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The
11111tiMial
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 123.
Public Utility Compendium
Railway Earnings Section
SATURDAY, OCTOBER 23 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3200.
loadings at practically high record point with 1,184,
862 cars for the week ended Oct. 9, an increase in
PUBLISHED WEEKLY
Irving Fisher's weekly index of wholesale prices
Terms of Subscription—Payable in Advance
from 147.4 to 148.1, and the successful flotation of
Including Postage—
12 Mos. 6 Mos
Within Continental United
States except Alaska
$10.00
In Dominion of Canada
$6.00 a number of important investment issues, including
11.50
6.75
Other foreign countries. U.
S. Possessions and territories
13.50
7.75 $42,500,000 Republic of Chile external
NOT10E.—On account of the fluctuat
6s, 1966, ofions in the rates of exchange,
remittances for European subscrip
tions and advertisements must be made fered on Monday at 931
In New York funds.
A, yielding 6.50% by an exSubscription. eludes following Supplements—.
ceptionally large syndicate headed by Hallgarten &
in
COMPENDIUMS—
SECTIONS—
PUBLIC UTILITY (semi-annually
Co., Kissel, Kinnicutt & Co., Halsey, Stuart & Co.,
)
BANK AND QUOTATION (monthly)
RAILWAY & INDUSTRIAL
(semi-a
RAILWAY EARNINGS (monthly)
STATE AND MUNICIPAL (semi-a nn.)
nnually) BANKERS' CONVENTION (yearly)
and Lehman Bros. As is usual, however, when a
Terms of Advertising
market is settling on account of weak technical conTransient display matter
45 cents
Contract and Card rates per agate line
On request ditions, or fear either of prices or business condiCHICAGO OFFICE—In charge
of Fred. H. Gray, Western Representative.
tions, good news was disregarded.
208 South
LONDON OrrIcx—Rdwards La Salle Street, Telephone Harrison 5618.
& Smith. 1 Drapers' Gardens. London, R. C.
Furthermore, the market was heavily raided on
WILLIAM B. DANA COMPANY, Publishers,
Tuesday afternoon on announcement from Berlin,
Front, Pine and Depeyster Streets
, New York
Germany, of a manifesto signed by a large number
Published every Saturday
morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob
Seibert; Business Manager. William D. EWES; of leading bankers of the world, including J. P. MorTress. William Dana Seibert:
See. Herbert D.Seibert. Addresses of all, Office of Co.
gan, appealing for the lowering of tariff barriers in
Europe. Before this news had reached the daily
papers, and was only vaguely known through stock
wire flashes over the country, it was used for the
Report of I. B. A. Convention
purpose of stampeding nervous holders into an avaWe devote thirty-four pages to-day to
lanche of sales. The maneuver was of only shortan account of the proceedings of the anlived success, and the prices Tuesday night apparnual Convention of the Investment Bankently marked the bottom of this movement, least
ers Association, held at Quebec, Canada,
at
so far as it has gone up to the present time. With
last week.
the reading of the manifesto itself, as published
This great investment organization is
in
growing in importance and in influence
the papers Tuesday evening and Wednesday mornwith each succeeding year. The feature of
ing, and with the discovery that the recommenda
tion
the annual gatherings is always the Comwas for Europe only, it became apparent
that marmittee reports, which will be found spread
ketwise this news was of little consequenc
out at length on subsequent pages.. The
e. As a
result the market after a certain amount of
Committees are composed of men thornervous
oughly conversant with their subjects,
uneasiness during the day made sharp recovery
beand they devote themselves to their respecfore the close on Wednesday, the trend conti
nuing
tive tasks with a thoroughness that has
strongly upward on Thursday. No
one, of course,
never been surpassed anywhere in the same
can tell whether or not this reacti
line of work—in fact has never before been
on has run its
course. Yesterday prices moved uncertainl
equalled. Their studies, therefore, are of
y with
net losses for the day. So far
high value. They will all be found, along
the decline has not
with addresses by R. C. Leffingwell of
been of the intensity to produce trading at the rate
J. P. Morgan & Co. on Foreign Bonds
of three or three and one-half million shares a day,
,
E. W. Beatty, K. C., President of the Canathe greatest activity having occurred during the latdian Pacific Ry., and Rodolphe Lemieux,
ter part of the first week in October, with trading
K. C., Speaker of the Canadian House of
averaging around 2,500,000 shares. Subsequently,
Commons, on pages 2071 to 2104 of
the
for the most part trading has been below the 2,000,
current issue.
