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r- The.
1,01Murcia1
N'01. 127
• financial
iirtintde
SATURDAY,OCTOBER 20 1928
NO.3304
would be! He defined his position on the matter
in his speech on Monday night accepting the RepubPUBLISHED WEEKLY
lican gubernatorial nomination on the Republican
Terms of Subscription—Payable in Advance
ticket. Here is his statement with regard to the
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 matter:
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories- - 13.60
7.75
The personal income tax should be abolished, if
The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others Is possible, and some fair and
comprehensive system of
$5.00 per year. For any three combined the subscription price is $12 per
year, and for the whole five combined it is $20 per year.
taxation should be devised to that end. The presCOMPENDIUMS—
MONTHLY
PUBLICATIONS—
I
ent law is too expensive to administer to a reasonPUBLIC Umrry—(semi-annually)
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ably full efficiency. Many of our citizens resent the
STAIR AND hitnaczexx,--(semi-annually)
tax because they feel they are paying while at the
Terms of Advertising
Transient display matter per agate line
same
time their neighbors are evading it. Investi45 cents
Contract and Card rates
On request gation of evasion
on small incomes requires an exCHICAGO Orricn—In charge of Fred. H. Gray, Western Representat
208 South La Salle Street, Telephone State 0613. ive penditure for field
tax workers too great in compariLONDON Orrzcz—Edwards & Smith, I Drapers' Gardens,
London. E. C. son
with the amounts which might be collected. I
WILLIAM B. DANA COMPANY, Publishers,
shall appoint a committee of experts to report a plan
Front, Pine and Depeyster Streets, New York
to me. A revision of the whole system of taxation
Published every Saturday morning by WILLIAM B. DANA COMPAN
Y. for the purpose of establishing more equitable disPresident and Editor, Jacob Seibert; Business Manager. William
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Treas.. William Dana Seibert;Sec., Herbert D.Seibert. Addresses of all, Office
n of the burden should be undertaken.
of Co.
The foregoing declaration came completely as a
surprise; and as there had been no suggestion or discussion of the matter in any quarter, the thought
Our A. B. A. Number.
must be supposed to have originated with Mr. Ottinger. It will, we may suppose, be regarded with genWe send to our subscribers to-day along
with the "Chronicle" itself our "American
eral favor, and he will be widely acclaimed for it.
Bankers' Convention" Supplement.
It certainly marks a step in the right direction. It
is in klarp contrast with the proposals that have
This is an exceedingly valuable publication, inasmuch as it gives the papers and
been coming of late to clap on, still another income
addresses read before the Annual Conventax (besides the income taxes levied by the State
tion at Philadelphia, Pa., Oct. 1 to 4,
and Federal Governments) in the shape of a local
inclusive, of the American Bankers Assoincome
tax to be levied by the city authorities. Prociation and its Sections and Divisions,
fessor
E.
IL A. Seligman of Columbia University
at which were discussed banking, finanhas frequently appeared in favor of a local income
cial, industrial and economic questions
tax before legislative committees and, indeed, is so
touching intimately the interests and the
welfare of the entire community.
possesed with the idea that income taxes of one
kind or another constitute a sort of panacea for all
the ills of mankind that now that he is making an
investigation of the farm problem for Mr. Raskob,
it would not be surprising to find him recommending
The Financial Situation.
a new income tax of one kind or another (to be levAt last we have a candidate for office courageous
ied, of course, not upon the farmer, but upon some
enough to advocate a reduction, in fact the abolition,
one else), as a remedy for the ills of the agriculof one of the personal income taxes. The occurrence
tural classes.
is so rare that we feel it a duty to make a record of
The New York State income tax is not so heavy
the fact here. The candidate sponsoring the propoor so burdensome as the Federal income and the
sition is Attorney-General Ottinger, who is running
Federal surtaxes, but is in addition to such taxes,
for Governor on the Republican State ticket to fill making
the State income taxes, even though relativethe position now occupied by Governor Alfred E. ly
light, all the harder to bear. The State income
Smith, who:-e present term will expire at the end of
tax is 1% of the amount of net income not exceeding
the current year. As the reader knows, there is a $10,000,
2% of the amount of net income in excess
State personal income tax, in addition to the Fed- of $10,000
but not in excess of $50,000, and 3% of
eral income tax and surtaxes, and Mr. Ottinger in the amount
of net income over $50,000. The State
his proposal deals, of course, entirely with the State personal income
tax is a comparatively recent innopersonal income tax, the Federal income taxes lying vation
in this State. The tax was first levied in the
outside his province.
year 1920 and was based upon taxable income for
Mr. Ottinger speaks without reserve or qualifica- the calendar year 1919.
A reduction of 25%, howtion, and unhesitatingly urges the abolition of the ever, from the rates given
was allowed by the laws
State personal income tax. What a blessing that of 1924 and tile same reductio
n was allowed by the
financial Ciironicit
2128
FINANCIAL CHRONICLE
[vol.. 127.
s with $3,434,107,000 on
laws of 1925 and 1926, but neither the legislature of 000 Oct. 17 1928 compare
of these loans made on
1927 nor that of 1928 passed any law providing for Oct. 19 1927. The portion
those made on demand,
from
a similar reduction, and Governor Smith did not time, as distinguished
the week, dropping
during
ed
diminish
spur the legislature on to take action providing has further
,000 Oct. 17.
$616,202
to
10
Oct.
,000
from
$636,957
for such a reduction. The desire of the leaders in
made for
loans
the
of
portion
the
in
g
dwindlin
The
plaboth the great political parties seemed to be to
cannot create surprise.
cate the farmer, with little regard for the interest definite periods of maturity
On the one hand there is a reluctance on the part
or the welfare of other classes of taxpayers.
and on the other
The State income tax, as already noted, is in ad- of the banks to make loans on time
York law for
New
dition to the income and surtaxes on individuals hand where they do make them,
than 6%
rate
higher
a
at
be
levied by the Federal Government. These latter bids that they shall
while
usury),
being
figure
that
above
ing
taxes are still exceedingly high, notwithstanding the (everyth
ExStock
the
on
loans
time
ng
for
rate
prevaili
the
successive reductions in the rate schedules. The
above.
or
7%
been
has
weeks
for
some
change
Governnormal income tax levied by the Federal
One gratifying feature, however, is to be noted
2% on the first $4,000 of net income, 3%
ment is 11/
present week, or
on the next $4,000, and 5% on the income in excess in the Federal Reserve returns the
as a gratifying
of $8,000 over and above the exemptions allowed. at least it would have to be regarded
features of
some
by
attended
The surtax rates begin with net income in excess feature, if it were not
to the fact
e
referenc
have
We
nature.
of $10,000 and proceed on a graduated scale, run- the opposite
risen to
has
loans
brokers'
of
total
the
though
that,
ning from 1% to 20%, this maximum of 20% being
at the
ng
borrowi
bank
member
figure,
high
new
a
The
reached upon net income in excess of $100,000.
ed in
diminish
less
neverthe
has
ons
instituti
Reserve
25%
seen,
normal and surtax combined is, as will be
on
the diminuti aton incomes in excess of $100,000. The 3% State per- quite a substantial amount and
it follows some den
sonal income tax adds 3% to this, making a total tracts the more attentio as
In other words,
of 28% together. It will be a substantial relief, crease also in the preceding week.
of the twelve
holdings
therefore, to have the 3% State personal income tax the aggregate of the discount
the pres,000
at
$935,810
stands
eliminated. And the relief applies, not merely to Reserve institutions
Oct. 10,
on
,000
$993,402
against
17)
(Oct.
week
incomes over $100,000. As already noted, the State ent
and
000,
$57,592,
of
week
the
for
a
on
showing
decrease
3%
of
personal income tax reaches its maximum
3.
on
Oct.
18,000
$1,025,9
noragainst
Federal
the
all income in excess of $50,000. As
The falling off in member bank borrowing, it is
mal tax on incomes is 5% on amounts over 8,000 and
it appears
the surtax is 13% on amounts of income between well to remember, has not the significance
has been
it
ly
$48,000 and $52,000, making 18% altogether even on to possess on its face, since apparent
of
increase
a
large
to
moderately large incomes of that kind, and the State due largely, if not entirely,
reprebanks,
member
the
with
deposits
tax adds 3% more to this, making 21% altogether, Government
cerit can readily be seen that the abolition of the State senting the proceeds of the new issue of treasury
The
,500.
$308,807
of
total
a
to
alloted
reof
tificates
personal tax would afford no mean measure
g memlief. At all events, it is a step in the right direc- statement of the entire body of 632 reportin
yet
not
is
week
each
reports
make
which
banks
Mr.
ber
of
event
in
the
that
hoped
be
tion and it is to
re45
the
Ottinger's election the State legislature will back available for Oct. 17, but we notice that
an
show
City
York
in
New
porting member banks
him up in his proposal.
000
$17,392,
from
deposits
ent
increase in Governm
that in like manWith speculation rampant on the Stock Exchange, Oct. 10 to $57,792,000 Oct. 17 and
in Chicago show
banks
member
g
reportin
43
the
e
ner
the fact that brokers' loans on the Stock Exchang
from $4,248,000
deposits
ent
Governm
in
increase
an
very
this week again show a further increase, and a
ately, however, the Fedlarge one, too, can create no surprise. The further to $11,261,000. Unfortun
ies are engaged in offsetting
addition this time is no less than $74,507,000, the eral Reserve authorit
of Reserve credit resulting
grand aggregate of the loans to brokers and dealers the decrease in the use
bank borrowing, by
in
member
on
(secured by stocks and bonds), by the 45 reporting from the diminuti
ces purchased in
of
acceptan
holdings
their
member banks in New York City being $4,664,390,- adding to
enlarging their
steadily
also
and
market
open
the
000 Oct. 17 as against $4,589,883,000 on Oct. 10. As
ent
securities.
Governm
States
of
United
holdings
the previous week's total was a peak figure at that
in use is
now
credit
of
Reserve
volume
total
The
time, it is scarcely necessary to say that this week's
having
be,
should
it
of
what
in
far
excess
ly
admitted
The
time.
total establishes a new high record in all
e,
commerc
and
of
trade
the
to
needs
purely
regard
s,
increase
of
week
present is the eighth successive
serve,
to
d
are suppose
the total addition for the eight weeks being no less which alone the Reserve banks
holdings runsecurity
of
and
bill
the
e
aggregat
the
of
classes
t
differen
the
than $463,259,000. All
In these
dollars.
billion
2
in excess of 11/
loans contributed to the present week's further in- ning well
imwould
one
ies,
authorit
crease, the loans made by the reporting member circumstances the Reserve
about
bring
to
ity
opportun
the
welcome
banks for their own account having risen from $866,- agine, would
n in the total to more nearly normal pro919,000 Oct. 10 to $890,251,000 Oct. 17, the loans for a reductio
.
There is at least a possibility that in that
portions
account of out-of-town banks from $1,715,086,000
way
they
eventually be able to curb the growth
might
of
account
to $1,733,240,000 and the loans "for
of speculative borrowing for Stock Exchange purothers" from $2,007,878,000 to $2,040,899,000. The
possible, as claimed by Govhuge figure to which the latter—the "bootleggers" poses, even if it is not
the Reserve Board, to "earmark"
loans—have risen will not escape attention. At $2,- ernor Young of
released. The conclusion fol040,899,000 these loans for account of large deposi- Reserve credit when
fact that the smaller the
tors compare with only $987,959,000 at the corre- lows inevitably from the
ing, the less of it
outstand
credit
sponding date (Oct. 19) a year ago. The total of amount of Reserve
its
own use.
for
ate
appropri
can
ion
speculat
the brokers' loans of all descriptions at $4,664,390,-
OCT. 20 1928.]
FINANCIAL CHRONICLE
2129
Instead, however, of letting the volume of Reserve absorbed and been attende
d by only temporary recredit outstanding shrink, with the diminution in cessions in values. While
liquidation was proceedmember bank borrowing, the Reserve authorities are ing in one part of the market,
large and rapid adpursuing the opposite policy of maintaining the to- vances took place in other parts.
The tone has been
tal at near the old figures by steadily enlarging their not only confident, but
positively buoyant. New
holdings of acceptances, as also their holdings of specialties have been brought forwar
d with each
Government securities. Indeed, in some recent succeeding day and often with each
succeeding hour
weeks they added to such holdings concurrently with on the same day. The high priced
stocks, the same
expansion in member bank borrowing, thereby join- as heretofore, have been prime favorit
es and the rise
ing in the movement to swell still further the aggre- in many of them has been spectac
ular in the extreme.
gate volume of Reserve credit outstanding, already
In the trotting out of new favorites, all that was
swollen beyond reason, instead of directing their necessary to insure an extensi
ve band of followers
efforts towards restricting and curtailing the same. was to bid up prices most vigorously.
At the same
During the past week the acceptance holdings of time former favorites have been
by no means nethe twelve Reserve institutions have been run up glected; on the contrary,
speculation in them has
in amount of no less than $47,641,000 and the hold- been carried on in a greatly
intensified degree. With
ings of Government securities in amount of $4,653,- such star performers as
Radio Corporation, Mont000. The result is that though member bank borrow- gomery Ward & Co.,
International Nickel, and Amering during the week was reduced in amount of $57,- ican Smelting & Refining,
advances of ten to twenty
592,000, as already stated, the total of the bill and points in a single day have
been by no means unsecurity holdings has been reduced no more than common. Indeed, prices
have not infrequently
$4,598,000, the amount for Oct. 17 standing at $1,- jumped from five to ten points
in a single hour, this
551,864,000 against $1,556,462,000 on Oct. 10. Since being usually followe
d by minor downward actions
Aug. 22 the acceptance holdings of the twelve Re- after which the upward
movement would be reserve institutions have increased from $183,600,000 sumed and carried still
further. As one illustrato $379,409,000, being an addition of $195,809,000, tion, American Expres
s in the last hour on Thursand the holdings of Government securities have
in- day bounded upward from 248 to 265 and then closed
creased from $206,910,000 to $231,365,000, being a at 261 and yesterd
ay further advanced to 264%. A
further addition of $24,455,000, and making a com- slight easing of
money rates the latter part of the
bined addition of $220,264,000.
week, the call loan rate on the Stock Exchange yesWith the Reserve banks thus engaged in actuall terday being down
y
to 61/2%, acted to stimulate the
thrusting out Reserve credit, the same as they
did bull forces to renewed endeavors in their operations
at this period a year ago, is it any wonder that
spec- for higher prices. Bullish enthusiasm as a result
ulation on the Stock Exchange keeps steadily wax- was raised
to so high a degree that the further
ing hotter and .brokers' loans rising to higher
and large expansion in brokers' loans recorded in the
still higher figures? The Reserve authorities are evi- stateme
nt issued by the Federal Reserve banks, after
dently proceeding on the theory that by adding
to the close of business on Thursday, was entirely igthe volume of Reserve credit in use they are placing nored in
Friday's dealings.
additional funds at the command of mercantile borTrading has continued on an enormous scale, agrowers and the agricultural classes, but it happen
s gregate sales running well in excess of 4,000,000
that of the $220,264,000 increase in the holdings
of shares on each full day's business, the ticker being
acceptances and of Government securities since Aug. nearly
all the time far behind in recording the trans22 no less than $112,345,000 occurred right here
at actions, the arrearage yesterday being at one time
New York, the speculative center, the accepta
nce 41 minutes and 28 minutes at the close. The sales
holdings of the Federal Reserve Banks of New York on
the New York Stock Exchange footed up 1,857,in this interval having risen from $41,691,000
to 210 shares at the half-day session on Saturday, and
$131,402,000 and the holdings of Government securi- were
4,050,660 shares on Monday; 4,546,310 shares
ties from $26,606,000 to $49,240,000.
on Tuesday; 4,298,840 shares on Wednesday; 4,556,In such circumstances what validity does the ar- 110 shares
on Thursday, and 4,559,000 shares on Frigument of Governor Young possess that the Federal day.
On the New York Curb Market the sales were
Reserve authorities cannot "earmark" credit
re- 478,600 shares last Saturday; 834,606 shares on Monleased by them? With Stock Exchange speculation
day, 921,990 shares on Tuesday, 1,016,300 shares on
spreading like wild-fire where could the $112,345
,- Wednesday,1,190,500 shares on Thursday and 1,243,000 of additional credit released at this center since
600 shares on Friday.
Aug. 22 be expected to go, except into the capacio
us
The advances for the week have been of huge dimaw of the speculative monster? And where does mension
s in the case of many of the high-priced specthe blame lie, seeing that this $112,345,000 of new ulative
leaders. American Smelting & Refining on
credit was made available, not through member bank
news of a split-up of the shares on the basis of 3
borrowing (this having actually diminisihed somenew shares from one of old spurted upward in very
what, falling from $314,026,000 Aug. 22 to $298,- sensati
onal fashion, reaching a new high for the year
309,000 Oct. 17), but through the voluntary action yesterd
ay at 269; it closed at 268 against 264% the
of the Reserve authorities themselves?
close Thursday of last week, Friday of that week
having been Columbus Day and a holiday. InternaThe Stock Market this week, perhaps more so tional Nickel
is another stock that has distinguished
than on any previous occasion, has moved upward itself
in the same way on reports of a split-up of
in most violent fashion. It is literally correct to say the shares
on a highly favored basis and on rumors
that prices have risen by leaps and bounds. The of a merger
with the Mond Nickel Co. Ltd. of Lonupward movement has continued day by day almost don. The
stock reached a high of 190 yesterday and
without interruption. Profit taking has been on closed at 184
against 146 on Friday of the previous
an enormous scale but such selling has been easily week. Atlanti
c Refining on intelligence of a split-
2130
FINANCIAL CHRONICLE
up of the shares on 4 to 1 basis closed yesterday at
/8 the close the previous Thursday.
195 against 1847
stock on the action of the diPowder
Baking
Royal
rectors in authorizing the issuance of 8 shares of
new stock of no par value in exchange for one share
of old stock of a par value of $100 touched a new high
of 408 on Oct. 16 and closed Thursday (Oct. 18) at
375 against 335 the previous Thursday. The list of
stocks which have distinguished themselves by recording new highs for the year is a very extended
one and imiudes the following among a large number of others:
Air Reduction
Allied Chemical & Dye
American Can
American Chicle
American Express
American International Corp.
American Smelting & Refining
Atlantic Refining
Barnsdall Corp. class A
Bethlehem Steel
Briggs Manufacturing
Calumet & Recta
Case Threshing Machine
Commercial Solvents
Conde NSA Publication
Cushman's S- ns
Diam nd Match
E.I. du Pont
Federal Mining & Smelting
General Electric
Goodyear Tire & Rubber
Granby Consolidated Mines
Inland Steel
International Business Machines
International Harvester
International Nickel
Jewel Tea
Johns-Manville
Kresge (S. S.) Co.
Kroger Grocery & Baking
Lambert Co.
MaHinson (H. R.) & Co.
Marlin-Rockwell
Nlathieson Alkali Works
Montgomery Ward dr Co.
Murray Body
Nat. Enameling & Stamping
National Tea
Otis Elevator
Radio Corp. of America
Sears, Roebuck & Co.
U.S. Steel
Victor Talking Machine
Woolworth (F. W.) Co.
Among the department store stocks, R. H. Macy
2 against 111 the previous
1
closed yesterday at 142/
Thursday; American Express closed at 264%
against a bid of 218 the previous Thursday. Mur4; Reynolds Toray Co.. closed at 121 against 1031/
4; Ameri2 against 1401/
1
bacco new class B at 147/
2 against 108; Victor Talking Ma1
can Can at 110/
chine at 142 against 12534; Montgomery Ward & Co.
at 349 against 282; Radio Corporation of America
2
1
4; Sears, Roebuck & Co. at 158/
at 238 against 2141/
/8;
1097
against
116%
at
Bros.
Warner
against 1543%;
Allied Chemical & Dye at 232 against 227; Union
2 against 1843%; American Tel. &
1
Carbon at 189/
Tel. at 179% against 178%; and General Electric
2 against 165.
1
at 174/
As a group, the copper stocks excelled in the extent of their forward movement all others of large
magnitude. Chile Copper and Kennecott Copper
made new high records for the year. Anaconda
closed yesterday at 87 against 82% the previous
4 against 103;
1
Thursday; Kennecott Copper at 112/
Calumet
125%;
against
2
1
/
132
at
Cananea
Greene
2; Cerro de Pasco at
1
/8 against 32/
& Hecla at 427
2
1
2 against 51/
1
2 against 96; Chile Copper at 57/
1
103/
and Granby Copper at 70% against 65. The steel
stocks were less of a feature, though U. S. Steel
common often led in starting the market on a new
ascent; it reached a new high for the year at 165%
on Oct. 15, but closed yesterday at 16234 against
163 the previous Thursday; Bethlehem Steel closed
2; Republic Iron & Steel at 82%
1
2 against 69/
1
at 68/
2 against 69%; and
1
against 84; Inland Steel at 71/
.
2
1
75/
against
81%
at
Steel
Ludlum
The motor stocks were also among the strong features—at least some of them were. General Motors
made another new high for the year yesterday at
2 the previ1
2 against 216/
1
/8 and closed at 222/
2237
for the
records
high
ous Thursday. Further new
Motors,
veland
r-Cle
Chandle
year were also made by
Packard Motor Car and Studebaker Corp. Chrysler
4 against 132; Studebaker at 83
closed at 1333
2; Packard at 98 against 94%; Nash at
1
against 82/
4 and
92% against 92%; Hudson at 89 against 911/
2. The rubber stocks met
1
8 against 78/
Hupp at 761/
[Vol.. 127.
with somewhat of a set-back. IL S. Rubber closed
yesterday at 41 against 42% the previous Thurs4; Goodday; and the preferred at 69 against 721/
2 against 92% and
1
year Tire & Rubber closed at 82/
4 against 87%. Among the oil
B. F. Goodrich at 831/
stocks the spectacular performance of Atlantic Refining has already been mentioned; Marland closed
at 39% against 39% and Standard Oil of N. J. at
4 against 451/2.
461/
In the railroad list the features have been (1)
Rock Island, which has rapidly advanced on favorable reports of earnings; (2) St. Louis-San Francisco, which has moved up because of its ownership
of a large block of Rock Island stock, and (3) Kansas City Southern, which spurted upward on the
strength of the profit realized from the sale of the
company's holdings of St. Louis Southwestern. Rock
Island closed yesterday at 134 against 125 on Thursday of last week; St. Louis-San Francisco closed at
2against 114; St. Louis Southwestern at 114%
1
118/
against 113; Kansas City Southern at 73 against
4 against 187;
1
2; Delaware & Hudson at 189/
621/
re & Ohio
Baltimo
8 against 171½;
/
N.Y. Cent. at 1763
2
1
at 217/
Pacific
n
4; Canadia
8 against 1111/
at 1121/
Great
190%;
against
192
against 214%; Atchison at
8 against 99%; Northern Pacific
Northern at 1021/
2 against 78;
1
Wabash at 80/
99%;
against
at 102%
Union Pacific at 200 against 199; Southern Pacific at 121% against 12o%; New York Chicago &
4; Missouri Pacific
St. Louis at 123 against 1221/
8 against 70; Milwaukee & St. Paul pfd. at
at 711/
2, and Missouri-Kansas-Texas at 43
1
8 against 50/
511/
2.
1
against 40/
The foreign trade statement for September again
shows a heavy export balance. Merchandise exports from the United States for that month were
in value in excess of any month back to November
last, but merchandise imports continued their downward trend. The increase in exports was mainly
due to the much larger movement of cotton abroad,
foreign shipments of that important staple last
month not only exceeding those of a year ago, but
being in excess of the movement for September of
several preceding years. The preliminary figures
of merchandise exports for September this year of
$426,000,000, compare with $379,874,000 for August
and $425,267,000 for September 1927. On the other
hand, imports last month were valued at $321,000,000, while for August the amount was V46,813,000
and for September 1927 $342,154,000.
Not since September 1924 has the value of imports for that month been as low as is now indicated
for last month. The excess value of export shipments for September this year amounts to $105,000,000, which is considerably higher than for any
preceding month this year and compares with an
export excess of $83,113,000 in September 1927. Cotton exports last month were 814,569 bales, very much
larger than in August, as is usual, and in excess of
any month back to November last. Exports of cotton in September 1927 were 631,041 bales. The value
of cotton exports last month was $85,253,000, this
figure comparing with $69,661,000 for September of
last year. Merchandise exports other than cotton
for the month just closed therefore show a loss of
$14,870,000, compared with the same figures for
the corresponding month of last year.
For the nine months of this year, merchandise exports have been $3,562,725,000 and imports $3,071.-
OCT. 20 1928.]
FINANCIAL CHRONICLE
576,000, an export excess of $491,149,000. For the
corresponding period of last year, exports were $3,508,120,000 and imports $3,153,502,000, an export
excess of $354,618,000. Exports this year to date
exceed the value reported for the same period of last
year by $54,605,000, while imports were $.81,926,000
lees this year than for the corresponding period of
1927—in fact, they were smaller in value this year to
date than for either of the three preceding years. Of
the increase of $54,605,000 in the value of exports
for the current year to date, cotton contributed $13,423,000, although cotton exports of 4,943,000 bales
for the nine months of this year show a reduction
of 1,639,000 bales from the quantity .exported during the first nine months of 1927.
The gold movement last month was again of negligible value as compared with the earlier months
of the year. Exports of gold in September were $3,810,000 and imports $4,273,000, the reduction from
the earlier months of this year and from a year ago
in both instances being quite heavy. For the nine
months of this year, gold exports have amounted to
*535,216,000 and imports to $100,026,000, an excess
of exports of $435,190,000. During the corresponding period of 1927 gold exports were $57,642,000 and
imports $192,966,000, the excess of imports amounting to $135,324,000. Silver exports last month were
$6,229,000 and silver imports $4,916,000.
2131
and this was followed Thursday by a strong recovery
to the tune of heavy dealings. The Berlin Boerse
again was characterized by the uncertainty apparent
there in recent weeks. Activities were very limited
Monday, with speculators passive on a tightening
of the money market. Foreign orders also were
scarce. A few specialties ran counter to the general trend, however, and this influence spread to the
market as a whole in the following days. Bank and
electric stocks and department stores all showed
measurable gains. In Wednesday's dealings, the
German market dropped slowly back into a state
almost of lethargy. Trading was almost at a standstill owing to the lack of orders and the continued
tightness of the money market. A firmer tendency
and somewhat livelier trading was noted in subsequent sessions, but transactions remained within
narrow limits and speculators were cautious. Reports of possible early conferences on the Reparations problem contributed to the better tone.
Few events in recent years have so stirred the
imaginations and roused the interest of European
and American peoples alike as the flight of the Germany dirigible "Graf Zeppelin," from Friedrichshafen to Lakehurst. The flight of this largest of
dirigibles from Germany to the United States was
a storm-tossed and tortuous one, requiring 111 hours
and 38 minutes. From the beginning of the voyage
Trading on the important securities markets of at 2 A. M. Oct. 11,
to its termination at 5:38 P. M.
England and the Continent was a quiet affair the Oct. 15, more than
6,000 miles were covered by the
past week, in comparison with the great activity airship in continuous
flight, one accident occurring
on the New York market. A substantial volume of which resulted in the
stripping of some fabric from
business was nevertheless done on the European ex- the stabilizing "port
horizontal." The voyage was
changes, with price fluctuations less pronounced not one surpas
of
sing speed, nor was it the first ever
than in previous weeks. Internationl shares were the made by a dirigib
le from Europe to the United
popular favorites, particularly at London. The Lon- States. Dirigibles
have flown across the ocean on
don Stock Exchange followed no definite course, two previous occasio
ns, but in both instances they
otherwise, active days alternating with dull
ones. were fighting ships. These flights, moreover, preInterest centered chiefly in small groups of stocks ceded the present
era of intense "air-mindedness."
which were pushed about in short sharp spurts. Unlike her predece
ssors, the Graf Zeppelin is a comThe opening session of the week was a fairly active mercial air liner, and
she carried passengers, mails
one in the British market. Formation of a new and merchandise. She
was hailed therefore, almost
subsidiary by the British-American Tobacco Co. universally, as
inaugurating a new era in transatbrought a great deal of trading in these shares, which lantic aviation. Twenty
passengers shared the glamextended to other tobacco issues. Oil shares hard- orous adventure,
while the crew numbered thirtyened, while the gramophone group dropped. Gilt- nine. Also on
the vessel were fifteen sacks of mail
edged securities remained firm. Tuesday's session and fifty-two
consignments of merchandise. The
was somewhat quieter, but with the same features. passengers agreed,
generally, that the trip was a
In Wednesday's market some reaction occurred in pleasant one.
the tobaccos, but a better tone appeared in the gramOn reaching the American Coast, Monday, Dr.
ophones. Oil shares again showed an upward ten- Hugo
Eckener, builder and commander of the Graf
dency, although price movements were narrow Zeppeli
.
n, sent a wireless message of greetings to
Fresh strength developed in a limited number of President
Coolidge. In reply to this message, Mr.
securities Thursday, but for the most part the mar- Coolid
ge warmly congratulated Dr. Eckener. He
ket was dull. Trading at London was quiet yes- also
sent a congratulatory message to President
terday, with Mond Nickel an outstandingly strong
von Hindenburg of Germany, in which he said that
feature on rumors of a merger with International
the flight "has filled the American people with adNickel. The gilt-edged division was easier, with
miration and has marked another step in the progforeign issues generally lower.
ress of the development of air communication." It
• The Paris Bourse lacked animation in the early
was reported during the week that Dr. Eckener and
sessions of the week, but a period of unusually lively other
officials of the Zeppelin Co. hope to interest
trading was ushered in on Thursday. A little
ac- American capital in the building of five airships
tivity was noted Monday in rentes and a few bank, for
the establishment of a transatlantic air service
oil, metal and gold mine shares, but the movements
for passengers and mail between the United States
were far from general, notwithstanding comparaand Europe. Some doubts were expressed in London
tively easy mid-month settlements. Bank stocks on and
Paris as to the value of dirigibles in comthe whole were weak Tuesday, and this exercised
mercial transatlantic air navigation at the present
a depressing influence on the whole market. Restage of development.
sistance to the decline became marked Wednesday,
2132
FINANCIAL CHRONICLE
(VOL. 127.
n railroad and industrial securities.
Revision of the Dawes Plan and the possibility of of the Germa
that perhaps one-fourth of these bonds
ted
It
is sugges
a downward scaling of the German reparations total
for the purpose of discounting the
sold
be
diswould
are understood to have been the subjects of
or more of Allied payments to
years
on
last
twenty
Winst
cussions in London this week between
bringing the period over which
Churchill, Chancellor of the British Exchequer, and America and thus
to the same length as the period
S. Parker Gilbert, Agent General for Reparations Germany must pay
Allies must pay. Under the presPayments. Mr. Gilbert is reported to have urged during which the
it is pointed out, the Allies are
reduction of the total German liability, a voluntary ent debt agreements,
a period of sixty-two years, of
a
over
pledge by Germany to pay a smaller sum, and aboli- to pay Americ
already elapsed. "The experts
have
years
two
which
tion of the Special Transfer Committee, which prong how to make the time limit of German
tects the international value of the German mark. are studyi
time limit of Allied payments
It was recalled in London that Mr. Gilbert strongly payments and the
e," Mr. James stated in his dispatch. "It
favored the fixation of a definite reparations total coincid
he continued, "that $1,000,000,000
in his report for 1927. No statement as to the re- is calculated,"
in the near future would lop off the last twentysults of the discussions was given out, but it was paid
of Allied payments to the United States
reported that progress was made. As a result of the five years
the period down to about the term
thus
bring
conversations, moreover, it was stated in a dispatch and
would run." The result would
n
bonds
the
Germa
h
to the New York "Times" yesterday that Britis
both Germany and the Allies
that
is
ted,
it
be,
indica
of
Government officials expect the early formation
to pay for the next thirty-five years.
an international committee of financial experts to would be due
basis of this plan it is figured that a total
formulate a plan for reparations settlement that On the
for Germany's debt of around 44,would supersede the Dawes Plan. The Reparations could be fixed
marks, or $11,000,000,000.
Agent left London for Paris Thursday, ostensibly 000,000,000
If the intermediary plan worked well, Mr. James
to continue his conversations with French officials.
or in other words if $1,000,000,000 worth
There have been a number of indications lately that reported,
be sold over the first year or two of
could
of
bonds
cha general rearrangement which involves a far-rea
of the plan, then consideration could be
ing financial scheme is under contemplation in Euro- operation
to lopping off another ten years from the pepean chancelleries. German willingness to take a given
of international war debt payments by the sale
leading part in such a rearrangement and to give riod
r amount of German Dawes Plan bonds.
suitable guarantees is believed to have made pos- of a furthe
nt," Mr. James remarked, "that these
sible the Geneva conversations of last month re- "It is appare
be
plans must considered and studied by the experts,
garding early evacuation of the Rhineland.
so one finds a disposition to try some sort of
and
been
Experts of the various governments who have
committee of economists and bankers,
studying these problems have a double plan in mind, second Dawes
committee Americans would be asked to
according to Edwin L. James, Paris correspondent on which
D.Young has been mentioned for Chairof the New York "Times." "The first and larger serve. Owen
Gilbert also has been suggested."
plan," Mr. James said in a dispatch of Oct. 16, "is man. S. Parker
plan insist, it is said, that there
the
of
one by which eventually all international indebted- Those in back
a reduction of the American
it
in
ed
involv
ness left by the war may be arranged in one great is not
only a request to Washingbut
Allies,
the
on
operation. But secondly, and much more immedi- claims
ss operation of discountbusine
the
ake
undert
to
ton
which
ate, they are working on an intermediary plan
ing future payments. It has been calculated that
may go a long way toward meeting S. Parker Gilpresent value of payments due America under
bert's demand that the total of Germany's debt be the
the various debt settlements equals about $4,000,fixed as the price of continuance of German credit.
000,000 discounted at 5%. "When the elections are
Surrounding both plans is a project to obtain a
the Paris report to the "Times" said, "every
united European front on war indebtedness, not so over,"
will be given Washington to help or
unity
opport
much to place Europe against the United States as
plan as America may see fit."
new
the
hinder
to place the European stand in juxtaposition to the
ship
American stand. One may say that the leader
Although emphatic rejection of the Anglo-French
of this unity plan is in London."
Naval Compromise Agreement by Washington on
The larger plan, frequently detailed in these colSept. 28 has largely allayed the storm of American
umns, involves the sale in the open market of 16,sm of the accord, the new understanding be000,000,000 marks, (about $4,000,000,000) in Ger- critici
tween Britain and France continues to be a subject
man railroad and industrial securities created by
of keen interest and no little dissension in England.
the Dawes Plan. It is hoped to use the receipts to
William C. Bridgeman, First Lord of the Admiralty,
pay off American claims on the Allies. As pat of
ventured a defense of the agreement in the course of
this plan a certain sum in German bonds would be
a speech at Owestry, England, on Oct. 11. "After
in
created and these would be cared for by payments
the
League Disarmament Commission had failed to
The
kind to meet French claims for reconstruction.
come to any agreement,"he said, "it was only nattotal of German reparations under this plan would
ural, as we had always resisted the idea of a general
marks.
gold
000,000
be put at 30,000,000,000 to 32,000,
s' tonnage limit for the navy, and the French and ourThe plan would supersede the Dawes or Expert
were therefore furthest apart, that we should
Plan, and the bonds would be placed on the same selves
begin talking with the French to see how far it
footing as Germany's other foreign commitments.
of was possible to bridge the difficulties." The French
The railroad and industrial bonds, on the basis
put up a proposal, he explained, and agreement was
1% annual amortization, would run for 37 years,
d at on terms to be put before the next Disand the other bonds for France would run the same arrive
armament Commission. This settlement was placed
length of time.
before the other great naval powers. "Now the
is
d
The intermediary plan now brought forwar
Government has received all the replies from the
of
part
based upon the marketing in the near future
OCT. 20 1928.]
FINANCIAL CHRONICLE
other powers," he continued. "The result is that
Japan agrees with us, and the Italians think
the plan would form a suitable basis for discussion, but America is not prepared to discuss it at all."
An extremely severe criticism of the compromise
agreement was made by David Lloyd George, leader
of the Liberal Party and former Prime Minister,
in the course of a speech before the Liberal Party
conference at Great Yarmouth, Oct 12. "This
Anglo-French agreement is a renewal of the old policy of military arrangements which precipitated
the world war," he said. "It is designed not to limit
armaments, but to increase them. It means more
submarines for France and more cruisers for ourselves. It also means that France is to maintain
hereafter a great force of trained reserves, which
will be a far mightier army than she had before
the war. By this compromise we have antagonized
two great friendly powers, Italy and the United
States. It is folly to antagonize Italy and madness to antagonize America. The peace of the world
depends on a continued understanding between the
United States and the British Empire." The agreement means the end of disarmament, he continued.
It means that France might make a trifling cut in
her standing army of 600,000 men, but could keep
forever a fully trained and fully equipped reservist
army of some 5,000,000, together with Polish and
Czechoslovakian army reserves, making 8,000,000
men always at the call of a single great military
power in Europe. "We cannot allow that," Mr. Lloyd
George said. "It means tearing up the agreement
we have made with Germany. It means Geneva is
a fraud and Locarno a trap."
2133
At the session of the conference on October 12, Mr.
David Lloyd George, leader of the party, made several addresses severely criticising the foreign policy of the Conservative Government. The Naval
Compromise agreement between France and Great
Britain was characterized by the War Premier as
"the most sinister event since the war." He denounced the foreign policy of the Baldwin Government as "not only folly, but madness." He asserted
confidently that the Liberals would hold the balance
of power after the general elections.
Announcement was made by the Foreign Office
in London, last Saturday, that Sir Esme Howard,
British Ambassador to the United States since 1924,
would be retired in December, 1929. He will then
reach the age limit of 65, and according to Civil
Service regulations, must relinquish his post. Sir
Esme has been in England on vacation and has
just returned to Washington to resume his duties.
Announcement was also made in London on the same
day of a change in the Cabinet of Prime Minister
Stanley Baldwin. This consisted of the immediate
resignation of Lord Birkenhead, Secretary of State
for India, who had many times previously expressed
a wish to resign and enter the business world. It
had been considered-that his resignation would be
postponed until after the general election, but at
conferences with Mr. Baldwin last week, his immediate release was arranged. He has been one of the
strongest supporters of the Conservative Party in
England, and one of its most formidable controversialists, and his resignation, therefore, was understood to have been accepted with keen regret. Viscount Peel was named as his successor to the India
Office yesterday, while Lord Londonderry was
The English Liberal Party, third of the three named as a new Minister,
his post being that of
great contending parties in Great Britain, held its Minister for Public Works.
annual conference at Great Yarmouth beginning
Oct. 11, the sessions being especially significant beOne of the few qualified acceptances of the gencause of the approaching general elections of 1929. eral treaty for the renunci
ation of war which fifThe ruling Conservative Party held the first of these teen world powers signed
at Paris Aug. 27, and to
great conferences late in September, and the Labor which forty-nine additional
Governments have been
Party, which constitutes the Opposition in Parlia- invited to adhere, was received in
Washington Oct. 6
ment, followed with a meeting early this month. from Hungary. The Hungari
an note expresses the
Recent by-elections in Great Britain have indicated intention of the Budapest Govern
ment to adhere to
the possibility of a sufficiently even division between the Kellogg treaty, "under
the supposition" that
the Conservatives and the Laborites to give the Lib- the United States and other
Governments will seek
erals the balance of power in the next House of Com- to remedy alleged
injustices of the Treaty of Trimons. •In consequence there has been a good deal anon. The note
was made public by the State Deof political maneuvering, chiefly by the Labor lead- partment late last
week without comment. "The
ers, to gain promises of Liberal support for impor- Government of the
United States," the note said.
tant party measures. The feelers put out were "is aware of the
fact that after the World War
promptly considered by the Liberal leaders in the Hungary was
forced to sign a peace treaty which
initial session of the conference. The Conservative had not been precede
d by the negotiations customGovernment was soundly berated by the Liberals ary on such
occasions and which, being the issue of
for its half-hearted attitude toward peace, disarma- erroneous presuppo
sition, created an unjust situament and the League of Nations, the criticism being tion. The
situation arisen in consequence of this
made that Great Britain only, among European treaty of peace
has not been able to assure the
Governments, has increased military expenditures tranquillity
and is impeding the development of the
since the war.
different nations in this part of Europe. The events
With obvious reference to the idea of a Liberal- of the ten years which
have elapsed since the end
Labor coalition, the party then adopted the emphatic of the war furnish evident
proof that this peace
statement that it "refuses to link its fortunes by treaty cannot be a suitable
basis for natural and
any pact or agreement with any other party." To peaceful development.
The Hungarian Government
this statement a rider was attached, however, de- adheres to the proposal of
the Government of the
claring that the Liberal Party, "while willing to United States under the supposi
tion that the Govco-operate with others for the achievement of the re- ernment of the United States
as well as the Govforms to which it sets its hand, will resist every ernments of the other
signatory powers will seek
proposal which is in conflict with its principles." to find the means
of rendering it possible. that in
2134
FINANCIAL CHRONICLE
[VOL. 127.
the future injustices may be remedied by peaceful duced to normal when the harvest is collected." From
other reports it is apparent that September grain
means."
collections in Russia accorded substantially with
Arrangements for transatlantic telephone service previous estimates. Complaints are common all over
between Spain and the United States were com- Russia, however, and even in Siberia, of the "goods
have
pleted Oct. 13, and the inauguration of the new link shortage" with which the Soviet authorities
for
years.
cope
occato
the
trying
made
been
was
day
of communication on that
sion for an exchange of felicitations between PresiHipolito Irigoyen, President of the Argentine Redent Coolidge and King Alfonso. Mr. Coolidge
1922, was inaugurated as the
greeted the Spanish monarch in the name of the public from 1916 to
for the second time on Oct.
executive
chief
people of the United States, and King Alfonso re- nation's
took place in the
ceremonies
on
inaugurati
The
12.
ciprocated heartily. The President then expressed
Aires, where Dr.
Buenos
in
Building
nal
Congressio
belink
his pleasure at the addition of the new
Dr. Enrique
President,
Vicenew
the
and
Irigoyen
true,"
be
to
it
tween the two countries. "I believe
presence of
the
in
office
of
oath
the
took
Martinez,
the
together
talk
can
he said, "that when two men
the dipofficials,
t
danger of any serious disagreement is immeasurably members of Congress, Governmen
As the
.
spectators
of
lessened and that what is true of individuals is true lomatic corps, and hundreds
the
dominates
which
Party,
Radical
of nations. The international telephone, therefore, leader of the
is
Dr.
Irigoyen
Argentina,
in
Deputies
which carries the warmth and the friendliness of Chamber of
nathe
of
control
firm
assumed
have
to
considered
the human voice, will always correct what might
inauguration. On the
be misinterpreted in the written word. Whatever tion's affairs even before his
second assumpleader's
Argentine
the
of
occasion
us
to
value
brings our two countries closer is of
of congratumessage
a
President,
of
the
office
of
tion
parexpressed
also
and to the world." Mr. Coolidge
him from
to
was
dispatched
friendship
lation
and
Spain
by
adherence
prompt
ticular pleasure at the
the inAfter
Washington by President Coolidge.
to the general pact for the renunciation of war.
comthe
announced
King Alfonso thanked Mr. Coolidge for his cordial uguration, President Irigoyen
follows:
as
words. "I agree," he said, "that we ought to expect position of his Cabinet,
Minister of the Interior—Elpidio Gonzales.
from this new means of communication ever closer
Minister of Foreign Affairs—Horacio Cyhanarte.
perfect
Minister of Finance—Enrique Perez Colman.
relations because of the intimate and more
Minister of Justice—Juan de la Campa.
Greetings
understanding between the two peoples."
Minister of War—General Luis Dellepiane.
Minister of Marine—Vice-Admiral Tomas Zurueta.
were also exchanged by other Government officials
Minister of Agriculture—Juan Fleitas.
Minister of Public Works—Jose Abalos.
and by Walter S. Gifford, President of the American
Urquijo,
de
Marquis
and
Co.,
Telegraph
&
Telephone
Three large-scale attempts to control the prices of
President of the National Telephone Co. of Spain.
Four countries co-operate in the new service, which important agricultural commodities have been given
was thrown open to the public after these official up in the course of the present year, the results in
exchanges. Messages are transmitted by wireless each instance proving unfortunate in the long run.
to stations in England and Scotland, thence over Indications are now beginning to appear that a
land and cable lines to Boulogne, France, and from fourth attempt—that made by the State of Sao
there over the Pyrenees to Spain. The first Atlantic Paulo, Brazil, to control the price of coffee—is not
phone tervice was opened Jan. 7, 1927, between the unmixed blessing that it appeared to be for sevNew York and London. Service has since been ex- eral years. In the three instances which have been
ended to Belgium, Holland, Germany, France and abandoned this year serious consequences resulted,
Sweden, making, with the addition of Spain, a total consequences which bore hardest precisely on those
marof 5,787,000 telephones in Europe that can now be for whose benefit the interference in the free
restricrubber
Stevenson
The
attempted.
cted
was
kets
interconne
reached from America. The total of
telephones in North America and Europe is now tion plan, whereby the British Government tried to
make the operations of Malay rubber planters prof26,070,000.
itable, brought about a rapid increase in producCurrency inflation has been resorted to by the tion by the Dutch East Indies. Announcement was
Russian Soviet Government as a matter of necessity made in the House of Commons early this year that
this year to handle the crop movement, according the plan would be abandoned, and on Nov. 1 it will
to a Moscow dispatch of Oct. 13 to the New York cease to operate. Similarly, a combination of pow-Times." For the first time since the Chervonetz, erful British companies, which attempted for some
or gold ruble, was instituted, the note issue has sur- years to control the cocoa market through its hold
passed the normal ratio allowed by law, the report on African production, gave up their attempt last
indicated. Figures officially issued by the Soviet summer after it was seen that the ultimate result
countries
State Bank and freely available to foreign commer- would be a fostering of production in
cocoa.
little
z
had
relatively
which
Chervonet
exported
previously
total
the
that
show
cial representatives
the
raise
to
t
00
The
of
the
effort
Governmen
1,072,000,0
Cuban
to
amounted
21
September
issue on
the
Island
of
output
of
price
by
284,sugar
the
of
restricting
exchange
foreign
and
bullion
with cover in
to
000.000. This is adequate and in accordance with and by inducing other sugar producing countries
GovernOther
one.
do
likewise was a short-lived
Soviet law, it is said. "But there was an additional
denomments
small
refused to co-operate and President Machado
of
notes
Treasury
0
730,000,00
of
issre
is
parlegal
now
to abandon the scheme.
ination which have no cover save enforced
report
of the coffee market, instituted by the
Control
"Times"
ity with Chervonetz notes," the
note
of
Sao
State
Paulo, Brazil, in 1924, has been a seemTreasury
the
stated. "According to the law,
ing
total,
z
success,
the artificially high prices bringing a
Chervonet
the
of
issue should not exceed 50%
authoriprosperity to the Brazilian State.
of
real
measure
financial
The
whereas it is actually 70%.
Of
rethere have been questionings as to
be
late,
will
however,
issue
note
Treasury
ties assert that the
•
OCT. 20 1928.]
FINANCIAL CHRONICLE
the ultimate effect of the measure. "Certain factors have appeared," says a special report to the
New York "Times" from Sao Paulo, "which may
undermine the high level of coffee prices established
and controlled so successfully by the Sao Paulo Coffee Institute since its organization in September
1924." Coffee production in the State is booming,
the report shows, for the Coffee Institute is keeping
up prices to a level which has stimulated the planting of coffee trees on a tremendous scale. Moreover, the results will be increasingly apparent hereafter, since it takes four years for the coffee tree
to come into bearing. "The Brazilian crop is already
dangerously large," the "Times" report states. "Fortunately for Brazil, the crop harvested in 1928 was
small, thereby cutting down the amount of stored
coffee. But it is worthy of note that the jumbo crop
harvested in 1927 was so large that there were 13,109,077 bags still unsold on June 30, when picking
began on the new crop. That quantity is nearly
equal to the average exports for one year. Moreover, Sao Paulo's defense of coffee prices has been
profitable to other producing countries, especially
Central America, and production outside of Brazil
undoubtedly will increase very rapidly." Loans to
farmers have grown until they now represent an
enormous sum, the security, of course, being the unsold coffee. Banks, however, are not taking excessive risks, as they loan only.up to a third or a half
of the market price of the coffee. American importers, meanwhile, are naturally limiting their purchases to bare needs.
No changes have been reported this week in discount rates by any of the central banks of Europe;
Rates continue at 7% in Germany; 63,% in Austria.
532% in Italy and Norway; 5% in Denmark and
Madrid; 414% in London, Holland and Sweden; 4%
in Belgium, and 33/2% in France and Switzerland.
In London open market discounts are now 434(4).
4 5-16% for short %ills, against 4X3(4)4 3-16% on
Thursday of last week, and 4/% for three months
bills, against 4 5-16% last week. Money on call in
London was VA% on Monday but down to 3%%
yesterday. At Paris open market discounts remain
.4%.
at 44% and in Switzerland at 33
Another substantial loss in gold—the fifth in as
many weeks—is shown in this week's Bank of Engand statement; this time the loss is £353,859, but the
reserve of gold and notes in the banking department
shows a gain of £340,000 as a result of the contraction in note circulation• of £694,000. The ratio of
reserve to liabilities rose from 47.52% to 48.01%; at
this time last year the ratio was 29.16% and two
years ago it stood at 27.99%. In the "deposit" items,
public deposits decreased £2,718,000, but "other" deposits increased £2,261,000. Loans on Government
securities increased £2,905,000, while loans on other
securities dropped £3,694,000. Gold holdings, which
in the early part of last month were the largest in
the history of the Bank, the total then being £176,584,362, have dropped considerably since then and
are down to £167,147,224. In the corresponding week
last year this item totaled £151,214,054 and two years
ago, £154,095,823. Note circulation aggregates £133,500,000 in comparison with £135,538,625 in 1927 and
£138,712,000 in 1926. The Bank's minimum rate of
Below we
discount remains unchanged at
furnish comparisons of the various items of the Bank
of England return for five years.
2135
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1925,
1924.
Oct. 17.
Oct. 19.
Oct. 20.
Oct. 22.
Oct. 21.
Circulation
b133,500,000
Public deposits
11,216,000
Other deposits
100,013,000
Governm't securities 34.015,000
Other securities
41,489,000
Reserve notes & coin 53,396,000
Coin and bullion....a167,147,224
Proportion of reserve
to liabilities
48.01%
Bank rate
%
135,538,6251138,712,000
22,096,598 20,202,300
99,380,618 105.343,753
47,549,619 35,325,435
56,176,572 72.771,941
35,425,429 35,133.518
151.214,054 154,095,823
29.16%
%
27.99%
5%
142,540,595
9,618,418
109,182,246
32,378,644
74,111,101
29,950,161
152,740,756
122,905,630
14,757,735
112,497,390
42,468,443
77,116.347
25,332,115
128,487.745
25K%
6%
19%
6%
•
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925. Includes £27.000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note Issue.
The Bank of France, in its statement for the
week ending Oct. 13, reports a decrease in note
circulation of 585,000,000 francs, reducingithe total
of that item to 62,021,833,660 francs, against 62,606,833,660 francs last week and 62,653,833,660
francs the week before. On the other hand, creditor
current accounts rose 767,000,000 francs and current
accounts and deposits gained 539,000,000 francs.
Gold holdings now amount to 30,715,178,337 francs,
due to a rise of 46,235,621 francs during the week.
Credit balances abroad showed a gain of 547,287,061
francs, while French commercial bills discounted fell
315,000,000 francs. Bills bought abroad 74,000,000
francs, and advances against securities 26,000,000
francs. Below we .furnish a comparison of the
various amounts of the bank's return for the past
three weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
for Week.
Oct. 13 1928.
Oct.6 1928. Sept. 29 1928.
Francs.
Francs.
Francs.
Francs.
holdings_
__
_Inc.
46,235,621
Gold
30,715,178,337130,668,942,716 30,662,538,043
Credit bale. abr'd_Inc. 547,287,061 13,836,277,428 13,288,990,367 12,691,911,307
French comm'l bills
discounted
Dec. 315,000.000 3,175,326,825 3.490,326,825 4,156,326,825
Bills bought abr'd_Dec. 74,000,000 18,394,280,585 18,468,280,565 18,450,280.565
Adv. asst.secure_ _Dec. 26,000,000 2,139,146,798 2,165.146,798 2,017,146.798
Note circulation—Dec. 585,000,000 62,021,833,660 62,606,833.660 62,653,833,660
Cred. curt. sects_ _Inc. 767.000,000 16.999.748,878 16,232.748,878 16,128,748.878
Curr. accts.& dep_Inc. 539,000,000 5,193,987.453 4,654,987,453 4,799,987.453
In its statement forlthe second week of October,
the Bank of Germany reports a decrease in note circulation of 298,243,000;marks, reducing the total to
4,293,847,000 marks. Total circulation for the corresponding week last year aggregated 3,792,632,000
marks and for the year before 2,971,739,000 marks.
On the other hand, daily maturing obligations rose
94,888,000 marks while other liabilities dropped 295,000 marks. On the assets side of the account gold
and bullion rose 21,531,000 marks, silver and other
coin 10,813,000 marks, notes on other German banks
7,581,000 marks and advances 55,734,000 marks.
Reserve in foreign currency dropped 2,261,000 marks,
bills of exchange and checks 296,298,000 marks and
other assets 120,000 marks. Deposits abroad and
investments remained unchanged. A comparison
of the various amounts of the bank's return for the
past three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Oct. 151928 Oct. 15 1927. Oct. 15 1926
Week.
Reichsmarks.
Assets—
Reichsrnetrks. Reichnnarks. Reichsntarks.
bullion
Inc.
21.531,000
2,478,671,000 1,851,627,000 1,652,617,000
Gold and
Unchanged
85,626,000
Of which depos.abr'd_
66,543,000 185,557,000
Retry° in for'n cum _ _Dec. 2,261,000 149,633,000 161,716,000 446,133.000
Bills of exch.& checks.Dec. 296,928.000 2,062,329,000 2,432,152,000 1,293,306,000
86,589,000
Silver and other coin_ _Inc. 10,813.000
62.892.000 114,037,000
8,018,000
Notes on oth.Ger.bks_Inc. 7,581,000
19.962.000
16,370,000
Inc. 55,734,000 114,930.000
94,914,000
Advances
34,954.000
93,819.000
Unchanged
Investments
92.075,000
91,310,000
120,000 548,591,000 544,609,000 655,838,000
Dec.
Other assets
Liabilities—
Notes in circulation Dec. 298,243,000 4,293,847,000 3,792,632,000 2,971,739,000
Oth.daily matur.oblig.Inc. 94,888,000 606,148,000 689,684,000 737,765,000
295,000 269,398,000 411.450,000
Dec.
Other liabilities
235.188,000
2136
The New York money market this week again displayed the characteristics that have marked it in
recent months. Banks were heavily loaned up over
the last week-end in order to benefit by the four
day period for which loans were fixed on Thursday,
Oct. 11. The need for adjusting the reserve position
Tuesday caused withdrawals of approximately $30,000,000 Monday, and this brought a rise in call
money rates on that day to 8%, after renewals were
fixed at 63/2%. A rate of 732% prevailed for demand money Tuesday with demand still good and
withdrawals approximating $15,000,000. Call money
subsided further at 7% Wednesday with outside
loans reported at 63/2%. In Thursday's market
the Stock Exchange rate dropped to 63/2%, while
in the outside market some dealings were reported
at 6%. Yesterday call loans were quoted at 63/2%
all day, on the Stock Exchange, with outside loans
again available at 6%. Time money charges
showed a slight easing. The total of brokers' loans
against stock and bond collateral again showed decided expansion in Thursday's statement of the
Federal Reserve Bank of New York, issued on the
basis of reports submitted by 45 member banks.
The increase for the week ended Wednesday night
was $74,507,000, which carried the total to still
another new high record. The movement of gold
at the Port of New York for the week ended Wednesday evening showed imports aggregating $7,559,000,
and exports of $135,000. The imports were made
up almosy entirely of gold from London, previously
announced as engaged for shipment to New York.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate on
Monday was 6/
2%, but on new loans there was an
1
advance to 8%. On Tuesday all loans were nego2%, including renewals. On Wednes1
tiated at 7/
day the renewal rate was again 7/
2%, but with a
1
drop in the general rate to 7%. On Thursday the
charge for renewals was reduced to 7%, while the
2%. On Friday all
rate on new loans dropped to 61/
loans were at 61/
2%,including renewals. Time loan
rates were reduced on three separate days during
the present week. On Monday (Oct. 15) the quotation for the 30, 60 and 90-day periods was reduced
4% to 7%, while the figure for four, five
from 71/
and six-month maturities was unchanged at 7%. On
Tuesday afternoon the rate for the longer maturities
was reduced to 67
/8@7%, and on Friday morning it
4@7%. At the close of the
/
was further reduced to 63
market on Friday the shorter maturities were still
selling at 7% and the four, five and six-month peri4@7%. The commercial paper
/
ods were quoted at 63
market has been a shade easier the present week
and names of choice character maturing in four to
2%, with an occa1
six month are now selling at 5/
sional transaction at 5%% and exceptional names
4%. The rate for names less well known
going at 51/
4@6% to
/
reduced, dropping from 53
been
has also
4%. New England mill paper sells at
/
2@53
1
5/
4%
53
The posted rates of the American Acceptance
Council for prime bankers' acceptances eligible for
purchase by the Federal Reserve banks have again
0 bid and
continued unchanged and remain at 4%7
41/2% asked for bills running 30 days and also for
bills running 60 and 90 days, 4%% bid and 45/%
/8% asked for
asked for 120 days, and 5% bid and 47
150 and 180 days. The posted rate of the Acceptance
[Vol. 127.
FINANCIAL CHRONICLE
Council for call loans against acceptances again remained at 51/2% throughout the whole week. Open
market rates for acceptances have also continued unchanged as follows:
Prime eligible bills..
Prime eligible bills
SPOT DELIVERY.
—120 Days—
—180 Days— —160 Days—
Asked.
Asked. Bid.
Asked. Bid.
Bid.
44
491
434
5
434
5
—90Days— —60Days--- —30 Days—
Asked.
Asked. Bid.
Asked. Bid.
Bid
434
434
434
434
434
499
FOR DELIVERY WITHIN THIRTY DAYS.
434 bid
495 bid
Eligible member banks
Eligible non-member banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
At Inneapolls
Kansas City
Gallas
San Francisco
Rotel n &fed
on Oct. 19.
5
5
5
5
5
5
5
5
414
434
414
434
Date
Established.
Previous
Rate.
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 28 1929
June 7 1928
May 7 1928
June 2 1928
434
434
434
434
434
414
434
434
4
4
4
4
Sterling exchange has been dull and has ruled
practically unchanged throughout the week. The
fluctuations during the week have been within the
narrow range of 1-16. Aside from the major factor
of seasonal pressure, which must continue in evidence
until after the turn of the year, the feature has been
the easier tone for money in New York, and the
firmer tone of money rates in London. The range
4for bankers'
this week has been from 4.845A to 4.843
2 to 4.84 15-16 last week.
sight, compared with 4.843/
The range for cable transfers has been from 4.85 to
4.85 1-16, compared with 4.847A to 4.853 a week
earlier. Foreign exchange traders and bankers here
are inclined to believe that the /ally in exchange last
week was of a spasmodic character as the seasonal
trend is downward. The position of sterling for
several weeks past has been such that whenever
there has been a moderate demand the rate has
moved upward. New York and other markets are
bearish with respect to sterling and this attitude is
not likely to change until after the turn of the year.
The immediate course of sterling depends largely
upon developments in the London money market.
Should the pressure become too pronounced for
seasonal or other reasons, there can be no doubt
that the Bank of England will take measures to
conserve its gold holdings, as was very evidently
the case a week ago. There is very little news of
importance relating to sterling exchange. The outward flow of gold from London to New York and
Berlin has been arrested for the time being, greatly
to the relief of the London market. Now that money
rates in London are slightly firmer, the prospects of
an important outward gold movement are reduced,
and should the Bank of England holdings be seriously
threatened again during the season of pressure, there
can be no doubt that the Bank will take such measures in the open market as will bring about a
strengthening of the rate.
Gold imports into Great Britain in September, as
reported by the Board of Trade, amounted to
£3,952,196, as compared with £1,722,218 last year.
Exports were £5,804,410, against £1,569,245 a year
OCT. 20 1928.]
FINANCIAL CHRONICLE
2137
ago. The nine months' imports were £36,325,982, and Italian lire, however, are exceptions, as both
as compared with £26,154,481 last year, and exports these units have been in greater demand than the
were £37,285,649, as compared with £20,554,212. other Continental exchanges. The firmness of
The principal imports were £21,829,547 from Trans- Italian lire is due to the steady improvement in
vaal and £6,682,431 from the United States. The economic conditions in Italy. While tourist transfers
principal exports of gold were £19,773,700 to France have practically ceased, this hitherto firming inand £7,824,046 to Germany. This week the Bank of fluence is offset by a steady flow of immigrant remitEngland shows a loss in gold holdings of £353,859, the tances. The lira rate also receives constant accestotal standing at £167,147,224. This compares with sions of strength "from the investment of American
£151,214,054 a year ago. On Saturday last the and other funds in the Italian security markets.
Bank of England exported £35,000 in sovereigns to The Bank of France has such control of the foreign
Holland. On Wednesday the Bank sold £17,000 in exchange and the French money markets that
gold bars. On Thursday the Bank sold £10,000 in movements in the franc rate are without signifigold bars and yesterday it sold £114,000 in gold bars cance. For several weeks past the bank has mainand exported £15,000 in sovereigns to Holland. As tained the rate at whatever level it has deemed
noted elsewhere, Samuel Montagu Sz Co. stated that necessary in order to protect its gold holdings from
of £675,000 South African gold available in the Lon- transfers abroad, especially to Germany. This week
don open market on Tuesday, £564,000 were taken the Bank of France shows an increase in total gold
for an undisclosed destination and the balance went holdings of 46,235,621 francs, the total standing
at
to India and for home and Continental trade. Brit- 30,715,178,337 francs. The, foreign credits of the
ish imports of gold during the week ended Oct. 15 Bank of France reach approximately 34,432,000,000
amounted to £770,859 and exports to £695,564. At francs, or about $1,360,000,000. The proportion
the Port of New York the gold movement for the of dollar exchange included in these credits, though
week Oct. 11-Oct. 17, inclusive, as reported by the variable, is estimated in the Paris market at apFederal Reserve Bank of New York, consisted of proximately $675,000,000, or about half the bank's
imports of $7,559,000, of which $7,373,000 came from holdings of foreign credits. Theoretically, at least,
the United Kingdom and $186,000 from Latin Amer- it would be possible for the Bank of France to buy
ica. Gold exports totaled $135,000, of which $84,000 gold with these dollar credits, but for the time being
were shipped to Germany and $51,000 to Mexico.
the Bank is limiting its action entirely to the preThere was no Canadian movement of gold either vention of an outflow of gold through selling its
to or from New York. Canadian exchange has been foreign bills on the exchange market whenever
the
easier this week. Montreal funds have been ruling rate approaches the gold point. These operations
at a discount ranging from 1-32 to 3-64 of 1%, al- aside, however, when it is considered that there is a
though on Saturday last Montreal funds were quoted close co-operation between central bank authorities
at par. The trend of Canadian exchange should be it is extremely unlikely that the Bank of France will
higher in the immediate future, unless money rates in seek or be permitted to translate any large share
of
New York are unexpectedly firm. Whether the dollar credits into actual gold.
Canadian dollar will become high enough to cause a
German marks are firmer and in demand. Gergold movement to Canada from New York is doubt- many is drawing money in the form of credits
not
ful, as the end of the autumnal export season is too only from New York, but from London,
Paris,
near at hand. The weakness in Canadian exchange is Amsterdam, Zurich, and other centers. Exchange
due altogether to the large amount of Canadian funds traders are watching the German market more
invested in the New York collateral loan market. closely than any other. It is doubtful if the Reichsas the financing of the crop movement has caused no bank will take any more British gold at present, as
tensity in the Canadian centres.
there has evidently been an agreement between the
Referring to day-to-day rates, sterling on Saturday two central bank authorities
that the movement
last was slightly easier in comparison with the firm- should cease. Most of the credits going
to Berlin
ness displayed throughout the week. Bankers' sight from other centers are for short
terms, although
was 4.84%@4.84%; cable transfers 4.85(4)4.85 1-16. American bankers are negotiating
several important
On Monday sterling was steady. The range was German loans and American
funds have been going
4.84%@4.84 11-16 for bankers' sight and 4.85@ into German common
stocks for the past few weeks.
4.85 1-16 for cable transfers. On Tuesday the range The movement of American
funds into German
was again 4.84%@4.84 11-16 for bankers' sight and stocks is believed
to foreshadow an easier tone in
4.85@4.85 1-16 for cable transfers. On Wednesday money rates in Berlin.
This week, as noted above
sterling continued steady. Bankers' sight was 4.84%
5 in the discussion of sterling exchange, the Federal
@4.84 11-16; cable transfers 4.85@4.85 1-16. On Reserve Bank of
New York reported a shipment of
Thursday the market was slightly under pressure. $84,000 in gold to Germany.
This makes the tenth
The range was 4.84%@4.84 11-16 for bankers' sight successive shipment
in as many weeks, though the
and 4.85@4.85 1-32 for cable transfers. On Friday nine previous shipments
averaged around $52,000
the range was 4.84%@4.84 11-16 for bankers' sight each. This week the Reichsbank
shows gold reand 4.85@4.85 1-32 for cable transfers. Closing quo- serves increased 21,531,000 marks
over the previous
tations on Friday were 4.84%
5 for demand and 4.85 week, and an increase over a year ago of 627,000,000
for cable transfers. Commercial sight bills finished marks.
at 4.843/2; 60-day bills at 4.80 11-16; 90-day bills at
The London check rate on Paris closed at 124.18
4.78%;documentsfor payment (60days)at4.8011-16, on Friday of this week, against 124.24 on
Thursday
and seven-day grain bills at 4.83 8. Cotton and grain of last week. In New York sight bills on the
French
for payment closed at 4.843/
2.
centre finished at 3.90 5-16, against 3.90%
3 a week
ago; cable transfers at 3.90 9-16, against 3.90%
5 ,and
The Continental exchanges continue dull and for commercial sight bills at 3.90, against
3.90/1g. Antthe most part rule slightly easier. German marks werp belgas finished at 13.894
3 for checks and at
2138
FINANCIAL CHRONICLE
13.903/ for cable transfers, as against 13.893 and
13.90 on Thursday of last week. Final quotations
for Berlin marks were 23.82 for checks and 23.83 for
cable transfers, in comparison with 23.79 and 23.80
a week earlier. Italian lire closed at 5.239. for bankers' sight bills and at 5.24 for cable transfers, as
against 5.233/ and 5.23%. Austrian schillings have
%. Exchange on Czechoslovakia
not changed from 141
finished at 2.9615, against 2.9615; on Bucharest at
2; on Poland at 11.18, against
0.603, against 0.603/
at 2.52, against 2.52. Greek
on
Finland
11.17, and
for checks and at 1.293 for
1.29
at
closed
exchange
cable transfers, against 1.29 and 1.293/2.
The exchanges on the countries neutral during the
war have been dull and fractionally easier. The
slight easing in rates is due less to actual trading on
this side than to slightly lower sterling quotations.
Guilder exchange is easier not only for this reason but
is also under pressure as a seasonal matter, due to
the accumulation of export bills in Amsterdam and
other centers in Holland. In addition, there is a
steady flow of funds from Amsterdam to Berlin and
other foreign centers where money rates and investment prospects are more attractive. The Scandinavian exchanges are dull. The officials of the central
banks of the four Scandinavian nations-Sweden,
Norway, Denmark, and Finland-recently met at
Oslo to discuss the resumption of the Scandinavian
monetary union which was maintained by Sweden,
Norway and Denmark for many years before the war,
but suspended upon the outbreak of hostilities. It
provided for the free circulation of coins and notes
of the three countries without regard to national
borders. Thus far the conversations have resulted in
no definite action, but banking circles believe that
the advantages of the union are so obvious that action
will eventually be taken. Several difficulties intervene at present. One is the different forms of the
gold standard adopted by the various countries after
the war. In Sweden the national bank has a monopoly
on gold movements. Norway is on a complete gold
standard, while Denmark has adopted the gold bullion standard. If Finland desires to join, it will probably have to adopt a monetary unit with a parity of
26.80, which is par for the kroner in the other three
countries. Finland's par is now 2.518. Spanish pesetas have been under pressure throughout the past
several weeks, and more so this week than at any
time since the organization of the consortium to support the peseta against speculative turns. London
newspapers disclose that the London market has been
as completely mystified over the fluctuation in pesetas
as have traders in New York. When the consortium
was organized in August, the rate was around 16.45.
It immediately ran up as high as 16.843/i in the New
York market. It has since declined gradually until
this week a quotation of 16.09 was recorded. In some
quarters it is thought that the fluctuations have been
due to operations by the committee in control. If
this is so, the initial rise was a move against shorts
and the subsequent declines have been aimed to dislodge long holdings, of which there are many in all
markets. The London Financial News, commenting
on these operations, says: "The attempts at control
which have so far been made seem lamentable indeed,
and appear to have taken the form of deliberate campaigns, first against the bears and then against the
bulls. This is obviously a game which can be played
indefinitely and which strongly resembles the kitten
[vol.. 127.
chasing his tail. While the official controllers are
hunting down the bulls, the bears join in the hunt.
When the bears are hunted, the bulls hunt on the
backs of the committee. It is surely time that some
more effective policy were devised by which the exchange could be held within more or less fixed points
and moved gradually towards the ultimate level desired by a series of steps." One effect of the severe
fluctuation has been to cause a wide distrust of Spanish finances and the Spanish political position. Strict
censorship in Spain has contributed to the distrust.
Bankers' sight on Amsterdam finished on Friday
at 40.06%, against 40.07 on Thursday of last week;
4, against 40.09, and comcable transfers at 40.083
against 40.04. Swiss
40.04,
at
mercial sight bills
francs closed at 19.23% for bankers' sight bills and at
19.243 for cable transfers, in comparison with
2 a week earlier. Copenhagen
19.239 and 19.243/
checks finished at 26.65 and cable transfers at 26.663/i
against 26.663/ and 26.68. Checks on Sweden closed
at 26.733/b and cable transfers at 26.75, against
26.733/ and 26.75, while checks on Norway finished
at 26.643/i and cable transfers at 26.66, against
2
26.653/ and 26.67. Spanish pesetas closed at 16.113/
for checks and at 16.123/ for cable transfers, which
compares with 16.193/ and 16.203/ a week earlier.
The South American exchanges have been dull.
The Argentine peso, as during the past several weeks,
is quoted at rates which might justify expectations
of a gold movement from Buenos Aires to New York.
However, banking circles here do not believe that
any such movement will take place, even should the
rate go much lower, as impediments would be placed
in the way of gold withdrawals by means of semiofficial steps on the part of the banks and the conversion office. Again, any gold exports which might
take place would be of the most temporary character
and a reverse flow would follow immediately at the
end of the next export season, as business is flourishing in the republic, with exports greatly exceeding
imports and the 1928 totals under both heads promise
to far surpass those of 1927. As noted elsewhere, a
syndicate of New York bankers will offer next week
in New York and Europe about $25,000,000 Peruvian
national loan bonds. In 1927 the Peruvian Congress
authorized an issue of $100,000,000, of which $50,000,000 was sold in that year. The forthcoming
issue is part of the remaining $50,000,000. The main
purposes of the 1927 loan were the refunding of the
entire public debt, the financing of important public
works and currency stabilization. Argentine paper'
pesos closed on Friday at 42.10 for checks, as compared with 42.08 on Thursday of last week, and at
42.16 for cable transfers, against 42.13. Brazilian
milreis finished at 11.96 for checks and at 11.99 for
cable transfers, against 11.96 and 11.99. Chilean
exchange closed at 12.10 for checks and at 12.15 for
cable transfers, against 12.10 and 12.15, and Peru
at 3.99 for checks and at 4.00 for cable transfers,
against 3.99 and 4.00.
The Far Eastern exchanges have been dull. The
Chinese prospects seem to brighten from week to
week. Currently, exchange on the Chinese centers is
loirer, owing to slightly lower prices of silver. To
buy or sell exchange on the Chinese centers is, of
course, equivalent to buying or selling silver. Japanese yen remain on the whole steady. Money rates
are so low in Japan that there is a steady flow of
Japanese funds abroad seeking better investment
value. The unsettled state of several important industries and the Chinese boycott of Japanese goods
are depressing factors. There has been a marked improvement in the financial situation of Japan since
the beginning of this year and it is now possible to
raise loans abroad on acceptable terms. Ever since
the banking crisis the leading Japanese banks have
bought large amounts of Japanese external bonds,
thus increasing the absorbing capacity of foreign markets for any fresh emissions. Negotiations are
being made in London and New York for several
Japanese loans. It is believed that these loans will
tend to strengthen the yen, although there is no
reason to expect an early return to the gold standard.
It is believed in usually well informed quarters that
if and when this step is to be taken, it will be preceded by the issue of a stabilization loan and by the
conclusion of a stabilization credit with a group of
central banks. Doubtless next year will see the return of Japan to the gold basis. Closing quotations
for yen checks yesterday were 46@463
/
8, against
45.83@46 on Thursday of last week; Hong Kong
against 50.20@50 7-16; Shanghai
closed at 50(4)50
at 63%@63 15-16, against 64%@64%; Manila at
%,against 49k; Singapore at 56%@563, against
493
56%@57; Bombay at 365
%, against 36%, and Calcutta at 36%, against 36 8.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
ForcluoN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
OCT. 13 TO OCT. 19 1918, INCLUSIVE.
Country and Monetary
Unit.
2139
FINANCIAL CHRONICLE
OCT. 20 1928.1
Noon Buying Rate for Cable Tranerers to New York,
Value in United States money.
Oct. 13.
EUROPE.140673
Austria,whining
.138971
Belgium, belga
.007204
Bulgaria, ley
Czechoslovakia, krone .029626
.268602
Denmark, krone
England. pound ster.
4.850013
sterling
025168
Finland, markka
.039050
France, franc
Germany, reichsmark .238039
.012936
Greece, drachma
.400851
Holland, guilder
.174343
Hungary, pengo
052370
Italy, lira
.266561
Norway, krone
.111890
Poland, zloty
.045020
Portugal. escudo
.006081
Rumania,leu
.161661
Spain, peseta
.267444
Sweden,krona
Switzerland, (rano_ _ .192438
Yugoslavia, dinar____ .017585
ASIAChina.656875
Chefoo tadl
.656458
Hankow tadl
.843035
Shanghai tadl
.673541
Tientsin tadl
Hong Kong dollar,. .500357
Mexicandollar__ - - .467250
Tientsin or PelYang
.467083
dollar
.463750
Yuan dollar
.364137
India.rupee
.458125
Japan. yen
Singapore(S.S.)dollar_ .563750
NORTH AMER..999793
Canada, dollar
.999281
Cuba, peso
.474833
Mexico, peso
Newfoundland, dollar. .997265
SOUTH AMER.Argentina, peso (gold) .955483
.119490
Brazil. mIlreis
Chile. peso
1.017742
Uruguay, peso
Colombia, peso_ _ _ . .975600
Oct. 15.
Oct. 16. Oct. 17, Oct. 18. Oct. 19.
.140742
.138970
.007197
.029625
.266586
.140710 .140693
.138978 .138973
.007211 .007200
.029628 .029629
.268580 .266588
4.849959
.025163
.039049
.238032
.012938
.400827
.174288
.052370
.266546
.112072
.044990
.006070
.161454
.267430
.192435
.017587
$
.140655 .140642
.138977 .138977
.007206 .007175
.029624 .029626
.266571 .266590
4.850149
.025170
.039048
.236062
.012935
.400826
.174323
.052379
.266554
.112065
.045030
.006065
.161633
.267441
.192454
.017593
4.850000
.025173
.039047
238101
.012933
.400864
.174302
.052386
.266538
.112070
.045040
.006068
.161475
.287434
.192453
.017590
.656250 .652916
.655000 .651250
.640714 .638680
.662083 .669583
.499375 .499017
.467250 .465250
.652708
.651458
.638839
.670833
.498767
.464750
.467083 .464583
.463750 .481250
.384450 .364500
.458058 .458325
.563750 .563750
.464583 .462083 .462916
.461250 .458750 .459583
.364737 .364728 .364805
.458722 .460400 .460055
.563750 .563333 .563333
.999652
.999187
.475168
.997187
.999427
.999218
.475000
.996937
.999535
.999187
.474833
.997031
4.850027
.025172
.039048
.238215
.012933
.400880
.174266
.052388
.266547
.112030
.045080
.006058
.161190
.267427
.192455
.017592
.4849959
.025168
.039048
.238239
.012929
.400862
.174258
.052391
.266554
.111950
.044980
.006061
.161221
.267385
.192453
.017587
.652500 .651458
.650833 .650625
.638035 .637767
.668333 .669791
.498660 .498125
.463000 .464000
.999665
.999218
.474666
.997250
.999583
.999218
.475500
.997093
.955636 .955373 .955476 .955897 .956082
.119479 .119580 .119495 .119513 .119542
.120888 .120789 .120788 .120788 .120788
1.018552 1.019652 1.018652 1.018652 1.018752
.975600 .975600 975600 .975600 .975600
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Tuesday, 1Vednesd'y, Thursday.
Oct. 18.
Oct. 16.
Oct. 17.
Saturday, Monday,
Oct. 15.
Oct. 13.
Friday,
Oct. 19.
$
140.000,000 136,000.000 140,000.000 197,000.000 110,000,000 119,000,060
Aggregate
for Week.
Cr.902,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank from all parts of the country ir the operation of
the Federal Reserve System's par collection scheme. These large credit balances
however, reflect only a part of the Reserve Bank's operations with the Clearing'
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outsioe of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Oct. 20 1927.
Oct. 18 1928.
Banks of
I
Gold.
Solver.
Gold.
I
I
I
Silver.
Total.
£
£
E
L
167,147,224 151,214,054
151,214,054
d
245,721,427 147,220.497 13,680.000 160,900,497
c994,600 120,846,850 89,254,200
994,600 90,248,800
27,719,000 132,075.000 104,039,000 26.878.000130,915,000
54,093,000 46,900,000 3,729,000 50,629.000
1,804,000, 38,084,000 32,178,000 2.252.000 34.430.000
1,250,000, 24,315,000 19,263,000 1,182.000 20,445,000
1,987,000 20,497,000 18,057.000 2,537.000 20,594,000
1 13,216,000 12,840.000
12,840,000
590.000 10.250,000 10,116.000
691,000 10,807,000
i 8,163,000 8.180,000
8,180,000
£
England__ 167,147,224
France_ _ 2245721427
Germany b 119,652,250
104,356,000
Spain
54,093.000
Italy
Netberi'ds 36,250,000
Nat. Belg_ 23,065,000
Switzerl'd_ 18,510.000
Sweden__ 13.216.000
9,660,000
Denmark
Norway__
8.163 000
Total.
Total week 799,833,901 34,344.600834,178,501 639,261,751 51,941,600691,203,351
Prey. week 797.949.325 34,732,600 833,681,925639,806.839 52,418,600 692,225,439
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4,281,300. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The Death of Benjamin Strong of the Federal
Reserve Bank.
The death this week of Benjamin Strong, Governor of the Federal Reserve Bank of New York,
removes the master mind in the Federal Reserve
system-a man who, by his forceful personality,
dominated absolutely and completely the policy not
only of the New York Reserve Bank but also of the
eleven other Reserve institutions constituting together the largest central banking system in the
world. To him belongs the credit for all the controlling features in the policy pursued in the administration of the system. At its inception the system was not merely entirely new, but wholly unlike any other banking system, and hence with nothing to serve as a guide in its conduct. A path had
to be hewn for it, and leadership of a strong and
unusual character was required. Mr. Strong was
equal to the occasion.
The system had not yet been definitely organized
when in 1914 the European war broke out and completely disorganized the world's affairs-its commerce, its trade, its finances. As a result, the normal was supplanted by the abnormal. The war had
been in progress less than three years when the
United States was forced to become a participant
in it. With this country once in the conflict it had
to be vigorously prosecuted to a successful conclusion. All the country's energies and activities had
to be mobilized for the purpose; and in the process
the fortification of the country's banking resources
2140
FINANCIAL CHRONICLE
with that end in view was the consideration of paramount importance. In the mobilization of these banking resources the Federal Reserve Banks by their
very nature were bound to play the foremost part.
What was the task? On the one hand the banks,
under the leadership of the Federal Reserve system,
had to provide for the financing of the Governments'
needs in the conduct of the war and what that involved is evident from the fact that the different
Liberty Loan issues put out called for the raising
of over $25,000,000,000. On the other hand, the Federal Reserve Banks as the custodian of the reserves
of the member banks, were charged with the duty of
maintaining the country on a gold basis, and this,
too, at a time when the United States was by no
means plentifully supplied with stocks of the metal.
It was an herculean undertaking. But Mr. Strong
never hesitated or faltered. He was resourceful to
the last degree. He had confidence in himself, and
every one had confidnce in him. He led, and the
whole world was his willing follower. He was preeminently the man of the hour, whom destiny and
fate had decreed for the purpose.
This paper, as is well known, has not always been
in accord with his views and policies and its Editor
has on more than one occasion found himself obliged
to express disapproval of the course pursued by the
Federal Reserve Banks, particularly in what has
seemed to him the assumption of powers which it
was never intended they should have or which it
was wise for them to have. For one thing the keeping out—the actual forcing out—of huge volumes
of Reserve credit for which there has been no need
in the channels of trade, has seemed to him a great
and a grave mistake. The open market operations,
too, appeared clearly faulty.
But this is not the time to speak of that. The
point to be remembered, above everything else, is
that in a critical and momentous period Governor
Strong rendered inestimable services to his country and to the world at large. And for this he is
all the more entitled to credit because during virtually the whole of his connection with the Federal
Reserve system, he was in ill health, often critically
ill. But whether at his desk, or in California, or in
the South of France, his was the spirit and his the
mind that controlled Federal Reserve affairs. When
he was not actually present his advice and his views
were implicitly accepted. It is to be noted, moreover, that he had a most plausible and convincing
way of expressing his views and expounding his policies—qualities and attributes which served him well
in the searching and scorching investigations to
which he was subjected at the hands of Congressional committees.
In the financial world there is considerable discussion as to who will succeed him. In one sense,
he will never have a successor,for he was sui generis.
No future occupant of the position will ever hold
the uncontrolled sway which he exercised during
the 14 years of his administration of the system.
Such was the confidence that he had inspired that
he could do unquestioned what no successor
will ever be allowed to undertake. And it may
be taken for granted that the Federal Reserve Board
at Washington will be more and more inclined to assert its own authority, rather than yield it to any
master mind should any again arise. One-man power of the Federal Reserve system, which befitted
Mr. Strong so well, died with him.
[Von. 127.
American Foreign Policy and the
Presidential Campaign.
The Paris correspondent of the New York "Times"
reports that French opinion regards Mr. Hoover's
declaration, in his speech at Boston on Monday,
against cancellation or reduction of the Allied debts
to America at3, "harsh," for the reason that "no European debtor of the United States is now asking for
cancellation or reduction." As far as official actions
go, the correspondent adds, the statement appears
to be true, but he nevertheless points out that the
French Premier "continues in effect to link what
Germany pays with what France pays," and that
"despite our best efforts M. Poincare has not yet
been sufficiently educated on the subject of international debts to understand that what he has in
one pocket has nothing to do with what he has in
the other."
It is possible that the French public has not had
offered to it the full text of Mr. Hoover's speech,
but a careful reading of so much of it as relates to
the war debts shows small reason for irritation.
Mr. Hoover's Boston speech was mainly devoted to
a defense of the protective tariff policy, and on the
subject of war debts he exerted himself to show that
the tariff does not prevent the importation of goods
necessary to pay interest and amortization of foreign loans, and that these payments do not need
ultimately to be made in goods which "will some
day replace the output of our factories and reduce
the employment of our workmen." It is the latter
argument, he declares, that "has been vigorously put
forward as a reason for cancelling our war debts."
In denying the "practical validity" of the argument,
Mr. Hoover asserts that the tariff "can,affect but
a small percentage of the buying power of foreign
countries"; that "the $320,000,000 annually due us
upon war debt settlements represents today less than
5% of the present total annual buying power of
foreign countries for our goods and other purposes";
that "of this 5% four-fifths would be paid through
invisibles as duty-free goods, and only 1% at the
largest computation in competitive goods," and that
"the increase of our tourist expenditures alone in
Europe since the war would enable them to take
care of the entire amount of their annual payments
on these debts." Categorically, of course, this is
not a declaration that the war debts will be neither
canceled nor reduced, but it is a fairly obvious intimation that the reasons for cancelation or reduction are not apparent.
As a matter of fact, what Mr. Hoover has said
about the war debts possesses no novelty whatever.
He has done nothing more than reiterate, with a different phraseology and emphasis, the declarations
of the Republican platform. It is difficult to see
how Governor Smith, if he were to discuss at length
the subject of the war debts, would find it possible
to make a statement substantially different from
that of his Republican opponent. The differences
which at one time existed between the Republican
and Democratic parties have practically faded out
in the present campaign, and we have the spectacle,
in many ways most unfortunate for the political
health of the country, of a campaign that centers
mainly about the personalities of the two leading
candidates for the Presidency, and the desire of
the party that is in to stay in and of the party
that is out to get in. The immediate consequence,
OCT. 201928]
FINANCIAL CHRONICLE
as far as foreign policy is concerned, is that questions of American foreign policy have very largely
ceased to be questions of party controversy. That
change has, in fact, been going on for a number of
years. The United States, in spite of its frequent
elections and the large measure of independent
power which the Constitution confers upon Congress and the President, has moved steadily in the
direction in which the more important and more
stable governments of Europe have long moved, that
namely, of divorcing foreign policy from the temporary ups and downs of domestic policy, and giving
to foreign relations a considerable measure of continuity.
Whether Mr. Hoover or Governor Smith is elected
President on November 6, accordingly, the larger
outlines of American foreign policy will probably
remain unchanged. It is hardly to be imagined,
for example, that a Democratic Administration, if
one should be installed, would upset the war debt
settlements. The principles upon which those settlements have been made, worked out through long
months of discussion and fortified by elaborate inquiries into the ability of the debtor nations to
pay, have commended themselves to the judgment
of an overwhelming majority of the people of the
country as both sympathetic and just, and have the
approval of both of the great political parties. There
is equally little reason to expect that the next Administration, whether Democratic or Republican,
will yield, any more than the Coolidge Administration has yielded, to the clamor of those who would
mix debts and reparations, and put upon American
taxpayers a part of the burden of paying Germany's
obligations. Both parties are committed to the limitation of armaments by international agreement,
and while the Democratic platform offers a criticism of the Washington Conference for its failure
to limit naval construction except of battleships and
large cruisers, and deplores the fact that the disarmament controversy still goes on, there is no indication that the Democrats, any more than the
Republicans, are disposed to set aside the results
of the Conference, or to cease using them as a step in
the direction in which it is desired that all nations
should go.
So with other matters affecting American foreign relations. Both parties, apparently, have acquiesced willingly in Secretary Kellogg's intimation
that the anti-war treaty was not a proper subject
for campaign debate. Until the League of Nations
becomes a different body from what it is at present, neither party, we may be sure, even if it had
the power, would care to involve the United States
in the political pulling and hauling of the League,
and the Senate reservations to the protocol of adherence to the World Court touch questions of American independence and safety which no party would
lightly put aside. The Monroe Doctrine, as such,
has no partisan character; Ambassador Morrow has
succeeded in removing our relations with Mexico
from the field of vexatious diplomatic controversy
and partisan recrimination; and the Nicaraguan
election will be over, and American troops, we hope,
safely out of that country before the next Administration takes office. We have no quarrels with
any nation out of which to make partisan capital,
and the wisdom and generosity of American policy
toward China have so far commended themselves
to general public approval as to leave no issue there
2141
for partisan disputation. About the only point at
which the Democrats, in the present campaign, have
put the Republicans upon the defensive regarding
foreign policy is the demand of the Democratic platform for the "abolition of the practice of the President of entering into and carrying out agreements
with a foreign Government,either de facto or de jure,
for the protection of such Government against revolution or foreign attack, or for the supervision of
its internal affairs, when such agreements have
not been advised and consented to by the Senate
as provided in the Constitution."
There remains the question of the tariff, the main
subject of Mr. Hoover's speech at Boston on Monday and of Governor Smith's speech at Louisville
on Oct. 13. We cannot follow Mr. Hoover in much
of what he has said about the benefits of protection, nor do we think that his speech tells the whole
story of the ultimate effect of a high tariff upon
the ability of European countries to pay their war
debts. Governor Smith's statements about the tariff, on the other hand, run in substance so far on
all fours with the statements of Mr. Hoover as to
emphasize again the lack of any fundamental differences between the two great parties. To all intents and purposes, the Democratic party is now as
much a party of protection as is the Republican
party. Each believes in protection as a policy, each
proposes to give protection wherever it can be shown
that protection is needed. The only difference, apparently, is in the measure of importunity to which
the one party or the other would be likely to yield
if it had power to fix the rates. If Mr. Hoover and
a Republican Congress are elected, it will be the
Fordney-McCumber tariff whose rates, in many cases
already inordinately high, will be continued or perhaps raised. If Governor Smith and a Democratic
Congress are elected, it will still be the FordneyMcCumber tariff that will be taken as the norm,
since Governor Smith has not made it clear that he
prefers any other, and the changes, whether in aid
of the farmer or of the manufacturer, will still be
as highly protective as the beneficiaries are able to
obtain. In either case, high protection as an element
in American foreign policy promises to continue, and
the foreign producer who seeks to pay his American debts in goods will continue to find it necessary,
as he finds it necessary now, to lift his imports over
a high tariff wall.
Probably it is well, all things considered, that
American foreign policy should be, as far as possible,
stabilized, and the pressure of partisan domestic
politics removed. The maintenance of amicable relations with the nations of the world, the encouragement of mutually profitable trade, the reciprocal
protection of citizens and their property or investments, and the furtherance of peace, require, if they
are to be attained, a continuity of aim and a regularity of procedure which political controversy at
home is all too prone to interrupt. The fundamental
relations between nations should not be made the
play of changes of Governments or Administrations.
It is easier now than it once was for the United
States to pursue a steady course, for it is no longer
young and inexperienced, it has been for a generation admittedly a World Power, and the main principles of its foreign policy have received the approval
of the great majority of the people. What is needed
is to hold fast to such wisdom in diplomatic relations as experience has brought, to avoid outside in-
2142
FINANCIAL CHRONICLE
terference as sedulously as such interference would
be resisted, and to recognize that wealth, prosperity
and power are, after all, only a kind of trust to be
administered for the benefit of mankind.
Bigness.
We have all heard of "Big Business"! In the
minds of some it is anathema. In political campaigns it has been held up as the danger of dangers
to the aspiring youth of the land. But it is so no
more. By the simple expedient of naming a man of
big business as a campaign manager in this quadrennial election, the cry has been silenced. And in
the United States, truth to tell, bigness is not a
detriment to our developing tastes. We have billion dollar corporations, billion dollar debts, billions of gold, and 'billions of bushels of corn crops,
and well nigh a billion of bushels of wheat, which
last gives us much trouble because it affords us a
"surplus." We have our "towering mountains,"
our "vast valley" in the interior, our unrivaled
"coast line," our "magnificent distances," and thousand-mile rivers which we now propose to "control."
And we have great cities, skyscrapers, subways, millions of automobiles that often choke our new-paved
roadways. We are building a giant telescope that
will enable us to study closely the "mountains of the
moon." We have the largest railway system in the
world. We won, or some say we did, a "world-war."
And we have the biggest prize fights, baseball contests, bible classes, international organizers, foreign
and domestic trade, political elections and leaders,
known to mankind. Undaunted by mere size, bigness allures us.
And last, but not least, we have baked the biggest
apple pie on record! Let a nation of pie eaters rejoice! If you doubt it, listen to what a printed despatch says about this last achievement in greatness
not thrust upon us. We summarize: This pie, exhibited at the Orleans County Fair, New York, contained one hundred bushels of apples, 450 pounds of
flour, 250 pounds of shortening. It was 12 feet
across and 8 inches thick. The lower crust was half
an inch thick and weighed 600 pounds. It was
baked for eight hours. The "gigantic" pastry
board, the rolling pin and pie tin were specially
made for the mammoth accomplishment. We now
quote from the printed account: "Days of planning
were passed before the giant pie was begun. Under
the direction of Charles W. Howard, Secretary of
the fair, car rails were installed from the table to
the oven and several feet of chain and two tractors
pressed into service to prevent mishap to the pie.
. . . The chains were passed through the oven
and attached to the tractors on the opposite side.
When Chef Misenta, who said the pie had surpassed
anything in his previous experience, gave the signal,
the tractors hauled it into the oven. . . . Chief
Misenta allowed the pie to cool half a day before
slicing it. It took nearly as long to slice and serve
it to the throng beyond the ropes. Every morsel
had been baked through completely. . . . The
master pie was solely an Orleans County product
and was designed to symbolize the county's reputaThus runs the story,
tion as an apple center."
which we do not vouch for, but which is taken from
records we believe to be correct.
It would seem from the foregoing that the only
thing we strive for in the minimum, as a people, is
the alcoholic contents, say one half of one per cent.,
[voL. 127.
of intoxicating beverages. We may be gluttons on
pie, but not on light wines and beer. And we cannot conduct an election for President without ringing this question of "wet or dry" into the campaign.
Give us one-ton pies and the sky is blue, the wind
fair, and every prospect pleases. But four per cent.
beer brings cloud, storm, and the disruption of parties—the destruction of domestic peace. Who will
be the first to propose a Constitutional amendment
to prohibit the baking, slicing and serving, to an
otherwise normal population, of !‘master" pies?
Will this become an "issue" in the next quadrennial
set-to over questions that affect the liberties of the
people? We do not know; we only timidly put the
question. There are issues, and again issues. We
have passed laws to limit the size of bed sheets, but
this was on the side of bigness. Naturally, a race of
giants in the "control" and "regulation" of all
things, we are averse, in some States, to extending
our feet into the cold air of a winter's night; and
since there are no longer reactionary fires from the
inside we must "protect" ourselves as best we can;
and therefore a law conceived in justice and promulgated in the interest of the tall sycamores of the
progressive human family! The barbecue of whole
beeves is ancient history. We now want our dessert in one-ton portions.
It is really an event in the history of mankind,
this desire for the big things of life. "The world
is mine," say the prophets of foreign trade. In everything but wheat and corn we want a "surplus."
And even here, since a "surplus" is the cause of all
our political trouble, we want relief with a big R
in the form of an equalizing fee to be borne by the
commodity benefitted. Here, we want high prices.
We want high wages and for the most part get them.
Nothing escapes our grasp on the big figures; and in
order to swell the totals, we are willing to stoop so
low as to "save the waste." Scientifically seeking
to "crack" the atom, it is not this infinitesimal particle of matter (or is it force) made up of "protons,"
"electrons" and a "nucleus," that we are interested
in, but a vast super-power to run the machinery of a
machine age. Debts due us and debts we owe are imposing, impressive, told only in billions. And we
have billions in brokers'loans and five-million share
days on the Stock Exchange. When we fly, it is for
a long distance record; and we are constantly trying to break the record for hours in the air. Our
auto races for speed records are notable if they were
not a scandal and a shame as man killers. Our passion is for superlatives. Much of our greatness lies
in bulk and size. We would grow pumpkins big
enough for a coach and four if we did not disdain the
latter.
Time was when philosophers discussed the problem of "how many angels can stand on the point of
a needle." It does not in the least interest us. The
Matterhorns of our knowledge require a physical
base. The spiritual that spreads from an. intangible
base to an ineffable and overpowering light above,
we are but just approaching. Some tell us we shall
be able to transform our material into the eternal
spiritual. If so, it will be "big." But it does not
seem necessary. Out of the "tight little isle" across
the sea arose a Shakespeare to dominate the world's
literature. The medium was no less materialistic
than a stage play without lights or scenery. An
idea, without form or substance, can evoke millions
in money and works and things, but none of these
OCT. 20 1928.]
FINANCIAL CHRONICLE
can do more than suggest an idea. Bigness is a disease, like fat. Religion, an intuition of what we term
soul, can build cathedrals out of carven stone, but
the "graves were God's first temples." All that is,
is first in man. Swinging bridges, ships carrying
thousands over trackless oceans, hundred-car trains
carrying the riches of earth, docks that load by
dumping cars into the hold, power-plants that harness rivers to feed factories and light cities, all these
magnificent energies are thoughts evolved out of the
race, but only when we see them for what they are.
Our penchant for bigness that we can see and touch
and handle often only obscures the spiritual that is
within.
We shall sometime return. Action and reaction
are equal. There is no "fee" attached to the transformation. Instead of quantity production, we will
be content with quality. Collectivism when it has
run its course, will show forth true individualism.
Instead of wholesale law-making, we shall discover
the laws of nature—the spiritual laws in man that
control a really beneficent progress. To "standardize" is to lower the general level. To "equalize" is
to destroy the motive force that creates. To worship mere bigness is to confuse beauty with strength
(though they are not separate), lovp with force
(though love is the greatest force in life), and goodness with conformity (though the good are never
convention-breakers for the mere sake of self-expression). Even so mundane a thing as party politics
has a higher purpose than to get out the biggest vote.
A principle is bigger than all the machinery and all
the "leaders." Business is a finer, more wholesome, more elevating organism in itself, than all the
compelling ads that are written about its growth
and extent. The big pie adds nothing to the selling
flavor of the Orleans County apple, even if true.
And the biggest fish always escapes the net. Statistics are the dead bones of mathematics. Universities with a hundred courses, forty-story churches
with carillons, foundations with antediluvian researches and musty researchers, and museums where
"pure science" hibernates, are not life; that glowing,
abounding, aspiring, uplifting being that is found in
the simplicity of a child's wistful yearning.
Absorption of Securities—And Its Sequel.
Samuel 0. Dunn, Editor of the "Railway Age,"
presents an interesting paper in the October "Scribner" under the head of "Railroads, Politics and
Prosperity." In reference to the "conditions and
trends" in the railroad industry, he finds a study in
contrasts. Some of the points he emphasizes are:
high market prices of railway stocks and low returns
in earnings; losses to the •business through "other
means of transportation,""demands for higher wages
and lower rates," and "the extent to which politics
lately has been injected into government regulation." Mr. Dunn finds the railroads giving the highest service in their history, and yet "the railways
as a whole never (have) reached the 53
4% average
return to which they (are) entitled."
As to prices of stocks and earnings, he says: "The
earnings of the railways for more than a year have
been less on their investment than in 1923. The
prices of their stocks have been 50% higher. Thus
apparently is demonstrated the paradox that railway service, not railway earnings, has had the greater
influence in boosting the prices of railway stocks."
2143
It is in connection with the general improvement in
railway service that Mr. Dunn makes an observation that we wish to consider. We quote: Following the disappearance of the last car shortage in
1923, business men began to learn they could reduce
their inventories because they could rely upon the
railways to deliver freight promptly. As the service has continued to improve,"hand-to-mouth" buying has increased, and reductions of inventories have
become larger and more general. Every reduction of
an inventory not only reduces the expenses of the
concern making it, but releases capital that seeks
investment in some other form. The reduction of
inventories made are generally conceded to have aggregated billions of dollars. A large part of the
capital thus released has sought investment in corporation securities. Probably this is the principal
source from which has come the superabundance of
capital that has poured into the stock market within
the last four years, created a "bull" movement unprecedented in duration, and forced up industrial
and railroad stocks to record prices."
We quite agree with the writer that reduction in
capital through "hand-to-mouth" buying, made possible, to a degree, by prompt railway deliveries, has
had a decided effect in the direction suggested. But
we do not feel that this is more.than one "source"
from which comes the "superabundance of capital"
described, and we are constrained to believe it is not
the "principal" one. There has been constant speculation as to where the "money" comes from to absorb the huge volume of securities that have been
poured forth in recent years. No entirely satisfactory explanation has been vouchsafed. Business is
too complicated, production is too interdependent,
to admit of a single or even a principal "cause." If
we try to trace the effect upon the merchant and
manufacturer of a reduction of stock ordinarily carried in the past, several results follow. In the first
place, the old practice of laying in heavy stocks required heavy borrowing. In the case of the merchant, he had usually two kinds of loans at the bank,
permanent and seasonal. He did business largely on
borrowed capital, and does so now. The first effect of minimum stocks with the merchant would be
naturally a lessened borrowing at the bank. But so
far as this would go he would have no released capital to invest in securities. In the last five years, allowing for growth in business, have commercial
loans increased or'diminished at the banks, a period
characterized by this orgy of speculation? It is a
custom, perhaps, more than ever before for big merchants to carry a "surplus" in ripe stocks and bonds
but these would necessarily appear and disappear in
the market as the business demanded a temporary
call on this surplus. Absorption here, though existent, would not be permanent unless mercantile profits have been advancing all the while upon increasing volume of turnover. But can this be true? Lessened stocks must tend to lessened sales, other things
being equal. Momentum cannot always offset volume, and if the merchant as a merchant is a natural
buyer of stocks and bonds, is he not prone to enlarge
his business?
We make these observations and inquiries in a
mere spirit of investigation. With the manufacturer much the same reasoning may apply, save that
he himself, as an industrialist, is constantly putting
forth securities. Does one manufacturing concern
invest in the bonds of another? It does not seem
2144
FINANCIAL CHRONICLE
that in this field we can find sufficient lodgment
for the billions of bonds that are thrown on the market that go somewhere—but where? Take the railroads themselves—can they be absorbing their own
bonds, or other bonds, in the face of constant betterments? Take the farmers—according to the
current pleas for relief, this class has no money to
invest in anything! And yet it is our firm conviction that there are thousands of well-to-do and successful farmers who are buying bonds through their
local banks—but this and the absorption by labor
at high wages would account for only a small portion of these multiplied issues. Take the banks of
all classes. Here must be a lodgment for a large
part of these excessive flotations. The syndicates do
not hold them. The dealing banks, brokers, and investment houses always have a part of their holdings undigested, but they are only half-way houses
on the road to the final rest. Where is this rest?
Let us take another view, and confine our outlook
to banks as a whole—commercial, savings and trust
company. Are there not to-day in these banks,large
and small, a larger volume of deposits invested in
these securities than ever before? If commerce
and transportation are not absorbers, then banks
and individuals, together with institutions such as
educational and eleemosynary, must be, for the
bonds and stocks do not travel abroad in great quantities. How do these banks gain their deposits?
For one way from an increase in volume of "business" that according to some estimates now reaches
a ninety-billion dollar annual national income. Now
deposits make loans, and loans make deposits, whether the loans rest in "improvement" advances and
create volume or whether they rest in bonds and create income. And here we reach one key to this perplexing problem, namely: in a period of general inflation, deposits, thus made out of loans, are abnormally high. For the round of deposits into loans and
loans into deposits is continuous. The final result
of this equation is that new debts are based on old
debts, and that the immense volume of securities
issues out of and rests in inflation. Go one step
further and consider five-million-share days and fivebillion-dollar brokers'loans, and do not a large part
of these over-abundant issues find an uneasy rest in
the hands of speculators, directly or indirectly, and
in the vaults of these deposit banks, large and small,
throughout the country?
For some reason, for any reason that may develop,
high money rates or what not, if inflation shall diminish, fast or slow, this pertnnial market will
cease. Deposits will fall. Banks can no longer
furnish a resting place under diminished deposits.
And traders must cease from troubling. And then—
there will be a new tale to tell! Now a national income of ninety billions of dollars Is at most only
an estimate. It may be prosperity or it may pave
the way for adversity. If it is based upon the boast
of figures merely, or if it iSt based on inflation (which
we define by the formula—deposits make loans and
loans make deposits) then the riches of prosperity
are not entirely permanent, and the era of flotation
and speculation must sometime, and perhaps soon,
come to a close. As long as we can borrow, we can
buy—anything, including stocks and bonds. But
when speculation ceases, where will these bonds and
stocks fluid in the passing from hand to hand and
from temporary owner to bank, lodge? Granted
that far more are traded in than exist, where will
[VOL. 127.
the portion that is real lodge? And likewise, when
deposits fall and loans fall, in legitimate banks that
hold for quick release this supposed large portion
of these last five years of issues, what will be the
ultimate result?
The problem is intricate, involved, not easily answerable. We have had a uniformly good foundation in the production of bumper crops; in the increase of foreign trade; in the development of natural resources into strange and marvellous machines
that minister largely to luxuries or at least, from the
point of frugality, to non-essentials; in the receipt of
foreign debt payments;in a lowering of taxes though
with increasing expenditures (and some industries
have "made money" while some are merely "holding
their own"), but if we have been borrowing to buy
new credits, must we not sometime sell to pay the old
debts and sacrifice the new at the cost of depression?
The Success of Baltimore's Municipal
Reconstruction.
Some six years ago we called attention to a movement on the part of citizens of Baltimore to better
the city's administration. It originated with Mr. W.
J. Casey,the Vice-President of the Continental Trust
Co., and was supported by a large number of leading
business men who offered to furnish experts from
their offices, without cost to the city, to suggest
methods of improving the city's administration.
Public meetings called the attention of taxpayers
to the plan, and in 1923 it was adopted by the city
with the purpose of putting the municipal government on a business basis. A Commission was appointed representing more or less some 25% of the
aggregate local taxes annually collected by the city.
In various ways public attention had been turned
to the growing burden of taxation, so that when the
Commission decided to begin its work in connection
with the accounting and financial departments of
the administration they found a favorable public
reception and little real resistance until the work
had so far advanced that such interference could
have but little effect.
Three years later we were able to note substantial
results. The Commission had subdivided its work
in five groups of Accounting, Finance, Engineering,
Legal, and Executive, each of which was headed by
some member of the Commission of high technical
authority able to command the best talent available
without cost to the city. The Commission limited
activities to the operating functions of the City
Government. It did not attempt to deal with public
policies, nor with the structure of the Government,
in so far as that is formed by the Mayor and the City
Council, nor did it undertake to pass upon the departments for which private business had no similar
activities, Education, Fire, Health, although making
available for all such improved methods of accounting and management as might be developed. To
these in particular it devoted itself. It was able
to turn into the various offices 150 accountants,
engineers and specialists, whose job was to confer,
advise, and, as far as possible, sustain the existing
staff, not to displace them, and who were so far
successful that they soon made friends, won support, and in a reasonably short time were able to
return to their own duties leaving better methods
and a new spirit behind them.
As time went on the work has progressed. The
Commission has not concerned itself with official
OCT. 20 1928.]
FINANCIAL CHRONICLE
reports, preferring to be judged by visible results.
But the news has gone abroad, and cities in various
parts of the country have been induced to move in
like direction, and now we have the present situation
in Baltimore presented in an address recently delivered to the National Association of Building Owners
and Managers at their convention in Chicago by
Mr. Casey, now the President of the Continental
Trust Co., the man largely responsible for the initiation, if not the success of the movement.
Speaking to a group of men representing real
estate assessed for taxation in excess of seven billions of dollars, he could tell of the results of the
plan in Baltimore in substantial economies and
safeguards in operations, the wiping out of a deficit
in city operations accumulated until it amounted
to $1,130,000 in 1923, and a progressive reduction
of the tax rate from $2.97 in 1923 to $2.39 to-day.
This had been accomplished by enlisting the support
of the larger taxpayers.
It was pointed out that the largest single payments of local taxes were by the successful and well
managed private business corporations; that a
major factor in their success was in closely following their dollars of expense, while of these little or
no attention was given to the tax dollar, which was
looked upon generally as an insolvable problem.
Every taxpayer, big or little, stood to profit by the
work of the Commission, but while there was incentive for all there was a matter well worth the attention of the relatively small few to whom a reduction
of even 5% was important in their tax bill. For
these men it was no waste of time to be interested;
and the public was gaining new ideas of the service
and cost of doing business as it was called to contrast this with the municipal methods of the city.
One fallacy to be exploded was that methods of
accounting, collecting and rare of money, buying,
engineering, constructing, &c., necessary in private
business are not suitable for running a city's government. Another was that employees were so politically minded that they could not be induced to adapt
themselves to modern business methods, while on
the contrary by the creation of a new morale these
employees quickly recognized that in being brought
into contact with men who desired to help
and not to supersede them, and in being equipped
with the tools and ways of modern business they
were no longer to be classed as mere job holders;
they accepted the standards and were entitled to
the same opportunities and compensations as men
handling similar work outside. It was a positive
step in gaining self respect and deliverance from
dependence on the political boss.
The system once introduced, it has steadily extended. The existing departments and commissions
of the existing government were found entirely distinct, with little or no co-operation or knowledge
of each other. Surveys were made and questionnaires sent out. Vertical studies from top to bottom were made in each department, and horizontal
ones as well to discover duplications. It was found
possible to group half a dozen of these payrolls
and payments, accounting for funds, cost and statistical rendering, general accounting, and the like,
in central bureaus, doing away with 45 separate
departments in the payroll system alone. In the
collection of revenue the percentage of the amounts
billed has risen from 80% in 1923 to 95% in 1927.
Bureaus of receipts, of disbursements, of the central
2145
payroll, of stores, of purchasing, of inventory of
city property, all co-ordinated in a new General
Accounting Bureau are in process of perfecting.
This when complete will include a full list of detailed information and record of the items, of cost,
depreciation, reserve, retirement, equipment, personnel, and the like, such as is found in any large
modern industrial or business corporation. It deals
exclusively with accounting in the large sense, and
is of necessity developing step by step.
Apart from this are all the lines of practical
service, methods of building, and of their care, salaries and wages, water supply, highways, sewers,
street cleaning, mechanical, electrical and lighting
systems, purchasing, transportation, one by one
taken up, investigated by responsible and expert
authority, and adjusted. Useless material has been
disposed of, $200,000 worth of unnecessary real
estate sold, many economies introduced, concentration made of city offices in a new municipal building, $321,000,000 worth of city property inventoried
and accounted for, in connection with which lost
property was discovered and several million dollars
worth of needless real estate sold, making possible
the buying of other much needed property, and the
financial status of the city put in a condition to
securely greatly improved business credit.
There is nothing essentially new in the system, its
principles, its procedures, its establishment of
authority and responsibility, but as applied to city
management they are innovations that are in use
and carry the weight of approved experience, as Mr.
Casey says, in the management of successful private
business comparable in size and complexity of operation with the administration of a city. At least
they had not before been introduced in the city of
Baltimore. We called attention to the movement
when it was inaugurated and have followed and
reported its progress because we believe that there
is much in its application in this specific instance
that makes it widely desirable and exceptionally
instructive.
It has secured not only the initial support of a
number of the leading citizens of the community, but
what is unfortunately less often found, their active
and continued co operation. It has been accomplished without resorting to politics, and without
having to defeat opposition or create disturbing antagonism; and it has won, and to all appearance
still has, the approval of the great body of the
citizens who find in it assurance of their own welfare, and good reason for pride in their beautiful and
rapidly growing metropolitan city.
Mr. Casey and his Baltimore coadjutors have, it
must be believed, good ground for his prediction
that "the potentiality of this standard for municipal
government and a very definite way in which to seek
it, will be kept alive aind ultimately translated
into greater performance by some administration
that has to do it; the way is there and a new and
equally competent crop of volunteers for the civic
service will rise to the task when the call is made."
At the close of Mr. Casey's address a gentleman
on the floor arose and said that on the basis of the
reduction of taxation made in five years in Baltimore others might save from $100,000 in a small
city to over a million in a large one, and another
arose and said that his home town had applied the method and saved $100,000 on a
budget of a million.
2146
FINANCIAL CHRONICLE
EVoL. 127.
Indications of Business Activity
active. In the
THE STATE OF TRADE—COMMERCIAL EPITOME. than in 1926. The leather industries are less
shoe manufacturing trade there is a slowing down in some
Friday Night, Oct. 19 1928.
cases, even if in others the reports are more cheerful. CotWarm weather has continued to militate .against trade, ton goods have been in fair demand and tending upward.
especially the retail trade in this country. Wholesome and For some print cloths premiums were paid for prompt
jobbing business in fall and winter goods plainly feels it deliveries. There was a larger demand for blankets, flanalso. Hereabouts of late the temperatures have been up to nels and other seasonable lines. A sharp demand prevailed
80 degrees. They have fallen in the West and the fore- for broad silks, for both fall and spring use. Raw silk
cast points to cooler conditions here on the Atlantic Sea- was higher, with a brisk demand. At the silk exchange the
board over Sunday, but the phenomenal continuance of In- tone was stronger. There was some improvement in the
dian summer, with one or two prostrations from the heat clothing trade; in fact, in some lines there was a good
here in New York on Oct. 18, has naturally had a more or demand, notably for coats and overcoats. Coffee declined
less deadening effect on trade for the time being. Of some 14 to %c. as Brazil manifests rather more disposicourse it is only for the moment. Normal temperatures tion to sell. Sugar on the other hand was at one time
are bound to develop very shortly. With them there will higher with a somewhat better demand. The withdrawals
come the normal stimulus to business In all lines. At the of refined sugar have been on quite a liberal scale. Raw
present time there is less life in the automobile trade, and ended at a slight advance for the week.
no great activity in some of the metal industries, although
The stock market has been active and advancing. Sales
the steel reports are very cheerful, with production in some on the Stock Exchange have been in excess of 4,000,000
cases at the rate of about 90%. Basic pig iron has been shares on each and every day. It looks as though the specuThe rise
in rather better demand. Cotton has advanced within 10 lation this year would eclipse all previous records. showing
they
of
in
to-day
loans,
face
was
high
the
record
and
weather
days about 1Y2c. under the spur of cold wet
an Increase for the week of $74,500,000. It is remarkable
a tendency to reduce cotton estimates well below the last that' this fact should have been ignored. It has become a
total given by the Agricultural Department, which was 13,- commonplace that the ticker shall be anywhere from 20
993,000 bales. The trade in actual cotton at the South to 40 minutes behind the trading. London expects that the
has been on a large scale, far larger than a year ago. More- bull speculation in stocks at New York to spend its force
sooner or later and money rates thereupon decline. It adds
over, the cotton exports from this country are steadily
that the market valuation of the common stock of the Genrising. This week they have exceeded 408,000 bales, as eral Motors Corporation exceeds the total British national
against less than 300,000 in the same week last year. debt before the war.
New Bedford, Mass., wired that curtailment of fine and
It begins to look as though the textile industry of the
world has been caught napping so far as supplying itself fancy textile goods productions undertaken early in the
adequately with the raw material is concerned. The sales year was virtually completed Oct. 1 and because of the strike
in mills in that city, it averaged between 55 to 65% of the
of many of the cotton mills are running ahead of the propotential output from 100,000 looms. Whether this policy
its
having
duction. Prolonged curtailment of the output is
will be continued or not is to depend upon further informaInevitable effect. Goods have been advancing. The trade tion to be presented to the fine goods manufacturers at a
of Lancashire is rising, and it looks as though the Japanese meeting to be held in the near future. Providence, R. I.,
mills were doing a better business. The Shanghai auctions wired that members of the Emergency Board of the United
movement for
are faring better. There are big strikes in the textile Textile Workers of America voted to start a
increase in all New Engwage
5%%
a
of
the
restoration
mills of Germany and Poland, and there is some textile land textile mills, where a 10% reduction was put into
labor trouble in France.
effect during the year. Webster, Mass., wired that the same
But one significant event of the week is the apparent agi- wage plan which recently terminated the New Bedford textation in foreign chancelleries for a modification of the tile strike will be put into effect in the two plants of GrosDawes Plan, looking to the fixing of a definite amount that venordale Co. on Oct. 29 with 5% wage cut affecting some
textile operatives. Slater's Mills, Inc., are expected to
Germany is to pay, and then making due arrangements for 3,000
make a similar announcement shortly. Providence, R. I.,
Its payment. This it is believed would have a vivifying ef- wired that four eastern Connecticut mills, adopting the level
fect on German trade and industry, with very satisfactory established by the New Bedford strike, have announced a
reactions on the trade of other nations, that of the United wage reduction of 5%. About 5,000 workers are affected.
Charlotte, N. C., reported that the cotton goods markets
States by no means excepted. The conversations in London
that mill owners felt that there
and Paris with the Premiers of Great Britain and France continued to improve and
was every reason to expect a healthy business through the
are naturally being watched with the keenest interest. The fall months. Sales are now in excess of production and
Berlin stock market has latterly advanced. The cotton many mills have booked orders within the past 10 days.
trade among others is taking note of this event. The grain
Akron, Ohio, reported that after having established new
markets have been nearly featureless. No great changes high records for time production and shipments during the
in prices have occurred. The export trade in wheat has month of August and September, the large tire manufacin that district are now curtailing output.
been disappointing, although prices to all appearances are turers
Late last week the temperature was up to 83 degrees here
nearer the export level than was for a long period the case. and on the 13th to 77 degrees. On the 15th inst. it was 50 to
There have been enormous increases in the visible supply 64 degrees here; on the 14th inst. It was 52 to 58 in Chiof North American. Wheat shows a decline of about 2c. cago, 50 to 54 in Cleveland, 52 to 70 in Cincinnati, 66 to 82
for the week with export trade very moderate and visible in Kansas City. 52 to 56 in Milwaukee, 52 to 54 in Detroit,
supplies the largest on record. Corn advanced on light re- 50 to 64 in Philadelphia, 64 to 76 in St. Louis, 40 to 60 in
Boston, 52 to 62 in Seattle. On the 16th in Boston it was
ceipts and a steady demand, together with unfavorable 66 to 80, in Chicago 58 to 72, in Cincinnati, 66 to 74, in
to
lower
response
wheat
in
for
declined
prices
weather. Rye
Cleveland 68 to 78, in Detroit 64 to 70, in Kansas City 58
while oats advanced. A moderate amount of export busi- to 74, in Milwaukee 50 to 72, in Philadelphia 68 to 78, in
ness has been done in corn. The corn belt has prospects San Francisccr52 to 72, in Seattle 56 to 64, in St. Paul 44 to
now of good clearing weather and the grade is said to be 54. On the 17th inst. it was up to 80 degrees here; on 18th
to 79. To-day temperatures here were 64 to 78 degrees. The
generally high.
forecast
was for fair and cooler weather to-night and tonatCollections with some slowing down of trade, are
morrow.
urally less prompt. With a revival of business, as the
weather grows colder, it is hoped and believed that they Preliminary Figures Received by Federal Reserve
Board Show Larger Retail Trade in September
will improve. The furniture trade is slower than it was a
trades
Jewelry
This
demand.
Year as Compared with Same Month Last
less
in
year ago. Wool has been
Year.
show less life than a year ago. The coal business is hurt
Sales of 503 reporting retail stores in September were 6%
by the warm weather, while production has increased. Live
stock markets have declined. The cement industry made a larger than in the same month of last year according to
high record for September, both In production and ship- preliminary figures received by the Federal Reserve System,
ments. The Detroit employment total showed a small in- and made public Oct. 13. The Board goes on to say:
Increases from last year were shown by 314 firms and decreases by 189
crease, that is, 500 over the previous week. The total is firms.
It should be noted that September of this year contained one less
larger
68,000
and
ago,
293,563, or 98,000 larger than a year
business day and one more Saturday than Sept. 1927.
OCT. 20 1928.]
FINANCIAL CHRONICLE
2147
Expansion of autumn business throughout the greater part of the United
All of the Federal Reserve districts reported larger department store
sales than last year, except the Boston. Atlanta, and San Francisco districts, States is now well under way. No new developments have taken place
where the volume did not change, and the Minneapolis district where sale; during the past month to disturb confidence in the outlook for continued
good business during the fourth quarter.
decreased by 3%.
So far no serious restraint has been placed on commercial or industrial
Sales of mail order houses were 24% larger than in September last year,
and those of five-and-ten-cent chain stores were 12% larger. The changes activities by the stringent credit situation. There has been sufficient
in the volume of business of these firms reflect in part an increase in the bank credit to take care of legitimate business requirements and the movenumber of retail outlets in operation from month to month.
ment of crops. High money rates, however, in recent months have curbed
Percentage changes in dollar sales between September, 1927. and Septem- the volume of new bonds issued by corporations. If this situation should
hew, 1928, together with the number of stores reporting, are given in the continue, business will probably be affected adversely later on since profollowing table:
ceeds of corporate bond issues are usually expended for new buildings,
machinery and equipment. The growing tendency to finance expansion
Percentage of Increase
Number of Stores.
programs with preferred and common stock issues may prove an offsetting
or Decrease in Sales
factor.
Sept. 1928, Compared
Numbe- Repo
Mirroring the prosperity of the country, car loadings, which have been
With Sept. 1927.
Total
Federal Reserve District.
Reporting. Increase. Decrease mounting steadily in recent weeks, established a new high record in the
last week of September exceeding by 69,865 cars the loadings in the
-0.6
31
71
40
Boston
same week last year and those in the corresponding week in 1926 by
50
+5.3
31
19
New 'York
49
+6.8
33
16
16,719 cars. Regional advisory boards composed of business men in all
Philadelphia
38
+9.8
32
6
Cleveland
parts of the United Stees have estimated that the country's car require46
+3.8
24
22
Richmond
ments for the last three months of 1928 will exceed those in the same
-0.5
32
16
16
Atlanta
+19.1
63
period last year by 4.9%. A gain of 10.5% is indicated for the Great
54
9
Chicago
21
+8.6
13
St. Louis
Lakes region.
-3.3
15
8
Minneapolis
7
Steel production is on the increase. Output is now at 88% of capacity
+5.6
21
28
5
Kansas City
in
striking contrast with actual depression in this industry at this time
+7.0
20
16
4
Dallas
+0.9
72
35
San Francisco
37
last year. Heavy orders from the automobile and building industries have
recently been supplemented by substantial contracts from the railroads.
503
+5.9
Total
314
189
No sharp curtailment of output in the automotive industry is in prosMall order houses +24.0(2 houses). Five-and-ten-cent stores +12.0(8 chains).
pect. Construction contracts in 37 States east of the Rocky Mountains
in September reached a total of $587,674,000 and brought the total
since the first of the year up to $5,132,944,100, an increase of 7% over
Gain in Detroit Employment.
the same months in 1927. On the other hand, new projects last month
employment
was
293,563 in the week ended Oct. showed a decrease of 15% from the August total and a drop of 17%
Detroit
16, an uncrease of 533 over the previous week and 98,268 from the figures reported for Sept. 1927. Brokers' loans, reflecting heavy
stock transactions, increased close to one-half billion dollars in Septemabove the same week of 1927.
ber. Sluggishness continues in the coal and textile industries, but the
latter Is favored by the recent settlement of the New Bedford strike.
The agricultural situation continues highly favorable.
Col. Ayres of Cleveland Trust Co. Looks for Adverse
production in Michigan shows continued expansion. Almost
Effect on Business with Termination of Specula- allIndustrial
lines are doing well and considerable overtime is reported. Chemical
tive Wave.
and metal working plants are exceptionally busy. Furniture and paper
are doing a normal volume of business but at least half of the
While stating that "it seems entirely probable that the factories
wood-working plants at Grand Rapids are working overtime. Lumbering
final quarter of 1928 will be a period of distinct industrial prospects in the Upper Peninsula look promising. The Ford iron mines
activity, and general national prosperity, Col. Leonard P. at Iron Mountain are employing about 3,500 men and the company's lumis running at capacity. Oil production in the vicinity
Ayres, Vice-President of the Cleveland Trust Co., in the ber plant at L'Anse
of Muskegon is holding up well.
companies are doing a good busi"Business Bulletin" of the institution, dated Oct. 15, never- ness. Farm implement factories Salt
are seasonally quieter but are more
theless states that "at some time in the not remote future active than at this time last year.
general business conditions will probably be affected adThe automotive industry is snore active than in any corresponding seaversely by the termination of the present wave of excessive son in its history. Preliminary estimates place the September output
in the United States and Canada at 460,000 cars and trucks. Production
security speculation." He adds:
It is also likely that new construction and the demand for new indus- of passenger cars in the first week of October was 70% greater than in
trial and commercial equipment will in time be adversely affected by the the same week in 1927. A total output of 4,700,000 units in 1928 is now
sharp reduction that has come in recent months in the floating of new indicated. Ford daily output has now reached 5,650 units.
Employment conditions throughout the State are good to excellent.
bond issues which normally provide funds for new factories, office buildings, machinery and the like. However, the constructive forces are still The supply of comomn and semi-skilled labor is equal to the demand
dominant, and promise to remain so for some time to come.
but there is a shortage of skilled workmen, especially toolmakers, moulders
Col. Ayres in depicting the course of stock prices and and machinists, Less Canadian labor is crossing the border due to the
brokers loans observes that "the figures for loans to brokers prosperous conditions in that country. Using the figures of the Employers' Association of Detroit as a basis, there are now approximately
are important as reflecting the use of large amounts of our 440,000
workmen on the payrolls of the city's factories as compered
credit supply for purposes that are mainly speculative." We with about
293,000 at this time a year ago.
quote what Col. Ayres has to say, omitting the charts to
Electric power consumption in Michigan factories in the month of
which he refers:
amounted
September
to 193,152,732 kilowatt hours as against 149,967,437
Each Thursday men and women who follow the speculative markets kilowatt hours in the same month last year, an increase of
approximately
await with the keenest interest, and with some apprehension, the publica- 29 per cent.
tion of the figures showing the volume of loans to brokers as reported by
Building permits issued in twenty-one Michigan cities during SeptemNew York member banks to the Federal Reserve Bank of that city. Since ber aggregated $16,222,460, a gain of $85,576 over the preceding
month
the middle of August all these reports have told of increases, until now but a decrease of $4,850,827 under the same month in 1927. Two
office
new high records are being made.
buildings added over six million dollars to the value of permits issued in DeIn the diagram the solid line represents the course of the prices of 30 troit in September last year.
leading industrial stocks each week from October of last year to October
•
•
•
of this year. The average for the period is taken as being equal to 100,
Distribution of merchandise through retail and wholesale channels in
and the fluctuations of the llne show how the prices of these stocks have September increased substantially. The cool
weather during part of the
been below, and have risen above that average. The dashed line shows month stimulated purchases of autumn
goods. Collections showed good
in a similar way the relative changes in the volume of loans to brokers if improvement for both
wholesalers
and
retailers. Sales of downtown stores
the average for the period is taken as being equal to 100.
in Detroit in September showed a larger gain over the same month last
Perhaps the most significant feature of the diagram is the fact that the
year
than
did
those
in
the
first
eight
months of 1928 over the corretwo lines have been acting this autumn in much the way that they did
period in 1927. Trade prospects for the remanider of the year
last spring. Early in March the stock prices began to advance with great sponding
vigor, but for some weeks the increases in broker loans were much more are bright.
moderate. This seemed to indicate that powerful pools with great financial resources were marking prices up for the purpose of attracting public Loading of
Railroad Revenue Freight Larger Now
participation, and without needing to depend heavily on call and time
Than in Either 1927 or 1926.
money to finance their campaign.
In April and May the stock prices did not advance notably, but the loans
Loading of revenue freight for the week ended Oct. 6
to brokers rose to heights that had never before been reached. This appears to have been a period of distribution, during which stocks were sold totaled 1,186,598 cars, the Car Service Division of the
to the public who carried them on margin with the aid of the funds which American Railway Association announced on Oct. 16. This
their brokers had borrowed. Then came the rapid fall of stock prices in
was a decrease of 10,170 cars under the preceding week
May and June, and a sharp decline in the volume of the loans.
The same technique has been successfully put into operation this summer this year, decreases under the week before being reported in
and autumn. In July and August the prices of the stocks were rapidly the loading of miscellaneous freight, ore, forest products and
marked up, but without any great increase in the* loans to brokers, and
without a heavy volume of trading on the exchange in the first part of the grain and grain products. Increases, however, were reported
period. Then the public came in once more, and took over the stocks at in the loading of live stock, coal, coke and merchandise less
the new high prices, with the result that the loan figures rose to levels even than carload lot freight.
higher than those reached in the spring. The figures for loans to brokers
The total for the week of Oct. 6 was an increase of 83,604
are important as reflecting the use of large amounts of our credit supply
for purposes that are mainly speculative. Probably their fluctuations are cars above the same week in 1927 and an increase of 11,670
even more significant in reflecting the transfers of stocks from strong cars above the corresponding week two years ago. Full
hands to weak ones, and back again.
details follow:
Miscellaneousfreight loading for the week totaled 473,624 cars,an increase
of 49,623 cars above the corresponding week last year and 33,892 cars above
Continued Good Business in Fourth Quarter of Year the
same week in 1926.
Looked for by Union Trust Co. of Detroit-ConCoal loading totaled 207,645 cars, an increase of 16.437 cars above the
week in 1927 but 14,271 cars below the same period two years ago.
same
ditions in Michigan.
Grain and grain products loading amounted to 57,592 cars, an increase of
Wayne W. Putnam, Assistant Vice-President of the Union 7,570 cars above the same week last year and 10.058 cars above the same
Trust Company, Detroit, surveying business conditions un- week in 1926. In the western districts alone, grain and grain products
loading totaled 43,309 cars, an increase of 7,560 cars above the same week
der date of Oct. 15, says:
in 1927.
The most important factor in the September increase was an extraseasonal increase in freight-car loadings, due, in turn, to a sharp increase
in the last week in the month. Other important factors were increases
of similar nature in steel ingot production and automobile production.
Offsetting these increases to a very slight extent, however, were decreases,
allowing for seasonal variation, in cotton consumption, zinc production
and pig iron production.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY.
Pig iron production
Steel ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
Combined index
September.
August.
July.
101.7
113.4
95.0
102.9
106.2
93.3
103.0
86.3
103.7
95.3
101.0
114.8
99.0
98.7
101.2
115.4
93.0
101.4
87.7
94.9
87.6
97.4
116.7
94.9
97.3
88.9
112.9
94.2
95.3
100.6
The following table shows the movement of the combined index by
months since the beginning of 1924:
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY.
1924.
1925.
1928.
1927.
1928.
95.4
100.2
102.3
102.4
104.0
January
97.3
103.6
103.2
102.9
105.0
February
96.8
107.0
104.7
102.6
102.8
March
96.7
103.6
103.7
103.4
99.3
April
97.7
104.0
101.6
101.4
92.4
May
95.3
102.8
103.2
98.5
86.9
June
a97.3
100.7
102.8
101.1
86.8
July
98.7
101.9
105.0
100.7
89.8
August
*100.6
101.1
107.1
100.8
9.5.7
September
96.5
105.0
102.1
97.7
October
92.9
103.7
104.0
97.4
November
91.0
103.2
105.8
101.5
December
•Subject ro revision. a Revised.
The "Annalist" weekly index of wholesale commodity price has declined
again this week, to 149.4. as compared with 150.2 for last week, and
the decline has again been due largely to weakness in agricultural commodities, particularly in such important items as grain, livestock, meat,
hides, and silk. There were a few offsetting advances, the most important
of which were in cotton, eggs, fruit, sugar, and coke.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICE (1913-100).
Od. 16 1928.
'
149.3
152.1
155.0
165.2
122.3
154.3
134.9
119.8
149.4
Oct. 9 1928.
151.1
151.7
*155.2
165.3
122.3
154.3
134.9
119.6
150.2
Od. 18 1927.
150.9
158.8
156.2
154.9
119.6
155.3
134.1
125.9
149.4
•Revised.
Industrial Activity Based on Consumption of
Electricity.
Manufacturing plants of the nation closed the third quarter of the year with operations at the highest rate ever
recorded by American industry in general, based on consumption of electrical energy. Reports received by "Electrical World" on. monthly consumption of electricity by
3,600 manufacturing plants indicate that the rate of operations in these plants in September was 11.4% greater than
that for August, and 13.5% above the rate for September
last year. The figure for September, corrected for the number of working days, was 5.4% above the previous high
Sept. 1928.
Aug. 1928.
Sept. 1927.
120.8
125.5
125.4
125.8
94.7
97.3
111.6
143.2
135.3
129.1
138.4
119.2
128.3
R7 2
118.4
107.4
109.6
1052
105.9
121.2
141.3
109.5
118.2
122.7
114.4
122.6
127.4
um A
All industrial groups
Metals industry group
Rolling mills and steel plants
Metal working plants
Leather and its products
Textiles
Lumber and its products
Automobiles and parts
Stone, clay and glass
Paper and pulp
Rubber and its products
Chemicals and allied products
Food and kindred products
Shipbuilding
b66i4 toO tO iob Co
Annalist's Indexes of Business Activity.
The Annalist index of business activity for September,
on the basis of preliminary data, is 100.6, as against 98.7
for August and 97.3 for July. Continuing, the "Annalist"
says:
b tO
40,275.748 40,747.47
The average rate of operations in the manufacturing plants in the first
nine months of the year was 5.3% greater than that for the same period
In 1927. This is about 2% higher than the generally accepted normal rate
of annual growth in American productive activities.
All of the national primary manufacturing groups, with the exception
of lumber and its products and the textile industry, reported a rate of
operations for September over that of last year. The automotive industry,
including the manufacture of parts for replacement, led all other groups
with a gain of 47% contrasted with the September 1927 rate. The ferrous and non-ferrous metal working plants showed a gain over September of
last year of 37.2%, rubber and its products 32.2%, rolling mills and steel
plants 28.8%, stone, clay and glass 28.7%, and food and kindred products 11.4%.
The textile plants, taken as a whole, increased their rate of operations
by 15.7% in September over August, but were still about 7.2% below
September of last year. In lumber the September figures disclosed a
drop in the rate of operations as compared with the preceding month, as
well as a decline from the September level of last year.
All sections of the country except the South closed the third quarter with
general manufacturing operations on a higher plane than in September
last year. The New England States reported a gain of 1.2%, the Middle
Atlantic States 14.5%, the North Central States 28.5% and the Western
States 6%. In the South, the rate of operations for September was 6.7%
lower than a year ago.
The rate of industrial activity in September as compared with
August of this year and September 1927, all figures adjusted to 26 working days and based on consumption of electricity as reported to "Electrical
World" (monthly average 1923-25 equals 100) follows:
:4
39.403,727
Total
rate of activity established in February of the current
year. In its further advices the "Electrical World" says:
.4.P.C40.03GTC0..0.1.&11.4.1
NI to to
b30,
,•• 03tla
Live stock loading amounted to 38,532 cars, a decrease of 157 cars under
the same week last year and 2,239 cars below the same week in 1926. In the
western districts alone, live stock loading totaled 30,835 cars, a decrease of
7.5 cars compared with the same week in 1927.
Loading of merchandise less-than-carload-lot freight totaled 271,193
cars, a decrease of 903 cars below the same week in 1927 but 229 cars above
the corresponding week two years ago.
Forest products loading amounted to 65,655 cars, 621 cars above the
same week last year but 5.435 cars under the same week in 1926.
Ore loading totaled 61,407 cars, 8.925 cars above the same week in 1927.
but 8,224 cars below the corresponding week in 1926.
Coke loading amounted to 10.950 cars, 1.488 cars above the same week in
1927, but 2,340 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year except the Pocahontas and Southern
which showed small decreases. All districts except the Allegheny, Pocahontas and Southern reported increases compared with the same period
two years ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:
1926.
1928.
1927.
3,447,723 3,756,660 3,686,896
Four weeksin January_ .
3.801,918 3,677.332
3,589.694
Four weeks in February
4.982,547 4.805,00
4,752,031
Five wool sin March
3.738,295 3,875,589 3.862.-.03
Four weeksin April
4,006,058 4,108.472 4,145.820
Four weeks in May
4,923.304 4,995.854 5,154,981
Five weel s in June
3.942.931 3,913,761 4,148,118
Four weeks in July
4,230.809 4,249,846 4,388.118
Four weeks in August
5,586,284 5,488,107 5.703,161
Five weeks in September
1.186.598 1,102,994 1.174.928
Week of October6
Farm productsFood products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
f-
[Vox,. 127.
FINANCIAL CHRONICLE
2148
Building in Metropolitan Zone Establishes New High
Record.
A new high record of building operations throughout the
Metropolitan zone has been established this year, according
to reports made public by S. W. Straus & Co. on Oct. 18,
which showed building plans filed or permits issued in 60
cities and towns of the zone of $993,800,430 for the first nine
months of the year. These figures compare with $913,243,154 for the corresponding period of the preceding year, which
was the highest previous record. The gain thus shown was
9%. Taking into consideration the fact that a number of
towns in the zone do not require the filing of plans or issuance of permits, it is a safe assumption, S. W. Straus & Co.
announced, that the total building volume since the first of
the year has exceeded $1,000,000,000, a figure representing
nearly 25% of the total urban building in the entire United
States during the period under review.
There is some likelihood, however, it is stated, that in
keeping with conditions throughout the country, a lower
level of activities will prevail locally. The September reports from the 60 leading centres of the zone showed a loss of
12% from September last year. Newark went into first
place in the month's report. while White Plains was second.
Yonkers, which has been leading all cities in the zone outside
New York, was third, and Jersey City fourth. The reports
of building plans filed and permits issued in the leading
centres compare as follows:
Sept. 1928. Sept. 1927.
Newark
3,174,535
White Plains
2,010.150
Yonkers
1,855.450
Jersey City
1,295.035
New Rochelle829.305
Mamaroneck VIII. 578,180
Greenwich
514.455
Norwalk
480,555
Mt Vernon
463.240
Paterson
447.895
Bloomfield
446,350
Irvington
366,300
Garden City, L.I. 332,000
Clifton
328,850
Peekskill
315,300
Westfield
295,745
West Orange
286,968
Montclair
281,944
New Brunswick._ 277,410
Elizabeth
265,780
Nutley
261,130
Scarsdale...248,157
Teaneck
243,950
Stamford
236,875
Millburn
195,550
Englewood
187,160
Hackensack
184.259
Plainfield
183.962
Harris al
178,000
Ridgewood
177,376
Kearny
177,100
Rockville Centre,
L. I
162,310
East Orange
148,479
Belleville
139,515
3,122.794
374,400
3,787.874
922,055
609.386
547,950
602,100
188,440
1.184.940
485.902
521.350
1.197.489
159,150
311,000
188,450
176,718
572,660
328,580
210,931
1,150.274
240,675
430,450
510,200
574,650
127,000
153,357
214,997
274,148
84,000
125,475
439.570
Sept. 1928. Sept. 1927.
Port Chester
Passaic
Mamaroneck Town
Orange
Hillside
Kensington,L.L.
Bayonne
Perth Amboy
Hoboken
Long Beach, L.I.
Rye
Dobbs Ferry
Garfield
Tarrytown
Larchmont
Freeport, L. I_
Bronxville
Asbury Park
Eastchester
Pompton Lakes...West New York__
Roslyn Estates_ -_
Tuckahoe
Amityville, L. I__
Pelham
124.560
115,045
111.000
107,235
102,828
90.000
88,975
88.200
87,805
83.350
80,500
79,700
78,200
72.075
52.045
51,350
43,250
35,150
34,983
22.700
20,685
12,000
11,454
3,100
1,600
94,268
257,534
75,000
480,570
236.025
40,000
208,250
110,581
26,210
220,440
250.000
161,400
55,650
128,050
111,275
71.895
44,500
346.550
560,835
13.150
10,850
16.500
24,435
3,300
105,500
19,167,060 25,398.128
New York City--57,549.387 62.175,357
Grand totalz.-75.716,447 87,575,486
191.870
1,589,675 Metropolitan
146,850 Zone
9 Mos. '28. 9 Mos. '27.
993,800,430 913,243.154
OCT. 20 1928.J
Downward Trend of Building Activities.
A continuation of the downward trend of building activities th oughout the country is indicated in the reports made
to S. W. Straus & Co. of building permits issued and plans
filed in 533 leading cities and towns for the month of September. The total reached $267,261,008, compared with $296,607,719 in September ot the preceding year and with $311,936,476 in August 1928. The loss from last September was
10% and from August 14%. Unmistakably that portion of
the construction industry devoted to the erection of buildings
in the cities and towns of the country has entered an era of
more restricted activities. The firm says: "These permit
figures are not to be confused with contracts, which include
such major projects as bridges, dams, highways, &c., but
are to be accepted only as an index of building activities in
incorporated centers. This field comprises, however, it is
stated, the most important portion of the construction
industry, and time has shown that there is no index of pending conditions of greater dependability than building permit
figures." The report continues as follows:
'
2149
FINANCIAL CHRONICLE
Price Outlook for Leading Farm Products Favorable,
According to Ohio-Pennsylvania Joint Stock Land
Bank.
Satisfactory prices should prevail for corn and livestock
produced on Ohio farms for the closing months of 1928
and the opening of 1929. Livestock prices are apparently
on a fairly sound basis after the recent declines, though
more than usual care in marketing will be required because
of probable fluctuations in price levels during the coming
winter. The declines in livestock prices during the past
few weeks have been in part offset by increases in corn
prices. On the whole, Ohio farm financial conditions will
be reasonably favorable during the coming fall and winter
months, according to the recent survey by the Ohio-Pennsylvania Joint Stock Land Bank through banks having a
country business and summarized in its October report
on farm finance. In part, the survey, issued Oct. 15, says:
As to fall corn prices in Ohio, opinions differ, but very few are expecting
a price below 60c. to the producer and there is a hope that 75 or 80c. may
be nearer the ruling price after the first marketing rush has passed.
There has been a progressive letdown in the estimates of yield for Ohio
corn but it seems certain that we shall have a crop at least 40% larger
The Three-Year Trend.
for the year 1927 and considerable corn will be marketed this year.
than
A chart showing the trend of building permit issues in the bulk of AmeriShould corn prices start at a low level this fall there will be a tendency
can municipalities for the last three years reveals that since the end of May
to hold back the grain on the farm and this storing should be encouraged.
1928, there has been a more consistent drift toward lower levels in urban
However, there are no very clear indications at this time as to the trends
building than at any time during the period under review. The line of
prices for late winter.
activities is now considerably lower than were those either of 1926 or 1927 in corn
A number of causes contributed to the recent decline in livestock prices
at this season. It Is to be noted also that the recovery of activities which
It Is essential to notice that the market is unusually sensitive to changes
made itself felt at the end of July both in 1926 and 1927 was absent this
in the numbers of animals offered on the markets. This sensitive conYear and the decline which began at the end of May has continued without
dition can be attributed largely to the resistance of the consuming public
interruption.
high prices for meats. The search for cheaper or smaller cuts of meat
In the early weeks of 1928 the line followed the same upward trend as to
led to various inequalities in prices such as between cow beef and the
those of its two immediate predecessors. It did not in the course of that has
better grades of steer beef. These inequalities have been eliminated for
seasonal development, however, reach the levels of the other two years
most part and the market for cattle, hogs, and sheep is now on a more
At the end of March there began a sharp drop which ran its course during the
logically sound basis.
April,and, with the arrival of May,came a rather pronounced improvement.
Hog prices are expected to range around 10 or 11c. a pound this fall
Then, for the first time during the year, the line of 1927 activities was
winter, so that hog feeding should be profitable in view of probable
crossed on the upgrade. This position was sustained until mid-August when and
prices for corn. . . .
the line recrossed that of 1927 on the downward swing.
prices are still on a very high level and so somewhat dangerous
Cattle
A study of the lines described by the activities of the three years reveals
the severe readjustment of recent weeks. Anyone interested
graphically the point previously made, that less building and construction even after
financing feeder cattle will naturally desire to have a wider margin
in the cities and towns of the country may now be counted on than has been in
of safety than if cattle prices were on a lower level.
the case for some time.
The likelihood of a continuance in the present shortgage in feeding
cattle may result in some shifting towards the beef type of cattle on some
Twenty-five Leading Cities.
purpose farms in Ohio which have been producing only the strictly
It is a feature of the present situation that pending building operations, general
dairy type of cattle.
as foreshadowed by building permit records are declining quite uniformally
throughout the country. New York City has been able to show improvement more or less constantly until the present time but the September
records of building plans filed in the five boroughs revealed a 7% loss from
Country's Foreign Trade in September—Imports and
September, 1927. Chicago, Detroit, Los Angeles, Philadelphia, St. Louis,
Exports.
