Full text of Commercial and Financial Chronicle : November 5, 1927, Vol. 125, No. 3254

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The
ottlintrciat

Ft anda

runkits

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VOL. 125.

SATURDAY, NOVEMBER 5 1927.

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The Financial Situation.
The stock market the present week has been trying
to steady itself,. and after severe declines last Saturday enjoyed substantial rallies. Confidence has by
no means been completely restored, yet the tone is
much better than it was. Drives have continued
against stocks which by manipulation had been
carried to undue heights and these have been very
successful as a rule, prices tumbling badly in such
cases, declines of large proportions being often effected
within an hour or two and often within a few minutes
Cliqued stocks have fared badly, especially those
ordinarily inactive, prices not infrequently dropping
several points between sales. The cliques either
were unable to extend further support or thought it
best to let the stocks take care of themselves for the
time being. At the same time it has not been found
impossible to conduct active operations for a rise in
other specialties not previously prominent, some
of these being rushed up with great rapidity.
The general market however has not been much
influenced by any of these operations. Its course
has been governed entirely by the movements of
certain high class and high priced stocks which have
been market leaders for so long—that is share properties like U. S. Steel, Gen. Motors, Gen. Elec. and
a few railroad stocks, including N. Y. Central and
Southern Ry. U. S. Steel closed yesterday at 1348A
after having closed at 130% on Friday of last week.
On Sept. 16 this stock had sold at 160
Gen.
Motors closed yesterday at 1293
4 for the new stock
against 125% Friday of last week and 141 Oct. 4.
Gen. Elec. closed yesterday at 126H against 122k
/i Sept. 7. The close of N. Y.
last Friday and 1465
/
8 against 1573
Central was 1625
4 last Friday and the
high for the year of 1713/2 on Oct. 4. The close of




Bank and Quotation Section
Bankers' Convention Section
NO. 3254.

Southern Ry. corn. was 1357
4 as against 119 last
Friday and 137 Oct. 4. As a rule the railroad shares
have held up better than the industrial stocks, though
considerable success has attended drives against
stocks singled out for that purpose, like Erie common,
Western Maryland etc., in which speculation had
been active in the past. Accounts regarding the
steel trade have not been encouraging, still the hope
is being entertained that a turn for the better may
be near.
Encouragement has been derived from the fact that
a Congressional committee is now at work on a tax
reduction measure and that there is definite promise
of partial relief at least from the high taxes which
have been weighing down business so heavily. Nothing would tend to revive trade so readily and have a
more invigorating effect than knowledge that the
high Federal income taxes were to be very substantially reduced. It was very gratifying to find the
railroads at last protesting (as they did at the committee hearings this week) against the high corporate
taxes from which these properties are suffering in
common with corporations of every other class and
description. Secretary Mellon's statement before the
committee was well received but the hope is everywhere expressed that it may be found possible to grant
greater tax relief than the Secretary indicated.
Yesterday the stock market encountered somewhat
of a drawback in the fact that this week's Federal
Reserve statement showed a renewed increase in
brokers' loans, but only a temporary recession in
values occurred.- It is evident that for several weeks
now the Stock arket has been largely left to itself,
that is, has been, as a rule, without the supporting
orders that had previously been so readily and so
freely extended, whenever the list showed a severe
downward plunge.
The moot question is whether this betokens simply
a temporary change, adopted as a matter of policy
to correct speculative excesses, or whether it means
that the big financial interests who have so long been
the real power behind the forward movement in
prices have completely unloaded their holdings on
the public and mean to stand aloof from market
movements until the outlook for trade again becomes
encouraging or stocks drop so low that they may
safely be purchased for a long pull.
Strange as it may seem, last week's contraction
in brokers loans, which it was supposed would be
the forerunner of a long series of reductions, has
been followed the present week by renewed expansion. Last week the grand total of these loans
to brokers and dealers (secured by stocks and bonds)
by the 52 member banks in New York City of the

2428

THE CHRONICLE

[VoL. 125.

Federal Reserve system fell from $3,434,107,000 to tially the same amount of Reserve credit employed
$3,343,777,000. This week the total has risen again, as before, even though not needed, and are achieving
the amount for Nov. 2 standing at $3,371,705,000. this end by extending their so-called open-market
Yet liquidation on the Stock Exchange has con- operations, that is by adding to their holdings of
tinued, though at a diminished rate. Really the acceptances and U. S. Government securities. As
course of these brokers loans is inexplicable. We compared with a week ago the volume of their discan only repeat that the present total exceeds by counts for the Member banks diminished from $402,nearly three quarters of a billion dollars the figure 398,000 to $379,221,000, but their acceptance holdfor the corresponding date a year ago, the amount ings increased from $301,111,000 to $334,576,000
now at $3,371,705,000 for Nov. 2, 1927, comparing and their holdings of U. S. Government securities
with $2,640,379,000 on Nov. 3, 1926. As heretofore, from $510,630,000 to $526,376,000. Accordingly total
too, these loam; are very much larger under each bill and security holdings are now $1,240,773,000 as
one of the leading categories or subdivisions. The against $1,214,759,000 on. Oct. 26, that is a week
amount of the loans made by the 52 banks for their ago. It seems well enough to note here that as
own account is now $1„082,938,000 against $839,- compared with the corresponding period of last
582,000 in 1926; the amount for account of out-town year discounts have fallen from $675,898,000 to
banks $1,279,378,000 against $1,047,443,000 and the $379,221,000, but holdings of U. S. Government seamount for account of others $1,009,389,000 against curities have risen from $302,346,006 to $526,376,000.
The total of Federal Reserve notes in circulation in$753,354,000.
The New York Stock Exchange figures, which are creased during the week from $1,702,999,000 to
compiled only monthly and which therefore are for $1,717,116,000 and the deposits of the 12 Reserve
the end of October, have also been issued the present bank (representing mainly, the reserves of the
Week. In this case further increase to a new high Member banks) increased from $2,403,951,000 to
record was a foregone conclusion in view of what $2,401,294,000. Gold reserves are somewhat loweir
the Federal Reserve statements have been showing this week, being $2,931,797,000 Nov. 2 against
during the successive weeks of the month. If the $2,957,052,000 on Oct. 26. The Federal Reserve
experience in the case of the Federal Reserve reports Bank of New York standing by itself shows discan be accepted as a guide there was some con- counts reduced during the week from $110,424,000
traction the latter part of the month after further to $75,885,000, but acceptance holdings increased
expansion the early part, but not enough contraction from $99,152,000 to $101,649,000 and U. S. Governto offset this expansion. At all events, the net re- ment securities up from $101,548,000 to $106,404,000.
sult has been a further increase to a new high record. This left the total of bills and securities at $283,As to these Stock Exchange figures, it is again to 938,000 against $311,124,000 on Wednesday of last
be said that the grand total is always several hun- week.
dred million dollars larger than the totals of the
The New York Clearing House Banks and Trust
Federal Reserve Board, presumably because the
Stock Exchange compilation is all inclusive, embrac- companies in their return last Saturday showed that
ing borrowing from every source, Including (1) the impairment of reserves existing the previous Satnet borrowings on collateral from New York banks urday had been removed and by one of those striking
or trust companies, and (2) net borrowings on col- changes which are becoming so common in these
lateral from private bankers, brokers, foreign bank statements of the Clearing House institutions. The
agencies and others in the city of New York, while impairment, too, was corrected notwithstanding
the Federal Reserve figures relate entirely to the 52 that U. S. Government deposits, against which no
reporting member banks in New York City of the reserves are required, were further reduced during
Federal Reserve, even though these show loans made the week from $76,582,000 to $59,176,000. Net denot only for their own account, but also for account mand deposits increased during week $16,859,000
of out-of-town banks and for account of others. and time deposits $8,711,000. Loans increased only
The further increase in these Stock Exchange fig- $7,741,000 and these Clearing House institutions
ures during October it appears was $31,509,804, were able to augment their reserves with the Fedwhich would not be very striking in itself, but de- eral Reserve Bank of New York in the huge sum of
rives significance by reason of the fact that it fol- $75,780,000. It was through this notable replenishlows $240,736,237 increase in October and larger or ment of reserves that the institutions were able to
smaller increases in each and every preceding convert their deficit of $43,583,650 shown on Oct.
month back to last January. At the end of Sep- 22 into a surplus above legal requirements on Oct.
tember the total was approaching the $4,000,000,000 29 in amount of $29,561,460.
mark at $3,914,627,570. At the end of October it
is still closer to that mark at $3,946,137,374. On
Commercial failures in the United States conJan. 31 last the amount was only $3,138,786,338 and tinue quite as numerous as in the earlier months of
on Oct. 31 of last year it was $3,111,176,925, the in- the year. The number for October, according to R.
crease for the twelve months hence being no less G. Dun & Co., was 1,787 with liabilities of $36,235,than $803,450,645. Such results speak for them- 872. These figures compare with 1,573 similar de.elves as indicating the extent of the expansion, and faults in September for $32,786,125 of indebtedness
and 1,763 in October of last year involving $33,230,further comment would be superfluous.
Coming now to the returns of the Federal Reserve 720. The increase in number last month over a
Banks themselves it again appears that the mem- year ago is only 1.4 per cent, whereas for September banks are able to extend accomodation to the ber there was an increase of 9.5 per cent over SepStock Exchange in this constantly increasing de- tember, 1926. Each month this year mercantile degree without new resort to the facilities of the Fed- faults have been more numerous than in the pm
eral Reserve banks. Italso again appears that these ceding year or for the corresponding months of
latter institutions are determined to keep substan- 1925. The additions have been quite marked in




Nov. 51927.]

THE CHRONICLE

2429

numbered 16 last month, the same as in Ocevery month. The number first became noticeably urea
of last year, with the total of liabilities at
tober
large in October of last year. Compared with Ocfor the 16 defaults this year was only
$4,100,704
13.0
of
tober, 1925, there was an increase this year
than it was a year ago. Ths total
higher
slightly
the
in
per cent, while for September the increase
last month, including all
insolvencies
large
all
of
but
was
1925,
number of defaults over September,
classifications was 54 against 43 in October,
7.4 per cent. For the ten months of the current year three
indebtedness this year of $17,224,there have been 19,120 insolvencies in commercial 1926, with total
$12,577,500 a year ago. It is this increase
lines, with an indebtness of $432,895,422, as against 189, and
of large failures last month which
liabilities
17,874 during the same period of 1926, owing $330,- in the
heavier indebtedness recorded for
the
for
928,707 and 17,664 in 1925 involving $371,193,691. accounts
period.
that
The addition in number this year over last year's is
7.5 per cent, but in the liabilities there is an exA further French note on the tariff question bepansion of more than 30 per cent.
France and the United States was handed
tween
last
The increase both in number and in liabilities
Charge d'Affaires
month over a year ago was largely in the manufac- Sheldon Whitehouse, American
described in French offituring division. Trading failures were fewer in in Paris on Nov. 2. It was
communication on
number in October this year than they were in Oc- cial circles as the final written
before
Government
French
tober, 1926, and the indebtness was slightly smaller, the subject from the
As
treaty.
commercial
a
for
while as to agents and brokers there was an in- opening negotiations
26
Oct.
made
statement
the
upon
follows
crease in the number of such defaults last month, the note
praca
that
Bokanowski
Commerce
of
Minister
but the liabilities are less than they were a year ago. by
it would seem to
There were 488 insolvencies in October this year tical agreement. had been reached,
a formal
Washington
from
secure
to
intended
of
be
$17,134,042
in the manufacturing division, for
of
provisions
the
of
out
'carrying
the
for
statement
$14,involving
indebtedness; 1,170 trading defaults
Paris dispatch to
657,147 and 129 of Agents and brokers owing a total that agreement. Accordingly, a
United States Govof $4,444,683. These figures compare with 450 the New York "Times" said, the
manufacturing failures in October of last year for ernment is requested to state that it is in perfect
$11,649,671; 1,205 insolvencies in trading lines in- accord on these questions:
volving $15,874,320 and 108 failures of agents and
1. That the American Government agrees to remove the
brokers owing $5,706,729. In the manufacturing countervailing duties applied by the Treasury Department
division the increase as to number is largely in the soon after the tariff on American products was raised by
classification of lumber lines. There is also quite France.
attempt will be made by Treasury
an increase in the number of defaults in iron, 2. That no further
agents to investigate "on the ground" the cost of French
foundries, etc., in hats and gloves, and in the print- production and that henceforth the United States Governing division. On the other hand, machinery lines ment will accept all Information of this character from
show a reduction in the number of failures this recognized French official sources.
year; likewise earthenware and glass, tobacco manu- 3. That the American Government agrees, so far as is
possible, to remove sanitary agricultural and pharmaceutifacturing, and bakers.
The big increase as to liabilities last month was cal restrictions which hamper the entry of French goods
in the iron manufacturing division, where some to America.
4. That America agrees to open at once—and the French
large failures occurred. The indebtness shown in
are most insistent on this point—an inquiry by the Tariff
the lumber classification this year is also higher Commission to ascertain whether the duties on certain
than it was a year ago, and this is likewise true of French goods—notably silks, textiles and perfumes—can be
the division embracing clothing and cotton goods. reduced.
5. That the Tariff Commission will finally report the
Among trading failures, there is a notable decrease
as to the number of defaults last month in the classes result of its investigations before the conclusion of the
covering grocers and allied lines; also general stores. Franco-American treaty negotiations.
The communication was provoked, it was said, by
On the other hand the number of defaults among
hotels and restaurants, and dealers in jewelry is the refusal of the American Government to sign a
much larger. Little change appears in the remain- protocol wherein France would have set forth the
ing trading classes. Liabilities were much less last concessions she was willing to make and the Amerimonth than a year ago for grocers, for the dry goods can Government those it agreed to carry out. To a
division and for furniture and crockery, and, al- request for such a preliminary understanding Washthough the total of indebtedness reported for the ington replied that no such document was necessary,
trading class was somewhat lower last month than since the American Government had already stated
in October, 1926, there was quite a marked increase plainly what it proposed to do. Moreover, France
for hotels and restaurants.
was said still to insist that a permanent commercial
It is in the classification covering the larger. de- treaty between the two countries shall be negotiated
faults that an explanation is to be found for the in- on the basis of reciprocity. Great emphasis is placed
crease in the liabilities shown in October, this year. on the final paragraph of the French note, which
There were some large manfacturing insolvencies states clearly that France cannot sign any commerlast month, 29 being reported where the indebted- cial accord with the United States until the final
ness in each instances was $100,000 or more, the results of the United States Tariff Commission intotal of liabilities for these 29 bankruptcies being quiry are made known. The purpose of this inquiry
$10,664,696. In October, 1926, the number of large is to aseertain whether the duties on French silks,
manufacturing failures was only 17 with a total in- perfumes, and other products can be reduced under
debtedness of $4,758,308. There were this year 459 the elastic clauses of the Fordney-McCumber Act.
other manufacturing failures with total liabilities Only on such findings, it is said, can France deterof $6,469, 346, as against 433 similar defaults a year mine the treatment to be accorded to American prodago involving $6,891,363. The larger trading fail- ucts. These French reservations, however, apply




2430

THE CHRONICLE

only to the ultimate treaty of commerce desired by
both Governments. All that stands in the way of a
temporary accord, Paris dispatches said, is acceptance by Washington of the five points outlined in the
French note. That the French requests probably
will be met was indicated in a Washington special
of Nov. 3 to the New York "Times."

[VoL. 125.

observers in the hope of detecting the trend that
Britain is likely to follow in the next general elections. No change in the Borough Councils of London and the metropolitan area will take place until
next year, but otherwise the voting was quite general. In all, 330 Conservative, 130 Liberal, 184
Socialist and 104 Independent seats were contested.
The results again showed a gain for the Socialists,
The conclusion by France and Jugoslavia of a who declared themselves well pleased with what
treaty of friendship and mutual defense was an- they called the consolidation of their position.
nounced at the Quai d'Orsay last Sunday, marking In only one more city, Birkenhead, have the Socialthe further development of one of the most interest- ists obtained a majority of the Council, thus bringing phases of European affairs. The present treaty, ing the list of towns ruled by Socialist Councils up
to which signatures are to be affixed on Nov. 15, was to seven. In a number of cases, however, the Sopreceded by four similar ones concluded by France cialists are the biggest single party in the Councils,
with Belgium, Poland, Czechoslovakia and Ru- and remain in a minority only because of coalitions
mania. The series of agreements thus links to French between the Conservatives and the Liberals. The
interests a group of 80,000,000 people, and gives Socialists advocate extension of the powers of local
France a zone of influence stretching from the Baltic authorities and the fullest utilization of the powers
to the Adriatic.. The French Government, it is they already possess to take over such services as
stated, has been building up this system of mutual health, housing, education, roads, street cars and
defense treaties for the last seven years, and the other public utilities. In boroughs which they contreaty with Jugoslavia may be said to complete the trol they have instituted municipal printing works,
system. It is considered to form a basis of security brick works, banks and insurance schemes. It was
for France from both Germany and Russia. Further- remarked that the Socialist gains, though substanmore, Italy is said now to be definitely shut off from tial, do not show sufficient strength to win a mathe expansion in the Balkans that is believed to be jority for the Labor Party in the next House of
so ardently desired by Premier Mussolini, even tak- Commons. Nor is there any reason for expecting an
ing into consideration the Italian hold on Albania. early general election, as Prime Minister Baldwin
England was said at one time to have been antagon- holds his Conservative majority practically intact.
istic to the formation of the "French bloc" in Europe, but lately, according to a London dispatch of
Something of a stir was caused in European capiOct. 30 to the New York "Times," Sir Austin Cham- tals late last week by the unexpected visit of a
berlain has tended to accept the French group as a squadron of Italian warships to the internationalfait accompli. Paris does not desire, the "Times" dis- ized Moroccan city of Tangier. Concerning the
patch added,that these treaties be called alliances, al- status of Tangier, negotiations have been in progthough the treaties with Belgium and Poland would ress between France and Spain for more than
two
fall within that category. It is contended that the years and it was generally considered
that Italy
treaties comply with the provisions of the League of would confine her interests to Tripoli, recognizing
Nations and they are all registered at Geneva. the superior interests of France in Morocco.
AgreeFrance describes the arrangements as Regional Se- ments between Paris and Rome dating back
to 1900
urity Compacts. Nevertheless, it is pointed out by the and 1902 appeared to make this a
foregone concluthe "Times" Londen correspondent, that they not sion and the French Government,
therefore, is said
only give France military strength in meturn for to have been considerably irritated over
the Italian
risks on the part of Paris, but they also give France display of naval force in Tangier. The
visit of the
political strength on the Continent, "for it stands to squadron, headed by the Prince of Udine, coincided
reason that France will expect her satellites gen- with the anniversary of the advent of Fascism° in
erally to favor the French point of view in major Italy. The actual occasion of the visit was the
world issues!'
opening of an Italian school in the former Sultan's
palace, but more than a slight political tinge was
Dr. Friedrich Wilhelm von Prittwitz-Gaffron added by the appearance of the Italian Consul and
was appointed in Berlin early this week as the new most of the Italian population in black shirts. In adGerman Ambassador to Washington to succeed the dition, a Paris cablegram of Oct. 29 to the
New York
lamented Baron Ago von Maltzan. The appoint- "Times" said, obviously inspired dispatches from
ment was approved by the Reichstag Executive Tangier described the visit as an assertion Italian
of
Committee Nov. 2, despite some objections raised rights. And atop that the Roman
press drew atby the Nationalists. On the following day President tention to a political situation regarded
as one of
von Hindenburg ratified Dr. Stresemann's choice the keys to the Mediterranean. In consequence
, the
after word had been received from Washington that French press compared the visit of the Prince of
Dr. von Prittwitz was acceptable to the American Udine to the flamboyant one to the same place
Government. The new envoy was counselor to the made by the German Kaiser in 1904--the "Panther
German Embassy in Rome when the appointment Incident" of history.
In London it was made clear in official circles
was made. He returned to Berlin and, it is said,
will shortly proceed to his new post. Dr. von Pritt- Monday that Italy has the sympathy of the British
witz is a veteran in the German diplomatic service, Government in her intention to share in any future
and was previously attached to the Washington reorganization of the international administration
of Tangier. It was pointed out, a dispatch to the
Embassy.
New York "Times" said, "that under its internaBorough elections in England and Scotland on tional status Tangier is apart from Morocco, and the
Nov. 1 were followed, with great interest by political fact that Italy is one of the principal Mediterranean




Nov. 51927.]

THE CHRONICLE

powers makes it essential that she share in any international agreement in which there is hope of permanence." The administration of Tangier was described as "a complicated governmental system of
mixed tribunals in which Italy has refused to take
part because not consulted about their creation.
It has long been recognized here that the system
cried for reform and more than a year ago Britain
endeavored to get Spain and France to agree on reforms which would be ratifiable by herself and Italy
later." The view was taken in London that the
visit was merely a theatrical gesture typical of Mussolino to advertise a claim Britain holds sound.
The determination of Italy to be a party to any
possible reopening of the international status of
Tangier was illustrated in Rome Tuesday in a statement made by Tomas° Tittoni, President of the Italian Senate. Signor Tittoni, according to a dispatch
to the New York "Herald-Tribune," set forth Italy's
claims and cited treaty clauses in an agreement
signed by himself with France while he was the Italian Ambassador at Paris in 1916. The provisions of
this treaty, Signor Tittoni said, were never extended
to Tangier and this he declared to be proof positive
that France recognized a special category for Tangier. Because of this treaty, he asserted, Italy refused to recognize the international administration
regime for Tangier which was agreed upon in 1923
by France, Spain and Great Britain, without consulting Italy. In Berlin a somewhat cynical view
of the incident was taken, the newspapers portraying every possible sort of political intrigue as
brewing among England, France, Spain and Italy.
The Italian visit terminated Oct. 31 after a fourday stay.
The participation of Soviet Russia in the work of
the Preparatory Disarmament Commission of the
League of Nations was announced at Geneva Monday. Satisfaction was expressed by League officials
over this development, as the absence of Russia had
been considered one of the biggest obstacles to the
convocation of a conference that would stand a
chance of success in the reduction of land armaments. The Russian decision was regarded as removing the chief objection of the nations bordering
Russia to serious discussions of the disarmament
problem. Several of these nations have made their
acceptance of any treaty conditional upon the adherence of Russia to the compact. Furthermore, coming after Soviet collaboration in the International
Economic Conference, Moscow's latest decision was
regarded as additional proof that Russia seeks to
return to the European concert of nations. A Geneva dispatch on Oct. 31 (Associated Press) points
out further that Soviet participation in the conference may throw new light on the treaties Russia
has made with Germany, Persia and Lithuania and
on compacts of non-aggression on which there have
been some negotiations with other countries. Insisting that reduction of armaments is closely linked
with European peace, some observers held that Russia's acceptance may be the first concrete move to
make Russia a part of the European peace fabric.
The Russian decision was hailed with satisfaction
by the German Foreign Office which is said to expect the Soviet to prove a powerful ally in a demand
for the levelling of European armaments. In Paris
some dubiety was expressed and it was pointed out
that Russian participation in the Disarmament




2431

Conference is more likely to complicate further an
already complicated debate than supply any material help. The Commission will meet again in
Geneva on November 30. The United States is represented on it.
The fifth anniversary of the Fascist Regime in
Italy was celebrated Oct. 30 "with deeds and not
words," according to the instructions of Premier
Mussolini. New schools, railroads, gardens, parks,
public buildings, dwellings and monuments were
dedicated and other important works begun. The
Premier had previously issued a statement directing that the anniversary be devoted to such activities. Reviewing briefly some of the achievements
of Fascism, this statement said, "Blackshirts, the
fifth year also closes with a formidable surplus on
the credit side of the ledger. Some events among
many entitle it to a place in the history of the Fascista regime: The victorious defense of the lira,
the rent laws and the promulgation of the labor
charter. New, great labors await no. But the
Fascista regime does not retreat before difficulties.
It faces and overcomes them. The events of the
sixth year which begins tomorrow will prove it."
Signor Mussolini himself delivered the only speech
of the day of celebration. He spoke in Rome before 50,000 wildly cheering Fascist militiamen. The
din was so continuous that only a very few heard
any of the words of the Premier. Ii Duce was
obliged to finish his speech vainly trying to make
his voice heard above the shouts of his followers.
The city was unusually crowdedl people having
come from far and wide to witness the celebration.
Alarming reports of revolution in Rumania, precipitated by the expressed desire of former Crown
Prince Carol to return and rule the land, were again
prominent early this week. They were, however,
largely dispelled by a Bucharest dispatch of Nov. 1
to the New York "Times" which was relayed via
Budapest and thus escaped the rigid Rumanian censorship. Despite the swift succession of wild rumors,
nothing of a sensational character occurred in the
Rumanian Capital, this dispatch said. "Instead of
Bucharest being on the threshold of revolution, with
martial law maintaining the waning prestige of the
Government, as reported, Rumania and its capital
had only a short-lived political quarrel to relieve its
humdrum existence." It was pointed out further
that not a single event indicated the existence of a
plot to bring Carol to the throne. The Prince's
name, it was asserted, has not even figured in the
verbal skirmishes in and out of Parliament. The
censorship, nevertheless, will be continued and almost every report dealing with Rumanian politics
is withheld, whether intended to dispel false reports
or not. The Rumanian Government, it was added,
is unquestionably passing through difficulties, but
these are described as arising naturally, for the
Liberal Party of Premier Bratianu is faced with an
opposition led by clever men. There was said to be
no active sympathy for Carol, though he was regarded as a distinct rallying point around which the
opposition gathers to embarrass the Premier responsible for his exile. In short, the issue in Rumania is not Carol but Bratianu. The latter admittedly is unpopular with the peasants, because of
lack of farm credits and the lack of transportation
facilities to move their products, but "the Ruman-

2432

THE CHRONICLE

[VoL. 125.

ians are so apathetic that it would take serious faction foreigners are viewing the developments with
conditions to react against the Cabinet in Buchar- considerable scepticism.
est or for the exiled Prince."
An unmistakable note of increasing confidence
An attempt on the life of Admiral Kondouriotis, and friendliness has marked the diplomatic relaPresident of Greece, was made in Athens last Sun- tions between the United States and Mexico since
day by an alleged young Communist. Fortunately, the appointment of Dwight W.Morrow as American
it proved unsuccessful. The Greek President was Ambassador to Mexico City. Mr. Morrow was forentering his motor car after opening the Congress mally received by President Elias Calles last Satof Mayors in the Athens Town Hall when a young urday and presented his credentials amid surroundman approached the car, apparently anxious to hand ings of unusual gravity. "I enter upon my duties,"
a petition to the Executive. When close to the car he said to the Mexican Executive," with a full conhe produced a revolver and shot at the Admiral at sciousness of the honor which my Government has
close range, the bullet shattering the wind shield of conferred upon me in entrusting to my hands the
the car and passing through the President's hat, representation of its interests in this great neighborwounding him in the right temple. After a slight ing State. I welcome the opportunity of co-operatoperation at a nearby hospital, President Kondour- ing with your Excellency in finding a mutually satiotis was able to return to his home. The assailant, isfactory solution of the problems with which our
a former waiter at Larissa, was immediately seized two countries are now faced. It is my earnest hope
by the police and an investigation was said to that, animated with a common desire to promote the
have shown that he was correspondent in Larissa welfare of the United States of Mexico and of the
for the sole Greek Communist journal, the Rizos- United States of America, we shall not fail to adpastis. An Athens dispatch of Nov. 1 to the New just the outstanding questions with that dignity
York "Times" said that the Minister of Foreign Af- and mutual respect which should mark the internafairs, Michalakopoulos, had been instructed to re- tional relationship of two sovereign and independent
quest the United States Government to lend to States." President Calles, in reply, echoed the senGreece a copy of an act which has been enforced timents expressed by Mr. Morrow. "Like your Exin the United States for some years past against cellency," he said, "I am disposed that the GovernCommunist propaganda, in order to determine ment of Mexico shall co-operate with that of the
whether it is applicable to Greece.
United States in finding a mutually satisfactory
solution of the matters pending between the two
Never in recent years has the Chinese political nations, and in the same hope I trust that on such
stage been more crowded with actors than it is at bases of unshaken dignity and respect independent
the present time. New Governments and new re- and sovereign nations, cordial decisions may be
volts are reported with astonishing frequency from adopted which once and for all may dispel misunall parts of the country and a condition of veritable derstandings and establish those solid principles
chaos prevails. Fighting is in progress in at least of constant co-operation, harmony and loyal friendsix different war areas and a Winter of widespread ship which should characterize the relations
besuffering and hardship for the people appears inevi- tween two peoples of such co-relative interests and
table. At the moment attention centres on the con- such intimate proximity."
flict of the former Nationalist allies, Nanking and
A much less formal and more intimate meeting
Hankow, on the Yangtze River, both of which lay between President Calles and Ambassador Morrow
claim to local successes. North of the Yangtze four occurred on the morning of Nov. 2, at the ranch of
campaigns are in progress, the most important be- the Mexican Executive near Mexico City. A raming that east of Chengchow Junction in Honan Pro- bling walk over the Hacienda and a four-hour talk
vince, where the Shantung-Chili army of the North- were commented on by observers as of no little sigern War Lords Alliance is proceeding westward. nificance. The fact, a Mexico City dispatch to the
The siege of 3,000 Shansi troops in the city of Cho- New York Times said, "that these two men are
chow, remnants of the precipitous rush on Peking seeking to solve the problems of Mexican-United
of a month ago, is also attracting attention. The States relations, makes their having hot cakes and
Chochow siege is a striking combination of modern ham and eggs together seem of importance, possibly
and medieval warfare, and the ancient walls of the overshadowing the formalities of regular diplomatic
city have proved unexpectedly strong against mod- occasions." Additional significance was seen by
ern artillery fire. The defenders, dug in in mod- well-informed observers in the coincidental promulern trenches on top of the great walls, have success- gation by President Calles of several degrees which
fully repelled the troops seeking to scale them. Re- were construed as possible gestures
of good-will.
ports from Shanghai and Peking, meantime,indicate The first of these effected a cancellation
of the emthat further developments are on foot among the bargo against the purchase of supplies
for the Govtorn and scattered fragments of the Nationalist ernment from United States firms.
The original
regime. Canton, it is said, will again assume the embargo order was issued as a reprisal for an emlead in attempting to weld a government intended bargo established by American authorities on airto pacify and unify all China. Wang Ching-wei, one plane shipments to Mexico. A further source of
of the outstanding figures amid the wreckage of the friction in Mexican-American relations was smoothNationalist revolution, was reported in Canton last ed over last Saturday with the abandonment by the
Saturday and this was regarded as "peculiarly sig- Calles Government of the practice of stopping mail
nificant." Wang is said to be corresponding with of American insurance coinpanies in that country.
General Chiang -Kai-shek, the youthful military It was understood in Washington that the eliminaleader of the Nationalists who resigned several tion of the difficulty between American Insurance
months ago. But as it is apparent that dissention companies and the Mexican Government has come
extends into the innermost circles of the Nationalist about through no change in the Mexican law, which




Nov..5 1927.]

2433

THE CHRONICLE

requires foreign companies to invest a certain percentage of their funds in Mexico, but rather because
the Calles Government has chosen not to take punitive measures against insurance companies not
obeying the -letter of the law.
The Bank of Norway on Nov. 1 advanced its
discount rate from 44% to 5%, being the first
change since October of last year. Otherwise official
discount rates at leading European centres have
undergone no change during the week. They remain at 7% in Germany and Italy;64% in Austria;
5% in Paris, Belgium, Denmark and Madrid; 43/2%
in London and Holland; 4% in Sweden and 34%
in Switzerland. In London open market discounts
1% for short bills, as against
/
yesterday were 41
of last week and 4 5-16@
on
Friday
3-16@43t%
4
44% for long bills, the same as a week ago. Money
on call in London on Tuesday was 44% but
4% on
yesterday was down to 334%, against 33
Friday of last week. At Paris the open market discount rate has further advanced from DA% to
4% and in Switzerland from 34% to 3 7-16%.
23

francs, respectively. Gold was unchanged during
the week. Total gold at home and abroad is 5,544,829,327 francs, which compares with 5,548,793,507
at the same time last year and 5,547,593,980 francs
in 1925. Divers assets decreased 167,913,000 francs,
trade advances 1,332,000 francs, and general deposits 527,381,000 francs. Silver holdings rose 897
francs, bills discounted 684,358,000 francs, and
Treasury deposits 2,513,000 francs. The statement
below furnishes a comparison of the various items
for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Nov. 2 1927. Nov. 3 1926. Nor. 5 1925.
for Week.
Francs.
Francs..
Francs.
Gold Holdings—Francs.
3,680.508,414 3.684,472,599 3.683.273,072
Unchanged
In France
1,864.320.907
1,884,320,907
462.771.4781
Abroad available _ Unchanged
1,401,549,4251
Abroad, non-ava11_ Unchanged
Unchanged
Total
897
Inc.
Silver
Ine.
684,358.000
discounted
Bills
Trade advances_ Dec. 1,332,000
Note circulation.. _Inc.1,155,668.000
Treasury deposits_Inc. 2,513,000
General deposits_ _Dec. 527,381,000
Advances to State_Inc. 900.000,000
Dec. 167,913.000
Divers assets

5,544.829.327
342.937.734
2,316,797.503
1.662.307.448
55.833,303.580
35,870,635
10.225,359,979
25,760.000.000
23,911,600,518

5,548,793.507
339.054.875
5.988.579.185
2.127,099,899
55,650.775,040
15.763.262
3,400.015.189
36,550,000,000
4,189,005,588

5,547.593,980
311,090.731
4.467,749.596
2.577,760.287
48.011.479.885
15.712,482
2.368.417,289
31.900.000,000
3,238,443,245

The statement of the Bank of Germany for the
week of October showed the customary end
last
the
by
reported
was
gold
in
A loss of £559,728
month increase in note circulation, this time
the
of
Thurson
issued
statement
its
in
Bank of Ergland
marks, bringing the total of that
of
598,812,000
in
notes
As
2.
Nov.
ending
week
the
for
day,
circulation increased £803,000, the loss in the re- item up to 4,209,568,000 marks, against 3,325,834serve of gold and notes in the banking department 000 marks in 1926. Other daily maturing obligations
amounted to £1,363,000. The total of this latter fell off 223,830,000 marks, and other liabilities
item now stands at £34,425,000, against £33,019,717 38,940,000 marks. Gold and bullion holdings
and £27,354,026 in 1926 and 1925, respectively. showed a loss of 205,000 marks. Deposits abroad
The proportion of the bank's reserve to liabilities remained unchanged, as did also investments, while
dropped to 28.45% from 32.01% last week, and reserve in foreign currencies increased 597,000 marks.
29.16% for the week of Oct. 19. Both the deposit Other assets diminished 17,155,000 marks, notes on
items increased, public deposits £380,000 and other other German banks 13,198,000 marks and silver
deposits £9,808,000. The bank's loans on Govern- and other coin 15,994,000 marks. Total gold
ment securities increased £3,921,000 and other holdings amount to 1,851,309,000 marks, comsecurities £7,675,000. The total of notes in circula- paring with 1,716,055,000 marks at this time last
tion is now £136,575,000, as against £139,537,365 year. Below we give a detailed comparative statelast year. In 1925 it was £141,442,830. Gold ment of these items for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
holdings now total £151,251,087, which compares
Changes for
with £152,807,082 in 1926 and £149,046,856 in 1925.
Week.
Od. 29 1927. Od. 30 1926. Oa. 311925.
Regehsmarla.
Retehrmarks. Reichsmark:. Reich:marks.
Assets—
The Bank's official discount rate remains at 44%. Gold and bullion
Dec.
205,000 1.851,309,000 1,716,055,000 1.206.866.000
66,543,000 179.993.000 128,484,000
Below we furnish comparisons of the various items Of which depots. abr'd. Unchanged
162,313,000 412,593.000 348,321,000
_
597,000
curr
_Inc.
Res've in for'n
of the Bank of England return for five years:
Bills of exch.& checksinc. 367,596.000 2,802,380,000 1,415.016,000 1,630.076,000
DANE OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
1925.
1927.
Nov. 4
Nos. 5
Noe. 7
Nov. 2
Nov.8
Circulation b
136,575,000 139.537,385 141.442.830
21.346,000 19,158.212 14,212,839
Public deposits
100,654,000 103,068.630 105,800.826
Other deposits
_
securities__
44,611.000 35,435,435 35,209.941
Govt.
Other securities_ _ 60.673,000 71,468,127 75,148,114
Reserve notes & coin 34,425,000 33,019,717 27,354,020
Coin and bullion•....151,251,087 152,807,082 149,046,856
Proportion of reserve
22%%
27.01%
28.45%
to liabilities
4%
5%
Bank rate
434%

123,847,105 124,861.955
16,406,074 18,349.997
109.352,057 101,050.772
40,458,443 42.888.506
78,592,064 71.649,873
24.397,459 25.562.809
128,494,564 127,674,784
19.4%
4%

18.78%
4%

a Includes, beginning with April 29 1925. £27,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
of Kagland 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 Bank of France in its report as of Nov. 2
showed an increase of 1,155,668,000 francs in note
circulation, raising the total to 55,833,303,580 francs,
as compared with 55,650,775,040 francs last year
and 48,011,479,885 francs in 1925. The State, by
borrowing 900,000,000 francs from the bank this
week, brought the total of advances to the State up
to 25,750,000,000 francs. On the corresponding
dates in 1926 and 1925 the amount owed the bank
stood at 36,550,000,000 francs and 31,900,000,000




Silver and other coin. _Dec. 15,994.000
Notes on oth.Ger.bks_Dee. 13.198,000
Inc. 14,401,000
Advances
Unchanged
Investments
Dec. 17,155,000
Other assets

51,816.000
8,042.000
45,978.000
92.075,000
570,773,000

114,724.000
6,148.000
42,806,000
91,328,000
631,339,000

64.579.000
8.356.000
22.106.000
219.508.000
682,074,000

Notes in circulation Ine. 598,812,000 4,209,568,000 3,325,834,000 2,802,884,000
0th. daily mat. oblig.Dec. 223,840,000 608.073.000 532.606.000 617,722.000
Other liabilities
Dec. 38.940,000 379,095,000 211,694,000 452,793,000

The New York money market showed no deviation
the past week from its continued ease. Demand
funds were not quite so abundant Monday as they
were during all of the previous week. This, however, was recognized as due to month-end settlements. The rate for demand loans accordingly
opened at 4% Monday and was maintained at this
figure all day, calling of loans by the banks amounting to approximately $20,000,000. On Tuesday the
rate again dropped to 3/
2%, while in the unofficial
1
or "street" market business was transacted at 314%.
No further change occurred on the Stock Exchange,
but in the outside market the plethora of funds was
reflected Thursday in a lowering of the rate to 3%,
thus touching again the low figure of the year. The
supply of funds in the middle of the week was notably
large and considerably in excess of the demand. But

2434

THE CHRONICLE

banks called $25,000,000 more yesterday, probably
for adjustment of their reserve position, and this appeared to absorb the overflow as no outside offerings
were reported. Time loans remained quiet and unchanged. Brokers' loans against stock and bond
collateral showed renewed expansion in the weekly
compilation of the Federal Reserve Board for the
New York reporting member banks made public
Thursday evening. The increase for the week
arii.u:iited to $27,928,000. The monthly compilation
of the New York Stock Exchange was also published Thursday and likewise showed a considerable
increase.
In the Stock Exchange tabulation the rise for
October was $31,509,804, carrying the total to a
new high record. Both sets of figures would seem
to indicate that the upward movement has not yet
reached its culmination.

[voL. 125.

Sterling exchange has been under pressure this
week. The market opened off in Saturday's trading
at 4.87 1-16 for cable transfers, and, although trading
was slack with practically no demand, a few monthend commercial transactions forced the rate down at
noon to 4.87 1-32 for cables. The dull market responded to every slight offering of commercial bills
until the late trading on Thursday. On Wednesday
cable transfers were quoted as low as 4.868
%, which
represented a decline of Mc. from the high reached
on Oct. 19. In the late afternoon on Thursday
there was a sharp rally, owing to a more decided increase in demand which revealed that there was really

a shortage of sterling. Cable transfers moved up to
4.86 27-32 on Wednesday and to 4.87 1-16 Thursday.
New York foreign exchange traders state that the re-

action since the middle of October has been due to a
lull in demand rather than to an increased supply.
The supply has been light for the past three months.
Dealing in detail with the rates from day to day, In Thursday's market there were many large bids, a
all call loans on the New York Stock Exchange on good part apparently coming from London. During
Monday were at 47
0,including renewals. On Tues- the past two weeks there has been less money going
day the renewal rate was still 470, but later in the over to London to take advantage of the higher
day the general rate fell to 3/
1
27
0 and this latter money rates there, but with the renewal of easier
continued to be the rate the rest of the week both money rates on this side, and with a further firming
for renewals and on all other loans. Rates for time up of some of the European money markets, it is
loans are about 1/
8 of 1% lower for the shorter ma- expected that sterling exchange will be in somewhat
turities, being quoted yesterday at 33
/
4(g470 for 30 greater demand for the next few days. It is unquesdays, 4@41/
870 for 60 days, 41/
470 for 90 days and tioned that the demand for sterling for financial
41/
4@4%70 for all other periods from four to six rather than commercial transactions was the noticemonths. Commercial paper rates for four to six able feature throughout September and the first
months' names of choice character remain at 47
0, half of October. This week and last the quantity
though for the shorter choice names the quotation is of commercial offerings had not changed perceptibly,
3%@470. For names less well known the quota- so that bankers are at a loss to explain the ease
in
tion is 414%. For New England mill paper the sterling during the past ten days except by a let-up
range is 4@41/
0.
47
in financial transfers. New York foreign exchange
In the market for banks' and bankers' acceptances traders doubt that sterling can better
its October recthe American Acceptance Council marked up the ord, as sterling commodity bills
should be more
rate for call loans against acceptances on Tuesday plentiful during the next two
months.
from 314% to 31/
270, but reduced it again to 314%
However, as long as money rates continue low on
on Wednesday and has kept it unchanged since then. this side, and
there is a demand for short-term money
The Council has not made any change in the rates in London and
on the Continent at good rates, and
for acceptances, the posted rates yesterday on prime foreign borrowings continue
in nearly the proportions
bankers' acceptances eligible for purchase by the of September
and October, it is conceivable that these
Federal Reserve banks being 31/
87
0 bid and 370 financial transactions may cause a sufficient demand,
asked for bills running 30 days; 31470 bid and 31/
87
0 offsetting commercial offerings, to keep sterling above
asked for bills running 60 days; 33%% bid and 31// parity. In London it was stated
a few weeks ago
asked for 90 days; 3/
1
2% bid and 3%70 asked for that sterling had every prospect of going to
4.873/2
120 days, and 3%% bid and 3/
1
270 asked for 150 for cable transfers before the unseasonably high
and 180 days. Open market rates also remain un- movement was over. It seems hardly
possible from
changed as follows:
the New York point of view that such a figure can
SPOT DELIVERY.
be realized. While New York bankers feel that
—180 Days— —150 Days— —120 Days—
Bid.
Asked. Bid.
Asked. Bid.
Asked
money rates will be easy on this side during NovemPrime eligible lAlle
314
314
314
314
314
334
—90 Days— —60 Days— —30 Days
- ber, nevertheless in view of the
seasonal demand for
81d.
Asked. Bid.
Asked. Bid.
Asked
Prime eligible bills
311
314
311
314
311
3
currency
toward
end
the
of
the
month
and the heavy
FOR DELIVERY WITHIN THIRTY DAYS.
requirements in December, with the approaching
eligible ember banks
334
non-member banks
334
year-end settlements, the prospects are that money
There have been no changes this week in Federa rates on this side will stiffen sufficiently to reduce
Reserve Bank rates. The following is the schedulb onsiderably the amount of sterling
and other exof rates now in effect for the various classes of papez c ange being transferred for
accommodafinancial
different
Reserve banks:
at the
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES tion. The New York Federal Reserve Bank says
4ND MATURITIES OF ELIGIBLE PAPER.
that the general rise in the exchanges which began in
Rate in Effect
Date
Previous
the early summer and continued into October, and
Federal Rumens Bank.
on Nov.4.
Established.
Rate.
which saw most of the principal European exchanges
Barton
Aug. 5 1927
4
354
Aug. 5 1927
New York
4
314
legally stabilized, move to or above parity with
now
Philadelphia
Sept. 8 1927
IIM
4
Aug. 6 1927
Cleveland
4
315
the dollar, was due in part to the tendency of funds
314
Richmond
Aug. 16 1927
4
Aug. 13 1927
Atlanta
4
316
to move abroad from the New York money market,
Sept. 7 1927
4
Chicago
315
Aug. 4 1927
St. Louis
4
33-i
accompanying large sales of new foreign issues in
Sept.13 1927
Minneapolis
4
3.16
July 29 1927
Kansas City
4
314
this market at a time when money rates here have
Aug. 12 1927
Dallas _
4
314
San Francisco
Sept.10 1927
4
314
tended to be lower than those abroad. The differen-




Nov. 5 19271

THE CHRONTCLE

2435

tial is illustrated in the changes in central bank rates. exceptionally high figure of 23,911,600,000 francs.
As previously noted in these columns, the German The general business situation in France continues
Reichsbank rediscount rate was increased on Oct. 4 on the whole very satisfactory, as shown by the fact
from 6 to 7%, the Netherlands BLnk rate was in- I that there are only one-third as many idle reported
increased on Oct. 13 from 33/ to 43/2%, and this in the industries as were reported in the middle of
week, on Oct. 31, the Norwegian Bank rate was the year. There is renewed talk in foreign exchange
raised from 434 to 5%.
circles of the probability of the franc being stabilized
The Bank of England shows a decrease of £559,728 legally at a somewhat higher level, but Poincare's
in gold holdings this week, as compared with an in- strength is as great as ever, and since the French
crease a week ago of £596,761. On Thursday the general elections will not take place until May, the
Bank of England sold £7,000 in gold bars and £16,000 probabilities are that he will maintain his original
in gold sovereigns to India, and sold £10,000 in sover- stand to keep the franc at around its present level
eigns to a designation not stated, and E5,000 to until the results of the next elections are certain.
Germany. Yesterday the Bank released £500,000 The large holdings of foreign exchange of the Bank
in gold sovereigns to South Africa and exported of France are a sufficient guarantee that France
£10,000 to Holland. At the Port of New York the will be able to prevent any speculative attempts to
gold movement for the week ended Nov. 2, as re- alter Poincare's policy. There is nothing especially
ported by the Federal Reserve Bank, consisted of new in the Italian situation. It has been pointed
imports of $130,000, chiefly from Latin America, and out on several occasions that Mussolini has guarexports of $355,000 to Mexico and Straits Settle- anteed that Italian business may expect the present
ments. The Federal Reserve Bank makes a notation lire valuation to continue for a long time. A resumpin its regular weekly report of the gold movement tion of an upward movement in Italian lire would
that $1,000,000 was shipped to Canada. This is the result in a severe crisis. The Fascist Government
identical shipment, noted here last week, made by is making every effort to bring down retail prices,
the International Acceptance Bank for account of but merchants are nevertheless adopting all available
Harris, Forbes & Co.'s Montreal office. Canadian means to maintain prices, so that the downward moveexchange continues at a premium, ranging this week ment must proceed slowly and cannot go very far
from % of 1% to 9-64 of 1%. More than half of from the general trend of prices throughout the
the Canadian wheat crop has been threshed, and at world. Until world prices take a downward turn
the end of October more than 100,000,000 bushels had the Italians will find themselves compelled to watch
been delivered to terminals, of which over half had their exchange operations closely. The present
been marketed. The crop is expected to be well over favorable situation of Italy's balance of inter400,000,000 bushels. This constitutes the main national payments which have been the dominant
strength in Canadian exchange. The successful crop factor in determining the appreciation of the lire,
season, expanding industries, and generally good busi- results chiefly from the large volume of loans conness throughout Canada, are bullish factors main- tracted abroad, and it seems improbable that such
taining the premium on Montreal funds.
borrowing can continue at the same rate as during
Referrirg to day-to-day rates, sterlirg last Satur- the past year or more. Meanwhile, there must be a
day showed a tendency to ease off. 'I he range was large falling off in tourist spendings in Italy, so
4.865
/
8@4.86% for bankers' sight, and 4.87 1-32@ that this basis favoring a higher trend, will cease
4.87 3-32 for cable transfers. On Monday there as a factor for many months to come. In addition,
was a further recession. Demand ranged from it will not be long before interest and amortization
4.863/ to 4.86 11-16. Cable transfers were 4.86%@ charges on loans already contracted will cause an
4.87 1-16. On Tuesday the market continued de- outgo from Italy which may make it difficult for
pressed. The range was 4186 15-32@4.8660 for the Exchange Institute to maintain the upward
bankers' sight and 4.86%@4.86 15-16 for cable course of the unit. Of course, the substitution of
transfers. On Wednesday sterling went still lower. a legalized value, rather than a de facto stabilization,
The range was 4.86%
3 @4.863' for bankers' sight would go a long way toward strengthening the
and 4.86%@4.86 27-32 for cable transfers. On exchange. It would probably do more than any
Thursday there was a recovery. The range was exchange operations to bring about an upward
4.86%@4.86 11-16 for bankers' sight, and 4.86 13-16 trend. It is generally believed that it is only a
@4.87 1-16 for cable transfers. On Friday the question of time before the Italian Government
range was 4.86%@4.865A for bankers' sight and will take definite action in this respect, despite
4.86%@4.87 for cable transfers. Closing quotations the repeated statements that it is
not intended
yesterday were 4.86 9-16 for demand and 4.86 15-16 to resort to stabilization.
for cable transfers. Commercial sight bills finished
German marks continue well above gold parity.
at 4.86 7-16, sixty-day bills at 4.82 9-16, ninety Dr. Schacht, President of the Reichsbank, stated
day bills at 4.80 8, documents for payment (sixty last week that the bank will have to replenish its
days) at 4.82 9-16 and seven-day grain bills at reserves of exchange in order to have sufficient
4.85%. Cotton and grain for payment closed at on hand to further reparations transfers, and he
4.86 7-16.
therefore told the Reichstag that he had decided
to buy the proceeds of the Rentenbank's new foreign
In the Continental exchanges there is a tendency loan, thus making an exception to the Reichsbank's
to follow more or less the fluctuations in sterling, general policy in the foreign exchange market.
and the records this week show slight declines. The Reichsbank's statement as of Oct. 31 showed
French francs continue practically at the de facto a decrease of 205,000 marks in gold holdings, offset,
stabilization point. The past week the Bank of however, by an increase of 597,000 marks in reFrance reduced its holdings of sundry assets, which serves in foreign currencies, and of 367,596,000
include its foreign exchange holdings, 167,913,000 marks in holdings of bills of exchange and checks.
francs. These holdings are nevertheless at the The Berlin money market continues attractive to




2436

THE CHRONICLE

[VOL. 125.

foreign funds, atlhough there is a temporary de- really to depress the exchange quotation. The
crease in volume of the larger long-term loans. slight recession in the neutral currency this week is
While the Reichsbank officials are opposed to due to a normal sympathetic movement with sterloans for so-called luxury spending, the fact cannot ling exchange. The Norwegian currency continues
be overlooked that the general plan of the Dawes of interest to speculative elements. As noted under
Committee experts anticipated German borrowing the comments on sterling exchange, the Norwegian
Bank increased its rediscount rate on October 31
abroad for a generation to come.
/
2% to 5%. Holland has been loaning exThere will be a considerable demand for German from 41
exchange in the transfer of accommodation for tensively abroad. Dr. Vissering, president of the
industrial borrowings for a long time. Under a Netherlands Bank, in a recent article examining the
new arrangement for sanctioning foreign loans, an effect upon the guilder of the extensive foreign
appeal from a decision of the Loans Advisory Com- borrowing in Holland, pointed out that the lending
mittee is permitted to a higher committee. This aboard has not affected Dutch exchange to any exhigher committee will consist, it is understood, of tent, owing to three circumstances: first, part of the
representatives of the Ministries of Finance and proceeds of foreign loans were used for the repayIndustry and of the Reichsbank. "Sanctioning," ment of old debts; second, part of the proceeds were
however, must be considered de facto and not de jure. reinvested in Holland; and third, invisible exports,
Formally the committees will only "recommend" represented by profits from the colonies, have counor "advise against" loans, and certain kinds of teracted the effect of foreign loans. Should the flow
foreign loans will, as heretofore, not need to be of foreign loans continue, Dr. Vissering thinks
submitted to the committees at all. These certain that it will be necessary to consider the possibility
other loans are, of course, very largely the loans of a depreciation in the value of the guilder.
to the stronger industrial interests and other private
Bankers' sight on Amsterdam finished on Friday
loans. The general feeling in the European markets at 40.30, against 40.283/2 on Friday of last week;
is that gold accumulations to the credit of Germany cable transfers at 40.32, against 40.303/2, and comat New York, Amsterdam, and London will further mercial sight bills at 40.25, against 40.23. Swiss
enhance the exchange price of the mark. _ According francs closed at 19.273/2 for bankers' sight bills
to Amsterdam reports, if this takes place a flow and at 19.28 for cable transfers, in comparison with
of gold into Germany would be imminent, and no 19.283/2 and 19.29 a week earlier. Copenhagen
alternative would be left except limitation of do- checks finished at 26.783/2 and cable transfers at
mestic credits, or an advance in the Reichsbank 26.793/2, against 26.79 and 26.80. • Checks on
rediscount rate. The Reichsbank is unwilling to Sweden closed at 26.89 and cable transfers at 26.90,
buy foreign bills originating from foreign loans, against 26.92 and 26.93, while checks on Norway
since to do so would increase domestic note cir- finished at 26.38 and cable transfers at 26.39,
culation to the detriment of the domestic purchasing against 26.36 and 26.37. Spanish pesetas closed at
power of the mark. An advance in the Reichsbank 17.06 for checks and at 17.07 for cable transfers,
rediscount rate is talked of on the other side, but which compares with 17.12 and 17.13 a week earlier.
this would meet with strong opposition from the
business interests.
The South American exchanges are quiet, with
The London check rate on Paris closed at 124.03 very little movement from the satisfactory rates
on Friday of this week, against 124.08 on Friday of prevailing since the improvement in the financial
last week. In New York sight bills on the French condition of Argentina and Brazil resulting from
centre finished at 3.923
/
8, against 3.92% a week ago; the full restoration of the gold standard. R. J.
cable transfers at 3.92%, against 3.92%, and com- Hose, addressing the shareholders of the Anglomercial sight bills at 3.923/
8, against 3.92'. Ant- South American Bank in London recently, gave a
werp belgas finished at 13.93 for checks and at 13.94 very glowing account of the commercial prospects
for cable transfers, as against 13.92 and 13.93 on in Argentina, and stated that the industrial developFriday of last week. Final quotations for Berlin ment is likely to continue for a generation or more.
marks were 23.863/2 for checks and 23.873/2 for He pointed out that since 1926 the United States
cable transfers, in comparison with 23.89 and 23.90 has loaned to South American authorities L110,a week earlier. Italian lire closed at 5.46 for bankers' 000,000, not including the recent Brazilian stasight bills and at 5.463/2 for cable transfers, as bilization loan, against the comparatively small
against 5.46 and 5.463/2 last week. Austrian schillings loans, made by London houses. Coincidently with
have not been changed from 143. Exchange on this he said that the United States has secured at
Czechoslovakia finished at 2.963', against 2.963/s; the expense of Great Britain a considerable proon Bucharest at 0.613/2, against 0.613/2; on Poland at portion of the export trade of Latin America. "Since
11.20, against 11.20, and on Finland at 2.52, trade veers almost inevitably towards the source of
against 2.52. Greek exchange closed at 1.323/2 for loans, the removal of the remaining restrictions
4 for cable transfers, against upon foreign capital in this country, namely the
checks and at 1.323
4 a week ago.
1.33 and 1.331
heavy stamp duty, would appear desirable." It
is possible that Mr. Hose's views may carry weight
In the exchanges on the countries neutral during with the Treasury Department in London, and
the war there are no developments of special interest that English capital will take a greater share in
this week. Holland guilders and Swedish krona the development of the South American countries
continue to rule well above the gold parity point, than it has since the Armistice. Such a change
but all the neutral exchanges are dull, so far as actual in policy would tend to strengthen these exchanges.
volume of trading is concerned. Holland guilders Argentine paper pesos closed yesterday at 42.67
are the most active owing to financial operations, for checks, as compared with 42.67 last week, and
and while guilder commercial bills are offered in at 42.72 for cable transfers, against 42.72. Brazilian
larger quantities, they are not in sufficient volume milreis finished at 11.99 for checks and at 12.00




Nov. 5 1927.]

THE CHRONICLE

for cable transfers, against 11.99 and 12.00. Chilean
exchange closed at 12.17 for checks and at 12.18
for cable transfers, against 12.19 and 12.20, and
Peru at 3.69 for checks and 3.70 for cable transfers,
against 3.73 and 3.74.

2437

on cotton yarn imports and a tariff on cotton cloth
is almost certain to follow. Consideration of such
a measure has been postponed until March. Closing quotations for yen checks yesterday were 46.45®
46N, against 46.55@46% on Friday of last week;
Hong Kong closed at 49.60®49 11-16, against 4914;
Shanghai at 62%®63 1-16, against 623@62V8;
Manila at 49 9-16, against 49 9-16; Singapore at
8®563/
/
56%®561/,against 563
2; Bombay at 36 9-16,
against 36 9-16, and Calcutta at 36 9-16, against
36 9-16.

The Far Eastern exchanges are firmer owing largely
to the better price of silver. Forward silver in London is quoted around 26 5-16 pence. Any quotation
above 26 pence represents highest levels since the announcement of the Indian Government sales three
months ago. During August and September the
Pursuant to the requirements of Section 522 of the
tone of the silver market was weak and this was reflected in the foreign exchange quotations on Chinese Tariff Act of 1922, the Federal Reserve Bank is now
centres. The more recent upward turn in the price certifying daily to the Secretary of the Treasury the
of silver was initiated in China. The Government buying rate for cable transfers in the different counof India is committed to make further sales of the tries of the world. We give below a record for the
metal, as it is part of its declared policy to replace week just past:
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
silver holdings by gold. In view of China's proved FOREIGNBANKS
TO TREASURY UNDER TARIFF ACT OF 1922.
Indian
GovernOCT. 29 TO NOV. 4 1927. INCLUSIVE.
capacity to absorb the silver the
ment's sales to China as exchange transactions would
Noon Buying Rate for Cable Transfers to Nets York.
Value in United States Money.
Monetary
seem to present a suitable method of carrying out Country and
Unit.
oa. 29. Oct. 31. Nov. 1. Noe. 2. Nov. 3. Nos. 4.
future operations. Money continues easy in India
$
$
$
6
$
$
EUROPEand Yupee exchange is inactive. It is thought to be Austria,
.14097
.14101
.14095
.14083
.14063
14098
achilling
.1393
.1393
.1393
.1393
.1393
1393
betas
a virtual certainty that Indian exchange will be firmer Belgium,
007250 .007209 .007217 .007223 .007260 .007230
Bulgaria, lev
limn .029628 .029626 .029627 .029630 .029628 .029631
within the next few weeks, although the Government Csechoslovakia,
.2679
.2678
.2679
.2679
.2680
Denmark, krone_ _-- .2680
pound
will maintain the stability of the quotations. Sir England,
4.8693
4.8688
4.8676
4.8683
4.8692
4.8703
ling
.025179 .025190 .025181 .025191 .025190 .025196
markka
Basil Blackett, the Finance Member of the Govern- Finland,
.0393
.0392
.0392
.0392
.0392
0392
France. franc
.2387
.2385
.2386
.2387
.2388
Germany. reicbsmark .2389
ment, left Bombay for London on October 29 in the Greece, drachma
.013266 .013273 .013273 .013270 .013269 .013271
.4031
.4030
.4028
.4028
.4029
.1030
Holland. guilder
.1747
.1746
.1746
.1746
.1746
.1745
hope that the Reserve Bank problem will yield to Hungary, pengo
.0546
.0546
.0546
.0546
.0546
0546
Italy. lira
.2637
.2637
.2639
.2638
.2635
2635
direct action. The whole question will be thrashed Norway. krone
.1125
.1121
.1116
.1123
.1119
.1119
Poland, slot
.0492
.0494
.0495
.0493
.0493
0494
escudo
out in London. The aim of the London advisors is Portugal.
.006123 .006137 006124 .006115 .006124 .006114
Romania.leu
.1707
.1709
.1703
.1707
.1706
.1711
Spain, peseta
for a shareholders central bank free from Govern- Sweden.
.2689
.2689
.2691
.2692
.2692
2692
krona
.1928
.1928
.1928
.1929
.1929
franc__
Switzerland,
ment or political control. The Indian politicians Yugoslavia. dinar-- .017611 .017606 .017607 .017607 .017664 .1928
.017605
ASIAseek a large measure of government control and own- China.6548
.6560
.6560
.6550
.6508
.6475
tael
ership. Not only in the working of India's new Chefoo
.6369
.6377
.6381
.6358
.6342
Hankow tee....-- .6308
.6272
.6279
.6285
.6266
.6238
.6211
tadl
exchange ratio, but in the evolution of a scheme of Shanghai
6602
6606
.6523
.6604
.6563
6533
Tientsin tael
4947
4948
4945
4935
4922
Kong dollar__ 4904
financial autonomy for the provinces and the proper Hong
4520
4523
4543
4520
4503
4481
Mexican dollar
or Peiy
adjustment of financial relations between the Central Tientsin
4508
4488
4496
4479
4454
4444
dollar
.4450
.4454
.4463
.4446
.4421
4410
Yuan dollar
.3645
and Provincial governments on a Federal basis, India,rupee
.3642
.3642
.3641
.3641
3640
.4845
.4643
.4644
.4647
.4652
4655
Japan. yen
.5608
.5604
all depend to a large extent for their success on the Singapore(S.S.)dollar.
.5604
.5606
.5606
.5606
NORTH AMER.1 001314 1.001167 1.001016 1.000797 1.000786 1.000938
establishment of a central bank controlling impar- Canada. dollar
999344 .999344 .999438 .999438 .999469 .999438
Cuba, peso
.476333 .476417 .476583 .476667
tially the currency and credit of the country. Jap- Mexico, peso dollar. .476500 .476333
.998688 .9911531 .998406 .998250 .998219 .998375
Newfoundland.
SOUTH AMER.anese exchange is on the whole steady, though on Argentina,
.9702
.9698
.9698
.9703
.9698
peso (gold) .9704
.1195
.1196
.1195
.1193
.1193
.1194
Brasil, milrela
the average slightly lower than a week ago. Re- Chile.
.1217
.1217
.1217
.1218
.1217
.1218
peso
and
industrial
banking
construction of Japan's
affairs is progressing satisfactorily. The larger
Owing to a marked disinclination on the part of two
banks are piling up deposits and confidence is more
generally restored. Money is easier and proven or three leading institutions among the New York
enterprises find no difficulty in arranging credits Clearing House banks to keep up compiling the figures
cheaply. It will be recalled that the Bank of Japan for us, we find ourselves obliged to discontinue the
reduced its rediscount rate on October 10 from 5.84% publication of the table we have been giving for so
to 5.47%. There is a powerful element in Japan many years showing the shipments and receipts of
opposed to foreign borrowing and which maintains currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
that the country is able to supply all its own funds
Reserve
Bank on Dec. 6 1920, it is also no longer
for every description of legitimate borrowing. Neverpossible
show the effect of Government operations
to
theless it is stated on good authority that Japan will
the
on
Clearing
House institutions. The Federal
York
market.
seek considerable loans in the New
York was creditor at the ClearBank
New
of
Reserve
are
utility
companies
Many Japanese industrial and
seeking to market their securities here. Japan's ing House each day as follows:
NEW YORK FEDERAL RESERVE BANK
import balance is smaller and totaled 207,000,000 DAILY CREDIT BALANCESATOFCLEARING
HOUSE.
yen for the nine months ended in September comAggregate
Wednesd'y, Thursday.1 Friday.
Saturday. Monday.
for Week.
Nor. 4.
pared with 402,000,000 yen a year ago. An out- Oct. 29. Oct. 31. Tuesday,
Nov. 2.
Nov. 3.
Nov. 1.
$
standing unfavorable factor is the great depression
75,000.000 100.000.000 130000.000 125,000.000 115.000.000 116,000.000 Cr. 611.000 008
in the cotton and silk industries. The govern- Note.-The foregoing heavy credits reflect the huge mass of checks which come
the New York Reserve Bank from all parts of the country in the operation of
ment has been obliged to advance credits to the silk to
the Federal Reserve System's par collection scheme. These large credit balances.
reflect only a part of the Reserve Bank's operations with the Clearing
however,
reelers to the extent of 37,000,000 yen. Japan House institutions,
as only the items payable in New York City are represented in
balances. The large volume of checks on Institutions located outside of
daily
the
depends quite largely upon the Indian market for New York are not accounted for in arriving at these balances, as such checks do
not paas through the Clearing House but are deposited with the Federal Reserve
the disposal of cotton goods. Recently the Indian Bank
for collection for the account of the local Clearing House banks.
Legislative Assembly imposed a duty of 1M annas




•

2438

THE CHRONICLE

[VoL. 125.

The following table indicates the amount of but as those of Jugoslavia that must
take the field.
lion in the principal European banks:
Were the territories of these new allies contiguous
to France, as that of Belgium is, the extension of
Nov. 3 1927.
Nov. 4 1926.
Banks of—
military
support would offer no natural difficulties.
Gold.
Silver.
Total.
Gold.
Silver.
Total.
The four States of the east, however, are separated
England_ _ 151.251,087
151.251,087 152,807,082
152,807,082 from
France a _ 146,220,324 13,680,000 159,900,324 147,378,904 13,560.000160,
France by some hundreds of miles, and a sup938.904
Germany b 89.348,550 c994.600 90.343.150 76,805.000 c994.6001 777,996.00
Spain __ _ _ 104.108.000 26,986.000 131,094,000 102.262,000 26.589.000 128,851,000 porting army, before it can be of any use,
must first
Italy
46,902.000 3.730.000 50,632,000 45.487.000 4,153.000 49.640.000
Netherlds 32,177,000 2,300,000 34.477,000 34,900,000 2,262.000 37,162,000 be transported by sea, since none
of the intervening
Nat.Belg. 19,503,000 1,197,000 20,700,000 10,955.000 3.369.000 14.324,000
Switzerrd. 18.461.000 2,515,000 20,976.000 17,697,000 2,887.000 20,584,000 Powers would be at all likely to
permit its passage
Sweden_ _ 12,833,000
12,833,000 12.562,000
•
12,562,000
Denmark. 10,116,000
691,000 10,807.000 11,616,000
921,000 12.537.000 by land. For what purpose is France concluding
Norway..._ 8,180,000
8,180.000 8.180.000
8.180.000
such alliances as that with Jugoslavia?
Total week 639.099,961 52,093,600691,193.561620.649,986 54,735,600675,385,586
Prey. week 638,898,639 51,938.600690.837,239620.595,698 54,304,600681,980.298
As far as Germany and Austria are concerned,
a Gold holdings of the bank of France are exclusive of gold held abroad, amounting
the present year to £75,572,836. b Gold holdings of the Bank of Germany are these alliances appear to be only another demonstraexclusive of gold held abroad, the amount of which the present year is .C3,327,150
c As of Oct. 7 1924.
tion of the set purpose of France to prevent, by every
means in its power, the union of Austria and GerFrench Alliances and the Future of Europe.
many, and the recovery of the political influence
The announcement that France is shortly to sign which those two States,
but particularly Germany,
a treaty of friendship and mutual defense with exercised before the
World War in the affairs of
Jugoslavia will probably come as a surprise to those southeastern Europe.
It is true that Germany,
who have not followed closely the recent course of save for its natural
interest in the return of East
French diplomacy in eastern Europe. Until the Prussia and the obliterati
on of the artificial Dantzig
text of the treaty is published, its precise terms will corridor, has thus
far shown no evidence of deremain a matter of conjecture, and Paris dispatches siring political expansion
in Europe, and the Loleave some doubt as to whether or not the arbitration carno pacts include
treaties of arbitration between
of disputes between the two Powers is also provided Germany and Poland
and Germany and Czechofor. The usually well-informed Paris correspondent slovakia applicabl
e to any dispute that endangers
of the New York "Times," however, is authority for peace. In spite
of fulsome praise of the Locarno
the statement that the new treaty, like those which spirit, however, by M.
Briand and others, the PoinFrance has already concluded with Poland, Czecho- care Government
has never evinced much confidence
slovakia and Rumania, provides that if either party in the sufficiency of
the Locarno agreements, and
is the victim of aggressive war the other party has received with restrained
cordiality the German
shall give military aid. An exception appears in expressions of peaceful intent
and good will. The
the case of Rumania, where obligation to intervene French alliances, accordingly, if not
openly an atis not imposed upon France in the event of an at- tempt to pinch Germany and Austria
between a
tempt on the part of Russia to recover Bessarabia, French bloc in the west and another
French bloc in
a province of which it was deprived as a result of the east, have the earmarks of a
reminder to those
the World War.
Powers that an attempt at expansion will be reThe immediate effect of the treaty with Jugoslavia sisted, and that the backbone of
the resistance will
will be to widen and strengthen the sphere of French be found in France.
influence in eastern Europe, and particularly in the
The bearing of the new political combination upon
Balkans, the foundations of which have already been Italy, on the other hand, seems
much more imporlaid. With Poland, Czechoslovakia, Rumania and tant. Rightly or wrongly,
the Mussolini GovernJugoslavia bound to France by offensive and defen- ment has been credited with
large hopes of terrisive alliances, an extensive area of French influence torial expansion. Precisely
what the program inhas been created which touches geographically Ger- volves is not known, but recent
controversies bemany, Austria, Russia and Italy, and which, if it tween Italy and Jugoslavia
have indicated a disdevelops any measure of political solidarity, can position, on the part of Mussolini,
to claim a voice
hardly fail to exert a far-reaching influence upon in affairs east of the Adriatic, and
there have been
any plans of political or territorial expansion which disquieting rumors of Italian designs
upon Albania,
either of those neighboring Powers may cherish. Greece, and even Turkey. If the new
treaty between
Something of French culture, perhaps, may be ex- France and Jugoslavia is the offensive
and defenpected to follow upon French diplomatic penetra- sive alliance which it is represented
to be, it certion, and there may be trade consequences of impor- tainly seems to draw a line across the
Italian path,
tance, but the main thing is the marked accession of and restricts the extension of
Italian influence in
political influence in European councils if the east- the Balkans to the slight gains
that might come
ern members of the alliance side with France in from the control of Albania, a
small and extremely
matters in which French interests are involved.
backward State, and Greece, another small State
The question naturally arises why France, whose whose political support has burnt
the fingers of most
security against a possible German aggression has Powers that have sought it.
been assured by the Locarno pact, and whose virtual
There remains Russia, the one great State which
alliance with Belgium gives it additional security is still, to a large extent, outside the
European politwest of the Rhine, should have exerted itself to build ical family, and whose economic
growth and politiup in eastern Europe a structure of alliances which, cal ambitions are widely regarded as a menace to
on the surface, seems to involve France in obliga- European and Asiatic peace. Next Monday the
tions at least as weighty as is the protection which Soviet State will celebrate the completion of its
it presumably is meant to extend. Treaties of of- tenth year. Out of the indescribable confusion,
fensive and defensive alliance, it is to be remembered, political, economic and social, created by war and
face both ways. If Poland, for example,is attacked, revolution, with a system of government which is
France is bound to give it aid; if aggressive war viewed by many as inimical to the governmental sysbreaks upon Jugoslavia, it is French troops as well tems of western Europe, with intermittent economic




Nov. 5 1927.]

THE CHRONICLE

2439

The whole episode, in short, is one more striking
blockades which have not yet wholly ceased, with
of the extent to which Europe has reillustration
States
other
by
accorded
tardily
political recognition
political conditions and practices that
the
to
verted
and
powerful,
most
the
of
by
withheld
some
and still
the war. An alliance is an affiance,
before
obtained
is
settlement
whose
debt
controversies
foreign
with
not yet in sight, Russia has nevertheless made an by whatever name it may be called, and the object
impressive economic recovery which the European of an alliance is the advantage or protection of its
and American business world has not failed to rec- members against other States that are not parties
ogize, and which counts heavily to-day in the con- to it. The inevitable consequence of alliances is
sideration of world problems of industry and trade. the development in Europe of the very evil which
Is it still a menace politically, and, if it is, is the President Wilson sought to remove, namely, a balmenace directed particularly at France and its east- ance of power, and which many persons hoped the
World War would destroy. The Peace Conference,
ern European allies?
The reservation, in the treaty between France and by its ill-advised settlements and changes, made
Rumania, of the Bessarabian question as one in the perpetuation of the old system possible, and we
which France is not to become involved in a military are now well on the road to a return of the old order
way, is perhaps to be interpreted as an intimation of things. It is a curious reflection that, at a mothat France, whose friendship with Russia was one ment when a "United States of Europe" is being
of the dominating factors in European history for talked about as a solution of the problems of ecoyears before the World War, is looking forward to nomic organization, the nations of Europe should
the time when Russia, less anxious than it has hith- be grouping themselves politically in well-entrenched
erto seemed to be to propagate its peculiar political camps, and embodying in treaties the conditions
views in the world, shall again enter the family of under which they shall go to war as a means of
nations on an equality with the other members. preserving peace.
The announcement on Monday that the Russian
"Reflective Thinking."
Government, which has held aloof from the League
On October 18th Dr. Nicholas Murray Butler of
of Nations since its controversy with Switzerland
over the assassination of the Russian representative Columbia University delivered an address before the
at the Lausanne Conference, in 1923, will take part Institute of Arts and Sciences of the university on
in the forthcoming deliberations of the Preparatory "The Lost Art of Thinking." A report declares his
Commission on Disarmament, suggests that such a thesis to be conveyed in the statement "the power of
return may not be far distant. It is of course possi- reflective thinking has by no means kept pace with
ble that Russia, once it is a member of the Prepara- the extension of man's knowledge of nature." The
tory Commission, may join with Germany in insist- application of the thesis to the political life of our
ing upon actual disarmament; and disarmament, if time seems to have attracted chief interest, in the
it were actually brought about, would rob offensive newspaper report that lies before us, as the practical
and defensive alliances of much of their reason for part of the address, the academic introduction havbeing. French diplomacy, however, is notably shrewd ing been barely mentioned. We think this unforand farseeing, and the conclusion of alliances with tunate; and in itself a demonstration of Dr. Butler's
Jugoslavia and other eastern States may well turn contention. And we find his thesis applicable to
out to be a device which shall restrain Russian ag- the mass thinking in all walks of life.
gressiveness if it is minded to go to war with any of
To dwell upon the power of thought, to try to
its western neighbors, and at the same time pave the analyze our own thoughts, to apply our thinking to
way for a rapprochement with Russia when the time thought itself, and to relate thought to the means
for reconciliation comes.
and object of life, in an "academic" sense, is at least
All of these French alliances, it is to be noted, a pleasurable occupation even if it lacks a practical
have been concluded quite outside of the League of application. To sit apart and watch the procession
Nations, and, as far as we know, without consulta- of life go by may seem idle to the doers of the world
tion with that organization. The new treaty, it is but it tempers the spirit and softens the action which
said, will be registered with the League, as other may follow. It is a magnificent spectacle we look
treaties have been, but beyond that formality the upon in this decade of our century, for the genius of
League, apparently will know officially nothing invention and construction is working a wonderful
about it. To be sure, the League itself has made a panorama for all to behold. And only a little revirtue of necessity, and sanctioned the conclusion flection discloses the "ivory tower" almost mystiof regional pacts without the intervention of the cally revealed in the sublime physical works, the
League, so that with the Locarno pacts as the out- tremendous commerce and trade, the ceaseless enstanding precedent, the action of France and its deavor we witness on every hand.
allies is not novel. There may well be question, howWhat is it all for, and why do we do it? The
ever, what useful purpose the League now serves as theme admits of wide expansion. Sometimes our
a regulator of international intercourse or a con- "reflective thinking" induces a degree of pessimism.
server of peace, when member States, large and Is man growing better or worse? Are we using our
small, conclude between themselves such agreements great gifts in a reasonable way? Are we attuning
or alliances as seem to them good. One thing at life to our consciousness of the divine? The "turleast appears evident. The League can no longer moil" often induces doubt. But we may put that
claim to be either the guardian or the guarantor of aside, urged by contemplation of tendencies in
European peace. The peace of Europe, like the thought and works, if we will; and dwell upon, for
peace of the rest of the world, is maintained to-day a time, the evidences of good in the scheme of things
by the Powers that are interested in maintaining it, as they are. We shall have true joy in the effort.
singly and unofficially where that suffices, formally Out of the thick of the social, political, economic
and in combination when that seems to offer the contest we shall be free to think on the Unfolding
Purpose. In this state of mind, progress will take
greater advantage.




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[Vori. 125.

on wings of light, the gradgrind toil of the material great gift of life. More than this even there is
will issue into benevolence, evil will transform into always some one to work for and to love—and, also,
good, and, as so often said, competition' will turn always there are "the others" who constitute the
into cooperation. We will find that our effort is Brotherhood of Man. If to think on these things is
based on a substratum of philosophy and that we "to stand and wait," there is time and opportunity
are not as chaff blown upon the winds. For while, to contemplate the meaning of "progress" and "prosindividually, we are in the current of conflicting perity" and to gather the fruits of wisdom from the
affairs, while we seem to act first and think after- plenitude of knowledge.
ward, we are at the same time accepting the general
Are we submerged in reforms, smothered in organopinion of what it is to be and to do, and in this izations and associations, restive because of selfattitude we stand above all and ask the question constituted "leaders" covertly seeking place or enWhy? Progress could not otherwise endure. Mo- amored of their own ideas? Do we despair of a rapid
mentum may temporarily carry us away. The means transition which hurries us we know not where?
may obscure the cause. But the corrective power Are we the victims of our own interests and endeavlies within; and but a little contemplative and re- ors? Do commerce, industry, enterprise enervate
flective thought will disclose that the world is not us for "reflective thought"? Let us not believe these
lost!
things too strongly. There is an undercurrent of
For example, let us believe that we need more questioning now among the masses that bodes ill to
leisure for reflection than we have. The "bread and the mad rush for pleasure and the idle acceptance
butter battle" absorbs our energies, our outward of undirected politics and unassimilated discoveries.
mind. Must we seek it in shorter work days and A great newspaper in a great city on Monday mornmass production, when as individuals, if we will, ing devotes a page to synopses of sermons in metrowe sit on the tcip of the world, in the temple of our politan pulpits. These treat in variety of spiritual
reason, and in the sanctuary of our love? It is in things. The page is read by hundreds of thousands;
this magic of the inner man that we triumph over and a paper is known by its readers. It is not an
personal failure, unrequited effort, and undeserved answer to say that there are six pages devoted to
adversity. Time, wealth, knowledge, peace, power, sports. Life is complex; and it is diffuse. The
pleasure, all these are overcome by "reflective think- leaven leaveneth the whole lump. Though the wind
ing." We see that the whole is greater than its bloweth where it listeth the rain falls on the just
parts. While many trifle, while some suffer, while and the unjust. If only half of the eligible vote, the
a majority even may be superficial thinkers, the fact registers, if only in a negative way, a degree of
evolution continues, the mass moves forward, and protest we cannot adequately measure, which in
mankind is wiser than men, tolerance softens the time may become overwhelmingly effective. Men of
harshness of effort and the hardness of knowledge, the farm who do not follow the false proposals for
and individualism flourishes despite the thousand "relief" are still thinking deeply. More and more
phases of collectivism that hedge us about. Though the "working men" are finding the true freedom of
beneath the commercial and social and political the right to work when, where and for whom they
environment there lies the actuating spiritual, the will--without the dictation of outside collectivism.
reactions of the material are also refining and ele- Popular education is being called upon to render
a
vating. So that, as long as we "stop to think," we reason for its being. On the currents of a riotous
know that personally we can always extract the joy activity the fragments of both the old
and the new
of existence, and we can believe that "the best is yet are tossed about, but the quiet of the deeps
is unto come?" Nothing, then, is futile, and the excesses touched. If "democracy" is on trial, the verdict
is
of wasteful living may ultimately lead us into frugal not yet rendered. Meanwhile the individual who
and conserving lives. And there is reason to believe sees and knows, who is in the midst of things but not
there is more of this thought in the minds of the of them, analzyes, estimates, seeks the truth, eager
people at large than we ourselves are aware.
to embrace it. Millions everywhere are thinking on
It is a great privilege to live in a mechanistic age, peace, though there is no peace. And by the fireside
even though an inconspicuous part thereof. The and under the evening lamp, in city and country, at
marvelous inventions that harness the powers of the suggestion of the stimuli of printed words, men
nature for our use and pleasure can become ethical and women are asking "what is the world coming
utilities for our advance, when they do not devour to?" And when the answer is given we shall not
us with conceit. But the stars, the flowers, hills and despair!
streams are still in their places—the open book of
Nature for our constant perusal. Beauty and Truth The Rockefeller Foundation—President Vinare still ours for the asking. Thanks to the trancent's Report.
scendent vitality of our Constitution we still preThe sudden death from yellow fever of the distinserve a form of government that shields us despite guished London pathologist, Dr.
Adrian Stokes,
the froth and expediency of our politics and political Sept. 19, on the west coast of
Africa, indicates a
thinking. Wealth and Power are not more than phase of the cost of the philanthropic
work of the
passing phases of a life that can be reflective, tol- Rockefeller Foundation which President Vincent's
erant, humble, trusting, reverent, and devout. Books report, with all its graphic details, does not cover.
that treasure up the lifeblood of the ages past, multi- It is a repetition of the sacrifice made by the Amerply in populous centers and have ever-increasing ican, Dr. Walter Reed, and his heroic associates in
lodgment in wayside homes. And though one pass delivering Cuba and eventually Central America
this way but once "there is food for thought, calm, from the same dreaded pest.
restful, benign, though one have little of this world's
After Dr. Stokes's heroic service in the war at
goods. In the soul may man escape the "fine frenzy" the British front in the trenches, where he found the
called living, if he will. So that we may be con- epidemic of jaundice, the first cousin of yellow fever,
tented and joyful; and above all thankful for this was carried by rats, he was sent by the Rockefeller




Nov. 5 1927.]

T1TE

CHRONICLE

Commission to Africa to investigate yellow fever.
When in May of this year the work there had come to
a pause he was invited to go out again to deal with
the problem, and there, just on the eve of its solution, he was stricken and died. His death is a contribution to the cause he represents far beyond the
eradication of a single disease, however deadly that
has proved.
Turning to the report, we have the account of a
work so extensive and widely effective that we have
space only to call attention to a few of its more important features. That it involves the expenditure
of some ten millions of dollars the past year from a
principal fund of over 165 millions, all of which is
held available in case of need, has a highly significant but only relative importance in this day of the
frequent devotion of millions of dollars to philanthropic purposes.
More unusual is the range and variety of the work,
and none the less the intelligence and skill with
which it is conducted. A glance at the map supplied
in the report shows that the range extends from Oslo
to Constantinople in Europe;from Syria across Asia
to Pekin,from Tokio to Ceylon and the Malay Peninsula; in the Pacific from the Philippines to New
Zealand; on the west coast of Africa; and in Amer.
Ca, north and south,from Canada to Argentina, with
no less than 244 counties in the United States and
34 districts in 12 other countries. It embraces hospitals and schools for medical, nursing and professional health training; active and continuous cooperative measures directed against prevailing diseases, with funds for their support; with books and
laboratory supplies for persistent and scientific research in many lands. To promote all this work it
has provided 889 fellowships for men and women in
48 different countries; sent out for inspection and
instruction 69 officials or kofessors, besides aiding
the Health Committee of the League of Nations to
send on international study tours 120 health officers from 48 countries; made surveys of health conditions in 31 countries, and lent its own staff to develop special relief, or as consultants with many
Governments and local institutions.
In recent years much has been accomplished in
preventive medicine. Between 1900 and 1925 the
general death rate in London dropped per thousand
births from 159 to 68, and in New York from 192 to
65. Smallpox is almost unknown to-day in some
parts of Europe and in some States of the United
States; typhoid epidemics are rare in efficiently administered communities; tuberculosis is diminishing
among many populations; diphtheria is coming under control; scarlet fever also by degrees; malaria
is ousted from various of its strongholds; yellow
fever seems to be making its last stand; cholera is
disappearing, and typhus, with its awful ravages, is
now a tradition.
The distinguishing feature of the philanthropic
work of the Foundation is that it escapes the danger not uncommon with great benefactions, of breeding helplessness and drying up individual effort. Its
policy from the first has been to give aid only to
those who are helping themselves or where there is
readiness to accept responsibility when the way is
opened or shown. Each year gives increasing evidence that this policy has proved both enlightened
and eminently successful. The Foundation aims to
be a partner, not a patron. It finds its chief opportunities in lending a hand in the field of medical




2441

research, training, health personnel, and organizing
health services in connection with universities or
Government agencies, local, State or national. It
aims at quality rather than quantity; applies the
test of attainable results, and withdraws completely
when the project is officially assumed and supported by public funds. To secure this result it
diffuses education to reach the local public, presents
no standardized system of its own, and seeks to
spread the idea of preventing disease and promoting rather than merely restoring health.
To give effect to this line of public service there
are more than 400 medical teaching centres scattered in various countries varying greatly in their
methods and efficiency. A selected number of these
are helpful to demonstrate plans of improvement,
and already an array of results in curative attainment, broader vision and co-operation can be shown.
It is proving that progress in public health is largely
dependent upon the leadership of physicians of
imagination and public spirit, and it is worth while
for the community to maintain medical schools of
the best kind and to co-operate in securing doctors
of the new type who will devote themselves to obtaining the training and will give the time necessary
to obtain the desired results. To avoid committing
itself to any one national program of medical education and public health, to escape narrow provincialism and promote the freest possible exchange of
ideas throughout the world, aid has been given to
the health commission of the League of Nations and
many fellowships have been given to students of
medicine and hygiene, and to make possible visits of
health officers, scientists and administrators in
other lands than their own.
There are interesting accounts of the work done
in individual countries. Brazil invited aid from the
Foundation in a campaign against hookworm, which
was promptly given and has continued for ten years.
The results are so extensive that only for the last
year can they be detailed. Rural health work has
been widely extended, co-operative control of malaria has secured important scientific information
about the Brazilian form of the malaria-carrying
mosquito; comprehensive plans have been supplied
for building modern medical centres; temporary foreign nurses have been secured for service while native nurses are being trained; medical students are
sent abroad for study, and American professors have
been brought over to give graduate courses of instruction under the auspices of the medical faculty
of Rio de Janeiro. A campaign against yellow fever
instituted in northern Brazil was also pushed forward in connection with the critical effort in that
line now under way on the west coast of Africa.
Special aid in various directions and in large
amounts has been given in the Far East, in Siam, in
China, in the widely scattered British possessions,
and even in Great Britain and from France and
Spain across Europe as far as Turkey, to secure international co-operation, especially in connection
with general hygiene and dealing with special diseases like tuberculosis, hookworm and malaria. The
systematic attempt against yellow fever organized in
1918 by General Gorgas under the auspices of the
Foundation proved so successful that by the end of
1925 its eradication from Central America and the
adjoining region seemed certain. But in 1926 it
flared up in Brazil, where measures were promptly
renewed, and seem to be entirely successful. An

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THE CHRONICLE

agency was established in 1920 at Lagos on the west
coast of Africa which was believed to be a pestilential breeding spot. There it is now expected to secure a complete extermination of the disease, though
at the sad cost to which we have already referred.
Malaria, which prevailed so extensively in the
United States, occupied a large share of the attention of the Foundation at first, but it is now so well
understood by the public and can be so effectively
dealt with by the local communities that the hookworm has become a chief object of attack. The
Hookworm Commission, set up in 1909 with funds
given by Mr. Rockefeller, was in 1913 expanded into
the International Health Board and made a part of
the Foundation. In 1926 this special work was continued in some twenty different countries. The
character of the worm and its life history are well
understood,its development in moist soil, its lodging
in the bare feet of children, and the method of its
destruction; till the task of the commission is largely
limited to spreading popular instruction about it.
In our Southern States this means the creation of
full-time health organizations in no less than 329
counties gradually becoming locally supported,
though the Foundation is still contributing about
16% of the cost of one-fourth of the number. The
same system is pursued by the Foundation in many
foreign countries and in establishing field stations
for the training of health officers in the work of
rural administration for similar service in some specially needy centres in our own land, and as far
away as in Corsica and Poland.
The health of the mind and the science of life are
to-day attracting general attention and the Foundation is enlarging the range of its work in both directions. Protection is needed against fanatics and
charlatans who trade upon the little understood
causes and character of mental disease. Biological
science as underlying all the forces of body, mind
and social organization needs to be advanced, and
the Foundation is taking active measures in both
directions. It distributes bulletins of medical progress without cost to medical schools throughout the
world and has contributed the past year to the
health budget of the League of Nations $150,000, or
two-thirds, of its entire cost.
After this review we may well adopt President
Vincent's closing statement that "the Rockefeller
Foundation seeks to increase and distribute knowledge, to promote organization nationally and internationally, to improve professional efficiency, to
deepen a sense of comradeship in science, and thus
to further its chartered aim,'the well-being of man- d throughout the world.'"
An Object-Lesson in Mid-West Farming.
It is said one-half the world does not know how
the other half lives. Perhaps we ought not to know
—that is, in too intimate a sense. And if we bring
the question home to our own country, it may be
that prying into the economic life of sections of our
vast country is going further than the general interests demands. But when we come to examine the
political phases of our zeal to know we find we are
often chasing phantoms, and that those in whose behalf we are raising the most clamor, are living a life
of comparative content, careless of our endeavors.
At any rate, it is interesting and instructive to run
across a study of the mid-West farmer that is entirely free from "farm relief."




[VOL. 125.

In the October "Scribner's," Allen D. Albert, under the title "Where the Prairie Money Goes," gives
us such a study. A local manufacturer dealing in
"advertising specialties" gave to Mr. Albert a commission to inquire into the wants and needs and buying ability of his customers. The scene of the survey is Edgar County, Illinois; area 675 square miles,
population 26,000, of which 8,000 are in the small
city of Paris, the county seat. He thus describes the
county: "Black loam and brown silt, fields crisscrossed by thousands of corn rows, clusters of trees
breaking the roof lines of farm houses in gentle rollings of the land, villages every five or six miles centred on church spires, roads converging from all directions upon Paris, the county seat."
Mr. Albert believes this to be a typical county of
the region. He sets about his task by making personal inquiries to which not a single person refused
an answer. He was further aided by the Edgar
County Farm Bureau. Interested almost exclusively
in the financial side of his problem, he attained to
some very definite figures. We give some of the
more important of them. He found the money income of the country to be "very great." "From
major sources alone it passed $11,400,000. This is
the equivalent of $2,500 for each household." We
quote the following paragraph as to earnings: "Industrial wage earners in Paris factories earned $845
a year on an average. Storekeepers had an average
earning of $2,650 each. Town workers above the
grade of helpers were paid $1,100 on the average.
All that remain of workers not on farms, that is to
say the clerks in the stores, the half-skilled laborers,
the waiters in small restaurants, the drivers of delivery wagons and the like, earned in the towns an
average of $830 a year." As to workers on the farms
he found: "Hired help on the farms seemed to be at
least equally well paid. There are 2,352 farm units,
and four of them out of five took on workers by the
year for about $40 a month for each man," families
"somewhat more. . . . In each case a room was
furnished or a house; and for each family the means
were provided for the growing of all the green food,
all the meat, and all the dairy products the family
could use, along with most of its fuel." And then
there appears this "remarkable statement":"there is
no poverty in all Edgar County!"
Follows another important statement: "Not a
dollar has been added to the savings of Edgar County
in two years. On the contrary,the money on deposit
for savings has diminished." Let us state some of
the bare figures deduced. Community income "cannot be put much above $12,000,000." Total for food
and apparel about $1,990;000; transportation of all
kinds, $3,583,306; "and of this about two-thirds—
the great sum of $2,190,000—is spent for the purchase
Of automobiles, for garage service and accessories,
for gasoline and lubricants." Again: "Edgar
County rural sections spend more than one dollar
in four of their gross income on automobiling. This
is fifteen times what used to be spent on pleasure
vehicles for these same farms." The general store
gets about a fourth as much trade "as the larger
stores at the county seat." Mail order houses sell
on the installment plan as well as for cash. "All in
all, not counting bulk commodities such as coal and
building materials, a full third of all the retail trade
of Edgar County is transacted through mail order
firms at a distance." Total taxes paid "$1,367,000
for 1926." "Interest on loans of all kinds exacts

Nov. 5 1927.]

THE CHRONICLE

another tenth, $1,030,423, though the payments to
banks and mortgage companies seem not more than
$827,000." The investigator's conclusions are as follows: "That in a rich countryside all financial operations are now subject to riding in automobiles;
that installment buying by mail is routing direct
buying over the counter; that taxes and interest on
loans have become lesser items of expense; that at
least for the year 1926 money is not being saved;
that a relatively small amount of financial planning
and reorganization would greatly increase the comfort of these households."
We have quoted thus copiously from Mr. Albert's
article because of its high interest and importance.
We believe in physical character this is an average
county of the mid-West—though there are sections
where the soil is more diversified and not so rich in
loam, and perhaps better adapted to varied farming.
The modes of household life which he depicts are
probably an average for the whole section, though
owing to universities and colleges there are counties
and even States that would show a higher average
of taste and culture, we think, than is typified by
this one county. But production and consumption
and transportation on these farms does not, in our
judgment, differ materially from that prevailing in
the whole section. "And there is no poverty." Crossing the Alleghanies in the manufacturing section
where wages are high there is poverty. Again, as
seems evident, the increase in total savings bank deposits must upon this appraisal come from the
manufacturing section. And there are many gaps
in this financial showing that must be filled to gain
a complete view. Notwithstanding, while we have
here no statistics as to average acreage in the unit
farm, bulk production of grains, prices at the markets, so-called buying power of the dollar, we find
no real groundwork for the "revolt in the West."
"Two-thirds of the homes in Edgar County have
phonographs now, beyond question, probably half
have radios," and therefore, while interior furnishings may be crude, these farm communities are
striving to live up to the new fashions, be they considered luxuries or necessities. Where does the political revolution so direly hinted, then, have its
origin?
Again, if the farmer in this section must sell his
corn and wheat at world prices, does he not buy at
world prices when he patronizes the mail order department store at a distance? This farmer pays out
a tenth of his income for taxes and nearly another

2443

tenth for interest on loans, these two items about
equaling the automobile expenditure. We do not
have the average price of land per acre. But taxes
and interest bulk large against the total income. So
that, even in a single county, there may be widely
different degrees of living. Yet, applying the estimates we have, if a farmer has no interest to pay
and can do without the automobile he could save
three-tenths of his income, or at least three-tenths
of his share of the total income of the county. And
while the figures given us are far from conclusive,
they do indicate that there is both room for saving
and need for it. No doubt some who are industrious,
thrifty and capable do save. The excessive expenditures of others wipe this fact out in the averages.
Country banks hold deposits that in fact are savings,
though not so named. Averages are often misleading. What is disclosed is that here is a farming community that is living so well that it can and does
enjoy certain semi-luxuries and for the time being
at least escapes poverty. If, therefore, the income
indicated permits this sort of living the wolf is not
crying at the door. Can Government, then, be asked
to average the mode of living between the various
industries and occupations throughout the country
because one business or section has more income
than another, and could it do so if it tried?
The impressive value of this investigation is not
that it tells the whole story of farming, but that it
proves that the farmer has it in his power to help
himself without Government relief. One such investigation must be coupled with many others in order
to give us a complete view. But we have enough to
show that when times of unemployment and depression come the basis of this mode of life and living
will be less affected than many others. And it
may appear before many years have passed that
the mid-West farmer has already seen his worst
days.
The land boom of the inflation period is over and
there are signs of recuperation and of a steadying.
The black loam of this region is practically inexhaustible. If the plant is kept in its natural good
condition, and if energy and forethought are applied,
it will go on producing indefinitely. The fads and
fashions of an era of spending and enjoying may
pass, but the necessities of life will continue unabated. The farmer primarily deals in these necessities, though the figures show he is avid for the
luxuries. A proper balance in his own mode of living would do much to relieve his perplexities.

Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 4 1927.
Much of the week warm weather continued to affect
retail trade unfavorably and also for that matter wholesale and jobbing business. The retail trade felt the unseasonable temperatures the most. But the last few days
temperatures have fallen at the West and the South and
within 4& hours at New York and along the Northeastern
Atlantic Coast. Snow storms occurred at the West. This will
probably cause some increase in business. As for iron and
steel, however, there are no signs of improvement There
is no doubt that the sales of these commodities are disappointing, even at yielding prices. The trade in automobiles
not up to expectations either. General trade is well below
the level of a year ago. There is a very noticeable decrease
from 1926 in car loadings, although on the other hand the




total has just reached the highest level of the year which
may mean a turn for the better. For 10 months mail order
sales are 34% larger than in 1926. Failures are more
numerous than those of a year ago, except in the Northwest and at the South. The South is getting $45 a bale
more for cotton than it did at this time last year. Southern banks are carrying larger balances and money is easy
there. The amount of commercial paper outstanding is
said to be nearly as large as that of a year ago. In some
cases iron and steel have declined and also bituminous
coal, lead and zinc as well as tin. Rails have been in
rather better demand. A better export inquiry has recently
prevailed for copper at some advance. The grain markets
have advanced slightly. But latterly partly owing to a
holiday in Europe export business in wheat has been
slower. Today the sales though not at all large included

2444

THE CHRONICLE

(Vol,. 125.

hard wheat of this country to go to Portugal and some red 31 a reduction of 10% in wages went into effect at the
wheat to France. A recent estimate of the Australian Lowell plant of the Pepperell Manufacturing Co. affecting
wheat crop was 94,000,000 bushels. This it is supposed some 1,400 employees. The plant is being run at 75% of cawill leave only 50,000,000 bushels for export as against pacity figured on a pound production basis. Manchester,
110,000,000 on the last crop. Europe it is believed will N. H. wired that with several of central New Hampshire's
have to buy more American wheat than it did last year. hosiery mills working overtime it is estimated that this
Prolonged rains in France and Germany lowered the grade particular industry is operating at an average of 75%,
of wheat for milling purposes. The total wheat exports against 50 a year ago. At Lawrence, Mass, production
from North America thus far this year are practically in the Wood Worsted Mill of the American Woolen Co.
equal now to those of a year ago though at one time they Is running ahead of a year ago and the plant which norfell well behind those of 1926. The weather has been more mally employs 7,500 hands is operating clase to 75% of cafavorable for curing the corn crop, and latterly there has pacity, the highest rate It is said reached in several years.
been no pressure on the part of the country to sell. It is Augusta, Me. wired that reports are current that several
noticed that Argentine has exported during the past week woolen and worsted mills in Maine, idle for some time will
nearly 300,000 bushels of corn to the United States and about be reopened. The Center Woolen Mill at Dexter, Me. which
one-third as much to Canada. The Far West and the Pa- has ben idle since May has resumed operations. Charlotte,
cific Coast are buying corn in the Central West. Farm re- N. C. also wired that Carolina textile mills face a period of
serves are 70,000 bushels smaller than a year ago. The price continued prosperity with a highly favorable reaction on
of oats is considered unduly low, and it has advanced some- business in general. Greenville S. C. mills are reported to
what during the week. There is some tendency towards be very busy.
Montgomery, Ward & Co.'s sales for October were $21,foreign buying of oats, as well as corn, though not as yet
on any considerable scale. Rye has moved up about one 567,455, an increase of 7% over October 1926. Sales for
cent, although the export demand has subsided for the the first 10 months of this year amounted to $156,013,344,
time being. Recent reports about the German rye crop a decrease of 0.1% from the corresponding period last year.
were unfavorable and later on there may be a German de- Sears, Roebuck & Co.'s sales for October were $29,301,592,
mand in this country. Provisions have declined somewhat. an increase of 9.1% over October 1926. Sales for the first
Coffee has advanced noticeably in response to rising prices 10 months of this year totaled $228,567,254, an increase
for the most part in Brazil. Brazil seems to be well sup- of 6.4% over the same period last year.
The weather here has been mostly mild and indeed sumplied with funds for the "defense" of the price of coffee,
and for some months this year there was a tendency here merlike. Rain fell on the 2nd and 2rd insts, but temperato oversell the market in the belief that the crop would tures have been 20 degrees higher than a year ago. The
prove too burdensome for Brazil to handle. It has not highest on the 2nd inst. was 68 degrees; average 62, or 13 deturned out so as yet. Sugar has declined somewhat in a grees higher than th average for 46 years. The West has
dull market awaiting action by the Cuban authorities as to been cooler with rain this week. In Canada there have been
the date of beginning grinding of the crop in Cuba. Cuba snows and rains. Chicago earlier in the week had temhas agents in Europe endeavoring to secure the co-opera- peratures of 44 to 46 degrees; Cincinnati 46 to 52, Cleveland
tion of producing countries in crop restructive measures 48 to 54; Detroit 48 to 54; Duluth 36 to 48; Indianapolis 48
there and seems to be meeting with some success, in Czecho- to 50; Minneapolis 44 to 50; Milwaukee 42 to 48; Omaha 54 •
Slovakia and elsewhere. Meanwhile sugar refineries are to 56 and Winnipeg 30 to 40. On the 3rd inst. came rains
not having a satisfactory trade and prices have declined. here which continued up to an early hour this morning, and
2 inches fell yesterday. There were snows
Cotton advanced $3.50 to $4 a bale during the week owing something over 11/
partly to the prevalence of frost over the Southwest which and rains in Northern New York. Rains with floods swept
spread at one time to the Central and Eastern belt. Kill- New England, Rutland, Vermont was isolated. Many trains
ing frost occurred in Tennessee and Texas. It is said not were stalled. The National Guard of Vermont was called
to have done very much harm as it was not general. But out to aid refugee families. In Massachusetts traffic was
It had an effect for all that. The average crop estimate at delayed. In fact the Boston & Maine lines at Boston, Mass.
the Exchange here is 12,555,000 bales. Last month it was was made impassable by washouts. Railroads were tied up
very close to the Government total. The into-sight move- in Vermont. Big rainfalls and swoolen streams hit Northment for the week was very heavy but it was offset by large ern New York. Highways were closed in Connecticut.
spinners takings and with diminished hedge selling and a Brooklyn and Long Island suffered in New York, the temtrade demand partly from the Japanese. As to the im- peratures were 60 to 64, in Chicago 38 to 54, in Cleveland
mediate future of prices much depends upon the tenor of 44 to 48, in Kansas City 42 to 64, in St. Paul 46 to 48, in
the Government report on the size of the crop and the gin- Winnipeg 24 to 48. Today it is stated that the Hudson
flings to be issued on November 9. Rubber has advanced River shows a rise of 10 feet at Albany. Here today the
nearly a cent during the week as it looks as though more temperature at 3 o'clock was 43. The forecast was for
stringent measures will be taken to enforce the Stevenson cloudy and continued cool weather.
plan to restrict output and exports. The stock market of
late has shown an upward tendency with railroad and in- Business Outlook Based on Reports of Shippers' Regional Advisory Board—Freight Car Requirements
dustrial shares in demand, and shorts covering freely. Not
for
Next Three Months Below Those of Year Ago.
spots.
unnaturally there were a few weak
Today copper,
Transportation requirements for 27 of the principal comtobacco and some other specialties advanced, and the transmodities in the fourth quarter this year (the months of
actions in general continued on a remarkably large scale.
October, November and December) will be approximately
The total sales today were 2,063,500 shares which is some
174,000 cars below the same period last year, or a decrease of
600,000 shares larger than on the same day last year. The
1.9%, according to reports just received and made public
total thus far in 1927 is about 70,000,000 shares larger Oct. 17 by the Car Service Division of
the American Railway
than up to this time in 1926 and much more than double Association from the thirteen Shippers'
Regional Advisory
some of the earlier years. In other words the extraordi- Boards which now cover the entire United States. On the
nary activity in stocks which has been in progress for years basis of these reports, which are compiled as a result of inpast shows no signs of real abatement. It certainly makes formation collected by the various commodity committees
a striking page in the business history of the United States. of the thirteen separate Shippers' Regional Advisory Boards,
Of late foreign exchange in general has been somewhat the Car Service Division estimates that 9,232,000 cars will
firmer. Money has remained at around 31h%. London was be required to move those commodities in the last three
more active and strong today. The Bank of England is months this year, compared with 9,406,000 cars for the same
shipping gold. Paris was irregular. Japan is understood months in 1926. The further adviees from the American
Railway Association state:
to be preparing for a return to the gold standard in the
Of the thirteen boards, six estimated an increase in transportation requirements for the last three months of the year compared with the same
near future.
last year, while the other seven estimated a decrease. The six
period
Statements for the first 41 public utility companies to boards estimating an increase over the preceding
year were the Middle
report income for the month of September show a gain Atlantic States, Ohio Valley, Northwestern, Central Western, Pacific Coast
the Pacific Northwest. Those estimating a decrease were the New
In gross earnings of 7.3% over September last year and and
England, Allegheny, Great Lakes, Southeastern, Middle Western, Trans15% in net operating income.. At Lowell, Mass., on October Missouri-Kansas and the Southwestern boards.




Nov. 51927.1

THE CHRONICLE

The estimate by each Shippers' Regional Advisory Board as to what
freight loadings by cars are anticipated for the 27 principal commodities
In the last three months of this year compared with the corresponding period
in 1926 and the percentage of increase or decrease follow:
Per Cent of
Increase or Decrease.
1927.
1926.
Board165,310
165,394
New England
1.4 Increase
1,088.766
1,073,916
Middle Atlantic Stated
2.0 Increase
1,265.355
1.240,622
Ohio Valley
12.5 Increase
427.298
379,845
Northwestern
1.2 Increase
342,200
338,178
Central Western
9.3 Increase
416,611
381,205
Pacific Coast
Increase
5.3
322,104
305,881
Pacific Northwest
6.3 Decrease
1,309,373
1 397.133
Allegheny
7.5 Decrease
528,804
571,470
Great Lakes
5.2 Decrease
1,145.553
1 208,688
Southeastern
6.4 Decrease
1.129,649
1,206,643
Middle Western
.2 Decrease
401.821
402,681
Trans-Missouri-Kaasas
6.2 Decrease
689.509
Southwestern
734,732
In submitting reports to the Car Service Division, each board estimated
what freight car requirements will be for the principal industries found in the
territory covered by that board. On the basis of this information, the Car
.Service Division estimates that of the 27 commodities, increases in transportation requirements will be required for 14, as follows: All grain; flour,
meal and other mill products; potatoes; other fresh vegetables; clay, gravel,
sand and stone, including gypsum, crude and powdered; petroleum and
petroleum products; sugar, syrup, glucose and molasses; cement; lime and
plaster; agricultural implements and vehicles other than automobiles;
fertilizers of all kinds; paper, printed matter and books; chemicals and
explosives; and canned goods, which Includes all canned food products.
Commodities for which a decrease is estimated include: Hay, straw and
alfalfa; cotton; cotton seed and products, except oil; citrus fruits; other
fresh fruits; live stock; coal and coke; ore and concentrates; lumbar and
forest products; iron and steel; castings, machinery and boilers; brick and
day products; and automobiles, trucks and parts.
The estimate as to what transportation requirements will be for various
commodities for the fourth quarter compared with the same period last
year follows:
Percentage of Increase (+) or Decrease (-).
CommodityCommodity+7.5 Sugar,Syrup, glucose dr molasses__ +3.4
grain
All
-3.7
+3.9 Iron and steel
Flour, meal and other mill prod
-7.6
-12.0 Castings and machinery
Hay,straw and alfalfa
+3.9
-24.4 Cement
Cotton
-4.2
Cotton seed & prodls, except oll....-21.9 Brick and clay products
and
plaster
-3.0
Lime
fruits
Citrus
-16.5 Agricultural implements and vs..
Other fresh fruits
hicks other than automobiles_ _ _ +.7
+2.9
potatoes
+.1 Automobiles, trucks and parts_ __ -1.6
Other fresh vegetables
-1.3 Fertilizers, all kinds
+2.0
Live stock
-2.0 Paper, printed matter and books__ +6.6
Coal and coke
+10.3
-5.9 Chemicals and explosives
Ore and concentrates
+2.6 Canned goods, which includes all
Clay. gravel, sand and stone
-2.6 canned food products
+.9
Lumber and forest products
Petroleum dr petroleum products__ +3.0

Wholesale Trade In U. S. in September As Reported
By Federal Reserve Board-Less Than Seasonal
Increase Shown.
Volume of trade of wholesale firms reporting to the Federal
Reserve system showed less than the usual seasonal increase
between August and September. Compared with September
a year ago total sales averaged 5% smaller, reflecting decreases in all reporting lines except shoes and drugs. Sales by
wholesale distributors were in relatively large volume in
August and this may, in part, account for the less than
usual seasonal increase in September. In 1926, on the other
hand, the volume of wholesale trade reached its peak in
September and was in that month 5% larger than in September of this year. The Board also states:
For the first nine months of this year as a whole sales of reporting wholesale firms averaged 3.5% smaller than in the corresponding period of last
year. Decreases were reported in all lines except shoes and drugs. Percentage changes in the value of sales in September, as compared with
August of this year and September of last year, and in the first nine months
of the year as a whole, as compared with the corresponding period of last
year, are as follows:
Changes in Value of Wholesale Sales.
Percentage of Increase (-1-) or Decrease(-)in sales in
Sept. 1927 Compared With:
Sept. 1927, Compared With First Nine Months of 1927.
Compared with
LineAugust
September,
First Nine
1926
Months of 1926.
1927
-7.1
-3.0
Grocery
+ 3.5
Meat
-7.3
-6.8
+ 6.4
Dry goods
-7.0
-4.4
- 2.4
Shoes
+4.0
+4.0
+ 9.7
Hardware
-2.5
+10.0
-3.2
Drugs
+5.5
+1.5
+ 3.9
Total, six lines
-5.5
-3.5
-1-3.6
Among the additional lines from which data are received but not included
in the above table, sales of women's and men's clothing were slightly
smaller than in September of last year, while those of furniture were somewhat larger. Domestic sales of agricultural machinery and farm equipment were 16% larger in September than a year earlier, according to reports
received by the Federal Reserve Bank of Chicago from 76 manufacturers.
Orders for machine tools placed with firms reporting to the National
Machine Tool Builders' Association were 38% smaller in September than
in August and 45% smaller than in September of last year.
Stocks of Wholesale Firms.
Merchandise stocks carried by reporting wholesale firms were smaller
In value at the end of September than in August in all lines except groceries.
Compared with September a year ago, stocks were smaller in all reporting
lines except shoes.
Index'numbers of the dollar value of sales in six leading lines of wholesale
trade are given below. On the following pages are shown changes In sales
stocks by lines and by Federal reserve districts.
Value of Wholesal Trade by Lines.
(Index numbers with average monthly sales in 1919 as 100.)
Groceries. Meal.
Dry
Shoes. Hard- Drugs. Total
Goods.
ware.
1925.84
July
77
52
99
78
113
82
82
81
102
73
August
99
115
83
September
92
66
114
84
112
124
97
1927.78
72
53
75
94
July
119
77
83
August
75
109
79
99
126
88
85
so
106
87
109
131
91
September




2445

CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS
BY LINES AND BY FEDERAL RESERVE DISTRICTS
(Increase + decrease (-) %)
Bales: September 1927
Stocksa: September 1927
compared with
Line and Federal
com%ared with
4%7.1927
Sept. 1926
Reserve District
Aug. 1927 Reid. 1926
Groceries- 7.1
United States
+3.5
+ 2.4
-5.2
-1.8
-6.4
Boston district
+7.5
-2.5
-3.2
New York district
-1-6.3
+9.4
-4.9
-11.8
+2.4
Philadelphia District.
+2.9
-4.1
+7.1
-9.7
Cleveland District
+0.8
+1.5
-5.2
+9.3
+10.4
Richmond district._ -0.1
-12.6
+0.1
-0.6
-14.1
Atlanta district
-8.1
-2.5
-0.1
Chicago district
-14.2
-16.5
+17.1
+4.1
St. Louis district_ _ _
-2.8
-1.0
+6.0
-1.0
Minneapolis district..
-6.0
-9.9
-5.2
+1.5
-2.7
Kansas City district
-6.2
+11.2
+7.8
-2.6
Dallasdistrict
-5.8
+25.2
+1.0
-6.6
San Francisco district
Dry Goods-2.4
-7.0
--6.0
-2.8
United States
-20.8
-15.0
New York district__
.i
-1-11:7
-8.4
-Fi.
+23.9
Philadelphia district:
+2.2
-5.5
-10.3
+3.8
Cleveland district..._
-6.6
+0.1
+4.6
4-3.4
Richmond district...._
-5.4
-24.5
+8.7
+9.8
Atlanta district
-15.0
-18.3
-3.1
Chicago district
+5.0
-6.0
+13.6
-7.9
St. Louis district--20.8
-8.6
+13.0
-2.2
Kansas City district:
-13.5
-3.7
-9.3
Dallas district
-13.31
+8.0
-1.5
-7.4
+3.1
San Francisco district
+2.5
Shoes-1.9
+3.7
+4.0
United States
+9.7
-3.8
+3.6
-6.6
-7.9
Boston district
-12.6
-40.8
+7.6
New York district_ _ _
+5.2
-20.4
+4.1
-17.1
-8.5
Philadelphia district_
-13.9
-4.6
+7.9
-16.1
Cleveland district_ --11.7
-3.7
-14.2
Richmond district_
+0.6
+5.0
+8.4
Atlanta district
-13.4
-:i
-7.4
Chicago district
1---8:2
+0.6
-7.8
-3.5
-1.1
St. Louis district_
-14.0
-29.0
-6.0
-17.0
Minneapolis district_
-3.9
-1.4
-0.6
-4.6
San Francisco district
Hardware-2.5
-1.1
+10.0
-3.0
United States
-3.3
+14.0
-2.0
-16.6
New York district
+6.9
-4.5
-0.5
+0.7
Philadelphia district:
-6.8
-3.7
-3.3
Cleveland district., _
+8.3
+3.0
-1.8
Richmond district
+9.5
+1.9
-12.9
-8.6
+0.2
Atlanta district
+8.4
-1.9
-9.0
-5.0
+6.6
Chicago district
-1.0
-20.9
-5.6
St. Louis district
_
+6.2
+4.0
-1.0
.-1.0
Minneapolis district_
+8.0
+1.7
-3.2
-0.6
Kansas City district+7.1
-1,3
-1.6
+27.0
Dallas district
+4.5
-8.8
San Francisco district
-0.8
4-6.0
Drugs-1.3
-4.8
+3.9
4-5.5
United States
-1.9
-12.2
+27.7
+4.1
New York District
-1.9
25.8
+2.0
+3.5
Philadelphia District
--+5.4
Cleveland District
+0.4
--- +7.6
+2.5
Richmond district
+9.4
+6.0
Atlanta district
-1-1-j
4077
-4.4
+8.7
Chicago dist-ict
+14.4
+4.2
St. imuistustrict
-:-2:9+4.4
-Ei
+13.5
Kansas City district
-9.6
--4.6
+6.3
-1.2
Dallas district
3.2
--__
San Francisco district
+5.3
+6.8
Furniture+0.2
-3.8
Richmond district
--2-2:8
.7:1
-0.6
Atlanta district
+17.8
-24.4
-1.2
-5.3
+22.5
St. Louis district
-4.2
-4.3
0.5
+3.7
Kansas City district
5.1
5.1
San Francisco district
-2.4
+7.3
Agricultural Implements-+16.3
United States b
-15.4
."/.6
--6.
.ii
Minneapolis district
-48.0
+66.0
-10.4
Dallas district
+5.9
+ 4.6
+2.2
Stationery and PaperNNew York district......___ -3.8
-15.6
Philadelphia district
-4.7
-10.8
-i-i .
-1---5:9
Atlanta district
+76.1
+9.6
San Francisco district
.
-L0:6
+7.0
.L:7:5
-5.7
Automotelle SuppliesSan Francisco district- +1.0
+1.1
+ 0.1
+1.4
ClothingNew York district
-7.3
-10.7
+37.4
St. Louis district
+84.2
Cotton Jobr et's-0.2
New York district
-9.9
-1.8
-4.3
Silk GoodsNew York district
-18.9
-194
Machine ToolsUnited States c
-37.7
-45.3
Diamonds+15.5
-20.2
___
New York district
-_ _
Jetrelry+1.4d
10.4
+9.9d
+40.0
New York district
+5.7
-10.4
-2.5
- 5.3
Philadelphia district
Rtectrital Supplies-25.4
+3.3
+45.4
-20.7
Philadelphia district
-16.0
+1.4
+10.0
-21.8
Atlanta district
+14.3
-2.3
-5.5
+35.4
St. Louis district
+16.3
+18.4
+5.1
San Francisco district_ -.
+ 0.5
Stores-I
-18.9
- 3.0
+ 4.4
+8.6
St. Louis di stric
t
a Changes in total stocks for the United States are weighted averages computed
on the basis of firms which have reported regularly to the Federal Reserve System
since January 1923.
b Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of leading manufacturers and include all
of their domestic business.
c Based upon indexes of orders placed with manufacturers furnished by the National Machine Tool Builders' Association.
d Includes diamonds.

Monthly Indexes of Department of Commerce-Increase
in Production of Raw Material.
The Department of Commerce presents under date of
Oct. 31, the following monthly indexes of production, stocks
and unfilled orders:
Production.
Production of raw materials in September, as seen from the weighted index
of the Department of Commerce, was greater than in September of last year,
Increases in the marketings of crops and the production of forest products
being more than sufficient to offset declines in the output of minerals and in
the marketing's of animal products. The output of manufactures, after
adjustment for differences in working time, showed no change from the
preceding month but was lower than in September of last year. The
unadjusted figures showed increases over the preceding month in the output
of nonferrous metals and in the production of chamicals and oils, all other
industrial groups either declining or showing no change. As compared with
last year. increased output was registered in foodstuffs, textiles, leather and
leather products, chemicals and oils, stone, clay and glass products and
tobacco, all other groups declining.

2446

[VOL. 125.

THE CHRONICLE

.
Commodity Stocks.
, Miscellaneous freight loading for the week totaled 442,496 cars, a deStocks of commodities, after adjustment for seasonal variations, were crease of 13.320 cars under the corresponding week last year but 8,615
lower at the end of September than at the end of the previous month, but cars above the same week in 1925.
Coal loading amounted to 193.272 cars. This was a decrease of 33.532
higher than a year ago. As compared with the preceding month, commodity stocks showed declines in the holdings of raw and manufactured food- cars under the same week last year but an increase of 4,116 cars compared
stuffs, stocks of other manufactured commodities and raw materials for with the same period two years ago.
Grain and grain products loading totaled 60,378 cars, an increase of
manufacture showing increases. As compared with last year, all groups
6.063 cars above the same week in 1926 and 11,954 cars above the same
showed increased stocks.
period in 1925. In the western districts alone, grain and grain products
Unfilled Orders.
The unfilled-order index, covering principally iron and steel and building loading totaled 43.343 cars, an increase of 6,136 cars above the same week
materials, reached a new low point in September, both major groups being last year.
Live stock loading amounted to 40,670 cars. an Increase of 571 cars
lower at the end of that month than at the end of either the previous month
above the same week last year but 523 cars below the same week in 1925.
or a year ago.
In the western districts alone, live stock loading totaled 32,383 cars, an
The index numbers of the Department of Commerce are given below:
increase of 999 cars above the same week last year.
Production (Index numbers: 19113=100)—
Aug. 1927, Sept. 1927. Sept:26.
Loading of merchandise and less than carload lot freight totaled 269,346
Raw materials—total
132
159
148
cars,
a decrease of 3.225 cars below the same week last year and 2,413
154
Minerals
147
15.1
Animal products
113
107
111 cars below the corresponding week two years ago.
137
202
172
Crops
Forest products loading totaled 67,900 cars, 5.054 cars below the same
126
126
Forestry
120
cars below the same week in 1925.
128
Manufacturing, grand total (adjusted)
128
135 week last year and 3,961
Ore loading totaled 45.036 cars. 20.259 cars below the same week in
133
128
Total 'unadjusted)
135
133
125
114 1926 and 5,472 cars below the corresponding week two years ago.
Foodstuffs
119
119
110
Textiles
Coke loading amounted to 9.388 ears, a decrease of 3,699 cars under the
117
Iron and steel
110
132
171
177
Other metals
180 same week in 1926 and 4,507 cars below the same period in 1925.
All districts except the Central Western, reported decreases In the total
148
Lumber
145
151
106
102
Leather
94 loading of all commodities compared with the corresponding period in
Paper and printing
111
119 1926, but all except the Eastern. Alleghey and
100
Pocahontas districts reported
Chemicals and oils
190
198
187
Stone and clay products
190
181
165 Increases compared with the corresponding period in 1925.
Loading of revenue freight this year compared with the two previous
Tobacco
144
143
133
Automobiles (included in miscellaneous group)
192
241 years follows:
157
127
112
147
Miscellaneous
1927
1925
1926
Commodity Stocks (Index numbers: 191=100)(unadjusted)—
4,524,749
4,456.949
4,428,256
153 Five weeks in January
168
weeks in February
3,823.931
3,623,047
3,677,332
Raw foodstuffs
191
194
188 Four
4,016.395
3.702,413
3.877.397
138 Four weeks in March
Raw materials for manufacture
124
172
4,890,749
4,710,903
4,791,006
94 Five weks in April
Manufactured foodstuffs
108
99
weeks
In
May
Four
4.096.742
3,869,306
4,145,820
186
192
172
Other manufactured commodities
Four weeks in June
3,974.160
3,965,872
4,089,340
(Adjusted for seasonal element)
4,935,397
4.945.091
5,213,759
192
175 Five weeks in July
205
Total
4,249.359
4.321.427
4.388.118
256 Four weeks in August
319
277
Raw foodstuffs
4,360.022
4,297,936
4,523,112
146 Four weeks in September
172
Raw materials for manufacture
180
Oct.
1
Week
ended
1,126.390
1.113,283
1,180,049
93
88
95
Manufactured foodstuffs
1,100.552
1,106,036
1,174,928
205
183 Week ended Oct. 8
Other manufactured commodities
204
Week ended Oct. 15
1,119.872
1,106.009
1,202.780
Unfilled Orders—
Oct.
22
Week
ended
1,128,486
1,120,677
1,200,941
49
Total .192(100)
40
38
Iron and steel
Building materials

31
77

30
69

38
92

Total

43,346,804

42,338,949

43,892,838

New York Federal Reserve Bank's Indexes of Business Production of Electric Power in the United States
Shows Increase Over 1926.
Activity.
The total output of electric power by public utility power
From the November 1 Monthly Review of the Federal
plants in the United States for the month of September
Reserve Bank of New York we take the following.
This bank's indexes of business activity for September continued to show amounted to 6,559,840,000 kilowatt hours, an increase of
mixed changes as compared with the previous month and a year ago. about 5% over the corresponding month a year ago, according
Bank debits in 140 centers outside of New York City increased sharply
In September and were 10% larger than a year ago, compared with an to the Division of Power Resources, Geological Survey. Of
average increase of 3% during the first 8 months of the year. The index this amount 2,223,254,000 kilowatt hours were produced by
of debits in New York City was higher than ever before, accompanying water power
and 4,336,586,000 kilowatt hours by fuels.
continued heavy stock exchange trading.
Car loadings of merchandise and miscellaneous freight on a daily basis Production for the month of August 1927 was 6,661,290,000
also increased in September by more than the usual seasonal amount kilowatt hours, an increase of approximately 7% over the
and compared favorably with 1926 and 1925. Loadings of the heavy bulk
freight, however, increased less than seasonally and were considerably same month in 1926. The "Survey" further reports:
smaller than a year ago. An increase of 4% in mail order sales over last
year reflects the increased purchasing power in agricultural districts this
year.
September indexes of business activity in percentages of the computed
trend, with allowance for seasonal variations, and, where necessary, for
price changes, are compared below with figures for recent months and a
year ago.
(Computed Trend of Past Years=100%.)]
1928.

Sept.

July.

Primary Distribution
Car loadings, merchandise and misc
109
105
Car loadings, other
108
93
—
Exports
106
104
Imports
121
119
Grain exports
63
112
Panama Canal traffic
96
98
Distribution to Consumer
105
101
Department store sales, 2nd Dist
104
106
Chain store sales
108
117
Mall order sales
116
109
Life insurance paid for
104
97
Real estate transfers
104
97
Magazine advertising
107
97
Newspaper advertising
General Business Activity
110
116
Bank debits, outside of N.Y.City
136
123
Bank debits. New York City
105
106
Bank debits, 2nd Dist.excl. N.Y.City
110
Velocity of bank deposits, outside of New York City_ 98
127
135
Velocity of bank deposits, N.Y.City
173
176
Shares sold on N.Y.Stock Exchange*
99
92
Postal receipts
108r
106?
Electric power r
104
100
Employment in the United States
93r
104r
Business failures?
104
Building permits
133
112
116
New corporations formed in N.Y.State
186
183
General price level
* Seasonal variation not allowed for. p Preliminary. r Revised.

1927.

Aug.

Sept.

103

105
96
1029
122p
166

97
105
127
120
97

1

Change in
July
1927.

August
1927.

Output from
Previous Year.

September
1927 .

Division.

Aug.

Sept•

420,105,000 442,236,000 448,273,000 +8% +5%
1,656,836,000 1,688,094.000 1,670,609,000 +1% +1%
1,474,970,000 1,524.507.000 1.523,098,000 +5% +1%
398.233,000 409,373.000 420,127,000 +5% +7%
674.888,000 719,207,000 699.303.000 +18% +15%
282,374,000 303,507,000 314,269,000 +21% +18%
289.295,000 294,312,000 291,008,000 +27% +21%
311,026,000 314,179,000 296,532,000 +3% +0%
947.572,000 965,875,000 896,621,000 +12% +10%

New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific

6,455,299,000 6,661,290,000 6 559,840,000 +7% +5%
The average production of electricity by pub lc utility power plants in
the United States in September was 218.700.000 kilowatt hours per day,
about 2% larger than the average output for August.
The usual seasonal increase in the demand for electricity which starts
each year during the later part of the summer period was well under way
during August and September. The output by the Use of water power
In September. owing to low-water conditions in streams utilized for power
purposes, was at about the minimum for the year.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
Total United States_

108
101
121
113
98
104
102

108
105
110
111
94
100
102

112
146
102
104
145
234
98
105r
100
107r
129
113
184

118
151
111
109
153
235
93
99
101
119
112
184

Railroad Revenue Car Loadings Large But Continue
Below 1926.
Cars loaded with revenue freight for the week ended on
Oct. 22 totaled 1,128,486 cars, according to reports filed on
Nov. 1 by the railroads with the Car Service Division of the
American Railway Association. This was an increase of
8,614 cars above the preceding week, with increases reported
in the loading of grain and grain products, forest products,
merchandise and less than carload lot freight and miscellaneous freight. Decreases, however, were shown in the
loading of all other commodities. The total for the week of
Oct. 22 was a decrease of 72,455 cars under the same week
last year but 7,809 cars above the same week in 1925. Details are as follows:




PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).

UTILITY POWER PLANTS IN 1926 AND 1927.

_...I

January
February- -.._
March
April
May
June
July
August
September_
October
November_ - _
December
Tntn1

1926.

1927.

Increase
1927
Over
1926.

6,150,000,000
5,629,000,000
6,178,000,000
5,812,000,000
5,849,000,000
5,920,000,000
5,955,000.000
6,175,000,000
6,221,000,000
6,594,000.000
6,482,000,000
6,817,000,000

6,730,000.000
6,080,000,000
6,717,000,000
6,416,000,000
6.582,000,000
6,475,000,000
6,455.000,000
6,661,000,000
6,560.000,000

9%
8%
9%
10%
12%
9%
8%
7%
5%

73.701.000.000

--_
-_

Produced by
Water Power.11
1926.

1927.

32%
34%
37%
40%
40%
38%
34%
34%
33%
33%
35%
35%

35%
36%
38%
40%
41%
39%
38%
36%
34%

•IkOl_

The quant ties given in the tables are based on the operation of all power
plants producing 10,000 kilowatt-hours or more per month, engaged in
generating electricity for public use, including central stations and electric
railway plants. Reports are received from plants representing over 95%
of the total capacity. The output of those plants which do not submit
reports is estimated: therefore the figures of output and fuel consumption
as reported in the accompanying tables are on a 100% basis.
The following table containing data published by the Department of
Trade and Commerce from Canada shows the amount of electricity exported
to the United States from Canada and imported to Canada from the United
States in 1926 and 1927 (in kilowatt-hours):

Nov. 5 1927]

THE CHRONICLE
Exports.

Month.

January
February
March
April
May
June
July
August
September
October
November
December
Yearly total

1926.
115.793,000
101,155.000
110,911,000
115,696.000
119,398,000
127,351,000
132,225,000
142,857,000
146.678,000
144,160,000
119.381.000
127.568,000
1,503,173,000

1927.
130.894.000
121,829,000
133,702,000
129.709.000
124,749,000
139,439,000

Imports.

1926.
297,000
282,000
310,000
260,000
268.000
249.000
258,000
256.000
252.000
265,000
245,000
288,000
3,,
230000

2447

mostly to the automobile industry, it took in 1925 only 40 workers to
produce the

same quantity which it took 100 men to turn out in 1914.
1927.
281,000
266,000
446,000 Wholesale Trade in New York Federal Reserve District
408.000
in September Below That of Year Ago.
424,000
408,000
According to the November 1 Monthly Review of Credit
and Business Conditions of the Federal Reserve Bank of
New York "September wholesale trade in this district, as
reported by representative dealers, fell 8% below that of
September last year,following increases in July and August."
The Bank adds:
All lines covered by the reports showed less favorable comparisons with

tL+111++111+111
,00.PO01Na-.100010.0003
,
as Ea ; ;-4.D iu io 1,3

Orders for Electrical Goods for Third Quarter of 1927- 1926 sales in September than in August, with the exception of Jewelry
and diamonds. Machine tool sales were little more than half those of
Comparison With Previous Periods.
September 1926, and sales of dresses, silks, and stationery showed large
New orders booked during the third quarter of 1927, as declines.
Reported stocks of drugs and hardware were considerably smaller than a
reported to the Department of Commerce by 86 manufacago, and stocks of groceries and cotton goods were somewhat smaller,
turers of electrical goods, were $233,521,000, as compared year
but stocks of shoes remained well above the low levels of a year ago. Col$235,725,548
for the second quarter of 1927 and $241,- lections in September appear to have been slightly slower than last year
with
114,209 for the third quarter of 1926. The following totals In most lines.
of bookings for each quarter since the beginning of 1922 are
Per Cent of
presented by the Department not as a complete statement of
Accounts
Percentage
Percentage
Change
Change
Outstanding
the industry but as probably sufficiently representative to
Sept. 1927
Sept. 1927 ' Aug. 31
from
Collected in
from
indicate the trend:
Aug. 1927.
Sept. 1926.
September.
Commodity.
ORDERS FOR ELECTRICAL GOODS.
Stock
Stock
Net End of Net End of 1927. 1926,
Quarter.
1922.
. 1923.
1924.
1925.
1926.
1927.
Sales. Month. Sales. Month.
$
$
$
$
$
Groceries
$
+6.3 +9.4
-4.9 76.3 77.4
First.._ _ _ 143.320,453225.399,383228,760,838233,023,182 262,677,736 *245.178,960 Men's clothing
-15.8 __ _
____ 35.0 38.2
Second._ 165,370,750240,542.824 221,167.876 227.502,652 248.000,075 n35,725,548 Women's dresses
____ 58.2 600
Third-_ 167,984,466 201,910,099 185,747,314232.933,532 241,114,209 233,521,000 Women's coats and suits
__
+0.4
Fourth _ - 192,473,401218,165,415 231,470,552 244,597,050 260,078,082
Cotton goods-jobbers
--0.2 -1.8
.1-.5 37.2 -3-873
Cotton goods-Commission
Twat 8110.140.071RRA 017 7211407 140 55003R OAR 41111011R70102
Silk goods
-18.9---- 11.5 1-77/
Shoes
+5.2 --1-2:6
+40.8 36.0 35.1
•Revised.
Drugs
-12.2 42.9 47.3
+27.7 -1.9
Hardware
+14.0 +3.3
-16.6 43.8 42.7
Machine tools*
-37.7 ___ _
Stationery
---_ _ __ -6-34 -5-9-i
Increase In Productivity of Manufacturing Industry Paper
+5.3 -- _
_ 57.4 67.7
Diamonds
+15.5
1
}
-I-1:4
+9:9
27.7
26.1
In U. S. Through Improved Organization and Jewelry
+40.0 f
Mechanization-67 Workers In 1925 Equaled Pro-ill
--sa 9
Ann
69.5
Weighted average
duction of 100 Men in 1899.
*Reported by the National Machine Tool Builders' Association
Mechanization and improved organization have so improved the productivity of the manufacturing industry in
the United States since the beginning of the century that Gains In Chain Store Sales in New York Federal Reon an average 67 workers in 1925 produced as much as 100
serve District During September.
men turned out in 1899, despite the shorter hours now preThe Federal Reserve Bank of New York states in its
according
to
a
study
of
vailing,
productive efficiency made
November 1 Monthly Review of Credit and Business Conby the National Industrial Conference Board, 247 Park
Avenue, New York. The Board in making this known ditions that "increases over last year in sales of reporting
chain store organizations, though not as large in September
Oct. 24 states:
If the productivity of Industry through mechanization should continue as in August, were substantial in several lines. Grocery and
to increase In the same manner and at the same rate for the next 25 years. variety store systems continued to report large increases
It would at the end of that time require but 45 men to produce what now in total volume of business, and their average sales per
store
requires a force of nearly 70. and which a little more than 25 years ago
necessitated the employment of 100 men. Such calculation, however also were considerably above those of a year ago. Ten
speculative it may be, does not overdraw the striking advances constantly cent store and drug chains continued to show a fairly rapid
being made in the way of mechanization and more efficient co-ordination rate of expansion, but sales of
reporting tobacco, shoe, and
of effort in manufacturing processes. Iron screws, for instance, are now
being made by automatic machinery at a ratio of about 1,000 to every candy chaines were little if any above those of a year ago."
1 formerly made by hand; spikes are being turned out by machinery at a Comparisons furnished by the Bank follow:
ratio of 200 to every 1 previously turned out by hand, and in various other
processes of the metal trades industry, such as boring, broaching, counter
tapping,sinking, reaming and milling, mechanization has increased productivity at a ratio of about 50 to 1 per worker. Other industries, as for
Instance the iron and steel industry, the textile and textile products industries, shoe manufacturing, bottle blowing, baking, and printing all have
undergone similar changes through mechanization.
This process of mechanization has multiplied the available stock of consumption goods, has made possible the wider use of many commodities
formerly In the class of luxuries, and is strikingly reflected in an effective
Increase of our national income of more than 40% since 1914. The "real
wage" of industrial wrokers, that is the purchasing power of the industrial
wage earner's average weekly pay,according to the Conference Board's wage
studies, is now more than a third greater than it was in 1914. The increased mechanization also in effect has released many, who otherwise would
have been claimed by manual tasks,for activity in other fields, thus affording opportunity for not only a materially but also culturally richer and
broader national life, as is evidenced by the increased proportion of the
population attending schools and colleges during the past few years.
The increase of productive efficiency achieved by mechanization of course
varies in the different industries, and has been most striking in the newer
industries which are less handicapped by old established customs of procedure. An outstanding example is the automobile industry, which in 192
required less than a third as many workers to produce a given number of
cars than it did in 1914. The rubber industry has advanced almost, but
not quite as rapidly. In the leather and in the lumber industries, on the
other hand, it takes about the same number of workers to turn out a given
quantity of product as it did 25 years ago, in fact, probably owing to a decrease in the number of working hours, the number of persons in 1925 was
even a trifle higher, in proportion to the amount produced than in 1899,
although lower than It had been in 1914.
According to the Conference Board's computation, the production of
100 persons in 1899, including office and management personnel as well as
manual workers, was matched in 1925 by the output of 75 persons in the food
and food products industry; 83 in textile and textile products manufacturing; 81 in iron and steel; 101 In the lumber industry; 103 in leather manufacturing: Olin the paper and printing industry:47 in the chemical industry;
63 In stone, clay and glass manufacturing: 44 In the metal and metal products industry and 34 in tobacco manufacturing.
the automobile industry, which was practically non-existent in 1899.
It took in 1925 only 30 workers to produce what 100 men produced in the
year 1914. In the rubber Industry, which owes its modern development

ho




Tillte of Store.

Grocery
Ten Cent
Drug
Tobacco
Shoe
Variety
Candy
Total

Percentage Change
Sept. 1927 from Sept. 1926.
Number
of Stores.

Total
Sales.

Sales per
Store.

+8.3
+9.3

+23.3
+10.1

+13.9

+14.4
+2.7
+7.8
+16.4
+5.3
+8.0

+12.1
-4.1
+0.4
+26.7
+1.2
+17.9

+0.7
-2.0

-6.5
-6.9

+8.8
-4.0
+9.2

Department Store Sales in New York Federal Reserve
District in September Larger Than Year Ago.
September sales of leading department stores in the
Federal Reserve District of New York were 2% larger than
in September a year ago, a smaller percentage increase than
was reported for August. After allowance for an estimated
decline of between 2 and 3% in retail prices during the past
year, this increase would appear to indicate at least the usual
annual rate of growth in the quantity of merchandise sold.
The foregoing statement appears in the November 1 Monthly
Review of Credit and Business Conditions by the Federal
Reserve Agent at New York, from which we quote further
as follows regarding the department store business:
The warm weather of September was reported to have retarded retail
sales of Fall merchandise, however, and a number of localities showed

smaller sales than a year previous.
The value of merchandise on hand in reporting stores at the end of the
month averaged about the same as a year ago and outstanding orders for
merchandise were small for the time of year. The rate of stock turnover
or the month continued to be slightly higher than last year, and the rate
of collection of accounts receivable also continued above that of a year ago.

2448

THE CHRONICLE

[VOL. 125.

Chemical Manufacturers Report Seasonal Gains.
The September gain in the chemical industry is largely due to increased
working forces In coke and gas manufacturing establishments. Oil refineries
Locality.
report 3.3% fewer workers than a month ago. Refiners' reports indicate
Stock on
that they have 21.0% fewer workers than In September 1926.
Net Sales. Hand lend
1928.
1927.
of Month.
Employment in Paper and Printing Industries 0.2% Below Sept 1926.
A laying off of 5.9% of the working forces of printing establishments
New York
+1.4
40.1
+1.6
42.4
Buffalo
carried employment in the paper and printing group 3.1% below its August
-1.4
--9.0
51.8
49.8
Rochester
38.4
--5.6
35.1
level. A gain of 1.5% in the number of names on the payrolls of tag and
Syracuse
+2.9
paper box makers is the most notable exception to the decline.
Newark
+11.2
+9.1
43.1
42.2
Bridgeport
--28.9
Textile Mills Make Greatest September Gain in Five Years.
Elsewhere
ii:o
11:5
--2.8
Northern New York State
Twelve and seven-tenths per cent more textile workers are employenhis
--1.3
Central New York State
+7.2
month than was the case in August. Additions in hosiery factories and in
Southern New York State
-8.3
establishments making awnings and shades are to be accredited with the
Hudson River Valley District
+3.8
increase.
Capital District
--2.3
Westchester District
+1.7
Employment in Clothing Industries Makes Seasonal Drop.
All department stores
+2.2
0.0
41.3
39.6
Men's clothing makers have followed their usual September policy of
Apparel stores
•
0.1
+4.5
48.7
39.7
Mail order houses
+3.9
dismissing workers during the month. An addition of 0.1% In the volume
Comparisons of sales and stocks in principal departments With those of a of employment in women's clothing factories is also in line with previous
September policies. One and five-tenths per cent fewer workers are
year ago are shown In the following table.
employed in the clothing industries than was the case in
the corresponding
period in 1926.
Net Sales
Stock on Hand
Meat Packers and Canners Add Names to Payrolls.
Percentage Change Percentage Change
Sept. 1927 from Sept. 30 1927from
Three industries are to be accredited with the gain of 6.8% in the food
Sept. 1926.
Sept. 30 1926.
products group. Meat packers made very considerable contributions by
Toys and sporting goods
adding 0.4% more workers to their payroll. An increase
+18.0
-2.2
of 272.1% is
Books and stationery
+13.8
-6.2
reported by canners who report a very active season. Indications are that
Womea'a and misses' ready-to-wear
+12.3
+14.0
season will be of short duration because of low acreage. The candy
the
Hosiery
+12.3
+9.9
Luggage and other leather goods
factories report their usual September increases.
-1.9
+8.4
Shoes
+8.9
+8.0
Mail Order Report Drop in Employment.
Home furnishings
-0.6
+5.4
Furniture
+4.8
-0.3
A reduction of working forces In mall order houses led to a 1.6% drop in
Toilet articles and drugs
-11.0
+3.8
he trade group. Department stores have more workers than in August.
Men's furnishings
t
+11.5
+3.8
Silverware and jewelry
-9.8
+2.8
Employment Drops in Public Utilities.
Women's ready-to-wear accessories
+1.3
-3.7
Linens and handkerchiefs
Employment In the public utilities group shows a gain of 0.1%. Rail+1.0
+4.3
Musical instruments and radio
+0.5
road car shops and telephone companies report reductions.
-46.8
Silks and velvets
-10.6
Coal mines report 70.3% more workers. Many mines have made local
Men's and boys' wear
-3.2
+7.4
agreements with the miners.
Cotton goods
-9.2
-8.4
Woolen goods
Increases in all lines of building is reported.
-13.6
-17.1
Miscellaneous
-13.4
+0.4
Percentage Change
Sept. 1927 from
Sept. 1928.

Per Cent. of
Charge Accounts
Outstanding Aug. 31
Collected in September.