000 mark, but rose again above 2,000,000 on Wedne
sday of this week, with the first signs of recov
ery.
Between Friday, Oct. 1, and Tuesday, Oct. 19, the
The Financial Situation.
Dow-Jones industrial average declined from 159.69
The stock market reacton which began on
Satur- to 145.66, and the railroad average from
121.83 to
day, Oct. 2, was renewed on Tuesday of this past
115.28. As is usually the case, the recovery was
week with increased emphasis, notwithstanding
a first noticeable through vigorous advan
ces of the
large budget of favorable items contained in the
very best of the railroad and industrial shares.
news of the early week, including a drop of $81,953,During the past week cotton has not been a securi000 in brokers' loans, continuation of freight car ties
market feature of the first magnitude, altho
ugh
Itt Thronicie
2030
THE CHRONICLE
123.
to by a large and representhe decline reasserted itself, the price of December national manifes
tative group of European financial and industrial
options falling from 13.61c. on Friday, Oct. 15, to
much s,mailer but no less distin12.19 on Friday, Oct. 22. Call money was probably leaders, and by a
as the rate guished group of Americans, of which J. P. Morgan
a factor in preventing greater declines,
ent among the other
/
dropped from 5% to 41 2% on Monday and to 4% on is the recognized head. Promin
moved above 3 cents during American bankers who signed are Albert H. Wiggin,
Thursday. The franc
National Bank of New York, Gates
the week, a movement to be noted in view of its direc- President Chase
the same institution, and J. J.
tion and the comparative stability that has prevailed W. McGarrah of
nt Illinois Merchants' Trust Co.,
over the past few weeks. This may be due to nothing Mitchell, Preside
manifesto was drawn up and signed
more than technical conditions in the French money Chicago. The
a view to hastening the reconstruction of Eumarket, but at least it suggests that the present Min- with
by lessening, and even breaking
istry is meeting with success in its program for the rope, particularly
down altogether, trade and other barriers, notably
ultimate stabilization of the franc and reconstructariffs, which it was claimed had been set up since
tion of the whole French fiscal position.
likely to be of the World War. According to the early cable adThe tariff manifesto, while not
appeared to be no general information,
immediate consequence, and certainly having no vices there
leading European capitals, as to just
immediate bearing upon the situation in the United even in the
the idea and the whole proposal
States, nor being directed toward the United States how and where
ted. The Associated Press correspondent in
in any way, is in fact something that ultimately origina
on Oct. 1Q that "the economic manimust work for the greatest constructive good, not London cabled
festo signed by leading financiers of Europe and the
only in Europe but in the United States and elseStates was conceived in London in July,
where. Europe has always been subject to the in- United
of tariff bar- press and banking circles assert, by Montagu Norconvenience and retarding influence
or of the Bank of England. Mr. Norriers erected between comparatively small sections man, Govern
man presented it to Dr. Hjalmar Schacht, President
of a continental area. Trade, therefore, in proporReichsbank, Andrew W. Mellon, American
tions such as we know it in this country, has never of the
ry of the Treasury, and Benjamin Strong, of
existed on that Continent. The task has been ren- Secreta
Reserve Bank of New York, during their
dered additionally difficult by the new political the Federal
n trips in France and Holland, and, accorddivision created under the Treaty of Versailles. High vacatio
same authority, they approved it with
tariff walls have been set up because of the desper- ing to the
ished coun- slight modifications. Mr. Mellon, it is said here,
ate financial necessities of the impover
copy to President Coolidge and distries and without regard for the ordinary inter- submitted a
cussed the manifesto in London with Winston
changes of commodities.
ll, Chancellor of the Exchequer, who apThe result has been an almost complete suppres- Churchi
im- proved it. It was then easy to obtain signatures."
