored and
Clause 13 mentioned above provided that steam-pressed bales might worked for their enactment, and they were passed by the House.
be delivered on future contracts by ah allowance to the buyer. According
Early this year the bill was changed by the Senate sub-committee ,'to
to the above decree steam-pressed bales are no longer deliverable on future remove those restrictions upon the spread of branch banking represented
contracts.
by the Hull amendments. When the House and Senate forms of the bill
reached the Joint Conference Committee, Representative McFadden supported
the Senate form of the bill—from which the Hull amendment restricCall Money Market.
tions which he had advocated for three years had been eliminated.
The following are the daily statements issued this week
The action of the American Bankers Association 1926 convention in reby the New York Stock Exchange regarding the call money versing its 1924 position unanimously favorable to the Hull amendments,
was included in his speech by Mr. McFadden as another reason against
market:
their enactment.
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
I was present in Los 'Angeles at the 1926 convention. The less Mr.
Nov. 22—Renewal,4%%;high,
%;low,434%;last,4%. Continued McFadden says about that action the better.
The
brana banking question was not on the original official program
ease in money at renewal rate with a substantial surplus unloaned
of the convention. At the close of the Tuesday morning general session of
at close.
Nov.23—Renewal,
%; high,4%;low, 415 %;last,4%. Moderate the convention a motion was passed—quickly and without debate—to hold
an extra, unprogramed meeting of the association Tuesday evening. Offiturnover with substantial offerings all day in excess of demands.
Nov. 24—Renewal, 4%%; high, 4%; low, 4%%; last, 44%. Light cial notice of this meeting was not given to the newspapers until nearly
six o'clock—too late for publication in any newspapers which would appear
turnover; ample supply all day and at close.
before the convening of the meeting. Until some time in the afternoon
Nov. 25—Holiday (Thanksgiving Day).
Nov. 26—Renewal, 4%%; high, 5%; low, 4%;last. 5%. Approach of the association headquarters in the lobby of the Biltmore Hotel would not
confirm
the fact that the meeting was to be held and made no apparent
end of month brought withdrawals, causing advance in rate to
effort to call the attention of delegates to this meeting, about which
5%. Sufficient funds for all requirements at increased rate.
they
not learn through official programs or bulletins.
Statements of previous weeks have appeared weekly in could
At this special evening meeting, a resolution was introduced
suggesting
our issues since July 10; last week's statement will be found to Congress restrictions upon branch banking to be substituted
for the
Hull amendments—a vote for the resolution was a vote against
on page 2599 of our issue of a week ago.
the Hull
amendments. After a debate lasting from 8.45 p. m. until some
time after
midnight, a total of 681 votes were cast.
This vote is well characterized as "unsatisfactory and inconclusive"
by
Philadelphia Stock Exchange and New York Curb the "Commercial and Financial Chronicle" in
its leading editorial, published four days later, on Oct. 9, from which I quote:
Suspend William C. Hesse, Jr., & Company for
Insolvency.
In these circumstances It is unfortunate that
outcome of the controversy should have been so unsatisfactory and the
inconclusive.
The brokerage firm of William C. Hesse, Jr., & Co., of
"Nominally,those in favor of theMcFadden bill without
the Hull Amendments came out victorious. But note the size of the vote-413
Philadelphia, was suspended from membership in the 268
In favor to
against. Altogether a total of only 681 votes. Yet we
told that in
point
attendance
of
this convention was the second largest inare
Philadelphia Stock Exchange for insolvency on Nov. 23. the Association.
the
history of
The Association last year had a membership of
21,493,
The firm's offices are in the Real Estate Trust Building. which has since been
increased, we understand, to 23,000. In the circumstances the result can hardly be regarded as any guide to Congress. The
According to William A. Gray, counsel for the firm, the same
may be said with reference to the endorsement of the rider to the
McFadden bill which provides for the extension of the charters of the
obligations of Mr. Hesse and his associates are very small. Federal
Reserve banks. The vote of a few paltry hundred on a question
Mr. Hesse has been a member of the Philadelphia Stock of such great importance and which
ought to be
as a separate measure,cannot be considered of the least significancetreated
or value as a gauge of pubExchange for twelve years. Subsequently the New York lic
sentiment on the subject."
Curb Market announced that "owing to the firm's failure
The "Chronicle" might have gone further and mentioned that there are
to meet engagements" it had been suspended from associate 27,700 banks in the country, so that the vote against the Hull amendments does not even represent 1 1,4% of the banks. It might have added
membership in that body.
that in California alone, where the convention was held, and within one
Nov. 271926.]
THE CHRONICLE
2727
banking territory,
night's ride of Los Angeles, there are over six hundred bank branches, each for an entering wedge of branch banking in non-branch
competition exists, and where, by the enactof which is entitled to a vote upon payment of a nominal sum, much less where now no branch banking
ever octet.
will
ment of the Hull amendments, it is not likely that it
than individual bank membership fees.
The total vote against the Hull amendments only equals about two-thirds
of the number of branch banks in California! In fact, eight of the great
[Forthcoming Treasury Issue.
banking groups of California have more branches than the total vote cast
against the Hull amendments, so that this vote could and may have been 11.7eliminary to a forthcoming Treasury offering, the Fedeast by less than 3-100 of 1% of the country's banks.
eral Reserve Bank of New York has issued a circular to the
Certain other statements quoted from Mr. McFadden's speech deserve
under
attention. The Hull amendments do not, as he charges, interfere with any member banks calling attention to the conditions
which subscriptions will be received. Referring to the
State passing any law it chooses.
Except to equalize branch banking privileges between national and State expected financing, the New York "Times" of Nov. 24 said:
banks in territory where State banks now engage in this practice, branch
This preliminary notice will be followed by an announcement of the
banking is not primarily a bone of contention between State banks and terms of the issue, which is being arranged in connection with the maturities
national banks, but between large banks and small banks.
of Dec: 15 and the other financing called for on that date.
Approximately $453,000,000 of Treasury certificates will fall due on Dec.
In the States where branch banking is permitted there are 16,484 banks,
of which 735 have engaged in branch banking—or about 4%%. These 15. Income tax payments due on that date are expected to amount to about
branch
$400,000,000, and it is estimated that the Treasury will have between
735 banks operate 2,572 branches, so that 43Wo of the banks in
bank territory operate 20% of the banking facilities of those States. $150,000.000 and $200,000,000 in the general fund at that time. Discussion
Eighty per cent of branch banking is done in six States where it has con- of a tax credit or rebate has caused some uncertainty, but Secretary Mellon
siderably more than doubled in the past five years.
of the Treasury Department is expected to continue his policy of refunding
If branch banking were to extend to the entire country in the same ratio the public debt at decreasing rates of interest.
as
banking,
branch
in
engaged
about
1,200
find
banks
to
might
expect
Bankers expect that a short-term issue totaling about $250,000,000 will
we
against 26,500 operating as independent units.
be offered, with an interest rate of 334%. Nine-months' certificates are
In the 26 States where the State banking laws do not permit branch considered likely, as they would mature on an open Treasury date, Sept. 15.
banking, one important factor is unquestionably the fact that national The form which Treasury financing will take, however, is never certain
banks cannot now take advantage of legislation permitting State banks to until the formal announcement is made , and in some quarters it is conoperate branches.
sidered possible that the decision will be for a long-term issue of 334%
In each of these non-branch banking States, the 4%% of banks which notes.
branch
might desire to change the Statb law to enable them to engage in
Such an issue, it was pointed out, could include an exchange of Third
banking represent the powerful financial interests which might be expected Liberty Loan bonds, due in 1928,the next of the great war issues to mature.
to wield the most influence with the State Legislature. Part of this 43% Treasury operations have been directed to reducing as far as possible the
are State banks and part are national. Their interests with respect to amount of these bonds to be paid off at maturity. There were $2,308,133,branch banking are now opposed, and their influence balanced.
250 of Third Liberty Loan bonds outstanding as of Oct. 31, last. From
Should the McFadden bill be enacted without the Hull amendments, their the start of the present fiscal year up to Nov. 18, a total of $207,364,800 of
Interests would no longer be opposed. As soon as State banks received these bonds had been purchased for retirement through the sinking fund.
branch banking privileges, national banks could likewise automatically All recent sinking fund purchases have been in Third Liberties.
open branches. The combined influence of these powerful State and naThe following is the circular issued by the Federal Reserve
tional banks, brought to bear upon State Legislatures, is frankly feared by
communities
respective
their
of New York:
serving
now
Bank
banks
the
of
small
majority
a
with sympathy and understanding.
FEDERAL RESERVE BANK OF NEW YORK.
To pass the McFadden bill without the Hull amendments is to place an
[Circular No. 748, Nov. 22 1926.1
Incentive before every large national bank in non-branch banking territory
New Treasury Issue—Preliminary Notice of Offering and Methods of Filing
banking
law.
anti-branch
existing
State
the
change
to use its influence to
Subscriptions.
In my opinion this would be "Congressional interference," and neither
To AU Member Banks, State Banks, Trust Companies and Savings Banks in
"veiled" nor "indirect," as Mr. McFadden says.
the Second Federal Reserve District:
Next Mr. McFadden says that the purpose of his bill is "to legislate for
From advices received from the Treasury Department of the United
national banks—not for one, nor two, nor a hundred, but for all of them,
the following information:
according to their needs. . . . in the larger cities with populations over States, we are enabled to transmit to you
1. That a Treasury offering may be expected shortly.
25,000, in those States where State banks enjoy the branch banking priviclosed by the Treasury without
be
may
books
subscription
the
That
2.
lege. . . . National banks should be granted limited branch banking
advance notice, and therefore,
privileges to meet the competition of State banks that have branches."
3. That each subscribing bank,upon receipt ofinformation as to the terms
On one hand, why does Mr. McFadden seek to legislate for all the
(either in the press, through the mails or by telenational banks and then limit their branch banking privileges to cities of the Treasury offering
gram)should promptly file with the Federal Reserve Bank any subscriptions
of 25,000 or more populations, and in other ways?
This is important, as no guarantee can be given
And on the other hand, why did Mr. McFadden sign the Joint Conference for itself and its customers.
period the subscription books may remain open, and subscribing
Report raising this minimum population limit from 25,000 to 100,000 if as to the
before receipt of official subscription blanks, may file their
he is trying to benefit all the national banks? As the bill was reported by banks, even
by telegram or by mall with the Federal Reserve Bank. Any
the Joint Conference Committee it would extend branch banking privileges subscriptions
subscriptions so filed by telegram or mall in advance of receipt by subscribto national banks of only 44 cities, with more than 100,000 population, and
ing bank of subscription blanks furnished for the particular issue should be
deny it in the 234 cities of population between 25,000 and 100,000, as well
confirmed immediately by mail, and on the blank provided, when such
as in all smaller cities.
blank shall have been received.
Mr. McFadden's next point is that the hull amendments cause the Mc4. That if the terms of the offering when announced provide for both cash
Fadden bill to grant branch banking privileges in certain States and not subscriptions and subscriptions for which payment may be tendered in
In others. In his paragraph from which I quoted above, is the best answer other securities, the subscribing bank should prepare its subscriptions in
bankto this objection: "National banks should be granted limited branch
such manner as to indicate the method by which it proposes to make paying privileges to meet the competition of State banks that have branches"
ment and the respective par amounts of securities, if any, to be temiered in
—not that may or might some time be expected to have branches.
payment.
The next point raised is that "if Congress ties the hands of any considerAlso with regard to issues subscriptions to which the Treasury determines
able number of national banks in non-branch banking States, . . . first,
for the purpose of allotment shall be considered as on a cash basis irrespective
State banks would work for branch banking laws . . . second, national
or not payment is to be made in cash or in securities,the following
banks would quickly become State banks in order to take advantage of the of whether
classification will be required of subscriptions made for account of customers,
State branch banking laws."
number of subscriptions in each class.
This statement is absurd. The Hull amendments do not "tie any hands" stating the
Class A—Subscriptions for $1,000 or lees for any one subscriber:
—they only perpetuate the status quo in the non-branch banking States—
for over $1,000, but not exceeding $10,000;
B—Subscriptions
Class
they continue the branch bank situation in these States as it is and as it
Class C—Subscriptions for over $10,000, but not exceeding $50,000:
has always been—and none of the dire predictions of Mr. McFadden has
Class D—Subscriptions for over $50,000, but not exceeding $100,000:
either threatened or come to pass. An analysis by Senator Reed of MisClass E—Subscriptions for over $100,000. but not exceeding $500,000:
souri showed that the transfers of banks from national to State charters
Class F—Subscriptions for over $500,000, but not exceeding $1,000.000:
was approximately equal in branch banking and non-branch banking terriClass 0—Subscriptions for over $1,000,000.
tory, proving that the branch banking privilege was not a controlling influSubscription(s) for the bank's own aecount should not be included in the
ence in such transfers.
account of customers but should
Mr. McFadden's statement continues: "The Hull amendments will not above classification of subscriptions for
own account and in addition to such
work, they will not check branch banking, but on the other hand, will tend be clearly indicated as for the bank's
subscriptions.
to encourage branch banking in the States where it does not exist."
Where, however, under the terms of an offering or under instructions
Then why do the avowed supporters of branch banking oppose the Hull
in full
accompanying an offering, the Treasury agrees to allot new securities
they
if
arsenal,
their
with
in
every
open
and covert weapon
amendments
the date of the new issue or on any
will "encourage the spread of branch banking into non-branch banking for any of its securities maturing on
not be
later date, subscriptions to be paid for in such securities should
territory?"
securities are not by the instructions acWhy did the legislative opponents of the Hull•amendments, including Mr. classified. Where the maturing
cash
as
treated
they shall be
McFadden, in the Joint Conference Committee report, deny equality of companying the offering given a preference
for in such securities should be included in the
branch banking competition to the national banks of 141 cities of between and subscriptions to be paid
25,000 and 100,000 population in branch banking territory where these classification.
given above,
When the terms of the offering, preliminary notice of which is
national banks are now actually suffering from existing State branch banknotice thereof, together with subscription blanks, will be
ing competition, in order to extend to the national banks of 28 cities of are announced,
subscription
and
notice
Should
by this bank.
over 100,000 in non-branch banking territory a permission at some future mailed to you promptly
be delayed in reaching you,this bank will nevertheless
time to compete with some possible future State branch banking competition. blanks for any reason
by letter or telegraph and suggests your
Why—unless it is their purpose to encourage the entering wedge of receive your subscriptions either
promptly transmitted to this bank in order that delayed
branch banking into the non-branch banking territory at any cost and by subscriptions be
allotment.
receipt of them may not mitigate against your receiving due
any maneuvering?
confirm
If you find it necessary to telegraph your subscriptions please
Fortunate it is, since Mr. McFadden has reversed his position on the
either by letter or on subscription blank, setting forth the
Hull amendments, that the House of Representatives has instructed him, Immediately
clearly
identifying
indicated above and method of payment,
with its other members of the Joint Conference Committee, to adhere, in classifications
it is a confirmation and not an original subscription that
their negotiations in committee, to the bill containing the Hull amendments the fact that
avoided.
duplication may be
as passed by the House.
Very truly yours.
The McFadden bill has become an old-fashioned omnibus bill as a result
BENJ. STRONG, Governor.
of the efforts of various interests to secure its passage without the Hull
amendments. Even the renewal of the charter of the Federal Reserve Bank
System, years hence, has been included—a measure which, by itself, would Report of Committee of Premiers on Relations of Great
be passed without delay almost as a matter of routine.
Britain and Dominions.
All of the McFadden bill's meritorious and undisputed advantages to the
views have been expressed as to the full purport
8,000 national banks of the country are being held up by an attempt to
Varying
squeeze through that part of the law which will encourage influential large
the recommendations contained in the report of the Cornnational and State bankers of 26 States to work on their State Legislatures of
2728
THE CHRONICLE
mittee of Premiers on Inter-Imperial Relations made public
at London on Nov. 20—the text of which is given in another
Item in this issue. While the report has been heralded in
some of the newspaper accounts as according complete independence to the Dominions, the Associated Press advices
from London, Nov. 21, in referring to the favorable comment generally voiced by the British press with respect to
the recommendations, had the following to say regarding
both the comment and the report:
It is indicated that the report does not materially change conditions
which have existed heretofore, but officially acknowledges a change which
has been tacitly agreed to in the immediate past. The important feature
of the report is the formal acknowledgment of the autonomous position of
the various units of the Empire, each equal in status and all acknowledging
fealty to King George. While the report is the outcome of a month's
deliberations in Downing Street, which have been shrouded with secrecy,
and while it must yet be accepted by the Crown, it is conceded that the
plan will go into effect.
The report declares that the mother country and the Dominions "are
autonomous communities within the British Empire, equal in status and in
no way subordinate one to the other in any aspect of their domestic or external affairs, though united by a common allegiance to the Crown and
freely associated as members of the British Commonwealth of Nations."
The report, briefly reviewing recent history, says the tendency of the
Dominions toward equality of status is both right and inevitable. Geographical and other conditions make this impossible of attainment by way
of a federation. The only alternative is by way of autonomy, "and along
this road it has been steadily sought. Every self-governing member of the
Empire is now master of its destiny. In fact, if not always in form, it is
subject to no compulsion whatever."
The report continues: "But no account, however accurate, of negative
relations in which Great Britain and the Dominions stand to each other
can do more than express a portion of the truth, the British Empire is not
founded upon negations, and depends essentially, if not formally, on positive ideals. Free institutions are its life blood, free co-operation its instrument, and peace, security and progress among its objectives."
The report opens with a discussion of the relations between the various
parts of the Empire and makes the following points:
I. It proposes to change the title of His Majesty the King.
2. It declares that a Governor-General should be the representative of
the Crown only, not of the British Government.
3. It recommends the appointment of a special committee to consider the
competence of the Dominion Parliaments to give their legislation extraterritorial effect on other points arising from Dominion legislation, with a
sub-committee to deal with merchant shipping legislation.
With regard to relations iwth foreign countries the report seeks to give
full application to the resolution on the negotiation of treaties which was
adopted at the last conference.
1. It recommends that in future treaties the British Ministers shall sign
for Great Britain instead of for the Empire, with each Dominion signing
for itself, Canada signing immediately after Great Britain.
2. It recognizes that in foreign relations neither Great Britain nor the
Dominions could be committed to acceptance of acfive obligations without
khe definite assent of their own Governments.
The document has been described as the "Magna Charts
of the Dominions," the Montreal "Gazette" of Nov. 20, in
indicating this publishing as follows a London cablegram
from the correspondent of the Canadian Press:
[VoL. 123.
"It would mean that during the absence of the King from Canada, for
example, his duties would be performed either by a Viceroy, who would
act in precisely the same way as the King himself, if present, would act,
or by a commission, as has been heretofore customary when the King
leaves the British Isles.
"It would mean that Canada's relationship to other States would be exactly the same as the relationship between the United Kingdom and other
States. It would mean that the King would act upon the advice of Canadian Ministers with reference to all Canadian affairs in precisely the
same way as he would act upon the advice of the British Prime Minister
In all matters relating to British affairs.
Ataonomy in Foreign Policy.
"It would mean that while every effort would no doubt be made to harmonize foreign policy, yet each member of the King-Union would be perfectly free to frame and act upon its own views as to foreign policy.
"It would mean that one member of the King-Union might be at war
while the other members were observing strict neutrality.
"It would mean, in short, the same relationship between the United
Kingdom and Hanover in the King-Union that existed during the reigns of
the four Georges. It so happened that Hanover was at times at war with
Russia, although the United Kingdom was at peace."
Status of British Dominions Under Report of Committee of Premiers Claimed as Victory for Gen.
Hertzog Premier of South Africa.
The report of the Committee of Premiers on Inter-Imperial Relations reorganizing the British Empire and making
a specific declaration of the equality of status of the Dominions is satisfactory to General J. B. M. Hertzog, Premier of the Union of South Africa, Eric H. Louw, Commissioner for the Union to the United States, asserted on Nov.
21, according to the New York "Times," which in reporting
this also had the following to say:
Mr Louw has just returned from a conference in London with Premier
Hertzog.
"The report was due largely to General Hertzog," Mr. Louw said. "Of
course, he was aided by other Premiers, but I believe that I am safe in
saying that if he had not gone to London the report would not have been
made.
"About five or six months ago, in a speech at the University of Stellenbosch, General Hertzog made a clear statement of his views on the status
of the Dominions and outlined the position he was going to take at the
Imperial Conference. The crux of that speech was that whereas in the
past English statesmen, backed by the British press had spoken of a new
status which the Dominions were supposed to have acquired after the
Treaty of Versailles, these were of no value unless a statement emanated
from the British Government at large defining just what the status of the
Dominions was. This was the first time that this position had been taken
by any Dominion Premier.
"In external relations, for example, to an outside Government, a Dominion was purely a British possession, and nothing else. Your Government at Washington would have been justified in saying to a representative
of a Dominion before the declaration that it had heard of the new status,
but not officially. General Hertzog's position was that if the new status
were to mean anything at all there must be a clear definition from the
British Government of autonomy, matters affecting negotiations with foreign countries and so on.
•
"When General Hertzog arrived at London for the Conference there were
the usual welcoming speeches. While all the other Dominion Premiers confined themselves to statements of a general nature, General Hertzog was
the only one to come out clearly and unequivocally for the declarations he
desired. He stated that the Union of South Africa wished to remain
within the British Commonwealth of Nations but added that to make this
absolutely certain there should be official statements regarding the full
autonomy of the Dominions in internal and external matters and of equality of status with Great Britain. He said that only if this policy were
followed would the British Commonwealth continue."
Mr. Louw said that there had been considerable criticism of General
Hertzog in the British press at the time, but that the latter had won out
in the Conference because of his honesty and sincerity.
"One thing has come out very clearly in the report," Mr. Louw continued, "and that is that there are two conceptions, the British Empire and
the British Commonwealth of Nations. The Empire refers in particular to
the whole of the British possessions. There is in the report a new conception of the Commonwealth of Dominions, equal in every respect to
Great Britain."
The Imperial Conference to-day set its seal of approval on what one
delegate describes as "the Magna Charta of the Dominions." Proceeding
ahead of schedule, the Premiers Committee on Inter-Imperial Relations
submitted its report to the plenary conference which adopted it. Not
until to-Morrow afternoon, when the report will be issued, will its secrets
be known, but among its provisions are believed to be:
_ 1. Formal recognition in full of the equality of status as between
Great
Britain and the Dominions, both in domestic and external affairs.
2. Application of this principle to the negotiations of treaties, thereby
giving full effect to the resolution on treaty making powers adopted
at the
last conference.
3. Appointment of foreign consuls to a Dominion to be approved
by that
Dominion. Definition of the position of a Governor-General.
4. Report makes no joint pronouncement on the acceptance
of the
Locarno treaties by the Dominions. It commends the work of Sir
Austen
Chamberlain in the Locarno negotiations, but leaves the question of
their
acceptance by the Dominions to any individual action the Dominions wish
to take.
5. Report deals with ways and means of improving communications between the Dominions and Great Britain.
Another newspaper account which indicated that General
6. It does not attempt to draw up any formal written constitution for
the Empire.
Hertzog had through the report obtained most of his deThe report, so far as can be ascertained, was received with the keenest
sires, appeared as follows (prior to the issuance of the resatisfaction by all the delegates to the conference, although there is a disport) in a London cablegram Nov. 19, published in the Moninclination to discuss it before its terms are made public.
treal "Gazette":
The Imperial Conference has at least solved its great remaining diffi-
John S. Ewart, K. C., Sees Equality of Status Between culty and achieved a formula for establishing absolute equality of the
Dominions of the British Empire with Great Britain.
Great Britain and Dominions in Report
Your correspondent is informed that the actual formula has been drafted
of Premiers.
and approved. It will be published when the conference concludes its
The following from Montreal, Nov. 21, appeared in the meeting, next Tuesday.
General Hertzog, of South Africa, has thus obtained—or very largely—
New York "Herald Tribune":
his desires as expressed in his speech at the opening session of
the con-
Prominence will be given in to-morrow's newspapers to the opinion of
John S. Ewart, K.C., recognized constitutional authority, in regard to the
elevated and more autonomous status Canada will attain if the recommendations of the Imperial Conference, announced Saturday, are adopted by
Great Britain and the Dominions.
Mr. Ewart's view is as follows:
"If it be true that the conference will declare the 'formal recognition in
full of the equality of status as between Great Britain and the Dominions,
both in domestic and foreign affairs,' that means that the relationship between the United Kingdom and the Dominions will be what is technically
known as a "King-Union."
Provides Equal Stales.
It would mean that all suggestion of superiority and inferiority would disappear. It would mean that the relationship between Canada and the King
would be precisely the same as the relationship between the United Kingdom and the King.
ference.
The new charter of the Empire consists, it is understood, of formal
acknowledgment that the Dominions possess a status of absolute equality
with Great Britain and with the King as head of all. There
a preamble
in which the treaty-making powers of the various parts of is Empire
the
are
defined on lines approved at the last conference and in which
the powers
of the Governors-General are restricted to representation
of the King and
not of the British Government.
The resolution is described by the Premiers as the greatest contribution
to the Empire ever made, and it is said the conference
of 1926 will go
down in history as the most successful yet held. It is claimed the formula will clear up the atmosphere of uncertainty and friction which has
existed ever since the war, hence it grants the utmost autonomy
to all Parts
of the Empire. Drafting it in a form acceptable to all was a very
difficult
task. Lord Balfour had a good deal to do with it, but most of the credit
for the actual drafting is given to Lord Birkenhead, Secretary for India,
whose splendid legal talent, was of great assistance to the conference.
:Nov. 271926.]
THE CHRONICLE
2729
to any
these forms with special reference
first task, then, was to examine practice to principle caused or might be
of
ion
adaptat
of
relations.
cases where want
in the conduct of inter-Imperial
thought to cause inconvenience
.
Majesty
His
A—Title of
and concern
the King is of special importance
The title of His Majesty
last fifty years
's Dominions. Twice within the and constituto all parts of His Majesty
ons
altered to suit changed conditi
has the royal title been
tional developments.
Titles Act of
Royal
under
med
is that proclai
The present title, which
1901, is as follows:
Great Britain
of
God, of the United Kingdom
"George V, by the Grace of
ns Beyond the Seas, King, Defender
Dominio
British
the
of
and
and Ireland
that this
of Faith, Emperor of India."
nce met it had been recognized
Some time before the confere the alterett state of affairs arising from
d with
further
form of title hardly accorde
had
It
n.
Dominio
Free State as a
's wishes
the establishment of the Irish
be in accordance with His Majesty
would
it
that
ned
ascertai
been
to him as a rea change should be submitted
that any recommendation for
conference.
sult of the discussion at the
desirable and
is
change
opinion that a slight
We are unanimously of the
ry legislato His Majesty's approval, necessa
subject
that,
end
recomm
hencewe
to secure that His Majesty's title should
and
tive action should be taken
Ireland
Grace of God, of Great Britain,
Emforth be: "George V, by the
Faith,
the
of
r
Defende
King,
Seas,
the
Beyond
ns
the British Dominio
peror of India."
B—Positions of Governors-General.
ions
Relat
on
er
to place on
Premi
of
ttee
Commi
r whether it was desirable formally
conside
Text of Report of
to
ed
proceed
We
as His
position held by the Governor-General
of Great Britain and Dominions.
record a definition of the
position, though now
representative in the Dominions. That
copys"
's
Majesty
"Time
an
York
from
New
the
ment
from
represents a develop
We reproduce herewith
y well recognized, undoubtedly
of
Inter-Imperial Rela- generallstage,
r-General was appointed solely on advice
the
of
Governo
report
the
the
f
when
text'o
full
the
earlier
right)
tative.
Lon- His Majesty's Ministers in London and acted also as their represenGoverno
at
issued
ence
Confer
ial
rImper
the
tions Committee of
is in the same position as the
The Governor of Newfoundland
n.
Dominio
don on Nov. 20:
General of a
status
l, in consequence of the equality of the
I.—INTRODUCTION.
In our opinion, it is essentia
, that
Imperial Conference, Oct. 25 existing among the members of the British Commonwealth of Nations holdthe
of
meeting
a
at
ed
appoint
were
We
Crown,
agenda affecting inter-Imperial the Governor-General of a Dominion is a representative of the administra1926, to investigate all questions on the
the
to
position in relation
ing in all essential respects the same
, the King,
relations.
been long and intricate. We tion of public affairs in a Dominion as is held by His Majesty
Our discussions on these questions have
of His Majesntal
fundame
of
d considerations
he is not a representative or agent Government
that
involve
and
they
,
that
Britain
tion
Great
examina
in
on
found
various parts of the British Empire ty's Government in Great Britain or of any department of that
r-General
principles, affecting the relations of the
the practice whereby the Governo
part to foreign countries.
It seemed to us to follow that
inter se as well as the relations of each
of communication between His
all too short,
been
channel
has
disposal
official
our
at
formal
time
the
the
is
tion
on
of a Domini
For such an examina
in his Doion on which subsequent con- Majesty's Government in Great Britain and his Governments
the
yet we hope that we may have laid a foundat
longer wholly in accordance with
minions might be regarded as no
ferences may build.
position of the Governor-General.
ONS.
DOMINI
tional
AND
constitu
N
BRITAI
cation
communi
GREAT
of
OF
II.—STATUS
zed official channel
It was thought that the recogni
The
nothing would be gained by
Government and Government direct.
The committee are of the opinion that
Empire. Its widely should be, in the future, between
existing proBritish
the
for
tion
constitu
a
down
lay
to
Britain readily recognize that the
attempting
Great
of
tatives
s
represen
historie
t
prindifferen
ristics, very
d change in
scattered parts have very different characte
to criticism and accepted the propose
while considered as a whole cedure might be open
ons which desired it. The details
and are at very different stages of evolution,
l ciple in relation to any of the Domini
politica
other
any
to
ance
nce had comresembl
confere
real
the
no
it defies classification and bears
ent as soon as possible after
as an essential
been tried. There is, how- were left for settlem
was recognized by the committee
organization which now exists or has ever yet
it
but
work,
its
tional
pleted
constitu
a strictly
of communication,
ever, one most important element in it which from
or development in the channels
reached its full develop- feature of any change
with copies of all docud
supplie
be
should
al
point of view has now as regards all vital matters
r-Gener
is
communities composed of that the Governo
should be kept as fully informed as
ment—we refer to the group of self-governing
ments of importance and in general
public
Great Britain of Cabinet business and
in
Great Britain and the Dominions.
King
the
Majesty
His
are
They
readily defined.
Their position and mutual relation may be
, equal in status, in no affairs.
autonomous cornmunities within the British Empire
C—Operations of Dominion Legislation.
their domestic or external
of
with the
way subordinate one to another in any aspect
assofreely
also called to various points in connection
and
was
n
crown
attentio
the
ce
to
Our
allegian
required clariaffairs, though united by common
on legislation which, it was suggested,
Domini
nations.
of
of
on
wealth
operati
common
British
the
of
ciated as members
true character of the British fication.
A foreigner endeavoring to understand the
The particular points involved were:
would be tempted to think that
the Acts of the Dominion.
Empire by the aid of this formula alone
A-Prime.—The present practice under which
interference impossible than to make
through theit was devised rather to make mutual
each year to London, and it is intimated
sent
are
ents
Parliam
Majesty won't be admutual co-operation easy.
the historic situation. The Secretary of State for Dominion Affairs that "His
ignores
ely
complet
,
however
them.
m,
to
criticis
Such
regard
during the last fifty years has vised to exercise his powers of disallowance" with
rapid evolution of the overseas dominions
ion in certain circumstance&
old political machinery to
B-Prime—The reservation of Dominion legislat
involved many complicated adjustments of
is signified on advicewhich
e
both
pleasur
was
equality of status
for the signification of His Majesty's
changing conditions. The tendency toward
conditions made this impos- tendered by His Majesty's Government in Great Britain.
other
and
hical
Geograp
le.
and
inevitab
right
competence of the ParC-Prime—The difference between the legislative
sible of attainment by way of federation.
ents in that Acts passed
it has ]
Parliam
road
on
this
Domini
the
along
and
ster
and
Westmin
my
at
t
n
autono
lame
The only alternative was by way of
of the Empire is mas- by the latter operate as a general rule only within the territorial area of
been steadily sought. Every self-governing member
is subject to no com- the Dominion concerned.
ter of its destiny. In fact, if not always in form, it
by Parliament at WestD-Prime—The operation of legislation passed
pulsion whatever.
ion special attention
minster in relation to the Dominions. In this connect
Foundations of the Empire.
l Laws Validity Act. It was
Colonia
the
as
which
in
s
statutes
to
such
relation
e
called
was
negativ
But no account, however accurate, of the
between Great
can do more than ex- suggested that in the future uniformity of legislation as
Great Britain and the Dominions stand to each other
nt of reis not founded upon Britain and the Dominions could best be secured by the enactme
Empire
British
The
truth.
the
of
a
portion
press
positive ideals. Free ciprocal statutes, based upon consultation and agreement.
time
negations. It depends essentially if not formally, on
limited
the
in
instrument Peace,
We gave these matters the best consideration possible
were
institutions are its lifeblood, free co-operation is its
these great at our disposal, but came to the conclusion that the .issues involved
of
all
Aspects
objects.
its
are
s
among
security and progres
te
Excellent results so complex that there would be grave danger in attempting any immedia
nce.
confere
present
d
the
at
discusse
been
have
in
themes
on is now and must pronouncement other than the statement of certain principles which,
leghave been thereby obtained, and though every Domini
on
Domini
operation of
the
of
n
tion,
questio
co-opera
whole
its
e
the
of
,
underli
extent
opinion
our
always remain the sole judge of the nature and
necessary to obtain expert
ed.
islation. We feel that, for the rest, it would be
's Govno common cause will, in our opinion, be thereby imperil
ns are concerned is guidance as a preliminary to further consideration by His Majesty
Dominio
the
and
as
Britain
so
far
of
status
y
Equalit
s. But principles ernments in Great Britain and the Dominions.
the root principle governing our inter-Imperial relation
wance and reservation of
universally extend
On the questions raised with regard to disallo
of equality and similarity appropriate to the status do not
by the Irish Free State representaed
explain
dogmas.
ble
was
it
immuta
ion,
than
legislat
on
more
ng
Domini
to the function. Here we require somethi
questions of de- tives that they desired to elucidate constitutional practice in relation to
For example, to deal with questions of diplomacy and
nt for
which can from time Canada, since it was provided by Article 2 of the articles of agreeme
fense we require also flexible machinery—machinery
world. This sub- the Treaty of 1921 that, "The position of the Irish Free State in relation
to time be adapted to the changing circumstances of the
that
be
se
shall
this report will show to the Imperial Parliament and Government and otherwi
ject also has occupied our attention. The rest of
to apply it of the Dominion of Canada."
how
but
theory
l
politica
to
state
only
not
red
endeavo
we have
TO ADVISE CROWN.
to our common needs.
on record that apart
On this point we propose that it should be placed
INDIA.
OF
ON
tions or in specific statutes
III.—SPECIAL POSITI
from the provisions, embodied in the constitu
no
made
mention
it is the right of
have
that
we
zed
phs
It will be noted that in previous paragra
expressly providing for reservation, it is recogni
Great Britain and the
of each Dominion to advise the Crown in all matters relatment
of India. Our reason for limiting their scope to
Govern
the
is already defined by
would not be in accordance with
Dominions is that the position of India in the Empire
ing to its own affairs. Consequently, it
be tendered to His Majesty by His
the Government of India Act of 1919.
constitutional practice for advice to
l
War
the
Imperia
of
on
in
any matter appertaining to the
resoluti
We would, nevertheless, recall that by
Majesty's Government in Great Britain
ment of that Dothe important position
a Dominion against the views of the Govern
Conference in 1917 due recognition was given to
of
affairs
Where in this report we
held by India in the British Commonwealth.
minion.
made
have
particud
ion in one of the
we
Appropriate procedure with regard to projecte legislat
have had occasion to consider the position of India
may affect the interests of other
lar reference to it.
self-governing parts of the Empire, which
. His Majesty's
tion
between
s
consulta
previou
on
OF THE BRITISH
self-governing parts rests
IV.—RELATIONS BETWEEN VARIOUS PARTS
Ministers in the several parts concerned.
EMPIRE.
On the question raised with regard to the legislative competence of memforms are admittedly
Existing administrative, legislative and judicial
British Commonwealth of Nations other than Great Britain and
the position as described in Section II of this bers of the
with
accord
in
wholly
s being enabled to legisnot
forms date back to a time in particular to the desirability of those member
report. This is inevitable, since most of these tional development. Our late with extra-territorial effect, we think that it should similarly be
constitu
of
stage
well antecedent to the present
do anything very drastic about Empire
The conference decided not to
breathe more easily. The general
result
a
as
may
od
Hollywo
ed
films, and
had the matter under review content
which
tee
-commit
sub
c
economi
the
ons, which were approved to-day by
itself with the following resoluti
imrecognizing it is of greatest
conference: "The Imperial Conference,
ing portion of the films exhibited through
portance that a large and increas
and
Empire production, commends the matter
of
be
should
Empire
the
out
of
d to the consideration of the Governments
the remedial measures propose
and
Empire with a view to them taking such early
the various parts of the
may
they
as
situation now existing
active action to deal with the serious
find severally possible."
films were considered, including
g
Empire
Various methods of assistin
prevent blind and block booking and
tariffs and preference legislation to
ee recommended all these measures
the imposition of a quota. The committ
ents of the Empire, but recogshould be considered by the various Governm
the dominions made adoption of a
nized that difference of conditions in
declared that State action
uniform scheme impossible. The report also
unless producers could guarsucceed
not
could
films
Empire
ge
to encoura
real exhibition value.
antee adequate supply of Empire films of
committee, which was also acThe report of the overseas settlement
for two years of the arrangecepted by the conference announced a renewal
ld workers can sail to Canada for
househo
and
laborers
farm
whereby
ment
settlement of British settlers in
$15 each. Other -proposals are made for
migration to other Dominions.
Canada by families and encouragement of
2730
likui CHRONICLE
placed on record that constitutional practice
is that legislation by the
Parliament at Westminster applying to a
Dominion, would only be passed
with the consent of the Dominion concerned.
As already indicated, however, we are
points arising out of these considerations of the. opinion that there are
and in application of these general principles which will require detailed
examination, and we accordingly
recommend that steps should be taken by
Great Britain and the Dominions
to set up a committee with terms of referenc
e on the following lines:
To inquire into and report upon and make
recommendations concerning—
First, existing statutory provisions requiri
legislation for assent of His Majesty or ng the reservation of Dominion
authorizing disallowance of such
legislation.
[VOL.123.
possible efieet upon other Governments
the Governments likely to be interested and should talko steps to inform
of its
This rule should be understood as applyin intention.
g to any negotiations which any
Government intends to conduct so as
to leave it to the ether Governments
to say whether they are likely to. be
interestedt
When a Government has received
other Government to conduct negotiat information of the intention of any
ions it is incumbent upon it to indicate its attitude. with reasonable
prompti
Government receives- no adverse commen tude. So long as the initiating.
volves no active obligations on the part ts and so long an its policy inof other Governments it may proceed on the assumption that its
policy
however, before taking any steps which is generally acceptable. It must
Second, A—The present position, as
might involve other Governments
to
liaments to give their legislation extra competence, of the Dominion Par- in any active obligations, obtain their definite
-territorial operation.
assent.
Where by the nature of a treaty it is
B—The practicability and most conveni
desirable that it should be ratified
ent method of giving effect to the on behalf of
all the Governments of the Empire the
principle that each Dominion Parliament
initiating Government may
should
have
the
power
to give assume that the Government
extra-territorial operation to its legislation
which has had full opportunity of
in
indicating
tion is ancillary to provisions for peace, order all cases where such opera- its attitude, and has made no adverse comments, will
and good Government of that cation of the treaty.
concur in the ratifiDominion.
In the case of a Government that
prefers not to concur in the ratification of a treaty unless
Third—Principles embodied in or underly
it has been
ing
Act of 1865 and extent to which any provisio the Colonial laws, validity tentiary authorized to act on its behalf it will advise signed by a plenipothe
ns
of
that
Act
ought
appointment of a
to
be
plenipotentiary so to act.
repealed, amended or modified in the light
of existing relations between the
various members of the British Common
C—Form of Treaty.
wealth of Nations, as described in
this report.
Some treaties begin with a list of the
a list of the heads of States. In the contracting emmtries, and not with
D—Merchant Shipping Legislation.
case of treaties negotiated under the
auspices of the League of Nations
Somewhat similar considerations to those
set out above governed our to the covenant for the purpose adherence to the wording of the annex
of describing the contracting
attitude toward the similar, though special, questio
party has
n raised in relation to led to the use in the preamble of the
merchant shipping legislation.
term "British Empire," with the
enumeration of the Dominions and India
On this subject it was pointed out that while uniform
if
parties
to
the
convention, but withity of administra- out any mention of Great Britain and
tive practice was desirable, and indeed essentia
Norther
n
Ireland
and
the
colonies
l as regards merchant ship- protectorates. These are only include
and
ping legislation of various parts of the Empire it
d by virtue of their being covered
, was difficult to reconcile the term "British Empire.'
by
the application, in their present form, of certain provisio
ns of the prinThis practice, while suggesting that
the
cipal statute relating to merchant shipping, viz., the Merchan
Dominio
ns
and India are not on
t Shipping a footing of equality with Great Britain
Act of 1894, more particularly clauses 735 and 736, with the
as participants of the treaties in
constitutional question, tends to obscurity and
misunderstanding and is generally unsatstatus of several members of the British Commonwealth
of Nations.
isfactory.
In this case, also, we feel that, although, in the evolution of the British
As a means of overcoming this
Empire, certain inequalities had been allowed to remain as regards
difficulty it is recommended that all
various treaties (other than agreements between
questions of maritime affairs, it was essential, in dealing with these
inequali- under the auspices of the League or not, Governments), whether negotiated
ties, to consider the practical aspects of the matter.
heads of the States, and if a treaty is should be made in the name of the
signed on behalf of any or all
The difficulties in the way of introducing any immediate alterati
of the
ons in Governments of the Empire the treaty
the merchant shipping code (which dealt, among other matters
should be made in the name of the
, with the King, a symbol of the special relation
ship between the differen
registration of British ships all over the world) were fully
t Parts of
appreciated the Empire.
and it was felt to be necessary in any review of the position
to take into
British units on behalf of which a
account such matters of general concern as qualifications
for registry as together in the following order: Greattreaty is signed should be grouped
British ship, the status of British ships in war, work done
by His Majesty's all the parts of the British Empire whichBritain and Northern Ireland, and
Consuls in the interest of British shipping and seamen and
the question of League; Canada, Australia, New Zealand are not separate members of the
naval courts at foreign ports to deal with crimes and
, South Africa, the Irish Free State
offences on British and India. A specimen form of
treaty as recommended is attached as
ships abroad.
appendix to the committee's reports.
an
We came finally to the conclusion that, following a
precedent which had
In the case of a treaty applying to
been found useful on previous occasions, the general
only
one
part
of
the
Empire
it should
shipping legislation had best be remitted to a special question of merchant be stated to be made by the King on behalf of that part.
sub-conference which
The making of a treaty in the name
could meet appropriately at the same time as the
of the King as a symbol of the special
Expert
Committ
relation
ee, to
ship between the different parts
which reference is made above. We thought that
of the Empire will render
this special sub-conference superfluous the inclusion of any
should be invited to advise on the following general
provision that its terms must not
regarded as regulating inter se the
lines:
be
rights and obligations of various
To consider and report on the principles which should
terrigovern in general tories other than that on behalf of which
Interest, practice and legislation relating to merchan
it has been signed in the name of
t shipping in various the King.
parts of the Empire, having regard to the change
In this connection it must be borne
in the constitutional
in mind that the question was disstatus and general relations which has occurre
d since the existing laws cussed at the Arms Traffic Conference
were enacted.
mittee of that conference laid it down in 1925, and that the Legal Comthat
We took note that the representatives of India
the principle to which the foreparticularly desired that going sentence gives expression underlies all
India, in view of the importance of her shipping
international conventions.
In the case of some international
interests, should be given
agreements the Governments of the
the opportunity of being represented at the propose
different parts of the Empire may be wilting
d
sub-con
ference.
We
to apply between themselves
felt that full representation of India on an equal
footing with Great some of the provisions as administrative measures.
Britaity sad the Dominions would not only be welcome
In this case they should
state the extent to which, and the terms on
which such provisions are to
properly be given, due regard being had to the special d but could very apply.
constitutional posiWhere international agreements are to be
tion of India as explained in Section 111 of this report.
applied between the
different parts of the Empire, the form
of treaty between the heads of
States should be avoided.
E—Appeals to the Judicial Committee of the Privy Council
.
D—Full Powers.
Another matter which we discussed in which a general constitu
tional prinPlenipotentiaries for the various British units
ciple was raised concerned the conditions governing appeals
should have full powers
from
judgissued
in
each
case
ments in the Dominions to the Judicial Committee
by the Ring, on the advice of the
of the
Government conFrom these discussions it became clear that it was no part Privy Council. cerned, indicating and corresponding to the part of the
Empire for which
of the policy of they are to sign. It will
His Majesty's Government in Great Britain that questions affectin
frequently be found convenient
particul
g
Judicia
arly where
l
there
are some parts of
Appeals should be determined otherwise than in accorda
nce with the wishes active obligations will the Empire on which it is not contemplated that
be imposed, but where the position
of the part of the Empire primarily affected.
of British subjects belonging to these parts will be
It was, however, generally recognized that where changes
affected, for such Government
in the exist- advise the issue of full
to
ing system were proposed which, while primarily affectin
powers on their behalf to a
g one part, raised pointed to act on
plenipot
entiary apbehalf of the
issues in which other parts were also concerned, such changes
ought only cerned. In other cases provisio Government or Governments mainly conto be carried out after consultation and discussion.
n might be made for the accessio
n by other
parts of the Empire at a later date.
As far as the work of the committee was concerned, this general
understanding expressed all that was required. The question of
some immediate
TI.—S
IGNAT
URE.
change in the present conditions governing appeals from
In a case where the names of countri
the Irish Free
es are appended to signatures
State was not pressed in relation to the present conference,
in a
though it was treaty different parts of the Empire should
be designated in the same manmade clear that the right was reserved to bring up the matter
ner
as is proposed in regard to the list
again
at the
of plenipotentiaries in the
next Imperial Conference for discussion in relation to the
preamble
facts of this to the treaty. The signatures of the plenipot
particular case.
entiaries of the various parts
of the Empire should be grouped togethe
r in the same order as is
above.
proposed
V.—RELATIONS WITH FOREIGN COUNTRIES.
Signature of a treaty on behalf of a
part of the Empire should
From questions especially concerning the relations of various
cover territories for which the mandate has been
parts
of
the
British Empire with one another we naturally turned to those
given to that part of the
affecting unless the contrary is stated at the time
Empire
their relations with foreign countries. In the latter sphere a beginni
of signature.
ng
had
been made toward making clear those relations by resolution
A—Coming Into Force of
of
the
Multilateral Treaties.
rial Conference of 1923 on the subject of negotiation, signature and ImpeIn general treaties contain a ratifica
ratifition
cation of treaties. But it seemed desirable to examine the working
treaty will come into force on the deposit clause and the provision that the
of
that
of a certain number of ratifica
resolution during the past three years, and also consider whether
the prin- tions. The question has sometimes arisen in connection
with treaties negociples laid down with regard to treaties could not be applied with
tiated
under
the
auspices
of
the
League whether for the purpose
advantage in a wider sphere.
of making
up the number of ratifications
necessary to bring the treaty
into force
ratifications on behalf of different parts
of the Empire which are separat
A—Procedure in Relation to Treaties.
members of the League should be
e
counted as separate ratifications.
In order to avoid any difficulty in
We appointed a special sub-committee, under the Chairmanship of the
future
it
is
recomm
ended
that when
it is thought necessary that a treaty
Minister of Justice of Canada, the Honorable E. Lapointe, K.C., to
conacter it should take the form of a should contain a clause of this charsider the question of treaty procedure.
provision that the treaty should
come
The sub-committee on whose report the following paragraphs are based, into force when it has been ratified on
behalf of so many separate member
s
found that the resolution of the conference of 1923 embodied, on most of the League.
We think that some'convenient
points, useful rules for the guidance of the Governments. As they became
opportunity should be taken of explain
more thoroughly understood and established they would prove effective in ing to other members of the League
changes which it is desired to make
in the form of treaties and the
practice.
reasons for which they are desired.
We
Some phases of treaty procedure were examined, however, in greater would also recommend that the various
make it an instruction to their represen Governments of the Empire should
detail in the.light of experience in order to consider to what extent
the to
tatives at international conferences
resolution of 1923 might with advantage be supplemented.
be held in the future that they should
that effect is given to the recommendation use their best endeavors to secure
s contained in the foregoing.
B—Negotiations.
B—Representation at International Confere
nces.
agreed
was
1923
in
that
any of the Governments of the Empire conIt
We also studied in the light of the resoluti
templating the negotiation of a treaty should give due consideration to Its
on of the Imperial Conference
of 1923 to which reference already has
been made the question of repreaten-
Nov. 27 1926.]
THE CHRONICLE
tation of different parts of the Empire at international conferences. The
conclusions which we reached may be summarized as follows:
1. No difficulty arises as regards representation at conferences convened by or under the auspices of the League of Nations. In the case of
such conferences all members of the League are invited, and if they attend
are represented separately by separate delegations. Co-operation is insured by application of Paragraph 1, 1-0, of the treaty of resolutions of 1923.
2. As regards international conferences summoned by foreign Governments, no rule of universal application can be laid down, since the nature
of representation must in part depend on the form of invitation issued by
the convening Government.
A-Prime—In conferences of a technical character it is usual and always
desirable that different parts of the Empire should (if they wish to participate) be represented separately by separate delegations and where necessary, efforts should be made to secure invitations which will render such
representation possible.
B-Prime—Conferences of a political character called by a foreign Government must be considered on the special circumstances of each individual
case.
It is for each part of the Empire to decide whether its particular interests are so involved, especially having regard to active obligations likely
to be imposed by any resulting treaty, that it desires to be represented at a
conference or whether it is content to leave negotiations in the hands of
part or parts of the Empire more directly concerned and accept the result.
If the Government desires to participate in the conclusion of a treaty
the method by which representation will be secured is a matter to be arranged with other Governments of the Empire in the light of the invitation which has been received. Where more than one part of the Empire
desires to be represented three methods of representation are possible:
1. By means of a common plenipotentiary, or plenipotentiaries, the issue
of full powers to whom should be on the advice of all parts of the Empire
participating.
2. By a single British Empire delegation composed of separate representatives of such parts of the Empire as are participating in the conference.
This was the form of representation employed at the Washington Disarmament Conference of 1921.
3. By separate delegations representing each part of the Empire participating in the conference. If, as result of consultation, this third method
is desired, an effort must be made to ensure that the form of invitation
from the convening Government will make this method of representation
possible.
Certain non-technical treaties should from their nature be concluded in a
form which will render them binding upon all parts of the Empire, and for
this purpose should be ratified with the concurrence of all the Governments.
It is for each Government to decide to what extent its concurrence in ratification will be facilitated by its participation in conclusion of a treaty, as
for instance, by the appointment of a common plenipotentiary. Any question as to whether the nature of the treaty is such that its ratification
should be concurred in by all parts of the Empire is matter for discussion
and agreement between Governments.
C—General Conduct of Foreign Policy.
We went on to examine the possibility of applying the principles underlying the treaty resolution of the 1923 conference to matters arising in the
conduct of foreign affairs generally. It was frankly recognized that in this
sphere as in the sphere of defense the major share of responsibility rests
now and must for some time continue to rest with His Majesty's Government in Great Britain.
Nevertheless, practically all the Dominions are engaged to some extent,
and some to a considerable extent, in the conduct of foreign relations, particularly those with foreign countries on their borders. A particular instance of this is the growing work in connection with the relations between
Canada and the United States of America, which has led to the necessity
for the appointment of a Minister Plenipotentiary to represent the Canadian Government in Washington.
We felt that the governing consideration underlying all the discussions of
this problem must be that neither Great Britain nor the Dominions could
be committed to acceptance of active obligations except with the definite
assent of their own Governments.
D—Issue of Exequaturs to Foreign Consuls in Dominions.
A question was raised with regard to practice regarding the issue of exequaturs to consuls in the Dominions. The general practice hitherto in the
case of all appointments of consuls de carriere in any part of the British
Empire has been that the foreign Government concerned notified His Majesty's Government in Great Britain through the diplomatic channel of the
proposed appointment, and that, provided it is clear that the person concerned is in fact a consul de carriere, steps have been taken without further
formality for the issue of His Majesty's exequatur.
In the case of Consuls other than those de carriere it has been customary for some time past to consult the Dominion Government concerned
before the issue of an exequatur.
The Secretary of State for Foreign Affairs informed us that His Majesty's
Government in Great Britain accepted the suggestion that in future any
application by a foreign Government for the issue of an exequatur to any
person who was to act as Consul in the Dominion should be referred to the
Dominion Government concerned for consideration and that if the Dominion Government agreed to the issue of an exequatur it would be sent to
them for counter signature by the Dominion Minister. Instructions to this
effect had indeed already been given.
fl—Channel of Communication Between Dominion Governments and Foreign
Governments.
We took note of the development of the special interest which had occurred since the Imperial Conference last met viz, the appointment of a
Minister Plenipotentiary to represent the interests of the Irish Free State
in Washington which was now about to be followed by the appointment of
a diplomatic representative of Canada.
We felt that the most fruitful results could be anticipated from the cooperation of His Majesty's representatives in the United States of America
already initiated and now further to be developed. In cases other than
those where Dominion Ministers were accredited to heads of foreign States
it was agreed to be very desirable that the existing diplomatic channels
should continue to be used as between Dominion Governments and foreign
Governments in matters of general and political concern.
In the light of this governing consideration the committee agreed that
the general principle expressed in relation to treaty negotiations in Section
5-A of this report which is indeed already to a large extent in force, might
usefully be adopted as a guide by the Governments concerned in future in
all negotiations affecting foreign relations falling within their respective
spheres.
VII.—SYSTEM OF COMMUNICATION AND CONSULTATION.
Sessions of the Imperial Conference at which the Prime Ministers of
Great Britain and the Dominions are all able to be present cannot, from the
nature of things, take place very frequently. The system of communica-
2731
tion and consultation between conferences becomes, therefore, of special
importance. We reviewed the position now reached in this respect with
special reference to the desirability of arranging that a closer personal
touch should be established between Great Britain and the Dominions. Such
contact alone can convey the impression of the atmosphere in which official correspondence is conducted.
Development in this respect seems particularly necessary in relation to
matters of major importance in foreign affairs where expedition is often
essential and an urgent decision necessary. The special aspect of the question of consultation which we considered was that concerning the representation of Great Britain in the Dominions. By reason of his constitutional
position, as explained in Section IV (B) of this report, the Governor-General is no longer a representative of His Majesty's Government in Great
Britain. There is no one, therefore, in the Dominion capitals in a position
to represent with authority the views of His Majesty's Government in Great
Britain.
We summed up our conclusions in the following resolution, which is submitted for consideration of the conference:
"The Governments represented at the Imperial Conference are impressed
with the desirability of developing a system of personal contact both in
London and in the Dominion capitals, to supplement the present system of
inter-communication and a reciprocal supply of information of affairs requiring joint consideration. The manner in which any new system is to be
worked out is a matter for consideration and settlement between His Majesty's Government in Great Britain and the Dominions with due regard to
the circumstances of each particular part of the Empire it being understood
that any new arrangements should be supplementary to and not in replacement of the system of direct communication from Government to Government, and the special arrangements which have been in force since 1918 for
communications between the Prime Ministers."
VIII.—PARTICULAR ASPECTS OF FOREIGN RELATIONS DISCUSSED
BY THE COMMITTEE.
It was found convenient that certain aspects of foreign relations on matters outstanding at the time of the conference should be referred to us,
since they could be considered in greater detail and more informally than
at meetings of the full conference.
A—Compulsory Arbitration in International Disputes.
One question which we studied was that of arbitration in international
disputes, with special reference to the question of acceptance of Article 36
of the Statute of the Permanent Court of International Justice providing
for compulsory submission of certain classes of cases to the Court. On this
matter we decided to submit no resolution to the conference, but whilst the
members of the committee were unanimous in favoring the widest possible
extension of the method of arbitration for the settlement of international
disputes, the feeling was that it was at present premature to accept the
obligations under the article in question.
A general understanding was reached that none of the Governments represented at the Imperial Conference would take any action in the direction
of acceptance of the compulsory jurisdiction of the Permanent Court without bringing up the matter for further discussion.
6—Adherence of the United States of America to the Protocol Establishing
the Permanent Court of International Justice.
Connected with the question last mentioned was that of adherence of the
United States of America to the protocol establishing the Permanent Court
of International Justice.
The special conditions upon which the United States desired to become
a party to the protocol had been discussed at a special conference held in
Geneva in September 1926, to which all the Governments represented at
the Imperial Conference had sent representatives. We ascertained that each
of these Governments was in accord with the conclusions reached by the
special conference and with the action which that conference recommended.
C—The Policy of Locarno.
The Imperial Conference was fortunate in meeting at a time just after
the ratifications of the Locarno Treaty of mutual guarantee had been exchanged on the entry of Germany into the League of Nations. It was,
therefore, possible to envisage the results which the Locarno policy had
achieved already, and to forecast to some extent the further results which
it was hoped to secure. These were explained and discussed. It then became clear that from the standpoint of all the Dominions and of India there
was complete approval of the manner in which the negotiations had been
conducted and brought to so successful a conclusion.
Our final and unanimous conclusion was to recommend to the conference
the adoption of the following resolution:
"The conference has heard with satisfaction the statement of the Secretary of State for Foreign Affairs with regard to the efforts made to insure
peace in Europe, culminating in the agreements of Locarno, and congratulates His Majesty's Government in Great Britain on its share in this successful contribution toward the promotion of the peace of the world."
Signed on behalf of the committee,
BALFOUR, Chairman.
Mexico Notified by United States of Critical Situation
Affecting Relations of Two Countries if Oil and
Land Laws Operate to Deprive American
Citizens of Ownership.
Four official notes recently exchanged between the
United States and Mexico relative to the application of the
latter's alien oil and land laws insofar as they affect American
citizens were made public at Washington on Nov. 23. In
advices on Oct. 30 to the Mexican Secretary of Foreign
Affairs, Secretary Kellogg seeks to "point out so clearly
as to leave no room for misunderstanding the extremely
critical situation affecting the relations between the two
countries which would inevitably be created if those laws
were enacted and enforced in such manner as to violate the
fundamental principles of international law and of equity
and the terms and conditions of the understanding arrived
at in 1923." Secretary Kellogg further states that the
United States "expects the Mexican Government not to
take any action under the laws in question and the regulations
issued in pursuance thereto which would operate either
directly or indirectly, to deprive American citizens of the
full ownership, use and enjoyment of their said properties
•
2732
THE CHRONICLE
and property rights. The Mexican
Government has
replied, calling upon the United State
s for "the concrete
cases in which recognized principles
of international law may
have been violated or may be violated
in disregard of legitimate interests of American citizens,"
since in such cases it
(the Mexican Government) will be
disposed to repair such
violations. For the moment the
situation rests there, says
the Associated Press accounts from
Washington Nov. 23,
which in referring to the action
of the State Department in
giving publicity to the correspond
ence stated:
Without
comment, the State Department
published to-day the hitherto
secret correspondence with the
Mexican Government on the subject. The
Calles Government bluntly takes
the position that Mexico is passing to a
new ownership system of nation
alization of natural resources which "requires" the old rights adjust
themselves to new principles "in the genera
l
Interests of the nation."
The American Government, in
brief, takes the position that without the
assurances, given in 1923,
that the new Government in Mexico would
respect foreign rights and proper
ty recognition by the United States never
would have been extended.
As a possible key to what may
happen if the Calles Government persists
in its course the references to
recognition may furnish a clew. One form
of action between government
s in such cases is the withdrawal of an Ambassador.
[VoL. 123.
James R. Sheffield, the Ameri
in the United States on leave, can Ambassador to Mexico, who has been
left Havana, Cuba, yesterday
where he is due on Nov. 25.
for Vera Cruz,
He will go at once from Vera
Cruz to resume
his ambassadorial duties in
Mezoico City in spite of the
delicate situation
that has been created in the
relatio
Sheffield left New York for Vera ns of the two Governments. When Mr.
Cruz the final Mexican reply
seen by him.
had not been
Apparent Agreement Reache
d.
For exactly a year the Mexic
an and American Government
engaged, off and on, in import
s have been
ant correspondence in regard
tion of the land and petrol
to the applicaeum laws to American
properties in Mexican
territory.
Last March the first phase of
this correspondence ended
in what appeared
to be an understanding between
Mexico and the United States
ties in Mexico acquired by
that properpurchase by American citizen
s prior to the
enactment of the new laws would
not
The United States never conten be seized by the Mexican authorities.
ded that Americans would
own lands in Mexico in the
be entitled to
future. But it did protes
t vigorously that to
apply the land and petroleum
laws retroactively would
be to confiscate
properties that had been legally
purchased by Americans.
The correspondence was resumed
in July with the unsati
tion indicated in the notes
sfactory terminamade public to-day. It is
surmised that the
purpose of the Government in
giving the notes publicity
which was done
with the consent of the Mexic
an Government. is to acquaint
the American
people with the situation and
permit public opinion to
express itself prior
to the break in relations that
appears to be in sight.
Great Britain, France and other
nations whose nationals have
property interests in Mexico are
large
deeply concerned in the situat
controversy has been handled
ion. The
by the United States
almost exclusively,
however, in the understanding that
should the Mexican Government
its position, other foreigners
modify
who own property in Mexico
would receive the
benefits accorded to Americans
owning property there.
May Recall Sheffield.
It would not be unprecedente
d if Ambassador Sheffield, en route to-day
from Cuba to Vera Cruz on his
way to Mexico City, were recalled. Such
a step is short of a break in diplom
atic relations, which only is accomplished
by the departures of Embas
sy staffs of both countries. In diplomatic
history, breaks in diplomatic relations
between first class powers always
have been followed by war. Such,
however, has not always been the case
Text of Kellogg's Last Note.
in relations between the United
States and Latin America.
The text of Secretary Kellogg's final
The Mexican Government has been
note of Oct. 30 reads as follow
warned, between the lines at least,
s:
that diplomatic relations will be endang
ered if it deprives American citizens
Excellency:—The note of your Excell
Oct. 30 1926.
in Mexico "of the full ownership and
ency dated Oct. 7 1926 has
enjoyment" of their property rights.
most careful consideration, and
receiv
ed
I have the honor to submit the
reply:
following
In publishing the correspondence the New York
1. My Government observes that
"Times"
the Mexican Government, while
in its advices from Washington on Nov.
ding that the retoractive character
23 detailed as conten
of a law may not
advance of actual confiscatory
itself, in
or otherwise injurious effectsofwhen
follows to the points at issue:
plied, give rise to objection or be the
apreiterates its adherence to the funda subject of diplomatic representations,
Diplomatic relations between the United
States
may not be Impaired by legislation mental principle that acquired rights
ment have assumed a critical stage. That condit and the Mexican Govern- in
retroa
ctive
in
charac
ter
or
effect.
confiscatory
ion is openly acknowledged
in a note sent by Frank B. Kellogg,
2. My Government likewise notes
Secretary of State, to the Mexican
the unqual
Secretary of Foreign Affairs. While
adherence of the
an international crisis exists, possible Mexican Government to the fundamental principified
le that rights of property of every description
drastic action by this Government will
legally acquired are to be respec
be deferred until January, when the anteed in
ted and guarconformity with the recognized
Canes Government will determine whethe
principles of international law
r
and of equity.
which the United States holds are confis the land and petroleum laws,
catory of American properties in
3.
My Government has not failed
Mexican territory, shall be put into retroa
to appreciate the gravity of
situation arising from the
ctive effect.
the
position taken by the Mexican
Correspondence between the two
Government with
t to the negotiations
Governments, made public by the respec
of 1923. As my previous commu
your
nications to
Excellency have amply explained,
State Department to-day, shows the
seriousness of the situation. This and of the American
the declarations of the Mexican
correspondence consists of four notes,
Commissioners on that ocaasion,
by an exchange of notes
subsequently ratified
two of each Government.
between the two
In a communication dated Oct. 30,
nment, constituted, in
Secretary Kellogg made it clear that the view of my Government, solemn and Gover
binding undertakings which
that note was the last word that the
formed the basis and moving
American Government desired to say Mexican
consideration for the recognition
Government by this Gover
of the
on the subject.
nment.
The response of Foreign Minister Aaron
Saenz, dated Nov. 17, practically
America Holds to Position.
rejected the chief point upon which
the United States based its contention
4. After a further review of the
that the Mexican Government had
entire correspondence, and especia
agreed that the land and petrol
lly
eum after a careful examination of your Excellency's note
laws would not be made retroactive
of Oct. 7
with regard to American properties Government finds no occasion to modif
this
y any of the positions1926,
acquired before these laws were put
has heretofore taken, and desires
which
it
into effect.
to be understood as maintaining
positions with the utmost emphasis.
those
While couched in the carefully polite
language of diplomacy, the Mexican
Although they have all been clearly set
rejoinder appears to acquiesce in the
forth In my previous communicaAmerican desire that the correspon- tions, and therefore need not be here re-sta
dence shall be terminated.
in the light of the tenor and effect of your ted, I deem it appropriate,
Excellency's last note, to emphasize again the reservation made
by the American Commissioner
s and
formally stated on the record by the
Break in Relations Seen.
Mexic
behalf of their Government, at the meetin an Commissioners, acting in
•
g of Aug. 2 1923. and to recall
What course the United States will follow
to
mind
the
passag
e
on
that
subjec
in the event that the Mexican of
t appearing In your Excellency's
Government puts the land and petrol
March 27 1926.
note
eum laws into effect on Jan. 1 and
My purpose in engaging upon
makes them apply retroactively with
correspondence relating to the
respect to American properties is not law and the law concerning rightsthis
land
to certain products of the subsoi
disclosed.
in a spirit of genuine good-will and friendl
l was,
iness, to point out so clearly
It is significant, however, that opinio
as to leave no room for misunderstanding the
n is strong in official circles that affect
extremely critical situation
diplomatic relations between the two
ing the relations between the two countries
Governments will again be severed In be created if those laws were
which would inevitably
enacte
that event. There is no threat of this,
or oflifting the American embargo on violate the fundamental principles ofd and enforced in such manner as to
intern
the shipment of firearms into Mexico from
ationa
l
law and of equity and
the
terms
condit
and
ions of the understanding
this country, in any authoritaarrived at in 1923.
tive statement, but it is a fair inference from
what Is known in regard to the
matter that both these courses are in
Our Expectations are Stated.
contemplation.
This crisis in Mexican-American affairs
That purpose has been fulfilled, the
is emphasized by the current difissues have been plainly define
ficulties in Nicaragua, with the United
and
Gover
my
nment
in
,
d,
conclusion,reasserts that
States Government giving protection
it expects the
of Mexico, in accordance with the true
to the constitutional authorities of that
nment
intent and purpose of Gover
republic, who are apprehensive that tions of 1923.
culminating in the recognition
the negotiathe Mexican Government is engaged in encour
of
the
Gover
by
nment
Gover
aging
this
the
of
nment
Mexico
. to respect
Nicaraguan revotheir entirety the acquir
lutionary effort.
rights of American citizens which in
ed property
have been
and
In some quarters the accusation is voiced that
s the Mexican Government not tothe subject of our discussion
the alleged Mexican move- laws expect
take
any
in
action
question and the regulations issued
under the
ment has for its purpose the establishment
in pursuance thereto which
of a Bolshevist authority In would operate, either direct
ly or indirectly, to depriv
Nicaragua, thus placing a barrier in the way
e American citizens
of American protection of the of the full ownership, use and enjoy
ment
of
Panama Canal.
their
said properties and
property rights.
Accept. Excellency, the renewed assura
Kellogg's View of Seriousness.
nces of my highest consid
eration.
The perilous status of relations between the two countr
FRANK B. KELLOGG.
ies is indicated
in Secretary Kellogg's note of Oct. 30. In which he speaks
Reply of Mexican Secretary.
of "the extremely
critical situation affecting the relations between the
two
The final note of the Mexican Secret
would inevitably be created If those laws were enacte countries which
ary of Foreign Affairs reads:
d and enforced in
such manner as to violate the fundamental principles
of international law
Excellency.—I nave the honor to refer
Nov. 17 1926.
and of equity."
Oct. 30 last, in reply to mine of the 7th ofto Your Excellency's note, dated
toe same month reitera
The outstanding contention of the United States is that
ting in the
during the Mexi- first instance the conformity of my Government
can-American conferences in Mexico City in 1923, which
with the two first propos
iled to the restora- tions of the four therein set forth, and they are as follow
s:
tion of this Government's formal recognition of the
1.
Acquir
ed
rights
canno
t
be prejudical by legisla
then Mexican Govern- character
tion retroactive in
or confiscatory in its effects
ment, a pledge was given that the land and
.
petroleum laws of Mexico
2. Rights of property legally acquir
would not be made retroactive with respect to Ameri
ed must be respected and
can properties.
in conformity witn the recognized
guaranteed
Under the contention of the United States, these laws
principles of internationa
are confiscatory of equity.
l law and of
properties held by foreigners, and, if made retroa
As
for
the
third
propos
ition my Government has
ctive, would mean that oil
confer
not discountenanced the
fields, mines and ranches purchased by Ameri
ences of 1923 and has only stated
can citizens would become the did not
and repeat that those
have nor do they
conferences
property of the Mexican Government
the force of a treatyed
in accordance with provisions of the it would have been necesshave
because for this purpose
ary to subject them
Mexican Constitution of 1917, which the laws
to
the constitutional laws of
that are to become effective both countries, securing among other things
on Jan. 1 are intended to carry
the ratification of the respective Senates; and tnat by common
out.
accord
the result
In his concluding note the Mexic
the said conferences would our two Governments agreed that
an Foreign Secretary denies that an the renewaof
be considered a condition for
l of diplomatic relations betweenot
agreement signed in behalf of Mexic
n Mexico and the United States
o during the conferences of 1923 hasthe
.
force of a treaty and there
the matter rests, with each party to the controfexican Reservation is Cited.
versy apparently determined
Finall
not to give way, and promise of an explosion
y, your Excellency repeats the
at the beginning of the new
reservation made by the American
Commissioners and recogn
year if the deadlock still exists.
by the Mexican Gover
of Aug. 2 1923. On thisized
As far as the situation can be
nment in the session
point my Government
construed in Washington, the only prospect sessio
, referring to the same
n, points out that in their turn
of a continuance of formal
the Mexican Commissioner
diplomatic relations lies in Mexican modification the rights of their Gover
s reserved
nment in conformity with
of the position that the land
its laws and with the
and petroleum laws will be enforced in the principles of international law regard
ing lands in the terms which
manner in which the present
the respective minutes; a reserv
appear In
Mexican Government interprets them.
that formulated by the Americanation which has no loss importance than
Commissioners.
Nov. 27 1926.]
THE CHRONICLE
With regard to the laws, namely the organic law of fraction
one of Article
27 of the Constitution and that of petroleum, your Excellency
states that
the American Government expects that that of Mexico will
respect in their
entirety the rights of property acquired by American
citizens and will take
no measures based upon the said laws and upon the respective
which may operate directly or indirectly to deprive Americanregulations
ctizens of
the complete ownership, use and enjoyment
of the said properties and
rights f Property.
Concrete Cases are Expected.
My Government, on its part, expects that that
of your Excellency will
indicate the concrete cases in which
recognized principles of international
law may have been violated or may be
violated
in
disregard of legitimate
Interests of American citizens, since in such
cases it will be disposed to
repair such violations.
The foregoing declaration shows that
can be no justified motive
whatever for misunderstanding between there
the Government of Mexico and
that of the United States with regard to the
matters
which have been the
subject of our correspondence.
1 renew to your Excellency the exprestion of
my highest consideration.
AARON SAENZ.
Exchanges Date Back a Year.
The four notes given out to-day which constitute
d the newest chapter
In the long exchange of diplomatic correspond
ence, followed a previous
exchange of communications, including
two aides memoires of the American
Government, with an equal number of
replies from the Mexican Government, as well as a series of three notes
from Secretary Kellogg and three
from Foreign Minister Saenz extending over
the period from Nov. 17 1925
to March 27 1926.
The first two notes of the series made public
to-day, the American note
of July 31 1926, and the Mexican reply of
Oct. 7 1926. while considerably
stiffer in tone than the previous correspond
ence between the two Governments, follow the same line of questions and
replies in an attempt on the
part of the American Government to obtain
from the Mexican Government
an explanation of the application of the new
land and oil laws which would
support the Mexican contention that they
are neither retroactive nor confiscatory in character.
In the note of July 31 Secretary Kellogg
pointed to the provision of the
Mexican Alien Land law requiring foreign
companies holding stock in
Mexican companies to dispose of their interests
in excess of 49% within a
term of ten years after the law goes into
effect.
Oil Law Held Confiscatory.
"The Mexican Government," Mr. Kellog
declared, "claims the right to
convert unqualified ownerships into terms of
years by the simple device of
requiring the existing titles to be exchanged
for concessions of limited
duration."
Under the Mexican Oil law owners who
acquired titles prior to the
enforcement of the Constitution of May
1 1917. are required, under penalty
of forfeiture, to apply within one year for
"confirmation" of their titles and
to accept concessions for not more than fifty
years from the time exploitation work began.
"In these circumstances," the American
note said, "American nationals
who have made investments in Mexico
in reliance upon unqualified titles
would be obliged to file applications
virtually surrendering these vested
rights and to accept in lieu thereof concession
s of manifestly lesser scope
and value.
"That a statute so construed and enforced
is retroactive and confiscatory
because it converts exclusive ownership under
positive Mexican law into a
mere authorization to exercise rights for a
limited period of time is, in the
opinion of my Government, not open to any
doubt whatever."
Subsoil Rights are Claimed.
The American note further objected to the
Mexican contention that the
owner of surface land who acquired title prior
to May
acquired only
an optional right to the subsoil, and that, consequent 1 1917,
ly, he held no vested
right until he had performed an act looking to appropriat
ion of the oil
deposits.
"It has been and is the position of my Government." Mr.
Kellogg stated
in this respect. "that the surface owner in these cases the
is
owner of certain
subsoil deposits, including petroleum. That
under proper application of
the doctrine of positive acts, the rights of American
nationals claiming
petroleum deposits under titles accruing
prior to May 1 1917, must in most,
If not all, instances be effectively
conceded.
"My Government does not feel that
it is just to require in any case that
the deed or lease of lands, or the
lease of subsoil rights, shall have set forth
the purpose for which the property was
to be used. It is unreasonable to
expect that the seller should have
included in the instrument of transfer
a statement of the purposes for which
the purchaser was acquiring the
property or right."
Secretary Kellogg emphasized the
"right" of the American Government
to make representations to prevent any
attempt on the part of a foreign
Government to dispossess foreigners
of property rights which have been
lawfully acquired.
"The exercise of this international right
by a soverign State in behalf
of Its own citizens," he declared, "cannot
be made to depend upon the will
of another sovereign State."
Recognition Issue Is Argued.
Replying to the Mexican contention
that the conferences of 1923 "did
not result" in any other agreement than
the claims convention,and that they
were not a condition to the recognition
of the Mexican Government by the
United States, Mr. Kellogg declared:
"I can only say to your Excellency in
this connection that my Government continues to regard the proceedings
of 1923 as a negotiation of the
highest importance upon which two sovereign
States may engage. The
paramount issue was that of recognition.
Without the assurances received
In the course of that negotiation recognition could
not and would not have
been extended, and my Government confidentl
y relies upon the fulfillment
of the assurances then given."
In its reply of Oct. 7 1926, the Mexican Governine
nt took the attitude
that "the mere retroactive character of a law, taken
by itself and until it
does produce confiscatory effects or is harmful in
any other way when
applied, cannot give rise to any objection whatsoeve
r, nor be the cause of
diplomatic representation."
The Mexican Government said it could not recognize
the binding force
of the claims convention as "equivalent to a treaty or a constituti
onal
precept," and that this was all the more so as the declaratio
ns of the cornrnis.sioners of the two parties "did not take the character
of a synallagmatic
agreement."
2733
negotiations of the highest importance and as stipulatio
ns upon which the
recognition of the Government of General Obregon was
conditioned."
Mexico reiterated its opinion that "those conferences
did not result in a
formal agreement, outside of the claims convention
s which were signed •
after the resumption of diplomatic relations by
the executives of both
countries and which were submitted for the approval
of the Senates of
Mexico and of the United States."
The declaration made by the Mexican commissioners,
according to the
Mexican Government, "merely constitutes a statement
of the purposes of
President Obregon to adopt a policy which, although approved
and followed
In its main points by the I resent President, cannot in any
manner constitute
a promise with the binding force of a treaty that the future
Presidents must
observe in all its details."
An extended account of protests made by this Government
to Mexico against the land and petroleum laws appeared in
these columns Aug. 14, page. 800.
Oil Interests Worried—Approaching Enforcement of
Law Troubles Those in Mexico.
Under date of Nov. 22 copyright advices from Mexico
City to the New York "Times," stated:
Political circles In Mexico City regard the exchange of
notes between
Mexico and the United States on the Mexican alien land and
()Maws as
leaving the door open for further discussions. The general opinion
is that
the American State Department has sent another warning
to Mexico
through the press only, and that the diplomatic exchanges, if they
continue
In the same vein, will not bring about a solution of the difficulties
between
the two countries.
Meanwhile, the oil interests are worried, as they have only until the
end
of December to accept conditions in the oil law or forfeit their properties.
The United States is blamed by many for the uncertainty caused by the
Mexican legislation. Politicians argue that if the United States would
say once and for all that she would not accept the alien land and oil laws or
that she was willing to accept a ruling of the Mexican Supreme Court, then
both the Mexican Government and the oil and land interests would know
better how to act in the circumstances.
The Mexican Government, according to its friends and followers, has a
perfect right to dictate Mexican laws and if the United States does not
like these laws then, without quibbling, she should say so and say what she
proposed to do in the matter.
Average Operating Ratios of Representative Member
Banks in New York Federal Reserve
District for 1925.
We are making room this week for tables which were
presented by the Federal Reserve Bank of New York under
date of July 26, and which owing to lack of room, we have
heretofore been unable to find space for. Following the
procedure of the past two years, these tables have been
prepared by the Federal Reserve Bank, to make available
to member banks in this district some of the bank operating
data which they report currently to the Reserve bank. The
tables are so arranged that each bank may compare its own
operating figures with the figures for banks of the same size,
or with those of banks having about the same proportion
of time deposits to gross deposits. In stating this, the
Reserve Bank, in making public the tables, added:
The operating figures for the calendar year 1925 show no very
striking
changes as compared with 1924. The general tendency toward
an increase
in time deposits as compared with demand deposits has been
continued and
is reflected in somewhat larger interest payments. Accompan
ying the
greater business activity of the year 1925 the larger banks
increased their
loans relative to their investments, but this tendency was
not noticeable in
the smaller banks.
Earnings.
•
Gross earnings in 1925 were in general larger than in
1924 in relation to
total loans and investments. The increase may be accounted
for in part
by a somewhat higher interest rate level and in part by
larger earnings from
sources other than interest and discount.
For most of the groups of banks, expenses consumed
a somewhat smaller
proportion of gross earnings than in 1924 and as a consequen
ce of this and
of somewhat larger gross earnings net earnings were better.
Losses charged
off were smaller and hence net additions to profit were in general
well above
1924. These favorable results of the year's operations in banking
coincided
with profitable operations in most fields of business.
Ratio of Capital to Deposits.
One feature of bank operations which deserves attention is
the change in
recent years,in the ratios of capital funds to gross deposits.
For some years
past bank deposits have grown more rapidly than capital
funds (that is,
capital, surplus and undivided profits), and as a consequen
ce the ratio of
capital funds to gross deposits has been steadily diminishing.
As Table I
indicates, the average ratio of capital funds to gross deposits
in the 280
banks included in the studies was 16.1% in 1923,
15.6% in 1924 and 15.3%
In 1925.
A decline in the capital ratios of banks is not a new
thing, but has been
going on for fifty years here and abroad. A considerab
le part of this
decline undoubtedly reflects the greater safety in conductin
g banking to-day
than in previous decades. The ratio of a bank's capital
funds to its deposits
continues, however, to be one of the important indexes of
sound
ment and one to which careful bankers are giving close attention. manageIn order to give a comprehensive view of the relation of capital
funds to
deposits in the banks of this district a study has been made
of the capital
ratios of 850 member banks. The results are presented
in the following
diagram [this we omit.—Ed.], which gives a classification of
the member
banks of the district according to their capital ratios. The
top of each of the black columns show how manybanks had figures at the
a
ratio of 4%,
Binding Character Is Denied.
how many 5%, &c.
The diagram indicates that a large majority—in fact,
"It is, however, incredible," the Mexican note continued, "that the
84%—of
the banks
of the district have a capital ratio of 10% or more, and
American Government would seriously claim that the recommendations
the average ratio for
of
the Mexican commissioners have the same force as a treaty, no matter how the banks of the district is 16%. In the past five years
more than 200
much this may be inferred from the wording of its note and even from the banks in the district have increased their capital other than
through mergers.
insistence with which those declarations are mentioned and put forth
as
We give the tables herewith:
[VOL. 123.
THE CHRONICLE
2734
GROUP).
IN SEVEN GROUPS(a)(40 SELECTED BANKS IN EACII
OF REPRESENTATIVE MEMBER BANKS
22.3% of gross deposits in 1924 and
TABLE 1-AVERAGE OPERATING RATIOS
averaged
funds
capital
)
$500,000
under
nts
Investme
I (banks with loans and
Read the table as follows: In the banks of Group
20.1% in 1925.
of Loans and Investments Indicated.
Size if Groups Divided According to Amount
VII
VI
1,IV
III
II
General
I
$5,000,000 $10,000,000 $10,000,000
$2,000,000
$1.000,000
$500,000
Average.
and up.
and up, outto
to
to
to
Under
9. side N. Y. C. N. Y. C.
59,999,09
Ratios Expressed in Percentages.
9.
14,999,99
9.
$1,999,99
$999,999.
$500,000.
1925.
1924. 1925. 1924. 1925. 1924. 1925. 1924. 1925. 1923 1924
1924. 1925. 1924. 1925. 1924. 1925.
CAPITAL
1. Capital funds (9) to gross deposits
Your figures
LOANS
2. Loans and investments to total available
funds (r)
Your figures
3. Loans to loans and investments
Your figures
DEPOSITS
4. Demand deposits to gross deposits
Your figures
5. Interest paid on deposits to gross deposits
Your figures
EARNINGS
6. Gross earnings to loans and Investments_
Your figures
7 Gross earnings to total available funds (c)
Your figures
8. Net earnings to total available funds (c)_
Your figures
9. Net earnings to capital funds (9)
Your figures
10. Earnings other than interest and discount
to gross earnings
Your figures
12.2
12.6
136
16.1
15.6
15.3
8s.7
85.9
75.1
74.8
85.1
84.4
84.8
62.7
62.9
72.7
73.5
56.9
56.9
56.9
61.1
60.5
86.1
85.4
57.2
55.2
54.4
1.6
2.1
2.2
2.3
22.3
20.1
22.2
21.3
14.8
14.5
11.6
11.8
13.1
13.8
12.7
84.0
86.1
86.3
87.5
86.7
87.3
88.6
86.7
87.4
84.1
47.8
46.7
48.7
49.2
50.2
47.9
56.8
55.9
59.5
62.1
50.6
50.9
40.1
40.2
41.5
42.0
45.8
56.3
48.8
58.4
2.0
2.0
2.1
2.5
6.2
6.4
6.1
6.1
6.2
6.4
6.1
5.2
5.4
5.5
5.3
5.3
1.6
1.5
5.3
1.7
1.6
1.3
1.7
1.5
2.6
2.4
2.4
6.0
63
6.3
6.2
5.9
5.9
6.0
6.2
6.1
6.2
5.4
5.5
5.5
5.2
5.1
4.4
4.6
5.2
5.2
5.2
1.6
1.5
16
--
-
5.2
2.6
2.6
2.6
2.5
2.0
1.5
1.5
1.6
1.6
1.5
1.5
1.4
1.5
15.0
14.4
14.4
13.5
13.4
13.6
13.4
13.7
13.4
11.5
20.1
20.7
9.6
.
11.5
12.2
18.5
10.3
11.6
11.9
11.2
13.7
14.7
13.8
15.6
16.0
11.8
8.1
7.6
9.4
11.2
10.1
10.6
11.2
12.3
3.4
-
DISPOSITION OF GROSS EARNINGS
Ratio of the following items to gross earnings 23.8 22.3
11. Salaries and wages
Your figures
1.0
1.2
12. Interest paid on borrowed money
Your figures
30.3
29.3
deposits
on
paid
13. Interest
Your figures
4.7
5.2
' 14. Taxes
Your figures
12.4 12.4
15. Other expenses
Your figures
71.8 70.7
16. Total expenses
Your figures
preon
s
recoverie
.
(before
earnings
17. Net
vious charge-offs, current charge-offs, 28.2 29.3
and dividends)
Your figures
LOSSES
18. Losses charged often loans and discounts
to gross earnings
Your figures
19. Losses cnarged off on securities to gross
earnings
Your Mures
20.4
1.3
20.3
1.2
17.1
17.4
17.3
16.4
16.1
16.7
16.3
18.8
19.1
0.8
0.7
0.8
0.6
0.8
0.9
1.2
20.8
.
0.4
20.1
0.8
1.2
1.5
0.9
1.0
42.9
42.4
40.5
40.8
39.4
40.5
30.5
29.6
34.3
35.9
36.2
4.2
3.5
4.4
4.3
4.2
3.7
4.7
5.0
4.7
4.9
45
10.2
9.9
12.5
12.7
11.2
10.6
10.5
18.2
29.9
32.2
38.6
37.8
6.4
5.8
4.9
4.7
10.8
10.8
9.5
9.1
10.2
9.3
8.8
9.0
72.0
69.5
75.5
73.3
70.6
71.1
71.5
71.6
69.()
68.5
70.6
70.7
70.3
71.3
68.9
28.0
30.5
.
24.5
26.7
29.4
28.9
28.5
28.4
31.0
31.5
29.5
29.3
29.7
28.7
31.1
3.0
3.3
2.8
4.6
3.9
5.0
2.6
5.6
5.7
6.5
5.7
3.7
2.5
4.3
2.2
4.0
2.5
2.6
2.2
2.7
3.3
1.8
2.8
1.4
2.5
2.2
2.2
2.6
2.0
2.2
4.4
1.4
1.7
31
earnings reports,
and from the total igures of section one of the two seml-ant ual
f cures of 4 condition reports ratios 18 and 19 are taken from items 5 (a) and 5 (b) of section two and item 1 of
(a) Ratios 1 to 9 are computed from the average
of the two semiannual earnings reports:
changed their classes.
one
which
those
section
for
ions
a
few
from
very
for
substitut
except
year,
taken
each
17
are
to
10
in
ratios
reports. The same banks were used
on.
section one of the two seml-annual earnings(c) Capital, surplus, undivided profits, deposits, borrowed money and notes in circulati
(b) Capital, surplus and undivided profits.
TIME DEPOSITS.
MEMBER BANKS GROUPED ACCORDING Ti) AMOUNT OF
RATIOS OF REPRESENTATIVE
in 1925: in banks with time deposit'
TABLE 2.-AVERAGE OPERATING
funds'averaged 38.9% of gross deposits In 1924 and 33.9%
capital
deposits
thne
no
1925.
with
Read the table as follows: In banks
14.8%1'of gross deposits in 1924 and 15.3% in
gross deposits, capital funds averaged
equal to less than 25% of their
to Gross Deposits,
Groups of Bank3 Divided ActortIng to 'he Percentage of Time Deposits
75 and Up.
50-74.9.
25-49.9
Under 25.
o
Ratios Expressed in Percentages.
1925.
1924.
1925.
1925.
1924.
1924. 1925. 1924. 1925. 1924.
.38.9
CAPITAL
1. Capital funds (b) to gross deposits figures
Your
81.0
"oil
53.2
79.3
.4•
52.9
14.9
13.8
14.0
13.1
13.4
77.4
79.1
84.9
83.5
86.8
88.0
88.0
87.9
69.5
67.9
60.6
60.7
53.8
52.7
38.8
42.4
---
100.0
DEPOSITS
4. Demand deposits to gross deposits figures
Your
deposits
5. Interest paid on deposits to gross figUre3
Your
100.0
91.7
88.8
59.5
59.0
38.8
38.7
21.9
20.8
2.2
2.1
2.5
2.6
3.1
30
6.2
6.3
6.2
6.2
6.4
6.2
5.4
5.5
5.6
5.4
0.9
0.9
1.5
4
1.7
5.9
5.8
5.9
.so
4.6
5.9
4.7
5.2
5.3
1.8
1.5
1.5
1.5
1.6
1.5
1.5
1.5
1.6
8.7
8.8
12.9
128
13.2
14.4
13.0
14.1
14.1
14.7
7.8
8.6
15.9
14.6
11.0
13.7
10.1
10.7
12.3
12.6
27.6
26.6
21.3
20.5
19.8
19.8
17.8
17.1
14.2
14.1
1.0
0.3
0.4
-
EARNINGS
Investments
6. Gross earnings to loans and
Your figures
funds (e)
available
total
7. Gross earnings to
Your figures
(c)
funds
available
total
to
8. Net earnings
Your figures
(9)
funds
capital
to
earnings
9. Net
Your figures
and discount to gross earnings
10. Earnings other than interest Your figures
4.8
1.7
4.8
•
EARNINGS
DISPOSITION OF GROSS items to gross earnings
Ratio of the following
.._ --- -11. Salaries and wages---------- _____
figures
15. Other expenses
15.6
15.3
14.8
-
LOANS
funds (c)
2. Loans and investments to total available
Your figures
3. Loans to loans and investments
Your figures
12. Interest paid on borrowed money
Your figures
13. Interest paid on deposits
Your figures
- ----14. Taxes
_____________________----- figures
36.9
1.9
0.7
1.2
1.0
0.9
30.2
34.8
33.7
30.8
40.4
47.0
43.6
4.0
12.4
13.9
29.1
9.8
7.9
5.2
5.1
4.8
4.4
4.3
4.2
4.3
11.8
11.5
11.3
11.3
10.1
9.8
7.4
7.9
12.5
12.3
72.0
•
Your figures
1.4
0.9
64.1
62.0
68.5
68.6
71.6
70.4
72.9
72.4
73.1
38.0
31.5
31.4
28.4
29.7
27.1
27.6
26.9
28.0
35.9
16. Total expenses
Your figures
current charge-offs, and
s on previous charge-offs,
17. Net earnings (before recoverie
dividends)
Your figure.?
LOSSES
discounts to gross earnings
18. Losses charged off on loans andYour figures
to gross earnings
19. Losses charged off on securitiesYour figures
-1.3
3.5
--
1.5
6.5
5.3
4.5
3.9
4.1
3.3
1.6
2.5
0.9
2.3
1.9
3.1
1.8
2.3
1.9
3.6
3.5
I 1
4,
en
,
0
•
01
"
.. . .
.
earnings reports
um er of Sank's In crou
the total figures of section one of the two semi-annual
I
1 or
figures of 4 condition reports an from
average
and 5 (b) of section two, and item
the
from
computed
9
(a) Ratios 1 to are
ual earnings reports: rat os 18 and 19 are taken from Items 5 (a)
borrowed money,
seml-ann
deposits,
profits,
two
the
d
of
(c) Capital, surplus, undivide
profits.
and
undivided
surplus
ratios 10 to 17 are taken from section one
Capital,
reports. (b)
section one of the two semi-annual earnings
and notes in circulation
Nov. 27 1926.]
THE CHRONICLE
Rail Wage Raises Spread to the West—Atchison and
Union Pacific Will Each Pay Shopmen Upward
of $500,000 More Annually.
. The following is from the "Wall Street Journal" of Nov.
22:
2735
The Comptroller of the Currency has been for the last three years pleading with Congress for the enactment of the McFadden National Bank Bill.
At the time the bill was originally recommended by him, he stated that
something must be done to remove the temptation from national banks to
abandon their national charters. He cited numerous instances of national
banks which had gone into the State systems during the period immediately
prior to 1923.
•
Results Are Cited.
Demand for higher wages for railroad employees which is sweeping the
Since the bill was introduced he has seen 252 national banks go under
East has spread to the West. Union Pacific and Atchison have both agreed
charters,
carrying
with them aggregate assets of more than $1,000,with mechanical department employees to increase wages not to exceed State
2 cents an hour, the first actions by Western roads, and probably to be 000.000. During the past 12 months 86 national banks have denationalized
followed by Western roads in other departments as well as in the mechanical with resources of about $500,000,000. Although individual national banks
to-day are larger and more prosperous than they have ever been, neverthedepartment.
Importance of the prospective increase may be gauged by the Union less the national banking system now holds only about 46% of the commerPacific's action which will probably swell the income of one class of its cial banking resources of the country and only about 39% of the total bankemployees between $500,000 and $700.000 annually. Twelve thousand ing resources including savings deposits.
This situation explains why the Comptroller has become aroused over the
shopmen and 2,000 miscellaneous mechanical employees will receive not to
ultimate future of the national system. We have gotten to the point where
exceed 2 cents an hour more, beginning Dec. 1 and January.
it
becomes
necessary to discuss fundamental principles. Proponents of the
Atchison increased wages of shop craft employees 2 cents an hour,
effective Nov. 1. Coach cleaners received an increase of 1 cent an hour, bill as a whole have proceeded upon the assumption that the existence of
excepting in Los Angeles, where the increase was 1% cents. Approximate the national banking system was essential to the public interest for three
addition to Atchison's pay-roll as a result of the increases already granted fundamental reasons:
1. It is only through a system of national banks that the Federal Govis $650,000 a year. The St. Paul is not negotiating with its shopmen.
Total increase in the wage bills will probably be greater when considera- ernment can enforce a national banking policy. Deriving all of its charter
tion is given other classes of employees whose demands are known and powers from Congress and operating under the close supervision of ar executive official of the Federal Government,a national bank becomes something
upon which some increases are almost assured.
A decision on demands of trainmen and conductors served on Eastern more than a private business enterprise.
It is a fiscal instrumentality of the general Government through which
roads is expected of the Board of Arbitration within a month or so. Final
certain financial ends can be realized. In times of great national stress it is
hearings have been held on the pleas for increases, ranging from 15%
to imperative that Congress maintain a direct and controlling
contact with
20%. and the Board begins executive sessions to consider arguments presented at the hearings on Dec. 12. The Board's decision will presumably banking policy.
Recalls Cases to Prove Need.
influence action of the brotherhoods in other sections of the country.
Wages of mechanical department employees have been advanced
As concrete illustrations of public suffering caused by the lack ofsuch congenerally in the Eastern district. New York Central and Pennsylvania
ad- trol, I need only refer to the disastrous failure of the Continental Congress
vanced shopmen 3 cents an hour last month. Pennsylvania's increase, properly to finance the Revolution; to the finances of the War of 1812-14
without overtime, would amount to over 23,000,000 annually to
43,000 and to the chaotic condition of the financial situation of the Civil War
shop employees. Reading increased 5,000 mechanical employees 2
and 3 period prior to the enactment of the National Bank Act in 1863.
cents an hour, an annual total of about $300.000. Baltimore &
Now compare with this the execution of the financial policy of the GovernOhio
increased shop wages 2 cents an hour. as did Lehigh Valley, Delaware ment during the World War. Congress has taken the national banks and
Lackawanna & Western and Delaware & Iludson. Wabash increased welded them into a new banking instrumentality—the Federal Reserve
3,500 shopmen 2 cents an hour.
System. This action gave the country the strongest and at the same time
A 2-cent hourly increase to telegraphers by Reading was the only action the most flexible system of finance it has ever had. If Congress at that time
taken on demands of other than the mechanical department.
had not had under its control a system of banks operating under Federal
Further advices regarding these pay rises appeared as charter, it could not by legislative fiat have created the Federal Reserve
System.
follows in(the "Wall Street Journal" of last night (Nov. 26)
2. This leads me to the second point. Is it not essential to the permaChicago Burlington & Quincy RR. has increased pay of its shopmen nence of the Federal Reserve System that it be always founded upon a com1 cent an hour effective Nov. 1. Burlington pays shopmen time and one- pulsory membership of national banks? How else could Congress in times
half for Sunday and overtime work.
of great national stress use it effectively as an instrumentality of the Federal
Chicago Rock Island & Pacific increased wages of shopmen from 1 to 2 Government?
cents an hour effective Dec. 15. Between 7,000 and 8,0000 men are involved
Held Assurance of Policy.
Increase amounts to about $500,000 annually.
A national bank cannot question the wisdom of the acts of its creator. It
11, Chicago & Eastern Illinois RR. has increased wages of its shopmen
and has no choice but to obey. So long as they constitute the basic membership
telegraphers 1 to 3 cents an hour. About 2,500 men are affected. The of the Federal Reserve System, a certain enforcement of the Federal
Reserve
increase totals about $100,000 a year.
policy is assured.
Illinois Central is looking into question of increasing pay of its shopmen
Suppose the membership of the Federal Reserve System becomes excluin line with Union Pacific's action, but decision on the matter is not ex- sively voluntary. Could Congress be assured that the State chartered
banks
pected for about a week.
would readily respond to a national financial policy at variance with the
Chicago & Alton gave its shopmen a 1 cent increase two or three months local State policy and inimical to the private interests of these banks?
ago, and the question of shop wages
Our own financial history answers "no."
.on this road is not active at present.
Chicago Great Western granted shopmen in locomotive and passenger
3. The third consideration in support of the necessity for the maintenance
car departments increase of 2 cents an hour as of Nov. 15, and freight car of a system of national banks is that commercial credit, like commerce
repairmen increase of 1 cent an hour as of same date.
itself, is predominantly Inter-State and, therefore, vested with an essential
It is understood in local railroad circles that the Great Northern Ry. has national interest. This situation makes a national Banking policy comgranted a wage increase to its shopmen also.
pulsory.
A uniform standard of commercial banking can only be set up by the
Federal Government. As leng as the standard is there and is high, sound
Charles W. CoRini, Deputy Comptroller of Currency and modern, commercial banking under State charters will naturally conform to it.
Declares McFadden Branch Banking Bill Most
Alternative Discussed.
Important Public Measure Before CongressBut remove the standard altogether and commercial banking policy will
-Expresses Hope for its Enactment.
disintegrate into forty-eight unco-ordinated units, each supreme in its own
Commercial banking without a Federal instrumentality to enforce
r In an address before the New York State Bankers' Asso- sphere.
a national policy through direct control of charter powers, would be analociation at Syracuse, N. Y. on Nov. 20. Charles W. Collins, gous to the relinquishment by the Federal Government of its control over
Deputy Comptroller of the Currency, declared that greater the regulation of inter-State commerce.
therefore, the public interest requires the maintenance of the system
scope of operations must be given to national banks to pre- ofIf,
national banks, it naturally follows that as private corporations they
vent the disintegration of the system. The "United States should be accorded by Congress the charter powers from time to time to
Daily" in printing, the text of his address observed that meet the changing conditions affecting the banking business.
Now there are some, by reason of natural conservation, or for other
Mr. Collins maintained that this scope could be given reasons,
who contend that the business of the national banks should be
through passage, by Congress, of the so-called McFadden confined to commercial banking. They think
it was a mistake for Congress
to grant trust powers to national banks. They do not like to see the
bill for liberalization of the national banking laws. •
national banks accepting savings deposits or buying and selling investment
)ftWe also take from the "Daily" Mr. Collins's remarks as securities, or lending money
upon the security of real property.
fo-iro-w's in support of the measure:
Would Turn Back Trade.
px assume that all of you are more or less familiar with the legislative statue
They would purge the national banks of these developments. They
of the tMcFadden bill. It has passed both the House and Senate, and would turn
back the tide of economic evolution and restore the national
when'Congress adjourned last summer it was left in the hands of the six system to
its operating status of 50 years ago.
conferees who had up to that time reached an agreement on every provision
The McFadden National Bank bill proceeds upon a different and more
except the so-called Hull amendment. The bill retains its status in confer- practical
theory. It recognizes the great growth of banking within
ence at the coming session of Congress. If it fails to be enacted before recent years
under the State charter powers. It is based upon the policy
March 4 1927,1the legislation will be lost so far as this particular bill is that modern
banking has many aspects of service not contemplated when
concerned. i
the national system was originally established.
1311The:theory of the bill, as originally recommended by the Comptroller,
Congress has already thoroughly committed itself to the policy of perwasIthat national banks should be permitted to have home city branches in mitting the
national banks to engage in new forms of banking from time
every State which granted this power to the State banks. The Hull amend- to time. Under our present system of banking
where the banking business
ment would prohibit national banks from having home-city branches in is carried on by both national and State
banks. it is necessary that the
any 1State !which empowered its State banks to have branches after the national group be permitted a fair opportunity to
compete. This bill
.enactment of the bill.
makes certain adjustments'of the,charter powers of national banks to
1 Example is Given.
44 4
**I
this end.
I shall now proceed to point out briefly some of the outstanding features
,
' let us say thebill became a law in 1927 and Illinois in 1930 gave the
State banks in Chicago the right to have branches in that city, national of the bill.
York
city
could
INew
have
in
Reserve Charters Renewed.
banks
branches but under the Hull amendment those:in!Chicago could net.
Section 20 extends the life of the Federal Reserve System by renewing
The Hull amendment owed its prestige and presence in the bill very largely the charters of the 12 Federal Reserve banks. The exact terms of
this
to the active support of the American Bankers Association, which had renewal have not been specifically agreed upon by the conferees. The
endorsed it by resolution of the Chicago convention of 1924. Since that Senate voted for indeterminate charters revocable at the will
of
Congress,
time there has been a long and intensive discussion of this amendment by whereas the House conferees are in favor of a term of years. This is
the banking fraternity, followed by its reconsideration and decisive rejection the most important single provision in the bill.
by the American Bankers Association at the 1926 convention at Los Angeles.
2. Section II grants to national banks indeterminate charters in
place
This action should augur well for the early enactment of the bill.
of the present 99-year provision. The significance of this provision
lie
am
r-r=
2736
THE CHRONICLE
In the fact that it gives an element of permanence to the national system
and this will prove especially beneficial in the operation of trust departments.
3. Section II also recognizes and regulates the business of buying and
selling investment securities of national banks. The legal foundation
of the present business of this character while sufficient to enable a national
bank to engage in it is nevertheless too vague for operations of this importance to rest upon.
This section of the bill has been very carefully drafted after the most
exhaustive investigation and analysis. It makes a general definition of the
term "investment securities" and gives to the Comptroller the authority to
make a further definition. This section is designed not only to give complete recognition as a national policy to banking business of this character,
but also to clothe the Comptroller with the authority to exclude from the
Investments of any national bank non-marketable obligations.
4. Section II also recognizes the right of national banks to carry on the
safe deposit business and to invest in the capital stock in a corporation
organized under the State law far this purpose.
5. Section 16 constitutes a recognition of the fact that national banks
have gone into the business of receiving savings deposits. National banks
have on deposit around $6,000,000.000 of savings from nearly 13,000,000
the
individual savings depositors. This constitutes about one-fourth of
savings deposit business in the United States.
Would Allow Realty Loans.