The analysis by cities follows:

Aurora.-Nineteen leading Aurora factory owners have dismissed 3.1%
Industrial Conditions in Illinois During September- of their workers during the past month. The decline has been a general
one. The greatest reductions are reported by metal manufacturers and
Gains Shown in Factory Employment.
clothing makers. Several large metal shops are working part time. Night
shifts
According to the review of the industrial situation in monthhave been discontinued. Building activity is slightly more than a
ago, although a decline from 1926 is noted. The
unemployment
Illinois, seven of the fourteen leading Illinois industrial situation is less favorable
than either last month or a year ago.
Bloomington.-Canning activities are responsible for an Improvement
centers report increases in factory employment during
in
the Bloomington employment situation. The increase in employment Is
September. Seven free employment offices have issued greater
than usual for this season. This is duo to the support
statements indicating that jobs are easier to obtain than they Bloomington canners received from other industries. Both metal which
establishwere a month ago. In four centers more money has been ments and paper products factories have increased their working forces.
The employment office ratio reflects more unemployment than existed
paid in wages than was the case in August. The review, last month or in any September in the last four
years.
is accounted
issued Oct. 14 by the Bureau of Labor Statistics of the for In part by a very short canning season that ended in This
the third week of
September.
beginning
The
of
the
born
husking season will probably decrease
Illinois Department of Labor, also says:
Fruit and vegetable canning activities led to the greatest gains. In the competition for jobs in Bloomington.
Chicago.-A 1.7% reduction of working force is reported by
Bloomington a 30.6% increase in employment is reported. The canning
580 leading
season promises to be a very short one because of short crops resulting from Chicago manufacturers. They also report that they have paid 5.5%
a rainy spring season. In many sections there have been strong exceptions less money in wages during September than was the cause in August.
to the general downward decline in the metal industry. In Cicero metal In this connection it should be noted that September had fewer working
manufacturers have increased their working forces. The same is true of days. In 1923 and in 1924 September reductions of factory forces were
Danville. East St. Louis reports that Its seasonal gain Is greater than reported. The present decline Is not unusual for Chicago. There are
usual because of payroll additions in the meat packing industry. Un- many notable exceptions to the September decline. Chicago meat packers
employment conditions have Improved very decidedly. September is more added names to their payrolls. More workers are also reported by machine
favorable from the standpoint of the jobseeker than any month in 1927. manufacturers. Foundries, job printers and men's clothing manufacturers
While jobs are more difficult to obtain than usual for September, employ- are the major influences in the present recession. Free employment office
ment office figures indicate that the number of jobseekers Is not unusually figures reflect better conditions than have existed for some time in Chicago.
great. A resumption of activities on the part of metal manufacturers would The present ratio of 149 applicants per 100 Jobs is very favorable when
compared with 189 for August. Thirty-five hundred fewer jobs
reduce unemployment to the level of the previous four years.
have been
offered to the free employment offices than was the case In September
1926
In its review of the situation by industries the Bureau and 2,700
fewer applications for work were received.
states:
Cicero.-The metal industry in Cicero showed unusual strength during
Recessions in the metal Industry led to a decline of 0.2% in factory the past month. While national and State reports indicate that metal
employment. In foundries, electrical products establishments and farm manufacturers are curtailing production, employment records from Cicero
implement factories fewer workers are reported. Men's clothing makers indicate that metal manufacturers of that city are increasing their operalso report reductions. Meat packers and canners have more employees ations. The free employment office reports more unemployment than
than in August. The present decline in factory employment is a reversal a month ago, but comparison with previous years indicates that jobs
of the usual trend. With the exception of 1923 factory employment has are not harder to obtain than in those years.
Danville.-Danville industry experienced a mixed
always scored a gain in September.
trend during September. Paper products factories and lumber mills
report reductions,
Glass Factories Approach High Level of 1926.
and sheet metal manufacturers report increases. The
canning industry
A further increase of 3.6% in the number of names on the payrolls of has been undergoing a season of comparatively
high activity. It is also
glass manufacturers has brought the volume of employment near the high reported that road construction work and farm
work are providing jobs
level which It reached in 1926. In no other industry have employment for many. The Danville free employment
office reports considerable
reports been so consistently optimistic as In this group. Since 1925 employ- improvement in the unemployment situation.
ment in glass factories has had an upward trend. For the building products
Decatur.-Considerable variance Is shown in the
group as a whole, employment conditions are less favorable. One and four- manufacturers. Food and metal factories are being reports of Decatur
operated with reduced
tenths fewer workers are employed than in August. There are now 5.1% forces. Paper products concerns, lumber
mills
fewer workers employed in building products factories than was the case have more workers. A large railroad has been and clothing factories
laying
off its road men.
in September 1926.
The free employment office reports that the
unemployment situation is
Employment Records Indicate Curtailment of Production in Metal Industries. similar to that of a month ago, although it is not as favorable as it was
September 1926. The source from which most
Employment in the metals group declined 1.8%. The present recession In
jobs are coming at
present is the building and farming industries.
Reports indicate that
Is a reversal of the trend experienced In 1925 and 1926. It Is due largely building
operations are quite heavy In Decatur.
to layoffs in iron foundries and in establishments manufacturing electrical
East St. Louis.-Seasonal gains in factory employment
products. A gain of 0.4% In the working forces of machine manufacturers
hair° been greater
than usual. The improved situation is duo largely to
the increased working
is the only notable exception to the general reduction of employment in the forces of
chemical
products
manufacturers
who
have
made some large
metal industries. Comparison with a year ago reveals a drop in employ- additions
in the number of names on their payrolls.
The gain over last
ment of 11.6%•
year, however, is due to a reversal of policy on the
part of meat packers.
In September 1926 they laid off workers, and during
A 4.8% Gain Carries Furniture Industry 6 4% Above 1922 Level.
the last month more
Seasonal gains in the furniture and musical instruments groups have led names have been added to their payroll. Employment conditions will
to a 1.6% increase in the wood products group. Lumber and planing mills be helped somewhat in the coming month by the reopening of a large
report a drop of 3.9%. For the group as a whole, there are 10.4% fewer grain milling establishment. The repair of damage resulting from a storm
In Venice is also affording work. The free
names on payrolls than was the case in September 1926.
employment office reports
125 applicants per 100 jobs as compared with 149 In
August and 131 in
Cain in Fur Making Establishments-Loss in Leather Group.
September 1926.
Joliet.'-Factory employment conditions in Joliet show
A 20.3% gain of employment In fur establishments is the single exception
very little change
to the general decline in the leather products group. Payroll records show from a month ago. Changes in metal products establishments cancelled
that 1.5% fewer workers are employed by shoe manufacturers than a each other. A reduction of 65 workers is reported by a chemical establishmonth ago.
ment, and 104 female operators lost their jobs in a cloth products factory.




Nov. 5 1927.]

THE CHRONICLE

The free employment office reports that the demand for farm help has
dropped considerably during the past month. The fact probably explain
why the competition for jobs has been more keen than was the case in
August. The present ratio of 164 is higher than for any September in the
1st five years.
Moline-Rock Island.-Employment conditions in the Moline-Rock Island
district have improved considerably during the past month. It is apparent
from the records of both the free employment office and leading manuturers that jobs are much more abundant than they were in August. The
gain is entirely seasonal, however. The customary increase of working
forces on the part of farm implement and engine accessories manufacturers
is to be accredited with the better conditions. Foundry owners in this
district indicate that they have not been influenced by the general decline
in their industry. Building permits show an increase in the estimated
cost of buildings to be constructed, both over last month and Sept. 1926.
Peoria.-Reductions of working forces have been general in Peoria factories. Metal factory owners report the greatest reductions, although other
industries account for much of the present drop in employment. One
concern laid off 58 of its workers. Twenty-six fewer names appear on
the payroll of an establishment manufacturing wood products. The only
industry in which gains have been general is the food products group.
In spite of the factory situation, however, unemployment conditions have
improved. The ratio of applicants per 100 jobs has declined from 217 in
August to 150 for the past month. The improvement is due largely to
demand for unskilled labor and house cleaners.
Quincy.-An increase of 54 names on the payroll of a Quincy manufacturer
was the only significant exception to the general downward trend in Quincy
factory employment. A paper products factory reports that its working
forces have been reduced to the extent of 30 people. Fewer clothing workers have jobs in Quincy than was the case in August. Reductions have been
general in the metal industry. It should be noted that the present decline
is the first September drop in four years. The free employment office
reports that the demand for workers by builders has resulted in a reduction
of the free employment office ratio from 179 in August to 153 in September.
The ratio continues to be somewhat higher than in corresponding periods
for previous years.
Rockford.-A slight increase in unemployment is noted in Rockford.
The competition for jobs is slightly more severe than it was in August.
Fewer names appear on the payrolls of Rockford manufacturers. Declines
in the metal industries have been quite general. Implement manufacturers
have made heavy reductions. Leather manufacturers and clothing factories
report very little change. The free employment office reports that the
increase in its ratio is due to an abundance of common labor. In many
semi-skilled and skilled occupations a shortage of help is reported. At the
present time there are not enough female power-machine operators and male
pattern makers.
Springfield.-Springfield manufacturers report a 4.8% drop in the number of names on their payrolls. Tne present recession is the first September
decline in Springfield during the last five years. The reversal of the usual
trend is due largely to the metal industry in which working forces have been
decreased in contrast to the usual September gains. The free employment
office reports that its ratio declined from 117 applicants per 100 jobs in
August to 112 in Septeibber. The improvement in the unemployment
situation is due largely to the demand for unskilled help.

2449

A fair amount of business also is reported in carpets and rugs, orders
for spring delivery having improved since the recent auction sales.
The leather market is strong. Demand for goatskins, black and colored
kid, and sole leather has increased in the month, and price advances have
been numerous. Shoe manufacturers are experiencing a fair volume of
business, although their sales are slightly below the total of last month.
The shoe output in the district was nearly 7% smaller in September
than in August.
Building activity continues well ahead of the rate prevailing at the
same time last year. The value of contracts for residential buildings
increased 20%, while the total dollar volume declined nearly 5% between
August and September. Compared with a year before, contracts awarded
were over 10% greater. The value of building permits also was about
17% larger than in September, 1936. The demand for building materials
continues fairly moderate,,and plant operations range from 70 to 80%
of capacity. Production of cement especially remains near the record
high level established in recent months.
Quickened largely by the stormy weather of late, the market for anthracite has been slightly more active. Production, though turning upward
slightly after the decline in September, is still considerably behind that
of a year ago. Reflecting industrial betterment, bituminous coal also is
beginning to move in a someWhat larger volume, and weekly production
in the first fortnight of October was the greatest since March.
The unusually fine weather prevailing in September stimulated the
growth and maturing of late crops, pronounced improvement occurring
in corn, potatoes and tobacco. The acreage planted to winter wheat
appears to be somewhat larger than last fall. The condition of dairy
herds and marketable hogs also compares favorably with that of last
year. Prices of farm products advanced further-3.6%-from August
to September, while the general price level increased only 1.7%. In the
latter month agricultural prices were 6.6% above the level of a year
earlier, while prices of all commodities were over 3% lower.

Index Showing Course of Employment and Earnings in
Illinois During September.
The Bureau of Labor Statistics of the Illinois Department
of Labor supplies the following index showing the course of
employment and earnings in Illinois in September:
COURSE OF EMPLOYMENT & EARNINGS IN ILLINOIS IN SEPTEMBER.

Industry.

Per Cent
Change
from a
Month
Ago.
+0.2

All industries
All manufacturing industries_
Stone-clay-glass products_ _ _ _
Miscellaneous stone products_
+3.5
Lime-cement-plaster
-22.3
Brick-tile-pottery
-5.2
Glass
+3.6
Metals-mach'y-conrerfunes - -1.8
Iron and steel
Sheet metal work-hardware
--I.9
Business Conditions in Philadelphia Federal Reserve
Tools and cutlery
+1.9
Cooking-heating apparatus_ _
+0.2
District-Industrial Activity Gaining.
Brass-copper-zinc-babbitt
metal
The Federal Reserve Bank of Philadelphia reports that
+3.7
Cars and locomotives
-19.4
"Activity in trade and industry in the Philadelphia Federal Automobiles-accessories
+2.6
Machinery
+0.4
Reserve District is moving forward at a moderate pace." Electrical
apparatus
-1.0
Agricultural implements
-5.6
In its further survey, ill its November 1 Business Review, Instruments
and appliances_ _ --1.7
Watches-jewelry
the Bank states:
+0.2
Wood products
+1.6
Seasonal gains are evident in most lines of business, although the rate Saw mill-planing mill prod__
work
Furniture-cabinet
+4.8
expansion
has
at
the
pronounced
as
that
same
time
last
of
not been as
Pianos-organs-musical inst. _ _
+3.0
year. Improvement in agricultural conditions, well sustained operations Miscellaneous wood products -0.7
in most basic industries, larger distribution of goods, a further rise in Household furnishings
-3.9
-1.9
the level of wholesale prices and an ample volume of funds available Furs and leather goods
Leather
-3.1
for the accommodation of business have been the principal features of Furs
end fur goods
+20.3
the month.
Boots and shoes
-1.5
Business transactions involving payments by check in the leading Miscellaneous leather goods
-5.2
+0.2
cities of the district in the first three weeks of October continued to chemicals-oils-paints, &c
Drugs and chemicals
+3.9
show a greater volume than in the corresponding weeks a month and Paints-dyes and colors
-2.7
a year before. Railroad shipments of merchandise and miscellaneous Mineral-vegetable oil
-3.3
+3.1
commodities in the Allegheny district have increased in the month, but Miscell. chemical products_
Printing and paper goods_ _ _ _
have been somewhat under the volume of a year ago. Total railroad Paper boxes-bags-tubes
-1.7
shipments also were greater than a month earlier, but were almost 8% Miscellaneous paper goods
+1.5
Job printing
smaller than at the same time last year.
-5.9
Newspaper-periodicals
+0.0
Early reports indicate that October business in retail and wholesale Edition bookbinding
+1.4
trade continues fair. Although retail trade during September increased Textiles
+12.7
seasonally, it failed by nearly 5% to equal the volume in the same Cotton and woolen goods_ .._ _ -1.2
+17.2
month of last year. Similarly, wholesale trade, though increasing in the Knit goods-hosiery
Thread and twine
+6.2
month nearly 7%, was smaller by about the same percentage than a Clothing-millinery-laundering
--2.6
year earlier. Sales of passenger cars by 13 distributors declined notice- Men's clothing
-2.5
+0.4
ably as compared with the previous month and a year before. Last year Men's shirts-furnishings
Overalls-work clothing
-19.7
at the same time a marked increase occurred, particularly in the distri- Men's hats and caps
-6.0
bution of cars to dealers.
Women's clothing
+0.1
Industrial operations show a further seasonal broadening. Preliminary Women's underwear
--21.3
+3.9
reports indicate that both factory employment and wage payments in Women's hats
Laundering-cleaning dz dyeing +2.9
October have increased, as is usual at this season. There occurred little Food-beverages-tobacco
+6.8
change in employment between August and September, while employe- Flour-feed-other cereals
+3.0
+272.1
hours worked and payrolls declined somewhat, chiefly because of the Fruit-vegetable canning
Miscellaneous groceries
+2.4
Labor Day shutdown.
Slaughtering-meat packing_ _
+0.4
Conditions in the iron and steel industries continue to be less satis- Dairy products
--2.5
factory than a year ago, although recently some improvement in demand Bread-other bakery products_ -0.1
Confectionery
+141
has been noted. Operations of metal working plants reporting to this Beverages
+0.5
. bank are running at about 70% of capacity. The daily output of pig Cigars-other tobacco products +6.0
+15.3
iron in this district increased 6% between August and September but Manufactured ice
Ice cream
was nearly 18% under a year before. Production of iron and steel Trade-Wholesale and retail_ ---1.6
castings decreased in the months, as did shipments. Unfilled orders for Department stores
+3.9
+3.3
iron castings increased, while those for steel castings declined. The Wholesale dry goods
groceries
-1.6
daily output of pig iron and steel ingots in the country was less in Wholesale
Mall order houses
-2.5
September than in the preceding month or in the same month last year. Public utilities
+0.1
The textile situation is characterized by a more active demand, a larger Water-light-power
+0.5
Telephone
, volume of unfilled orders, a higher rate of production and firm prices. Street railways
+1.5
Sales of wool, cotton and silk products have increased somewhat. Con- Railway car repair shops_
ditions in the clothing industry also compare rather well with the activity Coal mining
+70.3
and contractIng
_
+3.4
in the previous month and a year ago. The demand for full-fashioned Building
Building construction
+4.0
hosiery is increasingly active, and that for seamless remains fair. Pro- Road construction
+22.3
duction increased 3% and unfilled orders 33% from August to September. Miscellaneous enntrarting_ -




Index of Employment
(Average 192100).
August
1927.
97.6
94.4
127.2
101.5
142.0
119.7
142.1
100.4
115.2
100.7
69.8
110.0

"Average"
Weekly
Earnings
for
September September September
1927.
1927.
1926.
108.7
97.8
$28.68
102.9
94.2
27.65
132.1
125.4
27.42
115.7
105.1
27.61
137.2
110.3
32.46
128.0
31.79
113.5
21.89
137.5
147.2
111.6
28.39
98.6
117.5
114.3
3018
107.9
23.96
98.8
81.8
71.1
28.87
110.9
110.2
26.06

131.4
53.7
98.3
125.3
99.7
116.5
56.0
109.6
89.7
115.7
101.5
78.3
59.5
111.9
120.1
108.5
72.7
122.6
76.7
116.8
99.9
134.2
112.4
132.1
120.7
145.5
121.7
120.0
129.6

136.3
43.3
100.9
125.8
98.7
110.0
55.0
109.8
91.1
111.2
106.4
80.6
59.1
107.5
117.8
105.1
87.5
120.8
72.7
117.0
103.8
130.6
108.7
136.2
117.0
143.0
123.5
112.9
129.6

150.3
60.0
1194
139.1
1161
130.2
57.4
121.4
101.7
131.8
113.5
92.0
73.2
109.8
117.9
96.9
77.4
122.3
75.6
127.5
99.3
137.3
137.6
141.4
117.2
145.8
119.5
118.0
140.3

94.1
155.1
77.8
66.8
68.3
58.3
102.6
78.3
5.5.3
112.3
118.6
80.7
123.0
95.1
113.3
19.2
102.7
89.1
101.7
91.0
75.0
68.5
85.7
115.0

1b76-.
153.2
912
70.9
68.5
56.8
103.0
62.9
52.0
112.4
93.3
83.8
126.6
101.6
1161
71.4
105.2
89.5
99.2
90.9
86.1
68.8
90.8
132.6

109.2
148.0
97.4
68.8
67.5
68.1
97.5
83.6
53.9
117.0
91.6
78.5
124.3
110.4
123.5
205.3
98.6
91.7
108.5
91.2
129.2
92.7
87.0
116.6

76.2
115.9
52.3
99.8
87.5
138.1
133.9
132.8
112.4
57.6
6.6
144.1
99.1
680.8
262.9

Y5:15
120.4
54.0
98.2
85.3
138.2
134.6
131.2
114,1
57.5
•11
149.0
103.1
832.6
238.5

70.0
118.0
57.9
98.7
90.8
139.8
136.8
128.2
114.9
64.3
84.8
158.2
114.9
338.8
272.5

30.00
29.87
27.13
29.89
25.37
25.91
27.25
26.41
28.45
31.06
29.50
29.64
2145
24.45
19.94
26.27
4110
19.37
13.33
26.66
22.16
27.33
28.65
27.21
33.69
24.39
25.56
35.20
45.20
30.18
15.76
19.78
14.26
20.03
2648
30.84
16.47
17.59
33.21
24.97
14.25
2.5.58
21.58
2712
24.03
14.47
24.33
26.31
46.61
27/8
22.16
33.40
18.05
39.08
55.41
22.57
23.53
24.75
23.85
22.3t
31.21
35.38
26.75
34.92
27.77
29.85
42.71
42.57
36.28
47.84

2450

Improvement in Business Conditions in Boston Federal
Reserve District Brings Activity to Highest Point of Year.
According to the Federal Reserve Bank of Boston, business conditions in New England improved substantially in
September, compared with August and the index of New
England business activity rose to the highest point of the
current year. The Bank, in its Nov. 1 Monthly Review, also
states:
During the six months of March-August, inclusive, the index fluctuated
less than one per cent, and in August was the same as in March. In
September, however, the index advanced about 2%% to a level equal
to that of September a year ago. The level of activity for the entire
country has not advanced recently, due to declines in automobile, iron
and steel, and crude petroleum production, which factors do not affect
directly the measurement of New England business activity. The number
of wage-earners employed in identical factories in Massachusetts during
September increased 1.4% from August, and the average weekly earnings
increased 0.3%. The average daily cotton consumption by New England
mills in September was about 3,000 bales larger than during August, and
about 1,000 bales greater than in September a year ago. New England
mills consumed more wool during September than in August or during
September, 1926. Activity in the boot and shoe industry of New England
during September was maintained at about the same level as in August,
and was materially above that of the corresponding month a year ago.
The value of new building contracts awarded in New England declined
in September, as compared with August, and was also lower than during
the corresopnding month a year ago. The decline in September was
general in all the important groups of building: residential, commercial,
industrial, and public works. For the country as a whole, however, the
value of contracts awarded for public works was greater in September
than in August. The sales of New England department stores in September were about 2% larger than those of September a year ago, and
the cumulative total of the year to date was about 2% ahead of the
corresponding period of 1926. Since June the registrations of new automobiles in New England of all except two low.priced cars have been
exceeding those of a year ago, but the total, including the sales of the
two low-priced cars, has been substantially below that of the corresponding
months a year ago. The number of commercial failures in New England
in September was larger than during August, or September, 1926, but
the liabilities in September were the lowest of any month during 1926
and 1927 to date.

to show an increase for On; whole State during the first 9 months of 1927
as compared with the same months of 1926.

The following statistics are supplied by the Bureau.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
- PERMITS ISSUED IN ILLINOIS CITIES IN SEPTEMBER 1927 BY
CITIES ACCORDING TO KIND OF BUILDING.
Total.
ocinemucr 1ULI.

Building activity in Illinois declined slightly during September, as shown by permits issued in 28 cities in the State.
The total estimated value for these cities was $35,929,246
in September as compared with $36,302,668 in August and
836,016,876 in September a year ago. Only 10 cities reported gains this month over the preceding month and only
8 cities showed increases over September a year ago. Sidney
W. Wilcox, Chief of the Bureau of Labor Statistics of the
Illinois Department of Labor, in his review for the month,
issued Oct. 17, reports further as follows:
Chicago was one of the cities whose building activity during September
Increased somewhat over that of August. Its September total estimated
value is $28,935,125, a gain of $605,745 over the preceding month and
this amount is 31,791.180 above that of September a year ago. New
housekeeping dwellings are planned for 2,947 families.
The other cities which reported increases both over Aug. 1927 and Sept.
1926 are East St. Louis, Moline and Rock Island.
In the metropolitan area outside Chicago, Evanston leads in September
building with $950.380. Oak Park is second with $655.145, and Berwyn
is third with $424.200. In home-building within the same region. Evanston
Is again first, with provision for 89 families; Berwyn is second, with plans
for 70 families; and Cicero is third, with new accommodations for 67
families
Outside the metropolitan area East St. Louis leads in value of building
with $1,402,738, of which 31.000.000 refers to a single building. No other
city in this region approaches East St. Louis this month in this respect:
but Rockford in second, with building estimated at 3397.470; and Decatur
Is third, with $386,140. East St. Louis ranks second only to Chicago
among the 28 cities reporting building figures to the Illinois Department
of Labor. In home-building outside the metropolitan area, Rockford
has provided new housekeeping dwellings for 65 families, and Decatur and
East St. Louis have each planned accommodations for 56 families.
The total value of building authorized in all the reporting cities during
the first 9 months of 1927 is 3365,417.253. Exclusive of Joliet, for which no
figures are available before April 1926,the total for the State is $363,488,603,
a gain of 512.063.214 over the corresponding months of 1926. It must be
stated that most of this increase is accounted for by the earlier months of
1927. for more recent months have shown declines from the corresponding
months of 1926.
Chicago building totals 3290,478.610 for the first 9 months of this year,
and increase of $15,562,390 over the first 9 months of 1926. During this
period in 1927 Chicago has planned housekeeping dwellings for 31,769
families.
In the metropolitan area outside Chicago. Evanston, with a total of
312.970.775. leads for the first 9 months of this year. This figure is $1,..
186.805 more than was Evanston's total for the corresponding period of
1926. Berwyn is second, with $6,075,500 and Oak Park third, with
$6.017 065. Home-building in this region for the first 9 months of the
year has provided for 1,215 families in Evanston, for 1,022 families in
Berwyn, and for 588 families in Oak Park.
Outside the metropolitan area, Waukegan leads In total value of building
for the first 9 months of 1927 and ranks fourth in the State outside Chicago.
leockford follows closely with 55.247,361: East St. Louis is third, with
$4.993.336; and Decatur is fourth, with $4.376.650. In homebuilding in
this region during the same period, Rockford is first, with provision for
706 families; Decatur is second, with 521 families; and East St. Louis is
third, with 499 families.
Only 9 cities show increases in value of building for the first 9 months of
1927 over the corresponding period last year. They are Chicago, Evanston,
Oak Park, Wilmetto, Whmetka, East St. LOUIS, Rockford, Rock Wand.
and Waukegan. The increases In these 9 cities are sufficient, however

August 1927.

Upg.

Mies.
No.
Estimated
Coot.'
Bldgs.
Whole State

No. Estimated
Nags.
Coot.

1520•

Estimated
Cost.

3.869 •335,929.246 4,457 336.302.668 $36,016,876
-

fetropolitan DistrictChicago
Berwyn
Blue Island
Cicero
Evanston

2.027 828,935,125 2.335 28,329.380 $27.143,945
136
424.200
161
491,100
443.000
45
77.747
40
76.242
174.561
39
336.590
54
356,320
395,127
106
950,380
125
779,950 1,069,000
19
66.465
27
67.400
115.680
39
175.285
35
202.540
160.825
29
108.400
58
558.655
165.150
107
655.145
80
939.576
357.100
29
41.635
34
144.890
154,515
20
137,250
20
70,250
241,250

Glen Ellyn
Highland Park
Maywood.
Oak Park
Wilmette
Winnetka
Outside Ietropolitan Dist.Aurora
103
208,340
74
369.572
159,471
11
Bloomington
71,500
20
186.000
70,800
5
Canton
3.358
4
84.425
4.725
Danville
19
77,038
26
107,500
117,400
156
Decatur
386.140
181
411.790 1,282.987
126
East St. Louis
1,402,738
155
395.719
403.900
Elgin
88
120.905
128
117,933
339.350
15
Freeport
43.400
19
78.800
56,950
44
Joliet
113.150
54
853.700
179.800
Moline
80
165.134
88
56.324
139.081
1
Murphysboro
2.000
3
12.000
25.500
Peoria
130
304.050
173
589.325
475.475
43
Quincy
124.510
67
42,470
248.035
164
Rockford
397.470
201
694.330
858,805
104
Rock Island
179,557
84
68,915
83,694
115
Springfield
217.960
116
298.954
201,863
69
Waukegan
203.774
95
1114 040
log 7511
*Total figure exceeds details by $108,400, since detailed figures are not available
for Maywood.

NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
- PERMITS ISSUED IN ILLINOIS CITIES FROM JANUARY THROUGH
SEPTEMBER 1927 BY CITIES, ACCORDING TO KIND OF BUILDING.
Total.

Decline in Illinois Building Operations During September-Chicago One of Few Cities Showing Gains.




[VOL. 125.

THE CHRONICLE

Jan.-Sept. 1927.
Cities.

Whole State
Metropolitan DistrictChicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
Maywood.
Oak Park
Wilmette
Winnetka
Outside Metropolitan DistrictAurora
Bloomington
Canton
D'nville
Decatur
East St. Louis
Elgin
Freeport
Jollet_x
Moline
Murphysboro
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan

Jan.-Sept. '28

No.
Bidgs.

Estimated
Cost.

Estimated
Cost.

38.842

3365,417.253.

$351,425,389

21.889
1,267
379
489
1.131
198
292
458
762
264
200

5290.478,610
6.075.500
922.919
3.819,589
12,970.775
1,146,795
1,583.396
1,604.820
6.017.065
1,505.461
1.739.280

5274.916,220
6.017.600
1,111.276
4,284,208
11,783.970
1,391.950
1,845,230
3,776,105
4.943.413
1.213.362
1,138,200

844
138
31
181
1.361
1,090
877
175
462
713
13
1,222
323
1.715
746
936
686

2,146.121
733,700
123,253
843,588
4.376.650
4,993,336
1.502,908
808,301
1,928.650
845,157
60,500
2,698.570
827,636
5,247,361
1,154.71)4
3.467,519
5.795.091

3,331,586
934,150
141.475
1,253,800
4,508.577
3,716.832
2.700,469
1,323,002
1,124,147
221,400
4,912.745
1,069.836
4,414,347
982.092
3,781,465
3.687.932

• Total figure exceeds details by $1,604 820, since detailed figures are not available for Maywood.
x No figures available for Joliet before April 1926.

Merchandising Conditions In Chicago Federal Reserve
-District-Increase in Department Store and Wholesale Trade-Cautious Buying By Farmers. -

Mains in department store and wholesale trade during
September in the Chicago Federal Reserve District are indicated in the following. survey of merchandising conditions
contained in the Nov. 1 number of the "Monthly Business
Conditions Repoit"-of the Federal ReserveBank of-Chicago.
Wholesale Trade.
Wholesale grocers, druggists, hardware, and dry goods dealers reported
sales during September over August, while shoe merchants showed
declines. As compared with September of last year, all but druggists
indicated smaller totals. A continued tendency toward cautious buying
on the part of farmers, pending actual crop outcome, was evident; favorable
weather, however, materially aided sales. Detailed figures for each of the
five wholesale lines reporting to this bank are given in the following table.
WHOLESALE TRADE DURING THE MONTH OF SEPT., 1927.
Increased

Net Sales During Month, Stouts at End of Month.
Per Cent Change from
Per Cent Change from
Preceding
loath.
Groceries
Hardware
Dry Goods
Drugs
Shoes

Same Month
Last Year.

Preceding
•fonth.

(34)+ 2.5 (34)- 8.1 (22)- 0.1
(141+ 6.6 (14)- 9.0
9)- 5.0
(13)+ 5.0 (13)-18.3 (10)- 3.1
GU+ 8.7 OD+ 4.4 ( 8)- 1.5
9)-13_4
( 0)- 7.4
6)+ 7.3

Same Month
Last Year.
(22)-14.2
( 9)- 1.0
(10)-15.0
( 7)4. 0.7
I 6)+ 8.2

Nov. 5 1927.]

THE CHRONICLE

2451

Employment conditions underwent no marked change as compared with
the preceding month, but the number of idle workers was greater than
during the same period in 1926. Smaller forces were employed at iron
Preceding Same month and steel plants, and
conditions in that industry are adversely affected
Month.
Last Year.
by failure of the railroads and automotive industry to purchase in quan3.1
(30)5.5
(26)0.5
(26)4.6
(30)
106.5
tity. Textile mills in the South were for the most part on full time
(30)1Groceries
(14)+ 2.7 (14)- 5.8 (14) 196.7 (12)+ 1.5 (12)+ 0.8
Hardware
schedules, and increased employment was reported at paper and printing
(11)+10.6 (11)- 6.5 (11) 276.5 ( 9)+ 0.4 ( 9)-10.4
Dry Goods
establishments,
food and kindred products plants. Building operations
(101+ 4.5 ( 9)- 8.7 (10) 126.0 ( 6)+ 3.6 ( 6)+ 4.2
Drugs
decreased, and considerable unemployment was reported among both
( 7)+10.6 (10)- 7.2 ( 7) 250.7 ( 61+ 2.9 ( 6)-11.3
Shoes
skilled and unskilled workers in that industry.
Figures In parentheses Indicate number of firms Included.
The principal development in the fuel situation during the past thirty
Department Store Trade.
days was the settlement of the strike of Illinois coal miners, which had
Eighty-two department stores reporting September sales averaged an been in effect since last April 1. The agreement between operators and
18.0% increase over the preceding month and a decline of 2.2% from the union was in the nature of a truce, during which negotiations will
September. 1926, the latter due partly to extremely hot weather which be carried on for a permanent agreement to become effective April 1,
greatly retarded sales. Individually, slightly more than half reported In- 1928. Being entirely unexpected, the resumption of production at Illinois
creases over August, while one-fifth showed advances over last September. mines exerted a generally weakening tendency in bituminous coal prices.
Sale sIncreases over August were large in Milwaukee and Detroit. while This, however, was in a measure offset by cooler weather, and at the
Chicago and Indianapolis showed declines, and the smaller communities middle of October confusion incident to termination of the strike had
indicated but little average change; as compared with last September, disappeared, though the market still showed weakness. Demand for
Detroit reported an increase, while Chicago, Milwaukee, Indianapolis, domestic coal is quiet, many householders and dealers having provided
and the total for smaller places all declined. For the first nine months of for their late fall and winter requirements duling August and September.
1927 total sales averaged 1.8% larger than during the same period of last The steam coal situation showed weakness, due both to lack of demand
year. Inventory volume on Sept. 30 was 9.1%greater than a month and abundant supplies. Operators in the Kentucky fields report numerous
earlier and 1.3% under that indicated at the end of September. 1926. cancellations of contracts, and since the first of this month have experiStock turnover, as measured by the ratio of total sales to average stocks, enced difficulty in disposing of coal shipped on consignment to points
was 34.0% during September and 34.2% during the same month a year ago; ordinarily supplied by Illinois and Indiana coal. Price levels generally
for the three-quarter period these percentages were 275.4 and 266.8 for are below those of a year ago, when export buying was stimulated by sus1927 and 1926. respectively. Accounts receivable at the end of September pended production in England. For the country as a whole production
and collections during the month increased over both August. 1927, and of bituminous coal for the calendar year to October 8, approximately 238
September, 1926. the former by 12.4 and 4.8%, and the latter by 2.9% working days, amounted to 405,314,000 net tons, against 420,494,000 tons
and 7.4%.respectively.
for the corresponding period in 1926, and 376,896,000 tons in 1925.
Retail Shoe Trade.
September sales of 14 retail shoe dealers and the shoe sections of 26 Business Conditions in Kansas City Federal
Reserve
department stores were 32.9% larger than the August total. and 4.4%
District.
under September of last year. Total sales for the first nine months of 1927
declined 4.3% from those for the same period of 1926. Stocks at the end of
The Kansas City Federal Reserve Bank announces that
the month In reased 8.2% over thirty days earlier, and declined 2.9% "the high rates of industrial and trade activity,
attained in
from the volume reported at the end of last September. The 14 department
stores showed accounts receivable on Sept. 30 as 2.1% larger than on Aug. August after a period of comparative midsummer quiet,
31 1927. and 35.7% less than at the end of September, 1926: collections continued through September and to the close of October."
were 4.5 and 28.1% smaller in the same comparisons. The ratio of accounts
receivable on Sept. 30 to total sales during the month was 71.1%,the similar The Bank adds that "although it was apparent there was
ratio of thirty days earlier 71.7%, and that for last September 93.8%. considerable unevenness as between lines, in some instances
individually, all of the reporting shore dealers showed declines in sales as as between branches of the same line, the combined
reports
compared with a year ago, while nearly one-fourth of the department stores
indicated increases. Similarly, less than one-third of the dealers reported of all lines showed business as a whole was moving toward
total sales increases for the year so far, while almost one-half of the depart- the end of 1927 in about the same volume as in 1926." We
ment stores showed advances over the same period of 1926.
also take the following from the Bank's "Monthly Review"
Accolade Outetanding End of Month.
Ratio to
Per Cent Changefrom
Net Sales
Preceding Same Month During
Month.
Month.
Lase Year.

Collections During Month
Per Cent Change from

Retail Furniture Trade.
Furniture sales of 24 dealers and the furniture sections of 28 department
stores during the month of September advanced 23.6% over the August
total and declined 2.1% from September, 1926. According to the reports
of furniture dealers, installment sales increased 6.9 and 4.6% in the two
comparisons. Total collections of dealers were reported as having been
3.3% under the August figure and 1.4% ahead of last September; collections
on installment sales decreased by 7.7 and 2.8%,respectively, while accounts
receivable Increased 2.1 and 3.4%. :locks of both dealers and department
stores at the end of the month were 3.7% heavier than at the end of August
and declined 4.1% from the total for Sept. 30 1926.

dated Nov. 1:

As crops came to maturity and were ready for the harvest it became
more of a certainty, from the monthly Government and State reports,
farm production in this district in 1927 would be greater, in both quantity
and value, than in 1926. The composite figure of condition and yield of
all crops In the district stood on Oct 1 at 3.5 points above their ten-year
average as of that date, or 12.9 points higher than four months earlier
and 3.7 points above the United States average. Forecasts of yields
were raised month by month and on Oct 1 there was a promise that of 14
important field crops 9 would show larger yields than in 1926, while Yields
in 5 would be smaller.
Statistical reports on the value of this year's crops were not available
Chain Store Trade.
for all states or parts of states In this district. However, the estimated
Twenty-three chains, consisting of two thousand individual storm and value of crops produced in Kansas, Nebraska and
Oklahoma as officially
representing dealers in shoes, musical instruments, groceries, cigars, drugs, reported was $1,154.333 000 or 29.2% greater than the
value of last year's
five-and-ten-cent goods, and clothing, reported in the aggregate an increased production in the three states. With Serge production and higher average
number of stores In operation during September over both the preceding prices the states of Colorado and Wyoming, the northern 13 counties
month and September of last year. Total sales were under the August or about half of New Mexico, and the western 19 counties of Missouri,
figure. but markedly ahead of the total for a year ago Shoe dealers indi- all included in the district area, were expected to show larger money returns
cated declines in both comparisons; musical instrument chains had better for this year's crops.
sales than in August. though less than last September, grocery, cigar, drug
The position of the livestock industry, next in importance to agriculture,
and five-and-ten-cent chains reported reductions as compared with August. showed further improvement, due to exceptionally fine condition of ranges
but advances over September. 1926;and those handling men's clothing show and the feed supply, and higher average prices of meat animals. Market
()Acreages in both comparisons.
runs of all classes of livestock during September were smaller than Is usual
for that month and the slaughter at the meat packing plants was reduced.
Receipts of wheat at the primary markets were in smaller volume than
Business Conditions in St. Louis Federal Reserve District. during the earlier rush of new wheat to market, but the September receipts
Marked contrasts in its district between different locali- were heavier than in September 1926. Flour production increased, but
the month's output was not quite up to that of a year ago.
ties and the several lines of business are shown in reports
The output of bituminous coal showed more than the usual seasonal
increase and was larger than in September of last year. The production
Federal
Louis.
The
St.
Bank's
of
Reserve Bank
to the
of
oil was further reduced but was still greatly in excess of production
Monthly Review of Business Conditions, issued under date at crude
this time last year. The production and shipment of zinc and lead ores
in
31,
Oct.
stating
this,
adds:
was smaller in September than in either the preceding month or the same
of
Taken as a whole neither trade nor industry have picked up to the month last year, largely the remit of slow demand and weaker prices of
extent which has marked this season during the past several years. ores.
Distribution of merchandise by wholesalers to retailers was in very large
Weather conditions have been inimical to heavy distribution of fall and
winter merchindise, and there is a general dispositoin on the part of volume, although not so large as in September of last year. Retail trade
in
some lines was checked by warm weather in the early part of the month.
merchants and the public to hold down their buying to immediate requirements. In a large majority of the lines investigated declines in but improved later and in October fall trade was under way and in increasSeptember sales under those of the corresponding month last year were ingly heavy volume.
noted. In slightly more than half these lines, however, sales were
larger than in August this year, and in a number of instances improveBusiness Conditions in San Francisco Federal Reserve
ment in demand for merchandise has taken place since the final week of
District-Indications of Increased Activity.
September. As was the case during the preceding thirty days, goods for
ordinary consumption are relatively more active than those of a more
Seasonal changes, with indications of increased activity
permanent sort. The general trend of commodity prices was slightly
in several lines of industry and trade, were apparent in the
upward, though some rather sharp declines were recorded in corn, fuel
available data of business conditions in the Twelfth Federal
and some other materials.
Conditions generally through the South developed improvement, and Reserve District for September, says Isaac B. Newton,
the outlook for fall and winter trade in that section is considerably more Chairman of the Board and
Federal Reserve Agent of the
favorable than was the case earlier in the season. Weather for cotton
picking has been ideal, and full advantage of it has been taken by Federal Reserve Bank of San Francisco. He adds:
planters. Prices of cotton and cottonseed are considerably higher than
The late agricultural marketing season, which heretofore has retarded
at the same time last year, and the crop was made on a cheap basis and marketing operations, served to intensify activity in movement of farm
substantial
return. Prospects for corn improved during Septem- products as the end of the harvest approached. Industrial operations
yields a
ber, and relatively little damage from frost was reported. Retail trade continued at approximately the levels of a year ago, as did distribution
agricultural
sections
was reported better than during the preceding and trade, although trends in the latter field were not clearly defined
the
in
thirty days, but department store sales in the principal cities of the during the month. Banking and credit statistics for late September and
district were 6.9% smaller than in September, 1926. Mail order houses early October showed a pronounced recovery in district demands for
and five and ten-cent stores showed a gain in September sales over last credit. During September and early October, total loans reported by
year, and total debits to individual accounts were 1.7% larger than last member banks of the district expanded to 1,291 million dollars, an increase of more than 40 million dollars (3.2%) since the recent low
year.




THE CHRONICLE

2452

point of September 7th. The increase was chiefly in "other loans—
largely commercial." In the face of an increased demand, credit has
continued in adequate supply, interest rates have remained relatively
low for the season of the year, and borrowings from the Reserve Bank,
although well above the levels of early September, are lower than one
year ago.
Earlier forecasts indicating a total agricultural production approximately equal to that of 1926 generally have been substantiated by
harvest returns. Prices are higher for most farm products than at
this time last year.
Volume of industrial employment declined slightly during the month,
while payrolls tended upward. Value of building permits was less in
September, 1927, than in August, 1927, or September, 1926. Activity
in the lumber and logging and flour milling industries increased during
the month and was at higher levels than one year ago. Production of
petroleum also increased, but was less than in September, 1926.
The daily average dollar value of sales at retail was greater in September, 1927, than one month ago or one year ago. Sales at wholesale
and figures of carloadings were larger than one month ago but smaller
than one year ago.
The volume of bank debits (check payments) in 20 principal cities
of the district increased sharply during September. After the figures
have been adjusted for usual seasonal fluctuations, however, the increase
amounts to less than 3%. This bank's index of bank debits for recent
months and for September and August, 1926, follows:

[VOL. 125.

0.91% above production and 6.53 Wabove3shipments. New business taken
during the week amounted to 68,174,301 ft.. (previous week 70,846,191)
shipments 63,984,489 ft., (previous week 67.907,112); and production
67,955,531 ft., (previous week 70,182,296). The normal production of
72,434,915 ft., Of the 104 mills reporting running time, 70
these mills is
were shut down,
operated full time, 21 of the latter overtime. Three mills
and the rest operated from two to six days.
The Western Pine Manufacturers Association of Portland, Ore., with one
less mill reporting, shows noticeable decreases in production and shipments
oand new business.
The California Redwood Association of San Francisco, Calif. reports
Production about the same, a good increase in shipments and new business
considerably less than that reported for the preceding week.
The North Carolina Pine Association of Norfolk, Va., with two more
mills reporting, shows production about the same, a notable decrease in
shipments and a heavy decrease in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn..
With one more mill reporting, shows production and shipments about the
ssame and considerable decrease in orders.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) with one more mill reporting.
shows production and shipments and new business about the same as those
reported for the previous week.

Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported from twenty mills (one more mill than reported
BANK DEBITS.—TWELYTH DISTRICT.
week earlier) a material decrease in production,shipments about the
Aug.
July
Sept.
Aug. for the
Sept.
1927.
1927.
1927.
1926.
1926. same and a heavy decrease in new business.
With seasonal adjustment
121
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
I29p
125r
I23r
124
140
111
121
120
110 from 117 mills (nine more units than reported for the week before) notable
Without seasonal adjustment
and shipments and business a little less than that
*Daily average volume of check payments, 1923-1925. equals 100. p Prelimi- Increases in production
reported for the previous week. The normal production of these mills is
nary. r Revised.
19,658,000 ft.

Lumber Buying Heavier Than One Year Ago.
Shipments and orders of the organized lumber industry
were about the same for the week ended Oct. 29 as for the
preceding week, according to telegraphic reports received by
the National Lumber Manufacturers Association from 500 of
the leading commercial lumber mills of the country. The
335 comparably reporting softwood mills showed production
about the same and slight decreases in shipments and new
business, when compared with reports from 345 mills for
the week earlier. In comparison with the corresponding
week a year ago, production was about the same with increases in shipments and new business—particularly heavy
in new business. The 137 hardwood operations showed an
increase in production and considerable decreases in shipments and new business, when compared with reports from
127 mills for the previous week. In comparison with the
same period last year, when 19 fewer mills reported, there is
an increase in production, a falling off in shipments and a
marked decrease in new business, reports the National
Association on Nov. 3, adding:
Unfilled Orders.
The unfilled orders of 224 Southern Pine and West Coast mills at the end
of last week amounted to 546,124,379 ft., as against 537,499,924 ft. for
224 mills the previous week. The 106 identical Southern Pine mills in the
group showed unfilled orders of 205,623,765 ft. last week, as against
201,439,953 ft. for the week before. For the 118 West Coast mills the
unfilled orders were 340,491,614 ft., as against 336,059,971 ft. for 118 mills
a week earlier.
Altogether the 335 comparably reporting softwood mills had shipments
94%, and orders 92%, of actual production. For the Southern Pine mills
these percentages were respectively 95 and 101 and for the West Coast
mills 88 and 89.
Of the reporting mills, the 703 with an established normal production for
the week of 230,522,282 ft., gave actual production 102%, shipments
95% and orders 94% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood, regional associations,
for the three weeks indicated (000 omitted):
Past Week.

Corresponding
Week 1926.

Preceding Week
1927 (Revised).

Softwood Hardwood Softwood Hardwood Softwood Hardwood
Mills
Production
Moments
Orders

335
244,483
228,898
225,599

137
20,876
21,554
18,921

341
234,255
225,959
208,220

118
18,188
22,211
21,097

345
244,811
238,237
230,638

127
19,560
19,859
21,898

The mills of the California White and Sugar Pine Association make weekly
reports, but not being comparable, are not included in the foregoing tables,
Twenty of these mills, representing 63% of the cut of the California pine
region, gave their production for the week as 24,187,000—shipments
25,214,000 and new business 20,291.000. Last week's report from 19 mills,
representing 61% of the cut was:—Production 24,994,000 ft.. shipments
25,378,000, and new business 26,974,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 118 mills reporting for the week ended Oct. 29, was 11%
below production, and shipments were 12% below production. Of all new
business taken during the week 42% was for future water delivery, amount,ing to 46.514,761 ft. of which 29,799,445 ft. was for domestic cargo
delivery and 16,715,316 ft. export. New business by rail amounted to
58,857,001 ft., or 53% of the week.s new business. Forty-two per cent of
the week's shipments moved by water, amounting to 46,053,108 ft., of
which 26,870,996 ft. moved coastwise and intercoastal, and 19,182,112 ft.
export. Rail shipments totaled 57,558,308 ft., or 52% of the week's
shipments, and local deliveries 6,153,292 ft. Unshipped domestic cargo
orders totaled 104,440,398 ft., foreign 113.007,403 ft. and rail trade
123.043,813 ft.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 106
mills reporting, shipments were 5.30% below production and orders were




West Coast Lumbermen's Association Weekly Report.
One hundred and eighteen mills reporting to the West
Coast Lumbermen's Association for the week ended Oct. 22
manufactured 120,416,234 feet, sold 104,065,856 feet and
shipped 111,003,002 feet. New business was 16,350,378
feet less than production and shipments 9,413,232 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BTAINESS,
SHIPMENTS AND UNFILLED ORDERS.
Oct. 1
Oct. 22
Oct. 15.
Oct. 8
Week Ended—
119
118
118
118
Number of mills reporting
120,416.234 123,756,274 131,646,709 125,593,635
Production (feet)
97,233,334 111,774,248 118,097,732
104.065.856
New business (feet)
111.003,002_ __ 99,602,435 127,086,766 120,176.008
Shipments (feet)
Unshipped Business—
124.031,437 120,425,577 131,346,493 126,483,478
Rail (feet)
95.952.768 117,317,417
98,959.506 103,749,438
Domestic cargo (feet)..
113.069,628 125,731,478 128,434,681 125,855,358
Export (feet)
136,059,971 349.906.493 355.733,942 368,656,253
Total (feet)
1924.
1926.
1925.
1927.
First 42 Weeks of—
92
106
115
123
Average number of mills_
3 761.433,290_4.442.406,615 4,242.657.539 3,952,181,758
Production (feet)
3,757,132.377 4,538,041,467 4,351,552,667 3.938.117.500
New business (feet)
3 748,941,428 4.503,988,911 4,397.876,471 4,081,133,099 •
Shipments(feet)

Agriculture Showing Marked Improvement Over Year Ago.
Marked improvement in the farm situation as compared
with this time a year ago is reported by the Bureau of
Agricultural Economics, United States Department of Agriculture, in its Nov. 1 report. The Bureau's index of purchasing power of farm products in terms of non-agricultural
products is placed at 92 for September, compared with 88 in
August, the 1909-14 five-year period being used as a base of
100. The rise was due primarily to the advance in prices of
cotton, dairy products, and poultry products during the
month. The report states:
Conditions in general are rather reversed from last year. The cotton belt, the northern wheat belt, the cattle States, the northwestern
apple districts are all in better shape. Some sections like the eastern
corn belt and certain potato areas are perhaps not in as good shape, but
the general balance as between the major lines of production is better
than last year. There are no conspicuous surpluses nor shortages.
Crop production per capita of population is next to the smallest in 33
years.

Cotton and corn this year are attributed by the bureau
with having played an important part in the more stabilized
situation. It further states:
The cotton crop is approximately a third smaller than last year, according to October estimates, and cotton prices more than a third
higher. Gauged by October prices the South could sell this year's crop
for nearly $200,000,000 more than last year's production. The improvement in cotton affects nearly a third of American farms.
There is about an average supply of corn this year, and although
corn prices are not entirely satisfactory to the cash corn grower, says
the bureau, prices are still favorable to the livestock industries. There
is considerably more corn than was expected, though the crop is a disappointment in the eastern corn belt. Corn is not finally sold off the
farms as corn, but is a raw material sold chiefly as animal products. A
corn failure such as appeared possible at one time during the summer
would have seriously handicapped livestock feeders, whereas an excessive surplus would have given undue impetus to the expansion of pig
production during the coming year.
For the first time since 1921, conditions this year are reported as baying been more favorable for cattlemen than for sheepmen in the West,
measured at least by comparison with the preceding year. Western
cattle prices this year are on a fairly remunerative basis for the first
time since the 1920 collapse, due to an advance of from $2 to $4 per
100 pounds on nearly all classes of cattle, equivalent to from $12 tq
$50 per head according to kind and weight.
While the total amount of wool shorn was somewhat larger this year
than in 1926, says the report, the lower price received for this )car's

for the western wool
clip resulted in a somewhat smaller net return
smaller this year than
this year than last. The western lamb crop was
the net total return
that
last and the price of lambs has been lower, so
year. The demand
from lambs this year will be somewhat below last
prices for ewe lambs
for desirable breeding stock, however, is keen, and
1920.
and young ewes are probably the highest since
lately but
Prices of cotton, wheat and corn have declined somewhat
producers to market
for
an unusually early maturity made it possible
considerable cotton and wheat before the most recent declines.

Statistics.
days
working
less
two
were
that
there
fact
the
to
Due
in September than in August the total September production of all grades of paper ran about 4% below August.
The total daily average rate of production was 31A% higher
than the August daily average, but this was offset by the
fewer working days in September. The daily average production for September exceeded that of August in all grades
of paper with the exception of newsprint, which ran about
3% under the August daily average. Hanging papers showed
the most substantial gain over the August level of production. The daily average production for September was 18%
over that of August and the total monthly production was
about 10% over the month of August production.
Beginning with the September Summary, production and
shipment figures are also expressed as a per cent of capacity. This feature is added in order to give a more
accurate picture of the actual trend of the paper industry.
Wrapping aper is shown as running at 94% of capacity
and it must be remembered that this particular grade illustrates the activity in the companies reporting to the Association but is much too high in regard to the industry as a
whole.
The summary is prepared by the American Paper and
Pulp Association as the central organization of the paper
industry in cooperation with the Binders Board Manufacturers Association, Converting Paper Mills Association,
Cover Paper Association, Newsprint Service Bureau, Wrapping Paper Manufacturers Service Bureau, Writing Paper
Manufacturers Association and Paperboard Industries Association.
The figures for September for identical mills as reported
In August are:
September Pulp and Paper Production

GradeNewsprint
Book
Paper board
Wrapping
Bag
Pine
T188110
Hanginl
Felts and building
Other grades

2453

THE CHRONICLE

Nov. 5 1927.]

No. Production, P.C. of Shipments. P.C. of Stks.an hand
Net
of end of Mo.,
of
Net
of
Tans. Norm'i Na Tons.
Tons. Nottn't
Mills.
30.751
80
114,325
80
114,735
71
54,509
84
91,483
84
91,340
66
44,255
85
215,485
84
116
214,052
46,407
91
49.687
94
51,183
73
9,109
90
13,373
89
13,286
23
40.605
91
29,417
92
29,863
74
15,244
103
14,235
100
46
13,734
3,558
84
5,828
85
5,853
9
1,014
84
11,103
84
11,121
13
17.290
79
22.484
77
60
21,893

Report of Finishers of Cotton Fabrics-September
Survey Made Available at Instance of Federal
Reserve Board.
The National Association of Finishers of Cotton Fabrics,
at the request of the Federal Reserve Board, arranges for
a monthly survey within the industry. The results of the
inquiries are herewith presented in tabular form. The sectary of the association makes the following statement concerning the tabulation:
The accompanying figures are compiled from statistics furnished by 28
out of 50 member of the association:
It is probably fair to state that in the absence of having specific details
at hand, but according to our best estimate, it is probably well within the
facts that the figures given for the various classes of work would cover
approximately the following percentage of the entire industry.
70%
White goods
55%
Dyed goods
25%
Printed goods
Note.-Many plants were unable to give details under the respective
headings of white goods, dyed goods and printed goods, and reported their
totals only: therefore, the column headed "total" does not always represent
the total of the subdivisions, but is a correct total for the district.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
White
Goods.

Dyed
Goods.

Printed
Goods.

Toted.

Aug. 1927.
,
Total finished yards billed during
month41.878,304
18,555,714
10.588,727
9,485.523
District 1
672,956 2.524.076 15,648.573
5,837.253
2
13,768,844
8,258,256 5,510,588
3
9,427,073
954,080
8,472,993
5
84,057,434
4,057,434
8
36,091.459 25,693,338 13,112,803 84,780,228
Total
Total average % of capacity operated:
85
67
66
63
District 1
70
55
57
45
2
77
____
91
76
3
75
____
____
75
5
148
____
148
- - -8

so
68
71
63
Average for all districts
Total grey yardage of finished orders
received:
11.188,895 18,980,787 10,769.468 42,781.513
District 1
4,437,304 1,394,279 1,654,115 13,982,857
2
13,135.791
8.248,315 4,889,476
3
8.940,217
7,636.790 1,303,427
5
3.566.763
3,566,753
8
35.076.067 26,587,969 12,423,581 82,407,141
Total
Number of finished goods shipped to
customers:
26,217
3,060
4,108
5,605
District 1
11,927
704
4,834
2
7,069
3,037
4,032
3
5,317
2,036
5
1.889
1,869
s
Total
Number of cases of finished goods held
In storage at end of month:
District 1
2
3
5
8

18.879

9,348

3,060

52,399

3,188
6.214
512

2,860
1.012
398

1,933

15,420
13,225
4.980
2,971
496

Total
Total average work ahead at end of
month expressed in days:
District 1
2
3
5
8

10,410

4,270

1,933

37,092

496

2.9
4.2
9.9
5.8
17.7

4.0
17.1
2.3
...
___-

.11.6
12.8
____

4.9
8.9
3.1
5.8
17.7

263,642
85
567,420
85
567,060
5.1
5.5
11.8
5.4
Average for all districts
The total pulp production for September was 5% below that of August,
1927.
Sept.
although the daily average production of September was 3% above that Total finished yards billed during
month:
of August. This is due to September having 25 working days compared
11,062,4414 19,692,986 10,836.605 48.043.152
District 1
with 27 working days in August.
5,084.509
543,833 2,458.655 15,194,876
2
7,158,007 4,845.174
Used, Shipments, Siks.onhan.
11.803,181
3
No. Production,
end of Mod
Net
7,611.523
Net
898,954
8,510,477
Net
of
5
Tons. Net Tons.
3,347,104
Tons.
3,347.104
Tons.
Mills.
8
Grade22,421
102.528
786.748
781,454
Oroundwood
91
8,560
25,813
341,544
34,263,607 25,780,947 13.295,260 84,898,790
367,104
Total
38
Sulphite news
2,554 Total average % of capacity operated:
24.815
188,902
23
212,860
Sulphite, bleached
1,963
87
71
5,431
31,193
68
69
District 1
37,689
Sulphite. easy bl
7
427
59
71
62
8,277
52,452
59
2
60,360
6
Sulphite, Mitsch
2,790
12.781
81
____
77
110
137,387
3
150,732
10
Sulphate
2,789
40,494
74
____
____
74
110,048
5
11
150,609
Soda
172
36
152
____
152
.._ __
8
2
382
Pulp-other grades
- 186121,783
140.068
81
72
1.648,460
73
69
Average for all districts
1,761,170
Total-all grades
Total grey yardage of finished orders
received:
11,686,896 19,858,244 11,140,053 45,156,169
District 1
4,954,692 1,485.305 1,540,408 15,523,756
2
13.574,745
3
8,528,836 5,045,909
Pepperell Cotton Mills Cut Wages by 10%.
9.493.668
5
8,429,434 1,064,232
3,637.378
3,637,378
8
A 10% reduction in wages was put into effect at the Lowell
Total-all grades

plant of the Pepperell Manufacturing Co. (the Massachusetts Cotton Mills) on Oct. 31, according to Boston advices
to the New York "Journal of Commerce," which also state:
This reduction affects some 1,400 employes, applying to the office
The reduction has
help as well as to the mill operatives.
been accepted by the employes with the best grace possible under the
circumstances, and a tacit acknowledgment of its necessity, although the
mill management has regretted that necessity.
That this reduction will solve the problems of the mill in full is
hardly likely; it is said that there will be the necessity for some tax
reduction and a conference between the Mayor and tax assessors of
Lowell, and the mill agent has arranged to discuss this phase of the
situation. It is becoming clear to the city of Lowell, it is said, that
the company cannot afford to delay its removal from the city very long,
unless it can be in a position to make rather than lose money.
To the end that the employes may be able to overcome the wages
reduction as much as possible the company is planning to give them
an opportunity for overtime work as far as possible. There are at
present at the Massachusetts Cotton Mills plant some 98,000 spindles,
as compared with 174,000 formerly. The plant is being run at 75%
of capacity figured on a pound production basis.




Total
37,237,236 27,453,690 12,680,461 87,385,714
Number of cases of finished goods
shiped to customers:
5,978
1,980
25.264
District 1
4,698
2
813
5.058
12,499
3
4,452
3,304
7,756
2,111
5
5,080
8
1,717
1,717
Total
Number of cases of finished goods held
in storage at end of month:
District!
2
3
5
8

19,314

8,615
.

1,980
'

52,316

3,338
6,032
519

3,110
823
243

2,104

16,201
12,824
5.024
2,728
476

Total
Total average work ahead at end of
month expressed in days:
District 1
2
3
5
8

10,363

4,176

2,104

37,053

2.8
4.6
14.7
7.4
17.2

7.0
0.9
3.4
____
____

10.6
8.3
-.-- - -- -- -

6.3
3.1
4.7
7.4
17.2

Average for all districts

5.7

5.3

10.3

5.8

476

2454

THE CHRONICLE

[VOL. 125.

was reached at Tulsa (Okla.) at a meeting of operators of the
Automobile Prices and New Models.
A list of prices for the new six-cylinder line of Hupp area on Nov. 3, according to Associated Press advices which
automobiles introduced last week and mentioned in our Oct. state:
Action of the producers in voting to extend their curtailment agree29 issue, page 2326, is as follows:
ment to Jan. 1 was entirely unexpected and another surprise was furnished

Standard sedan with wooden wheels, $1,395: with five wire wheels,
$1,455; with fender wells an six disc wheels, $1,475, and with six wire
wheels, 81,545. Four-passenger coupe with standard wheels. $1.385:
with five wire wheels, $1.445; with fender wells and six die wheels, $1,465.
and with six wire wheels, $1,535. Four-door sedan (in standard model),
$1,345; with five wire wheels, $1,405; with fender wells and six disc wheels,
$1,425 and with six wire wheels, $1,495. Prices on the two open models
have not yet been fixed as these cars are not in production.

by the Seminole production figures for the last 24 hours, showing a flow of
403.405 barrels, an increase of 11,969 barrels over the previous day.
Before the conference to-day predictions had been made that as the
result of the decline in production, all restrictions would be cast aside
and the well owners would scramble to bring up the "black gold" while
it lasted.
It was decided to take no chances, however, on unrestricted drilling of
"outside" wells adjacent to the field and in the Little River area because
of the possibility that the bringing in of new pools might undo all that had
been accomplished toward holding down production under the agreed
limit of 450,000 barrels a day.
Oil production continues too high for the present season of the year and
new flush oil must be kept in the ground wherever possible, the operators
agreed.
Ray M. Collins, umpire of the field, who has been enforcing the curtailment program adopted some months ago when the Seminole production
shot up over the 500.000 barrel mark and brought a crisis in the petroleum
industry, explained the attitude of the operators by declaring:
"They are afraid if they let up now this Job would have to be done all
over again. All the producers felt that present conditions in the industry
warranted a continuance of the agreement."
The decline in Seminole production for the past two or three days, Mr.
Collins said, was due principally to preparations to shoot some of the
large producing wells that had been "pinched in."
"By the end of the year," he added, "the operators believe that the
Industry will have adjusted Itself and restrictions may be lifted safely and
without a recurrence of over-production In this particular area."
Restrictions will still be enforced on shooting the wells of the Little
River area and on "outside wells" being drilled in the territory adjacent to
the field. These are the only two remaining clauses of the operators' agreement.
Due to declining production and serious encroachment of salt water in
the four older pools of Seminole City, Earlsboro, Seabright and Bowlegs,
the restrictions in these pools have been removed.
The plans announced earlier in the year for restricting the output in the
Seminole area were referred to in these columns May 21,Page 2998; May 28
page 3138 and August 13, page 858.

A new bodytype known as the two-door sedan has been
added to the standard six line of the Velie Motors Corp.
introduced last week (see page 2326.). The new model
is mounted on the standard six chassis of 112-inch whelebase and is powered by the Velie built 33/i x 43 valve-inhead airplane type motor. An interesting feature of the
two-door sedan is the driver's seat, which is adjustable.
By loosening two bolts it may be moved forward an inch or
backward three inches.
Graham Brothers division of Dodge Brothers, Inc., have
announced the addition of a 3' -ton panel 'delivery car
powered with the Dodge 124 4-cylinder motor. A feature
of the new model, is its short wheelbase, which permits
turning in a circle within a radius of less than twenty feet,
and the convenient way in which the body is built to facilitate loading and unloading. It is equipped with a single
driver's seat which can be augmented by folding taxi-type
seat if a passenger is to be carried. The extra space provided
by elimination of the full front seat allows room for the carrying of extra long bundles.
The Pierce-Arrow Motor Car Co. is displaying to its distributing organization a new lines of cars, the Series 81.
New models are said to show many changes in appearance,
and the power plant develops greater horsepower and speed Report on Hosiery Industry in Philadelphia Federal
Reserve District.
than former models. While the prices of the new line have
The following table, compiled by the Bureau of the
not been definitely determined, it is reported that they well
be somewhat higher than prices on the Series 80 line, which Census, showing the activities of the hosiery mills in the
Philadelphia Federal Reserve District in September and
range from $2,495 to $4,045 f.o.b. factory.
Rumors concerning the new Ford continue to rise from a comparison with those in August, is made available by
day to day. Press dispatches during the week indicated the Federal Reserve Bank of Philadelphia:
that dealers may be supplied with the new car within two
Men's
Men's
Women's
Women's
Full-fashioned.
Seamless.
Full-fashioned.
weeks, that delivery of cars to purchasers will not be possible
Seamless.
In Dozen
for some time, that the new model of a two-door sedan
Pairs.
P. C.
P. C.
P. C.
P. C.
Change
Change
Change
Change
type weighs about 200 pounds more than Model T, that it
Sept. from
Sept. from
Sept.
from
Sept. from
1927. August 1927. August 1927.
August 1927. August
resembles a small Marmon, that it resembles a Lincoln,
1927.
1927.
1927.
1927.
that it has a speed of sixty-five miles an hour and has the
Production
23,614 -1.5 264.538 +5.1 639,028 -1.0 122,078 +4.6
selective instead of planetary type of transmission. In Shipments
307,166
+14.6 620,299 +7.5 138,018 +7.3
25,059 +4.7
finished
short, the new Ford remains shrouded in mystery after all Stock,
Ss in the gray 47.956 -3.6 388,054 -0.8 904,021 -0.1 286,256 -2.0
these months. A new angle to the proposition was given Orders booked_ 27.996 +12.0 33.5.778 -5.1 856.803 +70.6 142,610 +162
Cancellationsreby a report to the effect that an entirely new sales plan
celved
194 +18.2 5,345 -0.1
52,176 +526.1 2,355 +35.7
orders.
would be introduced when the new model is presented. Unfilled
..mi nf rnnn•h 99 ac 5-15 1 512 288 4-5.2 1.A41 fln13 .415 07 514 42.0
Under this so-called "club plan" a buyer is said to pay
Children's and
Boys' &
$150 down and $12.50 a month for as long as the car is in
Athletic
Infants'.
and Sport.
Misses'.
Total.
use. At the end of a year he may have the car overhauled
In Dozen
P. C.
P. C.
Pairs.
P. C.
P. C.
for a moderate charge or turn it in for a new car. The title
Change
Change
Change
Change
Sept. from
Sept. from
Sept. from
from
Sept.
of the car remains with the company, as an outright sale is
1927. Aug. 1927. Auoust 1927. August 1927.
August
never completed, the monthly charge of $12.50 amounting
1927.
1927.
1927.
1927.
to a rental charge. Regarding this report, a dispatch in Production
29.627 -7.5 146,608 +12.8 53.650 +42.8 1,279,143 +3.4
Shipments
43,733 +31.0 67,341 +45.1 46.732 +3.0 1,248,348 +11.2
the New York "Times" of Nov. 1 quotes an official of the Stock,
finished
-4.7 288,965 +9.8 36,280 +23.0 1,998.217 +0.9
In
the
gray.
&
46.685
company as having remarked: "Interesting, but I know Orders booked_ 50,583 +33.5
191,974 -1.6 119.465 +96.2 1,725.209 +33.0
Cancellations renothing of such a plan."
ceived
Unfilled orders,
end nf mnnth

Reduction in Tire Prices by Firestone Tire 8c Rubber
Co. and Other Leading Companies.
It was announced on Nov. 3 that all leading tire and rubber
manufacturing companies have reduced prices of their leading
line of tires 5% to meet the cut made by Firestone Tire &
Rubber Co. Neither secondary nor third lines of tires or
tubes are reduced in price. Among companies affected are
United States Rubber, Goodyear, Goodrich and Kelly-Springfield, Ajax and others. Regarding the action of the Firestone, we quote the following from the New York "Times"
of Nov. 2:
Prices of high-pressure and balloon casings have been reduced 5% by
the Firestone Tire and Rubber Company on its Firestone or first-grade line.
This reduction is in addition to the 5% trade discount allowed dealers.
The trade discount reduction was made by all other manufacturers, and it
Is expected that they will meet the latest price cut. The Firestone company
has made no reduction in its tubes or in the Courier and Oldfield brands of
casings.

Agreement to Limit Production of Oil in Seminole
Field (Oklahoma) Extended to Jan. 1.
An agreement to limit production in the Seminole oil
field of Oklahoma, despite a recent falling off in the output,




620 +121.4

71.270

272 +353.3

3,740 +117.8

+24.8 682.417 +26.9 148.074

64,702 +266.7

.4.577 A 117R n1R

418.4

New Bill Seeks to Prevent Accumulation of Rubber Export
Rights.
Henderson, Helm & Co., Inc., in their Weekly Market
Letter, dated Oct. 28, stated that the rubber market closed
quite firm, and the activity as well as the firmness was
undoubtedly due to the cable received from London today,
as follows:
On the advice of the Malayan Rubber Restriction Committee a bill is
being introduced into the Legislative Council at Singapore with the
object of preventing accumulation of export rights. It provides that the
quantity of rubber authorized by license to be exported during the quarter beginning after Feb. 2, 1928, shall be exported in such quarter only.
The balance so authorized, but not exported, may be exported during the
next quarter, if and when the full amount authorized for that quarter
shall have been exported. It is hoped that the measure will result in
ptactically eliminating any carry-over.

Henderson, Helm & Co., Inc., interpret the cable to mean
substantially the following:
In the first place, it is the first move to make the Restriction Enactment more effective, which may be taken as meaning that the thought of
abolishing Restriction, even under notice, has been dispensed with.
The steps taken to eliminate the carry-over seem to be one method of
checking up on assessments, because if the allowance granted an estate

Nov. 51927.]

THE CHRONICLE

as the basis on which it can produce 60% proves too high, there can be
no carry-over, and if the estate is unable to ship the full quota allowed
under the present 60%, it is evidence that the assessment • is too high.
In this case they are only permitted to ship the difference in the following quarter after the following quarter's quota has been exported. We
assume from this that the permission is then cancelled.
This all means that there is apparently a definite determination to
make Restriction effective. If this is the case, while one may argue that
the effect in actual shipments will not be felt for many months to come,
the market will undoubtedly react to the belief that the statistical position
of rubber must necessarily improve before long.

2455

1926, bringing the price to $1.42 a bushel. There are deductions from
this of about 5 cents a bushel, the farmer really getting $1.37 and a fraction. The average trade net price of No. 1 northern wheat for the crop
year of 1926 is figured by the Grain Trade News at $1.45% a bushel."
It has been figured by some of the Chicago statisticians that the average
price paid for the 1926 wheat crop of the United States was $1.43 a bushel,
which compares with the Canadian pool price of $1.37 and a fraction. The
United States crop was practically all marketed through old established
trade channels and exchanges.
More than $19,000,000 representing the final payment on the 1926 crop
of pool wheat, is being distributed to farmers in Manitoba, Saskatchewan
and Alberta.

Saving of Millions in Marketing of This Year's Grain
Fur Trade Prepares for Dating Changes—Factors
Predicted in Report of Committee of Canadian
Setting Up Machinery to Avoid Stock Congestion.
Research Council.
industry
Bankers have been informed that, as the fur
canadian Press dispatch from Winnipeg Oct. 19 pubA
Is now constituted, it is necessary to change the period when
lished in the Toronto "Globe" stated:
31.
Mar.
to
31
Dec.
bills
from
fur
should be liquidated
raw
Important recommendations, estimated when put in practice to effect
The New York "Journal of Commerce" of Oct. 26, in stating a saving of millions of dollars in the marketing of this year's prairie grain
crop, are contained in a tentative report submitted to the Board of Grain
this adds:
the Canadian Research Council.
This is considered the only feasible plan to bring about reasonable stabilization. The change is already under way, having been taken up by the
members of the Associated Fur Manufacturers,Inc., very recently at general
meetings and the movement gotten under way during the early part of the
present year.
The leading factors among dealers and manufacturers have enthusiastically sponsored the change because they find it necessary in response to
changes in retail merchandising. With the bulk of retail selling coming
after the first of the year It is felt essential that primary market factors
should be under no necessity to sell furs at whatever prices they can realize,
without relationship to cost, simply because creditors are seeking payment
for merchnadise which remains unsold.
At a meeting called following a resume of some of the conditions in the
fur market, which appeared in the "Journal of Commerce"several days ago.
the need to adapt trading policies to conform with changed retail priactices
was gone over by a number of the foremost factors in the business. It
was shown that bankers have been apprised of the Impending change.
which will take another year to get into full swing. Meanwhile manufacturers have been coached to get ready for the trading alteration.
To make so drastic a shift in credit arrangements, a leading manufacturer
stated, will require delicate co-operaton between the various factors involved. The larger companies will naturally be the more generally benefited, since their financial condition can stand the scrutiny of money interests. Many smaller concerns are sound economically and only a relatively few are disposed to balk at a change.
In discussing the recent article on conditions in the fur Industry which
appeared in this paper exception was taken to the tone which gave the 1331.
pression that the fur trade was in a panic state. The thought expressed
was that current difficulties are usual each year during congestion periods.
A similar condition is not thought likely to be repeated once the change is
made to make early raw skin purchases come due at the close of March.
Furriers say they vrill have more time to get out new styles and avoid
forced sales.
At a meeting of the furriers' association the following resolution was
adopted:
"Whereas. After a careful study of the prevailing conditions in the fur
Industry, the Associated Fur Manufacturers. Inc.. deems it advantageous
to the whole sale manufacturing branch of the industry to change the end
of the financial year at which accounts are balanced from Dec. 31 In each
year,as Is now the prevailing custom,to Mar.31 In each year; belt therefore
"Resolved, That the Associated Fur Manufacturers, Inc., hereby adopts
a change in the fiscal year as at present practiced in the fur Industry, so
that on and after Jan. 1 1928, the end of the financial year of the wholesale
fur manufacturers, when accounts are balanced, shall be Mar. 31 in each
year and not Dec. 31: and belt further
"Resolred, That the members of the Associated Fur Manufacturers, Inc.,
on and after Jan. 31 1928. 80 regulate their respective businesses that each
member shall conform to the resolution hereby adopted and that their
respective financial year shall end on Mar. 31 in each year."

Final Payment of $19,000,000 on 1926 Canadian Wheat
OS
Pool.
A final payment of more than $19,000,000 on the 1926
crop of pool wheat was announced on Oct. 19 by A. J.
McPhail, president of the Canadian Wheat Pool. According
to press accounts from Winnipeg which added:
Or the amount, the Saskatchewan Pool members receive $12,929.207, Alberta members $4.198,587 and Manitoba 82.085.575.
The total payment made by the central selling agency to the three
Provincial pools, represents the net balance after deducting all marketing
costs incurred by the central selling agency, such as storage, interest
charges and administrative expenses from the proceeds of the 1926 crop.
As In previous years the spreads between grades have been adjusted in
the final payments which reflect the actual price secured for the various
grades. The final payments make the total price on the principal grades
as follows: No. I Northern $1.42: No. 1 Durum, $1.45; No. 2 Northern
$1.374: No. 3 Northern, $1.31: No. 4. $1.21%; No. 5, $1.09; No. 6. 973.
Mr. McPhail stated that the carrying charges and operating expenses
of the Provincial pools are deducted from the final payment. In addition
the Provincial pools made deductions for the commercial and elevator reserves. which are credited to the individual memters.
The administrative expenses of the central selling agency for the crop
year of 1926-27. according to Mr. McPhail. were covered by a deduction of
less than a fifth of a cent a bushel. The distribution of more than $19000.000 brings the grand total paid by the pools since the Alberta Pool
was formed in 1923 to more than $674.000,000.

Canadian Wheat Pool Costly
Canadians Who Marketed
Got 8%c. a Bushel More, is
From the Chicago "Journal of
we take the following:

to Farmer, Report—
in Regular Channels
Assertion.
Commerce" of Oct. 20

Wheat growers of northwest Canada who marketed their grain through
established trade channels and exchanges got 816 cents a bushel more for
their product than was paid the growers In the same territory who sold
their wheat through the Canadian Wheat Pool, according to Winnipeg
advices received yesterday.
The message said: "The Canadian Wheat Pool has made final payment
of a distribution of 12 cents a bushel for No. 1 northern of the crop of




Commissioners by the Grain Committee of
Scientists of the Research Council have discovered methods of commercial drying of tough and damp grain, which will prevent injury to the milling and baking qualities of wheat when practiced under proper conditions.
The research is not comolete, but enough progress has been made to put
the theories into operation in the drying of this year's crop, It was stated.

Crude Oil Production Continues to Decline.
A decrease of 15,200 barrels was reported in the crude oil
production of the United States during the week of Oct.
29. Statistics compiled by the American Petroleum Institute showed that the estimated daily average gross crude oil
production in the country for that week was 2,466,550
barrels, as compared with 2,481,750 barrels for the preceding
week. The daily average production east of California was
1,836,950 barrels, as comapred with 1,856,850 barrels, a
decrease of 19,900 barrels. The following are estimates of
daily average gross production by districts for the weeks
reported below:
In Barrels—
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texa4
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
Calfornia

DAILY AVERAGE PRODUCTION.
Oct. 15 '27
Oct. 29'27. Oct. 22'27.
790.200
779,200
757,700
104,750
104,950
105,350
90.200
88.700
89.550
82,150
79,300
78.650
62,400
60,700
58,750
205,950
211.000
210.950
28,700
28,250
28,750
27,350
26,700
26.550
51,600
51,050
50,850
101.050
100,900
100.050
120,250
123,250
125.050
15.200
15,400
14,800
113.000
114,500
115,000
50,000
52.000
50.550
13.750
13,700
13,700
6,400
6,400
7.000
2,200
2,250
1.900
629,200
624,900
629,600

Oil. 30 '26.
539.300
114.750
159.600
93.000
56.050
50.650
58.500
42,550
59.450
148.030
159.650
11.450
110,000
67.050
20.750
7.550
4,600
628.300

2,331,250
2,494,350
2,466,550
2,481,750
Total
The estimated daily average gross production of the Mid-Continent field
Including Oklahoma. Kansas, Panhandle. North, West Central, West
Texas. East Central and Southwest Texas, North Louisiana and Arkansas.
for the week ended Oct. 29 was 1,507.150 barrels, as compared with 1.530.750 barrels for the preceding week, a decrease of 23,600 barrels. The MidContinent production. excluding Smackover. Ark., heavy oil was 1.430.250
barrels as compared with 1.453 300 barrels, a decrease of 23.050 barrels.
The production figures of certain pools in the various districts for the current week compared with the previous week follow. (Figures in barrels of
42 gallons):
Oct. 29. Oct. 22.
Oklahoma—
Oct. 29: Oct. 22.
North howttlana—
2,750 2,550
North Braman
7,150 7,150
2,250 2,250 Haynesville
South Braman
9,200 9,300
17,150 17,900 Urania
Tonkawa
10,200
10,150
Garber
Arkansas—
35.850 35,450
Burbank
9,750 10,000
24.900 24,850 Smackover. light
Bristow Slick
76,900 77,450
11,300 11,450 Smackover, heavy
Cromwell
12.700 14,200
Wewoka
Coastal Texas—
64,700 68,150
Seminole
9,050 8.900
121,300 125,650 West Columbia
Bowlegs
3,000 3,500
Searight
26,300 26,950 Blue Ridge
10,900 7.500
Little River
45,050 44,400 Pierce Junction
16.050 17,050
Earlsboro
155,450 166,400 Hull
53,500 53,550
Panhandle Texas—
SpIndletoP
4.550 4,100
Hutchinson County
54.600 65.700 Orange County
Carson County
8,100 8.100
Wyondno—
Gray
15,500 13,500
32.400
34,050
Wheeler
1,300
1.350 Salt Creek
lVest Central Texas—
Montana—
Brown County
19,000 20.000 Sunburst
11,500 11,500
Shackelford County
5,250 5,000
!Vest Texas—
California—
Reagan County
39,000 39,000
23,250 23,400 Santa Fe Springs
Pecos County
98.500 93,000
30.700 31,400 Long Beach
Crane & Upton Counties 127,400 132,500 Huntington Beach
61.000 61.500
Winkler
20,000 20.000
15,750 10,300 Torrance
East Central Tesas—
15,000 15.000
Dominguez
7.500
8,000
Corsicana Powell
13,500 13.850 Rosecans
32,500 32.500
Nigger Creek
1,400 Inglewood
2,400
84.000 84.000
Southwest Texas—
Midway Sunset
Luling
57.600 55,400
15,200 15,000 Ventura Avenue
56,000 59,000
Laredo District
8,200 8,500 Seal Beach

Gasoline Prices Advance in Certain Sections—Crude
Oil Remains Unchanged.
Crude oil prices remained stable throughout the week,
no changes of any importance having been reported. Some
advances occurred in the price of gasoline,notably at Savannah, Tampa and New Orleans. The earliest of these to be

2456

THE CHRONICLE

reported was that announced Oct. 29 by the-Standard Oil
Co. of Kentucky, which advanced gasoline one cent a gallon
at Savannah, Ga., and Tampe, Fla., the new prices being
17c. to dealers at Savannah and 18c. to dealers at Tampa.
This company also reduced the price of kerosene one cent
a gallon to 14c. at Pen6acola, Fla.
In New Orleans on Oct. 31, the Standard Oil Co. of
Louisiana advanced the price of gasoline 2e. a gallon making
the tank wagon and service station prices both 1534c. a
gallon,including the State and carriage tax.
The retail price of gasoline in Fort Collins and nearby
territory varies from 13 to 16 cents per gallon as a result of
the "price war" in northern Colorado. High test gasoline is
selling two to three cents a gallon higher. These prices include
three-cent State gasoline sales tax.
Wholesale prices in Chicago on Nov. 4, stood as follows:
U.S. motor grade gasoline,6 @ 6341e.; kerosene, 41-43 water
white 434 @ 43
4c.;fuel oil, 24-26 gravity,8234 @ 85c.
World's Zinc Consumption in First Half of 1927.
Zinc consumption of the world in the first half of the
current year is estimated at 640,000 metric tons by the
American Bureau of Metal Statistics, according to the
"Wall Street Journal" of Oct. 22, which adds:

[VOL. 125.

Finished Steel.
Pig Iron.
Nov. 1 1927, 2.293e. a Lb.
Nov. 1 1927, 817.54 a Gross Ton.
One week ago
2.293c. One week ago
817.84
One month ago
2.346c. One month ago
18.09
One year ago
2.453e. One year ago
20.04
19-year pre-war average
1 689e. 10-year pre-war average
15.72
Based on steel bars, beams, tank plates,
Based on average of basic iron at Valley
plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago,
and black sheets, constituting 86% of the Philadelphia. Buffalo, Valley and BirUnited States output.
mingham.
High.
Low.
High.
Low.
1927_2.453c. Jan. 4 2.293c. Oct. 25 1927_319.71 Jan. 4 $17.54 Nov. 1
1926_2.453c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19.46 July 13
1925_.2.560c. Jan. 6 2.396c. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7
1924__2.789c. Jan. 15 2.4600. Oct. 14 1924_ 22.88 Feb. 26 19.21 Nov. 3
1923__2.824c. Apr. 24 2.446c. Jan. 2 1923__ 30.86 Mar. 20 20.77 Nov. 20

November opens with the finished steel markets still
better in the promise than the performance the "Iron Trade
Review" of Cleveland observesin its Nov.3"Review"of market conditions: Considerable tonnage is opening up in pipe,
over 200,000 tons in gas lines alone being projected or imminent, the railroads continue tobuy satisfactorily for 1928 track
programs, and by the grace of good weather structural steel
demand is seasonally high. But orders for immediate shipment warrant no more than a 65 to 67% general operating
rate declares the "Review," adding:

A stiffer attitude looms in prices. Producers are fresh from last week's
American Iron and Steel institute meeting, where destructive price competition was roundly denounced and a constructive, co-operation spirit displayed. Third quarter financial statements, revealing some losses and
many sharp reductions in earnings, emphasize the proximity of selling price
Of this total 255,500 tons were used in America. 355,600 tons in Europe, and costs. The bottom of the present price dip may not yet have been
plumbed, but less business will be "bought."
20.700 tons in Asia. 1,500 tons in Africa and 6,700 tons in Australia.
The
October continued the decline which has marked the production of pig
monthly rate of world's consumption was 106,700 metric tons.
In the entire year 1926 consumption was 1,245,300 tons, of which Amer- iron since May. At 90,652 tons, the October daily rate compared with
tons in September and 107.555 tons last October; it was the lowest
92,750
ican consumers took 549,400 tons. Europe 618,400 tons, Asia 57,400
tons.
Africa 3,200 tons and Australia 16,900 tons. The monthly rate of con- rate since August, 1925. The longer month, however, brought October
tonnage up to 2,810,231 tons, against 2,782,500 tons in September. For
sumption in 1926 was 103;800 tons
10 months pig iron production stands at 30.927,257 tons or 6% under the
The following table gives consumption in detail for years 1925 and
1926 like period of 1926. At the close of October
175 blast furnaces, or 48.4%
and[for the 6 months ended June 30. 1927-(figures in metric
tons):
of the total serviceable, were in blast, the percentage being the Iowan since
-Calendar Years
- June 1925. The loss in active stocks from September was six.
1st Half
Little pig iron has been sold the past week but the market setup is more
1925.
1926.
1927,
competitive. Birmingham producers have cut $1.25 per ton, to 1116, base,
United States
487,800 529,600 246,000 Birmingham, for November-December
delivery, enabling them to compete
Other America
17,300 19,800
9,500 more evenly in northern markets. Southern iron now is $19.69, delivered
Cincinnati, against $19.65 to $19.90 asked by lake furnaces. Another
Total America
505.100 549.400 225.500 cargo of lake iron Is being unloaded at Chicago
and offered at 50 cents under
Austria
3,200
2,000
2.000 the $18.50. Chicago, market.
Belgium
96,500 101.400 58,100
Curtailed production is the reaction of some beehive coke producers to
Czechoslovakia and Jugoslavia
21,000 20,000 10,900 the present weak market, which is unchanged at
$2.75 to $.3 for standard
France
98,200 114,700 51,500 furnace coke. More foundries are turning to cheaper
grades of foundry
Germany
141,700 143,800 93,900 coke, available at $3.75 to $3.8.5.
Great Britain
165,500 161,900 93,500
An award Is pending on the gas line from Amarillo, Tex., to Denver.
Holland
2.000
2,000
2.000 requiring 100.000 tons of pipe. Other live projects include the Roxana
Italy
20,100 18,000
8,600 Petroleum Co.'s 51,000-ton line, the proposed gas line from Colorado to
Russia
15,000 14,000 *7.000 Salt Lake City taking 35,000 tons, a line from the
Texas Panhandale requirScandinavia
10,000
8.000
2,400 ing an unstated tonnage and a riveted pipe line in New Jersey needing
Spain
9,800
7,600
5,700 30.000 tons of plates.
Other Europe
43.000 25,000 20,000
French cast iron pipe is again competing in eastern markets, having been
specified for jobs requiring 6,000 tons and being low on 2,200 tons at Albany,
Total Europe
626,000 618.400 355,600 N. Y. Domestic cast pipe prices tend to react from
their recent extreme
Japan
4,800 53,300 18,200 lows.
Other Asia
5.500
4,100
2.500
Warehouses in most centers have revised their extras on cold finished
bars to correspond to similar action by the mills recently. Extras paid by
Total Asia
46.300 57,400 20,700 shafting makers on hot rolled hexagons also have
been revised.
Africa
*3.000
3,200
1,500
From 150.000 to 175.000 tons of rails has been bought in the past week
Australia
17.800. 16.000
6.700 by railroads entering Chicago, with western mills booking about one half.
Included are 60,000 tons by the Burlington and 30,000 tons by the Union
Total world's consumption
1,198.2001,245,300 640.000 Pacific. Current inquiry for rails approximates
40,000 tons, with the
Monthly rate
99.900 103,800 106,700 New York Central's 175,000 tons not yet placed.
October, with less than
*Conjectural.
50 to its credit, was the lightest month in years in freight car buying.
World's production in the first half of 1927 amounted to 655,600 metric
The Lake Superior iron ore movement which is drawing to a close for the
tons; in the entire year 1926 It was 1,246,700 tons and in 1925 it amounted season is likely not to exceed 52,000.000 tons,
compared with 60.000.000
to 1,144,800 tons.
tons last year. The movement to Nov. 1 this season, totaling 49,110,133
tons, is 10% less than in the comparable period in 1926.
rates at unionized sheet and tin plate mills present the phenomenon
Steel Operations Show Slight Recession-Pig Iron of Wage
rising 3%,due to carryover of higher-priced business from last spring,at a
Price Declines to New Low.
time when the sheet market is distinctly softer. Individually larger sheet
Close to a 4% reduction from the September rate was made orders have been booked at Pittsburgh but the aggregate Is no higher. Blue
annealed sheets at Chicago are down to a range of 2.30c. to 2.35c.
in the output of steel-making pig iron in October, reports the
The "Iron Trade Review" composite of 14 leading iron and steel products
"Iron Age" in its Nov. 3 issue. Merchant iron production is unchanged this week at a35.51.

held its own, however, so that the month's total production
showed a 2.9% daily loss from September. Last month
2,784,112 tons were made, or 89,810 tons per day, while for
the 30 days of September the amount was 2,774,949 tons,
or 92,498 tons a day. As shown in another column in today's issue. The usual weekly review of conditions affecting
the iron and steel markets expressed the opinion that the
industry has shown a slight recession in activity. It further
states:
The week in steel has shown here and there an accumulation of orders
and some growth in the volume of inquiries, but it is doubtful that the Industry as a whole has forged ahead. The betterment gives little promise as
yet of helping this year's operations or fourth quarter profits. As November
comes in, the rate of operations has receded slightly for while Pittsburgh
holds its position, the Chicago district shows a drop of two points.
Price irregularities are less pronounced than a week ago. Instead there
has been some withdrawal of special price concessions expected by some
of the large preferential buyers.
In pig iron, the trend of prices is still downward. The latest reduction is
a cut of $1.25 a ton to $16, base, by Alabama furnaces, the first change at
Birmingham since early in July. At Detroit, shipments of pig iron in
October were larger than in September, reflecting a gain in melt by automotive foundries.
The "Iron Age" composite price for pig iron has fallen from the $17.84
of the last two weeks to $17.54 per gross ton, the lowest in over eleven years.
The finished steel composite price remains at last week's five year low
point, or 2.293c. per lb. as shown in the following table:




Pig Iron Output in October is New Low Record for the
Year.
Another sharp decrease in pig iron production was registered in October. Data collected by wire by the "Iron Age"
on Nov. 1 show the daily rate to have been 89,810 tons, a
decline of 2,688 tons, or 2.9%,from the 92,498 tons per day
in September. In some cases estimates for the last day's output were made by a few companies. The October decrease
is the seventh month in succession and the daily rate is the
smallest since August, 1925, when it was 87,241 tons per day.
For the last three years October has shown an increase over
September; this year operations ran nearly parallel to
October 1923; the decline then was 2,598 tons per day,
or 2.5%.
October's total pig iron output was 2,784,112 gross tons,
or 89,810 tons per day for the 31 days,against 2,774,949 tons,
or 92,498 tons per day in September,a 30-day month. The
decline of 2,688 tons in the daily rate last month compares
with 2,575 tons in September, with 126 tons in August with
7,789 tons in July and with 6,397 tons per day in June. A
year ago the October daily rate was 107,553 tons, as shown in

the monthly statistics prepared by the "Age," portions of
which we quoted herewith:
Net Loss of 7 Furnaces.
There were 10 furnaces shut down and 3 blown in-a net loss of 7 for
the month. This compares with a net loss of 8 in September, 3 in August.
8 in July. 13 in June, 9 in May and 3 in April. In March there was a net
gain of 3 furnaces.
Of the 10 gurnaces shut down last month, 5 were Steel Corporation
stacks, 4 belonged to independent steel companies and one was a merchant
furnace. The 3 furnaces blown in represented one each for the Steel
Corporation, the independent companies and the merchant producers.
Possibly Active Furnaces Reduced.
The Clinton furnace of the Clinton Iron & Steel Co.. Pittsburgh, has been
scrapped, which reduces the number of possibly active furnaces from 362
to 361.
Capacity Adioe on Nov. 1.
On Nov. 1 there were 172 furnaces blowing as compared with 179 on
Oct. 1. The estimated daily rate of the 172furnaces was 87,600tons per day;
on Oct. 1 the 179 furnaces had an estimated rate of 90,800 tons per day.
Manganese Alloy Output.
Ferromanganese made in October totaled 17,710 tons, the smallest this
Year. At no time also in 1926 was so little produced. The spiegeleisen
output at 6,129 tons last month was a little larger than the 6,037 tons in
September. which WWI the smallest this year.
Furnaces Blown In and Out.
Only three furnaces were blown in during October: One Edgar Thompson
furnace of the Carnegie Steel Co. in the Pittsburgh district: one furnace
at the Cambria plant of the Bethlehem Steel Corporation in western Pennsylvania, and the Belfont furnace in southern Ohio.
The following furnaces were blown out or banked during October: The
furnace of the Hudson Valley Coke & By-Products Corp. In New York: one
Donors furnace of the American Steel & Wire Co., one Edgar Thomson furnace of the Carnegie Steel Co. and one Midland furnace of the Pittsburgh
Crucible Steel Co. in the Pittsburgh district; one *furnace at the Cambria
plant of the Bethlehem Steel Corp. In western Pennsylvania; one furnace
of the Youngstown Sheet & Tube Co. in the Mahoning Valley: one (new)
South Chicago furnace of the Illinois Steel Co. and one Gary furnace in the
Chicago district; one furnace of the Colorado Fuel & Iron Co. in Colorado,
and one Bessemer furnace of the Tennessee Coal. Iron & RR. Co. in Alabama.
DAILY RATE OF P10 IRON PRODUCTION BY MONTHS-GROBS TONS,
Steel Werke
Merchant.*
Total.
107,553
24,365
1926-October
83,188
.,820
November
25,070
107.89C
99.712
24.803
74.909
December
100.123
24,514
1927-January
75.809
105.024
24.429
February
80.595
26,062
112,386
March
88.304
114.074
26.144
April
87,930
109,385
May
24.899
84,486
102,988
24,878
78.110
June
95.199
July
25.421
69.778
August
23.660
95.073
71.413
September
92,498
22,825
69,673
October
89,810
•Includes pig Iron made for the market by steel companies.

January
February
March
April
May
June

TOTAL PRODUCTION OF PIG IRON.
Bestnntne Jou. 1 1925-Gross Tony.
1926.
1925.
3,316.201
3,370,336
2,923,415
3.214.143
3,441.986
3.564.247
3.450.122
3.258,958
3,481,428
2.930.807
3.235.309
2,673,457

Half year
July
August
September
October
November
December

19.848.461
3.223.338
3.200,479
3.138.293
3,334,132
3,231,707
3.091.060

19,011,948
2,664.024
2,704.476
2,726,198
3,023,370
3,023,006
3,250.448

1927.
3.103.820
2.940.679
3,483,362
3.422.226
3,390.940
3,089,651
19,430,878
2.951,180
2.947.276
2,774.949
2,784,112

39,070,470
Year*
36.403,470
*These totals do not include charcoal pig iron. The 1926 production of this iron
tons.
was 163,880

Iron and Steel Foundry Operations in Philadelphia
Federal Reserve District.
Business an iron castings, as measured by the volume of
shipments and unfilled orders, increased appreciably between
August and September but production declined says the
Philadelphia Federal Reserve Bank in its report on iron
foundry operations during September. Compared with a
year earlier, unfilled orders were noticeably larger but production and shipments were smaller. Stocks of pig iron and
coke at the end of September were lighter but those of scrap
heavier than on the same date last year. The statistics
supplied by the Bank follow:
Capacity
Production
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw Stock:
Pig iron
Scrap
,
Coke

tons__

Sept. 1927.
10.617
4,014
259
3,775
3,156
599
4,510
$570,882
4,317
3504,870
5,467
3,046
1,348

% Change
Month Ago.

% Change
Year Ago.

-5.7
-7.2
-5.6
-2.9
-17.7
+7.0
+13.3
+20.2
+9.4

-18.2
-28.5
-15.3
-5.8
-45.8
-2.4
-7.3
+18.0
-0.9

+13 3
-1.4
-7.4

-4.3
+2.3
-11.6

Reviewing steel foundry operations the Bank states:
Reporting foundries making steel castings show that their volume of
production, shipments and unfilled orders was considerably smaller in
september than in August and a year before. Last year at the same time
there were marked Increases. Stocks of scrap and coke increased in September and those of coke were also greater than on the same date last year.




2457

THE CHRONICLE

Nov. 5 1927.]

Capacity
Production
Shipments
Value
Unfilled orders
Value
Raw Stock:
Pig iron
Scrap
Coke

tons

Sept. 1927.
12,490
5,137
4,185
$577,602
2.467
3440,321
1,704
7,710
1.470

% Change
Month Ago.

% Change
Year Ago.

-22.1
-15.7
-21.2
-11.9
-18.2

-39.5
-24.0
-45.3
-39.7
-42.8

-6.3
+23.3
+7.5

-32.1
--1.4
+38.0

Bituminous Coal Trade Weakens-Anthracite Market Slowly
Gains Strength.
Bituminous coal markets of the United States are still
struggling to effect a balance between supply and demand,
reports the "Coal Age News" in its market review of Nov. 3.
So far the general results have not been very successful and
the pressure of unsold tonnage on wheels at mines, junction
and terminal points weakens the entire price structure. As
for weeks past, steam coals bear the brunt of the attack.
Late figures on supplies held by the consumers are lacking,
but estimates in sonic sections place the reserves high
enough to last until Jan. 1, asserts the "News", which adds
further facts as follows:
Until these stockpiles
case at the present time
program of curtailment
genuine improvement in

are depleted at a more rapid rate than is the
or coal men individually adopt a more radical
of production there seems little basis for any
the market situation. That some acceleration

of the rate of depletion may be expected is indicated by reports from
many fields that contract customers have cut down deliveries to minimum quotas. Despite this fact, railroad stocks have been diminishing
at the rate of less than 1,000,000 tons monthly.
Curtailment of production, of course, is complicated by unevenness
of demand as between different sizes of coal. In Illinois, for example,
most of the orders are concentrated on lump and even egg is dragging.
Lake shipments of three-quarter coal augment slack tonnage in the
East at a time when stea mconsumers are indifferent. These difficulties
help to explain the slight drop in production. For the week ended
last Saturday the National Coal Association estimates output at 10,100,000 net tons, as compared with U. S. Bureau of Mines figures of
10,283,000 tons for the preceding week.
Due to increased tonnage from Illinois the general level of spot
prices yesterday rose to $1.97. "Coal Age News" index of spot bituminous prices on Nov. 2 was 163. Compared with preliminary figures for Oct. 26 this was an increase of 6 points and 7c. A year ago
the Index stood at 285 and the weighted average price was $3.45. The
1926 figures reflected the influence of the extraordinary export demand
during the summer of that year as the result of the prolonged British
strike.
Few producing fields have escaped the weakness in the steam-coal
markets. In southern Illinois "no-bill" screenings have become a real
problem for the operators and prices yielded slightly. Central Illinois
dropped more sharply and there was a softer tone to the Indiana list.
High-volatile slack in the Cincinnati market, on the other hand, was a
shade firmer and mine-run was legs flabby. Smokeless mine-run was
weaker outside the Cincinnati and Columbus markets.
The strike in Colorado, which appears to have tied up most of the
production of that state, has boosted demand and prices on Utah and
Wyoming coals for shipment into Colorado and other markets normally
served by the Colorado mines, but the total tonnage so far affected has
not been exceptional Outside of this area and the Northwest the bituminous market situation is one of watchful waiting, with all sectors
complaining of slack demand for fuel.
Connellsville coke demand is moribund and production is falling.
There also has been a slowing down in by-product market in other
parts of the country in both the metallurgical and domestic trades.

The "Coal and Coal Trade Journal" on Nov. 3, in discussing the situation, Said:
In the bituminous market nothing would please us more than to
scatter a soothing balm, a cure-all for the many woes that beset the
trade; but it seems these gentlemen who make such courageous efforts
and sacrifices to keep the wheels of the world moving must get together
and work out their own salvation among themselves.
The only balm of the past week to the market was a decline of a
couple of hundred thousand tons in total production, and this gap was
largely filled by "no bill" coal that had backed up, due to the Western
strike settlement, where the mines have not yet gotten fully under
way. One buyer showed us this week an invoice for the same coal he
had purchased in July at forty-vve cents per ton cheaper. In justice
to all concerned, oprator, miner and the public, that should not occur
at this season.
Here and there in districts where operators have found it necessary
to take possession of their houses to provide homes for miners willing
to work, we hear of miners moving out and finding homes in the houses
of other operators in the same or adjacent district. One battalion of
the "Pick and Shovel Brigade" moves out, another moves in. Surprising as it may seem, the result is increased production. The only limit
to the progressive production in mines of central and western Pennsylvania that have changed from a closed-shop to an open-shop, competitive basis is the slack demand.
Ohio operators show no signs of receding from their efforts to continue the open-shop policy they have planned. Illinois and Indiana
are waiting for the report of the loading machine commission that
means so much to the thick vein operators or to those in regions
where machines are and can be used. A six months' strike with lower
prices than before prevailed is not stimulating to the industry or any
other line of business.

Recession Shown in Bituminous Coal Output-Anthracite and Coke Production Increase.
Bituminous coal output receded from 10,550,000 net
tons in the week of Oct.15 to 10,283,000 net tons in the
week of Oct. 22, as loss of 267,000 net tons, reports the
current bulletin issued by the U. S. Bureau of Mines.

2458

ThE CHRONICLE

The output of the corresponding week of 1926 was reported
as 12,712,000 net tons. The anthracite tonnage for the
week of Oct. 22 1927 amounted to 1,799,000 net tons, a
slight gain over the 1,794,000 net tons produced during
the preceding week. The current output, however, remains
about 263,000 net tons below the output in the corresponding
week one year ago. Further data is presented by the Bureau
of Mines as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Oct. 22, including
lignite and coal coked at the mines, is estimated at 10,283,000 net tons.
In comparison with the output in the preceding week, this shows a decrease
of 267.000 tons, or 2.5%.
Estimated United Stales Production of Bituminous Coal, (Net Tons) Incl. Coal Coked.
1926
1927
Cal. Year
Cal. Year
Week.
to Date.a
Week.
to Date.
Oct.8
420.494.000
10,286.000
12,363,000
405,317,000
1,705,000
1,769.000
1,714,000
2.061,000
Daily average
415.867,000
432,880,000
10,550.000
Oct. 15
12,386,000
1.706,000
1,777,000
1,758,000
2,064,000
Daily average_
445,592.000
10.283.000
Oct. 22.b
12,712,000
426.149,000
1,785,000
Daily average.._
1,707,000
1,714,000
2,119,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision.
The total quantity of soft coal produced during the calendar year 1927
to Oct. 22 (approximately 250 working days) amo nts to 426.149,000
net tons. Figures for corresponding periods in other recent years are
given below:
1926
462,172,000 net tons
445,592,000 net tons 1923
1925
315,440,000 net tons
400,621,000 net tons 1922
1924
378,578,000 net tons
As already indicated by the figures above, the total production of soft
coal for the country as a whole during the week ended Oct .15 amounted to
10.550.000 net tons, an increase of 264,000 tons, or 2.6% over the ouput
in the preceding week.
The following table apportions the tonnage by States and gives comparable
figures for other recent years.
Estimated Weekly Production o 'Soft Coal by States (Net Tons).
Total Production for Week Ended-- October
Oct. 17
Average
Oct. 16
Oct. 15
Oct. 8
1923.b
State1927,
1927.
1920.
1925.a
Alabama
380,000
473,000
380,000
439,000
376,000
Arkansas, Kansas. Missouri and Oklahoma
305,000
246,000
251,000
27:3.000
241,000
Colorado
298.000
300,000
217,000
239,000
253,000
1,134.000 a727.000 1,448,000 1,546,000 1.558,000
Illinois
Indiana
240,000 a253,000
518,000
484,000
458.000
130,000
113,000
Iowa
36.000
26,000
106,000
1.025.000 1,101,000 1,002.000
Kentucky-Eastern
981.000
764.000
410,000
Western
304,000
453,000
239,000
364,000
63,000
51,000
65,000
36,000
75,000
Maryland
17,000
17,000
28,000
16,000
Michigan
20.000
85,000
82.000
82,000
79,000
Montana
85,000
65,000
63,000
58.000
New Mexico
55,000
58,000
56,000
45,000
37,000
North Dakota
39.000
37,000
148,000
155,000
640.000
Ohio
620,000
817,000
Pennsylvania
2,555,000 2,512.000 3,185,000 2.969.000 3,155,000
129,000
Tennessee
90.000
95,000
117,000
117,000
23,000
24.000
25,000
28,000
Texas_
20,000
108,01,0
103,000
104,000
Utah
122,000
121,000
261,000
252,000
290.000
Virginia
231,000
274.000
Washington
58,000
52,000
67,000
67.000
53,000
W.Virginia-Southern_c_ 2,135.000 2,231.000 2,285,000 1,919,000 1.521,000
Northern _d
923,000
868,000
842,000
828,000
772,000
Wyoming
187,000
182,000
151,000
199.000
184.000
Others
3,000
3,000
4,000
5,000
4,000
10,550,000 10,286,000 12,386,000 11,704,000 11,312,000
a Revised. b Weekly rate maintained during the entire month. c includes
operations on the N. dr W., C.& 0., Virginian, K.& M., B. C.& G., and Charleston
division of the B. & 0. d Rest of State, including Panhandle.
ANTHRACITE.
The production of anthracite showed little change in the week ended
Oct. 22. The total output, including washery and dredged coal, is estimated at 1,799,000 net tons, as against 1,794.000 tons in the preceding
week. In the week in 1926 corresponding with that of Oct. 22 production
amounted to 2,062,000 tons.
Estimated United States Production of Anthracite (Net Tons).
1927
1926
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Dale.a
62,101,000
1 597.000
Oct. 8
2,069,000
64.059,000
Oct. 15
63,895,000
66,152,000
1,794,000
2,093,000
65,694.000
68,214,000
Oct. 22.6
2,062,000
1 799.000
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision.
BEEHIVE COKE.
An increase of 16.000 tons occurred in the output of beehive coke during
the week of Oct. 22 compared with the production during the preceding
week.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1926
Oct. 15 00.23
Oct. 22
to
to
1927.b 1927.c
Date.
1926.
Date.a
73,000
57,000 163,000 4,706,000 7,817,000
Pennsylvania and Ohio
16.000
West Virginia
15.000
657,000
15,000
624,000
6,000
Ala.. Ky., Tenn.,& Georgia
5.000
211,000
4.000
518,000
Virginia
5,000
271,000
5.000
290.000
6.000
5,000
5.000
212,000
5.000
Colorado and New Mexico
166,000
3.000
3.000
Washington and Utah
2,000
137,000
140,000
105.000
89,000 199,000 6,148,000 9,601,000
United States total
18,000
15.000
38,000
33,000
24.000
Daily average
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised since last report.

The production of bituminous coal in the United States
during the week ended Oct. 29, as estimated from incomplete
car loading figures by the National Coal Association, was
somewhat under 10,100,000 net tons. These figures indicate
a continuation of the decline shown for the week ended Oct.
22.
Analysis of Imports and Exports of the United States
for September.
The Department of Commerce at Washington Oct. 27
issued its analysis of the foreign trade of the United States
for the month of September and the nine months ending




[VOL. 125.

with September. This statement indicates how much of the
merchandise exports for the two years consisted of crude or
of partly or wholly manufactured products. The following
is the report in full:
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF SEPT. 1927.
Month of September.

Value.
Domestic ExportsCrude materials
120,593
Crude foodstuffs and
food animals
46,487
131'factured foodstuffs 47,835
Semi-manufactures _ _ _ 55,127
Finished manufactures 170.168

Nine .8!Os. Enaed September.

1927.

1926.

1926.

Per Value. Per
Cent.
Cent.
27.4 102,135 24.5
10.6
10.9
12.5
38.6

Value,

Per
Cent

765,697 23.0

1927.
Value.

Per
Cent.

769,030 22.5

69,429 16.7 234,905 7.1 288,656 8.4
38,551
9.3 362,606 10.9 333,197 9.7
54,622 13.1 478,416 14.3 528,911 15.4
151,796 36.4 1,491,947 44.7 1,508.027 44.0

Tot. domestic exports. 440.211 100.0 416,533 100.0 3,333.572 100.0 3,427,821 100.0
Foreign exports
7,860
8,778
74.118
80,909
Total
448,071
ImportsCrude materials
135,097
Crude foodstuffs and
food animals
39,102
M'factured foodstuffs. 32,581
Semi-manufactures. _ _ 62.673
Finished manufactures 73,749
Total

425,311

3.407,690

3,508.730

39.3 130,853 38.2 1,378,203 41.5 1,241,242 39.4
11.4
9.5
18.3
21.5

33,197 9.7
33,010 9.7
62,696 18.3
82,168 24.1

390,380 11.8
305.565 9.2
608,987 18.3
637,543 19.2

359.738
344,887
562,264
644.949

11.4
10.9
17.8
20.5

343,202 100.0 341,724 100.0 3,320,678 100.1) 3,153.080 100.0

Farm Prices Continue Higher than Year Ago
Continuance of the general level of farm prices above that
of last year is reported by the Bureau of Agricultural
Economics, United *States Department of Agriculture, the
index of farm prices being placed at 139 for Oct. 15, against
140 on Sept. 15, and 130 in October a year ago. No unusual
price movements are reported by the bureau for the month
ending Oct. 15. Under date of Oct. 28 the Bureau states:
Practically all kinds of livestock advanced in price during the month,
but crops were slightly lower with the exception of oats and apples.
The farm price of beef cattle Oct. 15 is the highest since October, 1920,
the rise being attributed to light seasonal market receipts which have been
considerably under those of last year, and the smallest in six years.
Hog prices also advanced due largely to smaller marketings as a result
of improved prospects for corn and lower corn prices. The corn-hog
ratio for the United States at 11.6 is 1.3 points above last month, while
the Iowa ratio rose 1.5 points to 12.2. Practically all livestock products
including eggs and butter made price gains.
The farm price of wheat was lower, especially in the important spring
wheat producing States, the receipts of wheat at 14 primary markets up
to October 15 being among the record movements. Oats, on the other
hand, showed some tendency to improve. Cotton prices declined P/
2 cents
per pound during the month ending October
Potato prices were
down, influenced by the prospective size of the crop, and apple prices
advanced in prospect of smaller production.

15.

Domestic Exports of Canned and Dried Foods in September and the Nine Months.
The report of the exports of canned and dried foods, released by the Department of Commerce at Washington on
Oct. 24, covers the month of September and the nine months
period ending with September for the years 1927 and 1926.
The report in detail follows:
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of September. 9 Mos. End. September.
1926.
Total canned meats, pounds
Value
Total dairy products. pounds
Value
Total canned vegetables, ibs
Value
Total dried & evaporated fruits, lba_
Value
Total canned fruits. pounds
Value

1927.

1926.

1927.

1.169,906 1.173.379 12,210.105 13,181,676
$382,178 $428,121 $4,105,711 24 719,38
9,513.452 7,241,420 99.368.832 91,044,505
$1,392,729 $1,139.370 $14,506.829 213,494,332
12,009,136 8,281,872 51,060,084 57.961,252
$1,061.830 $778,627 $4.923,685 25,435,063
30,278,467 22,594.318 172.180,729 201.274.734
$2,693,236 32,171,000 215,301,616 $15,664,302
36,478,781 27,309,937 143,831,841 157,309,821
$3.669,722 $2,392,942 214,914,818 214,486,415

Beef, canned. pounds
189,298
Value
$61,865
Sausage, canned, pounds
327,796
Value
$93,967
Milk. condensed, sweetened, pounds 3,000,663
Value
$436,532
Milk. evaporated, unsweetened, lbs. 5.190,510
Value
$506.139
Salmon. canned, pounds
8.926,149
Valise
$1,583,852
Sardines, canned. pounds
4,954,076
Value
$448,204
Raisins, pounds
16,251,068
Value
$1,279,941
Apples, dried, pounds
706,837
Value
$80,081
Apricots, dried, pounds
2,105,201
Value
$440,005
Peaches, dried, pounds
1,448,657
$204.676
Value
Prunes, dried, pounds
8,471,459
$534,059
Value
3,795,264
Apricots, canned, pounds
$393,907
Value
14,279.996
Peaches, canned. pounds
$1,402,112
Value
10,091.215
Pears, canned, pounds
$1,056,713
Value
5.512,702
Pineapples, canned, pounds
$496,894
Value

107,639
$33,427
217,299
261,760
2,439,132
2383,923
3,756,175
2399,449
2,245,535
2393.296
6,574,821
2572,379
9,007,733
$691.898
588,071
$65,100
5,666,303
$944.228
536.507
$52,771
5,877,050
3345,941
2,739,956
2248,565
9,136,964
$721,885
6,429.168
$642,451
7.082,707
$564,517

2,050.058
2777,460
2,833,439
2863,907
29,797,129
24.587,478
58.567,069
$6.041,463
28,569,745
24,482.534
47.152,316
24.014,929
72,564.835
$5,892,790
8,938,804
$1,018,597
10.712,871
$2,243,713
2,572,914
$393,618
71,480,695
24.981,040
23,330,280
$2,329,992
43.774,185
$4,385,182
30.180.406
23,460,410
22,411,605
$2,072.553

2.210,524
2706,642
2,894.561
$856,643
26,895,897
$4.208,957
53,724,282
$5,692,371
31,791.536
$4,921,054
58,979,355
$5,114,884
77.454,876
$5,559,781
13.119,091
$1,261,640
15,281.510
22,619,920
3,318,358
$372,788
84.176.540
25.090.932
16.410.827
21,555.354
48,787,034
$4,115.571.
38,251,692
$3,759,163
31,397,077
$2,932,206

Nov. 5 1927.]

THE CHRONICLE

Domestic Exports of Meats and Fats for September.
The Department of Commerce at Washington on Oct. 24
made public its report Son the domestic exports of meats and
fats for September. This shows that in the month the total
value of meat products exported was somewhat smaller than
in the corresponding month last year, 34,351,049 pounds
being shipped in September 1927 against 38,158,165 pounds
in September 1926, and valued at only $5,711,349 against
$7,624,310. The quantity and value of animal oils and fats
exported in September this year was also smaller than in
September last year. For the nine months ended with
September the exports of meats and fats and animal oils and
fats were less in both quantity and value than in the corresponding period a year ago. The report is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
M(nah of September.
1926.
Total meats & meat prods.,lb&
Value
Total animal oils and fats. lbs
Value

38,158,165
$7,624,310
76,060,283
$11,523,837

Beef and veal, fresh, pounds._
Value
Beef. pickled, Sce., pounds
Value
Pork, fresh. Pounds
Value
Wiltshire sides, pounds
Value
Cumberland sides, pounds
Value
Hams and shoulders, pounds
Value
Bacon, pounds
Value
Pickled pork, pounds
Value
Oleo oil, pounds
Value
Lard. Pounds
Value
Neutral lard, pounds
Value
Lard compounds, animal fat
pounds
Value
Margarine of animal or Vegetable fats, pounds
Value
Cottonseed oil. pounds
Value
Lard compounds,vegetable fats,
pounds
Value

137,542
$23,107
2,478,002
5268.738
772.954
$150.257
36,529
59,060
595,706
$143,655
11,424,776
$2.925,445
14,869.764
82.821,868
2,842,067
$447,524
9,466.862
$1,128,684
61,577,221
$9,771,895
1,288,497
$212,304

9 Months Ended September.
1926.

1927.

1927.

34,351,049 377,475,907
$5,711,349 577,887.787
70.015,962 665.280.073
59,465,547 $101.717,268

276,798,848
551,026.862
627,098,503
$82,447.360

131.865
$23,731
1.369,822
$137,903
532.419
$80,664
104.904
518,290
1,104.654
$195,395
11,122,944
$2,201,027
11,619,752
51,731.847
3.347.294
$450.972
6,019,971
$780,368
59.735.969
$8,127,14
1,546,043
$226,470

1.908,382
$333,837
14.947,575
$1,768,366
10,238.511
52.023.578
5.979.450
$1,268,591
11,105,015
$2,455,072
147,090,397
$34,705.622
117.655.973
$22,438,356
22.109,350
$3,665,562
74.079,905
$9,256,912
545,804.751
$86.380,440
13,435.758
82.255,103

1,329,536
$261.595
12,471.405
51,348.399
5.351.296
$987.232
517.803
$100.568
7.015,703
$1,321.570
97,702,735
$20.511.056
82.580,434
$13,263.736
23,120,620
$3,325,096
64,613.999
57,400.239
518,456.672
$69.719,793
15,697,621
$2,288,473

478.520
$72,248

770,894
$104,692

7,014,582
$1,024,529

7,727,117
$910,016

104,706
817.321
759,953
$82.927

35,216
$5,888
1.842,539
$192,800

1,179,674
$161.243
26,425,644
$2,783,990

625,187
$98.345
48,404,270
$4,111,298

623,232
$94,125

502.200
$69,754

5,188,930
$791,676

4.353,065
$554,477

2459

Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out on
Oct. 24 its monthly report on the exports of principal grains
and grain products for September and the nine months ending with September, as compared with the corresponding
period a year ago. Total values are considerably larger
than for the same month of 1926, amounting to $72,671,000
in September 1927, against $50,950,000 in September 1926.
Exports of grains were larger in September 1927 than in
September 1926 except corn, oats, and malt. Exports of
barley in September this year were 6,637,000 bushels as
against only 2,663,000 bushels a year ago, exports of rice
7,551,000 pounds, against 2,633,000 pounds. Rye exports
7,734,000 bushels, against 2,122,000 bushels and wheat
exports 33,748,000 bushels against 23,700,000 bushels.
Exports of wheat flour were only 1,280,000 barrels as against
1,560,000 barrels, and corn exports only 507,000 bushels
against 883,000 bushels. The details are as follows:
••••••MIN.

DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
September.
1926.

1927.

9 Mos. End. September.
1926.

1927.

2,683,000 6,637,000 10,188,000 21,131,000
Barley, bushels
$1,914,000 83,030.000 $7.747,000 $19,582,000
Value
249,000
214,000
2,538.000
1,982,000
Malt, bushels
883,000
507,000 18,244,000 11,108.000
Corn, bushels
$530,000 $16,062,000 $9.419,000
$757,000
Value
316,000
42,000
16,000
321,000
Cornmeal, barrels
954,000 20,487,000 22.576.000
Hominy and grits, pounds- 1,822,000
849,000
632,000 10,632,000
8,849,000
Oats, bushels
$327.000 $5,306,000 $4.619.000
$407,000
Value
17.508,000 7,805,000 105,195,000 45,401,000
Oatmeal, pounds
2,633,000 7,551.000 22,024,000 191,706,000
Rice, pounds
$281,000 $1,090.000 $7,915,000
$87,000
Value
3,796,000 5,853.000 21,618,000 54,707,000
Broken rice. Pounds
$770.000 $1,677,000
$128,000
$180.000
Value
2,122,000 7,734,000 11,040.000 25,446,000
Rye, bushels
$2,141,000 $8,021,000 $11,381,000 528.698.000
Value
23,700,000 33,748,000 96.643.000 111,380,000
Wheat, bushels
$33.665,000 $47,620,000 $142,265,000 $162,677,000
Value
1,560,000 1,280,000
7,993,000
8,853,000
Wheat flour, barrels
$10,264.000 $8,552,000 $58,273.000 $59,406,000
Value
6,452.000
5,265.000
768.000
367,000
Biscuits, unsweetened, pounds_
3,734,000
4.134.000
374,000
574,000
Sweetened, pounds
6,089.000
5,994.000
609,000
766,000
Macaroni. pounds
Total value

550.950.000 572.671.000 $253.889,000 5304,890.000

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Nov.2, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows increases for the
week of $26,000,000 in bill and security holdings,$14,100,000
in Federal Reserve note circulation and $10,600,000 in
member bank reserve deposits and a decrease of $26,200,000
in cash reserves. Holdings of bills discounted for member
banks declined $23,200,000, while holdings of acceptances
and Government securities purchased in the open market
increased $33,500,000 and $15,700,000 respectively. After
noting these facts, the Federal Reserve Board proceeds as
follows:
The principal changes in discount holdings for the week include decreases
of $34,500,000 and $10,400,000 by the New York and Boston banks, and
increases of 913,500,000 and $9,400,000 by Cleveland and Chicago. The
System's holdings of acceptances purchased in the open market increased
,
5210.000 during the week, of United States bonds $15,600,000. and of
ry certificates $22,200.000, while holdings of Treasury notes declined
$22,100,000.
The principal changes In Federal Reserve now circulation comprise Increases of $10,200,000 and $3,000,000 reported by the Federal Reserve
banks of New York and San Francisco and a decrease of $3,300,000 by the
Cleveland bank.

M

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 2494 and 2495.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Nov. 2 1927 is as follows:
Total reserves
Gold reserves

Increases (+) or Decreases (-)
During
Year.
Week.
-$26,000,000 +5132,000.000
-25,300,000 +124,300,000

Total bills and securities
+26.000,000
Dills discounted, total
--23,200,000
Secured by U. S. Government obligations.- -27.700.000
Other bills discounted
+4.500,000

-72,100,000
--296,700,000
-138,300,000
-158,400,000

Bills bought in open market

+33,500,000

+2,500,000

U. S. Government securities, total
Bonds
Treasury notes
Certificates of Indebtedness

+15.700,000
+15.600.000
-22,100.000
+22,200,000

+224,000,000
+230.300,000
-33,600,000
+27,300,000

Federal Reserve notes in circulation

+14,100,000

-38,300,000

Total deposits
Members' reserve deposits
Government deposits

+300,000
+10,600.000
-13,700,000

+127,900,000
+155.100,000
-26,800,000




Returns of Member Banks for New York and Chicago
Federal Reserve Disrticts-Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks-now
660-cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
In advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
oans of the reporting banks, which this week again show
an increase, the grand aggregate of these loans for Nov. 2
being $3,371,705,000, against $3,343,107,000 for Oct. 26,
and $3,434,107,000 for Oct. 19. this latter being the record
figure.
ONDITION OF Was,KLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-52 Banks. Nov. 2 1927. 0,5. 28 1927. Noe. 31926.
$
$
Loans and investments-total
6,810,332,000 6,765,055.000 6,219,015,000
Loans and discounts-total

5 028,412,000 4,989.651,000 4,500,654.000

Secured by U. S. Govt. obligations__ 40,696,000
38.156,000
53.314,000
Secured by stocks and bonds
2 315,640.000 2.274.414.000 1.915,461,000
All other loans and discounts
2,672,076,000 2,677,081,000 2,531.879.000
Investments-total

1.781,920,000 1,775,404,000 1,718,361,000

U.S. Government seeuritles
892,405,000
Other bonds, stocks and securities__ _ _ 889,515,000
Reserve with F. R. Bank
Cash in vault

737,190,000
57,731,000

892,262,000
883,142,000

877,972,000
840.389.000

751,991,000
59,518,000

653.141,000
66,136,000

Net demand deposits
Time deposits
Government deposits

5 285,678,000 5,260,667,000 4.980.789.000
1 034,543,000 1,019,924,000 859,615,000
36,763,000
70,885.000
65,422.000

Due from banks
Due to banks

112,215,000 102,648,000 111,569,000
1,327,555,000 1,181,876,000 1,146,936,000

Borrowings from .R. Bank-total....
Secured by U.S. Govt. obligations_ _ _
All other

27,578,000

56,149,000

93,940,000

14,450,000
13,128,000

33.650.000
22,499,000

48.265,000
45.675.000

THE CHRONICLE

2460

Nov.2 1927. Oct. 26 1927. Nov. 3 1926.
$
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1 082,938.000 1,048,234,000 839.582,000
For account of out-of-town banks_ _ _ _1,279,378,000 1,324,068.000 1,047,443,000
For account of others
1 009,389,000 971,475,000 753,354,000
3,371,705,000 3,343,777,000 2,640.379,000

Total

2,579,173,000 2,559,885,000 1,929.519,000
792,532,000 783,892,000 710,860,000
Chicago-45 Banks.
1,850,526,000 1,888,086,000 1,767,064,000
Loans and investments—total
1,450,375,000 1,477,627,000 1.395,999,000
Loans and discounts—total
On demand
On time

15,720,000
769,092,000
665.563,000

13,797,000
798,071,000
665,759,000

13,929,000
684.528,000
697,542,000

400,151,000

410,459,000

371,065,000

176,336,000
_ 223,815,000

177,973,000
232,486,000

162,423,000
208,642.000

187,367,000
17,874,000

179,143,000
18,680,000

180,512,000
23,549,000

Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments—total
U.S. Government securities
Other bonds, stocks and securities_
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits

1,261,294,000 1,282,278,000 1,207,251,000
561,350,000 569,174,000 519,558,000
9,170,000
12,430,000
11,462,000
359,317,000
147,451,000

137,390,000
358,970,000

160,420,000
358,259.000

Borrowings from F. R. Bank—total. _

16,647,000

11,583,000

48,619,000

Secured by U. S. Govt. obligations
All other

14,291,000
2,356,000

9.709.000
1,874,000

35,830.000
12,789,000

Due from banks
Due to banks

Complete Return of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
660, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business Oct. 26:

[VOL. 125.

firm to slight advances with American buyers very active and
Japanese and Continental buyers in evidence. .
BRAZIL.
The general tone of business in Brazil is more optimistic with
slightly increased turnover. Money is still scarce in the interior, but
in commercial centers it is easier. Bank rates for 90 day deposits
average 7%%, for new commercial discounts 8%. The general confidence in the financial policy of the Government is favorably affecting
business. Exchange is firmer, but no permanent improvement in the
milreis is anticipated. Foreign trade figures for the first seven
months of 1927 give import values of 1,902,798 contos ($227,764,920)
and exports of 1,867,667 contos ($223,559,740) leaving an unfavorable
balance of about $4,200,000. Import values exceeded those of the
same period of last year by 400,000 contos ($57,000,000) and export
values exceeded by 200,000 contos or half the value of the import
surplus. The market is enjoying a strong export demand for coffee.
Old crop stock is said to be scarce, but sufficient good quality new
coffee is reported available if buyers are willing to pay the price and
growers are making good profits, with expectations of a new pick-up
in business. Estimates from trade sources for the next Santos crop
(1928-29) are under 9,000,000 bags. In Rio de Janeiro the import
market has been slightly more active with somewhat better prospects
for many lines of goods. The tone in Sao Paulo is more optimistic
too, although there is little concrete improvement. The south is less
active with collections poor and money tight. Conditions in the north
continue depressed, and a drought is affecting Bahian business unfavorably.
CANADA.
General trade conditions continue to improve and wholesalers and
retailers are busy. A strong demand exists for steel for building
purposes and for machine tools. Favorable weather has stimulated
the sale of fall paint lines and prices have been steady with the
exception of linseed oil which has been reduced 2 cents a gallon. The
employment situation at the beginning of October was not quite so
favorable as in the previous month; there was a pronounced seasonal
curtailment in construction activity. The dollar volume of business
in September shows a marked increase. Bank debits amounted to
$2,844,000,000, in increase of 24% over the same month in 1926.
Bank clearings totaled $1,652,000,000, an increase of 19.5% over
the same month last year. Latest estimates of the fruit and vegetable
crops have been revised downward. The potato crop is placed at
45,495,000 hundredweight or 93% of the 1926 crop; this is a decrease
of 6% from the government forecast given out in September for
which blight in the Maritime Provinces is responsible. The apple crop
is estimated at 2,720,800 barrels or 91% of the 1926 crop; the commercial pear crop 114,330 bushels or 185% of last year, and grapes
at 34,560,000 bushels or 90% of last year. The September output
of coke, 150,271 tons, was the lowest for any month of the year.
Imports of automobiles during September amounted to $2,046,355, a
decrease of 27% from August but an increase of 12% over the same
month a year ago. In a decision made public by the Minister of
Labor, the Proprietary Articles Trades Association, an organization
of manufacturers, wholesale and retail druggists who have been
operating for the last year under agreements fixing minimum resale
prices, has been declared a combine against the interest of the public
and therefore illegal. The proposed amalgamation recently announced
two of the largest paper companies in Canada will consolidate a
total annual production of 600,000 tons of newsprint. According to
an estimate recently made by the Dominion Bureau of Statistics,
tourists in Canada spent over $190,000,000 during 1926.

The Federal Reserve Board's condition statement of 660 reporting
member banks in leading cities as of Oct. 26 shows decreases of $36,000,000
in loans and discounts, $19,000,000 in investments, $48,000,000 in net
demand deposits, $58,000.000 in Government deposits and $16,000,000
in bortOwings from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $14,000,000 above the previous week's total in the Cleveland
district and $20,000,000 above at all reporting banks. All other loans
and discounts declined $56.000,000 during the week, decreases of $28,000,000 being reported by banks in the Cleveland district and $12,000,000
CHINA.
and $9,000,000 by banks in the San Francisco and Chicago districts, reThe North China cotton crop is estimated to be the best on record,
spectively. Holdings of United States securities decreased $13,000,000
and of other securities $6,000,000. The principal changes in holdings the wheat crop is most satisfactory and the walnut crop is abundant
of other securities were a decline of $10,000,000 in the Cleveland district but of poor quality. New railway construction continues in Manchuria, which now represents the most prosperous region Of all
and an increase of $8,000,000 in the Chicago district.
Net demand deposits were $35,000,000 below the total reported a week China. The proposal of the local Canton Government to increase
customs surtaxes by 10% is said to be meeting with much opposition.
member
ago in the New fork district and $48.000,000 below at all reporting
banks. Government deposits declined $58,000,000, all districts par- Canton Central Bank of China notes are being maintained at par
through a loan upon merchants of ten million (local) dollars, but the
ticipating in the reduction.
Borrowings from the Federal Reserve banks were $16,000,000 below future outlook is unpromising.
the Oct. 19 figure, the principal changes in this item including increases
COLOMBIA.
of $12,000,000 and $11,000,000 in the Boston and New York districts,
Conditions throughout Colombia remained good during October.
respectively, and decreases of $13,000,000 in the Cleveland district, $7,on public works, principally railroads, maintains
000,000 in the Chicago district and $5,000,000 each in the Richmond, Construction work
a demand for labor at high wages. Heavy rains in the interior of
Kansas City and San Francisco districts.
the Magdalena River in excellent condition.
A summary of the principal assets and liabilities of 660 reporting member the country is keeping freight at the river
owever, congestion of
ports of La Dorada and
banks, together with changes during the week and the year ending Oct. 26 II
Giardot continues. The National longress has been prolonged thirty
1927 follows:
petroleum
consider
new
days
in
order
to
legislation.
Increase or Decrease During
Year.
Week.
Oct. 26 1927.
DENMARK.
$
21,084,659,000 —54.128,000 +1,192.725,000
The slow basic improvement in Denmark's economic situation conLoans and investments—total
tinued during October with slightly higher
15,020,446.000 —35,544,000 +760,235,000 declining unemployment, stable prices and industrial activity, slightly
Leann and discounts—total
increasing financial stability.
—20,726,000 Industrial activity remains low although the slight improvement conSecured by U.S. Govt. obligations 119,846,000 —1,756,000
6,126,613,000 +21,897,000 +726.280,000 tinues in certain branches. Labor conditions in general were unSecured by stocks and bonds
8,773,987,000 —55,685,000
+681,000
All other loans and discounts
6.064,213,000 —18,584,000 +486.490,000 changed. Commercial demand remains dull with decreased sales in
Investments—total
a number of important lines, notably automobiles, luxury and semi2,606,045,000 —12.971,000 +139,624,000 luxury goods. Bacon production and export showed slight increases
U. S. Government securities
Other bonds. stocks & securities_ 3,458,168,000 —5,613,000 +346,886,000 although prices remained low. The improvement in butter prices
1.729,319,000 —24.549,000
+94,529,000
Reserve with F. R. banks 267,130,000 +2,369.000
—19,936,000 continues. Several measures have been introduced in parliament for
Cash in vault
13,402,102,000 —47,719,000 +484,111,000 the relief of the present agricultural crisis. The proposals vary
Net demand deposits
6,364.217.000 —4,392.000 +625,965,000 from direct financial assistance to a limited moratorium. Another
Time deposits
193,692,000 —58,401,000
+57.447.000 legislature measure of importance is the proposal of an anti-dumping
Government deposits
1,191.660,000 —37,465,000
Due from banks
law. The easiness in the money market continued during October.
Due to banks3.375,857,000 —103,117,000
Borrowings from F. R. Banks—total 254,452,000 —16,484,000 —183.414,000 The government floated an internal conversion loan of 30,000,000
crowns which was sold at 98 bearing 5%
The exchange
—70,921,000 remains firm. A further contraction occurredinterest.
Secured by U.S. Govt. obligations 169,933,000 +5,988,000
in loans while deposits
84,519.000 —22.472,000 —112,493,000
All other
were higher. Foreign exchange holdings were also again higher.
State accounts just published and the proposed budget reveal a satistrend in Danish financial affairs. The increased activity of
Summary of Conditions in World's Market According to factory
the bourse continued during September with
showing a
Cablegrams and Other Reports to the Department of rising tendency. Price levels remained stable.quotations
Denmark's exports
were higher and, with imports remaining unchanged, a lower unCommerce.
of Commerce at Washington releases for favorable balance was returned.

The Department
publication to-day (Nov. 5) the following summary of conditions abroad, based on advises by cable and other means
of communication:

AUSTRALIA.
The seasonal situation was slightly improved by further rains during
the week ended October 26. Wool sales at Geelong opened firm with
Japanese, French and Russian buyers active. Sales at Brisbane were




FRANCE.
With the exception of modifications affecting minor items, Mr.
Poincare is said to be holding the chamber Finance Committee strictly
to the original budget proposals in connection with its study of the
1928 budget. The most recent estimates with regard to the proposed
budget indicate that there may be a surplus of 123,000,000 francs.
Total imports during the first 9 months of this year were valued at
38,529,000,000 francs and exports at 40,284,000,000 francs. Foreign

Nov. 5 1927.1

THE CHRONICLE

trade during September showed an export balance of 970,000,000
francs.
GERMANY.
The monthly average of the wholesale index for September was
139.7, as against 137.9 for August. The index of manufactured
goods for production rose only .2%, but that of finished goods for
consumption increased by 2.3% to 165.8. A seasonal increase in
prices of livestock and products were reflected in the index for
agricultural products. The index for vegetables foodstuffs declined.
Prices of textiles, hides and leather and building materials were
higher than in August; the indices for iron, metals, technical oils
and fats and rubber were lower. The index for iron, 124.2, reflects
lower prices for scrap iron and middle and thin sheets and the reduction in the price of pig iron effective September 1.
HAITI.
Haiti's export trade continues to decline as imports increase, with
that
the fiscal year ending September 30, 1927, closed with
the result
an unfavorable balance of trade amounting to $2,452,000 as compared
with the favorable excess of exports over imports in the previous
year amounting to $1,397,000. The heavy rains are retarding shipments of coffee which should be moving more rapidly at this season
of the year. Lower volume of exports of coffee, the principal Haitian
export, coupled with decreasing unit prices being received for important commodities of trade, are responsible for Haiti's declining
trade. Bank note circulation is recovering from the unusually low
levels of past months but general business conditions are slow.
INDIA.
Marked improvement is noted in all major markets following the
Poojah holidays, with money plentiful and collections good.
ITALY.
Supplementing reductions of 40 to 70% in living cost bonuses paid
to various Government employees which was effected May 5, 1927,
the cabinet has approved further reductions in the salaries of Government employees. The former decrease abolished the bonuses of
the first to fourth grades and made reductions below that grade. The
new decree will abolish bonuses for fifth, sixth, and seventh grades
and for all employees of inferior grades without dependent families.
It is estimated that the saving effected will amount to 200,000,000
lire yearly.
JAMAICA.
Retail trade continues to show the usual seasonal dullness but the
economic situation is excellent. Government revenues are estimated
to he in excess of expenditures at the present time and the import
trade continues to increase, and exports are high. A tropical storm
is reported to have damaged a large number of bearing banana trees
but this has not affected the general prosperity of the island. Declared
exports to the United States decreased as a result of heavier shipments of bananas to Europe. Bank deposits and collections are
normal. Sugar stocks on hand are said to be barely sufficient for
local needs. Construction work is being retarded by the heavy rains.
MEXICO.
The commercial movement was marked by indecision and business
was seriously disorganized during the first two weeks of October, on
account of military activities. It was expected that with the restoration of normal conditions the atmosphere would clear and trade would
be stimulated. However, with the exception of a few lines, no
improvement has taken place. Automobile registrations continued to
decrease during the month. Shoe factories are operating at only 50
or 60% of their capacity. As a result of the protective duties, local
industries are being organized to manufacture vegetable shortening,
oatmeal, cotton sacks, corrugated sheets, and electric wire. Collections
continued difficult during the month with banks exercising extreme
caution in the granting of credits. The value of silver coils remained
fairly stable during the month, the present discount against gold
being slightly less than 7%. Petroleum production amounted to
5,392,000 barrels during August as compared with 5,488,421 barrels
in July. 1927, and 6,712,701 barrels in August, 1926, according to
official figures recently issued.
NETHERLAND EAST INDIES.
The Government estimate for 1927 rubber production in the Netherland East Indies places the native dry rubber output at 93,000 metric
tons and estate rubber at 130,000 tons. A Government subsidy of
$292,000 for the Islands' Air Mail service is announced in the
statement of the 1928 budget. The figure includes $160,000 for hangars.
NETHERLANDS.
A heavy drain on the money market recently caused a
further rise
in the private discount rate which continues close to
the new official
rate of 4%%. Foreign loans during October greatly
exceeded
those
issued during any preceding month of the year. It
is too early to
forecast the effect that this may have on general
business. However,
the situation appears to be righting itself without
further increase in the official rate. A further issue necessitating a
on October 24
of 60,000,000 florins of treasury paper was
largely
Of that amount 47,000,000 florins are in 5% treasury oversubscribed.
bills and the
balance in 3 ad 6 months promissory notes.
NEW ZEALAND.
General business conditions in New Zealand at
present are considered to be particularly good. Money is generally
easier and a
good volume of forward buying is reported.
Butter and cheese
continues to sell at excellent prices. Motor cars sales
during October
have been heavier than for some months and the
outlook for sales
during the next six months is good.
NORWAY.
The recent election returns show a doubling in the
representation
of the labor party which now commands twice the
strength possessed
by any other single party. A change of cabinet is
definitely
with a strong possibility of a labor government. While expected
a slight
apprehension exists in political circles no fear is held
for the immediate economic future. The exchange was somewhat disturbed by
the election but the rate was maintained through intervention
of the
Norges Bank. Large sales of foreign currency also tended to disturb
the market. The fears of a drop in the exchange as a
result of the
election appeared unfounded as both the labor and farmers' parties
have declared their opposition to depreciation which they had
previously advocated. The banking situation continued
uncertain with
the slight stringency increased in the money market.
unsatisThe
factory situation in communal finances continues as a
source of worry
affecting adversely the provincial banking situation
with resultant
continuation of depositors unrest and difficulties for
an additional




2461

number of provincial banks. A further contraction occurred in both
loans and deposits. The bourse remained moderately active with very
little change in quotations. Industrial activity remains low. Unemployment continues seasonally to increase. The fisheries are not yielding
satisfactorily and the export of fish and fish products continued to
decline. The markets for pulp and paper were practically unchanged.
Imports showed a comparatively greater decline than exports in
September but the unfavorable balance for the first nine months
remains higher than in the corresponding period of last year. Declared exports to the United States were lower.
PERSIA.
Imports during the first nine months of the 1926/27 fiscal year
according
to preliminary data, were valued
(March 22-December 20),
at 570,000,000 krans (1 kran equals approximately $0.10) as compared with 670,000,000 krans during the same period of 1925/26. The
principal decrease occurred in imports of cotton goods. Exports
during this period amounted to 800,900,000 krans as against 802,000,000 krans in 1925/26. Exports of oil increased from 408,700,000
krans to 477,200,000 krans in 1926/27, while large decreases are
recorded in shipments of fruits and rice, largely owing to the Russian
embargo on imports from Persia.
PHILIPPINE ISLANDS.
As a result of lighter arrivals, the Philippine copra market has
firmed. All oil mills operated during the past week, but two intermittently only. The provincial equivalent of resecade (dried copra)
delivered at Manila is now 13 pesos per picul of 139 pounds; at
Hondagua, 12.25 pesos; and Cebu, 13 pesos. (Peso equals $0.50.)
The abaca market continues weak with very little trading and a downward price tendency. Grade F is now 36 pesos; I, 33.25; JUS, 25.25;
JUK, 19.75; and L, 18. The Acting Governor General, who has been
studying the request of rice planters for a repeal of the embargo on
rice exports except to the United States, has issued an executive
order allowing the export of rice for four months, beginning November first. A bill has been introduced into the lower house of the
Legislature, recommending government-inspection and analysis of all
copra destined for export.
PORTO RICO.
The slow movement of tobacco, small tobacco crop and difficulty in
liquidating collections are reflected in the general situation of business
in Porto Rico during October, which was only fair. The appearance
of the cane, weather conditions and acreage are said to indicate a
forthcoming crop at least equal to that of 1925-1926 when sugar production equaled 629,000 short tons. Unfavorable weather which has
killed plants in the tobacco seed beds in several parts of the islands
necessitates some resowing so that planting in those areas will be
delayed several weeks. The estimates for the coffee crop remain
unchanged. Grapefruit shipments are declining as the season closes.
Although business in general is only fair activity has increased in
automobiles and accessories, musical instruments, hospital equipment,
hand farm tools and replacements for agricultural machinery.
On
the other hand the textile and shoe dealers state that business is
extremely dull in their lines. American iron and steel products are
being stimulated in an ordinarily dull season of the year by the
increased European freight rates on such commodities, coupled with
recent price reduction of American lines such as barbed wire, nails
and staples. Household and office furniture, paints, plumbing goods
and industrial chemicals are in fair demand. Foodstuffs, lard and
pickled pork are showing more activity than in the past weeks. Bank
clearing for the first 28 days of October were $19,743,000 as compared with $19,010,000 for the same period of September and $16.539,000 in October, 1926.
SOUTH AFRICA.
The settlement of the flag issue has had a stimulating effect on
business generally. The mining material market is dull, owing to the
small amount of development and construction work under way, but
local engineering establishments are well equipped with government
and municipal contracts. Factories are working full time with the
exception of the leather, boot and shoe industries, which show temporary slackness. The construction boom continues with subsequent
good demand for lumber and other building materials. The agricultural outlook has brightened considerably with the advent of
favorable rains. Both the maize and citrus export position is very
satisfactory, shipments of the latter up to September 15 having exceeded by some 40,000 boxes the entire export in 1925 which was a
record season. The United States position in the foreign trade of the
Union appears to be well maintained. Both imports and exports are
heavier this year than last. Mineral output has declined somewhat.
Port Elizabeth wool sales are very active with heavy deliveries. The
mohair market is also active with excellent prices and a large turnover.
SWEDEN.
No fundamental changes occurred in the prevailing favorable conditions
in Sweden during September. The very easy tendency continued in the
money market and funds remained plentiful as evidenced by the quick
absorption of bonds offered. The crown rate remained strong. Loans
and discounts continued to decline slightly and deposits were again higher.
The activity of the bourse continued with a noticeably increased turnover
and quotations were strong but showed a weakening tendency at the turn
of the middle of October. The cost of living was unchanged while the
wholesale index advanced one point. Swedish industries continued satisfactorily occupied and the generally favorable conditions were maintained.
The lumber sale for 1927 has been practically concluded and orders for
next year are on the increase. The log auctions disclosed improved demand and higher prices. Conditions in the pulp industries continued
unfavorable although a closer cooperation was effected among producers.
The uncertainty regarding the renewal of certain expiring wage agreements has caused a slight nervousness in industrial circles. The volume
of trade was maintained during the month and it is estimated that the
favorable balance was the same as for August. Trade for the first nine
months of the current year has returned a favorable balance of 30,000,000
show improvement, engineering lines generally are more optimistic, and
corresponding period of 1926.
UNITED KINGDOM.
The most recent addresses and industrial reviews by British business
men and correspondent show that, generally speaking, a better tone prevails in British industry: Several branches of the iron and steel industry
show improvement, engineering lines generally are more optimistic,
nad
marine engineering shops appear to be busier, cutlery trade
prospects
are reported to be brighter and manufacturers of chemicals are
said to
be more active. On the other hand, the coal business continues
quiet,
although there is a slight seasonal improvement in the domestic
demand.

THE CHRONICLE

2462

[VOL. 125.

The cotton trade does not seem appreciably improved, and about the
same unsatisfactory conditions obtain in wool textiles, except that possibly a slightly better export demand is indicated. The general unemployment situation, with a total of 1,071,000 workpeople reported on the
unemployment registers on October 17, is not substantially different from
that reported for previous dates of the month.

those solid principles of constant co-operation, harmony and loyal friendship
which should characterize the relations between two peoples of such corelative interests and such intimate proximity."