sion of industries in certain localities and the
poverishment of many sections of population. The
Apparently there was a disposition, as between
over
great advantage of free interchange of business
ted by Berlin and London, to shift the responsibility for
a continental area is, of course, best illustra
with its originating the idea and the document. The Assothe wealth of the United States. Europe
and its many ciated Press representative in London cabled the
less developed transportation facilities
evening, Oct. 19, that "a certain air of mystery
languages is handicapped at best, but the tariff laws same
ties. The surrounds the genesis of the international manifesto
have emphasized these ordinary difficul
out by bankers and industrialists. No one seems
manifesto is a declaration by a large group of the put
know just where it originated, although common
important bankers of the world that in order to get to
for belief here is that it had its origin in Berlin. The
back to normal prosperity it will be necessary
fact that the manifesto was issued to the London
European countries to do away with or modify their
press through a well-known advertising agency is
present tariff policies. This is only common sense.
was the regarded as unusual." The New York "Times" said
The process is one quite as necessary as
the next morning that, "according to information
restoration of financial order in Germany in 1923,
m obtained in New York, the appeal was initiated by
France, Belgiu
or as is the present similar move in
Lloyds Bank of London. Many leading American
Italy.
and
cent of a bankers visit London every year, and a number of
The manifesto of the bankers is reminis
er 1923, them were asked to sign the appeal on their arrival
speech made by Secretary Hughes in Decemb
ic conference of busi- last spring."
when he called for an econom
A canvass of prominent bankers in this city disfinancial situation of
ness men, in order that the
the basis of common closed a rather surprising lack of advance informaGermany might be dealt with on
considerations. That tion relative to the whole matter except such as
sense, rather than political
program, and the could be gleaned from a careful reading of the docuspeech resulted in the Dawes
Germany. It is to be ment itself, and from European cable dispatches.
financial rehabilitation of
pronouncement will be as In the seeming absence of knowledge as to how it
hoped that this week's
along construe- came into being, bankers expressed the opinion, but
successful in setting men at work
not for direct quotation, that in affixing their sig. tive lines.
natures the prominent Americans had in mind that
to which the ideas expressed and the suggestions and recomThe development with respect to Europe
dithe financial dis- mendations made in the manifesto had to do
the most attention was given in
and would not involve the
other commercial rectly only with Europe
trict of New York, and probably in
States, were the United States or its Government. Acting upon this
and financial centres in the United
19, just supposition, it was further suggested that apparEuropean cable dispatches on Tuesday, Oct.
they
or inter- ently the Americans who signed thought that
referred to regarding the economic
OCT. 23 1926.]
THE CHRONICLE
2031
should be wining to lend their support to that ernment. Going a step further, he suggest
ed, with
extent.
all due respect to the American signatories, that
Congress, and not the bankers and corporation offiQuite a different interpretation was placed upon cials, makes the laws of the United States,
and they
the whole affair by Democratic political leaders and cannot become such without the signatu
re of the
newspapers in the United States in speculative stock President.
circles. In the former, and to a considerable extent
in the latter, it was contended that American bankThose who had been inclined to be apprehensive
ers and industrial leaders,,most of whom are known of the United States being drawn into a
downward
to be Republicans in politics, could not reasonably revision of our tariff found much over which
to be
recommend the breaking down of tariff barriers be- reassured in the opinion
s credited to President Cooltween European countries without favoring, or even idge in his semi-weekly intervi
ew with newspaperrecommending modifications of the protective tariff men on Tuesday forenoo
n. According to a special
in the United States,for which the Republican Party Washington dispatch to the New
York "Times" on
always has been the outstanding sponsor. Proceed- Oct. 19, "President Coolidg
e's informal reaction to
ing on this assumption, it was contended that the the manifesto issued by
European financiers, in
American bankers and industrial leaders who signed which American bankers
joined, suggesting a lowerthe manifesto would be called upon to agitate a re- ing of.international tariffs,
is that not much could
duction in our existing tariff and that this would be be done in that directi
on by the United States witha boomerang to the present Republican Administra- out jeopardizing our own
industrial position and
tion, to general business and to the market for present prosperity."