This section will permit national banks to lend an amount not exceeding
upon
one-half of their savings deposits upon the security of first mortgages
city property, or other unencumbered real estate, provided the amounts
the
of
value
the
of
loaned in any individual case shall not exceed 50 cents
real estate nor 10% of the bank's capital and surplus.
consolidations of
6. Section I of the bill recognizes the prospect of future
national bank
banks. In order that a State bank may consolidate with a
consolidation,
such
desire
under national charter where the respective parties
The existing
provision is made for direct and immediate consolidation.
expenseive and unlaw requires the State bank first to nationalize. This
consolidations of
necessary step is eliminated in the interest of facilitating
State banks under national charter.
Two Plans Proposed.
and the national
The House bill originally provided that the State bank
the Senate amendbank must be situated within the same county, whereas
to consolidate at a
ment provided that if the State law permits State banks
may consolidate
greater distance than county boundaries, a State bank
regardless o
with a national bank directly under a national charter, also
county lines.
Statutes of the
7. Section X is a revision of Section 5200 of the Revised
can lend
United States which governs the amount which a national bank
act of
to a single customer. This section was contained in the original
as
section
the
until
Congress
by
1863 but had been amended.several times
which
it now stands is a conglomeration of amendments and provisos
in
make it exceedingly difficult of interpretation. The section as rewritten
strength
the bill has been very carefully drafted so as not to lose any of the
basic
the
to
exception
each
of the existing law but at the same time to state
limitation of 10% in a separate numbered paragraph.
analysis
While this occasion will not permit me to give a detailed technical
being more
of this section, I can assure you it is not open to the criticism of
unduly
it
is
nor
hand,
one
liberal on the whole than the existing law on the
restrictive on the other.
Stock Dividends Authorized.
by
8. Section V recognizes the legality of the payment of stock dividends
shares
national banks and Section 18 permits a national bank to divide its
the
of
into denominations of a less amount than $100 each in the discretion
board.
branch
These are the most interesting provisions of the bill, outside of the
of the bill.
banking provisions and will give you some idea of the scope
administrative
Other sections of the bill will deal with more or less technical
questions into which time will not permit me to enter.
banking
branch
the
with
familiar
thoroughly
9. You are doubtless already
the Hull
features of the bill. The branch banking policy of the bill with
amendment eliminated is admirably stated by the Los Angeles resolution.
have
The general purpose of these provisions is to permit national banks to
home-city branches within the corporate limits of these cities where the
State banks are permitted to have them, and to deny to State member
banks of the Federal reserve system the right to establish any new branches
beyond the corporate limits of the city in which the bank is situated.
In conformity with this general policy a State bank converting into a
national bank or consolidating with a national bank is permitted to bring
into the national system any of its branches which were in operation before
the bill became a law. In other words the status quo of the branch situation
the
Is maintained. No new State-wide branches could be established within
Federal reserve system, but the old State-wide branches which were estabbe
lished prior to the enunciation of a national bank banking policy, can
retained without prejudice.
endorseof
approval
the
has
only
not
Bill
The McFadden National Bank
Board and the
ment of the Secretary of the Treasury, the Federal Reserve
Commerce of the
Comptroller of the Currency, but also of the Chamber of
of Credit Men, the American
United States, the National Association
groups interested in banking
Bankers Association, and numerous other
measure before the short
and credit. It is the most important public
hoped that it will become a law
session of Congress and it is confidently
before the session ends.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
A new high record for New York Stock Exchange membership was established this week when the seat of William J.
McCall was reported posted for transfer to Howard Wasserman, the consideration being reported as $170,000. Last
preceding sale was at $160,000.
s
Two New York Cotton Exchange membership were rewas purCaswell
T.
William
of
that
week,
ported sold this
chased by Edward J. Wade,for another for $27,000 and that
of Richard T. Hams sold to Allan S. Lehman, for another
for $28,000. Last preceding sale was at $26,000.
A membership in the Philadelphia Stock Exchange was
reported sold this week for $11,000. The last preceding sale
was at $9,900.
Chairman Joseph R.Swan, Vice-President of the Guaranty
Trust Co. presided over the annual meeting of the New
[VOL. 123.
York Group of the Investment Bankers Association of
America on Nov. 23 at the Bankers Club. Other than
routine matters the only important action taken was the
election of the Executive Committee and officers of the New
York Group for 1927 which follow:
William H. Eddy, Chairman, Equitable Trust Co.; Donald Durant,
Vice-Chairman, Lee, Higginson & Co.; Frank L. Scheffey, SecretaryTreasurer, Callaway, Fish & Co.; C. B. Stuart, Halsey, Stuart &
J. Ford Johnson, C. D. Barney & Co.; Wm. C. Ewing, J. P. Morgan &
Co.; Earle Bailie, J. & W. Seligman & Co.; Joseph R. Swan, Guaranty Co.
of New York, and Halstead G. Freeman, Chase Securities Corp.
Ralph Dawson, Vice-President of the Guaranty Trust Co.
of New York, sailed on Nov. 24 on the Berengaria to attend
a bankers conference, called under the authority of the
Economic Section of the League of Nations, at Geneva, to
discuss ways and means for improving international commercial practice in bankers checks and bills of exchange.
The committee will be made up of leading bankers of England
and Continental Europe and will be presided over by W.
Westerman, Chairman of the Board of the Rotterdamsche
Bankvereeniging, Rotterdam, Holland.
William R. Strelow, Jr., was made an Assistant Secretary
of the Guaranty Trust Co. of New York at a meeting of the
Executive Committee held on Nov. 22.
The stockholders of the Irving Bank & Trust Co. and of
the American Exchange-Pacific Bank, at meetings yesterday
(Nov. 26) voted approval of the merger of these institutions,
as recommended by their respective Boards of Directors,
Oct. 14. The merger will become effective as of the close of
business on Saturday, Dec. 11, and the consolidated institution will begin business under its new name, American
Exchange Irving Trust Co., on Dec. 15.
Announcement was made on Nov. 22 by Irving Bank &
Trust Co. of the appointment of Francis L. Whitmarsh,
Treasurer of Francis H.Leggett & Co., to the advisory board
of its Seventh Avenue office, at Seventh Avenue and 37th
Street, and of William T. Hunter, Vice-President and Managing Director of A. Schraeder's Son,.Inc., to the advisory
board of the Flatbush office, at Flatbush Avenue and Linden Boulevard, Brooklyn.
The board of directors of the National Bank of Commerce
in New York has declared an extra dividend of 2% from surplus earnings of the year 1926 and the regular quarterly dividend of 4%, both payable Jan. 2 1927. The board has also
directed the transfer of $5,000,000 from unidivided profits
to surplus, making the latter $40,000,000. This is the second
increase in surplus by the bank this year, $10,000,000 having
been transferred from undivided profits in March.
Lewis H. Rothschild, Vice-President of the Chelsea Exchange Bank, who returned from Europe recently, will supervise the management of the new bond department of that institution, according to announcement made this week by
Edward S. Rothschild, President. The new securities department was organized a short time age, when Mr. Lewis
Rothschild was abroad.
-M.Weitzner have been added
Monroe H.Weil and Henry
of the Trade Bank of New York.
directors
of
board
the
to
The Hamilton National Ba-nk of this city has leased from
Lawrence Davies, the building at the southeast corner of
170th St. and Walton Ave. The bank has occupied one of
the 13 stores in the building for the past two years and has
leased the entire structure in order to enlarge its banking
quarters. The building will be occupied by the bank for a
term of 24 years at an aggregate rental of $1,000,000.
An office has been opened at 14 Wall St. by the St. Louis
Commerce Co. an investment security company affiliated
with the National Bank of Commerce in St. Louis. J. C.
Walker resident Vice-President is in charge of the new office,
which will serve as correspondent for the bank named and
also for the Federal Commerce Trust Co., and affiliate of
the bank in St. Louis.
the directors of the International
At a recent meeting ofof
this
city, the resignation of Lawrence
Corporation
Banking
M. Jay as Vice-President was accepted.
Hubert E. Brower was elected Treasurer of the Greenwich Savings Bank of this city at a meeting of the trustees
on Nov. 16; he succeeds L. De Quackenbush, who died
Nov. 8. Mr. Brower was formerly Assistant Treasurer, and
has been with the bank for 26 years. He started as a clerk.
Nov. 27 1926.]
THE CHRONICLE
2737
These options, it was stated, would expire after Dec. 10.
The personnel of the new bank will be as follows: Samuel
H. Barker, President; George G. Mead, Assistant to the
President; J. Milton Lutz (President of the Bank & Trust
Co. of West Philadelphia), Vice-President; E. Raymond
Scott, Vice-President and Treasurer; C. E. Mayo, Secretary
and Assistant Treasurer, and Robert M. Thompson, Title
and Trust Officer and Assistant Treasurer. The board of
directors will include: Harvey J. Aungst; Samuel H.
Barker, Thomas Cooper, William Freihofer, Albert M.
Greenfield, James G. Leiper Jr., J. Milton Lutz, Harry
Magen, Clarence L. Marks, Harry J. Rittenhouse, Harry
G. Sundheim, T. Lewis Thomas, Samuel S. Thornton,
Ernest T. Trigg, Max Weinmann, Horace L. Wiggins and
Estabrook & Co. of Boston announce that they have con- Robert M. Wilson.
Edward S. Rothchild, President of the Chelsea Exchange
Bank, announces the appointment of I. Jerome Riker as a
member of the Advisory Board of the Bedford Avenue,
Brooklyn, branch of the organization. Mr. Riker is head of
the Brooklyn real estate firm of Riker-J. M. Hoffman Co.
The functions of the Advisory Board, which is made up of
officers of the bank and leaders in the business world, is to
study the banking requirements of the various industries in
Brooklyn. Announcement is made of the appointment of
William F. Fuelling as Manager of Chelsea's Bronx branch,
located at 558 Claremont Parkway, near Third Avenue.
Mr. Fuelling was affiliated for about twenty years with the
Battery Park National Bank and the Bank of America.
cluded arrangements with the Prudence Co.,Inc., of New
York to act as its New England representatives for the sale
of Prudence bonds and Prudence certificates. The announcement of Estabrook & Co. says:
In our opinion, the Prudence Co. occupies a unique position among the
houses engaged in first mortgage financing. We have investigated this
field with considerable care, and it is a source of satisfaction to us that we
can now recommend to our customers a real estate mortgage bond that
measures up to New England investment standards.
The First National Bank of Springfield, Mass, announces
the death on Nov. 18 of its First-Vice-President, Robert
Wolcott Day. Mr. Day had served continuously as a
director of the institution since its organization in May 1893.
On Nov. 19 Roy A. Hovey, State Bank Commissioner for
Massachusetts, was authorized by Judge Wait in the Supreme Court to pay a dividend of 3% to depositors in the
commercial department of the defunct Hanover Trust Co.
of Boston, according to the Boston "Transcript" of Nov. 19.
This dividend calls, it was stated, for $81,929. Depositors
in the commercial department have already received 57%
of their claims. Depositors in the savings department
have been paid in full. The Hanover Trust Co. was closed
on Aug. 11 1920.
A special dispatch from Waynesboro, Pa., on Nov. 16, to
the Baltimore "Sun" stated that directors of the First National Bank of Waynesboro and of the Waynesboro National
Bank & Trust Co. (until recently the Waynesboro Trust Co.)
on Nov. 13 had unanimously approved a consolidation of the
institutions, effective Jan. 1, under the title of the First
National Bank & Trust Co., with estimated total resources
of $10,000,000. Action by the respective directors, it was
stated, quickly followed receipt on Nov. 13 of word from
the Comptroller of the Currency that the Waynesboro Trust
Co. had been nationalized under the name of the Waynesboro National Bank & Trust Co. It was authorized to begin
at once as a bank in the national association, the dispatch
said.
George Woodruff, Vice-Chairman of the National Bank
of the Republic of Chicago, announced on Nov. 22 the
opening of its New York office at 1 Wall St. The bank, it
is stated, has taken this step in order to facilitate the handling
of its business with Eastern concerns and banks. The
growth of its affiliated investment company, the National
Republic Co., and this company's affiliations with large
financial interest in the East have necessitated their having
Vollertsen, ConClarence G. Appleton, President of the Guardian Trust representation in New York. Edward P.
in connection with the
Co. of New Jersey, announces the election of Albert M. troller of the bank, is in New York
Greenfield to the board of directors. Mr. Greenfield is opening of the office.
President of Albert M. Greenfield & Co. of Philadelphia,
which is engaged in real estate operations, construction and
financing. He is also President of the Bankers Bond &
Mortgage Co. and a Vice-President of the Metropolitan
Trust Co. of Philadelphia. He is also a director of the Commonwealth Casualty Co. of Philadelphia. Under,a recent
appointment of the Board of Judges of the City *of Philadelphia, Mr. Greenfield is a life member of the Board of
City Trusts, which was•organized by the Legislature for the
purpose of administering public trusts and property and
funds belonging to the city of Philadelphia.
The Detroit "Free Press" of Nov. 17 stated that, according to an announcement made by U. Grant Race, President
of the American Trust Co. of Detroit, Lawrence J. O'Brien,
widely known throughout Michigan, would join the institution on Dec. 1 as a Vice-President in charge of the bond
department, and as a director. The "Free Press" briefly
outlined Mr. O'Brien's career as follows:
For three years Mr. O'Brien served as western Michigan represntativ of
1 he Bankers Trust Co. of Detroit. For more than five years he was a State
bank examiner, for three years Cashier of the State Savings Bank of
Dowagiac, and for four years Cashier of the Lee State Bank in the same
pity.
The following Des Moines Associated Press advices
According to the Newark "News" of Nov. 17, the elecof last night:
tion of John J. Stamler as President of the Broad & Market appeared in the "Sun"
Twenty banks in Palo Alto and Kossuth counties were closed to-day
National Bank of that city and the declaration of a 20% by their boards of directors for the purpose of reorganization. A number
dividend, payable Jan. 1 1927 to stockholders of record of banks in the two counties are still open for business.
Nov. 15 were announced on that day (Nov. 17) by George
The Farmers' State Bank of Otis, Colo., was closed on
S. Silzer, Chairman of the Board. Mr. Stamler was formerly a Vice-President of the institution. The "News," Nov. 17 by deputies of the State Bank Commissioner after
the institution had withstood for two days a "run" that
continuing, said:
Mr. Stamler notified depositors he had been authorized by some of the finally depleted its funds to the point where it could no
large stockholders to sell a limited amount of the stock to them, subject to longer operate, according to the Denver "Rocky Mountain
allotment. The offer is at $300 a share, witn a limit of twenty shares.
bank's closing was attributed
The new president said he expected the stock to pay dividends on a basis News" of Nov. 18. The
chiefly to the failure of the crops in the district surrounding
of 12%.
This is the first dividend to be declared by the Broad & Market since Otis this year. Its last statement, as of Aug. 25, it was said,
last January, shortly before its acquisition by former Governor Silzer and
associates. The stock had been on a 30% basis. The dividend due July 1 showed resources totaling $229,405 and deposits of $156,723.
was not declared, and the declaration to-day is one of the results of nego- The bank's capital was $25,000, with surplus and undivided
tiations which brought about more harmonious relations between Timothy profits of about $14,500,000. Walter J. Nelson, Deputy
F. Foyle and the new majority interests.
State Bank Commissioner, had been placed in charge of the
institution, it was said.
Respective stockholders of the Bank & Trust Co. of West
A press dispatch from Mar- ked Tree, Ark., on Nov. 15,
Philadelphia and the Bankers Trust Co. of Philadelphia,
a newly organized institution, at special meetings helO on appearing in the Memphis "Appeal" of the following day,
Nov. 22 approved an agreement to consolidate the institu- reported that the First National Bank of that place (captions under the title of the latter, effective Dec. 31, according italized at 850,000) had been closed on Nov. 15 by order of
to the Philadelphia "Ledger" of Nov. 23. The new Bankers' its directors and its affairs taken in charge by S. H. Mann,
Trust Co. of Philadelphia will open with a capital of $1,000,- a national bank examiner. Bad collections owing to cotton
000 and a paid-in surplus of $250,000. Under the terms conditions were believed to be the cause of the bank's emThe dispatch went on to say that in the
of the proposed merger, it was stated, holders of Bank & barrassment.
published statement of the institution shown on June 30
Trust Co. of West Philadelphia stock would receive for total assets of the bank amounted to $330,734, with deeach share held in that institution either one and three- posits of $103,000 and bills payable of more than $100,000.
fifths shared of Bankers' Trust Co. of Philadelphia stock or,
-Press dispatch from Jefferson
According to an Associated
on payment of $25 with each share of stock they now hold,
City, Mo., on Nov. 16, which appeared in the St. Louis
two shares of stock of the new institution, or $100 in cash.
2738
THE CHRONICLE
"Globe-Democrat" of the following day, two more Missouri
banks, each with total resources of approximately $101,000,
cvere closed on Nov. 16 by their respective directors and
placed In the hands of the State Finance Department. The
institutions are the Farmers' & Merchants' Bank of Hunnewell and the Bank of Clarkston, at Clarkston. The closing
of the former, it was said, had been caused by a "slow run."
The dispatch further stated that the closing of the Clarkston
bank made 51 State banks to be closed this year in Missouri.
William Ratcliffe Irby, Chairman of the board of directors of the Canal Bank & Trust Co. of New Orleans and for
many years one of the largest tobacco manufacturers in the
South, committed suicide on Nov. 20. Ill health, resulting
from heart trouble from which he had suffered for the past
two years, was said to be responsible for his act. Mr. Irby
was born in Lynchburg, Va., in 1860, but moved to New
Orleans as a child. He entered the tobacco manufacturing
business as a young man and greatly prospered. In 1904
the W. R. Irby Cigar & Tobacco Co., as his firm was then
known as, affiliated with the American Tobacco Co. and
Mr. Irby became a director of that concern and its manager
in New Orleans. Subsequently the American Tobacco Co.
was dissolved as a trust by decree of the Supreme Court and
its properties were divided among constituent companies.
The New Orleans plant then became the W. R. Irby branch
of Ligget & Myers and was operated as such until 1920.
Mr. Irby retired from the tobacco business in 1920. Mr.
Irby's banking career began in 1905, when the GermanAmerican National Bank was organized with himself as
President. In 1914 the institution was consolidated with the
Canal-Louisiana Bank, with Mr. Irby at the head of the
merged institutions. Five years later (1919) the CanalLouisiana Bank was consolidated with the Commercial
Trust & Savings Bank under the name of the Canal-Commercial Trust & Savings Bank, and Mr. Irby assumed the
presidency of the new concern. In 1922 he resigned as
president and became Chairman of the board of directors.
He was preparing to retire as Chairman at the time of his
death. Shortly after the death of Mr. Irby became known,
the directors of the Canal Bank & Trust Co. met and issued
the following statement:
The board of directors and the officers of the Canal Bank & Trust Co.
announce with great sorrow and regret the death of William Ratcliffe Irby,
Chairman of the board of directors.
Mr. Irby has been in failing health for a year past, and under the advice
of his physician had been retiring from all active business engagements.
His position as Chairman of the board was the lightest of the tasks which
continued to occupy him, but he was contemplating an early retirement
from it.
Until his illness, Mr. Irby was very active, a lover of outdoor sports, and
his enforced inactivity due to his physical aliment had a great influence
over his spirit and created a melancholy tendency that his associates
noticed and tried to ameliorate. He had been particularly low-spirited
the last few days, and his untimely end is no doubt the culmination of a
melancholy attack which he could not throw off.
in,
Mr. Irby's relations with this bank are known everywhere. He was
one of the prominent factors In its early career, and continued for many
years to exercise a great influence in the business life of New Orleans, and
was largely responsible for the management and upbuilding of his own bank.
Since his retirement from the presidency in 1922, he had steadily reduced
his labors, and for the last year or so had confined his relations with us
to his sage advice and wise counsel in matters in which he was called into
consultation.
He believed that his bodily illness would ultimately prove fatal; he
traveled in search of health and received the best medical attention, but
without relieving the settled conviction that at his age he could not expect
to return to salve life.
We Join the people of New Orleans in expressing grief at the loss which
the community has sustained in this sudden termination of a most valuable
life, devoted as it was to great charitable efforts and to the use of his large
fortune for the benefit of his fellow citizens.
k.eauINA Ma
That the State National Bank of Austin, Tex., capitalized
at $100,000 and the oldest bank in that city, had been closed
by its directors on Nov. 15 and was in charge of J. 0. Root,
a national bank examiner, was reported in a dispatch by
the Associated Press from Austin on that date, appearing
in the Houston "Post" of Nov. 16. Excessive loans to
farmers on the cotton crop, last year's crop failure, and
heavy withdrawals, were given as the reasons for the bank's
closing by Guy A. Collet, a vice-president of the institution.
The dispatch further stated that the failed bank had been
organized in 1842 by the late Eugene Bremond as a private
institution, and had become a national bank in 1876.
Announcement was made on Nov. 16 by A. P. Giannini,
President of the Bancitaly Corporation, that a proposal to
increase the authorized capital stock of the corporation from
$50,000,000 to $100,000,000 would be submitted to the
stockholders at a special meeting to be held in New York
City on Dec. 7. In noting this the Los Angeles "Times" of
Nov. 17 said in part:
[VOL. 123.
"The entire capitalization of the Bancitaly Corporation, consisting of
2,000,000 shares of $25 par value stock, has been paid in," Mr. Giannini
said,"and the board of directors believe it advisable now to provide for this
increase. While it is not the intention to sell any of thestock at present, it
seems advisable to have the necessary authorization from the!stockholders
to provide for any contingency."
At present the capital stock of the corporation is $50,000,000, consisting
of the 2,000,000 shares of $25 par value stock. Surplus and undivided
profits amount to $41,500,000, giving the corporation a working capital of
more than $90,000,000.
Net profits of the corporation In the first six months of the current year
aggregated $6,250,000, the equivalent of about $5 a share. This is only
about $300,000 less than the total profits of the corporation for the entire
year of 1925, when $6,583,134 26 was earned. In April of this year Bancitaly declared a 25% stock dividend, split the stock up on a 4-to-1 basis,
and increased the cash dividend by 25% on the new stock. The present
rate is $2 24 annually.
The New York agency of the Banque Beige poura'Etranger
has received a cablegram from its head office'inABrussels
advising lhat at the annual general meeting 77dividend of
50 francs, exempt of taxes, was declared for the year eiiira
June 30 1926. Net profit was 18,099,208 francs and the
reserve fund has been increased by 8,000,000 francs, and
now stands at 40,000,000 francs.
Arrangements have been made for the transfer to the
National Bank of Egypt (as from Dec. 1 1926) of the bankhg business in Egypt carried on by Lloyds Bank, Ltd., since
1923, and previously by Cox & Co., at Alexandria and Cairo,
with agencies at Benha, Beni Suef, Fayoum, Mansourah,
)1 ehalla Kebir, Minieh, Tanta Zagazig.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market the present week, though at times
somewhat irregular and unsettled, has nevertheless tended
strongly upward. The noteworthy features of the trading
were the strong demand for high-priced specialties, many of
which reached new peaks and the spectacular advance of
Baldwin Locomotive.
The outstanding feature of the two-hour session on
Saturday was the continued strength of Baldwin Locomotive, which moved briskly forward to 1483, the highest
point touched since 1919. Motor trucks also were in
strong demand, Mack Truck moving into the foreground
with an advance of nearly 3 points, though it yielded about
a point later in the day. Hudson Motors and General
Motors also made substantial improvemets. Woolworth
was another strong issue and closed with a net gain of about
five points, followed by J. I. Case with a gain of 5% points.
The market continued to move forward on Monday, most
of the buying occurring in the first and last hours. Baldwin
Locomotive continued its remarkable rise and at one period
reached its highest level in 19 years. Motor shares again
advanced, most of the interest centring around General
Motors and Mack Trucks, though Nash, Willys-Overland
and Hudson improved materially. Du Pont, Timken Roller
Bearing and Stewart-Warner also were in active demand
at improving prices. Public Utilities were particularly
prominent in the trading, Philadelphia Co. leading the
upswing with a gain of 63.4 points. In the final hour, the
market tone was irregular, though there were some important advances,including such stocks as United States Steel
common, which gained 3 points; General Asphalt, which
crossed 48, and Commercial Solvents, which made a new
high above 220. Substantial gains were also recorded by
Phillips Petroleum and Standard Oil of N. J.
Except for a brief period of irregularity, shortly after midsession, the market again moved upward on Tuesday and
many substantial advances occurred particularly in the industrial groups. Commercial Solvents was conspicuous in
the trading and moved sharply forward 15 points to a new
high at 237 and many of the specialties also moved forward
to new high levels. Railroad stocks were irregular, Chesapeake & Ohio being the weak spot, while Rock Island and
St. Louis-San Francisco common, recorded substantial advances. Pittsburgh & West Virginia was also prominent
and closed 334 points up. The wave of buying that came
into the market in the early trading on Wednesday was
maintained throughout the day, though some of the leaders
yielded a point or more in the final hour. Baldwin Locomotive was again a prominent feature and shot ahead to 153
and Public Utility stocks made further progress upward.
Railroad stocks generally moved to higher levels, Baltimore
& Ohio standing out conspicuously on account of its advance
of 2 points. St. Louis-San Francisco common and Rook
Island common were in strong demand at improving prices.
and Atlantic Coast Line sold at 212 at its high for the day.
The strong stocks included such issues as American Brake
Shoe, Mack Truck, Pullman and Universal Pipe and Radiator. On the other hand, American Smelting, Commercial
Solvents, General Asphalt and Remington were more or less
weak.
Under the leadership of Baldwin Locomotive which for
the third time this week advanced to a new top, high priced
industrials again moved into the foreground on Friday and
many substantial advances were recorded before the closing
hour. Railroad shares were also strong, Frisco reaching the
highest point in its history, followed by Atchison and Atlantic Coast Line, both of which recorded substantial gains.
Local tractions were in brisk demand, especially BrooklynManhattan Transit which reached new high ground for the
year at 73 and Pnterborough which spurted forward *,1
points to 52%. The strong stocks also included, United
States Steel common, Allied Chemical, General Electric,
General Motors, du Pont and Mack Truck. The final tone
was buoyant.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended Nov. 26.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Total bonds
Stocks.
Number of
Shares.
Railroad,
&c..
Bonds.
State,
Municipal ck
Foreign Bonds.
606,396
1,302,610
1,473,145
1,638,022
$1,712,000
2,325,000
3,558,000
2,875,000
1,594,000
$3,471,000
7,426,000
8,860,000
7,492,400
HOLIDAY
9,919,000
2,626,000
1,210,000
6.614.173
$37.168.400
$13.096.000
$5 457 700
Week Ended Nov. 26.
Stocks-No, of shares_
Bonds.
Government bonds___
State St for. bonds_ _ _
Railroad & misc. bonds
United
States
Bonds.
$254,500
888.000
2,343,700
761,500
Jan. 1 to Nov. 26.
1926.
1925.
6,614,173
7,857,325
406,381,665
401,710,335
$5,457,700
13,096,000
37,168,400
$4,952,150
11,286,500
27,510,500
$233,292,200
629,363,450
1,790,749,100
$316,587,860
638.950,500
2,706,337,875
1926.
1925.
$55.722.100 $43,749,150 $2,653,404,750 $3,661,876,235
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Nov. 26 1926.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
2739
THE CHRONICLE
Nov. 27 1926.]
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales
9,192
17,340
24,325
23,508
89,400
23,000
'18.000
22,000
9,430
16,000
83,795
$88,400
126,229
$109,450
10,424
$5,000
21,355
28,550
22,812
21,800
21,877
76,000
BOLT DAY
10,271
30,000
2,785
11,700
8121,350
7,994
$141,000
142,735 8181.700
11,960
$151.800
86,739
915
2,034
1,084
1,176
5,200
27,400
68,000
28.700
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 10 1926:
' GOLD.
The Bank of England gold reserve against notes amounted to £151,219,930
on the 3d inst., as compared with £151.232,850 on the previous Wednesday.
About £810,000 bar gold was available in the open market yesterday, and
the Continental demand, though not so strong as in previous weeks. accounted for .C680,000. Indian requirements were small, and with the
trade, both home and abroad, absorbed the balance of supplies. Since our
last letter the Bank of England has announced the following movements
of gold:
Nov. 4. Nov. 5.
Nov. 6.
Nov. 8. Nov. 9. Nov. 10.
Received
£500,000
Withdrawn _-- £90,000
£5,000 £1,102,000
£9,000 £16,000
5,000
Part of the withdrawal on the 6th inst. consisted of £1.000,000 sovereigns
set aside on account of tne South African Reserve Bank, but on the following
working day, the 8th, half of that amount was announced as released from
this account. The other withdrawals were all in bar gpld. During the
week under review the net withdrawal from the Bank has been 4727,000,
reducing the net influx since Jan. 1 1926 to £6,976,000. The net efflux
from the Bank of England since the resumption of an effective gold standard
Is now £4,619,000.
Another European country is about to return to an effective gold standard.
In this case it is Denmark, as from Jan. 1 next.
United Kingdom imports and exports of gold during the week ended
the 3d inst. were:
ImportsExportsBelgian Congo
£37,400 Germany
£1,746,189
British South Africa
1.590.582 Netherlands
132,869
Other countries
3.921 British India
45,400
Ceylon
20,000
Other countries
45.443
£1,631,903
£1,989,901
The Transvaal gold output for October last amounted to 853,296 fine
ounces, as compared with 839,939 for September 1926 and 812,832 fine
ounces for October 1925.
SILVER.
A demand for cash silver-mainly on account of bear contracts falling due
(to be prolonged or to be closed)-continues to sustain the market, though,
as evidenced by the reduced premium for spot delivery, the stringency is
not quite so acute now that the November settlement steamer has sailed.
The China exchanges have fluctuated less widely during the week, and this
has conduced to steady the silver market. America has been disposed to
sell but supplies from other sources have not been plentiful.
Reuter telegraphed from Mexico City on the 7th inst. as follows: "President Calles has issued a decree reducing for six months the State and
Federal taxes on silver production. When the /Sew York price of silver
Is 45 cents or less per ounce, the production tax of tne Federal Government
shall be one-half of 1%, and the State tax the same. An increasing scale
of taxation is provided as silver prices advance." This would enable some
of the producers to carry on in spite of a lower level of prices. „Yesterday's quotation in New York was 53% cents.)
Telegraphic advice from New York to Bombay stated as follows: "Due
to small silver producers curtailing production it is estimated that tne
decrease in tne output has been about 1 Yi million ounces. It is believed
that the larger producing companies have a fair margin of profit even at the
present level of prices." As the world production of silver is about 240.000,000 ounces this represents a reduction of only one-half of 1%•
The silver production of Canada during the first six months of the
present year has been returned as 11,108,310 ounces, compared withh
9,240,482 ounces in the corresponding period of 1925.
United Kingdom imports and exports of silver during the week ended
the 3d inst. were:
ExportsImports£39,250 Egypt
Denmark
£23,530
France
59,558 British India
252,932
United States of America
189.918 Other countries
23,637
Canada
38.740
Other countries
27,389
£354,855
£300.099
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Oct. 15. Oct. 22. Oct. 31.
Notes in circulation
19168
19273
19379
Silver coin and bullion in India
10276
10381
10488
Silver coin and bullion out of India
bullion
in
India
Gold coin and
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
5260
5260
5260
Securities (British Government)
1400
1400
1399
No silver coinage was reported during the week ended toe 31st ult.
The stock In Shanghai on the 6th inst. consisted of about 70,800,000
ounces in sycee. 72,500,000 dollars, and 6,500 silver bars, as compared
with about 71,300,000 ounces in sycee, 73,300,000 dollars, and 5,800 silver
bars on the 30th ult.
Bar Gold,
-Bar Silver, Per Oz. Std.Per Oz. Fine.
Quotations During WeekCash.
2 Mos.
Nov. 4
24 11-168.
247-168.
84s. 11 d.
Nov. 5
24%d.
2434d.
84s 11 d.
Nov. 6
24fid.
2430.
84s. 1134d.
Nov. 8
84s. 1134d.
2415-168.
24 9-16d.
Nov. 9
2444d.
84s. 113(d.
247Ad.
Nov. 10
84s. 113d.
24 13-16d.
24 9-16d.
Average
84s. 11.4d.
24.781d.
24.489d.
The silver quotations to-day for cash and two months delivery are.
respectively, ;Id. and 'id. above those fixed a week ago.
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a trifling decrease compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Nov. 27), bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will be 0.9% smaller than for the corresponding week last year. The total stands at $8,381,788,176,
against $8,457,665,531 for the same week in 1925. At this
centre there is a loss for the five days of 1.2%. Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
iVeek Ended November 27.
1926.
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans
$3,552,000,000
432,669,131
355,000,000
346,000,000
93,642,544
97,900,000
123,866,000
117,757,000
132,163,904
79,670,956
126,929,394
73,540,556
49,262,100
$3,593,837,780
445,796,480
385,000,000
300,000,000
95,967,511
104,500,000
145,904,000
112,224,000
130,404,852
126,956,600
80,634,757
88,779,084
56,548,111
-1.2
-2.9
-7.8
+15.3
-2.4
-6.3
-15.1
+4.9
+1.3
-3,.2
+57.4
-17.2
-12.9
Thirteen cities,5 days
Other cities, 5 days
$5,580,401,585
1,404,421,895
85,666,553,175
1,264,607,760
-1.5
+11.0
Total all cities, 5 days
All cities, 1 day
$6,984,823,480
1,396,964,696
$6,931,160,935
1,520,504,596
+0.8
-8.5
IA glil 7RA 175
IR 507 AAA AM
--0.9
Total all cities for week
• Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Nov. 20. For
that week there is a decrease of 7.8%, the 1926 aggregate
of clearings ,being $10,124,094,743 and the 1925 aggregate
$10,977,291,665. Outside of New York City the decrease is
only 3.5%, the bank exchanges at this centre having shown
a loss of 11.2%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that in the Boston Reserve District the
totals are smaller by 2.7%,in the New York Reserve District
(including this city) by 11.0% and in the Philadelphia
Reserve District by 2.6%. The Cleveland Reserve District
shows gain of 3.1%, but the Richmond Reserve District has
a loss of 11.5% and the Atlanta Reserve District of 26.5%,
the latter due mainly to the decrease at the Florida points,
Jacksonville showing a loss of 35.6% and Miami of 63.1%.
In the Chicago Reserve District the totals are smaller by
2.0%, in the St. Louis Reserve District by 7.8% and in the
Minneapolis Reserve District by 5.2%. In the Kansas City
Reserve District there is an improvement of 5.3%, in the
Dallas Reserve District of 0.3% and in the San Francisco
Reserve District of 0.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Nov. 20 1926.
1926.
1925.
Inc.or
Dec.
1924.
1923.
Federal Reserve Discs.
8
8
8
8
%
451,800,379
560,226,268
let Boston_ _ _ _12 cities
579,272,770
595,226,077 -2.7
2nd New York _11 "
5.575,596,277 6,264,892,377 -11.0 5,709,237,262 4,420,516,402
517,576,192
578,576,686
8rd Philadelphial0 "
662,464,095 -2.6
645,021,352
4th Cleveland__ 8 "
383,378,592
439,504,911
426,158,212 +3.1
363,020,878
191,510,125
223,888,786
239,187,960 -11.5
6th Richmond - 6 "
211,721,191
223,842,532
246,085,747
6th Atlanta_ ___13 "
316,229,097 -26.5
232,378,454
834,823,451
956,066,747
7th Chicago -_ _20 "
995,964,620 1,016,074,534 -2.0
227,955,634
250,225,844
8th St.Louis_ __ 8 "
272,482,221 -7.8
251,155,331
132,902,781
190,636,205
9th Minneapolis 7 "
164,845,152 -5.2
156,235,809
252,050,006
297,562,255
10th Kansas City12 "
301,546,167 +5.3
317,444,103
83,270,717
11th Dallas
102,074,512
103,013,621 +0.3
106,347,059
5 "
487,938,480
519,861,642
12th San Fran...17 "
612,172,15 +0.2
613.503,866
Total
129 cities 10,124,094.743 10,977,291,665 -7.8 10,017,820.746 8382.207,577
Outside N.Y. City
4,679,338,185 4,847,097,366 -3.5 4,429,882,078 3,886,783,347
Canada
[Vol.. 123.
THE CHRONICLE
2740
29 cities
400.371_246
396.776.113 +0.9
425.405.892
410,913,422
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending November 20.
Clearings al1926.
1925.
Inc. or
Dec.
1924.
$
First Federal Reserve Dist rict-Boston
732,942
771,633 +2.0
787.249
Maine-Bangor..
3,322.584
3,839,541 -7.0
3,572,030
Portland
Mass.-Boston _ 522,000,000 534,000,000 -2.3 507,000,00 0
2,986,984
2,756,347 -13.1
2,396,204
Fall River_ _ _
a
a
a
Holyoke
1,3
'
22,800
Lowell
1,218.363
1,820,002 -27.3
a
a
a
Lynn
a
1.481,347
1,787,326
1,637,255 --9.5
New Bedford..
5.623,933
6,075,206
5,780,936 +5.1
Springfield- Worcester
3,521,000
3,348,515
3,559,895 -5.9
14,632,754
Conn.-Hartford
13,097,696
15,646,940 -6.5
6,746.921
7,241,205
New Haven_ _ _
7,899,735 -8.3
15,749,400
R.I.-Providence
13,443,200
16,831,500 -6.4
745,319
666.060
N.H.-Manches.
882,293 -2.4
Total(12 cities)
579,272,770
595,226,077
Second Feder al Reserve D Istrict-New
6.536,846
N. Y.-Albany..
6,363,792
Binghamton_
1,061,200
1,020,600
Buffalo
56.575,812
63,682,868
Elmira
1,008,252
1.148,952
Jamestown....
c1,648,528
1,689,898
New York.... 5,444,756,558 6,130,194,299
Rochester
12,173,306
12,842,776
Syracuse
5,618,889
5.957,608
Conn.-Stamford
3,887,131
c3,736,408
N. J.-Montclair
626.463
760.028
Northern N.J.__
41,373.331
37,776.109
-2.7
560.226,268
1923.
906,698
3,014,998
402,000,000
2,746,126
a
'1,406,040
a
1,495,975
5,175,530
2,951,000
10,978,081
6,376,874
14,104.000
645,057
451,800,379
York.
6,152,088
3,886,325
+2.7
997,400
1.050,800
-3.8
52,405,853
-11.2
52,541,827
802,344
729,183
-12.3
1,305,726
1,282,022
-2.6
-11.2 5,587,938,668 4,300,424,230
12,835,211
-5.2
10,725,680
4,605,184
4,123,149
+8.0
2,913,353
2,952,443
-3.9
583,686
464.428
+21.3
38,697,749
42,336,315
+9.5
Total(11 cities) 5,575,545,277 6,264,892,377 -11.0 5,709,237,262 4,420,516,402
•
Third Federal Reserve Dist rict-Philad elphia
Pa.-Altoona__ _ _
1,830,147
1,700,631 +7.6
1,445,284
1.367,279
Bethlehem. _ _ _
4,690,280
3,603,539
4,889,478 +4.5
4,555,342
Chester
1,360,824
1,162,915
1,489,367 -8.6
1,254,219
Lancaster
2,610,369 -20.0
2,085,518
2,595,710
2,799,394
Philadelphia_ 610,000,000 629,000,000 -3.0 549,000,000 488.000,000
Reading
4.788,972
3,977,838 +19.8
3,567,978
3,066,090
Scranton
6,409,009
5.846,634 +9.6
6,000,751
5,615,793
Wilkes-Barre
d4,939.827
4.565,240 +8.2
4.343,892
4,522,592
York
1,934,831
1,487,992
1,698.346 +13.9
1.412,072
7,003,944
N.1.-Trenton._
7,086,392 -1.2
5,368,825
4,983,411
a
a
_
a
a
a
Total(10 cities)
645,021,352
862,464,095
-2.6
578,578,686
517,576,192
Fourth Feder al Reserve D istrict-Clev eland6.680,000 -10.0
Ohio-Akron.... d6,016,000
3,723,306 +3.8
3,865,358
Canton
81,819,972
79,514.867 +2.9
Cincinnati
130,063,442 129,145,516 +0.7
Cleveland
14,143.700 +9.5
15,490,000
Columbus
a
a
a
Dayton
a
a
a
Lima
2.274,517 +25.1
d2,844,653
Mansfield
a
a
a
Springfield_ _ _
a
a
a
Toledo
5,123,851 -1.4
5,054,418
Youngstown...
a
a
a
Pa.-Erie
194,351,068 185,552,855 +4.7
Pittsburgh_ _
8,506,000
4,290,755
71,686,261
110,797,593
12,271,100
a
a
2,080,345
a
a
3,642,088
a
170,104,450
6,950,000
4,281,446
85,536,305
101,547,613
11,625,000
a
a
1,905,675
a
a
3,312,954
a
167,861,885
+3.1
383,378,592
383,020,878
Fifth Federal Reserve Dist rict-RIchm ond1,850,238 -15.1
1,570,621
W.Va.-Hunt'g'n
10.208,158 +3.5
Va.-Norfolk__ _ _ d10,561,003
-14.4
66,071,000
56,589.000
Richmond
__
3,227,373 -9.1
d2,935.200
S.C.-Charleston
Md.-Baltimore. 112,573,965 127,760,132 -11.9
30,071,059 -8.6
27,491,402
D.C.-Washing'n
1,862,146
9,723,371
70.902,000
3,115,211
113,137,058
25,149.000
1,800,755
10,904,774
59,813,000
3,670,823
93,279,773
22,241,000
239,187,960 -11.5
223,888,788
191,510,125
Sixth Federal Reserve Dist rict-Atiant 89,936,296
Tenn.-Chatt'ga. d9,915,016
*3.200,000 +12.6
3.605.000
Knoxville
24,711,158 +3.9
25,667,294
Nashville
96.580,105 -31.1
54,635,608
Ga.-Atlanta.--2,531,700 -12.8
2,208,624
Augusta
Macon
2,184,318 -9.7
1,973,752
a
a
a
Savannah
40,484,322 -35.8
26,056,847
Miami
26,119.112 -63.1
9,652,393
30,050,699 -7.1
Ala.-Birming•m. 27,913,701
Mobile
2,224,380 +6.2
2,340,472
Miss -Jackson..
1,876,000 +7.4
1,799,639
395.255 +10.6
Vicksburg
437,286
La-New Orleans
76,135,752 -26.3
58.172,822
7,633,591
*3,000,000
23,908,000
75,279.166
2,702,000
2.010,105
a
*22.000,000
6,913,341
30,344,499
1,988,457
1,098,509
551,079
68,657,000
8,018,873
2,771,856
23,083,000
65,940,550
*2,500,000
1,570,987
a
13,975,740
Total(8 cities) _
Total(6 cities).
Total(13 cities)
439,504,911
211,721,191
232,378,454
426,158,212
316,229,097 -26.5
248,085.747
29,192,353
2,052,925
1,072,297
487,277
73,176,874
223,842,53w
Week Ending November 20.
Clearings at1926.
1925.
$
$
Seventh Feder al Reserve D Mulct-Ch
Mich.-Adrian _
234,337
296,292
Ann Arbor_
1,116,504
925,172
Detroit
180,714,406 197,563,034
Grand Rapids_
8,107,857
8,559,824
Lansing
2,880,345
2,281,963
Ind.-Ft. Wayne
3,671,264
2,830,384
Indianapolis...
25,003.000
17,696,000
South Bend_ _ _
3,009.400
3,361,100
Terre Haute.._
5.853,959
4,970,023
46,124,681
Wis.-Milwaukee
41,459,065
Iowa-Ced. Rap_
2,665,109
2,847,654
Des Moines_ _ _
11,514,564
12,173,819
Sioux City__ _ _
5,948,825
6,784.635
Waterloo
1,487,312
1,457,597
1,611,154
1,630,879
Chicago
683,781,754 698,919,003
Danville
a
a
Decatur
1,315.688
1,431,748
Peoria
4,582,273
5,200.378
Rockford
3,542,867
2,904,399
2,799,321
Springfield....
2,781,585
Inc.or
Dec.
1924.
1923.
cago161,670
-20.9
288,598
442,764
+20.7
789,219
-8.5 165,794,440 151,107,854
7,817,687
5,968,182
-5.3
2,404,881
+26.2
2,727,612
2,192,421
+29.7
2,409,524
19.817,000
+41.3
17,506,000
2,270,000
2,548,500
-10.5
5,684,865
4,733,033
+17.8
34,055,383
+11.3
38,326,012
2,308,943
-6.4
2,722,290
10,881,344
-5.4
11,495,456
5,976,179
-12.3
6,590,924
1,403,287
1,521,723
+2.0
1,215,512
-1.2
1,352,156
-2.2 678,648,889 578,376.343
a
a
a
-2.1
1,135,267
1,231,326
-11.9 • 4,922,520
5,007,945
2,207,016
+22.0
2,475,142
2,226,615
+0.6
2,165,718
Total(20 cities) 995,964,620 1,016,074,534
956,086,747
Eighth Faders 1 Reserve Dis trict-St. Lo uis-Ind.-Evansville.
6,126,084
5.583,234 +9.7
5,951,440
Mo.-St. Louis
157,100.000 172,500,000 -8.9 156,722,178
36,993,014
Ky.-Louisville _
37,869,060 -2.3
32,530,792
Owensboro....
288,918
327,647 -11.8
343,490
Tenn.- Memphis
29,880,579
35,404,385 -15.6
34,856.347
Ark.-Little Rock
18,987,733
18,940,614 +0.2
18,237,159
111.-Jacksonville
346,783
428,463 -19.1
307,560
Quincy
1,432,220
1,428.818 +0.2
1,276,878
834.823,451
Total(8 cities). 251.155,331 272,482,221 -7.8 250,225,844
Ninth Federal Reserve Dis trict - Mln neapol 18Minn.-Duluth. d10,943,877
12,709,577 -13.9
18,767,373
Minneapolis...
98,084,300 105,824,226 -7.3 123,853,000
St. Paul
38.137,782
38,138,292 -0.01
38,799,085
No. Dak.-Fargo
2,341,163
1,945,569 +20.3
2,568,738
S. D.-Aberdeen
1,674,963
1,793,032 -6.6
1,892,667
Mont -Billings.
949,571
765,161 +24.1
718.154
Helena
4,104,153
3,669.295 +11.8
4,237,188
227,955,634
Total(7 cities). 156,235,809 164,845,152 -5.2 190,636,205
Tenth Federal Reserve Dis trict - Kan sas CIt y-Neb.-Fremont
d407,568
354,118 +15.1
369,806
Hastings
430,207
677,869 -36.5
580,876
Lincoln
4,786.246
4,852,534 -1.4
4,165,435
Omaha
45,208,901
46,750,089 -3.3
43,041,316
Kan.-Topeka..
3,944,952
3,856,300 +2.3
2,739,345
Wichita
8,317,103 +9.7
d9,121,565
8,086,972
Mo.-Kan. City_ 181,554.454 163,128,446 +11.4 161,205,000
St. Joseph__ _ _
8,006,075 +3.6
d8,294,898
8,100,875
Okla.-Muskogee
a
a
a
a
Oklahoma City
32,633,133
40,434,120 -19.3
40,091,614
Tulsa
a
a
a
a
Colo.-Colo.Spgs.
1,121.444
1,404,902 -20.2
1,109,491
Denver
28,343,072
22,496.241 +26.0
28,882,779
Pueblo
1,597.669
1.268,370 +26.0
1,188,748
132,902.781
Total(12 cities) 317,444,103 301,546,167 +5.3
Eleventh - F ederal Reser ye Distr.ct- Dallas
Tex.-Austin.
1,812,143
2X61,285 -12.1
Dallas
64,022,880
67,156,496 -4.7
Fort Worth_ _ _ d19.856,806
18,371,661 -19.9
Galveston
14,200,000
12,364.000 +14.8
Houston
a
a
6.455.230
La.-Shreveport_
6,060,179
Total(5 cities). 106,347,059 106,013,621
Twelfth Feder al Reserve D istrict-San
50,440,451
Wash -Seattle..
50.640,197
13,700,000
14,458,000
Spokane
a
a
Tacoma
2,297,613
1,648,086
Yakima
48,746,692
49,416,868
Ore.-Portland _
24,649,499
21,534,935
Utah-S.L.City.
a
a
Nev.-Reno
a
a
Ariz.-Phoenix
6,136,904
7,106,742
Calif.-Fresno--7.805,274
7,458,124
Long Beach
195,049.000 173,543,000
Los Angeles
24,530,501
19,619,596
Oakland
8,026,464
6,501,899
Pasadena
10.987,680
11,591,959
Sacramento _
6,838,852
5,314,161
San Diego_ _ _
San Francisco_ 210,671,000 225,120,000
3,477,771
3,407,356
San Jose
1,572,404
1,531,758
Santa Barbara_
2,487,143
2,168,289
Santa Monica_
3,121,600
4.076,200
Stockton
Total(17 cities) 613,503,866 612,172,152
Grand total (129
10124094,743 10977 291,685
cities)
5,029,568
142,170.262
29,049,012
368,505
33,401,137
16,325,021
340,839
1,271,290
9,850,363
78,346,775
36,528,084
2,194.709
1,587,583
618.080
3,777,187
397,250
458,827
3,975,279
37,988,171
2,935,861
7,874,887
134,798,175
7,256,117
a
29,664,990
a
1,004,080
24,824,048
872,321
297,582,255
252,050,006
1,873,176
62,479,749
18,567,386
12,966,131
a
6,188,070
1,734,151
51,335,784
14,577,643
10,034,902
a
5,588.237
+0.3 102,074,512
Franci sco-0.4
42,129.000
-5.3
12,119,000
a
a
1,956,954
-28.3
+1.4
41,460,640
-12.6
19,997,186
a
a
a
a
+15.8
5,244,377
+4.8
7.077,728
+12.4 159,945,000
-20.0
20,016,044
+23.4
6,134,707
-5.2
11,620,480
+28.7
4,478,918
-6.5 178,000,000
+2.1
3.125,748
+2.6
1,259,245
+14.7
2,035,015
-18.9
3,261,800
83,270,717
+0.2
519,861,842
40,361,848
12,401,000
a
1,667,818
41,198,642
18,778,643
a
a
5,786,890
9,331,844
152,696,000
15,995,180
5,669,852
9.303,961
3,325,512
161,100,000
2.367.787
1,445,444
2,226,919
3,281,300
487,938.480
--7.8 10017 820,746 8,187,207,577
Outside N.Y._ ._ 4.679.338,185 4.847,097,366 -3.5 4,429,882,078 3,886,783,347
eel Ended Nov. 18.
_
•
Inc. or
1926.
1925.
Dec.
1923.
1924.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medicine HatPeterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
$
119.065,647
109,344,240
74,623,808
18,052,425
7,660,588
7,576.925
3,078,522
6,441,259
11,122,626
2,662,072
2.151,890
3,145,471
6,103,725
8,477,117
871,737
822,338
2,819,690
1,776,174
1,195,889
1,774,206
780,199
433,033
848.729
990.367
1,192,796
5,187.288
470.489
931,260
770,736
8
114,472,349
110,901,043
79,598,096
18,631,944
7,418,037
6,442,967
3,154,577
5,465,213
9,140,851
2,777,311
2,112,587
3,229.220
5,628,238
8.618,383
722,481
628,927
3,183,946
1,633,980
1,056,642
1,053,161
746,948
433,003
688,787
895.363
1,061,709
4,689,985
524,828
1.010.443
855,098
%
+4.1
-1.4
-6.3
-3.1
+3.3
+17.6
-2.4
+17.8
+21.7
-4.2
'4-1.9
-2.6
+8.4
-1.6
+20.6
+30.7
-11.5
+8.7
+13.2
-31.5
+4.4
--+23.2
+10.6
+12.3
+10.3
-10.4
-7.9
-9.9
$
120,460,182
124,937,218
91,713,502
17,981,362
7,380,287
6,714,033
3,570,269
5.488,738
10.379,723
2,973,659
2.460,859
2,830,102
5,267,012
5,919,753
944,431
818,851
2,271,348
1,748,853
907,779
1,271,257
657,782
442,896
921,583
798.794
1,030,073
3,152.138
438,534
884,924
1,041,372
$
122,451,649
116,281,861
83,759,008
18,949.228
8,619,983
6,731,698
3,641,247
6,483,689
8,178,858
3,135,197
2,215,714
2,966.308
4,617.832
5,460,615
793,035
878,058
2.870,569
1,877,806
1,153,111
1,531,385
617,652
554.950
743,750
941.698
1,267,078
4,167,088
457,916
891,845
874,796
Total(29 cities)
400,371,248
396,776,113
+0.9
425,406,892
410,913,422
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Nov. 17. d Week ended Nov. 18. e Week ended Nov. 19. •Estimated.
Nov. 27 19261
THE CHRONICLE
2741
THE CURB MARKET.
Wheat,
Corn,
Flour,
Oats,
Rye,
Bark:i.
ExportsfromBushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Trading in the Curb Market was very little changed from
New York
1 690,746
132,594
6,630
26,196 316,244
that of the past few weeks. Prices continue to move irregu- Boston
40,000
_- _
26,000
Philadelphia
136,000
larly, changes in the majority of -cases being of little im- Baltimore
20,000
88,000
11,000
131,000
portance. Victor Talking Machine was a feature among Norfolk
1,000
Newport News
1,000
industrials, jumping from 103 to 117, the close to-day being New
Orleans
112,000
98,000
30,000
26,000
296,000
at 116. General Baking, class A, sold up from 543' to 58%
24,000
26,000
3 Galveston
3,152,000
129,000
181,000 454,000
and reacted finally to 573j. Glen Alden Coal declined from Montreal
Total
week 1926_ 5,514,746
18434 to 183. Libbey-Owens Sheet Glass common sold up
98,000 374,594
32,630 233,196 901,244
Same week 1925._ 6,671,006
35,000 364,230 1,229,082 201.078 1.910.176
from 135 to 144. Rand-Kardex Bureau moved up from
The destination of these exports for the week and since
4534 to 5034. Warner Brothers Pictures rose from 363>. to
383
4 and reacted to-day to 33, the close being at 3532. July 1 1926 is as below:
Utilities show few changes. American Light & Traction
common gained over 25 points to 24134, the close to-day
Flour.
Wheat.
Corn.
for Week
being at 2403/2. American Gas & Electric common after Exports
and Since
Week
Since
Week
Since
Week
Since
early loss from 105% to 1043
July 1 toNov. 20 July 1
4 moved up to 10834 and
Nov. 20
July 1
Nor. 20
July 1
1926.
1926.
1926.
finished to-day at 1073/2. South American Oil shares
1926.
1926,
1926.
were
in evidence in the oil division. Carib Syndicate was active
Barrels. ,Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom- 126,632 1,891,157 1,995,933 49,859,073
and dropped from 225
198,610
4, then ran up to 235
% to 203
%, the Continent
210,962 2,768,979 3,476,813 77.106,281
17,000
close to-day being at 233. Standard Oil issues were quiet So.
& Cent. Amer_ 6,000
253,980
40,000 3,229,000
24,000 1,062,000
West
Indies
14,000
247,000
little
and
changed.
2,000
13,000
74,000
583,000
560,350
A complete record of Curb Market transactions for the Other countries... 17,000 262,565
Total 1926
week will be found on page 2766.
374,594 5,423,681 5,514,746 130,767,704
98.000 1,860,610
Total 1925
364,230 5.233,633
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS (No. Shares).
Week Ended Nov. 26.
BONDS(Par Value).
Ind& Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
44,120
95,410
133,012
124,520
105,205
Total
512,267
Domestic. For'n Govt.
24,800
33,700 41,054,000
122,120
173,860 1,761,000
41,080
73,180 1,722,000
105,345
57.370 1,964,000
HOLI DAY
75,070
69,110 2,022,000
368,415
407,220 88,523,000
486,000
182,000
198,000
208,000
5434
5434
54
has been:
Holiday
5434
gotronercial antintiscellantons Anus
Breadstuffs figures brought from page 2801.-All
the statements below regarding the movement of
grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour.
Wheat.
Corn.
Barley.
Oats.
1
Rye
'
bbls.196lbs bush.60 lbsbush,56 lbs bush. 32 lbs ush.48153.bush.66lbs.
Chicago
261,000
385,000 1,760,000
796,000
110,000
148.000
Minneapolis
1,603,000
84,000
287,000
322.000
93,000
Duluth
2,207,000
9,000
133,000
222,000
341,000
Milwaukee38,000
147,000
241.000
315,000
163,000
27,000
Toledo
147,000
95,000
141,000
5,000
Detroit
60,000
53,000
41,000
28,000
Indianapolis
64,000
264,000
258,000
St. Louis_ __.
109,000
66,000
4,000
65,000
Peoria
55,000
10,000
105,000
104,000
18,000
Kansas City
690,000
71,000
51,000
Omaha
245,000
254,000
60,000
Joseph_
__
St.
109,000
66,000
4,000
Wichita
275,000
13,000
10,000
Sioux City__
83,000
36,000
18,000
4,000
Total wk. '26
354,000 6,134,000 3,117,000 2,222,000
904,000
642,000
Same wk. '25
487,000 8,678,000 4,289,000
537,000
Same wk. '24
431,000 13,339,000 3,533,000 3,358,000 1,044,000
5.175,000 1,470,000 1.698,000
Since Aug.11926
7,820,000179,504,000 75,404,000 61,746,000
3,400,000 17.631,000
1925
7,720,000170.564,000 56,217,00(1113
392
000 13,289,000
1924
8.129 non'12 I 2522 non 71
a.n nisi.. no
'
.an %MIS
00036.
.10 730,
on,nnn A n dIC.11 11/111
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 7, follow:
Receipts at-
Flour.
Barrels.
New York... 255,000
Philadelphia__
55,000
Baltimore....
28,000
N'port News_
1,000
Norfolk
1,000
New Orleans *
72,000
Galveston_
Montreal ---.
70,000
Boston
43,000
Wheat.
Corn.
Oats.
Bushels.
2,301,000
204,000
323.000
Bushels.
91,000
2,000
9,000
173,000
230,000
5,512,000
208,000
126,000
24,000
20,000
38,000
41,000
525,000 8,951,000
Total wk. '26
Since Jan.1'2522,831,000217,355,000
248,000
6,836,000
Barley.
Rye.
Bushels.
Bushels. Bushels.
156,000
435,000
113,000
15,000
20,000
20,000
73,000
1,000
777,000
5,000
i94,000 1,305,000
119,000
6,294,00031,723,00029,245,000
610,000 7,724,000
Week 1926- -Since Jan.1.2522.441,000 207,252,000
418,000 1,031,000
947,000
173,000
7,664,000 71.274,00039,285.000 29,148.000
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, Aug.. 7 1926, are shown in the annexed
statement:
Week
Nov. 19.
8719,000
Sat.
Mon.
Tues.
Wed.
Thurs.
Week Ended Nov. 26Nov. 20. Nov. 22. Nov. 23. Nov. 24. Nov. 25. Fri.
Nov. 26.
Silver, per oz
d 263-16 25%
25
251i
251.(
253j
Gold, per fine ounce
84.11H 84.1134 84.10
84.11
84.1134 84.1134
Consols, 234 per cents
5434
5434
543.4
547-16 5434
British, 5 per cents
100
100
100
100
100
British, 434 per cents
9334
9334
9374
9374
93%
French Rentes (in Paris), fr_ ____
49.25
49.65
50.20
50.60
50.15
French War Loan(in Paris),fr ____
56.50
55.20
56.35
56.50
55.55
Silver in N. Y., per oz. (cts.):
Foreign
534
Wheat.
1926.
45,000
• ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &cc., at London,
as reported by cable, have been as follows the
past week:
London,
The price of silver in New York on the same days
6,671,006 105,213.332
35,000 2.517.255
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Aug. 6, and since July 1 1926 and 1925,
are shown in the following:
Since
July 1.
Corn.
1925.
Since
July 1.
1926.
Week
Nov. 19.
Since
July 1.
1925.
Since
July 1.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer_ 11,138,000206,692,000157,501,000,
50,000 1,198,000 1,400,000
Black Sea_ _ _ 1,208,000 20,244,000 12.832,000
468,000 7,898,000 9.670,000
Argentina_ __
259,000 10,909,000 24,357,000 5,124,000 89,004,000 68,984,000
Australia____
168,000 8,648,000 15,048,000
India
312,000 4,104,000 2,512,000
0th. countr's
960,000 8,265,000
I
43,000
754,000 25,968,000
Total
14,045,000258,862,000212,250,000 5,685,000 98,854,000106,022.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 20, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
FortWorth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Rye.
Barley.
bush,
bush,
bush,
bush.
bush.
679,000
156,000
745,000
119,000
56,000
10,000
4,000
40,000
6,000
1,030,000
12,000
125,000
17,000
50,000
2,661,000
46,000
157,000
89,000
3,000
1,159,000
251,000
85,000
1,889,000
153,000
10,000
2,386,000
103,000 1,456,000
10,000
75,000
3,974,000 3,020,000 3,843,000
230,000
554,000
2,208,000
559,000
2,044,000
68,000
335,000
53,000
8,000
239,000
7,000
57,000
7,000
4,698,000 17,735,000 7,503,000 2,804.000
512,000
513,000
851,000 2,215,000
528,000
194,000
8,909,000
15,000 9,034,000 4,928,000
749,000
10,578,000
763.000 17,942,000 3,769,000 2,728,000
479,000
249,000
292,000
2,000
9.000
4,194,000 1,197.000
336,000
24,000
45,000
13,636,000 1,918,000
743,000
314,000
19,000
3,991,000
3,000
9,000
945,000
464,000
89,000
98,000
12,000
585,000
692,000
1.348,000
726,000
365,000
1,000
3,524,000 1,371,000 2,288,000
231,000
15,000
881,000
60,000
571,000
101,000
Total Nov. 20 1926_ __ _72,558,000 30,103,000 48,391,000 13,484,000 5,087,000
Total Nov. 13 1926_ _ _73,626,000 29,273,000 48,154,000 13,331,000 4,624,000
Total Nov. 21 1925.... _44,314,000 1,512,000 64,402,000 10,937,000 6,412,000
Note.-Bonded grain not included above: Oats, New York,4,000 bushels: Buffalo,
219,000; Duluth, 16,000; total, 239,000 bushels, against 542,000 bushels in
1925.
Barley, New York, 275,000 bushels; Baltimore. 149.000: Buffalo, 1,308,000; Buffalo
afloat. 270,000; Duluth, 170.000; Canal. 1,061,000;on Lakes,64,000;total, 3,297,000
bushels, against 3,507.000 bushels in 1925. Wheat, New York, 3,328,000
bushels;
Boston, 217,000; Philadelphia, 1,024,000; Baltimore, 1,241,000; Buffalo, 6,866,000;
Buffalo afloat, 2,981,000; Duluth, 263,000: Canal. 401,000; on Lakes,
2,388.000;
total, 18,709.000 bushels, against 10,607,000 bushels In 1925.
CanadianMontreal
1,847,000
2.857,000
210,000 1,670,000
Ft. William & Pt. Arthur_ 33.851,000
1.951,000 1,351,000 3,516,000
Other Canadian
12,194,000
1,847,000 1,052.000 1,554,000
Total Nov. 20 1926_ ..47,892.000
6,655,000
Total Nov. 13 1926....46.108,000
58,000 6,332,000
Total Nov. 21 1925--- _42,083,000
68,000 4,255,000
SummaryAmerican
72,558.000 30,103,000 48,391,000
Canadian
47,892,000
6,655,000
2,613,000 6,740,000
2,500,000 7,277,000
1,552,000 7,799,000
13,484,000 5,087,000
2,613,000 6,740,000
Total Nov.20 1926..120.450,000 30.103,000 55,046,000 16,097,000 11.827,000
Total Nov. 13 1926...119,734,000 29,331,000 54,486,000 15,831,000 11,901,000
Total Nov. 21 1925_ _ _ 86,397,000 1,580,000 68.657,000 12.489,000 14,211,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital
Nov.17-The First National Bank of Sulphur Springs. Ark
Correspondent, Axel K.Johnson.Sulphur Springs, Ark. $25.000
Nov. 17-First National Bank in Alamogordo. New Max
25,000
Correspondent. H. W.Morrow. Roswell, New Max.
Nov. 17-The Harlem Nat. Bank of the City of New York, N.Y
Correspondent. Edward A. Watts, 2297 Seventh Ave., 200.000
New York. N. Y.
Nov. 19-Cambridge National Bank, Cambridge. Mass
Correspondent, James W. Brock, 55 Sacramento St., 200,000
Cambridge, Mass.
Nov. 19-The Harrington Park Nat. Bank,FIarrIngton Park,N.J.
Correspondent, Charles .1. Carlsen, Carmen Rd., Har- 25,000
rington Park. N. J.
Nov.20-The Magnolia Park National Bank of Burbank, Calif
Correspondent, Earl L. White, 927 Lima St., Burbank, 100,000
Calif.
2742
APPLICATIONS TO ORGANIZE APPROVED.
Nov.17-The -Harrison National Bank, Harrison, N. J
$200,000
Correspondent, Harry L. Tepper, 1060 Broad St,
Newark, N. J.
Nov.17-The First National Bank of Borger. Tex
50.000
Correspondent, Dan E. Lydick, 1809 F. & M. Bank
Bldg., Fort Worth, Tea.
APPLICATION TO CONVERT RECEIVED.
Nov. 19-The State National Bank of Maria, Tex
Conversion of the Marfa State Bank, Marfa, Tex.
$100,000
CHARTERS ISSUED.
Nov.18-13006-The Stewart National Bank of Livonia, N. Y
$75.000
Succeeds Bank of Livonia, Livonia, N. Y. President,
G. W. Bowen; Cashier, Geo. A. Lawrence.
Nov.18-13007-The First National Bank of Verdugo City, Calif- 50,000
President, H. N. Fowler; Cashier, H. Albert Isham.
'
Nov.19-13008-The Coral Gables First National Bank, Coral
Gables, Fla
100,000
President, T. F. McAuliffe; Cashier, Robert L. Hall.
Nov.19-13009-The Peoples National Bank of Burgettstown,Pa. 50,000
President, Thomas B. Brown; Cashier, Guy P. Porter.
ism
VOLUNTARY LIQUIDATION.
Nov.19-11644-The First National Bank of Ashton, Iowa
$25,000
Effective Nov. 15 1926. Liquidating agent, Chris H.
Schutt, Ashton, Iowa. Succeeded'by the First National Bank in Ashton, Iowa, No. 12883.
Auction Sales.-Among other securities, the following,
not actyally dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
5 per sit.
55 Hanover Nat. Bank, N. Y. _1035
6 Union Mining Co. of Allegany
40
Co., Md
100
70 Metropolitan Jockey Club
$1,000 Morington Mining Co.8%
note, dated Jan. 15 1922, due $40
Jan. 15 1925
1 lot
20,000 Morington Min. Co., par $1
900 Lockwood, Greene & Co..
$5,000
Inc., preferred
180 Lockwood, Greene & Co.,I lot
Inc., class B, no par
100 EnterprLse Mines, Inc., no par $25 lot
$3,000 Enterprise Mines, Inc.,
$30 lot
notes
162-a Seashore Estates, Inc., no
$60 lot
par
150 Crusader Pipe Line of Ark.,
$50
common, no par
100 Crusader Pipe Line of Ark.7% lot
pref. panic. class A
2,000 Internat. Cotton Refg.1
Corp., common, par $1
I $20
$5,000 promissory note of Inter-k lot
nat. Cot. Refg. Corp., dated
July 16 1925
1
265 Phosphate Mining Co
200 Crusader Co., Inc., 7%
pref. A
82,200
200 Crusader Co., Inc., com.,I lot
no par
200 Crusader Pipe Line Co.of Ark }
7% preferred
} $80
300 Crusader Pipe Line Co.of Ark i lot
common, no par
1,166 Hudson Valley Invest. Corp,
common, par 81
$50 lot
30 Hudson Valley Invest. Corp.
2d pref., no par
$30 lot
555 Hudson Valley Invest. Corp.,
common, par 731
835 lot
14 Hudson Valley Invest, Corp.,
24 pref., no par
$20 lot
500 Lance Creek Royalties Co.,
Inc. Wyoming, par 51
82 lot
4,500 :
Santa Cecilia Sugar Corp.,
common, no par
$450 lot
500 United Industries Devel. Corp.,
no par
$25 lot
500 United Industrial Devel. Corp.,
no par
$15 lot
200 Phosphate Mining Co
1
40 Trackless Trolley Co. of Am.,
preferred
300 Trackless Trolley Co. of Am. $1,000
common
lot
25634 Electro Coach Corp. v.t.c.I
2,SiolmperlalElectrlcMotorCo.J
100 Atlanta Shope Brick & Tile Co.
of Atlanta, Ga
250.
223 Atlantic Shope Brick & Tile Co.
of Atlantic. Ga
25e.
300 Amer. Electro Osmosis Corp.,
$10 lot
preferred
250 Pyrograph Advertising Sign
$20 lot
Corp. of U. S., no par
4 Per sit.
Shares. Stocks.
100 Concord Finance Corp.,com--$50 lot
562,500 Anco Finishing Corp.,
promissory notes
$67,500 Anco Finishing Corp. demand notes
$100
850 Anco Finishing Corp., pref
400 Anco Finishing Corp., pref._ lot
750 Anco Fin. Corp., com. v.t.c.
375 Anco Fin. Corp., com. v.t.c.
2,750 Anco Fin. Corp., com. v.t.c.
450 Frances 011 Trustees, pref
ctfs., no par
$10 lot
263 Henry Sonneborn dr Co., Inc
(Md. Co.), no par
895 lot
810,000 participation Port Edward
Townsite Syndicate ($5,550 pd.)$11 lot
33 San Francisco-Sacramento RR.
Co., preferred
$475 lot
165 San Francisco-Sacramento RR.
Co., common
$200 lot
10 Monmouth Co. Agricul. Fair
Assn., par $25
10 Minnesink Realty Co. trust
ctf., par $10
$40
$1,000 Minnesink Realty Co. 5% lot
deb. bonds, due 1931
60 Manhattan Malting Co
133 New York Rys. Co
Receipt of John Nemeth for the sum
of 32,000 kronen of 534% third
$13 lot
Austrian War Loan
•
Per Cent.
Bonds.
$10,000 Safety Insulated Wire &
Cable Co. 1st M.s. f. 65, 1942_._10134
$5,000 State of North Carolina apecial tax bonds (repudiated)
$23 lot
$5,000 Tampa & Jacksonville Ky.
1st M.5s,Oct. 1 1949 ctfs. of dep.
61
Oct. 1915 coupon on
$5,000 Diatomite Co. 1st M. 75,
1944. Oct. 1924 coupons on....$110 lot
$5,000 Diatomite Co. 1st M. 75,1944. Oct. 1924 coupons on_ _5480 lot
$2,000 Alaska Anthracite RR. Co.
lot M.s. I.6s ctf. of dep
$22 lot
$1,500 Staten Island Impt. Co.
1st M.75, Feb. 1 1934
90%
$1,000 Kew Gardens Terrace Apt.
Bldg. 1st M.634s, July 1 1929.- 9034
51,000 381 Park Ave. Corp. let M.
634s, Jan. 1 1935
903.4
$1,000 Parkway Apts. 1st M. 75,
Oct. 1 1933
90
$1,000 Parkway Apts. 1st 56.78.
Oct. 1 1932
90
$50065 East 96th Street Apt. Bldg.
13345, Dec. 1 1928
9031
$500 Embassy Apts. 1st M. 13558,
May 1 1934
90
$500 Concourse Plaza Apt. Bldg.
1st M.630,Aug. 1 1927
9434
$500 Ponce de Leon Apts. 1st M.
75, Jan. 1 1935
90
37.000 Second Ave. RR.Co. bonds,
Aug. 1908 coupons on
$25 lot
By R. L. Day & Co., Boston:
$ per sit.
$ per sit. Shares. Stocks.
Shares. Stocks.
337
10 First National Stores, 1st pref.-10034
20 First National Bank
3773( 5 Boston Chamber of Commerce
6 Merchants' National Bank
225
Realty Trust, 1st pref
40
5 Webster & Atlas Nat. Bank
392
61 Winchester Co.,2d pref
20
2 Second National Bank
456
10 Rivett Lathe & Grinder Corp.,
5 National Rockland Bank
preferred
1st
25
2
4
Shawmut
Bank
National
334
60
24834 10 Rivett Lathe & Grinder Corp.. on pl.
48 Atlantic National Bank
common as bonus
337
10 First National Bank
24434 5 Heywood Wakefield Co., 1st pref. 98
14 National Sbawmut Bank
72
33734 1 unit First Peoples Trust
25 First National Bank
6 Atlantic National Bank
24834 2 special units First Peoples Trust.- 534
437
15 Nor.Bost. Ltg.Props.,corn.10334-104
4 American Trust Co
6834 10 Waldorf System, Inc., 1st pref.,
35 Arlington Mills
1034
par $10
13 Massachusetts Cotton Mills.... 7434
6 Merrimack Mfg. Co., pref
7234 130 Quincy Mkt. Cold Storage &
3134
W'house Co. common
43
25 Edwards Mfg. Co
65 . 55 Metropollta:n Filling Stations,
25 Connecticut Mills, 1st pref
7
Cl. A part. corn., par 510
115 Connecticut Mills, com. Cl. A.
72
36 units First Peoples Treat
2
par $10
55
10 Naumkeag Steam Cotton Co._ _148% 10 Tyer Rubber Co., pref
10934
10 U.S. Envelope Co., pref
42
1 Chatham RR
15%
5 Saco Lowell Shops, 1st pref
20 Worcester Consol. St. Ry. Co.,
109
13% 20 Amer. Glue Co., pref
1st pref., par $80
17 Fitchburg & Leominster St. Ry_ 134 70 Cambridge Elec. Securities Co..
14234
42 Hood Rubber Co., 734% pref.,par $25
100%400% 14 Saco Lowell Shops, Common.... 234
par
525_14434
Co.,
El.
Lt.
Cambridge
75 Charlestown G. & El. Co., par
10
$25
1203i 25 Cambridge El. &cur. Co., par
144%
23 Lowell El. Lt. Co.. par $25
$25
6734
10 Boston Wharf Co
15 Worcester G. Lt. CO., com.,
$25_14
14
14
6034
3 Cambridge El. Lt. Co.. Par
par $25
1 New Bedford 0.4 Edison Lt. Co..
First National Stores, 1st prof _ _101%
13 F
Per cent.
Par 525
Bonds.
83%
3 David Lupton Sons, pref
$2,000 Boston Wharf Co. 4s, April
85
1 Fall River El. Lt. Co., par $25_
9234
1941
4734
[Vol,. 123.
THE CHRONICLE
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
S per sit. Shares. Stocks.
$ per sh•
5 Fidelity Trust Co
32 lot 20 Indiana Pipe Line, par 550_ 61
50 New Bedford Cordage Co., par
100 Nat. Transit Co.. par 812.50- 1334
$10
54
3534 100 Marland Oil Co
10 Union Cotton Mfg. Co
8534 35 Turners Falls Pr. & Elec. Co___180
20 Otis Co
25
100 Mexican Seaboard Oil
834
63 Hamilton Woolen Co
3334 200 Mother Lode Coalition Mines_ 434
16 Arlington Mills
6834 20 Puget Sound Pr. dr -Lt.,corn.. 29
30 Hamilton Mfg. Co
50e. 101 Consolidated Laundries Corp.. 2234
5 Essex Co., par 550
198, ex-div.
No.Boston Ltg. Prop., pref
10734
15 Merrimack Mfg.,com _112% ex-div. 65 Springfield Ky. Co pref
60-62
15 West Point Mfg. Co
135
1254
200 Motion Picture Capital Corp
57 Massachusetts Cotton Mills...74-74% 50 Certain-Teed Products Corp.,
10 Lancaster Mills, pref
4134
common
503i
5 Nashawena Mills
7534 150 Nat. Transit Co., par $12.50_ 1334
65 Nashua Mfg. Co., com
41
50 Nat. Cash Register Co., el. A. 41
20 Grant Yarn Co
,
1
50 San Antonio Joint Stock Land Bk 96
49 Fall River Gas Works. par $25.. 6034 20 Cambridge G. Lt. Co., par $25_ 7834
5 Connecticut Lt. & Pr. Co., 7%
138 Fall River Elec. Lt. Co., par $25 4734
preferred
101
11134 ex-div. 9 First National Stores, pref
100 Quincy Market Cold Storage dr
100 Amesbury Elec. Lt. Co., V. t. c 44
Warehouse Co., com
3134 20 No. Boston Ltg. Prop.. pref....10734
25 Hood Rubber Co., 734% prior
13 Units First Peoples Trust
72
preferred
10034 10 Groton & Knight Co., pref
6234
33 Converse Rubber Shoe Co., pref. 7034 6 units First eoples Trust
72
75 Massachusetts Ltg. Cos., corn
7734 13 Quincy I arket Cold Storage &
100 Massachusetts Ltg. Cos.,6% pf 96
Warehour • Co., pref
5434
10 Winchester Co., 1st preferred_
5534 66 Quincy Iarket Cold Storage &
25 Commonwealth G.& El. Co., Pf. 8834
Warehor e,com
3134
1 unit First Peoples Trust
72
6 Gardner Dectric Lt. Co., com
144
1 special unit First Peoples Trust
53-4 6 Utilities Power Co. of N. H.,7%
40 Quincy Market Cold Storage &
prefern 1
7434
Warehouse Co.. com
3134 3 units 5*:et Peoples Trust
72
5 units Commercial Finance Corp.. 40
Fall It1 eer Gas Works, par $25.- 60311
50 Kan. City Joint Stock Land Bk. 76
40 Lowe ifilee. Lt. Corp., par $25_ 6734
14 Lee Rubber & Tire Corp
634 2 Metro °Man Storage W'h'se Co_20434
30 South-West Pa. Pipe Lines.... 5434
Bonds.
Per cent.
50 units Roxy Theatre Corp
3234 $5,000 Bridgton
& Saco River RR.,
20 Amer. Teleg. & Cable Co
29
let 4s, June 1928
1134 flat
50 American Brown Boyer! Elec.
Corp., partic. stock
39%
Rights.
Per Right.
100 Hartman Corp., class B
25 120 Malden Electric Co
5-7
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sit.
All the right, title and interest,
property, claim and demand of
the Southern Coal & Iron Corp.,
of, in and to the capital stock of
the Oriskany Mining Co., capital
stock of Roanoke & Botetourt
RR. Co., and lease of the Cataba
Mines
52.000 lot
Bond and warrant of attorney of
Goldsmith Chandlee and Anna M.
his wife, to Augustine H. Minnick, executor, dated March 12
1926, to secure $8,000, at the expiration of 10 years from date.
with interest at 6%, and secured
by a first mortgage of that amount
upon premises 1933 Ridge Ave.
$5,000 lot
Bond and warrant of Augustine H.
Minnick to Elizabeth D.Barclay,
dated June 19 1925, to secure the
payment of $8,000, at the expiration of five years from date, with
interest at 6%,secured by a first
mortgage of like amount upon
premises 1935 Ridge Ave__ _54,500 lot
40 Keystone Telep. Co., pref
5334
27 Broadway Merchants Trust Co.,
Camden, N.J
345
25 Broadway Trust Co., Camden,
N. J
345
12 Phila. Bourse, com., par 550... 1934
10 Market Street National Bank _ _481
316
10 Northern National Bank
2 Second National Bank of Mils...COS
8 Bridgeton (N. J.) Nat. Bank._ _416
5 Logan Bank & Trust Co.. par $50 8034
20 Phoenix Trust Co.. par 550.... 60
378
15 West End Trust Co
378
25 West End Trust Co
55 Metropolitan Trust Co., par 350.115
10 Metropolitan Trust Co., par 350.115
1 Fidelity Philadelphia Trust Co.._705
63 Mutual Trust Co., par $50
13534
Shares. Stocks.
$ per sit.
5 69th Street Term. Title & Trust
Co. par $50
110
70 69th Street Title & Trust Co..
par 550
10036
7 Bank of North Amer.& Trust Co.380
8 Chelten Trust Co
18134
5 Provident Trust Co
700
5 Media Title& Trust Co., par $25_129
10 Honey Brook (Pa.) Trust Co..
par 825
24
10 Pocono Manor Assn., par 850..... 59
10 Indian River Shores Co
11
50 Syndicate Corp. of America._ _$20 lot
145 90-100 Salt's Textile Mfg. Co..
1
first preferred
14580-100 Salt's Textile mtg. Co.,
1
first preferred
80
10 David Lupton's Sons Co., pref
100 Sweetwater Mining Co
$40 lot
30 Otto Eisenlohr &Bros.,Inc.,7%
86
pref
$15 lot
25 Lebanon Iron Co.. no par
120 Mid-Anthracite Coal Co., pref $50101
95
30 Hare & Chase, Inc., pref
94
20 Hare & Chase, Inc., pref
30 Hare & Chase.Inc., com., no par 2515
20 Hare & Chase, Inc.,com., no par 25
256
3 Union National Bank
Per Cent.
Bonds.
$22,000 Benjamin Franklin Hotel
Co. 24 mtge. 6s, class A. reg.,
due 1933
$500 Millville Gas Light Co. 1st M.
81
Is. 1930
$2,000 Indianan. New Castle & East
11),
Tree. 1st extd. 68, due 1932
$50,000 Empire Lumber Co. 1st M.
24
65, 1930 (certif. of deposit)
$3,500 Mid-Anthracite Coal Co. 1st
1
IQ. 65, reg. 1928
$1,000 Huntigdon & Broad Tot)
Mt. RR.& Coal 3d consol. extd.
55. 1940
3635
By A. J. Wright & Co., Buffalo:
$ per sit. Shares. Stocks.
$ per sh.
Shares. Stocks.
140.
5Buf.Mag.& East. Pow., no par_. 3034 100 March Gold, par 10c
1,000 Chaput Hughes Mines, par $1 Sc. 1 Buff. Mag. & East. Power, preferred, par $25
2631
10 Niagara Co. Agricultural Asso814
ciation, Inc., par $10
By Weilepp Bruton & Co., Baltimore:
Shares. Stocks200 Acme Copper Hills Mine,
52 25 lot
par $1
1,000 Appalachian Oil Co., par
52 50 lot
25c
400 Arizona Victory Mining Co.,
51 75 lot
par 50c
40 Republic 011 & Sulphur, par
$2 25 lot
$10
Shares. Stocks200 Rice 011 Co., par $1
$1 85 lot
34 Shafer & Co., pref., par 8100-1 $10
35 Shafer & Co., com., par $10...3 lot
500 United Gulf States Oil Co.,
par 31
$1 90 lot
1,000 United States Steamship,
common. ctf. of dep., assessment paid
$2 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atlantic Coast Line Co.(quar.)
*82.59 Nov.30
Extra
*$1
Nov. 30
Boston Revere Beach & Lynn (quar.).. •l34 Jan. 3 *Holders of rec. Dec. 15
Buffalo dt Susquehanna, pref
2
Dec. 30 Holders of rec. Dee. 15
Chesapeake & Ohio, corn.(quar.)
*2
Jan. 1 *Holders of rec. Dec. 8
Erie & Pittsburgh (quar.)
8734c. Dec. 10 Holders of rec. Nov. 300
Hocking Valley (guar.)
*2
Dec. 31 *Holders of rec. Dec. 8
Reading Company, 2d pref. (quar.)... °I
Jan. 13 *Holders of rec. Dec. 23
Public Utilities.
American Public Service, pref. (quar.)_
1.Si
Bell Telephone of Canada (quar.)
2
Bell Telep. of Penna.,6 Si% pref.(quar.) *134
Brooklyn Union Gas(quar.)
s$1
Central .4 Southwest Utilities, com
134
Chicago City Railway (quar.)
•134
Jan. 3 Holders of rec. Deo. 15
Jan. 15 Holders of rec. Dec. 23
Jan. 15 *Holders of rec. Dec. 20
Jan. 3 *Holders of roe. Dec. 8
Feb. 1 Holders of roe. Dec. 31
Dec. 29 *Holders of roe. Dec. 17
Nov. 271926.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Consol. G., E. L.& P., Balt., corn.(qu.) 58234c Jan. 3 *Holders of rec. Dec. 15
Preferred, class A (guar.)
*2
Jan. 3 *Holders of rec. Dec. 15
Preferred, class B (guar.)
*154 Jan. 3 *Holders of rec. Dec. 15
*134 Jan. 3 *Holders of rec. Dec. 15
Preferred, class C (guar.)
Preferred. class 1)(guar.)
*154 Jan. 3 *Holders of rec. Dec. 15
Diamond State Telephone, pref. (guar.) *134 Jan. 15 *Holders of rec. Dec. 20
East Kootenay Power, pref. (quar.)..
14 Dec. 15 Holders of rec. Nov. 30a
Eastern Texas Electric Co., pref.(guar.) 154 Jan. 3 Holders of rec. Dec. 6a
Electric Power & Light,first pref.(quar.) .$1.75 Jan. 3 *Holders fo rec. Dec. 15
Federal Water Service Corp., el. A (on.)- 50c. Dec. 1 Holders of rec. Nov.200
FashaY (W.B.) Co., corn. (monthly)
67e. Dec. 10 Holders of rec. Nov.30
Seven per cent preferred (monthly).- 58c. Dec. 10 Holders of rec. Nov. 30
Preferred A (monthly)
67c. Dec. 10 Holders of rec. Nov.30
General G.& E. Corp., corn., cl. A(qu.) 3754c Jan. 1 Holders of rec. Dec. 15
$8 Preferred, class A (guar.)
$2
Jan. 1 Holders of rec. Dec. 15
$T preferred, class A (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15
Preferred class B (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15
Illinois Bell Telephone (guar.)
*2
Dec. 31 *Holders of rec. Dec. 30
Illinois Power,6% preferred (guar.).
134 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Kansas City Power & Lt., 1st pt.(qu.)-•$1.75 Jan. 1 *Holders of rec. Dec. 15
Montana Power, common (guar.)
134 Jan. 3 Holders of rec. Dec. 10
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 10
Montreal Tramways(guar.)
254 Jan. 15 Holders of rec. Jan. 7
National Power & Light, pref. (guar.)._ $1.75 Jan. 3 Holders of rec. Dec. 11
New York Telephone, pref.(guar.)
"154 Jan. 15 *Holders of rec. Dec. 20
Norfolk Sty. & Light
75c. Dec. 1 Holders of rec. Nov. 15
North American Co., core. (guar.)
1254 Jan. 3 Holders of rec. Dec. 6
Preferred (guar.)
75e. Jan. 3 Holders of rec. Dec. 6
Northern Ohio Pr. & Lt.,6% pt.(qu.)
134 Jan. 1 Holders of rec. Dec. 15
7% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Ottawa & Hull Power, pref. (guar.).
._ _
154 Dec. 15 Holders of rec. Nov. 30a
Pennsylvania Water & Power (guar.)._ 2
Jan. 3 Holders of rec. Dec. 17a
peoples Gas Co., preferred
3
Jan. 1 Holders of rec. Dec. 15a
Peoples Lt. & Power, com. A (mthly.)
20c. Dec. 10 Holders of rec. Nov. 30
Common Class A (monthly)
10e. Dec. 10 Holders of rec. Nov.30
7% preferred (monthly)
58c. Dec. 10 Holders of rec. Nov. 30
Pittsburgh Oil az Gas
*5
Dec. 20 *Holders of rec. Dec. 1
Public Serv. Co.of N.J., com.(guar.)._ 50c. Dec. 31 Holders of rec. Dec. 3
6% preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 3
7% preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 3
8% preferred (guar.)
Dec. 31 Holders of rec. Dec. 3
2
Public Service Elec. & Gas, 7% pf. (qu.) 134 Dec. 31 Holders of rec. Dec. 10
Six per cent preferred (guar.)
154 Deo, 31 Holders of rec. Dec. 10
Roanoke Gas Light, preferred
354 Jan. 1 Holders of rec. Dec. 15a
South Pittsburgh Water, com
134 Dec. 31 Holders of rec. Dec. 20
Tacony-Palmyra Ferry
Dec. 31 Holders of rec. Dec. 15
4
Banks.
Commerce, National Bank of (guar.)... 4
Extra
*2
Public National (guar.)
*4
Queens-Bellaire(No. 1)
*3
Jan.
Jan.
Jan.
Jan.
2 Holders of rec. Dec. 17a
2 *Holders of rec. Dec. 170
6 *Holders of rec. Dec. 20
3 *Holders of rec. Dec. 21
Miscellaneous.
American Bank Note, common (guar.) *50e. Jan. 3 *Holders of rec. Dec. 15
Extra
*51
Dec. 30 *Holders of rec. Dec. 8
Preferred (guar.)
*75e. Jan. 3 *Holders of rec. Dec. 15
Amer. Locomotive, common (guar.)._ _ _ "52
Dec. 31 *Holders of rec. Dec. 13
Preferred (guar.)
"154 Dec. 31 'Holders of rec. Dec. 13
American Plano, common (guar.)
254 Jan. 2 Holders of rec. Dec. 15
Common (payable in common stock)_ _ 123.4 Jan, 2 Holders of rec. Dec. 15
Preferred (guar.)
154 Jan. 2 Holders of rec. Dee. 15
American Safety Razor (guar.)
*Mc. Jan. 3 *Holders of rec. Dec. 10
Stock dividend
go Jan. 3 *Holders of rec. Dec. 10
American Tobacco, pref. (guar.)
154 Jan. 3 Holders of rec. Dec. 10
American Vitrified Products, com.(cm) *$1
Jan. 15
Anticosti Corporation, pref. (guar.).
134 Dec. 1 Holders of rec. Nov. 16
Associated Oil (guar.)
50c. Dec. 24 Holders of rec. Dec. 6
Extra
40c. Jan. 25 Holders of rec. Dec. 6
Atlas Portland Cement, common (guar.) 50c. Dec. 1 Holders of rec. Nov. 20
Autoear Co., pref. (guar.)
2
Dec. 15 Holders of rec. Dec. 4
Baer. Sternberg & Cohen,com
33 1-3c Dec. 1 Holders of rec. Nov.22
Baldwin Locomotive, common & pref_
*354 Jan. 1 Holders of rec. Dec. 4
Barrusdall
class A az B (quar.)_
*50c. Jan. 3 *Holders of rec. Dc. 15
Belgo Canadian
Corp.,Paper, pref. (guar.).-- 154 Jan. 2 Holders of rec. Dec. 4
Bendix Corporation, class A (guar.)
_ *50e. Jan. 3 *Holders of rec. Dec. 15
Bush Terminal, preferred
*3
Jan. 15 *Holders of rec. Dec. 31
Debenture preferred (guar.)
•154 Jan. 15 *Holders of rec. Dee. 31
Bush Terminal Ilidgs., pref. (guar.). _ •154 Jan. 3 *Holders of rec. Dec. 17
By-Products Coke, common (guar.)
*50e. Dec. 20 *Holders of rec. Dec. 4
A2y,i Jan. 1 'Holders of rec. Dec. 20
Preferred (guar.)
Canadian Car & Foundry, pref. (guar.)_
154 Jan. 10 Holders of rec. Dec. 27
Central Alloy Steel, common (guar.). -- *50c. Jan. 10 *Holders of rec. Dec. 24
Preferred (guar.) •
*154 Jan. 1 *Holders of rec. Dec. 15
Chicago Mill az Lumber, pref.(guar.).
•1% Jan. 1 *Holders of rec. Dec. 22
Chicago Motor Coach, pref. (guar.). -Jan. 1 *Holders of rec. Dec. 18
Colt's Patent Fire Arms Mfg. (guar.)._ 50c. Dec. 31 Holders of rec. Dec. 1M
Consolidated Lead & Zino (guar.)
1254c. Jan. 1 Holders of rec. Dec. 15
Devonian 011
*20c. Dec. 20 *Holders of rec. Nov. 30
Dominion Glass,common & pref.(1110
1% Jan. 3 Holders of rec. Dec. 15
Dinkier Hotels Co., Inc., class A
50c. Doc. 1 Holders of rec. Nov. 19
Draper Corp., new no par stock (No. 1)_ Si
Jan. 1 Holders of rec. Nov. 27
Eisenlohr (Otto) & Bro., Pref. (qUar.)-- •1m Jan. 1 *Holders of rec. Dec. 21
Essex Co
3
Dec: 1 Holders of rec. Nov. ha
Extra (from sale ofland)
Dec. 1 Holders of rec. Nov. ha
3
Federal Motor Truck (guar.)
*20e. Jan. 2 *Holders of rec. Dec. 18
Stock dividend
"e254 Jan. 5 *Holders of rec. Dec. 18
Flour Mills of America, prof. A (quar.)
Dec. 31 Holders of rec. Dec. 15
$2
Folmer °reflex Corp., pref.(No. 1)
334 Dec. 1 Holders of rec. Nov. 26
General Electric, com. (guar.)
Me. Jan. 28 *Holders of rec. Dec. 15
Special stock (guar.)
*15c. Jan. 28 *Holders of rec. Dec. 15
Gleasonite Products (guar.)
234e. Dec. 10 Holders of rec. Nov. 30
Goodyear Tire & Rubber,prior Pref.(1111.) 2
Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. I
Great Western Sugar, com.(guar.)
Jan. 2 *Holders of rec. Dec. 15
*32
Preferred (guar.)
*154 Jan. 2 *Holders of rec. Dec. 15
Hanes (P. H.) Knitting, pref. (guar.)
134 Jan. 1 Holders of rec. Dec. 18
Hood Rubber, corn. (guar.)
Dec. 31 "Holders of rec. Dec. 20
"51
Hudson Motor Car (guar.)
8750. Jan. 3 Holders of rec. Dec. 15
Hydrox Corp., pref. (quar.)
134 Dec. 1 Holders of roe. Nov. 200
Inspiration Consolidated Copper (guar.) *50c. Jan. 3'Holders of rec. Dec. 16
International Paper, 6% pref. (quar.).
134 Jan. 15 Holders of rec. *Jan. 30
Seven per cent pref. (guar.)
154 Jan. 15 Holders of rec. Jan. 3a
International Silver, corn. (guar.)
*5
Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
*154 Jan. 1 'Holders of rec. Dec. 15
Jones & Laughlin Steel, pref.(guar.)._ _ _ *134 Jan. 1 *Holders of rec. Dec. 15
Kemper-Thomas Co.,special pref.(qu.)_ $1.75 Dec. 1 Holders of rec. Nov. 20
Kilburn Mill (guar.)
Dec. 15 *Holders of rec. Nov.30
"2
Laclede Steel, corn
Dec. 11) Holders of rec. Dec. 3a
5
Lake Shore Mines
10
Dec. 15 Dec. 2 to Dec. 14
Bonus
Dec. 15 Dec 2 to Dec. 14
10
Lehigh Valley Coal Sales (guar.)
*V
Jan. 3'Holders of rec. Dec. 9
A33,6 Jan. 1 *Dec. 18 to Jan. 13
Libby, McNeill & Libby, pref
Lindsay Light, pref
'33.4 Jan. 3'Holders of roe. Dec. 10
Lang Bell Lumber, class A (guar.)
Dee. 31 *Holders of roe. Dec. 11
41
Marland Oil (guar.)
'$1
Dec. 31 *Holders of rec. Dec. 18
Marlin-Rockwell Corp.. corn. (guar.) _ _ _ *50c. Dec. 31 *Holders of rec. Dec. 20
McCord Radiator & mfg., class A (qu.)_ '75c. Jan. 1 *Holders of rec. Dec. 18
Midvale Co
'25c. Dec. 31
Moore Oil Refining, pref.(guar.)
134 Dec. 1 Holders of rec. Nov. 17
Northern Lode Coalition Mines
3754c Dec. 31 Holders of rec. Dec. 10a
North Atlantic Oyster Farms A (guar.). 50e. Dec. 1 Holders of roe. Nov.20a
•154 Jan. 1 'Holders of rec. Dec. 15
Otis Steel, prior preferred (guar.)
Pacific Steel Boiler (guar.)
25c. Dec. 15 Holders of rec. Dec. la
Paraffine Companies, corn. (guar.)
'St.50 Dec. 23 *Holders free. Dec. 13
Phillips Petroleum (guar.)
'75c. Jan. 3 *Holders of ree. Dec. 15
Dec. 31 Holders of rec. Dec. 15
pie Bakeries of America,class A (guar.)_ 51
154 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
pedigo-Weber Shoe (guar.)
62540. Jan. 2 Holders of rec. Dec. 23
2743
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive
Miscellaneous (Concluded).
Pittsburgh Plate Glass (guar.)
Dec. 31 *Holders of rec. Dec. 15
"2
Port Alfred Pulp & Paper, pref. (guar.). 154 Dec. 15 Holders of rec. Dec. 80
Richmond Radiator, pref. (speciaLextra) 25c. Dec. 15 Holders of rec. Nov.30
Shell Union Oil (guar.)
35c. Dec. 31 Holders of rec. Dec. 10
Extra
*60c. Doe. 31 *Holders of rec. Dee. 10
Sherwin-Williams Co.,Can., com.(on.). 13.4 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15
Shredded Wheat (guar.)
*75e. Dec. 31 *Holders of rec. Dec. 21
Smith (Howard) Paper Mills, pref. (qu.) 2Ja
15,1 Jan. 10
3 Holders of rec. Dec. 31
St. Maurice Valley Corp., pref. (guar.).
Holders of rec. Dec. 15
Standard Milling, corn. (guar.)
1
1.54 Dec.31
Dec. 31 Holders of rec. Dee. 184
Preferred (guar.)
Holders of rec. Dec. 180
Standard 011(N. J.), prof. (guar.)
154 Dec. 15 Holders of rec. Nov. 26
Standard Plate Glass, prior pref. (qua,,.) *154 Jan. 1 *Holders of rec. Dec. 20
Superheater Company
52
Dec. 10 Holders of rec. Dec. 1
Syracuse Washine Mach., A & B (quar.) *75c. Jan. 1 *Holders of rec. Dec. 15
Class A and B (in stock)
*2Jan.
1 3( Jan. 10
1 *Holders of rec. Dec. 15
Telautogmph Co. (qua,,.)
Holders of rec. Dec. 31
Texas Company (quar.) (No. 1)
The. Dec. 31 Holders of rec. Dec. 10
Texas Corporation
3
Jan. 1 Holders of rec. Dec. 10
Tide Water Associated 011, pref
$1.50 Jan. 1 Holders of rec. Dec. 6
Tide Water 011, com.(quar.)
3754c Dec. 31 Holders of rec. Dec. 6
Todd (*dotards Corporation (quar.) _ _ *51
Dee. 20 *Holders of rec. Dec. 3
Union Carbide & Carbon (quar.)
$1.50 Jan. 1 Holders of rec. Dec. 30
Universal Chain Theatres,first pref.(qu.) 2
Dec. 15 Holders of rec. Dec. 4
Vivaudou (V.). Inc., corn.(guar.)
*75c. Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
*134 Feb. 1 *Holders of rec. Jan. 14
Vulcan Detinning, pref.(guar.)
134 Jan. 20 Holders of rec. Jan. 8a
Preferred A (guar.)
134 Jan. 20 Holders of rec. Jan. 8a
Preferred (account accum.dividends). h2
Jan. 20 Holders of rec. Jan. 8a
Walworth Company, com. (guar.)
*25c. Dec. 15 *Holders of rec. Dec. 4
"Mc. Dec..31 'Holders of rec. Dec. 21
Preferred (guar.)
Western Canada Flour Mills, com.(qu.) "35c. Dec. 15'Holders of rec. Nov.30
Western Exploration (guar.)
Sc Dec. 20 Dec. 16 to Dec. 19
Weston Electrical Inst,ument, el. A(gu.) *50c. Jan. 1 *Holders of rec. Dec. 18
Woodley Petroleum (guar.)
15c. Dee. 31 Holders of rec. Dec. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe. com.(au.) 134 Doe. 1 Holders of roe. Oct. 29e
Atlantic Coast Line RR., common
354 Jan. 10 Holders of rec. Dec. 170
Common (extra)
154 Jan. 10 Holders of rec. Dec. 170
Baltimore & Ohio, common (guar.)
1% Doe. 1 Oct. 17 to Oct. 18
Preferred (guar.)
Dec. 1 Oct. 17 to Oct. 18
1
Boston & Albany (Guar.)
*25( Dec. 30 *Holders of rec. Nov.30
Canadian Pacific. corn (quar)
255 Dec 31 Holders of rec. Dec. la
Chesapeake & Ohio. preferred A
354 Jan 1'27 Holders of reo. Dec. 8.
Chestnut Hill RR.(quar.)
75c. Dec. 4 Nov. 21 to Dec. 3
Chicago & North Western, com
Dec 31 Holders of rec. Dec. la
2
Preferred
354 Dec 31 Holders of rec. Dec. la
Chicago St Paul Minn & Omaha, pref._
Dec 31 Holders of rec. Dec. la
5
CM., N.0. & Texas Pacific, common
Dec. 21 Holders of rec. Dec. la
4
Common (extra)
Dec. 21 Holders of rec. Dec. la
3
Preferred (attar.)
1% Dec. 1 Holders of rec. Nov.20
Cleveland & Pittsburgh. reg. gu.(qu.) 8750 Dec. 1 Holders of roe. Nov. 10a
Special guaranteed (guar.)
50e. Dec. 1 Holders of rec. Nov.10a
Consolidated RIM.of Cuba, pref.(guar.) 154 Jan. 3 Holders of rec. Dec. 10a
Cripple Creek Central. pref. (quar.)_ _
1
Dec. 1 Holders of rec. Nov. 15
Cuba RR.. common (guar.)
51.20 Dec. 20 Holders of rec. Dec. 200
Preferred (quar.)Febl'27 Hold,of rec. Jan. 16'27a
Delaware & Hudson Co.(guar.)
Dec. 20 Holders of rec. Nov.270
Jan. 3 Holders of rec. Dec. 15a
Gulf Mobile & Northern, pref. (guar.) _ _
Preferred (account accumulated diva.) h216 Jan. 3 Holders of rec. Dec. 15a
Hudson & Manhattan RR.. common_ _ _
154 Dec. I Holders of rec. Nov. 16a
Illinois Central, corn.(guar.)
Dec. 1 Holders of reo. Nov. Sc
Leased lines
Jan. I Dec. 12 to Jan. 4
2
Maine Central, common
Si Doe. 15 Holders of rec. Doe. 1
Preferred (guar.)
1% Dec. 1 Holders of roe. Nov.15
Midland Valley, Preferred
$1.25 Dec. 1 Holders of rec. Nov.20a
Mobile & Birmingham, preferred
Jan. 2 Dec. 2 to Jan. 2
2
New Orleans Texas & Mexico (guar )._
1% Dec I Holders of me. Nov. 15a
N. Y. Chicago az St. Louis, common..._
254 Jan. 3 Holders of rec. Nov. 15a
Preferred Series A (guar.)
154 Jan. 3 Holders of rec. Nov. 15a
Norfolk & Western, com. (guar.)
1% Doe. 18 Holders of roe. Nov.30a
Common (extra)
Dec. 18 Holders of rec. Nov.30.
3
Ontario & Quebec, common
Holders of roe. Nov. la
6
Dec.
5
Debenture stock
Dec.
Holders of rec. Nov. la
Pennsylvania (guar.)
8754 Nov.80 Holders of roe. Nov. la
Phila. Germantown & Norristown (qu.)_ 51.50 Dec.
Nov. 21 to Dec. 3
Plttsb. Bessemer & Lake Erie, pref
51.50 Doe. 1 Holders of roe. Nov. 15
Pitts. & West Virginia. com.(quar.)
1% Jan. Si Hold,of reo. Jan. 15'2711
Pittsb. Youngstown & Ashtab., pf.(qu.) 1% Dec. 1 Holders of rec. Nov. 200
Reading Company, first pref. (quar.)_
50o. Doe. 9 Holders of roe. Nov.231
Southern Pacific Company (guar.)