Gold and Silver Imported into and Exported from the
United States by Countries in September.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of Sept. 1927. The gold exports were $24,443,978. The
imports were $12,978,592, $9,739,208 of which came from
Australia, and $1,084,691 from Ecuador. Of the exports
of the metal, $23,139,900 went to Argentina.

Annual Payrolls of Anthracite Field Over $300,000,000
-Value of Product Estimated at $475,000,000Rising Costs of Labor, Supplies and Taxes in
Decade Reviewed by S. D. Warringer.
In addressing the Scranton, Pa., Chamber of Commerce
on Oct. 19, Samuel D. Warringer, Chairman, Anthracite Operators' Conference and President of the Lehigh Coal and
Navigation Company, referred to the rising costs of labor,
supplies, taxes, etc., which the anthracite industry has had
to face during the past decade, saying:

GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.

Ambassador Morrow's arrival in Mexico was noted in
our issue of Oct. 29, page 2337.

According to the same paper the Mexican Chief Executive,
who spoke in Spanish, said, substantially:

"The annual payrolls of the anthracite field are now in excess of $800,000,000. The value of the annual anthracite product is approximately
$475,000,000. Of this amount from wages, taxes, etc., approximately
$400,000,000, flows back into this field largely from outside sources, and
forms a basis of your business activity. Coal is your principal article of
export and the revenues from it form your trade balance by means of
which you can draw from outside sources the goods you desire and require.
When the mines stop your trade balance disappears.
"I would like to emphasize the fundamental fact that, while the business stability of the anthracite field of course primarily rests upon its
physical resources, yet in far larger measure it rests upon the capitalization of these resources, measured in terms of service to consumers of
anthracite outside the region.
"The mere existence of these beds of anthracite coal does not of itself
automatically create wealth. It is only when ways and means for the use
of this coal as a means of service to the country as a whole are developed
and coal is actually sold that it becomes a weapon of commercial advantage to this region.
"The records of the Lehigh Coal and Navigation Company show that
originally a vast acreage of its coal lands was leased for the annual stipend
of an ear of corn. This was because at that time there was no understanding of the use of coal and no means for its transport to market.
It has required the expenditure of many millions and many years of
work to give it value.
"In order that we may get a fair picture of the present situation,
which is giving us concern and enlisting our united support, let me
briefly survey the events leading up to the present.
"I do not intend to dwell unduly upon the increasing burdens which
have confronted the industry in the last decade. We are more concerned
in constructive plans for the future. Suffice it to say, however, these
burdens have been heavy.
"In 1913, with practically the same tonnage as will probably be
shipped this year, the labor bill was approximately $113,000,000. The
labor bill for the same production this year will be almost three times
this amount.
"Taxes, exclusive of Federal income taxes, have increased, in round
figrues, from $5,660,000 to $28,000,000, of which between six and
seven million dollars constitutes the Pennsylvania State Tonnage Tax,
universally resented by customers of anthracite coal.
"It is fair to say that, while income taxes have been a burden, they
have not been in recent years so excessive, mainly because of shrinking
earnings in the industry. In 1924, the Secretary of the Treasury reported that out of 139 operating companies, 47 paid Federal income
taxes, while 92 either made no profit or lost money, the total net income
of the industry being between twenty-one and twenty-two million dollars,
or less than 4% on the invested capital of approximately $600,000,000.
In 1925, the last available figures, the same authority reports net income
from 37 companies of $8,075,324, and a deficit from 80 companies of
$8,119,683, the total income tax paid by those 37 operating companies
which showed a profit being $1,070,029.
"To you, who are familiar with the idle time at the mines during the
past summer, the news that anthracite shipments have shown little if any
growth in recent years will cause no surprise.
"The facts are that the outer fringes of the anthracite consuming territory have been showing a decided tendency to shrink, and this shrinkage
has been little more than equalized by the increased demands from the
heart of our consuming territory. Western shipments, cut in half by the
war-time Fuel Administration requirements, have not only not been regained but in the last several years have materially shrunk. Shipments
from Lake Erie points to date this year are barely one-half of those of
1924. Total shipments for this year to date to New England have shrunk
to 5,650,000 tons as compared with 7,000,000 tons for the same period of
1924 and 8,600,000 tons for the same period of 1923. Canadians to whom
we formerly shipped as much as 4,000,000 tons annually, due to the effect
of the slogan, 'Empire goods for Empire citizens,' as well as the prices
at which English coal has been sold in Canada, are now buying very much
less of our coal.
"Briefly summarizing the above facts, we see in review that the past
decade has been one during which production of anthracite has been little
more than maintained, costs of labor, supplies, taxes, etc., have risen by
leaps and bounds, and correspondingly higher prices have necessarily been
charged for anthracite coal.
"That the industry has been able to maintain itself as well as it has,
under these conditions, and is still commanding for the same annual
tonnage a trade balance measured by the value of its product of two and
one-half times the amount received before the war, is a sign not of inherent decay in the industry but rather a sign of its inherent soundness,
in spite of the handicaps with which it has been confronted.

"I have the honor to receive with your official announcement the letters
with which His Excellency, the President of the United States of America,
accredits you as Ambassador Extraordinary and Plenipotentiary to the
Mexican Government.
"The conviction which you hold of the honor your Government has conferred on you in confiding its interests to your care is the best augury that
your efforts will be based on the soundest propositions.
"I, like your Excellency, am disposed that the Government of Mexico
shall co-operate with that of the United States in finding a mutually satisfactory solution of the matters pending between the two nations, and in
the same hope I trust that on such bases of unshaken dignity and respect
between independent and sovereign nations, cordial decisions may be
adopted which once and for all may dispel misunderstandings and establish

"We are a company of practical men conferring together to-night on
matters of common interest. It behooves us, therefore, to look facts in
the face. It is our job to ascertain in the light of these facts how best,
individually and collectively, we can further the common interests of these
communities. Let us therefore speak plainly.
"Since the end of the World War we have been living in an age of intense progress. Not only has it been an age of creative thought on the
part of engineers and captains of industry, but it has also been an age of
rapidly changing modes of life. The great accrual of wealth in this country has rendered rapid development possible. Under these conditions, It
is not to be wondered that there has been an insistent demand on the part

GOLD.
Countries.

Exports Total.
Exports.

Imports.

SILVER.
Refined Bullion.

Total (Incl. Coin).

Exports. Imports. Exports. Imports.

Dollars, Dollars. Ounces, Ounces. Dollars. Dollars.
960
1,885
France
232.105
Germany
225 420,727
7,607
1,020
1,810
Norway
150,439
81,801
1,232
5,200
United Kingdom..
Canada
87,232 855,426 111,773 169,654 178,286 556,631
1,130
25,889
688
Costa Rica
20,484
Guatemala
187,300
21,973
143.218
Honduras
36,308
3,678
2,189
Nicaragua
930
Panama
2,680,063 64,940 3,045,577
Mexico
573,565 488,557
840
1,250
Jamaica
530
30,800
Trinidad & Tobago
620
190
Other Brit.W. Ind.
3,683
737
430
Cuba
6,500
Haitian Republic_
21
1,800
23,139.900
1,059
Argentina
496
71,998
Bolivia
10,000
Brazil
33,981
100,083
Chile
163,783
15,894
561
9,071
332
Colombia
1,084,691
179.311
Ecuador
3,512
10,000
Dutch Guiana_
110,165
1.397
765,173
Peru
62.232
Venezuela
4,003,241
36.500
British India
2,204,883
300,000
British Malaya_ _ _
6,750
Ceylon
6,276,622
3,480,858
China
133,016
110,009
63,181
180,000
Java and Madura_
110,031
Hongkong
674,587
371.743
Japan, inel.Chosen
116,858
1,795
Philippine Islands_
9.739,208
Australia
28,453
49
27
New Zealand
9,356
16,469
Belgian Congo_
15,801
Brit. South Africa_
Total

24,443,978 12,978,592 11,655,093 3.154,578 6,627.227 4,992.411

Dwight W. Morrow Presents His Credentials as
Ambassador to Mexico.
Dwight W. Morrow, newly appointed Ambassador to
Mexico, presented his credentials to President Calles at
Mexico City on Oct. 29, the new Ambassador in his address
expressing the hope that "we shall not fail to adjust the
outstanding questions with that dignity and mutual respect
which,should mark the international relationship of two
sovereign and independent states." President Calles in
responding likewise expressing his hope in the adoption of
cordial decisions which will dispel misunderstandings and
establish "solid principles of constant co-operation, harmony and loyal friendship which should govern the relations between two countries so corelated in interests."
The following is Mr. Morrow's address as contained in
copyright advices to the New York "Times":
"I have the honor formally to make known to you that the President of
the United States of America has appointed me Ambassador Extraordinary
and Plenipotentiary to your Government.
"I hereby present to your Excellency the letters of recall of my distinguished predecessor. the Hon. James Rockwell Sheffield, and tender at the
same time my letters of credence.
"I enter upon my duties with a full consciousness of the honor which
my Government has conferred upon me in entrusting to my hands the
representation of its interests in this great neighboring State.
"1 welcome the opportunity of co-operating with your Excellency in
finding a mutually satisfactory solution of the problems with which our
two countries are now faced.
"It is my earnest hope that, animated with a common desire to promote
the welfare of the United States of Mexico and of the United States of
America, we shall not fail to adjust the outstanding questions with that
dignity and mutual respect which should mark the international relationship of two sovereign and independent States."




Mr. Warringer also said:

Nov. 5 1927.]

THE CHRONICLE

of people generally for added comforts and added conveniences in their
mode of life.
"In the bituminous coal industry, our chief competitor, research has
developed ways and means by which bituminous coal, which has not risen
In price in comparison with the price of anthracite coal, can be used
both directly and indirectly through the manufacture of gas and its byproducts—like coke—into means of heating approaching but not aqualing
the comfort and convenience from the use of anthracite coal.
"Collaterally to this, the records of progress made in the utilization of
gas and electricity as well as oil show amazing results. It is officially
stated this year that 143,000,000 barrels of oil are going into domestic
use. As an instance of the rapid progress in the developed use of electricity and gas, let me cite you the amazing record of the Public Service
Corporation of New Jersey, operating in the heart of anthracite-consuming territory. Since 1915, the population in New Jersey served by the
Public Service Corporation has grown approximately twenty-five per cent.,
but during this same time the per capita consumption of electricity has
grown from 90 KWH to 388 KWH and of gas from 6,000 to 8,000 feet.
"It is not difficult to see the reasons for this rapid change. The oldfashioned home, dependent upon itself, is disappearing as surely as has
disappeared the old-time feudal life, where families were dependent upon
themselves for food, wearing apparel and all the conveniences of life. Our
homes are now becoming but units of a community where many conveniences
of life are automatically delivered. Our well filled lives make the appeal to
conveniences overwhelming. Inventive genius supplies us gas for cooking
or heat, electricity for light, for heat or for refrigeration. In increasing
instances community boiler plants obviate the necessity for individual
furnaces.
"It is useless to decry these facts. On the contrary, we must accept
them and on the basis of them build for the protection of our own industry.
"How best can we do this?
"The chief partners in our industries are the operating companies, the
business communities, labor directly dependent upon the mines, and the
various railroad interests transporting our product to market. It is selfevident that not only must each one of these partners fulfill the obligations directly resting upon it, but that collectively they must so cooperate
as best to produce results in the mutual interest.
"In the first place, we must definitely reject the doctrine that has been
preached to us that anthracite coal as an essential of life is a natural
monopoly unrestrained by competition, and as such immune from the
laws of trade and barter, in differentiation from other commodities. It
is high time that we realize the fact that this industry will only prosper
as it renders better service in direct competition with the service rendered by any of the many methods of producing heat and power which
are being rapidly developed to-day.
"I regret to say that too long has there been in the minds of these
communities and in the minds of some of the other partners in this industry a conception of the anthracite industry as that of a Christmas tree,
of use only to provide presents distributed by some Santa Claus, and not
that of a tree implanted in the soil, whose life and growth will only continue so long as it is given constant care and some fertilization.
"It is gratifying indeed that in meetings like this it has begun to be
realized that there is no Santa Claus.
"If we as partners will once realize the truly competitive character of
our industry the first constructive step will have been taken. The obvious corollary of this is the necessity of community team play. It would
be optimistic indeed to believe the future would hold no internal discord
In our ranks, but if our attitude in such differences as may arise is one
of common counsel instead of underlying hostility much will be accomplished. We are blessed by the existence of the raw material capable of
producing heat, comfort and convenience to increasing millions beyond our
industrial border; it is our job to manufacture this raw material to meet
the rapidly changing demands of the consumer. This is not a job of
dividing spoils but is a job challenging the constructive genius of the
managers of our industry, the loyalty of the communities and the unremitting labors of each of the partners in our industry.
"From an individual standpoint, our engineers must meet the inventive
developments of our rivals; our salesmen must be merchants of service
and not distributors of production; our labor must expect to give a full
day's work for a full day's pay; our railroads must so adjust their rates
into the uttermost confines of anthracite consuming territory as to make
these rates truly competitive with other fuels; and, above all, these communities must back the product by the use of it themselves as a weapon
of trade.
"Speaking for the moment as an anthracite manager, I am aware we
have been under criticism for an apparent failure of constructive cooperation in the conduct of the industry. I wonder if any of you realize
the cumulative effect of years of attack against this industry as an 'anthracite trust' on the psychology of the management and its financial
backers. It has tended to multiply and weaken the individual units of the
industry, to discourage efforts to secure the advantages of the trade association idea, and this at a time when the association idea in rival industries was constantly being fostered. Direct contact with the consumer
has been made more difficult and remote through dealers who have no more
stake in anthracite than in other fuels. Under these circumstances, it has
been difficult to formulate that trade association consciousness necessary
to united effort.
"We have made certain prorgress along this line. Perhaps the most
outstanding instance of it is the development of our Anthracite Coal
Service, under which we have established offices in many cities from
which radiate engineers whose job is to develop trade, satisfy complaints,
and provide, if possible, new uses for our product. The results have been
most encouraging.
"It is, however, a rather strange fact that the engineers of this Service
have had to b• sent up directly into the heart of the anthracite field to
protect the use of anthracite in local communities. I noted last week in
the reports of our engineers an instance of their being required to go to a
large church located in the heart of the region to ensure anthracite being
used for heating purposes in that church. With a proper community spirit,
this ought not to be necessary.
"Let me assure you that we are conscious of our responsibilities and of
the needs of the situation. Never have anthracite producers been more
alert; never have they exerted so much effort to turn out a quality product
and to merchandise it effectively. Our ambition is to make anthracite the
best serviced fuel obtainable. So far as is humanly possible we intend to
remove cause of complaint and minimize inconvenience and trouble in the
use of anthracite. In this direction, we believe, lies the road to larger
markets. Without going into the details of this effort, which involves a
vast amount of work and no small outlay of money, I want to assure you,
with all the earnestness and emphasis at my command, that the industry is
awake, aggressive and determined to conquer. In this endeavor we welcome your aid.




2463

"At the building of the tower of Babel when the Lord made men to
speak different languages, great confusion developed. I sometimes think
that to-day equal confusion among ourselves develops from a lack of
understanding of men's minds. I am to-night holding no brief for any
one of the partners in our common enterprise, but I am appealing for a
common will to mutually understand and join hands in a common effort
in behalf of our own neighborhood. Let us make it known as a place
where a prime article of life is manufactured whose brand is known to
perform a definite service, and create in the minds of our customers the
confidence which inspires the will to buy and pay for goods well worth
the price they pay."

New York Bankers Honor Baron Bruno SchrLider of
London at Luncheon Given by General
Samuel McRoberts.
A group of merchants, manufacturers and financiers gathered in the Adam Room of the New York State Chamber
of Commerce a week ago as guests of General Samuel
McRoberts, Chairman of the Chatham Phenix National Bank
and Trust Company, at a luncheon tendered to Baron Bruno
Schrader, senior partner of the London banking house of
J. Henry Schriider and Company. Baron Schroder and his
son Helmut SchrOder, also a guest at the luncheon, are visiting America for consultations with the manager of their
New York office, 27 Pine St. The Schroder firm, conducted
by four generations of that family since 1804, and in continuous occupancy of the same site at 145 Leadenhall Street
in the "City" district of London, is among the oldest and
strongest in Britain. Representing the Chatham Phenix
bank at the luncheon were First Vice President Ricard H.
Higgins and Henry R. Johnston, Rollin C. Bortle, James T.
Monahan and J. B. Glenn. Also in attendance were James
II. Rand, Jr., President, Remington Rand, Inc.; William B.
Joyce, Chairman, National Surety Company; H. Stuart
Hotchkiss, Vice President, U. S. Rubber Company; Edgar
S. Bloom, President, Western Electric Company; Pierre C.
Cartier and Jacques Cartier of Cartier and Company; E. T.
Tomlinson, Jr., Vice President, Doremus and Company; C.
C. Cooper, President, General Motors Acceptance Corporation; Roy E. Tomlinson, President, National Biscuit Company; R. C. Kerr, President, American Thread Company;
Governor G. S. Silzer, President, Interstate Trust Company;
F. T. Wood, President, Fifth Avenue Coach Company; Arthur C. Mower, Vice President, American Tobacco Company.
Others present included E. H. Boles, Charles K. Beekman,
John W. Prentiss, A. C. Dent, Lloyd S. Gilmour, F. F.
\Volker, G. F. Beal and W. W. Laird.
H. R. Ickelheimer Returns from Abroad—Views on European Conditions—Revision of Dawes Plan.
H. R. Ickelheimer of the New York banking house of
Heidelbach, Ickelheimer & Co., who returned on Nov. 1 on
the S. S. "Majestic" after a two-months' visit to Europe,
had the following to say regarding European conditions:
"I believe the situation that is worrying Europe the most is, whether
or not Germany will be able to meet the Dawes payments. If you
listen to the German side of the story, it almost looks as if a revision
is imperative if they are to go along meeting their payments uninterruptedly.
"The Germans complain that the existing trade agreements work
against them, notably in the steel industry, and makes competition with
other European countries extremely difficult, especially with those countries having a depreciated currency. The Germans evidently made the
mistake of thinking they had enough working capital which was emphasized by the reduction of the German bank rate early this year and the
flotation of a 5% loan.
"They were evidently encouraged to do this, as about a year ago
there was a great abundance of short money. When the loan was made
by the government the short money disappeared and a renewed demand
for funds sprung up for their industries. Selling of industrial and
other securities abroad naturally brought a great influx of money and
had it not been for the sales of these securities they might have had
an extremely stringent money market.
"The situation in France is evidently better today than it has been
at any time since the war. The budget is balanced and therein are included the heavy interest charges and sinking fund requirements. In
due course, when the French feel assured of regular remittances under
the Dawes Plan, there will undoubtedly be made an effort to stabilize
the franc and this once done, the country will again be run on a
profitable basis without the constant worry of the problematic value of
their currency.
"In England the feeling seems to be better and the general impression is one of encouragement, as there appears to be a decided improvement in their great textile industry.
"Money is in good demand which would indicate fair requirements
for trade purposes."

Mackay & Co. See Critical Period of Dawes Plan
Approaching.
The critical period of the Dawes Reparations Plan is
approaching rapidly, Mackay & Co. point out in a statement
issued Oct. 27, giving rise to the question if the payments
will endanger Germany's credit. The statement says:

2464

THE CHRONICLE

In less than eleven months Germany will have to pay reparations
on an annual basis of Rmk. 2,500,000,000 and service charges of approximately Rink. 300,000,000 on the commercial debt, i.e., loans taken up
in this and other foreign markets since 1924.
To arrive at a conclusion concerning Germany's ability to pay it is
necessary to investigate the present condition of the country. In 1926,
2,100,000 people were without employment. In 1927 the number of unemployed had dropped to 372,000. The coal consumed in 1924 amounted
to a monthly average of 1,196,000 tons and in 1927 to 1,500,000 tons.
Bankruptcies in 1925 averaged 932 monthly and in 1927 less than 500
for the same period. All these figures indicate the present prosperity
of the country.

[VOL. 125.

In referring to the reception accorded the conversion plans
announced Sept. 16, the New York "Times" in a copyright
cablegram Sept. 18 from London stated:
The stock market's attention at the moment is riveted upon the Government's new conversion operation. Briefly, the Treasury is now endeavoring
to convert the debt amounting to approximately £210,000,000, maturing
early next year, into a long-dated debt on a basis slightly under 41
/
4%.
This does not represent any saving of interest and it is yet to be seen
whether the operation will be successful, but there is no question as to the
soundness of the Treasury policy in clearing away its short-term loans.
Where the Government fails, in the opinion of many London bankers, is
in its policy of continuing to replace maturing debt by stock issued at
substantial discounts. This policy reduces the rate of interest, but it
fails to lower capital liabilities—which explains why the total British
national debt is so little below its highest point, after years of conversion
operations.

From their investigation of conditions the bankers have
concluded that Germany will be able to bear the necessary
taxation arising from reparation payments. The important
thing to be taken into consideration, however, they say, is
the fact that this money will go out of Germany instead of
From the London "Financial News" of Sept. 16 we take
remaining in it, as is the case in normal collection of taxes
and will reduce Germany's annual income by about 5% each the following relative to the financing
The Government's war debt conversion plans, promised ten days ago,
succeeding year. This annual reduction, it is claimed, will
presumably hinder the progress of Germany while its people are now available, and fall under three heads, the terms being as follows:
1. War loan 3%%, 1925-28.—Holders may surrender at the rate of
are working at full speed. The statement adds:
A serious problem will have to be faced sooner or later. It is one
thing for Germany to collect taxes and quite another for her to create
Rmk. 2,900,000,000 worth of foreign exchange (gold) when there are
no gold and silver mines or great undeveloped resources in the country.
Germany's ability to meet her aggregate payments abroad on private
and public accounts, without injury to her currency and exchange, will,
therefore, depend upon her balance of trade.
The figures of the German trade balance are not very encouraging.
Up to the present time, the German trade balance has contributed nothing to the payment of reparations. The funds placed by foreign investors at the disposal of Germany have been in excess of requirements
of the Reparation transfer committee which is charged with the conversion of the Reichsmark into foreign currency.
All these problems seem to worry London a great deal more than
they do New York, as evidenced by the fact that over a recent period
German Government and municipal bonds declined as much as four
points in London, while prices in New York for similar dollar bonds
remained unchanged.
1
2% yield
Highest grade foreign obligations sell in this market on a 4/
basis; the best German securities sell on a 6.20-6.50% basis, the stateapproximately
11
/
2% supyield
of
difference
in
ment concludes. The
posedly compensates the investor for the additional risk involved.
In our opinion the interest of American and English bankers in Germany is so important that they will do their utmost to keep the loans
intact over a long period of time. We are inclined to believe that the
problems of commercial loans will be worked out satisfactorily. Pending a clearer solution of these matters, however, German securities will
probably be subject to periods of market instability.

£132 15s. 31
/
2% conversion loan for each £100 nominal stock held.
2. National war bonds, 5s, Series 2, due April 1928.—Holders may sur/
2% conversion loan for each £100 nominal
render at the rate of £142 31
of bonds.
3. National war bonds, 4s, Series 2, due April 1928.—Holders may surrender at the rate of £134 314% conversion loan for each £100 nominal
of bonds.
In all three instances holders may exchange in whole or in part.
Nothing in the nature of a surprise is contained in the Government's conversion plans, promised ten days ago and now available. The basis is virtually 75 and the terms will not disturb the gilt-edged market. Since
the scheme was first mooted fears have prevailed in some quarters that
the Chancellor of the Exchequer might possibly launch his plan upon such
terms as to create a gap between existing values and the new value. Such,
happily, is not the case, for the basis is consistent with the quotation for
the existing 3%% conversion loan, which, in the closing stage of yesterday's market, had a harder tendency and advanced fractionally to 751
/
4.
Holders of the three stocks involved will do well to study the exact conditions of exchange, which are appended, firstly by reason of the optional
nature, and secondly by reason of the maturity of each issue in the spring
of 1928. The prospectus sets forth that holdings may be surrendered in
whole or in part by means of an exchange into 3%% conversion loan, which
latter is a long-dated security redeemable at par on or after April 1 1961,
at the option of the Government.

War 3% Per Cents.
Holders of the £3 10s. per cent war loan, 1925-28, may surrender their
holdings, in whole or in part, and receive in exchange therefor conversion
loan at the rate of £132 15s.-3%% conversion loan for each £100 nominal of 3%% war loan, 1925-28 surrendered. Holders who accept this
offer will receive one month's interest on the 311
/
2% war loan surrendered
/4,000,000 Victoria Loan Subscribed in London
on the completion of conversion and a full six months' interest on the
From the New York "Evening Post" we take the follow- 3%.70
conversion loan on April 1 1928.

ing Associated Press advices from London Oct. 24:

/
2, which was
Victoria's new loan of £4,000,000 5% bonds, at 971
listed on the market last Friday, was fully subscribed this morning.
Loan
Council upon
by
the
new
Australian
The issue was authorized
the various Australian states agreeing to allow the Commonwealth Government to handle state loans through a loan council.
The 14,000,000 issue represents funds to be used entirely for immediate public purposes.

The Two War Bonds.
Holders of £5 per cent national war bonds, due April 1 1928 and the
44 per cents, due on the same date, may surrender their holdings, in
whole or in part, and medic in exchange therefor conversion loan at the
rate of:
£142-3%% conversion loan for each £100 nominal 5% national war
bonds due April 1 1928 surrendered.
£134-31
/
2% conversion loan for each £100 nominal 4% national war
bonds due April 1 1928 surrendered.
Conversions will be effected ex the dividend due Oct. 1 1927, and holders who accept this offer will receive a full half year's interest on the 3%%
conversion loan on April 1 1928.

Results of Great Britain's Offer for Conversion of War
Loans-4306,991,000 of 3% Conversion Bonds Issued.
The results of Great Britain's 3% per cent. conversion
loan offer, which closed Sept. 30, are made known in the
Closing Date.
following statement issued on Oct. 28 by the Department of
The Bank of England and the Bank of Ireland are authorized to receive
applications
for
exchange upon these terms, and it is important to note
Commerce at Washington:
According to figures issued recently, £306,991,000 in the 31
/
2% conversion loan bonds were issued to holders of the 31
/
2% War Loan and
the 4 and 5% war bonds which were to be converted. Estimates of
the amounts of these outstanding varied from 1209,000,000 to £215,000,000. It was expected that many of these bonds held by "professional
holders" would not be converted, whereas the private and small investors were expected to convert on a large scale.
From the amount of the new issue it would appear that there was
a very heavy conversion from both sources. It was estimated in Britain
that the new issue at 75 (or 25% below par) would increase the nominal
national debt by £80,000,000. If approximately the £209,000,000 only
were converted, the increase to the national debt is nearly £100,000,000
on the operation. The new 31
/
2% bonds have already arisen to over 75.

Details of the British Government's offer to holders of

that the list of applications will be closed on Friday, Sept. 30.
Conversions will be effected as on Oct. 1 1927; stock issued against the
same will be in addition to and will rank part passu with the stock of the
3/
1
2% conversion loan already existing, and will be chargeable on the consolidated fund of the United Kingdom.
A commission is payable to bankers or stock brokers on application bearing their stamp. The terms vary on the two weeks during which holders
have time for consideration. On applications lodged not later than Friday,
Sept. 23, the commission is 5s. per cent of nominal stock or bonds surrendered. Conversion applications lodged after that date will receive commissions at 2s. 6d. per cent of the nominal amounts surrendered. Provision
Is made for conversion of registered or inscribed stocks domiciled in this
country or Ireland at the respective Banks of England or Ireland, but bearer
bonds must be lodged with the first named, at the Loans Office, 5 and 6
Lombard Street, E. C. The necessary forms have been posted to all holders
on the respective registers so far as inscribed and registered stocks are concerned.
Post Office Issue.
National war bonds due April 1 1928 of the Post Office issue, will not be
convertible at the Bank of England; they will be convertible at the Post
Office under the arrangements set forth in the separate prospectus issued
by His Majesty's Postmaster-General.

three maturing war loans for conversion into a long-dated
issue were given in the London "Financial News." The
offering was announced Sept. 16 and remained open until
Sept. 30. It was stated that a total of Z222'382,429 of
outstanding bonds was involved in the offer, which provided
for the conversion of the 3M% war loan due March 1 1928;
the 5% national war bonds and the 4% national war bonds,
both due April 1 1928. In addition to this financing the
British Treasury invited tenders Sept. 13 for an unlimited
amount of 43'% Treasury bonds redeemable in 1934. Regarding the results of this offer, London advices Sept. 13
to the New York "Journal of Commerce" said:

Aggregate Involved.
In considering the above proposals it is important to
bear in mind both
the past history and the present position of the stocks which
are affected.
The amounts outstanding of the debt maturing to be dealt with in the
present offer are as follows:
31
/
2% war loan, due March 1 1928
£62,713,997
5% national war bonds, due April 1 1928
122,283,884
4% national war bonds, due April 1 1928
37,385,098

/
2% Treasury bonds by tender
The result of the Government's issue of 41
was considered highly satisfactory, as tenders totaled £80,070,000. The
Government allotted bonds to the total amount of £65,000,000. The minimum price fixed for tenders was 99.3%.
Applicants who offered 99.325% received allotments of 51% of the application, while tenders above that price received full allotments.
It is assumed here that the £65,000,000 meets the Government's requirements for the bond issues maturing Oct. 1. Bonds of the new issue are
repayable and callable at one year's notice.

£222,882,429
The 31
/
2% war loan was issued in November 1914, at 95, the amount of
the issue being £350,000,000. Subsequently, however, holders have been
given several opportunities to convert, although never into a short-dated
security, so that the amount now outstanding, as shown above, is less than
£63,000,000.
Holders of the 5% and of the 4% national war bonds are in a different
and more favored position. As regards the 5% bonds, issued at par at the




Nov. 5 1927.]

THE CHRONICLE

2465

April 1928.- £4 Per Cent
£5 Per Cent National War Bonds, due 1st
National War Bonds, due 1st April 1928.
holdings, in whole or in part,
Holders of these bonds may surrender their
loan at the rate of:
and receive in exchange therefor conversion
nominal 5% national war
£142-354% conversion loan for each £100
bonds due 1st April 1928 surrendered.
nominal 4% national war
£134-3144% conversion loan for each £100
bonds due 1st April 1928 surrendered.
1st October 1927, and
Conversions will be effected ex the dividend due
half-year's interest on the
holders who accept this offer will receive a full
1928.
31,4% conversion man on the 1st April
of England and the Governor
The Governor and company of the Bank
authorized to receive from holdand company of the Bank of Ireland are
war bonds, due 1st April
ers of 3%% war loan, 1925-1928, and national
holdings into 334% conver1928, applications for the conversion of their
above.
sion loan at the respective rates quoted
October 1927; stock issued
Conversions will be effected as on the 1st
and will rank pari passu with the
in respect thereof will be in addition to
existing and will be chargeable
stock of the 844% conversion loan already
Kingdom.
United
the
of
fund
ted
consolida
the
on
d stock or bonds transferable
Applications for the conversion of registere
register certificate(s); appliby deed must be accompanied by the relative
must be accompanied by the
cations for the conversion of bearer bonds
subsequent to the 1st October
relative bonds, together with the coupon due
1927.
convertible into stock which will
Inscribed or registered holdings will be
the converted holding.
Terms.
Into
case be transferable in the same manner as
Exchanged
each
in
Converted.
Stock
Date.
able in the books"
bonds will be convertible into stock "transfer
Bearer
n
Conversio
£103
n
holder. Stock will be ex434 Conversio
5% War Loan
or "transferable by deed" at the option of the
Loan per £100
April 1924
Loan
£148,407,112
Treasury Par
changeable for bonds to bearer.
5,(% Exchequer Bonds 434%
stock brokers in reNov. 1924
Bonds (1934)
Commission as under will be paid to bankers or
£24,302,515
5s. cash.
£2
Par+
Converons beanng their damp, viz.:
applicati
534% Exchequer Bonds 434%
of
spect
sion Loan.
of England or Bank of
£57.727,878
On conversion applications received by the Bank
434% Treasury Par £1 cash.
5% Treasury Bonds
r 1927, 55. per £100 nomSeptembe
23d
Sept. 1926
the
Friday,
1934.
than
later
not
Bonds,
£83,817,214
15s. Congo'. Ireland
ed.
4% Consolid'd £117
5% Treasury Bonds
Dec. 1926
Loan per £100. inal or stock or bonds surrender
of England or Bank of
Loan.
£9,172.559
5s. Congo!.
On conversion applications received by the Bank
£124
d
Consolld'
of stock
5% National War Bonds 4%Loan.
£100.
r
per
Loan
the 23d Septembe 1927, 2s. 6d. per £100 nominal
after
Ireland
ted
£65,226,217
Consolid'd £118 Consolida
ed.
4% National War Bonds 4%Loan.
Loan per £100. or bonds surrender
£3 ,386.500
Applications:
or registered in the
1. For the conversion of stock or bonds inscribed
Existing quotations.
must be lodged at the Bank of England,
England,
of
Bank
the
of
the
books
at
improved
n 3% per cents
As intimated above, the old conversio
at 105% and the 4s at London, E. C. 2.
or registered in the
close yesterday to 75%. National war 56 finished conversion were quoted
2. For the conversion of stock or bonds inscribed
the
at the Bank of Ire100%. The war loan 3% per cents affected by
loan 4s books of the Bank of Ireland, Dublin, must be lodged
funding
with
1-16,
102
at
at 99 9-16; the big war 5s ruled steady
land, Dublin.
or registered in the
again a good market at 87 9-16.
3. For the conversion of stock or bonds inscribed
the Bank of Ireion offer books
of the Bank of Ireland, Belfast, must be lodged at
The following editorial comment on the convers
Belfast
land,
News":
ial
"Financ
is also taken from the
at the Bank of
4. For the conversion of bearer bonds, must be lodged
available contain
The details of the Treasury's conversion offer now made Lombard Street England, Loans Office, 5 and 6 Lombard Street, E. C. 3.
in
either
stir
great
any
of this pros
cause
copies
little, we imagine, which will
Application forms may be obtained, together with
been looked for, and
or the gilt-edged market. Nothing surprising has
at the Bank of Ireland; of Messrs. Mullens,
England;
of
Bank
the
at
mapectus,
loan
war
4%
,
31
nothing surprising has taken place. Holders of the
13 George Street., Mansion House, E. 0. 4,
convert at the rate of Marshall, Steer, Lawford & Co.,
turities, amounting to £62,713.997, are asked to
any bank or stock exchange in the United Kingdom.
loan
at
war
and
of
nominal
£100
each
all holders of regis£132 15a. per cent conversion loan for
Application forms have already been sent by post to
of their war loan holdof joint accounts to the first
surrendered. On the basis of the present quotation
case
the
(in
bonds
or
stock
of
inscribed
or
purchase
tered
t to a
ings, a conversion at the rate given would be equivalen
at the market holder).
September 1927.
conversion loan at roughly £75 per cent, in other words,
The list of applications will be closed on Friday, the 30th
one month's
receive
will
offer
price now ruling, but holders who accept the
of England, London, 15th September 1927.
the
On
Bank
n.
conversio
of
on
completi
the
on
ed
Issue
interest on the stock surrender
N. B.-National war bonds, due 1st April 1928, of the Post Office
maturities, totaling
other hand, holders of both the 5% national war bond
will be convertible
E37,385,098, are will not be convertible at the Bank of England; they
pros£122,283,334, and the 4% national war bonds, totaling
separate
s offer. In both at the Post Office under the arrangements set forth in the
given an appreciable inducement to accept the Treasury'
Postmaster-General.
Majesty's
by
His
of
issued
purchase
pectus
a
of
t
equivalen
the
is
offered
cases, conversion on the terms
of
3%% conversion loan at a price roughly 8s. below the present quotation
£75%.
come
reasonabl
a
made
Economic and Industrial Conditions in Denmark
The Treasury is to be congratulated on having
of holding out an inducepromise between the necessity, on the one hand,
During September.
the desirability, on the
ment which is likely to attract conversions, and
of the 31,4%
holders
existing
l Bank of Copenhagen and the Danish
of
Nationa
Danish
interests
The
the
ing
safeguard
of
other hand,
conversion loan.
cal Department in their statement regarding the
Statisti
that
we
imagine
scheme,
new
As to the likelihood of the 811CCC813 of the
needs of holders of so economic and industrial conditions in Denmark during
prophecies will be far from unanimous. Clearly, the
very considerably. Sep ember, state:
vary
ly
necessari
must
debt
large an amount of maturing
of maturity and receive
The Danish export of agricultural products was in September, as during
Some holders will doubtless await the due date
take up the new the preceding months this year. considerably larger than during the corresand
cash ; others may sell their securities in the market
war
national
4%
the
and
5%
ponding month last year. The average weekly exportations were:
4%% Treasury bonds. In the case of the
s dealt with,
Butter: 2,670.800 Kilos (Sept. 1926, 2.543,800 Kilos). Eggs. 913.800
bonds, which constitute roughly three-quarters of the maturitie
to consider a double scores (Sept. 1926. 986.300 scores). Bacon. 4.936.600 Kilos (Sept. 1926.
holders will have from now until the end of the month
to convert into 5% 3,6'49.600 Kilos). Beef and cattle, 1,222.100 Kilos (Sept. 1926, 1.095.300
option. They may elect either to exercise their right
Oct. 1. or they may Kilos).
and 4% national war loan within fourteen days of
will
undoubtedly adopt
Some
The prices of the exported products were for all articles higher than during
accept the present offer before Sept. 30.
by the terms
the exception of the price of bacon, considerthe first course; but many, we feel sure, will be attracted these columns, the preceding month, and with
out in
ably higher than in September last year. The average weekly quotations were:
which are now offered. As we have previously pointed
which must commend
Butter, 326 kr. (Sept. 1926, 304 kr.) per 100 kilo. Eggs. 1.69 kr. (Sept.
the 31,4% conversion loan possesses several features
class, who are seeking an 1926. 1.60 kr.) per kilo. Bacon. 1.43 kr. (Sept. 1926. 1.74 kr.) per kilo.
it to those investors, and especially the trustee
sinking fund, which must Beef. 5b ore (Sept. 1926. 55 ore) per kilo on the hoof.
excellent long-term stock. There is a powerful
is finally closed, as it
The trade balance with foreign countries in August amounted to 136.Inevitably become more effective when the issue
proportions. There is a satis- 000,000 kr. for imports and 124.000.000 kr. for exports: there was thus an
soon must be if it is not to reach unwieldy
and a possibility of capital Import surplus of 12,000,000 kr. against 4,000.000 kr. in Aug. 1926. For
factory return assured virtually in perpetuity,
cautious investor will do the months Jan.-Aug. the import surplus this year was 65.000.000 kr.
appreciation. These are advantages which the
against 9.000.000 kr. last year.
well to weigh very carefully before passing them over.
The Statistical Department's wholesale index was in September, as in
same
the
in
follows
as
ed
appear
g
The official offerin
August. 153. There have, however since August been changes in the index
figures of the different groups, thus fall in the prices for fuel and vegetables,
paper Sept. 16:
and increase in the prices of the Danish export products animal food stuffs,
Offer of Conversion to Holders of
as well as the textile, clothing and leather groups. While the index figure
£3 10s. Per Cent War Loan, 1925-1928.
for the import group during several preceding months has been higher than
E5 Per Cent National War Bonds, due 1st Aril 1928 (Series 2).
for the export group, the flutuation of the prices in August placed the two
£4 Per Cent National War Bonds, due 1st April 1928 (Series 2).
groups on about the same level. The freight rate figure for September is
in
whole
holdings,
their
Holders of the above-named issues may surrender
figured at 109,0 against 129.8 in Sept. 1926. when the English coal strike
for
exchange
in
below
or in part, as set forth
caused a considerable increase for the freight rates.
E3 10s. Per Cent Conversion Loan
Concerning banking and financial conditions, the following should be
April
1st
after
or
on
date
interest
noted: In the three principal private banks the loans have during the month
Redeemable at par on any half-yearly
notice.
decreased about 7.000,000 kr. At the same time the deposits show an
1901, at the option of His Majesty's Government, at three months'
increase of about 43.000.000 kr., which is especially due Co an increase
The Stock is an Investment Authorized by "The Trustee Act, 1925."
of the account current of the Landmandsbank as a result of this account
£3 10s. Per Cent War Loan, 1925-1928.
part, being charged with a dollar amount which by the Government is placed
Holders of this loan may surrender their holdings, in whole or in
15E4.- at the disposal of the Landinandsbank. and by this used to decrease its
and receive in exchange therefor conversion loan at the rate of £132
1925-1928, debts to foreign countries. The banks have during the month repaid
31,4% conversion loan for each £100 nominal of 3%% war loan,
about 15.000.000 kr. on their debt to the National Bank. whose outstanding
surrendered.
have gone down about 14.000.000 lab.. as the Ministry of Finance
the
loans
on
interest
month's
one
receive
will
offer
this
accept
who
Holders
at the same time has overdrawn it. account with approximately 3.000,000
8%% war loan surrendered on the completion of conversion and a full six kr.
months' interest on the 3%% conversion loan on the 1st April 1928.

exercise the final right, within
end of March 1918, holders will be able to date (Oct. 1), of exchanging
interest
ly
half-year
next
the
fourteen days of
nominal
the latter for each £95
Into 5% war loan at the rate of £100 of
of bonds. The cash redemption value is 105. issued at the end of March
Holders of the 4% bonds, which were also
period
position. Within the same
1918, but at 101%, are in a similar
tax compounded)
(income
loan
war
4%
into
to
convert
they have the right
The cash redemption value
at the rate of £100 of loan for £100 of bonds.
is par.
War Bond Options.
totalthese war bond maturities,
It is important to notes that holders of conversion options before them.
ing nearly £160,000,000, have now two
t in
until next year for repaymen
Assuming that they do not choose to wait
or avail themselves
offer
new
s
Treasury'
the
cash, they may either accept
31k%
of the alternative rights outlined above.
conversion is now invited, the
As regards the stock into which the
at
1921 for conversion purposes
conversion loan was originally issued in
January
since that date as follows:
£40,61%, additions having been made to it
1925,
r
000, and Septembe
1925, £59,660,000; March 1925, £30,000,
outstanding is £760,015,376, while
000,000. The amount of the stock now
g to 2% per annum, which is
It carries with it a sinking fund amountin
ion so long as the market price
applied in purchases of stock for cancellat
remains below 90.
operations is appended:
A short table showing recent conversion




2466

THE CHRONICLE

The National Bank's stock of currency has during
the month increased
with about 10.000,000 kr. and the amount of bills
has been increased with
about the same amount, as it has gone up
from 343.400.000 to 351,400.000
In'. As the stock of gold is about the same during
this month, the percentage for covering is somewhat smaller than at the
end of last month, namely
56.400.000 against 57.800.000.
The transactions in bonds and stocks on the
Copenhagen stock exchange
amounted in September to about the same
as in August; the average weekly
transactions in bonds amounted to
1,800.000 kr. (August 1.700,000 kr.)
and in stocks, 2.200.000 kr. (August 2.000.0
00 kr.). In Sept. 1926 the
figutes were respectively 1,800.000 and 3,100,0
00 kr.
In the index for the stock exchange quotati
ons there was during the month
increase for bonds as well as especially for stocks.
The increase for stocks
was found in all groups, but especially in shipping
stocks. The bond index
for September was 89.100,000 (August 88,900,
000) the stock index 97,700.000 (August 95.700.000) when the quotations
of July 1st, 1914 are
fixed at 100. Compared with September last year the
increase in all stock
groups was still larger, as banks increased from
79,600,000 to 85.500.000.
shipping stocks from 104.600.000 to 118.000
.000, industrial stocks from
84,600.000 to 94,600,000 and the complete index from
88.900,000 to
97,700,000.
The unemployment was at the end of September this
year 16.2% or of
very nearly the same size as in September 1926,
when it was 16.3%. In
the industrial professions, proper the percentage was
both this year and last
year 17.5%.
The Government's revenue from consumption taxes
was in September
12.700,000 kr. of which 4.700.000 kr, were custom taxes
proper. In Sept.
1926 the corresponding figures were 13,800,000 and
4.600,000 kr.

Extension of Time for Exchanging German Bonds
Under
Revaluation Proceedings.
The Special Commissioner (in New York) for
German
Government loans makes the following
announcement
under date of Nov. 1:
According to advice received from Berlin,
German Government Bonds
(i.e. either direct issues of the German
Reich, or such bonds of the following States: Prussia, Bavaria, Saxony,
Wuertemberg, Baden, Hessen,
Mecklenburg-Schwerin, Oldenburg, as have
been taken over by the
Reich) may again be accepted under
the new possession procedure,
until further notice.

Proposed Issuance of Danish Treasury Bills
According to copyright advices from
Copenhagen to the
New York "Times" the Lower House
on Oct.
Issue Treasury Bills to the amount of 30,000 27 agreed to
,000 kroner.

[Vor,. 125.

Sept. 15 1927, on account of the Transpo
rt Tax, neither of which became
available for transfer during the third
Annuity year):
The funds available for transfer in the third
Annuity year have amounted
in round figures to 1,568 million gold
marks, of which 1,382 millions were
actually transferred during the year.
This compares with transfers of
1,176 millions in the second Annuity year.
Transfers made in foreign currencies have amounted to 49.45% of the
total transfers in the third year.
as compared with 35.35% in the second
year.
medium of gold mark payments in German Transfers made through the
y have amounted to 50.55%
of the total transfers in the third year, as
compared with 64.65% in the
second year.

At the close of business on August 311927
, the cash balance in the Agent
General's account amounted to 185 million
gold marks, of which over 182
millions were received during the last week
or the Annuity year.
The details of the transfers for the
year, according to the prelimi
nary
figures, are as follows:
Funds Available for Transfer—
Gold Marks.
(a) Balance of cash unexpended at Aug. 31
1926
(b) Balance of the Second Annuity due and received
93,626.000
in September 1926. 53,096,000
(e) Receipts on account of the Third
Annuity during the period Sept.
1
1926-Aug. 31 1927
1,425,000,000
(d) Interest earned on cash balances
2,761,000
Total
1,574,483.000
Deduct—
a. Discount on interest on German Railway
Bonds received
In advance of due dates
6,481,000
tr. Loss in exchange
426,000
6,907,000
Balance available for transfer during
period Sept. 1 1926 to
Aug. 31 1927
1 567,576,000.
Transfers Made1. Transferred in foreign currencies:
(a) Service of German External Loan, 1924
91,318,000
(8) British Reparations Recovery Act
230,808,000
(c) French Reparations Recovery Act
59.510,000
(d) Deliveries under agreement to the United
States
of America
40.199,000
(e) Transport of coal on the Lower Rhine
33,000
(1) Settlement of balances owing for deliveries
or
services rendered by Germany prior to made
Sept.
1
1924
3,462,000
00 Transferred in Cash
255,111,000
00 Costs of Inter-Allied Commissions
3,151,000
(0 Costs of Arbitral Bodies
73,000
683,465,000
2. Transferred by Gold Mark payments for:
(a) Deliveries in kind
616,969,000
(8) Armies of Occupation
73,522,000
(c) Costs of Inter-Allied Commissions
6,847,000
(d) Miscellaneous payments
1,286,000
698.624,000
Total amount transferred
1 382,080,000
Leaving a balance of cash unexpended at
Aug. 31 1927 of
185,487,000
Total
1,567,576,000

Troubled Again Over Reparations Trans
fer—Talk of Time for
Deposit of German State and City
Situation "Becoming Critical"—Plea for
Bonds
an AllUnder Revaluation Plan Expires January
Around Settlement.
14.
The
specia
l commissioner in New York for Germa
Under date of Sept. 4 the New York "Time
n
s" announced Government loans calls attent
ion to the fact that German
the following cablegram (copyright) from Berlin
:
State
and
City
bonds
cannot be accepted for revaluation
The Berlin Official institute, which began
work on Sept. 1, declares
after Jan. 14. The following notice in the
that the question of reparations transfers are speedily
becoming critical.
matter is issued
It is particularly inclined to criticize the further
by him to holders of mark loans of German
cash
tion Agent of 113.000.000 marks during August, transfer by the ReparaStates, Cities
which makes 255,000.000 and Municipal associ
ations residing in the United States of
marks cash transferred in the past reparation year.
Ex-Minister of industry, Professor Julius Hirsch.
America, including territories and dependencies
also declares that the
.
transfer question is approaching a critical stage.
Mark loans of German States (e. e.. Hambur
He regards the Repag, Bremen, &c.)
rations Agent's last report on German economi
Municip
al and similar associations, may be offered
cal conditions as too rosy
for
exchange Into a
and complains that no real reparations policy
new "Loan Liquidation Debt," In accordance
is being

pursued.
Hirsch concludes with the prediction
that the reparations question
be satisfactorily settled only as part of an
all-around debt settlement
with America participating.

can

Details of Payments by Germany in
Third Annuity
Year.
In an ilem in our issue of Sept. 3 (page
1265) we referred
to an announcement by S. Parker Gilbert,
Agent General
for Reparations Payments,that with the payment
on Sept. 1
of 55,000,000 gold marks by the German Railway
Co., Germany has completed the payments for the third year
under
the Dawes Plan, amounting to 1,500,000,000 marks,
except
for a balance of 20,000,000 on account of the transp
ort tax,
which would not become due until Sept. 15. We are
since
in receipt of the official statement issued Sept. 1 by
the
Office of the Agent General for Reparations Payme
nts,
and give the same herewith:
The Agent General for Reparations Payments announc
es that with the
payment this morning of 55.000.000 gold marks
by the German Railway
Co., Germany has made payment of the full Annuity
of 1.500.000,000 gold
marks provided for the third year of the Experts' Plan, except for
a balance
of 20,000,000 gold marks on account of the
Transport Tax, which does not
become due until September 15. 1927. Today's
payment by the German
Railway Co. represents the balance due Sept
1 1927. on account of the
third year's interest on Its reparations bonds.
Germany has thus made
fully and punctually all the payments falling due during
the third year of
the Plan
The payments thus far received on account of the third
Annuity are as
follows:
I. Normal contribution from the German Budget
2. Supplementary contribution from the German Budget
3. Transport Tax
4. Interest on German Railway Bonds
5. Interest on German Industrial Debentures

Gold Marks.
110.000.000
300,000,000
270.000.000
550.000,000
250.000,000

with the German Law of
July 16 1925, at the rate of 25 Reichsmark for
the old loan, provided that the loan was Issued 1.000 Marks face value of
prior to Jan. 1 1919. For
loans issued after Dec. 31 1918. Reichsmark
25 loan liquidation debt will
be granted for each Mark 1,000 gold value of the
old loan. The gold value
will be calculated on the basis of the value
which the debtor received
through the issue of the loan. Goldmark 500
is the minimum amount of
bonds which can be accepted for revaluation.
Both, old holders (1. e., owners since prior
to July 1 1920) who have
neglected to deposit their bonds under the old
possession procedure, and
new holders (i. e., owners since June 30
1920) may deposit their bonds
under the above conditions between Oct. 1
1927 and Jan. 14 1928.
Bonds not filed within the said time limit
become void, and no
represent any claim against the debtor.
longer
Applications must be filed at one of the
following banks, where blanks
and other papers may be obtaine
d:
New York, N. Y
The National City Bank of
New York, N. Y
New York
International Acceptance Bank
Atlanta, Ga
Fourth National Bank
Baltimore, Md
Citizens National Bank
Boston. Mass
Nationa Shawmut Bank
Chicago. III
Continental & Commerc
Chicago, Ill
Trust & savings Bank
First Trust & Savings ial
Cleveland. Ohio
Central National Bank Bank
Dallas. Texas
American Exchange Natlona
Denver. Colo
Bank
Colorado National Bank
Detroit. Mich
Guardian Trust Co
Jacksonville, Fal
Florida National Bank
Manila, P. I
International Banking
Milwaukee, Wis
Corporation
First Wisconsin National
Minneapolis. Minn
Bank
Northwestern National Bank
New Orleans, La
Canal
Bank
&
Trust
Co.
Philadelphia. Pa
The Franklin Fourth Street
Pittsburgh, Pa
National Bank
Mellon Nations, Bank
Portland, Ore
united States National Bank
St. Louis, Mo
First National Bank In St.
San Francisco, Calif
Wells Fargo Bank & Union Louis
Seattle, Wash
Trust Co.
Seattle National Bank
Washington, D. C
Riggs National Bank
Not to be considered as State loans are
such loam of States which have
been taken over by the Reich, as for instanc
e, Prussian Consols. which
had
to be deposited under a previous procedu
re.
New York, September 1927.

New Loan Strengthens Poland—Bank

Reserves Increased
1,480.000,000
to 324,000,000 Zlotys.
Further details will be given in the regular monthly stateme
.
nt of receipts
and patments, to be issued shortly. The transfers
The New York "Times" reports the
made during the third
follow
ing wireless
Annuity year (that Is to say, from Sept. 1 1926. to
Aug. 31 1927) may, message from Warsaw Oct. 27
however, be summarized In round figures as follows (exclud
(copyr
ing for this purThe first report by the Bank of Poland ight):
pose the September 1 1927. payment of 55.000.000 gold
after
the stabilization of
marks of Railway Polish money effected through the recent
Interest, and the final payment of 20,000.000 gold
foreign loan was published
marks that comes due today.




Nov. 5 19271

THE CHRONICLE

2467

gold bonds of 1926, state that the yield of the tobacco,
liquor and slaughter taxes pledged as security for these
Bonds amounted for the fiscal year ended June 30, 1927, to
$3,415,781, of which the proportion securing the bonds
amounted to $2,985,292, with Colombian pesos calculated at
98.5 cents, or more than ten times the annual service
charges on the Bonds. This compares with $2,468,060 available for the Bonds in the previous fiscal year, an increase
page
22,
columns
Oct.
loan
was
these
referred to in
The
of $517,232, or approximately 21%. The bonds are listed
2212.
on the New York Stock Exchange and are currently quoted
at 98% to yield 7.72% to maturity.
Powers of American Adviser Under Polish
Stabilization Plan.
When Charles S. Dewey, former Assistant Secretary of Gold Notes of Mortgage Bank of Chile in Definitive Form
Ready for Delivery.
the Treasury, assumes his duties as financial adviser to the
Polish Government in the disbursement of the $70,000,000
Mortgage Bank of Chile five-year 6% agricultural gold
international bankers' loan, he will exercise a broad and notes, due December 31, 1931, in definitive form, having
general control of all of the country's finances under the coupons due December 31, 1927, and subsequent attached,
Polish stabilization plan according to Associated Press ad- are ready for delivery in exchange for outstanding interim
. certificates (beginning November 3), at the corporate trust
vices from Washington Oct. 31. The despatches add:
The plan represents a new departure in international finance and is department of Guaranty Trust Company of New York.

The zloty is valued at 12 cents. Reserves were raised to 324,000,000
zlotys and foreign securities to 394,000,000, according to the report
covering the first twenty days of October. Gold reserves are 88%.
Effects of the new capital are felt in private banking circles. New
York interests have a representative in Warsaw negotiating for mortgage bonds in Polish industry which are to total $5,000,000. Another
New York man is expected here soon to negotiate with the Ministry of
Railroads for a $10,000,000 loan for rebuilding the Polish railroad
gYstenl.

the first operation of its kind under distinctly American leadership,
although the loan is supported by Great Britain, France, Germany, Italy,
Holland and Sweden.
Mr. Dewey's position also includes membership on the Board of the
Bank of Poland and authority to appoint an Advisory Committee. The
post is for three years and he may prolong the work if needed. In case
of disagreement between the adviser and the Polish Government, an
arbitrator may be appointed whose decisions will be final.

Plans New Polish Coins-Cabinet Drafts Currency
Scheme, With Ducat at 25 Zloty.
The following Warsaw advices Oct. 28 (Associated
Press) are from the New York "Times":
As part of its stabilization plan in connection with the recent foreign
loan, the Cabinet has approved a draft ordinance by President Moscicki
changing the monetary system of Poland and introducing a new unit,
which will be known as the ducat, having a value of 25 zloty.
The ordinance fixes the currency medium to be struck by the State
Treasury and establishes the right to mint money as an exclusive State
privilege.
Gold coins will be issued in denominations of 100, SO and 25 zloty,
the latter of which will be known as the ducat. There will be silver
coins of 5 and 2 zloty and nickel of 1 zloty and 50, 20 and 10 gross.
the divisions of the zloty. Bronze coins of 5, 2 and 1 grosz also will
be issued.
Measures are provided for the method of liquidating tractions in the
existing paper money and gold zloty.

Bonds of City of Porto Alegre (Brazil) Loan of 1921 •
Drawn for Redemption.
Ladenburg, Thalmann & Co., as fiscal agents have drawn
$10,000 principal amount of City of Porto Alegre fortyyear 8% sinking und gold bonds, external loan og 1921, for
redemption on December 1, 1927, at 105% and accrued
interest.
Tenders of Bonds of Buenos Aires Consolidation Loan of
1926 Sought for Retirement Through Sinking Fund.
Hallgarten & Co an.d Kissel, Kinnicutt & Co. as fiscal
agents of the Province of Buenos Aires for the Province of
Buenos Aires 7% external sinking fund gold bonds, Consolidation Loan of 1926, are reqeusting tenders of bonds
sufficient to exhaust the sum of $125,322.50 now held in the
sinking fund. Notice of acceptance of tenders accepted will
be mailed Nov. 12, and bonds so accepted must be delivered
to the fiscal agents at either of their offices on or before
Nov. 17, 1927, when interest thereon will cease.

Bonds of Department of Cundinamarca Retired
_
Through Sinking Fund.
Establishment of Polish Cotton Consumers Syndicate.
Kissel, Kinnicutt & Co. and Hallgarten & Co. announce
A cablegram Oct. 30 to the New York "Times' (copy- that they have retired $42,000 principal amount of Department of Cundinamarca 20-year external 7% secured sink.right) from Berlin stated:
The establishment of Polish cotton consumers' syndicate, for the pur- ing fund gold bonds, Series A, due Dec. 1, 1946, out of
pose of importing directly without the intermediation of Liverpool or moneys which they have received from the Department to
Bremen, is attracting much discussion. President Cramer of the
Bremen Cotton Exchange denied last week that the Poles will make meet the sinking fund retirements and the coupon payment
on Dec. 1, 1927. There now remains $2,919,000 principal
the expected money saving through that process.
The trade journal Industrie Handelszeitung makes the point that amount of bonds outstanding.
Bremen's success, during the last two years, in holding its own against
the competition of American firms in delivering cotton through Lodz,
was made possible through Germany's borrowings abroad. This foreign
capital, it reasons, enabled Bremen to offer Polish importers the most
favorable credit facilities.

Polish Budget.Presented-Deputies Asked to Pass Bill for
$300,000,000 Without Details.
Under date of Oct. 31 a copyright message from Warsaw
to the New York "Times" stated:
The Polish Finance Minister presented the budget bill for the coming
fiscal year to the Sejm today, the Constitution requiring that this be
done before Nov. 1. It totals 2,350,000,000 zloty (about $300,000,000),
which is 237,000,000 zloty larger than last year.
Only the total amount was given the Sejm, the details of the various
Ministries being omitted, and they will not be brought up even in the
discussion beginning Nov. 3 if Dictator Pilsudski is able to prevent it.
Parliament will be dissolved on Nov. 28.
The bill conforms throughout with the American stabilization plan
introduced in connection with the recent dollar loan. The Deputies are
asked to take the framer's word that all is correct, though the presence
of the Marshal in his stained uniform may be necessary in parliamentary halls in order to drown the growing rumbles against buying a
pig in a poke.

Cotton Credit to Poles-Lodz Spinners May Buy
Direct From America.
Warsaw advices Oct. 26 published in the New York "Evening Post" state:
Some Lodz textile interests are arranging large credits with an American financial group for purchase of cotton direct from the United States.
Negotiations also are on for a long-term loan of $10,000,000 to the
Lodz Cotton Spinners Association for improved equipment.

Tenders Asked for Purchase of Argentine Bonds
for Sinking Fund.
J. P. Morgan & Co. and the National City Bank of Nevi
York as fiscal agents have issued a notice to holders of
Argentine Government Loan 1927, external sinking fund
6% gold bonds, public works issue, due May 1, 1961, to the
effect that $106,000 in cash is available for the purchase
for the sinking fund of such bonds as are tendered and accepted for • purchase at prices below par. Tenders o the
bonds with coupons due on and after May 1, 1928, should be
made at a flat price, below par, at the office of J. P. Morgan
& Co. or at the head office of the National City Bank of New
York. 55 Wall Street, New York, prior to 3 p. m. December
1, 1927.
J. P. Morgan & Co. and the National City Bank of New
York as fiscal agents have also issued a notice to holders of
Government of the Argentine Nation external sinking fund
6% gold bonds due May 1, 1960, to the effect that $106,635
in cash is available for the purchase for the sinking fund of
such bonds of this issue as are tendered and accepted for
purchase at prices below par. Tenders of the bonds with
coupons due on and After May 1, 1928, should be made at a
flat price, below par, at the office of J. P. Morgan & Co. or
at the head office of the National City Bank, 55 Wall Street,
New York, prior to 3 p. m. December 1. 1927.

Offering of $4,000,000 Bonds of Mortgage Bank of
Revenues of Department of Cauca Valley
Colombia.
(Republic of Colombia) .
Offering was made on Nov. 4 of a new issue of $4,000,Advices received from the Department of Cauca Valley,
000 Mortgage Bank of Colombia 20-year 6/
1
2% sinking fund
Republic of Colombia, by J. & W. Seligman & Co., Fiscal
gold
bonds
1,
1927,
and
of
1927,
dated
Oct.
due Oct. 1, 1947.
Agents for the Department's 7%% secured sinking fund




2468

THE CHRONTCLE

The bonds were offered by a banking group consisting of
Baker, Kellogg & Co., Inc., Ames, Emerich & Co., Inc.,
and the Angelo-South American Trust Co. A cumulative
sinking fund beginning April 1 1928, operating semi-annually, is calculated to retire the entire issue by maturity
through purchase in the open market below par on drawings
at par. The bonds were priced at 911
/
2 and accrued interest,
to yield over 7.31%. The issue will be redeemable (otherwise than through the sinking fund) as a whole or in part
of any interest payment date at 1021
/
2 and accrued interest
on or before October 1, 1932; thereafter the premium decreasing /
1
2% per annum to and including October 1, 1936,
and redeemable after that date at the principal amount of
the bonds and accrued interest. The bonds, coupon in denominations of $1,000 and $500, will be registerable as to
principal only. Principal and interest (April 1 and October
1) will be payable in New York City at the principal office
of the trustee in gold coin of the United States of America
of or equal to the standard of weight and fineness existing
on October 1, 1927, without deduction for any taxes or future, levied or imposed by the Republic of Colombia or
by any taxing authority therein or thereof. The International Acceptance Securities & Trust Company is trustee.
'The proceeds of this loan, under the term of the Trust
Agreement, 'are to be used to retire outstanding mortgage
bonds of higher coupon rate, to reimburse the Bank for
mortgage loans already made but against which mortgage
bonds have not as yet been issued, and to effect additional
mortgage loans. In a previous offering of bonds of the
Mortgage Bank (referred to in our issue of March 12, 1927,
Page 1450) we indicated its functions. ,Carlos A. Davila.
manager and director of the Mortgage Bank of Colombia,
In advices to the banking syndicate says:
.

During the 9 months' period ended Sept. 30 1927, the Mortgage Bank of
Oolombia granted new mortgage loans to the amount of 16.603.996,secured
by first mortgages on properties having an aporasied value of 115.419.566
The conservative policy of the Bank is evidenced by the fact that these
loans amounted to less than 43% of the appraised value of the properties
mecuring such loans.
The total value of properties mortgaged to the Bank as security for
109.128. at the original appraised value of such properties, amounted on Oct.
31 1927. to 141.176.067. Mortgage loans against these properties totalled
38.1% of this amount or 315.688.745. while mortgage bonds (cedulas)
outstanding amounted to 112,872.865 or 31.3% of the property valuation.
The losses sustained by the Bank on the entire amount of mortgage loans
made since the Bank's organization have been but thirty-two thousandths
t1% (.00032).
Security.
These bonds are the direct obits:10.ns of the Mortgage Bank of Colombia.
All mortgage loans of the Bank. by express provision of the Colombian
mortgage bank law, constitute specific security for its outstanding mortgage
bonds. The amount of such bonds outstanding is limited by law to an
amount not exceeding mortgage loans in force. Mortgage loans, by the
terms of the Trust Agreement. may not be made In excess of 50% of the
appraised valuation of mortgaged property. except that, with the approval
of two-thirds of the board of directors of the Bank. loans may be made up
to 60% of such valuation. As a matter of established policy, the Bank
usually limits its mortgage loans to less than 50% of the appraised valuation
of the mortgaged property. New mortgage loans granted during the first
9 months of 1927 averaged but 43% of such valuation.
The mortgage bonds of the Bank are secured by at least an equal amount
of mortgage loans, which, as of Oct. 31 1927. In turn were secured by first
mortgages on properties having a total aporalsed value in excess of three
times the par value of the bonds. In addition, as the bonds are the direct
obligations of the Bank, they are further secured by their proportionate
share of the cannel, surplus and undivided nrofIts of the Bank, amounting,
DA of the same date, to annvortmstelv S3.9no.n90.
alai A

Receiver Compton of Kansas City Joint Stock Land Bank
Makes Preliminary Report—Chaotic Conditions Found
and Substantial Losses Feared.
In a preliminary report presented'to the Federal Farm
Loan Board on Oct. 30, William R. Compton of St. Louis,
Receiver for the Kansas City Joint Stock Land Bank, declares (according to Associated Press accounts from St.
Louis) that diversion of assets and obscure dealings with interlocking directorates of allied companies placed the bank
In • a "chaotic condition," from which "substantial losses"
may be expected. The Associated Press adviees also state:
. Quoting from the report of an auditing firm, which required more
than a year to audit the bank. that "our investigation was prolonged
because of the thousands of obscure entries on the books of account,"
Mr. Compton says that due to the "involved and complicated condition." is was impossible to make more than a preliminary or progress
report at this time.
Walter Cravens, former president of the bank; R. Harold Cravens,
Richard B. Cravens, Russell C. Cravens, Miss Alice B. Todd and Ralph
W. Street, former officers and directors, who also were officers or directors of allied companies, are under Federal indictment in connection
with the affairs of the bank.
The bank went into receivership under Mr. Compton, May 4, 1927.
the immediate cstuse being inability to meet interest payments on outstanding bonds. The bank has outstanding in the hands of investors
bonds totaling ;44,367,500. the receiver said, part having been issued
ity the. Joint Stock Land Bank and part by banks merged with it.




[VoL. 125.

"According to the books of this bank," Mr. Compton said, "assets
of the apparent book or face value of approximately $44,440,921.91
were held as security for payment of these bonds." These assets
included farm mortgages amounting to $42,638,223.13.
Reappraisals have been made in cases where loans were delinquent
ninety days, the receiver said, and "indicate very clearly that substatial losses may be expected in these particular assets."
In the case of other assets "of substantial value" not directly
pledged for protection of bonds, Mr. Compton said, "reappraisals indicate a much larger percentage of loss may be expected, which undoubtedly will result in a serious impairment of the bank's capital and
reserves." There were innumerable transactions between the bank
and allied companies, Mr. Compton said, many of which are "exceedingly obscure and complicated by questionable book entries." Five
allied companies were listed, Farmers' Fund, Inc.; Kansas City
Finance Company, Cravens Mortgage Company, Missouri Hydro-Electric
Power Company and the Missouri-Kansas Farm Company.
Referring to the hydro-electric company, organized to promote a
power project on the Osage River in central Missouri, Mr. Compton
said: "A large amount of real estate heretofore acquired under foreclosure or by deeds from insolvent borrowers had been traded for
lands in Camden, Morgan, Miller and Benton Counties, Missouri. It
is difficult to trace all these transactions. As closely as can now be
determined interest and principal aggregating approximately $1,700,000
have been thus invested.
"Apparently it was the policy of this bank not to carry real estate
acquired under foreclosure, or otherwise, as real estate. This bank
owns a large number of 'straw mortgages,' the practice in this regard
apparently having been to induce some irresponsible person to assume
temporary title to such lands and then to execute a mortgage to the
bank, representing in general the bank's investment in such land,
regardless of the value of the particular property. The signers of
such 'straw mortgages' would then deed the equity in such land to
the Famers' Fund, Inc., and in a majority of instances the Famers'
Fund, Inc., in turn would deed such land to this bank.
"A very large percentage of this land in the hydro district is not in
cultivation and consists of rough, hilly land of an undeveloped nature.
"This bank also has a book investment totaling $905.856.14 in a
twelve-story office building, which, however, is subject to a mortgage on
which there is an unpaid balance of $437,500. This mortgage, which,
of course, should be shown on the books of the bank as a charge
against the building, is not so shown nor is any liability set up on the
books on account of this mortgage."
The bank. Mr. Compton said, bad loans in five states, Missouri,
Kansas, Oklahoma, Arkansas and Illinois, while the Farm Loan Act
limited it to two states. Many of these loans, he said, were on inferior lands. Despite the conditions, Mr. Compton said, there were
many encouraging signs.
The present crop, when harvested and
marketed, should enable numerous borrowers to reinstate their mortgages through payment of their delinquent installments and taxes.
Values generally should increase, and it is hoped these farms will be
more readily saleable than at the present time."

From the United States Daily of Nov. 3 it is learned that
the report, according to Chester Morrill, Secretary and General Counsel of the Federal Farm Loan Board, has been
taken under consideration by members of the Board. The
text of the conclusions of Mr. Compton's report are given
as follows in the Daily:
"I have been unable to find any records in the bank which would
show that any stockholders' meeting for the election of officers has
been held since January 19, 1926, or that there has been any meeting
of directors for the election of officers of the bank since that date.
The following officers and-or directors of this bank are now under
indictment by the Federal Grand Jury at Kansas City, Mo., for alleged
misconduct in connection with the affairs of the bank—Walter Cravens,
R. Harold Cravens, Richard P. Cravens, C. Russell Cravens,
Alice B.
Todd. and Ralph W. Street.
According to the records, the outstanding capital stock of this bank
is $3,800,000.00, all of the outstanding stock being
subject under the
Farm Loan Act to an assessment of 100%. No attempt
has been made
as yet to check actual holdings of the stock with
the bank's stock
books. The capital stock of the bank is divided into
64,020 shares of
the par value of $5 per share, and 34,799 shares
of the par value of
$100 per share. Apparently the two classes of
stock, regardless of
their par value, have equal voting rights.
In this connection also mention should be made
of the fact that the
Kansas City Finance Company in a suit brought
by your Receiver
against that company has set up, by way of
counterclaim, an alleged
indebtedness due it from this bank of $123.865.38,
being the amount
claimed by it to have been paid out for the
account of this bank in
connection with the construction of the bank
building,
in excess of the
sums received by it for that purpose from this
bank. In that same
suit it further counterclaims for $7,500 and
is due it for its services in acting as trustee alleges that that amount
in certain deeds of trust
foreclosed by the bank.
I believe that these two claims of the
Kansas City Finance Company, and also the suit brought by the
Cravens Mortgage Company,
mentioned above, should be vigorously
Receiver believe that the suits are not contested. Counsel for the
justified.
The Missouri-Kansas Farms Company
the hands of a receiver in the State Court mentioned above is also in
of Kansas City. This company was organized by Walter Cravens,
of dealing in farms in which this bank was apparently for the purpose
by way of bolding mortgages upon such interested either as owner or
stock in this company was sold to people farms. A large amount of
in other parts of the country, particularly in the New England
States and Ohio, and, in his
report filed in the State Court, the
receiver of the company has indicated that he will probably claim that
large sums of money were
diverted from the Missouri-Kansas Farm
it is intimated that a suit will be filed by Company to this bank, and
him to recover these alleged
sums.
Several suits have already been filed
and are now pending in
which damages are sought for alleged
misrepresenotions or for breach
of contract in connection with trading
contracts made by Farmers'
Fund, Inc. The Land Bank has been
joined
some of these suits, apparently on the theory as a party defendant in
direct Interest in such trading contracts. In that the Land Bank had a
a very considerable number of other suits addition, I am advised that
are
parties who had contracts with the Farmers' about to be brought by
Fund, Inc., for the exchange • of properties. Some of these suits
will attempt to have a lien

Nov. 5 1927.]

THE CHRONTOLE

still of record in the
declared upon farms now held by the bank or
name of the Farmers' Fund, Inc.

2469

much more
Commissioner, and the examinations of the banks are now
ns as
rigid and follow the general lines of national bank examinatio
seemed
feeliing
general
made by the Comptroller of the Currency. The
to be that the Joint Stock Land Banks had made a strong showing,
considered, in
when the seriousness of the agricultural depression is
conjunction with the extremely rapid growth of the Land Bank System. Within ten years the banks had loaned over $600,000,000.
There is a growing demand for farms in all parts of the country,
according to the bankers, and in some instances in the Middle West
more inquiries regarding farms were received during the month of
numOctober than during the preceding six months. A considerable
ber of farms have been sold by the banks at fairly good prices, and
the prosperity of the farmers indicates that farm values are definitely moving upward.
"The mistake tnade by the average investor," Mr. Hendrick
"is that
pointed out at the meeting, according to Mr. Barry,
together,
all the 55 Joint Stock Land Banks are grouped
ssly believed •
and if one bank gets into trouble, it is thoughtle
a matter of
that the other banks are affected thereby. As
Joint Stock
the
between
hip
relations
more
no
is
fact, there
national banks. As
Land Banks than there is between the
the Joint Stock
a matter of fact, he said, the majority of
in the case of
even
and
,
condition
tine
in
Land Banks are
reason why
the few that have been in trouble there is no
is going
dollar
a
that
stage
this
at
assume
should
anyone
"
to be lost by any investor.

Other Litigation Pending.
very vexatious and
Your Board has already been advised of some
and is now pending
expensive litigation which has been instituted
Edwin A. Krautagainst this bank and against me as its receiver.court stated that he
hoff, an attorney of Kansas City, who in open of appointment of
bought five of this bank's bonds after the datewhich are now pendthe receiver herein, has filed four different suits
oust the receivering in the Federal courts, in which he attempts tohave a receiver or
ship under the Federal Farm Loan Board and to assets of this bank.
receivers appointed in various jurisdictions for the
attorney for one
In addition to these four suits, Mr. Krauthoff,.as
Four of these
stockholders of this bank, has filed three other suits.
District Courts of
cases have been decided by the United States and to this stockMissouri and Kansas adversely to Mr. Krauthoff
Circuit Court
holder, but appeals were taken to the United States
briefed and subof Appeals and those appeals have been argued,
is hoped that
It
mitted, and are now under consideration by the court.
required the exan early decision will he had. This litigation has
my counsel. In
penditure of a large amount of time and energy by
by different
my opinion an administration of the assets of this bank
more expenreceivers in different jurisdictions would result in a much
sive and long drawn out receivership.
OklaThis bank has loans in five separate States—Missouri, Kansas,
it is not conhoma, Arkansas and Illinois. Under the Farm Loan Act
i. e., the
templated that loans will be made in more than two States,
State. HowState in which the bank is located and one adjoining
capital stock
ever, this bank from time to time has acquired the entire
adjoining
and assumed the liabilities of other banks which operated in
Adopts
of the
Association of Joint Stock Land Banks
States. In each of these States a considerable proportion
Still American
Banks—Newly Elected
Member
bank's invsetments has been on lands of an inferior character.
of
ion
Examinat
for
Plan
by the
other loans were made in territories which were devastated
Officers of Association.
recent floods in the Mississippi Valley.
most img to the Washington "Post" one of the
Accordin
Many Encouraging Signs.
on of
Associati
American
the
by
taken
The present crop, portant steps yet
Nevertheless, there are many encouraging signs.
borrowers to Joint Stock Land Banks was the adoption on Oct. 31 of a
numerous
enable
should
when harvested and marketed,
those
delinquent installexaminations of member banks similar to
reinstate their mortgages through payment of their
it is hoped system for
action
This
ons.
associati
ments and taxes. Values generally should increase and
house
in effect in many clearing
time.
these farms will be more readily saleable than at the present
losses of was taken at the annual meeting of the association at the,
It would seem from my investigation that the difficulties and
which it
adds:
this bank are largely due to its management. The territory United Hotel Harrington, says the "Post," which
of Constituserves in general is one of the best agricultural sections in the
reporting out the plan the Committee on Revision ns was adIn
prosand
of examinatio
system
that
clear
it
made
ws
States and the bank can fill a great need in the development
By-La
and
tion
general
perity of the States in which it was authorized to loan. It is sincerly visable as a means of informing the investing public that the
highhoped that a long drawn out liquidation of the bank's assets can be condition of Joint Stock Land Banks is such as to warrant the
the recent
avoided, as such liquidation would result in increased loss.
confidence at all times. It was pointed out that no way
public
est
In closing this report, I would suggest that a copy of it should be difficulties in threee banks, now in receivers' hands, in
made immediately available to the stockholders and bondholders of the affect the other Joint Stock Land Banks, each of these institutions
bank and to any other parties in interest. I expect to follow this being an independent corporation and standing on its own individual
or
report with a more complete report as soon as the investigations which reputation, and being in no way responsible for the financial policies
are now going on are complete.
condition of any other land bank.
creation of a board
The amendment to the by-laws provides for the
authorized to provide an
of governors of the association who shall be careful inspection of its
audit of each member bank and a
To Pass November Interest of Kansas City Joint Stock Land annual
methods of operation.
Held.
Eastern
Largely
Bank-44 Million of Bonds
Nov. 1 the
In its account of the concluding session on
The following is from the Kansas City "Star" of Oct. 28:
stated:
The more important bond brokers over the country have been ac- "Post" A. Harris, President of the Potomac joint Stock Land Bank
George
Amerquainted with the fact that the Receiver of the Kansas City joint of
n, was. yesterday elected First Vice President of the
Washingto
of
Stock Land Bank will not pay the November interest on the bonds
at the final meeting of a
Banks
Land
Stock
Joint
of
Association
ican
indictment
under
are
this Joint Stock Land Bank, whose former officials
.
held two-day session of the association held in the Hotel Harrington Rivers,
on charges of mismanagement and misconduct. The bonds,
A. W. Hendrick of San Francisco, was elected President; E.
dollars.
million
44
total
largely in the East,
Atlanta, Ga., Second Vice President; Samuel L. McCune, Cleveland,
Under the receivership, now six months old, the Land Bank here Treasurer, and W. W. Powell, Washington, Secretary.
that
has been checked thoroughly, with assurances in a recent period
Plans for publicity occupied the major portion of yesterday's final
the principal invested in the bonds was not impaired, although it devel- session, representatives of the bond houses which have sold more than
its
earn
to
concern
going
a
ops that the institution is not in shape as
$600,000.000 Joint Stock Land bonds being present during this part
interest charges. This will be covered thoroughly in a receiver's report, of the meeting and taking part in a thorough discussion of the advisabilnot available until next week.
ity of keeping the investors fully informed on the condition of the
It was the arrival of a correspondiing interest period May 1 that
banks. This grew out of the action of the association on Monday in
precipitated the receivershiip, although followinig the continued adopting a plan for examination of the member banks after the plan
heads
the
executive
scrutiny of government agents, indictments against
of many of the clearing house associations.
of the bank had been returned in two federal courts.
Representatives of the bond houses were in hearty accord with the
cash
the
have
not
did
here
Bank
Land
Although the Joint Stock
proposed plan of examination of the institutions, but urged' that to make
to meet its May interest payments in full, at the order of Walter
examinations effective, so far as informing the public is conCravens, President, it paid the coupons as presented, up to the last these
there should be a campaign of advertising in the daily newsmoment. When W. R. Compton, a nationally known investment banker cerned,
would put before the investing public facts and figures'
which
papers
Loan
Farm
of St. Louis, came in as Receiver, named by the Federal
which affect the market for their bonds and
institutions
these
about
May.
last
of
deficit
Board, he arranged bank loans to meet the interest
stocks.
November
the
on
taken
be
to
not
is
Such action, it is now known,
er,
At the morning session Eugene Meyer, Farm Loan Commission
interest.
members of the Farm Loan Board and the general counsel continued to
sit in conference with the bankers, discussing problems of banks adto
g
Accordin
ministration and field operation.
Good,
Banks
Future of Joint Stock Land
J. F. Barry, of Gilbert, Elliott & Co.—Marked Improvement Seen Since Eugene Meyer Took Charge.
Growth of Omaha Federal Land Bank.
The Joint Stock Land Banks may be said to have turned
Omaha advices as follows appeared in the Philadelphia
the corner, and the outlook for the future of these institu "News Bureau" of Oct. 21:
tions is good, according to John F. Barry, of Gilbert Elliott
President D. P. Hogan of Omaha Federal Land Bank„ reporting to
annual meeting of the bank,
& Company, who attended a conference in Washington be- representatives of loan associations at the
said it has grown to be the largest financial institution in the four
and
Banks
Land
Stock
the
Joint
ts
of the
tween
Presiden
States it serves—Nebraska, Iowa, Wyoming and South Dakota. From
the members of the Federal Farm Loan Board. Mr. Barry nothing it has grown to a bank with $150.000,000 in loans, $8,000,000
in capital and $2,500,000 in surplus and profits. Amortization plan of
says:
banks has been a large influence in lowering interest rates to
federal
close
and
g,
encouragin
was
whole
conference
of
the
atmosphere
The
in these states. Borrowers also have shared in
cooperation between the Joint Stock Land Banks and the Farm Loan farmers and ranchmen
profits of $3,744.652 in the 10 years of its existence. Loans
Bureau may confidently be looked for in the future. The Associ- the bank's
are being made on half the appraised value of the land and' 20%
ation of Joint Stock Land Banks has been reorganized and the Board now insured improvements' value.
of the
of Directors will consist of the head of one bank in each of the
Secretary Carmody reported that up to October 1 the bank had.
twelve Federated Land Bank Districts and three Directors at large.
loaned $186,352,690 to 30,752 farmers and stockmen, and now has on
Bank,
Land
Stock
Joint
of
the
Hendrick,
California
President
A. W.
its books 25,866 borrowers. Iowa farmers have borrowed $68,000,000,
was elected President of the Association, an appointment that met with Nebraska farmers $45,000,000, South Dakota $29;000;000' and Wyoming
general approval, as Mr. Hendrick is regarded as one of the best-in$7,000,000.
formed bankers in the system.
Consensus of the bank's agents reporting crop conditions was that
The consensus of opinion at the conference was that a marked imthis year for the four states is the greatest in years.
provement has been made since Eugene Meyer became Farm Loan production




2470

THE CHRONICLE

FoL. 125.

of him will rest on qualities higher even than those he exhibited
in the
management of the Exchange. As a man of unblemished
character, of
high ideals, and of generous kindliness of heart, his contempor
aries and
his successors wil lever look back upon him with
affection and profound respect.
Be it therefore RESOLVED, that the Governing
Committee do hereby record their sense of profound obligation
to Charles M. Newcombe for the many and varied services he
rendered to the New
York tack Exchange, and express their
admiration for the high
qualities of character which endeared him to
all who bad the privilege of knowing him.
Be it further RESOLVED, that a copy of these
resolutions properly
engrossed be presented to the family of Mr.
Newcombe
Mr. Newcombe's death was referred to in . our issue
of

Increase in Outstanding Brokers' Loans on
New York Exchange—Total Now Reaches $3,946,137,374.
A new high total for outstanding brokers' loans on the
New York Stock Exchange has been reached, the Oct. 31
figures made public on Nov. 3 by the Exchange totaling
$3,946,137,374. The latest figures exceed the Sept. 30 total
by $31,509,804, the amount of loans outstanding on that date
having been $3,914,627,570—the previous high figure. Of
the Oct. 31 total $3,023,238,874 represent demand loans and
$922,898,500 time loans. Commenting on the Stock Ex- Oct. 29, page 2344:
change and Federal Reserve figures of brokers' loans the
New York "Journal of Commerce" of yesterday (Nov. 4) New York Curb Market Utilizes Facilities of Guarant
y Trust
Co. for Admission of Foreign Securities to Its Unlisted
said:
Department.
Federal Reserve Figures.
It was learned in authoritative circles on Nov. 3 that
The advance of $27,928,000 in brokers' loans, as reported by Federal
the
Federal Reserve member banks in New York city during the week ended New York Curb Exchange will utilize the facilities of
the
November 2, also announced yesterday, reflects, it is thought, the
Guarant
y
Trust
Company for the admission of foreign separtial
recovery in stock prices during the period. It also bears out
the opinion curities to its unlisted department
and that such shares are
expressed in some quarters that, although during the week there
was a de- to
be issued in pursuance to an American Depositary Receipt
cline of about $50.000,000 in the volume of new financing,a
large proportion
of the new issues recently placed has not yet gone into distributi
on and still for capital stock of the company issued by the Guaranty
must be carried by issuing houses. On November 2 brokers'
loans by Trust Company which entitles the
New York city member banks totaled $3,371,705,000, as
holder of such receipt
compared with
upon surrender to said Trust Company and upon the
$3,343,777,000 on Oct. 26.
t
payIn the four-week period from October 5 to November
2 there was a net ment of a fee, together with the necessary foreign transfer
Increase ofabout $24,000,000 in brokers'loans as reported
by New York city tax, to a certificate or certifica
tes for such. shares.
member banks. However, the fairly close agreement
of this increase with
the advance of about $32,000,000 during the month of
In furtherance of this arrangement there was admitted to
October reported in
loans of Stock Exchange members is of little significance, since
there is no unlisted trading privileges on Nov. 4 Columbia Graphophone
reason to expect the two sets offigures to agree,except in a very
general way. Company, Ltd., an
English company, and the introduction
While some of the same items are included in both totals,
one important
point of difference between the two is the fact that the
Stock Exchange fig- of this stock inaugurate trading in the first foreign security
ures include loans borrowed by Stock Exchange members
directly from out- admitted under the new requirements
for admission of
of-town banks. These loans would, of course, not be
included in the New stocks
to unlisted trading privileges. It is further announced
York member bank figures. The New York member
hank figures, on the
other hand, include loans made to firms which are not
members of the New that:
Further

York Stock Exchange.another point of difference, although
it is not believed
that such loans form a very large proportion of the
total.
Even if the individual items included in the two totals were
the same the
difference of several days between the two periods covered
would practically
destroy their compariability, since loans of this character
contracted in a
single day, particularly in the end of the month is approachi
ng, frequently
total more than $50,000,000.

The following is the statement issued by the Exchange
this week:
Total net loans by New York Stock Exchange members
on collateral, contracted for and carried in New York as of the close of business
October 31st,
1927, aggregated $3,046,137,374.
The detailed tabulation follows:
Demand Loans. Time Loans.
$
(I) Net borrowings on collateral from New York
Banks or Trust Cos
2,548,572,389 814,438,000
(2) Net borrowings on collateral from Private
Bankers, Brokers, Foreign Bank Agencies or
others in the City of New York
474,666,485 108,460,500

Under the newly formulated rules, the Curb Exchange
is to admit
to its unlisted section, only issues of long
established foreign companies whose reputations are based upon
experienc
the test of time, are fully seasoned, and comprise e, which have stood
what are termed investment securities with long dividend records.
It is felt that in giving to the public an open market in a
foreign security of high standing the Curb Exchange will perform an
important and beneficial function to the public itself.
Foreign securities wil lbe admitted to unlisted
trading privileges
only when the Committee on Listing and its expert
advisers are satisfied
as to its established character and no foreign security
will be placed
upon the list unless its financial condition and
history are reported in
"Stock Exchange Year Book" (Union Stock
Exchange), Gids bij de Prijscourant van de Vereeniging Veer Den Effectenh
andel (Amsterdam).
or Saling Boersen Jahrbuch (Berlin), or an
authoritative statement in
respect thereto is before the Committee.

Roy A. Young on Practical Uses of Americ
an Institute
of Banking.
In an article in the official publication
of the Detroit
3,023,238.874 922,898,500 Chapter of the American Institute of
Combined total of Time on Demand Loans
Banking, the statement
$3,946,137,374.
is made that "the American Institute of
The scope of the above compilation is exactly
Banking is to the
the same as in the loan
report issued by the Exchange a month ago.
banking profession what the research laborat
ory is to the
The monthly figures of Vie Stock Exchange
since the manufacturing plant." Roy A. Young, Governor of the
issuance of the monthly figures by it, beginning in
Federal
Reserve
Board is the author of the article,
January
which is
of a year ago, follow:
presented under the title "Practical Uses of the
American
192e—
Institut
Banking
of
e
."
Mr.
Demand Loans. Time Leant.
Young states that "the AmeriTotal Loans.
Jan. 30.
$2.516,960,599
$996.213,555 $3,513,174.154
Feb. 27
2,494.846.264 1.040.744.057 3.535,590.321 can Institute of Banking is of the greatest possible value in
Mar.el
• 2.033.483.760
966.612,407 3,000.096.167 three ways to the man or woman who
April 30
seriously contemplates
1,969.869.852
865.848.657 2.835.718,509
May 28
1,987,316,403
780,084,111 2,767.400,514 making a profession of banking." He adds in
June 30
part:
2,225.453,833
700,844,512 2.926.298.345
rirst. and perhaps most important

July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dee. 31
1927—
Jaa. 31
Feb. 28
Mar.,31
Apr. 30
Nay 31
June 30
July 30
Aug.31
Sept. 30
Oct. 31

2.282.976.720
2,363.861,382
2.419,206.724
2,289,430.450
2,329.536.550
2,541.681,885

714.782.807
778.286,686
799.730.288
821.746.475
799.625,125
751,178,370

2,996.759,527
3.142.148.068
3,218.937,01r
3.111.178.925
3.129,161.675
3,292,811.1.256

2,328.340.338
2,475.498.129
2.504.687,674
2.541.305.897
2.673.993.079
2.756.968.593
2 764,511.040
2,745.570.788
3.017.674,325
3,023,238.874

810,446,000
780.961.250
785.093.500
799.903.950
783,875.950
811.998.250
877,184.230
928,320,545
896,953.245
922,898,500

3,138,786,338
3,256,459,37P
3,289,781,174
3.341.209,847
3.457,869,029
3.568.966,843
3.641.695,290
3.673,891.333
3.914,627.570
3,946,137,374

Resolution of Governing Committee of New York Stock
Exchange on Death of Charles M. Newcomb.
At a special meeting of the Governing Committee of the
New York Stock Exchange, held this day, the following
resolution was adopted, recording the sense of loss suffered
in the death of Charles M. Newcombe:
Charles M. Newcombe was a member of the New York Stock Exchange for thirty-three years and a member of the Governing Committee from 1902 to 1915. During those years he served the Exchange
in many important and responsible positions, from the office of vicebresident, in the critical period of the outbreak of the World War,
through, a long list of standing and special committees to the day of
his death when he was still Secretary and Treasurer of the Gratuity
Fund.
For such long and invaluable services the members of the Exchange
owe him a debt of imperishable gratitude, but their feeling in memory




to his success, the
tute enable the student to learn in the shortest possible classes of the Instidefinite manner the fundamentals of banking. As time and in the most
In any other trade or
profession, the principles may be learned through
the long process of years
of fumbling experience. But what experience takes
petent instructor and a definitely mapped out courseyears to teach, a comunder the auspices of
bankers can give in a few weeks. The old legend
that it takes fifty years
for a bank clerk to work up through the ranks to
an official position has
become obsolete since the institution of courses In
banking fundamentals and
allied subjects.
Second, the social contacts which are a part
of membership in the American Institute of Banking are an invaluable
means of making friends among
the officials of the member's own bank and
other banks. The success of
advertising as a means of building prestige for
any commodity may well be
taken as proving that it is vital to progress to
make oneself known among
the people who are leaders. This does not
mean that the bank
employee
joins the Institute with this idea definitely in
mind. But the friendships
he may form in this way with the barrier of a
multitude of business details
removed may prove the open sesame to almost any
The third benefit which the bank employee may opportunity for him.
ship is very much akin to the second. The A. I.derive from his memberII,
in the Institute classes becomes a prominent member member who enrolls
of his banking community, prominent in the eyes of his own fellow
-workers and his bank's
officers. This prominence, naturally, makes him
a marked man when
promotions are considered or when some man
who has expert knowledge
of some certain branch of banking is sought.

The same issue of the Chapter's organ contains a character
sketch of Mr. Young by Homer Guek, Director
of Publications of the Union Trust Co. of Detroit. Both articles are
copyrighted. From the one dealing with Mr. Young's rise
to his present post we quote the following paragraphs:
Ten years ago, Roy Young was cashier of the Citizens National Bank at
Houghton
, in the Copper district of the northern peninsula. He had been

Nov. 5 1927.]

THE CHRONICLE

appointed to that position after serving as Assistant Cashier in the First
National Bank at Lake Linden. His unusual courtesy to the clients of
that bank attracted attention all over the Copper section. When he took
hold of the Citizens Bank, the progress of that institution immediately enhanced. The upper peninsula of Michigan is part of the ninth Federal
Reserve bank system, the bank itself being situated In Minneapolis. From
the time of its organization, it has been customary to recognize this upper
Michigan section by the appointment of one member of the Minneapolis
reserve board from northern Michigan. John W. Black, then a prominent
business man at Houghton, was the Democrat honored with this appointment by President Wilson. Mr. Black was a stockholder of the Citizens
National Bank. Returning from a meeting of the Minneapolis Board,
he informed Mr. Young that he had recommended him for a position in
the Minneapolis Bank, basing that recommendation on his knowledge of
Mr. Young's banking ability and the record he made in the Lake Linden
bank and in the Houghton Bank.
The appointment followed immediately. The bank at Minneapolis was
then in the process of organizing its business on a practical basis. Mr.
Young's intimate knowledge of banking detail was invaluable in that work.
He immediately turned chaos into orderly banking procedure and his work
inside the bank was recognized by appointment as Assistant to the Governor
In charge. Within a year following the retirement of the then Governor,
Theodore Wold, he was the one man considered for promotion. . . .
To jump from a job as messenger in a Marquette bank at forty dollars
a month to a job as Governor of the Federal Reserve Board in fifteen years
Is going some.
Jr is a common thing for bankers to tell people to be honest. Roy
Young's life has been one steady evidence of being honest with himself as a
slogan for success. He never spent money before he earned it. He never
spent more than he earned.
And Roy Young made it a practice all his life to be of service to somebody
else, never with a selfish motive in view, never with a thought to personal
advantage, never expecting a return on that sort of an investment. The
result was that when President Coolidge and Secretary of the Treasury
Mellon sought a young man for the important position as head of this great
system. Roy Young was one of the many considered, the one selected.

2471

problems of the Board with a view to establishing uniformity in the bank's
practices to increase the efficiency of the system. The conferences also are
expected to bring forth some discussions on discount rates and open market
operations.
No announcement of credit policies is expected to issue until after the
Federal Advisory Council, composed of business men, meets with the board
late next month, some board members believe there will be no change in
policy until after the first of the year. It is pointed out, however, that the
reserve banks are in a position to dominate credit conditions by their
large holdings of Government securities, heavy sales of which could have
the effect on the open markets as an increase in discount rates.
The bankers are inclined to shun discussion of the controversy growing
out of the lowering of discount rates of the Chicago bank by the Reserve
Board, but it is believed that this subject will be touched on during the
week's conferences.

Treasury Department Further Extends Time for Purchase of Second Liberty Loan Bonds By Federal
Reserve Banks.
Secretary of the Treasury Mellon has again extended the
time for the purchase,from holders, by the Federal Reserve
Banks, of Second Liberty Loan Bonds. His announcement,
issued Oct. 30, follows:
Secretary Mellon, in again calling attention to the fact that Second
Liberty Loan bonds have been called for redemption on Nov. 15 1927,
and will cease to bear Interest after that date, announced that for the convenience of holders he has authorized the Federal Reserve Banks to purchase, at the option of holders. Second Liberty Loan 4 h'L% coupon bonds
at 100 1-32 and accrued interest to date of such optional purchase. Such
purchases will be made for account of the sinking fund. This offer will
remain open during the period beginning Monday, Oct. 31, and ending
Monday, Nov. 7, and will terminate at the close of business on the latter
date without further notice. It should be noted that coupon bonds only
may be presented under this offer, registered bonds being excluded because
of the impossibility of discharging registration after Oct. 31 on any account
except for redemption on Nov. 15. Second Liberty Loan 4% bonds are
not included in this offer to purchase.
Offer to Purchase Beginning Tuesday, Nov. 8.
Secretary Mellon further announced that he has authorized the Federal
Reserve Banks, beginning Tuesday, Nov. 8. to purchase at the option of
holders Second Liberty Loan 4% and 43i% coupon bonds at par and accrued interest to the date of such optional purchase. Such purchases will
be made for account of the sinking fund. This offer will remain open until
the close of business Saturday, Nov. 12, and will then terminate without
further notice.

U.S.Treasury Will Issue New Bonds Nov.15.
In addition to probable Treasury financing Dec. 15,
Secretary Mellon let it be known on Nov.3 that a new issue
of bonds would be authorized to meet the outstanding block
of $757,502,400 Second Liberty Loan maturing on call
Nov. 15 said a Washington dispatch to the New York
"Journal of Commerce." It added:
While Secretary Mellon explained that no decision had yet been reached
as to rates, maturity dates, or whether more than one issue would be authorized, undoubtedly the new bonds will bear a lower interest rate than
the 4;f% liberties.
Experts said that the issue will be announced probably next Monday
morning, but that the various details of the bonds would not be determined
upon until late Saturday. Mellon indicated that the Treasury was making
a careful study of market conditions,the Government's money requirements
in the next few months, the receptivity of the market for Government
securities, trends of interest rates and future maturity dates of other issue.
The pecretary is endeavoring to bring about an equitable distribution of
et
y dates in order that retirements may be met with the leas
mat
ar
market and Government finances.

It was stated by the Washington corresondent of the
New York "Journal of Commerce" on Nov. 3 that with the
approval of the hicago Federal Reserve Bank, the application of that institution for a ruling from Attorney General Sargentas to the authority of the Federal Reserve
Board to establish rediscount rates over the protest of bank
directorates has been pigeon-holed on the desk of Secretary of the Treasury Mellon. It was further stated in the
dispatch.
At Mr. Mellon's office today it was learned that the request for the Justice Department's ruling has not been withdrawn, but that the bank is
willing that it be held in abeyance, pending future developments. Some
surprised was expressed that Secretary]Melion had obtained the approval of
the bank to withhold the application, since It is generally understood that
the Chicago bank officials never have agreed with the action of the board
in forcing the new discount rate.
Conference Discussion Likely.
Under the law and customIonly the President or heads of departments
may request legal opinions from the Attorney General and for this reason It
was necessary that the request of the Chicago bank should go through the
Secretary of the Treasury, the chairman and ex-officio member of the
Board.
Despite reiterated denials that the conference of Federal Reserve agenta
and Governors with the Board, now in session, has given any attention
to the controversy which arose when the Board cut the Chicago rate from 4
to 3y4%, it was apparent today that the gathering has given the matter
at least informal notice.
It was believed that the conference would endeavor to work out a slightly
modified plan of discount rate establishment which would be satisfactory
to the Chicago and other banks within the system. That the Board would
willingly surrender what is now regarded as thits legal authority in this
respect, however, is extremely doubtful.
From Secretary Mellon it was learned that the matter so far has not been
considered at an open session of the conference. The Bank's willingness to
drop temporarily the attack on the legal phases of the situation was taken
to indicate that its officials had received assurance of a satisfactory nture
from the Board.
Argument for Uniform Policy.
In spite of the attack made by Senator Glass (Democrat), of Virginia, on
the Board for alleged arbitrary action and the belief of Mr. Glass and other
anti-Administration Senators that more discretion in rate-fixing should be
allowed the individual banks, there is a strong sentiment here for the
retention of such power as would make for standardization and uniformity
of policy and procedure within the system.
If the power of establishing rates without approval of individual banks.
were withdrawn from the Board it would upset the policy of keeping American rates below those of London and other European capitals and thus.
according to experts, operate against the effort to start gold moving abroad.
While this is an international question, experts feel that it 114 one of Intense
concern to the United States. Stimulation of the buying power and stability
of finance in foreign nations will react at once to the becfit of American
agriculture and manufacturers through expansion of markets abroad,
experts declared.
Most members of the Federal Reserve system would deplore seeing the
Federal Reserve Act becoming involved in a Congressional fight. Fear was
expressed that should an effort be made to modify certain sections of the
law entirely new amendments, whit might destroy the real value and
purpose of the system, wuld be written into the act.
if you
"These questions are of a dundamental economic nature, and
the sittry to settle them by politics little good will result," was the way
uation was put in one quarter.
desire
Just why the Treasury Department and the Reserve Board do not
to put the discount rate question before Attorney General Sargent has not
believe
to
been made clear, since officials favoring the present policy ofees
that its prctice is well within the Board's legal Power.

Hearings Before House Ways and Means Committee on
Tax Revision—Recommendations of Secretary Mellon—
Proposals of U. S. Chamber of Commerce and Others.
Hearings on proposals for the revision of Federal taxes
were brought under way on Oct. 31 by the House Ways and
were opened with a stateeating of Governors and Agents of Federal Reserve leans Committee. The hearings
ent by Secretary of the Treasury Mellon embodying his
Banks With Federal Reserve Board.—Ruling on
recommendations, these proposals limiting the proposal tax
Chicago Discount Rate Held in Abeyance.
reduction to approximately $225,000,000. Secretary Mellon's
The Federal Reserve Board began on Oct. 31 a series of recommendations were summarized by him as follows:
confgences with Governors and Agents of the twelve FedI suggest the following:
1. A reduction of the rate of tax on corporate income from 1354 to
12%. It is estimated that such a change will result in a loss in revenue
of approximately $135,000,000.
2. Amending those provisions of the law that apply to the tax on
corporate income so as to permit corporations with net income of
;25,000 or less, and with not more than ten stockholders, to file returns and pay the tax as partnerships at their option. It is estimated
that such an amendment will result in a loss of from $30,000,000 to
$35,000,000 in revenue.
3. A readjustment of the rates applicable to individual incomes that
AltliotIgh the Board declined to give details of the deliberation.. one of fall in the so-called interemdiate brackets according to the plan outlined
and the table contained in the body of this report. It is esti.
the main topics for Consideration Is understood to deal with the operating below

eral Reserve districts to discuss general credit conditions
and the revision of Federal Reserve regulations to conform
with the McFadden bill. These are the first conferences
called since the installation of the new Governor of the
board, Roy A. Young, formerly Governor of the Federal Reserve Bank of Minneapolis. With the opening of the conferences Associated Press accounts from Washington stated:




2472

THE CHRONTCLE

mated that such a change will result in a loss in revenue of approximately $50,000,000.
4. Repeal of the estate tax, resulting in a revenue reduction of
$7,000,000.
5. Exemption from taxation of the income derived from American
bankers acceptances held by foreign central banks of issue.
Secretary Mellon's statement, in which he discusses his
recommendations in detail, is given in full elsewhere in this
issue. He states therein that "the factor which definitely
determines the extent to which we may reduce taxes is the
1929 surplus. Continuing, he says:
Assuming that a tax revision bill becomes law prior to March 15
next, the reductions will affect only the revenue for the last six months
of 1928. That is to say, tax reductions will be only 50% effective
during the present fiscal year. They will, however, apply to the full
twelve months in 1929. Therefore, even leaving out of consideration
the fact that the 1928 surplus largely exceeds the prospective surplus
for 1929, a reduction in revenue, which would be fully justified if the
present year were considered alone, would almost certainly produce a
substantial deficit in the fiscal year 1929.
It is noted by the Washington correspondent of the New
York "Journal of Commerce" that Mr. Mellon requested that
Undersecretary Ogden L. Mills be permitted to read his
(Mr. Mellon's) prepared statement to the committee. He
explained that his voice was weak and it might at times
be difficult to hear him. The same account said:
The cross-examination of Mr. Mills, which followed his presentation
of the Mellon statement, brought out the fact that the Treasury Department favors the immediate application of the lowered corporate tax
rates. Mr. Mills declared: "There is no excuse for delay in view of
the financial condition indicated for 1928."
The suggestions of Mr. Mellon are predicated on estimated surplus,
exclusive of extraordinary revenue items, of $137,000,000 in the fiscal
year 1928 and $199,000,000 in the fiscal year 1929. Estimated total
surplus, including extraordinary revenue items, will amount to $445,.
000,000 in the fiscal year 1928 and $274,000,000 in the fiscal year 1929.
One of the taxes which Secretary Mellon contends should
be retained is that on sales of automobiles. As to this, he
said in part:
The Federal appropriation for good roads in the fiscal year 1928
runs as high as $71.000,000, and in the fiscal year 1929 will be $75,000.000. These expenditures by the Federal Government are for the
direct and immediate benefit of automobile owners. They should make
some contribution in return.
The automobile is a semi-luxury article of such widespread use that
it furnishes a broad base on which to apply a low tax. The rate being
low, thre is no appreciable hardship to the taxpayer; the base being
broad, the tax is a good revenue producer. Unless we are to rely almost
exclusively on direct taxes paid by a few and are prepared to see our
national government supported not by the entire body of our citizens,
but by a limited class, this is the kind of tax which should be retained.
On the eve of the opening of the hearings it was stated
that the Committee's program for the hearings had tentatively been arranged as follows:
Oct. 31 and Nov. 1—General taxation.
Nov. 2—Corporation income tax.
Nov. 3—Individual income tax.
Nov. 4—Board of Tax Appeals and general administrative features.
Nov. 5 and 6—No sessions.
Nov. 7—Excise and stamp taxes.
Nov. 8—Federal estate tax.
Nov. 9—Open day.
Nov. 10—Miscellaneous.
Chairman Green, of the House Ways and Means Committee, in announcing on Oct. 29 that the Committee expected to
have the revenue bill ready to submit to Congress within a
few days after it convened, said:
There seems to be a misunderstanding as to the effect the amount of
the surplus will have on tax reduction. The problem is not as to the
fiscal year ending June 30, 1928, for as to that year only one-half of the
reductions will apply. There will be a good-sized surplus for that year
after all reductions are made, having due regard for the future. What
Congress must decide is the amount of the reductions which can be
made and leave no deficit for the fiscal year 1929 and ensuing years.
Large sums will be paid into the Treasury by the railroads and received from back taxes during the fiscal year 1928, but these sums
should not be considered in determining the amount of the tax
thereafter.
Little, if any, will be paid by the railroads in 1929, and the amount
receivable from back taxes, now decreasing, will rapidly decrease after
the fiscal year 1928. as the big cases dating back to the war times are
being settled and the Treasury Department is becoming nearer current
with its work in auditing the other cases. There are also some taxes
which will either decrease or go off entirely in the fiscal year 1929 and
theerafter.
Viewing the situation from this standpoint, it becomes doubtful
whether the sum of $v00,000,000, which I have heretofore mentioned.
can be reached in the reduction without creating a deficit. We can tell
better about this when we get the estimated expenditures from the
Budget Bureau.
The joint Committee on Internal Revenue Taxation has temporarily adjorned while the report is being prepared, which it is hoped wil lbe ready to
submit to the Ways and Means Committee before the hearings on the
revenue bill are concluded. It is expected that the Ways and Means
Committee will have the revenue bill ready to submit to Congress
within a few days after it convenes, in order that it may be passed
by the House before the holidays, get through the Senate and become a
law i ntime to apply to the taxes of this year payable in 1928.
In its account of the hearing on Nov. 1, following the presentation of Secretary Mellon's statement, the Washington
advices to the New York "Times" said in part:




[VOL. 125.

Mellon's Program Critic'eccl.
Representative Garner, minority leader, told Mr. Mellon he could not
trust the Treasury estimates and demanded basis figures from Under.
Secretary Mills, Mr. Mellon's spokesman of the afternoon, so as to
"let Congress decide for itself."
Chairman Green said he did not agree with the estate tax statistics
submitted. Representative Bacharach, Republican, wanted a larger cut
in the corporation tax and retention of the estate tax. Representative
Collier also urged a larger cut in the corporation tax. Mr. Garner
objected to changing the intermediate brackets of the surtax.
Representative Hull. Democrat, asked whether the Treasury thought
the time hao come when the country could be put upon a permanent tax
plan, discarding all "war levies." Mr. Mills replied that he would be
unwilling to "look forward beyond eighteen months."
Urging relief for corporations, Mr. Mellon pointed out that individual stockholders were taxed 13*A % on their stock, regardless of
whether they had sufficient income to subject them to the ordinary
income tax.
The intermediate surtax rates urged by the Secretary would grant
relief to all surtax payers, but especially to those in the brackets covering $18,000 to $70,000 incomes. The 10% rate would apply to $46,000
to $50,000 incomes; 15% to $60,000 to $70,000 incomes, and 19% to
$90,000 to $100,000 incomes.
The Federal estate tax, Mr. Mellon declared, would gradually dwindle, and it was "beyond dispute that the States need this revenue and
that the Federal Government does not." He said that, because of the
80% credit to the States, the tax would not pay the Government more
than $20,000.000 in five years, and that the revenue loss in 1929 would
he only $7,000,000 if the tax was repealed.
Mr. Mellon said "no" when Mr. Garner asked if the Treasury
suggested tinkering with tariff schedules.
Pointing out that the President consulted the Treasury on estimates,
Mr. Garner said the President had "made mistakes" for five years in
successive underestimates of $174,000,000, $183,000,000, $115,000,000,
$252,000,000 and $255,000,000.
"Although." said Mr. Garner, "the President did not intentionally
make these mistakes, don't you think Congress is entitled to believe
that there is such inefficiency or inaccuracy, either in the President's
office or in the Treasury, that it could reduce taxes beyond your
figure?"
"We have endeavored to give you the reasons for the mistakes,"
Mr. Mellon answered.
Mr. Garner accused Mr. Mills of denying small stockholder an additional cut of a half per cent, in the corporation tax in order to benefit
taxpayers in the middle surtax brackets.
•
•
•
•
•
In part the Washington correspondent of the New York
"Journal of Commerce" had the following to say under date
of Oct. 31:
The declaration by Mr. Mills, in the course of cross examination,
that the Treasury Department favors the immediate application of the
lowered corporate tax rates did not appeal to some of the Democratic
members, who led him into quite an argument over whether or not this
action would not be in the nature of a gift of a vast amount of money
to corporations that had already passed the prospective income tax on
the consumers.
Representative Garner sought from Mr. Mills a statement whether
or not the tax was indeed passed on and as to who would be the beneficiary of the proposed reduction. Mr. Mills would not admit that all
of the tax levy was included in the cost to the consumer of the merchandise purchased from the corporations or that it was all absorbed in
the earnings of the latter. Chairman Green of the committee stated
that an industrial investigation had developed some years ago that
profits taxes cannot be passed on.
Garner Favors Estate Tax.
A great deal of opposition appears to exist against the recommendation of the Treasury Department that the estate taxes be repealed. Mr.
Garner suggested that it might be well to keep this method of raising
revenue as an aid to the retirement of the public debt. Representative
Isaac Bacharach (Republican) of New Jersey wanted the revenue thus
derived to be used in providing an additional 1% reduction in the corporate tax rate.
Mr. Mills argued that if the estate taxes were to be repealed at this
time the 1929 loss in revenue would amount to but about $7,000,000.
It is expected that estate tax collections in the two succeeding years
will amount to $75,000,000 and $65,000,000, respectively,
since the
hulk of those sums would come from estates the owners of
which died
prior to now and that the future offered blt a slight
prospect of large
returns, paritcularly in view of the fact that a number
of the States
are taking advantage as far as they can of the
80% rebate provision of
the law. Mr. Mills explained that by reason of various
provisions of
the law it is several years before the Government
receives the tax. To
Mr. Bacharach he asserted that it would not be
possible to make even
a /
3
4% reduction in the corporate rate on the strength of estate taxes
collected without throwing the Treasury into a deficit.
Representative Collier, of Mississippi, declared he
was hopeful of
seeing a larger reduction in the corporation tax
rates, favoring $300,000,000 relief, which would bring the rate to 10%.
He
said that about
one-half of that would be distributed to the
stockholders and the balance
would go to corporate reserve.

Indirect Levies Defended.
Treasury recommendations against the removal
of the remaining war
taxes apparently met with disapproval among
the
Mills, answering their particular questions, declared Democrats. Mr.
gathering to direct levies on income afforded too that to confine tax
that income taxes should be balanced with certain narrow a base and
other taxes such as
those upon tobacco products, admissions and dues,
automobiles and the
few remaining stamp taxes. He was questioned
by
dell Hull. Democrat, of Tennessee, as to what he Representative Corconsidered a permanent, a peace-time structure, applicable to a
normal business year.
He suggested that Mr. Hull, as a member of
the committee, was in
as good a position as himself to determine that,
since the figures were
all before him and there was available information
as to business conditions. Two things are to be considered—the
growth of the country
and the reduction of the national debt, since the
interest charges on the
latter are very heavy items of expenditure, next
year amounting to
$670,000,000. But Mr. Mills would not enter into
any speculation as
to the future, taking the position that the department
is required only
to budget for eighteen months and that to look ahead
of that period to
consider tax reduction was dangerous.

Nov. 51927.]

THE CHRONICLE

alleged had been advanced
Mr. Hull referred to the contentions he
advocating a 10% maxiby the Treasury Department in former years
was not in the departmum surtax rate for individuals, but Mr. Mills
recommendations heretofore.
ment on the occasion of the making of tax
continued would be
Whether or not the existing nuisance taxes would be
asserted his belief that
He
added.
he
decide,
to
Congress
for
matter
a
reasonable to utilize these
as long as the World War debt existed it was
'a like stand with
taxes in its curtailment. Later, Mr. Garner took
Hull said that autorespect to the retention of the estate taxes. Mr. $1,000.000.000 and
mobiles have paid into the Treasury a little over
he thought that
estates between $500,000,000 and $600,000,000, and
Answering the
these fields of taxation should be left to the States.
that have
Treasury argument, he expressed the thought that the railroads
profit. Mr.
been hurt by automobiles would not in any event make a
Mills would not agree to that.
Estimates Criticized.
nation's tax
In support of a demand for a greater decrease in the
burden, Mr. Garner took issue with the Treasury officials over the
failure of the Administration to present better estimates.
the
"Cannot Congress at least come to the conclusion that, while
President did not intentionally underestimate the revenues, the methods
inefficient
pursued in the Treasury or in the President's offices are so
taxes
or so inadequate over the past five years that Congress can cut
more than is now recommended?" he inquired of Mr. Mills.
Ile also criticized the Treasury for having declared during the
preparation of the present law that $250,000,000 was the maximum of
tax reduction that could be entered into at that time without creating a
deficit, while Congress provided a cut of $387,000,000 ($137,000,000
more than the Treasury wanted), and now there is a surplus available
for a further reduction of $225,000,000.
"Instead of reaching the danger point, we did not get to it within
$52,000,000," declared Mr. Garner.

he said, "are
"The Tunney-Dempsey fight and the world's series,"
drama, music
not fair examples of a tax imposed upon the patrons of
as fair to class
and other forms of cultural entertainment. It is about
category with
these together as to place the automobile in the same
pistols or to name it a semi-luxury with tobacco."
McWhirter,
Speaking for a reduction in the corporation tax, Felix
ve, declared that the
of Indianapolis, another Chamber representati
American
-Government now took almost one-seventh of the profits of
s through the
business annually and, in addition, taxed the stockholder
income tax.
except war,"
"No such ratio is justifiable under any circumstances
he said.
James A.
Another witness advocating a corporation tax cut wasAssociation,
ers'
Emery, general counsel for the National Manufactur
of reduction" and
who asked that the tax be made the "major subject
opposed further exempother taxes be subordinated in comparison. He
unsound.
tion of individual incomes as unfair and
Electric Representatives Heard,
Railway Association, and
Leslie Vickers, of the American Electric
American Gas and National
Carl D. Jackson, general counsel for the
in the corporation levy.
Electric Light Associations, both asked for a cutFederation against a tax
Bureau
Farm
American
the
of
attitude
The
appeared as the last witreduction was defined when Chester H. Gray
ness of the day.
be the primary object,"
"In writing the bill, tax reduction should not
reduction. The debt
he said. "The present job is one of public debt
be paid in such times,
was created in times of prosperity and should
.
corporations
rather than refunding taxes to persons and
0 for 1925. Tax
"The interest on the debt was almost $882.000,00
only about $2 annually,
reduction would mean a per capita saving of
be even more hard to
and if it were not equitably distributed it would
defend."

Tax revision proposals in behalf of the United States
Chamber of Commerce were submitted at the House Committee's hearing on Nov. 1, and at the same time the American Farm Bureau Federation was also among the organizations heard that day, the Federation arguing for a reduction
of $1,000,000;000 annually in the public debt, its recommendations being summarized as follows in the New York "Journal of Commerce":
Farmers' Recommendations.
Retain individual income taxes without new exemptions, with the
possibility of removing some of the exemptions now granted.
Secure 75% of the needed revenue from income, estate, tobacco, liquor,
special and miscellaneous taxes; 25% from customs duties, admissions
and dues, automotive taxes, stamp and sales taxes, but in no event to
'educe the corporate rate below 12%.
Retain the estate tax schedule.
Retain the nuisance taxes, other than automobile (recommended for
repeal), until no longer needed.
Delete sales and general consumption taxes, which weigh most heavily
on those who consume the staple commodities.

The same paper stated:
Some idea of what Committee members are thinking of in the way of
tax reduction was given by Representative John N. Garner (Democrat)
of Texas, when he let it be known that the Advisory Committee assisting
the Congressional Joint Committtee on Internal Revenue Taxation had
suggested that from any rate agreed on applicable to corporate incomes
a further reduction of 20% of that rate be provided where the income
is distributed. Mr. Garner stated that if the Ways and Means Committee accepted Secretary Mellon's recommendations for a 12% rate he
would advocate a 10% rate where the distribution is made, the higher
levy to apply to profits set aside as surplus.

From the New York "Times" dispatch from Washington
Nov. 1 we take the following:
Striking contrasts with the Treasury recomendation of a tax reduction
limited to $225,000,000 were drawn before the Ways and Means Committee today, when the Chamber of Commerce of the United States demanded a cut of $400,000,000 and the American Farm Bureau Federation opposed any reduction whatever, but urged instead an annual minimum slash of $1,000,000,000 in the public debt.
Doubt was thrown on the Treasury estimates from various sources.
James R. MacColl, Chairman of the Chamber Taxation Committee, asserted that it was "common knowledge" that surpluses had far exceeded estimates in the past. Representative Garner, the Democratic
tax leader, insisted that the 1928 surplus would reach $600,000,000,
instead of the Mellon figure of $455,000,000, and Senator Simmons,
after a White House visit, said the reduction could certainly reach
$400,000,000.
Senator Simmons, who will be highly influential in the matter when
the tax legislation reaches the Senate, desired to reduce the corporation
tax below Mr. Mellon's 12%, to abolish the automobile and other
"nuisance" taxes and to give some benefit to the payers of tobacco
taxes. Ile urged the repeal of the estate tax and also agreed with
Secretary Mellon on the proposed reduction of the middle surtax
brackets.
"The Democrats tried to do this in 1926," he said. "I congratulate
Mr. Mellon on adopting our method."
•
•
•
•
•
C. B. Clark, of the National Retail Dry Goods Association, attracted
special attention from the committee when he proposed an ultimately
permanent tax plan through which Congress would annually fix a percentage to be applied to normal and surtaxes for the individual and
corporation taxes for business. He would anticipate a yearly revenue
of $3,000,000.000, of which $2,000,000,000 would come from income
levies, and the percentage imposed on the taxpayer would depend on
what part of the revenue was apportioned to the public debt and how
much to tax reduction.

on
The Merchants Association of New York submitted
House
the
to
revision
tax
of
subject
the
on
views
Nov. 2 its
from the
Committee, as to which we quote the following
New York "Journal of Commerce":
Merchants' Association Presents Program.
that the condition
The Merchants' Association of New York believes
a further reduction of
of the national Treasury is such as to warrant
S. C. Mead,
Federal taxation during the next session of the Congress,
secretary of the association, declared.
such a reduction
The association believes that the objectives of
should be:
1. A corporation income tax of not more than 10%.
the brackets from
2. Lowering of the tax rates upon income within
$28,000 to $60,000.
3. Repeal of the Federal estate tax.
4. Repeal of the remaining war excise taxes.
not only to lessen the
The corporation income tax should be reduced
in competition
handicap which it places upon the successful corporation
because this tax
with other forms of business organization, but also
in recent years and is
has not been reduced as rapidly as other taxes
Mead explained.
still so high as unduly to burden industry, Mr.
law, while the rates on inIn the latest revisions of the income tax
y reduced and the
comes in the higher brackets were very substantiall
as far as is comexemptions upon smaller incomes have been carried
public policy, the
patible with sound economic principles and good
and $60,000 have
rates on incomes in the brackets between $28,000
intermediate sized inbeen reduced but slightly. The rates upon these
comes should, therefore, be brought into line now.
passed away
The war created emergency need for revenue which has
Federal estate
sufficiently to make desirable the repeal of the remaining
tax and the relinquishment of that source of revenue to the States. This
The occasion for war excise taxes has likewise passed away. causes
form of taxation produces inequities, imposes handicaps and
the
public irritation to a greater extent than almost any other and at of
source
same time is relatively neither a prolific nor economical
revision
revenue. The taxes of this type left in force by the latest
the
should now be repealed both for the relief to be afforded and for
simplification of the system to be obtained.

Chamber of Commerce Program.
The Chamber of Commerce program, suggested by its Taxation Committee and now before its members for a referendum vote, included
reduction of the corporation tax to 10% and repeal of the estate,
produce sales, theatre admissions and automobile taxes. H. H. Rice,
assistant to the President of the General Motors Corporation and one
of the Chamber's spokesmen, made a bitter attack on Mr. Mellon's
opposition to eliminating the last two levies.




2473

Corporation Relief First.
studies
The association realizes, however, that upon the conclusion of
the
now being made of certain pressing Federal problems, such as
entertained
Mississippi Valley flood control, concrete proposals may be
surplus
for expenditures which would reduce the prospective Treasury
above. If
so far as to make unwise reductions to the extent suggested reduction
that
strongly
that situation should arise, the association urges
over the other
in the corporation income tax should be given precedence
Treasury will
suggestions to the fullest extent that the state of the
warrant.

The same paper also said in part:

was asked by
Ways and Means Committee today (Nov. 2) virtually
the Mellon tax
the representatives of national organizations to ignore
plan reducing
reduction recommendations and to submit to Congress a
total Mellon maxithe corporate income tax $90,000,000 more than the
of
mum, disregard all other claims for tax relief and to make revisions
aid.
the Administration provisions of the law that would afford further
They demand that the present rate be cut to 10%.
of
These suggestions were presented on behalf of the Association
Railway Executives, the National Lumber Manufacturers' Association,
the National Coal Association. the Illinois Chamber of Comemrce,
the National Wholesale Druggists Association, American Manufacturers
of Toilet Articles and the National Cigar Leaf Tobacco Association.
Corporate Tax Chief Issue.
Today's discussion centered on the ocrporation tax to the exclusion
of all other rate features, and in several instances the plea was to
ignore all further reduction of the individual rates, even to remove the
present exemption for earned income. Alfred P. Thom, general counsel
of the Association of Railway Executives, and Dr. C. S. Duncan,
economist of the association, urged reduction of the corporate tax
rate to 10%. Dr. Duncan said that the Treasury has always been
conservative and that the revenues could stand the $90,000,000 which
this cut would provide in excess of the $225,000,000 made the limit by
Secretary Mellon.
Repeal of the capital gain and loss section of the law was one of the
outstanding recommendations today presented to the committee by
P. W. Pinkerton, of Chicago, representing the Illinois Chamber of

2474

THE CHRONICLE

Commerce.
Mr. Pinkerton suggested a considerable number of
changes which his organization believes desirable to be made in the
present law among the administrative provisions.
He fieelared that removal of this section from the law would render
unnecessary the prehent complicated provisions with reference to reorganization and the basis for determining gain or loss. He added
that probably no one change in the law could be devised which would
greatly simplify the law and the change would probably result in no
loss of revenue to the Government inasmuch as the deduction of capital
losses would no longer be permitted. It was pointed out to -the committee that Great Britain never has taxed capital gains and that this is
one reason why the tax laws of that country are so much simpler than
our own.
Mr. Pinkerton told the committee that in view of reductions in the
surtax rates made since the war, and in view of the fact that corporations which still have undistributed surplus accumulated prior
to
March 1, 1913, have that surplus so tied up in fixed assets that
a distribution without liquidation is impracticable, the law should
now be
simplified by making dividends taxable regardless of when the earnings
or surplus accrued to the corporation declaring the dividends.
A petition that the same exemption on individual income
tax returns be accorded unmarried men and men as applies
In the ease of married persons, was made on Nov. 3 by three
women ; the "Times" dispatch in reporting this, said :
A delegation representing the National Federation of Business
and
Professional Women's Clubs was heard. It was composed
of Miss
Lena M. Phillips, of New York, Miss Martha L. Connole,
of St. Louis,
and Miss Cornelia Adair, of Richmond, Va.
The committee, holding hearings on the proposed
tax reduction bill,
was told that the Treasury is collecting a little more
than $5,572,000 a
year from a group of 2,012,000 single persons, but
that the yield was
without profit, inasmuch as the cost of administr
ation approximated
$2.50 for each $2.23 turned in to the Government.

[VoL. 125.

the large underestimate all revenue were individual income taxes, the
yield of which was estimated at $603,800,000, whereas collections
a8greafrated $745,392,481, and back tax collections, which were estimated
at $180,000,000 but which reached the figure of $295,982,056.
Revenue Act of 1926
The revenue act of 1926 eliminated about 2,000,080 individual taxplayers; it increased by 50% and 40% respectively the exemptions for
single and for married persons; it cut the moral tax rates drastically
and reduced maximum surtax rates from 40% to 20%; it doubled the
limit of income to which the earned income prevision applied.

Larger Return in 1926 Than in 1924
It was very naturally anticapted that these changes would result in
a considerable loss of revenue. In its report the Ways and Means
Committee estimated a reduction of $46,000,000 in normal tax, over
$98,000.000 in returns from the surtax, and a further loss in revenue
of $42,000,000 due to increased exemptions. As a matter of fact, however, the individual returns filed for the calendar year 1925 showed a
larger tax return than did those for 1924, the total (net income) tax
returned increasing from $704,000,000 to $734,000,000.
The Treasury Department had always contended that lower rates
would be more productive than the very high rates which prevailed, but
neither the Treasury Department nor the Congress had anticipate such
d
an immediate increase, an increase which was, of course, greatly accelerated by the rising tide of prosperity. Had the reductions contained
in the 1926 act been applied to the 1924 returns the
tax would have
been over 30% less than that actually returned for 1924.
Back tax collection exceeded the estimates by approximately
$116,000,000.
Treasury Estimates for Fiscal Year 1927
In October, 1926, after the new act had been in force for about
nins
months, the Secretary of the Treasury submitted estimates for the fiscal
year 1927. In those estimates the return from the corporation income
tax was estimated at $1,120,000,000. Actual collections aggregate about
$1,125,000,000, or an underestimate of $5,000,000. Individua dincome
l
tax returns were estimated at $820,000,000, whereas actual collections
aggregated approximately $763,000,000, or an overestimate of $57,000,000. Back taxes were estimated at $250,000,000; $331,000,000 was
actually collected, or an underestimate of $81,000,000. Miscellaneous
internal revenue taxes were estimated at $619,000,000, whereas actual
collections aggregated $646,000,000. The total internhl revenue taxes
were estimated at $2,809,000, and actually $56,000,000 more than the
estimate was collected.
But had there not been such a large increase in back tax collections
the estimate would actually have been some $25,000,000 too high.
Turning now to the question of surplus, we find that
the surplus
for 1927 exceeded the estimate by $252,000,000. This is accounted
for
by an increase of $102,000,000 in total receipts and
a decrease of $150,000,000 in expenditures. On the receipts sides the increase
is accounted
for by two items, an increase of $81,000,000 in back tax
collections and
an increase of $57,000,000 in receipts from the
railroads
the realization of capital assets. The increase in these on account of
two items more
than offset an overestimate of current revenue.
If the items going to make up the surplus be analyzed it
will be found
that 65% of the surplus of $635,000,000 is due to receipts
of the disposal of capital assets, back income tax, collection on account
s in
internal revenue refunds and other items of a fast disappear excess of
ing or nonrecurring character. Without these special and non-r
ecurring
items,
which aggregated $414,000,000, the surplus would
have been $221,000,000.
This is likewise true of the fiscal year 1926. The
surplus that year
was $377,000,000, but exclusive of net back tax
collections and receipts from capital assets of a non-recurring
character, the surplus
amounted to only $162,000,000.

Picture Unjust Discriminations.
The Misses Phillips, Connole and Adair protested
against what they
described as an "unjust discrimination" against
single men and
women who, they said, were allowed an exemption
of only $1,500,
whereas $3,500 a year, plus $400 for each minor
child, was the exemption granted to married persons.
• As to fuither recommendations the same day the "Times"
stated in part:
For Bank Deposit Exemption.
R. C. Stevenson, of South Bend, Ind., spokesma
n for the American
• Bankers' Association, said the exemption of
$300 allowed on returns
from investment in building association
stock should be extended to
banks and trust company depositors in order to
correct a discrimination
that has been the subject of widespread public
comment.
"It would look as if the Government were attemptin
g to foster and
encourage the building and loan associations
in a way that discriminates against other savings institutions," Mr.
Stevenson said.
C. Clinton James, of this city, representing a league
of building associations, said he had no objection to the change
Stevenson. He wanted to be sure, he said, that the proposed by Mr.
present exemption
as to building associations would not be repealed.
W. L. McChesney, of Chicago, counsel of the National
Association
of Real Estate Boards, concluded his appearance
before the committee
by advocating removal of the 25% initial payment on
instalmen
t sales.
He argued that State agents should have the same
advantage in this
regard as others who sold on the instalment plan.
Another recommendation made by Mr. McChesne
y, that real estate
boards be exempted from tax either as business
or social organizations,
aroused opposition in the committee.
Representative Treadway, of
Massachusetts, Republican, asserted that
he was opposed to changes in
1926 and 1927 Back Tax Collections.
the law for special groups.
L. A. Lecher, of Milwaukee, advocated a
In 1926 back tax collections, less revenue
refunds, amounted to
change in the law with respect to the market value of property by
bequest, devise or inheritance. $113,000,000, and in 1927 to $214,000,000; receipts from railroad seHe said that under court decisions and
Treasury regulations income tax curities amounted in 1926 to $36,000,000, and in 1927 to $89,000,000;
is assessed against executors of estates and
receipts from Federal Farm Loan bonds anti other
holders of trusts.
minor securities
In a brief, filed in behalf of the
Investment Bankers' Association, amounted to $34,000,000 in 1926, and $63,000,000 in 1927; receipts
repeal of the Federal estate tax, reduction in
from
the
War
Finance
Corporati
on
assets
amounted
the corporation tax and exto $19,800,000 in
emption from tax of interest on paper
of American corporations held 1926, and to $27,000,000 in 1927; receipts from the capital stock tax,
by non-resident aliens were recommen
which was repealed in 1926, amounted in the year
ded.
1927 to $8,000,000;
receipts from the sale of surplus war supplies
amounted to $13,000,000
iii 1926,and to $8,000,000 in 1927; while the
surplus was further increased to the extent of $5,000,000 received from
a judgment of the
court relating to the naval oil lease.
Statement Submitted by Secretary Mellon to House
All told, the receipts from these items of a non
Committee on Tax Reduction.
-recurring
character
amounted in 1926 to $215,000,000, and in 1927 to
$414,000,000.
One of the principal items that have caused errors
Elsewhere in the issue of our paper to-day we are referring
in past estimates
is that of back taxes. In the fiscal year 1927,
back
at length to the hearings before the House Ways and
collections on
Means income alone were underestimated by $81,000,000, tax
Committee on the subject of Federal tax revision. These revenue refunds were overestimated by $35,000,040, whereas internal
thest
two
items accounting for an error in the estimates aggregati
hearings were opened on Oct. 31 with the submission of
ng $116,000,000. The
a Treasury Department has made
every
effort
to
statement •te the committee by Secretary Mellon of changes back tax collections and
ascertain prospective
probable refunds, but there
seems to be no test
in taxation proposed by the Treasury Department.
will determine accurately future yield.
Here- which
Accordingly, it seems wiser to segregate back
with we give Mr. Mollon's statement in full:
tax
colections and internal revenue refunds and present them in
As an essential preliminary to any program of tax reduction,
a separate part of the
it is estimate as items more or less speculativ
necessary to estimate revenue and expenditures not only
e
in
character. After the
for the present close of the fiscal year 1929, with the
closing of all of the cases arising
but also for the next fiscal year. It is further desirable
to ascertain, under the excess profits and other war
taxes, it is reasonably certain that
if possible, by eliminating temporary and unusual items,
what the there will be a falling off in back tax
normal revenues of the Government are under existing
collections
tax
In presenting the estimates of probable total .
average business conditions. Financial policy to be sound laws, given
revenue, the revenue
must not be from temporary sources that must disappear
based upon the experience of a single year. We must not
in the course of the next
be
pressed by the revenue results of a year of unusual prosperityunduly im- year or two is likewise presented separately. In this connection it
or a year should be noted that whereas $169,000,000
of large receipts from temporary sources.
will be received on acount
of principal and interest of loans made under
In co-operation with the Budget Bureau the Treasury
Sections 207 and 210 of
Department the Transportation act in 1928, the revenue
has prepared its estimates, but before presenting them it seems
desirable to approximately $24,000,000, or a faling from this source will drop
off of $145,000,000, in the
to say a 'word or two about past estimates, and in order to avoid
similar fiscal year 1929, and after that little or no
errors in the future to point out the reasons for such miscalcula
tions der this head, as only $49,000,000 principal revenue is anticipated unas have occurred in the more immediate past.
tions will be left out of the $230,000,000 heldamount of railroad obligaon June 30, 1927.
The last estimates for the fiscal year 1926 were made just prior to the
This item and 'a difference of $87,000,000
in estimated net back tax
passage of the Revenue act of 1926. As published in The Congressional collection
s of $181,000,000 between the
estimated
Record, they showed total internal revenue collection of $2,612,50
surplus for 1928
0,000, and that for 1929.
whereas actual collections aggregated $2,835,999,892, or, in other words,
I am subsmitting hrrewith two tables: The
first shows for the fiscal
internal revenue collections were underestimated by $223,499,892. The years 1928
and 1929 estimated current or
return from corporation taxes was overestimated by $55,000,0
normal receipts, extraor00, and dinary or temporary items, total receipts exclusive
that from miscellaneous internal revenue underestimated by approxi- as estimated
of temporary items,
by the Budget Bureau, estimated
surplus exclusive of exmately $20,000,000. But the two principal itenaS which contribute
d to traordinary revenue items and estimated actual
surplus. The second




Nov. 5 1927.]

THE CHRONICLE

2475

classes of
come tax rate was increased. Since that time while other
taxes or
taxpayers have been benefitted either by the repeal of war
continued to
the sharp reduction of wartime rates, corporations have
tax
corporation
the
bear a heavy burden. The time has come to revise
rates downward.
as
Business conducted under the corporate form is today overtaxed
compared with individuals business enterprises and partnerships, a
corporations
condition which spells particular hardship to the small
with a limited net income and to the stockholder of limited means,
whether he be a stockholder in a large or a small corporation. Cor83,607,000,000 $3,595,000,000 porations are not only large contributOrs to the Federal Treasury. They
213.000,000 pay their full share of the cost of local and State Governments.
469,000.000
Special receipts,incl.total back income tax collections
In the calendar year 1924 all corporations reporting net income re$4,076.000.000 83,808,000.000
receipts
Total
ported a net income, before all taxes, of $8,890,821,499. They paid
000 $3,396,000,000 in taxes other than income tax $1,304,169,207, and in income tax
Expenditures, exclusive of internal revenue refunds_$3,470.000,
138.000.000
151.000.000
$881,549,546 at the then rate of 12f/2%, making a total of $2,185,718,Internal revenue refunds
753. In other words, 24.58% of their net income was paid in taxes.
$3,534,000,000
$3,621,000,000
Total expenditures
In the same year these corporations paid $3,994,990.754 in cash diviSurplus of current revenue over expenditures. ex- 137,000,000
199,000.000
dends, which was 44.93% of their net income. For every dollar paid in
clusive of internal revenue refunds
dividends 54 cents was paid in taxes.
8274,000,000
8455,000,000
expenditures
Surplus of total receipts over total
If all corporations be included that is to say, corporations reporting
INCREASING
TYPE
-RECURRING
PRINCIPAL RECEIPT ITEMS OF NON
a deficit as well as those reporting net income, the percentage of net
1928 AND 1929.
THE SURPLUS IN FISCAL YEARS 1926, 1927,
income paid in taxes is 36.28%. Including both the Federal and State
1929.
1928.
1927.
1926.
Items—
$180,000,000 taxes the percentage of taxes to net income paid in some of our principal
$280,000,000
$331,000,000
,000
collections.$295.000
tax
Back income
151,000,000 138,000,000 industrial States ranges from 26.25% in Michigan to 41.04% in ConLess internal revenue refunds 182,000.000 117,000,000
and 49.78% in Massachusetts.
$129,000.000 842,000.000 necticut, 47.72% in Minnesota
8214,000,000
8113,000.000
Net
Corporation taxes are paid either by the consumers or by the stock36,000,000 89,000,000 169,000,000 24,000,000
Railroad securities
holders. No general rule can be laid down as to the incidence of this
Federal farm loan bonds and
5,000.000 tax. It is estimated that there are not less than 3,000,000 individual
1,500,000
other minor securities_ ___ 34,000.000 63,000,000
owners of corporate stock in the 'United States. There are probably
War Finance Corp. assets_ _ _ 19,000,000 27,000,000
8,000.000
Capital stock tax
4,000.000 more. Through the corporation income tax these individuals are taxed
5.500,000
8.000,000
13,000,000
Sale, surplus war supplies
*5.000,000 13,000,000
at the rate of 1374% on their proportionate share of income of the
Navy oil Judgment
corporation, and this irrespective of whether their individual income is
$215,000,000 $414,000,800 $318,000,000 875,000,000 sufficiently great to subject them to the individual income tax.
If we include the tax paid by individuals on the dividends received
$377,000,000 8635,000,000 8455.000,000 $274,000,000
Surplus
137,000.000 199,000,000 from corporations, the rate of the tax on net corporate income is
Burp. excl. of above net!vets 162,000,000 221.000.000
$5,500,000 principal amt. 15.27%, whereas had all the corporations been taxed as partnerships
*Exclusive of amount paid in Liberty bonds aggregating
the average rate of tax on their net income would have been 9.10%.
Estimated Surplus for 1928-1927.
There are only 2,500,000 individuals who return taxable net income,
will
items,
revenue
Estimated surplus, exclusive of extraordinary
and the average rate of tax on their income has been reduced to 4.20%,
in
$199,000,000
and
1928,
as compared with 3,000,000 stockholders who are virtually taxed on a
amount to $137,000,000 in the vscal year
surplus, including extraordinary part of their income at the rate of 13.50%. There are less than 9,000
the fiscal year 1929. Estimated total
1928 and
year
fiscal
the
in
$455,00,000
to
amount
will
revenue items,
individual income taxpayers whose average tax as return equals or
$274,000,000 in the fiscal year 1929.
exceeds 13/2% of their taxable income.
tax
the
reduce
safely
can
Thus we have a strange and inconsistent situation in which the
In estimating the amount by which we
important
the
are
figures
surplus
in 1928 and 1929, the actual
owners of our corporations, some 3,000,000 individuals, are taxed inshould
Congress
that
essential
is
it
ones. But looking to the future,
the rate of 13;5% on all or part of their income, whereas
of our ex- directly at
take into consideration the temporary character of some
under the present individual income tax law this rate of 13;5% or
resources.
isting
individuals, and these with net incomes
may more is paid by less than 9,000
The factor which definitely determines the eaten to which we
of $110,000.
excess
in
bebill
revison
reduce taxes is the 1929 surplus. Assuming that a tax
It is interesting to note that according to the 1925 returns. of $5,the
comes law prior to March 15 next, the reductions will only affect
189,000,000 distributed in cash dividends, $1,724,000,000 went to sources
reductions
tax
say,
to
is
That
1928.
of
revenue for the last six months
tax returns. While, of course,
will, other than individuals making income
will noly 50% effective during the present fiscal year. They
a large part of this was paid to other corporations, it is certain that
however, apply to the full twelve months in 1929. Therefore, even a very considerable sum was paid to individuals with incomes insuffilargely
leaving out of consideration the fact that the 1928 surplus
cient to require an income tax return. Of the dividends distributed.
exceeds the prospective surplus for 1929, a reduction in revenue which $740,000,000 was returned by persons with net income of less than
alone,
considered
were
year
present
would be fully justified if the
$10,000, and the average rate of tax on all incomes not in excess of
would almost certainly produce a substantial deficit in the fiscal year $10,000 was .26 of 1%.
1929.
The Treasury Department made a study of a number of corporations
It may be urged that the estimated surplus for 1929 is placed at too owned by a comparatively few people and with net incomes moderate
low a figure in view of the actual large surplus in 1927 and the in amount. It found that the chief stockholders in corporations having
size of the estimated surplus in 1928. The answer is that those surpluses net incomes of $55,000 or less, would, without exception, have paid a
were in the main due to certain resources which cannot be available in smaller tax to the Federal Government had they done business as
1929, since by that time they will have been exhausted. In so far as partners rather than as a corporation, whereas in 86% of the cases
current revenue is concerned, it should be noted that the Treasury
where the net income of the corporation was $100,000 and less a simiestimates that substantially the same receipts will be available in 1929
lar conclusion was true.
as in 1928, and as were actually collected in 1927.
Out of 252,334 corporative reporting net income for the calendet
There is no evidence available to justify the asumption that they will
year 1925, no less than 232,346 had incomes of less than $50,000 a
no longer. There are certain definite indications that they may be smaller, year. So that the latest figures available show that 92% of the corbut the department hopes that these unfavorable factors will be off- porations reporting net income paid higher taxes in a given year than
set by the normal growth of the country.
they would have had they been partnerships.
For a number of years past the Treasury estimates have underThe situation is not quite as bad as these figures would indicate.
estimated the revenue which was later realized. It is not true, hotvof corporations with incomes of less than
ever, that this was the result of deliberate intention or policy. Every For, whereas the number
of income reported by them is comparaeffort to avoid a repition of this result has been made in the prepara- $50,000 is high, the amount
of the total corporation taxes is paid by 196
tion of the estimates here presented. It would be unwarranted and tively small. One-third
53% of the corunwise to assume that in the present estimates there is any concealed corporations with net incomes in excess of $5,000,000;
with net incomes
surplus. In these figures the Treasury has not consciously nor as a poration income tax is paid by 1,113 corporations
by
with
4,469
paid
is
corporations
70%
over
in excess of $1,000,000;
matter of policy played safe.
If tax reduction are made or appropriations voted on the assumption net incomes of over $250,000.
But even so, the discrimination appears to weigh with more than usual
that the present figures understatte probable future receipts, responsibility for such reductions or appropriations must be assumed by those severity on the stockholder in the closely held corporation whose net
who advocate them. The patible with the most dependable foreast8 income falls in the smaller amounts.
and facts which careful and disinterested investigation could secure.
Smaller Corporations Entitled to Relief.
So far as expenditure are concerned, the estimates have been
furnished by the Bureau of the Budget. It should be remembered that
It may be urged that the owner or owners of a closely held corporaestimates do not include any expenditures that may be incurred by reaof
son of new legislation. The believes that tax reduction should not in tion with a limited income are no worse off than the stockholder
limited means in a very large corporation who is taxed 1334% on his
any event be in excess of approximately $225,000,000.
whereas
the
of
corporation,
the
income
net
the
share
of
proportionate
I sugested the following:
1. A reduction of the rate of tax on corporate income from 13;5% tax which the latter might have to pay on that net income were it derived
from some other source might not exceed 1;5 %.
It
is
in
12%.
estimated that such a change will result in a loss
to
While this is apparently true, it is probable that the latter class of
revenue of aproximately $135,000,000.
2. Amending those provisions of the law that apply to the tax on cor- stockholder looks upon his stock purchases as strictly of an investment
porate income so as to permit corporations with net income of $25,000 or character. In other words, he buys this share of stock just as would
less and with not more than ten stockholders, to file returns and pay the a bond on the basis of its actual income yield, and to that extent in
tax as partnerships at their option. It is estimated that such an amend- making the purchase he has completely discounted the corporation tax.
ment will result in a loss of from $30,000,000 to $35,000,000 in
Therefore, as I see the situation, while it is desirable to reduce the
revenue.
rate on all corporations, some additional relief should be granted the
3. A readjustment of the rates applicable to individual incomes that stockholders of the small, closely held corporations, whose situation is
fall in the so-called intermediate brackets according to the plan out- substantially the same as that of a partnership, though they do busilined below and the table contained in the body of this report. It is ness in corporate form.
estimated that such a change will result in a loss in revenue of apThe Treasury Department recommends that the present corporation
proximately $50,000,000.
rate of 13%% be reduced to 12%. This will cause a loss of revenue
4. Repeal of the estate tax, resulting in a revenue reduction of $7,000e of approximately $135,000,000.
000.
In order to give further relief to the owners of the closely held cor5. Exemption from taxation of the income derived from American
porations with a small net income, the Treasury recommends that all
bankers' acceptances held by foreign central banks of issue.
with net income of $25,000 or less and the number of
corporations
I shall now discuss these recommendations in greater detail.
whose stockholders does nor exceed ten, be allowed to file their income
Corporation Tax
tax returns as if they were a partnership and be taxed on the partnerCorporations last received relief from taxation in the Revenue act ship basis. It is estimated roughly that this will occasion a loss of
of 1921, which repealed the excess profits tax, and even then the in- revenue of from $30,000,000 to $35,000,000.
temporary character for the
table shows the principal receipt items of a
fiscal years 1926, 1927, 1928 and 1929.
FOR FISCAL YEARS
ESTIMATED RECEIPTS AND EXPENDITURES
1928 AND 1929.
1929.
Revenue—
Current
8602,000,000
$802,000.000
Customs
Internal Revenue—
1.885.000,000 1,885,000,000
Income tax
640,000.000
638.000,000
Miscellaneous internal revenue
468,000,000
482,000,000
Miscellaneous receipts




THE CHRONTCLE

2476

Surtax Rates.
The. Revenue act of 1926 reduced the rates of the normal tax from
2, 4 and 6% to PA, 3 and 5% and cut the maximum surtax rate
from 40% to 20%. While there was a readjustment of the intermediate surtax rates, the effect of the drastic cut in the maximum surtax
rates and the sharp reduction in normal rates was to benefit the small
taxpayers and the large taxpayers somewhat more than those whose
taxable incomes fall in the brackets running from 818.000 to $70.000.
In view of the above I recommend a revision of the rates applicable
to the so-called intermediate brackets.
Under the Revenue act of 1926 incomes from $14,000 to $24,000 are
graded by steps of $2,000. That is to say, the income tax rate increases 1% for every additional $2.000 of income. From $24,000 to
$64,000 the brackets are graded by steps of $4.000.
By the simple expedient of adjusting the rate so that it will rise
uniformly, increasing 1% for each additional $4.000 of income on incomes from $10.000 to $70,000, some reductions will be granted to all
surtax-payers, but more particularly to those whose incomes fall in
the intermediate brackets. Thus, under the act of 1926 a 10% rate
applies to incomes ranging from $36.000 to $40,000, whereas under the
proposed plan the 10% rate will apply to incomes ranging from $46,000
to $50,000; the 15% rate instead of being reached at $56,000, will be
reached at $66,000; the 18% rate at $80.000, instead of $70,000; and
the 19% rate at $90,000 instead of $80,000.
There are attached hereto two tables, the one showing the suggested
changes in surtax rates from those of the 1926 act, and the second
showing the individual income tax upon certain specified taxable net
incomes under the Revenue act of 1924, the Revenue act of 1926 and
under the suggested rates.
SUGGESTED CHANGE IN SURTAX RATES FROM THOSE OF 1926
REVENUE ACT,
1926 Revenue Act.
Proposed Plan.
Income Tax Zones—
Rates.
Income Tax Zones—
Rates.
$10.000 to $14.000
17 $10,000 to 514,000
1%
14.000 to 16.000
27: 14.000 to 18.000
2%
16.000 to 18,000
3% 18,000 to 22.000
3%
18,000 to 20,000
4% 22,000 to 26,000
4%
20.000 to 22,000
5% 26,000 to 30,000
5%
22.000 to 24,000
6% 30,000 to 34,000
6%
24.000 to 28.000
7% 34.000 to 38,000
7%
28.000 to 32,000
8% 38,000 to 42,000
8%
32.000 to 36,000
9% 42.000 to 46.000
9%
36.000 to 40,000
10% 46.000 to 50,000
10%
40.000 to 44.000
117 50.000 to 54,000
11%
44.000 to 48.000
127: 54,000 to 58000.,.
12%
48,000 to 52.000
13% 08,000 to 62,000
13%
.52.000 to 56,000
14% 62,000 to 66,000
14%
56.000 to 60,000
15% 66.000 to 70,000
15%
60.000 to 64.000
16% 70,000 to 75,000
16%
64.000 to 70,000
17% 75,000 to 80,000
17%
70.000 to 80,000
18% 80.000 to 90,000
18%
80,000 to 100.000
19% 90,000 to 100,000
19%
Over
$100.000
20% Over
8100.00020%
INDIVIDUAL TAX ON CERTAIN TAXABLE NET INCOMES.
The rates given below are for a married person with two dependents and no capital
gains or dividends:
Revenue Act 1924.
Taxable
Net
Norm. SurTotal
Income. Tax.
tax.
Tax.