Ban Francisco and Cleveland were among the other large cities showing
trends toward lower levels.
of
Statistics
of the Department of Commerce
Bureau
The
Taken as a group. the 25 cities showing the largest volume of building
permits in September lost 5% from the same month in the preceding Year. at Washington on Oct. 15 issued its statement on the foreign
14% from September, 1926, and 10% from August 1928.
of the United States for September and nine months
Labor Conditions.
Labor conditions continue to be satisfactory.
In a national survey of wage rates just completed by the Builders Association of Chicago it has been found that there are few changes over the
country generally. As compared with a year ago plumbers, gas fitters and
roofers of Chicago are getting an increase of 12A cents an hour. Plumbers,
cement finishers and roofers in Cleveland also are receiving an increase of
123,5 cents an hour.
In Washington, New York City and Detroit wages continue at about
the same rates. In San Francisco the average drop in some of the principal
trades amounts to approximately 10 cents an hour, while the average
for craftsmen in Dallas. Texas, amounts to a decrease of 25 cents an hour.
A majority of the tradesmen in the 114 cities surveyed are receiving the
same wages as last year.
Building Materials.
The firm condition of the building materials market which has existed
tor several months continued through September and price changes were
not sufficient materially to affect the cost index. Local declines in some
materials were offset by increases in other localities. Portland cement and
common brick remained unchanged. Curtailment in pine and fir production prevented a slump in price, although there was some weakness as
compared with the preceding month. The structural steel shapes market
on the other hand, was rather active and the third quarter closed strong
with good prospects for the final quarter.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR SEPTEMBER 1928, WITH COMPARISONS.
New York (P. F.)
Chicago
Detroit
Los Angeles
Baltimore
Philadelphia
Milwaukee
Boston (P. F.)
Washington, D. C.
Cincinnati
N ewark
Pittsburgh
St. Louis
Akron
San Francisco
Minneapolis
New Orleans
Atlanta
Long Beach, Calif
Indianapolis
Cleveland
White Plains
Houston
Omaha
Hartford
Sept. 1928. Sept. 1927. Sept. 1926. August 1928.
657,549,387 $62,175,357 $77,492,932 $80,577,179
19.670,700 27.340,700 25,943,500
15,002.500
10.58).879
15,087,288
15,737,336
10,889.394
8.505,327
9,274,218
8,163.581
8,584.613
6.605,500
2,263.100
3,693,000
2,398,080
6.255.770
12,291.340
9,598,360
11,943.540
4,071,925
3,019,052
3,941,757
5.065.190
4,003,188
3,818.177
3,627,386
4,387,087
1.774,220
3,967,155
4,750,210
2,402,430
3,231,990
2,720,991
3,443,094
4,194.705
2,899.911
3,174,535
3,747.869
2,473,540
2,146,312
3.024,349
1,843,936
3,166.673
2.911,732
3,849,203
2,765.027
2,934,996
2,868.922
1,397,958
1,090.698
1,292,060
2,442,080
3,109.832
4,001,012
1,881,987
2,234,985
1,405.260
1.579 095
2.128,275
1,219,499
2.115,698
1,100.259
1,117,97i
1,237,434
2,097,427
984,236
838,299
775.190
2,041,460
657.245
1,042,427
1,445,084
2,041,038
1,787,067
2,081,792
2,659,075
2,028.725
4,128,250
6,825,300
2,010.150
374,400
867,493
820,250
1,402,437
1,904,054
1,741.665
2.256,131
335.435
1,867,835
732,735
940,145
3.440,402
1,866,465
1.506,510
714,460
$159,058,276 $167,461,875 $184,924,253 $175,969,030
Total
(P. F.) Indicates Plans filed.
trade
ending with September. The value of merchandise exported
in September 1928 was $426,000,000, as compared with
$425,267,000. in September 1927. The imports of merchandise are provisionally computed at $321,000,000 in September 1928,as against $342,154,000 in September the previous
year, leaving a favorable balance in the merchandise movement for the month of September 1928, of $105,000,000.
Last year in September there was a favorable trade balance on
the merchandise movement of $83,113,000. Imports for
the nine months of 1928 have been $3,071,576,000, as against
$3,153,502,000 for the corresponding nine months of 1927.
The merchandise exports for the nine months of 1928 have
been $3,562,725,000, against $3,508,120,000, giving a
favorable trade balance of $491,149,000 in 1928, against
a favorable trade balance of $354,618,000 in 1927. Gold
imports totaled only $4,273,000 in September, against
$12,979,000 in the corresponding month in the previous
year, and for the nine months they have been $100,026,000,
as against $192,966,000. Gold exports in September were
$3,810,000, against $24,444,000 in September 1927. For
the nine months of 1928 the exports of the metal foot up $535,216,000, against $57,642,000 in the nine months of 1927.
Silver imports for the nine months of 1928 have been $49,408,000, as against $41,132,000 in 1927, and silver exports
$63,966,000, as against $56,859,000. Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(preliminary figures for 1928. corrected to October 13 1928.)
MERCHANDISE.
September.
Exports
Imports
Excess
ellx.rf°
of imports
Excess of
9 Mos. Ended September.
1928.
1927.
1928.
1927.
1.000
Dollars.
426.000
321,000
1,000
Dollars.
425,267
842.154
1.000
Dollars.
3,562,725
3,071,576
1,000
Dollars.
3.508,120
3,153,502
105.000
83,113
491,149
354,618
inc. (-I-)
Dec.(—)
1.000
Dollars.
+54,605
—81,926
EXPORTS AND IMPORTS OF MERCHANDISE. BY MONTHS.
1.000
1,000
Dollars
Dollars
410.778 419.402
371.448 372,438
420,617 408.973
363.925 415.374
421.847 393.140
388,559 356.966
375,768 341.809
381.000 374.751
425.267
488.675
460.940
407,641
ExportsJanuary
February
March
AprII
May
June
July
August
September
October
November
December
1923.
1924.
1925.
1926.
1927.
1928
1.000
1.000
1.000
1.000
Dollars. Dollars. Dollars. Dollars.
396.836 446,443 395,172 335,417
352.905 370.676 365.782 306.957
374,406 453.653 339.755 341,377
387.974 398,225 346.936 325.492
356.699 370.945 335.089 316.359
338,033 323.348 306,989 319.957
368.317 339.660 276.649 302.186
384.449 379,823 330.660 310,966
448,071 420.368 427.460 381.434
455.301 490,567 527,172 399,199
480.300 447.804 493,573 401,484
465,369 468,306 445,748 426,666
Delaware industries showed increases in both employment and wage
payments. Food industries experienced the largest gains, owing to the
seasonal activity of the canning industry.
Of the city areas, five had gains from August in both employment and
wage payments, seven had increases in one or the other, and four showed
declines in both. Philadelphia showed an increase from August of 2.6%
in employment and a gain of 5.1% in wage payments, although the figures
for this city are still considerably below the level of a year ago.
The statistics follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
[Compiled by the Federal Reserve Bank of Phladelphla and the Department of
Labor and industry, Commonwealth of emmaylvacla.1
Index Numbers. 1923-1925 Average= 100.
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
337.943
351.035
380,437
345.194
353,967
317.289
317,804
347.000
356,841 416.752
310.877 387,306
378,331 442.899
375,733 397,912
346.501 320,919
354,892 336.251
319,298 338.959
365.875 335.477
342.154 343.202
355,738 376.868
344,269 373,881
331.234 359.462
wwwwwwwwwwww
04clas.c.o.cm-qcov.wo
o3V0i.D700000V.
..
C.A.A.,m000,-cova
9 months ended Sept.. 3.562,725 3.508,120 3,407,690 3,503,171 3.124.492 2.940,145
4,865,375 4,808,660 4.909,848 4,590,984 4.167.493
12 mos. end.Dec...
329.254
303.407
397.928
364.253
372.545
320.234
287.434
275.438
253,645
308,291
291,333
288,305
295.506
332.323
320.482
324.291
302.988
274.001
278.594
254.542
287,144
310.752
296.148
333.192
9 months ended Sept_ 3,071.576,3,153,502 3.320.677 3,079,445 2,669.871 2,904,138
14.184.742 4.430.888 4.226.58913.609.963 3.792.066
12 mos.end. Dec.
GOLD AND SILVER.
9 Mos.ending SO1619967
September.
OntoExports
Imports
Excess of exports
Excess of Import
1928.
1927.
1928.
1927.
Inc. -f•
Dec 1-1
1.000
Dollars.
3,810
4,273
1,000
Dollar*.
24,444
12,979
1.000
Dollars.
535,216
100,026
1,000
Dollars.
57,642
192,966
1,000
Dollars
+477,574
-92,940
11,465
435.190
6,229
4,916
6.627
4,992
63,966
49,408
56,859
41,132
Excess of exports
Excess of Imgorts
1,313
1,635
14,558
15,727
135,324
463
Sutter.
Exports
Imports
+7,107
+8,276
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
S(lver.
Gold.
1928. 1 1927.
1,000
Dots,
52,086
25.806
97,536
96,469
83,689
99,932
74.190
1,698
4VAS
0.84gg548
8
ExportsJanuary
February
March
April
May
June
July
August
September
)ctober
November
December
1928.
1927.
1928.
1925.
1926.
1925.
1.000
Dols.
3.087
3.851
4,225
17,884
9,343
3,346
5,069
29.743
23,081
1.156
7.727
7,196
1,000 1,000 1,000 1,000 1,000
Dots. Dols. Pots. Dots. Dols.
73,526 6.692 7,388 9.763 11,385
50,600 7,479 6,233 7,752 6,833
25,104 7,405 6,077 8,333 7,917
21,604 6,587 6,824 7,012 9.323
13,390 6,712 6.026 7,931 6,536
6.712 7,456 5.444 7,978 8,522
4,416 6.160 6.650 7.921 8,349
2,136 9,246 5,590 8.041 8,285
6,627 7,243 7.487
6,784
5,945 7,279 3.783
28.039
5.634 6,794 8,118
24.360
7,186 5.1310 7,689
5,968
59,355
22,309
16,382
14,503
34,212
14,611
10,738
7,877
12,979
2,056
2,082
10,431
19,331
25,416
43,413
13,116
2.935
18.890
19,820
11,979
15,987
8.857
16,733
17,004
5,038
3.603
7,337
8.870
11,393
4,426
10,204
4,862
4,128
50,741
10,456
7,216
6.305
4,658
5,134
4,888
4,247
6,221
6.560
6,496
5.151
3.849
4,308
3.815
5,083
4.790
4.288
4,856
4.992
5,069
5,102
3,770
a.wa-aaao.A.ov.ma
38,320
14,686
2.683
5,319
1.968
20,001
10.331
2,445
Wato0WW.4WW5146.
0.WWwcoo.NOWW
1 mos. end. Sept. 535,216 57.642 99,629 204,272 63,966 56.859 72,574 74,637
75,625 92,258 99 128
201.455 115,708 262.640
12 mos.end. Dec.
Importsfluttery
rebruary
darch
Lpril
day
'une
uiy
Lugust
leptember
)ctober
Iovember
Jecember
[vol. 127.
FINANCIAL CHRONICLE
2150
7.339
4,929
6,661
4,945
3.390
4,919
5.238
7.273
4,504
5,602
4,049
5,737
49,198
mos.end. Sept. 100,026 192,966 170,907 59,881 49,408 41,132 56,127 64.596
55,074 69,596
1207.535 213.504 128.272
2 mos.end. Dec.
Increase in Employment in Pennsylvania and
Delaware-Gains in Wages.
The Federal Reserve Bank of Philadelphia, in its September survey of employment and wage conditions in Pennsylvania manufacturing industries (issued Oct. 16) reports
an increase of nearly 1% in employment since August,
although the volume of employment is still somewhat below
the level of a year ago. Payrolls in September, however,
for the first time this year exceeded last year's level, though
showing a slight falling off from August, no doubt attributBank also states:
able to the observance of Labor Day. The the
most pronounced
experienced
The metal products group of industriesthan
last month and a year ago
improvement, with employment larger
more than 9% over September, 1927.
and wage payments showing a gain of
the most marked gains from
Among the industries which experienced
electrical apparatus, women's
the previous month were stoves and furnaces,
products. Many other industries,
Clothing, furniture, and other leather
August, had considerable
some of them showing only slight change from
iron and steel forgings, strucgains over a year ago. Among these were
pumps, brass and bronze
and
tural iron work, machinery and parts, engines
parts, other knit goods,
products, automobiles, automobile bodies and
and coke.
which were compiled from
Total employee hours worked, the figures for
of reporting firms,
reports received from over half of the total number
of wage payments,
declined from August. This decline, as in the case
can be attributed in part at least to Labor Day.
Group and Industry.
Employment
Sep ember 1928.
No. of
Per Cent
Plants
Change Since
Reporttag. Sept.
Indite. Aug. [Sept.
1928. 1927
All manufg. Industries (51).
Metal products
Blast furnaces
Steel works & rolling mills
Iron and steel forgings
Structural Iron work
Steam and hot water heating apparatus
Stoves and (unlaces
Foundries
Machinery and parts
Electrical apparatus
Engines and pumps
Hardware and tools
Braes and bronze products
Transportation equipment_
Automobiles
Automobile bodies & parts
Locomotives and cars_ .._
Railroad repair shops... _
Shipbuilding
Textile products
.
Como goods
Woolens and worsteds___.
Silk goods
Textile dyeing & finishing
Carpets and rugs
Hats
Hogiery
Knit goods. other
Men's clothing
Women's clothing
Shirts and furnishings
Foods and tobacco. .
Bread & bakery products.
Confectionery
Ice cream
Meat parkIng..........
Cigars and tobacco...-.
Stone. clay & class products
Brick. tile & pottery
Cement
(MASS
Lumber products
Lumber & planing mills._
Furniture
Wooden boxes
7hernical products
Chemicals and drugs
Coke
Explosives
Paints and varnishee
Petroleum refining......
&nth& and rubber Products
Leather tannins
Shoes.
, Leather products. other.
Rubber tires and goods
l'aper and printing
Paper and wood pulp___.
Paper boxes and bags-.
Printing and publishing__
806
236
9
44
10
10
89.3
88.9
40.9
77.3
85.2
107.5
17
9
39
40
17
10
20
11
40
6
11
13
6
4
163
14
15
39
9
10
4
27
15
10
9
11
102
30
14
11
14
33
66
30
14
22
43
17
20
6
48
28
3
3
9
5
51
17
23
7
4
57
13
6
38
94.5
76.3
88.1
103.1
207.2
96.3
81.8
104.6
67.8
89.9
88.9
56.7
77.5
23.0
94.5
76.2
85.1
98.3
113.1
79.2
96.6
108.6
85.7
94.6
110.5
92.3
99.2
104.3
97.2
95.7
95.2
100.5
83.7
90.2
78.5
90.5
84.6
79.2
85.0
110.5
97.9
94.1
117.9
120.3
123.0
89.1
98.8
104.6
92.1
115.0
78.2
93.5
84.3
98.0
104.3
Payrolls
September 1928.
Per Cent
Chang Sinee
Sept.
Sept.
Index. Aug.
1928. 1927.
+0.7 -0.9 90.7 -0.2 +1.6
+2.2 +3.6 90.9 -0.5 +9.4
-9.5 -29.0 43.2 -11.5 -25.9
+0.1 -4.8 78.7 +4.6 +1.2
+3.5 +12.1 92.9 +7.4 +22.6
+1.5 +12.1 104.5 -2.3 +18.5
-2.4
+13.0
+7.0
+0.5
+12.2
+6.8
+1.2
-4.3
-0.9
-1.0
+1.4
-1.7
-6.2
+8.5
-0.8
+2.3
-4.8
-3.5
+2.1
+1.8
-0.1
+0.6
+1.7
+5.9
+6.0
+2.9
-0.4
-0.7
+7.9
-10.1
+1.9
-2.3
-2.8
-1.8
-10.4
+5.6
+0.6
-1.7
+6.4
-7.9
+2.9
+6.6
-0.4
+1.7
+0.7
+4.5
+1.0
+0.5
+1.3
+8.7
-1.9
+0.3
-1.1
+4.6
4-0.5
+2.8
-13.8
+3.3
+10.0
+63.1
+11.7
-6.4
+25.6
-16.5
+18.9
+28.5
-25.3
-6.2
-64.3
-3.0
-18.8
-11.5
-0.2
-2.1
-3.6
-1.9
+1.4
+10.6
-12.1
+11.7
-4.8
-0.8
-3.8
-1.6
+3.5
-1.9
-1.5
-11.3
-7.5
-24.1
+2.4
-6.5
+1.8
-13.2
-13.7
+5.4
+6.6
+15.5
-2.6
-10.2
+4.8
-1.1
+0.3
-2.2
-6.2
-8.6
-2.1
-4.4
-1.7
+0.6
100.3
77.3
87.9
111.4
224.3
99.8
84.8
100.8
66.2
90.1
84.4
53.3
75.1
24.5
99.8
73.9
84.6
100.9
125.3
72.8
97.2
133.4
84.5
94.5
115.7
89.2
100.0
99.3
101.1
102.4
96.9
102.0
81.8
87.3
85.0
80.9
88.5
80.8
92.0
121.8
104.0
93.5
119.9
112.9
121.4
96.5
104.8
109.9
93.7
109.0
98.6
103.6
92.1
110.1
115.3
-5.6
+22.5
+7.1
+0.4
+12.6
+3.7
+2.7
+2.2
-0.5
-2.4
+1.3
-3.1
-7.2
+47.6
+1.8
+4.8
-1.9
-0.3
+3.5
-2.0
+0.5
+5.3
-0.1
+4.2
+10.5
+7.9
+2.0
-0.2
+4.2
-10.3
+8.3
+4.2
-6.3
+0.9
-15.2
+1.5
+2.5
-3.5
+12.9
-9.5
+0.9
+2.4
-0.4
+12.9
-2.5
+1.0
+1.0
+0.4
-0.5
+12.1
+3.0
-0.9
-4.6
+2.1
-1-2.0
+9.4
-12.6
+3.5
+20.8
+64.6
+24.9
+0.7
+24.0
-17.3
+30.0
+32.3
-23.6
-10.2
-60.8
-1.8
-21.3
-16.7
+2.7
+12.5
-2.0
-4.4
+6.9
+14.3
-21.0
+6.8
+3.1
+0.6
-3.8
-6.6
+1.0
+1.9
+1.8
-13.4
-6.6
-24.2
-2.5
-6.8
-1.8
-9.5
-14.9
+4.0
+3.8
+12.6
+1.3
-5.9
+2.2
-0.5
+1.4
+6.3
-3.2
-2.8
-0.2
-6.1
-0.1
+5.5
EMPLOYMENT AND WAGES IN CITY AREAS.
[Compiled by Federal Reserve Bank of Philadelollia.1
Index Numbers. 1923-1925 Average=100.
Employment
September 1928.
Areas-
Payrolls
September 1928.
% Ch'ge Since.
%Change Silica.
No. of
Plants
Sept. Sept.
Aug.
Sept.
Report- Sept. Aug.
trig. Index. 1928. 1927. Index. 1928. 1927.
Allentown-Bethlehem-Easton 79
14
Altoona
11
Erie
34
Harrisburg
21
Hazleton-Pottsville
13
Johnstown
30
Lancaster
11
New Castle
244
Philadelphia
91
Pittsburgh
62
Reading-Lebanon
31
Scranton
26
Sunbury
21
Wilkes-Barre
Williamsport
22
30
Wilmington
43
York
86.3
81.5
98.9
96.9
101.1
101.4
96.2
107.0
91.0
88.7
91.8
98.9
67.6
72.0
80.0
81.0
93.9
-4.7 -6.6 78.7
78.7
-0.6
98.9
-0.4
+3.0 +3.1 97.2
+0.3 -1.7 92.2
+3.0 -16.3 90.1
+1.8 -8.3 84.5
+1.4 +1.7 102.8
+2.6 -9.6 83.1
-0.6 -5.6 79.2
+0.8 +3.0 85.8
-3.3 +5.6 104.3
-1.9 -8.7 69.3
-1.1 -9.8 78.3
+2.2 -8.1 77.5
+1.6 +2.7 84.3
+1.5 +3.1 96.0
-6.4 -7.2
+0.6
-0.4
+2.7 +1.3
-0.3 -2.5
+5.9 -4.7
+1.4 -10.8
-0.4 +12.4
+5.1 -8.8
-4.3 -1.6
-4.1 +10.1
-2.3 -0.3
+1.8 -4.7
+2.9 -9.6
-3.0 -0.6
0.0 +4.9
0.0
+2.5
EMPLOYMENT AND WAGES IN DELAWARE.
[Compiled by Federal Reserve Bank of Philadelphia.]
Industry.
All industries
Foundries and machinery products
Other metal manufactures
Food industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous Industrial
Increase or Decrease.
No.
Sept. 1928 over Aug. 1928.
Of
Plants
A strays
Total
Repeel- EmployWages.
Wages.
ment.
150.
29
4
5
3
3
3
4
7
+2.7
+2.7
+3.7
+70.1
--6.7
--0.1
+1.6
+4.0
+0.2
+37,5
+2.6
+0.3
-0.8
+1.3
-1.0
+1.2
-3.3
-19.1
+10.0
+0.4
-0.8
-0.5
OCT. 20 1928.]
FINANCIAL CHRONICLE
EMPLOYEE-HOURS AND AVERAGE HOURLY AND WEEKLY
WAGES
IN PENNSYLVANIA
(Compiled by the Federal Reserve Bank of Philadelph
ia and the
Labor and Industry, Commonwealth of Pennsylvania.1Department of
.
,
mcovcovo
.4.com o.-.coow000m.goloww..o.m.F.c.-.comocrwomocomow..4.400m
3.555
.584
.585
.617
.569
.590
.593
.469
.611
.510
.599
.533
.555
.621
.641
.610
.593
.667
.663
.441
.466
.491
.409
.490
.517
.482
.392
.377
.289
.486
.517
.418
.544
.546
.343
.543
.520
.537
.579
.489
.526
.481
.389
.586
.489
.562
.614
.473
.529
.354
.525
.574
.606
.552
.371
sse
525.71
28.05
29.85
29.01
25.47
27.87
29.86
27.03
30.75
24.48
28.80
23.68
23.96
28.30
29.33
30.75
27.56
25.93
22.73
21.23
21.99
20.39
18.22
26.10
24.11
26.25
17.76
14.36
14.86
20.05
28.51
19.09
31.74
28.15
14.08
27.68
23.38
33.24
24.97
21.91
21.36
24.19
18.05
28.98
27.55
26.33
30.54
23.22
25.86
18.36
21.15
29.38
29.49
29.11
14.98
so s4
reporting employment and wages this
month
The
4
Printing establishments have also reduced their
working forces in conformity with the usual September policy. It is
interesting to note, however,
that employment In this group continues to show
a yearly increase.
Engravers and lithographers have been adding to
their forces and additions
ars also noted in paper products factories.
Ago.
Earnings(Payroll).
Total
"AgarEarnings age"
Per Card Weekly
el Chse Itarntnya
from a
far
Sept. .11,asth
Sept.
1947.
Ago.
1928.
Index of Employment
(Average 1922-100).
Sept.
1928.
Aug.
1928.
All Industries
+1.1 101.3 100.2
97.8
+1.0
All manufacturing industries
+1.4
95.8
94.5
94.2
+0.8
Stone-Clay-Glass Products
-1.3 121.7
123.3 125.4
-5.8
Miscellaneous stone prodla_
+5.9 104.1
98.3 105.1
-3.3
Lime-cement-plaster
-4.2 106.2 110.9 110.3
-0.1
Brick-tile-pottery
7.4
104.3 112.6
113.5 -11.4
Glass
+2.4 149.0 145.5 147.2
-1.7
Metals-Machinery-Convey'ces
+1.5 107.0
105.4
98.9
+1.1
Iron and steel
0.1
123.6
123.7 114.3
-2.3
Sheet metal work-hardware. -1.7 101.0
102.7
98.8
-1.8
Tools and cutlery
+5.2
79.1
75.2
71.1
+6.1
Cooking-heating apparatus_
+2.9 110.0
106.9
110.2
+3.0
Brass-copper-sinc-oth. met+2.6 145.6
14111 136.3
+7.9
Cars and locomotives
5.8
42-41
44 9
43.3
-8.0
Autos-accessories
3.3 121.8 126.0 100.9
-4.1
Machinery
+3.5 136.3 151.7 125.8
+3.1
Electrical apparatus
+7.6 107.2
99.6
98.7
+6.1
Agricultural Implements- -. -2.1
141.0
144.0
110.0
-1.4
Instruments and appliances
+2.6
52.3
51.0
55.0
+5.7
Watches and Jewelry
+1.0 107.2 106.1 109.8 +32.4
All others
1.1
_
__
_ __
-9.9
Wood products
+1.9
__-78.2
7-7.2
9-1.1
+4.4
Saw-planing mills
3.4
97.0 100.4 111.2
-3.9
Furniture-cabinet work..
+6.1
98.5
92.8 106.4
+8.5
Pianos-musical instruments
56.7
56.9
80.6
+5.5
Miscell. wood products...-. -0.4
-4.0
49.1
51.1
59.1
-0.2
Furs and Leather Goods
-2.4 112.6 115.4 117.8
-4.6
Leather
2.4 107.6 110.2 105.1
--6.6
Furs and fur goods
+7.6
81.9
76.1
87.5 +18.5
Boots and shoes
2.5 115.1 118.0 120.8
-4.6
Miscellaneous leather goods
-3.0
61.5
63.4
72.7
-0.9
ChemIcals-Oils-Paints
+0.8 125.5 123.5 117.0
-0.9
Drugs-chemicals
0.5
94.4
94.9 103.6
-1-3.3
Paints-dyes-colors
-3.6 133.8 138.8 130.6
Mineral-vegetable oil
-4.9
-1.7
Miscellaneous chemicals_ _. -0.2 121.2 121.4 103.8
+5.0 157.3 149.8 136.2
Printing-Paper Goods
+0.8
-0.2
Paper boxee-bags-tubes...... -0.3 116.2 116.5 117.0
+3.2 144.4 139.9 143.0
Miscellaneous paper goods_
+6.1
+2.4
123.9
12
L.0
124.8
Job printing
+5.7
Newspapers-periodicals_ _ _ -3.4 111.5 115.4 112.9
-46
+0.4 130.5 130.0 129.6
Edition bookbinding
+3.0
Lithographing dt engraving
+0.6Textiles
---,
- 7
-3.5
+8.
14
0
5
.9
97.7
Cotton and woolen goods._
1-01-.1
+3.3
-17.4 115.1 139.3 153.2
Knit goods-hosiery
-7.4
+26.4
98.8
Thread-twine
78.2
91.2 +10.5
76.4
+6.0
Ail other
71.5
70.9
-5.3
+2.0 109.3 107.2 107.5
Clothing and Millinery
+8.6
-0.9
62.4
Men's clothing
63.0
66.5
-2.9
-0.6
51.9
Men's shirts-furnishings.- _
52.2
56.8
-3.9
941
Overalls-work clothing
94.5 103.0
+09
. -0.4
•
•
-1.6
71.7
Men's hats and caps
72.9
62.9 -12.7
+4.3
Women's clothing
53.1
50.9
52.0 +37.9
-2.6 110.9 113.9 112.4
Women's underwear
+2.5
-0.5 105.8 106.3
Women's hats
93.3 -14.5
Food-Beverages-Tobacco
57.0
53.6
83.8 +17.3
. +6.4
+4.1
Flour-feed-other cereals__ _.
94.6
90.9 101.6
+5.6
-6.8 100.6 107.9 116.7
Fruit-vegetable canning__ _
-5.9
+67.8
Miscellaneous groceries
42.0
25.0
75.5 +99.3
Slaughtering-meat packing. -1.0
87.4
88.3 105.2
-1.1
Dairy products
+0.8
85.8
85.1
899
+7.1
Bread-other bakery Prod'ts. -4.8 105.5 110.8
99.2
-4.6
+1.0
Confectionery
81.3
80.5
90.9
+4.3
Beverages
78.1
+7.2
72.9
86.1
+6.8
Cigars-other tobacco prod
-13.4
61.0
70.4
88.8 -22.0
Manufactured Ice
+2.8
91.1
88.6
90.8
+0.5
Ice cream
-14.2
97.7 113.9 132.6 -10.2
Trade-Wholesale-Retail
-13.2-------------29.1
Department stores
+2.4
66.
641
7.
+4.2
Wholesale dry goods
+1.0 122.7 121.5 120.4
+2.6
Wholesale groceries
+8.9
63.8
58.6
54.0
+4.5
Mall order houses
92.5
+2.7
90.1
98.2
+2.9
Milk distributing
+2.6
85.6
83.4 102.6
+5.2
Metal jobbers
+3.3
------------+2.0
Services
Hotels and restaurants
-0.8
Laundries
+0.2 123 6 123.4 126.6
-0.0
Public Utilities
-0.3 141.2 141.6 138.2
-0.8
Water-light-power
+0.3 151.3 150.8 134.6
-1.4
Telephone
-1.6 138.1
140.3 131.2
-1.5
Street railways
+0.3 110.4
110.1
114.1
+1.9
Railway car repair shops
+0.7
53.3
52.9
57.5
-5.0
Coal Mining
+4.3
47.8
45.8
11.2
+26.4
Building and Contracting.+1.3 138.6 136.8 149.0
+0.4
Building and construction
-0.2
91.7
91.9 103.1
-0.5
Road construction
+3.7 954.0 920.0 832.6
+2.7
Miscellaneous contracting
+10.6 256.3 231.7 238.5
+4.6
....NMMN.C,C..VV.V
Manufacturers have increased their working
forces by 1.4%, reversing
the downward movement of a year ago, and
carrying the volume of
employment in Illinois factories 1.6% above
September, 1927. There are now
approximately 3.5% more people employed
in all Illinois industries than
was
the case last year. Five and seven tenths
per cent more money is
available
in wages.
unemployment situation as reflected
by free employment
office
experience is also much improved when
compared with 1927. During
September of a year ago 147 applications
were received for every
100
jobs:
this year only 130 registrations have been
recorded per 100 People called
for.
Coal mining and agricultural activities
have been increased during
the
past month. Corn husking operations which
ordinarily require the services
of hundreds of workers have begun and
have created a largo market
for
agricultural labor. Coal mines are rapidly
increasing their schedules and
adding to their forces. During Septembe
r 4.367.941 tons have
been mined
as compared with 957.303 tons In September, 1927.
Among the manufacturing industries which
have played an importan
t
role in this month's upswing the 4.1% pickup
in food establishments
stands
foremost. A seasonal gain of 67.8% in
canneries and an 0.8% increase
in
meat packing plants have been significant factors
in bringing about the
improved conditions. Bakeries and candy
factories have also supporte
d
this upward movement.
IrPayrolls in wood products establishments
reflect improved condition
s,
especially in the furniture and piano groups.
Both Rockford and
Chicago
furniture factories indicate that increased
business has made additiona
l
workers necessary.
St4011
ta Owing to increased activity in electrical products
establishments and a
3,5% pickup in machine manufacturing
establishments, total employm
ent
in the Illinois metal industries has been increased
by 1.5%. The present
upswing is a reversal of last year's downward
movement. There are now
8.4% more names on the payrolls of metal manufact
urers than was the case
in September 1927.
The clothing industries have followed their customar
y practice of laying
off workers during September. In men's clothing
factories the decrease
amounted to 0.6%, while in women's clothing
factories a 2.6% reduction
Is noted. The September payrolls contain 4.1%
fewer names than was
the
Case last year.
Industry.
Per Cent
Change
from a
Month
=n4aeimMtticoOcr:mont.:41
..,
Cmno.-4cn,
mom m6c,
MNNNNVeMNNNNNM
Industrial Situation in Illinois
-Further Gain in
Employment During September.
Industrial employment in Illinois has gained
1.1% during
September according to the reports of 1,500
Illinois employers
whose payrolls also indicate that they
have spent I% more
money in wages than in August, according to
the "Monthly
Review" of the industrial situation in Illinois
, issued Oct. 18
by Sidney W.Wilcox, Chief of the Bureau
of Labor Statistics
of the Illinois Department of Labor. • Continu
ing the review
says:
Employment.
m000m.omeze4m.poyylOmnr-mo.4.
,om 0000me4o.ot.4.
1Nnt4 ocr-.5m*bo Rsoon.7 oto....rimerN,,,o..o,
3.566
.601
.590
.624
.574
.571
.605
.599
.614
.515
.594
.538
.544
.625
.652
.816
.586
.665
.682
.453
.465
.460
.426
.489
.556
.504
.389
.390
.294
.482
.512
.404
.558
.551
.342
.551
.531
.543
.586
.495
.530
.488
.385
.575
.488
.563
.598
.485
.531
.368
.554
.579
.588
.523
.334
727
-.-.m...91,..1moDilcq.go-,mor.ocleo
•Those figures are for the 806 firms
-1.7
-2.5
-13.0
-4.8
+52
-1.7
-13.1
+1.0
-0.2
+1.3
+4.5
+6.8
+3.4
-0.4
-3.9
+0.4
-4.2
-4.9
+43.5
-0.9
-0.5
-8.2
-1.0
-12.9
+2.5
+2.4
-1.5
-5.6
+5.3
+0.1
+2.5
-0.4
-11.3
+6.1
+2.8
-6.7
-0.9
-14.0
-1.2
+5.7
-1.1
+12.2
-14.1
+3.8
+3.8
-3.5
+5.2
-1.9
-4.2
-1.9
+6.8
+2.2
-2.3
-4.6
+25.1
-1-0.4
INNCIM,gc4NNNNNMNNmyme,..m..
.....0.04,0-16NNN..NN
473
170
7
27
8
7
11
34
32
14
10
13
7
30
6
8
8
4
4
71
10
9
21
4
5
6
8
4
4
47
20
6
8
9
4
35
15
8
12
33
13
16
4
20
12
5
3
27
9
10
4
4
40
10
3
27
:chN.io
owoot,
-..iy-.
o.-.00c
NNNNNMN
cOdc;tomoieiNciocommt,
OMNP2MM
i.oico..mr..
MNMNNOI
NNNM:IL
All manure. Industries (46)Metal precincts
Blast furnaces
Steel works & rolling mills_
Iron and steel (mange
Structural iron work
Steam & hot water heat.app.
Foundries
Machinery and parts
Electrical apparatus
Engines and pumps
Hardware and tools
Brass and bronze producteTransportation equipment_ ..
Autmobiles
Automobile podles and parts
Locomotives and cars
Railroad repair shops
Shipbuilding
Textile products
Cotton goods
Woolens and worsteds
Silk goods
Textile dyeing and finishing.
Carpets and rugs
Hosiery
Knit goods other
Women's clothing
Shirts and furnishings
FOOdli and tobaceo
Bread and bakery products
Confectionery
Ice cream
Meat packing
Cigars and tobacco
Stone, clay and glass producteBrick, tile and pottery
Cement
Glass
Lumber products
Lumber and planing mills_
Furniture
Wooden boxes
Chemical products
Chemicals and drugs
Paints and varnishes
Petroleum refining
Leather and rubber products.Leather tanning
Shoes
Leather products, other....
Rubber tires and goods
Paper and printing
•
Paper and wood pulp
Paper boxes and bags
Printing and publishing
-,40.,,,000.0,
1000W4.0WG0NOCA ,
IWMNOC,Nc0 ,
•WCO.Ww.v.,4 W 00-4 =0WA.-.00Nvvm
Group and Industry.
EmployeNo. of Hours
Plants Change
Arerage
AseraCte
Report- Sept. '28 Hourly Wages. •Weekiy Wages.
Mg.
from
Aug. 28. Sept.
Aug.
Sept.
Aug.
2151
With the exception of public utilities the volume
of employment has
increased in all non-manufacturing groups. In
trade. 2.4% more names
appear than was the Case in August. Mail order
houses have added 2.6%
more people to their forces, while department stores
have experienced a
1% gain.
Because of increases made in the working forces
of road builders and
contractors in the miscellaneous contracting group,
total building employment is 1.3% more than it was last month. It is a
matter of first rate
interest that both building permit totals and contracto
rs payrolls indicate
that building is less active than it was last year.
COURSE OF EMPLOYMENT AND EARNINGS IN
ILLINOIS DURING
SFPTEMBER 1928.
Improvement in Building Operations in Illinois During
September.
Building in Illinois increased sharply during September,
reversing a customary downward seasonal movement and
carrying the level of building in 28 cities 6.2% above the
August total. When the total of 10 additional centers, re-
porting for the first time in 1928, are included, the
increase
amounts to 5.8%. Even with the present month's pick-up
there is less money being spent on building than was the
case last September or in the comparable period in
any of
the years following 1922. In stating this, in his review of
the building situation in September, Sidney W. Wilcox,
Chief of the Bureau of Labor Statistics, of the Illinois
Department of Labor, under date of October 11,
adds:
The total estimated cost of building during the first
nine months of
1928 is also less than it was in 1927. From Jan.
1 to Oct. 1 permits
have been issued for the construction of buildings
with an estimated toot
[vol.. 127.
FINANCIAL CHRONICLE
2152
at $365,419,000. The 1928
of $319,651,000. Last year the total stood
in 1927.
total for Chicago is $36,800,000 less than it was
part of builders who
Other building indicators reflect caution on the
Some tightening
have been holding back on a number of large projects.
of fabricated materials
in building loan rates and a slight gain in prices
holding off on the part
are two factors which probably account for the
less than 0.2% of their
of building contractors who have dismissed no
necessarily indicative
workers during September. This last fact is not
ordinarily witof any fundamental change in building because September
nesses a falling off in building employment.
over the preDaring September Chicago builders report a gain of 19.8%
greater than it
ceding month. Apartment house construction is somewhat
than one-half
was in August, although the present total of $5,121,000 is less
non-residential conof the September 1927 figure. On the other hand,
last year, due
•struction as indicated by permits is greater than it was
. Office
largely to the erection of three school buildings costing $3,227,100
1927.
September
building construction has fallen off when compared with
total of
Of the other reporting metropolitan centers, the Oak Park
to residential
$689,949 is greatest. Of this figure $445,000 is devoted
Lake
building in which is included a $275,000 hotel. Wilmette, Winnetka,
to experience
Forest, Highland Park and Blue Island are other centers
September
during
large gains. Building in Evanston has dropped sharply
been isduring which permits for only $396,000 worth of building have
Berwyn, Kenilsued. This total compares with $1,699,950 in August.
worth and Maywood also report sharp reductions.
active
Among the reporting downstate centers, Waukegan has been most
two largest
with a program calling for $872,970 worth of building. The
Rockford
building.
store
a
$250,000
items are a $300,000 church and
on buildings
comes second with $657,609, $340,000 of which is for repairs
are
damaged by the recent tornado. Other cities showing large gains
Alton, Aurora, Danville and Joliet.
STATED BY
NUMBER AND ESTIMATED COST OF BUILDINGS ASER,
PERMITS ISSUED IN 38 ILLINOIS CITIES IN SEPTEMB G. 1928, BY
CITIES, ACCORDING TO KIND OF BUILDIN
Total.
zeptember 1928.
Cilia,-
No. Estimated
Cost.*
Bldgs*
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District.
According to the preliminary summary of agricultural
and financial conditions prepared by the Federal Reserve
Bank of Minneapolis and made public Oct. 15, business in
the district entered the fall period of active business on a
higher level than in any preceding year. The Bank says:
The daily average of debits to individual accounts at 17 cities were larger
debits in September
than in %lay previous September and exceeded average
a new high
last year by 2%. The country check clearings index also made
than in September
higher
record for the month of September, and was 11%
were smaller
last year. The only cities where debits to individual accounts
Red Wing and
than a year ago were Minneapolis, Duluth, Aberdeen,
at MinneWinona. An important factor in the smaller volume of debits
in August and Sepapolis and Duluth has been the smaller grain movement
and has
ago
year
a
than
year
this
tember. The movement began later
where the
recently been hindered by congestion at the head of the lakes,
of incoming
high percentage of dockage in wheat has retarded the handling
heavy outward
grain. A feature of the grain movement this year is tho
crop in
barley
the
as
inasmuch
,
movement of barley, which is fortunate
reobrds, building
the Northwest is of record size. Of the detailed business
carloadings and
permits and contracts, linseed product shipments, frrieght
ago and flour shippostal receipts were larger than in September a year
year.
last
r
Septembe
in
than
ments from Minneapolis were smaller
Farm income from cash grains, potatoes and hogs was 23% smaller than
is partly due to
in September last year. The reduced income from grains
to later
the late movement,so that some farm income is merely postponed
products was
dairy
from
income
months of the crop year. The August
last year. Prices of
16% larger than the August income from this source
higher in September
livestock, butter, milk, hens, eggs, rye and corn were
than last year.
than last year,and prices of other farm products were lower
S MARKETED
PRODUCT
FARM
NT
IMPORTA
OF
VALUE
ESTIMATED
.
IN THE NINTH FEDERAL RESERVE DISTRICT
P. C. Sept. 192$
Sept.
Sept.
of Sept. 1927.
1927.
Sept. 1927.
August 1928.
1928.
79
$51,494,000
340,762,000
what
Bread
77
25,058,000
No. Estimated Estimated
19,335,000
Durum wheat
56
Cost.
8,223,000
Cost.
Bldos
4,597,000
Rye
93
7,133,000
6,628.000
Flax
44
5,382,000
3,765 326,484,175
2,370,000
Potatoes
88
8,611.000
7,556,000
Hogs
1928
Aug.
C.
P.
6
335,929,24
3,571 25,487,359
of Aug. 1927.
Aug. 1927.
Aug. 1928.
116
0
$20,044,00
0
$23,332,00
1,875 17,180,385 28,935,125 Dairy Products
424,200
552,400
103
77,747
34,825
35
60
535.262
336,590
Boom in Hardwood Lumber Orders.
950,380
79 1,689,950
ended
231,525
40
Lumber production and shipments during the week
66,465
109,803
30
evi90,425
Oct. 13 increased appreciably over the week before, as
7
l
175,285
112,105
Nationa
47
the
to
reports
to
ng
accordi
s,
average
denced by mill
150,200
9
leading
the
of
865
95,302
from
ion
19
Lumber Manufacturers Associat
77,255
28
,
108,400 softwood and hardwood mills. Current orders, however
184,300
48
69
855,145
474,545
feet,
,000
403,387
totaled
ion
Product
were somewhat lower.
162,500
6
53,500
14
,000 feet and orders, 389,715,000 feet.
41,635 shipments, 391,654
25
99,250
137,250 Despite the fact that there were 16 fewer mills reporting
149,500
16
3,694 $28,028,365
Total (all cities)
Total (excluding cities reporting
3.463 27,071,343
for first time in 1928)
Maropillitan Area3,628 20,586,080
Chicago
263,400
92
Berwyn
123,475
35
Blue Island
265,985
62
Cicero
396.250
90
Evanston
42,550
25
Forest Park*
72,528
21
Glen Ellyn
101,800
9
Glencoe*
373,721
27
Park
Highland
9
78,200
Kenilworth*
274,350
29
Lake Forest*
89,437
26
Lombard*
48,375
38
Maywood**
689,949
73
Park
Oak
87.485
9
River Forest*
74,000
20
Wheaton*
381,899
26
Wilmette
153,300
28
Winnetka
Metropolitan Area72,009
69
137.000
88
Alton*
208,340
196,703
89
216,691
94
Aurora
26,100
6
4,200
5
Batavia*
71,500
68,000
18
41.500
11
Bloomington
3.358
58,200
13
Canton
8
38,000
11
68,000
Centralia*
77,038
44,750
14
120,350
29
Danville
386,140
88 1.087,150
246,980
98
Decatur
340,140 1,402,738
119
180,848
99
East St. Louts
120.905
170,434
88
79,390
71
Elgin
43.400
21
133,800
86,400
18
Freeport
113,150
245,845
56
314,815
40
Joliet
165,134
288,058
104
43,297
95
Moline
2.000
18.000
2
Murphysboro
304,050
504,800
108
307,855
142
Peoria
124,510
69.515
39
82,700
38
Quincy
397,470
505,610
148
657.609
297
Rockford
179.557
158,755
109
145,055
126
Rock Island
217.960
301,965
115
261,901
101
Springfield
203,774
241.700
68
872.790
71
Waukegan
total figure exceeds detail figures
*Reporting for first time in 1928. ** Complete
figures are not available for Maywood.
by 38 buildings and 148,375.since classified
ED COST OF BUILDINGS AS STATED BY
NUMBER AND ESTIMAT28
ILLINOIS CITIES FROM JANUARY
PERMITS ISSUED IN
ACCORDING TO
THROUGH SEPTEMBER 1928, BY CITIES,
KIND OF BUILDING.
Totat
January-September 1928.
atter-
Whole State
No.
Bldgs.*
Estimated
Cost.*
31,841
$319,851,148
Jan.-Sept. 1927.
Estimated
Cost.
$365,419,353
Metropolitan Area290,478,610
254,178,808
18,563
6,075,500
Chicago
5,135,800
1,008
922,919
Berwyn
834,844
365
3,819.589
Blue Island
2,956,775
436
12,970,775
Cicero
8,478,975
779
1,146,795
Evanston
1,327,568
224
1,583,398
Glen Ellyn
2.150.006
299
1,604,820
Highland Park
2,167.880
378
6.017.005
Maywood*
6.680,178
681
1,505,481
Oak Park
2.315,975
231
1,739,280
Wilmette
1,893,125
201
,Winnetka
2,146.121
Outside Metropolitan Area2,384,649
702
733,700
750.300
Aurora
121
123.253
Bloomington
73,875
30
846,288
606,713
Canton
178
4,376,850
Danville
3,706,270
984
4,993,336
2,246,093
Decatur
883
1,502.908
East St:Louis
1,873,736
800
808,301
1,833,649
Elgin
261
1.928.650
Freeport
2,656,900
478
845,157
1,027,009
Joliet
744
80,500
23,000
Moline
3
2,698,870
Murphyaboro
2,759,210
1,117
827,036
1,134,002
Peoria
305
5,247,361
Quincy
4,119,871
1,435
1,154,704
937,821
Rockford
878
3,467,519
Rock Island
2,602,853
918
5.795,091
Springfield
2.996,083
659
Waukegan
es by 378 buildings and 32,167,880.
* Complete total figure exceeds detailfigur
reported
this week than last, there was an actual increase in
nt was
total production. A feature of the week's moveme
reunits
387
orders,
d
hardwoo
in
increase
the remarkable
porting a gain of more than 16,000,000 feet, or approxi
mately 28%. Large orders now being placed for automobile
bodies with wood frames are believed to be partly responsible
for this increase. Production and shipments in this branch
of the industry were steady. In the softwood division of the
industry, the West Coast Lumbermen's Association reported
an
for 233 mills production as 208,551,484 feet, against
235,of
years
three
for
capacity
g
operatin
average weekly
819,683 feet, and an average weekly production this year of
191,498,359 feet. The Southern Pine Association reported
production for 149 mills as 70,232,770 feet, which was 10,856,298 feet under the three-year average.
Unfilled Orders Increase.
West ()oast mills at the
The unfilled orders of 340 Southern Pine and
feet, as against 917,821,194
end of last week amounted to 931,767,510
149 identical Southern Pine
feet for 336 mills the previous week. The
60 feet last week, as
mills in the group showed unfilled orchaa of 289,982,5
For the 191 West Coast
before.
week
against 292,238,240 feet for the
feet, as against 625,582,954 feet
mills the unfilled orders were 641,7P4,950
the 541 reporting softwood mills
for 187 mills a week earlier. Altogether
of actual production. For the
had shipments 96% and orders 91%,
ly
Southern Pine mills these percentages were respective 116 and 113; and
mills, the 496 with an
reporting
the
Of
84.
for the West Coast 87 and
00
gave actual
established normal production for the week of 384.375.0 feet,
thereof.
Production 89%,shipments 85% and orders 81%
by
,
as
reflected
lumber
movement
The following table compares the
hardwood regional associathe reporting mills of eight softwood, and two
tions, for the two weeks indicated:
Past Week.
Preceding 1Veek 1928.
(Revised).
Softwood. Hardwood. Softwood, Hardwood.
387
550
395
541
Mills (or unite>
348,363,000 55,024,000 346,436,000 56,202,000
Production
332,884,000 58,770,000 336,937,000 59,451,000
Shipments
318.586.00073,129,000 3513,859,000 57,008,000
Orders (new business)
capacity.
•A unit is 35,000 feet of daily production
West Coast Movement,
on wires from Seattle that new
The West Coast Lumbermen's Associati
for the week ended Oct. 13 totaled
business for the 191 mills reporting
for domestic cargo delivery,
was
feet
156,951,591 feet, of which 40,296,994
S local. New business by rail
and 32,695,126 feet export and 18,301.70
s 161,794,989 feet, of which
I amounted to 65,657,763 feet. Shipment
and intercoastal, and 22,911,594 feet
I 49,473,566 feet moved coastwise
1 feet and local deliveries 18,export. Rail shipments totaled 71,108,12
OCT. 20 1928.]
FINANCIAL CHRONICLE
2153
301.708 feet. Unshipped orders totaled 641.784,950, of which domesti
c
cargo orders totaled 220.486.350 feet, foreign 254,760,387 feet
Lumber Production and Shipments During Augus
and rail
t.
trade 166,558,213 feet.
The "National Lumber Bulletin," published by
Southern Pine Reports.
the
National Lumber Manufacturers Association, Inc., WashThe Southern Pine Association reports from New Orleans that
for 149
mills reporting, shipments were 15.83% above production and
orders ington, D. C., on Oct. 7 issued the following statistics on
were 12.62% above production and 2.77% below shipments. New
busi- the production and shipments of lumber
during the month
ness taken during the week amounted to 79,097,760 feet (previou
s week of August
:
89.078.080): shipments 81.353.440 (previous week 81,374,720);
and production 70,232,770 feet (previous week 70,825,231). The normal
produc- LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY
MEMtion (three-year average) of these mills is 81,0.89,068 feet.
BER ASSOCIATIONS TO NATIONAL LUMBER MANUFA
CTURERS
The Western Pine Manufacturers Association of Portland, Ore., reports
ASSOCIATION FOR AUGUST 1928 AND AUGUST 1927.
production from 34 mills as 32,289,000 feet, as compared with a normal
production for the week of 32,080,000. Thirty-five mills the week
earlier
Production.
reported production as 33.881,000 feet. Shipments and new business
Shipments.
Association.
were
somewhat lower last week.
Hard:eds. Softwoods. Hardueds. Softwoods.
The California White and Sugar Pine Manufacturers Association of San
Mids. Feet.
Feet.
Feet.
Feet.
Francisco, reports production from 18 mills as 22,082,000 feet (55%
of the
August 1928—
total cut of the California pine region) as compared with a normal
•
figure California Redwood
16
36,612,000
39,145,000
for the week of 30 612,000. Twenty-one mills the previous week reported California White & Sugar
Pine Mfrs
production as 30,045,000 feet. There were noticeable decrease
21
158.559.000
s In ship- lort h Carolina Pine
132,699,000
43
ments and new business last week.
38,803,000
43,087.000
Northern Hemlock &
The California Redwood Association of San Francisco, reports producHardwood Mfrs
38 20,073,000
20,449,000 27,597,000
22,661,00
0
tion from 16 mills as 7.983,000 feet, compared with a normal
Northern Pine Mfrs
9
62.686,000
figure of Southern Cypress
50.241,000
10,479,000. Fifteen mills the preceding week reported
Mfrs
6 1,195.000
4,945,000 1,454,000
production as Southern Pine
8,545,000
120
3,981,000. Shipments and new business showed notable
304,358.000
335,215,000
West C'st Lumbermen's. 139
increases.
655,727,000
The North Carolina Pine Association of Norfolk. Va., reports
711.457,000
26
produc- Western Pine Mfrs
136,599.000
140,855,000
Lower Michigan Mfrs._. 10 5,502,000
tion from 79 mills as 10,784,000 feet. against a normal producti
3.370.000 7.349,000
on for the Individual reports
3,587.000
week of 16,290,000. Eighty-four mills the week before
21 10,323,000
24.295.000 11,735,000
reported produc27,370,007
tion as 10,280,000 feet. Shipments and now business were
Total_
about the same
449 37,093,000 1,446,403,000 48,135,000
1,507,862,000
as those reported for the week earlier.
August 1927-California Redwood
The Northern Pine Manufacturers Association of Minneapo
44,801,000
lis, Minn., California White & Sugar 16
45,135,000
reports production from 9 mills as 12,669,000 feet, as
compared with a
Pine Mfrs
21
158,185,000
normal figure for the week of 10,855,000 and for the previous
120,643,0
00
North
Carolina
Pine
53
week 11,732,28,595,000
29.051,000
000. Shipments and new business showed some decrease last
Northern Hemlock &
week.
Hardwood Mfrs
The Northern Hemlock and Hardwood Manufacturers
38
27,077,00
0
21,369,000 29,750,000
Association of Northern Pine Mfrs
22,693,000
10
Oshkosh, Wis. (in its softwood production) reports
44,802,000
35,078,000
production from 45 Southern Cypress Mfrs__
7 1.285.000
3,162,000 2,379,000
mills as 5.468.000 feet. as compared with a normal producti
5,373.000
Southern
Pine
126
on for the
318,665,000
3.10,714,000
week of 19.656.000. Forty-six mills the preceding week
West C'st Lumbermen's. 113
457.079,1.00
reported produc_ Western
447,294,000
Pine Mfrs
tion as 3.923,000. There were decreases in shipments and
35 '
139,313,000
__ .— 122,288,000
orders last week
Lower Michigan Mfrs__
12 4,893,000
3,846,000 7,507,00G
2,114,000
Individual reports
Hardwood Reports.
23 11,545,000
25,171,000 12,061,100
24,114,000
The Northern Hemlock and Hardwood Manufacturers
AEI
IA OAA ftAA 1 OAA nel nen lei
Association of
Aft, nnn 1 10.4 An, tuft.,
Oshkosh, Wis., reports production from 63 units
as 6,266,000 feet, as
Total production, August 1928, 1,483,496
compared with a normal figure for the week of
,000 ft.: August 1927. 1,289,751,000(t.
13.359,000. Sixty-four Total shipments, August 1928,
1.555,997,000 ft.;
mills the week before gave production as 7.758.000 feet.
1927, 1.236,194,000 It.
Note.—Reports for August 1928 and August August
Shipments were
1927 given above are not Irons
slightly less last week, with a good gain in new business.
comparable mills and are not comparable.
The Hardwood Manufacturers Institute of Memphis
, Tenn., reports LUMBER PRODUCTION AND
production from 324 units as 48,758,000 feet.
SHIPMENTS BY STATES AS REPORT
as against a normal producED
BY MEMBER ASSOCIATIONS.
tion for the week of 58,335,000. Three hundred and
thirty-one units the
week earlier reported production as 48.444,000 feet.
Shipments were
slightly larger last week, and new business practical
August 1928.
ly 14,000,000 ft. larger.
Stele.
Production,
Shipments,
Feet.
Feet.
West Coast Lumbermen's Association Weekl
y Report.
According to the West Coast Lumbermen's
Association,
reports from 192 mills show that for the week
ended Oct. 6
orders were 2.1% below production, while shipme
nts were
10.6% under production. The Association's
statement
follows:
WEEKLY REPORT OF PRODUCTION,
ORDERS
192 mills report for week ended Oct. AND SHIPMENTS.
6 1928.
(All mills reporting production, orders
and shipments.)
Production.
Orders.
Shipments.
181,412,469 feet
177,638,661 feet
162,030.677 feet
100%
2.1% under production
10.6% under production
COMPARISON OF ACTUAL PRODUCTION
AND WEEKLY OPERATING
CAPACITY (233 IDENTICAL
MILLS).
(All mills reporting production for 1927 and
1928 to date.)
Actual Production
Week Ended
Oct. 6 1928.
Average Weekly
Production 40 Weeks
Ended Oct. 6 1928.
Average Weekly
Production
During 1927.
. a Weekly
Operating
Capacity.
201,686,138 feet
191,049.257 feet
192,674,584 feet
235,819,683 feet
x Weekly operating capacity is based on average hourly
for the years 1925, 1926, 1927 and four months of 1928 and production reported
the normal number
of operating hours per week.
WEEKLY COMPARISON FOR 187 IDENTICAL
MILLS--1928.
(All mills whose reports of production, orders and shipment
s are complete for
the last four weeks.)
Week Ended—
Oct. 6.
Sept. 29.
Sept. 22.
Sept. 15.
Production (feet)
176,300,018 177,576,459 173,616.2
160,799,210
Orders (feet)
173,738,661 181,960,567 170,025,188
10 205,603,813
Rail (feet)
66,209,258
71,616,380
70,105,979
76,528,363
Domestic cargo (feet)
48,994,780 54,613,967
49,585,362 60,010,159
Export(feet)
44,552,519 42,326.110
39.551,594
51,147,6
93
Local (feet)
13,982,104
13,404,110
10,782,17
17,917,598
Shipments(feet)
155,555,921 165,390,345 176,649,2 5
62 169,970,539
Rail (feet)
68,839,442
77,113,057 74.570,642
77,799,393
Domestic cargo (feet)
48,213,984
51.525,863
57,175,237 46,225,468
Export(feet)
24,520,391
23,347,315
34,121,208
28,028,075
Local (feet)
13,082,104
13,404,111) 10,782,17
17,917,598
Unfilled orders (feet)
625,582,954 593,727,990 602.137, 6
472 570,559,241
Rail (feet)
172,404,029 183.029,755 187,832,9
Domestic cargo (feet)
212,068,956 209,266,534 223,088,3 33 202,893,227
Export(feet)
241,109,969 201,431,701 191,216,204 199,121,234
35 168,544,780
100 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipment
s are complete for
1927 and 1928 to date.)
Week
Average 40
Average 40
Ended
Oct. 6 1928.
Production (feet)
106,507,554
Orders (feet)
108,075,921
Shipments (feet)
101,673,129
DOMESTIC CARGO DISTRIBUTION WEEK
(111 MILLS).
Washington
Orders on Hand
& Oregon
Orders
MOW, Week
Oct. 6'28. Received.
(94 Mills)—
California
83,452,035 18,748,668
Atlantic Coast
Miscellaneous
110,313,148 21,790,559
4,322,740
167,771
Weeks Ended
Oct. 6 1928.
Weeks Ended
Oct. ft 1927.
101.665,253
98,044,925
108,769,018
100,583,902
109,441,530
98,037,143
ENDED OCT. 6 1928
Cancellotions.
78.104
2,766,515
None
Orders Unshipped
ShipWeek Ended
'omits.
Oct. 6'28.
19,899,817 82,222,782
19,183,910 110,153,282
1,356,3E6
3,134,125
Tot. Wash. & Ore_ _198,087,923 40,706,998
2,844,619 40,440,113
195,510,189
Brit. Col. (17 MU1s)—
California
2,312,000
440,000 .
None
2,272,000
480,000
Atlantic Coast
11,037,274 6,241,133
25.000
2,350.686
14,892,721
Miscellaneous
None
157,000
None
None
157,000
Tot. Br. Columbia_ 13,349,274 6,828,133
25,000
4,622.686 15,529,721
Total dom. cargo_ _211,437,197 47,535,131
2.869,619 45,062,799 211
.039.910
Alabama
Arkansas
California
Florida
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina Region
Oregon
South Carolina
Texas
Washington
Wisconsin_
Others•
10
11
30
12
11
29
20
4
27
3
43
63
2
34
94
29
27
20,653,000
23.064,000
154,720.000
26,527,000
63,500,000
76,706,000
20,251,000
28,274,000
85,510.000
13,170,000
38,803.000
309,091,000
2,686,000
74,784.000
443,891,010
31,741.000
70,125.000
22,343,000
32,394,000
137,210,000
28,136.000
61,734,000
85,640,000
25,089.000
31.993,000
90,411,001)
12,875,000
43,087,000
318.931,000
3,438,000
80,183,000
490.370,000
37.748,000
54,415,000
Total
449
1,483,496.000
•Includes mostly individual reports, not
distributed.
1.555,997.000
Production and Shipments of Rubber Tires
Reach
New High Record—Inventory Lower.
According to statistics compiled by the Rubber
Association of America, Inc., from figures estimated
to represent
75% of the industry,5,601,856 pneumatic casing
s—balloons,
cords and fabrics—and 51,679 solid and cushio
n tires were
produced during the month of August 1928.
This is a new
high record in all time,and exceeds August 1927
by 1,291,491
tires and July 1928 by 734,027 tires.
Shipments during August last again set a new
high record
amounting to 6,302,258 pneumatic casings and
52,334 solid
and cushion tires, compared with 5,924,156
pneumatic
casings and 48,081 solid and cushion tires in
July this year
and 4,795,171 pneumatic casings and 48,373
solid and
cushion tires in August 1927.
Inventory of pneumatic casings at Aug. 31 1928
amounted
to 7,514,290, compared with 8,368,358 at July 31
last and
8,040,619 at Aug. 31 1927.
Inventory of both balloon and high pressure
inner tubes
at Aug. 31 1928 totaled 10,448,085, as against
11,230,601
on July 31 1928, and 10,997,618 on Aug. 31 last
year.
The total output for the 8 months ended Aug.31
1928 was
39,102,112 pneumatic casings and 351,503 solid and
cushion
tires, as compared with 34,380,810 pneumatic casings
and
425,046 solid and cushion tires in the same period in
1927,
while shipments totaled 38,883,751 pneumatic casing
s and
355,767 solid and cushion tires as,against 33,812,599
pneumatic casings and 403,464 solid and cushion tires
for the
first 8 months of 1927.
The Association in its bulletin, dated Oct. 10,
gave thy.,
following statistics:
1
----1927
----1928---Production. Shipments. Production. Shipments.
2,413.700
2.209,580
3,814.016
3,678,139
2,250.576
2.059.868
1,903.345 2.416.386
130.895
44.310
20.372
71,856
Total pneumatics
Solid and cushion tires
5.601.856
51,679
0,302,258
52,334
Total
Inner TubesSaloon pressure
High pressure
5.653.535
6,354,592
3,474,338
2,783,115
3,655.301
3.357.277
Total
First 8 MonthsTiresBalloons
Cords
Fabrics
6.257,453
7,012,578
26,577.877 25,134,970
12.313,880 13,398.446
350.335
210,355
Total pneumatics
Solid and cushion tires
89,102,112 38.883.751
355.767
351.503
Total
Inner TubesBalloon pressure
High pressure
26,646,134 24.241.271
14,878.641 16.596,442
Total
39.453,615 39.239.518
4,313.758
48.286
4.795.171
48.373
August production was about 14% above July and 4% above
June. The rate of production in August was 83% as compared with 78% in July. The Association under date of
Oct. 15, reports further as follows:
The August daily average paper production was 5% higher than July
and 2% higher than the August 1927 daily average. Newsprint and felts
4,843.544 and building papers were the only individual grades to show a decrease in
4,362.044
with July.
2.445.670 daily average production as compared
1.883.417
The total eight months' paper production to date was 4,647.805 tons,
2.976.393 3.541.012
as compared with 4.521,798, tons in the same period last year. an Increase
5.986.682 of about 3%. Shipments for the first eight months of 1928 totaled 4,599.072
4,859.810
tons as compared with 4.482.532 tons during the first eight months of 1927.
19,120,485 17,846.960 Stocks on hand at the end of August 1928 totaled 290.001 tons, as com14,738.522 15.047,619 pared with 267,335 tons at the end of August 1927.
918.020
521.803
Wood pulp production in August totaled 200,627 tons, as compared with
Production was at the rate
34,380.810 33.812.591) 186.615 tons in July and 209.797 tons in June.
403.464 of about 78% of capacity. August was the first month to show an increase
425.046
over the corresponding month in 1927 since February 1928.
34.805.856 34,216,063
The total production for the first eight months of 1928 was 1.677.511 tons,
to
19.821.932 18.384.788 as compared with 1,708.648 tons, according to the identical mill reports
17.949,420 20.464.180 the American Paper & Pulp Association.
41.524.775 40.837.713 37.771.352 38.848.968
The Association also released the following figures, estimated to represent 75% of the industry:
COMPARATIVE REPORT ON PAPER OPERATIONS IN IDENTICAL MILLS
FOR THE MONTH OF AUGUST. 1928.
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS. TUBES, SOLID AND CUSHION TIRES.
8 Mos. End. Cal. Year
Month of
1927.
Aug. 1928. July 1928 June 1928. Apo 31 '28.
PeriodCotton fabric (lbs.) _21.853.756 20.947,408 19,646.494 151.742.302 177.979.818
514,994,728
396.347.370
53.158.592
Crude rubber (lbs.) _ 62,224.046 47.128.308
• Statistics, representing 100% of the following respective
industries, were also issued:
Cal. Year
8 Mos. Ended.
-Month of
1927.
Aug. 31 '28.
July 1928.
Aug. 1928.
Periodconsuwed
Gasoline
11,220,342.000
8,658,222.000
1 122,450.000 1,300,320,000
(gallons)
3.085,738
2,438.372
245.587
284.520
xPtuntgr cars produced
487.585
358,234
33.885
86,832
eTrucks produce& - abroad the parts
assembled
cars
and
production
Canadian
include
figures
These
x
of which were manufactured tn the United States.
President Henderson o;the New York Rubber Exchange
in Annual Report Announces that Contracts
Valued at About $295,000,000 Were Traded in
During the Year.
Rubber contracts to the value of about $295,000,000
were traded in on the Rubber Exchange of Now York during
the year ended Aug. 31 last, President F. R. Henderson
said in his annual report which was sent to members of the
Exchange on Oct. 4. This amount represented approximately 188,400 contracts calling for 471,000 tons of crude
rubber. President Henderson further stated:
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Felts and building
Other grades
Total, all gradesAugust
July
Eight months 1928
Eight months 1927
Shipments
Tons.
Stocks cn Hand NM
of Month-Tons.
115.940
96.487
235.828
56.980
16,216
31.465
14,783
5.272
10.243
25.638
114,539
98.423
236,097
56,796
16,079
31,162
15,190
5.156
10.080
24.609
40,838
56,370
50,432
52.937
9,400
42,828
13.397
4.454
2,195
17,663
608.852
532.624
4.647,805
4.521.798
608.081
539,796
4,599,072
4.482 532
290,514
290,556
290,001
267.335
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OF AUGUST. 1928.
JtOCK3 on
1.000
wit,,red
Hand End
During
During
Produc•
Grade.
of Month.
Month.
Month.
lion.
and while our
The year has been a difficult one for the rubber industry,
the
Exchange has progressed in a most satisfactory manner, withstanding
the market
tests of some very heavy trading, the uncertainty pervading
time.
to
time
from
has unquestionably restricted operations
whole question
When the British Government decided to look into the
ban on exports
of rubber restriction, it was not generally expected that the
did yield before the
would be removed on such short notice. The market
part of holders
the
on
fear
announce-rent was finally made,largely through
stated that full production
of rubber, but when the actual announcement
severe, though gradual
would be permitted beginning Nov. 1, there was a
reached for April
decline until the low point of 16.30 cents per pound was
have ruled around
prices
delivery. There has been a slight recovery and
18 cents to 19 cents since.
totalled 3.594 lots.
Our most active day was Apr. 4, when transactions
or about 9.000 tons.
from $4.425
ranging
Forty-nine memberships were transferred at prices
and is the highest price on
to $13,000. The latter price was paid in April.
record.
rubber on the estates
Much has been written about the accumulation of
recent figures Indicate
in preparation for full shipment in Rovember. but
now seems that this
It
high.
that earlier estimates have been much too
with the present world
actual surplus will hardly reach 60.000 tons, and
consideration to the
stock of rubber at loss than 200.000 tons, and giving
not much changed from
increase In consumption, the statistical position is
will not encourage
price
of
level
present
that of a year ago. In addition, the
quantities.
the production of the world's potential
losses the first half
Manufacturers were compelled to take very heavy
abolition of restriction and the consequent
of the current year. due to the
cleared the future is decidedly
decline in price, but with the atmosphere
brighter.
rubber beginning Nov. 1, I feel that
Facing, as we do, a free market In
material increase In the activity of the Exwe can confidently expect a
plantations during the last five years
change. Restriction of output on the
encouragement of trading, and the new order
has been a deterrent to the
of
make for better conditions in all branches
of things will unquestionably
will, of course, act as a check on any
the industry. Unrestricted output
price
of
level
same time the present
substantial move upwards, and at the
uses, which In turn will Increase conencourages the development of new
opposing forces will work to the economic
sumption. In the end these
planter and consumer alike. I believe the
solution of the problems of
full expression of market views or
Exchange offers the medium for the
means of compelling a healthful situaonly
the
is
and
opiniotuz,
price.trend
tion In our rubber market.
during the year. with the announced
The Rubber Institute was organized
such as distributing costs. &c., In the
purpose of correcting existing evils.
gratifying results have already
manufacturing industry. At last reports,
accomplished.
been
During August.
VT" Increase in Paper Production
608,852 tons as corntotaled
Paper production in August
581,792 tons in June,
and
July
in
tons
532,624
pared with
& Pulp Assoaccording to reports to the American Paper
organizations.
ciation from members and co-operating
Production
Tons.
Ground wood
Sulphite. news grade
Sulphite. bleached
Sulphite. easy bleaching
Sulphite. NIitscherlich
Sulphate pull)
Soda Pulp
Pulp-Other grades
Total, all gradesAugust
July
Eight months 1928
Eight months 1927
Tons.
75.842
39,771
25.440
3.241
7.211
25,134
23.932
56
Tons,
87.375
38,862
22.701
2,014
6,101
20,056
14.661
200.1327
188,615
1,677,511
1_7011(102
192,670
173,633
1,504,598
I 55O 275
mo.
Vo"-1.4:‘,„
Month of AugustTiresBalloons
Cords
Fabrics
[VOL. 127.
FINANCIAL CHRONICLE
2154
Tons.
96,214
8,806
3,300
615
1.506
5 837
5,299
123
22,251
23,482
180,637
IAR NM
121,700
136.057
121.700
158108
Cotton Forecasting Undergoes Change-New Methods
Discount Damage after Date of Condition Report.
[From the "Wall Street Journal," Monday Evening, Oct. 15 1928.1
A considerable number of persons engaged in the cotton
trade are still letting their mental processes run In old
grooves that lead either nowhere or to conclusions fraught
with financial peril. This is the strongest impression that
a representative of the "Wall Street Journal" took away
with him from attendance at the meeting in Washington
of the crop reporting board of the United States Department of Agriculture.
The board in its forecast of yield an acre and of bale
production now anticipates to a great extent the subsequent effects during the season of weather, insect damage
and disease upon the crop. A forecast is no longer made
solely upon the basis that "average" conditions will prevail during the remainder of the season.
OLD TRADE FORMULA VOID.
Because a government forecast under the new methods
does not mean merely that on a certain date a crop "condition"-expressed as a percentage of what normal growth
and vitality would be-may result In a certain number of
bales, the cotton trade must discard Its old line of reasoning.
During the growing season, in figuring out the probable size of the crop and whether the next government
production figure will be a revision down or upward of
its previous figure, the trade can no longer recite Its old
formula, saying that the government forecast was for so
many bales as of the first of the month; that the change
In condition since then has been so and sea; and therefore
the next forecast should be for so many bales. The new
methods of crop reporting vitiate such a formula.
For example, in the government forecast of September
1 the condition of the crop was 60.1% of normal and Indicated production 14,439,000 bales. But in the October 1
forecast the condition was 54.4%, a drop of 5.9 points,
while the October production forecast was lowered only
486,000 bales to 12,993,000. In its comment accompany-
OCT. 20 1928.1
FINANCIAL CHRONICLE
2155
ing the October 1 report the Crop Reporting Board explained
Move to Increase Wages in New England Textile Millsthat the reason for a bale reduction less than the reducWorkers Seek 53. % Raise in Plants Which Cut
tion indicated by the decline of 5.9 points in condition was
10%.
that in the September forecast the board's interpretation
The following is from the Providence "Journal" of Oct. 13:
of condition made allowance for damage from boll weevil
The entergencyboard of the United Textile Workers of America
unanticipated by reporters (in reporting condition figures) voted to Inaugurate a movement for a 6%% wage increase in yesterday
all New
England mills which have reduced wages 10% during the past year. The
at that time.
committee hopes to secure an lmmsdiate response to its efforts, and it
No secret of the methods that are being used to fore- was pointed out following the meeting of the board
at the headquarters
cast the cotton crop is made either by the board as a body, of the State Federation of Labor here that the desired increase would In
compensate
Part
for the reductions made.
by its chairman, nor by individual members. While the
Wage increases recently awarded in New Bedford and Fall River
led
reporter sat with the board around the conference table, to the decision of the board. In both
cities, a wage reduction of 10%
behind locked and guarded doors and windows, for 14 has been cut.
The emergency Committee, which comprise the officers and members of
hours-from 9 p. m. Sunday October 7, until 11 a. m.
the executive committee of the Textile Sorkers
start the campaign
Monday-questions from him were encouraged and wel- immediately. The meeting was conducted by will
International President
comed, every question that he cared to ask was freely Thomas F. McMahon.
Officers of the organization stated yesterday that the Pepperell Company
answered, and members of the board went to extraordinary
of Biddleford and Lewiston, Me., was the first to make a cut of 10% In
pains to explain to him the steps that were gone through wages a year ago yesterday at its plant at Lowell.
The cut then followed
as its plants in Maine. The resolution adopted yesterday is addressed to
in arriving at the final forecasts.
the Pepperell Company and all concerns that reduced wages during the past
To recount these steps, however, would involve an exyear.
position of the new science of statistics, a highly technical
The emergency committee is composed of the general officers of the
science, that has grown up in the last generation and has United Textile Workers of America. The committee stated that as there
had been no general reduction of wages in Rhode Island during the past
made rapid strides in the last few years.
year. the resolution did not directly apply to concerns of this State.
FINDING
BIAS IN
REPORTS.
But forecasting the cotton crop is not only a science.
It is an art as well. William F. Callander, chairman of
the crop reporting board, tells the story of a crop reporter whose father could go through an apple orchard
and estimate its output more closely than anyone else.
"But," commented the reporter, "when I know my father's
estimate, I could make a still closer estimate, because
I
have observed that father always overestimates somewhat
the crop; and knowing his 'bias,' and making due allowance
for it, I can after having his estimate (but not before),
make a still closer estimate."
Much of the work of the statisticians of the board
consists in finding the bias, not necessarily intentiona
l, that
exists in the reports made by 30,000 or more
reporters, and
in establishing the degree of constancy of bias.
Because of the element of bias and other considerat
ions,
the crop reporting board has made another
change in its
methods of forecasting the crop. It has given
up the use
of fixed "pars," a par formerly being the average
of what
full yields an acre would be for a number
of years, and
being based on the reported condition and the
reported yield
an acre of past years. The board now regards
the par as
purely a mathematical device, to be adjusted
and used as
a means to the end of finding the probable
yield an acre
In the season.
For psychological reasons, among others, the
board has
also ceased publishing, either before or after a
crop report, the state par figures that have been used
in its
computations. One reason is that a par for an
entire State
Is often misleading, and is in many eases
inapplicable to
different sections of the State.
It is not in the least the fault of the Department
of Agriculture, however, that a considerable section of
the cotton
trade has failed to grasp the significance of
these changes
in methods of crop reporting, which the
board began to
institute in 1924. The department has broadcast
literature
throughout the country concerning these changes,
and It has
called attention to them in its crop reports and in
the comments accompanying the reports.
BOLL WEEVIL CAUSE
OF ORANGES.
A main reason for introducing these changes
that have
been made was the fact that damage from the boll
weevil
led to a situation early in the crop season where
statements of indicated production became more misleading
than
helpful. In the words of Mr. Cal'ander, "the
situation
was intolerable, and the board found it necesary to
devise
ways and means of discounting weevil damage. There
devolved upon the board the duty of developing methods
of
anticipating, at least in a general way, the probable
effect
of weevil damage, subsequent to a given condition
report,
upon the relationship of condition and yield."
It is probable that only a small part of the public
fully
realizes that the crop reporting service of the United
States
is more thorough and complete in its work than
that of any
other country, but that is the tribute which the
Interna•
tional Institute of Agriculture at Rome, the clearing
house
for the agricultural statistics of all countries, has
offered
to the efficiency of the United Statvs CND
Si;.
vice.
Census Report on Cotton Consumed in September.
Under date of Oct. 15 1928 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of September 1928 and 1927. Cotton consumed
amounted to 492,221 bales of lint and 68,562 bales of linters,
compared with 627,784 bales of lint and 80,365 bales of
linters in September 1927, and 526,729 bales of lint and
68,165 bales of linters in August 1928. It will be seen
that there is a decrease from September 1927 in the total
lint and linters combined of 147,366 bales, or 20.8%. The
following is the statement complete:
PRELIMINARY REPORT.
September report of cotton consumed, on hand, Imported and exported, and
active cotton spindles. (Caton In running bales, counting round as half bake.
except foreign, which is In 500-pound balm)
16
Cotton Consumed
Cotton en Hand
During
Sept. 30Cotton
fl
Spindles
Two
In Con- n Public Active
fil
Year
Months miming Storage
During
Ending
Estaband at September
Sept. Sept. 30 lishments. omp'ses.
.a
Fl
(Bales.) (Bales.) (Bates.) (Bates.) (Number.)
United States
{ 1928 492,221 1,018.950 719,981 645.977 28,277.090
1927 627,784 1,262,304 1,116,093 3,964,615 32,398.452
Cotton-growing States- 1928 381,025
1927 462.378
New England States
1928 92,957
a ite
1927 136,535
All other States
1928 18,239
1927 28,871
Included AboveEgyptian cotton
1928 16,138
1927 19,795
Other foreign cotton
1928 5,879
1927 7,119
American-Egyptian cotton 1928
724
1927 1,132
Not Included AboveLinters
{ 1928 68,582
1927 80,365
784,913 409,143 2,556,264 17,713,716
926,908 730,312 ,672.864 17,726,478
195.605 270,925
71,728 9,284,008
278,511 324,414
79,078 13,213,546
38,432
39,913
17,987 1,229,366
56,885
61,367 212,673 1,458.428
34,732
42,264
11,871
14,128
1,856
2,189
46,486
52,49'
28,130
21,893
2,557
2,718
136,727
166,575
112,314
147.319
13,238
17,556
15,210
7,211
5,95
3.042
40,01
38.91
Imports of Foreign Cotton 1500-18. Bales).
Country of Production.
September.
1928.
1927.
Mos.Ended Sept.30.
1928.
1927.
Egypt
Peru
China
Mexico
British India
All other
12,897
1,956
1,362
377
1,901
15
18,312
3,502
1,353
55
4.635
490
30,733
2,818
4,882
389
5.049
15
34,704
8,285
2,850
65
9.840
1194
GrTotal
18.508
28,347
43,886
56.388
Exports of Domestic Cotton and Linter:
(Running Bales-See Note for Linters).
Country to Which:Ezported. •
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
September.
2 Mos.Ended Sept.30.
1928.
1927.
1928.
1927.
89,829
85,112
68,199
250,762
150,915
139,903
29.849
64,391
80,331
26,734
262,285
105,663
77.428
14,209
123,207
115,013
95,256
295,607
220,254
173.838
50,883
108,953
127,483
48,118
347,490
213,767
91,567
33,968
814. 569
631,041 1,074,058
971.352
Note.-Figures include 4,618 bales of linters exported do? ng September in
1928
and 10.754 bales in 1927 and 11,478 bales for the two months ended Sept. 30
in
1928 and 29,145 bales In 1927. The distribution for September 1928 follows:
United Kingdom, 240; Netherlands, 100; France. 678; Germany, 2.173; Belgium
117; Italy, 94; Canada.811: Mexico, 3; Spain,200: Australia, 100; New Zealat,d,
100'
WORLD STATISTICS.
The estimatedrworld's production of commercial cotton, exclusive of
linters
grown In 1927, as complied from various sources, is 23,204,000
bales, counting
American In running bales and foreign bales of 478 pounds lint.
while the eonsumpRon of cotton (exclusive of linters in the United States) for the year
1927 was approximately 25,869,000 bales. The total number of ending July 31
spinning Cotton
spindles, both active and idle, is about 165,000,000.
Cottonseed Oil Production During September.
On Oct. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand, and exports during the month of September 1928 and
1927:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Os Hand at Mills
Crushed
Reeeired at Mills..
Sept. 30.
Aug. 1 to Sept. 30 Aug. 1 to Sept. 30
State.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Missiseippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
AU other
1928.
1927.
1928.
1927.
1928.
1927.
38,080
8,598
61,421
7,589
52,270
69,942
150.189
5,885
47,269
12,002
25,278
555,584
5,149
118,951
5,618
50,196
2,802
157,889
66,384
175,340
26,989
38,050
40,864
26,374
588,867
8,814
22,821
6,707
33.140
4.519
38,385
30.074
62,436
1.848
19.136
6.155
15,387
251,590
2,480
61,320
4,456
32,238
3.996
102,227
34,003
94,300
12,082
33,222
26,588
18,028
317,170
5.501
15.372
1,993
28,514
3,288
14.359
39,985
91,752
4,179
28,459
6,012
12,760
317.188
2.689
58.414
1,335
19,639
1,576
58,044
42,989
93.711
15,661
26.384
15,391
9,482
305.628
3,338
R81..c72
AAR Ann
745 101
4011.57A
1 ono 91A 1 Ron 010
Tinitad Qtxtska
,'Includes seed destroyed at mills but not 21,972 tons and 89.784 tons on hand
Aug. 1. nor 9.715 tons and 9,887 tons resh pped for 1928 and 1927, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
[VOL. 127.
FINANCIAL CHRONICLE
2156
Season.
On Hand
Aug. 1.
Shipped Out
Produced
Aug. 1-Sep.30 Aug.1-Sep.30
On Hand
Sept. 30.
1928-29 '20,350,682 147,447,154 119.163,988 *6.7,951,434
Crude oil
87.482,788
16;298,641 225,117.934 171,714,509
1927-28
(pounds)
1159,629,289
1928-29 x335,993,223 y81,566.450
Refined oIl
226,210,684
1927-28 378,612.700 133,059,130
(pounds)
61,350
191,781
220.483
32,648
Ceke and meal- 1928-29
108.810
287.396
332.374
63,632
1927-28
(tons)
72.572
94,708
137.989
. 29.291
1928-29
Hulls
185,681
196.430
214,068
168.045
1927-28
(tons)
86.521
55.920
98.447
43,994
1928-29
Linters
80.321
93,619
127.763
48.177
(running bales) 1927-28
2,335
3,288
2.848
2,775
1928-29
Hull fiber
21,063
5.767
4,900
21.930
(500-1b. bales). 1927-28
motes.
Grabbots,
2,644
2.548
3.289
1.903
1928-29
&to
3,730
2.364
4,252
1,842
(500-lb. bales). 1927-28
'Includes 3,093 476 and 4,669,739 lbs. held by refining and manufacturing estabconsumers
and
refiners
to
lishments and 3.290,652 and 21;031.975 lbs. in transit
Aug. 1 1928 and Sept. 30 1928. respectively.
x Includes 7.594,021 and 3,809.240 lbs. held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments,
and 10,166,451 and 7,828.855 lbs. in transit to manufacturers of lard substitute,
oleomargarine, soap, &c.. Aug. 1 1928 and Sept. 30 1928, respectively.
y Produced from 88,828,250 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR ONE MONTH ENDING
AUG. 31.
1927.
1928.
Item768,970
402,216
011-Crude. pounds
894,022
864,825
Refined, pounds
15,122
944
Cake and meal, tons
18,391
6,862
Linters, running bales
American Woolen Co. Opens Balance of Spring LinesSixty-Seven New Styles in Women's Wear Fabrics
Shown.
Featuring sixty-four new and original styles in a wide
range of colors, the AmericanWoolen Co., department four,
opened the complete balance of its spring wear fabrics
on Oct. 17, says the New York "Journal of Commerce"
which goes on to say:
The lines shown include fabrics made in the Wood, Worsted, Washington, Ayer, Fulton, Webster, Assabet, Burlington and Rochdale mills for
delivery to the end of January, inclusive. Owing to the fact that there
are no repeats included in the lines, there can be no comparison with
prices existing last spring. The terms are the same as usual, 10-30.
The showing was conducted under the supervision of Raymond S.
Bartlett, selling agent.
The line includes five Kashalaine fabrics priced $1.60 to $1.77%, In
forty-seven colors. Two of these fabrics are sponged and spot-proofed,
priced $1.82% to $2.37%, in full line of colors; six wool broadcloths
in black and blue, priced $1.45 to $1.85; five wool broadcloths $2.25
' style
to, $2.62%, in elaborate line of colors; wool poiret broadcloth,
I 13459, sponged and spot-proofed, $2.97%, in full line of colors; three
wavy-effect broadcloths made in Burlington and Rochdale mills, priced
at $2.521/j, $2.65 and $2.75, sponged and spot-proofed, in all colors;
seven kasha fabrics ,in line of colors, $1.47% to $2.22%; eight kasha
broadcloths, $1.97% to 3.22%, all shades, mostly sponged and spotproofed; three basket-weave effects at $1.37%, $1.85 and $1.92%; four
cheviots in fancy and twill weave effects, $1.6731, to $1.95, full line of
colors; seven fancy worsted tweeds, $1.67% to $2.47%, in full line
of colors; three coverts at $2.50, $2.52% and $2.70, also covert repp
at $2.42%.
The color card comprises about forty-seven shades, including all casts
of tans, blues, grays and greens. The fancy line, which was opened a
short time ago, is being supplemented from time to time with additional
styles.
Australian Wool Production.
Estimates of wool production in Australia are placed at
2,462,000 bales for the 1928-29 season, as compared with
2,456,000 for last season according to advices transmitted to
Bankers Trust Co. of New York by its British Information
Service and made public Oct. 17. The estimate given at this
time last year for the 1927-28 season was 2,250,000 bales;
but the difference of 200,000 bales between the estimate and
the actual yield appears to be less serious when it is pointed
out that the bales for the 1927-28 season at 311.3 pounds,
were 9( pounds-lighter compared with those of the 1926-27
season. Therefore, the actual difference, between the
estimate and the wool received, when adjusted for weight,
was only 132,000 bales. The advices issued in the matter
add:
The other important feature of the wool statistics for the year 1927-28
trade specialists point out, is the increase in the total value of the clip as
compared with the previous year. In 1927-28 the wool clip of 2,456,000
bales at an average price of £24 19s. 11d, per bale realized the record value
of £60,874,000 while in 1926-27 when the production amounted to 2,746.460
bales and the price averaged £21 13s. per bale, the value of the clip was
£59,375.000.
Stocks of Refined Copper Lower-Production Decreased
-Domestic Shipments at New High Record Figure.
According to figures compiled by the American Bureau of
Metal Statistics, stocks of refined copper in the hands of
North and South American producers and refiners Oct. 1
amounted to 51,812 short tons, compared with 54,703 tons
Sept. 1, a decrease of 298 tons. Blister copper at smelters
and refineries, in process and in transit Oct. 1 totaled 255,622
tons, compared with 254,433 tons Sept. 1, so that total
copper to blister stage and beyond, including refined stocks,
came to 307,134 tons,compared with 309,226 tons, a decrease
of 1,792 tons, according to the "Wall Street Journal,"which
further states:
Stocks of copper in Great Britain in official warehouses Oct. 1 totaled
9.603 short tons, of which 1.624 tons were refined and 7.979 tons in other
forms, compared with 9.969 tons Sept. 1, of which 2,243 tons were refined
and 7.726 tons in other forms.
Refined stocks in Havre came to 2,612 tons, compared with 2,836 tons
Sept. 1.
Shipments of copper, foreign and domestic, in September were 139,999
tons, the second largest in the history of the industry, compared with
143.638 in August, the record month, 139,030 tons in July and 138.503
tow in June.
Domestic shipments of copper in September amounted to 88.707 tons,
the largest in the industry's history, breaking the former record of 88,573
tons made in March 1926, and comparing with 83,398 tons in August and
82.245 tons in July 1928.
Foreign shipments were 51,292 tons in September, compared with 60,240
tons in August and 56,785 tons in July.
Production of refined copper in September totaled 137.018 tons, compared with 143,560 tons in August and 135.092 tons in July. The daily
average in September came to 4,567 tons, compared with 4,631 tons in
August, 4,358 tons in July and the average of 4,289 tons a day so far in
1928. The daily average for 1927 was 4,405 tons.
Production of copper in September by United States mines came to 77,387
tons,compared with 76.952 tons in August and 73.426 tons in July. Blister
production of North American smelters in September was 95.102 tons,
compared with 98,376 tons in August. Blister production of South American American smelters, including refined copper 'output of Chile and
Braden, came to 137.018 tons in September, compared with 143,560 tons
in August.
The following table gives in short tons, blister production of North and
South America and stock of copper at the end of each month for North
and South America refiners and producers, together with stocks of copper
in Great Britain and at Havre:
Sept.
Aug.
July
June
May
Mar. April
ProductionMines, United States..- 70,327 69,721 73,729 73,224 73,426 76,952 77,387
Blister, No.America__ 89,070 90,564 94,796 97,528 93,109 98,376 95,102
Blister, So. Americaz__ 26,123 26,228 28,334 30,620 32,014 30,674 31,697
Stocks(End ofPeriod)No. and So. America:
Blister (including "in
242,418 235,392 241,755 251,694 257,873 254,433 255.622
process")
87.292 72.893 86,288 58,809 54,871 54,793 51,812
Refined
Total
Great Britain y:
Refined
Other forms
329,708 308,285 308,043 310.503 312,544 309.226 307,434
1,634
8.549
1,795
8.035
1,988
8,007
10.183 9,995
Total
2,218 3,162
Havre
1,599
2,274
Japan
production by
copper
refined
a Includes
warehouses only. z Not yet available.
1,046
7,866
2,318
7.894
2,243
7,726
1,624
7,979
9,830 8.912 10,212 9,969 9,003
2,404 1,332 2,542 2,838 2,612
z
z
2,208 1,934 2,715
Chile and Braden companies. y Official
The following table shows in short tons shipments and production of
refined copper by North and South American producers and refineries:
Production.
Primary. Scrap.
Total.
8A1ystersis.
Daffy
Rate.
Es- Domesport.a
tic.
Total.
1928.
February
March
116.245
117.788
123,182
April
117,088
May
122,738
125,076
127,718
137,574
130,897
Janaary
June
July
Awls=
September
Total, 1928
1927.
January
128,736
119.528
123,885
121,610
121,889
June
108,911
July
August
September
October
114.465
November
,Total 1927
1923
1924
1925
1926
a Beginning 1926
122,723
124,848
128,972
122,824
129.236
131,024
135.092
143.580
137,018
1,118.286 57,011 1,175,297
February
March
April
May
December
0,478
7.060
5,810
5,736
8,498
5,948
7,374
5,986
6,121
113.849
114.142
118,965
111.152
121.683
4.374
8,145
3.090
4.186
3,692
4,322
4,284
5,644
4,635
5,962
7,117
7,240
133,110
122,673
126,975
125.796
125.581
113.233
118.133
119.786
119,100
124,927
118,269
128.923
1,418,815 57.691 1.476,506
3.959
4,305
4.160
4,094
4.169
4,367
4,358
3.631
4,587
56,721
60,603
55.970
64,989
56,738
57,067
56,785
60,240
51,292
84,824
73,789
72.642
72,234
79.103
81.436
82,245
83,398
88,707
121,545
134.392
128,612
137,223
135,841
138.503
139,030
143,638
139,999
4,289 520,405 698,378 1,218,783
4,294
4,381
4.096
4.193
4,051
8.774
3,811
3.864
3,970
4.030
3.942
4,159
48,130
43.690
49.767
55.636
46.979
61.487
48.140
58.784
54,688
58.919
52.013
63.637
76,499
67,564
79.537
73,976
69.779
63.465
61.965
71.736
71,578
68.819
59.264
60,802
124,629
111.254
129,304
129,612
116,758
124.952
110,105
130,520
128,261
127.538
111.279
124.499
4.045 641,865 824.844 1,466.709
3.189 421.872 735,521 1,157.393
1,267,810 32,522 1.300.332 3,553 568.395 753,389 1.319,783
1,299.832 52.477 1,352,309 3.705 584.553 831.171 1.415.724
1 383.604 56.850 1.440.454 3.946 525,861 902.174 1,428.035
includes shipments from Trall refinery in British Columbia.
1186.624 27,261 1,163,885
OCT. 20 1928.]
FINANCIAL CHRONICLE
The following table shows output
States for the past six months:
M'thly April
Av.'27. 1928.
Porphyry mines
28,605 28,524
Lake mines
7,447 7,740
Vein mince
29.467 29,266
3,646 3,540
Custom ores
in short tons of mines in the United
June
May
1928. 1928.
30,289 31,383
8.199 6,978
31,641 31,293
3,600 3,570
July
Aug.
Sept.
1928. 1928.' 1928.
31.310 33,201 33.992
7,067 7,307 6,847
31,249 32,539 32,748
3,800 3,905 x3,800
Total crude produe'n_69,165 69,070 73,729 73,224 73,426 76,952 77,387
a Partly estimated.
World's Production of Copper for the Month of September Totaled Approximately 157,500 Short Tons,
a Decrease of 4,300 Tons.
According to figures compiled by the American Bureau
of Metal Statistics, the world's production of copper for
the month of September amounted to about 157,500 short
tons, as compared with 161,800 tons in the preceding month
and 136,300 tons in September 1927.
Copper output for the nine months ended Sept. 30 1928,
by principal countries of the world which furnished about
98% of the total, amounted to 1,349,795 short tons, as
compared with 1,222,132 tons in the corresponding period
last year. The daily rate of production for these countries
for the month of September 1928 was 5,151 short tons,
as against 5,124 tons in the preceding month and 4,443
tons for the month of September 1927. The Bureau's
figures follow:
MONTHLY COPPER PRODUCTION (IN SHORT TONE).:
(By principal countries of the world, which furnished about 98% of world's total.)
Monthly Production.
January
February
March
April
May
June
July
August
September
October
November
December
Daily Rate.
1926.
1927.
1928.
1926.
1927.
1928.
129,518
136,455
134,727
136,938
136,468
124,100
124.483
128,568
132.013
136,600
148,321
142,300
142.337
132,870
136.347
135,729
139,114
134,243
132.188
135,015
133,291
145,278
141,975
148,961
140,546
144.546
144,842
143,427
153,414
158,474
153,190
158,838
154.518
4.178
4.516
4,346
4,565
4,402
4.137
4,016
4,147
4,400
4,406
4,944
4,590
4.624
4.745
4,398
4,324
4,488
4,475
4,264
4,355
4,443
4,686
4.733
4,805
4.534
4,984
4.672
4.781
4,940
5,216
4.942
5,124
5.151
Total
1,600,491 1,658,346 1,349,795 4,385 4,543 4,927
Monthly average.
133,374
138,196
149,977
Tables includes production by the United States, Mexico, Canada, Chile and
Peru. Japan, Australia, Europe (partly estimated) and Belgian Congo.
Production and Shipments of Portland Cement Decline
-Stocks at Lowest Point This Year.
The Portland cement industry in September 1928 produced 17,856,000 barrels, shipped 20,462,000 barrels from
the mills and had in stock at the end of the month 16,722,000 barrels, according to the United States Bureau of
Mines, Department of Commerce. The production of
Portland cement in September 1928 showed an increase of
2.0% and shipments an increase of 3.2% as compared with
September 1927. Portland cement stocks at the mills were
19.5% higher than a year ago. The total production for
the nine months ending Sept. 30 1928 amounts to 131,036,000 barrels, compared with 128,286,000 barrels in the same
period of 1927, and the total shipments for the nine months
ending Sept. 30 1928 amount to 136,286,000 barrels, compared with 134,998,000 barrels in the same period of 1927.
The statistics here presented are compiled from reports
for September from all manufacturing plants except two,for
which estimates have been included in lieu of actual returns,
states the Bureau, which also adds:
I.the following statement of relation of production to capacity, the total
output of finished cement is compared with the estimated capacity of
159
plants at the close of September 1928 and of 152 plants at the close of September 1927.
RELATION OF PLANT TO CAPACITY.
The month
The 12 months ended.--
Sept. 1928. Sept. 1927.1Aug. 1928. July 1928. June
1928.
91.7%
92.3%
93.1%I 87.0%
90.1%
731%
72.3%
73.5%
73.7%
73.8%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS, IN SEPTEMBER 1927 AND 1928.
(In thousands of barrels.)
Production.
District.
Shipments.
Stocks at End
of Month.
1927. 1928. 1927. 1928. 1927. 1928.
Eastern Pa., New Jersey and Maryland. 4,058 3,601 4,596 4,141 3,494 4,984
1,273 1,205 1,468 1,355 1,170 1.273
New York and Maine b
Ohio, Western Pa.and West Virginia... 1.804 2,267 2,352 2,559 1,735 2,158
1,692 1,573 1,869 1.991 1.080
Michigan
879
Wisconsin, Illinois, Indiana & Kentucky 2,472 2,401 2,564 3,085 1,139 1,283
Virginia, Tenn., Ala., Ga., Fla.& La... 1,471 1,433 1,490 1,475 1,126 1.634
Eastern Mo.,Iowa, Minn.& Se. DAL._ 1,481 1,735 2,014 2,236 1,204 1,572
Western Mo., Nebr., Kan.& Oklahoma. 1,033 1,201 1,187 1,270 1.314 1,153
Texas
487
644
466
524
272
231
Colorado. Montana and Utah
174
321
249
316
384
367
California
1,200 1,124 1,214 1,102
704
768
Oregon and Washington
360
451
359
408
374
403
Total
17.505 17.856 19.828 20.462 12006 16 .700
2157
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT. BY MONTHS. IN 1927 AND 1928 (IN BBLS.).
Production.
St
.
-ocks at Britt of Month
Shipments.
Month.
Jan ........
Feb_ .._ _
March__
April__
May... _
June._.
July__
Aug____
Sept__
Oct. ___
Nov.__
Dee_...
1927.
1928.
1927.
1928.
8.258,000
7,377.000
11,450,000
14.048.000
16.701,000
17,224.000
17,408,000
18,315,000
17,505.000
17,174,000
14,449.000
11,999.000
9,768,000
8,797,000
10,223,000
13,468,000
17,280,000
17,469,000
17.445,000
18,730,000
17,856,000
5,968.000
6,731.000
11,100.000
14,350.000
16.865,000
19.761.000
18,984,000
21,411,000
19,828,000
18,105,000
11,619,000
6,200,000
6,541.000
6.563.000
10,135,000
13,307,000
18,986.000
18.421.000
19,901.000
21.970.000
20,462.000
- 1927.
1928.
22,914,000 25,116,000
23,563,000 27,349,000
23,922.000 27.445,000
23,654,000 27.627.000
23,503.000 25,984,000
20,972,000 25.029,000
19,397.000 22.580.000
16,292.000 a19,328.000
13,996,000
16,722
13.141.000
16,022.000
22.082,000
Total_ 171.908.000
170,922,000
•Revised. b Maine began producing April 1928, and shipping May. 1928.
World Stocks of Slab Zinc Increase-Total on Oct. 1
Estimated at 68,300 Tons.
A. J. M. Sharpe, honorary foreign correspondent of the
American Zino Institute, Inc., estimates world stocks of
slab zinc Oct. 1 at 68,300 metric tons of 2,204.6 pounds
each, compared with 65,100 tons on Sept. 1, an increase of
3,200 tons. The following table gives in metric tons Mr.
Sharpe's estimate of zinc stocks in the various countries:
Oct. 1 '28. Sept. 1'28. Aug. 1'28. July 128. Jan. 1 '28. Jan. 1'27.
United States
43,500
40.300
40,300
38.300
37,000
19,800
Canada
4,200
4,200
4,000
4,500
2.400
8.200
Australia
4,000
3,600
a3,800
4,000
2,800
2,400
Germany and Poland_ 4,600
5,800
6,100
3,800
6.100
9.500
Belgium
6,000
5,600
5,200
4,800
4,200
4,000
1,200
Great Britain
1,100
1,400
1.300
1.100
1,000
Scandinavia
200
200
200
200
200
200
Far East
800
800
800
500
800
600
Elsewhere
y3,600
3,800
3.500
4.100
1,700
8.000
Total
68,300
65.100
64,200
63,000
:Including afloat. y Including 800 tons in France.
56,100
48,600
Mr. Sharpe,in reviewing world conditions of zinc, Oct. 19,
says in part:
The autumn has been ushered in, yet there is so far no sign of that
improvement in the zinc market which it is customary to expect at this
time of the year. Of the four major metals dealt in on the London Metal
Exchange, Interest is divided between tin, copper and lead, and it is
unhappily true that the zinc section lags lamentably behind in both activity
and interest. Taking September as an illustration, we find that on the
London Metal Exchange the monthly turnover of metals amounted to
14.700 tons of standard copper, 17,350 tons of pig lead, 12,810 tons of
standard tin, and only 7.660 tons of G.O.B. zinc.
As has been urged on several occasions, the bulk of trading in actual
metal is transacted between producer and consumer or producer and
merchant. The sales on the Metal Exchange chiefly represent hedging
business; consequently, as long as this state of affairs prevails, and the
zinc market is not taken in hand by the producers themselves, activity
will only be in evidence when the other three metals (lead in particular)
are strong.
Having regard to the fact that world consumption of zinc is the highest
in the history of the metal, and is, indeed, taking care of the full production, which has also attained record dimensions, the lifelessness of
the market is as extraordinary as it is deplorable.
Harking back to September, reference to market statistics discloses
that while pig lead continued to hover around £22 per long ton on the
London Metal Exchange throughout the month, the price of slab zinc
receded from £24 15s. on the first day of the month to £24 on the last day.
Certainly the narrowing of the differential between selling quotations of
lead and sine is but fulfillment of the prediction we made some months
ago; still it must give cause for producers to think furiously. Price considerations ought to figure in the discussions of the next general meeting
of members of the European Zinc Cartel, and in such event the question
must be viewed in the harsh light of reality and not from any academic
angle.
Unless an industry is in a bad way, its relative commodity should sell
at such a price as will allow a reasonable trading profit to the primary
producers within such industry. Whether slab zinc meets these requirements is a point that we do not propose to debate to-day; we shall content
ourselves by expressing the opinion that according to our interpretation
of the world situation the selling price in Europe ought not to be below
£25 a ton.
Petroleum and Its Products-Eastern Crude Prices
Go Higher.
Strong markets for crude oil prevailed last week. Following the 10c. advance on Pennsylvania grades Oct. 13,
Urania, Louisiana, crude was marked up 5c. to 90e. a barrel
Oct. 16, and Wooster, Ohio, oil was advanced 10c. to $1.77
a barrel on the following day. Pennsylvania crude is now at
the high point for the year. A comparison of the current
quotation, the price in effect previous to the latest advance,
and the quotation ruling at this time last year follows:
Pa.grade in N.Y.Transit Lines
Bradford oil in Nat'l Transit Lines
Pa.grade oll in Nat'l Transit Lines
Pa. grade oil in S. W.Pa. Lines
Pa. grade oil in Eureka Lines
Pa. grade oil in Buckeye Lines
Current.
83.45
3.45
3.36
3.35
3.25
3.10
Per Barret
Previous.
83.35
3.35
3.25
3.25
3.15
3.00
Last Year.
$2.65
2.65
2.55
2.55
2.50
2.35
A material stiffening in the position of the high gravity
crude market developed in the Mid-Continent area. Principal producers were storing their light oil rather than sell at
current prices. As a result of this condition, independent
producers without crude production were finding it difficult
to obtain sufficient crude, and were paying premiums of
2158
FINANCIAL CHRONICLE
10c. a barrel for oil. This development, it appeared likely,
would force an upward revision in quotations for high gravity
crude in the near future, unless refiners should sharply curtail their runs. With gasoline demand showing a spurt and
consumption much larger than had been looked for, it is not
considered likely that refiners will slacken operations to
any great extent in the immediate future.
Improvement in the statistical position of the market has
continued. Production for the week ended Oct. 13 showed a
sharp falling off. The Oil City "Derrick" summary of September operations disclosed that stocks of crude oil held in
Eastern pipe lines Sept. 30 aggregated 9,660,910 barrels,
a decrease of 575,832 barrels for the month, while runs decreased 185,468 barrles to 1,604,620 barrels and shipments
fell off 154,313 barrels to 5,824,136 barrels.
Production of Venezuelan crude for September broke all
previous records, amounting to 9,477,503 barrels, against
9,031,052 barrles in August and the previous record total of
9,397,541 barrels in July. This again directed attention to
the proposed co-operative curtailment program for Venezuela, now under advisement by executives of the principal
companies operating in that country. No further developments in the contemplated restriction move were reported.
Quotations are:
$1.55
Pennsylvania
$3.45 Bradford
$3.45 Illinois
Corning
1.60 Wyoming, 37 deg- 1.41
1.80 Lima
1.28
Cabel
1.37,Plymouth
1.45 Indiana
1.77
Wortham, 40 deg- 1.56 Princeton
Rock Creek
2.00 Gulf Coastal "A"- 1.20
1.33 Canadian
Smackover,24 deg. .90 Corsicana, heavy_ 1.00,Panhandle,44 deg- 1.36
Buckeye
3.00 Eureka
3.151
Oklahoma, Kansas and Texas$1.49
40-40.9
$1.56 Elk Basin
1.33
1.16 Big Muddy
32-32.9
1.48
1.76, Lance Creek
44 and above
1.25
!Bellevue
Louisiana and Arkansas1.00
1.16 Markham
32-32.9
1.75
1.31 Somerset
35-35.9
Spindletop. 35 deg. and up.--. 1.37
Export Gasoline Off-Domestic Markets Hold Steady.
Export gasoline quotations weakened last week. Cased
gasoline was Mc.lower at 26.40 cents a gallon. Bulk Naphtha for export was Mc. lower on U. S. Navy at 11c., with
higher gravities Me. to /
3 0. a gallon lower. The Gulf market had also weakened, with prices Xc. to %c. a gallon
lower, as to gravity.
The decline in export quotations was the direct result of the
recent downward adjustments in prices at domestic refineries, and did not indicate any further weakening in domestic
market position. On the contrary, motor gasoline at principal refinery points appeared to have steadied somewhat.
This was due primarily to the jump in demand resulting from
the continued heavy motoring which the pleasant weather
of the past 10 days had caused. Jobbers who had been
holding down their gasoline stocks were in the market in a
large way during the past week, and refiners were rushing
out shipments.
Kerosene markets held firm throughout the East, where
the supply is by no means plentiful. Prices were firm and
unchanged. Markets in the Mid-Continent area weakened
somewhat, but prices are not yet at a level where Southwestern refiners can profitably ship into the East in competition with refiners in this area. Export buying of kerosene
was a factor during the week.
Changes were lacking in other refinery products, the general tone being steady.
Interest in the refined products division last week centred
to a considerable extent in the oil trade export association,
which leading petroleum companies are organizing under
the terms of the Webb-Pomerene Act. This association,
similar to other co-operative export bodies now operating in
various industries, is expected to effect marked economies
in export operations of principal American companies, resulting in appreciable savings in both selling and delivery
costs. Organization of this group, it is expected, may possibly presage co-operation by American oil companies with
leading British companies in a cartel designed to effect stabilization in the world oil position. A chronological summary of the week's changes follows:
Oct. 13-Pennsylvania refiners reduced gasoline Mc. per gallon.
Oct. 16-U. S. Motor gasoline at Chicago Mc. lower at 934 to 934c.
Oct. 18-Standard Oh Co. of New Jersey reduced export gasoline in
cases Mc. to 26.40c. a gallon.
Oct. 19-U. S. Motor gasoline at Chicago Mc. higher at 934c. to 934c.
Oct. 19-Kerosene Mc. lower at Chicago at 6c.
Prices are:
Gasoline (U.S. Motor).
Tampa
11
.11
New York
1134 Jacksonville
.1034
.0934 New Orleans
*Oklahoma
Chelsea
12
.10)4
Tiverton
.12
Providence (deny.). .1334 Houston
.0834
Boston(delivered) .1334 Chicago
0954 California
.1151 North Texas
.0034
Carteret
.1134 Marcus Hook
Baltimore
.1134 Philadelphia
1134
Portsmouth
.11)4 Norfolk
.1134
Note.-Tbe above prices are f.o.b. refIneries, tank car otti. inners otherwise noted.
Delivered prices are genera ly lc. a gallon above the refleary quotation.
*A number of the large refiners were still quoting 534 to Me.
For.. 127.
Gasoline %Service Station).
.24
New York
25 1Charlotte
Richmond
.20
Charleston
.24
Boston
.21
.20
San Francisco
17
Chicago
.24
Baltimore
.24
Wheeling
1934
Norfolk
.21
New Orleans
.21
Parkersburg
Note.-The above prices are retail prices at service stations and include State
taxes In States where a tax Is Imposed.
Kerosene.
New York
.06c. I Philadelphia (deity.) .00%
.09 I Chicago
New York (dellv.)__ .10 !Philadelphia
Am%
.0834 I Oklahoma
Note.-The above prices are t.o.b. refineries, tank car lots. unless otherwise noted.
Delivered prices are generally 10. a gallon above the refinery quotation.
Bunker Fuel Oil
95
New York
New Orleans
1.05 'Norfolk1.05
.85
Baltimore
91) I California
1.05 [Charleston
Note.-The above prices are t.o.b. refineries: a charge of Sc. a barrel Is made Inc
eargbig alongside.
Gas and Diesel Oil.
Gas on. New York2.09
t.o.b0.1 Diesel oil, New York
Note.-The above prices are
refineries.
Export Quotations.
Gaao
Bulikne. Navy, Newreek, es. __. .26401Kerosene, s. w., New York. ce____ .1765
.1890
New York.es
Gasoline. New York
Tank .11
Wadoin Prices.
..
18 'Kerosene. w. w.. New York
15
Crude Oil Output in United States Higher than a
Year Ago.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended Oct. 13 1928 was 2,505,500 barrels, as
compared with 2,524,000 barrels for the preceding week, a
decrease of 18,500 barrels. Compared with the output of
2,494,350 barrels per day for the week ended Oct. 15 1927,
the current figure shows an increase of 11,150 barrels daily.
The daily average production east of California was 1,885,500
barrels, as compared with 1,901,300 barrels, a decrease of
15,800 barrels. The following are estimates of daily average
gross production (in barrels) by districts for the periods stated:
Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Oct. 13 '28. Oct. 6 '28. Sept. 29'28. Oct. 15 '27
790.200
748,500
735.100
745,000
104,750
98,450
98,350
99,000
90,200
64,800
67,850
65,900
82,150
90,550
89,350
89,250
62,400
54,750
54,900
55,100
205.950
333,600
353,850
341,600
28.700
22,550
22.250
22.250
27,350
25,200
25,900
25,500
51,600
38,850
39,550
38.900
101,050
84,700
84.350
84,250
120,250
108,250
103,500
107,150
15,200
20,550
21.200
25,250
113,000
114,000
112.000
113,000
50,000
60.200
61,350
62,950
13,750
10,700
10,700
10,600
6,400
7,450
7.100
7,300
2,200
3.400
1,950
2,350
629,200
620,000
625,500
622,701)
Total
2,505,500 2,524,000 2,509,800 2,494,350
The estimated daily average gross production of the Mid-Continent
field including Oklahoma, Kansas, Panhandle, north, west central, west.
east central and southwest Texas, north Louisiana, and Arkansas. for the
week ended Oct. 13 was 1,565,700 barrels, as compared with 1,578,250
barrels for the preceding week, a decrease of 12,550 barrels. The MidContinent production, excluding Smackover, Arkansas, heavy oil, was
1,510,350 barrels, as compared with 1,522,850 barrels, a decrease of 12,500
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):
-Week Ended-Week EndedOklahoma-Oct. 13. Oct. 6.
Oct. 13. Oct. 6,
North LouisianaTonkawa
12,000 12,050 Haynesville
5,800 5,800
Burbank
27,500 27.550 Urania
6,600 6,600
Bristow Slick
20.800 20,800
ArkansasCromwell
8,700 8,700 Smackover,light
7,350 7,300
Seminole
43,450 44,150 Smackover,heavy
55,350 55,400
Bowlegs
52,050 62,050 Champagnolle
12,350
12,200
Searight
11,800 11,550
Coastal TemaLittle River
135,650 134,900
Earlsboro
7,400 7,400
81,800 82,850 West Columbia
St. Louis
9,950 11,150
122,400 117,050 Pierce Junction
Allen Dome
12,350 12,100
22,700 22,750 Hull
Panhandle Texas35,650 38,100
Spindietop
Hutchinson County.... 32,000 31.750
Coastal LouisianaCarson County
6.400 6,500
4,300 4,200
Gray County
26,450 24,800 Vinton
2,600 2,500
Wheeler County
950
'950 East Hackherry
Sweet Lake
2,650 2,650
North Texas3,400 3,500
Wilbarger
34,000 32,250 Sulphur Dome
Archer County
Wyoming19,350 19,500
West Central Texas38.650 39,650
Salt Creek
Shackelford County__ _ _ 10,700 10,850
MontanaBrown County
11,500 11,600 Sunburst
8.300 8,300
West TexasReagan County
18,200 18,200
CaliforniaHoward County
37,000 36,000
25,850 24,600 Santa Fe Springs
Pecos County
189,000 192,000
Long Beach
.
.
Crane & Upton Counties 55,800 55,800 Huntington Beach
f2,000 52,000
Winkler County
16,000 16,500
147,600 165,600 Torrance
East Central Texas10,500 10,700
Dominguez
5,500 5,500
Corsicana Powell
10,200 10,300 Rosecrans
28 500 28,600
Nigger Creek
850
800 Inglewood
74,000 74,000
Southwest TexasMidway-Sunset
54,000 54,000
Luling
13,300 13,450 Ventura Ave
25,500 25,500
Laredo District
8,400 8,500 Seal Beach
Gross Crude Oil Stock Changes for September 1928.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 2,444,000 barrels
in the month of September, 1928, according to returns
compiled by the American Petroleum Institute from reports
made to it by representative companies. The net change
shown by the reporting companies accounts for the increases
and decreases in general crude oil stocks, including crude
oil in transit, but not producers' stocks at the wells.
OCT. 20 1928.]
FINANCIAL CHRONICLE
2159
Changes in Stocks at Refineries East of California for slight rise in blast furnace coke, adds the "Age," continuing:
September 1928.
Steel production holds at close to 90% of ingot capacity, and little, if
The following is the American Petroleum Institute's sum- any, recession from that rate is looked tor this month. With mill backlogs
mary for the month of September, 1928, of the increases large and consumer commitments of like proportions, the decline in new
orders is not surprising.
view is still held that the rush of business in
and decreases in stocks at refineries covering approximately September was partly dueThe
to the advanced prices named for fourth quarter
and that consumers' reserve stocks have been built up to some extent.
86% of the operating capacity east of California.
(Barrels of 42 Gallons.)
Domestic crude nil
Foreign crude oil
Gasoline
Kerosene
Gas and fuel oils
Lubricants
Miscellaneous
Increase.
Decrease.
859,000
464,000
30,000
211,000
1,284,000
22,000
199,000
Total
Deduct
1,517.000
1,552,000
1,517,000
Net decrease
35,000
Venezuelan Oil Production in September Totaled
9,477,503 Barrels, a Record in All Time-Shipments
Lower.
According to the October issue of "O'Shaughnessy's South
American Oil Reports," oil production in Venezuela during
the month of September amounted to 9,477,503 barrels, a
record high figure in all time, and exceeds the previous record
reached in July by 79,962 barrels, and further compares with
9,031,052 barrels produced in August last and 5,762,225 barrels in September 1927. Shipments in the month of September 1928 were 8,614,723 ibarrels, as against_ 8,933,390
barrels in the preceding month and 4,742,389 barrels in
September 1927.
Venezuelan production during the first nine months of the
current year totaled 74,017,159 barrels, as compared with
44,230,952 barrels in the corresponding period in 1927.
Shipments amounted to 71,662,983 barrels, as against 35,568,437 barrels in the first nine months of last year.
The above referred to report also contains the following
statistics:
PRODUCTION BY COMPANIES, PARTLY ESTIMATED.
(In Barrels of 42 Gallons)
Sept.
1928.
V.0.0
3,345,453
Lego
2,944,018
Falcon 011Corp
116,680
Gulf-Creole a
1,027,111
Gulf
215,117
Gulf-Yen. Petroleum_ 710,185
Caribbean Petroleum_ 941.430
H.C.O., Ltd
141,509
General Asphalt
36,000
Tints!.
0 117 'AR
Daily
Average.
August
1928.
Daily
Average.
Sept.
1927.
111,515 3,364,926
98,134 2,271,363
3,889
90.382
34,237 1,097.569
7,171 234,413
23,673 765.090
31.381 1,015,219
4,717 154,180
1,200
38.000
108,546 1,676,086
73,270 1,636,816
2,916
35,405 607.400
7.562 147,500
24.677 385.000
32,749 1.057,020
4,974 204,400
1,226
48,000
915 017 0 not nen
001 ROC C wen nom
Daily
Average.
55,869
54,561
20,247
4,917
12,833
35,234
6,813
1,600
Inn n./.1
SHIPMENTS BY COMPANIES, PARTLY ESTIMATED
(In Barrels of 42 Gallons
Sept.
1928.
•
.0.0
3.238,550
Lego
2 231,043
Falcon MCorp
116,680
Gulf-Creole
1,009.650
Gulf
209,550
Gulf-Yen. Petroleum_ 685.800
Caribbean Petroleum_ 913,437
D.C.O.,Ltd
174,013
General Asphalt
36,000
Tntele
4 Ald '792
Daily
Average.
August
1928.
Daily
Average.
Sept.
1927.
Daily
Average.
107.952 3,238,671
74,368 2,506,976
3.889 90,382
33.655 954,720
6,985 220,320
22.860 660,960
30,448 1,082,232
5,800 141,129
1,200
38,000
104,473 1,282,482
80,870 1.479,828
2,916
30,798 473,544
7,107
91,066
21.321 346,052
34,911 854,989
4,553 166.428
1,226
48.000
15,785
3,035
11,535
28,500
5,547
1,600
947 11S7 2022 Riln
•
000 I'VE A 01.40 gen
,
t en "MA
•
42,749
49,328
a Creole proportion 524,685 barrels.
Record Figures of Oil Production in Roumania.
Crude oil production in Roumania for the first eight
months of the current year has surpassed all previous records,
according to the Government Statistical Bureau.-An
announcement to this effect Oct. 15, adds:
The official figures show that 2,740.091 metric tons were produced
in the
first eight months of 1928 as compared
with 2,405,962 metric tons for the
same period last year.
The value of the oil exported during these months of the
current year
had a total value of $30,638,800.
The increased production of crude oil has been coincident with a
enlargement in gasoline production, according to the Government marked
figures.
The Bureau estimates that the 1928 production of gasoline will
amount to
4,220,000 tons as compared with 3.669.000 for last year.
Crude oil exports for the first half of 1928 totaled 1,024,989 tons as compared with 837,251 tons last year. During the same period there
was a
slight falling off in domestic consumption, 627.576 tons being used at
home
in 1928 and 645,116 tons in 1927. During the same six months period
1.865,503 tons of crude oil were treated in the Roumanian refineries as
compared with 1,612,210 tons for the first six months of 1927.
Steel Production Holds-Prices Show Further Strength.
Following the heavy bookings of recent weeks, new
business in steel is at a reduced rate, but the upward movement of prices has not yet run its course, states the "Iron
Age" of Oct. 18 in its weekly review of the iron and steel
markets. Further evidences of strength in finished steel, in
some instances attributable to extended deliveries, are
matched by additional advances in scrap and pig iron and a
On the other hand, pressure for deliveries is still insistent, and the leading
producer of sheets is operating several plants an extra turn each week to
speed up shipments.
Not a few consumers who failed to anticipate their needs are embarrassed
by the heavy commitments of the mills on some products. Their pressure
for prompt material, althorn h usually in small tonnages, has resulted in a
further strengthening of prices on the heavy rolled products. Bars, and in
less degree plates and shapes, are commanding El to $2 a ton more than the
prices at which fourth quartos contracts were closed.
An advance of $2 a ton on cold'rolled strips to 2.85c. a lb., Cleveland or
Pittsburgh, is being widely adopted. Order books are reported to be the
largest in over three years.
Pressure on the mills is not uniformly strong throughout the country. A
decline in specifications at Chicago is ascribed largely to slackening operations in the automobile industry. Chicago steel output is still at a rate
exceeding 85%,and mill operatiens in other producing centers dependent on
motor car steel have not yet been affected. A number of automobile manufacturers will shut down two or three weeks in November for inventories,
and their steel requirements upon resuming operations will depend on the
motor car demand at that time. Purchases by the Chevrolet company,
which will start production on new models next month, are expected to
offset the decline in orders from other plants.
Steel production has been reduced In the Birmingham district, where five
open-hearth furnaces were put out following the shutting down of the
Ensley rail mill. This action is of temporary significance, marking the
completion of 1928 orders. The rail buying movement for 1929 has been
under way for several weeks. Following closely the purchase of 46.622 tons
by the Erie a week ago, the Santa Fe has distributed orders for 119,637
tons. In addition, the Reading will divide 30.000 tons between a Pittsburgh
and an Eastern mill. New inquiries include 190,000 tons for the New York
Central and 30,000 tons for the Texas Sr Pacific.
Farm implement plants are taking steel at an undiminished rate, and
shipments to them so far this year have been the largest in history.
Unfilled orders of pipe mills are being slowly reduced. While demands
from the oil and gas industry have declined,a projected natural gas linefrom
Vendura, Cal., to San Francisco will call for 50,000 tons of steel.
Basic pig iron in eastern Pennsylvania has advanced 75c. a ton on purchases of 5,000 tons. An inquiry in that district for 20,000 tons of basic
Iron is from a steel producer that bought 25,000 tons 30 days ago. Prices
are also stronger in foundry grades in the Central West. where Lake furnaces
have booked some first quarter business. A Valley producer of low phosphorus has announced an advance of 50c. a ton of $27 furnace.
Heavy melting steel scrap has advanced another 25c. a ton at Pittsburgh and St. Louis and 31 a ton at Detroit.
Spot furnace coke, under the influence of orders from blast furnaces
supplementing contracts, has advanced 10c. to $2.85 a ton, Connellsville.
The new card of extras on hot-rolled strip recently announced by an
Ohio mill has been adopted by a number of producers, although others may
decide to quote two base prices instead of only one.
Tin plate prices for the first half of 1929 will probably be announced in the
next 30 days. A cut in the cash discount from 2% to % is also expected.
In Europe a changing situation is indicated. A diminishing steel demand,
exports included, now is reported, accompanied by some price recessions.
Both of the "Iron Age" composite prices remain unchanged. That for
pig Iron, at $17.84 a ton, is exactly the same as a year ago. The finished
steel composite. at 2.362c. a lb. compares with 2.307c. 12 months ago, as the
following table shows:
Finished Steel.
Pig Iron.
Oct. 16 1928, 2.362c. a pound.
Oct 16 1928, $17.84 a gross too.
2.362c One week ago
One week ago
$17.84
One month ago
2.318c One month ago
17.63
One year ego
2.307c. One year ago
17.84
10-year pre-war averase
1.6890. 10-year pre-war average
15.72
Based on steel bars. beami,tank plates.
Based on average of basic Ron at Valley
wire, rails, black pipe and black sheets. furnace and foundry irons at Chicago,
these products constituting 87% of the Philadelphia, Buffalo, Valley and MrUnited States output of finished steel.
mingham.
Low.
High.
Low.
High.
1928__2.364c. Feb. 14 2.314c. Jan. 3 1928_417.84 Oct. 2 917.04 July 24
1927-2.453c. Jan. 4 2.2930. Oct. 25 1927-- 19.71 Jan. 4 17.54 Nov. 1
1926..2 453c. Jan, 5 2403c. May 18 1926___ 21.54 Jan. 5 19.46 July 13
1925...2.5600. 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
1923-2.824e. Apr. 24 2.4460. Jan. 2 1923_ 30.86 Mar.20 20.77 Nov.20
New business in iron and steel, considering all products,
has subsided to a parity with production and for the first
time since mid-September does not afford a margin for
backlogs, the "Iron Trade Review" of Cleveland, Oct. 18,
said in its weekly summary of the iron and steel situation.
Orders for the month to date, however, maintain a slight
lead over the corresponding period of September,and October
will approximate last month on a tonnage basis even though
the crest of buying has passed, continues the "Review,"
which is further quoted:
Deliveries of finished steel continue to disappoint consumers despite an
average operating rate in excess of 85%. Some important users, as a
result, are specifying a little farther ahead than usual. Each passing week
confirms the high expectations for the fourth quarter and the momentum
already acquired seems to insure the present gait, or substantially it. for
the remainder of the year.
Seasonal buying of track material is under way and some large rail
tonnages are being closed. This business is no production aid to railmakers
at present but augurs well for the first half of 1929. The railroads are also
slightly more interested in equipment. In the face of approaching inventory
taking by some of the larger automotive producers. Detroit looks to
fourth quarter output as the highest of the year.
Shipbuilding in the East Is beginning to feel the stimulus of the JonesWhite Act; pending inquiry for ship material exceeds 40.000 WM, and
twice that tonnage is additionally in prospect. Building steel requirements
are steady, with outlook for winter activity bright. The usual rush to
round out roadbuilding programs before cold weather is accelerating
reinforcing bar demand.
Barring some shading in the lighter steel products,such as wire and strip
the price situation grows more favorable to producers. In heavy finished
steel and in sheets price has deteriorated as a market f•-•tor and the advances
have generally been accepted. Semi-finished steel $ stronger at Cleve-
2160
FINANCIAL CHRONICLE
land. Pig iron prices benefit from the fact that steelworks have little or no
merchant iron to spare, and in Cleveland and eastern Pennsylvania the
market has been put up. Advances for the first quarter may be expected
strength
on some finished steel products in the near future, thereby lending
to present levels.
Nearly 200,000 tons of rails, including 119,637 tons by the Santa Fe.
46.622 tons by the Erie and 30.000 tons by the Reading, has been placed
other
in the past week. The Burlington is about to act on 30.000 tons, and
western carriers are negotiating at Chicago. The New York Central may
pare its 1929 rail requirements to 190,000 tons but the Pennsylvania may
top 300.000 tons. The latter carrier is distributing track fastening orders
in the East. A southern road Is considering 2,000 freight cars.
The 40.000 tons of plates for eight steamers now pending in the East
to be
and 10.000 tons distributed by the Pennsylvania railroad for cars
built in its Altoona shops promise to engage eastern plate mill capacity
for
Chicago
at
pending
is
of
tons
plates
more fully. Six to eight thousand
by
west coast oil tanks. Prospective structural shape business is headed
six weeks
10.000 tons for a hangar at Akron, 0. Bar deliveries are deferred
at Chicago and three at Pittsburgh.
Automotive needs still are the mainstay of the sheet mills, with deliveries
considering
three weeks or longer on most grades. Chicago producers are
new orders
another advance. Strip mills about hold their backlogs as
wire
balance shipments. Manufacturers' wire is in demand, but other
Co.
Petroleum
Roxana
products lag. A southwestern pipe line for the
calls for 45,000 tons.
r.
Shipments of pig iron thus far in October are outrunning Septembe
the pressure
and despite the lighting of additional blast furnaces recently
developed
has
as
for iron is insistent. Such business for the first quarter
Cleveland
thus far has been taken at an increase over the fourth quarter.
iron Is up 75
furnaces have advanced 50 cents for local delivery, basic
firmness.
cents in eastern Pennsylvania, while Valley prices reveal added
[VOL. 127.
last amounted to about 82,000 net tons, an increase of
2,000 tons as compared with the preceding week, but 26,000
tons less than produced in the week ended Oct. 8 1927.
The Bureau of Mines report is as follows:
BITUMINOUS COAL.
6,including
Thitotal production of soft coal during the week ended Oct.
net tons.
lignite and coal coked at the mines, is estimated at 11,028.000
Compared with the output in the preceding week, this shows a decrease
ding
correspon
of 28,000 tons,or 0.3%. Production during the week in 1927
with that of Oct. 6 amounted to 10.286,000 tons.
Coal Coked.)
Estimated United States Production of Bituminous Coal (Net Tons) (Incl.
1927
1928
Cal. Year
Cal. Year
to Date.a ,
Week.
to Date.
Week.
0
382,812.00
9,870,000
341,918,000
10,021,000
Sept. 22
1.704,000
1,645,000
1 ,521,000
1,670,000
Daily average
0
392,871.00
10,059,000
352.974,000
11,056,000
Sept. 29_1,
1.703,000
1.843,000
1,529,000• •
Daily average
0
403.157,00
10,286,000
0
364,002,00
11.028.000
Oct. 6.c
1,703,000
1,714.000
1,537.000
Daily averace1.838,000
days
of
number
equalize
to
January
a Minus one day's production first week in
in the two years. b Revised since last report. c Subject to revision.
calendar year
The total production of bituminous coal during the present
00 net
to Oct. 6 (approximately 237 working days) amounts to 364,002,0
are given
tons. Figures for corresponding Periods in other recent years
below:
355.443,000 net tons
403,157.000 net tons11924
1927
439,079,000 net ton.
414.634,000 net tons 1923
1926
290,635,000 net ton.
374,684,000 net tons 1922
1925
total production
the
above,
figures
revised
by
the
indicated
As already
ended Sept. 29
of soft coal for the country as a whole during the week
output in the preamounted to 11,056.000 net tons. Compared with the
Beehive furnace coke is up 10 cents.
-all
For the first time in history-not even excepting the war days
ceding week, this is an increase of 1,035,000 tons, or 10.3%•
active.
available open-hearth steel furnaces in the Mahoning valley are
The following table apportions the tonnage by States:
approxiAt Buffalo 33 out of 37 open hearths are on. Chicago's ingot rate
Estimated Weekly Production of Coal by States (Net Tons).
than 90%
Sept. 1923
Week Ended
mates 85%. An important eastern steelmaker is operating better
Avers
'26.
Sept.29'28. Sept.2228. 0,1.1 '27. Oct.2
Stateat present.
406,000
425,000
360,000
an "Iron Alabama
306,000
330,000
31,000
Continental steel markets as a whole are slightly easier, states
34,000
59,000
53,000
60,000
continent are Arkansas
the
on
rs
Hoopmake
214,000
London.
from
cable
258.000
Review"
Trade
279,000
214,000
240,000
tin plate are Colorado
1,493.000 1,587,000
241,000
988,000
organizing for the export trade. Some British makers of
1,225,000
550,000
482,000
improved Illinois
319,000
297.000
334,000
Indiana
booked through the first half of 1929. British steel output
117,000
91,000
19,000
62,000
slightly lower. Iowa
71,000
95,000
slightly in September, with both exports and imports
104,000
52,000
41,000
52.000
Kansas
713,000
.
931,000
expanding
are
German exports
993,000 1,171,000
1,079,000
248,000
Review" composite Kentucky-Eastern
365,000
507.000
322,000
363,000
Advancing prices continue to raise the "Iron Trade
Western
40.000
63,000
61,000
brings this index to Maryland
57,000
64.000
27,000
of 14 leading products. A gain of 15 cents this week
16.000
19.000
11,000
11,000
Michigan
73,000
72,000
$35.57, its highest since May.
52,000
80,000
77,000
Missouri
68,000
72,000
71,000
81,000
82,000
56,000
Steel ingot production is slightly higher this week, the Montana
65,000
63,000
57,000
61,000
New Mexico
27,000
34,000
35,000.
22,000
33,000
average for the industry being estimated at nearly 88%, North Dakota
861,000
585,000
166,000
369,000
382,000
65,000
58.000
71,000
66,000
81,000
compared with a fraction over 87% in the preceding week Ohio
Oklahoma
3,585,000
2,647,000 2,500,000 2,525,000 3,093,000
ia
119,000
111,000
97,000
and 853' % two weeks ago, says the "Wall Street Journal" Pennsylvan
109.000
112,000
Tennessee
26,000
30,000
23,000
the
among
21,000
activity
21,000
Texas
103,000
of Oct. 16. This increase is due to greater
102.000
106,000
120,000
127,000
Utah
245,000
280,000
277,000
245,000
262,000
leading independents, as U. S. Steel Corp. shows a falling Virginia
58,000
63,000
48,000
49.000
49,000
adding:
Washington
1,512,000
off from a week ago, continues the "Journal," of
2,250,000 1,992,000 2.295,000 2,114.000
819,000
last W. Va.-Southern.b._
793,000
from
2%
drop
965,000
a
81%,
above
a
is
shade
816.000
Corp.
Steel
S.
843,000
U.
Output of
165,000
Northern c
167,000
174,000
corporation
149,000
169,000
4.000
week when the rate was slightly over 89%. Two weeks ago the
Wyoming
4,000
4,000
1,000
1,000
Other States
was running at 86%.
around
to
11,814,000
rate
their
11,905,000
increased
dly
10,059,000
Independent steel companies unexpecte
Totaibituminous coal...11,056,000 10.021.000 1.641.000 2,039.000
714,000
and a
$8% this week, contrasted with about 86% in the preceding week
Pennsylvaniaanthracite__ 1,852,000 1,497,000
ago.
weeks
two
85%
12,628,000
under
fraction
12.908,000 11,518,000 11,700,000 13,944,000
s record a subTotal all coal
As compared with this time last year steel operation
on
the entire month. b Includes operations
1927, the Steel Crop.
a Average rate maintained during &
the B. & 0.
stantial improvement. In the third week of October
Virginian; K. M., and Charleston division of
the
and
O.:
&
62%,
at
nts
were
W.:
C.
&
N.
independe
the
the
was running at around 6534%,
of 21;42"% for the c Rest of State, including Panhandle.
average was 64%. Thus current rates show increases
ANTHRACITE.
for the average.
Steel Corp., 26% for the independents and about 24%
to increase. The total producThe production of anthracite continues
an
estimated at 1,938.000 net tons,
tion during the week ended Oct. 6 Is
the preceding week.
in
output
al
the
over
dustri
4.6%,
Coal-In
or
nous
tons,
Bitumi
increase of 86.000
Firmer Price Trend in
corresponding with that of Oct. 6
Production during the week in 1927
Stocks Still Large.
amounted to 1,597,000 tons.
(Net Tons).
Fall buying of coal for household consumption has quickEstimated United States Production of Anthracite
1927
rising
on
1928
brought
and
markets
ous
bitumin
Cal. Year
in
interest
ened
Cal. Year
to Date.a
and
Week.
ky
Kentuc
in
coals
to
d
Date.
Week.
levels in spot prices on prepare
Week Ended55,629,000
1,519,000
52,645,000
1,497.000
22
60,270,000
1,641,000
54.497,0.00
West Virginia with scattered gains in Illinois, Indiana and Sept.
1,852,000
Sept. 29.b
61,867,000
1,597,000
56,435,000
1.938,000
Ohio, according to the "Coal Age" on Oct. 17. States west of Oct. thc one day's production
first week In January to equalize number of days
Minus
domesfor
demand
the Mississippi also reported more active
In the two years. b Revised. c Subject to revision.
tic sizes. In the east this demand was reflected by a somewhat greater call for the large sizes of anthracite.
above the
Reserve stocks in the hands of industrial consumers are still far
tely 667,000
danger line. Latest statistics showed an increase of approxima
of consumers as of
tons during August, making the total stocks in hands
tons.
0
Sept. 1 in the United States and Canada 40,100.00
0
Bituminous production in September was placed officially at 40.865.00
0 in Sept.
tons, as compared with 41,108.000 tons in August and 41,476.00
other
the
than in
1927. The daily average last month, however, was higher
tons In August to
two months. Anthracite output dropped from 6,883,000
6.035,000 tons in September.
advanced. The
Prices for bituminous for the country as a whole have
for September was 148(, a
"Coal Age" index of spot bituminous prices
spot price of
gain of 6 points from the August level. The weighted average
in August.
as
bituminous for last month was $1,778 per ton, against $1,755
e in the New York
There was a freer movement of domestic anthracit
demand up on low
and Philadelphia markets last month, with household
temperatures.
BEEHIVE COKE.
as a whole during
The total production of beehive coke for the country
tons. Compared with
the week ended Oct. 6 is estimated at 82,000 net
increase of 2.000 tens,
the output for the preceding week this shows an
corresponding with that
or 2%%. Production during the week in 1927
of Oct. 6 amounted to 108,000 tons.
Estimated Production of Beehive Coke (Net Tom).
1927
1928
Week Ended
to
to
Oct.8
Oct.6 Sept.29
.
Dale.a
Date.
1927.
1928.b 1028.c
4,553.000
2,278,000
76,000
57,000
59,000
Pennsylvania and Ohio
626,
464,000
11,000 11,000 17.000
West Virginia
201.
123,000
5,000
2,000
2.000
Ala., Ky., Tenn. and Ca
259,000
191,000
5.000
5,000
5,000
Virginia
287.000
170.000
6.000
5,000
Colorado, Utah & Washington.. 5,000
3,226.000 5,926,000
82,000 80,000 108,000
United States total
24.800
13.500
13,700 13,300 18.000
Daily average
number of days
equalize
a Minus one day's production first week in January to
In the two years. b Subject to revision. c Revised.
Bituminous Coal Production Shows Slight DecreaseOutput of Anthracite and Coke Higher.
According to the United States Bureau of Mines, production of bituminous coal during the week ended Oct.6 totaled
11,028,000 net tons as compared with 11,056,000 tons in
the preceding week and 10,286,000 tons during the week ended
Oct.8 1927. Output of anthracite during the week ended
Oct. 6 1928 is estimated at 1,938,000 net tons as against
1,597,000 in the corresponding period last year and 1,852,000
tons in the week ended Sept.29 1928. Production of beehive
coke in the United States during the week ended Oct. 6
September.
Revised Figures on Production of Coal in
bituminous coal
A preliminary report of the production of
1928 was given
er
Septemb
of
and anthracite during the month
United States
on page 2031 of our Oct. 13 issue. The
revised data,
g
followin
the
issued
Bureau of Mines has now
the month
making the total production of soft coal during
as against
tons,
net
000
41,301,
to
of September amount
of outrate
daily
average
The
41,108,000 tons in August.
for the
that
than
higher
tons
193,000
was
er
put in Septemb
month of August,an increase of 4.7%.
Oar. 201928.]
FINANCIAL CHRONICLE
The production of anthracite decreased from 6,883,000
tons in August to 6,036,000 tons in September, and the average daily rate of output was 1.2% lower in September than
in the preceding month.
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN SEPTEMBER(NET TONS).
SUuminous.
Month.
Total
Production.
July 1928
August
September a
September 1927_
36,276.000
41,108,000
41,301,000
41,763,000
Anthracite.
No. of
Average
No. of Average
Working per Wkg.
Total
Working per Wkg.
Days.
Day.
Production. Days.
Day.
25
27
24.4
25.4
1,451,000
1,523,000
1.693,000
1,644,000
4,475.000
6.883.000
6,036.000
6.596.000
25
27
24
25
179,000
255.000
252.000
264,000
a Revised.
Anthracite Shipments by Carriers for First Half of Coal
Year 1928-1929 Have Decreased 3,237,777 Gross Tons
as Compared with Corresponding Period Last Year.
Shipments of anthracite for the first half of the coal year
1928-1929, as reported to the Anthracite Bureau of Informa-
2161
tion, Philadelphia, amounted to 28,983,636 gross tons, as
compared with 32,221,413 gross tons during the corresponding period in the coal year 1927-1928. ShIpments by
originating carriers each month April.to September 1928,
were as follows:
Month of—
Reading Co
Lehigh Valley
C. RR. of N. J
D. L. & W. RR
De'aware & Hudson
Pennsylvania RR
Erie RR
N. Y. Ont. & Western
Lehigh & New England
Total
April.
1,140.985
899,376
531,892
899,398
671,633
519,233
517,232
121,083
295,817
Ma
1,158.499
1 058,954
638.049
904.956
810,667
517,817
641.482
160.318
328,431
5,596,699
6,218.973
Month of—
Reading Co
Lehigh Valley
C. RR. of N. J
D L. & W. RR_
Delaware & Hudson
Pennsylvania RR
.
Erie RR
N. Y. Ontario & Western
Lehigh & New England
Total
Jam.
649.692
705,314
395.420
699,685
385.686
419,246
408.509
121,537
146.054
./sily.
708,589
570.094
292.009
458,674
398,519
336,980
395.182
68.785
96,898
August.
1 050 137
881,381
585.245
747.978
731,741
470.656
517,351
125.985
217,990
3,931,143 3.325,730
6 Mos.End.
September. Sept.30'28.
832,356 6,540,258
769,794 4,884,913
498,015 2,940.630
726,427 4,437.112
501,223 3,499,489
448,414 2.702,146
484,768 2,964,574
124,536
722.244
207,095 1,292,286
6.318.463
4.692,628 28.983.630
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 17, made public by the Federal
Reserve Board, and which deals with the results for
the
12 Reserve banks combined, shows a decrease for the week
of $57,600,000 in holdings of bills discounted, nearly offset
by increases of $47,600,000 in holdings of bills bought in
open market and of $4,700,000 in Government securities.
Member bank reserve deposits increased $45,700,
000 and
cash reserves $16,400,000, while Federal Reserve
note
circulation declined $8,200,000. Total bills and
securities
were 4,600,000 below the amount held on October 10.
After
After noting these facts, the Federal Reserve Board
proceeds as follows:
The principal changes in holdings of discounted
bills were declines of
839,700,000 at the Federal Reserve Bank of New
York, $28,200,000 at
Philadelphia, and $21,400,000 at Boston,
and increases of $16,400,000 at
Chicago,$7,600,000 at Kansas City.
25,900,000 at St. Louis, and 25.700,000
at Minneapolis. The System's holdings
of bills bought in open market
Increased $.17,600,000 and of Treasury
notes 538,100.000. while holdings
of Treasury certificates declined 633,200,0
00 and of United States bonds
$200,000.
Federal Reserve notes in circulation, which
show a net reduction of
$8.200.000 for the week, declined $4,900.000
at the Federal Reserve Bank
of New York, 84,300.000 at Cleveland, and
$3,500,000 at Philadelphia and
increased $2,500,000 at Richmond.
The statement in full, in comparison with the
precedkig
week and with the corresponding date last year,
will -We
found on subsequent pages—namely, pages 2197 and
2193.
A summary of changes in the principal assets and liabilitie
s
of the Reserve banks during the week and the year endel
Oct. 17 is as follows:
loans of reporting member banks, which this week show an
other increase, this time of $74,507,000, the grand aggregate
of these loans on Oct. 17 being $4,664,390,000. This is the
highest total these loans have attained and is $1,230,283,000
greater than the total reported for the corresponding week
last year.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-45 Banks.
oa. 171928. Oa.10 1928. Od.181927.
Loans and investments, total
7,249881.000 7,195.791.000 6,765,020,000
Loans and discounts, total
5.318.319,000 5,320,636,000
Secured by U. S. Govt. obligations-- 37.039,000
35,174,000
Secured by stocks and bonds
2,487,578,000 2,440,487,000
All other loans and discounts
2,792,802,000 2,844,975.000
Investments, total
1 931.562,000 1.875,15.5,000
U.S. Government securities
Other bonds,stocks and securities
Reserve with F.R.Bank
Cash in vault
1 114,669,000 1,069.472,000
816.893.000 805.683.000
723.312,000
50,822,000
697,417,000
61,981,000
4,990,142.000
38,302,000
2,299,302,000
2,652.538,000
1.774.878,000
887,496.000
887.382.000
751,463000
58,861.000
Net demand deposits
Time deposits
Government deposits
5 121,542,000 5,104,573,000 5.28.5,922,000
1,219,015,000 1,192,630,000 1.011,317.000
57,792,000
17.392,000
92,339,000
Due from banks
Due to banks
108,240,000
88,274,000 106,501,000
1 246.184,000 1,116,224,900 1,224.12.5,000
Borrowings from F.R.Bank,total
201,323.000
236.319.000
46,651,000
Secured by U.S. Govt. obligations___ 117,665,000
All other
83.658,000
145.845.000
90,474,000
25,150,900
21,501.000
Loans to brokers and dealers (secured by
stocks and bonds:
For own account
890.251.000 866,919.000
00
For account of out-of-town banks 1,733.240,000 1,715,086,000 1,095.947.0
1,350,201,000
For account of others
2,040.899,000 2,007,878,000 987,959,000
Increase 1+) or Decrease (—)
During
Total
4 664,390,000 4,589,883,000 3.434,107.000
Week.