154 Jan. 3 Holders of rec. Nov. 260
Union Pacific, common (guar.)
254 Jan. 3 Holders of rec. Dec. la
Public Utilities.
Adirondack Power & Light,corn (mth13') 100. Nov.30 Holders of rec. Nov. 200
American Power & Light, com.(quar.)._. 25c. Dec. 1 Holders of rec. Nov. 160
Common (payable in common stock)_ _
(u) Dec. 1 *Holders of rec. Nov. 160
A mer.Superpower Corp.,com.A &B(qu.) 30e. Dec. 31 Holders of rec. Nov. 304
Corn. A at B (in panic. pref. stock).... n50c. Dee. 31 Holders of rec. Nov. 30a
First preferred (guar.)
$1.50 Jan. 3 Holders of rec. Dec. la
Amer. Teleg.& Cable (guar.)
*131 Dec. 1 *Holders of me. Nov.30
american Telep. & Paley.(guar.)
254.1 an 15'27 Holders of roe. Dec. 200
Quarterly
254A pr 15'27 Holders of reo. Mar. 15a
Androscoggin &Kenneb.Ry., hat pf.(gu) 154 Doe. 1 Holders of roe. Nov. 15a
Second pref
Doe. 1 Holders of rec. Nov. 16a
1
Associated Gas & Elec., orig. pref.(qu.) y8754c Dec. 31 Holders of rec. Nov.30
Original series preferred (extra)
y12 Me Dec. 31 Holders of rec. Nov.30
$7 dividend series preferred (guar.)v$1.75 Dec. 31 Holders of rec. Nov. 30
$6 pref.(guar.)
p51.30 Doe, 1 Holders of rec. Oct. 30
$654 preferred (guar.)
PS 1.6234 Dec. 1 Holders of rec. Oct. 30
Atlantic Public Utilities. class A (quar.)_ 50e. Dec. 1 Holders of rec. Nov. 15a
Baton Rouge Moe. Co., pref., Be,,. A(qu.) 154 Dec. 1 Holders of rec. Nov. 15a
Blackstone Valley Gas& El., com.(qu.). 51.25 Deo, 1 Holders of rec. Nov.150
Preferred
3
Dec. 1 Holders of rec. Nov. 15a
Boston Elevated Sty., common (guar.)._
13.4 Jan. 3 Holders of rec. Dee. 10a
First preferred
Jan. 3 Holders of rec. Dec. 106
4
Preferred
354 Jan. 3 Holders of rec. Dec. 106
Brazilian Tr.,L.& Pow..ordinary(qu.)
134 Dec. 1 Holders of rec. Oct. 30
Brooklyn City RR.(guar.)
20c. Doe. 1 Holders of rec. Nov. 130
Brooklyn Edison Co. (guar.)
2
Dee. 1 Holders of ree. Nov. 120
Brooklyn-Manhattan'Frau.. pf. A (qu.).. 1343 an 1517 Holders of rec. Doe. Si
Preferred series A (guar.)
154A pr 15'27 Holders of red. Apr. I
Central Ark. it. Light, pref.(quar.) $11.54
Holders of rec. Nov. 15a
e0.
75 D81)
Central Gas & Electric. nref.(guar.)._
Nov. 16
Central Indiana Power Co., pref.(guar.) 134 Dec. 1 Holders of rec. Nov.200
Chicago Rap.'Dan.. prior pf.
65e. Dec. 1 Holders of reo. Nov.160
Cleveland Moe. Illum.,6% pref. (guar.) 154 Dec, 1 Holders of rec. Nov. 15
Community Pow.& Light, 2d pref
2 Doe. 1 Nov. 21 to Doe. 1
_
Connecticut Power, common (quar.)
254 Deo. 1 Holders of rec. Nov.200
Preferred (quar.)
13.4 Dec. 1 Holders of rec. Nov.200
Consolidated Gas of N. Y., corn.(1111.)
$1.25 Dec. iS Holders of rec. Nov. 10a
Consumers Power,6.8% prof.(monthly) 154 Jan. 2 Holders of Toe. Doe. 15
1.65 Jan. 2 Holders of rec. Doe. 15
6.6% preferred (guar.)
7% preferred (guar.)
134 Jan. 2 Holders of rec. Doe, 15
50o. Doe. I Holders of roe. Nov. 15
6% preferred (monthly)
50e. .lan2'27 Holders of roe. Doe, 15
6% preferred (monthly)
55e. Doe. i Holders of reo. Nov. 111
6.6% preferred (monthly)
580. Jan 2'27 Holders of roe. Doe. 15
6.6% preferred (monthly)
I% Dee. 15 Holders of rec. Nov. 150
Duqueene Light Co., bat pref.(quar.)
Eastern Shore Gas & Elec., pref.(guar.). 50e. Dec. 1 Nov. 16 to Nov.30
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
-3c Dec. 1 *Holders of rec. Nov. 15
.
Empire Gas & Fuel,8% pref.(mthly.)_• 662
•58 1-30 Dec. 1 *Holders of rec. Nov. I,
7% preferred (monthly)
Engineers Public Service, pref. (quar.)_ _ 81.75 Jan. 3 Holders of roe. Dec. 60
50c. Jan. 2 Holders of roe. Dec.d14a
Fall River Electric Light (guar.)
250. Jan. 2 Holders of rec. Deo.d14a
Extra
Federal Light & Tract., common (quar.)_ 200. Jan. 3 Holders of rec. Dec. 15a
Common (payable in common stock) 1150. Jan. 3 Holders of roe. Doe. 15a
134 Deo, 1 Holders of roe. Nov. 15a
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 15
Georgia Railway & Power,common (qu.) $1
750. Dec. 1 Holders of roc. Nov. 20a
Hackensack Water. corn
Preferred
8734c Dec. 1 Holders of rec. Nov. 205
Indianapolis Water, pref. (guar.)
1% Jan. I Holders of rec. Dec. 155
Kentucky Hydro Elec. CO., pref. (qm.). 134 Dec. 20 Holders of rec. Nov.300
Dec. 1 Holders of rec. Nov. 170
Keystone Telep. of Phila., pref. (quar.)_ $1
Dec. 15 Holders of roe. Dec. la
Laclede Gas Light, common (quar.)_ _ 2
Dec. 15 Holders of rec. Dec. 15
2
Common (extra)
2% Dec. 15 Holders of roe. Dec. la
Preferred
Laclede Gas& El. Co., prior lien stk.(qu) 11. Dec. I 'Holders of rec. Nov. lb
Louisville Gas & Elec., corn. A & B (qu.) 434c. Dec. 25 Holders of rec. Nov. 306
14 Jan. 3 Holders of rec. Doe. 4a
Mackay Companies, common (quar.)....
Jan. 3 Holders of rec. Dec. 4a
Preferred (guar.)
1
Manila Elec. Corp., common (guar.)... 500. Dec. 31 Holders of roe. Dec. 15s
Dec. 1 Nov. 16 to Nov. 30
2
Massachusetts Gas Cos., pref
Dee. 15 Holders of rec. Nov. 30
Middle West Utilities, prior lien stk.(qu.) 2
MonongahelaW.PennPub.Serv..pf.(au.) 433:0. Jan. 1 Holders of rec. Dec. 15
250. Dee. 1 Holders of rec. Nov. 154
Municipal Service, common (quar.)
National Power & Light. corn. (quar.)- - 200. Dec. 1 Holders of rec. Nov. 156
Nat.Public Serv. Corp., cl. A,corn.(qu.) 400. Dec. 15 Holders of rec. Nov.627
1% Dec. 1 Holders of rec. Nov. 16
Nebraska Power, pref. (guar.)
Dec. 31 Holders of rec. Dec. 10
2
New England Tel. & Tel. (guar.)
Niagara Lockp.& Out. Pow., corn.(qu.) *75c. Dec. 31 *Holders of rec. Dec. 15
1% Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.)
North American Ed/son, pref.(quar.).. $1.50 Dec. 1 Holders of rec. Nov. 156
North Amer. Utility &cur., 1st pf.(qu.) $1.50 Dec. 15 Holders of rec. Nov. 30
$1.50 Dec. 15 Holders of roe. Nov.30
First pref. allot. ctfs. (guar.)
North Carolina Public Service, pref.(qu.) 51.75 Dec. 1 Holders of rec. Nov. 15
1% Dec. I Holders of rec. Nov.20
Northern States Power (Wis.), p1.(qu.)_
Northwestern Public Service, pref. (qu.) 14 Dec. I Holders of rec. Nov. 20
1% Dec. 1 Holders of rec. Nov. 15
Ohio Edison, 6% preferred (guar.)
1.65 Dee. I Holders of roe. Nov. 15
6.6% preferred (guar.)
13: Dec. I Holders of rec. Nov. 15
7% preferred (guar.)
Dec. 1 Holders of rec. Nov. 16
550.
6.8% preferred (monthly)
1% Dec. 15 Holders of rec. Nov. 30
Oklahoma Gas & Elec., pref. (quar.)
Pennsylvania Gas & Elec., el. A (quer.). v37Sic Dec. 1 Holders of rec. Nov. 20
131 Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
Penn-Ohio Edison, 7% prof.(guar.).- 1% Doe. 1 Holders of roe. Nov. 20
Jan. 1 Holders of rec. Dec. 15a
3
Peoples Gas Co., preferred
50c. Dec. 15 Holders of rec. Nov. 17a
Philadelphia Electric (quar.)
134 Dec. 1 Holders of reo. Nov. lb
Phila. & Suburban Water, pref. (quar.)_
1% Dec. 1 Holders of rec. Nov.20
Pinellas County Power, pref. A (quar.)_
87340. Dec. 1 Holders of rec. Nov.20
Seven per cent cum. pref.(guar.)
Portland Electric Power,2d pref.(quar.) 135 Dec. I Holders of rec. Nov. 15
134 Jan. 15 Holders of rec. Dec. 31
Quebec Power,common (quar.)
134 Jan. 3 Holders of rec. Dec. 15
Preferred (quar.)
Radio Corporation of Amer., pref.(qu.). 873(c Jan. 1 Holders of rec. Dec. is
Rochester Gas & Elec., pref. B (guar.)... 14 Dec. 1 Nov. 14 to Dec. I
134 Dec. 1 Nov. 14 to Dee.
Preferred C and D (quar.)
Southern Calif. Edison, ser. A pf.(qu.)_ 433.1c. Dec. 1.5 Holders of rec. Nov. 20
3734c. Dec. 15 Holders of rec. Nov. 20
Series B preferred (quar.)
13: Dec. 15 Holders of rec. Nov.30
Southern Colorado Power, pref.(quar.)_
Southern Gas& Power, class A (guar.).- 43%e. Dec. 15 Holders of rec. Nov.250
Dec. 1 Holders of rec. Nov. iii
Southwestern Power & Licht. pref.(qu.)
Standard Gas & Electric Co.
Common (payable in common stock).. 11-200 Jan2,517 Holders of roe. Deo. 310
81 Dec. 15 Holders of rec. Nov.306
Preferrt d (guar.)._
134 Jan. 2 Holders of rec. Dec. lb
Tennessee Elec. Pow.6% lot pt.(au.).
14 Jan. 2 Holders of rec Dec. 15
7% first preferred (guar.)
1.80 Jan. 2 Holders of rec. Dec 15
7.2% first preferred (guar.)
500. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
50c. Jan. 2 Holders of roe. Dec lb
6% first preferred (monthly)
60c. Dec. I Holders of me Nov. 15
7.2% first preferred (monthly)
60c. Jan. 2 Holders of rec Dee. 15
7.2% first preferred (monthly)
50e. Dee. 15 Holders of rec. Nov. 30
Utility Shares Corp., corn. (No. 1)
30c. Dec. 1 Holders of rec. Nov. 15
Participating preferred (guar.)
Virginia Elec.& Power. pref.(guar.)._ $1.75 Dec. 20 Sliders orree. Nov 15a
14 Dee. 1 Nov. 19 to Nov.21
Washington Ry.& Elec., com.(guar.)._
234 Dec. I Nov. 19 to Nov.21
Preferred
Washington Water Power.635% pf.(qu.) 134 Dee. 15 Holders of rec. Nov. 24a
14 Dec. 1 Holders of roe. Nov. 21
West Chester Street RY., pref.(quar.)
134 Dec. I Holders of rec. Nov. 15a
West Ohio Gas, class A (guar.)
134 Dec. 15 Holders of rec. Nov. 24
West Penn Rya.. pref. (guar.)
14 Jan. 1 Holders of rec. Dec. 15
Winnipeg Electric Co., pref. (quar.).__ _
Wisconsin Power & Light. pref.(guar.). 134 Dec. 15 Holders of rec. Nov 31.6
Wisconsin Pub. fiery., 634% Pref.(qu.). 13-4 Dec.c20 Holders of rec. Nov. 30
13/ Dec. 1 Holders of rec. Nov. c20
Seven per cent preferred (guar.)
Banks.
Amer. Colonial Bank of Porto Rico (qu.) 4
2
Chelsea Exchange (tluar.)
3
Montauk (Brooklyn) (guar.)
3
Standard (quar.)
Standard National Corp., common (qu) $3
134
Preferred (guar.)
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Trust Companies.
Equitable (guar.)
1
3
1
3
3
3
Holders of rec. Nov. 19
Holders of rec. Dec.i
Holders of roe. Nov. 29
Holders of rec. Dee. 276
Holders of rec. Dec. 270
Holders of rec. Dee. 276
3
Dec. 31 Holders of rec. Dec. 216
Fire Insurance.
Fidelity-Phenix (stock dividend)
North River
z100
5
Jan. 10 Holders of rec. Dec. 30a
Dec. 15 Holders of rec. Dec. 100
Miscellaneous.
Abbotts Alderney Dairies, 1st pt.(qu.)Acushnet Mills (guar.)
Adams Express (guar.)
American Art Works. corn & pf.(qu.)_ _
American Candy, pref.(guar.)
American Chain, class A (guar.)
American Chicle, COM.(guar.)
6% preferred (guar.)
Prior pref.(guar.)
American Felt. preferred (guar.)
American Hardware Corp.(guar.)
Amer. Home Products (monthly)
Monthly
Amer. Laundry MacIlltlerY. corn. Oillar3
Common (extra)
Common (guar.)
American Linseed. Pref.(guar.)
Preferred (guar.)
American Mfg.,common (guar.)
Preferred (guar.)
Amer. Metal, common (guar.)
Preferred (guar.)
American Multigraph. common (guar.).
Amer. Radiator, common (guar.)
American Railway Express (guar.)
Amer. Rolling Mill, corn. (quar.)
Preferred (guar.)
American Seating, common (quar.)-Common (extra)
Common (extra)
Common (extra)
Common (extra)
Preferred (guar.)
Amer. Smelt. & Berg.. pref. (quar.)....
American Stores (guar.)
Extra
Amer. Sugar Refining, corn. (quar.)Preferred (guar.)
1% Doe.
134 Dec.
$1.50 Dec. 3
134 Jan. 1
1% Dec.
50c. Dec. 3
750. Jan.
134 Jan.
I% Jan.
1.50 Dec.
$1 Jan 1'2
Doe.
20
200. Jan.
750. Doe.
250. Dee.
Marl'27
$1
1% an 3'2
prl'2
13:
134 Dec. 3
1% Dec. 3
Dec.
$1
1% Doe.
400. Dec.
$1.25 Dec. 3
$1.50 Dec. 3
50c. Jan. 1
13: Jan.
75c. Jan.
250. Jan.
25c. Apr.
25c. July
250. Oct.
750. Jan.
134 Dec.
50o. Jan.
500. Dec.
1% Jan.
134 Jan.
[VOL. 123.
THE CHRONICLE
2744
Holders of roe. Nov. 15a
Nov. 19 to Nov.30
Holders of rec. Dec. 15a
Holders of rec. Dee. 31
Nov. 4 to Dec. 2
Dec. 22 to Jan. 2
Holders of rec. Dec. 150
Holders of rec. Doe. I5a
Holders of rec. Dec. 15.
Holders of rec. Nov. 1/.0
Holders of roe. Doe. 16.
Holders of rec. Nov. 15a
Holders of rec. Dec. 15a
Nov.23 to Dee. I
Nov.23 to Dec. 1
Holdersofreo.Feb.21'27
Holders of rec. Dec. 17o
Hold, of red.Mar.18 '27a
Holders of rec. Dec. 17
Holders of rec. Dec. 17
Holders of rec. Nov. 19a
Holders of rec. Nov. 200
Holders of rec. Nov. 15
Holders of rec. Dee. 15a
Holders of rec. Dee. 15a
Holders of rec. Dec. 310
Holders of rec. Dec. 16a
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Mar. 20
Holders of rec. June a20
Holders of rec. Sept.a20
Holders of rec. Dee. 20
Holders of rec. Nov. 5a
Doe. 17 to Jan. 1
Nov. 16 to Dec. 1
Holders of rec. Dec. la
Holders of rec. Dee. la
Name of company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Amer. Sumatra Tobacco. pref. (guar.)._ $1.75 Dec. I Holders of rec. Nov. 196
12340. Jan. 1 Holdere of rec. Nov.300
American Thread, preferred
Dee. 1 Holders of rec. Nov.100
American Tobacco, corn. az corn. B (qu.) $2
Anglo-Persian Oil, Ltd., ord. (In stk.)... 'f20
Nov.29 *Holders of rec.Nov.:20_
Armour & Co.of III., pref. (guar.)
134 Jan. 1 Holders often. Dec. 10
131 Jan. 1 Holders of rec. Dec. 10
Armour & Co. of Del., pref. (quar.) _ _
Holders of rec. Dee. 17
$1.34 Jan.
Armstrong Cork,common (guar.)
Jan. 15 Holders of rec. Doe 17
Common (payable In common stock)... 15
Preferred (guar.)
134 Jan. 2 Holders of roe. Doe. 17
Holders of roe. Dec. 16(3
75e. Jan.
Artloom Corp.. Common ((NW.)
Preferred (quar.)
134 Dec. 1 Holders of reo. Nov.20a
Associated Dry Goods, 1st Pref.(guar.). 134 Dec. 1 Holders of rec. Nov. 130
13: Dec. I Holders of roe. Nov. 13a
Second preferred (guar.)
Atlantic Ice & Coal preferred
33: Jan117
Dec. 16 Dec. 6 to Dec. 16
4
Atlantic Terra Cotta, preferred
Atlas Powder, common (guar.)
$1 Dec. 10 Holders of tee. Nov.30a
Common (extra)
$1 Jan. le Holders of rec. Nov.30a
Babcock & Wilcox (guar.)
13: Jan2'27 Holders of reo. Dec. 200
13: Apr1.27 Hold.ofreo. Mar.20'27a
Quarterly
Balaban & Katz. common (monthly)._ 25c, Dee. 1 Holders of rec. Nov.20
25c. Jan. 1 Holders of rec. Dec. 20
Common (monthly)
131 Jan. 1 -Holders of ree. Dec. 20
Preferred (guar.)
Beech Nut Packing, common (extra)._ _ 60c. Dec. 10 Holders of rec. Nov.240
Belding Corticelli, Ltd., pref., (guar.).- 131 Dee.
Holders of rec. Nov. 300
Belding-Hemlnway Co.. Com.(qu.)
75c. Jan. 1 Holders of rec. Dec. 20134 Jan. 3 Holders of rec. Dec. 30
Bethlehem Steel, prof. (guar.)
Doe. 1 Holders of rec. Nov. 150
Borden Company. COM.(alter.)
$1
Common. extra
250, Dec. 1 Holders of roe. Nov.150
Borg & Beck (quar.)
Jan. 1 *Holders of roe. Doe. 18
El
Boston Wharf.
Dec. 31 *Holders of rec. Doe. 1
413
Boston Woven Hose dr Rub., corn.(qu.)_ $1.50 Dee. 15 Holders of rec. Dec. la
Holders of rec. Dec. la
Dec.
3
Preferred
Brach (E.J.) dt Sons, corn.(guar.)
70c. Dec. 1 Holders of rec. Nov. 196
Brill Corporation, preferred (guar.)_
134 Dec. I Holders of rec. Nov. lea
Bristol Mfg. Corp. (guar.)
134 Dec. I Holders of rec. Nov. 80
British Columbia Fish & Packing (guar.) 134 Dec. 10 Holders of rec. Nov.80
Brown Shoe, common (guar.)
50c. Dee. 1 Holders of reo. Nov.200
Bucyrus Company,common (guar.).- 134 Jan. d3 *Holders of rec. Dec. 20
13: Jan, 03 *Holders of rec. Dec. 20Common (extra)
Preferred (guar.)
131 Jan, n3 *Holders of rec. Dec.-20.
Doe. 15 Holders of tee. Nov.19.
Buckeye Pipe Line (guar.)
$1
95o. Doe. 1 Holders of roe. Nov.20,
Burdines, Inc., pref.(guar.)
Burns Bros., pre/.(guar.)
13/ Jan. 3 Holders of roe. Doe. 156
50c. Dee. 24 Holders of rec. Dec. 96
Butte Copper & Zinc
Doe. 1 Holders of roe. Nov.100
2
Butterick Co
Dec. 1 Holders of roe. Nov. 100
Stock dividend
/8
Dec. 15 Holders of rec. Nov.306
SI
California Packing (guar.)
California Petroleum Corp.. corn.(quar.) 50c. Dec. 1 Holders of rec. Nov. 156
Calumet & Arizona Mining (guar.)
$1.50 Doe. 20 Holders of rec. Dec. 36
Calumet & Heals Consol. Copper Co_ __ _ 50c. Dec. 1 Holders of rec. Nov.306
Canada Dry Ginger Ale, stock div- (all.) e134 Jan15'27 Holden'of rect. Jan 1'27a
Jan. 3 Holders of rec. Dee. 15
Canadian Connecticut Cot. Mill, pf.(qu.) I
134 Dee. 15 Dec. 11 to Dec. 14
Carter (William) Co.. pref.(guar.)
Case (J. I.) Thresh. Mach., pref.(guar.) •134 Jan. 1 *Holders of rec. Dec. 13.
1;4 Jan. I
Casey-Hedges Co.. pref. (quar.)
(ir) Dec. I Holders of rec. Nov. 18Castle Braid (stock dividend)
century Ribbon Mills. pref.(quar.)
134 Deo, 1 Holders of roe. Nov. 190
Chesebrough Manufacturing (guar.)
_ 75c. Dec. 28 Holders of roe. Dec. 106
25c. Dec. 28 Holders of rec. Dec. 100
Extra
50c. Dec. 28 Holders of rec. Dec. 100
Special extra
Chicago Flexible Shaft, pref. (quar.)_ •13: Dec. 1 *Holders of roe. Nov.20
Chicago Yellow Cab Co.(monthly)
331-he Doe. 1 Holders of roe. Nov.196
Monthly
33 1-30 Jan. 1 Holders of rec. Dec. 20a
Monthly
33 I-30 Feb. 1 Holders of rec. Jan. 20a
Monthly
33 1-3c Mar. 1 Holders of rec. Feb. 186
Childs Co., corn. ($100 par) (quar.)
60e. Dec. 10 Holders of rec. Nov. 260
Common, no par value (guar.)
600. Dec. 10 Holders of rec. Nov. 260
Preferred (guar.)
131 Doe. 10 Holders of rec. Nov.28
Chill Copper Co.(guar.)
6234c Dee. 27 Holders of rec. Dee. la
-quisier Company.corn.(guar.)
75e. Jan. 3 Holders of roe. Doe. 156
Jan 3'27 Holders of roe. Dec. 156
Preferred
52
M Doe. 1 Holders of rec. Nov. 15
Cities Service, common (monthly)
f34 Dec. 1 Holders of rec. Nov. 15
Common (payable in corn, stock)
34 Doe. 1 Holders of rec. Nov. 15
Preferred and pref. B (monthly)
Ode% Service, common (monthly)
34 Jan. 1 Holders of rec. Doe. 15
Common (payable in common stock). 134 Jan. 1 Holders of rec. Dec. 15
34 Jan. 1 Holders of rec. Dee. 15
Preferred and preferred B (monthly)._
Jan. 1 Holders of rec. Dec. 31a
3
City Housing Corporation
50c. Dee. 1 Holders of rec. Nov. 12a
City Ice & Fuel. common (quar.)
50c. Dec. 15 Holders of rec. Dec. 10a
Clinchfield Coal Corp., corn
$1.75 Jan, 1 Holders of rec. Dec. 15
Coca-Cola Co.(guar.)
$1.75 Jan. 1 Holders of rec. Doe. 15a
Coca-Cola International (guar.)
I% Dec. 1 Holders of rec. Nov.30a
Colonial Steel. pref. (guar.)
Jan. 1 Holders of roe. Dec. 20a
Commercial Solvents Corp., class B(qu.) $2
Congoleum-Nairn, Inc., pref.(guar.)... 13: Dec. 1 Holders of roe. Nov. 15a
Consolidated Cigar Corp.. pref.(qu.)- 134 Dec. 1 Holders of roe. Nov. 15a
13: Dec. 1 Holders of rec. Nov.200
Consolidation Coal, pref
13-4 Jan. 3 Holders of rec. Dec. 20a
Continental Can, Inc. pref. (guar.)_
25e. Dec. 15 Holders of rec. Nov. 15a
'
Continental 011 (guar.)
131 Doe. 1 Holders of rec. Nov. 15a
Converse Rubber Shoe, pref.(guar.) _ _
1
Dee. 15 Holders of roe. Nov.20
Cookeville Shale Brick, pref.(guar.)_ _
$1
Doe. 31 Holders of rec. Dec. 200
Coty. Inc.(guar.)
Dec. 31 Holders of rec. Dec. 200
$1
Extra
134 Dee. 15 Holders of rec. Dee. la
Crane Company, corn. (quar.)
154 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
•1 M Dec. 1 *Holders of rec. Nov. 9
Crows Nest Pass Coal (guar.)
154 Deo, 31 Holders of roe. Dec. 151
Crucible Steel, pref. (guar.)
Doe. 1 Holders of rec. Nov. 20a
Si
Cuba Company, common (guar.)
Preferred
'334 Feb. 1 *Holders of rec. Jan. 15
Cuban-American Sugar, corn.(guar.)._ 250. Jan. 3 Holders of rec. Doe. 76
134 Jan. 3 Holders of tee. Dec. 7a
Preferred (guar.)
Doe. 15 Holders of rec. Nov.30
3
Cumberland Pipe Line (guar.)
Dec. 15 Holders of too. Doe. 1
51
Cuneo Press. Inc. (guar.)
Cushman's Sons, Inc.. common (guar.). 75o. Dee, 1 Holders of rec. Nov. 15a
13: Deo, 1 Holders of rec. Nov. 15a
Seven per cent preferred (guar.)
D. 1 Holders of roe Nov. 15
Eight dollar dividend. pref.(quar.)--- $2
Doe. 1 Holders of rec. Nov. 160
Dartmouth Manufacturing, corn.(guar.) 2
134 Dec. 1 Holders of rec. Nov. 160
Preferred (quar.)
134 Doe. 24 Holders of roe. Dec. Ila
Davis Mills (guan)
Decker (Alfred) & Cohn, corn.(qu.)___. 50o. Doe. 15 Holders of rec. Doe. 46
13-4 Deo, 1 Holders of rec. Nov. 200
Preferred (guar.)
13: Dee. 1 Holders of roe. Nov.15a
Deere & Co.. pref.(guar.)
5254 Dec. 1 Holders of roe. Nov.150
Pref.(acct. accum. dividend)
2
Derk Manufacturing, pref. (guar.)
Deo, 15 Holders of rec. Doe. la
Detroit Steel Products (monthly)
250. Dec. 1 Holders of rect. Nov.200
2
Diamond Match (guar.)
Deo, 15 Holders of reo. Nov.300
Douglas-Pectin Corporation (guar.) _ 50c. Dec. 31 Holders of rec. Dec. la
50c. Doe. 31 Holders of rec. Doe. la
Extra
1234 JanI527 Holders of roe. Aug. 28
Draper Corporation (extra)
Du Pont(El.) de Hem.& Co.,com.(gu) $1.75 Dec. 15 Holders of rec. Dec. la
Common (extra)
Jan. 5 Holders of rec. Doe. la
$5
Debenture stock (quar.)
134 Jan. 25 Holders of roe. Jan. 100
Eagle-Picher Lead, common (quar.)..
40e. Dec. 1 Holders of reo. Nov.15
Eastman Kodak,common (gusr.)
$1.25 Jan. 3 Holders of rec. Nov. 306
Common (extra)
75c. Jan. 3 Holders of rec. Nov.306
13( Jan. 3 Holders of rec. Nov.300
Preferred (guar.)
Inc.,
Eitingon Schild Co.,
corn.(au)._ 624e. Nov. 30 Holders of rec. Nov. 15
Electric Storage Battery, corn.& pf.(qu.) 81.25 Jan. 3 Holders of rec. Doe. 60
Ely-Walker Dry Goods. coin.(guar.)-.- 31 SiC. Doe. 1 HolAers of roe. Nov. 19
Emporium Corporation (guar.)
50c. Doe. 24 Holders of reo. Doe. 1
Equitable Office Bldg. Corp., corn.(qu.) $1.50 Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
I% Jan, 3 Holders of rec. Doe. 1513
Erie Steam Shovel, common (quar.)
6234e Dec. 1 Holders of reo. Nov. laa
Seven per cent preferred (guar.)
61.60 Dec. 1 Holders of. roe. Nov.150
Fairbanks-Morse & Co.. corn. (gust.)
750. Dec. 31 Holders of roe. Oot. 156
Preferred (guar.)
13: Deo. 1 Holders of rec. Nov.154
Fair (The), common (monthly)
20c, Dec. I Holders of rec. Nov. 20a
Common (monthly)
20o, Jan. 1 Holders of rec. Dec. 200
Common (monthly)
20c. Feb. 1 Holders of rec. Jan. 206
13: Feb. 1 Holders of rec. Jan. 2013
Preferred (guar.)
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Dee. 1 Holders of roe. Oct. 30
FamousPlayers(Can.) Corp., 1st pf.(qu.) 2
Jan. 3 Holders of rec. Dec. 15a
Famous Players-Lasky Corp.,corn.(qu.) $2
134 Nov.30 Nov. 24 to Nov. 30a
Fay (J. A.)& Egan Co.. pref.(guar.) _
Federal Mining & Smelting, pref.(quar.) 134 Dee. 15 Holders of rec. Nov. 290
Fifth Avenue Bus Securities (quar.) _ _ _ *16c, Jan. 18 *Holders of rec. Jan. 4
Jan. 1 Holders of rec. Dec. 16a
First National Pictures, preferred (guar.) 2
Dec. 1 Holders of rec. Nov.r15a
Fisk Rubber, 2d pr. (acct. accum. div.)_ 035
Maim mons& Cool Dredge & Dk.(qu.) SW. Dec. 1 Holders of rec. Nov. 206
Foote Bros. Gear & Mach., corn.(qu.)_ _ *25c. Jan. 1 *Holders of rec. Dec. 20
I% Jan. 1 Holders of roe. Sept. 20
Preferred (attar.)
250. Jan. 2 Holders of rec. Dec. 15a
Forhan Company,common (quar.)
400. Jan. 2 Holders of rm. Dm. 15a
Class A (guar.)
$2 Dec. 15 Holders of rec. Dec. la
Foundation Co.. corn. (guar.)
Dec. 1 Holders of rec. Nov. 15
3
French (Fred F.) Companies. pref
Gabriel Snubber, corn. A and B (quar.)_ 873.4c Jan. 1 Holders of rec. Dee. 156
$1.25 Dec. 15 Holde s of rec. Dec. 40
Gamewell Company,com.(guar.)
134 Dec. 1 Holders of rec. Nov. 206
Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. lba
General Asphalt, pref. (guar.)
General Box Corp., pref. A & B (quar.)_ 91.25 Dec. 1 Holders of roe. Nov.20a
134 Doe. 1 Holders of rec. Nov.230
General Cigar. 7% pref.(guar.)
Debenture preferred (quar.)
134 Jan. 3 Holders of rec. Dec. 23a
General Motors Corp., common (quar.) 81.75 Doe. 11 Holders of rec. Nov.206
Jan. 4 Holders of rec. Nov.206
$4
Common (extra)
134 Feb. 1 Holders of rec. Jan. 100
Preferred (quar.)
13,4 Feb. 1 Holders of rec. Jan. 103
Sig per cent debenture stock (guar.)_ _
Seven per cent debenture stock (guar.) 154 Feb. 1 Holders of rec. Jan. 106
Dec. 15 Holders of rec. Dec. 5
1
General Necessities Corp.(monthly)_ _ _
Dec. 81 Holders of rec. Dec. 200
125
Stock dividend
Dee. 1 Holders of rec. Nov. 1
51
Gillette Safety Razor (quar.)
Doe. 1 Holders of rec. Nov. 1
50e
Extra
C.G.Spring & BumperCommon (In corn. stk. on each 10 she.) 18-10 Feb1527 Holders of roe. Feb.8'27
Glidden Company, common (guar.)._ _ *50c. Jan. 2 *Holders of rec. Dec. 16
*1% Jan. 2 •Holders of rec. Dec. 16
Prior preferred (guar.)
Globe-Democrat Pub. Co.. prof.(quar.)- 1% Dec. 1 Holders of rec. Nov.20
$1.50 Jan 1'27 Holders of rec. Doe. 20
Globe-Wernicke Co.. common
Golden Cycle Mining & Reduo.(guar.). 40 Dee. 10 Holders of rec. Nov.30a
$1 Doe. 1 Holders of roe. Nov. 160
Goodrich (B. F.) Co.,com.(guar.)
1,0 Jan. 3 Holders of rec. Dec. 15a
Preferred (guar.)
Gossard (H. W.)& Co.. cm.(m`thly)... 331-30Deo. 1 Holders of roe. Nov. 19
13 1-3o Jan 3'27 Holders of roe. Dee. 20
Common (monthly)
623.10. Dec. 31 Holders of rec. Dec. 15
Gotham Silk Hosiery, corn.(guar.)
Great Atlantic & Pacific Tea, corn.(qu.) 600. Dec. I Holders of rec. Nov. 12
1% Doe. 1 Holders of rec. Nov. 12
Preferred (quar.)
75e. Dec. 28 Holders of rec. Dec. 60
Great Northern Iron Ore Properties
Greenfield Tap & Die,6% pref.(guar.). 1% Jan. 3 Holders fo rec. Dee. 15
Jan 3 Holders of roe. Dec. 15
2
8% Preferred (quar.)
Jan. 3 Holders of rec. Dee 150
Guantanamo Sugar. preferred ((Marl-- - 2
1% Jan. 3 Holders of roe. Dec. 15a
Gulf States Steel, common (guar.)
Preferred boar.)
1% Jan. 2 Holders of tee. Des. 156
Dec. 1 Nov. 24 to Nov.30
1
Hamilton-Bfflown Shoe (monthly)
Hamilton Dairies, pref.(qu.)(No. l)..
1% Dec. 1 Holders of rec. Nov. 20
Harbison-Walker Refrao., com.(guar.). 134 Dec. 1 Holders of ree.Nov. 204
Preferred (guru.)
134 Jan. 20 Holders of rec. Jan. 10a
50o. Dec. 1 Holders of rec. Nov. 17s
Hartman Corporation, class A (guar.)._
50e. Mar127 Holders of rec.Feb.1517a
Class A (guar.)
50o. J'nel'27 Holders of roe. May 170
Class A (guar.)
(a) Dec. 1 Holders of rec. Nov. 170
Class B (guar.) in class A !took
Class B (guar.) in class A stock
(a) Mar 127 Holders of rec. Feb15'27o
(a) J'nel'27 Hold, of rec. May 17'270
Class B (guar.) in clam A stock
Hart,Schaffner & Marx,Inc.. corn.(qu.) 11,4 Nov. 30 Holders of rec. Nov. 160
Hathaway Baking Co.,cony. pref.(qu.)_
1% Doe. 15 Holders of rec. Dec. la
Hathaway Manufacturing (guar.)
$1.50 Dec. 1 Holders of rec. Nov. 186
10o Dec. 1 Holders of rec. Nov. 28a
Hayes Ionia Co.(monthly)
Monthly
10o Jan1'27 Holders of rec. Dec. 210
Monthly
10e Febl'27 Holders of rec. Jan. 21a
Monthly
100 Msx1'27 Holders of rec. Feb. 21e
Hayes Wheel, common (quern)
75o. Dec. 15 Holders of rec. Nov. 26a
Preferred (guar.)
114 Dec. 15 Holders of rec. Nov.260
Hecht Mining (quar.)
50c. Dec. 15 Holders of rec. Nov. 15a
Heywood-Wakefield Co
$2.50 Dec. 1 Nov.21 to Nov. 30
Hibbard, Spencer. Bartlett& Co.(nttlilY)
850 Nov.26 Holders of rec. Nov. 19
350 Dec. 81 Holders of rec. Dec. 24
Monthly
200 Dec. 3 Holders of rec. Dec. 24
Extra
Doe. 1 Nov. 21 to Dec. 1
2
Higbee Co., 2d pref. (guar.)
Hires (Charles E.) Co., class A (quar.)_ _ 50e. Dec. 1 Holders of rec. Nov. 156
Nov.21 to Dec. 1
144 Dee.
Hood Rubber Products, pref. (guar.) _
Dec. 2 Holders of rec. Nov. 16
2
Hollinger Consolidated Gold Minim
Holders of rec. Nov. 11
1% Doe.
Hom & Hardart of N.Y., pref.(guar.)._
Holders of rec. Nov. 160
Housenold Products (quar.)
750. Dec.
Extra
50c. Jan. 3 Holders of rec. Dec. I56
Houston Gulf Gas, pref. (guar.)
51.75 Dec. 1 Holders of rec. Nov. 156
Hudson River Navigation, pref
Dec. 31 Holders of roe. Dec. lb
Illinois Brick (guar.)
600. Jan. 1 Jan. 5 to Jan. 16
Extra
400. Jan15'2 Jan. 5 to Jan. 18
Quarterly
600. Ap15'2 Apr. 5 to Apr. 15
Quarterly
60o. J1y15'2 July 3 to July 15
Quarterly
600. 0015'27 Oct. 5 to Oct. 16
Illinois Pipe Line
Dec. 15 Nov.24 to Dec. 14
6
Imperial Oil, Ltd.(guar.)
Dec. 1 Nov. 16 to Nov.30
25
Special
Dec. 1 Nov. 16 to Nov.30
25
Imperial Royalties(monthly)
1)4 Nov.30 Holders of rec. Nov. 25
Independent Oil & Gas(guar.)
250. Jan. 1 Holders of roe. Dec. 80a
Ingersoll-Rand Co.,corn.(qua?.)
Holders of rec. Nov. fla
750. Dec.
Common (extra)
Holders of roe. Nov. 80
Dee.
$1
Inland Steel, common (guar.)
Holders of roe. Nov. 15a
62,40 Dec
Preferred (guar.)
Holders of rec. Dec. 150
1,0 Jan.
Internat. Agricultural Corp., pr. pf.(qu.) I% Dec.
Holders of rec. Nov. 15s
International Cement, common (guar.). $1
Dec. 3 Holders of rec. Dec. 156
Preferred (guar.)
1% Dec. 3 Holders of rec. Dec. 156
Internat. Combustion Engineering (qu.) 50c. Nov.3 Holders of rec. Nov. 19a
International Harvester. pref.(guar.) -Holders of rec. Nov. 10a
Dec.134
International Milling, pref.(guar.)
Holders of rec. Nov.202
1% Dec.
International Salt (guar.)
Holders of rec. Dee. 156
1% Jan.
Int. Secur. Trust of Amer., corn.(guar.) 42c. Dec.
Holders of rec. Nov. 15
Seven per cent preferred (guar.)
1,4 Dec 1 Holders of rec. Nov. 15
6)4% preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 15
Six per cent preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 15
International Shoe, pref. (monthly)
,4 Dec. 1 Holders of rec. Nov 156
Interstate Iron & Steel, pref.(guar.)_ _ _ _ 1% Dec. 1 Nov. 21 to Dec. 1
Preferred (acct. accum. diva.)
Dec. 1 Nov.21 to Dec. I
05
Isle Royal Copper Co
50o. Doe. 15 Holders of rec. Nov. 306
Jaeger Maclaine. common (guar.)
t244c Dec. 1 Holders of rec. Nov. Imo
Johansen Bros. Shoe, corn. (guar.)
37140. Dec. 1 Nov.21 to Dec. 6
Johnson-Stephens-Shinkle Shoe (guar.). 50c. Dec. 1 Holders of rec. Nov. 15a
Jones& Laughlin Steel, corn.(guar.)
1% Doe. 1 Holders of rec. Nov. 16
Kaufmann Dept. Stores, pref. (guar.)._
13,4 Jan 2'27 Holders of rec. Dec. 200
Kayser (Julius) & Co., pref.(guar.)._ $2
Jan. 3 Holders of rec. Dec. 17a
Corp.
Kennecott Copper
(quar.)
51.25 Jan. 2 Holders of rec. Dec. 3a
Kinney (G. R.) Co., common (qua?.)_ $1
Jan. 8 Holders of rec. Dec. 23a
Preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 210
Kirby Lumber (quar.)
1% Dec. 10 Dec. 1 to Dec. 10
Kresge (S. S.) Co., common (guar.)._
300. Dec. 31 Holders of rec. Dee. 15
Preferred (guar.)
1% Dee. 81 Holders of rec. Dec. 15
Kroger Grocery dk Baking,common (qu.) 50c. Dec. 1 Holders of roe. Nov. 156
Kuppenheimer (B.) & Co., common__ _ 51
Jan. 2 Holders of rec. Dec. 24a
Preferred (guar.)
1% Dec. 1 Holders of roe. Nov. 230
Lake of the Woods Milling, corn.(qu.)
3
Dec. 1 Holders of rec. Nov.20a
Preferred (Qua?.)
1% Dec. 1 Holders of rec. Nov.206
Lanston Monotype Machine
1% Nov. 30 Holders of rec. Nov. 20a
Lehigh Coal & Navigation (guar.)
$1
Nov. 30 Holders of roe. Oct. 30a
Extra
$1
Nov.30 Holders of rec. Oct. 80a
750. Dec. 1 Holders of rec. Nov. 15a
Lehn & Fink Co. (guar.)
Libbey-Owens Sheet Glass, com.
500. Doe, 1 Holders of rec. Nov.20a
Common (extra)
Dec. 1 Holders of rec. Nov. 20a
$1
Preferred (guar.)
154 Doe. 1 Holders of rec. Nov.20a
Liggett & Myers Tob.,comdtcom.B(gul 750. Doe. 1 Holders of roe. Nov. 16a
$1
Dec. 1 Holders of roe. Nov. 16a
Lima Locomotive Works,corn.(guar.)
Loblaw Groceterias Co., common (qu.). 250. Dec. 1 Nov. 17 to Nov.30
1% Dec. 1 Nov. 17 to Nov.30
Frier preference (qua:.)
2745
THE CHRONICLE
Nov. 27 1926.]
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Mi -cellaneous (Continued)
Jan. 1 Holders of rec. Dee. 206
2
Loew's Buffalo Theatres, Inc.. pi. (qu.)
50c. Dec. 81 Holders of rec. Dec. 13a
Loew's, Inc.(quar.)
Dec. 31 Holders of rec. Dee. 130
Extra
$1
250. Jan. 15 Holders of rec. Dee. 31
Loew's London Theatres (Can.),corn_
33,4 Jan. 15 Holders of rec. Dec. 31
Preferred
2% Jan, 3 Holders of rec. Dee. 176
Lord & Taylor, common (guar.)
134 Dee. 1 Holders of rec. Nov. 170
First pref.(quar.)
Dec. 10 Holders of rec. Nov.170
5
Christmas dividend
Ludlow Manufacturing Associates (qui- $2.50 Dec. 1 Holders of rec. Nov. 3
51.50 Dec. 1 Holders of rec. Nov. 260
'5 shooing Investment(guar.)
13,4 Jan, 1 Holders if rec. Dec. 210
MallInson (H.R.)& Co., pref.(guar.)
37,0c Dec. 1 Holders of rec. Nov. lta
Manhattan Shirt, common (guar.)
$1 Dec. 1 Holders of rec. Nov. 10
Marmon Motor Car, common (No. 1).. _
500. Dee. 1 Holders of rec. Nov. 150
Martin-Parry Corp. (guar.)
Dee, 1 Holders of rec. Nov. 150
May Department Stores, common (qu.)_ $2
154 Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
50o. Dec. 1 Holders of rec. Nov.150
Maytag Co. (guar.)
MeCahan (W. J.) Sugar Relining &
134 Dec. 1 Holders of rec. Nov. 196
Molasses Co., preferred (guar.)
40c. Dec. 1 Holders of rec. Nov.20
McColl Brothers, Ltd., common
13,4 Dec. 1 Holders of rec. Nov.20
Preferred (guar.)
McCrory Stores Corp., corn. A & B (qu.) 40c. Dec. 1 Holders of rec. Nov. 200
25e. Dec. 1 Holders of rec. Nov. la
McIntyre Porcupine Mines, Ltd
134 Doe. 1 Holders of rec. Nov. 15
Mengel Company, preferred (guar.) _ _ _ _
&Lerch.& Mfrs.Sec., partic. pref.(quar.) 6234c Jan. 1 Holders of rec. Dec. 150
Cl
Jan. 1 Holders of rec. Dec. 156
Participating preferred (stock div.)_
$1.25 Dec. 31 Holders of rec. Dec. 46
Mergenthaler Linotype (quar.)
25c. Dec. 31 Holders of roc. Dec. 46
Extra
15,4 Doe. 1 Holders of rec. Oct. 28
Merrimack Mfg.,com.(quar.)
Metro-Goldwyn Pictures Corp., pt.(qu.) 4734e. Doe. 15 Holders of rec. Nov.270
Metropolitan Paving Brick, corn. (qu.).. 50c. Dec. 1 Nov. 18 to Nov.30
15,4 Jan. 1 Dec. 18 to Dec. 31
Preferred (guar.)
Mid-Continent Petroleum, pref.(guar.). $1.75 Dec. 1 Holders of rec. Nov. 160
Dee. 1 Holders of roe. Nov. 100
2
Miller Rubber, pref.(guar.)
50c. Dec. 15 Holders of rec. Dec. 8
Missouri Portland Cement (guar.)
Doe. 1 Holders of rec. Oct. 30
$2
Mohawk Mining (guar.)
Montgomery Ward & Co.,class A (qu.)_ .$1.75 Jan. 1 *Holders of rec. Dec. 21
Montreal Cottons, Ltd., corn. (quar.).... 13,4 Doe. 15 Holders of rec. Nov. 306
134 Doe. 15 Holders of rec. Nov. 30a
Preferred (guar.)
75c. Doe. 1 Holders of rec. Nov. 170
Munsingwear. Inc.(qua:.)
1542. Dec. 15 Holders of rec. Nov.30
Munyon Remedy Co.(qua:.)
50e. Nov.27 Holders of rec. Nov. 18
Mystic Steamship
Jan. 15 Holders of rec. Dec. 310
51
National Biscuit, common (guar.)
13,4 Nov. 30 Holders of rec. Nov. 170
Preferred (guar.)
13,4 Dec. 1 Holders of rec. Nov. 234
National Cloak & Suit .pref.(quar.)
Natl. Dept. Stores. 2nd pref.(guar.)... 15,4 Dec. 1 Holders of rec. Nov. 153
Jan 1'27 Dec. 21 to Dec. 31
8
National Grocer, preferred
Dec. 31 Holders of rec. Dec. 106
2
National Lead, common (guar.)
13,4 Dec. 15 Holders of rec. Nov. 193
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 6
National Sugar Refining (guar.)
23.4 Jan. 3 Holders of rec. Dec. I76
National Surety (guar.)
25c. Dec. 15 Holders of rec. Nov.306
National Transit
123.4e. Dec. 15 Holders of rec. Nov. 30a
Extra
13,4 Doe. 1 Holders of rec. Nov. 16
Newberry (J. J.) Co., pref.(guar.)
Dec. 10 Holders of rec. Nov.20
2
New Jersey Zino, extra
New York Canners. Inc., pref.(qua:.)-.. $1.50 Dec. 1 Holders of rec. Nov.226
50c. Jan. 15 Holders of rec. Dec. 31a
New York Transportation (quar.)
13,4 Jan. 1 Holders of rec. Dec. 10
North American Provision (quar.)
150. Deo, 1 Holders of rec. Nov.10
North Central Texas 011 (guar.)
83 Jan. 1 Holders of rec. Dee. 10
Northern Pipe Line
Jan. 1 Holders of rec. Dec. 10
$1
Extra
154 Doe. 1 Holders of rec. Nov. 226
Ogilvie Flour Mills. pref.(qua:.)
50c. Dec. 16 Holders of rec. Nov. 13
Ohio 011 (guar.)
50o. Dec. 15 Holders of roe. Nov. 13
Extra
50o. Jan. 3 Holders of rec. Doe. 153
011 Well Supply (guar.)
Jan. 1 Holders of rec. Dec. 173
Omnibus Corporation, pref. (quern)._ *2
134 Dee. 1 Holders of rec. Nov.200
Onyx Hosiery, preferred (quar.)
Orpheum Circuit. Ina.. corn.(monthly)_ 16 2-3( Dec. 1 Holders of rec. Nov.200
16 2-3e Jan 2'27 Holders of rec. Dec. 200
Monthly
Jan 2'27 Holders of rec. Dec. 150
2
Preferred (guar.)
134 Jan15'27 Holders of roe. Doe. 81a
Otis Elevator. pref.(guar.)
75e. Jan. 1 Holders of rec. Dec. 160
Owens Bottle, common (guar.)
Jan. 1 Holders of rec. Dec. 160
$2
Common (extra)
Jan. 1 Holders of rec. Doe. 160
Common (payable in common stock).... 5
154 Jan. 1 Holders of roe. Dec. 16a
Preferred (guar.)
Dec. 1 Holders of rec. Nov.203
4
Package Machinery,common
Packard Motor Car200. Nov.30 Holders of roe. Nov. 153
Monthly
20c. Dec. 31 Holders of rec. Dec .150
Common (monthly)
20c. Jan. 31 Holders of rec. Jan. 15a
Common (monthly)
200. Feb. 28 Holders of rec. Feb. 15a
Common (monthly)
Dec. 1 Holders of rec. Nov. 18
Patchogue-Plymouth Mills. corn.(guar.) El
D. 1 Holders of rec. Nov. 10
3
Pattie Exchange, Inc.. prof.(guar.)
Ponder(David) Grocery.class A (guar.) 8734e Dec. 1 Holders of rec. Nov. 203
Dec. 23 Holders of rec. Dec. 16a
a0c
Pennok On Corporation (quar.)
80c. Jan. 1 Holders of rec. Dec. 15a
Pa.-Dixie Cement, corn.(No. 1)
1% Dec. 15 Holders of rec.Nov.d300
Preferred (quar.) (No. 1)
Dec. I Holders of rec. Nov. 200
1
Phillips-Junes Corp.. common (guar.)- 1)4 Dec. 1 Holders of rec. Nov. 170
Phoenix Hosiery. let & 2d pref (qua:.)..
Jan. 1 Holders of rec. Dec. 15a
Pierce-Arrow Motor Car, pref.(guar.)- 2
50e. Dec. 1 Holders of reo. Nov. 156
Pines•Winterfront, A & B (quar.)
Pittsburgh Steel. pref. (guar.)
13,4 Dee. 1 Holders of rec. Nov. 15a
*134 Dec. 31 *Holders of rec. Dec. 15
Pittsburgh Steel Foundries, pref.(qu.)
1% Dee. 1 Holders of rec. Nov.200
Pittsburgh Terminal Coal, pref.(guar.).
Polar Wave Ice & Fuel, class A (quax.). 6234c. Dec. 1 Holders of rec. Nov. 156
50o. Nov.30 Holders of rec. Oct. 30a
Prairie 011 & Gas (quar.)
750. Jan. 3 Holders of rec Dec. 150
Pratt & Lambert Co.,common (quar.)
Jan. 3 Holders of rec. Doe. 150
$1
Common (extra)
Pressed Steel Car, pref. (guar.)
154 Doe. 81 Holders of rec. Dec. la
144 Dec. 15 Holders of rec. Nov.240
Procter & Gamble.6% pref.(guar.)
13,4 Dec. 15 Holders of rec. Dec. 1
Pro-phy-lac-tic Brush. pref. (quar.)_ _ _ 3734c Dec. 1 Holders of roe. Nov. 106
Pure Oil Co.,com.(quar.)
1254c Dec. 1 Holders of rec. Nov. 106
Common (extra)
750. Doe. 1 Holders of rec. Nov. 150
Purity Bakeries, class A (quar.)
13,4 Dec. 1 Holders of rec. Nov. 153
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 316
Quaker Oats, common (guar.)
81
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. la
Preferred (guar.)
140 Nov.80 Holden, of rec. Nov. 1
Doe. 1 Holders of rec. Nov.203
Quissett Mills. preferred (guar.)
3
Jan. 1 *Holders of rec. Dec. 20
Real Silk Hosiery Mills, common (qu.)_ *El
Preferred (quar.)
'134 Jan. 1 *Holders of rec. Dec. 20
750. Jan. 3 Holders of rec. Dec. 206
Reid Ice Cream Co.. corn.(guar.)
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.203
Remington Typewriter, first pref.(rm.)
15,4 Jan. 1 Dec. 16 to Jan. 2
Jan. 1 Dec. 16 to Jan. 2
2
Second preferred (quar.)
Republic Iron & Steel, common (guar.)_ $1
Dec. 1 Holders of rec. Nov. lea
13,4 Jan. 2 Holders of rec. Dec. 153
Preferred (guar.)
50e. Dec. 20 Dec. 10 to Dec. 20
31. Joseph Lead (guar.)
25e. Doe. 20 Dec. 10 to Dec. 20
Extra
IC. SJan. 3 Holders of rec. Dec. 150
San Toy Mining
Doe, 1 Holders of rec. Nov. 150
$1
Savage Arms,common (guar.)
•134 Jan. 2 *Holders of rec. Dee. 15
First preferred (guar.)
•134 Feb. 15 *Holders of rec. Feb. 1
Second preferred (quar.)
Dec. 1 Holders of rec. Nov. 15
/2
Schulte Retail Stores. com.(qua:.)
Holders of rec. Nov. 10
1Seovill Manufacturing (stock dividend)_ 825
13,4 Dec. 1 Holders of rec. Nov. 150
Sherwin-Williams Co., pref. (guar.)__
Shippers Car Line Corp., class A (guar.) 500. Nov. 30 Holders of rec Nov. 18
$1.75 Nov.30 Holders of rec. Nov.18
Preferred (guar.)
Shreveport-El Dorado Pipe Line(guar.)- 250. Jan. 2 Doe. 22 to Jan. 1
Jan. 2 Dec. 22 to Jan. 1
51
Extra
81.25 Dec. 15 Holders of rec. Dec. 16
Shubert Theatre (guar.)
50c. Jan. 3 Holders of rec. Dec. 15a
Strums Petroleum
141 Dee. 1 Holders of rec. Nov. 18a
Simon (Franklin) Co., pref. (guar.)._
50c. Dec. 15 Holders of rec. Nov 15a
Skelly Oil (guar.)
Sloss-Sheffield Steel & Iron, corn.(guar.) 13.4 Dec. 20 Holders of rec. Dec. 10a
I% Jan. 3 Holders of rec. Dee. 2042
Preferred (guar.)
6234c Dec. 15 Holders of rec. Dec. 5
Smallwood Stone, class A (guar.)
Doe. 20 Dec. 1 to Dec. 10
5
Solar Refining
134 Jan. 3 Holders of rm. Dec. 10a
South Porto Rico Sugar, corn.(quar.) _
2
Jan. 3 Holders of rm. Dm. 10a
Preferred (quar.)
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
studding(A.G.)& Co., 1st pref.(guar.). 1% Dec. 1 Holders of rect. Nov. 18a
2
Dec. 1 Holders of rec. Nov. 18
Second preferred (quar.)
Dec. 1 Holders of rec. Nov. 150
Spear de Co.. preferred (quar.)
Standard 011 (Calif.) (guar.)
50o. Dec. 15 Holders of rec. Nov. Ha
Extra
50e. Dec. 15 Holders of rec. Nov. 15a
Standard Oil (Indiana) (quar.)
62%e Dec. 15 Holders of rec. Nov. 17
Extra
25c,. Dec. 15 Holders of rec. Nov. 17
Standard 011 (Nebraska) (quar.)
62e. Dec. 20 Nov. 25 to Dec. 20
Extra
50c. Dec. 20 Nov.25 to Dec. 20
Standard Oil(N.J.) 825 par stock (go.). 25o, Dec. 15 Holders of rec. Nov.26a
12%c. Dec. 15 Holders of rec. Nov. 266
$25 par stock (extra)
$100 par value stock (quar.)
1
Dec. 15 Holders of rec. Nov.26
$100 par value stock (extra)
50c. Dec. 15 Holders of rec. Nov.26
Standard 011 of New York (quar.)
400. Dec. 15 Holders of rec. Nov. 19
Standard Oil (Ohio), corn.(quar.)
2)4 Jan. 1 Holders of rec, Nov. 26
Preferred (quar.)
1% Dec. 1 Holders of rec. Oct. 26
Stern Brothers, class A (quar.)
$1
Jan. d2 Holders of rec. Dec. d21
Sax, Baer & Fuller, common (quar.)
37%c. Dec. 1 Nov. 16 to Nov. 19
Stromberg Carburetor (quar.)
$1.50 Jan. 3 Holders of rec. Dec. 106
Studebaker Corp., common (quar.)
$1.25 Dec. 1 Holders of rec. Nov. 10a
Preferred (quay.)
1% Dec. 1 Holders of rec. Nov. 10a
Sun Oil (quar.)
25c. Dec. 15 Holders of rec. Nov.266
Stock dividend
Dec. 15 Holders of rec. Nov.286
e6
Superior Steel, common (quay.)
50o. Dec. 1 Holders of rec. Nov.150
Symington (The) Co. .class A (quar.)_
50c. Jan. 2 Holders of rec. Dec. 15a
Taunton de New Bedford Copper (quay.) $1.50 Nov.30 Holders of rec. Nov.15a
Extra
$8.50 Nov.30 Holders of rec. Nov. 15a
Tennes.ee Louver at Chemical (quar.)
250. Dec.I15 Holders of rec. Nov.30a
Textui Gulf Sulphur,no par stock (No.1) $1
Dec.215 Holders of rec. Dec. la
Thompson (J R.) Co (monthly)
300. Dec. 1 Holders of rec. Nov 236
Thompson Products. Pref.(guar.)
154 Dec.. 1 Holders of rect. Nov.20a
Thomson Electric Welding (quar.)
50e. Dec. 1 Holders of rec. Nov. 50
Extra
Dec. 1 Holders of rec. Nov. 5a
$1
Tidal Osage Oil, pref.(quar.)
1% Dec., 1 Holders of rec. Nov. 22a
Timken-Detroit Axle. pref. (quar.)
1)4 Dec. 1 Nov. 21 to Nov. 30
Timken Roller Bearing, common (quar.) $1
Dec. 4 Holders of rec. Nov. 180
Common (extra)
25e. Dec._ 4 Holders of rec Nov. 186
Traveler Shoe (quar.)
37)3e Jan 8 Holders of reo. Dec. 1.5a
Truscon Steel, common (quar.)
40c. Jan. 15 Holders of rec. Jan. 5a
Common (payable in common stock) _ 86
Jan. 16 Holders of rec. Jan. 150
Preferred (quar.)
1% Dec. 1 Holders of rec. Nov. 206
Underwood Computing Mach.. pref.(qu) $1.75 Jan. 1 Holders of rec. Dec. 15
Underwood Typewriter, common (quar.) 81
Jan. 1 Holders of rec. Dec. 4a
1)4 Jan. 1 Holders of rec. Dec. 4a
Preferred (guar.)
*50c. Dec. 1 *Holders of rec. Nov. 15
Union Mills, coin. (quar.)
•1
Dec. 1 *Holders of rec. Nov. 15
Preferred (quar.)
50c. Dec. 15 Holders of rec. Dec. 1
Union Storage
Union Tank Car, common (quar.)
$1.25 Dec. 1 Holders of rec. Nov. 106
$1
Dec 1 Holders of rec. Nov. 10
United Biscuit, class A (quar.)
United Cigar Stores of Amer.,corn.(go.) 500. Dec. 30 Holders of rec Dec. 100
Common (payable In common stock)
.11 Si Dec. 30 Holders of rec. Dec. 10a
Preferred (quar.)
1)4 Dec. 15 Holders of rec. Nov.d30a
United Drug. corn. (quar.)
2
Dec. 1 Holders of rec. Nov. 156
United Fruit(quar.)
$1
Jan. 3 Holders of rec. Dec. 9a
United Profit-Sharing Corp.,com .(ext.)_ 60e. Jan. 15 Holders of rec. Dec. 154
Common (payable in common stock). (s) Jan. 15 Holders of rec. Dec. 15a
U.S.Cast Iron Pipe di Fdy.. corn.(qu.). 234 Dec. 15 Holders of rec. Dec. la
Preferred (quay.)
134 Dec. 15 Holders of rec. Dee. la
U.S. Dairy Products, first pref.(quar.) $1.75 Dec. 1 Holders of rec. Dec. 16a
Second preferred (quar.)
$2
Dec. 1 Holders of rec. Dec. 160
U.S. Gypsum,common (quar.)
40c. Dec. 31 Dec. 5 to Dec. 19
Common (extra)
$1.40 Dec. 31 Dec. 5 Ito Dec. 19
Common (payable in common stock).. 135
Dec. 31 Dec. 5 to Dec. 19
Preferred (quar.)
1% Dec. 31 Dec. 5 to Dec. 19
U.B. Hoffman Machinery,corn.(quar.)_ 75c. Dec. 1 Holders of rec. Nov. 200
Common (extra)
25c. Dec. 1 Holders of rec. Nov.20a
U.S..Playing Card (quay.)
Jan. 3 Holders of rec. Dec. 21
$2
U.S. Realty & Improvement (quar.)
$1
Dec. 15 Holders of rec. Nov.266
U.S. Steel Corp.. common (guar.)
1% Dec. 80
Dec. 1
Preferred (quay.)
1)4 Nov.29 Nov. 2 to Nov. 3
United States Stores, prior pref.(quar.)_
1% Dec. 1 Holders of rec. Nov. 16
Universal Picture Corp., first pref. (qu.) 2
Jan. 1 Holders of ree. Dec. 20
Universal Pipe & Radiator. pref.(qu.).
1% Febl'27 Holders of rec.Jan15'27a
Preferred (quar.)
M'y2'27 Holders of rec.Apr15'27a
Preferred (quar.)
1% Augl'27 Holders of rec.J uly 15'27a
Preferred (quay.)
1% Nov1'27 Holders of rec.Oct.15'27a
Vacuum Oil (guar.)
50c. Dec. 20 Holders of rec. Nov. 30
Extra
50c. Dec. 20 Holders of rec. Nov.30
Special extra
Dec. 20 Holders of rec. Nov.30
$1
Valvoline 011, common (guar.)
1)4 Dec. 17 Holders of rec. Dec. 11
Vanadium Corp., extra
$1 Dec. 15 Holders of rec. Dec. la
Van Raalte Co.. 1st pref. (quay.)
1)4 Dec. 1 Holders of reo. Nov. 17a
Vesta Battery, pref. (quar.)
1)4 Dec. 1 Holders of rec. Nov. 20a
Wan Blsc. Corp., Ltd.. lst & 2d pf.(qu.) 134 Dec. 1 Holders of rec. Nov.220
Va.-Carolina Chemical, prior pt.(qu.).- 134 Dec. 1 Holders of reo. Nov. 160
Virginia Iron. Coal & Coke, pref
2)4 Jan. 41.3 Holders of rec. Dec. 156
Wabaaso Cotton (quar.)
$1 Jan. 2 Holders of rec. Dec. 15a
Bonus
50c. Jan. 2 Holders of rec. Dec. 15a
Waldorf System, corn. (quar.)
3118c Jan, 3 Holders of rec. Dec. 206
Preferred (quar.)
20c. Jan. 3 Holders of rec. Dec. 20
Wamsutta Mills(quar.)
1
Dec. 15 Holders of rec. Nov. 96
Weber ds Hellbroner, preferred (quar.).
154 Dec. 1 Holders of rec. Nov. 15
Welch Grape Juice, common (quar.)___. 25c. Nov.30 Holders of rec. Nov.20
Preferred (quar.)
1% Nov.30 Holders of reo. Nov.20
$1 .75 Dec. I Holders of rec. Nov. 18
Wesson Oil& Snowdrift. oref.(quay.)
Western Maryland Dairy, prior pf.(go.) 8734c. Dec. 1 Holders of rec. Nov.20
1)4 Dec. 1 Holders of rec. Nov. 15
White (J. G.) & Co.. Inc.. pref.(quar.)_
White(J. G.) Engineering, prof.(quay.). 154 Dec. 1 Holders of rec. Nov. 15
White(J. G.) Managem't Corp.. pf.(WI.) 1% Dec. 1 Holders of rec. Nov. 15
$1
Dec. 31 Holders of rec. Dec. 15a
White Motor Co.(quar.)
Dec. 1 Holders of rec. Nov. 10
$1
Woolworth (F. W.) Co.(quay.)
$1
Dec. 15 Holders of rec. Nov. 100
Extra
25c. Nov.30 Holders of rec. Nov.15a
Wright Aeronautical Co.(quar.)
Wrigley (Wm.) Jr. & Co.(monthly)---- 25e. Deo, 1 Holders of rec. Nov.200
250. Jan. 3 Holders of rec. Dec. 200
Monthly
50c. Jan. 3 Holders of rec. Dee. 20a
Extra
250. Feb. 1 Holders of reo. Jan. 200
Monthly
25c. Mar. 1 Holders of rec. Feb. 206
Monthly
Dec. 1 Holders of rec. Nov. 106
$1
Yale & Towne Mfg.(special)
Yellow Truck & Coach, class B (guar.).- *18%0 Jan. 1 *Holders of rec. Dec. 15
134 Jan. 1 *Holders of rec. Dec. 15
Preferred (quar.)
Dec. 31 *Holders of rec. Dec. 15
Youngstown Sheet & Tube, corn.(quar.) *51
1)4 Dec. 31 Holders of rec. Dee, 15
Preferred (quar.)
•From unofficial sources. t The New York Stook Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until further notice. 2 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice
O Transfer books not closed for this dividend. d Correction. e Payable In stock.
/Payable in common stock. g Payable in scrip. Son account of accumulated
dividends. in Payable in preferred stock.
n Payable In partie. pref. stock at par, cash being paid In lieu of fractional shares.
o At the rate of one-fortleth share of class A stock for each share of Masa B stock
pin lieu of cash, dividends may be taken in stock at the rate of 4 75-100 of a share
of class A stock for each share of $6 dividend stock and 5 15-100 of a share of class A
stock for each share of 56 50 dividend stock
q American Piano stock dividend loot rate of one share for each one hundred shares.
r Fisk Rubber not ex the 35% accumulated dividends until Dec. 2.
At rate of 8% per annum for period from May 1 to Dec. 31 1925.
Subject to authorization by stockholders.
u Amer.Power & Light stock dividend is one-fiftieth of a share of common stock
o Optional cash or one-fortieth of a share of class A stock.
w Dividend is one share of stock for each six shares held.
United Profit-Sharing stock dividend Is one share com,stock for each 20 shares.
g In lieu of cash dividends may be taken In dtock at the rate of 3 15-100 of a share
of class A stock for each share of original series pref. stock and 5 5-100 of a share of
class A stock for each share of 87 dividend series pref. stock.
z Subject to approval of stockholders at meeting to be held Dec. 8
[VOL. 123.
THE CHRONICLE
2746
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Nov.20. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that 45, three cipher* (000) miffed.)
New
CapitalProfits Loans,
Reserve
Week Ending
Discount. Cash
Net
Time Rana
with
Nov. 20 1926. Nat'l, June 30 Investin
Legal Demand
De- CircaState, Sept.30 ments, Vault. Depost- Deposits. posits. labI0.
(000 omitted.) Tr.Coe.Sept.30
etc.
tortes.
Members of Fed. Res. Bank.
$
Bank of N Y Ss
$
Trust Co____ 4,000 13,200
Bk of Manhaen 10,700 15,571
Bank of America 6,500 5,143
National City__ 50,000 63,133
Chemical Nat__ 4,500 18,535
Am Ex-Pac Nat 7,500 13,095
Nat Bk of Corn. 25,000 41,943
ChatPh NB &
13,500 12,763
Hanover Nat-- 5.000 26.003
Corn Exchange- 10,000 14.767
NationalPark_ 10,000 24,152
Bowery & E H. 3,000 3,224
First National__ 10.000 74,875
Irving Bk &
22,000 19,389
Continental
_ 1,000 1,234
Chase Nation-al_ 40,000 36,782
Fifth Avenue_
500 2,933
goo
Commonwealth.
675
Garfield Nat'l__ 1,000 1.782
Seaboard Nat'l_ 6.000 10,415
Bankers Trust_ 20,000 34,555
135 Mtge & Tr_ 3,000 4,820
Guaranty Tru
25,006 24,608
Fidelity Trust__ 4,000 3,154
New York Trust 10.000 21,320
Farmers L & T 10,000 19,820
Equitable Trust 30,000 22.144
Average. Average Average Average. Average
$
$
$
$
$
71,525
483 6,749
51,692 7,596
168,223 3,232 17,423
127,336 27,706
76,504 1,543 11,29385,004 3,718
653,775 5M51 71,613 '690,442105,254
136,852 1,169 16,212
123,537 3,336
141,562 2,136 17,163
129,936 9,388
364,399
819 40,684
304,758 34,013
217,149 2,685 23,449
164,700 43,194
118,505
528 13,324
102,270
201,411 5,024 24,661
172,489 30.873
156,738
807 16,345
125,028 6,858
59,015 1,730 5,942
40,532 18,297
275,281
585 25,139
190,415 14,273
296,500 2,88: 35,395
264,840 31,377
119
7,820
6,091
850
440
575,483 7,227 68,419 *528,592 46,438
24,484
831 3,185
25,383
13.739
10,292 4.471
497 1,458
16,982
16,927
436 2,730
345
116,147 2,655
121.791
950 15,228
326,076
844 34,792 *285,045 36,529
54,539 4,566
59,737
720 7,328
421,874 1,225 44,589 *401,156 .58,344
35,576 4,074
744 4,804
41.484
134,526 18,560
166,114
595 18,187
142,71)
528 14,489 *108,931 19,309
269,983 1,543 28,380 *303,085 27,567
MVO.
$
__---91
346
4,951
6.146
3,488
1,481
6,490
2,484
...__ _ _
46
___ _
____
.......
Total of averages 333,00( ;30,0445,126,617 44,939569,831 c4,230,072559,181 25,523
45,408 607,699 c4,240,139558,63225,464
Totals, actual condition Nov.20 .125,1
Totals, actual condition Nov.13 5,122,286 46,112 584,637 4,241,514 558,106 25,530
Totals, actual condition Nov. 66,138,759 48,009 572,604c4.188,962 555,169 25,276
State Banks Not Members of Feder al Reserve Ba nk.
23,294 2,797
25,094 2,081 2,168
Greenwich Bank 1,000 2.583
41,095 64,658
Mate Bank-- 5.000 6.669 110,218 4,937 2,550
Total of averages
8.252
135,312
7,018
4,718
64,389 67,455
Totals, actual condition Nov.20
Totals, actual condition Nov.13
Totals, actual condition Nov. 0
136,577
135.365
132,309
6,829
6,734
7,581
4,775
4,419
4,658
65,475 67,528
63,934 67,343
62,092 67,261
8,000
Trust Compalnles Not Mom bers of F ederal Reserve Bank.
39,872
65,105 1,776 4,231
tle Guar & Tr 10.000 18.580
19,097
908 1,993
23,600
..awyers Trust_I 3.000 3,394
1,383
817
13,0007571
88,705
2.684
6,224
58,969
2,180
Totals, actual condition Nov.20
Totals, actual condition Nov.13
Totals, actual condition Nov. 6
89,442
87,839
87,383
2,559
2,763
2,636
6,481
6.112
6,226
59,849
58,235
58,014
2,180
2,170
2,248
Total of averag
3ed aggr.,avge.352,1100500,271 5.350,634 54,641 580,773
+22.9751,838 +198
:omparison with prey.,week
/ed aggr.. ace4ond'n Nov.20 5,351,173 54,796618,951
+5,683 -813+23787
:omparison with prey. week
1--led aggr., ern cond'n Nov.13 5.345,490 56.609595.168
led aggr., =elcond'n Nov. 65,358.451 58,226 583,488
lr'd agar.. acelcond'n Oct. 305,396,750 56,876598,539
led agar., aceecond'n Oct. 23 5,326,864 58,073550,038
led aggr., eelcond'n Oct. 16 5,378,099 57,467603,820
led aggr., ern cond'n Oct. 95,423,546 57,708619,401
4,353,430 628,816 25,523
+28,963 +3.441 +256
4,365,463628.340 25.464
+1,780 +721 -66
4,363,683627.619 25,530
4.309,068 624,678 25,276
4,384,710 07,838 25,300
4,333,808 589,698 25,109
4,367,935 591,090 /5,042
4,393.4413592,384 25,061
Note.-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Nov. 20, 820,978,000. Actual totals Nov. 20.
$17,861,000; Nov. 13,827,806,000; Nov.6,832.717,000; Oct.30,$32,727,000; Oct.23.
$33,175,000; Oct. 16,145,974.000. Bills payable, rediscounts, acceptances and other
liabilities, average for week Nov. 20, 8587.891,000; Nov. 13, $590,712,000; Nov.6
$801,084,000; Oct. 30, $569,189,000; Oct. 23, $560,844,000; Oct. 16, 3598,004.000.
Actual totals Nov. 20, 5616,980,000; Nov. 13, $597,811,000; Nov. 6, $624,541,000;
Oct. 30, $608,177,000; Oct. 23, $540,853,000; Oct. 16, 3604,130,000.
* Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $164,052,000; Chase National Bank, $10,353,000; Bankers
Trust Co., $27,582.000; Guaranty Trust Co., $73,095,000; Farmers' Loan & Trust
Co., $2,956,000; Equitable Trust Co., 890.260,000. Balances carried in bank in
foreign countries as reserve for such deposits were: National City Bank, $26,163,000:
Chase National Bank, $2,121,000; Bankers Trust Co., $2,010,000; Guaranty Trust
Co., $3,005,000; Farmers' Loan & Trust Co., $2,956,000; Equitable Trust Co.,
88,727,000.
c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
In Vault. Depositaries
Members Federal
Iteserve banks....
State banks*
Trust companies*.--
7,018,000
2,684,000
Total
Reserve.
Reserve
Required,
560,831,000 569,831,000 568,684,790
4,718,000 11,736,000 11,590,020
6,224,000 8,908,000 8,845,350
Surplue
Reserve.
3,148,210
145,980
62,650
Total Nov.20---- 9,702,000 580.773,000 590,475,001)587,120,160 3,354,840
Total Nov.13.... 9,855.000 580,575,000 590,430,000 583,158,480 7,271,520
TotalNov. 6---- 9,806,000 582,102,000 591,908,000 589,349,380 2,558,620
Total Oct. 30.... 9,625,000 582,567,000 592,192.000 586,843,230 5,348.770
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Nov. 20, $16,775,430; Nov. 13, $16,675,290; Nov.6, 316,313,070; Oct. 30, 15.879,240; Oct. 23, $15,532,890.
Nov. 27 1926.]
THE CHRONICLE
Actual Figures.
Reserve
Cash
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks__ _ _
State banks.
Trust companles..._ _
Total
Total
Total
Total
5
6,829,000
2,559,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
5
2747
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.
607,699,000 607,699,000 567,977,030 39,721,970
4,775.000 11,604,000 11,785,500 -181,500
6,481,000 9,040,000 8,977,350
62,650
Nov.20..... 9,388,000 818,955,000 628,343,000 588,739,880
Nov.13_ _
9,497,000 595,168,000 604,665,000 588,383,370
Nov. 6__ 10,217,000 583,488.000 593,705,000581.098,790
Oct. 30____
9.612,000 598,539,000 608,151,000 590,484,760
39,603,120
18,281,630
12,606,210
17,666,240
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Nov. 20, 516,758,960: Nov. 13, 516,743,180; Nov.6. 516,655,070: Oct. 30, 516,151,430; Oct. 23, 515,613,110.
Nov. 24
1926.
Changesfrom
Previous Week.
Nov. 10
1926.
Nov. 17
1926.
8
$
$
$
Capital
69,500,000 Unchanged
69,500,000
69,500,000
Surplus and profits_ __ _
94,021,000
Unchanged
94,021,000 ' 90,876,000
Loans, axle de invest_ 1,043,856,000 Dec. 5,992.000 1,049.848,000 1,061,551,000
Individual deposits.- 706,598.000 Dec. 10,890,000 717,480,000 712,284,000
Due to banks
132,118,000 Dec. 7,056,000 139,174,000 142.433,000
Time dePosite
236,310.000 Dec.
59,000 236.369,000 236,900,000
United States deposits_
9,632,000 Dec. 3.608,000
13,240,000
17,034,000
Exchanges for Cl'g Wife
31,028,000 Inc.
886,000
30,142,000
30,599.000
banks
Due from other
83,024,000 Dec. 2,964,000
85,988.000
79,587.000
Res've in legal depoteles
81,942,000 Dec. 2.043,000
83,985.000
83,920,000
Cash in bank
11,219.000 Dec.
252,000
11,471,000
11,546,000
RPII'VP excess In F.R.Bk
213.000 Dec.
430 000
582 nnn
ras one
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Nov.20, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures /Furnished by Stale Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differencesfrom
to be kept with the Federal Reserve Bank. "Cash in vaults"
Nov.20.
Previous Week
Loans and investments
$1,219,663,600 Dec.85,840,000 is
not a part of legal reserve. For trust companies not memGold
4,871,500 Dec.
353,800
Currency notes
24,967.500 Dec.
709,500 bers of the Federal Reserve System the reserve required is
Deposits with Federal Reserve Bank of New York_
100,070,800 Inc. 2,692,100
Total deposits
1,275,158,300 Inc. 11,464,100 10% on demand deposits and includes "Reserve with legal
Deposits eliminating amounts due from reserve dedepositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N.Y.City, exchange, de U.S. deposits_ 1,198,461,300 Inc. 11,177,300
Reserve on deposits
173,097,000 Inc. 1,617,900
Percentage of reserves, 20.8%.
RESERVE.
-state Banks
- -Trust CompaniesCash in vault
*846,046,300 16.63%
583,873,500 15.12%
Deposits in banks and trust cos_
15.483,700
5.55%
27,693,500
5.00%
Total
561,530,000 22.18%
5111,567,000 20.12%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Nov. 20 was $100,070,800.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Demand
Deposits.
Total Cash
in Vaults.
$
6,484,762,300
6,568,161.000
6.649,515.100
8,574,966,900
6,544,607,200
6,538,084.700
8,588,168,500
6,593,206.900
6.625,391,700
6,616,162,700
6,683,007,800
6.668,046,700
6,617,799,100
6.559,420,600
6,553,253,200
6,615,890,200
6,553,162.600
8.570.297.800
$
5,511.878,400
5,497,566.600
5,562,538,500
5,700,305,900
5.437,978,000
5.522,021,300
5,512.541,300
5,569,556,300
5,607,019,600
5,576,966,700
5,662,751,200
5.660,177,400
5.628,365.000
5.542,973,000
5,539,644,900
5.562,041,000
5.511,751,000
5 551 501 non
2
81,662,300
82,039,100
81,793,500
83,952,500
80,536.800
82,328.600
83.086,700
87,287,200
85.257.300
83,168,800
84,153,500
85.684.200
89,206.200
84,662,600
86,186,300
86,272,300
87,381,300
sae Ann non
Rgg888888888888§88
Reserve in
Depositaries.
o.—wvwcowmc.wc.00mta-4ww
Week EndedJuly 24
iilly 31
ituff 7
Lug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Loans and
Investments.
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars-that is. three ciphers (0001 omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Nov. 20 1926.
Members of
Fed's Res've Bank.
Grace Nat Bank
Total
State Banks,
Not Members of the
Federal Reserve Bank
Bank of Wash. fits_
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Bank
adeca.Tr.. Bayonne
Loans,
DisNd
MOW.
ProfUs, Investments,
etc.
Average. Amerce. Average. Average.
8
1,130
6,958
52
4,031
1,883
13.717
1,000
1.883
13,717
52
400
1,200
1,006
3,216
9,892
35,100
1.600
4,222. 44,992
1,1301
6,958
4,031
835
3,600
417: 6,957
1,788, 29,814„
3,012
5,368
4,435
2,2051
36,771
8,380
500
610
9,097
404
1841
3,680
5,850
500
610
9.097
404
184
3,680
5.850
3,100
Grand aggregate_
Comparison with p ev. week
6.717, 67,806
I
-462
4,891
-239
3,519 a47,409
+107, -801
18,261
+16
Gr'd agar., Nov. 13
Grd torn. Nov. 6
Gr'd aggr., Oct. 30
Geg aggr., Oct. 23
6.717
6,717
6.717
6.717
5,130
5,050
5.035
4,939
3.412
3,436
3,260
3,293
18,245
18,203
18,064
18,029
Total
3.100
3,100
3,100
3.100
68,268
88.679
6,105
66.364
a48,210
is46,947
a46,308
846.901
a United States deposits deducted. $14,000.
Bills payable. rediscounts, acceptances, and other liabilities. 53,168,000.
Excess reserve. 88,160 Increase.
Capital
Surplus and profits
Loans, disc'te & investmls
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit's_
Reserve with F. Ft. Bank
Cash in vault.
Total reserve St cash held
Reserve required
Excess res. & cash in vault
Trial
Membersof
F.R.Systern Companies
49,975,0
150,266,0
946,418,0
36.896.0
111,897,0
135,123,0
645,523,0
155,673,0
936,319,0
1926
Total.
5.000,0
17,778.0
48,588,0
297,0
16,0
870.0
28,212,0
2,238,0
31,320,0
3,250,0
69,359,0
•10.692,0
80,051,0
69,947,0
10,104,0
54,975,0
168,0411,0
995,006,0
37,193,0
111,913.0
135,993,0
673,735,0
157,911,0
967,639,0
3,250,0
69.359,0
1,397.0 12,089,0
4,647,0 84.698.0
4,426,0 74,373,0
221,0 . 10,325,0
Nov. 13
1926.
Nov. 6
1926.
54,975,0
168,044,0
999,864,0
40,850,0
115,488,0
137,914,0
681,160,0
156,886.0
975,960.0
3,377,0
69,421,0
13,047,0
85.845,0
75,153,0
10,692,0
54,975,0
168.044.0
994,893,0
50.009,0
116,646.0
138,450.0
690,644,0
156,941,0
986,035,0
3,921,0
72,008,0
11,913,0
87,842,0
76.129,0
11.713,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 24 1926 in
comparison with the previous week and the corresponding
date last year:
Nov. 24 1926. Nov. 17 1926. Nov.25 1925.
R480Urces-Gold with Federal Reserve Agent
343,312,000 343,410,000 370,241,000
Gold redemp. fund with U. S. Treasury_
12,293,000
8,529,000
9,1.39,000
Gold held exclusively eget. F.R.notes_ 355,605,000
Gold settlement fund with F. R. Board_ 208,689,000
Gold and gold certificates held by bank_ 426,477,000
351,939,000
269.036,000
426.951,000
379,380,000
232,454,000
354,276,000
990,771,000 1,047,926,000
24,961,000
24,843,000
966,110,000
27,148,000
Total reserves
1,015,732,000 1.072,769,000
Non-reserve cash
11.963,000
15,700,000
Bills discountedSecured by U. S. Govt. obligations_ 100,823,000
61,119,000
Other bills discounted
48,140,000
29.114,000
993,258,000
14,496,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total gold reserves
Reserves other than gold
129,493,000
63,1.90,900
148,972,000
72,456,000
90.233,000
74,362,000
192,683,000
35,408,000
1.322,000
17,629,000
35,496,000
1,322,000
18,436,000
40,747,000
1.257,000
57,127,000
3,000,000
54,447,000
60,505,000
61,384,000
1,755,000
Total bills and securities (See Note)
275,875.000
225,100,000
291.230,000
Due from foreign banks(See Note)
Uncollected items
Bank premises
All other resources
651,000
165,564,000
16,740,000
3,266,000
651.000
202,708,000
16,740,000
3,060,000
658,000
149,786,000
17,259,000
4,515,000
Total U.S. Government securities__
Foreign loans on gold
Reserve
Net j Net
Cash
with
In
Time
Legal Demon
Vault. Deposi- Deposits. Deposits.
tories.
$
1,000
Week Ended Nov. 20 1926.
Two Ciphers (00)
omitted.
Total resources
1,489,791,000 1,536,728,000 1,471,202,000
LiabilitiesFedi Reserve notes in actual circulation_ 395,253,000
Deposits-Member bank, reserve acc't-- 832,128,000
Government
3,477.000
Foreign bank (See Note)
4.858,000
Other deposits
9,233,000
391,141,000
853,123,000
3,885,000
3,749,000
11,437,000
362,455,000
850,396,000
13,717,000
11.458,000
10,516,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities-
872,194,000
172,472.000
36,661,000
59.964,000
4,296,000
886,087,000
127,458,000
32,131.000
58,749,000
4,322,000
Total liabilities
849,496,000
144,530,000
36,191,000
59,964,000
4,357,000
1,489,791,000 1.536,728,000 1,471,202,000
Ratio of total reserves to deposit and
Fed'l Reeve note liabilities combined_
81.6%
79.6%
84.9%
Contingent liability on bills purchased
for foreign correspondents
12,854,000
15,631,100
10,990,000
NOTE.-BegInning with the statement of Oct. 7 two new Items were added In
order to Show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, All other earning assets," nolo
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities," and the caption, -Total earning assets" to "Total bills and securities." The latter term has been ad "tad as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 1401 the Federal Reserve Act, which are the only items included
her.uo
[VOL. 123.
THE CHRONICLE
2748
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.25, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding •Weeks and with those of the corresponding week last year
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2714, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOVEMBER 241926.
Nov. 24 1926. Nov. 17 1926. Nov. 10 1926. Nov. 3 1926. Oct. 27 1926. Oct. 20 1926. Oct. 13 1926. Oct. 8 1928, Nov. 251925.
$
S
$
$
$
S
8
S
$
RESOURCES.
1,395,138,000 1,397,938,000 1,387,666,000 1,337.772.000 1,411,823.000 1,409,541,000 1,329,143,000 1,383.196,000 1,355,463,000
Gold with Federal Reserve agents
50,004,000
54,130,000
61,931.000
62,930,000
51,568,000
57,044,000
62,770,000
54,844,000
58,396,000
Gold redemption fund with U. S. Tress_
1,405,467,000
Gold held exclusively agst. F.R.notes 1,449,982,000 1,456,334,000 1,450,436,000 1.399.703,000 1,465,753,000 1,461,109.000 1,386,187,000 1,446,126,000
696,966,000 709,237,000 744,647,000 789.574.000 727,545,000 745,626.000 817,152,000 745,460,000 724,029,000
Gold settlement fund with F.It. Board
630,029,000
617,997,000
819,140,000 615,583.000 621,789,000 616,397,000
Gold and gold certificates held by banks_ 682,782,000 685,518,000 646,672,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations_
Other bills discounted
2,829,730,000 2,851,089,000 2,841,755,000 2,807,274,000 2,823,327,000 2,825,875,000 2,818,922,000 2,813,384,000 2,745,893,000
128,201,000 133,623,000 128,129,000 127,411,000 130,750,000 128,928,000 126,305,000 128,674,000 114,642,000
—
2,957,931,000 2,984,712,000 2,969,884,000 2.934,685,000 2,954,077,000 2,954,803.000 2.945,227,000 2,942.058,000 2,860,535,000
43,948,000
52,841,000
54,926.000
46,957,000
47.184,000
53,740,000
50,441,000
56,379,000
47,236,000
335,499,000
292,105,000
288,198,000
278,789,000
287,369,000
294,044,000
347,003,000
328.895,000
316,185.000
315,738,000
290.035.000
296,587,000
339,205,000
364.696,000
288.717,000
334.872.000
346,326,000
278,388,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
627,604,000
340,629,000
566,987,000 1,581,413,000
347,882.000 339,901.000
675,898,000
332,098,000
631,923,000
307.541,000
586,622.000
292,824.000
703,901.000
291,312,000
623,589,000
273,262.000
624,714,000
359,458,000
45,668,000
112,583.000
141,653,000
47,630,000
113,544,000
146,956,000
46,482,000
113,003,000
140,882,000
47.211.000
136,416,000
118,719,000
46,611,000
135,901,000
117,662,000
53,287,000
136,145.000
117,532.000
53.803.000
135,516,000
118,849,000
53,537,000
135,379.000
117,419.000
56,285,000
244,439,000
31,575,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
299,904,000
2,544,000
308.130,000
2,534,000
300,367.000
2,500.000
302,346,000
2,500,000
300,174,000
2,500.000
306.964,000
2,500,000
308.168,000
3,700.000
306,335,000
3.700,000
332,299,000
3,150,000
6,500,000
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
1,270,681,000 1,225,533,000 1,224,181,000 1,312,842,000 1.242.138,000 1,188,910.000 1,307,081,000 1,206,886,000 1,326,121,000
658.000
650.000
650,000
718.000
650.000
717,000
651,000
650,000
651.000
694,469,000 854,986,000 704,567,000 695.976.000 693,558,000 807.671.000 747.408.000 731.382.000 686,348,000
61,817,000
60.039.000
60.014,000
60,047,000
60.012,000
60.051,000
60.051,000
60,093,000
60,084,000
18,454,000
13.581.000
13.409,000
13,961,000
13.789.000
13,752.000
14,161,000
14,924,000
14.772,000
5,045,985,000 5.197.117.000 5,027,234,000 5.065,122,000 5,017,063,000 5,080,560.000 5,121,421.000 5,004,905,000 4,997,881.000
Total resources
LIABILITIES.
1,774,054,000 1,750,281,000 1,750,788,000 1.755,430,000 1,730,511,000 1.729,833,000 1,756,299,000 1.730,973,000 1,731,510,000
F. R. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
2,202,406,000 2,238,208,000 2,218,651,000 2,207,325,000 2,216,896,000 2.213.488.000 2,217,091.000 2,211,909,000 2,219,813,000
36,853,000
19.416,000
23.557,000
32,932.000
30.560.000
38,546.000
17.867,000
28,118.000
29.226,000
12,937,000
6,855,000
12.186,000
5,894,000
8,258,000
6,586.000
13,883,000
12,973,000
9,938,000
21,181,000
17,795.000
17.797.000
23,976,000
20.681,000
17,431,000
17,904,000
20,713,000
18,413,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,262,311,000 2,301,120.000 2,264,869,000 2,276.419,000 2,281,131,000 2,257.556.000 2,274,226,000 2,259,847,000 2,290,784,000
641,028,000 777,322,000 643.311,000 665,233,000 638,465,000 727.440,000 725,275.000 649,483.000 622,853,000
124,441,000 124,906,000 124,885,000 124,379.000 124,392,000 124.002.000 123.901,000 123.855,000 116,844,000
220,310,000 220,310,000 220,310,000 220,310,000 220,310,000 220.310.000 220,310.000 220,310,000 217,837,000
18,053,000
23,351,000
22,254,000
23,071,000
20,437,000
21,419,000
21,410,000
23,841,000
23,178,000
5,045,985,000 5,197,117,000 5,027,234,000 5,065,122,000 5,017,063,000 5.080.580.000 5,121.421,000 5,004,905,000 4,997,881,000
Total liabilities
Ratio of gold reserves to deposit and
68.1%
69.6%
70.3%
70.8%
69.9%
70.4%
70.4%
70.7%
70.1%
F. It. note liabilities combined
Ratio of total reserves to deposit and
72.8%
71.1%
74.1%
73.1%
73.6%
73.7%
73.7%
74.0%
73.3%
F. R. note liabilities combined
Contingent liability on bills purchased
40.344.000
40,945.000
42,853.000
39,959,000
43,981.000
45,385,000
46,093,000
49,177,000
48,887,000
for foreign correspondents
A
$
$
$
$
$
$
8
s
Distribution by Maturities—
77,575,000 104,633,000
81,062.000
80,100,000
91.107.000
114,422,000 118,061,000 100,826,000 105,231,000
1-15 day bills bought in open market
494,404,000
462,120,000
552,134,000
487,139,000
447,760,000
532,567,000
445.279,000
494,608,000 434.547.000
1-15 days bills discounted
3,723,000
124.000
1.475.000
5.751,000
500,000
1-16 days U. S. certif. of indebtedness_
1-15 days municical warrants
65,345,000
56,753,000
55.152,000
61.678,000
62,260.000
67,019,000
70,252,000
57,686,000
59,899,000
18-30 days bills bought in open market_
35,177,000
46.164.000
41,440,000
42,886,000
43,079,000
41,394,000
45,403,000
41,464,000
41,032,000
18-30 days bills discounted
2,424,000
107,000
49,223,000
49,217,000
16-30 days U. B. certif. of indebtedness_
16-30 days municipal warrants
77,042,000
76,556,000
82.448,000 107,422,000
84,092,000
84,738,000
90,048,000
101,734,000
96,883,000
31-60 days bills bought in open market_
56,761,000
57.690.000
65.550.000
67,478.000
61.099.000
61,189,000
55,466,000
57,044,000
55,231,000
81-80 days bills discounted
44.138,000
44,084,000
44,103,000
48,921,000
81-60 days U. S. certU. of indebtedness_
34,000
44,000
81-60 days municipal warrants
63,917,000
62.677,000
55,991,000
44,400.000
67,887,000
64,329,000
69,254,000
63,310,000
54,270,000
61-90 days bills bought in open market_
33,116,000
28,518,000
37,634,000
33,131,000
42.486,000
32,864,000
26,544,000
25,867,000
27,454,000
61-90 days bills discounted
43.811,000
44,103.000
81-90 days U. S. certif. of indebtednees.
61-90 days municipal warrants
13,202,000
10,365,000
18,141,000
10,781.000
12,506.000
12,088,000
9,521.000
11,942.000
10,304,000
Over 90 days bills bought in open market
7,475,000
6,628.000
9,854,000
5,697.000
5,341,000
7,884,000
8,721,000
8,065,000
9,279,000
Over 90 days bills discounted
73,559,000
25,428,000
73.394,000
73.563.000
74,511.000
73,316,000
91,854,000
91,982,000
91,936,000
of
certif.
Indebtedness
days
Over 90
Over 90 days municipal warrants
00 2.937.876.000 2,914,314,000 2,919,310,000 2,912,652,000
F. It. notes received from Comptroller_ 2.942,033,000 2,953,990,000 2,940,133,000 2.936.126,000 2,945.863,0
851,260,000 868,761,000 856,221,000 875,780,000 877,685,000 863.777,000 851,172,000 858,782,000 874,732,000
F. R. notes held by F. R. Agent
—
2,090,773,000 2,087,229,000 2,083,912,000 2,060,346,000 2,068,178,000 2,074 099,000 2,063,142,000 2,060,528,000 2,037,920,060
Issued to Federal Reserve Banks
—
How Secured—
306,452,000 307,554.000 307,214,000 307,413,000 306.429,000 306,428,000 306,428,000 306,433,000 305,300,000
By gold and gold certificates
96,106,000
96,715,000 105,902,000
92,258.000 106,481,000
92.990.000
101,684,000 100,101,000 101,017.000
Gold redemption fund
987,002,000
990,283,000 979,435,000 937,369.000 1,009,088,000 1,006,398,000 916,813.000 984,505,000 943,682,000
Board
Reserve
Gold fund—Federal
837,644,000
930,553,000
900.057.000
947.286,000
958,606.000
859,423,000
939,544,000 891,338,000 884.836.000
By eilgible paper
—
9 574 059 111109 950 970 non 9 979 Ano Ann 9 90A 775 nno 2 311.880.000 2.247.185.000 2.276_420 nun 2 249 RIO MO 7/SA RIR MIR
— ..
in order to show separately the amount of balances held abroad and amounts due
NO ra.—BegInnIng with the statement of Oct. 7 1925, two new I ems were added
Intermediate Credit Bank
"Other
so foreign correspondents. In addition, the caption,"All other earning assets," now made of Foreignhas been adopted as a moredebentures. has been changed to
accurate description of the total of the
and
securities." The latter item
scourltiee," and the caption, "Total earning assets" to "Total bills
Federal Reserve Act. which are the only items Included therein.
discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 24 1926
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
Two ciphers (00) omitted.
Total.
Boston. Now York. Phila. Cleveland, Richmond Atlanta. Chicago. St. Louis. Minneap. Han. City Dallas, San Fran.
Federal Reserve Bank of—
S
$
$
S
$
S
S
$
$
$
S
S
$
RESOURCES.
113,873,0 148,515,0 18,706,0 55,064,0 51,350.0 29,132,0 192,896,0 1,395,138,0
931.244,0 152,312,0
Gold with Federal Reserve Agents 138,561,0 343,312,0 5,963,0 5,702,0 58.373,0
857,0 1,814,0 3,575,0 2,044,0 3,023,0
54,844,0
1,744,0 4,382,0 5,937,0
12,293.0
Gold redo fund with U.B.Treas. 7,510,0
Gold held excl. agst. F.R.no
Gold settle't fund with F.R.BOI
Gold and gold certificates
Total gold reserves
Reserves other than gold
146,071,0
37,728,0
30,671,0
355,605,0 99,207,0 158,014,0 60,117,0 118,055,0 154,452,0 19,563.0 56,878,0 54,925,0 31,176.0 195,919,0 1,499,982,0
208,689,0 58,800,0 64,832,0 33,317,0 26.478.0 132,506.0 25.586,0 21,585,0 35,884,0 22,971.0 28,590,0 696,966,0
426,477,0 29,396,0 47,278,0 10,984,0 3,953,0 63,062,0 13,897,0 6,485.0 5,185,0 9.775,0 35,619,0 682,782,0
14,470,0
13,759,0
990,771,0 187,403,0 270,124,0 104.418,0 148,486,0 350,020,0 59,046,0 84,948,0 95,994,0 63,922,0 260,128,0 2.829,730,0
24,961,0 5,417,0 9.016,0 5,876,0 11,157,0 20,723,0 14,793,0 3,136,0 4,906,0 7,847,0 6,610,0 128,201,0
228,229,0 1,015,732,0 192,820,0 279,140,0 110,294.0 159,643,0 370,743,0 73,839,0 88,084,0 100,900,0 71,769,0 266,738,0 2,957,931,0
Total reserves
47.236,0
756,0 2,364,0 1.643,0 2,685.0
11.963,0 1.083,0 2,274.0 2,529.0 3,804,0 8,186,0 3,555,0
6,394,0
Non-reserve cash
Bills discounted:
12,622,0 1,483,0 4,914.0 3,654,0 21,171.0 335.499,0
66,909.0
44,865,0
5,181,0
29,326,0
11,920,0
100,823,0
32,631,0
Govt.
obligations
Sec. by U. S.
48.149,0 16,826,0 29,970.0 23.987,0 46,409,0 39,978,0 20,219.0 3,589,0 12,842,0 10,773,0 24,474,0 292,105,0
14,889.0
Other bills discounted
46,152,0 74,835,0 35,907,0 51.590,0 106,887,0 32,841,0 5,072.0 17,756,0 14.427.0 45,645,0 627,604,0
148,972,0
47,520.0
Total bills discounted
72,456,0 28,862,0 30,903.0 13,754,0 31,983,0 45,712,0 9,774,0 12,520,0 18,557,0 14.578,0 28.809,0 340,629,0
32,741,0
Bills bought in open market
securities:
U. S. Government
45.668,0
86,0
250,0 20,078,0 1,875,0 7,568,0 8,189,0 2,874,0
585.0 1,121,0 1,191,0
1,322,0
529,0
Bonds
17.629,0 16,016.0 19.951,0 1,995,0 1,501,0 9,459.0 8,618,0 2,980,0 6,437,0 6,169,0 18,597,0 112,583.0
3 231 0
Treasury notes
141.653,0
9,270,0
17,750,0
20,112.0
5.920,0
12,250,0
13.327,0
14,436,0
107,0
3,314,0
3,858,0
35,496,0
.0
5;813
Certificates of indebtedness
As 447 0 19.915.0 35.508.0 7.044.0 1.858.0 47.287,0 19,763,0 16.468.0 27.953.0 21.293.0 38.795.0 299,904,0
o R7/ ri
Total U. S.Govt.securities—
Nov. 27 1926.]
RESOURCES (Concluded)
Two mhos, WO mimed.
Boston.
New York.
Phila.
s
$
8
89,834,0
64.277.0
4,068,0
104,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap.lam.Cite
s
s
$
$
a
$
2,000.0
Niter securities
Total bills and securities
NM from foreign banks
7noollected items
lank premises
111 other resource;
2749
THE CHRONICLE
s
Dallas. SanFran.
Total.
$
$
$
2,544,0
544,0
275,875,0 96,929,0 141,246,0 56,705,0 85,411,0 199,886,0 62,378,0 34,604,0 64,266,0 50,298,0 113,249,0 1,270,681,0
651,0
651,0
165,564,0 62,436,0 68,207,0 61,356,0 28,745,0 80,783,0 32,967,0 15,242,0 41,748,0 28,673,0 44,471,0 694,469,0
16,740,0 1,599,0 7,409,0 2,365,0 2,974,0 7,933,0 4,111,0 2,940,0 4,668,0 1,793,0 3,493,0
60,093,0
837,0 2,017,0
641,0 2,186,0
344.0
363,0 1,069,0
14,924,0
3,266,0
880,0
373,0 2,844,0
392,906,0 1,489,791,0 355,230,0 499,345,0 233,593,0 281,414,0 669,548,0 177.491,0 143,812,0 214.826,0 154,549,0 433,480,0 5,045,985,0
Total resources
LIABILITIES.
r. R. notes in actual circulation_ 151,134,0 395,253,0 125,455,0 213,432,0 82,847,0 166,405,0 221,561,0 46,023,0 66,771,0 69,510,0 49,530,0 186,133,0 1,774,054,0
3eposits:
146,145,0 832,128,0 136,140,0 178,705,0 69,892,0 67,955,0 321,068,0 78,764,0 51,351,0 92,081,0 59,280,0 168,897,0 2,202,406,0
Member bank-reserve acet
687,0
910,0 1,197,0 1,749,0
5,073,0
3,477,0 1,560,0 4,069,0 2,673,0 3,953,0 1,160,0 1,610.0
28,118,0
Government
546,0
407,0
673,0
508,0 1,741,0
495,0
966,0
4,658,0 1,207,0 1.360,0
445,0
877,0
13,883,0
Foreign bank
209,0
9,233,0
189,0 1,039,0
209,0
86,0 1,075,0
152,0
57,0
121,0
17,904,0
16,0 5,518,0
Other deposits
Total deposits
3eferred availability items
:lapital paid in
lurplus
111 other liabilities
152,241,0
62,596.0
8,800.0
17,020,0
1,115,0
849,496,0 139,096,0
144,530,0 56,473,0
36.191,0 12.569,0
59,904,0 20,464,0
4,357,0 1,173,0
185,173,0 73,447,0 72,502,0 325,044,0 81,129.0 52,597,0 93,607,0 60,938,0 177,041,0 2,262,311,0
62,066,0 57.797,0 27,079.0 72,061,0 34,076,0 12,497,0 37,302,0 31,042,0 43,509,0 641,028.0
13,558,0 6.098,0 5,035,0 16,690,0 5,312,0 3.079,0 4,181,0 4.304,0 8,624,0 124,441,0
22,894,0 11,919,0 8,700,0 30,613,0 9,570,0 7,501,0 8,979,0 7,615,0 15,071,0 220,310,0
2,222,0 1,485,0 1,693,0 3,579,0 1,381,0 1,367,0 1,247,0 1,120,0 3,102,0
23,841,0
Total liabilities
392,906,0 1,489,791,0 355,230,0 499,345,0 233.593,0 281,414,0 669.548,0 177,491,0 143,812,0 214,826.0 154.549.0433,480.0 5,045,985,0
Memoranda.