Revenue Act 1926.
Normal
Tax.

Surtax.

.
, 000.5.),
00.*NututuiNNOCC
N010101010101010101010I0401040104010101010I010I0I0I0I0IC1

$10,000 $141
$0
$141
$83.25
$O
12.000
235
20
255
143.25
20
14,000
355
40
395
237.25
40
16,000
475
80
555
337.25
80
18.000
595
140
735
437.25
140
20.000
715
220
935
537.25
220
22,000
835
320 1,155
637.25
320
24.000
955
440 1,395
737 25
440
26,000 1.075
580 1,655
837.25
580
28,000 1.195
740 1,935
937.25
720
30,000 1,315
920 2,235, 1,037 25
880
32.000 1,435 1.120 2,555 1,137.25 1,040
36.000 1.675 1,540 3,215 1,337.25
1,400
40,000 1,915 2,040 3,955 1,537.25 1,800
45,000 2,215 2,730 4,945 1.787.25 2,360
50.000 2.515 3.540 6,055 2,037.25 2.980
55.000 2.815 4,470 7,285 2,287.25 3.660
60.000 3.115 5,480 8.595 2,537.25 4.400
65,000 3.415 6,570 9,985 2.787.25 5,210
70.000 3,715 7.780 11,495 3,037.25 6,060
75,000 4.015 9,090 13.105 3,287.25 6.960
80.000 4,315 10,460 14,795 3.537.25 7.860
90.000 4.915 13,540 18,455 4,037.25 9.760
100,000 5,515 17.020 22,535 4,537.25 11.660
150.000 8,515 30,520 39,035 7,037.25 21.660
200.000 11.515 54.020 65,535 9,537.25 31.660
300.000 17.515 92.020. . 14,537.25 51.660
500,000 9,515 170,020 199,535 24,537.25 91,660
I non non .2 81A 170 non 4.2,1 non Arl A17 25 19t660

Suggest.SurtazRales

Total
Tax,

Surtax.

Total
Tax.

883.25
$O
20
163.25
40
277.25
80
417 25
120
557.25
180
717.25
240
877.25
520 1,057.25
400 1,237.25
500 1,437.25
600 1,637.25
720 1,857.25
980 2,317.25
1,280 2,817.25
1,710 3,497.25
2.200 4,237.25
2.760 5.047.25
3,380 5,917.25
4.060 6,047.25
4,800 7,837.25
5.600 8,887.25
6,450 9,987.25
8,250 12,287.25
10,150 14,687.25
20,150 27.187.25
30,150 39.687.25
50,150 64.687.25
90,150 114,687.25
190.150 230.6872.8

Estate Tax.
The Treasury Department renews its recommendation that the Federal estate tax be repealed. By tradition, legal theory and revenue
necessity, this tax belongs to the States. They and not the Federal
Government have developed inheritance taxation in the United States.
It is true that they have made many mistakes, but it is not apparent
that the entrance of the Federal Government into this field has had
any beneficial effect. The Federal Government has only made use of the
estate or inheritance tax four times in its history, and then during
war emergencies. As soon as the emergency was past the tax was
repealed.
There is no occasion to change this policy. It is not based on opposition to the inheritance or estate form of taxation, but on the theory
that some taxes inhere to the States and can more properly be levied
by them than by the Federal Government and that the estate tax is one
of these. It is beyond dispute that the States need this revenue and
that the Federal Government does not.
Ever since the war Federal revenue needs have steadily diminished
as the cost of Government was reduced. It has been found possible to
repeal most of the war taxes and to cut rates drastically. The contrary is true of the States and of their political sub-divisions. Their
Taking the long
cost of government continues to mount steadily.
point of view, this position, in so far as the Federal Government is concerned, is likely to continue. As the national debt is paid off the burden
of Federal taxes should grow lighter. But it is impossible to foresee
the point at which the upward movement of State and local expenditures will be arrested. Morever. Federal taxes are fairly well diversified and bear some relation to the taxpayer's ability to pay. State and
local taxes rest on altogether too narrow a base. The Federal Government should, therefore, retire from the inheritance tax field, and shoul('
definitely announce the policy not to resort to this form of taxation
save in emergencies.




[VOL. 125.

The loss in revenue will be insignificant. Owing to the 80% credit
on the taxes paid the States, it is estimated that in five years the Federal estate tax will not produce more than $20,000,000. Should it be
repealed the loss in revenue in the fiscal year 1929 will not exceed
$7,000,000.
Automobile Tax.
I realize that great pressure will be brought to bear on the Congress
to repeal the excise tax on the sale of automobiles. I cannot agree to
the advisability of such a repeal.
The Federal appropriation for good roads in the fiscal year 1928
runs as high as $71,000,000, and in the. fiscal year 1929 will be $75,000.000. These expenditures by the Federal Government are for the
direct and immediate benefit of automobile owners. They should make
some contribution in return.
There is another aspect of this situation deserving consideration from
the standpoint of justice and fairness. The automobile is one of the
railroad's chief competitors. Our railroads are paying heavy taxes to
the United States Government, a part of which is being used for highway purposes. The Revenue act of 1926 materially reduced the tax
on automobiles designed for the transportation of passengers, and repealed the tax on trucks and accessories. The latest available figures
for railroad corporations having taxable net income indicate an increase
in the income tax paid by them to the Federal Government from $57,000.000 for the calendar year 1924, to $94,000,000 for the calendar year
1925. Is it quite fair to ask the railroads to contribute to the construction and maintenance of the roads on which their rivals operate
while exempting the latter from any contribution?
The automobile is a semi-luxury article of such widespread use that
it furnishes a broad base on which to apply a low tax. The rate being
low, there is no appreciable hardship to the taxpayer; the base being
broad, the tax is a good revenue producer. Unless we are to rely almost
exclusively on direct taxes paid by a few and are prepared to see our
national Government supported not by the entire body of our citizens,
but by a limited class, this is the kind of tax which should be retained.
Income Tax Class Rather Than National Tax.
The income tax has gradually become so restricted in its application,
that it is a class rather than a national tax. For the calendar year
1925, 9,560 taxpayers returned about 49% of the total tax returned;
327,018 individuals returned $701,497,726 out of a total of $734,555,183. Out of our entire population of 114,000,000, only 2,501,166 individuals returned taxable income, and of these 2,174,148 returned only
$33,000.000 of tax, the balance of $701,000,000 being returned by 327,018 individuals.
According to these returns, less than three-tenths of 1% of our population returned 95.5% of our total income tax; about 1.9% returned
4.5% and the remaining 97.8% of the population returned no tax
whatsoever. Obviously, some other taxes should be retained.
Once the automobile tax is repealed, it cannot be reimposed in time
of peace. This creates a situation which should squarely be faced at
this time. Both the Treasury Department and the Congress desire to
reduce taxes to the greatest possible extent consistent with the prospective revenue needs of the Government. The reduction will be made
under the reasonable assumption that business conditions will continue
to be fairly prosperous.
Should this assumption prove to be false and should there be a falling off in business, with a consequent immediate reduction in the yield
of the corporation and individual income taxes, or should the (lay come
when taxes as revised at this session of Congress are inadequate to
meet the cost of Government, it is obvious that revenue needs will
compel an increase in rates of the taxes then existing.
It is equally obvious that under such circumstances corporation income tax rates and income tax rates on individuals will have to be
increased to an extent where they will not only make good the loss of
revenue resulting from the reduction of income returned, but will in
addition be required to contribute the $66,000,000 more or less that
the present excise tax on automobile sales now yields.
In other words, the narrowing of the tax base in days of prosperity
inevitably means that when the time for increased tax burdens arrives
those taxpayers who are unfortunate enough to remain on the rolls are
dompelled to pay more than their just share.
Injustices in the field of taxation are inevitably committed under the
pressure of necessity and the time to preserve the integrity of a wellrounded, well-balanced system is in days of prosperity, when rates can
be kept at a minimum and no particular hardship is inflicted on any
one class. Under such circumstances to yield to the temptation to dispense with a tax which some day may prove to be an essential part
of the tax system is to be guilty of the most short-sighted economic
error. It should never be forgotten that in taxation the ideal to be
aimed at is a broad base and low rates.
Retention of Excise Levies.
We have eliminated most of our excise taxes. There remain for
revenue purposes the excise tax on tobacco and automobile sales, the
admissions tax and a few stamp taxes. All of these should be retained
in the interest of a well-balanced tax system. I have
not seen it suggested that the excise tax on tobacco should be reduced, but when we
consider the burden borne by the users of tobacco, an
article which is
likewise of the semi-luxury type—though many
would classify it as a
necessity—the 3% automobile sales tax appears
insignificant in character.
Because this 3% is levied upon the factorY,
or wholesale price,
which is much smaller than the retail price, the
automobile tax amounts
to but 2 cents for every dollar paid by the
ultimate consumer. Contrast this with the fact that for every dollar spent
by our citizens for
the articles enumerated, there is a tax required
of 2 cents to 5 cents
on cigars, 9 cents on theatre and other
admissions, 20 cents on playing cards, from 4 to 22 cents on chewing and
smoking tobacco and
from 17 to 40 cents on cigarettes.
For the fiscal year 1927 the tobacco taxes
yielded $376,170,205.04,
as compared with $66,437,881.32 for automobiles.
The use of tobacco in
its various forms is widespread, and the
Federal tax on tobacco no
doubt affects a greater number of our citizens
than does any other
class of tax. The man who smokes a nickel
cigar now pays one-fifth
if 1 cent in tax to the Government. This is
at a rate double that upon
automobiles. The man who smokes an eight-cent
cigar pays a tax of
three-tenths of 1 cent to the Government on every
cigar that he smokes.
Out of every 15 cents paid for a package of
twenty cigarettes, 6
cents, or 40% of the total retail cost, is paid to
the Government.
Chewing and smoking tobacco is now taxed at the
rate of 18 cents per
pound. During the fiscal year 1927 it accounted for $65,070,195.26.

Nov. 5 1927.]

THE CHRONICLE

produced practically as
That is, chewing and smoking tobacco alone
year in the United States.
much tax as all of the automobiles sold that
Tax on Admissions.
to the tax on admisThe same reasoning applies with equal force
tax than one on the $40
sions. It is difficult to imagine a more ideal
fight. Surely no one
ringside seats at the recent Tunney-Dempsey
were willing to pay $40
who
women
and
men
the
that
contend
will
could not well afford to confor a seat for thirty minutes of boxing
The revenue yield from
tribute $3.64 to the United States Government.
that particular fight was $242,065.71.
for a world's series
The tax of 60 cents for a box seat costing $6
seat at a repbaseball game, and the tax of 30 cents for a $3 box
exemption of all
resentative theatre is not considered excessive. The
the recreation
admissions of 75 cents or less eliminates the tax on
citizens. Those
and anmsement of an overwhelming majority of our contribution to
a
who pay more than 75 cents can well afford to make
to be burdenthe Government, and such an excise tax cannot be held
some or to impose a restriction on legitimate recreation.
Held By
Taxes on Income Received From Bankers' Acceptances
Foreign Banks of Issue.
1926 a
Under the provisions of Section 230 of the Revenue act of
4% is imposed upon the discount received by any foreign
/
tax of 131
217
corporation on American bankers' acceptances. Sections 233 and
interest on bank deof that act, however, exempt from taxation any
the
within
posits received by a foreign corporation not doing business
terms of
United States and not having an office therin. Under the
not subSection 236 interest upon obligations of the United States is
ject to tax.
Gold Exchange Standard.
exchange
An increasing number of countries have adopted the gold
standard. This means that banks of issue in those countries must
Unless
market.
American
carry large balances abroad, largely in the
appropriate investments are available, however, these balances will be
lost to London or to some other gold standard country.
Generally speaking, the chief ways in which a foreign bank, especially a foreign bank of issue, employs its surplus funds in this market
are: 1, on deposit; 2, in short-time Government securities; and 3, in
bankers' acceptances. At the present time, the law exempts from taxation income degived from the first two, but taxes the third. Foreign
banks of issue with surplus funds to invest must seek the most liquid
short-time investments available. Many banks of issue are prohibited
by law from investing their funds for longer than three months. Others
are prohibited from investing their funds in any Government securities
which are not issued on a discount basis.
In such cases as these, where funds cannot be invested in Government securities for one reason or another, a bank of issue must invest
its funds either in bankers' bills, subject to the tax, or else place its
funds on deposit at materially lower rates of interest.
The serious effect of this is the resulting tendency to withdraw funds
from this market for investment either in London or elsewhere. In
other words, the present law places a serious handicap on the free development of our dollar acceptance market. In effect it tends to keep
foreign funds out of our market and to force American merchants to
finance their transactions abroad rather than through the dollar acceptance.
One of the main purposes of the Federal Reserve act was to authorize and foster the development of the American acceptance market as
an effective and economical moans of financing our foreign trade. Congress has done its part in aiding this development by a series of amendments to the Federal Reserve act. Undoubtedly, however, the present
provision of the Revenue act, which imposes a tax on the discount
earned from our bankers' acceptances, is proving an obstacle to the full
accomplishment of this purpose.
I recommend, therefore, that the Revenue act of 1926 be amended
so as to exempt from the income tax income derived from American
bankers' acceptances held by foreign central banks of issue.
The Treasury Department would like at a later date to present to
the committee certain suggested amendments to the Income Tax law
of a technical character.

2477

that we may be
While in gratitude we rejoice, we should humbly pray
worthy of a continuation of divine favor.
States, do
Wherefore, I, Calvin Coolidge, President of the United
of November,
hereby set apart and designate Thursday, the 24th day
and urge
next, as a day of thanksgiving and prayer, and recommend
tasks, and by the
that on that day our people lay aside their usual
worship give
family fireside and in their accustomed places of public
thanks to Him who holds all in the hollow of His hand.
seal In witness whereof I have hereunto set my hand and caused the
of the United States to be affixed.
in
October,
of
Done at the City of Washington this twenty-sixth day
twenty-seven and
the year of Our Lord one thousand nine hundred and
the one hundred
of the independence of the United States of America
and fifty-second.
CALVIN COOLIDGE.
By the President.

FRANK B. KELLOGG,
Secretary of State.

Proclamation of President Coolidge Requesting Observance of Armistice Day, Nov. 11.
The observance of Armistice Day, November 11,• with
appropriate ceremonies "giving expression to our gratitude
that peace exists" is asked by President Coolidge, in the
following proclamation issued No. 2:
Armistice Day, 1927.
By the President of the United States of Amerioa.
A PROCLAMATION:
Whereas the 11th of November, 1918. marked the cessation of the
most destructive, sanguinary and far-reaching war in human annals;
and
Whereas it is fitting that the recurring anniversary of this day should
be commemorated with thanksgiving and prayer and by exercises designed to further the cause of permanent peace through the maintenance
of good-will and friendly relations between nations; and
Whereas, by concurrent resolution of the Senate and the house of
Representatives in 1926, the President was requested to issue a proclamation for the observance of Armistice Day;
Now, therefore, I, Calvin Coolidge, President of the United States
of America, in pursuance of the said concurrent resolution, do hereby
order that the flag of the United States be displayed on all Government
buildings on Nov. 11, 1927, and do invite the people of the United
States to observe the day in schools and churches and other suitable
places with appropriate ceremonies giving expression to our gratitude
that peace exists and to our sincere desire that such amicable relations
with all other peoples may continue.
In witness whereof I have hereunto set my hand and caused to be
affixed the great seal of the United States.
Done at the City of Washington this second day of November, in
the year of Our Lord one thousand nine hundred and twenty-seven,
and of the independence of the United States the one hundred and
fifty-second.
CALVIN COOLIDGE.
(Seal)
By the President.
FRANK B. KELLOGG,
Secretary of State.

N. Y. Chamber of Commerce Urges Voters to Defeat Constitutional Amendment Empowering New York City to
Borrow Outside Debt Limit for Subway
Construction.
James Brown, chairman of the Executive Committee of
the Chamber of Commerce of the State of New York, on
Nov. 1 gave out the following statement with reference to
rapid transit situation:
the
Proclamation of President Coolidge Designating Nov. 24
"The Chamber of Commerce of the State of New York requests the
Day.
as Thanksgiving
voters on November 8th to vote NO to the Second Amendment to the
In a proclamation, dated Oct. 26, President Coolidge State Constitution submitted for a referendum vote.
"Why is this action requested?
designates November 24 as a day of thanksgiving and
"Because in the form and under the conditions submitted it is a
prayer, and urges the people of the nation to lay aside their dangerous authority to grant to a municipal government either in New
usual tasks and "give thanks to Him who holds all in the York City or in any other of the cities of the State having a population
hollow of His hand." "It is fitting that as a nation and as in excess of 175,000 people; for the amendment is general in its scope
and not simply applicable to New York City.
individuals, in accordance with time-honored, sacred cus"This amendment proposes to permit cities of the State arbitrarilytom," says the proclamation, "we should consider the mani- to exclude front the debt limit, in cities having a population betweenfold blessings granted to us. While in gratitude we rejoice, 250,000 and 1,000,000, and cities having a population between 175,000'
and 250,000, the sum of $5,000,000 for any public improvement on the
we should humbly pray that we may be worthy of a con- say-so of the local government, and further permits the City of New
proclamation
of
follows:
tinuation
divine favor." The
York to incur debts irrespective of any debt limitations, in the sum of
By the President of the United States of America.
A PROCLAMATION:
Under the guidance and watchful care of the divine and beneficent
Providence this country has been carried safely through another year.
Almighty God has continued to bestow upon us the light of His countenance and we have prospered. Not only have we enjoyed material
success but we have advanced in wisdom and in spiritual understanding.
The products of our fields and our factories and of our manifold activities have been maintained on a high level. We have gained in knowledge of the higher values of life. There has been advancement in our
physical well-being. We have increased our desire for the things that
minister to the mind and to the soul. We have raised the mental and
moral standards of life.
We have had the blessings of peace and of honorable and friendly
relations with our sister nations throughout the world. Disasters visiting certain of our States have touched the heart of a sympathetic nation,
which has responded generously out of its abundance. In continuing
to remember those in affliction we should rejoice in our ability to give
them relief.
Now that these twelve months are drawing to a close, it is fitting
that, as a nation and as individuals, in accordance with time-honored
sacred custom, we should consider the manifold blessings granted to us.




$300,000,000 for construction and equipment of new rapid transit
railroads.
"Already the fallacy of providing for new rapid transit this immense
sum outside of the debt limit, is disclosed; for the city government
already avows its intention to spend this capital obtained from sale of
bonds, to recapture existing railroads now being operated as parts of
operating systems, and further to generally improve at an expense of
$60,000,000, upon plans not yet made and quite nebulous, the system
of the Interborough company.
"All this financing is made necessary because the City insists on operating its rapid transit railroads at less than cost of service and on
hauling passengers not resident in the City and not contributing anything to the general taxation, for less than the cost of operation. How
long will the long suffering people of this City stand for this kind of
conduct of its affairs? Who pays the difference? In the first place
obviously the taxpayer. Every Man who owns property within the City
limits. But that house or property owner passes the charges along,
either in increased rents or by additions to the cost of food supplies,
clothing and every other necessity of life; so that in the final analysis
it is the entire people of the City who pays. The honest course would
be for the person benefitted or in other words, the rider to pay for
his own cost of service. In this way the outsider and the City resident
will pay his proper share.

2478

THE CHRONICLE

"This bond issue is evidently, to judge by statements made by the
City administration, not by any means the end of the demands for
money beyond the Debt Limit. The new City subways, being built by
the Board of Transportation will, with very little doubt, cost for construction, stations, track and equipment, the vast sum of $700,000,000,
and as soon as the sum now asked ($300,000,000) is expended, it is
reasonably certain that additional bond issues will be asked for and a
still further exemption from the Debt Limit with the interest charges
all paid out of taxation since the properties are not to be self sustaining.
"The Chamber of Commerce of the State of New York stands for
rapid transit for New York City, honestly financed and honestly constructed and administered. It further stands unalterably for unification
of all rapid transit lines with the City, under control and management
which is free from politics and on an operating basis which shall be
self-supporting.
"Vote NO on Amendment No, 2."

North Carolina Cotton to Be Carried to Market by
Motor Trucks, Effecting Savings In Freight Charges.
A large part of the cotton market at Kingston, N. C., this
year will be carried by motor trucks and boats to Norfolk
with a good saving in freight charges says a press dispatch
from that city Oct. 18, published in the New York "Evening
Post."
Analysis of Terms of Loans Obtained in United States
by Germany Since 1923.
A detailed analysis of the terms of the loans obtained by
Germany since the end of 1923 and publicly offered in the
Investment markets of the United States, is the chief subject
matter of a volume just announced by Harold G. Moulton,
Director of the Institute of Economics at Washington. The
book is entitled "American Loans to Germany." The
author is Rovert R. Kuczynski, economist and statistician,
of Berlin. The Institute of Economics in its annomicement
regarding the volume says:

[voL. 125.

A brief history of the case was published in "Railroad Data" on Sept. 30
1927.
Discussing this case in ite current issue, the "Railway Age" says in part:
"The most significant feature of the hearing in the O'Fallon railway
valuation case in the Federal court at Kansas City last week was the argument in support of the Interstate Commerce Commission's method of valuation made by the attorneys of the Commission. Counsel for the railways showed clearly that in its recent decisions in the Southwestern Bell
Telephone case, the Indianapolis Waterworks case and other cases the
Supreme Court had held that in valuations of public utilities effective
weight must be given to present day costs.
Argument for the Commission.
"The attorneys for the Commission defended its 'prudent investment'
theory upon the ground that principles applied by the Court to public
utility property are not applicable to railroad property. They went still
farther and contended in effect that railroads are not property at all in the
usual sense. They argued that a railroad is merely an instrument of the
government performing a function of government, and is therefore not entitled to the constitutional protection which safeguards private property
generally. They urged that the right test to be applied by a court in passing upon the valuation of a railroad is whether, with the return actually
allowed to be earned upon this valuation,the railroad is prosperous measured
especially by its ability to raise adequate capital. The present condition
of the railroad stock market was used as proof of the present profitableness
of the railroad industry. . . .
Railroads Are Private Property.
"The courts first held that the rates of railways were subject to public
regulation. There was then soon raised the question as to how far such
regulation could be carried. The reasoning of the courts in answering the
question was simple and clear. Railways, they reasoned, are subject to
regulation of their rates, but they are private property. Such property cannot be taken for publicuse without just compensation. Just compensation
is payment of its present value for proprty, and to regulate railways so
as to prevent them from earning a fair return upon the present value of
their property would be indirectly to confiscate them. .
The Recognized Law.
"This was the recognized law of the land when the railroad valuation law
was passed and the work of making a valuation was begun. Now the
Commission says that what the railways should be allowed to earn is the
amount required to enable them to raise adequate capital. Obviously, if
this is the correct legal principle there is no need whatever, and never was,
for a valuation as a basis for the regulation of rates.'

"The Class I railways since 1920 have earned annually a net operating
Income ranging from $601,000,000 to $1,213,000.000 and averaging $940,000,000. The Commission's attorneys contend, in effect, that present
condition of the railroad industry shows this has been suffcient. if mere
observation of the physical and financial condition of the railroad industry
at any given time or over any given period will show whether the net
return earned by it is or has been sufficient both to avoid confiscation and
to enable it to function satisfactorily, why did the Commission begin saying
Few people realize how extensive have been the borrowing operations of years ago that a valuation was needed to enable it to determine what the
the citizens of Germany since the inauguration of the Dawes Plan. In railways ought to be allowed to earn? If the defense now made of its
the last three years the total par value of Germany's long-term public bor- method of valuation is sound, the more than $120,000,000 that has been
rowings in the United States alone has amounted to $581.047,500. To spent in making avaluation has been wasted."
this should be added the sum of $304.016.100 publicly offered in other countries, making a total of $885.063,600. The foregoing total includes the
Government Denies Right of O'Fallon Road Review,
reparation loan floated in connection with the inauguration of the Dawes
Plan, but most of the sum is accounted for by the borrowings of German
St. Louis Associated Press advices Oct. 28 appeared as
municipalities, corporations and religious and welfare institutions. The
follows in New York "Evening Post":
annual charges, inclusive of payments on the principal, will amount to more
The Interstate Commerce Commission ruling that the St. Louis &
than $70,000.000 a year on the average for the period 1925 to 1951.
These figures, however, relate only to loans which have been publicly O'Fallon and other manufacturers' railway companies controlled by
August
Busch interests are not under common control and managefloated in the investment markets, and do not measure the full total of the
obligations which have been incurred by Germany since 1923. In order to ment as a single system is not reviewable by the Federal District Couft
ascertain the total payments due from Germany to the citizens of the United here, the Federal Government's brief asserts.
The commission order, undergoing court test, involves the question of
States and of other countries through credit operations undertaken from
1924 through 1926, account would also have to be taken of the loans pri- recapture of excess earnings and lays down a principle of valuating
vately placed, of commercial short-term credits to German firms, and of railroads that is to be followed in the case of every system in the
foreign purchases of German mark bonds and stocks. While there are suf- country.
ficient data to indicate that these operations aggregate a very considerable
Blackburn Esterline, assistant to the United States Solicitor General,
total, it is impossible to estimate whether the volume equals or exceeds that contends that the O'Fallon company has failed to show that the comof the public bond flotations.
mission order involved confiscation of property or any other question
One interesting aspect of these loans is the fact that the American lenders of constitutional law. He adds that the order gives the O'Fallon comalmost
no
instances
In
attached any conditions concerning the way in which pany 11.43% earnings on the commission valuation and 8.29 on the
the money should be spent. The agreements between the lenders and the company's claimed valuation. The Government is entitled to recapture
borrowers did not, with very few exceptions, require that the German re- half of all earnings in excess of 6%.
dpients of the money buy goods in the United States, or establish definite
The roads contend,that the Supreme Court decision in the Indiancommercial relations with American firms. They did not, furthermore, apolis Water Company case entitles them to a valuation based on the
carry any provisions for American control of German corporations, either cost of reproduction new.
by requiring representation on boards of directors or by granting privileges
The Commerce Commission ruling of March 31, 1927, declared that
for favorable purchase of stock. One or two tying clauses in the contracts Federal valuation would be
based upon costs, prices and wages in 1914,
afford an exception to the foregoing procedure. For example, when the rather than upon those of later years.
Berlin Universal Film Company (Ufa) obtained in December 1925 a loan
from the Famous Players Lasky Corporation and the Metro-Goldwyn
Distributing Company, it agreed to distribute annually in Germany 50 Representative Hoch Favors Inter-State Commerce
pictures from the American companies, while the latter agreed to show anCommission Valuation—Says Attempts to Upset
nually 10 Ufa films in the United States.
Decisions in O'Sullivan Case Is Likely to Breed
The half billion and more of loans publicly subscribed In the United
States are covered in this volume with minute thoroughness. Details are
and Public's Retaliation.
given not only concerning the identity.of all the German borrowers and all
From its Washington Bureau the "Wall Street Journal"
the American investment banks, but also concerning the actual terms of
the contracts. Successive chapters analyze the purpose of the loans, the
of Oct. 21 reported the following:
types of securities, the registration nad denominations of securities. the proAttempt to upset the decision of the Interstate Commerce Commission
visions governing payments, the tax provisions, the rules of optional
amortization and of compulsory amortization, the provisions for security, In the St. Louis (6 O'Fallon valuation case and secure valuations based on
the yield to the subscribers, and the burden to the borrowers. Many per- cost of reproduction at present prices, is an attack upon the whole system
tinent passages from prospectuses and indentures are quoted. The informa- of rate regulation and an attitude likely to breed
and retaliation
tion In the text is extensively tabulated for greater ease of comprehension. from the public, Congressman Homer Hoch of Kansas, co-author of the
Hoch•Smith
rate
structure
investigation
resolution, told the "Wall Street
This exhaustive study will be of great interest to any investors or bankers
who have been connected with these German borrowings. It will also be Journal."
"It is a sane and fair decision which does no injustice to the railroads;
of Interest to all students of financial matters, particularly in view of the
fact that this is the 'Int time in history that a highly developed industrial does not in any way threaten their ability to secure motley in the market
nation has resorted to foreign loans on a vast scale. In the past such obli- for needed development and at the same time gives consideration to the
gations have been incurred only by developing countries possessed of tm- primary question of public interest," said Congressman Hoch.
"Railroads are having no trouble in securing money by capital stock
Wcploited natural resources.
issues, which indicates investors are satisfied with prospects of a fair
return on present valuations."
He declared the recapture provision will be of no value in solving the
Court Now Deliberating On O'Fallon Case.
of the weak roads. The only benefit from the recapture proThe following is from the Oct. 21 issue of "Railroad Data" problems
vision, in his opinion, is that some of the railroads have practically "silverPublic
Relations
of
the plated" their roads to avoid excess earnings and r+.4-Iptur.. Most of this,
published by the Committee on
however, he said, was in the form of "frill" in better passenger service,
Eastern Railroads:
etc., although there is possibly some overmaintenance in certain instances.
The application of the St. Louis & O'Fallon and the Manufacturers
There
is no chance of a repeal of the recapture provision alone. AccordRailway for a permanent injunction to restrain the Commission from enforcing
ing to Hoch, the rule of rate making (fair return) would go with it.
its order for the recapture of excess earnings under the recapture clause of
the Transportation Act of 1920 was taken under advisement by the court
Valuation and Stability
after hearing the arguments of both sides on Oct. 5.6 and 7. It is expected
Further defending the Commerce Commission's valuation decision, Conthat the court's decision will be rendered before Dec. 10. the effective date gressman Hoch stated it means stability for the railroads. Once the valuto which attorneys for the Commission indicated that the recapture order ation is fixed by the commission under the present
scheme, It is a mere
Would be extended.




Nov. 5 1927.]

THE CHRONICLE

2479

own borders, redeems its paper money on demand in gold, and issues new
paper money freely against gold. Under the gold exchange standard,
paper money is protected in value either by redemption In drafts on foreign
banks, or sometimes merely by "pegging" foreign exchange rates through
operations in the exchange market.
Thirty central-banks in July of 1927 carried approximately 31.900.000.000
of foreign liquid assets. The Roichbank, the Netherlands Bank, and the
National Bank of Norway reduced their holdings of foreign liquid assets
between July, 1926, and July, 1927, but the Bank of Italy trebled its foreign
holdings during that period; the National Bank of Belgium's figure rose from
a small sum to 2,220.000.000francs, while the growth of the foreign balancea
of the Bank of France has been in many ways the outstanding financial
event of the year, the figure rising from a small amount in the middle of
1926 to, roughly, a billion dollars at the present time.
Before the war, the gold exchange standard was looked upon as a makeshift device, designed as a transition measure toward the full gold standard,
a convenient device for poor countries or for small countries. It was
looked upon as possible only because it was unusual, and because there vras
a great gold standard world on which the gold exchange standard countries
could depend. Confined to minor money markets,- it constituted a safe
enough device.
If, however,the effort be made to universalize the gold exchange standard,
obviously impossible problems arise. (1) Obviously. if no country is willing
to hold gold, the gold would find no home, and there would be a constant
expansion of deposit balances as the gold moved about, being first deposited
in one country and then in another. (2) If no country paid out gold in
redeeming its paper money, but merely paid in drafts on some other country,
the holder of paper money could not get gold. (3) The process would lead
to a violent break in money rates as surplus reserves piled up in every
market, with an immense and indeed unlimited expansion of bank credit.
The post-war world has not gone so far as this, but has gone far enough
to generate an immense bank expansion and an artificial ease of mow
which mis'eads us as to the real facts regarding capital accumulation.
Gold has come to the United States since the middle of 1920 (a) becaulle
of Europe's debt on current account to the United States. (b) because of
the use of foreign balances as a substitute for gold reserve in vault by foreign
banks, and (c) because of the operation of Gresham's Law. During 1926
and 1927 the balance of current indebtedness has been against the United
States, but we have still gained gold because of the growth of the gold
exchange standard and the operation of Gresham's Law. There are still
comparatively few money markets, among them our own, to which gold
buillion can be taken and converted without loss into domestic currency.
In France, for example, though the Bank of France will buy foreign exchange at the market rate, issuing francs to pay for it. it is not legally
obliged to take gold bullion in return for francs, except at the old par, and
at this rate the holder of gold would lose approximately 80%. Therefore,
foreigners wishing francs, and French holders of foreign values withing
francs, bring foreign exchange rather than gold to Paris.
During 1925 and the first half of 1926 there was an immense outflow of
capital from France. French investors converting their holdsings as far as
B. M. Anderson, Jr., of Chase National Bank on Major possible into liquid form and accumulating foreign balance; and foreign
securities. With the financial reforms and the return of confidence in the
Forces in International Money Market—Immense late
sununer of 1926. the tide turned and an immense backflow of capital
Bank Expansion and Artificial Ease of Money came to France, forcing the franc to rise rapidly in value. In December
the French Government and the Bank of France. deciding that the
1926.
of
Misleading—Proposal in Behalf of British Investfranc had risen high enough, made a de facto stabilization, and the Bank
ments to check Expansion.
of France bought all the foreign exchange offered at an approximately
An address dealing with the practice of Central banks fixed rate, preventing a further rise in the franc. Since then most of the
accumulation of foreign exchange in the hands of the Bank has
carrying part of their reserves in other countries—a form of immense
come.
gold exchange standard—was delivered on Oct. 26 by BenjaMoney rates in Paris have sunk very low,and the Bank of France has been
min M. Anderson, Jr., Ph.D., Economist of the Chase concerned with the development and has sought to deal with it in a statesmanlike way. The Bank of France has been handicapped. however. (a)
National Bank of the City of New York, at the Four:h by
the fact that the French Government has not deemed it wise, for political
Public Conference on Education and Industry, under the reasons, to put the franc on an unqualified gold basis at a new par, and (1:9
auspices of the University of Chicago and the Institute of by the desire of the Bank of France not to make complications for outside
money markets. notably London. lad France gone on the strict gold
American Meat Packers with the co-operation of the Chicago standard
in December of 1926. the Bank of France would not have gained
Association of Commerce, the Commerce Club of Chicago a billion dollars in foreign liquid assets, but rather, perhaps,$zoo,ono.000
$300,000,000 In actual gold. The point la that had actual gold mcured
and the Industrial Club of Chicago. Mr. Anderson notes to
to Paris it would have cut under the gold reserves of other money markets.
that the practice "has gone far enough to generate an im- forcing them to raise their rates at the same
time that rates were taWng In
mense bank expansion and an artificial ease of money which Paris This would have led to foreign borrowing in Paris, which would
misleads us as to the real facts regarding capital accumula- have established a backflow of funds, and an equilibrium point would hi
been reached long before a billion dollars of gold moved to Paris.
tion." Among other things Mr. Anderson says:
Since the automatic commercial forces which regulate the international
The expansion which began in 1922 has not been in response to the needs flow ot gold were not operative. the Bank of France apparently
undertook
of commerce. Commercial borrowing has increased very little. Virtually direct action. To prevent the use of the same gold as reserves, in two
all of the immense increase In bank credit has been taken up by increased money markets at the same time, from generating an unsound expansion.
collateral loans against securities, increased bank investments in securities the Bank of France began to buy gold with its foreign balances in
London,
Increased bank holdings of real estate mortgages, and increased bank and also to transfer part of its holdings of foreign exchange from
Europe
holdings of instalment finance paper. We cannot afford to go further to New York by
selling sterling and buying dollars.
In these directions for the sake of an incidental and temporary benefit to
These transactions put a burden on sterling exchange and made heavy
our friends on the other side of the water.
drains on the gold reserves of the Bank of England. There was no question
London needs no advice regarding her own policies. London has great of
London's ability to protect itself. but to do this London would have had
financial wisdom and experience, as well as great financial prestige and
to raise the Bank of England rate and tighten up the monetary fabric,
strength, and has doubtless already given consideration to the suggestion which
she was reluctant to do. The matter has been frankly discussed
which fellows. In addition to others which may be better suited to her in the London press. The Bank of France, in view of the
situation in the
problems, nut it is. of course, proper that American opinion should be London money market, apparently
relaxed Its pressure both on London's
expressed as to the kind of international co-operation which we can afford gold
and on sterling, but not before a considerable tightening up in London
to undertake, and the following suggestion is made from that point of view
had taken place. The London bill rate, for example, which stood at 3
A specific gold loan, a placement with American investors of long-term 11-16% on May 13, rose to 4t% on June 3. The Berlin
market also
British securities, would put gold into the vaults of the Bank of England. tightened up, but this was
partly due to independent action by the Reichswhich England would not be obliged to send back to us immediately as soon bank.
as our money rates tighten, and the making of such a loan. Instead of
The policy of the Federal Reserve System during May had the effect
encouraging further bank expansion in the United States, would operate merely
of preventing the European developments from affecting the Amerito check expansion here.
can money market. But, beginning in late July. a decisive change in
While the actual gold proceeds of such a loan were being withdrawn Federal Reserve policy has
taken place, which is understood to be expected.
from the American money market, the Federal Reserve System could In part at least, to take pressure from the London money market. The
prevent money rates in the United States from rising too fast or too far by Federal Reserve System,
beginning in the week July 27-Aug. 3, made a
moderate purchasit of United States Government securities. In amounts sharp Increase
in its purchases of government securities, the figure rising
substantially smaller than the withdrawals of gold, the actual amounts from
3355.000.000 on July 27 to approximately $500,000.000 on Sept. 7.
required being determined experimentally as the process went on.
an Increase of $114,450.000 in six weeks, and also reduced Its buying rates
The foregoing analysis would seem to suggest that the Ideal in Federal on acceptances, and its discount rates. In late July and early August. All
Reserve Bank policy at the present time, whether such a transaction as these things in conjunction made money very abundant and
cheap in the
this is put through or not, would be. not a sharp and violent reversal of United States.
policy which would compel general liquidation, but rather such a degree of
in t"is short period these seven hundred banks expanded their loans and
"holding hack" as would prevent further expansion
investments $616.000.000. of which $410.000.000 went to the securities
market. On the basis of the usual relations between the loans, discounts,
We also quote as follows from the speech:
The past year has seen a great further extension of one of the most re- and investments of these banks and those of all the commercial bactlis of
markable post-war financial developments, namely, the practice of central the United States, the total increase in bank credit between Aug. 3 and
bard& carrying part of their reserves in other countries—a form of the gold Oct. 5 was 31.329.000.000—though It may be uncertain whether the banks,
exchange standard as distinguished from the strict gold standard. Under as a whole would move as rapidly as this, our evidence for the ratios used
the stria gold standard, each country carries its gold reserves within its being based on 'year-to-year comparisons. An incidental consequence has

date, he reasoned.
method of accounting to determine the valuation to
changing condi.
This method, he said, is to be preferred to the constantly
properties at present
tions to be had under the cost of reproducting the
do not favor the
prices as advocated by the carriers. Scene of the roads
out that the
latter method for that reIson, Hoch stated. Ile also pointed
a long view
"Taking
railroads' contention might prove adverse to them.
they would greatly
of it, during a period of high prices as at present,
a
benefit, but, in a period of low prices their theory might give them
black eye."
the
of
decision
Attempting to distinguish frost railroad decisions, the
favoring a valuaU. S. Supreme Court in the Indianapolis Water Co. case
it was unnecestion on basis of present reproduction costs, loch stated
the
sary to find a replacement value to reach final value. Expressions by
without
Supreme Court on this point, in his opinion, were "dicta" and
power
force as a holding in fact. He sees some distinction between the
in the States. In
of Congress over railroads and public utilities located
broad.
the case of the former, he said, the power of Congress is very
The only question, in loch's opinion, for the courts to decide in the
O'Fallon case is that of "confiscation." In this connection he noted that
rate making was a legislative function, a matter for Congress through the
Interstate Commerce Commission—and not judicial, for the Supreme
Court.
His Attitude on Consolidation
The railroad consolidation movement, which is widespread, Hoch observed,
should be purged of any suspicion it is a banking or a stock speculation
proposition. It is his belief the commission has been honestly seeking
against finanto protect the interests of minority stockholders, to guard
with
cial juggling and to stay within the limits of the present law dealing
consolidation.
solely
question
"Congress should approach the railroad consolidation
from the standpoint of the transportation needs of the country and the
protection of the public interest," he continued. On that basis he believes there is a strong case to be made out for the consolidation movement and for new legislation under which it may be promoted. In his
judgment the greatest argument for consolidation is that it would simplify
the regulation of rates.
"While there might be considerable economies effected by consolidations, I doubt whether they would be anything as great as some hope for,"
he said. "In any event, simply speaking as one member of the committee
and of the House, I will support consolidation legislation only after the
most thorough consideration of every provision and when I am convinced
every safeguard is included to protect the public interest and to prevent
financial juggling. Railroads should not be permitted to set up an increased capitalization solely as the result of consolidation. Freight and
passenger rates are fixed to provide a fair return on determined valuations.
If railroads are permitted to merge and the merger proves profitable, the
public should benefit from this prosperity and not be given an added
burden because of it."




2480

THE CHRONICLE

[Vol,. 125.

T. W. Lamont Reaches San Francisco on Return from
Japan.
Thomas W. Lamont, of the firm of J. P. Morgan & Co.
of New York, arrived at San Francisco on Nov. 3 aboard
the steamship President Pierce, fullow.rig a tour uf Japan,
where he studied financial conditions. The Associated
Press accounts from San Francisco, in reporting this said:
Rumors that Mr. Lamont's trip concerned important loans were dismissed by the banker as too vague to be denied or discussed.
"I am glad to express confidence in underlying conditions in Japan,"
he said. "Reconstruction is remarkably advanced and highly satisfactory.
"I can endorse the opinions of leaders in banking and Government
that the worst Is over. Within four years the Japanese have been obliged
to confront serious conditions caused by the earthquake and the banking
panic. The situation has. been met with courage. The Japanese are
following a course which indicated that the future will take care of itself."
Mr. Lamont was decorated by the Japanese Government with the Order
of the Rising Sun and had an audience with the Emperor. Accompanying
him were Martin Egan of the Morgan firm and -Jeremiah Smith, Jr., of
Boston. They were the guests of San Francisco bankers at luncheon
to-day.

Shopmen in Employ of Baltimore & Ohio Seek Pay Rise.
An increase in Wages, approximating 25%, is being demanded by shopmen of the Baltimore & Ohio RR., marking
the fourth such demand to be presented to leading railroads
this year, said the New York "Times" of Oct. 16. Continuing, it said:
As far as could be learned, officials of the Baltimore & Ohio have not yet
discussed the increase with the shopmen. The present wage of the shopman
on the Baltimore & Ohio is about 76 cents an hour, and the present demand
calls for 93% cents an hour
The New York Central rcently refused to grant an increase to its shop
men and the matter has not been taken up further. The Chesapeake &
Ohio also refused a like increase, and the shopmen have determined to take
the matter before the United States Board of Mediation.
Shopmen of the Chicago Milwaukee & St. Paul also have asked for an
increase in pay, but no action has been taken on the request thus far. It
has been reported in the financial district that shopmen of the Southern
Railway will soon make a demand for increased wages.

Inauguration of Money Raising Campaign in Behalf of
Federation for the Support of Jewish Philanthropic
Societies—Bankers and Brokers Division.
The Bankers and Brokers profession will be represented
at the Federation dinner of 1927 to be held at the Hotel
Pennsylvania on Sunday evening, Nov. 6, to inaugurate
the $5,000,000 money-raising program of the Federation
for the Support of Jewish Philanthropic Societies in behalf
of its 91 constituent agencies. The trade's quota is $850,000,
and the following councillor and division heads will direct
the work:
Councillor—Albert J. Erdmann.
Division Heads—Samuel Sachs, Albert J. Erdmann, Edwin II. Stern and
Moses Newborg.

Quotas totaling $4,924,840 have been accepted by the
councillors and division heads representing the 134 trades
and professions comprising the Business Men's Council of
the Federation. Percy S. Straus, Vice-President of Macy's,
is Chairman of the Council; Sol. M. Str000k is president of
the Federation and Felix M. Warburg is Chairman of the
Board. Col. Michael Friedsam has accepted the Honorary
Chairmanship of the dinner gathering and Dudley D.
Sicher will be the active Chairman, with Mortimer L. Schiff
Regarding the demands of the Chesapeake & Ohio, advices as the Presiding Officer. The money-raising efforts are in
from Richmond published in the "Wall Street Journal" of charge of a triumvirate of leaders including Arthur Lehman, William Goldman and Bernard K. Marcus. Prominent
Oct. 10. stated:
Shopmen in the employ of the Chesapeake & Ohio Railway are said to speakers and famous entertainers will be on the program.
have made an unsuccessful effort to induce the company to advance the The Federation, which prides itself .on being the greatest
average pay in that craft from the present average of about 75 cents an community chest in the world both in point of money raised
hour to 90 cents an hour, which is the figure that prevailed in 1921.
and the number of institutions maintained, is bringing its
But the shopmen's fight is not ended. In order to get the case before
eleventh year of service to a close. By way of celebrating
the United States Mediation Board, it is necessary that the employee first
exhaust efforts at agreement with officials of the company. It is understood the occasion, the Federation will hold the assembly and
that a mediator will be sent shortly to Richmond in an effort to adjust the dinner Nov. 6.
matter
Shopmen of other systems are said to be keenly following the Chesapeake &
Ohio ..egutiations. Representatives of the shop crafts of the Southern
Railway met at Chattanooga about ten days ago and are reported to have
determined to seek new and more favorable wage agreements.
At the general offices of the Southern in Washington it was denied that
the con,pany is at present carrying on any negotiations with any of the crafts
looking to modification of wage agreements.
Reports of a general conference in Washington relating to railway shopmen's pay on roads in the southeastern territory were investigated with
wholly negative results. The United States Mediation Board said it knew
of no such conference. The Association of Railway Executives likewise
pleaded entire ignorance. The American Federation of Labor had no information of the alleged conference.

ITEMS, ABOUT BANKS, TRUST COMPANIES, &c.
The New York Stock Exchange membership of W. L.
ed posted for transfer this week to W. D.
Ross was reported
Stewart, the consideration being stated as $270,000.
A Chicago Board of Trade membership was reported sold
this week for $7,300 net to buyer. Last preceding sale
$7,200.

Alexander Dana Noyes, Financial Editor of the New York
"Times" is to deliver a lecture on Wednesday next, Nov. 9,
Discussing editorially the increase sought by shopmen in at 3.30 p. m. at the New School for Social Research, 465
the employ of the E altimore & Ohio, the New York "Journal West 23rd Street. Mr. Noyes' subject will be "The Financial News in Relation to the Security Market."
of Commerce" of Oct. 17 said:
Shopmen working for the Baltimore & Ohio RR. have filed a demand for
an increase of 25% in wages. They are now getting 76 cents an hour and
they want 93% cents an hour. The demand is apparently the first or a
series of such demands,several other railroads being quite certainly involved
if this request should be acceded to. As a result the probable increase in
wages on Class 1 roads would run up into the hundreds of millions of
dollars if it were to be general all around. Even a 3% increase on total
shopmen's wages would amount to about $25.000,000.
Now what ought to be thought of these recurring demands for increasing
the pay of a large body of employees who are already highly paid? The
answer comes back, as in so many cases, to the question how much the
railroads have available for wage increases and what can reasonably be
expected of them. Let it be admitted at once that a few of the railroads
have been making handsome returns during the past year or two and probably could "stand" a good deal in the way of wage increase. That is not
what the shopman or any other railroad workers want. The railroad
"brotherhoods" have always insisted upon having a wage increase passed
completely around so that it affects both the just and the unjust, the prosperous and the unprosperous. and applies to both the efficient and inefficient among the men. That makes it a general question.
Looking at it from that standpoint, there can be no doubt that the railroads are not in a position to go much further with wage increases. They
simply have not the necessary revenue and are not likely to get it. Their
incomes fell off very decidedly this past summer and are more likely to
remain lower than to recover. Their net earnings have been greatly
depleted as the result of very large wage increases that have been quietly
made during the past year or two. There ought, as a matter of fact, to
be reductions in wages rather than increasse. for prices of commodities
have fallen considerably since the last adjustments were made. Put this
in another way and it merely amounts to a statement that the community
at large can use railroad incomes much more fairly and to better purpose
in improving service than in raising wages, already too high.




Vice-President S. Stern of the Seaboard National Bank
of the City of New York has returned to his desk after a
two months' trip to Europe, in the course of which he visited
the bank's correspondents and studied economic and financial
conditions abroad.
Ninian S. Marshall, for twenty-eight years prominently
identified with banking in the Far East and during recent
years associated with the International Banking Corporation, was on Nov. 1. elected a Vice-President of The National
City Bank of New York. Mr. Marshall, who has just arrived
from Shanghai, will be located at the head office of the bank,
bringing to the institution a close and intimate understanding of Far Eastern and particularly Chinese affairs. During
his years of service with the International Banking Corporation, Mr. Marshall was at various times in charge of the
branch offices of that corporation located in Manila, Kobe,
Hong Kong and Shanghai. Mr. Marshall, as the representative of the corporation, which is a wholly owned affiliate of
The National City Bank of New York, had an active part in
the upbuilding and development of these offices. Last January the Far Eastern offices of the International Banking
Corporation were made direct branches of the city bank.
Mr. Marshall obtained his early training with the Royal

Nov. 5 1927.]

THE CHRONICLE

2481

Bank of Scotland, later going to the Far East for the Hong the Reed-Prentice Company of Worcester, Mass., was.
Kong and Shanghai Bank.
added to the Board of Directors of the institution. The
Boston "Transcript" of Oct. 22 in reporting the elections
Seven official appointments were announced by the Guar- stated that Mr. Chapin, the new President, was formerly
anty Company of New York on Nov. 2. I. D. Fish, F. L. State Treasurer of Massachusetts, serving a full five-year
Moore, 0. J. Matthews, and J. D. Harrison were appointed term. Later, as Bank Commissioner of Massachusetts, he
Assistant Vice-Presidents; H. K. Farrar and P. C. Harper was a member of three important commissions, including that
were named Branch Office Managers, and J. A. Wright,Jr., to appraise the assets of the New Haven Railroad; that
was appointed Manager of the Sindieate Department.
which investigated the building of workingmen's homes; and
that which investigated the five-mill tax on personal property.
At a meeting of the Board of Directors of the Seaboard
Prior to becoming Bank Commissioner, he was a member of
National Bank of the City of New York held Nov. 3, Hugh
the coma ittee wh eh suggested to the Legislature numerous
Blair-Smith, Treasurer of American Telephone and Telechanges for the betterment of State savings bank laws, which
graph Company, was elected a director.
were subsequently adopted. In addition to his duties at
The Bank of the United States reports as of Sept. 30 1927, the American Trust Co. Mr. Chapin is a trustee and a
total deposits of $90,537,256, an increase of 1250% over a member of the board of investme t of the Boston Five Cents
nine-year period, the unusual feature of this gain being that Savings Bank, a diree o: of the Farr Alpaca Co., and a
it has been accomplished without any absorptions of or trustee of the Union Safe Deposit Co.
mergers with other banks. The policy of remaining indeThe Atlantic National Bank of Boston has installed at its
pendent of other similar institutions is also to be followed Huntington Avenue branch a "Night Safe" by which their
it is stated in connection with operations of The City Finan- clients may make deposits of currency or coins at any time
cial Corporation, organized by the same interests as identified during the night o • on Sundays and holidays. According
with the Bank of the United States. The City Financial op. to the Boston "Herald" of Oct. 25 the Atlantic National is.
was organized to own and operate its own allied companies the first Boston bank to provide continuous banking service.
and in building up these institutions it will, like the Bank of The paper mentioned said in part:
the United States, proceed independently it is declared.
The device is attached to the outside of the building, through which enAn initial dividend on the Class "A" stock of The City trance is gained to a chute leading to the depositary safe protected by the
bank's burglar alarm system. Primarily the service is installed to meet theFinancial Corporation is expected to be declared in January. need
of merchants, business men and others who have considerable money
B. K. Marcus and Saul Singer, President and Executive taken in after banking hours which requires safe keeping over night or overSunday
or a holiday.
President
respectively,
of
The
Bank
of
the
Vice
United
This arrangement provides a continuous service to clients and gives theStates, are the organizers.
public "a bank which is never closed." Through its operation, the client
The Bank of Montreal celebrated on Nov. 3 the 110th
anniversary of the foundation of the institution. In connection with the event the bank published figures showing
total resources in excess of 8819,000,000, the highest figure
in the annals of the bank. One hundred and ten years ago,
the Bank started with one small office in rented premises in
Montreal, with a paid-up capital of $350,000. To-day it
has over 600 branches throughout the Dominion and in
Newfoundland, and its own offices in the financial centres of
Great Britain, France, the United States and Mexico, while
its paid-up capital amounts to 829,916,700 with a reserve
account of like amount. The New York office of the Bank,
which occupies its own building at 64-68 Wall Street, was
established in 1859. The New York site now occupied by
the Bank of Montreal is that upon which stood the old"Buttonwood Trte" under which the brokers in the early days of
1791 met and transacted the business of the day. It might
be said that upon this spot was established the first New
York Stock Exchange.
The controlling interest in the Citizens National Bank of
Freeport, L. I., was purchased on Oct. 21 by a group of
Long Island business men, namely, Ellory C. Huntington of
Garden City, William F. Fowler of Lynbrook, Gustave H.
Kehr of Lynbrook, William J. Martin a director of the Citizens National Bank and William J. Duane, Vice President of
the bank. This group has already acquired a bank in Hemstead and is said to be planning the formation.of a chain of
banks.
We are advised by the Nati- onal City Bank of Troy, N. Y.,
that the personnel of the institution is now as follows:
William F. Polk, President; Howard S. Kennedy, Burton
S. Woodward and Rollin S. Polk, Vice-Presidents, and J.
Frank Beebe, Cashier. The capital of the institution is
$300,000 with surplus and undivided profits of $574,545. At
the close of business as of June 30, 1927, deposits and due
from banks amounted to $7,350,531 and total resources to
$8,784,327.
The stockholders of the F- irst National Bank & Trust
Company of Woodbury, N. J., on October 21, voted to Increase the capital of the institution from $100,000 to $200,000. The stock (par $50) is being placed at $1175 per share;
a 50% payment is due Nov. 20, and the final 50% will be
due December 15.
Two important changes took place in the personnel of the
American Trust Co. of Boston recently when Russell G.
Fessenden, heretofore President of the institution, became
Chairman of the Board of Directors, and Arthur B. Chapin,
for the past sixteen years a Vice-President, was promoted
to the Presidency in his stead. C. L. Stevens of the C. L.
Stevens Company, consulting engineers, and President of




places his deposit in a bag, unlocks the entrance door with a key furnished
by the bank, drops the bag through the chute into the safe, guarded by the
burglar alarm system of the bank. When the deposit bag is placed in the
safe, a duplicate deposit slip is mailed to the bank in keeping with burglary
insurance regulations, and also providing both depositor and bank with a
duplicate check on the deposit. Through an electrical connection the bag.
in its passage through the chute, lights a red signal, assuring the depositor
that his money has reached the burglar-proof safe.
The Atlantic National was the first bank in Boston to provide its depositors with the security of Donsteel vaults. These are the last word in
banking safety. Donsteel being the only metal known which cannot be
penetrated by the oxyacetylene torch, drill or electric arc.

Consummation of the merger of the West End Trust Co.,
the Real Estate Title Insurance & Trust Co. and the Land
Title & Trust Co., all of Philadelphia, was effected on.
Tuesday of this week, Nov. 1, when the new organization,
the Real Estate Land Title & Trust Co. began business
under a charter granted at Harrisburg on Oct. 31. Them= office of the new company is at the Southwest corner
of Broad and Chestnut Streets, with a branch office at 517
Chestnut Street. The new company has a combined capital
and surplus of $22,500,000, total resources of more than
876,000,000 and individual trust funds of $127,000,000.
The officers of the institution are as follows: William R.
Nicholson, Chairman of the Board; J. Willison Smith,
President; Edward H. Bonsall, Lewis P. Geiger, Oakley
Cowdrick, Claude Simpler, Antrim H.Jones, Daniel Houseman, and William S. Johnson (and Treasurer) Vice-Presidents; Samuel L. Hayes, Secretazy; Francis T. Reinhart,
J. H. Fairlamb and Frank G. Treston, Assistant Treasurers;
William J. Hamilton, Jr., LeFevre W. Downing, Raymond
L. Hayman, Harold L. McKaig and Edward K. Merrill
Assistant Secretaries; John M.Strong, and A. Bing Dickson,
Trust Officers; Aaron L. Deeter, John W. Brock, Jr., and
Thomas Evan, Assistant Trust Officers; S. Eugene Knen,
and Pierce Mecutchen, Title Officers; William McKee,
Manager of the title department and Samuel Earley, Assistant Manager of the title department. Our last reference to
the consolidation of these important companies appeared
in the "Chronicle" of Oct. 29, page 2346.
The stockholders of the William Penn Title & Trust Company of Philadelphia, Pa., on October 21 voted to increase
the capital of the institution from $250,000 to $500,000. The
new stock will be oered to present shareholders at 862.50
a share, on a share for share basis. The par value is $50.
The right given to stockholders to subscribe to the new stock
will expire November 30, 1927.
The directors of the Tradesmens National Bank of Philadelphia have declared the regular quarterly dividend of
$3.50 per share, at the rate of 14% per annum, payable
November 1st to stockholders of record at the close of business Oct. 31, 1927. The sum of $500,000 was transferred
from Undivided Protfis to Surplus, making the latter
$3,000,000.

2482

On Oct. 28 the directors of the Tradesmen's National
Bank of Philadelphia voted to transfer $500,000 from undivided profits to surplus account, making the latter fund
$3,000,000. The directors also declared the regular quarterly dividend of $3.50 a share, payable Nov. 1.
The First National Bank & Trust Co. of Waynesburg, Pa.,
representing.a reorganization of the Citizens' National Bank
of that place, opened on Nov. 1, according to the Philadelphia "Ledger" of Oct. 24. As indicated in our issue of
Oct. 1 page 1793,the new institution is capitalized at $250,000
with surplus of like amount, all fully paid. S. M. Smith is
President.
A special dispatch from Columbus, Ohio, to the Cincinnati
"Enquirer" on Oct. 28 stated that according to announcement on that day by E. H. Blair, Superintendent of Banks
for Ohio, the Farmers' State Bank of Eldorado, Preble
County, which was closed on Sept. 12, last, following the
suicide of its cashier, Carl D. Miller, would reopen the following day (Oct. 29). Continuing the dispatch said:
Confronted with the necessity of obtaining approximately $100,000
before business could be resumed, directors, stockholders and depositors
of the bank voluntarily accepted the plan under which it has been reorganized and restored to solvency.
Of the amount collected, the stockholders paid $25,000, representing
the capital stock of the bank, which had been destroyed, and for replacement of which they could be held under the stockholders' liability
act The stockholders willingly met the assessment required to make
good the depleted capital.
At a public meeting, the depositors, 600 in number, agreed to contribute 20% of their deposits to make it possible to obtain $60,000
to replace had paper in such an amount, ordered charged out of the
bank's assets by the department. The task of obtaining the signature
of each depositor to such agreement was difficult, due to the large
number of depositors to be canvassed and the limited time in which
to do the work.

The closing of the Farmers' State Bank of Eldorado was
reported in our issue of Sept. 24 last, page 1665.
John J. Mitchell, Chairman of the Board of the Illinois
Merchants' Trust Co. of Chicago and for many years one
of the most prominent bankers of the Middle West, was
killed in an automobile accident last Saturday morning,
Oct. 29, while en route to Chicago from his country home,
Ceylon Court, near Lake Geneva, Wis. Mrs. Mitchell, who
accompanied the banker, also lost her life. The accident
occurred near Libertyville, Ill., when Mr. Mitchell's chauffeur, the morning being foggy, was forced to swerve the
car suddenly to the side of the road to avoid running into a
group of people who had gathered at the scene of another
automobile accident. The Mitchell car plunged into the
ditch and turned over on its side, killing Mrs. Mitchell
Instantly. Mr. Mitchell was still breathing when lifted
from the wreck, and died shortly afterwards in Libertyville, where he had been hastily taken for medical aid.
Mr. Mitchell was born at Alton, Ill., on Nov. 3, 1853, the son
of William H. Mitchell, who took a prominent part in the
establishment of the Chicago & Alton R. R. After receiving
his education in the public schools of Alton and at Kent's
Hill, Me., he, at the age of twenty, moved to Chicago with
his parents, and began his banking career as messenger for
the Illinois Trust & Savings Bank of that city at a salary
of $10 a week. Six years later he had become President of
the institution. His spectacular rise to the head of the
bank came about in this way. In 1878, when Mr. Mitchell
was Assistant Cashier. the Illinois Trust & Savings Bank
faced a crisis in its affairs and the directors had almost
concluded the institution should be dissolved. They are
duced the capital to only $100,000 (it had previously been
$500,000) and then the young Assistant Cashier came before them with a plan for the development of the institution. The plan was adopted and proved eminently successful. So impressed were the directors by what he had accomplished that when the President retired two years later
Mr. Mitchell was chosen President. Eight years from that
time the bank had so grown that larger quarters had to be
oftained. In twenty years of the Mitchell regime, the
bank's deposits increased from $1,000,000 to $69,000.000. Mr.
Mitchell continued to hold the Presidency until 1919, when
he became Chairman of the Board. Four years later
(1923), when the Illinois Trust & Savings Bank. the Merchants' Loan & Trust Co. and the Corn Exchange National
Bank were merged to form the present Illinois Merchants'
Trust Co., Mr. Mitchell was called to the Presidency of the
new bank and held the office until February of this ydar,
when he succeeded the late Ernest A. Hamill as Chairman of
the Board, the position he held at the time of his death.
In its issue of Oct. 31 the Chicago "Journal of Commerce"
paid the following tribute to the deceased banker:




[VoL. 125.

THE CHRONICLE

The whole world of business is sincerely mourning the death of John
J. Mitchell. More than a banker, more than a business man, snore
than a public-spirited citizen, John J. Mitchell was an international
figure in finance and industry. He was as big and respected in New
York as he was in Chicago, almost as well known in London.
No greater testimonial ever was paid a business man than the scene
in the office of John J. Mitchell on Saturday. Within fifteen minutes
after word of his sudden death was flashed to Chicago a procession
to that office began. It was no ordinary procession. It represented
a blue book of finance and industry and contained men who were
drawn to the desk of John J. Mitchell as the only way they could
think of at the moment to pay respect.
The first to arrive was the head of one of Chicago's biggest banks.
He came in disconsolately merely to tell someone who knew John J.
Mitchell intimately how hard be had been hit. Then came the president of a transcontinental railroad.
Every branch of industry, trade and finance was represented in that
office by an outstanding executive within an hour and each of them
were plainly grief stricken. These were men who have every minute
filled, who cannot be seen without advance appointment. But they
dropped everything when the news of John J. Mitchell's death was
received. It was a shock to them. There was no advance warning,
no opportunity to say good-bye and this suddenness stunned La Salle•
Street and its environs.
Few men who became famous in business or any of its divisions were
as beloved as John J. Mitchell, none respected more. By experience
his counsel and his wisdom had become known throughout the world.
English bankers invariably called upon John J. Mitchell when they
came to America. Captains of industry were proud when they could
induce him to sit upon their directorates. And throughout his varied
activities he was a dominating personality, a respected figure.

A special dispatch from Chicago yesterday (Nov. 4) to
the New York "Evening Post," said:
Merger of the National Bank of the Republic and the Standard Trust
and Savings Bank of Chicago will give Chicago another big bank, with
assets of $130,000,000 and deposits of $111.000,000. Stockholders will vote
on the proposition Jan. 3 1928.
Capital stock of the National Bank of the Republic, 34,000,000, is to be
increased to $8,000,000. Its stock is selling at $500 a share, and stockholders
will get the right to subscribe for one share of new stock for every four of
old at $100 a share.
The remaining $1.000.000 of new stock Is to be given to stockholders of
the Standard Trust and Savings Bank on a share for share basis. Its stock is
valued at around $350.
Standard Trust has $1,000,000 capital and will withhold between $400,000
and 8500,000 of surplus and undivided profits from the merger, which will
permit a 40 to 50% dividend.
John A. Lynch will remain as Chairman of the merged banks, with David
A. Forgan and George Woodruff as Vice-Chairman. Hugo E. Otis. Republic's president, will be promoted to Vice-Chairman; Charles S. Castle,
Standard president, will be President of the merged banks, and his son,
Ward C. Castle. Vice-President. Officers and employees of Standard are
to be retained. The merged banks will retain the present Republic building
at La Salle and Adams Streets.
Two years ago the National Bank of the Republic took over the National
City Bank of Chicago, of which David C. Forgan was the head.

Failure of the First National Bank of Sallisaw, Okla.,
and of the First National Bank of Muldrow, Okla., an affiliated institution, it is understood, of the former, were reported in the following dispatch by the Associated Press
from Sallisaw on Oct. 24, printed in the New York "Times"
of the following day: .
The First National Bank, oldest and largest bank In Sequoyah County.
failed to open its doors to-day. A Federal Bank examiner took charge
of the institution. Poor crops and low prices for farm products since
1919 are said to be the cause of the failure. The First National Hank
of Muldrow later went into the hands of the Federal Bank Examiner.
majority of the stock In the two banks was held by the same persons.

The

Consolidation of two banks in Milan, Sullivan County,
Mo., namely the Sullivan County Bank and the International Bank, was approved by State Finance Commissioner,
S. L. Cantley, on Oct. 19, according to a press dispatch from
Jefferson City on that date, appearing in the St. Louis
"Globe-Democrat" of Oct. 20. The enlarged institution,
which will have resources of $375,000, will continue the title
of the, Sullivan County Bank. James A. Morehead will
remain as President of the institution, while A. D. Campbell,
heretofore Cashier of the International Bank, will be Cashier.
The dispatch furthermore stated that the International Bank,
which was chartered in December 1925, will not be disincorporated. The Sullivan County Bank began business
in March 1891.
-4---

A small Missouri institution, the Bank of Darlington,
Darlington, Gentry County, was reported closed by its
directors in a special dispatch from Jefferson City on Oct.
20 to the St. Louis "Globe-Democrat." The closing of the
institution made the thirty-ninth State bank failure in Missouri since the beginning of the present year, it was said.
Green Hicks, Assistant Cashier of the Carter County Commercial Bank of Olive Hill, Ky., was arrested on Oct. 28,
following the finding of a shortage in his accounts estimated
between $30,000 and $60,000, according to a special dispatch
from Olive Hill on that day to the Cincinnati "Enquirer."
State bank examiners,.it was said, uncovered the discrepancy
in the Assistant Cashier's books during the course of their

Nov. 51927.1

THE CHRONICLE

regular audit. Despite the finding of the examiners of the
bank was not closed when the stockholders agreed to meet
the shortage: The dispatch furthermore stated that Hicks in
a statement to the examiners had admitted that there was
a shortage in his accounts, but denied that he had taken any
of the money. "He said it had gone to friends in the form
of loans." A dispatch by the Associated Press from Olive
Hill on the same date (Oct. 28) appearing in the New York
"Times" of Oct. 29, reported the shortage in Hicks' accounts
as being $95,000.
—4_
Colonel J. Burger has resigned as President of the Bank of
Maryville, Maryville, Tenn., to take effect in January next,
according to a special dispatch from that place on Oct. 20
to the Nashville "Banner." Mr. Burger leaves the Bank of
Maryville after more than forty years of service, beginning
as Cashier. For the past several years he has been President.
He was one of the organizers of the institution and has, it is
said, the distinction of being one of the oldest active bankers
In East Tennessee.
According to the San Francisco "Chronicle" of Oct. 26,
the stockholders of the Bank of Italy National Trust & Savings Association (headquarters San Francisco) on Nov. 25
approved the proposed increase in the capitalization of the
bank and of the National Bankitaly Co. (which two institutions are indissolubly bound together, joint ownership being evidenced in the share certificates) referred to in our
Issue of Oct. 15, pages 2067 and 2068. The capital of the
former was increased from $30,000,000 to $50,000,000 and, of
the latter from $12,000,000 to $20,000,000. This increases the
number of shares of each from 1,200,000 to 2,000,000, the
par value of the bank's shares being $25 a share and of the
company $10 a share. The combined capital resources of
the Bank of Italy and the National Bankitaly Co. are increased by the stockholders' action by $90,000,000 or to approximately $200,000,000. The approval of the increase in
capital by the stockholders is preliminary to the payment on
Nov. 12 of a 25% stock dividend, amounting to 300,000
shares, to stockholders of record Oct. 25. Of the remaining
500,000 shares, 250,000 will be offered to present stockholders
at $180 a share, and the balance will be sold to the Bankitaly
Corporation at the same price.
Advices by the Associated Press from San Francisco on
Oct. 27, appearing in the Los Angeles "Times" of the following day, stated that the National Bankitaly Company
(the stock of which is owned share for share by the stockholders of the Bank of Italy National Trust & Savings
Association, with headquarters in San Francisco) had announced in San Francisco on that day (Oct. 27) the purchase
of the First National Bank of Healdsburg, Cal., for a consideration of approximately $2,000,000. The acquired bank,
it was further announced, would continue operations under
the same name and officers as heretofore. C. W. Weaver is
President of the institution and J. H. Miller, Cashier. The
Institution was founded in 1877 and is known as one of the
oldest banks in Northern California.
—4_
The banking hall on the ground floor of the new head
office of the Midland Bank Limited of London is now open
to the public. The new building of the bank when completed
will contain ten stories and a total floor space of over six
acres. Ultimately the edifice will extend from St. Mildred's
Court to Grocer's Hall Court in Poultry, London, E. C.
The National Provincial Bank, Ltd., announces the opening of a branch of the Bank at 145, Portland Road, Hove,
England, the officer in charge being J. B. R. Edwards.
In view of the expansion of the business and the increase of
the total assets the Board of Directors of the Union Bank of
Switzerland (Union de Banques Suisses) on Oct. 20, passed
a resolution creating 20,000 new bearer shares of Fes. 500
each, thus raising the share-capital of the Bank from Fes.
70,0007000 to Fes. 80,000,000. The new shares will be
entitled to full dividend as from Jan. 11928, and are being
offered exclusively to the old shareholders who may subscribe
in the proportion of one in seven. The price of issue of the
new shares is Fes. 575. In accordance with paragraph 3
of the Articles of Association of the Bank the Board of
Directors has full competence to pass a resolution conee fling
the issue of new shares amounting to Fes. 10,000,000, without convoking a general meeting of the shareholders. The
subscription books which opened Oct. 24 will remain open until Nov. 8. ,




2483

THE WEEK ON THE NEW YORK STOCC EXCHANGE.
The stock market slumped badly last Saturday, marking
a continuation of the break witnessed the preceding day and a
number of new low records were established. On Monday
sharp recovery ensued and the market thereafter moved
forward until on Firday when increases in the figures of
brokers loan for October and in the Federal Reserve report for
the week ending Nov.2,caused irregularity. Oil stocks have
been unusually active; copper issues have shown marked improvement, and during the latter part of the week many
industrials and spceialties have participated in the general
improvement. Bear attacks against United States Steel
common had a demoralizing effect on the market during the
short period of trading on Saturday. Some of the market
leaders yielded from 2 to 4 points, United States Steel common and General Motors dropping back to the lowest
levels since they reached their top prices for the year. Rossia Insurance, which on Friday sold up to 194 and later reacted to 1723', was again pressed on the market and dropped
to 145, a recession of 27 points, making a total loss of 49
points from Friday's high. Houston Oil moved in a similar
fashion and slipped back 11 points to 133. Du Pont yielded
9 points to 297, as compared with its recent high at 343%.
During the last hour many stocks were forced down to
new low levels for the movement, particularly American
Can, which dropped back about 2 points to 61, and General
Electric, which was in continued supply and sold down to
121. Colorado Fuel had a further decline of 5 points followed
by a slight rally and Commercial Solvents "B," National
Distillers and American Locomotive slipped back 2 to 5
points.
On Monday the market was stronger, buying orders being
in fairly large colume as trading was resumed and many
stocks improved from 1 to 5 points. General Motors showing
a gain of 4 points, as compared with Saturday's low. United
States Steel common was equally conspicuous with its advance
of nearly 3 points. Selling movements in the railroad stocks
carried many issues in this group down to lower levels,
Western Maryland reaching a new low for the movement at
433/
2- Radio Corporation and Freeport Texas were bought
on a large scale, the former making a gain of 2 points to
743
4and the latter advancing 4 points to 924. The notable
forward swings and subsequent reactions included Du Pont,
which advanced nearly 8 points and lost about half of it
gain, Case Threshing Machine, which gained 8% points and
lost 7, and International Harvester, which bounded forward
6 points and dipped 21.4. In the specialties group Rossia
Insurance moved forward more than 12 points and Houston
Oil over 6 points, though both lost some of their gain later
in the day.
Stocks were moderately strong in the early trading on
Tuesday and advances ranging from 1 to 10 points were
common, but market movements were completely reversed
in the afternoon and the morning gains were practically
wiped out. Railroad stocks made fair progress in the
forenoon, New York Central and Cheasapeake & Ohio making gains up to 4 points. Most of the oil issues did better.
Radio Corporation continued its forward movement and
reached its best since 1924 as it touched 77. General
Motors moved into new high ground on the recovery, but
encountered so much selling that it slipped back to 129 with
a net loss of 1 point. American Sugar Refining, which
crumbled away in the preceding 2 days, advanced about 2
points in the early trading, but in the final hour had
a
sharp drop of 6 points to a new low for the year.
Greene
Cananea Copper was one of the outstanding strong
stocks
and ended the day with a net gain of nearly 4 points.
In the
specialties group price movements were irregular, Du Pont
advancing 5% points and declining 7, Case Threshing Machine gaining 7% and receding 23
%, while Rossia Insurance
bounded forward 103/
s and fell back 3%.
On Wednesday the market again turned upward,
though
there were a number of selling waves that kept the fluctuations in the standard issues and speculative favorites within
narrow limits. Radio Corporation had a steady rise from
its
opening price at 763
% to 81 and scored a net of 4% points.
United States Steel common moved steadily forward to
133%, showing a gain of about 4 points from the low on
Saturday. General Motors made a gain of over 5 point

[VOL. 125.

THE CHRONICLE
above its previous low. Chesapeake & Ohio moved.forward
5 points to above 210, and New York Central rose 2 points
to 160. Southern Railway was particularly strong and
advanced p points to 135. American Smelting bounded
upward nearly 2 points to 162. American Sugar Refining,
which had been under pressure for a day or two, closed
with a gain of 2 points. Brooklyn Union Gas moved briskly
forward 73/i points.
The market turned sharply upward on Thursday, the
rebound carrying to higher levels not only the usual market
leaders but a long list of minor issues as well. Copper stocks
were noteworthy for their strength, Calumet & Arizona
shooting upward to 90 and reaching its highest peak since
1916. Kennecott was active and higher and American
Smelting & Refining moved briskly upward 3 points to 164%.
Southern Railway advanced 2 points and crossed 137, and
New York Central swong upward 2 points to 162, followed
by Wabash with a similar gain. Canadian Pacific closed
at 191, a net gain of 4 points. Marland Oil bounded forward
to a new high for the day above 37, followed by Mid-Continent Petroleum, which sold up to 30 WI, and California
Petroleum, which closed with a net gain of 3 points. Radio
Corporation made a further advance of 2 points to a new high
record, but slipped back later in the session and closed with
a net loss.
Prices turned downward the early part of Friday following
the report of further increases in the latest brokers loan
figures. Radio Corporation was one of the outstanding
features of the day and reached its highest peak since the
stock was listed in 1924. Motor stocks were weak as a
group, General Motors yielding about 13/i points, followed
by Hudson, White and Hupp with similar recessions.
United States Steel common was offered freely throughout
the day and dipped about 2 points below its previous
close, but the independent steels were fairly steady. Cop •
per stocks continued strong, Calumet & Arizona moving

up to its highest peak since it started on the New York
Stock Exchange, followed by Greene Cananea, Anaconda
and Cerro de Pasco. One of the late features of the market
was the enormous trading in American Can and its advance
of 3 points to 68.• General Railway Signal closed at 124, a.
net gain of 63 points.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Railroad,
ic..
Bonds.

State,
Municipal db
Foreign Bonds,

1,136.600
1,600,740
1.676,570
1,673,890
2,389,210
2,063,500

$3.287.000
5,518,000
5.998,000
6,339,000
6,286.000
7.492.000

$1,662.000
2,545,000
2 218.500
2,798.5011
2,879,500
2,404.000

$627,000
1,063.000
1.146,500
680.500
1,378,000
134,000

In s.in gin

ens 090 111111

Cl A cri, cnn

et 000 61110

Saturday
Monday
ruesday_
Wednesday
Thursday
Friday
Mtn!

Week Ended Nov. 4

Sales at
New York Stock
Exchange.

1927.

Stocks-No. of shares
Roods
Government bonds
State and foreign bonds
Railroad & misc. bonds

United
States
Bonds.

Stocks.
Number of
Shares.

Week Ended Nov. 4.

1926.

Jan. Ito Nov. 4.
1927.

1928.

10.540.510

5.614.654

471,239.772

383.751,001

$5,029.000
14.507.500
34.920.000

52,685.5001
24,349,000
34,12R.500

5247.955,300
703,338,200
1,823.015,400

$219,353,450
574,757,450
1,672,743.700

$54,456,500 $61,163,000 $2,774,308,900 R2,466,854,600

Total bonds

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Nov. 4 1927.

Philaselphia.

Baltimore.

Shares. Bond Sale,. Shores. Bond Sales. Share, Bond Salesr
514,000
13.000
12.300
17,700
10,400
11,000

16.375
16.488
18,995
20,038
23,648
15,193

37,000
37,000
62.090
31,500
22,800
30,000

a1,672
a2,572
a9,729
a2.423
a5,543
a4,1174

$15,000
36,100
11.000
27,600
35.200
32,700

152.405

$78,400

111,733

3190.300

28,684

8157,600

1117(MI

CIS, Knn

1.1.1 701

e,q, Ann

elan•'inn
sang,
•

21,405
28,905
25,498
25,401
31.385
19,811

Saturdny
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revbs:d

a In addition, sales of rights were: Saturday, 1,931; Monday, 2,119; Tuesday
859; Wednesday. 18, Thursday, 48. Friday, 51.

Course of Bank Clearings
Bank clearings this week will show a large increase over a
year ago, due to the fact that the Election holiday fell in this
week last year. 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. 5),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 25.1%
larger than for the corresponding week last year. The total
stands at $11,934,110,011 against $9,540,795,448 for the
same week in 1926. At this centre there is a gain for the
five days of 45.1%. Our comparative summary for the
week is as follows:
1922.

1926.

Per
Cent.

$6,332,000.000
602,545,778
528,000,000
569.000,000
123.058.063
124.200,000
170.362.000
148.000.000
149,182.035
104,397,916
149.269,447
104.696.370
64.722.377

14,363,291,328
534,149.523
549,000.000
409,000,000
118,803,398
117.300.000
137,700,000
130,480,000
132,725,862
96,631,798
132,084 494
77.772,284
58.214.053

+45.1
+12.8
-3.8
+39.1
+3.6
+5,9
+23.7
+13.4
+12.4
+8.0
+13.0
+34,5
+11.2

Thirteen cities.5 days
Other cities, 5 days

$9.169,433,984
1,108,991.025

56.857,153.740
1,104.900,710

+33.7
+0.3

Total all cities,5 days
All cities. 1 day

310.278,425,009
1.655,685.002

$7,962,063.450
1.578.731.998

+29.1
+4.9

511 001 11n All

58 510705,146

4-951

Clearings-Returns br, Telegraph.
Week Ended Nov. 5.
New York
Chicauo
Philadelphia
Boston
Kansas City
Bt. Louis
Ban Fragig. taco
Los An2Vi05
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans

•

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, 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 Oct, 29. For
that week there is an increase of 9.7%, the 1927 aggregate
of clearings being $10,307,091,371 and the 1926 aggregate
$9,394,763,568. Outside of New York City, however, the
increase is only 2.5%, the bank exchanges at this centre
having increased 15.4%. We group the cities now according
to the Federal. Reserye districts in which they,are located,
and from this it appears that in the New York Reserve District (including this city) there is an increase of 15.2%, hi the




Boston Reserve District of 5.3%, and in the Cleveland
Reserve District of 0.9%. In the Philadelphia Reserve
District there is a loss of 5.3% and in the Richmond Reserve
District of 9.5%, but in the Atlanta Reserve there is a gain
of 5.6%, notwithstanding decreases at the Florida points,
Miami falling behind 52.1% and Jacksonville 28.1%. In
the Chicago Reserve District the totals, are larger by 6.7%,
in the St. Louis Reserve District by 8.2% and in the Minneapolis Reserve District by 12.3%. The Kansas City
Reserve District shows a trifling loss namely 0.8%, and the
Dallas Reserve District a trifling increase that is 0.6%, while
the San Francisco Reserve District shows an increase of
2.6%.
In the following we furnish a summary by Federal ReserveDistricts.
SUMMARY OF BANK CLEARINGS.

Week End. Oct. 29 1927.

1927.

$
Dist..
Federal R
569,719,346
lst Boston....12 cities
8351,837,314
2nd New York 11 "
566,776,350
3rd Philadelphia!0 "
398,846,502
4th elsveland.. 8 "
179950,043
5th Richmond .16 "
218.479,156
5th A tlanta..._13 "
948,555.739
7th ChIcago...20 "
234,036,605
8th St. Louts_.18 "
154,327,880
3B) Minneapolls17 "
268,151,959
10th Kanaas City12 "
95,380,986
15 "
11th Dallas
524.929,491
12th San Fran 17 "

1926.
$
540,896,236
5,339.244,381
597,344,433
395,284.093
197,898,442
206,911.137
888,687,977
216.289.367
137.416.586
268,205.041
94,850,975
611,704.900

Inc.or
Dec.

1925.

1024.

%
$
$
+6.3
517.946,200
479963.307
+15.2 5,691,420,471 5,243.897,176
-6.3
529,284,456
593,192,484
+0.9
385,870,025
341,619.261
-9.5
196,026,514
210,620,516
208,877.3.36
269,022,021
+5.6
+6.7
816,432,307
90t,792,857
+8.2
233.893,722
226,326.836
+12.3
135,377.296
178,568,679
-0.8
254,300,619
262.572.158
+0.6
90,070,476
96,866,418
+2.6
435,296,182
529.528,008

129 cities 10,307,091,371 9.394,763,568 +9.7 9,822,783,608 9,005.533.701
Total
4,279,639,058 4,173,503,598 +2.5 4,251,720,672 3,861,980.612
Outside N. Y. City
Canada

31 titles

424,329.183

361.573.730 +17.4

R.V mg ma

:Iliad On

We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of October. For
that month there is an increase for the whole country of
7.2%, the 1927 aggregate of the clearings being $48,075,394,486, and the 1926 aggregate $44,855,040,481. 'While
the present year's total does not establish a new high monthly
record, it is the largest total ever reached in the month of
October. The gain, however, is due almost entirely to the
increase at New York City. Outside of New York City the
increase for the month is only 0.8%. The New York Reserve
District records 12.4% improvement but the Boston Reserve
District shows a loss of 3.0% and the Philadelphia Reserve
District of 3.7%. The Cleveland Reserve District falls
behind 1.8%, the Richmond Reserve District 2.2% and the
Atlanta Reserve District 0.1% the latter due to the shrinkage

THE CHRONICLE

Nov. 5 19271

2485

The course of bank clearings at leading cities of the country
at the Florida points, Miami having suffered a loss of 43.7%,
Tampa of 36.6%, and Jacksonville of 27.5%. The Chicago for the month of October and since Jan. 1 in each of the
Reserve District has 3.0% increase, the St. Louis Reserve last four years is shown in the subjoined statement:
DANK CLEARINGS AT LEADING CITIES.
District 3.5% and in the Minneapolis Reserve District no
October
Jan. 1 to Oct. 31less than 30.4%. On the other hand the Kansas City Reserve
1927. 1926. 1925. 1924. 1927.
1926.
1925.
1824.
(000.0003
omitted.)
District has decreased 3.9%, the Dallas Reserve District
$
$
3
$
3
3
New York
27,381 24,333 25,952 21.585 261,238 241,888 233.182 201,810
4.5%, and the San Francisco Reserve District 12.4%.
Chicago
2,958 2,806 3.108 2.768 29,904 29.197 29,508 26.183
October
1927.
Federal Reserve Dists.
1st 13oston _ _ ._14 cities
2nd New York 14 "
3rd Philadelphial4 "
4th Cleveland_ .15 "
5th Richmond _10 "
6th Atlanta ___ _18 "
7th Chicago_._29 "
8th St. Louis_ _10 9th Minneapolls13 "
10th Kansas City16 "
12 "
11th Dallas
12311 San Fran_.28 "

October
1926.

Inc.or
Dec.

$
$
%
2,667,107,989 2,738,530,419 -3.0
28,116,837,692 25,017,735,245 +12.4
2,600,317,474 2,700,490,147 -3.7
1,880,020,288 1,913,880.688 -1.8
911.704.209 -2.2
891,562.559
1,065,139,464 1,065,251,414 -0.1
4,391,923,425 4,266,291,072 +3.0
1,088.187.839 1,051,446.576 +3.5
841.348,908
645.051.968 +30.4
1,273,328,019 1,324,899,400 -3.9
672,470,203
703,995,388 -4.5
2,597,150,626 2,515,763.955 -12.4

October
1925.

October
1924.

$
$
2,480,042.922 2,118,967,563
26,652.522,542 22,177.832314
2861.324,974 2,482,740,927
1.886.353.209 1,710,301.913
905,548.493
1,035.839.561
1,410,376,819 1,014.106.571
4,573,575.996 4,042.203,150
1,148.533,546 1,066,038,413
718.254,343
896,024,294
1.298.199,189 1,340.098.406
681.085.746
678,949.280
2,527,106,292 2,185,100,502

193 cities 48,075,394,486 44,855.040,481 +7.2 42,273,215,139 40,617,911,826
Total
Outside N. Y. City
20,694,866,080 20,521,753,401 +0.8 21,321,068.140 19,033,284,592
Canada

31 cities

1.968.853.114

1.642.301.252 .4-19.9

1.709.150.392

1.769.486.443

We append another table showing the clearings by Federal
Reserve districts for the ten months back to 1924:
Inc.or
Dec.

1926.

Federal Reserve Dists.
1st Boston ..14 cities 23,969.382,043 23,315,738,682
268,021,422,911 247,978,694,670
2nd New York 14 "
.1
25,226,147,614 26,138,203,689
2rd Phila1lelphial4 1,
18,353,862,840 17,907.966,643
4th Cleveland_ _15 .1
8,547,224,067 9,078,153,843
5th Richmond .10 .1
9,175,424,826 10,572,719,074
6th Atlanta....i8 .•
43,823,919,996 43,197,957,964
7th Chicago__ _29
9,658,506,340 9,794,249,425
8th St. Louis_ _10
5,526,495,094 5,549,940,488
9th Miuneapolls13 1,
12,176,590,991 12,266,488.085
10th Kansas City 16
5,440,725,890 5,549,056,568
12
11th Dallas
24,117,609,283 24,029,415,293
12th San Fran_ _28

2.358 2,4542,190 1.873 21.383 20.774 18,353 17.384
2,405 2,502 2,615 2,254 23,399 24,329 24,010 21,009
647
650
713
668 6.119
6.261
6,301
5.926
765
809
786
715
7.784
7.610
7.309
6,646
931
832
902
755
8.191
8,193
7,743 6.938
340
450
3,209
3,226
335
335
3,079
4.153
296
4,670
5.029 4.796
471
480
544
2.772
648
654
6.064
6,005
625
657
5,798
5.416
562
508
5.377
5,139
576
569
4.993
4.521
327
302
2,504
2.558
307
309
2.579
2.392
598
3,382
3,890
556
394
453
3,638
3.258
149
1,547
167
146
144
1,491
1,440
1.331
6,131
754
769
797
632
7.297
7,392 6,956
196
195
185
177
1,870
1,831
1,717
1.587
7,397
6,527
5.977
770
766
706
606
7.743
592
589
512
84
72
65
593
74
1.674
198
186
198
120
1,750
1,761
1.819
250
231
269
214
2,271
2,267
2,289
1.899
150
1,262
1,331
1.338
1.323
153
145
154
102
102
79
92
1,004
990
731
840
102
154
106
160
1,291
1.379
1,362
1.320
234
232
279
273
2,062
2,153
2,314
2.296
148
133
160
131
943
980
974
835
209
203
200
182
1,955
1,965
1,808
1,703
79
63
76
53
683
673
624
541
90
90
87
77
739
752
710
645

Total
Other cities

Ten Months.
1927.

Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City _

1925.

1924.

+2.8 20,851,961,428 19,606,085,331
+8.1 329,329,697,061 207,345,159,769
-3.5 26,243,427,592 23,063,719,845
+2.5 17,260,730,781 15,751,723,850
-5.8 9,003,714,386 8,148,597,032
-13.2 10.891,387,802 8,408.739,427
+1.4 42.673,105,633 38,141,974,113
9,752,555,827 9,013,662,827
-0.4 5,833,092,752 5,376.719,569
-0.7 11,915.495,057 11,041.973,368
5,304,487,403 4,682,530,373
+0.4 22,150,428,246 20,237,469,264

193 cities 454,026,311,895 135,378,584,425 +4.3 421,210,082,969 370,818,354,768
Total
192,787.360,173 193,990,561,589 -0.6 188,027,302,292 169,008,847,155
Outside N. Y. City

43.739 40,629 42,658 35,913 416,236 397,053 382.487 337.922
4,336 4.226 4,615 4,705 37.790 38.325 38.723 32,896

Total all
48,075 44,855 47,273 40,618 454,026 435,378 421,210 370.818
Outside N.Y. City 20,695 20,521 21,321 19,033 192.787 193,990 188,027 169,008

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
0 t bar and the ten months of 1927 and 1926 are given
below:
Month of Odober.
1927.

1926.

1927.

1926.

Stock, number of shares_
50,289,449 40,437,374
403,248,769
377.558,040
Railroad and misc. bonds $163,924,100 $136,533,500 $1,796,900,400 $1,641,191,500
State, foreign, dm., bonds 76,027,100 66,636,500
644,017,700
553,355,950
U. S. Government bonds 12,816,500 16,501,450
244,616,600
219,020.500
Total bonds

Canada

Ten Months.

Description.

18252,767,700 5219,671,450 $2,735,534,700 52,413,567.950

31 cities 15,585,578,111 14,177,726,522 +12.0 13,176,408,944 13,628,015.069

The volume of transactions in share properties on the
The following compilation covers the clearings by months New York Stock Exchange for the month of October in
since Jan. 1 in 1927 and 1926:
1924 to 1927 is indicated in the following:
MONTHLY CLEARINGS.
Clearings, Total AU.
1927.

1926.

1927.

1926.

1925

1924.

No. Shares.

No. Shares

No. Shares.

No. Shares.

Clearings Outside New York.

Month.
1927

%

1926.

%

41.570.543
32,794,456
38.294,393

26.857.386
20.721.562
18,315.911

87.649.569 126.985.565 112.659 392

65 R44.859

49.781,211
46.597.830
47./78.544

30.326.714
23,341 144
38.254.575

24.844.207
36.647.760
30.750.76/4

18,116.828
13.513.967
17.003.140

Second quarter

144.157,585

91.922,433

92.242,735

48.633.935

6 moo. 271909.486,248 266769402,873 +1.9 115476.272.189 116577.878.203 --0.9

Month of July
August
September

38,575,576
51,205.812
51.576.590

36.691.187
44,491,314
37.030.166

32.812.918
33.047.248
37,109.231

24.318.182
21.809.031
18.184.160

*Bay __ 44.242,150,50943,740.219.022 +1.1 18,795,919,821 19,913,006,383 -5.6
Aug __ 43,958,526,146 39,905,694,050 +10.2 18,578.939,266 18.229,714,351 +1.9
Sept-- 45.840.754,506 40.108,227,999 +14.3 19,241,362.817 18,748.209,251 +2.6

141,357.978 118.212.667 102,969.397

64.311.373

Month of October

$
$
8
$
Jan..... 45.209.424,033 47.611,459,198 -5.1 19,6..7.510,562 20.510.360.432
4.2
Feb__ 40.361 508.749 38,758,757.643 +LI 17,301 381 426 II 305 400,168 -0.03
Mar__ 48.948,371.418 48.460,993,827 +1 0 20.219.526,589 20,369.129.688 -0.7
Ist Mi. 134 519304200 134831210668 -0.2 57.170.418.557 58,184,8141.985 -I 8
Apr ... 45.718,620.044 45.468,511,618 +0.5 19,253,159,393 19,504 450.850 -1.3
May.. 43.977.075.054 42,370.068.700 +3.8 19,233.954.625 18.983.923.067 +1.3
June... 47.694,486,950 44,099,611,887 +8.2 19,818.7311,614 19.904.622.301 -0.4
241 qu. 137390,182,048 131938,192,205 +4.1 58,305,853,632 58.392.906,218 -0.1

3d qu. 134041,431.161 123754,141,071

+8.356,616.221.904 56,936.035,287 -0.6

9 mos. 405950917.409 390523543,944 +4.0 172092494,093 173468808.188 -0.8
!Int

49075 '104 44041 onm nnn Aol

.2.7 .1

on not sea nsn on

591 750 Ant

_i_n o
•

34,275,410
44.162.496
49.211.683

Month of January
February
March
First quarter
Month of April
May
June

Third quarter

50.289,449

38.987.885
35.725.989
52,271.691

40.437.374

54.091_724

16 332 092

We now add our detailed statement showing the figures
for each city separately for Cttober and since Jan. 1 for
two years and for the week ending Oct. 29 for four years:

CLEARINGS FOR OCTOBER, SINCE JANUARY 1, AND FOR WEEK ENDING OCT. 29.
Month of October.

Ten Months,

Week Ending Oct. 29.

Clearings at1927.

1926.

Inc. or
Dec.
-

1927.

1926,

Inc. or
Dec.

Second Federal Re serve District -NewYork29.704,036
N.Y.-Albany
26,445,150
5,312,900
Binghamton
5,423,800
230,991,295
249,781.839
Buffalo
4.602.621
Elmira
4,204.562
6.190,349
6,271,376
Jamestown
New York
27,380,528,406 24,333,287,080
5048,784
NiasaraFalls
48,010,600
59,947,812
Rochester
66,816,825
27,559,878
29.219.261
Syracuse
17.643,664
Conn.-8tamford_ _
19,439,899
3,193,840
N.J.-Montclair_ _._
4,091.927
110,137.174
Newark
118,627,349
177,339,435
Northern N. J
193,505,450
6.776,377
Oranges
6.491.848
Te4a1 CIA ol•la.

00 1 la 0,7 ann 00.f117
,




•rin _ OAS

.4-44
6.4woo*mnz-moonz.6;7-14:-4.36, 66667-4-6

6

s
$
$
%
$
%
First Federal Rese rye District- Boston-3,838,856
Maine-Bangor
+4.6
4,017,984
35,883,722
37,626,252 +10.0
Portland
17,471,709 +7.2
18,724,675
165,326,938
158.454,955 +4.3
Mass.-Boston
2,357,722,395 2,454,000,000 +19.6 21,382.765,555 20.774,485,842
+2.9
9,124,758 +4.7
Fall River
85,320,533
9,447,539
85.244,272 +0.1
4,605,970 -2.0
H
Holyoke
38,202.064
4,515,734
40,465,514 -5.6
Lowell
4,971.107 +9.5
52,061.726
5,445,802
45.698.809 +13.9
a
Lynn
a
a
a
a
a
6,498,052 -5.9
New Bedford
52,527.550
6,115,717
56.331,983 -6.8
+1.6
25,067,287
Springfield
234,261.298
25,484,935
249.120,604 -6.0
16,846.171 -6.7
Worcester
155,097,457
15,715,165
158,572.106 -2.2
62.604,158 +26.2
Conn.-Hartford. _ ...
683.075.097
79,031,070
673,144.104 + 1.5
34,194.445 +18.6
New haven
340.035.214
40,563,709
311,397,466
+9.2
11,204,800 +14.8
110.040,000
Waterbury
12,868,500
104.404.400 +5.4
84,358,500 -12.3
592,661,309
It. 1.-Providence- - _
73,965,700
591.780.200
+0.1
3.844,606 -9.2
32.123,589
N. 11.-Manchester _ _
3,489.064
34,011.175 -5.5
23.959,382,043 23.315,738,682
Total (14 cities) _ _ _ 2.657.107,989 2,738,530,419
+2.8

1927.

1926.

Inc. or
Des,

1925.

$

$

%

8

8

782,818
3.782,532
510,000,000
1,922.957
a
1,080,629
a
1,392,754
5,410,675
3.282,712
14,353,840
8,894,783

687.415
3,287.294
485,000,0C°
1,997.003
a
1,105.086
a
1,752.092
5,500,217
3,426.779
12,723,034
6,881,139

+13.9
+15.1
+5.2
-3.7
a
-2.2
a
-20.5
-1.6
-4.2
+12.8
+29.3

652,071
3,138,915
460,000,000
2,570,361
a
1,319.416
2,816.140
6,184.880
3,342,816
16.627.952
6,816.899

788,842
3,108.799
429,000,000
2,024.140
a
1.617.547
a
2,668.789
6,008.557
3,217.000
11.248,137
6.513.851

18,253,600
562,046

17,919,000
617,177

+1.9
-8.9

13,820,000
656,750

12,631,700
735.945

569,719,346

540.896,236

+5.3

517,946,200

479,563,307

272,221,650
280.588.391 -3.0
5.235,332
5,905.668
54,719,164
50.540.814 +8.3
990,200
949.600
2,270,568,758 2.267.162,802
+0.1
51,153.869
49,223.313
44,933,538
44,502.314 +0.7
842,584
1,072.590
60,733 216
64,716 459 -6.2
d1,106,751
1,177,418
261,238,951.722 241.388,022,836
+8.2 6,027,452.313 5,221.259.972
52,284,945
45,927,504 +13.8
605,283,928
569,935,003
+6.2
13,691,090
11.162,316
280.645,700
265.603,517
+5.7
5.789.374
5,408,272
166,119 243
157,449,771
+5.5
c4,206,258
3,470,863
38,009,300
34,981,917 +8.7
847.730
744,360
1,121.625,053 1.080,534.269
+3.8
1,748,542.288 1 665,217.494 +5.0
40,521,813
38,870,009
63,411,579
66,784.406
+5.3

-/.10.4 999.0./1.100,011 017.070.AnA 0711
.

_LO 1

et 101 0,7 .11 .4 x non n.a .• ne.
„ ,
„

a

1924.

-11.4
5,337,832
0,068.981
+4.3
858,200
896,500
+3.9
57,059,612
46.303.693
-21.4
898.655
774.338
-6.0
1,326,954
1,052,958
+15.4 5.571.053.936 5,134.553.189
+22.7
+7.0
+21.2
+13.9

12,111.494
5,531.944
3.564,319
587.108

9,715,195
4.746,744
2,931,550
630,121

+4.2

32,359.268

36.955.056

i l e. a.. e....••• A...... --.
.& O.O0I,tflJ,tIt

....... ......_ .
.

[VOL. 125.

THE CHRONICLE

2486

CLEARI NGS-(Continued)
Ten Months.

Month of October.

Week Ending Oct. 29.

Clearings al1927.

1926.

$
Third Federal Res crve District- -Philadelphia
Pa.-Atoona
7,302.271
7.889,205
22,944,833
Bethlehem
25,063,630
Chester
7,295.897
7,236.791
Harrisburg
22,859,458
21,356,890
Lancaster
10,218,178
11,066,154
Lebanon
3,394,759
3,122,370
Norristown
4.809,454
4,450.407
Philadelphia
2,405,000,000 2,502,000,000
20,137,998
Reading
19,241,546
31,055,853
Scranton
30,310,348
18,266,088
Wilkes Barre
17,635,318
9,042,343
8,492,903
York
11,100,489
11,063,214
N.J.-Camden
28.324,388
30,126,838
Trenton
a
a
Del.-Wilmington_ - Total (14 cities)-

Inc. or
Dec.

Total (15 cities).

1,880,020,288 1,913,880,688

Fifth Federal Rese rve District- Richmond5,983,802
6.633,247
W. Va.-Huntington.
Va.-Newport News_
a
a
24,644,713
37,780,513
Norfolk
233,530,795
Richmond
231,781.000
a
a
N. C.-Asheville__ _ _
13,204,032
7,512,920
Raleigh
a
Wilmington
a
10,783,352
12,691,193
S. C.-Charleston_
9,445,283
9.789,500
Columbia
471,179,283
479,695,347
Md.-Baltimore
2.504,590
2,268,121
Frederick
3,454.935
4,041,544
Hagerstown
118.851,774
119,532,824
D. C.-Washington

282,080,000
179.527.706
3,208,649,997
5,377.017,971
765,759,600
a
40,586,749
a
19,399,777
87,012,543
a
a
239,175,472
31,416,959
a
13,463,577
83,137,023
7,784.250,103
79,395,233
182,990,130

1926.

1,534,046
4,644,632
1,354,811

Inc.or
Dec.

1924.

1,553,957 -1.3
5,264,489 -11.8
1,701,144 -20.4

1,784.195
4,127,035
1,351,858

1,352,086.
4,037,509
1,508,250

1,866,576

1,914,802

-2.5

2,420,501

2,526.989

534,000,000
3,797.247
6,174,387
d3,774,447
1,709,597

565,000.000
3,681.090
5.954,839
3,717,246
1,660,612

-5.5
+3.2
+3.7
+1.5
+2.9

563,000.000
3,635,138
5,237,622
3,373,232
1,682.307

499,000,000
3,140,709
6,491,145
3,892,238
1,667.482

6,920,607
a

6,896,254
a

+0.4
a

6,600,776
a

5,670,048
a

-3.5

565,776,350

597.344,433

-5.3

593,192,464

529,284,456

267,653,000 +5.4
177,809,847 +1.0
3,226,131,238 -0.5
5,138,601,368 +4.6
732,185,500 +4.6
a
a
41,487,309 -2.2
a
a
19,885,567 -2.4
90,729.788 -4.1
a
a
a
a
+2.6
233,217,767
32,830,102 -4.3
a
a
15,404.333 -12.6
62,164,402 +1.6
+2.3
7,609.550,076
78,290,803 +1.4
182,045,457 +0.1

6,077,000
3,231.294
74,358,706
116,699,393
14,522,700
a

6,743,000 -19.3
3,448,899 -6.3
70,851,000 +4.9
115,228,437 +1.3
14,758,800 -1.6
a
a

5,471,000
3,026,952
72,133,000
112,580,510
14,r5,300

7,122,000
4,081,883
89,955,231
100,419,650
12,468,800
a

25,226,147,614 26,138,203,689

+10.9
1-1.7
-0.1
1.2
d-4.0
a
--10.0
a
--5.1
--11.5
a
a
--1.5
--7.4
a
--18.8
--3.2
--5.5
6- 15.9
--1.0

1927.

1925.

1926.

+3.6
69,912,467
72,436,041
--7.4
193,901.958 -0.1
193,762.734
--8.5
61,862.087
+0.1
61,938,780
6-0.8
211,335,666 -2.6
205,768,529
--6.6
100,510,623 -3.4
97,066,663
6-8.3
28,638,203 -1.5
28,211,071
--8.0
+1.6
39,677,594
40,271,636
6-8.1
--3.9 23,399,000,000 24,329,381,000 -3.8
180,736.805 +1.6
183,694,099
--4.4
271,622,982
+2.4
--2.4
278,084,047
177,371,194
160,421,347
+8.2
--3.5
82.059.461 -3.3
79.350,828
6-6.5
137,538.389 -13.6
118,828,650
--0.3
270,605.108 +7.3
290,363,342
6-6.4
a
a
a
a

- 2,600,317,474 2.700,490,147

Fourth Federal Re serve District -Cleveland 30,238,000
27.263.000
Ohio-Akron
17,053,032
17.343.934
Canton
335.047,741
335.436.155
Cincinnati
576,176,247
569,403,407
Cleveland
81,061.300
77.968,200
Columbus
a
a
Dayton
3,508.003
3.895.684
Hamilton
a
a
Lima
1,906,067
2,007,706
Lorain
8.615,119
9,738,215
Mansfield
a
a
Springfield
a
a
Toledo
23,818,483
24,179,513
Youngstown
3,674.423
3,400,756
Pa.-Beaver Co
a
a
Erie
1,228,091
1,513,016
Franklin
6.858.217
7,082,552
Greensburg
764,805,882
809,484,608
Pittsburgh
6,479,100
7.507,892
Ky.-Lexington
18.508,576
18,702,077
W. Va.-Wheeling

1927.

Inc. or
Dec.

-1.8 18,353,882,840 17,907,988,643

+2.5

a
d1,866,766
a
a
5.675.450
a

a

a

1,817.199 -8.3
a
a
a
a
5,058,842 +12.2
a

a

a
1,905,935
a
• 5.5
''65,710
a

,

a
1,594.190
a
a
4.598,787
a

178,615,193

177,378,116

-0.4

170,981,618

150,378.740

398,846,502

395,284,093

+0.9

385,870,005

341,619,261

1,098,218

1,370,162 -19.8

1,314,043

1,474,318

d5,055,344
55,099.000

7,832,878 -35.5
53,568,000 +2.9

9.335,421
60,910,000

7,689,37
63,888,000

-10.1
a
-34.8
+0.8
a
+75.7
a
-15.0
-3.3
-1.8
+10.5
-14.5
-2.2

58,759,946
a
252,864,552
2,062,384.087
a
114,204,817
a
99,941,594
86.536,099
4,669.850.035
21,518,503
35.314,416
1,148,052,038

64,750,202 -12.3
a
a
353,612,755 -28.5
2.152,887,000 -4.2
a
a
+2.4
111,479.263
a
a
108,213,046 -7.8
74,982,503 +15.4
5,009,223,059 -8.8
+2.2
21,053,566
34,720.749 +1.7
1,147,251,700 +0.1

23,251,108

24.888,114

-5.7

23,913,772

21,173,691

911,704,209

-2.2

8,547,224,067

9,078,153.843

-5.8

179,050,043

197,898,442

-9.5

210,620,516

198,028,514

Sixth Federal Res erve District- -Atlanta40,329.220
40,260,000
Tenn.-Chattanooga
14.506,089
14.041 878
Knoxville
116,161,319
99,760,509
Nashville
272,141,507
Ga.-Atlanta
260.456,528
13,720,540
11,517,158
Augusta
5.208,905
4,900,749
Columbus
11,953,263
Macon
10.160,069
a
Savannah
a
72.8471064
Fla.-Jacksonville_ _ _
100,514,711
Miami
14,673,469
28,053,836
Tampa
15.972.000
2.5,199,065
136,539,695
Ala.-Birmingham.
120,294.873
Mobile
8,541,492
9,241.571
Montgomery
9,462,023
8.184,000
Miss.-Hattiesburg
7,877.150
9,944.571
Jackson
10.927,115
8,735,471
Meridian
4,788,557
4,609.287
Vicksburg
2,331,316
2.222.829
La.-New Orleans
307,158.740
309,154,315

+0.2
+3.3
+16.4
+4.5
+19.1
+6.3
+17.6
a
-27.5
-43.7
-38.6
+13.5
-7.6
+15.6
-20.8
+25.1
+3.9
+4.9
-0.6

351,969,939
142,176,648
988,278,744
2,202,438.128
94,407,797
46.531,231
94,764,376
a
851,269,648
228,398,884
201,592,039
1,095,820 951
85,190,477
71,896.119
78,383,051
79,007.704
43,027,085
18,129,939
2.504,142,066

338,722,761
141,057,715
942,392,923
2,666,668,136
89,697,490
46,130.671
79,573,984
a
1.296,483,645
560,881.920
359,577,330
1,113,905,044
90,223,578
71,623,614
87,596,008
72,521,633
39,415,638
18,000,136
2,558,248,706

+3.9
+0.8
+4.7
-17.4
+5.3
+0.9
+ 19.1
a
-34.3
-59.3
-43.9
-1.6
-5.6
+0.4
-10.5
+8.9
+9.2
+0.7
-2.1

d8,792,982
7,650.407
24.823,658
58,549.621
2,724,880

8,164,909 +7.7
2,484,891
+6.7
20,603 955 +20.5
54.461.654
+7.5
2,219,898 +22.7

7,410,199
2,374,086
20,724,019
79,167.719
2.477,505

8,126,839
2,73.5.090
20,412.942
62,230,098
2,268,874

*2,600,000
a
15,482,538
2,704.000

2.467.992 +5.3
a
a
21.532,049 -28.1
5,645.000 -52.1

1,922,089
a
34,576,452
24,585.441

1,754.191
a
15.033.000
3,888.898

29,237,978
1,863,048

25,115,188 +16.4
1,860,887 -10.6

23.885.173
1,854,416

27,553,043
1,762.637

1,960,000

1,389,938 +41.1

1.349,831

1,224,613

433,600
86,856,444

487,981 -11.1
80,506,797
+0.5

496,127
68,398,955

408.327
63.478.986

9,175,424.828 10,572,719,074 -13.2

218,479.156

206,941,137

+5.6

269,022 012

208,877.336

10,585,074 +1.5
40,207.996
7,392,364,709 -1.3
128,105,797 +18.0
384,838,705 -5.4
76.244,247 +4.3
123.832,175 -4.3
+2.8
125,048,554
271,281.892 -4.6
+1.4
989.559,000
134.727.383 -1.4
258,079,291 -2.1
+1.1
158,853.512
+2.2
1,831,326,897
+4.9
41,217.613
114 822.973 +7.6
+4.4
421,406,426
454.143,841 -5.0
21,185.615 +2.0

228,268
837,835
168.476.987

232.277 --1.7
989,350 --34.2
171,288,511
--1.5

194,304
867,530
163,911,010

227.764
911,798
120,455.487

891,562,559

Total (10 cities).- - -

Total(18 cities)

1,065,139,464 1,065,251,414

-0.1

Seventh Federal R eserve Distric[-Chicago-Mich.-Adrian
918,652
1.218.108
Ann Arbor
6,173,589
4,235,201
769,595,502
754,340,258
Detroit
12.921.940
Flint
15,924,467
36,878,298
3.3.876,827
Grand Rapids
7,958.188
7,306.937
Jackson
11,547,587
12,297,676
Lansing
14,635,928
12,727.075
Ind.-Ft. Wayne-.
27.643.714
24,973,915
Gary
102.202.000
101,907,504
Indianapolis
14.582,100
13,938.1 I i
South Bend
29,474,945
24.446,153
Terre Haute
18,735,694
15.912,077
Wis.-Madison
195,360,663
195.620.927
Milwaukee
4538,706
4.42.5,536
Oshkosh
12,368,292
13,305,378
Iowa-Cesi. Rapids_ _
45,290,975
43.015,779
Davenport
48.880.706
44,179,223
Des Moines
2,371.101
2.524,837
Iowa City
Mason City
30,029.240
30.968,991
Sioux City
6,130 189
6.352,476
Waterloo
5.817,473
7,608,262
Illinois-Aurora
6.851.888
Bloomington
7,112,160
2,958,282,602 2,808,045.409
Chicago
a
a
Danville
5,783,229
5,646.597
Decatur
21,116,100
21.670,970
Peoria
14.713,686
14.354.521
Rockford
10 158,234
11.473,852
Springfield

-3.0
274,276,858
294,612,275
-18.5
55,808,605
54,253,292
-23.5
69,887,203
74,074 475
+3.8
69.623,248
71.330.429
+5.4 29,903,789,181 29,196,735.321
a
a
a
+2.4
59,812,680
58,406,706
-3.5
211,908,890
229,195,779
+2.5
149,879,813
141 336,737
-11.5
115,278.056
122,401,470

-6.1
+2.9
-5.7
-2.4
+2.4
a
+2.4
-4.6
+6.0
-5.8

Total(28 cities)--- - 4,391,923,425 4,266,291,072

+2.9 43,823,919,998 43,197,957,964

+1.4

Righth Federal Re serve District -St Louis24.642,685
24.043,297
Ind.-Evansville
823,260
764.966
New Albany_ ___. _
650.398,923
646,699.802
Mo.-St. Louis
a
a
Springfield
145,737,248
167,348,230
Ky.-Loulsville
1,330,581
1,534,852
Owensboro
8.954.883
11,927,735
Paducah
132,669,511
147,791,212
Tenn.-Memphis.... _
77.582,536
80,181,198
Ark.-Little Rock_
1,781.799
1,532,437
__
7.525,150
6,364,110
Quincy
Total(10 citles)

1.088,187,839 1,051,446,576




--24.6
--31.4
--1.9
+23.8
--8.1
--8.2
+6.6
+15.0
--9.7
--0.3
--4.4
--7.1
+17.7
+0.1
--2.5
+7.6
+5.3
--9.5
--6.1

10,744,703
47,037,573
7,297,243,720
148,671,421
344,997,304
79,542,801
118.499,625
128,489,480
258,704,692
1,003,710,914
132,846.340
252,761,672
158,443,900
1,872,270.739
43,248,056
123,542,540
439,767,586
431,527,193
21,607,243

-2.4
-7.1
-0.6
a
+14.8
+15.4
+33.2
+11.4
+3.3
-14.0
-15.4

254,905.697
8,243,950
6,119,220,988
a
1,546,831.787
16,074,096
97,361,159
943,484,698
589,391,304
16,879,517
66,113.146

239,681,872
8,104,221
6,261,076,443
a
1,491,281.881
16,585,891
90,873,830
979,832,576
616,015.077
18,735.54
72,082.114

+6.4
+1.7
-2.3
a
+3.7
-3.1
+7.1
-3.7
-4.3
-9.9
-8.3

+.5

9.658,508,340

9,794,249,425

--I.4

d1,789,000

2.750,264 -35.0

2,495,275

3,184,205

92.757,373

107,711,024 -13.9

112.851,105

98,836,924

6,798.290

7,327,169

-7.2

7,712.281

6.597,871

2,789.477
3,272.535

2,893,371 -4.3
2,787,207 + 17.4

2.784,813
2.778.033

2,372,338
2,599.622

20,553,000
2,910,400
5.077.193

22,403,000 -8.3
2,895,716
+0.5
7,303.581 -30.5

17,860,000
3,085,900
4,393.759

17,427,000
2,420.000
5,517.942

38,491.757

39,170.749

35,125.619

-1.7

35,922,554

2.810,000

2,488,702 +12.9

2,364,351

2.275,674

8,780,239

10,174,463 -13.9

10.120.727

9,496,511

6,702,442
994.168

6,879.179 -2.6
1,133.757 -15.3

5,977,241
1,132,754

6,459.000
1.147,123

1,585.681
687.260,387

1,483,799 +5.5
597,893.303 +11.8
a
a
1.200,701
+7.2
4.689.663 -1.0
3,024,627
+4.1
2,470,852 -11.5

1,276,486
633,338,248
a
1,292,812
4,570.955
2,598,132
2,613.367

1,367,444
583,049,675
a
1,169,131
4,427,096
2,251,285
2,133,927

888,687,977

+6.7

904,792.857

816.432.307

5.980,880

6,051,814

-1.2

5,354,781

5,190.372

138,000,000

134,200,000

+2.8

147,400,000

140.900,000

35,459,041
269,624

29,888,328 +18.6
277.958 -3.0

29,202,435
295,822

30,001.636

34,323,943
18,346,835
332,995
1,323,187

27,689,334
16,331,679
378,145
1,472,109

+24.0
+12.3
-11.9
-10.1

32,491,000
17,399,851
338,833
1,361,000

32,448,864
16,792,877
362.031
1,233.180

234,036,605

216,289,367

+8.2

233,843,722

228,325,849

1,287,378
4,624.333
3,149,070
2.188,299
948,555,739

398,889

Nov. 5 1927.]

THE CHRONICLE

2487

CLEARINGS-(Concluded).
Month of October.

Clearings al1927.

Ten Months.
Inc. or
Dec.

1926.

$
Ninth Federal Res erve District Minneapolis
Wan.-Duluth
63,274.701
43.841,386
Minneapolis
555 522.011
394,438,306
Rochester
3,009.216
2,763,802
St. Paul
153,166,039
145,064,260
No. Dak.-Fargo_
9.287,325
8.960,608
Grand Forks
7,718,000
7,269.000
Minot
2.409,779
1,617.677
S. D.-Aberdeen_ _ _
7,478,690
6.847.695
Sioux Falls
6.075.296
6.570,336
Mont.-Billings
4.733,122
3,800.108
Great Falls
8,152.071
5950,105
Helena
19,222,000
16.540,280
Lewistown
1,300,628
1.388,385
Total(13 cities)--- -

841,348,908

1927.

333,071,324
3,389.750,184
23,181,197
1,330,966,283
78.731.328
58,549.000
12,860.834
61,842,715
65,175,289
25,543.122
37.258,105
128,213.224
6,997,883

+9.6
-0.1
+15.3
-5.2
+2.2
+1.0
+13.7
-11.7
+8.4
+8.7
+18.1
+4.6
+2.2

12,820.698
100,055,163

645,051.968 +30.4

5,525.495,094

5,549,940,488

-0.4

17,358,083
20,648,502
211,876,977
1,750,473,091
101,225,193
a
a
141,797,637
353,991,537
68,359,096
6,063,615,151
282,162,390
a
666,406
a
1,282,614,057
496,908,632
52,966,182
1,291,454.733
57,154.368

16,563,560
24.159,629
204,629,211
1,760.559.501
190,063.854
a
a
148,201,606
365,838,752
77,639,924
6.004,912,985
316,083,925
a
8,623,622
a
1,237,488.637
428,573.888
51,878.677
1,379,328,184
52.182,330

+4.8
-14.5
+3.5
-0.6
-46.7
a
a
-4.3
--3.2
--12.0
A-1.0
--10.7
a
-92.3
a
+2.0
+15.9
+2.5
-6.4
+9.6

a
d38,128.245
a
1,237,872
21.871,082
e1,617.192

a
31,860,535
a
1,076.806
18.135,114
1,228.360

-3.9 12,178,590,991 12,286,488,085

-0.7

266.151.959

Total(15 cities). - - 1,273,328.019 1,324,899,400

+5.5
-13.2
-0.1
+6.5
-35.8
a
a
+11.0
-3.0
-5.7
-4.9
-2.9
a
a
+14.9
+4.4
+15.3
-33.6
+10.8

-5.2
+6.0
+13.8
+14.2
-13.3
-53.8
-4.0
+11.4
+18.3
-36.4
-22.6
+0.8

703.995.388

Twelfth Federal R eserve Metric t-San Franc
*3.900,000
.4,000,000
208.651.575
203.297.947
63.060,000
66,014,000
a
a
8,363,945
8,577,777
6,987,897
6.422.424
2,177,
2.400.057
176,821,779
191,047.360
9,530.798
8,820,304
89,527,750
90,393.768
2.872.033
3,216,404
14.202.000
12,282,000
6,178,598
8,116,092
23,813,894
19,069.603
27.892.131
30.278.923
29,522.962
30,998,102
769,602.000
766,240,000
4.910,084
4.877,149
81,400,530
88.80E872
28,628,395
28.124,642
4,233.288
3,968,012
32,500,319
37,458.411
21,894,882
25,598,349
930.535,268
832,455,000
14,339,974
16,368.215
7,117,208
5.644.564
9,043.887
9,587,618
2,850,747
2.672,562
12.53.5,600
13.034,800

Seattle.,
Spokane
Tacoma
Yakima
Idaho-Boise
Oregon-Eugene
Portland
Utah-Ogden
Salt Lake City
Nev.-Reno
Aria -Phoenix
Cal.-Bakersfield_ _
Berkeley
Fresno
Long Beach
Los Angeles
Modesto
Oakland
Pasadena
Riverside
Sacramento
San Diego
San Francisco
San Jose
Santa Barbara
Santa Monica
Santa Rosa
Stockton

sco-2.5
+2.6
-4.5
a
-2.5
+8.8
-9.3
-7.4
+8,1
-1.0
-10.7
+15.6
+1.0
+24.9
-7.9
-4.8
+0.5
+0.7
-6.2
+1.8
+6.7
-13.2
-14.5
+11.8
+12.5
+26.1
-5.7
+6.7
-3.8

Inc. or
Dec.

1926.

364,937,556
3.381,596,442
26,717.182
1,262,061.467
80.469,373
59,141.000
14,621,535
54,427,402
70.649,824
27,764.362
43.994,739
131,964,710
7,149,502

Eleventh Federal Reserve Distr let-Dallas Texas-Austin
8.484.075
8.945,252
Beaumont
8,536,000
8.052,000
Dallas
284,698.816
250.527.802
El Paso
23.826.083
20,872,451
Fort Worth
68,987,111
79,542,786
Galveston
37.006,000
80.092.000
Houston
185.715,231
193,555,972
Port Arthur
2,827,886
2,537,771
Texarkana
4,482.575
3.789,047
Waco
8.442.764
13.275.835
Wichita Falls
12.240,
15,807,000
La.-Shreveport
27.223.662
36,997,472
672,470,203

1928.

+44.3
+40.8
+8.9
+5.6
+3.6
+6.2
+49.0
+9.2
-7.5
+24.6
+37.0
+16.2
-6.7

Tenth Federal Res erve District--Kansas City
Neh.-Fremeof
1,721,250
1,631,510
Hastings
2,150,198
2,478,691
Lincoln
21,339.521
21,355,894
Omaha
197,629,082
185.590,710
Kan.-Kan. City___ _
9,842,617
15,321,128
Lawrence
a
Pittsburgh
a
a
Topeka
16,973,757
15.291,085
Wichita
35,014.412
36.114,658
Mo.-Joplin
7,045,345
7.487,725
Kansas City
625,054,146
657.389,094
St. Joseph
29,548,075
30.433,415
Okla.-Lawton
a
a
McAlester
761.458
Muskogee
a
Oklahoma City_
159.855,589
139,144,148
Tulsa
49.479,059
47,383.781
Colo.-Col. Spga__
6.033.382
5,233,316
Denver
101.930,266
153,538.246
Pueblo
6,390,362
5.786,561

Total (12 eities)___ _

1927.

Week Ending Oct. 29.
Inc. or
Dec.

1925.

„1924.

10,329.293 +24.1
87.162.817 +14.8

9,022.342
88.797.742

21.252.012
114,455,474

33,314,273
1,957,831

32,332.388
1,819.700

+3.0
+7.6

30.259.992
1,876.895

32.649.952
2.146.587

1,504.708

1.555,875

-3.3

1,784.441

1,815,181

888.132 +23.4

550.000

570.445

+8.4

3,085.884

3,679.048

154,327,880

137,416,586 +12.3

135,377,296

176,568,679

d304,237
425,151
4,275.622
42,714,870

340.570 --10.7
435.808 -2.4
4,452.750 -4.0
40.348.788 +5.9

259.014
513.304
4,284,157
40,178.525

345.369
812,407
4,190.547
40,972.198

+1.2
-8.7

3.071.009
7.088.603

2,438,748
7,314.000

152,388,847 -8.6
7.140.257 -13.3

134,708.072
6.984,751

140.236,978
6,688.977

a
+19.7
a
+15.0
+20.6
+31.7

a
33.329.381
a
1.052.223
2E771.636
1,081.944

a
38357,293
a
839,786
21,531.807
944,050

268,205.041

-0.8

254,300,619

282,572,158

1,833,943

849,207
3,826,000

d9,879.810
d7,283,463
139,225,447
6.188,968

3,528,404

2.844.769
7,976.437

69.460,230
85.698.000
2,151,042,177
205,434,015
526.816,347
373,641,000
1.545.038.873
26.982.168
27,921,615
73,207,388
122.929,274
232.875,003

71,803.330
71.687.313
2.058.687.022
206.990,593
593,915,487
432.907,000
1.530,219.863
24.962.068
31.168,217
93,095,726
152,446,225
231,175.724

-3.3
+19.5
+4.5
-0.8
-11.3
-22.6
+1.0
+8.0
-10.7
-21.4
-19.4
+0.6

-7.5

1,746,984

2,047,080

64,173.268

52.487,115 +22.3

59,603,869

54,341.745

d15.859,110
8,045,000
a

16,684.518 -4.8
18,851,000 -58.9
a
a

17.167,812
13,142,000
a

16,398.037
13,182,401
a

5,607,915

5.214.399

+7.5

5,205.753

4,101.213

5,440,725.890

5,549,056.568

-2.0

95,380,986

94,850,975

+0.6

96,866.418

90,070.476

39.888,000
1,955,046,044
541,143.000
a
59,869,488
50.337.583
2E859,75(1
1.630,881,539
67.281.352
738,600.857
29,402,815
121,862,900
54,166,253
214,474,001
177,974.014
304.782.552
7,743,389,000
37,548.227
800,384,790
291,537,102
49.076.693
331,860.769
244.359,425
8,190,845,896
119,721,318
63,208,138
95.452,743
21.469,354
117.751,208

39.754,000
1,984.672,557
534.688,000
a
64,318,393
48,048.708
23,274,652
1,743,277.929
65,609.108
751,641,865
30.046.464
108,742.000
54.394,738
191,746,346
182,574,065
306.133.877
7.397,188,000
37,666.376
908,026,794
276,543.162
43,814,915
363,640.403
260.906,804
1,193,275,601
131,485.423
64,414.135
100.035.914
22,051.864
121,487,400

-0.2
-0.5
+1.2
a
+8.6
+4.8
-6.1
-6.4
+2.5
-1.7

43,915,468
13,168,000
a
1.911.017

43.982.745
12,649,000
a
1,802.971

-0.1
+4.1
a
+6.0

43,319.767
11,952.000
2,304,873

39.384.141
10,398.000
a
1.939,701

35,332.343

42,244,154 -16.4

41.005,844

36,254.094

19.393,313
a
a

18,572,607
a
a

+4.4
a
a

18,950,102
•
a

15,715.524

8,207,070
6,402,104
163,214,000

6.738,961
6,452,739
157,988,000

-7.9
-0.8
+3.3

5,274.607
5,897,204
147.109,000

5,025.328
5,641,682
124,779.000

15,640.389
5.554,962

17,351,687
5,514,727

-9.9
+0.7

19,197.751
5,331,603

d6,400,440
4.231,051
194,528,000
2.767,837
1,723,374
1,941,723

7.414.971
4,972.067
176.708.000
3,430,441
1.152.933
2.074.297

-13.7
-14.9
+10.1

8.294.754
4.428.336
206.377,000
3,480,734
1,825,244
1,825,789

2.598,400

2.658,600

-2.3

2,951.400

2,684,700

524.929,491

511.704.900

+2.6

529,526,008

435.296,182

Total (28 eltles)____ 2,597,150,636 2.515.763.955 -12.4
24,117,609,283 24.029,415,293
Grand total(193 cities) 48.075,394,486 44,355,040,481
+7.2 454.026,311,895 435,378,584,425
Outside New York__ _ 20,694,868,080 20,521,753.401
+0.8 192.787,360.173 193,990.561.589

+12.1
-0.4
+11.9
--2.5
-0.4
+4.7
-1E9
+5.4
+12.0
-8.8
-6.3
-0.1
-8.9
-1.9
-4.6
--2.8
+0.4

1.695,693

+49.5
-6.4

a

14,501,922
4.689.938.
7,685.335
3,305,214
157,400.000
3,170,939
978.554
1,782,112

+4.3 10307,091,371 9,394.763.568

+9.7 9.822.783.608 9,006.533.701

-0.6 4.279.639.058 4.173,503,598

+ 2.54.251.729,872 3,861.980,512

CANADIAN CLEARINGS FOR OCTOBER, SINCE JANU4RY
1 AND FOR 1VEEK ENDING OCT. 27.
Month of October.

Clearings at1927.

1926.

$

$

%

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
CalIPSXY
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
blooar Jaw
Brantford
Fort William
New Westm1nster_
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia

Ten Months.
Inc .or
Dec.

883.718.715
624,134,217
290.742,244
79,477,350
33,178,332
29,9211.335
13,702 991
27.057.069
38,920.610
11,655,223
11,87E345
14.793,702
25.026.46
26,543.888
3.380.822
3,618,968
10.887.261
7,179,039
6.539,439
5,179.365
3.753,093
2,079,844
4,116.935
4.104.958
5.841.924
22,563,810
1,832,218
3.934.355
3.088,523
13,243,235
:3,480,745

512.363,135 +27.6
448,115,155 +39.3
316,103,317 -8.0
74,174,755 +7.1
29,371,171 +13.0
26,067,252 +14.8
13,289.315 +3.1
26.025,1190 +4.0
32,315,135 +20.4
10.537,993 +10.6
9,879,866 +20.2
13.700,977 +8.0
23,244.283 +7.7
26,414,873
+0.5
3,088,675 +9.5
2,551,987 +41.8
10,400,378 +4.7
7.042,882 +1.9
5,105,958 +28.1
4,507,101 +14.9
3.540.709
+6.0
1.774,008 +17.2
3.862.288 +6.6
3,984.526
+3.0
4,982.999 +17.2
20.774.940 +8.6
1,730,438 +5.9
3,816.928
+3.1
3,536,520 -12.7
x2.725.827 +19.0
z3,141.829
+7.4

Week Ended Oct. 27.
Inc.or
Dec.
-%

1927.

1926.

$

$

5,233.247,373
5.093.481,300
2,052,278.777
747,824,456
294,007.691
278,361.634
129,974,264
242.101,578
322,714,460
109,265,373
97,370.365
133,166,923
223.881,392
189,011,315
24,749,347
24.088,9 i
84,951.053
53,800,254
51,253.777
41,291,8.56
35,204,713
13.188,939
36.812,228
39.349,837
48,843,386
197,761,277
16.280,9,2
37,018,421
34,318.274

4.547,547.522
4,225.390,348
2.100.863.505
727,447,019
273.590.988
250,496.972
124,774.843
218,034,536
305,564.506
113,150,690
93,293,410
116.554,372
210,489.668
188.246,995
24.316 180
23.290,492
81,672.058
54,035,778
44.740.740
37,057.126
31.187,831
13,284,084
33,790.955
36,297,157
42,115,988
179.649,589
16,065,506
35,570,138
31,207,548

+15.1
+20.5
-2.3
+2.8
+7.5
+11.1
+4.2
+11.0
+5.6
-3.4
+4.4
+14.3
+6.4
+1.5
+1.8
+3.4
+4.0
--0.4
+14.6
+11.4
+12.9
-0.7
+8.9
+8.4
+16.0
+10.1
+1.3
+4.1
+10.0

1927.

1926.

Inc. Or
Dec.

1925.

$

$

%

$

134,614,480
128,651,216
69.484.727
18,938,953
7,239,411
6.644,225
3.902.812
6,041,660
11,028,222
2.493,849
2.537.449
2.914.473
5,546,437
5.025.213
711.179
947.297
2,155,081
1,635,555
1.285,642
966.767
571,657
446,065
895.510
873.610
1,202.158
4,853,068
373.555
879.599
898.403
713.966
760,844

106,848,931
96,383,289
76.487,076
16,878,056
6,684,875
5,866,592
2,646.326
5.629.999
8,772.891
2,122,852
2,170,187
2.736,019
4,577.497
5,761,306
644.216
630.493
2,322,478
1.724.839
1.086,339
937.259
774,809
450,248
822,848
859.929
1.140.062
4.760,940
358.123
832.715
702,305
585,577
816.876

+26.0
+33.5
-9.1
+12.2
+27.3
+17.3
+13.5
+7.3
+25.7
+17.5
+18.9
+6.5
+21.2
-12.8
+10.4
+50.2
-7.2
-5.2
+20.6
+3.1
-26.2
-0.9
+8.8
+1.6
+5.4
+1.9
+4.6
+5.8
+27.9
+21.9
+23.3

104,696,221
88,947,384
66,871,194
18.824,810
5.260,087
4.514.992
2,727,965
5.862.192
7.049.208
2,641,597
3,050,850
2.498,948
4,192.049
6.358,975
651,522
478,793
2.154.666
1,359,508
848,151
748.013
624,807
192.988
724.285
705.027
924.111
3.435,396
355,281
833,191
684.886

1924.
$
94,719.025
98.408.117
70.321.542
15,155,819
4,985.517
5,226.255
2.602.573
4,406.852
7.590,410
2.070,638
1.678.699
3,943,555
3.648,930
4,727.271
611,580
588.358
1.735,800
1,415.459
770,028
897.809
594,238
314.348
793.564
593.308
944.781
2,774.119
298.758
772,350
628,455

Total(29 Mien ... _ _ 1.968,853,114 1,642,301,252 +19.9 15,885.578,111 14,177,726.572 +12.0
424,324.143 361,573.730 +17.4 338.015,075
333,194,928
a No longer report clearings. b Do not respond to requests for figures.
c Week ended Oct. 264 Week ended Oct. 27. e Week ended Oct.
28. •Not included In

total. • Estimated.




THE CHRONICLE

2488

THE CURB MARKET.
Curb Market trading this week was dull and uninteresting
with no definite trend to prices. At times the market
showed improvement in some quarters but with no uniformity. Oil stocks were in demand for a time. Humble Oil
4 and closed to-day at
4 to 643
& Refining sold up from 613
'64%. Illinois Pipe Line advanced from 16934 to 176 and
ends the week at 175. Indiana Pipe Line gained almost
, ten points to 8634 and reacted finally to 83. Ohio Oil moved
up from 5934 to 64. Penn.-Mexico Fuel improved from
29% to 3834 and finished to-day at 383. Prairie Pipe
Line advanced from 17534 to 18134. Standard Oil (Indiana)
went up almost three points to 753, but reacted finally to
7434. Vacuum Oil moved up from 13034 to 13434 with the
final figure to-day 133. Gulf Oil of Pa. gained five points
to 98. Among industrials Celluloid Co.,com. was conspicuous for an advance from 103 to 125, the close to-day being
at 123. Amer. Rolling Mill, coin. from 754 reached 84
reacted to 80 and closed to-day at 8234. Celanese Corp.
corn. after early loss from 9034 to 88, ran up to 953.4 and
ends the week at 94. Glen Alden Coal improved from 18234
to 18634 reacting finally to 184. Metropolitan Chain Stores
rose from 5234 to 58 but fell back to 56/.
A complete record of Curb Market transactions for the
week will be found on page 2512.

I

For.. 125.

The following were the United Kingdom imports and exports of gold registered in the week ended the 12th inst.:Exports.
Imports.
230,390
£28.319 Germany
British West Africa
53.408
15.340 France
British South Africa
88.915
7.078 Switzerland
Other countries
149.000
Spain
20,600
Egypt
43.478
British India
39,622
Straits Settlenients
15.175
Other countries
£440,588
£50.737
SILVER.
The market has shown during the week a fairly steady tone, supplies
until to-day having been sluggish except at advancing rates. The chief
enquiry has been from China, for which quarter purchases have been made
for covering and for fresh business. The demand from India, whore the
offtake is just now less active, has been slight. America has been inclined to
support the market here. The price quoted yesterday for two months
(26d) had not been touched since July 30th last, when both prices were
quoted 26.1-16d. To-day China advices were not so good and quotations
receded $441.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 12th inst.:Imports.
Exports. ,
£11,350 France
E12,857
Belgium
1,902 Other countries
7,096
Other countries

£13.252
119.953
INDIAN CURRENCY RETURNS.
Sept. 22.
Oct. 7.
Sept. 30.
In Lacs of Rupees18122
18159
18182
Notes in circulation
11387
11473
11469
Silver coin and bullion in India
3
Silver coin and bullion out of India
ifni
2976
iiie
Gold coin and bullion in India
Gold coin and bullion out of India
3628
1.
50 7
-3
38
5t-3.
Securities (Indian Government)
117
79
102
Securities (Biritish Government)
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
No silver coinage was reported during the week ended the 7th inst.
The stock in Shanghai on the 15th inst. consisted of about 60,600,000
BONDS (Par Value)
STOCKS(No. Shares).
ounces in sycee. 73.800,000 dollars and 3,680 silver bars, as compared with
Vest Ended Nov.4
Govt.
Foreign
Domestic.
Mining.
Oil.
Inddihfitc
about 61,100,000 ounces in sycoe, 73.400,000 dollars and 4.520 silver
bars on the 8th inst. Quotations during tho week:-.
$324,000
61.211,000
600
24.
40,200
720
100,
Saturday
Bar Siker,
392,000
Bar Gold.
2,314,000
21,410
103,100
160.370
Monday
per Oz. Stanaard.
442.000
2,561,000
45,520
per Os. Fiue.
84,400
132.765
Tuesday
520,000
Cash.
Two
2,311,000
Months.
48.200
71.100
181.085
Wednesday
25 11 16d. 25,
385,000 Oct. 13
2,519,000
4d.
84s. 1134d.
51,380
174,435
152,270
Thursday
25 13-16d. 84s. 11 d.
2554d.
469.000 Oct. 14
2,528.000
66,600
113.050
173.100
Friday
Id
25 13-16d. 848 11 d.
25,
Oct. 15
2513-hid, 2574d.
84s 11'4d.
257.690 $13.444,000 S2.532.000 Oct. 17
544.150
902,465
Total
25 15-16d. 264.
84s 10(.d.
Oct. 18
25 13-16d. 257
.4d.
84s 11d.
Oct. 19
25.791d
25.854d.
84s 11.3d.
Average
The silver quotations to-day for cash and two months' delivery are
ENGLISH FINANCIAL MARKETS PER CABLE.
respectively 1-16d and Hd. above those fixed a week ago.

The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:

Public Debt of United States-Completed Returns
Showing Net Debt as of Aug. 31 1927.
The statement of the public debt and Treasury cash holdingsof the United States as officially issued C ugust 311927,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
The price of silver in New York on the same day has been: comparisons with the same date in 1926.