Year.
Total reserves
+216,400,0
00
—2342,600,000
On demand
Gold reserves
4.048,188,000 3,952,926,000 2,651,025,000
+11,400,000 —339,400,000
On time
616,202.000 636,957,000 783.082.000
Total bills and securities
—4,600,000
+350,800.000
Chlcago-43 Banks.
Bills discounted, total
—57,600.0
00
+518,200,000
Secured by U. S. Govt. obligations
39,400,000
2 064,100,000 2,047,152,000 1.980 497,000
+345,200.000 Loans and investments, total
Other bills discounted
— 18,200,000
+173,100,000 Loans
and discounts, total
1,597,710.000 1,592,383,000 1,531.343.000
Bills bought in open market
i- 47,800,000
+96,900,000
Eecured by U. S. Govt. obligations„.. 13,537 000
11,648,000
U. S. Government securities, total
15,332,000
Secured by stocks and bonds
+4.700.000
785,060,000 787,928,000 837.966,000
269,000,000
Bonds
All other loans and discounts
—200,000
799,113,000 792,787.000 878,045,000
202.000,C00
Treasury notes
+38.100,000
—400,000
Certificates of indebtedness
33.200,000
486,390,000 454,789,000 449,164,000
—66.700.000 Investments, total
Federal Reserve notes in circulation
U. S. Government securities
8,200,000
206,718,000 199,861,000 190.087.000
+300.000
Other bons's, stocks and securities
259,672,000 254,938,000 259,087,800
Total deposits
+49,400,000
—24,000.000
Members' reserve deposits
+45,700,000
181,143,000 178.109,000 192.182.000
24,800,000 Reserve with F.P.Bank
Government deposits
+3.000,000
16.419,000
—2,600.000 Cash in vault
17.659,000
18,480,000
Net demand deposits
1 262,061,000 1,262,109,000 1.306,297.000
Time
deposits
Returns of Member Banks for New York and
676,455.000 684,992,000 628,740,000
Chicago Government deposits
11,261,000
4 248.000
16.194.000
Federal Reserve Districts—Brokers' Loans.
Due from banks
173,371,000 135,441,000 161,159,060
Due to banks
Beginning with the returns for June 29 1927, the
352,170,000 362.327.000 373.1115.000
Reserve Board also began to give out the figuresFederal Borrowings from F.R.Bank,total
57,878.000
40.317,000
12,859,000
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
themselves, and for the same week, instead of waitingbanks
until
the following Monday, before which time the statistics covering the entire body of reporting member banks—now 632—
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'
Secured by U.S. Govt. obligations-All other
48,267.000
9,611,000
36,517,000
8,800,000
11,244,000
1.816,000
Complete Returns of the Member Banks of the Federa
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursda
ys,
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
632, cannot be got ready.
FINANCIAL CHRONICLE
2162
In the following will be found the comments of the Federal
Reserve Board respeeting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Oct. 10:
The Federal Reserve Board's condition statement of 632 reporting
for the week
member banks in leading cities as of Oct. 10 shows decreases
investments, of
of $32,000,000 in loans and discounts, of $45.000,000 in
0 in
630.000.000 in borrowings from Federal Reserve banks, of $22.000,00 an
and
net demand deposits, and of $34,000.000 in Government deposits,
Increase of $9.000,000 in time deposits.
t obliLoans on stocks and bonds, including United States Governmen
banks, a
gations. were $58.000.000 below the Oct. 3 total at all reporting
by
offset
partly
decrease of $74.000.000 in the New York district being
the San Francisco
increases of 19.000.000 and $7,000,000. respectively, in
0
and Dallas districts. "All other" loans and discounts increased $26,000,00
and dein the New York district and $11,000,000 in the Chicago district
net
a
showing
clined 19.000.000 in the Boston district, all reporting banks
increase of $26.000.000.
0
Holdings of United States Government securities declined $13,000,00
at all reporting banks, while holdings of other bonds, stocks, and securities
New
the
in
declined $32.000.000 at all reporting banks and $16.000.000
York district.
0
Net demand deposits, which at all reporting banks were $22.000,00
district,
below the Oct. 3 total, declined $25,000,000 in the New York
a
Philadelphi
the
$13,000,000 in the Boston district, and $7.000,000 each in
district,
and Cleveland districts, and increased 611,000,000 in the St. Louis
Minneapolis
$8.000,000 in the Atlanta district, and $7.000.000 each in the
in the
and Dallas districts. Time deposits declined $6.000,000 each
New
Philadelphia and Cleveland districts and increased $8.000,000 in the
in the
66,000,000
York district. $7.000.000 in the San Francisco district.
banks.
reporting
Chicago district, and 89.000.000 at all
banks for the
The principal changes in borrowings from Federal Reserve
0
week were declines of 815.000,000 in the New York district, 613.000,00
and indistrict,
In the Chicago district and 611.000,000 in the St. Louis
Clevethe
in
$7,000.000
creases of $10,900,000 in the Boston district and
land district.
member
A summary of the principal assets and liabilities of632 reporting
ending Oct.
banks, together with changes during the week and the year
10 1928, follows:
Increase or Decrease During
Year.
Week.*
Oct. 10 1928.
22,259,998.000 —77,383,000 +1,046,203,000
Loans and investments—total
15.907,555,000 —32,350.000
+808.057,000
Secured by.U.S. Govt. obligations 108,103,000
6692,550,000
Secured by stocks and bonds
9,206,902,000
All other loans and discounts
6,352,443,000
Investments—total
—11,557.000
—46.911,000
+26.118,000
—45.033.000
—18,129.000
+421,895.000
+404,291,000
+238.146,000
2,979.411,000
U. S. Government securities
Other bonds,stooks and securities_ 3.373,032,000
1.688,513.000
Reserve with F. R. banks
268,305,000
'Cash in vault
—12,648,000
—32,385,000
+359,160.000
—121.014,000
—26,530,000
+18,758,000
—16,165.000
—322,000
Loans and discounts—total
[VOL. 127.
BRAZIL
General business has been fair and exchange firmer with a sufficient
Money
offering of export bills. The coffee movement has been good.
has been tighter and banks are paying 9% for time deposits. The petrostill in
is
bill
tariff
the
leum bill has been reported to the congress, but
committee.
BRITISH MALAYA
A new automobile tax will become effective Jan. 1 in the Federated
According to the
Malay States, and probably in the Straits Settlements.
new regulations, taxes on passengers cars will be based on'horsepower and
rates. It is
trucks will be taxed on a tonnage basis of comparatively high
as a result
expected that sales of American cars will be somewhat curtailed
of the new taxation.
CANADA
retail
Although warm weather has aided the liquidation of summer
goods which
stocks and has somewhat slowed up the movement of seasonal
marked
began in September, the wholesale trade continues busy with
Textile
activity in hardware, builders' supplies, groceries and dry goods.
s and
flannelette
mills are busy filling orders for immediate delivery of
stimulated
been
has
heavier lines of wearing apparel. The dry goods trade
dresses
by an increasing number of social events. Millinery and ladies'
roofing
are in good demand. There has been a very heavy demand for
reaching
materials and builders' supplies, since much construction work is
season
the interior decorating stage. With the opening of the hunting
been
sales of guns, rifles, camping outfits, and hunting supplies have
to
stimulated. In New Brunswick alone big game hunters are expected
market
spend more than half a million dollars. Generally, the hardware
reductions
is firm. with a slight reduction in primary metals and substantial
In garden hose for 1929 delivery.
CHINA
ent
Canton and Peking are both suffering from considerable unemploym
y in
due to depressed business conditions in those centers. Uncertaint
the Hankow
further tax impositions is also curtailing trace prosperity in
y
area. Due to additional silting of the Hal Ho River, to the uncertaint
the outlook
facilities,
ion
of taxes, and continued lack of railway transportat
that the
for foreign trade at Tientsin is unfavorable. It is anticipated
thus throwing the
river will be too shallow for ice breakers during winter,
service.
railway
burden of transport of ocean cargo upon an inadequate
of restoraAlthough the Peking-Mukden line has been repaired the question
tion of rolling stock is still unsettled.
commodities and
Machinery lines, especially, present poor prospects, but
making for good trade
staples are moving fairly well. Building is brisk,
unloadincreased
to
due
slow,
is
in imported building supplies, while lumber
ing costs.
of North China
Since there is no immediate prospect of the resumption
very limited quantities,
railway traffic, wool and walnuts are moving in
with prices firm at fairly high levels.
FRANCE
because of
Activity in the iron and steel industry has been maintained
for construction
heavy demands abroad and domestic requirements
However,
er.
purposes, for rolling stock and automobile manufactur
13,197.421.000 —22,360,000 —239,323,000 shortage of labor is retarding an expansion of' production A majority
Net demand deposlta
0
. 6.906.075.000 +9.418.1100 +473.4/8,00
Time deposits
in the north of France have resumed work and the
64,934,000 —33,649,000 —272,298.000 of the textile strikers
Government deposits
strike is regarded as virtually terminated in most places.
1,145,359,000 —58,236,000 —139,643.000
Due from banks
GERMANY
3.263.382.000 —142.879,000 —186,590,000
Due to banks
Xi
business conditions were less satisfactory in Sep00
German
+483,669.0
whole,
0
the
On
—30.404,00
l.
770,121,000
It.
banks—tota
F.
from
Borrowings
in part
than in August. A falling off in domestic sales is reflected
00 tember
notably
Secured by U.S. Govt. obligations 499,833.000 —9.668.000 +352.898.0
time operation and diminished production in a number of industries,
00
+130,771,0
0
—20,736,00
270,288,000
has however.
All other
textiles and leather. A recent increase in export orders,
• October 3 figures revised,
a high level of proenabled the steel and chemical industries to maintain
labor diffibut
moderate,
is
still
ent
unemploym
in
duction. The increase
shipbuilding
culties have involved 130,000 workers in strikes in the textile,
ng
Accordi
Markets
in
ons
World's
capital
local
with
Summary of Conditi
and coal industries. Domestic security markets are dull,
satisfactory
to Cablegrams and Other Reports to the Depart- issues and foreign borrowing limited. Credit conditions areforeign
trade
and the money market contines relatively easy. Germany's marks and
ment of Commerce.
situation improved in August, imports totaling 1.083,000.000
is
marks
The Department of Commerce at Washington releases for exports 1.026,000.000 marks. The adverse balance of 57,000,000
the past two years, and is due partly to curtailed
in
month
conany
of
market
of
lowest
summary
the
following
the
20
publication Oct.
increase in exports
imports of foodstuffs and raw materials, but chiefly to an
post-war period.
ditions abroad, based on advices by cable and radio:
which were higher than in any preceding month of the
AUSTRALIA
INDIA
Rains in South Australia and Victoria during the past week have further
important cotton districts in India are preseveral
in
continues
droughts
Wales
South
New
Serious
but
Australia
in
situation
wheat
mproved the
with venting the sowing of cotton and the outlook is not encouraging. Septemsomewhat dry. The wharf strike continues practically unchanged
was somewhat lower than for the same month last
more companies reducing production pending a settlement of the difficulty. ber customs revenue
com- year.
Tariff hearings on plywood and radio sets have been resumed. The
JAPAN
by a
pulsory butter pool proposed in New South Wales has been defeated
statement
narrow margin. The Prime Minister of Australia in a recent
Japan's summer autumn cocoon crop is 9% less than that of last year, it
and
Act
recommends cancelling the coastal clause of the Navigation
estimated locally. It is also estimated that sales of new automobiles in
favors the is
Instead protect local shipping by a tariff arrangement. He also
1928 will total 23.000 units, an increase of 42% Over last year's sales.
miles.
3.000
least
by
at
lines
aviation
extension of commercial
Electric utilities are showing greater profits. Increased prices are announced by Government steel mills.
BELGIUM
maintained at a
were
September
during
Belgium
in
trade
acid
NETHERLAND EAST INDIES
Industry
of importance. The glass and
high level with no outstanding features
prohibiting the export of Lampong pepper
t
ordinance
shortage
a
The
Governmen
quarters
some
in
and
cement industries were particularly active
Rubber shipexpansion, notably in the Antwerp dis- with more than 2% dust content became effective Oct. 1.
was reported because of industrial
dis- ments from all the Netherland East Index, in August totaled 24,904 long
labor
minor
of
number
a
caused
has
costs
labor
in
trict. The increase
the East
at Edo°. Thecoal situation is still tons, of which 5.668 tons were from Java and Madura, 7.438 from
putes, notably alockout in the textile mills
qualities of household coal is Coast of Sumatra, and 11,798 from all other sections. Preliminary figures
uncertain, although the demand for certain
native
of
industrial coal satisfactory. Flax covering the five major ports indicate that September exports
strong and that [Or the better grades of
below August shipments, due to a
a
ely
tons
but
2,000
will
be
approximat
excellent,
rubber
be
to
said
are
s
Netherland
the
and
crops in Belgium. France
slight rise in Belgian prices. The temporary lull in native production.
deficient Russian crop has produced a
the dull season is approachdemand for automobiles is satisfactory, although
NETHERLANDS
the Brussels automobile show in
ing and fewer sales are expected until
from the dullness of the summer season has accentuated the
Recovery
some
in
affect
will
model
European
new
a
December. It is expected that
of the Netherlands. Industrial
in Belgium. The local industry is generally satisfactory economic position
operating at capacity, textile
degree sales of low priced American cars
raw hides is weak, but that conditions are favorable with shoe factories
for
market
The
ly.
satisfactori
Progressing
turnover good. The trend in commodity
sales in general are improving. Lum- mills active and metallurgical
for solo leather is very active; export
recovered toward the close of the
operating at capacity. The former markets is mixed; business in oil seed
generally inactive
ber demand is good with saw mills
d with the month, but vegetable oils except palm and linseed were
disamieare
has
nitrates
Chilean
for
is conducting a widespread
uncertainty in the market
centralize sales in order to and animal oils quiet. The margarine industry
to
Antwerp
at
cermmittee
and tea have been firm with
establishment of a
manufacturing synthetic ammonia advertising campaign to develop sales. Coffee during September but roavoid price cutting. A new company for
inactive
mostly
were
Cereals
good
begin
turnover.
shortly
will
and
k
and derivatives has been formed at Wiliebroec
rubber market has been dull. Autobeen good and their quality covered toward the close. The the
situation has not improved.
operations. Harvest conditions for crops have
content higher than mobile sales are satisfactory but the used car
sugar
a
with
yield
beet
y
Is excellent. A satisfactor
prospects for an excellent harvest of
owing to dry weather has Good summer weather has resulted in
pasture
good
of
Lack
.
is
anticipated
last year's
frosts have hurt fodder crops and
meat prices have declined. field crops but low rainfall and recent
forced farmers to market their young stock and
districts. Declared exports to the United States in
in
some
pastures
exports,
and
imports
both
with
The foreign trade situation is favorable,
August, reaching $9,641,000
during September September showed a heavy increase over
especially the latter, higher than last year. Car loadings
with diamonds and flower bulbs leading. c.taiti
,
1927.
September
of
in
excess
were well
OCT. 20 1928.]
FINANCIAL CHRONICLE
PANAMA
Following the action of the National Government, the Municip
ality of
Panama has decided to economize by reducing the number
of its employe
A bill has been introduced in the National Assembly which propose es.
s the
establishment of a mortgage loan section of the Banco Nacional
for the purpose of aiding and developing the cultivation of coffee. Another
bill has
been introduced which is designed to aid cocoa growers by exempti
ng them
for a period of five years from the payment of tax on loans secured through
the Nacional and the free entry of agricultural machinery and impleme
nts.
PERU
The proposed contract between the Peruvian Corporation
and the Government has been submitted to Congress. The Government
under the terms
of the contract is to grant the Corporation a "fee simple"
title to the railroads which the latter now operates, in return for which
the Government is
to receive the "guano" concession granted by it to the Corpora
tion under
the terms of the contract of 1907. This concession granted
the Peruvian
Corporation the sole right to export 2,000,0 tons
00
of guano for sale in
foreign countries and up to July, 1928, approximately
1,370.000 tons had
been exported. Other provisions of the contract include
the waiving by
the Corporation of the annuity of .C80,000 which the
Government was obligated to pay the company, and upon signing the
agreement the Government is to receive E247.000 which is the appraised
value of the difference
of the two mutual concessions. The volume of cotton
sales during the week
has been encouraging to retail distributors, althoug
h the movement of
piece goods remains sluggish. The number
of small building operations
recently projected betters the building trade
outlook. Sugar growers, as a
result of low sugar prices, are curtailing grinding
operations but oil export
are at high levels.
PHILIPPINE ISLANDS
The copra market of the past week continued
inactive. Supplies were
heavy, arrivals at Manila averaging 17,000
piculs of (139 pounds) a daY,
and all oil mills were in operation. F.o. b. prices
of resecado (dried copra)
on Oct. 11 ranged from 11.60 to 11.70
pesos per picul, at Manila; at
Hondagua: 11.50 to 11.60 pesos; and at
Cebu, 11.75 to 11.87 pesos. (1
peso equals 20.50). Abaca trade remains
stagnant in grades for the United
States and Japan but inquiry for European
grades for January, February.
and March shipments has advanced prices.
As a result, sellers have withdrawn from market, holding for 25 or
50 centavos over present offers.
(100 centavos equal one peso). Prices of United
Kingdom grades remain
firm with active Inquiry at 15.50 pesos per picul
for JUK and 13.25 Pesos
for grade L. United States grades are
nominally priced at 22 pesos for
grade F; 1,21; and JCS, 17.50.
PORTO RICO
Wholesale trade In general is feeling the impulse
created by the local purchases of supplies by the relief socieites
. Business continues to be marked
by the abnormal demands created
as a result of the recent storm and the
movement of construction materials
and simple foodstuffs continuos good,
beams especially being in strong demand
, notwithstanding the high prices
asked for this commodity. Stocks of lumber
are smaller and lumber importers are somewhat uncertain as
to the probable continuation of the
present abnormal demand, although there is
little likelihood that a shortage
of lumber stocks would continue for more
than a few days at a time. The
demand for farm implements is extreme
ly dull but replacements for the
sugar mills are moving well. Biological
medicinals, hospital, and similar
relief supplies are in good demand. During
the week 720 pounds of undamaged tobacco from the last crop (1927-2
8) were sold at approximately
$0.32 to $0.35 a pound, and the insuran
ce underwriters auctioned considerable quantities of the damaged tobacco
stocks. Many tobacco planters
lack the funds or credit with which
to obtain fertilizers, materials, and
suitable labor for reconstruction of
the destroyed and damaged tobacco
barns. As a result, a decrease of
approximately 60% is expected in
the
acreage planted to tobacco from that of
1927-28.
Outward Movement of Gold Anticipated
by English
Bankers-Belief Expressed Bank Rate
of 43'2%
Will Be Continued as Precaution.
With a larger volume of acceptance business and
greater
financing of crop movements in the London
market this
year, British bankers believe that considerable
gold will be
leaving London within the next few month
s, the Trade
Commissioner at London, Frederic E. Lee,
informed the
Department of Commerce Oct. 12, accord
ing to the United
States Daily which gives as follows the text of
the advices:
This position is said to warrant a
further degree of caution by the
Bank
of England in the matter of money rates, if it is
to maintain even nominal
control of the credit situation. Hence the
bank rate which has pre434%
vailed since April 1917. Is expected to continu
e for some time unless
the
bank authorities find it necessary to raise it
in order to conserve gold
supplies.
Heavy Export Looked For.
With a differential in interest rates of one-half
of 1% in favor of New
York, foreign deposits and short-terrn balances
are expected to be soon
seeking a higher level of rates. Therefore on the
basis of the known factors
in the situation, gold exports from the United
Kingdom are thought likely
to be fairly heavy in the near future,
The Bank of England has largely sterilized recent gold
an equivalent amount of government et.-curities. This imports by selling
will
to export a considerable quantity of the yellow metal make it possible
without seriously
affecting the monetary or banking position of the United
Kingdom, it Is
said.
"Unknown Buyer" in Market.
It is stated in financial circles that probably as much as £2
tually the equivalent of the net influx during 1928-could 0,000.000--virthus be disposed
of without working any particular hardship on the London
The turn in the flow of gold between the United States market.
and the United
Kingdom occurred on Sept. 14. when gold was shipped from
England to the
United States for the first time since June. 1927. The
amount involved was
small-only E502.000, or approximately $2,500.000.
On September 18, when some £900.000 of bar gold was
available on the
London market, United States interests made no bid for it.
At the present
rate of exchange little inducement or profit is found in shippin
g gold from
Great Britain to the United States. Of this bar gold some
to Germany, and the famous "unknown buyer" was again £554,000 went
In the market,
taking £227.000.
2163
Gold and Silver Imported into and Exported from the
United States by Countries in September.
The Bureau of Foreign and Domestie 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 September 1928. The gold exports were $3,809,560.
The imports were $4,272,752, of which $2,434,223 came from
the United Kingdom and$779,354 from Canada. Of the
exports of the metal, $2,031,057 went to Italy, and $532,0
00
went to Java and Madura and $518,668 to Mexico.
Gold.
Total.
Exports.
Imports.
Sliver.
Refined Bullion.
Exports.
Total (Includes Coin.
Imports.
ExpartS. Imports.
Countries$
$
°USCG,.
Ounces.
8
8
France
160
1,192
Germany
203,886
340,883
195.588
Gibraltar
1,592.
Italy
2,031.057
Norway
2,587
1,555
Portugal
20
925.
Spain
510
707
United King&
2,434,223
Canada
60,833
779 354
118,282
103,330
195,597
345,428
Costa Rica__.
23.268
31,910
1,107
68.5.
Guatemala_
14,590
Honduras
17,679
81,345
47,991
2,850
Nicaragua9,653
2,104 .,„,,___
1,174
Panama_
123
171
Mexico
518,668
301.395
4.306,e5
4
78,982 3,281,885
Bermudas
945
Jamaica_
1,100
Trinidad and
Tobago
,
40,150
445
Cuba
15,900
5,908
Netherland
W est Indies_
1,700
Haiti, Rep. or2,200
Chile
27.477
68,201
Colombia_
72,962
2,011
144
1,379
112
Ecuador
115,833
126
3,528
Peru
54,423
597,134
Venezuela
• 10,450
British India__
2,200 1,205,851
697,049
634
British Malaya
223,128
304
Ceylon
40,000
China
104.205
8,758.031
5,055,297
Java & Madura
532,000
108,564
61,919
36,449
Hong Kong,,,._
72,515
Philippine lel__
185,330
1,948
New Zealand_
47,798
81
47
Belgian Congo_
1,739
9.225
Total
3,809,560 4,272.752 10,427.645 4,557,110 5.228,74
5 4,915.893
Number of Houses Built in Great Britain Reach
ed
Record Figure of 240,000 in Year Ended Mar.31 1928.
During the year ended March 31 1928 the numbe
r of.
houses built in Great Britain reached the record numbe
r of
240,000, according to statistics contained in the latest report of the ministry of health and transmitted to Banker
s
Trust Company of New York by its British Information
Service. The latter under date of Sept. 28 says:
This brings the number built since the armistice to 1,105,00
0, of which,
724,000 were built with state assistance. Between March
and September
1927 activity was marked, doubtless due to the
fact that after Sept.
30 1927 the rate of the exchequer grants was to be decrease
d. This idea
is confirmed by the fact that the prices of the houses
contracted for have
leilOWD a remarkable drop since the reduction in the
rate of State aid
for such building took place.
The average price for "non-parlor" houses during the
quarter ended,
March 31 1928 was 6368, or say $1,788, and for
"parlor" houses 6437
or about $2,024, compared with the correspo
nding figures of £4413,
$2,177, and 4513, $2,490, respectively for the
last quarter of 1926. The
total amount of State and under various
acts since the war has been
some £68,500,000 or over $308,600,000.
During 1927-28 the payment&
amounted to 69,500,000 or more than $45,000,
000, while the estimates
for the current year contain provision
for payments of £10,700,000..
say $52,000,000, in respect of housing subsidie
s.
Canada's Foreign Trade During August-Cou
ntry's
Prosperity Also Shown in Increased Railway
Earnings and Agricultural Exports.
During August, according to a statement of
the Natural
Resources Department of the Canadian Nation
al Railways,
Canada's foreign trade amounted to $226,6
68,372 with
imports exceeding exports by $1,682,320.
These figures
take no account of Canada's invisible exports, notabl
y the
American tourist business, a factor immensely
favorable to
the Dominion's standing. In August, last year,
foreign
trade amounted to $193,564,534 with an excess
of imports
over exports of $5,132,146. This marks an increase
in total
rade for the present month of $33,103,838, and a
decrease
tn the unfavorable balance of trade of $3,449,826.
An increase of ten million dollars in imports of iron
and
steel last month was offset by a fifteen million dollar
increa
se
in exports of agricultural products. These two items
form
the background of the continued Canadi
an'prosperity,
excellent crop conditions coupled with swift
movement of
the crop and extreme activity in the constructional
industries.
Other manifestations of these influences are
to be found in
report
the
s of higher railway earnings,the Canadi
an Nationa
[VoL. 127.
FINANCIAL CHRONICLE
2164
ending July
Railways showing for the seven months period
ng with
compari
,823.12
$23,488
of
s
earning
31st, last, net
of
$17,200,218.01 for the same period in 1927, an increase
5,288,605.11.
Another indication of progress, particularly in Western
d
Canada, may be found, the statement reads, in the increase
Includyears.
few
past
the
during
ion
cultivat
acreage under
00 acres
ing the Canadian Government's estimate of 1,500,0
40,000,of
excess
in
total
a
is
there
feed,
for
cut
be
to
grain
of
This
000 acres successfully planted in the West this year.
000 in
compares with 22,450,000 acres in 1915 and 13,600,
nearly
1910. Thus, this year's acreage under field crops is
in 1910.
twice as great as in 1915 and three times as great as
Fourth Annuity
Year—CumuldMonth of
live total to
August
Aug. 311028.
1928.
Gold Marks.
Gold Marks.
United States of America:
4,905,496.46 30,163,566.83
Deliveries under agreement
Cash transfers in liquidation of priority for army 10,577.263.08 55,000,000.00
arrears
costs in
15,482,760.44 85,163.566.83
Rumania:
Deliveries in kind
Miscellaneous payments
Cash transfers
German Reparation Receipts and Transfers During
August.
,273 gold marks during August
217,574
Total transfers of
5
are shown in the statement for the month issued Sept.
cash
The
s.
payment
on
reparati
for
eneral
by the Agent-G
payments during the month are shown to have been 85,652,we
622 gold marks. In our issue of Sept. 15 (page 1471)
s
transfer
and
receipts
g
coverin
nt
published the stateme
nt
during the four years ended Aug. 31 1928. The stateme
for August 1928 follows:
2,008,371.28 15,225.825.39
34.070.21
130,488.81
130.488.81
Japan:
Deliveries In kind
Cash transfers
Portugal:
Deliveries In kind
Cash transfers
RS FOR THE
STATEMENT OF AVAILABLE FUNDS AND TRANSFE
FOURTH ANNUITY YEAR TO AUG. 311928.
.)
(On cash basis, reduced to gold mark equivalents
Fourth Annuity
Year—CumulaMonth of
live Total to
August
Aug. 31 1928.
1928.
Marks.
Gold
Marks.
Gold
Available Funds—
185,487,192.84
Balance as at Aug.311927
Receipts in completion of the third annuity:
20,000,000.00
Transport tax
55,000,000.00
Interest on railway reparation bonds
annuity:
fourth
the
of
account
Receipts on
500.000.000.00
.67
41,666.666
Budgetary contribution
24.166,000.00 265.826,000.00
Transport tax
Interest and amortization on railway reparation 55,000,000 00 605,000,000.00
bonds
debentures_125,000,000 00 300,000,000.00
Interest and amortization on industrial
4.565,885.84
458,180.67
Interest and exchange differences
246,290.847.34 1935879,078.68
of
Less discount on advance payments for service
7.092,938.41
317,711.53
railway bonds and Industrial debentures
245,973,135 81 1928788,140.27
Totals
Greece'
Deliveries in kind
Cash transfers
Poland:
Deliveries In kind
Miscellaneous payments
Settlement of balances owing for deliveries made or
services rendered by Germany prior to Sept. 1
1924
Cash transfers
2.138,860.09
15,390,384.41
1.652.471.16
548,776.17
5,758,406.57
3,336,748.31
2.201,247.33
9,095,154.88
1.447,581.58
20,021.15
9,282,010.44
778,265.46
1,467.602.73
10,060,275 90
2,872.681.36
287,301.25
4,069,111.55
287,301.25
3.159,982.61
4,356.412.80
51,789.98
1,405.09
270,897.06
6,202.09
2,191.88
24,827.87
53,105.07
Total transfers to Powers
For Prior Charges—
Service of the German External Loan 1924
Costs of Inter-Allied Commissions
Costs of arbitral bodies
Total transfers
304,118.90
208,617,696.23 1640520,343.30
9.254.055.21 90,491,098.29
Dr.297,477.77 8,231,820.45
53,933.37
217.574,273.67 1739297,195.41
Reported Resumption of Mexican Debt Negotiations.
Associated Press advices from Mexico City yesterday
Oct. 19) said:
El Universal to-day said it had been learned that negotiations for a new
debt agreement had been resumed and that Minister of Finance De Oca
was holding a series of conferences with representatives of the international
uankers.•
The newspaper said that Mexico was demanding a reduction of the total
debt, 60 years for its amortization and an agreement based on the country's
capacity to pay. The bankers asked a 45-year limit and progressive
t
yearly payments, the increase to start three years after the agreemen
becomes effective, when it is believed that economic conditions will be
90,491,098.29 considerably improved. If the bankers' plan is found to be acceptable,
350.986,602.26
rs are represented as willing to cut the debt.
30.163.566.83 bondholde
The paper also said that representatives of the international bankers intend to tour the country during November and December to verify data
7,511.586 93 furnished by the Government and to gather information at first hand to
460,405,257.55
3,624,095.31 gauge Mexico's economic strength.
Transfers—
In foreign currencies:
9,254.055.21
Service of the German external loan 1924
31,653.456.09
Reparation Recovery Acts
4,905,496.46
Deliveries under agreement
made or
Settlement of balances owing for deliveries Sept. 1
to
prior
Germany
by
rendered
services
1924
85,652,622.82
Transferred in cash
79,651.46
Costs of Inter-Allied Commissions
53,033.37
Costa of arbitral bodies
131,545.282.04 943.236,140.54
By reichsmark payments for:
Deliveries in kind
Armies of Occupation
Costs of Inter-Allied Commissions
Miscellaneous objects
81,323,958.61 724.536,051.10
4,979.641.42 65.678.554.21
Dr.377,120 23 4,607,725.14
1.238,724.42
102,520.83
86,028,991 63 796.061,054.87
Total transfers
217,574,273.67 1739297,195.41
189,488,944.86
Cash balance as at Aug. 31 1928
Distribution of Amounts Transferred—
To the Powers—
France:
3,749.155.99 50,648,770.24
Army of Occupation
4,668.637.82 53,488.600.45
Reparation Recovery Act
.16 176,618,098.85
19.071,728
_
transport)
(incl.
lignite
and
Deliveries of coal, coke
.11 301,121.435 75
33,901.805
Other deliveries in kind
900,000.00
75.000.00
payments
ous
Miscellane
45.977,780.56 279.720,810.37
Cash transfers
107,444,107.64 862,497,715.66
British Empire:
1.053,016.39
Army of Occupation
26.984.818.27
Reparation Recovery Act
or
made
deliveries
Settlement of balances owing for prior to Sept. 1
services rendered by Germany
1924
19.136,969.11
Cash transfers
47,174,803.77
Italy:
transport)-Deliveries of coal and coke (including
Other deliveries In kind
payments
ous
Miscellane
Cash transfers
12,877,217.49
297.498,001.81
7,509,395 05
40.164.868.92
367,049,483.27
4,943.720.79 69,636.826 01
725,792.02 10,529,389 44
998.31
6,471,521.22 39,335.705.09
12,141.034 03 119,502.918 85
elgium:
Army of Occupation
transport)_..
Deliveries of coal and coke (including
Other deliveries in kind
Cash transfers
177.469.04 2 .152.566.48
2,616,408.54 25,254.471.77
9,082,147.76 63.371.108.83
17.782.182.89
11,876,085.34
rb-Croat-Slovens State'
Deliveries in kind
Miscellaneous payments
Cash transfers
2,949.400.87
26.115,74
2,502.500 57
5.478,017.18
Economic and Industrial Conditions In Denmark
During August.
In the statement regarding the economic and industrial
conditions in Denmark during August, issued Sept. 28 by the
National Bank of Copenhagen and the Danish Statistical
Department, banking and financial conditions are reviewed
as follows:
the
In the three principal private banks the outstanding loans have during
month of August increased with about 7.000.000 kroner, principally as a
result of the opening of new accounts, while the deposits have decreased
with 5,000.000 kroner. The increase of the outstanding loans and the
decrease of the deposits is for the most part counter-balanced by consumption of the cash reserve and of tho bond and stock reserve—respectively about 4,000,000 and 5.000,000 kroner. Besides the banks' net
debt to domestic banks and savings banks has during the month been increased with nearly 3,000,000 kroner.
Also the outstanding loan of the National Bank has during August been
Increased, namely with nearly 4,000,000 kroner, however, the banks'
foreign credits amount to the same, and the same is the case with the
amount of bills in circulation, which at the end of August was 340,900,000
kroner. ultimo July 340.400,000 kroner.
For settling of accounts at the check-clearing undertaken by the banks
and savings banks through the National Bank in August. there were delivered checks amounting to 412.000,000 kroner, against 480,700,000
kroner in July.
The average weekly transactions on the Copenhagen stock exchange In
August amounted to 1.200.000 kroner for bonds and 1.200,000 kroner for
stocks; in August 1927, the corresponding figures were 1,700.000 and
2.000,000 kroner.
In the index for stock exchange quotations there was in August a smaller
from
increase for bonds as well as for stocks, as the bond index increased
s of
92.9 to 93.0, the stock index from 99.8 to 100.0, when the quotation
the stock
July 1 1914 are fixed at 100. Compared to August 1927, most of
index was 86.3
groups were comparatively high this year, as the bank
stocks 91.8
(August 1927: 83.8) shipping stocks 117.1 (113.2) industrial
(9,5.7).
100.1
index
complete
(93.9) other companies 103.2 (90.4) and the
We also quote from the statement the following:
year slightly
The Danish export ofagricultural products was in August this
year for butter, but
108,560.329.97 larger than during the corresponding month last
ons
slightly smaller for the other products, the average weekly exportati
43.398.469 44 amounted to:
Butter: 9,297.700 kilos (August 1927: 2,835,700 kilos).
297,453.81
14,844,058 58
Eggs: 971.800 scores (1,006.600 scores).
Bacon: 4,694.100 kilos (4.929.000 kilos).
58,539.981.83
Beef and cattle: 1,068,900 kilos (1.102,900 kilos).
OCT. 20 1928.]
FINANCIAL CHRONICLE
The prices of the exported products were as far as butter and bacon
are concerned considerably higher than in August last year. while the
prices for eggs and meat were a trifle lower. The average weekly official
notations were:
Butter: 312 kroner (August 1927: 292 kroner) per 100 kilo.
Eggs: 1.44 kroner (1.48 kroner) Per kiln.
Bacon: 1.54 kroner (1.35 kroner) per kilo.
Beef: 59 ore.(60 ore.) per kilo on the hoof.
According to the latest judgment of the crop by the Statistical Department of Sept.Ist.the harvest promises tobeconsiderably better than during
the just preceding years, for several crops considerably above average
harvest, and especially the barley seems very satisfactory.
The checking up of the live stock on July 16 1928. showed a decrease in
the hog stock since 1927 of about 10%. as the number of hogs this year was
3,360.000 against 3,731.000 in 1927. On the other hand the number of
milk cows was about the same, namely 1.548.000 against 1.514.000 In 1927.
The trade balance with foreign countries in July amounted to 143 000.000
kronor for imports, and 132,000.000 kroner for exports, so that there was
an import surplus of 11.000.000 kroner against 15.000.000 kroner in July
1927;for the months January-July the import surplus was this year 68.000.000 kroner against 53.000.000 kroner in 1927.
The Statistical Department's wholesale index went down in August from
155 to 154. Of the individual groups the following were especially decreased:
vegetable food stuffs (2 points), fodder (6 points), and textiles and dry
goods (3 points). At the same time there was an increase of two points for
animal food stuffs. The price fluctuations have brought about an improvement in the relation between the prices for import and export goods, as the
price index for Imports fell from 151 to 148,whlle the export index increased
from 140 to 144.
The freight rate figure went up from July to August from 99.6 to 103.6:
In August 1927 the figure was 107.0
The percentage of unemployed was at the end of August 13.1 against
16.4 in August 1927: for the real industrial professions the percentage was
respectively 14.8 and 17.9.
The Government's revenue from consumption taxes was in August
15.900,000 kroner. of which 6.200.000 kroner were custom revenue taxes
proper. In August 1927 the corresponding figures were 15,800,000 and
5.500.000 kroner.
2165
The taxes and revenues subject to a first lien and charge in favor of these
bonds produced in the fiscal year 1922-1923.-3.32 times the service charges
of these bonds; In 1923-1924.-4.18 times; in 1924-1925.-4.95 times; in
1925-1926.-5.12 times: in 1926-1927,-6.05 times; and in 1927-1928.-7.24
times.
Finances and Public Debt.
The total principal amount of the indebtedness of the state upon completion of the present financing will be $3,645,096. This total includes the
Internal funded and floating debt of the State. the Frs. 17.790.000 principal
amount of the French loan of 1910 calculated at four cents per franc and
these $1,750.000 of bonds. In the event that the French loan of the state,
in common with loans of other Brazilian states the payability of which in
gold is in dispute, should be held payable in gold francs, this total principal
amount of internal and external indebtedness of the state, exclusive of any
adjustment for matured coupons, would amount as of the present date to
$6,367,500. Service charges on this total indebtedness amount to $305,830
at present rates of exchange, and $524.925 if the 1910 loan is calculated as
payable in gold, as against revenues of the state of $1.378.392 for the fiscal
year ended June 30 1928. As against its total indebtedness, the state owns
properties valued at over $5,400,000 of which $2,500,000 are revenue producing public utilities.
All conversions to U. S. dollars made at 12c. per milreis,
approximately the present rate of exchange.
Peru to Continue Refunding Operation—New York
Bankers Plan Issue of Second Series of $100,000,000
National Loan.
The second major step in refunding the entire external
secured debt of the Republic of Peru will follow the issuance
next week of the second series of the Peruvian National Loan.
J. & W. Seligman & Co. and the National City Company,
who are now completing the negotiations for this, will head a
group which is expected to make a public offering here and
in Europe of about $35,000,000 of the bonds. In 1927 the
Peruvian Congress authorized an issue of $100,000,000, of
which $50,000,000 was sold in that year. The forthcoming
issue is a part of the remaining $50,000,000. The loan is
expected to be the largest South American issue since last
spring and is a part of the most comprehensive refunding
program ever undertaken by a South American republic.
The second series, like the first, will carry a 6% coupon. •
Refunding, it is stated, has progressed rapidly since the successful sale by the same bankers last December of the $50,000,000 first series of the loan. Three loans have been entirely redeemed from the proceeds of the first series. These
are the Sanitation 8s of 1924, the Sanitation 8s of 1926 and
the Petroleum 73is of 1925. In addition, substantial
amounts of the following loans have been purchased from the
proceeds of the first series: 53i% Salt Loan of 1909; 5%
Opium Loan of 1920; 75i% Gold Bonds, Series of 1926, and
7% Tobacco Loan of 1927. The balance of the first series
was used to create a gold exchange fund, to provide the Government's share of the capital of a State mortgage bank, and
for the construction of public works. While issues now to
be retired have not as yet been designated, it is known that
at least two-thirds of the proceeds of the forthcoming issue
will be used for further purchases or redemptions. The present authorized balance of the Peruvian National Loan is
sufficient for the retirement of all of the now outstanding
external secured obligations of the Republic, all of which are
redeemable except the 75i% Guano loan amounting to
E1,166,200 due in 1933.
Offering of $1,750,000 7% Bonds of State of Maranhao,
Brazil—Books Closed.
Formal offering was made on Oct. 17 by Baker, Kellogg
& Co., Inc., of an issue of $1,750,000 State of Maranhao,
Brazil, external secured sinking fund 7% gold_ bonds of
. The bis were offered at 94 and accrued interest
1928—
to yield over 7.50%. They are redeemable as a whole or
in part on any interest payment date on and after Nov. 1,
1938, at 102 and accrued interest upon sixty days' notice.
The proceeds of the issue will be used for the redemption and
refunding of outstanding indebtedness of the State of higher
coupon rate. While the public offering was announced on
Oct. 17, it is stated that the books were closed Oct. 16. It
is pointed out that the unique feature of this issue is the fact
that during the life of these bonds an American collecting
agency will manage the public utilities and handle the revenues produced by them and also collect certain taxes pledged
as additional security for the loan. The new issue will be
dated Nov. 11928, and will become due Nov. 1 1958. A
semi-annual cumulative sinking fund calculated to be sufficient to retire all the bonds by maturity is to be applied to
purchases in the open market at or below par or to drawings
at par. They are non-callable until Nov. 1 1938, except
for the sinking fund. The bonds will be in coupon form,
in interchangeable denominations of $1,000 and $500, registerable as to principal only. Principal and interest (May 1
and Nov. 1) will be payable in New York City at the principal office of Bankers Trust Company, Trustee, in gold coin
of the United States of America of the standard of weight
and fineness existing Nov. 1 1928, without deduction for Roumanian Loan Concluded—£16,000,000Issue Expected
any taxes now or hereafter levied by or within the Republic of
Soon by International Syndicate.
the United States of Brazil. Dr. Henrique Jose Couto,
The following is from the "Post" of last night (Oct. 19):
Negotiations for the £16,000.000 loan to Roumania have been completed
Secretary General of the State of Maranhao, in advices to
by a French, American and British syndicate,according to a Paris disptach.
the banking house floating the bonds says:
The issue is expected soon with s small part to be put out in London, if
French bankers consent to sponsor the major part.
Security.
These bonds will be the direct obligations of the State and will be
specille,ally secured by a first lien and charge on the following revenues:
(1) The gross revenues from the production tax. property
transfer tax,
surtax, cotton pressing tax and certain taxes on ginned cotton,
warehouse
and stevedoring taxes, stamp tax, statistical tax. and
(2) the gross revenues of the water works, sewer, electric light,
power
and street railway systems of the City of Sao Luiz and the suburb of
Anil,
including the sanitation tax,and of the State cotton pressing plant and
warehouses in Sao Luiz.
The above taxes and revenues are to be deposited as collected in a bank
or banks in the State of Maranhao satisfactory to the Trustee. From
such deposits in each of the first five months of each semi-annual period,
one-fifth the semi-annual charges of these bonds is to be remitted to the
Trustee in New York City. The balance thereafter deposited in each
month is to be placed at the disposition of the State.
The Trust Agreeement under which these bonds are to be hunted provides
that until the payment in full of all bonds issued pursuant thereto and
until all the obligations of the State thereunder have been fully discharged,
Ulen Management Company, a wholly owned subsidiary of the engineering
corporation. Ulen & Company. 120 Broadway, New York City,shall collect
certain of the above pledged taxes and revenues.
Pledged Revenues.
The pledged taxes and revenues which are to be collected directly by
Ulen Management Company amounted during the fiscal year ended June
80, 1928, to $469,226. The larger part of these pledged taxes and revenues
&aye been collected by Ulen Management Company for the past two years,
Kemmerer Plan for Reorganization of Bolivia's Finances
—Joseph T. Byrne Named as American Advisor to
Government.
It Was stated on Sept. 11 that cable advices received
here announce that Joseph T. Byrne, newly appointed American advisor to the _Government of Bolivia, has arrived at
La Paz to co-operate in the application of the Kemmerer
Commission plan for reorganization of the Bolivian government finances. Mr. Byrne participated with Dr. Kemmerer in the reorganization of the Government finances of
Chile, Poland and Ecuador, as well as Bolivia. His new
office will be American advisor to the Comptroller-General
of Bolivia. Mr. Byrne was previously associated with Dr.
W. W. Cumberland, Financial Commissioner of Peru, in
which country he was for a period Collector of Customs at
Callao. He is a graduate of the New York University Business School and was a member of the New York accounting
firm of Byrne, Lindberg and Byrne. He is an authority on
American municipal budgets and systems of accounting and
•
2166
FINANCIAL CHRONICLE
assisted in reorganizing the finances of several American
:ities including Denver and Cincinnati.
Mr. Byrne's arrival marks the second step in the modernizing of Bolivia's finances. The first was taken recently
in the enactment into law of the Kemmerer Commission
recommendations. Under this new legislation, Bolivia returns to the gold standard. As financial advisor, Mr.Byrne
will supervise the Government's expenditures through the
budget, which is now balanced at 51,000,000 bolivianos,
equivalent to $18,615,000. The favorable position of Bolivia
in the past few years is expected to be increased by the
reorganization now effected. Revenues of Bolivia in each
of the past four years have exceeded expenditures other
than capital expenditures. Bolivia's exports have exceeded
imports in value in each of the past ten yearsexcepting 1921.
The new legal exchange rate has stabilized the boliviano
at approximately 36.5 cents compared with a previous de
facto of 38.9 cents. The new legislation also placed the
currency on a gold basis for the first time since 1914. In
addition, the Kemmerer Commission recommendations establishing property and income taxes, a Government
Budget, a central bank, reorganizing the treasury and setting up general banking, monetary and fiscal control, have
been adopted. The enactment into law of the financial and
monetary reforms recommended by the Kemmerer Commission was referred to in our issue of Sept. 1, page 1190.
Dr. Kemmerer to Reform China Finances—Heads U. S.
Experts Called in by Nanking to Modernize Nation
in Bid for Capital.
Under the above head,in its issue of Oct.15,the "HeraldTribune" reports the following from Shanghai, Oct. 14:
American
Modernization of China, with the aid of American capital and extensive
an
used and construction experts, soon will be under way on
disRepublic,"
the
of
father
scale, Sun Po, son of Sun Yat-Sen, "the
closed to foreign correspondents today.
the
to
appointed
been
has
who
Sun Fo, the former Minister of Finance,
new office of Minister of Railways, said that the Chinese government
University,
Princeton
of
already had engaged Dr. Edwin W. Kemmerer,
Eurowho has helped to reorganize the finances and currency of several
similarly
pean and South American governments, and who was formerly
employed In the Philippines, to come to China and place the government
on a modern basis.
Dr. Kemmerer is coining with several other American experts on budgeting, taxation and currency. These experts, who are expected to sail before
January. will advise the Chinese government, and also make an intensive
study of conditions and report their findings. The report is expected to
provide the basis for a complete reorganization of China's finances and
foreign loans and to inaugurate currency reform.
Sun Fo, who lately returned from visiting Europe and America, where
he consulted with leading financiers and industrialists concerning their cooperation, has recommended that the Chinese government employ Ernest
Payson Goodrich, of New York, seaport engineer and city planner, and
Remy K. Murpl•y, New York architect, as technical advisers on the rebuilding of Nanking into a modern capital. gun Fo said that Mr. Goodrich's advice also would be sought with a view to modernizing the port oh
Canton with American capital and construction. It is planned to deepen
the Pearl River so that ocean ships may reach Canton and eliminate disiii I el
charging of cargoes and reshipment at Hongkong.
Sun Fo expects to assume the post of Minister of Railways within a
ortnight, and therefore is especially interested in development of the
railway system.
"While realizing that these plans require time," he said, "we must not
delay in making a beginning. Our country's railway needs always deeply
concerned my father. Very large capital is needed which cannot be obtained until our government is fully organized and stabilized. While the
Chinese naturally turn to America for large financing, both because of
America's present position in world finance and her friendly policy toward
China, we hope to induce other important powers to co-operate."
Sun Fo said an agreement had been reached whereby American famine
relief funds would be used to construct a drainage canal to relieve the
Yellow River floods, under an arrangement whereby the Chinese government would borrow $5,000,000 gold, repayable in ten years at 6%. This
plan removcs the political objectinos, and the Chinese government is willing that the money shall be spent under foreign inspection. It is believed
here that this plan opens the way to extend famine relief without infringing
on CLina's sovereign powers.
Discussing the radio situation, Sun Fo said the Chinese government was
disposed to hook up with the Radio Corp. of America under a new agreement whereby the Radio Corp. would build for the Chinese government in
this country a station capable of direct communication with California and
many connecting stations throughout China.
Sun Po concluded, "These plans depend on our attaining the stability
progress In our country."
In government that is the basis of
Plans Chinese Banks In U. S. To Aid Nanking.—Judge
Linebarger Tells Nationalist Students at Paris of
Scheme to Borrow American Money.
A Paris Cablegram to the "Times" reports that at a mass
meeting of Chinese students in the Latin Quarter Sept. 12,
enthusiastic endorsement wasgiven to a plan for the organization of a chain of Chineseibanks in the United States to
promote trade between the adherents of the Nationalist
Government and theMAmerican people. The cablegram
aided:
Former Ju :go Paul Myron Lineberger of Washington and Shanghai,
for 'u-any yeirs legal adviser to the late Dr. Sun Yat-sen, Is the originator
of the banking scheme. Be has come to engage the support of all Chinese
[VOL. 127.
4 Two
Nationalist students in Europe and he addressed to-night's meeting:
and arrangethousand young Chinamen were represented by the gathering
push
to
council
ments were made for the creation of a financial research
will be
the Lineberger program. Every Chinese students in the world
asked to back the scheme.
he
Mr. Lineberger told the meeting that despite the serious obstacles
proposed
felt confident that young China would be able to set up the
banking
international
interested
banking system, thus freeing itself from
groups and securing the profits for China.
"The time has come to deliver the keys of China's treasury to the Chinese
to allow the
themselves," he declared. "The Kuomintang does not intend
or other
Chinese masses to be stripped of their inheritance by banking
groups. My plan has already been approved by the Central Executive
Committee of the Kuomintang and also by the standing Government
Council.
"It provides for the establishment of Chinese banks throughout the
Mexican
United States. On security the banks would borrow money from
in twenty
clients, paying a fixed rate of interest and repaying the principal
to make
and
China
years. The money would be used to help to rehabilitate
China self-supporting, free of the influence of all outside powers."
Bonds of Republic of Panama Drawn:for Redemption.
The National City Bank of New York, as fiscal agent, is
notifying holders of Republic of Panama thirty-five year
5% external secured sinking fund gold bonds series A, due
May 15, 1963, that on Nov. 1 next, the Republic of Panama
will redeem at par and accrued interest, $65,000 aggregate
principal amount of these bonds. Drawn bonds should be
presented with all unmatured interest coupons at the principal office of The National City Bank, 55 Wall Street on
the redemption date where they will be paid through operation of the sinking fund. Interest on drawn bonds will
cease after Nov. 1 next.
French Government Bonds Drawnifor'Redemption.
J. P. Morgan & Co. as fiscal agents are issuing a notice
to holders of the Government of the French Republic external loan of 1924 25-year sinking fund 7% gold bonds, due
Dec. 1 1949, that $4,000,000 principal amount of the bonds
of this issue have been called for redemption, out of
moneys in the sinking fund, at 105% on Dec. 1 1928. Such
drawn bonds will be redeemed and paid at the office of
J. P. Morgan & Co., 23 Wall Street, on and after Dec. 1
1928, after which date interest on all such drawn bonds
will cease.
Bonds of Kingdom of Belgium Calledffor Redemption.
J. P. Morgan & Co. and the Guaranty Trust Company of
New York as sinking fund administrators, are issuing a
notice to holders of Kingdom of Belgium external loan
thirty-year sinking fund 7% gold bonds, due June 1 1955,
that $288,000 principal amount of the bonds of this issue
have been called for redemption out of moneys in the sinking fund, at 107%% on Dec. 1 1928. Such drawn bonds
will be redeemed and paid at the office of J. P. Morgan &
Co., 23 Wall Street, or the principal office of the Guaranty
Trust Company, 140 Broadway, on and after Dec. 1 1928,
on which date interest on all such drawn bonds will cease.
Stocks Yielding Less Than Bonds—Investing Public
Bewildered.
Because stock market conditions have entirely reversed
the relation between bond yields and stock yields, the investing public has been left bewildered and without any
sound guides for judging the value of securities, declares
Reginald Roome, president of the Excelsior Savings Bank.
As a result a large proportion of investors, says Mr. Roome,
are unable to offer any real resistance to being caught up
in speculative excesses.
"There are tens of thousands of investors in New York
who have not realized yet that the yield on the stocks they
have bought is actually below the yield on good bonds,"
points out Mr. Roome. "Investment attention, even of
those who have no money to lose, seems to be entirely on
market fluctuations and these investors are willing to pay as
much as twenty-five or thirty percent of a good bond yield
for the privilege of making a few points or of losing them.
"The unusual rate offered in the recent governmentfinancing was not merely a reflection of money market conditions
but also a recognition of the present temper of the investing
public. The government rate is due to the same basic cause
as the fact that in many cases bond yields are below savings
bank rates. The yield on a list of sixty high grade bonds,
including railroad, industrial, utility and municipal, has
averaged under 4.41 during this year, even below the average
of 4.47 of last year. This is appreciably below the four and
one-half per cent of six savings banks in Manhattan. When
the other important items in comparative yields, usually
OCT. 20 1928.]
FINANCIAL CHRONICLE
overlooked by investors, are considered, this is even truer.
There is on the one hand the cost of buying and selling and
keeping a bond and on the other hand the various interest
arrangements which make the savings bank return even
higher than the declared rate. There are four banks in
Manhattan, including Excelsior under the new dividend,
which not only paid four and one-half per cent, but start
interest every month, compound quarterly and allow ten
business days grace each quarter. It is beginning to appear
as if the old investment rule ought to be chsnged to 'the
greater the safety, the higher the yield'.
If the government and the savings banks have to offer not
only greater safety but also better yields, it shows how the
investing morale of the nation has been undermined. The
present speculation is the last stage of the process which
began with the subtle and plausible propaganda on behalf of
common stocks as against bonds as better investments.
Until the publio is re-educated as to the meaning of the word
'investment' and the old sound standards of judgment are
re-established, the money market, the investment market
and government finance will be dislocated."
Leroy D. Peavey, President Babson Statistical Organization, on Outlook for Security Markets.
The stock market is now in "'state of mind' more than
anything else," according to Leroy D. Peavey, President
of the Babson Statistical Organization, who in addressing
the Fifteenth Annual National Business Conference at
Babson Park, Mass., on Sept. 18, on "The Outlook for
Security Markets," said:
2167
point of growth and company expansion. A stock must, however, be
selected with reference to the line of business, repeat orders, efficiency of
operation, and managerial ability. Moreover, the man that will make
the most money in the next two years is the man who has plenty of funds
n liquid form, awaiting the bargains as they appear. To be over-extended
in this era is financial suicide.
F. G. Perry of Babson Statistical Organization on
Outlook for Commodity Prices—General Downward Level Expected.
F. Gardiner Perry, Director of Research, Babson Statistical Organization, at the Fifteenth Annual National Business Conference, Babson Park, Mass., on Sept. 19, in discussing the outlook for commodity prices, said:
The function of the Babson Statistical Organization is to keep clients
informed as to the changes of the physical volume of general business
from month to month and as to its long time trend. It also undertakes
to relate thereto the trend of prices, of industries, and of business activity in different localities.
We were not among the prophets of stabilization in 1920, where prices
were at their highest levels. In fact, our forecast of a gradual return of
prices toward pre-war levels put us distinctly in the minority at that
time. Neither are we among the prophets of stabilization in this so-called
post-war period. Prices now are not stable.
Our present position of the movement of commodity prices as a whole
over the long term is the same as it was in 1920; namely, that we are
still in the declining phase of a long swing commodity price movement
and that despite intermediate rallies, which have always occurred, the
general level of prices will continue to work downward. The movement will
not be so rapid as it was in 1920-21, but the trend is still in the same
direction. More economists are agreeing with this position now than
was the case in 1920.
We have been in a period of severe competition both at home and in
connection with our export markets. We expect a continuation of this
competition, particularly from the countries of Europe which through
stabilization of currency and the gradual working out of their post-war
problems should prove even stronger competitors in the future.
former
One result of declining commodity prices has been a return to
methods of buying. The so-called "hand-to-mouth" buying is really nothing
prein
than
larger
averaging
now
new. In fact, in some lines orders are
war days. The trouble is that during the rapid increase of commodity
amounts
prices prior to 1920 speculative buying in quantities of unusual
methods of
became so customary that we have forgotten the more normal
for
planning
doing business and to • degree have lost our facility in
The year 1927 was one of great expansion in the bond and stock markets.
At first glance a survey of 1928 gives the same impression, but in reality
conditions have been very different. At our Conference a year ago we
pointed out a large advance in many industrials, a considerable rise in
rails and power companies, and a .ontinuous improvement in bonds for
the preceding twelve months. Today we note a see-saw advance in certain industrials, a sidewise movement in most of the rails, a good advance
in the best power stocks, and a steady decline in bonds throughout 1928.
This bond decline is due to the fact that all forces have combined to them.
inThe purchasing agent has now become one of the most Important
overdo the bond market of 1927. Speculation, heavy buying by institu
When prices are rising,
dons, falling commodity prices, and the plethora of credit assisted the fluences in determining the profits of a business.
his errors or inefficiency.
bond houses in bringing out their loans at steadily advancing prices. The the speculative profits in inventories may hide
will make, while
matter was temporarily very much overdone, resulting in a congestion of When the price trend reverses, however, proper buying
careless buying may break a business. Profits, and satisfactory profits,
bonds on dealers' shelves, with softening prices.
movements. By
price
Beginning in 1920. the yearly corporation bond financing only gradually are still possible. There are always intermediate
rose from $2,000,000,000 to a little over $3,000,000.000 in 1926, but the budgeting inventories in line with probable demand, but with a maximum
1927 total was $4,800,000,000. The 1928 figure will be far below this. and minimum allowable variation the purchasing agent can hold invenIn fact, June and July issues were smaller than any similar period since tories at the maximum when prices seem temporally too low and can1921. The decline in rail bonds since January has been about double reduce them to the minimum when prices seem to be rising too high.
that of other groups, rails having fallen from 98.83 to less than 95, indusIn considering the outlook for price movements, keep in mind our potrials from 99.21 to under 97, and public utilities from 106.08 to 104.25. sition, that we are still in a period when over a series of years lower
Institutions and investment trusts have assisted this decline by partial price levels may be expected. Intermediate movements of strength and
profit taking. Moreover, it is hard to get many investors to buy a good weakness will continue, but do not consider a strengthening of price the
bond today. They are told that stocks will give them a better yield and signal for a major upward movement.
will advance in price—"So why bother with anything so slow and dull as
The fall outlook for agricultural prices in general is for some upward
a bond?" Of course, bond movements in the long run depend on the movement. This is more true of grains which have had a sharp drop
price of money. We have been experiencing an abundance of gold, falling in recent months. Livestock prices, on the other hand, have shown
commodity prices, and a consequent easing in money rates. This is a recent strength and will probably weaken somewhat seasonally in the late
post-war phenomenon. How much farther will it go? From a long term fall. Industrial commodity prices may also go somewhat higher as a
standpoint, I believe it will continue.
group during the fall. No radical changes, however, from present average
A great deal depends on gold movements. In the last twelve months price levels should be counted upon.
gold exports have exceeded imports by $500,000.000. At the moment,
Analyzing these major groups we expect to see an upward swing in dairy
however, the situation is in a status quo and I do not anticipate any early
prices. Meat prices generally should weaken somewhat later. Grains in
present
of
there
is
quarter.
this
Whatever
is
stringency
from
stringency
the main are reaching a bottom and should firm later. Prices of metals
due to the excessive country-wide stock speculation and the efforts of our
should tend firm to slightly upward. Fuels should show a steady to
banking authorities to prevent a crisis.
trend.
The flattening out of the bond market is, then, due to the above causes. firm price
This deadlock may continue for several months and there may be some
further institutional selling of low-yield bonds to make room for new issues,
New York Stock Exchange Names Committee To Report
but over the longer term, holders of good bonds can rest assured. With
on Advisability of Increasing Membership.
the exception of temporary recessions, bonds should rule firm. The great
bond bargains of the last decade are, however, past. The only way to
a resolution adopted by the Governing Committee
Under
select bonds today is through research and study. Such action will still
of the New York Stock Exchange on Oct. 15, a committee
greatly repay the bond buyer.
The activity of the stock market is due to the following causes: (1) For has been named to report on the advisability of increasing
ward moves by certain industries which have advanced their position by
the Exchange. Three years ago—on
efficiency, cost cutting, research, and improved sales methods; (2) Greatly the membership of
enlarged business in special instances, such as that of the power companies. Nov. 12, 1925—the ptoposal of the Governing Committee to
(3) Heavy buying by investment trusts. (There are now between 150 and increase the membership from 1,100 to 1,125, and to sell
200 trusts, most al which have been launched in the last year or so); (4)
at prices ranging from
Much propaganda to the effect that "stocks are better than bonds"; (5) the additional twenty-five seats
Country-wide speculation and a general gambling mania.
$135,000 to $145,000 was overwhelmingly rejected by the
The only thing that puts stocks up IS buying. And they won't go up
members. As we indicate in our issue of Nov. 14, 1925
unless the buying is greater than the selling. It is the old law of supply
era
has
this
in
Everything
to
combined
2355) 648 votes were cast in opposition and 298 in
lessen
(page
the
floating
demand.'
and
supply of the better stocks—buying by institutions, investment trusts and favor of the proposal. Announcement of the adoption of
wealthy individuals. The demand is at least ten or fifteen times what it
on Oct. 15 to consider the question anew was
was before the war. Thousands of new people are in the market. Western the resolution
made as follows by the Exchange:
and Pacific Coast buying is extremely heavy. A fair stock, a good story
and a strong pool is all that is needed. Generally speaking, the stoci
The Governing Committee of the New York Stock Exchange adopted
market is now a "state of mind" more than anything else.
the following resolution at a special meeting held this noon:
not
going
are
to
course,
advance. There are
All the listed shares, of
Resolved, That the President be authorized to appoint a Special Comscores of issues on the leading exchanges which have not advanced at all, rnittee of Five, and the President, ex-officio, to consider and report
call
I
to
attention
the
Again.
receded.
fact
that
have
various
and some
upon the advisability of increasing the membership of the Exchange and
well-known stocks which were boosted in the last eighteen months have the method by which such increase shall be effected.
now dropped out of the public eye. Their expected large earnings did
The President appointed as members of this Committee, Messrs. Warren
not materialize. Who is holding these stocks? And who will be holding
B. Nash, Allen L. Lindley, Richard Whitney, Walter L. Johnson and
break
comes?
the
when
The
Issues
volatile
esis
psychology
the
scores of
Edgar Boody.
sentially the psychology of the Florida boom and the results will be the same.
In accordance with the resolution President E. H. H.
So the investor in this present period must make more intensive research
than over before. Neglected bond opportunities will thus be uncovered, Simmons will serve with foregoing appointees to the Comshow
certain
still
will
groups.
research
and
field
stock
and in the
individual
issues in these groups, which will prove very profitable from the stand- mittee.
2168
FINANCIAL CHRONICLE
Referring to the action taken this week by the Governing
Committee, the "Herald-Tribune" of Oct. 16 said in part:
[Vol,. 127.
company and its predecessor, Kraft Cheese Co., have been paying stock
dividends at the rate of 6% yearly, payable in quarterly installments of
1 % since June 1925.
Despite the warning inherent in this action that an increase in the
membership may cause a drop in the value of seats, arrangements were
made • during the afternoon to transfer a membership for $480,000 up
$190,000 over the first sale of the year and a new record price for all Heavy Increase in Bankers' Acceptance Volume—Outtime. Earlier in the day it became known that the sale of a seat had
standing Total Now $1,004,166,180—New York
been agreed upon for $465,000, itself a record figure and an increase
Banks Increase Totals by $38,000,000.
4-of $15,000 over the previous sale made last week.
Bankers' acceptances again passed the one billion dollar
Under the constitution an increase in the membership can be voted
only by action of the Governing Committee upon a majority vote of mark on Sept. 30, showing
a gain in volume since Aug. 31
the existing members, after approval by the Committee on Constitution.
of $52,115,071 and now standing at $1,004,166,180, accord•. During the history of the Exchange from its organization in 1817
members have consistently taken a firm stand against increasing their ing to the survey report of the American Acceptance Council
-number, and only tivice in the past have increases been made. One was issued Oct. 17. This is a record
total for this season of the
in 1869, when the membership list was extended from 533 to 1,060, and
year, exceeding the amount outstanding on the same date
• the Mlles ten years later, when the constitution was amended to provide
for the addition of forty members. Proceeds from the sale of the new in 1927 by $141,000,000, and for 1926 by $390,000,000.
seats, which were disposed of to the highest bidders at an average price The report for the month, issued by Robert H. Bean,
of about $14,000, were used to pay for enlargement of the building.
Executive Secretary of the Council, adds:
Increase Is Expected
For the past six weeks the indications have been prevalent that an unAside from the primary consideration of adding new floor members to usually heavy volume of new acceptance business was under way, and the
in volume of bills during September. representing the first of the new
gain
take care of the increasingly heavy turnover, it is said in unofficial
quarters that the need for raising several million dollars to purchase season's financing for cotton, grains and other agricultural products, conthe Postal Building next door to the Exchange is a factor in causing firms the reports which have been received.
It is now seen that the reduction of H% in the bill rates on Aug. 31 was
•
governors to sell additional seats at this time. It has been known
ter the last two weeks that the Exchange was negotiating for the build- a well-timed and proper adjustment, and served to stimulate the demand
for
dollar acceptance credits. Such business as went to London during
ing to provide needed quarters for trading and offices.
A proposal to increase the membership list by twenty-five was voted July and August before our rates were reduced, while substantial in amount,
was to a considerable extent, for American credits of short maturities or
•down by 648 to 268, with twenty-five defective ballots, on Nov. 12,
for
1925.
An 'unofficial move to have alternates chosen to act for absent members Continental financing, previously placed here, but which could as readily
be
cared for in the British market at the then temporarily choicer quotations.
met with so little encouragement a year and a half ago that it was dropped.
With a scale of rates on a par with or better than can be obtained
• .But Wall Street expects the present move to be successful, in view
abroad.
of the greater demands placed upon trading facilities in this year's American bankers again have an excellent opportunity to recover any lost
ground and strengthen their position as financiers
of world trade.
unparalleled bull market.
At 4 % for credits up to 90 days and 4 % for
four months, dollar
In the "Times" of Oct. 16 it was stated:
bankers' acceptances are now the most economical
form of credit available
It is believed that the committee appointed yesterday will recommend to American business for foreign trade
financing and with the probability
a substantial increase in the number of members. One suggestion was that the existing scale of rates will be
maintained for some time, the heavy
that the membership might be increased to 1,200 by the sale of 100 seasonal requirements of commerce and industry
will be arranged for on the
'additional seats.
present cost battle.
The present membership includes possibly 450 seat-holders who are
The investment demand for bankers' acceptances,
especially for bills of
:classified as inactive. Many of these men never go on the floor. The 90-day maturities, is unusually strong, giving the dealers in the bill market
list of active brokers is said to be around 650.
Some of the inactive more activity than they have had for some months.
Purchases by the Federal Reserve banks, while heavy during the past
Members, such u John D. Rockefeller, have held their seats many years
month, are wholly in keeping with the seasonal policy of
without making use of them.
the system over
several years. As a matter of fact, considering the great volume of acceptances now in the market, the present bill holdings of the system,
for their
Market Value of Listed Shares on New York Stock own account, are somewhat below the normal amount held at this period,
thus allowing for further substantial increases as the season advances.
At
Exchange on Oct. 1, $59,332,123,511.
the present time the Federal Reserve banks hold in their own open
market
On Oct. 1 1928 there were listed 1,131 different stock purchase account about $335.000,000 in bills, or only 30% of the total outvolume.
issues, aggregating 711,197,109 shares, as compared with standing
In the present survey Chicago is the only city showing a decrease in ac1,122 stock issues aggregating 705,667,121 shares on Sept. ceptance liabilities. New
York banks have increased their business $38.• 1 preceding. In announcing this on Oct. 19, the Exchange 000,000 in the month, while San Francisco banks have added $7,000,000 to
their
total.
The
San
Francisco
Federal Reserve District now stands third
added:
in the system in the amount of acceptance financing by its member banks
.
Also, on Oct. 1 1928 the total market value of all listed shares
was $59,- being exceeded only by New York and Boston.
332,123.511—an increase of 31.946.212.048 over the figure of
•
Of particular significance as showing the influence of our present low rates
357.38.5,881.463 for Sept. 1.
compared with those prevailing in London, with the additional local charges,
, Over the same period, borrowings in New York on security
collateral is the increase in the volume of business to finance the storage of goods
increased 3462.202,280 from $5.051.431 .405 on Sept. 1 to 35,513,639,685
abroad, or for shipment between foreign countries. This total, as the suron Oct. 1.
vey shows, has increased nearly $20,000,000 in the past month, now standThe ratio of Exchange member borrowings to listed share values thus ing
at $170,000,000 against 378.000,000 in 1927 and 335.000,000 in 1926.
increased 0.49%—from 8.80% on Sept. 1 to 9.29% on Oct. 1.
This increase is a striking testimonial to the standing of American banks'
The average market value of all listed shares advanoed $2.10 per share, credit
in foreign markets and indicates the heavy inroads which our banks
from $81.32 per share on Sept. 1 to $83.42 per share on Oct. 1.
have made in recent years in business that formerly was almost wholly
given to London.
The tardy movement of cotton to market has affected the volume of
Reported Ban by New York Stock Exchange on Quar- acceptances
for export purposes, which, while showing a substantial interly Stock Dividends—Said to Have Disapproved crease for the month, will be heavily increased within the next
three weeks,
when
the
bills
to finance the marketing of this commodity are ready for disKraft-Phenix Cheese Policy.
tribution.
. The following is from the "Evening Post" of Oct. 18:
If the seasonal volume of cotton bills reaches the expected high level
Suggestions that the Kraft-Phenix Cheese Co. might discontinue
quar- the outstanding total of acceptances for the 1928 season will surely exceed
terly stock dividends of 11i% on its common stock because of disapproval 31.200.000.000.
of the New York Stock Exchange, on which its shares are listed, aroused
The statistics supplied by Mr. Bean follow:
considerable interest in Wall Street today.
The reported opposition of the Stock Exchange authorities could not
be TOTAL OF BANKERS' ACCEPTANCES OUTSTANDING FOR ENTIRE
'verified by inquiry of Robert Gibson, Chairman of the Committee on
COUNTRY, BY FEDERAL RESERVE DISTRICTS.
Stock Listing, who said the committee had an invariable rule of not anFed. Reserve Dtst —
Sept. 30 1928.
Aug. 311928.
Sept. 30 1927.
nouncing decisions in cases of this kind.
No. 1
3112,209,812
3112,170,406
391,415,743
The Street was mystified about the report, because several large com- No. 2
752,932,454
715,166,055
834,718,872
panies have followed the practice of distributing regular stock dividends. No. 3
15,520,802
16.018,259
14,654,610
13,038,482
10,544,348
North American Co. dividends are regularly paid in stock, for instance. No. 4
12,471,151
No. 5
8,548,767
8,271,740
8,938,953
It was indicated, however, that the action of the Exchange in the case of No. 6
15,829,162
12,527,517
18,188,658
Kraft-Phenix may not be construed as a general policy.
No. 7
32,589,103
34.580,781
36,173,823
No. 8
1,455,097
1,335,935
525,045
Other Consponies' Policies.
No. 9
3,344,603
2,811,5.56
1,830,283
100,163
Many companies, among them R. H. Macy, Sears-Roebuck, Coty, No. 10
430,851
No. 11
8,503.976
8.129,328
8,298,818
'Park '& Tilford and Schulte Retail Stores, whose stocks are listed have No. 12
42,093,959
34,486,184
38,178,201
announced annual stock dividend programs, which include payment in
Grand total
quarterly installments.
$1,004,166,180
$952,051,109
8863,823,008
Iner.852.115,071 1ner.$140,343,174
On the point of Stock Exchange policies, it was said.
"The New York Stock Exchange is believed to have formulated no
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
policy In regard to this practice, and in general it makes no attempt to
Sept. 30 1928,
Aug. 311928.
Sept. 30 1927.
regulate the conduct of business of the corporations whose securities are Imports
3320,908,553
$316,343,278
3290,295,983
listed thereon."
Exports
369,916,393
352,620,158
296,960,331
Domestic
shipments
,The position of the Stock Exchange authorities was unofficially reported
15,087,624
15,305,183
20,810,551
99,433,157
92,259,804
to be that they would act unfavorably on any further application made Domestic warehouse credits
146,806,903
Dollar exchange
27,980,483
23,806,753
30.524,848
under similar circumstances by Kraft-Phenix Cheese to list stock necessary Based on goods stored in or
to payment of a quarterly stock dividend.
shipped between foreign
countries
170,839,990
151.715,935
78,624,390
Action Set for Next Month.
The question of dividends will presumably not come before Kraft-Phenix
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'
directors until around the end of November, as next payable date is Jan. 1.
ACCEPTANCES—SEPT.17 TO OCT. 17.
Following its custom, directors of Kraft-Phenix Cheese on Aug. 24 last
Days-Dealers' Buying Rate.
Dealers' Selling Rate.
declared the regular quarterly dividends of 37 Sic. in cash and 1 % in
30
4.625
4.50
common stock on the common stock.
60
4.825
4.50
so
4.625
Application to list the necessary 7,539 additional shares of $25 per
4.50
4.75
common was subsequently approved by the New York Stock Exchange. 120
4.625
150
5
4.875
bringing the total listed stock up to $12,890.850. from 312,702.375. T e 180
5
4.875
OCT. 20 1928.}
FINANCIAL CHRONICLE
High Prices for Los Angeles Curb Memberships.
Sale of two treasury memberships in the Los Angeles Curb
Exchange for a consideration of $17,000 each, a new peak
price and a gain of $5,000 over the last previous sale, was
announced recently by Phillip S. Leo, Secretary & Manager.
Nichols Milbank Jr., a member of the brokerage firm of
Jones, Hubbard & Donnell, and A. R. Thompson, formerly
a real estate broker in this city, were the purchasers. The
addition of these two memberships to the Curb Exchange increases the total exclusive Curb memberships to 12, which
with the 70 members of the parent institution, the Los
Angeles Stock Exchange, gives the Curb 82 active members.
Benjamin M. Anderson, Jr. on Gold Movements and
• Money Market—Does Not Look for Easing of
Money Through Gold From Abroad.
In presenting his view of the "Gold Movements and the
Autumn Money Market," Benjamin M. Anderson, Jr.,
Ph.D., Economist of the Chase National Bank of New
York states that "the fairly widespread expectation that
gold movements during the autumn are going to relieve
the tension in the American money market, does not seem
to me to be justified." Mr. Anderson's comments were
presented at a luncheon of the Illinois Manufacturers' Cost
Association at the Hotel LaSalle, Chicago, Sept. 25. In
addressing the gathering he said:
many ether important deposits. If we'assume. however, that all of the
"Other Deposits" of the Bank of England belonged to the Joint Stock
Banks, it would still be true that the export from England of £5,000,000 or
$25,000.000 in gold would be equal to over 5% of the reserve balances
of the Joint Stock Banks, and to the extent that the Bank of England
has deposits of private customers other than banks, this percentage would,
be increased. In other words, the expert of a given amount of gold from
England would make at least 5 times as much difference in the reserves of'
the British banks as the receipt of the same amount of.gold in the United'
States would make in the reserves of the American banks.
Viewed from the standpoint of the Bank of England itself, the loss of
£5,000,000, or $25.000,000, would make a real difference in the reserves
held against deposits. The Bank of England held on Sept. 12 1928 a reserve
in the banking department of £61,728,000 against its deposit liabilities.
(The larger reserve held by the issue department of the Bank of England is
Impounded for the redemption of notes, like our gold held against gold
certificates, and does not function as an automatic regulator of the British
money market.) Five million pounds sterling, or $25,000.000. is nearly
1-12th of this amount. Virtually the whole of this reserve would be used up
If the Bank of England tried to send us enough gold for our autumn increase
In currency requirements.
In practice,if gold sent from England is drawn from the Bank of England:
It would be at the expense of this reserve against deposits. And the reduction of this reserve would be accompanied by an equal reduction in the
reserves of the Joint Stock Banks. Ifs Joint Stock Bank exported the gold.
It would obtain it from the Bank of England by drawing against its deposit
balance there. If a customer of a Joint Stock Bank exported the geld, It
would obtain it by a check drawn against the Joint Stock Bank, which
would be debited by the Bank of England to the balance of the Joint Stock
Bank. The effect of either operation would be to shorten the volume o'
bank reserves and thus to tighten the British money market, unless the
Bank of England deliberately offset it by buying bills and securities In
corresponding amount to increase its deposit liabilities again. But the Bank'
of England has rarely if ever done this in the face of gold exports. It usually
raises its rate and even sells securities. under such conditions.
A little gold has been engaged for import from England, and more may
be engaged before this speech is published, but the consensus of opinion in
the exchange market seems to be that England is the only country likely
Is send us any gold, and that England is unlikely to send us very much
during the current year. It is further to be observed that what might be a
good deal of gold for England to send, would not be very much for us to
resolve, that is to say, that moderate experts of gold might tighten the
Ragllsh money market pretty sharply without relaxing our money market
appreciably.
The exchange rates of England, France and Italy have all been hovering
In the neighborhood of the geld export point recently. France and Italy,
kewever, are regarded as very unlikely to send us any gold. France is in
possession of immense holdings of dollar exchange and would have every
reason for selling dollars rather than exporting gold, in protecting the
International position of the franc. Italy has arranged international credits
for precisely this same purpose, and will be adequately protected without
haying to export gold. Opinion in the exchange market is that it is unlikely
that the Scandinavian countries, the Netherlands or Switzerland will need
te send gold to the United States this year. The German Reichsbank has
lately been increasing its gold holdings, taking gold in fairly large quantities
from Russia and in more moderate quantities from London. Interest rates
are high in Germany and there seems little reason to suppose that Germany will part with much gold In the near future.
England alone, of the important countries of Europe, is in a position
where gold would be expected to leave, and the possibility of gold's leaving
Is increased, on the face of things, by the lower rates of interest prevailing
in England as compared with these of the United- States. The British have
been, moreover,reluctant to raise their rates of interest, since there appears
to be a widespread opinion in England to the effect that even moderate
increases in interest rates discourage business, while low rates encourage
business.
None the less the exchange market seems to expect very little gold from
England this fall. In the first place, the British have been accumulating
gold laboriously in anticipation of the merging of the currency notes, issued
by the Government, with the Bank of England notes, and for this they wish
to have on hand an adequate gold reserve. In the second place, the export
of gold from England would automatically tighten money rates In England,
and the British financial authorities, understanding this quite well, may
be expected to raise tints' rates in anticipation of the export of gold, or to
use ether protective measures, rather than to allow the export of gold to
force them to raise their rates.
Effect of Gold Imports Upon the American Money Market.
The import of $25,000,000 in gold to the United States from England
at the present time would have very slight effect upon the American money
market. If used in building up bank reserves, it would add a trifle over I%
to the reserve balances of the member banks with the Federal Reserve
Banks, which steed on Sept. 12, at $2.349.000,000. In practice, it would
probably add nothing to these reserves, since the member banks were in
debt to the Federal Reserve Banks on that same date to the extent of
$1,069,000.000, and the banks which received the gold would, in all probability, use it in reducing their rediscounts at the Federal Reserve Banks.
Twenty-five million dollars in gold, even if added to the reserves, would
meet but a trifling part of the normal autumn drain upon bank reserves.
For one thing, the autumn normally requires an increase in hand-to-hand
currency in circulation of around $250,000,000—this being the difference
between the average circulation in the month of July and the average
monthly circulation for December, while the difference between the low
point of July and the high point of December at Christmas is decidedly
greater. Twenty-five million dollars of gold imports would thus meet less
than 10% of our seasonal currency expansion.
Multiple Expansion Precluded.
The idea that we could expand credit $250,000,000 or more on the basis
of a $25,000,000 gold import to-day is quite fantastic. Multiple expansion
takes place only when reserves are excessive, not when reserves are deficient.
Effect of Gold Exports Upon the British Money Market.
When, however, we view the matter from the standpoint of the British
money market, the effect of the loss of $25,000,000 in gold is much more
Impressive. We have no figure for the reserve balances of the Joint Stock
Banks of England at the Bank of England, as we have for the reserve
deposits of the member banks at the Federal Reserve Banks. The Bank of
England classifies its deposits merely as "Public Deposits" and "Other
deposits." On Sept. 12 1928 these figures stood: Public deposits, £13,073,000: other deposits, E98,886.006. It is known that the Joint Stock Banks'
reserves carried with the Bank of England are included in the "Other
Deposits." It is not known what percentage of these "Other Deposits"
they make up,though it Is understood that the Bank of England has a good
2169
Free Gold in the London Auctions.
Even though it be conceded, however, that the British money market
would be obliged to resist the export of gold drawn from the Bank ofEngland,
the question might still arise as to the possibility of our taking some of the
free geld currently imported by Great Britain. especially from South
Africa, during the autumn. This possibility is not precluded. During 1927"
Rhodesia and the Transvaal alone sent $130.000,000 in gold to Great
Britain, and from January to July of this year they sent $74,000,000. In
the remaining months of this year, something like $35,000.000 of South
African gold may easily come to London.and a part of this we might get.
It is to be borne in mind, however, that the British have no advantage,
in sending us this, from the standpoint of protecting sterling, if they can
sell it for dollars to France or other Continental countries, and that France
In particular, among the countries on the Continent. has a great abundance
of dollars with which to buy it. The Bank of France and other Continental
central banks have refrained from buying gold from the Bank of England,
but, under the designation of "the undisclosed buyer," they have been
vigorous bidders for the new gold at virtually all of the auctions. India.
also, is usually in a strong exchange position in the autumn, and can be
counted upon to take part of It. There are several Continental countries
whose exchanges are below par in New York, but are selling Itt a premium
In London in terms of sterling, which rather easily overbid us for this free
gold, in view of the relatively trifling shipping charges they have to meet as
against the rather considerable expense of the 3,000-mile shipment of the
gold to the United States. And there are several central banks in Europe,
which, as a matter of policy, would probably act to hold gold on that side..
gold on that side even if strictly commercial calculations did not show it
to be profitable.
Finally, even if gold comes to the United States from Europe in moderatevolume, there is no certainty that we should make a net gain of gold.
Canada ordinarily takes gold from us in the autumn and Canadian exchange is usually strong during the autumn months. Definite pediction in,
an unusual situation is quite beside the point, but the probabilities are
strongly against the expectation that we shall gain enough gold to relax
our money market in the near future.
Review of Money Market by New York Federal Reserve.
Bank—Reserve Bank Credit Required in September
in Past Six Years 86 Million More Than in August.
The financing of Autumn trade is reviewed by the New
York Federal Reserve Bank in its survey of the money
market during September in the Bank's Monthly Review,
dated Oct. 1. In this it is shown that the amount of Reserve
Bank credit required in September during the past six years
has averaged about 86 million dollars larger than in August
and that in December the amount of Reserve Credit in use
has averaged more than 300 million larger than in August.
We quote from the Review as follows:
Accompanying a renewed demand for loans on securities, coincident with
the beginning of the seasonal demand for credit and Isirrency to finance
crop moving and autumn trade, interest rates for stock exchange loans.
both call and time loans, have risen to the highest levels since early in
1921. During the first three weeks of September call loan rates averaged
about 71i% or approximately double the rates of a year ago.
Ninety-day loans advanced from 614 to 7 % and closed the month at
7Ii and funds were scarce at these levels. Open market rates on commercial borrowing remained moderate, however, and rates on direct loans
of New York City banks to their customers for commercial purposes,
which are eligible for rediscount at the Reserve Bank, showed only a slight
advance in September.
For several years prior to 1928. Interest rates on 90-day security loans
were approximately the same as rates on prime 4 to 6 months' commercial
paper, but, as the diagram below indicates, a spread between these rates
has developed this year which has no parallel since 1919-192G. In 1919,
as in the present year, the rise in rates on security loans relative to commercial paper rates accompanied a rapid expansion of security loans while,
the gold reserve underlying the credit structure of the country was diminishing. The spread between these interest rates in the earlier period was
ended by a rise in commercial paper rates, which was caused by conditions
that are not present in 1928: commercial borrowings in 1920 mounted
rapidly as the result of inflation of commodity prices and the accumulation of inventories, and the reserves of the Federal Reserve System declined practically to the legal minimum. Thus far. in 1928 there has been
little evidence of commodity rrice inflation or accumulation of inventories.
2170
FINANCIAL CHRONICLE
[VOL. 127.
and, although the reserves of the Federal Reserve System have declined
materially, they are still well above minimum requirements; so that the
Reserve Banks are still in a position to supply reserve funds for necessary
.credit demands.
The present high rates on security loans reflect the extraordinary demand
,for funds for this purpose and also the effort of banks generally to correct
.an over-loaned position by diminishing those loans which do not bring
.them paper eligible for rediscount, and as to which they do not feel the
seine obligation as in the Ca69 ef leans to their commercial customers.
for reserve credit are met without increasing bank indebtedness at the
Reserve Banks.
Tax Period Operations.
The volume of transactions conducted by the Reserve Banks for the
Government during the Sept. 15 tax period was unusually large, due to the
fact that the remainder of Third Liberty Loan bonds still outstanding,
amounting to over 950 million dollars. were called for redemption on that
date. The redemption of these bonds as they were presented for payment,
the sale of a new issue of approximately 550 million of Treasury certificates,
interest payments,the collection of third quarter income taxes,and the withIterietoed Increase in Loans on Securities.
Retwcen the middle of May and the latter part of August more than drawal of funds from depositary banks, contributed to a volume of tranhalf of the large increase in loans on stocks and bonds made by reporting sactions totaling well over two billion dollars. Notwithstanding the very
member banks during the spring was liquidated. Toward the end of large movements of funds involved in these trarsactions, the money market
August and during September, however, there has been a renewed demand was not greatly affected—there was a brief period of ease around the 15th
for loans on securities, accompanying renewed activity in the security of the month which was followed by a period of rather scant supply around
markets. The total increase In loans to brokers and dealers in securities, the 19th. when tax collections and withdrawalsfrom depositaries temporarily
placed by the New York City banks for their own account, for correspon- exceeded redemptions of Liberty bonds and other disbursements.
dent banks, and for others, has amounted to 320 million, carrying' these
Bill Market.
-loans close to the highest level of the year. A comparison of brokers loans
Following the general reduction on August 31 of % on all maturities of
reported by New York City banks on Sept. 26 with those of May 16, bills, the rate level remained
unchanged throughout September, except
which was close to the highest point of the year, reveals some interesting for the 5 and 6 months maturities,
which became established around the
changes.
middle of the month at 4 %, as against a previous range of 478-5%.
Even after some increase in recent weeks, the loans placed by New York Coincident with the advent of
the crop moving season, the supply of new
City banks for their own account are over 450 million smaller than at the bills coming into dealers' hands increased
considerably, and was materially
middle of May. Loans placed for out-of-town correspondent banks are in excess of the rather moderate investment demand. As a result of this
close to the highest level of year, and loans placed for account of other condition offerings of bills to the Reserve Banks increased, bringing Reserve
mistomers have been increased by nearly 500 million.
Bank holdings slightly above last year at this time. Dealers' portfolios of
A further change is the reduction in time loans. Time loans placed by bills which had been comparatively small
in August also increased about
New York banks for their own account have been reduced nearly one-half 50% during September.
during the past four months, and time loans placed for correspondent
banks have been reduced nearly 40%. Consequently, the security markets have become increasingly dependent upon day-to-day loans.
Death of Benjamin Strong, Governor of the Federal
Financing of Autumn Trade.
The beginning of the seasonal increase in credit requirements to finance
crop moving and autumn trade has appeared in recent weeks. Loans other
than those seaured by stocks and bonds have shown little change in this
district during the past month, but an unusually high level was maintained
during the summer,accompanying a high level of general business activity,
and the present volume of loans is substantially above that of a year ago.
The total volume for all districts of these unclassified loans, which include
loans for agricultural and business purposes, has increased moderately,
however. and has reached a new high level for the past seven years.
The amount of currency in circulation has also shown a seasonal increase
dUring the "past month, but remains smaller than a year ago. Over the
Labor Day holiday approximately 100 million dollars of additional currency
was drawn into circulation, and although a part of it was retired during the
following two weeks, the amount of currency that remained in circulation
Sept. 19 was nearly 35 million larger than a month previous, and about
TO million larger than in the third week of July.
These seasonal increases in credit and currency, as in previous years,
have caused a considerable increase in the demand for reserve funds, and
tlils demand as usual has been met by the Reserve banks. The increase
in loans, and resulting deposits, increases the reserve requirements of
member banks, and paymente of additional currency into circulation constitute a heavy drain on bank reserves during the last four months of each
year. There is, consequently, a substantial increase in the amount of
Reserve Dank credit required to keep the reserve balances of member
banks at the required level during the autumn months. The average
amount of this seasonal increase in Reserve Bank credit, and the manner in
which it has been supplied during the past six years is indicated in the
following table:
(Monthly averages of daily figures; in millions of dollars)
Increase Over August Average.
1922-1927.
September
October
November
December
Total Bills and
Securities,
After Adjust,n,erd
for Changes
to Offset
Gold Movements.
Amount
Supplied Through
Bills
Purchased.
Amount
Supplied
Through
Discounts
and
Securities.
+88
+165
+197
+312
+32
+ 83
+139
+181
+54
+ 72
+ 58
+131
These figures show that the amount of Reserve Bank credit required in
September during the past 8IX years has averaged about 86 million dollars
larger than in August. and that further increases have occurred in each
subsequent month to the end of the year; so that in December the amount
of Reserve Bank credit in use has averaged more than 300 million larger
than in August, after allowance for changes to offset gold exports and imports. In two years this seasonal increase has exceeded 350 million. It
win be noted that a considerable part of the additional Reserve Bank credit
is normally supplied through purchases of bills (bankers acceptances).
These purchases are not made on the initiative of the Reserve Banks, but
the Reserve Banks stand ready to take, at established buying rates, the
bills offered by bill dealers and banks. The Reserve Banks in this way
purchase the surplus of bills which the market is unable to absorb. This
support, which is somewhat similar to that given-to the London bill market
by the Bank of England. makes possible the maintenance of a bill market
In this country.
Every autumn the volume of acceptances outstanding is increased materially through the creation of new bills largely to finance the storage
of crops and the export of cotton and other agricultural products. As
this increase occurs at the time of year when the demand on banks for
currency and credit is heaviest. It is essential to the existence of a bill market
In this country that the Reserve Banks should stand ready to purchase
bills when they come into the market more rapidly than new buyers appear,
or when banks find it necessary to reduce their holdings of bills in order to
obtain needed reserve funds. These bill purchases by the Reserve Banks
are made at rates established by them, which are adjusted to conform closely
with the rates at which bills are sold in the open market.
In this way the Reserve Banks each year assist in the financing ofautumn
er0P movements and trade. The amount of bills purchased by the Reserve
Banks depends principally upon the amount of bills created and the condition of the market for them. This year the volume of bills held by the
Reserve Banks has increased considerably since the early part of August
In accordance with the usual seasonal tendency. As the accompanying
diagram shows, this increase has followed much the same course as in the
past two years, though, with an unusually large amount of bills created
and a firm money position, there has latterly been a tendency for the
Reserve Banks to get larger amounts of bills.
The mechanism of bill purchases by the Reserve System provides a
seetd-autoanatic way in which a considerable share of autumn requirements
Reserve Bank of New York—Gates W. McGarrah
Acting Governor.
Benjamin Strong, who since the creation of the Federal
Reserve Bank of New York in 1914 had been its Governor,
died in the New York Hospital on Oct. 16. News of the
death of Governor Strong came unexpectedly, since the'
reports issued by the Reserve Bank up to a week ago indicated that his condition had been improving following the
operation he underwent at the hospital on Oct.6. Reference
to his illness was made in these columns Oct.6 (page 1898),
and Oct. 13 (page 2041). Governor Strong was operated on
for an abscess due to diveriteultis. His death is said to have
followed a secondary hemorrhage. The announcement of
Governor Strong's death, made on Oct. 16 by Gates W.
McGarrah, Chairman of the Board of the Reserve Bank, is
given in another part of our paper to-day, wherein we refer
to the tributes to the late Governor. Announcement that
Mr. McGarrah had been designated Acting Governor was
made as follows by the bank:
New York, October 16 1928.
A special meeting of the Board of Directors of the Federal Reserve Bank
of New York was held this morning, and after appointing a committee to
draft appropriate resolutions expressing the sorrow of the board at the death
of Governor Strong, the following resolution was adopted:
Resolved, That Mr. Gates W. McGarrah, the Chairman of the Board of
Directors, be requested to undertake temporarily the duties of Governor
of the Bank and to that end he is designated Acting Governor.
Funeral services for Governor Strong were held on Thursday afternoon, Oct. 18, at 2:00 p. m. at the Brick Presbyterian Church, Fifth Avenue and 37th Street. The service
was a simple one, as Governor Strong had requested, and
consisted of the singing of two hymns by a quartet, saying
of prayers and readings. About 200 employees of the Federal Reserve Bank of New York attneded the funeral.
There were no pallbearers and the ushers were officers of the
bank. Among those who attended the services were:
E. R. Crissenger, former Governor of the Federal Reserve
Board; C. S. Hamlin; Edmund Platt; E. A. Goldenweiser;
G. W. Norris, Gvoernor of the Philadelphia Reserve Bank;
E. R. Fancher, Governor of the Cleveland Reserve Bank;
J. B. McDougal, Governor of the Chicago Reserve Bank;
W. B. Geery, Governor of the Minneapolis Reserve Bank;
William Woodward; J. S. Alexander; Paul M. Warburg;
Thomas Lamont and Frank D. Bartow, of J. P. Morgan
& Co.; Charles E. Mitchell, President of the National City
Bank; Nathan S. Jonas, President of the Manufacturers'
Trust Co.; Representatives of the Bank of France, Bank of
England and Bank of Japan.
Mr. Strong was born in December 1872 at Fishkill-on-theHudson. In 1891 he entered the office of Jesup, Paton &
Co. as a clerk. This firm later became John Paton & Co.,
and then Cuyler, Morgan & Co. Morris K. Jesup was the
chief figure in the firm. Nine years later, at the age of 28,
Mr. Strong was elected Assistant Secretary and later Secretary of the Atlantic Trust Co. When this was merged with
the Metropolitan Trust Co. in 1903, he was made Secretary
of the latter. In 1904 he went to the Bankers Trust Co. as
Secretary. He was elected Vice-President of the company
six years later. On the retirement of E. C. Converse from
the Presidency in January 1914, Mr. Strong was elected
President. His election as Governor of the Federal Reserva.
Bank of New York occurred in October 1914, at which time
OCT. 20 19281
FINANCIAL CHRONICLE
2171
A man of energy and courage, a man of resolute character and tenacity
he withdrew from his various other interests. This included
of purpose, a man of sympathy and understanding, a man of wide achis withdrawal as trustee of the Seamen's Bank for Savings, quaintance
and tender friendships, a man of cheerfulness, he went to
of which his great grandfather, Benjamin Strong, was an his death unafraid, loved by his friends and respected by men everywhere.
This minute is made by the directors of the Federal Reserve Bank of
officer. Governor Strong was Chairman of the Open Market New
York, acting as a board and by them individually, to record their
Investment Committee and the Liberty Loan Committee, appreciation of the achievements of Benjamin Strong and their sorrow
and during the.1907 panic he was chosen to make examina- at his death.
tions of numerous banks. Summarizing his activities durResolution of New York Clearing House Association
ing his Governorship the "Herald Tribune" said:
on Death of Benjamin Strong, Governor Federal
In 1916 he visited England and studied war finance conditions and
methods and when the United States entered the war Governor Strong beReserve Bank of New York.
delivering
Loan
drives,
came a public figure as director of the Liberty
At a meeting of the New York Clearing House Association
speeches, writing newspaper and magazine articles and conducting a vigorous campaign against all critics of the Government's war time finance on Oct. 18 the following minute was unanimously adopted
policy. . .
by a rising vote:
After the war he formed the habit of going abroad for conferences with
Benjamin Strong, first Governor of the Federal Reserve Bank of New
York, having passed from this life on Oct. 16 1928. the members of the
New York Clearing House in meeting assembled wish to record their
great sorrow at his death.
Benjamin Strong was a man of rare attainments. He was a man of
studious mind, of ample vision, of determination and courage. At the
inception of the Federal Reserve System the opportunity came to him to
enter upon a work which was enticing to him, and which he came to bye
with a devotion which is rarely found in the ordinary work of man. The
Federal Reserve System had been created, but it came to the hands of Governor Strong to shape it, and it may be fairly said that his influence in this
work was as great as, and greater than, that of any other man connected
with the System.
Therefore be it
Resolved, That we, bankers of the City of New York, record our recognition of Governor Strong's qualities and give expression to the confidence
that we have had in him as Governor of the Federal Reserve -Bank, which
confidence he established at home and abroad; and we further more record
our deep sorrow at the loss of a highly valued citizen, an important spirit
The day before Governor Strong's dealt the following ap- in
the banking world, and a man whom we shall always hold in affectionate
peared in the "Wall Street Journal" of Oct. 15.
remembrance.
WILLIAM WOODWARD. President.
The National Bank of Brussels is to give Benjamin Strong, Governor of
G. EDWIN GREGORY, Secretary.
New York Federal Reserve Bank, a marble bust of himself made by Pierre
de Soeta, a Belgian sculptor, in appreciation of his aid in stabilization of
Belgian currency.
heads of the central banking systems of Europe and out of these informal
visits came many of the most important banking measures of post-war
readjustment and stabilization. Among the movements attributed to his
efforts were the stabilizing loan made to Poland by the Federal Reserve
Bank of New York in 1927, loans to the Reichsbank of Germany,the Bank
of England,the Bank of Belgium and the Bank of Danzig, the steps toward
the stabilization of the French franc and the stabilization of the Italian lire.
His five children, Benjamin Jr., Philip, Mrs. Katharine Strong Humphrey, Elizabeth and Barbara, his mother, a sister. Jane, and three brothers,
Dr. Archibald Strong, Dr. Oliver S. Strong and W.E. S. Strong,survive.
Governor Strong received an LL. D.from Princeton University in 1918
and last month Poland conferred the highest rank of the Order of Polonia
Restituta upon him. He was a member of the Academy of Political Science, the Merchants' Association, the Chamber of Commerce of New York,
the Paris. Japan and Franco-American societies, the Metropolitan Clubs
of New York and Washington, the Links, Downtown, Piping Rock and
National Golf Clubs of New York, and the Congressional Country Club
in Washington, where he maintained a home in H Street.
Resolution in Tribute to Governor Strong of New
York Federal Reserve Bank Adopted at Close of
Frank C. Tiarks Represents Bank of England at
Liberty Loan Drives.
Funeral of Benjamin Strong,
Following the death this week (Oct. 16) of Benjamin
The Bank of England was officially represented at the
funeral of Benjamin Strong, late Governor of the Federal Strong, Governor of the Federal- Reserve Bank of New
Reserve Bank of New York, by one of its directors, Frank York, one of the tributes to him during his life was given
C. Tiarks, who is now in this country. Mr. Tiarks, who is a out along with other press matter by the bank. This
partner of J. Henry Schroder & Co. of London, recently ar- was the resolution of the Liberty Loan Committee of the
rived in New York to visit the J. Henry Schroder Banking' New York Federal Reserve District, adopted on May 28
Corporation here, and to make a survey of business condi- 1919, as follows:
BENJAMIN STRONG.
tions in the United States.
King Albert of Belgium on Governor Strong's Death.
Associated Press advices from Brussels, Oct. 17 said:
Mr. Strong's death is regretted in Belgium, where his friendliness was to
be publicly celebrated on the occasion of the second anniversary of the
stabilization of the Belgian franc. Telegrams of sympathy were sent to
the Federal Reserve Bank by King Albert and the Governor of the National
Bank.
Minute Adopted by the Directors of the Federal Reserve Bank of New York, on Death of Benjamin
Strong, Governor of the Bank.
The following minute was adopted by the Board of
directors of the Federal Reserve Bank of New York at
their meeting on Oct. 18:
Benjamin Strong was the first Governor of the Federal Reserve Bank
of New York. He served from the time it opened for business on Nov. 16
1914 until the day of his death on Oct. 16 1928.
In normal times it would have been a great accomplishment to have
organized a central bank of issue in the City of New York, to have selected
competent persons to do its work, to have provided adequate equipment
and a beautiful building for its use, to have taught it to function as a
co-operative unit in an untried Federal banking system, and to have established its good-will and service for the member banks in its own distirct.
But the times were not normal. After its organization, the new institution was immediately faced with national and international disturbances
resulting from the great war. After our own declaration of war, there
were vast problems of financing, not only of our commerce and industry,
but of our Government itself. After peace came the problems of deflation
and readjustment, and after them the rehabilitation of the currencies of
the world. In these activities, the Federal Reserve Bank of New York
took an active and important part under the aggressive and inspiring
leadership of Governor Strong.
The good understanding of the central banks of the world and their
good-will toward each other have resulted in effective co-operation and
have yield practical results. It is not too much to say that Benjamin
Strong was the father of that movement and its guiding spirit. Not
until the history of finance during the war and after, and the story of the
reconstruction of the currencies of the world shall have been written can
it be known what a significant part he played in this most important work.
To have done so much would seem to have required inexhaustible strength.
Yet during more than half of this time Governor Strong was fighting
tuberculosis of the lungs. But his spirit was undaunted, his will undiminished, and his vision unimpaired. At home, he was thinking not
more of finance than of the men and women who were in his bank. Their
comfort and happiness and advancement were as much a matter
of his solicitude as the greatest movements of industry and trade. Abroad,
he was thinking of the problems of currency restoration, and of the kind
of co-operation and help which his country and his bank should give, in
its own interest and in the interest of the world, to sound programs of
economic rehabilitation.
Preamble. It is always a pleasure to pay tribute to leadership and now
that the five Liberty Loans of the United States have been written down as
glorious chapters in our public finance, the members of the Liberty Loan
Committee for the Second Federal Reserve District esteem it a privilege to
pause and pay such tribute to one whose srevices stand forth as of pre-eminent value to his country. It seems eminently fitting at this time to speak
words that in the hurry of the nation's great emergency were, perforce,
left unspoken.
Whereas, Benjamin Strong, as Chairman of the Liberty Loan Committee
for the Second Federal Reserve District, has risen to a high occasion, and
has discharged the responsibilities, the duties and the arduous tasks of that
position with a zeal for the public good and with a soundness of judgment
that ranks his work among the most devoted instances ofservice rendered to
the United States during the war; therefore be it
Resolved, That the Liberty Loan Committee, although feeling that words
are insufficient to express its full and sincere appreciation of his services
does hereby record its admiration for the inspiring leadership of Benjamin
Strong through the five War Loan campaigns, in which it has been associated with him; and furthermore, be it particularly
Resolved, That the Committee does hereby express its affectionate regard
for him as a man and as a co-worker in the great task it undertook at our
country's time of need.
CHARLES H. SABIN,
J. F. ALEXANDER,
JACOB H. SCHIFF,
GEO. F. BAKER,
F. S. VANDERLIP,
ALLEN B. FORBES,
MARTIN VOGEL,
WALTER E. FREW,
J. N. WALLACE.
G. W. McGARRAII,
ALBERT H. WIGGIN.
J. P. MORGAN,
WILLIAM WOODWARD
SEWARD PROSSER
Representative McFadden Calls Governor Strong
Leader of Federal Reserve System.
The following telegraphie advie,es from Battle Creek
(Mich.), Oct. 17, appeared in the New York "Journal of
Commerce":
Through the death of Benjamin Strong this country has lost one of its
greatest men, declared Representative L. J. McFadden, Chairman of the
House Committee on Banking and Currency. Referring to the activity
of the late Governor of the New York Federal Reserve Bank,the Onogressman told of the fine work that the former had accomplished in handling hisimportant position.
"Governor Strong," he declared, "was the technical leader of the operation of the Federal Reserve System in this country and in its contacts with
the central banks of the world he had no equal. His close personal friendship with the Governor of the Bank of England always assured properco-operation of two of the world's largest financial institutions. By education, training and experience be was the best fitted man in the United
States to be Governor of the Federal Reserve Bank of New York during its
14 years of pioneering development. He was not only the leading banker of
the United States but one of the best economists, a true American, whose
untimely death the Federal Reserve Bank of New York and the Federal
Reserve System can ill afford to lose at this important period of its opera:
tions.”
2172
FINANCIAL CHRONICLE
[Vol,. 127.
Finance Minister Czechowicz, at Warsaw, expressed
Resolution of Investment Bankers Association on
Death of Governor Strong of Federal Reserve himself in words as follows:
I extend to you my sincere condolence in the loss the Federal Reserve
Bank of New York.
Bank has met with because of the death of Governor Strong. I personally
Following the receipt of news of the death of Governor deeply mourn the loss of this eminent man who proved to be such a devoted
to Poland when assuming such an amicable attitude towards her
Benjamin Strong of the Federal Reserve Bank of New York, friend
and playing such an important and decisive part both in establishment of
the Investment Bankers Association of America, in annual stabilization plan and in further co-operation of American capital in the
convention at Atlantic City, adopted the following resolution reconstruction of this country. Please transmit to the family of the late
Governor Strong the expression of my deep sympathy in the sorrow which
on Oct. 16:
has befallen them.
The Investment Bankers Association of America, in convention assemThe Federal Reserve Bank also announces receipt of
bled at Atlantic City this sixteenth day of October, 1928,learns with sorrow
and regret of the sudden death of Benjamin Strong, Governor of the Federal messages of condolence from the following:
Reserve Bank of New York, and wishes to express its sense of the profound
loas incurred by the nation and the business community of this country. He
was a capable and earnest servant, bringing to his work the qualities of a
scholarly mind and a high and indefatigable sense of duty to the public.
Therefore, be it resolved, That this Association herewith records its deep
appreciation of his services and its sincere sorrow at his death.
Further, be it resolved. That a copy of these resolutions be transmitted to
the Federal Reserve Bank of New York and to his family.
Death of Governor Strong, of New York Federal
Reserve Bank—Messages of Condolences from
President Coolidge, Secretary Mellon, Federal
Reserve Board, and Others.
The death on Oct. 16 of Benjamin Strong, Governor of the
Federal Reserve Bank of New York, brought from President
Coolidge, to Governor Strong's son, the following message:
White House, Washington.
Oct. 16, 1928.
Benjamin Strong, Jr.. 52 Cedar Street, New York City.
I have Just learned with deep regret of the passing of your father, Benjamin Strong. As Governor of the Federal Reserve Bank of New York he
discharged with marked efficiency the duties of a most responsible office.
and his name is honored both here and abroad as a wise counselor and an
able executive.
CALVIN COOLIDGE.
A message of sympathy was also received by Mr. Strong,
Jr..from Secretary of the Treasury Mellon as follows:
Benjamin Strong, Jr., 52 Cedar Street, New York City.
I am deeply distressed to learn of the death of your father. For many
years we have been closely associated in the work of the Federal Reserve
system. I valued his friendship and had the greatest regard not only for
his ability and the extent of his information but for his sound judgment and
his understanding of world conditions.
The confidence and friendship with which he was regarded abroad,
especially among the heads of the great central banks with whom he kept
in dose and friendly contact have done much to solve the financial problems•
that have arisen since the war and have helped to pave the way for the better
International conditions which now prevail.
The influence of a man like Governor Strong is far-reaching and his loss
will be greatly felt. My sympathy goes to you and to the other members
of his family.
A. W. MELLON,
Secretary of the Treasury.
Following a meeting of the Federal Reserve Board at
Washington on Oct. 16, Edmund Platt, Vice-Governor of
the Federal Reserve Board issued the following statement:
The report of the death of Governor Benjamin Strong of the Federal
Reserve Bank of New York was a surprise and a severe shock to the members of the Federal Reserve Board. He was the outstanding personality
of the Federal Reserve System, a man of great force of character of highest
ideals, unsparing of himself in his devotion to duty.
For several years he has been handicapped by recurring illness, but could
rarely be persuaded to escape completely even for a season from the reeponsibilities of his position and he was rarely so far away that he could
not be reached for consultation. He played a large part in the original
working out of the organization and functioning of the Federal Reserve
Banks and was the leader in all conferences of the Federal Reserve Banks
with the Federal Reserve Board so long as his health permitted. His
advice and co-operation were eagerly sought by the central bankers ofEurope
on the recent reconstruction of monetary systems from the demoralization
caused by the war.
The members of the Federal Reserve Board are profoundly grieved at
his loss.
Governor Harding of the Federal Reserve Bank of Boston
in a letter said:
October 16 1928.
I have a high appreciation of the service he has rendered to the Federal
Reserve System as well as to the banking community abroad and, by reason
of my long association with him, feel a distinct personal loss in his passing.
He will be greatly missed in your organization and elsewhere, but he has
left an everlasting monument in his achievements.
(Signed) W.P. G. HARDING.
Lynchburg. Va., Oct. 18 1928.
The following telegram was received from Carter Glass:
Please convey to relatives of Governor Strong an expression of my profound grief at the death of one of my dearest friends.
p.tiat ga
CARTER GLASS.
—The fo
-llowing came from Premier Poincare of France:
I learn with the greatest sadness the news of the death of Governor
Strong who counted none but friends in France and whose high qualities
I have had numerous opportunities to appreciate. I am deeply moved by
his disappearance and I wish to tell you how much I share in the mourning
of the Federal Reserve Bank of New York.
Herr Kiep, the German Charge D-Affaires sent the following:
IN Please accept and convey to the members of your Board as also to the
family of the deceased the German Embassy's sincerest sympathy on the
occasion of the death of Governor Benjamin Strong whose loss will be felt
keenly throughout the financial world and will be deeply mourned by his
numerousfriends and admirers in Germany.
••`..."
a
.LP
.
Pierre Jay, American Member Transfer Committee.
Arthur G. Hough, Director Buffalo Branch, Federal Reserve Bank of
New York.
Mr. Schneckenburger, Buffalo Branch, Federal Reserve Bank of New
York.
Harry T. Ramsdell, Manufacturers & Traders-Peoples Trust Company,
Buffalo.
George W. Norris, Governor Federal Reserve Bank of Philadelphia.
Mr. DeCamp, Federal Reserve Bank of Cleveland.
E. It. Fancher, Governor, Federal Reserve Bank of Cleveland.
Chas. A. Peple, Federal Reserve Bank of Richmond (letter).
Messrs. Seay & Hoxton,Federal Reserve Bank of Richmond.
E. It. Black, Governor. Federal Reserve Bank of Atlanta.
W.B. Cation, Detroit Branch, Federal Reserve Bank of Chicago.
J. B. McDougal, Governor, Federal Reserve Bank of Chicago.
W. M. Martin, Chairman, Federal Reserve Bank of St. Louis.
W. B. Geery, Governor, Federal Reserve Bank of Minneapolis.
C. A. Worthington Deputy Governor, Federal Reserve Bank of Kansas
City.
Lynn P. Talley and C. C. Walsh, Federal Reserve Bank of Dallas.
Oscar Wells, former president, A. B. A.
Issac B. Newton,John U. Calkins, Wm.A. Day,Ira Clerk of the Federal
Reserve Bank of San Francisco.
J. E. Sterritt, former American Member of the Transfer Committee.
John W. Platten, President, U. S. Mortgage & Trust Company, Now
York, N. Y.
B. A. McKinney,formerly of Federal Reserve Bank of Dallas.
Arthur Anderson, J. P. Morgan & Company.
Clarence Dillon, New York, N. Y.—Dillon, Read & Company.
Walter P. Cooke. Buffalo. New York.
John If. Mason, Chairman, Bank of North America & Trust Company,
Philadelphia, Pa.
Mr. & Mrs. John B. Miller, Pasadena, California.
Leon C. Simon, Chairman, New Orleans Branch.
Gray Silver. Martinsburg, West Virginia.
Messages from individuals:
Other Banks.
Messrs. Brown. Shipley & Co., London.
J. Henry Schroder Banking Corp., London.
Commercial and Private Bank, Berlin, Germany.
Louis Dreyfus & Co., Inc.
Ernesto Tornquist & Co., Ltd., Buenos Aires. Argentina.
Vorstand Deutsche Bank,Berlin, Germany.
Credit Lyonnais, Paris, France.
Central Banks.
Nederlandsche Bank, Amsterdam, Holland.
Finiands Bank, Helsinki, Finland.
Bank of Greece, Athens, Greece.
Reichs Kredit Gesellschaft A. G., Berlin.
Banque Nationale du Royaume des Serves Creates et Slovenes, Belgrade,
Yugo-Slavla.
Norges Bank, Oslo, Norway.
De Javasche Bank, Batavia.
Banque Nationale Suisse, Berne, Switzerland.
Norodna Banka Ceskoslovenska, Prague, Czechoslevakia.
Bank of the Republic, Bogota.
Austrian National Bank, Vienna, Austria.
Letters.
Hideshige Kashlwagi, The Yokohama Specie Bank, Ltd. (Also personal
call.)
Frederic H.Curtiss, Chairman,Federal Reserve Bank of Boston.
Edwin M.Bulkley,25 Broad Street, New York, N. Y.
Ernest V. Connolly, President, The Central National Bank of New York.
Elisha Walker, Blair & Co.
R.Takei, Bank of Japan. (Also personal call.)
Blair & Co., Inc.
George W. Davison, President, Central Union Trust Co. of New York.
William Woodward, President, The Hanover National Bank.
Heidelbach, Ickelheimer & Co.
Kuhn, Loeb & Co.
Ladenburg, Thalmann & Co.
Salomon Bros. & Hutzler.
Speyer & Co.
Anglo-South American Trust Co., Now York, N. Y.(President).
Banca Commerciale Italiana, New York. N. Y.(Agents.)
Albert Strauss, 54 Wall St., New York, N. Y.
G. Higashi, The Sumitomo Bank, Ltd.(N. Y. Agency.)
E. C. Delafield, The Bank of America.
Francis Guerrlich, Horace S. Ely & Co.,76 William St., New York. N.Y.
E.P.Townsend, Vice-President, The Equitable Trust Co.of N.Y.
A. W.Mason, Agent, Commonwealth Bank of Australia (N. Y.Office).
Luigi Podesta, Representative, Italian National Institute of Exchange,
N. Y.(for Governor Stringher, Bank of Italy.)
Alfred E. Marling, Director, Horace E. Ely & Co.
D.M.Dow,Commissioner for Australia in U.S.
Messages from Individuals.
Georges Benard, Paris, France.
Masaji Yoshida, Agent, The Mitsubishi Bank, Ltd.(N. Y. Agency).
Sir Alan Anderson, London, England.
J. J. Peters, Belgian Consulate, New York.
Lord Revelstoke, London, England.
Gerard Swope, President, General Electric.
Sir Henry Strakosch, London, England.
F. Mlynarski, Bank PoLski, Warsaw, Poland.
Eigo Fukal, Bank of Japan, Tokio.
S. Kimura, Ex-Vice Governor, Bank of Japan. Tokio.
Junneeuke Inouye, Tokio, Japan.
OCT. 20 1928.]
FINANCIAL CHRONICLE
Hisaakira Hijikata, Governor, Bank of Japan, Tokio.
I. Hamwoka, Bank of Japan, ToIdo.
N. Nagaike, Bank of Japan, Tokio.
R. C. Leffingwell, J. P. Morgan & Co., New York.
J. A. Drossopoulos, Banque Nationale de Greece, Athens.
Shepard Morgan, Member, Transfer Commission, Berlin. Germany.
I. Kayeloff, of Louis Dreyfus & Co., New York.
Dale M.Parker, of M. Samuel & Co., Ltd., London.
Victor Moll, of Sveriges Riksbank, Stockholm, Sweden.
J. Harajuchi, Japanese Financial Commission. New York City.
D. R. Criasinger, Washington, D. C.
A. W. Mason, Commonwealth Bank (New York Agency), New York.
Dr. F. Fischerauer, Consul General, Consulate General of Austria.
W.H.Clegg, Governor, South African Reserve Bank,Pretoria, S. Africa
S. Kaminski, President, Bank PoIslet, Warsaw, Poland.
Finance Minister Mosconi, Rome, Italy.
E. C. Riddle, Commonwealth Bank of Australia, Sydney.
Governor Popovitch. Budapest, Austria.
Charles S. Dewey, Warsaw, Poland.
Bonaldo Stringher, Governor, Bank of Italy, Rome.
Dr. G. Bachmann. Zurich, Switzerland.
Demetre M. BurlMenu, Bucarest, Roumania.
Dr. H. Schacht, Berlin, Germany.
A. Garmos, Agent, National Bank of Greece (New York Agency).
Montagu Norman, Governor, Bank of England, London.
Charles list, Bank of France, Paris.
Dr. 0. Vissering, Nederlandsche Bank, Amsterdam.
Morgan Grenfell, London, England.
Robert Masson, Paris. France.
Governor Louis Franck, Banque Nationale Beige, Brussels, Belgium.
Dr. Wm. Pospisil, Governor. National Bank of Czechoslovakia.
Pierre Quesnay, Paris. France.
E. Moreau, Bank of France, France.
E. C. Grenfell, London, England.
N. Yatsushiro, Chief Managing Director, Sumitomo Bank.
Charles Sergent, French Member of Reiclasbank. Germany.
Some Personal Calls.
Risaburo Take!, The Bank of Japan.
Hideshige Kashiwagi, The Yokohama Specie Bank, Ltd.
Frank Altschul, Lazard Freres.
John Perrin, formerly of Federal Reserve Bank of San Francisco.
James Brown, Brown Brothers.
Frederick Strauss, 440 Park Avenue, New York. N. Y.
Paul Warburg. International Acceptance Bank.
Members of the Federal Reserve Board, and officers of the
various Federal Reserve Banks were among those who
sent floral tributes.
Tributes by Bankers to Late Governor Strong of
New York Federal Reserve Bank.
Countless tributes were paid to the memory of Benjamin
Strong, Governor of the Federal Reserve Bank of New York,
whose death on Oct. 16 is referred to elsewhere in this issue;
various messages of condolence will likewise be found in
this issue of our paper. In announcing on Oct. 16 Governor
Strong's death, Gates W. McGarrah, Chairman of the
Federal Reserve Bank of New York, gave expression to his
sense of loss in the Governor's death as follows:
October 16 1928.
In making announcement of the death of Governor Strong and pending
any formal resolutions which may be adopted by our directors, I want in
behalf of all his associates in the bank to express the deep grief which we
all feel personally in his death. Though carrying a heavy load of responsibility and often in ill health, Governor Strong never failed to find opportunity for the closest of freiendly relationships and unremitting consideration of the welfare ant happiness of all of us who have worked with him.
Ho was a great and inspiring leader who won the affection and admiration
of his associates.
Owen D. Young, Chairman of the Board of the General
Electric Co. and a member of the board of directors of the
Federal Reserve Bank of New York, said:
2173
all over the United States but by leaders in public life in many foreign
parts, for whose aims he showed a rare sympathy and understanding.
In the grasp of the problems of the Federal Reserve System in their largest
sense he was unexcelled. As a wise and always courageous counselor
and leader he will greatly be missed. The New York Federal Reserve
Bank will stand as a monument to his genius.
From J. P. Morgan (Cablegram from Paris to Directors of Federal Reserve
Bank of New York.)
"Please accept for yourself, the officers and the directors of the Federal
Reserve Bank of New York my profound sympathy with your loss in Benjamin Strong's death. His courage and wisdom have been wonderful and
have always commanded my affectionate respect and admiration. To
him more than any other man we owe the growth and development of the
Federal Reserve System which he led from its earliest beginnings to its
present position of strength and usefulness."
From Thomas W. Lamont of J. P. Morgan & Co.
"Benjamin Strong's death is a heavy loss to the whole community. He
was an extraordinary product, possessing unusual mental capacity, great
organizing ability, generous vision and high character. He combined the
mind of the student with the grasp and administrative ability of a man great
of affairs. Years will pass before the community has full realization of
the important part paid by Governor Strong in the establishment and
successful administration of the Federal Reserve Banking System.
"During the war, throughout all the complexities and problems of Government finance, he was a tower of strength. To the solution of post-War
problems and construction, both in America and in Europe, he brought a
calm and sane mind, a sympathetic understanding, a warm co-operation.
To his many personal friends and to those of us who were associated with
him during his earlier as well as his later years Mr. Strong's going will be a
keen, personal grief."
From Ambassador Dwight Morrow, Mexico City.
I have just received word of the death of Governor Strong. Please convey to the members of his family and to the officers and directors of the
bank my deep sympathy. Through his character, his genius and his industry he made perhaps the most significant contribution during the
past ten years to the recovery of the world from the disorganization of the
great war. His death is a loss to the nation and to the world and will
bring to those of us who knew him intimately a deep sense of personal bereavement.
From Albert II. Wigoin, Chairman of the Board of the Chase National Bank
of New York,
Benjamin Strong has been for twenty-five years a prominent figure in
banking circles. He was a former President of The Bankers Trust Company. In 1914, at a great sacrifice to his personal interests, he accepted
as a public duty the position of Governor of the Federal Reserve Bank of
New York. His administration of the Federal Reserve Bank during the
critical period of the Great War and the following period of readjustment demonstrated his ability and fine force of character. His death is a
great loss to the banking world.
From Charles E. Mitchell, President of The National City Bank of New York.
"Financial America suffers a severe loss in the death of Governor Strong
Since the beginning of the Federal Reserve system his has been one of the
outstanding minds in central banking, not only in the United States but
throughout the world and his leadership has been widely rectognized. In
view of the ever-increasing and now paramount importance of American
finance with respeet to world affairs, the key position which Governor
Strong has held called for ability, vision, and broad understanding of the
highest calibre, and he has met these responsibilities with great credit.
Although as an American banker, Governor Strong has recognition in every
part of the world, the understanding of his true value in American banking
must be keenest within our own city. His reputation as a sound commercial banker brought him to the governorship of the Federal Reserve Bank
of New York when it was founded and, sacrificing the opportunities for
personal gain, he flung himself patriotically into the public service and the
results attained not only in the upbullding of the Reserve Bank but in the
handling of the great loan flotations during the war and the stabilization
and maintenance of sound money conditions since will give his memory a
warm spot in the hearts of New Yorkers and a high place in the role of
New York financiers. With health impaired for years he has given of his
remaining strength valiantly for the public good, knowing full well the toll
that must be paid and American finance and industry will mourn the death
not only of a great constructive force but of a great patriot."
From James S. Alexander, Chairman of National Bank of Commerce in N. Y.
"In the death of Governor Strong, international banking has lost one of
its outstanding figures. Mr. Strong's consistent devotion to the best interests of the country in his organization and guidance of the Federal
Reserve Bank of New York is a splendid example of public spirited service.
To those of us who werefortunate in knowing him well, his leas is irreparable."
The death of Benjamin Strong takes not only from this country but from
the world one of the greatest students of domestic and international finance
of our time. In this connection I do not use finance in the narrow sense of
commercial or investment banking, or the issuing or handling of GovernFrom C. S. McCain, President of National Park Bank.
ment obligations, but rather in the larger sense of currencies and exchanges
"In the death of Governor Strong the Federal Reserve System has lost
which lie at the very heart of all of our operations.
its most dominant factor. By reason of his great ability, his constant
Al Governor. he brought to the Federal Reserve Bank of New York,
Industry and his single-minded devotion to the development of American
world,
the
of
banks
only
not
central
the
greatest
of
knowledge
the
of
one
financial leadership, through the proper use of the Federal Reserve System,
the student but the administrative capacity of the great executive. In he had earned a place of unquestioned confidence and leadership on the
Ids death the Federal Reserve Bank of New York suffers a great loss, and part of the bankers of the United States as well as bankers throughout the
all central banks everywhere will miss his counsel and co-operation.
world. In the face of delicate health he was a tireless and indefatigable
Some of the other tributes from the banking fraternity worker and his influence will be indelibly impressed upon the pages of our
financial history."
follow:
From Percy H. Johnston, President of Chemical National Bank.
From Seward Prosser, Chairman of the Bankers Trust Co.
"Governor Strong was an able, far-sighted executive. His administraStrong
his
Benjamin
started
that
say
to
banking
carrer tion of the Federal Reserve Bank of New York was of the highest order.
It is perhaps fair
with the Bankers Trust Co. He had been with it but a few years when He was a thorough student of international as well as domestic banking,
he became its President. He has always been held in the highest esteem and occupied a leading position among the great men in the banking world.
by his associates in the Bankers Trust Co., from which he retired to take His passing is a distinct loss to our nation."
up his duties as Governor of the Federal Reserve Bank of New York.
From Harry E. Ward, President of American Exchange Irviag Trust Co.
Mr. Strong was not only a man of the highest integrity and character,
Benjamin Strong, late Governor of the Federal Reserve Bank of New
but was also recognized as a finished banker with a complete knowledge
may consistently be
and understanding of the underlying principles of his profession, both York, whose untimely death has been announced,
for
known
well
as
these
was
referred
qualities
to as the Federal Reserve System's greatest world interpreter.
domestic and international. Ho
among the central banks of issue throughout the world, as he was to the Mr. Strong was a profound student of world finance, a tireless worker,
of the world as
banking community of this country. His death will be a great loss to all. absolutely fearless and recognized in the banking centres
a leader in the financial thought of the times.
From Paul M. Warburg, Chairman of the International Acceptance Bank, Inc.'
From Lewis E. Pierson, Chairman of American Exchange Irving Trust Co.
Governor Strong's death is an irreparable loss not only to the Federal
In the passing of Benjamin Strong, Governor of the New York Federal
Reserve Bank of Now York, but to the entire United States—indeed, to
of the Federal Reserve Reserve Bank since 1914. the United States has lost the greatest exponent
she world. Benjamin Strong was the master-builder
Bank of New York. He guided it through the period of its early and small of its Federal Reserve System, and the world one of its greatest authorities
beginnings to its present gigantic size and position. The bank grew with upon central banking. The loss sustained in the death of such a man at
him as he grew with it He gave to it his energies, his health, and his any time, and particularly in these times of great financial problems. 13
life. His death is mourned to-day, not only by his friends and associates incalculable.
2174
FINANCIAL CHRONICLE
From Arthur W. Loasby, President of Equitable Trust Co.
Governor Strong had a thorough knowledge of banking practice. His
experience covered all phases of modern banking. Not only did he have
a complete grasp of the national banking and economic situation, but ho
also had a thorough understanding of international finance, which rendered
him of great value in the solution of the complicated problems of worldwide stabilization since the war.
From John E. Rovensky, First Vice-President Bank of America, N. A.
In the death of Governor Strong the world has lost one of the great
financial leaders of this generation. He came to the governorship of the
Federal Reserve Bank at its foundation and was largely responsible for
the sound policies that guided it so admirably through the World War
storm and the panic of 1920. He has played a leading part in the international reconstruction work since the war and America owes him a debt
of gratitude for the able manner in which he helped to reshape the world's
badly disarranged economic mechanism. I counted him as a warm personal
friend and feel his passing deeply.
From Chellis A. Austin, President of the Seaboard National Bank.
He was a splendid example of the American capacity for assuming great
responsibilities successfully.
From It. E. Christie, Jr., President of the Bond Club of New York.
Mr. Strong's abilities and his influence as a great constructive force in
building up and shaping the policies of our Federal Reserve banking system
have long been recognized both here and abroad. For many years he has
been a member of the Bond Club of New York and for a time a member
of its advisory council. He took a keen interest in the club and in spite of
his many responsibilities he always found time to devote to our problems.
His loss will be keenly felt by the club's membership.
E. H. H. Simmons, President of the New York Stock
Exchange, in stating that Governor Strong's death was a
great loss to the financial world and to the nation, added:
He was a leader of high ideals with a delightful personality. His services
as the Governor of the Federal Reserve Bank of New York were invaluable;
his work made him a dominating figure in the Federal Reserve system and
because of his tact, diplomacy and broad knowledge be was an international
force in finance and banking.
From L. F. Lorec, President of the Chamber of Commerce of the Slate of
New York.
A great loss has been sustained in the death of Governor Strong, who was
for many years a valued member of the New York Chamber of Commerce.
He was the first and only Governor of the Federal Reserve Bank in this
district and had much to do with the successful operation of the bark.
The financial interests of the whole country will long remember the invaluable service rendered by Mr. Strong.
The board of directors of Chatham Phenix National Bank
& Trust Co., meeting an hour prior to the funeral services
of Governor Strong on Oct. 18, adopted the following
resolution:
The death of Benjamin Strong, first Governor of Federal Reserve Bank
of New York, brings to the members of this board, as to all the nation, a
source not only of official loss but of personal bereavement. The monumental record of his work in time of peace, in the stress of war and in the
problems of reconstruction is such that no words of anyone are needed, or
can avail, to emphasize the stalwart figure that he was or to appraise his
Invaluable services to America and to the world. Handicapped by ill
health that would long since have conquered a less resolute character, he
attained a towering eminence in his profession and he is followed to his rest
to-day by the affection and esteem of a nation to which he has brought
credit and honor In the estimation of all the world.
We, therefore, direct that the flags of this Bank be placed at half mast;
that this resolution be spread upon our minutes; and that copies of it be
sent to the Federal Reserve Bank of New York and to the elder son of our
departed leader.
The following are among other tributes:
From F. R. Henderson, President of the Rubber Exchange of New York.
The passing of Governor Strong is a loss to the whole financial world.
Men of his ability, experience and vision are rare even in the banking world.
More than any other man, perhaps, he made the New York bank the bulwark of strength it is, inspiring confidence throughout the whole country
with his fearless leadership in the determination and practice of the financial
policies of the Federal Reserve.
From Paolino Gerli, President of the National Raw Silk Exchange.
Europe as well as America will feel the loss of a great financial genius
in the death of Governor Strong. He had a mastery in dealing with financial
problems that few men have attained. All industries In this country have
lost a true friend and counselor, for his labors in finance were helpful to
every line of commercial endeavor. Mr. Strong's work in the financial
rehabilitation of European countries following the war is a monument
which any man might well feel proud to leave behind.
[VoL..127.
assured, according to Dr. Ray Hall, compiler of the American balance of international payments for the Department
of Commerce. The summer peak in tourist traffic being now
well past sufficient statistics are at hand for a preliminary
estimate. The increase, Mr. Hall states, will almost certainly be more than $100,000,000, and the total for the
calendar year should be very close to $900,000,000. The
Department of Commerce, in making this known Oct. 15,
adds:
Passports issued by the Department of State during the first nine months
of the present calendar year number 163,319 compared with 128,384 issued
during the corresponding period of 1927, an increase of 21.4%. These
statistics are less useful for present purposes, however,than those of Americans actually going abroad, as compiled by the Department of Labor, for
various reasons. Several citizens may travel on one passport; a passport
may be used for several trips during the two years for which it is valid:
the foreign trip is sometimes abandoned after the passport is issued; and
no passport is necessary for Cuba, Bahamas, Bermuda and several other
nearby countries.
"United States citizens departed" during the first eight months of the
present calendar year numbered 318.419, according to the Department of
Labor. The number departing during the corresponding period of 1927
was 284,999, an increase of 11.7%.
The total expenditure by American tourists in 1927 was estimated by the
Finance and Investment Division at $770.000,000. That figure was based
on a queStionnaire to 2,500 American tourists overseas and upon the number
of American automobiles crossing the Canadian frontier. Those compilations closely checked with estimates for some 35 individual countries,
made mostly by American commercial attaches and consular officers.
Advanced statistical methods would indicate, according to Mr. Hall,
that the "range of error" in the estimate was less than 850,000,000. The
estimate of $770,000,000 was net, after deducting the $21,788,000 of
me(chandise declared by returning American tourists and entered in the
customs statistics as "visible" imports. The only admissible deduction
from the figure was about $53.000.000 paid by Americans to American
passenger vessels.
For 1927 the overseas figure was $567,000,000,including the expenditures
of funds earned in this country (1) by our immigrants on visits to the "old
country" and (2) by American residing abroad permanently. The other
$203,000,000 went over the Canadian and Mexican frontiers.
Expenditures by our overseas tourists, according to Mr. Hall, may well
be about 10% more in the present calendar year than in the last one.
This ratio, instead of the 11.7% indicated by Department of Labor statistics, is suggested because of the rising proportion in recent years of
travelers by the "student" class, or "tourist" class, whose average expendture is relatively small. The increase during 1928 in the overseas figure
would be, therefore, about $57,000.000.
The total of American tourist expenditures in Canada is loss certain, but
all reports agree that there has been an important increase. The Highways
Branch of the Canadian Department of Railways stated in July that these
expenditures in 1928 "are expected to show a proportionate Increase"—
after setting the increase in 1927 over 1926 at $75,000,000.
If the increase in the Canadian figure is only $50.000,000, Mr. Hall
states, the "invisible" figure in our 1928 balance of payments for all American tourist expenditures abroad would be something like 8877,000,000.
This figure will probably exceed even our net export of capital during the
Year. The total amount spent by Americans on foreign travel in 1928
(counting goods declared by returning travelers) would be very close to
$900,000,000. The increase during 1928 would be slightly more than
$100,000,000, or the largest for any year since 1919-20 when European
travel was resumed after the World War.
President Coolidge Holds Unconstitutional Plans of
"Career Men" in Foreign Service to Retain Posts
after March 4.
The suggestion that "career men"occupying ambassadorial
and ministerial posts in the foreign service, might attempt
to continue in office after March 4, instead of tendering
their resignations to the next President, is said toibe regarded by President Coolidge as unconstitutionol, an.dlto
savor of an attempt to set up a self-perpetuating body.
A New York "Times" dispatch Oct. 9 in indicating this,
reports the President's position as follows:
His position, as indicated at the White House to-day, defining the law
and status of diplomats has, it is believed, destroyed any hopes of the
"career men" that they can carry out the reported plan to withhold their
resignations at the close of the Coolidge Administration, taking from the
next President the power to select ministers abroad with complete freedom.
After recalling that the decision on this question is a matter for the
incoming Administration, the President to-day pronounced the proposal as
irregular and not in accord with custom. He recalled that ministers are
appointed for an indefinite time, but that it has been the custom for them
to submit their resignations at the end of the Administration which appointed them.
He cannot see how the proposal attributed to certain of the "career
men" can have any practical effect one way or another, because the
President has the power to select his own representative; abroad.
He remarked that the President has the conduct of foreign affairs and
that the ministers and abbassadors are largely the representatives of the
President in carrying out his instructions and policies. If the "career
men" should not resign, the President has the power of removal. Mr.
Coolidge contends.
Subscription to 49% Treasury Certificates $837,700,000 Allotments $308,807,500.
Secretary of the Treasury Mellon in announcing on Oct.
15 final figures on the recent issue of 4%% Treasury Certificates of Indebtedness, offered to the amount of $300,000,000, or thereabouts, stated that the total subscriptions were
$838,700,000, the allotments amounting to $308,897,500. The
offering was referred to in our issue of Oct. 13 (page 2042),
One of the accounts of the reported move waslgivenlin
In which we reported the closing of the books at the close
following advices Oct. 5 to the "Herlad-Tribune" from
the
of business Oct. 9. As was also stated therein, part of the
Issue was intended to retire the outstanding Third Liberty Washington:
A precedent in the American diplomatic service which may be decidedly
Loan bonds, about $150,000,000 of which remained unre- unpopular from the political point of view is the decision, at least tentative.
of American Ministers in 22 countries abroad to withhold their resignations
deemed on Sept. 15.
Expenditures of
American Tourists on Foreign Travel
in 1928 Estimated at $900,000,000.
A record-breaking total, and a record-breaking increase,
of American tourist expenditures during 1928 now seem
when the new President is inaugurated next March 4.
It has been the custom for both Ambassadors and Ministers voluntarily
to tender their resignations at the end of any Presidential term. Dedidon
to defy this tradition became. known here to-day.
The Ministers who have agreed among themselves not to leave th It
posts unless requested to do so by the next President are those who have
been appointed by President Coolidge during the last few years from the
active diplomatic career service. The President has partly upset an old
OCT. 20 1928.)
FINANCIAL CHRONICLE
political theory that ministerships and ambassadorships are the spoils of
victory and designed exclusively to pay off party debts to Individuals who
desired to go abroad with the titie of "Excellency."
While there are 28 career diplomats now holding ministerial or ambassadorial posts, the number of political appointees is 25. These include such
posts as London, Paris, Berlin, Madrid, Vienna, Toldo, and some of the
smaller and less desirable posts. from the social viewpoint, including those
of Guatemala, Liberia, Colombia, the Baltic States, Finland, Costa Rica
and others.
It is understood that the agreement between the career ministers not only
includes them but some political appointees who still hold office. Most of
these were appointed by President Coolidge and President Harding, so
there are no high ranking diplomats remaining from the Wilson Administration.
While the President has made many political appointments abroad, he
has placed career diplomats in 28 foreign capitals, as follows:
Bliss, Robert Woods, Ambassador to Argentina.
Gibson, Hugh S., Ambassador to Belgium.
Morgan, Edwin V., Ambassador to Brazil.
Schoenfeld, H. F. Arthur, Minister to Bulgaria.
Wilson, Charles S., Minister to Rumania.
Phillips, Whliam, Minister to Canada.
MacMurray, John Van A., Minister to China.
Caffrey, Jefferson, Minister to Colombia.
Einstein. Lewis, Minister to Czechoslovakia.
Dodge, H. Percival, Minister to Denmark.
Young, Evan A., Minister to the Dominican Republic.
Gunther, Franklin Mott, Minister to Egypt.
Southard, Addison E., Minister to Abyssinia.
Skinner, Robert F., Minister to Greece.
Summerlin, George T., Minister to Honduras.
Wright, J. Butler, Minister to Hungary.
Sterling, Frederick A., Minister to the Irish Free State.
Fletcher, Henry P., Ambassador to Italy.
Blake, Maxwell, Diplomatic Agent to Morocco.
Eberhardt, Charles G., Minister to Nicaragua.
Philip, Hoffman, Minister to Persia.
Dearing, Fred M., Milliliter to Portugal.
Robbins, Warren D., Minister to Salvador.
Prince, John D., Minister to Jugoslavia.
Harrison. Leland, Minister to Sweden.
Wilson, Hugh R., Minister to Switzerland.
Grew, Joseph Clark, Ambassador to Turkey.
Smith, U. Grant, Minister to Uruguay.
All these men have entered the diplomatic service as a career and have
worked up from minor positions to the posts they now hold. President
Coolidge began a system of promoting career men from the ranks and
maintained it until charges of inefficiency and partiality in promotions in
the foreign service were brought before the United States Senate. More
recently the President has filled most of the important diplomatic posts
from outside the foreign career service.
The present agreement among the career men who have attained the
rank of ministers that they will not submit "blanket" resignations at the
end of the Presidential term, is understood to be prompted by a desire to
bring about a continuity of service in the higher diplomatic posts. It is
believed that most of the career Ambassadors will adhere to the usual
custom of resigning without being requested to do so.
George A. Cooper New Member of Staff of the Division
of Simplified Practice of Bureau of Standards.
George A. Cooper of the Monongahela West Penn Public
Service Co., Fairmont, W. Va., has been appointed as an
Assistant Chief Business Specialist in the Division of Simplified Practice of the Bureau of Standards, U.S. Department
of Commerce,according to Ray M.Hudson, Assistant Director in Charge of Commercial Standards Group of the Bureau.
Prior to becoming identified with the Division of Simplified
Practice Mr. Cooper was Superintendent of Materials of
the Monongahela West Penn Public Service. It is stated
that he has had considerable experience in the actual application of simplified practice within a company, inasmuch as
his concern reduced their financial investment in inventory
by 33% and eliminated 16% of the items carried in stook
through simplification.
Governor Smith's Views Regarding the Tariff
In a speech at Louisville on Oct. 13, Governor Alfred E.
Smith of New York, Democratic candidate for President,
dealt with the tariff problems, and condemned what he
called "the Republican policy of leaving the farmer outside our protective walls," adding that "on import crops
he [the farmer] must be given equal protection with that
afforded industry." Governor Smith cited nine points which
he considered essential in the solution of the tariff problem; he declared it his belief that "the tariff should be
taken out of politics and should be treated as a business
and economic problem"; and indicated adherence to (as he
expressed it) "the Democratic platform which recognizes
the high wages and constructive policies established by
Woodrow Wilson," and averred that the Democratic party
is committed "to a definite stand in favor of such tariff
schedules as will to the very limit protect legitimate business enterprise as well as American labor from ruinous
competition of foreign made goods produced under conditions far below the American standard." Governor Smith
stated "definitely that the Democratic party if intrusted
with power will be opposed to any general tariff bill." "No
revision of any specific schedule," he said. "will have the
2175
approval of the Democratic party which in any way interferes with the American standard of living and level of
wages." In enunciating his stand in support of a tariff
commission, Gov. Smith said:
(Sixth) I favor a tariff commission made up as hereinafter referred
to with ample facilities and resources, with broadened powers, and with
provision for the pronipt and periodical publication of its reports which
shall be in such form as to present serviceable and practical information.
In the belief that provision for a hi-partisan tariff commission promotes rather than eliminates politics, I would ask Congress to give me
authority to appoint a commission of five members from among the best
qualified in the country to deal with the problem irrespective of party
affiliations, with a salary sufficiently large to induce them to devote themselves exclusively to this important work.
I would consider it my duty to see that this commission was left
absolutely free to perform the important duties imposed upon it by
law without the slightest suggestion or interference from any outside
agency, official or otherwise. I would believe it to be my duty to build
up the commission in public confidence and support
The Governor went en to say:
(Seventh) I will oppose with all the vigor that I can bring to my
command the making of the tariff a shelter of extortion and favoritism
or any attempt to use the favor of government for the purpose of repaying political debts or obligations.
(Eighth) To the very last degree I believe in safeguarding the public
against monopoly created by special tariff favors.
(Ninth) I can relieve the Republican party and its managers of the
necessity of spreading false propaganda about the Democratic attitude
on the tariff by stating that neither the Underwood nor any other tariff
bill will be the pattern for carrying into effect the principles herein set
forth.
The Governor's speech follows in full:
Mr. Chairman, friends and Democrats of Kentucky said adjoining
States:
In opening my speech let me express to the people of Louisville, to the
people of the State of Kentucky and to your visitors from neighboring
towns and neighboring States my profound and deep appreciation of the
kindly and cordial welcome you gave me when I arrived in your city.
At the outset of the campaign I promised, as the candidate of the
Democratic Party, to talk to the people of the United States in a plain,
clear, everyday fashion about what I regard to be the issues that are
pressing the country for solution and to define in unmistakable language
the Democratic platform upon which I was nominated in Houston last
June. Accordingly, tonight in Louisville I propose to talk upon what I
believe to be one of the major issues of the campaign, and that is the
tariff.
For about thirty-five years, to my personal knowledge, lacking any
other issue, unable to defend the record of the past, the Republican
Party has always hidden behind its tariff arguments, hidden behind a
claim for the Republican Party of credit for everything that was good
that had happened in the country in the past, and, by the same token, attempting to saddle on the Democratic Party the blame for every misfortune and every occurrence that did not itself promote business.
Running true to form, this year in order to attempt to cover up the
record of non-performance over seven and one-half years, the tariff is
again brought to the front If you will look back over history, I think
you will be compelled to admit every business difficulty, every bank failure, every money panic did not happen during Democratic rule. You
will find, if you search the record aright, that that is pretty evenly
divided between the two parties.
However, the Republican Party, with a great degree of success, has
been able to capitalize over thirty-five years the business depression that
came to the country in the second Administration of Grover Cleveland.