70.0
73.8
61.9
teserve ratio (Der cent)
75.2
72.9
70.6
66.8
67.8
58.1
81.6
65.0
73.4
73.3
)0ntingent liability en bills pur12,854,0 4,715,0 5,311,0 2,630,0 1,985,0 6.800,0 2,134,0 1,588,0 1,936,0 1,737.0 3,425,0
chased for foreign correepondts 3,772,0
48,887,0
f. R. notes on hand (notes reed
from F. R. Agent less notes In
circulation)
40,614,0
89,763,0 28.589,0 17.432,0 13,700,0 29,051,0 31,273,0 4,903.0 5,031,0 7,402.0 5,154,0 43,807,0 316,719.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS NOV. 17 1926
Federal R888T041 Agent at-
Boston. New York.
Cleveland. Richmond Atlanta. Chic go. St. Louis. Afffussup. Kan.City Dallas. San/Fran.
Phila.
Total.
(Two Ciphers (00) omitted.)
3
F.R.notes reed from Comptroller 245,048,0
5.1t.notes held by F. R. Agent__ 53,300,0
$
•
$
$
s
5
$
$
$
$
$
5
s
770,336,0 196,244,0 272,504,0 125,776,0 261.610,0445,651,0 71.826,0 86,250,0 115,687,0 70,561,0 280,540,0 2,942,033,0
285,320,0 42,200,0 41,640,0 29,229,0 66,154,0 192,817,0 20,900,0 14,448,0 38,775.0 15,877,0 50,600,0 851.260,0
F.R.notes issued to F.R.Bank
Collateral held as security for
F.R.notes issued to F. R.Bk.
Gold and gold certlficates___
Gold redemption fund
Gold fund-F.R.Board
Eligible paper
485,016,0 154,044,0 230864,0 96,547,0 195,456.0 252,834,0 50,926,0 71,802,0 76,912,0 54,684,0 229,940,0 2,090,773,0
Total collateral
191,748,0
35,300,0
14,261,0
89,000,0
80,261,0
218,822.0
168,697,0
8,780,0 28,805.0 15,222,0
18,396.0 10,000,0
7,745,0 13,507,0
23,615,0 11.467,0 13.532,0 3,068,0 7,451,0 2,871,0 1,661.0 1,557.0 4.490,0 4,736,0 12,975,0
151,000,0 81,777,0 130,000,0 26,500,0 91,000,0 145,644,0 9,300,0 40,000,0 46,860,0 6,000,0 169,921,0
206,963,0 64,872,0 104,495,0 48,162,0 83,467,0 152,433,0 42,611,0 17,350,0 36,104,0 28,944.0 73,882,0
306,452,0
101,684,0
987,002,0
939,544,0
550,275.0 158,116,0 256,807,0 106,535.0 197.140,0 300.948.0 61,317,0 72.414.0 87,454,6 58,076,0 266,778,0 2,334,682,0
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 691 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2714
1. Data for all reporting member banks in each Federal Reserve District at close of business NOVEMBZIL 17 1926. (Three cipher. (000) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stooks and bonds
All other loans and discounts
38
93
$
$
8,678
44,608
351.471 2.103,894
662,065 2,920,978
Phila.
s
Clmetand. Richmond Atlanta. Chicago. Si. Louis. Mitineay. Kan. City Dallas. San Fran.
50
5
75
$
68
$
35
$
99
$
31
$
24
$
66
$
47
$
65
Total.
$
691
21,587
555,822
791,509
5,037
148,479
363,967
5,561
18,020
104,222 887.281
409,760 1,274,171
6.791
194.842
313,980
3,260
71,754
175,474
4,441
104,119
308.812
4.069
73,130
243,881
812,074 1,368,918
517,483
519,543 2,179,472
515,613
250,488
417,172
321,080 1,295,015 14,288,552
83,968
264,390
280,884
359,759
68,236
66,231
62,170
117,874
67,991
47,079
101,908
94,451
348,358
640,643
134,467
Total loans and investments
1,414,533 7.200,858 1,160,432 2,009,561
80,324 132,995
Reserve balances with F.R.Bank._ 101,301 749,623
32,160
17.264
Caen in vault
73,549
22,357
Net demand deposits
938,765 5,527,673 772,184 1,036,531
Time deposits
426,641 1,312.299 245,721 819,420
6,315
Government deposits
10,536
10,073
23,879
Bills pay. .4 redis. with F. R. Bk.:
38,286
8,364
Secured by U.8.Govl obligations
14,206
46,665
19,757
All other
13,870
7,190
22,264
651,950
42,711
14,052
379,828
209,250
1,987
Total loans and discounts
1,022,214 5,069,480
Investments:
•
U. S. Government securities__ - 138,972 966,798
253,347 1,164,580
Other bonds, stocks and securities
392,319 2.131,378
Total investments
Total borrowings from F.R.Bank
Bankers' balancee of reporting member banks In F. R. Bank cities:
Due to banks
Due from banks
10,685
418,217
383.172
39,136
58,208
308,341
453,496
97,344
761,837
180,044
115,070
196,359
616,887 2,941,309
38,504 242,863
11,509
52,772
336,302 1,789,671
223,573 1,061,272
4,059
10,007
695,657
48,510
7,750
399,221
218,019
1,480
365,558
25,834
5,721
224,029
123,038
481
613,531
53,584
12,765
486,432
149,038
1,156
52,113
26.144
245,622 2,416.139
221,228 3,126,787
78,257
466,850 5.542,926
399.337 1,761,865 19,831,478
30,591 111.360 1,658.200
10,575
22,880
283,354
276.183 792,238 12,959,057
99,618 884.522 5,772,411
3,113
7,858
80,944
6,003
12,682
2,606
24,407
50,927
19,964
9,932
14,852
4,850
1,100
6,322
8,234
3.104
8,636
29,332
16,788
220,597
169,744
46,120
390,341
68,929
15,554
58,043
18,685
27,013
70,891
24,784
5,950
14,556
11,740
125.640 1,032,967
35,985
99.248
166,289
56,106
48,092
25,836
34,451
19,284
18.363
11,871
351.127
166,301
81,235
31,510
51,229
26.847
99,995
51.034
33,705
30.784
28,076
6,028
138.765
314,976 5,328,207
974,011 8.821,580
105,194 2,148.287
50.588
805.324
2. Data of reporting member banks in New York City. Chicago, and f
* or the whole country.
All Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago
Nov. 17 1926. Nov. 10 1926 Nov. 18 1925. Nov. 17 1926. Nov. 10 1926 Nov. 18 192.5. Nov. 17 1926. Nov. 10 1926. Nov. 18 1925.
722
Number of reporting banks
691
55
691
55
61
$
5
Loans and discounts, gross:
$
5
$
$
166,202,000
Secured by U. S. Gov't obligations
140,464,000
138,765,000
41,675,000
41,449,000
54,656,000
Secured by stocks and bonds
5,328,207,000 5,372,970,000 5,419,724,000 1,823,399,000 1,863,472,000 2,122,987,000
An other loans and discounts
8,821,580,000 8,798,852,000 8,429,190,000 2,571,131,000 2,528,491,000 2,298,897,000
46
$
12,626,000
669,390,000
707,280,000
46
$
13,663,000
663,050,000
709,008,000
46
$
18,065,000
656,140,000
680.122.000
Total loans and discounts
14,288,352,000 14,312,286,000 14,015,116,000 4,436,205,000 4,433.412,000 4,476,540,000 1,389,302,000 1,385,721,000 1.354,327,000
Investments
U. S. Government securities
2,416,139,000 2,433,043,000 2,472,242,000 861.463,000 859,365,000 889,935,000 163,392,000 166,657,000 165,363.000
Other bonds, stocks and securities_ 3,126,787,000 3,111,395,000 2,937,698,000 847,929.000 836,133,000 837,071,000 210,527,000 209,488,000 189,324,000
Total Investments
Total loans and Investments
Reserve balances wick F.R. Banks_
Cash in vault
Net demand deposits
ritI30 deposits
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. EL Gov't obligationsAnother
Total borrowings from F. R. bks
5,542,926,000 5,544,438,000 5,409,940,000 1,709,392,000 1,695,498,000 1,727,006,000
373,919,000
376,145,000
354,687,000
19,831,478,000 19,856,724,000 19,425,056,000 6,145,597.000 6.128.910.0006.203,546,000 1,763,221,000 1,761,866,000 1,709,014,000
1,658,200,000 1,641,174,000 1,694,454.000 690,929,000 675,673,000 714,170,000 167,256,000 174,156,000 166,439,000
288,571,000
59,502,000
293,069,000
283.354,000
63,082,000
64,791,000
21,183,000
21,022,000
23,880,000
12,959.057,000 12,935,800,000 13,227.076,9004.962.268,000 4.930,422,000 5,209,172,000 1,206,333,000 1,207,221,000 1,199.516,000
5,772,411,000 5,770,232,000 5,320,800,000 876,513,000 871,657,000 776,112,000 521,075,000 520,946,000 496,342,000
50,412,000
21,875,000
80,944,000
115,418,000
31,245,000
12,606,000
5,397,000
7,715,000
1,842,000
220,597,000
169,744,000
203,371,000
177,753,000
202,247,000
185,273,000
26,800,000
17,995,000
17,200,000
35,215,000
36,670,000
42.996,000
13,530,000
7.270,000
5,158,000
5.477,000
5,105,000
4,112,000
390,341,000
381,124,000
387,520,000
44,795,000
52,415,000
79,666,000
20,800,000
10,635,000
9,217,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
799,296,000 797,685,000
For own account
1,055,529,000 1,059,765,000
For account of out-of-town banks
754,199,000 • 745,556,000
For account of others
Total
On demand
On time
*Revised balms.
2,609,024,000 2.603,006,000
1,906,753,000 1,894,344,000
702,271,000 708.662,000
••
2750
THE CHRONICLE
Vaulters'
[VOL. 123.
• New York City Realty and Surety Companies.
azettc
Alliance Wityl
Amer Surety.1
Bond dc M GLI
Lawyers Mtge
Lawyers Title
& Guarantee
Ali prices dollars per share
Bid. Ask.
Bid. Ask I
Bid. Ask.
45
47 IMtge Bond_ 140 150 Realty Aim°.
187 HO Nat Surety __ 220 224
(Bklyn)com 230 237
319 324 N Y Title &
lei pref._ _ 90
93
260 264
Mortgage.. 412 416
2d pref. _ 88
93
U S Casualty_ 315 325 Westchester
282 287
Title & Ti'. 500 550
Wall Street, Friday Night, Nov. 26 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2738.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the QuotationS for U. S. Treas Ctfs. of Indebtedness, &c.
Int.
pages which follow:
Ins'
Maturity.
Rate.
STOCKS.
Week Ended Nos. 26.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
I
Lowest.
Nov 22 1699
Nov 26 6854
Nov 20 6296
Nov23
54
Nov 201 7931
Nov 23 10254
Nov 20 108
Nov 23 30
Nov 24 1634
Nov 20
91
Asked.
Mat
Maturity.
Rate.
Bid.
Asked.
10049 Mar.15 1927... 434% 100nst 10011ss
101,1. JUDO 15 1927_-- 394% 99"19 10042
Highest.
Par. Shares $ per share. $ per share. 1$ per share.$ per share.
Railroads.
Atlantic Coast Line Rts. 3,500 1699 Nov 22 1854
Consol RR of Cuba pf100 3,400 6854 Nov 22 7054
Erie & Pittaburgh____ 50
26 6251 Nov 20 6251
Minn & St Louis ctfs 100
100
54 Nov23
54
Morris & Essex
50
13 81 Nov 20 81
NY Lack & Western-100
1010454 Nov 23 10454
2142 Nov 20 142
N Y Rys ctis 2nd stpd,.•
N Y State Rye pref_100 300 34 Nov 20 38
Reading Rights
5,800 19 Nov 22 2031
Southern Ry Rta
65,400
34 Nov 20 15-16
Bid.
Dec. 15 1926-- 334% 100
Dee. 15 1927_ 434% 101
Nov 1891
Nov1 7154
No 03
Oct 274
Jan 83
Feb 10554
July 145
Nov 5051
Mar 2296
Oct 1
Nov
Oct
Aug
Feb
July
June
Nov
Jan
Feb
Oct
United States Liberty Loan Bonds ancl Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stook
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Noe. 20 Not. 22 Nor, 23 Nor. 24INoo.25 Nor. 26
First Liberty Loan
High 10011,, 10014, 100141 100118,
10019u
399% bonds of 1932-47__ Low_ 10014, 10014, 10014, 10014,
pxpon
Industrial & Misc.
354s)
(First
Close 10014, 10014, 10014, 100n,,
100us,
Albany Pert Wrap Paper
I
Total
sales
is
$1,000
6
units_
85
81
12
107
preferred
100 100 98 Nov 22 98 Nov 22 9654 Oct 98
July
Converted 4% bonds of(High
I
Amalgamated Leather_• 1,100 16 Nov 20 1734 Nov 26 1454 Oct 21
Sept
1932-47 (First 4.c.... Low----- ----- --_
- --Preferred
100 70010534 Nov 23 106% Nov 22 102
July 113
Sept
Close
...-AmerPiano pref
100 400102 Nov 23 102 Nov 23 9354 Mar 102
Nov
Total sales in 51,000 units_ __
- --- ---__
__.
.
__-Am Type Founder spf100 200105 Nov 2 105 Nov 24 10254 Aug 107
Feb
Converted 494% bonds{High 10214, 10299,9 10219,1 10214
10214,
CanadaDry Ginger Ale• 2,000 38 Nov 24 39 Nov 20 3294 Oct 49
Sept
of 1932-47 (First 494e) Low_ 10219,1 10219,, 10211,9 10219s,
1022111
Central Alloy Steel ._* 1,700 30 Nov 23 3134 Nov 20 2834 °MI 33% Aug
MOB 102"ss 102"ss 102"ss 102"ss
102194,
Preferred
100 100107 Nov 2 107 Nov 20 10654 Oct 107
Nov
Total sake in 51.000 units_
1
Jio
11
12
12
Central Leather ctts_100 800 734 Nov 26 8 Nov 26 73.4 Nol 894 Nov
Second Converted 494% High
Columbia Gas.4 El etts• 3,000 8654 Nov 22 8794 Nov 26 7t
9
Oc 87% Nov
bonds of 1932-47(Finn Low_
-------- __ __
---New
'
4 8,200 8554 Nov 2 8754 Nov 26 85% No 87% Nov
Second
4941
- --Preferred new
100 3,20010054 Nov 24 101% Nov 20 9894 Nov 101% Nov
Total sales in $1,000 units_._
-- - -------__
- --Continental Baking cl A*20,400, 6791 Nov 20 7354 Nov 24 5034 Oct 9334 Aug
econd Liberty Loan
High
-- ----____
____
___ Class B
•14,700 9 Nov 20 954 Nov 20 754 Octi 1534 Sept
4% bonds of 1927-42___ Low_
- - ----.- -__
--- 100 3.000 9099 Nov 22 92 Nov 26 87
Preferred
Oct 9694 Aug
(Second 4e)
Cudahy Packing, new 50 13.400 5154 Nov 20 5354 Nov 23 5134 No 5394 Nov
Total
sales
in
$1,000
units__
_ DAY
Detroit Edison Rts
2,966, 396 Nov 20 354 Nov 22 3% No
3% Oct
Converted 494% bond/1)314i 100
- -1i,, 10-0;iss 100- ss 10-0i;ss
10.
8ii
.
.1
Devoe&Raynolds 10100 300 9934 Nov 2210054 Nov 24 99
Mar 109
Jan
of 1927-42 (second
Low_ 100"a 100"ss 100"ss 100"ss
100"ss
Elk Horn Coal Corp_-• 200 12 Nov 24 1254 Nov 22 811 June 1654 Oct
434s)
Close 10019,, 100 1n 100",, 100",,
10094,
Emerson Brant pf ctfe100
1001 954 Nov 20 954 Nov 20 8
julyi 1454 Sept
Total sales in $1,000 units_
36
53
160
165
115
Engineers Pub Service-• 1,700, 2154 Nov 24 2254 Nov 22 1954 Oct 2494 July
High 1014, 1019n 1019n 1019s,
1019,1
Preferred
• 701:( 9394 Nov 26 9496 Nov 20 9254 Nov1 9634 Aug third Liberty Loan
494% bonds of 1928
Low_ 1014, 1014, 1019s, 10142
10149
Erle Steam Shovel
5 8,200 2454 Nov 22 2554 Nov 23 2134 Oct 2554 Nov
(Third 49110
Close 1014, 1014, 1014, 1011,,
10149
100
Preferred
10010034 Nov 22 10094 Nov 22 100
Oct 102
Nov
Total tales in 51.000 mtgs.__
92
16
24
51
126
Federal Motor Truck..' 2,400 2454 Nov 22 2434 Nov 26 23
000, 3434 Aug Fourth Liberty
Loan
{High
10214,
10219,1
1039n
1031,,
1039n
Gen Gas & EJec cl B_ • 100 37 Nov 26 37 Nov 26 36
Oct' 4834 Aug
496 % bonds of 1933-38_ Low_ 10294, 10219,, 10294, 10291.1
1034,
Gen Motor pref
100 10010454 Nov 26 10454 Nov 28 99
Feb 104% Oct
(Fourth
496s)
Close 10294, 102un 10349 1031.9
1034,
Hartman Corp el B__-_• 1,6(10 26 Nov 22 2754 Nov 26 2554 Aug 30 Sept
Total sates in $1,000 units_
75
188
916
394
62
Hayes Wheel pref....1Il
10010094 Nov 24 10034 Nov 24 0054 Nov 107 May Treasury
(High 10822.1 1091n 109111,2 10914,
110
Internat Match Pr Rta__ 41,500 454 Nov 20 6% Nov 23 4
Oct 6% Nov
454s.
1947-52
Low_ 10899,1 10819,1 1094, 109"n
10049
Jones & L Steel pref_100 200 119 Nov 2 119 Nov 20 14
Jan 120
Aug
Close 10899,1 1094, 1091,, 10914,
110
Kayser & Co pref
• 200 106 Nov 22 106 Nov 22 00 May 108
Nov
Tota sales in $1,000
_
208
34
107
102
1
Kraft Cheese
25 1,000 62 Nov 20 63 Nov 24 58
Nov
Oct, 68
units_11.112h
1059%,
__-_ 1054, 1059,, 10519,1
Liquid Carbonic et's_ _-• 8,900 5554 Nov 26 58 Nov 22 4354 Oct' 587.4 Nov
4e,
1944-1954
Low.
____
1041132
10599n
105scr
10511,,
McCrory Stores pref_100
100 10834 Nov 22 10891 Nov 22 05
Feb
Apr 110
Close
____ 1054ss 105"ss 10514,
105"as
Manati Sugar
100 1,100 41 Nov 23 4394 Nov 23 27
Apr 5034 Jan
Total sates in 41.000 units_ __
____
351
11
100
181
Marland Oil Rts
99 Nov 20
Oct
94 Octl 1
56,325
91 Nov 23
(High
- -__ 10211,, 10214, 10214,
1021141
Montana Power pref_100
20011634 Nov 23 117 Nov 24 11254 Jan 11754 Jan
3342. 1946-1956
Low_
___ 102.ss 1021.31 102"a;
102"ss
Montgomery Ward pf1(10
100 11599 Nov 23 11554 Nov 23 11534 Nov 11554 Nov
Close
---- 102"ss 10214ss 102"ss
102"ss
Murray Body ctfs
• 100 734 Nov 26 796 Nov 26 734 Nov 1154 Aug
Total sales in $1,000 UllUS-__
____
16
50
126
70
Nat Supply pref
100 200114 Nov 23 114% Nov 26 10454 Mar 115
Aug
Omnibus Corp pref 100 100 89 Nov 22 89 Nov 22 88
July 9834 Feb
Note.
-The above table includes only sales of coupon
Otis Steel Prior pref-100 300 66 Nov 23 67 Nov 23 63
Nov 74 Sept
Peerless Motor Car_ _-50 2,600 2494 Nov 26 2834 Nov 22 2454 Nov 3199 Nov bonds. Transactions in registered bonds
were:
Penn-Dixie Cement_.-• 3,400 39 Nov 26 4054 Nov 22 39
Nov 4034 Nov
6
1st
3999
10019,, to 100"all 17 3d 491s
1014, to 101'as
Preferred
100 200 99 Nov 23 9991 Nov 26 99
Nov 9934 Nov
1 1st 491s
102un to 10219,1 10 4th 414s
102"ss to 102"ss
Penick & Ford pref 100
July 104 June
100 10034 Nov 22 10034 Nov 22 99
1000as to 100"ss
Purity Bakeries el A25 3,500 4794 Nov 23 4854 Nov 24 47
Oct 4934 Nov 28 2d 4148
Class B
• 1,100 43 Nov 26 4374 Nov 20 4194 Nov 4334 Nov
Real Silk Hosiery
10 11,600 4154 Nov 26 47 Nov 24 4154 Nov 5034 Oct
Preferred
Nov
1001 200 98 Nov 22 100 Nov 23 95
Oct 100
Foreign Exchange.-Sterhng exchange continues to rule
Slose-Sheff St& Sr DL 1001 100 107 Nov 22 107 Nov 22 10094 Jan 110 June
In the ConSo Porto Rico Sugar Rts.I 6,300 334 Nov 20, 454 Nov 26 134 Oct 454 Nov steady but dull, with narrow rate variations.
Spalding Bros 1st p1-100
Jan 10554 June tinental exchanges, French francs scored another sensational
100 10254 Nov 26 10294 Nov 26 101
Stand 01101 N Jersey Rto1721019 115-16Nov20 234 Nov 23 174 Nov, 254 Nov
Texas Corp, new..251l 3.500 5354 Nov 22 55 Nov 26 5396 Nov; 55
Nov advance, while Italian lire were strong and weak by turns.
Vulcan Detinning
100
1194 Nov 26 1154 Nov 26 10 Sept: 12 June The remainder of the list was neglected and changes not
Westinghouse El 1st 050 100 84 Nov 22 84 Nov 22 7896 Oct 8754 Feb
particularly important.
West Penn Pow 6%p1100
July
Mar 101
100 9954 Nov 26 9954 Nov 26 95
•
To-day's (Friday's) actual rates for sterling exchange were 4 84 7-16@
White Sew Mach 1st DI_• 1.300 5491 Nov 24 5574 Nov 24 4654 Oct 6454 Oct
484 9-16 for checks and 4 85@4 85 1-16 for cables. Commercial on
•No par value.
banks, sight. 4843404 847-16; sixty days, 4 80%(414 80 7-16; ninety
days, 4 7854 @4 78 9-16, and documents for payment (sixty days). 4 8044
@480 11-18. Cotton for payment, 4 849404 847-16, and grain for
The Curb Market.-The review of the Curb Market is payment,
4 84 h @4 84 7-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3 59340
given this week on page 2741.
3 6499 for short. German bankers' marks are not yet quoted for long and
bills. Amsterdam bankers' guilders were 39.91 Vi, for short.
A complete record of Curb Market transactions for the short
Exchange at Paris on London, 133.92 fr.; week's range, 133.92 fr. high
and 138.00 fr. low.
week will be found on page 2766.
The range for foreign exchange for the week follows:
Sterling ActualCables.
Cheeks.
High for the week
4 84 9-18
New York City Banks and Trust Companies.
4 85 1-16
Low for the week
48434
48474
AU prices dollars per share.
Paris Bankers' FrancsHigh for the week
Ask.
Banks.
3 7434
3 73ti
Banks-N.Y.
Bid Ask. Trust Co. Bid. As k
Low for the week
34654
Americas__ _ 300 310 Hanover
1045 ___
3473.4
New York.
Germany Bankers' MarksAmer Ex Pac_ 466 472 Harriman_ _ 605 621 Bank of N Y
High
for
the
week
23.75
23.73
& Trust Co 662 867
Amer Union._ 200 210 Manhattan •_ 227 231
Low for the week
23.71
575 ___ Bankers Trust 662 685
23.73
Bowery EastR 390 400 Mutual
Amsterdam Bankers' GuildersBroadway Con 345 385 National City 645 650 :rent Co Tr. 310 330
High for the week
39.9834
39.9634
Bronx Boroo_ 1325 1345 New Nerh•da• 320 330 Central Union 910 920
Low for the week
39.97
39.95
500 503 County
295 310
Bronx Nat_ _ _ 495 610 Park
Domestic Exchange.-Chicago. par. St. Louis, 15025c. per $1,000
130 140 Empire
Bryant Park• 200 225 Penn Etch
375 385
discount. Boston, par. San Francisco, par. Montreal. $1.7187 per
Capitol Nat_ _ 225 230 Port Morris_ 310Equitable Ti'. 285 288
$1,000 (remium. Cincinnati, par.
505 7577i Farm L & Ti' 543 548
Cent Mercan_ 275 285 Public
700 710 Fidelity Trust 315 320
145 152 Seaboard
Central
420 423 Seventh
160 170 Fulton
435 450
Chase
CURRENT NOTICES.
Standard --- _ 660 800 Guaranty Ti' 417 420
Chath Phenix
690 605 Irving Bank
Nat Elk &Tr 360 385 State.
157 162
-Judson K. Brown, formerly in the unlisted department of Farroll
& '1 rust Co. 300 303
Chelsea Exch. 291 295 Trade.
190 205 LawyersTrust
Chemical_ _ _ _ 810 825 United
Bros., is now associated with Bertram A. Unger & Co., 49 Wall Street.
UnitedStatee• 298 305 Manufacturer 525 530
Colonial'. _ _ 600
New York.
Commerce _ _ 418 421 Wash's' Hie. 640 750 Mnrray BIB__ 225 230
137 143 Mutual(West-Louis Kaiser & Co., members New York Stock Exchange, 150 BroadCorn'nwealth• 290 300 Yorktown'
chester) ___ 215 230
Continental_ 260 275
Brooklyn.
way, New York, announce that Jerome Kennedy has become associated
_ _ 678 584 Coney Island. 375
N Y Trust.- 549 554
Corn Each...
with them.
Cosmoplan•_ 210 300 Dewey •
200Terminal Tr. 175 185
Ou & Ti' 887 693
410
i
Fifth Avenue. 200 2500 First
-1Iarrison R. Burdick & Co., 111 Broadway, New York, announce the
625 2700 Meehanics'•
300 310 U S Mtg & Tr. 395 402
First
opening of a municipal department under the management of Aaron Weil.
160 176 Montauk'
United States. 1720 1740
Franklin
350
-Kidder,Peabody & Co. announce that Wm.Holway Hill and Alexander
370 3() Municipal •
Garfield
305 319 Westchnfr Tr 550
Brooklyn.
350 360
Globe Exch•_ 220 240 Neilson
WInsor have been admitted to partnership in their firm.
People's
350
840 675 Brooklyn._ _ _ 810 820
Grace
-The Equitable Trust Co. of New York has been appointed registrar
Greenwich*._ 525 550 Queenaboro •_ 175 225 Kings County 2000 2150
I 275 285
Midwood.
Hamilton _ _ 215 225
for the common capital stock of the Mexico-Ohio 011 Co.
-Stanley Bellows has joined the retail sales department of Neerssard.
(I) New stock.
•Backe marked (*) are State banks
(s)
Miller & Co.. 111 Broadway, New York.
2z-rights.
2751
New York Stock Exchange-- Stock Record, Daily, Weekly and Yearly
OCCUPYING SI
PAGES
For sales during the week of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 20.
Monday,
Nov. 22.
Tuesday.
Nov. 23.
$ per share $ Per share $ per share
Wednesday, Thursday,
Nov. 24.
Nov. 25.
per share
$ per share
Friday,
Nov. 26.
Sales
for
the
Week.
$ per share
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads.
Par
15314 15414 154 15512 154 15512
15312 154
144 157
28,400 Atch Topeka & Santa F,_100
9958 100
100 10138 10012 10012
100 100
10012 10012 1,800 Preferred
100
78
78
75
%
78
78
34
78
58
34 2,900 Atlanta Birrn & Atlantic_100
207 2078 206 20712 20712 20913 21012 212
210 210
6,100 Atlantic Coast Line RR__ _100
10312 10378 10312 1037 10312 1037g 103% 10534
10512 10634 34,900 Baltimore & Ohio
100
73
7332 .72
.72
*72
73
73
73
73% 7338
400 Preferred
100
43
4214 43
43
433
43
.42
4278
43
*42
800 B ,ngor & Aroostook
50
*10018 101 *10012 101 •10012 101 *10812 109
*10012 101
Preferred
100
677 6834 68% 6914 687g 70118
68
68
70% 74
48,200 Bkin-Manh Trac v t e_No par
8614 8612 8612 8714
8538 8554 *8512 86
87% 8912 3,000 Preferred v t c
No par
1512 1512 1412 1514
13
1412 1334 1412
13% 14,4 4,800 Brunswick Term & Ry Sec _100
•80
80
86
80
•80
86
*80
86
85
85
200 Buffalo Rochester & Pitts-100
*5414 63
*544 63
*5914 601 *5914 6012
.5914 601
Canada Southern
100
16314 16314 16312 16312 164 164
164 16412
16334 165
1,900 Canadian Pacific
100
*270 280 *270 280 *270 280
277 278
281 282
500 Central RR of New Jersey 100
16312 164,4 163 16412 16112 1633 160 16234
158 160
35,200 Chesapeake & Ohio
100
162
____
•160
•162 - - - Preferred
100
*5
*5
514
54
5
5
*5
514
4% 5
700 Chicago & Alton
100
713 734
7% 8
712 712 .712 7%
7
7% 2,500 Preferred
100
*245 290 *245 290 .245 290 .245 290
.245 290
C C C & St Louis
100
.3112 34
*3112 34
*3112 34
3112 3112
.3112 34
200 Chic & East Illinois RR_ _ _100
453 458 4713 4713 *46
*4613 48
48
.4612 48
200 Preferred
100
9
914 9,4
9
9
9
9
9
9
9%
151)0 Chicago Great Western__ _100
24
2412 247 25
243 2472 2414 25
25
2538 7,300 Preferred
1,1
1134
1014 114
11
978 11
10
1012
1038 1012 9,900 Chicago Milw & St PauL_ _ 11
93 1014
1138
11
1112
11
9% 10
934 10
8,600 Certificates
100
2034 2212 2114 2218 2038 213
, 1934 2012
1958 20
26,600 Preferred
100
20% 22
21
22
20
2034 1934 2014
1934 20
24,100 Preferred certificate*_ _ _100
7812 79
788 79
79
7914 80
8014
79
80
11,100 Chicago de North Western _100
*12512 127 .12518 126 .125 126 .12518 127
•125% 126
Preferred
100
6718 6818 6814 6878 6878 7014 69
7038
6914 71
38,400 Chicago Rock Isl & Pacifle_ 100
*10478 10538 10512 10512 105 106
106% 10613
10634 10634
1,400 7% preferred
100
*9534 96
96
96
96
96
9612 9612
96% 97
1,100 8% preferred
100
86
85
86
85
86
86
.84
87
.84
87
300 Colorado & Southern
100
74 .72
74
.72
•72
74
72
72
*72
74
100 First preferred
100
70
68
•67
68
*68
74
*68
77
.68
74
800 Second preferred
10
•170 17312 17018 17018 17138 172
172 174
x172 172
2,100 Delaware & Hudson
10
14414 145
•14414 146
14514 14634 147 149
146 14834 9,400 Delaware Lack & Western_ 5
*4314 44
4312 4312 *4214 4238 .423 44
4212 4212 1,600 Deny & Rio Or West pref_ _10
3812 3834 3812 3834 3838 3834 3812 3812
3838 3812 4,100 Erie
10
4578 4612 457 46
46
46
4574 4618
46
46% 9,200 First preferred
100
4458 44% 4412 4412 .4412 45
4414 4412
.4312 4414
700 Second preferred
10
79
79
7914 791
7932 80
80
8038
80
8034 13,900 Great Northern preferred _ _100
*1912 20
1938 1912 1912 1912 1914 1938
1914 1912 2,700 Iron Ore Properties. No pa
36
3612 37
36
3714 3712 37
37
.3614 37
1,000 Gulf Mobile & Northern. 100
10712 10712 .107 10712 10714 10714 10712 10712
*10634 10712
300 Preferred
100
3818 3812 3812 3838 3838 388 385 39
3914 3934 3,900 Hudson & Manhattan_,_100
78
*75
.75
78
77
77% .76
80
Stock
•76
7934
200 Preferred
10
12034 12034 120 12034 120 120
12012 12012
12014 12012 1,400 Illinois Central
100
•119 124 .119 124 .120 124 .120 124 Exchange *120 124
Preferred
10
am% 76
*7512 761 .7512 76,2 *7512 76
*7512 76
Railroad
Sec
Series
A__100
•2514 2612 .2512 261
2612 2612 *2512 2612 Closed- *2512 2612
200 Int Rys of Cent America_ _100
*6212 67 .59
651 •59
67
.59
67
.59
67
Preferred
100
49
49
4912 5038 50
5132 50
515 Thanks51
43,400
523
Interboro Rapid Tran v t c.100
4
•1
112 .1
113
1
112 •1
112
1
1
100 Iowa Central
100
4 4134 4178 417
41,
42
4212 42
giving
4212
4178 43% 2,800 Kansas City Southern
100
•64
65
*6414 65
644 644 65
65
6514 65,4
500 Preferred
100
.89
8912. 8918 891
8912 90
8958 92
Day
9112 92% 9,100 Lehigh Valley
50
*12814 130 •129 130
130 130
131 131
13012 131
800 Louisville & Nashville
100
*DO
92
.90
92
.90
.90
92
92
Manhattan Elevated guar.100
.90
92
53% 53% 5314 53% 5312 5454 5334 55%
5412 561 22,700
Modified guaranty
100
*5
6
.512 6
.512 6
*5
6
Market Street Railway _ _ _ _100
.5
6
.22
30
.24
28
*22
•22
28
28
.22
Preferred
28
100
43
43
4434 4434 44% 44% *43% 45
*4312 45
400 Prior preferred
100
.14
•1412 18
18
.14
18
.14
.14 18
22
Second preferred
100
•138
112 .132
112
112
112 1,2 •138
.138
100 Minneapolis & St Louis._ _100
112
34% 34% .33
•32
35
35
*33
*33
3412
900 Minn St Paul & SS Marie.100
3512
60
.55
.55
63 .52
60
.5514 59
Preferred
200
5512 5512
100
*5634 6312 *5634 6312 *5634 6312 •5634 83,2
59
.54
Leased lines
100
3112 3112 3114 3112 31% 32
32
3312 4,700 Mo-Kan-Texas RR_ _ .,No pa
32
3234
9312 9312 93% 93% 9358 94
94
9418 9458 2.700 Preferred
9414
100
3878 3812 39
38
38% 39% 3812 3914
3812 3914 8,000 Missouri Pacific
100
89% 9012 90
90% 90
90% 9012 9112
9112 92
9,700 Preferred
100
5% 512 *434 534 *434 5,3 *434 5%
*434 512
100 Nat Rys of Mex 1st pref 100
•178 2
Ps
178
173
1%
178
2
178
1,200 Second preferred
2
100
*121 128 •121 128 •121 128 .121 129
•121. 129
New On Texas & klexico_10
1354 136
13512 136
13512 136% 13512 13638
13514 136% 19,300 New York Central
10
192 192
193 194
19014 19414 18934 191
9,100 NY Chic & St Louis Co.. _10
18634 191
*10212 10312 10212 10212 •10312 10412 103 10312
*Dm% 103
400 Preferred
10
4138 4172 4178 4214 4214 4234 42
43%
42% 43% 17,700 NYNH& Hartford
100
2412 24,2 2334 24
2353 24
2372 2434
2438 2,000 N Y Ontario & Western_ _100
24
1114 1114
*1012 1114 1012 1012 1034 1113
1114 1212 1,700 NY Railways pref ctfs_No par
17
17
.16
20
•16
19
15
*13
15
200 New York State Rallways_100
17
37
35
37
37
35
37
37
37
37
1,100 Norfolk Southern
37
100
16338 1634 16212 163
18318 164
16338 16414 8,700 Norfolk & Western
164 16532
100
*3312 85
.8313 85
*8312 85 •8312 85
*8312 85
Preferred
7818 78% 7812 7918 78% 79% 79
7834 7934 9,800 Northern Pacific
79%
100
20
*15
25
•15
•15
20
•15
•15
20
20
Pacific Coast
100
5612 5614
Ws 5833 561g 561
5618 56%
56
56,4 16,300 Pennsylvania
50
•1812 20
20
*1812 20
•18
•1812 20
•1812 20
Peoria & Eastern
100
110 110
1094 1093o 110 110
11014 11014
10914 110
3,000 Pere Marquette
100
931 .92
93 .9254 931 .9218 9312
*92
*9218 9314
Prior preferred
100
86
86
•____ 86
.86
88
*86
8712
88
.86
100 Preferred
100
•148
•148
*148
150 150
.148
10 Pitts Ft Wayne & Chic pref 100
__ _114 11814 11558 11738
111 11354 11334 114
116 118
6,700 Pittsburgh de West Va___ _100
8658 86% 8634 87
874 88
8734 9012
8912 9012 24,000 Reading
50
•4012 41
24014 4012 .4012 41
*4012 41
.4018 41
200 First preferred
50
41% 41% 42
*4134 4312 4134 413
.42
42
400 Second preferred
4312
40
.4312 461
*4312 483
4512 4712 •47
.45
500 Rutland RR pref •
48
48
100
9834 10038 9912 101
98
9812 9812 983
101 1034 44,200 St Louis-San Francisco_ _._100
*9012 91
91
91
91
91
9114 9114
90% 9078
500 Preferred A
100
63
•62
6218
6312
6354 6314 6312
*62
63
1,000 St Louis Southwestern_ _ _ _100
63
27512 77 .7512 77
*7512 77
*7512 76
*7512 76
Preferred
100
308 31
3053 3112 3114 3l%
31
31
31
3112 3,4001Seaboard Air Line
100
3812 38,3 3834 39
3834 39
38
38
11,200 Preferred
3734 40
10
107 10758 10713 108
106% 107
10712 108
11,200 Southern Pacific Co
10514 106
100
118% 118% 11858 11878 alai, 118
118 118
11718 117% 4,010 Southern Railway
100
.9414
95
95
95
95
a9375 93%
*94
1,400 Preferred
94,2
94
100
50
5038 50%
49% 4932 4912 4912 50
5012 50,2 1,300 Texas & Pacific
10
3834 3814 4014 39
3712 37,2 38
4038
30% 40% 13,200 Third Avenue
10
•6218 65
.62
66
66
.62
.62
66
Twin City Rapid Transit_ _10
.62
66
162% 163
16153 162,4 16212 163
16258 16312
16212 163% 9,000 Union Pacific
100
79% 7958 79% 80
80
79% 80
1,400 Preferred
80
80
80
100
3412 • ___ 3412
__ 3412 •___ 3412
•____ 3412
United Rallwa,,2 Inveetm't.100
*11813 160 *111 160
.111 160
*126 175 .111
Preferred
100
39,8 3912 3938 39% 3938 40
3q72 4012 11,100 Wabash
3134 40%
100
7334 74
73% 74
7334 7438
7334 74
7414 7438 3,400 Preferred A
100
.60
63
63
*60
.60
83
63
63
.60
•60
Preferred B
100
12
.12
12
178 I1, •11% 12
1214
12
12% 2,700 Western Maryland
100
21
21
*20
21
.20% 2112
21% 2214
1,000
Second preferred
100
*20,4 21
34
534
34
*34
35
35
100 Western Pacific new
*3312 35
10
*34
35
82
82
8113 8138
81
81% 81% 81
*814 81%
700
Preferred new
100
28%
2612
27
2514
2512
27
2612 27% 17,100 Wheeling & Lake Erie Ry 100
2512
*25
44
43
4534 44
45
4514 45% 4,000 Preferred
100
424 4214 43
8934 90
90
9034 •90
0112
90
90
• Bid mid asked prices. I Ex th‘ Mend. a Ex-rights.
•8934 9034
Industrial & Miscellaneous
800 Abitibi Power & Paper_No pa
PER SHARE
Range Since Jan. 11928.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ Per share
$ per share $ per share $ Per share
122 Mar 30
9418 Mar 5
12May 28
18112 Mar 30
8313 Mar 3
6712 Jan 6
33 Mar 2
9778Feb 8
5418'Mar 31
78 Mar 31
812 Mar 4
694 Star 26
53 Jan 15
14612 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
414 Sept 18
612May 18
17314 Mar 29
3014May 10
3612 Star 31
73.2 Star 31
1614 Mar 30
812 Nov 11
812 Apr 20
1418 Mar 31
14 Apr 20
6514 Mar 30
11812 Jan 4
4612 Mar 3
96 Mar 4
8314 Mar 31
52 Mar 3
62 Mar 2
161 Sept 1
10132 Nov 23
10 Jan 2
26212 Jan 2
109%Sept 7
7378 Aug 20
46 Feb 1
101 July 12
74 Nov 26
8912 Nov 21
1838 sZov 5
874July 20
61 June 14
16838Sept 7
305 Jan 11
17832Sept 24
171 Sept 23
1138 Feb 20
1814 Feb 13
275 Aug 24
37 Feb 10
5134 Feb 10
1218Sept 9
3158 Sept 9
1412 Jan 6
14 Jan 8
24 Aug 24
2338 Aug 24
8334Sept 10
12612 Apr 30
71 Nov 26
10634 No:26
97 Nov 26
9614 Oct 13
74 001,13
11614 Jan
9212 Feb
3 Jan
14714 Jan
71 Mar
6278 Apr
354 Mar
89 June
3518 Jan
72% Jan
3 Feb
48
Apr
56
Jan
13612 Mar
265 Mar
8914 Mar
10514 Apr
3% Apr
518 Apr
140 May
2934 Mar
40 Star
9 Jan
1914 Mar
3,4 Apr
7 Sept
7 Apr
1278 Oct
47
Apr
101% Apr
4014 Mar
92 Jan
82 Mar
4418 Jan
60 Ma
up% Dee
98 Dec
11% Dec
268 Dec
9412 Dec
6734 Nov
6612 Nov
Oct
100
64 Nov
83% Dec
1712 Nov
9258 May
59 May
15238 Jan
321
Jan
13012 Dec
130 Dec
1058 Feb
19% Feb
200 Dec
3814 Aug
5714 Jan
15
Feb
3238 Feb
108 Jan
11 Nov
2812 Jan
22 Nov
8072 Dec
120 Dee
5872 Dec
100 Dec
Pit Mar
T012 Sent
6634 Dec
59 Jan 11
15014 Mar 30
129 Mar 30
3712May 19
2212 Mar 29
3334 Mar 30
30 Mar 30
6F12 Mar 30
1814 Oct 20
25% Apr 20
95 Mar 29
34E3 Jan 22
6734 Mar 31
13% Mar 3
11812 Mar 30
7114 Jan 6
2514 Mar 30
62 Mar 30
2412 Jan 15
1 Aug 14
3414 Mar 3
6053 M ar 31
7512 Mar 3
118 Mar 30
84 Mar 3
3818 Jan 26
412July 31
1912 Oct 22
3918June 21
1134 Oct 29
138July 26
34 Apr 21
55 Mar 20
60 Oct 28
2912 Oct 20
82 Mar 2
27 Mar 3
7112 Mar 3
434 Apr 10
1% Oct 27
120 Mar 30
117 Mar 30
130 Mar 3
93 Mar 11
3052 Mar 30
19% Mar 30
6 Jan 25
15 Nov 21
2778 Apr 15
13
83,1 4
2h
\l30
,
r
.
72 Sept 27
54
Jan
183128ept 2 13312 Mar
15312 Jan 12 125 Mar
47 Jan 2
345 Oct
40 Jan 2
265 May
35 June
5014 Oct 6
471 x Oct 6
34 June
8034 Nov 26
60
Apr
2714 Feb 15
25 Dec
4114Sept 20
23 Mar
10912Sept 30
8912 Mar
40 Apr 8
2124 Mar
7914 July 26
6412 Feb
131 Sept 7 111 Mar
12912Sept 7 11212 Apr
77 June 23
6814 Aug
31 Feb 13
18
Jan
66 June 24
5913 Jan
5234 Nov 26
1313 Mar
313 Jan 15
113 Jan
5138Sept 9
2858 Mar
6832Sept 10
57
Jan
9312July 15
69 Mar
144 Sept 3 106
Jan
9234 Apr 20
64 May
6178May 28
3218 Mar
10 Feb 9
6 Nov
40 Feb 9
20
Jan
51% Feb 10
424 Nov
22% Feb 10
15 Dec
3% Jan 11
214 Oct
5212 Feb 3
3038 Apr
79 Feb 3
40 Mar
6674 Feb 24
5712 June
4718 Feb 9
2814 Jan
95 Jan 4
7454 Jan
45 Sept 1
3058 Jan
95 Sept 3
71 Ma
824 Jan 7
112 Jun
412 Jan 7
112 Jun
13212 Jan 9 11314 June
14712Sept 7 11314 June
20112301423 118 June
106 July 8
8812 Jan
4838July 17
28 Mar
2878 Feb 13
2058 Apr
2014 Feb 5
5 Dec
2812 Jan 14
21 Dec
4438 Sept 2
2178 Apr
17072 Oct 2 12312 Mar
8532 Aug 11
7512 Jan
8212 Aug 26
5814 Apr
48 Jan 6
20 Aug
57% Oct 27
4212 Apr
2634 Jan 14
1334 Apr
113'z Sept 24
61% June
96 July 7
78 July
9178July 17
6812 Apr
15034 Nov 6 139
Jan
1193 Jan 11
63 Mar
100 July 9
6934 Mar
42 Apr 26
35% Mar
45 Sept 21
3614 Mar
6114 Aug 2
42 Apr
10314 Nov 26
5712 Jan
924July 14
Jan
78
74 Feb 9
4334 JUDO
80'4 July 27
70,2 June
5012 Nov 4
20% Jan
4838 Feb 18
35 Mar
11014 Sept 3
96
Oct
13114Sept 3
77% Jan
9512 Aug 5
83
Jan
61% Jan 13
4314 Jan
43 Apr 23
713 Apr
7834 Jan 4
58
Jan
16332 Oct 1 13314 Apr
8114 Aug 28
72
Jan
2712 Apr 7
18 Aug
125 Nov 11
4812 Mar
52 Jan 12
1912 Mar
7824 Jan 13
55% Jan
72 Jan 29
Ws Jan
1652 Jan 4
11 Mar
2438 Sept 25
16 Mar
3914 Jan 2
19% July
8634 Sept 11
72 July
32 Jan 2
10% Mar
50% Jan 4
22 Apr
6213 Aug
155 Apr
14734 June
60
Jan
393s Dec
4678 Jan
4334 Jan
8238 Dec
4032 Jan
3638 Sept
10914 Sept
3832 Aug
72 July
12512 Dec
12514 Deo
7414 Dec
3318 Sept
6612 July
3412 Feb
312 Mar
51 Dec
6314 Dec
8812 Dee
148 Dec
119% Sept
5114 Feb
12 Sept
4614 Sept
8514 Sept
3514 Sept
4 Mar
57 Nov
8614 Nov
63 Feb
4512 Sept
9212 Dec
4134 Dec
9112 Dec
314 Dec
314 Dee
13712 Dee
13712 Dec
183 Deo
98% Nov
47 Dee
34% Aug
12 June
36 July
45 Sept
151 Dee
88 Dec
7814 Dec
4012 Dee
55% Dec
2138 Dec
8512 Dec
89% Dec
79% Dee
144 Nov
123 Dee
9114 June
41 June
4432 June
6278 Jan
10214 Aug
9214 July
6914 Dec
78% Der
5414 Nov
5113 Aug
10838 Jan
12012 Dee
9512 Sept
59 Dime
15% Sept
78% Dec
16314 Jan
7714 July
3312 May
83% Dec
4714 Aug
73% Dec
6012 Aug
1832 Aug
264 Jan
3912 Dec
81 Dee
32 Dec
5372 Des
6624 Mar 30
15 Oct 19
485s Mar 30
1578 Oct 19
67 Mar 3
79 Mar 1
7034 Mar 29
14213 Jan 2
85 Mar 30
79 Mar 30
40 Jan 5
40 Mar 30
42 Apr 8
85 Mar 30
8313 Apr 1
5712 M ar 19
72 Mar 19
2712 Mar 31
3112 Mar 31
9618 Mar 30
10338 Star 30
8712 Apr 6
4218 Mar 30
1312 Jan 8
5914 Oct 214112 Mar 30
7434 Jan 6
1934 Mar 3
65 Mar 2
33% Mar 30
68 Mar 30
57 Mar 29
11 Mar 3
16% Mar 30
3234 Nov 6
7712 Jan 15
18 Mar 30
37 Mar 30
7034May 21
98 Sept 14
62
Jan
7614 Dee
New York Stock Record-Continued-Page 2
2752
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Nov. 20.
Monday,
Nov. 22.
Tuesday,
Nov. 23.
Wednesday, Thursday,
Nov. 24.
Nov. 25.
Friday,
Nov. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
,
GIL .17 An.
1,1•1. A/SARIS
Range Since Jan. 1 1926
On basis of 100-share lots
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
i Per share $ net share $ ner share $ ner share $ per share $ ner share Shares. Indus. & Affscel. (Con.) Par $ per share A per share $ per shares per sherd
*54
56
•5212 56
5.5
55
*5212 56
100 Abraham & Straua___ _No par 43 May 20 5912Sept 27
*5212 56
*11012 112 *11012 112 *11012 112 *11012 112
01104 112
Preferred
100 10418 Mar 19 111 Sept 28
*2612 27
•2612 27
*2612 27
Albany Pert Wrap Pap_No par 261: Oct 6 27/
*2612 27
*2612 27
1
4June 23
*138 146 *138 146 *138 142 *138 146
All America Cables
*138 146
100 131 Jan 6 155 July 24 119 Jan 13334 Oct
*125 127 *123 127
125 125
Adams Express
12634 12634
1,5
127 12978
100 9978 Mar 18 136 Sept 22
90 Apr 11714 Oct
*1234 13
1234 1314 13
13
1312 1312 2,700 Advance Rumely
1234 1312
100 10 Mar 19 22 Sept 24
20
Oct
13
Apr
42
4212 44
44
4414 4412 4414 46
4612 4612 1,900 Preferred
100 411
/
4'or 17 65348ept 24
47 Feb 6214 Oct
512 5,2
434 512
5,500 Ahumada Lead
5
5
4% 5
5
5
1
434 Nov 22
9/
1
4 Jan 4
7/
1
4 Oct 1258 MAY
13212 13314 13412 13978 13814 14378 139/
1
4 14158
14012 14238 24,200 Air Reduction, Inc____No par 10714May 19 14512 Aug 9
8634 Jan 11738 Dec
*712 734
758 Ps
Ps Vs
No par
718 Oct 20 16 Feb 10
712 712 1.500 Alas Rubber, Inc
Ps Vs
938 Dec 157s Jan
•114
112 *138
112 *138
112 *138
112
Alaska Juneau Gold Min__ 10
*138
112
75 Oct 22
2 Jan 4
1
Jan
212 Oct
13112 13234 13212 13514 13412 13558 133,2 13738
13512 13878 187,500 Allied Chemical & Dye_No par 106 Mar 30 147 Sept 22
80
Mar 11658 Dee
•121 1217ii 121 121
12078 12078 •121 12112
12112 12112
300 Preferred
MO 11834 Mar 20 12214 Aug 17 117
Jan 12114 Nov
*8612 88
8612 8612 8612 8612 *87,8 8714
400 Allis-Chalmers Mfg
87
87
100 7814 Mar 26 9458 Jan 14
714 Jan 9714 Deo
•10912 110 *10912 110 *10912 110
*110 11012
100 Preferred
110 110
100 105 Apr 7 11012May 24 10314 Jan 109 Deo
*2912 2958 30
30
2978 30
2912 2934 2,800 Amerada Corp
2912 2978
No par 24141).1 ay 20 32/
1
4 Aug 9---•1212 1312 *13
1312 1318 1414 14
500 Amer Agricultural Chem__100
1358 1338
14
9 Oct 14 34/
1
4 Jan 14
131: Mar 297; Oct
4758 4758 4714 4834 46
4558 4534 2,100 Preferred
4712 4612 4612
100 3511 Oct 30 9612 Jan 14
3612 Mar 8212 Dee
*4314 44
43
43
3,400 Amer Bank Note, new
4312 45
4412 45
10 3458 Mar 31
4412 4512
46 Oct 28
3912 Dec 441s Dec
*55
56
*55
5512 55
100 Preferred
*5534 56
55
*55
56
50 55 Jan 15 5812July 10
5312 Jan 584 Bent
*2412 2478 25
7,600 American Beet Sugar
26
27
27
2512 2714 2678 28
100 2012Sept 13 3834 Feb 5
2958 Oct 43 Jan
*59
60
62
60
62
60
2,300 Preferred
61
6412 63
63
100 55 No,• 5 83 Feb 24
78 Dec 87/
1
4June
1634 1634 *17
1678 1718 1,800 Amer Bosch Magneto_No par
1712 1634 1714
17
16 May 19 34/
17,8
1
4 Jan 4
2618 Mar 5411 Jain
143 143 *142 145
14812 14914 5,000 Am Brake Shoe & F_No par 110 May 19 180 Feb 2
145 146
14618 149
9014 Mar 156 Deo
*11614 11704 *11614 11714 *11614 120 *11614 11714
*11612 118
Preferred
100 11014 Mar 24 12814 Feb 18 10712 Jan 11438 Dec
39
391
/
4 3914 40
3858 3912 4,700 Amer Brown Boveri El_No par 3014 Mar 29 60 Aug 9
3912 40
39
3934
1
4 Oct
4714 Dec 53/
*96
96
100 Preferred
9612 *96
96
9634 *96
9618 *96
100 8612 Mar 31 971
9634
/
4 Jan 16
9018 Nov 98 Dee
05
5134 5258 67,700 American Can w 1
5154 5318 5178 5212
25 3878 Mar 30 6318 Aug 4
5
5154 5112 52
4714 Dec 4984 Dee
100 Preferred
•126__ *126 127
*125 127
12612 12612 *125 127
100 121 Jan 4 126/
1
4July 27 115 Jan 12178 Sept
10012 1-04312 1005g 10114 10012 10012 101 102
102 10434 5,420 American Car Ss Fdy ___No par 9111Mar 31 11478 Jun 12
9712 Apr 11834 Sept
*125 12534
200 Preferred
*124 125 *12412 125
12478 12478
125 125
100 12012 Oct 15 12914June 23 12014 Apr 128 July
2514 2514
1,000 American Chain,class A---_ 25 2314 Mar 30 2614July 20
*2514 26
2514 2514 2514 2514 2514 2512
224 Oct 27 Feb
36
37
1,400
37
*3212 34
American Chicle
3512
3434 35
36
36
No par 31 Oct 11 51 Jan 4
37 Jan 62 Ara
*35
36
400 Do certificates
35
35
*3212 33
34
*3212 3312 *33
No par 28 Oct 13 4714 Jan 7
37 Jan 584 Apr
10
1018 15,600 Amer Druggists Syndicate-10
958 1018
958 978
934 934
912 978
414 Jan 5 1038 Aug 19
654 Jan
414 Dec
1283
4 130
3,300 American Express
12744 12718 127 12834
12534 12534 12534 127
100 10578 Mar 3 140 Jan 8 125 Apr 166
Jan
17
1712 3,400 Amer 4: For'n Pow new_No par 1414 Nov 3 4238 Jan 2
18
1734 1734 1718 1714 171ii 1712 17
2714 Apr 5158 Sept
*83,4 85
200 Preferred
*8314 85
84
8312 8312 *8314 85
NO par
84
79 Oct 1 98 Feb 13
87 Jan 94 Feb
818 818 1,600 American Hide & Leather 100
*8
812
8
8/
1
4 *812 9
7 May 10 1712 Feb 9
75* 73
812 Mar 148s Deo
4658 4658 2,800 Preferred
4412 44
4112 4414 44
4438 *44
4714
100 3312May 7 6714 Feb 9
581
:Sept 7574 Jan
2614 2612 2,200 Amer Home Products. No par 23/
2612 2612 2658 2634 2658 2658 2658 2634
1
4 Oct 8 27 Nov 12_
__.
___ __- -•12818 129
1,500 American Ice
12834 12934
129 13012 12814 129
130 130
100 109 Mar 31 136 June 8
83 idar 139 Dec
418238 83
*8212 83/
Preferred
1
4 *8212 8312 418212 8318 *8254 83,2
100 8112 Oct 18 8634June 1
7412 Mar 86 Juq
39
41
13,300 Amer International Corp I00 3134July 19 4834 Feb 16
39
39
3834 39
39
393* 39
39
32/
1
4 Mar 48% Nov
1134 1134
1134 1134
1158 1134 *1112 113
400 American La France F E___10 10/
•1112 12
1
4 Sov 18 1578 Jan 4
1114 Jan 20 Nov
32
29/
1
4 29%
3478 7,700 American Linseed
2958 2958 2934 2934 *2978 301
100 2558 Oct 20 5278 Jan 4
20 Mar 594 Nov
76
76
4
76
763
4
763
4
4
76
200
*723
*73
Preferred
75/
1
4 *723
100 6754 Oct 19 87 Jan 4
Oct
53 Jan 89
109 10934 22,600 American Locom new__No par 90/
10812 109'z 10834 11012 10858 10912 10814 10978
1
4 Mar 31 11978 Jan 4 10412 Jan 14478 Mar
12034 12034
120 120 *119 121 *11812 12034
120 120
300 Preferred
100 116 Aug 9 12034 Nov 26 115 Aug 124 Feb
*7212 7312
*7212 732 7212 73,2
*7214 7258 7258 73
200 Amer Machine dz Fdy __No par 6514 Oct 11 801 Aug 16
*121 126
*120 125 *125 12518 *121 126 •121 126
Preferred
100 114 July 15 122 Aug 23
*4614 47
47
*4512 46
100 Amer Metal Co Ltd___No par 4434 Oct28 5738 Feb 16
*4612 4712 *4614 4638 47
4544 Mar 57% Oct
•110 115
•112 115 *110 115 *112 115 *110 115
Preferred
100 11312 Apr 15 120 Feb 6 III Mar 119 Nov
6134
61
61
6212 3,300 Am Power & Light--„,,X9 Par 5034May 19 7212Sept8-6012 6034 6034 6114 6134 62
Stock
10918 10918 10914 110
10912 10912 1,600 American Radracor
10912 10911 10912 110
'ff5 101 1,May 19 12238 Aug 9
897
; Jan 12212 Nov
86
86
300 Amer Railway Exprees___100 7738 Mar 31 86 Nov 12 z76 Sept 84 Jan
*8212 85
*8612 87
*8212 85
*8212 85
48 Exchange
*46
4778 4778 *46
49
47
48
48
49
600 American Republics___No par 39/
1
4 •;,,, 9 74 Jan 5
48 Jan 7934 Dee
64
*6234 63
3,000 American Safety Razor__ _100 42 Apr 14 7034 Aug 17
63
6334 6334 63
6312 621
/
4 6412
3678 Jan 704 Nov
6
618 4,700 Amer Ship & Comm___No
5a4 578
534 578
612 Closed6
534 6
- par
512 Jan 2 117* Mar 12
5/
1
4 Dec 144 Feb
1325* 13518 27,300 Amer Smelting & RefinIng_100 10958 Apr 21 152 Aug 17
13258 133/
1
4 13314 13514 13512 13612 133,2 13512
9038 Mar 1444 Dee
Thanks11912 11912 11914 11914 1193s 11912 *119 120
11938 11938
700 Preferred
100 112/
1
4 Mar 31 12014 Aug 17 1054 Jan 11514 Oct
•127 131 *127 131
132 133
700 American Snuff
130 130
130 131
100 12134 Oct 6 1e5 Feb 9 13814 Apr 154 Nov
giving
44
4438 2,600 Amer Steel Foundries_No par 40 May 11 47 Aug 3
*4314 4312 4312 44
44
44
43/
1
4 44
375* June 4712 Deo
*113 114
100
•113 114
Preferred
113 113 *113 114 *113 114
100 11014 Sept 21 115 Feb 23 108
Jan 11318 Oct
Day
8112 8314 8358 8412 8458 8658 8512 8718
8534 8714 30,000 Amer Sugar Refining
100 654 Apr 14 8714 Nov 26
4738 Jan 7758 Dec
Preferred
700
100
110 110
100
*10812
Jane
109 109
110
10912
109 109
109
19 110 Nov 20
9114 Jan 10414 Nov
4018 4134 31.400 Am Sum Tab new etfs_No par 2914 Aug 13 4212 Nov 23
3934 4012 4012 4134 4112 4212 4012 42,8
100 1412 Apr 28 7.8 Aug 19 .
Option A Ws
_ _ ____
--- - Cable100
100 Amer Telegraph &
2512July 6 4118 Feb 10
31
*30
32 .3012 31
373; June ii Feb
*30
31
3078 3078 *30
100 13958June 18 15034 Feb 15 13058 Jan 145 Dee
148 14812 14818 14834 14812 149
149 14914 5,700 Amer Telep & Teleg
14834 14918
50 11138 Mar 31 12434Sept 8
85 Feb 12111 Oct
11912 11978 2,200 American Tobacco
11918 11912 1181s 11978 11814 11978 11912 11978
100 10618 Jan 4 113 May 26 10412 Jan 110 Nov
•110 11012 1,000 Preferred
•11012 11034 110 11012 *10912 11034 *110 11012
50 11018 Mar 31 124 Sept 8
8412 Feb 11912 Oct
11818 119
5,700 Common Class B
11878 119
11812 11912
1
4 119
11711s 11918 117/
1
4 Nov
100 American Type Founders__100 114 Jan 22 135 Feb 13 103 Apr 135/
*118 12014 *118 12114 11913 11918 •118 119
*118 119
34% Jan 7614 Dec
5838 5834 7,100 Am Water Works & Elec__ _20 433 Apr 13 74 Jan 4
*56
58
57
56
5678 57
57
59%
100 10112Mar 3 10814 Jan 27
9714 Aug 103 Feb
400 1st preferred (7%)
*10212 105
103 104
10212 10212 *103 104
*10214 104
June
9
4278 Jan 13
100 19
3434 May 6458 Jan
3214 3314 21,300 American Woolen
3218 3414 34
3534 337s 35
33544 34,2
100 66 Apr30 8934 Jan 4
6912May 961
/
4 Jan
4,600 Preferred
8534 86
8734 8878 8712 8812 861
/
4 8678
865* 88
1: Aug 13
*78
1
558 Jan 13
713 Jan
*/
1
4 114 •1
14 Dec
*1
114
114
1
100 Amer Writing Paper prof._100
1
100
12 Aug 4
412 Jan 13
Preferred certificates
12 Dec
4 Jan
518May 19 1218 Feb 4
-571.3 -817 May 124 Jan
*8
812
8
4 ---100 Amer Zinc, Lead & Smelt _25
8
5734 812 5713 8'4
25 20 May 19 4818 Feb 4
2478 May 44/
42,4 4254 43
43
4338 2,100 Preferred
1
4 Dee
43
43
4312 4212 4258
4734 48
35/
4778 4814 4,600 Anaconda Copper MinIng_50 4112 Mar 30 5178 Aug 8
1
4 Apr 5314 Nov
48
4812 481ti 4812 48
4812
41
100 Archer, Dangs, Midi'd_No par 347sJune 11 4434 Jan 2
*41
4112 *40
26
*40
40
40
41
*40
41
Jan 464 Dee
100 100 Mar 4 108 Oct 16
300 Preferred
*103 106
904 Jan 105
10634 10634
10578 106 *106 107 *106 107
Oct
1
4 Jan 13
*92
93
400 Armour & Co (Del) pref_100 9014May 21 97/
91
91
904 Mar 100
911
/
4 917
93
Oct
9112 9212 *92
1412 1458 1412 1434 1412 1478 1438 1438
1412 1412 2,600 Armour of Illinois Class A__25 1318May 22 2512 Feb 13
20 Mar 2712 Oct
25
534May 20 17 Jan 4
814 858 2,400 Class B
16 Dec 2034 Oct
814 8,2
8
*734 812 *778 858
818
100 80 Apr 30 93 Feb 11
83
300 Preferred
83
83
8378 8378 *82
84
90 Dec 9314 Nov
83
*82
84
ctf
No
par
tern
18
Corp
Cons
Apr
12
Am
2212
2212
313
4
500
23
2312
s
233
8
Jan 6
23
2312 2234 2234 233
8
Jan
175* Oct
*2214 23
Art Metal Construction____10 1918 Jan 2 2334 Oct 5
*2214 23
*2214 23
*2214 23
,Nov
*2214 23
15 Jan 203
No par 4634Sept 23 634 Jan 21
5212 5234 1,600 Artloom
*52
53
39 June 60/
5234 5314 5234 53/
1
4 5318 5314
1
4 Dee
100 108 Mar 18 112 Nov 4 10112 Aug 110 Des
112 112
7 Preferred
/
4 113
*11014 115 *11014 113 *11014 113 *1101
1,500 Associated Dry Goods- _ 100 3714 Mar 30 5478 Jan 9
4218 4218
•41
42
4134 4212 415* 4238
*4112 42
464 Aug 8111 Nov
100 96 Mar 25 10212 Jan 6
400 let preferred
*10012 102
Oet
10012 10112
*99 101 *100 101 *100 101
Jan 102
94
100 102 May 19 108 Jan 28 101
100 2d preferred
*105 107
10514 10514
0105 107 *105 107 *10412 107
Jan 10814 Feb
25 4454 Jan 6 60 Mar 4
5012 5012
200 Associated 011
*5034 52
51
32 Mar 14
*5014 52
5012 5112 *50
17
7124
1
00
3812 38/
0 93273914
1
4 4,500 AU Gulf & W I S S Line,....111000
2
1321 683* Jan 6
36
20 Jan 77 Sent
361
/
4 3618 361
•35
/
4 38,2 3812 39,2
1,700 Preferred
39
537
2
34
0
3812 3814 397
3
25
121 Jan 60 Sept
36
*35
36
*35
36
Refining
Atlantic
1023
Mar
4
10312
1,300
12
58
63
1414a
8 an
D
Feeb
a
1027
8
1037
*
1031
/
4
y
10318
10318 10378
'1 103 104
100
1151
*11612 117
/
4 Oct 1 120 June 22 113 Sept 117/
500 Preferred
11678 11678
1
4 June
117 117
117 117
.1 116 117
NO par 54 Mar 4 64 No) 22
64
64
64
300 Atlas Powder
64
45 June 65 Deo
64
64
*6312 64
*6234 64
100 94 Jan 8 971
Preferred
*9538 98
96
/
4 Aug 16
*94
904 Oct 94 Jan
*951
/
4 98
*953 98
*9512 98
No par
8 Oct 21
Atlas Tack
*812 9
1712 Jan 30
*87s 9
018 Feb 21 Deo
*838 9
*834 9
*878 9
vto
No
par
Nichols&Co
Vs
83
8
9
Austin,
Oct
23
2,400
28
84
83
4
Jan
29
: Jan
914
22 July 321
*812
9
812
83* 84
100 54 Nov 3 93 Jan 6
57
57
1,200 Preferred
5812 58,2
57
57
875
57
55
* Jan 95 Aug
55
55
538
Hosiery__No par
Knitter
14
1,000
Auto
Oct
12
9
218
313
Feb
11
3
8
12
14
Dec
414
May
*3
6
12
*as
%
38
15114 159 362,500 Baldwin Locomotive Wks_100 9278 Mar 31 159 Nov 26 107 Mar 146 Feb
14038 14812 14512 15012 1435* 14914 14638 15378
100 105 Mar 31 11911 Nov 24 107 Aug 11638 Jan
11834 11834
500 Preferred
1118 11912 11814 11814 11812 11812 11834 11914
25 23121),lay 11 3312 Jan 2
2714 2758 7,200 Bamsdall Corp class A
27
27
2718 2734 2712 2734 2712 2712
1858 Aug 3313 Deo
25 224 Oct 27 2912 Jan 2
*247s 25
800 Class B
25
25
2478 25
16 Aug 30 Dec
•24
2478 *2434 25
No
par
39
Cigars.
Inc
53
5334 7,500 Bak uk
Mar 31 5434 Nov 17
3814 Sept 5314 Feb
5312 5234 5358 5314 5458 5318 5438
53
20 5214 Oct 6 7178 Feb 4
*5812 59
700 Beech Nut Packing
60 Mar 77/
1
4 Aug
/
4 5978 *5812 5912 415812 5912 581s 58,2
591
2818 2812 2,600 Seld'a 11'way Co tem ctfNo par 275,,Sept 28 3934 Jan 4
37 Sept 4158 Deo
28
2834 2814 28% 2814 2814
*2818 29
5
4418 44
100 3714May 20 51 18Sept 20
11,000 Bethlehem Steel Corp
37 June 5312 Jan
4438 4414 445* 4414 441/4
44
443* 44
100 99 June 1 105 Feb 2
10418 10412 1,100 Preferred (7%)
Jan
9314 June 102
10418 10418 10418 10438 10418 10414
104 104
3412 3518 3,200 Slootningdale Bros__--No par 28 June 11 3518 Nov 23
3338 3318 3318 3338 3312 3378 3412
*33
*107 110
100 10414June 21 109 Sept 27 - - - --- - Preferred
'107 110 *107 110 *107 110 *107 110
No par
7
7
700 Booth Fisheries
418 Mar 24
*612 678
934 Jan 11
678 678
-41
/
4 May
*614 678
61/4 67
873 Oct
y
100 3434 Oct I 1 514 Jan 7
45
45
500 1st preferred
Oct
50
*45
48
*45
25 June 52
50
*45
48
*45
*2378 26
300 Botany Cons Mills class A50 20 May 25 4118 Jan 4
25
25
25
25
405 Aug 46 duly
2512 2512 *2378 26
Manufacturing_No
par
2514
26
3,000
Briggs
24
4412
MaY
Oct 20 3712 Jan 4
Oct
26,8
27
/
4 263s 26
2614 261
26
2618 *26
138
138
100
121),lay 5
450 British Ernplre Steel
133
138
11
/
4 138
5 Oct
118
3 Jan 18
158May
118
158
•118
*912 21
Oct
100
934June 29 27 Jan 28
let preferred
*912 21
*1812 21
22 July 36
*19
2012 *1912 21
*312
4
460
100
preferred
2d
112June 24 1018 Jan 11
14 Oct
4
4
4
6/
1
4 July
*112 418
4
5418 414
158 158
3,400 Brooklyn Edison, Inc
100 133 Mar 31 163 Sept 8 1205* Jae 15611 Nov
15778 15912
15634 15634 157 15734 157 159
9412 9412 3,200 Bklyn Union Gas
No par 68 Mar 30 9714 A.ug 6
7318 Dec 10024 Nov
9314 9334 9314 9314 9314 9334 9312 95
*32
35
3212
4,600 Brown Shoe Inc
No pa
291:June I 48/
1
4 Jan 7
*3334 36
46 Dec 4614 Deo
3414 3414 3212 3314 32
*109
__ --100 107 June 5 111 Mar 10
Preferred
__ *109
.109
96 Mar 109 Oct
_ •109 ---*109
3518 -3-518
*3514 -36
3514 1514 •35 it;
500 Brunsw-Balke-Collan'r_No par 24/
1
4 Mar 30 39348ept 15
3518 3518
24 June 4958 Jan
128 128
1,100 Burns Bros new elAcom No par 121 Mar 31 144 July 23
9212 Feb 136 Dee
12812 13158 12714 128
413212 133 *13112 133
2973 2978 2,100 New clam B com___ _No par 29 Nov 9 44 Feb 13
17 Mar 39 Deo
3012 31
29's 304 2958 2958
31
31
Oct
•102 104
100 97 Mar 30 10312June 22
Preferred
'10118 104 *10118 104 *10118 104 *102 104
914 July 99
117 117
11215 11:11, 114. 115
2,500 Burroughs Add Mach_ _No par .7712 Apr 13 11712Se56 15
11515 11.11, 11515 117
65 Jan 103 Sept
•Bid and asked prices: no Gales on this day. a Ex-dividend.
New York Stock Record-Continued-Page 3
2753
For sales during the week of stocks usually Inactive, see third page preceding
rISK 511AKIi
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 20.
Monday,
Nov. 22.
Tuesday,
Nor. 23.
Wednesday, Thursday,
Nov. 25.
Nov. 24.
Friday.
Nov. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
•
Range Sines Jan. I 1926.
On bags of 100-share tots
Lowest
Highest
ran WIAIM
Range for Previous
Year 1925.
Lowest
Highest
& MIscell.(Con.) Par $ per share $ per share $ per share 5 per *bare
$ per share $ per share $ per Share $ yes share $ per share $ per share Shares. Indus.
145 June 26 Dec
2712 2814 1,600 Bush Terminal new____No par 1684 Mar 18 3414July 14
27
27
261z 27
*26
2714
27
*26
80 May 8975 JUDI
100 86 Apr 13 93 Aug 2
Debenture
100
93
*91
95
*90% 93
*91
914 9114 *9058 93
0618 Jan 103 Dee
100 9912 Jan 20 104 Nov 19
Bush Term Bldg', pref
_._
_
*103
_ __
*103
*103 _
__ *103
*103
814 Jae
614 Feb 10
414 Mar
412Sept 28
5
47
; 1,900 Butte Copper di Zinc
47
434 _s
-4% -47
434 -5
--478
*47 --5
17 May 2834 Jan
5438 5438 1,000 Butterick Co100 1734 Mar 3 71 Sept 15
5312 5414 *5312 5412 543s 5412 *5312 54'5
718May 18 164 Jan 11
10
6'2 May 2414 Jan
400 Butte & Superior Mining
124
12
1212
•1212 12% 1212 1212 *12
•1212 13
200 By-Products Coke_ __No par 53 June 30 90 Sept27-75
*73
7612 *75
76
7612 768 *76
*7534 77
; Oct
23 Oct 447
500 Byers & Co (A M)____No par 28 Mar 29 4478 Nov 16
43
*40
43% *40
42
4312 *40
4338 434 43
2,200 California Packing___No par 6814 Oct 18 1794 Feb 4 10012 Jan 3612 Nov
69
69
8814 6912 6814 68S
68
6878 69
68
Dec
343*
10
08811
4
Feb
8
Jan
20
384
2378
25
Petroleum
304 3078 6,200 California
304 307s 304 31
3014 3012 3012 31
434 Feb
25 Jan 15
112 Mar 26
114 Oct
10
14 112 2,300 Callahan Zinc-Lead
11
112
158
158
17
•134
153 134
611s Dec
Apr
45
29
9
Aug
8
735
551/Mar
10
MiningArizona
Calumet
600
69
8
687
70
70
70
70
*69
70
70
•69
124 May 1858 Jan
25 1338 Mar 31 1812 Aug 9
*1812 1658
400 Calumet & Heels
*1612 16% 1678 1678 1634 16% 1612 161
24 Mar 684 Dec
100 624 Jan 4 178 Aug 6
155 15714 18,200 Case Thresh Machine
142 147% 14514 14914 1488 15214 15212 15734
Mar 1074 Des
60
10
Aug
11812
5
Jan
96
100
Preferred
112
800
11212
112 1124 *11212 114
*111 112 *11134 112
1484 Mar 2358 Oct
7 Nov 11 2012 Jan 5
100
83s 838 1,000 Central Leather
814 84
814 814
814
84 814
*8
Oct
494 Mar 71
100 4314 Apr 28 6834 Jan 5
534 5312 3,500 Preferred
5258 5278 535
52
5118 511
538 53%
3014 Sept 474 Mai
13
134 5,800 Century Ribbon MIlia_No par 1014 Oct 25 327g Jan 8
15
1653 1334 14
1314 157
13
•12
94 Dec 984 Jan
100 83 May 25 90 Jan 21
Preferred
*7814 854
8518 •7814 854
*7814 854 *7814 854 *81
431g Mar 641, No
623s 634 2,400 Cerro de Paaco Copper_Ne par 574 Jan 22 734 Aug 9
6234 6314 6234 63
63
6253 8234 63
4034 Mar 5834 Sein
1,800 Certain-Teed Products-No par 384May 20 4912 Jan 5
4334 44
4312 4334 4334
43
424 4253 42% 43
894 Jan 110 Sept
100 100 May 22 101314 Nov 9
1st preferred
*106 10712
*106 109 *106 10712 *106 1.0712 *106 1071
812 Nov 5 26 Feb 11
834 834 2,000 Chandler Cleveland MotNo par
853 9
853 9
*834 9
9
9
No par 2238 7o7 23 454 Feb 15
2253 2334 3,300 Preferred
2234 2312 2253 23's 2258 2258
24
24
8014 -Mar 128 -Da
800 Chicago Pneumatic Tool_100 9412 Apr 8 120 Jan 2
11412 116
11412 1141 *110 114'1 11438 1143g *113 11412
497g Mar 7471 Oct
No par 451/May 19 6638 Jan 4
Co
Childs
24778
.500
49
50
4912
*49
50
50
4853 483
*4834
304 Mar 371* Jam
25 30 Mar 3 365s Jar 6
3218 3212 2,500 Chile Col/Per
3238 32's 3212 3234 3258 3258 324 3253
19 Apr 2853 Fat
5 16 Mar 3 27 Nov 4
Chino Copper
*2558 27
*2558 27
*2558 27
*2558 27
•2558 27
6253
4
Jan
Dec 6418 Doe
4
3
83
15
Oct
294
par
certlfs_No
Christie-Brown
*30
200
31
*304 31
3014 304 3034 303
31
•30
3534 3612 32,200 Chrysler Corp new_ - _ _No par Ms Mar 30 5478 Jan 9
3534 365* 3553 365*
3558 354 357
35
108 Jan 2 10018 July 1117 Noe
30
Mar
93
par
No
Preferred
*10112
104
*10114
104
*10111
104
*10112
104
104
*103
584 Mar 7184 Jaz
82
62
200 Cluett, Peabodys& Co--100 8014 Mar 31 684 Jan 7
821 *8112 621 *8112 8238 628 625*
•62
100 10314 Jan 13 116 Sept 17 10312 Jan 109 SW
115 115
100 Preferred
*114 115 *114 115 *114 115 *114 115
80 Jan 17734 Noe
26
Nov
8
1703
24
Mar
128
par
No
165
Co
8
Cola
1703
23,900
Coca
183 187
166 16712 16514 1667
162 163
No par 3434May 27 591413ept 18
*5512 5534
600 Collins & Altman
5512 551
543 55
55
544 541 *54
100 9834May 27 119 Sept 20
200 Preferred
*112% 11414
1124 1121 1124 1121z *1124 1131
•112 114
4 -Jaz
1
324 -Apr 48/
100 273s Mar 3 493g Oct 2
4214 44
11,500 Colorado Fuel & Iron
4134 43
4112 42
4134 42
42
*41
45 Mar 6234 Dee
654 66
3,400 Columbian Carbon,to No par 5553 Jan 28 8978 Feb 23
654 8512 65% *6512 66
648e 64% 85
4534 Jan 86 Oct
Jan 9
90
20
1Mar
631
par
No
Elea
2,300
&
Gas
88
Col
88
88
87%
87
8753
*864 8812 8634 871
100 11134Sept 13 11718 Nov 26 1044 Jan 11412 Del
11718 1174
700 Preferred
11814 11838 11512 11658 11512 11512 1163 11634
3812 Sept 554 Dee
1612 17
5,000 Commercial Credlt--__No par 1612 Nov 13 474 Jan 14
171
17
*183* 1812 181a 1814 1718 1814
2514 Sept 274 Oct
25 2114 Nov 13 2614 Jan 13
2112
214
Preferred
100
*2112 23
23
*21
•2112 234 *204 23
264
11
Jan
Sept 2794 DOI
273
16
Nov
20
25
23
Preferred B
*21
*2014 23
23
*21
*21
24
23
*21
100 87 Nov 19 9912 Feb 26
1st preferred (614)
90
•87
89
90
*88
*87
90
1188
89
*88
-Jan 844 Nen
50
11
Jan
72
12
Apr
par
55
_No
Trust_
Invest
611
Comm
5918
3,800
60
83
*59
6012
60
60
80
60
104 Jan 28 100 Nov 1074 Noi
100 97 June
*99
100 7% preferred
___ 10012 10012
___ *98
__ *100
100 89 May 7 100 Jan 13
*9414 -9-5
200 Preferred (611)
*94 -94% 94% 94%
9458 94 -94
*94
*9776 May 189 Jai
319 22434 45,650 Commercial Solvents B No par 11814 Jan 4 237 Nu,23
223 235
2148 22134 222 237
20714 213
15% Nov 4318 Jai
1
18
18
1834 19
184 19
184
18141 18,300 Congoleum-Neirn Inc_No par 1211May 13 2938Sept 2,
184 19
1
Sept
53
par
17
4012May
3
3
No
49Is
Cigar
Congress
49
4,400
49
4
493
51
49
49
498
4834 48%
1:May17 -Fel
12
Mar
1
8
Oct
12
pa
_No
_
Sod_
Conley Tin Foil
8
*12
84
*12
34
*12
34
*12
4
*12
264 Jan 6384 Do
454 Apr 15 804 Nov 23
84
8012 844 8412 8614 845* 8512
85's 48,300 Consolidated Cigar__ _No pa
794 80
2 Jan 96 Do
79
28
8Ju1y
1073
31
Mar
91
100
Preferred
200
lO2's
*9712
*97
*9712 1024
10212
*97 10234 10234 103
93 Pal
34 Jan
612 Jan 7
111 Aug 13
17
112
178 5.900 Consolidated Distrib'rs No pa
134
18 18
134
17
134
I%
744 Mar 97 Do
87 Mar 30 1153* Aug 6
111 112
50,100 Consolidated Gas(NY) No pa
Stock
10834 10914 10914 1105s 10934 11134
108 109
54 Jeu
June
25
414
22
Nov
10
114May
37
33
3
pa
7
_No
_
19,300 Consolidated Textile_
334 4
3
4
3% 44
334 3
804 Mar 934 Do
7234 723i 2,800 Continental Can, Inc_No par 70 Mar 30 924 Jan 2
73
735 744 723 735 Exchange
73
738
73
140 De
Jan
103
9
Jan
4
14.48
31
Mar
122
25
Insurance
Continental
1351
13514
500
13612
137
1361
137
13614 13614 13718 13718
151/ Oc
814 Jan
978May 17 13 Jan 5
1114 1112 5,200 Cont'l Motora tom cafs_No par
1138 1112 Closed113g
1112 11
11
11
11
32% May 423, De
494 492 31,200 Corn Products Refill w I_ 25 3558 Mar 30 5012 No, 15
4858 4914 494 50
48% 48% 4858 493
Jul:
127
Jan
1184
28
Apr
Jan
12212
12818
6
100
200 Preferred_
127 127
Thanks. 11127 128
*125 127 •125 127 *125 127
48 Aug 6011 De
No par 444 Mar 29 6034 Jan 4
4,800 Coty, Ins
597 60
5934 60%
595/ 5934 595* 5978 594 805
644 Mar 848, Na
4
Jan
8112
15
Apr
64
AmerIca_100
of
Steel
Crucible
7812
7.100
754
76
giving
7612
7412
76
78
764 7678 7512
92 May 102 De
100 96 Mar 30 102 Aug 5
200 Preferred
*10214 10212
102 102
*100 102 *100 102 *101 102
4414 Dec Ws Oc
No par 284 Oct 30 5338June 20
Day
3312 344 9,800 Cuba Co
3334 335* 3412 335* 341
33
33
32
784 Oct145 Fel
858May 22 Illz Jan 29
No par
22,600 Cuba Cane Sugar
1012 11
1114
11% 1034 11121 11
98 1078 11
371s Oct6288 Fel
4
Feb
4938
8
3512June
100
Preferred
467 484 35,500
47
4558 4512 464 4512 48
45
477g
Oct 834 Ma
20
10 2014 Aug 10 308* Jan 28
2734 2814 25,800 Cuban-American Sugar
28
2834 2712 2838 2712 2814
27
28
937k Nov 101 Ma
100 9714 Jan 5 105 Nov 19
300 Preferred
•10312 106
1034 10312 *10312 106 *1034 106
*103 108
7
2014June
24
151•!filept
Dom'canSugnewNopar
1834 1,800 Cuban
*18
181
1834 18
1812 1812 178 1814 18
934 Dec 107 -08
100 76 Apr 21 1104Sept 17
Cudahy Packing
____ ____
- *102 104
62 Mar 104 Oe
No par 774Mar 1 10512Sept 2
200 Cushman's Sons
9712
96
*iii4 -9-fi
971 iiiii4 I7-12 ;53'14 -Iii
*04
44 Nov 59 Ma:
14
Jan
51
26
Nov
32
par
No
3414 11,300 Cuyamel Fruit
32
40
404 4134 34
433
43
413* 43
277s Apr 494 is
5,300 Davison Chemical, t o_No par 234 Oct 20 4634 Feb 17
278* 28
, 274 2818 274 2612 2753
2814 264 263
Jan 15912 Sep
110
1
Feb
14115
blar
100
30
1234
Edison
Detroit
600
1333, 13414
13412 1341 1344 1344 *13414 1343 13414 1341
53 Oct 9014 De
10
Feb
8,800 Devoe & Reynolds A__No par 31 Oct 7 10418
40
37
37
*33
33
33
33
33
3314 33
2114 June 4584 Na
per 2114May 17 4714 Jan 2
A___No
Class
Bros
Dodge
15,900
24
2312
233s 237s 2312 244 2312 24
24
23
73': May 914 Of
No par 7912May 17 90 July 20
2,600 Preferred coatis
8134 82
817s 82
82
82
818i 82
82
82
1234 Apr 1818 No
8 Oct lb 20 Mar 13
No par
9,500 Dome Mines, Ltd
11
11
11
10
1012 1078
934 93
107e 11
3 Nov 26
14 Feb 234 Au
45
20
Mar
19
par
No
Pectin
Douglas
700
4
453
4412
44
*4338 44
44
4378 437
44
44
Jan 1134 De
105
10
Aug
4
1163
3
Mar
1114
300 Duquesne Light 1st pref_ _100
1157s 1158
11512 11514 11553 1 1553 *11512 116 *11512 116
Nov 26 10414 July 118 is
1241s
30
Mar
8
1065
par
No
Co
Kodak
Eastman
5,400
12412
12153
11918 1197s 11914 11978 11912 122
121 12211
3012 De
Feb
3234
1012
2,1
14
Feb
Oot
23
par
No
Spring
2314 233* 1,800 Eaton Axle &
2378 2378 2334 2334 2314 23% 2318 23l4
16818 1897s 24,400 El du Pont de Nera new _No pa. 1518 Nov 4 17114 Nov 12
184 16614 165 1673* 1881 1701 1694 170
No
1044
Jan
94
7
Oct
1084
20
Apr
1005*
100
deb
non-vot
6%
300
107
4
*1063
107 107
*10834 107
107 107
107 107
25 1034 Oct 11 204 Feb 1
113g 1111 1,000 Eisenlohr & Bros
1118 117
*114 117s
1112 1112 1112 111
No par 6114 Mar 31 82 Feb 1 --- ____ ---- --400 Electric Autollte
67
67
6714 *65
6612 674 6714 87
67
•85
4 Mar 23 104Sept22-98 10
No par
5,700 Electric Boat
958 953
93* 95g
94 91
914 912
1788 Apr 404 Jul
174 1734 1714 1778 77
1714 1712 4,200 Els,Pow & Lt Infs._ No par 1514 Oct 7 344 Feb 10
1714
175* 17
9912 Mar 30 115 Feb 11 100 Mar 110 Jar
500 40% prod
10318 104
1034 1031 .10234 105
1034 10318 *1034 105
Mar 110% Jun
10012
26
Feb
11012
5
Oct
4
paid
102
full
Pref
*10234
___ *10318
-- *1034 __ .10234
•1027
89% Aug OA De
8912 M ar 24 9814Sept 10
800 Preferred certifs
97
96
9818 95% 9558 957 -954
*9512 -96 -96
--- ---- _,..
384 3918 56,600 Electric Refrigeration_No par 3334 Nov 23 784June 23
3478 39
338 381
3612 3814
394 42
834 838 3,300 Elec Storage Battery_ _No par 7118 Mar 3 941s Aug 19 -114134 Mar MD -D4
8312 8330 85
838 84
8318 834 83
5118 Jul
us May
•l's 2
4 Feb 1
1 May 20
Emerson-BrantIngham Co-100
*14 2
*14 2
ells 218 *Pa 2
8 May 2688 An
5 May 20 We Jan 29
100
Preferred
15
•10
25
25
*10
*10
2512
*1512 22
*10
7 Soo
74
Apr
4
8
63
8
Feb
8512
50
31
Mar
7253
6778 684 1,200 Endicott-Johnson Corp__
6812 68% 6812 6812 681g 6S1s 6814 6812
100 114 Jan 7 120 Sept 15 111 May 11534 01
Preferred
*116 120
*115 120 *116 120 *116 120 *116 120
-,
,,---,,,28
4July
Bldg
1321
Office
17
p16_100
aune
997
Equitable
300
125
124%
125 125 *122 125
0122 12812 *125 128
4812 islov 5712 -DI
33,700 Eureka Vacuum Clean_No par 43 May 19 60 Nos 23
584 80
59
584 59% 594 60
5912
574 58
MI is
July
134
Apr 22
17
20
143*July
par
Buffet
Corp_No
Exchange
•15
1514
1512 *15
154 •1412 154 *15
*15
1514
4% Au
214 Mar
314Sept 11
2 Apr 16
25
Fairbanks Co
*24 4
*215 4
•212 4
•212 4
*211 4
324 Jan We 08
Na par 4018 Oct 20 593* Feb 10
1,800 Fairbanks Morse
4312 441
4218 4218 *4212 4312
434 424 425
*43
1104 No
2June
1061
9
Feb
Nov
1061z
115
23
100
100
Preferred
109
•10614
14108
10612 10612 *10614 109
8.1064 108 *106
904 Feb 1t4,34 Jul
116 11738 31,400 Famous Players-Lasky_No par 1034 Jun 19 1274June 11
11558 1161s 1164 1173* 116 1183* 1164 1174
. Feb 120 Jul
100 115 Mar 31 124 Mar 11 1037
500 Preferred (8%)
12114 123
12034 12034 12118 12118 *121 122 *12114 122
Oct 3714 De
26
23
Nov
4514
31
Mar
28
7
Tree
&
15
46,600
Light
Federal
44
425
424 4514 4234 4453
41% 42% 413 43
824
Sept 89 De
28
911zSept,
No par 88 June 18
Preferred
_ _ •gg
- _
*89
___ *88
90
*88
1514 Mar 9511 De
5
Jan
4
1113
22
May
41
&
Mining
Smelt1.100
Federal
300
80
*79
8012
89
-12
80
*3880
*80
-8-6;
89
•80
1
4912 Mar 947s De
100 61 Mar 3 105 Jan 6
300 Preferred
71
*70
7312 734 17134 72
*734 75
*224 74
500 Fidel Pben Fire Ina of N Y. 25 160 Apr 15 20014 Jan 23 1474 Jan 179 De
195 196
198 198 *190 196 *190 196
197 197
12 Jan 1784 ri
600 Fifth Ave Bus ter; etfs_Ne par 14 Oct 14 21% Feb 9
*16
16
17
153 17
1858 167
1434 1434 16
First Nat'l Pie, 1st Pref. 100 96 May 18 107 Feb 13 --- --- --- ,..
*98 100
*98 100
*99 100
*96 100 *- -- _ 100
3812 Dec 40 -D4
No par 2814 Nov 13 493s Feb 6
400 First Nat'l Stores
29
304 294 30
29
2912 2912 *2912 304 *30
1012 Mar We 01
No par 1414May 20 2814 Jan 13
178* 17'z 15,700 Fisk Rubber
1712
17
1628 164 1612 1612 1684 1714
200 1st preferred stamped--100 767e Apr 19 844 Mar 16 ------ --- -80
80
*7914 80
*79
79
•79
79
80
*79
100 94 June 3 107 Mar 1 ---- -- ---- --1st preferred couv
*964 102
*98 102
*964 102
egg 102
•96 102
34,900 Fleischman Co new---No par 324 Mar 29 584 Feb 1
4958 50
484 484 487s 484 48% 4812 498
48
Jan 18334 No
90
No par 7634 Oct 11) 17934 Jan 29
827g 8353 5,100 Foundation Co
8214 8314 824 8312
8214 815* 83
*82
6811 Sept 85 De
No par 554 Mes31 85 is,, 2
8,500 Fox Film Class A
7314
g
707
6912
71
704
6934
7
4
703
70
6953
69
247s Oe
Mar
8
3
3412June
par
13
Jalf
19%
_No
Co__
Texas
4
313
Freeport
3253 41,800
3212
3018 3012 3038 314 305* 313* 31
287g Aug 397s Na
8,500 Gabriel Snubber A._ _No par 255 Nov 11 42 Feb 11
31
31
;
3153 3214 3018 3112 2914 307
314 318
1614 Ma
98 Jan 4
44 Jan
53 No, 5
par
No
Motor
Gardner
4,600
77
6%
64
6
54 534 *534 6
8
*55
Oe
444 Aug 80
100 39 Mar 29 553* Jan 2
17,500 Gen Amer Tank Car
47
4778 457 467s
46
444 4412 4412 4553 45
935* Feb 104 No
100 9912June 24 107 Nov 23
107
600
1064
Preferred
106
107
106
10414
104
1084
104
•103
Mar 70 De
424
28
Aug
9414
3
Mar
50
100
8514
Asphalt
8
103,700 General
8012 82,
8114
744 7512 754 8078 8018 83
884 Mar 109 04
100 944 Mar 3 14018 Aug 28
1,100 Preferred
127 l277s
120 12212 1204 1243 *120 1244
•11278 120
534 1,600 General Cigar, Inc new_No par 48 Mar 29 5912 Feb 11
*53
5358
5312 5312 53
537
*5212 5312 53
inn 11114 ?A/
105
18
Feb
1154
11
Jan
109
100
_
*114
Preferred (7)
- *114
*11314
__
*115
--Debenture preferred m.wo 10914 Apr 12 1184 Feb 10 104 July 116 Di
117 *110 117
•110 117
*110 ili *110 1-1-7 •110
504 See
Aug
451s
4
Aug
563,
30
Mar
51
1
par
A___No
Adv
1,500
Gen
Outdoor
5512
55
5514
5514 5514
5512 g512 554 5512 54
284 Aug 3453 DI
353 3534 4,400 Trust certIfIcates-No par 26% Mar 30 357 Nov 19
3514 3512 354 354 351g 3538 3514 3578
:Feb 19 22714 Feb 33714 At
100 285 Apr 15 3861
General Electric,
- No par 79 Juno 9 951/ Aug 14
New
844 8678 39,700
41-2 -iifs Ii14 iiia -IA; 84N 8512
-8312 s Ex-divIdend I Ex-righte
•Ind and asked prim; no sales on this day
2754
New York Stock Record -Continued-Page 4
For ...leg during the week of stocks usually Inactive,
see fourth page preceding
HIGH AND LOIV SALE PRICES-PER SHARE, NOT
PER SHARE
PER SHAKE
PER CENT.
Sales
STOCKS
Range Sines Jan. 1 1926
Range for P7691048
for
NEW YORK STOCK
illonda,
On basis of 100-share lots
Tuesday, 1Vednesday, Thursday,
Year 1925
Friday.
the
EXCHAN
GE
Nov. 22.
Nov. 23.
Nov. 24.
Nov. 25.
Nov. 26.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share 3 per share $ per share $
per share $ per share Shares. Indus. & MIscell. (Con.)