Oct. 29. Oct. 31. Not'. 1
London,
Mon. Tues.
Sof.
Week Ending Nov. 4
28 1-16 263i
d 253i
Silver. Per oz
84.11g
84.113i
s84.113i
ISIold. per fine ounce
553( holiday
Consols, 2)4 per cents
1003i holiday
British. 5 per cents
holiday
96
British. 4)4 per cents
holiday
..-__ 55.20
French Rentes (in Paris) fr
holiday
75.10
____
ft
Paris)
(in
Loan
War
French
Foreign
z ex.coupon.

561(

5634

5674

Nov. 2.
Wed.
26M
84.1114
5534
10034
96
55.50
:74
5734

Noy. 3. Nov. 4.
Fri.
Thurs.
2634
26)4
84.113i 8,1.1134
5534
5534
100Si
10034
96
96
54.60
55.20
73.90
73.75
57

57

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 19 1927:
The Bank of England gold reserve against notes amounted to £149,442.745
on the 12th inst., as compared with .£149,613,505 on the previous Wednes
day.
About /500,000 bar gold was available in the open market, this week,
and of this total the Bank secured £244,000. as shown in the figures below.
Egypt took .C14,000, Holland £29,000 and India £30,000. the balance
being absorbed by Home and Continental Trade requirements.
The following movements of gold to and from the Bank of England
have been announced:
Oct. 13. Oct. 14. Oct. 15. Oct. 17. Oct. 18. Oct. 19.
Nil
Nil £250,000 £244,000
Nil
Nil
Received
Nil E15,000
32,000
£23,000 £264.000 £10,000
Withdrawn
account
aside
set
from
"released
sovereigns
in
was
17th
the
The receipt on
South Africa," and that of yesterday in bar gold from South Africa. The
£294.000 sovereigns withdrawn were destined as follow:-£250.000 set
aside for account of South Africa, £22.000 Spain. £11,000 Germany,
£6.000 Holland. and £5,000 India. During the week under review £150.000
on balance has been received by the Bank, decreasing the net elfin, this
year to £1,336,000, and since the resumption of an effective gold standard
to £6,660,000, as set out in the daily bulletins at the Bank.
The following were the United Kingdom imports and exports of gold
registered during the month of September last:Exports.
Imports.
£7.500
Russia
£113,000
Sweden
25,500
Netherlands
202.179
Belgium
25,270
France
99.790
Switzerland
2,000
Spam and Canaries
112,400
Egypt
57,007
West Africa
3,050
Java and other Dutch Possessions in the India Seas
3,551
Central America and West Indies
700,000
Paraguay
Argentina, Uruguay and
15,128
Other countries in South America
95,861
Rhodesia
461.262
Transvaal
110.799
British India
3,600
Straits Settlements
250,000
Arabia
831,300
Rumania
143,100
Germany
103,780
Austria
21,777
609
Other countries
£1,722,218 £1,669.245




CASE AVAILABLE TO PAY MATURING OBLIGATIONS.
Aug. 31 1927. Aug. 31 1926.
$
$
$70.286.709 $147.5139,311
Balance end month by daily statement, dm
Add or Deduct-Excess or deficiency of receipts over
+432.033
+1.899.485
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_
Settlement warrant checks
Total

371.986.194

$148,601,344

$33,50F.266
75,834,966
7.558,510
1.481,223

338.359,174
77.218,542
9,671,815
3.904.098

$118,157.965

$127,151,429

-$46,171,751 +520.849,915
Balance. deficit (-) or surplus (4-)
INTEREST-BEARING DEBT OUTSTANDING.
interestAug. 31 1927. Aug. 31 1926.
Payable.
$
i
Tttle of LoanQ.-J. 599,724,050
599,724,050
25 Consols of 1930
48,954,180
Q.-F.
48,954,180
2s of 1918-1938
Q.-F.
25,947.400
25,947.400
2s of 1918-1938
Q.M. 49,800.000
49,800.000
3s of 1981
28,894.500
Q.-J.
28,894,500
3s Conversion bonds of 1046-1947
.1 -J
481,979,000
677,842,500
Certificates of indebtedness
J.-J. 1,397,887.000 1,397,689.100
334s First Liberty Loan. 1932-1947
J.-D.
5,156,800
45 First Liberty Loan, converted
5,155,700
J.-D. 532,823,350
532,874.250
4 Si s First Liberty Loan. converted
3,492,150
44s First Liberty Loan, second converted____J.-D.
3,492,150
M.-N.
20,849.650
17.556.800
4s Second Literty Loan, 1927-1942
4 Si s Second Liberty Loan converted
1,180.924.400 3.083.677,650
M.-S. 2.147.859.850 2,393.936,950
43:s Third Liberty Lean of 1928
A.-0. 6,298,905,450 6,324.471,950
435s Fourth Liberty Loan of 1933-1938
763.948.300
4 Ws Treasury bonds of 1947-1952
782,320,300
4s Treasury bonds of 1944-1954
1,042,44)1,500 1,047.087,500
33i s Treasury bonds of 1946-1958
491.212.100
494.898.100
494.854,750
Ths Treasury bonds 01 1943-1947
358,907.496
4s War Savings and Thrift Stamps
288,894,972
J -J.
12.881,080
23544 Postal Savings bonds
13,951.780
J.-D. 2.019,194.550 1,805.939.500
5 Sis to 584s Treasury notes
Aggregate of interest-bearing debt
18.128,197,282 19,281.109.606
243.378,871
Bearing no interest
242.490,881
9.883.740
Matured. Interest ceased
11.210.540
Total debt
5118.426.079.474 19,534.370.217
+20.849.915
Deduct Treasury surplus or add Treasury deficit_... +46.771.7,91
Net debt
b18.472.251.225 10.513,520.502
a The total gross debt Aug.31 1927 on the basis of daily Treasury statements Was
318.379,912.226. and the net amount of public debt redemption and receipts In
transit. &e. was 14.523.
0 N.deduction is made on account of obligations of foreign Governments or other
Investments.

Treasury Money Holdings.
The following compilation, made up from the daily Govemment statements, shows the money holdings of the
Treasury at the beginning of business on the first of
August, September, OctoLer and November 1927:

THE CHRONICLE

Nov. 5 1927.1

Holdings Os U. S. 7'reasury Aug. 1 1927. Sept. 1 1927. Oct. 1 1927. Nov. 1 1927.
.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes_
Net national bank note.s._
Net Federal Reeerve notee
Net Fed'I Res, bank notes
Net subsidiary silver
Minor coin,&e

$
305.932.489
14,469.957
3,617,839
19,370,257
1,300.440
55.720
4,884.173
5,407,077

$
293,657,056
13,315.898
2,985,087
21,351.027
2,126.835
116.314
4,460.603
4.936,854

$
300,312.191
13,136.584
3,239.383
21.788.712
3,062.395
170,332
4,034.515
6.123.330

$
321,098,752
16.431,467
2,784.313
16,367,124
1,262,065
151.950
3,975,480
5,439,765

Total cash in Treasury.
1Aes gold reserve fund

355.037,952
155,420,721

342,949,674
155,420.721

351.867.442
155.420.721

367,510,916
155,420.721

Cash balance in Treas'y
Dep In spee'l depositories.
acct. Treasury bonds.
Treasury notes and certificates of indebtedn'ss
Dep. In Fed'I Res. banks_
Dep. In national banks:
To credit Treas. U.8_.
To credit dish. officers_
Cash In Philippine Islands
Deposits In foreign depth.
Dep. In Fed'I Land banks

9,617,231

187,528,953

196,446,721 *212,090,195

133,049,000
32,057,480

55,948.000
18.394,794

454,012,000
40,057.683

229,900,000
27.773,107

7,184,971
19,574,832
1,385,661
502,439

7,531.496
19,521.457
1,176.895
528,283

7,359,043
19,038.171
941.228
616.260

7,717,678
21,020.418
1,250.122
481.774

393,371,614
228,830,654

290,629,878
220,343,169

718,471,106
227.927,090

500,233,294
238,644,444

Net cash In Treasury
and in banks
Deduct current liabilities_

Available cash balance
164,540,960
70,286.709 490,544,016 261.588.850
*Includes Nov.1. 86,838,661.17 silver bullion and 32,608.304.17 minor coin, dos
not included in statement "Stock of Money.-

2489

New York City Banks and Trust Companies.
Banks-N.Y
Ma
America* ._ 348
Amer dalon*. 208
Bowe.yEastR 605
nosnx Boro*. 590
Bronx Nat... 650
Bryant Park* 220
Capitol Nat.
Bank & Tr. 323
Cent Mere Bk
& Trust Co. 318
Central
212
Chase_ ..... 575
Chath Phenix
Nat Bk &Tr 520
Chelsea Exch* 295
Chemical.... 950
10.10
Colonial*.
commerce... 535
Continental_• 325
Corn Etch... 595
Cosmoplan*. 415
Fifth Avenue_ 2225
First
x3500
Garfield
475
Globe Exch*. 250
Grace
325
Hamilton_ _ _ 240
Hanover
1265

,1
Hanks.
358 Harriman__
213 Manhattan* _
620 slut
610 Nan nal City
675 Neu Neth'clso
250 Park
Penn Each...
328 Port Morris..
Public
325 Seaboard
217 Seventh
580 State*
Trade*
530 United
305 United States*
980 Yorktown*
1200
Brooklyn.
540 Coney Island*
Dewey•
605 Fthn
440 Mechanics'* _
2325 Municipal*
600 Nassau
490 People's
300

Bid
810
570
775
710
525
602
175
400
645
765
200
600
260
45()
558
200
425
300
400
333
417
410
750

Ask
_
678
712
610
185
655
175
220
615
565
220
430
420
340
425
425
..

246
1300

*State banks.
New stock.
x Ex-dividend.
S Ex-stock thy Idend
AU prices dolla ra per share. Es-rights.

Trust Cos.
New York.
Am Ex Iry Tr.
Bank of N Y
& Trust Co
Bankers Trust

Bid i Ask
410

165
910
. 335
Central Union 1235
County
I 370
Empire
I 435
Equitable 'rr.I 407
Fezm L & Trj 655
Fidelity 'I'rustj 363
Fulton
I 501
Guaranty Tr.I 077
Interstate..-.1 292
Lawyers Trust .
Manufacturer 760
Murray If111._I 270
Mutual(Westchester) .1 285
N Y Trust..-.1 667
Terminal Tr.l 260
Times Squarej 188
Title Gu & Tr 760
570
U hitg &
UnitedStates_ 490
'Westehest'rTrjlOOO
Brooklyn.
1.150
Brooklyn_
Kings Co.._ 2400
Midwood. _
270

415
1

675
918
_
1255
390
440
411
665
373
520
584
298
1
_
I 770
285

_
I 675
275
192
767
585
2525

2500
285

New York City Realty and Surety Companies.
AU prices dollars per share

Commeratti and/Ix tscclianecats4ews
Alliance R'Ity
Amer Surety_

Bid , Ask
52 1 60 Mtge Bond_
303 308 Nat Surety
370 380 N Y Title &
Mortgage..
331 336
U S Casualty_
1
300 310

Bid
150

Ask
160 Realty Assoc'

Bid

Ask

270 275
(Bklyn)com 280 290
Breadstuffs figures brought from page 2553.-All Bond & M G.
1st pref.___ 94
98
Lawyers Mtge
502 507
2d pref._ _ _ 88
91
the statements below regarding the movement of grain- Lawyers
Title
370 380 Westchester
receipts, exports, visible supply, &c., are prepared by us & Guarantee
Title & Tr_ 580
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
for the week ending last Saturday and since Aug. 1 for
Int.
Ini.
Rate.
Bid. Asked.
Rau.
Bid. Asked.
Maturity.
each of the last three years.
Receipts atChicago
Minneapolis.
Duluth
Milwaukee_ _
Toledo
Detroit
Indianapolis_
St. Louis.. _
Peoria
Kansas City..
Omaha
St. Joseph
Wichita
Sioux City

Flour. I

Wheat.

Corn.

Oats.

Barley.

Rye.

bls.1961bs 'bush.60 lbs. bush. 56 lbs. bush,32155 bush.481bs. ush.581bs.
377,000 3,504,000
285,000
684,000
287.
53.000
4,141,000
275,000
497,
526,000
155.000
5,068.000
5,000
6,000 915,
797,000
74.000
459,000
87,000
277.1.1
326,000
19,000
175,000
66,00
89,000
1,000
19,000
47,000
48,000
2,000
2.000
95.000
722,000
148,000
312,
525
628,000
125,000
42,00
32,000
653.00(
55,00
137.000
15,0001
22,
198,000
2,223,0001
175,000
367.000
642
252,000
240
96,000
42,000
2.
364,0001
8.000
127.000
158,000
41.0001
8.000

Total wk. '27 552,0001 14,027.0001
Same wk. '26
506.0001 9,377,0001
Same wk. '25 474,000 6.722,00
-Since Aug.16,473,000222,575.000
1927
6,534,000156,882,000
1926
6,376,000 146,747.000
1925

7.127,000
9,574,000
3,343,000

2,827,000 2,128,000 1,059,000
4,093,000 922,000 744,000
3,758,000 1,100,000
418,000

55,875,0001 54,024,000 34,314,000 20,605,000
54.047,0001 53,194,00018,221,00015,936,000
40.058.000 103,152.000 33,259,000 11,537,000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, e . *, 9, follow:
Receipts at-

Flour.

IVheat.

Corn.

Oats.

I Barley.

Rye.

Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
52,000
120,000 1,037,000 204,000
New York._. 320,000 2.352,000
Philadelphia
49,000
12.000,
49,000
2.000
215,000
1,000
Baltimore_ _ _
31.000
22,0001' 192,000
8,000
539,00
Norfolk
2,000
156,00
New Orleans.
68.000
90,000
18,
247,000
Galveston
48,000
Montreal __ _ _
105,000 9,440,000
16,000
187,000 3,070,000 1,807,000
45,
Boston
24.000
114.000
177,000
Total wk. '27 620,000 13,111,000
Since Jan.1'27 18,418,000239,937,000

383,000 4.525.000 2.012,000
168,000
8,357,000 20,534,000 14.689.000 11.905,000

Week 1926_
585,000 6,938,000
201,000
195.000 608.000
18,000
Since Jan.1'26 21 237.000 194,069,000 6,220.000 39.766,000 27,662,000 28.850.000
*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, Oct. 19, are shown in the annexed statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal

Wheat.

Corn.

Flour.

oats.

Rile.

Barley.

Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,524,339
224,609 345,324
25,714 152,925
169,000
8,000
8.000
518,000
10,000
188,000
10.000
275,000
156,000
2.000
317,000
2,000 180,000
22,000
30,000
47.000
8,000
10.000
4,866,000
75,000 192,000 1.585,000 1,775.000

Dec. 15 1927... 444% 10011ss 1007n Sept. 15, 1930-2 34% 100181
Mar 15 1928.. 314% 100
lOntss Mar. la 1930-32 34% 100In
Mar 15. 1928_
3% 991'n 100In

100Irs
1001n

National Banks.-The following information regarding
national banks is from the office of the Comptroiler of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Oct. 25-The Ramona National Bank of Alhambra, Calif
$100.000
Correspondent, Howard R. Bayne. 920 8. Marguerita
St., Alhambra, Calif.
Oct. 25-The First National Bank of Bennington, Web
25.000
Correspondent, H. S. Clarke Jr.. 250 Peters Trust
Bldg., Omaha, Neb.
Oct. 25-The First National Bank of Seaside, Ore
25,000
Correspondent. Lester B. Wood, 1024 Northwestern
Bank Bldg., Portland, Ore.
Oct. 28-The Barringer National Bank of Newark, N..1
200.000
Correspondent, William E. Ketcham, 270 Parker St.,
Newark.
APPLICATION PO ORGANIZE APPROVED.
Oct. 29-The First National Bank of Glen Cove. N. Y
100,000
Correspondent, Harry L. Hedger, Glen Cove, N. Y.
APPLICATION TO CONVERT APPROVED.
Oct. 26-The Exchange National Bank of Jefferson City, Mo
100,000
Conversion ofthe Exchange Bank of Jerfferson City, Mo
CHARTERS ISSUED.
Oct. 24-First National Bank & Trust Co. of Waynesburg,Pa
250.000
President, S. M. Smith; Cashier, Herbert Mies.
Oct. 24-The National Bank of Lynwood. Calif
50.000
President,C.E. Greenamyer;Cashier, Walter G.Engle.
Oct. 26-The First National Bank of Cedar Grove, N. J
50.000
President. M.Warren Jenkins; Cashier, G.F.A. Meier.
VOLUNTARY LIQUIDATIONS,
Oct. 24-The Alexander National Bank of St. Petersburg, Fla_ - 200.000
Effective Oct. 19 1927. Liquidating agent, H. W.
Whitman St. Petersburg, Fla. Absorbed by the
First National Bank of St. Petersburg, No.7730.
Oct. 26-First National Bank in Modesto. Calif
150.000
Effective Sept. 20 1927. Liquidating agent. C. D.
Swan, Modesto, Calif. Absorbed by Bank of Italy
National Trust & Savings Association. San Francisco, Calif., No. 13044.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Oct. 24-Bowery & East River National Bank of New York, N. Y.
Locations of branches-Vicinity of East Tremont Ave. and
Eastern Blvd.: vicinity of Westchester and Buhre Ayes..
Bronx: vicinity of Kings Highway and West 8th St., Brooklyn.
Oct. 25-The Public National Bank & Trust Co. of New York, N. Y.
Location of branch-Vicinity of 204th St. and Decatur Ave..
Manhattan.

Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:

Shares. Stocks.
per all. Shares. Stocks.
$persh.
629 Smith & Kaufmann, pref
$10 lot 500 Forty Nine Mining Co., Ltd.,
76 Fain Knitting Mills. pref
183 lot
Par 31
5e.
85 Fain Knit. Mills. eons., no par_ I
35 Unity Cold Mines. par 2.5
1
112.900
75 Amerton Hotel Corp. (N. Y.),
10 Tropical Planting & Trading]
no par
1
Corp. A,corn.. par SI0
The destination of these exports for the week and since 75common,
Amerton Hotel Corp. (N. Y.),
10 Macedon Creamery Corp., corn.. $20
common, no par
July 1 1927 is as below: •
1
Par SS
lot
150 Composition Goods Co., Inc.,
10 Macedon Creamery Corp., 8%
no par
preferred, par $10
Sc.
Flour.
Corn.
Wheat.
1 2-3 Realty Factoring Corp
$I 1 lot 400 Wm. Cramp & Sons Ship Sc
Exports for 1FeeR
67 H. B. Claflin Co.. 1st pref.-1350 lot
Engine Bldg. Co.. common
70c.
Week
and Since
Since
Week
Since
Week
Since
68 H. B. Clanin Co., corn
208 South Okeechobee Farms Co.,
Oct. 29.
July I leJuly 1
Oct. 29.
Jule 1
July 1
Oct. 29.
Petroleum
100
General
common
Co.,
Inc.
1927.
1927.
1927.
1927.
1927.
1927.
(Calif.). common
$6 lot 70 Shoreland Co., corn5100
600 Ocean Leather Co.. Inc., com..1
26 Liberty Bond & Mortgage Co.,1 lot
Barrels. Barrels,
Bushels.
Bushels. Bushels. Bushels.
no
par
preferred
t84
Untied Kingdom_ 77,366 1,249.036 2,655,359 33.065.898
25,714
25.714 70 Ocean Leather Co.. Inc., 7%
178.816 1,967,215 5,081.980 68,737,957
Continent
corn. preferred
Bonds.
I
lot
Per Cent.
So.& Cent. Amer. 6.000
148,555
1,000
174,000 1.375 Copper Canyon Mining Co.,
114,000
$1,000 Nassau Producing Corp. len
10,000
Wan Indies
162,000
15.000
21,000
1,000
311.000
85, reg., Dee. 31 1970
par SI
lot
$265
336 lot
countries...
13.743
Other
221,293
253,003
500 Coldak Corp. class A. no par_ 1
$60,000 Allied Packers, Inc., 20 yr.
cony. s. f. deb. 6e. July 11939.. 46
700 British Controlled Oil Fields.
Total 1027.....286,926 3.748,099 7,738,339 102,185,858
47,714
510,714
par S5
2 $10,000 Allied Packers, Inc., 20 yr.
nn.o.1i096
2812A2 A 21151 0121 A 1911. COQ 110 100 UNA
QS nnn
1 AAA AtA
Frank H.Davis Fish Co..7% pref.$273
•
•3
cony. 8. t. deb N. July 1 1939._ 45
Total week 1927-- 7,738,339
Same week 1926._ 6.125.503




47,714

285,925
nfll 253

194,000 2.036,609 2.423.324
6.000 '188.000 200.180

2490

THE CHRONICLE

By R. L. Day & Co., Boston:
-Shares. Stocks.
$ per sh. Shares. Stocks.
$ perwoh.
1 American Trust Co
471
43 First National Bank
10 Central Trust Co.. Cambridge_501
8 Cambridge Elec. Securities Co.,
5 Ludlow Mtg. Associates
1803j ($160 paid in liquidation), par $25 1514
I Lyman Mills
164% 10 Boston Insurance Co
871
30 Nonquitt Spinning Co
1934 50 Allied 011 Co., par $1
3234 lot
-40 Arlington Mills
45
10 Magee Furnace Co.,8% 2d pref. 12
5 Lancaster Mills, corn
10
12 Quincy Market Cold Storage &
10 Fairhaven Mills. pref
334
Warehouse Co., corn
25
10 Fairhaven Mills, corn
El lot 2 units Commercial Finance Corp. 38
5 Esmond Mills. pref
10054 2 Merrimac Hat Corp., corn
210
50 Hill Mfg. Co
14 85 Wickwire Spencer Steel Co.,
20 Pepperell Mtg. Co
110
corn., tr. ctf
$11 lot
300 Manomet MiUs
5 2 Orange Judd Co
$1 lot
55 Hamilton Woolen Co
13 60 A. L. Sayles & Sons. pref.,
4 Pepperell Mfg. Co
109
par $50
i
$6
2 lot
2505. A. E. Steel Corp
11
5 F. H. Roberts Co.. 7% pref
2 New Bedford Gas & Edison Light
5 Laconia Car Co., corn
6
Co., dep.. par $25
9234 2 Springfield Fire & Marine Ins. Co.730
2 U.S. Envelope Co.. corn
22234 100 Rhode Isl. Pub. Serv. Co.. pref. 3034
7 U. S. Envelope Co.. pref
117 22 B. B. dr R. Knight Corp., com.A 23
15 Plymouth Cordage Co
9334-95 50 Old Colony Investment Trust__ 3434
10 Dennison Mfg. Co., let pret.13534&div 10 Boston Insurance Co
870
5 New Eng. Pow. Assn., pref_98 & div
Bonds.
Per Cent.
10 Mass. Ltg. Cos.. 8% pref.,
$200 Wickwire Spencer Steel Co.
tmdep
133
75, Feb. 25 1930, $100 pleces_324 lot

' By Wise, Hobbs & Arnold, Boston:

Name of Caravany.

[VoL. 125.
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Public Utilities (Concluded).
Blackstone Valley Gas& Elec. com.(qu.) *31.25 Dec. 1 *Holders of roc. Nov. 15
Preferred
*3
Dec. 1 *Holders of rec. Nov. 15
Central Illinois Public
pref.(qu.)- *51.50 Jan. 14 *Holders of rec. Dec. 31
Cons. Gas. El. L.& P.,Serv.,
Bait., corn.(qu.) *750. Jan. 3 *Holders of rec. Dec. 15
Preferred series A (guar.)
*2
Jan. 3 *Holders of rec. Dec. 15
Preferred series B (guar.)
*114 Jan. 3 *Holders of rec. Deo. 15
Preferred series C (guar.)
.
134 Jan. 3 *Holders of rec. Doe. 15
Preferred series D (guar.)
•114 Jan. 3 *Holders of rec. Dec. 15
Duquesne Light Co.. 1st pref. A (qu.)
134 Dec. 15 Holders of rec. Nov. 15
East Kootenay Power, pref. (quar.).--134 Dec. 15 Holders of rec. Nov. 30
Federal Light & 'Pm., common (qu.).. 20c. Jan, 3 Holders of rec. Dot. 13
Common (payable In common stock). /15c. Jan. 3 Holders of rec. Dee. 13
Preferred (quar.)
114 Dec. 1 Holders of rec. Nov. 15
Federal Water Service, class A (guar.) _ 50c. Dec. 1 Holders of rec. Nov. 8
Internat. Power Securities, Pref. A (qu.) $3 Dec. 15 Holders of rec. Dec. 1
Los Angeles Gas & Elec., pref. (guar.)._
134 Nov. 15 Holders of rec. Oct. 31
New England Pub.Ser., pr. lien pf.(qu.) $1.75 Dec. 15 Holders of rec. Nov. 30
Ottawa & Hull Power, pref. (quar.)---114 Dec. 15 Holders of rec. Nov. 30
Pacific Lighting Corp.. corn (guar.).- *4
Nov. 15 *Holders of rec. Oct. 31
Preferred tenor.)
•134 Nov. 15 *Holders of rec. Oct. 31
Southern California Gas(guar.)
750. Nov. 15 Holders of rec. Oct. 31
West Penn Electric Co., class A (qu.)
$1.75 Dec. 30 Holders of roe. Pet. 15
Wisconsin Power dr Light, '-ref. (guar.). *134 Dec. 15 *Holders of rec. Nov.30
Fire Insurance.
Stuyvesant
134 Oct. 31 Oct. 27 to Oct. 31

Shares. Stocks.
$ per oh. Shares. Stocks.
$
20 Saco Lowell Shops, 2d pref
634 10 Western Massachusetts Cos_ _.fer
575h.
14
4 Pepperell Mfg.Co
10934 200 McKeesport Oil & Drilling Co,
10 Parker Mills Corp., corn
2
Inc.. par $1
19 West Point Mfg. Co
142-14234 100 Eskimo Syrup Co., par MO__ $5
16 Lancaster Mills, pref
24
50 Avery Petroleum Co., par $L... lot
24 Shove Mills
12 20 Allouette Oil Co.. par $10
10 Merrimack Mfg. Co., pref
80 7 Quincy Market Cold Storage &
20 Saco Lowell Shops, 151 pref.__ 110.
Warehouse Co., pref
6234
22 Arlington Mills
45
100 Nat. Conduit & Cable Co.,
100 Hamilton Mfg. Co
35c.
corn., ctf. of deposit
$2 lot
47 Fairhaven Mills. pref
334 50 Orange eounty Co
434
15 Saco Lowell Shops, 1st pref.... 1134 20 Heywood Wakefield Co., corn_ 4034
10 MIII Manufacturing Co
1234 16 North Boston Ltg. Properties,
1 Troy Cotton & Woolen Mfg.
corn., v. t. c., new
8634
Co.. par MO
111
1 Boston Athenaeum. par $300_ _.840
• 25 Hamilton Woolen Co
1334 3 Greenfield Tap dr Die corp..
9 Stafford Mille
4
pref
9534 dr thy.
3 Boston & Chelsea RR., par 850... 39
185 Gardner Fibre Co. pref
10
10 Boston Insurance Co
870
105 Quincy Market Cold Storage dr
15 Rockland Light & Power Co.,
Warehouse Co., pref
63-6334
pref. V. t. c., par $50
8534 10 Quincy Market Cold Storage dr
1 Boston Athenaeum, par $300
840
Warehouse Co. corn
25
15 Ludlow Mfg. Associates.
180
10 New England Pub. Serv., corn_ 51

Miscellaneous.
Alaska Packers Association (guar.).-- *2
Nov. 10 *Holders of rec. Oct. 31
American Chicle, common (guar.)
*75c. Jan. 1 *Holders of rec. Dec. 15
Prior preferred (guar.)
*114 Jan. 1 *Holders of rec. Dee. 15
American Multigraph, common (guar.). .50c. Dec. 1 *Holders of rec. Nov. 15
American Rolling Mills, corn.(quar.)_ .500. Jan, 15 *Holders of rec. Dec. 31
•114 Jan, 1 *Holders of rec. Dec. 15
Preferred (guar.)
*50c. Dec. 24 *Holders of rec. Nov. 30
Associated Oil (guar.)
114 Dec. 15 Holders of rec. Nov. 30
Belding-Corticelli, Ltd. (guar.)
Borden Company (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 15
Boss Manufacturing, common
$2.50 Nov. 15 Holders of rec. Oct. 31
114 Nov. 15 Holders of roe. Oct. 31
Preferred (guar.)
*300. Dec. 1 *Holders of roe. Nov. 19
Brach (E. J.) & Sons (guar.)
2
Nov. 15 Holders of rec. Nov. 90
Brookside Mills (guar.)
Brown Shoe, common (guar.)
6234c. Dec. 1 Holders of rec. Nov. 19
Buckeye Pipe Line (guar.)
$1 Dec. 15 Holders of rec. Nov. 18
Bunker Hill & Sullivan Min. dr Content. 25c. Nov. 4 Holders of rec. Oct. 31a
50o. Nov. 4 Holders of rec. Oct. 310
Extra
*131 Nov. lt *Holders of rec. Nov. 3
Cabot Manufacturing (guar.)
3114 Dec. 1 Holders of rec. Nov. 15
Canada Foundries & Forgings, Pref
Canadian Oil
25c. Nov. 15 Holders of rec. Nov. 12
*2
Canfield Oil, common (guar.)
Mar. 31 *Holders of rec. Mar. 20
*2
Common (guar.)
June 30 *Holders of rec. June 20
*2
Common (guar.)
Sept. 30 *Holders of rec. Sept.20
*2
Common (guar.)
Dec. 31 *Holders of rec. Dec. 20
By Barnes & Lofland, Philadelphia:
Preferred (guar.)
•114 Mar. 31 *Holders of rec. Mar. 20
8hares. Stocks.
$ per oh. Shares. Stocks.
Preferred (guar.)
*134 June 30 *Holders of rec. June 20
per sh.
$
20 Columbia Ave. Trust Co
452 5 Germantown Trust Co
•114 Sept.30 *Holders of rec. Sept. 20
Preferred (guar.)
66034
15 Continental Equitable Title &
5 Broad St. Tr. Co.par $50
Preferred (quar.)
*154 Dec. 31 *Holders of rec. Dec. 20
91
Trust Co par 3.50
28534 4 Merlon (Pa.) Title & Trust Co.,
Casein Co. of America (Del.) (guar.)... 134 Nov. 15 Holders of reo. Nov. 7
5 National Security Bank
1176
Extra
1
par $50
Nov. 15 Holders of rec. Nov. 7
275
20 Tenth Nat. Bank of Philo
401
4 Philadelphia Bourse. corn., par $50 4014 Celite Company, corn. (guar.)
500. Nov. I Oct. 26 to Oct. 31
10 13th dr 15th Sts. Pass. Ry
Pref. A (called for redemp. Oct. 31)_
134 Oct. 31
16114 20 Mine 11111 dr Schuylkill Haven
1026 dr 3d Sts. Pass. Ry
1% Nov. 2
15934
Pref. B (called for redemp. Nov. 2).
RR.. par $50
5634
10 Southwark National Bank
2
Nov. 10 Holders of rec. Ott. 31
448
50 Sim Realty Co. (Florida)
310 lot Chase (A. W.) Co., pref.((mar.)
15 Nat. Bank of No. Philadelphia_289
20 Independence Indemnity Co__ _ _31034 Crow's Nest Pass Coal (guar.)
'134 Dee. 1 *Holders of rec. Nov. 10
210 Union National Bank
Curtis Publishing, corn. (monthly)
*50c. Nov. 2 *Holders of rec. Oct. 22
355
20 Independence Indemnity Co_ --310
4 Corn Exchange National flank. 820
Cushman Sons. Inc., corn. (guar.)
*31
Dec. 1 *Holders of roc. Nov. 15
100 Commonwealth Casualty Co.,
*114 Dec. 1 *Holders of rec. Nov. 15
6 Franklin Fourth St. Nat. Bank 600
Seven per cent preferred (guar.)
par $10
2014
*2
Dec. 1 *Holders of rec. Nov. 15
4 Franklin Trust Co
Eight per cent preferred (guar.)
545
100 Commonwealth Casualty Co..
*200. Dec. 1 *Holders of rec. Nov. 19
Fair (The), corn.(guar.)
2 Mitten Bank & Trust Co., par
par $10
200
.20c. Jan. 2 *Holders of rec. Doe. 20
Common (guar.)
$50. unstamped
13534 10 Lester Piano Co
31
*20o. Feb. 1 *Holders of rec. Jan. 20
Common (guar.)
5 United Security Life Ins. & Tr.300
10 F. A. North Co
26
•134 Feb. 1 *Holders of rec. Jan. 20
2 George Miller Realty Co
8 Industrial Trust, Title & Savings
Preferred (guar.)
555
*234 Nov. 15 *Holders of rec. Nov. 3
Co., par $50
Farwell Bleachery (guar.)
500
2 George Miller. Inc
355
*1
Farwell Mills (guar.)
20 Guarantee Tr. & Safe Dep. Co_464
50 units Bankers Bond & Mtge.
Nov. 15 *Holders of rec. Nov. 3
4
60 Republic Trust Co., par $50_ _ _ _181
Finance Service Co., corn
Dec. 1 Holders of roe. Nov. 15
Co. (old)
115
134 Dec. I Holders of rec. Nov. 15
2 Columbia Ave. Trust Co
466
Preferred (guar.)
50 units Bankers Bond dr Mtge.
17 Pennsylvania Co. for Ins. on
Flatbush Investing Corp., corn.(No. 1) •114 Doe. 31 *Holders of rec. Decl 1
Co. (new)
115
*3
Lives. &c
1000 5 Susquehanna T.& T. Co
Preferred
Deo. 1 *Holders of rec.
6234
10 Oxford Bk.& Tr. Co., par $50.2i4
Foundation Co. of Can. let & 26 pf.(qu.) *114 Nov. 15'Holders of rec. Oct. 31
5 Sixty third St. Title & Trust
334 Nov. 1 Oct. 22 to Oct. 31
Bonds.
Per Cent. Globe Automatic Sprinkler, prof
550e. Nov. 25 *Holders of rec. Nov. 19
Co., par 850
45
Homestake Mining (monthly)
$33.000 Urban-Motion Pictures In•134 Dee, 1 *Holders of reo. Nov. 12
25 Bankers Trust Co., par MO
Horn & Hardart of N.Y., pref.(quar.)
9014
dustries 1st s. f. 75, 1933. ser. B. 60
30 Bankers Trust Co., par 350_ 90
Hunt Bros. Packing, class A (quar.)._..
312.000 Urban Motion Pictures InWor Nov. 1 Holders of rec. Oct. 150
*6
14 West End Trust Co
Dec. 15 *Nov. 15 to Dec. 7
716
Illinois Pipe Line
dustries 1st 5. f. 7s, 1933. ser. B. 60
10 Central Trust & Savings Co.,
*750. Dec. 1 *Holders of rec. Nov. 12
Ingersoll-Rand Co., corn. (guar.)
$25,000 Urban Motion Pictures Inpar $50
Common (extra)
Mil
Dec. 1 *Holden of rev. Nov. 12
239
dustries 1st s. f. 78, 1933, ser.B . 6035
10 Empire Title & Trust Co.. par
Internat. Combustion Engineering (qu.) *50c. Nov. 30 smolders of roc. Nov, 18
$200,000 Urban Motion Pictures
230. Nov. 15 Nov. 10 to Nov. 15
$50. $25 paid In
International Petroleum, corn
50
Industries lets. f. 78, 1933. ser.B 10
114 Dec. 1 Holders of rec. Nov. 15
5 Fidelity Phila. Trust Co
International Shoe, pref. (monthly).791
82.000 Peoples Pairs. By.Co.consol.
*30c. Dec. 31 *Holders of rec. Dec. 10
20 Airline Trust Co
Kresge (S. S.) Co. corn. (guar.)
269
48, 1962
72
*114 Dec. 31 *Holders of rec. Dec. 10
20 Aldine Trust Co
Preferred (qua?.)
265
$25,000 Wash. Alex. dr Mt. Vernon
Jan. 3 Holders of rec. Nov. 10
5 Manheim Trust (So., par $50
555
63
By. 1st 58. certifs. of deposit...3525 lot Knox Hat, torn., class A
750. Dec. 1 Holders of roe. Nov. 15
Lehn & Fink Products, corn.(guar.)
By A. J. Wright & Co., Buffalo:
750. Dec. I Holders of rec. Nov. 15
Liggett & Myers Tob.,com.&com.11(g11.)
$2.50 Dec. 1 Holders of rec. Nov. 2
Shares. Stocks.
$ per sh. Shares. Stocks.
8 per sh. Ludlow Mfg. Associates(guar.)
• 62144. Oct. 31
*Holders of roe. Oct. 20
2 Buff. Niag. & East. Pow., no par_ 34
500 March Gold, Inc.(old). par 10c. 7c. Manhattan Rubber Mfg.(guar.)
Stock dividend
'1234 Oct. 31 *Holders of rec. Oct. 20
30,060 Adargas Mines, par 1 peso_31 lot
200 Morosco Holding Co., no par__ I
234 Deo, 1 Holders of rec. Nov. 1
2 Buff. Niag. & East. Pow., pref.. •
500 Chaput Hughes. par $1
Sc. Merrimack Mfg.. corn.(guar.)
Mid-Continent Petrol. Corp., pf.(qu). 134 Dec. 1 Holders of rec. Nov. 15e
par $25
2534
*2
Neird Manufacturing (guar.)
Nov. 16 *Holders of rec. Nov. 3
•I
Extra
Nov. 15 *Holder, of rec. Nov. 3
334 Nov. 1
Newton (George B.) Coal, pref
DIVIDENDS.
Nov. 1
50c. Nov. 15 Nov. I to Nov. 15
Ohio Seamless Tube (guar.)
•
182-3c
tables.
In
the
Dec. 1 *Holders of reo. Nov. 19
Orpheum Circuit, corn.(monthly)
Dividends are grouped in two separate
Rust Proof Co.(guar.)
*250. Nov. 21 *Holders of rec. Nov. 10
first we bring together all the dividends announced the Parker
035c.
Preferred
21 *Holders of roe. Nov. 10
'current week. Then we follow with a second table, in Phoenix Hosiery. bat & 2d pref.(quar.).. *114 Nov.
Dec. 1 *Holders of rec. Nov. 17
Flour Mills, torn.(guar.)
40c. Dec. 1 Holders of rec. Nov. 15
which we show the dividends previously announced, but Pillsbury
134
Preferred (quar.)
Dec. 1 Holders of rec. Nov. 15
which have not yet been paid.
Pittsburgh Steel, pref. (guar.)
134 Dee. 1 Holders of rec. Nov. 12
Purity Bakeries Corp., cl. A (guar.) - - 730. Deo, 1 Holders of reo. Nov. 15
The dividends announced this week are:
class B (guar.)
50c. Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
134 Dec. I Holders of rec. Nov. 15
1* Nov. 1 Holders of rec. Oct. 20
Per
When
Quebec Dairies. Ltd.. prof. (quar.)..
Books Closed.
Roos Broa.,com.(guar.)
Cent. Payable.
Days Inclusive.
6230. Nov. 1 Holders of roc. Oct. 150
Name of company.
Preferred (guar.)
134 Nov. 1 Holders of rrao. Ott. 154
Railroads (Steam).
Smith (A.0.) Corp., torn.(guar.)
$1.50 Nov. 15 Holders of rec. Nov. I
*134 Nov. 15 *Holders of rec. Nov. 1
Catawissa let & 2d preferred_
'234 Nov. 22 *Holders of rec. Nov. 10
Preferred (guar.)
Chicago R. I. & Pacific, corn.(guar.__ •134 Dec. 31 *Holders of reo. Dec. 2
Southern Pipe Line
$2
Dec. 1 Holders of reo. Nov. 15
*314 Dec. 31 *Holders of rec. Dec. 2
Spalding (A. G.) AL Bros., corn.(guar.)._ $1.25 Jan. 16 Holders of reo. Jan. 7
Seven per cent preferred
*3
Dec. 31 *Holders of rec. Dec. 2
114 Doe. I Holders of rec. Nov. 18
Six per cent preferred
First preferred (guar.)
8714c. Dec. 1 Holders of rec. Nov. 10a
Second preferred (guar.)
2
Cleveland & Pittsburgh. guar. (guar.)
Dec. 1 Holders of ref). Nov. 18
•134 Dec. 1 *Holders of rec. Nov. 15
50o. Dec. 1 Holders of rec. Nov. 10a Spear & Co. lst & 2d pref. (quar.)
Special guaranteed (guar.)
1
Dec. 1 Holders of reo. Nov. 15
preferred
Standard Oil (Calif.), ((fivar.)
•62340 Dee. 15 *Holders of reo. Nov. 15
Central,
Creek
Cripple
234 Nov. 28 Holders of rec. Nov. 14a Standard Oil of N. Y.(quar.)
*40c. Dec. 15 *Holders of roe. Nov. 18
Georgia Southern & Fla.. 1st & 24 pref._
1
Jan
2 Holders of reo. Dec. 15
Studebaker Corp., corn.(guar.)
*31.25 Dec. 1 *Holders of rec. Nov. 10
Maine Central. common (guar.
•114 Dec. 1 *Holders of rec. Nov. 10
114 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
Preferred (guar.)
Swan Finch 011 Corp.. pref. (quar.)
•134 Dec. 1 *Holders of rec. Oct. 22
New Orleans Texas & Mexico (guar.)._ •114 Dec. 1 *Holders of rec. Nov. 15
(qua?.),..
Timken
Roller
Bearing,
corn.
Jan.
3
Holders
of
rec.
Nov.
15
Dec. 5 *Holders of rec. Nov. 18
*31
pt.
(qu.)
134
corn.
&
N.Y.Chicago & St. L.,
Common (extra)
*250. Dec. 5 *Holders of rec. Nov. 18
13.4 Jan 3 Holders of rec. Dec. 10a
Pere Marquette. common (guar.)
134 Dec. 1 Holders of red.'Nov. 16
134 Feb. 1 Holders of rec. Jan. 100 Union Tank Car (guar.)
Prior preferred (guar.)
114 Feb. 1 Holders of rec. Jan. 10a U. S. Playing Card (guar.)
*31
Jan. 1 *Holders of rec. Dec. 21
Five per cent preferred (guar.)
Extra
*31
Jan. 1 *Holders of reo. Deo. 21
St.Louis-San Francisco Ry.. corn.(qu.). *134 Jan. 3 *Holders of rec. Dec. 9
Vacuum 011 (guar.)
50c. Dec. 20 Holders of reo. Nov.30
*250.
Jan. 3 *Holders of rec. Dec. 9
Common (extra)
Extra
50o. Dec. 20 Holders of rec. Nov.30
Preferred (guar.)
•134 Feb. 1 *Holders of rec. Jan. 14
Special extra
$1
•134 May 1 *Holders of rec. Apr. 7
Dec. 20 Holders of rue. Nov.30
Preferred (guar.)
Wheatsworth. Inc.. pref.(guar.),(No.1) 2
Dec. 1 Holders of rec. Nov. 15
•134 Aug. 1 *Holders of reo. July 14
Preferred (quar.)
White (J. G.) M'g'nt Corp., prof.(guar.) I% Dee. 1 Holders of ree. Nov. 15
•114 Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
Public Utilities.
American Telegraph & Cable (guar.).- •134 Dec. 1 *Holders of rec. Nov.30
Amer. Wet. Wks.& Elec.$6 lit Pf.(qtr.) $1.50 Jan. 2 *Holden of rec. Dec. 12
Baton Rouge nee. co., pref. A (qu.).. 1% Der 1 Hold5rs of rer. Nov.250




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 preoeding table.

Nov. 5 1927.]

rIIHE
When
Per
Cen, Payable.

Name of Company.
Railroads (Steam).
Atchison Topeka & Santa Fe, corn.(en.)
Common (extra)
Atlantic Coast Line RR., prof
Baltimore Ss Ohio. com.(guar.)
Preferred (guar.)
Bangor dr Aroostook, corn.(guar.)
Preferred (guar.)
Boston & Albany (guar.)
Central RR.of N.J.(guar.)
Chesapeake & Ohio, preferred
Cuba BR., preferred
Delaware & Hudson Co. (guar.)
Benson & Manhattan. common
Illinois Central. oommon (guar.)
Internat. Rys. of Cent. Amer.. pf.(qu.)
Norfolk & Western, common (qua?.)..._
Common (extra)
Norfolk & Western, adj. pref.(guar.)Ontario & Quebec, common
Debenture stock
Pennsylvania RR.(guar.)
Pittsburgh & Lake Erie (in stock)
Reading Company. corn. (guar.)
First preferred (guar.)
Wabash By.. plat A (guar.)

CHRONICLE

Books Closed.
Days Inclusive.

14 Dec. 1 Holders of rec. Oct. 28a
75e. Dec. 1 Holders of roe. Oct. 284
*24 Nov. 10 *Holders of rec. Oct. 27
Oct. 16 to Oct. 17
14 Dec.
Dec. I Oct. 16 to Oct 17
1
87e. Jan 1 Holders of rec. Nov. 30
14( Jan. 1 Holders of rec. Nov.30
42)1 Dec. 31 *Holders of rec. Nov.30
Nov. 15 Holders of rec. Nov. 74
2
Jan 118 Holders of rec. Dec. 8a
3
Febl'
Holders of rec. Jan. 16a
3
251 Dec. 20 Holders of rec. Nov. 260
151 Dec. 1 Holders of rec. Nov. 160
154 Dec. 1 Holders of rec. Nov. 4a
14 Nov. 15 Holders of rec. Or 310
Dec. 19 Holders of rec. Nov. 30a
2
2
Dec. 19 Holders of rec. Nov. 30a
1
Nov. 1 9Holders of rec. Oct. 31a
3
Dec. 1 Nov. 2 to Dec. 1
254 Dec. 1 Nov. 2 to Dec.
8734c Nov. 30 Holders of rec. Nov. la
n20 Dec. 10 Holders of rec. Dec. 1
El
Nov. 10 Holders of rec. Oct. 13a
50c. Dec. 8 Holders of rec. Nov. 220
14 Nov.25 Holders of roe. Oct. 26a

Public Utilities.
Amer.Superpower Corp., partic. pf.(en.) 500. Nov. 15 Holders of rec. Oct. 3I0
Amer. Water Wks.& Elec., corn.(qu.)-- 200. Nov. 15 Holders of rec. Nov. la
Associated Gas & Elec., $6 prof. (guar.). 161.50 Dec. 1 Holders of rec. Oct. 31
46.50 preferred (guar.)
51.625 Dec. 1 Holders of rec. Oct. 31
Brazilian Tr. Lt. & Pow., corn.(guar.).
154 Dec. I Holders of rec. Oct. 31
Brooklyn Edison Co. (guar.)
Dec. 1 Holders of rec. Nov. ha
2
Bklyn.-Manhattan TransitPreferred, aeries A (guar.)
$1.50 JanI6'28 Holders of rec. Dec. 310
Preferred, series A (guar.)
41.50 kpri6'28 Holders of rec. Apr I'28a
Cedar Rapids Mfg.& Power (guar.)_
750. Nov. 15 Holders of rec. Oct. 31a
Central & Southwest UtilitiesPrior lien and preferred stocks (qu.)-- $1.75 Nov. 15 Holders of too. Oct. 31
Chic. Rap.Tran.. pr. p1. A (monthly)..._ 650. Dee. 1 Holders of rec. Nov. 154
Prior preferred B (monthly)
60e. Deo. I Holders of rec. Nov. 15a
Cleve. Elec. Ilium. pref.(guar.)
151 Dec. 1 Holders of rec. Nov. 15a
Columbia Gas & El. Co., corn.((Mar.)-- $1.25 Nov. 15 Holders of rec. Oct. 20a
6% preferred (guar.)
1)4 Nov. 15 Holders of rec. Oct. 20a
Community Pow.& Lt.,8% prof.(cm.).
Dec. 1 Nov. 22 to Dec. 1
Connecticut fly. & Ltg., corn. & pf.(au.) $1.125 Nov. 18 Nov. 1 to Nov. 15
Consolidated Gas of N. Y. corn.(qu.)_
$1.25 Dec. 15 Holders of roe. Nov. 94
Consumers Power,6% pref. (quar.)____ 151 Jan. 3 Holders of rec. Dec. 15
Ali% preferred (guar.)
1.65 Jan. 3 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 15
Six per cent preferred (monthly)
50e. Dec. 1 Holders of rec. Nov. 15
Six per cent preferred (monthly)
50e. Jan. 3 Holders of rec. Dec. 15
6.6% preferred (monthly)
55e. Dec. 1 Holders of rec. Nov. 15
8.8% preferred (monthly)
55e. Jan. 3 Holders of roe. Dec. 15
Fairmount Park Transportation
25e. Nov. 15 Holders of rec. Oct. 31a
Foshay (W. B.) Co., corn. (monthly)... 67e. Nov. 10 Holders of rec. Oct. 25
7% preferred (monthly)
580. Nov. 10 Holders of rec. Oct. 25
8% preferred (monthly)
67o. Nov. 10 Holders of rec. Oct. 25
General Gas dr El. Corp., corn. A (qu.)._ b3714c Jan.
Holders of rec. Dec. 12a
Common class B (No. 1)
b$1.50 Jan.
Holders of rec. Dec. 12a
$8 preferred class A (guar.)
$2
Jan.
Holders of rec. Dec. 12a
$7 preferred class A (guar.)
$1.7 Jan.
Holders of rec. Dec. 125
$7 preferred class B (guar.)
$1.7 Jan.
Holders of rec. Dec. 120
Havana Elec. & Utilities. 1st pref.(en.). $1.50 Nov. 15 Holders of rec. Oct. 20
Preferred (guar.)
$1.25 Nov. 15 Holders of rec. Oct. 20
Havana Elec. Ry., preferred (quar.)---- 14 Dec. 1 Holders of rec. Nov. 10a
Illuminating & Power Scour.. corn. (qu.) 45e. Nov. 10 Holders of rec. Oct. 31
Preferred (guar.)
14 Nov. 15 Holders of rec. Oct. 31
Kan.City Pub.Ser., pref. A (qu.)(No.1) $1.75 Nov. 10 Holders of rec.
3Ia
Kentucky Utilities, Junior pref.(guar.)._ 87540 Nov. 19 Holders of rec. Oct.
Nov. la
Keystone Telephone of Phila.. prof.(qu.) $1
Dec. 1 Holders of rec. Nov. 184
Massachusetts Gas Coe.. prof
2
Dec. 1 Nov. 16 to Nov.30
Mexican Light & Power, prof
3
Nov.21 Holders of roe. Oct. 31
Second preference
106. Nov. 21 Holders of reo. Oct. 31
Middle West Utilities, corn. (guar.)
$1.50 Nov. 15 Holders of reo. Oct. 31
Montreal Light. Heat & Pow. Co.(qu.). 2
Nov. lb Holders of too. Oct. 31
Montreal Water & Power corn (guar.)_ _ $1
Nov. 15 Holders of rec. Oct. 314
Preferred (quarterly)
151 Nov. 15 Holders of MC.
31a
National Power ds Light. common (qu.)_ 200. Dec. 1 Holders of rec. Oct.
Nov. 150
North Amer. Edison Co., pref.(quar.)
$1.50 Dec. I Holders of rec. Nov. 15a
Northwest Utilities, Prof.(guar.)
131 Nov. 15 Holders of rec. Oct. 31a
Ohio Edison Co..6% pref.(guar.)
154 Dec. 1 Holders of rec. Nov. IS
6.6% preferred (Qum.)
14 Dec. 1 Holders of rec. Nov. 15
Seven per cent preferred (qua?.)
131 Dec. 1 Holders of roe. Nov. 15
Six per cent preferred (monthly)
50o. Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
550. Dec. 1 Holders of rec. Nov. 15
Pacific Gas & Elec., Prof.(guar.)
•37540 Nov. 15 *Holders of rec. Oct. 31
Pacific Ltg.Corp..corn., pay.boom.stk. 4/900 Nov. 15 *Holders of rec. Nov. la
Penn-Ohio Edison Co. prior pref. (qu.)- 1
Dec. 1 Holders of rm. Nov. 19
Penn-Ohio Power &Light, $8 pref. (au.) $1.50 Feb. 1 Holders of rec. Jan. 20
Seven per cent preferred (guar.)
15 Feb. 1 Holders of rec. Jan. 20
6.6% preferred (monthly)
55e. Dec. 1 Holders of rec. Nov. 20
6.6% preferred (monthly)
55e, Jan. 1 Holders of rec. Dec. 20
6.6% preferred (monthly)
550. Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
600. Dec. 1 Holders of roe. Nov. 20
7.2% preferred (monthly)
60e. Jan. 1 Holders of rec. Dec. 20
7.2% preferred (monthly)
600. Feb. 1 Holders of rec.
20
Philadelphia Suburban Water, pref.(qu.) 154 Dec. 1 Holders of rec. Jan.
Nov. 120
Pub. Ser. Corp. of N.J.6% pr.(mthly.) boo. Nov. 30 Holders of rec. Nov.
Radio Corp. of Amer., Prof. A (quer.).-- 1,i Jan. 1 Holders of rec. Dec. 44
la
Original preferred
7
Jan. 1 Holders of rec.
la
Southern California Edison. corn.(qua?.) 50o. Nov. 15 Holders of rec. Dec.
Oct.
20a
Southern Canada Power, corn. (qua?.)
Nov. 15 Holders of rec. Oct. 81
1
Southern Cities Utilities, $6 Prof.(qu.)
$1.50 Dec. 1 Holders of rec. Nov. 10
Seven per cent preferred
354 Nov. 10 Holders of roc Oct. 21a
Southern Colorado Power,corn. A (qu.)- 50e. Nov. 25 Holders of rec. Oct. 31
Tampa Electric Co., common (qua?.) -- 50o. Nov. 15 Holders of rm. Oct. 25a
Tennessee Elec. Power.6% let pre!
14 Jan. 3 Holders of rec. Dec. 15
7% first preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 15
7.2% first preferred (qua?.)
1.80 Jan. 3 Holders of rec. Dec. 16
6% first preferred (monthly)
50e. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
50e. Jan. 8 Holders of rec. Doe. 15
7.2% first preferred (monthly)
60e. Dec. 1 Holders of roe. Nov. 15
7.2% first preferred (monthly)
60e. Jan. I Holders of rec. Dec. 15
Utility Share
partic. pref.(qu.).- 300. Deo. 1 Holders of rec. Nov. 14a
West Penn Electric
Corp.,Co.,7% pf.(qu.).,
15( Nov. 15 Holders of rec. Oct. 20e
6% preferred (guar.)
14 Nov. 15 Holders of rec. Oct. 20
Fire Insurance.
General Reinsurance (glue.)

$1.25 Nov. 15 Holders of rec.. Oct. 31a

Miscellaneous.
Allis-Chalmeri Mfg., common (guar.)...
Aluminum Manufacturers. corn.(guar.)Amalgamated Laundries, pref.(mthly.)_
Preferred (monthly)
Preferred (monthly)
Preferred (monthly)
Preferred (monthly)
Preferred (monthly)
Preferred (Monthly)
Amer. Bank Note, common (extra)
Common (payable In COM.stock).-American Can, corn.(guar.)
American Chicle, corn (guar.)
Prior preference (guar.)
Amer. European Securities, pref. (qu.)
Amer. Home Products Corp.(monthly).
American Mfg. Co.. corn. (Quer.)
Preferred (guar.)

14 Nov. 15 Holders of rm. Oct. 24a
450e. Dec. 3 •Hrlders of rec. Dec. 15a
Hclders of rec Nov. 15a
5814. Dec.
5814. Jan 2'28 Holders of rec. Dec 154
ogrse Feb 1'28 Hold. of rec. Jan. 15'284
59110. M'rl'2 Hold,of rec. Feb. 15 28a
5810. Apr I'29 Hold.°free Mar. 15'28a
58110. M11'21 Hold,of rec. Apr. 15'284
5814. Jun 1'2 Hold. of rec. May 15'25a
Dec. 30 Holders of rec. Dec. 12a
$1
f20 Dec. 30 Holders of rec. Dec. 12a
60o. Nov. 1 Holders of rec. Oct. 310
*Holders of rec. Dec. 15
.750 Jan.
*Holders of rec. Dec. 15
'151 Jan.
$1.50 Nov. I Holders of roe. Oct. 31
Holders of rec. Nov. 144
200. Dec.
154 Dec. 3 Holders of rec. Doe. 164
13( Dec. 3 Holders of rec. Doe. 160




Name of Company.

2491
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
American Metal, common (guar.)
75e. Dee. 1 Holders of rec. Nov.194
Preferred (guar.)
144 Deo. 1 Holders of ree.Nov.d21a
American !Imitator. common (tuar.)-_ $1.25 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
134 Nov. 15 Holders of rec. Nov. la
Amer. Smelt. & Ref., pref. (guar.)
14 Dec. 1 Holders of roe. Nov. 4a
American Stores (extra)
50o. Dec. 1 Nov. 16 to Dec. 1
Amer. Sumatra Tobacco, pref. (Qua?.).. $1.75 Doe. 1 Holders of roe. Nov. 154
American Tobecco, corn. & corn. B (qu.) $2 D. 1 Holders of rec. Nov. 10a
Amparo Mining (guar.)
le. Nov. 10 Nov. 1 to Nov. 10
Anaconda Copper Mining (quer.)
750. Nov. 21 Holders of rec. Oct. 154
Armstrong Cork. common (guar.)
134 Jan. 3 bee. 16 to Jan. 3
COM Inoli (payable In common stock)... 5 Jan. 18 Dec. 16 to Jan. 3
Preferred (guar.)
154 Jan. 3 Dec. 16 to Jan. 3
Artloom Corp., corn. (guar.)
54 Jan. 1 Holders of rec. Dec. 19
Preferred (guar.)
154 Dec. 1 Holders of rec. Nov. 18a
Associated Dry Goods, let pref.(qua?.). 14 Dec. 1 Holders of rec. Nov. 12a
Second preferred (guar.)
14 Dm. 1 Holders of too. Nov. 124
Atlas Powder. common (guar.)
$1 Doe. 10 Holders of rec. Nov.30a
Babcock & Wilcox Co.(guar.)
144 Jan 118 Holders of rec. Dec. 20a
Quarterly
1% Apr118 Hold. rec. Mar.20'284
Balaban & Katz, corn. (monthly)
25c. Dec. 1 Holders of rec. Nov. 19a
Common (monthly)
25c. Jan. 2 Holders of rec. Dec. 204
Preferred (quarterly)
14 Jan. 2 Holders of reo. Dec. 20a
Bomberger (L.) dc Co.. pref. (qua?.)__.- 14 Dec. 1 Holders of rec. Nov. 124
Rankers Capital Corp., pref.(guar.)
Jan1618 Holders of rec. Doe. 31
_ $2
Bastian-BM:Bing Co., common (romr.)._ 50c. Dec. 1 Nov. 16 to Nov.30
Deacon Manufacturing,corn. dr pfd.(qu.) 14 Nov. 15'Holders of rec. Nov. 1
Beacon Oil, pref. (guar.)
14 Nov. 15 Holders of rec. Nov. la
Bethlehem Steel, pref. (guar.)
151 Jan. 3 Holders of rec. Dec. 24
Bloch Bros. Tobacco. corn. (guar.)
3734e. Nov. 15 Nov. 11 to Nov. 15
Preferred (guar.)
14 Dee. 31 Dec 25 to Jan. 2
Bond & Mortgage Guarantee (guar.)
4
Nov. 15 Holders of rec. Nov. 7
Borden Co.. corn. (qua?.)
$1.25 Dec. 1 Holders of rec. Nov.154
Boston Woven Hose& Rubb.,com.(ext.) 52
Nov. 15 Holders of rec. Sept.19
British Columbia Fishing. corn. (guar.)- $1.25 Dec. 10 Holders of rec. Nov.30
Common (guar.)
$1.25 3-10-'28 Holders of rec. Feb.28'28
Preferred (guar.)
144 Dec. 10 Holders of rec. Nov. 30
Preferred (guar.)
151 3-10-'28 Holders of rec. Feb.28'28
Brompton Pulp & Paper, pref. (qua?.).. 2
Nov. 15 Holders of rec. Oct. 31a
BrunswicklIalke-Collender, coin. (qu.)_ 760. Nov. 15 Holders of rec. Nov. .5a
Burns Bros., common, class A (qua?.).. 32
Nov. 15 Holders of rec. Nov. la
Preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 13a
Butler Brothers (guar.)
500. Nov. 15 Holders of rec. Oct. 31a
California Packing (guar.)
Dec. 15 Holders of rec. Nov.30a
51
California Petroleum (guar.)
25e. Dec. 1 Holders of roc Nov. 15
Canada Cement. ltd., Prof. ((luar.)
134 Nov. 16 Holders of rec. Oct. 31a
Canadian Converters (guar.)
14 Nov. 15 Holders of roe. Oct. 31a
Canadian Falrbanks-Morse. pref. (extra) 53
Nov. 15 Holders of rec. Oct. 31
Canadian Vickers, Ltd., pref.(guar.).__ lfi Nov. 15 Holders of rec. Oct. 31
Canfield Oil, corn. (guar.)
134 Dec. 31 Dec. 21 to Jan. 4
Preferred (guise.)
144 Dec. 31 Dec. 21 to Jan. 4
Casey-Hedges Co.. corn. (guar.)
244 Jan. 1
Preferred (guar.)
14 Jan. 1
Caterpillar Tractor (guar.)
35c. Nov. 25 Holders of rec. Nov. 154
Extra
35c. Nov.25 Holders of rec. Nov. 154
Centrifugal Pipe ((elm)
15c. Nov. 15 Holders of rec. Nov. 5
Century Ribbon Mills. prof. (guar.).--- 14 Dec. 1 Holders of rec. Nov.10
Chicago Mill & Lumber (guar.)
1
Nov. 15 Holders of rec. Nov. 6.4
,
hlengo Yellow Cab (monthly)
33 I-3e Dec I Holders of rec. Nov. 1811
Childs Company, common (qua?.)
60c. Dec. 10 Holders of roe. Nov.25a
Preferred (guar.)
14 Dec. 10 Holders of rec. Nov.25a
Common (payable In no par corn. stk.) 11
Dec 3( Holders of roc Nov.251
Chile Copper Co.(guar.)
6240 Dec. 30 Holders of me. Dec. 241
Chrysler Corp., pref. A. (guar.)
Jan 3'28 Holders of rec. Dee. 15e
$2
Cities Service. common (monthly)
Holders of rec. Nov. 15
)4 Dec.
Common (payable In common stock)
154 Dec.
Holders of rec. Nov. 15
Preferred and preferred BB (monthly)
Holders of rec. Nov. 15
54 Dec.
Preferred 11 (monthly)
Sc. Dec.
Holders of rec. Nov. 15
Class A (guar.)
Holders of rec. Oct. 154
8734e Nov.
City Stores Co., class A (guar.)
Holders of rec. J1111. 154
87340 Feb.
ClInclifield Coal. preferred (guar.)
Holders of rec. Oct. 254
154 Nov.
Colorado Fuel dr Iron, pref.(guar.)
2
Nov. 25 Holders of rec. Nov. 10e
Congoleum-Nairn, Inc., pref.(guar.)... •1% Deo. 1 *Holders of rec. Nov. 15
Consol. Bond & Share Corp., pref. (qu.)_ 14 Nov. 15 Holders of rec. Oct. 15
Consolidated Cigar Corp.. pref. (quer.). 154 Dec. 1 Holders of rec. Nov. 154
Consol.Dalry Prod.new stk.(qu.)(No. 1) o50e. Jan. 1 Holders of rec. Dec. 154
Comfondated lee (Pittsburgh). pref
75e. Dec. 20 Holders of rec. Dec. 54
Consumers Co.. prior pref. See note (k)
Continental Can, Inc.. corn.(quiz.).... $1.25 Nov. 15 Holders of rec. Nov. Se
Cosgrove-Meehan Coal. pref.
154 Dec. 21 Holders of rec. Dec. 19a
Crown Finance Corp..corn.(In(guar.).coin.stk.)(100
Nov. 15 Holders of rec. Oct. 15
Conan Press. class A ((lulu%)
$1
Doe. 15 Holders of rec. Dec. la
Davis Mills(guar.)
Dec. 24 *Holders of rec. Dec. 10
Deere & Co., Prof.(qua?.)
134 Dee. 1 Holders of rec. Nov. 150
Preferred (acct. accumulated dim.) _ 5534 Dec. 1 Holders of rec. Nov. 15a
Detroit Steel Products (monthly)
260. Dec. I Holders of rec. Nov. 194
Diamond Match (guar.)
Dec. 15 Holders of rec. Nov.30a
2
Dow Chemical. common (qua?.)
$1.2 Nov. 15 Holders of rec. Nov. la
l'referred (guar.)
154 Nov. 15 Holders of rec. Nov. le
Dunhill International. corn. (quar.)._
Jan1518 Holders of rec. Jon.1'280
$1
Common (guar.)
Apr15'2;3 Holders of rec. APr.1184
$1
Eagle-Picher Lead, corn. (gear.)
400. Dec. 1 Holders of rec. Nov.150
Preferred (guar.)
134 an1528 Holders of roe. Dec. 31
F.astern Bankers Corp.. pref. (guar.)... $1.75 Feb. 1 Holders of rco. Dec. 31
Early & Daniels. common (quar.)
62540. Jan 1'28 Holders of rec. Dec. 200
Common (extra)
25c. Jan 1'28 Holders of rec. Dee. 200
Preferred (guar.)
$1.75 Ian 1'28 Holders of rec. Dec. 200
Erie Steam Shovel common (quiz.)
62340 Dec. I Holders of rec. Nov. 15a
Preferred (qua?.)
151 Doe. I Holders of rec. Nov. 15a
Fairbanks, Morse & Co.. coin.(guar.).75e. Dee. 31 Holders of rec. Dec. 124
Preferred (guar.)
154 Deo. 1 Holders of rec. Nov.12a
Famous Players Canadian Corp.1st pref. (guar.)
Deo. 1 Holders of rec. Oct. 31
Federal Motor Truck (qua?.)
20o. Jan. 2 Holders of rec. Dec. 17a
Stock dividend
2)4 Jan. 5 Holders of rec. Dec. 17a
Financial & Industrial SecuritiesII Common (Payable In
Nov. 15 *Holders of too. Oct. 31
Corn. ,1001)--; 415
First Federal Foreign Invest.
Trust (qu.) $1.75 Nov. lb Holders of rec. Nov. 1
Fisk Rubber, 2d pref.(qua?.)
154 Doe. I Holders of rec. Nov.15e
Fitzsimmons & O'Connell Dredge &
Dock common (qua?.)
•50e. Deo. 1 *Holders of ma. Nov. 19
Foote Bros. Gear & Mach., corn.(qu.)
30e. Jan1'28 Dec. 21 to Dec. 30
Preferred (guar.)
134 Jan 1'28 Dec. 21 to Dec. 30
FerrnIca Insulation (qua?.)
25e. Jan 118 Holders of me. Dec. 15
Extra
10e2 Jan 118 Holders of roe. Dec. 15
Foster & Richter Co.. corn. (guar.) ---- 25e. Nov. 16 Holders of rec. Nov. II
General Asphalt. pref. (gtisr.)
14 Dec. 1 Holders of rec. Nov. 154
General Cigar, Inc., pref. (guar.)
151 Dee. 1 Holders of reo. Nov. 23a
General Development(guar.)
260. Nov.21 Holders of rec. Nov. 10
General Outdoor Advertising, cl. A (rm.) $1 Nov. 15 Holders of rec. Nov, 5a
Preferred (guar.)
134 Nov. 15 Holders of n3c. Nov. 5a
E. G.Spring dc Bumper, corn.(guar.)._ 200. Nov. 15 Holders of rec. Oct. 284
Gillette Safety Razor (guar.)
$1
Deo. 1 Holders of rec. Nov. la
Extra
12)4c Deo. 1 Holders of rec. Nov. la
Special extra
50e. Dee. 1 Holders of rec. Nov. la
Goodrich (B. F.) Co.. corn.(quer.)__,.. $1 Doe. I Holders of rec. Nov. 10a
Preferred (qua?.)
154 Jan. 2 Holders of rec. Dec. 94
Goodyear Tire & Rubber, let pref.(cm.). 154 Jan. 1 Holders of roe. Dec. LT
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 1
Gossard(H.W.)Co.,corn.(monthly).. 33 1-3e Dee. 1 Holders of rec. Nov. 184
Common (monthly)
3314c Jan, 2 Holders of rec. Dec. 21a
Great Lakes Dredge & Dock (guar.) --- 2
Nov. 15 Holders of rec. Nov. 7
Great Northern Iron Ore Properties._
75o. Dec. 28 Holders of rec. Dec. 6a
Greenfield Tap & Die Corp.,6% pf.(qu.) 14 Jan. 2 Holders of rec. Dec. 15
8% preferred (guar.)
2
Jan. 2 Holders of reo. Dee. lb
Greenway Corp., panic. prof.(guar.)... 6754c. Nov. 14 Holders of rec. Nov. 1
Participating pref. (extra)
50c. Nov. 14 Holders of rec. Nov. 1
Guenther Publishing Co.. pref (guar.). 5
Nov 20 Holders of rec. Jan. 20e
Gulf States Steel. hat pref. (guar.)
134 Jan3'28 Holders of rm. Dee. 13a
Hammermill Paper (guar.)
254. Nov. 15 Holders of rec. Oct. 314

Name of Company.

When
Per
Cent. Payable.

Boots Closed
Days Inclusive.

Miscellaneous (Continued).
500. Dec. 1 Holders of roe. Nov. I7a
Hartman Corporation,CIMS A (quar.)__
Dec. I Holders of roe Nov. 17
Clam ft (nayattle in class A stock)_ _ (0
134 Nov. 30 Holders of rec. Nov. 150
Hart. Schaffner & Marx. Inc.(guar.)._ _
Hawaiian Commercial & Sug.(mtillY.)- 25c. Nov. 5 Oct. 26 to Nov 4
25c. Nov. 5 Oct. 28 to Nov. 4
Extra
25c. Dec. 5 Nov. 26 to Dec 4
Monthly
25c Dec. 5 Nov. 26 to Dec 4
Extra
30c. Nov. 15 Nov. 11 to Nov. 14
Hawaiian Sugar (monthly)
20c. Nov. 15 Nov. 11 to Nov. 14
Extra
30c. Dec. 15 Dec. 11 to Dec. 14
Monthly
20c. Dec. 15 Dec. 11 to Dec. 14
Extra
250. Nov 25 Holders of rec. Nov. 4.
Hazeltine Corp.(guar.)
134 Nov. 15 Nov. 6 to Nov. 15
Hercules Powder, pref.(guar.)
Hibbard, Spencer, Bartlett Co.(mthly.) 30e. Nov. 25 Holders of rec. Oct. 18
30e. Dec. 30 Holders of rec. Dee. 23
Monthly
Hollander (A.) & Son, Inc., corn.(qu.)_ _ 6234c Nov. 15 Holders of rec. Nov. la
Hood Rubber Products, pref. (guar.).- •134 Dec. 1 *Holders of rec. Nov. 21
134 Nov. 15 Holders of rec. Nov. 5a
lloosac Cotton Mills. pref. (guar.)
8764c Dec. 1 Holders of rec. Nov. 15a
Household Products (guar.)
Nov. 15 Holders of rec. Oct. 21
51
Indiana Pipe Line (guar./
Nov. 15 Holders of rec. Oct 21
$1
Extra
6234c Dec. 1 Holders of rec. Nov. 15a
Inland Steel, common (guar.)
134 Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 50
International Harvester. Pref. (rillar.)-60c Nov. 15 Holders of roe. Nov la
International Paper, corn. (guar.)
134 Dec. 1 Holders of rec. Nov. 15a
International Silver, corn. (guar.)
•
Jan16'28 Holders of re, Jan
Intenottre Iron & steel. common (guar.) Si
"134 Dec. 1 *Holders of rec. Nov. 19
Preferred (guar-)
250. Nov. 15 Holders of rec. Nov. 4a
Intertype Corporation (guar.)
62340 Dee. 1 Holders of rec. Nov. 18a
Jaeger Machine (quar.)
'134 Dec. 1 *Holders of rec. Nov. 15
Jone•& Laughlin Steel, corn. (quar.)
75e, Nov. 21 Holders of rec. Nov. 1 a
Joske Bros. Co. vot. tr. ctf.(No. 1)(gu.)
1214c. Ian 1'28 Holders of rec. Dec. 200
Kaynee Co., common (extra)
12340 Apr 1'28 Holders of rec Mar 204
mmon (extra)
12 Mc J'ly 1'28 Holders of roc June 200
Common (extra)
Dec. 1 Holders of rec. Nov. I9a
2
Klnney (G. R.) Co.. pref. (guar.)
134 Dec 10 Holders of rec. Nov 30
Kirby Lumber. common (quar)
50c. Nov. 15 Holders of rec. Oct. 3Ia
Kruskal & Kruskal, Inc. (guar.)
51.2s Jan. 1 Holders of rec. Dec. 120
Lambert Co., corn. (guar.)
"ny. 30 Holders of rec. Nov. 16a
$1
Common (extra)
1M
Langton MonotYPe Machine (qua:.)
ov• 30 Holders of rec. Nov. 19a
,,v.30 Holders of rec. Oct. 31a
2
Lehigh Coal de Navigation (guar.)
m
'tor. 30 Holders of rec. Oct. 31a
Extra
ec. 1 Holders of rec. Nov. 154
$1
Lima Locomotive, common (quar.)
ov. 10 Holders of rec. Nov. 5a
Lindsay Light, pref. (guar.)
10 Holders of roe. Nov I7a
Lord & Taylor. corn. (Christmas dIv.)._
be. 1 Holders of rec. Nov. 17a
134
First preferred (guar.)
ov. 15 Holders of rec. Nov. in
I k.
Louisiana Oil Refining. pref.(guar.)
$1.2 Joy. 15 Holders of rec Oct 29a
Macy-(H. H.) & Co.. corn. (guar.)
ma 1 Holders of rec. Nov. 150
50c.
Martin-Parry Corp. (guar.)
13, :ov. 15 Holders of rec. Oct. 290
Massey-Harris Co.. Ltd.. pref. (guar.)._
rec. 1 Holders of rec. Nov. 150
$1
May Department Stores. corn. (guar.)
mo. 1 Holders of rec. Nov la
25(
McIntyre Porcupine Mines, Ltd
McKesson dz Robbins. Inc., corn.(guar) 250. lov. 10 Nov. 2 to Nov. 10
13, 'Joy. 10 Nov. 2 to Nov. 10
Preferred (guar-)
, 10 Nov. 2 to Nov. 10
% slot.
Preferred (extra)
Jan2'28 Holders of roe Der I..
corn. A and IS (guar.) 25e
Morelia'
Nov. 15 Holders of rec Oct. 3Ia
$1
Mercantile Stores Co., corn. (quar.)
I% Nov. 15 Holders of rec. Oct. 310
ferred (guar.)
=
3734c. Nov. 15 Holders of rec. Nov. la
Copper Co. (guar.)
Dec. I Holders of rec. Nov. 10a
2
Miller Rubber, pref.(guar.)
$2 Dee. I Holders of rec. Oct. 31
Mohawk Mining (qua?.)
Nov. 15 Holders of rec. Nov. 40
91
Montgomery Ward Is Co., corn. (qu.)
134 Nov. I. Holders of rec. Oct. 27a
Morse Twist Dril l(quar.)
Holders of rec. Nov. 170
75c. Dec.
MunsIngwear. Inc. (quar.)
134 Dec. 1 Holders of rec. Nov. 2I0
National Hellas Hese, pref. (guar.)
$1.50 Jan. 14 Holders of rec. Dec. 310
National Biscuit, common (Wow.)
Nov. 15 Holders of rec. Oct. 29a
51
Common (extra)
134 Nov. 30 Holders of rec. Nov. 17a
Preferred (quar.)
Nov. It Holders of roe. Oct. 31a
134
(guar.)
National Brick, pref.
51.50 Nov. If Holders of rec. Nov. la
National Casket, common (guar.)
Holders of rec. Nov. 15a
Dec.
194
pf.(qu)
2d
Stores.
Department
National
National Food Products. class A (qu.)_ _ 6234c. Nov. 1: Holders of rec. Nov. 5a
lloldera of rec. Dec. 2a
134 Dec.
Nacional Lead. pref. A (guar.)
Holders of rec. Dec. 1
*75e. Dec. I
National Radiator, corn. (guar.)
olden; of rec. Nov. la
1(4 Nov.
National Refining. corn. (guar.)
Holders of rec. Nov. 50
51 Nov. 1
National Supply (guar.)
folders of rec Nov. 40
500. Nov.
New Cornelia Copper Co.(guar.)
Nov. I
Holders of rec. Oct. 20a
2
New Jersey Zinc (guar.)
Dee. 11 Holders of rect. Nov. 19
2
New Jersey Zinc (extra)
Holders of roe. Nov. 1
Nineteen Hundred Washer Cl. A (qua?.). *50c. Nov. 1
folders of rec. Nov. 10
I 5c. Dec
North Central Texas Oil (guar.)
Holders of rec. Dee. I2a
50c. Jan.
OH Well Supply corn.(guar.)
Holders of rec. Oct. 31
Ontario Steel Products.corn.(guar.)-- 134 Nov. I
Holders of rec. Oct. 31
Preferred (guar.)
134 Nov. I
Holders of rec. Oct. 250
Nov. I
Oppenheim Collins & Co., Inc..com.(qu) 51
...Mere of rec. Dec 310
1% lati1S•
Otis Elevator. pref.(quar.)
folders of rec. Nov. 15a
200. Nov. :1
Packard Nlotor Car. monthly
folders of rec. Dee. 20
Page-Hershey Tubes. Ltd.. corn.(qu )._ 750. Jan.
lolders of rec. Dee. 20
I % Jan.
Preferred (guar.)
loldere of rec. dN v IS
Paramount Oshawa Theatre, pref
134 Novd2
Holders of rec. Nov. 10
Dec.
Pathe Exchange. Inc.. pref. (quar.)-- - 2
Holders of rec. Nov. 19
Ponder(D.) Grocery Co.. pref. A (qu.) - 8734o. Dec.
1Iolders of rec. Nov. 5
Nov 1
$1
Pennrans, Ltd , corn. (guar.)
Holders of rec. Nov. la
1
Nov.
2
Peoples Drug stores, prof.(guar.)
Holders of rec. Nov. 150
$1 Dec.
Phillips-Jones Corp.. corn.(guar.)
of rec. Oct. 26
Holders
15
Nov.
43340
)
pf.(3u
Co-part.
&
Pick (A[ben), Barth
to Nov. 15
Nov. 15 Nov. I
2
Producers 011 Co.. pref. (guar.)
Nov. IS Holders of rec. Oct. 250
52
Procter & Gamble. corn.(quar.)
rec. Dec. la
of
Holders
15
Dec.
134
Pro-phy-lac-tic Brush, pref. (qua:.)_Nov. 15 Holders of rec. Nov. la
$1
Pro-phy-lac-tic Brush Co. (extra)
rec. Oct. 31
of
Holders
15
Nov.
1)4
(quar.)
Company
Pullman
Nov. 15 Holders of rect. Oct. 24a
$1
Pullman, Inc., common (No. 1)
*37(4 Dec. 1 *Holders of rec. Nov. It
Pure OIL corn. (guar.)
150 Nov. 15 Holders of roc Nov. la
Q H 8 Music Co.. corn. (guar.)
15.3. Dec 15 Holders tt roc Dee. la
Common (guar-)
1% Nov. 30 Holders of rec. Nov. la
Quaker Oats, preferred (guar.)
Nov. 15 Holders of rec. Nov. 5
2
QuIssett Mill (qua:.)
Dec. 1 Holders of roe Nov. 15a
Republic Iron & Steel, corn. (guar.)--.... 1
Jan.
2 Holders of rec. Dec. 140
134
Preferred USW./
20e. Nov. 15 Holders of rec. Nov. la
River Raisin Paper. corn.(guar.)
134 Nov. 15 Holders or rec. Oct. 310
Ro114-Royce of Amer.. pref. (guar.).- -Royal Worcester Corset Co., corn.(qO.). 50c. Nov. 15 Holders of rec. Nov. 1
134 Nov. 15 Holders of rec. Oct. 31
Ruse Manufacturing (guar.)
Dec. 20
50o. Dec. 20 Dee. 10 to
St. Joseph Lead (guar.)
Dec.20
250. Dec. 20 Dec. 10 to
Extra
Dec. 1 Holders of rec. Nov. 15a
$1
Savage Arms. common (qua:.)
*134 Jan. 3 *Holders of rec. Doe. 15
First preferred (guar-)
*j34 Feb. 15 'Holders of rec. Feb. 1
Second preferred (quar.)
Nov. 15 *Holders of rec. Nov. 1
'134
preferred
(guar.)
Second
1 Holders of rec Nov 15a
87340. lee
Schulte Retail Stores common (quar.)
Nov. lb
30c. Nov. 15 Nov. 9 to
Sootten-Dillon Co. (guar.)
Nov. 15
Nov. 9 .n
15
Nov.
20o
Extra
Sherwin-Williams Co.. corn.(quar.)- -- *750. Nov. 1 *Holders of reo. Oct. 31
Oct. 31
rec.
of
'Holders
15
Nov.
'1234c
Common (extra)
•134 Dec. 1 *Holders of rec. Nov. 15
Preferred (guar.)
Nov. 15 Holders of rec. Nov. la
2
Sinclair Consoi. Oil. pref. (guar.)
500. Dec. 15 Holders of rec. Nov. 150
Skelly 011 (guar.)
Nov. 15 Holders of rec. Nov. la
So. Porto Rico Sug., com.(in corn. stk.)_ /10
Dec. 1 *Holders o 'rec. Nov. 15
*I%
pref.
(quar.)
Spear & Co.. lot & 2d
of rec. Nov. 26
Standard Investing, $6 pref.(No. 1)(gu.) $1.50 Dec. 15 Holders
I Holders of rec. Oct. 28
Dec.
134
(guar.)
prof.
(Ohio),
Oil
Standard
of rec. Nov. 3
Holders
20
Nov.
$1.25
Standard Sanitary Mfg., corn. (guar.)._
134 Nov. 20 Holders of rec. Nov. 3
Preferred (guar-)
to Nov 14
30
Oct.
15
Nov.
433(c.
Stanley Works. pref. (guar.)
Nov. 23 Holders of rec. Nov. d7a
$1
Sterling Products. Inc. (extra)
rec. Nov. 5a
of
Holders
15
Nov.
$1.50
(guar.)._
Speedometer
Stewart-Warner
75c. Dec. 22 Holders of roe Dec 10a
Stroock (S.) & Co.. Inc
'13.4 Dec. I 'Holders of rec. Nov. 10
Sun Oil Co., pref. (guar.)
rec. Nov. 5a
Thatcher Manufacturing. pref.(quar.). 90c. Nov. 15 Holders of




[VoL. 125.

THE CHRONICLE

2492

Name of Company.

When
Per
Cent. Payable.

Book., Closed
Days Inclusive.

Miscellaneous (Concluded).
Thompson (J. R.) Co., orn (mthly.).- 30e. Dec. 1 Holders of rec. Nov. 23a
$1.25 Nov. 15 Holders of rec. Oct. 31a
Tide Water Oil. pref. iquar.)
134 Nov. 15 Holders of rec. Oct. 250
Tobacco Products. class A (guar.)
25e. Dec. 15 Holders of rec. Doe. la
Transue Az Williams Steel Forg.(quar.)..
1% Dec. 1 Holders of rec. Nov.150
Truseon Steel, preferred (guar.)
Nov. 15 Nov. 8 to Nov. 15
6
Union Buffalo Mills. common
Nov. 15 Nov. 8 to Nov. 15
First preferred
Nov. 15 Nov. 8 to Nov. 15
Second preferred
Nov. 10 Holders of rec. Oct. 15a
Union Oil Associates (quar.)
Nov. 10 Holders of rec. Oct. 150
Union 011 of California (guar.)
VIIV 10 H friers of roe. Non, la
in Q...rage itiliar.I
Dec. 1 Holders of rec. Nov. 15a
(hilted Drug. corn. (guar.)
Nov. 5 *Holders of rec. Oct. 24
United Engineering & Foundry (guar.)Nov. 5 *Holders of rec. Oct. 24
Extra
*12
Nov. 5 'Holders of rec. Oct. 24
Special
1M an16.21, Holders of rec Jan.2280
United Paper Board. pref.(guar.)
Preferred (quar.)
Holders of rec.Apr 228
134
United Shoe MachineryCommon (payable in corn. stock)
f20 Nov.30 Holders of rec. Sept.:20
2% Dec. 15 Holders of rec Dec. la
0
Cast Iron Pipe & Fdy.. corn (qu.)
Preferred (ousel
144 hoe IS Holders of rec Dee la
Doe. 1 *Holders of rec. Nov. 20
'$1
U. S. Hoffman Machinery (guar.)
2
Nov. 15 Holders of rec. Oct. 200
U.S. Rubber. lat pref. (guar.)
I% Dec. 30 Holders of rec. Nov. 30a
U. S. Steel Corp.. corn. (guar.)
154 Nov.29 Holders of roe. Oct. 310
Preferred (quar.)
75c. Nov. 15 Holders of rec. Nov. la
Vanadium Corp. (guar.)
SI
Dec. 18 Holders of rec. Doe. la
Special
52.50 Nov. 10 Holders of rec. Nov. 1
Vapor Car Heating. corn.(guar.)
Va.-Carollna Chemical. pr. pref. (guar.) •1% Dec. 1 'Holders of tee. Nov. 16
75o. Dec. 1 Holders of roe. Nov.15
Wayagamack Pulp & Paper (quar.)
Dec. 23 Holders of rec. Dec. 13
52
W estland 011 Corp
134 Dec. 1 Holders of rec. Nov. 15
White (J. G.) & Co., pref.(guar.)
White (J G.) Engineering Corp. pf.(qu.) 134 Dec. 1 Holders of rec. Nov. 15
250, Nov. 15 Holders of me Nov. 1
Will & Baurner Candle. corn.(quar.)50c. Nov. 10 Holders of roe. Oct. 15
Willcox,(H. F.) Oil& Gas (quar.)
Wire Wheel Corp.. pref. (guar.)...-- $1.75 anl'28 Holders of rec. Dec. 20
Wolverine Portland Cement (guar.)._ 150. Nov. 15 Holders of rec. Nov. 50
$1.25 Dec. 1 Holders of rec. Nov.100
Woolworth (F. W.) Co. (guar.)
250. Nov.30 Holders of rec. Nov. 14a
Wright Aeronatulcal Corp. (guar.)
rec. VIIV 2041
lIre
I Fi .141prs
2's
Wrigley (Wm.)Jr. & co ,,,,,nth110
Dec. 1 Holders of rec. Nov. 100
51
Yale & Towne Mfg. (special)
Dee. 14a
31
roe.
of
Dec.
Holders
corn.
$1.25
(qu.)
Youngstown Sheet & Tube.
•134 Dec. 31 *Holders of reo. Dec. 14
Preferred (guar.)
Nov. 15 *Holden of rec. Nov. 5
Zonite Products Corp.(No. 1) (quar.)_
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. t The
New York Curb Market Association has ruled that stock will not be quoted =dividend on this date and not until further notice
a Transfer books not closed for this dividend. J Payable in preferred stock.
I Correction. e Payable in stock. !Payable in common stock. g Payable in
scrip. h On account of accumulated dividends.
b Holders of Class A and Class B stock are given the privilege of subscribing to
the extent of the dividend to their respective stocks at $25 per share.
McCrory Stores 7% preferred stock called In Feb. 1927.
k Consumers Co. dividend of 1 34% payable Jan. 1 reported In preceding issues
an error. Next dIvklend on preferred 344% (semi-annual) payable Feb. 20 1928.
1 Associated Gas & Electric pref. stock dividends payable either in cash or class A
stock at rate of 3 70-100 of a share of class A stock on $6 preferred and 401-100 of a
share of class A stock on 56.50 preferred.
n Subject to approval by the Inter-State Commerce Commission.
o Contingent upon action of stockholders at meeting on Nov. 21 to reduce dock
from 400.000 shares to 80,000 shares.
p Federal Water Service dividend payable in cash or class A stock, at rate of
1-50 of a share for each share held.
g Knox Hat dividend Is payable in class A participating stock of the Long's
Hat Stores Corp. at $100 per share.
r International Petroleum dividend payable to holders of Coupon No. 15
I Hartman Corp close B stock divs are one-fortieth share of class A stock.
ti Increase in capital st .ek auth Aged.

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 Oct. 29. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that Is, three ciphers (0001 otaKted.)
New
Capital
Week Ending
Oct. 39 1937. Nat'l.
State.
(000 omitted.) Ti Cos

Reserve
Pro/Us1 Loans.
with
Discount, Cash
Net
Time Ran*
Legal Demand
its
fretOct. 10 InvestSept 30 ments. Vault. Depost Deposits. posits. altos.
tortes.
rec.
Sept 30

Members of Fed. Re* Bank. Average Average 4t'erapel
$
Bask of N Y &
486 7,62
82,52
Trust Co.... 6,000 12.477
4.054 19.469
Bk of Manhat'n 12.500 18,598 185.23
89.113 1,147 11,515
Bank of America 6,500 5.347
75,000 68.079 847.797 4,033 78.762
National City
Chemical Nat'l_ 5,000 18.954 143.221 1.520 16.788
478 42,264
NatBk of Comm 25,000 44.197 390,53
Chat Ph N Ft& T 13,500 14.302 216.090 2,742 23.174
Hanover Nat'l_ 5,000 26.322 142.609 1,59: 16,933
Corn Exchange_ 11.000 16.514 208,126 4,164 24.971
87 18,381
National Park_ 10,000 24.696 173,235
Bowery & K Riv 4.000 7.0511 79.046 2,333 7,309
588 31.125
First National.. 10.000 80,909 333.215
Am Ex IrvIng Tr 32,000 30,261 436.757 3.553 51,939
8.195
127 1,094
1,000 1.3261
Continental Bk
Chase National_ 40,000 40,820. 603.944 6,576 71.879
875 3.271
600 3.169' 28,297
Fifth Avenue..
16.541
510 2.366
1,00
1,898
Garfield Nat'l_
8.000 12.071 135.140
848 16.134
beaooard Nat'l
40.117 360.284 1,019 35.990
BankeraTrust. 20.
833 7,055
3.000 5.268 59.346
U S Mtge & Tr
33,657 474.362 1,789 50,911
Guaranty Trust 30.
45.921
634 5,298
4.000 3,389
Fidelity Trust
770 19,866
New York Trust 10,000 23.085 186.101
143,958
667 14,806
Farmers L & Tr 10.000 21.26
Equitable Trust 30.000 24.581 296.743 1,271 30.750

Average. Average
$
5
56,317 8.296
139,483 32,867
87,219 4,251
'808.310150,207
128,147 4,827
318.311 36.507
164,937 43,867
127.819 2,581
175,128 30,628
140.088 6,763
50,473 2,2,184
236.814 1'1,613
389.041 44.02
6,484
529
*554,247 44,951
24,221 1,431
471
15.966
122,6051 2,91
305.683I 44,9
52.441 4,58
'444,6221 61,288
39,371 4,181
141,2991 32.450
11i,4361 18,902
'332.2561 27.

A eye.

98
347
6,167

4:iii
2,976
6,747

2:iii
46

Total of averages 373,000678.5.686.342 43.494 609.668 c4,493,091 852.328 3,525
Totals, actual co dition Oct. 295,709,649 43.304635.381 c4,508.53&659,371 3.576
Totals, actual condition Oct. 22 5.702,205 44.168559.601 c4,491,570651,179 3,563
155,892,37 45,079675.218 c4,452,278664,518 3.622
Totals, actual co ndition
Oct.
State Banks Not Members of Fed'I Reeve Bank.
State Bank_
Colonial Bank_.

5.0001 6.174
1.400, 3.431

Total of averages

8.400

108,987
34,784

4.729
3.513

9.6OSj 141,771

Totals, actual co dition Oct.
Totals, actual condition Oct. 22
Totals, actual condition Oct. 15

142,301
142,135
142,370

8,06
7.89
8.326

2.311
1.834

38,020 83.576
28.598 6.234

4,145

88,618 89.810

3.920
4,302
4.278

68,772 89,825
88.888 69.77
87.259 69,810

Nov. 51927.]

THE CHRONICLE

New
Capital. ProfUs. Loans,
Revere
Time Bank
Net
Demand
Discount. Cash
with
De- Cireuat'l June 30 IncestLegal Deposits. posits. IWO*.
in
State, Jane 30 meats, Vault. Depositartes.
etc.
(000 omitted.' Tr.Cos. June 30
Week ending
Oct. 29 1927.

Average Average Average Average. Average Avge.
*
$
$
$
S
$
Trust Com pan lea Not Membe rs of Fed 'I Res'cc Bank.
Title Guar & T 10,000 20.357 68,302 1,768 4.565
42.053 1,632
Lawyers Trust.. 3,000 3,551
17,260 1,604
22,974
921 1,715
Total of averag

13,000 23.908

91,276

2.689

6,280

59.313

3,236

Totals, actual m nelltion Oct. 29
Totals, actual a edition Oct. 22
Totals, actual condition Oct. 15

91,156
91,025
90.590

2.586
2,530
2.416

6,363
6,404
6.404

58.946
58.938
58.251

3,613
3,145
3,977

Gr'd aggr., avge.392,400 611,8735,919,389 54,425620.093 4.619.022 725.372 23,525
Comparison wl it prey. week- _
+932 +2,148-3,716 -6,330 +2,222 +29
Ord aggr ace cond'u Oct. 295.943.106 53,953645,664114.634.253732.80923.576
Comparison with prey. week_ _ +7.741 -644 +75357 +18,859 1-8,711 +13
Gr'd
Gr'd
Gr'd
Ord
He'd

aggr., act'l,cond'n Oct 225.935,365 54,597 570,307 4,617,394 724.09823.563
aggr., actleond'n Set. 155,925.335 55.811685.900 4.577,788 728,605123,622
aggr.. acacond'n Lc. 85.916,489 53,183594,342 4,548,792 720,65023,730
aggr., act'l cond'n Oct. 16.051,811 51,166606.894 4.748.442720.081 23,551
agar.. acrl cond'n Sept.24 5,867.359 51.874629.320 4.545.489 708,131 23,693
Note.-17. 8. deposits deducted from net demand deposits in the general tote
above were as follows: Average total Oct. 29. 865,370.000. Actual totals Oct. 29.
359,176.000: Oct. 22. 376,582,000:Oct. 15. 3111,714.000; Oct. 8. $111,722,000: Oct.
1. $114,687.000; Sept. 24, $114.687,000. Bills payable. rediscounts. acceptances
and other liabilities, average for week Oct. 29, 8718,939.000; Oct. 22, $890, 764 COO'
Oct. 15. $720,694,000; Oct. 8. 3729.027.000: Oct. I, 8684.405.000: Sept. 24. $673.797.000. Actual totals Oct. 29. $743.352.000; Oct. 22, 8685.205.000: Oct. 15.
$795,118,000: Oct. 8. $719.725.000: Oct. I. 8858.975.000: Sept. 24. $691,116.000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $246.205,000: Chase National Bank. $12.443.000: Bankers
Trust Co.. 337,825.000: Guaranty Trust Co.. 376.707.000: Farmers' Loan & Trust
Co.. 82,531,000: Equitable Trust Co.. 303.916.000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Bank. 340.859.000:
Chase National Bank. 81,684.000; Bankers Trust Co.. $627.000; Guaranty Trust
Co.. 82.731.000: Farmers' Loan & Trust Co.. 32,531.000; Equitable Trust Co..
$6,327.000.
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..
Reserve Bank
State banks*
Trust oompaniess.....
Total Oct. 29
Total Oct. 22
Total Oct. 15
Total Oct. .9

Total
Reserve.

Reserve
Required.

Surplus
Reserve.

$

8
609.668,0110 609,668,000 603.671.610
8.242.000 4,145.000 12.387.000 11,991.240
2.689,000 6,280.000 8.969.000 8,896.950

5.996.390
395,760
72.050

10,931,000 620,093,000 631,024.000 624.559.800
10,764,000 623.809,000 634,573.000 625,317.250
10,893,000 613,332,000 624,225.000 617.881,230
10,858,000 623,741,000 634,599,000 628,638,630

6.464,200
9.255.750
6.343.770
5.960.370

• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve
Bank, Includes also the amount of reserve required on net time deposits, which was as follows:
Oct. 29,819.569.780: Oct. 22, 319,485.330: Oct. 15. 319.667.760; Oct.8.819.270.170;
Oct. 1, 319.223.310; Sept. 24, 319,052.760.
Actual Figures.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Members Federal_ _
Reserve Bank
State banks.
Trust companies*.

Total
Reserve.

a
Reserve
Required.

2493

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 ts follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Week EndedJuly 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug 27
Sept. 3
Sept 10
Sept. 17
Sept. 24
Oct
1
Oct. 8
Oct. 15
Oct. 22
Oct. 29

Loans and
Investments.

Demand
Deposits.

Total Cash
in Vaults.

Reserve in
Depositaries

$
7.267.488.800
7,305.578.900
7,152,547,900
7.106.073.800
7.110.323.700
7,181.738.200
7.177,325,100
7,115,836.600
7.069.889.900
7,107,725,500
7,179,503.300
7,276.682.800
7,290.010.700
7.304.600.300
7.406.023,400
7.315,962,900
7,307,457,600
7.322.436.700

$
6.082.939.600
6.087.209.400
5.930.407.000
5.921.931.500
5,921.572.000
5.950.261.700
5,931,055.300
5,879.977.900
5,845.207.700
5,901.639 100
5.916.180.700
5,990.245,100
5,885.011.200
5,897.049.400
5,971.040.300
5,903.629.300
5,952,316.500
5.960.174.600

$
80,744.400
88,222.100
82.586.100
79.187.600
80.246.400
80 359.900
80.989,500
79.489.400
78.875.900
75.364.200
82.029.500
83.361.800
81.144.800
82.314.800
83.304.200
86.248.900
82489,900
84.457.300

$
797.870.400
788.623.300
768.772.500
765,494.700
7513.805.100
776.669.200
768.301,300
763.241.000
751.445.600
765 329.1100
763.450.100
771.680.400
760.449.500
760.172.500
774.359.100
770,304.400
777,194,400
773.177.400

New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member insitutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Rated in thousands of dollars, that is, three ciphers [000) wigged.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Oct. 29 1927.
Members et
Fed') Res've Bank.
Grace Nat Bank_ ....
State Bank
Not Member of Use
Federal Reserve Bank
Bank of Wash Ilts_
Trust Company
Not Member of the
Federal Reserve Bank
Mesh Tr. Bayonne_

Loans,
Diacounts,
Net
Profits. Investmanta.
&c.

$
1,000

$
1,980

•

•

3
15,286

Reserve
Cash
with
Net
No
in
Legal Doman' Time
Vault, Depart- Deposits Deposes.
tortes.
Average. Average Average Average.
$
s
8
$
97
1,160
7.796
4,075

•

•

500

701

9,279

426

Gr'd aggr.. 0 t. 22
1,500
Comparison with prey. week

2,682

24.565
+423

523
4-75

Get' agar.. Oct.
Gr'd aggr.. Oct.
Cir d aggr.. Oct
Gr'd aggr.. Sept

2.658 24,142
2.658 23,853
2,658
2.658
2,6 : 23.032

448
379
397
442

22
15
8
24

1,500
1,500
1,500
1

*

•

193

3,517

5,804

1.353 al1,313
+298
+50

9.879
-58

1,303 *11,015, 9,937
1,325 211.132' 10,000
1,415 811,334
9.976
1,406 11,232
9.934

•Bank of Washington Heights merged with Bank of Manhattan Co.
a United States deposits deducted. $90,000.
Bills payable, rediscounts. acceptances and other ilabWties. $2,713,000. Excess
In reserve. $82,100 increase.

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

Surplus
/Wave.

Nov. 2
1927.

$
$
635,381.000 35,381.000 605,890,680 29.490.320
8.063,000 3.920,000 611,983,000 12.018.960
-35,960
2,586,000 6,303.000 8.949.000 8.841,900
107.100

Capital
77,150,000
Surplus and profits_ _
97.638.000
Loans. disets & invest_ 1 123916000
Total Oct. 29
10,649,000 645.664,000 656,313,000 626,751.540 29,561,460 Individual deposits_ - 719,134,000
Total Oct. 22
Due to banks
169,895,000
10,429,000 570,307.000 180.736.000
. .
. .
Total Oct. 15
274,164.000
10,732,000 685,900,000 696,632,000 619.284,950 77,347.050 Time deposits
Total Oct. 8
10,399.000 594.342,C00 604.741,000 615.166,530 -10.425,530 United States deposits. 17,535,000
Exchanges for Cl's li'se 45.357.000
• Not members of Federal Reserve Bank.
: Due from other banks. _ 92,368.000
a Thls Is the reserve required on net demand deposits In the case of State banks Res've In legal dental'les 87,313.00t
and trust companies. but In the case of members of the Federal Reserve Bank In- Cash in bank
9,200,000
Res've excess In F.R.Bk
cludes also the amount of reserve required on net time deposits, which wag as
765,000
follows
Oct. 29. 819.781,130: Oct. 22, $19,535,370: Oct. 15, $19.644.54C: Oct. 8.
819.401,030:
Oct. 1, $19.362,15C; Sept. 24, $19,022.730.
Philadelphia

State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Sale Barging Department.)
Differencesfrom
Oct. 29.
Previous Week.
Loans and Investments.
31,403,047,700 Inc. 812.047.1.00
Gold
5,216,000 Inc.
134,000
Currency notes
24.816,300 Dec. 414.600
Deposits with Federal Reserve Bank of New York
111,343.600 Inc. 1,603,100
Time deposits
1,427.149,000 Inc. 2.875,200
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust companies in N Y. City. exchanges & U.S. deposits_1,341,152,600 Inc. 14,188,100
Reserve on deposits
183.116,700 Dec.
581.600
Percentage of reserve, 20.5%.

Changes from
Previous Week.

Oct. 26
1927

Oct. 19
1927.

Unchanged
77.150.000
77.150,000
Unchanged
97.638.000
97.543,000
Inc. 8.661,000 1.115.255.000 1,123,133.000
Inc. 5,139,000 713.995.000 717,131.000
Inc. 10,864,000 159.031.000 165.033.000
Inc. 1,216.000 272.948 000 275.641.000
Dec. 3.206.000
20.741.000
28.102.000
Inc. 11.880,000
33.477.000
35.675.000
Inc.
533.000
91.835.000 104,625.000
Inc. 1,896.000
85.417.000
85.602.000
Dec. 284,000
9,484.000
9.622.000
Inc.
75.000
690.000
785.000

Banks.-The Philadelphia Clearing House
return for the week ending 0 t. 29, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies
not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve
with
leg II depositaries" and "Cash in vaults."
Two Ciphers (00)
omitted.

Week Ended Oct. 29 1927.
81embersof
Trust
F.R.System Companies

1927
Total.

Oct. 22
1927.

Oil. 15
1927.

Capital
53,300.0
5.000.0 58.300,0 58,300.0 358.300,0
Surplus and profits
166,460,0 17,960.0 184.420.0 184,226,0 184,170,0
Loans,(Itself, & investm'ts 1001.958.0 46,881.0 1048.839.0
1058.574.0 1063,692,0
Exchanges for Clear.House 34,427,0
293,0 34.720,0 40,126.0 39,699.0
Due from banks
96,817.0
17,0 96.834.0 107.338,0 112,251,0
Bank deposits
138,979.0
1,091.0 140.070.0 145.879.0 150,278,0
Individual deposits
639.252,0 30,833.0 670.085,0 679444.0 679.258.0
Time deposits
174,083,0
2.584.0 176.667.0 175.909,0 176.739,0
RESERVE.
Total
deposits
--State Banks
-Trust Companies- Reeve with legal depoetit'y 952,314.0 34,510,0 986,824.0 1001,433,0 1006,275.0
Cash Ira vault*
3.472.0
340.139.900, 17.43%
3.472,0 74.801.0
$101,236,000 15.28% Reserve with F. R.
3,576,0
Bank._ 71,698.0
Deposits in banks and trust cos_ _ 11,269,100 04.89%
71.698,0 71.053,0 73.067.0
30,471.700 04.59% Cash in vault
11,427,0
1.381,0 12.808,0 12,696,0 12,760.0
Total
reserve
&
cash
held
83,125,0
Total.
4,853,0
$51,409.000 22.32%
87.978.0 87,497.0 89.403,0
8131,707.700 19.87% Reserve required
71,268.0
4.871.0 76.139,0 76.329,0 76.481.0
11,857.0
-180 11.839.0 11,168,0 12,922,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Excess res & cash in vault_
and
trust companies combined on Oct. 29 was 3111.343,600.
State banks
•Cash in vault not counted as reserve for Federal Reserve
monism.




[VOL. 125.

THE CHRONICLE

2494

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov. 3 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 arid 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 2459, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 2 1927.
Nov. 2 1927. Oct. 26 1927. Oct. 19 1927. Oct. 12 1927. Oct. 5 1927. Sept. 28 1927. Sept. 211927. Sept. 14 1927. Nov. 3 1926.

s

s

s

$

$

$

$
3
$
RESOURCES.
1.609.809.000 1,623,253,000 1,632,507.000 1,604,948,000 1,561,864,000 1.630,529,000 1,657.755,000 1,665,739.000 1,337,772,000
Gold with Federal Reserve agents
61,931,000
48,010,000
45,695.000
53,022,000
55.159.000
47,954,000
40,528,000
42,028,000
40,072,000
Gold redemption fund with U.S. Treas.
Gold held exclusively agst. F. it. notes 1,649,881,000 1,665,281,000 1.673,035.000 1.652,902.000 1.607.559.000 1,678,539,000 1,712,914.000 1,718,761,000 1.399,703,000
603.971,000 634.385.000 637,092,000 861,099,000 704.384.000 639,749.000 614,774.000 596,363,000 789,574,000
Gold settlement fund with F R. Board
Gold and gold certificates held by banks_ 677,045.000 656.886,000 665,378,000 657.497,000 653.841.000 870.565.000 666.508,000 668,548.000 618,186,000
Total gold reserves
Reserves other than gold

2,931.797,000 2,956,552.000 2.975,505,000 2,971,498,000 2,965.789,000 2,988,8.53,000 2,994.196.000 2,983,672,000 2,807,463.000
134,856,000 135,793,000 136,475,000 132,396,000 136.774,000 137,352.000 139,436,000 140.369,000 127,222,000

Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations_
Other bills discounted

3,066,653,000 3,092.345,000 3,111,980,000 3,103,894,000 3,102,558.000 3.126.205.000 3,133,632,000 3.124,041,000 2,934,685,000
46,957,000
51.593,000
54,339.000
63,646,000
50.328,000
55,657,000
51,150,000
61,137,000
.59,695,000
208.723,000
170,498.000

236,428,000
165,570.000

224,821,000
192.776.000

192,753,000
237,496,1300

242,557,000
219,928,000

228.011,000
202,301,000

216,936.000
197,629.000

202.847.000
172,487,000

347,003,000
328,895,000

Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury MIPS
Certificates of indebtedness

379,221,000
334,576,000

402,398,000
301,111,000

417,597,000
282,503,000

430,249,000
274,361,000

462.485,000
262,165,000

430,312.000
242,148.000

414,565,000
218,660,000

375,334,000
226,717,000

675,898,000
332,098,000

277,478,000
102.852.000
146,046,000

261,876.000
124,941,000
123,813,000

255,075,000
124.710.000
120,603.000

258,780,000
133,114.000
118.235.000

255,972,000
128,624.000
122,277,000

253.515.000
134.559,000
108,278,000

253,741.000
127.138.000
102,664,000

280,188,000
123,181,000
96,207,000

47.211,000
136,416,000
118,719,000

Total U. S. Government securities...
Other securities (see note)

526,376,000
600.000

510,630.000
620,000

500,393,000
620.000

510,129,000
820,000

504,873,000
820.000

494,352,000
820,000

483,543.000
820,000

499,576,000
320,000

302,346,000
2,500,000

1,240,773,000 1,214.759,000 1,201,113,000 1,215,559,000 1,230,343.000 1,167,632,000 1,117.588,000 1,101,947,000 1,312,842,000
650,000
823.000
1.049,000
12,262,000
563.000
563,000
563,000
564,000
565,000
715.124,0(10 688,277,000 851.251,000 775,265.000 724,370.000 653.183,000 720.040.000 848,897.000 695,976,000
60,051,000
59,580,000
59,580,000
59,609,000
59.609,000
59.774,000
59,774.000
69,774,000
59,774,000
13,961,000
19,691,000
14.052,000
13,208,000
13,640.000
13,522,000
12,695,000
13,847,000
13,159.000

Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Rank Premises
All other resources

5,152.393,000 5,130,015.000 5,297,071.000 5,218,905,000 5,182.233.000 5,072,479,600 5.099.361,000 5.220,757.000 5,065,122,000

Total resources
LIABILITIES.
F. it. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits

1,717,116,000 1,702,999,000 1,716,785,000 1,733,829,000 1,717,049,000 1,705,765,000 1,700,522,000 1,707,584,000 1,755,430,000
2,362,429,000 2,351,870.000 2,383,711.000 2,324.338,000 2,360,378.000 2.336,548.000 2.311.070,0002,324,989,000 2,207,325,000
32,932,000
12,494,000
22,894,000
24,507.000
37,215.000
12,806.000
6,123.000
19,294,000
8,808.000
12,186,000
5.329,000
5,519,000
6,701.000
5.382.000
5.369.000
12,383.000
8,359,000
5,572.600
23,976,000
24,674.000
23,217,000
22.922,000
62,454,000
23,352,000
24,196,000
23,928,000
30.1703000
2,404.294,0002.403,451,060 2,429,098.000 2,404.967,000 2.426.327,000 2,389,768,000 2.362.700,000 2,367,486.000 2,276,419,000
654.634.000 646,615,000 775,545.000 704,844,000 664.038.000 602,200.000 662.030,000 771,929,000 665,233,000
131,388,000 131,293,000 131,275,000 131.171.000 131.098,000 130,960,000 130,866,000 130,731,000 124,379,000
228.775,000 228,775,000 228,775.000 228,775,000 228.775,000 228,775.000 228,775.000 228,775,000 220,310,000
23,351,000
14,252,000
14,468,000
14,921,000
14,946,000
15,319,000
15,593,000
16,882,000
16,186.000

Total deposits
Deterred availability items
Capital paid In
Surplus
All other liabilities

5,152,393,000 5,130,015,000 5,297,071,000 5,218,905.000 5,182,233,000 5,072,479,000 5,099,381,000 5,220,757,000 5,065,122,000
Total liabilities
Ratio of gold reserves to deposit and
69.6%
73.2%
73.7%
73.0%
71.5%
71.8%
71.8%
72.0%
71.1%
F. R. note liabilities combined
Ratio of total reserves to deposit and
72.8%
76.7%
77.1%
76.3%
74.9%
75.0%
75.1%
75.3%
74.4%
F. R. note liabilities combined
Contingent liability on bills purchased
40,344,000
186,455.000 182,682.000 182,182.000
189.168,000
201,956,000
198,810,000
194,886,000
186,595,000
correspondents
for foreign
D6tlIflitili011 try Maturities1-15 days bills bought In open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness
1-15 days municipal warrants
16-30 days bills bought in open market _
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market _
31-60 days bills discounted
31-00 days U. S. certif. of indebtedness.
31-60 days municipal warrants
81-90 days bills bought in open market _
81-90 days bills discounted
81-90 days U. S. certif. of Indebtedness
81-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants

F. R. notes received from Comptroller
F. R. notes bled by F. R. Agent
r

Issued to Federal Reserve Minks....

How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper

s

64.157.000
20,295.000

S
125,700,000
330,843.000
158,000
20.000
66,361,000
17,524,000

141,989.000
349,124.000
1,845,000
20,000
57.474,000
20,926,000

62,167,000
34,175,000

59.583,000
31,467.000

100.000
66,033,000
17,054,000
2,761,000
6,052,000
146.046,000

$
139.458.000
301.645.000

s

s

$

$

a•

s

130.006.000
361.063.000
45,000

130.133.000
389,833.000
1.593,000

111,362.000
354,775.000
1,442,000

96.861.000
339,870,000

115,725.000
290,860,000
33,034,000

105,231,000
532,567,000
124,000

63.960,000
19,158.000

60.964,000
21.277.000

46,948,000
22,886.000

42,019.000
22,750.060

41,103.000
26.386.000

67,019,000
41,394.000

51,264,000
29,579,000

20.000
56,081,000
28.740.000

20.000
53.775,000
30.246.000

20.000
60,278.000
31.560,000

55.012.000
32,030.000

46,047,000
35,639,000

84,738,000
61,189,000
44,084,000

100,000
45,566.000
17.276.000

29,520.000
18,728.000

21.263.000
17.835,000

14,190.000
17.960,000

17,739,000
19.107,000

20.000
21.025,600
16.705.000

20,000
21,235,000
18,911,000

64,329,000
32,864,000

3,901,000
5.288,000
123,655,000

100.000
2,256,000
4,240.000
118,763,000

3,045,000
3,453.000
118,190,000

3.103,000
3,167.000
120,684.000

4,453,000
3,352.000
104.836,000

2.843.000
3,210,000
102,664,000

2,607.000
3,538,000
63.173,000

10,781,000
7,884,000
74,511,000

2,936,126,000
2,921.090.000 2.928.021.0002,920.217.000 2.901,096.000 2.908.669,000 2.918.127,000 2,914.873.000 2,900.639,000 875,780,000
798,305,000 808.275.000
800.395.000 803.235.000 798.205.000 795,225,000 806,250,000 806,165,000
2,121,295,000 2,124,786,000 2,122,012,000 2,105,871,000 2,102.419,000 2,111.962,000 2.116.568,000 2,092,364,000 2,060,346,000
420.276,000
400.993.000 400.994.000 406,691,000 406.332.000 406.631.000 411.830,000 410,831.000
96.916.000 100,046,000
91.210.000
02.5:7.1:06 101.802,000 103.992.000 104.556.000
106.,,09,000
1,150.060,000
1.127.489.000
1,145,417.000
1.050,677,000
1,094,624.000
1,1112.307.000 1.126,722.000 1,124,014,000
686,383.000 674.931.000 669,786.000 674.592.000 705.358.000 634.517,000 595,740.000 667,211,000

307,413,000
92,990,000
937,369,000
958,606,000

2.296.378,000
2.296.192.000 2.298.184,000 2.302,293.000 2,279,540.000 2.267.220.000 2.265,046.000 2,253.495.000 2,232,950.000
separately the amount of balances held abroad and amounts due
show
to
order
in
Items
925,
added
new
were
two
7
Oct.
of
statement
NOTE.-Beginning with the
earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
to foreign correspondents. In addition, the caption. ' All other
The latter it.mi was adopted as a more accurate description of the total of
to "Total bills and securities.
"Other securities," and the caption, "Total earning assets" provisions
of Sections 13 and 1401 the Federal Reserve Act, which, It was stated, are the only items included
the
under
acquired
the discounts, acceptances and securities
therein.
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV.2 1927.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
mt.;

Two ciphers (00) omitted.
Federal Reserve Bank of-

Total.

Boston,

$
$
RESOURCES.
Geld with Federal Reserve Agents 1.609,809.0 121,793,0
40.072.0 4,898,0
Gold redo fund with U.S.Treas.

Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Han, City Dallas. San Fran,
$
$
$
$
S
$
S
S
$
$
S
350,312,0 129,058,0 204.040,0 16,062,0 158,045,C 257,979,0 38.556,0 51,632,0 49,683,0 31,901,0 200,148,0
1,335,0
1,579,0 2,419.0 1,687,0
10,051,0 5.786.0 2.925,0 2,715,0 1,573,0 3.605,0 1.499,0

New York.

Phila.

360,363.0 134.844,0 206.965,0 19,377,0 159.618,0 261,584,0 40.055,0 53.211,0 52,102,0 33,588,0 201,483,0
36,078,0
261.784,0 19.654,0 36.542.0 28.506,0 9.586,0 103.065,0 21,288,0 11.074.0 25.241,0 14.175,0
423,580,0 28.332,0 39,402,0 21.869,0 7,812,0 55,919,0 10,681.0 7,111.0 7,005,0 7,004,0 31.240,0
71,396,0 84,348,0 54,767.0 268.801,0
2,931,797,0 201,676,0 1,045,727,0 182,830.0 282,909,0 69,752,0 177,019,0 420,568,0 72,004,0
Total gold reserves
12,941,0 19,414.0 12,361,0 4,164,0 5.465,0 8,364,0 8,734,0
5,163,0
8,394,0
11,185,0
23,745,0
14.926,0
134,856.0
Reserves other than gold
84.365.6 75.560.0 89,813,0 63,131,0 277.535,0
3.066.653.11 216.602.0 1,069,472,0 191,224,0 299.094,0 74,915.0 189.960,0 439,982,0 3,270.0
Total reserves
850,0 2,209.0 1,815.0 2,746,0
909,0 3,996.0 3,850.0 3,714,0 6,357,0
19,238,0
55.657.0 6.703,0
Non-reserve cash
13111s discounted:
350,0 6,597,0 5,796.0 24.494,0
7,406,0 5,657,0 35.409,0 13.398,0
29.898,0
23,381,0
43.863,0
12,534.0
208.723.0
14,682.0
Sec. by U. S. Govt. obligations
32,082.0 14,756,0 13,521,0 16.553,0 21,082,0 18,141.0 7.184.0 1,758,0 10.449,0 4.869,0
170.408.0 15,421.0
Other bills discounted
53,550.0 20,582.0 2,108,0 17,046,0 10,665,0 39,176.0
26,739,0
23,959.0
43.419.0
38,137.0
75.885,0
27,955.0
379,221.0
Total bills discounted
2,033,0 38,103,0 4,874,0 19,235.0 11,279,0 18,001,0 8,707,0
334,576,0 41,154,0 101,649,0 22,202,0 19,966,0 47,283,0
Bills bought In open market
V. S. Government securities:
48,205,0 19,519,0 12,970,0 21,520,0 19,661,0 28,068,0
6,845.0
6,753,0
35,176,0
15,954,0
49,157,0
277.478,0 13.641,0
Bonds
1,464.0 2.842,0 12,702.0 9,588,0 7.477.0 6.201.0 6,291,0 5.695,0
22,024.0 9,655,0 12,560.0
102,852,0 6,353.0
Treasury notes
20,257,0 8.274,0 6.386,0 9.462,0 8,555,0 11,822,0
4,142,0
4,170,0
11,388,0
16,343,0
35,2230
146,046,0 10,024.0
-Certificates of Indebtedness
45,585,0
12,387,0 13,829,0 81,164,0 37,381.0 26,842.0 37,183,0 34,507,0
526.376,0 30.018,0 106,401,0 41,952,0 59,124,0
Total U.S. Gov't securities

Gold held excl. agst. FM.notes 1,649,881.0 126,691,0
Gold settle't fund with F.04.Board 603.971.0 36,998.0
677.945.0 37.987,0
Gold and gold certificates




Nov. 5 1927.]
RESOURCES (Concluded)Two ciphers (00) omd.
itte

THE CHRONICLE
Total.

Boston.

New York.

$

S

2495

Phila.

Cleveland. Richmond Atlanta. Chicago. St.
I
Louis. Afinneap. Kan. City Dallas. San Fran.
$
$
5
5
$
3
3
$
500,0
Total bills and securities
1,240,773.0 99,127,0 233,938,0 102,391,0 122,509.
0 83,629,0 42,601,0 172,907,0 62,837,0 48.635,0
Due from foreign banks
565,0
65,508.0 63.173,0 93,468,0
36,0
213,0
47,0
52,0
Uncollected itetns
25,0
20,0
67,0
21,0
715,124,0 78,323,0 176,553.0 63,013,0 61,300,0
15,0
18,0
17,0
34,0
60,465,0 25,605,0 84,956,0
Bank premises
59,774,0 3,946,0
16,276.0
1,749.0 7,119,0 2,564,0 2,901,0 8,667.0 31,819,0 16.324,0 43,693,0 30,714,0 39,333,0
All other resources
3,957,0 2.774,0 4,475,0 1,827,0 3,519,0
13,847,0
106,0
5.231,0
165,0 1.109,0
468,0 1,407.0
1,357,0
767,0 1,333.0
507,0
470.0
872,0
Total resources
5,152,393,0 404,843.0 1,570,971,0 359,493,0 490,179,
0 225.916,0 266,203,0 714,293,0 100,057,0 145,546,
LIABILITIES.
0 206.228,0 161.147,0 417,507,0
F. It. notes In actual circulation_ 1,717,116,0 139,832,
0 372,144,0 128,303,0 203,484,0 72,752,0 156.005.
Deposits:
0235,654,0 53,016,0 63,804,0 64,742,0 50.337,0
171,543,0
Member bank-reserve ace't 2,362,42
9,0 161,485,0 920,430,0 137,634,0 182.551,0 76,011.0
Government
67,800,0
343,887.0 83,138,0 54,801,0 83,051.0 66,377,0
6,123,0
201,0
539,0
175,211.
359,0
0
130,0
Foreign bank
159,0
509,0 1,525,0
693,0
765,0
5,572,0
393,0
413,0
1,455,0
366,0
528,0
429,0
533,0
236,0
Other deposits
226,0
759,0
237,0
30,170,0
165,0
204,0
337,0
22,233,0
331,0
282,0 1.083,0
385,0
209,0
133,0 1,012.0
441,0
150,0
261,0
56,0 3,963,0
Total deposits
2,404,294,0 162,436,0 914,707,0 138,803,0 134,402,
0 76,665.0 63.663,0 352,183.0 84,509,0
Deferred availability Items
654.634,0 74,935,0 148,884,0 57,223,0 57,940,0
55.334.0 88,914.0 67,130,0 179,993.0
Capital paid In
56,932,0
131.388.0 9,428.0
39,823.0 13.24.5,0 13,953.0 6,243,0 25,975,0 74,373,0 35,963,0 14.290,0 38,509,0 30,053.0 39,557,0
Surplus
228,775,0 17.606,0
61,614,0 21,267,0 23,746,0 12,193,0 5,140,0 17,377.0 5,323,0 3.010.0 4,231,0 4,276,0 9,334,0
All other liabilities
9,632,0 31,881,0 9,939,0 7,527,0 9,029,0 8,215.0
16.186,0
606,0
3,799.0
16,121,0
657,0 1.654,0 1.121,0
788,0 2,825,0 1,307,0 1.031,0
803,0
636,0
959,0
Total liabilities
5,152,393,0 404,843,0 1,570,971.0 359,493,0 490,179.
3femoranda.
0 225,916,0 266,208,0 714,293,0 190,057,0 145,546,
Reserve ratio (per
0 206.223,0 161,147,0 417,507.0
cent)
74.4
71.7
81.2
71.0
Contingent liability on bills pur74.9
50.1
84.5
74.8
61.3
63.1
53.5
53.5
78.9
chased for foreign correspond*ts 136,595,
0 14,001,0
51,623,0 17,921.0 19,783,0 9,707,0
F. R. notes on hand (notes reed
7,654,0 25,761.0 8,027,0 5,600.0 6.907,0 6,534,0
13,067.0
from Y. R. Agent lest notes In
circulation)
494 179 0 2944S.0 127.3600 36.355.0 38.519.0
11529.0 30 512 0 51 319 0 a 455 n 5 450
0 9 345 0 1.005.0 49.709.0
FEDERAL RESERVE NOTE ACCOU
NTS OF FEDERAL RESERVE AGENTS AT CLOSE
OF BUSINESS NOVEBER 21927.
$
600.0

Other securities

$
100.0

Federal Reserve Agent 'a2-

Total.
Boston, New York, Phila, Cleveland, Richmon
d Atlanta. Chicago. .St. Louis. Minneap. Kan.
City
Two ciphers (00) omitted.
5
$
$
5
F.R.notee reed from Comptroller 2,921,69
$
8
$
$
$
0,0 236,280,0 782,604,0 206,058,0 274,833,
3
$
F.R.notes held by F. R. Agent__ 800,395,
0 67,000,0 233,080,0 41,400,0 27,830,00 113,515.0 239,197.0 439,620,0 79,121.0 87,518,0 111,080,0
29,231,0 52.640,0 152,600.0 19,620,0 18,234,0
36.990,0
F. It. notes issued to 3'. 11 Bank_ 2,121,295,0
169,280,0 499,524,0 164,658,0 247,003,0 84,281.0
Collateral held as security for
186,557,0 287,020,0 59,501,0 69,284,0 74,070,0
F. R.notes issued to F. R. Ilk.
Gold and gold certificates_.,_ 400,993,0
35,300,0 215,150,0
40,000,0 15,046,0 18,117,0
Gold redemption fund
106,509,0 17,493,0
7,800.0 12,207,0
20,162.0 11,181,0
Gold fund-I
'
, R. Board _
1,102,307.0 69,000.0 115,000,0 117,877,0 14,040.0 1,616,0 6,228,0 2.979,0 2,756,0 2,365,0 3.823,0
Eligible paper
133,700,0255,000,0 28,000,0 37.000,0 45,860,0
686,383.0 69,109.0 164,182,0 51,024,0 150,000,0
61.083,0 69.592,0 28,629.0 91,633,0 25,35.3,0
21,097.0 28,230,0
Total collateral
2 994 192.0 190 902 0 514 494 0 150 059 0 295
101 0 RR 954 0 IRO 87.10 949 0170 Cl 911
n 71 799 n 77 ni 9 n

Dallae. San Fran.
$
$
72,112,0 279,752.0
13,267,0 58.500,0
53,845,0 221,252.0
17,313,0 40,000,0
4,038,0 19,778.0
10,500,0 140,370,0
28,620.0 47,824,0
an cot 0947 972 •

Weekly Return for the Member Banks of
the Federal Reserve Syst

em.
Following is the weekly statement issued
and liabilities of the 660 member banks from by the Federal Reserve Board, giving the principal items of the resources
which
weekly returns are obtained.
those for the Reserve banks themselves.
figures are always a week behind
Definitions of the different items in the These
of Dec. 12 1917, published in the "Chronicle"
statem
of Dec. 29 1917, page 2523. The comment of ent were given in the statement
for the latest week appears in our depart
ment of "Current Events and Discussions," on page the Reserve Board upon the figures
we also give the figures of New York report
2460, immediately following which
ing member banksfor a week later.
PRINCIPAL RESOURCES AND LIABIL
ITIES OF ALL REPORTING MEMBE
R BANKS IN EACH FEDERAL RESER
VE DISTRICT AS AT CLOSE OF
BUSINESS, OCI-011ER 26 1927. (In
thousands of dollars)
Federal;Reserve

District-

Total.

Boston. New York Phila. Cleveland. Richmon
d Atlanta. Chicago.
S
$
3
$
$
$
3
21,084,659 1,521,213 7,907,905 1,220,08
S
8 2,098,962 695,441 616,413 3,061,80
3
Loans and discounts-total
15,020,446 1,060,623 5,678,222 805,986
1,404,337 526,136 498,260 2,258,34
7
Secured by U. S. Gov't obliga's
119,846
6,536
40.441
Secured by stocks and bonds
8,074
17,182
4,831
5,272
18,847
6,126,613 394,194 2,606.789 403,562
All other loans and discounts_
8,773,987 659,893 3,030.992 394.350 614,668 155,018 117,638 1,014,727
772,487 366.287 375,350 1.225,273
Investments-total
6.064.213 460,590 2,229,683 414,102
694,625 169,305 118,153 802,956
U. S. Government securities_ _._ 2,606.04
5 157,622 994,836 111,562
Other bonds, stocks and securities
78,875
55,259 316,182
3,458.165 302,968 1.234,847 302,540 309.081
385,544
90,430
62,394 486,774
Reserve balances with F. R. Bank
1,729,31
9
104,284
811,069
83,896 119.177
Cash in vault
42,647
37,844 254,315
267,130
19,065
73,303
16,663
30.421
13,816
11,527
43,511
Net demand deposits
13.402,1
02
952,890
5,838.439 782,938
Time deposits
6.364.217 475,490 1,522,159 272.863 1,035,446 337.420 332.039 1,853.480
Government deposits
911,490
242,330 243,334 1,134.727
193.692
18,006
74,396
19.504
13,872
6,508
9,887
19,054
Due from banks
1,191.660
65,128 140,443
55,595 113,760
Due to banks
57,536
87,603 218,467
3.375.857 153,740 1.244,873 175,254
247,292 121,733 133,300 493,621
Borrowings from F. It. Bask-total
254.452
29,216
77,770
16,873
18,940
14,695
9.389
27,090
Secured by 13.5. Gov't ohltga'us.
169,933
22,450
52,870
All other
8,395
11,510
5,866
2,508
84,519
21.584
6,766
24,900
7,978
7,430
8.329
6,381
5,512
Number of reporting banks
660
86
44
71
07
91
07

St. Louis. IIItnneap. Kan. City % Dallas. San Fran,

Loans and Investments-total

$
713,325
_
511,923

3
380,501

$
625,892

A
$
432,493 1.810,623

258,865

415,358

336,061 1,265,823

4,303
207,705
299.920

2,384
81,624
174,857

3,909
122,063
289,386

2,704
82,107
251,250

201.397

121.636

210.534

96,432

544,800

75,790
125,607

65,265
56,371

95.631
114,903

65.058
31,374

230,884
263,916

51.317
7.689

27,719
6,002

53,532
13.002

33.928
10,407

109,591
21,724

409.802
237,943
4,790

239.777
130,558
744

482.748
158,331
2,408

296,310
111,372
6,628

786,763
923,570
17,395

56.310
141,435

59,054
108.025

121,799
208,855

68,206
129.129

147.751
213,540

5,363
326,518
933,942

13,129

9,725

7,572

30,047

11.451
1,674

3.665
6,060

5,425
2,147

23,705
6,342

AI

45

57

lt

94

Condition of the Federal Reserve Bank
of New York.
The following shows the condition

of the Federal Reserve Bank of New
in comparison with the previous week and
York at the close of business Nov. 2, 1927
the corresponding date last year:
Nov. 2 1327.00. 26 1927. Nov. 3 1926,
RetOUITC1-5
$
Gold with Federal Reserve Agent
3
Gold redemp. fund with U. S. Treasury_ 350,312,000 330,536,000 298,535,000
10.051,000
11,430.000
11,646,000
Gold held exclusively agst. F. R.
notes. 360,363.000 341,966.000
Gold settlement fund with F. R. Board_
310,181.000
261.784,000 289,219.000
Gold and gold certifie.ates held by
bank. 423,560,000 393,323.000 281,293,000
365.984.000
Total gold reserves
1.045.727,000 1.024,513,000 957,458,
ReigergeS other than gold
000
23,745,000
24,656.000
22,783,000
Total reserves
1,069.47
2,000
1,049.16
9.000 980,241,000
Non-reserve cash
19.238,000
21.555.000
Bills discounted13,000,000
Secured by U. S. Govt. obligations_
43.303,0
00
68.348.000 113,546,000
Other bills discounted
32,082.000
42.076.000
38,857,000
Total bills discounted
75,885,000 110,424.000 172.403,000
Bins bought in open market
101,649,
000
99,152.0
Governm
00
ent securitiesU. S.
71,290,000
Bonds
49,157,000
45.233.000
Treasury notes
1,322.000
22.024,0
00
26.912.0
Certificates of Indebtedness
00
23.675,000
33.223,000
29.403,000
29.087,000
Total U.S. Government securities
--106,404.000 101,548.000
54,084,000

Resources (Concluded)Gold held abroad
Due from foreign banks (See
/Vete)
Uncollected Items
Bank premises
All other resources
Total resources

Nov. 2 1927. Oct. 26 1927. Nov. 3 1926
$
S
3
213,000
176,553,000
16,276,000
5.281.000

213,000
166,825,000
16.276,000
4,621.000

650,000
170,499,000
16,740,000
3,133,000

1,570,971,000 1.569,783,000 1,482,040,000

Fedi Reserve notes In actual eirculation_
DeposIts-Nlember bank, reserve sect
Government
Foreign hank (See Note)
Other depoalts._

372,144,000
920,430,000
539,000
1,455.000
22,233,000

361,972,000
933,776,000
5,159,000
2,863,000
15,505,000

384,573,000
818,163,000
3,531,000
3,605,000
14,476,000

Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities

944,707,000
148,884.000
39,823,000
61,614,060
3,799,000

957.303,000
144,691.000
39.820.000
61,614.000
4,383,000

839,776,000
156,538,000
36.160.000
59,964,000
5,029,000

Total liabilities
Ratlo of total reserves to deposit and
Fed'I Reeve note liabilities conihthed_
Contingent liability on hills purchased
for foreign correspondence

1.570,971.000 1.569,783.000 1,482.040,000

81.2%
79.5%
80.1%
283,938,000 311,124,000 2)7,777.000
51,628,000
54,206.000
NOTS.-Beginning with the
11,236,000
statement of ()et. 7 1925,
two new items were added In order to show separately the
foreign correaneadents. In addition, the
securities." and the caption "Total earning caption "All other ear ‘Ing :Wets." Previously made of Federal Intermed amount of balances held abroad and amounts duet()
iate ('redlt bank debentures, was changed
to "Total bills and securities." The letter term was adopted
counts, acceptances and securities acquired assets"
to "Other
as a more accurate
under the provisions of Sections
13 and 14 of the Federal Reserve Act, which,It was stated description of the total of the disare the only Items Included
therein
Total bills and securities (See Note)._




[VOL. 125.

THE CHRONICLE

2496

Vaulters'

STOCKS.
Week Ended Nov. 4.

azette,

Wall Street, Friday Night, Nov. 4 1927.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2483.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Nov. 4.

Sales
for
Week.

Range for Week'
I Highest.

Lowest.

Range Since Jan. I.
Lowest.

Highest.

Par. shares 4 per share. $ per share. $ per share.$ per share.
Railroads—
Apr 58 June
70 51g Oct 31 5135 Nov 2 40
Buff & Susi' pf v t c_100
Oct
8001824 Oct 2. 18635 Nov 3 18235 Oct 196
Canadian Pac let paid—
Jan 934 Oct
8334
31
Oct
31
Oct
9335
93%
1001
Ohlo_10,
&
Caro Clinch
Oct
106
Feb
9835
1
Nov
Nov 2106
20104
1'
COB stamped
July
Apr 108
2010234 Nov 210234 Nov 2 100
C C C & St Louis pf_i I
Nov 4 7934 Apr 85 June
Nov 4 82
501 82
100
Cuba RR pref
Sept
Gt Northern pf czts_100 2,4001 944 Oct 29 9635 Nov '3 854 Mar 101
Mar
Feb 84
8155 Nov 2 80
1 814 Nov
Green Bay & West_ _100
Oct 8335 July
Oct 2, 75
Oct 2. 76
- ctf• 1.0001 75
Havana Elec Ry pref
Oct
Jan 425
Oct 31 200
111
40400% Nov 1425
Hocking Valley
Nov 4 82% Nov 3 7634 Mar 8334 May
901 82
Illinois Cen Leased L.14 i
Jan 64 Feb
1
Nov
Nov 4 2
1001 2
100
Iowa Central
Feb 8715 Nov
50
1201 8631 Nov 1 874 Nov 3 80
Morris & Essex
135 Aug 335 Oct
Nat Rys Mex 2d 0_100 1,800j 235 Oct 31 24 Nov
Apr
1674 Nov 185
2 1674 Nov 3161% Nov
I
N Y & Harlem
Oct 31 4 June 735 Oct
4% Oct 29 6
45,3
NY Central rts
Nov 2 1034 Jan 1084 Oct
Nov 2 108
1 108
N Y Lack & Western-100
110% Oet 112% Oct
Nov
NY NB & Haat pf_100 12,100110% Oct 31 112
Feb
Oct 22
Oct 31 10
Oct 31 10
1iI
1001 10
N Y State Rye
July 9534 Aug
84
924 Oct 2. 944 Nov
Northern Pacific ctfs 1 0 I 3,7
Feb
62
Apr
45
Nov
53
4
53
Nov
pref.100
301
1st
Coast
Pacific
Oct
Mar 160
147
Nov
Nov 2 160
1 160
Pitts Ft W &Chi pf_ .101
Apr 145
i
Oct
136
144% Nov
Rensellaer 6: Sarato _It i
Feb
65%
Nov
4535
29
Oct
51
1
i
300 4535 Nov!
Twin City Rap Tr_ _I i
Apr 106% Mar
Oct 31 99
Oct 31 103
100
2 103
Preferred
1
1 ndustrisil & Misc.-II.
Oct
Oct 95
Oct 31 95
Oct 31 95
.1 95
Adams Express prof 1 11
Sept
Apr 32
Oct 31 18
Nov 3 21
' .I 20
Albany Per Wr Paper-.3
Jan
June
100%
06
2
Nov
2
Nov
.10(
984
1
9834
Preferred
Feb
Nov 108
100 75
Nov I 75
Nov 1 75
Amaig Leather pret_l II
Sept
Oct 29 1004 Aug 103
.0 wog Nov 1 101
Amer Chain pref. _100
Jan 105% Oct
Oct 29, 90
Oct 2, 103
1 103
Amer Chicle prior pref..•
Nov 31 38% Aug, 47% July
.1 43 Oct 31 48
Amer Encustic Tiling_.•
June
6234
31
Nov
80
3
i
i
90% Jan
Nov
100
pfl
80
7%
En
F
Fr
Am-La
Nov I 294 Novl 434 June
2934 Nov 4 33
• 6,
American Piano
July 110% Mar
31 9134 Nov
111
9434 Nov 2 89
Preferred
Jan 1154 Oct
7 104
Nov 3 80
Not 1 107
Am Shipbuilding__ _1 i I
3 100
Oct 311004 Nov 4 944 Jaa1064 Oct
100
Amer Snuff prof
Sept
26 110
Nov 1124 Oct 31 1014 Feb116
Am Type Founders pfl i i
9934 Ocz 1004 Nov
hOO 100
Oct 2. 1004 Nov
Am Water Wks &Ell pf
Oct
Oct .31 9935 Jan;!GS
Oct 31 108
10 108
Amer Wholes Corp pfl I
Nov 4 504 Oct 31 254 Ape 5734 Aug
Am Writ Pap pf ctfs III 1,101 47
494 Mar 534 June
101 434 Nov 4 435 Nov 4
50
Auto Sales Corp
4 NovI 4534 Oct
Oct 29 43,
Autostrop Se Razor A • 2,311 4335 Nov 4 44
III 101
Oct 31 101 35 Oct 31 954 Mai 1014 Oct
Barnet Lessner pref_ 1 i i
Jan 110
Aug
Nov 1107% Nov 1 101
.100
180107
Bayuk Bros tat pref.
Mar
11 i 11535 Nov 411634 Nov 3 1144 Jan 119
Beech Nut Packing pf100
Sept
544
Aug
1
4934
Nov
53
29
Oct
51
2.400
•
Best & Co
Sept
JanI 93
Nov 2 44
Oct 31 86
180 83
Blumenthal & Co pt_100
34 Feb
Ap
100 135 Nov 2 14 Nov 2 1
Brit Emp St 2d 'yeti 1
1114
Sept
May
I
Nov
1110
Nov
10534
81 110
Byers & Co pref____101
octr 7834 Aug
Oct 29 67
Oct 31 68
1,000 67
Certo Corp
Oct 2, 8334 Nov 3 644 June 8634 Oct
•32.7,1 80
Chesapeake Corp
Oct
JUISi 47
Nov 2 38
Chicago Yellow Cab • 290 444 Nov 2 46
Nov I 4634 MaIl 51 34 Oct
• 3C1 504 Oct 29 51
City Stores el A
Oct
5434
4135
4
Nov
sot
Apri
• 3.71 524 Oct 31
Class B
CollIns&Alkman prefl i i I, 11104% Oct 3110534 Nov 3 1024 Sept10534 Nov
June
434
AugI
39
Nov
4234
Iii
-s
Nov
4235
Publc
Conde Nast
Ja 128 June
Nov 4 120
Oct 2012.'.
:'124
Continents. Can profIll
Oct
Curtis Aero & Mot Co.' 3,311 464 Nov 3 4835 Oct 31 464 NovI 50
Nov
Oct 113
112
1
Nov
113
29
Oct
100
401 112
Preferred
Sept
Apr 120
Nov 3 107
31 119
Nov 4 120
Cushman's Sons pf(7)100
Nov 1 105% Jan 12435 Oct
420 1224 Nov 1 124
101
Deere & Co pref
May, 294 May
Oct 31 25
25 25
Oct 31 25
Duluth Superior Traci i i
Augl 624 Oct
Oct 29 49
Dunhill International...• 2..1 5634 Nov 2 59
5 125% Nov 3131% Oct 31 110% Jan131 4 Oct
Eastman Kodak pref 100
Oct! 1535 May
155 9
Oct 31 8
Oct 31 9
Elk Horn Coal Corp...-5
Novi 2735 May
Nov 2 1834 Oct 31 17
320 17
511
Preferred
July 374 Mar
Oct 31 .30
100 30
Oct 31 30
Emporium Corp
Nov 2 3134 Oct 29 30% Sept 3434 Sent
3.600 31
Erie Steam Shovel cps
Oct 1434 May
Nov 1 12
• 190 1235 Nov 2 13
Fifth Ave Bus
Aug
Nov 2 1094 Jan 115
15 11034 Nov 2 111
Franklin-Simon pref 155
140 , Oct
Apr
11835
31
Oct
Nov
135
270
4138%
•
Gen Baking pref
Oct 31 9534 Nov 109% Oct
Gillette Safety Razor .* 10,300 954 Nov 3 99
June
Aug 101
Nov I 86
iii 884 Oct 31 90
IIII
Glidden Co prior
Nov 4 9534 Jan 10455 Aug
Nov 4 104
10104
Guantanamo Sugar pfl I i
Aug 27
July
Oct 29 234 Nov 1 22
90 23
Hackensack Water...25
July
1012234 Nov 4122% Nov 4 118% Jan 130
Helme(G W) pref _ _100
Jan 1004 Oct
140 9614 Oct 29 984 Nov 2 92
Indian Alotorcycle pf 100
Mar
Oct 112
29 99
Oct
3102
Nov
200100
100
pref.
Refining
Indian
Mar
Nov 3 10634 July 120
201134 Oct 291i4
Ingersoll-Rand. pref _100
Oct
Oct 102
Oct 31 101
flit Combus Eng pf 100 1.800101% Oct 29 102
Sept
July
9634
85
3
Nov
95
3
Nov
95
10
(6)_100
Int Paper prof
Jan
72
Mar
60
3
Nov
50 6335 Nov 3 6334
100
Internat Salt
Oct
Mar 128
Oct 31101)
Oct 31 125
80121
100
Int Silver pref
Sept
Jan
10535
59
4
Nov
02
2
Nov
82
• 6,500
Kress Co. new
Jan 130
May
70102% Nov 4102% Nov 4 95
Laclede Gas, pref._1 i i
Jan 122
Sept
Oct 29 118
Oct 29 119
1 119
Looee-W Bisc, let pf _100
200 4435 Nov 2 4435 Nov 2 4435 Nov 4555 Oct
MacAndrews & Forbes.•
Sept
Mar 86
20 7834 Nov 1 7835 Nov 1 55
McCrory Stores C 11—*
Mar 11634 Sept
111
2001094 Oct 31109% Oct 31 97
Preferred
Oct
218
Oct
72
3
Nov
Nov 2208
300203
Macy Co
Nov 4 2035 Aug 2834 Oct
Madison Sq Garden • 5,000 2334 Oct 29 25
July
89
July
4
6634
Nov
77
2
Nov
74
290
Mallinson & Co pret_100
Feb
Nov 46
Nov 1 28
Nov 2 30
3130 28
100
Manati Sugar
Feb
Oct 77
Nov 1 48
Nov 1 48
100 48
100
Preferred
Aug
4935
Oc
4034
29
Oct
414
Oct 29
• 200 41
Mandel Bros
Sept
Jan 115
Nov 4 103
Nov 3115
50 113
Mathimon Alkali pref100
Sept
Jai 107
40102% Nov 210234 Nov 2 80
Mullins Body pref._100
Oct
300110% Nov 311234 Nov 4 104 35 June 1124
Nat Lead prof B _ __ _111
May
Jan 120
11435
31
Oct
4
118
31
Oct
111
1.0118%
prof
Nat Supply
Oct
9334
Feb
10234
29
Oct
Oct 31100%
• 4'' 99
N Y Steam Pr (6)
Ja. 11435 Oct
Oct 3111034 Oct 31 105
• 180 110
1st plot (7)
Apr
4
116
June
1124
1
Nov
114
29
Oct
20113%
Niag Lock&Ont Pr pt100
Sept
Oct 31 5535 Nov 4 474 Jan 56
12 55
Northwestern Teleg_ 1
Oct 29 10234 Ma 110 June
Nov 2 106
71105
DU Well Supply pref-11 1
May
81
Jan
29
9935
Oct
87
Oct 29
ill 87
1 I
Omnibus pre( A
Oct
Nov 2 5234 Jan 79
• 1,100 74% Oct 29 76
Duties Co
118%
Oct
Jan
107
1
Nov
mg
1
Nov
1
'116%
Dwane Bottle pref_ _100
Oct
Ma 161
Nov 4 124
730148% Nov 1 151
Pacific Tel & Tel_ _ _1 II
Oct
Nov 2103% Ma 116
Nov 2 115
49 115
111
Preferred
'It Nov
II, NOV
Ilis Nov 3
4s Nov 1
Patio Detroit Motor rts 18,100
June
Sept 12
Oct 29, 4
434
1
Nov
4
1,1'1
•
Pathc Exchange
Sept
Nov 3' 4% Oct 8
29 6
Peoples Gas of Chic MA_ _ 19,62' 434 Oct
Oct
Jan 47
454 Nov 1 464 Nov 1 40
I
50
Philo Co 5% prat
Oc 3735 Aug
31
3134
Oct
3235
29
Oct
32
2
_•
Pillsbury Flour Mills_
Oct
109
Aug
104
29
Oct
Oct 29106.4
300106
100
)Preferred
Mar
Ap 83
Oct 29 74
22 7935 Nov 3 80
Pitts Term Coal pref_100
Sept
2534
Aug
85
31
Oct
2134
31
Oct
Porto-Ric Am Tob B_ _ • 1,25' 20
A 1014 Jan
6834 Nov 4 65
1 i i ssst Nov
100
Class k
Sept
Fe' 71
31 6434 Nov 2 644 Nov 2 55
Prophylactic Brush C,o_•
Ja 10834 Aug
10135
Nov
Oct 2 108%
5 'l08
Purity Bakeries pref.1 i
Ma 1104 Nov
3 97
Nov
11035
1
Nov
i
109
711
preLli
Cream
Reid Ice
Oct
24
Nov 2 734 I
Rosetta Insurance rights_ 43 1 i 1254 Oct 2 1934




Sales
for
Week.