The President's attitude and
securities.
suggestions were further outlined in part as folStocks in the New York market sold off sharply lows: "The standar
ds of living and wages are difon Tuesday afternoon, following the announcement ferent in Europe and the United
States, and this
of the signing of the manifesto and they moved in a must always be conside
red when discussing free
decidedly confused way the next day. These devel- trade and the
protective tariff, the President holds.
opments were attributed in speculative circles, at The tariff is
a domestic and economic measure that
least in part, to the manifesto incident. That un- is employed to
aid the people of the respective counwarranted significance was thus attached to the tries. The Republi
can Party, according to the Presipurposes and scope of the document and to the sign- dent, holds that
such a tariff is necessary if presing of it by prominent Americans was clearly indi- ent standards are
to be maintained in this country.
cated by J. J. Mitchell, one of the American signa- As to how much the
tariff prevents Europe selling
tories. Mr. Mitchell was quoted in a Chicago dis- her goods in this country
, the President is unable to
patch as saying that "it should be distinctly under- say without a close study
of the import figures. He
stood that the manifesto in no way refers to Ameri- is of the opinion that
of $5,000,000,000 of imports,
can tariffs, either by allusion or inference. Many only about $1,500,000,000
pays a duty, and that the
of the trade restrictions now effective in Europe are rest enters free. It is
necessary to secure revenue
extremely destructive to European prosperity as a from some source,
and the President holds that the
whole and should have been removed long ago. The tariff helps produce
it, at the same time protecting
American tariff is a different matter, and I do not the American produce
r and working man and helpwish.to discuss any phase of it. The manifesto per- ing lower taxes."
tains exclusively to Europe. I signed it last summer
It was claimed in the financial district of this city
in Europe just before sailing home. The English on Wednesday that
the manifesto really had its
financiers whose names are attached to the docu- origin with the
International Chamber of Commerce.
ment were desirous of having some American names Secretary of
the Treasury Mellon had a conference
also, though I told them that I could not see what at the White
House with President Coolidge on
good that would do." Mr. Wiggin said that "he, too, Thursday.
He let it be known afterward that they
had signed the manifesto in the•course of a visit to had discuss
ed the tariff manifesto. The Secretary
London early last summer."
was quoted in Washington dispatches as denying
the
Dr. Hjalmar Schacht, President of the Reichs- reports from
Europe that he had seen the document
bank, and one of the signatories, was reported to in advance
while in Europe last summer and aphave stated that "the importance of the interna- proved it.
He also made it clear that, in his judgtional financiers' plea for removel of tariff barriers ment, the
manifesto applies only to Europe and not
in Europe must not be under-estimated." He was to the United
States.
quoted directly as saying that "the fact that the
signers express merely personal views does not deFollowing the announcement on Oct. 19 of the
tract from its value. We all remember the Dawes signing of
the tariff manifesto came word from
report. After the Governments were at their wits' Paris the
next day that the Council of the Internaend, an economic way out of the political difficulty tional Chamber
of Commerce had L pproved a report
was found only thanks to a small group of inter- embodying suggest
ions by Sir Arthur Balfour "to
national economic leaders. The manifesto points the carry out
the principlos of the international bankway to freedom, and is the product of the common ers' manifesto." The "suggestions"
included "cessasense of all the peoples."
tion of flag discrimination in ocean-carrying trade,
On the other hand, one of the most prominent abolition of passpost visas and an
end to ad valorem
bankers of this city suggested that the Americans duties." The Associated Press
representative in
who signed the manifesto did not even constitute a Paris cabled also that "the report
demands proteccommission appointed by the bankers and industrial tion of the rights of foreign
ers in all lands of unileaders of the United States, and much less did they form laws and absolute freedom
of travel by air,
act as the representatives of the United States Gov- rail and sea, with standardization of rolling stock
2032
THE CHRONICLE
to facilitate communications from one country to
another. It calls for ratification of the League of
Nations' freedom of ports convention and says traffic in war materials ought to be exempt from export
duties. The report closes with the suggestion that
the League of Nations organize a commercial and
tariff commission, bringing together representatives
of the various Governments to consider international trade questions."