1114 1138 1114 1114 1114 1138
Par $ per share
1114 1114
1114 1114
2,300 General Electric special-- - _10 11 Jan 5 $ per share $ per share $ per shora
*40
41
*40
41
*40
1158
41
Mar
22
4018 41
107
Oct
1178 July
8
4118 4212
900 General Gas & Eleo A __No par 34 Mar 30 59
*9814 9812 *9814 9812 *9814 99
Jan 2
*9814 99
588 Dec 6138 Dee
*9814 00
Preferred A (7)
•111 113 *111 113 *111 113 *111
No par 95 May 11 9934Sept 10
99 Dec 100 Dec
113
113 113
100 Preferred A (8)
No
*93
par
9434 *93
10512
9434 *93
AM*
8
113
943
Sept
4
*9312 96
9 110 Dec 110 Dee
*9312 96
Preferred B (7)
13714 13914 13758 13958 1393
No par 9214
4 142
139 14134
13814 140 258,200 General Motors Corp No par 11314 Apr 27 96 Jan 4
11912 11012 11934 120
Mar 29 22534 Aug 9
120 120 *120 12018
6438 Jan 14954 -Nov
120 12014 3,200 7°1 Preferred
100
*10312 ___- *10312 ____ *10312
11312
Jan
29
12034Sept 1 102
*10312 ____
Jan 115 Des
*10312 64 preferred
100 9814 Apr 13 105 June 29
_
8812
Apr 9912 NOV
General
Petroleum
__. 25 4912Mar 2 7018June 23
837 8412 8314 8412 84
8658 867 8812
42
Jan
5918 Dee
8618 88
22,900 Gen Ry Signal new
*104
par
_
O
6012Mar
*104
31 9378 Aug 18
__ *104
__ *104
68 Nov 8034 Oct
*104
_
Preferred
*43 -45
100 103 Apr 14 105
*43 -45
*43 -4-5
*43 -45
9012 July 10578 Nov
*43 -45General Refractorles___No par 36 May 27 49 Nov 16
4212 4212 4212 4338 4314 4312
Jan
4
42
4314 4312
Oct 6812 Jon
43
45
6,700 Gimbel Bros
*100 10012 *10034 101
No par 4114 Nov 16 7878 Jan 19
10012 101
10034 101
47 Mar 83 Dee
102 10212
600 Preferred
*19
100 100 Nov 10 11138 Jan 7 1024 Mar 11412 Nov
1914 1914 1934 1934 1972 1934
1934
1938 1934 3,500 Glidden Co
4512 4512 4538 4512 4414 4514 4414
No par 1538June 3 2534 Jan 4
1212 Mar 2612 Des
45
4414
4534 1,490 Gold Dust Corp v t e No par 41I2Mar 31
4434 464 4512 46
56% Feb 3
46
47
37 Mar
4514 4612
51
Oct
4512 46
8,700 Goodrich Co (B F)
No par 44' Nov 20 7034 Feb 9
*9618 9738 9612 9612 9614 9614 963
3634 Jan
4 9634
7434 Nov
*97
973
400 Preferred
*101 10112 9912 10118 100 100
100
95
June
92
Jan 102 Nov
*9978 10012
*100 101
1,900 Goodyear T de Rub pf v tc_100 9812 Mar 25 100 Feb 16
30 1097 Aug 1
8618 Jan 11458 Oct
107 107 *10534 10634 *10534 10614 *10612
10718
*106 107
100 Prlor preferred
100 10538 Jan 22
65
65
65
Sept 14 103
6718 66
6712 6512 6512
Apr 109 Dec
6438 6538 4.500 Gotham Silk Hoslery_Ns par 3314 Mar 30 109
64% 6514 6514 6634 66
6912
Nov
15
39 Dec 42 Dec
6712 6538
6438 6514 3,100 New
No par 4712July 12 687 Nov 15 --*11112 11214 11214 11214 112 1124 1113 6512
4 111%
--112
--- - ,
112
700 Preferred
100 98 Apr 6 125 Aug 17
91a 918
914 914
9
991; Dec 10212 -Dec
918
938 912
938 912 1,000 Gould Coupler A
No par
8 Oct 30 2112 Jan 23
3338 3312 3312 3514 3518 3638 36
1878 Dec
23
Sept
36
363
3612
36,500
4
Granby
Cons
M
Sm & Pr.100 1618 Mar
10438 10614 105 10634 10412 10934 108 10938
3634 Nov 21
13 Mar
217 Dee
10618 10978 30,500 Great Western Sugar tem ctf25 89 Apr 31
*115 117 *115 117 *11512 117 *11612 117
14 1097 Nov 26
91
Jan 11318 June
•11612 117
Preferred
100 10812Mar 30 11814Ju1y 22 107
2734 28
27
2734 27
274 26
Apr
11512
Dee
2618
6,100
235
2512
8
Greene
Cananea Copper_100
934 Apr 3 30% Nov 10
812 812 *832 812
1114 Mar 1914 Jan
812 934
94 958
834 914 9,700 Guantanamo Sugar__No par
518 Jan 5 1073 Feb 1
*56
57
37 Sept
57
57
57
5714 5714 574
612 Jan
3712 5778 1,300 Gulf States Steel
100
5138 Oct 2.' 933 Jan 4
*54
57
*54
57
6718 Mar 9534 Nov
54
54
*5312 57
*55
5658
100 Hanna let pref class A
100 45 June 18 59
*27
28
1
*2612 28
4212 July 89 Feb
2734 2734 *2612 28
2758 2734
300 Hartman Corp class A_No par 26 Oct 20 2918 Nov
2518 2514 *2512 26
Nov 12
2334 2514 2178 2314
21914 2114 5,100 Hayes Wheel
No par
1914 Nov 2,3 46 Jan 14
85
8612 8612 87
30 Mar 1912 Nov
*86
87
*8612 87
8612 8612 1,800 Helme (G W)
25 68 Mar 29 87
24I4 27 *2412 27 *2414 26 243s 2438
22
66 May 7734 Jan
*25
26
100 Hoe (R) & Co tern ctts_No par 1712May 27 3512 Nay
*61
Aug 11
62
*61
27 Dec 487 Jan
62
.61
62
62
62
*62
64
100
Homestake
Mining
100 4712 Jan 4 63 Oct 9
*43
4314 *43
43 Jan 50
4312 43
4318 4314 437k
Jan
*1312 44
1,300 Househ Prod,Inc.tem ettNopar 40 Mar
.52
55
3412 Jan 4718 Noy
5412 55
554 553
55
55
5434 5418 1,200 Houston 011 of Tex tern ctfs100 5014 Mar 3 4838 Jan 8
31 71 Jan 6
4012 40% 407 41% 4034 4114 397 41
59
Apr 85
Jac
40
4014 5,000 Howe Sound
No par 27 Jan 8 45 Sept 16
44
4514 4438 4534 45
1612 June 311g Nov
451
4434 4612
46
4734 52,100 Hudson Motor Car
No par 4034 Oct 29 12314 Jan 4
2012 2034 2014 2038 2018 2012 20% 21
3334 Jan 13912 Nov
2934 21
4,200
Hupp
Motor
Car Corp_.. 10 17 Mar 2 2838 J90 4
274 28
1414 Mar 31 Nov
273 2838 27% 2838 2734 2812
2634 2838 22,800 Independent Oil 44 Gas_No par 195
8 Mar 30 34 Jan 2
1312 Jan 4134 June
16
16
16
16
*1534 16
16
16
16
16
500 Indian Motocycle
No
par
15
Oct
29
244
Feb
4
13 Mar 24 Aug
*734 8
8
814
+.784 8
838 838 *8
814
300 Indian Refining
10
734 Oct 20 1334 Feb 13
512 Jan
8
8
8
1414 Dee
8
*734 8
8
8
*734 8
1,600 Certificates
10
712 Oct 20 1212 Feb 13
*96 107
6 Sept 1258 Dee
96
96
•95 107
*95 107
*95 107
100
Preferred
100
May
90
14
104
Jan 7
*95
97
77 Mar 110 Dec
*9638 97
*9638 97
97
97
*96
97
200
Ingersoll
Rand
new__ __No par 8014 Mar 31 104 Jan 5
*3912 4014 40
77 Nov 10712 Dec
40
40
40
40
40
40
40
1,700 Inland Steel
No par 3412May 11 4312 Jan 7
.103 11034 11034 11034 11012 11012 *103 11012
384 May 30 Feb
*103 110
200 Preferred
100 10834 Mar 16 115 Feb 9 10412 Apr 112 Sept
26% 2678 2678 2714 27
2738 27
2718
2638 27
2,400
Inspiration
Cons Copper___20 205 Mar 30
1372 1372 *1334 144 1414 1434 14
2214 Apr 324 Jan
14,2
1334 1414
1,800 Intercont'l RubberNo par 1312May 10 2838 Nov 10
•103* 11
.1038 11
2134 Feb 11
1018 1018 •I0
11
10
1018
500 Internet Agricul
No par
934 Oct 30 2614 Jan 22
*6012 6312 *60
6312 *60
718 Jan 2118 Nov
6412 *6012 6412
*6012 6412
Prior preferred
100 57 Nov 9 95 Jan 27
5312 5312 5312 54
40 Apr 85 Nov
5338 5414 5312 5414
5312 5418 4,700 Int Business Machines_No par d3818
*52
5212 5212 527
52
5234 5218 5214
5214 5238 1.600 International Cement__No par 443 Mar 30 5134 Nov 9 110 Mar 1764 Nov
*10314 10334 10334 10334 10334 10378 10334 10334
Oct 20 717 Jan 21
52
Jan 8112 Sept
*10314 10314
400 Preferred
100 10178 Oct 26
39
3934 4012 4134 4312 4438 4312 4414
Jan 26 10212 Nov 107 Aug
4212 44
33,500 Inter Comb Eng CorD__No par 3312 Mar 30 106
131 13112 13118 13412 134 1343 13314 13634
6112 Jan 5
313 Jan 6912 Dee
13512 13912 47,300 International Harvester
100 11214 Mar 29 13012 Nov 26
*123 124
123 123 .123 124 *12238 12338
9618 Mar 13814 Sept
1234 12314
200 Preferred
100 118 Jan 5 12634 Aug 7 114 Mar 121 Nov
*7
712 *7
712 *7
712 *7
712
712 8
1,200 Int Mercantile Marine
100
6 Sept 21
3312 3312 34
34
123s Feb 17
718 June 147s Feb
34
3412 3338 3438
Stock
3614 4012 26,000 Preferred
100 27 Mar 30 4638 Feb 16
5918 5914 59
27 Aug 5234 Feb
5934 593 63
6158 6278
6012 6214 17,000 International Match pref_35 5312Mar
3638 367* 363 374 3612 374 3612 3718 Exchange
3 6638 Feb 23
6658 Dec 60% Dee
3612 37
13,100
Internatio
nal
Nickel (The)_25 32% Mar 30 4614 Jan 5
*103
*103
2414 Mar 4812 Nov
_ _ *103
_ _ *103
*103
Preferred
100 101 18 Jan 29 10414 Apr 21
56 -56
94
66 -5i12 57 -5i3s *5612 57
Jan 102 Nov
Closed56
57
2,000 nternational Paper
100 44% Apr 15 6334 Aug 28
4814 Mar 76
Oct
*9678 97
97
97
97
97
*9678 97
97
97
500 Preferred (7)
100 89 May 7 9812 Jan 2
•160 165 *160 165 *160 165
86
July
9938 Oct
161 161
Thanks- *162 165
100 International Shoe____No par 135 May 6 175 Jan 11 108
11714 11714 11612 11714 11714 11812 11618 117,2
Feb
1993
July
4
11612 11734 4,200 Internal Telep & Teleg__ _100 111 Mar 3 133 Jan 25
1934 1934 *194 20
8712 Apr 144 Aug
*19,4 20
*1912 20
gilIng
*1912 20
100 Intertype Corp
No par 1812July 24 29 Jan 7
18 July 2933 Oct
*43
44
443 4438 4434 4614 4334 4454
*4414 4434
1,600 Jewel Tea. Inc
100 25 Jan 4 46 Nov 11
1612 July 2638 Dec
•123%_ •I2358
_ *12334
__ *12314
_
Day
*12414
_
Preferred
___
100
11512
Jan
29 125 Feb 9 10212 Jan 11512 Dee
*1012 -103-4 *1012 -1034 1012. -10,2 *1018 -1-034
•10,8 1034
100 Jones Bros Tea, 1nc,stpd 100 10 Oct 20 1912 Feb 6
1134 Dec 2178 Feb
1418 1418 1417 1412 1434 14% 137 1412
1412 1412 2,100 Jordan Motor Car
No par
12 Nov 12 66 Feb 19
3538 Aug
66 Nov
*14
%
14
11
*14
38
*14
38
100 Kansas Gulf
*14
38
10
14 Nina' 4
34 Jan 8
14 May
112 June
*11214 114 *11214 11312 *11212 11312 *11212 11318
11212 11212
100 Kan City P&L lat pf A _No par 10714 Mar 29 11314 Nov 4
99
Jan 10958 Sept
4412 4514 4438 45
45
4538 4478 45
4412 447
2,700
Kayser
(J)
Co
v
t
__No
par
c_
3314May
20
4758
Jan
14
185 Mar
42% Dec
9,4 914
914 914
912 912
9,2 912
938 912
800 Kelly-Springfield Tire
25
9 Oct 9 2112 Feb 6
1214 Mar
*41
2153 July
49
*41
50
*41
50
.41
4712
*47
48
8% preferred
100 4312 Oct 20 7434 Feb 5
41 Mar
*50
74 July
55
*50
55
*47
54
*47
54
*47
55
6% preferred
100 50 Oct 20 7314 Feb 6
43 Mar 72 July
*76
79
*76
79
*7612 7812 *7612 7812
764 764
100 Kelsey Wheel. Inc
100 7634 NO, 26 126 Feb 4
N7
Aug 124 Dec
6212 63
62% 6338 6278 6314 6278 631 1
62% 6312 30,900 Kennecott Copper
No par 4934 Mar30 6414 Nov 16
4612 Mar
5914 Nov
*sa
34
''',
3
34
.38
34
*58
34
59
49
300 Keystone Tire & Rubb.No par
12May 11
218 Jan 2
134
Sept
4034 *39
*39
4034 *39
312 July
4034 39
39
.36
3914
100 Kinney Co
No par 39 Nov 5 8218 Jan 7
5318 54
75 Mar 100
5458 56
553 S57s 55
Oct
557
5512 56
21,600
Kresge
new
10
(S
423
Co
S)
4
Mar
30 82 Jan 29
*110 113
11212 11212 *11012 113 *11012 113
*11012 113
200 Preferred
100 11212 Nov 22 11434 Feb 26 1101-4 Mar 116
.20
2058 •20
2212 *20
Oct
2038 *20
2058
20
20
Stores___
200
Kresge
par
_No
Dept
1518
3
Mar
25
33
Jan 14
*73
7612 *75
2812 Dec
80
*75
7612 75
4534 Jan
75
*75
80
200 Preferred
100 7014 Mar
*159 162
88
16134 168
Jan
173 178
172 17612
9734 June
*174 17512 2,900 Laclede Gas L (St Louls) 100 146 Mar 26 9314 Feb 1
29 178 Nov 23 11014 Jan 178 Mar
2012 20% 2012 2034 2078 21
2018 2034
2014 2034 19,600 Lago 011 & Transport_No par 1918May 14 2412June
14
694 6978 6918 7012 6934 698 70
7114
7018 70'8 7,300 Lambert Co
No par 39121%.lay 7 72 Nov 5
*7
718
7
7
*7
712
7
7
7
7
700 Lee Rubber & Tire__ No par
614 Aug 18 14 Jan 4
1158 Feb
34
35
3434 3478 35
35
19
Oct
3458 3472
3472 35
1,200 Lehn & Fink
No par 3034 Mar 30 414 Jan 2
*2014 205s 2078 20% 20% 2072 2078 2078
374 Dec 4412 Oct
2034 207s
700 Life Savers
No par 1714May 4
9958 9938 9934 9934 9914 101 .10012 101
*100 lOOls 1,900 Liggett & Myers Tob new__25 724 Mar 31 22 June25-101 Nov 23
57 Mar 92 DeC
•124 128 *124 12512 .124 12512 12512 12512
12414 12414
400 Preferred
100 11934 Jan 18 I2934May 5
1612 Jan 124 Dee
9812 994 9814 9938 99% 100% 10018 101%
100 10034 16,300 "11" new
25 71 Mar 24 10138 Nov 21
5512 Mar 89% Dee
62
6218 6218 62'8 6378
61
61
*59
6338 64
7,800 Lima Lee Wks
No
par
5312Mar
31
693
4 Jan 4
60 June 7438 Jan
443 4434 4458 453* 443445
4438 45
4434 447s 10,900 Lnew's Incorporated
No par 3414 Mar 2 481 %Sept 28
22 Feb 4434 Nov
*6% 614
6% 610
6% 6'4
64 61s
6
6% 1,800 Loft Incorporated_....,„No par
6 Oct 8 1114 Feb 10
6
Jan
4338 4334 4334 4334
94 Apr
•4338 44
*4338 44
44
44
400 Long Bell Lumber A
No par 4212July 23 5012 Feb 3
*138 140
145 14734
14 Mar 43 Sept
1423s 14312 145 145
148 l521s 1.900 Loose-Wiles Biscuit
100 88 Mar 30 1694 Oct 1
77 Feb 14334 Del
•142 160 *143 14734 *145 14734 *14512 14734
14734 14714
100 2d preferred
100 12014 Mar 30 167 Sent 8 104 Feb
148 Dee
33
33
3204 3314 3252 3314 3252 3252
3132 3214 6,200 Lorillard
25 2734 Oct 23 4214 Feb 3
3014 Jan
3984 Sept
*118 1184 •118 1187s *118 1187s *117 118
118 118,
200 Preferred
100 11118 Apr
143e 1412
1412 1412 1414 1434 1438 1434
144 1412 4,300 Louisiana Oil temp ctfs_No par 12 Mar 5 120 Aug 31 10818 Feb 116 Aug
3
1978June 21
1358 Aug 2334 Feb
24
24
244 241s 2438 241s 24%
2414 2414 1,100 Louisville a & El A--No par 2284 Mar 31
24
261g Feb 10
23 Dee 2634 July
*26
27
25
2618 25
*2512 27
2512 *2512 27
1,200 Ludlum Steel
No par 22'8 Oct 25 5814 Feb 4
3134 Feb 60 Dec
*122 127
12712 120841
12612 126,2 12634 1294 *128 130
800 Mackay Companies
100 122 Oct 26 138 Feb 9 114 Mar
141 Sept
•70
7112 *7018 7012 *7018 7112 *7018 71,2
*7018 7112
Preferred
100 68 Mar 19 734 Feb 9
66
9912 101%103,400 Mack Trucks, Inc
9333 9634 9538 9712 9514 96% 9514 9878
No par 8938 Nov 4 159 Jan 4 117 Mar 7814 Feb
Jon 242 Nov
*109 11014 *107 110
*101 111
10712 10712 *108 111
100 let preferred
100 10712 Nov 23 113 June 10 104
Jan 113 Aug
103 10614 103 103 *103 106 *103 106
•102 106
200 2d preferred
100 102 Oct 5 1083
99
Jan 10838 Aug
.11914 123
120 12134
120 12018 120 120 *1194 120
900 Macy (11 II) & Co. Ino_No par 864 Mar 29 12634Sept 3
4Sept
7
6912 Jan 112
Oct
'11434 116 *11434 116 *115 116 *11434 116
*11434 116
Preferred
100 11454 Oct 20 11834 Jan 14 11434 Jan
118 Aug
3612 3634 3,100 Mag a Copper
3618 3618 3638 3658 3634 3634 3634 37
No par 34 Apr 19 4478 Feb 10
34 Mar 46 Nov
16
1612 17
16
4,000 Mallinson (H R) & Co_No par 1238 N:ov I
17
1734 *1634 17
154 1634
2812
Jar 5
2114 Dec 3712 Jan
72
70
65
65
70
70
*6612 68
2,000 Menet! Sugar pref
70
67
100 55 June 4 82 Feb 1
79 July 8214 JUDO
*47
527 5278 5112 5112 *51
51
51
51%
700 Manh Elm Supply ___ _No par 44 Oct 16 8734July
52
19
32 Mar 59 Mat
*2612 27
26
27
264 27
27
1,100 Manhattan Shirt
27
2734 27
25 2178 Oct 20 3278 Jan 4
2014 Mar 3478 Nov
*40
42
*40
44
42
*40
*40
43
Manila Electric Corp_ _No par 2712 Mar 20 453
*40
42
14
2812 Mar 4912 Apr
•1814 1912 •19
1914 1914
1914 1912 1912 *1812 19
300 Maracaibo 011 Expl____No par 1612 Oct 6 28 8 Sept
Feb 2
2038 Sept 354 Jan
5352 54
5312 5414 5352 5434 5412 502 5372 5414
23,900 Marland 011
No par 4914 Mar 30 6338June 17
8 Mar 6012 Dee
325
277 2778 27
*27
277
27
*2714 2778 *27
300 Marlin-Rockwell
2778
No par 2412 Oct 21 33 Mar 11
10% Mar 3278 Oct
21
21
*21
22
2112 2134 21
2.300 Martin-Parry Corp.__ _No par 17 May 20 23 June
214 22
22
25
19 Dec 374 Jan
*87
834 8312 85
88
8514 86
868 86% 88
1,300 Mathieson Alkali Wkstem ctf30 6212May 12 10618 Jan 2
51
Jan 10714 Dee
13714 13714 137 13712 13634 13814 13714 13714
137 137
1,700 May Department Storee___50 10678May 17 14514
Oct 26 101 Mar 13912 Del
*12514_ •12514
*125,4
_ *12514
- ___ _ *12514
Preferred
100 12253 Feb 2 125 June 11 11612 Mar 124 June
*2214 -2-2-12 *2214 2212 *2214 2212 2212 -2212
2212 --2212
200 Maytag Co
No par 19 Mar 3 2412Sept 8
2172 Nov 2632 Oct
•77
79
79
*79
79
7978
500 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
ns 7978 7912 7912
79 Mar 13934 Oct
*2314 2334 *2338 2334 *23
*2312 24
2334 *2312 24
McIntyre Porcupine 1V1Inea_ _5 2214 Oct 14 30 Feb 15
16
Jan 22% Oat
*24
244 244 25
2.2538 2512 2.900 Metro-Goldwyn Pictures pf _27 224 Jan 8 2512 Nov 21
2478 25
25
25,2
Jan 244 Nov
18
812 812
8'8 812
8),81s 2,000 Mexican Seaboard Oil_ _No par
83, 838
858 858
6
Feb 25 1334 July 23
9 Dec 22% Jan
1634 1634 1678 1678 1614 1634 1634 167o
1658 1634 2,600 Miami Copper
5 11 Mar 3 1758 Oct 1
8 Stay 2334 Jen
an
101, 'ma
am. on,. 'MU
onson.gni.
3014 3012 6,800 Mid-Continent Petro__No par 2712July 22 37 Jan 2
2534 Aug 38 Nov
•Bid and asked prices: no sales on this day
Ei-dlvldend. a Et-rights.
Saturday,
Noe. 20.
New York Stock Record-Continued-Page 5
For s
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Noe. 29.
Monday,
Noy. 22.
Tuesday,
Nov. 23.
'Wednesday, Thursday,
Nov. 24.
Nov. 25.
5 per share 3 per share 3 per share $ per share
101 101 .10034 101
101 10114
34
78
34
34
78
78
12
12
12
12
12
12
110 110 *110 115 *11014 115
*32
35
*3212 35
35
3518
8312 8312 8214 83% 821* 8338
65
6512 6412 654 6438 65
1212 1238
934 1214 1018 1114
4,8 41
5
/
4
5
418 5
*1318 14
*1318 14
1318 1312
*3418 3412 *3412 35
*3414 35
2014 2012 2014 2012 20
2012
*84 10
*814 10
*814 10
*3714 3712 3712 3712 *3612 371
/
4
*74 8
*71
734 *7
734
55,2 5612 553 56
55% 564
1
6 4 638 *614 612
638 63*
9318 931o1 937 9378 9334 953
128 128 *12614 130
128 128
4012 4112 4114 41121 4034 4138 4012 41
1912 *1834 1912 *1834 19
*18
183 1834
6014 62
59
*58
z5912 5912 5934 6112
6812 6812 71
6912 7038
*6814 6812 68
2634 27
27
26
*2634 27
2678 27
*9018 91.
*9018 91
*9018 91
*9018 91
2112 2178 21
19% 20
2112 2112 2112
4618 4618 47
*4312 45
48
*46
4738
*26
28
*26
28
*26
28
*26
28
*81
85
*81
85
*81
85
*8212 85
150 150 *15112 153 *15012 15234
*100 152
11612 11612 *117 118
*116 118
11734 11724
*193 20,4 2018 2012 2012 20.8 2018 207o
8012 81
8038 8138 8114 8114 81
8312
*119 130 *118 132 *118 135 *120 135
1512 1512 15% 1578 153* 16
155 1578
4012 4012 41
41
411s 4118 4114 4212
2812 2914 247 2812 2018 2418
2812 29
*8012 84
*80
84
*80
82
78
80
34
34
*33
35
*33
34
3314 3514
*70
72
71
71
*70
7112 71
71
*2814 2834 2834 288
2838 2834 285* 2834
4838 4912 483 50
4812 4918 4834 4938
*5012 511s *5012 5118 *5012 514 5034 5034
•95% 9018 96
06
96
9618 *06
0614
*44 412
4% 414
413 414
413 44
•1512 16
16
16
*1512 16
*15
16
*3013 32
.3012 31
3034 3034 31
31
1434 1514
1514 16
1512 157
153* 1638
36
*36
3734 36
*36
3614 36
3914
•11438*11438 ___ *11438 _ _ *11438
*5814 -512 •5814 -59
*58 -56. *58 -59
3018 3018 2978 307
31
3114 *3012 31
•10312 106 *10312 106 *10312 106 *10312 106
12512 12512 12534 12614 *12512 12612
123 123
107 107 *106 108 *106 10712
*106 107
Stock
*8
818
8
8
8
818
8
8
____
*104 105
_ ____
_ _ ____
_ Exchange
8118 8114 813 -813
_- 4 8112 -8281% -8210
*49
51
*49
52
*50
52
*50
52
Closed*104 105 *104 105
10418 10418 *10412 105
12812 12812 *12812 12912 12912 1291 *129 130
Thanks112 112
1 12 135
*112
112
112
138
3518 3512 3514 3538 3514 3538 3518 354
giving
97
0
912 10
9% 1014
934 1014
64
64
63
644 6412 6412 6112 63
Day
6212 63
6338 64
6238 637
6118 6234
318 313* 32
32
32
32
3138 3138
15
16
16
16
157 16
16
16
*70
78
*70
75
*70
75
*70
75
•1914 2318 82015 2314 *20
23% *20
234
6,8 64
64 614
614 6,4
64 64
38
3814 3814 3812 3812 39
3712 3812
•22
2212 2334
2235 2212 22% 2214 223
•1312 15
*13
15
*13
15
*13
15
38
%
38
%
38
.38
%
38
12338 124
12378 124
12312 1230 12312 124
7712 8134 8212 89
88
89
8612 861
/
4
*4912 52
5018 5012 *50
5012 50
50
4212 4212 4212 43
4212 437
4314 4438
*4112 43
•42
44
43
43
*43
45
*4712 57
*4712 5334 *4712 5334 *4712 50
3038 3112 3114 32
32
36
3414 357
5012 51
503 5284 5178 5234 5158 5258
*42
4312 421, 4312 425* 43
4334 4412
*100 104 *100 10412 *10014 104 *10114 10434
2118 235* 2212 233
22
2312 22,4 2314
107 109
10812 110
110 110
10812 11038
1
741
78
%
1
38
%
1
13
14
1412 147s
•1238 13
1478 1512
278 3
3
314
318 35*
318 334
*32
33
36
*32
3212 33
*33
36
.7012 72
*7012 72
57012 72
7134 7134
.9714 10014 *97'4 10012 *_9714 10012 *9712 10012
42
42
42
45
42
*42
42
4212
*80
86
*80
86
86
*80
*80
86
9612 97
967 983
97
97
97
9734
*41
42
43
42
42,8 4278 43/
*41
1
4
•83
8314 *83
83
83
835* 8318 83'8
1814 1712 1812 18
1812 1712 1704
18
*3778 38
*38
39
3918 *38
*37
3918
3214 3214 32% 3318 3278 3314 327 3314
*99 10012 *99 10018 .99 10018 *99 10018
110 110 *10912 110 *1091
•10912 110
/
4 110
•124 125 *124 1243* *124 1243* *124 1243*
10234 10318 10234 103,8
•10288 103 *1023 103
11334 11334
•11234 11312 11312 11312 *11312 114
186 19178
181 18278 1823 18412 18412 187
4178 4338 43
4478 441
/
4 4478
4112 42
26
263
4 2612 2634 2612 2634
26
26
•11012 112 *11012 112 *11012 112 *110 112
6014 6138 5912 60% 5712 5912
6014 61
5178 5178 511
/
4 511
/
4 5112 511
/
4 52
5314
$ per share
101 101
34
78
12
12
•110 115
33
*32
84
8312
637a 6412
1218 1214
4
438
14
14
3414 3414
2012 2038
.912 1018
3712
*37
718 718
56
56
*614 612
9314 9312
.12712 131
;i-6 ---1614 - 1101.8 -1W1-4 -16T8 -W8 ii6T8 ---16%
*4112 42
4218 4218 *4112 4214 *4112 42
*818 812
814 8,4 *814 83
8
812
10414 10438 *10212 10512 *10234 105
106 106
•10734 1131, •10734 11312 *110 11312 11312 11312
*111
114
*111
114
114
*111
9,2 9/
1
4
912 912
9,2 934
984 934
5512 5512 55,3 5578
543 553
55
54
961
/
4 96,2 96,2 96,2
*9512 9712 *95,2 96
*43
434 434 *434 5
434 43
5
12138 121h 12078 1213 120 121,8 11914 12012
80
*78
81
*78
81
*78
80
*78
*49
4912 *49
4912
48
4838 4312 49
40
393 3984 40
39,2 39,2
*3984 40
5312 543
5334 54
5212 5212 53
52
81
*77
80
*77
78
77
82
*77
1
37
4
378
4
*338 418 *378 4 4
6212 6212
63
63,2 62,2 62,2 62
*62
46%
443
WS
4514
4
46
45
*4434 45
1214 116 11814 *116 118,4 *116 1 1514
*116
_. .
.
._
vet.
. 133.
.
133. 131, 133. 133.
2755
durino tf,
• Week or .vocks u...ally in ctive, .ee fifth p,soe mer°ding
Friday,
Nov. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 'Week. Indus. & Miscell. (Con.) Par
500 M1d-Cont Petrol pref
*10034 10114
100
78 7,100 Middle States 011 Corp10
34
Certificates
10
2,900
.
1
12
*110 115
100 Midland Steel Prod pref__100
700 Miller Rubber ctfs___ _No par
3512 3512
82
100
84
3,100 Montana Power
17,400 Montg Ward & Co HI corp__10
85
67
'No par
1034 1114 10,200 Moon Motors
5
518 18,800 Mother Lode Coalltion_No par
*1318 1312
400 Motion Picture
No par
*3414 3412
100 Motor Meter A
No par
1934 20
4,000 Motor Wheel
No par
Mullins Body Corp____No par
*814 10
200 Munsingwear Co
*3612 3712
No par
*712 812
100 Murray Body
No par
5512 56
5,600 Nash Motors Co
No par
64 614
600 National Acme stamped100
9512 9734 20,400 National Biscuit
25
130 130
300
Preferred
100
4012 411s 3,600 Nat Cash Register Awl No par
1938 1938
300 National Cloak & Sult
100
62
*60
Preferred
100
700
70
71
13,500 Nat Dairy Prod tern ctrallo par
2618 2638 2,000 Nat Department Stores No par
'
'1 9018 91
, 1st preferred
100
1,700 Nat Distill Prod ctfs_ __No par
2038 21
43
Preferred temp ctf__No par
45
1,100
27
27
100 Nat Enam & Stamping_ 100
Preferred
100
85
*82
152 152
100
300 National Lead
11712 11712
100
300
Preferred
2014 207
5,500 National Pr de Lt ctfs__No par
83
837s 9,600 National Supply
50
*121 125
National Tea Co
No par
1538 16
14.100 Nevada Consol Copper
5
4134 4212 2.000 N Y Air Brake
No par
21
2212 23,900 NY Canners temp ctfs_No par
78
78
4011
No par
Preferred
347 35
2,600 New York Dock
100
400
*7012 72
Preferred
100
2834 2834
800 Niagara Falls Power pf new_25
48% 4914 is,000l North American Co
10
51
200
51
Preferred
50
5011
No
Amer
963
Edison pref__No par
8
968
4%
1,900 Norwalk Tire & Rubber
10
410
1518 l5's
500 Nunnally Co (The)..__..No par
32
3212
400 011 Well Supply
25
1612 174 28,400 Omnibus Corp
No par
3614 3614
1,200 Onyx Hosiery
No par
*1143*
_ ______
Preferred
100
*5814 -iri
Oppenhelm Collins & CoNo par
3114 3112 3,900 Orpheum Circuit, Inc
1
•10312 106
Preferred
100
125 12514
1,200 Otis Elevator
50
*106 10712
100
Preferred
100
818 818
700 Otis Steel
No par
_ _.__ __
100
Preferred
____--8134 82
1,200 Owens Bottle
25
*50
52
Outlet Co
No par
*10412 105
100
100
Preferred
*129 130
200 Pacific Gas & Electric
100
No par
112
112 7,300 Pacific Oil
10
3438 3514 6,900 Packard Motor Car
93 1018 9,100 Paige Del Motor Car_ _No par
50
6112 6112 3.100 Pan-Amer Petr & Trans
50
6034 6238 36,1001 Class B
3138 3134 2,100 Pan-Am West Petrol li_No pa
*1518 1612 1.600' Panhandle Prod & Ref_No par
Preferred
100
•70
80
Park & TlIford tem ctfs_No par
*20
23,8
1
1,600 Park Utah C M
*614 63
3612 371_ 5,000 Pathe Exchange A_ _ _ No par
No par
23
2335 12,500 Penick & Ford
Penn Coal & Coke__ _,.., _50
*13
15
34 6,800 Penn-Seaboard St'l vto No par
34
12412 12514 3,300 People's G L & C (Chle)._100
8612 3,800 Philadelphia Co (Pittsb)___50
86
4912 491
1,100 6% preferred
50
7,900 Phila & Read C & I,. _No par
4314 44
500
4214 4214
Certificates of Int___No par
Phillips-Jones Corp__ _No par
*4712 50
38
37,100 Phillip Morrie & Co, Ltd,.A0
35
5238 533 176,400 Phillips Petroleum__ __No par
438 4478 4.400 Phoenix Hosiery
5
*10112 1043
Preferred
100
23
237 16,600 Pierce-Arrow Mot Car No par
*109 110
3,300
Preferred
100
78
1
9,500 Pierce 011 Corporation
25
i,sool Preferred
•16
18
100
34.400
338 4
Pierce Petrol'm tern ctfallo par
34
500 Pittsburgh Coal of Pa
34
100
200
*7014 72
Preferred
100
100 Pittsburgh Steel pref
100 100
100
44
*42
600 Pitts Term Coal
100
86
*80
Preferred
100
9612 10038 13,100 Post'm Cer Co Inc new _No par
43/
1
4 4378 1,600 Pressed Steel Car new
100
200
8412
*82
Preferred
100
1714 1778 3,000 Producers as Refiners Corp_50
39
*38
Preferred
50
3314 61,700 PubServCorp of NJ new No par
33
*99 10018
6% preferred
100
100
*10912 110
7% preferred
100
*124 1245*
8% preferred
100
400 Pub Serv Elea & Gas pfd_100
•102 10318
500 Pub Service Elea Pr pret_100
*11312 114
188 19014 56.100 Pullman Company
100
44/
1
4 455* 15,000 Punta Alegre Sugar
50
2618 2612 3,100 Pure Oil (The)
25
100
11118 11118
8% preferred
100
5838
72,800
Radio Corp of Amer___No par
5638
Preferred
5212 5212 1,300
50
_
Rand Mines, Ltd
___
No par
1,500 Ray Consolidated Copper__10
1618 1614
200 Reid Ice Cream
42
No par
42
400 Rels (Robt) & Co
No par
818 818
300 Remington Typewriter____100
•10212 10512
*113% 11814
7% 1st preferred
400
100
8% 2d preferred
100
•111 114
700 Replogle Steel
No par
91 934
100
5512 5512 2,400 Republic Iron & Steel
*9512 96
100
200
Preferred
200 Reynolds Spring
No par
.434 5
11918 11934 15,800 Reynolds (R.1) Tob Class B 25
81
25
Rossia insurance Co
•78
/
4 2,700 Royal Dutch Co(NY shares).
4912 491
10
800 St Joseph Lead
393 3934
5358 537
3,700 Safety Cable
No par
2,000 Savage Arms Corporation_ 100
77
75
5001 Seneca Copper
No par
384 334
63
900; Shubert Theatre Corp_No par
63
455
8.400' Schulte Retail Stores
45
No par
*116 11814
100
Preferred
131, 131,
400 Real:Prays. Onrrt
Aln ear
Range Stne.e Jan.! 1926.
On basis of 100-share lots
Lowest
$ per share
90 Mar 30
34 Nov 19
12 Oct 8
107 Mar 30
30 May 17
6938 Mar 26
68 May 19
934 Nov 23
4 Nov 19
1318 Nov 21
338 May 19
1934 Nov 21
78 Nov 19
3484 Apr 6
3 May 8
52 Mar 24
614 Nov 22
74 Jan 8
126 Jan 27
37/
1
4 Oct26
18 Nov 3
5818 Nov 19
5878 Nov 11
24 Oct 25
893 Oct 15
1212May 18
3712 Aug 2
2118July 14
76 July 13
138 Apr 15
116 Jan 16
1634 Mar 2
5512 Jan . 4
11612 Nov 4
1138June 1
3612 Jan 2
2018 Nov 24
78 Nov 24
32 Oct 2
69 May 13
2738 Mar 31
42 Mar 30
49 Jan 2
9118 Mar 31
41, Oct 20
133* Mar 1
30 July 2
12 Oct 16
3114 Feb 2
95 Apr 17
47 Jan 12
2712 Mar 25
101 Jun 13
106 May 20
1028 Jan 13
8 Oct 18
85 May 1
5334 Mar 29
44 May 19
9712 Apr 1
118 Mar 31
n1 May 13
313Msr31
9 Nov 19
56% Mar 31
5678 Mar 31
30 Oct 13
412 Jan 21
51 Jan 19
1838 Oct 23
518Sept 30
3414 Nov 10
1678 Jan 28
7 Aug 6
58 Oct 26
117 Jan 4
5918 Mar 2
45 Oct 11
364 Apr 14
3634June 14
49 Sept 30
16 Apr 3
40 Mar 30
31 Mar 30
94 Mar 25
19 May 15
7812 Apr 15
12 Oct 1
Ills Nov 15
214 Aug 26
29 June 9
70 June 21
94 Mar 29
39 Oct 5
8012 Oct 7
7512 Mar 30
3418May 19
7812 Oct 21
11 Mar 29
3034May 11
3114 Oct 29
9812 Apr 7
10318 Jan 12
115 Mar 2
97 Jan 22
106 Jan 18
14514 Mar 31
33 Apr 14
2514 Oct 20
106 Apr 14
32 Mar 30
4438 ?star 31
321 Apr 30
1012Mar 3
4034 Oct 18
712July 24
8312 Apr 20
108 Apr 21
105 Apr 1
8 Oct 27
44 May 10
911
/
4 Mar 30
41
/
4 Oct 29
90 Mar 30
79 Sept 17
4738 Oct 21
36%May 11
4218 Mar 31
73 Mar 31
334 Nov 26
52 Mar 4
4212 Mar 30
11212 Jan 6
121, M., 3
Highest
Lowest
Highest
$ per share $ per share $ per share
1013 Nov 19
83/
1
4 Apr 944 Oct
212 Jan 8
314 June
38 Apr
118 Jan 8
11
/
4 Feb
112 Feb
13312 Feb 23
Jan 147 Aug
96
4434 Feb 25
8612 Nov II
14 -Apr -9-914 -Aug
82 Jan 2
41 Mar 8414 Nov
2234 Mar 42 Dee
378 Feb 10
712 Feb 8
918 Jan
6 May
2312June 3
195 Dec 2012 Dee
535 Feb 10
40 Nov 447 Oct
337 Feb 15
18
Apr 35 June
1934 Feb 1
13 Aug 2112 Feb
38%July 6
3018 Apr 39 Dee
157 Feb 20
514 Dec 4212 Mar
66 Feb 23 19312 Jan 488
Oct
1278 Jan 9
414 Mar 12% Dec
9812June 25
65 Apr 79 Dec
13112 Apr 28 12312 Mar 1281n May
54 Jan 5
4912 -Dec -5171; 0C1
57 Jan 2
9212 Jan 8
873 Dec 104
Jan
80 Jan 2
42
Jan 817 Nos
4238 Jan 7
3812 Jan 45 May
97 Jan 19
96
Apr 102
Jam
34 Jan 4
2938 Dec 431 Ocl
7318 Jan 4
5212 Jan 81
Ocl
4012 Jan 2
25 Apr 413* Dec
893 Jan 4
75 June 8934 Jar
174% Jan 5 13812 Apr 1743 Nos
120 May 20 11412 Sept 119 Sept
3838 Jon 21
8378 Nov 26
54-38 Dec -71 Jam
238 Jan 4 201 Dec 250 Dec
1134 Apr
1614 Nov fi
1638 Jam
4612Sept 7
3112 Oct 5612 Jay
3134 Mar 8112 De(
843 Jan 29
85 Apr 29
457 Feb 5 -1-8 Mar -4-54 isTot
524 Jan 76 Dec
74 Feb 5
294 Nov 18
2738 Oct 29 Jar
Ocl
4112 Jan 75
67 Jan 14
5214 Aug 31
4638 Jan 5012 Sepl
9412 Dec 9612 De(
9678Sept 18
1212 Sept 184 Atli
1518 Jan 14
8
Jan
1712 Jan 7
1812 Nos
338 Dec 38 Nos
3638 Oct 19
2214 Feb 23
4512June 29
1838 Jan 39 Del
116 Nov 4
78/
1
4 Mar 97 No
6358Sept 29
41% Sept 03 De(
3134 Nov 29
3278 Jul3
2534 Jan
105 Apr 21
98 Jan 107 Sep'
12934 Feb 5
878 Feb 14012 Aul
10912 Aug 30 101 Feb 112 Jul]
8 Mar 1514 Aul
1412 Jan 19
107% Feb 17
50/
1
4 Mar 9712 Am
4238 Mar 698 Nol
85 Sept 18
52 Apr 5
4914 Nov 57 NO
105 Sept 29
98 Nov 10078 De
133785ept 21 102/
1
4 Jan 13718 Nol
8318 Feb 13
511s Aug 7812 De
4514July 7
15
Jan 4812 Nos
2812 Jan 4
173* May 32
Oc
7612 Jan 2
5912 Sept 8378 Ma
7838 Jan 4
6018 Aug 841
/
4 Ma
46 Jan 2
3714 Oct4914 De
32 June 17
214 Aug
614 De
9938June 16
37
Oct6012 De
23 Sept3512 Jai
2818 Jan 4
812 Feb -5
83 Jan 7
70 Nov 9038 Oc
2334 Nov 24
Ap
17 Dec 28
19 Oct 26
1238 Apr Ws Jai
214 Jan 4
1 Aug
3 Jai
130 Feb 11 112
Jan 123
Oc
89 Nov 22
5112 Mar 6714 De
4512 Jan 49 Jul:
5114July 7
483 Feb 13
373 May 5218 Jai
4612 Jan 11
38 July 5012 Jai
5534 Jan 29
51 Nov 9018 Jai
38 Nov 26
1234 Mar 254 8e11
533 Nov 26
3614 Mar 471k Jun
4478 Jan 9
18 Apr 4214 Jul:
103 Oct 28
84
Apr 99 De
4318 Jan 9
1078 Mar 47h Oc
1274 Aug 19
43 Mar 100 No
178 Jan 30
11
/
4 Nov312 Fe'
2718 Jan 30
204 Dec 40 Fe'
7 Jan 30
412 Dec8/
1
4 Fe'
4212 Jan 5
3714 May 54,8 Ja:
85 Jan 0
80 May 99 ilk
100 Nov 26
94 Mar 10212 Ja'
631 Jan 9
30 Apr 63% Ja
9214 Feb 5
79 July 884 No
1247 Feb 3
645* Nov 121 De
4378 Nov 26
955 Jan 7
7612 July 9212 Ja
1212 Aug 325s Fe'
2034 Oct 29
4134 Oct 29
27 Sept 4738 Fe'
3314 Nov 23
101 Oct 1-110 Nov 13
-9-9- Jan 1-01i No'
12434 Nov 17 1085* Apr 119
Oc
10418Sept 27
9212 May 10018 De
Oc
114 Aug 5
Jan 108
99
19912Sept 16 129 Mar 17312 Set)
47 Feb 4
1
4 Ja
33 July 47/
2518 Aug 333 Fe
31 Jan 4
112%June 25 10212 Jan 10812 Sep
6138 Nov 19
3914 Nov 7778 Ja
534 Nov 24
45 Dec 54 Fe
415 Oct 1
335 Nov 3912 Au
113* Apr 1738 Fe
1534 Nov 8
56 Jan 4
43
Oct 6014 De
10 May 21 14 Jul
188 Feb 23
4684 Jan 11788 1:8e
127 Feb 3
118 Oct 1 100
Jan 10912 Oc
11514 Aug 27 103 Sept 11312 Ay
157 Jan 4
1238 June 234 Ja
63/
1
4 Jan 7
42,8 Apr 64/
1
4 Ja
99 Sept 15
8414 July 95
Ja
8 July
1038 Jan 5
18
Ja
12178 Nov 19
7212 Mar 9534 No
100 Jan 20
85 June 9712 Fe'
57% Jan 9
4814 Mar 5738 Ja
4818 Feb 10
358 July 5212 Ma
5512 Nov 10
48 Dec 5012 De
10212 Feb 10
4812 July 10888 Ma
104 Jan 4
9 Nov
11 No
7038July 28
5112 Dec 5512 De
13812 Jan 23 101% Sept 1347 De
120 Sept 9 110
Jan 118 Au
148. Mar 12
131. Nnv
IRA, Tym
•1319 and sated PTIGNI: no sales on 111I5 day. s Ex-dlyidend. a Ex-right.. a Ex-dividend one share of Standard 01101 California new.
.-.. -.....Rance for Prerious
Year 1925.
2756
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 20.
Monday,
Nov. 22.
Tuesday,
Nov. 23.
Wednesday, Thursday,
Nov. 24.
Nov. 25.
$ per share $ per share $ per share $ per share $ per share
5158 5212 521g 5314 524 5234 53
5312
*59
59% 59
5938 *5834 59
*5834 59
+413s 43
•4238 4334 *4234 4334 *43
4334
29% 30
3) 3038 3012 31
3012 30%
•107 1 J8 •10718 108 *10718 108
10718 10718
1812 185* 184 1838 1814 1838 184 183*
30% 305
2934 3038 30
30
3012 315
*106 1068 1063* 1065* *106 10658 *106 10658
17/
1
4 1712 1712 1778 173* 1778 1712 1734
*93
9512 *93
94
*93
95
*93
95
3212 323* 2212 3012 3312 33% 33
34
12112 12112 123 12534 *125 12512 *125 128
13734 139
13812 138/
1
4 136 143/
1
4 140 14312
*117 125 *117 121 *117 121
12034 12034
*31
3138 31
31
3078 31
31
31
44% 4512 45
464 4512 4614 4412 4614
20% 21
2118 2234 2212 23
2178 2358
ell's 1312 *1112 1312 *1114 1312 *1114 1312
*78
8012 *76
8014 *76
8014 *76
8014
217s 217
2114 2112 2112 2134 21
2114
*10212 106 *10212 106 *10212 106 *10212 106
54
5414 5418 543* 541
/
4 5578 5538 56
*5834 57
5634 5672 5634 571g 57
57
•70
72
7134 7334 74
7514 73
7412
•83
87
*83
87
.83
87
*83
87
58
5814 58
5814 58
585* 58
5814
39/
1
4 40
3958 4034 408 414 405* 414
1173* 11734 117 11712 117 11718 11678 1174
334 3%
334 378 *334 4
4
4
•9114 9134 9134 9134 92
9314 9358 9412
138
68% 69
70
67
693* 6718 6814
58
5614 5714 5714 *5634 5712 *56
5712
493* 4978 4834 50
4914 5114 505* 513*
*11814 121 *11814 12012 *11814 12012 *11814 12012
2
2
2
218
24 24
2
24
*3112 3212 3212 3312 3338 2312 *334 3312
34 4
4
378 4
4
378 4
*24
27
*23
*24
28
25
28
25
•13
1312 13
13
127 1278 125* 1234
5
514
*514 534
434 4/
*54 6
1
4
13
135* •13I2 1412 123* 134 *1238 137
*1214 1212 *1214 1212 *1214 1212 *12
1212
115* 1134 *1112 1134 1114 1112 1118 11 12
5418 5334 5438 533* 545*
544 543
54
5078 5012 5178
4834 491s 49
483* 49
143s 1412 1418 1434 145 1478 1412 1458
930 930
907 907 *900 930 *900 930
.275 284 *275* 28
*27
2814 27% 2738
47
47
*47
4714 *46/
1
4 47
4634 4634
427
2812 *27
2812 *27
2814 *27
284
87/
1
4 877
8712 8712 884 8814 8812 8812
79
8012 80
8214 8012 8134 7914 8118
1074 10814 10712 10958 10838 109
1078 10834
114 114 *11312 11412 113'2 11414 1135* 114
37
3% 4
3/
1
4 418
34 41g
4
*1812 19
•16
19
*1612 19
*17
18
4712 4712 47
4712 *4714 48
*47
48
1740
42
41
4312 42
43
41
42
*9438 95
943* 9478 9434 97
9514 9612
5212 53
52
523
5214 527g 52
5212
•112 114
115 115
114 115
114 114
*11614 11612 11638 11658 *11814 11612 *11614 11612
Friday,
Noy. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1928
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
$ per share Shares. Indus. & Miscell.(Con.) Par $ per share 8 per share 8 per share 3 Per shard
5234 5418 13,800 Sears.Roebuck de Co newNopar 4414 Mar 29 5838Sept 7
400 Shatuck (F CI)
5834 5914
No par
47 Mar 30 695 Jan 4 1018 Mar 12 1112
4312 4312
100 Shell Transport & Trading_32 4012July 28 485 Jan 4
39/
1
4 Sept 49 Deo
301
/
4 3078 31,700 Shell Union 011
No par 24 Mar 3 31 Nov 23
21% Aug 2812 Dee
100 Preferred
*107 108
100 103 Mar 3 114 July 2
9912 Jan 10614 Nov
1818 1838 5,000 Simms Petroleum
10 1518 Aug 18 285* Jan 2
1734 Sept 2834 Jan
315 3234 3,300 Simmons Co
No par 2838 Oct 15 544 Jan 4
3114 Mar 545 Nov
200 Preferred
108 106
100 10512Nov 10 10912July 2 1004 Jan 10618 Deo
174 17/
1
4 7,900 Sinclair Cons Oil Corn_No...par 1834 Oct 19 247 Feb 23
17 Jan 247g Feb
100 Preferred
9312 9312
I00 90 Mar 30 9912June 24
7834 Jan 944 Feb
3338 3338 16,000 Skelly 011 Co
25 265 Mar 30 3718June 28
2134 Mar 3212 Nov
2,300 Sloss-8heffield Steel de Iron 100 103 Apr 12 142/
12512 128
1
4 Aug 10
8014 Mar 14312 Dee
140 149
11,700 South Porto Rico Sugar___100 92 Apr 15 149 Nov 26
Jan 10918 Dee
132
200 Preferred
12034 12034
100 110 Oct 8 120/
1
4 Nov 2 I
993* Jan 11314 Dee
304 31
2,500 Southern Calif Edison
25 304 Oct 25 33 July 19 __ _--- ---- ---4412 45
8,400 Southern Dairies el A_No par 41 Oct 27 55I2July 17 ---- --- ---- ---22
2214 5,900 Class B
No par 1712 Oct 20 3534 Mar 11
_-- --*1114 1312
Spear & Co
No par 11 June 2 171 Feb 19 -1-3Ig Dec -2-4 Mai
*76
804
Preferred
100 72 Apr 201 8212 Jan 13
7814 Dec 92 May
2114 213* 1,600 Spicer Mfg Co
No par 1834 Apr 19 313* Feb 5
154 Feb 364 Sept
*10212 106
Preferred
100 101 Jan 12 10512Sept 1
92 Apr 108 July
22,300 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
5558 56
0.21
4014 Jan 61
574 5714 2,200 Preferred
50 5334 Mar 30 575 Feb 9
5012 Mar 564 Nov
74
74
4,700 Standard Milling
100 8718 Oct 20 92/
1
4 Feb 4
62 May 88 Dec
*83
87
Preferred
100 80 Mar 2 90 Feb 5
Jan 86% Dec
81
58
5814 11,000 Standard 011 01 Cal new.No par 525*May 14 634Elept 8
-_- - ,-86,500 Standard Oil of New Jersey_25 3712 Nov 26 4630 Jan 2 -31763712 38
8 Mar -els -Feb
211518 117/
1
4 49,200 Pref non-voting
100 11518Nov 28 11918May 18 11614 July 119 Feb
1,700
4
4
Stand Plate Glass Co__No par
312 Nov 15 107g Feb 10
Jan
658 Aug 18
9338 9414 3,800 Sterling Products
No par 76 Mar 27 9412 Nov 24
8214 Mar 82 Dec
675* 683* 13,300 Stewart-Warn So Corp No par 81 Nov 4 92% Jan 2
55 Mar 9812 Deo
*56
5712
600 Stromberg Carburetor_No par 5512 Nov 18 7714 Jan 4
81 Mar 895* 001
5112 5212 85,300 Studeb'rCorp(The) new No par 47 May 18 82 Sept 15
4114 Jan 8838 Nov
*11814 12012
100 11412 Feb 23 122I2June 23 112 Mar 125 Sept
Preferred
2
218 4.100 Submarine Boat
No par
112July 27
3/
1
4 Feb 21
3
Oct 12 Mar
23238 33
1,000 Sun Oil
No par 304 Mar 30 4158 Jan 4
3818 Nov 43% Nov
37
4
11,800 Superior 011
No par
5 Nov 1
1 July 29
2 Dec
612 Feb
*24
28
100 Superior Steel
100 1912 Apr 12 347sSept 7
20 May 415* Jan
*1238 14
600 Sweets Co of America
50
Vs Mar 1512 Oot
85* Apr 13 173*Sept 13
*47g 6
300 Symington temp ctfs__No par
4 Nov 8 1412 Jan 4
1012 Jan 201s Sept
*1234 1334
1,400 Class A temp ctfs____No par 1038 Oct 20 2078 Feb 4
1934 Dec 2618 Sept
*12
1212
Telautograph Corp.__ _No par 11 Apr 5 144 Jan 19
184 Nov
11 Aug
1114 1114 2,500ITenn Copp & C
75 Apr 16 Dec
No par 1034 Oct 19 16 Feb 5
5412 55
6,800 Texas Company (The)
25 48 Mar 30 58 Aug 31
42/
1
4 Jan 55 Dec
51% 52 167,100 Texas Gulf Sulphur new No pa, 39 Oct 25 52 Nov 26
1414 1412 6,200 Texas Pacific Coal & 011___ _10 12 Oct 20 19 Jan 7 -167-g Aug 1338 Feb
950 1150
527 Texas Pacific Land Trust_100 510 Mar 19 1150 May 26 255
Apr 657 Dec
278 275*
350 The Fair
No par 274 Mar 31 34 Jan 14
3214 Sept 3914 34ct
*4534 47
200 Thompson (J R) Co
25 42I4May 7 5012Sept 16
*27
2814
Tide Water Oil
100 2714 Oct 25 3914 Jan 25 1014 Sept -36-78 Dee
*89
91
500 Preferred
Oot
100 8714 Nov 4 103 Jan 25
99 Nov 101
8014 814 22,100 Timken Roller flearing_No par 447 Mar 3 Has Nov 16
3734 Mar 5934 Oct
1075* 10834 13,600 Tcbacco Products Corp
100 9514 Apr 12 11658Sept 22
Jan 10134 Nov
70
1131
/
4 1141, 2,500 elass A
100 103 Mar 3 1183sSept 21
934 Jan 11038 Nov
57 May
13,300 TranscY1 Oil temett newNopar
334 4
512July 9
3 Mar 4
312 Sept
*1612 19
Transue & Williams St'l No par 15 Aug 28 27 Jan 28
2412 Sept 35 Jan
4712 4712
400 Underwriter Typewriter___25 4314 Nov 12 133/
3818 Mar 6514 Nov
1
4 Jan 7
4278 46
6,100 Union Bag & Paper Corp__100 35 May 21 714 Jan 5
Oct
Apr 88
38
96
97
25,400 Union Carbide & Carb_NO par 774 Mar 29 97 Nov 23 ,- ------ -5212 527 11,100 Union 011 California
a Feb
25 3714 Jan 20 583gSept 23
Ai Oct -%
113 113
800 Union Tank Car
100 8414 Mar 31 12058 Oct 1
94 Dec 134 June
11638 11612
300 Preferred
100 11314May 22 118 July 12 11314 June 1174 May
_ - -- ___
United Alloy Steel _ _ _ _No par 2512 Jan 21 3578Ju1y 15
24 May 367s Mat
-9if4 11i78 -9
- ix -9-11-2 -iiT2 -9-7.12 -95'x
9512 -9-6
9,100 United Cigar Stores
.. -9-6-25 8318 Feb 4 10934 Aug 17
601
/
4 Jan 11512 Nov
125 125 *12412 126 *12412 126 *12412 126
*12412 126
100 Preferred
100 11478 Mar 4 125 June 30 116 Dee 13314 Dec
183/
1
4 16334 164 16412 163 164
Stock
3,300 United Drug
1624 16334
16272 164
100 134 Mar 30 171 Sept 8 110% Feb 162/
1
4 Oct
•5678 57
57
5812 5812 5812 5812 585*
58
58
3,900
1st Preferred
50 5512Mar 5 59 July 8
52
Jan 5812 Nov
11814 1197 118 12234 12112 12312 Exchange 12214 126
118 119
No par 98 Apr 15 126 Nov 26
13,200 United Fruit new
__ --- --*1712 20
*1712 20
1712 1712 *1712 20
100 171
/
4 Oct 20 3812 Mar 2 1814 -Apr -1112 -Dec
100 United Paperboard
*174 1812
*984 9612 9612 9612 *98
947 Dec 1034 Oct
Closed- *96
97
9612
9712 *96
100 Universal Pictures let pfd_100 90 Mar 8 9712July 8
225* 23/
1
4 2312 26
2612 2814 27
26 Dec 50% Feb
2814 3018 188,000 universal Pipe & Rad__No par 1338Mar 31 30,g"Nov 24
303*
774 81
8114 8334 83/
100 52 Mar 30 8612 Nov 24
1
4 8658 8414 8612 Thanks28,400 Preferred
65 July 94 Feb
828 86
209 20914 21034 21234 211 217
214 21934
217 22234 25,900 US Cast Iron Pipe & Fdy-100 150 May 19 24812 Aug 3 13114 Apr 250 Feb
*106 107 *106 107 *106 107 *106 107
100 10014 Mar 8 109 July 9
91 July 113 Aug
Preferred
giving
*106 107
304 Feb 634 Dec
53
5358 5318 543* 5314 5458 5338 543*
537 5434 8,800 US Distrib Corp tem etf No par 39 Mar 30 6112 Feb 13
5312 5312 537g 534 5358 54
23
Jan 494 Oct
Day
*54
55
1,000 U 8 Hoff Mach Corp vtoNo par 4378 Jan 2 593 Feb 4
5434 5434
Oct
7014 Dec 98
765* 7712 7758 7814 7634 77% 785* 7814
100 4538 Mar 30 82 Sent 17
7714 7834 19,300 US Industrial Aloohol
*105 109 *104 110
107 107 *1075* III
100 9914 Apr 22 1144 Nov 8 102 Dec 115 June
109 109
525 Preferred
*5912 80
*59
80
59
594 593* 5934
259
5914
1,300 U El Realty & Impt new.No par 4818 Mar 29 717 Jan 4_57% 583* 5712 59
59
100 50I4May 19 8814 Jan 23 I312 Mar 9712 Nov
6012 5834 60
584 605* 20,300 United States Rubber
•1057 10614 1057 106 .107 108
100 10112Mar 30 109 Jan 19
,No*
107 107
92/
1
4 Mar 1087
10634 107
900 1st Preferred
35/
1
4 3512 36
36
3534 3534 5353* 36
Dec
Feb 51
30
3512 3512
700 US Smelting, Ref & Mm..,_50 30 Oct 23 497a Jan 2
4818 46Ig .46
4612 *46
50 42 Oct 26 50 Jan 4
4612 46
44
457 46
4612
Apr 4914 Dee
800 Preferred
1435* 14538 1444 14818 14718 14834 146 1484
147 15058 433,500 United States Steel Corp_100 117 Apr 15 15958 Aug 17 1125e Mar 13914 Nov
129/
1
4 130
129 12938 12812 12878 12834 129
100 12412Mar 3 13012June 11 12218 May 12618 Jan
2,800 Preferred
12834 129
*64
67
*84
87
*64
67
1
4 Jan 4 66 Nov 15
*65
No par 56/
88
*65
67
5112 Mar 6914 Nov
U 8 Tobacco
*120
*120
__ *120
_ *121
100 112 Mar 19 11912Nov 11 1053* Apr 114 Sept
.
*121
__ ___
Preferred
17113 11-5 *113 1-15
*90 1-1-i 113 1-13
10 93 Apr 1 118 Nov 13
-*113 115
-100 Utah copper
82 Mar 111 Nov
*2912 30
•2931 30
•292s 30
2912 29/
1
4
1
4 Mar 31 37 Feb 15
*2912 30
200 Utilities Pow & It A___No par 28/
30 Aug 38 Aug
42
*41
42
4114 41
42
*41
No par 29 Mar 3 43 Aug 113
41
4134
41
500 Vanadium Corp
253* May 3434 July
47
46Is 4714 *4634 48
47
47
No par 4314July 21 52 Aug 8
1,500 Vick Chemical
4612 468
474
No par
38 Feb 28
Virginia-Caro Chem
17g Jan 15
iii Alli
111 Sept
;i5i4 if- "i0i4 -1-634 -lois 16.4 -1038 11-No par
9 Oct 20 25/
---11
---11
7no
New
1
4 Feb 3
177k Dee 217s Dec
34 July 2
____
No par
___
"B"
4% July
15* Jan 8
78 Aug
- 4 iiii4 161-4
;55- -4-61-4 ;ii- 161-4 iii" -4131100 313* Oct 14 69 Jan 4
*39 -40
6% pref w I
58/
1
4 Nov 637s D_,.00
*8612 8712 *8612 8712 *8612 8712
87
87
100 83 Oct 15 984 Jan 8
200 7% pref w I
863* 8612
924 Nov 954 LH"
50
*50
51
51
50
51
*50
*50
*52
55
200 Virginia Iron Coal & Coke-100 40 May 15 6012 Nov 11
30 June 48 Dee
3318 33
24
3212 3212 3314 3314 33
/
4 3,700 Vivaudou (V) new ____No par 28 Mar 30 3414 Nov 16
3358 331
74 Jan 28% Dec
10418 10418 10412 105
•103 105 *103 105
100 94/
10678 107
1
4 Jan 29 107 Nov 26
500 Preferred
-- ---- ---- ---21
2114 2114 2112 21
No par 17 Jan 12 217g Aug 19 -211
/
4 *21
1,900 Waldorf System
*21
21
2114
1412 Aug 197s JIM
*1534 16/
*1512 16
•16
*1512 1614 *1512 16
No par 1214June 2 2314 Jan 27
1
4
1614
Walworth Co etfs
2114 Dec 2414 Dee
112 112
100 Ward Baking Class A No par 99 June 30 195 Jan 2 1113
*100 120 *100 120 *100 112 *100 112
Apr 128 Dec
29/
1
4 29
3012 3112 21,200 Class B
28
3112
No par 214 Oct 20 8638 Feb 1
2614 2612 28
26
3714 Mar 954 Oct
91
90
*8912 91
91
9012 9012
91
No par 8812 Oct 7 11012 Jan 15
91
500 Preferred (100)
*90
9412 Feb 112 Dee
45
4712 58,900 Warner Bros Pictures A__10 12 June 11 89148ept 15
4858 4878 51
4812 47
47
vs Oat
478 47
1714 Dec
551
/
4 *55
/
4 *55
55
5512
5512
551
*54
No par 4378 Apr 15 5734 Oct 28
5512 *55
300 Warren Bros
43 June 504 July
5814 5814
5812 55512 5812
300 Weber de Hellbr, new e_No par 53 Apr 20 8512 Jan 13
5514 6514 *5512 55% *56
51
Apr 1004 Doe
*145 14512 1,400 Western Union Telegraph_100 13412 Mar 30 15774Sept 8 11814 Jan 1447s Sept
*143 144
14412 1445* •143 14458 14438 146
134 13438 9,800 Westinghouse Air Brake___50 10514 Mar 31 13912Sept 8
12912 13314 133 135
12014 12938 12914 130
Apr 144 Aug
97
6818 684 7,600 Westinghouse Eleo & Mfg-50 65 May 19 7912 Feb 10
6814 6814 6814
684 6818 6818 685* 68
Jan
8614 Mar 84
1618 1618
600 Weston Eleo Instrument
•16
161 •1618 1812 1618 1612
1612 •16
131
/
4Ma7 10 19's July 28
9/
1
4 Apr 2012 Aug
32
32
3218
321g
3212
274
400
•32
Class
A
Dec
Jan
*32
3212 *32
32/
1
4
4 32/
1
4 Oct 7
195* Mar 28%
*95
9812
West Penn Elec 01A vtt No par 8812 Jan 8 98/
9812
9812 *95
9812 *95
9812 *95
*95
1
4 Oct 28
__
__
---- ---*9912 10112
100 Preferred
100 9512May 17 101 Sept2O-100 100
*993 10112 *9912 10112
*9912 102
pref._
*113
116
Power
West
_100
Penn
108 Mar 25 115 Sept 21 1-04
3.113 116 •113 116 *113 114 *113 116
Jan III July
NO par 254 Apr 20 2934 Feb 10
25% 254 2,200 White Eagle 011
2558 2534 2512 26
25/
1
4 2534
2578 26
2512 Aug 318* Feb
1
4 19,300 White Motor
5612 57/
50 514 Apr 15 90 Feb 11
55/
1
4 5678 568 578 5638 5712 5612 573
574 Mar 1044 Aug
2318 24
4,800 White Rock Min Sp otf_No par 22 Oct 22 3838 Feb 3
2212 23
2312 221g 23
23
2414 23
3313 Dec 4938 Aug
78
78 2,700 Wickwire Spencer Steel ctf__,
34July 22
78
34
7s
7s
*34
*54
1
*34
2 Dee
Ms May
338 Jan 8
2118 217 35,500 Willye-Overland (The)
2018 205* 20/
1
4 2112 211s 2134 2114 2218
5 18 May 17 34 Jan 4
918 Jan 3472 Nov
100 881s Oct 25 99 Feb 4
9212 9212
700 Preferred
9212 9212 92
9212 9212 9212 9212 9212
724 Jan 1237g Dec
10
10
97 10
1.500 Wilson & Co. Inc. new _No par
9/
1
4 10
10
10
10
8 May 20 1212 Oct 21 -__ ---- -----10
2012 2012 2,200 Class A
No par 14 May 21 237g Oct 21
2012 2012 *2012 21
20
204 2012 21
____ ---- ---- ---66
*60
500 Preferred
100 42 May 19 73/
*68
66
*60
68
66
667g 67
66
1
4 Oct28
- ----- - _---19178 1944
3 60,500 Woolworth Co (F W)
18814 192
oot
25 13514May 19 222 Jan 4 11-2% Jan 2-2-0
192 19534 1911
/
4 19412 19038 1934
2014 21
8,500 Worthington P & M
2012 2012 19
100 19 Nov 22 44/
/
4 21
2012 1934 211
2134
1
4 Jan 6
354 Aug 7911 J.1517
44
44
1,200 Preferred A
1745
100 41 Nov 26 80 Feb 2
50
49
*45
50
*45
504 49
76 Nov 88 492
40
4012 1,100 Preferred B
1
4 40
3912 3912 38
3812 3714 3714 39/
100 3714 Nov 22 65 Feb 24
58 AMC 7634 Feb
*3012 '31
3034 307
600 Wright Aeronautical_No par 2412 Mar 30 3934July 16
31
3034 31
31
31
31
16 Mar 325* July
5212
53
200
*513
4
53
(Wm
Wrigley
No
par
*52'5312 *51% 53
47
Jr)
Apr 3 5934 Feb 11
511
/
4 511/4
25/
1
4 Mar 574 Oct
*89
*70
7112
500 Yale a, Towne
70
25 6012 Mar 4 7212 Aug 26
*69
70
6934 70
70
69
62 Sept 704 July
2514 2612 263* 275* 26/
27% 2818 35,300 Yellow Truck & Coach____100 20 May 24 39588e0t 8
1
4 003
1
4 2758 2718 271/4
227g Oct 40/
*95 100
Oct
99
99
500 Preferred
100 9112 Apr 3 107128ept 2
•95 100
•95 100
*95 100
Oct 100
90
844 8412 8412 85
845* 86
Ws Nov
8.400 Youngstown Sheet & T.No par 89 May 14 95% Aug 9
8518 854 8514 8512
63 Mar
•Ma arid utirsel miner. nn *.3..ee on rosy ay. r Rx-dividend. bits-dividend and ex-rivnts z 1,x-dividend.
2757
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 ins Exchange method of quoting bonds was changed and mites are now "and inierest"-except for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 26.
•i6
Price
Friday,
Nor. 26.
Week's
Range or
Last Sale
rtange
Since
Jan. 1
Low
Bid
High
U. S. Government.
Ask Low
First Liberty LoanJ D 1001232 Sale 100103210015o 291 9915n 013341
334% of 1932-1947
J D 100 100"32 10022320ct'26 - - - - 99n:40115n
Cony 4% of 1932-47
J D 1022332 Sale 10217321022232 46 1011180210n
Cony 434% of 1932-47
J D 102 1021232 10122320ct'26
- 1014), 0212n
2d cony 4I4% of 1932-47
Second Liberty LoanM N 100 1001232 100232 Oct'26 9921n 00223:
48 of 1927-1942
MN 1002432 Sale 10015a:100"n 529 1001231 101
Cony 434% of 1927-1942
Third Liberty LoanM S 101122 Sale 101232 101.32 309 10051840115n
434% of 1928
Fourth Liberty LoanA 0 103232 Sale 1022.32103232 1615 101"ss031s3
434% of 1933-1938
452 1061n 11C
1947-1952 A 0 110
Sale 1082.32110
Treasury 434s
1944-1954.7 D 1052232 Sale 1042421052.o 843 102551105"n
Treasury 48
1946-1958 M S 1022.32 Sale 102.32 1022132 262 10011:102"n
TreasurY 3348
State and City Securities.
100 101
NY City-4% s Corp stock-1960 M 13 10012 1007 10078 Nov 26
1964 M S 10158
_ 10114 Oct 26
10012 10214
11145 Corporate stock
1986 A 0 101% 102 10178 Oct'26
10012 10238
4346 Corporate stock
1972 A 0 10134 1021 10158 Oct'26
10034 102
141413 Corporate stock
1971 .7 D 10612 10658 10634 Oct'26
10512 106%
AM Corporate stock
10472 10638
5358 Corporate stock_July1987 J J 105 1061 10638 Oct'26
1985.7 D
5 10458 10634
1061 108
410 Corporate stock
106
10534 10638 10538 Nov'26
1963 M
10412 10558
4148 Corporate stock
9812 983 9812 Nov'26
1959 M N
9734 99
4% Corporate stock
1958 M N 9812 9878 9834 Sept'26
9734 99
4% Corporate stock
1957 M N 9812 9834 9834 Sept'2
455 Corporate stock
9778 99
1956 M N
9714 9834
9778 Oct'26
4% Corporate stock
4% Corporate stock
1955 M N
974 974
9778 Oct'26
4% Corporate stock
1936 MN
98
99
99 Mar'26
614% Corporate stock._ _1957 M N 10538 108% 10534 Nov'26
1044 106
10414 10572
434% Corporate stock _1957 M N 10538 106 10538 Sept'26
MN
334% Corporate stk_May 1954
89
8958 89 Aug'26
8774 8912
334% Corporate stk_Nov 1954 MN
884 8912
8912 Oct'26
ois Corporate stock
89 Apr'26
1955 M N 9612 88% 89
10134 10212
10212 Oct'26
New York State Canal Im 48,1961.7 J
102% 10212
10212 Aug'26
1960 ---to Canal
102 May'26
48
1962---10174 102
48 Canal
1942 J J
10238 Mar'25
the Canal impt
102 Apr'26
1964.7 J
102 11-61:
4
10178 Mar'26
10173 10172
48 Highway impt reglat'd_1958
Highway improv't 434.,..1963
11014 May'26
1104 1104
Virginia 2-35
1991.7 J
76% Feb'25
Foreign Gov't and Municipal's
Argentine Govt Pub Wks 68_1960 A 0 98 Sale 98%
97% 9858
9838 36
Argentine (Nat Govt of) 76_1927 F A 10014 Bale 10014
10012 59 10014 1024
Sink fund 11a of June 1925_1959 J D 9778 Sale 97%
96
9978
98% 101
Extl f 65 of Out 1925_ _ 1959 A 0 97% Sale 97%
9578 100
9812 67
Sink rand is Series A__ _1957 M S 9814 Sale 9778
934
1
9
9614
534 109
9812 118
External Os series B_ _Dee 1958.7 D 9814 Sale 9734
9814 53
Rale file of May '26 temp 1960 M N 98 Sale 98
9738 99%
9838 86
Argentine Treasury 58 £
9038 Sale 8812
9038 32
85
9314
1945 M
gg% gg%
Australia 30-yr 58_ _ _July 15 1955 .7 J 97 Sale 9678
9714 124
Austrian (Govt) s f 7s
1943 J D 10112 Sale 101
10134 60 100 103
Bavaria (Free State)6
9434 98
97% 57
_ _1945 F A 97 Sale 97
Belgium 25-yr ext, f 7348 g.1945.7D 110% Sale 110
111% 16 105 11112
20-year s f 88
1841 F A 10734 Sale 107% 10778 22 10584 10858
25-year external 6345
1949 M S 9512 Sale 94%
88
9534 10
9534
External s f 138
9012 Sale 90
1955 J
8112 91
72
91
External 30-year S f 78_1955 J D 99 Sale 98%
9158 9918
9918 221
Stabilization loan 78
1956 M N 98% Sale 9838
94% 99
984 518
Bergen (NorwaY) f f3s
1945 M N 11112 Sale 11112 11112
4 11112 115
25-year sinking fund 68
1949 A 0 101 Sale 10014
101
98 10212
2
Berlin (Germany) 635s
um A 0 9712 Sale 9714
8514 9734
97% 136
Bogota (City) ext'l 1 8e. _1945 A 0 10234 Sale 10212 102% 27
913s4 104
Bolivia (Republic of) 8s_ _1947 M N 10312 Sale 10312 10334 71
9612 10412
Bordeaux (City of) 15-yr 66_1934 M N 92% Sale 9112
8114 9278
9258 135
Brasil(U S of) external 88_ _1941 J D 103% Sale 103
10434 51 100% 105
External St 834s of 1926_l957 A 0 8918 Sale 8812
88
90
8912 165
78 (Central Railway)
1952 J D 94% Sale 9412
89% 9812
9474 54
754s(coffee secur) £(flat)A952 A 0 10412 Sale 10412 105
08
318
00384
58 10
7 10
Bremen (State of) ext'l 713...A935 M N 10158 Sale 10078 102
92% 10234
35
Buenos Alm (City) extl 634s19551 J 99% Sale 9934 10014 26
97% 10134
Canada(Dominion of) 58--1931 A 0 10114 Sale 101
101% 20
10-year 634s
1929 F A 101% Sale 10158 10178 84 10118 10338
58
1952 M N 10412 Sale 10414
10434 25 102 10538
9712 99
98
9778 Sale 9772
410
13
1936 F A
1 10114 105
Carlsbad (City) a f 811
1954.7 J 10412 Sale 1044 10412
Chile (Republic) ext'l sf 88_ _1941 F A 108 Sale 108
10814 26 10714 10934
20-year external 7e
1942 M N 10014 Sale 10014 10034 72 100 102%
25-year sinking fund
6 107 10938
108%
_1946 M N 10814 Sale 10814
External sinking fund 65_ _1960 A 0 9314 Sale 93%
93% 9338
9314 56
2
998114
Chile Mtge Bk 6345 June 30 1957.7 D 96 Sale 9534
9
944 9
96% 79
694. of 1926_ _June 30 1961 J D 9712 Sale 97%
9734 87
28 '48%
Chinese(Huknang Ry)58_ _ _1951 J D 2812 3012 28
2812 12
Christiania (Oslo) 30-yr at 851954 M S
99 10212
- _ 10134 10134 15
Cologne(City) Germany63451950 M
98
91
47
97
9612 Bale 9812
Colombia (Republic)634e_.1927 A 0 10018 10014 10018
99% 101
5
10018
94
Dept of Antloquia 7s A _ _ _1945 J J
93
9334 Sale 93%
94
52
External s f 78 ser B.._ _1945
93
9318 Sale 9314
9312
93% 17
Copenhagen 25-year a f 5Ms_1944 J J 9958 Sale 9912
99% 16
Cordoba (Prov) Argentina 751942 J J 98
2
9834 9838
9834
8
9
998
%
5814 10
90
101
02
:
812
Cuba Ea of 1904
1944 M
8
10112 Nov'26
1900
98
934
13 10
008
External 58 of 1914 ser A_1949 F A
2
514
10114 Nov'26
_
3
External loan 4345
9214
9212 13
1949 F A 9214 9
Sinking fund 5348
1953 J J 92% 10278 10212 103
38
Czechoslovakia(Rep of)88 1951 A 0 10412 Sale 10358
10512 70
9934 104
Sinking gund 83 set B _ _1952 A 0 104 Sale 10318
104
64
10414 105
External s f 7;is series A 1945
9578 10412
0 104% Sale 103%
Danish Cons Municip 88 A_ _1946 F A
Series 13 sf88
1946 F A
Denmark 20-year Os
1942 J J
Dept of Caldas(Colombia)7I4s'46 J J
Dominican Rep Con Adm sf 55'58 F A
Custom Admlnisten 5345_1942 M B
Dresden (City) external 73_1945 MN
Dutch Emit Indies extl 6&_.1947.7
40-year 6s
1962 M
30-year external 534/i
1953 M B
59-year external 5355
1953 M N
El Salvador (Repub) 88 _ _1948 J J
Finland (Republic) extl 155. _1945 M S
External sink fund 7s.._1950 M
1956 M S
Externals f 6348
Finnish MIDI Loan 634s A 1954 A 0
External 6 Ms series B._ _1954 A 0
French Repub 25-yr ext'l 83_1945 M S
20-year external loan 73.46_1941 J D
1949 J D
External 7s of 1924
1949 A 0
German Republic ext'l 7s
German Cent Agrie Bank 73_1950 M S
1054 MN
Gras (Municipality) 88
Ot Brit & Irel(UK of) 5148_1937 F
F A
Registered
1929 F A
10-year cony 5345
N
M
730..1952
(City)
Prague
Greater
1964 M N
Greek Government 75
1952 A 0
Haiti (Republic) a f 138
Heidelberg (Germany)ext 73050 J J
Hungarian Munk Loan 7I48.1945 J J
Hungary (Kingd of) ii f 7hs_1944 F A
Ind Bank of Japan 6% notes.1927 F A
Italy (Kingdom of) ext'l 7s.. _1951 J
Japanese Govt £ loan 49__ I931 J J
1584F A
30-yearsf834s
Oriental Development 68_1953M
1
111 Sale 111
9 108% 11214
11114
11012 Sale 11012 11112 11 108% 112
10418 Sale 104
10412 57 102 10434
9814 57
98 Sale 98
9512 99
10214 -- 10214 Oct'26
10112 10512
_
9738 Sale 9738
9374 9972
9738 30
9978 Sale 9978
9214 101
1003g
7
10312 Sale 10314
10334 37 10314 106%
10312 Sale 10314
10378 53 10314 10612
101% Sale 10112 1014
4 101% 10412
101% Sale 10174
10178 12 1014 10514
106% Sale 10634
10712
8 103 10914
91 Sale 9034
8434 9114
9114 28
9934 Sale 9912 100
9412 100
52
95 Sale 9418
95
94
95
20
95 Sale 94
95
28
8914 94%
9434 Sale 94
8914 95
9434 116
10718 Sale 10614
9812 10714
10734 187
10158 Sale 101
9212 10214
10214 492
9612 Sale 96
8614 9712
9714 538
10538 Sale 10514
10512 131 1014 10512
100 Sale 9934
94 1004
100
.53
10034 Sale 10012 10034
2
9618 10034
104% Sale 10412 105
68 10314 10612
10438 Nov'26
_ 10438 10578
118 Sale 11778
118
21 1171g 119
103 Sale 10254
9278 10314
10314 124
91 Sale 9034
84
9112
9112 72
9834 Sale 98
95% 99%
9834 45
103 104 103%
9616 1044
10414 13
9678 Sale 9634
8434 100
61
97
99% Sale 9974 10032 24
93% 102
10012 Sale 10018
10012 33
9934 10078
9218 Sale 91%
8814 9434
9214 489
9018 Sale 9014
90% 112 183% 9012
924 100%
9934 Sale 99%
10018 196
9312 Sale 93%
85
9458 170
94%
BONDS
N.'Y. STOCK EXCHANGE
Week Ended Nov. 26.
a.
Price
Friday.
Nor. 26.
Week's
Range or
Last Sale
El
41133
Range
Since
Jan. 1
High
Bid
Ask Low
High No. Low
21
95 11018
Leipzig (Germany) 2.
1 7s____1947 F A 9978 Sale 997
100
Lyons(City of) 15-year 6s_1934 MN 9212 Sale 92
811 9212
9212 106
Marseilles(City of) 15-yr(10-1934 MN 921 Sale 92
8112 9274
9212 181
31
Mexican Irrigation 4458---1943 MN -------- 30 Mar'26 ---30
____ 32% 344 3234
3_194
Assenting s f 4145____
11
2874 40
_
4212 88
511 Oct'26
Mexico(U 5) extl ea of 1899 £'45 Q J 50
70
1945 ---- 41 Sale 391
Assenting 58 of 1899
3412 504
4134 30
Assenting IS large
44 Nov'26 ---38
4834
371 May'25
Assenting 58 small
1954.7 D 2618 2712 34 July'26
Gold deb 48 of 1904
"Fria 34
Assenting 4iii of 1904
27 Sale 2638
22
2014 3712
28
Assenting 48 of 1904 small
2312 Sale 2558 Sept'26 ---2538 2552
J .7 2314 24
Assenting 4s of 1910
2558 Aug'25
Assenting 48 of 1910 large
26%
2355 -317i
2718 15
Assenting 45 of 1910 small
2334 Sale 231
22
31se
2414 59
Tress 68 of'31 assent(large)'333 J 3814 40
38
5
38
5214
38
Small
3812 Sale 3818
3812 10
371s 531s
1952.7 D 102 Sale 10158 102
Montevideo 78
23
96 1024
Netherlands 88(flat yrices)_1972 al 8 10678 Sale 10658 10678
8 10612 110
30-year external 613 (fla1) 1954 A 0 10358 Sale 10358 104
68 1034 10472
1943 F A 10134 Sale 10138 10134 43
Norway 20-year extl 6s
9974 10272
1944 F A 10134 Sale 10158 102
20-year external 68
47 100 10214
1952 A 0 10158 Sale 101% 101% 15 100 1024
30-year external 68
1965.7 D 9918 Sale 987
40-year s 1 5358 temp
95
9914
9914 77
9812 10212
10218 21
Oslo(City) 30-year a 168_1955 M N 10218 Sale 102
10212
1953 J D 10214 10258 1021
1 10012 103
Panama (Rep) extl 5I5e
1944 A 0 10312 10334 10312 104
3 10112 105
Peru (Rep of) external 8s
97 10134
Ent sink Id 7358 temp__1940 MN 10038 Sale 10014 10012 13
7512
61
1940 A 0 74 Bale 74
Poland (Rep of) gold 68
7512 46
1950.7 J 9078 Sale 9012
821 925
9212 282
Extl sink fd g 85
J D 10334 Sale 10312 10334 13
984 105
Porto Alegre (City of) 88....,._1961J
Queensland (State) esti 61781941 A 0 112 Sale 112
11318 14 11012 11414
1947 F A 10412 Sale 10412 10512 18 1041s 108
25-year external 68
9
9818 105
Rio Grande do Sul cal 8188.1946 A 0 10334 Bale 10334 10412
4
103
9714 104
Rio de Janeiro 25-yr a 1 8s-_ _1946 A 0 10212 10238 103
97 108
14
1947 A 0 10212 Sale 10212 103
25-yr extl 88
8 103 107
Rotterdam (City) extl 68-1984 M N 10414 105 10412 105
10012 10912
1952 M N 10714 108 10838 Nov'26
Sao Paulo(City)8188
7 1024 1064
10412
Ban Paulo (State) ext s 1 8s_.1936.7 J 104 10412 104
External a 1 88 hit rects-1950 .1 J 105 Sale 10434 10514 36 10112 106
65
9412 98
98
External water loan 7s__ _1956 M S 9712 Sale 971
96
93
Santa Fe (Prey Arg Rep) 78_1942 M S 94' Sale 94
9412 10
186
84
9514
95
1942 J J 9434 Bale 9414
Seine (France) extl 7s
874 97
9534 99
Serbs, Croats & Slovenes 8s-1962 M N 9512 Sale 95
9014
81
1936 M N 8858 Sale 8854
8954 30
Solssons(City) extl 68
1939.7 D 10438 Sale I043g
10518 20 10312 10614
Sweden 20-year 68
External loan 59413
1954 MN 10314 Sale 1034 1034 30 10112 1051;
7 113 11714
Swiss Confed'n 20-yr 8 f 881940 J J 114 Sale 114
11418
Switzerland Govt ext 5;0_1946 A 0 10278 Sale 102% 10314 63 10212 106
77
67
7538 38
Tokyo City 58 loan of 1912 1952 M S 7538 Sale 745
9914 10132
101
5
Trondhjem (City) eat'6346.19443 J 101 Sale 101
94
28
90
93
Upper Austria (Prov) 7s
1945 J D 923 Sale 9212
1091
5 10712 111
Uruguay(Republic)eat'88_1946 F A 109% Sale 109
78
951
943s 97
External s 1 6a
1960 M N 9514 Sale 9514
934 94
94
359
Yokohama (City) extl 6s _1961 J D 93% Sale 93%
Railroad
1943 J D 10234 10234 10278 Nov'26 -__ 1014 1034
Ala CA Sou 1st cons A 58_
Ala Mid 1st guar gold 58_,.l928 M N 10012 102 10012 Sept'26 ---- 10038 102
8418 87
1946 A 0 87 Sale 87
2
Alb & Susq cony 3158
87
1
8234 884
841
Alleg dc West 1st g gu 48-1998 A 0 8418 Sale 8418
2
9238 96
1942 M S 94% Sale 9414
Alleg Val gen guar g 45
941
1
754 8212
July 1995 Q J 7912 8012 7912
791
Ann Arbor 1st g 48
8912 94
93
57
Atch Top & 13 Fe-Gen g 42-1995 A 0 9258 Sale 9238
8814 9178
A 0 ____ ____ 9178 Nov'26 ---_
Registered
5
8434 8834
873
Adjustment gold 48-July 1995 Nov 8734 Sale 8734
874 8734
Nov 8412 ____ 8734 Sept'26 ---_
Registered
8412 89
23
July 1995 M N 89 Sale 8734
89
Stamped
834 85
MN 841 ____ 85 Sept'26
Relstered
2
8434 8972
1955 .3 D 88
88% 8838
Cony gold 48 1909
8854
8412 8978
1955.7 D 8712 Sale 8712
8858
6
Cony 48 1905
_
53% 8742
99 Nov'26
Cony g 43 issue of 1910__ _1960i D 9
84
934 8
96
93 87
1
9834 100
99
East Okla Div 1st g 4s_ __ _1928 M S
Rocky Mtn Div lat 49_ _ _ _1985 J .7 8938 ____ 9012 Nov'26 ---8612 901s
901
1
88
92
Trans-Con Short L 1st 48_1958 J J 9018 91
9018
Cal-Aria 1st & ref 434s A_ _1962 M 13 97%
9738 Nov'26 ____
947o 991,
Atl Knoxv 52 Nor 1st g 193-1946 J D 10418 ____ 10312 Apr'26 ____ 1031, 10311
Atl & Charl A List A 434,_l9443 J 9734 __ 9734 Oct'26
96% 984
20 10218 10434
1st 30-year 58 series B_-1944 J J 1034 Sale 10312 1033
Atlantic City let cons 413___ A951 J J 8518 87
8512 July'25
All Coast Line 1st eons 48 July '52 M B 94% Sale 94
38
92 1W4
941
1930 M N 10434 Sale 10434 10558 18 10434 107
10-year secured 75
General unified 43.4s
1964.7 D 9838 ____ 98%
9812
7
9314 9912
L & N coil gold 4s____Oct 1952 MN 9034 9114 92% Nov'26 --90
9434
Atl & Danv 1st g 48
2
1948.7 J 7914 80
7912
7912
76
824
2d 48
19483 J 7138 Sale 7012
7138 11
66
7612
Atl & Yad 1st g guar 48_ _ _1949 A 0 8212 Sale 82
8212 12
7614 88
Austin & NW 1st gu g 59__ _1941 J J 102
____ 10212 Nov'26 --- 10018 10812
Ball& Ohio 1st g 4s___ _July 1948 A 0
Registered
July 1948 Q J
20-year cony 43.55
1933 M B
RegisteredM 13
Refund
i
au &gen 58 series A_1995 .7 1)
1948 A 0
10-year 819
1929 J .1
Ref & gen 613 series C
19153 D
P L E di W Va Sys ref 4a_ _1941 MN
Southw Div 111 58
1950 3 J
Tol & Chi Div 1st ref 48 A_1959 J J
Ref .52 gen 58 series D._2000 M 13
Battle Crk & Slur 1st gu 3s_.1989.7 0
Beech Creek 1st gu g 4s_...1936 J J
Registered
J D
Beech Crk Ext let g 334s..._1951 A 0
Big Bandy lst 48
1944.7 D
Bost & N Y Air Line 1st 4s 1955 F A
Bruns & W let go gold 431.. _1938 J .7
Buffalo R & P gen gold 68_1937 M S
Consol 4558
1957 MN
Registered
MN
Burl C R & Nor 1st 5a
1934 A 0
Canada Sou cons gu A 5s___ _1962 A 0
Canadian Nat 435s_Sept 15 1954 M S
5-year gold 4355__Feb 15 1930 F A
Canadian North deb a f 713_1940 .7 D
20-year a f deb 635s
19463 J
10-yr gold 4I48_ __Feb 15 1935 F A
Canadian Pae Ry 424 deb stock__ J ,7
Carb & Shaw 1st gold 48.._ _1932 M B
Caro Cent 1st eons g 413
1949.7 D
Caro Clinch &0 1st 3-yr 58_1938 J D
1st & con g &series A__ 1952J D
Cart & Ad 1st gu g 48
1981 .7 D
Cent Branch U P 1st g 45_ _ _1948 J D
Central of Ga 1st g 5s_Nov 1945 F A
Conaol gold 58
1945 M N
MN
Registered
10-year secured 68...June 1929.7 D
Ref & gen 53.5s series 11 _ _ _1959 A 0
Chan Div pur money g 48_1951 .1 D
Mac & Nor Div 1st g St..1946 J J
Mobile Division 58
1946 J J
Cent New Eng lstgu
.1 J
Central Ohio reorg 494s
1930 M S
Central RR of Ga coil g 513_19371M N
Central of NJ gen gold 58_1987 J J
Registered
19871Q J
9312 Sale. 9212
8914 9312
9312 50
9112 ___ 9112 Nov'26
883s 9112
9884
97 Sale 9834
94
9714 118
____
96% Nov'26
8838 968.
n 9934 100
9934 gile"
95
9312 100
10434 Sale 10412 105
36 10214 105
10258 Sale 10212 103
93 10212 104
108 Sale 1075
, 108% 96 104 109
925 Sale 9238
10
8938 9234
925
98 102
10158 Sale 10112 102
76
7484 82
8158 Sale 8112
48
813
9712 9978
9934 Sale 9934
997e 95
61
6234 6412 6212 Oct'26 ____
8515
93
9572
9438 9612 9434 Oct'26 ____
94% 96
94 Aug'26 ----9494
80
83
8112 83
83 Nov'26
8972 9134
92
7278 80
2
81
931g 9514
9538 -9'2
7-- 9
895
01:4
4 Sept'26
26
10178 10312
10234 1031 10234 Oct'26
933
8712 9312
36
93% 9314 93
8714 8818
88
96
8818 Oct'26 ____
10014 10112
10012 ____ 10012 Nov'26
10472 Sale 1047s
1047s
8 10274 10514
9314 9554
9434 Sale 9434
9434 10
98
9912
99 Sale 99
991s 18
1152 Sale 11512 116
25 1148s 11714
11712 11814 11712 118
3 1164 11874
9734 Sale 972
98
26
9612 9814
8434 Sale 8434
804 87
8512 49
95
96
9414 July'26 __-_
94
9414
8418 Nov'26
_
8112 8472
841 -_
1 1017s 10372
102%1027
3t 102%
10238
10734 Sale 10754 10734 14 10674 1094
8834 Sale 8834
1
8114 90
888i
85
8614 8512
7912 8612
8612 14
10218 10512 10312 Nov'26
1034 106
10334 104 10334 10334
3 10212 1047.
100 102 101% Feb'26
10112 10135
1022t Sale 10212 10258
9 10218 10371
10434 Sale 10434
5 10174 10614
10434
8812 8818 Oct'26 --861s 8812
150" 103 1027 Sept'26 ____ 100
10314
102
__ 102
102
7 10138 102
7614 Sale 76l
7658
9
68
77
9812 ___ 99
Oct'26
98% 99%
10014 10012 10012 Nov'26 ---988s 10138
11112 11212 11114
11112 27 10872 113
11012 1112110912 Nov'26
10838 1113,
2758
New York Bond Record-Continued-Page 2
r,
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 26.
h
Price
Friday,
Non, 26.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 26.
t
Price
Friday,
Non, 26.
Week's
Range or
Last Sale
033
Range
Since
Jan. 1
Bid
Ask Low
High No, Low
High
Bid
Ask Low
High
High No. Low
1)134 9218 9134
914 35
8878 9218 Day dr Mich let cons4%5_1931 ▪ J 9814 _
984
977g 9812
9814
8914 ____ 90 Sept'26
90
90
Del & Hudson let & ref 4s___1943 MN 9438 Sale 9378
914 61)
904 95
9712 ____ 9712 Nov'26
9834 9712
30-year cony be
1935 A
115 Sale 11412 11558 63 1084 12212
9012 Sale 9012
3
87
901 2
902
15-year 53s
1937 MN 104 Sale 10414 10414
3 10278 10512
10178 Sale 10112 10178 216
9712 10?
10-year secured 7s
1930 S D 10678 Sale 10634 10758 88 10634 11018
118
__ 11812 Oct'26
11812 11812 D RR & Bdge 1st gu 4s g
1936 FA 9412
_
_
95
Apr'26
9414 95
10118 Sale 10012 10118 15 10014 10134 Den & K 0-1et cons g 4s 1936 J J
91 Sale 9078
9118 40
853s 9158
10312 Sale 10312 10312
4 1023s 10558
Consol gold 454B
1936 J J 9412 9512 95 Nov'26
95
89
10212 Oct'26
10114 10314
Improvement gold bs___ _1928 S D 9978 Sale 9912
9512 100
994 10
9634 Sale 9658
9
97
92
974 Den dr KG West gen 5s_Aug 1955 MN 7578 Sale 754
7578
62
754 191
1060
_ 5
. ,8
_ 6;i_e_ ,
9,
458 0c
,
V9218
4
934 9458 Des M & Ft D 1st gu 4s
1935 J J 34
41
29 Sept'26
39
4711
76
9778 997s
Temporary et's of deposit_ _
35
37
3634 Nov'26
333s 47
_ 10012 Sept'26
10018 10214 Des Plaines Val 1st 434s_ __ _1947 IM -f; 9378
9612 g678
9634 Aug'26
8434 -87
- -58 8618 Aug'26
88
83
Del & Mack-let Ilen g 45 1995 S D 7014 75
75 Nov'26
75
70
7
8758
- 8758
8534 8858
8734
Gold 4s
1995 S D 65
6718 85 Nov'26
65
65
1
84,
8 _864
- 844
8434
827g 8712 Detroit River Tunnel 43.1s196l MN 97
3
9712
964
97
943
4
9812
5
9912
9912 ---- 9912
9834 102
Dul Slissabe & Nor gen bs 1941 J J 10353 - 10312 10434
- - 10312 Oct'26
71 Sale 71
7173 14
65
7178 Dul & Iron Range Ist 5s_
1937 A0 10212 10338 10212 10212
3 10118 10312
71
____ 684 Oct'26
64
70
Dul Sou Shore & Atl g bs
1937'.7 75
82
2
8212
82
,
2
8114 9012
159
62
6112 Sale 6114
5138 62
6
- - 5938 5934
5934
51
5934 East Ry Minn Nor Div 1st 48248 AO 9114 93
91 Sept'26
9112
91
Nov'26
8858
8334 87
East T Va Sr Ga Dive 5s
1930 J J 10034 101 10034
3 10032 1014
10034
8412 Feb'26
8412 8434
Cons 1st gold be
1956 MN 106 10612 10618
loos 1003
934 9458 944 Nov'26
9138 9412 Elgin Joliet & East let g bs_ _1941 MN 10218 10412 10212 Nov'26
10212
7 10118 10478
7
9958 994 9958
9634 10014 El Paso & S W 1st bs
9958
1965 A0 10438
5 10238 1051,
10434 10434
984
- 9912 Mar'26
9912 9912 Erie let consol gold 75 ext_1930 M
10712 Sale 10712 10712
7 10534 1094
2
9338 Sale 9314
905
8
933
4
1st cons g 48 prior
9338
1996 is 8014 Sale 80
805s 15
7412 8034
9218 Mar'26
911s 9238
Registered
•
1997 ii 7658 7912 777s Oct'26
774 7778
107 Sale 10614
8 1024 10712
10712
let consol gen lien g 4s
1996 J J 7134 Sale 7134
73
72
166
84
106 10712 10512 OcC26
10358 10712
Registered
1996 J J
6834
6834
6834
85
8018 Sale 7978
8038 194
7318 9134
Penn coil trust gold 4s
1951 FA 98
9812 974
9818 24
Ws 984
10718 10712 1067e Nov'26
10158 10678
50-year cony 45 series A 1953 AO 7634 Sale 76
7714 57
8714 7712
69 Sale 6858
69,2 90
6418 7078
Series 13
1953 AO 7614 Sale 7614
6714 7712
53
77
Gen cony 4s series D
1953 AO 8012 Sale 8012
73is 85
8114 215
Chic Ind & Loulsv-Ret 69_1947 J J 11312 ---- 11312 Nov'26
_ 11078 11312
Erie .7, Jersey let 5!85
1955 .1
11112 Salo 1138 11112 19 104 11134
Refunding gold bs
1947 J J 10414 Sale 10414
1 101 10 114
10414
Genesee River 1st e f 58_1957 J J 11114 Sale 1114
11112 11 10414 11112
Refunding 48 Series C..,1947.7 J
9038 ____ 9038 Sept'26
7958 9038 Erie & Pitts gu g 35s B__1940 J J 8812 Sale
4
8812
92
8812
86
General 55 A
1966 M N 99 Sale 99
9958 16
92
9934
Series C 3 yie
1940 J J 8814
_ _ 8838 Sept'26
894
88
General 68 13
May 1966 .1 .7 10734 110 107
3 10314 10834 Est RR extl e 1 75
107
1954• N 934 Sale 9314
8112 9114
9334 162
Chic Ind & Sou 50-year 4&.1956 J J 8938 ___- 9014 Aug'26
8312 92
Chic L & East 1st 4 4
1 s____1969 J D 9614 _
9718 Nov'26
95
9718 Fla Cent & Penn 1st ext g 58_1930 J J 10012 101 10012 Nov'26
98 10012
C M & Puget Sd 1st gu 4s_ _ _1949 J
127
5514 -55-78
- 5512
56
5S
47
Consol gold bs
1943 5 J 10118 10112 101 Nov'26
984 102
S Tr certifs of deposit ______
88
56
5534 Salo 55
4578 58
Florida East Coast let 450_1959 .1
98
98
,
2
98
98
954
99
Ch M & St P gen g 4sSer A.e1989 -.1 854 Sale 8578
19
8614
8138 87
let & ref 55 series A
1974 M
9934 Sale 9912
994 161
97 1004
Registered
Q J 83___ 81 Sept'26 81
81
Fonda Johns & Gloy 4 Sis
1952 St N 6012 6078 6012
18
603
4
Ws
5818
General gold 3.158 ser 13._e1989 J .1 76
7i 7334 Oct'26
-_
704 744 Fort St U D Co let g 4yis
1941 J J 9314 9334 9014 Dec'25
Gen4l.ls Series C___May 1989J J 95 Sale 9412
95
18
9038 9512 Ft W & Den C 1st g
J D
-. 1084 Sept'26
103 107
Registered
9234 Nov'26 _
91
9234 Ft Worth & Rio Gr let g 48 1928 .1 J 10514974 0812
0778
98
20
984
98
Gen & ref ser A 414 s_ _Jan 2014 A 0 5714 Sale 5634
5834 257
4814 5534 Frem Elk dr Mo Val 1st 6s
1933 A 0 10712 109 10712 Nov'26
107 1084
Guar Tr certIts Of deposit
5738 Sale 57
474 5834
Gen ref cony ser 13 5s_Jan 2014 F--A 5534 Sale 554
15
17
1
57
8:
31 4
4712 5714 OH&SAM&P Ist be
1931 MN 10014 1037s 10012 1004 30
9714 10112
Guar Tr certifs of deposit
2
10
5
155
3
577
557358
14
4 3
5578 Sale 5538
47
5714
2d extens 5s guar
1931.7 J 100 10012 100
100
1 100 101
1st sec 65
1934
10414 Sale 10414 10412 15 102 103
Galv IIous & Ilend let 55......1933 A 0 1)612 Sale 9612
9312 99
97
10
Debenture 455s
1932 .11 13 56 Sale 56
47
575s Ga & Ala Ry 1st cons 5s.Oct 1945 J J 98 Sale 98
981 2 10
96 100
Bankers Tr certifs of deposit
56638
14 s
Salie 56
5758 473
4634 5758 Ga Caro & Nor Ist gu g 58_1929 J J
_- 10014 Nov'26
994 10012
Debenture 48
1925
56
4558 5734 Georgia Midland let 38
1946 A 0 99787212 73
7218
73
7218
83
U 8 Mtge & Tr ctfs of den-5712 274
56 Sale 56
467g 58
OrR&Iext letgu g 4 48_1941 J J 9658 ---- 97 Sept'26
954 974
25-year debenture 48
40
19341-i 554 5614 56
57
4712 57
Grand Trunk of Can deb 713_1940 A 0 11512 Sale 11512 11534 15 113
11812
Farm L & Tr ctfs of dep___
56 Sale 5534
5738 139
47
5738
L9-year s I 6s
1936M
107 10712 107
10712 15 10858 108
Chic & Mo Riv Div 55
1926
__
_ 9912 June'26
9812 997g Grays Point Term 1st 5s_ _1947 J D 9478 _--- 9512 Oct'26
9512 9512
Chic & N'west grog 3.14s
1987 MN
771 76 Nov'26 _ _ 745s 79 Great
Nor gen Is series A
1936
J 11318 Sale 11334 114
284 10934 11412
Registered
Q F 744 7612 7412 July'26 ____
744 7412
Registered
.1 J
1 11214 11358
General 4.9
1987 M N 8834 Sale 8858
17
8834
85,
8 8912
1st & ref 45.18 series A___1961 .1 J
Sale
138:56 96
9012 31 9112 9838
Registered
Q F 8814 96
87 Aug'26
8614 87
General 5 Sis series B
1952 S J 10712 1074 10714 . 10734 29 1025s 108
Stud 4.9 non-p Fed in tax '87 MN
_
8834 Nov'26
85,
8 8914
General be series C
1973 .1 J 10212 Sale 10212 10234 72
9714 103
Gen 4%s stpd Fed Inc tax_1987 MN 10358 Sale 10358 104
14 10114 104
General 4:is series D
1976
J
J
9338 Sale 9358
934 79
9034 957g
General 5s stamped__ _ _1987 M N 107 10778 10718
10714 20 103 10838 Green Bay & West deb ctfs A____ Feb
Oct'26
83
_--84
78
135
Sinking fund 68
1879-1929 A 0 1024 10334 103 Nov'26
_ 10112 10572
Debentures etre B
Feb 2312 Sale 2312
2334
1312 2334
Registered
A 0 10214
10234 Sept'26
10234 10334 Greenbrier Ry 1st gu 45____1940 M N 9138 -- -- 914 July'26 28
883
8
9114
Sinking fund 55
1879-1929 A 0 10114
Nov'26
_ 10114
10012 10318 Gulf Slob & Nor 1st 51,6s___1950 A 0 105
____ 10412 Nov'26
101 108
Registered
Oct'26 1879-1929 A 0 101 1-0-1-12 101
10012 101
Gulf & S I lst ref & ter g 53 _51952 J J 10512 ___- 107 Nov'26
10312 10712
Sinking fund deb 55
4 100 10212
1933 M N 10112 Sale 10112 10112
Registered
____ 10114 Aug'26
M N 101
10114 10114 Hocking Val 1st cons g 4 3is_1999 J J 9712 98
98
98
3
9132 98
10-year secured 7s g
1930 .1 D 1064 Sale 10658 101378 47 10614 1081g
Registered
1999 J J
-. 90 May'26
90
90
10 11114 11412 Housatonic Ry cons g 5s
15-year secured 68s g___ _1936 M S 11078 11212 11134 112
1937 M N 959812 9912
98
9512 9913
Nov'26
7
10314
let dr ref g 55
May 2037 J D 10278 10358 103
1937J J 101 Sale 1003s
99,
8 10414
Sr T C let g int guar
8 100 10234
111013
Chic R I& P-Railway gen 4s1988 .1 J 8714 8712 8738
6
8758
1930 M N 10134 ___- 10134 Mar'26
88
Waco & N W 1st Cis
85
10134 10134
_
Registered
.1 J
8478 Oct'26
8334 8512 Houston Belt dr Term let 58_1937 J J 9014 ---- 9834
9834
9612 100
Refunding gold 45
1934 A 0 92 Sale 92
9214 121
_ 10014 Oct'26
8712 9214 Houston E dr W Tex let g 58_1933 MN 101
10018 1011,
Registered
A 0
1933
894 Aug'26
M N 131
8814 9012
1st guar 5s red
_--- 101
101
4 100 10112
C12 St L N 0 Mem Div 43_1951 J D 894 _--- 8912 Nov'26
8634 9012 Hud dr Manhat 55 series A_ _1957 F A 98 Sale 9734
98,4 15
9212 98,4
St L & P let cons g 5s_ _ __1932 A 0 10118-- -- 101
Oct'26 -- 101 102
F A
Registered
97
Apr'26
97
97
Chic St P M & 0 cons(Is_1930 J D 10314 113353 10314 Nov'26 -- 10278 10412
Adjustment income 55 Feb 1957 A 0 8314 Sale 8212
834 219
7514 8312
Cons 88 reduced to 315s...1930 J D
95 Nov'26
941g 95
Debenture 55
1930M S 99
991g
9414-993
- --4 9918
5
gold
4s.