But if you will study that you will find that that depression began
only a few months after the inauguration of Cleveland, could not honestly be charged up to any administrative act or any administrative policy
of that Democratic Administration and was, to my way of thinking, on
the other hand a legacy that was left to him from the Admniistration of
President Harrison.
Twenty-one years ago it must also be borne in mind that the panic of
1907 came during the Administration of President Roosevelt and came
three years after his inauguration, and the Democratic Party has the supreme satisfaction of being able to say to the people that it was through
the instrumentality of a Democratic Congress and a Democratic President
that the great insurance against a repetition of such a panic was brought
about by the enactment of the Federal Reserve act.
Enactment of Federal Reserve Act.
Let us see what the Republican Secretary of the Treasury has to say
about the Federal Reserve act:
It gave to the country the soundest financial structure in its history and is one of
the most important factors In the effort toward world stabilization.
While we are on this subject, let me incidentally mention to you that
the Republican Party gave no help to the Wilson Administration in the
passage of the Federal Reserve act. It is a matter of history that on its
first appearance before the Senate only three Republican Senators voted
for it who came from the territory east of the Mississippi River.
Where was the panic? Where was the disaster? And where was the
business distress and the economic depression in the first four years of
the Administration of Woodrow Wilson? Nobody can find that.
Woodrow Wilson was re-elected in 1916, the first Democratic President
to achieve that honor since the Civil War.
Now, of course, we know as sensible people that the tariff argument
can and has been used for the purpose of covering a multitude of political
sins.
It is always a handy smoke screen to set up when you have something
you want to keep buried in the background, and it is further a matter of
history that the Republicans are not so keen to debate the tariff when they
have any other issues. They are not so keen to debate the tariff
when they are able to defend the record.
Let us look at the platform of 1920, when another great national or, I
might say, international issue was pending. For the purpose of the
record, it is well to look at it. It is all contained in seven lines, and
deals largely with the uncertain and unsettled condition of international
balances and international trade. You do not hear anything there about
depression or busines calamity, but four years later, when there WU a
,dark, black record of the first four Republican years to be covered and
2176
FINANCIAL CHRONICLE
[vol.. 127.
Of course, it is natural to hear these exaggerated statements in a campaign. In September and October, according to the ethics of the Republican Party, anything goes. As long as you can get it across—this is
to be the test of its veracity—see if you can put it over.
But President Coolidge, talking about prosperity last June, did not
take this position. There was no campaign on then, and he was making
an address to the bureau of the budget on the makeup of the appropriation bill, and here is what he said about it:
"It would be unfortunate if out of these discussions the Impression should be
gained that It Is the obligation of the Government to furnish the People with prosperity.
"They are entitled," the President said, "to such an Administration of
their affairs as will give them every fair opportunity, but if there is
Republican Claim to Business Prosperity.
to be prosperity they must furnish it themselves."
The old man of the G. 0. P., the old fellow that symbolizes the ReNow, the object of linking prosperity to the tariff is first to scare off
publican Party, is seen up in the garret of the Republican household with
business men and scare off the wage earners; but there is another reaa chamois cloth in his hand polishing up the old "full dinner pail," putting
son—campaign contributions have to come in. The old G. 0. P. needs
a new kind of shine on it, to use it again in the 1928 campaign, and with
plenty of oil for the machinery. And sometimes it is a good thing to
he
that
believe
to
face
you
his
on
leads
satisfaction
of
look
quiet
smug,
a
threaten a fellow, and there are a great many who are benefited by
Is satisfied in his heart and soul that the American people have found
improper tariff schedules, and it might be well to let them know that
out nothing about this thing in the last thirty-live years, and that they
"we are on the job."
are ready again to accept the slogan and swallow the fallacy that hard
Let us go back for a minute and consult some authorities and also
times and business depression must of necessity follow Democratic vicour own minds on the whole question of tariff legislation in the
examine
from
further
be
would
nothing
ridiculous,
Nothing
more
be
tory.
could
past, and what I am about to say I am not going to say in a strictly parthe truth.
I believe the Democratic Party is an offender in this
All of this has another object. The Republican Party would have us be- tisan sense, because
as the Republican Party.
lieve that the high scale of wages in industry is the barometer of our respect as well
We have not been without making our mistakes in the history of tariff
national prosperity. This, of course, I deny, and when I deny It I have
legislation.
of
speech
sue.
his
in
said
Why?
he
Because
Candidate Hoover with
Both political parties, through their leaders, advocated a change in the
acceptance:
method of the making up of tariff bills. Because no general tariff bill
"Although the agricultural, coal and textile industries still lag in their recovery, was ever predicated on any good sound doctrine, no general tariff bill ever
and still require our solicitude and assistance, they have made substantial progress."
no general tariff bill was ever well thought out, there
• Where is the substantial progress in agriculture? Why is it neces- had sufficient study,
base the schedules on, and many well intentioned, proper
sary for the Republican platform to make the declaration that the people was nothing to
thinking, right minded members of Congress in season and out of seain this country engaged in agricultural pursuits are in dire distress?
son have voted for tariff bills without the slightest knowledge of the maWhere is the improvement in the coal industry?
terial that was to back them up.
Where is the improvement in the textile industry?
No general tariff bill was ever effected as the result of a report from
And do yott not spell out of this the threatened trip of the candidate
body.
to Boston in order to give reassurance to the people of the New England a properly constituted fact-finding
States that are engaged in that great industry?
Tariff in Politics.
One of the Republican orators has said:
The tariff has been in politics. It has been brought about by the log"No Republican tariff ever mortgages a farm."
rolling system, by the give and talo—you scratch my bask and I'll scratch
Why, this gentleman does not know what is going on in the wheat yours—give me my schedule and I'll vote for yours.
and corn belt of this country.
Why, it is a matter of fact and a matter of history that certain special
Whatever may be our wealth in stocks, it cannot be truthfully said big interests in this country wrote the schedules themselves. Let us see
country.
whole
the
to
extended
that a full degree of prosperity is being
whether I say that upon my own responsibility or not. Let me read to
Those engaged in agriculture constitute one-third of our population; and you just a few words of what Professor Taussig of Harvard University said
pins that, in a debate in the Senate in Washington only this past Winter, about that. He, by the way, was Chairman of the United States Tariff
the statement was made and went unchallenged that 4,000,000 men were Committee. Here is what he said:
out of employment and that this represented the distress of over 15,000,000
"Influential persons could 'fix' legislation and work jokers In and eventually
people. It is a matter of record that in the corn and wheat belt alone bring
into effect provisions which could not be said to be intendet. by Congress or by
we have had 830 bank failures with a loss of 170-odd million dollars any one except an occasional conniving member of Congress. Our tariffs have been
of resources, as against only forty-nine such failures in the last year of settled in ignorant and irresponsible fashion."
What does he mean by "ignorant and irresponsible fashion?" He means
the Wilson Administration.
Now, what else is sought to be accomplished by this? The Republican that the members of Congress themselves do not know anything about
new
the
for
standard
credit
of American wages tariff bills. He adds, "of this we have become painfully aware." Now
Party is trying to get the
and American living conditions. They are trying to put it into the is this an old complaint or a new one? Is there anything original in what
minds of the people of this country that they deserve credit for the fixing Professor Taussig says, or was it known years ago?
Why, it is just twenty years ago that the leading members of both parof that high standard.
Now just think it out for yourself; and if you do you will find that ties attempted to set up a fact-finding committee that would present
that high standard was set—When? During the war Administration of to Congress the facts to make the basis for the achedulee of a tariff bill.
President Wilson. It was brought about primarily by two things.
In1909, several bills were introduced to set up this committee, but
they all died in committee because the framers of special privilege and of
Restriction of Immigration and Tariff.
special interest were very busy.
First, cessation of immigration.
Appointment of Commission by President Taft.
Now, while I am on this point, let me make an observation. It is
In 1909, however, in the tariff bill of that year, the Congress did insert
being whispered around through this part of the country that Al Smith
is in favor of letting down the bars and flooding the United States with a provision that permitted the President to appoint a commission to look
the cheap labor of Europe. How nonsensical. The man who whispers into discriminatory tariffs against American products. And President
that has no respect at all for the intelligence of the person that he tells Taft appointed on that three Republicans. In 1910, the effort to create
the hi-partisan board was started again in Washington, and it undoubtedly
it to.'
The fact of the matter is that the Democratic Party platform in plain, had the approval of the majority of the members of both houses, but in the
clear, understandable English language declares against letting down the closing days it went down to defeat in the filibuster.
That means that it was never argued on its merits. It was choked to
bars as to the number of immigrants that may come into the country, and
death in an effort to get away from something else. President Taft took
I stand squarely on that platform.
And I so declare and I so declared in my speech of acceptance. I have the will for the deed and he appointed two Democrats to the commission
not even got a relative of my own that I want to bring in. [Laughter.] that he had already set up. And how strongly he felt on the question of
Not that I think for one'minute that there are too many Smiths in the the necessity for a Tariff Board to frame the schedules and to produce
the information upon which Congress could act intelligently is best seen
country, but I just do not happen to have one; that is all.
Now, the first reaction of immigration narrowed the labor market. from a short, sharp sentence in his message that be sent to Congress in
1909.
This was natural and put labor at a premium.
The second thing that happened was that the industry 'of the mat of
"I believe the work of this Board to be of prime utility and importance whenever
shall deem it wise again to readjust the custom duties. Nothing halts
Congress
the world was practically paralyzed and there was no competition against
and interferes with the growth of prosperity so much as the threatened
business
the
so
broadened
market,
this
that from the two revision ox
American-made goods, anti
the tariff, and until the facts are at hand after careful and deliberate
considerations there grew this new high standard of wages and high stand- Investigation, upon which such revision can properly be undertaken, it seems to me
unwise to attempt it. The amount of misinformation that creeps into arguments
ard of living on the part of the American people.
pro and con in respect to tariff rates is such as to require the kind ot investigation that
Two things, therefore, remain to be done in order to maintain it: I have directe
the Tariff Board to make."
Continue the restriction and leave the tariff where it will give full proThere President Taft expressed the hope that there be no tariff legistection to the present standard of wages and protection to industry and lation until this board had a chance to study it and do away with the
the business of this country.
arguments pro and con that were so misleading as to make it impossible
This the Democratic Party in its platform holds to be absolutely neces- for anybody to understand tariff bills. Who said it was impossible?
sary in order to prevent the business of this country from coming into Taft himself, a little bit later, speaking in Oregon, and here is what he
competition with the ruinous condition of the old countries over which said:
neither they themselves nor we have any control.
"You hear a great dell about the tariff, but I would like to have you take up the
I repeat again that this was created in a Democratic Administration under tariff bill and go through it and then tell me what it means. Why, itlis It'st like so
Wilson, and I make the bold statement that the Republican Party had ab- much Choctaw to a man who is not an expert."
I looked up the encyclopedia to find out what Choctaw meant- It was
solutely nothing at all to do with it, and it must appear stupid, and it
must appear foolish, for the Republican Party in 1928 to attempt to tell the a new one on me. I found out that the Choctaws were one of our largest
people of the United States that the Democratic Party, if elected, intends Indian tribes with a very difficult language.
to tear down this standard.
Department During
Why, of all the men in the United States who would not stand for that, Duties of Tariff Commission Transferred to Commerce
Wilson Administration—Recreation of Commission.
I am the mall
We next pass to the Wilson Administration. The Tariff Commission was
I read carefully the Republican platform. I have listened to or read
the speeches of the Republican orators. I have looked all over the Repub- abolished under the Wilson Administration and its duties and records
lican textbook. I carefully examined the speech of acceptance of the Re- were transferred to the Department of Commerce. I always believed that it
publican candidate, and I can find nothing that offers us any assurance was a mistake, and I declare now that it was a mistake, because the Wilson
Administration admitted it in 1916 when they recreated the Tariff Comof an expansion of this prosperity.
But in the Democratic platform and in the Democratic attitude, I mission, appointing six men, three Democrats and three Republicans.
The re-creation of the Tariff Commission gave such an assurance to busican spell out a great broadening of the buying power of the agricultural
interest throughout the United States. It must be apparent that the more ness that that act was commended not only by business organizations, all
trips the farmer can make to Main Street, the more the business man must over the country, but by the United States Chamber of Commerce itself.
So that in 1916 we had held out to us as the high hope that through a
sell and the mire the manufactiirer must produce.
to be shielded, the tariff plank takes on a new significance and instead
of being contained in seven lines, it takes nearly two pages.
This brings us down to 1928. Again without a record of accomplishment, forced to the position of being obliged to defend some things that
are not in a position to be defended, we take up this year's platform,
and the tariff plank this year consumes two pages of a book this size
[indicating], and of course contains again the old time, threadbare
and worn-out argument about the fear of business depression and of hard
times in the event of Democratic victory, and the Eastern part of the
country is being circularized with pictures of bread lines, holding out
to the American working men that old-time bugaboo.
OCT. 20 1928.]
FINANCIAL CHRONICLE
Tariff Commission the ideals of Taft and Wilson with regard to tariffmaking might be eventually realized.
Pordney-McCumber Tariff Act.
Of course, the coming of the war stopped everything. But what happened to the Tariff Commission under President Harding? It was
paralyzed. It was relegated to a rear seat. Old man politics put his head
in the door and he took charge of the next tariff bill. There was no
Tariff Commission to study it, no Tariff Commission to give Congress the
facts. The old log-rolling, the old give and take, the old compromises
started all over again in the passage of the Fordney-31cCumber Tariff act,
and the word went out that that was going to be done, so that they might
have the slogan, "Small favors thankfully received, larger ones with a proportionate amount of gratitude."
Don't let use indict the Fordney-McCumber tariff. Let it be indicted
by a Republican. Wait till I read the indictment, written in the history
of the Republican Party by a Republican himself, Professor William
Starr Myers, Professor of politics of Princeton University. Listen to
what he says about the politically made, log-rolled, compromised FordneylfcCumber tariff that was put through under President Harding after he
snuffed the life out of the Tariff Commission. Here it is:
"The Fordney-McCumber tariff was worked out in a spirit of log-rolling that was
anything but edifying to the country. It required a long and bitter fight beiore this
piece of legislation finally passed the two Houses or Congress and was signed by
President Harding on Sept. 21 1922. It stands as one of the most Ill drawn pieces of
legislation in recent political history.
"It is probably near the actual truth to say that, taking for granted some principle
of protection of American business and Industry, the country has prospered, due to
Post-war conditions abroad an,In spite of, rather than on account of, the FordneYMcCumber tariff.
Listen to this, what he says about Mr. Fordney:
"Mr. Fordney himself was of the vintage ot the Republican campaign text-book
for 1888 and apparently had learned nothing and forgotten nothing since that time."
Attitude of President Coolidge Toward Tariff Commission.
What was President Coolidge's attitude toward the Tariff Commission?
It is a matter of history that he starved it out so that it was unable to
function and for half a year it was deprived of the funds required to make
the necessary studies.
One of the most interesting stories in Washington centres around the
reappointment of one of the Democratic members of the Tariff Commission, a man named Lewis, from Maryland. Commissioner Oulberson, the
Republican member, called on the President. The President said to him:
"I am going to reappoint Mr. Lewis, but before I reappoint him, I want
his resignation."
The President dictated the form in which he wanted it and Mr. Culberson wrote it down. He then took it and showed it to the Commissioner.
The Commissioner naturally was indignant He could not understand
anything like that, so he went to see the President himself. He said
the President greeted him very cordially. He said that he had a big
sheet of paper in front of him, the commission, and he started to sign it;
and when he got half through with the signature he turned around and
said, "Did you bring that letter with you?"
The Commissioner said, "Why, no, Mr. President, I did not, I did not
feel that that was the thing for me to do." He continued the signature
and said, "Well, it is all right. You only hold the office at my pleasure
anyway."
The Commissioner could clearly see that the President was peeved and
annoyed because he did not have his resignation there and he offered to
hand him back the commission, and in his own language he said, "There
are only two men in the United States know that you signed it. They
are yourself and myself. Tear it up."
However, the President went through with it and handed him the commission, but it is no secret that when the Senate reconvened his name was
not sent in to the Senate for reappointment and he was allowed to die
as a temporary recess appointment.
There was a man by the name of Thomas Walker Page, Chairman of
the Tariff Committee during the Administrations of Wilson and Harding.
He said something about it. I wonder if it could be related. Here is
what he said:
"For accomplishing any effective reform the malnterance of a permanent tariff
commission is indispensable. It is absolutely essential that a tariff committee should
carry out its work without prejudice. Nothing can so completely destroy the usefulness of such an agency as the taint of favoritism or partiality or political bias."
Before election get a copy of the Republican platform. Read it all
over and see if you can find any mention any place in it about the Tariff
Commission.
There is the record of the Republican treatment of the tariff over
a period of seven and a half years, as far as the Tariff Commission is
concerned. The Republican Presidential candidate in his speech of acceptance said:
"Never in the history of the country could a party look back with so mush satisfaction over the accomplishments of the last seven tenet a half years."
I would like him to say to the American people whether or not he looks
back with any degree of satisfaction on the performance of his party so
far as its treatment of the Tariff Commission is concerned. And let me
further say that nobody can answer that but himself. He cannot pass
that along to Dr. Jardine or Dr. Work.
Of course, this whole tariff talk must, because of its very nature, be
a campaign of misrepresentation. Facts will not make the argument.
Wait till I read to you what Dr. Jardine said about me:
"If Governor Smith Is elected and tariff rates are reduced to the schedules of the
Underwood Act as the Governor forecasts in his speech of acceptance, the entire
farm Industry will be thrown into a state of litter demoralization. In his speech
accepting the Democratic nomination. Mr. Smith spoke of the Underwood Act as a
measure embodying all that Is best in tariff principles."
Let me say to this audience and to the people of the United States
that that is a deliberate, a cold-blooded and a wilful misrepresentation
of what I said. And while I am at it, let me challenge Dr. Jardine, the
Republican candidate for President, the Republican National Chairman,
any Republican Congressmen or Senator in the United States, any Republican political orator in the country—challenge any one of them—to find
any such language as that in my speech of acceptance.
Secretary Jardine is not an over-careful man, and some times carelessness
along certain lines begets carelessness in others. It was grave and gross
carelessness in the office of the Secretary of Agriculture that cost the
cotton growers of this country about a year ago a great many millions
of dollars, when there came out of the Department of Agriculture a price
prediction for cotton that drove the price down, and the Senate Investigating Committee, investigating the matter, had the following to say
about it:
They said that it was "mainly responsible for the breaking of the market at the time and made it extremely easy for those who were organized
-and ready to realize and profit by this break to take advantage of the situation to press the market to the disastrous low level that it reached."
2177
That statement, coming from the office of Secretary Jardine, was directly
responsible, as the Senate Committee found, for depressing the price of
cotton, causing a great loss to the cotton growers of the United States.
I mention that just incidentally in order that the doctor may have something to think about for the next three or four days, without misrepresenting my speeches.
In Omaha, at the opening of the campaign, I spoke at great length about
what in my opinion was the trouble with agriculture in this country, and
I said at that time that there was no use of bringing the doctor in unle.s
he could write a prescription.
Gov. Smith's Tariff Proposals.
I have written a prescription, and in order to fool the doctor and other
people that attempt to misrepresent it, I filed it in the office of every
newspaper of the United States, and it is there for ready reference. Let
me give it to you:
First—I believe that the tariff should be taken out of politics and
should be treated as a business and economic problem. I am opposed
to politics in tariff making.
Second—I believe in the Democratic platform which recognizes that
the high wages and constructive policies established by Woodrow Wilson
and the business prosperity resulting from them in America, coupled with
the economic ruin of the rest of the world brought about a new condition
that committed the Democratic Party to a stand in favor of such tariff
schedules as will to the very limit protect legitimate business enterprise
as well as American labor from ruinous competition of foreign-made goods
produced under conditions far below the American standard.
Third—I condemn the Republican policy of leaving the farmer outside
our protective walls. On import crops he must be given equal protection
with that afforded industry. On his other products means must be adopted
to give him as well as industry the benefit of tariff protection.
Fourth—I state definitely that the Democratic Party, if entrusted' with
power, will be opposed to any general tariff bill. Personally I regard
general tariff legislation as productive of log rolling, business confusion
and uncertainty.
Fifth—No revision of any specific schedule will have the approval of
the Democratic Party which in any way interferes with the American
standard of living and level of wages. In other words, I say to the American workingman that the Democratic Party will not dd a single thing
that will take from his weekly pay envelope a 5-cent piece.
To the American farmer I say that the Democratic Party will do everything in its power to put back into his pocket all that belongs there.
And we further say that nothing will be done that will embarass or interfere in any way with the legitimate progress of business, big or smalL
Sixth—I favor a tariff commission made up as hereinafter referred to
with ample facilities and resources, with broadened powers, and with
provision for the prompt and periodical publication of its reports, which
shall be in such form as to present serviceable and practical information.
In the belief that provision for a hi-partisan Tariff Committee promotes rather than eliminates politics, I would ask Congress to give me
authority to appoint a Commission of five members from among the best
qualified in the country to deal with the problem, iti,apet.tive of party
affiliations, with a salary sufficiently large to induce them to devote themselves exclusively to this important work.
I would consider it any duty to see that this commission was left absolutely free to perform the important duties imposed upon it by law
without the slightest suggestion or interference from any outside, agency,
official or otherwise. I would believe it to be my duty to build up the
commission in public confidence and support.
Seventh—I will oppose with all the vigor that I can bring to my command the making of the tariff a shelter of extortion and favoritism or
any attempt to use the favor of Government for the purpose of repaying
political debts or obligations.
Eighth—To the very last degree I believe in safeguarding the public
against monopoly created by special tariff favors.
Ninth—I can relieve the Republican Party and its managers of the
necessity of spreading false propaganda about the Democratic attitude
on the tariff by stating that neither the Underwood nor any other tariff
bill will be the pattern for carrying into effect the principles herein set
forth.
In conclusion just let me say that with this prescription, honestly put
forth, with a elearcut and definite promise to make it effective, I assert
with confidence that neither labor, agriculture, industry nor business need
have any fear from Democratic victory in November, and on the ether
hand I assert that it will be the prime aim and the prime purpose of a
Democratic Administration to extend the benefit of tariff favors to all
classes and to spread
ity generally throughout the United States.
Reply of Secretary of Treasury Mellon to Governor
Smith on Federal Government Economies.
In answer to statements made by Governor Alfred E.
Smith, Democratic candidate for President, in an address at
Sedalia, Mo., on Oct. 16, criticising the administration's
claims to economy, Secretary of the Treasury Mellon,issued
on Oct. 16 the following statement:
Under ordinary circumstances I would not think it worth while to answe
a purely political speech. But in the address delivered at Sedalia, Mo
last night, by the Democratic candidate for the Presidency. he undertook
to challenge my good faith and to accuse me of presenting a false picutre to
the nation. He included in this charge the Director of the Bureau of the
Budget and the Under Secretary of the Treasury. In other words, Governor Smith accuses the financial officers of the Government of carrying on a
deliberate campaign of misrepresentation, intended to conceal the true
picture of the nation's finances. This will not do. Before a responsible
man makes such a charge he should have a thorough and intimate knowledge
of all the facts, and be able to support it with clear and convincing proof.
Now, perhaps the most accurate statement in Governor Smith's entire
speech is the one in which he said that the fiscal reports of the Federal
finances were a Chinese puzzle to him. His whole address exhibits the
most superficial knowledge of what has actually taken place, and in citing
figures he has been guilty of what even the most charitably-minded would
have to describe as "inaccuracies."
Economy in Government.
Let me begin by correcting Governor Smith's conception of what this
Administration understands by economy in government. Economy is
not just saving, but wise spending; the elimination of waste: the promotion of efficiency and business-like methods; the building up of a sense
of
responsibility to the taxpayer on the part of all public servants: the
careful
2178
FINANCIAL CHRONICLE
management of the Government's finances, as exemplified, for instance,
by a policy of steady debt reduction with consequent relief from the heavy
burden of interest charges.
Under such a definition, expenditures might actually increase from year
to year and yet the nation receive an economical and business-like administration of its public affairs.
If Governor Smith understood the meaning of economy in government
In this sense he would not point the finger of scorn and ridicule at the
items of minor savings effected by individuals holding subordinate positions
in the Federal Government. For instance, he ridiculed the saving of $14
by the American Consul at Curacao. It might have octured to the Governor that the oportunities for saving were probably limited in this small
office and that the $14 represented all that that particular individual could
have by the proper administration of his office.
Governor Smith thinks that the savings effected by another officer of
the Government by turning out lights when they were not needed is fit only
for comedy and laughter.
Doesen't he realize that these examples of minor savings effected by
people holding subordinate positions, sometimes in a distant part of the
world, are simply proof that the example set by the President at the top
has reached down until it has permeated the whole civil service and revolutionized their attitude toward the expenditure of the public funds.
It is the best example of the high morale that has been built up under
President Coolidge's leadership and nothing that I know of is more conducive te the destruction of that morale than to have a candidate for the
the Presidency of the United States hold up to ridicule and contempt the
efforts of public servants to save the money of the taxpayers.
Governor Smith sought to establish his case by claiming that the reduction In expenditures effected since 1921 was not due to economy and good
administration, but to the automatic demoralization of the war time machine.
The trouble with that contention is that the war had been over for two
and one-half years when the Republican Administration took control of
the Government in March, 1921. If these savings were inevitable. as
Governor Smith would have us believe, why hadn't they already
been more largely effected?
The Governor states that the wartime expenditures dropped gradually
during 1921. 1922 and 1923. The fact is that in the first yaer in which it
was established the Budget Bureau succeeded in paring and pruning costs
that had already astually been appropriated for the fiscal year 1922 to
the extent of $755.000,000. There was nothing very gradual, automatic or
inevitable about that. Something evidently had taken place other than
simply an addition of twelve months to the post-war period.
What had taken place was that a new Administration had come in; the
budget system had been established and for the first time the Government
found itself equipped with an agency for carrying out a systematic policy
of retrenchment and for attacking the problem of waste.
I take it from Governor Smith's remarks that he considers a comparison between 1921 and 1928 as an unfair basis of comparison, and he himself
suggests the years 1924 and 1927 as offerings fair basis.
Governor Smith "Grossly Misinformed."
To be sure, he does not hesitate to use the 1921 basis when the figures
happen to be favorable to his contention, as he did in the case of the Exedutive Department and the District of Columbia. Overlooking, however,
this inconsistency and overlooking minor inaccuracies, let me come to the
central point of the Governor's speech, to the statement which he says Is
"a pretty good clean, clear-cut statement," made "without equivocation,"
from which he has "got nothing to subtract or deduct," and "made with
the knowledge that the figures are right."
What is that statement? "All of the departments of the Government in
1927 cast $200,000,000 more than they did in 1924." I am afraid Governor
Smith has been grossly misinformed.
The total ordinary expenditures of the Government, which do not include
the expenditures payable from postal revenues, aggregated in 1924 $1.828.000.000, and in 1927 $1,857,000.000, or an increase of $29.000,000, and not
$200.000,000. The postal expenditures are not included for the very good
reason that they are met from postal receipts, which the law requires shall
be kept separate and earmarked for postal expenditures.
Except to the extent that there is a deficiency, they do not constitute a
drain on the general resources of the Government. Postal expenditures
necessarily increase from year to year with the growth of the country, but
increased postal revenues. Total governmental expenditures, including
public debt items, the postal deficiency and operations in special accounts,
amounted to $3.506.000.000 in 1924, and in 1927 to $3,493,000,000, or a
decrease of $13,000.000,in spite of the fact that in 1927 there was expended
$115,000,000 for account of the adjusted service certificate fund, intended
for the benefit of our veterans, an expenditure which was not made in 1924,
and in spite of the fact that debt retirement from ordinary receipts increased
by $62,000,000,000.
This is the second time that Governor Smith has been guilty of an error
of this character. In his speech of acceptance, in charging the Republican
Administration with the maintenance of useless offices and COMITINSIOnS
merely for the benefit of patronage seekers, he makes this statement:
The appropriations for independent bureaus and offices not responsible
to any cabinet officer increased from $3,400,000 in 1914 to $163.000,000
in 1921,and to $556,000,000 in 1928.
"Governor Smith stopped there. Ile did not say that of the $556,000,000
expended in 1928, $500,000,000, or all but $56,000,000, can be accounted
for by the United States Veterans'Bureau which had not come into existence
in 1914: and whose expenditures in 1921 were comparatively small because
the United States Government had not then begun to meet its obligations
to its wounded and mutilated veterans.
Governor Smith cannot be ignorant of the fact that these large expenditures on the part of the Government are not only justifiable but inevitable
and irreducible in amount—and yet he would create the impression that
these expenditures were due to the maintenance of jots for patronage seekers. This is a good example of the use of figures, not to present an accurate and truthful picture but quite the opposite.
Governor Smith's Charge That Public Works Hare Been Neglected.
And now let me turn to the Governor's third charge, that public works
have been neglected entirely, postponed or started with grossly inadequate
appropriations. The Governor states that there is established in Washington what he calls a trick bookkeeping system, under which large amounts
are authorized while only small amounts are appropriated year by year. Ho
is apparently under the impression that this practice was recently inaugurated for political Purposes.
Since 1837 the House of Representatives has followed the sound rule
of not permitting an appropriation for any given purpose unless that purpose had previously been authorized. Moreover, the Governor by the
use of a little diligence, could have ascertained that in so far as public
buildings aro concerned, it is not necessary that the amounts authorized
specifically for projects be appropriated for in their entirely at once, as the
Secretary of the Treasury is gicen authority to enter into the contracts to
the full limit of cost in each instance.
[VOL. 127.
Therefore, the estimates submitted to Congress are simply in such
amounts as will provide adequate funds to carry each project until the following appropriation can have become law. It is all simple and readily
understandable by those having knowledge of the Government business.
The Governor cites a number of instances in which building sites were
acquired some years ago on which no building has to date been constructed.
The fadf is that the last omnibus public building bill, the items for which
were made up by the committees of the House and Senate, became a law
on March 4 1913. Work under that bill progressed steadily until the conditions brought about by the World War caused the then Secretary of the
Treasury, in the interest of conserving manpower, materials and transportation facilities for war purposes, to suspend the letting of contracts for new
buildings.
When the new administration came into power in 1921, the immediate
task to be undertaken was putting the Government's own house in order,
the restoration of economical and businesslike principles of administration
and the reduction of the cost of Government, necessarily followed by rellef
from the frightful burdens of taxation under which the country was staggering and which formed so serious an impediment to the restoration of the economic prosperity of the nation. Until this vital task had been accomplished.
no thought could be given to expanding the physical plant to the Government.
Once accomplished, the President recommended to the Congress that the
time had come for expanding the physical facilities of the Federal Government, but he was unwilling that we should return to the old pork barrel
practices of an omnibus public buildings bill. Accordingly, a law was
enacted under the terms of which,for the first time in its history, the physical plant of the Government would be constructed on the basis of actual
requirements, rather than by virtue of the political needs of Congressional
districts.
Since that time and in the course of the last three years a general authorization of $298.000,000 has been made for public buildings purposes.of
which $77.000,000 have been appropriated and of which $50,000.000 approximately are being annually expended. To date 251 projects have
been authorized 244 for the country at large and 7 for the District of Columbia.
The Governor gave what he called a few shining examples of mismanagement. He stated that in the Borough of Brooklyn the Government
acquired a site as far back as 1915 and that up to and including this year not
a single dollar has ever been appropriated to put a building on it. Now
what are the facts? When the land in question was acquired, there were
buildings on it and the very act which authorized its acquisition provided
for the remodeling of those buildings. They have since been remodeled
and have been in use by the Federal Government ever since.
As already stated, there was no Public Building act until 1926. At the
present time $2,700k00 has been authorized for the demolition of the old
buildings and the extension and remodeling of the main building. It is
expected to advertise the foundations in January and the superstructure
In April. 1929.
In Chicago Governor Smith states that a site was acquired at a cost of
close to $4,000,000, that the new Federal Building is designed to cost $14,250,000, and that at the last session Congress appropriated just $300,000,
not enough for the foundation. From which he would have the people
infer that this project is being handled in a wasteful and unbusinesslike
manner. Hero again the Governor has been guilty of making charges
without a careful ascertainment of the facts. It is true that a site has been
acquired in 1928 at a cost of $3,890.000. but that site does not include all
of the land required for the new building.
The Government was not able to purchase the balance of the property for
what it conceived to be a reasonable price. Condemnation proceedings
have had to be resorted to. Until this needed property has been acquired.
it is impossible to begin construction, and the $300.000 appropriation is all
that can possibly be expended this fiscal year. However, I again invite
attention to the fact that the Secretary of the Treasury is authorized to enter into building contracts up to the full limit of $14,250,000 as soon as
the title to the land becomes vested in the United States and the plans
for the building are completed.
In Pittsburgh, in 1913, the Congress directed the sale of a site previously acquired. Not until 1917 was the Treasury Department able to
consummate a sale. At that time the site was sold to the l'ennsylvania
Railroad Company under a contract which gave the United States an opdon to purchase a new site near the Pennsylvania Railroad station on
Grant Street. However, due to a plan of the City of Pittsburgh for relocating Grant Street, the Government was not in a position to contract
for the purchase of the new site until 1926. Title was finally acquired
toward the end of that year.
During the last session of Congress the construction of tho new building
was authorized at a cost of $6,425.000. and $300.000 was actually appropriated. In view of the fact that the services of outside architects are being
employed in this case and that they have not yet been in a position to submit their plans and drawings, the $300,000 is adequate to cover such expenditures as may be incurred this year.
These examples are. I think, sufficient to demonstrate that Governor
Smith has been led to draw rash conclusions from insufficient data and
Inadequate study.
The business of the United States Government is the greatest business
enterprise in the world. Knowledge of it is not to be acquired hastily
during the course of a few months' campaign. It is no reflection on Governor Smith's ability that he is inadequately informed as to the business
of the Federal Government. What might reasonably be asked of him,
however, is that he refrain from charging others with misrepresentation
and bad faith until by study and familiarity with his subject he has placed
himself in a position to deal with it in terms of fact.
Gov. Smith's Rejoinder to Secretary Mellon's Statement on Federal Government Economies,
At Chicago on Oct. 18 Governor Smith undertook to
answer Secretary Mellon's statement (which we give above)
criticising assertions made by the Governor at Sedalia, Mo.
A dispatch follows from Chicago on the 18th, indicating what
the Governor had to say, is taken from the N. Y."Times":
While Governor Smith was preparing today for his speech here tomorrow
night and considering plans for his final drive of the campaign, he paused
to make a rejoinder to Secretary Mellon, who had charged the Governor
with "inaccuracies" in his speech at Sedalia, Mo., attacking "Coolidge
economy" as a "myth."
The Secretary of the Treasury "ducked" the issue as to Government
costs. Governor Smith asserted. The nominee reiterated that not a single
department of the Government showed a reduction in Its operating aspease since 1924.
OCT. n 1928.]
FINANCIAL CHRONICLE
He admitted that there had been tax reduction under the Republican
Administration, but declared that the Government had been relieved of
the burden of paying for the conduct of a war.
"There would be nothing else they could do," he said in reference to the
matter of reduced taxes, "unless they stood upon the Capitol and threw
the money all around the City of Washington."
Retorts on "Chinese Puzzle."
Regarding Mr. Nielion's statement that the Governor appeared to be
accurate only when he said that the Federal finances were to him a "Chinese
puzzle," the candidate retorted:
"If it is a Chinese puzzle to me with all my experience in diving into
governmental figures running over a quarter of a century, what must it
be to the fellow on the sidewalk, who is entitled to know as much about
the Government as any one else? That is the answer to that. I frankly
admit it is a Chinese puzzle: I do not conceal it. And he knows it is."
"Mr. Mellon entirely ducks the issue," the candidate declared emphatically when the Secretary's statement was brought up for discussion. "He
leaves the important word out of his statement which he put in his earlier
speech over the radio, and that was 'reduction' in the cost of government.
"There was a difference in his radio speech and this statement. He
ahifted his ground, because in his radio speech he said that the Democrats
would not give the Republicans credit for reducing the expenditures of the
Government. I said, 'No': that we would not give this credit because
they were not reduced. But in his present statement he just talks about
tax reductions."
Insists Costs Have Risen.
"This newspaper article says of Mr. Mellon: 'He then arrayed himself
with records pointing out economy.' Well, I admitted them,such as they
were. I conceded that $14 saving. Then the article states he pointed out
economies and tax reductions. Nobody disputed that. They were able
to reduce the taxes because they put the Government back on a peacetime basis as against a war-tame basis. No one would expect anybody in
the possession of his natural faculties to continue war-time taxes long after
the war was finished.
"The cost of government, on the other hand, has been very materially
increased, as I pointed out at Sedalia. Right in the office of Coolidge
himself there was a 100% increase in his own office as against the first
Year of Harding. There is a $200,000,000 increase in all of the departments.
There is not a single department that shows a decrease as between 1924
and 1928."
Arguing that the sales of war supplies and property had materially aided
the Republican administration in reducing taxes, he declared that without
these credits there would have been deficits in three years and a heavy
reduction in the surplus in four other years.
Replies on Postoffice Site.
The Governor's attention was called to Mr. Mellon's statement that the
candidate erred in his talk about the Chicago postoffice site which the nominee had given as one example of inefficient business methods,since only the
comparatively negligible sum of 2300,000 had been appropriated to start
the building, although valuable ground had been purchased and is now
Idle and tax exempt. Mr. Mellon had stated that the Government was
waiting to acquire a remainder of the site by condemnation proceedings.
"That is not true, according to the official record," the Governor said.
"They have got the land. The plot was acquired in 1927, according to the
records in Washington. If what he says is true, why appropriate any
money at all.
"Why lose the interest on 2300,000 if they have not got the site. The
record shows the site was purchased in July of 1927 and the drawings and
plans of the building indicated a structure to cost over $14,000,000. There
has been appropriated $300.000.
"This leads up to the big question I was talking about at Sedalia, Omaha
and St. Paul, and that is the question of keeping the public in the dark on
all these matters. Nobody knows what is going on in Washington unless
they are able to dive through these reports, and that IS something that
cannot be done.
"His very statement shows that this information is withheld, because if
you went down to Washington to-day to get information about the Chicago
Postoffice, what I said at Sedalia is all you could find in the public record.
There is not anything else.
Says Sites Total One Hundred.
2179
question," was made public as follows on Oct. 11 by John
I. Raskob, Chairman of the Democratic National Committee:
Oct. 8, 1928.
My Dear Mr. Raskob:
his courageous
was
What first decided me to vote for Governor Smith
stand on the prohibition question.
The object of the Eighteenth Amendment was to stop drunkenness
and promote public order. This object has not been attained. The
amendment and its enforcing statute, the Volstead act, have not only
failed to secure either of these results but have failed 9D conspicuously
as to produce disrespect for law among private citizens and publicofficials alike. For at lead five years it has been the paramount duty
of the party in power to recognize this situation and deal with iii.
intelligently. This obligation it has failed to meet.
When Governor Smith took a stand which made the alteration at
the present prohibition laws a live issue in politics, he showed the
qualities of a true statesman—insight, courage and candor.
These
same qualities he has continued to show in the discussion of other
questions he has taken up during the campaign.
Faithfully yours,
ARTHUR T. HADLEY.
Graf Zeppelin from Germany to United
Coolidge Welcomes Arrival as
"Symbol of Advance in Air Transportation."
Welcoming the arrival from Germany of the monster
German dirigible, the Graf Zeppelin, as "a symbol of the
advance in air transportation," President Coolidge, in a
message on Oct. 15 to its commander, Dr. Hugo Eckener,
congratulated the latter upon the success of his voyage.
The dirigible, which left Priedrichshafen, Germany, at
2:00 a. in. on Oct. 11, completed its transatlantic flight
with its arrival at the landing field at Lakehurst, N. J„
at 5:38 p. m. on Oct. 15. Earlier in the day the dirigible
passed over Washington at 12:21 p. in.; Baltimore at 1:0()
p. in.; Philadelphia at 2:40 p. in.; Trenton at 3:00 p. in.;
Perth Amboy, N. J., at 3:45 p. m., and New York at 4:00
p. m. Before the airship reached Washington, Dr. Eckener on Oct. 15 sent the following message to President
Coolidge announcing the dirigible's arrival on the American coast:
Flight of
States—President
S. S. Graf Zeppelin,.C. D. Chatham, Oct. 15 1928.
Preaident Coolidge, Washington.
At the moment of reaching the American coast line on this diversified
and very interesting initial crossing of the Atlantic Ocean by airship with
passengers and mail from Germany to America, in which we have had as
ccmirade and experienced friend Lieutenant Commander Roeendahl, of the
United State*, Navy, the commander and crew of the Graf Zeppelin beg
to extend to the President of the United States their most respectful
greetings.
ECRENER.
In his congratulatory response, President Coolidge said:
Washington, Oct. 15.
Dr. Hugo Eckener, Commanding Officer of the Ciraf Zeppelin, Lakehung, N. I.
It gives me great pleasure to congratulate you upon the success of
your voyage from Germany and to assure you that your arrival Is welcomed as a symbol of the advance in air transportation which has been so
ably furthered by your own efforts and those of your compatriots. I wish
also to thank you for the message of greeting from you and the crew of
the Graf Zeppelin upon crossing the coast line of the United States in
this first trip by airship with passengers and mail from Germany to this
country.
CALVIN COOLIDGE.
President Coolidge sent the following message to Presi-
•• What about the rest of the sites all over the United States—there are dent von Hindenburg of Germany:
100 of them—which have been taken over by the Government without
!!"6
The White House, Washington, Oct. 15 1928.
anything being done on them? There is one in Richmond, Va., that we
His
Excellency,
President Von Hindenburg, Berlin (Germany).
have had idle since 1915."
I wish to congratulate you upon the splendid achievement of your compaThe Governor said he could get the credit for the building of a postoffice
in Syracuse, N. Y in 1925,the site for which was acquired in 1911, because triots in accomplishing the voyage from Germany to the United States on
the Graf Zeppelin. This flight has filled the American people with adhe had brought public attention to the matter.
The candidate said that Mr. Mellon "misrepresented" him as ridicul- miration and has marked another step in the progress of the development
of
air communication.
ing small economies. He said that he did not decry them, declaring it was
CALVIN COOLIDGE.
his purpose to show waste of time and money in discussing and printing
President
Coolidge and Mrs. Coolidge watched the dirigitrifling economies to justify "the false claim" of a reduction on the cost of
ble as it passed through Washington. More than 6,000
Government.
"What is the use." said the Governor,"of General Lord going into such miles were covered by the dirigible in the 111
/
1
2 hours of
detail that he makes a printed report that $16 was saved in the office of
its flight. In its account of the arrival of the airship at
the American Consul at Curacao? What is the idea of that? I have given
very detailed and very definite explanations of the finances of the State of Lakehurst, the "Herald Tribune"said:
New York, but I never spoke about abolishing any useless positions in the
Four hundred and fifty sailors of the United States Navy hauled the
Executive Department, although 1 abolished quite a few of them.
great ship out of the skies after about 111% hours of flying. The dirigible,
"That was all done. as I explained in Sedalia, for the purpose of building which arrived four years to the day after the navy's Los Angeles,
then
up a picture. I heard General Lord at the Governors' Conference in Poland the ZR-3, was thirty-one hours behind the schedule set by her
builders
Springs and ho reminded me of old Colonel Montgomery Sellers, who used and Dr. Hugo Eckener, her commander. He
estimated that she had covto sell the eyewash for the 9,000,000 Africans with sore eyes. He was ered 6,300 miles.
reading everything from 2114,263,000 down to 21 cents.
The time of the journey might have been shortened to-day, but when
"What is all that about? That was all done to build up Picture No. 1 Dr. Eckener realized that adverse
weather and minor misfortunes had
that I described in Sedalia. What about the soused seal shoulders which
came on here from Alaska and got spoiled en route and were turned into robbed him of the opportunity of improving the westward trans-Atlantic
record of the Los Angeles, which was eighty-one hours, he took the new
crab bait by some ingenious employe and sold for $20? Ought that to be German airship on a display tour
which put her over Washington, Baltiall printed by the Federal Government? Its purpose Is to carry out a more, Philadelphia and
New York City before making a landing here_
deception."
[Lakehurst,)
•
•
•
The new German liner of the air appeared firm, rugged and enduring
Hadley,
Former
T.
President
Arthur
of
to
Yale,
Dr.
as she came down at the end of her trans•Atlantic trip. A long rent In
Vote for Gov. Smith as Presidential Candidate the port fin from which a streamer of fabric flapped in the wind ITtS
the mute evidence of her most serious accident. But this damage seem,
Because of Latters Prohibition Views.
small and unimportant and did not even seem to mar the trim lines ell
A letter In which Dr. Arthur Twining Hadley, former the ship.
President of Yale University, indicated his decision to vote
A description of the voyage, by one of those who crossed
for Governor Smith, Democratic candidate for President, on the dirigible, appeared in the New York "Times" of
Oct.
because of the latter's "courageous stand on the prohibition 16,from whiah we quote the following:
2180
FINANCIAL CHRONICLE
The most serious time, from the point of view of the morale of those
aboard, came late Saturday night and early Sunday when the Zeppelin was
battling adverse winds above the Bermudas.
"We couldn't go very fast," the passenger said, "because of the damage
-sustained by the port stabilizer on the forenoon of Saturday.
In fact,
we were reduced to about half speed. All through the early part of Sunday
we bucked against bad winds, trying to break through and find a passage
straight to the American Coast.
•
•
•
Port Pin Linen Ripped.
-Previous to the fight with the storm above the Bermudas, the most
'clangeroua part of the voyage was this side of the Azores, reached Saturday morning.
"We had just pointed for Bermuda when we ran into squalls and ba I
weather," the passenger said. "Suddenly the airship's nose went up as I
then dropped with a hard thump. I think the man working the elevator
controls made some sort of mistake, which, coupled with the hard wind,
ripped the linen on the port fin. The pressure was very great and the
covering simply gave way.
"After that we couldn't go more than half speed, and the son of
Commodore Eckener, Knut Eckener, along with three others, went out
and made repairs. That was a brave thing for them to do, for if the ship
had given a lurch, they might have been still in the sea."
The passenger said that the Graf Zeppelin had made an "opportunist"
trip.
"We didn't know what route we would take," he said, "but we simply
started out from Lake Constance on Thursday. We learned the weather
was bad over France, so we decided to cross Switzerland. We received
notice from the Swiss Government as to what route we should take and
we followed the Rhone River to Lyon.
"There we learned that the weather to the north and the route taken
by the old ZR-3, which is now the Los Angeles, was not auspicious, so
we slid down to the Mediterranean and the beginning of the second day
found us at Gibraltar. Front there, still following the 'opportunist' path,
we dipped down to Madeira, thence to the Azores. We had beautiful
smooth sailing during this leg et the trip."
The following is also from the New York "Times" of
Oct. 16:
Captain Hugo Eckener, builder and master of the Zeppelin, reported
an "uneventful passage." It was nearly four hours after he had brought
his ship safely in before he talked to newspaper mem in the hangar.
•
. •
He reported that he had flown 6,300 miles with "only one little mishap:" This was reference to the big hole torn in the left fin of his
craft, which appeared for a time likely to bring the dirigible to grief.
The weather had been bad, he said, and he admitted that his ship had
been in danger.
"I believe, however," lie added, "that the achievements of the trip
have shown, despite our handicaps, the possibilities of transoceanic service by air. Our mishap—well, it was nothing more than when a steamship on her trial run does not develop the speed which was expected."
One of the thrilling feats of the trip disclosed by Dr. Eckener in speaking of the "little mishap" was the work of four of the crew, one of them his
son Knot, in repairing the damaged port fin of the Graf Zeppelin
In a matter-of-fact tone the captain described how the four men had
climbed out on metal spars to make the repairs. They worked for five
hours while a storm and rain squall tore at them, and got the fin repaired. They worked at a height of 1,500 feet above the Atlantic.
A crew of 40, and passengers to the number of 20, were
-carried on the dirigible in its flight, one woman having
been among the passengers—Lady Drummond Hay. Describing the size of the airship the "Times" of Oct. 12
stated in part.
The Graf Zeppelin, named for the inventor and builder of the first
successful rigid-type dirigible airship, is the one hundred and seventeenth
of her type turned out by the great works at Fried`richshafen. This
latest craft in airship development is the largest of her kind ever built,
and the fastest.
She follows generally the development in lighter:than-air rigid dirigibles
laid down in the Los Angeles or ZR-3, being thicker and blunter for her
length than the early ships built by Count Zeppelin. She Is 770 feet overall in length, or 110 feet longer than the Los Angeles.
At her thickest part her diameter is nearly 100 feet, and in spite of this
great bluk, her five Maybach motors drive her through the air at a maximum speed of eighty miles an hour and an economical cruising speed of
seventy-three miles an hour. At the latter speed her fuel capacity is designed to give her a cruising distance of 6,200 miles. The ship, with her
crew of forty, including the officers and her twenty passengers, weighs a
total of 121 tons.
The following comment is from the "Times" of Oct. 16:
In her flight of 111 hours 38 minutes from Friedrielishafen to Lakeburst, the Graf Zeppelin established a new world's record for duration in
the air of both heavier and lighter than air craft. The Atlantic Ocean
has been spanned three times previously by rigid airships, lighter-than-air
craft, and in each case the time of the journey was lower than the Graf
Zeppelin's.
The first dirigible to cross from Europe to America was the British
R-34, which in July 1919 under command of Major Scott, flew from East
Fortune, Scotland, to Mineola, L. I., a distance of 3,130 miles in 108
hours. On the return journey she flew to Fulham, England, approximately
3,000 miles, in seventy-five hours.
While an official welcome was accorded the officers,
crew and passengers of the Zeppelin by New York City on
Oct. 16, its passage over the city the previous day (Oct.
15) brought business to a stand-still for the time being, its
appearance in the different parts of the city being the signal for special ovations. The following from the "Times"
of Oct. 16 indicates the interest and enthusiasm which the
dirigible's arrival awakened:
The appearance in the skies of the massive Graf Zeppelin, with its 121
assorted tons of mortals, freight and mechanism, halted New York City in
It. tracks yesterday afternoon.
Wherever the dirigible passed, during the half hour she circled over the
22Ky, everything stopped. The wheels of progress came to a dead center.
[vol.. 127.
The traffic problem solved itself by not going in any direction. The
courts of justice ceased dispensing, as did the retail and the wholesale
merchants. The roofs, the streets, the parks became mere gaping places,
safe for every one who had his head in the air.
Nothing in the sky ever gripped New York more firmly before, not even
the eclipse of Haley's comet. From the time the Zeppelin was first
faintly visible in the direction of Sandy Hook until she turned her majestic bulk westward at 110th Street and made her way south, skirting the
North River, she hypnotized the metropolis.
Ships Toward the Battery.
The Graf Zeppelin was reported over Sandy Hook heading northward
for the Narrows from the lower bay. She seemed to follow the steamship
channel toward Governors' Island, and roared over the Battery at 3:54
o'clock.
Her course was taken slightly east of City Hall Park. A moment later
she passed almost directly over the Municipal Building and the new
courthouse. Coming up the east side, she presently veered sharply to the
west and struck the canyon of Broadway.
The wind, from the South, caused her at this point to set her rudders
to steer a little westward, so that she appeared to drift on a slight angle
as she progressed. She passed over a little east of Times Square at 4:02
p. in. and kept over Broadway until she reached Seventy-second Street,
where she deserted that thoroughfare for a straight course northward,
bordering Central Park.
At 110th Street, with -her waspish convoy of airplanes, tiny beside her
bulk, the Graf Zeppelin steered directly west toward the river. At its rim
she headed south. Following the curve of the western edge of Manhattan
to its end, she set her course for Lakehurst.
The spectacle of the Zeppelin was well worth while. It would have been
a scene from an extravaganze if it had not been true. Only in the lighting
effects did the exhibitors fail, for yesterday's sky had what airmen call
a low ceiling, and visibility was bad.
ExpeLting her for days and finally convinced by early reports that
the big commercial airship would not visit New York on her voyage up the
coast from Cape Hatteras, the city's thousands were taken by surprise.
It was not until three o'clock or after that news from Trenton and
nearer points revealed that the Zeppelin was coming here.
There were few loiterers in the streets up to that time. The crowds
that waited during Sunday's leisure were far bigger. People had read
and heard over the radios that the Graf Zeppelin had been sighted over
land, had circled the White House at Washington; her northward journey,
over Baltimore and Philadelphia, was reported. Information finally came
that she would circle this city. The Battery filled. Crowds began to
gather along Broadway. People tested their windows in high office
buildings, got the keys to the roofs from janitors.
Watchers on Staten Island were the first New Yorkers to see the Graf
Zeppelin, when she was a gray blur over the low horizon of Sandy Hook.
Presently she was visible as a definite shape, and in a few moments more
she was clearly seen, and with her her convoy of a dozen or so monoplanes and biplanes. The little waspish airplanes, keeping formations,
circled the Zeppelin, dodged over, slipped along beside her.
Her appearance far at the southern end of the Narrows was the signal
for the first roar of welcome. The tugs and anchored vessels in the Upper
Bay, the freighters lining the waterfront at Brooklyn and on the Staten
Island side had been saving steam for the event. And then they spent it.
From that time her flight over the city was alive with noise. Shrill elevated train whistles ricocheted above the heavy diapason of the Zeppelin's
five motors. Factory whistles joined their bass to the deep-chorded notes
of steamships. Bells jansled on street cars, and persons in the streets,
filled with a strange jubilant exultation shouted up into the air. The
cries were actual greetings. Everybody tried to say "Hello."
Twelve thousand people lined the streets and parks and docks of
Staten Island to watch the dirigible pass. The army post at Fort Wadsworth, comprising the Sixteenth Infantry, had a good view and turned
out in full to see. At Miller Field hundreds gathered and cheered the
craft.
Across the Narrows at Bay Ridge the waterfront was thronged. Parked
automobiles were so numerous that traffic almost stopped, and nobody
cared. In the Columbia Heights section of Brooklyn, many dwellers whose
apartments look out over the bay had the best view of any of the approach
up the Narrows. Families held roof parties and invited their less lucky
friends.
At Borough Hall the come and go of Brooklyn's busiest thoroughfare
ceased. Nobody wanted to move. The crowds on the steps of the hall
lapped over onto the forbidden grass and city officials merely smiled.
Street cars stopped on Court and Fulton Streets. Elevator boys in the office buildings couldn't answer the bells because they were out in the street.
Chauffeurs deserted their cabs in the middle of streets. Drug clerks
left their counters.
Passengers on the municipal ferryboat Queens, on the 3:30 p. m. trip
from St. George, S. I., to Whitehall Street, Manhattan, saw the big
dirigible headed straight for the St. George ferry house. They counted
twenty-six airplanes in her escort. They saw the ship take a course direct
from the ferry house for Manhattan, and a moment later, opposite the
Statue of Liberty, watched her float directly overhead. She had made
the distance, which takes the fast ferries close to half an hour, in less
than eight minutes.
Rivermen with a gift for successful hunches made up parties to watch
the Zeppelin. One covered lighter, barging southward across the upper
bay with a towboat for power held a crowd of fifty marine enthusiasts
on its topside. Not a craft in the harbor failed to spread her plume of
white steam from her whistle, and the combined sounds of cheering,
whistles, bells and bands on pleasure craft drowned the bourdon of the
five twelve-cylinder motors which had sung their way across 6,000 miles
of land and water.
After the crowd formed no one could have got Into Battery Park without hydraulic pressure. The sea wall was crammed from end to end, and
small boys climbed on top of kiosks and the luckless trees. The great
ring of office buildings at that centre held their crowds in every window
and on each roof. The Custom Guards gave up stooping over baggage
to turn their eyes to the heavens for five minutes. They stood on the
roof of the Custom House, along with many other Federal officials,
clerks and friends.
•
•
•
City Hall Park housed a swiftly accumulated crowd. Watchers debouched from subways, from doors, from the Brooklyn Bridge, to gape and
shout. The two big balconies high on the Municipal Building at
the
twenty-sixth and thirty-seventh floors held welcoming committees.
Judges of the Supreme Court stirred uneasily on the benches
When rumors filtered into the marble chambers that the Zeppelin was passing. One
OCT. 20 1928.]
FINANCIAL CHRONICLE
gavels, adjourned
by one they assumed upright postures, banged their
the speccourt and joined the court attaches, the lawyers, the witnesses,
roof and
tators and the prisoners at the bar at the windows, the doors, the
the sidewalks of the court building.
*
•
•
of dirigibles
So the city stood transfixed while the biggest and newest
progressed majestically northward.
stilled
Times Square, as far as traffic was concerned, was completely
busiest
Groups of men and of girls stood undaunted in the middle of the
whole
corners gazing upward. Not a green light was visible throughout the
square and traffic was halted in all directions.
Taxation Committee of U. S. Chamber of Commerce
Warns Against Issuance of State and Municipal
Bonds Beyond Capacity to Pay Necessitating
Heavy Tax Levies.
A warning against the issuance of bonds beyond the
capacity of a community to pay without levying unduly
heavy or near-confiscatory tax rates, as well as economical
methods of issuing and marketing bonds and of handling
sinking funds, is held up to American cities by the Committee on State and Local Taxation and Expenditures of the
United States Chamber of Commerce in a report on Capital
Expenditures issued on Oct. 14. This is a part of the
National Chamber's campaign to bring about a more systematic raising and spending of public revenues. The report
says:
a
It is clear that consolidation of multiple and overlapping units would be
permanent and effective barrier against the excessive pyramiding of local
Indebtedness. The possibilities of effecting such consolidations deserve
the closest possible scrutiny by state and local governments.
Rate of Return on the Railroads of the United States
in August.
had a net railway operating
August
in
railroads
I
Class
income amounting to 8128,350,136 which, for that month,
was at the annual rate of return of 5.04% on their property
investment, according to reports just filed by the carriers
with the Bureau of Railway Economics and made public on
Oct. 8. In August 1927, their net railway operating income
was 8118,822,710 or 4.77% on their property investment.
Property investment is the value of road and equipment as
shown by the books of the railways, including materials,
,supplies and cash. The net railway operating income is
what is left after the payment of operating expenses, taxes
and equipment rentals but before interest and other fixed
charges are paid.
This compilation as to earnings in August is based on reports from 184 Class I raiLroads representing a total mileage
of 240,203 miles. Other particulars are given as follows:
The financing of capital improvements by state and local units of governanent has been a substantial factor in the growth of governmental expenditures which has taken place since 1913. Revenues and expenditures of
these units of government, whether viewed in terms of dollars or of purchasing power, have increased sharply dur;ng that period. The part that
expenditures of a capital nature have played in the mounting cost of government and,in turn,in increasing taxes, is indicative of the desire of American
citizens generally to provide on a generous basis the physical plant in the way
of roads, schools, public buildings and sanitary projects which a twentieth
century existence had made necessary.
Because of the huge amounts of municipal and state bonds
issues, the Committee suggests that sharp scrutiny be
directed to the mechanics of issuing and payment of bonds.
The report points out that there is now a distinct trend
towards the use of serial bonds as contrasted with the sinking
fund type. The report continues:
The advantage of serial bonds for most purposes have been recognized
to the extent of several state legislatures specifying that local units of
government may issue only this kind of securities. The difficulties related
to the maintenance and investment of sinking funds have been prime
factors in influencing this trend toward serials. The definite amount of
serial retirements, which permits budget framers to anticipate bond charges
accurately, and the reduced likelihood of refunding being necessary have
been responsible for the growing popularity of this type of issue. In addition to the administrative advantages of serial bonds, they also are preferred
by bond buyers. Records show that some states and local governments
%,5%, or
can borrow as cheaply as 3A %. Others may have to Pay
even more.
The distance from large money centers is cited as a factor
in this wide spread, but a more important reason is the
reputation the borrowing community has developed for
promptly meeting its obligations. "Any improvements in
policy and practice are likely to strengthen the credit of the
borrower by increasing the assurance of the lender that his
principal and interest will be paid promptly." The Committee says: Another procedure pointed out which may
reduce the cost of borrowing is to put out bonds at par and
then have the underwritters bid on the rate of interest rather
than having this rate fixed by the borrower, as is commonly
done.
Tho necessity of carefully budgeting all interest and sinking fund charges is also stressed. Several states compel the
inclusion of debt service items in local budgets, says the report, adding:
Other states, among them New Jersey. Massachusetts and New Mexico,
have given state administrative boards the power to check local budgets
and insert items for debt service which have been omitted contrary to law.
The Model Bond Law for States, drawn up by the National Municipal
League and endorsed by many organizations interested In improving bond
practices, prescribes that sufficient taxes must be levied or other revenue
Provided to pay the bonds at their maturity and to ace that interest is
paid upon thorn regularly.
Pyramiding local indebtedness through the overlapping of
borrowing units the r, port points out is another element
which leads to confusion and excessive debt issues. "For
example, local indebtedness may be limited by law to 2%
of the assessed valuation," it continues, "but such a limitation has little meaning when each of ten or twelve or even
more overlapping spending may become indebted to that
extent. All such units may exist within substantially the
same area and the same general group of taxpayers must
provide for the servicing and retirement of all such overlapping indebtedness." The report furtheris states:
further aggravated
The general question of pyramided indebtedness
use of special assessments. On top
by the recent growth and the increasing
which
units
may
be outstanding, a
of the indebtedness of several local
it a special assessment
given piece of property also may have lodged against
or
or assessments for benefits for a sidewalk,sewer, improvement. widening
'or opening of a street.
2181
Gross operating revenues for the month of August amounted to $557.693,108 compared with $557,666,763 in August 1927, or practically the
same amount. Operating expenses in August totaled $383,787,140 compared with 5393,403,611 in the same morth in MI,or a decrease of 2.4%.
Class I railroads in August paid $35,208.226 in taxes, a decrease of
five-tenths of 1% under the same month in 1927. This brought the total
tax bill of the Class I railroads for the first eight months in 1928 to $249,710,048. a decrease of 52.393.630 or nine-tenths of 1% below the corresponding period in 1927.
Sixteen Class I railroads operated at a loss in August of which six were
seven in the Western District.
In the Eastern, three in the Southern and
Class I railroads for the first eight months in 1928 had a net railway
operating income amounting to $685.588,012. which was at the annual
the correrate of return of 4.47% on their property investment. During
sponding period of the preceding year, their net railway operating income
investment.
property
their
on
amounted to 5676.826,176 or 4.52%
Gross operating revenues for the first eight months in 1928 amounted
during the corresponding
to 53,977,963,495 compared with $4,092,436,524
expenses for the first
period in 1927 or a decrease of 2.8%. Operating
compared with 53.088.eight months' period of 1928 totaled $2,965.275,064
or a decrease of4%.
year
before
the
period
corresponding
037,553 during the
Net railway operating income by districts for the first eight months with
an annual
the percentage of return based on property Investment on
basis follows:
4.42%
825,760,015
New England region
4:75%
126,033,031
Great Lakes region
4.74%
155,403,380
Central Eastern region
6.77%
46,163,977
I'ocahontas region
Total Eastern District
Total Southern District
Northwestern region
Central-western region
Southwestern region
Total Western District
$353,360,403
81,245,085
73,113,133
117.500,056
60,369,335
4.91%
4.07%
3.78%
4.08%
4.53%
$950,982,524
4.08%
4.47%
Eastern District.
The net railway operating income of the Class I railroads in the Eastern
to complete reports
District during the first eight months in 1928, according
.which was at the
for all except the Montour RR., totaled $353,360,403,
property investment. For the
annual rate of return of 4.91% on their
was $368,390,951
income
operating
same period in 1927 their net railway
Gross operating revenues of the
or 5.23% on their property investment.
the first eight months in 1928
Class f railroads in the Eastern District for
under the corresponding period
totaled 51.967,450.898, a decrease of 5%
, a decrease
the year before while operating expenses totaled 51,458,632,567
of 5.7% under the same period in 1927.
had a
the
of
month
for
August
District
Eastern
the
Class I railroads in
with $60.092,053
net railway operating income of $61,243,676 compared
In August 1927.
Southern District.
in
Class I railroads in the Southern District for the first eight months
was at the
1928 had a net railway operating income of 581.245,085 which
the
For
property
investment.
their
on
annual rate of return of 4.07%
same period in 1927 their net railway operating income amounted to $90.474,846 which was at the annual rate of return of 4.66%. Gross operating
first eight
revenues of the Class I railroads in the Southern District for the
the
months in 1928 amounted to $511.057,219. a decrease of 6.5% under
a
same period last year while operating expenses totaled 5392,194,085,
decrease of 6%.
in
Southern
The net railway operating income of the Class I railroads the
District in August totaled $10,574,197, while in the same month in 1927
it was 512,084,619.
Western District.
•
in
Class I railroads in the Western District for the first eight months
which was at the
1928 had a net railway operating income of $250,982,524
For the
annual rate of return of 4.08% on their property investment.
that district had a net railway
first eight month in 1927, the railroads in
return
rate
of
the
annual
at
was
which
$217.960.379
operating income of
Gross operating revenues of the
of 3.63% on their property investment.
for the first eight months this
Class I railroads in the Western District
of 1.7% above the same
year amounted to 51,499.455.378, an increase
51,114,448,412. a decrease
totaled
expenses
operating
period last year while
with the first eight months the year before.
of nine-tenths of 1% compared
operating income of the Class
For the month of August, the net railway
amounted to to 556,532,263. The net
I railroads in tlae Western District
Aug.1927totaled 546.646,038.
in
roads
same
the
railway operati:.s Income of
CLASS I RAILROADS—UNITED STATES.
Month of August.
1928.
1927.
$557,693,108 $557,666,763
Total operating revenues
383,787,140 393,403,611
Total operating expenses
35,208,226
35,398,500
Taxes
128,350.136
118,822.710
Net railway operating income
68.82
70.54
--..10—per cent
t
5.04%
4.77%
Bate of return on property investment
United States
5685,538,012
2182
FINANCIAL CHRONICLE
Eight Months Ended August 31.
Total operating revenues
$3,977,963,495 $4,092,436,524
Total operating expenses
2,965,275.064 3,088,037,553
Taxes
249,710,048
252,103.678
Net railway operating income
685,588,012
676,826.176
Operating ratio—per cent
74.54
75.46
Rate of return on property investment
4.47%
4.52%
Opposition to St. Lawrence Canal Voiced at Luncheon
of New York Chamber of Commerce.
Opposition to the canalization of the St. Lawrence by the
United States and Canada and approval of the development
of the New York State Barge Canal for a great deep waterway
was voiced at a luncheon this week tendered to officials of
western cities and prominent trade executives and industrial
leaders by the officers of the Chamber of Commerce of the
State of New York. Leonor F. Loree. President of the
Chamber, presided and Senator Royal. S. Copeland, Col.
Edward C. Carrington and William T. Jackson, Mayor
of Toledo, were the other -speakers. President Loree, in welcoming the delegation which is to tour tbe Barge Canal as
guests of the Great Lakes-Hudson Waterways Association,
said that from all of the data he had been able to gether
there were three routes to chose from, the St. Lawrence,
the American canal via Oswego and the present Barge Canal.
He said that in his opinion international considerations
should be eliminated; that the generation of power should not
be considered, but that the present question was what use
will the canal be when completed.
Mr. Loree said that because of the present drought of
lake vessels, 19 feet, as against 27 feet of oceans liners
• that the deeper waterway would be mainly useful in shipping
bulk freight to Tidewater. The ocean lines could not compete with lake vessels of the smaller crews and other economical factors. "No ocean vessel would go to the lakes," he
said. "The lake vessels would perhaps come to tidewater
and there discharge their cargoes."
Col. Edward C. Carrington, President of the Hudson
Night Line then acted as toastmaster and extolled President
Loree as the "Roosevelt of the rails." "He has won many
battles and lost some but when he is right, he fights to a
finish. Even his adversaries admire him and do not question
his integrity or his honesty." Col. Carrington, in advocating the usage of the Barge Canal as a base for the development of the All-American waterway said that the army
engineers had unquestionably erred in their estimates, that
the St. Lawrence canalization scheme would cost $800,000,000 and that the ships, when it was completed, would
mainly be sailing through foreign soil. He said:
[VoL. 127.
Aldene H.Little of Chicago, Executive Vice-President of the Association;
shock.
Henry L.'Dues', of W. W. Lanahan & Co., Baltimore; shock and minor
injuries.
Ralph Somers of Absecon, N.J.; internal injuries and possibly a fracture
of the right leg.
George King, pilot of the plane, of Garden City. L. I.; possibly a fracture
of the right leg and shock.
Ferdinand Eberle of Atlantic City, relief pilot; possibly a fracture of the
right leg and shock.
As a result of the accident the Board of Governors decided
on Oct. 18 to cancel the remaining sessions, except for a
short business session yesterday (Oct. 19) for the installation of officers. All social affairs which had planned for the
concluding days were abandoned, including a post convention cruise from Philadelphia. At yesterday's session the
installation of the new officers submitted by the Board of
Governors took place. Rollin A. Wilbur, of the Herrick Co.,
Cleveland, is President of the association, and Alden H.
Little, of Chicago, Executive Vice-President. Other officers
follow:
Vice-Presidents: Frank M. Gordon, First Trust & Savings Bank,
Chicago; Jerome J. Hanauer, Kuhn, Loeb & Co., N. Y. City; Joseph L.
Seybold, Wells-Dickey Co., Minneapolis; Joseph R. Swan, Guaranty Co.
of New York, N. Y. City; Carroll J. Waddell, Drexel & Co., Philadelphia.
Treasurer, Robert A. Gardner, Mitchell, Hutchins & Co., Chicago.
Secretary, Clayton O. Schray, Chicago.
Governors (terms expiring 1929): Albert E. Schwabacher, Schwabacher
& Co., San Francisco, to succeed Benjamin H. Diblee. E. H. Rollins &
Sons, San Francisco, resigned, for an unexpired term ending 1929; George
W. Robertson, Canal Bank & Trust Co., New Orleans, to succeed John
Dane, Marine Bank & Trust Co., New Orleans, resigned, for an unexpired
term ending 1929; Stanley L. Yonce, Northern Trust Co., Duluth, to
succeed Joseph L. Seybold, Wells-Dickey Co., Minneapolis, nominated
a Vice-President, for an unexpired term ending 1929.
Governors (terms expiring 19311: Edward N. Jessup, Lee, Higginson
& Co., N. Y. City; Kelton E. White, G. H. Walker & Co., St. Louis;
Herbert F. Boynton, F. S. Moseley & Co., Boston; J. A. W. Iglehart,
J. A. W. Iglehart & Co., Baltimore; Thomas W. Banks, Banks, Huntley
& Co., Lee Angeles; James A.Eccles, Harris, Forbes & Co., Ltd., Montreal;
Wustave M. Mosier, Brighton Bank & Trust Co.. Cincinnati Gerald
Parker, Commerce Trust Co.. Kansas City; Dietrich Schmitz, Pacific
National Co., Seattle; Canton O'Donnell, United States National Co.
Denver.
In his address as President, delivered at the session on
Oct. 16, Henry R. Hayes, of Stone & Webster and Blodget,
Inc. of New York City, received the money market, and in
part said:
All these conditions with respect to the investment banking business
and the money markets are facts well known. Macy are reviewed now to
point out publicly that our business—organized investment banking—in the
interests of the investing public and the essential service which we render
should take an active part in a sound solution of the credit problems confronting our domestic and foreign conditions.
It will not be adequate for us to become more alert in our interpretation
of economic conditions as they affect our business. Clearly, that we should
do. We should go even further. Any form of regulation of the volume of
If the canal is built in this country every dollar will be spent in the United credit and therefore of price, as we have experienced this year, has such
States. All of the cement, all of the steel, all of the lumber and other at intimate relation with the volume and price of the securities we handle
things necessary for the construction of the canal will be bought here. that we should initiate studies inquiring into the cause and effect of existAnd what is more important, cost in this country is not an item. American ing credit conditions and their bearing on the investment banking business.
labor will profit and our general level of life will be higher and that is the Especially does this seem essential if we are likely to be subjected in the
future to wide fluctuations similar to these recently experienced.
fundamental question as far as it affects Americans.
It is an obvious responsibility of this business as a whole,not alone for reaSenator Copeland repeated the arguments that he has sons
of self-interest, but what is more important,in the interests of both the
made on the Senate floor against the St. Lawrence canal and investor in and of the genera( issuer of securities, to do all in our power
said that Canada, because of the nationalization of railroads to stabilize the supply and demand of money just as the credit policy of
banking has as a prime purpose the stability of commodity price levels.
was able to ship its wheat to market cheaper than American If
the cost of long term money is permitted to fluctuate too violently, when
farmers could ship theirs. "This dream that it will solve too low, the investor is penalized and the issuer is tempted to sell beyond
when the cost is too high the issuer finds too
the problem of the American farmer exists," Senator Cope- his needs. Contrariwise,
demand for his securities adequately to finance needed expansion.
land said, "bat it is only a dream. If the canalization of little
market instability continues, it can lead only
investment
of
condition
If a
the St. Lawrence will save our farmers 10 cents a bushel to a lessening confidence on the part of the investor and a weakened credit
on wheat, it will save the Canadian wheat fanner the same. for the issuer of securities whether for Governmental or business enterprises
The Canadians now have an 18-cent preferential freight rate
Regarding an informal discussion between President
other farmers in Montana and other wheat growing States Hayes and newspaper men on Oct. 15 an Atlantic City
in the West and will continue to have it because the Canadian dispatch Oct. 15 to the "Herald Tribune" stated:
The formal position of the association will not be revealed until torailroads absorb the loss—$65,000,000 a year."
when the annual report of the President is read before
morrow
the convention by Henry R. Hayes, its retiring head, but Mr. Hayes himself is
believed virtually to have put the bankers on record in an interview to-day,
Annual Convention of Investment Bankers' Asso- in
which be took his stand against tampering with the reserve act.
ciation of America—Plane Accident, Causing
Asked if he agreed with the suggestion of Congressman Louis T. Mcat Philadelphia a
Death of One and Injury of Several Others, Cuts Fadden, offered to the American BankerstoAssociation
place the future granting of
fortnight ago, that it "might he necessary
Session's Short.
brokers' loans under the supervision of the regional banks," he declared;
The 17th Annual Convention of the Investment Bankers' "It will take time to satisfy the country that the powers of the Federal
Reserve should be so extended as to embrace the stabilization of the
Association of America, which opened in Atlantic City, securities
market. As it stands to-day that system is doing good work
N. J. on Oct. 14, was marred by an unfortunate accident in acting as a balance wheel against wide fluctuations in commodity prices.
on Oct. 18 to an all-metal monoplane carrying some of the It Is a grave question, however, whether it should also be called upon to
course of security price levels."
bankers in a sight-seeing trip over the city. Crashing into determine as well the
Bankers Oppose McFadden.
the meadows just outside the city, about 5:30 p. m., the
Mr. Hayes pointed out the inroads that had been made on both bond
accident to the plane resulted in the death, several hours prices and the volume of bond issues by the drift of such a disproportionate
later, at the Atlantic City Hospital of W. Octave Chanute, amount of the country's credit to the speculative markets, with its consedid not go so far as one prominent memof Denver, a member of the firm of Bosworth, Chanute & quent high rates for "money." He
ber of the association here who declared privately that five years more of
Loughridge.
the present situation would mean "the end of the bond market," but he
called attention to the fact that corporations had been turning more and
Those who sustained injuries were:
Thomas M.Dysart, President of the Assocation in 1924-1925, member of more,since the break in bond prices, to stock issues. He referred his interviewers to figures on the last eight months financing in the monthly review
the firm of Knight, Dysart & Gamble of St. Louis.
Pliny Jewell of Boston. President of the Association in 1926-1927, of the of the New York Reserve Bank,showing that although there had been a
Boston firm of Coffin & Burr, Inc.; possible fracture of the skull; condition arge decline in offerings of long-term bonds, stock issues had brought the
serious.
ltotal of securities offered up almost to the corresponding period of a year
OCT. 20 1928.]
FINANCIAL CtIRONICLE
2183
• ago. Foreign financing, as a matter of fact, he said,
had come to a corn-)
A detailed account of the convention will appea
piete cessation during August.
r in
In taking his position regarding Federal Reserve legisla
tion, Mr. Hayes issue of the "Chronicle" Nov. 3.
was replying to one of the 10 prepared questions with which
newspaper men I
confronted Roy A. Young, Governor of the Federal Reserv
e Board, at the Administra
American Bankers Association in Philadelphia early
tive Officials and Committee Head
this month. Mr.
s
Young asked to be excused from replying to the questionnaire.
American Bankers Association—Issu
ance
our
of
of Our
A.
B..
A.
Numb
er.
Young Against Proposal.
F. N. Shepherd has been re-elected as
The reserve bankers themselves are, it is believed, almost unanim
Executive Mansously
opposed to undertaking the responsibility for administerin
g such additional ger of the American Bankers Association; Thom
as B. Paton
powers as those with which the McFadden suggestion
would clothe them, as its General Counsel;
W. D. Longyear, who is Vice-PresOwen D. Young, Vice-Chairman of the New York bank,
declared only a
ident of the Security Trust and Savin
few weeks ago in referring to a similar suggestion: "I have
grave doubts
gs Bank, Los Angeles,
about the wisdom ofsuch action. It is a tremendous
responsibility to pass cohtinues as Treasurer, and William
G. Fitzwilson as Secover to a few men in a central bank to determine in specifi
c instances the reiary and Assis
purposes for which their credit should be used. I
tant Treasurer, it is announced. We give
do not believe that the
American people would stand very long for the exercis
e of that power. below the names of those who will serve as chairmen of
It is not responsive enough to public opinion, and is too
the
tar removed from various commissions, committees
electoral control."
and councils for the year
1928-1929 under the administration
Mr. Hayes said to-day that while he opposed
of Craig B. Hazlevrood,
any hasty action, either
legislative or otherwise, looking toward the "solution"
of the problem which Vice-President Union Trust Company, Chica
go, who was
to-day confronts and confounds the banking and bond
fraternity, he con- elected President of
the Association at the recent convensidered it highly desirable that bankers everywhere
should study the situation carefully with the idea of bringing about
tion
held
in
Philadelphia, Oct. 1 to 4. Our annual
the restoration of normalcy.
number,
At the same time he expressed the hope that
the situation would, before the American Bankers Convention
section, in which we give
long, adjust itself without recourse to artificial measur
es,
the various addresses and reports
presented at the PhilaStating that the Association on Oct. 17 took
a position in delphia Convention, is issued along
with the "Chronicle"
respect to investment trusts or investment compa
nies as it to-day (Oct. 20). The American
Bankers' Association
now denominates them, calling for a syste
m of regulation Chairmen are as follows:
which would assist the investor in distinguis
hing good cornAdministrative Committee: Mr. Hazlew
ood.
panies from bad ones and which would give
Committee on Federal Legislation: B.
the State authR. Sturtevant, Vice-President Liborities power to investigata awl prosecute
erty Central Trust Company, St. Louis,
companies of a
Missouri.
Federal Legislative Council: B. R.
doubtful nature, a dispatch on that date
Sturtevant, Vice-President Liberia'
to the New York Central Trust Company,
St. Louis, Missouri.
"Journal of Commerce" added:
Fiftieth Anniversary Committee: Lewis
E.
Pierson, Chairman of Board
In other words, the association recognizes
that the problezn of regulation American Exchange Irving Trust Company, New York City.
bo a twofold one which covers troth issuan
Finance Committee: John G. Lonsda
ce and sale of the securities and the
le,
Presid
ent National Bank of Comsubsequent safeguarding of the public'
merce, St. Louis, Missouri, First Vice-Pr
s interest in such an investment.
esident American Bankers Asso"Our general conclusions." says the
report of the Committee on Invest- elation.
ment Companies, "adopted by the
Committee on Membership: C. E. McCutc
convention are that we are as present
hen, Vise-President First Fitdistinctly opposed to any legislation which
would provide a form or standard tional Bank, Wichita Falls, Texas.
which unreliable managements may compl
Committee on Non-Cash Items: J. W.
y with and thereby use as a cloak
Barton, Vice-President Metropollto gain public confidence. We are oppose
d to legislation which hampers tan National Bank, Minneapolis, Minnesota,
honest and able managements
and precludes them from legitimate and
Committee on State Legislation: Willia
profitable fields. We are in favor
m S. Irish, President First Naof establishing either through leadership, tional Bank, Brooklyn, N. Y.
custom,or by regulation, if necess
ary, the practice of furnishing to investors
State
Legisla
tive
Counci
l: William S. Irish, President First
and prospective investors inform
National
ation which will enable them to judge the Bank, Brooklyn, N. Y.
management and to know what to expect
, and, if management is to besuperCommittee on Taxation: Thornton
vised, we are in favor of accomplishin
Cooke,
President Columbia National
g this by giving to the proper State Bank, Kansas City, Missour
i.
authority such powers of investi
gation as may be necessary to prosecute
Special Committee on Section 5219
promptly unworthy enterprises."
United States Revised Statutes:
Charles P. Blinn, Jr., Vice-President
Philadelphia National Bank, PhilaA report laid before the convention on
Oct. 16 by Joseph delphia.
Foundation Trustees: J. H. Puelich
R. Swan, President of the Guaranty Co.
er, President Marshall and Ildey
of New York, and Bank, Milwaukee, Wiscon
sin.
unanimously adopted contained the
statement that until
Insurance Committee: W. F. Keyser
,
Secretary Missouri Bankers' Assothe questions of German • reparations
and inter-allied debts ciation, Sedalia, Missouri.
are settled and "settled generously and
Agricultural Commission: Burton B.
Smith, President Bank of North
with due regard for Lake, North Lake,
Wisconsin.
the welfare of the creditor nations," they
will continue to be a
Commerce and Marine Commission:
Fred
I. Kent, Director Bankers Trust
menace to the economic structure of
the world. The report Company, New York City.
further stated:
Economic Policy Commission: R.
S. Hecht, President Hibernia Bank
& Trust Company, New Orleans, Louisiana.
While your committee does not consid
er it expedient for the associa
tion
to take any position in connection with
Public Education Commission: J. II.
these vexing questions, it does
Puelicher, President Marshall
not Ilsley Bank, Milwaukee, Wiscon
hesitate to advocate that the members
and
sin.
of the
tercet and the interests of their clients, and association for their own inPublic
Relations Commission: Charles
of the country, take a lenient
Cason, Vice-President Chemic
position towards the rigid enforcement of
Nation
al
al
Bank,
New
York City.
our claims against the nation
s
of the world.
The five members at large of
•
the Executive Council appoin
ted by
President HazIewood are: Thornton
From press dispatch from Atlantic City on
Cooke, President Columbia
National
Oct. 18 we take Bank, Kansas City, Missouri; R. B. Crane,
Chairman of Board Commerce
the following:
Guardian Trust and Savings Bank,
Toledo, Ohio; Walter Kasten
The recent bread activity in the stock market
Preaident First Wisconsin National Bank,
, accompanied by
Milwaukee, Wisconsin; P.'
rapidly man, Vice-President First
rising prices. while it has resulted in unwise
J. Lee.
National Bank, Minneapolis
speculatlen, has been produc
Minnes
tive Sanger, Vice-President Nation
of some good in that it has taught investors
ota; H. H.
al Bank of Commerce,
the yclue of common stocks
according to conclusions reached at the
,
Detroit, Michigan.
conve0,ion of the Invest
ment
Bankers' Association of America here to-d
ay, A report made to
the $250,000,000 Trans-Ame
association by a Subcommittee on Invest
rica Corporation Formed
ment 'liends told of the increas
proportion of investment purchases of
ing
in
stocks to those of bonds,
Delaware to Consolidate
and of the
problems this had raised in the banking
Giannini Interests.
world.
Forma
The Subcommittee report said that among
tion
by
A. P. Giannini of a gigantic
the most important phases
organization
the investment business to which the
of to be known
bankers had been forced
as the Trans-America
attention had been the active stock marke
to give
Corporation and its
t which had prevailed
for many probable intended use as the medium
months. The report warned of the danger
s of playing the stock
through which is to
market COMO consolidation and
on margin. It was read by Arthur H. Gilber
control of banking and other
Forceful action was taken by the associa t of Chicago, Chairman,
resources totaling around $1,50
tion for the proper
titling for
0,000,000 was reported in the
security issues, following a report of the
Subcom
on Bond and Note 13811e8. After a discussion mittee on Nomenclature San Francisco "Chronicle" of Oct.
12. Articles of incorof the problems create
d by poration of the Trans
the titling, the convention adopted the follow
-America Corporation have been filed
ing resolutions:
"Whereas, it is the opinion of this associa
in
Delaware. The new corporation
tion that issues of bonds
notes too often bear titles which do not
and
has an authorized capital
candidly represent the
stock
of
10,00
charac
of the issues concerned; and,
ter
0,000 shares of the par value
of $25 a share,
"Whereas, it is further opinion that such
or $250,000,000. In commenting
a practice gives ground
on the formation of the
for
just criticism and must inevitably have an
new
injurious reaction upon
organ
izati
on
in
its issue of the next day (Oct.
the
interests investment bankers as a whole;
13) the
San Francisco paper had the follo
"Resolved, that this association declares itself
wing to say:
to be opposed to the
use
of any form of title for an issue of bonds or notes
Awakened from its usual holiday
which
lethargy by
carries any mis- that most
leading inference or suggestion as to the charac
amazing financier, A. P. Giannini, the latest amazing move of
ter, lien or priority of
Montgomery street humme
the with speculative discuss
issue involved,
ion yestereay, principally in an
effort to settle, to
"Further resolved, That this association, throug
h its officers and duly its own satisfaction, at least, what that move actually meant
. And what
appointed committee., take such action as may
was happening along Montgomery Street
be
was typical of what was happen
to induce observance by its members and by all reasonably practicable throughout the city.
ing
others
engaged in the
originating and sale of securities of the spirit of
Following exclusive publication in
those resolutions."
"The Chronicle" yesterday
morning
The convention also adopted a committee report
approving the policy of the formation of Trans-America Corp. and the probable
intended use
of toe Treasury Department in its issues of securities
ofthis new organization as the mediu throug
of accepting the
m
h which was to come
money tion and control of bankin
rate as dictated by the condition of the countr
consoli
ciag and other resources totaling
y. Reference was made
around $1,500,to 000,000, came confirmation
the offerings of' 4;1% Treasury notes and 4%
from Giannini sources that the
% certificates, and the
corn- seated by "The Chroni
mittee added, "It seems undoubtedly wiser
pictur
e
precle" was substantially
to have the Treasury adapt
itself to the going rates for money rather
However, plans for the new organization correct,
than to encourage operations
are at present in such an
by complete stage that an officia
which money rates are kept low In order to
inl statement is impossible
permit Treasury financ
for a few days yet
ing and hence official information
at cheaper interest rates."
covering various phases of
the situation is
still unobtainable.
2184
FINANCIAL CHRONICLE
however,
From the mass of discussion,speculation and deduction Friday,
y would be
one fact did emerge,and that was that stock in the new compan
on a basis
widely distributed among holders of the present Giannini issues,
a
as yet undertermined and that the moves in mind do not contemplate
which will
ation
a
consolid
rather
merger as merger is generally understood,
centralize control.
ise,
Directly affecting this point will be the consequent effect, marketw
on the stabilization of values.
i
Giannin
g
troublin
points
the
of
one
It developed through the day that
his securities,
has been the constant fluctuation in the market prices of
in their
particularly locally where of late the changes have been tide-like
mating their
ebb and flow, instead of stabilizing at some point approxi
move
by
the
affected
ions
value. When stocks in all the present institut
that stock
are traded in and replaced with stock of Trans-America Corp.,
the various
alone will represent the Giannini institutions on the boards of
d—and
stock exchanges and with the widespread market that will be afforde
ation
stabiliz
price
d,
is
intende
It is understood that a world-wide market
will come automatically.
of the
Surveying the plan as it gradually assumes shape, the vastness
10.000,000
project becomes apparent. With its announced capitalization of
ed.
authoriz
0,000
of
shares, having a par value of$25, making a total $250,00
3xcess of a billion
and its ultimate goal of a consolidation of resources in
are awakening
and a half—closer to two billion, the State and the Nation
the fertile Giannini
to the possibilities held forth by this latest child of
brain.
of Italy, Bank of
Included in the proposed consolidation are the Bank
Italia, undoubtedly
America, Bancitaly Corp. and Banat d' America en
merger, and possiby
the now forming United Security-Merchants National
ed with Bank of
the Oakland Bank, now held by interests closely identifi
America.
the Pacific NaThen there are the California Joint Stock Land Bank,
Bancitaly Mortgage Co.
tional Fire Insurance Co., Americommercial Co.,
the Giannini
in
cogs
nt
and a number ot smaller though no less importa
financial structure.
the utmost reticence
One point upon which all concerned maintained
n, details of which were
yesterday was the plan of organization and operatio
stated to be as yet in a very incomplete state.
this late date, a possible
But there were those who professed to see, at
which Glannini made to his stockkey to the situation in the annual report
of Bank of Italy National
holders at the annual meeting of shareholders
called "Bank of Italy," on
Trust and Savings Association, commonly
Jan. 10 1928.
attention was called to statements
Pointing to that report yesterday,
the trend of the Glannini mind.
therein which were claimed to indicate
is indeed difficult to understand why
Particularly the statement "that it
be denied the efficiencies of large-scale
banks and their customers should
"
production and of Nation-wide scrope. well-known ideas of Glannini, by
That, of course, coincides with the
establishment of just such a condition.
some called his ambition,toward the
this report,and one which would
But the most significiant quotation from
new organization and the possible
appear to have a direct bearing on the
following:
plans in mind for its operation, is the
development should be patterned
"In our humble opinion this Nation-wide
, rather than the English or
Reserve
after the structure of the Federal
of Nation-wide banks, owned and
Canadian systems—the establishment
, dividing their responsibilities and
controlled by th epeople of the country
over by a regional board and
operations into regional districts, each presided
for general major policies
dependent only upon a grand central head office
ents does not seem unworkable or
and sanction as to major investm
improbable."
[VOL. 127.
as follows: That of Julius Marx to Frederick E. Ziegler
for $465,000, an increase of $15,000 over the last preceding
sale; that of Alvin V. Filer to W. G. Gosling for $480,000;
that of Thomas L. Clark to Norton Conway for $475,000;
that of S. S. Prince to Marck L. Tooker for $480,000. The
membership of H. C. Schwab was posted for transfer to
James B. Tailor, Jr., for a nominal consideration.
Two New York Cotton Exchange memberships were reported sold this week, that of Walter S. Griffin at auction
to Thomas J. Beauchamp, for $31,000 (unchanged from the
last preceding sale); that of Sheppard W. King to S. S.
Shlenker for another for $30,500.
Two Chicago Stock Exchange memberships were reported
sold this week for $45,000 each, an advance of $5,000 over
the last preceding sale.
Arrangements are reported made for the transfer of a
Philadelphia Stock Exchange membership for $19,000, a
new high record. This is an increase of $1,000 over the last
preceding sale.
The San Francisco Curb m- embership of T. J. Flynn was
reported sold this week to Hayness T.Friedman for $47,500,
a decrease of $2,500 from the last preceding sale.
or of the Bank of England, and a
Frank C. Tiarks, Direct
& Co. of London, was the guest
er
Schrod
J.
Henry
of
r
partne
of honor at a dinner given at the Metropolitan Club on
Oct. 17, by Prentiss N.Gray,President of J. Henry Schroder
Banking Corporation. The dinner was attended by fourteen
prominent bankers and investment bankers. Mr. Tiarks
a
arrived in this country recently for the purpose of making
a.
Canad
to
go
will
he
Later
ions.
survey of business condit
In addition to Mr. Tiarks and Mr. Gray, those attending
the dinner included Albert H. Wiggin, Chairman of Chase
al
National Bank, James S. Alexander, Chairman of Nation
Bank of Commerce in New York, Edward C. Delafield,
President of Bank of America, Francis M. Weld, of White,
Weld & Co., Percy A. Rockfeller, W. Averill Harrill Harriman, of W. A. Harriman & Co., Inc., S. Z. Mitchell, Presiof
dent of Electric Bond & Share Co., Clarence Dilloa,
&
Dillon, Read & Co., Charles R. Blyth, of Blyth, Witter
on,
:)crati
Cor
nt
Discou
the
of
ent
r,
Presid
Co., E. C. Wagne
Walter T. Rozen, of Ladenburg, Thalmann & Co., Elisha
of Illinois
on Tues- Walker of Blair & Co., Inc., and H.G.P. Deens
Advices in the same regard from San Francisco
of Oct.17, Merchants Trust Co.
day, Oct. 15,appearing in the "Wall Street News"
of the board of directors of the
Following the meetingsaid:
merging institutions to be conFurther steps in the proposed plan for
Bank and Trust Company of
al
Nation
Phenix
am
Chath
of
opinion
of
on
expressi
will await
solidated into Trans-America Corp.
announced that Grover C.
was
learned
it
18,
was
it
Oct.
on
ation,
York
amalgam
lated
New
stockholders regarding the contemp
due
course.
in
ed
be
submitt
will
ion
one-half years First-Viceproposit
and
definite
two
past
Trumbull, for the
to-day. Althoutth a
e basis are only in the tentative stage now.
Company of New Jersey
Trust
an
Guardi
plans concerning the exchang
the
of
ent
Presid
.
progress
in
is now
Informal gathering of stockholders' opinion
ident of the Chatham
the
to
Vice-Pres
as
a
officials
elected
i
Glannin
been
has
from
k,
nts
at Newar
In the absence of official stateme
regarding
ion
speculat
that
out
the Guardian Trust
with
is
pointed
tion
It
merger
associa
Phenix. Prior to his
ultimate nature of the
for stock of the new Trans-America
years an officer of the
five
for
was
exchange of present Giannini shares
ull
Trumb
Mr.
logical
ny,
seems
Compa
it
s
ng to observer
Corp. is premature at this time. Accordi
for seven
ly Corp. will be traded on a share for share New York Trust Co. before which he had been
to assume however,that Bancita
shares, including Bank of
bank
Other
Corp.
a
Liberty National Bank as Credit
the
of
staff
the
on
basis for Trans-Americ
years
of
sharss
fractionally under two
America and Bank of Italy, will receive
Treasurer. Mr. Trumbull's first
, it is understood, will be included Manager and Assistant
the new corporation. United Security
ratio.
same
with
Armour & Co. after which for
the
in
was
mately
tion
ed
approxi
business connec
in the initial set up and will be exchang
ion will be offered for public subscription,
years be was in the Federal Department of Justice as
No stock of the new corporat
eight
according to present plans.
ized in Nation Bank
holding company, holding controlling an expert bank accountant, special
The new corporation will be a
ions, and its stock will supplant all shares of violations, bankruptcies and mail fraud cases. He will be
interest in all (=termini institut
medium.
present companies as a market
the main office of the Chatham Phenix, 149
Corp. will control will total between located at
Resources which Trans-America
capitalization of 10,000,000 Broadway.
Share
00.000.
$2.000.0
and
$1,500,000,000
listed on every leading stock exchange in the
shares of $25 par value will be
A special meeting of the stoc- kholders of the Corn Exchange
world.
Post" Bank of this city will be held on November 21 to vote on a
ing
"Even
York
New
19)
(Oct.
s
night'
Again, last
proposal to increase the capital of the institution from
corporation, said:
in referring to the new
enter0,000
$250,00
a
s
into
Interest
'
(=tannin
$11,000,000 to $12,100,000. The new stock will be offered
Consolidation of the vast
indicated in reports from San Francisco to-day.
prise is under way,It was
ly
to present stockholders at $400 a share in the ratio of one
Bancita
the
of
the California city that officers
acIt was understood in
the
begin
to
ed
authoriz
been
share for each ten held. The stock has a par value of $100.
Italy bad
Corporation and the Bank of
the exBank of Italy stock for deposit under
nt on the new stock is called for by February 1 next.
Payme
ceptance of Bancitaly end
-American Corporation. First deposits are
change plan with the Trans
re H. Spratt was appointed Vice-President of the
Theodo
.
ly
Bancita
said to have been received
of
case
the
in
for share
Corn Exchange Bank on Oct. 17.
it was stated, will be share
The ratio,
Bank of Italy.
Corporation and 1,Y4 to one on
that in the
to be given. It is understood
Negotiable deposit receipts are
e units is
fractional share purchase to complet
case of the Bank of Italy,
being authorized.
Delaware laws
Corporation was chartered under the
The Trans-America
incorporators
shares of $25 per value. The
000
10.000.
with
week
last
Jr., all of San
J. Tosi and Eustace Cullinan
were William T. Sweigert, S.
Francisco.
TRUST COMPANIES, ETC.
ITEMS ABOUT BANKS,
memberships reached a new
New York Stock Exchange
announced that a memwas
it
high record this week when
$480,000. In all five
for
rred
transfe
been
had
bership
for transfer this week
posted
ed
report
memberships were
ant Cashier
John H. Fetherston has been appointed Assist
of The
in charge of publicity and business development
ston
Fether
Mr.
York.
New
of
Central National Bank
Company of
comes to New York from the Federal Trust
r of years in the
Newark, N. J., where he spent a numbe
ss departments,
development of the credit and new busine
al Park
and he was formerly connected with the Nation
Bank of New York.
-submitted to the Comptroller
A comparison of the figures
as compared with
of the Currency under date of Oct. 3 1928
OCT. 20 1928.]
FINANCIAL CHRONICLE
those submitted Oct. 10 1927 shows an increase of $4,000,000
in the total resources of The Central National Bank and in
Deposits an increase of $2,000,000. In Oct. 1927, the institution had one branch located at Burnside and Jerome
Avenues, Bronx, in addition to its Main Office at Broadway
and Fortieth Street. Since that time two additional
branch offices have been opened, one in the Bronx at 62-64
East Mt. Eden Avenue and one in Yorkville at First Avenue
and 82nd Street. The fourth branch will be opened about
the first of January at Queens Boulevard and Gosman
Avenue in the Sunnyside Section of Queens. The Central
National Bank has a capital of $2,500,000, and surplus
and undivided profits $890,094.
2185
foreign governments, the Securities Department was expanded and began
to participate in the purchase and sale of investment securities.
At the beginning of 1920, B. A. Tompkins, then a junior officer at the
Fifth avenue office of the bank, was called to the Wall Street office
to
take charge of the new department. Under his administration
and
that of the men associated with him, the development of the department went steadily forward. It. C. Hogan, who joined the
Bankers
Trust Co. in 1920, laid the foundation of its system of out-of-town
offices and developed the nation-wide contacts which were necessary
to
the distribution of the issues which the department underwrote.. R.
H.
Fullerton, who joined the organization at about the same time,
to handle
its purchases of state and municipal bonds, later assumed
charge of
the Department's entire underwriting activities. From a small
division
of the bank with scarcely a dozen employees the Securities
Department
has now become a separate company with 800 employees in
nineteen different offices. In 1927 a compilation of the volume of business
originated
and participated in by the leading investment banking
organizations
in the country showed that the Securities Department
of the
Trust Co. had been interested in issues totalling over $820,000, Bankers
000.
The newly organized Commercial National Bank and
Trust Company of this city has moved into temporary
In a letter to stockholders of Bankers Trust Co., Seward
quarters at 43 Exchange Place for organization purposes. Prosser, Chairman of its Board of Director
s, comments on
It is expected that the bank will formally open for business the organization of the new Bankers Trust
Co.
of New York
at its permanent quarters at 56 Wall Street on or about as follows:
January 1 1929. The institution has a capital of $7,000,000
The Board of Directors has organized Bankers Co. of
New York to
and a surplus of $7,000,000. H. P. Howell is President take over the investment banking business hitherto conducted by the
Securities Department of Bankers Trust Co. The change
has been made
of the bank. An item regarding the bank appeared in in order that the investment
banking business in which Bankers Trust
these columns Oct. 13, page 2046.
Co. is interested may be carried on under laws specificall
y
Another link in the chain of Equitable Trust Co. city offices was added on Monday when the doors of its 79th Street
branch were opened to the public. This office, the fifth
New York office of the trust company, occupies a prominent
location in a new apartment building on the northwest
corner of 79th Street and Madison Avenue. James J. Ga
Nun and Arthur Kunzinger are the officials in charge.
The Inter-State Trust Co. of New York celebrated its
second anniversary this week, the organization having been
started on Oct. 14 1926. Despite the fact that the bank
has been operating only two years, it reported record
breaking resources of $58,822,603 in its latest statement issued in connection with the call of condition by the State
Banking Department. This total compares with resources
of $32,983,588 reported one year ago, and $3,900,000 reported
on the opening day of business, two years ago. Total deposits of the institution also established a new high record,
applicable to
investment rather than to commercial banking.
The new company will be managed by the same Board
of Directors as
Bankers Trust Co. and its officers will be those who
have been in
charge of the Securities Department of Bankers Trust Co.
A. A. Tilney
will be Chairman of the Board of Directors and B. A.
Tompkins will
be President. The entire capitalization of the new sampan,
will be
owned by Bankers Trust Co.
The Board of Directors is confident that this step, which
has been
taken in conformity with well-matured plans, will enable
Bankers Co.
of New York to maintain an increasingly important position
ia both
domestic and foreign investment banking operations, and
that its larger
activities in this field will be of distinct benefit to the
parent company.
The first monthly luncheon meeting of the British
Empire Chamber of Commerce for the season 1928-29 was
held
on Wednesday, Oct. 17, at the Whitehall Club, 17 Battery
Place. Daniel E. Douty, Vice-President and General
Manager of the United States Testing Co., delivered an
address
on "Recent Impressions of Conditions in China."
Frank
W. Lee, representative in the United States of the
National
Government of the Republic of China, and P.
W. Kuo.
Ph.D., LL.D., Director of the China Institute of
aggregating $44,390,235 against $25,124,304, reported
America,
a year also spoke.
ago, and approximately *3,200,000 reported on the
first
business day. Undivided profits now total $645,014
At a regular meeting of the executive committee
, surplus
of The
$1,500,000, and capital $5,175,000, giving the
bank com- National City Bank of New York held this week, George
bined capital, surplus and undivided profits of
$7,320,014. F. Robertson was appointed an Assistant Cashier.
The Inter-State started with capital and surplus
of $3,The Sixth Avenue Bank of New York reports total
900,000 and with its main office at 59 Liberty
Street. It
net
deposits of $3,066,644 as of Sept. 28, according to Christia
now operates seven branches. During the two-yea
n
r period
W. Korell, President. Deposits of the bank, which
of operation, Inter-State has absorbed three banking
opened
instifor business Jan. 3, 1928, have not been less it is said
tutions. George S. Silzer, former Governor of New
than
Jersey,
$3,000,000 for the last few weeks. This total
is President.
compares
The Bankers Trust Co. of New York announced on
Oct. 16.
the formation of a securities company to be stiled
"Bankers Company of New York," all the capital stack of
which
will be owned by the parent company. The new
corporation takes over the business heretofore conducted
by the
securities department of Bankers Trust Co. A.
A. Tilney,
President of Bankers Trust Co., is Chairman of
the Board
of Directors of the new company, and B. A. Tompkin
s, who
has been Vice-President of the bank in charge of its
securities operations, is President. The Board of Director
s will
be the same as that of the bank. The Executive
Committee
will consist of W. S. Ewing, Landon K. Thorne,
George
E. Murnane, F. N. B. Close, Seward Prosser, A. A.
Tilney,
and B. A. Tompkins. The Vice-Presidents will
be R. C.
Hogan, R. H. Fullerton, C. L. Stacy, Paul Sims,
W. J. Lippincott and Henri Fischer. The headquarters of
the new
company will be in the Bankers Trust Co.
building at 16
Wall Street. It will engage in the underwriting
and distribution of all classes of investment securities;
government, state, municipal, railroad, public utility and
industrial. Fourteen out-of-town offices will be
maintained,
extending from Boston and Baltimore on the east
to Minneapolis, Chicago and St. Louis on the west and to
Atlanta
and New Orleans on the south. An announcement
in the
matter also says:
with net deposits of $2,629,742 reported June 30, 1928,
and
deposits of $1,523,749 for March 2, 1928. Resourc
es
total $4,403,427 as of September, 1928, compared
with
$3,686,330 reported for the preceding quarter and
$2,576,070
reported for March 2, this year. The liquid
position of the
bank has been materially strengthened, the cash
and due
from banks now totaling $470,086 compared with
$374,209
for the preceding quarter.
That the search for Raphael Scotto, missing
President of
the insolvent private bank of L. Scotto & Sons at 238
Columbia Street, Brooklyn, was unexpectedly ended on the
morning of Oct. 16 when he voluntarily surrendered
himself to
Judge Nova in Kings County Court, Brooklyn, was
reported
in the New York "Times" of the following day. The
former
bank President who is alleged to have made away with
$300,000 of the institution's funds, appeared in the County
Court
on the morning of the day mentioned, with his
attorney,
Thomas C.Hughes,and was immediately arraigne
ments charging forgery on six counts. Late on d on indictsame day
he was released in $60,000 bail. Continuing the
the "Times'
said:
Scotto explained that he had been in the State while
the police were
searching for him all over the country. He
had been trying to get help
from friends, he said, and he announced through his
resultof his efforts he will probably be able to settle attorney that as a
with his creditors
dollar for dollar.
On the advice of Assistant District Attorney Louis Goldstein
, who conducted the investigation into the bank's finances, that
Scotto's defalThe organization of a separate securities company is
another land- cations amount to more than $300,000 and that the financial affairs of the
mark in the development of Bankers Trust Co. which
celebrated its bank "are in a chaotic condition," Judge Nova decided to fix ball at
twenty-fifth anniversary on March thirtieth of this year. The
origin of 810,000 for each of the six counts. Mr. Hughes protested on the
the new company dates back scarcely more than ten years
to a Securi- ground that the indictments cite only about $12,000 as the amount taken
ties Department maintained by the parent company. This
by the defendant.
little more than act as receiving and delivery agent for department did
Scotto's twenty-year-old son. Louis, and another employe,
its customers'
Joseph Male11,
securities. In 1919 with the growth of the investment
at liberty in bail of $30,000 each, charged with
are
security business
in this country coincident with war financing both for
was closed by the State Banking Department after its forgery. The bank
examiners found
our own and ularlties
irreg.
in the accounts. The liabilities amount to
about $900.000 an
2186
FINANCIAL CHRONICLE
tors, who said that
the assets about $400,000 according to the investiga
the accounts to show
the defalcations were accomplished by manipulating
none had been made.
that withdrawals had been made by depositors when
The failure of the Scotto bank was noted in the "Chronicle"
of
of Oct.6, page 1900, and its affairs referred to in our issue
2046.
Oct. 13, page
ty
Rufus Knapp, at one time associated with the Guaran
of
Co. of New York, has been appointed a Vice-President
of
charge
in
Y.,
N.
Utica,
of
Co.
Trust
&
Bank
the First
the
to
ng
accordi
tion,
institu
the investment service of the
Pope, an
"Wall Street Journal" of Oct. 15. Thomas B.
with Mr.
ted
associa
be
will
bank,
the
of
ry
Assistant Secreta
Knapp, it was said.
Chelsea
A proposal to increase the capital stock of the
ExExchange Corporation, investment affiliate of Chelsea
next
the
at
ed
discuss
be
will
York,
New
of
change Bank
Rothchild,
meeting of the directors, according to Edward S.
lders of
stockho
to
ution
d
distrib
propose
The
an.
Chairm
Chelthe
of
stock
d
of
unissue
approximately 35,000 shares
the treassea Exchange Corporation, which is now held in
and surury of the corporation, will increase the capital
according
plus of the corporation in excess of $1,000,000,
The corporato Edward S. Rothchild, Chairman.
A stock
Class
of
tion has at present 31,000 shares
outstanding.
stock
B
Class
of
shares
31,000
and
busi"Chelsea Exchange Corporation which started
exceedingly
ness May 15 1928 will have completed an
considering the
successful initial five months on Oct. 15
Mr. Rothgeneral condition of the security market," said
the rate
at
ds
dividen
paying
now
is
tion
corpora
child. This
B
stocks.
and
of $1 per share on both the A
Boston on
Stockholders of the Atlantic National Bank of
Commercial
Oct. 17 approved the proposed absorption of the
ion, and the
Security National Bank of Boston by the institut
voted to
day
same
the
stockholders of the latter also on
meetconsolidate with the Atlantic National Bank. At a
special
a
Bank
l
y
Nationa
Securit
ing of the Commercial
apdividend of $8 a share was declared, payable upon
Atthe
with
tion
institu
of
the
dation
consoli
the
proval of
Currency,
lantic National Bank by the Comptroller of the
dividend.
stockholders of record Oct. 17 to be entitled to the
y NaSecurit
cial
Commer
the
The proposed taking over of
indicated
tional Bank by the Atlantic National Bank was
1611,
in our issues of Sept.15 and Sept. 22, pages 1479 and
respectively.
[Vol,. 127.
l
Chairmanship after having served the Citizens' Nationa
ng
Bank in various capacities for fifty-eight years, includi
a period of ten years when he was its President. In 1915
he celebrated his fiftieth anniversary with the institution,
d
having entered its employ as a runner in 1865. He attaine
his first executive position in 1891 and was elected President
in 1908.
A dispatch from einoinnati, Ohio, on Oct. 17, appearing
in the "Wall Street News" of the same date, stated that
d
the Provident Bank & Trust Co. of that city had declare
ld•a stock dividend of 4% payable Jan. 1, next, to stockho
it
ers of record Dec. 18. A meeting of the stockholders,
e
was said, would be held on Nov. 20 to authorize an increas
000
$1,700,
to
000
$1,620,
from
capital
ion's
in the institut
to take care of the stock dividend requirements. The disd
patch furthermore stated that the directors also provide
to
share)
a
($10
par
at
a block of 1,520 shares to be sold
the employees' benefit fund.
Clinton F. Berry, Vice-President of the Union Trust Co.
of Detroit, recently spoke before two national advertising
groups in Philadelphia. On Oct. 16 Mr. Berry as one of the
Vice-Presidents of the International Advertising Association, addressed the second district of that organization. On
Oct. 18 Mr. Berry was the only speaker from Detroit to address the Financial Advertising Department of the Direct
Mail Advertising Association, holding its convention in Philadelphia on the subject of "How a Trust Company Uses Direct Mail to Obtain Business." Mr. Berry served during
the past year as President of the Financial Advertisers' Association.
r of the Union Trust Company
Paul H. Deming, Directo
of Detroit, is President of the recently organized Mackinac
Island State Bank, the first bank ever to be established at
that resort. The bank is capitalized at $30,000. Frank
Doherty, President of the Municipal Light & Power Company at Mackinac Island, is Vice-President and Cashier
of the new bank, and E. H. Doherty is also a Vice-President.
The bank will occupy its own building which Frank Doherty
erected for it.
John A. Reynolds, Vice-P- resident of the Union Trust
the
Company of Detroit, has left on a speaking tour, during
in
course of which he will address fiduciary associations
City,
Lake
Salt
;
Oregon
d,
Portlan
gton;
Washin
,
Seattle
Utah; Denver, Colorado; and Los Angeles, California.
he
On Oct. 19, Mr. Reynolds was in San Francisco where
of
ence
Confer
Coast
perd
Pacific
the
receive
to
ed
address
was schedul
The First National Bank of Jersey City has
an the Trust Company section of the American Bankers Associaopen
to
cy
Curren
of
the
ller
Comptro
mission from the
corner of tion on the subject of "Life Insurance Trusts."
additional branch at 77 Jackson Avenue at the
of Jersey
section
lle
Greenvi
the
in
Street,
nd
Nostra
Van
The directors of the Chicago Trust Co., Chicago, voted
Lincoln
the
with
merger
the
City. Upon the completion of
y to increase the bank's capital stock from $2,400,000
recentl
al Bank
e
Trust Company, now in process, the First Nation
to $3,000,000. The stockholders will be asked to approv
15.
will have six offices in Jersey City.
the directors action at a special meeting to be held on Nov.
Bank The price at which the new stock will be sold is to be de-Oct. 15, the American
On Monday of this week,
office in its termined by the directors at their next regular meeting
main
its
opened
lphia
of
Philade
Co.
& Trust
Sansome Nov.8 and recommended to the stockholders at their special
new building at the northwest corner of 15th and
r" meeting.
"Ledge
lphia
Streets, that city. According to the Philade
l
classica
modern
of
is
which
re,
of Oct. 15, the new structu
We learn from the Chicago "- Journal of Commerce" of Oct.
conso
is
and
architecture, is built of French sandstone
that the resignation of George T. Preschern, a Vice-Pres12
in addition to
structed as to be able to carry twenty stories
in charge of the trust department of the Union Bank
ident
is marked
its present height. The exterior of the building
, heretofore tendered on account of ill health,
Chicago
of
interior is a
d at the regular meeting of the Board of Direcby few ornamental details. A feature of the
accepte
was
arranged as
Oct. 11, and that Francis H. Hayes, for the past
iow banking screen in forest-green marble, so
on
tors
depositors. The
to permit a full view of the tellers by the
several years Secretary of the trust department, was elected
bronze. The
with
d
trimme
,
walnut
wainscote is of figured
Vice-President in charge of the trust department in his
a
, in harmony
upholstery of the furniture is in green leather
stead.
illuminated in full
with the banking screen. The ceiling is
coins adorn the
The addition of eight prominent Milwaukee business
Greek
color while reproductions of old
Trust
&
Bank
men to the directorate of the Second Wisconsin National
interior walls. Officers of the American
and Bank of Milwaukee—the largest of the banks affiliated
Young
W.
George
nt;
Preside
Co. are: Thomas S. Boyle,
Whalen, Secre- with the First Wisconsin group—was announced on Oct. 9,
Robert Killough, Vice-Presidents; Elwell
Secretary and according to the Milwaukee "Sentinel" of the following day.
nt
Assista
Kelly,
M.
tary and Treasurer; Leo
Officer, and The names and affiliations of the new directors are as
Title
t,
Assistant Treasurer; Harvey McCour
follows: Arthur W. Fairchild, attorney, Miller, Mack and
r.
Solicito
G. von Phu Jones,
ld; Irving Seaman, Secretary-Treasurer Seaman
of Reading, Fairchi
Effective Oct. 9, the Readin- g National Bank
Body Corp.; William M. Chester, Secretary and Treasurer
Trust. Co.
Pa., became the Reading National Bank &
of T. A. Chapman Co.; Edgar L. Wood, attorney, Wood,
of Worner and Tyrell; Charles P. Vogel, Vice-President Pfister
board
the
of
member
retired
ll,
William H. O'Conne
Baltimore, for- Vogel Leather Co.; Charles Wright, President and Genera)
directors of the Citizens' National Bank of
ion Manager of Badger Motor Manufacturing Co.; Clifford F.
mer Chairman of the board of directors of that institut
age
the
at
10
Mesinger, Vice-President of Chain Belt Co.; Henry E. Judo,
Oct.
on
died
er,
and veteran Baltimore financi
nt of Mathews Brothers Manufacturing Co. The
the
d
Preside
of eighty-five. In January 1923 Mr. O'Connell resigne
OCT. 20 1928.]
FINANCIAL CHRONICLE •
2187
enlarged board, it was said, would hold its first meeting on Cashier; and Clarence B. Lombard, H. H. Hobbs and N. E.
Oct. 10. The bank's financial statement published Oct. 9 Barrett, Assistant Cashiers. The "Oregonian" went on to
showed resources of $4,850,003.52, an increase of about $3,- say:
Speaking of the affiliation under control of Pacific Bancorporation,
700,000 over the resources of its June 30 statement. It was
organized in March of the present year and began operations Vice-President Auld said: "In Pacific Banccorporation is embodied the
logical extension of the federal reserve system plan. There is group
in the quarters formerly occupied by the American National strength and greater banking efficiency. The best methods of each
bank
Bank. On Aug. 20 the Merchants & Manufacturers' Bank are adopted by all. The far-sightedness of these banks which has encouraged
and
developed industry and agriculture in this community will be
was consolidated with the institution.
continued on the same constructive lines."
--4—.
The ten banks now in this new bancorporation, organized only in July,
The First National Bank of Jackson, Minn., capitalized include these
Eugene institutions and the followin: Portland National,
at $100,000, was placed in voluntary liquidation on Sept. First National of Silverton, Bank of Commerce of Astoria, American
of
Marshfield,
Farmers & Merchants' of Coquille, Bank of Myrtle Point, First
20, last, and is succeeded by the First National Bank in
National of Gardiner and Chiloquin State.
Jackson.
Directors of the
On Oct. 8 the title of the Albuquerque National Bank,
Albuquerque, New Mexico, was changed to the Alblquerque
National Trust & Savings Bank.
The Bank of Miller, Miller, Mo., a small institution
capitalized at $25,000 and with total resources of approximately $222,500, was closed on Oct. 11 by its directors, as
reported in a dispatch by the Associated Press from Jefferson
City, Mo., on that date, appearing in the St. Louis "GlobeDemocrat" of Oct. 12. Slow loans were given as the reason
for the bank's embarrassment. The dispatch furthermore
stated that the State Finance Department had taken charge
of the institution, Truman W. Richards, a State bank
examiner, having been sent to Miller to look after its affairs.
corporation are Charles Hall, President Portland National and American Bank of Marshfield; George W. Joseph, Portland attorney; Walter C. Smith, capitalist; T. P. Risteigen, President First
National of Silverton ; John E. Ross, President Farmers' & Merchants' of
Coquille, and John A. Davis, executive Vice-President Portland NationaL
Under date of Oct. 11, the American Colonial Bank of
Porto Rico, says: "It is encourag8ng to note an improve-
ment in collections and payments on loans since the eyclone
as the banks of San Juan almost without exception have
noticed such improvement.
"This is due in part to the enormous amount of work to
be done involving the use of daily labor, thus putting into
general circulation large amounts of money which would
not have been in use normally during this, the dead season.
This work will continue for a number of months, thus re
lieving financial tension.
Announcement was made in Columbia, S. C., on Oct. 13
that a new financial institution—the Peoples Bank of Co-
The Royal Bank of Canada announces that a bonus of
2% for the year ending Nov. 30 has been declared in addilumbia—with capital of $100,000 and paid-in surplus of
tion to the usual quarterly dividend, both payable Dec. 1
$20,000, would open for business in that city on Nov. 1,
1928 to shareholders of record on Oct. 31.
according to the Columbia "State" of Oct. 14. R. Goodwyn
Rhett. .1r., President of the Peoples First National Bank
The balance sheet of the Commonwealth Bank of Ausof Charleston, S. C., will be Chairman of the Board- of tralia (owned and guaranteed by the Australian CommonDirectors, while John P. Thomas, Jr., of Columbia, will wealth Government) just available at the Bank's New
be President of the new institution. The Board of Direc- Ycrk Agency, 25 Pine St., shows balances: General bank,
tors will be made up largely of Columbia business men. $232,887,830; note issue department, $222,466,133; rural
The new institution will occupy the former building of the c7-d1ts department, $4,514,774; other items, $24,700,920.
defunct Columbia Savings Bank & Trust Co. at 1244 Main Following recent legislation, the Savings Bank DepartStreet, Columbia, which it arranged to purchase on Oct. ment has been separated from the General Bank and estab13. The work of renovating the premises, it was stated, lished as a separate institution under the title of "Commonwould be begun immediately. Departments for every line wealth Savings Bank of Australia." The new Savings
of commercial banking and a trust Oepartment will be Bank has no capital but started with a reserve of $5,376,490
maintained by the new bank, it was stated.
being the proportion of the reserve fund of the combined
The combined statement of the Crocker First National
Bank and Crocker First Federal Trust Co. of San Francisco
as of Oct. 3 shows surplus and undivided profits of $5,244,311 compared with $5,232,554 as of June 30 last. The increase of $11,757 does not take into consideration $500,000
diverted from these accounts during the period for the formation of the new Crocker First Co., recently organized to
embrace the bond department of the bank and to engage in
a general securities business. Total resources in the current statement are listed at $125,760,724 compared with
$119,898,136 in the last statement, and deposits of $98,322,546 compare with $96,116,290.
In its issue of Oct. 12 the San Francisco "Chronicle"
stated that the United Security Bank & Trust Co. (head
office San Francisco) had purchased a controlling interest in
the Bank of Norwalk at Norwalk, Los Angeles County,Cal.,
according to an announcement made the previous day (Oct.
11) by Howard Whipple, Executive Vice-President in charge
of Southern California Offices of the United Security Bank
& Trust Co. The acquired bank has combined capital,
surplus and undivided profits of $106,975 and total resources
of $949,040. J. Hay is President and A. Kulzer, Cashier.
It will continue to operate as an independent unit for the
present, but will later be merged into the growing system
of the United Security Bank & Trust Co., it was said.
Acquisition of control of the United States National Bank
of Eugene, Ore., and its affiliated institution, the Eugene
Loan & Savings Bank, was announced on Oct. 3 by Charles
Hall, President of the Pacific Bancorporation and by David Auld, Vice-President of the two acquired banks, according to the Portland "Oregonian" of Oct. 4. The acquisition
of these two banks, it was stated, increases the number of
Institutions contro4ed by the Pacific Bancorporation to ten,
with aggregate resources of about $10,000,000. Resources
of the two acquired banks approximate $3,000,000. Their
officers, who are identical down to a few of the junior
positions, are as follows: W. W. Calkins, President; F. N.
McAlister and David Auld, Vice-Presidents; Powell Plant,
institutiors contributed by the Savings Bank Department.
Separate balance sheets are now issued, and the first of the
Commonwealth Savings Bank of Australia, also dated
June 30 1928, shows: depositors' balances, $240,620,759;
reserve fund,$5,826,478; while the assets include $15,467,931
in coin and cash balances, $10,745,000 in fixed deposits, and
$219,165,046 in Government and municipal securities.
Profits of the Commonwealth Bank of Australia for the half
year amounted to $3,932,657, while in addition those ofthe
Commonwealth Savings Bank of Australia aggregated
$899,970.
In the directors' report, Sir Robert Gibson, Chairman,
recalls that in the early part of last year the directors of the
Bank were fortunate in being able to arrange for the visit to
Australia of Sir Ernest Harvey, Comptroller of the Bank of
England, to discuss with them banking matters in general,
but more particularly the question of the establishment of the
Central Reserve Banking System in Australia. During his
visit arrangements were made for a meeting bteween Sir
Ernest and the management of all of the Australian Banks
for the purpose of enlightenment on the Central Reserve
System, and as a result of this a committee was formed for
the consideration of the establishment of the Reserve
System in Australia.
It is stated that some progress towards this objective has
been accomplished and the establishment of the System is
not unfavorably viewed in banking circles. It is also stated:
During the half year under review, the Directors have continued the
policy of disposing of surplus gold overseas, but the amount available for
this purpose has been negligible as compared with the previous 18 months.
Holding as they do the view that the hoarding of gold in excess of reasonable requirements Is economically unsound, it is considered desirable to
dispose of surpluses and invest the proceeds so as to become an earning
factor In London, but at the same time provide assets in liquid form immediately available for the requirements of the Commonwealth. The Commonwealth Bank of Australia, through its Note Issue Department, has the
sole p3wer of issuing Australia Notes, the circulation of which as compared
with Dec. 31 1927, shows a decrease of over $36,000,000, the policy of the
directors being to make the actual circulation correspond as nearly as
possible to immediate requirements, and although the present review show.
the very material decrease referred to, the directors are prepared to provide
the necessary currency to meet seasonal requirements for all purposes,
always having regard to any possible inflation due to redundancy.
The usual activities of the Bank in arranging the flotation of loans overseas for various public bodies have operated, and in this connection the
Agency which was recently opened at New York has played its part
2188
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has moved forward with the greatest
vim and enthusiasm during the greater part of the present
week, the daily sales gradually increasing from slightly
over 4,000,000 shares on Monday to more than 4,500,000
on Thursday and Friday. Speculative activity centered
largely in the copper shares, motors and merchandising
stocks, though there was a strong demand for oil issues and
public utility securities at moderately higher prices. United
States Steel and some of the independent steel shares moved
into new high groutid and numerous other stocks reached
new tops or moved forward to higher levels. The report of
the Federal Reserve Bank issued after the close of the market on Thursday showed a further increase of $74,500,000
in brokers' loans. Call money advanced from 63/2% to 8%
2% on
on Monday and gradually worked downward to 63,
Thursday and Friday. The outstanding feature of the
two-hour session on Saturday was the sensational climb
of Montgomery Ward which opened with an overnight gain
of 13 points at 295 and slosed at 293 with a net gain of 11
points for the day. Bethlehem Steel was one of the strong
stocks and shot upward to 72-its best price since 1920.
Midland Steel Products pref. at 240 had scored a gain of
five points and Crucible Steel closed at 793/2, as compared
4. Copper stocks moved
with its previous final at 783
upward under the guidance of Kennecott which registered
a new top at 104. Motor Products moved ahead eight
points to 200 and Ar-erican Linseed at 129 had advanced
about five points. Rubber shares were represented in the
%
upward swing of Goodyear which ran up six points to 987
at its high for the day.
Railroad shares and mining stocks moved up with the
leaders on Monday, both groups being in active demand at
improving prices throughout the day. Lehigh Valley was
one of the outstanding strong spots as it forged ahead three
or more points to 101, followed by New York Central with a
three-point gain to 1753/3. Delaware & Hudson closed with
an advance of four points to 1933. and many of the higher
priced stocks showed gains ranging from one to two points.
The outstanding feature of the copper issues was Calumet
& Hecla which reached a new top with a gain of 12 points
to 46,closing one point lower with a net advance of 11 points.
Chile Copper surged upward more than four points to 547%;
Cerro de Pasco gained nearly two points to 97; Kennecott
reached a new high, and Greene-Cananea moved forward
nearly three points to 127. The strong stocks of the motors
included Chrysler, Packard and Willys-Overland. General
Motors moved close to its record high in the first hour, but
met considerable realizing and closed somewhat lower. In
the early trading United States Steel common lifted its top
4 and Montgomery Ward made a further advance
to 1653
4. American Can made a gain of nearly
of 11 points to 3043
4. Case Threshing Machine ran upward
two points to 1113
about 22 points and reached the best in its history at 3983',
4.
though it slipped back later in the day and closed at 3963
The market set a fast pace on Tuesday, with the volume
of trading exceeding more than 43 million shares. The
tickers were unable to keep the pace and ran from 15 to 35
minutes behind the transactions on the floor. Oil stocks
attracted a generous share of the speculative attention,
especially Pan-American Petroleum and Transport which
sold up to 49 with a gain of 33 points, Sinclair Oil which
scored a similar gain and Houston Oil which advanced about
two points. Motor stocks were in brisk demand, General
Motors leading the upward swing with a gain of nearly five
4. Packard crossed
points to 2217% and closing at 2183
100 to the highest peak at which the $10. stock has ever sold.
Hupp and Hudson were also higher, but Chrysler slipped
downward and closed with a loss of nearly two points from
its previous final. Case Threshing Machine crossed 400
for the first time in its history. Montgomery Ward again
lifted its top and such stocks as American Linseed, Victor
Talking Machine and a host of others closed with substantial
gains. Railroad stocks moved forward under the guidance
of Kansas City Southern which registered a gain of four or
more points to 66. Railroad shares and oil issues were the
outstanding strong stocks on Wednesday, but the general
. list was more or less irregular. Rock Island was the•bright
. light of the railroad issues and moved up about four points
[VOL. 127.
FINANCIAL CHRONICLE
to a new top in all time. Kansas City Southern moved up
to a new top above 68 and Chesapeake & Ohio advanced
four points. Barnsdall "A" was the leader of the oil stocks
with considerable interest manifested in Pan-American
Petroleum, Standard Oil of California and Superior Oil,
all of which moved briskly upward. In the industrial list
Victor Talking Machine, Johns-Manville, Murray Corporation and International Nickel, all reached new tops for the
year.
The market continued to forge ahead on Thursday, the
wave of public buying carrying many active shares to higher
levels, though practically all classes of stocks attracted considerable speculative attention at various times during the
day. The turnover reached the enormous total of 4,556,110
shares with 756 separate issues dealt in. The flood of buying
severly taxed the ticker service, which lagged from 25 to
40 minutes behind the market. Montgomery Ward bounded
forward to 338 at its high for lho day and closed with a net
gain of 233% points at 331. Allied Chemical & Dye moved
ahead 13 8 points to 235, but slipped back to 230. Motor
stocks moved upward under the leadership of General Motors
which recorded a net gain of 27% points. Studebaker advanced more than three points, but Chrysler again held
back, due in a measure to realizing sales. International
Nickel at one time sold up about 10 points to 176, but lost
most of its gain and closed at 167. In the copper group
Anaconda added two points to its gains and closed at 86
and Cerro de Pasco improved over two points. to 987%.
Railroad shares made only moderate improvement, except
Kansas City Southern which scored a further advance of
63% points to 75. Worthington Pump moving forward
about four points to 52. The market opened somewhat
higher on Friday and numerous advances were recorded
among the industrial favorites. Montgomery Ward scored
a sensational advance of 19 points to 350; Radio Corp.
bounded upward about 14 points to 232, and International
Nickel swept forward 17 points to 184. Copper stocks
continued in the foreground, Kennecott moving into new
high ground above 110 and Anaconda touching 87 for the
first time since 1916. American Smelting gained about
seven points and there was a strong demand for Calumet &
Arizona, Greene-Cananea and Chile Copper at improving
prices. General Motors again lifted its top to a new high
4. Studebaker
mark above 223, but dropped back to 2213
sold up to 873/2 at its high for the day, but the gain was
not held. Railroad stocks lagged behind and oil shares
were practically at a standstill. As the day advanced
heavy liquidation appeared in the general list, but there
was no weakness and selling was absorbed with only occasional recessions. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY
United
States
Bonds.
Stoats,
Number of
Share:.
Railroad,
&c.,
Bonds.
State.
fifunIciPal &
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,857,210
4,050,680
4,548,310
4.298,840
4,558.110
4,559.000
63,381,000
6,199,000
8,855,000
6,614,000
6,994,000
6,822,000
$1,605,000
2,452,000
2,866,500
3,083.000
2,544.000
1,717,000
$183.000
356,000
253,000
335,000
733,000
639,000
Total
23.868.130
638.865.000
814.287 500
82400 nnn
Week Ended Oct. 19.
1927.
1928.
Stocks-No, of shares_
Bonds.
Government bonds__ _
State and foreign bonds
Railroad dr misc. bonds
Total bonds
Jan. Ito Oct. 19.
Week Ended Oct. 19.
Sales at
New York Stock
Exchange.
1928.
1927.
23,888,130
12,704,925
651,511,934
448,582,092
62,499,000
14,267.500
36,865.000
$2,535,000
17,489,500
41,558,000
$152,627,750
617,521,635
1,877,083,178
$240,495,300
673,762,100
1,748,555,900
$53,631,500 $61,563,000 82.647,222,581 $2,662,813,300
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Oa.19 1928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
PhisatteiPhia.
Shores. Bond Sates. Shares. Bond Sales
.21,542
•56,744
.63,097
.48,185
*60,253
28,578
85,000
19,300
18,000
27,000
3,000
5.000
a39,844
a42,652
a40,308
a73,340
a92,752
a58,160
$8,000
5,100
23,600
38,100
21.000
63,000
Baltimore.
Shares. Bond Sales.
01,431
83,369
83,311
82,885
82,813
83,865
$24,500
41,000
18,600
35,700
77,500
25,000
278.399
$77,300
348.858
158,800
17,e74
8222.200
256.544
8133.250
218.456
880.700
18.576
1291 son
*In addition, sales of rights were: Saturday, 530; Monday, 3,461; Tuesday, 1,787:
Wednesday, 2,489; Thursday, 895.
a In addition, sales of rights were: Saturday. 1,500; Monday, 15.050; Tuesday.,
10,900; Wednesday, 14,400; Thursday, 13.200; Friday, 13,000.
b In addition, sales of rights were: Saturday, 289; Monday, 239; TOesday, 435:
Wednesday, 780; Thursday, 799: FrMay, 381.
OCT. 20 1928.]
FINANCIAL CHRONICLE
2189
The following were the United Kingom imports and exports of silver
THE CURB MARKET.
registered from mid-day on the 24th ult, to mid-day on the let inst.:
Speculative activity was rife in the Curb Market this
Imports.
Exports.
week, the volume of business increasing to almost record France
£78,373 China and Hong Kong_ __ _ £233,909
British
India
127,621 British India
figures. The market broadened considerably and gains
23.600
Mexico
136,790 Other countries
22,011
in prices predominated. High-priced issues for a time were Other countries
30,642
in demand. Anglo Chilean Nitrate gained 10 points to
£373,426
£279.520
39 and closed to-day at 38. Apponaug Co. sold up from
No fresh Indian currency returns have come to hand.
The stock in Shanghai on the 29th ult, consisted of about 54,800,000
603' to 70 8. Sidney Blumenthal & Co.com.rose from 62X
to 71% and rested finally at 71, Checker Cab Mfg. com. ounces in sycee, $88,500,000 and 8,720 silver bars, as compared with about
4,300,000 ounces in sycee, $90,100,000 and 9,320 silver bars on the 22d nit.
sold down from 81% to 70% and up to 75% finally.
Statistics for the month of September last are appended:
Deere & Co. from 470 reached 489% and reacted finally to
-Bar Silver per oz. std.- Bar Gold
480. Ford Motor of Canada advanced from 576 to 630
Cash Delivery. 2 Mos. Del. per or. fine.
Highest price
26 11-16d. 2674d.
84s. 11
and ends the week at 628. Galesburg-Coulter Disc im- Lowest
price
26 1-16d.
26 3-16d.
84s. lid.
proved from 91 to 112 and closed to-day at 107. Metro- Average price
26.440d.
26.5600.
84s. 11.4d.
Quotations during the week:
politan Chain Stores advanced from 633 to 733 with the
Bar Silver
final figure to-day 71%. Nat. Sugar Refg. sold up from
Bar Gold
per or. std.
per oz. fine.
148 to 170 and rested finally at 168. Royal Baking Powder Sept.27
2634d.
2654d.
84s. 1134d.
was a feature advancing from 353 to 408 and reacting to Sept. 28
267-lad.
2634d.
84s. 1134d.
269-lad.
375. Safeway Stores, old com. moved up from 696 to Sept.29
265.4d.
84s. 1134d.
Oct. 1
2614d.
26
11-16d.
84s. 1114d•
785. The new stock was traded in down from 150% to Oct. 2
26 0-16d.
2614d.
84s. 1134d.
14834 and up to 159 and at 157 finally. Sanitary Grocery Oct. 3
2654d.
261Id.
84s. 1134d.
26.552d.
26.6354.
84s. 11.54.
rose from 4013 to 475, reacted to 450 and sold to-day at Average
The silver quotations to-day for cash and two months' delivery are each
467. Utilities show only slight changes as a rule. Amer. %d.
above those fixed a week ago.
Gas & Elec. com. sold up over 13 points to 1857, the close
to-day being at 181%. Oils were higher though changes
were not large. Prairie Pipe Line sold up some eight points
ENGLISH FINANCIAL MARKETS-PER CABLE.
to 193 and ends the week at 191.
The daily closing quotations for securities, &c., at London,
A complete record of Curb Market transactions for the as reported by cable, have
been as follows the past week:
week will be found on page 2216.
Weetend.0c1.19
Sc
Mon.
Tues.
Wed.
Thurs.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended
Cc:. 19.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*STOCKS(No. Shares).
Indus. d.
liftmen.
356,170
610,113
734,510
764,630
854,620
989,160
Mining.
78,200
113,550
117,640
137,870
180,920
136,640
Total.*
44,230 478,600
101,943 824,606
79,750 931,900
113,800 1,016,320
125,000 1,160,500
117,800 1,243,600
BONDS(Par Value).
DOrlieStie.
8589,000
1,521,000
1,463.000
1,656.000
2,058,000
2,156,000
Foreign
Government.
8407,000
408,000
397,000
319,000
291,000
248,000
Total
4.309.183 764.800 581,623 5.655,506 99,443,000 82,070,000
• In addition, rights were sold as follows: Saturday, 33,400; Monday,
50,200;
Tuesday, 37,400; Wednesday, 27,700; Thursday, 39,800; Friday, 54,400.
Frt.
London,
Oct. 13.
Oct. 15.
Oct. 16.
Oct. 17.
Oct. 18.
Oct. 19.
Silver, per oz.d. 2674
26 9-16
26 11-16 26 11-16 26 11-16 26 9-16
Gold per fine
ounce
s. 84.11
84.11%
84.11%
84.11%
84.1134
84.11%
Consols,2%s__ _ _ _ _
559-16
55%
55%
55%
55g
Britiah, 5.5____
103%
103%
103%
10334
10354
_
British, 4148__
99%
99
99%
993'
99
French Rentes
(In Paris).fr. _ _ _ _
65.70
65.50
65.40
66.50
66.35
French War L'n
(in Parls)_fr.
93.50
93.15
93.35
93.45
93.75
The price of silver in New York on the same days has been
Silver in N.Y., per oz. (cts.):
Foreign
58
5834
ss
5834
ss
58
THE ENGLISH GOLD AND SILVER MARKET.
COURSE OF BANK CLEARINGS.
We reprint the following from the weekly circular of
clearings
Bank
the present week will show a substantial
Samuel Montagu & Co. of London, written under date of
increase compared with a year ago. Preliminary figures
Oct. 3 1928:
compiled by us, based upon telegraphic adviees from the
GOLD.
chief cities of the country, indicate that for the week ending
The Bank of England gold reserve against notes amounted to
£170,569.635 on the 26th ult. (as compared with £173,437,370 on the previous to-day (Saturday, Oct. 20) bank exchanges for all the cities
Wednesday), and represents an increase of £16,663,320 since April 29
1925 of the United States from which it is possible to obtain
-when an effective gold standard was resumed.
The bulk of the £1,080,000 South African bar gold available in the open weekly returns will be 21.9% larger than for the correspondmarket this week was bought for export to Germany, only about
£.50,000 ing week last year. The total stands at $13,771,613,112,
being taken to satisfy the requirements of India and the trade.
against $11,295,243,131 for the same week in 1927. At this
The following movements of gold to and from the Bank of England have
been announced, showing a net efflux of £4,909,000 during the week under centre there is a gain for the five days ending Friday of
review:
35.9%. !Our ;comparative summary for the week follows:
Sept. 27. Sept. 28. Sept. 29. Oct. 1.
Oct. 2.
Oct. 3.
Nil
Received__ _ _
Nil
Nil
Nil
Nil
Withdrawn__ £818,000 £1,164,000 1101,000 £847,000 £1,958,000 £500,000
£521,000
The £1,165,000 sovereigns withdrawn were destined as follows: Set aside
account South Africa £750,000: set aside account Switzerland
£400.000:
Holland £15,000. Nearly all the other withdrawals in bar gold were for
Germany, apart from £500,000 taken for the U. S. A., and the
£521,000
withdrawn to-day, the destination of which is not yet known.
The £1,958,000 withdrawn on the 2d inst. is the largest amount taken from
the
Bank on any one day since Oct. 23 1925. The receipt to-day as in sovereigns released from set aside account Switzerland.
The amount of gold taken from the Bank of England and the open
market yesterday amounted to about £3,000,000, of which about £2,500,500
was for Germany and £500,000 for the U. S. A. This amount of
gold
acquired for export from London in one day probably constitutes
a record
since an effective gold standard was resumed.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 24th ult. to mid-day on the 1st inst.:
Imports.
Exports.
Russia
£10,500 Germany
£2,258,944
British West, Africa
30,539 Austria
25,250
British South Africa
267,668 British India
27.951
6,716 Canada
Other countries
500,000
Other countries
28,845
£315,421
£2,838,990
SILVER.
China operators have been active during the past week and this demand,
aided by inquiry from the Indian bazaars, has caused a rather higher level
of prices. Sala; continue to be made on Continental account, but supplies
have not been offered freely, holders of silver showing a disposition to hold
back in anticipation of higher prices. The Indian bazaars have made purchases both for near-shipments and to cover boar sales. America has sold
but some buying orders have also been executed for the same quarter.
The difference between the cash and two months' quotations again narrowed to 1-16d. on the 28th ult.. but the premium of 34d. on two months'
delivery was re-established to-day.
The undertone of the market appears fairly good and there seems to be a
likelihood of steadiness at about the present level.
Clearings-Returns by Telegraph.
Week Ended Oct. 20.
1928.
1927.
Per Cent.
97,166,000,000
715,842,649
579,000.000
476,000,000
149,295,418
152,400,000
226,768,000
225,358,000
185,999,373
205,279,834
149,483,179
100.113.779
61,431,998
85.238.000,000
590.347.138
503.000,000
497,000.000
137,559,978
133,800,000
201,767,000
166,782,000
157,951,114
161,546,374
123,938,049
94,261,109
77,033,229
+35.9
+21.3
+15.1
-4.2
+8.5
+18.9
+12.4
+35.1
+17.8
+27.1
+20.6
+6.2
-20.3
Thirteen cities, 5 days
Other cities, 5 days
210,392,972,230
1,083,372.030
88,082,985,991
1,267,008,390
+28.6
-15.8
Total all cities, 5 days
All cities, 1 day
811,476,344,260
2,295.268,852
$9,349,994,381
1,945,248,750
+22.7
+18.1
*12 T71 812119
ell 90A 942 121
4.212
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all eases 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. 13. For
that week there is an increase of 4.6%, the 1928 aggregate
of clearings for the whole country being $10,242,981,082,
against $9,788,572,552 in the same week of 1927. Outside
of this city there is a decrease of 5.0%. The bank exchanges
at this centre record a gain of 12.3%. We group the cities
now according to the Federal Reserve districts in which they
are located and from this it appears that in the New York
Reserve District (including this city) clearings show an increase of 11.8% but in the Boston Reserve District they are
10.4% smaller and in the Philadelphia Reserve District 7.5%
smaller. In the Cleveland Reserve District there is a decrease of 5.1%, in the Richmond Reserve District of 7.8%,
and in the Atlanta Reserve District of 12.6%. The Chicago
Reserve District falls 2.4% behind the St. Louis Reserve
District 2.7% and the San Francisco District 3.4%. The
Minneapolis Reserve District shows a gain of 1.0%, the
Kansas City Reserve District of 10.8% and the Dallas Reserve District of 7.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Wei* End.0a.18,1928.
1927.
1928.
,Was
'
21
Ana Nat Ina
1928.
an 001
,
'
ocA
LAO An" cm, .LOO
1925.
10.1 509 MI
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Oct. 13.
Clearings at1928.
1927.
8First Federal Reserve Dist rick-Boston
740.863
914.784
Me -Bangor..._
3,714.112
3,740,364
Portland
Mass.-Boston_ _ 390,000,000 437,000,000
• 1,287,370
2,019,091
Fall River_ _ _ _
1,205,092
1,191,491
Lowell
920,252
1,382.015
New Bedford_ _
5,486,069
4,888,541
Springfield_ _ _
3,141,573
3,292,455
Worcester
14,022.568
15,308,634
Conn.-Hartford
7,902,619
7,325,040
New Haven_ _ _
14.996.500
R.I.-Providence
15,811,400
776,762
637.824
N. H.-Manche'r
Total(12 cities)
443,030.617
Inc. or
Dec.
1926.
1925.
831,855
-19.0
3,976.597
-0.7
-10.8 477.000,000
2.080,959
-36.2
1,273.098
+1.1
1,715,052
-33.4
5,570,015
-10.9
3,588,469
+4.8
13,193.289
-8.4
7,078,891
-7.3
21,273,700
-5.2
769.964
-17.9
737,065
3,203,793
482,000,000
2.279,158
1,127,658
1,931,577
6,426,515
3.849,527
15,637,711
7.800,023
15,816,900
1,029,293
538,331.889
521.899,218
494,674,802 -10.4
Second Feder al Reserve D strict-New
5,284,928
5,288,097
N.Y.-Albany._
1,374,275
Binghamtcn_
1,175,700
56,306,729
54,728.188
Buffalo
1,047,013
926,914
Elmira
Jamestown_ _ _ _
1,395,430
1,526,303
New York_ __ _ 6,187,491,598 5,511,478,036
14,450,282
13.323,210
Rcchester
6,400,468
5,523,049
Syracuse
4,524,131
4,113,078
Conn.-Stamford
1,072,719
657,835
N. J.-Montclair
37,385,424
37,871,598
Northern N.J.