Range Since Jan. I.

Range for Week.
Lowest.

I

Highest.

I

Lowest.

Highest.

per share.$ Per shard.
Par. Shares $ per share. $ per share.
Indus.& Misc.(Conc)
Novi 48
Nov 1 454 Sep 6234 July /
&alder Packing pref. _• 100148
Mar
Nov 1 103
Ja
90110934 Nov 1 109
Spalding Bros let Pf-100
15% June
M
Novi 1134 Nov 1 10
50(11
Stand Plate Glass pt_100
Nov I 1 0054 Nov 4 99
Aug 100 34 Nov
400(100
100
Sun Oil pref
• 6001 1935 Nov 4 1935 Nov 1 163.4 Au 23)4 Sept
Thatcher Mfg
Nov
Au 46
Nov 443
• 6001 4455 Nov 1 46
Preferred
Oct
Nov 2124
Oct 31 120
Ja 124
120123
Underwood Typew pf 100
Oct 29 4034 Nov 1 3635 Jul 40% Oct
Un Dyewood pref _100 25 40
May 9634 Sept
Oct 29 92
Nov 4 81
U 8 Distributing pref.100 1.3001 90
Jul 24% Oct
•11,600 2234 Oct 29 244 Nov 3 14
II Leather
Oct 29 52% Nov 3 2735 Jun 5234 Nov
•11,300 48
Class A
Jul 106)4 Nov
Prior preferred.._-100 1,900 10334 Nov 1 06% Nov 4 89
Oct 29 8 Oct 2' 534 Sep 14% Feb
• 200 8
Van Raalte
Feb
Nov 64
Nov 1 48
Nov 1 46
540 46
First preferred_ _ __100
10 6934 Oct 31 6934 Oct 31 6935 Au 7834 Aug
Va Coal & Coke pf_100
.4
July
4
994
Nov
9935
100
Va Elec & Pr pr (6).100
Aug
730 2934 Nov 3 3134 Nov 2 1635 Ja 80
Vulcan Detinning._ _100
Jan
20 00% Oct 29 10034 Oct 2 90
100
Preferred
Jan
40 2735 Oct 31 2734 Nov 1 16
100
Class A
Oct
Warren Fdry & Pipe._ _* 2.100 1935 Nov 4 1934 Nov 2 18
Aug
Nov 4102% Oct 29 102
Weber & Ilenbron,pf 100 300 102
929518
4 Juneulu
929375
;
190 tow Nov 410734 Oct 29 1003.4 Jan 10
West Penn Pr 6% pf.100
g
Augy
Mar 92% Sept
Nov 2 90
400 89
Oct 2 82
West Elec let pref. 50
Bank&TrustCoStks
Oct
Nov 3(540
Oct555
30525
Nov 4504
Bank of Commerce
Oct
Oct613
Oct 29(558
Oct 31 569
20556
Bank of Manhattan.100
Sept
5
10
54
t6
Oct 31 583
Nov 4555
Chase Nat Bank_...100 650557
Oct
Oct
Oct 31 525
Nov 4495
40498
Chat Phen Nat Bk_100
Oct
Oct602
Nov 41600
Nov 4593
10600
Corn Exchange Bank 100
Oct
Oct0ct 4122,05
Oct 31(402
Nov 3390
310392
Equitable Tr of N Y.100
Oct
2(1270
2
Nov
Nov
_1
1270
Bank.
1011270
Nat
Hanover
Oct
Oct 291725
Nov 4 669
National City Bank.100 2.78O375
Sept
9
t 730
Nov6
Nov 2)600
Nov 3593
50,593
100
Nat Park Bank
• No par value.

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. 0c1.29. Oct. 31. Noe. I.1Nov. 2. Nev. 3. Nov.4.
First Liberty LoanHigh
335% bonds of 1923-47—{Low.
Close
(First 349)
Total sales in $1,000 ungs_ _
Converted 4% bonds of{High
1932-47 (First 48)---- LowClose
Total sates in $1,000 units...
Converted 44% bond/High
w
of 1932-47 (First 455s) Lo.
Close
Total sales in $1.000 units_.
Second Converted 44 NHigh
bonds of 1932-47 (First Low.
Close
Second 434s
Total sales in $1,000 units...
(High
Second Liberty Loan
4% bonds of 1927-42_ _ _ Low_
Close
(Second 4s)
Total sales in $1,000 units...
Converted 434% bondsilligh
Low
of 192742 (Second)
Close
435s)
Total sales in 31,000 units_ -{High
Third Liberty Loan
43.4% bonds of 1928_ _ Low_
Close
(Third 44s)
Total sales en 81,000 units_ -{High
Fourth Liberty Loan
434% bonds of 1933-38— Low.
Close
(Fourth 4.40
•
Total sates in $1,000 units.._
TreasuryHigh
{I ow.
44s. 1947-52
Close
Total sales in $1.000 units...
(High
Low.
4s, 1944-1954
Close
Total sales in 81.000 units. _
(High
Low.
3,55, 11146-1958
Close
Total sales In 51.000 units...
1High
Low.
34s. 1943-47
Close
Total sales in 51.000 units

10113u 101":1
10114,, 101len
101"ss 10111,s
174
56
101"ss
101"as
101"n
2
10-3-1;:s
103"sa
103"st
103"st
103"st
103"ss
21
77

101"st
1011ln
101",,
3

103"ss
10-31in
10312n 103",, 103"ss
103"ii 103"sa 103len
13
2
39

-—
-

10100
-3
0
;
100
100
1001:2 100
3
7
100"ss 100"at
100"ss 100"as
1003%, 100"as
26
24
1041s, 1041sa
103"as 103"as
104111 104,81
170
433
114uss 114"ss
114"as 114"as
114"ss 114"sa
187
1
109"sa
109"ss
109"ss
345
106"ss
lognsi
106"ss
173
101"as
101"ss
101"as
11

100

lob— 100

100
100

100
100

12
100"st
100"as 100"st
100"st moso„
44
105
1041,1 1041s:
104
103",
104
104
318
89
114"as 11424;
114111ii 114":
1
114 *ss 114141
141
217
1091681 109",
109"ss 10911:
1091sit 109",
206
107
106uss 108",
106"ss 108"as
10624,,
106"as I
143,
110
101"asI 101"as
101"n 101"as
101",s 101"ss
2
53

11
10031,ss
1001*u
10030u
45
1041n
10331,,
104in
129
11421,1
11415,1
114"n
256
109"as
109"as
109"ss
272
10824as
108"as
108"as
352
101"n
101"ss
101"ss
II

99
90"ss
6
1001041
1001111
1003Iss
7
103"n
10331,2
103"n
23
114"ii
114"ss
114
1091en
1091In
109"ss
53
10610n
106eln
wenn
2
101"as
101"n
101"as
1

Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5 let 3358
5 181453s
8 2d 4%,

101"is to 10126 3d 44s
103lss to 103"as 34 4th 4%,
99"as to 99"aa

100"ii to 100"ii
103uss to 103"ss

Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.863404.8634
for checks and 4.864(4)4.87 for cables. Conunercial on banks, sight
4.8634 04.864:sixty days, 4.8234, ninety days, 4.804 @4.80%. and documents for payment, 4.82 04.82 9-16. Cotton for payment, 4.85 7-16, and
grain for payment. 4.85 7-16.
To-days (Friday's) actual rates for Parts bankers' francs were 3.92%6
3.9234 for short. Amsterdam bankers' &uilders were 40.26(4)40.30 for
short.
Exchange at Paris on London. 124.03 francs: week's range, 124.09 francs
high and 124.03 francs low.
The range for foreign exchange for the week follows:
Cables.
Cheeks.
Sterling Aetna:—
4.87 3-32
4.86%
High for the week
4.8634.
week
the
4.86%
for
Low
Faris Bankers Francs—
3.92S
3.92%
High for the week
8.92
3.9234
Low for t e week
Germany Bankers' Marks—
23.90
High for the week
23.89
23.85
Low for the week
23.83%
A,sterdam Bankers' Guilders—
40.32
40.30
High for the week
40.28
40.23
Low for the week

For New York City Banks and Trust Companies 8061
page 2489.
For New York City Realty and Surety Companies see
page 2489.
For United States Treasury Certificate of indebtedness, arc, see page 2489.

2497

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive, see preceding page

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 29.

Monday,
Oct. 31.

Tuesday,
Nov. 1.

Wednesday, Thwsday,
Nor. 3.
Nor. 2.

$ per share 3 per share $ per share S per share

Friday,
Nor. 4.

S per share 3 per share

Sales
for
the
Week.
Shares

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Highest

$ per share

5 per share

PER SHARE
Range for Precious
Year 1926
Lowest

Railroads.
Par
18412 18.53 24,600 Atch Topeka & Santa Fe__100 16134 Jan 6 200 Aug 25
18058 18234 18114 18334 181 18318 183% 185
18078 183
1,100 Preferred
100 992 Jan 5 10312Ju1y 26
*10214 1025 *102% 1025 10212 1025 10212 10212 103 103 *10212 103
100 17478 Apr 6 20512 Aug 1
6,500 Atla,itic Coast Line RR
18234 18312 18214 184
18014 183
18234 18434 188 18812 186 186
116 11634 116 11678 11618 117
100 10612 Jan 4 125 Oct 4
11714 11758 117 11778 21,200 Baltimore & Ohio
11512 117
82
900 Preferred
*7978 8014 80
100 7314 Jan 3 83 June 7
7978 80
8014 8018 8012 *80
79% 797
68
6714 68
50 44 Jan 6 10312May 27
7012 7012 3,300 Bangor & Aroostook
6734 13812 67
71
6712 6914 70
90 Preferred
100 10112 Jan 10 122 June 22
11014 11014 11034 111
____ 11012 11012
11014 111
11014 11014 *101
55
561 5534 5634 56
5412 55
5612 555 56% 5638 5638 3,300 BkIn-Manh Trac v t e_No par 53 Aug 3 707 Jan 20
81
79
900 Preferred v t c
*79
82
No par 7818 Oct 29 88 Jan 4
8038 *80
80
80
80
7818 7814 79
77
77
200 Brunswick Term & Ry Sec..100
712 Oct 24 1518 Jan 7
8% *818 8%
838 88 '''818 88 *818 812 *8
80
80
81
60 Buffalo Rochester & Pitts_100 SO Oct 31 115 Mar 10
80
80 ._ __ _ 81
*72
84121
.70
83
81
63
*6012 63
*62
*61
63 I
100 59 Jan 18 63 Oct 8
Canada Southern
63
*61
63
*6012 63
*62
18612 18812 18634 188
100 165 Jan 6 20278 Oct 3
189 1913 18912 19134 17,100 Canadian PacInc
18438 18758 186 187
Central RR of New Jersey_100 285 Jan 4 348 June 1
*295 310 *295 305 *295 205 *295 305 .295 310 *295 310
100 15134 Jan 25 21812 Oct 3
20212 20512 20414 20634 205 2083, 20534 21012 20914 21114 207 20934 25.800 Chesapeake & Ohio
100
434 Jan 8 1058June 21
718 714
7
714 *7
714 *7
714 714 6,300 Chicago & Alton
714 *674)
724
11
1034 1034
1012 1012 1013 1012 1014 1014 2,000 Preferred
100
1034 1034 11
712 Jan 5 1858July 2
42
4212 .42
41
2,200 Chic & East Illinois RR
100 3012 Jan 10 51 July 11
44
*41
40
43
*41
40
43
40
73
7218 727
72
100 43 Jan 6 84% Oct 10
724 7214 7212 7278 72% 7234 3,600 Preferred
72% 73
1212 1214 123, 12
1212 4,900 Chicago Great Western
100
1218 1212 1215 1212 12
812 Jan 6 2212MaY 2
1212 12
100 2314 Jan 7 44%June 2
293, 2712 2834 273, 2814 28
2714 284 28
2834 2712 2812 14,500 Preferred
1534 1534 1534 1534 16
9 Jan 4 1938Sept 15
100
1434 1514 1518 157
16
1534 1618 5,400 Chicago MIlw & St Paul
147 147
1434 1434 *1412 1512 1512 1512 15
100
9 Jan 4 1858Sept 18
1512 1,300 Certificates
1434 147
2838 2812 2814 2812 29
100 183, Jan 3 3434 Sept 13
29
1,500 Preferred
29
29
2818 2818 *2814 29
2838 28% 2858 2812 2812 1,600 Preferred certifIcates.......100 187 Jan 3 3438Sept 14
2812 2814 2814 *2734 2812 28
28
88
8912 8734 8814 89% 8912 89
901 4 10.400 Chicago & North Weetern_100 7838 Jan 27 9712Sept 14
873, 8812 874 89
144 144 *140 146 *14012 146 *14012 146
144 144
400 Preferred
100 12414 Jan 3 150 Oct 6
*144 146
104 10434 20,300 Chicago Rock 1sl & Pacific_100 6812 Jan 4 116 July 14
10118 10314 1013, 10212 102 10312 10323 1043, 104 105
100 10234 Jan 4 11114June 2
600 7% preferred
10912 10934 *109 110
*10812 109 *10812 10912 10834 10834 109 109
10178 102
102 102
100 9514 Jan 28 10373June 2
10178 10178 102 103 *10212 10312 1,000 6% preferred
102 102
114 115 *113 120 *11334 125 *115 125
100 84 Jan 3 13734July 21
116 116
300 Colorado & Southern
•114 116
4.75/8 78
*751 78
*7518 8712 *7518 78
100 70 Jan 4 7712June 1
First preferred
*7518 78
*751 78
100 68 Jan 14 75 Oct 21
Second preferred
76
78
*70
75
*71
*71
*72
76
*71
76
75
*71
68% 69
100 65 Aug 13 77 May 6
6878 69
6918 6812 68% 1,900 Consul RR of Cuba pref
*6918 6938 69
693
*69
8,800Melaware & Hudson
100 171% Jan 28 230 June 6
17714 18038 17912 18134 17934 18012 17814 17934 17812 18012 17812 180
13014 13114 131 131
13034 131
4,000 Delaware Lack & Western_ 50 13018 Oct 22 173 Mar 23
13018 131
13014 131
•131 134
300 Deny & Rio Gr West pref _100 4118 Jan 5 67%June 9
*5112 53
*5112 53
513* 5112 5112 513* 513* *5114 53
*51
6012 6134 6034 6178 6178 6278 6134 6258 46,000 Erie
100 3912 Jan 3 6934Sept 30
5918 6112 59% 62
..5918 601
100 5238 Jan 4 6614 Aug 4
5912 5934 9,100 First preferred
5912 603* 5914 6014 5912 5934 5912 60
59
600 Second preferred
100 49 Jan 4 6412 Aug 4
59
•58
59
*58
59
*58
583* 5334 5814 5814 *58
9714 9734 98
9612 98
961, 97
9914 9858 997 10.600 Great Northern preferred_ _100 7958 Jan 4 10378Sept 7
9612 97
18 July 11 2834Sept 20
2258 2378 2278 2318 2234 2314 23
2414 14,100 Iron Ore Properties_ _No par
22 - 2238 2212 227
50
5312 51
51
53
5334 7,600 Gulf Mobile & Northern..100 3528 Jan 6 7658July 21
52
53
53
3212 5312 50
400 Preferred
100 105 Jan 14 11214 Apr 27
10712 10712 10512 10512 106 107 *10612 10712 *107 10712 .107 1071_
5312 5412 53
5318 3,000 Hudson & Manhattan....100 4012 Jan 3 6578May 10
54
5284 5312 53
5358 5334 5334 54
*85
86
87
*85
*85
*85
86
87
87
*85
100 78 Jan 6 9012Ntay 10
*86
Preferred
87
130 13012 130 13012 131 13112 513014 1308 5,700 Illinois Central
12914 13012 12912 130
100 121% Jan 10 1393* Oct 3
•125 135 *129 13212+128 132 *128 132 *129 132 *129 132
Preferred
100 12078 Jan 12 140 Oct 3
821
8234 *82
50 Rallroad Sec Series A.1000 74 Jan 4 83 Oct 20
8212 8218 8258 8212 8212 *82
58112 8234 *82
39
42
39
*39
3814 3912 *40
41
*3914 4014 *3912 401
400 lot Rys of Cent America_ _100 23 Apr 20 4212 Oct 7
72
210 Preferred
•70
100 62 Apr 29 744 Oct 7
*7114 7212 *70
7112 7012 7012 *7012 7112 7012 702
353 3538 33
331 4 3412 3412 36
351. 3538 *34% 36
34
2,000 Interboro Rapid Tran v t c_100 3012 Aug 31 5218 Feb 26
100 4114 Jan 4 7012July 18
57
6014 5918 6012 11,300 Kansas City Southern
5712 57
593* 5712 5918 58% 59
89
*7112 72
72
*71
*7114 72
72
72
*71
100 Preferred
*7112 72
100 64% Jan 7 723* Oct 21
72
8934 9134 8918 9112 89
90
8812 91
50 8812 Oct 29 13712June 9
903* 90% 9012 901 10,700 Lehigh Valley
•14612 148
100 12838 Jan 14 15918 Oct 4
14712 1 473* 14634 14634 14734 14734 14812 14913 14812 14938 1,400 Louisville & Nashville
84
*83
*83
84
84
10 Manhattan Elevated guar_100 80 Aug 2 90 Feb 11
*83
83
83
*83
84 .8314 84
4534 46
2,900 Modified guaranty
45% 46
100 44 June 14 54% Feb 28
*46324 4612 46.3* 47
461
4534 4612 46
43
41
*412 5
*412 6
.412 5
*434 6
100 Market Street Railway
*412 6
100
4% Nov 3
678June 231
*20
23
*20
25
*20
25
*20
25
•20
25
*20
25
100 18 Feb 10 2518June 22
Preferred
49
49
*4734 49
4834 4834 *48
49
497 52
5234 54
1,900 Prior preferred
100 413* Feb 7 5934 Aug 5
•1114 14
*111 4 14
*11
16
*1112 16
*11
14
*11
14
100 1112 Oct 27
Second preferred
1712June 22
27
278
*27s
*278 3
3
*27s
3
3
3
*278 3
500 Minneapolis & St Louis_ _100
13 Jan 13
458 Feb 3
43
4118 411
*41
43
4214 *4214 43
43
4118 4214 42
1,400 Minn St Paul & 88 Marie.100 27 Jan 6 4778 Oct 14
75 .68
73
*7112 72
*69
*7112 73
74
*7112 7212
*69
Preferred
100 50 Apr 28 76 Oct 14
69
6812 691 *6812 6934 6812 6812 69
6912 *67
6934
360 Leased lines
*69
100 5814 Mar 25 70 Oct 27
4134 4314 397 43
381 4013 4038 407
4078 4112 41
4112 21.400 Mo-K an-Texas RR_.__No par 3112 Jan 6 5612June 17
2,400 Preferred
•104 10458 10412 1041 10434 1047 105 10518 10512 10512 10512 106
100 9534 Jan 4 108 Sept 8
53
5114 52'.j 5118 5214 5212 54
54% 25,100 Missouri Pacific
515 5314 5058 53
100 377 Jan 4 62 Apr 23
10712 10812 1084 10913 108 10878 10714 10812 10812 11058 10914 11012 31,100 Preferred
100 9018 Jan 4 11214 Oct 19
40 New 041 Texas & hlexico...100 121 Jan 8 1597,June 3
13814 13812 138 138
•13812 140 *13812 140 *13812 140 *13812 140
15644 158
15612 150'3 158 15934 15834 160
16012 16214 161% 16258 73,500 New York Central
100 1374 Jan 27 17112 Oct 4
12312 1241: 12512 12534 .124 12512 125 126
126 126
12634 12634
1,800 NY Chic & St Louis Co__ _100 b110 June 14 24012May 28
900 Preferred
*107 10712 107% 10738 1075 10758 10712 108 *10712 10734 10712 10758
100 102 Mar 8 10978June 15
5012 5112 5034 513* 51 5178 5114 513, 37,400 NY N H & Ilartford
5038 52
5058 52
100 4158 Jan 4 5858 Feb 16
3538 35
3578 35
3578 10,200 N Y Ontario & Western. 100 2314 Jan 15 4134 Sept 16
3414 3514 3412 3512 351s 3618 35
300 NY Railways pref ctfa_No par
•6% 7544 *612 712
*612 73
63, Oct 31
65* 678 .612 8
1534 Jan 14
*612 8,2
4112 4212 4158 42
44
4213 4217 43
49
3,700 Norfolk Southern
100 3718 Jan 14 6412June 10
44
473* 48
186 187
18212 18314 184 185
4,900 Norfolk & Western
100 1513 Jan 4 1953* Oct 3
18314 1843, 1834 18418 18312 184
*85
90
*85
90
90
*85
88
*86
88
Preferred
*85
88 .85
100 83 June 23 90 July 25
961 10,6130 Northern Pacific
9534 9614 96
100 78 Jan 3 97 Sept 7
9412 943* 943* 9534 9478 9512 95
957
18
18
21
*18
21
*17
*18
19
21
.17
300
•18
Pacific Coast
19
100 1514 Feb 3 274 Feb 15
6434 65's 14,000 Pennsylvania
6412 6414 6458 6412 65
6438 6514 6478 6514 z64
50 5634 Jan 3 68 Oct 4
32
30
30
30
30
30
31
30
1,300 Peoria dr Eastern
30
100 20 Jan 25 4634July 20
2912 2912 *29
129 129 *12812 12912 12834 12934 129 129
700 Pere Marquette
12934 12934 129 129
100 11412 Jan 6 14012May 28
*9512 97
97
9612 967
700 Prior preferred
*9512 97
97
9634 9634 9612 961
100 93 Jan 22 9734May 28
951 4 *9458 1)51 1 9514 96
1,100 Preferred
*95
9512 9512 *95% 9658 9512 951
100 893 Jan 4 9658Sept 8
143 143
144 144
141 14118 143 143
144 144 .142 144
1,200 Pittsburgh & West Va
100 12212 Jan 18 174 May 24
10312 10478 10338 10458 105 105% 105 10512 20,200 Reading
102 10312 10258 105
50 94 Jan 4 12334June 9
*4178 42
*4134 42
4134 413
600 First preferred
*4134 42
413 42 .4134 42
50 4012 Jan 13 4212 Feb 16
46
*44
46
46
400 Second preferred
*4434 451 *44
4412 4411 457 457 •44
50 4334 Jan 12 50 Feb 16
59
"56
571
:
58
200 Rutland RR pref
*5512 581 *56
*551s 58
558 5578 *55
100 43 Jan 7 69 May 27
, 108 1081 10712 108
10,200 St Louis-San Francisco
10758 1083
107 107.3, 10812 1093* 10912 110
100 10034 Jan 6 11714June 2
9812 981 .97
99
99
*98% 100
99
*98
99
99
200 Preferred A
*97
100 96 Jan 27 104 July 11
71'2 6834 7114 69,2 711
7312 7,40051 Louis Southwestern....100 61 Jan 6 93 June 17
73
71
7414 72
7114 721
8514 8514 "83
86
86
*83
86
86 .83
200 Preferred
86
*83
*85
100 767 Jan 8 9078June 17
30
30
2912 2912 2812 30
29
297 29% 2934 3012 6,500 Seaboard Air Line
29
100 2818 Mar 31 4114 Feb 17
*3212 35
35
*3212 35
*35
36
500 Preferred
35
36
3478 347
*33
100 3212 Apr 28 4538Ju1y 25
11014 12014 1195, 12038 20.800 Southern Pacific Co
11813 119% 11912 12012 11812 1197 11838 119
100 10614 Jan 28 12558 Aug 1
1323
s
13012
13138
13112
8
13512
13714
132
44,000 Southern Railway
13034
13212 13513 13614 1373
100 119 Jan 28 137% Nov 3
993s 9938 *9934 100
*9934 100
400 Preferred
*99% 100
9934 9934 100 100
100 94 Mar 10 100 Aug 30
9113 9234 02
93
94
9712 9918 17,700 Texas & Pacific
99
93
917 94
91
100 53% Jan 7 10358Sept 30
*30
31
*31
31
*32
33
32
34
*30
Third Avenue
*3112 34
.30
100 2834 Aug 31 41 Feb 8
18612 187
187 188
187 1883, 18812 1893, 18712 18812 9,600 Union Pacific
18514 186
100 15912 Jan 27 19738 Oct 4
827 827 *8234 83
600 Preferred
*8234 8278 *8234 8278
8234 8234 8278 83
100 77 Mar 5 8412May 20
643
8
6114
6114 633* 6112 6234 6338 65
633* 6434 37,300 Wabash
100 4012 Jan 4 81 June 9
623* 641s
1,600 Preferred A
9312 931 *92% 931
95 .9412 95
93
*9212 9312 *9212 931
100 76 Jan 3 101 June 9
90
93
Preferred 11
*88
90 .38
90
*88
92
*88
90
*88
"88
100 65 Jan 15 98 June 9
47
4314 463
443 46% 4514 4658 453* 4678 71,400 Western Maryland
4514 473* 43
100 133 Jan 6 °Panne 9
471
4612 4758 471 484 5,600 Second preferred
4612 4838 441g 4838 4412 47'2 46
100 23 Jan 7 6712June 9
3358 34
34
:34
2,100 Western Pacific new
34
3312 34
3334 34
100 2o18 Apr 2
3234 3318 33
4712June 22
601 *59
60
60
60
1,800 Preferred new
5912 60
60
5912 591
100 55 Apr 26 7638 Feb 7
6014 6014
80
*70
*70
80
80
Wheeling & Lake Erie Ry__100 2712 Jan 3 130 Feb 8
80 .70
80
.70
80
.70
*70
77
77
100 Preferred
*77
80
80
80
7812 *77
*77
80
*77
100 4712 Jan 7 97 May 13
*77
12934
103
•11014
163
938
•25
37
17114
75*
14
143

13018 12914 131
10412 10312 1041
11034 •Il012 1107
167 169
163
934 958
9,2
28
*25
28
358
3% 3%
17112 175
173
734
734 734
13*
114 *114
14458 145 146%

12912
104
*11012
170
9
•25
314
1743
7%
114
14512

131
105
1107
172
9
28
334
17434
734
114
14772

12934
104
11078
173
*9
*26
3%
17434
712
*114
14334

13012
104
11078
173
934
2734
334
1757
734
152
14632

12933 1311.1
',
104 1041
11078 1107s
174 175
914 914
28
*26
*3% 314
17578 1767
75, 734
132
•14
14514 14714

12778
104
III
174
9
27
334
174%
75
112
14512

12934
!
1071
111
174
9
27
334
1754
73
118
147

Industrial & Miscellaneous.
7,000 Abitibi Power & Paper_No par
:3,300 Abraham & Straus
No par
5C Preferred
100
2,600 Adams Express
100
1,300 Advance Rumely
100
100 Advance Rumely pref
100
1,500 Ahumada Lead
1
7
3,600 Air Reduction, Inc___ _No 22,
No par
7,600 Ajax Rubber. Inc
400 Alaska Juneau Gold Min._ 10
28.500 Allied Chemical & Dye_Arn par

83 Jan 27
624 Mar 26
109 Aug 11
124 Jan 5
758 Oct 24
2218 Oct 22
23*June 2
13412 Jan 26
712June 15
1 June 18
131 Jan 25

•Bid and asked prices. a Ex-dividend. a Ex-rights. S Ex-dividend. 1,11 shares of Chesapeake Corporation stock.




Highest

$ per share $ per share

141% Oct 8
114 Oct 26
11312 Feb 20
175 Nov 3
1534 Feb 9
41 Feb 9
618Sept 6
1991s duly 18
135 Mar 25
24 Feb 18
1694 sent 6

122 Mar 172 Dec
94% Mar 102 Dec
18112 Mar 26222 Jan
8312 Mar 10934 Sept
6712 Jan 737 Aug
33 Mar 46 Feb
977 Feb 103 Dec
5418 Mar 777 Dec
78 Mar 8934 Dee
812 Mar 182 Nov
69% Mar 878 July
58
Jan 61 June
14612 Jan 17014 Dec
240 Mar 305
Jan
112 Mar 17838 Sept
414 Sept115 Feb
618 May 1814 Feb
30 Dec 37 Feb
3612 Mar 51% Feb
734 Mar 1218 Sept
1614 Mar 3158 Sept
814 Dec 1412 Jan
714 Dee 14
Jan
1418 Mar 24 Aug
14 Apr 2358 Aug
6514 Mar 8334 Sept
11812 Jan 12612 Apr
4012 Mar 7114 Dec
96 Mar 108 Dec
8314 Mar 98 Nov
52 Mar 9614 Oct
62 Mar 74
Oct
Jan 72 Sept
59
6834 Nov7212 Dec
15014 Mar 18312 Sept
129 Mar 15312 Jan
3712May 47
Jac
2212 Mar 42 Dec
3334 Mar 5514 Dec
30 Mar 5014 De<
6812 Mar S418 Do
18 Dec 2714 Fel
2518 Apr 4114 Sept
95 Mar 10912 Sept
3458 Jan 4112 Del
6734 Mar 80 Der
11312 Mar 131 Sep
11512 Mar 12912 Sep
7114 Jan 77 JUDI
Fel
24 Dec 31
62 Mar 66 Jun,
2412 Jan 5334 De
3414 Mar 5138 Sep
6058 Mar 683* Set)
7512 Mar 106 De
118 Mar 144 Sep
84 Mar 9234 Ap
3818 Jan 61% Ma:
10 Fe,
418 July
1912 Oct 40 Fe,
3918 June 513* Fel
1134 Oct 2212 Fel
37 Ja.
118 Dec
2578 Dec 5212 Fe'
50 Dec 79 Fe
60
Oct 6678 Fe
2912 Oct 4718 Fe
82 Mar 968g De
27 Mar 45 Set
7112 Mar 95 Set
120 Mar 13212 Ja
117 Mar 14712 Set
130 Mar 20412 Set
93 Mar 106 Jul
3058 Mar 4838 Jul
1934 Mar 2872 Fe
6
Jan 2014 Fe
2778 Apr 443* Sec
13914 Mar 1707 04
8312 Nov 853* Au
653 Mar 8212 Au
15
Oct48 Ja
483* Mar 5718 01
1578 Oct 2634 Ja
67 Mar 122 Dr
79 Mar 96 Jul
7034 Mar 9178 Jul
85 Mar 1354 Dr
79 Mar 10114 DE
3934 Dec 42 At
40 Mar 4534 Dr
42 Apr 6114 At
85 Mar 10312 Di
8312 Apr 9712 Di
5712 Mar 74 Fe
72 Mar 8014 Jul
2712 Mar 51 Di
3112 Mar 483* Fe
9618 Mar 11214 DI
1031's Mar 13114 Bei
8712 Apr 9512 At
4218 Mar 615s J2
1312 Jan 43 Al
14112 Mar 1683
,0
7434 Jan 8114 Ar
337 Mar 52
Jr
68 Mar 7834 Jr
57 Mar 72
Jr
11 Mar
1652 JE
1633 Mar 2438 Set
2712 Dec 394 .1/
72 Dec 86% Set
18 Mar 32
J:
37 Mar 5012 12
7034 May
43 May
10418 Mar
997 Mar
8 Dec
2878 Dec
434 Nov
10714 May
718 Oct
78 Oct
106 Mar

98 Set
72 D.
112 D
136 Se
22 Se
6534 Se
9144 .11
14634 D
16 Fi
27 D
148
Ji

New York Stock Record-Continued-Page 2

2498

For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOIV SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 29.

Monday,
Oct. 31.

Tuesday,
Nov. 1.

Wednesday, Thursday, I
Nov. 3.
Nov. 2.

Friday,
Nov. 4.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1926
Lowest

Highest

5 Per share S per share S per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ Per share $ per share S per share $ per share
122 12214 12112 12112 *12112 12214 1224 1224 *12214 12234 122 122
1,300 Allied Chemical & Dye pref_100 120 Mar 11 124 Aug 4 11838 Mar 12234 Dee
1104 1104 110 110
11018 11018 110 11014 11018 111
100 88 Jan 25 118385ept 15
11112 11112 2,400 Allis-Chalmers Mfg
7814 Mar 944 Jan
Preferred
100 109 Feb 9 11212 Apr 21 105 Apr 11112 Dee
1178 12
*1212 13
*124 131 1 *12
13
800 Amalgamated Leather_No par 1178 Oct 29 2418 Feb 11
1218 12%
124 1218
1434 Oct 21 Sept
29
2912 2938 2978 29
2934 294 2912 294 3012 3014 3112 15,600 Amerada Corp
No par 2758 Apr 28 3758 Feb 7
2414 May 3278 Aug
1214 1214
1012 1134 1078 1112 11
1212 8,400 Amer Agricultural Chem_ _100
11
84 Apr 6 1578Sept 7
1114 1118 1114
9 Oct 3438 Jan
3812 4012 3838 41
404 41
4014 4478 9,500 Preferred
3978 40
4018 41
100 2814 Apr 6 5134 Jan 10
3538 Oct 9612 Jan
75
754 7812 79
*76
10 41 Jan 6 8414 Oct 26
78
79
79
7834 1,800 Amer Bank Note
80
7614 78
3438 Mar 46
Oct
5914 5914 *59
6012 59
6014
200 Preferred
5914 5718 6012 •58
6034 *58
50 5612 Jan 4 65 Sept 14
55 Jan 5812 July
•154 164 16
16
1538 16
16
1,200 American Beet Sugar__No par
16
1518 Oct 22 2334 Mar 14
1614
1634 167
16
2012 Sept 3834 Feb
40
40
*3818 49
42
3818 3818 *38
49
300 Preferred
36
*36
36
100 36 Nov 4 6018 Jan 3
55 Nov 83 Feb
2034 21
2112 2178 2212 23,4 2212 2334 2314 2334 2278 2314 6,300 Amer Bosch 1..lagneto__No par
13 Jan 20 2634 Oct 4
16 May 3438 Jan
3878 3878 3818 3878 38
3812 384 384 3812 3878 394 3912 1,800 Am Brake Shoe & F newNo par 3512May 2 46 July 25
•12014 123 *12014 122
123 123
123 123 *120 123 *12018 123
100 11714 Feb 7 128 Mar 12 1-1-014 Mar 12814 -Feb
300 Preferred
*9
914
9
9
834 84
858 834 2,200 Amer Brown Boveri El_No par
514 Aug 26 3912 Jan 5
812 812
84 858
3014 Mar 50 Aug
*4514 48
200 Preferred
*45
544
48
45
4214 45
4712 45
48
48
100 40 Aug 19 98 Feb 1
8612 Mar 9718 Jan
61
6218 26138 6212 6134 64
6234 6418 63% 6518 6478 68 336,100 American Can
25 4358Mar 31 68 Nov 4
3878 Mar 6318 Aug
•13374 135 *13334 134
134 134 *134 135 *134 135 *134 135
300 Preferred
100 126 Jan 14 136 Sept 21 121
Jan 13018 Dec
98
9814 99
2,100 American Car & Fdy___No par 95 July 13 10914May 27
99
9914 9914 99
9912 9812 9812 9858 100
9112 Mar 1147* Jan
12612 12612 12612 12612 12634 12634 12712 12712 12612 12612
-700 Preferred
100 12434 Oct 6 13434June 8 12012 Oct 13014 Des
6912 7018
69
7014 6912 70
3,800 American Chicle
7118 7118 *126694 701., 71
71
No par 36 Jan 26 7412 Oct 26
Jan
31
Oct 51
14
1438 14
1414 14
1328 144 5,400 Amer Druggists Syndicate_ 10
1414
938 Apr 20 1514June 9
14
14
144 14
414 Jan
1028 Aug
166 172
16914 17178 170 173
1714 17214 17212 173
5,009 American Express
171 171
100 127 Jan 17 17912 Oct 6 10578 Mar 140
Jan
2334 25
*2434
2414
25
24
2418
7,500 Amer & For'n Power_No par
2414 25
248 2434 2532
1878 Feb 17 30o Sept 28
1414 Nov 421 Jan
10412 105
10434 105
2.600 Preferred
104 104
10334 10434 10312 104
10434 105
No par 8612 Feb 15 108 Sept 12
79
Oct 98 Feb
73 Apr 26 1278 Oct 6
11
1118
1178 1178 1134 1134
1,800 American Hide & Leather_ 100
12
12
1114 1112 1134 12
7 May 1712 Feb
5712 5712 *56
5812 5812 1.300 Preferred
58
5534 5534 56
100 48 Mar 1 6678July 20
5812 59
56
May 6714 Feb
3312
58
5918 58
5912 5912 6034 5914 60
5934 6234 624 6518 36,700 Amer Home Products_No par 303* Jan 3 6518 Nov 4
2358 Oct 3058 Dee
264 2714 27
2758 2718 2712 27
263* 2678 2634 27
2712 4,000 American Ice New
No par 253 Oct 21 32 Aug 22
90
•90
90
91
*87
101) Preferred
9012 *89
9012 *89
9012
100 84 Jan 7 9612May 7 -81-12 Oct 86-34June
9012 .89
4812 4858 4812 494 4938 50
9,200 Amer Internal Corp_ __No par 37 Mar 23 6078 Oct 28
4912 52
50
50
50
50
314 July 464 Feb
673 67
64 64
67
10
614 612 2,100 American La France F E
68
4 June 4 10 Jan 3
634 64
612 634
97 I)cc 157 Jan
5712 5828 6712 6034 604 617* 601s 6232 6318 6458 6512 6778 55.100 American Linseed
100 2018 Apr 5 6718 Nov 4
2553 Oct 5272 Jan
86
86
6.200
Preferred
8918
9212
8814
100
8912
8814
465
89
8
'
,
Mar
88
8914
19 9212 Nov 4
89
863*
Jan
6734 Oct 87
10012 10138 1024 10312 102 10312 1024 1024 10214 10314 1024 10314 6,000 American Locomotive_No par 9914 Oct 22 116 May 18
904 Mar 11978 Jan
*124 125 •124 12478 12412 12412 12518 12518 12418 1244 •124 12412
300 Preferred
100 11912 Feb 23 127 July 23 116 Aug 12414 Deo
155 155
160 16434 160 167
5,500 Amer Machine & Fdy _ _No par 7314 Jan 3 167 Nov 1
158 161
158 161 *153 160
6514 Oct 8012 Aug
19512 19512 196 210
213 220
217 225
100 12518 Jan 6 225 Nov 1 114 July 125 Dec
650 Preferred
214 214 *205 213
4014 4038 4,4038 42
4114 4114 4014 404 3618 404 37
3934 7,500 Amer Metal Co Ltd_ __No par 3613 Nov 3 4634 Aug 3
4314 Dec 573* Feb
011012 11112 11012 11012 *11012 11112 *111 11112 110 111
250 Preferred
110 110
100 108 Jan 8 11212May 17 11312 Apr 120 Feb
68'2 6712 664 67 I 65% 6634 663* 674 674 67% 673 673
7,200 Am Power & Light_ _ _No par 54 Jan 27 735 Oct 10
503 May 7212 Sept
127 129
12834 130
12812 130
25 11012 Jan 21 14778Sept 16 10114 May 12238 Aug
128 12914 13012 1317 131 13178 6,500 American Radiator
9814 99
9.300 Amer Railway Express100 8712 Apr 4 10634 Nov 3
9912 9934 991 105% 10412 10514 10412 10634 106 106
773* Mar 90 Deo
39
4114 4114 4318 40
5.200 American Republics_ No par 3518 Jan 4 647 July 7
401 1 4118 4114 414 4278 4258 43
3978 Nov 74
Jan
56
5658 56
100 42 July 23 6112 Mar 28
5514 57
56
56
5534 5612 2,500 American Safty Razor_
56
56
56
42 Apr 704 Aug
*3934 4014 3934 4034 40
40
4212 2.560 Am Seating v t c
4014 4012 41
No par 387 Oct 22 51 July 20
414 42
234
318
234
3
3
3
212 Oct 22
234 3
*234
23* 24
278 3,600 Amer Ship & Comm_ _ No par
634 Jan 7
-538 Dec 1178 Mar
15812 16018 16014 16212 16014 16234 15912 162
16278 16434 16278 16614 47,600 Amer Smelting & Refining_ 100 13258 Jan 25 18012Sept 15 10958 Apr 152 Aug
13058 13058 *13012 13058 1304 13038 *13012 13038 13012 13012 *13012 13038
100 1194 Mar 16 13218 sept 30 1127 Mar 12238 Dee
300 Preferred
'
1 13312 136 *13312 136
134 136
100 11938 Jan 17 145 Sept 7 12134 Oct 165 Feb
136 136 *13312 136
136 136
600 American Snuff
4518 4512 46
4614 4612 467
4614 4612 4634 4712 4658 47
4.000 Amer Steel Foundries_No par 4112 Apr 29 584 Aug 24
40 May 47 Aug
311312 114 *11312 114 *11312 114 *11312 114 *11312 114 .11312 114
100 11014July 5 115 Jan 13 11014 Sept 115 Feb
Preferred
7712 7712 70
79
38,000 Amer Sugar Refining
6514 72
7012 7112 6814 71
100 6514 Nov 1 9534May 26
673* 70
6514
Apr 8714 Nov
108 108
3107 108
106 107
104 1047 10412 105 *105 107
2,100 Preferred
100 104 Nov 2 11812May 26 100 June 11011 Nov
604 6134 61
6214 6112 6214 613 624 62
No par 4112 Jan 3 684 Oct 13
6234 6134 6238 8,800 Am Sum Tob v t c
2914 Aug 44 Dec
3112 3112 3112 3112 .3112 3178 3212 3212 .31
300 Amer Telegraph & Cable__100 26 Apr 1 3634 Aug 24
3212
3212 *31
2512 July 411s Feb
17418 1747 17414 1754 1753 177
1744 17478 17418 175
17634 17714 15,800 Amer Telep & Teleg
100 14914 Jan 3 18512 Oct II 13958 June 141
Deo
160 1603,8 160 166
16312 16532 165 175
50 120 Jan 7 17714 Nov 4 1113* Mar 12434 Sept
17214 1774 18,500 American Tobacco com
171 175
15938 16034 161 166
16312 16512 16414 166
17112 17712 45,000 Common Class B
17214 175
60 11914 Jan 5 17712 Nov 4 11018 Mar 124 Sept
1157 11578 *115 116
1154 11518 *116 117
400 Preferred
11578 11578 116 116
100 11018 Jan 4 118 Sept 9 10618 Jan 113 May
500 American Type Founders_ _100 125 Jan 7 148 Feb 18 114
126 126
127 127,2 *125 126
125 125 *125 12612 *1214 12614
Jan 135 Feb
8,000 Arn Wtr Wks & Elc newNo par 46 Aug 8 7218Sept 28
63
6312 62
61
6218 6212 6114 62
6334 r62
6114 62
.
1st preferred (7%)
100 10412Mar 1 81 Sept 23 1-0112 Mar 10814 Jan
2112 -2-I-12 iiiis 21-12 2112 21-4 211-2 1112 2138 -2-2
2138 21-78 2,400 American Woolen
100 1612June 7 333* Jan 5
19 June 4278 Jan
.5114 5112 5158 5134 52
534 5318 5212 533* 5112 52
51
2,400 Preferred
100 4678June 1 8612 Jan 7
66 Apr 9014 Dee
21
22
2112 224 2112 2112 2112 2112 21
21
20
2012 4.500 Am Writing Paper ctfs.No par
9781s.fay 26 2414 Oct 19
6
612
1,300 Amer Zinc, Lead & Smelt
6
6
6
6
6
6
6
G
*534 6
25
534Sept 6 1014 Feb 17
-518 May -1-2-1i Feb
'372•3712 39 .38
3834 38
3858 37
3712 3634 3634 3634 364
800 Preferred
25 35 Oct 14 5114 Feb 18
20 May 54 Dee
4514 454 4512 4614 45,2 4534 454 46
4634 4812 19,500 Anaconda Copper Mining_50 4114June 27 49%Sep1 21
46 18 57
4112 Mar 517 Aug
47
4818 4818 4818 484
47
4712 4712 *4712 4812 4718 475
700 Archer, Dials. Mitird_No par 38 Mar 12 5012 Oct 14
347 June 4434 Jan
.•11112
. 11112 11112 *110
30 Preferred
_ 11112 11112 11112 1114
100 106 Jan 4 111 12Nov 1 100 Mar 108
Oct
'11083% --8338 .82
83
-8214 8312 *8214 -8312
-814 83
8212 8212
900 Armour & Co (Del) pref
100
79
Oct
22
9614
Feb
16
9014
May 977 Jan
97 10
97 10
97 104
97
97
938 1032 10
1038
7,000 Armour of Illinois Class A__25
814May 4 154 Jan 7
1318 May 2512 Feb
57
57
54 614
57
6
618
6
614
6
6
6
4,200 Clasc B
25
518May 5
918 Jan 6
534 May
17 Jan
614 62
614 6314 6314 6314 6312 6312 *63
6312 63
63
850 Prelerred
100 60 Apr 13 8614 Jan 27
80 Apr 93 Feb
36
3658 35 • 3612 35
35
3418 3514 35
2,200 Arnold Constable Corp No par 21 Apr 1
3512 36
35
3812 Aug 26
Apr 314 Jan
18
2514 2514 •2518 2534 *254 254 2518 2518 *25
26
400 Art Metal Construction_ _ 10 22 Jan 11 32 June 24
*25
26
1918 Jan 2334 Oct
•44
45
4514 454 *4414 4538 *44
45
*44
45
200 Artloom Corp
*444 4538
No par 4384 July12 544 Jan 5
4634 Sept 6312 Jan
'114 11414 *114 11414 *114 11414 *114 1144 114,4 11414 11414 11414
400 Preferred
100 11114May 31 11414 Nov 3 108 Mar 113 Dec
4538 4614 4534 464 464 4612 463* 4714 4612 4718 464 468 5,800 Assoc Dry Goods
No par 3912 Feb 9 52 Sept 20
374 Mar 5472 Jan
•108 109 *108 109
1084 1084 10818 10814 10818 10818 *10818 109
700 1st preferred
100 9712 Mar 3 11014 Sept 23
96 Mar 10212 Jan
108 110 .108 110
110 110
110 110
110 110 *110 115
400 2d preferred
100 105 Mar 23 110 Nov 1 102 May 110 Dee
*3612 3738 •3612 3758 *3612 375* *3612 374 372 375* 40
300 Associated 011
40
25 35 Oct 20 504 Feb 19
443* Jan 60 Mar
33
331
334 347
33
347
324 33
5,000 AVG & WI 88 Lino_No par 3038 Mar 25 42 Jan 5
3218 3312 *3212 33
Oct 683* Jan
29
3312 3312 *33
34
33
3318 3158 323* *321 33
*3212 3312
900 Preferred
100 294 Mar 25 4114June 7
3314 Oct 5614 Jan
114 11412 11458 116
11414 11578 11412 11814 117 11912 117 119
18,700 Atlantic Refining
100 107 Jan 28 13138 Aug 5
97 Ma. 1283* May
•115 1174 *115 11734 *115 11612 .116 11612 *116 11612
Preferred
100 11512 Feb 1 119 Aug 20 11512 Oct 120 June
*116 116,2
*62
63
*62
6518 *62
65
Atlas Powder
*62
*62
66
64
*62
6634
No par 5612 Mar 17 70 June 9
54 Mar 64 Nov
10312 10312 *10312 10412 10312 10312 *10212 104 *10312 104 *10312 10412
20 Preferred
100 98 Jan 6 107 July 2
94
Jan 973 Des
75
812 .75.8 812 *74 812
200 Atlas Tack
714June 25 1218 Apr 7
No par
75* *74 812 *758 812 *75
8 Oct 1712 Jan
*5
512 *5
300 Austin. NicholsaCo vtcNo par
512
514 514
44 Mar 22 1014 Jan 3
54 514 *514
512 *54 512
Jan
28
Oct
74
100 Preferred
•25
45
•25
29
30
*30
30
*30
29
45
*25
29
100 2618July 26 61 Jan 5
54 Nov 93 Jan
25214 25278 25214 25814 254 254
25412 25612 254 25412 68,000 Baldwin Locomotive Wks_100 14318 Jan 18 26534Sept 6
254 258
927 Mar 16734 Dee
200 Preferred
1213* 1213* •12114 13114 1213* 12138 *1213* 123 *12138 123
12138 123
100 116 Jan 14 1251* July 7 105 Mar 11914 Nov
600 Bomberger(L) & Co prof _ _100 10634 Mar 30 11012May10-1094 10934 110 110
10934 10934 *10912 10934 10934 10934 10912 10934
*44
44
46
44
44
1.200 Barnett Leather
45
46
.47
47
51
46
47
No par 40 Jan 6 597 Feb 9
2434 2514 48,000 13arnsdall Corp class A
2212 2278 224 2314 2234 23
2318 2412 234 25
25 2034 Oct 6 3512 Feb 26
2312 May 33,2 Jan
•2234 23
2318 2318 25
25
300 Class B
*2414 25
2278 227 *2234 23
25 2012 Oct 7 3212 Feb 28
2212 Oct 3913 Jan
9134 *90
92
8914 8914 01
1,400 Bayuk Cigars. Inc
90
90
9114 9112 8914 91
No par 4912 Jan 25 9734 Aug 17
39 Mar 5538 Nov
1514 1514 2.500 Beacon 011
*1414 1412 *1414 1412 *1414 1412 1412 1412 1414 15
14 Oct 14 1814June 7
No par
66
1,800 Beech Nut Packing
644 6412 *6414 6514 6414 6414 65
6314 6312 63% 65
20 5014 Apr 29 7014 Oct 17
-5214 -Oct -7-1-7e -Feb
2112 1,300 Belding Hem'way CoNo par
2138 2134 2114 2114 2118 2112 2112 2112 2118 215* *21
154July 7 2714 Jan 7
26 Dec 3934 Jan
517
.504 5138 43,500 Bethlehem Steel Corp
4838 493
49
503s 4912 504 4978 5034 51
100 4334 Jan 27 6612Sept 8
3714 May 514 Sept
115 11512 115 11518 *115 11514 11412 115
2,800 Preferred (7%)
11512 116
11518 116
100 10434 Jan 3 11734 Oct 17
99 Juno 1053* Dec
*3812 39
39
39
200 Bloomingdale Bros_
*38
394 3812 3812 *3812 39
40 .38
No par 34 June 15 4214 Aug 17
28 June 42 Dec
•111 112 *11112 112 *11112 112
11212 11212 *11212 113
112 112
20 Preferred
100 10912 Jan 20 11314 Apr 18 10414 Juno 110 Dec
6312 64% 64% 6518 6438 64% 2,400 Bon Amt. class A
6458 643* *6334 64
6314 64
No par 5318 Jan 5 6812 Oct 8
5312 Dec 5618 Deo
47
47
*434 5
43* 434 *44 5
4-4
434
*458 5
1,500 Booth Fisheries
No par
412Sept 2
838 Apr 14
418 Mar
94 Jan
41
*38
*37
41
400 1st preferred
*37
41
*38
39
41
3912 397 397
100 36 Sept 20 5714May 27
344 Oct 51,2 Jan
23
•22
*21
23
22
23
23
*22
22
*22
*21
2212
100 Botany Cons Mills class A_ _50 18 May 4 3012Sept 6
20 May 4118 Jan
2012 2078 34,600 Briggs Manufacturing_No par 1912Sept 27 363* Feb 23
20% 207
2012 215* 2012 21
2012 214 2012 21
Oct 374 Jan
24
17312 17512 17318 17412 17312 175
17634 1774 *176 178
17312 177
7.100 Brooklyn Edison, Inc
100 14812 Feb 11 1847 Aug 16 133 Mar 163 Sep
12414 12634 127 13414 134 139
133 13512 8,300 Bklyn Union Gas
12314 12414 124 127
No par 894 Apr 4 15412 Aug 10
68 Mar 98 Dec
43
45
4512 435* 4412 4318 4414 15,700 Brown Shoe Inc
477
46
464 4612 473
No par 3012 Feb 1 47,8 Nov 1
2912 June 483 Jan
3312 3312 *33
3312 334 3338 327 333* 1,500 Brunsw-Balke-Collan'r_No par 2578July 11 3878 Jan 10
3312 3312 3312 *33
2438 Mar 394 Sept
103
101
*101
101
*101
10312
103
par
clAcomNo
Burns
10212
10314
Bros
*103
new
*101
200
10314
8512.1une 17 12534 Jan 20 121 Mar 144 July
900 New class 13 com
1812 1858 1814 1812 1812 1812 1812 1812 1812 1858 •1834 19
No par
161411.1er 18 348 Jan 27
2612 Nov 44 Feb
Preferred
100 90 June 20 100 Jan 3
*95 10012 *9514 10012 *9558 10012 *96 10012 *96 10012 *98 1003*
97 Mar 10312 June
12712 12712 .128 1294 130 13134 132 13434 3,300 Burroughs Add Mach_ No par z30 Mar 2 13434 Nov 4
127 129 *12712 128
7712 Apr 124 Doe
6412 6412 1,700 Bush Terminal new __No par 2934 Jan 12 6858 Oct 17
6412 63% 64
64
6314 64
64
6433 65
64
1634 Mar 3414 July
260 Debenture
100 913* Jan 5 10734 Sept 29
10534 1064 103 10518 10414 10514 104 10434 10478 10478 105 10512
Apr 93 Aug
86
40 Bush Term Bldgs, pref
116 116 *116 117
116 116
100 10358 Feb 14 120 Aug 8
116 116,1 *116 117
116 117
Jan 104 Nov
9912
37
2,200 Butte Copper & Zinc
4
4
4
4
418
44
44 *4
5
334 Mar 19
44 *4
*4
5185hay 2
4 1)cc
64 Feb
7
4712 4712 *4514 47
1,500 Butterick Co
46
45
100 44 Oct 13 614 Feb 15
45
4514 *4514 47
46
44
173 Mar 71 Sept
10
84 938 6,300 Butte & Superior Mining
75*
74 Nov 2 1134 Jan 7
734 8
73*
758 818
84 84
84 84
1614 Jan
74 May
By-Products
70
70
900
Coke
*69
*69
*68
No par 66 Jan 29 9212June 2
70
7118 7118 6234 694 6934 70
53 June 00 Sept
8212 9,900 Byers & Co(AM)
No par 42 Jan 3 94 June 2
8234 833* 81
8334 8112 82
8312 81
82
81
80
28 Mar 4478 Nov
6714 6.400 California PackingNo par 6014 Apr 1 70 Jan 5
6634 66
6518 6518 66
65
6314 6312 6414 6414 64
6614 Oct 17912 Feb
40,500 California Petroleum
2338 25
2214 25
25 20 Oct 11
327 Jan 18
2138 213* 2138 2134 2158 2134 2114 22
29% Oct 3818 Feb
14 2,900 Callahan Zinc-Lead
10
*14
138
112 *14
1% •Ilt
14
114Sept 26
138
114
138
138
238 Jan 17
24 Jau
112 Mar
10 6112J1ne 27 953* Nov 4
8614 8614 9012 9038 95% 37,900 Calumet Arizona Mining
8412 844 8534 85
8034 824 83
5512 Mar 734 Aug
25 1414JulY 7 1714Sept 17
1638 1612 164 16% 1658 168 4,300 Calumet & Heels
1612 1619 1618 1658 1614 1614
1338 Mar 184 Aug
4919 4818 4938 4838 494 4838 4918 16,800 Canada Dry Ginger Ale.No par 36 Jan 5 604 Aug 10
3212 Oct 49 Sept
4714 473
..4 47% 481z 4834
9073, 94a51. 9061, 2601, 9.400 Case Thresh Machine
100 132 Jan 27 28314 Orr. 7
621, inn 176
Aug
•Bid and asked prices; no sales on this day: z Ex-dividend. a Ex-rights.




b Ex-dividend and ex-rights.

New York Stock Record-Continued-Page 3

2499

For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 29.

Monday,
Oct. 31.

Tuesday,
Nov. 1,

Wednesday, Thursday,
Nov. 3.
Nov. 2.

Friday,
Nov. 4.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

$ per share $ per Share $ per share $ per share $ per share S per share Shares Indus. & Mlscel. (Con.) Par
Case Thresh Mach pref ___ _100
*11614 122 *11614 122 *11614 122 *11614 122 *11614 11912 *11614 121
25% 2518 254 2,200 Central Alloy Steel____No par
25
2512 253g 2512 2512 2512 *2512 26
25
100
2412
900 Central Leather
24
24
24
24
2212 23
24
2314 2314 24
*23
100
Certificates
Preferred
100
*75 10212 *95 10212 *95 10013 *95 10212 *95 10212 *95 1024
--------------Preferred certlficates_100
_ __
_
_ __
_
3
par
Ribbon
Mills__No
Century
500
*1212
12
-15- 13 •123 1334 1234 13
1212 1212 *1213 125
100
Preferred
8412 *80
8412 *80
8412 *80
8412
8412 *80
8412 .80
*80
63h 28.300 Cerro de Paso Copper_No Par
59% 6034 60h 6178 61
607s 6112 5912 61
613u 62
5014 51
5138 5112 5158 4,600 Certatn-Teed Products_No par
5012 51
503 5114 507 5114 51
1st preferred
100
*114 . __ *114 11518 *114
*114 11518 *114 11518 *114
53
1.700 Chandler Cleveland MotNo par
512
*5
512
5
*5
512
*5
512 512
5
51
No par
18
*18
1712 1712 1713 1778 1,300 Preferred
1812 1712 18
•18I8 1812 18
1,100 Chicago Pneumatic Toot..100
128 128 *127 128% *128 12812 128 128
126 1277 *127 129
No par
54
8,500 Childs Co
54
53
5512 53
5512 5012 5538 5612 5434 5538 54
25
3478 3578 11,400 Chile Copper
337 3458 343 347
3334 3334 3358 3334 333 34
5
Chino Copper
_
6912 7312 11,3001 Christie-Brown tern ctfsNo par
65
65
65
6512 6514 6534 6614 6978 6914 71
No par
5112 527
5238 53% 53
5358 535 5434 53% 5413 85,200IChrysler Corp
5118 52
No par
1,000 Preferrea
11212 113
11212 11212 11214 11318 11312 11312 1134 11318
*113 114
79
8012 10,700 Cluett Peabody & Co No par
82
8314 7934 8212 80
8378 7912 8112 81
79
100
60 Preferred
12458 1245 1245 12458 .1243 125
12434 12434 1245 12434
*124% 125
No par
12018 12238 11812 12012 11918 12012 121 1221z 12112 12238 11.300 Coca Cola Co
1203i 121
93
9538 93
9412 941 9534 9313 9414 10.200 Collins & Aikman new _No par
9212 9334 9318 95
100
6612 73
7238 79,600 Colorado Fuel & Iron
6814 7112 694 72
70
7218 715 7378 71
9414 9618 95
96 100's 17,600 Columbian Carbon v 1 cNo par
9812 95
951z 9534 97
9414 96
8818 8878 884 89
8734 88
8912 89h 898 89% 7.000 Colum Gas & Elec new_No par
8714 877
100
10738 10738 10718 10718 10714 10712 10712 10712 10712 10712.10712 10734 1,600 Preferred new
1
4 6814 20,400 Commonwealth Power_No par
/
4 67/
6712 66
6558 6738 66
6738 6612 6772 6778 681
1913 1934 1914 1934 1934 1914 1914 1912 FA 1934 1913 1958 3,000 Commercial Credit_ __No par
25
2214 23
*22
100 Preferred
22
2212 *2214 2212 *22
2212 2212 22's
22
25
*2214 24
*23
24
Preferred 13
24
•22h 2312 .23
2312 *23
*2214 24
%)_100
let
82
823
4
70
preferred
82
8212
.8214
*82
*8212
(6
83
82
/
1
4
82h
M
82
.8153
47
4811 *4714 49
4812 4812 *47
600 Comm Invest Trust___No par
48
48
*4618 4812 48
100
20 7% preferred
9814 9814 981z *9612 9812 *9612 9813 *9612 9812 *9612 98'3
*96
100
*8812 9013 *89
897
200 Preferred (63i)
89
89
*8713 8978 *8712 89% *8712 89
6,800 Commercial Solvents__ No par
16314 16314 16212 165
169 1703 165 189
160 16234 162 164
2314 14,300 Congoleum-Nalrn Inc_ _No par
2278 2338 23
23
237o 2318 2338 2234 2338 2234 23
675
6814 *6738 6814 68
68
3,700 Congress CigarNo par
6634 6838 68
6714 6714 67
Conley Tin Foil and_ __No par
33
%
*14
*14
*14
33
*14
35
*14
%
*14
%
3
7813
Consolidated Clgar__No par
4,100
7812
775
8
8
76
767
8
77
744 76
76
767
7414 75
100
103 103
101 101
500 Preferred
102 102 •102 10314 102 102
•102 103

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
3 per share
111 Feb 28
24 Apr 1
838 Jan 3
714 Jan 3
54 Jan 14
54 Jan 3
1012 Jan 26
70 Jan 24
58 June 27
42 Jan 25
106 Feb 1
5 Aug 16
13 June 27
12012 Jan 3
4858 Mar 31
3318June 27
2218 Jan 7
347 Jan 5
3818 Jan 28
10238 April
51 June 17
11114 Jan 6
c9612 Apr 27
86 Aug 26
4258 Jan 4
6878 Jan 3
8278 Feb 11
9912 Jan 24
4858May 25
14 June 29
17 June 10
1878June 15
69 July 8
4118May 4
9412Sept 20
86311July 5
15914 Oct 28
1714 Jan 26
47 Mar 11
14 Feb 1
7414 Oct 29
69% Aug II

Highest

Lowest

Highest

$ per share S per share $ per share
12412May 21
96
Jan 11812 Aug
33 Apr 28
2812 Oct 3314 Aug
2414 Oct 26
7 Nov 2012 Jan
1512May 26
7 Dec
834 Nov
94 Oct 4
4314 Apr 6834 Jan
7834July 18
50 Nov
5413 Dec
1634 Aug 30
1014 Oct 327 Jan
84 Aug 2
Jan
7814 Dec 90
5712 Jan 7312 Aug
68 Sept 17
5534May 11
3618 May 4912 Jan
11412 Oct 28 100 May 10614 Nov
14 Mar 22
812 Nov 26 Feb
21314May 8
203 Dec 4514 Feb
/
4 Dec
9412 Apr 1281
13714 Mar 2
454 May 663 Jan
6538 Aug 25
30 Mar 3638 Jan
3914 Mar 21
24 Apr 11
16 Mar 26 Nov
7313 Nov 4
2912 Oct 638 Jan
2812 Mar 5438 Jas
6238Sept 6
93 Mar 108
Jan
11438 Aug 26
60 Dec 6812 Jan
8412 Oct 28
12434 Nov 3 10314 Jan 116 Sept
19912 Apr 22 128 Mar 1743 Dec
101 Oct 19
9638u July 12 -2-738 Mar -493 Ocl
555 Jan 705 Dee
10034 Oct 27
8558 Nov 91 Dec
9854May 27
9878 Nov 1015 Nos
108 Oct 19
7834 Oct 7
-1-1312 Nov 1712 Jar
2038 Feb 21
2114 Nov
2614 Jar
2412Sept 26
20 Nov
273 Jar
2314Sept 20
8512 Dec 9912 Fet
86 Sept 23
Jar
541z Dec 72
5634 Mar 14
Jar
97 June 104
9812 Jan 27
89 May 100 Jar
95 Mar 14
203 Sept 16
1-21z May 2633 i3eiy
2638Sept 6
4012 May 57 Des
6912Sept 1
58 Jan 5
38 Dec1 M&
86hJuly 7
4514 Apr 7814 De,
10634 Aug 23
91 Mar 1073 Jul3

12 Oct 24
213 Feb 4
12
900 Consolidated Distrib'ersNo par
12
12
13
12
12
%
*13
38
58
*12
*12
11014 11034 111 11134 1103 11212 11118 11378 11338 11434 11312 11414 28,800 Consolidated Gas(NY)No par 94 Mar 9 121 12Sept 17
No par 93 Mar 18 10014Sept 19
5.900 Preferred
991s 998
99% 9934 9934 997
9914 9918 995
983 991,, 99
37g 4
318 Mar 14
718June 18
7.400 Consolidated Textile. _No pa
4
4
44
37
4
44
334 37
37e 4
5212 5334 17,200 Continental Baking cl-ANo par 3313 Apr 30 7478 Jan 6
5438 5212 5318 523 55
523 5313 53
5138 52
53
55u
par
4
May
19
1014
Jan 5
Class
13
No
512
18,600
53
8
53
3
5
3
4
538
53
8
538
538
51/4
514
100 72 Apr 1 971
/
4 Jan 13
4,500 Preferred
03
9314 9414 9314 94
92
921
/
4 921
/
4 9314 9314 93
92
76% 7513 761z 11,200 Continental Can, Inc__No par 5834 Apr 9 774July 26
74
74
7478 7412 7412 75
74
743
74
223 22312 22212 22412 3,100 Continental Insurance.... 25 135 Jan 27 230 Oct 28
223 223
22434 2273 22314 22612 223 225
878 Nov 2 1334 Jan 6
958 23,800 Continental Nictors___No par
87
938
878 9
878 918
94 95*
9
914 98
577 5912 5818 5914 5818 5914 5814 5812 5853 5918 587 5914 23,200 Corn Products Itetining_25 46% Jan 12 6318May 14
100 128 Jan 11 13713 Oct 4
100 Preferred
•13438 13534 *13438 1353 *13438 1353 135 135 *135 1353 *135 13534
No par 56 Jan 3 10913 Oct 18
2,500 Coty. Inc
10418 107
106 10658 10512 10612 105 105
10314 10338 10438 106
82
8012 811's 13,500 Crucible Steel of America_ _100 7612 Oct 28 9634 Mar 4
80
767k 78
7812 7912 79
81
7834 SO
100 103 Jan 18 115 Sept 14
Preferred
*110 112 *110 111 *110 111 *110 111 *110 111 *110 111
1813 Aug 19 3414 Jan 8
2014 20/
1
4 2,300 Cuba Co
No par
2078 2078 2078 21
207 2078 2012 2034 *2038 21
47 Oct 21
512 2,700 Cuba Cane Sugar
512 *514
512 *514
1034 Jan 5
518
518 54
No par
5/
1
4
5
514 514
100 2818 Nov 4 5034 Jan 4
2918 2912 2834 30
2838 2834 12,300 Preferred
2812 2912 2812 2918 2858 29
Sugar
10
187
8 Nov 4 2812 Jan 3
Cuban-American
6,700
20
20
19
1912 19
1912 19
19
1878 19
1912 19
100 9712 Nov 1 107 Aug 11
500 Preferred
•100 10012 100 100
*98 100
9713 98 •__
98
*972 99
1158 Nov 3 18 Jan 21
.1234 1313 1212 1234
12
12
*1134 12
1138 1134 1134 1134 1,700 Cuban Dom'canSugnewNo par
50 4312 Apr 8 5834Sept 26
5512 5312 547 11,500 Cudahy Packing new
517 5213 5212 5314 5238 53
521 5412 54
No par 103 Apr 4 152 Oct 17
•140 149 *140 145
600 Cushman's Sons
145 148 *140 148/
1
4 148 14834 *140 145
51 18 50
No par 30 Apr 28 5512 Oct 11
5112 5112 50
51
50% 51
1,900 Cuyatnel Fruit
52
5012 51
*51
3412 34
10,600 Davison Chemical v t c_No par 2614 Apr 28 40I2Sept 24
3058 314 3058 324 34
3518 337 344 3234 33
100 13312 Jan 21 16034 Sept 10
•15718 158
157 15718 •157 15712 157 1571
700 Detroit Edison
/
4 158 158 *15718 158
3834 391
/
4 39
3918 *38
3878 *38
387
1.800 Devoe & Reynolds A..No par 3613 Aug 13 4238 Feb 2
373 373 *3712 39
134 134
210 Diamond Match
100 115 Feb 28 14734 Sept 20
•134 13512 134 134
134 134' 13534 13534 135 1363
1418 1418 1358 1438 135 14
1338 14
1334 14's 16,700 Dodge Bros Class A___ _No par 1314 Oct 19 2712 Jan 5
137* 1414
5958 613
No par 5613 Oct 19 85 Feb 14
6018 61
6014 61
6038 6114 6038 6134 5934 6Ols 19.100 Preferred certif
/
4 101
/
4 1034 10/
7 June 30 1134Sept 27
•1012 1072 101
No par
1
4 1012 1118 11
1114 1118 1112 10,700 Dome Mines, Ltd
Douglas Pectin
46 Jan 3 80 July 5
No pa
--__ ---- ---- ---_ 117 117
200 Duquesne Light 1st pref100 11414 Mar 2 117 Nov 4
11634 11634 *11612 ___ •11612 ___ •116% ___ •11634
15s14 1-59 16014 1-6-i 16412 16634 4.600 Eastman Kodak Co_ _ _ _No par 12614 Jan 28 17514Sept 20
15714 157% 158 1-58
15918 iso
3,600 Eaton Axle & Spring__ _No par 2114 Oct 28 2934June 201
22
22
2314 2318 2312 227 23
2114 2138 2134 2178 22
297 306
302 30712 30214 30912 30034 307
308 310
305 308
38,300 E I du PontdeNem new_No par 168 Jan 25 34378 Oct 4
*11312 115 *11312 115 •11312 115 .114 115
100 10512 Feb 5 116 Oct 20
114 114
200 6% non-vol deb
114 114
25 1138 Nov 4 1612 Feb 15
1178 12
1134 11h
1134 11h
1178 12
1138 1134 1138 11h 2,700 Eisenlohr & Bros
91
1.700 Electric Autolite
No par 631z Jan 13 100 Sept 6
9012 9012 90
9112 91
89
91
91
9114 91
89
1312 Mar 2 224 Aug 15
1712 20,600 Electric Boat
No par
1658 17
1634 1714
17
1613 17
1638 1732 1714 18
No par
1612 Jan 27 2912 Oct 1
2578 2578 2612 2558 2614 26
25
2678 2612 2634 18,700 Electric pow & IA
2612 26
Allot ars for pref 40% pd__ 1037s Jan 28 119 Sept 30
*11613 11812 MI6 118 *11612 118 *11613 118 *11612 1184 *11612 118
4,11612
400 Preferred
No par 96 Jan 14 10612Sept 12
10538 10538 10512 10512 10514 106 *10534 106 010534 106
53 Nov 4 373* Jan 3
93
93
913 -012
012
914
912
814
534 8% 60,700 Electric Refrigeratton. _No par
93* 938
71
70
7038 7014 71 7
7158 71% 2.700 Elec Storage Battery_.No par 6314MaY 3 79% Jan 6
7018 703
71
7112 71
43
1,100 Emerson-Brant Class A.No par
3 Oct 8 13 Apr 14
4
41
/
4 *4
4
4
*4
412 *4
412
*4
5
732 714 7412 75
74
74
1,700 Endicott-Johnson Corp__ 50 6434 Jan 28 80 Sept 8
74
74
7212 7212
7312 731
*124'x.... 12412 1241 12412 12112 *124 12434 *124 12434 *124 12434
100 11638 Jan 5 125 Sept 15
200 Preferred
3712 373
3734 3814 3818 3814 3712 3734 7,800 Engineers Public Serv_ _No par 2134 Jan 11 3938 Oct 8
38
3712 38
37
No par 9334 Jan 8 10818Sept 20
107 107
10634 10634 107 107
800 Preferred
10612 10612 *10658 107 *1063 107
3112 3112 2,300 Erie Steam Shovel
3118 3134 311
4 2434 Jan 3 3478Sept 26
3112 3112 313 32¼
/
4 3134 *3112 32
100 10113 Jan 6 11358July 22
100 Preferred
*11012 112 *11012 1111 *11012 11134 1105* 11058 *11012 11112 *11012 11112
89
*88
8913 2,000 Equitable Office Bldg. No par 848 Sept 20 9212June 3
8713 8812 8813 884 89
8812 8934 8818 90
7312 737g 7314 7334 7113 73% 72
73
73
11,100 Eureka Vacuum Clean_No par 50 Aug 12 77 Aug 6
7412 7418 75
1518 Jan 25 1934May 21
Exchange Buffet Corp_No par
•1812 1912 *1812 191 *1812 1912 *18'2 1912 *1812 193* •1812 1933
*34
35
35
35
3314 3358 *3312 35
53378 34
.34
200 Fairbanks Morse
No par 32 Sept 27 4312May 11
*34
•
109 • _ 109 •___
112 Mar 2
_ 109
109 109
____
___ ____
100 10718 Feb
___
100 Preferred
107
108
2 107
iot-ii
10712 10813 10714 10814 10734 109
107%1085* 8,700 Famous Players-Lasky_No par 92 July 28 114h Feb 24
100 11478July 2 1243* Jan 12
•11934 11978 11934 1193 •119h 120 *118 120 *11934 120 *11934 120
600 Preferred (8%)
38
38% 39
38
*39
40
15 3712 Jan 17 47 May 3
3814 38
1,600 Federal Light At Tree
373 3814 373 38
*9734 9812 *98
981 •98
/
4 991
/
4 9812 0812
9812 9812 9812 991
220 Preferred
No par 9112 Feb 23 100 Aug 25
•115/
1
4 120
120 120
123 125
120 120 *121 125
13118 140
900 Federal kilning & Stnelt'g_100 60 Feb 9 187 June 16
9312 9312 9311 94
*9313 9412 *9312 94% 0412 9413 95
9658 2,800 Preferred
100 7512 Jan 28 97 Mar 12
.1812 19
1
4 181 •1834 19
1838 19
000 Federal Motor Truck_ _No par
1878 19
1812 184 18/
1814 Oct 31 307i Jan 10
167 1671 16234 16712 16112 164
3,360 Fidel Phen Fire Ins of NY. 25 931s Feb 3 193 Jan 6
16234 1643 161 162
160% 170
100 100 •100 101 *10018 101 *100 101 *10012 101
*100
101
100 First Nat'l Plc, let pref
100 9712 Jan 13 103 Mar 4
2518 25's 26
26
2558 2612 2534 2612 255 257s 2,800 First Nat'l Stores
1914May 11 30 Feb 7
No par
2558 26
1512 1558 1513 152
/
4 1558 154 155
1518 1512 151
9,700 Fisk Rubber
1512 16
1434 Oct 13 20 Apr 20
No par
94
300 1st preferred stamped_..100 81 Jan 5 100 Sept 19
*90
9312 914 914 *90
9312 .90
9312 9312 0312 *90
*9614 9812 *9614 97% 9714 9714 9614 9614 0514 9514 *95
300 1st preferred cony
100 9412July 5 102 Sept 9
97
6812 99,800 Fleischman Co new ____No par 4615 Feb 1 6812Nov 4
6538 661
/
4 6538 67
66
67
6534 665* 65h 6712 67
48
48
48
43
7,500 Foundation Co
48
4312 481
/
4 37
No par 37 Nov 4 8858 Apr 1
475 478
*4712 49
714 7113 703 713
12,700 Fox Film Class A
7114 7312 7313 75
7014 7I3
No par 50 June 28 75 Nov 4
7012 71
9258 90
9212 8912 917
9038 9212 90
913* 92,100 Freeport Texas Co
1
4 Oct 13
No par 344 Jan 4 94/
8814 9012 89
37
3858 374 3914 374 3812 37
3734 371
/
4 3778 3714 40
18,000 Gabriel Snubber A
No par 2918 Jan 3 59 Aug 5
8
1,000 Gardner Motor
814
8
812
872
*014
024
8
No par
834 *814 812
612 Jan 27 1214July 20
•8
5612 57
*5612 67
5638 57
5512 5634 56
563
5612 577o 6,100 Gen Amer Tank Car
No par 46 Jan 3 6238Sept 7
11018 11018
200 Preferred
100 10638 Mar 1 11212Sept 28
11018 1104 •110 112 *110 112 *110 111 *11012 111
8414 8134 8314 86,600 General Asphalt
100 65 Aug 27 9634 Mar 2
8134 84% 8314 8578 8058 8512 8112 8334 83
12734 12734 12712 12712 .126 128
124 127 *124 130
400 Preferred
100 1074 Aug 27 1447 Mar 2
•121 133
6934 7234 72
73
7018 717 21,400 General Cigar, Inc new.No par 52 Jan 26 73 Nov 2
6712 6712 6714 70
715* 73
Preferred (7)
100 116 Jan 5 136 Sept 22
•11814 122 *11814 122 *11814 122 *11814 122 *11814 122 *11814 122
400 Gen Outdoor Adv A___No par 5458 Apr 11 5918 Oct 26
.58
5812 584 5818 584 5814 *5841 5878 5878 5878 *5313 5412
5313 5418 54
5312 5438 537 5412 5312 54
54
4.300 Trust certificates----No par 37 Jan 18 5718 Oct 5
5212 54
12112 12438 12434 12738 12478 127 124,900 General Electric NewNo par 81 Jan 27 14658Sept 7
12058 12278 1217 12334 12212 125
His 114
1118 1114
1114 1114 1118 1114 114 1114
1118 1118 4,700 General Electric speciai._10 11 June 21
115 Jan 5
*3612 3734 373 3858 *3612 38
3778 3778 *3638 38
800 General Gas & Elec A _ _No par 34 Apr 1 4712 Feb 2
37
37
lien Gas & Elec pf A (7) No par 100 Jan 3 11018 Oct 7
•109 11012 •109 11012 *109 11012 *109 11012 *10912 11012 *109 10913
120 120
12018 1204 *120 125
200 Preferred A (8)
No par 11314 Mar 22 12018Nov 3
•11812 121 •11812 121 .119 120
Preferred B (7)
No par 96 Jan 13 105 June 22
•102 104 *102 104 *10212 104 *10212 104 *103 104 *103 104
13014 13178 12938 13114 010,700 General Motors Corp new_ _2 1131
/
4 Aug 19 141 Oct 4
125 12658 12634 12912 1263 13014 1273s 130
124 12438 12312 1241
/
4
100 11812 Mar 9 12518 Oct 4
1.300 7% Preferred
•1013o 1243* 1241a 12414 12418 1241
/
4 512312 124
e,Ex-dividend
100%
in
stock.
z
Ex-dividend.
a
Ex-rights.
day.
asked
prices:
no
on
this
sales
• Bid and




PER SHARE
Range for Precious
Year 1926

112 Aug
612 Jai
87 Mar 11538 Atu
114 No,
1-14 May
5012 Oct 937 Aul
758 Oct 1518 Set)
87
Oct 9612 Am
70 Mar 9212 Jai
122 Mar 14434 Jai
978 May
137 De
355* Mar 5138 De
12212 Jan 13014 De
4412 Mar 62 De
64
Apr 8238 De
96 Mar 104 De
2814 Oct5338 Jun
1112 Ja
858 May
3512 June 5038 De
2014 Aug 3038 Ja
973 Jan 105 No
1512 Sept2014 Jun
5118 Nov 55 De
7712 Mar 108 De
32
2318
12312
31

Nov51
Oct463
Mar 14112
Oct10418

Ja
Fe
De
Fe

-2-1-14 May 17-14 Ja
7912 May 90 Jul
8
Oct 20 Ms
19 Mar 46 No
11112 Mar 11634 Au
10658 Mar 1363 De
23
Oct 323 Fe
15434 Nov 18112 De
10034 Apr 11018 De
1034 Oct 2012 Fe
613 Mar 82 Fe
4 Mar 16 De
1514 Oct 3413 Fe
9912 Mar 115 Fe
8912 Mar 98/
1
4 Set
333 Dec 7812 Jut
7118 Mar 94', At
614 Dec
84 DE
6512 Mar 725* Fe
114
Jan 120 Set
194 Oct 2412 Jul
9214 Nov 9612 At
2112 Oct 2553 No
100
Oct 102 No
9935 June 13214 Jul
43 May 6838 Di
1434 July
17
Al
37/
1
4 Dec 59/
1
4 Ft
10612 Nov 115 Fe
10318 Jan 12712 Jul
115 Mar 12412 D
28 Mar 4712 D
86 Juno 94 D
41 May 11134 Je
JE
61 Mar 105
23
Oct3438 At
160 Apr 20014 Jt
96 May 107 Pi
28 Nov4938 F1
1414 May 2614 J!
7678 Apr 8414 M
94 June 107 M
3214 Mar 5612 Fl
734 Dec 17934 J1
5518 Mar 85
Ji
19% Jan 36 D
2558 Nov 42 F,
538 Nov
934 .11
39 Mar 5538 J1
9912June 109 D
60 Mar 9414 Al
9478 Mar 140 8 A,
46 Mar 5912 F
109
Jan 118 D
51 Mar 5638 Al
265* Mar 397 D
79 June 9512 Al
11
Jan
113 D
34 Mar 69
A
95 May 100 D
10512 Apr 113 Se
9214 Apr 96 .1
11-312 Jan

1-2-214 -121

New York Stock Record--Continued-Page 4

2500

For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 29.

Monday,
Oct. 31.

Tuesday,
Nov. 1.

Wednesday,I Thursday,
Nov. 2.
Nov. 3.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots

PER SHARE
Range for Previous
Year 1926

Friday,
Nov. 4.
Lowest
Highest
Lowest
Highest
5 per share 5 per share S per share S per share 3 per share $ per share Shares
Industrial & Misc. Par 3 per share $ per share $ per share $ per share
.3107
*108
_ *107
__ 10812 10812 *108
pf100
6%deb
*108
104
Corp
Motors
100
Mar
Gen
7
1041
zSept 24
9814 Apr 105 June
1183* 1-2612 11918 121-12 18
18 1-2-114 11412 1184 11612 1193
.- - 54,900 Gen Ry Signal new_ ___No par 8218 Jan 14 15314Sept 6
-- -4 117 124
6012 Mar 9378 Aug
6114 6112 6112 63
*63
6312 6212 6212 61
6214 61
6112 2,300 General Refractories_. No par 38 Jan 14 75 June 1
Jan
36 May 49
4234 4318 4212 4312 43
4312 4034 4314 3712 4138 3758 3858 42,400 Gimbel Bros
No par 3712 Mar 24 59 Sept 17
4114 Nov 787 Jan
100 100
9934 997
9938 9912 91
9934 9514 9712 9412 96
6.600 Preferred
91
100
Nov
2
10812July
14
Jan
100
1113
Nov
16
164 16
1638 16
1612 164 16141 1614 1638 1638 1638 3,800 Glidden Co
No par 144May 21 22 Mar 10
1538 June 2534 Jan
633* 6412 6478 664 6438 6634 6114 6612. 654 6634 6412 65
23,000 Gold Dust Corp v t a_ No par 42 Mar 9 697 Oct 10
4112 Mar 5678 Feb
7078 7212 72
7312 7114 73
71341 7012 7214 70
70
23,500 Goodrich Co (B F)__ No par 4234 Jan 3 85's Sept23
71
3912 Nov 7034 Feb
*105 10512 10512 10512 *105 107 *10512 10612 *10512 107
10512 10512
200 Preferred
100 95 Jan 3 10931 Sept 26
9412 Dec 100 Feb
544 55,4 543* 5534 534 55
513* 5318 524 5412 5214 5338 24,000 Goodyear T ee Rub__ _No par 483* Aug 31 653sSept26
-9312 9312 93
9312 931z 9312 9212 9212 9234 937
94
4,000 lot pref
947
No par 9212Nov 2 9714 Oct5-7614 7612 76
77
7614 7614 777 78
77
78
77
77
2,200 Gotham Silk Hosiery_ No par 573* Jan 12 8278Sept 2
-3314 Mar -6912 Nov
76
767 *76
77
78
7678 7714 77
78
78
78
2,400 New
78
No par 58 Jan 12 82 Sept 29
4713 July 6878 Nov
115 115 *114 118 *115 11518 *116 118 *116 11612 115 11612
500 Preferred New
100 104 Jan 26 122 Sept 29
*4
44
44 418
414 414 *438 534 *45
*438 434
5
300 Gould Coupler A
No par
4 Oct 27 10 May 25
-8- -Oct 2112 Jan
32
3212 3218 3212 32
3214 32
3314 3534 9,800 Granby Cons M Sm & Pr_100 3118 Jan 27 45 May 26
3212 3212 33
164 Mar 36% Dee
3612 37
3658 377
3618 367
36
37
3612 3678 365 3712 12,000 Great Western SugarnewNo par 36 Oct 22 4458Sept 21
11934 11934 120 120 *119 120
119 119
118 119
118 118
280 Preferred
1001 11612 Feb 26 123 Sept
7538 773* 78
8134 843* 834 854 8114 8312 82
85 117,30:1 Greene Cananea Copper.._100 2914 Jan 27 863* Oct 7 10812 Mar 11814 July
81
1
034 Apr 3434 Dee
*712 8
712 712 *7,2 8
8
8
*712 8
500 Guantanamo 8ugar _ __No par
73* 73*
7 Oct 18 1114May 31
578 Jan
107s Feb
4014 4014 *4038 4114 4114 414 *41
4212 4134 42
4118 4118
200 Gulf States Steel
100 40 Oct 11 64 Feb 28
513
Oct 9333 Jan
6114 6114 8118 6114 6114 6112 6114 62
*6114 6134 6114 6114
430 Hanna 1st pref class A
100 66 Jan 31 67 Jan 19
45 June 6012 Deo
*23
24
*23
24
2312 24
*23
2414 *23
24
*23
24
200 Hartman Corp class A _No par 2212 Oct 14 2714 Mar 29
Oct 2812 Nov
26
213* 2158 213* 213* 213* 213* 2158 22
*2112 2212 2112 2112
800 Class 13
No par 20 Aug 12 295 Apr 18
243* Dec 30 Sept
Hayes Wheel
1512 Feb 15 2812 Mar 31
No par
Jan
1718 Dec 46
*11212 117
11612 11612 *11212 116
114 11578 *11212 11534 11434 11434 1,000 Helme(0 W)
25 764 Jan 14 125 Oct 5
68 Mar 88 Deo
30
30
*2912 31
2978 2978 2912 30
*294 31
2914 2914
500 Hoe(R)& Co
No par 22 Jan 31 4178July 6
1713 May 3512 Aug
36
36
3534 3714 736
363* *3512 3612 36
36
*354 311
2.700 Hollander & Son (A)__ _No par 3114June 3 4034 Oct 13 .___
---71
71
*70
72
*70
72
*70
72
*70
714 *70
100 Homestake Mining
7112
100 60 Jan 25 75 Oct 24
Oct
4712 Jan 63
6514 6512 *84
65
65
65
6412 65
65
6512 65% 67
4,000 Househ Prod.Inc.tern cHNopar 4314 Jan 3
40 Mar 483 Jan
133 1443* 13534 141
13814 14514 13914 14412 14312 14634 14212 145 176,400 Houston 011 of Tex tern etts100 6018 Jan 11 68 Oct 3
175 Oct 10
Jan
Mar 71
5
o
1
4
3612 3612 *3614 3634 3614 3614 3614 3614 364 367
37
3912 2,200 Howe Sound
No par 3434Ju1y 11 42 Sept 20
27
Jan 45 Sept
6714 67% 6712 6938 6618 68% 644 67
6614 171.300 Iludson Motor Car_ - _No par 484 Jan 24 9112 Aug 2
64
677
66
4034 Oct 12314 Jan
18
1812 1812 1878 19
19%
1934 22
224 2514 213* 23 201,500 Ilupp Motor Car Corp
10 16 Oct 20 2514 Nov 3
17
Mar
283* Jan
2258 2312 2312 243* 2412 25
2412 2514 25
2614 26
263* 63.000 Independent Oil& Gas_No par
1738MaY 20 3234 Feb 1
1958 Mar 34
Jan
323* 3213 3112 3212 3212 3212 323* 323* 33
3312 3314 3338 1,900 Indian Motocycle
No par
13 Mar 30 3178Sept 30
1412
Dec
2414
Feb
8
814
812 812
84 9
94
9
9
914
9
9
4,200 Indian RefInIng
712May 12 1218Sept 8
10
73 Oct 13 Feb
738 734
8
8
*8
838
812 812
834 834
84 9
800 Certificates
10
714June 20 12 Sept 8
712 Oct 1212 Feb
8718 89
*87
8838 *87
88
89
89
1,000 Ingersoll Rand new ____No par 87.8 Oct 29 9612 Apr 2
90
89
9014 *88
Jan
8014 Mar 104
5014 51
51
51
5034 51
51
5118 51
51
51
51 18 4,100 Inland Steel
No par 41 Feb 15 6512July 25
3412 May 4384 Dec
0 __ 116 *____ 116 *____ 116 *____ 116 *____ 116 •____ 116
Preferred
100 111 Jan 3 118 Oct 17 10834 Mar 115 Feb
1612 18
164 1714 1718 1734 1784 1734 177 1878 183* 193* 7,900 Inspiration Cons Copper__20 1212June 27 2512 Jan 121 20%
Mar 2838 Nov
•1112 12
1112 1112 1114 1112 11
11
11
11
11
1114 2,000 Intercontl Rubber___ _No par
11 Nov 2 1334 Mar 12
12 Dec 21% Feb
*9
10
9
9
9
9
912 912
912 913
914 978 6,500 Internal Agricul
No par
618 Apr 23 1258 Aug 23
918 Dec 2614 Jan
*45
46
45
45
*43
46
*43
46
*44
46
46
500 Prior preferred
50
100 33 Mar 20 6612Misy 26
Jan
5638 Dec 95
9038 9214 9114 9114 90
92
*9114 92
913 931 1 9234 9234 5,300 Int Business Machines_No par 5318 Jan 13 94 Sept 2
3818 Mar 561 Dee
5312 5414 533* 55
5512 564 55
55
55
55
5518 5518 4,100 International Cement__No par 4514 Jan 21 6538May 31
717
Jan
44%
Oct
'1 110 111
11018 11018 *110 112 *110 111 *11032 111
110 11034
401
Preferred
100 100 Oct 21 112 Sept 23 1017s Oct 106
Jan
404 413* 4034 42
403* 4234 4114 4212 4212 441 1
43
44
38.600 Inter Ccmb Eng CorpNo par 4018 Oct 29 64 Mar 1
3312 Mar 644 Jan
201 205
206 20914 207 20912 20778 212
21318 21678 214 21712
200 International Harvester
100
Jan
18
237
Sept
15
11214
1353*
Mar
168,
8
Dec
*134 13434 *134 13434 13412 13412 *13414 13412 *13414 13412 713213 13212
200 Preferred
100 12634 Jan 12 134788ept 29 118
Jan 129 Dee
*312 378
348 428
414 434
37
334 434
33* 33* 8.200 Int Mercantile Marthe_,.100
378
312 Oct 28
834Alay 27
6 Sept 1238 Feb
3212 3212 3378 3678 3612 3812 3714 3878 3634 3838 364 3612 50,600 Preferred
100
3212 Oct 28 553*Alay 31
27 Mar 4638 Feb
8 8312 843* 834 8414 83
8212 83,
843* 8378 863* 8378 8612 15,400 International Match prof __35 62 Mar 2 9l 14 Oct 10
5:312 Mar 663* Feb
6312 65
644 6478 6258 6412 6412 6514 6312 613 139.800 InternatIona. Nickel (The)_25 3814 Jan 3 75 May 31
623* 637
323* Mar 4614 Jan
6212 6412 6318 6518 76318 65
64
653* 6514 6612 6518 6634 53,800 International Paper___No par a3912May 18 681.1 Oct 24
4418 Apr 6334 Aug
1033* 10312 10312 10312 1033* 10334 10334 10378 10378 104
104 10418 9,700 Preferred (7%)
100 9612 Jan 3 10448ep1 29
89 May 100 Deo
*230 23834 23712 23712 *230 237
230 237 *230 237
230 237
100 International Shoe__ No par 160 Jan 21 239 Oct 27 135 May 175
Jan
*187 190
188 188
18934 18934 18934 18934 *188 190
190 194
900 International Sliver
100 13512Mar 21 19634 Oct 21
1444 145
14412 146
14412 14638 14418 1457 145 14612 145 14634 13,300 Internat Telep & Teleg._ _100 1224 Jan 25 15878Sept 14 111
Mar
133
Jan
30
3014 30
30 *____ 30
•2512 29
*25
*27
30
30
600 Intertype Corp
19I2 Jan 31 3912June 18
No par
1812 July 29
Jan
57
54
*53
*54
574 *5414 57
5414 5414 57
55
400 Island Creek Coal
57
1 4812 Mar 11 67 Sept 6
7038 7058 7034 7112 72
72
*7112 72
*7112 72
7034 7158 1,600 Jewel Tea. Inc
No par 5312 Jan 3 7312 Oct 14
25 Jan 8612 Dec
1.11312 115 *11312 115 *11312 115
115 115 *11312 11812 118 115
210 Preferred
100 111122u1y 25 12512Mar 15 11513 Jan 12712 Nov
12012 121
12012 12012 12014 12012 12018 12012 *120 12034 *1204 12034
370 Jones & Laugh Steel pref_100 117 Feb 2 123 Oct 11 114
Jan 120 Aug
2518 2518 2338 25
233* 2414 2414 2414 25
25
2434 2434 3,100 Jones Bros Tea. Inc....No par
1058 Jan 3 3038June 27
9 Dec 194 Feb
1418 1334 14
1418 1418 1418 1434 14
133* 14
5.100 Jordan Motor Car
1334 14
1258July 6 2212 .11tn 5
No par
12
Nov
66 Feb
*11514 116 *11514 116 '11512116 •11512 116
11512 11512 *115 11512
100 Kan City P&L 1st pf ANo par 112 Feb 10 116 Oct 11 10714 Mar 116 Nov
5518 5634 5612 57
5612. 577
58
57
58
59
58
58
8,700 Kayser (J) Co v t c___ _No par 49 Apr 29 6278Sept 17
3314
May
5134 Dec
263* 26
26
2634 2312 26
2514 2814 274 2914 2712 3018 116,100 Kelly-Springfield Tire
25
94 Jan 27 3118Sept 21
9
Oct 2112 Feb
88
8912 *86
90
8614 8614 91
92
93
92
92
9412 1,400 8% preferred
100 35 Feb 2 102 Sept 21
4312
Oct
74%
Feb
*82
86
*84
89
*83
85
89
88
87
90
9112 92
900 6% preferred
100 44 Jan 19 97128ept 20
45 Dec 734 Feb
*21
214 22
22
22
*2112 22
22
*2112 22
*2112 22
400 Kelsey Ilayes Wheel_ _No par
19 Oct 19 27 July 11
5
724 727s 7218 7312 725 7318 7234 737
744 7618 75
7718 49,300 Kennecott Copper
No par 60 Feb 9 7714Sept 14
4934 Mar 6414 Nov
38
38
38
38
14
38
38
38
14
38
38
38 3,000 Keystone Tire AC Rubb_No par
14J9ne 30
1 Mar 11
4 May
24 Jan
*27
28
*27
28
28
•27
28
28
*27
29
*27
200 Kinney Co
29
1934June 28 45 Jan 5
No par
39
Nov 8218 Jan
SO
7912 7912 80
8112 8112 81
81
*8012 82
*8014 82
140 Preferred
•
100 56 June 20 8412 Apr 8
85
Sept 9914 Jan
51
*5034 5112 51
517 52
5114 517
52
52
52
52
2,000 Kraft Cheese
25 49 June 16 6278 Feb 25
5058 Dec 68 Nov
6534 6658 6612 68
674 683* 6712 6734 68
68
69
69
15,300 Kresge (S S) Co new
10 4578 Jan 28 7714 Sept 8
423* Mar 82
Jan
G1414 11518 *1144 11518 1154 11518 11634 117
11612 11612 *11512 11612
110 Preferred
100 11018 Feb 9 RS July 16 11212 Nov 11434 Feb
1412 *10
*12
14
*11
15
*1012 1412 *1012 15
*1212 15
Kresge Dept Stores_ __ _No par
10 June 28 1712 Feb 8
1518
1333
Mar
Jan
*45
50
*45
48
*45
60
*45
48
*45
50
*45
50
Preferred
100 46 June 28 80 Jail 4
7014 Mar 9314 Feb
200 205 *200 225 *200 225 *200 225 *215 220 *210 220
300 Laclede Gas L (St Louls)_ _100 17384 Jan 27 26712June 2 146 Mar 196 Dee
313 311 3 3134 32
3212 3212 324 3338 33
3312 3414 13,400 Lago 011 & Transport_No par 2012 Jan 13 34348ept 22
34
1918 May 2412 June
8538 8414 85
84
,
8 8414 8534 84
8578 8178 8434 827g 8312 44.800 Lambert Co
No Dar 66 Jan 28 8812 Oct 26
3912 May 72 Nov
1212 1212 1234 1378 13
1378 1314 1312 1312 1418
1418 143* 15,500 Lee Rubber & Tire
No par
7 Jan 4 15 Sept 23
614 Dec
14
Jan
36
3614 3614 3614 36% 3612 3618 364 3612 37
:3612 383* 7,400 Lehn & Fink
No par 3258 Apr Z7 354350)1 9
3034 Mar 414 Jan
2212 2212 2214 2212 2112 22
2212 22
2112 213* 22
2214 4.000 Life Savers
No par 2014 Sept 16 '2478 Fr' 17
1714 May 25 Deo
120 122
12012 12134 12012 12012 *12012 122
12134 1213 120% 12078
500 Liggett & Myers 1obacco_25 *8712 Feb 10 128 .ect 30
724 Mar 103 Dee
11912 11912 12011 12014 1203* 120% 120 1227 12078 12212 1201g 12178 17,300 Series 13
•
25 *8658 Feb 10 J.., Oct 4
71 Mar 723* Dec
132 13312 *13218 13312 *130 13312.130 133 *130 133
132 132
100 Preferred
100 12434 Jan 27 13412 Oct 14 11934 Jan 12914 May
49
5214 51
54
*534
53
53
6,200
543
53
4
5334 5212 54
Lima Loc Wks
No par 49 Oct 29 763* Apr 26
5312 Mar 695 Jan
543* 5518 55
51
5278 16,500 Liquid Carbonic certits.No par 4534Sept 11', 593 Feb 14
66% 5212 55
5112 534 5114 53
4312 Oct 5878 Noy
5133* 573* 563* 58
5712 574 58'2 573* 5812 18,600 Loew's Incorporated.. No par 487 Jan 4 63% Mar 17
563* 5712 57
3414 Mar 433* Dec
518 514
514 514
514 51 i •54 51 2
512 1,200 Loft Incorporated
54 5,4
514
No par
5 Oct 17
758 Jan 20
6
Oct 1114 Feb
*3018 31
31
3012 3012
31
3118 *3012 33
31
*3012 3:3
400 Long Bell Lumber A__ _No par 3013 Oct 6 43 Mar 7
415 Dec 6012 Feb
48
4918 493* 503* 50
4878 4778 4912 4838 4934 48
513
, 15,600 Loose-Wiles Biscuit new__ __25 73512July 1 5614Sept 6
2d preferred
100 157 Mar II 171 May 7 12014 h-far lii. -Deo
3
"iii- Idig -513T8 17-1; -361, 18;
1 -56- ----- 64 3534 3638 6,500 Lorillard
25 2312,lay 2 4738July 28
2734 Oct 4214 Feb
11212 11312 *113 11312 •113 11312 *113 11312 *113 11312 *113 11312
Preferred
100 11:7 June 27 11812 Jan 13 11118 Apr 130 Aug
1118 19,100 Louisiana 011 temp ctfs.No par
11
10
1012 10
1014 104 1014 1018 1012 1038 11
10 Oct 21
12 Aug 16
12 Mar 197 June
40 Preferred
88
86
864 8634 x8638 863g *8635 8914 *8638 8914 *8638 8914
100 86 Oct 29 97 Feb 5
93 Dee 98 Deo
2614 2614 *2618 2614 26
263* 2638 263* 2614 2612 *2614 2612 1.200 Louisville G & El A_ _ No par 233* Jan 3 28 May 10
2234 Mar 2618 Feb
*2018 2112 2014 2014 2014 204 2012 2012 2014 2112 2112 2112 1,100 Ludlum Steel
No par 20 Oct 28 3314 Mar 18
223* Oct 58,4 Feb
115 115 *116 118
200 Mackay Companies
114 114
110 116 *111 115 *111 115
100 105 June 27 134 Aug 24 122
Oct 138 Feb
*6912 71
*6912 7012 *6912 71
*6912 7012 *6912 71
*6912 71
Preferred
100 67 Aug 2 74 Aug 18
68 Mar 734 Feb
10212 1037s 10334 10512 984'10434 9714 9934 993* 101,4 9818 10038 147,400 Mack Trucks, Inc
No par 8814 Jan 24 118341May 23
8
159 Jan
Nov
93*
*109
*109
112
112 *109 112 *109 112 *109 112
11012 11012
100 1st preferred
100 109 Jan 25 11318July 19 10712 Nov 113 June
10512 1064 *10512 10614 *1054 10614 *10512 10614 *10512 10614 *10534 10614
211 preferred
100 102 Jan 18 10712June 9 102
Oct 10834 Sept
4614 47% 4638 473
477
4614 4734 47
31,700 Magma Copper
4714 4812 4712 51
No par 2913 Feb 9 51 Nov 4
34 Apr 4478 Feb
1514 *15
1512 2,100 Mallinson (II R) & Co_No par 114 Apr 7 183
15
1518
1518 1518 15
1518 1518 1514 1514
,8014 8
125 Nov 2818 Jan
45
46
46
4,100 Manh Elec Supply
473
4612 4312 45
45
4314 4334 4358 45
No par 43 Oct 25 132 Aug 5
44
Oct 87% July
3114 3178 3114 3114 3112 3112 1,300 Manhattan Shirt
*3114 3214 3114 3214 3114 32
25 2414 Jan 18 3438July 21
2178 Oct 3278 Jan
*4638 58
*4638 58
*5014 58
Manila Electric Corp_ No par 40 Jan 22 60 Oct 19
*4638 58
*463* 58
*4638 58
2712 Mar 4538 Sept
4,1234 1313
*1234 13
13
*1212 13
134 1338
13
1,100 Maracaibo 011 Expl....No par
13
12 Oct 4 2234 Jan 18
1611 Oct 28 Feb
344 34
3314 33% 3338 343* 34
3512 3538 373* 3612 37% 81,900 Marland 011
No par 31 June 27 5812 Jan 17
4914 Afar 6338 June
421* 43
42
43
42
43
43
44
4034 4034 377 4034 3,500 Marlin-Rockwell
No par 27 Jan 10 5314 July16
2412 Oct 33 Mar
100 Martin-Parry Corp
•1914 2012 *1918 2014 *19,8 2012 1918 1918 *1918 2012 *1918 2012
No par
1638June 29 243 Feb 24
17 May 23 June
112 114
112 115
11378 114% 114 11412 115 11678 11614 11778 4,900 Mathieson.Alkall WorksNo par 82 Jan 6 12434July 20
6212 May 10618 Jan
8538 844 853* 84
85
844 5,600 May Dept Stores new
84
8438 854 85
84
83
25 6634June 28 88 Oct 15
6912 Dec 70 Deo
7
30
303
3
8
30
307
Maytag
8
31
8
31
g 31
3018
31
5,600
31
CO
No par 2338 Jan 15 344 Aug 10
293* 30
19 Mar 2412 Sept
8234 .8112 823 8118 8118
600 McCrory Stores Class 13No par 5612 Mar 4 91 Sept 7
.81
*81
82
81
82
8114 81
Jan
72 Mar 121
*27
McIntyre Porcupine Mines_5 2412 Mar 14 2834 Oct 6
2818 *27
2818
2818 *2714 2818 *2718 28
I'2734 2834 .27
224 Oct 30 Feb
400 Metro-Goldwyn Pictures pf_27 2434 Jan 3 2614 Feb 21
*2478 25
*247g 25
25
25
*24711 25
*2478 25
25
25
2214 Jan 2511 Nov
412 412
*418 412
414
44 412 1.300 Mexican Seaboard Oil_ _No par
*4
4
*4
4
418
3 Aug 23
914 Feb 16
6 Feb
IA July
1434 1478
71412 147 •1434 147
15
148 1514 3,500 Miami Copper
15
5 1318June 21
1612 Feb 28
143* 15
11 Mar
173* Oct
2614 2634 2614 2634 2634 2714 2718 284 2812 3014 2834 3018 36.000 Mid-Continent Petro_No par 2512 Oct 10 393* Jan 21
Jan
2712 July 37
101 10234 103 103
103 10334 1.700 Mid-Cont Petrol prof
100 97 Apr 28 105 Feb 3
100 10378 *103 10534 102 103
90 Mar 104,4 Deo
25
134 Jan 3
212
10
214
212 16,900 Middle States Oil Corp
23* 258
24
2
218
24 218
2
334June 23
212 Jan
% Nov
158
158
138
134
10
134
1%
•158
I%
158
134
118 Jan 25
13* 1,700 Certificates
13*
Dianne 23
13, Dee
,2 Oct
16.600 Midland Steel Prod pref._ _100 106 Apr 11 18334 Nov 3 107 Mar 13312 Feb
16538 168
170 170
172 175
173 17834 179 18334 1731, 180
2414 2412 2312 24
No par 2314 Nov 2 363 Apr 12
2,300 Miller Rubber ctfs
2411 243
2412 2412 2378 2412 2314 237
30 May 4434 Feb
103 10338 1027 10412 8,900 Montana Power
10138 103
102 103
100 8112 Jan 28 10912 Oct 18
102 103% 102 103
6938 Mar 6612 Nov
RM. R 1 1. 11134 8338 RI
67.800 Monts Ward & Co III corp_ _10 6038 Feb 8 8514 Sept 30
831, 8131 8311g 8238 8338 78158 82
map
roi May 132
• Bid and asked prices: no sales on this day. z Ex-dividend. 9 Ex-dividend and en-rights.




2501

New York Stock Record-Continued-Page 5

For sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 29.

Monday,
Oel. 31.

Tuesday,
Nov. 1.

Wednesday, Thursday,
Nov. 3.
Nov. 2.

Friday,
Ncv. 4.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1926
Lowest

Highest

Niiscel. (Con.) Par 3 Per share $ per share $ per share 5 per share
Per share 3 per share $ per share $ per share Shares Indus. &
$ per share $ per share
6 June 23 1212 Jan 5
914 Nov 37% Feb
No par
88 35,100 Moon Motors
8
734 83s
814
7,8 712
7
7
7
.614 7
4% Jan 3
4 Nov
712 Feb
1 12 Oct 29
Coalition_No par
Lode
Mother
10,000
17
17
4
13
17
178
158
8
15
158
134
158
134
112
165
Dec 2312 June
8
10%
19
18
Mar
612Sept
par
No
Picture
Motion
*712 81,100
*712 8
738
712 7% *712 8
712 *7
•7
3334 May 5338 Feb
19 Oct 28 38% Apr 18
No par
Meter A
Motor
3,700
2014
4
193
20
19
1912
1912
19
1912
1912
1912
1934
19
1918 Nov 33% Feb
Wheel
No par 2034 Jan 3 2778 Mar 29
25Is 2.5% 2512 2512 2514 2514 2514 2514 2534 254 2534 2558 2,400 Motor Body Corp
19% Feb
8 Nov
10 Jan 5 6912Sept 20
No par
5734 6,200 Mullins
57
58
57
5638 5812 57% 5838 57
58
57
56
3434 Apr 3834 July
3534May 17 4958 Aug 18
par
No
Inc
Munsingwear
2.500
4
463
4512
4512
4512
467
46%
4658
4612
46
47
4514 4512
23
Feb
43
11
Oct
par
No
1614
new
Body
Murray
6,500
1818 1812 184 1834 1814 1834 1814 1812 1814 1812 1812 20
52 Mar 707, Dec
No par 6014 Apr 25 93%Sept 23
29,000 Nash Motors Co
84
83% 83% 84% 83
8218 8278 8258 8312 8234 8414 83
1278 Jan
5 Nov
5 Feb 15
712 Oct 31
614 658 1,500 National Acme stamped__ 10
*034 7
7
714 714
7
712 713
612 714
11
Apr
4414
22
Sept
,
1,
31
par
3712 3712 3714 3712 3812 3812 3758 3758 3712 374 3714 3712 1,200 Nat Belles Hess
8514 Sept 16 97 Apr 19
No
Preferred
•88%
4
893
4
893
90
.8834
*89
90
*8812
*8812
90
90
*89
Jan 102 Dee
74
25 94% Jan 27 15012Sept 21
14312 14412 144 14534 14512 14534 14512 14714 147 15038 8,400 National Biscuit
144 144
Jan 13112 Apr
100 130 Jan 10 141 Aug 25 126
Preferred
100
140 140 *1394 140 *13934 140
•13934 140 *13934 140 *13934 140
Jan
3712 Oct 54
19
48%Sept
3
Jan
39%
par
iNo
w
A
Register
I.
Cash
Nat
7,200
44
43
4378
43
42% 43
4234 4234
4212 4312 4212 43
4
Aug
8
687
3
par
5914May
No
6214 6314 17,800 Nat Dairy Prod
61
61
6178 6078 6234 6212 64
61
60% 61
Oct 423* Jan
24
800 Nat Department Stores No par 2014June 27 2738 Mar 1
*2134 22
2214 *2178 2212 *2178 22
2178 2178 2134 22
22
Jan
89% Oct 97
100 8912July 26 944 Jan 10
1st preferred
100
9014
9014 *90
90
9058 *90
*90
9014 *90
90
9014 *90
Jan
1212 May 34
17 Feb 8 60 Oct 14
17,200 Nat Distill Prod ctfs___No par
4534 4534 4612 4459 46
4412 4558 4412 46% 4514 47% 45
3
Jan
73
Aug
3712
400 Preferred temp ctfs_ _No par 43 Mar 22 6934June 6
*5834 6014
60
*5614 58
*5814 62
*5614 61
5314 *58
58
2118 July 4012 Jan
100 1918 Apr 29 3538June 6
600 Nat Enarn & Stamping _
26
26
72
2612 *26
.26
26
*2412 2612 2412 2412 26
Jan
4
893
July
76
5
8July
917
29
Apr
100 6918
200 Preferred
92
*90
92
92
*90
*91
92
*91
92
92
*90
*91
Apr 181 Dec
100 895 May 31 20234May 16 138
900 National Lead
118 118
115 11514 116 116
11612 117
•11318 11658 116 116
-21
Oct
138
2
11312June
100
Preferred A
____ *137
13714 13714 *137
•137 138 *137 138 *137 138
16% Mar 3838 Jar
1914June 23 2634 Sept 27
2212 23
2258 2278 223 2318 227 2314 2259 2314 15,200 National Pr & Lt ctfs__No par
2234 23
SS Dec
5512 Jan
50 76 May 11 9534 Feb 18
x89% 9134 9,800 National Supply
93
87
8612 8612 87
87
8512 8534 86
*85
Mar 237 Dec
208
18
Oct
21
a218
281
July
100
990 National Surety
27514 278
275 276
27414 277
27412 276
274 27812 275 277
Jan
17434 July 21 11612 Nov 238
18
Apr
108
par
No
Co
Tea
National
600
164
16114
164
16114
162
164
163
4
1363
162
16312
*162
163
1614 Nov
1158 Jo
12%June 29 1712Sept 15
24,100 Nevada Consol Copper_No par
1614 17
1538 1512 1578 1614
1514 1512 15% 15% 1538 16
3612 Jan 4612 Sept
No par 3914 Oct 25 50 June 9
40
40% 40
4078 *4014 404 4014 4014 4,000 NY Air Brake
3912 3978 *39% 40
2018 Nov 848 Jan
No par 13% Apr 21 2178 Jan 3
N Y Canners
704 Dec 85 Apr
No par 43 Mar 30 72 Jan 13
Preferred
Oct 457 Feb
32
Jan 14 6478Sept 12
34
100
Dock
York
.700New
3
"ii"
4
573
"i"
53
5714
54
59
56
153
54
53
"i
69 May 77 Dec
100 7218 Feb 9 90 Sept 12
200 Preferred
86
*83
89
89
85
*86
8712 8712 *86
85
87
.83
2912 Dec
Mar
8
275
2
29%May
500 Niagara Falls Power pf new_25 27% Jan 31
2812 2812 *2834 2914 •2813 2914 2858 28% *2834 2914
*2834 29
Jan
42 Mar 67
10 45% Jan 14 6112 Oct 4
5714 58
57% 5834 5714 5.834 5812 5878 5812 593 33,700 North American Co
5678 58
5214 Aug
Jan
49
9
Aug
55
10
Jan
50 50
53% 5334 53% 53% 5358 54
5352 5412 5334 5334 3.100 Preferred
5314 54
91 18 Mar 97 Dec
9658 Jan 6 105 Oct 4
1,100 No Amer Edison pref No pa
10334 10334 *10312 10334
•104 1041 10358 10358 1034 10312 10358 104
418 Oct 1518 Jan
5% Feb 10
178June 16
200 Norwalk Tire & Rubber_ .._ _10
218 *2
212
218 218 *2
214 *218 212
214 214 *2
1234 Dec 1712 Jan
918 Nov 3 13 Jan 19
10
10
9% 918 *9
10
*9
100 Nunnally Co (The)___ _No pa
10
*9
*9
10
.9
3534Sept 30
30 July 3634 Oct
28
Jan
314
25
Well
011
3212
1,800
3212
3212
32
3238
3212
32
3214
3214
32
3214
Supply
32
Oct 2214 Feb
12
11 Mar 25 1718J0ne 11
No pa
1,600 Omnibus Corp
1212 1212 1212 1212 1212 1212 1214 1214
1218 1214 1214 1214
Jan 83% Sept
47
800 Oppenheim Collins & CoNo par 584 Feb 8 77",Sept 13
73
*72
724 7314 *7113 7212
7212 741$ 7134 73
72
•71
2712 Mar 3318 Noy
1 2414Sept 2 35 Apr 7
251 2658 2658 2658 3,400 Orpheum Circuit. Inc
26
25% 26
26
2512 251 *2534 20
Apr
Jan 105
100 103 Oct 20 10812June 2 101
Preferred
*95 103
*95 103
*96 103
*95 103 .95 103
.95 103
50 z103 Feb 2 1554 Oct 3 106 May 136 Dec
141 14252 142 142
3,500 Otis Elevator
1364 1391 13914 141
135 136
13512 136
Aug
10912
Jan
4
1023
2
Aug
4
1243
16
Feb
108
100
Preferred
50
1194 120
121 12112 12112 12134
11914 120
11914 1191 *11914 120
Oct l412 Jan
8
12June 6
2
71, 753
et 10
2 Febp
77
1114
No par 67
814 3,600 Otis Steel
8
8
8
74 7% *77
712 7%
63 Nov 74 Sept
8 7938June 9
300 Prior pref
693
6914 *68
*6914 7012 6912 691 *6914 6912 69
*6914 70
90% Dec
Mar
4
14
Mar
533
8412
18
Jan
3
25 75%
78% 784 77% 79% 781 7814 7812 7878 77
7878 5,500 Owens Bottle
7712 783
25 31 Feb 18 4538Scpt 24
4212 4212 424 4212 1,200 Pacific Gas - Elec new
4112 4158 4112 4134 41% 41% 417 417
Feb
May
r31
7
Jan
17
25
May
1
par
011
Pacific
4,200
No
11
114
•112
114
114
114
14
1 14
114
114
114
159
31% Mar 4514 July
10 3334 Apr 28 493 Oct 6
62,600 Packard Motor Car
4738 48
4538 457
4534 4633 45% 4758 463 4734 4758 483
Nov 2812 Jan
9
4
1412May
22
Mar
778
par
_No
Car_
Motor
12,400
Det
Paige
4
103
972 10
1012
10
101
8
1014
105
1018
10%
1014
1034
5618 Mar 7612 Jan
5012 6,300 Pan-Amer Petr & Trans__ _50 451g Aug 29 6578 Jan 19
4612 4612 4658 4658 4714 4714 4712 5034 49
46'4 461
5678 Mar 7838 Jan
51) 4558 Aug 29 66% Jan 20
47
4758 48
477
4738 4813 482* 5134 493 5114 42,400 Class B
4714 48
Jan
Oct 46
30
24
Jan
8
377
8
Oct
163
par
B_No
Petrol
19
1918 2014 2012 2112 2112 2134 9,300 Pan-Am West
1914 19%
191
19% 1918
412 Jan 32 Jana
8 Apr 29 1878 Jan 17
1118 2.400 Panhandle Prod & ref_No par
10
10
10
1012 1013 1072 1112 11
11
*10
1014
Jan 99% June
51
17
Jan
4
813
8
Sept
54
100
Preferred
100
6818
6818
70
*61
70
70
*60
69
*54
70
*54
*59
1858 Oct 281s Jan
4334 4118 421 29.900 Park & Tilford tern ctfs_No par 20 Jan 27 465 Oct 10
42
4212 431
4212 43% 4118 42% 4112 43
812 Feb
51s Sept
8 Mar 4
6 Jan 3
1
714
•718
7% 718 1,200 Park Utah Cal
718
718
6% 678 *678 718 *7
7
17
4314June
22
Sept
20
par
_No
new
2318 2318 3,800 Pathe Exchange A
25
23
25
23
25% 2318 24
2512 25
25
20
20
20
204 20% 2014 2018 20% 2,200 Patina Mines & Enterpr_ __ _20 1812 Aug 1 277 Feb 2
2014 20
2014 20
60 20 Apr 29 32 Jan 8 -2334 Nov "3112 NOv
1,700 Peerless Motor Car
22
2112 211
22
22
217 2178 2112 22
2218 *2112 22
1878 Jan 24 Dee
No par 19125ept 29 2778M30' 9
2212 234 8,800 Penick & Ford
2278 2212 23
21% 21% 22
21
211s 214 21
Oel
19
7 Aug
50 1014 Jan 19 2512May 27
*1034 12
100 Penn Coal & Coke
•10
1012 1012 *1034 12
12
11
*1034 12
*10
38 Dec 41 Deo
2312 Nov 3 39% Jan 13
24
2334 2334 2312 2358 2312 2358 1,800 Penn-Dixie Cement... No pa
25
2412 2434 *24
24
Nov
10012
Nov
99
14
May
100
7
Sept
9718
91
*98
100
Preferred
971*
971 *95
.95
•95
9712 *95
9713
974 *95
24 Jan
58 Oct
118 Feb 14
'*June 25
Penn-Seaboard St'l vtc No par
Dec
Jan 131
8,400 People's 0 L & C (Chic)_ _100 126 Jan 14 16112 Oct 1 117
157/2 15834 *155 157
152 15214 152- 155
153 158
151 151
Dec
91
Mar
59%
26
Oct
132
129 13134 129 13112 3,700 Philadelphia Co (Pittab)_ _ _50 8514 Jan 18
12714 128 *125 127
•124 129 *125 129
Oct 5114 July
45
50 50 Jan 6 5312Sept 21
5214 5212 5212 521 5234 5278 5278 5234 5234 1,900 6% preferred
52
52
52
Feb
48%
Apr
364
4
Mar
8
475
30
8June
373
par
7
Read
_No
&
I___
5
Phila
&
C
11,000
4012
3912
39,2
39
39
8312 394 39
3859 39
3834 38
3634 June 4612 Jan
500 Certificates of int __ _ No par 3714June 30 47 Mar 4
39
41)
3818 38% 39
*38
40
3818 3818 *38
40
*38
Apr 41 Dec
16
2012 2034 4,400 Phillip Morris & Co. Ltd_ 10 18 Sept 27 4118 Jan 10
19% 20
19
2014 2034 20 .2012 20% 21
19
40 Mar 57% Dec
No par 3614 Oct 8 6014 Feb 16
4034 4134 4078 4214 4238 437g 4318 4418 110,200 Phillips Petroleum
4014 40% 4034 417
31 Mar 464 Nov
5 3812 Oct 25 5278 Aug 2
Phoenix hosiery
42
*38
42
*38
42
*38
42
*38
42
*38
42
*38
Oct
Mar 103
94
100
9
Jan
103
107%July
5
Preferred
106
•105
106
•105
•103 105 *103 105 •103 105 *103 105
19 May 4318 Jac
9% Oct 17 2358 Mar 8
1072 1232 1114 1232 26,600 Pierce-Arrow Mot Car_No par
912 10
10(4
958 97
10
912 93
100 37% Oct 10 10212 Jan 3
7612 Apr 12714 Aug
12,500 Preferred
43,8 4634 4034 45
41
3934 401.
3812 393
41
40
•39
12 Oct
1% Jan
118June 22
25
14 Mar 25
34 1,800 Pierce Oil Corporation
34
34
34
34
58
34
*53
1118 Nov 2718 Jan
100 1312 Mar 24 24 June 21
Preferred
18
*17
18
*17
*IA 17
*16
•1534 17
17
*1612 18
Jan
7
22
20
Mar
512June
Aug
212
214
par
ctfallo
tern
Petrol'm
Pierre
4,000
35
8
35
4
33
332
3%
318
33
312
314
33* *34 312
39 June 4212 Jan
100 3234 Mar 22 7412June 7
5512 56% 12,300 Pittsburgh Coal of Pa
541
54
544 5412 56
5312 547
5034 5112 52
Jan
70 June 85
100 7058 Mar 10 98 Sept 13
1,000 Preferred
92
90 .90
90
8814 891
90
88
*88
88
92
*88
94 Ma 10018 Dec
100 9512 April 101 Jan 18
200 Pittsburgh Steel pref
•9612 97
*9612 97
9612 9659 *9612 97
*9612 97
*965 07
7512 Ma 12478 Feb
No par 92% Mar 16 126 Sent 16
11234 114% 44,600 Postum Co. Inc
11134 114
11118 113
11258 1143* 11214 114% 11314 115
3418 May 44 Nov
100 3812 Feb 5 78 Aug 26
1,1300 Pressed Steel Car new
•6712 70
*6714 6912 *6712 70
6712 6838 6734 677
6758 68
7712 Dec 953 Jan
100 7612 Feb 5 9212May 12
300 Preferred
86
87% 86
*86
*8512 87
87
86
*8512 8712 86
•85
11 Mar 2034 Oct
16
8May
337
5
2712 2912 2858 2934 22,900 Producers & Refiners Corp 50 1634 Jan
2518 261
2612 2755 2712 277
2513 26
3034 May 418 Oct
50 3678 Jan 6 50 Feb 9
180 Preferred
43
41% 43
41
42
4114 •1138 4134 4134 4138 42
41
Oct3334 Nov
3114
7
8Sept
467
6
Jan
32
par
newNo
NJ
of
4113 42% 42
42% 4234 424 4212 11,900 PubServCorp
4214 43
427
4114 42
Oct
9612 Apr 101
100 9812 Feb 19 1025 Oct 11
700 6% preferred
•101 10234 102 10218 *102 10234 *102 10214 10234 10234 2'1024 10214
Jan 110 Nov
10318
3
11718Nov
5
Jan
10812
100
preferred
200
117%
7%
117%
11718
*11612 11718 *11612 11718 11718
•I16 11718
Nov
4
1243
Mar
115
31
Oct
13312
100 125 Jan 10
300 8% preferred
•13312
-- 113312 13313 133 133 *132 13312 13312 13312 *132 13514
Jan 10418 Sept
97
500 Pub Serv Elec & Gas pfd.100 102 Jan 4 10834May 20
•10734 10812 10734 10812 *10738 10812 1073 10734 *108 10812 10818 1081
7334 Aug 17 8278Sept 30
77% 19.200 Pullman Company new No pa
75% 7614 7534 7658 7612 7678 7614 7678 7658 77% 77
.94 -Dee
4
33 Apr 50 27 Oct 22 467 .Jan 3
30
30
2,500 Punta Alegre Sugar
29% 30
2914 29% 2914 2914 2918 3018 *29
30
Jan
2514 Oct 31
25 Oct 15 3312 Mar 4
2
2612 271 27,500 Pure Oil (The)
2518 25% 2512 2513 253
2512 2634 2612 27
25
4 June
1123
Apr
106
25
May
100 1113* Jan 11 114
100 8% preferred
113 113 *112 114
•111 114 *111 114 *111 114 *112 114
Oct 4934 Nov
47
4234 Mar 31 63 Nov 3
2
6214 3,710 Purity Bakeries class A
62
60
61
60
6112 6118 63
60104 61
61
.60
5112 Nov 44 Dec
4134 Jan 3 96 Nov 3
No pa
94% 94% 4,700 Class B
9234 93
9412 9312 96
9212 93
937 *94
93
32 Mar 8158 Nov
4118 Apr 13 8234Nov 4
7412 7412 7718 704 81
8134 7912 8234 477.700 Radio Corp of Amer_ No pa
79
7034 7214 72
4
Nov
5518
4458 Mar 537 Dee
3
May
49
50
7
7
5518
5414
Preferred
55
1.600
55
2
543
54
54
55
55
*544 5434 5414
32% Apr 4184 Oct
40 Jan 5 46 Apr 25
No pa
Rand Mines, Ltd
*42
*4178 43
43
*4238 43
*4238 43
43
*42
*4214 43
101z Mar 1634 Nov
1558Sept 26
Ray Consolidated Copper 10 1318 July 1
3712 Nov 5014 Oct
20
Apr
49
1
Nov
2012
1
2112 6,000 Real Silk Hosiery
2112 22,2 21
2212 2212
2012 217s 2112 22
9314 Dec 100 Nov
99 Mar 2
80 June 1
10
Preferred
*8034 8334 *81124 8334 *8112 8334 *8112 8334 *8112 83% *81 8334
Jan
3934 Dec 56
3812 Jun 24 6912 Oct 18
No pa
633 66
65
6634 6534 6612 16,800.11eld Ice Cream
6518 65
6512 63
6414 65
1834 Feb
712 July
9 Jan 10
538July 23
No pa
7
800 Reis(Robt)& CO
512 6
6% 618 *6
•534 6
612
6
*6
6
- -- - 2012 Nov 4 4714June 9
No pa
24% 23% 2438 2334 243* 2212 2334 2034 23
23
2012 2114 93,700 Remington-Rand
90
90
*101
*101

9059 9012
90
90
113 *101
105 *100

9012 *9014
00
*90
110 *101
105 *100

9014
91
9312 *9018
116 *101
111 *100

9014 88
911 *90
110 *101
111 *100

9018 8712
0312 9018
110 *1011z
111 *10012

8712
9018
110
111

100 8712Nov 4 10212 Apr 25
First preferred
100 90 Oct 29 110 Apr 25
Second preferred
Apr iii" Oct
Rem'g'tn Type 7% 1st p(.100 100 Oct 15 11712 Feb 10 106
100 105 Oct 13 126 Apr 25 105 Apr 1154 Aug
preferred
2d
8%
Oct 157 Jan
8
918 Apr 30 131z Jan 10
No par
moo Replogle Steel
44 May 6334 Jan
100 53 Oct 23 7578 Mar 11
Republic Iron dr Steel
99 Sept
Mar
9114
25
May
106
3
Jan
8
965
100
500 Preferred
414 Oct 1034 Jan
1014July 11
4 Feb 21
No par
4,800 Reynolds Spring
1217* Nov
Mar
90
16
Sept
151
24
Feb
9818
25
B
Class
Tob
(RJ)
Reynolds
11,100
Jan
7618 Doc 100
25 74 Jan 13 194 Oct 28
31,600 Rossi& Insurance Co
473 Oct 5738 Jan
4414July 27 5412 Feb 9
3,600 Royal Dutch Co(N Y shares)_
7
Feb
4818
May
8
365
4
Mar
43
23
May
36
10
2,100 St Joseph Lead
4218 Mar 5512 Nov
No par 5214 Jan 3 7414July 20
9.200 Safety Cable
6714 Nov 10212 Feb
5
200 Savage Arms Corporation_100 4312 Oct 25 7212Mar
33
212 Dec 1014 Jan
10
Jan
30
June
1
par
No
7,000 Seneca Copper
52 Mar 7058 July
15,900 Shubert Theatre Corp_ _No par 55 Aug 13 68 Aug 29
Mar 13812 Jan
424
8
Sept
57
18
Jan
47
par
Stores_No
Retail
Schulte
18.400
100 11614 Jan 22 123 Aug 5 11212 Jan 120 Sept
100 Preferred
1212 Mar 148 May
824Sept 9 1359 Jan 3
No par
2,900 Seagrave Corp
4414 Mar 5834 Sept
28.800 Sears, Roebuck &ConewNopar 51 Jan 17 7918 Oct 4
47 Mar 695
, Jan
No par 5634 Jan 17 10112 Oct 17
11,000 Shatuck (F G)
7
4012 July 485 Jan
1,900 Shell Transport dr Tracilng_.£2 413* Oct 10 47 Feb 10
24
31
Mar
313
Nov
21
7
Oct
8
Feb
245
par
No
9,400 Shell UnIon OIl
1,600
500

5612 5612
57
56
53- lilt -,iii4 it:- -.1-14i8 -5514 5412 55
-.
993 9534
9814 9814 *98 10013 .98 1001z 9712 9712 *98 100
67s 718
634 714
678 678
658 7
7
63
658 638
14612 14712
147 148
144 146
1454 14634 14534 14712 1437 147
159 16578 16412 175
166 17418 164 16612
145 16978 153% 164
454 .45% 4512 4512 46
464 46% 4634
46
4518 4518 45
373 3712 373* 3712 3712 3712 3712 3758 3712 3712 3712 3712
6534 6538 67
651s 654 6512 6532 6458 6512 6412 65,8 65
4412 4412
*4312 45
45
*44
4412 4412 *4312 45
46
*45
13
112
134 *11
138
'lid
114
1%
13
1
1
159
6438
62
6312
6414
6112
4
613
62
6112
8
617
*6114 62
60
5138 4952 5114
504 504 5059 5034 5012 5112 50,8 51,8 51
•118% 11914 119 119 *119 11914 *119 11914 *119 11912 *119 11912
1212
1238 12
1212 1134 1134
12
1112 1112 12
•1134 1214
7314 743* 7412 7478 74% 745
7113 7212 7212 744 7318 747
91
91
897
91
9212
9312
89
88'4
8818 89
4314 *4214 433
4258 4234 43
4158 4134 411 4134 4134 418
2658 27 1*
2534 27
2514 2514 254 2514 2512 2512 2534 26
n Ex-dividend one share of Standard 011 of California new
• Bid and asked prices; no sales on this day. z Ex-dividend. a Ex-rights.
preferred B stock.
3 Distributed one-half share common stock and one-half share




2502

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,
Oct. 29.

Monday.
Oct. 31.

Tuesday,
Nos. I.

Wednesday, Thursday,
Not. 2.
Nov. 3.