_
_1951
Central
1st
_
S
101
.1
Illinois
9814
934 Oct'26
__
9114 971's
Stamped
Oct'26
99 10018 99
1951 .1
91
0312-93
Registered
- - 93 Mar'26
9812 10014
93
93
Chic T H & So East 1st bs_ _1960 J D 9334 Sale 9218
189
94
1951 J
1,4
85, 8512 91 Sept'26
let gold 3 Sis
77
8314 91
Dec 1 1960 SI S 8678 Sale 8658
Ine gu 58
8734 181
Registered
7658 8734
89
J J 84
8234 Jan'25
_
Chic 17n Stan let eu 4;is A.1963 J D
9834
9834 Sale 98
8
Extended 1st gold 31,58--1951 A 0 8412 87
9418 9834
87 Sept'213
8318 53-7
let be series 13
1983 J J 105 10538 10514
10538 32 101 10578
1951 M 8 6814 80
1st gold 38 sterling
71
Feb'26
71
71
Guaranteed g 58
Collateral trust gold 4s
10 100 1011s
1944 J D 102 Sale 102
10278
1952 A 0 8934 9014 90
90
8812
92
5
1963J J 11818 Sale 11818 1184 51 11578 11914
let 615s series C
Registered
A 0 8434
_
8034 Nov'25
Chic & West Ind gene 65_491932 Q M
- - 10534 Sept'26 - - -4s
refunding
1955 51 N
9912 10612
1st
9338 Sale 934
934 15 -1515i8 935,
1952 J J 105Consol 50-year 45
24
8834 87- 8634
87
Purchased lines 35s
1952.7 J 8218 8312 82
81
8714
Oct'26
8138 8512
1962 M S 104 Sale 104
12t ref 51s ser A
10414 26 10012 105
Registered
J J 81
8412 July'25
Choc Okla & Gulf cons bs__ _1952 M N 104 Sale 104
1 1023s 10414
104
Collateral trust gold 45-.1953 M N 88 -883
--4 88
-191:
88
,
4
-i'&"
8
Cbs H & D 2d gold 4 tie_ _ _1937 J J 9712 9734 9718 Nov'26 96
Registered
984
MN
_
8512 Oct'26
8512 8512
c st L & C lst g 4s_ Aug 1938 G
9434
9534 Nov'26 -- -953j
Refunding 55
1955 Si N 1063
93
8544 10712
- 0634 Nov'26 _ _ _ 105 10812
F
Aug
1936
Q
9212 -953
_--4 9314 July'26 -Registered
1934 J
15-year secured 51is
9314 93,4
10212 Sale 024 10212 27 10134 104
CInLeb&NorgU4sg
1942 M N
894 91
91
Oct'26 - - - 8912 91
15-year secured 655811.-1936 J .1 113 Sale 13
113
2 11112 11334
Cln S& Cl cons Isle 5s.,,.1028 J J 9978 10038 10012 Nov'26 - - - - 10(1 10112
Cairo Bridge gold 43
1950J
9212 9278 9278 July'26
__
9018 9272
____ 8878
8878
1
Cleve Cln Ch & St L gen 4s_1993 J D 88
85
Litchfield Div let gold 38_1951 J J
8878
7538 77
7612
7612
74
7814
4
1931
.1 9938 Sale 9938 10012 25
20-year deb 48s
9714 10012
Loulsv Div & Term g 31-28_1953 J J 8212 ____ 8218
4 83
8218
803
1
D
./
1065
8
109
1993
104
Nov'26 - - - - 102 10418
General 5c Series 11
Registered
J
81
8118 Aug'26
_
783s 8212
23 10134 1037s
103
Ref & !mitt 68 series A__ _1929 J .1 103 Sale 10234
Omaha Div lst gold 3s_ ___1951 F A
7514 76.3-4 78 Nov'26 _ _ _ _
7312 76
1941 J J 10612 Sale 10612 10612
1 105 108
68 series C
St Louie Div Sr Term g 35_1951 J J
7518 _ _ 75
Oct'26
_
7334 75
10312 Sale 10312 10312
1963J
7
9934 10334
be sertes D
Gold 31,.8
1951 J J 8418 -8514
- 8512 Nov'26 _ _ _
8118 8714
9312
_
9312 Nov'26 - - - 91
9312
Cairo Div let gold 45_ _ _1939 J
Springfield Div 1st g 3M5_1951 SJ 8378
84 Sept'26 _ _ _ _
8212 85
854
851%
8
Western Linea let g 48
81,
4 8578
CID W tic NI Div 1st g 45_1991 J J
1951 F A 9014 ____ 90 Nov'26 _ _ _
8934 9011
--4 877g Nov'26 -874
8518-883
8212 881,
Registered
1951 F A
Eit L Dly 1st coll tr g g ts 1990 SIN
84 Aug'25
MN
8314 Feb.28 -- -8314 8314 ill Central dr Chic St L & N0
Registered
_ 9112 Oct'26 -89
9112
1963 J D 103 Sale 10212 10318 16
Spr & Col Div 1st g 45-1940 M
Joint let ref ta series A
9918 10311
9118-94
- - 8112 May'26 -8111 90
1951 J D 10412 10512 10414 Sept'26
Gold 5s
W W Val Div 1st g 4s____1940 J J 9012
10314 10512
8 107 1074 Nov'26
- 1041g 10734
.1 104,
Registered
CCC&I gen cons g 6s____1934
J D 10118
10214 Apr'26
10214
10214
1014
2 10114 10234
1951 J D 794 _ _
Gold 332s
Clev Lor & W con Ist g 5s__1933 A 0 10118 10178 10158
7812 784
7812 Feb.26
_ 994 Sept'26 - - 9938 9953 Ind Bloom & West 1st ext 43_1940 A 0 924
Cleve de Mahon Val g 5s ,.,,1038 J J
9112 Nov'26
924
91
9912-993
- -4 9834 Nov'26 -1935 M N 9812
96311 9834 Ind III & Iowa 1st g 45
DI & Mar 1st gu g 450
1950 J J 9138
_
8934 92
9134 Oct'26
9914 Aug'26 -991g 9918 Ind & Louisville let gu 45
1956 J .3 8314 -8434 8314
Cleve & P gen gu 4 yis ser B_I942 A 0
7938 8412
8358
5
Mar'26
0112
Ind
.7
union
10112
5
Ry
10112
gen
1942
be ser A 1965 J J 10214 10278 10218 Nov'26
-js
Series 4 ,
10038 104
8312 86
8512 ____ 8514 Oct'26
1948 M N
Gen dr ref 50 series B
1965 5 J 10214 10312 10212 Sept'26
Series C 310
10078 10311
845s 85's Int & Grt Nor let 6s ser A 1952 J J 10638 Sale 10612 107
1950 F A 8412--- 8458 Sept'26 - - 1s
Series D 31,
103 10712
13
9734 10112
1
Adjustment 68 ser A July 1952 Aprl 83 Sale 8212
Cleve Shor Line 1st gu 4 y4s_1961 A O. 10014 1-03 10012 10012
83
83
68
105
10512 10838
1972 A 0 108 10838 10734 10734
Stamped
Aprl 7814 79
8914 8012
Cleve Union Term 5iis
7878 Nov'26
1973 A 0 10312 104 1034 10458 10 10034 10434 Int Rys Cent Amer let 5s__ _1972 M N ---- 7612 76
lst s f 5s ser B
81
7614
76
8634 88,
8812-- - 8838 July'26
8
1945 J
let coil tr 6% notes
1941 M N 95 Sale 95
Coal River Ry let gu 45_
9514 35
9412 98
3
9814 9912 Iowa Central 1st gold 58
- 9858
9838
1938 J D ____ 56
Colorado & South 1st 12 4s_ _1929 F A 9812 9914
655e
55
11
55
56
33
9538
9712
964
Certificates of depoelt
Refunding & eaten 4YA 1935 M N 964 Sale 9634
5412 544 55
65
55
7
55
2
8718 9212
891 2
Refunding gold 4s
1948A 0 8958 9212 8912
1951 M S 164 Sale 1612
Coi&ilVistextg4s
2313
15
4
184
871g 90
8934 Nov'26
894
James Frank & Clear let 45_1959 J D 9118 92
1955 F A
Col & Tol let ext 48
5
9114
8838 9114
9114
81
88
88 Nov'26
Conn dr Passum Riv 1st 4s 1943 A 0
__ 9312 Oct'26
7512 9312 KaA drOR 1st gug 5s
1930 F A
1938J
Consol Ry deb 4s
101 101
10212
_ 101
Apr'26
6512 73
68 Nov'26
9212-73
Kan & M 1st gu g 4s
1954.7 J 69
1990 A 0 8412 -ii 8512 Nov'26
87
83
Non-cony 48
70
70
70 Sept'26
2d 20-year 5s
1927 J J 9934 1001s 9934 Nov'26
J D
9934 10114
Registered
654 75
Oct'26
K C Ft El & M cons g 6s
72
1928 M N 10134 Sale 10138 10134
1001s 10332
Non-cony debenture 4s_ _ _1965 J .1 7534 76
1
8512 74
69
8912 93
K C Ft S & M Ry ref g 45_1936 A 0 9212 Sale 9212
Non-cony debenture 4x_ ..1956 J J
73
69
69
924 102
931z 9322 9312
884 9612 KC&MR&Blistgu 53_1929 A 0 9914 9934 9978 Ch3V26
9512 13
Cuba RR let 50-year 559-1952 J
9834 10214
10
,
,
912 10 105 110
10
,
813
76
Kansas City Sou let gold 35_1950 A 0 74 Sale 7378
let ret 71-is
Sale
17 ,
1938J D 108
72
,, ,
744 10
5
9712 100
Ist Lten dr ref (is ser
Ref & impt 68
1936 .7 D
9338 9912
Apr 1950.7 J 9834 Sale 9834
99,4 49
9
98
9214 98,
Cuba Northern Ry 1st 6s_ _ _1966 J J 974 Sale 9734
4
Cent Pac let ref gu g 45____1949 F A
Registered
F A
Mtge guar gold 35421_ _Aug 1929 J D
Through St L let gu 48___1954 A 0
Guaranteed g be
1980 F A
Charleston & Savannah bs_ _1936 J J
Ches & Ohio fund & hoot ts_1929 J
let consol gold be
1939 M N
Registered
1939 M N
General gold 4Sis
1992 M S
Registered
1992 M
20-year cony 4'1e1930 F A
Craig Valley let g 515
1946.7 .1
Potts Creek Branch 1st 45.19462 J
& A Div 1st eon g 4s_ _1989 J J
2d consol gold 4s
1989 J .1
Warm Springs V 1st g 5s 1941 M s
Ghte & Alton RR ref g 3s...._1949 A 0
Ctf dep stud Apr 1928 int__
Railway first lien 3 Yis__ 1950
Cite dep Jan '23 & sub COUD
Chic Burl dr Q-III Div 3 e_1949 J J
Registered
J J
Illinois Division 4s
1949 J J
Nebraska Extension 4s
1927 M N
Registered
M N
General 45
1958 M S
Registered
M 8
1st & ref 58 series A
1971 F A
Chicago dr East III let 8s__ _1934 A 0
C& Ill RV (nem co) gen 63_1951 MN
Chic & Erie let gold 55
1982 M N
Chicago Great West 1st 4s 1959 M
hue Tab. • Due May. p Due Dee
New York Bond Record-Continued-Page
(-759
3
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 26.
Price
Friday.
Nov. 26.
Week's
Range or
Last Sale
Range
Since
Jan. 1
High
High No. Low
Rid
Ask Low
85
8858 59
Kangas City Term 1st 31.5_ _1960 J J 8814 Sale 8814
8834
92
86
Kentucky Central gold 4s_1987 J .1 8718 89
1
8714
8714
J 8314 8434 85 Nov'26 - - _ _
81
9112
Kentucky & Ind Term 43313_1961
85/
1
4 9014
1961 J ..1 8712 913 9014 Nov'26 -Stamped
10238 ____ 10218 Nov'26 -- 100 103
Lake Erie ag West 1st g 56_ 1937.1
992
8
.1
1941 J
9838 101
2d gold 55
_
9934 Nov'26
7858 82
Lake Shr & Mich S g 3348_1997 J D 8012 12 82 Nov'26
1997 J D
80
77
Registered
7818
781g
29
1928 M S 99 Sale 9878
9833 9934
Debenture gold .03
99
1931 M N 9713 Sale 9712
9758 22
9614 9734
25-year gold 45
1931 M N
Registered
96 Dec'25
10438 ---i ioi- 1-6ELeh Val Harbor Term 58_ _1954 F A 1043s 1-6g- 10438
90
99
9812 ____ 9878 Nov'26 -- Lell Val NY 1st gu g 43s_1940.
3 J
N
8258 8714
Lehigh Val (Pa) cons g 4s_2003 M
7
8614
86 Sale 86
M N
89
83
Registered
80% May'26
92
99
General cons 433s
9638 Sale 96
6
9638
Lehigh Val RR gen 59 series_Egg :Z4 1%,fi 10514 Sale 105
8 100% 10534
10514
Leh V Term Ry 1st gu g 5s_ _1941 A 0 1021 10334 10334 Nov'26 -- 102 105
9058
85
Leh & N Y 1st guar gold 4s_1945 M S 8858 89
8934 Nov'26 -___ 108
Eel & East 1st 50-yr 58 gu_ _1965 A 0
Oct'26 - 10513 110
8458 8712
Little Miaral 45
1952 M N 1081286
8613 Oct'26
88
Long Dock consol g 65
1935
109
Oct 26 ---- 109 10934
ti
2 10018 101
Long Isld 1st con gold 5fauly
10034
i0034 Sale 10034
94% 9712
1st consol gold 48_ _ _July1931 Q J 9712 ____ 9713 Aug'26 -9058 93
General gold 48
1938 4
9278
93
93
6
97
Gold 48
97
1932 J D 9438 ___ 97 July'26 -- -8438 9158
Unified gold 4s
1949 M S 8858 -87
89
89
9738 99%
Debe ture gold 5s
1934 .9 n 9912 998 9934
9934 10
20-year p m deb 55
94 100
4 P 98 Sale 98
85
9038
10
1
Guar refunding gold 4&.,1940 M S 8818 Sale 8818
8
98
814
994 10034
Nor Sh 131st con gu 58_0ct '82 Q J 9938 100
8914 Nov'26 - 99% 101
Louisiana & Ark 1st g 58_1927 M S 10034 101 1001 Oct'26 -8658 9013
Lou dr Jeff ridge Co gu g 48_1946 M S 8834 9018 9014 Oct'26
Louisville & Nashville 5s
1
4
1937 M N 105
____ 10312 Nov'26
- 10212 105/
2
Uplfied gold 48
9314 95%
9558
9558 Sale 9558
1940 J J
Collateral trust gold 511_ _1931 M N 10012 ____ 10118 Nov'26 - - 10038 104
10-year secured 7s
10618 Sale 105/
1
4 10618 20 105 10912
10 10514 11014
1st refund 53i8 series A 20t81
108
.13%rt 108 Sale10714
1st
& ref M series B
10514 10558 10558
10558 10 101 10814
98 10014
9
let & ref 4336 series C.. _2
9913
3 A 0 9912 Sale 9914
200
993
N 0& M 1st gold 8s
10378 10418 10378
1930
7 10378 107
1038
2d gold 68
10312 105 10334 Oct'26 - - 10312 104
1930 5
_
Paducah & Mem Div 4s.
91% 93
9234 9314 9212 Nov'26 ---.l946
1946 3
'A
St Louis Div 2d gold 35_1980 M
6512 68
6758 ____ 6713 Nov'26 - - -Mob & Montg 1st g 4335_ _1945 M S 10098
9834. 9958
100-34 Aug'26 - -8518 89
South Ry joint Monon 48_1952 J J 8758 -gg14
- 8758
8814 .3
90
9313
All Knoxv & Cln Div 45._1955 M N
9312 Sale 9314
9312 17
994 100
Lousy Cm & Lex Div g 4338'3 MN
9912 10038 9914 Nov'26
/
4 10134
Mahon Coal rtrt 1st Ss
10134 Mar'26 -- 1011
1934 J J 103
6012 67
Manila RR (South Lines) 4s_1939 M N 6478 -6514 65 Nov'26 -6212 7618
Ist 4s
7114 72
7114 Sept'26 -1959 M N
Manitoba S W Coloniza'n .5s 1934 J D 100
10012 Oct'26 -- 100 101
8311 85
Man GB &N W 1st 333s
8313 Oct'26 - -8414 87
1941 J .1
Mich Cent Det &Bay City 5s. 318 M 10158 10134 10134 Nov'26
- 10078 102
QM
Registered
9958 101
101 June'26
Mich Air Line 45
9258 9558
9318 Oct'26
1940 J J
J J
92
92
Registered
92 Nov'26
1961 M S 83%
L & S lat gold 334e
79
6038
79 Mar'26
-1st gold 333e
83
86
1
8512
86
86
1952 M N
29-year debenture 4s
9353 98%
I
9814
1929 A 0 9838 -gg5re 9814
1940A 0 9514 9612 947 Oct'26 -Mid of N J lst ext 5s
9013 95
MOw L S & West imp g 58_ _1929 F A 10034 1007g 10034
10034 11 10018 101%
Mil & Nor 1st ext 4 143(blue)1934 J D 9513 9612 9413 Dec'25 -Cons ext 433s (brnfl
9512 Nov'26 -- -551.8 9912
1934 J D 9512 96
Mil Spar & N W 1st gu _ _ _1947 M
93
89
9118 9414 92
Oct'26 -& State L 1st gu 3%3_1941
8138 Dec 25 -_-83
now
Minn & St Louis 1st 7s
1927 D
1st guar g 7e
1927 J
lot consol gold 58
1934 MN
M N
Temp cUs of deposit
1st & refunding gold 45._ _1949 M ...8
Ref & ext 50-yr 5s ser A.._1962 W
1113tP&SSMcong4sIntgu'38J
1938J J
lat cons 5s
1st cons 5egu as to int__ _ _1938
10-year coll trust 8 Sig__ _1931 m
let & ref 6s series A
1946 J J
25-year 533s
1949 M 8
1st Chicago Term s f 48_ _ _1941 M
Mississippi Central 1st 58.._ _1949 J
Mo Kan & Tex-lst gold 48_1990 .
J 1.!
Mo-K-T RR-Pr 152 ser A_ _1962
40-year 48 series 13
1962 J J
10-year 60 series C
1932 J J
Cum adjust 5s ser A Jan_ 1967 A 0
Missouri Pacific
lot & refunding 58 Fier A 1965 F A,
lot & refunding 64 ser D 1949
let de refund 68 ser E_ _ _1955 m N
General 4s
1975 M 8
Mo Pac 3d 7s ext at 4% July 1938 MN
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 26.
E3
Nov'26 -Nov'26
Oct'26
Nov'26
1
18
1313 10
8812 13
2
9834
9838 41
9
1027
6
10114
1
8912
Mar'26
Nov'26 -8712 17
10112 35
851/4 21
3
103
290
95
Week's
Range or
Last Sale
Ransil
Since
Jan. 1
Bid
Ask Low
High
High No. Low
N Y Central & Hudson RiverMortgage 333s
1997 3, 8078 Sale 8013
7610 5111
8078 13
2
Registered
1997 3' 79 Sale 79
7618 8038
80
1934 MN 9638 9658 96%
Debenture gold 45
94% 96/
9634 31
1
4
MN ---- -- 9454 Sept'26
Registered
94% 94/
1
4
J
J
debenture
45
1942
5
30-year
9512
9512
924 97
9514 _ _
Registered
93 Feb'25
2
Lake Shore coil gold 33313_1998 FA -i9i8 SO
16"
79
7914
1998 FA
Registered
76
78
77 Nov'26
3
Mich Cent coil gold 3148.1998 FA 7934 i63-4 79%
78
84
81
1998 FA
Registered
77
80
7834 Sept'26
N Y Chic & St L lat g 4s.._ _1937 AO 05a 953, 95
92/
1
4 9513
9512 25
1937 AO
Registered
92
9314 May'26
9314
5
9613
1931 MN 9613 967s 9612
25-year debenture 4s
93% 97%
25 10214 105
1931 MN 102% Sale 10213
2d 68 series A B C
103
9
Refunding 5339 series A _1974 AO 10414 10412 1041
/
4 10478
9812 105
Refunding 53313 series B 1975 3, 104 Sale 104
26
105
9814 10534
NY Connect 1st gu 433s A.._1953 FA 96 Sale 96
92
95
,
4
9634 15
1953 PA 103
1st guar 55 series B
10318 41 10012 104
____ 103
9134 Oct'26
N Y & Erie 1st ext gold 48..1947 MN
8911 9134
1933 MS
98 Sept'26
3d ext gold 4338
98
98
1930 A0 10018 -- 10058 Mar'26
4th ext gold 58
10014 10034
1928 JD 9814 -- 99 Mar'26
5th ext gold 4s
9834 99
9918 Nov'26
N Y & Greenw L gu g 5s___ _1948 MN 10018
94
993s
3
2000 MN 79% ---- 80%
NY & Harlem gold 333s
794 8034
8034
N Y Lack & W 1st & ref 58_1973 MN
1973 M N
First & ref 4335
1930 M S
NYLE&W lst 7s ext
1932 F A
N Y & Jersey let 53
N Y & Long Branch gen g 451941 M S
NY&NE Bost Term 40_1939 A 0
NYNEI&Hri-edeb 4s1947 M S
M
Registered
Non-cony debenture 330_1947 M
Non-cony debenture 3346_1954 A 0
Non-cony debenture 49..„1955 J .1
Non-cony debenture 4a.._ _1958 M N
1956
Cony debenture 333s
1948 J J
Cony debenture 68
J
Registered
1940 A 0
Collateral trust fie
Debenture 48
1957 M N
Harlem R & Pt Ches 1st 451954 M N
N Y & Northern Ist g Es__ _ _1927 A .0
NY 0& W ref 1st g 4s_June 1992 M S
General 45
1955.9 D
N Y Providence & Boston 4s.1942 A 0
N Y & Putnam 1st con gu 451993 A 0
N Y & R B 1st gold 55
1927 M S
NY Snag & West 1st ref 58.1937.9 J
2d gold 433s
1937 F A
General gold 5s
1940 F A
Terminal 1st gold 58
1943 M N
N Y W'ches & B Ist ger I 433e'46 J J
80 July'25
_
101
101
101
10512
10618 July'26
10012 1-664 100%
100%
9034 Oct'26
90
92
89
_ 9158 Oct'26
76 Nov'26
7512 -77
60 June'25
_ _ 70 Aug'26
67 Nov'26
6866% 88
7534
75/
1
4 76
7534
7558
75
75% 7558
6678 6714 604
674
10512
10512 Sale 10458
102
Oct'26
10212
10214 gale 102
6834 Sale (3834
6918
8878 8914 8914 Nov'26
10014
100 Sale 100
7512
7512 Sale 75
7112
7112 Sale 70%
8814 Sale 8814
8814
8813 89% 8812.Nov'26
993 -- 100 Nov'26
8313
8312
83548 85
7118 Oct'26
75
70
69 Nov'26
6014 68
99 10014 99 July'26
79% Sale 784
7912
Nord By ext'l e fO34e
1950 A 0
Norfolk South lst & ref A 58_1961 F A
Norfolk & South 1st gold 58_1941 M N
Norfolk & West gen gold 613_1931 M N
Improvement & ext 6s
1934 F A
1932 A 0
New l'iver 1st gold
1996 A 0
N & W Ry lst cons g 4s
1996 A 0
Registered
Div'l 1st lien & gong 45.1944 J .1
1929 M S
10-yr cony. 6s
Pocah C & C joint 4s_ _ _1941 J D
North Cent gen & ref 59 A..1974 M
1945 A 0
North Ohio lat guar g 5s_
North Pacific prior lien 4e A997 Q J
1997 Q J
Registered
Gen'l lien gold 3s___ _Jan 2047 Q F
Jan2047 @ F
Registered
Ref & Impt 434.3 series A__2047 J J
J .1
Registered
Ref & impt 6s series B____2047 J J
J J
Registered
Ref & impt 55 series C -__2047 J J
Ref & impt 55 series D_..2047 ,J .1
Nor Pac Term Co 1st g 65..1933 J
Nor of Calif guar g 5s
1938 A 0
North Wisconsin 1st 69
1930 J
88 Sale 88
88/
1
4 127
8878 58
88% Sale 8814
10014 1001 100 Nov'26
105% 1061 106 Nov'26
1
4 Nov'26
10834--- 108/
10678 1074 1067s Oct'26
9314 Sale 92%
9314 16
9013 Oct'26
1
93
93
9312 93
15234 Nov'26
160
93
93 Sale 93
10514 10614 10413 Aug'26
5
943
94
9412 9413
90% 48
9058 Sale 9013
8918 Nov'26
_
63
661
6518 Sale 6518
64/
1
4 Nov'26
5
94% Sale 9438
94%
11238 Apr'25
11334 Sale 112%
113% 60
11014 Mar'26
_
ioi gitie 103 103 62
10
10234 103 103
103
10974 110 10934 Nov'26
10414 105 10434 May'26
10234 _-_- 10258 Oct'26
98
9812
100 100
54
57
55
6334
1734 23
12
1614
8578 9112
9713 99%
9712 9934
10158 106
10038 105
88% 9713
93
93
93 10118
84% 88
9614 103
8012 8611 Og & L Cham Ist gu 4s g
1948 J
101% 10414 Ohio Connecting By 1st 413_1943 M
1936.9 D
9012 9534 Ohio River RR let g 55
General gold 513
1937 A 0
8914 100
Oregon & Cal 1st guar g 5s 1927 J
9858 Sale 985.3
994 17
10858 Sale 10612 106% 38 10134 10714 Oregon RR & Nay con g 4s_1946 J D
10634 Sale 10634
10714 67 10134 10714 Ore Shore Line 151 cons g 55.19463
65
7412
Guar cons 5s
1946.9
505
74
74 Sale 73%
93
Guar refunding 4s
88
1929 J D
92% Oct'26
921.s 93
Oregon-Wash 1st & ref 4s_ 1981 J J
Pacific Coast Co 1st g 53
1946 J D
Mob & 13ir prior lien g 58_.1945 J J 10018 ____ 99 Sept'25 -7924 -Ws Pac RR of Mo 1st ex@ g 48..1938 F A
Mortgage gold 48
1945 J
5
86
86
_
86
28 extended gold 55
7834 87
Small
1938 J .1
1945 J
7834 8578 7834 Sept'26
Mobile & Ohio new gold 65._1927 J D 101 10113 101
1 10078 103% Paducah & Ills 1st s 04 345.19553 J
101
lst extended gold 88...Ju1y1927 Q J 10012 101 101 Nov'26 -- 10013 10614 Paris-Lyons-Med RR 6s___ _1958 F A
1938 M $ 9258 9518 9212 Nov'26 -90
9212
General gold 4s
Sinking fund external 70_ _1958 M S
Montgomery Div let g 58_1947 F A 9878 9934 99 Nov'26
Paris-Orleans RR s f 75
9854 101
1954 M S
9913 10012 Paulista Railway 7s
1927 J D 100 10014 100
2
1942 M J3
100
St Louis Division 58
87
9858 Pennsylvania RR cons g4s 1943 M N
Mob & Mar 1st gu gold 4s...1991 M S 9012 91
901
/
4 Nov'26
1094 11212
Consol gold 4s
Mort C let gu g 6s
1948 M N
1937 J J 11238 ____ 11314 Nov'26
10914 10914
J J
Registered
4s steel stpd dollar_May 1 1948 M N
10914 Oct'26 -- 10113
10334
lot guar gold 58
Consolidated 434s
1960 F A
1937 J J 10338 194 10334 Nov'26
7734 81%
Morris di Essex let gu 3338_2000 J D 7914 ____ 79/
General 434s series A....1965J D
7958 17
1
4
Nashv Chatt & St L 1st 58_1928 A 0 10034 Sale 10034
General Eds series B
19683 D
10118 11 10038 101%
1937F
1003
4
10318
10-year secured 78
4
1930 A 0
N Fla & 1st gu g 5s
10134
A. 10134 Sale 10134
15-year secured 634s
Nat Ry of Mex pr lien 433s_ _1957 J
1936 F A
Apr'25
19
_
July 1914 coupon on
Registered
F A
30 Sept'25
2213
15
40-year gold 513
Assent cash war rct No 3 on
1984 M N
16 113-4 1712 Nov"26
.
-1
Pa Co gu 333s coll tr A reg 1937 M S
Guar 70-year s f 4s
1977 A
8712 Aug 25
Guar 330 coil trust ger B_1941 F A
pril 1914 coupon off
A 0
8
18
71132 Aug1'2
815
4
179k 27
Guar 3335 trust ctfe C___ _1942 J D
Assent cash war rct No 3 on
24
2738
Guar 333s trust ctfs D._.,,1944 J D
Nat RR Mex prior lien 4335_1926
3812 July'25
J J
Guar 15-25-year gold 4e
1931 A 0
July 1914 coupon on
24 Sept'25
23 15-12
Guar 4s series E
Assent cash war rot No 3 on_
1952 MN
1612 23
3014 Nov'26
1951
Apr'25
let consol 48
28
A 0
Peoria & Eastern 1st cons 43_1940 AO
1812 21
April 1914 coupon on
_ 1812 June'26
Income 48
13
1990 Apr.
205re
Assent cash war rct No 3 on. - 1412
1334 1414 1412
Peoria & Pekin TJn 1st 533s_1974 A0
954 10018 Pere Marquette let ser A 58A956 5.9
1945J
9718 101 10018 July'26
New England CMS 5s
87
let 4s series B
1956.3,
81
8638 ____ 8838 Nov'26 - -Consol 4s
1945.1
N
8438 8514 Phila Bait & Wash 1st g 4s-1943
8414 ____ 8438 Sept'26 - - N Juno RR guar let 4s_ _ _ _1986 F A
1974 FA
General 5s series B
9234 9758
2
9613
NO&NE ler ref&imp 4345 A'52 5 .3 96% 9612 9613
84
8814 Philippine By 1st 30-yr 86 4s 1937 J J
1
87
87
87
88
New Orleans Term 1st 4s_ 1953 J
1
4 Pine Creek registered 631-1932 JO
9814 100/
NO Texas & Mex n-c ino 513_1935 A 0 9934 100 100 Nov'26 -.
1940 A0
96 10078 PCC&StLgu 43313A
1954 A 0 10014 Sale 100
10034 113
let 5s series 13
1942 AO
Series B 433e guar
1047 Sale 1047
28 10218 10513
105
1st 533s series A
1942 MN
9413 97
Series C 4 Jis guar
9634 ____ 9658 Oct'26 - - -.
,38 Bdge gen guar 4 303_ _1
19
94
85
4J J
1945 MN
9934 102
Series 1)4s guar
NYB&MIllstoong5s_1935 A 0 1003 ____ 10114 Nov'26
M N 107 Sale 10658
Series E 3338 guar gold_1949 FA
8 104% 109
10712
NY Cent RR cony deb 6S1935 M
N
1953 3D
Series F 45 guar gold
106% May'26 -- 10813 10611
Registered
1957 MN
8534 9014
8978 Sale 8912
1998
Series() to guar
89% 53
Consol 4s series A
924 9812
2013 AO 977 Sale 96/
9814 47
1
4
Ref & impt 434e • A"
0
106
A
10114
C..._2013
1053
4
10513
Sale
1057
e
freserlee
91
Impt
Ref &
AO
10318 10378
10334 Oct'26
Registered
9934 100
9812
9813 9934 100
57
56
58
55
18
-13- -1_
i 1313
8813 8834 8812
9834 Sale 9834
9734 977 9838
10214 Sale 1028
10114 Sale 10114
8912
90
92
93
9478
934 96
8718 Sale 8718
10114 Sale 10114
8538 Sale 8514
10234 Sale 10234
9434 Sale 9418
Price
Friday.
Nov. 26.
1
2
1
5
12
89
41
14
5
31
17
4
4
39
-55218 1-6i10614 10634
10034 10118
90
90%
91%
88
7013 7718
62Is 76
61% 7014
6534 76
57% 76
74
61
97% 10512
96 102
9613 10212
58
70
8434 89%
100 10038
67/
1
4 78
6212 7112
8814 884
884 881:
100 10034
7734 8974
73
64
741,
63
9734 99
6934 7912
7714 80/
1
2
7754 90
98 101
10514 108
10813 110
10678 107%
9018 9344
9218
89
9073 9413
138 167
94
91
100% 104%
88
9714
864 91
86
8913
61% 13412
6418
60
87
9513
10814 1-111
.
3
11014 1104
984 104
9814 10314
NA 1104
10113 1054
10213 10314
27
52
7912 Sale 793
78
80
9214 ___ 903 Dec'25
10013 1025o
102 10214 1015s Oct'26
1 10034 10212
1011
10114 10212 1014
10014 Sale 100
10014 35 100 1014
92 Sale 92
8914 9212
7
92
10634 1073 10714 Nov'26
10434 108
1 10514 108
107 10814 107
107
22
98/
1
4 Sale 9814
9674 9874
983
8334 88
87 Sale 8634
874 20
17
934 94
9134 96
933
935
9112 9454
9334 9434 9434 Nov'26
100 10134
102 10213 10112 Oct'26
9614 9814
9714 9814 975 Oct'26
7312 8814
8438 Sale 8312
84713 -238
82
279
9412
9312 Sale 9314
9374
82
9312 244
9234 Sale 9212
2 10032 10314
10154 102 10134 10154
9314 9554
95
__ 9534 Nov'26
1
9112 9934
9412
9413 Sale 9412
1
9114 9814
94% 9413 9334
93,
4
987g 10134
10114 24
10114 Sale 101
9918 60
9414 9914
987 Sale 9878
10634 41 10234 107
10714 Sale 1065s
1
4 10733 03 10654 10834
10678 Sale 106/
11214 30 11132 11312
112 Sale 1117s
11114 11214
_
11114 Oct'26
9834 10214
10258 52
10212 Sale 10214
87
87
87
Oct'26
87
5
83
87
8512 ____ 87
8414
84
8474 ____ 8412 Aug'26
85
8
82
85
8412 ____ 85
9
9614 97
,
4
9712 Sale 9738
9712
881
, 8914
883, 887 888 Nov'26
8618
8578 Sale 8512
4014 4034 4034 Nov'26
10234 Nov'26
103
104
10334 1-04 103%
8814 88% 8814
8814
9434 9514 9434 Nov'26
10912 11034 1091 Nov'26
4214 4213 42 Nov'26
10638 10714 10514 Mar'25
9938
99% Sale 9914
9912 Sale 9912
9912
9912 Sale 9734
9913
9412
9412 Nov'26
9512 Nov'26
951
__
94%
8-9734 9712 Nov'26
9413
95
95
67
17
2
4
4
8
7953 874
35
42
10014 104
10118 10418
8538 8872
9332 9514
10614 11112
4012 45
957e 1001.,
9634 9912
9714 9912
9312 98
9214 9512
9274 9712
93
9712
276C
BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 26.
New York Bond Record—Continued--Page 4
Price
Friday.
Nov. 26.
Veek's
Range or
Last Sale
o;,
%
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 26.
Price
Friday,
Nov. 26,
Week's
Range or
Last Sale
Rang*
Since
Jan. 1
"
High
Bid
High No. Low
Ask Low
Bid
Ask Low
High
High No. Low
Pitts Cin Chic & St L (Concluded)
17 N RR & Can gen 43_1944
9414
9212 Dec'25
Series H 4s
1933.3 J 9614 9818 96
1960 F A 95Is
9714 9712 Utah & Nor lat ext 4s
9712 Nov 26
Oct'26
-133172 96
Series I cons guar 4Sis_1963 F A 97 Sale 97
6
95/
1
4 9818 Vandalia cons g 4e series A_ _1955 F A 9012 Sale 9012
97
4 88
9012
9013
Series 4She
Consol 48 series B
1957 M N 9012 ____ 9012 Oct'26
1964 M N 9814 9738 97 Nov 26
Nu 9034
96
9814
General M 53 series A_1970 J 13 10612 Sale 10614 10612 29 100 108 Vera Cruz & Plat gu4 Sis 1934 J J
20 Sept'25
Registered
July 1914 coupon on
J J 23 -21- 24 Apr'26
102 102
J D
102
Oct'26
24
24
Gen mtge be series B
Assenting let &Sig
1934
1975 A 0 10678 Sale 10614 1067s 43
99/
1
4 108
33
24 Nov'26
22
Pitts & L Erie 2d g 5s_ _Jan 1928 A 0
Virginia Mid 63 series F-1931 J J ionis 102 101 Sept'26
100 101
10034 100 Nov"26
101 101
General be
1936 M N 10238 102/
103 106
1
4 10714 106
PlttsMcK&Y1stgu6&j9323 J 105/
Oct'26
101 10238
1
4 10238 Nov'26
Pitts sh & E lst g 53
10078 103/
1940A 0 10134 Sale 101/
9912 103
1
4 Va & Southw'n 1st gu be-2003 J J 10118 104 10112 Nov'26
1
4 10134
1st consol gold bs
1943 3 J 10112
let cons 50-year 1/
1
4
1958 A 0 97 Sale 9518
10134 10134
12
_ 1011
/
4 June 26
9034 97
97
Pitts Va dr Char 1st 48
Virginian 151 58 series A
1943 M N
1962 M N 103/
9114 May 25
99/
1
4 10311
1
4 Sale 10278 10338 35
Pitts Y & Ash 1st cons 5a
1939 M N 10318 10338 103/
1 -fleis 1-0-614 Wabash 1st gold be
1
4 _
1927 MN 100/
10014 10014
2 101 104
1
4 10318
let gen 48 series A
2d gold Ss
9112
1939 F A 10112 Sale 10112 101/
91
1948 J D 925 ____ 9112 Mar 26
1
4 17
98/
1
4 102
1st gen bs series B
Ref s f 54is series A
1975M S 10334 Sale 10334 104
10212 105
1962 F A 10412_ 105 Nov 26
52
9812 105
Providence Secur deb 4s„...1957 M N 6712 -70 6812 Aug'26
Debenture B 6s registered_1939 M S 5114
6212 68/
1
4
83/
1
4 Felf25
Providence Term 1st 43
1st lien 50-yr g term 43_1954 J J 84/
8458 8438
1956 M S 8358 ____ 848 Aug'26
1
4 4
— 3-4 8412 Aug'26
84 WI;
Det & Chi ext 1st g bs
1941 J
10212
_ 10238 Nov'26
/
1
4
101 102
Reading Co gen gold 48
Des Moines Div let g 43_1939 J J 88 19 88% Sept'26
95/
1
4 99
1997 J J 10018 ____ 98/
8414 90
1
4 Nov'26
Registered
Om Div 1st g 3Sis
1941 A 0 82 8234 8134 Nov'26
J J
_ 44/
1
4 May'25
771s 83/
1
4
Jersey Central coil g 4s___1951 A 0 92 Sale 92
95
12
M
Tol
&
Ch
Div
g
43
•
1941
90
9212
8934
9012 Oct'26
87
9012
Gen & ref 41
/
48 series A_1997 J J 9712 Sale 9712
1
43......_2000 F A 75 80 80/
94/
1
4 9838 Warren let ref gu g 3/
97/
1
4 52
81
1
4 Sept'26
80
Richm & Danv deb be stmpd 1927 A 0 99/
9934 10012 Wash Cent 1st gold 43
1948 Q M 8534 8734 8518 Nov'26
1
4 100 100
Oct'26
84, 86
Rich & Meek let g 4s
Waal Term 1st gu 3Ha
80
78
1945 F A 8512 85% 8518 Sept'26
1948 M N 7814 8014 7912 Oct'26
83
Ws
Maim Term Ry let gu 53-1952 J J 10138 10212 10112 Sept'26
10012 10234
1st 40-year guar 4s___- —1945 F A .9212
9114
85 Oct'26
83
Rio Grande Juno let gu 53_1939 J D 10034 Sale 10034 10034
9512 10114
5
Rio Grande Sou 1st gold 46._1940 J J
W Min W & N W 1st gu 55_1930 F A 98 100 9838 Nov'26
514 7
7 Oct'26 ---96% 98/
1
4
Guaranteed (Jan 1922 coup on) J J
West Maryland 1st g 4s
1952 A 0 74/
1
4 Sale 74/
5
12
6072 71474
6 May 25 ---1
4
7518
Rio Grande West 1st gold 433_1939 3 .1 911
/
4 Sale 911
/
4
9178 21 -8678 -117-8 West N Y & Pa ist g 53_1937 J J 10112 10134 10112 Nov'26
10014 10212
Mtge & coll trust 43 A
Gen gold 4s
74/
1
4 85
1
1943 A 0 8712 8814 8712
1949 A 0 8312 Sale 8312
831
8712 "iii
8312 88
R Ark & Louis lst 4Sis_
943 Sale 9414
89
9478
21
Income g bs
Apr 1 1943 Nov
941
1934
45 Feb'25
7538 8334 Western Pac 1stserA5a1946M S 9912 Sale 9912 100
Rut-Canada 1st gu g 4s
1
1
4 Sale 78/
1949 J .1 78/
1
4
7878
8 •
- Cie 116719
92
87
Rutland 1st con g 41
let gold 135 series B
1946 M S 103 Sale 10414 10414 34 10034 10613
/
4e
1941 J J 9018 9034 9018 Nov 26 7814 8634 West Shore let 45 guar
Bt Jos & Grand Isi lst g 48_1947 J J 8634 Sale 86/
23613 J 87 Sale 86/
1
4
10
87
1
4
6
8634
8339 8712
9711 9912
1
St Lawr & Adir lst g 6s
Registered
2361 J J
99
19963 J 99 Sale 99
8612
8612 51
8(08
83
105 105 Wheeling & Lake Erie
2d gold 6s
1996 A 0 105 ____ 105 Nov 26
95
St L & Cairo guar g 4s
9612
Wheeling Div 1st gold 53_1928 J J 9912 10014 99/
19313 J 9512 97 9512 Oct'26
994 10212
1
4 Oct'26
St L 1r Mt& S gen con g fa_1931 A 0 10014 10034 10014 100/
Ext'n & impt gold bs
8 95 100
1930 F A 100 Sale 100 . 100
1
4 32 100 101
10014 100%
Refunding Vie series A 1966 M S 9014 9012 9018
Stamped guar bs
1931 A 0 10014 Sale 10038 Sept'26
9018 28
8014 9012
9534 9734
RR let consol 48
8
1949 M S 8678 Sale 8634
Unified & ref gold 45
19293 .1 9712 Sale 9712
87
97/
1
4 25
81
8914
Wilk & East 1st gu g 53—....1942 J D 711
/
4 721
.1 J
Registered
93 Sept'25
1
4 Nov'26
/
4 71/
6414 7414
89
94
"ioi
WIII
&
S
F
Riv & Div let g 48
10212
____
D
1st
gold
19381
103
Nov'26
bs
/
4
1933 M N 9318 Sale 931
9314
10214 103
9934 1007s Winston-Salem B B let 43_1960 J J 8632 Sale 86%
St L M Bridge Ter gu g 53_ _1930 A 0
5
_ 10014 10014 Nov 26
8612
8514 8814
7718 85 Wle Cent 50-yr 1st gen 411_ _A949 J J 84 Sale 83/
StL&SanFran(reorgco)4819503 J 8438 Sale 8438
1
4
8412 58
8434 "iiL
8014 87
80
84
_
J J
Sup & Dul div & term 1st 48'36 M N 8914 89% 8958
Registered
8934 15
8612
9084
997
93
9978 Wor & Con East 1st 4Sis__ _1943 J J
Prior lien series B ba
19503 J 564 Ei;113" 993 IDe9
t278
8 28
86 June'26
7614 8615
10188 103
102's 10238 102
Prior lien series C be
1928 3 J 10212
10234
9914
10318
27
J
Prior lien bSis series D
1942J_
10234 Sale 10212 10278
INDUSTRIALS
9214 99/
1
4 Adams Express coil tr g 413_1948
/
4
Cum adjust ser A 6s_ _July 1955 A 0 9912 Sale 991
6 85 9012
9978 115
1
4
90
S 8978 Sale 89/
84/
1
4 9614 Ajax Rubber 1st 15-yr 5183_1936 3D 105 Sale 105
Income series A 6s_ _July 1960 Oct. 941
/
4 Sale 93/
10512 10 1014 10512
1
4
941
/
4 408
101 10618 Alaska Gold M deb 65 A__ 1925 MS
StLouls&SanFrRygen6s..19313 J 10518 10534 105 Oct 26
4
4/
1
4 4 Oct'26
4
6
1 10018 10112
General gold 53
1931 J J 10112 Sale 10112 10112
Cons deb (is series B
Oct'26 4
512 4
1926 MS
312 Oa
10212 104
Bt Peor & N V7 1st gu be_ _1948 J J 1033s 10512 10312 Oct 26
Alpine-Montan Steel 7e......_1955 MS 9012 Sale 90/
1
4
9034 11
8914 9112
94/
1
4 97/
lilt Louis Sou 1st gu g 4s_ _ 1931 M S 9514 ____ 9438 Oct 26
1
4 Am Agile Chem 1st bs
103 Oct'26 -- 1024 10414
1928 A0
St LS W 1st g 43 bond etre_ _1989 MN 87 Sale 87
8418 88
16
87
1st ref s f 7Sis e
1
4 10414 25 10312 106
1941 FA 10154 gide" 103/
2d g 4s Inc bond ctIs.Nov 1989.9 J 7934 8034 79/
75
82 Amer Beet Sus cons deb 65_1935 FA 95 Sale 9312
1
4 Oct 26 -904 10112
95/
1
4 36
Consol gold 48
1932 J D 9414 Sale 9414
911
/
4 95
9412 35
13
102
American Chain deb 51 6e_ _1933 AO 102 Sale 102
9814 102
let terminal & unifying 53-1952 J J 97
89/
1
4 9712 Am Cot Oil debenture 55...1931 MN 9312 Sale 9312
9712 9612
9712 60
9312 9714
8
94
9312 Am Dock & Impt gu 68
St Paul & K C SD L let 4%3_1941 F A 9234 Sale 9214
23 86
93
1
4
__ 0512 Nov'26 -- - 1051, 10658
1936 3, 105/
St Paul & Duluth let be
/
4 10114 Amer Ice deb 73__July 15 1939
1931 Q F 10112 ____ 10114 Sept 26 - - 1011
2 118 13412
130
110 30
let consol gold 48
87
91
1968 J D 901
/
4 9212 89/
1 10014 104
Am Mach & Fdy s f 68
1
4 Sept 26 1939 AO 104 10412 0312 10312
Bt Paul E Gr Trunk 4SO- — _1947 J J 9334 98
9018 921
/
4 Am Republic Corp deb 63_1937 AO
b
9278 Oct'26 -99
99
98 10014
9534 9734 Am Sm & R 1st 30-yr be Fier A '47 AO
St Paul Minn & Man con 4s_1933 J D 968s ____ 9714 Nov'26 -1;1-e- 0078 10114 44
99 10114
J D
Registered
let M 68 series B
9212 July 25 1947 AO 108 Sale 07% 108/
1
4 23 106 109
consol g 43
1933.9 D 10734 10834 10734 Nov 26 ---- 10738 10934 Amer Sugar Ref 15-Yr 63 1937 J
104% Sale 04/
1
4 10434 44 102 10512
J
Registered
107 108
108 Aug 26
Am Telep & Teleg coll tr 48_19293, 9838 Sale 98/
96/
1
4 9834
9838 140
1
4
Be reduced to gold 4342-1933 J J 9984 folisi 9934 Nov 26
99 100
Convertible 4s
9568
94 9514 9312 Nov'26
1936 M
92
Registered
9712 99
1933.9 J
1933 MS 9712 98 9912 Oct'26 - _ 9712 Aug 26 9714 10212
20-year cony 41(5
Mont ext 1st gold 4s
47
93
J
D
95/
1
4
1937
30-year coll tr 55
1946 3D 103 Sale 02/
95
96 94/
100/
1
4 10312
1
4 10314
1
4 Oct 26
3D
9214 9412
Registered
Registered
.1 D
1
4 103
9412 Nov 26
102/
03 June'26
Pacific ext guar 4e (sterling)'40
21
97/
1
4 102
1960 13 inOig Sale 0034 101
8918 90/
35-yr e f deb be
1
4
/
4 ____ 9014 Oct'26
J 911
St Paul Union Depot 5s____1972 J J 10478 ____ 10458 10434
77 102% 10634
1943 MN 106 Sale 0434 106
20-year f Wig
3 10178 1054
1940 A0 10312 Sale 0312 10312 10 10014 105
An,Type Found deb 68
13 A & Ar Pass 1st go g 4s- —194313 8878 Sale 8812
89 Am Wat Wks & Elec 55._-1934 *0 98 Sale 9734
9534 9912
84
9814 26
8878 18
23
Santa Fe Pres & Phen 5s_1942 MS 102
42 6212
60
1939'3 59 61
5912
0212 Sept'26 --- 10012 10214 Am Writ Paper 5 f 7-6s
44/
1
4 6258
11
60
5912 61
108 110
Sav Fla & West let g 6s
5938
1934 AO
Temp interchangeable etre dep_ _ _ 08 Sept'26 let gold bs
1
4
102/
1
4 104 02/
1934 AO 108181
4 Oct'26 -.- 10234 102/
116 10114 10412
1
4 Sale 10338 104
Scioto V & NE let go g 43_1989 MN 9014 9212 891
87/
1
4 90 Anaconda Cop Min 1st 68_1953 FA 103/
/
4 Oct 26
_ _ 10214 1024
10278 Sept'26
Seaboard Air Line g 48
7814 82
Registered
1
4 81
8038 Oct 26
1950 *0 79/
1
4 84 10214 10734
Gold 4s stamped
1938 F- A 1071s Sale 10678 107/
7814 82
1950 *0 80 Sale 80
15-year cony deb 73
8012 20
1
4 Sale 10714 107/
.1 107/
9614 108
1
4 126
Adjustment 58
76
87/
1
4 Andes Cop Min cony deb 73_1943
8212 105
Oct 1949 FA 81 Sale 8112
Refunding 48
97 Nov'26 - 9212 10(9s
6914 76
Anglo-Chilean Nitrate 7sww1945 MN
73/
1
4 29
1959 AD 7278 Sale 72$4
let & cons 68 eerie° A
8512 31
8434 Sale 8434
9612 193
8434 8634
91
9634
Without warrants
1945 MS 9638 Sale Nis
84/
1
4 9214
Atl & Birm 30-yr 1st g 43_41933 M
1
90
8812 94
91
91/
1
4 9134 Nov 26 --- Antilla(Comp(Azuc)7sis_ _1939 33 89 9012 90
9411 10011
Seaboard All Fla 1st gu 6s A_1935 FA 9512 Sale 9514
3
9934 10014 9934 100
9214 9834 Ark & Mem Bridge & Ter 55.1964 M
95/
1
4 27
Seaboard & Roan 58 extd
9212 148
1
4
99/
1
4 10011 Armour & Co let real eot 4145'39 3D 9212 Sale 91/
9014 9278
/
4 Oct 26 -1931 J J 100 10012 1001
/
4 Sale 9334
So Car & Ga let ext51
/
43
9414 68
92
1929 MN 100 10018 10114 Nov 26 -- 101 102 Armour & Co of Del 544s__ _1943 J J 941
9614
El&NAlaconseug53
14 102 10312
1936 FA 10312 104 10312 Nov 26 --- 10214 10414 Associated 0116 Si gold notes 1935 MS 10278 Sale 10212 103
Gen cons guar 60-yr Be__ _1963 AO 1081
1947 3D 100%
105/
1
4 10834 Atlanta Gas L 1st 53
_
9958 Mar'25
- 10834 Nov 26 --So Pac coil 48(Cent Pee coll) k'49 313 8834
8512 9068 Atlantic Fruit 73 ctfs den---1934 3D 1538 -14
19
89
15 Sept'26
2-8914 8878
28
15
3D 8418 87 8418 Nov 26
Registered
20 _ _- 201
841
/
4 8512
—
/
4 Jan'26
Stamped ctfs of deposit
2014 2014
20-year cony 45
June 1929 MS 9838 Sale 9838
69/
1
4 Sale 6918
9678 9834 Atl Gulf & WI SS L col 05s-1959 J
981
/
4 117
69/
1
4 12 6512 7112
D
20-year cony bs
J 10012 101 101
10118 10212 10114 10114
1934.3
1937
994 10214
1
101
1 100 10234 Atlantic Refg deb 58
20-year gold bs
9934 10178
1944 M N 10034 10112 10038 Nov 26 -San Fran Terml 1st 481950 A 0 9014 9012 9014
87
91
Baldw Loco Works 1st 53-1940 M N 107 Sale 10678 107
9012
7 10214 110
4
A
0
Registered
85
86
80 Oc' 26 -4 103 10611
J 105 10578 10578 106
Baragua(Comp .42) 7148.--1937
1940 3 D 9918 Sale 99
_ 19312 Oct 26
Bo Pee of Cal—Gu g 5e
10038 104/
1937 MN io5T2
1
4 Barnsdall Corp ofeb 6s
90 101
9938 181
19163 J 9914 Sale 97
9414 95
95 Sept 26 --So Paz Coast 1st 1311 g 411-- —1937.
Belding-Hemingway (is
9414 10074
1 I 9412
.
9714 15
9338 Sale 9338
1948 J J 103 Sale 10268 103
90
So Pac RR 1st ref 46
9334 Bell Telephone of Pa bs
9334 108
1955
34 10014 1081s
1960 A 0 103 10114 10318 10314
lst & ref 5s series C
4 100 103s
10738 Sale 1073s 107's 32 104 108 Beth Steel 1st & ref bs guar A '42 M N 10012 Sale 9934 10012 66
Southern-1st cons g 5s__1994
9512 10214
3D
1936.3, 98 Sale 9712
101/
1
4 106/
1
4
10512 Nov 26
Registered
30-yr p m & imp s f 53
9814
48
93
98
1
4 Sale 85/
8114 8614
9814 1011
Devel & gen 45 series A_ _1956 AO 85/
Cons 30-year 6s series A_ _1948 FA 10112 Sale 10118 10112 82
1
4
8614 269
/
4
1
4 11318 10 1071s 11378
Develop .k gen 68
1958 *0 11278 Sale 112/
Cons 30 year 5sis series B-1953 FA 9638 Sale 95/
1
4
9638 67
8712 971
/
4
1950 M
93 94/
1
4 35 112 11934 Bing & Bing deb 6145
Devel & gen 6 Sis
1956 AO 11913 Sale 11938 119/
90/
1
4 95
1
4 93
70
93
10812
J
*0
101
/
1
4
J
7
1063
98/
1
4 _--- 100
1
4
Mem Div 1st g 434s-53-1996
Booth Fisheries deb 5 f 63.-1926
- - 10638 106/
70 100
3
100
88
91
1
-9014 89/
Botany Cons Mille 6 Sig-- —1934 AO
1
4
St Louis Div 1st g 4s
1951 3, 90 889/
1
4
4
8012 9514
99/
1
4 101
1
4 Nov'26
1942 *0 10
88
3%
12 Sa
Balle 10
Brier Hill Steel 1st 5)45.
East Tenn reorg lien e 63-1938 MS 10034 102 100/
83
8111 10
94
91 16 101 105
8712 93 B'way & 7th Av 1st e g bs
1943 JO
9134 31
1938 MS 9138 Sale 9112
Mob & Ohio coil tr 4s
7
7014 7612
81
8734
70
CUB of deo stmpd June '26 int
Spokane Intermit 1st g 5s_ 19553, 8414 8534 8534 Oct'26
1
4 73
2718
2 _7-5- - 70
2718
2
5 68/
70
3/
4
1
99/
1
4 10012 Brooklyn City RR 63
10012 Sept'26
1941
9412 Sale 9412
934 9572
Superior Short Line let 53_4930 MS 100
9578 12
9514 9912 Bklyn Edison Inc gen be A.-1949 33 10414 Sale 104
9912 18
Term/48312 01St L let g 4 Sis_1939 A0 9912 -994; 9912
10438 28 10214 10M4
101 108
1025s Nov 26
1930 33 10338 10414 104
10414
General 68 series B
1st cons gold bs
1944 FA 10238
8 10314 10612
11
87
8434 8814 Bklyn-Man B T sec 68
1968 3,
Gen refund s f g 4s
1953 J J 87 Sale 87
487
9214 99/
1
4
/
4 105 Bklyn Qu Co & Sub con OA 5541 MN 6
10414 18 1011
99
111 Sale
e 6
Texarkana & Ft S 1st bAs A 1950 FA 10414 Sale 104
90
8'12
8
6
99
2%
8 60 6454
10
100
3,
9838
10214
100
3,
1941
let
9934
be
Tex & N 0con gold bs
1943
79
75/
1
4 79 79 Aug'26
72
_
10638 19 103 10712 Brooklyn R Tr let cons g 45_2002 3,
/
4 Sale 10618
Texas & Pac 1st gold 53
8812 Aug'26
2000 3D 1061
8812 8812
_
2 9934 101
100
La Div B L 1st g be
3-yr 7% secured notes_ -- _1921 33
1931'3 100 10038 100
-13612 Nov'25
9914 105
/
4 Nov 26
CUs of deposit stamped......
6;1_9_ 19
1
4 -- -- 1041
Tex Pac-Mo Pac Ter 540_1964 MS 103/
28
231: Ma9
r3'21593'44
10018 10178 Bklyn Un El let g 4-5s
101 Nov 26
1950 FA
101
Tol & Ohio Cent let gu 5s
881, 97'lj
1935
22
10012 10118
10034 Nov 26
1950 FA 93/
1
4 Sale 9234
Stamped guar 4-58
9312 22 8815 We
Western Div 1st g be
1935 *0 100%
9738 10218 Bklyn Uti Gas let cons g 53-1945
N 103 10312 103
10012 10114 0014 Nov 26
General gold bs
103
1935
2 1004 10414
20
Oct 26
N 11338 11412 11338 1131
37%
22 20
1st lien & ref 6s series A-1947
15
Toledo Peoria & West 43___ _1917
/
4
1 110 114
1
8714 90%
90
.1 157 ____ 157
1936
p 90 9012 90
Cony deb 5)48
Tol St L & W 50-yr g 4s
12 126 166
158
1950
97% 98
1932 D 92
Buff & Soso Iron 81 55
99% 98 Mar 26
93 91 June'26
Tol W V &0eu 4Sis A
91
92
1931 31 99
96/
1
4 Dec 25
1952 AO 93/
1
4 9178 9038
Bush Terminal let 48
874 9214
Series B 41
/
48
90/
1
4
1933 33 99
"ii
91
93 Oct 26
1955 13 9714 Sale 9612
Consol be
90
9814
Series C 45
9714
1942 MS 93
9014 Bush Term Bides bs gu tax-ex '130 *0 100 Sale 100
89%
Tor Ham & Buff let g 43
8958
- 893s
8 954 101
1946
10038
Water & Del 1st cons g 5a__..1928
let refunding g 43
1952 AO
Union Pacific 1st g 48
1947 3,
3,
Registered
20-year cons 45
J
1927
J
Registered
1st & refunding 45. _June 2008 MS
1st lien & ref 58
June 2008 M S
10-year perm secured 63_1928 .1 1
el DUO M /17. kDuaAug.
66 Nov'26
3
43
43
9434 30
9414
9334 Nov'26
99/
1
4
991
/
4 49
9912 May'26
91 "ioi
9012 Sale 9014
107 10814 10714 10714
10178 Sale 10178 10214 48
6812 67
43 Sale
9412 Sale
93%__
99/
1
4 1ale
6012 80
36/
1
4 48
9218 9512
8318 93/
1
4
9914 100
99
9912
91
86
10614 109/
1
4
10134 103/
1
4
Cal0& E Corp unit & ref 55_1937 MN
Cal Petroleum s t g 6 14s_ _ _1933 A0
1942 A0
Camaguey Bug let s t g 7s
Cent Diet Tel 1st 30-yr 53-1943 3D
Cent Foundry lets f 6e_May1931 FA
Cent Leather let lien 5 I 63-1945 J
1011
/
4 102
10334 Sale
9812 Sale
102/
1
4 Sale
9712 98
10134 Sale
10138 Nov'26
1
4 104
103/
9712
9812
10278 10278
9778
9778
10134 10212
_
14
31
1
1
38
1004 10214
10382 10514
904 9912
10112 10311
0354 103
994
100
2761
New York Bond Record—Continued--Page
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 26.
L'3
Price
Friday.
Nov. 26.
b
Week'sRange
Since
Range or
Jan. 1
to—
Last Sale
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 26.
Price
Friday,
Nov. 26.
Veers
Range or
Last Said
Ranee
Sines
Jon. 1
NiOe
Bid
Ask Low
High No. Low
High
High No. Low
Ask Low
Bid
7714 824
1
4 8112 8012 Nov'26
5 11514 1234 Kings County Elec 1st g 4a__1949 FA 80/
12012 12034 120
12012
7712 89
804 10
1949 FA 8012 Sale 8012
Stamped guar 48
4414 56
5212 16
51 Sale 51
1
98
,
8 103
10018 Sale 10018 10018
Kings County Lighting 58-.1954 .1
1 10112 103
10134 10212 10134 10114
106 112
1954 J J 10018 100/
1
4 100 Nov'26
First & ref 6348
7212 Sale 70
7418 254
6553 81
10412 16 1011s 107
10578 Sale 10512 10578 130 10458 10912 KInney(GR)& Co 734% notes'36 J o 10414 Sale 104
62 100 1024
102
10211 ....-- 10214 10212 11 1014 10312 Kresge Found'n coil tr 68_ _ _1936 3D 102 Sale 101
8
9614 100
1
4 Sale 98/
1
4
98/
1
4
4 1024 10512 Lackawanna Steel let 58 A._1950 MS 98/
10334 Sale 10334 10334
3 100 103/
1
4
974 183
9712 sale 9678
94/
1
4 9712 Lac Gas L of St L rehltext 58_1934 A0 10084 10114 10034 10034
63
FA
104
8 105
1037
8
Sale
C__
_1953
1021
10418
510
series
Coll
&
ref
82
8212 ____ 82 May'26 ---824
A 1964 33 9814 9914 9712 Nov'26
971s 1004
Lehigh C & Nav 8 f 4
9014 94
22
96
9234 Sale 9512
5 10018 101
,
4
101
8334 9214 Lehigh Valley Coal let g 58_ _1933 ▪ J 10112 10134 101
9214 9212 92
9234
9
9413 95
95
Oct'26
let 40-yr gu hit red to 4% _1933 J J 9412 _ _
8
99/
1
4 10114
100
9978 Sale 99/
1
4
17
1954 FA 9953
9912 100
9914 101
1st & ref a f be
99/
1
4 101
8
100 Sale 99/
1
4 10012
404 Feb'26
39
,
8 4019
-------- 10
Oct'25 ---- ____ ____ Lex Ave & P F let gu g 50 1993 MS
3 118 1264
Liggett & Myers Tobacco 75_1944 A 0 12134 gide- 12134 122
12012 May'26
A 0 117
12018 122
Registered
Columbus Gas let gold 511_1932 J J 974 9814 98 Nov'26 ---97 10034
6
A 102 Sale 10134 102
1951
9914 10316
5a
Commercial Cable let g 4s 2397 @ 1 82 Sale 82
8234
0
75
83
A 984 -- 994 Sept'26
991g 100
9672 95
Registered
95 10018
Commercial Credit e I 65_1934 M N 95
96
5
283
A 10638 Sale 10614 107
98 107
8
92
1935 J 1 90
92
9914 Liquid Carbonic Corp 65-1941
Col tr 8 f 5%% notes
92
987s 100
,
8
21 10234 10512 Loew's Inc deb 65 with warr_1941 A 0 10018 Sale 9914 10038 112
Commonwealth Power 6s
1947 M N 10414 Sale 10414
13142
19
,2
1
4 117
1944 A 0 117 117/
1174 10 11511 1211s
1 10412 106
Lorillard (P) Co is
Computing-Tab-Ree 8!65.._1941 J J 10434 Sale 10434
10434
A 0 115 117 11812 June'26
11811 11812
Registered
90
Conn Ry & L lat & ref g 4%81951 .1 J 9312 9412 9314 Nov'26 ---9412
6
9918
99
/
1
4
A
9918
1951
98
,
8 10214
9958
be
1951 J J 9312 95
95
Stamped guar 434s
9314 Nov'26
90
_ 9614 Oct'25
A 9414
Registered
Consolidated Cigar a f 65_1936 A 0 10058 Sale 99
10034 890
9712 10034
10018 10084 10018 10038 35 977 101
Louisville Gas.2 Elea (Ky).be 52
89
7812 88
85
Cons Coal of Md lst & ref 58_1950 J D 8414 Sale 84
9312 9512 9134 Nov'26
8913 96
105 10414 108
Louisville Ry 1st cons 5s____1930
Consol Gas(N Y)deb 5%6_1945 F A 105/
1
4 Sale 10534 106
Lower Austrian Hydro Elec Pow—
7378 82
Coat Pap & 13ag M11186%5_1944 F A
7514 Nov'26 ---75/
1
4 79
8612 31
A 8612 Sale 86
1944
824 88
Consumers Gas of Chic gu ba 1936 J 0 10114 ___ 10214 Oct'26 ---9814 10234
Ist s 6 Ms
Consumers Power 1st 5s
1952 M N 1011
10153 43
9712 103
/
4 Sale 10114
10078 24
1
4 Sale 99
934 103
Manati Sugar 1st s f 7348.-1942 A 0 100/
Copenhagen Telep ext 68_ _1950 A 0 9914 100 100 Nov'26 ---99 101
75
67
69
Sale
69
594 694
Corn Prod Refg let 25-yr albs'34 M N 10112 102/
1
4 102 Nov'26 ---- 10012 1034 Manbat Ry(N Y)cons g 46-1990 A 0
62
5
20133 D 62 Sale 61
63
53
2d 48
Crown Cork & Seal lst s f 68_1942 F A 94 Sale 94
9434 16
82/
1
4 95/
1
4
9634 Nov'26 ---894 98
Manila Elec Ry & Lt f to_ _1953 M 8 9214 95
Crown-Willamette Pap 138._1951 J 1 9912 Sale
9914
9912 34
99 100
9638
50
9534 9913
Cubs Cane Sugar cony 7s
1930 J 1 9614 Sale 9412
9614 125
88
91314 Market St Ry 7e ser A AprI11940 Q J 9618 Sale 9578
7 104 108:
1
Cony deben stamped 8%..1930 J J 99/
9914 173
Metr Ed lst & ref g 68 ser B_1952 F A 10758 Sale 10758 108
1
4 Sale 9712
92 100
10018 15
.36
,
4 10114
19533 J 10018 Sale 10018
lat & ref 1s series C
.-.luban Am Sugar let coll 88-1931 51 8 10758 Sale 10734 10778 11 10612 10912
- 1024 1064
9812 25
Cuban Dora Bug let 7348_1944 M N 9812 Sale 9734
9114 9914 Metropolitan Power 1st 68 A1953 J 13 10018 10014 105 Nov'26
7334
6
7112 745e
Climb T & T 1st & gen 58
1937 J 3 10134 Sale 10134 102
9 10014 10258 Metr West Side El(Chic)48_1938 F A 7358 Sale 7358
24 1014 1054
10434 Sale 10412 105
97
12
Cnyamel Fruit lst s f 6s A _1940 A 0 9514 Sale 9514
9334 97/
1
4 Mid-Coot Petrol 1st 028-1940 M
/
4
9718 39
9234 93
Midvale Steel &0cony f 581936 M S 9678 Sale 961
984
9818
4
96,
8 99
Davison Chemical deb 6545_1931 J J 93 Sale 93
94
3
92
97
MIlw Elec Ry&Lt ref&ext 4f,4s'313 J 9818 987
9914
9934
3,
98
,
8 10112
19513 D 9934 100
General & ref 50 A
Deny City Tramw 1st con 53 1933 A 0 --------921 Aug'25 ---97
/
1
4
Sale
98
973
41
20
19613
D
9018
100
ba
B
Den Gas& EL let & ref s f g 5651 M N 9812 9914 984
—
64IA
lst
&
ref
9834
3
99
9971
Stamped as to Pa tax
M N 9834 Sale 9834
9834
2
9312 98/
1
4 Milwaukee Gas Light 1st 48_1927 M N 9912 997 9912 Nov'26 -10158 Sale 10114 10134 26
99/
1
4 105
1943 J
17
68
91
Montana Power 1st 55 A
Dery Corp(D 0) 1st s f 7s_ _1942 M S 67 Sale 67
69
9678
9712
8
9612 98
,
4
Detroit Edison let coil tr 58-1933 .1 3 10114 10178 10114 10114
1 1007a 10374 Montreal Tram lst & ref 5s _ _1941 J J 9712 98
9314
9314
5
921: 9314
1st & ref 55 series A_July 1940 M S 10214 Sale 10212 10253
6 10058 108
Gen & ref f 5s series A 1955 A 0 9338 _8612 26
84
88
_1939 J J 8612 Sale 8814
Gen & ref be series A
1949 A 0 10214 103 102/
1
4 Nov'26 ---- 100 10438 Morris & Co 1st s f
81 May'26
81
80
81
1st & ref fts series B__July 1940 M S 10734 Sale 10734 10814 16 106 10814 Mortgage-Bond Co 4s ser 2_1966 A 0 80
1
4 Nov'26 ---9614 98
1932 J J 964 9712 96/
Gen & ref be ser 13
1955 J D 102/
1
4 103 102/
1
4 102/
1
4
8 10018 104
10-25-year be series 3
14
974
9612
Sale
9718
83
131
9714
9713
19343
D
Det United 1st cons g 434s 1932 J J 65 sale 95
16
95
Murray Body 1st 634s
90
16
9618 103
9534 198
Dodge Bros deb 138
1940 M N 9558 Sale 9514
9212 9734 Mutual Fuel Gas let gu g 58_1947 M N 10158 Sale 10112 l017
100 10214
8954 88
22
Dold (Jacob) Pack 1st 68_1942 M N 83 Sale 8212
83
Mut Un Tel gtd b ext 4% _1941 MN 10114 10312 10134 Nov'26
Dominion Iron & Steel 58 1939 M 5 411
34
6214
/
4 4214 4158 Nov'26 ____
97
5912 74
584 9418
Donner Steel let ref 75
1942 J J 9612 97
9718
6
Nassau Elec guar gold 43— -1951 3 3 5912 Sale 5936
9278 98
1
102
98 102
Duquesne Lt 1st & coil 68
1
4 106
28 10484 107
National Acme 1st s f 7340. _1931 .1 D 102 Sale 102
1949 J J 10534 Sale 105/
89
9912
100
Sale
994
9512 1004
let coil trust 534s series B-1949 3 J 10514 Sale 10514 10514
1 104/
1
4 10651 Nat Dairy Prod 6% notes_ _ _1940 MN
1004 103
Nat Enam & Stampg let 68_1929 J D 10114 1024 1014 Nov'26
1
4 Oct'26
- 99/
9914 1034
East Cuba Bug 15-yr s f g 7348'37 M S 108 Sale 107
108
226 103 10858 Nat Starch 20-year deb be_ _1930 .1 J 9914
10
1
4 103/
1
4
10134 10414
Ed El Ill Bkn 1st con g 45......1939 3 J 9412 95
95
9
9412
93
9972 National Tube 1st s 1 58_ _ _ _1952 M N 1034 Sale 103/
10214 Sept'26
10214 10214
MN
Ed Elea III 1st cons g 55.. 1995 J J 107 Sale 107
107
1 103 10814
Registered
1
4 Nov'26
1001s 10354
Elec Pow Corp(Germany)13340'50 BPI S 9734 Sale 9718
Newark Consol Gas cons 53.1948 J D 1017g 1021a 102/
97/
1
4 19
85/
1
4 98
36 100
,
8 1034
9913 77
Elk Born Coal lst & ref 6%6.1931 J D 994 Sale 9912
9818 10018 New England Tel & Tel 5a A 1952 J D 10211 Sale 10212 103
Sale
943
4
95
9518 136
9258 9518
M
N
Deb 7% notes (with warr'ts'31 J D 9754 99 '99
1961
series
B
1st g 4326
99
5
9734 10112
102
Nov'26
10112
102
9034 9614
Empire Gas & Fuel 754s_ _ _1937 M N 10418 Sale 0418 10412 81 10112 10434 New ON Pub eery 1st be A 1952 A 0
9014 9612
957t. 30
1st & ref (33.4s(with warr'ta)'41 A 0 9878 Sale 9812
99
172
First & ref 58 series B__ —1955 J D 9534 Sale 9514
9612 99
1
4
96
10078 103
Equip Gas Light 1st con 58_ _1932 M 8 9934 —.- 10012 Nov'26 __-9912 10034 NY Air Brake 1st cony 6s 1928 M N 9538 953 95/
19
85
811s Ms
NY Dock 50-year let g 4s...1951 F A 85 Sale 84
Federal Light & Tr let to_ _ _1942 111 13 95/
22
9212 98
96
1
4 Sale 9558
6 115 118
1st lien 6s stamped
7 100 104/
1942 M 8 10312 Sale 10312 104
1
4 N Y Edison lst & ref 6528 A_1941 A 0 11512 Sale 11512 116
1944 A 0 10312 Sale 10318 10312 28 102 104.
8
First lien & ref bs B
30-year deb (is ser B
9812
93
1954 J D 97
98
97
9712
3
N Y Gas El Lt & Pow g 58_ _1948 J D 105/2 Sale 10514 10512 15 104 106
84
98
Federated Metals s f 7s
8512 13
1939 J D 8538 Sale 84/
1
4
9134 20
8918 92
Purchase money gold 4s..1949 F A 9134 Sale 914
Fisk Rubber let s f So
1941 M 6 11512 Sale 11512 11634 41 11312 11634
101
July'26
101
101 101
NYLE&WC&RR 5%6_1942 MN
754 89
Ft Smith Lt & Tr 1st g 5s
8738
5
1936 I31 5 86
8834 86
10112 Sept'26
10118 10324
Framed./Ind & Dev 20-yr 7%8'42 3 3 98 Sale 9734
9853 77
88
904 N Y LE& W Dock & Imp 581943 J
1004 10334
1930 F A jai 10112 101 Nov'26
4 101 1074 NY&QEIL&Platgbe
104
Francisco Sugar 1st sf 7348_1942 M N 104 105 104
55 Apr'213
52
60
1942 J
245
9312 N Y Rys lst R E & ref 4s
79
93
French Nat Mall SS Lines 781949 J D 9134 Sale 9134
63
_ _ 6034 Oct'26
46
62
Certificates of deposit
44 Oct'26
312 _-7
412 1014
1
4
80-year adj Inc 58_ _ Jan 1942 A 0
Gas& El of Berg Co cons g 581949 J D 10134 103 10234 Sept'26 ---- 10038 102/
5 Aug'26
312 10
312 1014
Certificates of deposit-----10812 14 102 110
Gen Asphalt cony 6s
1939 A 0 10812 Sale 108
30 Sale 284
22
3012 544
37
92
N Y Rys Corp Inc 68_ _ _Jan 1965 Apr
9
87
91
Gen Electric deb g 3iis.. _1942 F A 91
9134 9
8518 77
814 884
9
Prior lien 68 series A
1965 J J 85 Sale 84
95 104
Gen Elec(Germany)78Jan15245 J .3 103 Sale 10212 103
10212
10212
101
1
0
038*
Nov'26
73
119
N
Y
&
Mehra
Gas
let
6s_2951
M
N
11.1
9914
054
1
1103
i
S f deb 6%s with war
Sale
1940J 0 111
12
49
59
,
33
97
4
9912 NY State Rys let cons4%s_1962 MN 5312 54
99
Without waren/ attach'd '403 D 9878 Sale 98
4
82
7712
7712 7712
60
1962 MN 73
lat cons 6%s series B
Gen1 Petrol 1st a f be
1940 F A 10138 Sale 10138 10112 144
16
10412
10412
Sale
105
3
7
3
94
2
10118
10512
1
8
5
0
MN
8
0
5
2
14
34
N
Y
Steam
lst
25-yr
6seer
A.1947
10
5
Gen Reit 1st s f g 6s ser A
1952 F A 10112 10214
9834 60
97
9912
Good Hope Steel & I gee 78_1945 A 0 9634 Sale 192
.
114
N Y Telep lst & gen s f 4%8_1939 MN 9814 Sale 984
2 1g78 12
11012 39 10978 11114
30-year deben f 6s._ _Feb 1949 F A 11012 Sale 110
Goodrich (B F) Co 1st 6iis_1947 1 J 10612 Sale 10638 10612 43 104 107
1
4 57 10712 10911
20-year refunding gold 68_1941 A 0 10812 Bale 10812 108/
Goodyear Tire & Rub let 86_1941 MN 12114 Sale 12012 12112 53 11912 122
8 100 103
1
4 Niagara Falls Power 1st 5.1.._1932 J J 10114 Sale 10114 10112
10-year a f deb g 8s_May 1931 F A 11014 110/
112;4
2 66 10914 112/
1
4
2 10454 10612
2
85
97
Gould Coupler 1st s
854
Ref & gen 6s
Jan 1932A 0 10518 Sale 10518 10518
1940 F A 8534 Sale 18518
104
4
_--_ 100 101
Granby Cons M S& P
99 101,
4
Meg Lock &0 pr let be A_1955 A 0 10014 10034 10014 10034 21
1135.con138A'28 MN 100 101 1
100 101
944 100
9614 18
Stamped
No Amer Cement deb 6%s A.1940 M S 96 Sale 9512
1928 61 N 100 101 19
1_39
Az
100 14614 North American Edison 6s__1952 M S 10512 Sale 105
Cony deb 7s
1064 30 10114 10614
46
4
1930 M N 144 Sale
60 103
105 1053 10513 106
Eh Cons El Power(Japan)73.1944 F A 9712 Sale 9714
97/
1
4 63
90/
1
4 9778
,
8 106
Secured erg 6348 ser B__1948 M
16
Great Falls Power 1st 8f 58._1940 MN 10358 104 1034 10358 10 100 10412 Nor Ohio Trac & Light 68_ _1947 M S 9558 Sale 954
96
92
,
4 99
97
,
4 101
10018 38
Nor'n States Pow 25-yr 58 A_I941 A 0 100 Sale 100
Hackensack Water let 46_1952 J J 8618 8714
8418 8818
Nov'26 __-99
9914
9914 Sept'26
Registered
A 0
Hartford St Ry 1st 48
90
90
1st dr ref 25-yr 68 series B _1941 A 0 10814 tilde" 10514 10512 20 10414 10612
1930 M S 87
___ 8554 Oct'2690--9412 1004 North W T lat fd g 4%a gtd_1934 J J
10
Havana Elec consol g 5s
954
951
9814 Oct'26
9612 984
1952 F A 98 -97
Hershey Choc 1st & coil 5301940 J J 10154 Sale
27
9918 10214
1
3
8
9
78
Hoe(R)& Co lst6%s ser A.1934 A 0 141,37e4 Salle
112 8
93
934
14 Ohio Public Service 7
8 112 1161s
A__1946 A 0 114 1151 11412 115
% 19773
e 1913
Holland-Amer Line 68(fia1)-1947 M N
1 1101s 119
lst & ref 7s series B
1947 F A 11418 1143 11414 11414
54 10038 1034 Ohio River Edison 1st 6s
2 10114 10614
Hudson Co Gas 1st g 5s
1940 M N 10212 10214 19912 1991
1948 J J 10512 106 10512 1051
88
974
8
911
Humble Oil& Refining 5%s-1932 J J 10212 Bale 102
10211 48 10118 103 Old Ben Coal 1st 65
1944 F A 914 921 91
1
101
Ontario Power N F let 55.._1943 F A 10118 1011 101
99111 10212
36 10034 10312 Ontario Transmission 58_..1945 M N 140/
1
Illinois Bell Telephone Ss
1
99/
1
4 101
10
93
9%
1005g
1956 3 D
1
4 Sale 1005g
4 Sale103
Illinois Steel deb 4%s
4
9434 98 Pacific Gas& El gen & ref 58_1942 J J 100 Sale 100
9712 10012
98
10038 36
1940 A 0 98 Sale 19
0
98
3
914
1
9878 997a Pac Pow & Lt lstaref 20-yr ba'30 F A 100 1001 10018 1001
5
Reeder Stec 1Corp a f is
9918 1014
1946 A 0 99/
1
4 Sale
914 9812 Pacific Tel & Tel let be
Ind Nat Gas & 011 58
1
4 10258
9714 12
1936 M N 9754 9812 9734
1937 J J 10214 Sale 1024 1024 23 100/
Indiana Steel 1st bs
Ref mtge 58 series A
1952 M N 10314 104 103/
98/
1
4 10212
1
4 10334 26 10114 10518
1952 M N 10112 Sale 10112 10158 69
Ingersoll-Rand let 58 Dee 3119383 J 10018 ___ 9934 Dee'25
Pan-Amer P & T cony s f 66_1934 M N 104 Sale 104
,
8
4 98 104 112
2
lot lien cony 10-yr 7s
Inland Steel deb 534s
,
8 10778
_ 103
1945 M N 1011
1930 F A 105 1051 10678 Nov'26
/
4 Sale 10118 10114 30 -9854 I0417 10018 10218 Paramount-Bway 1st 554e.19513
Inspiration Con copper 634s 1931 M 5 10158 101/
36
921E 98
98
9814 Sale 974
1
4 10134 10218
Park-Lex St leasehold 654s....1953 J J 9212 Sale 92
Interboro Metrop coil 434s1956 A 0
22
8512 96
92
11 Apr'25-8
20
Guaranty Tr Co efis deP
1 100 102
,
4
13 May'26 ___- -ii- if- Pat& Passaic G & El cons 58.1949 M
10214 1031 10214 1021
— 15
Peop Gas & C lst cons g 8s 1943 A 0 11312 Sale 11312 1131
CU dep stpd asstd 16 7. sub_ __
1 11014 11312
____ ____ 1012 May'25 ___
Interboro Rap Tran 1st 58-1966 .1-1 79 Sale 7534
.
4
Refunding gold to
7934 334 -ail' -i9-3
4
9811 10314
1
4 1015s
1947 M S 10138 1011 101/
Stamped
•
62
7912 1316
7912 Philadelphia Co coll tr 68 A_1944 F A 10418 1041 10418 1043
:10534
19 1031
J 3 79 Sale 76
64
83
362
15-year cony deb 5
10-year Os
83
1932 A 0 83 Sale 7812
_ _1938 M S 1014 Sale 1005g
10118 15
9888 10113
402
8534 100 Phil& & Reading C & I ref 58-1973 J J 10214 Sale 10218 10214
10-year cony 7% note
100
-8_1932 M S 99 Sale 97
9911 102
,
4
8
1
93
8814 9812
Int Agile Corp 1st 20-yr bs_ _1932 M N 92
9434 93
81
91/
1
4 Pierce-Arrow Mot Car deb 861943
1084 Sale 10778 10818
Stamped extended to 1942____ M N 80
82 83 Nov'26 ____
1 103 110
976, 10771
9412 1490
8414 98 Pierce Oil deb s f 8s_ _Dec 15 1931 3 D 101 10214 10112 Nov'26
Inter Mercan Marines!68_ _1941 A 0 9412 Sale 89
International Paper to
1947 J J 9712 Sale 97
9751 25
9188 98 Pillsbury Fl Mills 20-yr 68_1943 A 0 10212 103 10212 10212
1 10114 10484
964 10018 Pleasant Val Coal 1st g s f 55.19283 J 994
9934 70
Ref 5 f 68 ser A
1955 M 13 9934 Sale 9913
9812 109
- awl Sept'26
91/
1
4
93
1
4 107 107 11614 Pocah Con Collieries latat 531957 3 J 9112
2
Int Telep & Teleg cony 5348 1945 M 5 10958 Sale 10914 109/
9018 93
105 Nov'26
102 1054
Port Arthur Can & Dk 6s AA953 F A 105
105
-- 105 Nov'26
1 100 116
Jurgens Works66(flat prize)_1947 5 .3 10712 109 10712 10712
10112 10612
lat M 68 series B
A 10018 Sale 100
1947
953 N1
F N
Kansas City Pow & Lt 58_1952 M S 10212 Sale 10212 10212 14 10014 104 Portland Elec Pow 1st 65 B_1
10014
99 104
9
1
4 1084 Portland Gen Elea 1st 5s
1935 J J 10018 10012 100 Nov'26
Kansas Gas & Electric 68-1952 PA £3 1054 Sale 10458 105/
1
4 29 101/
99
,
8 10211
96
95
12 105 10713 Portland Ry 1st & ref 58-1930 MN 95
107
9258 96
95
2
Kayser (Julius) & Co 1st s f 76'42 F A 107 Sale 107
9913 9814
9058
6
99
9612 99 Portland Ry L & P let ref 58.1942 F A 9038 9034 9012
1946 M 13 98
6
8834 9419
Keith (13 F) Corp 1st 6s
28 10274 108
10012
Kelly-13prIngf Tire8% notes_1931 M N 104 Sale 103/
1
4 104
99 10312
8
lat lien & ref 68 series B _ _1947 MN 100 Sale 100
1
4 10634
90
93
93 Nov'26 _--1 10534 10911
Keyeton Telep Co let 55...19353 J
1st & refund 7345 series A-1946 MN 10614 107 106/
A
0
103
Nov'26
__-102
55-1937
_
__
103
104
County
El
&
P
g
Kings
8 12078 124
1997 A 0 112234 Sale 12234 122/
1
4
Purchase money Os
d
Central Steel let g is f 8s.___1941 M N
Chic City & Conn Rys 5sJan1927 A 0
Ch 0 L & Coke 1st gu g 56._1937 J 1
1927 F A
Chicago Rye 1st bs
Chile Copper cony 6s ser A 1932 A 0
Mein Gas & Elec let & ref to'56 A 0
Jan 1 1961 A 0
Syie ser 13 due
Cities Serv Pow d/ LB f 6s_1944 M N
Clearfield Bit Coal let 48-1940 1 J
Colo F & I Co gen 8 f biz__ —1943 F A
Col Indus 1st & coil be gu__ A934 F A
1927 J J
Columbia GI & E 1st bs
1927 J J
Stamped
Col & 9th Av let gu g 5s__...1993 M S
Sitig4 "iiii
e Option sale.
2762
THE CHRONICLE
New York Bond Record-concluded-Page 6
BONDS
N.Y STOCK EXCHANGE
Week Ended Nov. 26.
[Vol.. 123.
Quotations of Sundry Securities
All bond prices ate "and In ter,st" except where marked
Price
Friday,
Nor. 26.
Week's
Range or
Last Sale
i,..s,
,
sh
Range
Standard Oil Stocks P r Bin. Ask.
Public Utilities
e
Basis
Angio-Amer Oil vot stock_ fl
, :2,
78 110)11 American Gas & Electric_i 5P1O
r7C 110
Non-voting stock
6%
Bid
Ask Low
High No. Low
High Atlantic Refining
100
10258 103'4
e
4d new
102
Pressed Steel Car cony g Is.. A933 J J
94
0412 94
04
1
94
9818
Preferred
100 11612 117 Amer Light & Trac cora
ls'1_1001 2
240
42
Prod & Ref s f 8s(with warts)'31 1 D 11118 ____ 11114 Sept'26 ___- 11014 11234 18orneScrymscr Co
new__-_ *69
73
Preferred
100 121 122
Without warrants attache& _ _ .1 D 112
____ 11114 Nov'26 ---- 10934 11214 BuckeYe Plpe Line Co_ - - _50 *4312 14
)34 Am
peer0Pir
s
1,
0
1
,
1
6
ight
pref100
98
90
Pub fiery Corp of N J sec 613_1944 F A 104 Sale 10334
104
46 100 10434 Chesebrough Mfg new...21 •78
M&S 1003142
Pub Serv Elec & Gas Is t5481959 A 0 10478 Sale 10478 105
90 10334 10614 Continental Oil v t c
10 :2014 2038 Amer Public Utll corn.,..100 65 101
70
let & ref 548
1964 A 0 10478 105 10434 10478 17 10378 1054 Crescent Pipe Line Co
1512
50 *15
7% Prior preferred____100 88
92
Pub Sere El Pow of lot tio_ _1948 A 0 10612 Sale 10612 10612 29 16188 109
CumberlandPipe
_100 s108 113
4% panic preferred__100 75
Punta Alegre Sugar deb 78_ _1937 J .2 111 Sale 1104 11114 29 104 11112 Eureka Pipe LineLine79
Co___100 4612 47 Associated Gas& Elec pref_t *4912 51
RW3011400E1 Arms 65
1937 M N 94 Sale 9412
9434 18
804 95
Galena Signal Oil corn,,,,,,10)) 1114 5142)
gv
.
6 314,:s19
E5c
40
_ xi.
11,_k
5t 10414 105
Repub I is S 10-30-yr 55s f _ _1940 A 0 10012 ____ 10038
10012 13
9714 10012
Preferred old
Blackstone
itn
depow
coS
acele
,,
ts7
Ref&gen52sseriesA1953 .1 J 9712 Sale 9712
*98 100
9212 98
14
98
Preferred new
12
1
4612
na 5 h
C02 rpnew_t *4114 42
Rheinelbe Union 75 with war 1946 J J 114 Sale 11312 114
54
9513 11512 Humble Oil is Reflning_95 *5738 58
Preferred
Without stk porch war'ts_1946 1 .7 974 Sale ,9714
100
9712
55
93
9734 Illinois Pipe Line
100
128
12912
Co
0
a % p
Rhine-Maln-Danube 7s A _ 1950 M S 102 Sale 10112 102
42
9812 10214 Imperial Oil
t *3712 3734 Eleu
c Bond
0
‘931
Rhine-Westphalia Elec Pow 78'50 M N 101 Sale 10012 10178 22
Ilq114
41 108
95 10178 Indiana Pipe Line Co___ _50 62 63 Elec Bond & Sharee1Peref
S cur..
Rims Steel 1st 7s
*6 1
8
1955 F A 92 Sale 91
021., 26
88
9212
International
Petroleum_
_
t
*3138
_
311, Lehigh Power Securities_ _ _3 *1618 1612
Robbins & Myers s f 75
1952 J D 68
70
70
2
70
53
National Transit Co__12.50 x1234 13 'Mississippi Riv Pow
77
Rochester Gas & El 75 ser B _1946 M S 1114 Sale 11118
pref.100 9412 9612
1111.1
2 111 114
New York Transit Co__ _100 *30
34
.
F
'
m
i,.t.g
obew755 1951___J&J 10078 10135
Gen mtge 545 series C
1948 Si S 10514 -_- 105% 105%
5 10438 106
Northern Pipe Line Co__100
71 75
deb 75
Roch is Pitts C&I pm 551946 M N 904
102
- 9014 Sept'26 -__
9014 9012 Ohio 011
25 *58
5812 N!
aqIir ntga
11?13
gliii131411
Rogers-Brown Iron gen&ref 713'42 M N 4934 -5i 52 Nov'26 ---7334 Penn Mex Fuel Co
50
25
*19
1912
North States Pow som_100 *IN 1-0iStamped
M N 4934 50
4934
5012 15
Prairie
49
6513
Oil& Gas new___ _25 *4938 4912
Preferred
e.rfeexraesd
r
103
Prairie Pipe Line new... _100
125 Norr
100 1243
103 4 108
Elec Co com_1
9572 954
St Jos Ry Lt de Pr 55
100
9° 19118
1937 MN 95
9578
2
9114 97
Solar Refining
100
n
N
St Joseph Stk Yds 1st 4411..1930 J J 9738
_ 9718 Aug'26 --9538 9718 Southern Pipe Line Co new
*23
24 Ohio
0 Pub erv,
:
IV 10312 10412
St L Rock Mt is P58 strard_1955 J J 75
10
_-7512 75
75
8178 South Penn 011
75
25 *36
3612 Pacific Gas&
S El 1stpre
% 9rel
f
Bt Paul City Cable cons 5s 1937 J J 954 9534 9514 Nov'26 ____
9514 08
Southwest
Pa
Pipe L11105.100 5512 57
Securities co
corn
San Antonio Pub Ser.; 1st 6s_1952 J J 10612 ____ 10618
(
2r1 lig
10612
2 10133 10678 Standard 011 (California)._ *58
5818
Secondpreferred
Saxon Pub Wks(Germany) 75'45 M 9 10012 Sale 100
*26
29
101
26
Standard OS (Indiana)...21 *6412 6434
9234 102
Coll trustfis 1949_ _ _J&D
Schulco Co guar 645
t
1946 J J 994 Sale 994
9934 24
99 10012 Standard Oil (Kansas)._ _25 *18
1834
Incomes June 1949_ _F&A *8
Sharon Steel Hoop let 8s ser A '41 M 5 10814 Sale 108
1
8
90
3
97
Standard
10814
109
7
011
1073
3
(Kentucky)_25
118
110
Puget
Sound Pow is Lt__100 28
Sheffield Farms 1st &. ref 6 4s'42 A 0 108 10812 0812 10812
30
1 1067g 10812 Standard Oil (Neb)
25 54714 4734
g
preferred
preferrede
Sierra & San Fran Power 55_1949 F A 95
1184
80
100
954 9514
9514
3
9112 9812 Standard ()II of New Jer 25 ,
3734 3778
Sinclair Cone 011 15-year 78_1937 M 9 9634 Sale 9634
03 105
23
97
9334 9958
Preferred
100 *11518 11512
i 5s 1949_11D 100 101
1st In col tr 65C with war..1927 J D 9934 Sale 9934 100
178
9938 11334 Standard 011 of New York.25 *3112 315s Reliloruelr,ellrell&
r
LIght____100
0
314 92
1st lien 6 48 series B
10
9
1938 .1 D 9134 Sale 9138
9278 47
97
9458 Standard 011(Ohio)
100 s293
00
00
Sinclair Crude Oil -yr 65 A_1928 F A 10034 Sale 0034 10078 70 10018 10112
Preferred
South
ec
d1E
,
11 Cal
sEo
dnL7
s v108
ps%
prtrpi,ereiffi_ i12
3-yr 6% notes Ii Feb 15.. _1926 F A ____ ____ 0118 Oct'26 --_- 100% 10112 Swan
7
5
.
'
1
1
1
3
1
is Finch
1-04.Sinclair Pipe Line s f 55
1942 A 0 9234 Sale 9212
03
107
87
9414 Union'rank Car Co
E 1
1 0 11?
Power
10412
Smith (A 0)Corp 1st 645_1933 M N 10134 Sale 0134 102
6 100 10212
Preferred
100
014 116
534 Te
oledE
o
7
1
1033
4
104
Vacuum 011 new
25 *9612 97 Warp
nr7,
fo
err
w edor
South Porto Rico Sugar 78_ _1941
D 109 Sale 0914
10034 17 10534 10934 Washington 011
10
kP
South Bell Tel & Tel 181 s 1581941
'-iii191;2
.1 10234 Sale 0234 103
3 10
07
1118,, 103
Other 011 Stocks
312
Chic
it
Stk
L
Cd B
p rBonds
Southern Cob Power 65_ _1947
.3 10018 10038 0018 103
16
Atlantic Lobos 011
t *11
112 54s Nov 1 1951 opt 1031_ 102 10414
Erwest Bell Tel 151 & ref 5s__1954 F A 103 Sale l027s
193
25 1003s 10355
Preferred
50
*4
434 58 Nov 1 1951 opt 1931_, 130 10134
Spring Val Water g 55
1948 M N 100 10114 100
100
994 10038 Gulf 011
2
25 *8934 9014 58 May 1 1952 opt 1932... 100 102
Standard Milling let 56
1930 M N 10014 1001_ 10034 1004
1
98% 10112 Mountain Producers
10 *2512 2538 443 Nov 1 1952 opt 1932_ 99 101
let & ref 5!8
10014 Sale 1004
1945 M
10012
4
9778 10114 Mexican Eagle 011
5 *414 6 445 Nov 1 1952 opt 1932_
Steel At Tube gen s f 7sser C_1951 J J 10738 Sale 10758 10778 19 10
9812 10012
00,
71
!109
National Fuel Gas
100 172 183 448 May 11063 opt 1933_
99 10114
Stevens Hotel let 68 ser A
1945 J J
9912 9978 9912
9978 14
10034 Salt Creek Consul OIL _-_10
77
8 55 Nov 11083 opt 1933__ 100 102
Sugar Estates (Oriente) 7s 1942 _ _
9734 98
9734
9738
8
8912 100
Salt Creek Producers_ _ _ _10 *3118 314 448 Nov 11061 opt 1934__
100 102
Superior Oillst s f 75
1929 FA1 100 Sale 100
100
5
95 10018
Railroad Equipments
Per.
r.0
c1, Basis 434s Oct 1 1965 opt 1935__ 9812 10012
Syracuse Lighting lst g 513_ _ _1951 J D 10212 Sale 10212 10212
2 100 103
Atlantic Cot
Coast Line 63
5.
Pac Coast of Portland,Ore-- 9812 1004
Tenn Coal Iron & RR gen 58_1951 .1 .1 10338 Sale 103% 103% 15 10218 10514
Equipment645
4.90 4.70
55 1955 opt 1935___M&N 10114 10314
Tenn Copp & Chern deb 64- .1941 A 0 100 10014 10014
10014
5 10014 1004 Baltimore is Ohio 6s
5.12 5.00
5s 1054 opt 1934___M&N 10118 103
Tennessee Eler Powlst 6s 1947 .1 D 10512 Sale 10512 10512 46 1025s
Equipment 4.4s & 58
106
4.85 4.62
Sugar Stocks
Third Ave 1st ref 48
1960 J J 6512 Sale 6438
6634 161
5512 6614 Buff Roch & Pitts equip 65_ 5.20 5.00 Caracas
Sugar
50 *1
212
Ad) Inc 55 tax-ex NY Jan 1960 A 0 6212 Sale 5912
6318 858
4112 6578 Canadian Pacific 43.4s Sr 68_ t..?.11 4.65 Cent Aguirre Sugar com 20 *9'2
93
Third Ave Ry 1st g 58
1937J 1 98
9818 9678
98
Central
RR
of NJ 68
9
92% 9812
4.95
Fajardo
Sugar
154
156
100
Toho Elec Pow 1st 7s
973
1955 M
9818 Sale
9838 48
9012 9834 Chesapeake is Ohio Os
5.15 5.00 Federal Sugar Ref corn_ _100 30
45
6% gold notes _ _ July 15 1929 J J 9838 Sale 9734
9833 44
Equipment645
9638 99
5.15 4.90
Preferred
65
O
100
, .i3
Tokyo Elec Light 6% notes 1928 F A 987 Sale 984
994 77
96
9912
Equipment 58
4.85
4.70
Godschaux
Sugar,
Inc
Toledo Edison let 75
1941 M S 10814 Sale 108
1084
Chicago Burl is Quincy 68_
18 10714 1093
5.12 5.00
Preferred
100 t) 3g
Toledo Tr L & P 54% note8 1930 J
99 Sale 0838
99
31
98 101
Chicago is North West 65_
,1.30 Holly Sugar Corp com___ t *
Trenton GA El 15t g 58.._ _1949 M
10218 10278 10218 1024
Equipment 6.45
2 10018 10234
5
Preferred
100 75
80
Trumbull Steel islet 65
1940 F A 975e Sale 971z
Chic RI & Pac 44a& 5s___ 4.95 4.70 National Sugar Refining_100 130 132
36
08
9412 99
Twenty-third St Ity ref 58_ _ _1962 J J 66
6912 65 Nov'26 ____
61
75
Equipment 65
5.211 5.05 New Niquero Sugar
100
t
Tyrol Hydro-Elea Pow 74s-1955 MN 97
98
974
98
Colorado is Southern Os_ _ __ 5.20 5.00 Santa Cecilia Bug Corp pf100.65
11
9414 98
14411 173
40
5
Delaware is Hudson 65
5.12 5.00 Savannah Sugar corn
Ujigawa El Pow s f 75
1945 M S 9712 Sale 974
Erie 445 & 58
98
5.00 4.75
974
9
96
Preferred
121
125
100
Undergr'd of London 4 ch a_ _1933 J J 9338 ____ 65 Apr'26 ---Equipment65
94
5.00
5 Sugar Estates Oriente pf _100 82
90
84
Income 6s
1948.3 J 93% --- 96 Nov'26
GrE
eztuN
ipomre
th
n,
er5s
n (is
95
Tobacco Stocks
90
Union Elec Lt & Pr(Mo)65_1932 M S 101 1-02 02
102
4
55...8
215
25 4.70 American Cigar com____100 150 135
3 10012 10212
Ref & ext 58
1933 M N 10118 Sale 101
l
4.85 4.70
10114
Preferred
7 10018 10238 hocking
Valley 58
100 100 104
UnEL&F(IiI)ietg5leserAi954.3 J 10178 Sale 10134 101,
5.12 5.00 British-Amer Tobac ord__ £1 *2212 2312
Equipment 6s
8
2 10012 10234
Union Elev Ry (Chic) Ss
1945 A 0 8033 8238 82
1
4.75 4.60
82
7712 8512 Illinois Central 4;0.4 5s_
Bearer
Union 011 1st liens 153
1931 J .1 10138 102 10138 Nov'26
Equipment65
5.10 5.00 Imperial Tob of G B & Irelq
__ 10018 102
30-yr 68 series A
May 1942 F A 10712 Sale 10712 10712
Equipment 75 &645
4.85 4.70 Int Cigar Machlnery____100 ;
9 10038 10814
*04
:11'22 10
2283
811
let lien s f 55 series C
1935 F A 9834 Sale 9838
Kanawha is hi ichlgan 6s
5.30 5.10 Johnson Tin Foil & Met.100 65
984
954 99
3
United Drug 20-yr 65.Oct 15 1944 A 0 107 Sale 107
10712 41 10312 10712
Equipment 445
5.00 4.80 MacAndrews & Forbes_ 100
1
14T
0 2 1-g1-2
United Fuel Gas let f 65._ _1936 .2 .1 103 Sale 10212 103
17 10113 1044 Kansas City Southern 54s- 5.10 4.85
Preferred
00
United Rys St L 1st g 431_ __ _1934 J .1 76
77
754 Nov'26 ____1
5
77
Louisville is Nashville 68___ 5.10 5.00 Mengel Co
41
1 9
75
9
100 36
38
United SS Co I 5-yr 68
1937 M N 80
92
92
4.90 4.75 Porto Rican-Amer Tob_ _100 67
Equipment645
92
72
United Stores Realty 20-yr 65 '42 A 0 10512 1053 10534 106
5.10
95 4
Michigan Central 6s & 6s.. 4
4..875
5 Universal Leaf 'l'ob com____
2 103 106
34
36
U 8 Rubber Ist & ref 58 ser A 1947.3 J 95 Sale 9433
M4
45
&
Minn
SS
5.3
St
P
9514 79
&
Preferred
9134 9514
100 99 101
Registered
J .1
5.25 4.90 Young (J S) Co
_ 9278 Sept'26
Equipment 64s & 7s
927 92%
100 115 120
10-yr 7:4% secured notes_1930 F A 1067.8 Sale 10634 10718 18 1 8 1085
Missouri Kansas & Texas 65 5.311 5.00
Preferred
100 104 108
0538
S Steel Corp(coupon Apr 1963 MN 1065s Sale 13612 10714 103 103
Pacific
6
4s_
_
65
MI9801411
5.20 4.90 Rubb Stks (Cleve'd guolarts)
is
10734
f 10-60-yr 5siregist _ A pr 1963 MN
10612 NoV'26 ---- 10484 10612 Mobile & Ohlo 545 & 58_._ _ 4.90 4.65 Falls Rubber corn
912
t 5
Utah Lt & Trite 1st & ref 58- _1944 A 0 934 Sale 9312
9334 36
8818 94
New York Central 43.s isle
Preferred
25 *
1834
1944 F A 98 Sale 97
Utah Power & Lt let Is
Equipment63
42
98
95
993
FI6
res
%toprefer edue
4.75ire
Rub
.10
*115
com
117
1950.3 .7 10213 _ _ 10238 Oct'26 -- 1005 102
Utica Elec L & P 18t55
Equipment 75
4.90
34
Utica Gas & Elec ref & ext 55 1957.1
1014 10218 102
102
2 10018 10278 Norfolk & Western 4 4s____ 5
4.
.0
70
0 4:7
55
5
preferred
9r 90
_12
05
1 1(
Vertientes Sugar let ref 75 1942 J D 9812 Sale 9712
9812 46
9012 9912 Northern Pacific 75
Ge7n%
eral Ti & Rub com_
(c
1953.1 J 5614
Victor Fuel 1st s f 55
57 Aug'26
5314 6412 Pacific Fruit Express 78._. _ 4.95 4.75
Preferred
00
1947 J D 10712 10814 10812 Nov'26 ---- 105 110
Va-Caro Chem 1st 78
Pennsylvania RR eq Isis (Is 5.10 4.65 Goodyear Tire is It con,.
-d2 igli
Stud as to payt 40% of prin
Lean,
PI1!.0
ke615..:r1e 6 34s _ _
.
s:
b1 m
i...0g; ii
.
ri
adr
aon
yiR
iere &11tlitioutt
:
fC
io3a
ren
97
rnep
eow
f.m.100
1
1947
10712 110 1074 Nov'26
let 7s
10434 11112
*2934 3012
deposit
______
a.sstd
10712 ____ 108
Ctf of
108
Reading Co 4s is 5s
8 10412 110
•112
2
10712 _ 10812 Sept'26
Ctf of deposit stpd
1067 10812 St Louts & San Francisco 58_ 4.85 4.70
Preferred
Va Iron Coal & Coke 1st g 581949 M S 933 ____ 9312 Nov'26 ____
Seaboard Air Line 5348 is Gs 5.25 4.95 Miller Rubber preferred_10
0114 98
10
1
0
8
'2
10
2
99
13
1
0
1034.1 J 99 Sale 984
Va Ry Pow lst & ref 5s
9914 50
974 10138 Southern Pacific Co 445_ __
Mohawk Rubber
30
100
914 11
89
Equipment 7s
9512
Walworth deb 6 45(with war) '35 A 0 91 Sale 91
711
95
A
9518
0 95
1945
9518
Southern Ry 448 & 5s
8
4.85 4.70 Selb:rfleirnre(
1st sink fund 65 series A
9114 97
gT
1 ire is Rubber..1
t *2112 23
D 8614 Sale 8438
864
Equipment65
5.15 5.00
Warner Sugar Refin 1st 7s 1941
6
79 100
9812
Preferred
6431
1939 J .1 63% Sale 62
8872 Toledo & Ohio Central 65..- :
18
56
Warner Sugar Corp 1st 78
4,..1)
1g 4
5.