York
6,712,212
6,834,919
+0.1
1,153,800
1,293,300
+ 18.9
54,222.507
55,333.567
-2.8
994,078
1,056,262
-11.6
1,611,864
1,174,283
+9.4
+ 12.3 5,001,167,061 5,012,560,444
12,964.727
13,447,153
-7.8
6,635,710
6,720,554
-13.7
3,305,769
3,947,483
+ 10.0
701,326
696,293
-38.7
34,419,742
36,764,330
-1.3
Total(11 cities) 6,305,749,022 5,840,595,979 +11.8 5,128,435,205 5,135,282,179
Third Federal Reserve Dist act-Ph ilad elphia
1,863,206
1.661,829 -8.9
1,514,005
Pa.-Altoona.._ _
5,216,203
4,857,145
Bethlehem_ _
4.178,585 +16.2
1,441,816
1,438,929
1.639,270 -12.2
Chester
2.223,696
2.642,890 -8.0
2,430,377
Lancaster
Philadelphia_ _ 469,000,000 505,000.000 -7.1 532.000.000
4,303,185
3,903,217
Reading
4,429,008 -11.9
6.416,419
6,347,058 -19.4
5,114,402
Scranton
3,842,021
3,506.811 +0.4
3,520,345
Wilkes-Barre_ _
1,856,232
2.447.900 -25.0
1,835,549
York
5.683,762
6.894,402 -31.1
4.752,475
N.1.-Trenton..
1,761,919
3.848.734
1,735,060
2,921.449
550,000,000
4,281,061
5,956,526
3,650,339
1,871,811
6,101.047
-7.5 564,840,540
582,125,946
Total(10cities)
498,366,444
538.747,753
Fourth Feder al Reserve D istrict-Clev eland8.423,000 +1.2
6,498,000
Ohio--Akron__ _ _
4,843,713 -12.1
4,259,915
Canton
74,288,397 -13.3
64,394,982
Cincinnati_ _ _ _
123,605,231 127,035,294 -2.7
Cleveland
19,707.400 -21.8
15,411,500
Columbus
1,600.960 +31.9
2.112,287
Mansfield
6,129,140 +11.5
6.835,432
Youngstown
Pittsburgh-- 153,969,208 157.309.986 -2.1
6,193,000
4,386,591
76.603.070
139,797,767
19,244,200
2.178,127
5,950.226
180.447.780
6,644,000
4,726.685
75.258.954
134,844,031
17,364,000
1,852.380
5,998.738
165.863.139
-5.1
434,300.761
412,552,527
Reserve Dist act-Richm wed1,429.046 -27.7
1,033,014
5,689,504 -7.8
5,243,741
52,803,000 -4.7
50,310.000
*2,30o.000 2,602,740 -11.6
89,740,855 103,886,215 -13.6
27.852.751 +9.1
30,385,085
1,474,871
8,849,548
52,795,000
2,710,886
104,658.586
28.525.578
1,699,742
10,410,274
62,020,000
2,934,522
116.152,235
26,362,524
-7.8
199,014,469
219,579,297
Sixth Federal Reserve Dist rict-Atlant a10,938,129 -14.2
9.390,789
Tenn.-Chatt'ga.
*3,650,000 -4.1
3,501,077
Knoxville- -28.223.809 -6.9
26.279,142
Nashville
65,016,896 -12.0
57,188,616
0a.-Atlanta _ _
2.067,021 -5.5
2,805,012
Augusta
2,824,174 +22.0
3,445,037
Macon
-16.8
15,400.245
12,802,936
Pla.-Jack'nville.
3,245,000 -48.2
1,682,000
Miami
30,756,325 -12.0
27,064,507
Ala.-BirmIng'm
1,964,543 + 14.1
2,241.820
Mobile
2,475,000 +1.7
2,516,000
Miss.-Jackson
558,384 +5.9
586,011
Vicksburg
63,746,036 -16.9
53,000.262
La.-NewOrleans
10,654,507
3,705,685
24,560.621
65,199,203
2.787,575
2.467.992
26,488,475
7,528.846
28,181,359
2,146,981
2,587.278
545.526
71,216,318
8.579,546
3,493,413
24,160,200
96,643,315
2,862,875
2,330,876
36,638,915
27,635,478
27.925,237
2,230.846
1,780,000
526,532
77,755,523
Total(8 cities)
Fifth Federal
W.Va.-Hunt'g'n
Va -Norfolk_ _ _
Richmond _ _
S.C.-Charleston
Md.-Baltimore _
D.C.-Washing'n
Total(6011168)
Total(13 cities)
377,086,555
179,012,695
262,503,209
397,336,890
194,263,258
231,765,582 -12.6
Week Ended Oct. 13.
Clearings at1928.
248 ,070,366 312,559,759
1927.
Inc.or
Dec.
1926.
Seventh Feder al Reserve D latrict-C hi cago301,401
343,723 -9.6
310.586
Mich.-Adrian _
1,969,494
988,851 +13.3
1,120,153
Ann Arbor_ _
167,227,513 169,738,359 -1.5 187,221,103
Detroit
8.779,236
8,767,257 -2.0
8,587,901
Grand Rapids_
2,747,279
2,772,550 +55.7
4,315,615
Lansing
3,095,293
3,498,452 -7.5
3,234,995
Ind.-Ft. Wayne
23,886,000
24,307,151 -5.6
22.957,000
Indianapolis_ _ _
2.737,466
3,231,100 -4.2
3,095.983
South Bend..
5,341,138
5,605,743 -4.3
5,361,951
Terre Haute_ _ _
48,742,912
49,549,301 -7.8
45,690,923
Milwaukee_.
2,587.688
2,714,971 +12.5
3,054,928
Iowa-Ced.Rap_
10,312.695
9,380,517 +10.8
10,397,230
Des Moines_ _ _
6,969,072
7.045.103 + 18.3
8,334,285
Sioux City_ _ _ _
1,814,001
• 1,174,722 +31.5
1,545,036
Waterloo
1,720,294
1,586,782 -0.7
1,575,582
111.-Bloom'gton.
632,663,452 853,003.542 -3.1 629,257.125
Chicago
1,450,394
1,380,156 -15.3
1,169,172
Decatur
5.202,512
4,633,598 +2.4
4,742,533
Peoria
3,547,291
3,473,871 +14.9
3,989,807
Rockford
2,690.315
2,292,371 -1.7
2,253,130
Springfield....
Total(20 cities)
Inoor
Dec.
$
$
$
%
$
Federal Reserve Diets.
521,899,218
538231,889
494,674,802 -10.4
443,030,617
lit Boston _ _._12 cities
6,305,749,033 5,640,595,979 +11.8 5,128,435,205 5,135,282,179
Ind New York _11 "
582,125,946
564,846,540
538,747,753 -7.5
498,366,444
Brd Philadelphlal0 412,552,627
434,800,761
397,336,890 -6.1
377,086,555
ith Cleveland__ 8 "
219,579,297
199,014.469
194,263,256 -7.8
179,012,695
5th Richmond _ 6 "
312,559.758
-12.6
248,020,366
331,765,562
332,503,209
5511 Atlanta_ _._13 "
950,472,709 1,032,016,106
955,488,100 -2.4
931,827,839
Tth Chicago_ _ _20 "
269,133,900
259,752,314
216,044,179 -2.7
239,335,913
56/1 St. Louis_ _ 8 "
163,904,264
148,025,234
176,972,315 +1.0
178,684,017
7th Minneapolis 7 "
262,566,358
255,069,907
252.666.173 +10.8
270,996,430
10511 Kansas City 12 107,001,548
98,252,909
+7.1
88,310,736
94,542.648
''
5
11th Dallas
559,406,655
569,822,807
571,706,817 -3.4
522.045,693
12th San Fran_ _17 "
•
129 cities 10,242,981,082 9,788,572,552 +4.6 9,394,895,110 9,578.027,754
Total
4,061,489,486 4,277,094,526 -6.0 4,393,728,049 4,565,487,310
Dutalde N. Y.City
"tanaula
[vol.. 127.
FINANCIAL CHRONICLE
2190
931,627,839
955.488,100
-2.4
Eighth Federa 1 Reserve Die trict-St. Lo tas5,472,053 +10.1
6.026,658
Ind.-Evansville
Mo.-St. Louis.. 147,400.000 147,633,380 -0.1
38,148,977
-8.7
34,828,963
.-Loulsville...
Ky
357,561 -7.1
331,998
Owensboro.
34,313.503 -12.6
29.997,723
Tenn.-Memphis
18,307,152 +3.4
18,921,094
Ark.-LittleRock
346,327 -3.8
333,162
Ill.-Jacksonville
1.465,226 '+2.1
1,496,327
Quincy
Total(8 cities) _
239,335,913
246,044,179
1925.
317,084
1,679,105
192,284,451
9,857,158
2,773,973
3,170,296
17,939,000
3.287,354
5,199,542
46,068,680
2.708.640
10,965,388
7,071,314
1,336,110
1,818,224
713.006,649
1,391,880
5,080,593
3,190,457
2,870,208
950.472,709 1,032,016,106
6,085,784
164,800,000
34,734,078
309,398
32,762,810
19,119,075
411,957
1,529,212
5.956.864
168.500,000
34,541,094
348,404
37,250,558
20,485.881
431,360
1,619,739
-2.7 259,752,314
269,133,900
Ninth Federal Reserve Dia trick-MIno eapolis
16,135,613 -20.9
12,763,798
Minn.-Duluth..
Minneapolis_ _ _ 119.499,515 113,326,553 +5.4
37.722.086 -2.9
36,609,739
St. Paul
2.345,348 -10.7
2,094,099
N. Dak.-Fargo.
1,819,594 +6.0
1,928.522
S. D.-Aberdeen
1,067.121 + 17.9
1,258.344
Mont.-Billings _
4,530,000
Helena
4,556:000 -0.8
10,320,561
94,609,867
34,499,997
2,157,181
1,565,357
981,683
3,890,588
12,597,366
106,081,465
36,126,211
1,941,476
1,767,713
1,173,805
4,216.228
+1.0
148,025,234
163,904,284
Tenth Federal Reserve Ms trick-Kane as City
353,193 +8.8
384,408
Neb.-Fremont.
584,474 -7.1
542,915
Hastings
5,013,693 -10.7
4,477,454
Lincoln
45.502,171 +1.2
46,051,565
Omaha
3.897,022 +8.7
4,234.274
Ran -Topeka..
8.062,753 +18.1
9,518,103
Wichita
Mo.-Kan. City. 157,025,527 144:463,449 +8.7
6,505,954 +21.0
7,874,237
St. Joseph
35,428,770 +5.8
37,500,000
Oklahoma City
1,399,277 +4.4
1,460,293
Col.-Col. Sege_
a
a
a
Denver
1,455,417 +32.4
1,927,654
Pueblo
369,318
604.926
5,209,069
41,265,631
3,256,379
8,080,683
154,523,274
6,863,402
32,333,018
1,274,138
a
1,290,071
408,878
648.003
5.291,692
46,146,804
3,314,531
7,201,993
152,053,524
7,307,410
37,619,364
1,409,805
a
1,164,354
Total(7 cities)
178,884,017
176,972,315
252,666,173 +10.8
255,069,907
262,566,358
Eleventh Fede ral Reserve District-Da Ilas2.131,471 +24.5
2,654.287
Texas-Austin _
59,631,718 +2.3
60,985,242
Dallas
13,002,800 +29.3
16,818,162
Fort Worth...
7,845,000 -4.4
7,501,000
Galveston
5,699,747 +15.5
6,583,957
La -Shreveport.
2,220,079
56,429.321
15,098,796
17,940,000
8,564,713
2,192,212
88,564,222
16,748,897
12,384,000
7.112,217
+7.1
Total(12 cities)
Total(5 cities).
270,996,430
94,542,648
88,310,736
Twelfth Feder al Reserve D [strict-San
47,188,512
44.335,487
Wash -Seattle..
13,725,000
14,027,000
Spokane
1.967,401
1,889,608
Yakima
41,151.629
35,858.467
Ore.-Portland_ _
20,481,758
20,436,433
Utah-S. L. City
6,714.621
4,244,852
Calif.-Fresno...
6.679.166
7.233,579
Long Beach_ _ _
192,804,000 174,964,000
Los Angeles..
18,460.687
16,490,256
Oakland
6,582,637
6.178,277
Pasadena
6,572.550
9,025,291
Sacramento- - _
5,485,252
5,569,643
Ban Diego
San Francisco. 184,031,000 212,280.000
3.151,732
3,438,572
San Jose
1,592,872
1,538,147
Santa Barbara_
2,099,991
2,097,000
Santa Monica_
2,632.000
2,845,100
Stockton
Total (17 cities)
552,045,693
671.708,817
Grand total (129
10,242 981082 9,788,572,552
cities)
98,252,909
107,001,548
Franc isco48,348,775
-6.0
14,445,000
+2.2
2,090,961
-4.0
46.838,128
-12.9
20,361.650
-0.1
7,510.244
-36.8
6,917,709
+8.3
+10.2 176,865,000
22,289,508
-10.7
5,867,544
-5.9
8,714.435
+37.3
6,649.217
+1.5
-13.3 192,952,000
3,549,343
+9.1
1,389,258
-3.4
2,320,535
+0.1
2.713,500
+8.1
48,029,126
13,430,000
2,166,606
48,094,482
20.238,252
5.715,302
6,900,120
163.314,000
22,850,349
5,838,500
9,738,642
5,503.280
198,746,000
3,518,583
1,955,389
2,226,644
3.143.400
569,822,807
559,406,655
-3.4
+4.6 9,394,895,110 9,578,027,754
Outside NewYork 4,081,489,486 4,277,04,526 -10.2 4,494,728,049 4,565,467,310
Week Ended Oct. 11.
Clearings atInc. or
1926.
Dec.
1925.
1927.
1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat_ _ _
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert_ ..- Moncton
Kingston
Chatham
Sarnia
$
$
s
%
$
142,940,837 146,646,255 -2.5 108.340.647 104,888,862
143,563,387 148.682,827 -3.4 101,301,503 100,203,886
68,597,676
62,082,281 +48.6
84,161,448
92,245.024
15,128,380
17,912,907 +36.0
18,389,878
24,360.280
6,345,852
6,757,544 +26.0
8,816,368
5,982,712
6,037.572
8,071,118 -9.5
5,363,264
7,305,364
2,991,836
3,086,390 +24.2
2,841,301
3,833,007
5,387,334
5,968,360 -1.0
4,948.527
5,907,355
6,154,294
7,340,562 + 107.8
6.224.214
15,252,264
2,484.898
2,265,574
2,518.207 +11.0
2,796,291
2,277,649
1,928,763
2.789,802 -3.4
2,695,236
2,926.759
2,586.646
3,586,769 -2.0
3,515,382
4,804,783
+41.8
4,528,586
5,269,345
7.470,521
5,917.339
7,101,358
5,751,408 +54.2
8.870,303
591,313
726.428
757.522 +36.0
1,030,581
515,080
619,135
706.400 +49.5
1,056,401
2.354,749
2,298,683
2,546,638 +37.0
3,488.869
1,375,272
1.436,111
1,605,843 +7.3
1,722,280
1,133.847
1.019,643
1,392,918 +0.8
1,529,201
1,022,263
973,546
1,232,155 + 19.8
1,476,280
811,178
742,060
959,070 -4.1
919.482
371,739
315,131
460,054 +32.2
608,362
895.539
871,373
-1.3
995,633
982,984
872,844
794,599
927,734 + 10.6
1,026.290
1,082,401
991,390
1,344.458 +6.3
1.429,184
5,143,173
4,484,558
5,269.265 +0.7
5,308,492
386,231
383.584
434.267 +44.7
628,192
830,246
895,124
902,776 +5.7
954,027
859.246
831,940
1,025.064 -10.4
917.986
674,659
814,225 +12.8
918,471
716,869
584,773 +39.4
815,083
a Manager refuses to report weekly clearings. * Estimated.
OCT. 20 1928.]
FINANCIAL CHRONICLE
2191
122,221,122
-37.373,300
INTEREST-BEARING DEBT OUTSTANDING.
Interest July 31 1928.
Title of LoanPayable.
$
25 Consuls of 1930
Q.-J. 599,724,050
2s of 1916-1936
Q.-F.
48,954.180
28 of 1918-1938
Q.-F.
25,947,400
35 of 1961
Q.-M.
49,800,000
35 conversion bonds of 1946-1947
Q.-J.
28,894,500
Certificates ofindebtedness
J.-J. 1,252308,000
339s First Liberty Loan, 1932-1947
J.-J. 1,397,656,200
95 First Liberty Loan, converted
J.-D.
5,155.650
419s First Liberty Loan, converted
J.-1). 532,820,150
419s First Liberty Loan,second converted
J.-D.
3,492,150
45Second Liberty Loan,1927-1942
M.-N.
4198 Second Liberty Loan, converted
4145 Third Liberty Loan of 1928
/v .4. 1,070,894,250
4195 Fourth Liberty Loan of 1933-1938
A.-0. 6,284,041,600
919s Treasury bonds of 1947-1952
758,984,300
45 Treasury bonds of 1944-1954
1,036,834,500
3148 Treasury bonds of 1946 1956
489,087,100
319s Treasury bonds of 1943-1947
993,037.750
3348 Treasury bonds of 1940-1943
05,217.400
45 War Savings and Thrift Stamps
138,973,362
219s Postal Savings bonds
J.-J. .15,875,560
5198 to 5345 Treasury notes
J -D. 2,920,113,550
+41.482,497
Balance, deficit(-) or surplus(+)
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
July 31 1927.
$
599,729,050
48,954,180
25,947,400
49,800.000
28,894.500
700,742,500
1,397,687,000
5,155,700
532,823,350
3.492.150
17,581,100
1,227,993,300
2,147,664,850
6.296,906,410
762,320,300
1,042,901,500
491.212,100
493,778,200
300,107,268
13,951,780
2,019,194,550
17,247,941,652 18,206,332,228
239,296,036
244,409,920
38,980.795
12,452,100
Net debt
a17,526,218,453 18,463,194.245
-37,373,300 +41,452,497
517,563,591,783 18,421,711,751
a The total gross debt July 31 1928 on the basis ef daily Treasury statements
was
$17,526,219,470.96, and the net amount of public debt redemption and receipts
in
transit, &c., was $987.65.
b No reduction is made on account of obligations of foreign governments
other
or
Investments.
e The amount of these bonds issued in exchange for Third 4 54s was
$107,521,550.
The figure of $95,217,400 represents only those actually cleared
at the close of business July 31. In addition $251,521,400 of these bonds was
sold for cash, delivery
and payment to be made August I.
Zommercial alid Aliscall=consglare
834
14534
2534
6819
319
79
10019
93
35
5419
60
5634
45
50
h
39
146
52
34
42
614
57
50
25
19
7
551: 58
50
50
5C
50
25
25
9954 9919
5919 5954
9934 9974
10454 10419
101 10554
10634 10619
10534 10554
10054 10019
79
80
75,650
36.900
55,000
1,000
9,000
1,000
6,000
5.000
1,000
10,800
2,000
5.000
6,000
14,000
caMMN4NMOMN.I.
.44r...-1CoM00000=00
MM
Total debt
Deduct Treasury surplus or add Treasury deficit
7654
NgbtggggtggvatvolgottbzltugaRgast.I.Ittt,
-45tg.p5514 0
t N7V,43,t'
, /MtIN5;
117,573,084
. Total
4819
x
36,997,625
73,849,138
7,675,115
3,699,244
x
30.225,751
80,199,784
6,409,240
738,309
-837.342
mx
163,703,619
xx
120,775,369
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates....
Settlement warrant cheeks
10
10
100
2439 393,, 54,600
5,204
5234 66
3014 3154 2,300
3054 3574 15,700
52
54
200
3
1,600
3
200 21034
125
8734 8954
645
4634 4834 2,700
5719 58
300
10734 10714
10
74
2,500
7634
334 319
170
8.19
73
1,000
135 147
4,200
100 101
564
2419 2954 193,130
6834 7074 9,700
319 4
800
4919 4914
10
54
54
5
2934 3319 28,900
87
87
8
79
79
100
8354 6519 8,000
98 10154 2,100
5219 53
63
92
9314
129
343( 3534 2,600
5454 55
520
5019
50
1,641
1305413054
36
5631 5644
736
974 974
200
26
27
800
3719 45
18,095
50
40
50
5434 5454
100
h
h
1,000
334 354 1,600
3819 39
1,034
216 216
6
14219 14834 40,300
24
2454 4.200
5054 52.19'
411
2539 2539
300
12119 13934 6,100
40
4
7
3.5
4119 42
300
4139 4174
100
xxx
164,540,961
38
6434
3139
xxxx xx
Balance end of month by daily statement, &t,
116,750,284
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
+40,025,085
Budd (E 03) Mfg Co
•
Preferred
Camden lite Insurance__ _
Commonwealth Ca8 C0_10
Consol Traction of N J_100
Cramp Ship ar Eng_ ___100
Curtis Pub Co corn
•
Electric Stor Battery- _100
Fire Association
10
Horn &Hardart(N Y)corn*
Preferred
100
Insurance Co of N A___ _10
Keystone Telephone_ _ __50
Lake Superior Corp....100
Lehigh Coal & Navig_ _ _50
Lehic'h Valley RR corn_ _50
Lit Brothers
10
Manufacturers Cas Insur_
Mark (Louis) Shoes Inc__•
Preferred
100
Minehill& SchuykIll Hav50
North East Power Co__.
North Penn RR
so
Penn Cent L & P cum pfd *
Pennsylvania RR
so
Pennsylvania Salt Mfg_50
Sails Co 'Pitts)6% Ofd-50
Phila Dairy Prod pref
Piffle Elm Pow recta_ _ _25
Pulls Rapid Transit_ _ _ _50
50
7% preferred
Phila Germ & Norris PR 50
Philadelphia Traction__ _50
Phila.& Western Ry_
_50
Reliance Insurance
10
Shreve El Dorado Pipe L25
Scott Paper Co
*
Stanley Co of America...*
Tono-Belmont Devel-.--*
Tonopah Mining
1
Union Traction
50
United Cos of N J
100
Lnited Gas Improve__ _ _50
United Lt & Pr A corn ___*
U 8 Dairy Prod class A__ _•
Victory Insurance Co_ _ _10
Victor Talk Mach, corn_ _•
Warwick Iron & Steel__ _10
W Jersey & Seashore RR 50
Westmoreland Coal
50
RightsBudd Mfg Co
BondsElec & Peoples tr ct% 45'45
Inter-State Rye colt tr 48'43
Lake Sup Corp 5s_ _ _ _1929
58 stamped
lehish C & N cons 4398 '54
Peoples Pass tr ctfs 48_1913
PhilaEl(Fa) let 4198 ser '67
1st lien & rof 5a
1960
181 58
1966
1st lien & ref 5195_ _1947
Phila Else Pow Co 5348.'72
Strawbridge&Cloth58 1018
Un Rya & El(Balt) 4s _1919
,.9,
m xxx
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
July 31 1928. July 31 1927.
XXX4X
,
441.4,1 t400t,....000OMnWOMMMCW
4M071.201.-.ONQQ0M4M00 MCCVM[4.4N
40tO
b.,041,
0=N4V
VnciMC.COO.DOCOOMM..
c4.4
Philadelphia Stock Exchange.-Record of transactions
Public Debt of United States-Completed Returns
at Philadelphia Stock Exchange, Oct. 13 to Oct. 19, both
Showing Net Debt as of July 31 1928.
inclusive, compiled from official sales lists:
The statement of the public debt and Treasury cash holdPlidaY
woes
ings of the United States as officially issued July 31 1928,
Last Week's Range for
Range .Since Jan. 1.
Sale
ofPrices.
Week.
delayed in publication, has now been received, and as
StocksPar. Price. Low. High. Shares.
Low.
High.
interest attaches to the details of available cash and the Almar Stores
• 131,4
13
14
4.700
Feb
20
• 8034 '4814 81
gross and net debt on that date, we append a summary American Stores
6,100
8439 Sept
Bell Tel Co of Pa pref__100
11519 11819 • 300
11834 Oct
thereof, making comparisons with the same date in 1927:
Blauners all Ctf
58
58
200
60
May
Bernet Inc
14
Feb
3934 Oct
73
Mar
4919 May
3534 Oct
6234 May
14
Jan
21014 Oct
9174 Sept
85
Apr
Mar
64
Mar
110
10434 May
Jan
7
939 Sept
154 June
10639 May
2954 June
6274 Aug
2234 Jan
100
Jan
5834 May
3014 May
9134 Apr
82
May
Apr
72
10919 Jan
5859 May
96
Sept
3.519 Oct
Apr
61
52
Apr
135 May
May
64
15 May
3719 Jan
45
Oct
6034 May
6854 Sept
2
Jan
5
July
46
May
228
May
14934 Slay
273. July
6214 May
34
Jan
13934 Oct
139 Apr
43
bent
5734 Jan
7
66
52
50
31
101%
6619
10339
106
109
10754
108
10134
80
Oet
May
June
Jan
Apr
Slay
Apr
n.ay
Mar
Jan
Mar
May
June
Feb
• •
Breadstuffs figures brought from page 2258.-All
the statements below regarding the movement of grain- • No par value.
receipts, exports, visible supply, &c., are prepared by us
BANK NOTES-CHANOES IN TOTALS OF, AND IN
from figures collected by the New York Produce Exchange. DEPOSITED BONDS, &c.-We give below tables which
First we give the receipts at Western lake and river ports show all the monthly changes in national bank notes and in
for the week ending last Saturday and since Aug. 1 for bonds and legal tenders on deposit therefor:
each of the last three years.
Corn.
Oats.
Barley.
Rye.
ls.196Ibs. bush. 60 lbs. bush. $6 lbs. bush. 32 lbs. bush.48Ibs.
bush.5015g.
243.000
676,001
530.000
752,000
445,000
173,000
5,795,000
53,0
545.000 1,022,000
324,000
7,019,000
1 00
101,000 1.462,000
680,000
56.000
112,000
33,
199,00
634,000
98,000
176.000
15,00
103,000
11,000
1,000
46,000
10.000
24.000
5,000
7,000
117.000
179,000
202,000
111,000 1,157,000
238,000
442.000
115,000
10,000
53.000
38.000
213,000
116.000
65,000
1,799.000
212.0
108.000
771,000
174.000
124,000
209,000
120,000
38,111
348,000
5,000
12,000
98,000
94,000
164.000
10.000
2,000
463,000 18,358,000 1,877,000 2,930.000 3,769,000
559,000 17,997,000 3.075,000 3,339.000 2,068.000 1,295.000
490,000 7,297,000 5,639.000 3,020,000 1,006.000 1,827,000
427,000
Since Aug.11928
5,359,000206,491,000 48,625,000 99,447,000 49,416,00010,003,000
1927
5,365,000 193,731,000 43,929,000 47.920,000 29 887,000
17,796,000
1926
5,348.000 138,821.000 3r,755,000 45,583,000 14,365.000 14.654,00
0
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 13, follow:
Receipts at-1 Flour.
Barrels.
New York__
302,000
Philadelphia _
38,000
Baltimore_ _
20,000
NewportNews
3,000
Norfolk
New Orleans•
42,000
Galveston__
Montreal _ _
90,000
Boston
28,000
Wheat.
Bushels.
1,493,000
26,000
190.000
213,000
144,000
5,326.000
115.000
Corn.
I Btrky.
Rye.
I
Oats'
Bushels. I Bushels. I Bushels, Bushels,
32 00(Y,
274,000, 391,000
98.000
1:000:
30,0001
187.000
1,000
14,000
62,000, 284,0
57,0001
9,000
Sept.29 1928
Aug. 31 1928
July 311028
Juno 30 1928
May .11028
Apr. 0 1928
Mar.31 1928
Feb. 29 1928
Jan. 1 1928
Dec. 1 1927
Nov. 0 1927
Oct. 1 1927
Sept. 0 l927_.
Aug. 1 1927
July 1 1927
June 0 1927
May 11027
Apr. 30 1927
Mar. 31 1927
Feb 28 1927
Jan. 31 1927
Dec 311028
Nov 0 1926
Oct. 31 1926
Sept. 01926.
rea•
Bonds.
Legal
residers.
Total.
5
660.463,912
660,518,182
658,463,423
858.732,988
661,522.450
661,127.660
1362.412.992
1361.481.322
659.332.017
862.380.082
863.340.875
663.167,030
662.742.593
663.747.178
661.550.788
661.288.545
683.156.720
662.238.833
661.673.603
660.366,240
657.369.790
861.046,465
882.764.613
661.742.830
880.558 707
$
37,688.747
38,299.802
38.926.229
40487,669
39,757,992
38,814,509
36,802,227
38.250.372
38,407,517
38,623,507
39.060.424
39.825,864
40,537.019
41.052.614
42,967.269
42,857,722
92.777,217
39,074,404
38.251.364
36.825.184
37.856.759
36.721.464
37.927.974
38.971,702
80 I7R 487
$
698,152,659
898,817,984
697,389,647
899,620,862
701,280,442
899,942.169
899.215.219
899.731,694
897,739.534
701.003.589
702.401,099
702.992.899
703,279.812
704.799,792
704.518.037
704.146.267
705.933.937
701.313.237
699,924,967
697.191,429
695,221,549
897.767,929
700.692.587
700,714.532
899 734.289
National Batik Circulation.
afloat on-
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Sept.. 29:
208,000
9,000
U. S. Bonds Held Sept. 29 192810 SecureBonds on Depose
Sept. 29 1928.
331,000 1,125,I
12,000
162,000
405,000 2,373.000 1,548,000
8,054,000 19,806,000 7,630,000 8.606.000
•Recelpts do not include grain passing rhrough New Orleans for foreign ports on
through bills of lading.
1,10
$4,049,608 Federal Reserve bank notes outstanding Oct. 1 1928, secured by lawful
money, against $4,638,468 on Oct. 1 1927.
1,114,000
3,000
Total wk.19
115,000
523,000 7,507,000
926,000 1,987,00 1,216,000
Since Jan.1'2 18,995,000 188.870.000 63.458,000 28.694,000 34.555.00015,730,000
Week 1927
547,000 9,151,000
Singe Jan.1.27 17.230.000219.714,000
'2 MIA
Amount Bonds
on Deposit to
Secure Circula
(Ion/es National
Bank Notes.
M.P....row00WtOCC.0
au400 044
0000000000000000000000O
Total wk.192
Same wk.1927
Same wk.1926
Wheat.
00 IL
'010.4.-co.w&mt.W-.V.DOCAAW.+M
Chicago
Minneapolis_
Duluth
Milwaukee_ _
Toledo
Detroit
Indianapolis_
St. Louis__
Peoria
Kansas City_
Omaha
t. Joseph Wichita
Sioux City.
Flour.
mmacemomc
s.a.a.acoosemmammmoc
cacuacucoobomamoomoo
a.=ocaoclom
Receipts at- I
00 I,
25, U. S. Consols of 1930
25. U. B. Panama of 1936
25, U.S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Fed,rat
Secure
Reserve Bank National Bank
Notes
Notes.
Total
Hold.
592.867,500
48,715,720
25,734,820
592,887,500
48.715,720
25,734,820
667,318,040
887.318,040
2192
FINANCIAL CHRONICLE
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Sept. 1 1928
and Oct.. 1 1928 and their increase or decrease during the
month of September:
National Bank Notes-Total Afloat$698,817,984
Amount afloat Sept. 1 1928
665,325
Net decrease during September
Amount of bank notes afloat Oct. 1
Legal Tender NotesAmount on deposit to redeem national bank notes Sept. 1
Net amount of bank notes redeemed in September
$698,152,659
538,299,802
811,055
Amount on deposit to redeem national bank notes Oct. I 1928.-_- $37,688,747
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WHEN TITLES
REQUESTED.
Capital.
525,000
Oct.'13-The First National Bank of Lyman,Neb
Correspondent, C. W. Tidd, Lyman, Neb.
100,000
J
N.
Cllffside,
of
Bank
National
Oct.'13-The Peoples
Correspondent, Henry G. Peter, 602 Palisade Ave. 200.000
Grantwood, Cliffside,Park, N. J
200.000
Oct. 13-The First National Bank of Dobbs Ferry,N. Y
Correspondent, John T. McCormick, 59 Mohican Park
Y.
N.
Ferry,
Dobbs
Ave.,
CHARTER ISSUED.
50,000
Oct. II-The Wilton National Bank, Wilton, N. H P. Parker.
President, Geo. G. Blanchard: Cashier, H.
CHANGES OF TITLE.
Oct. 8-Albuquerque National Bank, Albuquerque, N. Mex., to
"Albuquerque National & Savings Bank."
"The
Oct. 9-The Reading National Bank. Reading. Pa., to
Reading National Bank & Trust Co."
VOLUNTARY LIQUIDATIONS.
100.000
Oct. 8-The First National Bank of Jackson. Minn H.M. BurnEffective Sept. 20 1928. Li41. Committee:
Minn.
Jackson,
SkalIcky,
J.
E.
and
Johnson
L.
L.
ham,
Succeeded by First National Bank in Jackson, Minn.,
No. 13095.
500,000
, Pa__
Oct. 8-The Broad Street National Bank of Philadelphia
Llq. Agent.
Effective 12 o'clock noon Oct. 6 1928.
L. A. Lewis. care of the liquidating bank, Broad and
Diamond Ste.. Philadelphia. Pa. Succeeded by
Bank of Philadelphia & Trust Co.
The liquidating bank has two branches.
.
Oct. 8-The National Bank of North Philadelphia, Philadelphia 700.000
Pa
Beury,
E.
Charles
Agent.
Liq.
1928.
5
Effective Oct.
by
112 W. Thasal St., Philadelphia, Pa. Succeeded
Bank of Philadelphia & Trust Co. The liquibranch.
dating bank has one
Oct. 8-The Queen Lane National Bank in Germantown at Phila- 200,000
delphia. Pa
Effective 12 o'clock noon Oct. 6 1928. Liq. Agent,
John W. Snowden. 3037 Queen Lane. Philadelphia, Pa.
Absorbed by Oak Lane Trust Co., Philadelphia, Pa.
Oct. 9-The Peoples National Bank of Jackson. Mo H. Mueller, 40,000
Effective Oct. 1 1928. Lig. Comm., H.
Wm. Bruenning, Henry Goeckl, R. C. Kasten. H. R.
Meier, J. H. Sander, J. R. Mayberry, Jackson. Mo.,
and H. W. Weiss. Cape Girardeau. Mo. Absorbed
by Cape County Savings Bank of Jackson, Mo.
25,000
Oct. 11-First National bank in Dustin, Okla
Effective Sept. 25 1928. Liq. Arent, W. N. Melton.
Dustin, Okla. Succeeded by First State Bank of
Dustin, Okla.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
the City of New
Oct. 8-The Harriman National Bank & Trust Co. of William
and NasYork, N'. Y. Location of branch, on Pine St. between
sau Sta., New York City.
of
Location
J.
N.
City,
Jersey
of
Bank
National
First
Oct. 10-The
branch, vicinity of 77 Jackson Ave., Jersey City,
[VOL. 127.
By Adrian H. Muller & Sons, New York:
6 per 37s.
6 Per Sh. Shares. Stocks.
Shares. Stocks.
200 Bay State Gas Co.; $1,000
50 Buffalo Steel Car pref., 100
&
$50 lot Steubenville E. Liverpool due
common
Beaver Valley Trac. Co. 55,
250 Lombard Tractor & Truck
1947.23 pref., 1 corn.;250 United
$100'01
Corp.,7% pref.; 375 corn
Copper Co. corn., 200 pref,
10 Public Light & Power Co., 6%
1 Amer. Trotting Register Assn.:
40
cum. preferred
802 Murray Hill Hotel; 1 Hotel
200 Allied Oil Corp., par $1; 20 Tex
Men's Confidential Agency; 13
La Home Oil Corp. corn., no par,
Travellers Pub. Co.; 250 Cope10 pref.; 75 Magna Oil & R.efg
Roller Bearing Co.; 1 Chapland
PreparaScott's
35
55:
par
Co.,
beau Club; $2,200 demand note of
tions, Inc., no par; 500 Caldwell
W. H. Young, dated Nov. 30
011 Co., par $1; 1,000 Turman
1906: 8250 demand note of
Louisiana 011 Co., par El;2 Legal
Edward E. Lee. dated July 1
Text Pub.Co., Inc., pref.,2 corn.,
$74 lot
1912
no par; 1 Alexandria Hotel Collat.
$40 lot
Co., common
Per Cent.
Bonds.
375 Island Properties Co., Inc._ _553 lot
$2,000 Consolidated Fuel Co. 151
2,100 Mills Securities Corp. capital
6s, May 2 1950; Nov. 2 1927 and
stock, no par, in name of Jos. B.
subsequent coupons attached_ _5110 lot
Seaman, and endorsed In blank,
Pacific dr Idaho Nor. By.
32,000
pledged as collateral for a 850.000
hot 50-yr. s. f 58, Nov. 1 1949;
promissory note of Jos. B. SeaNov. 1914 and subseq. coupons
man, dated May 15 1925, due
$66 lot
attached
June 30 1926. and interest $2,500 ot
$50,000 temporary bond Hudson
$50.000 note of Jos. B. Seaman,
6%,
Corp.,
Investing
Varey
30
due
June
dated May 15 1925,
dated Feb. 4 1928. due Jan. 1 lot
1926, Int. 6% from May 15 1925
$50
1937, registered
less $5,000 paid on acct. of said
$2,500
Interest
By Wise, Hobbs & Arnold, Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares,. Stocks.
.
Edison
25 Milford National Bank (Mass.) 170 24 New Bedford Gas & par
$25:
Light Co.,corn., undep..
5 Waltham (Mass.) National Bank,
6
corn,;
Co.,
Rubber
S.
171
U.
74
par $75
Acushnet Mill Corp.; 11 Morse
310
1 Atlantic National Bank
Twist Drill & Machine Co-56,600 lot
3434
23 Arlington Mills
units First Peoples Trust_ 3
special
69
7
10 Indian Orchard Co
10234 15 Gmton dr Knight Co., pref_71 ex-div.
6Pepperell Misr Co
1034
40 20 Graton & Knight Co., Corn
50 Nashua Mfg. Co..common
20 Dwight P. Robinson & Co., Inc.,
20 New England Southern Mills,
92
1.05 7% 1st pref
prof. W. of deposit
634 146 International Paper & Power 3534
35 Saco-Lowell Shops, common
Co.. corn. cl. A when Issued
74-7434
6 Merrimack Mfg. Co.. pref
16834
8 Boston RR. Holding Co., pref.__ 78 28 Collateral Loan Co
190
50 Rockland Light & Power Co.,
7 Fssex Co., par $50
89 ex-div.
Pref. v.t. c., par 550
43-4434
50 United Elastic Corp
35 Merrimac Hat Corp., corp....6434-65
21 Dedham & Hyde Park Gas &
3434 13 Quincy Market Cold Storage &
Elec. Co. v. t. c., par-$25
39
Warehouse Co., nom
25 Carbon Steel Co.,common.....51.751ot
70 Alaska Cold Mines Co., par $10, lot
10 Manhattan Market, corn., par
$100
15
$10
115 Hygrade Lamp Co., corn. w. 1. 4134
15 K. C. Joint Stock Laird Bank;
50 Old Colony Trust Associates-58-58%
10 N.Y. Harbor Dry Dock Corp.
125 Hygrade Lamp Co., corn. w. I. 4134
Prof.: I N. Y. Harbor Dry Dock
335 Old Colony Trust Associates-5834-68
Corp., corn.; ION. Y. Dry Dock
Co., enc., corn.; 250 Wayne Coal
8 per Right.
Rights.
$17 lot
Co., par $5
400 Ludlow Mtg. Associates, w. 1.- 7
14 North Carolina Joint Stock Land
98
Bank
Per Cent.
Bonds.
20 Hygrade Lamp Co., corn., W.L_ 42
1
512,000 West Palm Beach 6s,
45 Okeechobee Inc
60 dc int.
Feb. 20 1929
196
15 Ludlow Mfg. Associates
250 31,000 Eureka Smelting Co.• 1st 68,
5 L.S.Starrett Co.,com
series A, Jan. 1938: ex-Jan. 1929
167
3 Collateral Loan Co
517 lot
coupon
555
2 Mass. Bonding & Ins. Co
By R. L. Day & Co., Boston.
S per sh.
8 per oh. Shares. Stocks.
Shares. Stocks.
328 25 Fall River Electric Co., undo4 National Shawmut Bank
6034
$25
par
posited,
200
Bank
National
5 Webster & Atlas
10 Wendell Philips Co.. Sat prof- 2
329
15 National Shawmut Bank
45234 10 Poet Office Square Co., prof. 2
45 First National Bank
stockholders deposit agreement_
425
42 Second National Bank
15 Heywood Wakefield Co.,common 1934
425
29 Second National Bank
Chemical Paper Mfg.Co., let pf.100
10
476
Co
4 American Trust
2734
418 36 Georgia Casualty Co
25 U.S.Trust Co
4234.4214 50 Deepwater Coal & Iron Corp.,
95 Otis Co
$5
common
100
pref.;
14
16 Granite Mills
9 5 William Whitman dr Co., preL -92ii-93
36 Border City Mfg. Co
50 50 Old Colony Trust Associates_ --. 5834
110 Wamsutta Mills
100 North Boston Lighting Proper195
7 Ludlow Mfg. Associates
ties, common v. t. c., par $25._ _101%
20 City Mfg. Co., New Bedford._ _10214
5134
Parker Wire Goods Co
40
1534
15 Ipswich Mills, prof
Co..
14 Naumkeag Steam Cotton Co 135-13534 30 Great Northern Paper
7334
par $25
1234
10 Lancaster Mills. pref
58 45 Old Colony Trust Associates_-- 5834
Union Cotton Mfg. Co
65-66
Auction Sales.-Among other securities, the following, 24
75 Merrimac Hat Corp., corn
1 Fall River Gas Works, undepos5734 75W.L.Douglas Shoe Co.. pref.- - 88
par $25
10934
not actually dealt in at the Stock Exchange, were sold at auction 20Bed,
Old Colony Trust Associates_ _ _ _ 5834 2 Milton Bradley Co.. pref
Wednes- 4 American
on
Buffalo
10634
and
ia
pref
Co..
Philadelph
Glue
Boston,
York,
in New
Cent.
Per
Bonds.
Rub15 Boston Woven Hose dr
8444-35I4 $500 Securities Co. Washington
day of this week:
ber Co., common
coupons
all
13s
1st
Wisconsin
10534
pref
Co.,
Mfg.
2 Dennison
$734 lot
overdue
ao
By Barnes & Lofland, Philadelphia:
2 units First Peoples Trust
$ per Sh.
• Shares. Stocks.
•
851
2 Provident Trust Co
DIVIDENDS.
5 West Jersey-Parkside Trust Co.,
846
10 Provid nt Trust Co
350
Camden,N. J
2 Fern Rock Trust Co., par $50-10734
grouped in two separate tables. In the
are
Dividends
212 Hamilton Loan Society of Pa.,
160
10Springfield National Bank
10
the
pref., par $10
165
first we bring together all the dividends announced
569th St. Title Sc Trust Co
50 Bryn Mawr Ice Mfg. es Cold
129 Commonwealth Casualty Co..
35
week. Then we follow with a second table, in
current
Storage Co., par $25
3334
par $10
but
10 Strawbridge dr Clothier. 7% pre1.104
23034 which we show the dividends previously announced,
10 E. G.Budd Mfg. Co..7% pref 5434 2 Pratt Food Co
60
pref
Inc.,
Metalweld,
10
corn.,
which have not yet been paid.
Co.,
Mfg.
10 E. G. Budd
pref.
Inc.,
Dunham,
Trevor
C.
23 60
no par
The dividends announced this week are:
2
with 30 shares common
5 First Nat. Bank, Westville, N. J_335
8 per Right.
RightsClaim to 240 shares Tradesmens
Books Closed
When
Per
$10 lot 4 E. G.Budd Mfg. Co., com
34
Commercial Co.. Par $5
Days Inclusive.
Cent. Payable.
Name of Company.
Claim to 237 shares Progressive
Cent.
Per
Bonds$10 lot
Commercial Co., par $5
180 $4.000 Coral Gables let M. 8s,
Railroads (Steam).
15 Overbrook National Bank
Oct. 31
Dec. 1 1929, series 40, Dec. 1
160
Internat. Rye. of Cent. Am., pref. 'qu.) 1)1 Nov. 16 Holders of rec.
5 National Bank of Olney
1926 and all subsequent coupons
160
10 National Bank of Olney
$60 lot
attached
975
Bank_
National
Utilities,
Public
4 Northwestern
Coral Gables let M. 82,
American Electric Securities Corp.15 Philadelphia National Bank__ 777K $42,000
June 1 1930, series 43, Dec. 1
3734c. Nov. I Holders of rec. Oct. 20
780
Participating preferred (guar.)
10 Penn National Bank
all subsequent coupons
*Holders of rec. Oct. 20
and
ov.
1926
Net
.D
_542
1.7c5
Co_
American Natural Gas, pref. (quar.)___ .544
5 Tradesmens Nat. Bk. & Tr.
lot
$250
Holders of rec. Oct. 31
attached
P.,
&
ord.
Tr.,
(guar.).
L.
Brazilian
5 Northeast Tacony Bank dr Trust
1st M. 88.
Gables
*Holders of rec. Oct. 31
Coral
15
Nov.
552.000
.31.75
(gu.).
12034
pref.
pr.
lien
Utli.,
Sweet
&
Cent.
Co., par $50
I
Sept.
of rec. Oct. 31
46,
series
*Holders
1930.
1
15
Sept.
Nov.
.$1.75
$7 preferred 'guar.)
10 Bk. of North America dc Tr. Co_450
1 Holders of rec. Oct. 22
v.. 15
ov
1926 and all subsequent coupons
No
.50 N
$11H
Community Power & Light, let pf. (qu.) .
25 Mitten M. & M. Bank dr Trust
lot
$250
of rec. Oct. 31
*Holders
attached
pt.
&
(qu.)
12434
Connecticut By.& Ltg., corn.
Co., stamped
Holders of rec. Dec. 15
Coral Gables 1st M. 88,
Consumers Power Co.,85 prof.(guar.)- 51.25 Jan, 2
25 Wyoming Bk. dr Tr. Co., Par 550 204 $8.000
of reo. Dec. 15
46. Mar. 1
Holders
series
1930,
1
2
Sept.
Jan.
134
465
Co
Trust
(quar.)
&
Preferred
6%
3 Bank of Phila.
1927 and all subsequent cotmons
51.65 Jan. 2 Holders of reo. Dec. 15
6.6% preferred (attar.)
10 Allegheny Title & Trust Co.,
$100 lot
attached
PA Jan. 2 Holders of rec. Dec. 15
ao
7% Preferred (quer.)
Par 550
s. f.
let
Corp.
Coal
Illinois
$3,000
50c. Nov. 1 Holders of rec. Oct. 15
130
$50
6% preferred (monthly)
125 Bankers Trust Co., liar
lot
$60
1943
50c. Dec. 1 Holders of rec. Nov. 15
Is,
6% preferred (monthly)
12 Pa. Co. for Insurances on Lives,
Coal Corp. 1st s. 1.
Illinois
50c. Jan. 2 Holders of rec. Dec. 15
$3,000
1000
(monthly)
6%
preferred
&c
lot
$60
deposit
of
ctf.
1943,
55c. Nov. 1 Holders of rec. Oct. 15
7s,
6.6% preferred (monthly)
25 Security Title dr Trust Co.,
55c. Dec. 1 Holders of rec. Nov. 15
70 525.000 Sesqui-Centennial Exhibi-100 lot
(monthly)
6.6%
preferred
par $50
certificate__$
participation
55c. Jan, 2 Holders of rec. Dec. 15
tion,
755
6.6% preferred (monthly)
5 Federal Trust Co
Corp.
Square
Rittenhouse
15‘ Nov. 1 Holders of rec. Oct. 20
240 $500
Dallas Power & Light ,pref.
10 Colonial Trust Co., par $50
Jan. 1 1946,
reg.,
88,
Inc.
Nov. 1 Holders of rec. Oct. 20
51.75
-year
20
1585
pref.
(quar.)-$T
&
Elec.,
Gas
Derby
1 Girard Trust Co
5136 lot
Athletic Club)(Pen
51.625 Nov. 1 Holders of reo. Oct. 20
•
$6 Si preferred (quer.)
5 Central Tr.& Sav. Bk., par 550_ _250
*Holders of rec. Oct. 13
Electric Power & Light. 2d pref. A (qu.) *51.75 Nov. 1
750. Nov. 1 Holders of rec. Oct. 18
By A. J. Wright & Co., Buffalo:
Fall River Gas Works(guar.)
Holders of rec. Oct. 15
1
Nov.
$
1%
per Mt Idaho Power, 7% pref. (guar.)
per Sh. Shares. Stocks.
Shares. Stocks.
$1.50 Nov. 1 Holders of reo. Oct. 16
Sc.
$1 •
$6 preferred (quar.)
10,358 Adargas Mines, par I new:.$1.251ot 1,,O00 Night Hawk. par
Holders of roe. Oct. 15
1
Nov.
$1.50
lot
we.
Illinois Power & Light, NI pref.(quar.)
1.000 Baldwin Gold Mines. per $1.214o. 10 Amex Reensation•co
10.000 Adargas mines, par i peso $1.25108
OCT. 20 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
1Vhen
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
International Power Securities(No. 1)
"$1 Dec. 15 *Holders of rec. Dec. 1
KentuckyUtilities Co.,junior pref.'qu.) •lg Nov. 20 *Holders of rec. Nov. 1
Knoxville Power & Light, $7 pref.(qu.)- $1.75 Nov. 1 Holders of rec. Oct. 20
$8 preferred (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 20
Lehigh Power Securities, 36 pref.(quar.) *81.50 Nov. 1 *Holders of rec. Oct. 22
Mississippi Valley U tn. Invest. Co.
Prior lien preferred (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
Municipal Service, pref.(mar.)
*155 Nov. 1 *Holders of rec. Oct. 15
National Power & Light. common (au.)
*25e. Dee. 1 *Holders of rec. Nov 12
Northwest Urilities, pref.(guar.)
*81.75 Nov. 15 *Holders of rec. Oct731
Ohio Pub. Ser. 7% lot pf. A (mthly.)--• 58 1-3c Nov. 1 "Holders of rec. Oct. 15
Pacific Gas & Elec.. let pref.(guar.).-*3714c Nov. 15 *Holders of rec. Oct. 31
Pacific Power & Light, Pref. .ouar.)
154 Nov. 1 Holders of rec. Oct. 18
Penn-Ohio Securities Corp.(guar.)
180. Nov. 2 Holders of rec. Oct. 16
Extra
15o. Nov. 2 Holders of rec. Oct. 16
Portland Gas & Coke, pref. quar.)__ -- 1( Nov. 1 Holders of rec. Oct. 18
Texas Power & Light,7% pref.(qu.).... 15d Nov. 1 Holders of rec. Oct. 17
$8 preferred (guar.)
81.50 Nov. 1 Holders of rec. Oct. 17
Toledo Edison Co.7% pf. A (mt./0J-* 581-3c Nov. 1 *Holders of roe. Oct. 15
6% preferred (monthly)
*Mc. Nov. 1 *Holders of rec. Oct. 15
Wisconsin Power & Light, pref.(guar.)._ •15d Dec. 15 *Holders of rec. Nov. 30
Banks.
Chemical National Bank (bi-monthly) _ *4
Trust Companies.
Farmers Loan dc Trust (quar.)
*4
Kings County .Brooklyn) (guar.)
*15
Extra
*10
Nov. 1 *Holders of rec. Oct. 23
Nov. 1 *Holders of rec. Oct. 20
Nov. 1 *Holders of rec. Oct. 25
Nov. 1 *Holders of rec. Oct. 25
Fire Insurance.
General Re-insurance Corp. (guar.)._ $1.25 Nov. 15 Holders of rec. Oct. 31
Guardian Fire Assurance (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 20
Extra
$1
Nov. 1 Holders of rec. Oct. 20
Miscellaneous.
Acme Glass class A (guar.)
•1135dc Nov. 1 *Holders of rec. Oct. 20
Aldred Investment Trust corn.(No. 1)_.
50c. Dec. 1 Holders of rec. Nov. 15
Allied Internat. Investing Corp., part. pf $3 Nov. 1 Holders of rec. Oct. 25
Altorfer Bros. (guar.)
*250. Oct. 15 *Holders of roe. Oct. 5
Extra
*75c. Oct. 15 *Holders of roe. Oct. 5
American Brick,common (guar.)
•250. Nov. 1 *Holders of roe. Oct. 25
Preferred (quar.)
*50c. Nov. 1 *Holders of rec. Oct. 25
American Chatilion Corp., pref.(quar.)_ *$1.75 Feb 1'29 *Holders of rec. Jan. 20
Preferred (qono%)
.$1.75 May i'29 *Holders of rec. Apr.
American Chicle, new corn. (au.)(No.1) *50c. Jan. 1 'Holders of rec. Dec. 20
12
American Colortype. corn.(quar.)
*50c. Dec. 31 *Holders of rec. Dec. 12
Preferred (guar.)
.015d Dec. 31 *Holders of rec. Dec. 12
American Meter Co.(guar.)
*15d Oct. 31 *Holders of rec. Oct. 17
Amer. Rolling Mill, com.(guar.)
*50c. Jan. 15 *Holders of rec. Dee. 31
American Stores Co. (guar.)
*50c. Jan. 1 *Holders of rec. Dec. 15
Extra
*50c Dec 1 'Holders of rec. Nov. 15
Amer.Thermos Bottle, con). A (guar.)._ *25e. Nov. 1 *Holders of rec. Oct.
20
Andrews Securities Co.(guar.)
*255 Nov. 1 *Holders of rec. Oct. 22
Art Metal Works, pref. (guar.)
*45c. Nov. 1 *Holders of rec. Oct. 20
Bankers Share Corp.. cow.(guar.)
115 Oct. 20 Holders of rec. Sept. 30
Benson & Hedges, pref. (guar.)
50c. Nov. 1 Holders of rec. Oct. 19
Berland Shoe Stores, pref. (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 20
Bond & mortgage Guarantee (guar.)
5
Nov. 15 Holders of rec. Nov. 8
Bonded Capital Corp., pref. (ouar.) _
15d Oct. 20 Holders of rec. Sept. 30
Bright Star Elec. CO.. Panic. pref. (qu.) *50c. Nov. I *Holders of roe.
Oct. 15
Brill (J. G.) Co., common (guar.)
41.25 Nov. 1 *Holders of rec. Oct. 30
Preferred (guar.)
'154 Nov. 1 *Holders of rec. Oct. 30
British-American Tobacco, ordinary.... (o)
Bucyrus-Erie Co., pref. (quar.)
154 Jan. 2 Holders of rec. Dec. 8
Bunte Bros., pref.(guar.)
"154 Nov. 1 *Holders of rec. Oct. 25
Burns Bros., corn. A (guar.)
Broadway Dept. Stores, 1st pref.(qu.)... *154 Nov. 1 *Holders of roe.
Oct. 11
California Packing Corp.(guar.)
Dee. 15 'Holders of roe. Nov. 30
*$1
Calumet & Heels Cons. Copper Co.(qu.) 81
Dec. 15 Holders of rec. Nov. 30
Canadian Converters, Ltd.(guar.)
154 Nov. 15 Holders
Canadian Fairbanks-Morse, Ltd..PL(Qu) 73155 Dec. 15 Holders of rec. Oct. 31
Canadian Vickers. Ltd., Pref.(guar.)._ •154 Nov. 1 *Holders of rec. Nov. 30
of rec. Oct. 15
Capital Securities Co., Prof.(guar.)._ 5255c Nov. 1 Holders of rec.
Oct. 22
Cast Iron Pipe Co., new (qu.)(No. 1)
*50c. Dec. 15 *Holders of rec. Doe. 1
Central Pipe Corp. 'guar.)
15c. Nov. 15 Holders of rec. Nov. 5
Chapman Ice Cream (guar.)(No. 1)_
*3154c Jan. us *Holders of rec. Dec. 24
Charts Corp. (guar.)
50c. Nov. 1 Holders of rec. Oct. 24
Extra
25c. Nov. I Holders of roe. Oct. 24
Cities Service, common (monthly)
55 Dec. 1 Holders of reo. Nov. 15
Common (payable in common stock)
f55 Dec. 1 Hiders of roe. Nov. 15
Preferred and pref. BB (monthly)
55 Dec. 1 Holders of MC. Nov. 15
Preferred B (monthly)
.3c. Deo. 1 Holders of roe. Nov. 15
Cleveland-Cliffs Iron (guar.)
Oct. 25 Holders of rec. Oct. 15
$1
Cinich(ield Coal Corp., pref. Muar.)____ *15.4 Nov. 1 *Holders of reo.
Oct. 25
Colgate-Palmolive Peet Co., corn
50e. Oct. 25 Holders of ree. Oct. 10
Cninden-MartIn Mfg. Co.. corn.(qu.)
82.50 Oct. 15 Holders of rec. Oct. 15
Dennison Mfg.deb.stk.(guar.)
Nov. 1 Holders of rec. Oct. 20
$2
Preferred q uar.)
$1.75 Nov. 1 Holders of rec. Oct. 20
Dominion Bridge(ver.)85c. Nov. 15 Holders to rec. Oct. 31
Bonus
20c. Nov. 15 Holders of rec. Oct. 31
Electric Shovel Coal. pref.(guar.)
Nov. 1 Holders of rec. Oct. 25
$1
Emporium Capwell Corp. tquar.)
*50c. Dec. 24 *Holders of roe. Dec. 1
Enamel& floating Products. Ltd., corn
.500.
Federal Knitting Mills(guar.)
6255c. Nov. 1 Holders of rec. Oct.
FederalMtge.&LoanCorp.,Bost.,Pf(qu.). 154 Oct. 15 Holders of rec. Oct. 15
1
Fisher Brass, pref., class A (guar.)_ _ _
50c. Nov. 20 Holders of rec. Oct. 31
Flinskote Co.(stock dividend) _ _ _
*MOO Subj.to holders meet Oct. 25
General Cable Corp., pref.(guar.)..... 154 Nov. 1 Holders of rec. Oct.
23a
Class A (guar.)
Dec. 1 *Holders of rec. Nov. 10
*$1
General Laundry Machy.,corn.(guar.).
*450. Oct. 24 *Holders of rec. Oct. 17
General Tire & Rubber, corn.(guar.)_ *75e. Nov. 1 *Holders of roe. Oct.
20
Greater N.Y.Finance Corp., pref.(qu.). "2
Great Lakes Dredge & Dock (guar.)
Nov. 15 Holders of roe. Nov. 7
2
Hershey Chocolate Corp., cony. pf.(qu.) *81
Nov. 15 *Holders of rec. Oct. 25
Prior preferred (guar.)
•154 Nov. 15 *Holders of rec. Oct. 25
Hollander(A)& Son, Inc., corn.
6255e. Nov. 15 Holders of reo. Nov. 1
Hollinger Cons. Gold Mines...
5c. Nov. 3 Holders of rec. Oct. 17
Imperial Royalties Co., pref.(mthly.)
154 Oct. 30 Holders of rec. Oct. 25
Class A preferred (monthly)
15c. Oct. 30 Holders of rec. Oct. 25
Internat. Combustion Engine, corn. Wu.) *50e. Nov. 30 *Holders of rec. Nov.
19
International Harvester, pref. (guar.)._ '13 Dec. 1 *Holders of roe.
Nov. 5
Intenat. Safety Razor, class A (guar.) -60c. Dec. 1 Holders of reo. Nov. 14a
Class B
750. Dec. 1 Holders of rec. Nov. 14a
Intertype Corp., corn. Mum.)
*25o. Nov. 15 *Holders of rec. Nov. 1
Kinney(G.R.) Co., pref.(guar.)
Dec. 1 *Holders of rec. Nov. 20
*2
Kodel Elec.& Mfg., pref.(guar.)
*350. Nov. 1 *Holders of roe. Oct. 19
Corn. A & B-dividend deferred.
3154e. Nov. 15 Holders of rec. Oct. 31a
Kruskal & Kruskal(guar.)
*75e. Dec. 1 *Holders of rec. Nov. 15
Lehn & Fink Products (guar.)
Lindsay Light, pref.(quar.)
*154 Oct. 31 *Holders of rec. Oct. 12
$1.6215 Nov. 15 Holders of rec. Oct. 27
Lowe's Incorporated, pref.(guar.)
Dec. 10 Holders of roe. Nov. 17a
Lord &Taylor.common cextra).- - -- 5
114 Dec. 1 Holders of rec. Nov. 170
1st preferred (quar.).
Los Angeles Investment(guar.) *3o. Nov. 10 *Holders of rec. Oct. 15
McCord Radiator Mfg., cl B (guar.).- *50c Nov. 1 'Holders of rec. Oct. 26
Molnture Porcupine Mines (guar.)
•250. Dec. 1 *Hodiers of rec. Nov. 1
Massey-Ilarris Co., pref.(guar.)- - -154 Nov. 15 Holders of rec. Oct. 31
Mercantile Stores Co., Inc., coin. (qI.)- $1.25 Nov. 15 Holders of rec. Oct. 31
Preferred .quar.)
154 Nov. 15 Holders of rec. Oct. 31
Mercury Mills, Ltd., pref. squar.)..... 155 Nov. 1 Holders of rec. Oct. 15
Metropolitan Chain Stores, pref.(qu.)-. 154 Nov. 1 Holders of roe. Oct. 19
Michigan Steel guar.)(No.1)
"8554c Oct. 20 *Holders of rec. Oct
1
Mirror(The),pref.(guar.)
"154 Nov. 1 *Holders of roe. Oct. 25
Morison Electrical Supply (guar.)
Nov. 1 Holders of rec. Oct. 15
$2
Montgomery Ward & Co.,corn.(qu.) - 411
Nov. 15 *Holders of rec. Nov. 3
Munsingwear,Inc.(guar./
•75c. Dec. 1 *Holders of rec. Nov. 15
National Biscuit. corn.(guar.).- *$1.50 Jan. 15 *Holders of roe. Dec. 31
Preferred (guar.)
*151 Nov. 30 'Holders of rec. Nov. 16
National Belles Hess, pref.(guar.)
•154* Dec. 1 *Holders of rec. Nov. 21
National Brick, pref. (guar.)
154 Nov. 15 'Holders of rec. Oct. 31
Name of Company.
2193
Per
When
Cent. Payable.
Books Closed
Doss Duimore-
Miscellaneou. (Concluded).
Neisner Bros., Prof. 'guar.)
1 h Nov. 1 Holders of rec. Oct. 15
New Process Co., pref.(guar.)
411.75 Nov. 1 *Holders of rec. Oct. 26
Olistocks. Ltd., A & B (clu.) (No. l).. *1254c Nov. 15 *Holders of rec. Oct. 31
Oppenheimer(S.)& Co., pref.(guar.) _ _ $2
Nov. 1 Holders of rec. Oct. 20
Paragon Refining, class A (guar.)
"75c. Jan. 2 *Holders of rec. Dec. 15
Pick(Albert) Barth & Co., part pf.(qu.). 4354e. Nov. 15 Holders of rec. Oct. 26
Procter & Gamble Co.,coin.(guar.)
.
$2 Nov. 15 *Holders of rec. Oct. 25
Fro-phy-lac-tic Brush, corn. (extra)
50c. Nov. 15 Holders of rec. Oct. 31
Pullman Co.(guar.)155 Nov. 15 Holders of rec. Oct. 31
Pyrene Manufacturing, corn. (guar.)--. 2
Nov. 1 Oct. 20 to
Oct. 31
Richmond Ice Co.(guar.)
'6234c Nov. 1 *Holders of roe. Oct. 15
Extra
.5c. Nov. 1 'Holders of rec. Oct. 15
St. Lawrence Flour Mills, pref.(qu.)
154 Nov. 1 Holders of rec. Oct. 20
&serest Laundry,corn.(guar.).....
25e. Nov. 1 Holders of rec. Oct. 27
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 27
Securities Corp. General,com.(cm.)_ _ _ _ •$1 Nov. 1 *Holders of roe. Oct. 19
Preferred (guar.)
• 75 Nov. 1 *Holders of rec. Oct. 19
Shepard Stores, class A (guar.)
750. Nov. 1 Holders of rec. Oct. 22
Silver (Isaac) & Bros., pref. (quar.)
154 Nov. 1 Holders of rec. Oct. 28
Skelly 011 (guar.)
*50c. Dec. 15 *Holders of rec. Nov. 15
Skinner Organ (guar.)
*6255c Nov. 1 *Holders of rec. Oct. 2s
Skowas Bros., class A (guar.)
750. Nov. 1 Holders of rec. Oct. 25
Sun Oil, pref.(guar.)
1(4 Dec. 1 Holders of rec. Nov. 10
Supertest Petrolecur, ordinary
250.
Holders of rec. Oct. 13
Ordinary (extra)
250.
Holders of rec. Oct. 13
Common
250.
Holders of roe. Oct. 13
Common 'extra)
250.
Holders of roe. Oct. 13
Class A preferred
355
Holders of rec. Oct. 13
Class B preferred
3
Holders of rec. Oct. 13
Swan-Finch 011 Corp., Prof. (quar.).... *4354c Dec. 1 *Holdesr of roe. Nov. 10
Texas Corporation (guar.)
750. Jan. 1 Holders of roe. Nov. 23a
Tidal Osage Oil (special)
•82.50 Nov. 1 *Holc.ers of rec. Oct. 24
Troxel Mfg., common (qum.)
$1.50 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 20
United Biscuit, common (guar.)
*40c. DUO. 1 *Holders of rec. Nov. 17
Union Buffalo Mills, common
*6
Nov. 15 'Holders of rec. Nov. 8
First preferred
*334 Nov. 15 "Holders of rec. Nov. 8
Second preferred
*254 Nov. 15 'Holders of rec. Nov. 8
United Bond, Ltd., Toronto. common
'734
Participating preferred
354
Participating pref. (parch. div.)
1
U. S. Asbestos, corn. (quar.)(No. I)._
75e. Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
154 Nov. 1 *Holders of rec. Oct. 20
Vanadium Corp. of Amer.(guar.)
•75e. Nov. 15 *Holders of rec. Nov. 1
Extra
*81 Dec. 15 *Holders of rec. Dee. 1
Venezuelan Petroleum (guar.)
Sc. Nov. 15 Holders of rec. Oct. 31a
Va.-Carolina Chem., prior pref.(quar.)-'
134 Dec. 1 *Holders of rec. Nov.28
Wayagamack Pulp & Paper. COM.
750. Dec. 1 Holders of rec. Nov. 15
Wr3t011 (George). Ltd., pref. (guar.)._
154 Nov. 1 Holders of rec. Oct. 20
Witherow Steel, 1st pref. (guar.)
'
151 Dec. 1 *Holders of rec. Nov.26
2d preferred (No. 1)
*154 Dec. 1 *Holders of rec. Nov. 26
Wire Wheel Corp., common (No. 1)... n1 Dec. 15 *Holders of rec. Dee. 1
Class A (participating dividend)
"$2 Dee. 15 *Holders of rec. Dec. 1
Wright Hargreaves Mintog (guar.).- 254c. Nxv. 1 Holders of rec. Oct. 16
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
1Vhen
Cent. Payable
Books Closed
Days Inclusive.
Railroads (Steam).
Atoll.. Topeka & Santa Fe, tram. guar.)
Baltimore & Ohio, corn. (guar.)
.
Preferred(guar.)
Bangor & Aroostook. corn.(guar.)
Prezerred (quar.)
Chesapeake & Ohio pref. series A
Cincinnati Sandusky & Cleveland. pref._
Cleve. Cln. Chic. & St. L.. corn.(guar.)
Preferred (quar.)
Cuba RR.. preferred
Delaware Lackawanna & West.(war.) Mahoning Coal RR.. corn.(quar.)._
New York Central RR.(guar.)
Norfolk & Western. ad). prof. (quar.)
Northern Pacific (quar.)
Prior preferred dr preferred (guar.)._
Pittsburgh & West Va.(guar.)
Reading Co., common (guar.)
St. Louis-San Franc6% pf.(qu.)(No. 1)
8% preferred (guar.)
Southern Ry., corn. (guar.)
Wabash, pref. (guar.)
2)4 Deo. 1
155 Dec. 1
1
Dec. 1
87c. Jan. 1
155 Jan. 1
354 Jan 1'29
$1.50 Nov. 1
2
Oct. 20
151 Oct. 20
a Febl'29
$1.50 Oct. 20
812.50 Nov. 1
2
Nov. 1
1
Nov.19
114 Nov. 1
ti Nov. 1
155 Oct. 31
$1
Nov. 8
155 Nov. I
1)5 Feb.129
2
Nov. 1
134 Nov.24
Holders of rec. Oct. 2(54
Holders of rec. Oct. 1180
Holders of roe. Oct. Mas
Holders of rec. Nov. 300
Holders of roe. Nov. 350
Holders of rec. Dee. 8a
Oct. 24 to Nov. 1
Holders of rec. Sept. 286
Holders of rec. Sept. 28a
Holders of -ea. Jan 15'29
Holders of roe. Oct. Ss
Holders of reo. Oct. 15a
Holders of rec. Sept. 286
Holders of rec. Oct. 31a
Holders of rec. Oct. la
Holders of roe. Oct. 5a
Oct. 13 to Oct. 24
Holders of roe. Oct. 10a
Holders of rec. Oct. 8a
Hold, of roe. Jan. 7 194
Holders of reo. Oct. la
Holders of rec. Oct. 286
Public Utilities.
Mabarna Power $5 Pref. (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15
Amer. Commonwealths Power Corp.
1st pref. series A (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 13
1st pref. $655 dlv. series. (guar.)
$1.83 Nov. 1 Polders of roe. Oct. 13
20 prof. series A(guar./
$1.75 Nov. 1 Holders of rec. Oct. 13
Amer. lc Foreign Power, 2 pref. A qu.) $1.75 Oct. 22 Holders of roe.
Oct. 9a
Amer. Gas & Electric pref. (guar.)
$1.50 Nov. 1 Holders of roe. Oct. 10
American Light & Traction, corn. (qu.)
2
Nov. 1 Oct. 19 to Oct. 29
Common (extra)
2
Nov. 1 Oct. 19 to Oct. 29
Preferred (guar.)
155 Nov. 1 Oct. 19 to Oct. 29
Amer. Water Works & Elec., corn. qu.)
250. Nov. 15 Holders of rec. Nov. la
Associated Gas & Elec., class A (quar.). I50c. Nov. 1 Holders of roe. Sept.
29
$S preferred (guar.)
181.50 Dee. 1 Holders of rec. Oct. 31
$61.5 preferred (guar.)
81.625 Dee. 1 Holders of rec. Oct. 31
Associated Telep. Utilities, $7 pref.(qu.) 51.75 Dee. 15 Holders of rec.
Nov. 30
$13 preferred (guar.)
$1.50 Deo, 15 Holders of rec. Nov. 30
Bangor Hydro-Elec. Co.corn.(guar.)_
•155 Nov. 1 *Holders of ree. Oct. 10
Broad River Power, pref.(guar.)
134 Nov. 1 Holders of roe. Oct. 15
Bklyn-Manhattan Tr., prof. A (quar.)
$1.50 Jsui15'29 Holders of rec. Dee. 31a
Preferred series A (quar.)
81.50 Aco 1529 Holders of roe. Apr. 1 '211a
Buff., Niagara & East.Pow.lit pf.(qu.) 111.25 Nov.
*Holders of rec. Oct. 15
Cent. Hod. Gas & Elec. corn. v. t e
*50c. Nov.
*Holders of rec. Sept. 29
Central Power & Light, 7% pref.(go.)
134 Nov.
Holders of roe. Oct. 15
Six per cent preferred (quar.)
114 Nov.
Holders of roe. Oct. 15
Chicago Rapid Transit (monthly)
*65c. Nov.
*Holders of roe. Oct. 16
Prior prof.series A (monthly)
*65o. Dec.
'Holders of roe. Nov.20
Prior pref. series B (monthly)
*60c. Nov.
*Holders of rec. Oct. 15
Prior pref. series B (monthly)
*60e. Dee.
*Holders of rec. Nov. 20
Columbia Gas & Elec., corn.(quar.)
$1.25 Nov. 15 Holders of rec. Oct. 250
Six per cent pref., series A (quar.)
154 Nov. 15 Holders of rec. Oct. 250
_
Commonwealth Edison (quar.)
*2
Nov. 1 *Holders of roe. Oct. 15
Commonwealth Power, corn. (quar.)...
75e. Nov. 1 Holders of roe. Oct. lla
Six per cent pref.(guar.)
154 Nov. 1 Holders of rec. Oct. Ila
Canso]. Gas(N. Y.). pref. (guar.)
$1.25 Nov. 1 Holders of rec. Sept. 29a
Edison Elec. III. of Boston (mar.)
3
Nov. 1 Holders of rec. Oct. 10
Electric Bond & Share, pref.(q uar.)__
154 Nov. I Holders of rec. Oct.
Electric Investors. Inc., $8 pre/.(guar.)- $1.50 Nov. 1 Holders of rec. Oct. 13
13
Electric Power & Light Corp.,corn.(qu.)
250. Nov. 1 Holders of rec. Oct. 13a
Allotment certificates, fully paid
3755c. Nov. 1 Holders of rec. Oct. 13
Allotment certificates, 40% paid
Sc. Nov. 1 Holders of rec.
Empire Gas & Fuel,8% prof.(monthly)'68 2-3c Nov. 1 *Holders of rec. Oct. 13
Oct. 15
7% preferred (monthly)
•53 1-3c Nov. 1 *Holders of rec. Oct. 15
6% preferred (monthly)
*50c. Nov. 1 *Holders of rec. Oct. 15
6)4% preferred (monthly)
•541-Se Nov. 1 *Holders of rec. Oct. 15
Engineers Public Serv., com.(qu.)(N0.1)
25e. Jan 2'29 Holders of rec. Nov.
29a
85 preferred (guar.)
$1.25 Jan 229 Holders of
Foreign Power Securities.8% prof.(gL) 155 Nov. 16 Holders of rec. Nov. 29a
rec. Oct. 31
Ft. Worth Power & Light, pref.(quar.). 15,
4 Nov. 1 Holders of rec. Oct.
15
General Pub. Serv. Corp.,$6 pf.(qu.). $1.50 Nov.. 1 Holders
of rec. Oct.
$5.50 preferred (guar.)
81.3755 Nov. 1 Holders of rec. Oct. 9
Convertible preferred (quar.)$1.75 Nov. 1. Holders of roe. Oct. 9.
9
2194
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cera. Payable.
Books Closed
Days Inclusive.
Name of Company.
[Vol.. 127.
•
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Dec. 81 Holders of reo. Dec. 15.
emerican Manufacturing, corn. (guar.). 1
Dec. 31 Holders of rec. Dee. 151
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 15e
2
Amer. Shipbuilding. corn. (quar.)
1% Nov. 1 Holders of rec. Oct. 15
Preferred (qua?.)
Nov. 1 Holders of rec. Oct. lla
Amer. Smelting & Refining, corn.(qu.)_ $2
134 Dec. 1 Holders of rec. Nov. 24
Preferred (quar.)
Amer. Sumatra TobaccoNov. 15 Holders of rec. Nov. la
Stock My.(sub),to stkhold. meeting)_ 13
rec. Oct. 20
Anitr. Vitrified Products, pref.(qua?.)-- •1K Nov. 1 *Holders ofred. Jan. 2'29
American Wholesale Corp.. Pref.(quar.) 154 Jan 2'29 Called for rec. Oct. 134
of
Holders
19
Nov.
SI
(quar.)
Anaconda Copper Mining
•75e Dec. 17 *Holders of rec. Nov. 15
Andes Copper Mining (special)
15c Nov. 1 Holders of rec. Oct. 20
Angus Company, corn.(No. 1)
Nov. 1 Holders of rec. Oct. 20
$1
Preferred (qua?.)
75c Nov. 1 Holders of rec. Oct. 204
Archer-Daniels-Midland Co., cont. (qu.)
Nov. 1 Holders of rec. Oct. 204
134
Preferred (quar.)
75e. Jan 1'29 Holders of rec. Dec. 211
4rtioom Corp., corn. (quar.)
134 Dee. 1 Holders of rec. Nov. lea
Preferred (guar.)
Oct. 19
Assoc. Apparel Indus., corn.(mthly.) • 331-3c Nov. 1 *Holders of rec.
20
• 331-3c Dec. 1 *Holders of rec. Nov. 21
Common (monthly)
• 33 1-3c Jan 219 *Holders of rec. Dec. 134
Common (monthly)
Oct.
rec.
of
Holders
1
Nov.
82c.
Associated Dry Goods. common (quar.)_
134 Dec. 1 Holders of rec. Nov. 10a
1st preferred (qua?.)
144 Dec. 1 Holders of rec. Nov.10.
2d preferred (quar.)
75e, Dec. 31 Holders of rm. Dee. Ila
Atl. Gulf & W.1.5.5. Lines pref.(au.).
750. Nov. 1 Holders of rec. Oct. 160
Atlantic & Pacific Int. Corp., pref.(au.)
154 Nov. 1 Holders of rec. Oct. les
Atlantic Refining, pref. (qua?.)
134 Nov. 1 Holders of rec. Oct. 196
Atlas Powder, pref. (quar.)
•20c. Nov. 1 *Holders of rec. Oct. 20
Autornative Fan Co., con).(quar.)
*10c. Nov. 22 *Holders of rec. Oct. 20
Common (extra)
134 Jan 120 Holders of rec. Dee. 204
Babcock & Wilcox Co.(qar.)
134 A pr 1'29 Hold. of rec Mar. 20 *29a
Quarterly
•50c. Nov. 1 *Holders of rec. Oct. 20
Balaban dr Katz, corn.(monthly)
*50c Dec. 1 *Holders of rec. Nov. 20
Common (monthly)
•50c. Jan. 1 *Holders of rec. Dec. 20
Common (monthly)
•1K Jan 1'29 *Holders of rec. Dec. 20
Preferred (qua?.)
Co.
Bomberger (1-.) &
144 Dec. 1 Holders of reo. Nov. 10a
Preferred (qua?.)
rec. Oct. 15
Bancroft(Joseph) dr Sons Co. pf.(qu.)-. 1 34 Oct. 31 Holders of rec.
Deo. 31
84 Jan. 15 Holders of
Bankers Capital Corp., cam
$17 Jan. 15 Holders of rec. Dec. 31
Common & preferred (extra)
Jan1519 Holders of rec Dec. 31
$2
Preferred (quar.)
50c. Oct. 31 Holders of rec Oct. 104
Hamada!' Coro (class A dr B)
Barnhart Bros. & Spindler'1st
Nov. 1 *Holders of rec. Oct. 20
&
1st
2d preferred (quar.)
1 87% Nov. 15 Holders of rec. Nov. 1
Beacon Oil, pref.(quar.)
75e. Nor. 1 Holders of rec. Oct. d19
Bessemer Limest. & Cement. Cl. A (qu.)
Oct. 13
Bigelow-Hartford Carpet, corn, dr pf.(qu) $1.50 Nov. 1 Holders of rec. Oct. 20
75c. Nov. 1 Holders of rec.
Blaw-Knox Co., common (quar.)
14
Bloch Brothers Tobacco. corn. (qua?.).. 3734c Nov. 15 Nov. 10 to Nov. 80
11.4 Dec. 31 Dec. 28 to Dec.
Preferred (quar.)
204
154 Nov. 1 Holders of rec. Oct.
Bloomingdale Bros., pref. (quar.)
Oct. 30 Holders of rec. Oct. les
$1
Bon Anil Co., class A (qua?.)
$1.50 Dec. 1 Holders of rec. Nov. 15
Borden Co.(quar.)
1
Boston Woven Hose Sr Rub.,com.(ext.) $1 Dec. 15 Holders of roc. Dec. 21
Dee. 31 Holders of rec Dec.
81
Bristol-Myers Co. (Quer.)
75c Nov. 1 Holders of rec Oct. 154
Brockway Motor Truck, cow. (quar.).
144 Nov. 1 Holders of rec. Oct. 204
Brown Shoe, pref. (quar.)
75c Nov. 15 Holders of rec. Nov. 54
Brunswick-Balke-Collender, torn. (qu.).
25c Jan 229 Holoers of rec. Dec. 8
Bucyrus-Erie Co., common (quar.).....
Jan 219 Holders of rec. Dec. 8
8214c
Convertible preferred (guar.)
Oct. 31 Holders of rec. Oct. lfla
$1
Burroughs Adding Mach.(special)
*50e Nov. 1 *Holders of rec. Oct. 5
Bush Terminal,Corn.(Muir.)
/14 Nov. 1 Holders of rec. Oct. 54
Corn.(payable in corn.stock
50e Nov. 15 Holders of rec. Oct. 81
Butler Brothers (quar.)
154 Nov. 1 Holders of rec. Oct. 154
Byers(A. M.)Co., pref.(quar.)
Nov. 1 Holders of rec. Oct. 18
$1
Canadian Bronze, corn. (guar.)
1% Nov. 1 Holders of rec. Oct. 18
Preferred (quar.)
50e Nov. 1 Holders of rec. Oct. 18
Canadian Dredge & Dock, corn.(No. I)
250 Nov. 1 Holders of reo Oct. le
Common (extra)
Nov. 1 Holders of rec. Oct. 18
144
Preferred (qua?.)
Canfield OilDec. 31 Holders of rec. Dee. 20
2
Common (quar.)
154 Dee. 31 Holders of rec. Dec. 20
Preferred (guar.)
•750 Nov. 1 *Holders of rec. Oct. 20
Castle (A. M.)& Co.(qua?.)
la
Central Investors Corp.. el. A (guar.).- - •3734c Jan2'29 *Holders of rec. May 204
144 Dec. 1 Holders of rec. Nov.
Century Ribbon Mills, pref. (quar.)_
81.25 Nov. 1 Holders of ree. Oct. lla
Cerro de Pasco Copper (qua?,)
25e. Nov. 15 Holders of rec. Nov. I
Chelsea Exch. Corp., A & B (qu.)
25c. Fb15'29 Hold, of rec. Feb. 1 '29
Class A & B (quar.)
29
250. My1519 Hold- of rec. May 1'
Class A & B (guar.)
Oct. 25 Holders of rec. Oct. 154
114
Chicago Pneumatic Tool (quar.)
$1.50 Nov. 1 Holders of rec. Oct. 154
Chic. Wan). & Franklin Coal, pf.(au)
25e. Nov. 1 Holders of rec. Oct. 194
Chicago Yellow Cab Co.(monthly). 25e Dec. 1 Holders of reo. Nov. 204
Monthly
75c. Jan 1'29 Holders of roe. Dec. 10a
Chickasha Cotton 011 (quar.)
75o. Apr 1'29 Holders of ree.Mar 9'29i
Quarterly
75c. Jul 1'29 Holdersof me une10'29a
Quarterly
300. Nov. 1 Holders of rec. Oct. 164
Christie, Brown & Co.(quar.)
Jan 219 Holders of roe. Dec. 17.
2
Chrysler Corp., pref. (quar.)
/4 Nov. 1 Holders of rec. Oct. 16
Cities Service, common (monthly)
11.4 Nov. 1 Holders of rec. Oct. 15
Common (payable In corn stock)
1.4 Nov. 1 Holders of rec. Oct. 16
Preferred and pre/ BB (ntilly.)
Sc. Nov. 1 Holders of rec. Oct. 16
Preferred B (monthly)
Nov. 1 Holders of rec. Oct. lea
8734c.
City Stores Co., class A (quar.)
Banks.
& Co., corn.(quar.)_.- $1.25 Nov. 1 Holders of rec. Oct. 20
Peabody
Cluett,
31a
Oct.
roe.
of
Holders
Nov. 1
5
Corn Exchange (quar.)
*Holders of rec. Nov. 6
e50c
•
'in
stock)
See.
Bottling
Coca-Cola
21.4 Oct. 31 Holders of rec. Sept. 21
First National, Brooklyn (qua?.)
82 34 c. Ia. 2'29 Holders of rec. Dec. 15
Cohn-Hall-Marx, corn.(quar.)
82 34 c. Ap.1'29 Holders of rec. Mar. 154
(quar.)
Common
Fire Insurance.
62Kc. Jul 1'29 Holders of rec. Jung 15
Common (qua?.)
37l4c. Nov. 1 Holders of rec. Oct. 20
Amer. Equit. Assurance of N. Y.. corn
$1
Nov. 1 Holders of rec. Oct. 184
Columbian Carbon (qua?.)
Knickerbocker Ins. of N. Y., corn,(au ) 3734c Nov. 1 Holders of rec. Oct. 20
Corp.
(quar.)
Solvents
Commercial
30c. Nov. I Holders of rec. Oct. 20
New York Fire Insurace, corn, (guar.)
Nov. 1 Holders of rec. Oct. 154
2
Stock dividend
*13, Dec. 16 *Holders of rec. Dec. 9
North River (quar.)
15c. Oct. 25 Holders of rec. Oct.
Connecticut Cash Credit, corn.(cmar.)
25 Holders of rec. Oct. 8
Oct.
15c.
Preferred (quar.)
Miscellaneous.
15c. Oct. 25 Holders of rec. Oct. 8
Preferred (extra)
15 Holders of rec. Oct. 15
Nov.
154
dr
pref.
Bond
Share
(au.)
Corp.,
Consol.
100
Oct. 20 Holders of rec. Oct.
Abitibi Power & Paper, corn. (quar.)__. $1
Nov. 1 Holders of rec. Oct. I80
134 Oct. 20 Holders of rec. Oct. 100 Consolidated Cigar Corp., prior pf.(flu.) 1.6234 Oct. 25 *Holders of rec. Oct. 16
Six per cent pref. (quar.)
•20c.
Royalty
011
Consolidated
150
(quar.)
Oct.
rec.
of
Holders
1
144 Nov.
Abraham & Straus. Inc.. pref.(quar.)$1.25 Nov.15 Holders of rec. Nov. 54
Continental Can, corn. (quar.)
50e. Nov. 1 Holders of rec. Oct. 18
Adams Millis Corp.. corn.(qu.)(No. 1).
Common (payable in common stock).. $100 Nov.22 Holders of rec. Nov. 54
144 Nov. 1 Holders of rec. Oct. 18
Preferred (quar.)
20c. Oct. 30 Holders of rec. Oct. 154
Motors
Corp.
Continental
(quar.)
lie
Oct.
$1.50 Nov. 1 Holders of rec.
Allied Chem. & Dye, corn. (tar.)
1 *Holders of rec. Oct. 22
$1.75 Nov. 15 Holders of rec. Oct. 24a Coon (W.B.)Co., new corn.(qu.)(No.1) *70c. Nov.20 Holders of rec. Oct. 54
Allis-Chalmers Mfg., con). (quar.)
Oct.
50c.
_
_
_
_
com.
(quer.)
Product
Refining,
Corn
16
Dec.
rec.
of
Holders
81
Dec.
50e
Aluminum Manufactures. cont. (qua?.).
*Holders of rec. Dec. 17
31
Dec.
*50c.
new
stock
Inc.,
(quar.)
134 Sept 80 Holders of ree Sept 15a Coty,
Preferred (quar.)
Stock dividend (subject to stockholde re'
134 Dec. 81 Holders of roe. Dee. 150
Holders of rec. Nov.10a
20
Preferred (guar.)
Nov.
300
2)
meeting
Nov.
15
Oct.
rec.
1 *Holders of
Amer. Alliance Investing, 1st pf.(No. 1) '$1.50 Nov.
Dec. 31
e4
50e. Oct. 31 Holders of rec. Oct. 150 Crosley Radio (stock dividend)
Amerada Corporation (quar.)
Jan 129 Holders of rec. Dec. 200
25c.
Corp.
3I0
Crosloy
Radio
(quar.)
Oct.
rec.
of
Holders
lb
Nov.
50c.
American Can. corn. (quar.)
134 Oct. 31 Holders of rec. Oct. .1.51
Crucible Steel, tom.(qua?,)
.$1.75 Nov. 1 *Holders of rec. Oct. 20
Nov. 5 *Holders of rec. Oct. 25
Amer. Chatilion Corp.. Pf.(qu.)
e*5
Crum & Forster Incur. Share Corp. Cl.
Nov. 1 Holders of rec. Oct. 20
Amer. Chicle, corn. (pay in corn. Stk.). *MOO Nov. 1 Holders of rec. Oct. 15
3
Cudahy
6%
preferred
Packing,
2
Nov. 1 Holders of rec. Oct. 20
Amer. Cigar, corn. (qua?.)
3)4
7% Preferred
$I Nov. 1 Oct. 12 to Nov. 1
American Coal (Qua?.)
•50c. Nov. 2 *Holders of rec. Oct. 20
Curtis
corn.
Publishing,
(mthly.)
10
Oct.
rec.
of
1
Holders
Nov.
$1.75
Amer. Commercial Alcohol. pref. (qu.) _
•50c. Nov. 2 *Holders of rec. Oct. 20
Common (extra)
Holders of rec. Oct. 31
American European Securities. Pf. (qu.) 81.50 Nov. 15 Holders of reo. Oct. 15
.37)4c Nov. 1 *Holders of rec. Oct. 15
Dairy Dale, Inc., class A (guar.)
Nov. 1 *Holders of rec. Oct. 15
American Founders Corp., corn. (quar.) 1210. Nov.
•18lic
Class
B
15
(quar.)
Oct.
rec.
of
ere
Holt
Common (1-40th share common stock) (f) Nos.
260. Nov. 1 Holders of rec. Oct. 15
Davega. Inc. (qua?.)
of rec. Oct. 15
Holders
Nov.
8734e.
(guar.)
7% 1st preferred
250. Nov. 1 Holders of rec. Oct. 15
Extra
Holders of rec. Oct. 15
75c. Nov.
6% 1st preferred (qua?.)
•31Ke Janl '29 *Holders of rec Dec. 20
Davis Industries, class A (qua?.)
Holders of rec. Oct. 15
3734o. Nov.
Jan 1'29 *Holders of rec Dec. 20
6% 2d pref. (guar.)
•3114c
Class B (quar.)
*Holders of rec. Oct. 20
*2 Nov.
American Glue. pref. 'quar.)
25c. Oct. 20 Holders of rec. Sept.29a
Dome Mines. Ltd.(quar.)
lan15"29 Holders of rec. Dec. 3Ia
American Hardware Corp.
$1
(qua?,)
Dunhill International
Jan 119 Holders of ree. Doe. 15a
$1
Ap15'29 Hold. of rec. Apr. 1 '290
Quarterly
$1
Quarterly
250. Nov. 1 Holders of rec. Oct. 130
American Home Products(monthly).-Co.
dr
Nem
Du
de
5a
I.)
Pont
(E.
Oct.
rec.
of
50c. Oct. 25 Holders
2 Holders of rec. Oct. 10
Oct.
American Ice, corn. (quar.)
1%.
Debenture stock (qar.)
1K Oct. 25 Holders of rec. Oct. SO
Preferred (quar.)
1% Nov. 1 Holders of roe. Sept.30
134 Jan2'29 Holders of rec. Dec. 21s Eastern Bankers Corp., preferred (quar.) 1% Feb 1'29 Holders of rec. Dec. 81
Amer. Linseed, pref.(guar.)
(quar.)
Preferred
Nov. 1 Holders of rec. Oct. 18a
Amer. Machine & Fdy., corn. (qua?.).. $1
50c. Nov. 1 Holders of rec. Oct. 154
corn.(quar.)
134 Nov. 1 Holders of rec. Oct. 18a Eaton Axle & Spring,
Preferred (quar.)
*8234c Nov. 1 *Holders of rec. Oct. 15
Elgin National Watch (guar.)
*134 Nov. 1 *Holders of me. Oct. 15
American Sales Book, pref.(Guar.)
Public Utilities (Continued).
15
Grand Rapids RR.,7% pref.(guar.).- 134 Nov. 1 Holders of rec. Oct. 20
'6234c Nov. 1 *Holders of rec. Oct.
Hartford Electric Light (quar.)
'1234c Nov. 1 *Holders of rec. Oct. 20
Extra
Havana Electric & Utilities. 1st pf.(0.) $1.50 Nov. 15 Holders of rec. Oct. 20
$1.25 Nov. 15 Holders of rec. Oct. 20
Cumulative preference (quar.)
Oct. 15
Illinois Northern Utilities. 6% pf. (qu.). '134 Nov. 1 *Holders of rec.
$1.75 Nov. 1 Holders of rec. Oct. 16
Internat. Utilities, $7 pref. (quar.)
174g Nov. 1 Oct. 21 to Oct. 31
Interstate Rys., common
51.50 Nov. 1 Holders of rec. Oct. 15
Italian Superpower, pref. (quar.)
Nov. 1 Holders of rec. Oct. 16
151
Long Island Lighting, corn. (qu.)
Los Angeles Gas & Elec., pref.(quar.)-- *134 Nov. 15 *Holders of rec. Oct. 3
$1.25 Nov. 1 Holders of rec. Oct. 15
Massachusetts Gas Cos.. com.(quar.)
334 Nov. 1 Holders of rec. Oct. 22
Mexican Light & Power, 7% nref
10c. Nov. 1 Holders of rec. Oct. 22
4% preferred (par $O
Middle West Utilities. corn.(quar.)-.. •$1.75 Nov.15 *Holders of rec. Oct. 31
114 Oct. 31 Holders of rec. Oct. 20a
Milwaukee Elec.fly.& Light p1.(qu.)
60c. Oct. 31 Holders of rec. Sept. 30
Montreal L., H dr Pr. Consol..com.(qu)
Mountain States Power. pref.(quar.).... 134 Oct. 20 Holders of rec. Sept.30
134 Nov. 1 Holders of rec. Oct. 15
Municipal Service Co.. pref. (quar.)
45c. Nov. 1 Holders of rec. Oct. 20
National Elec. Power cont., A (quar.)
13
National Power Sr light, pref. (guar.)... 51.50 Nov. 1 Holders of rec. Oct. 30
Nov. 1 Holders of rec. Sept.
144
(quar.)
Nevada-Calif. Elec. pref
$1.50 Dec. 1 Holders of rec. Nov. 15a
North A merIcan Edison, pref.(quar.)
Nov. 1 Holders of rec. Sept.30
Northern States Power. corn. A (qturr.)__ 2
134 Oct. 20 Holders of rec. Sept.30
7% pref. (guar.)
114 Oct. 20 Holders of rec. Sept.30
8% prof.(quar.)
134 Dec. 1 Holders of rec. Nov. 15
Ohio Edison Co..6% pre/.(quar.)
1.65 Dec. 1 Holders of rec. Nov. 15
6.6% preferred (quar.)
144 Dec. 1 Holders of rec. Nov. 15
7% pref. (quar.)
134 Dec. 1 Holders of rec. Nov. 15
5% preferred (guar.)
50c. Nov. 1 Holders of rec. Oct. 15
' 6% preferred (monthly)
50c. Dec. 1 Holders of rot. Nov. 15
8% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
8.6% preferred (monthly)
55c. Dec. 1 Holders of rec. Nov. 15
8.8% preferred (monthly)
Nov. 15 *Holders of rec. Oct. 31
•75c.
Pacific Lighting, corn.(quar.)
*51.25 Nov. 15 *Holders of rec. Oct. 31
$5 preferred (quar.)
25c Nov. 1 Holders of rec Oct. iii
Penn-Ohio Edison Co.. common (quar.).
Nov. 1 Holders of rec. Oct. 16
Extra stock My.(one-fiftieth share)..
154 Dec. 1 Holders of rec. Nov.20
7% Prior pref.(quar.)
Nov. 2 Holders of rec. Oct. 16
18c
Corp.
Penn-Ohio Securities
(attar.)
Pennsylvania-Ohio P. & L.. $6 pl.(qu' 31.50 Nov. 1 Holders of rec. Oct. 20
134 Nov. 1 Holders of rec. Oct. 20
7% preferred 'qua?.).
60e. Nov. 1 Holders of rec. Oct. 20
71% preferred 'monthly)
55e. Nov. 1 Holders of ree. Oct. 20
6.6% preferred (monthly)
$1 Oct. 31 Holders of rec. Oct. la
Philadelphia Co., corn. (quar.)
75e. Oct. 31 Holders of rec. Oct. la
Common (extra)
$1.50 Nov. 1 Holders of rec. Oct. la
6% preferred
Oct. 31 Holders of rec. Oct. 15a
$1
(quar.)
Phila Rapid Transit. con.
$1.75 Nov. 1 Holders of rec. Oct. la
Preferred
Power & Light Securities Trust50c. Nov. 1 Holders of rec. Oct. 15
Shares of beneficial Interest
of rec. Oct. ha
Public.serv. Corp sof N.J.6% of.(mthly) 50e Oct. 31 Holders
Nov. 1 *Holders of rec. Oct. 13
*2
parlqu.)
Nor.111s..com.,$100
Pub.Serv.of
rec. Oct. 13
of
*Holders
1
Nov.
42
Common (no par)
•114 Nov. 1 *Holders of rec. Oct. 13
6w preferred 'Otter.)
rec. Oct. 13
of
*Holders
1
Nov.
•134
7%
* preferred (ouar.)
50c, Nov. 1 Holders of rec. Oct. la
Railway & Light Securities. corn (qu.)
134 Nov. 1 Holders of rec. Oct. la
Preferred Muer.)
Nov. 1 Holders of rec. Oct. 15
Rhode Island Pub. Sere., class A (quar.) $1
50c. Nov. 1 Oct. 16 to Oct. 17
Preferred (guar.)
50c Nov. 1 Holders of rec. Oct. 11
Sierra Pacific Elec. Co., corn. (guar.)._
10c. Nov. 1 Holders of rec. Oct. 11
Common (extra)
1 4 Nov. 1 Holders of rec. Oct. 1
Preferred (quar.)
Nov. 15 Holders of reo. Oct. 20a
50c.
(quar.)..
corn.
Calif.
Edison,
Southern
Nov. 15 Holders of rec. Oct. 31
81
Southern Canada Power, corn.
25c. Oct. 20 Holders of rec. Sept. 29
Southeastern Power & Light, corn.(qu.)
Nov. 1 Holder, of rec. Oct. 20
1.62%
pref.(qu.)
So'west Gas
1.621-, Feb119 Hold. of rec. Jan. 20'29
, Preferred (quar.)
1.6234 M'yl'29 Hold,of reo. Apr.20'29
Preferred (quar.)
8734c Oct. 25 Holders of roe. Sept.30
Standard Gas dr Elec.. corn. (quar.)..
134 Oct. 25 Holders of rec. Sept.30
7% prior pref.(quar.)
$1.75 Nov. 1 Holders of rec. Oct. 16
(quar.)..
&
Standard Power Light. Pref.
*23 Nov. 1 *Holders of rec. Oct. 28
Swiss American Electric, 86 preferred
50c. Nov. 15 Holders of rec. Oct. 25a
Tampa Electric Co., corn.(quar.)
Dec. 15
Tennessee Elec. Power,5% 1st pfd (qu.) 134 Jan. 2 Holders of rec.
134 Jan. 2 Holders of rec. Dec. 15
. Six per cent first preferred (guar.)._ _
Dec. 15
rec.
of
Holders
2
Jan.
134
pref.
(quar.)
first
Seven per cent
$1.80 Jan. 2 Holders of rec. Dec. 15
7.2% first preferred (quar.)
50c. Nov. 1 Holders of rec. Oct. 15
Six per cent first preferred (monthly).
Six per rent first preferred (monthly). 50e. Dec. 1 Holders of rec. Nov. 15
50e. Jan 2'29 Holders of rec. Dec. 15
Six per cent first preferred (montillY)60c. Nov. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
130c Dec. 1 Holders of rec. Nov. 15
7.2% first preferred (monthly)
60c. Jan 2'29 Holders of rec. Dec. 15
7.2% first preferred (monthly)
Jan9'29
United Gas Tmot. (extra)
15
United Lt.& Pr., torn. A & B,old (qu.). •1300. Nov. 15 *Holders of rec. Oct. 15
Nov. 15 *Holders of rec. Oct.
*12c.
A
(quar.)
B
&
common,
New
150
Oct.
rec.
of
Holders
1
300. Nov.
Utility Shares Corp., corn
134 Nov. 15 Holders of rec. Oct. 200
West Penn Elec. Co., 7% pref. (qu.)___
134 Nov. 15 Holders of rec. Oct. 20a
Six per cent pref. (quar.)
7% prof. (quar.) 144 Nov. 1 Holders of rec. Oct. 50
West Penn Power
134 Nov. I Holders of rec. Oct. 5a
Co..
8% preferred Mar.)
8234c Oct. 31 Holders of rec. Oct. 20a
York Rys., pref. (guar.)
OCT. 20 1928.]
FINANCIAL CHRONICLE
Per
IVIum
Cent. Payable.
Book6 Closed
Days inclusive
2195
Per
Whm
Name of Company.
Book, Closed
Name of Company
Cent Payable
Days Inatutve.
Miscellaneous (Conineed).
Miscellaneous (concluded).
Emsco Derrick & Equip. (guar.)
2
Oct. 25 Holders of rec. Oct. 10
Morris (Phliho & Co.. 1M_ Inc. Opi.)._ 250..la n. 1629
Eureka Pipe Line (guar.)
Hold. of rec. Jan. 2 '29a
$1
Nov. 1 Holders of rec. Oct. 15
Mulrheads Cafeterias, Ltd.. corn. (qu.)_ *200. Nov. 1 *Holders
Eureka Vacuum Cleaner (guar.)
of rec. Oct. 15
$1
Nov. 1 Holders of rec. Oct. 200
Preferred (guar.)
Exchange Buffet Corp.(guar.)
3734c. Oct. 31 Holders of rec. Oct. 15a Mullins Manufacturing, pref.(guar.)._ •25c. Nov. 1 *Holders of rec. Oct. 15
2
Fair (The), common (monthly)
Nov. 1 Holders of rec. Oct. 15.
*20c. Nov. 1 *Holders of rec. Oct. 20
Murphy (G. C 1 Co.(guar.)
25c. Dec. I Holders of rec. Nov. 21
Common (monthly)
•200. Dec. I 'Holders of rec. Nov.20
Nash Motors Co. 'guar.)
$1
Nov. 1 Holders of reo. Oct. 20.
Common (monthly)
•200. Jan. 1 *Holders of rec. Dec. 20
Extra
50c. Nov. 1 Holders of rec. Oct. 20.
Common (monthly)
•200. Febl'29 *Holders ol rec. Jan. 2029
National American Co.. Inc.(guar.)._
50c. Nov. 1 Holders of rec. Oct. 15.
Preferred (guar.)
*134 Nov. 1 "Holders of rec. Oct. 20
National
Bankltaly
Co.
(extra.)
*50c. Jan l'2o "Holders of rec. Sept.15
Preferred (ouar.)
*134 Feb 1'29 *Holders of rec. Jan.2029
National Biscuit, corn.(extra)
*50e. Nov. 15 'Holders of rec. Oct. 31.
Fajardo Sugar. corn. (guar.)
*82.50 Nov. 1 *Holders of rec. Oct. 20
National Carbon, ()ref. (guar.)
2
Fanny Farmer Candy Shops, coin. (qu.)
Nov. I Holders of rec. Oct. 19
250. Jan 1'29
National
Casket,
common
.$1.50 Nov. 15 'Holders of rec. Nov. 1
Fashion Park, Inc.. corn.(guarc
......
500. Nov. 30 Holders of rec. Nov. 30a
Nat. Dairy Products, corn.(in corn.stk.) "11
Jan 2'29 'Holders of rec. Dec. 5
Firestone Tire & Rubber, corn.(guar.)._ $2
Oct. 20 Holders of rec. Oct. 10
Nat. Dept. Stores, lst pref. (quar.)
134 Nov. 1 Holders of rec. Oct. 154
Firm Federal Foreign Invest. Trust(qu.) $1-75 Nov. 15 Holders
of rec. Nov. I
Second preferred (guar.)
*I% Dec. 1 'Holders of rec. Nov. 15
First Trust Bank,Inc.(qu.)
12540. Dec. 1 Holders of rec. Oct. 31
National Grocer Co
*10e.
Extra
Oct. 25 'Holders of ree. Oct. 15
554c. Dec. 1 Holders of rec. Oct. 31
National Lead, Pref.. class B (guar.)._
134 Nov. I Holders of rec. Oct. 191
Formica Insulation (guar.)
250. Jan1'29 Holders of rec. Dec. 15n
National Recording Pump (guar.)
75e. Nov. 1 Holders of rec. Oct. 22
Extra
102. fan l'29 Holders of rec. Dec. 15. National Tea,
pref.(guar.)
Fostoria Glass, corn.(in com.stock).134 Nov. 1 Holders of rec. Oct. I
*AO Nov. I *Holders of rec. Sept. 18
National Tile. corn. (guar.)
Franklin(H.H.) Mfg..COM
75c. Nov. 1 Holders
*50e. Oct. 20 *Holders of rec. Oct. 10
Vikuheim Pharmacies. Inc.. pref.(guar.) 62340. Nov. 1 Holders of rec. Oct. 1
Preferred (guar.)
of rec. Oct. 1
•134 Nov. I "Holders of rec. Oct. 20
Nestle-Le Muir Co., Cl. A (qu.)(No. I).
Freeport Texas Co.(quar.)
50o. Nov. 16 Holders of rec. Nov.
$1 Nov. I Holders et rec. Oct. 15a Newberry
Extra
25c. Nov. 1 Holders of rec. Oct. I5a Newberry (J. J.) Realty. pref. (guar.)._ *154 Nov. 1 'Holders of rec. Oct. 1
(J. J.) CO.. Pref. (guar.)
'1,134 Dec. 1 'Holders or rec. Nov. 1
General Cigar. Inc., corn. (guar.)
Si
Nov. 1 Holders of rec. Oct. 160
Preferred (guar.)
154 Dec. 1 Holders of rec. Nov.226 New Jersey Bond & Mtge., pref. (guar.). 154 Nov. 1 Holders of rec. Oct. 1
New Jersey Cash Credit Corp..com.(211.)
General Electric, common (guar.)
I5o. Oct. 2t Holders of rec. Oct.
1
Oct. 26 Holders of rec. Sept. 2I6
Preferreo (guar.)
Special stock (guar.)
150 Oct. 2I: Holders of rec. Oct.
15e. Oct. 26 Holders of rec. Sept. 21a
Preferred (extra)
General Mills, Inc., corn.(No. 1)
15o. Oct. at Holders of rec. Oct.
750. Nov.
Holders of rec. Oct. 15n New Jersey Zinc (guar.)
General Motors,6% pref.(guar.)
*2
Nov. It 'Holders of rec. Oct. 20
154 Nov.
Holders of reo. Oct. 8. New River Co.. pref.(
guar.)
7% preferred (quar.)
$1.50 Nov. 1 Holders
I% Nov.
rec. Oct. IS
Holders of roe. Oct. 8.
Preferred (acct. accum. dividends)._ 51.50 Nov. 1 Holders of
6% debenture stock (guar.)
154 Nov.
of rec. Oct. 15
Holders of rec. Oct. lio New York Air Brake(guar.)
General Stockyards, corn. (guar.)
75e. Nov. 1 Holders of rec. Oct. 4$
50c. Nov.
Holders of rec. Oct. 15
N.
Hamburg
Y.
Corp.
(No. I)
•$1.25 Oct. 2' 'Holders of rec. Oct. 15
$6 Preferred guar.)
51.50 Nov.
Holders of rec. Oct. 15
N.Y.& Honduras Rosario Mining (qm.).
Gilchrist Co. (mar.)
25c. Oct. 7 Holders of rec. Oct. 17
75c. Oct. 3 Holders of rec. Oct. 15
Extra
(Gillette Safety Razor (guar.)
25e. Oct. 21 Holders of rec. Oct. 17
$1.25 Dec.
Holders of rec. Nov. la New York Merchandise, corn.
Stock dividend
(guar.).50e.
Nov. I Holders of reo. Oct. 20
5
Dec.
Holders
of rec. Nov. Is
Preferred (guar.)
Gimbel Bros.. Inc. pref.(guar.)
154 Nov.
Holders of rec. Oct. 15. N.Y. Realty & Inapt., pref.(guar.).- 13( Nov. ' Holders of rec. Oct. 20
(Madding, McBean & Co., monthly
81.50 Sept. 2 Holders of rec. Sept. 12
25c. Nov.
Oct. 21 to Oct. 31
Niles-Element-Pond Co. pref. (qIL).- •134 Dec. 3. Holders
Monthly
25c. Dec.
of rec. Dec. 21
Nov.21 to Nov. 30
Nichols Copper. common
Gold Dust Corp.(guar.)
50o. Dec. I. Holders of rec. May 24
$1.25 Nov.
Holders of rec. Oct. 176 Niplasin.g Mines
Co.(guar.)
Goesard (H. W.) Co., corn.(monthly).- 33 1-3c Nov.
Oct.
734c.
2
Holders
of
rec. Sept.29
Holders
of
rec. Oct. 19. Noma Electric Corp.(guar.)
Common (monthly)
*40c. Nov. I 'Holders of rec. Oct. 15
33 I-3c Dec.
Holders of rec. Nov. 20. North American Invest.
Common (monthly)
(nu.),(No. 1).- *SI
Nov. 20 *Holders of rec. Oct. 31
33 1-3c Janr2 Holders of rec Dec. 20
North Central Texas Oil
(Gotham Silk Hosiery. pref. (guar.)._
15o. Dec. 1 Hollers of rec. Nov. 10
134 Nov.
Holders of rec. Oct.',Its North Lily Mining Co (guar.)
Granby Consol. Min.& Smelt.(gu.)- - - - $1
.20c. Oct. 20 *Holders fo roe. Oct. 10
Nov.
of rec. Oct. Ila Northwest Engineering (guar.)
Grand (F.& W.)5-10-25o Stor,com.(qu.) 25c. Oct. 2 Holders
*50e. Nov. 1 *Holders of reo. Oct. 15
Holders of rec. Oct. 136 011 Well Supply. pref. (guar.)
Preferred (guar.)
134 Nov. 1 Holders of reo. Oct. III
134 Nov.
Holders of rec. Oct. I36 Oliver Union Filters, clam A (quar.)._
arisen Watch, common (guar.)
*50c. Nov. I *Holders of rec. Oct. 17
50c. Dec.
Holders of rec. Nov. 20.
Common (guar.)
Si
Nov. 15 Holders of rec. Oct. 29.
50e. Marne Holders of rec.Feb.19'29n OPPenhelm. Collins az Co.(quar.)
Outlet Company, corn.(guar.)
Preferred (guar.)
$1
Nov. 1 Holders of rec. Oct. 20.
154 Nov.
Holders of rec. Oct. 20.
First preferred (guar.)
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 20e
154 Febl'2 Hold. of rec. Jan. 19'29s
Second preferred (guar.)
Hall (,v. F.) Printing (quar.)
154 Nov. 1 Holders of rec. Oct. 20
25c. Oct. 3 Holders Of rec. Oct. 20
Pacific Coast Biscuit, corn.(guar.)
Hamilton Bridge. pref.(guar.)
•25e. Nov. 1 *Holders of rec. Oct. 13
154 Nov.
of rec. Oct. 15
Preferred (guar.)
Harbison-Walker Refrac.. pref. (guar.). 154 Oct. 2 Holders
"87540 Nov. I *Holders of rec. Oct. 13
Holders
of
rec.
Oct. 10. Pacific Finance Corp., el. A & B pf.(qu.) •500.
Hartford Times. Inc., panic. pref. (qu.) 75e Nov.
Nov. 1 *Holders of rec. Oct. 2$
1 Holden' of ree. Nov. I
Class C 654% pref.(guar.)
Hart Schaffner, Marx. Inc.(guar.)
'40940 Nov. 1 'Holders of rec. Oct. 20
*32 Nov. 3 *Holders of rec. Nov. 15
Class D 7% pref.(guar.)
Hawaiian Comm'l& Sugar(extra)
•4354
Nov. 1 *Holders of rec. Oct. 20
•250 Nov.
*Holders of rec. Oct. 25
Pacific Steamship, pref.(guar.)
Hazeltine Corp.(guar.)
*51.75 Nov. 1 *Holders of rec. Oct. 13
•25e Nov.
Packard Motor Car Co.(monthly)
Hubbard. Spencer Bartlett & Co.(mthly) 35c Ott. 2 'Holders of rec. Nov. 5
25c. Oct. 31 Holders of rec. Oct. 15a
Holders
2
of
rec.
Oct. 19
Monthly
Monthly
25c. Nov. 30 Holders of rec. Nov. I5a
35e Nov.3 Holders of rec. Nov. 23
park & Tilford (guar.)
Monthly
75e. Ja 14'29 Holders of rec. Dec. 290
35e Dec. 2 Holders of rec. Dec. 21
Stock dividend (guar.)
Higbee Co.. 1st prof. (guar.)
el
Ja 14'29 Holders of rec. Dec. 29s
Nov.
134
Oct. 20 to Nov. 1
Quarterly
Holly Sugar Corp., pref. (guar.)
75e. Ap14'29 Hold,of rec. Mar.29'29a
134 Nov.
Holders of rec. Oct. 15
Stock dividend (guar.)
Home Service Co.. 2nd pref.(guar.).- *500.
el
AD14'29 Hold. of rec.Mar. 29'29a
2
Oct.
*Holders
fo
rec.
Sept.28
Penmans, Ltd., common (quar.)
Homestake Mining (monthly)
$1
Nov. 15 Holders of rec. Nov. 5
50c Oct. 2 Holders of rec. Oct. 20.
Preferred (guar.)
Hood Rubber,734% pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 22
*$1.88 Nov. *Holders of rec. Oct. 20
Penna.
Cash Credit Corp.. corn. (nu.)
Seven per cent preferred (guar.)
150. Oct. 25 Holders of rec. Oct. 8
"154 Nov. *Holders of rec. Oct. 20
Preferred ((mar.)
Horn & Hardart of N. Y.(guar.)
15e. Oct. 25 Holders at rec. Oct. 8
*3734 Nov. *Holders of rec. Oct. 11
Preferred (extra)
Extra
15e. Oct. 25 Holders of rec. Oct. 8
•25e Nov. *Holders of rec. Oct. 11
Perfection Stove(monthly)
Hupp Motor Car Corp., corn. (quar.)
3734c. Oct. 31 Holders of roe. Oct. 20a
50o Nov.
Holders of rec. Oct. I5a
Monthly
Com.(payable in com.stock)
37340. Nov. 30 Holders of rec. Nov. 20a
/234 Nov.
Holders of rec. Oct. 15
Independent Oil .4 Gas(guar.)
Monthly
37140. Deo. 31 Holders of rec. Dec. 20.
3754c Oct. 3 Holders of rec. Oct. 15a Phillips
-Jones Corp.,Pref.(guar.)
Indiana Pipe Line (guar.)
1% Nov. 1 Holders of rec. Oct. 204
$1
Nov. 1 Holders of rec. Oct. 26
Pickwick Corp., orn. (guar.)
Special
*20e. Oct. 25 *Holders
Nov. 1 Holders of rec. Oct. 26
Piggly Wiggly Arest States, A (guar.)._ 537540 Nov. 1 *Holders of rec. Oct. 10
Industrial Finance Corp., pref. (guar.). $5
of rec. Oct. 20
Nov.
Holders of rec. Oct. 19
Pitney Bowes Postage MeterInternational Cigar Machinery (guar.).Nov.
Holders of roe. Oct. 18
Common (quar.)(No. 1)
Int. Cont. Invest. Corp.corn.(q.)
15e. Nov. 1 Holders of rec. Oct. 24
*25c Jan 1'2
Pittsburgh Plate Glass (stock div.)
Common tquar.)
sel0 Dec. 1 *Holders of reo. Nov. 15
*250 A prl'2
Pittsburgh Steel Co., pref.(guar.)
Common (guar.)
19( Dec. 1 Holden of rec. Nov. 10.
*25e Jiy 1'2
Postum Co., Inc., corn.(guar.)
International Nickel, pref.(guar.)
750. Nov. 1 Holders of reo. Oct. 15.
154 Nov.
Holders
of roe. Oct. 10. Prairie Pipe Line (guar.)
International Paper, corn.(guar.)
334 Oct. 31 Holders of rec. Sept.29
60e Nov. 1 Holders of reo.
Nov. la Prospect Hill Apartments, Inc., prof
International Printing Ink, corn.(qu.).. 6214cNov.
3
Nov. 1 Oct. 16 to Nov. 1
Holders
of
rec.
Oct.
15a Prudence Co., Inc.. pref. series of 1926
Preferred (guar.)
314 Nov. 1 Holders of rec. Oct. 20
'$1.50 Nov.
*Holders of rec. Oct. 15
Prudence Co.. Inc.. pref.(guar.)
International Shoe. prat. (monthly).154 J an 15'29 Holders of rec. Dec. 31a
50o Nov.
Holders
of
rec.
Oct.
15a
Pullman,
Inc.
'guar.)
Preferred (monthly)
51
Nov. 15 HoMers of rec. Oct. 244
50c Dee.
Holders of rec. Nov. 16a Quaker
Interstate Iron & Steel. corn.(guar.)... _ $1
•154 Nov.30 *Holders of rec. Nov. 1
J'n15'2 Holders of rec. Jan.5'29a QuissettOats. pref. (guar.)
Mills. preferred
Italo Petroleum Corp. Met.(qu.)(No. 1) I% Nov.
*3
Dec. 1 *Holders of rec. Nov. 21
Holders
of
rec.
Oct.
15
Reed (C. A.) Co., class A (guar.)
Jaeger Machine (guar.)
50c. Nov. 1 Holders of rec. Oct. 20
'62340 Dec.
*Holders of rec. Nov. 16
Rice-Stix Dry Goods, common (guar.)._ 3734c Nov. 1 Holders of
Kalamazoo Stove (Stock dividend)
e50 Nov.
rec. Oct. 15
Richardson Co. (guar.)
Kaufmann Dept.Stores, Inc.,corn.(au) 3734c.Nov.
•22 Nev. 15 *Holders of rec. Oct. 31
Holden( of rec. Oct.
Extra
Kaynee Co. (extra)
41 Nov. 15 *Holders of roe. Oct 31
'1214c Jan 1'2 *Holders of rec. Dec. 10a
20
Richfield
011
Common (extra)
(guar.)
50e
Nov. 15 Holders of rec. Oct. 20e
'1234cAprl'2 "Holders of rec. Mar.
20
Preferred (guar.)
Common (extra)
•43940 Nov. 1 "Holders of rec. Oct. 5
•12 tic July1'29 *Holders of rec.
June 20
Robin kJ. & W.), Preferred (guar.)
Kayser (Julius) & Co., corn.(guar.).- $1.25 Nov.
*151 Nov. 1 'Holders of rec. Sept. 30
Holders of rec. Oct. 15a Rubber Service
Laboratories
Kelsey-Hayes Wheel, pref. (guar.)
(guar.).60c. Oct. 20 Holders of rec. Oct. 10
I% Nov.
Holders of rec. Oct. 22a St. Joseph Lead
Keystone Watch Case, pref.(guar.)._ 873-40. Nov.
(quar.)
50c. Dee. 20 Dec. 9 to
Dec. 20
Holders of roe. Oct. 18.
Extra
Eldoer Peabody Acceptance Corp.250. Dec. 20 Dec. 9 to
Dec. 20
Producers
Salt
Creek
Class A preferred
Assn.(guar.)
75c. Nov. 1 Holders of rec. Oct. 15e
23-4 Nov.
Holders
of
rec.
Oct. 15
Savage Arms, 2nd pref. (guar.)
6% preferred 13
•154 Nov. 15 *Holders of rec. Nov. 1
3
Nov.
Holders of rec. Oct. 15
Savannah Sugar, com.(guar.)
Second preferred (No. 1)
3
51.50 Nov. 1 Holders of rec. Oct. 16
Nov.
Holders of rec. Oct. 15
Prefened (guar.)
Kirby Lumber, common (quar.)
154 Nov. 1 Holders of rec. Oct. 15
194 Dec. 1 Holders of rec. Nov.30
Schulte Retail Stores. corn. (guar.)
Kress(S. H.) & Co., corn.(guar.)
250. Nov.
8734c Dee. 1 Holders of rec. Nov. 150
Holders of rec. Oct. 15a
common
(payable
in
Corn.(payable in special prof. stock).
corn,
500. Nov.
stock)
u% Dec. 1 Holders of roe. Nov. 15
Holders
of
rec.
Oct.
Common (payable in corn, stock)
Special preferred (guar.)
u54 War '29
•15c. Nov. *Holders of rec. Oct. 154
Scott Paper, pref. series A (guar.)
Lakey Foundry & Machine (guar.)._ _.
154 Nov. 1 Holders of rec. Oct. 17
50c. Oct. 3 Holders of rec. Oct. 15
Preferred, series B (quar.)
Extra
100. Oct. 3 Holders of rec. Oct. 20
154 Nov. 1 Holders of roe. Oct. 17
20
Seagrave corp.
Landay Bros., class A (guar.)
30e. Oct. 20 Holders of rec. Sept.20.
750. Nov.
Holders of rec. Oct. 15s Sears, Roebuck (guar.)
Landers, Frary & Clark (guar.)
&
Co.
(guar.)
. 75o. Dec. 3 Holders of rec.
6234c Nov. 1 Holders of rec. Oct. 10.
Dec. 22a
Quarterly (payable In stock)
Lane Bryant, Inc., pref. (guar.)
el
Nov.
Nov. 1 Holders of rec. 001. 155
Holders
of rec. Oct. 13
Quarterly (payable in stock)
Langton Monotype Machine(guar.).- 154 Nov.30
el
Febl'29 HIM. of roe. Jan.I5'29d
Holders
Quarterly (payable in stook)
Lehigh Portland Cement. Corn. 'guar.).- 6254e Nov. 1 Holders of rec. Nov. 20.
Cl
Myl'29 Hold, of rec. Apr.13
of
rec.
Oct.
'
Illa Seeman Brothers, Inc.. corn.(guar.)._
291
Llon 011 Refining(guar.)
50c Nov. 1 Holders of rec. Oct.
*500. Oct. 27 *Holders of rec. Sept.
16
28
Common
Liquid Carbonic Corp.(guar.)
(extra)
50c. 3-15-29 liold're of rec. Mar.1'2118
81
Nov. 1 Holders of rec. Oct. 20s
Selby Shoe, corn.(guar.)
Extra
250. Nov. 1 Holders of rec. Oct.
55e.
Nov.
1
Holders
roe.
of
Oct. 15
Loew's Boston Theatres (qual.)
Preferred (aow.)
15e. Nov. 1 Holders of rec. Oct. 20a
154 Nov. 1 Holders of rec. Oct. 15
Preferred (ouar.)
Loose-Wiles Biscuit, corn.(guar.)
*154 Feb 1'29 *Holders of rec. Jan. 15'21
400. Nov. 1 Holders of roe. Oct. 20
I8a
Preferred (guar.)
Lord & Taylor, 2nd met. (aurar.)
•15414 ay 1 '29 *Holdere of rec. Apr. 15'21
2
Nov. I
Louisiana 00 Refining, pref.(qual.)...' $1.625 Nov. 15 Holders of rec. Oct. 17. Beton Leather, corn.(guar.)
•50c. Nov. I 'Holders of rec. Oct. 16
*Holders of roe. Nov. 1
Shaffer 011 dr Refg.. pref.(guar.)
Macy (R.H.)& Co , Inc., new stk.(qu.)
50c. Nov.15 Holders
154 Oct. 25 Holders of rec. Sept.30
Mallinson (H. R.) & Co., Eno.. pf.(qu.) 114 Jan 2'29 Holders of rec. Oct. 264 Shepard Stores, Inc., Cl. A (guar.)
75e. Nov. 1 Holders of rec. Oct. 20
of roe. Dec. 20s
Clam
(guar.)
A
Manhattan Rubber Mfg.(guar.)
'6234c Oct. 31 *Holders of rec.
75o. Febl 29 Hold,of rec. Jan.20 29
Oct.
15
Class A (guar.)
Extra
750. Mayl 29 Hold,of rec. Apr.20 29
*50c. Oct. 31 *Holders of rec. Oct. 15
Sinclair Consol. 011 Corp., pref. (guar.). $2
Maytag Co., pref. (guar.)
34 Nov. 1 Holders of rec. Oct.
Nov. 15 Holders of rec. Nov. li
15
Spiegel, May,Stern Co., Inc.. corn.(an.)
First preferred (guar.)
75e. Nov. 1 Holders of rec. Oct. 16
$1.50 Nov. 1 Holders of rec. Oct. 15
634% preferred (quar.)
McCall Corp.(guar.)
•134 Nov. I *Holders of rec. Oct. 18
75e. Nov. I Holders of rec. Oct. 20a
Standard Commercial Tobacco, corn..
McCrory Stores Corp., pref.(guar.).- 114 Nov. 1 Holders of
rec. Oct. 20a
class B (payable In class B corn. stk.) 10
Melville Shoe, corn. (guar.)(No. 1)--Nov. 1 Holders of reo. Oct. 1190
25c Nov. 1 Holders
rec. Oct .20. Standard Investing Corp.,
First and second pref.(guar.)(No. 1). $1.50 Nov. 1 Holders of
pref.(guar.). 1.373-4 Nov. 15 Holders of
Oct. 27
of rec. Oct. 20
Sloe) Corp. of Canada,corn.& pfd.(qu.). 154 Nov. 1 Holders of rec.
Merck Corp.,preferred (guar.)
Si Jan 2'29 Holders of rec. Dee. 17
rec. Oct. 6
Stover Mfg.(4 Engine, pref.(quar.)._. *154 Nov. 1 *Holders of rec.
Metropolitan Royalty Corp.(No. 1)-- 100 Nov. 1 Holders of rec. Oct. 20
Oct. 19
Stroock
(S.)
&
Mexlcan Petroleum. corn. (guar.)
Co.
(guar.)
075e.
33
Dec. 22 *Holders of rec. Dee. 10
Oct. 20 Holders of rec. Sent. 20a
Preferred (guar.;
•75e. Nov. 1 *Holders of rec. Oct. 19
2
Oct. 20 Holders of rec.Sept.29a Sneer Maid Corp., corn. (guar.)
Took-Hughes Gold Mines, Ltd
Miami Copper Co.(guar.)
15e. Nov. I Oct. 18 to Oct. 31
373-4c.Nov. 15 Holders of roe. Nov.
la
Mid-Continent Petroleum, pref. (guar.).
Dec. I *Holders of rec. Nov. 15 Telautoforaph Corp..
Minneap.-lioneywen Regulator, pf.(qu)
corn. (guar.)
20e. Nov. 1 Holders of roe. Oct. 151
Nov. 15 Holders of rec. Nov. 3
Thompson (John Ft..) Co.(monthly).......
Mohawk Mining (guar.)
30c. Nov. 1 Holders of rec. Oct. 23(
53
Dec. 1 Holders of ree. Oct. 31
Monthly
Monroe Stores, Inc., pref.(guar.)
30c. Dec. 1 Holders of rec. Nov. 23(
134 Nov. 1 Holders of rec. Oct. 27
Tide Water 011. Prof.(guar.)
Motor Products Corp., corn. (qu.)
1% Nov. 15 Holders
*50c. Nov. 1 *Holders of rec. Oct. 19
Tobacco Products Corp., class A Milan) 51.75 Nov. 15 Holders of rec. Oct. 13s
Preferred (guar.)
*$1.25 Nov. 1 *Holders fo rec. Oct. 19
of rec. Oct.
Tononah Minim:
7)4c Oct. 20 Sent. 30 to Oct_ 726
194
51
194
.134
IN
FINANCIAL CHRONICLE
2196
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Intim*.
[VOL. 127.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Oct. 11:
Miscellaneous (Continued).
Nov. 1 *Holders of rec. Oct. 20
Tung Sol Lamp Works, corn. (quar.)-__ *20c
50c Nov. 1 Holders of rec. Oct. 20
Common (extra)
4543•
Nov. 1 *Holders of rec. Oct. 20
0
Class A (guar.)
WITH CLOSING OF BUSINESS
.50c Nov. 1 *Holders of rec. Oct. 20
INSTITUTIONS NOT IN CLEARING HOUSE
Class A (extra)
229 Holders of rec. Dec. 15
Jan
Union Guarantee Mtge.. corn. (guar.).- $1.50
FOR WEEK ENDED THURSDAY, OCT. 11.
Jan2'29 Holders of rec. Dec. 15
$1
Corn. (extra)
$2 Jan2'29 Holders of rec. Dec. 15
e Figures.
Union Mortgage.coin.(quar.)
NATIONAL AND STATE BANKS-Averag
Jan 229 Holders of rec. Dec. 15
*2
Common (extra)
15
14 Jan2'29 Holders of rec. Dec. 18a
6% preferred (qual.)..
rec. Oct.
of
HoMers
10
Nov.
500.
Union Oil of Calif. (guar.)
I
OtherCash Res. Dop.. Dep.Other
82 Sic Nov. 10 Holders of rec. Nov. 180
Gloss
Union Storage (guar.).
Including N. Y. and Banksand
1M Nov. 1 Holders of rec. Oct.
United Biscuit. pref. (guar.)
160
Oct.
rec.
of
Bk.Noirs. Elsewhere. TrusiCos. Deposits.
Holders
Gold.
1
Loans.
14 Nov.
United Cigar Stores of Amer., pt.(guar.) *25c.
15
Nov. 1 *Holders of rec. Oct.
$
United Corp., partic. pref. (qu.)(No. 1) *1.5e. Nov. 1 *Holders of rec. Oct. 15
5
$
$
$
$
Manhattan-00
Participating preferred (extra)
Dec. 1 *Holders of rec. Nov. 15
153,823,300 16.900 2,098,400 17.712,400 1,336,000 146.195.2
S
•50c.
U.
of
Bank
0
A
class
21,646,00
(quar.)
Crate,
Milk
'290
United
751,000
20,707,000 8,700 785,000
$1.54) Jan8'29 Hold, of rec. Jan. 2 '290 Bronx Naticrnal
2,087,200
United Paperboard. pref.(guar.,
1
143,000
Apr.
120.000
rec.
of
Hold.
98.700
ApI5'29
2.030,100
$1.50
Bryant Park Bank
0
21,605,00
Preferred (guar.)
200
518.000
Dee.
rev
-.... 1,839,000
1M Ja n2'29 Holders of
Chelsea Exch. Bk. 22,153,000
0
United Piece Dye works. 84% Pf.(qu.). 5
79,860 1,397,275 1,013,088 14,704.68
Oct. 31 Holders of rec. Sept. 29a Grace National.... 17,163,753 5,000
00
38.182,0
1,011,000
United Profit-Sharing, pref
5a
4,178,000
Oct.
rec.
762,000
of
Holders
50c. Nov. 1
35.400.000 20.000
Nat'l-Harriman
3,852,700
United Verde Extension Mining (qu.)
15
230,800
1 Holders of rec. Oct.
4,269,800 40,700 108,300
Port Morris
U. E.& British Internat. Co., pref.(qu.) 75c. Nov.
3.470,000 107.124,000
Dec. 1 *Holders of rec. Nov. 15
Public: National__ 112,379,000 23,000 1,974,000 8.966,000
U.S. Braid dr Share, common (extra)._ *52.50
*50e. Dec. 1 *Holders of rev. Nov. 15
Brooklyn
(extra)
preferred
269,800 18,527.100
ting
to
Participa
Dee. 15 Holders of rec. Dec.
First National__ 19,682.800 37,000 512,800 2,189,200
52,803,800
U.S. Cast Iron Pipe & Fdy., corn.(qu.). 24
54,744,000 249,000 1,666,000 7,382,800 305,000 19,626,000
1M Dec. 15 Holders of rec. Dec. la Mechanics
Preferred (guar.)
1,717,000
0 85.000 276,000
.
21,601.00
National
Nassau
Corp.
See.
81,300 8,698,800
U.S.& Foreign
627,300
31.50 Nov. 1 Holders of rec. Oct. 11
Peoples National_ 8,500,000 5,000 152,000
31.500 2.331.100
First and second Pref.(guar.)
320.400
60.200
____
$1.25 Nov. I Holders of rec. Oct. 15
Traders National. 3.024.800
' U. S. Industrial Alcohol, corn. (guar.)._ •lc.
Dec. 10
U.S. Pert 4eum (guar.)
3,1
Doe.
to
22
Dec.
1'29
Jan
190
U.S. Print. & LIth. 2d pref. (guar.)._ -. 14
75r. Nov. 1 Holders of rec. Oct. lba
Universal Leaf Tobacco. torn. (guar.)._ $1.75
TRUST COMPANIES-Average Figures.
Nov 1 Fielders of re*. Oct.
Universal Pipe & Radiator. oref (at.)._ •30c. Nov. 1 *Holders of rec. Oct. 21
Utah Radio Prod.(guar.)(No. 1)
•14 Nov. I
Res. Dep., Dep. Other
Vancouver West Drug 634% Prof
Dec. 10 Holders of rec. Doe. lo
Gross
- 134(guar.)
N. 1, and Banks and
Vapor Car Heating, pref.
Holders of roe. Oct. 166
Nov.
$1
Elsewhere. Trust Cos. Deposes.
(quar.)
la
Cash.
Chemical
Vick
Loans.
Holders of rec. Oct.
Nov.
El
(guar.)._
corn.
Victor Talking Machine,
Holders of rec. Oct. 1 a
$
$1.75 Nov.
$
$
5
5
Prior preference (guar.)
ManhattanHolders of rec. Oct. la
$1.50 Nov.
25,400 50,982,700
728,400 10,441,000
48,838,400
$6 cony. pref.(quar.)
Holders of rec. Oct. 15a American
Nov.
1
13(
16,242,20
99,020
831,539
(V.) Vivaudou, Inc., pref.(quar.)
Nov. 1
17,024,043
Bronx county
•70e. Nov. 1 *Holders of rec. Oct.
23,661,144
681,902 1,713,229
9a Central Union
23,429,944
Pensions Corp., pref.(guar.)
Holders of rec.
2
Oct.
134
00
A
pref.
250.870.0
(qU.)
3,127,000
&
pref.
246,881,000 •28.593,000 4,776,000
Vulcan Detinning,
hl Oct. 20 Holders of rec. Oct. 9a Empire
3,257,300 3,545,100 75,873,800
Prof. (acct. accumulated dividends)._ 41.50 Dee. 1 *Holders of rec. Nov. 15
78.850.500 *4,863,9
Bank of Europe & Tr
253,325 17,395,490
202,363 1,187,388
Wagner Elec. Corp.. corn. (guar.)
17,349.019
of rec. Sept. 30
n
*Fielders
Federatio
25
Oct.
5
134
16,306.300
(qu)
490,600
Warner (Chas.) Co.-Ist 24 131 (guar.) 500 Oct. 30 Holders of rec. Sept. 30
16,124,200 *2,154,500
Fulton
282,560,000
1.627,000
0
41,704,00
,
Corp.. class A & It
15
2,739,000
Oct.
00
rec.
Web Midi)
of
294,316,0
Manufacturers
Nov. 1 Holders
00
134
67,125,1
(quar.).
___
pref.
..
Inc.,
r,
80.715,190 4,200,000 6,708,014
Weber & Hellbrone
50o Oct. 31 Holders of rec. Sept.29a United States
Westinghouse Air Brake (guar.) tquar ) El flat. 31 Raiders of rec. Sent. 28a
Brooklyn67.899,300
eon).
0
Mfa.
&
10,692.90
Elec.
28a
1,406.900
00
Sept.
ouse
rec.
65,393,9
of
Westingh
Brooklyn
50e. Oct. 20 !folders
24,839,457
White Eagle 011 dc Ref. (guar.)
rec. Oct. 19a Kings county
26,552.855 1,840,839 2385,158
$1 Nov. 1 Holders of
23,300 46,214,400
49,728,700 1,633.000 3,732,900
White Sewing Machine. pref. Mari.Municipal
30e. Nov. 1 Holders of rec. Oct. 22a
(guar.)._
common
Co.,
20
WIllys Overland
Holders of rec. Dec.
Bayonne, N. J.(quar.) $1.75 Jan 129 Holders
307.521) 7a5 Ana 252.500 n 492.235
9.381.758
of rec. Nov. 10a
Wire Wheel Corp.of Amer., Pref.
Mechanics
corn.(guar.)... $1.25 Dec.
Woolworth (F. W.) Co.,coin.
Holders of rec. Oct. 20
250. Nov.
_.
(mthly.)
Bank as follows: Central Union, $27.
Co.,
Reserve
Jr.
Wrigley (Wm.)
*Includes amount with Federal
Holders of rec. Nov. 20
Dec.
Common (monthly)._ -.
809,000; Empire, 33,188,000: Fulton, 52.038,000.
Oct. 26 to Oct. 31
. 6 21 Nov.
311
Nov.
Yellow &Checker Cab,corn. A (mthly.l A 2-84 Dec.
Nov. 26 to
Common class A (monthly)
'82%c Nov. *Holders of rec. Oct. 20
Zenith Radio (guar.)
New York Stock Exchange has ruled that stock
Boston Clearing House Weekly Returns.-In the
• From unofficial sources • Thethis datP and not until further notice. 1 The
will not be quoted ex-dividend on on has ruled that stock will not be quoted ex- following we furnish a summary of all the items in the
New York Curb Market Associatifurther notice.
di yidend on this date and not until
Boston Clearing House weekly statement for a series of weeks:
this dividend. d Correction. e Payable In stock.
a Transfer books not closed for payable in eerie. h on account of accumulated
g
BOSTON CLEARING HOUSE MEMBERS.
I Payable In common stock.
stock.
dividends. .1 Payable In preferred
as
stock
A
clam
dividends payable In cash or In
Oct. 3
Oct. 10
Changesfrom
Oct. 17
I Associated Gas & Electric
of one share of class A stock for each
1928.
1928.
Previous Week
1928.
follows: On class A stock Meat,of 24%
held.
share
$
$
subject to stockholders meeting Oct. 15.
11
$
o Payable In common stock but
84.15e.000
84,150,000
Unchanged
84,150,000
to stockholders' meeting Oct. 16.
Capital
00
x Payable In common stock but subject
108,448,0
00
108,501,0
00
In
+1,422.0
00
payable
109,923,0
Surplus and profits
four per cent. on common stock
National Dairy Products declared
1229. Loans,(Melt)& Invesrts. 1.110,811,000 +5.886,000 1,105,125,000 1,104,485,000
nts of one per cent, each beginning Jan. 2,
000
695,842,
000
676,874,
000
00
+31,883.
708.757,0
sem.stock In quarterly installme
Individual deposits
2% In stock, payable 4% quarterly.
150,043,000 +2,209.000 147,834,000 146,268,000
11 Schulte Retail Stores declared
share of Due to banks
ion of one ordinary share and one Preferred
277,109,000 -1,004.000 276,113,000 282,818,0000
-Amer. Time deposits
v To recommend a distribut
British
of
shares
13,678.00
ordinary
8,475,000
eight
+894,000
each
for
9,369,000
United States deposits.-Tobacco Securities Trust. Ltd..
41.112,000
28,387.000
36,886,000 +8,499,000
Exchanges for Clg. House
Tobacco Co.
90,974,000
00
84,093,0
000
00
+16,510,
100,803.0
_
.
Minks_
other
Due from
83,412,000
83,172,000
84,897,000 +1,525.000
In legal depcsar
9,754,000
9,848,000
Clearing House.- Peu've
+91,000
9,937,000
Cash In bank
Rfl'I nnn
000000
Weekly Return of New York City
10
.
-4114_111
832.000
Bk.
It.
F.
ln
York City Clearing House Res've excess
Beginning with Mar. 31, the New
statements previously
Association discontinued giving out all
of a report. The
kind
barest
the
only
makes
Philadelphia Banks.-The Philadelphia Clearing House
issued and now
the deposits, along with return for the week ending Oct.13, with comparative figures
but
g
nothin
shows
return
new
it below in full:
for the two weeks preceding, is given below. Reserve
the capital and surplus. We give
YORK CLEARING HOUSE requirements for members of the Federal Reserve System
NEW
RS OF THE
MEMBE
THE
OF
ENT
STATEM
WEEK ENDED SATURDAY OCT. 13 1928.
ASSOCIATION FOR THE
are 10% on demand deposits and 3% on time deposits, all
Time
to be kept with the Federal Reserve Bank. "Cash in vaults"
• Surplus & Net Demand
Deposits
Deposits
Undivided
*Capital.
•
not a part of legal reserve. For trust companies not
is
House
Average.
Clearing
Average.
Profits.
Members.
members of the Federal Reserve System the reserve required
S
S
3
$
9,645,000 is 10% on demand deposits and includes "Reserve with
0
58,124,00
0
12.875,20
0
6,000.00
31,803.000
Bank of N.Y.& Trust Co_
12,500,000 19,228,500 143,811,000
50,107,000 legal depositaries" and "Cash in vaults."
Bank of the Manhattan Co.._ 25,000,000 37,009,900 129,388,000
Bank of America Nat. Aatioc.. 90,000,000 73,961,000 a800,879,000 172,354,000
Beginning with the return for the week ended May 14, the
Bank
8,142,000
City
00
National
6,000,000 20,014,500 131,293,0
45,422,000 Philadelphia Clearing House Association discontinued showing
00
Chemical National Bank
310.264.0
00
46,295,2
0
25,000,00
43,939.000
National Bank of Commerce. 13.500.000 14.868,400 154,977,000
2,874,000 the reserves and whether reserves held are above or below requireChat.Phenlx Nat.Bk.da'r.Co. 5.000,000 26,702,400 119,110,000
31,869,000
00
Hanover National Bank
0
172,888,0
17,762.70
0
at the end of the
11.000.00
Bank
8,895,000 ments. This will account for the queries
Exchange
00
Corn
10,00(1.000 25,089,500 123,202.0
11,956.000
National Park Bank
87,588,200 234,263,000
0
10,000,00
48,355.000 table.
First National Bank
00 52,522,200 359,125.000
Amer. Exchange Irving Tr.Co.
Continental Bank
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co..
Bankers Trust Co
Co._
U. S. Mortgage & Trust Co..
Title Guarantee & Truat
Co
Trust
luaranty
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Lean & Trust Co.Equitable Trust Co
7.7olonial Bank
40,000.0
1,000,000
80,000,000
500,000
1,000,04)0
9.000,000
5,000,000
25,000,000
5,000.000
10,000,000
40,000,000
4,000,000
3,000.000
10,000.000
10.000.000
30,000.000
1,400,000
600,000
64,124,000
Week Ended Oct. 13 1928.
Sept. 29
723.000
Oct. 6
TWO Ciphers (00)
1928.
345,000
1928.
1928.
Trust
of
Members
mined.
8.799,000
Total.
s.
P.R.System Companie
60,352,000
60,022.000
3
68.590,0
66,725,0
5.270.000
68,725,0
9,500,0
.57,225,0
3,074,000 Capital
18,441,0 193.979,0 192,323,0 192,387,0
-- 175,538.0
,0
.0
1,148,820
1,146,385
,0
79,613,000 Surplusand profits1,143,967
104,330.0
1,309,637,0
42,616,0
43.434,0
5,166,000 Loans, discts. & invest.
42,525,0
1,023.0
41,502,0
96,850,0
102,124,0
2,453,000 Exch. for Clear. House
96,120.0
545,0
95,575,0
31,203,000 Due from banks
3,699,0 136,905,0 140,323,0 135,816,0
133,208,0
20.899.000 Bank deposits
49,029,0 650,754,0 651,892,0 643,974,0
601,725,0
41,704,000 Individual deposits-- 205.103,0
232,789,0 236,487,0 235,652,0
27,686,0
7,335,000 Time deposits
80,414.0 1.020.448,0 1,028.701,0 1,020,442,0
940,034,0
Total deposits
9,236.0
9,130,0
9,667,0
9,667,0
Res. with legal depot).67,306,0
67,688,0
67.487,0
67,187,0
6'. R. Bank.
12,049,0
12,271,0
12,739,0
5,738,000 Res. with
Clearing Non-Member.