Friday,
Nov. 4.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On lasts of 100-share lots

PER SHARE
Range for Previous
Year 1926

Lowest
Highest
Highest
Lowest
$ per share S per share $ per share $ per share $ per share $ per share Shares
Indus. & Miscel. (Con.) Par 5 per share $ per share 5 per share $ per
1714 1714 175 1812 1812 1838 18
share
1878 1878 194 1912 1978 17,200 Simms Petroleum
10 1414 July 16 2234 Feb 16
5234 5314 5234 5338 5278 5314 5214 5278 5212 533
1518 Aug 2858 Jan
8 5212 5278 13,400 Simmons Co
No par 3312 Jan 6 6112Sept 9
•11138 11178 .11112 11178 *11112 11178
2838 Oct 5412 Jan
Preferred
100 10714 Jan 4 11138 Oct 28 10512 Nov 10912 July
15
1512 1514 1634 151i 1534
1512 1638
16
1634 1618 1658 40,500 Sinclair Cons 011 Corp_No par
15 Oct 29 2238 Jan 20
.100 101
1634 Oct 2478 Feb
*99 100
9734 9731 •97 101
*9712 101
*97 101
100 Preferred
100 97 Jan 6 10314 Jan 31
26
26
2018 264 2634 27
90 Mar 9912Ju5e
2634 27
2718 2734 2738 2778 13,200 Skelly 011 Co
25 244June 27 3738 Feb 21
113 114 *110 114 *Ill 114 .110 117 .111 118 .111
264 Mar 3718 June
118
300
Sloss-Sheffield
Steel
&
Iron
100
June
113
29
13414
1338 1338 1312 1312 1314 1338 1338 1338 1334
Apr 6 103 Apr 14212 Aug
1334 1314 1314 1,000 Snider Packing
No par
1158June 22 1634July 21
38
3818 3858 3914 33412 3558 3514 3578 3534 7618
3558 36
9,501 So Porto Rico Sug new_No par 3378 Aug 12 4258May
124 126
18
126 126 .130 13014 •12812 13014 *126 13014 130 130
Preferred
90
11812
100
Mar 4 13134 Aug 5 110
3812 3858 383* 3834 3858 3914 3918 3938 3918 3912 3914 393
Oct 121 -Dec
8 9,201 Southern Calif Edison
25 3158 Jan 3 41 Sept 26
2014 2012 2014 21
30 Dec 33 July
20
2038 19
1912 1712 1878 18
1812 5,200 Southern Dairies el A_No par
15 May 20 4538 Jazz 13
814 858
41
Oct 5512 July
812 9
834 9
812 812
8
838
73
8
77
8
5,300
Clans
11
No par
634 Oct 19 20 Jan 7
•1314 1312 1314 1314 1234 1234 .1234 1312 *1234 1312
1712 Oct 3534 Mar
.1234 134
110 Spear & Co
834May 13 15 July 29
No par
82
8212 *8014 83
10 Dec
1734 Feb
*8014
__ .8014
_ *80
90 .80
8912
110 Preferred
100 73 Feb 24 8212 Oct 29
•25
72 Apr 8212 Jan
2518 2434 2514 2434 25
25 2538 *25
2518 2538 2512 3,600 Spicer Mfg Co
No par 2012 Jan 27 2878May 25
•11012 11118 .11012 111 *11012 111 *11012 111
183
4 Apr 3138 Feb
11012 111
111 111
300 Preferred
100
Feb
104
21
11114Se
pt
13 101
5914 5934 594 60
Jan 10714 Dec
5912 60
5918 5978 5934 60
5912 6014 11,600 Standard Gas & El Co_No par 54 Jan 25 663
4June 16
6434 6434 6412 6478 6434 6434 6434 6434 6434 6434 *6412 6434
51 Mar 69 Feb
1.000, Preferred
50 5718 Jan 3 654 Oct 14
5334 Mar 5758 Feb
841.2 85
85
8634 8634 8634 8634 86341 8634 87
8712 90
3.200IStandard Milling
100 7014 Jan 4 9534 Aug30
9834 9834 98
6718 Oct 9212 Fet
98
9778 98
*9712 9778 .9712 9778 9778 9778
no' Preferred
100
5438 5438 5438 55
80 Mar 90 Feb
8434 5514 5514 5678 5612 5738 5634 5712 50,800 Standard Oil of Cal newNopar 84 Jan 5 9912Sept13
5038 Apr 28 6034 Jan19
384 3938 39
3914 39
5258 May 6358 Sept
3912 3914 3978 394 4012 4018 4012 58,700 Standard 011 of New
Jersey2s
3518
Apr
29
413
8
3058 31
Feb 5
3078 314 3034 31
3738 Dec 463* Jac
3078 3138 3114 3278 3238 3318 61,300 Standard Oil of New York 25
2934June 27 3418 Jan18
*212 234 .218 234 *212 234
3212 Dec 3314 Dec
214 238 0214 234 .214 234
400 Stand Plate Glass Co_ _No par
2 Mar 29
438June 9
133 134
13214 13534 13458 13534 13412 13578 136 138
312 Nov
1078 Feb
13558 13734 10,800 Sterling Products
par
No
Jan
9012
4
6838 69
4 Oct20
75 Mar 9614 Nov
6912 7038 6934 7034 7012 7134 72
723* x6934 7038 18,000 Stewart-Warn Sp Corp_No par 5414 Mar 15 1393
7434
37
3734 3934 3934 39
Oct
3
8 Jar
Nov
927
61
39
39
39
3834 3912 3812
1,900 Stromberg Carburetor_No par 2618June 1 60 Sept
53
5412 5318 5412 5312 5412 5334 5412 5412 5534 5434 3834 24,000
9
4738 Dec 7714 Jar
5512
Studeb'rCorp(The) newNo par 49 June 23 6312Sept12
•122
_ __ *12112
Sept
47
May
_ .12212 ----*12214 _
62
12234
_ •12214 - -_ _ _-_
118 Feb 10 123 Sept22 11412 Feb 12212June
4
-4113
44 .-438
414 43
414 -414
412 4-12 *414 -413
3,300 Submarine Boat
No par
212 Feb 28
818klay12
334 Fet
112 July
3034 3034 3078 3078 3012 3034 3012 33
3118
3178
317
8
3234
2,900
Sun 011
No par 30 Mar 21 3478 Jan17
312 3'2
312 312
312 358
3018 Mar 4158 Jul
358 334
334 44
378 4
6,500 Superior Oil
No par
312 Oct 19
612 Feb18
18
18
.18
1 July
514 De(
20
18
18
.17
19
19
19
*17
19
500 Superior Steel
100 18 Oct 27 28 May18
•10
1112 .10
194 Apr 3478 Sepl
1112 .10
1112 .10
1112 *10
1112 *10
1112
Sweets Co of America
50
7 Apr 27 1358 Feb 3
858 Apr
*314 4
*314 4
1758 Beni
.318 314 *318 4
278 378 *34 4
100
Symington
etre_
temp
__No
pa
218
Sept 17
8 JanI4
812 878
1412 Jar
4 Nov
734 84
77s 77
778 77s •758 8
734 734 1,100 Class A temp etts_ _ __No par
6 Oct 21
1338 Jan14
•1414 1412 1412 1412 *1414 1458 1414
1058 Oct 2072 Fet
1414 .14
1412 14
14
600 Telautograph Corp_ ___No par
1112 Mar 9 1512 Aug 4
812 812
Apr
1478 Jar
11
858 878
858 834
858 858
858 878
83
4
2,200
83
4
Tenn
Copp
&C
No par
818June 10 1314 Jan13
50
1058 Dec
5014 50
16 Fet
5038 50
5018 50
5138 5114 5212 5158 5238 43,200 Texas Corporation
25 45 Apr 19 58 Jan17
67
684 6778 6938 684 6934 6758 69
5312 Nov 574 Del
694 7012 69
8 91.400 TexasGulfSulphurnewNopar 49 Jan 3 8138 Sept20
Oct 5238 Noi
39
134 1314 1318 1312 1318 1312 1312 1378 1334 1412 1418 697
1438 10,000 Texas Pacific Coal & 011_ _10 12 Apr 29 1878June 8
12
Oct 1912 J111
23
2314 2278 234 2318 2434 2334 2434 2412 254 2458
2534 62,200 Texas Pm Land Trust new__ I
1512 Jan 25 40 June 7 __ __ _ - -s - - -,-•
3234 3234 3212 3234 33
33
*3234 33
33
33
3278 327
1.300 The Fair
par
No
2414
11
Jan
36
Aug 5
263* -Dec 34 Jar
5834 5914 .
58
5834 5858 5838 .5812 5858 5834 59
5918
1,100 Thompson (J R) Co
25 47 Jan 28 61 Oct 3
1612 17
1658 1634 1658 1634 1634 1714 164 1718 1718 5914
4214 May 5012 Sept
1712 18.800 Tidewater Assoc Oil__ _No par
1536 Oct 13 1918June 9
86
8614 86
86
86
8618 8612 8612 87
8734 8712 8734 2,400 Preferred
100 85 Oct 5 9034June 1 ___ ___ - - - - ---•
.2212 23
2214 2214 .22
23
2212 224 2214 2214
300 Tide Water 011
100 19 July 25 2918 Jan 13
8678 88
2864 8612 .88
3914 Jaz
27 Nov
88
*8534 8734 8534 8534 86
86
600 Preferred
8534 Nov 3 9018 Sept 12
110 III
11118 11312 11058 11312 11014 112
Jar
8714 Nov 103
11058 11338 10814 11114 44.700 Timken Roller Elearing.No 100
par 78 Jan 3 14212 Aug 3
9512 9534 96
4478 Mar 854 Nol
9614 9614 9678 9612 0913 994 10014 0853 10114 41.600 Tobacco
Products Corp_ _100 9234 Oct 4 11038 Jan 5
11012 11012 *110 11012 .110 11034 11034 11212 11212 11234 112 11312
954 Apr 11638 Sept
1,860
Class
A
100
108
Apr
16
118
July 13 103 Mar 11838 Sept
712 758
712 758
758 838
814
8
814 834
84 834 151,100 Transc't'l Oil temctfnewNo par
334 Apr 30
934June 18
25
3 Mar
2534 25
512 jn12
28
2434 2514 25
25
25
2614 26
26
3,200 Transue & Williams St'l No par
10 May 4 28 Oct 26
15 Aug 27
6134 604 6138 6034 6112 6012 6034 6114 6214 62
60
Jar
8212 12,700 Underwood Typewriter__25 45 Jan 29 673
4 Oct 21
48
4314 Nov 6334 Jar
46
451s 4512 *46
474 .4512 46
4512 4634 4618 47
1,100
Union
Bag
& Paper Corp_ _100 3812 Jan 25 7314June 1
128 130
35 May 7114 Jar
130 132
12934 13138 13034 1331 13338 13478 13214 13478 53,500 Union Carbide &
Co.rb_No par 994 Jan 26 14478 Aug 5
7712 Mar 10034 Dec
4334 4334 4312 44
4358 4334 4412 4514 45
46
454 4638 18.900 Union 011 California
25 3958June 27 5812 Jan 6
3714 Jan 5838 Sept
107 10714 .107 10712 *1074 1077s •10718 1097 .108 10934 10712 10934
200 Union Tank Car new____100 94 Jan 3 11612July 18
93
Dec 9514 Del
33
334 3278 3338 3314 3314 3278 341
334 34
325g 35
21,800 United Cigar Stores new
10 3258 Nov 4 3818July 28
•10514 10534 10518 10538 10518 106
10534 1071 10618 10618 10612 1061z 2,500 Preferred
100 104 July 29 109 June 24
18934 19178 189 19012 18814 190
188 189
18914 196
19478 197
19,100 united Drug
100 159 Jan 25 197 Nov 4 134 -Mar 174 -De,
*60
6018 60
60
60
60 .594 60
5978 594 *5978 60
400 1st Preferred
50 584 Jan 6 6014 Oct 17
5512 Mar 59 jul2
135 137 .13534 13678 136 13612 135 13534 136 137
13634 13678
1,600 United Fruit
No par 11312 Jan 26 150 Sept 12
98
Apr 126 Nol
9834 9834 9858 9834 9858 9858 9858 984 98544 9858 984 984
440 Universal Pictures let pfd 100 98 Jan 14 10338 Apr 26
90 Mar 9812 De,
2412 2434 244 2478 25
2514 2434 2434 25
25
2412 2434 2,800 Universal Pipe & Rad No par 244 Sept 22 3714 Mar
29
1338 Mar 3412 Deo
87
.8612 8812 *8612 90
87
8612 861 *86
9012 .86
88
200 Preferred
100 8134 Jan 27
62 Mar 9012 Del
196 20014 199 20134 199 20112 19914 203
198 20412 19314 19712 15,000 US Cast Iron Pipe Az Fdy_100 19012 Aug 30 96 May 7
246 May 20 150 May 2484 Aui
•11212 114 .113 115 *113 115 *112 114 .11214 114 *11212 113
Preferred
100 112 Mar 14, 118 July 1 10014 Mar 118 Deo
1738 1778 174 1714 1758 1758 1778 1778 17
1818
1712 1812 5,700 US Distill) Corp new_ _No par
1414May 5 2234July 7
4738 4878 4714 4812 48
4878 48
4818 48
4834 54612 48
2,300 US Hoff Mach Corp vtcNo par 44 Oct 13 6338May 19
457 Jan 5938 -Fel
7253 7234 734 7358 73
73
74
7414 7414 75
754 7638 5,100 US Industrial Alcohol__ _ _100 69 Mar 30 89 Feb 28
4538 Mar 8412 DC,
11614 11614 *11614 117
11614 11614 .11512 11612.115 11612 *115 11612
200 Preferred
10714 Apr 4 119 Aug 29
59
9914 Apr 11478 Noi
5918 5934 6014 5914 594 59
5934 604 6034 5912 6038 2,700 US Realty & 'rapt new.No 100
par 54 Apr 8 6712 Aug 24
4818 Mar 7178 Sal
5112 53
5118 52
4934 5114 4712 50
4714 4912 4712 4834 78,700 United States Rubber
100 3714June 16 6718 Feb 28
5014 May 8814 Jar
9814 99
9812 99
9734 9812 934 9712 9338 954 9234 9434 9,100
let
Preferred
100 8534June 16 11138 Apr 8
3612 3612 3718 3718 37
Jaz
37
37
3714 3712 38
3718 :1934 2,200 US Smelting, Ref & Min_ 50 334 Jan 13 44 Aug 11 10112 Mar 109
*4812 4914 *4838 4914 *49
Oct 4978 Jar
311
4914 .49
4934 49
49
49
49
200 Preferred
50 4558 Jan 18 5114 Oct 5
42
Oct 50
--_- ---- Jar
12858 131
12914 13138 13018 13318 131 13314 13358 13538 13314 13434 635,100 United States Steel Corp_ _100 215014Sept 22 176 May 31 117 Apr 16012 Deo
New w I
11138 Jan 28 1804Sept 16 11378 Dec 117 Deo
13718 13714 313514 13514 135 13538 135 13512 1354 13512 13558 136
3,400 Preferred
100 129 Jan 28 13818 Oct 26 12412 Mar 1305 De,
.92 100 .93 100
93
93
93
93
9278 934 9234 9234 1,400 U S Tobacco
No Par 67 Jan 4 9312 Oct 26
.127 128 '
5612 Jan 67 De,
5127 128 *127 128 .127 128 *127 128 *127 128
Preferred
100 123 Jan 14 12634 Aug 11 112 Mar 123 De,
•120 145 •120 145 .120 145 .120 145 .120 145 .120 145
Utah Copper
10 111 Feb 11 130 Sept 13
2918 2914 2912 294 2938 2912 294 2912 2958 2058 2912 2958
93 Apr 116 Nol
2,300 Utilities Pow dr Lt A__No par 27 Jan 8 34 May 19
2758 Dec 37 Fel
5118 5158 5112 5178 351
5112 5034 5034 5034 517
51
5134 5,100 Vanadium Corp
No par 37 Jan 20 564 Aug 17
29 Mar 43 Auf
•5512 58
5612 5612 5634 5634 5614 5612 5638 564 56
56
700 Vick Chemical
par
No
3
Jan
48
635
431
8June
6
384 3878 39
4 July 52 Au*
4014 3934 4138 41
4112 4112 4212 4134 4234 99,900 Victor Talk MachineNo par 32 July 13 423
4 Nov 4 ____ ____ ____ ___.
9014 9012 9018 91
9212 93
9212 9278 93
94
9378 9414 8,100 6% preferred
Oct
87
par
14
No
9614 Apr 13
97
97
9634 97
9714 9734 9738 9734 9758 9734 9712 98
4,700 7% prior preferred
100 961 1 Oct 7 10012 Apr 13
1012 1078
94 1012
*1018 1012 10
934 10
1014
1014 11
11,600 Virg-Caro Chem
712May 23 151 2Sept 13
No par
9 Oct 254 Fel
*381, 30
3714 38
3714 3714 3718 3718 3818 3814 3814 3912 2,000 8% preferred
100 2618 Apr 4 447s Sept 13
3138 Oct 69
Jul
49,14 881 1 85
8518 8514 8514 86
.8512 8614 8614 8612
86
600 7% preferred
100 73 June 8 90 Sept 7
83 Oct 984 Jar
404 4018 .38
40 .38
*38
40 .38
40
40 .38
40
100 Virginia Iron Coal & Coke 100 39% Oct 19 51 Jan 4
40 May 6012 Nol
23% 24
24
24
24
2514 247 247
2412 2412 2312 24
4.200 VIvauolou(Y)No par 2114 Oct 18 3914June 20
26 Mar 3612 Dcr
*100 101 31100 101 *100 102 .100 105 *100 104 *100 104
Preferred
100 97 Oct 17 11812June 20
944 Jan 11012 Deo
1914 194 1914 1934 1934 1934 .1912 20
20
20
20
20
1,000 Waldorf System
No par
19 Oct 3 25 Feb 7
17
Jan 23 Deo
19
19
*1814 1912 1914 1914 *1812 19%
1814 1814 *1814 19
1.000 Walworth Co ctfs
No par
1718July 20 2412 Apr 1
1214 June 2314 Jar
•110 114 .110 114 *110 114 *110 114
114 115
11478 11618
310 Ward Baking Class A_ _No par 8918 Apr 13 11831 Oct 3
99 June 195
Jar
2918 3014 2912 3014 2934 307
2958 3038 30
3238 3134 3212 110,100 Clam 13
1712June 14 33% Feb 18
No par
2114 Oct 8538 Fel
95
9512 9512 952
95
95
9514 9514 95
9512 9512 953
1,600 Preferred (100)
No par 84 Apr 9 9714 Sept
8812 Oct 11012 Jar
2312 24
24
2414 2378 24
2312 24
2434 2578 2412 25
6,100 Warner Bros Pictures A__ _ _10 20 July 5 4512 Jan 12
6
12 June 6914 lien
*2412 2514 .2412 2514 *2412 2514 2518 2518 254 2578 *2534 26
500 Warner Quinlan
No par 24 June 6 2812May 26
141 145
__
148 150
150 155
14814 15114 149 15018 1473* 149
14,900 Warren Bros
No par 85 Jan 14 155 Nov 1
437 Apr 69 Deo
*68
.67
71
*69
70
70
70 .70
70
71
70
70
200 Weber & Hellbr. new c_No par 68 Oct 24 7512 Aug 9
•259 16012 .159 16014 15912 16012 160 160
-__
160 160 *159 161
400 Western Union Telegraph.100 14412 Jan 8 17012June
8 13412 Mar 15774 Sell
403* 4114 4078 4134 4112 427
4014 4034 4014 41
423 443 47,500 Wstnghse Air Brake NewNopar 40 Oct 28 5912
Sept15
7618 7738 7634 777
77
7812 7714 784 795 814 80
8114 29.700 Westinghouse Elec & Mfg_ _50 673* Jan 4 894Sept
7 -85 - May -794 Fel
•12
13
•12
1212 •12
1212 12
124 12
.12
12
1212
400 Weston Elec Instrunft_No par
11 Sept 21 1838 Feb 15
135 May
1912 jul3
*3034 31
*3034 31
3034 3034 •3012 31
31
31
*31
32
200 Class A
No par 30 July 14 3434 Apr 20
2714 Jan 3212 00
•10412 105
105 105 .105 10612 10612 10612 *106 10712 .106 10712
50 West Penn Elec cl A vtf No per 977 Jan 4 111 Aug
22
8812 Jan 9812 Ge
1083 1083* 10814 109121 1093 10934 10838 1094 .10878 10914 110 110
370 Preferred
100 102 Jan 4 112 Sept 13_ _ _.May 10212 DO'
11518 11512 .11434 11512 •1144 11512 11414 11514 11512 11538 *11518 1153*
200 West pent] power pref
100 111 Jan 15 118 May 27
9512 Mar 115 Set)
2112 2138 214 2158 2114 2114 2138 213* 22
2278 23
2314 3,000 White Eagle Oil drReftt_No par 2114 Nov 1
2712 Feb 15 108
Apr 2934 Fel
3618 3518 3614 3318 35
36
334 344 3014 343
3312 53,000 White Motor
31
50 3014 Nov 3 5838 Feb
2518 Apr 90 Fel
*3712 3812 3814 3814 38
3814 3814 388 38
38
1.500 White Rock Min Sp ctf _No par 26 Jan 26 41, .Sept 28
"3714 38
21
5118
Oct
3838 Fel
8
363
3712
38
3812 40
3518
39
3934 3614 384 37
38
10,600 White Sewing Machine.No par 2112 Mar 24 5314 Aug
22 _.__ _ - - - -,•
*534 533* 531s 5334 •5312 537
53
5314 53
53
537 537
800 White Sewing Mach pt_No par 46 Feb 18 59 Jan 10
17
4612
Oct
14
644
00
14
*hi
14
14
4
4
14
is
ls 5.300 Wickwire Spencer ctf _ _No par
la
1/1
18 Oct 25
112 Feb
336 Jar
58 Dec
1412 15
1438 1514 1514 1534
1434 1514 144 15
1434 1514 46,100 Willyr-Overland (The)__ __ _ _ 5 1312 Oct 10 243 Mar 14
Jai
3
18 May 34
92
9112 9112 *9112 9214 .9112 93
914 914 92
*9112 9234
300 Preferred
100 87 June 11 98 Aug 22
8812 Oct 90 Fel
113* 1138 1112 1112 1112 1112 1114 114 .1112 1212 .1112 1212
800 Wilson & Co Inc. new_No par
10 May 5 173* Feb 21
1438 Del
6 May
•2212 2312 .2212 2312 223 2234 2218 2212 2218 2312 .22
2314
000 Class A
No par
1614May 5 3278 Feb 23
14 May 3058 Deo
68
68
68
6878 *6712 6912 6718 6778 68
68
67
1.500 Preferred
6714
100 58 Apr 7 843 Feb 23
42 May 8138 Deo
17258 175
17514 17738 17558 17738 176 17878 180 182
1804 1844 39,200 Woolworth (F W) Co
25 11734 Jan 11 192 Sept 7 12014 Dec 128 Da
*2612 27
•2612 2712 •2612 2712 2612 263 .26
Worthington
12,400
2614 26
&
M
2618
P
100 2012 Jan 27 46 June 7
19 Nov 4434 Jal
.40
*40
50
50 .40
50 .40
Preferred A
50 .40
51
*40
51
100 46 Jan 22 6112June 9
44 Nov 80 Fel
.37
*38
39 .36
38
39
39
*38
53812 40
40
39
100 Preferred 11
100 37 Oct 24 5412June 7
Nov 65 Fel
3714
3
47
3
50 8 4858 5012 50
507
504 5112 5278 52
49
5234 6,700 Wright Aeronautical__ No par 2412 Apr 5 6078 Sept 30
2412 Mar 393 Jul:
64
6534 64
6412 6412 •64
600 Wrigley (Wm Jr)
*6434 6512 64
644 *64
643
No par 50% Jan 4 6712 Oct 27
Apr 593 Fel
47
*77
78
77
77
Towne
•76
78
Yale
76
500
&
*76
78
764 7612 77
25 7014 Jan 8 8412 Aug 24
6012 Slur 7212 Aul
2714 2812 2612 28% 2634 2758 2678 2734 2712 2838 2718 28
58,900 Yellow Truck & Coach Cl B_10 25 Jan 14 40 Aug 10
May
3958 Sep
20
8712 8712 8612 8612 .87
89 .87
400 Preferred_
88
_4
87
87
87
87
100 8318 Aug 23 9958Ju1y 20
914 Apr 1074 Sell)
all. ¢9
R91. 4195.
R914 s9
R9I. 8224
/124. ¢13
4.300 Youngstown Sheet & T_No par 8012 Oct 24 9714 Mar 24
8294 83
69 May 95% Aui
•Bld and asked prices; no sales on this day. 9 Ex-dividend and ex-r ghts. a ex-rights. 3 Ex dividend.




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

2503

interest"—except Jo income and defaulted Donets
Jan. 1 1909 as Exchange method of Quoting bonds was changed and prices are now "and
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

.
P

Price
Friday.
Nov. 4.

Week's
Range or
Last Sale.

Range
Since
Jan. 1,

BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

.g

Price
Friday,
Nov. 4.

Week's
Range or
Last Sale.

113
o
CW,

Range
Since
Jan. 1.

High
Ask Low
Bid
High No. Low
High
High No. Low
Ask Low
Bid
U. S. Government.
'.3reater Prague (City) 7M e_-1952 MN 10534 Sale 10512 10534 19 103% 107
First Liberty Loan26
97
9314 99
1964 M N 97 Sale 9618
ID 1011344 Sale 101148:10116as 256 1006,s:101,1n Greek Government 7s
314% of 1032-1947
92
103
3
7
9:
12 19
0,
99 10034
1952 AO 9934 Sale 10
Haiti (Republic) s f 65
3 1001744102
ID 101 1.:: Sale 101 10n10116:: 207
Cony 4% of 1932-47
22 10278 108
102134,10311n Heidelberg (Germany) ext 735850 J J 10234 103,2
ID 103..31 sale 1031.8:10316::
Cony 412% of 1932-47
9738 101%
9934 52
Loan 734e 1945• J 99 Sale 99
Munic
Hungarian
1021144103
27
'
'31Sep
102
10211s:
1932-47
of
ii)
2d cony 4Si %
25
94 99
Sept 1 1946 J J 9414 9434 94
Externals f 75
Second Liberty Loan33 10014 105
95
10112
IIungary (Kingd of) 51 710_1944 FA 10133 Sale 101
191%1101
Oct'27
N 99,11a:100 100
48 of 1927-1942
1348
9234 9912
J D 9712 Sale 97
75...1951
ext'l
of)
39
(Kingdom
Italy
::
1016
100
100.31
:
9911
1927-1942
99.14:Sale
% of
Cony
MN
92% 96%
95
78 21
74
Italian Cred Consortium 78 A1937 MS 95 Sale 9318
Third Liberty Loan91
97
9312 24
1947 MS 9312 934 924
ser B
7s
f
s
sec
Extl
211
00..15101nst
:2100,1a:
1009
Sale
10028s:
1928
of
S
M
4)4%
90% 101
9538 146
Italian Public Utility ext 75_1952 J J 9514 Sale 9434
Fourth Liberty Loan9134 23
8814 9212
1931 J J 9134 Sale 9114
AO 103,144Sale 103.1:: 10411: 1163 031.::1041.31 Japanese Govt £ loan 4s
4)1% of 1933-1938
161
98% 102
10134
1954 FA 10155 Sale 101
30-year I 6348
1947-1952 AO 1141144 Sale 1141114114,6: 814 11062:114"s:
Treasury 431s
9212 98
9612 83
Oriental Development 65_1953 MS 9618 Sale 96
1944-1954 J O 1091'3) Sale 10961,,10924,2 1078 1066s:109,6n
Treasury 4s
100
10014 41 100 102%
1061744 Sale 106163,10621" 170 1036:1106,1s: Leipzig (Germany) 8 f 75_1947 FA 100 Sale
1946-1956 M
Treasury 3318
18
97 10012
97
9818
9814
4
963
O
J
68
(Prov)
Lower
Austria
10063:101"::
1943-1947 ID 1011744 Sale 1012132101"a
Treasury 3326
9938 43
9312 100%
9933 Sale 9838
Lyons (City of) 15-year 6s 1934 MN
State and City Securities.
9314 101
994 99,2 9812
9914 49
N
M
_1934
6s_
15yr
of)
(City
Marseilles
5
10114
8
1003
10114
10114
Corp
1003
-4%s
stock-1960
10114
4
N Y City
MS
14
12
41
30
4
343
35
354
3414
1943
Asstng
1
Irrigat
Mexican
434s
10212 10512
4)4e Corporate stock ._1964 MS 10414 10478 10412 10412
3234 50
35 Sept'27
102% 10258 Mexico(U 5) call 58 01 1899 £'45 Q J
4)4e Corporate stock ____1966 AO 104% 105 10258 Mar'27
20
31% 50
35
____
4512
1945
1899
of
55
Assenting
June'27
102%
10514
4(4e Corporate stock ____1972 AO 10434 106% 10438
5
4438
31
4438
3
5%
44
Assenting 5s large
10712 10912
454s Corporate stock ____1971 J D 10812 -- 10918 June'27
214 3435
2512 75
2514 Sale 24
Assenting 45 01 1904
10658 10912
10834 Oct'27
434e Corporate stock_July1967 J J 10838
27%
27%
26
Jan'27
8
254
273
J
J
1910
of
45
11
Assenting
106% 10914
_ 1085s 108%
45i5 Corporate stock ___ _1905 ID 10814
77
314
21
2412
26
Assenting 48 of 1910 large... _ _
10638 109
Corporate stock ____1963 MS I0814 109 10832 108%
4
103
283s
20
Sale
8
244
233
8
7
25
_
_
small
1910
01
48
Assenting
1
101%
99
8
1003
1959 MN 10012 101 10038
4% Corporate stock
9
3514 Ws
40 Sale 3534
40
Tress 65 01'13 assent (large)'33
99 10034
10018 Oct'27
1958
4% Corporate stock
N 10012
2
2512 4812
381g
383s
Small
3
_ 100%
98% 10112
10078
1957 MN 10013
4% Corporate stock
94
89
924 450
'52 40 92 Sale 9118
(City. Italy) ext'l 6
1-6612 9834 July'27 2 98% 9834 Milan
1936 MN
4a registered
12
9978 104
105% 10553 Montevideo (City of) 75____1952.ID 10212 Sale 10238 10234
10734 10734
4(4% Corporate stock _1957 MN 10712
7 10512 108%
8
1063
10638
107
107
MS
_1972
prices).
(flat
Netherlands
as
4
1083
4
4
1053
_
stock
1073
_ 1957 MN 10712
10734
% Corporate
51 10214 104%
103
1954 AO 10214 Sale 102
30-year external 68
8978 93
93 Sept'27
332% Corporate 5t __May 1954 MN 92%
84
9415 9514
95
New So Wales (State) ext 55 1957 FA 944 Sale 944
89% 93
Oct'27
93
3(4% Corporate st _ _Nov 1954 SI N 9258
14 51
95
94
Sale
4
943
9414
AO
95
1958
Apr
55
f
s
External
102% 102%
102% Mar'27
1960
New York State Canal 4s
10214 66 10115 104
1943 FA 102 Sale 10118
104% 10438 Norway 20-year extl 68
10435 Oct'27
1961 JJ
Canal Imp 4s
103 Sale 10112 10212 54 10114 104
FA
1944
68
external
20-year
8
1053
8
1053
Oct'27
1945
Canal Term 4 14s
10538
35 100 10414
103
1952 AO 10238 Sale 10138
30-year external 65
11212 11212
11212 June'27
Highway improv't 4 Jie__ _1963 M S
9834 10238
10012 51
1965 ID 10014 Sale 100
40-year s f 51,03
Foreign Gov't & Municipals
18
9978 103%
102
103
10214
MN
10214
65...1955
f
s
9
Oslo
30-year
(City)
95
92% 9712
Antioquia (Dept) Col 78 A..1945 J J 9412 Sale 9438
90
97 100%
4
993
993
9914
9914
4
FA
1946
Sinking fund 53411
9238 9719434 21
External s 78 ser 11
1945 J J 94% Sale 9414
1034 Sale 10318
1034 11 100 10414
ID
1953
18
•511.eat'
(Rep)
961
5
C.
9412
921n
Panama
__
9432
_1945 J J 9418 95
External s f 78 series
2
10314
100
100
Sale
100
100
ID
1961
ENS sec s f 6 tie
93% 953:
9412 14
Eat s 78 tr rcts lst 5er __ _1957 .40 9414 Sale 9412
96%
94
9412 25
94% 94
Pernambuco (State of) extl 7s '47 MS 94
9758 100
9914 79
Argentine Govt Pub Wks 68_1960 A0 98% Sale 9838
24 20 102 10915
10714
108
107
A0
107
'24).1944
(of
Ss
Peru
extl
of)
(Rep
Argentine Nation (Govt of)—
7
10534
10112
1073
10714
10714
4
A0
10714
1944
Extl 85 (ser 01 1920)
9734 1001:
9912 121
Sink fund 65 of June 1925.1959 J I) 9918 Sale 98%
19
994 10558
104
1940 St N 104 Sale 10378
Extl sink fd 7348
9938 28
9734 101
Exti sf68 of Oct 1925_.1959 .40 99% Sale 98%
98% 10512
(of 1928)_1956 51 S 10212 Sale 10134 10222 57
Extl s f sec 7
97% 101
100 Sale 9934 10012 111
Sink fund 6s series A
1957 M
7612 66
27
83
9738 10038 Poland (Rep of) gold 65-1940 AO 823 Sale 8212
994 47
External Os series B _Dec 1958 J O 99% Sale 99
157
9314 10118
9914
Sale
9914
9834
J
J
1950
85
g
fd
sink
Exti
20
9734 100
99
99 Sale 9858
Extl s 65 of May 1920...1960 MN
8
106
12
10314
105
Sale
10512
10512
1961 J O
218
9834 9934 Porto Alegre (City of) es
99
External 5 f Os (State Ry)_1960 NI
9834 Sale 98%
1
9912 10212
10112
10114
2
1013
10114
J
J
_1966
545_
7
fd
sink
guar
Extl
100
52
9914
98
0878 Sale 98%
Ext165 Sanitary Works_ _ _1961 FA
116
111
1144
11414
1154
A0
1154
Queensland 'State) extl s t 7s 1941
44
99
98 100
9834 Sale 98%
EA)6s pub wks(May '27)1961 MN
8 104 108
1947 FA 10638 1064 10638 1063
25-year external 68
9234
27
91
89
Argentine Treasury 55 £_..1945 M S 9034 Sale 90%
34
107%
5
1033
Sale
10512
1053
10514
AO
5185_1946
extl
Sul
do
974 111
9713 9812 Rio Grande
Australla 30-yr 58_ _ _July 15 1955I, 97% Sale 9715
30 10215 106%
105
1946 A0 105 Sale 105
974 240
9634 9814 Rio de Janeiro 25-yr 51 88
External 55 of 1927._ Sept 1957 MS 97 Sale 9678
11 10214 we
105
1044
105
Sale
A0
1947
8.2
esti
25-yr
106
95
10114
Austrian (Govt) 5 f 75
1943 ID 10512 Sale 10512 106
8914 94
921 546
1952 A0 92 Sale 9114
9412 10014 Rome (City) extl 63.4s
Bavaria (Free State) 6 1,-6s_.1945 FA 9534 Sale 9412
9614 93
3 10212 106
Belgium 25-yr ext a f 7S(36.1945 ID 114 Sale 11312 11414 45 111 11434 Rotterdam (City) extl as__ _1964 MN 10412 10478 10438 1041
11414
10712
11312
113
11234
N
4
1123
1952
_Mar
20-year t 8s
1941 FA 10934 Sale 10912 11038 33 108 110% Sao Paulo(City)sf88.
8 10412 107
10614
10212 102% 10178
10278 58
9634 10518 San Paulo (State) extl S f 85_1936 J J 10614 Sale 105
25-year external 61,Is
1949 M
17 104% 108
106
10518
5
1063
Sale
J
•
1950
85
I
s
sec
External
316
4 100
1
99
92/
9834 Sale 9778
External s f 6s
1955• J
98 101%
10018 33
External s f 78 Water lin_1956 M S 9914 Sale 991 4
External 30-year s f 7s
1955 .1 I) 107 Sale 10638 10714 221 10212 10734
93% 96%
95% 23
232 10135 10512 Santa Fe(Prey, Arg Rep) 75_1942 51 S 945 9434 9455
105
Stabilization loan 75
1956 SIN 10434 Sale 10438
9738 104%
117
Sale
10214
10112
1J
10254
extl
75'42
1945 M N 11358 114 11312 11412 10 110 11412 Seine, Dept of(France)
Bergen (Norway) 8 1 88
58
9714 10234
100
9934 Sale 99
10112
Serbs, Croats dr Slovenes 85_1962 SIN
7
9914 102
15-year sinking fund 65_1949 A0 10112 Sale 101
42
91% 99%
9714
sale
9614
N
2
97,
•
1936
65._
extl
Sale
of)
97%
43
(City
9814
Solssons
4
97
1003
8
967
1950 A 0
Berlin (Germany) 634s
105
12
10318
104
104
I)
10458
Sale
1939 ▪
11 10234 10512 Sweden 20-year 68
Bogota (City) ext'l s f 85_1945 .40 10412 Sale 10412 10514
36 102% 1054
1954 M N 10434 Sale 10438 105
10478 51 102 10512
External loan 534s
Bolivia (Republic of) Ss_...1947 MN 10434 Sale 10414
11415
19
11114
11312
11212
Sale
11312
J
J
70
8s_
_1940
9512
SwLss Confed'n 20-yr af
1958 .1 .1 9515 Sale 94%
98
92
Extl sec 7s tem
10358 83 102% 106
99% Sale 9838
9914 70
9332 10034 Switzerland Govt ext 534s..1946 AO 10312 Sale 103
Bordeaux (City of) I5-yr 65_1934 M N
79%
75
77% 16
95 104 10812 Tokyo City 58 loan of 1912 1952 St S 7633 Sale 76
Brazil(U S of) external Ss_ _1941 ID 10534 Sale 10512 106
9012
444
86
1961 AO 89 Sale 88
Extl s f 5Sis guar
96
89
9314 304
External s f 6)45 of 1926 1957 .40 9258 Sale 9212
9758 98%
07, 0
8 Sale
97
7,
96
43
2
34
087:2 16
9
8
96
94% 9912 Trondhjem (City) let 5 MB - 1957 MN 0
1952 ID 9534 Sale 9512
78 (Central Railway)
99
12
94
ID
9
Sale
_
_
10614
10518
75_
Austria
4
4
1063
1023
(Prey)
Upper
_1945
1073
L
4
7345 (coffee secur) (flat)_1952 .40
5 108% 11214
41 101 105
102
Uruguay (Republic) extl 85_1946 FA 10938 10934 109
10984
Bremen (State of) exti 78_ 1935 M S 101% Sale 101
9412 97
External 5 165
1960 MN 9614 Sale 9534
92
9614 106
8738 70
87
Budapest(City) extls f 65 - 1962 ID 87 Sale 87
9514 147
9214 9712
18
9914 10214 Yokohama (City) extl Gs_..196l J D 95 Sale 94
Buenos Aires (City) esti 61451955 ii 101 Sale 10012 10114
Railroad
9512 91
9614
95
Buenos Aires (Prov) extl 78_1957 ID 9514 Sale 95
_
10512
O
J
102%
_
10434
July'27
1043
64
5s
A
Gt
cons
1943
4
Ala
1st
9614
Sou
Sale
9512
9412
9412
1958
4
953
1926
of
75
MN
Extl 5 1
2 10014 101
10038
1928 MN 100% Sale 1005
9414 Ala Mid 1st guar gold 55
89% 17
89
J 89% 9014 8914
Bulgaria (Kingdom) s f 78_1967
3
8 90,4
90
87,
90
97% 65
964 9834 Alb & Susq 1st guar 3348_1946 AO
mbla)75i8'46 J J 9714 Sale 9714
Caldas Dept of(Col,
84% 90
Oct'27
90
10235 33 10014 10278 Alleg & West 1st g gu 4s__._1998 AO 9118
1931 AO 102 Sale 102
Canada (Dominion of) 511
9514 97%
9758 Sale 97%
1942 M
9755
I
10218 Si 10138 10278 Aileg Val gen guar g 48
1929 FA 10178 Sale 10178
10-year 5345
7912 844
4
843
_
8414
8418
Oct'27
62
July
4s
1995
g
1st
Q
Arbor
Ann
Sale
104
.
1061
10714
10714
1952
10612
MN
55
9734 85
9234 974
10034 62
984 100% Atch Top & S Fe—Gen g 45_1995 AO 9734 Sale 9714
1036 FA 10034 Sale 10014
48
41,
96
AO
92
9534 Sept'27
3 10312 108
Registered
1954 .1 .7 10658 10712 1064 10712
Carlsbad (City) 5 f 8s
6
92%
9214
11
8714 934
99
Adjustment gold 43_ _July 1995 Nov 9212 93
9934
96
Cauca Val (Dept) Colom 7393'46 AO 984 Sale 98
13
9314
87% 94
July 1995 MN 9314 Sale 927
Stamped
Cent Agric Bank (Germany)—
8912
MN 884 -- 8912 Sept'27 -85
Registered
9912 1005s
1950 M S 10018 Sale 9912 10014 77
Farm Loan s f 75
92
85
1955 ID 9134 _-- 9134 Oct'27 -9518 625
Cony gold 4s of 1909
9534
95
95 Sale 95
Farm Loan s f 6s lot etf._..1960 JJ
5
874 9214
9134
9512 69
1955 ID 9134 Sale 9134
Cony 48 of 1905
9518 9534
Farm Loan s f as Int ctf w 1196().40 9512 Sale 9512
91
86
90 22 Sept'27 -Cony g 48 issue of 1910...1960 ID
10954 36 10614 110
Chile (Republic) mat 8 85_1941 FA 10914 Sale 109
99,4 1001s
994
9978
1
1928 MS 99% 100
East Okla Div 1st g 4s_
9912 10212
1942 MN 10114 Sale 10012 10134 47
20-year external Sf 78_
8812 92%
-Oct'27
J
9118
9112
J
32
45...1965
1st
Div
Mtn
110
85
1
5
Rocky
1093
Sale
10614
external
10914
4
10912
1946
MN
-year
25
9012 9274
924 Oct'27
Trans-Con Short L 1st 45_1958• J 92% _
9312
89
9112 251
External sinking fund 65_1960 AO 9114 Sale 9118
97% 101%
10178 10
9112 125
Cal-Ariz 1st & ref 434s A_.1962 MS 1014 -- 10178
89
1961 FA 91% Sale 91
9338
External s f Os
4 107%
1043
June'27
8
1073
D
J
106,
21
55_
g
1st
2
All
_1940
Nor
&
9612
June
Knoxv
9512
Sale
93
6
30
95
1-Is
1957
9514
Ilk
-▪ D
Chile Mtge
98 100
9812 Aug'27 -9814 ALI & Chart A L 1st A 4 Sis..1944 J J 10012
98
9712 56
St 6315 of 1926 _ _June 30 1961 ID 97 Sale 9634
1st 30-year 58 series B
1944 h i 1055s
24
3014
-- 10538 Oct'27 - - -- 10314 106
2512 15
D 25 Sale 25
Chinese (lIukuang lty) 58..-1951
90
_ _ 90 Aug'27 - - 89
9934 10238 Atlantic City 1st cons 4s... _1951 J J 89%
1
Christiania (Oslo) 30-yr 81651954 MS 101 18 1011 10112 10112
9334 9g
9534 101 14 Atl Coast Line 1st cons 45July '52 NI 5 9814 9812 98
9714 37
9612 Sale 96
Cologne(City) GermanY6301950 M
101%
14
9634
475
1?)
10114
Sale
10114
ID
8
925
92
1964
_
_
9314
Os_
General
unified
(Republic)
Sale
_1961
9212
9214
4503
J J
Colombia
914 9412
9412 54
N 9338 9414 9314
9914 10112
10012 19
L & N coil gold 45____Oct 1952
1001g 1001 10018
Copenhagen 25-year 51 5Me-1944
78% 82114
15
8214
82 Sale 82
9534 79
1945 J
AU Ar Day let g 4s
9514 96
1952 J O 9534 Sale 9514
External 58
7812
70
j
74
27
Sale
5f
7612
18
7a
7612
4s
2d
9512 97
1948
9614
1957 FA 96 Sale 96
Cordoba (city) extl
8215 87%
9
87
8714
9612 100
All & Tad 1st g guar 48
9918 21
1949 A
Cordoba (Prov) Argentina7s 1942• z 9834 991 9834
10518
4
1013
_
j
•
Sept'27
4
1013
82
extl
104
102
W
5.9_
N
g
&
gu
9312
1st
Austin
.1941
(Repub)
9614
2
,
78_1951
96
97
Sale
9618
MN
Costa Rica
9312 9714
51
9714
4 100 104
Balt & Ohio 1st g 48_ _ __July 1948 A0 9714 Sale 9634
101
1944 MS 10014 1011 101
Cuba 58 of 1904
95%
92
9514 Sept'27
9434 _ _
July 1948 Q
Registered
10218 Oct'27 - _ 10014 10218
External 513 of 1914 ser A_1949 FA 10114
97 100%
16
100
8
994
MS
-year
Sale
4
20
4145
1933
993
4
cony
C.
93% 973
96
_1949 F A 96 Sale 06
External loan 4 Sis ser
1 19 100% 105%
105
Refund & gen Ss series A._1995 J O 10458 Sale 104
1953• J 10212 Salo 101% 102% 12 10118 10438
Sinking fund 6
61 104% 110
110
1st g 55
1948 A0 10914 Sale 109
9212 96
9412 33
Cundinamarca (Dept-Col) 78 '46 J O 9414 Sale 9414
10234 54 100% 10338
10-year as
1929 J J 10258 Sale 1025s
19 105 110
109
Czechoslovakia (IteP on 88-1951 A (5 108% Sale 108
192 107% 112%
Ref & gen 13s series C
1995 J O 11134 Sale 11112 112
.40 10818 Sale 108
10812 34 104% 109
Sinking fund 88 ser
9812 Ill
92% 96%
P LE& W Va Sys ref 48_1941 SI N
9614 Sale 96
10512 41 10434 10814
External s f 7345 Belles A 1945 AO 105 Bale 105
Southw Div 1st Is
1950 J J 10512 Sale 10538 10534 43 10135 105%
6 1094 112
11112
Danish Cons Mouldy 88 A._1946 FA 11112 Sale 11114
89
12
82
89
J
45
CM
ref
J
&
1st
Tol
88
Div
A_1959
4
1113
90
109%
88
24
1946
85
FA
11112
f
Sale
11111
110%
Series It s
114 100% 105%
Ref & gen 5.4 series D
10438 Sale 10412 105
2000 PA
-1942 J
105 Sale 10412 10518 84 1034 105%
Denmark 20-year ext168
98 105
105
Bangor & Aroostook 1st 58_ _1943 J J 105 Sale 105
98% 101
9
100%
10014 101 100%
Dominican Rep Cust Ad 5.35542 M
Hit
84
1951 J J 8712 Sale 87'3
9
88
Con ref 48
93 101
1940 AO 9858 Sale 9855
98% 12
let sec 51,‘,5 of 1926
68
64
6512 ____ 68 July'27 52 10012 10412 Battle Crk & Stur 1st gu 38_ _1989 J
Dresden (city) external 78-1945 M N 102 Sale t00% 102
__
9612
95
Aug'27
45
Creek
g
J
gu
1936
Beech
1st
10538
102%
47
exti
512
10434
9
Indies
J
68_1947
10414
J
10412 Sale
Dutch East
9412 95%
9412 Mar'27 -- _ _
Registered
J J
1962 MS 10438 Sale 1043,3
10412 21 10214 10514
40-year external 65
99 100%
.1 .1 100
Aug'27
10012
58
g
guar
2d
1936
10412
1953
10033
MS
10414
8
4
5345
1033
external
103
1034
30-year
854
81
8512 Aug'27 - - - 1953 MN 10312 10434 10318
3 100% 10334 Beech Crk Ext 1st g 3%5_ _1951 A0 8512
10312
30-year external 5,58
1
9318
93%
91
1944 ID 9338 Sale 9318
3 10614 10912 Big Sandy let 45
85.-1948 J J 10734 Sale 10734
108
El Salvador (Repub)
85%
78
5
85
85
FA
844
4s..1955
NY
1st
Line
8412
Air
&
Bost
9818
esti
93
41
65-1945
S
(Republic)
M
Sale
9512
9555
9512
Finland
97
4
953
_
Oct'27
97
J
W
&
4
gu
Burns
973
1st
4s
J
gold
1933
9814 102
100% 16
External sink fund 75— —1950 MS 100% Sale 100
Oct'27 - - _ 101 10414
104
1956 M S 9812 Sale 9814
9538 10072 Buffalo R & P gen gold 58_1937 M S 1041g
98% 27
External sf6345
34
9935
9415
9734
9712
MN
974
8
1957
973
41-i5
Consol
9912
96
9
99
Finnish Mun Loan 61411 A-1954 AO 99 Sale 9812
95
9712
9712 Oct'27
MN
Registered
9578 9912
1954 AO 0878 Sale 9814
15
99
External 6345 series B
101 10234
10212 Oct'27
AO
-_-_-_-_
let
1934
55
Nor
&
R
C
Burl
109
11214
10814
ext'l
MS
25-yr
811-1945
11014
11012
Sale
5
1103
French Repub
110
3
105
110
110
A0
1962
10912
58
A
gu
cons
Sou
1941 1 D 11412 Sale 11312
11412 136 105 11512 Canada
20-year external loan 73.e.
99
95
9878 35
99 10712 Canadian Nat 434s.Sept 15 1954 54 S 9834 Sale 9835
1949 J O 10512 Sale 104% 105% 486
External 78 of 1924
9912 10114
7
10012
5-year gold 41,58_ _Feb 15 1930 FA 10038 Sale 10014
10612 284 10534 10912
German Republic ext'l 78-1949 AO 10612 Sale 106
114
4
21
1161
11512
114%
O
J
Sale
11512
deb
78_1940
I
s
Canadian North
1954 SI N 10214 10212 10134 10212 11 10034 104
Graz(MunicIpalitY) 88-12033 12 117% 1201z
1946 J J 11958 12012 11938
25-years deb 810
98 10312 10638
13
(It Brit & Irel(UK of) 550_1037 FA 10512 Sale 10512 106
9934
9714
9935
1004
FA
Sale
1935
9912
15
_Feb
_
_
_
gold
10-yr
1929 FA 11812 Sale 11712 11812 17 11634 11915
10-year cony 5345




2504

New York Bond Record-Continued-Page 2

BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

Price
Friday.
Nor. 4.

Week's
Range or
Last Sale.

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

13
a.

Price
Friday,
Nov. 4.

Week's
Range or
Last Sale,

Range
Siam
Jan. 1.

Bid
Ask Low
High No, Low
Iligh
Bid
Ask Low
Canadian Pac By 4% deb stock__ J .1 8514 Sale 8514
Iligh No. Low
High
8812 67
8314 8812 Cleve & Mahon Val g 5s____1938
.1 10034
10012
Col tr 4Xs
1946M S 994 Sale 994
48
100
9534 100
Ct & Mar 1st gu g 414s_ _ _ _1935 M N 9934 -- 100 Apr'27 -- 1004 10012
Carb & Shaw lat gold 48_ _1932 M 8 97
9853 loo
100
10
9712 97 Sept'27
9558 9812 Cleve & P gen gu 4;45 ser B_ 1942 j
A 0
3 10158
9812 Aug'26 -Caro Cent 1st cons g 45
1949 .1 J 8612 8714 8812 Oct'27
8314 87,4
Series A 4
10212
_ 101 Mar'27
Caro Clinch dr 0 1st 30-yr bs 1938 J D 1044 -- 10414 Oct'27
100 111102 104%
Series C 33.48
1948 M N 894 -- 9014 Oct'27
lst & con g 6s series A__ 1952 J D 10812 Sale 10815 10812
89
9014
5 107% 109
Series D 3346
1950 F A
--- 894
Cart & Ad lst gu g 48
894 8914
891s
1
19811 D 9215 93 92 Aug'27
eels 9234 Cleve Shor Line 1st gu 4345_1981 A 0 104
894106
106
105
2 10115 106
Cent Branch UP 1st g 48._1948 J D 8912 Sale 8912
1
8912
83
8912 Cleve Union Term 5345
1972 A 0 10914 Sale 10914
Central of Ga 18t g bs_Nov 1945 F A 10534 10712 105%
10934
108 110%
5 1041z 107
10574
1st is f ba ser B
1973 A 0 10512 Sale 10534 1064 53 10312 10678
Consol gold bs
33
1945 M N 1055s
2 102 10678 Coal River By let gu 4s
- 105% 105%
1945 J D 9214 __ 92
88% 93
Registered
F A 10212
10212 Sept'27
10034 10212 Colorado & South 1st g 4s_ 1929 F A 9934 Sale
994
10-year secured 68__June 1929 J 13
99
99%
98
2714
2
5
3
102 -1034 102
1024 16 10134 10314
Refunding & exten
19354;. 945 A N
o 9914 Sale 99
Ref & gen 53.4s series B1959 A 0 10si2 10712 107
994 21
96% 994
107% 11 10412 107% Col dr H V 1st ext g 48
9634 97
963 Oct'27 -Ref & gen bs series C
4
96
,
91%
1959 A 0 iosai 105 105
1 102 105
105
Col & Tol 1st ext 48
1955 F A 9212 ____ 94 Sept'27
9042 94
Chatt Div pur money g 48_1951 J D 9112 9334 92 Oct'27
88% 92
Conn & Protium Riv 151 413._1943 A 0
Mac & Nor Div lst g 58_1946 J J 10414
884
884
10712 Oct'27
10112 10713 Consol By deb 45
1930 F A 8
7
98
2:
1 ::
25
2
- 8
96
8:8
.1 Ma2'
Mid Ga & Atl div 5s
96212
4
95,5 9814
1947.7 J 102
Oct'27
104
103 104
Non-cony 45
1964
J
77
Oct'27
Mobile Division be
7011 184
1946.7 .1 10512 10712 10514 Oct'27
102 10518
Non-cony deb 4s__J&J 195.5.7 .7 76
7912 77
Oct'27
Cent New Eng 1st gu 48
69%
774
1961 J J 86
88
33
89
8812
784 89
Non.conv deb 48_ _A&O 1955 A 0 76- 77
Oct'27
Central Ohio reorg 4345
77
74
1930 M S
- - 9912 Aug'27
99
9934
Non-cony debenture 48
1956 J
76 -rid 0
76
54
548 0c9
C727 9
Central RR of Ga colt g 58 1937M N 100694 7778
10015 10112
- 10012 10012 17
9912 101% Cuba Nor By let 53411
1942 D 96% Sale
Central of NJ gen gold 58
9534 98
11814 11834 11712 118% 24 112 119
Cuba RR 1st 50-year fes g
1952 J J 9778 Sale 97
97% 35
Registered
94% 98
11714 11814 120
Oct'27
112% 120
let ref 734s ser A
19361 D 10814 109 10813 109
Cent Pac lst ref gu g 48
1104
107
1949F A 95 Bale 94%
6
9518 47
9114 95'n
1st lien & ref 6s ser /3
19361 D 100
10012 1004
Registered
2
99% 1024
F A 91% _
9214 Oct'27
9032 9214 Day & Mich let cons 4145-1931 .1 .1 100 10014
_
100
Mtge guar gold 4 yis__Aug 19291 D 99
Oct'27
98% 100
99
3
99
9734 99
Del & Hudson let dr ref 48-1943 MN 9514 Sale
50
Through St L lag gu 48__.1954 A 0 91% -91
93% 97
1
9414 Oct'27
89% 9412
30-year cony be
1935 A 0
14
95
1 Sept'27
Guaranteed g bs
4
9 7
2
11412 153
1960 F A 10434 Sale 10414
10414 41 10112 10434
15-year 5148
193711 N 10412 Sale 10
06
412 106
51
1
Charter/ton dr Sayn'h 1st 7s_ _1936 J .7
15
8 103 106
_
11914 Aug'27 _- 11814 119%
10
-year
75
secured
19303 D 106
Ches & Ohio fund dr impt 513_1929 J J lei Sale 100%
1054 108
4 1004 10112 D Bit & Bdge let gu 48 g-1938 F A 96% Sale
101
___
let consol gold .58
96
9614
1939 M N 107%
107
10714 15 103% 108
Den & R G 1st cons g 48
9234 Sale 9214
1936
95 2 A99
Registered
2
2
237
4
8914 94
1939 M N 105 10512 105 May'27
42
-10212 105
Como] gold 4145
19363
96 Sale 96
General gold 434s
9614
94
97
1992 M S 1024 Sale 10112 10215 62
5
974 10212
Improvement gold 58
1928.7
D
100
10014
100
994 1004
100
Registered
18
M 8 9458 99
9812 Oct'27
9458 9812 Den dr R0 West gen ba_Aug 1955 MN 85 sale
85
83%
144
20-year cony 4348
73%
1930 F A 10012 Sale 10012 10012 54
994 10152 Des M & Ft D 1st gu 49.-1935 J
80 Bale 80
80
6
Craig Valley 1st 58
3386
19401 J 101% _
98 Sept'27
98 101
Temporary etfa of deposit____
26
30
26
Potts Creek Branch 1st 48_1946 J J 90 -91138
26
4 90
3
90
8934 92
Det & Mac_ 1st Deng 48_ _ 1995
80
82 80 0c2
V6217
2 R & A Dly 1st con g 4a
1989 J J ova_ 9114 Oct'27
7014 804
8678 9112
Gold 43
1995.7 D 70 _ 70
Oct'27 -2d consol gold 48
70
62
1989
88% -90
5
8858
89
8534 89
Detroit River Tunnel 4 Ygs.._1961 M N 101 Sale 10
03
07
18
4 jul
i0
y,127 16
Warm Springs V 1st g 58-.1941 M S 10114 -- 10012 Feb'27
97% 101
9978 10014 Dul Missabe & Nor gen 56._1941 J
103% _
Champ Corp cony 58May 15 1947 MN 9934 Sale 99%
10334 104%
95 10012 Dul & Iron Range 1st 58....._1937 A 0 10314 1-04
9934 238
104
104
2 101% 1044
Chic dr Alton RR ref g 38_ _ _1949 A 0 73 Sale 72%
71
9
7318
7312 Dal Sou Shore & Atl g 5s_ 1937 J .1 87
8834
88% 23
CU dep sted Oct 1927 lot
75% 88%
71%
71% Oct'27
71
7234 East By Minn Nor Div 1st 4e_'48 A 0 93% _ _ 87
Railway first lien 3148_ _ _1950 i-i 61
94
044
62 62
3
62
6114 6814 Earn T Va & Ga Div g
_1930
J
J
10034 ____ 10
94
034
4 j11100232
4
2
- 10034 lost:
CUB dep Jan '23 & sub coup
84
60
6012
4
60
6
6012
Cons let gold 5/4
1956 M N 10832 ___ 10812 10815
2 106 1084
Chic Burl & Q-III Div 3348_1949 :1--2
9012
4
90%
86% 91
Elgin Joliet & East 1st g 58_1941 11 N 10678 Sale 10434 106
74 102 106
Registered
J J
874 Aug'27
8714 8714 El Paso & 13 W 1st 5s
1965 A 0 10714 - - 1074 Oct'27
Illinois Division 48
104% 1074
1949.7 J 9814 --- 9734
9
94% 99
9812
Erie 1st cotutol gold 78 ext_ 193
J 107 1-0/14 107
96
0j
M S
107
General 45
1 106 107%
1958 M S 98 Sale 9734
9312 99
9812 50
let
cons
prior
g
4s
8818
Bale 88
18t & ref 43.48 ser B
8811 35
814 88%
1977 F A 102 Sale 10134 10214 112
97% 10214
Registered
1997 J J 79 _
8412 Oct'27 -let dr ref 54, seriee A
79
8412
1971 F A 10814 Sale 108% 10814
8 10518 10814
let censel gen lien g 45_ _ _ _1998 J .1 8212 Sale 8114
83
177
Chicago & East Iii let 65_ _1934 A 0 107 _
7312 83
107
2 108 107
107
Registered
1996
J J
C & E III By (new co) con 58_1951 M N 9114 Sale 9114
79
5
79
79
72
152
93
8038 94
Penn coil trust gold 42._ _ _1951 F A 10112 103 10112 10112
Chic & Erie 1st gold 5e
1
1982 M N 11014 -- 11014 1104 12 105 11014
9314 103
50-year cony 48 series A_ _1953 A 0 88 Bale 87%
88
Chicago Great West 1st 4s_ _1959 M S 7212 Sale 7212
76
78%
8814
188
73
6914 7478
B
Series
1953 A 0 8758 Sale 874
Chic Ind & Louisv-Ref 66_1947 I 2 11812 -- 118
88% 51
79
8834
Oct'27
113% 118
Gen cony 4s series D
1953 A 0
135 Sept'27 -- -Refunding gold 58
8416 135
19471 J 10414 - - 104 Sept'27
10314 10414
Ref & Met 58
1967 MN 9752 Sale 971a
Refunding 48 Series C. .19473 J 9112 _
9734 514
97
14
9114
9114 May'27
91
9114
Erie &Jersey 1st s f 64
1955 J J 11434 Sale 11434
11434 22 1111s 115
General ba A
1966 M N 10312
5
10312 104
9978 105,4
Genesee River let s f 55.1957.7 J 114% 115
6 111% 115
General 68 B
May 19663 .1 10978 Sale 109% 109%
1 106% 10978 Erie & Pitta gu g 33-48 B__ _1940 J .1 91% 9314 114% 1147s
91%
91%
1
Chic Ind & Sou 50-year 45_1958 J .1 9512 98
9014 91%
95%
95% 28
9215 9614
Series C 3sie
19403 .1 9034 _ _ _ 9114 Oct'27 -Chic L El& East 1st 4 Ms_ 1969 J D 100
9114
89
1004 Sept'27
96% 1004 Est RR exti s f 78
1954 MN 10012 Sale 9912 10012 89
C M & Puget Sd lat gu 45.__1949 J J
95% 10314
65-18 6812 Fla Cent & Penn 1st ext g ba.1930 .1 .7 10014
30
6378
644
--- 1004 July'27
_
U 8 Tr certifs of deposit ______
99% 101%
_
64
64
641
5514 6812
12
Consol
5s
gold
3
J
Sale
103
12
103
102%
Ch M & St P gen g 4sSer A.41989 i-3 8812 8914 8914
101% 103
86
894 35
90
Florida East Coast 1st 4148_1969
13 99 100 19
03
0
19400
Registered
9734 100
Q I
84% July'27
834 844
1st & ref bs series A
1974M S 9355 Sale
424
1
General gold 3345 ser B_ _41989 J J 7734 7834 79 Oct'27
94 1014
7412 79
Fonda
Johns
&
Glov
4
Yia.-1952
M
N
Gen 4348 series C_May 1989.7 .1 9834 Sale 9834
50
65
9914 24
9478 9912 Fort St U D Co ist g 4146_1941 J J 504 5114
97,4
Registered
94
97
95
Oct'27
95
95
Ft W & Den C 1st g 5346_1981 J D 108 1-(18-34
- 9
Gen & ref ger A 414s_ _Jan 2014 A 0 6512 Sale 65
76
1 Sp
c5
1
t2
27
2 :
:
8 10631 108
57
65% 21
6914
Ft
Worth
&
Rio Gr 1st g 48_ _1928 J J 994 9934 9934 Sept'27
Guar Tr certifs of deposly._ _
6524 Bale 6518
974
99%
65% 22
5878 70
Frem Elk & Mo Val 1st68_1933 A 0
Fen ref cony ser B 58 Jan 2014 1:i 6438 _
64%
64%
3
6512 68% GH&5AM&P1st5s1931MN 1064 109 10711 Oct'27 -- 10614 14812
10114 10134 10114 Oct'27
Guar Tr certifs of deposit_._
- 10012 10134
6414 Sale 64
55% 684
6412 109
2d extens bs guar
19311
let ser 68
2 10012 1024
1934 i-i 103% Sale 10372 104
42 10314 1064 Galv Hous & Rend 1st 58_ _1933 A J 1004 --- 10112 10112
0 10014 Sale 10014
Debenture 454s
2
101
1932 .1 D 6472 Sale 6434
9612 10112
5812 89
64% 23
Ga
&
Ala
Ry Ist cons 58_ Oct 1945 J J 1001410014
Bankers Tr certifs of deposit _
10014
6
98 10014
64% Sale 6434
56
8514 86
69
Ga Caro & Nor lst gu g 58-1929 J
10034 1004 10012 Oct'27
Debenture 48
98% 10011
1925 113
64% 85
65
Oct'27
5612
6812
Georgia
Midland
1st
38
1946 A 0 78
US Mtge & Tr ctfs of dep...... 644 Sale 6414
7734
nts 79
771
5
6434 45
6611 6812 Gr R & I ext 1st gu g 4 SO_ _ _1941 J J 994 79
25-year debenture la
- _ 9914 Oct'27
974 9914
1934.7 .1 64% 65 64
Oct'27
664 68
Grand Trunk of Can deb 78_1940 A 0 115 Sale 115
Farm L & Tr ctfs of dep.- - - 6412 Sale 64
115
8 11414 116
6418
14
56%
6814
15-year 8 f 68
1936 M S 10814 10872 10814
Chic & N'west gen g 334s.._ _1987 MN 84% 85 84
109
15 106% 109
8412 11
7814 84,
2 Grays Point Term let 58_ __ _1947 J D 9814 9934 97 Sept'27
Registered
97
974
@ F
-- 83 Oct'27
744 83
Great Nor gen 78 series A_ _.1936 J J 115 Sale 1147
General 4s
157 118 115%
11514
1987 M N 78%97 100
9714
9712
2
904 9712
Registered
J J
- 11414 Oct'27
Registered
114 11414
Q F 954 ____ 9514 Oct'27
92
9518
1st
&
ref
43411
10114
series
__1961
A__
J
J
1-01-12 10114
Stpd 45 non-p Fed in tax '87 M N
2
10134
97 102
9012 9714
97
9714
3
General 5345 series 13
19523 J 11218 Sale 11134 112% 18 108 112%
Gen 4%8stpd Fed Inc tax_1987 MN 109
109
Oct'27
105 109
General be series C
1973 .1 .1 10814 Sale 107
Gen basted Fed Inc tax
70 10014 108%
108
1987 M N 11412 Sale 114
3 10814 115
11412
General
series
434s
D__
_1976
J 10058 Sale 9958 100% 55
9.418 100%
Sinking fund 68
1879-1929 A 0 103% Sale 1C335 103%
1 10114 10534 Green Bay & West deb ate A.. Feb 857
85%
2
857
Registered
824 86
A 0 10214
_ 10234 May'27
101 10234
Debentures ctfs B
Feb 24 5-25
24
Sinking fund bs
Oct'27
21
so
1879-1939 A 0 10012 Sale 10012 100%
2 10014 1034 Greenbrier By 1st gu 4.1940 MN 9418 --- 93 Aug'27 _ _
93
934
Registered
1879-1929 A 0 10011-10012 Oct'27
1001s 10214 Gulf Mob J. Nor 1st 5348_1950 A 0 10612 Sale 10
Sinking fund deb bs
634 10634
9 105 108%
1933 M N 1024 10312 1024 10234
100% 10278
1st
M
58
series
C
1950A
0
1024
10278 10312 Oct'27
10012 1034
.Registered
M N 1024-- 101 Sept'27
101 102
Gulf & 8 1 1st ref & ter g 58.51952 J .1
4 ---10-year secured 7s g
1 107 108
1930.7 13 105% &an 105% 10578
7 105% 10714 Hocking Val lat cons g 4;48_1999 J J 1063* 10634 10712 10712
10614 10634
97% 108
15-year secured 614s g. _ 1936 M El 112% 113 11234 11234 21 11112 11312
Registered
1999 .1 J
9534 Mar'27
1st ref g 58
9514 9534
May2037 J D 11012 Bale 110
110% 48 10212 112% Housatonic By cons g 58_ _1937 M N 100
9811 loo
1
1st & ref 4348
May 2037 J D 10234 Sale 1024 10574 88
974 10578 H & T C 1st g Int guar
1937.7
J
10214
--__
10334 Sept'27 -.- Iowa 1037
Chic P.m & P Railway gen 45_1988 1 J 91% 9212 9112
,
9134
8734 9214
Waco&NWdiylst6a..193OMN 10314 10312 10314
1024
1034
Registered
10314
1
J J 88% 91314 89%
4
89%
8811 89% Houston Belt & Term let 51.1937.7 .1 10012 Bale
eels 1014
100
10012 12
Refunding gold 48
1934 A 0 95 Sale 9434
9214 95% Houston E & W Tex let g 58_1933 M N 10012
95% 205
---- 101 June'27 - -- 1004 10134
Registered
A 0
92% 9372
93% Oct'27
lat guar ba red
1933 M N 102 108 10934 Sept'27 - - 10014 109%
Secured 43.4s series A
1952 MS 96 Sale 95%
327
96
9434 96
Hud & Manhat Si series A..1967 F A 10214 Sale 10134
Cb St L & N 0 Mem Div 45_1851 J D 9014_
98 1024
1094 69
91 Aug'27
8914 91
F A
9714 9714
Ch St L & P let corm g 58._ _1932 A 0 10214 1-034 102
June'27
Oct'27
10114 102%
AdR
lus
ellia
tmergIncome be Feb 1957 A 0
Sale 9249l14
134
9314
Chic St P M & 0 cons 68_ _ _1930 J D 10275 10314 102% 10314
131
7 1024 104
Illinois
Central
18t
gold
411..
_1951
J
9
51
22
14
9 _1_ 975
._22
921 0ct27
94
Cons 85 reduced to 3348_1930 J D 9552 -- 9614 May'27
9712
96
9614
Registered
1951 .1 .1
Debenture 58
Apr'27
92%
925
8
1930 M El 100 foolm 100
100
994 10012
2
1st gold 3348
1951 .1 J 8912 ---- 9012 Oct'27
Stamped
87
804
9934 1004 100
10012
99% 101
3
Extended 1st gold 3Ms_ _ _1951 A 0 8915 ---- 883s Apr'27 -Chic T H & So East lat 55_ _1960 1 ID 10078 Sale 10014
_88,4 894
101
9358 101
55
1st gold 38 sterling
1951 MA
75% ---- 7512 June'27 -Inc gu bs
7512
73
Dec 1 1960M 13 95 Sale 94%
8734 96%
95% 63
Collateral
trust
gold
48_1952
A
0
025
8
Chic Un Sta'n lst gu 414a A_1963 J J 10112 Bale 10114 10134 58
--- 0214
9214
1
9012 93%
9714 101%
A 0 847 ____ 88 July'27
181 58 series B
88
894
19631 J 10512 - - 10512 10534
10312
5
106
lstr
ilelli
efu
22e
ndred
ing 48
1955 M N 9738 Sale 974
ulDe 97%
Guaranteed g 58
19441 D 10455 Sale 1044 104% 29 10112 10532
9734 15
Purchased lines 334s
19523 J 9
811
1% 90
9214
4 ogievz
80's921
let 6348 series C
12
11914
19633 J 11734 Bale 11734 11818
85
2 11614 11834
Collateral trust gold 48_ _1953 M N
Chic & West Ind gen g 68...91932 Q M 1051*-- -- 10518 10518
88
13
924
3 105 106
Registered
MN
Consol 50-year 4s
8612 Oct'27
19523 J 91
s612 86%
914 90
91% 42
864 92
Refunding
ba
11112 Sale 110% 11112
let ref 534s ser A
1962 M S 10514 Sale 104% 10514 14 10312 10512
7 10ess iii12
15-year secured 814sg._ 193
956
51J
54 N 11312 -- 11312 1133
Choc Okla & Gulf cone Ss_ 1952 M N 10434 -- 104 July'27
7 1111 1134
4
10314 104$2
40-year 4348
Aug 1 1966 F A 10138 Sale 101
Cht /1 & D 2d gold 45i8
9631 1004
106
1937.7 .
10134
9812 Sept'27
97% 9812
1 9918
Cairo
Bridge gold 45
19503 D 95l
C I St 1. & C 1st g 48._ _Aug 1936 Q F 97% -9914 97% Oct'27
SeOctpt'27
924 944
9514 99
Litchfield Div 1st gold 38_1951 J
80: -811-2 89403142
Registered
Aug 1936 Q F 974 9834 9614 June'27
7614 8014
9518 9614
Loutsv Div & Term g 3348.1953 J J 85 Sale 86
Cin Leb & Nor gu 48 g
1
85
8219 85
1942 I'd N 92
9512 9312 Sept'27
904 93%
Omaha Div 1st gold 38. _ _1951 F A
CI° S & CI cons 1st g 58
78%
7834 Oct'27
76
1928.7 J 100 100% 100
Oct'27
100 1004
St Louis Div & Term g 35.1951 .1 J
80
Clearfield & Malt 1st gu 58_1943 J J 100%
Oct'27
764 8013
9912 July'27
9912 9912
Gold 3148
1951 J J 8714 ---- 87
854
98%
Oct'27
Cleve Chi Ch & St L gen 48_1993 J D 9634 -9712 96%
96% 11
89
98
Springfield Div let g 3 As_1951 J J 88
8814 88
88
Oct'27
88
Registered
9312 May'27
92
9312
Western Linea 1st g 4/3_1951 F A
9214 --- 923 Oct'27
9012 92%
20-year deb 4348
1931 J J 101,4 -- 100%
1
1003s
98% 10012 III Central & Chic St L & N 0
General bs Series B
1993.7 D 11118 -_ 10814 Sept'27
10734 113
Joint lat ref ba series A_1963 J D 108 Sale 107%
38 1034 1084
108
Ref & linpt firi series A _ _ _1929 J J 102% Sale 10258 10272 27 101% 10314
1st & ref 4345 ser C
D NO Sale 9912 100
1983
964 10014
97
1941.7 J 107 108 107
68 series C
107
11 105 108,4
Gold 55
1951 J D 10814
10812 Sept'27
104% 10812
1963.7 J 10412 Sale 104% 104% 55 102% 10514
be series D
Registered
D 104% __ 1034 Mar'27
1034 10314
Cairo Div 1st gold 45
1939 J J 964 _
Oct'27
96
9312 99
Gold 4348
19513 D
85 85
85 Sept'27
On W & AI Div 1st g 45_ _1991 J .11 9012 Bale 904
91
88
Ind Bloom & West 1st ext 48_1940 A 0 934 -3
9012
934 93%
9312 Sept'27
St L Div 1st coll tr g g 48_1990 MN 9178 Sale 91%
91% 13
87
9178 Ind III & Iowa 1st g 4s
19503 J 963* -___ 964 Oct'27
93%
964
Registered
M N 9134
Ind & Louisville let gu 48_1058 J .1 8772
90 Sept'27
8714 90
_ 8734 Oct'27
84
904
Spr & Col Div 1st g 48_1940 M S 973s ---- 97
2
97
91% 9714 Ind Union Ry gen ba set A-1965 J
101%
103 Sept'27 ....„ 10112 103%
W W Val Dtv 1st g 48.....1940 J J
91
Apr'27
Gen & red 55 series 13
-- 9612
9712
19663 J 10314 Sale 10314
1 1014 10314
10314
CCC&Igenconsges_19341 1 1084
10612 10914 Int & Ott Nor ist 68 ser A_ _1952 .1 II 107 Sale 107
98%10834 10814 Oct'27
10714 46 105% 108%
Clev Lor & W con 1st g 58_1933 A 0 103 10358 10234 Oct'27
102% 10335
Adjustment 118 ser A July 1952 Apri 9734 Sale
9758
834 9814
9814 36
b Due Feb. r Rue May. p Due Dv.




1(9. 7 t I

gr.

--

2505

New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

Price
Friday,
Nov. 4.

Week's
Range or
Last Sale.

4k3

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

Pries
Friday,
Nov. 4.

Week's
Range or
Last Sale.

rn

Ranee
Since
Jan. 1.

Bid
Ask Low
High No, LOW
8112 H10
8
:
84
Hial
High No. Low
Bid
Ask Low
Sale _ 1077s
98,48
8434.
10812 12 106% 109%
N Y Cent RR cony deb 6a__1935 MN 1081s
A prl 88
1
4 Oct'27
Int Gt Nor (ccncl) Adj 6s stpd
98
88/
9612 123 90
96': Sale 9514
FA
45
A
1998
103
Consol
series
J
9814
J
9612
1956
10134 Sale 10114 10134
lst 58 series B
Ref dr impt 4348 series A_2013 A0 10414 Sale 10311 10414 17 9778 10412
85
49
75
85
Int Rys Cent Amer 1st 58.-1972 MN 8412 Sale 83%
9912 28
911 9558
Ref & impt 52 series C.-2013 AO 109% Sale 10914
1095g Ill 10514 109%
1941 MN 9514 Sale 95
let coil Sr 6% notes
10512
AO
Jan'27
Registered
10512 10513
9184 31
1947 PA 9212 Sale 91
90
9252
1st lien & ref 8345
Sale 8512
86
1
41
4114
16 8018 8714
5812 N Y Cent & Hud Riv M 334s '97 3,
Iowa Central let gold 58-1938 D 4114 Sale 4114
8438 Oct'27
1997
785g 84/8
55
Registered
3
40
4114
Certificates of deposit
4114 43 4114
98
9812 56 9614 9834
1934 MN
Debenture gold 48
1412 2112
1951 MS 1434 Sale 1434
1652 13
Refunding gold 48
96 Feb'27
M N 95%
96
Registered
96
91/
1
4 96
James Frank & Clear 1st 46_1959 JD 9434
_ 94 Sept'27 ---9718 -6f5-2 97% Oct'27
1942
941s 985s
30-year debenture 45
103 103
19383, 103
103 May'27
Ka A & G R ist gu g 53
8432 12 7918 85
84% Sale 8352
Lake Shore coil gold 3%5_1998
1990 AO 90
8558 8912
89% Oct'27
Kan & M 1st gu g 48
82 Sept'27
Registered
1998 F A 8158
8 10058 102
1928 MN 10072 Sale 10058 10078
K C Ft S & M cons g 6s
841g Oct'27
7
2933
5 4 85
Mich Cent coil gold 334s., 1998 F A 84
21.1
92
9558
95,2 77
K C Ft S& M Ry ref g 4a 1936 AO 9512 Sale 9538
787g 8214
811s July'27
1998
2
9912 10214
A. 8212
Registered
1929 AO 10058 101 10012 10012
KC&MR&B lstgu 5s
12
9612 17 9414 9554
0i9612
9612
7712
102
7318
7712
AO
N
Y
Chic
&
St
L
1st
g
35_1950
7712 Sale 7652
Kansas City Sou 1st gold
9514
94
951s
9438 Sept'27
Registered
Apr 195033 10284 Sale 10132 10234 109
9914 10234
1937
Ref & hunt fa
9884
9834 10 9618 9914
99
25-year debenture 48
1931
88
93
92% 58
Kansas City Term 1st 43__._1960.33 927g 9314 9234
J
1pAFF
Wi4 NA0C 10
98
2
7
38
:
4 Sale 10234 10334 16
2d fis series ABC
8112 91
1931 AM3
Kentucky Central gold 4s___1987 J J 907 92
9058
1
9058
°4
2118
S 10
071
13
1
4 10714 83 10
1E7
0:Sale 100/
0
As :
Kentucky & Ind Term 4338_1961
8713 ___ 87% Oct'27 ---8518 9452
Refunding 5548 series A 1974
Sale 10654 10718 37 1041g 107%
Refunding 51.0 series 13_1975
1961 33 905 Sale 905s
9058
5
8812 91
Stamped
3 96% ____ 9658 Sept'27
2 94% 10012
10052 1008s 100%
1961
9052 9713 N Y Connect lst gu 43is A 1953
Plain
10338 106J 103 Sale 103
1st guar 53 series B
103
2 101 103
1951 F A 10434 10512 10438 Oct'27
1937
Lake Erie & West let g 5s
9134 Oct'26
J 10212 104 103 Sept'27 ---- 10018 103
1941
N Y & Erie 181 ext gold 48_1947 M N 91
2d gold 53
gois
5
IC014
Sale 10014
8012 8632
3d ext gold 4348
85%
1
1933
Lake Shr & Mich S g 3338-1997 JD 8512 8614 853
9538 10178
10084 Oct'27
8312
4th ext gold 5.3
A D
O 1044
1997 JD
80
1930 j
Registered
8312 Sept.27 99 Nov'26
5th ext gold 45
1928 MS 100 Sale 99/
1928
1
4 101
66
9814 101
Debenture gold 413
-55410038
100 Sept'27
MNN 1803012
N Y & Grcenw L gu g 58.-1946 MN
1931 MN. 9052 Sale 9912
48
973 100
997
25-year gold 48
81/
1
4 85%
841
/
4 June'27
MN 971
9914 9914 NY & Harlem gold 334s2000
___ 9914 Oct'27
Registered
1 10413 107/
8212 921,
8212 Mar'27
MN
Registered
Leh Val Harbor Term 58-___1954 FA 105/
1
4
8108 10613 10612
1
4
80 July'26
98% 10134 NY Lack & W lat & ref 5s __1973 MN 16Leh Val NY 1st gu g 4345_1940 J .1 10034 _-- 10134 Oct'27
102 10812
10812 Oct'27
First & ref 434s
1973 M N 10734
915
17
8614 92
Lehigh Val (Pa) 00101 g 415-2003 MN 9112 Sale 9012
106 106
106 Feb'27
MN
1930 M 5 10614
89 May'27 84
8912 NY LE& W 1st 7sext
Registered
100/
1
4 10153
92
1,2 Sale 10034 101
,1 10
A 0
N Y & Jersey lst 58
1932 F
2003 MN 10112 Sale 10138 10134 33
97 102
' General cons 4 As
91
91
91
Apr'27
MN
97
98
NY&NE Bost Term 481939
98
98
2
Registered
86
74
Oct'27
-13Y54 85
1947
Lehigh Val RR gen 58 series_2003 MN 1554 11014 10934 11014 36 10318 11018 NYNH& H n-c deb 4s
_ 798 79% 1 7238 79%
Non-cony debenture 3348_1947
Leh V Term Ry 1st gu g 5a1941 AO 10914 ____ 10618 Oct'27 ---- 10212 10612
1 68% 7634
94834
4
7634
76
7634
A 0
88 8
AO 10312
10218 10212
Non-cony debenture 3345_1954 MM
10218 Oct'27
Registered
85
9 76
8434 Sale 8412
8434
J 8
90
Non-cony debenture 48„.1955 3
88 N
Lela & N Y lst guar gold 48__1945 M S 92 -95
911
/
4 12
91
9112
85
Sale 8412
175 7678 85
Non-cony debenture 43_1956
7 10984 1137
Lox & East let 50-yr 56 gu-1965 AO 11378 Sale 11312 11378
6 6832 771s
77
Cony debenture 330
1956 J J 77 Sale 77
Little Miami gen 48 Ser A-19
96
38
2 MN
921 Oct'27 ---8638 9212
28 10512 11418
Cony debenture 65
AO 109
9312 95 109 Aug'27 10834 10912
1948 j j 112% Sale 11212 113
Long Dock consol g 68
110
2 103 111
110
Registered
9958 10113
Long Isld 1st con gold 53July 1931 @ J 10112 __ 10112 Oct'27 ---24 10278 10518
105
105
/
1
4
10514
0
Collateral
A
11931
trust
65
1940
0
514
_July
ct
98
_-_
9814
Oct'27
---98
9814
gold
4s_
1st 100801
_ 10912 10912
10912 Oct'27
95
10
9258 98%
Registered
1938 JD 95 Sale 9454
General gold 45
79
23 0912 7914
9318 9614
Debenture 48
1932 JD 9512
1957 M N 79 Sale 78
9014 Sept.27
Gold 48
911
/
4
911
91
8814 9112
'2
Harlem
N
91
R
&
Pt
Ches
1st
4s
1954
M
9118
92
9034
1949 M
Oct'27 ---89
United gold 42
99% Aug'27
997S 100
1
99 10112 N Y & Northern 1st g 5s____1927
1934 ID 10014 10112 10114
10114
Debenture gold 58
4
7814 81,
N
Y
0
&
29
W
ref
8112
Sale
10012
__
lst
g
4s_June
1992
M
S
805
MN
10018
10018
4
53
1937
1
981s
10014
8114
deb
-year
p
m
20
80
15 73
791
1949 MS 91% sale 9112
General 48
92
9
8834 93
1955 J D 7914 Sale 7914
Guar refunding gold 48
NY Providence & Boston 48 1942 A 0 908
9058 90%
9058 Sept'27
2 100 101
Nor Sh B 1st con gu 58_0ct'32 Q J 10034 ---- 10034 10034
8978 9375
9234
2
8952 927 NY & Putnam 1st con gu 45 1933 A 0 9612 ---- 93% Oct'27
Lou & Jeff ledge Co gu g 4s 1945 MS 9234-- 9234
N Y Susq & West 1st ref 59_1937 J .1 9014 91
1
4 211,18
7 87/
9012
91
1937 MN 10534 1-6713 107
Oct'27
106% 107
Louisville & Nashville 5s
5
J 9812 Sale 9814
1
4
2d
80
7234 80/
7912
June'27
gold
4
Hs
1937
74
1940
F
A
Unified gold 42
9812 25
951
/
4 981
/
4
J
9658 May'27 General gold 53
95
1940 F A 76
7614 76%
9658
7614 11 7115 80
Registered
98/
1
4 101
Terminal 1st gold 55
2 101 1021
1943 M N 100 __ __ 101 June'27
Collateral trust gold 58....1931 MN 10188 10213 10138 10138
/
4
72 78/
N Y W'ches & B 1st ser I 4148'46 J J 8812 Sale 8814
20 10318 108
1
4 89/
89
10-year secured 72
1930 MN 105 Sale 10412 105
1
4
1
4 109 10878 10934
1
4 190/
1
4
9934 104 93/
Nord Ry ext'l a 1 6 Yis
1950 A 0 9958 Sale 9813
1st refund 5345 series A2003 AO 108/
8 105 110
32 9054 97
1st & ref is series B
7 10584 1087s Norfolk South let & ref A 58_1961 F A 9614 Sale 9614
2003 AO 10814 Sale 10712 10814
97
10012 102/
1
4
1st & ref 410 series C___ _2003 AO 10418 10454 10434 1048i
5
99/
1
4 10512 Norfolk & South let gold 58_1941 M N 10214 Sale 10214 10214
104/
1
4 10655
& M let gold 68
10278 1035s 103
Oct'27 ---- 103 10458 Norfolk & West gen gold 66_1931 M N 10512 10612 105% Oct'27
1930 J
10818 110
109 Oct'27
2d gold 68
Improvement & ext 68-1934 F A 109
103% 10384
1930 J J 1027 103% 10334 Aug'27
New River 1st gold 68
1932 A 0 106 10712 106% 106% 18 106 107
Paducah dr Mem Div 48-1946 FA 95/
1
4 Oct'27 ---1
4 ---- 95/
93/
1
4 9612
N & W Ry ist coma g 48..-1996 A 0 9814 Sale 98
9814 26 92% 9514
St Louis Div 2d gold 313_1980 M
6838 Oct'27 ---6784
6612 69
9278 95
Registered
Mob & Montg 1st g 41381945 MS 10138 10312 10138 Oct'27 ---- 10014 10152
19
99
26
9 A 0 96
9634 94% Aug'27
95%
9555 31 93
Dl
let lien & gen g 4a-1944 .1 J 9558 Sale 95
South Ry joint Monon 46_19523, 9212 Sale 9212
9212 10
87/
1
4 9212
158 187
18612 Sept'27
113-yr cony 6s
Ati Knoxv & Cin Div 48..1955 MN 9714 Sale 9634
931 9712
9732
6
5 9274 96
9512
Loulsv Cin & Leg Div g 4145'31 MN 10012 10084 10038 Oct'27
Pocah C & C Joint 48
1941 3 D . 9512 Sale 95%
99/
1
4 10012
/
4 North Cent gen & ref 56 A-1974 M S 1074 --- 10658 Sept-'27
10558 107
J 10212 10412 10213 Oct'27 ---- 10212 1031
Mahon Coal RR 1st 55
1934
97
9934
99 June'27
Manila R11(South Lines) 48_1939 MN 7414 741 7414
Gen & ref 43is series A1975
2
66
7414
7812
4
2 9412 10013
North Ohio 1st guar g 68.-1945 A 0 100% ---- 10012 1001
1st 48
1959 MN 8012 Sale 80
8012
73% 84
Manitoba SW Coloniza'n 58 1934 ID 10012 10112 101
/
4 97
74 911
North Pacific prior lien 45-1997 Q J 9612 963 9614
Oct'27 ---- 100 101
961
Man GB&NW lst 3Ha1941 J J 8854 90% 88 Sept.27 ---2 905s 955s
95%
Registered
87
88
1997 Q J 9512 961 95%
M 10138 10211 10112 July'27 ---- 10112 1011
Mich Cent Det& Bay City 53.'31
/
4
7114 49 6555 711
Gen'l lien gold 38-__Jan 2047 Q F 7038 Sale 6934
/
4
1940
J 9584 98
1 635s 69
69
Mich Air Line 48
9534 Sept'27
Registered
9514 97
Jan 2047 Q F 69 ____ 69
1952 MN 8
Ref & MIA 4Hs series A-2047 J .1 10318 Sale 10212 10318 15 96 103/
99
83
34
8
8934
1st gold 3338
1
4
8984
3
8584 90
997 99/
1
4
9934 61
1929 AO
98
20-year debenture 48
98
98 May'27
Registered
9838 100
1940 AO 97
Ref & inapt 65series B__.-2047 j
Mid of N J lst ext 58
9784 97
97
1
4 11514 44 111 11614
214 Sal
--(3
- 114/
1
95
981s
15
J i
J 19
3 j 11158
Milw L S & West imp g 58_1929 FA 10034 101 101
11514 11514
11514 Oct'27
101
2 10014 10158
Registered
Ref & impt 58 series C_-2047 3 .1 108 1081 108
Mil & Nor Ist ext 4%8(1880) 1934
D 9758 98
9813 Dec'26 -10318 109
108
1934 ID 9758 -___ 97% Oct'27
Ref Ss impt 58 series D___2047 J J 10158 1081 10734 10814 12 10318 108/
Cons ext 4348(1884)
-02 98
1
4
1947 M
0538---- 96
Nor Pat Term Co Ist 14 63-.1933 .1 J 10934 -__ 10934 July'27
Mil Spar & N W 1st gu 48
Oct'27 ---92/
1
4 96
109/
1
4 10978
Nor Ry of Calif guar g E8..--1938 A 0 10634 ___ 10684 Oct'27
Milw & State L 1st gu 334s.1941 13 87
91
83% Dec'25
103 10654
North Wisconsin let 68
4
102/
1
4 103/
1
4
19301 J 10212 103'2 10212 Sept'27
Minn & St Louis 1st cons 58_1934 MN 49 Sale 49
49
4938 57
Og & L Cham let gu 4s g
Temp ctfs of deposit
MN 4814 4812 4814
1948 .1 J 8512 861± 8513 Oct'27
8158 88
48/
1
4
1
46/
1
4 65
Ohio Connecting Ry lst 48_1943 M 5 921i --- 9452 Mar'27
let dr refunding gold 48___1949 MS 16/
1
4 18
17
18
14
17
23
94/
1
4 9451
Ref ext 50-yr 58 ser A__1962 Q F 1234 14
12/
1
4
1
4
3 102 104/
1936 1 D 10318 1041 10312 103%
12/
1
4
1
12/
1
4 1514 Ohio River RR 1st g 58
78
86/
1
4 91
General gold 511
1937 A 0 10212 ____ 10212 Aug'27
M St P&SSM con g 45 int gu'383, 9014 Sale 9014
91
10114 103
Oregon RR dr Nay con g 48.19461 D 951s 96
9458
9514 27 8855 9514
Registered
88
Oct'27 ---86
88
ist cons 58
1938 31 9734 -__ 98
Oct'27 ---96
9934 Ore Short Line 1st cons g 58.19463 J 10912 Bale 10938 1095s 57 10634 110
106 110
Guar cons 5e
1946 1 3 10912 100 10938 Oct'27
1st cons ta gu as to Int..
1938 J
9958 Sale 9938
9614 9952
9958 23
10-year coil trust 6335
1931 MS 10184 102,4 102
102
Guar refunding 48
2
9712 102/
1929.3 D 9934 Sale 9913
9934 59 9814 100
1
4
1st & ref 138 series A
1945
10214 Sale 1011
/
4 10238
8
9814 10234 Oregon-Wash 1st & ref 48._1961 J J 9212 Sale 9134
925s 35 86% 92%
25-year 5348
92
7 88
89
1949 M 13 94/
1
4 96
95
Pacific Coast Co let g 5s
9512 13
1946 J D 89 Sale 8812
8214 96
1 9354 95
lit Chicago Term a 148.-1941 M N 9638 ___ 9838 Oct'27
9458
9734 9832 Pat RR of Mo 1st ext g 45-1938 F A 9438 ____ 9458
102 10264
Mississippi Central 1st U-1949 J J 973
2d extended gold 58
9738 Oct'27 __-95% 9752
1938 J .1 --98 10054
Mo Kan dr Tex let gold 48_1990 J 13 9112
49184
91-72 9134
3
8614 91'4 Paducah & Ills let a 1 4345,19553 1 100': ---- 10034 Oct'27
1
4 97
Mo-K-T RR pr lien 58 ser A-1962 J J 10434 Sale 10484 10478 29 101 10514 Paris-Lyons-Med RR 68-1958 F A 955 Sale 94/
192 87/
1
4
96
1
4 103/
40-year 48 series B
1962 J J 9234 Sale 9114
1
4
9134
10214 160 96/
7
Sinking fund external 75-1958 M 5 10134 Sale 101
851± 9134
1
4 102/
1
4
10-year 65 series C
1932 J J 10318 Sale 103
10312 27 10252 104
100/
1
4 52 95/
PariaOrlean RR s f 78-1954 M S 10012 10072 100
/
4 103/
1
4
Cum adjust be ser A Jan_1967 A 0 107 Sale 10578 107
10214 14 1011
155
96 10814 Feasts Ry let & ref s f 78-1942 M 5 10112 10212 102
Oct'27
Mo Pac 1st & ref 5s ser A1965 F A 10212 Sale 102
93/
1
4 9858
10212 47
9734 10212 Pennsylvania RR eons g 48-1943 M N 10018 ___ 98
General 48
1975 M
9414 99
9812
7914 Sale 78%
7914.
7
.
6
_
Consol gold 48
194881 N 9812 Sale 977
7412 7912
1st & ref 5s ser F
1977 M 13 101 Bale 10058 10118 38%
94/
1
4 9434
48 sterl etpd dollar_May 1 1948 M N 9738 9812 9834 Oct'27
8
97/
1
4 101
10538 56 10178 10512
Mo Pat 2d 75 ext at 4% July 1938 MN 94/
1
4 95
1
4 ____ 105
95
1960 F A 105/
Oct'27
9278 95
Consolidated 4358
Mob & BIr prior lien g 68
1945 J
101_--_ 9734 June'27
General 434s series A
9734 99
1965 J D 10412 Sale 10334 10412 68 9914 10412
let m gold 43
1
4
19453 .1 0014 9214 91
11214 63 10678 112/
Oct'27
General 55 series B
1968 3 D 11234 Sale 11218
86/
1
4 9214
Small
1945j
86/
1
4 9114 857 Oct'27 ____
10614 68 10584 107%
10-year secured 75
19341 A 0 106 Sale 106
82
8578
Mobile & Ohio new gold 65-1927 J D
_ 100
Oct'27 __
33 11134 11314
15-year secured 6)45
1936 F A 112/
1
4 Sale 11258 113
100 102
General gold 4s
1938 M S 99%1111
/
4 1111
/
4
95
9872 9512 Sept'27 -___
9212 9512
Registered
F A 1111
/
4 ____ 11138 Aug'27
Montgomery Div 1st g 58-1947 F A 10212
_- 10458 105
44 102 106
40-year secured gold 54_1964 M N 10478 Sale 10412 105
10 1001
/
4 105
1927 .1 D 9934 110
St Louis Division 58
89
89
Pa
Co
Mar'27
9934 Oct'27
9
gu
3345
coil
tr
A
____
89
5
9
12
reg_1937 l'al S 8918
109
981148
1977 M S 97/
Ref & impt 43is
1
4 Sale 97%
86
89/
1
4
978
Guar 3349 coil trust ser B_1941 F A 8814 ---- $714 Oct'27
Mob & mar 1st gu gold 42_1991 M S 96
97
85
87/
1
4
Guar 33is trust Ws C__1942 J D 8858 ____ 8734 Oct'27
97% Oct'2 ____
911
/
4 9712
Mont C 1st gu 133
19373 .1 11272 ____ 11214 Oct'2 __
8424 8734
Guar 33is trust ctfs D__1944 J 0 8752 - _ -- 873 Oct'27
11014 11312
Registered
11112 Mar'27
Guar 15-25-year gold 4s_1931 A 0 9938 ____ 9938 Oct'27
11112 11134
97/
1
4 9958
1937
1 11 165
let guar gold 55
:
_ 10558 10584 2 1032s 10614 Guar 413 series E
9314
1952 M N 9314 ____ 93
9314 13 88
Morris & Essex lst gu 3ms...z000 J D 8478 Sale 847
Pa Ohio AC Det Ist & ref 43.4s A'77 A 0 10034 Sale 10014
101
847
7
80% 85
86 9534 101
Washy Chatt & St L 1st 55_1928 A 0 10858 Sale 10038 10024 28 10014 10113 Peoria & Eastern Ist cons 48_1940 A 0 9138 92
9113
9112
5 8514 9112
N Fla & 1st gu g 58
1937F A
April 1990 Apr. 4572 Sale 457
104
Income 48
Oct'2 ::__ 10258 104
10 4134 53
457
Nat Ry of Mex pr lien 4345.19573 J
10384 10718
Peoria & Pekin Un 181 5348_1974 F A 10658 107 1071 Oct'27
30 SepV2
Assent cash war rct No 4 on
,
8 107
1-10iLw
Pere
Marquette
let
ser
A
58-1956
J
.1
1043
4
Sale
1043
16
4
1218
5i
104% 23 103
sf48
-year
70
1977
A
Guar
0
921s
let 45 series It
8712 Aug'25
19563 .1 9212 92/
1
4 9134
5 89
9214
Assent cash war rdt No 5 on
2184 3
20
955s 99
Phila Bait & Wash 1st g 4s._1943 NI N 9754 9812 99 Sept'27
18911:
y
22218
4 -53
-17
28
19263 J
Nat RR Nlex pr I 430
11013 1125s
General 544 series B
1974 F A 11232 113 1121s Sept'27
July
44
war
rct
No 4 on
4114
Assent cash
"i5i8
1928 1978-2-5- "ii"
Philippine Ry let 30-yr s f 4a 1937 J .1 4158 4214 42 Oct'27
1951 A.--31
let consol 48
106/
1
4 10614
Pine Creek registered 1st 68_ 194
30
2 J D 10638 _ __ 10634 June'27
28 Apr'26
91
4
1
Assent cash war rct No -11
99/
1
4 102/
1
4
1078 Sale 107
PCC&StLgu434sA
A 0 1002 10114 10118
11
21
10118
9
16
/
1
4
Naugatuck RI1 1st 548
100/
1
4 102/
1
4
8612
Series B 434s guar
1942 A 0 10218 ____ 10218 Oct'27
8758 July'27 ____
8758 8738
1945 J J 1007 ____ 10158 June'27 ____
New England cons 5s
100/
1
4 101/
1
4
Series C 413s guar
1942 131 N 10212 ____ 101 July'27
8913 10132
19463 J 8918 ____ 89% Aug'27 ____
Como' guar 42
98
98
Series D 42 guar
1945 M N 9712 9912 98 Sept'27
8712 8912
1986 F A 881
NJ June RR guar let 45
96/
1
4 98
Series E 330 guar gold_1949 F A
9558 ____ 9738 Sept'27
/
4 __ 8512 Sept'27
8513 8513
NO&NE 1st ref & Imp4138A'52 J
9714 10015
Series F 48 guar gold
1953 J D --------9714 Apr'27
9934 -_- 100
Oct'27
9612 100
9618 9734
New Orleans Term 1st 4s_..1953 J J 9178 Sale 91
Series 0 48 guar
1957 M N --------9784 Sept'27
917s 139
8718 92
97/
1
4 100/
1
4
N 0Texas & Mex n-c Inc 5a_ ag:
Series 11 con guar 45
1960 F A 9558____ 975 Aug'27
10014 10012 10012 10912 11 100 1011s
9958 10412
5a series B
1st
Series I cons guar 41313
1963 F A 10318 ---- 10412 Oct'27
100 10012 10012 10114 17 100 10113
1956 F A 10334 10434 10434 104/
100 10312
Series1 cons guar 430
1964 M N 103
1st 58 series C.,
____ 10312 Sept'27
8 103 105
1
4
1954 A 0 10513 Sale 105
56 10624 114
General M 5s series A
1970 J 13 114 Bale 112
114
1st 5342 series A
10512 37 10434 10614
N & c 00ge gen guar 4148_1945 J
,
4 114
19 108
Gera mtge guar 5.2 series B_1975 A 0 114 Sale 11134 114
9814 Sept'27 ____
97
9864
NYBAMB 'strong 58._1935 A 0 102 10211 102
112 112
Registered
A 0 --------112
Oct'27
102
2 10058 1031s




1078

3

2506
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

New York Bond Record-Continued-Page 4
Price
Friday,
Nov. 4.

Week's
Range or
Last Sale.

Bid
Ask Low
High No.
5
Pitts & L Erie 2d g 5s_ Jan 1928 A 0 998 ____ 101
101
Pitts McK & Y lst gu (is_ __ _1932 J J 104% ____ 106 May'27
2d guar 68
10134 Nov'26
19341 .1 10678
Pitts Sh & L E 1st g Is
1940 A 0 10238
10314 Sept'27
let consol gold 58
10012 Apr'27
1943.7 J 10012
Pitts Va & Char 1st 4s
95
Oct'27
1943 MN 954
Pitts Y & Ash 1st cons 5s___ _1927 MN 9978 ____ 100 July'27
1st gen 4s series A
9478 Oct'27
1948 J D 9578
let gen 55 series B
____ 10712 Oct'27
1962 F A 106
Providence Secur deb 48__ _1957 M N 7418 ____ 77
Oct'27
Providence Term 1st 45
8418 July'27
1956 M S 8612
Reading Co Jersey Cen coil 4s51 A o 9638 9678 9638
967o 28
9512 Oct'27
Registered
A 0
Gen & ref 4344 series A_ _ _1997 J .1 10218 Sale 1018 10218 38
Rich & Meek 1st g 4s
82
8212 8238 Sept'27
1948 MN
Rictun Term Ry 1st gu 5s_ 1952 J J 103 ____ 103
Oct'27
RIO Grande June 1st gu 58_1939 .1 D 10014 _ _ 10218 Oct'27 _
Rio Grande Sou 1st gold 4s 1940 J J
512 -73-4 734 Aug'27 _
5
Rio Grande West 1st gold 48_1939 .1 1 94
94
944 94
18
1st con & coil trust 45 A_ _1949 A 0 88 Sale 86%
88
R I Ark & Louis 1st 4)as__1934 M S 9712 Sale 9712 9731 15
Oct'27
Rut-Canada 1st gu g 48
87
1949 J J 84% 86
Rutland let con g 4344
9512 Oct'27
1941 .1 J 96
1
St Jos & Grand 1st let g
1947 .1 J
St Lawr & Adir 1st g 55_ _1996 J .1
10
80
9
'
18 Sept'
2d gold 88
1996 A 0 1109897911':
4
__ 10714 Aug'27
St L & Cairo guar g 413
Oct'27
1931.7 .1 9818 -9-838 98
14
St L Ir Mt& Sgencon gro-1931 A 0 10114 Sale 10114
10114
Stamped guar 55
1931 A 0
10038 Sept'26
Unified & ref gold 48
9912 56
1929.7 .; 9914 Sale 9914
Registered
J J
9812 Aug'27
& G Div 1st g 4e
79
96
1933 M N 9578 Sale 955
St L M Bridge Ter gu g Est_ _1930 A 0 10078 101 10078 Oct'27
St L & San Fran (reorg co)48 1950 J
9118 Sale 9014
9138 106
Registered
J J
87 May'27
Prior lien series B 55
1950.7 J 1035s Sale 10318 1034 64
1004 13
Prior lien series C
101 10114 101
1928 J
Prior lien 5344 series D
23
1942 J J 10314 Sale 10234 1033
Crim adjust ser A 6s._July 1955 A o 10114 Sale 101
10112 95
Income series A 8s_ _July 1960 Oct. 9918 Sale 99
9914 149
St Louis & San Fr Ry gen 68_1931 J .1 10534 Sale 10534
1
10534
General gold Ear
19311 J 10114 ____ 10134 Sept'27
St L Peor & N W 1st gu 5/3-1948
107
____ 107
Oct'27
St Louis Sou let gu g 4s_ _ _1931 MS 9734 ---- 971 Aug'27
St L SW 1st g 45 bond ctfs_1989 M N 91
__ 9078
3
91
2d g 4a Inc bond cUs_Nov 1989.7 .7 8418 fitZle 84
6
8418
Consol gold 48
D 9678 9714 97
1932
9714 33
1st terminal & unifying 5e_1952
10118
J 10112
10112 15
BC Paul & K C Sh L 1st 4%6_1941 F A 9618 -9612 9514
9612 24
St Paul dr Duluth let Esi
10218
6
1931 F A 10178 ___- 102
18t consol gold 4e
9418 Oct'27
1968.7 D 9418
St Paul E Gr Trunk 4 Ms__ _1947 J J 9912 10014 98
Jan'27
St Paul Minn & Man con 48_1933 .1 J 98
9834 9814
9814
8
let consol g 64
J 10714 Sale 10714 10714
1933
Registered
• J 10638
_ 10638 Oct'27
85 reduced to gold 4)4s_ --1933 J J 10034 Sale 10034 10034
Registered
9812
.7, 100
6
99
Mont ext let gold 40
98
1937 J D • 98 Sale 98
8
J D 9414
Registered
9512 Jan'27
Pacific ext guar 4e (sterling)'40 J , 9314 94
9314 Oct'27
BC Pau/ Un Deo 1st & ref 56_1972 J J 1077* Sale 10738 10778 16
S A & Ar Pass let gu g 4s...j943 J J 93 Sale 9214
17
93
Santa Fe Pres & Phen 5e__ _1942 MS 10214 ____ 102 July'27
Say Fla & West 15t g ft
1034 AO 10834 ____ 10834 Sept'27
let gold 56
1934 AO 10212 ____ 104 May'27
9812
&dote V & N B
5
gu g 48-1959 MN 9612 ____ 9612
Seaboard Air Line g 4a
5
84
1950 AO 8312 Sale 8312
Gold 43stamped
2
8318
84
1950 AO 8318 84
Adjustment 55
Oct 1949 FA 823* Sale 8134
8334 227
Refunding 45
73
56
1959 AO 7218 Sale 7134
let & cons (3s series A
1945 MS 97 Sale 9634
9713 215
53% Sale 9338
AU & Birm 30-yr 1st g 4s_d1933 M
9438 57
Seaboard All Fla 1st gu 8s A_1935 FA 9312 Sale 94
9412 56
Series B
3
9618
1935 FA 9334 98% 9618
Seaboard & Roan 55 extd_ _ _1931 ii 1005* --- 10034 Oct'27
BO Car & Oa 1st ext 5Sas__ 1929 MN 1015* ____ 0138
1015*
1
& N Ala cons gu g 5e
1
1936 FA 1053* ____ 10538 1053*
Gen cons guar 50-yr 55_ _ _1963 AO 11312
11312 11312
2
So:Pac coil 48(Cent Pac colt) P49 JD 93 -933 93
93
18
Registered
JD 88
96
89 Aug'27
20-year cony 43
June 1929 MS 99% Sale 9938
9934 58
lit 434s(Oregon Lines) A_1977 MS 10338 Sale 10238
10334 97
20-year cony 58
4
1934 J D 10134 Sale 10138 10134
20-year gold M
1944 MN 102 Sale 10134 10212 74
San Fran Term( 1st 4s
9414
2
1950 AO 9338 9412 9378
AO 8718 91
Registered
91 July'27
Bo Pac of Cal 1st con gu g
10614 Oct'27
511- 1937 MN
SO Pao Coast 1st gu g 4s__ _1937 J , 97% Bale 9714
9734 18
So Pac RR 1st ref 4s
9712 9734 9714
9734 70
1955 J
J
97
Oct'27
Registered
Southern Ry let cons g 5s-1994.7' 1127* Sale 11112 11278 39
.1 .1
10612 Oct'27
Devel & gen 4s series A _ _ _1958 A
914 Sale 9012
9112 237
1956 A 0 11938 Sale 11834 1193* 16
Develop & gen 68
Devel & gen 6%5
1956 AO 12612 Sale 12534 12612 37
Mem Div let g 55
5
109%
10938
1996 1.7 110
St Louis Div 1st g 4e
9412 18
9338 -9412 9212
1951 J
_
East Tenn reorg lien g
____ 10118 Nov'26
-1938 MS 100
Mob & Ohio coil tr 45
957
11
1938 MS 9512 Sale 95
Spokane Internal let g 58_ 1955 J J 85
8638 8812 Oct'27
_
Banbury & Lewiston 1st M 1936 J J 9334 ---- 9312 July'27
Superior Short Line 1st 5..e1930 MS 997 __ 10012 Aug'27
Term Assn of St L 1st g 4544-1939 AO 1003* ____ 1007 Oct'27
1st cons gold 5s
1944 FA 110046% --10518 Oct'27
1
Gen refunds f g 45
90%
-9112 9112
142
91,
1953 .1
10812 10614
Texarkana & Ft S 1st 534s A 1950 FA
10612 12
Tex N 0eon gold 5s
_ 1014 Oct'27
1943 ii 10114
Texas & Pac 1st gold 58
11014 11
2000 J D 110% 111 11018
2d Inc 5s(Mar'28 cp on)Dec2000 Mar loo
____ 100 Aug'27
Gen & ref bs series B
103
79
1977 AO 10314 Sale 10214
La Div B L 1st g 5s
6
101
1931 J J 10034 101 101
Tex Pac-Mo Pac Ter 558_1964 M S 10614 Sale 10634 10634
2
Tol &Ohio Cent 1st gu 5s_ 1935 J J
__ 102
Oct'27 _
Western Div let g 58
101 105
10012 June'27
1935 AO 102General gold 5s
1935 J D 1005* 101 10012 Oct'27
Toledo Peoria & West 1st 4e_1917 1.7 15
19
15
15
Tol St L & W 50-yr g 4s_ _ _1950 AO 9214 93
3
93
93
Tol W V &0gu 4).as A
9934 ___ 997
1931 1
99%
5
1st guar 45s series B__ _ _1933 ii 9934 -- -- 9914 Aug'27 _ _ _ _
let guar 48 series C
_ _ 953 Nov'27
1942 MS
Tor Ham & Buff 1st g 4e
9338 9412
- 933 Oct'27
1946 J D 9438Ulster & Del Ist cons g 5s_ 1928 J D 63
65
6538 Oct'27 _
lit refunding g 4s
Oct'27
1952 AO 3218 3934 38
9812 76
98
9834 98
Union Pacific 1st RR & Id gt 4547 j
_
J ,
9434 Sept'27
Registered
97
26
lit lien dc ref 4s
June 2008 MS 9834 Sale 9612
9934 138
Gold 4344
1987 J J 995 Sale 9912
8
11312
let lien & ref 58
June 2008 MS 11318 Sale 113
10118 40
10-year secured 8s
1928 J J 10118 Sale 101
9712
97 Aug'27
U NJ RR & Can gen 48._ _ _1944 M
Utah & Nor 1st ext 4s
1933 Ii 9738 ____ 9834 Sept'27
Vandalia cons g 4s series A 1955 FA 9738 ____ 9712 Sept'27
Vera Cruz & P 1st gu 4)93_1934
ii
24
Apr'26
July 1914 coupon on
16
22
20
1912 22
1934
Assenting 1st 434*
____ 10078 Sept'27
Virginia Mid 58 series F_1931 MS 101
General Is
1936 MN 10212 ____ 10238 Sept'27
Va &Southw'n 1st gu 58_2003'.7 10218 ____ 10134 Aug'27
14
let cons 50-year Is
99
1958 AO 985* Sale 988
4 Due May. a Due June, k Due Aug.




Range
Since
Jan. 1.

BONDS.
N. Y. STOCK EXCHANGE.
Week Ended Nov. 4.

t

Prim
Friday,
Nov. 4,

Week's
Range or
Last Sate.

Bid
Ask Low
Low
High No,
High
Virginian Ry 1st 56 series A_1962 M N 10918 Sale 10934
10932 67
99 101
9
1939 M N 10438 Sale 10418
10438
Wabash 1st gold Is
10578 106
1939 F A 10414 Sale 10312 10414 14
2d gold 55
1975 M S 10714 Sale 10634 10712 11
Ref s f 510 series A
10012 10314
i
F A
i 10338 103% 103
10338 25
Ref & gen 5s series B
10011 10012
9612
8314 Feb'25
Debenture B 85 registered_11993796
95
96
let lien 50-yr g term 4s__ _1954 J .1 8534 ---- 8834 Aug'27
100 100
103 Sept'27
Det & ChI ext 1st g 5s___ _1941 .1 .1 104
9234 9478
9014 93
93
Oct'27
104% 10712
1
86
194
39
1
o
s
j 85
O
pm
esD
Mio
vinle
ss
tg
p3
ivIi1sst g 4g-1
78
8512
8512
70
92% ____ 9218 Oct'27
Tol & Chic Div g 4e
8418 844
Warren 1st ref gu g 3)0-.2000 F A
83 Sept'27
92 100
9512 9512 Wash Cent 1st gold 48
1948 Q M 9014 93 8838 June'27
1945 F A 8812 Sale 88
98 10218 Wash Term 1st gu 3344
8812 30
94
1945 F A 93
92 July'27
let 40-year guar 45
7912 82%
W Min W
Oct'27
N W 1st gU 5s-1930 F A 9934 100 100
101% 103
1952 A 0 8614 Sale 8514
100 10218 West Maryland lst g 4s
8614 87
18t & ref 5345 series A
1977
197i
3 J i
J 10218 Sale 10134 10214 101
734 734
10212
10138 Oct'27
9012 9414 West N Y & Pa 1st g 58
89
Gen gold 48
1943 A 0 91% 92
91% Oct'27
84
Western Pac 1st ser A 5s_ _ 1946
0
81 99% 10018 99% 10018 19
94% 98
let gold 135 series B
10238 Aug'27
8212 87
9118 9512 West Shore 1st 4s guar
5
9114
2361
J 91I 9l8 91%
1
9114
Registered
2361
8634 89,8
J 9114 Sale 9114
100 10018 Wheeling & Lake Erie5
10012 100,2
Wheeling Div let gold 58_19
93
20
8J
F A
10518 10714
.1 10018
10014 -- -- 10012 Aug'27 _
Ext'n & impt gold 58
9614 981s
13
95
Refunding 41.1s series A 1966 M S 95 Sale 95
99 101%
Refunding 58 series B
1966 M S 10118 101% 101% Oct'27
8
RR 1st consol 4s
1949 M S 92 Sale 92
92
97% 997a
1942
9812 9812 Wilk & East 1st gu g 55
7634
D 75% 77
76,
4
10334
Will & S F 1st gold 5s
1938.7
104 Aug'27
934 96
100 101% Winston-Salem 8 B 1st 48_ _1960 J .1
9212 Oct'27
8634 Sale 86
1949 J
8412 9138 Wis Cent 50-yr 1st gen 4s
8634 11
5
9214 92%
87
9238
Sup & Dul div & term 1st 48'36 M N 91
87
Oct'27
92
Wor .4 Con East 1st 4 As
1943 J .1 874 -9934 104
INDUSTRIALS
100 102%
2
93% 9314
9414
10113 10312 Adams Express coil tr g 4s_ _1948 M S 91
10712
9
Ajax Rubber 1st 15-yr s f 88_1936 J D 107 Sale 107
99 102
3
6
478 Sept'27 1925 M S
9514 9934 Alaska Gold M deb 68 A
3
1
5% 4
4
1926 M S
Cony deb 88 series B
10438 10578
9434 13
9458
10012 10178 Alpine-Montan Steel lit 78.1955 M S 99% 100
10414 47
10412 10714 Am Agile Chem let refit 730'41 F A 10414 Sale 104
2
85
9618 9812 Amer Beet Sus cony deb 68_1935 F A 85 Sale 85
8612 91% American Chain deb s f 6s 1933 A 0 10414 Sale 04
10414 53
10018 44
81
8418 Am Cot Oil debenture 58_1931 M N 100 10014 995
_
Oct'27
06
94% 9712 Am Dock & Impt gu (is
1936 J .11 10512 106
10534
3
95 10112 Am Mach & Fdy s 6s
1939 A 0 105% Sale 05
4
101
9212 9634 Am Republic Corp deb 8s 1937 A 0 101 Sale 0014
10214 49
101% 10218 Am Sm & R 1st 30-yr 5a ser A '47 A 0 10214 Sale 02
944
let M (is series B
91
1947 A 0 1084 Sale 0734 10812 16
82
98
98
Amer Sugar Ref 15-yr 6s
1937 J J 106 Sale 0434 108
9978 159
9714 9812 Am Telep & Teleg coil Or 45.19291 J 99% Sale 998
10714 108%
Convertible 45
1936 M S 99,4 ---- 9914
994
1
102
2
106% 10714
02
20-year cony 434s
1933 M S 102
99% 10034
30-year coil Or 58
1946.7 D 105 Sale 045
1055* 101
9812 9914
35-yr f deb 5a
1960
J 10512 Sale 0478 10512 88
9512 9814
128
20-year if 534s
1943 MN 109 Sale 0812 109
9512 9512 Am Type Found deb 63
7
1940 A 0 105% Sale 0534 10634
91
9314 Am Wat Wks & El col tr 58_1934 A 0 1004 Sale 9934 10014 20
10514 108
Deb g 6s ser A
1975 M N 10478 Sale 0478 10518 42
9334 142
Am Writ Pap 1st g 611
88% 93
1947 J J 93% Sale 9212
102 10314 Anaconda Cop Min 1st 66_1953 F A 104% Sale 0438 10438 141
15-year cony deb 75
1938 F A 10812 Sale 0812 108% 94
10834 10912
10234 104
Andes Cop MM cony deb 78.1943
J 10612 Sale 0612 10714 92
91
9612 Anglo-Chilean 7e without war_'45 M N 9334 Sale 93%
94% 75
8113 8412 Antilla(Comp Azuc) 734s- 193.7_
9713 18
J 9614 Sale 9614
Oct'27 _ _
8032 8778 Ark & Mem 13ridge & Ter 55_1964 M S 10814 10234 03
8184 8812 Armour & Co 1st real eat 410'39 J D 9012 Sale 90%
90% 85
69% 76% Armour & Coot Del 5;45_1943 J .1 884 Sale 88
8912 in
94% 993a Associated 0116;4 gold notes 1935 M S 102% Sale 02% 103
13
Atlanta Gas L 18058
1947 J D 103
034 Sept'27 _
90% 95
155* June'27
94
1934 J
98% Atlantic Fruit 7s ctfs dep
94
9712
Stamped ctfs of deposit
18
Jan'27
100 10034 Ati Gulf & W I SS L col tr 53.1959 J J 68 Sale 67
17
68
102% 103 10238
10234 23
10034 10134 Atlantic Refg deb 58
1083
37 1
MN
1 108%
10318 10538 Baldw Loco Works 1st 581
19
940
1084
2
11014 114
Baragua (Comp Az) 7%s_1937 J J 107 Sale 107
107
5
Barnsdall Corp 68 with warr_1940 J D 9934 Sale 9734 10012 301
8814 94
9078 Sale 9014
89
46
Deb 88 (without warrant).1944) J
88
91
1938
J 9814 Sale 98
98% 10012 Belding-Hemingway 68
9812 11
10014 10334 Bell Telep of Pass series B 1948 J J 10512 Sale 10512 106
9
1960 A 0 10738 Sale 10738 1078 20
Ist & ref 5s series C
100 103
100% 10212 Berlin City Elec Co 634s.._ 1951 J D 94% Sale
943
9534 63
9412 196
9015 94,4 Berlin Elec El & Undg 610_1956 A 0 9414 Sale 9312
93
18
87
Beth Steel 1st Az ref 55 guar A '42 M N 10134 102 10112 102
54
30-yr p m & imp s f 5s_ _ 1936 J J 10014 Sale 10014
10412 107
101
Cons 30-year 65 series A 1948 F A 10314 Sale 10314
94% 98
104
100
Cons 30-year
B.g&B
indbde5345 es re B__ _1953 F A 101 Sale 101
9338 98
10112 94
94 Sale 94
1950M
9414 97
9412
5
10612 11278 Booth Fisheries deb tr f 6s.._ _1926 A 0 10214 - - 10118 Feb'27
103% 10612 Botany Cons Mills 6)M-1934 A 0 83 Sale 8218
83
37
91% Bowman-BM Hotels 7s
1934 M S 103 Sale 103
86
103
3
1942 A 0 10412 Sale 10414
11338 11938 Brier Hill Steel 1st 534s
10412 11
11914 127% Wway & 7th Av 1st e g 5s_ _ _1943 J D 70% 71
15
70
71
_
Ctfs of dep strand Dec '26 int
10614 10934
7484 Sept'27 - - - 88 Sale 88
1941
89% 9412 Brooklyn City RR 1st 58
8912 31
Bkiyn Edison Inc gen 55 A 1949 1 J 105% Sale 10512 1057,
8
General 68 series B
1930
J 10312 103% 1038
92 1Wia
1033
1
1968 J .1 9534 Sale 95%
84
9114 Ilklyn-Man R T sec6s
96
194
9212 9312 liklyn Qu Co & Sub con gtd 58'41 MN 56% 6012 565 Oct'27 - 1st Is stamped
1941 J .1 7014 72
10012 10012
70
1
70
9858 10078 Brooklyn It Tr 1st cony g 45_2002 J .1
8812 Aug'26 -3-yr 7% secured notes__ _1921 J J
10238 1054
13612 Nov'26 - - - 93
Bklyn
Un
1950
F
A
Sale 9218
El 1st g 4-5s
8714 9212
13
93
Stamped guar 4-58
10278 10714
1950 F A 93 Sale 9112
93
23
_ 10614
99% 10114 Bklyn Us Gas 1st cons g 58 1945 M N 1064
10614
1
1st iend,
C
de
,
ref
5mIs series A 1947 M N 11534
105% 11014
115% 116
5
1936 J .1 222 Bale 215
100 100
226
186
Buff
&
1932.7
103
Susq
Iron
D
92% Sale 92%
s f 58
9812
9278
1
Bush Terminal 1st 48
1952 A 0 92% ____ 9212 Sept'27
99 101
Comm'58
1955 J .1 100 10038 9834 100
10414 10634
7
100 10212 Bush Term Bidge 58 gu tax-ex '60 A 0 104 Sale 104
104
4
By-Prod Coke 1st 5348 A _ _ _1945 M N 10112 102 102
111014 102
102
3
10018 10114 Cal G & E Corp unif & ref 58_1937 MN 10234 - - - - 103
1
103
Cal Petroleum cony deb s 1581939 F A 95 Sale 94%
15
15
95
23
Cony deb s f 5 Ms
1938 MN 100 Sale 99% 100
89% 93
52
99
9978 Camaguey Bug 1st s f g 7s_ 1942 A 0 100% Sale 100
101
15
1941 A 0 10078 Sale 10012 10078 28
994 9914 Canada S S L 1st 8s
1943 J D 10412 105 10438 Oct'27 _ 94
95% Cent Dist Tel let 30-yr 5s
9338 Cent Foundry 180 sf6s_May1931 F A 98
90
9934 99
1
99
Cent Leather lit liens f 6s...1945 J J 105 Sale 105
5612 71
105
188
Central Steel Mt g 8 f 8s
1941 MN 1194 11912 11912 11912
42
38
1
94% 99% Cespedea Sugar Co 1st f 7)as'39 MS 1004 Sale 1014
10012 34
6312 6234
93% 9634 Chic City & Conn Rys 5sJan1927 A 0 61
6234
5
Ch G L & Coke Ist gu g 5s_ _1937 J .1 103
91% 97
10338 10338
2
Chicago Rys 1st 55
1927 F A 8238 Sale 82
9614 100
82%
6
1947.7 J 954 Sale 9434
108% 11312 Chile Copper Co deb 55
9514 181
101 102% Cineln Gas 5, Elee lat dr ref 551'56 A 0 102
_
10218
10218
4
5;is ser 13 due
Jan 1 1961 A o 104% 105 10334
94% 97
27
105
9834 Cities Serv Pow & L s f 6s___1944 M N
97
10478 Oct'27
9212 9712 Clearfield Bit Coal 1st 4s_ __1940 J J 83
8512 July'27
Colo F & I Co gen s f 5s_ _ __1943 F A 10118 161
- -5-8 1013
10178
2
Col Indus 1st & coil 58 gu _,1934 F A 9712 Sale 9712
9732
8
1834 2784 Columbus Gas 1st gold 5s.,_19321
97% 98
98
Oct'27
7712 Sale 7712
10034 10078 Commercial Cable let g 4s2397 Q
7752
7
10238 10278 Commercial Credit s f 65_1934 M N 98 Sale 98
9812 10
Col tr s f 534% notes
19351 J 9412 9434 9412
10134 102%
9412
2
Computing-Tab-Rec a f 6s 19411 .1 10512 Sale 10512 106
9
94% 99

Range
Since
Jan, 1.
High
Low
10212 109%
10
°0
338 1°
03
4314
4
10318 10712
994 104

"i8is iis;
103

105

97
3
2::
8314
2 8
8
90
3
;
9154
1
9993
80
8997,7144 825

1::
00
1.90
:
18
4
11
968
898
7814 87
2314
3
3 10
92
10
99
14
s
0
34:
12
8
8
21a 19
19
8
06

0834 101
1101105014a
109°90911
,
7
2:
62
1l ,
8
90
2:33
2
4.
8
7
104 104%
80

8734

8
899
3974 9
395
2:
21134

19
9
97
11
33:
917'4 10
(9)1
4
557 4442

95

100%

5:44
35111
:L9 99648
1110
9983
99 10114
03%
4 100
100
,8112
97
3%
14 109
2:s
10
e
2
19
08414 106

102
101
105%
1023
,5 4

10512
108
10914
10114
07

100% 10614
10
96
3'3
%0
1 99%
10314 10
0
98
4:
7
1
8386's
9312 100
10014 103
93l
95
3:
3
1
88
871*
100% 104%
19
0
1695
23
54
11
8 10
11695
3:
67
Ws
10012 102%
106 10834
106% 10912
89
94%
94
99
10234 106
1027s 108
734
9
94
34
3 9
98
100 102%
101%
1034
98
138 105
9714 102114
92
944
1089
03
1's 1011
192
318
z
10315 1063e
70
7912
72% 76
95
88
10318 108%
102% 1051a
9512 1017a
66
58
80
70
W91
90
97%
102% 107
113% 118
158 230
94
92
007s 921a
9512 1001g
9914 104
100% 10212
10118 103%
911
: 9678
95 10214
98 1011a
99 1007a
10214 104%
99
96
101 105
11838 125
9814 1031a
72
53
102 10335
74% 8512
92% 961*
101 102%
10414 10514
97% 10512
8512 8512
98 102
931z 99%
983s 9812
82
77
93
99%
9012 951:
10414 1061,

2507

New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

t
t

Price
Friday,
Nov. 4.

Week's
Range or
Last Sale.

g
0-8

Range
Since
Jan, 1.

High
High NO. Low
Bid
Ask Low
9618 984
Coon Ry & L 1st & ref g 40 1951 ▪ j 9858_- 981s Oct'27
9434 99
Oct'27
99
Stamped guar 4;is
1951 '.7 99 1-00
95
984 10218
102
Consolidated Cigar a f 6s
1936 AO g102 Sale 102
Consolidated Hydro-Elec Works
964 101
9734 15
of Upper Wuertemberg 78_1950'.7 9638 Sale 9614
863,
76
834 14
Cons Coal of Md 1st & ref 58_1950 J D 8212 Sale 8212
10612 104 10512 1074
Consol Gas(NY)deb 550_1945 FA 10614 Sale 106
437
75
85
8558
Coot Pap & Bag Mills 634s._1944 FA 8418 Sale 8012
1 10034 10214
102
Consumers Gas of Chic gu 5s 1936 J o 102 Sale 102
7 102 1044
10438
Consumers Power 1st 5s
1952 MN 10414 Sale 10414
97
99
9838 10
Container Corp 1st 6s
1946 3D 9778 Sale 974
9912 10212
10214
8
Copenhagen Telep ext 68_1950 AO 10214 Sale 102
1 10118 10318
Corn Prod Refs 1st 25-yr s f be'34 MN 10318 Sale 10318 10318
28
9334 10414
Crown Cork & Seal 1st sf 65_1942 P A 10312 Sale 10312 104
11
994 10212
Crown-Willamette Pap 6s
1951 J J 10112 Sale 10112 102
9312 30
91 12 9934
Cuba Cane Sugar cony 75_ 1930 .1.7 934 Sale 93
97
170
9514 102
Cony deben stamped 8% _1930'.7 9614 Sale 9614
108
12 10712 10834
Cuban Am Sugar 1st coll 85_1931 MS 1074 Sale 1075g
9878 102
10012 42
N 100 Sale 100
Cuban Dom Sus 1st 7 Sis
1944
7 10012 103
Cumb T & T 1st & gen 5s_1937 ▪ J 10258 Sale 1024 1024
9834
8
9334 9912
Cuyamel Fruit lets f 6s A _ 1940 AO 9834 Sale 9814
90 10134
Davison Chemical deb 6145_1931 '.7 10158 Sale 1014 1014 23
10
98 10112
Den Gas & E L 1st de ref s I g 58'51 MN 10034 Sale 10034 101
4
9814 1014
MN 1004 101 10034 101
Stamped as to Pa tax
81
554 15
50
Dery Corp(D G) 1st 8 7a1942 MS 50 Sale 50
10234
7 10138 10358
Detroit Edison 1st coll tr 68_1933 -I .7 10212 103 102
S 10314 - -- 10312 10312
3 10214 104
1st & ref 58 series A_July 1940
10512
4 10214 10578
Gen de ref 55 series A
1949 AO 104 105 104
1st & ref 6s series IL _July 1940 MS 10734 10814 10734 10812 26 1074 109
10434 14 10153 10434
Gen & ref 5s ser 11
1955 J D 104 Sale 104
97
6
9212 97
Del United 1st cons g 414s-1932'.7 9614 Sale 964
8412 276
N 8412 Sale 8312
824 96
Dodge Bros deb 68
1940
8953
8412 28
81
Dold (Jacob) Pack 1st 6s
1942 MN 82 Sale 8114
7212
4
48
76
Dominion Iron dr Steel 56_1939 NI S 7138 7212 7214
7178
4914 75
7178 Sale 7078
8
Certificates of deposit
9514 20
95
98
9514 95
Donner Steel 1st ref 7s
1942.7' 95
N 1055g 10534 10534 10534 18 10312 10614
Duke-Price Pow 1st 6s ser A '66
10314 Sale 10234 10314 32 10234 108
East Cuba Sus 15-yrs g 7 Yis'37
9712 12
9478 98
9714 Sale 9714
Ed El Ill Bkn 1st con g 45_ 1939 .1
11138
11138
2 10678 11138
11158 _
Ed Elec III let cons g 58._ _1995
96
40
9412 9912
96 Sale 9412
Elec Pow Corp (Germany)6 7.0'50
9612 984 9812 Oct'27 --__
96 10014
Elk Horn Coal 1st & ref 610 1931
94
1
94
94
9412 94
9934
Deb 7% notes (with warr'ts'31 .1
9934 10134
10034
Equip Gas Light It con Ss.A932
-- 10134 Oct'27 __
9712
9612
9612
1
95
9714
Federal LIght & Tr 1st 5a_1942
9714
11
97 Sale 97
95
1st lien s f Se stamped.
984
1942
10434 Sale 10438 10412
3 102 10478
15t lien 6s stamped
1942
101
100 101 101
2
97 10212
30-year deb (Laser 11
1954
9714 14
884 974
Federated Metals s f 78
1939• D 9714 Sale 9634
91
921z 1084
Fiat deb is (with warr)
1946 .1 .1 103 Sale 10134 103
9414 Sale 934
944 28
9112 99
Without stock purch warrants_
10 115 120
Fisk Rubber lstsf 85
1941 MS 119 Sale 1184 119
MS
86
863
4
87
Oct'27
____
86
9014
Ft Smith Lt & Tr 1st g 5e
1936
10412 30
9812 10584
Frameric Ind & Deb 20-yr 7;0'42 .1 ..1 10414 Sale 103
Francisco Sugar lat f 7145.1942 MN 10612 10834 10712 Oct'27 -___ 106 110
Frmich Nat Mall SS Lines 78 1949 J o 10012 Sale 9914
10012 85
9434 1014
Gas & El of Berg Co cons 6581949 ID 10418
1034 Sept'27
10234 1034
Gen Asphalt cony 65
11134 18 106 11212
1939 AO 111 Sale 110
Gen Electric deb g3;is
9434
9414 _ _
9434
2
91
9434
1942 FA
Gen Elec (Germany)7a Jan 15'45
10234 Sale 10234 10314 17 10234 106
81 deb 6;is with warr_ _ ...1940 J D 112 114 114
11478 13 113 13814
65
9914 10214
Without warets attach'd '40 J D 10034 Sale 9934 101
Gen Mot Accept deb Os
163
9912 1034
1937 FA 103 Sale 10234 103
Geld Petrol 1st s f 58
1940 P A 10158 Sale 1014 10134 19 10014 102
Gen Refr 1st f g 65 ser A _ _1952 P A 10412 10514 10458 105
4 10112 106
Good Hope Steel & I sec 78_ A945 AO 10012 10114 10012 10112 11
994 10313
Goodrich (13 F) Co ha 630_1947.7' 10734 Sale 10758
108
54 1044 108
9414 9412 11978 Oct'27 ____
Goodyear Tire & Rub 1st 85_1941 MN
11978 12212
10-year s f deb g Es_May 1931 FA 10138 10112 11014 Aug'27
10978 11114
let M roll tr Es
N 9412 Sale 9414
9458 376
9174 9712
1975
Gotham Silk Hosiery deb 65_1936 J o 10138 Sale 1014 10112 92
9714 10234
Gould Coupler 1st a f 6s_ _ _ _1940 FA 684 6912 6834
69
1
69
87
N 10012 10112 10012 10012
Granby Cons MS & Peon 68 A'28
5 10012 102
Stamped
10012 Oct'27 ____ 10012 102
1928 MN 10012
Gt Cons El Power(Japaa)75_1944 FA 9814 -9812 9814
9812 12
9458 99,2
1st & gen s f 6 Sia
9378 Sale 9212
9378 23
91
9478
1950 .1
Great Falls Power 1st a f 58_ _1940 M N 105
10414 Sept'27 ____ 10234 10612
D 9512 Sale 9512
Gulf States Steel deb 534s_ _1942
96
37
94
96
,T
Hackensack Water 1st 4a
8958
6
8612 8958
8934 -- 894
1952
Hartford St Ry 1st 48
9312 95
- - 95 NIar27 ____
1930 MS 9514
Havana Elec Consol g 58__ _1052 P A
9514 -9578 95
6
95
9878
9534
85
85
Deb 5145 series of 1926_ _1951 NI S
10
85
9038
103
Sale103
103
59 10134 10334
Hershey Choc Ist & coil 534s 1940 J
Hoe(R)& Co 1st (314s 9er A_1934 AO 98
98 1024
9834 17
084 9814
MN 10034 Sale 10038
Holland-Amer Line 6s (flag)
10314
9
914 104
D 9612 Sale 96
.1947Hudson
Coal 1st s f .58 ser A.1962
9634 118
96
9834
Hudson Co Gas 1st g Es_ _ 1940 MN 10458 10434 10438 1044
4 102 10478
Humble Oil& Refining 530_1932 J
10258 62 1014 103
10214 Sale 10214
Deb gold 5s
9978 267
07 10014
1937 AO 9978 Sale 9938
Illinois Bell Telephone 55
10532 51 10234 10558
1956 ID 10518 Sale 1054
10014 12
Illinois Steel deb 4;is
9634 10012
_ 100
1940 AG
Raeder Steel Corp at 75
100 10012 10012 10012
3
9912 10234
1948 AO 100Indiana Limestone lat f 68_1941 MN
99
16
98 100
9834 Sale 9834
Ind Nat Gas & 011 5s
9918 Sale 9914 Oct'27
9912
98
1936 M
Indiana Steel 1st Es
10434 105 10434
105
11 10312 10514
1952 M
Ingersoll-Rand 1st 5s Dec 311935.
10012 Nlay'27
10012 1004
1014
7
Inland Steel deb 53413
10314 25 10118 10414
1945 M N 10318 Sale 10318
Inspiration Con Copper 6lia.1931 M
10014 Sale 100
9814 10138
10014
18
Interboro Nletrop coll 4 yis 1956 A 0 ____ 20
11
Apr'25_
Interboro Rap Tran 1st 5a 1966
7678
7714 Sale 7714
7912 124 -ibi2 -Stamped
J .1 774 Sale 7738
79
205
7538 7934
10-year 65
1932 A 0 79
8012 7912
8014
15
77
824
10-year cony 7% notea_ _1932 M S 99 Sale 0814
9638 9914
9914 354
Int Agric Corp 1st 20-yr ba_ _1932 M N 8814 91
88
Oct'27
8158 9238
Stamped extended to 1942_ _ _ _ M N
73
7314 74
7314
6
69
83
Inter Nlercan Marines f 6s_ _1941 A 0 1041g Sale 10218
10438 719
954 105
International Paper 5s
10058 82
97 10218
1947 J J 10012 Sale 1004
Ref s 68 ser A
1955M
10412 106
9754 105
104 Sale 10334
Cony deb 6s
109
1941 A 0 10834 Sale 1074
112
9714 109
Stamped
984 10834
10834 Sale 1074 10834 196
lot Telep & Teleg deb g 450 1952.7 .1 9578 Sale 9512
92
96
254
9614
Jurgens Works 65(flat price).1947 .7 .1 10334 10434 104
104
5 10112 11114
Kansas City Pow & Lt 55___1952 M S 10434 Sale 10434 10434
982
3 1031
1st gold 434s series 11
100
95314
10012 10034 10034 Oct'27
3
1957.1.._
Kansas Gas & Electric 68._ _1952 m
1064 Sale 10612 1064 1 1 10334 10658
Kayser (Julius) de Co let s f 78'42 F A
1074 Oct'27 __
10634 10812
Cony deb 534s
95 105
202
103
loiE8 Sale 10134
1947 NI
Keith (13 F) Corp 18t ils_ ......1946 M
9658 10012
10038 20
100 Sale 100
Kelly-Springf Tire 8% notes_ 1931 M N 10814 Sale 108
99 10914
1084 33
Keyeton Telco Co 1st 55
9714 Oct'27 - __
93
974
9612 99
1935 J
10312 10418
Kings County El & P g 58_ _1937 A 0 10414
-- 10418 Sept'27
Purchase money Os
1997 A 0 13038 132 13014 Oct'27 ____ 1244 13014
8114 86
Kings County Elev 1st g 45 1949 F A 8138 844 8411 Oct'27 ____
Stamped guar 45
86
1949 F A 814 83
81
4
82
82
3 10112 10514
Kings County Lighting 55_ _1954 J .1 10514 Sale 10514
10514
119
1954.7 .1 11834
11834
11214
First & re10Sis
119
3
-10414
1
9778 10512
Kinney (GR)& Co 734% notes'36 J D 1034 nis 10414
1936
D 10434 Sale 10434
11 102 10514
Kresge Found'n coil tr 6s
105
Lackawanna Steel 1st 55 A _ _1950 M S 102 10212 102
9914 103
10212 21
1014
9 10014 10214
Lac Gas L of St L ref&ext 58_1934 A 0 10112 10134 10114
1953 F A 10434 Salo 10484
Coll & ref 5345 series C
1054 34 10334 106
9712 10014
10014 Oct'27
Lehigh C & Nav 13 f 4;is A_ _1954 J
10038
102
10112
Lehigh Valley Coal 1st g 58..1933 J
102
5 101 102
9512 Aug'27
9512 97
1st 40-yr gu int red to 4%..1933 .1 j 944
lst&refsfSs
1934 F A 101
Oct'27 ___ 101 104
_ 01
1944 F A 101 1-0118 01
10112
2
9934 1014
let & ref f 5s_ .
9912 101,
1954 F A 10034 105
0114 Oct'27
4
1st de ref 55
1064F A 99
10118
1
99 10114
0114
1st & ref be
1974 F A 10012 1-01- 10034 Oct'27
9978 101
Ist & ref 8 f 5s




BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 4.

Price
Friday.
Nov. 4.

Week's
Range or
Last Sale.

Bid
Ask Low
High
37 May'27
Lex Ave de F F 1st gu g 5s __1993 NI S
1224
Liggett & Myers Tobacco 78_1944 A 0 182 Sale 122
A 0---- 1174 Sept'27
Registered
10512
1951 F A 10412 Sale 10414
55
F A
10114 Feb'27
Registered
Liquid Carbonic Corp 6s___1941 F A 10714 gale- 10114 Feb'27
10534
Loew's Inc deb 6s with warr_1941 A 0 10514Sale 105
_
9934 Sale 99
9934
Without stock pur warrants_
11712
_11712 Sale 117
1944 A
Lorillard (P) Co 7s
99
1951 F A 984 Sale 9812
bs
9712 Apr'27
F A
Registered
98
1937 J .1 9712 Sale 9712
Deb 534s
Louisville Gas & Elec(KY) 5.5_'52 NI N 10338 Sale 1034 10412
9634
97
98
_1930 J .3 97
Louisville Ry 1st cons
Lower Austrian Hydro Elec Pow8914
1944 F A 8814 8878 8838
later 6;is
NIcCrory Stores Corp deb 5;is'41 J D 1004 Sale 9934 10014
10512
Menet Sugar 1st 81 7;is_ _ _1942 A 0 104 1054 105
7118
M2
ad
nhat
4. Ry(N Y) eons g 48_1990 A 0 7038 711 7014
624 S,pt'27
2013.1 D 6214 63
Oct'27
98
Manila Elec Ry & Lt 31 55_ _1953 M S
Mfrs Tr Co etre of panic In
A I Namm & Son 1st 6s_ _1943 J D 105 10514 10514 10512
100
9912 Sale 99
Market St Ry 75 ser A April 1940 Q
Metr Ed 1st & ref 663ser B_1952 FA 10934 -- -- 10934 10934
10278 Oct'27
103
lat & ref 55 series C_ ___ _1953
10712 107,2
Metropolitan Power 1st 65 A 1953 J D
7812
7812 797
__8 7812
Metr West Side El(Chic) 4s_1938 FA 10712Mies Mill Mach is with war_1956 J D 1014 Sale 10112 10112
Oct'27
93
J D 9034 92
Without warrants
Mid-Cont Petrol 1310 lOs. __1940 MS 10478 105 10454 105
10018 Sale 9934 10014
Midvale Steel &0 cony sf58 1936 M
100
.• 1 9912 Sale 99,2
Milw El Ry & Lt ref & est 4;0'31
1041g
General dc ref 58
1951 J O 10312 Sale 10318
10212
1961 J D 10218 Sale 10218
1st & ref 5s B
Montana Power 1st 53 A
1943'7' 1041z Sale 10338 105
Montecatini Min & Agrie10014
.▪ 1 1004 Sale 0978
feb 78 with warrants
1937
95
9414 Sale 93
Without warrants
9934
9034 100
994
Montreal Tram let & ref 5a__1941 j
964 Oct'27
Gen & ref 8 f 5a series A _ _1955 AG 97
8634 Sale 8612
87
Morris dc Co 1st s f 4;is_ ___1939 J
Oct'27
Mortgage-Bond Co 45 eer 2_1966 A0 81-- _ _ 83
9834
1932• J 9834 9914 9834
10-25-year 5s series 3
9512 9418
9512
Murray Body let 834s
1934 J D 95
10212 Oct'27
Mutual Fuel Gas 1st gu g 5s_1947 Si N 10258
____ 103 June'27
N 102
Mut Un Tel gal Si ext 4% 1941
Namm (Al)& Son-See Mfrs Tr
5612
'
'7 56 Sale 56
Nassau Elec guar gold 4s......1951
104
National Acme istsf 734s,...1931 J O 104 10514 104
Nat Dairy Prod 6% notes_ _1940 MN 1034 Sale 10312 10334
Oct'27
Nat Enam & Stamps 1st 58_1929 J D 102 104 102
10014 June'27
Nat Starch 20-year deb 55_1930 .1 .1 10014
105
105
National Tube 1st Sf 5.9_1952 MN 10478
10312 Sept'27
Newark Consol Gas cons 55_1948 J o 10378
10614
New England Tel at Tel 58 A 1952 J D 1061g Sale 10614
10012
let g 4 As series B
1961 MN 10012 Sale 10018
9834
New Orl Pub Serv 1st 5s A1952 AO 9838 Sale 98
98
First & ref 55 series 13_1955 J D 974 Sale 974
101
N 10012 101 101
N Y Air Brake 1st cony 63_1928
884
NY Dock 50-year 1st g 45..1951 FA 884 -- 88
NY Edison 1st & re/ 634s A _ 1
19
94
44
1 AO 1164 Sale 11634 117
AO 10434 105 10458 105
First lien & ref 58 B
10918
109
N Y Gas El Lt & Pow g 58..1948 J o 109
9512 Sale 9512
954
Purchase money gold 48_1949 FA
N 102 105 10258 Oct'27
NYLE&WC&RR53.0_1942
NYLE&W Dock & Imp 581943 J J 103 106 102 Sept'27
N Y & GE'L & P Istg 58_1930• A 10038 101 1003s Oct'27
8712 Dec'26
.▪ 1
N Y Rya 1st R E de ref 4s_ _1942
Oct'27
- 54
Certificates of deposit
30-year ad) Inc 5s___Jan 1942 V-45 -2'2 312 234 Oct'27
512 Mar'27
6
Certificates of deposit
1534
N Y Rye Corp Inc Os ,,_Jan 1965 Apr -1;14 Sale 1434
7512
J 754 Sale 75
Prior lien Os series A _____1965
NY & Mehra Gas 1st 6s___1951 MN 108 Sale 10712 10814
544 Sale 5414
NY State Rye 1st cons 410_1962 Si N
544
Oct'27
6912 70
1st cons 634s series B
1962 SON
1084
Y Steam 1st 25-yr 6s aer A.1947 MN 108 Sale 108
N Y Telep 1st & gen 5 f 4;0_1939 NI N 101 Sale 10034
10138
30-year deben s f 6s___Feb 1949 FA 11012 Sale 11012 11034
10914
213-year refunding gold 68.1941 AO 10914 Sale 10838
N Y Trap Rock 1st (is
1946 J O 10038 Sale 10018 10012
10234
Niagara Falls Power 1st 58..1932 J J 10238 Sale 10238
_ -- 10512 10512
AG 1055
Ref de gen 65
810312
10312 103
Nies Lock & 0 pr 1st 5sj
Am.:1_119
95
35
2 AG 10314
83
Nor Amer Cem deb 6345 A _ _1940 MS 821! Sale 8212
10134
No Am Edison deb 58 ser A_1957 MS 10138 Sale 10114
101
Nor Ohio Trac & Light 6s_.1947 MS 10014 Sale 10018
Nor'n States Pow 25-yr 5s A _1941 AG 10112 Sale 10112 102
10712
let & ref S-yr 65 series B_1941 AG 106 Sale 10578
994
9938
8
North W T let fd g 4 yiegtd_1934 J J 99,
Ohio Public Service 734s A__1946 A 0
151 de ref 75 series B
1947 F A
Ohio River Edison let 6s
1948 J J
Old Ben Coa 1st 68
1944 P A
Ontario Power N F let 58
1943 FA
Ontario Transmission 5s
1945 MN
Otis Steel 1st Si 6s sec A _ _ _ _1941 MS
Pacific Gas & El gen & ref 53.1942
Pac Pow & Lt 1st & ref 20-yr 58'30 FA
Pacific Tel & Tel 1st Se
1937 J J
Ref mtge 5s series A
1952 MN
Pan-Amer P & T cony 51 68_1934 SI N
1st lien cony 10-yr 7s
1930 F A
Pan-Am Pet Co(of Cal) cony 68'40 J o
Paramount-Bway 1st 5;is_ _1951 J
Park-Lox St leasehold 6 WEI- -1953 J J
Pathe Exch deb 75 with war_ 1937 MN
Pat & Passaic G & El cons 58.1949 MS
Penn-Dixie Cement 6s A __ _ _1941 MS
Peop Gas & C 1st cons g 65_ _1943 AG
Refunding gold Es
1947 MS
Si S
Registered
Philadelphia Co coil IT (is A.1944 FA
15-year cony deb 534s_..1938•S
Elec Co 1st 4345
1967 Si N
Phila.& Reading C & I ref 58.1973
.•1
Pierce-Arrow Mot Car deb 8s_'43 MS
Pierce 011 deb s f 8s..Dec 15 1931 J D
Pillsbury Fl Mills 20-yr 65_ _1943 A0
Pleasant Val Coal 1st 681 58_1928 J J
Poe.ah Con Collieries 1st a f 58.'57 J
Port Arthur Can & Dk 6s A _1953 FA
1st M Os series It
1953 FA
Portland Elec Pow 1st (38 B.1947 MN
Portland Gen Elec 1st 58_ _ _1935 .1
Portland Ry 1st .1, ref 5s_ _ I930 SI N
Portland Ry L & P bat ref 58_1942 P A
P A
Registered
1st lien & ref 6s series IL __1947
N
1st & refund 77.45 series A_1946
N
Porto Rican Am Tob cony 6s1942
J
Pressed Steel Car cony g 5s._1933 ▪ .1
8s (with war)-1931 3D
Prod & Ref
U
Without warrants acttahed_ '
__
Pub Serv Corp of NJ sec 68.1944 FA
Sec g 5;is
1956 J

Range
Since
Jan, 1.
Zt!.. Low
High
37
37
7 120 12412
1174 1174
13 10214 10614
1014 1014
1034 112
100 101 10712
78
96 1011g
17 115 120
34
9513 10012
96,
4 9734
63
99
97
994 1044
36
5
94
99
8
52
27
33

8
26
11
6
1
5
7
85
12
33
45
46
20
10
38
5
2

39
7
91
16
28
26
21
74
4
13
14
62
48
24

874
97
10234
674
5812
9334

9512
1004
10934
737s
68
99

1044 1051,
9614 101
10512 1094
100 103
10514 1074
80
76
99 105
9014 9374
10312 10514
9714 10038
984 1004
9914 10418
98 10212
10112 105
984 102
95
92
954 10014
9538 10014
83
894
83
83
9634 993s
94
984
10112 103
10134 103
49
6212
9838 104
100 1034
10134 104
994 1004
1034 1054
1024 10311
103 10528
9528 101
93
,
12 9812
9328 984
10012 10234
8434 8814
115 117
1024 10514
106 1094
9214 964
1024 102,
1
10112 102
1004 1021a

21
72
10
75
36
13
5
5
13
536
10
30
18
3

212 3
512 54
144 304
75
854
102 1084
534 5911
694 82
1054 1087s
984 1014
110 1114
Ion 1101,
98,4 iois4
loot, loos
10314 1015
10014 104
8112 9514
9614 10174
9512 102
100 10212
10412 10712
98 101

11612 Sale 11612 11714
6
116 Sale 11534 116
3
1074 Sale 107
10718 22
9212 17
91
9212 9218
6
10318
10278
10234
1
10212 -- 10212 10212
9412 62
9414 Sale 94
1024 Sale 10258 103
27
101
10
101
101
24
10334 Sale 10334 104
_ 10512 10534 11
10512
10312 Sale 10212 10312 52
10538 11
10514 Sale 10514
9534 130
9514 Sale 944
10118 Sale 10114 10112 17
12
87
87 Sale 85
38
92
9134 Sale 91
7
10414 105 1C414 10414
981
12
98 Sale 98
6
11414 Sale 11414
11414
1
10414 1041 10414
10414
9914 Apr'27
1043
36
104'! Sale 104
10412 Sale 10318
77
105
9918 94
9834 Sale 9834
10134 Sale 101
20
1013
93 Sale 9258
12
9438
13
103 Sale 10212 103
11
10518 106 10518
1051
991
99 101
20
9912
4
931
934 Sale 9312
5
105
_ 105
1053s
1051
6
105 fol 105
8
102 Sale 102
10214
4
1021s
10058 10112 101
5
9712
974 r-- 97
9658 Sale 9612
9712 13
9614 Oct'27
Oct'27
102 16il; 102
4
10712
10714 Sale 1074
994 Sale 99
10014 93
74
97
97 Sale 11614
6
11414
113 Sale 11314
11414 Sale 113
11314
107 Sale 10612 10714 21
10512 95
10514 Sale 105

114 11714
11384 11612
10518 10728
90
9312
101 10338
10014 103
9312 Ms
994 1044
9934 10112
10114 1054
10112 106
102 1064
1044 107
91 10012
98 102
85
9312
90 100,
4
100 10414
9712 101
11312 115
1014 1044
9914 9914
10318 10471
1004 105
9858 9914
9912 10214
9112 10714
994 10411
10214 1051z
99 100
9114 9411
10338 10534
1044 10512
100 10312
994 1024
9412 98%
9138 9854
9614 9614
1004 10312
10612 10812
99 10014
9312 984
110 11414
110 11314
10334 108
10112 1054

86
29
9
23

2508

THE CHRONICLE

New York Bond Record-Concluded-Page 6

- [VOL. 125.