.70
00
Union Pacific 75
Wash Water Power s f 5s__ _1939 J J 10234 10312 10212 Nov'26 ____ 10112 1027
Arkan'
llltat elrstB5o
sit
s.s.A.1z
1 0 95
7
4
90
10238
1023 103 1023s
Short Term Securities
1 10112 10338
Westehes Ltg g 58 stmpd gtd 1950
Birm IVW 1st 5484'54.A&O 101 105
1944 MN 10112 Bale 101'2 10134 12 100 10214 Anaconda Cop Min 65'99.1&J 10214 10212
West Ky Coal 1st 78
1st M 53 1954 ser 13_ _J&I) 9712 9812
Chic It IA Pac Is 1929-1&.1 99% 10018 Butler Wat Co s f 58'27.J&J 100
100 10078 101 Nov'26 -- -1946 M
West Penn Power ser A 5s
9978 103
..-.14
8 Federal Su Ref 65'33.M&N 10012 13034 10012 1004
1963 M
82
1.
1st 58 series K
88
59 Sept 2 193 1_g _ _ _M&S 1
9612 -918
'
Missouri Pacific 58'27__J&J 10018 10012 CltyW(Chatt)540'54.k J& D 10312 10413
1953 A 0 105 10514
5
2
(1,
lst 5"is series F
954
1 10
7.
8
100.38 77 100 10078 Sloss-Sheff S is I 65'29_F&A 102 10213
D 1004 Sale 10014
1956
let sec 55 series CI
1st NI 55 1954
J&D 9612 9712
1927_
8112
15
8112
Apr
Cent
100
54s
Wise
813
10014 City of New Castle Water
1950
2
West Va C & C 1st 65
.7 80
91
65
58 Dec 2 1941 _ _ _ _J& D 1 93
95
10212 36 1004 10314
Indus. is Miscel
1944 A 0 102 Sale 1013
Western Electric deb 55
25 *8712 89 go
14 101 10312 American Hardware
Western Union colltr cur 55.1938
.7 10134 Sale 10178 102
llin
ntnwnt raat
let.1
5.
5
.3
,t,-A
Ft1
Babcock & Wilcox
9912 32
9614 100
100 117 119 Connellsv W 550ct2'39A& 01 1212 9312
Fund & real est g 43s.,_1950 M N 9912 Sale 99
11212 37 11038 11718 Bliss(E W)Co new
t *22
15-year iflis g
1935 F A 1117 Sale 112
24 E St L & Int Walls'42.J&J 93
94
50 857
Preferred
10138 117
Wes'house E & M 90-yr g 58_1946 M S 101 Sale 10118
997 101%
Borden Company corn_ _ _1os
9534 67
934 952
Vv'estplialla Un El Pow 6 ,
. ,qs_1950
D 9534 Salo 943
Hu1n
ettio
l'.2
1 t6
oen119
s4
t2(35'54__P;114
Celluloid
Company
96
32
11
Wheeling Steel Corp 1st 5481948
94
96
J 9512 Sale 9512
9513
100 57
Preferred
9912 28
944 101
White Sew Mach 6s(with war)'36
60 MI5.;States WW 65'36 119
.1 9834 Sale 99
&514
1 98
43' --7012 Childs Company prof __ _
46
53 _ 51 Nov'26 _-__
Wickwire Spen St'l let 7s. 1935
.1 51
noW
wletgrtr6A
0JA13
95
rreP
dowder
6014 6014 Ileprrceufleea
12
6014 Mar'26 --__
Certificates of deposit
Nrno
rf
991z --100 114 117 Muncie WW 55 Oct 2'39 A01 02
Ctfs of (bepotilt stamped
7012 7012
7012 Mar'26.
MN ____ 75
397 6812 International Silver pret_ 100 103 108 StJoseph Water 5s 1941A&O 94
28
9434
43
Wickwire Sp St'l Co 75 Jan 1935 MN 4234 Sale 4212
Lehigh Valley Coal Sales_50 597
WIllys-Overland s f 6'.,s____1933 M S 10112 Sale 10114
10112 16 10114 105
49 Solatr,,
97
l
Wat15
5s 105t55s 1960 J&J 96
Phelps Dodge Corp
100 134 137
WhisonisCo 1st 25-yr f(4_1941 A 0 10134 Sale 101
102
24
955 102
9713
Registered
_ 93 Feb'25 ............Royal Baking Pow com_100 160 170 Ter H WW 65 '49 A__Filr) 1)3
7 _Winchester Arms 714s
100 101 103
9312 0412
1941 A 0 10412 Sale 10412 10412 15
1st M 58 1956 ser It..
_F&A
Singer Manufacturing_ 100 368 375 Wichita Wat 1st 65'49_M&S 103 -Emmen Sheet & T 20-yr 68-1943 J J 10312 Sale 10312 10334 46 10114 105
Singer Mfg Ltd
9312 0412
.C1 *512 6
151 M Is 1956 ser 11__F&A
ii
Jtinnfel
12,
3,r
,5,1,2
t..7g t..«1
-.
:.98.7 02
" ,-62-,-,
72
'IP 147712
_
1214 (
111
.
s iiPreferred
Per share. t No par value. b Basin. d Purchaser also 1314/5 aocrued dividend.
New stock. f Flat price. k Last sale. a Nominal. s Ex-dividend. y Evrighte.
r Canadian quotation. a Sale price.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nor. 20.
Monday,
Noy. 22.
Tuesday,
Nor. 23.
1Vednesday, Thursday,
Nov. 24.
Nov. 25.
173 173
17314 17312 *173-- _
*173 174
8181
81
8012 81
81
81
81
102 102 *102
102 102 *101 102
*118
_ _ *118
_ _ 118 118 *11818
10312 10312
10412 1-04-12•__ 10412 104 104
5212 5212
5212 53
--------55
*5112 55
55
*54
55
*78
80
78
78
80
78
78
*78
____ "120 ____ *122 ____ 122 122
*120
*102
102 102
*102 ____ *102
*150
*150
_ *150
___ *127 134
105 10512 10514 106
106 106
*10412 1-05
*187_ 188 188 *188
___ *188
.
3212 30 30 .30 -3-2.30 -3214 *30
*65
65
6512 "65
6512 65
*65
6512
64
*62
"62
64
*62
64
64
*62
43
4212 4212 4312 43
4212 43
*41
51
51
*51
52
53
51
51
*51
4232 424 43
4178 4178 4134 42
4314
*96
____ *96 -___ *96
____
96
96
•124__ 127 127 *125 ____ *125
_
123 123 *120
____ 120 fii
123 1-i3
-'103'2 ____ *10312
*10312 ___- *10312
Friday,
Nov. 26.
17478 17478
8112 8112
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads.
104 Boston dr Albany
477 Boston Elevated
29 Preferred
2763
133
4,r
spa
"
Range Since Jan 1 1920
Lowest
Highest
rats WI Art.
Ramos for Preview
Year 1925
Lowest
100 159 Jan 9 175 Feb 13 156 Feb
100 77 May 3 8512July 15
754 Mar
100 89 Feb 27 102 Mar 20
92
Jan
56 let preferred
Hi- iiii100 11518 Jan 16 122 Jan 7 109 Mar
____
99 2d preferred
10(1 9812 Jan 9 112 Jan 2
94 Mar
157 Boston & Maine
100 35 Mar 30 6812Ju1y 26
53
53
Apr
10
30 Preferred
100 32 Apr 14 55 Nov 23
__ ____
1112 Apr
20 Series A lot pref
100 59 Apr 15 82 Oct 2
.._ ____
17
Apr
____ ____
10 Series B let pref
100 84 Apr 15 126 Nov 16
29
Apr
102 102
51 Series C let pref
100 74 Apr 15 110 Sept 29
25 Apr
Series D let prof
100 105 Jan 29 156 Sept 30
3512 Apr
807 Prior preferred
106 106
94 Apr 16 107 Sept 17
96 Dec
5 Boston & Providence
100 z175' Mar 19 188 Nov 22 167 Feb
338 East Mass Street Sty Co....100 28 Oct 6 61 Jan 6
-id" -3-626 Sept
___ ____
15 1st preferred
100 5912 Apr 29 71 Jan 2
60 July
Preferred B
100 56 May 6 69 Jan 13
51 Aug
235 Adjustment
4212 4212
100 40 Apr 29 4914 Jan 29
35 Sept
51
180 Maine Central
51
100 49 Sept 1 60 Feb 3
23 May
870 NY N H & Hartford
4234 4318
100 314 Mar 30 4$3 July 17
28 Mar
____ ____
45 Northern New Hampshire_100 81 Apr 8 9612 Nov 10
70 Feb
____ ____
20 Norwich & Worcester pref_100 120 Apr 22 130 Aug 9 100
Jan
____ __
107 Old Colony
100 111 Jan 6 125 Sept 1
96
Jan
Vermont & Massachusetts.100 9934 Mar 12 105 July 26
87 Feb
Miscellaneous.
212 212
1
212 212 *238 258
2
Amer Pneumatic Service_25
2 Nov 24
22575
5 Jan 7
212 Mar
22
*21
221t 2112 22
201 *20
-2114 211,
130 Preferred
*20
50 1912 Nov 10 2414June 3
1612 Mar
14734 14878
14834 14938 1,413 Amer Telephone & Teleg__100 13912June 24 15034 Feb 15 13038 Jan
1474 14814 14818 14812 14838 149
5112 52
5112 52
1,240 Amoskeag Mfg
.5010 52
5214 52
51
52
No par 4812July 13 71 Jan 2
6112 May
73
73
7334 73
*7212 74
____ ___
No pa
46 Preferred
7212 Nov 4 78 Feb 23
7234 723
7014 May
____ ___
_
____ ____ ______ Art Metal Construe, Ins._...10 20 Jan 16 2112 Jan 23
14
Jan
*57
*57
58
58
5714 5814
150 Atlas Plywood tr ctfs
5712 5834
;67- -gi
5212 Apr 14 6334 Jan 19
4612 Aug
Atlas Tack Corp
No par
814 Oct 11
1714 Jan 2
_912 Aug
--------17
1712
1712 1714 1714
1712 1778 1,025 Beacon Oil Co corn tr ctfs...__
*1612
1418May 11 2012 Jan 14
77
_
7612 7612 7614 7612
77
78
215 Blgelow-Hartf Carpet No par 74 Nov 1
*76
9812 Jan 2 -97-12 Nov
*7612109
-107 107
107 107
____ ___
15 Boston Cons Gas Pre( 634 %100 10512 Jan 25 10912June 21 103
•107 109 *107
Jan
65
65
*6412 67
65
66
70
*64
6914' 6914
195 Dominion Stores, Ltd_ _No par 67 May 8 70 Nov 24
2814 Jan
100 104 Jan 5 11218June 9
99 June
PreferredA
112
2
*112
2
2
.112
*112 2
112 Apr
134
134
100 East Boston Land
134May 20
312 Jan 21
10
*512 6
*512 6
6
6
*512 6
85 Eastern Manufacturing
6
312 Mar 8
*512 6
7314 Oct 26
3 July
•46
47
4634 48
50
*47
47 48_
390 Eastern SS Lines, Inc
42 Mar
25 44 Nov 5 8812 Jan 22
3612
3612
*36
37
3634 *36
+36
-2634 -3034
60 Preferred
3634
No par 34 Nov 3 45 Jan 6
35 Jan
91
91
91
91
93
*91
93
*91
____ ____
32 let preferred
100 9014 Oct 6 9912 Jan 9
89
Jan
15
1512 15
15
15
*15
____ ____
*15
16
70 Economy Grocery Stores
14 Nov 16 26 Feb 5
18 Aug
223
223
224
223
226
225
226
324 Edison Electric Illum
223
225 225
Jan
100 s207 Jan 15 250 Feb 11 200
*20
22
.20
22
22
*20
22
.20
____ ____ ______ Galveston-Houston Elec 100 14 June 22 27 Oct 4
17
Oct
*10
11
*10
11
11
*10
11
•10
General Pub Serv Corp com__
1134 Apr 12 17 Jan 22
*3712
38
3778 3778 3734 38
38
201 Gilchrist Co
3712 3712
38
No par 344 Apr 20 404 Jan 12 -3-2-34 -Aug
9012 9012 9134 9134 91
92
9132 91
91
9158 1,156 Gilette Safety Razor
No par 8812Mar 30 11312 Feb 6
5712 Jan
*10
11
*10
11
11
*10 11__
*10
____ _ _ ___ ___ Greenfield Tap & Die
25 10 May 6 14 Sept 17
11 May
4612 4612 4618 4634 46
4614 47
46
4612
970 Hood Rubber
46,2
No par 46 Nov 21 6814 Feb 4
62 May
527
5 Internet Cement Corp_No par 52 May 17 6814 Feb 9
5212 Jan
i.-2-5 __ _ ..25 __
"7.-2-5 __
*.-2-5 __
.30 .30
100 international Products_No par .10 Jan 2 30 Nov26 .05 Dec
._ _
.25 s_ . .2 *_ _
.26 s_ _
.26
Preferred
100 .30 May 19 .55 Jan 5 .10 Dec
..5 _ _
6 95 6 95 *96 _
95
95
40 Kidder, Peab Accep A pref_100 s93 Apr 15 96 July 30
8212 Jan
8
8
94 918 *914 03-4 *94 -9-34
9
9
35 Libby. McNeill & Libby
612 Aug 13
_10
614 Apr
934 Feb I
+7
714
7
7
7
7
7
7
7
7
95 Loew's Theatres
25
6 July 8 1218 Jan 18
1114 Aug
9112 0112 91
911. 91
91
91
9112
9012 9012
484 Massachusetts Gas Co8___100 80 Apr 20 9412 Nov 17
68 Feb
.26712 70
69
69
69
69
69 6999 Preferred
100 65 Jan 6 7018 Feb 20
8312 Jan
10612 10612 *10612 10712 *106 10612
107 107
*iod- 107 30 Mergenthaler Linotype.No par 1104 June 2 1110 May 1 167
Jan
____ ____ ______ Mexican Investment, Inc
10
734 Apr 22 1458May 26
714 Sept
76
-6612 ;-,o - -6-6-1-2 ;6742 -6.612
;1541.2 -001-2 .
Miss Itiv Pow stpd pref.,..100 89 Apr 9 96 Jan 4
8712 Jan
238 238
24 212
24. 212
238 238
___.
435 National Leather
10
2 Aug 4
412 Jan 5
334 Dec
2512 2512 2518 2538 25
2514 2512 26
26
26
1,126 Nelson (Herman) Corp
5 1512 Jan 9 2912July 19
1158 Dec
•.20 .25 *.20 .25 +.20 .25
.25 .25
Stock
____ __._
300 New Eng Oil Ref Co tr ctfs... _ .20 Jan 2 .95 Apr 29 .10 Dec
*4
_ _
*4
_ _
*4
__ _
10
__
__
10 Preferred tr ctfs
100
3 July 15 1012 Jan 6
54 Apr
•10012 COI- *10012 101
- 10054 100-34 101 101
Exchange -------110 New England Pub Serv prior pf 95 Sept 20 101 Sept 1
*1
212
212 *1
212 *1
212 +____
1 Oct 1
____ ____ ______ New Eng South Mills_ _No par
8 Feb 18
278 Dec
•6
3
*6
8
•6_
100
5 Aug 5 28 Jan 29
_
*512 8
_
___ ___
ClosedPreferred
20 Dec
11878 117
117 11712 117 1-1-i12 11712 11712
511 New Eng Telep & Teleg. 100 11078 Apr 1 11834 Feb 17
99 Apr
11712 1177
-- 8
*9012 _ __ *90
_ *91
_ _ *9112 _
_ ___ __ No Amer Utll let pf full paid__ 89 Feb 15 96 Feb 25
Thanks____
90 Sept
•17
1712 17
_17- •17
17 Nov 16 27 Feb 25
150 151 pref 25% paid
1-i12 1718 1-718
20 May
17 _-1778
43
45
*4212 43
4412 45
100 3512July 6 55 Jan 2
640 Pacific Mills
50 Dec
45
45
giving
4378 4378
45
Plant
(Thos
45
0),
*45
1st
47
pref100
40
Mar 25 6814 Jan 12
*45
47
32 Aug
*45
4634
_--- ---*15
10 15 Feb 8 1714 Aug 26
161 •15
161 *15
83 Reece Button Hole
161 *15
16
16
154 Aug
1612
Day
10 Reece Folding Machine
*112 2
2
2
10
2 Nov 22
*1
11
114 Oct 30
114 Nov
*1
1,2
•10112 1021 102 1021 10114 102
235 Swed-Amer Inv part pref 100 98 May 28 110 Aug 6
idi- 1039914 Dec
102 102
256 Swift & Co
•116 1163 117 117
100 111 Apr 21 11712 Nov 5 10914 Apr
117 11712 117 117
117 117
150 Torrington Co
*70
25 54 Mar 31 72 Sept 10
71
70
71
71
71
4512 Apr
*70
71
---- ---*11
13
_____ ___ Union Twist Drill
.11
13
*11
13
6
7 Jan 5 1512 Feb 11
*11
13
3 Oct
4912 497
4978 -5038 3,472 United Shoe Mach Corp
4938 5038 504 507
25 47 Mar 31 5314 Aug 25
4034 July
5018 5058
*2712 2812 28
28
125 Preferred
28
25 28 Jan 2 30 June 25
28
28
28
28
28
2612 Jan
86
86
86
86
210 US de Foreign Sec let pref I pd 82 Nov 15 135 Feb 16
8612 87
*86
87
98 Mar
7914 80
8018 82
81
let pref 75% paid
8112 1,720
81
81
81
60 May 30 90 Apr 3
-81
2412 Jan
21
21
21
2114 2118 211
2114 2112
2114 2112 1,565 WaldorfSys.Inc. new eh No par 17 Jan 6 2234 Oct 19
1412 Aug
*3718 39
*3713 39
*3718 39
•3718 39
____ ____ ______ Walth Watch cl B com_No par 29 Jan 18 40 Feb 5
5
Jan
*.r56
58 "x56
58
56
75 Preferred trust ctfs
56
4818 4818
100 4818 Nov 21 60 July 19
____ ---1714 Jan
108 108
•106 110
108 108 *108 110
15 Prior preferred
____ ___
100 101 Sept 30 11012 Apr 13
65
Jan
.1512 16
•1512 16
16
16 .15,2 1610
Walworth Company
20 1234May 28 23 Jan 27
1634 June
5512 5512 5512 5512 5512 55
55
643 Warren Bros
5512
-61 064
60 44 Mar 25 5734 Oct 28
37
Jan
*4112 42
*41
*4112 42
42
1st preferred_
*41
42
____ _--- ______
50 39 Apr 16 43 May 24
3758 Jan
*44
47
47
*44
47
*44
2d preferred
*44
47
____ ____ ______
50 42 Apr 18 47 Feb 10
4012 Jan
*1412 15
*1412 144 *1412 1434
•1412 15
_ _- ____ _____ .: Will & Baurner Candle com___
104 Aug 18 1712 Jan 2
11 Mar
Mining.
-------------------------30
._
•
.20
Adventure Consolidated____25 .05 Mar 15 .40 July 19 .05 Dec
.25
•.05
.
.
1
.05
.25
.20
*.05 .25
Algomah Mining
;is
*.05 .25
25 .10 Feb 2 .10 Feb 2 .10 Mar
.90 .90 *8.85
.90 *8.85 .90
.90 .90
350 Arcadian Consolidated
*8.85 .90
25 .25 Mar 27
138 Aug 4 .50 Dec
10
10
1014 1014
10
275 Arizona Commercial
1014
*10
1012
914May 25 1234 Jan 2
6
912 Mar
i3312 ii *3312 35
3312 3312 3312 3412
525 Bingham Mines
3212 3312
10 29 June 2 5534 Jan 4
2814 July
1658 164 1612 1678
*164 1634 164 17
1612 1612 2,079 Calumet & Reda
25 1314June 7 1858 Aug 9
1238 June
- •.25 _ __ *.25 _ _
*.25
*.25
__
_
Carson
Hill
__
___
•.25
Gold
1 .20 June 10 .50 Jan 2 .20 May
C478 1458 1-458 1458 1451458 -165 Copper Range Co
•1412 1-5
- 8
144 1458
25 13 May 20 20 Jan 4
18 Dec
*3
318
234 24 •212 3
*212 3
50 East Butte Copper Mining_ 10
*212 234
214 Oct 13
4 Feb 3
3 June
.30
.30
*(2.30
.50
.45
*a.30 .50
•a.30
*a.31 .35
60 Franklin
25 .25 Nov 3
114 Jan 20 .04
Jan
•.50 .75 *.50 .75 ".50 .75 *.50 .75
Hancock Consolidated____ 25 .50 Feb 25
•.50 .75
114July 17 .60 June
1812 *174 13
•1712 1812 *18
1712 1712
*174 1814
200 Hardy Coal Co
1
14 Mar 29 2114 Jan 4
1512 July
1
*PO
*.80
1
1
.0.80
•.90
*.90
1
1
Helvetia
25 .75 Oct 11
2 Jan 11
1
Dec
18812 18912 188 189
189 189
243 Island Creek Coal
•18812 189
189 189
1 141 Mar 29 198 Oct 29 121 Mar
•10112 103 *10112 103 *10112 103 *10112 103
Preferred
*101 10112
1 9912 Jan 4 106 July 28
944 May
12
12
*1134 1214
130 Isle Royale Copper
*1134 1214 *1134 1214
12
12
25
912June 7 14 Aug 9
978 Apr
214 238 *218 214
24 218
24
860 Keweenaw Copper
2
218 218
25 .50 Jan 2
24 Sept 30 .50 June
1
*.90
*.90
1
Lake Copper Co
*.75
1
•.75 1
'
3.90 .95
25 .60 Oct 26
138July 14
1
Apr
*1
114 *I
14 *1
14 .1
La Salle Copper
•1
114
25 .80 June 12
114
212Mar 15
1 Dec
.134 218
+134 24 "14 218 *178 218
Mason Valley Mine
•21X8 218
6
134 Jan 26
252Sept 17 .95 Sept
Masa Consolidated
25 .20 Nov 17 .75 July 19 .40 May
e.25 .40 •.25 .40 •.25 .40 *.25 .40
*.25 .40
.60
.50 .50 "8.50 .60
40.50
.60 *a.50
25 Mayflower-Old Colony
*a.50 .60
25 .60 Oct 25
112 Jan 5 .50 Nov
4212 42
4214 4212 4212
42
42
188 Mohawk
25 30 Mar 30 46 Oct 18
42
42'2
42
2512June
12
223
4
223
4
2212
*2212 23
355 New Cornelia Copper
5 1812May 19 24 Aug 9
2234 2234
2212 221 2 22
18 Mar
.18 •.06 .18 *.06 .18 +.05 .18
s_ -_
.05 Jan 30 .20 June 10 .10 July
____ ___ ______ New Dominion Copper
21
*_
•____
21
*__
_
_
21
21
Company
100
New
-_.
River
18
•
1312 Nov 26 25 Feb 4
1812 181
25 Apr
GO *___ - 60 *---- 60
"57
GO
131
100 45 July 13 72 Feb 11
i57
Preferred
60
60
40 June
53
513 51
480 Niplssing Mines
534
$12 54
512 558
534 554
6
5 July 8
74 Jan 27
44 July
258 25ii
.258 234 *28* 24
24 258
16
2 Apr 13
625 North Butte Mining
378Sept 20 .89 June
258 258
2
2
*a134 2
25 .60 Jan 4
154 2
575 011bway Mining
112
134
2 Nov 22 .15 Nov
14 14
164 1614 *1614 1634 *1614 164 *1614 1634
25 14 May 26 20 July 17
120 Old Dominion Co
1614 1614
1634 Dec
90 P'd Cr'k Pocahontas Co No par 1012Mar 29 15 Jan 2
12 .1134 1214 *1134 1214 114 1134
1011June
1112 1112
12
1812 1858 1834 1838 1878
18
_ 18/4
235 Quincy
•
25 1512May 24 25 July 16
19 Apr
1814 18'z
*2612 2712 *2612 2712
*2612 27
iiii., 28
35 St Mary's Mineral Land
2612 27
25 2512May 25 3812 Feb 10
2812 Apr
34 334
34 334
958 Jan 4
205 Seneca Mining
.354 44 •334 414
74 Nov
34 Nov 23
*334 483
.1 .32 .35
..30 .50 •.30 .50 '
.31 .31
110 Shannon
10 .30 Nov 1 .80 Jan 5 .50 May
*.31 .40
1%25 .45 ".25 .50
*07 .50 +.25 .50 '
1'44 1kilar 1 .70 Slay
Superior & Boston Copper_ 10 .25 Sep' 30
*.25 .50
*534 6
'vs 578 *54 6
54 6
5
41
/
4 Oct 26 1154 Feb 6
325 Utah-Apex Mining
6
6
378 Jan
138
138
138
14
600 Utah Metal & Tunnel
1 .50 Jan 8 2% Mar 13 .40 July
112 .14 112 •138 112
•138
4..50 __ _ ___ ___ Victoria
25 .40 May 24 .75 Feb 23 .22 Nov
.30
.20 .20
25 •.20 .iii •.20
..20
100 Winona
25 .10 Sept 13 .40 July 20 .10 Dec
'.20 .25
-_ Wvandot
25 40 Feb 1 .45 Mar 22 .05
A nr
Ex-r ghta. s Ex-dividend and
Ex-dividend.
•Bid and asked prices; no sales on this day. a Assessment paid. 11Ex-atock dividend. I New stock.
Highest
16444 Jam
Jan
85
10418 Dec
130 Dee
118 Dec
4912 Des
48 Dee
65 Dec
8712 Dec
7912 Del
118 Dec
99 Nos
180 May
5212 No.
73 Dec
70 Dee
50 De<
56 Dec
4684 Dec
90 De(
Oci
125
113
Oci
101
Dee
5
2412
145
87
8634
16
6712
21
Dec
Dec
De(
Aug
Aug
Au'
De(
Dec
16912 OM
10814 Aug
74
Oct
100 De(
638 Sept
64 Jar
8978 De(
461 Oct
100 July
2312 Sep1
213 May
38
Jai
-43 Jul]
11512 Dec
1512Juts
Oc
72
Oc
80
2 Jai
1012 Jai
9512 Nol
938 Jai
1378 Jai
85 De
70
Oc
197
Oc
1634 Jai
9614 No,
64 Jo]
17 Do
2 Jun,
12 Sep
11
Fel
65
Jai
12212 No.
100 Ma:
28 Ma
8111 Jai
75
Or
18 Ap
24 Jai
101 De
120 Fel
7312 De
712 Jo;
50 No
29
Oc
12412 De
73 No
1934 Ja
34 De
67 Dc
105 De
2714 Jul
5012 Jul
4312 Jul
48 De
2178 Ilk
.25
Ja
.25
Ja
3 Ja
1638 Fe
604 04
184 Ja
.90 Au
33 Ja
614 Ja
138 Ja
134 Fe
Ja
23
312 Fe
165 DE
10012 DE
2012 Ja
112 Jur
3
Ja
84 Ja
234 Ja
114 Ja
3 Ja
41
Ja
25 Ja
.85 Fe
Si Au
65 Au
634 Ja
378 No
14 Ja
27
Ja
184 Bei
391: Jo
48
la
11 No
112 Is
2
Ja
83(, Is
.98
y:
14 Is
.48
J11
9.1
V.
righte.
2764
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transaetions in bonds at Boston
Stock Exchange Nov. 20 to Nov. 26, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
BondsAtl G & W I SS L 5s_ _1959
Chic Jet Ry &U S Y 4s1940
5s
1940
East Mass Street RR4358 ser A
1948
5s sec B
1948
Hood Rubber 78
1937
Keystone Tel Co 68 1951
Mass Gas 435s
'1929
435s
1931
535s
1946
Miss River Power 5s_ _1951
New Eng Tel & Tel 5s 1932
P C Pocah Co 7s deb_1935
Swift & Co 5s
1944
Texas Power & Lt Co 55'56
Western Tel & Tel 5s_ 1932
69%
89
69% 6934 $4,000
89
89% 4,000
100% 10035 3,000
Range Since Jan. I.
Low.
High.
Apr 74
Jai 90
Jan 102
65
86
99
Feb
July
Aug
63
63
63
Mar 70% June
2,000 62
70
69
70
Mar 7635 June
5,400 65
104
104 104
Oct 106% June
4,000 104
9835 9834 9835 7,000 98% Oct 99
Oct
99% 99%
1,000 9835 June 100
Sept
9834 9834 22,000 96
Jan 99 June
103
103 103
1,000 9934 Feb 105% Apr
10034 10034 100% 3,000 99
Mar 10234 July
10035 10035 100% 5,000 10035 Feb 102
May
104 104
Mar 111
1,000 100
Feb
10134 101% 2,000 99% June 10235 Aug
97
97
Nov 97
15,000 97
Nov
10034 10034 2,000 9935 Mar 101% Aug
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Nov. 20 to Nov. 26, both
inclusive, compiled from official sales lists:
Stocks-
rrtaam
uues
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Almar Stores
Alliance Insurance
10
American Stores
" 7134
Baldwin Locomotive_ _ _100
Bell Tel Co of Penne, pret_ 11234
Cambria Iron
50
Congoleum Co,Inc
•
Consol Traction of N J_100 38
Electric Storage Batt'y _100
Fire Association, new _10
Horn & Hardart(Phlia) corn
54
Horn & Harden(NY)corn
General Asphalt
100
Giant Portland Cement_50 66
Preferred
50 5434
Insurance Co of N A_ _ _ _10 52
Keystone Watch Case_ •
Kirschbaum (A B),7% Pt
Lake Superior Corp_ _ _ _100
Lehigh Navigation
50 10735
Lehigh Valley
50
Lit Brothers
10
Man Rubber
10
194
Northern Central
50
Penn Cent L & P cum pf _•
Pennsylvania RR
50
Pennsylvania Salt Mfg-50 76
Philadelphia Co (Pitts) 50
Preferred (5%)
50
Preferred (cumul 6%)_ 50
Mils Electric of Pa
25 5034
Power Rec'ts
25
Plana Insulated Wire
•
Phila Rapid Transit_ _ _ _50 5435
Phi's & Read C & I Co_ •
Philadelphia Traction_ _ _50 5735
Phila. & Western
50
Preferred
50
Reading Co
50
Shrev El Dorado Pipe L_25 26
Stanley Co of America...5 88
Tono-Belmont Devel„ _1
Tonopah Mining
1
Union Traction
50 4034
United Gas Impt
50 92
US Dalry Prod A
•
Victor Talking Machine_ _1 115
Warwick Iron & Steel_ _ _10
1
West Jersey &Sea Shore_50
Westmoreland Coal new_ 50
York Rys pref
50 3434
BondsAmer Gas & Elec 5s2007 9734
Consol Trac NJ 1st 58 1932
Elec & Peoples tr ctfs 4s'45
Inter-State Rys coil 4s 1943 4834
Keystone Telep 1st 56_1935
Lehigh C&Nav gen 4Xs'24
Lehigh Vail gen cons4s 2003
Peoples Pass tr ctfs 48_1943 6174
Phila. Co cons & colt tr 55
stmpcl sk fd & red 1951
Phila. Elec Mt s f 4s_ _ _1966 8734
1966
1st 58
1947 107
53413
1953
5358
1941 10734
Os
1972
5358
1948
58
Reading general 4s._..1997
United Rys gold tr ctf 4s'49
York Railways 1st 5s.1937 94
17
1774
4834 4834
7135 7235
14035 15134
11274 11234
40
40
1834 1834
3735 38
8334 8435
53
53
26935 26935
54
5434
7934 8234
6234 70
5434 56
5034 52
78
78
90
90
135
134
106 108
89
9034
2634 2735
135 2
8135
81
7234 73
5634 5634
753.4 76
78
89
38
3834
49% 5034
5035 51
934
9
65
65
5334 543-4
4234 4434
5734 58
1134 1134
3634 3634
8834 9034
2534 2634
89
87
2% 2%
334 334
40
4035
9134 9274
31
31
10334 116h
1
1
41
4134
54
54
3434 3434
94
6134
52
4835
94
9834
86
613.4
9934
8734
10334
107
10674
10774
10334
101
977-4
63
94
395
50
938
1,178
114
10
150
250
517
5
65
110
1,285
1,315
997
1,190
102
25
375
301
163
570
635
90
30
13,400
110
1,090
140
358
7,305
852
30
1,065
585
142
140
50
355
3,285
10,505
2,465
6,525
628
10,832
35
6,530
760
11
9
45
98 420,000
6234 7.000
5734 8,050
4834 7,000
2,000
94
9834 13,000
2.000
86
6134 3,000
Range Singe Jan. 1.
Low.
High.
1634 Oct
56
Jan
60
Mar
9934 Apr
10935 Apr
38
Jan
1334 May
29
Mar
73
Jan
50
July
268
Oct
49
Sept
58
Mar
31
Mar
3434 Jan
49
Mar
60
Jan
90
Nov
134 July
9734 Mar
8034 Apr
25
Mar
134 Nov
7934 Feb
7034 Sept
4834 Mar
17
Jan
6634 Feb
Mar
37
48
Oct
4134 Apr
33-4 Apr
Jan
50
41
Oct
2734 May
Nov
56
11
Mar
434 Jan
Apr
82
1334 July
May
55
2lit Apr
335 Nov
Jan
38
8435 Mar
31
July
Mar
80
Sept
1
40
Oct
49
Apr
34
Nov
2035 Sept
59
Jan
9435 Jan
15194 Nov
11374 June
4094 Sept
29
Sept
38
Sept
9334 Aug
68
Jan
275
Oct
5534 Oct
93
Sept
74
Nov
56
July
6435 Jan
7835 Oct
9135 Oct
434 Jan
12034 Feb
9334 July
3335 Jan
8
Jan
82
July
91
Feb
5735 Oct
91
Feb
89
Nov
3934 Jan
5035 July
6734 Jan
934 Oct
Jan
68
57% Feb
5874 Feb
Feb
65
1634 May
Aug
41
9934 July
28
Oct
9234 Sept
435 Jan
735 Feb
433-4 Jan
14434 Jan
3834 Mar
11634 Nov
37-4 Mar
48
July
56
Jan
3834 Feb
8934
58
52
4835
91
96
8434
13134
Feb 10134 May
Jan 6935 Feb
Nov 6934 Feb
Nov 5634 Feb
Jan 94
Nov
Nov 10074 May
Nov
Apr 86
Nov 7834 Jan
9974 3,000 9635 Jan 9934 May
8735 1.000 84
Feb 8735 Sept
10435 17,300 102
Mar 10434 June
107
2,000 1033-4 Mar 108 June
107
6,000 10374 Mar 108 June
10774 14,000 105
July 10834 Aug
10334 3.000 10035 Nov 10334 Nov
101
Nov 101
2.000 101
Nov
1,000 9794 Nov 9734 Nov
977-4
64
4,000 57 June 65
Jan
94
5.000 94
Nov9634 July
•No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Nov. 20 to Nov. 26, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Amer Wholesale pref _.160
Arundel Corp new stock _• 34
Allan Coast L(Conn)_ _ _50
Baltimore Trust Co__ -50 129
Baltimore Tube pref...100
Boston Sand & Gravel_100
Central Teresa Sug pref _10
Ches & Po Tel of Bait pf100 115
Commercial Credit
• 16%
25 22
Preferred
Preferred B
25
635 preferred
100
Consol Gas_ E L& Pow.• 51%
8% preferred
100
100 111%
635% preferred
7% preferred
100
Power rights w
1.30
Consolidation Coal_ _ _ _100 40
Continental Trust
100 240
100 100
33% 34
220 220
129 129%
35
35
80
80
5.4 1
11434 115
1635 1835
22
22
22
21
8735
87
53
51
106% 106%
111 111%
113 113
1.50
1.30
40%
40
240 240
Range Since Jan. 1.
Low.
45 98
435 28%
10 190
135 120
10 35
7 61
125 .50
19 11035
1,190 1634
209 21)4
62 21
44 87
398 45
10 102
41 10834
3 109
276 1.30
48 36
10 233
[Vol,. 123.
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Prim. Low
High. Shares.
High.
June 101
Feb
Apr 36
Jan
Mar 26234 Jan
Apr 154
Feb
Nov 55
Feb
Mar 80
Nov
Aug 1.00
Nov
June
Jan 116
Nov 46% Jan
Nov 2635 Jan
Nov 27% Jan
Nov 97 " Feb
Jan 57% Feb
Jan 107% July
Mar 11135 Aug
Mar 113% Sept
Nov 1.50
Nov
Mar 53
Feb
Aug 252
Feb
East Rolling Mill new stk_* 27
2535 27
Equitable Trust Co
25
66
66
Fidelity & Deposit
50
13134 13135
Finance Service pret_ .i0
10
10
Hare & Chase
*
23
23
Preferred
100
93
9335
Houston Oil pref v t c_ _100
83
84
Manufacturers Finance_25 41
3934 41
First preferred
25 1934 1934 20
Second preferred
25 1934
1934 1934
Trust preferred
25 20
20
20
Maryland Casualty Co_ _25 9934 99
9935
Maryland Trust
100
186 186
Monon Vail Trac pref__ _25
2234 2335
Mt V-Woodb Mills v t r 100
17
17
Preferred v t r
100
77
77
New Amsterd'm Cas Co_10
52
52
Northern Central
50 8235 8234 8234
Penne Water & Power_100 17134 171% 17135
United Ry & Electric_ _ _50 2035 2074 2034
U S Fidelity & Guar_ _ _ _ 50 225
225 225
Wash Balt St Annan prof_ 50
16
16
West Md Dairy Inc pref.50
5234 5234
BondsBait & Harris WE 58_1936
Consul Gas gen 4355_1954
Consol G E L & P 43515 1935
535% notes Ser E_ _1952
Refunding 58
1950
Davison Sul & Phos 6s 1927
Elkhom Coal Corp 6358'32
Fair & Clarks Tmc 5s..1938
Lake Roland El gu 58_1942
Md Elec Ry 634s..._1952
Monon Valley Trac 58 1942
North Balt Trac 5s..1942
Stand Gas Equip 1st 631929
United Ry & El 4s_ _ _ _1949
1949
Income 4s
1936
Funding 55
6% notes
1927
1949
6s when issued
Wash Bait & Annan 5s 1941
9934 9934
9835 9894
9835 9834
107 107
8434 8435
10034 10035
9934 9935 9935
93
93
93
10034 10034
97
97
97
9235 9234
10074 10034
10034 10034
7034 7035 7034
52
52
75
75
75
100 100
9734 9734
6334 6334
554
11
50
132
10
41
78
55
45
49
27
165
25
345
15
10
249
103
12
3.314
183
11
10
Range Since Jan. 1.
Low.
High.
2594 Nov
6235 Jan
11734 Mar
Aug
9
23
Apr
8534 Aug
81
Mar
3734 Nov
1934 Nov
1935 Aug
20
Mar
94
May
18.134 July
20
Apr
935 May
6234 June
49
Mar
7874 Jan
141
May
17
Jan
187
Mar
15
Oct
5035 Nov
Oct
48
Feb
85
13134 Nov
1034 Feb
2634 Mar
Sept
96
Jan
89
6834 Feb
23
Jan
2435 Feb
Jan
23
102
Jan
Nov
186
2334 Nov
Oct
20
Oct
83
5634 Jan
8235 Nov
17135 Nov
Nov
21
Sept
225
2534 Jan
5434 Jae
31,000 9994 Nov 9934 Nov
55,000 9535 Feb 9831 Apr
Sept
2,000 9535 Feb 99
Nov
1,000 104% Jan 107
Feb
1,000 8434 Nov 98
1,000 100
Sept 10134 Aug
Apr
5,000 98% June 100
2,000 9035 Feb 94 June
1,000 gam Jan 10031 Nov
1,000 9134 Apr 9734 Mar
2.000 8734 Jan 9335 June
1,000 99
Mar 10034 Nov
1,000 10074 Nov 10035 Mar
11,000 69
Mar 7135 Mar
Nov
5,000 48
Mar 52
4,200 6734 Jan 75
Nov
5,000 9754 Jan 100
Nov
6,000 9135 Jan 9734 AUK
15,000 62
July 7334 Feb
• No par value.
Pittsburgh Stock Exchange.
Record of transactions
at Pittsburgh Stock Exchange Nov. 20 to Nov. 26, both
inclusive, compiled from officials sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Amer Vitrified Prod com.50
2835 2934
115 23
Aug 3335 Jan
Am Wind G. Mach com 100
Jan
60
110 56
60
Nov 80
Arkansas Nat Gas com_100
735
735 774 4.200
5% Feb
851 Oct
Blaw-Knox Co
25 74
7335 74
Sept
Mar 80
620 45
Byers (A M) Co pref _100 10494 104 10434
200 98
Apr 105
Aug
Columbia Gas & El com_ 88
Nov
908 7934 Aug 88
86
88
Preferred WI
10035 100 100%
421 95
Aug 10034 Nov
Devonian Oil
Jan
10
tax 1534
282 1235 Apr 17
First National Bank _ _ _100
308 308
Aug 350
50 305
Jan
Harblson-Walk Ref com100 132
Feb
45 132
132 132
Oct 150
Houston Gulf Gas
•
Feb
10
980
534 Nov
534 531
Jones-Laughlin St pref_100
41 114
118 118
Jan 119% Aug
Lone Star Gas
25 4534 4335 4534 4,262 30
Oct
Apr 46
Nat Fireproofing corn_ _100
8
225
7% 8
754 Nov 1894 Feb
Preferred
100
225 126
Sept 39
Jan
2634 2635
Ohio Fuel Corp
25
4535 4535
347 33
Apr 4535 Nov
CU of deposit
1,206 4135 Sept 45% Nov
4554 4534 4535
Okla Nat Gas elf of dep
______ 20
3,042 1934 Oct 2034 Sept
20
Pittsb Brewing pref
50
1234 1234
50 11
Jan 15
Feb
Pittsburgh Oil & Gas_ _5
440
335 Aug
6
Jan
334 4
148 268
268 272
Plttsb Plate Glass com_100
Nov 310
Jan
Oil_
_10
Creek
Consol
8
Salt
8
60
Feb
734 Oct 10
Sc 9,000
I
Sc
Sc
3.3 Jan
8c Nov
San Toy Mining
9134 93
309 8934 .Oct 1187-4 Jan
Stand Sanit Mfg corn_ _ _25 92
115 115
100
15 115
Preferred
Oct 11635 July
20
2234 4,945
100 20
8
July 27
Nov
Tidal Osage 011
36
225 31
3534 36
Union Steel casting
Oct 39
Nov
104 104
38 103
Preferred
Feb 108
Oct
1535 1534
25
24 15
Nov 1934 Jan
U•13 Glass Co
42
42
42
385 4034 Nov 423.4 Sept
Waverly Oil class A
West'house Air Brake _ _ _ 50 13474 129 13434
35 106
Mar 139
Sept
* No par value. t Low sale of 2535 reported last week for National Fireproofing
error.
It
was
an
should have been 2635. Low sale for the year, 26.
preferred stock
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Nov. 20 to Nov. 26, both inclusive.
compiled from official sales lists:
rrsauy
Stocks-
JUiC3
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
25
Adams Royalty Co corn_ _* 25
26
1235
All America Radio cl A-5 1235 12
9734 9734
Amer Pub Serv pref _ _ _100
2%
29-1
Amer States Secur Corp A •
3.
•
334 335
Class B
374
Warrants
35
34
35
9154 9235
Armour di,Co (Del) pret 100 92
100 8374 8334 8431
Armour .4 Co prof
1434
_25
1435 1435
Common CI A v t o_ _
Associated Invest com _._• 37
37
3735
Auburn Auto Co com_ - _25 5834 56
5935
Balaban & Katz v t c _ _ _ 25 64
6334 6434
38
Beaver Board pref ctfs..100
38
Bendix Corp class A_ _ _ _10 3534 35
36
4934 5034
Borg & Beck common__ -10 50
2774 28
Brach & Sons(E J) com_ •
20 277-4 277-4 28
Butler Brothers
• 8434 84
Celotex Co common
87
Central III Pub Serv pref.•
88
8834
Central Ind Power pref 100
8634 8634
Certfs of deposit__._100
8335 8334
Central Pub Sem (Del).* 1774 1634 1734
Central SW common._ _ _• 5035 48
5035
• 93
7% preferred
9235 93
Prior lien preferred....• 99
9894 99
Chic City & Con Ry Pt sh •
Si
34
34
•
3
Preferred
3
3
Chicago Fuse Mfg Co_ _._•
32
32
38
Chic N S& Milw com_ _100 38
3834
100
Prior lien pref
100 100
Chic Rys part ctf ser 4 100
34
%
Commonwealth Edlson_100 13631 13634 137
5
Consumers Co,new
734
734
5
Common v t c
79-4
734
Chicago R T prior pf A_100
9934 100
•
Continental Motors
1135 1135
25
51
Crane Co
5194
Preferred
100
118 118
Crown Will Pap, 1st pref.•
9834 9834
90 4974 4935 4935
Cuneo Press A
Range Since Jan. 1.
Low.
High.
660 2394 Oct 3734
1,105
9
Apr 19
10 92
May 99
1,800
834
135 May
210
1
mat 5%
1
472
34 May
545 90
Aug 98
881 7934 May 927-4
85 13
May 2534
147 30
Anil 3754
2,610 403.4 Mar 7234
342 62
Sept 7634
240 32
Mar 45
995 2535 Mar 3894
1,960 28
Jan 55
85 2735 May 3735
2,175 2794 Nov 30
Nov 8734
1,618 84
132 87
May 91
35 85
July 93
20 8335 Nov 8334
800 12
Apr 1734
925 4734 Nov 50
759 /ID% Mar 9834
570 93 June 100
g
800
X May
100
234 Aug
7
50 30 June 35
May 6134
160 37
10 99
Mar 101
115
35 Jan
133
392 13534 Aug 145
um
5% Aug
2,060
734
734 Nov
1,300
23 9935 Nov 100
150
931 May 1334
75 4735 Oct 60
10 11334 Mar 118
50 9734 Mar 10034
130 4535 July 50
Feb
Jan
July
Feb
Feb
June
Mar
Mar
Feb
Mar
Mar
June
Aug
Oct
Sept
Fob
July
Nov
Jan
Jan
Nov
Nov
Nov
JuIY
Feb
Jan
Jan
Jan
Feb
Mar
Jan
June
Feb
Oct
Nov
Jan
Jan
Nov
Jan
Feb
Sales
Friday
Last Week's Range for
Week.
Sate
CIPrice..
Stocks (Continued) Pox Price. Low. High. Shares.
100
10734 10735
Deere & Co. pref
116 11634
100
Diamond Match
16
1634
El Household Util Corp_10 16
1534 1634
Eiec Research Labor'y___* 1534
93
9334
Empire Gas& El,7% p1100
30
29
Evans & Co, Inc, class A.5 2934
26
2734
5 26
Class B
2734 28
*
Fair Co(The)
10434 10454
100
Preferred
Fits Simons & Connell
2734 2734 2754
• Dock & Dredge Co
Foote Bros(G & M) Co_ _• 1234 1234 1234
434 434
Gill Manufacturing Co_-10
334 4
•
Godchaux Sugar
5
3334 34
Gossard (H W) Co
13934 143
Great Lakes D dr D___100
3934 3934
Greif Bros Coop'ge A com *
Hammermill Paper Co__10
3534 3534
108 110
Hart,Schaff & Marx_ __100
25 4954 4934 50
Illinois Brick
58
58
Indep Pneumatic Tool_..'
2934 30
*
Jaeger Machine Co
14
14
Kellogg Switchbd, new_ _10
9454 9454
Ky Hudro-Elec, pref._ -100
51
51
Ky Util Co, cum pref_ 50
25 6234 62
63
Kraft Cheese Co
831 11
La Salle Eat Unly (III) _ _10 11
Libby,McN&Libby,new10
954 934
954
McCord Radiator Mfg A-* 3834 3834 3831
99 11134
Middle West Utilities---* Ill
100
10454 105
Preferred
Prior lien preferred_100 11631 11534 116%
42
Midland Steel Products..' 42
42%
99
9934
Midland UM prior lien_100 99
'59
59
Morgan Lithograph Co__* 59
125 12534
Nat Carbon pref, new_100 125
Nat Eine Power A w l____* 2334 2234 24
234
10
National Leather
234
23.4
National Standard
• 3134 3134. 31%
28
North American Car corn
2834
99
9934
Nor West Util pr in pref 100
100
92
9334
7% preferred
• 2534 2534 2534
Novadel Deferred
Omnibusv t c w is
• 1634 1534 1734
*
19
19
Penn Gas & Elee w 1
Pick Barth & Co pref A__• 2034 2034 21
56
6
5634
Pines Winterfront A
* 13134 12934 13134
Pub Serv of Nor III
Pub Serv of Nor III__ _100
12934 12934
101 102
100
Preferred
113 114
7% preferred
100 113
182 185
5 185
Quaker Oats Co
107 107
Preferred
100
5 3451 3431 3531
Q R S Music corn
Real Silk Hosiery Mills_10 4234 4234 4634
10 1934 1934 20
Reo Motor
Sears, Roebuck & Co_ _100 5334 5134 54
36
36
So City Util CIA corn....'
26
2634
So Colo Pr Elec A com_25
2731 2734
30
Sprague Sells
67
mg
Stewart-Warner Speedom * 68
100 117
Swift & Co
11635 117
15 2134 2034 2134
Swift International
25
4634 47
Thompson (J R)
Union Carbide & Carbon_* 9634 9434 97
United Iron Works v t 0.50
2%
234 234
United Lt& Pr A w 1 new.* 1334 1334 1434
B w 1 new
* 1734 1734 1731
Preferred cl A w I a
*
8734 8834
Preferred cl B w 1 a_ __• Si)
50
5034
US Gypsum
20 152
148 155
Vesta Battery Corp
26
28
10
Wahl Co
731 834
*
834
Ward(Montgomery)&C010 6634 6434 67
•
114 115
Class A
Williams 011-0-Mat corn.* 1634 5434 1634
6
Wolff Mfg Corp
*
6
Wolverine Portland Cem 10
531 534
Wrigley Jr
5234
• 5234 52
Yates Machines part pfd_* 2834 2834 29
2531 28
Yellow Tr & CoachMfg B10 28
Yellow Cab Co Inc (Chic)• 45
4431 45
BondsChicago City Ry 5s_ _ _1927
Chin City Re Con Rys 55'27
Chicago Railways 55.-1927
58, Series A
1927
4s, Series B
1927
Commonw Edison 5s.1943
Fed Util F M C 534/3/3 1945
Haus00 Coal 663451931
Swift & Co 1st s f g 55_1944
7331
51
72
51
3734
103%
97
9631 9631
101%
7331
51
72
51
3734
76
5234
7631
52%
37%
10334
97
9631
101%
* No par value.
Range Hines Jan. 1.
Low.
45 106
500 116
1,450 1134
2,718
834
310 91
25
60
1,100 2431
360 27
43 104
HUM.
Feb 110
Mar 12534
Oct 25
July 3234
Apr 97
May 32
Oct 29
May 3334
Oct 109
196 196
197 197
51
51
85
85
475 481
68
6834
84
84
450 475
103% 103%
6831 69
30% 3031
132 132%
96
96
305 305
96
9634
634
1131
9034
1234
10331
3634
48
56%
4134
3034
38%
26
12%
3034
12%
9831
66
6%
12
9134
1231
103%
3631
50
5734
42
31
40
2634
1234
3034
1234
9835
66
Jan. 1.
High
Magnin, I, common
* 2234
2231 2234
620 1934 Jan 24
Sept
930 3231 Mar 42
Apr
North American Oil__ _ _10 3834 3831 39
20 3531 34
Oahu Sugar
3531
509 29
Sept 3534 Nov
20
834
Olaa Sugar
754 834
1,133
5
Apr
834 Nov
40
20
41
Onomea Sugar •
425 3234 July 41
Sept
7,291 118
Pacific Gas& Elec. com.100 12934 129 130
Mar 134
Sept
100 9934 9931 100
First preferred
843 97
Apr 1023.4 July
9654 9654
Pacific Leg Corp,6% pf 100
246 9434 June 9854 Sept
* 150
150 150
Pacific 011
300 95
Mar 16254 Aug
Pacific Tel & Tel, pref _ _100 10534 10631 10534
285 9934 Mar 10554 Nov
June
32
Jan
20 26
110 113
Paraffine Cos, Inc, coin _ _• 110
135 8434 Jan 113
Nov
May 1531 Jan Phillips Petroleum
3,250
9
* 53
5034 5334 10,045 4154 Apr 5354 Sept
535 Aug Piggly Wiggly West St A.* 1974
335 May
220
1954 1934
25 1934 Sept 2054 Nov
Feb
7
31 May
150
* 3034 30
3034 19,221
Shell Union 011, corn
2334 Mar 3034 Nov
Jan Sherman dr Clay125 3131 Mar 39
Jan
Mar 171
275 122
91
92
preferred__100
85 87
7%
prior
Aug 9654 Feb
151) 36
May 43 May Southern Pacific
100 10531 10531 108
40 9654 Mar 110
Sept
Nov 36 June Sperry Flour Co,com_ _100 45
100 25
45
43
100 40
Oct 6135 Jan
Jan
Nov
125
225 10654
94
100
92
50 90
Preferred
Oct
97
Jan
Sept
Jan 57
745 37
103 104
400 100
Water__ _100 103
Jan 108
Feb
Jan Spring Valley Calif_ ___25 5834 58
Jan 61
25 58
5831 8.595 5231 Mar 6354 Sept
Standard 011 of
Nov
185 2434 May 3234
.50 .50 1,200 26
Consolidated Oil_ _10
Jan 50
June
Nov 17 June Texas
185 13
5231 53
1.904 3631 Jan 67
Union 011 Associates_-_25 53
Jan
10 9131 June 9554 Aug Union Oil of California_ _25 5274 5231 5274 4,798 3714 Jan
Jan
6654
Mar 5234 Aug
43 49
20
20
35 1934 Oct 2934 Feb
25 20
Sugar corn •
May 9034 Jan Union
40 55
200 25
25 2731 2731 2731
Aug 29
Preferred
Jan
Sept 1454 Jan
3,225
7
500
134 Jan
1 1.6734 1.67341.6734
US Petroleum
2
Aug
1,760
734 Mar 1034 Sept Universal Cons. Oil- _ .._ _ 1.15 1.15
300 1.15 Nov 1.45 Sept
May 4934 Sept
25 36
36
38
960 2934 May 3835 Nov
Agricul Co Ltd_20 3134
Nov 13434 Jan Walalua
678 99
260 260
10 235
Feb 260
Wells Fargo Bk dr UnTr100
Oct
170 9734 Jan 11134 Feb Western Dairy Products_ _. 44
44
44
25 44
Aug 45 June
275 10634 Jan 12334 Feb Yellow & Checker Cab A 10
931
934 931
200
9
May
Mar
1054
Oct 4934 Feb
85 40
5 2734 2754 2734
190 2434 May 2934 Aug
Corp
Mar 104 June Zellerbach
120 98
160 9654 9554 9634
150 94
Oct 98
Preferred
Aug
300 2434 Mar 6531 Oct
Apr
Oct 128
70 124
•No par value.
695 1935 Mar 2631 July
Cincinnati Stock Exchange.-Record of transactions at
434 Jan
231 Nov
1,312
Sept 3334 Oct
1.775 26
Exchange Nov. 20 to Nov. 26, both inJan Cincinnati Stock
Mar 32
40 26
Nov clusive, compiled from official sales lists:
Jan 100
170 93
Nov 9754 Aug
45 91
Sales
Friday
Oct 28 June
350 24
Range Since Jan. 1.
Last Week's Range for
4,350 1234 Oct 2134 Feb
Week.
ofPrices.
Sale
Feb
Nov 24
100 19
Low.
High.
Par. Price. Low. High Shares.
Aug
StocksNov 23
395 13
125 3334' Mar 6034 Aug
409 108
Mar 14734 t Jan
Oct 140 June Am Laundry Mach,com.25 10631 10634 109
67 121
2434 24%
60 2434 Apr 2754(Feb
Oct 143 June American Products, pref_
12 128
988 4434 Nov 47 I Oct
July Amer Rolling Mill, com_25 4454 4434 45
78 9934 Oct 106
125 10854 May 111 ta.Sept
Jan 116% Mar
40 112
Preferred
100
11034 110%
10 2334 Nov 29
Jan 190
Nov Amer Seed Mach, corn_ _50
Jan
160 128
2334 2334
12
100 105
Feb 10834 July American Thermos
931 10
954 Oct 2031 Mar
4
450 2534 Aug 3734 Nov
36
36
Preferred
21 173
2,800 3131 June 5834 Jan Carey (Philip), coin_ _100
July 181
Apr
175 175
440 1734 June 2534 Jan
5 111
Jan 115 • Mar
Preferred
100
nag 11354
Mar Central Warehouse_ _100
990 49% Jan 180
10
234.Nov
234 254
134 Feb
July Churngold Corporation..'
50 3434 Sept 42
6 47
Nov 70 ,.„,, Feb
4754 4754
400 22
Apr 2634 Nov Cincinnati Car
22
22
22
400 22
Nov 22 ,a, Nov
25 2731 Nov 3034 June Cinc Postal Term, pref_100 92
10 88
92
92
Jan 92 ,Nov
5.650 61
Nov 93
Jan City Ice & Fuel
2131 2131
20 21% Nov 2534 Jan
•
840 110
Apr 11834 Nov Cooper Corp (new)__ __100 7731 7731 7731
100 6534 Jan 8734 Nov
11,700 1434 Apr 2234 Ja
10334 10334
27 9931 June 108
Jan
New preferred
100
90 42
Apr 5034 Sep • Eagle-Picher Lead, com_20 2834 27
2834 1,904 2634 May 29% Noy
2,025 7234 Jan 97
No
56 93
July 103
100 10031
Sept
Early dr Daniel, pref._ _100 100
Jan
Apr37
400
31 Mar
22
100 30
354 Sep
Formica insulation*22
1,215 11
Oct 26
Fe • Giant Tire
92 2334 Jan 59
4934 4934 50
Oct
10 15
Mar• Gallaher Drug, pref____20
21
21
5 21
Apr 31
Sept21
Nov
210 8134 Mar 92
May Gibson Aft. corn
4134 42
302 3656 Feb 44
Feb
•
Sep ' Globe Wernicke, pf und.100
81
2 81
Nov 93
68 4234 Apr 54
81
July
17 10334 Feb 110
2,475 125
Mar 171
Jul • Gruen Watch, pref____100
Oct
10854 106
No
30
831 Aug 29
3031
174 2731 Oct3231 Nov
525
•
Jaeger Machine
10131 10134
25 99
Jan 10234 Mar
165
73.4 June 1434 Fe ' Johnston Paint, pref___100
4 100
Nov 104
July
100 100
460 5834 Mar 8134 Ja : Kahn.% 1st pref
No
•
• 10
.50 10
Nov 10
Nov
10
110 107% May 115
Kodel Radio "A"
Oct2331 Fe '
50 2034 May 2134 Jan
2034 2054
1,350 13
20
Preferred
119 12334
783 105
Mar 13534 Jan
Oct1034 Fe ' Kroger, corn
223
6
10 119
1
100
5
Aug
934 Ja :
100 11234 11234 11234
New preferred
Apr 5731 Oct' Lake Shore Power, pref__ ______ 100 100
10 100
Nov 100
Nov
875 49
i
Fe' McLaren Cone"A"
Mar 32
17
18
30 1731 Sept 2054 Feb
1,175 26
May 3934 SeP' Paragon Refining. corn. 25
2,640 21
72.4 754
634 May
931 Jan
65
575 4234 Mar 5034 Fe' Procter & Gamble, com_20 15934 15834 15934
275 13954 Jan 164
July
91 10834 Apr 11434 Mar
100 11154 11154 112%
6% preferred
20 8554 Jan 98
96
9734.
Sept
100 96
Pure Oil, 6% pref
Sep
Mar 81%
817.000 67
17
100 17
15
Nov 24
• 15
Jan
Standard Drug A
56% Ja
101 101
2 100
30,000 44% Jul
Jan 101
Nov
Vulcan Last
Ja
82
AP
36,000 67
10134 10134
20 99
Mar 105
Sept
US Can, pref
100
Mar 5431 Sep
30,000 45
30 135
17634 180
May 187
U S Playing Card
20
Oct
Sep
July 46
8,000 29
7734 78
104 74
Nov 95
Feb
U S Print & Litho,com_100 78
Jul
11,000 10034 Mar 105
9434 9454
3 91
July 100
100
Feb
Preferred
No
Nov 97
5,000 97
90 44
46
4654
Aug 6634 Jan
100 46
Sept 99 Fe US Shoe, pref
33.000 95
1,000 9934 Jan 101% No
Banks325 327
70 218
May 326
Fifth-Third Union units100
Feb
•
•
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
100 196
American Bank
Aug & Lon Par Nat Bk-100
25
Associated Oil
25 85
Bancitaly Corp
100 477
Bank of Italy
Calamba Sugar corn..-100 68
Preferred
100 84
10
' California Copper
Calif Oregon Pow pref. 100
California Packing Corp..* 69
Calif Petroleum corn..._25 30%
Caterpillar Tractor--- _100 13234
C'st Cos Gas & El 1st p1100
Crocker First Nat Ilk_ _100
East Bay Water A pref _100
20
Ewa Plantation Co
Fageol Motors, pref _ _10
Federal Telegraph Co.._10 1134
Firemen's Fund Insur_25 91
Foster & Kleiser (corn). _10 1235
Grt Western Pow pref_100 10334
•
Hale Bros Inc
Hawaiian Comml & Sug-25
Hawaiian Pineapple-- _20
20 42
Hawaiian Sugar
Home Fire & Mar Ins_10
10 40
Honolulu Cons Oil
Hunt Bros Pack Co "A".'
Hutchinson Sugar Plant_15
Illinois Pacific Glass "A".'
Lagendorf Baking "A"...'
LA Gas de Elec pref...l00 9834
1 66
Magnavox Co
Friday
Sales
Last Week's Range for
Range &ere
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Low.
Aug
Feb
Jan
Jan
Jan
Sept
Sept
Jan
Feb
San Francisco Stock and Bond Exchange.-Record o r
transactions at San Francisco Stock and Bond Exchang 3
Nov.20 to Nov.26, both inclusive, compiled from officiaI
sales lists:
Stocks-
2765
THE CHRONICLE
Nov. 27 1926.)
5
65
16
8,409
155
200
50
5,40
7
1.070
3,955
440
12
67
140
30
480
650
743
60
177
60
350
230
95
89
3,250
250
40
360
100
40
500
Range Since Jan, 1.
Low.
160% Mar
19131 Jan
45% Jan
Apr
72
Mar
436
Jan
56
80 June
Nov
450
Mar
100
6634 Oct
30
Oct
11131 Mar
91
Jan
300
Jan
9334 Jan
3631 Aug
634 Nov
8% Jan
Oct
90
11
May
101
May
35% May
44
July
48
Jan
36
Mar
31
Nov
35
Mar
24
Jan
11
Apr
2034 Apr
1231 Sept
9534 May
65
Oct
Public Utilities93
Cincinnati & Sub Tel_ __50 93
Cincinnati Gas & Elee _100 9254 92
C N & C Lt& Trae,com 100 8734 8754
100
6631
Preferred
Ohio Bell Telex), pref_._100 11131 110%
Tractions-Cincinnati Street Ry_ _ _.50
RailroadsCNO&TP.pref
3731
37
93
9231
8734
6634
11134
3734
5 81
167 88
135 8134
33 63
140 109
509
33
Jan 93
Mar 9534
Jan 9334
Apr 7034
Jan 115
Oct39
Nov
Apr
June
June
July
Nov
High.
Jan 103
Oct
66 101
10334 104
100
200
Oc•
'No par value.
202
Jas
St. Louis Stock Exchange.-Record of transactions
60
M
351
Ap
at St. Louis Stock Exchange Nov. 20 to Nov. 26, both
483
No
75
Fe
inclusive, compiled from official sales lists:
91
Fe
Sales
SOO
Friday
Sep
Range Six* Jan. 1.
10434 Oc
Last Week's Range for
Week.
180
Fe
Sale
ofPrices.
Low.
High.
3831 Fe
Par. Price. Low. High. Shares.
Stocks150
Fe
96
Oc
Bank Stocks32 155
Jan 171
Feb
320
162 162
Jul ,' Nat Bit of Commeree__100
98% Sept
43
No l'
Street Railway Stocks
85 16
Sept 20
May
8;4 Ja a St Louis Public Service_ -* 1834 1834 1834
13% A g
9731 Fe a
MiscellaneousStocks685 32
Nov 3334 0.1.t
3334
33
13
Jul Y (Al) Aloe Co corn
20
40 95
Nov 98
Mar
95
95
110
Se t Baer Sterb & Co 1st pf _100
425 3534 Mar 4431 Feb
4254 43
37
No V Boyd-Welsh Shoe
• 43
505 30 June 4434 Feb
32
36
50
No V Brown Shoe common_100
338 28
3054
Oct 35
Aug
30
6034 Jaa Ely & Walker D 0corn._25
15 84
Aug
90
8554 8534
Mar
42
Se t
Second preferred_ _ __100
35 29
30
Oct 34
30
Jan
3851 Feb (Fred) Medart Mfg corn..'
10
1,500 10
10
Nov 3634 Fel:
4031 Jun C Fulton Iron Works corn..' 10
115 4131 Nov 57
41% 42
Jar
26% 0't Hamilton Brown Shoe_ _25
170 29
•
2934 31
Oct 44
16
Feb Huttig S & D COM
Feb
363 76
7634 7734
Nov 7934 Jar
33
A g Hydr Press Brick pre __100
29 135
May 17554 Jar
13
0:t International Shoe corn_ • 16134 160 16134
110 107
108 108
Oct 11154 Jar
100% Se I
166
Preferred
,.
rK
Cc
95
Kri
lat.
no
- -•--•-.- ---68% Ja
2766
THE CHRONICLE
Friday
gales
Last Week's Range for
ofPrices.
Sate
Week.
Stocks (Caseload) Par Pries. Low. High. Shares.
McQuay-Norris
•
Mc Portland Cement_ _25
100 100
Molony Elec pref
Nat Candy common_ _ _100 8636
15LIFirst preferred
100
F Second preferred._ _.100
* 3636
Pedigo-Weber Shoe
Polar Wave Ice A
• 31
Rice-Stix Dry Goods com_* 2055
First preferred
100 106
Scruggs-V-B D G corn_ .25
Firet preferred
100
Second preferred_ _100
Sheffield Steel corn
*
13'western Bell Tel pref_100
St Louis Amusement A_ •
St Louis Car pref
100 92
Stix Baer & Fuller
* 32
(Wm) Waltke common_ •
t
Mining StocksConsol Lead & Zinc Co. •
17
17
56
5655
100 100
8654 87
10731 10756
100 100
36
3655
31
3154
2034 2054
106 10654
22
2354
87
87
86
86
2534 2554
115 115
46
46
92
92
32
32
4954 50
1734 18
100
236
11
32
4
1
580
180
360
20
847
40
10
60
30
75
15
95
485
320
Range Sines Jan. 1.
Low.
1655
4855
100
70
106
100
27
31
19
108
22
87
86
24
11254
46
90
2855
40
Jan
Mar
Nov
Apr
Mar
Nov
May
Nov
Nov
Sept
Nov
Nov
Nov
May
Apr
Nov
May
Aug
Apr
1654 Nov
High.
1955
67
100
92
110
104
39
3731
2534
109
30
92
95
2954
11534
5955
97
3554
50
28
Feb
Jan
Nov
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Sept
Jan
Jan
Jan
Nov
Mar
[VOL. 123.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High Shares.
Colombian Syndicate
Commonwealth-Edison 100
Com'wealth Power CorPCommon
•
Preferred
100
Consol Dairy Prod
•
Con Gas,E LAP Bait coin*
Corusol Laundries
•
Courtaulds Ltd
£1
Cuneo Press, corn
10
Curtiss Aeropl & M com__.
Curtis Pub Co, $7 pref___*
Davies(Wm),class A____*
De Forest Radio Corp....'
Doehler Die-Casting
•
Dominion Stores, Ltd_
•
DubillerCond Corporation*
Durant Motors, Inc
•
•
Dun Co, class A
Class A v t c
2.14
2% 2%
136)1 136% 13684
41)(
41
4285
91
9285
1% 2
51% 5155 5255
2284 22% 22)5
24% 2436 2555
34
3334 34
1935 1956
114
113% 114
30
555
19)5
69
855
8
2954 30
534 655
1955 1954
65
69
584 635
855 935
9
9
8%
8
Range Since Jan. 1.
Low.
High.
6,600
1% Oct
334 Jan
10 134
Nov
July 137
8.300 29
300 82
600
155
3,800 44%
4,600 21
1,500 23)5
700 26
500 1515
80 113
Mar 435£
Mar 91
5%
Oct
Jan 58
Aug 2854
Oct 35%
Feb 3454
May 23%
Sept 11554
Sept
ON
Jan
Feb
Feb
June
Nov
Jan
Sept
300
8.000
500
1.075
5,700
7,600
100
400
Oct
June
May
May
Oct
May
Nov
Oct
33
1054
20
6754
11
1474
21
22
Mar
Jan
Nov
Jan
Jan
Seat
Feb
Feb
29
51e
1155
57
354
3%
9
8
Eitingon Schild Co corn_ _* 34
34
34
100 25
Sept 3734 Jan.
Elec Bond & Share pref_100 107H 10834 10784
720
July
Jan 110
Elec Bond & Share Secur-• 6736 6754 6855 6,00 104%
Jan
5655 Mar 86
Elec Invest without warr.• 4185 39
4155 2.91:0 3084 Nov 7454 Jan
Elec Pow & Lt, 2d pf A_ •
86
86
25 8535 Nov 00
Sept
10244 10214 16 000 9954 June 10214 Nov
Option warrants
634
6% 784
1,200
8
Sept
555 Oct
Empire Pow Corp part stk• 26)5 2835 26%
100 21
Feb
May 32
Estey-Welte Corp class A • 4555 45
•No par value.
45% 11,300 24
Jan 45)5 Nov
Class B
• 16% 1654 16%
900
6% Sept 16% Nov
Fageol Motors Co com__10
3% 385
400
3
Oct 10% Jan
Sugar
100 156
151 15655
New York Curb Market.-Below is a record of the Fajardo
1,660 12484 Apr 169
Feb
Farmer(Fanny)Can'yShps*
27
27
100 19% Sept 28
Sept
Purch Corp el A
30
31%
transactions in the New York Curb Market from Nov.20 to Federal
900 30
May 3355 June
Class B
•
10
1034
700
955 Sept 1354 JUDE,
Film lnspec Mach
•
785
Nov.26, both inclusive, as compiled from the official lists. Firestone
400
1054 Sept
385 May
T & R.6% pf.100
10 10054 Oct 10355 Nov
1033410334
7%
preferred
100 9855 9855 98%
145 96)5 Aug
As noted in our issue of July 2 1921, the New York Curb Ford Motor Co
99)1 June
of Can-100 410
398 410
110 328
Nov 055
Mar
•
Forhan Co, class A
17
17%
Market Association on June 27 1921 transferred its activities Foundation
600 1355 Mar 20
Jan
CoForeign ehares class A__• 17
16)5 17% 1,200 15
from the Broad Street curb to its new building on Trinity Fox
May 55
Jan
Theatres. cl A,com--• 24
23)5 2456
1,400 1955 Mar 34% Jan
16
17%
600 16
Place, and the Association is now issuing an official sheet Franklin (H11) Mfg,com •
Jan
Nov 33
Preferred
100
8254 8255
25 7854 June 90
July
Freed-Eisemann
Radio...
5%
5% 6
1.000
which forms the basis of the compilations below.
355 Mar
9% Aug
Freshman (Chas) Co
• 2955 2955 3155
4,500 1755 Jan 3755 Sept
•
Friday
Sales
Gamewell Co. corn
5454 5454
25 54% Nov 5955 Jan
Week Ended Nov. 28.
Last Week's Range for
Garland Steamship
Range Since Jan. 1.
750 780
3
200
Jan
1
50cSept
Sale.
of Prices.
Week.
Garod Corp
335 4
•
700
8
Aug
2% Feb
StocksPar. Price. Low,. High. Shares.
General Baking, class A • 57% 54% 58% 5,700 4455 Apr 79% Jan
Low.
High.
Claw B
6
554 655 10,100
•
555 Mar 17% Jan
Gen'l Fireproofing, corn_
54
55
125 40
Mar 5855 Aug
Indus. & Miscellaneous.
General Ice Cream Corp.' 4135 41
4135
300 3855 Oct 5655 Jan
General Pub Service com_* 11
11
11
200 11
16% Feb
Nov
Aero Supply Mfg, class A_•
10
100
10
10
Nov 2034 Jan Genl Tire & Rubb. com _25
153% 155
20 153% Nov 161
Nov
Class B
•
4
4
100
4
Nov 14
4
Jan Gillette Safety Rasor
• 92
9034 92
2,900 89
Feb
Mar 114
Ala Great South, pref _ _50
10 9434 Mar 135
127 127
9%
Sept C G Spring & Bump corn •
934 1085
900
9% Nov 15% July
Alabama Power, $7 pref. _•
25 10655 Oct 10885 Nov Gleasonite Prod, com___10 11%
103% 10834
1155 1135
400
1285
Apr
5
Sent
Allied Pack, prior pref.100
25
18
183
955 May 29
18
183 18455
Jan Glen Alden Coal
900 13854 Jan 188
Nov
Alpha Portland Cement...'
200 37 Sept 4554 July Gobel (Adolf) Inc corn__ _•.
37% 33
22
22
* 22
200 22
Nov 2584 Oct
Aluminum Co common__ •
100 5435 Jan
71% 7135
76
3155 2,500 28
29
Feb Goodyear T de R com._100 30
May 40
Mar
6% preferred
200 98)5 May 103% Nov Grand(F&W)5-10-25c St• 67
103% 10335
100
66
67
200 50
Mar 85
Jan
American Arch Co
50 106
100
108 103
Oct 132% Feb Great American Ina Co 100 291
279 291
617 279
Nov 291
Nov
•
Am Brown Boveri El Corp
Gt Atl & Par Tea let pf 100
11655 11655
70 115
Oct 11784 Feb
Founders shares
300 16% Oct 2284 Aug Greif & Bros, Inc, pref.._.. 10634 10534 10634
18
19
• 19
2,600 10585 Nov 10634 Nov
Amer Cigar common__ _100 130
134
20 110
130 130%
Feb 137
135 1% 2,300
Ai.; Grimes Had & Cam Rec..'
1% Apr
Jan
7
Am Cyanamid Cl A com_20 37
37
100 35
Nov 4834 Feb
37
Happiness
655
Class B common
Candy
cl
St A.•
700 3255 Oct 47
34
634 635
35
1,000
Feb
20
6
8% Jan
July
Founders shares
•
6
Preferred
6
700 86% Sept 96
100 8855 8835 8934
200
Feb
535 Just)
734 Jan
472 430
Amer Electrice, class A_25 1955
1954 Nov 24% Feb Hartford Fire Insur Co_100 480
19% 2055
20 460
600
Oct 498
Sept
29
3254
Corn vot trust Ws
600
484 Nov
700
*
1154 Feb Hay Elec & Util, v to....' 32
4% 6
454
\ June 44% Jan
12
1,200
1335
Amer Gas de Elec, corn-• 10755 104% 10385 10,600 64
Mar 11055 Sept Hazeltine Corporation_ • 12
8)5 Apr 2154 July
155
155
Chemical
Hoyden
100
•
Preferred
700 905( Apr 96% July
* 9655 9634 96%
1
255 Jan
June
22
22
200 22
Hires(Chas) Cool A corn.'
Amer Lt & Tree. com__100 24055 215 241%
5,850 195
Mar 264
Nov
Jan
26
Jan
26
26
100 26
11955 130
Preferred
775 105
Mar 130
100 130
Nov Hollander (A) & Son com_•
Nov 3654 Jan
46
4655
300 46
223 256
Amer Piano Co, corn...100 250
•
450 220
Nov 256
Nov Hood Rubber Co com
Nov 68% Jan
54
54
200 41
Amer Pow & Lt. prof...1009851 9354 99
•
170 92
Apr 9954 Oct Horn & Harden com
Mar 62% Jan
American Rayon Products*
8
600
ay,
8
Nov
3534 Jan
5
4
6% 10,900
Amer Road Machinery.
_100
100
May
455
3
455
434
4
4)5 Nov Industrial Rayon, class A.•
Nov
19% Jan
200 50
Am Seating (new corp) vte• 4335 4335 44% 9.800 3234 July 45% Nov Insur Co of No Amer...10 5255 5035 5285
Oct 64
Jan
385 3%
Convertible preferred...
200
, 43% 4355 4455 4,600 38% Oct 45
Nov lot Concrete Inc fdre ,h.10
154 Oct
8% Jan
59
62%
3,900 58% Nov 62% Nov
Am Superpower Corp A..* 29
29
400 1955 Mar 37% Jan lot Match part pref new_35
2955
1255 1235
Class 11
• 29% 29% 29%
100
800 2155 Mar 39
Jan In ernat Projector Corp *
9
Apr
1555 Jan
29
29%
Participating pref. _ _25 26%
230 25
2635 2685
800 23
Mar 26% Nov Internet UM Class A....'
Sept 39
Jan
First preferred
•
•
95% 9535
Class 13
200
100 93
May 9535 Sept
355 Sept
9% Jan
American Thread, pref.__.5
334 31111 2,200
384
3% Aug
4
Jan
Anglo-Chil Nitratt• Corp..' 1356
29% 30
13% 14
2,000 13% Nov
200 29% Nov 30
14% Nov Jaeger Machine
Nov
166% 165 189
Arizona Power. con).._.100
22% 22%
25 19
2,530 130
Oct 3955 Jan Johns-Manville, Inc
Mar 169
Nov
Arnold Pr Wks. without w_
5
40
5
5
Nov
5
Nov
29% 2934 2934
Assoc Gas& Elec. class A_• 31)4 34% 34%
1.300 2555 Mar 3884 Aug Kawneer Co
100 29% Nov 2985 Nov
Atlantic Fruit & Sugar._•
1% 950
18% 1884
131 15,400 890
300 16
Jan
254 Feb Kruskal & Kruskal, Inc..'
May 20% Feb
Auburn Automobile, com25 58
5734 58
350 4155 Mar 73
Mar
• 21
Automatic Fuel Saving...*
20
655 655
900
21
5
700 17
Oct
655 Nov Land Co of Florida
Oct 4734 Jan
Landover Holding Corp118 118
10 112
Babcock & Wilcox Co..100
1
9)6 9%
Class A stamped
Oct 149
300
Jan
9% Feb
8
Apr
85% 1,300 78% June 85% Nov La Salle Extension Univ.10
Bancitaly Corporation_ _25 85% 85
955
955
100
Jan
13
956 May
33
500 32% Nov 45
33
Beaverboard Cos pref_ _100 38
107 107
Lehigh Coal & Naviga'n_20 107
50 103
Aug
12054 Feb
Mar
110 III
100 110
Bell Tel of Pa,634% P1-100
Oct 113
July Lehigh Power Securities9954 9951
100 9055 Apr 11884 Jan
Blackstone VU & E.com50
1555 1655 9,200 10
New consolidated corp.' 1634
Jan
Mar 22
75
75
100 50% Apr 80
Blaw-Knox Co, corn. _25
350 80
Sept Lehigh Valley Coal Sales.50 98% 97% 98%
Aug
Mar 102
•
100 lot may 2755 Oct Lehigh Val Coal etts, new.
2285 22%
_ 47
4834 47% 4,600 3655 Mar 47% Nov
Bliss(E W)dc Co
55
5554
5556
2,300
.55
McNeill
9%
Libby_10
coin
955
A
&
Co
Nov 5654 Oct Libby,
Bon Atilt
300
Sept
755 Mar 10
300 91% May 110
139 144
60 9555 9555 95%
Borden Company
120 125
Jan Libby Owens Sheet Glass25 144
Jan
Aug 219
103% 10355
100 89
Mar 11055 Oct Liberty Radio Chain St..'
1
Brazilian Tr. LA P.ord.100
1
1,700 10c
35( Jan
Apr
46
12,800
48
46%
315£ Sept 5755 Jan
Brill Corp (new), class
• 2334 2255 2335 3,200 13
14
Sept 33
1454
Class B
Jan Madison So Gard Co v t • 14%
1,900 1356 Sept 16% Oct
200
7% 745
455 4)6
655 Apr
•
955 June Marc Wirel Tel of Lond_£.1
Brill° Mfg, corn
500
356 Sept
654 Jan
200 19
20% 20%
Sept 21
4655 47%
•
5 Class A
Apr Marmon Motor Car com_•
1,100 4655 Nov 50)5 Sept
23%
23
400 £2134 July 23% Nov Mengel Co
35
100
37
Brit-Amer Tob, ord bear.£1 23
200 31
Jan
Nov 52
•
23%
2235
800
121%
July
2234
1
1
Ordinary registered__ ..£1
30% June Mesabi Iron Co
1,100
1
Nov
255 Jan
100 2454 Apr 4355 Oct Metropol Chain Stores_ •
3954 3934
32)5 33
Brockway Mot Truck,com*
200 24% Mar 3935 Jan
3,200
654 655
6
Nov
110% 111)5
Brooklyn City 1111
Middle West UM,com_ •
655
10
935 Feb
300 10754
Jan
May 135
226 230
75 179
Jan 335
110 116
100 116
Bucyrus Co common_..j00 230
Prior lien stock
Feb
50 98
Jan 1227/, Feb
100 2335 July 38% Jan
100
Buff Niag &East Pow com* 3034 30% 3054
10455 105
7% preferred
300 97
Jan 11155 Feb
fly
Pow 6% Pfd--100
Miss
95% 0534
25 92
Apr 9654 ScPt
27
27
100 24
27
Oct 27
Canadian Indus Alcohol_ __
24
Nov Mohawk de Hud Peer,com• 23% 23
2,400 2055 Mar 2855 Feb
100 13% Nov 26
1334 15
100
Celluloid Co, corn
• 40% 39% 40%
Apr Mohawk Valley Co
1,000 25
July 41% Aug
59
130
5334
51
11%
Feb
Corp..*
100
Preferred
75
10% 1155
Aug Municipal Service
500 10
Sept 13% Mar
25 117
175 175
•
June 305
Celotex Co common
1
1
Aug Mur-Rad Radio Corp....
100
Sept
Nov
1
3
85
100 85
85
Nov 85
Corn (ex 100% stock div) 85
Nov
175
8555
91%
85% Nov 9784 Aug National Baking com_
•
100 9134
Preferred 7%
955 984
200
Aug
955
14%
Nov
1,450 76% July 95
90% 9255
*
Central Aguirre Sugar._50 92
64
Feb National Casket com
64)5
100 49% Juno 78
Sept
Central Leather (new corp)
Nat Elec Power, class A_..• 2334 22% 2356
600 15% Mar 2654 Jan
1755 18% 1,000 17
Nov 21
934
Class A vot trust Ws •
Oct Nat Food Prod, class B..'
885 985 2,400
Nov
10
854 Nov
800 71
71% 7235
Nov 7954 Oct National Leather
0
Prior pref vet tr ctfs_100
255
100
255
455 Jan
255 May
100 48
4985 50
Nov 50
Nov
Cent & Southwest Ut11.100
Nat Power &Light, pref..* 10285 10185 10235
575 97
Jan
Mar
1027*
1734 18% 1,500 DM May 27
Centrifugal Pipe Corp..-' 18
Jan Nat Sugar Refining_ - 100
129% 13135
225 102
Nov
Mar 132
100
4
554 536
July
955 Feb Nelsner Bros Inc corn
•
Checker Cab Mfg,class A.*
38
38
100 3755 Aug 3855 Sept
44%
4455
42
300
Feb 44% Aug Nelson (Herman) Co
5 26
25% 26
Chic Nipple Mfg class A.50
400 19% Mar z2954 June
200 2584 Apr 32
50 3034 30% 30%
Oct New England Tel & Tel 100
11655 116%
le) Class B
20 109
Mar 11855 Sept
20 4936 48% 4985 10,800 37% Feb 49% Nov New Mex & Ariz Land__ _I 10
Cities Service, corn
9% 10
Jan
600
985 Apr 17
Preferred
100 9255 92% 9254 2,300 82% Apr 9234 Nov
N Y Tele% 654% Pref-100 11356 113 11354
100 11085 Apr 11554 June
300
Oct
7
854
854 Nov Niles-Bement-Pond corn.*
854 8%
Preferred B
1955 19%
10
200 19
Jan 2754 Feb
500
Mar
74
82% 8284
83
Nov
Northeast Power. corn...* 18
Preferred BB
17% 1854 6,500 1555 Oct 36% Jan
100
200 19
24% 2455
Jan 24% Nov Northern Ohio Power Co-• 11% 1185 12% 6,500 11
Bankers' shares
Mar 2655 Jan
Street Railway Bonds
United Rye 4s
1934
48 C-D
1934
Miscellaneous BondsTrremtnn CM It 44,4
1026
7655 7634 $17,000
76
29,000
78
75
74
Jan
Jan
7854 Apr
7854 Apr
2767
THE CHRONICLE
Nov. 27 1926.]
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Stocks (Concluded)-Par Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
2,200 98% May 13635 Jan
Nor StatesP Corpomm-100 10735 107 10834
50 9935 Apr 10334 Oct
100 10131 101% 10131
Preferred
78
78
Aug 7935 Jan
25 74
Ohio Brass. class B
1034 1035
June
300
935 June 11
-Ovington Bros. part pref.*
3335 3345
200 31% Oct 3334 Nov
Pacific Gas& Elec com_ _25
99
Aug 100
99
100 99
Sept
100 99
First preferred
•
Apr 16% Feb
1135 12
400 11
Pacific Steel Boller
100 100
July
100 98
Penney(JB)&Co al A pf 100 100
Aug 99
83( 831
9
Nov
200
834 Nov
Penn Ohio Edison warrants 84
8% 94 3,800
834 May 103( Sent
Penn Ohio &our Corp......*934
81
81
110 7934 Oct 86
• 81
Oct
Preferred
19
19
300 19
Nov 214 Aug
• Pa Gas & El cl A partie stk*
25 10435 Jan 109
Aug
Penne Pow & Lt, pref _ _ _• 10734 107% 107%
930 130% Ma 174
Jan
MD Water & Power-100 17234 170 172%
700 20
3234
Mar 344 Mar
Peoples Drug Stores, Inc-• 3231 32
Nov
36.500 10
17
Sep
•panip-Morr Cone Inc corn• 1634 14% .17
25 1831 18% 19% 1.400 18% Oct 2135 Sept
Class A
Plek(Albert),Barth & Co12% 13
1,100 10
13% Oct
Common vol trust etf-1 13
AD
825 36
Feb 50% Sept
Pillsbury Flour Mills_ _ 50 4731 4531 46%
Pitney Bowes Postage
• 6
6
6
Apr
600
841 Feb
5
Meter Co
270 272
50 270
Jan
Nov 310
Pittsburgh Plate Glass.100 270
•
56
56 ,
100 31
Mar 6034 Feb
.Pratt & Lambert
110 110
10 1074 mar 1104 Aug
Procter& Gamble8% pf 100
10235 10234 10234
50 10234 Nov 10235 Nov
Prudence Co 7% pref
2934 2934
100 26
Oct 8631 Jan
Puget Sound P&L.corn 100
Rand-Kardex Bureau-......* 50% 4535 5035 19,200 344 Apr 5034 Nov
236 2574
330 195
Oct 25734 Nov
Realty Associates. com---• 236
35
35
100 30% Ma
5235 Jan
Rem Noisel Ty pew corn A. 35
10 1945 19% 20
3,200 1935 Oct 2535 Jan
ROO motor Car
534 634 3,600
Republic Mot Truck v t e.• 535
335 Oct 1634 Jan
400 15
Feb
Jan 23
Richmond Radiator com.• 184 1831 19
43
4431
100 43
500 36% Feb 444 Nov
Preferred
1% 5,500 902 Nov
• 135 900
Itlekenbacker Motor
934 Jan
102 102
20 993( Apr 103
Feb
Royal Bak Powd. pref _100
45
45
400 39 Sept 50% June
• 45
St Regis Paper Co
60
700 58
Nov
Nov 60
Scovill Manufacturing. _•______ 58
800 27
Oct
Aug 30
Beeman Brothers, com•______ 2735 27%
22
22
100 20 May 28% Jan
seiberling T & R corn _ _ __*__
(Israel Corp (Dell. Wm..* 1131 114 1234 7,000 11% Nov 2234 July
• 58
5735 58
200 45% May 58
Nov
Shredded Wheat
300
El 535
535 535
Jan
9
5 May
Singer Mfg Ltd
(200
lire)
Vlscosa
ord
EMI
5;5
535
200
Oot 134 Apr
Dep rots Chase Nat Bk
100 2435 Oct 33 June
Sou Calif Edison, of 13_25 2431 24% 24%
100 29
Nov 3034 Nov
South Cities ULU,el A vte.• 294 2934 2931
364 3741
900 334 Aug 374 Nov
Class A common
21
2134
200 21
Nov 2734 Feb
Southern G & P.01888 A-•__
334 6.700 2135 Mar 464 Jan
S'eastern Pow & Lt. corn,* 324 32
32
31
1,400 26
Corn vol trust certif___* 31
Aug 3435 Nov
6754 68)4 1,60
Participating preferred_' 68
Mar 694 Sept
59
102 102
10
$7 preferred
Aug
9631 Apr 103
94 1,40
9
Warrants to pur oom elk- 9
Mar lag Feb
7
11534 1154
2
Southwest Bell Tel pt..100
9934 Feb 116
July
17
18
1,000 10 May 2834 Jan
Sparks. Withington Co___* 18
104 104
4.; 102
Standard 0& E 7% pf.100
Nov 105 Sept
19
19
110 174 May 24
Standard Pr & Lt cl A__25
Feb
33% 3335
100 28
Stromberg CarlsonTel Mfg*
Apr
Mar 38
43% 4334
100 39
•
Stroock (S) & Co
Apr 4735 Sept
1635 1734
500 164 Oct 3735 Jan
•
Scull Motor Car
11635 11735
750 110
100 117
Apr 119
Swift & Co
Nov
15 2131 2034 21% 3,800 1435 May 2235 Jan
Swift International
13
1334
300
. Timken-Detroit Axle-10
834 Mar 13% Nov
335 3%
800 335 Oct
Tobacco Prod Exports---• 354
435 Jan
3934 3935
100 29
Todd Shipyard, Corp__•
Jan 404 Sent
Trans-Lux Day Met Screen
ny,
•
935
7%
38,500
common
Class A
Jan
635 June 14
935 935
300
Trumbull Stem common.25 934
845 Jan 134 Feb
76
76
125 76
Preferred
100
Sept 7631 Nov
25%
25%
100 22
Truscon Steel
10
Mar 30% Jan
320 155
Tubize Artlf Silk clam B..* 16034 160% 165
Jan
Nov 240
9
100
9
Tung Sol Lamp Wks.com•
735 Mar 1034 Jan
1841 18%
600 174 May 1934 Sept
•
Class A
3534 36
100 3535 Nov 37% Nov
Union Steel Casting
. 700
g 7
Nov 17% June
United Biscuit, class B...* 634
7
Mar 4435 Feb
United Elec Coal Coe v t e• 274 2735 2834 ' 400 23
60 914 igg 9231 1,500 84
Mar 14435 Jan
United Gas Impt
9035 ing 2,300 82
Oct 92% Nov
New stock w I
Feb
United Light & Power A_.• 1334 13)5 14% 22,100 1045 Oct 28
8735 88
350 85 June 88% Oct
•
Preferred A
1231 1,100
934 Oct 1234 Nov
United Profit Sharing corn• 1134 11
1135 1135
100 11
Jan 1135 Jan
Preferred
10
700 174 Jan 21% Nov
United Rys& Elec, Balt.50 2131 2131 21%
400 47
Aug
Apr 53
United Shoe Mach corn-25 4935 4935 504
500 16
3014
Oct
Mar 33
S Light & Heat,com__10 3035 30
84 835 1,000
Preferred
10
734 May
54 Mar
1235 1235
300 11% Nov
US Rubber Reclaiming_ _•
14 June
34% 3535
300 3445 Nov 3735 Nov
Universal Leaf Tob com__•__
3734 1,000 294 July 40
Universal Pictures
Feb
3734 37
103% 10335
10 99
Apr 10334 Aug
Utah Power & Lt pref __100
Utilities Pow & Lt, el 13..• 1334 134 14
1,30
Feb
1335 Aug 18
10
10
Utility Shares Corp corn_ -s
100
735 May 14% Feb
103 117
18,000 68
Nov
Apr 117
' Victor Talking Mach_100 116
3831 8,200
Warner Bros Pictures...* 3535 33
Sept
8 June 65
2534 26;5
Warner Quinlan Co _ _ _.•
30
2314 Mar 3034 June
5435 5435
2
Wesson 0 & S corn v t C *
49% June 57% Sept
97
97
2
Preferred
Nov
• 97
9235 June 99
4635 44% 4614
60
Aug 53 June
West Dairy Prod Cl
44
15
15
•
15
1,700 1335 Jun
16% Oct
Class B vot tr etre
9734 9835
4
Jan
Western Power. Pref-100
9135 Mar 99
Oat 2934 Sept
White Sew Mach corn _ _ 204 1935 2035 1,400 14
1434
700
Mar 17% AM
Yellow Tall Corp. N Y.-• 1434 14
9
*
RightsConsol 0, El Lt & Pr, Bait
134
Former Standard Oil
Subsidiaries.
131
1%
600
134 Nol
Swan & Finch
Preferred
Vacuum 011
100
25
964
16
18
95
16
18
9734
150
30
2,900
Range Since Jan. 1.
Low.
I
High.
1534 Oct 23 . Jan
Nov
18
Nov 18
9034 Oct 10934 Jos
Other Oil Stocks.
Amer Conte 011 Fields-5
•
Amer Maracaibo Co
10
Argo Oil Corp
Arkansas Natural Gaa-10
Atlantic Lobos Oil, corn_ •
•
Preferred
Barnsdall Corp,stock pure
warrant (per 100 warets)
•
Beacon Oil Co, corn
British American Oil._ _25
Carib SyndicateConsolidated Royalties_ _1
•
Creole Syndicate_
Crown Cent Petrol Corp_•
5
Empire Petroleum
1
Euclid 011
1
Gibson 011 Corn
Gull 011 Corp of Pa_ ---25
Honolulu Consol 011._ _10
International Petroleum..'
•
Kirby Petroleum
Leonard Oil Develop't-25
•
Lion Oil Refining
•
Livingston Petroleum
Lone Star Gas Corp
Magnalena Syndicate._ _ -1
•
Margay 011 Corp
Marland 011 of Met old 1
Mexican Panuco 011.-10
10
Mexico 011 Corp
1
Mountain & Gulf 011
Mountain Produeen---10
100
National Fuel Gas
5
New Bradford 011
25
New York 011
North Cent Texas 011---•
1
Northwest 011
•
Pandem Oil Corp
Pantepec Oil of Venezuela*
Pennok 011 Corp
Reiter-Foster 011 Corp...*
Royal-Can 011 Syndicate_•
Ryan Consol Petroleum_ •
Salt Creek Consol 011.-10
Salt Creek Producers_ _ _10
Savoy Oil
Tidal Osage voting stock.*
•
Non-voting stock
Tide Water Assoc Oil....
Preferred
Venezuelan Petroleum._ -5
Wilcox 011 & Gas new---•
Woodley Petroleum Corp..'
1
"Y"011 & Gas
,o
950
635
95c
534
1%
734
135
3;5
1
12,400
7
3,6900
135
400
731
100
131
200
435
600
100
100 100
1834 1655 1834
6934 70
2334 2034 234
934
9
1335 134 14
135 2
2
3
3
81c 950
85e
335
3
335
8834 90
90
3735 39
3135 3036 3134
134 131
735 734
2334 2234 2345
750
75e 750
4335 444
234
2
2
12
13
24 231
244
2
255
31e
28e 42c
1% 135
134
25% 25
25%
180 185
534 54
1035 1034
1131 104 1134
40
40
835 834
835
1135 12
12
1435 1435
1834 1531 1831
30e 31e
434 434
735 735
3134 3034 3134
3
3
3
1935 1935 23
18
18
2134
2234
224 22
96% 9535 96%
6% 7
6%
2635 2734
27
634 731
654
210 23e
23e
500
8,100
400
49.000
500
46,800
700
100
8,100
10,400
900
200
8,200
200
2.400
1,700
300
1,200
6,000
600
300
25,900
65,000
300
3,500
220
800
100
1,700
1,000
5,300
8,500
200
15,600
5,000
100
600
4,300
300
4.500
7,500
7,700
3,400
5,400
2,000
600
2,300
450
4
114
534
135
274
Oct
Oct
Oct
Jun
Nov
Oct
634
1434
334
835
334
5
Feb
Jan
July
Oa
May
Aug
82 June 125 May
1435 Mar 1945 Jan
Nov
Oct 71
60
93( Mar 23% Nov
84 Mar 104 Feb
Bent
10
Mar 18
1% Mar
73( Jan
3
Nov
3
Nov
600 Oat
334 Feb
24 Oct
734 May
82
Apr 95
Sept
37 June 39 Sept
2834 Mar 3734 Jan
1.
Oct
3% Feb
64 Apr 123( Feb
20
May 2594 Feb
600 Oct
134 Jan
Aug 46
38
Oct
2
Nov
244 Oct
II% Nov 16
Jan
135 Nov
334 Jan
134 Nov
5)4 Feb
130 Apr 42a Nov
13( Aug
1% Jan
Apr 26
23
Jan
131
Apr 196
Nov
514 Oct
634 Jan
Mar 17
8
Jan
84 July 1234 Feb
3o May
So Nov
Oct
914 May
6
1134 Oct 1234 Oct
12
Oct 224 Feb
12
Oct 3034 Aug
200 Apr
14 Sept
44 Oct
734 Jan
Feb
74 Oct 10
Jan
26% Oct 38
4 June
145 Feb
Nov
7% Apr 27
84 May 2534 Nov
2074 Oct 27
Mar
9535 Nov 9935 Mar
44 Jan
735 Mar
22
Mar 2635 June
435 May
934 Sept
5,2 Jan 354 May
Mining Stooks.
40
40
40
Amer Tin & Tungsten_ ___1
9% 935
Arizona Comm'l Mining__5
60
6c
Arizona Globe Copper. i
50e 500
1
Beaver Consol
10e 100
Butte & Western MinIng_l
8c
Calumet& Jerome Cop_ -1
Pc
12
12
10 12
Carnegie Metals
231 3
3
Consol Copper Mines_ _ _ _1
235 234
Cresson Consol GM & M_1
50
5c
Sc
1
Divide Extension
50e 73c
Dolores Esperanza Corp..2
431
4
44
Engineer Gold Mines,Ltd 5
8c
60
1
Eureka Croesus
800 900
1 890
Falcon Lead Mines
30
40
35
First Thought Gold Min_ _1
135 134
Golden Centre Mines. _ _5
40
Sc
50
Golden State M11111)8_100
6,5 110
Sc
Hawthorne Mines, Inc.. _1
25c 1635 1634 1635
Hecla Mining
18% 19
Hollinger Cons G M
5 19
331 3%
34
Iron Cap Copper
10
135 171
Via
Kay Copper Co
1
78c 850
5
Kerr Lake
24
2
Mason Valley Mum
5
2334 2334
New Cornelia
5
180 182
New Jersey Zinc
100 182
74
7535
Newmont Mining Corp_10 75
535
535 545
Nipissing Mines
5
21
Noranda Mines. Ltd
• 2034 19
80
80
Plymouth Lead Mines....
1% 2
Premier Gold Min, Ltd._ _1
19e 19e
Red Warrior Mining
1
50
Sc
60
Reorg Div Annex Min.10c
50
60
Sc
San Toy Mining
1
4
4
South Amer Gold ez Plat_ _1
Sc
40
4c
Spearhead Gold Mining...1
41z 414
Tack-Hughes
413is
1
24 2%
Tonopah Belmont Devel_ 1
34 334
Tonopah Mining
1
80
8c
Tri-Bullion Smelt& De_ 100
United Verde Extens_50c 2431 2434 2435
135 Nov Utah Apex
541 6
5
135 1%
Utah Metal & Tunnel _ _ _ _1
135
234
Wenden copper Mlning_l
2% 234
30
3c
West End Extension
1
40c 40e
Yukon Gold Co
5
600 16% May 21
Anglo-Amer 011 (vol sh) El 1974 1935 20%
Nov
300 1634 Mar 2034 Nov
Non-voting stock-....Li 194 1935 1935
4235 4474
50 44
900 42
Buckeye Pipe Line
Oct 6935 Jan
79
77
25 79
600 65
Jan 7235 Nov
chesebrough Mfg
Continental Oil v t o
1.0 2031 1835 2035 24,300 17;5 Oct 25% Jan
47
47
100
100 43
Eureka Pipe Line
6334 Jan
No
300
Galena-Signal Oil, com_100 1131 1133: 12
934 Oct 3235 Jan
4634 4634
100
20 35
Apr
Oct 85
New preferred
49
49
100
10 454 Oct 9735 Jan
Old Preferred
5835 3,600 52
Oct aag Apr
Humble Oil & Refining-25 5731 57
12731
13035
100
250 12734 No 14435 Apr
Illinois Pipe Line
• 3735 3634 3735 2,800 32% May 39% Nov
Imperial 011 (Can)
61
62
50
100 544 No
Mar
Indiana Pipe Line
70
1334 1334
500 1235 Nov 2934 Jan
National Transit----12 50
573(
5835
25
58%
2,400
011
56% July 67% Jan
01110
20
21
25
700 15
244 July
Ma
Penn Mexico Fuel
4934 2,200 48
25 4935 49
Mar 6034 Feb
Prairie 011 & Gas
850 1224 Sept 12735 Mar
100 1244 12431 125
Prairie Pipe Line
z194
198
100z194
50 18435 June 220
Aug
Solar Refining
36
3645
25
300 3435 June 50
Jan
South Penn 011
200 2335 Nov 27
50 2331 23% 23%
July
Southern Pipe Line
Standard Oil (Indiana)_.25 6431 6435 64% 18,500 6035 Oct 7035 Jan
1934
800 1634 Oct 3634 Jan
Standard 011 (Kansas).-25 184 18
11734 118
200 108
25
Mar 134% Jan
Standard 011(KY)
25 474 4734 47% 1,300 42
Apr 6134 May
Standard 011(Nob)
30% 31% 19.530 8045 Apr 493( Jan
Standard 011 of N Y-.25 3134 z29734
302
ao 288 Oct 862
Jan
Standard 011(0) com-100z29734
118 . 11835
20 11634 Feb 122 July
100
Preferred
Friday
Sales
Last Week's Range for
Former Standard 011
Week.