3,408.000
2.536,0
773,900
10,203.0
In
•
vault
500,000
Cash
88.591,0
89,893,0
89,089,0
44echanies Tr. Co., Bayonne.
12,203,0
77.690,0
res. & cash held.
880.788.000 Total
Reserve required
489.400.000 752.987.2015.004.057,040
Totals
cash
and
561,Excess reserve
$274,020,000;(b) E15,131,000; (e)
In vault
Includes deposits in foreign branches:(a (1) 5106,618,000.
0;
510,000: (d) 590,421.000; (e) $1,943,00
June 30 1928; trust corn
Reserve members.
State,
1928;
30
June
.
National
• Cash in vault not counted al reserve for Federal
'As per official report*:
panics. June 30 1929.
6,732,000
1,438,900
77.826,700 b558.130,000
26,095,00(4
3,158,700
1,899,000 15,120,000
12,351.100 119,779.000
35,285,000
8.831;700
75,000,000 c334,829,000
56,702.000
5.951.400
36,478.000
21,857.400
,000
d438.736
0
59.231,70
38,370,000
3,648,500
16,683.000
3.845,200
24.009.500 137,997,000
22,149.200 el11,205,000
25.591,000 1304,021,000
29,183,000
3,705,600
OCT. 20 1928.]
FINANCIAL CHRONICLE
2197
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
y afternoon, Oct. 18 and showing the conditio
of the twelve Reserve banks at the close of business on Wednesday. Thursda
In the first table we present the results for the systemn
as a whole in comparison with the figures for the seven preceding weeks
with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each and
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.
Reserve Board's comment upon the returns for the
latest week appears on page 2161, being the first item in our department ofThe
"Current Events and Discussions."
comaiNno RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS
AT THE
CLOSE OF BUSINESS OCT. 17 1925.
Oct. 17 1928. Oct. 10
Oct.
3
1928.
Sept.26 1928. Sept. 191928. Sept. 12
1928.1
1928. Sept. 5 1928. Aug. 201928.Oct. 191927.
RESOURCES.
$
$
$
$
S
0010 with Federal Fteserve agents
1.207.448.000 1,198,568.000 1,178,312,000
$
3
$
3
1.214.889.000 1,167.332.000 1.143,470,000
72,282,000
Gold redemption fund with U. :4 Tress
1,082,429.000 1.093,837.000 1,632,507,000
69,439.000
69.947,000
65.503.000
71,730.000
68,645,000
66,351.000
40,528,000
65,243.000
Gold held exclusivelY mist• F• a. notes 1,279,730.000 1.268,007.000 1.248359,000 1,280,392,
000 1,239,062.000 1,212,115,000
677,753,000 682,992,000 688,054.000
Cold settlemeot fund with F. R. Board.
1,148.780.000 1.159.080.000 1,673,035,000
Cold and gold certificates held by banks. 678,629,000 673.720.000 680,322.000 600,714,000 720,346,000 678.301,000 751.338.000 724,889.000 637,092,000
685,896,000 618.482.000 738,530,000
709,031.000 734,840.000 665,378,000
Total gold reserves
2,636,112,000 2,824.725,000 2,616,635,000 2.633.002,
000 2,625.890.000 2.628,946,000 2.609,149.
Reserves other than gold.
133,275,000 128,213,000 134,768,000 138.082.00
000 2.618,809.000 2,975,505,000
0 142,366,000 141,999.000 138.148,00
0 146,085,000 136,475,000
Total reserves
2 769,387,000 2,752,938,000 2.751.401.
000
2.771.084.000 2.768.256.000 2,770.945.000
Non-reserve cash
58,192,000
2347,297.000 2.764.894.000 3,111,980,000
50,286,000
53,801,000
56.174.000
59.044.000
Bilis discounted:
59,878.000
52.296,000
59,695,000
53,241.000
Secured by U. S. Govt obiuta1ione__
569,984.000 009355,009 618.087.00
Other bills discounted
365,826,000 384,647,00,1 409.831,000 610343.000 671.977,000 656.035.000 652,032,000 604.3113.000 224,821,000
0 400.623.000 421,858,000 413,211,000
428,085.000 434.457.000 192,776,000
Total bilis discounted
935,810,000 993.402,000 1,025,918,000
13111s bought in open market
379,402,000 331,768,000 309.976,000 1.010.766.000 1,093,833.000 1.069,246.000 1.080.117,000 1,038.773,000 417,597,000
263.419.00
0
237,189,00
0 211,160.000 186,798,000 184,299,00
U. S. Government securities:
0 282,503,000
Bonds
53,071,000
53,271,000
53,149,000
53.377.000
53.005.000
53,362.000
Treasury notes
124,339,000
53.883.000
255,075,000
86,281,000
54.764.000
911,363,000
89.222.000
87.978,000
Certificates of indebtedness
87,886.000
53.955.000
87.026.000
68.251,000 124,710,000
87,160,000
87.092,000
86,433.000
83,746,000
80.090,000
65.471%000
65.949.000 129.608,000
Total U. S. Government securities__ 231,385,000 226,712,000
230,604.000 229,032.000 224.727.000 221,344,00
Other securities Des (10140
0 206,335,000 208.964.000 500,393,000
5,280,000
4,580,000
4.580.000j
4,580.000
4.580.000
2.020.000
990,000
620,000
990.000
Total bills and securitlea (866 note).._._ 1,551,804,000 1,558,462,
000
1.571,078,
00011.507.
797.000 1.560.329.000 1,503.770.000 1,474,288.
Cold held abroad
000 1.433,026,000 1,201,113,000
Due from foreign banes (see MOW
574,000
574.000
674,000
573.000
573,000
Uncollected Reuss
572.000
975.181.000 716,985,000 780.349.
571,000
574,000
563,000
689,765.000 818.337,000 771,589.000 681.587.00
Bank premises
60,493,000
0 615.468.000 851,251,000
60.368,000
60.320.000
6
0
.
318,
0
0
01
60,314,000
80.305.000
All other resources
10,473.000
60,255,000
59,774,000
60.132.000
9,135,000
8.909.0001
8,841.000
8.457,000
9390.000
8.981,000
8.913.000
12,695,000
Total resources
5 424,164,000 5,146,728.000
LIABILITIES.
5.226.430.000l5.094.554.000 5,275.310.000 5,176.249.000 5.025,275.000,4,941.248.000 5,297,071,000
r ft notes In actual circulation
1,717,030,000 1.725,212,000 L703.6011,000
1.681.581,000 1.079,521.000 1.688,267.000 1,701.035.
I
; ,eposIts
0003.650.996.000 1,716,785,000
Member pauks-reserve account----- 2.358.874.000 2.313.195.000 2,349,5533
)00 2315,812,000 2,380.534.000 2.348.678.000
1
Government
6.210,000
2,273,343,
0001368,682.000 2,383,711,000
3,194,000
32,569.000
12.699.000
45,379.000
Foreign banks (see nets)
9,617,000
6,94E2,000
8.946.000
27,324,000
8.808,000
5.268,000
5.942,000
7.337.000
7.459.000
Other dePosifs
5,952.000
23,085,000
6.347,000
9.799.000
12,383,000
24,101,000
25.926,000
30.302.000
45.580.000
23,875,000
16.941.
18.877.000
24,196,000
Total deposits
2,395,114.000 2,345,756.000 2.413.990.
000 2,366.150.000 2.458.952.000 2,388.120.000
Deterred availability items
900.479,000 686.067,000 700.191.00
2.305.577.0002.324,682.000 2,429,098,000
Capital paid in
145,677.000 145.588,000 115,058,000 4138.620.000 730,605.000 694.925,000 615.257.000 562.788.000 775,545,000
iurplus
233 319.000 233319.000 233319.00 0 145,618,000 145.378,000 144,980.000 144,924.000 144.860.000 131.275,000
0 233.319,000 233,319.000 233,319,000
all other liabilities
32,525,000
233.319,000 233,319.000 228.775,000
30.786,000
29,842.000
29.266.000
27.537,000
28.632,000
25,1113.000
24,623.000
15,593,000
Total liabilities,
5,424,164,000 5.146,728,000 5.226,430.000 5,004,554.
000 5.275.310.000 5376,249,000 5,025.275,
Ratio of gold reserves to deposits and
000 4,941.248.000 5397,071,000
F. R. note liabilities oombined
64.1%
64.5%
63.6%
65.1%
Ratio of total reserves to deposits and
63.5%
84.5%
85.1%
65.9%
71,8%
F. R. note liabilities combined
67.3%
87.6%
66.8%
68.5%
Contingent liability on bilis purchased
66.9%
68.0%
68.6%
69.5%
753%
for foreign correspondents
258.979,000 268,863,000
267.635 272,886.000 274,054,000
277.285 279,049,
277.897.000 198,810,000
Instrtatuton ng M Militia$
$
$
$
I.15 daye bills bought in open market. 132,637,00
$
$
5
0 114.237.000 121,609,000
$
$
97,048.000
93.229.000
1-15 days bills discounted
97.147.000
800,659,000 830,385,000 887,007,00
90,527,0001 80.174.000 141,989,000
0 883.522,000 924,738,000 899.027.000 899,167.00
1 15 days U 8. certif. of indebtedness
4.128,000
0 854.9134.000 344,124,000
4.275.000
5.380.000
4,330.000
t-I5 days municipal w
2.308.000
16.375,000
2.115.00012,535,000
arrant
1,845,000
111-30 days bills bought in open market
s20,00
37.781.000
30,579,000
0
30,889,000
35.433.000
34,741.000
16-30 days bills discounted
36,551.000
29.577.000
37,457,000
36380,000
35.788.000
57,474,000
39.193,000
16.30 days U. S. dealt et indebtedners
44,257.000
57.735.000
54,108,000
57,716.000
53,014,600
20,926,000
Ri-30 days municipal warrants
41-60 days bills bought in open market
96.808,000
73,826.000
57.777,000
43.168.000
39.882.000
31-80 days bills discounted
40,304.000
37.230,000
53,490,000
54.174,000
41,153.000
51,264,000
55,401,000
57.729.000
65,552.000
31-60 days (J. S. certif of indebtedness
69.054,000
11,058,000
78,020,000
83.138.000
29,579,000
41-60 days ,nuniel pal warrants
11-90.1.)', bills bought in open market
105,813,000 107.588.000
94.304,000
81.424.000
63,551.000
51-90 days bills discounted.
31.622.000
22.660,000
27,942,000
20.965.000
31,357.000
29,520,0011
34.308.000
37,780.000
:37.258.000
51-90 days (3.8.certif. of Indebtedness_
38,781.000
36,717,000
20,000
37.542,000
32,305.000
18,728,000
37,759.000
40,583.000
45,324.000
5140 days municipal warrants.
746,000
30,000
30.000
30,000
oeet 00 days hills bought in open market
6.370,000
5.738.000
100,060
5.397,000
6.344,000
5,801,000
Over 90 Ilays bills discounted
5.536.000
6,802,000
13.232,000
11.898,000
5.727.000
2,256,000
9.732,000
7378.000
8.550.000
Over 90 days motif• of indebtedness_..._
8.276.000
38,745,000
8.427.000
50,080,000
103I5mg)
4,240,000
43.953,000
41.280.000
36.114.000
aver 90 days municipal warrants
62.978.000
63.361.000
83,414.000 118,763,000
30.000
30.000
30,000
F R notes received from comptroller__ 2.883.012,000 2.872.292,000
2,864.043.
000 2.859332,000 2.848.579.000 2.850.462.000
F. R. notes held by F. R Agent
789,480,000 772,041,000 773,720,00
000 2.800.498.000 2,920,217,000
0 774.385.000 786.025,000 776,996,000 2.811.418,
766.585.000 778.870.000 798,205,00
0
Issued to Federal Reserve Banks
2,113,552.000 2,100,251,000
2.090.323,000 2,084.847.000 2.1182.554.000 2.073,466,
000 2.044.833,000 2.021.628.000 2,122,012,
000
Floe Securedu7 gold and gold certificates
343.508,000 341.588 000 344,087,00
0 344.087.000 341,5117.000 341,321,000
Gold redemption fund
92,350.000
341,321,000 338,820.000 406,691,000
92,755.000
98.510,000
91305.000
Gold fund-Federal Reserve lsoara
88.586.000
91,018,000
768,520,000 759.248,000 735,735,00
02,994,000
94.621.000 101,802,000
0 779,717.000 737,179.000 711,133,000
By eligible paper
1,244,281.000 1,270,838,000
648,114,000 660.396.000 1,124.014,006
1,291,675,000 1.214,971.000 1.277,362.000 1.236.448.
000 1,226366.000 1,183,121,000
669,786,000
rorai
2.451.720.000 2 4n0 ens Anon ARO 097 non n non con non 0
_
.
,
.AAA.Imo
. .non 4 nnn.n.a nnn n,nno Ene #.....,.• d. ..... ......--- - --- --- -- _
.
NOTE.-Beginning with the otatement of Oct. 7 1925, two
„ .
new Items were added In order Is show separately
,oreign correspondents. In addition the caption -Al other earning
the amount of balances held abroad
and AMOUR Is due so
'Other securities," and the caption -Total (widen tuners.' to "Total assets," previously made up of Federal Intermediate Credit bank
debentures, was changed to
bills and
maeehnt acceptances and securities ¢red
" The latter term was adopted as a
under the Provisions of Sections 13securities.
and 14 of the Federal Reserve Act, which, it mord accurate description of the total of the
was stated, are the only iten,s Included therein,
atEEKEY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINES
S OCT. 17 MS
Two ciphers (00) cm$1104.
Total.
Boston. New Yet.
Pederel Reseres Bonk ofPhila. Ctecaanct Richmond Atlanta, Chicago
St. Louis. Minium,. Kan.ars, Dada..
Sanfrag,
RESOURCRS.
$
$
$
s
$
$
$
tiolti with Federal Reserve Agents 1,207.448,0 120,860.0 174,932,0
$
$
$
$
85,832,0 151,560,0 35,319,0
$
$
Gold redo fund with U. S. Treat,
72,282,0 9.189,0
18,576,0 5,493,0 6.093,0 2.514,0 66,617,0 254,014,0 23,076,0 45,533,0 47,726,0 24,928,0 172,251-0
4,775,0 7,463,0 6,533,0 3,435,0
2,303,0 2,280,0 3,628.0
Gold held excl. aged. F. R.soles 1,279.730,0 130.049.0 193,.508,0
91.125,0
157,653,0 37,833,0 71.392,0 201,477,0 34.609,0
1./old settle',fund slth F.R.Board 677,753.0 66.973,0 177,895,0
48,968,0 50,029,0
Cold and gold certificated
678,629.0 34,167,0 440,429,0 48,857,0 57,487,0 27,573,0 12,337,0 155.504,0 19.985.0 21.426,0 27.852,0 27,208.0 175,879.0
28,867,0 45,385,0 7,682,0 4,257,0
58,853,0 8.583,0 5,229,0 6,392,0 28,911,0 34,953.0
7,103,0 31.652.0
Total gold reserves
2,630,112,0 231,189.0 811.832,0 166,849,0
260,525,0
Reserve other than gold
133,275,0 14,697,0
22,038,0 7,689,0 13,747,0 73,088,0 88,016,0 475.834,0 63.177,0 75,623,0 84.273,0 63.222,0 242,484.0
8,466,0 13,387,0 17.383,0 14,897,0 1,862,0
5,053.0 5,064,0 8.992,0
Total reserves,,
2,769,387.0 245,880,0 833,870,0 174,538,0
274,272,0
Non reservecash
56.192,0 6.647,0
16,306,0 1,310.0 4,553,0 81.554,0 101,403,0 493,217.0 78.074,0 77,485,0 89.326,0 68,286,0
251,476,0
3,718.0 3.850,0 8,148,0 2,748.0 1.087.0
Wile discounted:
1,751,0 2,167,0 3,847.0
Sec. by U. FL Govt. obligation
569.934,0 18,859.0 193,803,0 63,887,0
Other bills disuounted..
365,820,0 16,834,0 104,503,0 16.329,0 41,003,0 17,377,0 22,319,0 92,984,0 27.300,0 14,400,0 13.387,0
13.419,0 .51,258,0
32,609,0 26,454,0 53,374,0 32.820,0 23,831,0 6,389,0
19,295,0 8,543,0 24,845,0
Total bills discounted
935,810,0 35,693.0 298,309.0 80,196.0
111115 bought in open market
370,409,0 34,482,0 131,402,0 18,472.0 73,617.0 43,831,0 75.693,0125,804.0 51,131,0 20,789,0 32,682,0
21,982,0
32,122,0 17,391,0 18,496,0 28,024,0 4,520,0
0. 24. Goverua,eut securities:
15,224.0 20,502,0 18,901,0 76303,0
Bonds.
39,893,0
53,071,0
702,0
1,384,0
585,0
548,0 1,153,0
Treasury notes
19,0
19,927,0
124,339,0 3,588.0
7,125,0
27,596,0 10,750,0 29,031,0
4,519.01 8,505,0 8.563,0
1,242,0 3.626,0 8,247,0 11,868.0 , 4,882,0
Certificate/ of Indebtedness
41,0
53,955,0 2.351,0
20,280,0 9.330,0 3,761,0
5,058,0
4,831,0
773,0 1.466,0 5.542
1,476,0 . 1,120.
3.041,0 2,343,0 13,640,0
Iota' 11
921,QRS n A RAI A
(Soy's securities
2,492,0
AO IAA n on.AAR n g* ern n .. Inn n
r 1,
01 n
ft.. Wen n
nn
Ann,
'in
rn.
,
..
-.
. .
. .
, , .10,604,05.737,0 16,173,0
I
[VOL. 127.
FINANCIAL CHRONICLE
2198
MIROURCES (Concluded)-
Two Ciphers (00) omitted.
Total.
$
5,280,0
Boston.
New York.
Phila.
3
3
$
Minneap. Eon CUR. Dallas. Ram flax.
Cleveland Richmond Atlanta. Chicago. St. Lewis.
$
s
$
$
$
$
$
$
$
3,000.0
500.0
30,0
1,750,0
0
47.014,0 69,788,0 59,600,0 132,169,
35,0
17,0
0 139.079,0 64,390,0 99,300,0 187,544,0 78,120,0
18,0
14,0
21,0
1,551,864,0 76,796.0 480,701,0 119,383.
69,0
21,0
0
25,0
55,913,
52,0
40,231.0
0
47,0
218,0
21.128,0 52,192.
37,0
574,0
90,789,0 70,934,0 33.606,0 117,714,0 41,768,0 2,202,0 4,308,0 1,939,0 3,828,0
975,181,0 95,208,0 279,698,0 76,004.0
8,720.0 3.931,0
621,0
406,0
16,675,0 1,752,0 8,808,0 3,658,0 2,852,0
1,058,0 . 370,0
2,339,0
60,493,0 3,824,0
708,0
1,734,0
424,0
1,317,0
185,0
1,163,0
168,0
10,473,0
447,889,0
0
172.646,
,0
217.753
0
149,988,
.0 224,701,0 242,766,0 816,120,0 204,999,0
5,424,164,0 428,566,0 1,628.689,0 373,179.0 516,868
Total resources
0 63,995,0 47,351,0 168.848,0
,0 69,312,0 129,026,0 296,901,0 80,667.0 62,198.
LIABILITIES.
202,122
0
0
128,238,
0
337,556,
151,036,
0,0
0
V. R. notes In actual circulation. 1,717,05
56,721,0 92,586,0 70.625,0 188,686.
0 69,139,0 64,958,0 351,050,0 81,267,0
Deposits:
482,0 1,644,0
830,0
674,0
4,0 155.589,0 905,153,0 135,879,0 187,223.
22,0
556,0
703,0
134,0
374,0
355,0
184,0
Member bank-reeerve &col_ 2,358,87
135,0
190,0
663,0
142,0
212,0
6,210,0
228,0
732,0
221,0
269,0
548,0
Government
16e.0 6,530,0
500.0
3,184,0
395,0
549,0 1,248,0
6,945,0
261,0 2,534,0 1,028,0
452,0
Foreign bank
378.0 1,378,0
8.232.0
227,0
23,085.0
197.234,0
Other deposits
71,459,0
0
58,186,0 94.654,
189.504,0 69,994,0 66,145,0 354,872,0 82.543,0 18,271,0 44,796,0 40,211,0 52.951,0
2,395,114,0 158.423,0 917.212,0 136,892,0
0 30,431,0 108,314,0 44,472,0
10,896,0
0
65.376,
Total deposita
83,812,
4,312,0
0
69,528,
.0
4,200,0
0
250,989
900,479,0 91,328,
5,239,0 18,381,0 5.412,0 3,014.0 9,046,0 8,527,0 18,829.0
Deferred availability Items
49.148,0 14,578,0 14,325,0 6,102,0 9,996,0
145,877,0 10.092,0
32,778,0 10,397,0 7,039,0 1,082.0
1,531,0
Dapltal paid in
24.021,0 12,324,0
786,0
21,662,0
0
83,007,
1.280,0
17,893,0
0
233.319,
4,894.0 1,508.0
;won
10.779,0 2,281,0 3,084,0 1,593,0 1,933,0
32.525,0 1,794,0
'Mother liabilities
172.046.0447.889,0
0
217,753.
0
0
149,988.
204,999,
,0
516,868.0 224,701,0 242,766,0 818,120
5,424,164,0 428.586.0 1.628.689,0 373.179,0
68.7
Totalliabilities
57.5
56.3
84.4
54.5
75.7
52.0
Memoranda.
58.5
70.0
65.8
66.5
80.0
67.3
19,089,0
Reserve ratio(percent)
9.410,0
9.879,0
37,372.' 11,581,0 7,259,0
Dontingent liability on bills pur65,936,0 25,542.0 27,962,0 13,712,0 11,292,0
chased for foreign corresiyond'ts 258.979,0 20,165,0
V; R. notes on hand (notes reed
S.298.0 8.048.0 56.987.0
18.347.0 30.691.0 48.664.0 12.264.0 7.462.0
from F. R. Agent less notes in
396 502.0 31.081.0 119.3)8.0 29.394.0 27.700.0
elroulation
17 1928.
ER
OCTOB
BUSINESS
OF FEDERAL. RESERVE AGENTS AT CLOSE OF
FEDERAL RESERVE NOTE ACCOUNTS
Dtherencurtnes.
Total bills and securitlea
Due from foreign banks
Cfneolleeted items
Bank premises
AR other resources
Federal Reserve Agent at-
Total.
Boston,
8
$
Two ciphers (001 omitted
242.307.0
F.R.notes reed from Comptroller 2,883.012,0 60,210.0
V. R.notes held by F. R. Agent-- 769.460.0
2,0 182,097,0
F. R. notes issued to F. R. Bank_ 2,113,55
Collateral held as security for
R.
Bk.
F.
to
F. R. notes issued
35,300,0
Gold and gold certificates-- 346.568,00 12,560,0
92,360,
Gold redemption fund
73,000,0
.0
768,520
Gold fund-F.R. Board
1.244.281,0 70,135,0
Eligible paper _ _ _____ ___ ._
_
.
. .
collateral
.U IVU.flél.0
,
Minneap. kan.Cita.
Phila. Leland. Richmond Atlanta. Chicago. 81, Louis.
s
s
8
$
$
$
$
$
$
0 481.935,0 89,381,0 85,599,0 102,483,0
712,794,0 199,832,0 262,052,0 107.578,0 220,207,0 118.170,0 18.450.0 15,939,0 30,180,0
255,840,01 42,000,0 32,230,0 19,919,0 60,490.
,0343,785,0 72,931,0 69,660,0 72,283.0
458,954.0 157,832,0 229.822,0 87,659,0 159,717
.
7,600,0 14,167,0
50,000,0 8.690,0 27,100,0
153,408,0
8,517,0 1,014.0 2,476.0 3,386,0 2,868,00
18.524,0 8,855,0 11.560,0 4,629,0 33,000,0
28,000,0 44,860,
18,000,0
.0
253,000
0
24,000,0
90,000,
0
5,000,0 78,777,
0 55,556,0 33,784,0 52,978,0
394,219,0 84,642.0 102.287,0 57,333,0 94,135,0 153,652,
, ,
.
.)L.
,
,?., „ . .
Uu.l.)&.V
Dallas. BON Milo
New York.
$
s
75,029,0 324,035,0
19.632,0 98,400.0
55,397,0 225.635,0
17,303,0 35.000,0
4.125,0 19,868.0
3,500,0 117,383,0
40,837,0 114.725,0
.
al Reserve System.
Weekly Return for the Member Banks of the Feder
the resources
by the Federal Reserve Board, giving the principal items of
issued
s are always a week behind
Following is the weekly statement from
which weekly returns are obtained. These figurewere
banks
r
membe
632
the
of
given in the statement
ties
liabili
ment
and
lves. Definitions of the different items in the state
nt of the Reserve Board upon the figures
those for the Reserve banks themse
comme
The
page
2523.
1917,
29
Dec.
of
"
nicle
"Chro
of Dec. 12 1917, published in the department of "Current Events and Discussions," on page 2161 immediately following which
for the latest week appears in our York
and Chicago reporting member banks for a week later.
we also give the figures of New
AS AT CLOSE OF
IN EACH FEDERAL RESERVE DISTRICT
R
LIABILITIES OF ALL REPORTING MEMBE BANKS
PRINCIPAL RESOURCES AND
BUSINESS OCT. 10 1928 (In thousands of dollars).
,
Chicago. Bt. Louis Minneap. Kax.City.
Boston. New York Phila. Cleveland. Richmontll Atlanta.
Total.
Federal Reserve District-.
i
IS
8
$
$
5
$
5
$
s
$
3,301,102 722,483 390,773 684.530
1,507,777 8,411,924 1,239,780 2,198,208 674,331 638,833
98
22,259.9
tal
ente-ro
Loans and Investm
0 517,947 503,154 2,443,724 517,991 257.622 444,105
_ 15,907,555 1,072,8996,114,163 845,202 1,477.58
LOADS and discounts-total
3.150
2.460
3,443
17.839
2,773
2.553
12.575
6,401
37.187
12,564
78,066 121,488
108,103
140,265 1.081,127 210.604
Secured by U.S. Gov't obligalts 6,592,5
50 387,809 2,843,518 446,432 846.921 179,826 360,116 1,384,758 303,944 177,098 319,487
.
.
bonds
and
stocks
by
335,768
Secured
672,526 3,233,458 392.369 818.084
All other loans and diecounta____ 9.206,902
135,679 857,378 204,492 133,151 240,425
434.878 2.297,761 394,578 720.828 156.384
43
6,352.4
Investments-total
73.495 118,420
75,693
63.758 362.708
70.892
1 163,910 1,161,902 117,911 330.348
59,658 122,005
71,921 494,670 128,799
85,492
U.S. Governmentsecur1t1es-.. . 2,979,4132
9 275.667 390,280
1,135,85
270,968
3,373,0
s
securitie
Other bonds,stooks and
54,433
25,456
48.035
257.255
39,141
40,532
131,497
78,452
11,955
6,146
7,174
1,888,513 101,874 760,027
41.801
10,812
12,759
30,865
Reserve with F.R.Bank
15.865
78,304
20,552
268,305
Gash I n vault
2 397.658 234,238 508,505
1,871,77
317,020
5
359,350
1,056,68
715,709
13.197,421 922.150 5,889,749 291,375 956.523 247,445 234,230 1,269,674 240.915 133,987 179,307
Has demand depodte
1,254
662
2,107
6,908.075 477,114 1,727.690
6,348
4,301
2,275
5,299
Tine deg:mita_
3,189
18,731
6,546
64,934
Government delimits
129,029
61,254
152,286
232.593
80,444
53.899
94.732
58,351
103,505 228,473
44,773 125,087
1,145,359
239,927 107,602 107,228 506,164 128,945
Due from banks
3,263,382 144,678 1,177,775 170,717
Due to banks
13,198
10,965
28,615
89.154
47,541
22.490
63,115
77,878
39,549 291,962
770,121
Borrowings from F. It. Bank-total
8,417
6,000
13,511
68,782
15,042
8,905
35.885
65,464
8.781
4,965
17,195 195,910
15,104
499.833
20.372
32,499
13,585
27,230
Secured by U.EL Gov't oblda'ne_
12,414
98,052
22,354
270,288
Another
64
24
29
92
31
84
70
47
77
25
1152
!lumbar of rennedna hAnkli
Condition of the Federal Reserve Bank of New
Dallas. San Iran.
$
$
476,219 2,014,038
353,313 1,359,855
2.263
92,747
258,303
4,895
383,947
971,013
122,908
654,183
82,851
40,055
357,523
298,660
35,345
9,446
116,186
22,626
311,435 835.150
131,494 1,016,341
10,139
4,083
85,978
126,878
147.133
221,492
17,512
68,142
13,238
4,274
53,484
14,658
44
54
York.
dose of business Oct. 17 1928
of the Federal Reserve Bank of New York at the
The following shows the conditionand
year:
last
date
g
pondin
corres
the
In comparison with the previous week
Oct. 17 1928. Oct. 10 1928. Oct. 19 1927.
1927.
$
$
$
Oct. 17 1928. &Li° 1928. Oct. 19
Resources (Concluded)$
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury_
Gold held exclusively aged F. R.notes...
Gold settlement fund with F. R Board..
Gold and gold certificates held by bank__
Total gold reserves
Reserves other than gold
Tots, reserves
Non-reserve cash
Bum discountedSecured by U. 8. Govt. obligations__
Other bi.le discounted
Total bills discounted
Bills bought In open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities_
Other securities (See Note)
Total bills and securities (See Note)...
$S
174.932,000
15,115,000
331,081.000
12,959,000
193,508,000 190,047,000
177,895,000 182.531.000
440,429,000 435,501,000
344,040,000
277,172,000
409,032,000
$
174.932,000
18,576,000
811.832,000 788.079,000 1,030,244,000
24,786,000
21,055,000
22,038,000
0,000
1,055,03
833,870,000 809,134,000
18,973,000
15,403,000
16,366,000
54,953,000
193,808,000 222,920,000
41,920,000
104.503,000 115,084,000
298,309.000 338,004,000
131,402,000 100,510,000
96,873,000
102,843,000
1,384,000
27.598,000
20,280,000
1,384.000
12.431,000
32,381.000
43,400,000
28,636,000
29.990,000
49,240.000
1,750,000
46.196.000
1,050,000
102,026,000
Gold he,d abroad
Due from foreign banks(See Note)
Uncollected Items
Bank premises
An other resources
218,000
279,696,000
16,875,000
1,163,000
212,000
218,000
184.722,000 210,008,000
00
16,296,0
000
16,675,
4,178,000
1,126,000
9,000
Total resources
1 628.689,000 1,513,038,000 1,606,41
Fed', Reserve notes In actual circulation_
Deposits-Member bank, reserve acct.Government
Foreign bank (See Nate)
Other deposits
Total deposits
Deferred availability Item
Capital paid in
Surplus
All other liabilities
,000
337,558,000 342,420,000 363,236
936,769,000
905,153,000 878,495,000
0
1,433,00
970,000
863,000
4,817,000
538,000
3.164,000
00
15,918,0
00
7,218,0
00
8,232,0
,000
917,212,000 887,221,000 958,937
000
250.989,000 161.678,000 179,158,
39,813,000
49.128,000
49,146,000
000
61,614,
000
83,007,
000
63,007,
3,661,000
9,584,000
10,779,000
9,000
Total liabilities
Ratio of total reserves to deposit and
Fed', R'see note ilabliitiP9 combinesd_
Contingent nobility on bills purchased
for foreign correspondents
1.628,689,000 1,513,038,000 1,606,41
88.5%
65.8%
79.8%
65,936,000
78,226.000
54,575,000
301,742,000
of balances held abroad and amounts due
were added in order to show separately the amount
Items
Oct. 7 1925, two new
iate Credit Bank debentures, was changed to
NOTE -Beginning with the statement of
vying assets." previously made up of Federal Intermed
other
"All
more accurate description of the total of
caption,
a
as
,
term was adopted
So foreign correspondents. In addition the
assets" to "Total bills and securities." 'I he latter
Alt, which. It was 'toted, are the only Items Included
"Other semantics." and the caption. "Total earning
provision of Sections 13 and 14 of the Federal Reeerre
the
under
acquired
es
securiti
the discounts. acceptances and
therein.
480,701,000
485.780,000
OCT. 20 1928.}
FINANCIAL CHRONICLE
Vaulters'
New York City Realty and Surety Companies.
(au prices dollars per *Aare.)
azetteo
Wall Street, Friday Night, Oct. 19 1928.
Railroad and Miscellaneous Stocks.—The reivew of the
Stock Market is given this week on page 2188.
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 Oct. 19.
Sales
for
Week.
Par. Share
•
Range for Week.
Lowest.
I
$ per share. I
Highest.
Range Since Jan. 1.
Lowest.
Highest.
per share. $ Per share. Per share.
Railroads—
100
10 4855
Ann Arbor
100
20 6935
Preferred
1003.8:I 100
Buff Roch & Pitts
Preferred
100
210 104
Buff & Sum pref
100
30 48
Canada Southern
100
1 60
100
Car Cl &0
10 8854
Ctrs stamped
100
150 100
Central RR of N J__ _100
800 305
Chic Ind & Lou pref_100
10 7335
C C C & St L pref_ _100
20 10331
Cuba RR pref
1
210 83
Oct 19 4815
Oct 19 7055
Oct 13 101
Oct 16 105
Oct 15 4959
Oct 17 60
Oct 16 8855
Oct 13 100
Oct 16 315
Oct 17 7354
Oct 16 10334
Oct17
71 83
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
19 4839 July 5055
19 6955 July 70%
1 60
Feb 101
15 94 Mar 105%
19 38
Sept 56%
17 5855 Sept 69
16 88% Oct 96
13 98
Sept 107%
18 297% Feb 375
17 73% Oct 81%
16 10354 Oct 120
17 83
Oct 94
July
Oct
Oct
May
Apr
Apr
Jan
Mar
May
May
Apr
June
Havana Elec Ry
•
Preferred
100
Hocking Valley
100
1.11Cent leased line-100
RR secured stk ctf_100
Market St By, 26 pf_100
Wash Chatt & St L I00
NY State Rys, pref.100
Pacific Coast, 1st pf_100
26 preferred
100
phIla Pap Trans, pf50
Wheeling & L Erie pf 100
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17j 93.4
18 6955
1737334
18 8055
19 80
17 10
13 184
13 2934
16 45
13 30
13 50
19 75
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17 7
13 64
18 340
18 7954
19 75
17 831
17 17155
13 26
16 40
13 2034
13 50
19 70
June
Sept
May
Apr
June
May
May
July
Jan
May
Mar
Apr
100 934
140 67
50 360
20 8039
10 80
100 10
70 17651
100 2935
50 45
40 30
40 50
100 75
Indus. & Miscall.
Abraham & Straus rights 5,6001 111
Alliance Realty
*
1001 78
American-La France &
Foamite, pref
100 1,200 7254
Am M & Fdry pref_100
10 203
Preferred ex-warr_....
20112
Am Radiator pref
100
50 141
Am Wholesale pref._100
30 110
Art Metal Constr
10 2,300 28
Assoc Dry 065 26 of 100
10010834
Brown Shoe pref---100
20 118
Bucyrus-Erie pref(7) 100
10 113
Aug 1734
Ma 7834
July 440
Jun 86
July 8234
May 163
Aug 204%
Feb 43
Aug 70
Aug 39
Ma 50
Apr 8934
Oct 16 154 Oct 17 151 Oct 134 Oct
Oct 18 78 Oct 18 53
Jan 80
May
Oct 13 8534
Oct 17 203
Oct112
Oct 18 141
Oct 18 110
Oct 16 2834
Oct 1610834
Oct 17 118
Oct 17 113
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17 56
17 199
17 11034
18 141
18 104
15 2555
16 10634
17 117
17 Host
Jan 8534
July 22534
Oct 116
Oct 152
Ap 110 3f
Jan 3451
0 11934
Ma 120
M 117
Oct
Jan
Jan
Apr
July
Apr
Jan
Jan
Apr
Cent Alloy Steel pref 100
301110
Columbian Carbon rights 8,300 259
Crex Carpet
100
7001 19
Crown Willamette ist pf•
1201 99
Curtiss Aero rights
20,1001 634
Cushman's Sons pre13%*
40 110
De Deers Cells Mine
10 245(
Detroit Edison rights
1,400 1534
Durham Hos Mills pf 100
20 3634
Elec Auto Lite pref_ _100
30 110
Elec Pr & Lt etre full paid
6012034
Pref 40% paid
5012134
Elk Horn Coal pref-50
50 1434
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
1511054
18 251
15 2034
1710534
19 834
1811034
151 2434
171 1651
11951 3654
110
1012034
1912134
18 1415
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
16 107
18 215
17 1234
19 9634
19 651
13 110
15 2334
15 1534
15 3451
19 10854
16;12034
19112034
181 1255
Jan 11134
Oct 234
Sept 21
Jan 105%'
Oct 1055
Sept 11634
July 2734
Oct 1634
Oct 4654
Sept 110
Oct 124
Jan 12934
Sept 19
MaY
Oct
Sept
Oct
Sept
Mar
Mar
Oct
Jan
July
July
Apr
Feb
Fairbanks Co pie!...25
101 755
Fox Film A rights
50,600 234
Franklin Simon pref_100
2011034
Gen Cable pref
100 1,200 104
Geneml Cigar
_100
10 120
General Goa &pref_El clB--• 5,700 59
Preferred A (8)
• 10012134
Preferred t
*
400 105
Gen Am Tank Car rights 14,000 4
Gen Motors deb (6)
100 109
Gen Ry Signal pref_100
310 106
Gold Dust rights
21,200 10
Gotham Bilk Hosiery rts 34,200 134
Grant(W T) rights
3,600 255
Cult Sates St let pf-100
40 108
Hackensack Water 01_25
20 31
Preferred A
25
60 27
Harbison-Walker Refract
new
• 100 5834
Helme(OW)pref—100
40 12134
Industrial Rayon Corp.* 11,70013334
International Silver-100 3,000 136
Preferred
100
30 119
Jewel Tea pref
100
180121
JohnteManvIlle pref_100
3011834
Jordan Co rights
44,200
31
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
18 754
17 334
1611034
17 107
18 120
151 75
1512134
19,106
131 454
19 109
15 106
13 13
17 254
16 234
16 108
15 31
161 2735
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
li 754
19, 234
16 55
16 102
1811434
19, 37
151121
17 105
15 334
19109
151104
151 855
131 134
15 255
16 104
15 2534
16 2534
Oct 1334
Oct 4
July 11034
0 107
Sept 130
Jan 75
Oct 144
Oct 11434
Oct 454
Oct 113
Aug 11534
Sept 13
Oct 351
Oct 334
Jan 110
July 3834
Jan 29
Apr
Oct
Oct
Oct
Mar
July
Apr
May
Oct
Apr
Feb
Oct
Oct
Oct
Apr
June
June
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17 5634
1512134
15 146
13 159
13 121
19 125
19 119
13 2
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17 55
Oct 5755 Oct
15,121
Jan 134
May
16 13335 Oct 146
Oct
16 126
Jan
June 196
13 119
Oct 131
Jan
15,120
Jan 125
May
13 118 34 Oct 122
Apr
15
55 Oct 2
Oct
Kaufmann DeptSt 41239 2,400 3035 Oct 15 32
Kelly-Springt Tire new
2,600 2154 Oct 19 25
Rights1
Kreuger & Toll
161500
3634 Oct 1 4035
Kuppenheimer & Co_...5
170 4455 Oct 15 49
Laclede Gas L St L pref.
70 100 Oct 1810034
Manati Sugar
100
30 24
Oct 19 2455
Melville Shoe
*
600 64
Oct 19 6734
National Lead pf A.._100
270 142 Oct 1314234
Preferred fl
100
180 118 Oct 191 193.4
National supply p1-100
60 115 Oct 17 115
Pacific Lighting rights__
800 235 Oct 18 254
- Pacific Mills
100
330 25 Oct 16 26
Paramount-Pam's Lasky
new.
•77,000 4855 Oct 18, 5055
Penne Coal & Coke_50 1,600 834 Oct 15' 955
Peoples 0 L Sr Coke rts_ 8,000 834 Oct 151 854
Pettibone Mulliken let
Preferred
100
1011034 Oct 18 11035
Pub Serv El & GCI.9 pf 100 600 108 Oct 15 10855
Rels(Robt)&Co let pf100
100 70 Oct 17 70
Rhine Vi eatith Elec Pr w I 3.200 51
Oct 13 51
So Porto Rica Sug pf.100
1013134 Oct 1013134
Seang Chalfant pref.100
300 98 Oct 17 100
80105 Oct 1510534
Sun 011 pref
100
600 22 Oct 16 22
Tobacco Prod div ctts C
Underw Ell Fish pf 100
10 125 Oct 16 125
U S Cast Iron Foundry
i
30025934 Oct 16 260
& Pipe ctfs
100
U 6 Tobacco
• 1,900 90 Oct 17 98
Preferred
100
Oct 16 136
130 136
United Elec Coal
2 4,400 63 Oct 19 6735
UMW Leaf Tobacco pf 100
30 120 Oct 13 120
Utah Copper
10
19017934 Oct 18,100
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
15 3035
16 2154
17
13 3654
17 4454
15 100
17 24
13 64
17 139
13 115
17i114
151 255
1711 25
Bank, Trust & Insurance Co. Stocks.
Bank of Commerce_ _100
Bank of Manhattan_100
•No par value.
10675
90850
a mann.
Oct 18675
Oct 15875
Sept. 34
Oct 25
1
Oct 4034
Oct 59
Jan 12435
Oct 41
Oct 70
Jan 14734
July 136
Sept 119
Oct 234
Oct 3434
Oct
Oct
Oct
Oct
Apr
Jan
Jan
Sept
May
Jan
Jan
Oct
Mar
Oct 13 4751 Oct 513.4
Oct 16 8
Aug 1435
Oct 13 73.4 Oct 9
Oct
Jan
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
18 9951
18 107
17 6151
13 50
16 13155
17 98
17 100
16 2034
16 119
Ma 11035
Aug 11034
Feb 78
octi 53
Oct 144%
Oc4100
Jan 109%
SeptI 23
M 128
Oct
Apr
May
Oct
Aug
Aug
Apr
Aug
Apr
Oct
Oct
Oct
Oct
Oct
Oct
15 235
July 273
19. 86 Jun 105
16 12755 Jan 139
13, 63
octl 6719
131120
Oct 125
19 139
Jan 190
June
Apr
June
Oct
Sept
Oct
Oct 18 550
Oct 13 560
2199
Feb 770
Feb 940
June
May
thence R'1%
toner Surety
Bond & M 131
Lawyers Mtg
Rights ---.1
Lawyers TItiel
& nuaran
Bid
72
260
435
340
20
375
Ask
Bid
Ask I
Bid
85 Mtge Bond_ 160 170 Realty Assoc'
270 N Y Title At
(Bklyn)com 345
455
Mortgage__ p525 i 532 I 1st pref.._.._ 96
346
Rights ____ 741
76%2d Pref.... 93
21 0 S Casualty_ 400 1 410 liVestcheste
Title Sr Tr_ 630
383
Ask
355
99
95
----
New York City Banks and Trust Companies.
(AU prices dollars per *Aare.)
Banks—N.Y. Bid
182
A Melle&
Amer Unions_ 236
Bronx Banks_ 650
Bryant Park* 275
Central
208
225
Century
Chase
593
Math Phenix
Nat Bk & Tr 570
Chelsea Eh' 310
925
Chemical
1200
Colonial•
Commerce. _ _ 673
Continental*. 550
740
Corn Each
30
Rights
Fifth Avenue_ 2200
First._
4275
Garfield
44S
Grace
Hanover
1270
1045
Harriman.
290
Liberty
Manhattan' 840
72
Rights
National City 900
694
Park
Penn Rich
178
Ask
186
242
700
325
213
250
598
Banks—N.Y. Bid
Port Morris__ 870
Public
206
Seaboard__ _ - 785
Seventh
260
Seward
174
State*
740
Trade*
298
Yorkville... _ 250
577 Yorktown*„. 210
320
032
Brooklyn.
1400 First
575
678 Globe E•xch*. 290
625
echanica•_. 377
750 Municipals_ - 445
.33 Neasau
440
2300 People's
1000
4310 Prospect
150
560
Trust Cos.
1290
New York.
1100 Am Faire Tr 443
300 Banat Correle
850
Itallana'Pr _
75 Bank of N I
904
Sr Trust Co 745
699 Bankers Tea 965
182 Bronx On Tr 415
4a 'Fr.Cos.-N.YJ
725
211
800
268
180
750
315
200
240
625
320
383
452
460
_
170
447
Did
Aelf
Central Union 1680 1695
610
County
Empire
I 455 460
Equitable Tr_ 465 470
Farm L Sr Tr.I 775 785
Fidelity TrustI 370 390
Fulton
I 680 610
Guaranty.....( 664 668
Iot'lGermanlcl 216 222
Interstate-- -1 280 288
Lawyers Tr
Manufacturex
New $25 parj 228 232
Murray EW.-I 280 290
Mutual(W
eheater)__.-I 350 400
N Y Trust_ 775 782
Times Ba
206 212
Title Ou&Trl 845
,U S Mtge& Tr 545 660
United States 3275 12225
WestehesVrTr 1000 1100
455
Brooklyn.
Brooklyn.__ 1200 1300
755 Kings Co
2600 700
975 Midwood
270 290
440
*State banks. 1 New stock. s Es-dill tend. v Ex-stock My. y Ex-rights.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturely.
Dec. 15 1928._
Dec 15 1928...
Mar. 15 1020...
Mar. 15 1029_ _
June 15 1929._
,nt
Rate.
33.1%
4%,
334%
224%
455%
did.
Asked.
9924,1
990,,
99na,
991,32
Maturity.
904n Sept. 15
99"ss M tr. 15
98"s, D s 16
99"n Sept. 15
99101,
1930-32
1930-32
19710-32
1929
Bate.
BM.
Asked.
325%
314%
11 1.4.4.
451%
9722,2
972sta
.9722n.
9722n.
1002se
97'4,4
1002n
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. Oct. 13 Oct. 15. Oct. 16. Oct. 17. Oct. 18 Oct. 19.
First Liberty Loan
High
334% bonds of 1923-47_ Low.
(First 354)
Close
Total rates in $1,000 units_
Converted 4% bonds of(High
I
9811,2
98"n
98ns,
6
----
Close
Total sales in $1.000 units__ _
-Converted 494% bondsrigh 1002%,
of 1932-47 (Finn 4 348) Low_ 10022,,
Close 1002in
Total sales in $1,000 units_
10
Second converted 455 %{High
---bonds of 1932-47 (First Low_
--__
Second 4315)-. — - _ Close
---.
Total rates in $1,0011 units.-Fourth Liberty Loa Et
H Ig1; 1012,,
454% bonds of 1933-38
Low. 101
(Fourth 45414)
(Close 101
Total sales in $1,000 anus..-72
IMO 110",s
Treasury
low. 11024,1
.4355. 1947-52
Close 110"st
Total sales in 41.000 units..
2
High 105",,
da. 1944-1954
SLow_ 105"n
(Close 105",,
Total sales in $1.000 units_
SO
{High
- -__
Low.
351e, 1946-1956
___
Cloee
---Total Waal in $1.000 units._
____
{High
____
354s. 1943-1947
Low — —
Clow
---Total sales in 31.000 units. .
__ _ _
I High 9810s,
*3449, 1940-1943
I Low _ ' 98",,
iClose 98'°n
Total sates In $1 ((((II units_
2
982,2
98'n
98":,
1
----
9822,4
980,2
98nn
34
----
-----__
1012,1 1011144
10022,, 101
100un 10121,
27
7
---------------------101',,101
10.
'32
1011,4
101
1012,2 1012,,
53
74
111'n 111',,
1102%, 1102%
111'n 110n,
32
SS
105",, 105ns
105nn 1050
,
105u1s, 105",
125
45
103',, 103
103"n 103
103,12 103
50
15
98",
--98",
--98",
--18
___
98", 980,
98",
93",
egn,
pgth
1
25
98111.2
98nn
98152,
39
-___
__
101
-101
101
6
-----------101.311
1012,4
1012,,
127
111'n
1112,4
1114,,
22
1057",,
105"s:
105nn
95
103'n
103'n
103's,
25
9817n
98171,
98,71,
1
--__
----
gene
982241
98"si
31
--10-1.101
of
101
i
-----101'n
1012,2
101,
s,
193
111234
11124,
111,
,,
24
105",
105n,
105",
SI
103'n
103'n
103,,t
11
98",
98n,
98n,
21
9130,
98",
inn,
21
98"is
98"11
98un
Ion
10-1
1
;
100nu
100811,
29
10-1-4;
1011,,
101,
11
107
111",,
111"11
14
10821154
106
10612n
261
1032244
103nn
103oss
10
98",t
98na,
103
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1st3552
1 1at451s
982/4 to 986n 190 4th 43is
10024, to 100223,1 I Treasury 431s
1000,1 to 101'n
11022,1 to 11022n
Foreign Exchange.—
To-days (Thursday's) actual rates for sterling exchange were 4.845-40
4.84 11-18 for checks and 4.8504.85 1-32 for cables. Commercial on
banks sight, 4.843404.8434; sixty days, 4.8034884.8011-16; ninety days,
4.7834E44.78%. and documents for payment, 4.8034884.80 11-16. Cotton
for payment, 4.8354 and grain for payment, 4.8334•
To-day's (Thursday's) actual rates for Paris bankers'francs were 3.003114
3.9034 for short. Amsterdam bankers' guilders were 40.0554040.07
for short.
Exchange at Paris on London, 121.18 francs, week's range, 124.26
francs high, and 124.18 francs law. The range for foreign exchange for
the week follows:
Sterling, Actual—Checks.
for the week
4.8434
4.85
Cable.,High
1-16
Low for the week
4.85%
4.85
Paris Bankers' Francs—
High for the week
3.9034
3.9034
Low for the week
3.9054
3.9034
Amsterdam Bankers' Guilders—
High for the week
40.0834
40.10
Low for the week
40.0534
40.0834
Germany Bankers' Mar
High for the week
23.82
23.83
Low for the week
23.78
23.8034
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For Isles during the week of stocks not recorded here, see preceding page
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
tSalurday,
Oct. 13.
Monday,
Oct. 15.
Tue 1day.
Oct. 16.
1Vednevday 1 Thursday,
Oct. 17.
Oct. IS.
Friday,
Oct. 19.
Sales
,107.
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share 5 per share $ per share $ per share 5 per share
Railroads.
Per share Shares
Par
19134 19213 192 19314 1924 19338 192 194
19218 19234 192 19278 9.800 Atch Topeka .5 Santa Fe 100
104 104
104 104
104 104
104 10418 10;4 104
2,700 Preferred
104 104
10
162 162
16134 163
*161 162
163 16312 163 16338 163 163,8 2,200 Atlantic Coast Line RR__ _100
111 11133 112 11334 112Is 11314 11234 11334 11238 113.8 x112 11218 24,300 Baltimore & Ohio
100
79
79
7913 79
79 .7834 7934 79
79
500 Preferred
79
*78
7934
100
70
7012 70
*6812 70
71
2,100 Bangor & Aroostook
72
72
734 *70
5
7 14 72
11 te 11114 11114 11114 *11114 112
*11114 112 *11114 112 *11114 112
20 Preferred
100
694 70
73
*70
70,4 7014 .70
72
700 Boston dr Maine
71
71
*704 7114
100
7112 6718 7114 67
7112 724 7112 7314 7112 7212 71
684 19,8011 Iskiyu-Slanh Trap v t e_No pa
8934 8914 894 8912 8912 8933 8934 90
•88
9012 904 9012 1,100 Preferred v t t
No pa
4013 403g 403s 4013 4012 4113 4014 4238 4218 424 4112 4238 8,000 Brunswick Term & Ry Sec_100
21413 21512 215 2174 21678 21812 217 219
21634 2184 21612 21814 30.800 Canadian Pacific
10(
183 135
.
181 182
18214 183
186 18714 18514 18612 9,100 Chesapeake & Ohlo
1854 189
10
11
1038 11
104 1038 11
11
11
1112 11
4,100 Chicago & Alton
11
1134
I()
1612 1612 1614 16,2 1612 164 17
1734 17
100
1712 1634 1738 2,100 Preferred
42
40
300 Chic & East Illinois RR__ A00
*3913 41
.40
42
*40
*39
42
41
4113 *40
64
1,000 Preferred
62
61
*59
6012 6012 *58
*60
*60
63
6012 62
101
1312 1378 1312 1334 1338 13,
1334 1378 3.700 Chicago Great Western __ _101
8 134 1334 134 14
3212 3212 3278 334 3212 334 3314 3334 3314 3431 334 3414 9.700 Preferred
10
3413 3612 3412 3518 14,000 Chicago Milw St Paul .5 Pac_
3432 344 3414 36
3412 3534 34,4 35
50
507a 5014 518 5018 5034 50,
3 5212 5112 5238 504 5214 30,700 Preferred new
8534 87,4 26,600 Chicago A North Western_Inn
87
85
844 844 854 86
854 844 854 85
100 Preferred
.139 *139 13912 13914 13914
*1374 13812 *13718 13812 *13713 139 •1371
100
1
135'8
134 13478 40,700 Chicago Rock 181.k Pacifla.100
12734 12912 12913 13134 131 13234 13214 136 3 134
1,500 7% preferred
10812 10812 10812 1084 10318 10818 10712 108
•108 109 •10734 109
100
101 10158 1,700 6% preferred
101 101
101 101
1004 1004 10078 10078 101 101
100
100 Colorado & Southern
110 110
*107 1184 *107 1184 *1084 11638 •10712 11214 *10712 110
100
*7112 74
500 First preferred
*7113 74
*7478 78
7338 74 1 7434 75
100
*744 78
Second preferred
*7212 75
*7213 76 *7212 75
*7212 75
74
*72
100
*7213 75
74
7513 75
7614 3,000 Qonsol RR of Cuba pref
76
7512 7512 754 7518, 75
100
*7512 76
2,900 Delaware dr Hudson
19212 19212 18912 1911 19012 19012 18914 190
100
189 18914 190 195
129 12934 2,300 Delaware Lack ex Western _100
12934 1301 12914 130
13012 13034 130 130
*13012 131
400 Deny & Rio Or West pref.. _100
56
5314 *5212 5314 5314 5334 5534 5534 *55
5234 5234 *52
__
300 Duluth So Shore .5 AU_ _100
312 312
*334 4
*334 4
34 378
*34 4
634
400 Preferred
64 "6
64 .6
6
6
64 64
100
*612 634 *6
564 57
5634 .5738 28,300 Erie
5618 57
564 5714 5614 57
100
5638 57
5734 574 5838 5618 564 5618 5714 3,800 First preferred
5712 57
57
100
56
56
3
100 Second preferred
100
*5314 5534 .5413 517s 5434 5434 *54 4 5578 .5314 5578 •5314 5578
10012 10013 1004 101% 10012 10112 10113 10113 10139 10213 10218 10278 10,700 Great Northern preferred_ _100
99
99
9814 994 3,500 Pref certificates
9712 9818 9714 9714 974 98
100
*9734 98
2812 2912 294 3078 249,500 Iron Ore Properties. NO par
2413 244 2534 2538 2718 2714 281
24
49
5014 484 4912 3,100 Gulf Mobile & Northern__ _100
49
48
4914 48
48
48
*4712 48
9913 9912 *99
*9912 100
9913
400 Preferred
*9913 100
"9912 100
100
59913 100
5334 5614 534 5412 5,500 Hudson & Manhattan
55
56
55
5714 56
100
5618 5738 56
*83
85
400 Preferred
834 8378 8114 8478 .834 85
85
100
*8378 85 .83
13978 140
4,300 Illinois Central
13838 13912 13839 13978 139 140
100
13778 13774 13834 139
200 Preferred
137 138 *135 145 *135 145 *135 140
*135 138 *135 138
100
49
8
4914
4113
46
473
5014
3914
42
19,800
483
Interboro
4
Rapid
4718
Tran
50
v
t
c
100
34
4884
*4512 49
4614 4814 1,000 lot Rye of Cent America_100
*4814 49
*4634 4778 4614 48
*4613. 49
8012 80
6701 Preferred
794 794 80
81
80
804 804
*50
100
*7912 81
3
71
74 4 115,200 Kansas City Southern ..A00
6312 63
66131 67
6834 6913 75
6213 6312 62
68
6818 69 1 69,4 6914 6978 7012 7034 7034 1,1001 Preferred
100
68
69
*68
98
9812 2,800 Lehigh Valley
9812 100
5
99 102 *100 10112 100 101
99
•98
500 Louisville& Nashville
143 144
100
1404 14018 1414 14114 1414 14138 •1414 144 •143 144
95 .86
100 Manhattan Elevated guar.100
*86
*86
94
94
96
*813
90
90
96
92
10,400 Modified guaranty
484 5134 4518 49
100
554 5334 5434 5112 5372 5314 54
54
500 Market Street Railway
4
414 414
4 *____
413 41
438
100
413 418
5
*4
5001 Prior preferred
411. 4112 4114 42 .4512 4713 *4514 4714
100
*4112 43
*414 43
238 24 1,100 Minneapolis & St Louis...100
234 23
238 238
234 234
*212 234 *213 24
44
45 *42
45
4334 434 1,300 Minn St Paul & SS Marle_101
4312 44
*4312 45
44
44
800, Preferred
100
*76
86
*76
7.51, 7512 7512 76
80
80
80 .70
.70
701 Leased lines
"64
6434
100
64
*64
6434 64
6434 6214 64
6434 *64
.
62
par
8
60,300
Mo-Kan-Tex
4214
4214
41
RR
417
413
No
8
413
8
404
4313
413
4
394
4114
4038
100
10314 10314 10313 1034 10378 10378 10312 10334 10378 10412 10438 10478 4.100 Preferred
100
7018 7138 704 724 7118 714 714 7238 7112 7278 7118 724 28,900 Missouri Pacific
100
4 119 12012 9,300 Preferred
11934 12034 12012 120,
120 12078 1194 120
120 120
313
*3
314 31
332
312 *3
500 Nat Rys of Mexico 26 pref_100
*3
312
31
31
*3
100
70,700 New York Central
17434 1761.2 17534 178
177 17812 175 177
17213 1734 17214 176
1,800 NY Chic .581 Louis Co
100
12214 12212 122 12412'12312 1244 123 124
12114 12114 122 122
100
7001 Preferred
10714 108
10734 107,
4 10784 10714
•10712 108 *10712 108 •10713 108
10 N Y & Harlem
50
270 280 *270 280
280 280
*270 280 1.270 280 *270 280
654 40,000 N Y SI II & Hartford
100
634 6212 6538 644 654 64
6312 63 6378 63
63
11238 11278 11214 11212 1,500 Preferred
•113 11314 11212 11212 1124 11212 112 112
28
2838 3,800 N Y Ontario & Western ___100
2712 28
2612 2612 2618 274 2712 2712 2712 28
500 N Y Railways pref
No Par
94 918
1014 10141 1014 1014 *918 1012 *918 1012 *918 10
100
41
4112
700 Norfolk Southern
41
*41
4113 41
40
40
42
42 '40
*39
100
Norfolk & Western
1,400
183
183
180
184
180
182
2'
18013
18014 181
18113 183, 181
100
400 Preferred
*84
90
87
•84
8578 *84
8578 87
86
*84
86
100
10014 10014 100 10114 100 1014 10034 10118 101,8 10384 10113 10278 28,000 Northern Pacifie
100
8,100 Certificates
9714 9838 9812 9912 9884 99
9713 98
*9718 9712 9713 98
300 Pacific Coast
26
100
2634 .23
28
25
27
25
•20
28
28 I .20
*20
50
6439 6418 654 6412 6518 6414 6458 46,300 Pennsylvania
537s 6414 64
6338 64
200 Peoria & Eastern
31
100
31
*30
38
31
*30
33
*30
30
30
34
*28
Marquette
1.800
Pere
132
.129
132
13113
100
130
1294
*128
1293
4
132
'12912
1
3
*128 130
200 Prior preferred
100
*9734 99'2 *9734 9914
9731 974 *9734 100
9812 9813 *9734 100
200 Preferred
*92
94
100
94
94
9334 9378 *92
*92
94
*92
94
*92
Pittsburgh
158
15512
10.200
157
100
&
West
Va
15712
4
1603
1607
8
1607
8
1574
157 159141 159 162
60
10112 10112' 10178 10314 102 10238 10214 10312 102 10334 10278 10438 12,100 Reading
First preferred
60
*4134 4212 *4134 4212 *4131 4212
*4134 42
*4134 4213 *4134 42
50
*4712 4812 1,000 Second preferred
48
48
48
48
474 4734 48
48
*4712 48
Rutland RR Del
100
66
"61
66
*61
66
*61
66
*60
66
*61
66
*61
20,200
St
Louis-San
Franchico
100
119
1173
4
117
,
2
1184
119
1174
11714
11312 11334 11414 1164 11678
Oat prof paid
96
9612 96
100
964 954 964 9638 96,2 3,700
9578 96
96
96
22,700 St Louts Southweertern
100
11638 11778 1174 11834 11514 1184 1144 116
113 11538 116 119
Preferred
*8912
9013
*8912
10()
9012
89
904
*88
9012
4,
9013 *8734 9012
*89
16
1,700 Seaboard Alr Line
18 .
18
100
,
4 1784 18
17,8 1718 1714 174 1713 18141 17
1,400
22
Preferred
*20
23
*2112
100
2218
2218
22
22
22
2114
2218
224
12138 122
20.600 Southern Pacific Co
106
12034 1214 121 12178 12112 122
11984 1204 120 122
Southern Railway
100
144 14438 1434 14432 144 14438 14418 1454 147 14712 14514 14614 7,700
Preferred
1.100
100
100
99
,
4
100
100
100
100
100
100
9924 9934 100 100
280 Mobile & Ohio certifs
100
13413 13412 134 13412 *17412 175
130 133
130 1204 13034 131
18912 19012 4.301 Texas & Paeitic
181 192
100
180 182
180 180 *176 180
•175 180
*32
Third Avenue
37
900
357
8
1110
36
38
38
38
38
37
37
37
37
3412 1,300 Twin City Rapid Transit_ _100
3414 3414 3414 3412 34
34
34
34
344 3414 34
20
Preferred
97
97
•____
100
99
99
•____
•____ 90
99
1011
200 20134 2003g 20134 19938 20134 199 20112 19,500 Union Pacific
19918 1994 199 202
101,
8318 8312 8318 8338 8338 8338 8318 8312 8338 8312 8312 8312 2.200 Preferred
5,600 Wabash
81
100
814 8012 81
80 I 7934 81
79
801
7712 7712 79
95
700 Preferred A
100
9312 944 *93
93
93
94
*93
93
93
.
93
95
100 Preferred II
•90
95
100
95 .9012 95
*01
90
90
no 94 *9012 94
100
4514 434 4478 16,200 Western Maryland
4588 43
4234 4378 43
43
44
4212 43
300 Second oreforred
45
*43
47
106
*15
4812 45
*4312 45
*41
44
*41
44
1.200 Western Pacific
31
3114
100
31 I *31
3212 314 32
31
3012 3012 304 31
1,500 Preferred
5312 54
100
55
54
5314 5314 54
54,2 *5312 54 ! 5312 64
•0816 and asked prices; no seam oa Ws day. s ell-dividend. a Ex-dividend and ax.r1gala.
PER 516455
Range Since Jan. I.
On Oasts of 100-sharelots
Eltylest
per flare
$ per share
18232 Mar 2 1974 Apr 27
1024 Jan 5 10813 Apr 9
15718 Oct 5 1911211day 7
10334June 19 1194 Apr 12
78 Aug 6 85 Apr 4
61 June 42 8414 Jan 11
110 July 7 11684May 31
58 Feb 18 83 May 10
5338 Jan 17 7734May J
82 Jan 4 9518May 3
1413 Jan 5 4778Sept 4
19514June 19 223346Iay 8
17512Juue 19 20514 Jan a
533 Jan 30 184May 2
773 Feb 20 283sMay 2
37 Fels 28 4814 May 10
68 Aug 15 764May 4
9,2 Feb 8 164Mo 2
2013 Feb 20 3613 Sept 26
224 Mar 6 40,2 Apr 26
37 Mar 2 5612Sept 4
78 June 19 9414May 1
137 Sept 5 150 Slay 2
106 Feb 18 13612 Oct 17
10614 Feb (I 11145fay 31
100 Feb 24 105 Slay 31
105 Aug 15 126 May 3
67 July 3 85 Apr 10
72 Sept 15 85 May 9
69 Apr 12 8738.1,ine 1
16314 Feb 10 226 Apr 26
129 Feb 20 150 Apr 9
5018 Feb 20 6534 Apr 28
3 Aug 3
634 Jan 5
438June 19
912Slay 2
4834June 19 664 Jan 4
50 June 18 6372 Jan 7
4914June 20 62 Jan 6
9312 Feb 6 109 May 14
9118 Feb 7 10534may 15
1914June 12 3078 Oct 19
43 Aug 6 til4May 10
99 Aug 16 109 May 1
51 Jan 3 734 Apr 24
81 Oct 8 934 Apr 26
1314 Jan 11 14834May 9
1304 Jan 13 147 May 15
29 Jan 6 62 May 3
3612 Mar16 51 June 16
6972 Jan 3 82 Mao 2
43 June 13 75 Oct 18
664 Aug io 77 Apr 20
84.8 Feb 20 116 Apr 26
13912July 21 15912May 10
78 Jan 9 98 May 4
60 Jan 10 84 May 3
4 Oct 10
712May 15
414 Oct 17 6434May 4
178May 23
612May 2
40 June 21 5238 Jan 6
75 Feb 7 /3734May 16
a ii2seot 28 7112 Jan 3
3012Juue 13 44 Aug 31
10113JUD0 12 109 Feb 3
417s Feb 7 7614 Sept 17
105 Feb 20 12138 Aug 31
2 Feb 17
513 Apr 26
156 Feb 16 19112May 10
12114 Oct 10 148 May 11
10412 Aug 24 110 Jan 4
168 Jan 3 505 Apr 26
5438Juue 19 684May 2
112 Sept 17 117 May 3
24 Feb 20 39 May 2
54 Jan 24 13 May 3
32 June 12 4913 Jan 11
175 June 19 197 May 9
7912 Apr 26 90 June 12
924 Feb 7 10512May 15
904 Feb 20 10134May 16
M
14 3478May 25
1912ay
6178June 10 724 Apr 27
26 Mar 12 37 Slay 1
12478 Feb 0 146 Apr 11
97 June 9 10134 Mar 28
9334 Oct 17 10054 Mar 30
1214 Fsb 20 163 Oct 9
9414 Feb 7 11932May 10
42 July 16 48 Apr 9
44 Jan 211 511 is al ay 1
50 Feb 21 721451ay 18
109 Feb 7 122 Mar 23
944 Oct 10 101 May 21
674 Feb 8 119 Sept 22
89 July 14 95 Jan 3
Ills Mar 3 3013 Jan 3
17 Aug 4 88 Jaz 3
1174 Feb 7 13114May 9
1394 Feb 5 165 May 7
9032Sept 25 10214 Jan 17
100 Jan 13 15912 Jan 20
9912 Jan J 194 Aug 29
23114 Jan 10 4618May 3
3214Sept 5 56 Slay 8
97 Oct 19 107 Feb 10
1364 Fab 8 2044May 9
824 Oct 3, 8714 Jan 20
51 Feb 1.8, 9814May 11
884 Feb 71 102 May 18
57 Feb 4 9912May 18
$134 Feb 5 1.4445laY 10
R1119 Feb R 8474May 10
2814 Feb 7 3712 Jan 13
5213 Aug 15 624 Jail 6
PRI? "WARR
Range for Preeloas
Year 1927.
Lowest
Highest
$ per chars
16134 Jan
9938 Jan
17439 AD
1064 Jan
734 Jan
Jac
44
10112 Jan
por Mrs
200 Aug
10634 Dee
20513 Aug
Oct
125
83 Jane
19312 Meg
122 1112A
"iag-
707* J
Jan
68
194 Dec
53
7818 Oct
712 Oct
fill* -itin 2181j -45ei
414
713
3013
43
313
J
Jan
n
18
0L8 JAI;
Jan
Jan
Jan
51 July
844 001
224 Mal
4
14
97
3s
4 Ire
ee
371i Dee
784 Jan 2712 Sent
uc,
12414 Jan 150
684 Jan 116 .11113
1024 Jan 111,
4 Dec
954 Jan 106 Nov
Jan 13734 J1117
84
Jan 78 Dec
70
Oct
68
Jan 75
66 Aug 77 Ma7
1714 Jan 230 June
13014 Oct 173 Mar
614 Jan 674June
232 Apr
77s Dec
4 Mar 1114 Dee
294 Jan 6934 Sent
5218 Jan 6614 Ault
49
Jan 6412 Aug
7938 Jan 1034 Sept
854 Mar 101 Sept
18 July 2434 Sere
3518 Jan 7abe July
Jan 11214 Apt'
105
4012 Jan 864 May
Jan 904 May
78
12112 Jan 1394 Uct
12073 Jan 144) 003
304 Ault
524 Yeb
23 AD
424 Oct
62 Apt 744 Oct
704 July
4114 Jar
7313 Dee
644 Jar
8812 Om 13712 June
12888 MD 15918 Ost
784 Dec 90 Feb
4134 Dee 6471 Feb
4:4 Not
674 JUDO
414 Feb
594 Ault
132 Jan
478 Feb
27
Jar, 5013 De
50 Apr 8813 Dec
6814 Ma, 71 Nov
564 JUDO
3112 Jar
2531 JAL 1024 Dec
3778 Jar
62 MT
904 Jar 11888 Nov
Ils Aug
34 (let
13714 Jai, 1714 044
5110 June 36012May
102 Mar 110 Dee
107 Dec 185 A152
414 Jan 634 /)8811
1104 Oct 11438 Nov
2114 Jan 414 Sep/
418 Dee 1534 lie:
3718 Jan 0412 PIO/
156
Jan 202 Nov
83 JU30
78
Jan I0218 Dee
84 July 1
3%
73 D
uea
f..
164 Feb
564 Jan OS
Oct
20
Jun 484 Julr
11413 Jan 1404 may
93 Jan GIN Dec
8934 Jan 974 Dee
1224 Jan 174 May
94
Jan 12384 June
604 Jan /312 Due
4138* Jan 60 Feb
63 Jan OP May
10034 Jan 1174 June
61
7678
384
324
10814
119
94
80
2371
2834
46
99
1 534
77
404
76
65
1314
9"
254
66
Jan
Jan
Mar
Apr
Jan
Jag
Mar
July
151,
Aug
Nov
Apr
Jae
Mar
Jan
Jan
Jan
Jan
14r
Ayr
Apr
93 June
9434 Dee
414 Feb
4548 July
12674 Dee
149 Dec
1(111s Dee
115 Dee
1037* NUS
al
Feb
654 Feb
100 May
19784 Dee
Mai me
81 Jute
101 June
98 Jute
877
,174;
J:4:
41713 Juno
7814 Feb
y clug-ritotts. 2 rix-uiv. of 114. cue bearers of Onesatreake Coro. stook
2201
New MK Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here. see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday. i Monday,
Oct. 15. 1
Oct. 13.
2 per share , $ per share
Wednesday, Thursday, I
Tuesday,
Oct. 18.
Oct. 16. I Oct. 17.
5 per share
S
per share $ per share
Friday,
Oct. 19.
Sales
for
the
Week.
per share
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
Os basis of 100-share lots
Lowest
Per share
Highest
$ per share
45 Oct 19
8758 Aug 11
90 June 19
11012 Mar 8
196
1112
4
Feb 8
3414 Jan 17
234 Jau 17
59 June 19
712June 12
1 Jan 5
23 Mar 15
146 Feb III
12012June 28
11518 Feb 18
918 Oct 8
69 Mar 2
85 Apr 62
10258July 31
31334 Aug 29
11412June 18
410 Oct 19
65 Sept 25
6934Sept 25
534 Mar 20
8638 Oct 13
1438 Jan 24
8 Oct 18
31 14 Jan 26
235 Oct 18
i 27;May 4
14112Sept 4
1634 Apr 19
90 Apr 19
2718 Feb 20
1558 Feb 20
5558 Feb 20
7414 Jan 17
60 Oct 19
1434July 13
36 Feb 17
1538 Feb 18
397
;July17
12234 Oct 11
10, Apr 27
4014 Apr 27
7012 Jan 18
13634 Jan 10
8814July 31
I l'158 Atig 1
82 Oct 19
69 Jan i2
107 Jan 6
11 Feb 18
53 Jan 4
169 Jan 10
22; Feb 28
38;Mar 31
2314May 24
7612 Aug 21
159 May 9
654 Jan 3
2412 Aug 28
6158 Sept 13
41 June 4•
4918 Jan 27
128 June 12
2614May 21
6578May 21
11358 Oct 15
147 Apr 30
11112 Jan 8
1374 Mar 31
105 June 4
9312 Oct 19
119 May 21
154 Apr 10
80/
1
4Sept 18
26512 Oct 18
49 Sept 5
No par 10434June 25 110 May 24
700 Preferred
*107 10712 107 107131 10584 10534 *10613 10712 10738 10712 *10612 10712
9534 9578 954 954 9514 9534 *95
96
95
No par 81 Feb 24 100 Sept 7;
9.34
1.000 26 preferred
96
96
8.,8 8
,
2
1553 Feb II
*11114 11 1
*912 1012 *914 11
814 Oct 9
9
9
200 American Hide & Leather_100
•1014 11
39
3738 3738 *37
39
39
39
400 Preferred
100 36 Oct 9 6744 Feb 11
4034 4034 3978 397s .36
7434 75
7412 7534 75
7514 7438 7934 761
59 Feb 18 8134May 31'
/
4 79
7512 764 50.600 Amer Home Products..No par
4638 Aug 6
28 Jan 10
No par
4018 4034 4178, 41 12 4234 4012 4112 40'8 4114 4034 4114 10.200 American Ice
40
*9412 06
*9412 96
*95
96
93
95
100
100 90 Jan 7
9912May 9
*9412 96
*9412 96
Preferred
126 Oct 19
71 Jan
10878 1104 109 11114 10912 11073 10912 11078 110 11912 11878 126 140,700 Amer Internal Corp__ _No par
818 10
1014 1158
1158 Oct 17
94
94 1078
912 98,100 Amer La France & Foamite.10
514 Jan 1
918
814
74 8
126 128
135 Sept 4
130 132
12818 13178 32.100 American Linseed
100 5838 Jan 1
116 12114 121 12178 12134 128
142 144 *128 129
136 14214 13978 13978 140 143
___
1,200
•130
Preferred
100 864 Jan 13 144 Oct 18
9412 9514 95
9114 9314 8,800 American Locomotive_No par 87 June 21 115 Jan31
95
9413 95
9314 9413 9278 93
11534 1l54 11512 11534 115 115 *114 11513 11412 11412 114 114
1110 114 June 2* 134 Mar 24
800 Preferred
151 156
155 159 *157 159
159 169
156 156
12912June 11 ISO Mar 26
152 152
4,900 Amer Machine & Fdy__No pa
4912 51
50
52
49
4814 49
4978 4953 51
4938 0012 10,800 Amer Metal Co Ltd_No par
39 Mar 13 533 Sept 24
•110 1121 *111 112 *111 11112 *111 112
11112 11112 *11112 11212
100 Preferred (6%)
101 109 Aug 8 11712May 14
15
15
1512 1512
15
15
*14
16
*14
15
*14
15
25 Feb 7
1234Ju1y it+
500 American Plano
No Pa
*51
63
62
50
*5012 53
52
52
52
504 5178 50
4'0 Preferred
100 50 Oct 18 90 Jan 3
8612 84
8614 8433 8512 8512 8714 85
624 Jan I' 95 May 14
8012 864 85
8612 36,700 Am Power dr L1ght____No pa
10234 103
•10212 103
10178 102,2 10134 102
10212 10212 102 10214
1.300 Preferred
No pa 10134 Oct 17 10714May 28
153 1541 15012 153
152 15258 151 15212 15212 15578 154 15578 10,200 American Radiator
25 1301s Jan 18 16112Sept 5
120 122
122 12212 •120 122 *120 122
122 122
121 127
2.000 Amer Railway Express._ ..100 11012 Jan 4 13834 Feb 21
6912 68
71
5114 Feb 7 85 Apr 12
681
/
4 687
; 67
6958 7158 67; 7114 68
68n 8,300 American Republics___No pa
6912 70
69
70
70
694 6978 6912 70
70
6,400 American Safety Razor_No par 56 Jan 10 7478Sept 20
7058 69
30
2978 30
2912 2912 2,500 Amer Seating v t c
No par
2912 2958 2978 3318 30
2912 30
29's July16 45 May 14
44
414
44 418 *4
418
4
4
418
418
418
618May 28
312 Aug 9
433 1,600 Amer Ship At Comm__.No par
x87
88
8538 85/
1
4 85
8514 8514
894 90
85
86
86
280 American Sbipbuilding__100 80 Sept 28 119 Jan 6
26234 26534 25714 26134 258 26234 255 25912 25418 25614 255 269
68,400 Am,Smeiting & Refining _ _100 169 Feb 27 269 Oct 19
•135 136 *13612 13812 *136 137
13634 13634 13612 13612 13678 13678
1(30 131; Jan 9 142 Apr 20
Preferred
700
167 169 *167 169
100 141 Jan 5 17412 Apr 1 3
•165 16934 *165 167
16714 16714 16812 16812
800 American Snuff
120 June 5
100 102 Jan
*105 110 *105 110 *105 110 *105 110 *105 107 *105 107
Preferred
5673 5513 5512 5538 5513 5518 5578
7038 Jan 11
5018June 13
5634 56
56
5558 5538 5,000 Amer Steel Foundries__No par
112 112 *11034 112 *11034 112
112 112
100 109 June 19 120 Feb 29
11034 11034
Preferred
112 112
60
1
7278 71; 7214 7158 7218
7338 72
7213 76
100 55 Feb 18 81 Sept 8
7278 73 4 73
7,200 Amer Sugar RennIng
10512 10573 *10412 106 *10518 106 *10518 106
106 106
100 100 Feb 17 11012alay 31
400 Preferred
•106 107
6133 6034 6184 6073 6078 6034 6034 6012 62
7358Sept 7
No par 4758 Feb 27
3,500 Am Sum Tob
6113 61
61
*20
22
*20
22
21
*1912 21
1934 2034
300 Amer Telegraph & Cable__100 1934 Oct 19 32 Jan 17
*2012 211 *20
100 172 July 24 211 May 17
178 17812 17812 17934 17804 17938 179 17913 17812 17973 179 17953 18,500 Amer Telep & Teleg
16112 16112 16234 16373 16378 1604 16612 16934 16934 17234 170 17338 17,400 American Tobacco com____50 152 June D. 176 Jan 3
50 152 June 19 177 Jan 3
17034 17334 25,500 Common class B
16158 16212 16212 16412 164 16712 16612 16978 16912 173
117 117 *11612 1171 2 *11612 11713
100 11534 Sept 18 126 Apr 20
400 Preferred
11614 11614 *11614 117 *11614 117
12334 129
132 13518 13214 135
11818 12234 12018 123
13,200 American Type Founder;..100 10978 Aug 10 1354 Oct 18
118 118
Preferred
101 10738 Oct 10 115 Mar 31
90
10812 10812 10812 10812 10812 10812 10812 10812 *10858 10912 10912 1091
5834 63
6112 64
7034May 4
6112 6212 5934 62
52 June 11
No par
30,300 Am Wat Wks & El
5934 00
5818 5914
9912 094 •99 100
*99 100
98 Oct 5 106 Apr 13
*9914 100
100 100
200
lot preferred
*99 100
19
184 1938 1878 1914
100
1758 1534 1814 1938
14 July 27 2434 Feb 14
1913 8,400 American Woolen
1712 1814
1
4 4578 44
4558 45
4118 4118 4114 4312 4212 4538 44/
6214 Feb 14
4618 10,400
100 39 Aug 31
Preferred
16
16
1614 1612 1634 1812
1614
1912 Feb 9
1712 18
1614 1614 *16
1012June 20
12.800 Am Writing Paper etts_No pa.
50
4918 50
494 5138 51
5334
5114 5338 6.400
*5014 5012 50
34 June 12 5334 Oct 18
Preferred certificate_ _.100
5112
50
494
57
514 564 5114 537 58,400 Amer Ztnc, Lead & Sinelt_25
4912 5014 49; 524
638 Jan 10 57 Oct 17
10312 105
10678 1134 11278 11778 110 1121
10218 103
25
40 Jan 16 11778 Oct 13
9,100 Preferred
101 103
86
8212 8438 8314 8434 8312 8434 8433 86
83
8738 294,000 Anaconda Copper Mlning 50
82
54 Jan 18 874 Oct 18
8834 8713 88
87
8812 8878 93
x9218 9412 26,000 Archer. Dan'Is. 511cli'd_No pa* 5514 Feb 20 97 May 0
87
87/
1
4 88
115 115
*114
•11312 115 •114 115 *114 115
100 11234 Feb 20 11514 Mar 16
20
Preferred
*92
93
*92
93
92
-9
.134 92; 92; 1.300 Armour & Co (Del) pref
9212 924 93
861
/
4 Jan 3 9712June 7
100
92
18,4 1834
1814 19
8 1934
1814 1812 1818 1858 31,400 Armour of Illinois class A_._25
1918 1933 18,
1114 Jan 16 2312Sept 8
918 958
9
9;
878 918
834 9
1313May 11
40.900
Class B
25
958
834 9
9's
658 Jan 10
1
851 *85
8512 8512 *85
851
86
85,4 85 4 *85
86
85
600 Preferred
100 674 Jan 12 9112.1 one 6
3812 3918 3812 404 40
3514 July 23 5184 Apr 2
4114 4018 414 3914 4014
4112 14,000 Arnold Constable Corp_No pat
41
3212 3314
3334 34
*32
324 33
3413 1,300 Artloom corn
32
3414 *32
29 July 20 4438 Mar 30
No par
*30
•10434 111 •10434 111 *10434 III *10434 111 *10434111 *10434 111
Preferred
100 107 July 25 114 Mar 19
4814 46; 4734 4714 4734 8,300 Assoc Dry Goods
4818 4812 48; 471s 4.53347
48
No Pm 4014June 13 53,4 Se pt 8
*4812
50
4912
50
4812 4812
50
50
.50
50
*4814 50
470 Associated Oil
25 3712 Feb 18 5338Sept 7
487
4834 4834 3.300 All G&WISS Line_ _No par
48
4934 4918 4914 4834 498 4812 4978 48
3718 Feb 18 5978May 21
5653 5533 5714
56
5612 3.900
Preferred
5514 55,4 5512 5578 5512 5658 56
100 38 Feb 27 5878 Sept 7
184 18634 18634 18934 18912 19214 19214 195
184 186,4 18412 187
75.200 Atlantic Refin(ng
101) 9534 Feb 9 195 Oct 19
51758 11734 11634 11712+115 11534 11558 11534 *115 116
11.5 115
290 Preferred
100 11412Sebt 10 11814 Jan 3
•80
31
*80
8012 8012 8012 8214 8214
81
63 Jan 3 101 Mar 23
600 Atlas Powder
No par
8112 8112 81
Preferred
*106 10612 *106 106,2 106 10612 *106 10612 106 10612 105 105
80
100 102 July 24 11012May 31
1178 1178
1173 1178
12
12
•1134 12
1134 1134 •1178 12
400 Atlas Tack
8,4 Jan 5 1738June 6
No par
612
612 2,000 Austin.NIchols&Co
634 7
612 7
612 678
718
91.4May 14
438 Jan 3
No par
738
738 *634
*3112 35
*30
35
35
*3112 35
*30
35
Jan 21
100
25 July 13 19.
Preferred non-voting....100
3214 3214 *30
60
60
60
*59
611, 6012 6012
*59
60
200 Austrian Credit Anstalt
*59
62
60 July 16 75 May 9
*59
10
10;
1034
11
1058 1138 2,500 Autosales Corp
10
10,4
1738May 25
612 Jan 18
No par
I, 1018 1018 *1018 1078
3412 3514 3638 351. 3673 7.700
3134 32,4 32
3734May 25
33
25 Allg 31
Preferred
50
1 32 . 3234 32
434 4512 4512 4734
43 Oct 17 5212May 1
3,700 Ammar Sal Razor "A"..No par
r 44 V4414 *44 4412 44 4414 43 44
250 250 *235 263 *235 265
100 Baldwin Locomotive Wks_100 235 June 11 285 Mar 31
'250 265 •250 265 *250 265
117 117 *11634 117
Preferred
116 11634
360
010 116 Oct 19 12434 A nr 11
11714 11714 11614 117
*11714 118
109 109
560 Ramberger (TA dr Co pref. _100 10758 Sept 4 1114 Jan 5
10812 10812 10812 10812 10812 10812 10812 109
*10812 109
31
31
3078 31
31
2678 Aug 3 3212June 14
1,400 Barker Brothers
No par
.31
314 3112 3112 3013 3112 31
2:08 Ain: 20 52., Fen I
*26
2812 *25
2712 20
27
*2618 28
200 Harnett I,ather
28
No par
28
27
28
4334 4218 4378 4012 4138 491.000 Ramsdell Corp clean A
•,5
29 June 12 4438 Oct 19
3834 3953 3934 4233 42
3838 39
*4112 43
*45
44 Oct 17
48
4114 4114 44
7.6 June 14
1.500 (IWO R
.25
3813 3812 41
*36 , 39
103 10414 *103 10312
100 104
100 100
98 June 20 14012 Mar 1
1,600 Bayuk Cigars, Inc
100 100
No par
*99 J100
10414 10534 10134 107
220
First preferred
100 104 June 19 110118 Mar 28
105 • 105 *105 10512 105 10512 105 105
23
22
2212 217.200 Beacon Oil
2312 2234 234 22
1214 Mar 16 2312 Oct 16
No par
20 1 2078 2178 2338 23
7912 6.40)) Beech Nut Packing
77
78; 78,2 7958 79
7038July 13 8312 Feb 9
20
7612 76,s 761
/
4 76/
1
4 76,4 76,4
1312 1312 1312 1312
22 Jan 12
13; 14
13 July 26
1311 1334 3.000 Belding liem'way Co..No par
1314 14
1338 134
8434 8434
*8414 8412 844 8412 8412 85
825sSept 27 9212May 14
2,300 Belgian Nat Rys part pref___
84
84
*834 84
r
t
Lowest
per
Highest
share 5
per
ndustrlal & Miscellaneous.
No par
484 9,700 Abitibi Pow & Pal)
5014 507s1 5012 50341 4858 5018! 481. 4914 4814 4978 45
8814 8814 88
100
8814 8812' 88 - 88
8812 3.200 Preferred
8734 8734 874 88
200 Abraham & Straus____No par
106 106 *104 107
•105 108 2105 105 *100 107 ,*100 106
Preferred
90
100
/
4
11134 11134 *11218 11212 *11034 112 :*11034 11134 *11034 11134 *11014 1111
7,100 Adams Express
100
365 395
385 410
333 3394 340 34512 347 359
*330 335
22,100 Advance Rumely
100
58
5714 5914 5813 60
56
57
5234 55
5314 5638 55
100
64
6234 6378 6212 64,4 6.0001 Preferred
6212 62
6212 62
61
61
60
312 6,300 Ahumada Lead
3/
1
4 312
314
3/
1
4
338 358
314
314
318
v314
312
1
No par
8312 84
83
8578 8312 84781 8358 85
8378 15,100 Mr Reduction, Inc.
8638 85
84
No par
94 9341
9
94
912 9721
9
938 10 1
91
/
4 16,900 Ajax Rubber Inc
934 10
5141
512 74
612 8
4 1
4
4
61
/
4 7 288,700 Alaska Juneau Gold Min__ 10
4
44
2818 2878 33,900,Albany Pert Wrap Pap _No par
2712 2814 2812 294 2934 31 I 2958 3012 2814 2914
22114 223
22424 235
226 233
28,000 Allied Chemical & Dye_No Par
222 22612 22212 22612 22114 227
900
Preferred
100
12278 123 *12212 123 *12212 123
12234 1221
/
4
•12234 124 *12234 124
100
134 136
1351
/
4 136 *135 138 I 134 135 ,*135 13612 135 13712 1,700 Allis-Chalmers Mfg
11
11781 11
114
6,600 Amalgamated Leather_No par
1114
11
11
953 94 10
10
10
79
*76
/
4 *7612 79
300' Preferred
*76
761
80
75
*7312 75
*734 75
No par
3212 3212 23118 3238I 3134 3234 3214 3314 3212 3278 3112 3238 12,600 Amerada Corp
1838 20 I 19
1978
19
18
1818 1838
1918 7.700 Amer Agricultural Chem_..100
18
•1704 1814
6818
6834
7158
7018
6612
6612
717
8
7012
13,900
Preferred
100
65
693
4
66
*65
10
12034 121 I 12012 12534 127 1284 12634 12712 126 127
9,700 Amer Bank Note
11913 120
6014 6012 6012 61 1 6012 6118 6014 60's 60
810
Preferred
50
GO
.604 61
20 I *18
1912 *18
1934 1814 1814 20
20
20
1,000 American Beet Sugar__No par
20
20
5934 *58
100
5934
200 Preferred
59
*55
594 594 5912 *58
*58
5934 59
3718 3938 31,400 Amer Bosch Magneto__ e par
364 3612 3578 Ws 3512 3612 3412 3534 3412 36
4114 4058 41
4034 41
*4034 41
2,400 Am Brake Shoe & F____No per
4112 414 4112 4112 41
Preferred
100
•12112 12234 *12112 12234 *12112 12234 *12112 12234 *12112 10234 *12112 12234
1412 1514
1334 144 134 14
1358 14
1314 154
8,000 Amer Brown Boyer! El_No par
1314
13
5412 5114 5312 *50
53
52
5212
100
340 Preferred
*4812 5412 5212 5412 *51
25
10834 11012 11114 11358 11012 11278 10978 11158 109 11078 1094 11134 272.000 American Can
141 141
14014 14013 14078 141 ,*14058 141
1,400
100
Preferred
•140 14012 *140 141
9112 9178 9014 9112 91
9138 9018 914 6,600 American Car & Fdy __No par
9312 9312 0012 92
116 116 1 115 117 I 11734 11734 11678 11678
100
500 Preferred
*116 11814 *116 117
89
86
89 ,*
8834' 83
82
83
86
1,700 American Chain pref
100
92 *
90
92 1 9113 9314 924 9312 21.700 American Chicle
No par
8734 9012 8912 9134 90
87
88
No par
110 110
320
Prior preferred
•110 11112 *110 11112 *110 112 *110 112 1*110 114
1112 12; 48,300 Amer Druggists Syndicate_ .10
1278 1312 1214 13 I 1218 1212
1212 124
1212 1338
7513
78
1
7512
7513
751*
7513
74
74
*71
73
Amer
Encaustic
TIling_No
par
7434
900
7413
247 26512 258 26438 11,400 Amertcan Express
100
230 236 1 237 238 i 238 247
224 227
/
4 4478 444 444 4412 4538 4334 4434 14,700 Amer & Forn Power___No par
4412 454 4414 4553 441
• Bid and muted prices. nu sales on this day. x Ex-a..'dead.
PER SHARE
loupe for PTMOW
Year 1927
a Et-rlgnta
shaft
if81-4
NOS
-112-17
4 Mar
109 Aug 11312 Feb
124
Jan 210 NOT
738 Oct
15
,
4 Feb
4534 Nov
2212 Oct
3/
1
4 June
618 Sent
74 June
1 June
18
Apr
131
Jan
120 Mar
88
Jan
111
/
4 Nov
68 Dee
-1-81
45111.
1
214 Feb
32 Sent
1094 Bonn
124 Aug
118/
1
4 Dee
244 Feb
108
Feb
2758 Apr
84 Apt
284 Apr
41
Jan
564 Jan
154 Oct
35 Dec
13
Jan
3512 May
1174 Feb
54 Aug
40 Aug
6353 Mar
126
Jan
96 July
124/
1
4 Oct
9812 Dec
ao Jan
1.111
Jan
934 Apr
3838 Aug
127
Jan
1872 Feb
37/
1
4 Feb
2112 Dce
7334 Dee
98 Noy
66 Sept
2334 Mai
6018 Jan
'2634 Oel
46 July
128 Mar
3912 Jan
98
Feb
77/
1
4 Dec
14134 Dec
111
Dee
13414 June
103 Sent
741
/
4 Nov
110
Dee
154 Nov
5712 Nov
183 Nov
31 Dec
8612 Fet
10934 Dee
Oct
734 Apt
£8 Mai (36% July
71 Noy
30; JAI
25; Om
32 Aug
9611 May
84
Jar
37 Mai
7234 Dec
10
4 June
Jan
7212 Nov
2018 Am
924 Nov
4651 Mar
9914 Oel 116 May
11912 Feb 127 July
73/
1
4 Jar 18812 Dec
364 No; 6938 Dee
261;Oct
84
54
Nov
Jar
11058
"ifi;
8711
API
3518 Jan
£858 Juno
11014 Ma:
7332 Oct
8e-pi
11614 Nov
8212 Dee
42 July
384 Oct
21s Oct
80
Jat
13258 Jar
11914 Mar
119; Jar
9412 Jar
4112 Am
110/
1
4 July
65/
1
4 No'
104 No;
£112 Jai
28
API
1491
/
4 Jac
120
Jae
11914 Jan
11018 Jan
11978 Nov
10714 Felt
VI
Ana
994 Oci
1612 June
6473 Nay
51 July
6/
1
4 Jan
12324 Nov
188/
1
4 Dee
133 Dee
14634 No*
10611 Oai
7234 Dee
115
Jan
9534 May
11614May
68; Oct
38/
1
4 Aug
18512 Oct
189 Nov
186 Nov
120 Deo
166
Feb
116 Bent
4678 June
9% May
2534 Apr
5/
1
4 Sept
35
Oct
11114 June
58 Mar
106
Jan
Oct
79
8,4 May
6 Dec
Apr
60
21
Apr
4034 Dee
1094 Nov
394 Feb
36
Oct
3038 Ma
2914 Ma
104
Dee
11512 Feb
5618 ma
Jan
98
8618 Jan
2414 Os
67/
1
4 Aet
1014 Feb
511
/
4 Feb
5012 Dee
63 Dee
11312 Dec
961
/
4 Pelt
1678 .111.13
94 Jan
66/
1
4 Jan
5514 Nov
5434 Jon
11412 Nov
5338 Nov
504 Feb
4312 NOT
4138 Nov
1311
/
4 Aar
119 Auc
70 June
107 Ads
7218 &Ds
10312 Dee
3334 Jan
1211 Apr
714 Jun
1014 Jan
414 Ma
Jan
234 Dec 61
7214 De
8034 Nov
11
Dee
438 Ma
42/
1
4 Dec
28 Ma
An Nov
43 No
14318 Jao
6554 Sept
116 .J17 12514 Atli
10634 Mar 11078 Dec
90
2044
254
494
101
14
6014
164
Jan
Oct
net
Jan
Jan
Oct
Apr
July
5J7 leeS
364 Feb
T212 Fel
109 Dee
110
An;
1314 Jun;
74/
1
4 Nov
274 Jaa
2202
New York Stock Record-Continued-Page 3
15,r anie. during the week of stocks not recorded here, lee third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 13.
Monday,
Oct. 15.
Tuesday, 1Wednesday, Thursday,
Oct. 16.
Oct. 17.
Oct. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Stare Jan. 1.
Oa baste of 100-share Lois
PER SHARI
Range for Puttee.
Year 1927
Friday,
Oct. 19.
Lowest
Highest
Lorelei
Higbee.
$ per share
per shard I $ per share $ per share $ per share $ Per share Shares Indus.& Miceli.(Con.)
share
Par
$
per
share
II
pa
share
Per
$
$
per Mare
9212 94
90
9312 914 9214 90
9114 90
90', 11,600 Beat & Co
904 89
NO par 5314 Jan 19 9418 Oct 10
4912 Aug 5912 Nov
72
70
7012 7212, 6918 71141 693
, 7018 6812 70
6812 6918 153.300 Bethlehem Steel Corp
100 5178June 19 7212 Oct 15
4354 Jan 664 Sept
11812 11812 1184 11812 119 11912 119 119
11812 120
11912 120
3,100 Beth Steel Corp Pt (7%)_100
29 125 Apr 13 10414 Jan 120 Dee
434 44
4384 4412 4314 437 • 4312 431; 4312 4312 *4214 4312 2,100 Bloomingdale Bros____No par 11618June
3312July 23 47845ept 15
34 June 524 Nov
*110 111 •110 111
11078 11078 11078 11078 111 111
10912 109%
280 Preferred
100 10912 Jan 11 11184July 3 1094 Jan 114 Na,
110 11014 109 111
11112 112
111 11112 11112 112
11112 114
1,750 Blumenthal & Co Dref
100 87 June 27 114 Oct 19
64
Jan 95 Del
74
74
27313 7312 *7312 75
75
75
1,300 Bon Aml class A
74
7412 7312 74
No par 654 Jan 3 7814 Jan 27
5314 Jan 6912 Deg
1*914 912 *9
912
918 103
1014 1113 1014 1084 1014 1034 28,800 Booth Flaherles
No par
17
1118
44
Jan
Oct
4
54
Sept
814 API
*6012 64
*60
63
6114 67
2,400 1s1 preferred
64% 66
64
6514 654
647
100 4114 Mar 14 67 Oct 16
86 Sept 5714 May
164 16912 170 1744 171 17312 170 1704 168 169
16812 16914 27,000 Borden Co
50 152 June 19 187 Jan II 16712 Dec 169 Del
*1018 1193 11
11
1114 12
12
12
*11
500 Botany Cons Mills class A_50
12
12
*11
18 May 8012 Sept
89, Aug 23 23 Jan 4
5912 60% 6012' 6228 6152 6328 614 83
55,300 Briggs Manufacturing_No par 2112 Feb 4 6358 Oct 16
61
6.312 5814 62
194 Bent 11813 Feb
*434 5
5
5
478 47
5
5
1,000 British Empire Steel
4% 5
5
81s
100
118
914May
4 Apr
Jan
25
10
2 Dee
*7
512
714 714
71s 718 *7
8'2
400 26 preferred
7
8
7% *6
100
214 Jan 6 12 Feb
I Apr
712 Dee
73
7313 272% 7314 7112 7214 7128 7314 7214 73
72
74% 47,400 Brockway Mot Tr
No par 4512June 1 7439 Oct 19
145 145 •144 146 *143 1451s *143 1454 1454 14518 146 148
700 Preferred 7%
100 110 June 21 148 03219
288 270 270 270 *265 270 *265 270 270 270
900 Brooklyn Edison Inc
26914 26934
100 20684 Jan 10 270 Sept 29 fill; Feb 225 -15;if
31163 165
16012 16234 *155 165 1 15812 1584 160 160
160 16912 2,600 Bklyn Union Gas
No par 139 June 13 174345ept 21
8953 Apr 1574 Dee
*5014 5012 5012 50121 50
50
494 50
4928 4918 *49
49% 1,200 Brown Shoe Inc
No par 4531June 11 6512 Apr
304 Feb 5014 Dee
5714 5872 563, 577
57
584 564.5814 56
5612 57% 25.800 Brunsw-Balke-Collan'r.No Par 2712 Feb 20 6214Sept 20
58
Ws Ally Ws Jan
34% 3514 344 347
3414 3518 345 357
12.600
36
Bucyrus-Erie
3428 367
Co
36%
10 2412 Feb 18 5078June 2
44% 45% 44
4434 44
4418' 43% 4414 44
453e 4418 4414 10.200 Preferred
10 3312 Feb 17 5418May 14
118 118
11934 12014 12218 12414 12384 124% 12318 1231a 123 12312 2,600 Burns Bros new elAcomNo par 934 Feb 17 12512June 2
37
35
3834 3914 39
3712 39
36
397i 3814 39
36% 5.700 New class B com____No par 1578 Mar 8 43118June 4
184 Mar 8414 Jan
10312 10312 104 10414 *104 10712 106., 107 *104 107 •104 107
70 Preferred
100 9714 Feb 21 11084June 11
90 June 100
Jan
17212 173 '
117314 174 12173 17612 *172.:.17534 *173 173 *170 175
2,500 Burroughs Add MachNo par 139 Jan 14 1764Sept 29 290 Mar 145 Del
59
5812 59
6014 60
6178 6234 6834 6612 68% 6612 68% 35.900 Bush Terminal
No par 50 June 20 6878 Oct 18
2964
Nov
Jan
69
*106% 107
107 107
107 107
108 108
1,010 Debenture
10818 10912 *10812 110
100 10452 Aug 16 115 May 21
9114 Jan 1114 Dee
*114 115
115 115 1*114 115 *114 115
20 Bush Term Bidgs pref
11418 114% *114 115
100 111 Aug 1 11912June 15 10318 Feb 120 Aug
*1018 1014 104 11
11
1114 11
1178 1112 1178 1118 1114 12,700 Butte & Superior MI111132_10
834 Aug 6 1634May 21
Nov 1114 Jan
8
8
8
878
812 878
828 9 1
818 8% 21.700 Butte Copper & Zinc
84 8%
5 44 Jan 19 10 May 28 74
3% Mar
54 May
45
46
45
4614 4518 4534 4314 45
44% 4.400 ButterIck Co
44
100 40 July 13 6712May 15
4414 44
Oct 614 Feb
64
13118 13378 1334 13514 132 13414 130 1334 13012 13334 132 :•13978 16,400 Byers & Co(A M)
No par 9012 Jan 16 14012 Oct 1
42 Jan 10214 Dee
*11284
211212 112% 1'111
____ •111
1001 Preferred
____ •111
*111
100 1084 Apr 13 11413 Aug 11 10514 May 11212 Dee
90 -9012 8914 9178 8984 9214 90
4,400 By-Products Coke
91
87
87
88
88
No Par 65 Mar 1 94 Oct 10
66
Jan 9212 Jun*
76
78
77
78121 7714 79 I 7818 ' 79
7584 7612 6,900.California Packing
764 78
No par 58i2June 18 8228 Sept 17
6014 Apr 79 Dee
*34
35
36
36
400 California Petroleum
35
35 I 3412 3413 *34
*33
36
25 2514 Mar 18 86 Sept 6
35
312 512
34 38
318 828
313 34
114 Mar 8
3% 312 4.800 Callahan Zine-Lerui
10
3,
4 314
64 AIN FM -11-4
71An
11312 11314 113 116 I 115 11714 115 1154 11314 11534 114% 118
40,100 Calumet & Arizona Mhaltig 10 89 Feb18 12014 Jan 3 614 June 1234 Dee
3212 32% 3228 45
4412 4612 4284 45
4114 427g 4214 4278 468.700 Calumet & Heels
25 201a Jan 10 464 Oct 16
1414 July 2414 Dee
78% 80
8018 82
80% 8178 793 81
7928 8012 8012 81% 23.700 Canada Dry Ginger Ale. No par 5454 Jan 5 864May 8
86 Jan 604 Aug
4618 4678 4614 4714' 4718 477g 47%, 48
47
48
8,000 Cannon Mills
4712 48
No par 46 Sept 5 50 Sept 14
374 37414 375 39841 390 403 393 • 405 405 40812 388 406
16,250 Case Thresh Machine
100 247 Jan 21 40812 Oct 18 132 Jan 28314 Oet
*12512 129 *124 129 *125 129 •125 129 *125 129 *125 129
Preferred
100 123 Oct 8 1354 Mar 30 111 Feb 129 Dee
40% 41% 40/8 417
4012 4114 4014 4114 40
407
, 3912 40% 23,200 Central Alloy Steel__ __No par
2812 Mar 27 4412Sept 17
24 Apt 83 AN
16
1514 1534 15% • •16
1512 16
16
1512 1618 15
15% 6,400 Century Ribbon Milla__No par
11 Aug 14
17% Apr 4
1012 Jan
1614 Aug
*82
85
*82
85
85
85
*82
85 .82
85. *82
85
100 Preferred
100 77 Aug 24 92 May 15
70 Jan 8814 Dee
954 9612 9512 9532 964 9858 9614 98% 98
99
Cerro
de Pasco Copper_No par 5812 Jan 3 10414Sept 24
10314 78.200
9914
68 Jape 7212 Dec
37
3714 37% 3714 38
3712 33
37
3014 33% 3118 32% 33,200 Certain-Teed Produeta_No par 3034 Oct 18 6442 Apr 28
62 Jan 5614 May
94
94
4'86
*88
•86
8912 •90
94
94 *90
*90
94
7% preferred
100 9234Sept 19 100 May 21
74
73
73
*73
73
73
*7212 73 *7212 73
400 Certo Corp
7212 7212
No par
71 May 3 7012 Aug 23
65 Dec 781k Aug
1514 15% 1412 1518 13
15 .. 16
1414 14
1672 1612 1712 57,400 Chandler Cleveland MotNopar
412 Nov
54 Feb 29 1712 Oct 19,
14 Mat
2412 2412 234 2412 21% 2314 22
254 2534 27
2612 2712 66,700 Preferred
14 Mar 13 2712 Oct 19
No par
18 June 2614 May
6518 6612 66
65
65
6734 6739 6914 6712 684 66% 67% 20.100 Chesapeake Corp
NO par 6254July 13 815a Jan 8
6414 June 484 Ool
•12812 132 3128 128 •128 130
126 126
127% 12778 •126 128
300 Chicago Pneumatic Tool_100 111 Aug 15 1411, Jan 30 1204 Jan 1374 Mar
32
•33
*3413 35
33
34
33
34
3214 *33
3314 32
60 Chicago Yellow Cab . No Par 2978 Aug 1
43 Jan 14
38 July 47
Oot
52
5214 5158 6278 51
52% 52
5214 52
52
53
5218 7,000 Chickasha Cotton 011
10 454June 12 5612 Oct 1
4614 4714 4518 46
45
4814 4878 5314 6214 5314 5018 5214 20,400 Childs Co
No par 37 Apr 19 67 Sept 10 ▪ KIA-r 1;14 Aug
.5034 50% 5112 5472 55% 5612 544 5584 5414 59,8 574 5914 197,400 Chile Copper
2
3738 Mar 5 0934 Oct 19
8314 June 444 Dee
*70 116
*70 118
'75 110 •70 120
*63 106
*70 110
Christie-Brown tern etfallo par 79 June 20 131
Jan 23
344 Jan 9052 Dee
13012 13312 131 13828 13512 13928 13414 13739 135 13734 13314 136 781,100 Chrysler Corp
No par 6454 Jan 18 1404 Oct 8
8812 Jan 8312 Dec
*5213 54 .5213 54 I *5212 54
54
54
150 City Stores elms A
5212 5212 *5212 54
4614 Mar 64 De*
No Par 6114 Jan 19 544Junr II
99% 100
98
9928 *97
98 ' 103 107
10734 11312 107% 108
22,300 Class B
No par 62 Jan 6 113,7" Oct 18
614 Apr 6412 Dee
76
7614 80
78 1 *75
74
7712 •75
7518 7518 274
78
2,600 Cluett Peabody & CoNo Par 69 Aug 13 109% Apr 5
51 June 8412 Oet
*11514 119
50 Preferred
1184 119 111432 11834 *11428 1184 *11514 11814 11534 11814
100 1184 Mar 21 12414 Mar 19 11114 Jan 1254 Nov
1683 1737 17714 18012 17814 179% 17614 179
20,200 Coca Cola Co
175 176
176 177
No par 127 Feb 20 1804 Oct US 4964 Apr 19912 Apt
64%
664 6714 6518 67
64
64
63
65
8
4
9,300
Collins
6514
6612
6434
& Alkman
No par 50 June25 11114 Jan 3
86 Aug 11318 Dee
98
98
*98
9812 •98
9812 *98
9814 *98
9814 *98
100 Preferred non-voting____100 9014July 6 109 Jan 8 10212 Sept 10914 Del
9812
70
69% 68
69
6814 6912 67 68
66% 6814 9,100 Colorado Fuel & Iron
6712 68
100 5212June 25 844 Jan 31
6212 Jan 984 July
97
97
9628
9812 9734
98
98
9784
a96
96% 7,500 Columbian Carbon v t cNo par 79 June 12 10414 Sept 25
96% 95
664 Jan 1014 Nov
12712 12918 128 129
126 12818 12512 12612 12418 12634 123 12612 19.000 Colum Gas & Elea
NO par 894 Mar 15 13338Sept 20
824 Feb 9814 May
1075
,107% 1077 107% 10778 107% 108 108
108 108
800 Preferred
10614 10614
100 106 June 19 11014 Jae 3
9913 Jan 1104 Doe
4512 47
4414 4614 434 4512 434 44
40,200 Commercial Credit_.- _No par 21 Feb 20 4812 Oct 10
4234 44
43% 44
16 June 244 Dee
24
25
24% 24
24
25
220 Preferred
24
24 *24
2412
2412 *24
25 23 Feb 8 27 May
17 June 244 Sept
*2512 26
254 2512 2514 26
2512
*25
340 Preferred B
2512
*25
26
26
25 23 Feb 7 2714May II
1872 June 26 Dee
96
96
9334 9418
430 1st preferred (64%)_100 85 June 12 99 Oct 10
95
95
95
9612 94% 95
9418 95
69 July 8912 Dec
131 13278 131 13278 131 133
12918.13112 122 1294 127 13114 21.900 Comm Invest Truat____No par 6514 Mar 1 13514 Oct 9
614 May 62 Dee
*10384 109 *10384 109 •103% 109 *10314 109 •10334 109
103% 109
7% preferred
100 99 Jan 27 109 May 14
9412 Sept 102 Dee
200 Preferred (Os)
*95% 9712 *9512 9712 *9513 9712 954 9512
*96
9712 •9512 97
160 9238June 16 954 Aug 20
8654 July 9814 Dee
2418 2418 22
23
2412 2412 23
23
1,600
22
21
1
8
22
Warrants_
2284
100
618 Aug 30 2618 Oct 9
214 219 216% 22112 21514 21834 21,000 Commercial Solvents_ No Par 13772Juue 11) 224 Oct 13 145 Nov 20I" FileN
21412 221
214 224 z219 224
85
85
8214 8312 824 8314 84
8612 85% 8714 85% 8612 30,400 Commonwealth Power_No par 6214 Jan 11 88 Sept 4(1
4852 May 7814 Oet
,100 Conde Nast Publica_ ..No par 48 Jan 14 84 Oct 13
84
7614 79% 78
803 82
77
7714 79
8078 7712 80
89 Aug 53 Dee
254 25% 24% 251s 2434 25% 264 27,4 50,100,Congoleum-Nairn Inc_ _No par 22 June 12 3112 Apr 17
2512 26
254 26
1714 Jan 2914 Dee
5,500'Congress Clear .....No par 67 Feb IS 814 Jan 8
7314 75,4 7312 75
7212 7334 724 7334 7214 7312 73 • 73
67 Mar 8812 Dee
114
900 Conley Tin Foil stpd___No pa.
*14
114 •118
42 jam
114 •118
114 •118
354May 14
118
114 *118
4 Jan 10
14
14 Feb
5,9001Consolidated Cigar__ _,.No par 794 Jan 21
9018 92
*9112 924 9114 9212 9134 9114 9114 9212 91/2 92
09 June 4
7614 Oat 8614 July
3001 Preferred (6)
99
*99% 104
98% 99 198
*98
98
*9414 98
*9414 99
100 91114June 25 104 Sept 13
254 2434 254 25
2512 2514 25
254 254 2512 2514 2514 3,600 Consol Film Ind pref__No par 23 July 16 2912Sept 10
777
7612 77 a 7612 7714 7618 7714 77
77
7713 777
94 Mar 1259,.6e;
78% 61,500 Consolidated Gas(NY) No par et Aug 28 17014MaY 7
No par 9714 Aug 31 106 Mar 28
9918 9914 9912 99% 994 6,9001 Preferred
9914 98% 99 J 99
99
9914 99
93 Mar 103 Dee
314 312
312,, 312
No pa,
34 314
214 Aug 16
512 Mar 2R
3% 334 15,000 Consolidated Textile
313 384
312 Mar
31
. 314
714 June
2314 2378 24
24
2412 2412 2478 23% 2413 23% 2418 3,300 Container Corp A vot_ No par 214 Mar 30 36 Apr 30
24
12
12
12
1114 12
12
1214
7,2001 Class B voting
No par 104 Mar 16 194 Apr 30
1218 11% 12
1214 12
531k Apr -Mg Jan
38
3818 371; 3818 36% 38
3834 3712 38437
37
'
3812 5,900 Continental Baking el ANo par 26.4 Apr 10 53.. Jan 13
27.9001 Class B
334 Apr 10
No par
IPA, • 7
684 7
634 7 1
67
712Sept 24
7
May
618 7
614 7
100 73 Apr 10 96., Jan 20
8212 82
83
8328 82
83 I 8312 8313 83
8312 83
742
8234 2.800 Preferred
Ap
9114
14 Novr j4
s
11678 11912 11718 11834 11612 11734 116% 117
1164 117
11614 11714 25,500,Continental Can Ino___No par 8014 Jan 10 112352Sept 4 12
58
014 j
Aapor 12
80
64 JD
0:41
0
125 125 *125 126
401 Preferred.
*125 126 •125 126 *125 126
100 123 Jan 5 128 Mar 28
1254 12618
10 75 Feb 15 9478May 18
8018 82/4 82
784 707
7412 Dec 939, Dee
8414 4,600 Continental Ins
7914 7912 793 80 I 7912 80
Mar
Motors.
Continental
13
10
1514
20
36.700
1518
Sept
1512
18
16
1512
--NO
1618 11514 1614 1558 16
18,
Par
Vs Nov 139, Jan
1 1534
25 644 Jan 3 8918Sept 14
8218 87% 23,600 Corn Products Refining
82
8312 824 8318 8212 83
8314 83
4954 Jan 68 Nov
8338 84
100 13812 Jan 16 14614 Apr 10 128
5201 Preferred
14014 14014 11012 1404 141 141
141 141 *140% 14014 *14014 141
Jan 1424 Dee
par
No
123 Jan 3 293 Oct 5
276 278
276 281
5.000 Coty Inc
276 284
278 28634 27512 276
56
284 284
Jan 123 Dec
6,700 Crucible Steel of America__100 6914 July 3 93 Feb 7
7834 7934 177
7878 7712 7814 7788 7814 77% 77% 77% 78
764 Oct 9614 Mat
100 11214 sent 14 121 May 11 103 Jan 118 Sept
1001 Preferred
‘11412 11414 11414 *114 115
*114 115 *114 115 *114 115 •114,
No par 2012 Oct 5 WsMay 8
4,200 Cubs Co
184 Aug 3514 Jan
2114 21% 2214 21',7 2112 2018 2118 2014 21
2018 214 21
4%July 31
No par
412 414
712May 12
44 412 *412 5
434 4% 4,000 Cuba Cane Sugar
413 414
412 418
44 Oct 1014 Jan
100 1334 Oct 15 8214 Jan 12
2832 Nov 5014 Jan
1512 1514 5,2001 Preferred
14
1434 1384 1413 1412 1512 143, 1472 1418 16
1614 174 3.200 Cuban-American Sugar---- 10 184 Aug 13 24l May26
184 Nov 284 Jan
1614 1678 1612 1628 1612 1614 16% 17
17
17
2001 Preferred
97
100 9512 Oct II 108 Feb 1
97
*9518 99
*9512 97
9712 Nov 107 Aug
97 1 *9512 97
953 9514 *95
500ICuban Dom'ean Sug____Nopew
614 612
*612 7
12 Jae 4
64 Oct 16
104 Nov
7
*613 7
7
612 612
612 612
18
Jan
50 84 Jan 8 7814 Aug 21
8,700 Cudahy Packing
6818 6818 8812 6834 70
6812 6714 6814 68
4312 Apr 6834 Beet
6714 6718 68
15,900 Curtiss Aer & Mot Co__No par 53.. Feb 27 10284May IS
41512 Nor 6914 Dec
13614 13612 13112 13513 13114 13412 13114 13412 130 13414 1304 140
300 Cushman's Sons
230 230 *21914 228 *217 228 *21914 228
No par 14414 Jan 13 230 Oct 18 103 Apr 182
*21912 230 *22214 230
Oat
l3Ot Preferred (7)
130 130 *130 135 •130 135
100 114 Jan 11 141 Sept 20 107 Apr 125 Dec
135 135 •130 134 *130 135
1.300 Cutler-Hammer Mfg
59
59
59
59
59
10 52 June 20 6312Sept 4
6018 59
6012 6012 6113 6112 60
80 Apr 56', 008
No par 49 July 27 63 Oct 11
5914 6078 5914 5914 59% 5914 4,900 Cuyarnel Fruit
5914 60
62
63
59
62
3814 Apr 4812 Dee
No par 8412 Feb IR 66148ept 24
6412 6313 664 55.300 Davison Chemical
6079 6014 6184 61
60% 6118 60% 6134 60
4.200 Debenham Securities
36
3614 3714 38
38
*3812 39
58 36 Oct 19 4914 Apr 27
38
39
3914 38% 39
- -220,Deere & Co pref
1054 Jan 1-25-1-2 Nov
12418 12418 12412 1241 *12412 124% *12412 1248 12412 12412 1244 125
100 11512 Feb 1 12614MAX
900'Detroit Edison
100 1664 Jan 11 220 Sept 17 1834 Jan 17012 Dec
19512 19512 19512 19512 19412 198
211 211 *196 108/3 196 196
4,700 Devoe & Raynolds A__No par 40 Jan 8 61 Apr 16
364 Aug 424 Dee
5414 54
54
5414 52% 54
*5278 5312 5214 524 527 54
1s1 preferred
Jan 1144 Dee
*112 11478 *112 11478 *112 115 *112" 11478 *112 11478 •112 11472
100 108 Jan 9 120 May 16 101
1,350 Diamond Match
166 167
1634 1664 16512 16614 166 168
100 13418 Jan 18 168 Oct 18 116 Feb 14754 Sept
16014 16014 16112 163
8,900 Dodge Bros Class A.......No par 12 June 11 4052 Oct 11
1814 Oct 374 Jan
3012 2712 29
2514 3314 27
2914 2914 307s 2912 3013 30
200 Preferred
106 106 •106 107 *1064 107 •10618 107 *1064 107 •1064 107
664 Oet 86 Feb
No par 8312June 19 111 Sept 22
3,700 Dome Mines, Ltd
858 9
812 9
No par
8 June 13
7 June 164 Des
818 8%
818 84
812 812
Mt Jan A
812 ' 878
1174 11912 115 11814 34,400 Drug Inc
11512 119
111 11134 11172 114/ 11414 116
No par 80 Mar 15 11912 0(118
71% 754 7378 7534 7312 745
49 Aug 747k 7814 7812 80% 71,0001Dunhill International-No par 6612 Jan 9 8034 Oct 19
612 Oct
734 75
• ia; fie.; -.1z;
1
• Bid ana asked ;aloes; no dales 00 8518 day. z Mx-dividend, a lr-rights. 1, HI-warrants. a Shillings.
New York Stock Record-Continued-Page 4
2203
Fox s.ues dur,00 the week of stocks not recorded here. itee fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 13.
Monday,
Oct. 15.
Tuesday, !Wednesday, Thursday.
Oct. 18. I
Oct. 17.
Oct. 16.
Friday,
Oct. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jas. 1.
pa Oasts of 100-shareksts
Highest
Lowest
PER SHARE
Moatsfar Newtons
Year 1927
•
Highest
Lowest
pot sears 3 nee 00000
per share 8 per share Shares Indus.& MIscel (Con.) Par $ Per share I 5 per share
Stier Share $ per share $ per share 3 per share
100 Duquesne Light 1st pref. 100 993 Oct 3 i inq Mar 3 11414 Mar 117% Nov
*100 101
10022 10012 1.100 101 1*100 101 *10014 101 *10014 101
2.100 Eastman Kodak Co__No par 188 Feb 20 1944 July 30 1264 Jan :754 Sept
17614 17734 1/612 177
177 17814 17734 17734 17712 17812. 177 178
100 12312 Aug 31 134 Apr 3 11914 Jan 1314 Got
101 Preferred
125 125 •125 130 *125 130 I *125 130 •125 126 *125 130
2114 Oct 3934 June
6318 6434 6112 6334 6134 6314 57,100'Eaton Axle & Spring_No par 20 Jan II 6474 Oct 27
5914 6038 5814 5938 5914 63
Jan 36374 Oe*
par 310 Jan 10 442 Oct 18 168
Nem--__No
de
Pont
du
El
435
25,800
442
440
423
418
40714
407
401 402 401 40234 403
Feb 11s
Del
1054
1110
18
July
114
.
o
11814 11838 *11712 11812 11812 11812 *118 11812 11814 11814 11812 11812
10% Nov 164 Feb
.Jae 3 5234 Oct 10
25 121
5512 5,300 Elsenlohr & Bros
5512 55
5512 55
55 I 55
5678 55
55
5512 55
4034June 1
par
29
N.
Aug
Schild
3314
Elting=
8,200
3
357
33
3618
8
353
367
7
8
363
3612 37
*3618 36% 3612 36
_
100 10138 Aug 15 11434June
109 10938 10918 10912 108 108% 5.1001 Preferred 635%
10858 109
109 109 *10834 109
No par 60 June 25 116 Sept 26
109 11011 109 11012 10014 10978 10914 11112 40,700 Electric Autolite
11018 11114 10918 111
Mar
Au.
2214
Tiff
8June
15
3
17
Aug
4
83
pa,
No
Boat
Electric
8,600
11
4
103
1178 11
1114 1038 1078
1218 1134 117, 11
12
16% Jan 82% Deo
No par 25114 Jan 10 4512May 14
3714 3738 36% 37% 31,900 Electric Pow az Lt
3712 38
73* 38
3758 3778
37% 38
Jan 109 Nov
OS
11 110, Mar 8
par
Oct
8
7
105
No
Preferred
107
10612
8001
107
8
•1067
107
8
1067
107
*10578 10212 10614 10712 *10614
634 May 7114 Jaz
89 Feb 20 91%Sept 27
, 89% 8712 88% 8714 8878 87% 8834 10.800 Eiec Storage Battery .No pa
88% 88% 8834 8958 875
7 Dec 15% MAY
9 Jan 1
6 June 191
No par
200 Elk Horn Coal Corp
*13% 678
618 618 *618 612 *61g 658 *618 7
26% 612
Apt
4
1.512June
3 Oct 18
21
Feb
514
pa
A.No
Class
Emerson-Brant
1,100
7
*7
712
7
714 *7
712
7
614 7
7
7
34 Jan 8114 Dee
64
17
Apr
85
12
..50
_
7514June
8001Endicott-John800 Corp_
77
77
77
77
771s 7678 77
77
*77
78
•773. 78
Jan 271 127 May 18 116% Jan 125 Seto
12114
100
Preferred
I
124
*122
124
124
•122
*122
124
*122
124
*122 124 *122
2134 Jan 3938 Otti
33 Feb 18 4934 Oct 1
461s 44% 4512 30,100 Engineers Public Sere_ _No pa
47 4714 4614 4718 453. 463. 4534 4638 45
No par 93 Oct 17 10212 Oct 1
9312 94
9312 9312 2,800 Preferred
*9834 9912 9714 9878 9514 96 1 93 94
30
7,200 Carmelite Office Blds_No par 2978 Oct 19 3334July 3
30
30
297 30
3014 30
3014 30
3014 30
30
30 Aug 777g Nov
oas- z6512 66
9,300 Eureka Vacuum Clean-No Par 6912 Aug 11 79 Jan 3
6614 6714 67 67% 6614 67% 6634 6714 66t-. ---.
15% Jan 23 Deo
24
200 E8change Buffet Corp..No par 1934July 17 2412Sept 15
2412 2414 2414 24
24% *24
2412 *24
*2418 2412 •24
8014 Nov
43% May
Jan 6 is Apr is
32%
par
No
7
Falrb8nks
Morse
4112
41
4114
41%
1,100
4112
41
41
418
4034
4014
4112
*401
Dec 113 Mn
'107
14
11434May
5
Jan
104
100
40 Preferred
110 110
11112 11112 ____ ____ *110 112
110 110 *110 115
3712 Jan 47 May
15 42 Jan 10 5634MaY 2
54
54
*5334 5412
400 Federal Light & Trio
54
54 •5334 5412 54
5412 54
•54
914 Feb 100 Ans
No par 98 Jan 6 109 Apr 19
Preferred
*98 102
*98 103 .98 102
*98 103
*98 103
*98 103
60 Feb 187 June
120 Apr 17 16112 Oct 17
Federal
161 1611 •155 162 *160 162
*157 162 *157 162 •155 161
7518 Jan 97 Mar
100 913. Jan 3 102'sSept 18
ining & amel"-la°
Md
lrre
350000
101 101 *100 1011 100 100 *100 10112
*10034 10112 *10034 101
17 Dec 30% Jan
2578May 11
1638 Aug 1
2238 22
2218 2214 2212 2234 2334 11,700 Federal Motor Truck._No par
2234 2214 2234 22
22
8812 87
8858 5,200 Fidel Phen Fire Ins N Y____10 7514June 12 9412May 8
8412 8538 8611 86
8512 8612 84
843* 85
114 Jan 9 1514May 16 16- Nov -ill; May
No pa
Fifth Ave Bus
*1212 14
*1212 14
*1212 14
*1213 14
*1212 14
*1212 14
1914 May 80 Feb
, 4 5178 Oct 1
28 AV'
oo pa
4958 4918 4914 4918 497 21,600 First Nat'l Stores
4934 49
5034 4834 5038 49
49
1434 Oot 20 Apt
878 Aug 13
1734 Jan 4
No par
111 117
1214 111% 12
1112 1134 18,100 Fisk Rubber
12
113. 1172 1134 12
Jan 100 Sept
81
2
10
Oct
Jan
4
553
__10
stamped_
913.
preferred
1St
1.000
60
60
63
60
60
*60
61
60
61
61
"3
*61
9412
5
Jao
.
973
2
Oct
July 102 Sent
54
4
.60 611
400 151 preferred cony0
61
60
60
6112 6112 60
62
*59
62
*59
464 Pet 714 Dee
65 June 19 898* Oct 10
par
Ph.
Co
Fleischman
8
867
,
887
185.400
8814
87
88
867
893.
4
3
87
8712
8314
84
823.
52
537 *52
5212 3,800 Florsheim Shoe el A___No par 50 Sept 18 55 Sept 13
52
51
*5012 52
5112 52
51
51
100 98% Oct 18 99348opt 26
100 Preferred 6%
9912 *9814 9378 983. 983. *9814 98%
*9814 98% *9814 98% *98
-AD;
65 Nu
No Par 3638 Oct 16 6.514May 16
391
391z
38121
4 1.200 Foundation Co.
3714
38
4
8
373
4
373
*3612 373. 3638 3658 363
60 Junr 8512 Dee
No Par 72 June 12 11938Sent 10
994 10112 99 10078 99 10012 881 9912 9818 9912 9912 1033* 58,400 Fox Film Class A
364 Jac 1064 Dee
No par 5212 Oct 19 10914 Jan 11
5512 568 x541 56
5414 5555 5411 5538 5414 54o 5212 5434 37.700 Freeport Tema Co
....
106 106 I 106 10612 *106 108
1,900 Fuller Co prior pref___No par 10318 Mar 17 10978 Apr 23
106 106
*106 10612 106 106
22-- .15;;
15 Mar 23 2812 214D 6
No par
2412 25% 2312 2434 24,100 Gabriel Snubber A
2334 25% 254 26:4 2422 26
2312 24
1512 Des
1684 Feb 2
618 Jan
714June 12
No par
103 1114, 1012 10% 1012 1034 4,200 Gardner Motor
1114
11
11
1014 11
Jan 664 Deo
313
19
Sept
91
20
Feb
.
607
par
Car-No
Tank
Amer
Gen
8418
8412
8614'
46,200
8612
8
85%
855
8612 8712 8614 8734
84% 861
12 8e91
112
Mar
1063*
15
4May
1118
23
100 10914Juue
Preferred
*110 112 *110 112 *110 112 *110 112 ,•110 112 *110 112
64 Aug 963.4 mar
100 68 June 12 9472 Apr 30
7334 731k 7478 7114 74
711, 7378 28,200 General Asphalt
7012 72% 72
7018 711
May
1464
Aus
4
1071
30
Apr
14112
12
110.8.1une
100
4,1124 118 *112 118 *11312 118 •11212 118 *11312 115
11234 113
200 Preferred
Oct
General Baking pref....No par 134 Jan 26 150 June 8 11812 AM 160
*___ - 135 sc._ 136 *___ 138 ,*____ 138 S._ __ 137 *___ 137
16
Oct
4
Feb
21
par
391
No
7
8:
377
Cable
36
37
General
391i
3514
4
4
363
33,700
3514 363
• 3212 3234 3334 38
"Lei
62ii
551
643C
"
211
Mar
2
1
807
9
Feb
56
No par
55.000 Cia88 A
79%1 7534 78 1 7612 7812 7634 78
7178 7212 7212 7684 77
52 Jan 741, Dec
STo par 5912June 12 75-* Feb '2
62
4,500 General Cigar, Inc
x638 6334 *6212 63 I 6234 62% 62
623. 63a 6312 64
Jan 1463* 2800
81
No par 124 Feb 27 175 Oct 19
165 167
166 1691 16512 16672 16512 16713 16718 16878 16818 175 137,707 General Electric
11 June 113. Jan
7
12 June
1118 11
11
114: 11
11
1118 2,900 General Electric special....10 '11 Sept 26
11
111
11
11
11
Apr 47% Fe'c
34
. Jan iii 6014 Aug 2
54
54
55121 5,512 56
*53
54
5512 5512 55
*53
60
10.800 General Gas dr Elec. h No par '351
105 1045. 126,400 Gen Ice Cream Corp No par 7418July 11 10512 Oct 13
100 10512 10112 10438 103 10478 101 1033* 102 105
25 130 Jan 10 22378 Oct 19 1131. Aug 111- -00i
21612 21812 21678 21912 217 22118 21814 22034 21912 22312 22012 22378 775,400 General Motors Corp
100 12312 Jan 26 12712 Apr 12 118% Mar 1254 Deo
12434 12478 2,400 7% preferred
125 125
125 1251 12438 125
12434 12434 12478 125
549, Apr 5971 Nov
5212 52
02
200 Gen Outdoor Adv A__.No pOt 40 Aug 15 51372 Jan 3
5212 *52
*52
*52
53
53
*52
52
52
Jan 5878 Nov
87
par 2912 Aug 1 5234 Jan 7
7
certiricatee___Na
36
4
353
Trust
3514
3534
36
35
364
3,800
36%
4
363
36%
3614
3614
Jan 15314 Sept
82%
3
Jan
1235,
84lJune25
par
No
11034 11232 109 11134 34.800 Gen Ry Signal
110 11114 109 1107 109% 111121 1101s 113
Dee
Jan 81
7312 60.405 General Refractories...No par 4512June 13 82 Jan 31 38
6823 74 I 714
731 745, 73
1
6612 6712 674 69
10919 Oat
Nov
95%
81
Oct
8
3
123
9718June
19
par
1194
Razor_No
11912
11678
Safety
1213
11718
120%;
Gillette
47.000
12014 12178 11918 12078 11814 11934'
Sept
69
Dec
354
14l
8June
6l
597
No par 34% Mar
50l2 19.100 .1mbel Bros
49
5118 4913 5078 4914 497
4934 5012 5112 50
48
91 Nov 108% Mg
100 87 Mar 6 101 June 15
95
95
9434 9434
900 Preferred
95
95141 95
9514 •95
9512 9512 *95
1412 May 22 Mai
30 Aug 29
27
par
No
Jan
8
3
20
277$
Co
2713
Glidden
277
8
17.400
277
2714
8:
278
273
8
2718
2714
2712
2712 277
86 Aug 101 Jun*
12
Sept
105
4
Jan
95
100
250 Prior preferred
*10112 10412 *10112 104 *103 104 1 104 104 *1011 104 *10112 104
62 Ma: 78% Dr*
10314 10712 183,900 Gold Dust Corp v t o_ __No par 71 Jan 16 1 i 078Sept 5
1013* 10214 10234 10878 10614 10978 x106 10878 10338 106
42114 Jan 964 Dee
No par 6812.14me 15 9938 Jan 4
884 8912 8718 887
8418 825, 8412 52,900 Goodrich Co (18 F)
8412 873* 8212 8612 83
95 Jan 11112 Dee
100 10912 Feb 17 11514May 1
400 Preferred
11038 11038 11012 111 1.11038 112 *11038 112 *11038 112
*110 111
1 Dee
1181% Aug 69,
13
Oct
98%
25
4518June
par
-No
86
8412
82
91141
Rub8512
&
T
95
8414
Goodyear
150,409
;
93
8812
825.
9412 987
924 Nov 687 Dee
No par 92% Mar It 10078 Oct 13
10024 1007s 10012 10034, 100 100141 10072 10072 100 10012 100 10014 2,900 1st preferred
,
57% Jan BA Dr
No par 75 June 13 937 Apr 14
80
79
8112 8014 81
5,800 Gotham Silk Hosiery
7518 753. 7612 7734 7712 7834 78
Jan 8512 Deo
58
No par 75 June It 93 Apr 14
2,100 New
797
79
7912 80
7734 7955 798
77 , *77
76
75
75
Jan 122 Sept
100 110 Oct 18 130 Apr 12 104
113 113
110 112 *110 114
500 Preferred New
*____ 108 *10712 114 *110 114
104 106
1,180 Preferred ex-warrants_ _ _100 103% Oct 15 112 May 7
10334 110 1 106 106 •_ _ _ _ 105 *____ 104
e____ 104
,Feb 2 -i- Wei WI; Nov
7 June 23 125
No par
*714 8
400 Gould Coupler A
*714 8
*718 8
73. 712 *712 8
838 83
5414 55% 5314 5434 5314 545
523* 5078 523* 83,300 Graham-Paige Motors_No O7 1634 Feb IS 614 Sept 26,
511 5334 50
--- -Sept 26'
56
par
19
No
2612June
Certiricatee
49
48
50
4
4774
3
50
4812
4,800
*49
48
5012
4814 4914 4918
6834 67
6912 6755 6814 6812 7055 38.200 Granby Cons M Sm & Pr.100 391. Feb U. 74.78 Oct 19 -3118 "Jan
6412 6512 6434 6578 68
100 6514June 20 9478 Oct 18
7 44,900 Grand Stores
93
24
9012
917
89
4
92
903
8712
8
893
86
948
90
883*
2634 July 2 4172 Oct 17
No pa
3634 39% 45,500 Grand Union Co
3913 417
394 41
36% 3712 377 40 I 39% 41
No par 4612 Aug 14 6238 Oct IT
6038 623
58% 611
581s 617
5914 60% 22,500; Preferred
664 8738 5738 59
Oct 10 1251213ept 13
112
par
No
T.)
(W.
Grant
115
115
1151
115
115
1,800
11512
11512
11512 11512
11512
*114 116
No par 6134Sept 26 86% Oct 13
85
55,400 Grasseill Chem Co
86% 83% 853* 8112 842 83
7
827s 854 84
85 86,
100 109 Sept 17 110 Sept 13
I Preferred 8%
*108 109 *107 109 *107 109 *108 109 *108 1091 *108 10912
311 3212 10,400 Great Western Sugar-No/rat 31 Jan 26 38 Jan 71 -Iii;ln -DO; 411. 809'
3114 313. 3138 317
3134 3114 31% 3114 311
100 1124 Feb20 120 Jan 3 11612 Feb 123 SOS
11434 11434
11332 1135. *11312 115
2201 Preferred
*1183* 115
11412 11412 11434 115
294 2612 15112 Dee
8938June 19 16412 Jan4
12411 12514 126 12834 12718 13178 12712 13038 128 12972 1294 13434 100.400 Greene Cananea Copper. 100
91, Jan 4
7 Oct 114 May
5 Oct 11
par
__No
514
52
Guantanamo
Sugar._
53
514
524
524
1,700
514
5
514 514.
512
*5
45 Oct 611 Feb
12
Sept
g
7
73
9
Jan
51
100
*66
69
*66
66
*66
300 Gulf States Steel
69
69
71 I 66
6912 *68
69
22 Aug 27 July
25 23 31111 5 30 Jan 31
2412 243.
100 Hackensack Water
O2438 2434 *243. 2434 248 243 *2438 2434 *2438 ____
Jan 7231 Dee
56
8612 8514 8634 8612 8834 *8612 89
1,580 Hanna let prof class A..---100 59 May 25 8834 Oct 18
86% 861z 84
86
84
2212 Oct 2714 May
2312 Aug 2 271* Feb 3
700 Hartman Corp class A-No par
2638 *25
2634 *2514 2614 *2.514 2634
243* 263* 26
*2412 28
1812 Dec 294e API
27
Jan
2
257
6
Aug
165
par
No
B
Class
2
227
223*
23
2212
2312
2234
26.100
2214
223*
8
2314
217
223*
2118
Oct
Feb 20
7612 Jan 125
4115 Ily
1167 11678
1184 11512 *115 117 *115 117 *115 117
200 Helme(OW)
26, 3472 Dec 4014 Deo
ntai E3 11r4",
Jla
43 j'
30:4
56
5512 57
5612 4,000 Hershey Chocolate____No pan 1°
5514 67
57
*55
5734 58
571
66
Dec
6
5%
7
Feb
Dee
7014
82
704
16'
Apr
par
No
Preferred
2
80
797
8012
7912
7912
7934 8012
8012 7.100
784 7812 7912 80
100 10014 Aug 17 105 Apr 14: 993 Dec 103 Dee
103 103% *103 104
104 104
400 Prior preferred
103 103
.10212 104 *103 104
Jan 4172 July
22
1514 Sept 2.1 3078 Jan 20
No par
17
18
17
*17
17% 17% 1712 1712
17
*1622 171
600 Hoe(R)& Co
17
3114 June 4034 Oct
2611 6,600 Hollander & Son (A)__ _No PO7 2334 Oct 15 WI Apr 13
2612 2718 264 2718 26% 2612 26
2412 2413 2334 26
60 Jan 75 0e7
100 67 Jan 4 7614 Oct 11
76
75
7534 7534 17514 7514 1.000 Homestake Mining
75
7614 7614 7534 7534 75
4314 Jan 703* Nov
No par 6414 Feb21 84 Ott 17
7978 8114 7978 8014 55,600 Househ Prod.Ine.
84
81
7814 80% 8118 838
78% 781
Oct
6018 Jan 175
139 142
139 1393. 15,300 Houston Oil of Tel tern etts100 119 June 19 161 Apr 9
1394 140 I 140 14312 14112 144
139 140
8 Dee
348g July 48,
25
7012Sept
18
5
Feb
2
403
par
No
Sound
67%
661
65
Howe
8
65
3
65
30,300
64
66
6414
65%
64
633* 63'z
Atm
9112
Jan
6314
5
Mat
9972
16
Jan
par
3
75
No
Car
8812 9338 280.600 Hudson Motor
9112 9334 9012 9238 91% 93
927
90
8834 92
16 Oct 364 Dec
85,900 Hupp Motor Car Corp____10 29 Jan 16 8112 Oct 8
76% 77
77
2814 80 s7634 7812. 7788 7812 7612 7734 76
1731 May 3234 Feb
2134 Feb 20 3238Sept 24
29% 3012 2934 30
3111 30,100 Independent 011 & Gaa_No pa
30
293* 2918 329% 29%, 2834 30
13 Mar 47 Dee
27
Apr
70
3
Oct
No par 29
22
22
2,200 Indian Niotocycle
2412. 2334 2334 2334 2334 2234 223
24
25
24
Jan 1028 Dee
92
21 116 Apr 12
Sept
94
100
Preferred
98
98
98
40
*96
95
95
98
1
'95
•
98
*95
7%61147 12% Sept
9 Feb 18 3958July 9
10
3434 3212 33
92,100 Indian Refining
833* 353* 3514 3738' 3414 3614 3312 3512 33
_1_2_ Sept
June
14
7
9
3714July
16
Jan
812
10
104 315, 317 333* 3114 3212 3014 3112 29% 3012 2812 297 26,800 Certificates
100 165 Oct 9 178 Oct 17
1,100 Preferred
•110._._ 175 178 I 1738 17334 *167 171 *DM 173% *162 170
AO
1
Oct
4
1033
18
Feb
90
par
Rand
No
*95
9612
98
Ingersoll
*96
*95
98
98
9612 *93
193
98
*93
Web 6214 Dee
111
No par 46 Mar 8 7412 Oct 17
7212 703. 7112 7118 7412 7212 7334 7112 7212 29,900 Inland Steel
713* 71
71
26% Jan
1218J
25
3112Sept
25
Feb
18
Cons
-2
Copper
3052
Inspiration
3114
3114
301g
31
3014
55,600
3114
8
297
2912
2228 287s 2834
11 Novi 25 Nett
818July 2 211, Jan 4
918 938
018 914
2 978
8,
98 934 2,000 intercont'l Rubber-N.pa
912 97'
97
97
DZI
6 ki
11
1511 1411 1412 5,600 Internat Agricul
Nova, 13 Feb24 2078May 17 • 6% Apri 6
147 147 *14% 15 I 143* 147k 147 1512 15
33
10
8312Sept
26
M
484ar
100
preferred
Prior
*78
80
80
7714
400
*78
7712
76 1 *7712 80
7812 7612 78
534 Jan 11934 Dee
16 14812 Oct 15
144 14812 145 1463 14814 1478 14418 l46s 14312 14678 9,600 lot Business Maehines.No par 114 Jan 3 7412May 18
143 145
1
454
135 MAY
7112 721z 7178 74
58 Ur
31.800 InternatIonal Cement_No pm
6912 7012 6912 7012 6912 7014 6972 71118
404 Cell 64 Mai
4514 Feb 20 7414Sept 25
, 71,000 Inter Comb Eng Corp_No par
6614 68
664 68
6612 671
6818 694 67% 6934 6712 687
Octi 10514 Doi
100 103 Mar 21 110 Sept 25 101
Preferred
*105 109 *105 109 *105 109 *105 109 *104 103 *104 109
2551s Dee
309 317
10,200 International Harvester_100 224114 Feb 18 32834 Oct 16 1358, Ja1II
322 328 1 322 32884 317 32334 308 320
819 320
100 13614 Mar 1 147 May 1 12834 JaIII 139 Dee
14114 14114
500 Preferred
14034 1403 14012 140% *14012 141
*104 14114 *14034 141
132 Ma,l 954 Dee
93% Jan 3 121285hay 14
35
um
10512
2
1087
pref
10838
105%
Match
108
International
106
26.300
1054
1063* 107% 1055. 10712
884 May
78,Mag 9
312 0011
334Mar '28
588 55, 2.300 lot Mercantile Marine.._ 100
518 512
5% 514
54, 5', 53.
5
6
5
8211 OeSI 5522May
100 3418June 12 44% Jan 17
3984 3712 3755 3712 372
3638 37% 71,100 Preferred
3812 39 I 38
3834 397
24 190 Oct 191 3814 Jauj /1912 Dee
Feb
8
3
73
.2'
176
(The)
16512
16612
International
Nickel
169%
535,400
190
149
1472
142 150
14512 14914 147
100 11012 Jan 5 124 Aug 20 103% Mar 110 Dee
100 Preferred 6%
122 122 •120 ____ •120 __
ei28 ____ *1163. _._.,*117 122
-------.
---.....
II' "iii;
11
..--....
811,
-8-7,;-ii.-;964
Jani
Is Far-rimate.
• 11142 and asked prime; DO sales on thls day. s Ex-dividend.
2204
New York Stock Record—Continued—Page 5
For irsles during the week
of 'to •Icm
111011 AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Oct. 13.
Monday,
Oct. 15.
Tuesday,
Oct. 16.
Wednesday, Thursday,
Oct. 17.
Oct. 18.
Friday,
Oct. 19.
not recorded here. +ec fifth page preceding
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARB
Range Since Jas. 1.