Quotations of Sundry Securities
All bond prices are "and Interest" except where marked"f".

BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 4.

V•zg

Price
Friday.
Nbv. 4.

Week's
Range or
Last Sate.

'17;
2

Range
Since
Jan. 1.

868 Ask
F ubile Utilities
Bid
Ass
*1838 19 American Gas & Electric-1 •11012 111
*1838 1834
6% preferred
:10519
*1041
116 117
1
4 10834
Deb Os 2014
Rid
MAN 108/
Ask Low
High No. Low
High
116 1161: Amer Light & Tree com_100 173 176
Pub Serv Elec & Gas 1st 5)01959 AO 10514 10614 10514
4 10434 10614
10512
456/
1
4 59
1st & ref 5348
Preferred
1964 AO 10514 Sale 10514
100 110 112
10512 10 104 10634
*57
58 Amer Pow & Light pref_ ,,100 10312 106/
1st A ref 55
1
4
1965• D 10458 Sale 104/
1
4 10434 21 10418 10514
*11512 120
Punta Alegre Sugar deb 7s 1937 J J 10614 Sale 10614 10612
Deb 652016
5 106 11112
MAS 10718 10734
•1814 1838 Amer Public Util com___100 54
Remington Arms 68
N 0712 Sale 97
1937
58
98
9712 26
95
94
95
Reptlb I & 10-30-yr 56 sf-1940 AO 100/
9 10015 198
7% Prior preferred.....,,100 931: 9419
1
4 101 10078 10114
58 60
Ref & gen 5345 series A_ 1953 ii 1011
6848 103/
Partin preferred
90
:Sale 10034 10112 11
100 89
1
4
61: 71: Associated Elec 5)45'46A&O 10234 10314
Reinelbe Union 7s with war 1947 ▪ J 10714 Sale 10612 10738 51 10612 12634
46
48 Associated Gas & Elec com.t :2012 21
Without stk purch war'ts_1946 J J 9912 Sale 9838
9912 92
98 10412
32
34
Rhine-Main-Danube 7s A _ _ _1950 MS 102 Sale 102
Original preferred
10238 56 10112 1E41
*51
:
52
*64
6438
$8 preferred
Rhine-Westphalia Else Pow 7s50 MN 10018 Sale 100
10114 52 100 105
931
: 96
175 176
Direct mtge 6s
$634 preferred
1952 MN 9414 Sale 9312
94,4 42
9312 961
:
*98
100
46142 6178
Rima Steel let s f 75
$7 preferred
9612 15
1955 FA 9638 Sale 9614
9334 98
10212 10412
*8212 83,2 Blackstone Val G&E com.50 *141 143
Robbins & Myers tat at 75._1952 J D 41 Sale 41
7
41
41
65
*3334 33% Com'w'ith Pr Corp pref _100 10034 10114
Rochester Gas dr El 78 se- 13_1946 MS 11134 112 11138 11138
2 11058 115/
1
4
*2014 2012 Elec Bond & Share pref_100 109 10912.
Gen mtge 55s series G
1948 MS 10658 ---- 10634 Oct'27
105 10634
38 Elec Bond & Share Secur._t *73
37
Roch & Pitts) C & I pm 5s_ _1946 MN
921: Sept'27
90
921:
731:
88
90 Lehigh Power Securities_ t 2014 2114
Rogers-Brown Iron gen&ref 75'42 MN
39 Sept'27
1
4
2478 49/
*ma
: 64 Mississippi Riv Pow pref.100 10412
MN
Stamped
42 Sept'27
24
50
*38
3812
First mtge 5s 1951___J&J 1C3 10314
St Jos Ry Lt & Pr is 58_ _ __1937 MN 9738 9812 9755
2
9755
9558 9734
501:
*50
Deb 55 1947
St Joseph Stk Yds 1st 4 hs._1930 ii
MAN 9714 98
97/
1
4 Oct'27
9758 9734
18112 1821
: National Pow & Light pref.' *109 10934
4
St L Rock Mt & P 55 strapd.1955ii 791: 8018 80
/
4
8015
7558 811
180 185 North States Pow corn. 100 126 127
St Paul City Cable cons 93.1937 J J 9514 - - 9512 Sept'27
9414 9634
.23
23/
1
4
San Antonio Pub Serv 1st 65_1952 ii 10812 10912 10918
7% Preferred
3 1051
10914
100 10712 10834
:
:1091
53934 40 Nor Texas Elec Co com_ 100
Saxon Pub Wks(Germany)75'45 FA 10012 Sale 9912 1001: 90
24
9912 104
74
75
Preferred
Gen ref guar 6 hs
1951 MN 96 Sale 9534
63
100
97
66
9512 991
:
56%
*563
4
Ohio
Pub
Schulco Co guar 6)54
Serv,7% pref.100 10834
1946 J
102,
4 Sale 10212 10314 25
9938 10434
*7412 74,
4 Pacific Gas & El let pref__25
Guar f6 ha series 13
17
1946 AO 103 Sale 102
103
27
:
98 1041
.9
•1614 104 Power Securities cora
Sharon Steel Hoop 1st 85ser A '41 M
1
4 108
108
108 108/
1119
1071
:10912
•1211
:1221:
Second preferred
Shell Union Oils f deb Es___ _1947 MN 984 Sale 98
95/
1
4 99:4
*49
9834 150
51
*434 44
Coil trust 135 1949_ _J&D *971: 99
Siemens & Halake s f 75
1935 J J
102
3 10178 105
10212
*3214 3238
Incomes June 1949,,.FAA 89412 96
Deb f 6)0
195 MS 101 10314 10214 10212
2 100 105
*4018 4014 Puget Sound Pow & Lt .100 32
St 61.54 allot ctfs 50% 0_1951 MS 10158 Sale 100
1021
/
4 211
34
9812 106
*76
7612
Sierra & San Fran Power 55_1949 FA 10012 Sale 10014
6%
preferred
7
100 89
91
10011
/
4
95 1011
117 118
7% preferred
Eilleala Elec Cory at 6)48--1946 FA 93
4
100 1071 10919
95
9412
9314
9212 9814
*20
2014
1st & ref 530 1949_ _J&D 102 103
Silesian-Am Exp col tr 78_ 194I FA 9914 Sale 9914
9912 73
:1011:
951
10712
109
3
4
South
Simms Petrol 6% notes - _ _ _1929 MN 10218 Sale 10014
Cal
Edison 8% pf _25
10234 55
971
:105
•13212 133 Stand CI & E 7% pr pf _100 1091:
Sinclair Cons 011 15-year 7s-1937 M
86
99
9838 Sale 98
9734 10234
Tenn Elec Power 1st Pref 7% 108 109
1st lien col (is ser D
1930 MS 98 Sale 9E34
9734 99..
9814 101
let lien 6)54 aeries B
Toledo Edison 7% pref _ _100 10934
1938 J D 9312 Sale 9318
94
80
9214 10238
Other Oil S
Sinclair Crude 011 3-yr 65 A 1928 FA 10018 10014 10018 10014 49
Western Pow Corp pref._100 101 103
9978 1011
/
4
41
11
/
4 Chic it Stk Ld Bk Bonds
Sinclair Pipe Lines 158
1942 AO 9338 Sale 9314
9334 31
9119 9538 Atlantic Lobos Oil
3/
1
4 4 5345 Nov 1 1951 opt 1931_ _ ---- 101
Skelly 011 deb 51,4s
Preferred
ao .9712
1939 MS 9134 Sale 9434
38
95
9378 9534
9814 58 Nov 1 1951 opt 1931_. .-._ 98
Smith (A 0)Corp 1st 6348_1933 MN 10134 10234 10238 10234 13 10114 103
Gulf 011
25
2473 25 55
South Porto Rico Sugar 75._1941 J D 10978 110 110
10
1 1952 opt 1932._ --.- 98
7 107 11034 Mountain Producers
11034
na 29 4348 May
South Bell Tel & Tel 1st sf581941• J 10458 Sale 10414
Nov 1 1952 opt 1932._ ---- 97
10414 11 10212 105.
/
1
4 National Fuel Gas
.638 61:4345 Nov 11962 opt
Southern Colo Power 63 A 1947 J
Salt Creek Consol 011_ _10
103/
1
4 Sale 1031: 104
20 10018 105
1932_- --.- 97
'Tweet Bell Tel 1st dr ref 55_ -1954 FA 105 Sale 105
10538 21 10234 10512 Salt Creek Producers._ __10 nol2 3034 4)48 May 1 1963 opt 1933_ _ 98
Spring Val Water 1st g 55.__1943 MN 1001
55 Nov 1 1963 opt 1933__
: ____ 10038 Sept'27
98/
1
4 10038
- 98
Standard Milling 1st bs
Railroad
Equipments
4148
1930 MN 10078
Nov 1 1964 opt 1934_ ---- 98
_ 10038 10112 13 100 103
4.95 4.85 4145 Oct I 1965 opt 1935._
1st & ref 514e
1945 M
:10314 10312
103 1031
7 1011
:10334 Atlantic Coast Line 69
4.60 4.50 Pac Coast of Portiand.Ore- _--- 98
Stand 011 of NJ deb 53 Dec 15'46 FA 103 Sale 102/
Equipment6 345
1
4 10314 183 10138 10334
5.00 4.90
Stand 011 of NY deb 4 ha_ 1951 J o 9612 Bale 96
961: 301
55 1955 opt 1935_ __MAN 9711 10019
94
9614 Baltimore & Ohio Bs
4.50 4.40
Stevens Hotel ist 6s ser A _-_1945 J J 101 Sale 100
Equipment 4154 & 53,._,,
55 1954 opt 1934_ __MAN 9712 10019
10114 27
99 102
4.70 4.50
Buff Roch & Pitts equip 6s_
Sugar Estates (Oriente) 78_1942 MS 100 Sale 9978 101
19
Sugar Stocks
9812 101
4.50 4.40 Caracas Sugar
Canadian Pacific 4354 & 6e
Superior Oil 1st f 75
1929 FA 102 103 101
Oct'27
9934 103
BO *1
3
5.00 4.8o Cent Aguirre Sugar corn. _20 *114 116
Syracuse Lighting 1st g 55._1951 3D 10618
1 10234 10611 Central RR of N J 65
10618 10618
5.00 4.90 Fajardo Sugar
Chesapeake & Ohio 65
100 •153 155
4.65 4.55 Federal Sugar Ref cora..100 30
Tenn Coal Iron & RR gen 55_1951 J J 10418 10512 10412 10412
Equipment6 345
3 103 10558
38
4.50 4.40
Tenn Copp & Chem deb 68._1941 A 0 9938 100 100
Equipment 58
13
100
Preferred
9814 10114
100 55
60
600 4.90 Godchaux Sugars.Inc
Tennessee Elec Pow 1st 65_1947 J D 10714 Sale 10678 10714 61 10518 10712 Chicago Burl & Quincy 65_ _
3
*I
5.00 4.90
1960 .1 J 6758 Sale 6758
Third Ave 1st ref 43
Chicago A North West 65_
21
68
Preferred
71
63
100 18
22
Ad)Inc 55 tax-ex NY Jae 1960 A 0 5814 Sale 581s
4.62 4.55 Holly Sugar Corp com___ •35 40
Equipment6 hs
5812 71
5612 66
Third Ave Ry 1st g 55
4.65 4.45
Lthic R 1 & Pac 434s & 5s_
1937 J J 9912 101
5
99/
1
4
9938
97 100
Preferred
100 80
85
Taho Elec Pow 1st 75
5.05 4.95 National Sugar Refining_100 •118 122
1955 M S 9814 Sale 98
Equipment65
9812 39
9.4% 9934
6% gold notes__ __July 15 1929 J J 9734 Sale 9712
5.10 5.00 New Niquero Sugar
9718 52
9578 9938 Colorado & Southern 6s_._ _
100 50
60
Tokyo Elec Light 6% notes_ 1928 F A 9914 Sale 99
Delaware & Hudson Bs
5.05 4.95 Savannah Sugar corn
9938 53
9714 100
115 121
Toledo Edison 1st 75
1941 M S 10814 Sale 10814
4.80 4.50
29 10734 10918 Erie &he& 55
109
Preferred
100 110 115
Toledo Tr L & P 5)4% notes 1930 J J 10014 Sale 10014
6.05 4.95 Sugar Estates Oriente pf-100 50
EquiPment68
10034 17
9834 10114
53
Trenton G & El 1st g 5s
1949 M S 105 Sale 104
5.00 4.90 Vertientee Sugar pf
Great Northern 65
6 102/
105
1
4 105
100 so
70
Trumbull Steel 1st 5 f 6s-- _1940 M N 967
:sale 9614
4.45 4.35
Equipment58
9714 63
96 10114
Tobacco Stocks
Twenty-third St rty ref 55_ _ _1962 J J 5014 55
4.50 4.40 American Cigar Com_
5434 Oct'27
50
6712 Hocking Valley 55
I00 125
Tyrol Hydro-Elec Pow 710.1955 MN 991: 9934 9914 100
5.05 4.90
Equipment 68
8
Preferred
9714 10214
100 102
Ufigawa El Pow s f 75
1945 M 5 9914 9912 99
4.40 4.30 British-Amer Tobac ord..E1 na
Illinois Central 434s & Eta
9934 31
9512 103
26
Undergr'd of London 4)45_1933 J J 95
Equipment68
4.95 4.85
1
9615 9412 Oct'27
Bearer
El *25
28
9-114 96
Income 133
1948
9914
9914
4.55 4.45 Imperial Tob of G B & Irel'd *24
Equipment 75 & 6 hs.._ _
4
9914
26
Ws 9914
Union Elec Lt & Pr(Mo)55_1932 M S 10214 10212 10214
Kanawha & Michigan Gs
5.05 4.95 Int Cigar Machinery new100 *81
10238 11 10114 103
83
Ref & ext 55
1933 M N 10238 Sale 10238 10233
5.00 4.75 Johnson Tin Foil dr Met-100 65
KAMM City Southern 53453 10114 103
75
Un E LAP (111) 1st g 5hs ser A'54 .1 J 103 Sale 10234 103
4.95 4.85 Mengel Co
Louisville & Nashville 68.,,,,
17 10114 105
100 461 4934
Union Elev Ry (Chic) 55_...1945 A 0 8612 88
4.55 4.45 Union Tobacco Co corn__
Equipment6348
8818
1
2819
8818
81
27
88,s
Union 011 1st lien 8 f Ss
1931 .1 J 10134 10212 1011
4.62 4.55
Michigan Central Es & 68_
Class A
/
4 10134
89
3 10112 102
86
30-yr 65 series A....May 1942 F A 10878 Sale 10878 10918 12 107 10918 MinnStPASSM 4hs&Es
4.70 4.50 Universal Leaf Tob corn,,,,,,' .
54
541a
1st lien s f Es series C Feb 1935 A 0 9812 9835 981:
4.75
5.00
Equipment 034s 3
Preferred
100 112 115
9812 17
.73-- 96
9928
United Drug 20-yr 65.0ct 15 1944 A 0 10714 Sale 107
5.10 4.80 Young (J S) Co
100
1071
/
4 77 10611 1081: Missouri Pacific 68 & 6)45,,,,
100
Caned Rys St L 1st g 45___.1934 J J 82
4.60 4.45
Preferred
6
100 99 104
8234 821:
8258
76
8314 Mobile & Ohio 55
United SS Co 15-yr 68
4.40 4.35 Rubb Stk.(Mete'd gi.otatn)
1937 M N 9414 9434 9414
95
15
90
971: New York Central 434s& 55
Un Steel Works Corp 6 hs A _1951 J D 9414 95 9414 Oct'27
4.85 4.70 Falls Rubber cons
Equipment68
_
93 106
*412 6
Without stock pur warrants.,_ J D 95 Sale 94
4.611 4.55
Equipment 7s
Preferred
19
94
25
9812
9514 145
Series C with warrants
J D 9414 Sale 9334
14
.,,,, 4.40 4.30 Firestone Tire &Rub com.10 •151 152
95
9334 10578 Norfolk & Western 4343.,
4.70 4.60
9334 93
Without stock pur WaTTS J D 98
Northern Pacific 78
6% Preferred
9334 16
93 101
100 166
United Steel Wks of Burbach
4.60 4.50
Pacific Fruit Express 75_ 7% Preferred
100 10618 107
Each-Dudelange s f 7s_ _ _ _ 1951,A 0 1011: Sale 100
17419
10134 55
9914 10418 Pennsylvania RR eq 58 dr 6.3 5.00 4.50 General Tire dr Rub corn_ _25
4.60 4.51
U Rubber 1st & ref 5sser A 1947IJ J 93/
1
4 Sale 9314
Preferred
9414 235
1
4
100 104 110/
88
96/
1
4 PIttab & Lake Erie 6 A8-4.40 4.30 Goody'r R & Rot Can pf.100 10212 105
Registered
J J
:Sept'27
931
931
: 9438 Reading Co 4 354 & 55
10-yr 7)4% secured notes _1930 F A 10312 Sale 10238
10312 82 102.8 10634 St Louis & San Francisco 58. 4.65 4.50 India Tire & Rubber new --1 •175s 18
5.05
4.90
US Steel Corp(Coupon Apr 1963 MN 10878 Sale 10834
Mason Tire & Rubber com.1 *50
180 10618 1091
109
: Seaboard Air Line 534s A 65
5018
4.40 4.30
sf 10-60-yr 52firegist. _Apr 1963 MN
108
Preferred
108
5 10534 10834 Southern Pacific Co 4345.,,
15
100 12
Universal Pipe & Had deb 68 1936 J D 88 Sale 88
4.50 4.40 Miller Rubber preferred.100 95
Equipment75
8812 35
97
8714 90/
1
4
Utah Lt& Tree 1st& ref 58-1944 A 0 9872 Sale 96/
4.50 4.40 Mohawk Rubber
1
4
9738 39
93/
1
4 9734 Southern Ry 4 hs & &I
100 171
: 22
Utah Power & Lt 1st 55
5.05 4.95
Equipment65
1944 F A 10011 10078 10014
Preferred
1007s 32
97/
1
4 10134
65
100 50
Utica Elec L & P 1st s f g 56_1950 J .1 10314
Toledo & Ohio Central 0s,.,,
5.05 4.90 Selberling Tire & Rubber--1 .1.3135 32
_ 104 Aug'27
103 104
Utica Gas & Elec ref A ext 55 1957 J J 10534 Sale 105/
4.55 4.45
Preferred
10218 1001
1
4 10534
: UnionPacific 78
100 100 102
Vertientes Sugar 1st ref 75_ _1942 J D 100 sale 100
17
100
Water Bonds.
9834 10114
46,11
Victor Fuel 1st f 55
Short Term Securities
1954) 1 55 Sale 55
55
Arkan Wat 1st 55'58 A.A&O 0712 9819
1
55
65
Vairon Coal & Coke tat g 55.1949 M 5 91
9214 10
91
9312 9218
9514 Anaconda Cop Min135'29.1&J 10112 10178 Birm WW 1st 5145A'54.A&O 10312 10415
Vs Ry Pow 1st & ref 5s
1
4 00.3it
1934 .1 J 10114 Sale 10114 10134
1st M 55 1954 ser B__JAD 100 101
8
9888 10184 Chic RI & Pao 55 1929.1&.; 100/
Walwortb deb 6154(with war)'35 A 0 94
:00,,t4 City W(Chatt)5148'154A.I&O 10214 10314
5% notes 1929
M&S 1001
94
20
89
9412 94
961:
1st sink fund 65 series A_ 1945 A 0 9512 sale 951:
91
Federal Sug Ref 68'33 M&N 89
1st M 55 1954
96
19
911
: 97
J&D 9712 9819
Warner Sugar Rolla 1st 78_1941
,
Er 106 10678 106
4 City of New Castle Water
6
106/
1
4
911
/
4 1071: Sloss-Sheff 5 & I 134C29 F&A 102 102
.4
Warner Sugar Corp 1st 75
1939 J J 891: Sale 87
13
53 Dec 2 1941
87
7818 9814
98
JAE. 1 oa
Wash Water Powers f 55_ _ _1939 J J 10338
Indus.
&
Miscall
10338 Oct'27
Clinton
WW let 55'39.F&A
_ 10234 103/
1
4
9713
oals
Westches Lug g 55 strand 914 1950) P 10434 _ _ _ 10438 Oct'27
75 Com'w'th Wat 1st 5 hsA'47 1021: 103
25 •73
1
4 1041: American Hardware
102/
West Ky Coal 1st 75
Babcock & Wilcox
1944 M N 10434 105 10434 105
100 116 118 Connellsv W SsOct2'39A&Ol 95
4 1011
:10'5
West Penn Power ser A 5s
•151
: 16 E St L & lot Wat 58
1946 M S 10338 Sale 10338 103/
1
4 18 10018 10334 Bliss(E W)Co
96
1st 55 series E
Preferred
ao *58 65
1963 M S 1044 104,2 10418
let M 65 1942
2 10014 10418
10415
JAI 102 103
1st 5;45 series F
1953 A 0 10618 10634 106
3 1041
:10634 Borden Company corn,.,,50 •130 133 Huntington 1st Bs '54.MAS 103
10614
Childs Company pref___100 118 122
let sec 55 series G
1956.8 D 10312 Sale 10312 103/
55
1
4 79 100 104
98
1954 97
Hercules Powder
100 189 193 Mid States WW 6536 MAN 102
1950) J 54 Sale 54
West Va C & C 1st 65
18
80
59
57
Preferred new
100 119 121
1944 A 0 10318 Sale 10318
Western Electric deb 458
MonmCon W 1st 55'513AJ&D 94
10334 43 10118 10438
9588
Western Union coil tr cur 50.1938) J 10334 1041
:10338 10338
/
4 10514 Internet Silver 7% pref-100 1191: 1281: Monrn Val Wt 514s'50-1184 10012 101
2 1011
91
Fund & real est g 4ha__ -1950 M N 9938 100
Muncie WW 5s Oct2'39 A01 95
9934
95 1001
3
: Lehigh Valley Coal Sales.50 89
9934
115
Phelps
120
Dodge Corp
15-year 6 ha a g
100
St Joseph Water 55 194IAA° 98
1936 F A 1111211228 Int: 112/
99
1
4 19 11114 1137s
1951 J 0 104 Sale 103/
25-year gold 55
1
1
4 1043s 59 100/
4 1041
/
4 Royal Baking Pow com_100 230 245 Shenango ValWat 5856A5r0 9412 9511
Referred
100 107 109 So Pitta Wat 1st 531960 J&J 98
Wes'house E & M 20-yr g 58.1946 M S 1031: Sale 10338 10358 40 101 104/
1
4
412
let M 55 1955
Wartphalla Un El Pow 6 hs.1950 J 0 96 Sale 96
94
991
: Singer Manufacturing_ 100 408
FAA 99
963s 82
45
El
Ter H W W 135 '49 A_JAD 10212
Wheeling Steel Corp 1st She 1948) 1 1001: Sale 10014
96/
1
4 1011
10034 39
: Singer Mfg Ltd
lot M 58 1950 ser B _ _FAD 97
WhItelE'agle Oil & Ref deb 5348'37
Wichita Wat 1st 65'49_MAS 102
95
With stock parch warrants_ _
M S 931
95
: 96 95
26
9615
lat M 55 1956 ser B__F&A 9812 9588
White Sew Mach (15 (with war)'36 J J 12712 133 129
9734 148
6
132
Without warrants
10218 Sale 10118
99/
1
4 10378
10214 15
Wickwire Spell
let 78..._1935 J J 28
2.5
35
58
35
35
1
Wickwire Sp BPI CO 75 Jan 1935 MN 2314 Sale 2314
52
241: 18
20
Willys-Overiand sf6 As-_1933 M 5 102 1021: 10278 10278
/
4 103%
2 1011
Wilson & Co 1st 25-yr of68_1941 A 0 101 Sale 101
9734 102/
1
4
88
102
•Per share. t No par value. b Basis d Purchaser also pays accrued dividend.
Winchester Arms 7hs
1941 A 0 106 Sale 106
6 10412 10814 :NOV stock. /Flat price. k Last sale. a NOO11118/. z Ex
10614
-dividend. y Ex-Eight-I
Young'n Sheet & T 20-yr 68_1943 1 J 105 Sale 105
10514 97 10334 10534 r Canadian Quotation. s Sale price.




".5.

'4

Standard Oil Stocks Par
Anglo-Amer 011 vot stock_ El
Non-voting stock
£1
Atlantic Refining
100
Preferred
100
Borne Scrymser Co
25
Buckeye Pipe Line Co_
50
Chesebrough Mfg Cons 25
Continental 011 v t c
10
Cumberland Pipe Line_ 100
Eureka Pipe Line Co
100
Galena Signal 011 com_ __100
Preferred old
100
Preferred new
100
Humble Oil& Refining..,,,25
Illinois Pipe Line
100
Imperial 011
Indiana Pipe Line Co__ --50
International Petroleum-t
National Transit Co__12.50
New York Transit Co
100
Northern Pipe Line Co--100
Ohio Oil
25
Penn Mex Fuel Co
25
Prairie Oil & Gas
25
Prairie Pipe Line
100
Solar Refining
100
Southern Pipe Line Co. _50
South Penn 011
25
Southwest Pa Pipe Lines.100
Standard 011 (California).- t
Standard 011 (Indiana)
25
Standard Oil (Kansas)._ _25
Standard Oil (Kentucky)_25
Standard Oil(Neb)
25
Standard 01101 New Jer._25
Standard Oil of New York.25
Standard Oil (Ohio)
25
Preferred
100
25
Swan & Finch
Union Tank Car Co
100
25
Vacuum 011
Washington Oil
10

2509

BOSTON STOCK EXCHANGE-Stock RecordseeBrUnage
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
&MIDIS'.
Oct. 29.

Monday.
Oct. 31.

Tuesday,
Nov. 1.

Wednesday. Thursday.
Nov. 3.
Nov. 2.

Friday,
Nov. 4.

Sees
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Prey4ous
Year 1926
Lowest

Highest

Railroads.
Par.
Shares
100 171 Jan 7 188 May 27 159 JanI 17512 Dee
41 Boston & Albany
184 184
184 184
184 184
184 184
*184 136 •183 185
:July
77 May 851
100 81 May 10 94 Jan 15
520 Boston Elevated
1
4 8214 8234
82/
1
4 82/
8234 82/
1
4 8234 83
/
4 82
1
4311
82/
1
4 8234 /
9812 Apr 27 10312June 9
89 Feb 103 Dee
100
Preferred
--------116
100
100
101
10114
10114
/
1
4
01
10114
100
10114 10114
100 109 Mar 30 119 Sept 20 11212 Dec 122 Jan
96 let preferred
_ _ 115 1512
_ _ _ *115
115 115 *114
11334 11334 114 114
100 101 Jan 20 110 Sept 8 981/ JanI 112 Jan
76 2d preferred
10312 1-03-12 10312 104
*10312 104
10318 10312 *10312 104 *103
35 Mar1 5812 July
100 5118 Mar 7 70 July 6
6114 1,622 Boston & Maine
60
61
6012 60
5934 -6012 60
____ ---- 5712 58
32 Apr 611
/
4 Dec
100 56 Jan 22 6912July 13
Preferred
59
87
June
1
Jan
15
100
Apri 86 Dec
763
4
Series
A
1st
pref
--------35
84
*83
i
r
iiii-iiiiiiiiiii- -ii- -ik100 118 Oct 24 139 May 3 84 AprI 130 Dec
____ *125 ------------32 Series B 1st pref
*120 ____ 125 125
130 130 *120
74 APfl 1.0 Sent
100 97 Sept 17 116 May 26
Series C 1st pref
•110 ____ +110 ____ *110 116 *110 ____ •110 116
100 154 Aug 24 165 Apr 21 105 Jan 165 Dec
__ •155 ------------10 Series D tat pref
- 165 165 *150
*150.*150
94 AprI 1071/ Dee
10412May 6 113 May 21
--------95 Prior preferred
•11018 1-11- •11018 111
-111 113 *11018 11-3 *111 113
1
4 Dec
100 196 Jan 18 212 Oct 25 x17512 Mar 207/
_ _ ____ _-_ ___ ___ Boston & Providence
__ *209
*209
-- *209--- *209
4209
28
Oct 61 Jan
100 25 Feb 4 43125ep5 16
3812 --------680 East Mass Street Ry Co
37 -38
37 -37
38 -3812 38 -+3518 17
Jan
591/ Apr 71
100 64 Feb 8 81 Oct 7
260 1st preferred
7412
7412 74
74
7412/
74
1
4_ ___ 77
74
7512 7512 74
56 May 69 Jan
100 60 Mar 14 78 Oct 7
--------120 Preferred B
76
11
4
74
741/ /
75
75 " 73
74
*274___
49/
1
4 Jan
40 A
100 42 Apr 1 5912Sept 17
--------280 Adjustment
*6412 65
56
55
5412 5412 55
*52 -5412 *53
49 Sept 60 Feb
100 4712 Jan 13 74 Mar 29
103 Maine Central
641
/
4 6412
65
65
*6412 65
*6412
- *6412 65
*6412 65
31/
1
4 Mar1 483s July
100 4118 Jan 6 5834 Feb 16
80/
1
4 -1128 511s 511
51/
1
4 5158 1,025 NY N H & Hartford
/
4 5012 5112 5078 5112 5114 52
81 AprI 9812 Dec
_- ____ ______ Northern New Hampshlre_100 9212 Jan 13 103 Sept 7
*103
--- *103 ---- *103 105 *103 105 1 41104 105
__ ___ ___ Norwich & Worcester pref_100 127 Jan 4 14214 Oct 19 120 Apr 132 Dec
__ *14612 ____
•14514--- 1/44514 -- *14612 ---- *14612
Jan 125 Sept
100 122 Jan 4 13612 Oct 4 111
442 Old Colony
____-13512
136 1-34 *136
_ _ 13512 lin 1/43512 -__ 13512
*13512 1-36
50 63 July 1 6818 Oct 4
1
4 6518 1,181 Pennsylvania RR
1
4 -6518 64/
1
4 64/
1
4 6418 64/
6473 6518 6434 6514 26418 -64/
994 Mar 107 -Dec
____ ____ ______ Vermont & Massachusetts_100 107 Jan 6 116 Jan 31
1
420 ____ *120
____ +120 124 *120 124
•120 ____ /
Miscellaneous.
5 Jan
2 Nov
534July 30
214 Jan 3
378 *318 334
375 Amer Pneumatic Service
314 314
3/
1
4 328 *3
334 4
*334 4
18 Dec 2414 J11123
50 1512 Jan 12 2612Sept 14
435 Preferred
20
2014 20
2034 2034 2034 2024 2012 2012 20
22
21
/
4 1,936 Amer Telephone & Teleg__100 14912 Jan 3 18512 Oct 11 13912 June 15034 Feb
/
4 17612 1771
17414 17518 17372 17514 174 17518 174 17434 17518 1771
Jam
4812 July 71
No par 48 Jan 17 92 Sept 8
88/
1
4 88/
675 Amoskeag Mfg
1
4 87
87
87
1
4 8334 87
87
85/
1
4 85/
87
87
7212 Nov 78 Fa
No par 7358 Jan 10 91 Sept 9
34 Preferred
90
_ 90
+91
_ _ +91
90
--- 90
--- •90
3634 Jan 25 4312 Oct 19 ____ ___ ____ ____
930 Assoc Gas & Elec class A____
*904314 4314 4314 -4314 4318 4314 4314 -4314 4318 -4318 4234 43
5212 -Apr 6334 Jam
5314June 9 59 Feb 10
-_-- --____ -___ ____ ____ ____ ___ ____ ____ ______ Atlas Plywood tr ctIs
814 Oct 1714 Jam
4,712 _ _ ____ ____ ______ Atlas Tack Corp
_ _
712 Oct 4 12 Apr 7
No par
14/
1
4 May 2012 Jam
15/
1
4 Aug 25 2o12 Jan 3
-fi/
1
4 ;iii2 1112 ;154 -1112 *1312 ii12 *1414 ii
____
__ _ ____ Beacon 011 Co corn tr ctfs__ __
1
4 Jam
74
Nov 98/
96
Nov
3
Feb
17
77
Bigelow-Hartf
Carpet
No
par
1,451
94
94
-96
95
90
9214 95
"90
92
9114 9114 90
--- r -_
5 Jan 3 - _ -- -__
.15Sept 15
•.10 .50 •.10 .50 *.10 .50 •.10 .40 *JO .40 ____ ____ ______ Coldak Corp.. class A T C_ _ _
57 May
- 71 -D ,
--------5 Dominion Stores. Ltd No par 67 Jan 26 98 Oct 5
*92
93
129012 9212 *9112 9:3
92
92
93
*92
312 Jam
11/ Dec
334 Feb 3
Panne 27
10
214 --------100 East Boston Land
214 •2
214 *2
*2
214 *2
2
2
3/
1
4 Mar
734 Mar 17
728 Oct
3/
1
4 Jan 11
5
10 Eastern Manufacturing
+3/
1
4 4
*3/
1
4 4
*338 4
32$ 358 *358 4
*3/
1
4 4
Jam
8812
44
Nov
8914
Oct
10
45
4
Jan
SS
Lines,
Inc
1,492
8318
Eastern
8212
83
83
/
1
4
83
83
/
1
4
83
8134 81
1
4 80
80'a 81/
Jan
34 Nov 45
No par 35 Feb 15 4558July 29
1201 Preferred
44
44
44
44
45
45
*43/
1
4 45
*4334 45
*4312 45
9014 Oct 9912 Jail
100 8734 Feb 17 100 Oct 10
240 1st preferred
100 100
9912 100
*99 100
*99 100
*99 100
*99 100
Pet
26
14
Nov
15
Sept
13
1
10
June
Economy
Grocery
Stores
--------100
*1112 12
1112 1113 *1134 12
*1112 12
*1112 12
100 217 Feb 18 267 May 23 2207 Jan 250 Fel
793 Edison Electric Blum
250 250
248 250
24514 248
245 247
243 245
245 245
27 Apr 26 3612 Oct 29 ___ ____ _ _ _
35/
1
4 351 --------415 Federal Water Serv corn
35
3512 3512 35
36
3312 361 38
27 -0(31
14 Ju
2212 Apr 20 38 Nov 4
Galveston-Houston
Elec_100
3,531
1
4 38
35/
1
4 3618 36/
*31
33
33
31
31
31
11 Dec 17 Jae
11/
1
4 Jan 11 1712 Oct 8
*16 ------------45 General Pub Serv Corp corn_
16
16
___
__ *16
•16.. 1516
- --22
Sept
22
19
Feb
2
Germ
Crest
&
Inv
let
pref
--------145
•
2012
21
*22012
211*
2012
2012
2o12
2a1
21
4:2012
4058 -.las
1
4 -Ap
34/
No par 3414June 28 38 Mar 15
--------545 Gilchrist Co
3414 35
35
3414 3414 35
3414 35
*23414 35
88/
1
4 Marl 1131/ Fel
9913 98
96
9812 1,290 Gilette Safety Razor__ _No par 8412 Mar 22 10914 Oct 1
9512 99
96
97
98
9814 9814 98
Sep
14
10
May
2
1212Mar
7
Oct
15
Greenfield
Tap
&
Die
25
2,215
10
1012
1012 11
912 12
9
9
814 9
•8
9
12 Jan 17 13 Mar14,-,,
Hathaway Baking Corn
__ ___
123 ____
123 *12
1234 *12
1
42
123 *12
•12
1234 /
4514 -Dec 6834 -Fal
1
4July 6 47 Jan 3
637 Hood Rubber
No par 32/
39
_39/
1
4
391
3918 3914 39
3914 391
3914 3914 3914 391
*95 ------------05 Kidder, Peab Accep A pref _100 94 Apr 26 9534July 12 z93 Apr 96 Jull
95
95
*95/
1
4 _
/
1
49514 _ _
*29514
61/ Aug 1084 Del
7 Aug 25 1114Sept 8
169 Libby, 13'3,,Neill & L1bby_10
9/
1
4 938
*934 014
*934 10/
1
4 *934 101
934 -es
*934 1-012
1
4 Jai
6 July 12/
6 Jan 3 10 Jan 18
25
660 Loew's Theatres
1
4
6/
4's7
8
678 6/
634 7
7
7
634 634
1
4 7
80 Apr1 9412 Noi
1,443 Massachusetts Gas Cos_ - _100 84 Mar 25 122 Sept 17
109 11078 110 111
109 109
107 111
107 108
III 111
Fel
701$
Jan
65
Oct
20
8112
3
100
70
Jan
179
791
/
4
Preferred
791/
80
80
80
80
80
80
80
80
80
80
Mergenthaler Linotype_No par 108 Feb 18 116 Oct 4 f104 June 3110 Mal
114 114
1
413 114
114 114 /
114 114 15114 11413 114 114
4/
1
4 Jai
2 AUgj
434 Jan 20
214 Mar 24
10
*312 3/
1
4
3/
1
4 31
3/
1
4 31
,5312 324
330 National Leather
358 358
312 312
1512 Jan1 2912 Jul:
/
4 Apr 16
5 2312 Feb 14 311
28
2734 2734 2734 2734 --------303 Nelson (Herman) Corp
+28
28
28
28's 28
.95 Ap
.25 May 7 .20 Ja
New Eng Oil Ref Co tr ctfs__ .15 Sept
111.05 .24 *.05 .24 ___ ____
13.05 .2
*05 .24 *05 .2
...
10/
1
4 Jal
313 r_
312 4_
3- July
312 r_
31 r_
5 Mar 30
3/
1
4 ____ ____ ____ .._
312 Jan 1
Preferred tr etre
100
10012July 2 -___ -__ -_,- - „,.. 91 Jan 1
iii2 98I2 --------42 New England Pub Serv $7 pre
iii-2 r___
1
4 1//ii2 __
158
.i2 9812 iiii2 98/
95 Ben 101 sel)
9714 Jan 26 104 July 23
60 Prior preferred
____
1011/ 1-01-1 102 1-03 *102 103
10212 10212 103 103
8 Fel
314 Feb 23 .50 Dec
.25 •____ .25 ____ ____ _____. New Eng South Mills__No par .20 June 29
.25 •____
.25 •____
•____
.25 •____
2 Dec 28 IS
8/
1
4 Feb 28
2 Apr 1
100
15 Preferred
4/
1
4 4/
1
4 *4/
•1
1
4
*414 __412 412 - - 100 11512 Jan 4 140 Aug 10 11078 Apr 11834 Fe
.594 New Eng Telep & Teleg
13612 1362
- 8 13612 137
-139
136/
1
4 1-37
13612 1-3712 13712 13818 13812
89 Feb 96 Fel
___ ____ ,No Amer Util 1st pf full paid__ 90 Jan 5 95 Feb 29
____ ____
__ *90
__ *94
__ *94
•94
__ *94
1434 Dec 27 Fel
40 Jan 6 50 Oct 1
10 1st pref 50% paid
44 -44
50
11
444 -50 /
-50 /
1
444 -50 *44
/
1
444
-50 *244
55 Ja
1
4 Jul
44
Sept
9
35/
3512Mar
28
Pacific
Mills
100
755
40
40
4012
40
4014
4014
40
40
4012
4014
41
4012
6814 Ja
40 Ma
1
4 Jan 3
____ ____
Plant (Tilos G), 1st pref
100 15 June 22 42/
"21
25
25
*21 "25 /
1
41
25
1
41
.21
25 /
1
4 Au
15 Feb17/
1512 ____ _ _ _ _
Reece Button Hole
10 z1414Sept 15 1612 Feb 10
151/ *15
•1514 1512 *15
15/
1
4 *1534 1612 *15
2 No
118 Dec
11
/
4 Jan 11
1 Mar 4
/
4
138 ____ ____ ___ __ _ Reece Folding Machine_ __ _10
/
4 11
/
4 *11
/
4
1/
1
4 •11
138 *11
•118
11
/
4 *118
98 May 110 Au
185 Swed-Amer Inv part pref-_100 1051/ Jan 5 132 Oct 27
131 1311/ 13038 13038 *128 130
*13112 13212 132 132
190 Swift & Co
100 115 Jan 3 1301/Sept 26 111 Apr11814 De
12312 124
123 123
123 123
*122 12212 122 12212 12214 123
72 Sell
54 Ma
29G,Torrington Co
25 66 Jan 3 85 Sept 26
_._ ____
84
84
84
85
84
84
8312 84
85
84
958 Jan 31
4 Mar 3
--------925 Tower Manufacturing
5
5
478 518
5
5
512
5
5
518
16 Aug 9 1812 Mar 22
650 Traveller Shoe Co T C
1778 1814
*1714 18
1
47
18
1
47
.17
17/
1
4 /
1772 *1714 18 /
1
4 -Fe
7
Jan 15/
90 Union Twist Drill
912Sept 2 1412 Jan 24
5
10
10
1014
/
4 1014 *10
1014 1012 1012 101
1014 +10
*10
47 Mar 5314 Au
1,132 United Shoe Mach Corp-__25 50 Jan 3 72 Sept 15
691/ 70
70
1
4 68
69
1
4 69
6812 68/
6712 6812 6E12 68/
28
Jan 30 Jun
25 28 Jan 3 3038 Oct 18
251 Preferred
*2912 30
*2912 30
30
4.2912 30
*2912 30
*2912 3038 30
590,U S & Foreign Sec 1st pref I pd 83 May 3 92 Oct 5
89
89
82 Nov 135 Fe
89
89
89
89
89
90
89
891/ 89
89
60 May 90 At
74 Apr 30 86 Sent 8
1 1st pref 75% paid
412July 5 11 Apr 30
25 Venezuela Holding Corp
614 614 *5
*5
612
612 *5
612 -- -612 *5
--1
4 Feb 23
1
4 04
17 Jan 22/
19 Oct 1 27/
105 WaldortSys,Inc,new alt No par
20
1
4934 201/ *1934 2014 20
19/
1
4 1914 *1912 20 /
•19
20
29 Jan 41 De
50 Walth Watch el B com_No par 4012 Jan 21 60 Sept 14
____ ____
55
55
*53
60
1553
60
60
*58
*50
56
48/
1
4 Nov 61 De
I Preferred trust Ws
100 61 Jan 3 SO Sept 16
8912 __ ____
1
473
80 /
80 *273
8912 *275
80 +z75
os77
100 10012June 14 118 May 20 101 Sept 112 De
5' Prior preferred
____ ____
102 102 *102 103 *102 103 *102 103 *102 103
1234May 23 Ja
17/
1
4 Aug 11 2434 Apr 1
1812 1812
1
4 1912 1938 1938 •19
120I Walworth Company
1914 1914 *18/
*1812 1914
20
44 Mar 69 De
145 151
50 6514 Jan 13 155 Nov 1
4,551 Warren Bros
14714 151
149 151
14934 155
141 145
148/
1
4 152
39 Apr 46 De
50 44 Jan 5 50 Feb 16
•47
48
48
--------200 1st preterred
+4712 48
*4714 48
1047
48
48
42 Apr 47 Fe
2d preferred
50 45 Jan 17 54 Oct 1
____ •53
45212 --- - *5212 ---- *5212 ____ *53
1
4 Mar 15
1014 Aug 1712 Ja
14 Jan 12 17/
Will & Baumer Candle coin._
*1614 ---- •1614 _-__ 4.:1031, ____ /
1
41614 ____ •21614
Mining.
C_ _ _
Adventure Consolidated_ _25 .05 Jan 14 .20 Feb 10 .05 Mar .40 Jul
---------------------------------25 ------25
11
/
4 Au
134Nov 4 .25 Mar
138
11
25 .20 July 18
114
11
/
4
11
/
4
las
132
1/
1
4 6,315 Arcadian Consolidated
g
132
5
Ils 1,4
y8/
1
4 5/
9/
1
4 May 1234 Ja
1
4
5/
1
4 51
5 July 11 1014 Jan 6
5
512 512
512 3,183 Arizona Commercial
51s 5/
514
514
512
1
4
1
4 Ja
29 June 55/
*55
57
55/
1
4 56
10 30 Jan 3 61 Sept 28
*5514 58
700 Bingham Mines
57
581
/
4
58
5614 561 *56
1818 1612 1618 161
1314June 1858 Au
1618 1628 1638 16/
25 141sJune 27 1714 Oct 4
1
4 3,391 Cedumet & Heals
1
4 1658 16/
1
4 1628 16/
1 .10 Jan 7 .60 Apr 29 .10 Dec 50 Ja
Carson Hill Gold
7A-,.-;
--j.ji4 -148-4 -jii4 141
Ja
13 May 20
/
4May 20 18 Sept 16
25 111
4 - ii- 1414 141
1412 1512 1,219 Copper Range Co
1
4 15
/
4 ...4 14/
4 Fe
2/
1
4 Oct
2/
1
4 Jan 4
11
/
4 Oct 14
114
138 •114
11s
114
114
114
114
114 +155 2
11/
470 East Butte Copper Mining_10
114 Ja
.
5.25 .50 *26 .50 •.26 .50 15.26 .51) •.26 .50 •.26 .50
.05 Feb 1 .80 Mar 17 .25 Nov
Franklin
11
/
4 Jul
.30 .30 *50
1
1 July 1 .27 Dec
.35 .35 *40
25 .15 Apr 8
•.50
1
.5.40
1
1
72 Hancock Consolidated
1
4 .13
14 Mar 21/
1 14 Apr 26 181sSept 9
14
1412 1412 141/ 1412 •____ 1414
/
4 141/1 1438 1412
14/
1
4 141
625 Hardy Coal CO
2 Ja
.40 .40
.0.32 .50 •.32 .50
.50 .60 --------2.210 Helvetia
.45 .45
25 .32 Oct 17 .85 Jan 6 .75 Oct
53
5618 58
54/
1
4 55
35
1 47 Feb 26 87 Sept 8
54/
1
4 5512 5412 5514 5512 5634 2,845 Island Creek Coal
1
40512 1071
/
4 *10512 10712/
*10512 10712/
9912 Jan 11111 Jul
Preferred
1 10412Sept 23 107 Apr 13
1
40512 10712 *1051/ 10712 _ - - - - - - 1
4012 1112 105$ 11
1
4012 1113 /
11
1114 /
912 June 14 At
9 July 13 15 Sept 16
295 Isle Royale Copper
1212
1024 1134 12
25
+1/
1
4 2
2
2
2/
1
4 Sei
112
112
+112 2
41134 2
Jar
405 Keweenaw Copper
2
218
278 Feb 4 .50
1 July 21
25
1/
1
4 Jul
Oct
350 Lake Copper Co
134
25 .80 Jan
1
114 'l's
114
114 "1
/
4 •1
*1,97
113 *.07 11
114Nov 3 .60
2/
1
4 MA
.56 .56 •.55 .75 *55 .70 *.55 .70 --------200 La Salle Copper
.56 .56
25 .50 Mar 2a .90 Apr 22 .80 June
232 Bei
11
/
4 Jan
Mason Valley Mine
2 Jan 4
•.70 .90 •.70 .00 •.70 .90 •.65 .90 •.60 .90 *1.70 .90
5 .70 Oct 11
Maas Consolidated
AO *20 .40 •.20 .40 111.25 .50
4..20 .40 •20 .40 *1.20
25 .05 Sept 29 .85 Jan 3 .15 Dee .75 Jul
517 Mayflower-Old Colony
.50 .75
•,50 .75
11
/
4 Ji
.75 .75 •.75 .85
112 Jan 11 .40 Dec
25 .25 May
.75 .75 ".65 .75
441
/
4 4412 2421/ 42/
46
1
4 42/
1.107 Mohawk
44
45
1
4 4212 4212 4234 42
30 Mar 46 0
47/
1
4 Oct 14
25 3458June 2
1
4 /
2214 3,083 New Cornelia Copper
1
4 r22
1
42
1812 May 24 At
24 Jan 20
2234 2212 22/
221/ 22
2234 2234 221/ 22/
5 1812June 2
New Dominion Copper
.20 Jut
May 26 .06 Feb 1 .05 J
•
.15 .5.03 .05
.15----.05
11.05 .20 •-:,New River Company
*10
15
18 Dee 25 Fe
1978May 12
100 16 Oct 22
+15- 20
18
18
17
,
4 *15
+15
*15
1734 •15
*88
_ .
*8812 88
1
4,812 yrs
45 July 72 Fe
60 Preferred
11
4561
75 Feb 8
100 5612Nov
5612 5612 /
/
4 58
58 /
/
1
457
637 Niplasing Mines
7
5 July
1
4 Feb 2
7
714 *4
718
1012 131
5 Aug 16 10/
5
-7-14
.7q
7
7 "x7
712
734 *7
3/
1
4 Se)
2 Apr
334 Jan 5
10 .50 June 28
1,120 North Butte Mining
114
114
1
118
.99 .933
.95
1
1
1
*95
11s
11
/
4 Jan 26 .50 Jan .50 Nc
4%80
OM way Mining
1
25 .40 Oct
+.51
111.51 .90
'2.51
1
12.51
1
'.51
1
1
13 Dec 20 Jul
912 Oct 27 15 Apr 1
25
805 Old Dominion Co
1
40
11 /
1014 1014 101/ 1034 1112
1012 +10
1
40
1014 /
*10
1012 Mar 15 J3
181/ Aug 19
11 Jan
1,785 P'd Cr'k Pocahontas Co No par
16
16
1534 16
16
16
1612 1514 16
16
1612 16
1512 May 25 Jul
1918 Apr 22
1
4July 1
25 13/
590 Quincy
IA 1334 1334 14
1412 1412 15
1334 13/
1
4 131/ 1334 14
25 Dec 381/ Fe
27 Oct 5
450 St Mary's Mineral Land_ _25 1812June 2
*2312 24
25
2612
25
24
24
2312 2312 24
*2358 24
234 Dee
312 Jan 14
1 July
95s Ji
Seneca Mining
112
112 *1
112 *1
112 *1
112 *1
•.75
114 "1
10 .15 May 9 .40 Jan 12 .15 Dee 80
Js
265 Shannon
.32 .32
.30 .30 *25 .35 *.25 .35 *.25 .35
•.25 .40
1%) Mi
25 Superior & Boston Copper_ _10 .15 Mar 23 .50 Sept 6 .20 Nov
.25 .25 *.20 .30
.20 .20
..20 .30 ".25 .30 10.20 ..
7/
1
4 Feb 24 . 434 Oct 11/
1
4 If(
4/
1
4July 1
5
415 Utah-Apex Mining
1
4 4/
1
4 -------41
/
4 412
412 434 *4/
414 414 *414 412
2 Feb 2 .25 Dec 2% MI
1 .76 Oct 31
.90 .90 --------4,920 Utah Metal & Tunnel
.80 .85
.90 .98
.76 .80
.80 .85
25 .50 July 11
2 Aug 24 .40 May .75 173
8' Vi to la
I
118
118
118 +al
PI. *al
11
/
4 *al
118 "al
*al
.70 June 3 .10 Sept.40 Ju
25 .03 Mar
Winona
20 4. nfi .20 '.06 .15 ____ ____
• na
20 +.06 .15 'Or.
•Bid and asked priCee; no sales on this day. a Assessment paid. 8 Ex-stock dividend. I New stock.




Ex-dividend. y Ex-rights. s Ex-dividend and r13 his

2510

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low, High. Shares.

Fr Way
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.




Low.

High.

750
50
1,000
60
75
85
85
21.645
2,353
1,500
520
1,065
300
100
165
8,550
1.280
75
120
375
13,345
190
100
460
150
100
147
05
230
870
377
455
1.100
50
73
245
50
20
50
250
1,473
650
290
496
80
117
400
95
249
1.660
100
595
1,081
5,445
6,065
275

18
Aug
93
Apr
1 934 Mar
94
Jan
73
Jan
92
July
994 Jan
2% Apr
3
Apr
51 July
79
Oct
5955 Apr
84 Slay
5
May
32
Sept
68% Jan
23 June
2
Apr
354 May
3631 Jan
53
Jan
1855 Aug
14
Aug
17
Jan
63
Oct
8334 Oct
8835 Jan
8535 Jan
8535 Jan
5634 Jan
9234 Jan
984 Jan
13
Nov
Jan
30
98% June
63
July
102
May
14 Feb
608
Nov
33
July
138
Jun
514 Apr
6931 Feb
4655 Oct
117
Feb
4934 May
Mar
25
Jan
106
20
Apr
Jan
11
734 Apr
9235 Mar
10014 Mar
38% Jan
2435 Jan
2155 Mar

3234 Feb
100
Sept
2834 Oct
104
May
90
Oct
96
June
1204 Oct
5% Oct
53,5 Oct
1
Jan
075.4 Feb
864 Jan
16
Jan
9
Jan
38% Feb
122% Sept
26
July
5 June
46 June
56
Sept
73
Sept
3515 Jan
2034 Jan
244 0
,
t
8634 June
92
Juno
05% Jan
95
Aug
04
Aug
6935 Nov
03)
Oct
1044 July
26
Mar
3555 Aug
10131 May
72
Feb
10455 Feb
6 June
610
Nov
364 Sept
171
Oct
855 Aug
845
% Oct
53
Sept
121
Slay
544 Oct
32
Sept
124
Nov
35
Oct
154 May
15
May
10031 Sept
1114 Sept
46
Sept
46
Sept
3555 Aug

375
1,735
102
115
300
25
605
5.930
2,480
1,700
572
125
10
985
518
120
32
130
100
1,100
375
85
100
3.450
609
60
7,660
4.155
2.370
1,084
1,903
178
132
125
101
900
685
55
6.220
1.455
45
584
150
300
470
220
230
105

2635 Apr
12
Jan
Nov
36
Nov
36
235 July
Jan
3
31% May
140
Mar
3535 Sept
174 Oct
39
Sept
26% Aug
95
Feb
1 134 Sept
944 Jan
5035 Apr
45
Mar
88,19 Mar
Feb
41
2
Oct
855 June
37
Apr
16
May
41
May
90
Oct
17
June
Apr
108
11035 Jan
9031 Oct
11755 Jan
38
Apr
9255 Slay
9731 Jan
90
Oct
0631 Mar
3234 Nov
9955 Nov
96
Sept
58
Jan
22
Sept
0334 Jan
234 Apr
36
Oct
9654 Oct
3055 Jan
22% Jan
954 Sept
944 Mar

36
16
50
45
535
4
56
20034
46%
25
4334
294
100
1935
102
62
85
98
63
9
11%
40
21
514
94
31
11734
1184
9415
127
7635
96
10735
9235
10354
334
1004
9715
6831
28%
9934
455
39.35
98
3814
34
105
101

Nov
Oct
Jan
Jan
Feb
Mar
Jan
Nov
Nov
Nov
July
Ole
Oct
Mar
Nov
July
Oct
Nov
Feb
Jan
Aug
Jan
Jan
Sept
Nov
Jan
Mar
Nov
Sept
Nov
Nov
Sept
Sent
May
Sept
Nov
Nov
Oct
Mar
Oct
Oct
Jan
Sept
Sept
July
Aug
Oct
Oct

Bonds"blcago City Ry 5s_ _ _1927
Ctrs of deposits__ 1927
"hie City & Con Rys 5127
;hicago Railways 55 _1927
1st M ctf of dep 5s_1927
Purchase money 58 1927
7ommonw Edison 58.1943
1st 114 58 series "A" 1953
1st M 448 ser "D".1957
red Util 1510,3-yr 534530
red Pub TRH 1st 65...1037
lous GO Cost g 64E11931
4etr W Side El 1st 4s 1938
Extension gold 48_ .1938
'rib Serv Nor 111 1st 5sC'66
buth0nitedIcelst6sA1947
iwift & Co 1st a f g 5s 1944
Jnited Public Serv Co 2-yr
6% G N
1929
hilted Pub Util Co F I
6% G II "A"
1947
'rated Pub 001 Co 2-yr
gold notes
1920
1
" "`"

84)4
6354
8251
46

844 8455
83
834
6331
63
8251 84%
8131 8234
46
46
10634 10655
105 105
09
09
9815 9835
100 100
107 10735
79
79
77
78
10234 1024
9734 9754
102% 1024
99

81,000
6,000
56,000
3.000
9,000
10,000
5,000
2.000
3.000
44,000
6,001
13,000
2,000
6,000
1,000
3.000
10.000

0934 24,000

9931 9931 11,000
09

99

2,000

IAA

Inn

n nnn

75
8134
524
74%
7435
29
1024
1023-4
9831
9834
99
96
79
75
1014
9731
10155
99

Jan
Aug
Jan
Jan
Jan
Jan
July
Mar
Oct
Nov
July
Jan
Oct
Jan
Oct
Oct
Jan

8835 June
88 Junc
7331 June
8631 Mar
8434 July
5134 June
Oct
107
105
Oct
09
Nov
983-4 Nov
190
Nov
1103.4 May
80
Apr
784 Oct
1024 Nov
08
May
1024 Sept

Aug

994 Apr

9855 June 101
0631 July
Inn

t-,
-

May

9931 May
Inn
I-,
-

•No par value.

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Oct. 9 to Nov. 4, both inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.

Arundel Corp
• 4731
Allan Coast Line RR_ _100
Balt & Commercial Ilk_100
Baltimore Trust Co____50 1634
Baltimore Tube pref...100
Boston Sand & Grave1.100
Central Fire Ins
10
50
Central Teresa Sag com_10
Preferred
10
Century Trust
50 240
Chest& Po Tel of Balt pf 100 1163.4
Citizens National Bank.10 52
• 1931
Commercial Credit
Preferred
25
Preferred B
25 2354
Consul Gas El.& Pow_ _ ..• 68
8% preferred ser A.100
7% preferred ser 11_100 114
634
100 112
- % prof ser C
6% preferred ser D..100
Consolidation Coal_ _ __100 30
Continental Trust
100 370
Crook (J NV) prof
Eastern Rolling Mill
• 22
Equitable Trust Co_...25 100
Farmers & Merch Bank
Fidelity & Deposit
50 241
Finance Service corn A _ _10 1631
Houston 011 prof v t 0..100 064
Ilurst (J E)& Co 1st pf,.100
Mfrs Finance corn v 1...25
First preferred
25
Second preferred
25
Trust preferred
Maryland Casualty Co_25 1595-4
Merch & Miners Transp__• 46
Merchants Nat 13ank___10 314
Monon W Penn PS pf__25
Mortgage Security corn_ • 16
so
First preferred
Second preferred__ _100 75
Mt V-1Voodb Mills v i_100
Nat Bank of Baltimore_100
New Amsterd'm Can Co..10 6835
Northern Central By._ _50
Old Town Nat Bank _ __ _10
6
Penns Water & Power __ _• 67
Public Service Bldg p4.100
Roland Park Homeland. •
100
First preferred
Silica Gel Corp corn v L..* 1634
Un Porto Rican Sag corn.*
Preferred
*
Union Trust Co
50
United Rys & Electric...60 1734
U S Fidelity & Guar__ _50 350
Wash Balt & Annap pref.50
West MO Dairy Inc corn__ •

.80

Kn

Fq

4511 474
18234 18234
153 153
1623-4 16335
31
30
76
785-4
34
343.4
lc
Sc
3c
3e
245
224
116 117
523.4
52
19
194
224 2215
2355
23
67
69
12734 128
113 114
1114 113
11135 1113.4
30
3034
345 370
51
51
2035 23
983.4 10451
75
75
234 241
164 164
9535 0634
69
69
27
2731
21
21
21
21
19
19
152 15934
46
4634
3134 324
2535 2535
15
16
ao 80
75
75
204 21
298 298
6754 6835
8655 7635
6
034
67
87
10951 10934
25
25
10135 1014
164 17
3934 40
504 51
310 310
16
173.4
342 350
17
17
52
52
A9 LI

59 *2

Range Since Jan. 1.
Low.
3154 Jan
18254 Nov
1374 July
12955 Feb
22
Sent
72
Mar
20
Jan
lo Nov
30 Nov
170
Jan
115
Jan
49
Jan
14% Juno
193-4 June
183.4 June
51
Jan
127 June
11254 Mar
11055 May
11155 Nov
2934 July
240
Mar
50
July
203-4 Nov
71
Feb
75
Sept
13555 Jan
164 Oct
86
Jan
65
Aug
25
July
18
Sept
164 Apr
17
Apr
08
Jan
3735 Apr
2651 Mar
2334 Mar
15
Oct
80
Oct
71
Sept
154 May
260
Jan
5235 Jan
81
Jan
614 Sent
474 Jun
106
Apr
Nov
25
10014 Jan
15
Jan
3634 May
49
Jan
Feb
240
16
Oct
205
Feb
17
Sept
Oct
47
rn

High,

ttstgsitittItttttNNNtEttratSgEtgSg.ttgtrzttgrtnttnttSSEttp
00000
r
0. m xm x rmm
rx
xmxx xx
xx
r mx x

Adams Royalty Co corn_ •
19
1915
Am Fur Mart Bldg pf 100
9911 100
Amer Multi4raph corn_ _.•
2635 27
American Pub Serv pref100
9831 99
Am Pub CM Co par p1.100
89
89
Prior Hen
100
933.4 94
American Shipbuilding_ 100
105 108
Amer States Secur Corp A •
53-4
43.4 555
Class B
•
415
434 5
Warrants
38
55
A
Armour & Co (Del) pref100 83
823,4 8334
Armour & Co prof
100 63
62
64
Common CIA v t c_.25
10
10
Common cl B v 1 c_ _.25
511 531
Associated Investment Co•
3355 35
Auburn Auto Co corn_25 104
1014 104
Bastian-InessIng Coreom)• 24%
24
24%
Beaver Board v t "B" •
255 255
Prof vot tr ctfs
100
38
38
Bendix Corp cl A
10 48
4635 4835
Borg & Beck corn
10 6831
643.4 69
Brach dr Sons (E .1) corn..
19% 19%
Bunte Bros corn
10
15
15
20 2255 2234 23
Butler Brothers
63
Celotex Co corn
6334
Preferred
100
8435 85
92% 93
Central III Pub Serv pref.• 93
95
Central 1nd Power pref _100 95
95
9355 9315
Certifs of deposit _ _100
ssy, 693-4
Central S NV Util com___.• 6934
Preferred
• 074 9655 08%
Prior lien prof
• 1014 101
10234
Chicago Flee Mfg "A" • 154 13
174
31
Chic Fuse Mrg Co Corn..
31
99
Chic N S & 11111w pr I 91100
9955
100
Preferred
86
66
102 103
Chic Rap Trans pr pf A100
3
Chic Rys part ctfs eer 2 100 _
3
Chicago Title & Trust_100 608
608 610
35
Club Aluminum Util Co • 35
3555
Commonwealth Edison 100 16731 167% 168
Consumers Co corn
5
74 7$5
735
100 82
Preferred
82
8255
25 47
Crane Co corn
4635 47
Preferred
100 119
118 119
50
Cuneo Press A prof
54
5415
Decker (Alf)& Cohn,Inc •
3055 3034
Deere & Co pref
100
123 124
Eddy Paper Corp (The)..• 35
3455 35
El Household Util Corp 10 1251 12
124
Elec Research Lab Inc..
9
9
9
Empire G & F Co 7% p1100 :co
9935 100
8% preferred
100
1074 10854
Evans & Co, Inc, Cl A....5 45
4334 4555
Class "11"
5 444 4335 4531
Fair Co (The) corn
• 32% 3235 32%
Fitz Shnons & Connell
36
35
Dk & Dredge Co corn.20
Foote Bros (II & M) Co..5 15% 154 16
37
36
General Box Corp pf A.I00 37
36
36
100 36
Preferred B
235 3
10
255
Gill Mfg Co
355 33-4
Godchaux Sug, Inc el "B"•
4131 42
Gossard Co (11 W)corn..' 42
193 209%
Great Lakes 1)& D.__ _100 205
4635
44
Greif Bros Coop'ge A corn • 45
18% 25
Hupp Slot Car Corp com10
394 4031
25 40
Illinois Brick Co
27
274
Inland Wire & Cable Co 10
100 100
Indianapolis P dr L 1st Pi •
134
13
Kellogg Switchb'd corn .10 13
9931 102
Ky Hydro-Elec prof.. _100 101
50
51
Ky Utll Jr cum pf
51%
85
85
Keystone St & Wire com100
97
98
100
Preferred
52
52
Kraft Cheese Co com __.25 52
355
334
La Salle Esc Univ com__10
351
94 10
Libby. McNeill & Libby_10
38
38
McCord Radiator Mfg A..• 38
20
SlcQuay-Norris Mfg
•
20
50
Marvel Carburetor (Ind) 10 49 )5 46
94
90
Mer & Mfrs Sec Co pr p1100 04
1855 1855
25
Part preferred
112% 115%
Middle West Utilities__ • 115
11531 1184
100 118
Preferred
93
• 92% 92
6% preferred
Prior lien preferred- -100 1264 12551 127
7635
69
Midland Steel Prod cora._• 74
9411 95
Midland Util 6% pr lien100 95
100 104
1033-4 10455
7% prior lien
9151
90
100
Preferred 6% A
100 10055 100 10054
Fret 7% A
33
3251 3311
Mpls-Honeywell Reg
100 1004 99% 10034
Preferred
96
96
Miss Vali 001 pr lien pfd •
Morgan Lithograph corn.* 6634 6435 67
2651 27%
Nat Elec Power A part...* 27 34
964 9654
100
7% preferred
334
335
334
National Leather corn.. _10
36
364
National Radiator.
•
9631 9631
•
Preferred
National Standard com...• 344 34% 35
3235 3235
North American Car corn • 3235
10355 10455
Nor West 0th pr In pref100
98% 9934
100
7% preferred

Range Since Jan. 1.

High.

Low.

9451 944
60 87
Jan 9734 June
54
54
100 50
Jan
57
Sept
144 1434
211 1234 Mar
17
June
9731 1C455 11,126 904 Aug 1104 Sept
123 123
130 115
July
Mar 123
24
27
170 24
Oct 37
Feb
11)5 1134
115
17% Jan
831 Jan
804 83% 14,565 67
May 8551 Oct
117 11851
160 11254 Mar 11831 Nov
1,100 2734 Nov
30
271-4 2831
Oct
50
504
158 34% Mar 55
Sept
35
7.
734
335
7
July
185-4 Feb
1135 11 15
50 1135 Aug
Jan
7
64
65
2,340 51
Jan 67
Oct
14135 15
43)) 1454 Oct 2734 May
2735 2731
70 25% Mar 40
Aug
44% 4534 7,385 3734 Aug 4635 Oct

a.
.
.1.,

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Oct. 29 to Nov. 4, both inclusive,
eompiled from official sales lists:

m
w.
a.

Oct
Oct
Oct
Oct
Feb
Aug
Aug
Nov
Aug
Aug
Apr
June

a

73
17,000 644 Aug 75
71
80
804 6,000 69
Jan 82
Apr 96
1,000 83
95
95
3,000 82
95
95
Feb 95
Jan 101
10031 1004 2,000 98
1.000 98
Feb 10131
9955 9955
1044 10435
1,000 10331 Mar 10435
9135 9134
5,000 9155 Nov 914
116 117
7,000 100 June 120
96
96
Aug 97
5,900 96
10231 1024 13,00( t00% may 10334
1014 10131
4,000 100
May 102%

.
.D. 017.
...

High.

w

Low.

10535 10535 54,000 10334 May 10555 Nov
67
67
Oct 75
4.000 67
Jan
102 102
Jan 102% May
1,000 100

..s
,a

Amer Tel & Tel 5s......1960
Atl G & W I SS L 5s_ _1959
Chic Jet Ry & US Y 58 '40 102
East Mass Street RR4.48 Ser A
1948 7214
5s Sec B
1948 8035
6s Ser C
1948
6e. Ser D
1948
K C Si & B income 5s.1934 10051
Mass Gas 415s
1931
1946
5348
Mtg Bk of Col 635s'47w!
P C Pocah Co 7s deb_1935
South West Gas Co 635837
Swift dr Co 58
1944 10231
Western Tel & Tel 5s 1932

Range Since Jan. 1.

Ii 0' v.

Bonds-

Range Since Jan. 1.

0
9
230
8
June
934 Sept
2534 264
805 2134 Joly 2734 Feb
21
21
225 1934 Jan 26 June
48
4934
875 40
May 5535 Oct
156 160
112 14015 Jan 1614 Oct
159 160
200 132
Jon 16134 Oct
109 10955
115 10155 June 10955 Nov
118 118
70 1124 Apr 118
Nov
4031 4034
100 3231 Jan 43
Aug
240 240
10 175
June 250
Sept
111 112
87 107
Jan 113
May
2434 253.4 14,705 1935 Mar 274 Oct
8
955
15
350
Slay
8
Nov
31
314
155 29
Jul) 34 34 Sept
105 10634
135 1004 July 10735 Aug
72
7434 6,325 52
Jan 79
Oct
3235 32%
75 2554 Jun 33 Juno
244 25
310 2434 Nov
28
Mar
9834 99
145 0434 Jan 100
Sept
87
89%
600 87
Sept 90
Sept
6835 7234 12,570 54)4 Mar 7434 Oct
935 945
50
5% June 104 July
1224 12434
1,065 11531 Slay 130
Sept
26
2734 15,755 184 Mar 2734 Oct
59
5934
320 40
Apr 8034 Oct
5755 62
4.422 3935 Jan 82
Nov

.wm

Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

Novadel Process Co corn.
9
Preferred
•
Pick Barth & Co part Pf-•
Pines ‘1, interfront A COM 5 48
Pub Serv of Nor III corn. •
Pub Serv of Nor Ill com100 156
6% preferred
100 .
7% preferred
100 118
•
Q-R-S Music Co corn
Quaker Oats Co corn
•
Preferred
100
Reo Motor Car Co
10 25
Ryan Car Co (The) corn.25
Sangomo Electric Co__ •
Preferred
110
Sears, Roebuck corn_ __ ..• 7434
So Cities Util class A corn.• 323-4
So Colo Pr Elec A com.25
Sow G & El Co 7% pf_ _100 99
Southw Pr & Lt prof
•
Stewart-Warner Speedom• 70
Studebaker Mall Ord com 5
0%
Swift dr Company
100 124
Swift International _ _15 26
Thompson (J 10 corn_ 25
United Biscuit class A...' 614
United Light & PowerClass ''A" preferred_ •
Class "11" preferred
•
Common class A new_ •
U S Gypsum
SC 10414
Preferred
100 123
Vesta Battery Corp corn.10
Wahl Co corn
•
Ward(Montgomery)&Co 10 82
Class A
* 118
Warner Gear cony prfA 25 284
Waukesha Motor Co com.•
Williams 011 0 Mat corn.'
Volt( Mfg Corp corn_
•
Wrigley (Wm Jr) Co corn.* 6434
(rites Machines Part Phi • 1515
lellow Tr&Coach Mfg 1110
yellow Cab Co Inc (Chic)• 44

wa

Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, Oct. 29 to Nov. 4, both inclusive:

6.,. m co,-+...04,-.4
0 aw-a.mw.
10cow.WcDOT=4.,Gna.01,..—=0.25W00,44=40.WWONOW
nOWW.P0.-ONWWG-INI-4000.4.=ONOCA0,
-,,WO.W.40..1=WC,00,-.WNON.-.. ...CrIXOC,

Outside Stock Exchanges

Stocks-

[VOL. 125.

THE CHRONICLE

1014
9955
72
504
79
99
96
103

52,000
1,000
600
1,500
5,000
1,000
2,000
4,200
3,000
1,000
1,000
1,000
2,000
1,000
2,000
1,000
4,000
2.000
1,000
3,000
2,000
1.000
1.000
2.000
38.000
15,000
10,100
6,000
7,000
18.000
1,000
1 nnn

Oct
101
0834 Jan
Feb
99
June
99
Oct
101
8651 Feb
Jan
87
9955 Apr
May
99
844 Mar
9951 Jan
Oct
100
Aug
92
984 Jan
10751 Aug
923.4 Apr
9734 Nov
984 July
9955 Jan
0935 Jan
Feb
103
Oct
102
Apr
100
Feb
97
704 Jan
Jan
51
754 Jan
Oct
99
Oct
90
June
65
10041 Jan
innar lnn

1014 Oct
10195 May
10134 May
101% Sept
1014 Oct
0054 June
9294 May
10034 Nov
Oct
115
8634 May
1004 Sept
Oct
100
9455 June
10035 Sept
10734 May
9455 Oct
10055 June
984 Nov
Sept
100
10034 Feb
Feb
104
1024 Oct
1004 Oct
9974 Aug
7935 May
Apr
60
May
84
10035 June
10155 June
9034 May
105
Oct
Anr
Ins

•No par value.

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Oct. 29 to Nov. 4, both
inclusive, compiled from official sa os lists:

104%
935

102
10755
107
107%
9855
10551

09 34 oou
8555 8534
5751 5855
104% 1044
0634 9734
855 9%
102 102
634
63
98
98
10154 102
10174101%
105 105
1074 108
1074 1074
107 10734
107 1074
9831 99
10551 10555

.4.0o

G
m

cm=c,o00Noo,..-..mcov,..0A.00,.c. co

Range Since Jan. 1.
Lou-.

High.

May
10
Feb
48
624 Oct
Act
410
Nov
15
11234 Jan
4034 Mar
3534 June
155 July
Jan
26
6334 May
Mar
51
May
208
5034 Apr
5134 Jan
154 Jan
Oct
105
1554 Jan
May
23
124 May
Mar
53
8131 Mar
1555 Oct
7551 Aug
5934 Jan
7434 Aug
4055 Jan
494 Jan
Sept
91.
4655 Feb
Jan
9
Apr
52
50 June
Mar
53
1055 Oct
Aug
33
Oct
16
973.4 Feb
5555 Oct
Aug
1
Sept
1
Jan
36
894 Feb
44 Nov
3255 July
8755 Jan
9655 Aug
Jan
40
3734 Mar
95
62
54
10155
93
5
99
62
9755
100
7955
103
103
10335
105
10654
9834
103

to.

0935
8535

to

BondsAmer Gas dr Nice 5s__2007
Consol Trace NJ 181 58 1932
Elec & Peoples tr etfs 45'45
Equitable Gas 55
Keystone Telep 1st 55_1935
1929
Lake Superior 58
Lehigh Vol Coal lot 5s 1933
Peoples Pass tr ctfs 4s_1943
Phil Balt & Wash lot 4s44
Phila Co cone & coil tr 5851
Stpd s I & red Ls_ .1951
Piffle El(Pa)lst Indrret 5860
1966
1st 55
lot lien & ret 5358..1947
1st lien dr ref 5553_11)53
1st lien & ref 63_1941
1967
lot 4555
Phila Nice Pow Co 515872
Phila & ReadingReading Term deb 59 '41
United Rys&E1(15a1045 '49
v...,.4 iiskikVilVS lot 5s.1937

15
1534
624 64
624 6335
448 448
15
16
11534 11534
4134 4134
5474 56
1 94 14
2955 294
704 71
64
64
215 215
54
53
734 773-4
24 255
105% 106
194 2135
2534 2534
1051 1935
5695 5695
864 864
164
16
80
79
65
64
8731 89
4651 4654
524 5255
93
93
5234 54
2034
20
5334 5334
50
503-4
5651 5634
1034 1034
34
34
1634 214
101
101
554 6034
155
155
155 255
374 38
10651 108%
415 435
3895 424
9234 934
974 974
4151 4154
414 4155

NC,

Stocks* 1534
Almar Stores
10 ----- Alliance Insurance
* 6234
American Stores
Bank of N A Trust__ 100
Bellefonte Central
Bell Tel Co of Pa pref _100 11534
50
Cambria Iron
56
Cense'Traction of N J.100
151
Cramp Snip & Eng
East Shore G &E 8% p1.25
Electr le Storage Batt'y _100
10 64
Fire Association_
Horn /k liard't1Phila)con3• 215
Horn & Hard't(N Y)corn •
Insurance Co of N A__ _ _10 7674
Lake Superior Corp_ __100
Lehigh Coal & Now,... 50 1054
Lehigh Pow Sec Corp corn • 21
10 2534
Lit Brothers
Mark (Louis) Shoes Inc_ _•
Minehill & Schuyl Hav_50
Northern Central Ry_ 50
North Ohio Power Co__
Penn Cent L & P cum p1. _• 79
50
Pennsylvania RR
Pennsylvania Salt Mfg_50 89
MIA Co (Pitts) 5% pf _50
50
6% preferred
93
Phila. Dairy Prod pret____
25 5335
Fhb& Erectric of Pa
Phila Flee Pow reets_ _ _25 2055
Phila Rapid Transit__ _50 5334
50 50
7% preferred
Philadelphia Traction_ 50
Phila & Western Ry.__ _50 104
50
Preferred
Shreve El Dorado Pipe L 25 2155
Scott Paper Co firer__. 100 101
Stunely Co of America__• 60
Tono Belmont Devel_ _1
135
I
Tonopah Mining
ql 38
Union Traction
50 1084
United Gas'mot
Victory Park Land Imp 10
Victor Talking Mach com•
•
6% cumul pref
•
7% cumul pref
West Jersey & Sea Sh RR50
50
York Railways Peel

o.18—.••o goaw0.-.N....-,07,cz
000loo=w....oNoNo,No=

6ates
trtaay
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Feb
Jan
Jan
Nov
Feb
May
Jan
Aug
June
Mar
Jan
Jan
Jan
Feb
May
June
Oct
Jan

1851 Oct
Oct
68
7355 Jan
Oct
450
Nov
16
115% Sent
Mar
42
6434 May
554 June
2955
7955 Jan
Oct
67
Jan
261
5655 June
Oct
79
351 July
1194 Jan
2134 Oct
2815 Oct
June
21
Oct
57
Oct
87
164 Oct
Oct
80
6831 Jan
Sept
92
464 Oct
Sept
54
93 June
5851 Sept
203,5 Sept
5574 June
5255 June
may
69
1555 May
May
39
2434 Jan
102
Oct
9034 Feb
255 Mar
235 Apr
394 Mar
11855 Sept
54 Apr
4255 Nov
9634 Apr
10051 Apr
4714 Mar
4255 Aug
1014
89
69
104%
'98
11
102
71
98
102
1024
1064
109
1074
107%
108%
9951
106

June
May
May
Nov
Oct
Sept
Nov
Jan
Oct
Nov
Max
Sept
Oct
Oct
Sept
Aug
Oct
Sept

JulY
10455 Feb 106
Mal
Jan 79
63
934. June 9714 Nov

10534 10534 10555
65
65
970. 970.

• No par value.

Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange October 29 to November 4, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.

Amer MultigraPh oom..*
•
Allen Industries
•
Preferred
Bessemer LimestACem cm•
20
"A"
Bond Stores
•

3255
3655




2635
134
31
3534
155
34

27%
15
3255
3655
2
34

792
265
275
352
230
100

Range Since Jan. 1.
Low.
1935
10
3051
314
13.4
55

Apr
Aug

Sept
Aug
Apr
May

High.
2831
1654
34
3834
251
14

Oct
Oct
Oct
Oct
Feb
Jan

•No par value.

Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange Oct. 29 to Nov. 4, both
inclusive, compiled from official sales lists:

Stocks--

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Am Laund Mach corn_ _25
- •
American Products pret_
Amer Rolling Mill com__25
100
Preferred
Amer Thermos Bottle A.
5.3
Preferred
100
Baldwin new pref
•
Burl:eye Incubator
•
Burger Bros
50
Preferred
Byers common
Carey (Phil(p) pref.._ _100
Champ Coat Paper warr'ts
100
Champ Fibre pref
Churngold Corp
•
Chi Car Co
50
100
Chi Gas drElee
C N & C Lt & Tr com_100
100
Preferred
Chi Street* Ry
50
Cin & Sub Tel
50
City Ice & Fuel
•
Coca Cola A
•
Col Ry Pr 1st pre
100
B preferred
100
Cooper Corp new prel_100
Crown Overall pre(
_100
Douglas (John) pret___100
Dow Drug common_ .. __I00
Preferred
100
Eagre-Picher Lead com._20
First National
100
Fleischman pre!
100
•
Formica Insulation
•
Gibson Art common
Gruen Watch common_ •
143
Preferred
Hobart Mfg
•
•
Jaeger Machine
Johnston Paint pref. _100
Kemper Thomas corn. 20
•
Kodel Radio A
20
Preferred
10
Kroger common
•
Lunkenheimer
100
Nash (A)
•
Mead common
National Pump
100
Ohio Bell Tel pref
Paragon Refining com_:25

1054 10455 10655
2474 25
754 83
81
112 56 113
113
1355 134 1335
43
42
110 110
4955 4855 50
1255 124
50
56
414 4151
224 224
3
3
110 110
3755 3794
2635 2654 2635
9951
993-4 99
984 9855
74
74
4634 4555 47
11055 11034 115
3255 3174 324
32
32
32
10555 10534
10254 103
100 100
100
10155 10134
109 109
4035 4055 4014
125 125
2451 2451 25
35751 357 359
125 125
2251
22
4154 4155
544 5455 55
1134 11455
4034 3934 4034
30
30
100 100
59
59
743.4
7434 70
714
70
13555 134 14155
274 274 2751
105 105
604 61
61
38
3855
38
111
11034 Ill
855 ., 855 ., 835
.

394
57
5.164
234
3
505
30
875
50
50
183
1
18
5
25
944
544
46
20
893
147
163
100
38
20
5
25
5
1,175
8
2,091
160
22
80
404
55
70
1,308
15
30
10
1,846
109
3,523
174
7
90
290
72
62

Range Since Jan. 1.

litah.

Low.
994 July
214 Jan
Jan
44
11054 May
Jan
7
May
34
10655 Jan
Jan
44
12
Sent
5055 Jan
38% July
11355 Jan
Oct
3
Jan
103
3455 Jan
2155 Feb
9634 Jan
Mar
91
Mar
70
4051 Jan
9054 Jan
2274 Jan
2255
Jan
96
Jan
96
9931 Oct
Oct
100
10855 Oct
3355 Sept
Oct
112
Oct
24
30255 Jan
19
304
4455
994
2634
273,4
9934
48
034
2054
118
2651
100
61
38
10655
6

Jan
July
Feb
Jan
July
Apr
Feb
Jan
Jan
Jan
June
Apr
Jan
Sept
Nov
June
Apr

.1.MIVVe'q.17:042‘:1411ili51.1gg4.

9751

1014 10134
1014 1014
101 101
101
101
1014 10155
894 8934
9034 9094
100 10035
104 1044
8655 864
100
100
100
100
9455 9455
10034 10034
10755 10755
9455 9455
9751 9794
9835 984
100 100
10055 1003.5
10335 10355
102 102
1004 10034
994 9954
7155 72
5055 52
79
78
09
99
96
9635
874
87
105 105
tog az nvia,

High,

Low.

Apr
49
75 43
Jan 53
49
Buckeye Incubator corn.•
Apr 42
Sep
42
1,629 35
Bulkley Building pref _ _100 41% 39
2
2
2
355
Oct
10
354 May
Clark, Fred G
20 2534 Oct 30
June
254 254
Central Alloy Steel corn_ •
96 10655 Feb 10931 June
10751 108
100 108
Preferred
475 234 Jan 34
Aug
• 3295 3155 3251
City Ice & Fuel corn
100 2455 Mar 3351 June
30
30
Clev Bldrs Sup & Br cm_ •
May 340
Nov
24 297
335 340
Cleve Elect Ilium com_100 340
144 108
Feb 111% Sept
100 11151 1114 111%
Preferred
577 9634 Jan 105% Oct
Cleveland Railway corn 100 1054 10554 10554
155 Sept
131 Mar
250
155
155
10
S Turities P L pref
May 67
5 47
June
66
66
*
Cloy Secu Stone corn_
23 300 June 355
Oct
339 340
100
Cleveland Trust
Oct
May 110
15 106
108 108
Cleve Union stk yds com100
Feb 10635 Mar
43 100
104 104
Dow Chemical pref.,..100
Oct 67% June
67 53
55
54
Elec Controller & Mfg cm* 55
135 35% Mar 45 June
38
38 34
Faultless Rubber corn. _ _ _• 38
Sept 3255 Nov
230 28
3155
31
Fed Knitting Mills corn... 31
Jan 165
Sept
105 107
148 154
Firestone T & R corn. __10
20 101% Jan 10755 Oct
107 107
100 107
6% preferred
Feb 10751 Oct
252 99
100 10655 10655 10731
7% preferred
Oct
Jan 95
55 35
85
85
100 85
Foote-Burt pref
Nov
50 10255 Jan 104
104 104
Gen Tire & Rub pref._ _100
Sept
Feb 122
23 100
Goodyear Tire & Rb of100 11751 115411751
Nov 9455 Oct
74 93
9454
100 9434 93
1st preferred
Sept
160 102% Apr 109
106 1064
Grasselli Chemical pref.100 106
Apr
80 753.4 Jan 95
8755 88
Great Lakes Tow com_100
107
Oct
Jan
10051
10
107
107
100
Preferred
252 364 Sent 45% Nov
4531
44
Greif Bros Co-operage cm.
Oct
Jan 410
5 260
100
390 390
Guardian Trust
Nov
23 994 Apr 104
104 104
100
Halle Bros pret
35 1255 Jan
15
153-4 Nov
1534
•
Harbauer corn
Aug 30% Feb
300 28
28
29
Harris-Sey bold-Potter cm• 29
Nov
15 10215 July 106
106 106
100
Higbee 1st pref
Oct 31% Jan
100 17
18
18
India Tire & Rub corn._.* 18
14
Nov
Jan
44
1,250
14
13
•
Industrial Rayon "A"
180 2755 Feb 32% May
2955 2955
•
Jaeger Machine corn
Oct
165 13235 Feb 185
180 18055
100
Kaynee, pref
May
Mar 17
100 12
1555 1535
Lake Erie Bolt & Nut cm • 1555
Jan 3054 July
809 22
30
28
Metro Paving Brick corn_•
33 10151 Mar 10555 Nov
105 10534
100
Preferred
Apr
Nov 35
150 24
24
2434
• 24
Miller Rubber corn
Feb
Nov 106
220 95
99%
95
100 95
Preferred
13 34
Oct 4151 Jan
34
34
National Refining corn. _25
Mar 134
June
13 130
1304 13055
100
Preferred
Aug
780 33 June 38
33
33
•
National Tile corn
Nineteen Hundred Washer
Apr 29
Oct
65 25
28
28
Common
Nov
113 7915 Apr 87
87
87
North Ohio P&L 6%pt_100
Sept
285 2555 Sept 28
27
27
•
Ohio Confection
Mar
107 10594 June 114
11151
111
Ohio Bell Tele pref___100
Jan 9934 Otc
99
400 76
98
* 08
Ohio Brass "B"
45 25 June 383.4 Oct
3835 3855
Ohio Seamless Tube corn •
Oct
Aug 45
210 35
44
* 4351 43
Packard Elec
Apr
6
914 July
25
84 851
Paragon Refining corn_ _25
Nov
95
May
66
140
95
94
100
Preferred
Sept
583 142% Mar 290
259 26655
• 264
Richman Bros corn_
Oct
25 3034 June 48
48
48
Rubber Svc Labs
Jan 3834 Sept
635 21
Selberling Rubber com___• 3155 3151 3331
Feb 6131 Oct
44
12
Sherwin-Williams com__25 604 6055 6155
Apr 3555 June
150 30
32
32
Smallwood Stone corn.. •
1734 Oct
Feb
7
,200
14
14
Stand Textile Prod corn100
Oct
Feb 74
200 25
65
62
100
A preferred
May 394 Oct
12
100
3355 3355
100
B preferred
834 Jan
355 Aug
200
4
4
•
Stearns Motor corn
Feb
10 4951 Apr 55
50
50
25
Steel and Tubes
Sept
Mar 49
905 36
44
43
Telling-Belle Vernon corn•
Sent
2051 July 27
59
2555
25
Thompson Prod corn _ _.100 25
Aug
14
37
951 1055
934 Nov
• 104
Trumbull Steel corn
May
Nov 90
72
11
72
7551
100 72
Preferred
Sept
47
Apr
40
125
46
47
Union Metal Manfg com_•
25
11
Sept6155 Mar
26
25
Union Mortgage corn..100
Jan
Nov 85
50
3
57
50
100
1st preferred
Mar
4355 Nov 82
6
434 45
100
2nd preferred
Aug
Jan 290
5 218
270 275
100 270
Union Trust
Wellman-Seaver-Morgan
Feb
May 98
84
6
85
8551
100
Preferred
May
3 10074 July 111
107 10755
Youngstown Sh dr Tu pf100

',.1,2271222,g$121,

944

Sept
77
355 Oct
Nov
50

c),?0.000X.?0.X>. 0440mt.4X 0!--tobW440.t.4T41).TXot
'..4g,

10054
104

Feb
65
255 Oct
4935 Nov

...

101
1014
8955

37
3,479
353

,..,

50

76
76
255
23.4
4935 50

Range Since Jan. 1.

,..,

BondsBaltimore City is P L.1951
1958
4s Cond
1951
48 Au Imp
1961
4s
1962
4s
1980
3348
Balt Sparr P & C 4 48-1953
Bait Traction lot 5s._1929
Mitek & Decker 655s_ _1937
Carolina Central 4s.__1949
Central Ry cons 5s___1932
Eaten & impt 5s_._ 1932
Comm'l Credit 54s _ _193,5
Consol G E L&P 4555_1935
1949
1st ref 68 ser A
Consol Coal ref 455s_ _1934
'31
Corp
63-4s
Coal
Elkhorn
Fairmont Coal 1st 5s. _1931
Georgia & Ala cons 58_1945
Ga Car & Nor lot 58_ A929
Houston 011634% notes'35
1931
Islands Edls 6545
Lake Roland El gu 5s_1942
MCI Electric Ry lot 155_1931
United Ry & E lot 4s_1949
1949
Income 4s
1936
Funding 58
1930
0% notes
1949
lot 65
Wash Halt & Annul)58 1941
West Md Dairy 65_ _ _ _1946
ioqc
xxr.,l,... r,nn ca

76

Stocks (Continued)

High.

Low.

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.

. ..
.
•-•
(.4
4. NttN0,...0
OWNIP00000WW.&NN8N.
NWOW4.4,
NNO0
C,00W0
0.WNNWWWONWOWWN
X
X;:4
Xg
gXXXX

Rights-

Range Since Jan. I.

. ..
..
, .140,NWIANNOOW.k.O44.N
.0&.N00000NN4NOM.bla
X
X X
X
X

Friday
Sales
Last Week's Rang
of Prices.
Week.
Sale
Price. Low. High. Shares.

National Marine Bank__ __
New Amsterdam Casualty_
Atlantic Coast Line

Stocks-

2511

THE CHRONICLE

Nov. 5 1927.]

OV

2512

THE CHRONICLE

Friday
Sales
Last Week's Range for
-*Rale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Procter & Gamble corn_ _20 225
Pure Oil 8% pref
100 99
Putman Candy corn
• 15
,Rapid Elec
27%
S Playing Card
10 118
US Print & Litho corn _100 69%
Vulcan Last corn
100 4455
Whitaker Paper corn
•
Preferred
100
Wurfitzer 7% pref
100
Bonds
Procter & Gamble 455s_ ___

220% 225
98% 99
15
15
27% 27%
117 122
69%
69
40% 43
59% 59%
100 100
118 118

Range Since /an. 1.
Low.

465 177
212 99
20 1334
115 25
236 85
25 55
208 31
27 51
3 100
2 115

High.

Feb
Jan
Sept
Sept
Jan
Jan
Aug
Jan
Nov
Sept

204
101
20
26%
122
7854
41
65
101
109

May
June
Jan
Oct
Nov
May
Sept
Mar
Sept
July

98% 9855 35,000

•No par value.

Scruggs V-B D G corn_ _ _25 16
15
1651
1st p,eferred
100
74
74
Scullin Steel pref
-• 31
31
32%
Sheffield Steel corn
•
2951 2951
Sou Acid & Sulphur com_*
44
44
Southw Bell Tel prof..100 1173/ 11734 118
St L Amusement A
39
•
40
St Louis Car pre!
100
98
98
Stix Baer & Fuller
29
29% 2955
Wagner Electric corn
3134 31
31%
Ha;
Preferred
85
85
Waltke corn
75
77%
100
Preferred
1125. 113
MiningGranite BI-MetallIc_

St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Oct. 29 to Nov. 4, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
1Veek.
Par. Price. Low. High Shares.

Stocks-

Range Since Jan. 1.
High.

Low.

[VOL. 125.

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.

_10

Street sty. Bonds- _ _ _
East St L & Sub Co 5s_1932
St L & Sub sty gen Mtge
1923
55 C-D
Miscellaneous BondsHouston 011 6348
1935
1941
Scullin Steel 65
Wagnor Elec Mfg 7s_ _serial

231
86
70
20
154
150
18
100
100
35
245
20

30e

300

1,000

94

94

3,000

8634 8855 15,000

99

10351 10314
99
99
101
101

Range Singe Jan. 1.
High.

Low.
15
72
3134
215%
36
1145.
39
96
26
1811
68
51%
111
30c

Oct 22% Feb
Oct 84
Mar
Mar
Oct 39
Feb 3055 Oct
July 41
Sept
Mar 119 June
Mar
Oct 46
Apr
Jan 102
Aug 31% Jan
Jan 3951 May
Feb 90 June
Jan 8651 Mar
Nov
Sept 113
Nov

361. Jan

July

35e
9451

Oct

88

Sept

2,000 103
Jan 104
1,000 9855 Sept 101
1.000 9814 Jan 102

July
Apr
Sept

Feb

80

•No par value.

BankBoatmen's Bank
100
First National Bank_..100
Nat Fik of Commerce_ _100
United States Bank_ _100 125

165
315
160
119

168
317
16255
125

16
25
42
166

150
Mar 169
251
Jan 320
150
July 169
11255 Oct 125

Oct
Oct
Oct
Nov

Trust Company100 167
American Trust
Mercantile Trust
100 502
Mississippi Val Trust_ _100
St Louis Union Trust_ _100

167
457
300
450

167
504
301
450

2
576
26
1

16334
427
285
370

Nov
Nov
Sept
Nov

Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh-Stock Exchange, October 29 to November 4,
both inclusive, compiled from official sales lists:
Awes
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
rimuy

Street RailwaySt Louis Public Service.. _. 30
Miscellaneous20 35
Aloe common
100 102
Preferred
Baer Stern &Cott lst PI 100
Best Clymer Co
• 26
Boyd-Welsh Shoe
• 3951
Brown Shoe corn
100 4334
Burkart preference
*
Certain-teed Prod 2d pf 100
Century Electric Co__ .100
E L Bruce com
•
100
Preferred
Ely & Walker DG com_ _25
1st preferred
100
Dl preferred
100
• _2055
Elder corn
100
class A
Elamilton-Brown Shoe_ _25 30
100
Fluttig S di D pref
Ely& Press Brick com _ _100
100
Preferred
independent Packing com * '
100
Preferred
:nternatIonal Shoe coni_ •
Common w 1
• 59
100
Preferred
'-aclede Gas Light pref.100
*
do-Ills Stores corn
do Portland Cement__ .25 39
25
40% Paid
doloney Electric pref_ _100
* 2134
qat Candy corn
• 38
iedigo-Weber Shoe
'olar Wave I dr F Co.. •
lice.Stix Dr. Goods corns
100 112
1st preferred
100
2d preferred

29

30

35
3555
102 10234
9934 9955
26
27
3934 3934
4354 4734
23
24
100 100
135 135
3455 35
97
97
32
3255
113 113
90
90
2034 2055
70
72
30
31
9534 9535
411 434
7534 76
2131 2155
109 109
232 238
58
60
10955 110
100 100
1555 1555
39
39
38
38
99
99
21
2234
3534 36
32
32
22
22
11134 112
103 103

Mar
July
June
July

167
504
301
450

731

1851 Mar

3031

Oct

75
51
138
80
20
1,685
40
10
13
132
45
110
10
5
44
75
450
20
75
70
3
3
244
2,539
22
1
165
173
24
25
335
310
1,246
300
130
10

32
Feb
10051 Mar
9434 Aug
20
May
37
May
3134 Mar
23
Nov
97
Oct
114
May
34
Aug
97
Nov
3055 July
111
Feb
87
July
18
Oct
6234 Aug
30
Nov
95% Nov
4
May
69
May
20
May
108
Oct
158
Feb
5734 Oct
108
Feb
96
Jan
13
Aug
3755 Sept
37
Sept
9811 Oct
21
Nov
35
Sept
2974 Aug
1951 June
10534 Jan
99
July

37
104
9934
41
42
4734
26
101
162
36
9755
3834
116
92
2054
72
40
10155
7
82
25
110
241
61
111
140
1634
54
4151
10234
23
3734
34
2451
112
103

May
July
Nov
Jan
Feb
Nov
Sept
Jan
Oct
Jan
Jan
Apr
May
May
Oct
Nov
Mar
Feb
Jan
Sept
Feb
Oct
Oct
Oct
Aug
May
Sept
Apr
Oct
Mar
Oct
July
Apr
Sept
Nov
Nov

Stocks-

Am Wind GI Mach,com100 20
100
Preferred
Am Wind GI Co, pref_100 99
851
Ark Nat Gas, corn ' 10
Bank of Pitts!, (N A).50 190
25
Maw Knox Co
Byers(AM)Co, pref_ _100
Carnegie Metals Co._ _ _10
100
Coioniar Trust Co
Columbia Gas&}Ace,com•
Dixie Gas & Util, pref _100
First National Bank._ _100
Barb-Walk Ref, corn_ _100
100
Preferred
*
Houston Gulf Gas
25 54
Lone Star Gas....
May Drug Stores Corp_ _*
Nat Fireproofing, pref _IN
•
Penn Federal, corn
Pittsburgh Brew. pref_ _50
Pittsburgh Coal, pref. _100
Pittsburgh Oil & Gas_ _ _ _5
Pittsburgh Plate Glass 100
Pittsb Screw & Bolt Corp • 50
Plttsb Steel Fdry, pref.100
halt Creek Comiol Oil ..J0
1
Ran Toy Mining
Stand Sanitary Mfg,com 25 104
100 2134
Tidal-Osage 011 Union Steel Casting, corn •
Preferred
100
United States (Bass Co 2.5
West Air Brake, new
4451
West Pa Rys, pref
100
iVitherow Steel, corn
•
Preferred
_100
Bonds'mien Brewing Gs_ _ _ _1955

20
21
54
54
99
9934
855 8%
190 190
95
95
110 110
12
12
255 258
88
88
85
85
305 305
175 175
112 11255
934 934
54
5414
19
1955
20
2034
714 751
9
9
89
89
331 331
210 215
50
50
8334 8334
635 634
6c
Or
102 104
2131 2131
32
33
106 106
17
1734
4034 4431
10034 101
1134 1131
71
71
70

70

674
225
100
3,908
76
2C0
30
70
100
50
225
1
25
30
15
7,188
150
105
845
20
100
190
105
20
47
100
500
2.369
10
90
26
660
1.016
140
210
100
84,000

Range Since Jan. 1.
Low.
20
Oct
54
Nov
Nov
99
6% Apr
175
Jan
70 June
10851 Jan
11
Sept
252
May
5334 Feb
8434 Aug
290 June
131
klar
10534 Jan
6
Feb
3734 Jan
1755 July
193.4 Oct
5 June
4/
Sept
71
Jan
3
July
200
Oct
33 June
80
Jan
554 Oct
4c
Apr
7855 June
17
Apr
32
Nov
1023. Ian
11
Sept
403. Oct
9774 Mar
8
Aug
69
June
70

Nov

High.
52
80
109
934
200
9634
11134
1414
260
9851
85
312
175
11231
1234
5534
2151
3051
8
1134
9734
33-4
270
5634
8334
8
7c
106
2634
40
106
1734
4934
101
1155
71

Jan
Jan
Jan
July
Feb
Oct
Oct
Sept
Jan
June
July
Sept
Oct
Nov
Apr
Oct
Aug
Mar
Sept
Jan
Sept
Feb
Jan
Sept
Oct
Feb
Jan
Oct
Mar
Apr
Apr
Nov
Sept
May
Nov
Jan

7534

Jan

No imr value.

New York Curb Market-Weekly and Yearly Record
In cite folowit g extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on wtturday last (Oct. 29) and ending the present Friday (Nov. 4). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.

Week Ended Nov. 4,
Stocks-

Indus. & Miscellaneous.
•
Aero Supply Mfg cl A_
Class B
•
Ala Great South, ord___50 156
50 155
Preferred
Alliance Insurance Co_ _10
Allied Pack prior pre!. _100
Allison Drug, Store class A* 2034
• 1511
ClassB
Aluminum Co corn
•
100 10454
Preferred
100
American Arch Co
Amer Bakeries class A___• 4755
Am Brown Boyer' El Corp
•
Founders shares
7
Founders shares v go..*
•
Amer Chain Co corn
Amer Cigar Co com_100
Amer Cyanamid prof. _100 9051
Amer Dept Stores Corp-.• 12
American Hawaiian SS__10 1455
Amer Laundry Mach corn •
_100
Amer Mfg Co corn_
24
Amer Prod Co, partie pref_
Amer Rayon Producta___• 1334
Amer Rolling Mill com__25 8251
Am Solventa& Chem v t c•
Cony partie preferred_ _.
3'•
A.merIcan Thread ',ref__„5
Anglo-Chile Nitrate Corp.* 2351
Xpco Momberg class A _ _25
ktlantic Fruit dc Sugar...• 75c
•
ktlas Plywood
ktlas Portland Cement._ _.•
kuburn Automobile coin 25 10351
3ancitaly Corporatien--25 115%
leatrice Creamery com_50
leaver Board Cos pref _100
leld*g-Hall Electrice corn •
llgelow-Hart! Carpet corn*
Hiss(E W)& Co com____• 16
314
Nye Shoes Inc com_ __ _ _10
...,..- •1,.••••••••••-• .0. Oro.. • 941.6




14
11
156
154
6334
534
1955
1531
9655
10434
6251
4751

14
1154
156
15534
6355
6
2034
1534
97
10434
63
4735

Range Since Jan. I.
Low.

8
100
500
354
100 123
180 12411
50 61
2
300
1,500 1915
900 15
200 8714
900 10134
650 59
400 4751

500
7
7
7
851
1,100
43
400
44
12651 12651
25
90
130
9034
12
1234 2,000
1,700
1355 1435
100
10535 10534
87
89
125
24
100
24
13
5,700
1414
22,700
7535 84
8
200
834
900
2034 2134
1,500
3'14 351
2255 233.4 2,000
100
734
734
67e 80c
4,800
300
50
50
100
41
41
200
10134 10351
115 11651 27,300
25
69
69
100
38
38
100
51c 51c
100
90
95
400
1534 16
600
355
355
21
241,4 0 588

5
5
4051
115
84
12
9
102
79
24
334
4411
6
11

334
14
531
62c
50
40
69
8515
61
38
500
76
1534
334
12

High.

Feb
Apr
May
Feb
Sept
Mar
Nov
Oct
May
Mar
Sept
Oct

1434
1255
160
15851
6551
13
203-4
1555
10555
10434
11151
50

Aug
Aug
July
Apr
June
Sept
Jan
Aug
July
Nov
Mar
Feb
Oct
May
Oct
Feb
July
Sept
Sept
Jan
Jan
Jan
July
Jan
Sept
Mar
Oct
Nov
Feb

21
Jan
21
Jan
4855 Sept
12634 Nov
95
Sept
1411 Sept
2014 May
131
July
9234 Sept
24
Nov
1834 Jan
84
Nov
10
Oct
2434 Sept
3.11s Oct
3134 May
9
Aug
134 Jan
55
May
4514 Jan
12355 Sept
Aug
127
69
'Oct
4634 June
232 Aug
95
Nov
2434 Apr
951 Apr
2Ett Sent

Oct
Oct
Sept
Sept
Oct
Jan
Nov
Nov
Sept
Oct
Apr
Sept

Friday
Sates I
Last Week's Range for I
Sale
of Prices.
Week. I
Stocks (Continued) Par Price. Low. High. Shares.'
50
Borden Co common
Nat City rcts for new stk
Brill Corp class B
•
100
Preferred
•
Brine Mfg corn
Brit-Amer Tob ord bear-£1
Broadway Dept Store Ist
pref with warrants
Bucyrus Co com ctfs den 25
Preferred
100
1311cYrus-Erie Co w I- -10
Budd (Ed 0) Mfg com_ •
Bullard Machine Tool_ _ _*
Canadian Indus Alcohol_ _•
Case Plow Wks el B v t c-•
Celaneee Corp of Am com.•
First preferred
100
Celluloid Co (new)
•
Common
•
37 preferred
•
First preferred
Celotex Co common
•
Central Aguirre Sugar _50
Central Teresa Sugar
Centrifugal Pipe Corp__ •
CM dr St P(new 00)New common WI
New preferred w I
Chicago Nipple Mfg cl A 50
Claw B
50
100
Childs Co pref
Cities Service, common_20
Preferred new
100
10
Preferred II
City Ice & Fuel (Clevei__•
Club Aluminum Utensil__•
•
Cohn-Hall-Marx Co
Colombian Syndicate_ .._ _1
Columbia Graph, Ltd
Consol Dairy Products___*
•
Consol Laundries
Copeland Products lnoC111.98 A with warrants_ _•

13555

1034
2534

132
131
1655
95
1034
25

13534
133
1655
95
1134
2534

Range Since /an. 1.
Low.

3,500 101
500 102
100 1534
30 94
74
600
800 2334

113
7734
114
2634
3355
4934
40
13
12055
173

Sept
Oct
Nov
Oct
June
Oct
Sept

9,600 60
Sept 25
200 8234 Sept 93
1,600 11334 Sept 13334
100 6234 Oct 85
150 9774 Jan 120
15c
1.000 l& Nov
600 1034 May
183.4

Nov
Oct
004
Jan
Oct
Nov
Jan

105
76
114
2574
21
46
46
3734
6
94
85
15534 153

10555
100 104
77
1,300 67
114
50 10234
2634 3.800 21%
2351 2.800 20
46
100 34
3955
1.300 22
351
300
64
9534 10,200 44
158
2.700 131

123

125
90
133
67
11554
154
1334

76

103
90
133
125
67
6334
11474 113
15e
15c
1234
23%
3611
755
3
11931
4934
5034
94
9331
851
3234
3234
35
3434
2531 2534
1i liiir
3574 3474
334
334
15% 15%
6

2351
100 20
3755
1,100 2734
755
1,000
4
355
2,100
154
12051
80 117
5034 16,000 4034
94
3,700 8734
834
100
755
3234
500 2334
35
1,500 3455
2534
500 1855
251 5,700
134
3551
300 3434
4
2,400
115
1514
1,500 15
7

High.

Jan 14334 Oct
Apr 14251 Oct
Apr 2255 Feb
Aug 95
Sept
Feb
1614 Feb
July
Feb 26

000

II

Sept
Sept
Mar
Aug
Apr
Aug
Jan
Feb
May
Mal

me

Het
Sept

Mar 2634 June
Mar 4234 Oct
Apr
Oct 49
Oct 3535 July
Apr 12355 July
Mar 6851 Feb
Oct
95
July
834 Oct
May
Aug
Jan 34
Nov 3814 Sept
Mar 2834 Sept
Apr
33.4 Jan
353. Nov
Nov
45.4 Oct
Jan
Oct 2234 Apr
Oct

22

May

Nov. 5 1927.]
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares

THE CHRONICLE
Range Sines Jan. 1.
Low.

High.

Crocker-Wheeler Eleo Mfg
common
100
22
Nov 3734 Feb
30 22
28
Cuban Tobacco com•t 0.•
51
51
100 40
Apr 66
Feb
100
Cuneo Press. coot
64% 64%
100 30
Jan 69
Aug
Curtis Publishing cola •
201 201
25 170 June 221
Sept
DavegaInc•
48% 50% 1,100 44)4 July 5834 Aug
Deere & Co common---100 207
200 209
1,725 70
Jan 210
Oct
Ds Forest Radio•t a- -•
215
235 2% 1,000
2% Oct 1035 Jan
Voting trust ctt ot dep
134
1% 1%
14 Oct 1034 Jan
600
Dinkier Hotels class A
with purchase warrants* 2334 23% 2414 1.400 18
Oct 2434 Oct
Dixon (Joe) Crucible Co 100 168
166 168
40 151 Mar 17254 Feb
• 16
Doehler Die-Casting
15% 16%
500 15% Nov 22% Mar
Dominion Bridge Co_ .100
279 283
6 18515 June 283
Nov
Donner Steel new COW__ _•
615
100
Apr
6
715 Feb
634 634
100
8% Pf
8134 Sept 83
8115 81%
1
July
3
Dubiller Condenser Corp.'
3
3% 1,300
231 Aug
534 Mar
Durant Motors Inc
•
834
84 815 3,200
04 Jan 1434 Mar
Durham Duel Razor pr pt
With elBcom stk pur war* 5134 49
2,82
43
47 Sept 53
Nov
Eitingon-fkbild Co corn_ •
35% 3535
100 3335 Jan 3534 Nov
Haley-Welte Corp class A_•
10% Apr
4
2,400
44
2%
Oct
•
Class B
154
1
500
Nov 1834 • Jan
1%
1
Evans Auto Loading cl A.5 46
45
500 2915 Feb 46
46
Nov
Fageol Motors Co com....10
2% 2%
135 May
400
414 Jan
100
Fajardo Sugar
153 153
140 150% Ma 16714 Sept
Fansteel Products, Inc_ _ _• 32
31
100 20
32
3415 Mar
An
Fan Farmer Candy Shope
32
600 25
Mar 34
33
Sept
Fechlers Mfg Inc class A_
29
29
29
200 27 Jun
3235 Aug
Firestone T&R 7% pt_100
107% 107%
Jan 1074 Nov
300 99
Ford Motor Cool Can_100 576
Apr 580
566 579
280 339
Oct
Forhan Co class A
• 25
24
1200,
25
17% Jan 25
Nov
Foundation CoForeign shares elms A.
10
10
1,600
11
8 Sept 2034 Mar
Fox Theatres cl A corn_ _ _• 18% 18
18% 3,200 1234 June 2134 Apr
Franklin(H H) Mfg
184 18% 18%
400 12
Apr 20
Oct
100
Preferred
86% 87%
Apr 8954 Oct
50 72
Freed Eisemann Radio- •
2% 215
234 June
100
715 Jan
Freshman (Chas) Co
• 1654 16% 1734 1,000
935 May 2334 Jan
Fulton Sylphon Co
• 43
424 4315 2,000 3954 Jan 584 Aug
• Nu 56
Gamewell Co corn
300 53
July 59% Jan
5634
Corporation
Garod
•
1
1
135 1.000 40e May
315 Jan
General Baking class A-0 75% 7315 75% 14,800 524 Apr 7515 Sept
•
Class B
74
4% mar
6% 715 43,000
734 Oct
Gen'i Fireproofing, corn. •
85% 88
300 51
Jan 9234 Oct
General Ice Cream Corp..* 5414 5334 5454
700 4034 Feb 57
Aug
Gent Laundry Mach com'
20% 20%
800 20 June 2434 Sept
COSpring Jr Bumper cum.
900
614 Oct 12
Apr
734 715
Gladding, Mcl3ean &
100 5615 Nov 564 Nov
56% 5614
• 184
Glen Alden Coal
182% 18615 2,900 15934 Apr 18734 Oct
• 64% 63
Gobel(Adolf) Inc corn
2,000 25% Jan 70
65
Aug
Gold Seal Electrical CO...' 24% 2315 2434 5,400 1235 July 2534 Oct
Grand(F&W)5-10-250 St• 96
500 60
98
91
Feb 9934 Oct
y% preferred
100 129
Apr 133
125 130
250 110
Aug
Grant(WT)Cool Del(gym•
300 7434 June 129
119 122
Oct
Hall(CM)Lamp Co
•
7
July 1054 Mar
84 835
100
Printing
(W
F)
__10
Hall
27% 28% 1,000 2354 Aug 3154 Oct
Happiness Candy St cl A.*
54
5
54
800
454 May
7
Jan
•
Hazeltine Corp
12
124
44 May 1454 Sept
600
Hellman (Richard) IncCommon
• 1134 1134 1134 1,000 1134 Nov 33 Sept
Panic Prot with warr. •
80348034
400 28% Jan 51% Beet
Warrants
11
Nov 1114 Nov
114 1.500 11
Hercules Powder pre(_ _100
Mar 121
121 121
10 114
Nov
Hershey Chocolate corn..' 2814 28
294 8.200 264 Oct 3034 Oct
Convertible preferred._' 68
6634 6914 38,500 6634 Oct 6915 Nov
6% cum prior pro!....100 9954 9934 100
3,200 994 Oct 100
Oct
Heyden Chem corn new_ •
1% 154
715 Oct 10
200
Aug
Heyden Chem Corp, new.*
715 Oct 10
7% 7%
100
Aug
Hires(Chas E)CIA com__• 1934 1954 20
500 194 Nov 2214 Feb
Holland Furnace
• 39
2.300 8434 Aug 39
3634 39
Nov
Hood Rubber common ' 38% 38% 39%
12
3234 June 46
Feb
•
Horn & Hardart corn
100 5035 Apr 564 June
5334 5354
Huyler's of Del. corn....'
100 1434 Aug 1834 Sept
1534 1534
Preferred
100
9954 100
1,600 9815 Oct100
Oct
Imperial Tobacco of Can.5 10
7
934 1034 5,200
Jan 1034 Nov
_ £1 24% 2434 2434
Imp Tobac of Et &
Jan
300 24 June 30
Industrial Rayon class A...• 13
44 Jan 144 Nov
1234 1434 30,600
Insur Co of North Amer_10 76)5 7374 77
Feb7835 Oct
1.900 51
Internet Projector Corp_ •
8
9% 9%
Aug 1074 Jan
200
Johns-Many Corp corn_ _• 114)4 11114 11634 27,900 5514 Jan 12354 Oct
Preferred
100 11934 11934 11934
50 11434 Jan 12036 Oct
Joske Bros Co trout v Iet- •
4134 4234
200 41
Aug 4234 Aug
Kawueer Co
30
100 2834 Aug 30
30
Nov
Keiner-Williams Stamp'g • 17
200 164 Oct 2254 Apr
17
17
Kemsley,Millbourn&Cowl• 1434 1434 15
10,400 12
Sept 15
Nov
Kinnear Stores Co corn _• 30
200 2714 Aug 88
30
3134
Aug
Kroger Grocery & Bak _ 10
110 119 June 140
Oct
135 140
Kruskal dc Kruskal. Inc_ •
19% 21
600 16 June 2434 July
Lackawanna Secur, new_
5536 5311 56
5,000 5334 Nov 74
Aug
• 2134 21
Land Co of Florida
2135 1,000 18 June 36
Jan
Landay Bros Inc el A....'
Oct 3534 June
29
200 29
29
Landers Frary & Cl
25
10 804 Oct 92
85
Feb
85
Lehigh Val Coal Ws new.. 3834 3834 3834 2,700 8734 July 46
Jan
Lehigh Val Coal Sales--50 9034 90
400 894 Mar 100
Mar
9034
LeMur Co. corn
1315 1334 134
400 1354 Nov 1314 Nov
Libby McNeil& Libby-10 10
10
10
834 July 11% Sept
300
Libby Owens Sheet 01ant25 118
Apr 1594 Jan
11634 11934
310 116
10
Lit Brothers Corp
25
25
100 2314 Aug 28
Oct
Magnin (I) & Co, Inc.coms 184 184 184
100 1736 July 1934 May
Manning, Bowman & Co
•
Class A
1754 1735
100 17% Nov2074 May
Marmon Motor Car, com • 44% 4435 4411
100 394 Oct 6234 May
10 48% 4654 4934
Marvel Carburetor
300 464 Oct 494 Nov
Maryland Casualty
25 160
155 160
Oct 17036 Sept
20 151
•
2335 2334 2454
Mavis Corporation
Sept 2815 June
700 19
Mavis Bottling Cool Am * 12% 12
1234 4,500
834 July 15
Aug
May Drug Stores Corp '19
19
19%
400 18 Sept 2134 Aug
mo,Hosiery Mills $4 prof
'
4934 4934
300 4934 Sept 50
Sept
•
Corporation
McCall
60
5934 6334 2,100 es June 634 Oct
McCord Rad Jr Mfg•t tr.*
18
18
100 1615 May 21
Jan
Mead Johnson & Co corn.* 58
66
5834 1,800 39% Jan 60% Aug
cont....*
Melville Shoe Co
111
11034 113
400 59
Feb 124% Sept
Prot without warrants100
109 109
100 108
Sept 110 Sept
100
Mengel Company
4715 4975
200 27
July 4934 Nov
•
2
Mesabi Iron
2
214 1,800 550 June
235 Sept
Metropol Chain Stores...* 5634 5234 58
8,500 30
Feb 58
Nov
•
cora
A
Stores
Met 5 & 50o
8
8%
5
200
July 24 Sept
•
Class B common
6
4
134 Jan 15
6
1,200
Sept
100
Preferred
4615 4655
30
Feb 634 Aug
5
• 74 • 7234 7734 2,000 394 APr 7774 Nov
Midland Steel Prod
Miller Rubber. pref. -100 96
96
96
75 96
Nov 10534 Feb
Mirror (The) 7% Pref-100
80% 94
950 76 May 94 Nov
Moore Drop Fore, cl
40
40
100 2534 Apr 60
40
Jan
National Baking, com___•
8
8
8
200
715 Juno 104 Mar
National Candy, new
22
22
2234
300 22
Nov 2215 Nov
214 2%
Nat Food Products cl B. •
2
300
July
9
Apr
10
National Leather
314 354
200
24 Apr
434 Jan
National Radiator cam...' 36
36
3634 1,000 3634 Nov 384 Sept
•
preferred
7%
96549634
500 9634 Nov 98 Sept
National Tea preterred_100
104410415
75 10115 June 10415 Oct
Neisner Bros Inc com____•
58% 65
300 3615 Feb 71
Sept
100
Preferred
107 107
10 98
Jan 107
Oct
24
Neptune Meter class
24
2435 1.100 2034 Sept 2434 Feb
Land--_1
Ariz
1031
&
914
Meg
New
1034 1,800
914 Apr 16 June
New Orl Great Nor RR 100
3934 3954
200 1935 Jan 414 Apr
30% 31
New Process Co common •
200 29
July 3434 June
3334 32
34
400 27
N Y Merchandise Co_ _
Jan 41
Sept
Nichols & Shepard Co --• 26
2554 2854 6,400 21
Oct 3034 Apr
coal.*
1534
1554
Bement-Pond
16
300
Niles
1554 Nov 234 Mar
350 350
10 350
Ogilvie Flour Mills, corn.'
Oct 350
Oct




Friday
Baler
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.

2513
Range Since Jan. 1.

High.
Ohio Brass class B
•
99
99
100 76
Jan 99% Oct
Pacific Steel Boiler
• 14
13% 14% 2,800
914 May 14% Oct
Palmolive Peet Co corn_ •
91% 94% 1,700 69
Apr 112 Sept
•
Parke Davis dc Co
37
37%
600 27% Mar 39% Oct
Ponder(David) Groc cl A.* 48
48
48
100 41
July 48
Jan
Class B
• 3034 29% 30%
600 19
Apr 30HINov
Penney(J C)Co. el A pt_lO 104
102% 104
40 99 June 13015 June
Pennsylvania Salt Mfg__50
89
89
25 74
Feb 93
Oct
Phillip Morr Cons Ine cum* 1234 10
13
20,000 10
Nov 20% Jan
Class A
25 1734 16)4 17% 2.500 15% Aug 22
Jan
Pickwick Corp
814
84 815
200 815 Nov 8% NOV
Piedmont & North Ry_100
57% 58
50 40
Feb 68
Aug
Pick (Albert) Barth & CoCommon vot tr ctf__ *
10
12
3.700 10
Oct 14% June
Pref class A (panic pref)• 20% 20% 20% 10,600 1934 Oct 2834 June
Piggly Wiggly Corp corn _ _• 2634 25% 27
4,200 25% Oct 29% Oet
niggly Wiggly Western
•
States Co claw A
234 2334
100 23% Sept 253.4 Sept
Pitts & L E RR com___ _50 18315 175 183% 1.500 161 June 1854
(Ake
Pittsburgh Plate Glass _100
210 210
Oct 269 i•Jan
10 198
Pratt & Lambert
• 5736 56% 5734 3,100 48
Mar 58% Sept
Procter & Gamble cola _20
220 22535
75 178
Feb 229)4 Oct
Pyrene Manutacturing_10
8
8% 815
200
Oct 14% Jan
Remington Arms corn__ _• 15
1435 15
400
7
Mar 17
Apr
Reo Motor Car
10 254 24
26
48,300 19% Mar 27% Oct
Republic Mot Trk•t c_.*
3
3
2 May
300
335
535 ?Jan
Richmond Radiator corn.* 2734 2715 2715
400 20 May 3514 Aug
7% convertible pref._ _ _• 414 4115 4114
200 37% May 45 June
Royal Bak Powd cony._100
234 234
1 161
Feb 339 Sept
Preferred
100
108 108
150 s9915 Mar 10834 Aug
Ruberold Co
100 77
77
250 68 Sept 80
7715
Oct
Safeway Stores corn
• 297
291 298
250 232
Feb 305
Oct
St Regis Paper Co
• 5714 55% 60
9,500 37
Apr 60
NOT
Sanitary Grocery Co com_•
223 228
450 210
July 244
Aug
Schulte Real Estate Co- •
1635 16%
100 1335 Oct 1834 Mar
Seeman Bros com
•
29% 29%
100 2515 May 3334 Oct
Seiberling Rubber Co com • 314 31
1,400 23
34
Apr 39 Sept
Selfridge Prov Stores Ltd11.
Ordinary
£1
415 434
415
400
435 Aux
535 June
Servel core (Del) corn A.• 300
30e 49c 22,000 12o
Oct 10% Feb
Serve' Ino(new co) v t c__•
314 415 14,000
334
315 Oct e4151Nov
Preferred•t c
100 23
23
300 23
23
Nov 231 Nov
Silica Gel Corp corn•to..• 1635 1635 1835
500 134 Mar
2135 Sept
Silver(Lsaac)Broa Inc corn•
404 404
100 26
Apr 52% Sept
Singer Manufacturing_ _100
408 410
30 360 June 438
Sept
South Groc Stores cl A_ •
32
200 2915 Aug 354 Feb
3215
Span Riv Pulp & P com 100
130 131
1,000 122
Oct 132
Oct
Sparks-Withington Co •
21% 22
400 15
Aug 22
001
Staley (A E) Mfg 7% pref. 9134 91% 92
50 91% Nov 92 I Nov
Stand Comml Tob corn •
27
27
100 1915 Jan 37 rSept
Stand Mot Construct._100
750 750
200 700 July
115•_May
Standard Publish'g Cl A.25
44 435
200
334 Apr
6% Oct
Stand Sanitary Mfg com.25 104
101 104
550 80 June 107
Oct
Stein-Bloch Co, corn
•
1634 1654
100 15
May 17
July
Stinnes(Hugo)Corp
11% 12
•
500 10% Sept 1331 Sept
Stromb-Carlson Tel Mfg *
35
35
100 35
Oct 42
Jan
Stroock (5) & Co
4034 42
150 39
Aug 44
Jan
Stuts Motor Car
• 1734 1615 1734 1,300 1235 May 21% Oct
Swift & Co
100
12135 122%
400 115% May 130 Sept
Swift International
15 26
2535 284 14,100 18% Mar 2834 Oct
Syrac Wash Mach B com_• 2214 2215 2235
100
115 July 22% Nov
Timken-Detroit Axle_ _10 1134 11% 12%
500 1154 Mar 14 May
Tobacco Prod Exp Corp-•
3% 34
400
315
3
Mar
4% Aug
Todd Shipyards Corp.'
50
50
700 45
Api 55 June
Torrington Company_ _25
8535 8534
20 58 May 8515 Nov
Trans-Lux Day Pict Screen
Class A corn
•
315 4
331
2,500
3% July
BM Jan
Trico Products Corp com_• 2915 27% 2915 1,900 2714 Oct 21% Seel
Trumbull Steel com____25 1034
9
900
10%
9
Oct 14% Aug
Truscon Steel com
10 30
29% 30% 1,100 24
Jan 3034 Oct
Tubize Artificial Silk el B..* 32934 296 32915 1.900 145
Jan 3294 Nov
Tulip Cup Corp, corn. •
100
634 634
615 Nov 15
Feb
Tung-Sol Lamp Wks corn.'
1115 11%
200
8)5 Feb
13 May
Class A
• 21
21
21%
800 17% Jae 24% June
Union & United Tob,corn *
95
95
200 64 May 9835 Aug
United Biscuit class A _ _..• 6231 57% 6235 5,400 38
Mar 6214 Nov
Class B
• 1011
9
11% 5.700
7
Jan 13
Feb
United Elec Coal Coe•t c• 2834 28
29% 1,300 23
Apr 334
UnitedEng&Fdynewwi. 45
45
45
400 48
Oct 57
Oct
United Profit Sharing corn'
10% 10%
100
914 Aug
13% Apr
Preferred
10
1115 1135
100 11
July
Apr
12%
United Shoe Mach corn--25
68
70
500 51
Jar
Sept
CI L Battery corn new__• 6611 6334 67% 3,000 32 June 72
6835 Beet
7% pref claw B
10
915 9%
300
835 Jum
9% Sept
US Finishing corn
100 904 854 904
50 64
July
9015 Oct
Preferred
100
97% 0754
100 91
July
97% Nov
U IF3 Freight Cowl• 5515 55
55%
900 51% Sept 5835 Seel
0 S Gypsum cony
20 10514 98% 10554 2,050 90
July 110% Beet
Unly Leaf Tobacco corn...* 564 53
5654 1.600 34% Jar
6634 Nov
Waitt & Bond Inr class A_•
23% 24
300 2334 Oct
2635 July
Class B stock
• 164 16% 16%
800 15% Jun. 17% Sept
Warner Brothers Pictures.* 16
15
16% 3,000 13% July
3334 Jan
Watson(JnoWarren)Co wi• 2234 21% 2211 2,400 19% Oct
25% Sept
Weeaon 011.411 D corn•t •
644 65% 1.200 5015 Al), 77
Sept
Preferred
101 101
100 95 May 102% Sept
•
Western Auto Supply pre:* 2954 27)5 294 2,200 21% Atx
46
Aug
West Dairy Prod class A..' 52% 52
500 4734 Feb 53
52%
Aug
• 2554 24% 25% 1.400 15
Clam Byte
Feb 254 Nov
Wilcox Products, class A
22% 23
300 22% Nov 23
Nov
Yellow Taxl ot New York.*
100 10 May 34% Jan
1814 1811
RightsMcCall Corporation
135 2
2,400
2
134 Nov
Nov
2
U8Freight
115
11.• 154 1.000 900 Oct
215 Oct
White Sewing Mach debris 11
13
11
4,100
4 May 20
Aug
Public Utilities-Am Dist Tel ot N J pret.100 110
110 110
100 109
Aug 110
July
Amer Gas & Elea com
• 11035 106 11115 6,200 6834 Jan 11734 Sept
Preferred
104% 10511 1,600 9534 Feb 10534 Nov
• 105
Amer Lt & Tr corn new 100 173
173 176
750 16434 Aug 186
Sept
Preferred
100
112 112
50 112
Oct 126
Apr
Amer Pow & Light pret_100
105% 10715
400 9734 Jan 010735 Nov
Amer Superpower Corp A • 38
36% 38
300 2736 Jan 4134 Sept
Class B common
• 39% 37% 39% 1,800 284 Jan 43 Sept
Wirt preferred
• 98% 98% 99
400 93% Jan 100
Aug
Participating pref..-25 28% 28% 2834
200 26% Jan 2935 June
Arkansas L & P7% pf_100 106
106 10615
500 9734 Jan 107
Oct
Assoc Gas & Eke class A..• 43
43
434
3200 35
Jan 434 Nov
Bell Telep of Pa6 % pf 100 115% 115 115%
8 11234 Jan s11634 Sept
Blackstone V G & E corn 50 139
129% 143% 1,100 e98
Feb 15474 May
Stock tr certificates
140% 140% 140%
50 130 June 14034 Nov
Brazilian Tr. Lt & P ord100
201 201
25 107
Jan 19334 Sept
Brooklyn City RR
10
4
4
415 1.700
3i AUK
614 Jan
Butt Niag & East Pr com_•
3415 34%
800 254 Mar 40 Sept
Preferred
25
2615 26%
400 2535 Jan 2615 Sept
Carolina Pow & Lt, pf _100
110 110
10 10634 Feb111 June
Central Pub Service. corn • 20
20
20
200 1734 Jan 20
Oct
Cent de S W Util corn_ _ _100 6954 69
100 5734 Jan 6934 Oct
6934
Central States Elec. corn_ •
29
2931
300 17% Apr 3034 Oct
7% pro!
100
994 994
10 9234 Jan 10154 Oct
Cities Sery Pr & Lt $6 Pf-• 91% 904 9115
600 90
Aug 9214 July
7% preferred
100
100% 10054
100 10034 Nov 10336 Sept
Com'w'ith-Edlson Co_.100 16814 166% 170
70 139
Jan 172
Oct
Com'wealth Power CorpPreferred
100 10135 101 10115 2,100 9114 Jan 1034 Oct
Con Gas E L & P Balt com• 68% 67
69
3,200 5034 Jan 71
Oct
Consol Trac of N J.._ _100
564 57%
200 5631 Oct 574 Nov
Eastern States Pow com B• 12% 1234 1434 1,300 11
Oct 1415 Oct
Edison Eicc 11101 Brock 25
6215 6215
100 6234 Nov 68
Aug
Elec Bond & Sbare pref-100 109% 109 109%
850 10534 Mar 11034 Oct
Eby., Bond & Share Secur_• 73
724 73% 4.300 6634 Mar 80% Sept

may

2514
Friday
Sales
Last Week's Range for
Public Utilities
Safe
ofPrices.
Week.
(Concluded)
Pat Price. Low. High. Shares

Range Since Jan. I.
Low.

High.

Elec Invest without warr_• 4034 3934 4134 5,900 3294 Feb 42% Sept
Elec Pow & Lt 2d pref A__• 101
Sept
325 8934 Mar 103
10094101
Option warrants
1,260
894 Jan 1234 Oct
1034 11
Empire Gas & F 8% p1.100 107% 107% 108
4,600 104% May 111% Sept
7% preferred
100 9974 9951 10034 1,200 9734 June 10034 Aug
Empire Pow Corp part stk* 32
Jan 39 June
31% 32% 3,700 26
Federal Water Serv el A..' 34% 3434 3574 5,400 3031 Aug 36
Oct
Florida Pow & Lt 37 pref_* 10434 10434 104%
Oct
75 102% Aug 106
Galv-Houst Else com_100
Apr 3734 Oct
200 22
3534 36
Preferred
Jan 7954 Oct
100
200 66
75
75
General Pub Serv com___• 16
Oct
16
1694 1,300 1134 Jan 18
Seven per cent preferred*
125 10531 Feb 113% Oct
110% 11034
Ga Pow (new corp) $6 pt.* 9931 9831 9931
Mar 9994 Oct
600 94
Internat Utilities class A_* 4634 4531 47
Apr 4734 Oct
4,800 24
Class B
9% Oct
Jan
3
•
8% 834 8,500
834
Apr 96 Sept
125 89
Participating preferred.' 95
9454 95
Oct
Lehigh Power Securities_ •
Jan 22
2034 31,400 15
19
Oct
Long Island Ltg, corn....' 173
July 174
100 140
170% 173
Marconi Wire Tot Can _ _1
234 Oct
6,200 790 Jan
loot lila 1131.
Aug 120
Oct
Mass Gas Cos corn_ _100
50 103
111 111
Aug
Mass Ltg Cos common_ •
20 142% June 152
147 147
6% preferred
40 114% June 11934 Aug
100
115 115
Feb 11731 May
Middle West Utilities corn • 114% 113% 115% 2,700 100
Feb 12694 Nov
800 108
Prior lien stock
100
125 126%
$6 preferred
400 9034 Oct 9434 June
9231
• 92
92
7% preferred
Nov
300 10534 Jan 116
loo
115% 116
Mohawk & Hud Pow corn •
2834 2934 1,400 2034 Jan 3234 Aug
Warrants
Aug
Oct
6
7
200
634 6%
Mohawk Valley Co
Feb 53% Aug
•
43 4834
800 37
Nat Else Power class A..* 27% 2634 27% 2,800 2334 Feb 28% Oct
Nat Power & Light pref_.' 10934 109% 109%
Jan 110
Oct
500 101
Nat Pub Serv corn class A.* 2234 22
2234 2,900 1874 Jan 2434 Sept
Common class B
Jan 23% Oct
• 22
22
23% 2,400 14
Nev-Calif El Corp, corn 100
Feb 3634 Oct
3334 3334
100 25
New Bedford Gas & Ed Lt_ 102
Nov
Feb 102
101 102
100 82
New Eng Pow Assn com_.• 7431 74
Aug
100 4951 Feb 94
7431
NY Telep1334% pref__100 114% 11434 115
425 x11234 Apr 115% Mar
North Amer Util Sec com_•
5% July 1034 Oct
100
694 634
July 9134 Oct
First preferred
*
700 84
90% 91
Northeast Power cora_ _ _.• 2334 2234 25
Oct
7,300 1434 Apr 25
Nor Ind P S 7% pref_100
Mar 11131 Sept
20 102
110% 111
Northern Ohlo Power Co_• 1534 1551 16
974 Jan
185.4 Oct
3,700
Northern Ont L & P pf _100 95
Jan 95
Nov
95
20 84
95
Oct
Nor States P Corp com_100 127
12431 12754 1,500 10934 Jan 133
Preferred
100 10854 10734 10934
400 10036 Jan 10931 Oct
Ohio Bell Telep,7% pf_100
40 104 June 114 May
11134 113
Ohio Pub Serv lot prefA100
Feb 109
Oct
108 109
50 104
Pacific Gas & El 1st p1-25 2691 x2634 2634
300 2454 Feb 2734 Oct
Penn-Ohio Ed corn
Feb 4334 Sept
700 27
• 3534 35
3634
7% prior pref
Oct
100 10434 104 104%
280 9731 Jan 105
110 80% Jan 9094 Sept
$6 preferred
89%
• 89
89
Warrants
1331 1334 1,600 1034 Jan 1934 Sept
Penn Ohio Secur Corp____• 12
834 Feb 15 Sept
12
1234 3,300
Penn G & E cl Apart stk.• 2034 20g 2034
Jan 23
Aug
300 19
Penn Power & Lt $7 pf__• 11034 110 11036
175 106
Jan 11034 Nov
Penna Water & Power...' 68
Mar 7434 Oct
600 45
66
6834
Phila. Else Co common__25
200 4694 Mar 5834 Sept
5234 5334
Portland Else Power _100
Oct
Apr 33
100 20
32
32
Power Securities com____* 11
6 June 1254 Sept
11
100
11
Preferred
* 51% 51
Sept 5174 Nov
200 40
5174
Puget Sound P&L com_100 33
Apr 3854 Oct
33
3554 1,800 28
Seven per cent pref _100
108 1083.4
300 10334 Jan 111 June
Rhode Island P.S. pref_' 3031 3034 3034
100 3051 Oct 3034 Oct
Shawinigan Water & Pow •
8434 853.4
600 8434 Oct 8734 Oct
Sou Calif Edison, pref A 25
200 2734 Mar 21131 Oct
29
2934
Preferred B
25
2631 2631
300 2534 Oct 2634 Oct
Southeast Pow & Lt corn.' 3834 3734 38% 4,200 2934 Mar 40
Oct
Common voting tr. ctL•
Jan 3754 Oct
36
500 28
3634
$7 preferred
•
Aug
300 10154 Jan 110
10754 107%
Participating pref
•
8231 82%
400 0734 Jan 8354 Aug
Warrants to pur corn ink* 1034 1034 1034 1,250
834 Jan 11% Oct
Southw Bell Tele% P1-100
117 117
50 11334 Jan 11834 June
Southwest P&L 7% pf_100
Jan 11254 Nov
11134 11234
60 104
Stand Gas& El 7% pf__100 110
Jan 11134 Oct
110 11131 1,425 104
Standard Pow & Lt corn 2S
26
Jan 27
1,000 22
27
Oct
Tampa Electric Co
•
63
63
200 49
Jan 6436 Sept
Texas Pow dr Lt 7% pf_100
Feb 11334 Nov
11334 11534
10 107
Union Nat Gas of Canada_.
26% 2734
500 25 Sept 2854 Sept
United Gas Impt
50 10836 106% 10834 4,100 89
Feb 119 Sept
United Lt & Pow com A_ _• 1434 13% 1434 15,000 1234 Mar x1531 Oct
Preferred class A
*
94% 9434
100 85
Jan 9754 May
Preferred class B
•
200 5034 Jan 97
July
5334 537.4
Utah Power & Light pf_100
108 108
25 10534 Mar 108% Apr
Utilities Pow & Lt class B_• 2134 21
2,900 1331 Jan 23% Oct
22
Utility Share Corp corn_ •
13
600
1334
934 Feb 1431 Oct
Option warrants
3% 334 6,100
334
134 Apr
434 Oct
Western Power, pref_106
Jan 103% Sept
10134 10134
100 98
Former Standard 011
Subsidiaries,
Anglo-Aemer 011(vot sh)_£1
Non-voting shares_ _£1
Buckeye Pipe Line
50
Chesebrough Mfg Cons-25
Continental Oil v t it_ _ 10
Cumberland Pipe Line_100
Eureka Pipe Line
100
Catena-Sig Oil, corn_ _100
Preferred new
100
Old preferred
100
Humble Oil& Refining_ _25
Illinois Pipe Line
100
imperial Oil (Canada)...'
Registered
Indiana Pipe Line
50
National Transit____12.50
New York Transit
100
Northern Pipe Line_. 100
Ohio 011
25
Penn-Mex Fuel 011
25
Prairie 011 & Garr
25
Prairie Pipe Line
100
Solar Refining
100
Southern Pipe Line
100
South Penn 011
25
Bo West Pa Pipe LInes.100
Standard 011 (Indiana)_ _25
Standard 011 (Kansas)_25
Standard 011 (Kentucky)25
Standard 011 (Neb)
25
Standard 011(0)new com 25
Swan - Finch 011 Corp -25
Vacuum 011
25

19
1834 18%
1854 1831
5734 56
5734
117 119
117
1834 1734 1834
94
95
95
60
60
60
1334 7
32
32
32
46
46
6434 6134 6434
16934 176
175
6131 6834 6134
59
59
83
7634 8634
2034 1834 2034
3734 3534 3731
89
89
85
64
5934 64
38% 29% 38%
50% 4834 51%
18136 17534 18134
180 183
183
23% 2234 2374
3934 3734 40
7434 71
7434
7434 723i 75%
16% 1534 163-4
118% 122
122
4354 4234 43%
763.4 7434 7634
20% 2034
133
12851 13434

2,200
100
1,000
1,600
19,400
100
100
700
10
10
17,700
1,850
8,000
100
4,800
7,200
550
250
6,600
7,600
13,800
750
30
1,100
2,500
300
40,400
600
2,200
400
850
500
10,000

1734 July
1731 July
Jan
45
7034 Jan
1634 Oct
Mar
v90
Jan
47
634 Nov
Oct
31
40
July
54
Mar
12354 Jan
3734 Jan
4134 June
61
Jan
1331 Jan
3434 Jan
71
Jan
52
Apr
12
Apr
4554 Apr
132
Jan
132
Jan
Feb
16
3454 Apr
5534 Jan
64% May
1534 Oct
11134 June
42 June
73
Apr
15
Jan
9534 Jan

2134 Jan
2034 Jan
59 June
Oct
126
2234 Jan
Jan
137
Oct
61
1334 Feb
5934 June
6134 Jan
6534 Sept
Nov
176
0494 Sept
62
Oct
80 34 Nov
2034 Nov
3794 Nov
91 Juno
64% Feb
3834 Nov
5534 Jan
July
186
190
Aug
2731 Feb
4134 Jan
77 May
7534 Sept
2034 Jan
12334 Sept
4934 Feb
8734 Apr
Oct
21
13634 Oct

Other 011 Stocks.
kmer Contr 011Flelds„ -5
•
imer Maracaibo Co
krkansas Natural Gas-10
ktlantio Lobos 011 com _ •
Elarnsdall Corp stock purch
warrants (deb rights)...
•
British-American 011
Cardinal Petroleum
10
Carib Syndicate new corn._
Consol Royalty 011 Co__1
Creole Syndicate
•
Crown Cent Petrol Corp_ •
Darby Petroleum
•
Dibson Oil Corporation...1
1111iland 011, corn v t c •




[VOL. 125.

THE CHRONICLE

90o
9
434
35
130
1834
1134
5
254

858 950 125,200
3
334 4,700
4,300
854 9
1
300
1

55o
3
631
750

Aug
June
Apr
May

no
734
934
134

Jan
Jan
July
Sept

454 2,800
1,900
35
4,000
14c
1,500
19
400
634
113-4 43.800
600
1
100
5
234 17,400
1,000
40c

334
2054
120
1494
634
934
630
4
1
400

May
Jan
Oct
May
Nov
June
Oct
Oct
Sept
Oct

734
35
400
26
934
1434
3
12
33-4
2

Feb
Nov
June
July
Mar
Jan
Jan
Mar
Jan
Mar

4
3251
13c
18
631
10
980
5
2
400

Friday
Sales
Last Week's Range for
Sale
Other 011 Stocks
ofPikes.
Week.
(Concluded)
Par Price. Low. High. Shares.
Gulf 011 Corp of Penna_25
Houston Gulf Gas
•
Intercontinental Petroleum
International Petroleum__•
•
Kirby Petroleum
Leonard 011 Developm1.25
•
Lion Oil& Refining
Lone Star Gas Corp____25
New
Magdalena Syndicate---1
•
Margay Oil
•
Mexico Ohio 011
Mexico OH Corp
10
Mountain & Gulf
__1
MountalnProducersCo
rp10
011_•
Nat Fuel Gas new
New Bradford Oil
5
New York Oil
25
North Cent Texas OIL_ •
Pandem 011 Corporation_'
Pantepec Oil of Venezuela•
Pennok 011 Corp
•
Red Bank 011
25
Reiter Foster Oil Corp-•
Richfield 011 of Cal com_25
Preferred
25
Royal Canadian 011Synd_•
Ryan Consol Petroleum_ •
Salt Creek Consol Oil_ _ _10
Salt Creek Producers___10
Savoy Oil Corp
S
Tid-Osage 011 non-vot stk•
Voting stock
•
Transcont'l0117% pref.100
Venezuela Petroleum _ _ __5
Wilcox (H F) Oil& Gas..'
Woodley Petroleum Corp.'
"Y" Oil & Gas
25

98
1%
3331
731
21
54
134
4974
831
1%
25
28
454
1134
2%
834
734
1334
734
2334
634
3034
1931
2194
5
22
514
294

93
9%
1
3134
134
634
2034
54
5431
960
49
834
22o
134
2434
2631
4%
11
IOU
2%
8%
634
1334
634
2134
2334
130
534
634
29%
3
1834
1934
78
431
2134
431
234

Range Sines Jan. 1.
High.

Low.

98
17.300 NM Mar
934
834 July
100
134 9,230 800 June
33% 38,600 28% June
134
200
134 Oct
634 May
734 3,200
Oct
900 20
21
5434 1,200 37
Jan
5431 1,000 5431 Nov
134 8,100 9013 Oct
Mar
900 12
4974
6% Aug
200
834
3,000 1034c Apr
250
July
1
200
131
2534 7,000 2234 Apr
1,400 23 June
2834
4%
700
434 Oct
931 Mar
1134 1,000
934 Sept
100
1034
131 Sept
800
274
7 Sept
600
834
734
Oct
6
300
100 1334 Oct
1334
734 27,200
334 Sept
2134
500 15
Apr
2