Sale
ofPrices.
Subsidiaries
Par Price. Low. High. Shares
(Concluded)
4,000
B1c Aug
2c Aug
100
9)5 Nov 1235 Feb
7,000
lie Nov 310 Feb
900 45c
Jan 960 Feb
1,000
Sc Sept 10c
Jan
2,000
80 June 160 Feb
300 114 Sept 21
Jan
3,00
135 Apr
334 May
1,000
14 June
234 Jan
2.000
70 Mar
30 Feb
3,500 32o Aug
Sept
1
3,500
3
Nov 2834 Feb
6,00
3o Apr 160 Aug
83,30
610 Aug 90c Nov
17,000
20 Nov 10c Apr
10
1
Mar
3 May
9,00
20 Jan
330 June
54,000
6o Nov 32e Feb
• 100 1535 Mar 1931 Mar
200 1741 Jan 1974 June
20
434 Oct
3
Nov
33,70 1 5-16 Oct
24 Mar
200 74o Nov
1% Feb
1,000
235 Sept
114 June
100 183( May 2334 Aug
520 178
Oct 210
Jan
2,400 4635 Jan 77
Oct
1,000
5 June
734 Jan
18,700 1235 Mar 21
Nov
1,000
813 Jan 280 Mar
500
2% Mar
IN Nov
1,000 15e July 350 Feb
5,000
50 Oct 220 June
12,000
8c Nov
30 Mar
100
534 July
334 Oct
101,000
7c Nov
2e Feb
500 2 11-16 Jan
5% Oct
500
435 Jan
235 Apr
734 Feb
• 100
3% Oct
1,000
3c May 15e July
400 24
Feb
Nov 33
431 Oct 11% Feb
600
200
235 Mar
135 Nov
1,600
3% Jan
234 May
1,000
70 May
3o Mar
700 20e Aug 490 Nov
BondsAllied Pack deb 85_1939
Aluminum Co 7a
1933
Am & El 6s, new_ -2014
American Power & Light65.0111 without warr-2018
Amer Roiling MI1165_1938
1936
Amer Seating 68
Amerlean Thread 68_1928
Amer W Wks & El 6a.1975
Amer Writing Paper 681947
Anaconda Cop Min 6s-1929
Andian Nat Corp 68-1940
Without warrants
APPalach El Pow 5s-1956
Assoc Gas & Elec 65-1955
Assoc'd Sim Ilardw 630'33
1949
Atlantic Fruit 86
106
102
Jan
7435 7435 83.000 70% May 89
37,000 105% Oct 107% Feb
105% 106
10134 10234 187,000 98% Apr 10234 Nov
1014 101 101%
103 1034
103
10134 10134 10234
10131 102
9734 98
98
83
83;5
10235 10235
132,000 96
3,000 101
159,000 97%
4,00 10135
56,000 9234
33,000 7735
7.000 1024
59,000
9934 994 100
31,000
95% 9531 96
10135 10045 102% 235,000
9734 9734 9735 43,000
29,000
18% 22
22
Barnsdall Corp. 65. with1940 8834 8835 9034
out warrants
101 1014
Bell Tel of Canada 58-1955 101
9934 100
Berlin Electric 634e-1929
99% 100
100
1929
635a
Berlin Eleo Elev 6355-1956 94% 9434 9534
10034 1004
Boston & Maine RR 651933
14,000
71.000
8.000
10,000
31,000
6,000
Jan
Jan
Oct
Sept
Mar
Aug
00t
101%
10334
10235
103%
9835
8634
103%
Nov
July
Nov
Jan
Sept
Oct
Aug
974
944
9231
95
1735
Oct 101;5 July
July 9734 Nov
Mar 10335 Aug
Jan 98 Sept
Nov 3331 Jan
88%
9931
98
97
94,4
944
Nov
Jan
Mar
Mar
Nov
Jan
90%
101%
1003(
100
95%
10134
Nov
June
Sept
Nov
Nov
Sept
2768
Bonds (Continued)-
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
ofPrices.
Price. Low. High. Week.
Brunner Tur & Eq 7344'55
85
85
25,000
Buffalo Gen Etta)58 _1956 10215 102% 10215 10.000
Burneister & Wain of Copenhagen 15-yr 613._1940 9411 94
94% 12,000
Calif Pet Corp 5318___1938
Canada SS Lines Bs__ _1941
Canadian Nat Rye 75-1935
Canadian Pac 434s_ _ _1946
Carolina Pow & Lt 55_1956
Cities Service 68
1966
Cities Serv 78. Ser D 1966
Cities Serv 88 ser E
1966
Cleve Elec III 58 ser A.1954
58 series 13
1961
Cons G El & P 65 ser A '49
58, series F
1965
Canso' Publishers 6118236
Consolidated Textile 88 41
Container Corp 6s__ _J948
Cuba Co 6% note_ ___1929
Cuban Telep 715s_-_194!
Cudahy Pack deb 5345.1937
58
1946
11134
9631
10031
9631
12211
130
101%
99
9031
99%
111%
9431
98% 99%
97
97
11131 11134
9634 9634
100 101%
9611 97
121% 12231
130 130
102 102
10234 10231
107% 10731
10114 101%
98% 99
87% 92
97% 98
98% 100%
Ill 111%
94
9434
9635 97
297,000
15.000
19.000
162,000
95,000
276,000
86,000
10
2.000
22,000
5,000
5,000
43,000
28,000
10.000
97,000
12,000
30.000
20,000
Range Since Jan. 1.
Low.
High.
85 June 1014 Feb
9911 Jan 1034 May
94
July
98% Oct
9631 Oct
Jan
110
96% Nov
97% May
914 Apr
10154 Jan
109
Jan
Nov
102
102% Oct
105% Feb
J,in
100
97
Sept
80 June
80 June
9834 Nov
108% Jan
91
July
9414 June
95
July
9931
9734
11411
97
10131
97
122%
132
10214
102%
108
102%
100
92
9915
100%
112
96%
974
Nov
Nov
June
Oct
Nov
Nov
Nov
Nov
Apr
Nov
May
June
Aug
Feb
Aug
Nov
Mar
Aug
Sent
Detroit City Gas 6s_..1947 10634 106% 107
15,000 10431 Jan 10754 Sept
Detroit Edison deb 7E4_1930
13131 13111 1,000 124% Apr 13834 Feb
Duke- Price Pow 1st 681966 103% 103 10315 68,000 100% Apr 103% Aug
EitIngon-Schild 68____1938
Elec Refrigeration 68_1936
Enron Mtge dr Inv 7%8'50
9734
95%
9734 9735 6,000
9534 9835 73,000
3,000
98
98
Federal Sugar 68
1933
Flat2O-yref7s
1946
Flak Rubber 534i._..1931
Florida Pow & Lt 58-1954
86
9134
9734
9311
85
9134
9714
93%
Gan (Robert) Co 75_1937
Galena-Signal 011 78-1930
Gatineau Power 56-1955
1941
(is
General Petroleum 6a.1928
Goodyear T & R 5..i928
Goody'r T & R Cal 534531
Gotham Silk Hoe 68 A.1938
Grand Trunk Ry 6%8.1936
Great Cons Elec 6348 1950
1937
Gulf 011 of Pa 55
1927
Serial 514s
1928
Serial 5118
96
Aug
95% Nov
9231 Jan
86
91%
97%
93%
12,000
22.000
33,000
88.000
84
89%
93%
91%
Nov
Oct
Apr
Mar
10431 104% 10415
87
88
95
9431 94
9734 98
98
10134 101% 101%
97% 9731
9634 9531 9611
10011 10031 100%
10834 10735 108%
9231 91
92%
100% 10015
10011 100%
10014 10014
4,000
40,000
154,000
30,000
30,000
5,000
20.000
52,000
11.000
70,000
21,000
11.000
10.000
103
8015
93
9734
1004
964
9554
1004
107%
85
98%
100
100%
May
Oct
Oct
Sept
Aug
Aug
Nov
Nov
May
Apr
Feb
Nov
Nov
Bonds (Concluded)US Rubber 614% notes'27
Serial 634% notes_ _1928
Serial 611% notes..1930
Serial 611% notes_1931
Serial 615% notes_ _1932
Serial 614% notes_ _1933
Serial 614% notes_ _1934
Serial 614% notes 1935
Serial 64% notes_ _1938
Serial 631% notes 1937
Serial 611% notes.,.1938
Serial 635% notes..1939
Serial 615% notee__1940
US Smelt & Ref 5345_1935
United Steel Wks Burlach,
Luxemburg 78
1951
U S Steel Works A 630'Si
With (Mk pur warn, Ser A
Without stock pur wan._
Series C
Wabash Ry 58
1976
Warner Bros Plc 6%8.1928
Webster Mills 6318._ _1933
Western Pr Corp 5115A '57
Western Union Tel 55_1951
100% 10034 100%
101 101
101% 10134 102%
101% 101% 102
101% 101%
101% 101%
10131 101%
10131 101% 10134
101% 101% 10134
101% 10111 10114
101% 10134
10111 10111 10111
10131 10134
101% 101% 10134
98
98%
93
98%
10735
9734
100%
9.000
8,000
7,000
28.000
8.000
3.000
1.000
13.000
6,000
11,000
1,000
3,000
2,000
31,000
9734 98% 34,000
9835 98%
92% 93M
9834 98%
96% 97
10634 108%
97
97%
99
99
10034 101
10034
101
101
10054
100
10034
10031
100
10034
1003'
10011
10034
100
100
Oct
July
July
Aug
Aug
Mar
Mar
Mar
Mar
Oct
Mar
Mar
Jan
Jan
9211 May
187,000 9554
57,000 91
12,000 96
115,000 9434
137,000 105
4,000 9034
10,000 99
159,000 10054
Sept
Nov
Aug
Oct
Oct
May
Nov
Oct
10235
10231
10231
10234
102%
10211
10254
10234
10234
1024
10234
102M
10234
103
Mar
June
Apr
Jan
Jan
Apr
Apr
May
Feb
May
May
Apr
AP1'
Aug
9934 Nov
9931
94
100
9735
122
101
99
10111
Aug
Nov
Aug
Nov
Sent
Jan
Nov
Nov
Foreign Government
and Municipalities.
Austria (Prov of Lower)98
Aug
734e
1950 9531 9535
,,88,000 9454 Nov 9814 Mar
Jan Baden (Germany)78-1951 9854 9831 95%
107
9835 69,000 93
Feb 9935 Oct
1004 Juno Buenos Aires (Prov)7348'47 984 9834
9835 40.000 9611 Aug 1014. Feb
78
1936
9734 98
12,000 9631 Sept 10035 Apr
9834 Feb
is
1952 95
9411 95
20,000 9354 Sept 9734 Mai
93% July Caldas (Dept) Col 711s '46
98
98
5,000 98
Nov
Nov
9854 Jan Danish Cons Munk 5148'55 98
9735 9834 8.000 96 May 0814
9954 Jut"
9654 June Denmark (King)530E1955 99% 994 1004 126,000
Nov
98
Mar
10014
1970 100% 1004 1004 4,000 9934 Jan 10134 Jan
10531 Mar German Cons Munk 71;
'47 9831 984 99
69,000 9434 Mar 993.4 Oat
Mar Hamburg (State) Ger 68'46
103
9531 9554 96
99,000 9231 Oct 9814 Nov
95
Aug Hungarian Cons Mun
9315 934 9354 15,500 9334 Nov
9415 Nov
9954 July Hungarian Land Mtge78'46
Inst
102% Jan
974 9754 1.000 95 June 9934 Sept
711sseries A
1961
9931 Jan Indust Mtge Bk of Finland
99
Apr
99 100
1st M coil e f 78-1944
2.000 964 Jan 100 June
100% Nov Italian Pub Util
79...1952 8935 894 894 134,000 87 May 93
Mar
109% June Medellin (Colombia)
10354 103% 6,000 98
88
'48
Jan 104
Aug
9234 Nov 0810(City) 5115
97
9731 22,000 93
1948
mar
9731
May
10154 June Peru 734e
100
100 100
Aug 10034 Aug
10154 Sept Prussia(Free State)l)%e1956 9715 9734 9711 15,000 100
104,000 354 Sept 98
Nov
101% Jan Roman Catholic Church'51
of
9131 9131 .2.000 91% Aug 97
Bavaria 8148
1946
Oct
10131 Nov Russian Govt
1711 1711 11.000 13
6319.__ _1919
Mar 184 Nov
1634 1711 121,000 12 June 1731 Nov
611% certificates__ _1919
92% Aug
17
1735
1921
5145
21.000 12 June 1731 Nov
1054 June
17
5118 certificates_.._1921 17
1731 7.000 12 June 1731 Nov
9834 Oct Saxon State
Mtge Inv 7845 9915 9911 100% 163,000 9234 Mar 10034 Nov
96% Sept Switzerl'd Govt 5345..1929
101% 101% 10134 9,000 10134 Oct 10234 Jan
10054 Feb
9931 Aug
• No par value. k Correction.
Listed on the Stock Exchange this week, where
103% Oct additional transactions
will be found. o New
97% Nov and bonus. a Ex-cash and stock dividends.stock. s Option sale. 8 Ex-right8
w When issued. x Ex-dividend.
9811 Nov y Ex-rights r Es-stock dividend.
100 101
37,000 94
Hamburg Elec Co 7e__1936 101
Jan
Havana Elec Ry 5358-1951
8911 90% 9,000 8831 Oct
With corn elk Dutch war- 90
103% 104
1938
3,000 10335 Nov
Hood Rubber 78
9714 95% 04.000 9711 Nov
534% notes Oct 15 1936.
96% 9635 86.000 9531 Nov
111 Central RR 4145 1966
Indep Oil& Gas 6545.1931 9934 9911 9914 43,000 95% May
Indiana Limestone 66.1941 9834 97% 98% 53.000 97
Oct
Indianapolis P & L 613_1936 10134 10035 101% 40,000 96% July
Internal Gt Nor 55 13.1956 9654 96% 97
48.000 94)( Oat
Internat Paper 66, w I 1041 98
98
984 55,000 98
Oct
interstate Nat Gas 65.1936
11811 12114 57,000 110
With warrants
Aug
Aug 122
100
Ithout warrants
91.000 974 Oct 101
98% 100
Aug
Jeddo-ttighland Coal 65'41 10011 100% 100% 9,000 1004 Nov 10034 Nov
8935 89% 8,000 83
Keystone Telep 5348_1955
Apr 9111 Nov
Knipp (Fried), Ltd, 781929 10034 10031 101% 57,000 90% Jan 101% Nov
Laclede Gas Lt 5118-1935 10011 10035 101
13,000 98
Jan 10111 Aug
Lehigh Pow Secur 65-2026 9434 94% 95
86.000 93
Mar 954 Feb
Libby. McN & Lib 78_1931
103% 10334 5,000 103% Oct 105
Jan
Liggett Winchester 78_1942
108 108
1,000 10631 May 108% Apr
Leonard Tietz, Inc. 714546
With stock porch warts 10434 104% 106
19,000 9354 Mat 108
Nov
Long lsid /As Co 68-1945
103% 10334 12,000 9914 Mar 103% July
Manitoba Power 5%8_1951 9714 96% 9735 80,000 944 Apr 98
Apr
Mansfield Mln & Smelting
1941 10134 101% 101% 16,000 94 May 102
(Germany) 75
Nov
Mass Gas Cos 5158-1940 10334 103 10315 46,000 9914 Jan 10311 Nov
hilag Mill Mach 78_1956 9414 94% 94% 43,000 914 Oct 96% Oct
Midwest Gas 75
1936
10034 100.11 9,000 100
Nov 10034 Nov
Montgomery Ward 58.1948 9631 96% 9731 15,000 9634 Nov 9811 Aug
98% 9914 46,000 98% Nov 9935 Oct
Montreal L,H & P A_'51
Morrie & Co 7148-1930 10234 10211 103
8,000 102
Sept 10511 Apr
Nat Dist Prod 611s_ _ _1945 9735 97% 9714 1,000 95 June 99
Jan
98
Nat Pow & Light 65 A 2026 98
9911 29,000 US
Awl 9911 Nov
9731 98% 19,000 96
Nat Pub Serv 6348- _ _1955
Oct 9815 Nov
10634
105
Nevada Cons 58
106% 5,000 91% June 108% Nov
1941
New On Tex dr M RR 5856 102
10131 102% 60,000 9931 Oct 1024 Nov
111 11215 72,000 108
Nor States Pow 611e-1933 111
Jan
Mar 131
13148 gold notea....1933 10334 102% 103% 8,000 102)4 Aug 10431 Jan
Ohio Power 5s sec B-1952
9811 99% 24,000 94
Jan 1014 June
1956
4148 Series 13
9031 90% 19,000 80% Aug 9354 JULIO
Ohio River Edison 58-1951 9611 96% 97
21,000 94% June 97 Nov
Okla Natural Gas 68..1941 9934 99
9934 99,000 99 Sept 99% Nov
94
9415 27,000 9314 Sept 99 June
1941
Otis Steel 55
9834 9914 70,000 98% Nov 105
Pan Amer Petrol 60_1940 99
July
96
96
1936
4,000 96
Park & Tliford 68
Mar 98
Feb
Penn-Ohio Edison 65._1950 11231 11211 11231 19,000 98
Apr 1164 Sept
9911 100
20,000 99 Sept 100
Penn-Dixie Cement (Se 1941 100
Nov
100%
10031
100%
58-1952
91.000
Light
dr
Penn Pow
974 Mar 1004 Nov
1953 100% 100% 100% 47,000 974 June 100% Nov
58 series D
103 103
6.000 10634 Jan 1084 June
Philo Electric 53,s_ _ _ _1947 103
102
10215
2,000
1960
Philo Electric 58
101% Oct 1034 June
103 103% 81,000 1004 Mar 1034 Nov
Pulls Elec Pow 5%8-1972
100 101
23.000 97% Jan 1014 Nov
Philo Rapid Tran 68-1982 101
Aug 10054 Nov
Pub Sent Corp NJ 5315'56 100% 100% 10034 40,000 98
10314 103% 15.000 1024 Jan 1044 Aug
1933
Pure 011 Co 6115
07,000 10135 Mar 124
116 124
Rand-Kardex Bur 53451931 123
Nov
96% 9614 21,000 94
Mar 97
Sauda Falls Co 59.--1955
July
9634 46,000 9111 Aug 97
Nov
Saxon Public Wks 65481951 9654 96
9914 16.000 99
99
Nov 101
1946
Eichulco Co 63,45
Atilt
9434 943,4 5,000 92
Apr 9811 Jan
Schulte R E Co 65-1936
6.000 83
8554 86
Apr 90
July
65 without corn stk-1935
9534 34,000 88
88
Nov 109 June
Bervel Corp 68
100 100% 13,000 96 May 102% Jan
1931 89
Shows/teen Mills 75.-1
5,000 9631 Jan 10115 Sept
10034 101
Ellemans & Halske 78-1928 101
101 10134 27,000 94
101
Jan 1024 Sept
70
Blemons & Halske-S S 1938
9831 9935 19,000 984 Nov 9954 Oct
611s with warrants.1951 99
954 95% 83,000 933z Oct 9554 Nov
ISilealan-American 73.1941
104% 10414 5,000 101% Aug 1044 May,
1934
Solvay di Cle 6s
Southeast P & L 6s-2025
Mar 96% Nov
9611 96% 45,000 89
Without warrants
98
9835 47,000 9734 Nov 99 June
Sou Calif Edison 55_1951 98
1944 10111 100% 10134 26,000 96% Jan 101% June
58
40,000 95
10131 103
Mar 103
Nov
Southern Gas Co 6345-1936 103
176 101% Nov 10131 Nov
1946 101% 10134 101%
Stand 011N J 5s
61,000
Oct 107% Jan
10515
10431
10511
10511
Stand Oil of N Y 63.94.1933
Stinnes(Hugo) Corp 7%
notes Oct 1 '36, with warr 99% 9954 99% 65,000 9954 Nov 994 Nov
781946 with warrants.- 9913 9914 9931 68,000 9955 Nov 9954 Nov
6,000 9614 Nov 120
Jan
9715 98
Stutz Motors of Am 7148'37
9931 10011 50,000 9714 Jan 10054 June
Sun 011 5118
98% 9831 02.000 9644 Jan 9814 AM
Swift & Co Sz.Oct 15 192 1r
Jan 1024 July
Thyssen (Aug) I&S 78-193010234 10231 10215 35,000 93
2,000 1024 Oct 1054 May
103 103
Tidal-Osage Oil 78-1931
12,000 100
Nov 101
Nov
100 100
Ulen & Co 6358
1936
Feb
3,000 3034 Aug 45
United 011 Prod 88_ .1931
3735 39
110% 110% 1,000 10954 Jan 11234 Aug
United Rya of Hay 710'36
[VoL.123.
Yrtsay
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Price. Low. High. Shares. Low.
High.
CURRENT NOTICES.
-National Bank of Commerce in New York has been appointed New
York agent for the exchange of definitive Great Lakes Terminal Warehouse
Co. 15-year first mortgage 634% sinking fund gold bonds and the same
company's 5-year 7% general mortgage convertible gold debentures for
Interim receipts now outstanding. National Bank of Commerce In Now
York is now prepared to make this exchange.
-Joseph R. Miller and 0. Kerrisk Burns, recently with W.A. Harriman
& Co., Inc., together with Edward P. Patten,formerly with Earle A. Miller
& Co., announce the formation of a cOpartnership under the firm name of
J. R. Miller & Co.,to act as negotiators, wholesalers, and brokers in investment securities, with offices at 120 Broadway, New York.
-The trust department of the Guaranty Trust Co. of New York will be
prepared on and after Tuesday Nov. 23 1926 to deliver definitive Nebraska
Power Co. first mortgage 30-year Series "A" 5% gold bonds due June 1
1949 against the surrender of outstanding temporary bonds.
-The National Bank of Commerce of Now York in the December issue
of "Commerce Monthly" discusses the use of Syntheties in Industry, the
Prices of Brightleaf Tobacco, the record cotton crop in the United States
and the jute crop in India and the Significant developments in building glass
-Lloyd S. Carter, formerly with the Century Trust Co., Baltimore,
announces the opening ofoffices under the name of L. S. Carter & Co.. Inc,
In the Maryland Trust Building, for the purpose of conducting an investment business, dealing in high grade bonds.
-Howe, Snow & Bertles, Inc., have appointed Albert J. Williams, formerly with F. S. Moseley & Co., as their Philadelphia representative, with
offices at 411 Widener Building, Philadelphia.
-Baldwin Goodwin and W. Canby Marye announce the formation of
the investment banking house of Baldwin Goodwin & Co., with offices in
the Citizens' National Bank Building, Baltimore, Md.
-G. V. Grace & Co.. originators and underwriters, 34 Pine Street, Now
York, announce that A. Albert Monfried has become associated with them
in their statistical department.
-G. E. Barret & Co., Inc., New York and Chicago, announce that
C. E. Morrow, formerly with the Guaranty Co. of Now York and 0. F.
Balm, general sales manager, have been appointed Vice-Presidents.
-The Seaboard National Bank of the City of New York has been appointed trustee under an indenture dated Nov. 1 1926 securing 1st mtge.
series "A"6% bonds of Washington Gas & Electric Co.
-Bankers Trust Co. has been appointed co-agent with the Union Trust
co., Rochester. New York, for the payment of coupons of Town of Wheatland Union Free School District No. 1 bonds.
-Bennett, Post & Coghill, Inc., of New York, announces the admission
of Harold Bolster and John F. Conroy,'Jr., to membership and a change
of name to Bennett, Bolster & Coghill, Inc.
-The National Bank of Commerce in New York has been appointed
transfer agent of an issue of 500,000 shares of stock without nominal or
par value of the Mexico-Ohio Oil Co.
-The Central Union Trust Co. of New York has been appointed registrar
for an authorized issue of 2,500,000 shares of capital stock, $1 par value.
of South American Oilfields, Inc.
-The St. Louis Commerce Co.,Inc., 14 Wall Street, New York,announce
tha James J. Hitz, formerly with B. J. Van Ingen & Co., has become
associated with them.
-The Bankers Trust Co. of this city has been appointed registrar for the
preferred and common stock of the Moline Mortgage Co.
2769
inuestuxent and cgaiiroatt j,ntelixgence.
the table which
follows we sum up separately the earnings for the third week
of November. The table covers 6 roads and shows 2.81%
increase in comparison with the same week last year.
Latest Gross Earnings by Weeks.-In
1926.
Third Week of November.
$
12.242
3,531
181.000
15.143,313 14,689,248
433,895
413 794
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Great Northern
St Louts Southwestern
Western Maryland
Total (6 roads)
Wet increase (2.R1,3;1
Increase. Decrease.
1925.
$
$
386.f45
398.887
5.869,344 5,865.813
4,927,000 4,746.000
2,758,000 2,737.8 0
538.899
547,300
414,061
642,782
$
20,170
8.401
228,721
-Gress from Railway- -Net from Railway- -Net after Tares-1925.
1926.
1925.
1926.
1925.
1926.
3
$
$
$
Alton
Chicago Ai
.47,000 .571,000
October._ _ _ 2,480,000 2,991,000
*2,905,000 *3,703.000
From Jan 1_26,005,000 25,614,000
Chicago Great Western*361,408 *406,011
October._ __ 2,450,503 2,456,654
*2,192.958 *1,648,352
From Jan 1_21,216,571 20,303,677
Chicago Milw & St PaulOctober__15,480,917 16.240,926
Fr'm Jan-1134,178,622 134632,454
Chicago & North WesternOctober_ _14,722,076 14,598,658
124072,234
Fr'm Jan-1129,893,658
20.170
In the table which follows we also complete our summary
of the earnings for the second week of Noveml er.
1926.
Second Week of November.
'
Increase. Decrease.
1925.
21,112,807 20,154,637 1,072.384
067.369
Total (14 roads)
Net increase (4.79%)
Chic RI & PacificOctober.. _12,608,564 12,245,002
Fr'm Jan1-113,814,749 108340,343
Del Lack & WesternOctober. _ _ _ 8,273,342 6,475,280
From Jan 1_73,605,008 71,620,886
Detroit Toledo & IrontonOctober_ _ _ _ 1,089,000 1,514,000
From Jan 1_11,133,000 11,369,000
Current
Year.
gd week June (15 roads)____
4th week June (15 roads)_..__
lot week July i15 roads ____
2d week July 15 roads ____
Bd week July 15 roads ---4th week July 15 roads __-let week Aug. (15 roads ____
2d week Aug. (14 roads1 __
8d week Aug. (15 roads ____
4th week Aug. (15 roads ____
let week Sept (15 roads ___2d week Sept.(15 roads1____
Bd week Sept.(15 roads ____
4th week Sept.(14 roads __
list week Oct. (14 roads ____
2d week Oct. (14 roads)--- _
3d week Oct. (14 road.)____
4th week Oct. (14 roads)____
1st week Nov.(14 roa1s)__ _ _
2d week Nov.(14 roads)____
3d week Nov.( 6 roads)____
$
8
19,039,129 17,158,394
25,593.738 23.231.988
18.862.723 17.481.987
18.873.507 17.886.208
19.558.751 18,149,032
28,153.394 26.762.794
19,791,756 18.665.206
23.509.600 22,158.613
20,284,661 19,377.682
29.857.268 28.327.016
19.862.065 19.068.090
21,117.872 21.681.685
22,446.081 22.403.299
31,049.598 30.220.186
22,080.405 22,265.044
21,459,391 21,265.115
22.217,535 21,114,401)
30.638.424 29,041,065
21 .446.17) 19,753.529
21,112,807 20.154,637
15.143.313 14.689.248
1925.
1924.
Increase er
Decrease.
105,015
_
Maine CentralOctober.... 1,896,910 1,794.247
From Jan 1_17,082,559 16,890,827
1 24.
%
Increase or
Decrease.
$
3
8
Oat.. 590.161.046 571,576,038 448.585.008 180,695,428 168.640.671 +12.054.757
Nov.. 531.742,071 504.781.775 +26.960.296 148.157,616 131.381.847 +16,775.769
Dec.- 523,041.764 504.450,580 +18,591.184 134.445,634 124.090.958 +10.354.676
1925.
1925.
1926.
1926.
+946.994
480.062.657 484.022,695 -3.960.038 102.270,877 101.323.883
Jan
-38.008
Feb..459.227.310 454,198.055 +5.029,255 99.480.650 99.518.658
March 528.905.183 485.236,559 +43.668.624,133,642.754 109.081.102 +24.561.652
April. 498,448.309 472,629,820 +25.818,4891114.685.151 102 920.855 +11.784.296
.
8,581.566 112.904,074 +15.677,492
May.516.467.480 87.952.182
June. 538.758.797 506.124.782 +32,634,0351149,492,478 130,920.896 +18.571.582
July-- 555.471,276 521.596,191 +83,875,085 161.070.612 139.644,601 +21.435.011
Aug-. 577 791,746 553.933.904 +23,857,8421179,4 i 6,017066.426.2M +12.989.753
Sept._ 588,945,933 584.758.924 +24.192.009 191,933,1481 176,936.230 +14.996.918
Note.-Percentage of increase or decrease In net for above months has been:
1925-Oct., 7.14% Inc.; Nov., 12.77% Inc.; Dee., 3.69% Inc. 1926-Jan.. 0.93%
Inc.: Feb.,0.04% dec.: March, 22.50% Inc.: April, 11.43%1 no.; May, 13.89% Inc.:
June. 14.18% inc.; July. 15.35% Inc.; Aug.. 7.86% Inc.; Sept.. 8.48% Inc.
In October the length of road covered was 236.724 miles in 1925, against 236,564
miles In 1924; in November, 236.726 miles, against 235,917 miles; in December,
236.959 miles, against 236,057 miles; in January 1926, 236,944 miles, against 238,599
miles in 1925: in February. 236,839 miles, against 236,529 miles; in March, 236,774
mites, against 236.500 miles; in April, 238,518 miles, against 236,526 miles; in May,
236,833 miles, against 238.858.Miles; in June, 236.510 miles. against 236,243 miles;
n July. 236,885 miles, against 235,348 miles; in August, 236,759 miles. against
236,092 miles; in September, 236.779 °Miles, against 235,977 miles.
Net Earnings Monthly to Latest Dates.-Tho table
following shows the gross and net earnings for STEAM
railroads reported this week:
•1,651.234 .686,261
•12,110,281•11,538,672
*305.607
*1,077,104
*152,783
*941,319
Minn St P & S S M818,683 1,014,557
983.503 1,283,414
_ 2,704,243 3,197,588
4,908,056
From Jan 1 22,434,795 23,972,658 5,465.105 8,622,254 3,897.710
October__Wisconsin Central4 65.525
353,028
569,858
432.902
October.... 1,883,149 1,980,099
3,354,501
From Jan 116.762,027 17,192,996 3,709,129 4,302,881 2.876,893
Net Earnings.
1925.
.3,386,624 *3.218,398
"24,727,559'24,278,052
Lehigh ValleyOctober. _ _ _ 7,590,068 5,894,306
From Jan 1.67,037,220 64,281,477
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
*132,000 .486,000
*1,984,000 *2,916,000
34.178
43,206
$
+1,880,735 10.96
+2,361.750 10.17
+1.380.736 7.90
+987.299 5.52
+1.409.719 7.82
+1.390.600 5.19
+1.126.550 6.83
+1.350,987 6.09
+906.979 4.69
+1.530.252 5.4C
+793.975 2.95
-563,813 2.6C
+42.782 0.01
+829.412 2.61
-184.639 0.81
+194.27!0.91
+1.103.135 5.21
+1.597,35 5.5(
+1,692.6448.51
+967.36 4.7!
+413.724 2.81
Month
*2,247,966 *1,159,522
•16,257,045•13,394,252
Kansas City Southern559,906
513,707
683,398
637,203
October..._ 1,868,981 1,912,341
4,313,480
From Jan 1 18,424,775 17,571,147 6.328,927 5,431,970 5.082,561
Increase or
Decrease.
Previous
Year.
*2,719,022 *2,604.389
•18.154,501•13.982,865
6.221
9,200
793
20,617
In the following we show the weekly earnings for a number
of weeks past:
Week.
*2,908,533 *2,722,768
*20,960,701'18,353,938
Illinois Central SystemOctober_ _18,161,693 17,235,996
1154.375,002 146209,643
Fr'm Jan--
$
$
$
$
Previously reported k7 roads)___ 15,755,310 14.683,859 1,071,450
109,822
103,601
Duluth South Shore & Atlantic_
43,200
34,000
Georgia & Florida
5,350
4,557
Mineral Range
407,294
386,677
Mobile & Ohio
934
8,301
9,235
Nevada-California-Oregon
4.070,167 4.104,345
Southern Ry System
792,466
749.260
Texas & Pacific
3,423,104 3.946,694
19,242,401 17,823,743
Mo-Kansas-Texas*1,461,887
October_ _ _ _ 5,596,564 5,414,751 2,161,330 1,847,644 *1,470,412
From Jan 1_47,507,890 47,030,064 14,474,838 14,491,371'10,546,305'10,575,542
Monongahela Connecting27,482
46,450
32,073
57,940
181,828
October.... 213.137
220,461
410,508
271.310
490,975
From Jan 1_ 1,909,961 1.789,682
Nash Chatt.4 St Louis*474,000 *523.000
October_ _ _ 2.099,000 2,323,000
*3,378,000 *3,093,000
From Jan 1_20,100,000 19,394,000
New Orleans Great Northern256.983
280,889
October..
From Jan 1 2,643,538 2,405,945
79,077
816.689
90,437
730.734
64,161
631,940
New York CentralC C C & St Louis*1,753,000 *1,779,000
8,440,000 8,349,000
October
•15,169,000•15,047,000
From Jan 1_78,736,000 75,992,000
N Y Ontario & western162.708 -74,492
217,153 -59,480
696,178
October.... 1,192,480
From Jan 112,028.658 11,211,332 2,870,478 2,256.551 2,358,996 1,861,390
Norfolk Southern869,000
_ 936,000
October
1. 8,378,000 7,535,000
From Jan_-Northern PacificOctober_ _10,291,216 10,685,622
From Jan 1_81,353,906 80,268,359
Pere MarquetteOctober_ _ _ _ 4,512,217 4,255,831
From Jan 1_38.469.805 34,946,724
Pittsburgh & West Va443,034
466,961
October_ _ _
From Jan 1_ 4,258,673 4,012,640
Reading CoOctober_ _ _ 9,283,311 7,261,311
From Jan 1_81,219,083 77,039,710
St Louis-San FranciscoOctober_ _ _ _ 8,6'10,390 9,033,311
From Jan 1_78,435,421 77.822,679
Southern Pacific SystemOctober... _29,192,106 29,118,645
From Jan 1250,147,088245,031,484
Southern Railway SystemOctober_ _ _ _17,936.480 18,601,359
From Jan 1.172778621 164929,286
*190,000 .195,000
*1,553,000 *1,163,000
*3,714,665 *4,094,711
19,311,329..16,684,295
•1,312.995 •1,26',041
*8,521,128 *7,023,492
*236,506 *206,497
•1,849,646 *1,562,375
*3,077.160 *1,729,049
*20,729,830'19,459,133
*2,264,287 *2,103,388
•19,367,029•18,270,525
10,593,223 10,533,646 *7,424,416 *7,482,541
69.386,416 61.505,369'46,123,716'39.009,017
6.003,283 6,544,570 4,808,521 5,236,599
53,516,256 51,402,721 42.101.393 41,000,955
Southern Ry CoOctober_ _ _ _13,535,622 13.901,740 4,620,890 4,753,545 3,749,671 3,755,563
From Jan 1.129448581 123026,510 39,830,238 36,564,664 31,858,363 28,820.716
Ala Great Southern264,417
241,547
333,671
315.790
946,812
930,763
October_ _ _ _
From Jan 1_ 8,872.118 8,614,408 2.672,081 2,607,331 2,048,798 2,061,788
Cin N 0 & T P775.372
427,637
902,640
565,464
October_ _ _ _ 1.994,184 2,102.648
From Jan 1_19.657,340 19,292,730 6,456.019 7.056,210 5,188,508 6,006,096
Georgia So & Florida128,259
66,443
158,795
673.384- 89,377
October....490,757
From Jan 1_ 5.796.577 5,424,453 1,425,566 1,830.200 1,124,338 1,524,805
New Orleans & Northeast186,631
200,557
244.176
255.485
581,954
October_ _ __ 607,763
From Jan 1_ 5,270,480 4.971,136 1,944,770 1,874,732 1,357,328 1,348,229
North Alabama50,930
62,298
60,066
69,300
141,947
140,059
October_ _ _ _
512,512
434,610
578,440
491,529
From Jan 1. 1,214,199 1.309,233
Union PacificOctober... _22,139,156 23,735,290 9.722.959 9,872,555 8.253,413 8,829,481
From Jan 1172.389,591162.492,255 53,734,524 47,694,074 40.950,237 36,403.435
Virginian•1.240,345 "777,777
October.... 2,464,711 1,741,615
*5,173,490 *4,567,969
From Jan 1_19,439,255 15,673,780
-Gross from Railway- -Net from Railway- -Net after Taxes
Wabash1925.
1926.
1925.
1926.
1926.
1925.
'1,694,187
October_ _ _ _ 6,652,166 6,639,832
$
3
$
'9,786,657
From Jan 1_59,514,722 57,544,364
Buff Rochester & PittsMaryland
"357,000 *307,000 Western
1,682,000 1,603,000
October
766,019
871,019
552,154
October_ _ _ _ 2,612,214 1,732,316
'2,806,000 *1,966,000
From Jan L15,205,000 13,500,000
From Jan 1_19.918,855 16,373,846 6,126,252 5,074,102 5,271,252
Susquehanna
Buffalo &
107,751
-6,891 -15,123
-9,138 -18,523
109,077
-Deficit. • After rents.
October_ _ _
From Jan 1_ 1,011,905 1,297,071 -100,104 -30,353 -127,851 -64,376
Fixed
Total Net
Income.
Charges.
Central of Georgia*699,000 *708,000
October_ _ _ _ 2,874,000 2,889,000
*5,030,000 *4,426.000
Oct 1925 *117,086
114.230
From Jan 1_26,785,000 24,939,000
New York Ontario & Western
1926 --69.499
116,062
Central Vermontto
From
1
31
Jan
Oct
1925
*2.136,889
1,181,047
150,494
178,498
169,939
197,589
763,652
788,926
October__ _
19264'1,754,354 1,171,467
576,357
767,853 1,062,704
From Jan 1 7,528,071 7,121,675 1,254,121
75,470
544,307
1,598,073
9.331.972
487,154
4,434,102
BalatiCe.
42,856
--185,561
955,842
582.887
2770
THE CHRONICLE
Total Net
Fixed
Income.
Charges;
Balance.
S.
Western Maryland
Oct 1926 *700,078
254,449
445,629
1925 *453,817
250,572
203,245
Prom Jan 1 to Oct 31 1926 *4,953,962 2,495,128 2,458,834
1925*4,098,866 2.526,127 1,570,739
-Grossfrom Railway-- -Available for Int.- --Net Income
1926.
1925.
1926.
1925.
1926.
1925.
5
$
$
$
$
$
Missouri-Kansas-Texas LinesOctober ___ 5,596,564 5,414,751 1,470,112 1,463,887
882,795
872,621
From Jan 1_47,507,890 47,030,064 10,546,305 10,575,542 4,646.305 4,587,196
[VOL. 123.
FINANCIAL REPORTS
Annual, &c., Reports.-The following is an index to all'
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including Oct. 30 1926.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length._
Steam RailroadsPage.
Industrials (Continued)Page.
Atlantic Coast Line Co
2649 American Window Glass Co
2264
Boston & Albany RR
2649 American Window Glass Machine Co.
Boston
Revere
Beach
& Lynn RR-2649
Electric Railway and Other Public Utility Net Cincinnati Northern RR
2514 American Zinc, Lead &Smeiting
22Co
64,_2
23
393
Earnings.-The following table gives the returns of Cleve. CM. Chic. & St. Louis RR 2515 Anglo-American
Corp. of So. Africa,
Cuba Northern Rys
2650
Ltd
ELECTRIC railway and other public utility gross and net Cuba RR
2650 Archer-Daidels-Midland Co
Great Northern By
2256 Art Metal Construction Co
earnings with charges and surplus reported this week:
Indiana Harbor Belt RR
2515 Atlantic Gulf &West Indies SS.222223669643
Internat.
Rys. of Central America2256
-Gross Earnings--Net Earnings
Lines
Michigan
Central
RR
Current
Previous
2515 Auburn Automobile Co
Current
Previous
New York Central RR
Year.
Year.
Year.
2515 Autosales Corporation
Year.
New York Ontario & Western Ry__2651 Barnet Leather
Companies.
Leaer Co., Inc
Pittsburgh & Lake Erie RR
Alabama Power Co
2518 Barnsdall Corporation
Oct 1.320.167 1,181,914
*526,741
2
22226
25226
58
2666365 .
*484,147
12 mos ended Oct. 31- _ _ _12.897,649 11,225,476 *6.141,23 4 *5.180.631 Rutland RR. Co
2516 Beacon Oil Co
2523, 2658
Western Pacific RR
2258 Beechnut Packing Co
Brazilian Trac, Lt & Pr-Oct 3,200,476 3,100,963 1,782,954 1,685,743
2265
Public UtilitiesBethlehem Steel Corporation
10 mos ended Oct 31____32,647,511 25,220,814 18,585,385 14,220,950
Adirondack Power & Light Corp__ __2389 (Sidney) Blumenthal
& Co
Community Pow & Lt Co__ _
Alabama Power Co
2258 Borg & Beck Co
& Subsidiaries
Oct
360,120
311,896
*137,370
*105520 American & Foreign Power Co.2258, 2647 Bourne Mills. Fail River
12 mos ended Oct 31_ _ -- 4,071.130 3,379,145 *1.496.164 *1.383,424 American Light & Traction Co
2389 (E. T.) Brach & Sons
c Elec Pr & Lt Co(subs)Oct 4,322,489 4,011,281 *1,914,500 *1,669,956 American Public Service Co
2516 Brunswick-Balke-Collender Co
2
222223
322629
9665845698
4
American Water Works & Elec. Co__2516 Burns
12 mos ended Oct. 31_ --49,117.002 44,781,554*21.117.167•18.578.808
Bros
Associated
Gas
& Electric Co_2259, 2516 Bush Terminal Co
Philo Co & Affil Corps_ _ _Oct 5,037.526 5.093.320 al.396.296 al.432,668
10 mos ended Oct 31_--52,981.908 50.347,392a15,915,121a14.573.480 Bell Telephone Co. of Penne
2652 Butte Copper & Zinc Co
2
223
2394
696
4
Boston Elevated By. Co
2390 Butte & Superior Mining Co
5394
Puget Sound Lt & Pr___Oct 1,138,512 1,099,779
232,179
117,506 Boston & Worcester
2390 (A. M.) Byers Co
2659
12 mos ended Oct 31____13,365,674 12,778,657 2,843,790 2,657,637 Brooklyn-ManhattanSt. By
Transit Co_ _ _2648 California Cotton Mille
Southern Canada Power_Oct
123,936
111.041
82,637
2259 California Petroleum Corp
73,967 Central Maine Power Co
Central Mass Light & Power Co_ _2652 Calumet& Arizona Co
Mining co 2266'
c Earnings of subsidiary companies only. •After taxes.
Central & South West Utilities
2517 Calumet & Hecla Consol. Copper_ _2266
Cities Service Co
Canada Dry Ginger Ale, Inc
2652
962594
5
2
2223
3659
Gross
Net after
Cleveland Electric Illuminating Co_2517 Canadian Bakeries, Ltd
Fixed
Balance,
Earnings.
Taxes.
Charges.
Columbia Gas & Elec. Corp..2518, 2652 Canadian Connecticut
Surplus.
Mills_2659
Cotton
Companies.
$
$
Commonwealth Power Corp
$
2653 Canadian Paperboard Co
9
266
50
Atlantic Gulf & WI Sept '26 3,032,345
c454,880
k235,752
(J. I.) Case PL,w Works, Inc
b219.108 Consolidated Gas,Elea:Lt.& Pr. Co.
2524
SS Line
of Baltimore
'25 3,334,553
c485,398
k254,549
b230,848
2250 Caterpillar Tractor Co
2395
9 mos ended Sept 30 '26 29,459,399 c2,459,939 k2,146,512
2653 Central Leather Co
b313.427 Consumers Gas Co. of Toronto
2266
'25 23.063.859 c3.473.213 kl.790,438 b1.682,777 Continental G
Gas & Electric Corp__ _2390 Century Ribbon Mills, Inc
2266
Denver Tramway Corp
Brooklyn-Manhat
Oct '26 3,872,986 *1,193,036
2390 Certain-teed Products Corp
649,809
543,227
East St. Louis & Suburban CO
Transit Co
2518 C. G. Spring & Bumper Co
'25 3,772,050 *1.176,811
652,512
524,298 Eastern Massachusetts
4 mos ended Oct 31 '26 15,546,891 *4,878.007 2,602,225 2,275,782
Street sty. 2390 Chandler Cleveland Motor Corp_ __ _22
566
26
4
262
'25 15,000,782 *4,630,328 2,615,342 2.014,986 Electric Power & Light Corp
2260 Chicago Yellow Cab Co
EngineersPublic Service Co
Carolina Power &
2518 Childs Co
Oct '26
724,725
*401,242
108,828
292,414
Federal
Light
&
Traction Co
Lt Co
2518 Chrysler Corporation
'25
2
222
626
658.118
66
60
*276,602
99,687
176,915 Federal Water Service Corp
12 mos ended Oct 31 '26 8.002,806 *4,030,672 1.250,904 2,779,768
2260 Coca-Cola Company
2266
General Gas & Electric Corp
2390 Coca-Cola International Co
'25 6,754.918 *3,155,286 1,160.890 1,994.396 Houston
Lighting & Power Co
2518. Consolidated Cigar Co
Corp
Central Illinois
Oct '26
357,089
140,651
Illinois Bell Telephone Co
2391' Consolidated Distributors,
2
225
236
9
24
75
Light Co
'25
336,107
114,515
Interborough Rap.Transit Co.2280, 2387; Continental Mills, Boston Inc
2524
12 mos ended Oct 31 '26 4.136,421 1,661,619
467,779 1,193.840 International Power Securities C(453_2519' Corn Products Refining Co
2267
'25 3,864.755 1,574,936
508,069 1,066,867 International sty. Co., Buffalo, N. Y22611 Cosgrove-Meehan Coal Corp
2396
Central Maine
Oct '26
441,791
c168,516
e83,678
84,838 Kansas City Kaw Valley & W. Ry_2391 Coty Inc
Power Co System
25
415,253
c191,123
e87,129
103,944 Keystone Teiep. Co. of Phila_2261, 23911 Cuba Co.(& Subs.)
12 mos ended Oct 31 '26 5,055,241 .c2,130.090 e1,022,426 1,107.664 Long Island Lighting Co
2519, Cuba Cane Sugar Corp
223
668
1
6
2254, 2
'25 4,887,447 c1,998,349 e1,051,287
937,062 Los Angeles Gas & Electric Corp_..239i1 Cudahy Packing Co
Louisville Gas & Electric Co
Eastern Mass
•
23911 Cuneo Press Inc
Oct '26
757,662
*224.434
103.350
121,084 Lo
Lower
Austrian
Hydro-Elec. Co.
Street By
Cushman's Sons, Inc
'25
766,679
*237,439
.2
226
656
220
44
105,658
131,781
"Nurag"
2519, Cuyamel Fruit Co
10 mos ended Oct 31 '26 7,865,5 0 *2,746,233 1,037,782 1,708.451
2524, 2661
'25 7,816,292 *2,748,303 1,078,515 1,669,788 McGair Elec. Co., Sioux City, Ia....2854' Davega, Inc
222633659661
Massachusetts
LightingCos
2391 Davis Mills
Hudson & ManOct '26 1, 54,898
545,748
335,479
210,269 Michigan Home Telephone Co
2654 Diamond Match Co
batten By Co
'25 1,030.554
515.019
335.550
179.469 Middlesex & Boston
By
2391 Doebler Die-Casting Co
2398
10 mos ended Oct 31 '26 10,126,148 4,999,735 3.357,624 1,642.111 Middle West UtilitiesStreet
Co
2519 Dome Mines
2396
'25 9,957,965 4,758,596 3,367,960 1,390,636 Mohawk-Hudson Power Corp
2519 Donner Steel
2396
Montana
Power
Co
Illinois Power
2261 (E. I.) du Pont de Nemours & Co.,
Oct '26
210,550
60,082
Nevada-California Electric Corp.__ _2391 Inc
Company
'25
217.692
2267
56,288
New England Public Service Co__ _2519 Durant Motors, Inc
12 mos ended Oct 31 '26 2,579,030
2287
818,371
387,727
430,644 New
England Tel. & Tel. Co
2261 Economy Grocery Stores, Corp
'25 2,443,297
2397
741,919
395,346
346,573 Newport
News & Hampton By., Gas
(Otto) Eisenlohr Bros., Inc
Interboro Rapid
Oct '26 5,508,132 2,253,869 1,533,789
720,080
& Electric Co
2519 Electric Auto-Lite Co
Transit Co
22236977
'25 5,288,624 2,099,633 1,536,280
563,353
4 mos ended Oct 31 '26 18,853.988 5,430.190 6,151,002 -720.812 New Rochelle(N. Y.) Water Co_ __.2391 Elk Horn Coal Corp
2525, 2661
Niagara Lockport & Ontario Power
Eureka Vacuum Cleaner Co
2267
'25 19.510,156 6.783,328 6,127,084
656,244
Co
2261 (E. S.) Evans & Co., Inc
2267, 2525
Kansas City Power Oct '26
917,679
480,355
102,282
378,073 North American Co
2261 Exposition Cotton Mills, Atlanta,
Light Co
'25
883,182
454,285
102,384
351,901 North American Edison Co
2655
Ga
12 mos ended Oct 31 '26 10,666,518 5,582,758 1,245,704 4,337,054
North Carolina Public Service Co....2655 Fairbanks Co
'25 10,089,042 5,194,160 1,169,558 4,024.603 North West Utilities
2520 Fairbanks, Morse & Co
Lake Shore ElecSept '26
283,803
33,236
2392 Famous Players Canadian Corp_ _ 2
38,678
-5,442 Northern States Power Co
6297
61
2226
3
369
tric By Co System
'25
Oklahoma Gas & Electric Co
266,805
41,001
2392 Finance Service Co
34,735
6,266
2397
9 mos ended Sept 30 '26 2,436,590
329,751
2520 First National Pictures, Inc
329,305
446 Pacific Gas dc Electric Co
'25 2,395.588
434,232
2262 Fleischmann Co
325.384
108,848 Peoples Gas Light & Coke Co
27
6
2268,26
30
New Bedford Gas
Peoples Light & Power Corp
Oct '26
2262 Flint Mills
355.993
*153,323
952,966
100.357 Potomac
Edison Co., Frederick, Md 2658 Foundation Co
& Edison Light Co
to
'25
343,110
*134,885
952,343
82,542 Power
Corporation of Canada
12 mos ended Oct 31 '26 4.142,249 *1,565,673
2556 Freeport Texas Co
9646,867
918,807
Service Co.of New Hampshire21358 Frontenac Breweries, Ltd
'25 3,932,533 *1,533,077
9613,032
920,045 Public
Public Service Corp.of New Jersey_ _2262 Gardner Motor Co.(St. Louis)
New York Dock Co Oct '26
9
2265
865
2265
3
6522
285.083
22
2
5149,672
k90,288
59,384 Public Service Co. of Northern IlliGeneral Cigar Co., Inc
'25
259.785
5131,756
k91.669
40.086
nois
2392, 2658 General Motors Corp
10 mos ended Oct 31 '26 2,788,779 51,467,764
k917,871
549,893 Public Service Electric & Gas Co_ - __2520 General
'25 2,769,681 51,477,623
Outdoor Advertising Co.,22639138
k959.475
518,148 Quinte Sr Trent Valle/ Power Co._ _2656
Inc
2268
Oct '26 1,022.513
Northern Ohio
241.613
139,712
101,901 Radio Corporation of America
2262 General Refractories Co
2268, 2398
'25
Power lz Light Co
965,603
264,066
134,875
129,191 Southwest Utility Ice Co
2392
12 mos ended Oct 31 '26 9,911,649 2,403,047 1,386.661 1.016,386 Southwestern Bell Telephone Co_._ _2262 (Adolf) Gobel, Inc
'25 9.441,088 2,419,940 1.295,087 1.124,854 Springfield (Mass.) Street By.Co...2392 Gold Dust Corp
Goodyear Tire & Rubber Co.of Can.,22236988
Oct '26
156,943
Ohio Edison
Standard Gas & Electric Co
61.997
2392
16
ti9
5,
g2398
52
sm2
139,132
Company
'25
Third Avenue Railway Co_ _2282,2387 Gould Coupler Co
54,472
22226699
747.928
12 mos ended Oct 31 '26 1,784.483
80,749
2263 Granby Consol. Mining,
667,179 Troy City Rapid Transit Co
'25 1,524,914
600,359
112,504
487,856 Union Electric Light & Power Co_..252i
& Power
2528
Electric
Light & Power Co. of
630,099
*75,478
Granite Mills, Fall River
Pennsylvania Coal Oct '26
939,967
2526
35,511 Union
Illinois
564,475
2521 (M.A.) Hanna Co
*47,647
& Coke Corp & Subs '25
943,308
4,339
*179,492
9410,893 -231,401 Union Street By. of New Bedford- _2521 Hazel-Atlas Glass Co
10 mos ended Oct 31 '26 4,941,619
2399
2392 Hercules Powder Co
'25 4,533,228 *-13,840 9439,354 -153,194 United Light & Power Co
2269
West Penn Electric Co
2522 Holeproof Hosiery Co
2862
992,710
386,489
Portland Electric
Oct '26
209,743
176,746 W.B
Power
&
este
ratlon
ted.
tern
C
rn ii
G
orpo
2657 Holland Furnace Co
2528
910,436
365,285
'25
Power Co
210,212
155,073
Electric
2289
12 mos ended Oct 31 '26 11,608.906 4,618,896 2,475,027 2,143,869 WestphaliA United Elec. Pow. Co_ _2263 Houston Gulf Gas Co
2289
'25 10,986,357 4,403,402 2,460,163 1.943.239 Wisconsin Electric Power Co Corp_2522 Hupp Motor Car Co
2522
Illinois
Pacific
Glass
2270
Co
Public Service Corp Oct '26 9,413.829*,635,24O 1,551.671 1.083.569 Wisconsin Gas & Electric Co
2522 Independent Oil & Gas Co
2270
of N J
'25 8,483.550 *c2,590,966 1,423,732 1,167,234 Worcester Consol. Street By
2522 Indian Motocycle Co
12 mos ended Oct 31 '26104412,352*c30959,936 17.855.710 13,104.226
Indiana Limestone Co
'25 93,018,083*c26008,549 16,906,364 9.102,185
IndustrialsInland Steel Co
Republic By & Light Oct'26 1,118.847
533.664
345.838
187,826 Ahumada Lead Co
2858 International Business Machin
2es
279.
389.517
292,904
970,512
'25
2263, 2522
96,613 Air Reduction Co
12 mos ended Oct 31 '26 12,450,919 5,163,589 3.691,525 1,472,064 Alaska-Juneau Gold Mining Co ...__2522 International Cement Corp_ __2270, 2
899
98
339
223
'25 11,091.510 3.793.531 2,941,935
851,596 Allis-Chalmers Mfg. Co
2264 International Milling Co.(De1.2
979
9
7
25
322
:_2
)
.
27_0
(A. S.) Aloe Co.(St. Louis. Mo.). 2393 International Nickel Co
501,849
Southern CantorOct '26 2,379.816 1.474.129
972,280 Alpine
Steel
Montan
Corporation_ __2523 International Paper Co
613,424
22239709
Ma Edison Co
'25 2,062,555 1,385,726
772,302
2263 International Salt Co
2271
10 mos ended Oct 31 '26 22,645.946 14,979,355 4,872.737 10,106,618 Amerada Corporation
Note Co
2254, 2393 Intertype Corp
2271
'25 20,361,443 13.850.134 4.593,697 9,256,437 American Bank No
American Home Products Corp
2271
2393 Island Creek Coal Co
Washington Water Oct '26
46,859
307,199
509,975
260,340 American Hide dc Leather Co
2527, 2663
2264 Jones Bros. Tea Co
Power Co
64,217
307,493
527,093
'25
243,276 American Metal Co., Ltd
2271
2264 Jones & Laughlin Steel Corp
12 mos ended Oct 31 '26 6,050.639 3,554,127
569,820 2,984,307 American Piano Co
2663
2656273
2264 (Spencer) Kellogg & Sons
669,742 2,678,468 American Pneumatic Service
'25 5,671,051 3,348,209
2683
Co__..2264 Keystone Tire & Rubber Co
* Includes other income. c After depreciation. e Includes guaranteed American Republics Corporation-. _2264 Lion Oil Refining Co
2663
dividends on stock of subsidiary companies, but does not include interest American Safety RazorCorp_ _2264,2523 Liquid Carbonic Corp
American Seating Corp
2528
2393, 2523 Loew's Boston Theatres Co
charged to construction. g Includes depreciation.
American Steel Foundries
2400
2393 Long-Bell Lumber Corp
j Before taxes
American Type Founders Corp
2271
2264 Louisiana Oil Refining Corp
•Includes other income.
.1
Nov. 27 1926.
2771
THE CHRONICLE
Page.
Page. Industrials (Concluded)Industrials (Continued)2403
2528 Selberling Rubber Co
Ludlum Steel Co
2528 Shaffer 011 St Refining Co--2403,2666
Luther Mfg Co
(F.
G.)
2275
Shattuck
Co
2528
Inc
Mack Trust
2403
2400 Sheffield Farms Co., Inc
Marlin-Rockwell Corp
2403
2863 Sherwin-Williams Co
Martin-Parry Corp
2666
2528 Silent Automatic Corp
Mason Tire St Rubber Co
2532
2663 Simms Petroleum Co
Mass. Cotton Mills
Skelly
Oil
Co
2275
2528
2271,
Co
Maytag
2532
2663 Smith & Wesson, Inc
Mead Pulp Si Paper Co
2386
2401 South Porto Rico sugar Co
Mengel Co
2532
2664 (A. G.) Spalding & Bros
Merchant Manufacturing Co
2275
2664 Spicer Mfg. Co
Mergenthaler Linotype Co
2532
2528 Stafford Mills
xican Seaboard Oil Co
2275
Mid-Continent Petroleum Corp_ __ _2271 Standard Plate Glass Co
2403
Motion Picture Capital Corp--2272,2664 Standard Sanitary Mfg. Co
2403, 2532
2529 Standard Textile Products_
Moto Meter Co
2272 Stewart-Warner Speedometer Corp_2667
Motor Wheel Corp
2403
2272 (Hugo) Stinnes Corp.(Md.)
Mount Royal Hotel Co., Ltd
2533
2401 Struthers Furnace Co
Mullins Body Corporation
2513
2401 Studebaker Corp
Murray Body Corporation
2275
2272 (B. F.) Sturtevant Co
National Acme Co
2667
2401 Superior 011 Corp
National Cash Register Co
2275, 2405
2529 Superior Steel Corp
National Casket Co
2275
2272 Sweets Co. of America
National Dairy Products Corp
2405
2664 Symington Co
National Department Stores
2275, 2405
National Distillery Products Corp_ _2272 Telautograph Corp
2529 Tennessee Copper Sr Chemical Corp_2275
National Equipment Co
National Supply Co.(Del.).--2529, 2664 Terre-Haute (Ind.) Mailable &
Mfg. Co
2405
2529
Nevada Consol Copper Co
2276
2530 Texas Pacific Coal & 011 Co
New England Laundries, Inc
2405
2272 Tidal Osage 011 Co
New Jersey Zinc Co
Transue
&
Williams
Steel
Forging
Inc
House,
2401
Ocean
New
Corp
2275
2272
New York Dock Co
2276
2530 Trumbull Steel Co
North American Cement Corp
2534
2272 Tung-Sol Lamp Works
Nunnally Co
2406
2272 Ulen & Co
Ogilvie Flour Mills Co.. Ltd
2534
2401 Underwood Typewriter Co
Ohio Leather Co
2534
2530 Union Cotton Mfg. Co
Onyx Hosiery Inc
2276
2530 Union Steel Casting Co
Owens Bottle Co
2406
2530 United Drug Co
Pacific Coast Co
2272, 2386, 2408 United Electric Coal Companies_ _2276
Packard Motor Co
United States Dairy Products Corp_2276
pen American Western Petroleum
2272 United States Distributing Corp ...2276
Co
2402 U. S. Hoffman Machinery Corp.
Pandem 011 Corp
2276, 2534
Panhandle Prod. & Ref. Co
2530
2276
2402 U. S. Light & Heat Corp
park & TiIford, Inc
2530, 2665 U. S. Realty & Improvement Co 2534
Paths Exchange
2254
2530 United States Steel Corp
Peerless Motor Co
2407
2273 United Verde Ext. Mining
Penick & Ford, Ltd
2668
2531 Utah-Apex Mining
Pennock Oil Corp
2668
Pennsylvania Coal & Coke Corp .2273 Utah Copper Co
(V.) Vivaudou, Inc
2276
Pennsylvania-Dixie Cement Corp.,
2407
2402, 2531 Wa'worth Co
2402 Warner-Quinlan Co
2277
Pepperell Mfg Co
2254 Wesson Oil & Snowdrift Co., Inc.
Phillips Petroleum Co
• 2407, 2668
2665
Pierce-Arrow Motor Co
2273 Western Canada Flour Mills Co..._2534
Pierce Petroleum Corp
2407
Pillsbury Flour Mills Co
2402, 2665 Westinghouse Air Brakes Co
Pittsburgh Terminal Coal Corp. 2531 Westinghouse Electric & Mfg. Co .2277
2647 Weston Electrical Instrument Corp.2668
Punta Alegre Sugar Co
2273 White Rock Mineral Springs Co..._2277
Purity Bakeries Corp
Remington Typewriter Co
2402 White Sewing Machine Corp
2277
2534
2274, 2402 Wickwire Spencer Steel Corp
Replogle Steel Co
Richfield 011 Co. of Calif
2274 WIllys-Overland Co
2535
2402 Wheeling Steel Corp
2277
Russell Motor Car Co., Ltd
2274 Wright Aeronautical Corp
2407
St. Lawrence Flour Mills Co
Yale & Towne Mfg. Co
St. Louis Rocky Mountain & Pacific
2407
2274 Yellow Truck & Coach Mfg. Co_ _ _ _2277
Co
2531 Youngstown Sheet & Tube Co
Safeway Stores, Inc
2535
2275
Savage Arms Coro
Brown Shoe Co. Inc., St. Louis.
(Annual Report-Year Ended Oct. 31 1926.)
BALANCE SHEET SEPT. 30.
1925.
1925.
1926.
1926.
$
$
Assets8,753,994 8,709,301 Preferred stock___ 4,000,000 4,000,000
Plant, &c
445,673 Common stock_ 8,999,750 7,500,000
Employees' houses 633,957
342,946
Cash & U.S.secur. 4,786,407 4,171,806 Accounts payable_ 390,814
04 4
423,942 Taxes, insurance,
Accts.& notes rec_ 700,720
56,031
66,240
1,344,173 1,286,896
Inventories
&c
Misc.accts. reedy.
Estimated Federal
445,442
510,000
462,928
230,641
and advances
taxes
Inv. in and due
Reserve for repairs
from ern!. cos__ 3,131,217 2,762,303
and contingen587,268 1,072,496
Patents (deprec n
cies
6,073,978 5,617,659
book value)_ _ 776,412 • 965,218 Surplus
Deferred assets_
38,242
38,794
mg*•• seambel
'
tl
Total
20,628,050 19,034,573
20,628,050 19,034,573
Total
-V. 123, p. 2527.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Wage Increases.-Reading Co. increases telegraphers' wages 2c. per hour.
"Wall St. Journal" Nov. 22.
Atchison Topeka & Santa Fe and Union Pacific each advance wages of
shop craftsmen 2c. per hour, effective Nov. 1 and Dec. 1, respectively.
-New York "Times" p. 23.
a.••••
Canadian Rail Unions Vote to Strike for Wage Increases.-Conductors,
yardmen and trainmen vote in favor of strike to support demand for 6%
wage increase. It is estimated that about 15.000 men will be involved.
New York "Evening Post" Nov. 23, p. 2.
Repair of Freight Cars.-Fewer freight cars were in need of repair on
Nov. I than at any time in the last five years, the Car Service Division of
the American Railway Association has announced. Reports filed showed
139,484 freight cars in need of repair or 6.1% of the number on line. This
was a decrease of 5,843 cars under the best previous record established on
Oct. 15 1926, when there was 145,327 cars or 6.3%. Freight cars in need of
heavy repair on Nov. I totaled 103,570 or 4.5%, a decrease of 7,222 cars
compared with Oct. 15, while freight cars in need of light repair totaled
35,914 or 1.6%, an increase of 1,379 compared with Oct. 15.
Locomotive Repairs.-Class I railroads on Nov. I had 8,654 locomotives
in need of repair or 13.9% of the number on line, according to reports filed
by the carriers with the Car Service Division of the American Railway
Association. This was a decrease of 636 compared with the number in
need of repair on Oct. 15, at which time there were 9,290 or 14.9%. Of
the total number of locomotives in need of repair on Nov. 1, 4,641 or 7.5%
were in need of classified repairs, a decrease of 285 compared with Oct. 15,
while 4,013 or 6.4% were in need of running repairs, a decrease of 351
compared with the number in need of such repairs on Oct. 15. Serviceable
locomotives in storage on Nov. 1 totaled 4,102 compared with 4,242 on
Oct. 15.
Matters Covered in "Chronicle" Nov. 20.-(a) Gross and net earnings of
U. S. railroads for month of September, p. 2573-2577.
A tlanec Coast Line Co.-2% Extra Dividend.The directors have declared an extra dividend of 2% in addition to the
regular quarterly dividend of 5% on the outstanding $88,820,000 common
stock, par $50, both payable Nov. 30. The last extra dividend was 4%.
paid on Jan. 15 1925.-V. 123, p. 2649.
Atlantic Coast Line RR.-To Increase Capital Stock to
$100,000,000-$17,756„500 Stock to be Offered to Stockholders.
-The stockholders will vote Dec. 13 on increasing the
capital stock by $24,000,000 to $100,000,000 and on authorizing the sale and issuance of 137,565 shares of the capital
stock so authorized at par ($100).
President J. R. Kenly in a letter to the stockholders,
Nov. 27, says:
The directors find that in order to continue the development of the
INCOME ACCOUNT FOR YEARS ENDED OCT. 31.
company's properties, it is necessary to provide new capital. It is of
1923-24.
1922-23.
1925-26.
1924-25.
that the appropriate method at this time of providing the new
opinion
Net sales of finished
extensions and improduct to customers_531,915,829 $31,075,667 28,926,632 $29,437,759 capital for the purpose of making necessary additions,
provements should be through the issuance of additional common stock.
Deduct-Cost of mat'ls,
board
has,
resolution
adopted
Oct.
21 1926, directed
The
accordingly,
by
labor, & sell., admin.
that a special general meeting of the stockholders be held on Dec. 13.
& gen. exp., incl. deAt this meeting, it is proposed to submit to the stockholders, for consideraprec. & int. charges,
the capital stock
bad debts, &c
$30,340,878 $28,668,941 $27,358,295 $28,034,383 tion and action, proposition authorizing an increase in maximum
amount
176,000 of the company from $76,000,000 to $100,000,000, the
196,800
Est. Fed. & State taxes251,000
354,550
permitted under the charter of the company.
It is likewise proposed to submit to tire stockholders, for consideration
Net profit
$1.323,951 $2,052,177 $1,371,537 $1,227,376
1,382,522 and action, a proposition that the present capital stock of the company
Add-Previous surplus_ x12.892,390 2,953,823
2,206,806
106,683 issued and outstanding, amounting to $68,782,900 be increased by the
Sundry surplus credits
42,284
112,405
142,613
further sale and issuance of $13,756,500 of the common stock, being an
a of the total capital stor now outstanding, and that such
Total surplus
$14,328,746 $5.148,613 $3,620.627 $2,716,581 increase of 2047
• y approval of the I.-S. C. ComDeduct-Pref. diva.(7%) $314,942
342,650 additional stock, subject to the n
$331,188
$320,224
Common dividends__ _
167,126 mission, be immediately offered for sale and issue to the holders of the
462.000
335,616
336,000
stock of this company, both preferred and common, at the rate of $100
Res. for red, of pf. stk.
71,50
per share.
Good-will, &c., writ. off.. 4,966,364
For the information of stockholders, the followitns details of the above
Profit & loss surplus_ _x58,513,919 $4,492,390 $2,953,823 $2,206,806 proposal which will be considered at the meeting are submitted.
Stock Issue.-Subject to the authorization of the stockholders, and subx Representing common stock 252.000 shares of no par value) and surplus, the $8,400,000 stock (par 100) having been exchanged for no par ject to the approval of the I.-S. C. Commission, it is proposed to sell and
Issue $13,756,500 of the common stock. The certificates for the stock will
shares in the ratio of 3 to 1 in November 1925.
be in the same form, and have the same rights, interests and privileges as
BALANCE SHEET OCT. 31.
the present outstanding certificates for the common stock.
1926.
Subscription for the New Stock.-All stockholders, both preferred and
1925.
1925.
1926.
common, of record Nov. 30, to nave the privilege of subscribing to such
Assets8
$
Preferred stock... c4,459,600 4,537,500 Increase of stock to the extent of 20% of their total holding of preferred
Real estate, Mdge.,
mach., eq., &c_a2,354,721 2,096,092 Notes payable_ ___ 1,800,000 1,950,000 and(or) common stock, at $100 per share, provided they exercise the
bl
1 Accounts payable_ 1,772,038 1,798,025 privilege not later than 3 o'clock p. m., on Jan. 20 1927, on which date full
Lasts
1 4,966,365 Accrued accounts..
44,806 payment at the rate of $100 per share is to be made.
45,927
Trade names,Oa _
Stock Allotment Warrants.-Warrants representing subscription rights in
373,128
Securities, &c
161,335 Reserve for taxes
672,699
885,000 the new stock to be issued,accompanied by a circular containing full explana591,848 & contingencies_ 806,000
Cash
tion, will be mailed by the Safe Deposit & Trust Co. of Baltimore, fiscal
Acets receivable 8,014,012 7,106,611 Res, for redemp'n
agent, as soon as possible after the authorization by the stockholders and
18,590
31,193
71,520
prep'd purch., &c..
preferred stock_
Inventories
6,035,850 7,154,274 Common stock __}d8,513,919 f8,400,000 the approval by the I.-S. C. Commission is obtained. Subject to such
14.492,390 approval, stock allotment warrants will be in two forms, to-wit: Stock
Prepaid int., ins,
Surplus
allotment warrants for one or more whole shares of stock, and fractional
1
licenses, &c..
warrants for one-fifth of one share of stock each. All stock allotment
17,469,004 22,107,721
17,469,004 22,107,721 warrants for full shares may be transferred by executing the form printed
Total
Total
thereon.
Stockholders desiring to subdivide such stock allotment warrants
a After deducting $1,515,534 for depreciation. b After deducting
whole shares may return them to the transfer agents of the company,
$1,278,645 for depreciation. c After deducting $77,900 preferred stock re- for
J.
P.
Morgan
& Co.,23 Wall St., N. Y. City, or Safe Deposit & Trust Co.,
value.
canceled.
d
Represented
par
by 252,000 shares of no
tired and
13 South St., Baltimore, properly assigned, who will issue in exchange new
V. 122. p. 3088.
stock allotment warrants for the same aggregate number of whole shares.
Fractional warrants will be transferable by delivery.
Libbey-Owens Sheet Glass Co.
Payment of Subscription Price.-Payment for the full amount of subscriptions
must be made at the office of J. P. Morgan & Co.. N. Y. City.
Annual
Report-Year
(Ninth
Ended Sept. 30 1926.)
or the Safe Deposit & Trust Co., Baltimore, on or before Jan. 20 1927.
No subscription or payment for less than whole shares will be received.
INCOME ACCOUNT YEARS ENDED SEPT. 30.
No interest will be allowed upon payments made prior to Jan. 20 1927.
1922-23.
1925-26.
1924-25.
1923-24.
The new stock for which subscriptions are filled as aforesaid, will be
a Mfg. prof. & royalties_ $3,597.056 $3,404.349 $3,919,151 $4,237,929 Issued and delivered at the office of J. P. Morgan & Co. or Safe Deposit &
586,672
165,068
income
583.012
486,976
Other
Trust Co. on Jan. 21 1927. The new stock, when issued, will be entitled
$4,583,728 $33,987,361 $44,406,127 $4,402,997 to all dividends declared after Jan. 20 1927.-V. 123, P• 2849.
Total income
Patents,licensing, exper.
Baltimore 8c Ohio RR.-Equipment Trust Ctfs. Ready.$399,934
$558.539
expenses, &c
$616,830
$538,137
Permanent equipment trust certificates, series "D," are now being
est. Fed, taxes
Res. for
delivered
at the office of the Girard Trust Co., trustee, Philadelphia. Pa.,
_
_
610,000
450.000
535,000
593,000
and contingencies_ _
280,000
210,000 and at the office of the company, 2 Wall St., New York C,N. Y. In
280,000
280,000
preferred dividends(7%)
temporary certificates. (See also V. 122, p. 3078.
exchange
for
dividends
1,079.970
400,000
900,000
750,000
Common
The company extended its trainside motor coach connection at New
$2,055,219 $1,655,531 $2,244,990 $2,943,063 York on Nov. 24, by starting a line of motor coaches from its new passenger
Balance, surplus
4,358.234 station in the heart of Brooklyn to meet all trains at Jersey City Terminal.
surplus_ _ _ y6,073,978
5,617,658 x4,259,158
Profit & loss
cost of sales and general overhead. x In Jan. 1924 a The new passenger station is in the center of the business district of Brooklyn
a After deducting
42,500,000)
1926 a and close to Borough Hall, being located on the ground floor of the Central
was
paid.
y
In
Jan.
stock
dividend
50% common
Building on Joralemon St. near Court St.-V. 123, p. 2255.
20% stock dividend ($1,500,000) was paid.
2772
THE CHRONICLE
Boston & Maine RR.-Employees Subscribe for Stock.Approximately 1,000 employees have availed themselves of the plan to
subscribe to the new 7% prior preference stock. The time for subscription
expired on Nov. 10. Subscriptions received represent an investment of
about 8300,000, in addition to such stock as the employees may have
owned previously.-V. 123, p. 2133.
Chicago Milwaukee & St. Paul Ry.-Reorganization
Managers Bid $140,000,000 for Road.-At the foreclosure
sale held at Butte, Mont. Nov. 22, under the order of the
Federal District Court at,Chicago Robert T. Swaine and
Donald C. Swatland bid in the entire system for $140,000,000. This figure is $17,500,000 in excess of the upset price
fixed by Judge Wilkerson. There was no competition in the
bidding. Mr. Swaine and Mr. Swatland represented the
reorganization committee formed by Kuhn, Loeb & Co. and
the National City Co. of New York.
Bidders were required to present a plan of reorganization
and to deposit in bonds 15% of the upset price of $122,500,000. Special Master Herbert C. Lundahl of Chicago,
conducted the sale. Mr. Lundahl will make his report to
Judge Wilkerson in Chicago Dec. 13 and the Court then will
approve or reject the bid and the reorganization plan.
[VOL. 123.
in the flow of immigrant settlers into the Northwest, apparently brought
about by war conditions and the consequences of the war, bad a bearing
on the railroad's then earnings and immediate prospects. The low level
of freight rates in the Western Trunk Line territory, where a large portion
of the road's mileage lies, was a very important contributing cause. The
effect of motor car, bus and truck competition on short haul business was
a factor. The letting down of Pacific commerce due in some measure to
war conditions and in part to the internal affairs of China and Russia and
competition for that business with water lines via the Isthmian Canal and
their competition in coast to coast traffic was still another cause. A
number of crop failures in the Northwest at the time offarm land deflations
subsequent to the high war-time prices seriously affected the prosperity
of that part of the country and had its attending adverse influence on
freight tonnage.
"The record made shows that a ti degree of efficiency in management
and the observanceof strict economies could only offset in part these untoward conditions. It is clear from the record that there is nothing wrong
with the physical property and that it is now functioning as well as its
competitors. Its difficulty was wholly a matter of low earnings due to
the causes indicated in the crucial years preceding the heavy bond maturities
alluded to.
"The evidence indicates that the earnings are gradually increasing with
the changes incident to the development of the Northwest and the improvement in various of the conditions that temporarily depressed earnings of
the carriers in the territory served by the railroads.
"With the changes in the financial structure that will result from the
receivership, it is clearly inferable from the record made that the railroad
will prosper as well as the average of railroads in its general territory.'
-V. 123. p. 2649. 2514.
Colorado Wyoming & Eastern Ry.-Final Valuation.Mr. Lundahl began the saleby the reading of the formal court order of
The I.-S. C. Commission has placed a final valuation of 81,882,785 OD
sale. At its close he asked for bids starting with the parcel which includes
the lines of the Puget Sound extension. Mr. Swatland's bid of $42,500.000 the property of the company, as of June 30 1919.-V. 121, p. 703.
was the only one. The bid for the lines east of Mobridge was $67,500,000,
Duluth South Shore & Atlantic Ry.-Earnings.and for the stocks, bonds and other securities the bid was 812,500.000.
-qu
iva2r6..End. Sept. 30- -9 M03.End. Sept.30-These were the minimum figures set by the Court. The final call was for
bids on the entire system under the proviso that this would prevail if in
1925.
excess of the bids by parcels. The bid of 8140,000.000 was declared Freight revenue
$1,021.760 81,142.952 821
,9
26
29,339
5
,9
96
22
6..276 $31
745,610
Passenger revenue
241.763
successful.
266,883
686.777
406,467
All other revenue
162.909
173.493
370.431
Jameson Group to Appeal to Supreme Court.-
As the road was being sold at auction in Butte. Mont., Nov. 22 the way
Total operating rev
31,426,432 81.583.328 84.019.484 $4.421,416
was being paved in Chicago for further litigation by the Jameson group of Maint.of way & struc.exp 3322.862
8800,086
$752,641
8334.477
721,487
bondholders. In a last-minute effort to halt the sale and to obtain the right Maintenance of equip_..
232.976
708,912
207,982
of intervention in the proposed reorganization, attorneys for the group Traffic expenses
62,121
24,859
20,146
65.647
appeared before Judge Evan A. Evans of the Circuit Court of Appeals. Transportation expenses
1,771,673
564.234
583.368
1,691,515
Judge Evans declined to entertain either petition, as had Federal Judges Miscall, operations
49,363
16.851
17.659
47,547
Alschuler Anderson and Page, Nov. 20. The fourth Jud,ge's declination General expenses
101,996
94.130
26.258
34,119
paved the, way for an appeal to U. S. Supreme Court according to Robert
Golding, who addressed Judge Evans for the ameson group. He said
$914,690
Net operating revenue 8238.392
8659,092
8385,577
Nathan L. Miller, chief of counsel for the ameson committee, would go Railway tax accruals__ _
87,000
84,000
261,000
258.000
before the Supreme Court in an effort to be represented in the reorganiza- Uncollectible ry. rev_
134
125
tion, which. It was estimated, will require three months.
132,849
Eqpment
ui
rents
43
21.
.3
9
53
10
27,034
107.569
49,091
Joint
facility
rents
16.986
46.803
Temporary Heads Chosen for New Road.John J. McCloy, has been chosen as President of the New Chicago
8474,616
Net ry. oper. income_ 8107.372
$236.009
$243.720
Milwaukee & Pacific Ry., which will take over the assets and liabilities of
134.399
9,251
6.336
95.665
the bankrupt Chicago Milwaukee & St. Paul. and to which bankers have Other income
assigned the 8140.000.000 bid they made for the property at Butte. Mont.
8609,015
Gross
income
8116.623
8242.345
8339.385
His only task, in fact, is to sign papers until the time has arrived for lifting
664,8137
on funded debt..
220,083
661,716
221.887
the receivership from the road, when another President will be selected. Interest
3,323
6.327
604
8.680
Among the other officers are Gordon E. Youngman, Sec. & Treas.; Guy Other income charges_ _ _
Cary, V.-Pres. and Donald C. Swatland, Asst. Sec. The positions of the
Net income
def$109.787
819.854 def$331,011 def$59.145
above are all temporary.
Two important steps must be taken before the receivership is lifted. The -V. 123, p. 707.
first is the hearing by Judge Wilkerson in the Chicago Federal Court of
Georgia & Florida Ry.-Bondholders Buy Road.the application by the road's reorganization managers to have their $140.The property was bid in Nov. 22 at public auction for 81,000,000 by a
000,000 bid confirmed., which will be opposed by Edwin C. Jameson,leader purchasing committee
representing the first mortgage 5% bondholders.
of the dissenting bondholders. The second is the hearing by the I.-S. C. The bid is subject to the
of the Superior Court of Richmond
Commission of its petition to issue the securities for the new company which County. The reorganizedconfirmation
company will be known as the Georgia & Florida
are provided in the reorganization plan.
Railroad. H. W. Purvis of Augusta will become President and General
Manager and R. Lancaster Williams will become Chairman of the Board
Change in Government Loan not to Affect Contracts.of the new company.-V. 123. p. 2515. 2134.
The bond brokerage houses of Theodore Prince & Co. and Wm. 0.
Illinois Central RR.-Listing.Orton & Co. have issued the following statement:
The New York Stock Exchange has authorized the listing of 835,000,000
"The principal traders in the 'when issued' securities of the new Chicago
Milwaukee & Pacific Ry. have agreed that all the trading of these new 40-year 4 % gold bonds, due Aug. 1 1966.
Earnings Eight Months Ended Aug. 31'when issued' securities, bonds and stocks, shall be made, pursuant to and
1926.
1925.
Operating revenues
$103.021,463 $98,282.605
under the following understanding:
79.474,479 76.136.964
'These contracts shall stand, notwithstanding any modifications which Operating expenses
may be made in the plan in reference to or necessitated by the refunding of
$23,546,984 822.145.641
Net revenue from railway operations
the Government Loan, as now contemplated and set forth in the modified
reorganization plan, dated Nov. 19 1925.'"
6,859.897 7.205.768
Taxes
Building of Puget Sound Extension Justified.23.441
revenues
21.622
That Jim Hill, "empire builder," and sage of Northwest railroad men, Uncollectible railway
endorsed the building of the Puget Sound extension to the Pacific was dis816.665.465 814,916,492
Railway operating income
closed at a hearing of the I.-S. C. Commission's investigation of the Mil- Equipment
rents-net
Cr.122.465 Cr.584.953
waukee receivership held at Chicago. Nov. 18. The original copy of Hill's
-net
Dr.72,179 Dr.148.429
little known letter was destroyed in the San Francisco earthquake fire. In Joint facility rent
3.624.857
3.197,127
this letter, addressed in May 1905 to then president Harris of the Chicago Non-operating income
Burlington & Quincy, Hill said:
Gross income
820.340.607 818.550,142
"If I were at the head of the Northwestern or the St. Paul,I would never Interest
and rentals
11,058,167 10.777.484 .
be satisfied with a connection over some other line that was a natural com1.068.801
1.162.430
petitor from the common point eastward. The Northwestern and St. Paul, Federalincome tax
6.136.907
5,697,467
with over 14.000 miles of railway, would if they built to Puget Sound, be a Other taxes
great acquisition to the business of the Sound and would go far toward
Balance
$566,950
$2.422,542
putting it on a foundation, viewed from the commerce of the world, ahead of
Condensed General Balance Sheet as of Aug. 31 1926.
San Francisco. This would, in my judgment, help our lines much more
than any possible injury it could do; in other words, if we cannot hold our
Assets.
Llabi/ides.
own in competitive trade we must make room for whoever does it better Total investments
6154,445,191
$626,292,283 Capital stock
than we do."
138,755
6,450,286 Premium on capital stock. _ __
Cash
This justification of the construction of the Puget Sound trans-continen- Special deposits
32,272
4,158,525 Govt. grants in aid of constr.
tal line, which has been one of the chief targets of critics of the receivership, Loans and bills receivable_ _
_329,215,424
23.669 Funded debt unmatured
was one of the high lights at the concluding session of the Commission's Net bal. rec.from agts.&cond. 3,248,678 Loans and bills payable
7,750,000
investigation.
Miscell, accounts receivable_ 7,735,446 Traffic & car serv. bale. pay_ 1,924,957
Material and supplies
12,546,852 Audited accts. & wages pay_ 18,968,382
Commenting on the results of the investigation, 0. W. Interest
and dividends recelv. 1,185.683 Miscell. accounts payable- 4,797,474
Dynes, general counsel of the St. Paul, said:
158.707
181,713 Interest matured unpaid_ ___
Deferred assets
8.943,024 Dividends matured unpaid__ 3.088,860
This investigation by the Commission has undoubtedly been the most Unadjusted debits
12,042
Funded debt matured unpaid
comprehensive and exhaustive of its kind in the history of railroads. The
Unmatured Interest accrued_ 3,697,896
Commission inaugurated its investigation more than a year and a half ago.
243.135
Unmatured
accrued___
rents
preparing
and
presenting
nave
been
Various interests
evidence that they
15,428
Other current liabilities
regarded pertinent and the Commission, on its own behalf, has made an
195,854
Deferred liabilities
independent and exhaustive investigation, the result of all of which has been
70,657,190
Unadjusted
credits
now placed in the record of nearly 8,000 pages ofevidence and approximately
75,424,593
Corporate surplus
as many more pages of information contained in exhibit form. Hearings
were held ir the East, the Middle West and the Far West and were con$670,766,161
8670,766,160
Total
Total
ducted at numerous and (afferent times to accommodate parties in different
localities, including the cities of Washington, New York,Chicago, St. Louis -V. 123. p. 2515.
and Spthcane.
Mahoning Coal Railroad Co.-Earnings."In this investigation all technicalities were swept aside by the Cloimnis-Quer. End. Sept. 30- -9 Mos.End. Sept.30sion and the widest latitude was permitted to the various interests introdu1926.
1925.
1925.
1926.
cing evidence. From listening to all of the testimony and from examining Inc.from lease of road
8637,932
8498,964 81,360.502 81,254,389
the purport of the exhibits offered regarding the cause or causes of the Other income
57,943
80.466
21.402
109,945
receivership it has become apparent to me that the immediate cause was the
lack of sufficient liquid assets and sufficient credit to enable the railway
Total income
8718.398
8520,366 81.470,447 $1,312,332
company to meet the $50.000,000 of bonds and interest falling due in 1925 Taxes
3145,302
883,282
853,630
8173.416
which were to be followed by other bond maturities and Government note
56,250
on funded debt_
18,750
18,750
56,250
obligations that were to fall due at various intervals up to the year 1934 Interest
5,445
Other deductions
1,504
1.589
5.314
aggregating more than 8160.000,00o.
"One feature which seemed to me clearly established in the investigation
Net income
8614,862
8446.397 81,235,467 $1405.335
and not generally understood by the public is that the only important Dividends accrued
1.149.801
383.267
1,149,801
383.267
difference between the situation of the Milwaukee road and the other
roads of the Northwest prominent in the cause of the receivership was that
67
Surplus
der/44.4
8231.595
885,666
863,130
unfortunate
in
amount
of
was
having
a
large
bonds
Milwaukee
maturing
the
for payment during the years of depressed earnings, while competing roads -V. 122. 1). 1165•
Fort Worth & Denver South Plains Ry.-Construction.
in its territory were fortunate in not having corresponding financial diffiThe I.-S. C. Commission on Nov. 8 issued a certificate authorizing the
culties.
"There were various other concurring causes, one of which is found in Fort Worth & Denver South Plains Ry. to construct certain lines of railthe fact that the percentage of increase in cost to the railway company of road in Hall, Motley, Briscoe. Floyd, Hale, Lubbock, Castro and Swisher
labor, material and supplies since the pre-war years was more than twice counties, fox., aggregating 202 miles.
The Commission also issued a certificate authorizing the Quanah Acme
aslarge as the percentage ofincrease in itsfreight rates. Large maintenance
costs encountered in restoring the property after Federal control to a proper & Pacific Ry. to construct a line of railroad in from McBain to Floydaha,
degree ofsafety and efficiency In operation contributed. A marked decrease 27 miles, in Motley and Floyd counties, Tex.
Nov. 27 1926.]
THE CHRONICLE
Public convenience and necessity having not been shown to require the
construction by the Texas Panhandle & Gulf RR. of proposed lines of railroad from Seymour, Tex., to Tucluncari, N. Mex., about 303 miles, and
from Perrin to Ft. Worth.Tex.,57 miles,the application was denied without
prejudice.
Public convenience and necessity having not been shown to require the
construction by the Pecos & Northern Texas Ry.of certain proposed branch
lines in Hale. Floyd, Briscoe, Swisher and Castro counties, Tex.. (in al
aggregating 73 miles) the applications were denied without prejudice.
Montour RR.-Tentative Valuation.The I.-S. C. Commission has placed a tentative valuation of $4.956,500
on the property of the company as of June 30 1917.-V. 121, p. 2634.
Tuckerton RR.-2% Preferred Dividend.The directors have declared a dividend of 2% on the preferred stock, payable Dec. 1 to holders of record Nov. 18. On June 15 of this year the road
paid a dividend 01 2% and in 1925 paid 2%.-V. 122, p.2490.
PUBLIC UTILITIES
American Power & Light Co.-Listing.The New York Stock Exchange has authorized the listing of 33.895
additional shares of common stock (without par value) on official notice of
issuance and distribution in payment of a stock dividend, making the total
amount applied for 1.909.387 shares.
Statement of Earnings 9 Mos. Ended Sept. 30 (American Power & Light Co.).
1925.
1926.
$6.200.520 $4.791.237
Total gross earnings •
322.423
Expenses
284.284
1.346.413
1,971.527
Interest and discounts
1.006,346
1,068.797
Preferred dividends
Net earnings American Power & Light Co
S2.875.912 $2,116,055
Balance Sheet Sept. 30 (American Power & Light Co.)
1925.
1926.
1926.
1925.
Assets$
$
Liabilities$
8
Investmls(secur.)63,401,290 60,589,436 Cap.stk.(no par)a40,698,348 38,797,712
46,791,100 35.982,900
774,797 1,183,557 Funded debt
Cash
Loans (sub. cos.).32,153,062 14,185,723 Contra°. liabilities 1,360,975 1,846,975
Aects.ree.(sub.cos) 1,365,355
337,041 Gold debs. subser.
37
partial paym'ts_
37
Loans(others)._
25,000
349,044
472,283 Dividends declared 357,150
Accts. rec.(others) 118,144
Unamort. dise't
Notes&loans pay_ 7,796,927
352,437
and expense.... 4,200,096 3,598,422 Accts. payable... 359.654
194,423
176,269
194,079 Accrued accounts. 243,464
Deterred debits.
Reserve
636.534
4,969.822 3,038.012
Surplus
Total
102.214,013 80,560,541
102,214.013 80,560.541
Total
a Shares of stock outstanding: Preferred. 238.125; common, 1,693.132;
common stock scrip equivalent to shares. 1,046 20-100.-V. 123. p. 2516.
American Water Works & Electric Co.,Inc.-Subsidiaries Participate in Huge Electric Hook-Up.According to President H. Hobart Porter, by the closing of a switch on
2773
The attention of'the directors has been called to a proposal to the holders
of ordinary shares of the company made by Alfred Loewenstein on behalf
of a new Canadian company, the Hydro-Electric Securities Corp., offering
in exchange for their shares shares of the new Canadian company, it being
stated that such company will have a controlling or important interest in
other hydro-electric enterprises not in any way connected with Brazil.
It is the opinion of the board that any such fusion or alliance of the Brazilian Traction, Light & Power Co., Ltd., with other companies not connected with Brazil would not only be of no benefit to this company, but that
on the contrary it would have most harmful results for the Brazilian company undertakings and consequently for its shareholders.
The board feel they would be wanting in their duty towards the shareholders if they should refrain from making a public announcement of their
views and of the fart that they will oppose any project such as that above
referred to, which, if carried through, would apparently result in some kind
of alliance or fusion with other companies not connected with Brazil. The
company is gradually emerging from the effect of the conditions produced
by the War. There has been a steady Improvement in its affairs and the
board believe this will continue, but such result will not only not be hastened by the carrying out of the Loewenstein or other like proposal, but on
the contrary will probably be seriously retarded. Accordingly, the board
advises shareholders not to exchange their shares in accordance with the
proposal made or any other proposal along similar lines.
The board regret that they are compelled to make this announcement,
and wish to state that Mr. Loewenstein has already been informed of their
views, and that if the proposal were proceeded with they would oppose it
publicly.
Confirmation of the many rumors that Alfred Loewenstein, Belgian
capitalist, is seeking control of Brazilian Traction, Light & Power Co is
given in the terms of an offer now being made to stockholders. Mr.
Loewenstein already controls utilities in Mexico and the Barcelona Traction,
Light & Power and apparently is seeking to include the Brazilian properties
in a large holding organization. The officials of Brazilian are not in favor
of acceptance of the offer. Holders of Brazilian ordinary shares are offered
$75 par value in preference shares and one ordinary share no par value in
a new corporation known as Hydro-Electric Securities Corp. for each
share held.
Vice-President E. R. Wood is quoted as follows:
The proposal made in Belgium to the holders of ordinary shares of'
Brazilian Traction, Light & Power Co., Ltd., by Alfred Loewenstein is to
give $75 ipar value in preference shares plus one ordinary share of no par
value in his new Hydro-Electric Securities Corp. for one ordinary share of'
$100 par value in the Brazilian company.
At a meeting called by Mr. Loewenstein and held in Brussels on Saturday
last, he made the above proposal and referred to the control of Mexican
Light & Power Co., Mexico T'ramways Co. and Barcelona Traction. Light
& Power Co., now held by his Sidro Co.,and stated that it was his intention
to bring them into the new Canadian holding company, the Hydro-Electric
Securities Corp. He made it perfectly clear that it was his intention to
amalgamate the Barcelona and the two Mexican enterprises with the
Brazilian company (presumably through his holding company), pointing
out the advantages that in his opinion would accrue from all these companies
being united under one single direction. He also gave the gross and net
earnings of the Barcelona Co., Mexican Light & Power Co., Mexican 'Tramways Co.. and the Brazilian Co., the final column in his statement being
the combined figures of all four companies. This leaves no doubt as to
Mr. Loewenstein's intentions.
The President and directors of the Brazilian Co., as indicated in the
circular sent to the shareholders on Nov. 24, are firmly of the opinion that
any such fusion, alliance or amalgamation of the Brazilian Co. with the
three companies mentioned, and possibly others, none of which has any
connection whatever with Brazil, would have most harmful results for the
undertaking of the Brazilian Co.and consequently its shareholders.-V.123.
p. 705.
Nov. 19 one of the most stupendous integrations of electrical systems ever
accomplished was effected. These properties have assets of over $1,871.544,000, and produce one-third of the electric energy of the U. S. A.
"For some time interconnections have been increasing in the great power
systems supplying New England and many of the Central Atlantic States,"
Mr. Porter said. "Concurrently with this growth similar interconnections
have been made among the utility companies supplying Chicago and the
East North Central States. These interconnected systems came together
Brooklyn City RR.-Stock Increased-To Issue Bonds.on Nov. 19 with the closing of a switch in the Piney hydro-electric power
The stockholders on Nov. 23 increased the authorized capital stock from
plant of the Penn Public Service Corp., tying together the transmission
par $10.
systems of that company and the West Penn Power Co., a part of the West 816.000.000 to $18,500,000.
The stockholders also authorized the directors to issue in series, from
Penn Electric System. By previous arrangement, the companies comprisbonds.•
convertible
of
issue
an
time,
to
time
ing the integrated systems on east and west were at the same time being
operated in parallel, so that upon the closing of this switch there was
President H. Hobart Porter, Nov. 11, said in substance:
operated as a single system electric lines stretching from New Hampshire
Since Oct. 1919 the company has expended large sums for capital improvethrough Boston, Providence, Albany, Buffalo, Pittsburgh, Cleveland. ments and additions to its property. The company has outstanding
Toledo, Chicago, Milwaukee. Charleston, W. Va., and Roanoke. Va., $6.000,000 of 1st mtge. bonds issued under a closed mortgage due in 1941.
with hundreds of intervening towns and cities in 15 States." Mr.Porter said. It also has outstanding $925,000 of 4% refunding bonds, of which $100.000
"These interconnected systems are owned by companies having combined are held in its treasury. This mortgage is also closed, excepting in so far
assets of practically $2,000,000,000 with annual revenues of almost $350,- as it may be used for refunding the 1st mtge. bonds. Under these con000,000. Feeding into this extensive network of transmission lines were ditions the company has had no practical method of permanently financing
power plants with an aggregate capacity of over 7,000.000 h.p. and the expenditures for betterments and improvements required to enable it to
1925 was give adequate service. The company has therefore been obliged to use
total electric energy distributed from these plants for the year'
18,000.000,000 k.w.h., one-third of the total output from the electric service Its current cash for such capital purposes and the balance of such expendicompanies of the entire United States."
tures that are not represented by the issue of new capital securities is now
in excess of $2.800,000. It is necessary to make further capital expendiWater and Power Sales.President H. Hobart Porter announces substantial gains both in sales of tures which will require the sale of securities and the directors recommend
water and output of electric energy by subsidiary companies. Sales of the following procedure:
The creation of a new gen. & ref. mtge- unlimited in amount, which will
water for the quarter ended Sept. 30 1926 and net power output for the first
provide for the refunding at maturity of the present $6,000,000 of 1st mtge.
10 months of 1926 made new highs.
Sales of water for the quarter ending Sept. 30 1926 were 11.499.451.000 bonds. This mortgage will provide for the issuance of separate series of
gallons. comparing with 10.653.465.000 gallons for the corresponding quar- bonds and will authorize the directors to make bonds of future series convertible into stock or to provide for stock purchase warrants. This new
ter of 1925. a gain of approximately 8%.
Net power output of the electric subsidiaries for October was 139.919,871 mortgage will constitute a permanent vehicle for the future financing of
kw.h., against 120,129.147 k.w.h. for Oct. 1925, again of over 16%. For the company. The initial issue will not be in excess of $2,500,000. and it
the first 10 months of 1926 net power output aggregated 1.220.255.528 kw.h. is expected that stock purchase. warrants will accompany this issue of bonds,
against 1.073.452,146 kw.h, for the 10 months ended Oct. 31 1925, a gain which warrants will confer upon the holder the privilege of purchasing at
par 100 shares of stock of the company for each 81.000 of bonds.
of over 13 Ji %.-V. 123. p. 2516.
The proposed new mortgage will contain the usual provisions limiting
Arizona Edison Co.-Earnings.
the issue of future series (except to refund the present fixed indebtedness).
Period Ended Sept. 30 1926Month. 9 Months including a provision that earnings as defined in the mortgage must be at
Gross revenue (all sources)
$80,592 2669,050 least twice all interest charges on bonds outstanding and to be issued.
It is proposed to acquire the $525000 4% ref. bonds not owned by the
Operating expenses
48,092 419,118
90.000 company, close that mortgage and deposit the entire issue of $925,000 of
Bond interest
10,000
bonds now outstanding as collateral to the new proposed mortgage.-V.
Balance for depreciation, Federal taxes and dividends-$22.500 $159,932 123, p. 2517.
-V. 122, p. 3336.
Brooklyn-Manhattan Transit Corp.-New Director.William M.Greve has been elected a director to succeed the late Charles A.
Battle Creek (Mich.) Gas Co.-Bonds Offered.-An issue Boody.-V.
123, p. 2648.
of $600,000 first mortgage 5% gold bonds, series A,is being • Cape & Vineyard Electric Co.-Pref. Stock Offered.offered at 101 and interest by Harris Trust & Savings Bank, Brown
Brothers & Co., Boston, are offering at 99 and div.,
Chicago.
Dated Nov. 1 1926; due Nov. 1 1946. Interest payable M. & N. in to yield about 6.06%, $550,000 6% cum. pref. (a. & d.)
Chicago and Battle Creek. Denom. $1,000 c*. Redeemable on any inter- stock.
est date at par and interest, plus the following premium:5% if such redemption is effected on or before Nov. 1 1930; 4% thereafter to and including
Nov. 1 1934, 3% thereafter to and including Nov. 1 1938, 2% thereafter
to and including Nov. 11942, 1% thereafter to and including Nov. 11945.
but without a ipremium if such redemption is effected on May 1 1946.
Harris Trust & Savings Bank, Chicago, and Murdoch H. McLean. trustees.
Company agrees to pay interest without deduction for any normal Federal
income tax not exceeding 2%. Exempt from personal property taxes in
Michigan.
Issuance.-Authorized by Michigan P. U. Commission.
Company.-Does the entire gas business of th0 city of Battle Creek,
Mich., serving a population estimated to exceed 40,000. It also supplies
gas to about 2,000 people living outside the limits of the city. Company's
gas plants and distribution system are modern and well maintained. Its
annual output of gas exceeds 650,000,000 Cu. ft.
Capitalization (upon Completion of Present Financing),
134,430 shs.
Common stock.(no par value)
$99.900
Preferred stock,6% cumulative
x600 000
First mortgage 5% bonds, due 9146
x $200,000 additional bonds may be issued at any timeupon order of the
company.
1924.
1926.
1925.
Earnings Years Ended Sept. 30$648.947
$677.518
$633.441
Gross earnings
350,713
276,756
304,818
Oper. expenses, maint. and taxes
Dividends payable Q.-J. Red., all or part on any div. date on 30 days'
notice at 103 and div. Transfer agent, State Street Trust Co.. Boston.
Exempt from Massachusetts and normal Federal income tax.
Capitalization.
$550,000
6% cumulative preferred stock (par VOW
750,000
Common stock (par $100)
Company.-Organized in 1920 in Massachusetts to consolidate the
Vineyard Lighting Co. and the Buzzards Bay Electric Co. The former
of these two companies had been in operation since 1889 and the latter
since 1909. Company supplies sithout competition electric light and
power to 12 towns and 68 communities on Cape Cod ana Martha's Vineyard.
The territory servea extends from the Cape Cod Canal to Chatham and
comprises the most populous section of the Cape, including Hyannis,
Falmouth, Chatham, Jarnstaole, Yarmouth, &c. The population served
is about 30.000 during the winter months and is estimated at as high as
100,000 during the summer months. The number of customers served
923 to 10,874 in 1926 and each
by the company has grown from 5,889
year has shown an increasing demand for electricity. Power for the
Cape Cod territory is generated at the plant of the New Bedford Gas
& Edison Light Co. and is purchased under a satisfactory contract through
the Southeastern Massachusetts Power & Electric Co. Electricity for
the Martha's Vineyard territory is generated by the company at its own
plant.
The property consists of 72 miles of transmission lines, 301 miles of
lines, 13 sub-stations and a generating plant of 1.275 k.v.a.
distributing
298.234
$400,762
$328,623
Net earnings
capacity located at Vineyard Haven.
Assets.-Net tangible assets as of Sept. 3. 1326 amounted to $1,650,496,
Brazilian Traction Light & Power Co., Ltd.-Shareis equivalent to $300 per share of pref. stock now outstanaing.
holders Advised Not to Exchange Holdings for Stock in Another which
Purpose.-The proceeds of this issue were used to reduce indebtedness
incurred by the company for additions to property.
Company.-President Alexander Mackenzie says:
2774
THE CHRONICLE
[VoL. 123.
Earni
@FedFRASER