Oa basis of 100-ekare lois
PER SHARK
&my.fOf Preview
Year 1935
Lowest
Highest
Lowest
Highest
$ Per share $ per share
per share $ per share $ per share
8per *hare
693, 6934 6878 6934 684 6978 6834 6912 693 70 $ per share Shares Indus. & MIscel. (Con.) Par 8 VII ,hare
DU share
vat maitre
6914
6,900
International
69%
Paper___No
par
66 June 19 8634May 14 a39h May 8112 Nov
69
6914 69
697
69
6934 6834 69
6914 70
6814 6912 11.000 Certificates
No par 66 Sent 13 7212July 23
98
9814 9812 981g 98
9813 98
98,3 9814 9812 98
98
1,900 Preferred (7)...... ._. _100 97%Sent 28 105 Jan 14
flit; "Lit;
9314 9814 •98
99
977 9814 93
98
98
SS
9713 98
1,600 Preferred eertificates___100 9714 Sept 22 103 July 13
50
50
*4912 50
_
4934 4934 48
49% 50
50
4512 4312 1,900 Int Printing Ink Corp No par 4734 Oct 8 54 Sept 13
*5414 5712 *5414 5713 *5414 5712 *5414 57
5414 57
57
270 International Salt_
571:2
_. _ _100 4912 Mar 28 5814 Jan 18
1775* 17912 178 179% 17814 17834 178 18212 18114 185
Sept63
75 Dee
18018
18212
30.400
Internal
Telep ik Teleg_ _100 13911 Fab 20 197%June 2 12914 Jan 15874 Sent
.
25
26
25
25
24
25
25
277
28
30
28
28% 3,000 Intertype Corp
N. par
2334 Sept 10 3812 Jan 20
47
1911 Jan 11913 June
494 4778 4814 4813 4934 50
50
50
5112 5012 51/3 3.400 Island Creek Coal
1 47 Oct 13 61 May 14
*137 138
4813 Mar 67 Sept
136 141% 141 146
14712 15613 154 162
15813
15913
25,500
Jewel Tea, Inc
No par 7734 Mar 1 162 Oct 18
153 15414 15134 154% 15212 15734 156% 16013 15913
86 Dee
531s
Jan
16238 16034 1713 130.600 Johns-Manville
No par 9614June 10 17134 Oct 19
121 121
12014 121 ,•12034 12134 •1203* 1215g 121 121 *12012 121344
100 Jones & Laugh Steel pref. _100 119's July2 12414Ma
iff
Feb 11.dY- 0.34
*33
38
Y
7
3613 33121 39
4078 41
4113
4034
4034 3812 3812 2,300 Jones Bros Tea, Inc_ No par 25% Mar 31 4112 Oct
8% 97
17
1034 Jan 34% Dee
1034 12 1 1178 1234
1218 1234 12% 13
12% 1212 90.400 Jordan Motor Car
No par
*108 11 134 •10758 11138 111 111
8% Aug 10
1518May 31
1234 July 9211 Jan
*10734 110 *10758 110 •I0758 110
10 Kan City P&L 1st pf B No par 108 Aug 2 114 Apr 26
7118 718 x8918 69% 69
6934 69
6914 7134 7053 7133 11,600 Kayser (J) Coo to. _ No par
3212 33131 324 3338 3153 3278' 3114 6934
825 Jan 5 7612 Mar 30
49
Apr
3214 32
36
3513 3613 285,100 Keith-Albee-Orpheum No par 151 3
99
99 1 99
2MaY 7 3613 Oct 19
998 96
96 ' 95
96
96 106
106 10834 9.700 Preferred 7%
100
7512May
2412 25
7
19
Oct
1084
24
2514 2314 2414 92112 22
21% 22
21% 21% 26,700 Kelly -Springfield Tire
25 15 Feb17 273a Jan 3
S'i Jan
84% 85 1 *8314 86 1 85
8512 8113 8112 8434 85
8434 85
1,7001 8% preferred
•84
100 5514 Feb 17 8613 Oct 1
86
35 Feb 102 Sept
83
8313 85
85 I 8412 8412 *83
85
85
85
1,000
0% preferred
100 58 Feb 17 87 Oct 1
5114 537 , 5418 56 1 5318 5434 5238 54%
Jan 971y Sopa
44
5214 53% 511 52% 59,6001Kelsey Hayes Wheel___No par 221g
11012 11012.112_,•113 ____ *113 ____ *113
Jan 10 56 Oct 15
Oct 37 July
19
____ *113
10 Preferred
100 106 Mar 8 1.1013 Oct 13 103 July 110 Deo
1318 13121 1212 1338' 1213 13 1 12
1258 12/8 1212 12
1212 21.400 Kelvinator Corp
No par
10318 104% 10334 10538 10414 10514. 10483 10618
734July 24 22% Apr 13
10613 10878 109 113 133.600 Kennecott Copper
No par 8018 Feb 21 113 Oct 19 16" Feb
5434 554 54
5514' 544 56
*5418 55
5412 55
53
5314 4,100,K1nney Co
No par 3778 Aug 15 56% Oct 11
95
9534 95
‘914 June 65 Jan
95 1 95
95
95 *94
95
95
9414 95
2401 Preferred
100 87% Mar 22 WO .pr
7414 76
93 Deo
56 June
7414 76141 74
7514 737 7434 7312 747
7334 7513 36,700 Roister Radio Corp____No par 5114 Aug 15 7714 Sept 1 I
63
64
26
5413 6734 66
6712 6312 667
6314 67.000 Kraft Cheese
6214
64
6312
25
▪
8013 8214 81
76
klar
5312
31
leg;
Snot
49
May
1
7
8278 8114 82
8014 8134 7638 80% 783s 797 33,300 Kresge (5 8) Co
.10 601% Fen 24 82% Oct 15
*114 115 •114 115 ,•114 115 *114 115 *114
el5h Jet 77'o Sept
115 *114 115
Preferred
100 11014June 14 118 Apr 27 1101, Fet 118 July
*2012 21
2034 2038' 1978 2012 20
203* 2034 2034 *20
21
1,700 Kresge Dept Stores___No par
1313 Jan lb
2714 Feb 29
18 Deo
10 June
*65
99
*65
99 1 *60 100
*60 100
*63
*60
99
99
Preferred
100 51,
*11014 113 *110 113 ,•10912 11214 10913 111 *110 113
75 Ala: 31
4 Feb 1
Jan
80
4.5 Nos
*110 113
200 Kress Co
No par 87 Feb 20 11912Sept 24
11713 11878 1174 11812 11718 11818' 11718 11778
Jac
1051s
59
SeP3
116 11734 117 124
79.700 Kroger Grocery & Bkg_No par 734 Mar 27 124
33
Oct 19
33
3234 3234 33
3434 3113 348 3418 347 *33
34
5,500
Lago
Oil&
Transport_
.No par 27% Feb 20 3918 Apr 17
13014 1314 13012 13312 13134 134
20-1-2 -Jan 17-4
132 13334 133 136
13258 1353 119,600 Lambert Co
No par 79% Jan in 136 Oct 18
2334 247
Jan 8812 Oct
66
237 2434 2234 238 2313 2314 2278 2318 2214 2214 7,600 1,ee Dubber
& Tire_ _ _ .No Par
1813 Dee
1714 Jan 3 2614 Oct 10
47
7 Sac
47
4878 4934 49
49
49
49% 495* 4934 2,100 Lehigh Porltand Cetnent___50
49
49
423
4June
109 109
25
54
Mar
29
109 109 *10812 109
10812 10813 *10812 106
10812 10813
90 Preferred 7%
100
10812
Oct
1
110%May
23
6134 8212 61
6212 6034 6112 604 6138 60
6112 59
605* 8,400 Lehn dr Fink
No par 38 Jan 17 6478 Oct 1
35% 36,3 3514 3578 35
823-4 Apr ▪ - NOV
358 3438 3534 3412 3413 3513 30
3,900 Life Savers
No par 2813 Aug 15 3738Sept 25
20% Sept 3414 Dee
•89
92
9012 9012 *8812 8912 91
92
94
93
1.000 Liggett & Myers Tobacco_ _25 8313June 22
9312 94
en%
885* 8934 8912 8934 8812 897
12211
Feb 128 Sent
Jan
3
897 92
9134 9313 18,500 Series B
9218 93
25 8014June 19 12312 Jan 3 •8858 Feb 128
*134 138 .134 138 *134 138
OW
13412 135
135 135 •13414 138
500 Preferred
100 134 Aug 2 147 Apr 11 12444 Jan 140 Defy
.41
43
41
43 1 42
42
42
42
*40
41
41% 4134
400 Lima Loc Works
No par 38 July 27 6578May 14
Oct 76%
49
75% 7611 76
7634 7613 73
7718 7778 79
7978 278
11,300 Liquid Carbonic
80
No par 634 Feb 20 8412Sept 26
7814 Del
6684 Sent
9014 6214 6013 61 1 60
6078 595* 6012 59
60% 59% 6014 19,200 Loewa incorporated__.No par
4913.1une 19 77 May n
103 103
g8h Jan 6374 Mw
1028 1027 103 103
103 103
103 103
10278 103%
800 Preferred
No par
9978 Mar 15 11033 Apr 30
12
1212 1113 1234 12
1212 1114 12.34 1112 1213 1014 1134 92,200 Loft Incorporated
No par
bat Feb 9 1938 Aug 17
*31
6 Oct "I4 Jan
32
31
31 1 *3018 32 1 *3018 32
*3018 32
*30% 32
100 Long Bell Lumber A
No par
26 Jan 3 3534 Feb 3
88 May
254 De.
7384 7434 735* 7534 7313 74141 73
75.34 27434 79
75
77% 51,000 Loose-WlIes Biscuit
25 4414June 19 8834 Sept 12 1351a July
5714 Dee
*120 122 *120 122 •120 122 1 120 120 *120 121 *120 121
500 181 preferred
100 1171! Aug 17 125 May
Ne•
27% 274 2713 2778 27% 2934, 2834 2934 28,4 291
123
118
Jar
17,100 Lorillard
4 2818 29
25 2334June 12 487
,Apr 0.
23h Ma) 117/
1
4 July
*91
93
92
•92
92
93 ''917k 93
93 1 92
*9112 9231
400 Preferred
100 9014 Oct 6 114 Mar 13 107 June 11812 Jan
1473 15
145* 15
145* 1513, 155* 1812 1612 17
1714 17% 133.400 Louisiana Oil
No par
9ts Feb 21
19% Apr 30
8312 89% 90
Oct
13 AUX
10
*8934 9034, 894 8934 *8978 91
90
90% 9012
370 Preferred
100 78 July 24 96 Apr 30
37
97 Feb
85h Dee
37
3638 368 Ms 368 3612 3612 36
3613 4.600 Louisville 0 & El A__ No par 28 Feb 7 41 May
364 36
Dee
16
75
3012
Jar.
233
,
75
735* 7514 7018 7514 7313 7434 74
78
80
8134 27,700 Ludlum Steel
No par 2533 Jan 11
3312 Oct 3
4612 47
30
Oct 5314 Mat
4(81z 4612 4678 4678 47
514 5012 5312 5018 5012 2,900 MarAndrews & Forbes_No
par 44 Aug 28 6734 Ain 14
•122 125 *122 128 *122 128 *122 128 *122 128 *122 128
63 Nov
Dee
5514
Mackay Companies
100 10812 Mar 2 134 Mar 20 105 June 1116 Aug
*8212 84
*8234 84 1 84
84
*84
90
*84
90
84
84
700 Preferred
100 6814 Jan 13 84 Mar 19
95
74 Aug
57 ant
9534 96
9818 9718 99
9834 96
97
977
95% 97
45,500 Mack Trucks, Inc
No par 83 Apr 17 10778 Jan 3
141 141
8814 Jar 11834 May
141 141,2 14114 141,4 139 141 1 13914 14434 13913 145
12.000 Macy Co
No Pa/ y134 Aux 28 382 Aug 27 124
23% 23% 23
Jan 24311 Noy
2414 22% 2334 22% 2313 2212 2353 23
2334 8.800 Madison Sq Garden
No par
2113 Oct 8 34 May 7
2012 Aug 28% Oet
5714 5712 68
59331 5734 5914 5818 59181 575* 584 5818 5913 12.600 Magma Copper
No par 4314 Feb 27 6414 Sept 25
5834 Dec
3114 33
291, Fet
325* 3478 3113 3314 3213 3334 3112 3314 314 3612 75,000 Mallinson
(H R)& CO-No Par
16
Jan
2014 Dec
20
Oct
3612
19
106 107
114 AD
107 107
10714 10714 10712 10712•107 110 •107 110
200 Preferred
100 874 Jan 30 110 Oct 9
*3513 36
6634 Jolt 95 Dee
3512 36
*344 36 •3412 3413 3412 3412
*3412 36
400 Mandel Bros
No par 32 June 25 4013 Jan 24
39% Dee
*3314 34
4914 Aug
324 3313 32% 3213 30% 3312 3114 3314 3112 3314 3,900 kfanh Elec Supply_
_ No par 2812Sept 13 6638.11111e 6
43
Oc 132 Aug
*37
33
37
37
3714 3714 3634 37
36% 37% 36
3614
1,700 Manhattan Shirt
25 31% Feb 15 43 May 14
3534 Dee
3414 Jar
•17
18
1654 1714
1712 1914 1814 1913 1838 1878 1814 1834 7,100 Maracaibo 011 Expl_ No par
124
Feb
20
2512
Apr28
12
Or
22h Jae
3812 397g 3914 40
3918 4014 4013 413* 4014 41
3958 4018 72.800 \Inland 011
No par
33 Feb 17 4412 Apr 17
31 Jun
5812 Jar
8914 70
701s 7112 7214 737
74
78
797 8138 43,100 Marlin-Rockwell
785* 80
No pal
4514 Mar fl 8138 Oct 19
Jr.r. 55% Nov
37
2118 217a 22
22
21
22
21
21
21
217 .
2133 2112 1.000 Martin-Parry Corp..-.No par
1218 Mar 12 2558June t
1512 De.
24$4 Feb
14412 146% 145 146% 14513 14913 14634 149
14718 14834 14818 15234 18.800 Mathieson Alkali WorksNo Par 11734June 19 1
Jai
13234 Dee
82
5234 Oct 19
•12412 125
1213* 12134 12412 125 *121 124
124 124 .121 124
70 Preferred
100 115 Jan 12 130 Apr 17 103
Dee
120
Jet.
81% 83% 83
833* 83 83% 82
8334 8312 874 8714 8878 52.400 May Dept Stores
25 75 July 17 8878 Oct 19
90/
1
4 Nov
6634 June
2518 2512 2514 26
2578 26% 26
2634 257 2633 2514 257 18,100 Maytag Co
No par
1712 Aug 14 2/14 Sept 21
47
4712 x4638 47
4634 4718 4612 47
46
5.400 Preferred
4634 4518 46
No pc r 4018 Aug 14 52 May 24
9212 93
*91
92
93
92
911g 9118 9114 92
92
91
1,000 Prior preferred
No par 9014 Aug 17 101 May 24
•713 7112 7134 714 72
7234 *7114 72
*7114 73
7012 7012
600 McCall Corp
No par
56 Feb 3 75 Sept 24
99
99
•6812
9812 9934 99
9912
9912 9912 991 *9812 9912
320 McCrory Stores claw A No par
77 Feb I, 105 Aug 25
55 MC, 90 Del
104 104
102% 105 *102 104
102 102
101 101
10112 10112
900 Class B
No par 3012 Mar 14 112 July 20
$612 Ma; 9634 Dee
•114 115 *114 115 *11214 115 *11214 115 *11214 118 •11214 115
Preferred
100 109 Feb
117 July 10
57 Mw 116% Sept
•1914 1912 1913 1934 *193 2033 *1914 20
*1914 20
400 McIntyre Porcupine Mines_ .5 1914 Sept 11 2911 Mar 16
20
20
2412 Mar
2834 Oct
70
73
70
7234 70
7134 7014 707
71
7012 26,700 McKeesport Tin Plate_No par 6212June 13 7.5% Oct 8
70
70
3338 38% 38% 4012 4014 405* 395* 40% 38% 3914 3834 3933 64,500 Mengel Co (The)
No par 255* July 17 41 Sept 13
_
253g 2558 *2534 25341 2534 25341 2534 2534 2534 254 *2558 2534
500 Metro-Goldwyn Pictures pf_27 24% Aug 30 2's May29
2434 Jun 2614 Feb
38
3418 3478 3538 3914 3813 4113 3818 3938 36
37
3814 96,3001Mexican Seaboard OIL.No par
,Ps Jan 19 411: Oct 16
8 Aug
914 Feb
22% 2234 2213 234 2338 2413 2313 24
2412 24.600 Miami Copper
235* 2412 24
5 17% Jan 5 25 Sept 25
1318 June 2014
3538 36
3534 36
3534 3658' 36
3678 3534 365* 3518 36,4 60.700 Mid-Cont Petrol
No par 2518 Feb 20 371gSept 5
97
Apr 108 Feb
513 5%
5,3 534
5,2 5341
538 5% 23,000 Middle States Oil Corp_._10
55* 9
534 578
238 Jan 3
73sMay 10
It Jan
33.4 June
334 4
43*
4
4
4
418
418
4
4
4
418 3,2001 Certificates
112 Jan 3
10
578May 10
1Ig Jan
2114 June
238% 240
23734 24112 236 236
238 239 23834 23914 238 233
2,000 Midland Steel Prod pref...100 193 June 19 290 Jan 4 106
Apr 315 Dee
23
23
2212 23
23
23
*2213 23
*2213 23
Rubber_
23
Miller
_
_
23
800
_ _ _No par 1812 Aug 13 27 Jan 3
17h Nvy
8034 API
4012 4012 4012 407
4012 4034 41)13 4013 4012 41
41
41% 4,800,Mohawk Carpet Mills--No Par 3918 Aug 14 4338Sept 14
-•150 166 •150 186 .150 166 *150 166 *150 166 *150 166
'Montana Power
100 1024 Jan 10 175 May 3 -8lI Jan 10911 Ott
289 295
29314 30434 29112 306
29213 308
314 338
334 350 196,200 Montg Ward & Co III Corp.10 117 Jan 19 350 Oct 19
6014 Feb 1231, Dee
634 713
618 678
7
714
618 7%
61* 6%
6% 6% 29.200 Moon Motors
No par
5% Feb 6 1.112May 11
6 June
1211 Jan
3g 3'
3% 313
34 314
3,3 384
3% 314 10,300 Mother Lode CoalitIon_No par
34 3,3
2ts Aug 10
418May 14
111 Oct
481 Jan
•10
1034 •1014 1034 103 103
1034 1031 105* 1034 10
1012 1,300 Motion Picture
No par
5 Mar 29 11 May g
th Sept 1861 Mee
19% 19% 1912 20
1934 1934 1912 20
18
18
2,10131 Moto Meter A
18
1'8
No par
13 Mar 22 243.j Sept 20
17 Nov
8884 Apr
194 205
20512 21834 195 20612' 180 195
!19214 18113 190
1851
23.100 Motor Products Corp No par 94 July 7 21534 Oct 15
4913 49% 4814 5114 33312 3934 39
3912 3813 3913 3712 3813 26,800 Motor Wheel
No par 254 Jan 12 5114 Oct 15 -2-0-3-4 Jan Wit. 'Mg;
93
93
9378 9114 93
9314 93
91
9114 937
8712 9114 6 500Mullins Mfg Co
No par 6914June 19 954 Oct 10
10
Jan 7914 Dee
•11034 - - -- .10834 ____ •1084 ____ *10834 11012'10834 110 *105134 110
1 Preferred
100 10434 Jan 17 11014 Jan 9
80
Jan 1105* Del
525*' 514 5114 5218 523* 52
5213 52
50
5312 3,400 Munsingwear Inc
5214 53
No par 4834 Mar 5 6212May 113
86,
4 May 53 Nov
10212 10414 10212 104 / 103 10534 107 118
11312 11934 11478 12112 163,900 Murray Body
NO par
214 Feb 1 12113 Oct 19
1614 Oct 43 Feb
9133 9278 9218 92% 9212 937
92g 96
9313 9612 x9118 9418 88,400 Nash Motors Co
No par 8014 Feb 20 10138 Jan 3
6014 Apr 1017
, Del
2134 22% 2218 225* 2258 2312 2318 234 2318 238 22% 2312 64,500 National Acme stamped_ .10
714 Jan 4 23% Oct 18
Feb
7% Oet
135 145
12734 12834 13113 134
146 150
145 14814 14113 144% 6,900 Vat Belles Hess
No par 41 Jan 3 150 004 17
811., Sept 461k Dee
109 110
109 109
108 108
1037
,109 *108 109
108 10934
1,200 Preferred
100 9014 Jan 3 In May 7
8514 Sept 97 Apt
16914 17214 170 17173 16914 17034 187 17014 18934 16934 5,400 National Biscuit
17034 171
35 15912July 12 182 Jan 27
9414 Jan 187 Dee
143 143 *142 148
14214 14214 *14214 143 *14214 143 *14214 143
300 Preferred
April 130
Feb
.100
150
29
13712
Jan 142 Del
9612 9814 9614 9734 142,400 Nat Cash Register A WI No par 4714 Jan 18 9938 Oct 17
9613 9514 964 958 9912 9758 995
94
3974 Jar
5111 Dee
11312 1153*1 11218 115% 1113* 11278 11118 11233 11134 1133 III% 115 100,100 Nat Dairy Products_ _..No par 6412 Jan 5 119% Oct 4
5914 May 6871 Aug
28
28
2814 29
27
27
2713 2712 27
2734 2713 28
3,700 Nat Department Stores No par 2171 Jan 5 204 Oct 8
2014 June 27/
1
4 Mar
*9412 95
93
*9213 9314 *9218 9313 9318 9313 *93
100
1st preferred
9314 *92
100 91 Jan 10 102 Slay '2
8912 lull 0e14 jas
417 421: 417 42% 42
4234 10.800 Nat Distill Prod ctts___NO Par 2914June I
433* 4218 431g 415* 4278 42
17 Feb 00
5812 Jan 9
Oat
65% 85% *64
66
*60
65% 66
65
65
65
66
85
1.000
Preferred temp ars..No par 5114June 13 71% Jan 9
43 Mar
5934 June
4214 4234 4214 435* 4114 4278 4212 4234 4238 424 4258 484 25,000 Vat Enam & StampIng
191t Apt
100 2314 Mar 26 4814 Oct 19
85%
June
122 122
•120 122
122% 122%
120 12034 12013 12012 12013 121
1,800 National Lend
100 115 July 11 136 Jan 31 095 May 20234 May
3934 3918 3912 43,300 National Pr dc Lt
39
40
40
393 397
4038 3934 403
39
No par 21% Jan 1
1914 June
4314 Sept 26
2634 Sept
1818 1834 17,000 National Radiator_ _ _ _No par
2418 2478 22
213
24%
1913 3012 1818 1978
18
14 July 25 403a Jan 9
3634 Nor
3913 Nov
49
•4914 4912 2,600
49
5013 5012 50
51
*4513 50
49
48
Preferred
No Par 45 Oct 4 9812 Jan 17
96 Nov
98 Deo
107 10714 10734 11013 10834 10934 10713 10934 1034 109
10913 1101_ 4,20(1 National Supply
50 8414June 12 11218 Oct 4
76 May
977
4 Dr c
303 30912 305% 312
600 National Surety
301 30934 302 30734 297 30934 308 30934
100 28712Juoe 13 370 May 15 4218 July 873 Dee
273 275
6,400 National Tea Co
292 29734 292 30712 293 300
28212 293
28934 300
No par 100 Jan 1 300 Oct 16 108
Apr 180 Dee
26% 27121 2718 2814 2833 2914 28% 2984 284 29% 2878 2913 106,200 Nevada Consol CoPper_No par 1734 Jan 18 5012 Feb 16
1234 June 203e Dee
•4112 42141 4114 4134 41
4014 414 4,600 NY Air Brake
4018 41
4118 4012 41
No par 40 June 1
8914 Oct 60 Jove
5014 Feb 10
I
•Bid sad *eked pekes: no plea on tide day. z ES-dividend. a Ex-rtgbta.
NOW York Stock Record-Continued-Page 6
2205
For sale* during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW BALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Oct. 13.
Monday,
Oct. 15.
Tuesday, 'Wednesday
Oct. 17.
Oct. 16.
Thursday,
Oct. 18.
Friday,
Oct. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jen. 1.
Ors basis of 100-s3are lots
Lowest
Highest
PER SHARI
bases for PreMost
Year 1927
Molten
Lowest
$ per share 41 Per share 4 De Mel
$ per share $ Per share $ per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share
34 JAL 654 Nov
100 47 Aug 14 6414 Jan 4
60
50
5012 50
5114 3,000 New York Dock
4814 4814 49
49 49
50
*48
7218 Feb 9312 Nov
Preferred
100 85 Sept 21 95 Jan 4
1584 89 *83
89
89 *84
*84 89
*84
89
*84
89
9312
Feb 10213 Oct
10512May
16
Y
Steam
pref
(6)____No
par
9812
Oct
5
N
10018
10073
190
10211
10014
1510013
101
10212
•10012
101
10014
9914 9914
70 let. preferred (7)- -- _No par 102 Jan 30 115 Apr 19 105 Jan 11412 Oet
112 11234 112 112 *112 11312
11214 11214 112 112
*112 114
6552 Jan 644 Oct
10 5852 Jan 5 79'2Sept 4
73
7373 14,000 North American Co
7278 731
7253 728 7252 734 7234 7314 7234 T3
50 Jan 53 Ant
50 51 Sept 11 5558May 16
700 Preferred
54 *53
54
5413 534 5313 *53
t412 5312 5352 *54
*53
Ms Jan 105 Oct
10118 1011 *101 10113 10113 101% *101 10113 10198 10198 10112 10153 1,000 No Amer Edieon pref_No par 9934 Oct 2 10578 Feb 7
6754 Jan 54 Serf;
50 Northwestern Telegraph...50 49 Sept 14 55 May 15
50 *49
50 *49
50
49 *49
49
50
*49
50 *49
Si Feb
712Sept 4
153 June
24 Mar 15
10
7,100 Norwalk Tire & Rubber
612 7
6
612
534 534
514 534
534 534
534 534
1411
5134 Der Ix
200 Nunnally Co (The)____No pee
812 818 *812 812
812
734 Aug 31 13 May 14
*818 813 *84 812 *8
*813 81
2614
8114
Jan
2014June
13
011
well
41
Jan
11
25
2,700
2614
2612
2612
2614
2612
2612
38
7
2 Dee
Supply
2714
2713
2672
2632
*2612
290 Preferred
101 101
100 97 June 14 11012 Jan 11 10234 Mar 110 JUDO
10114 10114 *101 10112
100 100
9912 991 *99 101
97 Aug 23 1514May 10
11 Mar 174 Jane
No par
1113 1112 111
2.100 Omnibus Corp
11
11
1113 1112 1112 1173 1112 1112 *11
81
Jan 9913 Mts1
100 90 Jan II 9938June 12
400 Preferred A
9314 9314
94 *9314 94 *9314 94 *9314 94
9412 94
*94
5812 Feb 8218 Deo
8198 8234 8218 8314 8112 8334 17,200 OPPenheim Collins & CoNo par 6734 Aug 17 8813 Jan 7
7934 Si
7918 8114 7932 80
85 AN
2378
Dec
35
Oct
12
18
May
9
Orpheum
Circuit.
In,
1
5170
85
*80
_
_
_
_
*7834
75
*60
70
*50
65
'
540
100 75 May 9 102 Jan 5 10234 Nov 18812 JIM
943 ---ioo Preferred
907 907k 91
914 9114 90 91
9114 911 *9114 92
50 1474 Feb 20 244 Oct 17 9103 Feb 15534 001
222 22412 231 231 23114 234 23434 244 238 24078 238 23912 7,000 Otis Elevator
100 11914 Jan 24 12634July 19 108 Feb 1243* Aug
100 Preferred
121 121 *121 124 *121 122 15121 122 *121 122 "5121 122
No par 104 Jan 18 3413 Oct 15
74 Feb 1213 June
3434 3313 3411 3258 3358 3234 3334 3334 3412 334 343 82,700 Otis Steel
34
6112 Feb 91 Nov
100 8212 Jail 10 100 Oct 11
300 Prior preferred
98
*97 100
9878 988
99
*99 100 *96 100 *97 100
994
No
par
Jan 99 Des
Sept
4
Si
June
19
Outlet
Co
*92
94
5294
200
95
9314
95
*93
9314
*93
95
*914
95
*9114
25 744 Jan 8 9573 Apr 18
73 Dec 8512 Dec
8314 8412 82 8378 8212 8278 8153 8212 7,600 Owens Bottle
83 84
82 83
25 434 Feb 28 5334May 4
81 Feb 50 Dee
4912 4953 4912 4934 3,500 Pacific Gas & Elm
50 504 50 504 4953 50
50 50
No par 734 Oct 10 8533June 29
7773 7818 7634 7778 3,600 Pacific Ltg Corn
78
79 *7814 7812 78
7814 7814 78
I May "Tr; isa
24 Apr 27
1 Sept 14
No par
1
1
114
14 114
1
114
1
lIg
14 114
113 7,400 Pacific Oil
100 145 June 12 160 May 17 124 Mar 162 Dec
80 Pacific Telep & Teleg
150 150 814812 14934 1514813 150 *14812 14934 *14812 150
*150 152
10 5614 Feb 18 10033 Oct 18
3334 Apr 62 Dee
9314 9478 .94 9753 98 10098 984 9933 9772 9912 9678 9934 281,900 Packard Motor Car
4012 Dec 657* Jen
5,200 Pan-Amer Petr & Trans____50 2814 Feb 20 9434Sept 25
47
4814 475 48
4814 49
49
45 4518 46
45 45
50 ava, gob 20 6453 Apr 30
404 Dee 5685 Jan
4734 4873 4818 5113 50 5218 494 5114 5038 5112 178.000 Class B
4713 48
1634 Oct 8772 Jan
8174 1734 1712 174 1714 1734 1758 1778 1734 1778 1712 1753 3,600 Pan-Am West Petrol B.No par 1512July 23 2838 Apr28
8 Apr 184 Jan
1334 1334 1372 1413 1412 1532 1414 1514 1434 1458 8,000 Panhandle Prod & ref._No par 1112 Feb 11 2134May 14
1318 14
100 70 Feb 21 10614May 15
54 Sept83 Nee
8118
85 *75
80 80 *78
1575 80 *78 80
*75 80
2001 Preferred
92 July 11518 Dee
Paramount Fam Leaky _No pa 11114 Jan 16 151 Oct 10
14914 1494 ----------------------------------------100
962
9
20 Jan 4858 061
No par 84 Mar 10 93 Oct 16
68,100 Park & Tilford
2
2 a
898 9012
6 Jep 1012 Des
9 Aug 15 1412 Jan 5
1
1014 1012 1014 1034 12,300 Park Utah C M
1012 11
1014 1098 1014 104 1034 11
8114 Dft 12 June
918May 10
2 Feb 8
No pa
613
638 738 63,700 Path? Exchange
613 698
8
612 634
els 634 2513
8% 634
par
184
Dec 4814 nun
34
Aug
8
812
Feb
9
No
Class
A
18.6001
26
297
2512
2578
26
263
8
2612
2512
264
*2414 2612
3334 3418 335 3414 3378 3434 15,100,Patluo Mines & Enterpr-___20 23% Jan 3 42 Apt 30
1833 Aug 2772 Feb
334 3434 3413 341
3334 34
50 1418 Sept 13 2574 Mar 18
se Apr 82 Jan
19
1913 1834 2078 10,400 Peerless Motor Car
1858 20
203
2113 2112 20 2112 20
228, Jan 7 4113 Oct 16
1912 Sept2774 Mai
No pa
4113 3912 4113 39 4014 3812 3958 38,500 Penick & Ford
395 397k 3912 4032 40
214 Dee 3952 Jan
1414July 18 31 May 2
1514 1658 154 1512 16
1614 1614 1613 8,700 Penn-Dixie Cement____No pa
1634 17
15s 17
91 Sept100 May
100 75 Sept 13 0658 Apr 25
3001 Preferred
85
85
98
1583 981 *83 98 *85
84 8513 *82 98
18313 1831 18312 186
185 185
2,500 People's 0 L & C (Chic)_100 15134 Jan 6 20114Sept 28 126 Jan 16834 Nov
*185 188 1'5183 187 *183 187
854 Jan 15312 Doe
Philadelphia Co (Pitteb)-50 145 Mar 24 17434M5y 4
*160 168 *160 187 *160 185 15180 165 *162 16412 *162 167
40 Jan 51 Dee
Aug 18
50 454ar 15 49 A
4811 *48 481220 5% preferred
481 *48
4812 48 48 *48
*48 4813 *48
50 Jan 534 Sept
50 8134 Oct 2 57 Mar 29
5258 5253 *52
400 6% preferred
53
53
53 *52
5298 5258 5234 5234 *52
374 June 4752 Mar
2733June 13 3934 Jan 3
314 321
3214 3333 3238 3334 28,100 Phila & Read C & I___No pa
314 317
32
3053 314 31
18 Sept4113 Jan
1718 1738 8,300 Philip Morris & Co., Ltd_ JO 15 Mar 1 2513MaY 28
i7ts 1718 1853 1712 18
1712 17
1712 1712 17
aeu Oct 604 Feb
No par 351. Feb 2f) 45 Sept 25
4138 4234 4214 4272 43,400 Phillips Petroleum
4218 43
4113 4298 414 424 4118 43
5 2113 Oct 19 38 M
2213 2118 22400 Phoenix Hosiery
351 Dec 527s Aug
May 8
*22
231 *22
2112 22
22 *2153 22
22
100 96 Jan 9 111814 Feb 14 108 Jan 10784 July
9713 971 .954 98
*9712 98
*9712 98
10 Preferred
*9613 98
*9713 98
-_ _
17 --- ---2414 2533 2412 2534 11,000 Pierce-Arrow Claes A_ _No par 23 Sept 28 2714Sept27-2512 244 251
25 2534 25 2573 25
100 6412 Oct 19 71 Sept 21
64
900 Preferred
8534 644 6412
65 853 65
65 65
*62 65 *81
514 Apr
---14 iiiii -II;,K2i9;
12 Mar 3
25
318 314
3
314
34 31
314
3
318 16,300 Pierce Oil Corporation
3
314 314
1812 Mar 24 June
100 164 Feb 20 50 Oct 5
374 39
3812 39
3812 397
40
6,000 Preferred
42% 4278 3834 4113 38
91 Am 27
34 Feb 16 4E094
No par
532 534
512 Jane
24 Mar
514 512
912 558
514 512 17,900 Pierce Petroi'm
514 534
514 512
8074 Nov 374 Aug
Sept 12
4458 17,900 Pillsbury Flour Mille-No par 8234 Feb 18
4312 4438 434 4414 4278 4332 43 4478 4412 4598 44
100 108 Jan 5 125 Sept 12 104 Aug 100 Oct
100 Preferred
*115 117 *116 120 •I13 116 *115 116 116 118 *116 11734
8234 Mar 74ls 1113111
5058 4934 50
53
100 8618June ,2 85 July 6
13,000 Pittsburgh Coal of Pa
4912 5014 50
504 534 51
48 50
704 Mar 98 Sept
100 81 May 1 8812July 9
1586
88
86
86 86
600 Preferred
86
86
87 87
87
*86
8613
304 Apr 55 June
29 30 *28
100 26 Feb 10 384 Mar 20
29
*29
2934 2934 2934 29
30
*2814 29
600 Pitts Terminal Coal
74 Apr 844 Dec
1564 7370 PreferredOct100 6313 O 15 82 Mar 13
8313 834 634 634 *8318 84 *8312 73
*a% 84
62
61
61
500 Porto Rican-Am Tob el A_100 5334July 6 7972 .7.9 8 65 Aug 9113 Jan
6334
*61
6112 6113 8238 1561
62 *81
*61
15 Aug 5272 Dee
LB
234
Aug
15
Class
B
No
par
2634
25
25
3512May
2614
254
243
4
6.100
27
2512 2514 254
2413 25
10134 10214 10234 10234 103 103 *102 1034
900 Postal Tel & Cable pref....100 10058 Aug 28 106 Sept 20
10273 10278 103 103
-0"24 -th-a; 1-2431i -1-i9ei
No par 8138July 17 13812May 31
683 7014 6814 6973 78,200 Poetum Co, Inc
6934 7012 z6918 6972 6812 6932 6832 69
3613 Feb 7814 Dee
No par 18 June 13 304 Oct 5
23 2378 2234 2334 23
2318 2438 2312 2414 2312 24
2398 33,500 Preened Steel Car
7811 Feb 924 May
78
79
78
7832 7898 7713 7712 *73
100 70 Aug 29 9313 Oct 8
8001 Preferred
764 7634
*79 80
1834 Jan 3372 May
24
24
24
25
23 2313 2313 2413 24
24
7.500 Producers & Refiners Corp.50 16 Feb 17 2858June 6
23 23
8672 Jan 50 Feb
*4234 45
1 Preferred
50 41 Feb 20 4953June 6
*424 45 *4278 45 *4234 45 *43 45 *4234 45
55 Feb 71 Sept
80 Pro-phy-laestie Brush-No par 62 Oct 16 91 Feb 17
*6212 6234 6212 62'z 62 62 *6212 6212 8213 6218 *621g 6212
82 Jan 4872 Sept
6472 651
65 66
6512 66
6413 6553 65
6412 65
8712 49,000 Pub Ser Corp of NJ___No par 4113 Jan 9 7138Sept 25
9812 Feb 105 Nov
115 May 4
1,400 6% preferred
100 103% Jan
10534 10538 105 10512 10512 1051 10514 1054 10512 1054 10512 106
100 117 Oct 19 12912May 31 1084 Jon 1204 Nov
117 117
200 7% preferred
*120 124% *11634 123 *11688 12478 *11672 120 *11658 120
100 134 Jan 7 150 May 4 128 Jan 1854 Nov
100 8% preferred
143 143 *138 14312 •138 14313 *138 14313 *138 14312 *138 19313
No par 777 Oct 11 94 May 15
7334 Aug 8434 Bee
7773 787
784 78% 7818 79
78
7853 7818 783 78
7334 17,900 Pullman Inc
27 Oct 447g Jan
50 19 Oct 11 3472 Jan 8
19
20
2018 21
204 2012 2012 2013 204 20.8 3,200,Punta Alegre Sugar
204 22
25 Oct gets we
274 Jan 6
25 19 Feb
284 2634 26
263 60,600 Pure Oil (The)
2658 26
2514 2534 2512 25% 254 26
100 108 Mar 15 119 June 6 Ill% Jan 11512 Des
230 8% preferred
*112 11212 112 11212 11212 11212 1124 11212 11212 11212'5112 113
--75 June 15 139% Oct 15
134 136% 13634 13953 13313 13738 1324 13434 131 13414 1314 13332 31,600 Purity Bakeries___
105 July 1 13614 Oct 15
18614 16614 *160 175 *180 170 *150 175 *155 175
100 Preferred
15160 175
iiii"
iiiii
aii
216 21412 21812 220 23934 350,100 Radio Corp of Amer-NoParIli;
8514 Feb 20 23934 Oct 19
21211 217 20812 214% 20812 21473 20812
56 *5513 56
49 May 57 Ara
50 544 Jan 4 60 May 18
5578 55%
err
554 5512 55 5512 5514 5914 4,55
500. Prefed
2013 Nov 49 Mu
4213 404 4214 4098 4112 4018 4034 4112 4413 19,600 Real 8114 NooderY
10 2472 Jan 17 441 Oct 19
42 4234 41
80 June 99 Dee
94
94 *93
94 94
100 8012July 12 95 Aug 3
95 *93
99
110 Preferred
95
9412 944 *94
55 July
9 June
*978 10
513 Feb 23 13 May 15
No par
834 94 1,000 Reis (Robt) & Co
913 10
1012 1114 104 1013
*1012 11
204 Nov 674 Dee
25 25% 24% 264 2813 2933 2713 29 187,000 Remington-Rand
No par 2812 Jan 20 8612May 81
2534 264 254 26
9014 8913 8912 8912 93
90
9472 9472 2,100 Flret treated
8712 Nov 10212 Apr
100 8812Sept 19 98 June 2
90 90
90 90
94 94
94
97
90 Oct 110 Apr
9418 947g
100 8813 Oct 4 100 Jan 24
400 Second preferred
*934 97 *9313 97 *9313 97
31% 31% 3134 33
32
33 71.200 Rio Motor Car
2513 Dee 2678 Dee
10 2212 Jan 21 3514 Oct 3
3218 3234 3134 3258 3138 32
, 8218 83 35,700 Republic Iron & Steel___ _100 4913June 19 9178 Sept 14
81% 821
8138 823
8118
8514
58 Oct 757k Mm
8413
834
8418 85
1084 10812 *108 109 *10812 10834 10834 10834
100 102 June 25 112 Feb 6 964 Jan 106 MaY
300 Preferred
*10838 109 *10812 109
114 1034 11
1034 11
118 11
1014 11
4 Feb 13 Dee
84 Feb 18 1478June 4
No par
9,200 Reynolds Spring
107 Ilss 11
14072 145 146 150 14712 150
14718 14914 52,700 Reynolds (RJ)'Fob else,8_25 128 Apr 24 10118 Jae .3
9818 Feb 162 Dee
14014 14012 14012 141
497 50% 14813 5018 107,000 Richfield Oil of California_ _25 234 Feb 17 53 May 15
51
4934 511
2538 Dec 2853 Dec
4914 4712 4872 48
49
188 211 207 2157 12.400 Rowe' insurance Co
74 Jan 194 Oct
23 145 June 13 233 May 4
190 19114 188 18934 *180 190 *180 190
621 6253 6234 63
1144 July 244 Feb
4452 Jan 20 63 Oct 19
9.500 Royal Dutch Co(NY shares)
61 • 6114 8168 6134 618 8214 61% 621
457
45
4553 461
86 May 6372 Mar
4434 4513 12,000 St Jooenn Lead
455 4534 4512 46
10 37 Mar 16 4935 Sept 19
45 457
37
39
38% 3734 381
3852 3858 4,300 Savage Anne Corp.-No per 87 Aug 10 4913 Aug 31
3834 3834 38
39
39
5313 5438 535 54% 62,100'Schulte Retail Stores___No par 4978 Feb 18 674 Apr 14 -47 - -Jan -57 - WO
54
548 5414 547
5513 5334 55
54
100 11812 Oct 18 129 Apz 11 11614 Jan 123 Aug
110 Preferred
1511914 11912 11914 1194 11912 1193 11918 1191 11812 11812 .11812 11912
1312 1312 1334 137s 1,100 Seal:rave Corp-. ------No par 10 Feb 18 1712June 18
1314 *1314 1313 •I3% 131
854 Seta 155s Dec
1234 13 *13
51 Jan 9112 Dee
15534 160% 21584 16234 15798 16173 15614 15953 15814 16114 15818 18138 229,100 Sears, Roebuck & Co-Nopar 8218 Jan 16 16234 Oct 15
434 5
472 512
413 532
412 5
34 Jan
1 June
5
514 153,000 Seneca Copper
2 Jan 18
513 Oct 11
No par
433 512
12912 13434 13434 14014 13714 13914 34,900 Shattuck (F 0)
5632 Jan 1014 poi
No par 8012 Feb 17 14014 Oct 18
12884 12912 128 12834 *128 129
*5433 - _ *55 - - - *5514 _ _ _ *5578 -- *5638 59
al% 0431 4772 Feb
& Trading.£2 3938 Jan 24 5414 Oct 10
24% Oct 3124 Bell
2813 2834 2814 2912 2912 2912 2914 294 2858 2998 54,800 Shell Union OilNo par 234 Feb 8 31 Apr 30
2834 29
8214 8214 6234 6234 6238 654 6512 66
55 Aug 7412 NOV
5,300 Shubert Theatre Corp-No par 5434June 19 72 Sept 10
6234 6334 6234 63
857 182.400 Simmons Cm.
7413 7833 7312 7512 7334 7678 79
334 Jan 8484 Dee
754 773
No par 5544June 19 8573 Oct 19
7514 77
2234 2234 2314 23
2413 24
1614 July 26% Des
25 80.800 Simms Petroleum
2155 2158 22
10 184 Feb 20 26 Mar 80
*2158 22
32
2913 31
2934 304 352,50018inclair Cons 011 Corp_No par 1743 Feb 20 821zSept25
2878 28 3113 30
15 Oct 228 Jan
28
2843 28
108
108
108
108
108
108
*108
109
97 Jan 10412 Dee
400 Preferred
100 10212 Jan 4 10912 Apr 26
*10712 108 *10712 108
3513 3614 3534 37
3634 3738 40,500 Skelly 011 Co
354 3512 347 3535 3434 351
2418 31I0e 378 Feb
25 25 Frh 15 375* Oct 19
120 *112 120
20
181°89-Sheffield Steel & Iron 100 102 June 23 134 Feb 6 11014 Nov 1364 Am
*119 123 *119 123 15114 120 *112
1278
12
13
1272 1272 1412 6,200 Snider Packing
1273 12%
7s
1152 Awe 1484 July
1234 13
No par 124 Jan 6 20 Apr 80
13
13
35
354 37
354 35
44 Nov 524 My
1,800 Preferred
No per 34 Sept 27 ea Jan 11
ns 36 35 3512 35
*35 38
4014 4034 40
4014 3912 40 18,100150 Porto Men Pim
8334 Aug 624 May
No par 8212 Feb 18 4938May 24
4013 4078 404 4078 4014 407
48% 49 24813 4834 4,200 Southern Calif Edison
4912 49 49
8155 Jan 116 Dec
25 434 Jan 3 5414May 4
4834 49% 4914 4934 49
3512 35
35
3434 3734 3634 3834 35
15 May 455 Jan
7,100 Southern Dairies cl A-No Par 2412 Jan 25 6058May 21
334 341
33 33
154 1613 15
1834 1414 1473 14 115No
1413 15,9001 Class B
Jan
634 Oct 20
9 Jan 23 30 Apr 23
par
1373 1412 1414 15
11713 *115 11713 115
*115
Jan 1124 Nov
115
30,Spaiding
115
103
120
Apr
3
109
Jan
7
Bole
pint
let
1171
*115
116
116
3814 37% 374 3714 3734 4,300 Bpang Chalfant&Co IncNo Par 28 July 21 4278Sept 19
3714 3812 8714 37% 37% 37% 3713
12
110rear & Co
854 May
De
No par 1058 Sept 11 20 Feb 29
1112 1112 114 1112 1172 12
11
1113 *11
12
'
511
7
.. Dec
78 Feb .
82 *80 82 *ft() 82 *80 82
Preferred
100 79 Feb 25 9238 Feb 29
5130 82 *80 82 *80
4138 42
41
41% 4214 4153 '
18,600 Snieer Mfg Co
2012 Jan 28% May
No par 234 .1403 12 4412Sept 20
4214 43% 4213 427
42 43
7.514 7572 75
78
14.400 Spiegel-May-Stern Co_N9par 85125ept 24 8034 Oct II
-7714 7534 76
7834 7998 77 79 27512 2934
214,, 12534 2733 6.900 Stand Comm Tobacco_No par 2534 Oct 19 3773Sept 13
294 28
29
29 2973 284
29
29
70
71
15,500 Standard Gm & El Co-No Par 5712 Jae 12 751zSept 17 -a- -igin -fig;la;
6918 6973 6914 6934 6813 70
694 70
6934 70
6814 1,400 Preferred
8614 1568
8814 66
574 Jae 664 Nov
50 65 Jan 3 7112May 16
6614 6814 68
66 6614 66 66
110 1101
110 110
1,700 Standard Milling
7014 Jan 1043* Be.
100 100 Jan 5 127 Apr 20
11214 11214 111 11111 112 113 *110 11112 .84
10113 10183
103
50 Preferred
84 Jan 103 4Jet
1014 1014 10118 1014
100 10012 Jan 8 112 Apr 23
1014 10114 *10118 103
•13141 and asked prices; no sales on this day. I Ex-dtvIdeua, a Extiebte. S Ex-dividend and ex-rightes
2206
New York Stock Record—continued—Page 7
For gales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday,
Oct. 13.
Monday.
Oct. 15.
Tuesday,
Oct. 16.
Wednesday, Thursday,
Oct. 17.
Oct. 18.
Friday,
Oct. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share
$ per share
Per share $ per share
Per share $ per share Shares Indus. &Mace].(Con.) Par
6034 6114 6038 6114 6038 6178 62
6234 62% 62% 61
6238 53,200 Standard 01101 Cal__ __No par
4538 4534 4512 454 4534 4612 4623 4718 4618 4614 4578 46% 100.800 Standard 011 of New Jersey.25
35
3512 3478 3538 3434 36
3533 3634 3:514 3614 35,4 3533 82,800 Standard 011 of New York..25
434 434
*414 44 *414 5
412 44
5
5
4% 5
1,300 Stand Plate Glass Co--No Par
18
18
1312 1812 194 1938 1814 1814 18% 18% 19
150 Preferred
19
100
3838 384 3814 3814 38
3812 *38
3818 3P8 38% 3778 38
2,000 Stand San Mfg Co____No par
5412 56
5518 56
5514 5614 5514 5714 5638 5812 71,800 Stanley Cool Amer.__ _No par
5514 56
1054 10778 10514 10834 10438 10612 10338 10513 10334 10478 10138 105
26,300 Stewart-Warn Sp Corp _No par
6018 6018 *5812 5914 58
58
5318 5878 5918 61
59
1,800 Siroeiberg Carburetor_No par
60
3218 8333 82
8312 824 8278 82
83
8218 8534 83
8712 179,700 StudeterCorp(The)____ No par
125 125
12434 12434 12434 12434 *12434 125 *125
*125
1101 Preferred
_
100
378 4
378 378
312 334
334 378
312 31;
312 37
2,400 Submarine Boat
No par
5512 56
56
548
56
5314 5818 5918 56
5912 59
8,200 Sun ()II
60
No par
773 8
8
778 84
914 934 264,100 Superior 011
834
912 9%
9
934
No par
3318 3414 3334 3412 3234 3334 3234 33
33
33
33
334 3.900 Superior Steel
100
21
20
•20
2012 2014 21
21
2114 2018 21
20
202 4,600 Sweets Cool America
60
412 4
,
4 *414 44 *414 478
4
438
4
4
1,500,Symington
418 418
No par
1378 1373 *13
1334 313
1334 1323 1311g 13
400 Class A
1312
1312 *13
No par
1812 19 21814 1814 *1314 19
1314 1812 *1812 19
19
19
600 Telautograph Corp
No par
1534 1534, 1534 16
1523 1614 16
1614 1534 1618 1534 16
17.300 Tenn Corp & C
No par
6714 6773 67
6313 6634 7013, 681* 7014 6712 6878 6714 68 152.800 Texas Corporation
25
6938 70
70
7234 7212 7438 7278 74
7214 74
70% 73 164.000 Texas Gulf Sulphur__ No par
1538 16
1578 164 1613 17
1634 17
16% 1678 1612 16% 58,200 Texas Pacific Coal & 011....._10
2318 2311 2278 2378 2278 2412 2312 2412 23
2312 23
2312 57,100 Texas Pae Land Trust
1
*24
2514 *24
26
25
25
2514 2514 25
25
2434 24% 1,000 Thatcher Mfg
No oar
*44
47
*45
47
45
45
45
4614 46
900 Preferred
*46
4818
46
No par
4212 43
424 4278 42
4233 4138 4238 4138 42
9.500 The Falr.
x4014 42
No ear
*106 110
10512 10512 105 106 *1064 110 *108 110
110 110
60 Preferred 7%
100
6612 6612 66
67
66
66
66
66
6318 66
6412 6412 2,900 Thompson (J It) Co
25
22
2212 2218 2212 2278 2312 2318 24
224 24
23
2312 176,300 Tidewater Assoc Oil__ _No par
8812 3812 8812 8812 8812 89
8812 8812 8812 8812 8812 8812 1,100 Preferred
100
35
3538 35
35
34
354
35
35
8,400 Tide Water Oil
35% 34
4 35
100
*91
934 *93
94
9438 9438 *9414 95
944 9414 94
9438 1.100 Preferred
100
142 14412 14034 14412 14238 14114 14138 14334 141 14278 141 14212 50.000 Timken Roller Bearing.No par
101 101
101 101
10012 10112 10012 10112 10012 101
10018 101
7,700 Tobacco Products Corp
100
11412 11412 11.114 116
114 115 *114 11512 114 114 *11412 115
600 Class A
100
23
23
*23
2312 23
23 1 *23
400 Div certifs A
2314
2312 *23
2312 *23
*23
24
*23
24 .
23
24
*23
*23
Div certlfs B
24
24
24
*23
74 812
8
338
838 812
838 838
84 812 66,000 Tramiel loll tern ML_.No Par
814 812
50 1 50
50
51
49
50
*47
49
5012 4,200 Transue & Williams Ste No par
4812 4978 40
3934 4138 41
4118 4012 4112 40
4023 404 4138 4012 4034 13,300 Trico Products Corp__ _No par
73
7334 7314 744 7223 7334. 72
12,200 Under,EIllott Fisher Co.No par
7118 7134 7112 72
73
*38
40 I 3912 40
3738 3918 3712 3712 394 394 *384 40
1.100 Union Bag & Paper Corp..100
184 18478 18478 19278 191 19534 189 1924 190 194
18912 19358 163.100 Union Carblde & Carb_No pa.
5134 5134 5012 5133 5018 5138 51
53 55213 534 5212 5278 19,600 Union 011 California
25
*109 111 '
1 0110 112 *110 112 . 1114 114
114 1144 114 114
1,200 Union Tank Car
100
4914 4912 4912 4934 4934 4934 4934 5014 5033 50% 5112 5178 8.400 United Biscuit
No par
*118 12312 *11614 124 *118 124 *117 124 2124 124
200 Preferred
129 129
100
28
2378 23
281g 2812 44,900 United Cigar Stores
2334 284 2812 281g 283
2823 28
1
*105 106 *1031.106
106 106 1 106 108 *104 106
400 Preferred
104 104
100
13418 13618 135 13512 13514 13573. 13512 13512 135 13512 135 133
3,100 United Fruit
No par
•1814 20
19
1314 1814
19
19
1914 18141 19
500 United Paperboard
*1812 20
100
8138 8178 8018 8113 80
81
8012 8112 81
7,200 Universal Leaf Tobacco No pa
8118 8023 81
*9534 96
9534 9534 *9534 96
•3534 96
190:Unlversal Pictures let pfd .101
0534 9534 9512 9534
2318 2433 2378 2538 24
2578 2412 2534 20$8 2514 24
25
40,300'1 Univereal Pipe & Rad_ _No pa
99
*9014 99
*92
*9014 9578 *5014 95
*9612 10412
100 Preferred
95 8 93
100
.
250 270 *250 270 31250 270 *250 270
U 9 Cast Iron Pipe & Fdy_100
• 0 270 *250 270
*122 127 *12112 12212 122 122 1.120 124 *120 123 *120 123
100 Preferred
100
1538 1512 1538 1534 1512 1512, 1512 1512 1512 154 1538 1538 2,300 U 9 DIstrib Corp
No pa
*78
30
80
7718 78 I *78
*77
80
80
80
400 Preferred
*78
*78
100
*514 5212 *52
5212 5112 524 52
534 5138 5238 5238 5238 5.500 US Hoff Mach Corp___No pa
128 12812 2127 12814 12712 1314 13138 135
62,000 U S Industrial Alcohol__100
13214 1344 13112 134
•11914 11912 11914 1194 11912 11912 11914 11914 11914 11914 *11914 11912
90 Preferred
10t
35 1 34
37
3623 35
3314, 35
3578 344 35
344 3512 10,400 U S Leather
No pa
58
534 5733 5912 5312 6914 58
5312 5738 5812 5818 5834 4.500 Class A
No pa
10434 10434 *102 105 *100 10412 103 103
*104 106 *103 105
2001 Prior preferred
10
8112 8134 814 8178 8012 81 1 8012 81
8012 8018 804 4,900 U 9 Realty & Impt
80
No pa
43
4112 30 600 United States Rubber
4334 434 4438 424 43381 4214 4338 41
4214 41
100
7214 7214 7114 7234 7118 724 7014 7138 6914 7012 69
6913 4,400 1st preferred
100
54
5118 524 5112 5434 53
5234 5334 5212 5212 524 53
8.500 US Smelting, Ref & Min___50
534 *5312 5334 5312 5312 *53
.5214 534 53
5312 53
600 Preferred
5312
50
16338 16514 16313 16534 16318 16538 163 16438 162 16378 16238 18314 378.400 United States Steel Corp
14114 14138 14114 14138 14112 14178 14138 14134 14138 14134 14134 14134 2.100 Preferred
100
4014 4034 4018 4012 40
4014 394 40
394
40
8,600 Utilities Pow & Lt A__No par
40
4014
8138 7934 8114 7812 8014 7918 8034 22,600 Vanadium Corp
814 8214 8012 824 79
No par
31
32
32
3478 34
33
34
35
3534 36
3534 384 5,400 Van Raalte
No par
7812 7612 754 7778 75
77
7512 774 71
420 let preferred
7514 7214 76
100
7434 7234 724 7312 7312 7318 7318 1,900 Vick Chemical
7412 744 7334 7412 274
No par
12433 12612 1224 12538 12112 130
12914 13534 135 13934 13412 142 333,900 Victor Talk Machine_ _ _No par
•105 10718 10612 10612 10718 10718 10612 1081 *10112 10712 *10512 10712
500 7% prior preferred
100
138 1378 1312 134 1318 1314 4.300 Virg-Caro Chem
1312 1378 •1312 1334 1338 137
No par
50
.50
50
50
50% 4912 50
50
50% 50
49% 3,400 6% preferred
49
100
*94
98
98
9512 9512 *95
96 I *94
100 7% preferred
*95
96
954 *95
100
1812 1934 1814 104 1814 1914 17
18
1638 1712 1714 174 44,100 Vivaudou (V)
No par
89 I 8812 8912 *86
85 285
89
85
2,000 Preferred
87
87
8812 89
100
2834 2912 2834 2834 2834 2834
2838 284 28% 29 1 2918 30
220 Vulcan DetInning
100
9112 *85
9113 *85
9112 .35
*8412 9112 *85
Preferred
90 •85
90
100
*2412 27 *244 27
*2412 27
*244 27
*2412 26
Class A
*2412 27
100
224 23
23
234 234 2318 234 244 23
19,000 Waldorf System
24
No par
2414 25
2334 23
23
244 23
224 23
No par
214 2234 13.600 Walworth Co
2324 224 231
88
88
87
90
90
8812 8812 87
220 Ward Baking Class A No par
8718 8734 874 874
18
1812 1812 1814 1838 18
1814 18
18
No par
18
8.900 Class B
1712 18
8712 8712 87
*87
88
87
*86
No par
400 Preferred (100)
8714 *86
8712
874 *86
10714 1097e 10738 10978 10712 1097 10912 111
107 109
57,700 Warner Bros Pictures.. _No par
11134 117
10938 112
1094 1103 11012 11318 113 11934 74.900 Class A
10914 11014 109 113
10
4018 4078 3938 4012 394 4012 40
No par
43'2 4258 4478 4238 434 172.700 Warner Quinlan
14912 1491 14812 14812 148 148
14814 14814 149 1.50
No par
11149 154
1,200 Warren Bros
2814 2778 3438 34
274 2412 2614 26
2638 2734 26
3678 88.600 Warren Fdry St PlpeNo par
68
6912 68
6878 701
6912 6912 *68
70
No par
7038 *6934 7014 2,200 Weber & Hellbr,
*99 102
102 102 .100 103
*99 102
4199 102
100
100 Preferred
*99 102
150 15214 160 1514 15018 15114 15034 15114 15134 155
15034 151
10,300 Western Union Telegram _.100
4438 44e 4418 4478 4538 4438 11,000 Wstnghse Air Brake_
No per
4458 45
4438 4478 4412 45
10412 1064 1034 10578 10418 1054 10412 10612 105 10734 69,100 Westinghouse Elm & Mfg..60
10514 106
60
105 105
104 104
104 104
210 let preferred
10412 10512
10218 10218 104 104
23
23
2312 24
22
22% 1,900 Weston Flee Instrum't_No par
23
23
23
2354 2212 23
3313 3313 3312 3312 *3312 34
No par
300 Class A
334 3313 *3313 34
*3312 34
107 107
105 105
*105 107
105 105 *105 107 *105 107
70 West Penn Elea el A. No par
100
Preferred
109 11012 1094 11012 110 11112 11112 11112 •11012 112
*11012 111
10014 10014
100
500 Preferred (6)
1004 10034 10018 10034 10018 1004 10014 104)14 101 101
116 116
116 116
100
140 West Penn Power pref
116 116
116 118
116 116 *11414 116
20 8% preferred
10812 10812 10812 10812'107 10812 *107 10812
100
•10613 10912 *10612 110
5912 60 60
1,600 West Dairy Prod el A_ _No par
5833 5934 59
5712 59
59
•58
59
,
8 *58
31
No par
5,100 Class B
30
33
3012 3018 3073 3012 3034 3038 3034 3038 31
30
2812 2312 2818 2878 2833 29
29
3014 2913 294 27.900 White Eagle Oil es Refg_No par
30
11.100 White Motor
No par
3878 374 3838 3713 38
3733 3938 3738 3812 38
374 38
4012 4112 404 4234 41
13.000 White Rock Min Spelt
4213 46
4114 43
43
4178; 42
50
394 4078 394 3934 10,300 Whlte Sewing Machine_ No par
3812 3914 3818 3834 3814 3834' 3838 39
5412 *53
300 Preferred
*54
No par
5412
5412 54
1154
5412 *54
54
5412 54
3134 3012 3114 367.600 Willys-Overland (The)
2914 3078 3114 3213 3112 32
3112 3178 31
5
400 Preferred
*9712 99
99
974 974 9738 9314 *9714 9812 59714 9812
100
99
1178 114 12
12
No par
114 1134 1114 11.4 1112 1134 114 11 12 2.700 Wilson & Co Inc.
2612 3,600 Clan A
2614 26
28
23
2614 2612 2618 2614 26
2618 27
NO par
1,600 Preferred
65
66
66
100
6612 654 6514 6512 6513 65
6514 6478 85
19438 1974 19712 20234 19914 20112 19918 201
19314 19934 1974 2054 77.900 Woolworth (F W) Co
25
.38
4314 3918 4134 25 200 Worthington P & M
39
38
3814 39
3812 38
100
4278 38
*524 66
5738 58
58
*51
57,
56
4 5734 1.200 Preferred A
564 57
56
100
52
*43
5034 5014 2.100 Preferred B
49
46
46
46
*43
46
474 48
100
16434 18512 164 167
17,200 Wright Aeronautical__ No par
16012 170
15812 182
158 164
16312 165
3.700 Wrigley(Wm Jr)
7578 7578 7512 7773 7534 7534 7514 7514 75
7612 2744 75
No par
.
65
68
6514 6514 •518
694 3,700 Yale & Towne
25
68
654 894 6812 694 69
37% 38
374 384 52.000 Yellow Truck & Coach (71 8.10
3734 39
3814 4018 3812 40
374 39
9378 94
924 9314 5500 Youngstown Skeet & T-No par
9214 934 9212 9234 9214 9234 9112 93
I
•inn Ma $alad prices; no sales on Una day. "Xs-dividend. C tex-rig140. • No par value.
PER SHARE
Range Stnee Jas. 1.
On baits of 100-share loll
Lowest
Htyllest
$ Per share
53 Feb 20
3734 Feb 18
2834 Feb 17
214 Jan 3
10 Jan 18
34 June 11
3634 Aug 21
774 Feb is
44 Jan 3
57 Jan 10
12112 Nth 25
8 Feb 14
814 Jan 9
212 Feb 17
18 Jan 18
114 Feb 8
4 Aug 20
10 Aug 20
1514 Jan 28
1012 Jan 16
50 Feb 17
6218June 12
1218 Mar 1
20 June 13
22 Jan 5
45 Oct 16
34 Jan '4
1044 Jan 26
6614June 13
1434 Feb 20
8178 Mar 15
194 Mar 7
8534July 28
1124 Mar 3
93 Aug 6
10978 Aug 7
19 Aug 2
19 Aug 2
634June 13
4534 Jan 3
3238June 1
83 June 13
3612 Feb 20
136,,Feb lb
4234 Feb 11
110 Oct 3
3412 Apr 30
11214 Mar 22
224 Aug 4
104 Oct 19
131 12June 12
1718 Aug 2
6038June 13
9318lAlay 7
154J une 12
8778 Sept I
190, Feb 27
116 Mar 10
1312June 22
76 Oct 10
4818June 18
1091RJune 0
11838Sept 28
22 Jan le
62 Jan 6
103 Oct 19
6114 Feb 4
27 June 27
55 July 2
3912 Feb 20
51 Jan 241
13238June 25
13838 Jan 5
284 Feb 20
60 Jan 18
74 Jan 7
4378 11511 6
58 Jan 17
524 Jan 3
10112 Jan 6
12 June 12
444 Jan 18
884 Jan 16
1134June2e
78 June 22
2212June 13
74 June 21
1912June 29
$ per share
63% Apr 30
49 Apr 30
4112 Apr 30
774 Feb 23
40 Feb 23
4214May 16
6934 Sept 12
10978 emit 12
.
7 30nm. 4
8712 Oct 19
127 June IP
64 Ater 21
60 Oct 19
94 Oct 18
3578 Oct 4
23135e51 10
7 May 8
1938 Aor 27
2232May 17
1712Sept 26
7234Sept 14
8033 Jan 4
1713 Apr 30
3034 Apr 27
3912May 8
5338June 1
44 Sent 12
111I July 31
7134Juee 5
25 Sept 7
90129ept 11
38 Oct 8
f7412MaY
145% Sept 25
1181g Apr 46
128 Feb 14
2534 Jan 17
24 June 19
10.8 Jan 12
594 Feb 7
444 Sept 19
754May 16
4914 Feb 1
19534 Oct 15
57 Apr 16
1281vMay
5178 Oct 19
129 Oct 19
34% Feb 10
114/x Apr 5
14.04 may
2778 Apr 19
8512 Apr b
100 nah 24
3578 Oct 6
1113 Sept 17
300 Apr 9
137 Mar 19
2014 Jan 4
90% Jan 19
593s Jan 21
135 Oct 17
12214May 28
51 May 7
72 Apr 25
10912May 14
9338May 4
834 Jan 4
1094 Jan 13,
55 Sept 19.
5514May 2
1654 Oct 15
14714 Apr 261
4.534May 311
96 Mar 15
3812 Oct 19
774 Oct 15
7878 Alm 30
142 Oct 19
11112 Mar 28,
1634 Feb 10
5512July 25
97 Apr 271
254 Jan 4'
100 Jan 281
4314 Jan 11
90 Sept 41
38 Jan 11
27 Apr 9
2678Sept 20
123 Feb 2
29114 Jan 18
974 Jan 19
13914 Sept 11
1394 Sept 11
4474 Oct 18
1921, Apr Iii
3678 Oct 19
71 Aug 30
103 Jan 3
17712 Jan 3
673
. Jan 27
11334Sept 17
11114 Sept 17
2e12June 7
4012May 22
112 Apr 9
1154 Apr 9
10412 Apr 10
119 June 27
113 Jan 6
78 Apr 11
49 Apr 12
3314 Oct 18
434.1..no I
46 Oct 19
45 Mar 7
8514June 6
30349ept 25
10112May 26
16 Feb 14
35 May 16
77/
1
4 Feb 11
20552 Oct 19
44 Aug 3
61 Aug 3
52 Aug 3
245 May 16
84 Aug 31
844 Apr 25
4222Sept 18
110674 Jan 26
1912 Jan 3
1412 Aug 8
8612 Oct 1
1512July 27
85129ept 26
8078 Aug 23
22 Jan 6
26 Feb 17
140 June 20
13 June 12
5918June 12
9912June 19
13912July 11
4214June 4
5818 Jan 6
9534 Jan 5
1212 Jan 6
30114 Jan 8
103 June 22
108 June 13
981s July 21
11313 Oct 9
103 June 28
534 Jan 6
2014 Jan 6
204 Feb 21
8014 Feb 21
341e Jan 19
334June 13
5184 Aug 21
173* Jan 16
0254 Jan 3
11 Oct 10
22 Jam' 3
6474 Oct 18
1754 Feb 20
28 Jan 6
4614 Jan 19
41 Jan 4
69 Feb 27
68 July 26
65 Aug 3
274 Feb 28
8312June 19
PER SHARE
Range for Prestons
Year 1927
Lowesl
MOM
$ per chars 11 per shale
604 Apr 13014 Jan
3533 Apr 4114 Feb
2914 June 844 Jen
41 Jun•
2 Mar
1574 June
10 Mar
No
541g Mar
2614 June
49 June
118 Feb
215 Feb
80 Mar
313 pre
Oct
18
Apr
7
218 Sept
Oct
6
1112 Mar
814 June
45 Apr
Jan
69
12 Apr
154 Jan
1614 Aug
43 Aug
9414 Jan
105 Aug
67
Jan
1614 Oct
86
Oct
19 July
85 Nov
Jan
78
9284 Oct
108 Apr
1314 Jan
68 Jan
814 Sept
1874 June
60 PIO.
2312 Sept
504 Nov
39 tug
11114 Sept
6644 Dee
1214 JUDO
903* June
224 Jag
9014 Sept
16212 Aug
1174 Dee
12372 Dec
-14 -jai);
10 May
16;
11 Nov
60 Dee
971k
,111 Rap,
634 Sept
1264 Nov
214 May
344 Jan
Alf Feb
28 May
14 Des
e Jan
1534 Nov
1714 Nov
70 "De;
Jan 7314 June
4914 Jan 16412 Nov
3938 June 6612 Jan
94
Jan 12713 Dec
4014 Dec
3918 D
45
Jan
3813
Ws; Dec
104 July
(1312 Jan
1612 Mar
604 Nov
Dec
2414 Sept
2154 Jan
19012 Aug
112 Mar
144 Mn,
81 May
44
Oct
69 Mat
10714 Apt
14 July
2734 Jun
89 July
54 Apr
3714 June
8514 June
33/
1
4 Jan
4652 Jan
11134 Jan
129 Jan
27 Jan
37
Jan
584 Sept
4214 Dee
68
Jan
32 July
964 Oct
74 May
26111 Apr
73 June
2014 Dec
95 Dec
1612 J
90 Jan
16 Jan
1814 Dec
17 Dec
894 Apr
1712 June
84 Apr
- - 1114 Dec
24 June
65 Jan
18
Oct
6514 Dec
10114 Nov
1444 Jan
40
Oct
674 Jan
82 Mar
11 Sept
30 July
9774 Jan
102
Jan
101 Dec
111
Jan
10012 Jan
5314 Dec
2414 Dec
20 Dee
304 Nov
Jan
26
2112 Mar
66 Fe
1812 Oct
87 June
10 May
1614 May
68
Apr
11764 Jan
204 Jan
44 Dec
37
Oct
2412 Apr
5074 Jan
704 Jan
26 Jan
8014 Oct
-18-1; frily
109 Aire
150 SeDt
2338 Sept
7412 Duo
10314 Apr
3714 Mss
98 Dec
240 May
125 Nov
2254 July
964 Sept
6384 May
11112 Dee
121 Deo
2611 Nov
5612 Doe
18136971s2
NovDeDec
eb
16
17
111 F
A
4872 Dec
180
5412 Se
pa
l):
14114 Dee
34 May
6714 Dee
1432 Feb
64 Feb
6352 June
5454 Dec
10212 Dee
154 Sept
4824 Dee
91 Nov
3914 June
180
1812 June
ug
125 Aug
5916 Aug
25 Feb
2412 Apr
118114 Oct
100
3311114 N
Fo
ub
v
£51j J
180 Not
34
374.1Une
n"
10354
5 Aug
176 flee
,0
1
:
9
4
114
,2 Sept
fl
3* Feb
Aug
1742 ElA
eD
R1
1
1013* m
118
Dw
ay
111
Dee
37
26783
4 NN
F"W
eb
eS
4
68
1/
1
4
12 Sept
F
6
59
34 Aug
un
9
26
4% M
ag
1714 Feb
327a Feb
84 Feb
19812 Deo
46 June
6112 June
100
798;
1jAugDD
New York Stock Exchange—Bond Record, Friday Weekly and Yearly
2207
Jas.1 1 .00 1A,11,,A.4•001134.11401 ofgnotim bonds was Uhanged and prices are now "and intermt"—except for irscolne and defaulted Donde
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19.
23
Week's
Range or
Last Sale.
nice
Faday,
Oct. 19.
a.
,141
U. S. G00000ment.
844
First Liberty Loan
3 13 9811142 Sale
334% of 1932-1947
Cony 4% of 1932-47
ii)
Cony 41
/
4% of 1932-47
• 13 looiin gide26 cony 41
/
4% of 1932-47
▪ 1)
Fourth Liberty Loan4/
1
4% of 1933-1938
A 0 1012,, Sale
1947-1902 A 0 111 1742 Sale
Treasury 41
/
45
1944-1954 J D 10611
.
Sale
Treasury 4s
1946-1956 M 8 103114, Sale
Treasury 31
/
4s
1943-1947
9810
.
Sale
Treasury 3/
1
4It
/
45 June 15 1940_1943 J D 0811
Treasury 31
/
43 Sale
Low
in
Range
Since
Jan. 1.
HISS No. Low
£1806
98142 981342 221 98/
1
41 1011344
9913420ct'28 ____ 99 101044
1002341 101144 85 100 10313u
101 Sept'28
10111.421921144
101
101142
1102832111 17n
1051,441061384
103
10311
/
42
981742 981144
981044 982042
626
150
826
115
47
151
10(an 104
10913441163n
IC4,,41111"41
102/
1
41 101,1344
98141 1031344
98 1001341
N Y C 34% Corp st__ Nov 1954 MW 8734
8814 Sept'28 - _ _ _
34% Corporate et_May 1954
N 8734 8934 86 Sept'28 —
1936 MN
48 registered
9934 Mar'28
1956 M
4e registered
9912 June'28
1957 M N4% Corporate stock
N 9712 ---9978 9738 Oct'28
1957 MN 10334
04% Corporate stock
10614 June'28
N 10334
1957
i4% Corporate atoek
104,
8 Oct'28
1958 MN 97,2 ---- 0812 July'28
4% Corporate stock
__
1959
4% Corporate stock
N 9712 9812 9712 Oct'28
1960 ra5 9934 10018 10018
44s Corporate Stock
1
10010
41
/
4e Corporate Stock__ _.1984 848
100/
3 10058
1
4 Sale 160,
7
1966 A 0 10014 41
/
4e Corporate stock
103 June'28 - - _ _
1972 A 0 10014 10314 10013 Aug'28 _ _ _ _
Illis Corporate stock
4148 Corporate stock
1971 J 0 102 107 10812 June'28
1963 m 5 105 10838 10434 Oct'28 - _
41
/
45 Corporate stock
1965 3 it 10434 11058 107 June'28
44e Corporate stock
_
44s Corporate atock_July 1967 J J 104/
1
4 1071s 105
105
3
8814 93,2
9318
86
99/
1
4 10035
5812 10044
97/
1
4 10184
10614 108/
1
4
10418 108/
1
4
9812 10134
9772 10134
9934 102/
1
4
100/
1
4 19512
103 10038
1001
/
4 105
4,81
/
4 10934
10434 10934
107 10914
l(r2 1101s
New York State Canal 4$_1960
48 Highway
Mar 1962
9913 10514
1031g 10313
State and City Securities
9912 Aug'28
10312 June'28
Foreign Govt. & Municipals.
Agri° Mtge Bank s 65
1947 F 4
S 6e A
Apr 15 1948 AO
Akershus (Dept) extl 5s. __ _1968 MN
Antlogula (Dept) Col 75 A__194.5 ▪ J
External s f 73 set B
1945 J J
External 517e series C
1945 J J
External 8175 ser 13_ _194: ▪ J
External 5 f 75 1st ser
1957 A 0
Esti sec t 7s 2d oar
1957 A 0
Eat! sec s f 78 3d ser
11157 • 4)
Argentine Govt Pub Wks 621.1960 A 0
Argentine Nation (Govt of)—
Sink fund 6801 June 1925 1959
Exti 5 168 of Oct 1925
1959
Sink fund 65 series A
1957 MS
External 65 series IS. _Dec 1958 J
Eat! 1 68 of May 1926 _1960 141
External s f (3s (State Ityl_1960 MS
Exti 65 Sanitary Works.,,1961
'
A
Ext fis pub wke(May '27).1961
N
Public Works esti 54s,,..1992 FA
Argentine Treasury 58 £
1945 MS
Australia 30-yr 65 _July 15 1955
.• 1
External 6s of 1927..Sept 1957 MS
Esti g 44s of 1928
1956 MN
Austrian (Govt) s f 78
1943 J O
0934 Sale 991.2
9978 Sale 9932
10014 Sale 9934
9934 Sale 9934
10014 Sale 99,
8
100 Sale 9912
100 Sale 9913
99/
1
4 Sale 9912
96 Bale 9533
911
/
4 Sale 911g
96 Sale 9513
96/
1
4 Sale 96
1
4
8814 Sale 88/
103 Sale 10212
10018 68
10012 49
100,
8 80
10012 51
10012 81
100
104
10018 26
100
48
44
96
911
/
4 31
9614 98
9614 94
8812 184
21
103
Bavaria (Free State) 64s..-1945 FA
Belgium 25-yr ext at 71
/
4s 8.1945• D
20-yr e 1 85
1941 FA
25-year external 634s.,._1949 MS
External s 1 68
1955 J J
External 30-year s f 7s
1965• D
Stabilization loan 7s
1966 MN
Bergen (Norway) s f 85
1945 MN
15-year sinking fund 6s
1949 AO
Berlin (Germany) s f 6 45-1950 AU
Bogota (City) ext'l s 1.2118
11945 AO
Bolivia (Republic of) ext.! 85.1947
N
Eat"! see 7s
1908 J J
Bordeaux (City of) 15-yr 613_1934 MN
9712
971
/
4 98
11512 Sale 11512
11018 Sale 110
10614 Sale 10578
101 Sale 1001s
109 Sale 108
106 Bale 105/
1
4
_
113/
1
4 11212
OOT8 loo
9914
9912 Sale 9918
10518 Sale 105
10514 Sale 10518
971
/
4 Sale 97
10014 Sale 10018
9812 25
77
116
11058 52
10617 73
146
101
109
89
10614 173
113
33
28
100
9913 36
10514 23
105/
1
4 48
9714 87
10014 45
Brasil (17 S of) external 8s
1941 J D
External 5 f 64s of 1926._1957 A 0
Esti f 64e ot 1927
1957 A 0
78 (Central RallwaY)
1962 J 13
710(coffee secur) £ (flat) 1952 A
Bremen (State of) extl 712_1935 M 5
Brisbane (City) a f 5a
1957 M
Budapest(City) est! 5 f 6s...1962 J D
Buenos Aires (City) 63-45_1955 J
F.xt1 s f 68 ser C-2
1960 A 0
Extl f
eer 0-3
19150 A 0
Buenos Aires (Prov) extl as 1981 NI
Bulgaria (Kingdom) 5 f 75..1967
J
1
4 10814 18
10812 108/
1
4 108/
961
/
4 Sale 96
9634 262
9612 Sale 96/
1
4
9634 145
100 Sale 100
10014 27
_
10412 106/
1
4 10714 Oct'28
10113 Sale 10112 10212 27
6
93 Sale 9134
93
8434 42
8412 Sale 84
9912 101
29
10014 101
9914
10014 Sole 99
14
9914 Sale 99
9934 12
93 Sale 93
9378 50
90
9012
9012 9018
3
Caldas Dept of(Colombia)7%s'49 3J
Canada (Dominion of) 6s-1931 A 0
10-year 53.4s
1929 F A
58
1952 PA N
4345
1938 F A
Carlsbad (City) s f 85
J
1954
Cauca Val (Dept) Colom 750'46 A 0
Central Agric Bank (Germany)
Farm Loans I 7s Sept 15 1959 111 S
Farm Loans t fle_July 15 1960 3 3
Farm Loan a f 65.0ct 10 1960 A (1
Farm Loan Os ser A _Apr 15 38 A 0
Chile (Republic of)1942 at N
20-year external e f 751
External sinking fund 68..1960 A 0
19111 F A
External s f 63
1961 1 J
fly ref extl s f 6s
1961 151 S
Esti 516s int etfs
Chile Mtge Bk 13145 June 30 1907 1 L)
t 634s of 1926. _June 30 1961 I D
Gnats f 68
Apr 30 19111 A 0
Chisese (Hukuang fly) 512_1951 J D
Christiania (Oslo) 30-yr a f 65 '64 M
9934 Sale
101 Sale
10018 Sale
10412 Sale
9812 Sale
10554 107
10034 Sale
90
89
91
89
89
8913
9678 Sale
9558 Sale
9618 Sale
9518 Sale
9.5 Sale
9412 9434
9414 Sale
10014 Sale
9914 9913
88 Sale
8734 Sale
9112 sale
89
90
8934
9678
9638
0612
96
9514
9414
9434
10014
5
5
17
21
14
8
20
33
5
4
36
9913 100
32
10211
/
4 133
01
00
10014 83
03/
1
4 10412 39
983,
9813
79
0512 Oct'28
_
00
10034 37
99
87/
1
4
8712
9013
9912
8
88
62
8814 116
911
/
4 61
102 Sale 10134 10214 31
9312 Sale 9318
94
88
9312 Sale 9314
9372 74
9334 Sale 9312
9434 79
94 Sale 93,4
94
167
96/
1
4 Sale 96/
1
4
98
54
9913 Sale 99/
1
4 100
52
9214 Sale 92
93
68
3313 Sale 3312
3312
5
100 101 101
Oct'28
/
45195)) M
Cologne (City)Oermany 61
97/
1
4 Sale
Colombia (Republic) 65.__.1961 1
91 Sale
External of 6sol 19213.___1861 40 9058 Sale
Colombia Mtg Bank of6 48- 1047 A0 8814 Sale
Sinking fund 7801 1926._.1946 MN 9313 Sale
Sinking fund 7e of 1927-1947 FA
9314 Sale
1152 3 13 9518 Sale
Copenhagen (City) 58
1953 M N 88/
25-yr g 410
1
4 Sale
Cordoba (City) exti of 7s__.1957 F A 9613 Sale
External 5 1 7e Nov 15 1937 M N 9613 97
Cordoba (Prov) Argentina 7s1942
10018 10038
Costa Rica (Repub) extl 71.1951 MN 9614 Bale
con the basis of 101 to the t sterling.
89
90
8914
95/
1
4
9538
951g
9514
9412
94
94
9934
9714
9084
90,
8
8814
9318
9318
9518
8812
9834
9612
10018
9534
97/
1
4
911
/
4
9112
8934
9358
9314
9614
8834
9712
9714
1003s
9612
16
73
43
10
5
17
53
43
8
17
4
12
.7
.
*$
r
a:
Price
Friday.
Oct. 19.
Wien!
Range or
Lan Sale
- —
Ask into
814
Rs& ye
10114 31
Cuba (Repub) 58 of 1904_1944 M 5 101 Sale 100
10213
1
External 5s of 1914 ser A._1949 F A 10212 Sale 10218
1
100
External loan 4.50 ser C1949 F A 100 Sale 100
10314
,23__J3.10 15 1953 J .1 103 Sale 103
/
4
Sinking fund 51
1
4 Sale
Cunditatmarea (Dept-Col) 75 '46 J 0 99/
1959 NT 14 90 Sale
Extl S 1)3 48
9
08
044
10
7
1s
e
10
°
91
9
C1/
1
4 16
Czechoslovakia(Rep of)8s 1981 A 0 109 Sale 19
67
10041
:
09
105938 5
20
3
1952 A 0 109 Sale :
.Sinking fund Ss ser B
111
9
Danish Cons Municip 88 A..1941; F A 111 Sale
4
,
8
1946 F A 11013 Sale 11013 110
Series Be I 8s
Denmark 20-year extl 6s_1942 i .1 105 Sale
Deutsche Bk Am part etf 63_1932 M S 98 Sale
Dominican Rep Cust Ad 53.55 '42 1W S 100 Sale
1940 A 0 951
1st ser 542a of 1926
/
4 99
09
26 series sink fund 510_ _.1940 A 0 96
Dresden (City) external 7s 1945 M 5t 1014 102
09993
7588344
4 1
1104
0
0790098
3
514
1:84
1 4a 4911437265 :
Dutch East Indies extl 65_ 1947 J J 10334 Sale 10
29
1
4 104
1962 PA S 104 Sale 102/
40-year external 68
3
/
4 14
10314 Sale 102', 1031
30-year external 51413
1
4 Sale 1031/4
8 103/
33
3 84
1
19
95
MN
30-year external 5148
•
91
1
4 111
El Salvador (Repub) 88____1948 3, 11013 111 110/
98
6
Finland (Republic) extl 63_1945 M S 98 Sale 9712
10014 Sale 100
10078 13
External sink fund 7s____1950 M
9914 10
1956 MS 985, 9913 9813
External P f 645
90/
1
4 21
9034 Sale 90
1958 FA
Exti sink fund 550
1
4 97
Oct'28 Finnish Mon Loan 81-58 A 1954 AU 9812 98/
Oct'28 -1954 40 9812 9913 97
External 64s series B
11414 103,
French Republic ext 7 50).__1941 • r 11438 Sale 114
1
4 Sale 108
10834 217,
1949 JO 108/
External 7s 01 1924
1
4 Sale 106/
1
4 1071
/
4 255
German Republic ext'l 75..A949 AO 106/
1011
/
4 102/
1
4 102
Oct'28 --1954
P4
Gras (Municipality) 88
A26
IOUs Sale 1044
1004 192
/
48_1937 P
Gt Brit Ar Ire!(UK of) 51
1829 FA 11814 Sale 11814 1184 111
10-year cony 5345
86/
1
4
3
1
4 Sale (86
4% fund loan £ op 1960c1900 MN 886/
5% War Loan Copt. 192981947 in
16
10
9
7
91'
c9844
106
3
4
4)4
1
07
34
8
1
c99
063
4
55
3-4
4s_
_1952
(City)
7
Greater Prague
9834 35
Greek Governments f sec 78_1964 MN 9813 Sale 97
8713 521068 P A 87 Sale 87
Sinking fund sec 63
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19.
Baas.
3laco
Jan 1.
RNA
Low
994 103
10013 10314
96 100/
1
4
1
4
10113 105/
9343 100
92/
1
4
90
108 112
108 112
11018 112/
1
4
110 11173
103 10433
99
97
97 100/
1
4
95 10084
9412 9918
too 1021,
103 105/
1
4
1(1234 1015Is
1
4
101.34 104/
10114 1041s
10712 114
1
4
95/
1
4 100/
1
4
9108 102/
9784 10181
96
90
97 101
97 101
113 1002
10513 111
10474 111
101 1041*
1.0318 1064
11634 119
.8518 9014
C0712 Me
104% 10914
9688 10034
841
/
4 93
10014 37' 9912 102
974 15
934 99%
104
3 103/
1
4 105/
1
4
9912 10
95/
1
4 102
9538
1
94
971r
100
17
9718 101
102
7 mail 10312
93lt 16
9413 9714
9738 225
96,
4 1004
974 90
95
994
9513
9
94 100
96
42
1
4
0518 101/
75
92
/
1
4
911
/
4 9414.
99 10084
/0138 139 1004 10514,
99 100/
1
4
10011 10
1
4
99 101/
99 101 14
9918
4
9638 102
98/
1
4 10118
10014 36
99 1011r
99 10084
1
984 101
1001
/
4 49
9834 10114 Marseilles (City of) 15 yr 61_1934 74 N 100 Sale 100
99 10112
6
448_1943
3784
Irrigat
Asstng
31
Mexican
99 101
3158 33
3934
4
1% Jan3'128% ____! 494 4984
941/4 971, Mexico(U Si esti 523011899 L '45 GI
-387e
1945
Assenting 5.8 01 1899
9118 93/
1
4
3332 43/
1
4
Se93
t'
628
08
4334
30
Assenting 58 large
9512 99
24
18
24 Sale 2313
22/
1
4 3418
Assenting 48 01 1904
9513 99
2513 60
25 Bale 25
26
32/
1
4
Assenting 43 of 1910 large
8634 92%
2314 12
2314
Assenting 48 of 1910 small
102 104,,a
2212 31
40
20
,
1133 40
3711 4674
Tress 68 01'13 assent(large)'33 JJ 39 38
38
2
/
4 4614
Small
96
361
994
/
4
9213 105
91
9644
Milan (City, Italy) ext'l 6)0'52 * 0 -9218 Sale 911
114 116
102 10214 102/
8 102 105
1
4 103
109 11134 Montevideo (City of) 75— _1952 3D
1
10314 10914
4'
/
1
4
105
/
1
4
105
Sale 104
98/
1
4 1011
/
4 Netherlandeas(f7at prices)__1972 MS 10038 Sale 10038 10034 127 10413 109
1954 AG
1031.3
30-year external 68
10511 10918
9414 21 100
94/
1
4 Sale 9334
93
96
1041
/
4 10814 New So Wales (State) ext 58 1957 FA
1
4
9414 60
Apr 1958 * 0 94 Sale 93/
93
94
External s f 58
112 113/
1
4
1943 FA 103 Sale 10214 10334 37 1114 10314
Norway 20-year extl 65
983s 102
1318
19
10213
1
10318
Sale
1944• A
10418
20-year external 68
97 100
10234 21 101
1952 AG 10214 Sale 10214
10138 1081s
30-year external 68
10314 108/
1
4
/
4 50
1965 ▪ D 101 Sale 10058 1011
98,8 10255.
40-year e f 514s
10312 108
97
/
1
4
112
96
/
1
4
97
Sale
84
98
External f 5s. __Mar 15 1963 M
9334 9811
9313
90
Municipal Bank extls f 58_1967 3D 90
99 1014
9°114
2 S9
a11e 9°
904
9
90
1/
41
1 "6
8912
93/
1
4
Nuremberg (city) extl 65_1952 FA 10013 Sale74 100
/
1
4 10038 13
9934 103
/
1
4-1955 MN 9913
107 11314 Oslo (City) 30-year 5 1(
9934 9955 100/
1
4 14
1946 FA
99 103
Sinking fund 54e
92
9912
I
/
46-1953 3D 10112 10253 10233 102331
1
4
95
9912 Panama (Rep) extl 51
1 10112 104/
1961 • D
10414
Extl sec 161-4,
97 103
102/
1
4 103 103
Oct'28 -- 102
113
97
103 10858
EMI f 5s set A _May 15 1963 111 N 9511 Sale 95
9512 40
100/
1
4 10312 Pernanibuco (State of) ext. is '47 MS
937s 95495 I 18
94/
1
4 Sale 9444
9073 9574 Peru(Republic of)
11334
10714
Extl 51 sec 710(of 1926).1956 !1064 Bale 10612 107
82,2 891
/
4
17
1959
9913 10214
Esti 5 f see 75
33
10314 Sale 102
10314 43 100 1064
1960• I
Nat Loan extl 5 f 63
9634 101
89.4 96
)
91
Sale
96
99/
1
4 Poland (Rep of) gold 6s,.1940 4 2 8434 Sale 8
801s 87
9
94
9
0:
14:
8
9
:
5
9
1
3
239
4
1
Stabilization loan a 1 75..1947
93
9144
88
97
8813 Sale 8814
8878 95
1950
Ext sink fund g 83
8934 9338
981,1014
9953 Sal
;
Porto Alegre (City of)8s_1961
1141s 109
10612 10634 1061
4
106
/
1
4
/
4
10012 1044
98 102
Extl guar sink Id 748_1966 J J 10113 10158 1011
/
4 10158
2
100 10212
9978 10214 Queensland (State)eat's f 7e 1941 AG 11213
mis 1157s
112
114
8
Sale
1947 FA
103/
1
4 209
25-year external 65
105/
1
4 13 104 1081:-.
98 10174 Rio Grande do Sul extl sl 88_1946 A0 10414 10434 104
10514 iosu
1063
7
4
Sale
10614
107
1968 MN
9713 10012
Extl f 78 011926
105 10934
/
4 Sale 9834
9912 49
1946 AG 991
9814 103
Rio de Janeiro 25-yr 81 83
lobos 11044
Sale 107
10714
9
1953 FA 107
Exti 5 f 610
9312 9714
64
96
Sale
95
/
1
4
0O's
9814 10114 Rome (City) extl 614s
1952 A0 93 Sale 9214
9114 9613
9312 700
8634 93/
1964 MN
1
4 Rotterdam (City) cut 6s
10214 106
1
4 Oct'28
1953 33 10234 104 102/
8613 9334 Saarbruecken (City) 65
9012 93 ,
Oct'28
893
4
9212
Sao Paulo (City)s I 8s__Mar 1952 MN 116 Sale
8834 96
4 11214 120
11534 116
1957 MN 984 Sale 97/
Extl s f 4s of 1927
96/
1
4 1004
1
4
9813 13 105 108/
100/
1
4 104
1
4
San Paulo (State) extl sI 88.11136 .1 .1 106 106/
1
4
1065
8
1065
3
5
9153 97/
External sec s f 8.4
106
109114
1950 J J 106
1
4
107
27
10658 10618
External 5 175 Water L'n.1956 MS 10013 Sale
9138 97
101
11 100 1044
10018
9258 97
9412 95
Esti s I 655 lot rets
1968 J J 9412 ____ 941g
9413
3
93
9412 Santa FP(Prov A rg,Rep.)7811142 MS 9812
9414 10018
9834 30
Sale 9713
9514 99s. Saxon State bag Inst 7s
98
98
1945 3D
98
1
98
9634 101
9513 9612
S F g 610
Dec 1946 31)
9
91
95
Seine. Dept of (France) exti 7s'4? -1
146 1044 10084
1(54T4 Sale1tz
254 34% Serbs, Croats Ar Slovenes 8s '62 MN
96/
1
4 1011
/
4
34
9734 Sale 9714
98
9914 102
98 102
Solmons (City o() extl 60_1936 MN 9938 Sale 99
99/
1
4 26
92
97
Styria (Prov) ext1 79
1946 FA
927t 94
9212
9234
7
964 9933 Sweden 20-year Os
1939• D 10234 Sale 102/
82 102 105
1
4 103
8834 9538 External loan 514s
10212 10012
1954 MN 10312 103/
1
4 1031
/
4 104
80
90/
1
4 95/
1
4 Swiss Confed'n 20-yr'1 88_1940 .1 .1 1095, Sale 1095
8 110/
1
4 26 10968 113118
8634 9334 Switzerland Govt ext 550_1946 AO 10334 Sale 10318
1041
/
4 38 Wry 10513
9218 98
764 /14
Tokyo City 55 loan of 19121952 MS 7912 Sale 7814
9
7914
92
98
8712 96
1961 AG 91 Sale 9034
Esti e f 510 gnar
91
46
9518 101
8734 89/
9314 9714
1
4 Tolima (Dept of) ext17s____1947 M N
Q41494
2
94
9434
96 101
Trondlaiem (City) 1st 53-0..1957 111 N
904 994
9313 95/
1
4 95
95/
1
4 10
95 100
Upper Austria (Prov) 7s____1945 J
96/4 994
9714 9734 97/
1
4
9712 13
97 10112
External s f 650__Jupe 15 1957 J D 87
26
Ms
8878 8878
8878 10
944 9914 Uruguay (Republic) extl 88_1946 F A 108 10812 107/
1
4 108/
1
4
3 10714 110%
1960 PA N 9712 Sale 97
External 5 f fie
964 100
9712 45
Venetian Prov Mtg Bank 75_1952 A 0 9014 Sale 90
90
91/
1
4
13
91
Vienna (City of) n115,1165_1952 M N 8838 Sale 88
87/
1
4 85
8834
Yokohama(City) esti 68._ 1961.3
9513 Bale I 95/
94 100
1
4
9573
8834 95
&Os 9112
89
9038
1
4
94/
1
4 100/
9438 99
94
9834
94/
1
4 96
1
4
93/
1
4 99/
9311 9812
9314 9512
99 10012
1952 AO
Haiti (Republic) 163
1946 A0
Hamburg (State)65
Heidelberg(Germany)ext 738s 50 J
Hungarian Munle Wan 74s 1945 J
External 5 1 7s___Sept 1 1946 J J
Hungarian Land al last 748 '61
N
Hungary (Killed of) s f 710_1944 FA
Irish Free State esti& s I. 5s_1960 Tot N
Italy (Kingdom of) ext'l 78_1951 J
Italian Cred Consortium 75 A1937 Ml'
1947 M
Extl see g I is ser B
Italian Publie Utility ext 75_1952
3
Japanese Goat r loan 45_1931 iJ
1954 FA
30-year s I 614,
Leipzig (Germany)s f
FA
Lower Austria (Pray) 710_1950 J
Lyons (City of) 15-year 68. _1934 MN
10018 Sale 99/
1
4
9612 Sale 96/
1
4
10313 104 104
1
4
9818 9913 98/
95/
1
4
95/
1
4 96
98 10014 9918
10113 Sale 101
9514 Sale 95
97 Sale 9634
96/
1
4 Sale 95
95 Sale 95
95/
1
4 Sale 9518
92 Sale 92
10114 Bale 10034
10012 Sale 1001g
9913 Sale 98
10018 Sale 100
39:
38
1PV„±
New York Bond Record-Continued-Page 2
2208
BONDS
N Y. STOCK EXCHANGE.
Week Ended Oct. 19.
.41
Prtce
Fritlag,
Oct. 19.
Week's
Range or
Lan Sale.
n
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 19.
h
Price
lortdag.
Oct. 19.
Ramp
dines
Jas. 1.
Week's
Range or
Last Sale.
No.
BId
High Chic Mllw & St P (Concluded)dik 1"°
7314 Mar'28
Gen & ref ser A 443s_Jan 2014 A 0
75 Mar'28
Debentures 413s
19323 D
.
105.2 1083
714 Feb'28
Debentures 45
1925 J D
9212 96
_
7214 Feb'28
25-year debentures 4s
1934 J J
100 1004
9514 "Lid
1975 F A -1351.8 little- 934
91.• Chic Milw St P & Pac Is
84
7
,
43
18
2
79
76% 1080
34
Cony adj Is
Jan 1 2000 A 0 79
5%
89
9533
Chic & N'west gen g 3136_1987 M N
9234 99
7713
7713
Registered
754 8412
QP
3
9032
904
General 4s
1987 M N -65i2 91
9113 99
94 Apr'28
Registered
963.
90
Q F
Oct'28
oo
Stpd 4s non-p Fed In tax '87 M N -65E2 02
8713 944
9
Gen 4 Y.s stpd Fed Inc tax_1987 MN 10434 10518 10412 10412
91
9134
2
Gen 5s stpd Fed Inc tax_ __1987 MN 10812 11134 10858 1085s
8734 94
113 Mar'28
Registered
MN
844 87
10014 Sept'28
Sinking fund Os
1879-1929 A 0
88
94
218
±
11872 OA
C9
19
092
0114 0c9
Registered
A 0 9912
Sinking fund 55
1879-1929 A 0 10112
8412 8878
le:28
Registered
10012 ho
A 0
9014 .0.14
2
Sinking fund deb Is
1933 M N 102i2 111278 10112 10112
8614 96
Registered
MN
92 10434
10-year secured g 7s
19303 D 10212 Sale ozt, 10272 13
105 10758
17
I5-year secured g 6438_ _ _ _1936 M S no% Sale 11038 111
987s 1001st ret g 5s
May 2037 3 D 10634 Sale 10614 1064 11
102 10714
1st & ref 4SO
May 2037 J D 9712 98 97
94
9712 28
91
9118 14
91
9334 Chic RI & P Railway gen4s 1988 3 3 9058 Sale 8918
4
218
04 6;1-e- 9
V6
Registered
93
9752
88
778 0c9
J 7 -160
Refunding gold 4.3
1934 A 0
96 104
Registered
93 Sept'28
A 0
8814 9154
69
1952 M II 9412
Secured 415s seriesA
7414 85
9
'
4218
4
93
2334 May
;
92
1-e- 9
8514 7612 Ch St L & N 0 Mem Div 48_1951 .1 D 8612 6
Oct'28
Gold 55
June 15 1951 J D 10512 ____ 106
8512 92O
107 Apr'28
Reglgtered
3 D
97 10214
Gold 313s
June 15 1951 J D 8334 __. 8411 Jan'27
98
78
91
94
10114 oct'28
Ch St I.& P 1st cons g 5s_ -1932 A 0 10114
Ran& Oblo 1st g U.__ _July 1948
9312 Sale 9312
Registered
A 0 joor8 1_66% 1014 Jun ..28
8918 Des4
91
Oct'28
Registered
July 1948
4
1014 10014
9612 101
Chic St P 1st & 0 cons 6s____1930 J D
9834 88
1933
20-year cony 443.3
9834 Sale 9812
66 9612 June'28
Cons Os reduced to 310___1930 J D 9612 __
98 10018
98 June'28 -Registered
1930M S 984
9878
9914 16
Debenture 5s
10215 Sale 10153 10212 45 100 106
Refund & gen 5s series A__1995
_
Stamped
M S 0
101 101
Registered
101 Sept'28
9
,
814
2 th.ze.. 981, Oct'28
8
Chic T H & So East 1st 55..1960 J D
9812
983,
July 1948
let gold Is
10434 Sale 10412 105 1 38 103 /10
Dec 1 1960 MS 93 Sale 924
7
Inc gu 5s
34 10612 112
93
Ref & can (is series C
1995
109 10912 10812 110
30
91
9712 Chic Un Stan 1st gu 413s A_1963 J 1 10012 101 10012 101
9312, 5
PLE&W Va Sys ref 43_1941
94 Sale 9238
1983 3 J 10418 Sale 10418 10434 10
1st Is series B
Southw Div let 53._
1950
10312 104 10258 1025s 12 10112 10718
1944 j D 10138 104 102
102
8213 0118
1
Guaranteed g Is
1
85
Tol & Cin DIY let ref 4e
_-A.1959
85 Sale 85
117
19633 J 117 Sale ,116
32 100 1051
6
let guar 610series C
Ref & gen 5e series D
2000
10234 Sale 10134 103
105 110212 Sept'28
100
3 100 1045s Chic & West Ind gene 60-7/1932 Q Its
Bangor & Aroostook let 55_1943
10018 103 100
1952 3 J 88
Consol 50-year 43
85
8838 25
8352 9354
10
Con ref ls
8912. 88
1951
85 Sale 8412
10312 21
6812 Feb'28
1962 M S 10312 104 1103
1st ret 534s ser A
8812 72
Battle Crk & Stur let gu 3:1 1989
Choc Okla & Gulf cons 5s_1952 M N 10458 __ 10458 1043s
95
98
1
95 Sept'28
Beech Creek 1st gu g 48-1936
10373 J 96
Cln H & D 2d gold 4138
94
97
9612 0618
Ms
95 Aug'28
Registered
97
97
Jan'28 _
____ 9618 Oct'28
C I St L & 0 1st g 4s..Aug 2 1936Q F
97
2d guar g 55
1936
Foecbt:2288
Aug 2 1936 Q F
82
Registered
824
Beech Crk Ext let g 333s
1951
785s ---- 82 Aug'28
Cin Leb & Nor 1st con gU4s 1942 MN 9013 -9-11-3 98871'43
Belvidere Del cons gu 33,35-1943
86
95
92
Oct'28
Big Sandy 1st 4s guar
1944
91
9412 92
Clearfield & Mah lit gu Is__ 1943 J J 100
100 July'28 _
BolIvIa Ry 1st Is
1927
92
92
Oct'28 _ _ _
Cleve Cin Ch & St L gen 43_1993 1 D 91
7973 88
83
81
Boston & NY Air Line let 481955
83 83
9412 Oct'28
20-year deb 413's
1931 J J 9834 10034 9834
9412 977s
9834
2
Bruns & West 1st gu e 48-1938
9412 96
10933 D 112
General As Series B
112 A1112.28
100 1004
Buff Roth & PItte gen g 58_1937
_
10052 -- 1005s Oct'28
Ref & Impt 68 series A
1929 J J 10018 ti2;11 100
9012 1181
.
10038 19
9412 24
Cense'4S3s
1957
9412 Bale 9312
1941 3 J 10512
Ref & impt fis ser C
102 Oct'28
10558 10553
102 1031:
---- 102
Bur IC R & Nor 1st coil 59 1934
Ref & Inapt 5s ser 13
1963 3 .1 10338 gife- 10338 10358
3
9412
Oct'28
1939 3 J
105 1107s
Cairo Div lit gold 48
Sou cons gu 5.3 A
1962
95
10553 10738 10712 Oct'28
9673 10214
8658
Cin W & M Div 1st g 48_1991 7 .1 8612 16 8658
=r
lan Nat 4104.8ept 15 1954
9734 11
9713 Sale 9718
9758 101
88
88
St L Div 1st coil tr g g 4s 1990 MN 8818 90
9912 84
5-year gold 433s_ _Feb 16 1930
9914 Sale 994
1940 M S 93
964 1021s
984 9634 Mar'28
Spr & Col Div 1st g 4s
30-year gold 4135
1957
9738 9758 97
9734 26
1940 J J 90
W W Val Div 1st g 4s
Canadian North deb s f 7s-1940
90 Oct'28
11278 Sale 11218 11218 37 11014 117
99
Ref & Impt 413s ser E
1977 7 J 99 Sale 9834
8 11513 123
25-year a f deb 613s_ _
_1946
117
22
117 Sale 117
1934 3 3 101 10812 106 Sept'28
9678 10314 CCC&Igenconsg 68
10-yr gold 413s._ _Feb15
_-- 1935
974 98
9738
974 24
1933
A 0 10018 104 10018 Sept'28
Clev
Lor
&
W
con
1st
g
5s
8553
92
884
53
Canadian Pao Ry 4% deb(dock_
Sale
8712
88
100
100
98 10114 Cleve & Mahon Vale 511
Coltr 4133
19413
99
8
-1938 3 3 99
974 98'2 984
9814 9814 CI & Mar 1st gu g 41313-1935 M N 9634
Carb & Shaw let gold 4s__ _1932
100 Nov'27
98
9814 Apr'28
94
80
Caro Cent 1st cons g 48
1949
10134 Mar'28
1305,2 Cleve & P gen gu 41,3s ser B.1942 A 0 99
81
8134 814 Oct'28
19423 3 99 116 100 July'28
Series A 413s
2 100 10512
Caro Cllnch 440 let 30-yr 58_1938
10112 Sale 10112 10112
1948 MN 9012
Series03tie
let & con g 619 ear A_Deo lb '52
9014 Apr'28
20 107 10934
108 l08'2 10753 108
1950 F A 89'4
Series D 313s
1981
8958 Apr'28
Cart & Ad 1st gu g 4s
904 95
Ms Oct'28
894 91
Cleve Sher Line 1st gu 4130_1961 A 0 10018 166 - 10018 Oct'28
79
90
Cent Branch U P 1st g 4e _ _1948
4
82
84
81
82
5 105 1084 Cleve Union Term 1st 513s_ _1972 A 0 108,
°entre' of Ga let g 53_Nov 1945
8 Sale 10838 1084 3
__ 10612 10612
10412
A0
103
Oct'28
Registered
Consol gold 5s
1945
7 100 10714
10234 10338 10234 10312
1973 A 0 10434 16E- 10453 1045s
1st it f 5s ser 13
10034 1044
Registered
2
10034 Aug'28 _
1977 A 0 9914
10034 10034
lsts f guar 413aser C
10-year secured 6s_June 1929
1
5 100 10214
10018 Sale 1004 10014
Ref & gen 513s series B___1959
_ _ 106 10858
Oct'28
10514 10578 106
1945
93
91
Coal River Ry 1st gu 45
9114
3
Ref & gen bs series C
1959
10314
104
50 10212 105
9938Sale
A
_
_1929
9938
9912 37
9312 9512 Colorado & South lit g 4s_
Chatt Div pur money g 42_1951
94
9312 June'28
88
96
9512 Sale 9512
Refunding & exten 413s-_ 1935
19
102 109
Mac & Nor Dly let g 5s
1946
Oct'28 _ _
101 106 102
1948 A 0 91
93 June'28 Mid Ga & AU div per In 581947
1031s 1031s Col & H V 1st ext g 4s
102 107 1034 Apr'28
1955
A 91
95 - 91 Aug'28 .103 10678 Col & Tol 1st ext 43
Mobile Div let g 5s
1946
Oct'28
105 108 105
88
_ 90 May'28 _
8312 885s Conn & Passum Rly lit 4s_ _1943 A
Cent New Eng let gu 48._ 1961
8378
8378
7
834 86
1930
A 9534
9518 June'28
98 10034 Consol Ry deb 43
Central Ohio reorg 1st 413s 1930
9814 994 9918 Sept'28
.
1954
7318 -7-5
Non-cony 4s
28 7312 Oct'28
Cent Ell & B kg of Ga Coil 59 1937
_ 10012 10212
10112 10112 Oct'28
_
1955
deb
4s____J&J
7318
Non-cony
7312 Oct'28
7914
Central of NJ gen gold 5s
1987
10814
11912
11412 Sale 11112 11412 14
8112 June'28
Non-cony deb 4s.._A820 195.5 A 0 7318
Registered
1987
10714 1181s
108
. 14 Oct'28
-- - 7318 Oct'28 _ _
7318 -7412
Non-cony debenture 4s_ _1956
9454 93,
General 4.4
1987
9378 99
8
934 93
1942 3
944 Sale 944
1941
944 23
Cent Pac lst ref gu g 4g
8934 D81
: Cuba Nor Ry 1st 513s
9114
914 1)3
92
25
1952
9638 Sale 9618
Cuba RR 1st 50-year 58 g
974 16
Registered
94
88
88 Sept'28
1938
109 109
713s
ser
A
3
Oct'28
107
ref
1st
Mtge guar gold 3Xs...Aug 1921
99
9914
99 Sale 99
99
3
1936
9712 Sale 9712
1st lien & ref Os ear B
Through Short L 1st gu 42_1954
9712
1
911s 9314
9134 9438 92 Oct'28
1960
Guaranteed g 58
103 Sale 10214 103
69 10012 10512
3 0714
Oct'28
Day & Mich lot cons 4138._1931
98
,6;1;- 9358
Del & Hudson 1st & ref 48_1943 MN 938
9418 48
Charleston & Sayn'h let 70_1936
__ 11938 Aug'27
_
1935 A0
10112 102
30-year cony 55
Oct'28 Ches & Ohio fund & imps 53_1927
1134100 10014 100
100
5 -66- 1614
N ioi" Sale 104
1937
15-year 513s
let consol gold bs
1935
105
104 Sale 1034 104
12 10212 10754
1930 3D 10214 Sale 10214 103
1939
10-year secured 7s
Registered
103 July'28 _ _ _ 103 106
14
D RR & Budge let gu g 4s_1936 FA 93
1992
General gold 413s
9733 105
964 Aug'28
994 64
994 Sale 984
92
Registered
9634 10214 Den & R 0 1st cons g 48._ _1936 33 91 Sale 904
9634 July'28
21
1930
Cense' geld 4349
1936 33 9418 95
Oct'28
20-year cony 4146
984 1011s
93
9933 33
99 Sale 9858
Craig Valley let 53May 1 '40
91
100 10233 Den & R G West gen 5s_Aug 1955 MN 91 Sale 8912
96
99 104 100 Sept'28
N 9212 Sale 914
Ref & Itnpt Is ser B Apr 1978
90
Potts Creek Branch let 42_1946
9212 49
9312
9012 Sept'28
_
1935• J 31 Sale 31
31
8712 9534 DesM&Ftulstgu4s
R& A Div 1st con g 4s1989
1
88
3
-874 -91-12 8712
1989
311! 29 Sept'28
Temporary effs of deposit....
28
9113 9234
924 July'28
2d come]gold 41
_
93
100 10212 Des Plaines Val 1st gen 4138_1947 MS
Warm Springs V 151 g 5s 1941
100 Sept'28
10214 Feb'28
100 _
9614
3D
1947
1995
1003s Dot & Mac 1st lien g 45
Clump Corp cony be May15
9914 104
16 80 Aug'28
9913 Sale 99
804 7514 July'28
Gold 4s
1995 3D
6934 74
71
Chic & Alton RR ref g 3s_ _1949
7214 71
71
5
89
734 Detroit River Tunnel 4135_ _1961 M N
72
Oct'28
_
CU dep stpd Oct 1928 Int
9934 100
9978 Oct'28
.•1 10338 ---- 10312 Aug'28
587s 7284 Dui Missabe & Nor gen 53_1941
Railway first lien 334._.._1950
60--60
6014 79
7112 Dui & Iron Range 1st 5s
59
101
Certificates of deposit
1937 AO 10118 -62
60
60
4
101
60
Registered
AO
8518 91.8
owe Burl &(2-Ill Div 3145-1949
8712
1004 May'28 _
2
8712 Sale 874
8933 9014 Dul Sou Shore & Atl g 53. _1937 33 83 16 8312
8938 Feb'28
8312 10
Registered
1949
9233 9834 East Ry Minn Nor Iffy 1st 4s '48 * 0
Illinois Division 49
_
89
95'2 9832 Oct'28
9578 July'28
1958
9834 East T Va & Ga Div g 5s_ ___1930 33 -5534 1-663
2
100
88
;
General 4e
93'2 13
9312 964 931
Cons 1st gold 55
3
9314 9338
1956 MN 10812
9314 Sept'28
Registered
10534 10534
1977
9634 1027s Elgin Joliet & East let g 5s._1941 MN 10018 162-4 10014 Aug'28
lat&ref 41isserB
994 10
-98
.34 9912 9834
1971
10512 13 1044 11014 El Pmo & S W 1st 5g
let & ref baser/DIA
110 106 Aug'28 _
1965 AO
105 Sale 10478
10314 1071s
Chicago & East Ill let 8s---1934
10558 ___ 10312 Sept'28
Erie 1st consol gold 78 ext__1930 M S 10234 1024 10212 10234
8314 93
87
0* E III Ry (new eh con 58_1951
85
8634 Sale 85
855s
1st cons g 45 prior
8
1982
i,i
alce
e_ 8
1996 1 J _8
Chle& Erie list gold be
12 S
1 1034 11214
86
5i
8760
58
14
2
1044 11018 1044 10478
Jan'28
66
Registered
7212
86
684 60
Chicago Great West let 4,s_ _1959
6858 Sale 68
81
60
1st cense'gen lien g 4s___ _1
1996 3 I
Ohio Ind & Loelsy-Ref 65_1947
_ 11714
11714
1 11514 11814
1038
10
3 11714
Oct'28
10518 106
Registered
1947
1996 J J
10512 July'28
Refunding geld 50
8814 E0358
Penn coil trust gold 4s___ _1951 F A i
883832% Oct'28
Refundlng Is Series C__ _1947
,
ba,-0
11 101
8814
1
8814 Sale 8814
843s 22
50-year cony 4s series A_ 1953 A 0 837s
lst & gen 53ser A
1966
9 100 1074
10112 Sale 10034 10112
3
8414
Series B
:
1953 A 0 834
1St& gen 1N ear B.--MAY 1966
109
10 10854 1111
109 10912 109
4
821z
Gen cony 4s serlea D
N 83
90
9612
Ohio Ind & Sou 60-year 4s--1986
A O
8212
1967
53 8,
7
90
90 Sale 90
308
96
Ref
&
99
10212
CON L S & East 1st 4138.. _ _1969
Bale
95
impt
bs
957
8
8
99
9918
Sale
99
Erie & Jersey lets f(is__ __1955 J J 1104 11334 1105s Oct'28
Ch M & St P gen g 4s A_MaY19119
8712 55• gols 931z
8712 Sale 8614
Genessee River let s f 58_1957 J 3 11013 11112 11014 Oct'28
8253 914
8253 July'28
R4)411tOred
7613 8114 Erie & Pitts wii g 3.13s ser B _1940
102 Feb'28
Gen g 3.42 ter B____May 1989 j
8614
7612 7778 7658 Oct'28 -Series C 313s
J 8614
403 N
95 10414
Gen 4455 series C___May 1989j j 9338 Sale 9612
1964m
9712 30
4 56
71% 8
"
Registered
10318 61ife-11OZs4
100 10011 Est RR extl s t 7s
100 May'28
Gen 4 sis series E_ ___ May 19891'j 974 Sale 96%
9278 9738
9738 184
I Due Feb • Duo Ma, p Dui Des
814
Railroad
AlaGtSouletconsAIB._._1943
1943
1st eons 4s Fier B
1928
Ala Mid let guar gold fw
1946
Alb & Susq 1st guar 313s
1998
Alleg & West 1st g gu 43
1942
Alleg Va gen guar g 4s
Ann Arbor lit g 48_ __ _July 1995
Atch Top & S Fe-Gen g 46_1995
Registered
Adjustment gold 4e__July 1995
Registered
Stamped
July 1995
Registered
Cony gold 45 of 1909
1965
Cony 4s of 1905
1955
Cony g 4s Issue of 1910
1980
Rocky Mtn Div let 4s
1965
Trans-Con Short L 1st 45.1958
Cal-Ails Ist & ref 4130 A 1962
AU Knoxv & Nor let g 52....1946
AG & Charl A L let 45,3s A 1944
let 30-year be series B
1944
Atlantic City let cons 4s
1951
Atl Coast Line 1st cons 4$ July'52
Registered
General unified 413s
1964
L & N coil gold 4s__Oct.1952
Atl & Day lit g 4s
1948
2d 48
1948
AU& Yad 1st g guar 48
1949
Austin & N W let gu g 5s
1941
Ask 14.149
High
0. Low
103 14078 10512 June'28
Oct'28
9338 944 94
9958 100 100 Sept'28
8514
8
8534 ---- 8514
90 Aug'28 89
90 Sept 28 -9314 -95
2
7612
7612 7834 7612
9312 94
93 Sale 9234
9112 Oct'28
884
3
884 Sale 883s
---- -- 9134 June'28 -9034 52
9054 Sale 8812
87
1
87 Sale 87
89
9058 8834 Oct'27,-1
8878
8878
8978 91
8873
- 8878 Oct'28 ---9114 93 92 Oct'28 92
Oct'28
93
92
10012 94
100 Sale 100
1034 -- 105 Sept'28
09 1 25
9812 -- 99
104
1
10312 10614 104
87_ 9312 June'28
9418 20
- 934
94 ET;1e
93 Aug'28
9834
3
9834 Sale 9812
9138: 25
9138 894
90
75 ' 3
75 Sale 75
3
67
67
67
66
Oct'28
86
8778 86
99 Sept'28 -100 103
;
High
Low
725s 747k
7018 75
71
734
7012 737s
9214 9812
6178 7934
754 86
7434 844
98
89
94
94
964
89
102 113
10454 117
113 113
10014 1024
10014 1014
99 1014
100 1001s
9978 10311
10012 1024
10212 1064
10812 11414
10433 114
9552 19412
8612 98
9212
88
9314 9654
93
9514
91
9754
92
9254
10558 1084
1051s 107
113-4
1014 10153
98 10352
9612 98
gm, 10012
gips 100
9838 10352
908 987s
975g 1034
103 107
10134 106
114 11914
1011s 105%
8454 9312
1025s 10512
10452 10722
9512 100
ggis 9851
9714 9714
9354
87
100 100
8852 9712
9758 1004
10824 110
100 los
Iowa 10852
9512 10512
9654
95
851s 9312
8812 9452
9712
96
90
9613
ggik 10052
106 10812
10012 10454
100 10112
101ig 1-611
4
100 loo
9014 9014
895s 8952
09 10612
10314 11012
107 107
10058 1074
99 1007s
91
9312
9812 10014
9512 100
924 9611
91
9552
90
90
9512 9612
7212 8212
72
8612
8112
80
73
854
94
9814
9618 10012
10512 110
9812 10114
9719 10012
9014 9654
100 10354
103 107
10214 107
9614 9614
8714 94
924 984
97
87
9114 9212
2714 36
26
3212
10214 10215
76
82
80
70
9712 103
10312 10312
9914 10312
10012 1027*
Ewa go
95
96
99 10414
10314 11012
9912 10618
108 10954
10212 10614
8314 91
86
86
7712 8654
76
8714
10012 104
8052 8912
801s 8912
8212 8813
93
2954
11052 116
110 116
102 102
9014 94
10014 104
New York Bond Record-Continued-Page 3
BONDS
NI IN STOCK EXCHANGE.
Week Ended Oct. 19.
t
4.
Priem
Friday,
Oct. 19.
Week's
Range or
Last Sale.
Mange
Sines
Jas. 1.
Fla Cent & Penn 1st ext g 58_1930 J J
let consol gold .55
1943 1 J
Florida East Coast let 449_1959 J D
1st & ref 5s Beiges A
1974 M
Fonda Johns & Glov let 44e 1952 MN
Fort St LT D Co lst g 448_1941 I J
Ft W & Den C Ist g 54s
1961 J
Frem Elk & Mo Val 1st 68_1933 A 0
GH&S A al &P let 5s1931 741 N
2d extens Is guar
1931 J I
Galv Hotta & Head 1st Is. 1933 A 0
Gs & Ala Ry tat cons 5.3 Oct 1945 1 .1
Ga Caro & Nor 1st gale 38-1929 I I
Georgia Midland let 39
1946 A 0
Or R & lest let gu g 448_1941 J J
Grand Trunk of Can deb 68_1940 A 0
15-years s f 6s
1936 M
1947 .1 D
Grays Point Terrr at 5s
Ask Low
99
98
97
85
3912
9934
I ASS.
_ 107
/
4
103/
1
4 1-6914 1031
_
100/
1
4 10034
OIl 2
_ 10034
9614 -9712 97
9212 93 92
9938 99
99
7614 7814 7418
9618 96/
1
4 9618
11212 Sale 11212
10612 10634 1063s
08
Great No- gen 75 serles A-1936
J
Registered
let & re!44s series A-- _ _1961 .1 1
General 515. series B
1952 1 J
General 58 seriee C.
General 434s seines D
1F1:
8
j
J
General 415s series E
19773 1
Green Bay & West deb ars A ____ Feb
Feb
Debentures etfs B
Greenbrier Ry 1st gu 48
1940 M
Gulf Mob dr Nor let 54s-1050 A 0
1st M 59 series C
1950 A 0
Gulf & 1 1st ref & ter g 53_81952 J
Hooking Val 1st cons g 4158_199e J J
Registered
1999 J J
Housatonic Ry cons g 5s
1937 M N
H & T0 1st g 53 Int guar__ _1937 J .3
Waco & N W die let Os_ _.1930 M N
Houston Belt & Term 1st 58.10372 J
Houston E W Tex late 58_1933
1st guar 5s red
1933 MN
Hud & Manhat let 5s ser A 1957 FA
Adjustment income 56 Feb 1957 AO
11318 Sale 11212 11318 178
_
11412 Apr'28
974 18
9712 Sale 9678
1
4 10914 34
10918 112 108/
30
105 Sale 10412 103
12
99
99 100
98
9914 66
99 Sale 9812
Oct'28
84 __
_
85
29
55
29 Sale 2612
93-- _ 9578 Mar'28 - 15
10412 10.5'Ol5s 103
/
4
011 10158 1011
/
4 18
10814-- 10812 Sept'28
10012 10034 33
100/
1
4 Sale
g
10212 May'28
9
98
1
4
9914 97/
9814
1
10214 104 10214
10214
102 May'28
_
ioi
102
102
10012 Aug'28
10014 10014 11-02 10014 Oct'28
981
/
4 Sale 98/
1
4
9914 182
8914 Sale 88/
1
4
8914 42
Bid
98
95
85
40
9812
9878
Sale
Sale
lilso
99
98
Oct'28
8512
401a
Apr'28
Oct'28
10414
Oct'28
Oct'28
Oct'28
92
Oct'28
Aug'28
9618
11314
1061
/
4
Oct'28
49
32
7
1
9
19
10
Illinois Central let gold 45
1951 II 9312 9512 9234 Oct'28
..1
Registered
95 May'28
let gold 341
1951 II 854 ____ 8714 Oct'28
J J
Registered
8534 July'28
Extended 1st gol_t 34s_ 1951 AG 84
88
8612 June'28
1951 M
1st gold 35 sterllint
7318 7614 74 Sept'28
Collateral trust gold 48_1952 A 0 91 Sale
91
891/4
1st refunding fe
1055 MN 93 Sale
9234
9312 22
Purchased lime 315e
1952 .1 1 8018 854 8318 Sept'28
Registered
J
85 Apr'28
Collateral trust gold 4e___1953 MN
8918 90
89/
1
4
8934
Registered
MN
9014 May'28
Refunding 55
1955 M N 10712 16/5-2 107/
2
1
4 10734
15-year secured 61411 g_ _ _ _1936 J J 110 Sale 110
3
11014
/
4e
40-year 41
Aug 1 1966 PA 10012 Sale 9934 10034 103
Cairo Bridge gold 49
1950
0 89
8618 July'28
Litchfield Die let gold 33_1051 '.1 74/
1
4 -76
7818 June'28
Louise Div & Term g 31-481953
J 82/
1
4
_ 8078 Sept'28
Omaha Div 1st gold 3s
1951 PA 74/
76 Sept'28
1
4 -76
St Louis Div dr Term g 35_1951 J J 7612 82
5
76/
1
4
763a
Gold 3158
1951 I J 81
87
85/
1
4 July'28
Springfield Div let g 346_1951 Ii 81- _ 88
Oct'27
Western lAnee late 4s
1951 1A 89
93 8918 Oct'28
Registered
PA
92 Apr'28
HI Central & Chic St L & N 0
Joint let ref 58 series A___1963
0 9312 9512 10414 10414 70
1st& ref 448 ser C
D 9714 Sale 9714
1963
9714 17
Gad Bloom & West 1st ext 43_1940 *0 84
88
9218 July'82
73/
1
4 7614 91 Sept'28
Ind III & Iowa let it 4s
1950 3
End & Louisville let eta 4s
1956 J
91
9112 88
3
90
1965
see
A
55
Ry
gen
Union
fed
J I 93
9312 100 June'28
Gen & ref 56 series IS
1965 J
8018 8518 10112 Oct'28
Let & Grt Nor 1st 68 ser A
1952 3 1 8918 90 10434 10512 23
Adjustment 6s sec A July 1952
_
9014 Sale 8838
90,4 46
Stamped
10514 10512 7712 Feb'28
1956
1st 5s series B
J
9712 Sale
2 10
1956 J J 97
lst g 5s series C
5
1
4
0634
9812 96/
Let Rye Cent Amer 1st 59_1972 MN 84 Sale 84
35
85
1941
let coil tr 6% notes_
N 06 Sale 95/
1
4
8
96
1947 FA 9712 Sale 97
Sat lien & ref 615s
974 103
Iowa Central let gold 55_
1938 ID 37
4012 3912
4018 12
Certificates of deposit
40
39
4
39
Refunding gold 41_ _____ 1951 MS 111
/
4 12
1112 Oct'28
James Frank & Clear 1st 481959 ID 80/
1
4 9212 90
90
5
KaA&GRIstgug 5s
1938 J J 991
/
4
- 103 May'27
Kan& al let gu g 48
1990 *0 8714 90
2
87/
1
4
87/
1
4
KG Ft S & M Ry ref g 4s
1936 AO
C & 51 R& IS let gu 5s_1929 AO
Kansas City Sou 1st gold 38_1950 *0
Ref de 'rept Is
Apr 1950 3
Kansas City Term let 4e__1960 3
Kentucky Central gold 4e_ __1987 J I
Kentucky & Ind Term 445-1961 J
1961
Stamped
j
Plain
1961 .1 .1
Lake Erie & West let g 59_1937 J J
1941 II
24 gold 5s
Lake She & Mich El g 3411-1997
1997 II)
Registered
1931 MN
25-year gold 45
Registered
MN
Loh Val Harbor Term gu 5e_1954 FA
Leh Val N Y 1st gu g 448_1940
J
4e__2003
Lehigh Val(Pa) cons g
M
Registered
MN
2003 MN
General cons 434s
Registered
MN
934 Sale 934
9312
100 Sale 100
100
75
7512 75
75
100 Sale 9912 100
90/
1
4 Sale 90
90/
1
4
_ 91
91
0188 -9334 90 Sept'28
9014 9312 9212 Sept'28
97 101
Oct'28
97
10014 101 100
10012
9934 10012 99/
1
4
99/
1
4
81
84
8178
8178
81
8112 June'28
9734 -98
9734
981a
9934 Apr'28
1-044 16712 104/
1
4 10434
9938 __ 99/
1
4 Oct'28
8734 Sale 87
87/
1
4
89 June'28
-66- V9-14 99
99
- - 95 June'28
Lehigh Val RR gen 55 series_2003 MN
Leh V Term Ity let gu g 55..1941 AO
Registered
AO
Lab & N Y let guar gold 45_ A945 M S
Lex dr East 1st 50-yr 55 gu__1965 *0
A__1962
Little Miami gen 4s Sas
MN
1935 AO
Long Dock COI:1130i g 64
Long lidd 1st eon gold 5sJuly 1931 (33
let consol gold 48____July 1931 Q
1938 3D
General gold 48
1932
Gold 4e
D
1949 M
Unified gold 48
1934 ID
Debenture gold 5e
1937 MN
30-year p in deb 58
Guar Sti II 181 con gu 58 Oct '32 M
Nor Oh B let eon gu 5s_Oct '32 Q J
Lou & Jeff Bdge Co gd 42.-1945 M
10534 1074 10514
10112 10312 101
10378
90
10614 110 106
8814 92
88
10314 10712 10612
100
10014
96/
1
4 99/
1
4 9712
92
93 921
96
96
89 Sale 89
08 100
9734
984 9878 984
00 Salo 90
08
99/
1
4 9934
8914 9412 89
Das Feb. 1.
105/
1
4
Oct'28
Feb'28
Oct'28
Oct'28
Aug'28
July'28
10014
Aug'28
02
96
0212
Oct'28
9812
90
Oct'28
Oct'28
13
6
28
47
1
10
4
1
_
34
_
8
09
2
3
_
4
2
37
8
11
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 10.
77:3
t
a.
2209
Price
Fridatl.
Oct. 19.
Week's
Range Or
Last Sale.
n
Rail.
Nam
Jas, 1.
Low
High
Bla
Ask Low
Rigs No Low
MO
99 10212 Louisville & Nashville 5s___ _1937 M N 10212 103 10212 Oct'28
101312 164
98 10334
Unified gold 4s
1940 J I 9514 Side 954
9334 9914
4
95,4
Collateral
trust gold 5s1931 M N 100 10112 10112 Aug'28
9612 10112
100 1021s
83
911
/
4
10-year sec 7s___Nlay 15 1930 M N 103 Sale 103
103
2 10212 10512
3912 52
let refund 515s seriesA 2003
10634 Sale 10634 106/
4 10412 11012
1
4
984 991,
A 00 10418 105 10412 10412
1st & ref 58 series 13
1 10078 109
10412 10824
t
1st
N o&&refi i
C_ _220°0033
9914 10012 0912
97/
1
4 10414
9912 12
10358 1071
go
/
4
sseldri6es
s
19301 J 100 10138 100 Aug'28
100 10338
9914 1034
2d gold 6s
19301 3 100 10112 100
Oct'28
100 10214
99 1014
Paducah & Mem Div 4s 1946 F A
9212 9314 92/
1
4 Oct'28
92/
1
4 9612
97 100/
St Louis Div 2d gold 3s 1980 M S 7018 ____ 70
1
4
Oct'28
6834 71
86 1011
Mob & Montg 1st g 4156_1945 M S
/
4
__ 100 Sept'28
100 102/
1
4
9678 1001
South Ry joint Monon 4s _1952 J J 100.
8812 90
88/
1
4
8838
8678 94,
4
2
744 79
Ati Knoxv & Gin Iliv 4s 1955 N N 93
94
9212 Oct'28
9012
9812
9534 101
LoulsvCln& Lex Div g 410'31 MN 98 100
98
Oct'28
98 10014
111 117
Mahon Coal RR 1st 55
1934 J J 9914 ____ 9912 Sept'28
9914 1034
105 1095. Manila RR (South Lines)45_1939 M N
74 Sale 74
74
6972 7914
10
98
997,
let ext 4s
1959 SI N
75
81
80
Oct'28
754 82/
1
4
:ManitobaS W Coloniza'n 55 1934 J D 9912 Sale 9912
9912
9912 10112
3
111 116
11412 11421 ManGB&NW 1st 348_1941 I .1 84
90
88 July'28 _
88
88
951
/
4 10211 Mich Cent Dot & Bay City 5s_'31
9934 101 100 Sept'28
994 1024
10518 11514
Registered
Q 51
10034 Apr'28
101/34 1611
/
4
103 109
Mich Air Line 4s
J
1940 J
9114 ____ 97/
1
4 Jan'28
973s 97/
1
4
9612 10114
J J
Registered
9218 July'28
_
92,s 1121s
95/
1
4 li.)114
1st gold 348
1952 MN 8212 ---- 8512 Oct'28
7712 8934
85
20-year debenture 45
863,
1929 A 0 851
___ 9914
994 9812 100
2214 294 Mid of N J 1st ext 58
1940 A 0 924
2-9331 9212 Aug'28
9212 9914
96/
1
4 9571, Milw L S & West Imp g 59_ _1929 F A
9912 10014 99/
1
4 Oct'28
9852 10032
1001
/
4 1074 Mil& Nor 1st ext 448(1880)1934 J D 9414 9812 98 May'28
9914
98
99 104
Cons ext 4158 (1884)___1931 I D 9312 9614 9412 Oct'28
9412 1191s
SI
1074 10812 Mil Spar & N W 1st gu 4s___1947
1
4 954 May'28
S 9212 93/
954 9711
971
/
4 1071, Milw & State Line 1st 348_1941 J J
90 Apr'28 _ _
90
90
10212 104t: Mien & St Louis 1st cons 58_1934 M N
48113 -527-2 50
Oct'28
42
61
0712 1011
/
4
Temp etfs of deposit.„1934 M N 47/
1
4 50
47/
1
4 Sept'28 _
40
67
9834 10415
1st & refunding gold 4s___1949 M
1412 1538 1412
15
i6 14 23/
1
4
102 103/
Ref dr ext 50-yr 5s ser A.-1962 Q F 15
1
4
16
15
15
1
1112 21
98 10251
Certificates of deposit ______
10014 10078 M St P & S M con g 4s int gu'38
00 Sale 1-3858- -961-2 66
87 -911-3
1st eons 59
93
9918 1024
98
971
/
4
97/
1
4
2
is312 10011
lst cone 5s gu as to int
9978 Sale 99/
9738 10312
1
4 100
1938 J
22
98 101
Sale
19-year coil trust 648_---119
10138
8814 954
1013
s
101
99/
1
4 1031a
931
38 j11,1 I
17
S
1st dr ref 14 series A
/
4 101
1946 J J 101 1011
101
1 100 10314
9112
9114 9914
25-year 515s
9012 92
9138
3
9112 96
9312
N
e
let Chicago Term s f 4s__ _ 1194
M
95
9518 July'28
95
1M
949
951s 96,
4
Oct'28
8034 9012 /418131881pp Central let 5s
99
1949 J 1
98 100
8534 8534 Mo Kan & Tex 1st gold 45
1990 J D 8834 Sale 8712
8834 23
85
11234
8612 8815 Mo-K-T RR or lien 55 ser A.1962 1 J 102 Sale 10178 10214 13
99 10434
74
40-year 48 series B
1
4 Sale 8518
76
8612 122
85
1062 1 J 85/
9312
88/
1
4 9614
Prior lien 44eser D
94
94 Sale 93
141
9012 99/
1
4
2 105 Sale 10418 10314 140 1011a 1094
004 9812
Cum adjust .5e ser A Jan 196
A 0
72
78
6318 904 Mo Pac let & ref 5s eer A
1007s 35
98/
1
4 103/
1
4
1965 F 5 100 Sale 100
86
85
General 48
78/
1
4 Sale 78
79'2
764 8314
63
8818 04
1st & ref 5s ser F
9914 Sale 9918
994 347
98 102/
1
4
1975
7M
WI
9014 9014 Mo Pee 3d 7s ext at 4% July 1038 MN 9218 9312 911
/
4 Oct'28
911
/
4 9715
103 11U7s Mob & Blr prior lien g 5s
103 Aug'28
1945 3 J
103 1113
10812 1141,
Small
J I
100 Apr'28
99/
1
4 100
98 10234
1st m gold 43
Oct'28
88
1945 J 1
8424 9811
864 97'
Small
88
1 86
92/
1
4
19453 .
82
8712 Oct'28
7818 8212 Mobile & Ohio gen gold 48 1938 M S 9278 9512 9234 Oct'28
92/
1
4 98
80
91
Montgomery Div 1st g 58_1947 F A 9934 104/
1
4 Oct'28
1
4 99/
9914 105/
1
4
7538 19114
Ref & Impt 4154
9414
9412
1977 M
9212 9934
72
Mob & Mar 1st gu gold 4s
90
Oct'28
95
1991 M S 90
88
88
974
80/
1
4 8932 Mont C let gu 68
Oct'28
1937
J 106 111 106
106 11278
let guar gold 59
101 104 10434 Jan'28
1041
/
4 10414
I 8012 80,
-9-41; Morris &Essex 1st gu 348_210
Oct'28
37 3 D
9003
4 82
79/
1
4 83
90
92
Nash Chatt & St L 4s Ser A _1978 F A 9118 911
Oct'28
/
4 911
/
4
90
964
1011
/
4 10814 N Fla & itit gu g 58
1937 F A 101 10412 101 Sept'28
101 10414
96 101
Nat Ry of Met pr lien 4158_1957 J
17/
1
4
18 July'28
18
18
J J
1712
July 1914 coupon on
1834 July'28
1834 1834
921a 9218
Assent cash war rct No 4 on
1418
14's
5
12
21
91
97
Guar 70-years f 4s
1977 A8712 Aug'25 _
88
; 1512
92
Assent cash war ret No 5 on
-113114 -1-43
1512
1
145 22
100 105
Nat RIO Mex pr 1 4148 Oct 1926
3812 .July'27
2112
10112 10412
Assent cash war rct No 4 on
204
2018
5
-211-4
104 10812
1st consol 4s
204 21
1951
22 Apr'27
1012 1134 1134
85
Assent cash war rct No 4 on
9914
1134
5
968 1671
7712 7712 Naugatuck RR let g Is
1954
86/
1
4 Nov'27
9412 10178 New England RR Cons 5s 1945 .1
9818 105
-66- 16-2.4
9818 Oct'28
95/
1
4 102
Consol guar 4s
Oct'28
8734 884 88
88
93
814 9212
J June RR guar let 4s
Oct'28
F A
9
198
46
53
88 100
88
9424 09/
98
1
4 NO&NE 1st ref & imp 44sA'52 1 J 96
95 102
9618 Oct'28
8912
New Orleans Term 1st 4s_ _1953 3 1 96
91 100
98
90
10
884 9513
__
88
52
N 0 Texas & Mex n-c Inc 5s_1935 A 0 984 100
9512 102
9914 Oct'28
OA
37% 49
A
9912 Sale 99
1st 5s series 13
1,955,4 F
100
28
1
4
98 101/
101a 19
10212 1041
1st 5s series C
/
4 10212 102/
1
4
6 100 105
1 443series D
96
st 96 Sale 96
13
3812 98/
1
4
93 100/
1
4
O
A
10318
1st 54s series A
4F
A
Sale 10318 104
195
956
12 102 106
561 9615 N & C 'Age gen guar 4 4s 1945 J 96/
1
4 __-- 9634 Oct'28
969,100
NYB&8tBlstcong5s.19354 0 9838 100 102
102
4
9812 102
9218 97
N Y Cent RR cone deb 68.-1933M N 108 Sale 10634 108
7 10.51
/
4 10932
9912 10312
M N
Registered
Apr'28 _
107 107
72/
1
4 7014
Consol 45 series A
91 Sale 9012
19981
91
54
89/
1
4 97,2
07 103,4
Ref & inipt 415s series A2013 A 0 10012 Sale 100
10012 28
9818 10412
8812 95/
ef & inlet Is series C
R 107 Sale 10612 10714 93 10412 1104
013 A 00
1
4
91
9612
Registered
10614 10614
10614 June'28
90
9612
0018 96/
82
1
4 N Y Cent & Mid My NI 3153'97 J J 81
811
/
4
82
9
7972 87/
1
4
97
Registered
98/
1
4
1997 J J 80/
1
4 841
/
4 77/
7718 8512
1
4 Oct'28
Debenture gold 4s
1
4 Sale 9538
1191
/
4 10514
1934 hmt N 95/
96
56
9312 994
99/
1
4 10478
Registered
9718 Apr'28
974 98/
1
4
79/
1
4 8715
30-year debent,ure 48
19421 J 93 -9978 911
/
4
92
8
9114 99
Lake Shore con gold 3155_1998 F A 8012 Sale 79/
7714 4812
8112 86
1
4
8012 18
97 100
Registered.1998 1F A
7718 7914 77/
7612 8272
1
4 Oct'28
99/
1
4 9914
M ich Cent coll gold 345_1
7918 Sale 79
87
794
2
78
199
98
8
103 10712
1998 ,
1 A
Registered
1
4
76/
77
8324
77 July'28 _ _
991
/
4 10212 N Y ChM & St L 1st g 4s
9212 9814
9614
1937 A 0 0618 97
9614 20
Registered
/
4
8654 9312
_ _ 9612 Feb'28
1937 A 0 941
961g 9612
89
91
25-year debenture 4s
98
9512 10012
9818 21
9814 98
9634 10218
2d 69 series A B C
10178 Sale 10178 102
22 10012 10312
95 10012
Refunding 535s sertes A_ _1119
O 107 Sale 106/
A NN
1
4 10712 84 105 10772
9971
:31 MAI
Refunding 515s series B1975 J 1 10714 Sale 10634 1074 29 16434 10734
10418 111,4 NY Counect 1st gu 415s A 1953 F A 9634
971
/
4
9814
1
9512 10212
10014 10714
1st guar 55 series B
100 1-6i10012 10514
12 104 Aug'28
10378 10378 IN Y & Erie let ext gold 4s
9212 9212
9134
1
19
94
5:
7
3F
M N
A
9212 Apr'28
87
0
/
1
4 1004
9212
3d ext gold 415s
/
4 June'28
1933 M 8 9712 IVO - 991
105 11532
4th eat gold 53
99 100 100
100 10014
Oct'28
88
9612 N Y & Greenw L gu g 5s
95/
1
4 9712 95/
94 100
1
4
95/
1
4
2
193
94°
6M
A 0
N
10612 10912 NY & Harlem gold 3158
2000 M N
8612 8712
8618 Mar'28
100 10312
Registered
M N -78's -_-_-_-_ 8518 Apr'28
8512 8512
1412 99/
1
4 NY Lack & W let & ref gu 5s1973 61 N 10012
80 July'27
92
9612
First & ref gu 4 4s con____1973 M N
4 ____ 100
Oct'28
-65r2 11)9
92 10015 N Y L E dr W 1st 7s eat
_
1193
9301/1S
2F A 10018 10312 104 Feb'27
8738 93/
1
4 N Y &Jersey 1st 5s
10038 10078 10014 Oct'28
100 1E4
97/
1
4 10014 N Y & N E Bost Term 4s
JO Nov'27
1939 A 0
97 10112 N Y N II & H n-c deb 4s
843
8213 110
11
1
4 Sale 841
1947 M 8 84/
/
4
90
9424
Non-cone debenture 315s_1947 M 8 75
1
77
75
75
73/
1
4 8314
091
/
4 102
_
75
74
Non-cony debenture 3158_1954 A 0 74
Oct'28
7018 811
/
4
8714 944
19.55 J J 82 Sale 8114
Non-cony debenture 4s
82
19
78/
1
4 8812
Non-cony debenture 4s__ _1956 m N 82 Sale 81,8
26
82
79
884
Cone debenture 315s
1
4 41
7812 Sale 7312
1956 J J
73/
7012 80
Cony debenture 6s
J1 11214 Sale 11214
1948 I
C
11334 41 1111
J .
/
4 11812
Registered
108 Aug'28
_
9812 115
Collateral trust 6s
103i2 Sale 103
10312 21 1113 105/
1
4
Debenture 43
7412
2
7312 7412 7412
724 8238
1st11
MA N0 9038 Sale 8914
Si ref 44e ser of 1927__19
11996
547
07 J
90/
1
4 116
87
9424
Harlem R dr Pt Ches 1st 01954 M N
Oct'28
89
9352
-6
2210
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 19.
NPW
••••
Prue
Friday,
Oa. 15.
York
Brod Record—Continued—Page 4
Rows
Bina
Am. 1.
Week's
Range or
Lan Bale.
Ark Low
Bia
N Y OA W rellstg 4e_June 1992 MS 75
753s 7512
Reg $5.1100 only June 1992 MS
7612
General 46
6818 Sale 6818
1955 ▪ D
NlY Providence A Boston 45 1942 A 0 8778 ---- 87%
AO
Registered
89
,
4
Y & Putnam let con gu 4s 1953 AO 89
9212 90
NY Susq & West 1st ref 55_1937• J
9(112 Sale 8812
2d gold 43511
78 Sale 78
1937 TA
General gold Es
7178 70
71
1940 FA
Terminal 1st gold 55
101
9912
1943 MN
N Y W-ches& 13 let ser I 4He '46 J
8514 8.34 8434
Nord Ry ext'l s IS S511
1910 AC 102 Sale 102
Norfolk South 1st & ref A 65.1981 TA
91 Sale 904
Norfolk & South let gold 56_1941 MN
10134
7512
Apr'28
681s
Oct'28
Jan'28
90
91
78
71
Aug'28
86
10314
91
Oct'28
Vs Low
1145
2
7234 1304
784 78
2
68
8034
874 96
8934 8934
4
88
964
17
8014 9212
5
77
831.
11
68
804
9913 1021
18
8312 92
38 100 1004
25
90
97
9812 102
Norfolk & West gen gold 6e1931 MN
Improvement Anal 65_ _ _ _1934 TA
New River 1st gold fie ___ _11)32 AO
NA W Ry let eons g 44 _1996 AO
Registered
1996 A 0
Div'l let lien & gen g 49_ _ _1944 J
10-yr cony 65
1929 MS
Pocah C & C Joint 45
1941 J O
North Cent gen & ref fis A...1974 M
Gen & ref 434s eer A stpd_1974 11,1
North Ohio 1st guar g 58 __ _1945 * 0
North Pacific prior Hen 45._ .1997 Q
Registered
1997 (.1
Gen lien ry & Id gt 36...hin 2047(IF
Registered
Jan 2047
F
Ref & Inlet 4 He 5eries A__2047 J
Ref & impt 6s series B_ ._2047 J
Ref & impt 58 series C_ _ _2047 J
Ref & hunt bs seriet, D _
_2047 J
Nor Pac Term Cm 1st g 85_ _ _1933
.▪ 1
Nor Ry of Calif guar g bs_ __ _1938 * 0
Oct'28 -- 10134 10812
10234 10312 103
1
4 Aug'28
- 104/
1
4 107
10412 -- -- 104/
103 105 103 July'28 ---- 103 10034
38
94
894 984
93 Sale 924
9012 984
8738 7634 90%
90%
3
921
/
4 965
93
9314 93 Oct'28
175 191.11
175 July'28 9114 973
2
9218
924
9178
1074 -- 108 Aug'28 -- 10734 108
9818 101%
9612 101 10034 Oct'28 -95 103
9618 96,2 9512 Sept'28
92
69
9134 Sale 9114
89
97,
8912
6
88
97
8878 9514 8612
6612 41
6212 124
6614 Sale 66
6334 697,
6338 6514 6334 Oct'28
97 105
10014 23
9914 10038 100
43 111 11714
113
11238 Sale 1124
32 1934 1091.
105 Sale 10412 105
10312 10438 lovs 10438
1 1.124 1093.
107 1104
109
,
4 -- -- 10934 June'28
102 10514 107 June'28
106 107
North Wisconsin 1st 86
1930• J
Og & L Cham let gu g 4e_ .1948 J
Ohio ConneetIng Ry let 48..1943 M S
Ohio River RR 1st 558
1936 J
General gold 58
1937 A0
Oregon RR & Nav eon g 43_ _1946 I 1,
Ore Short Line 1st cons g 55_1946 J
Guar etpd cons 5.3
1946 J J
Guar refunding 4s
1929 J
Oregon-Wash let A ref 44._ _1961
Pacific Coast Co let g be_ 1948 ii
Pao RR of M o let ext g
F
2d extended gold 53
1938,
Paducah & ills let f 4 Hs_ _ _195541
Paris-Lyons-31er] SR esti 68_1958
Sinking fund external 78_1958 M
Parts-Orleans RR s f 7e
1954 M
External sinking fund 5334 1968 MS
Paulleta Ry 1st & ref f 75_1942 MS
9914 10214 99 Sept'28 Oct'28 -8214 8512 83
9538 Nov'27
93
104 Apr'28 9934 101 10112 June'28 -9238 1 12
9238
8934 96
6
10514 10512 10514 10534
Oct'28 10 34 108 100
9812 Sale 9812
9834 57
22
90 Sale 8934
90
74
744 12
75
77
9318 Sept'28
93
10012 Oct'28
9934
10038 Oct'28'
9912 83
9912 Sale 9918
10312 104 10312 104
36
10234
- 10234 Oct'28 44
96
9534 Sale 95%
10234 103
5
10234
Pennsylvania RR cons g 44_ 1943 MN
Consol gold 46
1948 MN
48 Berl ittpd dollar_May 1 1948 M
Consolidated f 435s
1960 TA
General 433s series A
1965 J D
General Its series B
1988 J O
10-year Secured 73
1930 AO
I5-year secured 64s
1936 FA
Registered
5*
40-year secured gold 56._.1964 MN
Pa Co gu 335s coil tr A reg__ _1937 MS
Guar 334s coil trust set IL 1941 FA
Guar 3145 trust etfa C..,..1942
D
Guar 335s trust Wm D.. _ _ _1944 J
Guar 15-25-year gold 44_ __1931 AO
Guar 48 ser E trust ells. _.1952 MN
Pa Ohlo & Del 1st & ref 4340,17 * 0
Peoria & Eastern let eons 4s_1940 * 0
Income 46
April 1990 Apr
Peelle dr Pekin Un let 5335_1974 P A
Pere Marquette 1st sex A 58 1958• J
DB 45series B
1958• J
9334 9514 9734 July'28
9418
9418
9414 28
9313 Oct'28
9318
1
4 11
102 Sale 10112 102/
10038 Sale 99/
1
4 10012 113
6
109 Sale 10812 11918
10312 Sale 10234
10313 86
11034 39
11034 Sale 11014
_ 112 Apr'28
10334 64
1(-)512 Sale 103
Oct'28
88
88
8738 90 8738 Oct'28
90 Apr'28
89
8812 July'28
8712
1
99
98
9812 99
9038 9412 9012 Oct'28
5814 12
9814 Sale 9714
Oct'28
8634 8734 87
2
38
3714 42 38
105 _- 103 Sept'28
104 Bale 10334 1044 14
9334 18
92% Sale 9214
Phfla Ball & Wash lit g 4&.1943 MN
General 5s series B
1974 P A
PblIlIppineRy 1st 30-yr a f 481937 3 .1
Pine Creek registered let 88.1932 I
POO&StLgu43364.
1944) AO
Series B 4351. guar
1942 A 0
Series C 435e guar
1942 MN
Serial D 43 guar
1946 MN
Series E 33.3s guar gold
I949 P A
Sales F 46 guar gold
1953 JO
1957
Series 46 guar
Series H con guar 4e
19410
Series I cons guar 4345_ _ _1963 F A
Series I cons guar 4 y44_ _ _ 1964 MN
Genera. M Si series A
1970 J
Registered
J D
Gen mtg.guar 58 series 13_1975 A 0
Registered
A 0
Oct'28
94
10534 Oct'28
10813
4012 18
494 4034 40
10212 10514 104 June'28
6
100 10012 100
1004
100 Oct'28
100
3
9911 Sale 9912
9913
97 Aug'28
9714 Sept'28
97 Aug'28
96 July'28
_
9718 July'28
Oct'28
9814 10114 101
2
100 ,_100
100
9
108 Sale 10738 108
11338 Jan'28
10818 Sale 10738 10814 180
10738 108 11313 Jan'28
Fitts Melt dr Y 1st gu Os_ _1932 J J
1934 J J
2d guar as
Pitts Sh & I.E 1st g 58
1940 14 o
lit consul gold 55
1943 J
Pitts Va & Char lit
11443 M N
1944 3D
Pltta Y & Ash let 4s ser A
1st gen 51 seder B.
1962 F 14
1974 3D
let gen be series C
Providence Secut deb 45_ _ _1957 MN
Providence Term lit
1958 M
Reading Co Jersey Cen coil 48 51 AO
AO
Registered
Gen & ref 433s series A___1997 J J
1948 M N
Pleb & Meek let g 4s
Warn Term Ry let gu 512 _1952 j j
Rio Grande June let ge 56_ _1929• D
Rio Grande Sou Is) geld 48_ _1940 J
Guar 4s (Jan 1922 coupon) 40 .1
Rio Grande West let gold 48.1939 J
1st con A coil trust 40A...1949 * 0
RI Ark & Louis let 4 Ms_ _1934 MS
1949 3
Rut-Canada 1st gu g 45
Rutland let con g 435s
1941 3
105
105 Sale 105
1
4 June'28
10112 106 103/
10014 Oct'28
10014 Aug'28
10033
901s -- 904 Sept'28
93% ---- 95 June'28
108 June'28
164
764 Oct'28
7334 76
Oct'28
84
834 92
9234
9214 9314 0234
9
94
878
3 June'28
Jue'9218
9 2
9834
9914 100
79/
1
4 May'28
87
100 102 10412 June'28
10012 June'28
5 May'28
712 Apr'28
/
4
9674
-1544 8-11;1-e- 901
85
Sale
8414
/
4
841
95
9514
9514 96
7914 8014 7918 Aug'28
90
9334 94 July'28
87
9412 86 Sept'28
St Jos dr Grand 1611st g 421_1947 J
100 Aug'28
Elt Lawr & AdIr 1st g 54
1996 JJ 100
1994 £ 0 10512 -- 10512 10512
24 gold Os
9834
9712
▪ L & Cairo guar g 4s
9634
9812
J
1931
100/
1
4
Elt L Ir Mt AS gen con g 54_1931 * 0 100i2 Sale 1004
10134 Dec'27
1931 * 0
Stamped gear S.
98/
1
4
Unified & ref gold 46
1929
98/
1
4 Sale 9812
9412 Sale 94
9412
1933 MN
Rlv&ODlvlstg4s
10014 Oct'28
SO.DI Bridge Ter VI g 55 —1930 * 0
4 Due May. e Due June. 5 Due August.
18
23
3
34
3
4
28
33
32
BONDS.
N. Y.STOCK EXCHANGE.
Week Ended Oct. 19.
is
St L-San Fran pr lien 4s A ___1950 J J
Con AI 433e series A
1978 M S
Prior lien 5e series B
St Louis & San Fr Ry gen 65_1
193
50
13
'1 3
-11
General gold 58
1931 J J
St L Peor & NW IstguSs..1948J J
St Louis Sou 1st gu g 48
St L S W ist g 48 bond ctfs 193
989
) MS
M S
2d g 40 Inc bond ctfs_Nov 1989 .1
Comm] gold 48
1932 1 1)
let terminal & unifying 58_1952 J .1
St Paul & K C Sh L Ist 4528_1941 F A
St Paul & Duluth 1st Its
1931 F A
1st
gold 45
St Paul
come]96
E Gr Trunk let 4558
- -- 1947
8j
J D
J
St Paul Minn & Man con 4a .1933J J
1st consol tla
Registered
8ereduced to gold 4 As _ 1933 I .1
31
Registered
J 3
Mont ext 1st gold 45
1937 .1 D
Pacific ext guar 48 (sterling)'40 J J
St Paul tin Dep let & re/ 58_1972 J J
S A & Ar Pass let gu g 43----1943 3
Santa Fe Pres & Pheu 1st 55 _1942 M S
Say Fla & West let g 08
1934 A 0
1st gold be
1934 A 0
Scioto V & N E 1st gu g 4s__ _1989 M N
Seaboard Air Line let g 4s
1950 A 0
Gold 4a stamped
1950 A 0
A fjustinent 5s
Oct 1949 F A
Refunding 48
1959 A 0
let & cons Os series A _ _1945 M
Registered
M S
All & Binh 30-yr 1st g 4s-d1933 NI 8
Seaboard Ali Fla 1st gu ba A.1935 F A
Series 15
1935 F A
99 102,32
7818 8814 Seaboard & Roan 1st 5sextd1931 3
SoCarAdrilaltigus5
iacmi
1St
58148..
.._19211 M N
SAN
1934. F A
10334 104
Gen eons guar 50-yr 5s__1963 A 0
10112 1041,
9114 96
102 1104, So Pat coil 48 (Cent Pao 8011)9'49
Registered
J
10512 1113
20-year cony 4s
June 1929 M r
98 100
1st 43-,s(Oregon Linea) A_1977 M
8618 1344
20-year cony 5s
1934 J
7334 884
Gold 433s
1968 M S
9134 95/
1
4
_195(1 A 0
Han Fran Terml 1st 4s
10013 102/
1
4
Reg letered
A 0
100•8 10)3,
98 10074 So Pac of Cal 1st con gu g 58_1937 MN
10112 10513 So Pac Coast let gu g 4a_ —1937 I J
1955 J
101 10412 So Pao RR 1st ref 4s
Registered
J J
93
9834
10114 1044 Southern Ry 1st eons g 68., _1994 3 J
3 3
Registered
Devel St gen 45 series A-- _1958 A 0
974 994
Registered
A 0
93 100
Develop
A geu 88
1956 A 0
92/
1
4 99
Develop & gen 6 Ha
1956 A 0
100 107
Men,Div 1st g 55
1996 3
9778 1041s
1951J J
St Louie Div ist g 48
10414 116
East Tenn reorg lien g 5a_ _1938 M S
10212 1064
Mob & Ohio coil tr 43
1938 M S
10878 1183,
112 112
10134 1057, Spokane Internal let g 55- -.19553 J
Staten Island Ity 1st 4)3s_ _.1943 3 D
871
/
4 93
Sunbury & Lewiston 1st 413_1936 J J
87/
1
4 92
894 901
. Superior Short Line 1st 53_81930 M S
8812 903, Term Assn of St L Ist g 434s.1939 A 0
1944 F A
1st cons gold 54
9634 100
Gen refund s f g 48
1953 1 J
90
954
Texarkana & Ft 23 let 5355 A 1950 F A
954 102
Tex & N 0 cow gold bs
19433 J
8$/
1
4 92
20003
8733 5018 Texas & Pat let gold 58
2d Inc56(Mar.28epon)Dec 2000 Mar
10214 10811
1977 A 0
Oen & ref bs series 13
10012 10511
1931 3
La Div B L Ist g 5.3
8812 960
Tex Pac-hio Pac Ter 5 S48_ _ _1964 M
Tol & Ohio Cent 1st gu 55._1935
94 100
0
Western Div let g 5s
10414 114
19
935 J
General gold 58
A
40
4213
Toledo Peoria & West Ist 48_1917 3
104 108
40
Tol St L & W 50-yr g 48
1950 3
9978 102
99 1024 To1WV&Ogu43313A
1933
13
let guar 4 He series 13
99/
1
4 1024
1942 M
let guar4sserleeC
99
97
97
9712 Tor Liam A Buff 1st g 4s- -1940
97
97
96
9713 Ulster & Del 1st cone g58., _1928
Certificates of deposit --97
974
1952 A-6
1st refuudIng 545
101 1054
Union Pacific 1st RR & ldgt 45'47 I
98 105
Registered
J
10414 1144
June 2008 MS
let lien & ref 4s
11338 11333
1967
Gold 433e
J
104/
1
4 11518
1st lieu .2 ref 5.5
June 2008 M
1134 11312
1968 J O
40-year g 4s
U NJ lilt & Can gen 44
1944 M
105 105
Utah & Nor let ext 4s
1933 3
10318 107
Vandalia roils g 4s series A._1955 P A
10018 108
Count]f 4s series Li
1957 MN
10014 1004
1934
9018 9018 Vera Cruz,& P assent 4%8
1931 Se
9412 974 Virginia Mfd &series F
General 53
1935
108 1084
Va & Southw'n let gu 58 — _ _2003
Ist eons 50-Year 58
1958 A 0
71
8034
84
914 virginlan ity let 5,. series A 1962
Wabash RR 1st gold 58
1939 Se
9114 97
2,1 gold 5s
19314
A
9434 9514
Ref & gen s f 5SO ser A_ _ _1975
98 1044
Debenture it (Is registered.1939
791s 8214
let lien 50-yr g term U
1954
10414 10412
Det St Chi ext ist g 5.8_ _ _ _1941
10014 10112
Des Moines Div lst g 48_1939
415 5
Omaha 1)15 1st g 3SU.. _ _ _1941
5
71,
Tol & Chic DIv g 48
9(1
1941
9612
8314 9031 Wabash Ry ref & gen 5s B._1976 A
Ref & gen 4 SOSer C
A
91
99/
1
4
1972
7914 8472
A
9638 Warren 1st ref gu g 3Hs_ _ _2000
93
Wash Cent lat gold 48
1948 Se
Wash Term lot gu 3 Hs
1945
86
92
ist 40-year guar 4s
100 1004
1945
W Min W & N W 1st gu 55 _1930
A
105 108
98
98/
1
4 West Maryland 1st g 48
1952 A
let & ref 5336 series A__1977
984 1024
West NY & Pa let g 58
1937
Gen gold 45
1942 A 0
98- 1-011-4
9734 Western Par let ser A 54
1946
94
Registered
981s 10134
West Shore let 43guar
2381
Registered
2361
Prise
Friday,
Oct. 19,
WeM's
Range Or
1.4,11 Sale.
334:
HOS N.
Ark Low
Bid
8834 Sale 88
9014 93
Sale
89
90
904 409
27
102 Sale 10012 102
1
4 10212 Aug'28
10112 102/
10014 21
10014 Sale 10014
10112 Oct'28 -10214
- 9714 9738 Apr'28 -8812 8814 8638
8712 15
82
8312 8414 Oct'28
664 Sale 954
9612 110
99:2 Sale 984
9918 24
26
95
9438 Sale 9412
12
100
99 10034 9938
9312 Sept'28
95 100 974 June'28
MINA
95
9712 9634 Oct'28 -10314 108 10334 Oct'28 _
10212 10512 10634 hlar'28
9534 _ _ _
Oct'2, _
94
964 9812 9913 Jan'28 -93/
1
4 9614 93/
1
4 Oct'28
91
5
91
8812 91
106,2 10912 107
107
5
9012 Sale 9012
9114 25
Oct'28
10012 102 100
104
Oct'28 -994 -- 10712 May'28
9212 9234 95 Sept'28
1
7512 82
75
75
27
7438 76
74
75
44 Sale 44
454 337
6411 Sale 6334
6514 52
361
83
8214 Sale 80
85 Mar'28 ---8734 90 87% Oct'28
8972 169
794 Sale 7812
81
28
81 Sale 7812
9912 98 Sept'28 -98
98
9912 994 Oct'28 -105
99 100 105
101 102 11438 Oc0'28
91
9034 9114 9012
8
0 Mar'2
99,8
8995388 Sale9 3 88
4
75
Range
lines
Jan. 1.
Low
Mg)
454 93
8733 9738
9872 10412
100 106
98/
1
4 19311
10112 111
97% 9738
79
924
82
87/
1
4
9418 99
96/
1
4 1031
/
4
911
/
4 98
99 100
901e 944
9713 9785
951
/
4 9938
10312 111%
1064 106%
94 1014
994 994
9314 95/
1
4
881s 06%
10412 10955
8753 941/
1
4
100 104
10014 109
10713 107%
924 98
7413 Cc
72
40
9212
7213
57
73
9614
7853 86
95
87
68
94
,
4
69
944
9890994
1
4
99 .101/
100 105
11413 114
137/
1
4 96
8
88
9812 100
00%
961
9574
s 104
100 1034
9912 10012 10012 Oct'28
102
100
102
9712 Sale 97
9712 97
9134 12
9134 Sale 91
8835 06
1
90
90
884 90
105 108
i1327s 1-0438 10634 June'28
9512 98
9512 9988
95,2 Oct'28
S_a_1!... 9234
91
9819
9338 36
96 Apr'28
1104 Sale 110/
1
4 11034 19
10514 ___ 1154 Apr'28 -- 17
9
1°
0
34
:
19
2
164
90
81
89
8834 Sale 88
8534 98
11512 116
8714 Sept'28 -8714 8714
5
12'214 123 11512 118
12214 Sale 12118
12214 14 11734 127
10512 Oct'28
108
10218 1-07
904
904
2
/
4 Aug'28 8912_ 1051
111169ft9418:
9112 Oct'28
99 1-01
9
11480 71114:
:
834 85
8314
834
3
9978 Apr'28
9912
9938 ice
9912 12
___ 103
Oct'28
1031
1
2-8811 8818
8818
8818
3
103 Sale 10212 103
Oct'28 -100 102 100
11055 112 11012 11112 24
102 10212 100 Aug'27 -10034 101 10134 10218 30
10034 Sale 10034 10113 10
10714 10712 10712 Oct'28
5
100
100 __ 100
9812 103 100 Aug'28
9934 Sept'28
99 100
15 Nov'27
19
9012 Oct'28'
9034
5
98
98
9812 98
1
4 Oct'28 -9734 ____ 97/
Oct'28
_ 101
9414
92
9334 Sept'28
88
2
80
574 65 60
5232 60 63 July'28 -2
344
3318 344 3,7
78
95
9434 Sale 944
9212 9414 924 Oct'28
9114 37
91 Sale 91
57
99
99 Sale 98
7
109
10838 110 10814
8834 98
8834 Sale 8818
94 July'28 ---9214 95
9 12 9..12 9834 Nov'27 -9434 ---- 9314 Aug'28 -9434 ____ 9412 Oct'28'
17,2 18
1812 Oct'28 97/
1
4 ____ 10014 June'28,- 3
10012 10112 10053 10033!
99:4 10034 6858 Oct'281--- 3
92
9112
911 92
10538 10614 10514
1054 24
103 Sale 10212 10314 47
2
101
101 Sale 101
10313 11
10314 10412 10314
10112 ____1 8878 May'27,-___
1
4 89 June'28 _8334 88/
1014
10534 July'28
9134 9213 Apr'281 ____
89
8334 87
8333
83/
1
4
_
9034 9334 9334 Sept'28
9934 26
/
4
100 100 2 991
9114 58
9114 sale 90/
1
4
81
99
95
Wit
997s 9976
9834 1034
101% 107
87
94
1
4
101/
1
4 107/
100 1024
10712 116
loOls 10423
99/
1
4 19174
105 1094
100 IOU
9814 108
9034 101%
_
8914 96%
98 10034
9734 10315
101 101
93% 9494
5812 76
62
03
32
46
9314 99
9112 97%
8913 99%
9534 1014
108 118%
851s 99
934 994
*ii."
9412 99%
174 23%
10014 161%
100 103%
9814 107%
90 1064
104 10974
10134 106%
9814 104%
10214 107%
1
ii"
10413 10544
913s 934
834 80
,
11
89
911%
9734 104
8833 IA
_83 83 Mar 28 -9033 blar'28
it-34 ao
Oct'28 _88
854 90
Oct'28
9212
9012
99 19-7-s 9914 Aug'28
81
91
81 Sale 8014
9834 24
9838 Sale 9814
1
10113
1011s Sale 1014
9112
1
9112 Sale 9112
9912 39
9912 Sale 98
88 Sept'28
881s 16
88 Sale 88
8714 25
85/
1
4
83 83
904 9934
8315 91
8873 96
98% 191
7812 8734
944 103%
too 104
8432 94%
974 /01
9713 Me
8411
8372 98
2211
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19.
Pr(Ch
Zat
Friday,
Oct. 19.
Week's
Range or
Last Hale.
;2
14,2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19.
t3
3t
••••
Price
Fricia4,
Oct. 19.
Wawa
I;_
Range or
Last Salo
e
Rasa
Milos
Jan. 1.
Ittme
BCI
4 rok Low
Low
High
High
High We. Low
Ask Low
1314
14
Copenhagen Telep ext 6s__--1950 *0 100 Sale 99
99 102/
1
4
100
WI:meting & Lake ErieN 10115 102 101
2 100 10273
100 1001: 'orn,Prod Refs let 25-yr s 55'34
10114
1930 FA
Ext'n & Inapt gold 53
7
9838 100/
1
4
91/
1
4 10214 Crown Cork & Seal s f Bs__ _1947 JO 100 10012 100
10018
138 Sgl:N
-6578 1(
19116 MS
Refunding 41
/
4s series A
J 10238 103 10218
Crown-Willamette Pap 6s___195
98 102
Ii S 97 102
1031
98 Aug'28
/
4 15 10114 1034
Refunding 58 series B
87
Cuba Cane Sugar cony 75 ___1930 J J
93
881
/
4 94
7012 Sale 1 671
/
4
7012 14
1
8834
1949 M S 884 89 8834
RR let consul 4s
Cony deben stamped 8%.1930 J
6518 97
72.2 Sale • 70
7212 41
6713 791,
72 1 35
1942 1 D 72 Sale 71
Wilk & East 1st gu g 56
D 10014 104 10334 114ti '28 -- 10334 10415 Cuban Am Sugar let coil 8s_1931 61
UM Sale 10312 104
56 I0312 108
1938
Will & F let gold 5s
9712 10112
Cuban Dom Sug let 71-4s.1944 MN 98 Sale 9734
92
93
981
/
4 00
9112 92 June'28 -Winston-Salem S B 1st 48_ _ _1960 J 1 87
9978 10411
8134 923 Cumb T & T 1st & gen 5s_ _1937 3 .1 102 102 1021
21
/
4 10212
84
1
!Vie Cent 50-yr let gen 43-1949
J 8212 Sale 8212
9818 101
88
931) Cuyamel Fruit 1st at 6s A ___1940 *0 100 10012 100
3
9234 21
9234 91
Sup & Dul div & term 181 48'36 M N 91
Dec'27
92
9231 Denver Cons Tramw Ist 5s _1933 AO
10276
92,4 Mar'28
1943 J J 75
Wor & Con East lat 4158
Den Gas dr H L 1st & ref s I g 55'5! MN 9914 Sale 98/
1
4
9912 19 -9858 1-63-Stamped as to Pa tax -----1951 MN 100 Sale 99
99 103
100
7
*1 7s....1942 MS 70 Sale 70
Dery Corp (I) G)
5012 75
7058
3
INDUSTRIALS
J 10134
Detroit Edison 1st coll tr 58_1933
10112
102
2 10014 1037s
12 102 10534
let & ref 58 series A _July 1940 M
10818 Sale '10313 104
87
96
2
90
90 Sale 88
Adams Exprees coll tr g 4s__ _1948 M
D 10334 10834 107
Gen & ref 55 series A
1949 AO 1031
/
4 Sale 10312 10312
27 100 10934
108
3 10114 10634
Ajax Rubber let 15-yr e I 88.1936
.
1st & ref 6s series 13_ _July 1940 M
108 10818 108
316 10
10814 51 108 1093
7/
1
4 July'28
334 7
Alaska Gold M deb 68 A_ __ _1925 M S
1955 30 104
Gen & ref 5s ser B
318 10
__-_ 103/
1
4 Oct'28 -- 1017e 107
1926 M
6 July'28 312 7
Cony deb 68 series B
FA
1962
10211
9914
993
4
Series
C
10414
107
14
61
104
98
1028
N
/
1
4
1047
8
_1937
6
1
Oct'28
9934 Sale
Allis-Chalmers Mfg deb 55.
J 96
9714
95
93
951 I/et United 1st cons g 4116_1932
96,41 9558
9614 38
9512 96
Alpine-Montan Steel 1st 76..1955 61
9512
9512 16
MN
FA
631
Dodge
Bros
deb
65
1940
105
24
Sale
10512
863
4
104
104
1061,
105
1
41
103
/
1
4
7335
10418
Sale
refs
f
105
let
Chem
Agric
Am
Dold (Jacob) Pack 1st6s
1942 MN 85
1
4 8813
86
80/
79
8612 Oct'28 -93
93
5
Amer Beet Sug cony deb 6s_1935 FA 92 Sale 90
86 101
10078 40 100 100 I)ominlon Iron & Steel 5s...1939 M 5 97 100
9/
97
American Chain deb 81 6s_ _1933 AO 100 Sale 100
J
7
MN
0612
Donner
Steel
1st
ref
78
1942
98
1021
Sale
98
90
9912
987
8
5..__.1931
983
4
Oct'28
debenture
984
100
Am Cot 011
28 10338 10672
07
Duke-Price Pow 1st 65 ser A '66 MN 105 Sale 10458 105
3, 02
94 1
1942 AO 9314 94
94
Am Cynamid deb 53
98 104
Duquesne Light 1st 433e A 1967 *0 10118 Sale 10073 1011
95
1953 in 94
95
95 I
1, 95
/
4 92
95
Amer ices I deb 53
104 MO
Oct'28 1939 * 0 104 10414 104
Am Mach & Fdy e 038
East Cuba Sug 15-Yr g f e 7(-4s'37 MS 96
9634 80
8434 40
79 10536
American Natural Gas Corp3 9612 97
9612 18
9334 99
951
/
4
9714 9912 Ed El Ill Bkn 1st con g 4s _1939
99131 87
99 Sale 9812
Deb 6 130(with porch warn)'42 A
11418 1174
10834 115 11434 July'28 Am 8m & R Ist 30-yr 58 eer A '47 AO 10138 Sale 10034 10112 881 100 10534 Ed Elec Ill let cons g 55
9314 9913
53
M 8
11 9534 9638 9512
'5
90
Elec Pow Corp(GermanY)6331s9
9612 28
Amer Sugar Ref 15-yr 66-.__1937• 3 10312 Sale 10312 104141 491 10212 106
91
99
Elk Horn Coal 1st & ref 630.1931 J D 9012 9078 91
Oct'28 -91
Deb 7% notes (with warets '31 .1 13 744 7s1
74
/
4 74
Oct'28 ---1
4 1431 9812 100
Am Telep & Teleg coll tr 48__1929 3 J 99 Sale 99
99/
100
99 10212
_
100
92/
1
4 1001: Equit Gas Light 1st con 5s _ _1932 M
10
1936 61 8 9612 97
Oct'28
97
Convertible 45
9634
1933M 8 9978
-13
96 10334
99/
1
4 1024 Federal Light & Tr 1st 58_.1942 M 13 9718 -973
4 9734
98
_ 9934 Oct'28 20-year cony 4tie
9718 9812 9713
95 10118
1st lien s f 5s stamped._.,1942 M
98 10314 106
1946.1 0 103/
9812 13
/
4 105
1
4 Sale 1031
30-year coil tr 56
MD
B 10312 104,
.1 D 1054 10514 10538 Feb'28
49
2,
193
4 100 10536
1st lien &stamped
8 10312 104
10438 1044
Registered
1954 J D 97 sale 97
97 105
3
19603 J 1054 Sale 10434 10518 214 1034 109 30-year deb 6ti eer B
98 I
35-yr e 1 deb 5e
1
4
10034 Sale 10034
10134 21
95 101/
102/ 10434 110
1943 M N 108 Sale 10738 108
Federated Metals s f 7s
20-year e f 514s
1940 A 0 10512 Sale 10434 106 1 17 1011
131 Sale 125
1946.3
Flat deb 75(with warn)
1314 511 10014 13112
/
4 106
Am Type Found deb 65
9734 Sale 9358
91
9912
Without stock purch warrants_
9912 2394
9934 28
9733 10111
AM Wet Wks & El col tr 56_ -1934 A 0 9934 Sale 99
11212 114 1121e
11234 25 110 120
105
12 10212 1093s Fisk Rubber 1st s f 8s
1975 M N 10438 Sale 104
Deb g Os ger A
8912 10448
1
4 Aug'28 - -9:16
1M
83
8934 28
1947J J 8958 Sale 8914
m 88 10212 ____ 104/
93/
1
4 Pt Smith Lt & Tr 1st g 55_ _ _19
Am Writ Pap 1st g 68
13 10434 11013
Anaconda Cop Min let 65--1953 F A 10518 Sale 10518 10512 273 103 1061, Frameric Ind & Deb 20-yr 7335'42 J J 106 Sale 10512 106
104
5 104 111)73
10414 Oct'28 -.- 10414 1051. Francisco Sugar 1st s f 7 Sis_ _1942 M N 104 10412 104
Registered
/
4 10212 41 101 10312
French Nat Mall SS Lines le 1949 J D 10214 Sale 1011
1938 FA 1461
148 1467 11014 148
/
4 Sale 13814
I5-year cony deb 76
____ 105_ July'28 -- - 105 10712
Gas & El of Berg Co cons 5 581949 J D 102
137 Sept'28 --- 137 137
Registered
0
ii
1939
A
10/
66
108
1061
8 10814 28 106 117
Gen
Asphalt
cony
164
3597
deb
76
.1943
120
15612
1625
8
Sale
Min
cony
16934
Andes Cop
014 96
9412 Oct'28
92 10514 Gen Electric deb g 3148
97
176
Anglo-Chilean e f deb 76. _ _ _1945 M N
97 Sale 9414
9 102 .10612
194
45
2 33 103 Sale 10234 103
8314 961, Gen Elec(Germany) 7s Jan 15
8314
5
AntIlla(Comp Aatic) 7158-1939 .1 .1 80
8312 8314
D 116 11812 11812 11812
3 117 12613
8 I deb 633s with wars._ _ _1940
10112 10212 10212 Oct 28 - - 1014 104
Ark & Mem Bridge & Ter 56_1964 M
°al: 1011
D 9212 Sale 92
19
97
/
4
9612 Sale 9613
1939
Without waretsattach'd '40 J
9034 I/414
931
/
4 149
Armour & Co let 4 Sie
9313 46
02
953s
1948 MN 9314 Sale 92
9312 62
1943• J 9314 Sale 9258
20-years f deb 6s
874 94
Armour & Co of Del 5148
1
4 10278 22 101 1031)
Associated 0116% gold notes 1935 M S 10258 10234 102/
1947 3D 10312
Gen Mot Accept deb 65
1937 FA 103 Sale 10234 10314 335 10114 10434
ION 107
Atlanta Gas L let 55
- 107 July 28 9814 10212
1
4 101 10012 100/
1
4 19
Genl Petrol 1st sf55
1940 FA 100/
16 July'28 1218 16
Atlantic Fruit 78 ctfe dep_ _ _1934 3D 1258 20
Jo 77
1 102 10812
102
Gen Refs 181 s f 65 ser A
1952 F A 102 103 102
Stamped We of deposit
16
16
7712 15 July 28 98 103
1
4 Sale 98/
9834 19
Good Hope Steel & I sec 7s _.1945 *0 98/
1
4
82 106(810834
10734 Sale 10712 1073
AU Gulf& WI88 L colt!'56_1959 J
72/
1
4 8211 Goodrich (B El Co 1st 6335_1947 J
77 Sale 77
7818 22
J 1011
1937
931 237
8104 96
/
4 Sale 1011
Atlantic Refg deb 58
97/
1
4 1034 Goodyear Tire & Rub 1st 5s _1957 MN 93 Sale 9214
/
4 10178 41
24
9912 103
1
4 10014 9912
1 10612 1081. Gotham Silk Hosiery deb 65.1936 JO 99/
991
Baldw Loco Works let 59_ _ _1940 MN 106'3 107 107
107
10012 10834 Gould Coupler 1st s t 6s
89
8241
7118 7358 70/
1
4
73
Baragua (Comp As) 714s._.1947 ii 10012 101 101
1940 FA
Oct 28
22
97 10118
Barnsdall Corp fie with warr.1940 3D 1341
99
/
4 Sale 12534 13412 iiai
8912 13412 (It Cons El Power(Japan)7s _1944 VA 9812 Sale 9814
92s4 98
100
Deb 65(without warrant).1940 3D 9534 Bale 95/
9612 Sale 9534
97
18t &gene f 633e
8578 9734
1
4
1950 3
9734 1179
10418 10615
Batavian Pete gen deb 414s.1942 .1
105
9414 Sale 9334
46:178 9414 Great Falls Power 1st B155_1940 MN 105 10614
9414 106
9814 101
1936• J 9012 Sale 9012
971
3
Belding-Hemingway 66
/
4 98
971e
90
9612
UN. Gulf States Steel deb 513s.- _1942 Jo 971
'3 105/
9252
Bell Telep of Pa 5s series 13_1948
88
1
4 10/34 10534 10614 12 104 10918 Hackensack Water 1st 4s_ _ _1952 3 .1 -- 8753 88 Sept'28
9512 9514
lst & ref 6s series C
1960 * 0 1C818 Sale 10712 10834 27 106 113
Hartford St Ry 1st 4s
1930 MS 9534 _ _ _ _ 9512 Mar'28
98
Berlin City Elec Co deb 6145 1951 3D 95 Sale 9413
85
84
Oct'28
81
26
84
Havana Elea consul g 5s._ _1952 FA
9378 98
95
71
Oct'28
70
17
Berlin Elec El & Undg 6 qs -1958 AO 9434 Sale 944
70
7854
Deb 533e series of 1926_1951 MS 70
93
95
974
Beth Steel let & ref 58 guar A '42 MN 10034 Sale 10034 10112 17
9914
9114
2
90
9914 1044 Hoe(R)& Co 1st 614s ser A.1934 *0 9114 9112 91
J J 10114 Sale 10114
N 10314 - --- 10312 Oct'28
10078 1044
30-yr p m & imp ef
24
Holland-Amer Line Os (flat) A947
99 103
102
25
86
95
Sons 30-year 88 series A.1948 P A 104)4 Sale 104l
88
10434 134 10212 1057e Hudson Coal 1st sf55 ser A_1962 3D 87 Sale 87
i0018 109
Cons 30-year 51588er B
1953 FA 103 Sale 10212 103
Oct'28
44
Hudson Co Gee let g 58
1940 MN 10418 10514 104
9912 105
1018s 36 10014 103/
Bing & Bing deb 6156
19541 MS 98
1
4
11614 99
5
Humble Oil& Refining 5333.1932 3' 10134 Sale 10114
9814 98
98
1934 * 0 6014 Sale I 59
52
98 10113
Botany Cons Mills 6 Sie
101
110
Deb gold 55
1937 *0 10034 10114 100
66
59
831,
Bowman-BM Hotels 7s
1934 IN
104/
1
4 17 10314 1057s
1014 10314 103
Oct 28
99 1061- Illinois Bell Telephone 58_ _.1956 3D 10458 Sale 1041e
9
96 10112
B'way & 7th Av 1st con 85_194 3D 76 Sale 7358
9812 98
98
,
s
51
Illinois Steel deb 433e
1940 A0 93
68
81
76
9878 10212
901s 9512 liseder Steel Corp s f 78
Brooklyn City RR let 58_.__1941 I 1 91
10114 21
1946 AO 10014 10012 100
26
9212 9112
93
J 10412 105 10412 10434 12 101 1061, Indiana Limestone list s f 68_1941
N
31
88 10114
90 Sale 89
90
Bklyn Edison Inc gen 58A___194
2
9734 10012
_ _ 9812
Registered
98/
1
4
1935 M N 9812
_ 10538 Mar'28
1051e 1053) Ind Nat Gas & 01158
1952 MN 10338 Sale 10314
1033s 38 10212 1054
General 86 series B
1930 33
_ 101
10212 13 10012 1043. Indiana Steel 1st 55
161 104
9934 103 102 Sept'28
Ingersoll-Rand 1st 5s Dec 31 1935 J
50
234
9 •'
9118 9312
Bklyn-Man R T see(le
1968 J J 9918 Sale 9812
1978 A 0 93,3 sale
9614 100.
3 Inland Steel 1st 4(4e
9914 142
/
4 1011 101
Oct'28
100 10214
Bklyn Qu Co & Sub con gUI 56'41 MN 63/
Inspiration Con Copper 63351931 M 8 1011
64
72
1
4 6678 7113 Oct'28
J
1941
let &stumped
Oct'28
80
90
7114 82 1 82
J 85 ____' 8814 Nov'27
8012 133
741
/
4 8614
Brooklyn R Tr let cony g 48_2002
Interboro Rap Tran let 5s_ _1966 7 J 7812 Sale 781e
1 J 78,
8012 302
7412 8612
4 Sale 7814
Stamped
3-yr 7% secured notes_ _ _ .1921 .1 .1 105
____ 13612 Nov'27
7814 83
83 Apr'28
Bklyn Un El 1st g 9-53
9
1950 FA 9212 Sale 9238
Registered
166
931s
1932 A 0 80 Sale 80
63
70
90
Stamped guar 4-5s
9234 9915
1950 FA 9234 93/
10-year Os
1
4 9234
9312
991
/
4 Sale 9914
N 10512 107 10512 Oct'28
100
85! 9614 10314
Bklyn Un Gas let cons g 58_ _1945
104 Ill
10-year cony 7% notes_..1932 M
Oct'28
90 100
let lien & ref 6a aeries A..,1947 MN 11678 ____ 11678 Oct'28
116 1198, Olt Agric Corp 1st 20 yr 5s -1932 MN 9114 9314 91
86
Cony deb 5168
834
8314
5, 77
28 250 329
303
1936
Stamped extended to 1942 _ _ _ M N 8314 84
302 Sale 296
D 9412 ____ 9412 June'28
Buff& Soso Iron 1st sfSs_..i932
1948 M N 97 Sale 9613
9714 121j 9412 10038
Int Cement cony deb 5s
9314 102
Bush Terminal let 48
Oct'28
9812 222
991e 100111
1952 * 0 88,1
1947 M N 98 Sale 98
88
89
9412 Internet Match deb 5s
/
4
CO080158
103/
05,4 103
1955 Ii 10018 Sale 99
Inter Mercan Nlarine s f fis_ _1941 A 0 103 Sale 103
1
4 25 10212 1061e
l00'8 11
Bush Term Bides 5s gu tax-ex '60 * 0 102 105 10134 10218 18
1
4
99
9712 10258
International Paper 55 ser A _1947 J J 9814 Sale 97/
39
9914 Ms
By-Prod Coke let 6338 A...1945 MN 101
10134 Sale 10114
100 1031:
1955 M
10178 50 10114 10514
____ 10114 Sept'28
Ref s f fleser A
Cal0& E Corp unit & ref 53_1937 • N 10312 10478 10312 10312
3 10313 106
9618 Sale i 9534
961 158
9212 984
Int Telep & Teleg deb g 4Sis 19523
Cal Petroleum cony deb s f 561039 FA 10018 Sale 10018 101,1
/
4 12
/
4 10438
8 115212 10512
9634 1021
/
4 Kansas City Pow & Lt 58..-1952 51 5 10414 Sale 1031
N 10318 Sale 10258 10314 25
Cony deb s f 513s
1933
1957 J J 10114 10112 101
101
10 10014 1054
95 104..
let gold 433s series B
Camaguey Aug Isis f g 7L...1942 40 9712 98 , 9758
1
1
4 106/
1
4
97 10114 Kansas Gas & Electric fis_ _ _1952 M
97/
1
4
95
9618 10538
105's 21 104/
Canada 88 L
& gen 6e_ _1941 * 0 10134 10214 10178
10214
11 10013 1031.• Kayser (Julius) & Co deb 634e '47 M 8 11212 Sale ,11233 1141
39 10514 122
11 ____ 10412 105
Gent Dist Tel 1st 30-yr 58_1943
Oct'28
951
88 101
10434 10512 Keith (LI F) Corp 1st tis
1946 M 8 9312 Sale 1 93
Cent Foundry lets f 6s May 1931 ✓ A 9412 9913 9712 July'28
971
/
4 9912 Kelly-Springf Tire 8% notes_1931 MN 10 34 1091
/
4 10834 10934 18 10614 10911
9312 99
9312 94 1 9312 Oct'28
Key ston Telep Co 1st 55.. _ _1935
Central Steel let g f 88
1941 • N 12434 Sale 12434 12434
3 120 126
Oct'28 _ _ 10214 1073e
Kings County El & P g 5f3_ _1937 A 0 103 104 1103
Certain-teed Prod 5(-(s A__ .1948 M
9034 Sale 90
9212 122
8012 97
Purchase money 65
_
12633 1261
/
4
3 125 135
1997 A 0 128
kI
S
'39
Cespedee Sugar Co let e f 7 Si..
99
98/
1
4 100
Oct'28
801s 9112
9834 106
Kings County Elev 1st g 4s _.1949 F A 8112 9012 8112
8112
1
Chic City & Conn Rye 5eJan 1927 * 0 64
67
64 Sept'28
58.__195
1949
!
I' A
ir 80/
801e 9011
6112 89
Stamped guar 45
1
4 8312 801
/
4
80/
1
4
1
Ch0 L& Coke 1st gu g Se_ _1937
10258_
102/
1
4 1021
/
4
1 100 104/
100 107118
10434 106 .10412 Oct'28
1
4 Kings County Lighting
4
1927 FA 8014 -81-3-4 8014
Chicago Rye let 5s
83
12
7834 88
116
2 11434 120
First & ref 6 tie
19543 1 116 118 1 116
1947 1
Chile Copper Co deb 58
96 Sale 9513
95
9314 9734 Kinney (PHI & Co 7 q%notes'36 J D 10512 10612 106
179
108
1 105 10814
J ____ 88
Clearfield Bit Coal let 48......1940
ao Apr'2
1
4
8714 90
10412 13 10212 106/
Kresge Found'n coil tr 6s..-1930 J D 10418 Sale 104
1938 FA 103 Sale 99/
1
4 107 -635
C0100 011 cony deb Os
9912 107
10018 10514
102 104 110213 Oct'28
Lackawanna Steel 1st 5s A_ _1950 153
1943 J
98 101 101
Coto!
,&I Co gen f 6e
Oct'28
98 10214
/
4 95
94
Col Indus let & coil 53 gu_ _1934 ISA 941
95
114
6
101
11) 99 10413
9814 Lac Gas Lot St L ref&est 58.1934 A 0 101 Sale 101
1952 MN 10034 Sale 10014
Columbia0& E del) be
1007
64
A 10514 Sale 10413 10514
Coll & ref 514s series C._ _1953
7 1025e 106
9814 10154
98
99
9912 Oct'28
Columbus Gas 1st gold Se_ _1932 J
9912 10194
9412 1001, Lehigh C & Nay ef 4135 A 1954 1
9912
4
9912 99/
1
4 9912
9534 93/
1
4
931
Columbus Ry P & L 1st 410 1957 J J 93
97 10211
20
10014 10112 10012 1001s 18
9112 100
Lehigh Valley Coal let g 55_1933
87 Sale 87
87
Commercial Cable let g 4s. _2397 Q
_ 100 101
77' 8834
1
Oct'28
Registered
100
MN
994 Sale 9812
991
20
Commercial Credits t Be__..1934
97
97
9312 lolls
1st 40-yr gu Int red to 437
-5.
5" 97 I 9/ Aug'28
0 _1933 1
91 12 95
94
1935 3
941
101 102
Col tr e f 555% notes
16
__ _ 1 101 Sept'28
92
1st dr ref s f 5s
1934 FA 101
97
9812 Sale 9734
981
Cemni'l Invest Tr deb 63 „194t. M
9554 10412
84
9512 9812
1st & ref e f 5s
1944 FA
97 10013 Aug'28
8 10512 1042 1041
1
4
Computing-Tab-Ree a f 621_1911 J J 104,
95/
1
4 101/
1 104 .1001
Ist&refef 5s
9534
953s
2
1954 FA _ _ _ - 96
/
4
9918 9918 Oct'28
94 1004
Conn tty &L let&refg4168_1951 • J
9 ,11 9512 Sept'28
981
/
4 103
1964 FA 94
1st & ref s f 5s
1
4 9812 9634 Oct'28
1951 • J 96/
94
9954
96/
Stamped guar 4 14e
1
4 102
1974 FA
1st & ref f 5s
35
3714
Consolidated Hydro-Elee Works
„..
96_ I
Lex Ave & P F 1st gu g 55_1993 MS
98
of Upper Wuertemberg 73.1956 .1 .1 9734 9878 98
12012 12018 -4 120 127
96 10012 Liggett & Myers Tobacco 76_1944 AO
1
102 1 27
9978 101313
Cone Coal of Md let & ref 58.1950 J o 7813 Sale 77
76
7812 65
8354
5s
1951 FA 101 1004 101 12
Consul Gam(NY)deb 515e-.1945 FA 10534 Sale 10534 106,4 48 10954 107
94 113 142
136 Sale 13012 135
Liquid Carbonic Corp Os
_1941 F
101
Consumers Gas of Chic gu 68 1936 JD 101 Sale 100
2 100 10314 Loew's Inc deb Os with wars _1941 *0 11018 Sale 11018
11114• 33 105/
1
4 111114
Consumers Power 1st 55_ __ _1952 MN 10378 10514 10338 10358 17 101 10618
10034 39
99 10212
Without stock pur warrants *0 10034 Sale 1004
D 10012 Sale 10012 101
1946
3
Container Corp 1st Os
11012
1
4 Lorillard (I') Cole
9 109 11812
1944 *0 109 Sale 109
981
/
4 102/
9118
/
4 Sale 91
1 I6-yr del: 52 with warn. _1943 3D 911
9
8814 13
11634 9814
65
1951 VA 87 Sale 8634
8954 9812
9838 9758 Oct'28
Cent Pap & Bag Mille 6A2--1994 FA 97
79
/
4
9214, 11
9712
Deb 534s
1937 33 92 Sale 1 911
an
971s
Sale- 37,, kief2g
2212
BONDS
lg. Y. STOCK EXCHANGE
Week Ended Oct. 19.
New York Bond Record-Concluded--Page 6
3
Price
Friday,
Oct. 19.
W eek's
Range or
Last Salt.
Rasps
Since
Jos 1.
It
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19.
134
Et
Price
Friday,
Oct. 19.
.11
Rae e
Since
Jae. 1,
Nigh
Low
Rid
Ht44 Vs Low
.409 lore
Mg)
100118 10632 Pure 011 sf 555% notes____1937 F A
9912 Sale 9914
9712 10114
9978 118
95
981/ Purity Bakeries s f deb 58_1948
94 Sale 9334
9214 95
25
94
Remington Arms 65
1937 551j N
j 99 Sale 9812
97 101
9
99
8714 911, Rem Rand deb 5555 with war '47 M N
92
954 Sale 9314
9744
9512 243
9858 1025, Repub I & 8 10-30-yr 58 51_1940 A 0 101 Sale 101
4i 9034 10618
101
10178 1093
Ref & gen 5558 series A...1953 J
,
12 10012 105
10138 10314 10134
102
67
7715 Reinelbe Union 78 with war.
_1946 J J 10312 10512 10312 105
14 10312 1134
Without stk parch war....1946 J J 98 Sale 9714
7114
60
9612 102
7
98
96 103'. Rhine-alain-Danube 78 A.._1950 M
10212 Sale 10218
10314 27 10012 104
99 102
Rhine-Westphalia Elec Pow 75'50 M
10012 Sale 100
1004 11 100 10234
Direct mtge 68
8912 94
9038 Sale 89.32
9012 32
1031z 100
Cons m es of 1928
1952
94
9912
3F
M N
A 9418 Sale 94
9414 28
1955 F A
97 1001: Rima Steel 1st s f 75
9.11. 98
3
9514 96
944
9478
9014 1003
. Rochester Gas & El 75 ser B_1946 Al 8 109 110 10914
4 10714 119
10912
10014 105
Gen mtge 5556 series C 1918 181 5
_ _ 106
106,
8 10 104 10812
Gen nage 455s series D_ _ _1977 M
78
843
10118
10612101-12 Roch dr Pitts CAI pm bs 19.16 MN
9612 103
___ 90 June'28
90
8912 1.812 St Jos Ry Lt & Pr 1st 5s
94
1937
N
9412
984
94
7
94 96
10412 1081
9854 1025, St Joseph Stk Yds 1st 4558_1930 .11 J 9858 __
96
99
9858 Oct'28
9712 1001 St L Rock Mt & P 58 stmpd_1955 J J
76
7978
3
77 -783-8 7838
78321
10212 1053/ St Paul City Cable cone 55..1937 5
91
9812
92
Oct'28 -91
9914 1031, San Antonio Pub Serv 1st 69.1952 J J 10534 10634 10502 106
4 10512 10914
10038 10611 Saxon Pub Wks(Germany) 7s '45 F A
99 10318
9912 Sale 9914
100
17
99 4.15
Gen ref guar 655s
418
99
95
45
9514 Sale 94
Schulco Co guar 6556
11994561 MNJ 101 Sale 1007s
10112
6 1.0012 1054
Guar s f 655s series B
10034 120
1996 A
19
00
11;
7 6.1e
10118
102 10078
8 100 105
944 10112 Sharon Steel Hoop s t 5556_1948 Al N 9818 Sale 9778
9512 98
98
9
9814 1021, Shell Pipe Lines f deb 5s
1952 M N 9534 Sale 954
9338 0612
9578 37
08 1017, Shell Union Oil s 1 deb 59_1947
9478 10012
N
98 Sale 9758
9812 74
9838 1004 Shinyetau El Pow let 6558_1952
9112 9612
9112
9214 27
8.518 883. Shubert Theatre 6s_June 15 1942
90
1
88
947s
89'2 Sale 894
8112 Siemens & Halske 51 7s
82
1935 Jj
10118 Sale 10114
99 104
11
102
9678 993
Deb s t 1355s
1951 M S 10414 105518 1054
106
7:3 10412 112
8 f 655s allot etre 50% Pc1 .-'51 51
9058 10258
10614 Sa1e 10518
10614 14 10438 1074
Sierra & San Fran Power 56_1949 F A 10114 10178 101
103 15.7
9818 105
101
7
10214 10434 Silesia Elec Corps!655s
1946
9118 96
9753 99 I 914
9118
2
Silesian-Am Exp coil tr 78_1941
96 102
9734 Sale 9734
4
9814
MN
8Imma Petrol 6% notes
56
6.5
1929
10514 Sale 994
984 4084
106
409
9578 9934 Sinclair Cons 011 15-year 78_1937M _S 10134 Sale 10158 102
4S1 100 10414
101 10412
let lien cell 65 series D
1930
99 Sale , 99
9714 OK
994 92
lot lien 634s sense
7318 101
i D
100 Sale 995s 100
9514 10212
46
100 10034 Sinclair Crude 0115558 ser A.1
1938 .
9418 9934
J
j 1.
2
) 9712 Sale 9712
9878 73
102 1054 Sinclair Pipe Lines f 55
A
1042..
9414 Sale 9378
9734
9414 8.51 93
Skelly Oil deb 555s
102 108
9172 9535
9312 Sale 1 9312
19
94
MN
1054 1114 Smith (A 0) Corp let 6528..1199333
9m
S 10218 Sale 10134 10214 12 101 1034
South
9912 100
Porto Rico Sugar 78 1941 J. 0 10134 10214 10814 Sept'28
106 11014
95 1013, South Bell Tel & Tel lot s f 551941
10414 Sale 1C,334
10414 12 10212 10612
9534 10114 Southern Colo Power Os A._1947 J_
10334 10414 10358 10378
2 102 10714
Sweet Bell Tel bit & ref 5,1_1954
84
90
1041s Sale 10334 10414 261 10214 1074
Spring Val Water 1st g 5s_ 1943 10
94
88
_ 2 100 ____ 100 Aug'28
I 9912 10211
Standard Milling lot be
113 11.9
19..
1930 A3 ^ 10038 10034 lop%
281 9912 10118
18 10317 Sale 10312 Iowa
1st & ref 555s
103 100
10214 10411
10312
10558 1113, Stand 011 of J deb 5s Dec 15'4
46
5F
m
10278 Sale 10234
10278 641 10218 104
Stand 011 of N Y deb 45.58_1951 J
110 110
9334 9811
9612 Sale 96
9612 122
9218 9834 Stevens Hotel let(38 series A _1945 J J
9914 Sale 99
9912 20, 9712 1024
Sugar Estates (Oriente) 78..1942 M
9812 Sale 98
97 10114
8
9812
F A 100 10312 109
1065 foil; Superior 011 lets!
100 110
Oct'28
9878 101; Syracuse LIghtIng 7s29
lot g Is. _11951 J D 10714 Sale 10714
105 110
10714
6234 6234 Tenn Coal Iron & RR gen 58_1951 J J 10212 ___ 10212 10212
1014 10631
2
Tenn Cop & Chem deb 6s_ MI1 A 0 11012 Sale :11012 11112 17 10118 117
58
60
Tennessee Eiee Pow tat 68._1947 J D 10618 Sale 1106
218 4
10634 IS 105 1084
Third Ave lot ref 48
212 4
1960 J J 6634 Sale 6614
73
66
6818 13
Atli Inc 58 tax-ex N Y Jan 1960 A 0 6614 Safe 6512
5534 7271
6834 99
Third Ave Ry let g 55
135s 32
1937 J 5 9658 9712 9712
9512 10112
8
9712
7598 9412 Totio Elec Pow 1st 713
1955
19 5 NI 43 9918 9912 9812
98 10078
39
99
104 109
6% gold notes.
15 1920 J J
9014 Sale 99
98 100
9938 47
Tokyo Elec Light Co, Lid42
60
1st 68 dollar series
55
744
1053• D 9038 Sale 90,2
90
9214
9114 186
105 10914 Toledo Tr LAP 555% notes 1930 J J 10012 Sale 10038
99 1014
10034 25
9914 10312 Transcont Oil 6 15s with war 1038 J J 10012 Sale 100
160 10078
40
1007
s
10934 1119 Trenton G & El 1st g 5s
1949 MS 102 107 10434 June'28
_ 10454 10712
108 109
Trumbull Steel 1st s 6s
1940 MN 1024 Sale 101
10218 26 101 10312
9878 10312 Twenty-third St Ry ref 58..1962 .1 .1
61% 60
561s 6812
Oct'28
10018 10434 Tyrol Hydro-Elec Pow 7558_1955 MN 155 sale 9978
984 10138
11
100
10278 10614
101 10434 USgawa El Pow s 1 75
99 Sale 9812
98 103
99
35
Underged of London 4558_1
194
35
3
tj
J 10034 10114 9534 Mar'28 -9512 953.4
Union Rice Lt & Pr (540) 58.1932 m s 10078 101 10114
94
92
10114
1 100 103
69
Re( & ext 5s
93
1007g Sale 10078
10078
1 100 103
99 1031, USE LA:P(111)1st g 5558ser Al_9
'5
34
:4 .
41
1
10134 10212 10214
10211
2 101 10414
100 1071, Union ElsaRy (Chic) 5s
1945 A 0
894 Ws
89 90 Sept'28 _
Union 011 1st Ilen s 555
99% 104
1011.2 ____ 10112 101121
9958 102
6
30-yr 68 series A_ _ _May 19
104 107
10914 - ._ 10914
1)4
32
1
2 108 11218
10914
151 liens f 56 series C.Feb 1935 A 0 9838 99
9712 106
9838
9712 102
9834 14
9038 9414• United Biscuit of Am deb 68.1942 M N 9934 Sale 987s
9878 10212
9934 27
113 11634 United Drug nets 25-yr 58_ 1953 10
9718 Sale 9718
95 10014
9914 136
United Rys St L 1st g 4s
116 118
1934 J J 84
8412 84
81
854
United
SS
Co
I5-yr
68
1937 M N 98 Sale 9714
10412 10"
95 101
98 2I
.
5
87
9538 Un Steel Works Corp 655s A_1951 J D 9212 Sale 90
9212 43
14812
90
J D 9214 Sale 90
With stock pun warrants
Iowa Joel,
8934 971s
921.,1
6
Series C without warrants_ J D 90 Sale 90
1003% 1043.,
96
90
904
6
With stock pun warrants_ J D 90
66% 106
9034 9034
8978 984
92
3
0038 934 United Steel Wks of Burbach
Esch-Dudelange s f 7s____1951 A 0 10314 Sale 10418
9738 10112
10514
9 10214 10114
10098 10514 U S Rubber 1st & ref 58 ser A 1917 J J 8814 Sale 88
8334 964
8912 74
10-yr 754% secured notes_1930 F A 10112 Sale 101
9912 1015
10112 30 100 10534
US Steel Corp(Coupon Apr 1963 MN 10758 Sale 1074
10212 105
106
1073
4
61
10934
5110-60-5r5s1Regls__Apr 1963 MN 10612 Sale 10612 10612
102 108
4 10512 10812
10238 10514 Universal Pipe & Rod deb 68 1936 J D 9014 9254 9258
9258
5
10312 106. Utah Lt & Trac lot dr ref 55._1944 A 0 9614 sale 9634
59349438 10012
0614 22
96
F A 10018 Sale 9934
911.8 9814 Utah Power Jr I.t lot Is
9834 10.351
10012 72
Utica Elec L dr Plotsg 611_19
95404 J J 10478 107 105
984 109
Oct'28 -_ _ 105 1084
98 10234 Utica Gas de Elec ref & ext 55 1967 3 5 108 Sale 10578
108
8 1044 112
864 10214 Utilities Power & Light 5345_1947
D 9414 Sale 9312
9312 94
94
46
102 10712 Vertieutes Sugar 1st ref 713_1942 3 0 9818 Sale 98
9912 30
07 101
311, Victor Fuel 1st 5 155
1953 J
50
106 10612 5114 Oct'28 --_ 65
48
Va Iron Coal & Coke 1st g 551949 M 93 9334 94
9312 102
92 Sept'28 - - - 9174
82
1
2 Va Ry & Pow 1st & ref 58_1939 3 1 10014 Sale 9912 10014
11334 115/
18
9912 102
.35
A
0
Walworth
deb
102 1084
6544 (with war)
9238 9434 9214
9614
10
82
93
1st sink fund lie series A
104 104
1945 A 0 87 Sale 87
8714
16
80
984
97 1018, Warrior Sugar Refin Mt 73_1941
0 1054 106 10558 10558 26 10512 1074
9712 1041, Warner Sugar Corp 18t 7e...1939
J 88
92
90
3
844 95
9012
0158 1021 Wash Water Power f 5s
1939 3
10218 Sale 10218
10218
2 10238 105
01'4 9434 Westches Ltg g 58 8tnipd gtd 1950 J
10558 10612 10558
10658 14 105 10918
Walt Penn Power ser A 55_1946 10
M. 108
10238 103 10212 10278 14 101 105
1st 58 series F
10418 10634
1963 m
10334 1044 10358 10338
6 102 108
1953 A 0 10.5 106 105
1034 10(9
let 555s series F
10514
5 1014 1061s
1st sec 58 series 0
.113
991
1056 /
103 Sale 10238 103
20 10114 105
9312 9613 Wee. Va C dr C 181 68
1990k
26
50
50 Sale 50
50
60
10.734 1004 Western Electric deb 5s
1944 A '
1 10278 Sale 10278
10314 23 10134 105
Western Union coil tr cur 55_1938 J J 100 Sale 100
10334 106
10112 17 100 1054
100 10594
Fund & real est g 4558_ _ 193
9,50
61 M
F
9638 10318
99 Sale 9814
99
17
I5-year 6558
99 1031,
11078 16 10884 11278
11012 Sale 110
9712 91134
.1 0 10258 Sale 10212 103
25.-year gold 50
34 10114 10514
98 10134 Weenie° RAM 20-yr g 58_1946 M 5 1034 Sale 10314
43 10134 105
104
100 1047s Westphalia 1.11) El Pow 64-..1953 J J 8812 Sale 87
9112
86
8838 20
Wheeling Steel Corp 1st 55581948 J J 101 Sale 10034
10638 108
10114 26
9938 10494
White Eagle Oil& Ref deb 5958'37
9512 105
With stock punch warrants... _ M 8 9938 Sale 9818
9538
93
9312 100
9978 104
White Sew Mach 68 (with war)'36 j J _ _ _. 12912 125
90 116
Oct'28 _ _ _ _ 122 14118
Without warrants
11034 115
9918 16
9812 10212 9812
est4 104
11018 11218 Wickwire Spen 511 1st 7s_.1035
3812 Sale 36
3812 32
28
39
118 15674 Wickwire Sp St'l Co 7s-Jan 1935 MN
3614 38
36
3278
55
25
3612
102 10538 WIllys-Overland Sf 6 1,58-.- -1933 M S 10212 Sale 10212 10212
5 10112 10312
99 10034 Wilson & Co lot 25-yr a f 63..1091 A 0 10134 Sale 101
10134 99 100 1054
Winchester Repeat Arms7558 '41 A 0 107 Sale 107
974 107
12 106 10818
107
Youngstown Sheet & Tube 581978 J J 10012 Sale 100
10058 251 4914 10114
HOS Ne
Ask Low
Bid
Louisville Gas & El (KY) 55.1952 M N 10314 10312 1031 1
7
1034
Louisville Ry 1st cons 55____1930 J J 9512 Sale 0512
6
9534
Lower Austrian Hydro El Powlst f 650
1949 F A 88 Sale 88
1
88
McCrory Stores Corp deb 5559'41 J 11 9912 Sale 9912
9934 18
Manati Sugar 151 Sf 7555....1942 A 0 104 Sale 10312 104
12
Manhat Ry (N Y)cons g 45_1990 A 0 6712 Sale 67
6834 58
2d 45
2013 1 1) 6312 6512 6312 Sept'28 _ _
Manila Elec Ry & Lt s 1 519-1953 FA 8 9738 99
9678 Oct'28 _ _
Marion Steam Shove 8055_1947 A 0 99 Sale 99
3
99
Mfrn Tr Co ctfs of panic In
A I Naram & Son let 6s. 1943i D 10312 105 10312 105
9
Market St Ry 78 ser A April 1940 Q J
9712 Sale 9712
9814 18
Meridional El lot 7s
1957 A 0 97 Sale 9634
9714 37
Metr Ed 1st & ref 58 ser C..1953 3J 10334 Sale 10318
10418 21
Metr West Side El (Chic) 49_1938 F A
7712 79
8012 Sept'28.Miag Mill Mach 78 with war.1956
9512 96
9612 Oct'28
Without warrants
92
93
96
96
Mid-Cont Petrol let 655s...1940 M S 105 10514 105
10514 61
Midvale Steel &0cony 55 55 1936 M S 100 Sale 9912 10014 103
Milw El Ry & Lt ref & ext 455531
9834 99 99
1
99
General & ref 5s series A_ _1951 J D 10212 ____ 10212 Oct'28
1st & ref 5s series 13
10112 Sale 10118
1961 J
10112 27
Montana Power 1st 58 A__1943 J J 10238 Sale 10258 10312 27
Deb 5a series A
1962 J D 10012 Sale '10014
1003s 18
Montecatini MID & AerieDeb 78 with warrants
1937 3J 112 Sale 11078
11218 87
Without warrants
.5 J
9534 Sale I 941
53
96
Montreal Tram 1st & ref 58_1941 J
9938 9912 9914
5
9914
Gen & ref s 58 series A___1955 A 0 98314
983
58
8 st
Sep
pt:28
Series B
195.5 A 0
Morris & Co 1st s f 4555
87 Sale 8634
1939 J
8738 32
Mortgage-Bond Co 4s ser 2 I966 A 0 82
92
82
2
82
10-25-year 58 series 3
9712 Sale 9712
1932 J
98
19
Murray Body 1st 8555
19343 D 102 Sale 10078
102
54
Mutual Fuel Gets 1st get g 58_1947 MN 10014 102 10412 Aug'28
Mut Un Tel gU16s ext at 5% 1941 M N
10434 July'28
Names (A 1) & Son-See Mfrs Tr
Nassau Elec guar gold 48_1951 .1 J
5812 Sale 58
584 28
Nat Dairy Prod deb 5598.-1948 F A
9812 Sale 9814
985g 342
Nat Roam & Stampg let 58_1929 1 D
_ 101
Oct'28
Nat Radiator deb 655s
80
1947 F A 1018112
-7618
49
80
Nat Starch 20-year deb 58_1930 J J -___ 100 10014 Aug'28
National Tube 1st s I 58_ __ _1952 M N 103 _ ..10378
104
5
Newark Consol Gas cons 55_1948
103
2
103
D 10258
New England Tel & Tells A 1952 .1 1) 10634 Sale ,10638
10634 19
lat g 4958 series B
101
9
1961 MN 10012 101 110038
New On Pub Serv 1st 58 A4_1952 A0 9634 97
9614
14
97
First & ref Is scrim; B
9634 16
1955 it) 9634 Sale 9638
N Y Dock 50-year lot g 4s 1951 FA 85 Sale 84
85
15
Serial 5% notes
89
7
1938 *0 89 Sale ; 88
NY Edison 1st dr ref 650 A_1941 A 0 11618 Sale 11434
11614 58
10.413
1st lien de ref Is merits B
1944 A0 10412 ____;10338
9
N Y Gas El Lt 11 & Pr g 58_1998 JO 107 Sale 110634
107
10,
110 Apr'28
Registered
_1
9418 11
Purchase money gold 4a_ _1949 '.1. 9413 I43-4 94
N Y LE&W C& RR 5558_1942
N 10014
10258 Oct'27
_
N YLE& W Dock& Imp 58194333 10018 _ _ .100 Aug'28
N Y & Q El L & P Isle 58_1930 FA 100
_'100
Oct'28
_
6234 Apr 28 _ _ _ _
N Y Rya let ERA ref 4.8_1942 .1 .1
58 June'28
Certificates of deposit
_
'
30-year adi Ine 58_ _Jan 1942 74-4 Mar'28
3
15
0
3
Certificates of deposit
9
4 Mar'28
N Y Rys Corp Inc 65..._Jan 1965 Apr 2334 Sale 2334
16
27
Prior lien 68 eerie(' A
1965 J J 87 Sale 87
5
8712
N Y & Mehra Gas lot 6s A _ _1951
N 10514 10512 106
106
5
N Y State Rys let cons 445_1962 MN 42 Sale 42
434 46
let eons 6558 series B
1962 MN 55 Sale 55
57
32
N Y Steam 1st 25-yr 65 ser A 1917 MN 10812 ____ 10812 10812
3
NY Telep 1st & gen s f 4558_1939 MN 10038 10034 10018 10038 10
30-year deben f 6s_ _Feb 1949 FA 11012 Sale 11014
11 119 22
20-year refunding gold 65.1941 A 0 10714 Sale 10658 1074 31
N Y Trap Rock lot 68
1946 JO 10034 Sale 10018
3
10034
Niagara Falls Power let 58_1932 ii 1014 1044 101
10138 23
Ref & gen 6s
1
Jan 1932 AO 10312 10478 1014 10138
Nlag Lock &O Pr 18t Is A._1955 A
10234 Sale 10234 10312 11
Norddeuteche Lloyd (Bremen)20 yr 8168
94
65
1947 M N 9358 Sale 93
Nor Amer Cem deb 6551( A_1940 M S 7234 Sale 70
7234 23
No Am Edison deb laser A_1057 PA
10014 Sale 9934 10038 146
Nor Ohio Tree & Light 6s
101 Sale 101
102
12
1947 M
Nor States Pow 25-yr 58 A 1941 *0 10038 Sale 10012 10112 26
1st & ref 5-yr 6s series B 1941 A0 105 10612 10514
4
10538
North W T lot Id g 43.5s gtd.1934 I 3
Oct'28
09
_
Norweg Hydro-El Nit 5348_1957 MN
9153 Sale 9112
49
92
Ohio Public Service 7555 A...1946 AO 11312 114 11334 1154
2
1st & re/ 7s series B
1947 FA 11518 Sale 11518
II518
7
Ohio River Edison let 68
9
1948 J J 106 Sale 106
107
Old Ben Coal let 65
1944 PA 95 Sale 95
9512
7
Ontario Power N F let bs__ _1943 PA 10114 10218 10114
10218
5
Ontario Transmission let 58_1945 MN 10134 Sale 10134 10134
1
Oriental Devel guar 64
1253 MS 9914 Sale 99's
9912 14
Oslo Gus & PI Wit, e\t1 .5s...1963 MS 93 Sale 9214
30
93
Otis Steel lot M 6s see A
1941 MS 10112 Sale 10118
10112 21
Pacific Gas& El gen & ref 58 1942 J J 10214 Sale 10218
10234 1 0
Pac Pow & Lt let & ref 20-yr 5030 FA 100 Sale 10()
-2
100
Pacific Tel & Tel 151 Is
1937 J J 10258 Sale 10212 10234 33
Ref mtge 58 series A
1952
N 10438 Sale 10418
10438 16
Pan-Amer P & T cony SI 60_1934 MN 10312 Sale 103
10358 26
let lien cone 10-yr 7s
1930 FA 10412 10514 10412 105
13
Pan-Am Pet Co(of Cabconv 68'90 J
9512 Sale 9412
9512 30
Paramount-Wway 1st 534 e.. _ 1951 .5.3 1014 Sale 10138 10134 11
Paramount-Fam'e-Lasky 68_1947 JO 100 Sale 9934 1004 83
Park-Lex let leasehold 6558_1953ii 95
96
97
96
2
Pat & Passaic GA El cons Is 1949 MS 10212 103 104
Oct'28 _
81 Sale 79
Pathe Exch deb 7s with warn 1937
N
8112 59
Penn-Diale Cement 6s A
1941 MS 9434 Sale 94
95
33
A 0 11514 ____ 11412 Oct'28
Peep Gas & C lot cons g
Refunding gold Is
1947 M
106 10712 1044 10534 14
Registered
MS D 9:134 Sale 9812
Philadelphia Cu wee Is Fier A.1967
9934 194
Phila Elec Co 1st 45.521
101
1067 al N 101 Sale 10014
35
9414 14
93 Sale 93
Plata & Reading C A I ref 58.1973 .2
Phillips Petrol deb 5345
1939
14 93 Sale 9278
9314 72
10618 107 1064
Pierce-Arrow Mot Car deb 881943 M
10634 43
10418
10418 Sele 10418
1
Pierce Oil deb s f 8s__Dec 15 1931 .1
105
15
Pillsbury Fl Mills 20-yr 68..1943 AO 105 Sale 10418
Pirelli Co (Italy) con's 7s
1952 MN 10614 Sale 10634 10634
3
931. 9312
5
Pocah Con Collieries let 5!681957 JJ 9312 95
Oct'28
Port Arthur Can & Dk Cs A_1953 PA __ 10334 104
10412 10334 Oct'28
1953 FA
1st 181 65 series B
10012
Portland Elec Pow 1st 68 B._11)47 MN 1(1014 Sale 10014
9734
100
9712
0
99_ 10
2
07
0 _.
Portland Gen Elec let 58------.835 J J 19
5
Portland Ry let & ref 5s......1930 M 11
9878
9878 103
984
5
Portland Ry LAP 1st ref 58_1942 F A
3
1st Ilen & ref 68 series B__.1947 MN 10018 101 1004
1004
1st lien & ref 7358 series A_1946 MN 107 10712 9512 Oct'28
99
89
Porto Rican Am Tob cony 651942
2 9812 Sale 97
95
154
Postal Teleg & Cable coil 55 1953 J J 9438 Sale 9378
9614 Sale 9614
Pressed Steel Car cony g 55 1933 J
9812 171
Prod & Ref s f 8a (with war).1931 3D 1111
- 11034 Sept'28
8Oct'28
Without warrants attached.._
1-1-1 Ill
D 11034
148
198
Pub Hers Corp NJ deb 4548_1948 FA 152 Sale 14514
Pub Sery El & Gas 1st & ref 512 '65 3D 1034 10412 10438
10473 17
1st & ref 434s
1967 3D 10014 Sale 1004 10012 15
Punta Alegre Sugar deb 75_1937 3.5 98
9812 10
9812 98
Weer,
Range or
Las! Sale.
7
-
OCT. 20 1928.]
2213
FINANCIAL CHRONICLE
Outside Stock Exchanges.
Boston Stock Exchange.-Record of transactions at
the Boston Stock Exchange, Oct. 13 to Oct. 19, both inclusive, compiled from official sales lists:
Stocks-
Sales
Thur.
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
•
Railroad-.
100
Boston & Albany
100
Boston Elevated
100
Preferred
100
preferred
1st
100
2d preferred
Boat & Maine corn unst 101
Preferred unstamped 100
Ser A 1st prof unstpd_100
Preferred stamped_ _100
Prior pros stamped. 100
Ser A 1st pfd stpd .10.
Ser B 1st pref stpd_ -100
Ser C 1st pref stpd-100
Ser U 1st pref stpd-100
Negotiable recta 70% pd
Boston & Providence-_ 100
Chic Jet Ry & U S Y pf 100
Conn & Pass River pref 100
JO))
Last Maas St Ry
100
let pref
100
Preferred II
100
Adjustment
100
Maine Central
100
Preferred
N Y N & Hartford_ _ _100
Norwich & Wore pref_ 100
100
Old Colony
50
Pennsylyanta RR
Providence & Wore..100
100
Vermont & Mass
180 185
185
84%
83
83
1024 10054 102%
112 114
101% 103
102
714
70% 70
109 109
109
88
88
76
74
109 109
78
80
127
104 m 124 125
1074 1074
155 156
104 104
181%
1814 181
106 107
106
103 103
29
29
29
74
73
65
65
65
5054 52
64
(15
65
8355 8355
6455 6355 65%
1334 133%
132 136
135
6455 63% 6554
185 185
185
113 1133.4
Miscellaneous-•
American Brick Co
Amer Pneumatic Service 21,
50
Preferred
50
1st preferred
100
Amer Tel & Tel
•
Amoskeag Mfg Co
•
Beacon 011 Co
Bigelow-Hartf Carpet _ _•
100
Preferred
Brown & Co
Continental Securities Corp
Crown, Cork & Seal Co Lte
Common stock
10
East Boston Land
Eastern Manufacturing. _5
Eastern SS Lines Inc. _ _2o
•
Preferred
100
let preferred
Economy Grocery Stores_.
100
Edison Elec Ilium
Galveston Ilona Eiec _ _100
Preferred
100
•
General Alloy Co
•
General Pub Ser com_
Georgian (The) Inc
Class A prof
20
German Invest Corp
Glichrlst Co
•
Gillette Safety Razor Co •
Greenfield Tap & Die._25
Greif Coop'ge Corp cl A__
Hood Rubber
•
Insurance Sea
10
International Corn _
Italian Superpower Corp_ _
Kidder.Peab Accep A pf100
Libby McNeill & Libby _11,
25
Loew's Theatres
Massachusetts Gas Co_1(10
Preterred
100
Mergenthaler Linotype 100
10
National Leather
Nat Mfrs & Stores Corp...
Nelson Corp(Berm)tr ctf5
Now Engl Equity Corp_
•
New Eng Pub Serv
•
Prior preferred
New Eng Tel & Tel_ _100
Nor Texas Electric__ _100
100
Pacific Mills
Plant (Thug G) 1st pf _ _100
10
Reece Button Hole
Reece Folding 131achlne_10
•
Ross Stores(The) Inc_
So Ice Co prof
So New Eng Ice Co
Ater Sec Corp pf allot ctis_ _
Swedish Am Inv pf tr ctf100
100
Swift & Co
Torrington Co
•
Tower Mfg
Traveller Shoe Co
5
Union Twist Drill
•
United Elec Coal
United Shoe Mach Corp_25
g5
Preferred
U S Brit Inc 83 pf allot CU
U S & Foreign Fee lot pref.
Venezuela Holding Corp
•
Waldorf System Inc
Waltham Watch(Allem..
Warren Bros
Westfield Mfg. Co. cap stk
103%
4735
16%
271
3534
11
33
120%
12
43
17654
83
100
110
10154
55
6015
80
6134
107
694
1084
98
135
104
173
106
1024
20
70
63
50
59
8154
54%
132
1314
62
180
113
High.
Sept
Oct
Feb
July
Oct
Jan
Feb
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Oct
July
Oct
Jan
Jan
Aug
Aug
July
Feb
Aug
June
Jan
July
June
Aug
Oct
1944 May
99
Mar
107% Apr
1204 Jan
tioq Jan
83
Apr
NO
Aug
98
May
May
90
115
May
Mar
87
Apr
145
Apr
131
180
May
10915 Apr
Jan
182
11334 June
Apr
107
Apr
43
Apr
88
8015 Apr
6555 Apr
7234 Sept
Apr
87
68% May
140 June
141
Apr
72% Apr
Apr
191
Apr
121
10 16
222
2%
140 15
10 47
1,735 171%
1,380 18
353 1457
1,780 8756
46 z100
42 9355
722 81
June 20
May
44
June 2414
Aug 51
July 210
Apr 2515
Feb 2334
Sept 9955
Oct 110
July 984
Jan 1344
Mar
June
Feb
Apr
May
Air
Oct
May
Mar
May
Apr
1655 18
534 5%
2
24
99 104%
474 474
10215 102%
16
17
270 272
364
34
73% 74
11
12
2554 25%
8
8
16% 17
19
19
32
34
117% 122
12
124
43
433
27
23
24
27
66% 70
124 1255
925 14%
50
254
955
115
4,560 56
55 45
10 101
985 1135
346 262
710 31
20 7354
205 10
50 1654
100
8
120 1555
20 1814
570 28%
2,318 98
215
935
195 39
332 25
405 24%
250 45%
5
7
Aug
Jan
Jan
Feb
Sept
May
Jaz
Feb
Feb
Oct
June
Jan
Oct
July
June
Sept
June
Mar
July
Aug
Sept
Feb
Jan
18
8
2%
118
51
108
1854
305
43
86 34
1334
30
1314
2034
2214
15(4
1234
13
46
4314
32
74
2334
Oct
Aug
Jan
May
Apr
Apr
Sept
May
May
Apr
Jan
May
Jan
Jan
Apr
Jan
Oct
Jan
Sept
Jan
May
Sept
May
5 93
Oct
131
714 Jan
975
7% Jan
5,320 109
Feb
110 77
June
570 98
Oct
65
315 Jan
1,795 30
Apr
270 244 Aug
460 25
Jan
85 100
July
90 103
Aug
579 437
Mar
25 15
Jan
4,569 25
Aug
200 12
July
45 15
Mar
25
1% Feb
10
700
Apr
30 82
Fob
171
9
Jan
3,595 3054 Oct
322 123% June
288 124% Jan
471 65
Sept
1,075 .90
Mar
375 17
Aug
6,025 11
Apr
525 40% Apr
929 6334 Jan
170 2955 Mar
500 7134 July
29 x9334 Oct
170
8
Jan
1934 Jan
824
30 60
Jan
135 zI41
June
200 434 Sept
9534
114
15
155
88
112
6
44
34(4
434
10955
11115
152
2115
404
23
1714
25/
364
8955
144
37
2014
135%
72
5
2615
214
69%
77
32
9636
101
36
2714
9(1
11)214
47
Jan
Sept
Sept
May
May
Jan
May
Oct
May
Aug
Feb
May
May
Mar
Jan
Jan
Sept
May
June
July
Feb
Slay
Oct
June
Oct
Aug
Apr
Oct
Sept
May
June
May
Feb
May
Apr
Mar
Apr
Oct
2%
6
56
46
24
3%
44
12
60
25%
7
2%
3
154
55
34%
63
54
615
3
19%
175g
June
Jan
Jan
Oct
Oct
Slay
July
Jan
May
Oa
May
Junr
Stay
May
Apr
Sept
Apr
Jan
Sept
May
Aug
Stay
93
93
ii
11
II%
11
11
11%
143
129% 144
7854
784 78
101
98 101
3% 34
3.14
44
3914 44
2654 27
26%
39
40
1004 101
101% 105
14115 141 14234
15
15
29
20
29
21
184 2156
16
17%
14
14
20
214
87
87
9
10
32
30% 33%
190 20135
130 132
132
70
68
7055
334
3% 3%
194 16%
If)
2114
2184
634 6355 6654
71
69% 71
3114
31
31
7551 75
77
94.54 954
95%
9
9
9%
24% 23
25
6514 65%
14734 14734 150
4635 46
47
14
Arcadian Cons Min Co_ _25
434
5
Arizona Commercial
10 48
Bingham Mines
25 42%
Calumet az Heema
25 2236
Copper Range Co
315
East Butte Copper Min _I(
Hancock Consolidated. 25
3
Hardy Coal Co
.1 .514
Island Creek Coal
25 244
Isle Royal Copper
25
Kennenan Copper
2
25
LaSalle Copper Co
25
Lake Copper Corp
.25
Mayflower & Old Colony 25
25 5054
Mohawk
_5 34
New Cornelia Copper
New River Co pref
5
3
Nipissing Mines
4%
15
North Butte
25
Onbway Mining
255
25 15
Old Dominion Co
• 12
P.C.Pocahoritaa Co
Low.
17%
3
1534
474
180%
1955
234
97
102
95
128
17%
3
15
474
1794 175%
18%
1855
224
964 90
100
94
94
111
120
18
54
205
552
19
70
299
665
10
25
23
20
220
78
55
15
7
5
85
41
15
10
15
690
235
11
1,088
28
205
1,523
33
46
Range Since Jan. 1.
14
455
4755
334
204
3
2
3
47
204
4
14
14
.25
59
3234
57
254
314
2
14%
11
134 3,250
1
5
1,035
311
48
30(
41
46
15,024 2014
24
7,638 144
34 3,315
325
2%
.30
3%
107
215
5114
330 47
25% 6,905 all 34
4
50
1,99n .75
211
1%
1,058
.33 2,642
,25
5254
1,575 42
31
800 2515
60
330 52
320
3
254
.90
17,335
5
1,113
.60
251
16
9
2,470
12)4
1,775 11 -1
Aug
Mar
Oct
Jan
Mar
Feb
July
Ane
Feb
Mar
Feb
Feb
Oct
Sept
Sept
Oct
Jan
Feb
Mar
Oct
oases
Friaaj
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low, High. Shares.
25
Quincy
Rights
St Mary's Mineral 1.anc1.25
10
Shannon
Utah Apex Mining
1
Utah Metal & Tunnel_
25
Victoria
Winona
25
BondsAm uskeag Mfg 13s__1948
Chic Jet Ry & US h 55 '40
1940
4s
Dominion Coal 5s_ _1940
East Mass Street RR1948
44s series A
Gannett Co Inc 6s_ __ _1943
1936
Hood Rubber 78
ltal Superpow Corp 65 1963
Mass Gas Co 455s_ _ 1931
1929
Mass Gas 4345
1932
N E Tel Si Tel 59
1944
Swift az Co 5s
CO I S'ervice CO 634s.1938
Western Tel & Tel 55.1932
Whitenlg,hts Inc 648_1932
45
334
.45
4
1%
88
4115 45
5
535
3115 35
.45
.30
34• 4
14
155
2
234
.10
.15
88
10155
904
98
67
9955
99
824
98
98% 9834
10054
10134
99% 9954
100
80
4,785
7,866
6,832
260
1,065
1,690
410
34
Sanyo Since Jan. 1.
Low.
12%
354
214
.25
315
1
.95
.10
Apr
Sept
Mar
Mar
Aug
Feb
Apr
Feb
High,
46
554
35
.70
53.4
154
215
.35
July
Oct
Oet
May
Jan
Feb
Sept
May.
89 512,000 87
101% 3,000 101
1,000 90
9015
98
1,000 98
Oct 9514 'Jan
July 10355 Jan
Jan 94% June
Oct 98 ,_Oct
67
1,000 6455
9915 10,000 9955
99
1,000 99
8234
1,000 824
99
7,000 97%
1,000 984
98%
101
2,000 100
101% 9,000 101
99% 4,000 9955
10015 5,000 100
80
5.000 80
Fey,
Oct
Oct
Aug
Aug
Oct
Aug
June
Aug
July
Oct
79
99%
1034
102
100%
99
10315
103
100
103
128
Apr
July
Jan
;Apr
Jan
Oct.
Feb
Jan
Oct
Jan
Star
• No par value. x Ex-d vidend.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, Oct. 13 to Oct. 19, both inclusive
compiled from official sales lists:
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low, High. Shares
103 112
21 110
Acme Steel Co
2,600
1935 20
Adams Royalty Co. corn.*
350
5536 61,350
All-Amer Slohawk "A"._5 46% 48
American Colortype, corn • 384 33
3854
200
Amer Natural Gas Corp_ •
1734 1754
50
Amer Pub Serv pref._ _100
1014 1024
75
Ain Pub UM!
92
100
92
Part preferred
20
144 17,350
A n.er :Asses Sec Corp A__• 1355 13
• 144 144 15
Class "11"
1,050
554
5
Warrants
6
7,295
Armour & Co, pref_ _100
844 844
50
4215 4715 4,900
Art Metal Was Inc peel _ _• 44
Assoc A ppar Ind Inc cum.* 5554 5234 58
19,700
ASSVC Investment Co._ _ _• 57
4814 5815 4,600
Atlas Stores Corp corn...* 6334 62
6715 6,550
Auburn Auto C., corn. __• 11554 11215 119
24,800
Automatic Washer CoConvertible preferred__• 34
32
34
4,200
Backstay Welt Co
_.• 37
3335 38
4,700
o._._25 95
lialanan & Katz v tcoin94 103%
1,100
Baldwin Rubber A
•
23.4 2434
450
eastian-Bleselna Co earn.' 44
0,500
4334 46
Basis' Laundries Inc A ..• 28
28
2954 9,500
Beatrice Creamery com_50 8155 764 8354
3,600
Bondi% cute
5 11755 115 131
Class B new
78,650
Burg- Warner Corp corn I() 1224 12135 1284 53,150
100 10215 102 1024
Preferred 7%
200
Brach az Sons(E J) cum...
2434 2554
1,500
10 30
Bunte Bros com
28
32
2,400
20 3215 2754 3454 128,950
Butler Brothers
Stocks-
Carr pb Wyant& Can Fdy• 69
Castle & Co(ASH tom _ _10 72
• 6755
Celotex Co corn
100
Preferred
Cent Dairy Pa Corp A pfd•
Central Gas & El 7% pfd.'
•
655% preferred
Centre( Hi Pub Serv tiret_•
Central Ind Pow pref_ _100 98
Certificates of deposit__
Central Pub Ser (Deb _ *
*
Class A
Central States URI 57 DM.*
•
Central ti W Utll cum_
Pr.or lieu prat
• 104
Preferred
• 464
Chain Belt Co corn
Chic City & Con Sty lit sh_•
• 1734
Preferred
Chic. Jeff Fuse & El corn.•
Chic No Sh & Mil
100
Prior lien pref
Chic Rap Trans pr pf A 100
Chic Title & Tr Co_ _100
Chic Towel Co cony pref...
Cluckasha Cotton OIL _10
Club Alum Uten Co .....• 34
Coleman Lamp az St corn.' 63
Commonwealth Edison_100 198
Consol A ut Slcise earn ....•
Cum cony preferred_ •
Onsumers Co common. _5 14
Preferred
100
Warrants
655
Crane Co common
25 4756
Preferred
100
Curtis Mfg Co
5 394
Davis Blau* luc "A".....• 21
Warrants
44
Dayton 1Rubb Mfg A corn •
Decker (Alf) & Cohn Inc.* 2951
Eddy Paper Co (The).
. • 304
El Household UM Corp..10
_.
2754
Flee Research Lah
• 38
Empire(I&F Co 7%Inc__Pf _10099%
6% preferred
1(4) 964
64% preferred
100
8% preferred
100 11154
Foote Bros(IA M Co__ :5 273.4
Galesburg Cculter-Dlac_ • 106
GleanerCcmIlarves.rCorp• 7034
Godchaux Sugar, Inc, ci B• 31
Great Lakes I> dt 11....WO 280
Grief Bros Corp A corn_ _ _•
Griesby-Gnifit,W Co
Common (new)
* 118
Hart-Carter (It, cony pf..• 3534
• 43
Ilart Parr Co, corn
Rights
wart Schaffer Ar Marx_ _100
Hartford Times Part Pf---*
• 41
Henney Motor Co_
preterre4 ..... ___ _ • 50
IIershey Corp. cony pt A.5 50
• 49
Class"B"
Range Since Jan. 1.
Low.
Sept
Apr
Oct
Oct
Apr
June
92
4
43.6
55
6635
28
5155
36
27
78
Sent 101
Jan
144
Jan 174
Jan
601
Jan 914
June 49
Sept 58
Jan
5836
June 6735
Sept 1414
July
Oct
May
may
June
Sepl
Oct
Oct
Oct
Mai
32
334
5954
23
24
21
64
Oct 36
Sap)
Oct 38
Oct
Jan 10455 Oct
Oct 2555 Sap)
Feu 48
Oct
June 32
API
June 834 00
TI...
95
Oct 131 ;Oct
70 June 131% Or
10155 Aug 104
Aul
1654 Jan
2634 Sept
15
Jan 32
Sepi
20
Apr 344 Or
69
7354 15,350 3.5
7055 73
5,000 4254
64
6854
1,18' 49
87
874
100 80
2354 234
100 18
100 10115
150 9434
10 94
9854 98."'
97 100
278 9334
60 92
9755 98
15 934
95% 9531
214 25
4o 1535
36
37
24)
2034
97
9714
30(
97
84
83
150 76
104 104
110 100
6954100%
445 09
4134 4354
3,700 41
115
155 1.700
1
850 1115
173.4 1855
32
32
100 30
June
Feb
Feb
Feb
June
June
July
Aug
Aug
Sep
An
Jet
Oct
Jam
Au:
Oct
A ui
Juno
Am
Feb
97
9855
100 101
606 606
97
97
52
52
324 36
6214 6334
196 200
14
15
4454 4454
13
15
90
90
6
63.4
4755 4734
120 120
39
474
15
2335
14 415
46
46
284 2954
30
31
274 2834
29
4215
904 100
95% 974
9714 9734
111 111%
2634 2734
92 110
70
7255
3015 33
255 280
4235 4235
Job
Or)
July
Sept
Junr
Allf
Jul3
Jan
Ant
Oct
Jan
Jan
Fel
Slam
Jan
Oct
Aug
Aug
June
Feb
Feb
Jar.
Jell
Sept
Sept
Oct
Feb
Jan
Jan
Oct
Jan
Jan
API*
114
34
4254
635
164
43
4054
49
474
4734
125
37
464
655
165
43
45
50
55
55
90
80
10
10
100
23,900
2,000
1,211
700
50
6,800
90
1,050
98
25
9,200
31,000
12,900
110
1,350
400
2,550
111,550
314
118
40
339
1,800
14,800
5,750
12,701
625
50
47,300
19,800
4,100
100
170
50
15,900
950
17,250
14.200
High.
83
Jan 130
18
Oct 2854
1354 Aug 5536
234 Feb 40
17
Oct 2635
9755 mat 104
u31.6
100
575
95
45
27
5634
165
74
4454
734
87
314
45
119
3715
1215
36
35
25
30
134
2%
9834
954
973-5
10834
1854
475.4
6614
3
245
39
754
75
69
92
254
10435
100
1(1(14
101%
101
25
37
97%
98
112
mos IA
464
2
2254
40
Oc
Oc
mat
Au(
Jar
Mai
Mai
AP
Mai
Ma:
Oc
Oc
or
ma
Ma,
*a]
Oc
Fel
Ja
Ma
100
An
1024 Ja
610
,fa
102
At
56
Jul
30
Ja
66
Ma
200
Oc
15
Oc
48
Au
17
Set
9834 At
1034 Al
50
Sam
122
set
474 Om
234 0.
455 Of
ma
59
34
Ma
424 Ma
2855 0,
424 0.
105
Ms
99
Jul
1013.4 Ma
11355 Ma
30
Ms
0,
110
725-4 0,
33
0
3451 Ms
45
Al
.
102
Oct 125 ;0
2914 June 39561 0
4254 Oct:4651 "0
655 ,Oct63.4 to
134
Jan 181 tA
394 Feb 4634 a A
12
Feb
45 :0
424 Feb
50 1 m,
4734 Oct55 .0
475.. net ..
[VOL. 127.
FINANCIAL CHRONICLE
2214
owes
Friday
Last Week's Range for
Week.
ofPrices.
Sate
Stocks (Concluded) Par. Price. Low. High. Shares
26
Illinois Brick Co
indep Pneum Tool v t c_ •
Inland WI & Cable Coln .10 5834
Internat Pow Co, Ltd corn• 32
Kalamazoo Stove con,. •
Kellogg Switchbd COM. IN 28
100
Preferred
Kentucky UM P• cum pf..50
Keystone St & WI corn. • 63
Preferred
ioo
Kimberly Clark Corp.corn•
Lanne Drug cOrn v t c_ __• 2231
• 273.4
Cum preferred
331
La Salle Ext Univ. com_10
Leath & Co
- 1734corn
Cumulative preerred_ .* 51%
Libby McNeill & Libby.10 1135
Lindsay Light, corn
10
4
10
9.35
Preferred
• 41
Lion Oil Ref Co com
Loudon Packing Co
•
McCord Rad Mfg "A"__• 40
McQuay-Nurrls .v1fg
• 49
Mapes Consol Mfg, corn.* 3734
Mark Bros, preferred__ _• 34
Meadow Mfg Co corn....• 1431
Mer &Nitre Sec Dr pref_ _25
Metro Ind Co (Ifs
Mid Cont Laund Ins, A_* 3534
Middle West Utilities._ • 15335
Preferred
ioo
116 cum preferred
• 9631
66 cum prior lien
• 10134
Prior lien preferred...,100 124
Midland Util100
6% prior lien
7% prior lien pref. _ _ 100 100
7% preferred "A" .100
Miller & Hart Inc cony pf.• 55
Minneap Honeywell Reg • 4331
Preferred
100
Modlue Mfg corn
•
Mohawk Rubber
2(3
11
Monighan Mfg Corp A _ _ _• 28
Monsanto Chem Works_ _• 85
Morgan Lithograph coni.• 61
41
41
49
49
55% 62
3135 32
13434 141%
1335 29%
76
85
52
52
664
63
100, 100
5431 5434
2135 2231
2734 28
331 34
16% 1735
5031 51%
114 12%
354 54
931 9%
3835 42
36
3635
40
40
48
50
37
39
32
37
11% 15%
19
20
106 107
35
36
153% 157
119 11931
96
97
10151 101%
124 12431
91
91
99 100
97
97
5034 55
40
4431
10535 106
49
49%
201 228
27
2835
80
85
60
6331
100
15
23,950
200
7,350
147,700
132
91
8,100
10
200
1,150
1,200
150
1,500
1,250
5,400
7.900
100
78,250
150
200
700
1,550
31,550
13,400
600
80
10,865
2,025
265
775
30
205
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)-
Feb
39
47% Feb
26
Jan
3031 Sept
65% Jan
735 Aug
Mar
75
60% Feb
434 June
97% Oct
52
July
214 Oct
2735 Oct
Mar
3
14
June
5031 Oct
8% API*
2
Jan
9% Oct
24% June
3034 June
39% Sept
23% Jan
35
Oct
32
Oct
10% Jan
15% Jan
100 June
35
Oct
123% Jan
1164 Jan
9334 Jar.
Mar
99
122% June
4431 Sept
May
56
Oct
62
3231 Sept
141% Oct
29% Oct
Jan
96
544 June
Sept
70
Mar
114
5634 Sept
2235 Oct
Oct
28
431 July
18% Aug
53 June
13
MAY
5% Oct
9% Oct
42
Oct
41 t Oct
44% Apr
May
60
40
Oct
37% Oct
22% Apr
May
25
108
Sept
Oct
36
169
May
125% May
100% May
May
108
130% May
CBI Elkhorn Coal 68..1948
West Util Corp 1st 5315 '48
3-year 531s
1931
Wiliough Tow Bldg 68_1943
• No par vain .
35 90
135 9831
25 97
1,700 50)4
3,750 30
165 95
1,350 314
2.013 160
1,000 24%1
850 38%
800 57,4
Oct
Aug
Oct
Oct
Feb
May
June
Sept
Apr
Jan
Oct
99%
107
107
55
45
112
56
228
36
85
8734
June
May
Sept
Oct
May
May
Sept
Oct
May
Oct
AtIr
Oct
Nachman Springfilled cams 5335 45
11,450 284 July 55
55
Oct
National Battery Co
8.700 3535 Oct 41
3634 3535 41
Aug 13934 Apr
National Carbon, Pref_100 139
134% 139
83 132
May
4,200 2134 Jan 42
36
Nat Elec Power A part,_..• 35
33
May
6
8% JarNational Leather cora _ _10
351 43,5 3,350
3.55
4231 4935 30,100 3734 Jan 47% Mai
Nat Standard cora_ _ . _• 48
Sept 3334 Apr
20
224 5,550 19
Neve Drug Stores,com___* 20
Nobblitt-Sparks Ind com.• 3835 3831 4134 2,300 28 June 4454 May
June
3,375 3231 Jan 54
49
5131
North American Car com_• 49
Oct
Jar'
48% 49
Northwest Ena Co corn •
750 29
Feb
100 101
95 99% Sept 105
North West Util pr in pf100 101
10535
May
9731
Oct
9731
55
100
7% preferred
100
Oct
19,607 31% Aug 101
Oak & Prod class A
• 8935 8335 101
Oct
35,150 3135 Aug 102
Class ES
83 102
• 90
Sept
July 36
32
Ontario Mfg Co eons
1,550 26
•
3331
Jan 2754 May
Penn Gas & Eleo A com...* 23
22
1.150 20
23
Peoples Lt& Sow "A"com• 4004 3831 40% 1,650 3831 Oct 4034 Oct
41
4231 1,200 3131 July 44 Sept
Perfect CIrrle (The) Co_ _• 41
Oct
Pines Winterfront A com..5 182
5,455 5431 Jan 194
180 190
Oct
Potter Co(The)corn
41
3.350 41 , Oct 46
• 42
46
Pub lifers of Nor 111Aug
Common
• 185
590 169% Jan 191
184 185
Aug
Common
70 139% Jan 191
100 18434 18431 184%
July
Aug 132
20 116
7% preferred
120 120
100
Oct
Q-R-S Music Co own _ _ • 165
4.975 3835 Jan 187
136 187
Apr
Apr 327
Quaker Oats Co. nom_
40 262
315 315
*
Apr
Jan 128
Preferred
12034 1224
47 111
100
Oct
Aug 85
Raytheon Mfg Co
21,550 41
53
• 60
85
Rosa Gear & Tool corn_ _ ..• 44% 4331 46
4,450 30 June 4735 Oct
May
Aug 41
Sangamo Electric (Jo. _• 34
33
35
650 29
Sears. Roebuck, corn
•
500 824 Jan 15734 Oct
15735 15734
Oct
Sheffield Steel corn
850 4831 Mar 95
• 6334 6331 66
Oct
Sonatron Tube Co cons_ ...• 13,5
11,650 2435 July 139
113 139
Rights
9
Oct 15% Oct
10
14
890
1535
Jan
South Cities Util cl A cora •
25% 2854
50 2534 Oct 32
Aug 26% Sept
So Colo Pow El A Coln 25 26
575 23
25% 26
Oct 26% June
South Ice & URI Co B cam.
100 17
17
17
Apr
Aug 96
Southwest Lt & Pow pref..•
_ 90
9031
75 89
Oct
Spiegel May Stern
Aug 79
50 60
_• 7634 7631 76%
June
635% preferred corn_.
Aug 107
450 83
100 9331 9334 9334
Standard Dredge cony pt.* 4134 3434 4234 25,000 30% Apr 54% May
Oct
Oct 58
Stelnite Radio
49
55
12,700 49
58
Studebaker Mail Or com_b
831 May 1654 Oct
1331 16
1434
6,650
Super Maid Corp COM-- • 77
5,800 45 June 81% Oct
7551 79
May
Swift & Co
2.312 124% Jan 136
13031 132
lo0 132
Swift International
Jan 34% Feb
15 2935 2935 3131 8,700 26
Tenn Prod Corp, corn. •
Feb 25% June
23
250 13
2534
Oct
Thompson (J Ill corn _25 6434 644 66
1.400 5834 June 70
12th St Store (The) pfd a • 27% 27
June 31% May
27% 1,550 25
Stock pur warrants
7
May
2% Aug
335
400
334 34
Unit Corp of Aur met._,.• 364 32
39
47,600 23 June 39% May
United Lt & SowerJan 10231 Apr
Class"A" preferred____'
98 100
199 95
May
Jan 58
Class"B" preferred
57
57
60 53
•
Un Repro Corp part pf A_• 4034 40
4335 5,350 3731 Sept 564 Sept
Universal Products Co.,_
Sept
Sept 49
4735 4,850 39
4731 43
AID! 100 June
US Gypsum
20 6331 59
5,250 55
66
Oct
25% paid
Oct 40
655 35
40
38
35
Sept
Utah Radio Product,com• 60% 60
Aug 69
6434 21.500 21
Aug 5231 Oct
Yorcione Corp part pref_ _• 48
5231 14,450 40
48
Oct
Wahl Co cons
8% Mar 30
17,000
• 24
24
30
Walgreen Co5
Oct
Jan 39
Corn stock lurch wart. • 39
2,900
39
32
Feb
Preferred 631
_ _100 107
50 10034 Feb 110
107 107
Ward (51) & Cu-Mar 130 June
110 121
Class A
•
124 125
Oct
Mar 175
Waukesha Motor corn_ _• 175
367 66
165% 175
Sept
Wayne Pump, corn
450 32 June 52
35%
• 3535 35
Oct 52 June
100 45
Convertible pref
45
45
Oct
Oct 56
Wieboldt Stores. Inc
8.600 52
56
52
• 58
Oct 4731 Oct
Wilcox-Rich cony pf A_• 4234 38
474 19,900 35
43
Oct
314
Oct
20.350
Class B
• 4131 3431 43
15
Oct
64 Jan
3,700
Williams 011-0-Matic corn. 14
15
11
Oct
Winton Engine con pref..• 62
6,500 4234 Sept 64
64
57
Oct
AIM 46
11,900 27
Wisconsin Parts cum
• 41
46
40
Aug
Wrigley(Wm.Jr) Co. com•
500 683, July 82
77
77
Oct
Apr 25
Yates-Amer Mach part pf• 23
8,400 12
2231 25
Jan
Yellow Cab Co Inc (Chic)• 3231 3231 3335
1.300 2934 Sep 43
Oct
Zenith Radio Corp com_.• 225
13,200 354 Feb 234
195 234
6094
%_
BondsCentral States Util 68.1938
6358
1938
Chic City & Con Ry 5.1.1927
Chic City Ry 55
1927
Chic Ry Is ser "k" _1927
Cooper Rev lidge 15165.'58
Fed Utll 535s
1939
Guard Title Mtge 5315 l938
Northwestern Eley 55.1941
Sextet 1st 65 A
1938
46 East Sr Water 645 1947
St Louis Gas dr Coke 6,4.'47
Swift & Co tat s f 5/3_ .11144
Salon Elevated RR oa 1545
2,000 97
97
97
1,000 9431
944 9431
10.000 8234
84
84
5.000 58
61
61
6335 65% $20.000 8231
2.000 9531
96
96
2.000 98%
99
99
9631 9635 5.000 9631
8931 8931 2,000 8935
2,000 100
10131 10135
2,000 100
100 100
94% 9431 2,000 94
10231 10231 10,000 101%
90
an
1 MOO
to
Aug
Oct
Sept
July
Sept
Sept
Sept
Oct
Sept
May
Jan
Aug
Aug
Joh,
984
9432
8831
68
554
97%
too
too
95%
tot%
too
98
103
9414
Mar
Oct
Jan
Jan
Jan
May
Apr
July
Mar
Sept
Jan
Mar
Jan
Mar
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week
99
9834
99
101
99
9834
99
101
Range Since Jan. I.
High.
July
Sept
June
May
July 99
2.000 99
1.000 9831 June 99
2,000 90 June 99
Jan 107
3,000 100
Baltimore Stock Exchange.-Record of transactions.at
Baltimore Stock Exchange, Oct. 13 to Oct. 19, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last
Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jas. 1.
Low,
High.
Arundel Corp
• 38% 3731 3835 1,714 3594 July 5134 May
Jan
At Coast Line(Conn)_ _ _50 174
kept 212
50 162
174 174
Baltimore Brick,corn _A00
64 Sept
435 July
275
64 635
Sept
July 83
Preferred
32 80
100
82
82
May
Baltimore Trust Co
49 15835 Mar 225
50 163
163 164
Feb
11
May
Baltimore Tune
9
20
10
100
10
July
Jan 50
Preferred
50 34
45
100
45
Benesch (1)& Sons,com_ _• 47% 43
Mar 474 Oct
339 33
4731
Preferred
27
25
80 2634 Apr 2735 Jan
2731
Black & Decker,corn
Jan 3431 May
3,414 24
__* 33% 3234 34
Preferred
27
230 2534 Apr 2734 Oct
25
2735
Canton Co v t
May
Apr 410
400 400
5 320
• 400
Central Fire Insurance.10
Aug 49 June
29 39
40
40
Century Trust
May
Oct 236
53 200
200 20034
50
Apr 11531 Sept
Ches&PoTelofBalt,pref 100 114% 114 11431
26 113
Commercial Credit
548 2131 Mar 484 Oct
* 43% 4331 4635
Preferred
Jan 2631 Jan
523 23
24
25 24
25
Preferred B
Feb 2735 May
88 23
24
25 26
26
631% lstj referred
Oct
41 8631 Sept 98
95
100
97
Consul Gas,EL & Power* 85
Apr
200 6731 June 93
84
85
6% preferred ser D _100
110% 110%
31 10935 Jan 11431 May
5% preferred ser A _A00 102
102 102%
126 100 June 105% Mar
Consolidation Coal _ _ _ _100 22% 2231 2231
343 204 Oct 3334 Jan
Crook (J W)pref
27 5031 Jan 53
51
51
Aug
50 51
Delion Tire & Rubber.._ _•
Oct 1931 June
2
55
2
2
235
Eastern Rolling Mill
1.855 2434 Mar 334 Oct
• 32% 324 32%
Equitable Trust Co
Apr
Aug 128
98
98
25 97
25 98
Fidelity & Deposit
May
290 292
318 260 June 326
50 290
Finance Coot America A *
11% 12
12
Oct
250 1034 July
Finance Service corn A _10
25 1631 Jan 2035 Feb
1731 17%
First Nat Bank W I
July,
59% 60
325 5935 Oct 64
60
Houston 011 pref v t ctfs 100
Aug 10335 Mar
110 92
93
9331
Hurst(JE)&Co 1st pref.
June
Apr 71
70
10 135
70
_100
Mfrs Finance corn v t
25
2534
287 2431 Mar 29 June
lot preferred
20
21
165 1934 Aug 26 June
25 21
2d preferred
1875 2035
149 1794 Aug 20% Mar
25 20
Maryland Casualty Co_ _25 162
159 162
May
Aug 195
256 150
Maryland Mtge corn
27
34
Apr 2704 Oct
4,197 18
• 33
Prior preferred
June 110
103 110
Oct
110
124 100
Preferred
10435 111
Oct
111
July 111
7C 95
Maryland Trust
230 230
3 230
Oct 260 June
100
Mercantile Trust Co_.50 460
460 464
Aug 470 June
36 450
Merch & Miners Transp_.*
45
May
Aug 50
91 44
4531
Monon W Penn PS pref_ 25
25
26
Jan
Jan 27
129 25
Morris Plan Bank
1335 1331
10 1335 Oct 163's Jan
10
Mortgage Security
25
6
6
Oct 2134 Jan
6
•
First preferred corn_53
10 52
53
Oct 84
Mai
50
Mt V-Woodb Mills pi_ _100
81% 81%
14 8031 Sept 97% May
Nat Union Bank of Md_100 215
215 215
9 215 July 225 Jan
New Amsterdam Ca.s Co_ 10 73
116 704 Aug 8331 May
72 .73
Penne Water & Power _ _ _*
270 68
82
83
Sept
Jan 87
Silica Gel Corp corn v t___* 22
22
10 17
22
Mar 284 Mar
Un Porto Rico Sag com__* 42
40
85 3731 Sept 70
42
May
45
Preferred
95 44
46
•
May
Sept 72
13% 1411
United Rys & Electric__ _50 14%
420 12
July 2031 Jan
U S Fidelity & Guar__ _ _50 367
367 37935
210 34831 June 4964 Sept
Wash Halt & Annapolis_ 50
11% 11%
20
9
Feb
1734 Jan
West Md Dalry Inc corn.. 100
loo
Rio
56 6931 Jan 100 June
Jan 100 June
Preferred
47 75
93% 9334 94
Prior preferred
105 5234 Jan • 5531 Jan
5431 5434
50
40
Western National Bank_20 40
13 3931 Aug 43 May
40
RightsUS Md & Guar w I
8934 8934 9335 2,903 8934 Oct 90% Sept
•
Bonds.
Baltimore City Bonds:
4s sewer loan
99% 994
1961
99% 9935
48 conduit
1962
48 school house_ _ _1957
9935 99%
45 public park imp-t_1955
9931 9931
9934 9931
4s paving loan
1951
100 100
335s Consolidated,.1930
Balt Traction 1st
9831 9835
1929
Black & Decker 6318_ _1937 129
125% 120
944 9435
Commercial Credit 534s'35
10231 102%
Consolidated Gas 55,.1930
Consul GEL&P 1st ref 5s
10251 1024
55 ser F
1965
4431 45
Danville Tract 1st 53_.2938
91
91
Elkhorn Coal Corp 6 As_'31
9835 99
Hendler Creamery 68_1946
103 103
Houston 011531% notes'38
Md El lty lst & ref 634s ser
8831 8835
1957
92%
92
Monon Valley'Frac 55.1942
99
99
North Ave Market 65.1940
101 101
1932
Silica Gel 6345
Un P.rrto Ric Sug 634%
1937 9631 9635 9634
notes
United Ry & E 1st 48_1949 6631 6631 67
4531 454
1949
Ineane 43
67
66
1936 67
Funding 58
8631 8631
1949
1st lls
80
80
Wash Ball & Annan 581941
1,060 98
Aug 1034 Feb
Oct 10334 Feb
2,550 99
Jan
1,200 9731 July 102
750 98
Oct 10231 Jan
Jan
300 9734 Oct 103
2,500 994 May 101
July
Feb
1,50
974 Aug 101
Oct
63.000 10631 Jan 129
2,000 9234 Sept 994 Feb
4,000 102% Oct 10534 Mat
2.000 102% July 10535 Apr
3,000 4434 Sept 45
Oct
1,000 91
Oct 9834 Jan
2,000 98
July 9931 Mar
11,000 100
Aug 1054 Sept
6,000 87
6,000 92
1,000 97
5.000 101
3.000
7,000
60.000
11,000
1,000
3,000
95
66
43
66
85
80
Aug 0934
Oct 97%
July 101
Mar 10635
Jan
Apr
Juno
May
Sept 10635 May
Jan
Aug 75
Aug 55
Jan
Oct 8431 Jan
Aug 08
Jan
Jan
Sept 90
r. No par value.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Oct. 13 to Oct. 19, both inclusive, compiled from official sales lists:
Stocks-
terway
Ju.CS
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
* 27
Aetna Rubber corn
Air-Way Elec App pref.100
Akron Rub Reclaim com_• 20%
•,,,
16
Allen Industries cam
Preferred
Multigraph
Amer
Buckeye Incubator corn _ _•
Bulkley 13uilding pref. _100 65%
•
13yers Machine "A"
Central Alloy Steel pref100
• 57%
City Ice & Fuel
10
Clark Fred G corn
Cleve Auto Mach pref _100
Cleve-Cliffs Iron corn,...' 140
Cleve Flee III 6% pref _100
Cleve Railway cora _ _ _ _100 104
Cleve Securities P L pref10
RIO
Cleveland Trust
•
I Cleve Un wt ,ok•flq
26
30
104 104
2035 22
14
16%
3534
35
36% 3735
1034 11
6534 6594
27
2734
11131 11234
58
54
54 531
50
50
140 142
11131 11131
104 10434
234 234
385 385
0,
'"-t
1,000
100
227
1,477
490
337
300
28
100
65
2,080
42
52
55
94
413
288
30
1"
Range Since Jan. 1.
Low,
18
10131
17
1031
30
2604
931
6535
19
1094
3631
235
32
104
110
102
141
359
./
July
Jan
Apr
July
July
Jan
Sept
Oct
Sept
Jan
Feb
Feb
Mar
Jan
June
May
July
Jan
l"•-•
High.
30
10534
29
1734
37
3734
49
7034
40
112
60
834
54
14731
115
109
331
400
2'54
Oct
Mar
Jan
May
Feb
Oct
Jan
Feb
Jan
Mar
Sept
Aug
Aug
Sept
May
Mar
Apr
Mar
Ant
OCT. 20 1928.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
/Pocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Cleve Worst Mills eorn_100 174
Dow Chemical corn
• 170
Elec Control & Mfg cont... 60
Falls Rubber coin
•
8%
Preferred
25
Faultless Rubber com--• 3136
Federal KnItt Mills oora- *
Firestone T & R cora- _10
6% Preferred
100
100 108
7% Preferred
•
Foote-Burt corn
Preferred
100 95
Goodrich B F coin
Gen Tire & Rub ems__ _25 205
100
Preferred
Glidden prior pref
100
Godman Shoe cora
5735
Goodyear T & Rub eom_ *
Grasselli Chemical com_ *
Preferred
100 109
Great Lakes Tow pref _100
Guardian Trust
100
100 103
Halle Bros pref
Harbauer corn
1736
Harris-Seyb'd-Potter oom* 19
India Tire & Rubber cont..* 40
Preferred
100
Interlake Steamship corn *
Jaeger Machine con__*
Jordan Motor pref____100 . 314
Kaynee corn
10
Kelley Is Line & Tr cont..*
Lake Erie Bolt & Nut corn*
McKee, A G & Co corn_ _• 40
Metrop Pay Brk pref .J00
Miller W'sale Drug corn_ _* 2654
Miller Rubber common_.*
Preferred
100 8035
Mohawk Rubber corn_
•
Preferred
100
Murray Ohio Mfg com_ •
MyersPum p common_
*
17
1734
165 170
60
60
84 851
1834 184
3154
31
36% 374
170 175
110 110
108 108
40
40
95
95
85
85
200 205
99'
99
104 10431
574 58
85% 9634
8354 85%
10834 1094
111 111
430 430
10234 103
17
1754(
18% 19
40
44
96
96
146% 148
37
38
30
38
3035 31
5334 534
25
25
40
40
109 109
26% 27
234 234
80% 8034
215 225
90
9034
23
23
37
3734
National Acme common_10
National Refining cum..25
Preferred
100
National Tile common...* 344
National Tool common_50
Nestle-LeMur common__* 29
Nineteen Hun Wash com_* 2334
Nor Ohio P hi L6% p01100
100 113
Ohio Bell Tel prof
• 88
Ohio Brass "B"
Ohio Seamless'Tube eom_* 7355
Packard Elec corn
•
Packer Corp common_ _._* 34
Paragon Refining corn-- _• 1934
Preferred
* 42
Reliance Mfg common_ _ _• 3734
Rlehman Brothers ems..._• 340
Scher-Hirst class A
• 23
Selberling Rubber coin- • 48
Preferred
Hs) losH
Selby Shoe corn
* 3834
Preferred
100
Sherwln-Williams sora..25 90
Preferred
100 108
Smallwood Stone cora_ _•
Sparks-Withington pfd- 100
Stand Textile Prod A pf 100
B preferred
100
Star Rubber coin
*
. 6
Stearns Motor cow
Steel & Tubes Inc coca.. _25
Thompson Prod sem
..* 3234
Union Metal Mfg 110111- * 44%
Union Mtge corn
100
let preferred
100
Union Trust
100 29554
Van Dorn Iron Wks corn..•
4
Wellman-Sea-Mor pfd_ 100
Wood Chem Prod corn_ _.* 25
Youngstown SIT pfd.. 100 9934
22
24
364 3634
133 134
34
35
736 734
2834 29
2334 24
97
9734
113 11334
88
89
71
7334
86
87
34
3431
184 194
42
42
3734 3734
340 342
23
23
48
51%
38
3834
101 101
8734 90
10734 108
25
30
160 195
71
69
34
35
4 1
554 6
183% 188
32
33
44% 45
Si
54
234 234
295 2954
4
4
55
55
24% 25
9934 994
BondsClev & Sand Brwg 68_1948
1014 101% 85,000 101
losH los
394
250
140
50
100
130
305
91
10
236
10
53
300
3
35
17
15
300
40
16
1
High.
5
33
9
1,615
20
180
270
480
250
210
100
25
25
375
10
351
110
45
118
410
17
Oct
11254 Jan
5455 Jan
434 Feb
15
Apr
July
30
32
Jan
168 June
109
Jan
107% Sept
25
Feb
Feb
80
69 June
165
Mar
95
July
Jan
96
57
Aug
70
Jan
47
July
10555 Feb
108
Jan
390
Jan
100
Aug
1255 Apr
10 June
18
Feb
95
Sep
123
Feb
27% Mar
18
Aug
29
Aug
4936 AD
17
Jan
July
40
1044 Jan
24
July
204 July
May
70
2934 Jan
55
Jan
13% Jun
Feb
33
30
175
66
13
204
394
39;5
232
112
1114
42
95
87
205
103
10434
59
9634
8534
111
111
465
10434
174
24
56
97
150
40
50
43%
554
28
45
10934
28
234
98
225
93
25 .
4354
Mar
May
May
Aug
Aug
Jan
May
Jan
mar
Jan
July
July
Oct
Oct
Mar
Oct
July
Oct
Oct
Apr
Oct
Mar
Feb
Oct
Jan
Sept
June
Sept
Sept
Mar
May
Jan
Sept
Apr
Sept
July
Oct
Jan
Oct
Sept
Sept
Apr
1,360
155
23
545
75
1,202
440
50
136
283
1,645
84
288
2,343
266
2.245
208
100
3,15
28
140
20
1,540
190
280
89
387
89
100
3,482
295
675
185
235
59
77
65
23
503
330
734 Jan 24
344 Aug 39
Mar 135
130
2634 June 35)(
155 Feb
855
2734 Sept29
23
Oct3034
93
Jan 100
109 June 11434
87
Aug 10034
38
Mar 7354
47
Jan 90
3234 Feb 404
94 Jan 20
414 Sept 433.4
3754 Oct 3834
256
Feb 353
22
Aug 29
334 Feb 5234
10254 Aug 1074
3754 Oct 47
101
Oct 101
6554 Feb 95
106
May 10934
25
Oct3255
107
July 195
503.4 Aug 71
2634 Sept35
34 Oct1
3
Mar
8
53
Jan 191
22
Feb44
4234 Jun
49
4 Aug
7
234 Oct 30
285
Jan 305
4
Aug
73.4
50
Oct 89
2451 Sept 2751
9934 Oct 994
Oct
Jan
Feb
Jan
Mar
Oct
Feb
Feb
Apr
Mar
Oct
Aug
May
Sept
Oct
Sept
Sept
May
Sept
May
Apr
Oct
Sept
Mar
June
Oct
Apr
May
Apr
Apr
Sept
May
Aug
Jan
Jan
May
Mar
Jan
May
Oct
Feb 1014 May
• No par value.
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, Oct. 13 to Oct. 19, both
inclusive, compiled from official sales lists:
80
5234
1144
5755
35
8934
584
4154
1934
31
120
2455
XX
AX
AXAXAX XX X X
9834
034
X
42
3555
X
105
Low.
155
984
646
137
1,206
4f
50
21
1,272
10
29
19
74
29
29
5
26
5,746
1
140
25
10
264
446
212
49
471
125
454
2,076
432
2,082
18
2
445
20
11
44
122
175
29
5 59
X
934
2854
100
2055
47
2155 22
93
9434
2754 284
100 102
20
21
47
47
30
30
109 109
955 1055
9
9
225 228
23
23
254 254
261 263
105 106
107 107
4
42
354 364
110 110
974 9934
140 140
100 101
80
8034
514 54
114 115
3635 37
54
58
35
35
8934 90
57
5855
414 41%
19
1974
75
77
109 109
31
29
330 330
375 375
120 120
2455
24
48
49
9555
.95
T...40M0004 4.40>>>'
40MMP
...0T4>'
E'OR
°4>'
:ggnaagaA
4g4gAngggEang.eqggagmgE27.41gag4TAY4
Ahrens Fox "A"
*
Am Laund Mach cum._ _25
A131 Products Prof
*
Amer Rolling Mill com. _25
Am Thermos Bot "A"- _•
Preferred
60
Baldwin common
100
New preferred
100
Buckeye Incubator
•
Burger Bros
•
Carey (Philip) com
_100
Central Brass"A"
•
Cent Ware & Herr "A" _20
Central Trust
100
Champ Coat Pap spl pf-100
Champ Fiber pre
100
Churngold Corp
•
Cln Car Co
50
CNO&TPpref
100
CM Gas& Elm pref.__ _100
CM Gas Tmnsporta_ -100
C N & C Lt & Tr corn_ _100
Preferred
100
Cin Street Ity
50
On & Sub Tel
50
Cln Union Stock Yards_100
City Ice & Fuel
*
Coca Cola"A"
*
Cooper Corp new pref_ _100
Crosley Radio "A"
*
Dow Drug common_ _ _100
Eagle-Picher Lead corn_ _20
Early & Daniel corn
*
Preferred
100
Egry Register "A"
*
Fifth-Third-tin Trust 100
First National
100
Fleischmann prof
100
Formica Insulation
*
Gibson Art coin
•
Globe-Wernieke pref_ _J00
r ees
eger pre
Range Since Jan, 1.
$.•WW
1-•
,CIANNCOWN
Otn.WWWWWWO.O.WO'bIOWNWOQ04 NN
01.2.1....00NON
,4,W00000.4.00.11>W0000WOt0..4 N .400NOPCANNWO .404>
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
2215
'may
Rases
Last Week's Range for
Sate
ofPrices.
Week.
Stocks (Concluded) Pat. Price. Low. High. Shares.
Gruen Watch corn
• 47
Preferred
100
Hatfield-Campbell corn_ •
Preferred
100
Hobart Mfg
* 75
Int Printing Ink
• 50
Preferred
100 994
Johnston Paint pref --100
Julian Kokenge
35
Kahn 1st pref
100
Participating
40 374
Kodel Elee & Mfg "A"_ * 244
Kroger common
Lunkenhemer
*
McLarne Cons"A"
•
Mead Pulp
* 70
Special pref
100
Meteor Motor
*
Nash(A)
100 134
Nat Recording Pump.__* 36
Jan
June
Apr
June
Sept
Feb
Jan
Jan
Jan
Mar
Apr
Feb
Jan
June
Aug
July
.-ept
Oct
May
May
May
June
May
Jan
May
Apr
Sept
May
Api
Sept
Aug
Jae
May
May
July
Am
Sept
May
Fet
May
Jar
Sept
High.
139
2
25
42
920
220
260
3
1,125
50
10
2,411
3
40
250
808
87
480
2
20
46
11455
12
97
44
3031
97
89%
29%
100
35
13
70
2554
1634
65
101
26
100
28
July
Feb
Oct
Oct
Jan
Aug
Aug
Sept
Sept
Jan
Oct
Oct
Jan
Feb
Feb
Mar
Sept
Jan
Apr
Aug
5654
11655
18
109
75
5354
1004
102
3654
108
4354
5536
120
29%
2034
82
112
45
146
48
Feb
Oct
Feb
Feb
Sept
Sept
Oct
Feb
Oct
May
May
Jan
Sept
Max
May
Jan
Jan
May
June
API
113
11236 113
10354 1034 1034
1955
184 1955
279
277 282
185 185
111 34 111
1114
100
9934 10034
112 112
100 100
7254
7255 7255
210 210
100
100 100
2(5 255
34
34
3555
112
11154 114
70
70
10055 10054
74 755
65
65
65
62
62
1054 10.54 106
117 117
39
5
555
1,036
2
221
454
6
2
65
22
30
10
980
170
16
3
500
5
100
19
5
1094
103
954
249
170
9694
964
111
100
3435
172
99
241
26
1094
64
964
535
45
52
1024
1094
June
Aug
Apr
Jan
Aug
Jan
Jan
Feb
Apr
Feb
Jan
May
Jan
July
Aug
May
Feb
Feb
Mar
July
Jan
Mar
115
10654
20
300
200
113
101
1154
101%
7534
220
103
255
354
132
8354
102
936
724
62
1084
117
Apt
Apr
Sept
May
Feb
July
Oct
May
Jar
Sept
Sept
API
Oct
Oct
Jar
Jar
Jar
Am
Jug
Oct
Mal
Oct
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Oct. 13 to Oct. 19, both
inclusive, compiled from official sa es lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par, Price. Low. High. Shares.
Allegheny Steel
Am Wind GI Mach corn 100
Preferred
100
Arkansas Gas Corp corn..°
Preferred
10
Armstrong Cork Co
•
Bank of Pittsburgh
50
Blaw-Knox Co
25
Carnegie Metal Co
10
Cent Ohio Steel Prod corn •
Consolidated lee pre- 50
Devonian 011
10
First National Bank_100
Follansbee Brotherspfd 100
Harbison Walker Ref new •
Preferred
100
Independent Brew com-50
Lone Star Gas
25
May Drug Stores Corp-•
McKinney Mfg corn
•
Nat Fireproofing prof-50
Pittsburgh Brew cow --50
Preferred
50
Penn Federal Corp corn_ _*
Pittsburgh Coal cow -100
Preferred
100
Pittsburgh Olt& Gas
5
Pittsburgh Plate Glass-100
Pitts Screw & Bolt Corp •
Salt Creek Consol 011-10
Stand Plate Glass pr pf_100
Stand Sanitary Mfg com 25
Suburban Electric Dev_ _ __
Tidal Osage 011
10
Union Steel Casting corn _•
United Engine & Fdy com•
Webster Hall corn
•
West Penn Rye pref-100
Westinghouse Air Brake.._*
Witherow Steel corn
*
Preferred
100
29
354
734
190
12254
244
97
255
5754
2855
13
20
280
30
3854
204
29
4634
101
44
73
High.
2334
114
294
120
2134
494
41
110
49
14
275
2734
4
269
114
1094
46
364
121
1004
149
109
121
55
128
56
61
38
1054
59
4434
2455
9355
110
32
374
392
128
26
5034
9835
__
crept 100
Low.
4634 47
1164 1163.5
12
12
98
98
69
75
49
50
99 10034
90
90
3474 3555
100 100
3735 3755
13
30
11954 120
28
28
1655 184
6934 70 •
104 105
32
34
134 134
36
36
10
Ohio Bell Tel pref
100
Ohio Shares pref
100
Paragon Refining com_25
Procter & Gamble com-20
8% prof
100
6% Prof
100
Pure 011 6% pref
100
8% prof
100
Queen City Pet pre_ _100
Rapid Electrotype
•
Richardson corn
100
Penman pref
100
Second National
100
United Milk Crate "A"....5
U El Playing Card
10
U Ei Print & Litho corn _100
Preferred
100
U S Shoe common
*
Preferred
100
Whitaker Paper corn
•
Preferred
100
Wurlitzer 7% pref
100
•No par value.
Range Since Jan. 1.
Range Since Jan. 1.
Low.
90
90
50 90
25
30
690 16
50
50
114 33
334 354 19,593
234
755 74 5,214
654
58
58
35 54
190 190
40 180
122 123
975 91
22
25
36,630 1636
23
23
10 1955
25
25
20 24
7
755
485
64
400 400
5 345
9654 98
150 95
563.4 5654
360 55
112 112
50 112
24 234
650
154
5755 58
1,957 4834
254 2855 2,890 20
13
1334
950 12
20
2055
300 17
4
454
185
255
8
8
65
74
555 554
100
655
5055 524
200 45
8655 8655
100 80
3
3
200
3
280 284
259 210
544 55
45 484
54 54
110
555
30
30
30 25
38
384
631 33
1955 2034
445 17
20
2035
58 1654
28
29
40 28
43
4654 1,110 424
14 14
40
14
101 101
10 100
44
45
321 43
20
23
70 13
73
73
85 68
.4.
High.
Oct 90
Oct
Feb 41
Sept
Aug 55
Sept
May
4 May
May
755 June
Aug 67
Mar
Jan 225 June
Jan 125
Sept
Jan 2754 Mar
May 2435 Sept
Mar 30
Jan
Aug 10
Jan
Feb 406
Sept
Aug 99
Aug
Oct 5634 Oil
Oct120
API
Mar
254 Oct
Apt 60
Sept
Jan 284 Oct
Oct1354 July
Aug 24
Mal
Apr
554 Sept
Apr 10
Jan
Sept84 Apt
May 5274 Oct
Jan 8635 Oct
Sept4
Jar
Jan 300
Sept
Feb5954 Mat
Oct
754 Jar
Aug 40
Sept
Mar 4254 Mai
Aug 2054 Oct
Mar 22
May
Oct 3955 Mat
Jan 61
Jar
Sept
255 Pet
Oct 10354 Jun4
Jan 5674 Jar
Jan 27
Ma
Jan 74
Ma
* No par value.
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, Oct. 13 to Oct. 19,
both inclusive, compiled from official sales Lists:
Stocks-
many
Sates
Last IVeek's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
American Co
Anglo & London P NatIBk
Armour & Co,A com
B com
Atlas Br Diesel En A
Bancitaly Corp
Bank of Calif, N A
Bank or Italy N T & SA
Byron Jackson Pump Co Calamba Sugar,com
Calif Copper
Cali Cotton Mills,corn
Calif Ink Co, A
Calif Ore Power 7% pfd
Calif Packing Corp
Caterpillar Tractor
Coast Co Gas& El 1st pid _
Crown Zellerbach v to
Preferred
Clorox Chem Co
Dalrydale"A"
146
14534 14914
2464 24655
1854 184
855 84
7534 74
79
12455 1244 12855
285
280 290
2094 19051 21234
9734 97
9934
2754 2735 29
64
655
6
93
93
95
63
63
6554
110 110
77
7835
81% 8134 84
10055 1004 10054
25
2434 264
77
77
7854
4755 424 4834
264 2654 2734
264
24
24
East Bay Water 'A,pfd --------9636 97
"B" preferred
100 100
Emporium Corp
28
28
2855
Fageol Motors,corn
5 4.10
5
Preferred
7
7
Firemans Fund Ins
11355 114
Foster
& Kleiser,
.corn
1355
1334 1354
Galland Mere Laundry._
544 5454 56
(MIA an AltMa Milk Previa
RI LC
MU
11:144
4,491
10
100
20
3,391
40,881
65
45,329
6,471
225
965
220
3,340
10
965
27,645
635
15,271
1,881
32,525
735
11,415
100
30
260
2,775
130
61
495
595
10 4M1
Range Since Jan. I.
Low.
High.
130
Jan 220 June
225
Mar 295
May
124 Jan 2354 Sett
8
Jan II% Sept
Jan 874 Aug
31
100 June 22055 May
26954 Feb 452
May
125 June 31134 May
3194 Apr 1084 Sept
2755 Oct33 t ept
2
Mar
834 Apr
75
Jan 1434 May
30 June 6554 Oct
10835 June 11254 Mar
694 June 8155 Sept
53
Jan 8436 Sept
98
Jan 102
Jan
24
Oct294 Sept
7754 Sept82
Sept
3055 June 4834 Oct
23
Jan 32% June
1734 Jan 314 May
8434 July 99
Apt
90
Sept11054 Mai
28 June 3454 Jar
2.00
Jan
734 May
5
Jan
8
Mai
110
Feb127
Jar
12 Juno 19
Jar
544 Oct643' Aus
RR
Tim
RA 7,
eN-.
High.
Low.
9834 Jan
10334 June
15
Sept
41
Jan
46 June
2434 Sept
3634 Oct
35
Feb
22
June
1135 May
42 June
30 June
Aug
32
July
18
10531 Jan
18
Oct
4734 Oct
30 June
22
Jan
105
Jan
Jan
99
36 June
2634 Aug
39
Aug
3834 Aug
Mar
9
4374 Mar
2634 Jan
7234 Feb
10035 Jan
2.35 Sept
July
145
11335 Jan
79 June
2134 July
1434 Apr
2334 Feb
2234 June
Feb
31
9735 July
11334 Jan
20 June
July
90
Feb
24
9434 Sept
6035 Mar
Oct
89
Feb
53
July
22
Oct
21
8835 Oct
4134 Feb
4235 Feb
2135 Aug
7% Mar
Oct
285
534 Mar
4834 late
4k,400s->Toc-arka`4*44>4% 4404.444>cgkig0000ts-Fta4....4a4a
EC',', vt,'=',,n2V,V4”..!4°750.4.'41VA'Fig2.4fiaaaq147,q1ig4.7,4tgg7.74
45
Gt West Pwr ser"A"6%pf 10035 10034 101
121
10514 105 10535
Preferred
20
HalkuPineappleCo,Ltdcom
15
15
305
57
5635 55
Hawaiian Pineapple
52
167
51
51
Hawaiian Coml& Sug,Ltd
155
25
2514
Hale Bros Stores, Inc
2534
50
Home Fire & Marine Ins --------3634 3635
1,360
3834 40
Honolulu Cons Oil
255
2334 2335
Hunt Bros Pack "A" corn
1135 12
30
12
Hutchinson Sugar Plant'n _
10,409
53
56
53
Ills Pat Glass"A"
74
7334 7635 24,898
Kol•ter Radio Corn
34
3634 4,699
Langdendorf Un Bak "A". 36
1,325
30
31
30
25
106% 106%
L A Gas & Elec, pfd
60
Leighton Ind "A"
1834 1814
52% 4734 5234 7,240
Leslie Salt Co
635 914 245,471
Magnavox Co
834
2,855
29
27.34 29
Magnin I, corn
335
Nor Am Inv com
11134 111 111%
145
101
100
Preferred
6%
4335 4234 4634 12,680
North Am 011
320
27
2634 27
Occidental Ins Co
1,718
Oliver Filter"A"
5234 5134 5234
52% 2,710
5234 52
9
500
9
Paahau Sugar Plantat'n_
4,997
4935 49% 51
Pat Gas dr Elec, corn
1,719
27
27
2735
1st preferred
77
77
7834 9,110
Pax Lighting Corp, corn
45
6% preferred
10134 10115 102
23,900
2.55
2.55 2.80
Pee Lighting Rites
150 150
20
Pac Tel & Tel,com
5
Preferred
12034 12014
8614 3,712
Paraffine Co's Inc, corn ___ 8334 83
1,240
32
Piggly Wiggly WestSts"A"
3134 3434
215
15
15
15
Pig'n Whistle, pfd
4834 48
506i 54,035
Richfield 011
Preferred ex war
2434 2434 2434 1,140
255
3135 32
Roos Bros, corn
50
98
9834
Preferred
65
11335 11534
SJ Lt & Pwr Pr pfd
1,280
2434
Schlesinger
"A"
cols
BF
2334 2334
157
9335 94
94
Preferred
Shell Union 011, corn
2834 2934 5,744
20
97
97
Sierra Pac Elec pfd
430
7535
Sperry Flour Co, corn
7434 73
430
91
91
Spring Valley Water
6235 26.831
6234 61
Stand 011 of Calif
200
25
25
______
Traung Label & Litho Co
22
2374 4,067
Tidewater Ass° 011, corn_
140
8834 89
Preferred
5435 12,886
5234 51
Union 011 Associates
53
5034 5535 41,219
Union OH of Calif
320
2534 2434 27
Union Sugar, corn
15
2035
2234 16,360
Preferred_
20
______ 285 285
Wells Fargo Bk dr Un Tr_
345
5% 6
West Am Fin, pfd
‘,....,.,....... r2.....v.,,,l, Vn
CO
sn
50 r•
355
Range Since Jan. 1.
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Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price, Low, High. Shares.
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange, Oct. 13 to Oct. 19, both
inclusive, compiled from official sales lists:
Stocks-
[Vol,. 127.
FINANCIAL CHRONICLE
2216
Sates
Friday
Last IVeek's Range for
Week.
of Prices.
Sale
Par .Price. Low. High .Shares
BankBoatmen's Nat'l Bank _100
Lafayette-So Side Bank 100
Merchants-Laclede NatI100
Nat'l Bank of Corn _ __ _100 168
Trust Co.
100
Mercantile Trust
100 340
Miss Valley Trust
100
St L Union Trust
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High,
Miscellaneous20
AS Aloe Co, corn
100
Preferred
Baer,Sternbg&C'n lstpf 100 94
2nd preferred
100
Bentley ChainStores,com_. 27
* 46
Preferred
Boyd-Welsh Shoe
•
Brown Shoe, corn
100
100
Preferred
• 45
Bruce(E L),cons
Preferred
100
*
Burkart Mfg,corn
•
Preferred
Century Electric Co _ .A00
Champion Shoe M,pfd,100
Coca-Cola Bottling, Sec_ _1
Cons Lead & Zinc"A" ___* 11
Elder Mfg,corn
•
"A"
100 76
Ely&WalkDryGds,com _25
1st preferred
100
Fulton Iron Wks, pfd
100
*
Ilussmann Refr, corn
Huttig S & D,corn
•
HydraulicPrBrick.com _100
•
Independent Pkg, corn
International Shoe,com
* 75
Preferred
100
Johnson-S&SShoe
67%
Koplar Co, pref
Laclede Gas Light, pfd _100
Laclede Steel Co
100
Landis Machine, corn ,...2.1 44%
Ma/nay-Norris
• 50
Mahoney-Ryan Aircraft_ _• 19%
Moloney Electric"A"
• 55
Mo Portland Cement ___25 42%
Marathon Shoe, corn
..25 58
Nat Candy, cons
•
2nd preierred
100
Pedigo-Weber Shoe
•
Pickrel Walnut
• 24
Rice-8M DryGds,com
* 19
lot preferred
100
2nd preferred
100
Scruggs-V-I1 DO.corn _ _25
2nd preferred
100
Scullin Steel, pref
• 3531
Securities Inv., corn
Sheffield Steel, corn
64%
Skouras Bros,"A"
52
Sou Acid driSulphur,com _• 45
SouthwesternBellTel,pf 100
Stix, Baer & Fuller,com * 37
St Louis Car,corn
10
Preferred
100
St L Pub serv, pfd,"A" •
Wagner Electric, corn_ --_• 124
Preferred
100
Street Ry,BondsCity Sr Subur P S 55_1934
East St L & Sub Co. 5s1932
United Railways,9s _1934
84
34
34
103% 104
94
94
95
95
2535 27
45% 47
40
40
50
50
11835 118%
45
45
99
99
11
10
19% 1914
125 125
98 100
61
61
1134
11
30
30
76
76
29
2934
114 114
80
80
27
27
2035 2034
43.1 4%
16
16
75
7635
11134
111
59% 69
52
52
102 102
300 300
4435 44%
80
50
19
20
55
5515
4234 43
58
60
18% 1935
99%
99
38
38
24
2434
19
19%
108 108
97
97
19
1934
80
80
34% 3514
3435 36%
64% 65%
47
54
44
45
118% 119%
37
38
20
20
101
101
8235 8214
120 124
10434 105
91
95
84
Range Since Jan, 1.
High,
Low.
May
10 3234 Sept 40
70 102% Aug 10414 May
Aug 10134 Apr
125 93
Feb
Oct 100
35 95
Oct 2835 Oct
488 21
Sept
429 4515 Oct 48
May
50 3834 Jan 45
20 45 June 5535 Apr
June
Apr 121
200 117
Oct 62 May
110 45
Oct
Jan 101
130 98
Oct 17% Jan
88 10
Mar 24% Apr
145 19
Mar
Sept 145
4 115
Mar
Oct 107
305 98
Mar 63% Sept
25 21
May
17%
Oct
11
155
May
6 23% Jan 38
May
Jan 00
50 72
Jan
Sept 33
165 28
May
5 110 July 120
Sept
Jan 85
110 59
Mar
Oct 41
10 27
Feb
Oct 27
50 20
May
6
Apr
334
100
Feb
Oct 20
315 16
Apr
Jan 87
2,408 62
Aug
8 10935 July 113
May
Apr 70
2,025 48
Oct 54 June
25 52
Jan
Aug 120
6 100
Oct
July 300
12 180
May 50% May
15 43
May
59
Jan
20 23
Aug
400 1835 Oct 26
Oct 5635 Sept
928 55
May
Mar 52
959 38
2 Oct
Oct 605,
535 58
Avg 2334 Jan
140 18
Feb
Oct 106
30 99
May
15 35 Jun
@FedFRASER