It was added in a later dispatch the same evening
that "this action of the Council has followed long
study by a committee on trade barriers and is allied
with the manifesto issued yesterday and signed by
many foremost bankers and business men of the
world in favor of free trade. Before it can become
a settled item in the policy of the International
Chamber it must be voted on at the next Congress.
But between its resolution even by the International
Chamber of Commerce and its realization there is a
long road to travel."
Sir Alan Sanderson, Acting President of the
International Chamber of Commerce, said in his
report that "the first trade barrier is lack of a stable
token with which to trade and the next is the rivalry
of one State against another, which bars trade and
so damages everyone." It was added that "the only
continent which was enjoying prosperity, he pointed
out, was the North American continent, where tariffs did not exist between States. Europe, with absolutely equal chances of prosperity, has 28 fronVers
and within each of these frontiers the incessant complaint is being raised by business men that they cannot sell their products because of the tariff walls of
others."
The second Imperial Conference to be held since
the World War and the first in three years, began in
the official residence of Prime Minister Baldwin, at
10 Downing Street, London, Tuesday morning, Oct.
19. It is thought that the conference may last five
or six weeks. The Associated Press representative
in London said that "among the delegates were six
Premiers, the President of the Irish Free State Exectutiye Council and the Maharaja Dhijara Dahadur
of Burdwan, India—all of them representing some
441,000,000 people, or about one-fourth of the world's
population. The Premiers present were Stanley
Baldwin of Great Britain, Mackenzie King of Canada, S. M. Bruce of Australia, J. G. Coates of New
Zealand, J. B. M. Hertzog of the Union of South
Africa and W.S. Monroe of Newfoundland."
The opening session was preceded by "an impressive ceremony in Westminster Abbey at which the
Prince of Wales unveiled a tablet to the memory of
the million men of the Empire who lost their lives
in the World War." Premier Baldwin delivered the
address of welcome, in which he said that "the Conference discussions would extend over the whole
field of Imperial and inter-Imperial policy. It was
desired to consider means whereby the Dominions
would be knit closer to one another and also closer
to the mother country, and how the means of communcation could be made more effective." The Associated Press representative added that "many questions are on the agenda, including the usual problems of trade, immigration, defense and communications arising from the growth of the Empire. The
oustanding question, however, is the treaty-making
status of the Dominions in foreign affairs."
[VOL. 123.
While naturally it was expected that the opening
session would be devoted chiefly to an exchange of
greetings and other formalities, the New York
"Times" representative in London cabled that evening that "the first meeting of the Imperial Conference, which opened here to-day to discuss extremely
grave problems confronting the British Empire,
would have been a day of perfunctory preliminary
business but for General.Hertzog, Premier of South
Africa, and President Cosgrave of the Irish Free
State. The vigorous South African leader lost no
time in justifying all those prophets who have been
foretelling for weeks that South Africa would prove
the 'enfant terrible' of the Conference. President
Cosgrave injected into the preliminaries a note well
calculated to jeopardize the harmony of the proceedings when he submitted a letter to Prime Minister
Baldwin, excusing himself from attending to-day's
unveiling at Westminster Abbey of a memorial tablet to the British soldiers who fell in the World War
because he felt that his presence would be inappropriate in view of the Dublin 'Easter rebellion' of
1916, in which he took an active part."
At its session on Thursday "the Imperial Conference approved the appointment of a mandate committee to investigate questions of mutual interest to
England and the Dominions regarding the Empire's
Government of territories entrusted to it." The New
York "Herald Tribune" correspondent in London
cabled the same evening that "particular interest is
attached to the consideration of the mandate problems in view of Sir Austen Chamberlain's attitude at
the recent meeting of the League of Nations Assembly. The Foreign Secretary stirred up considerable
debate and some opposition among the smaller Powers when he demanded less interference by the
League mandate commission with the policies
adopted by the mandate Powers."
The Associated Press representative in London
cabled last evening that, "in a review of Empire
trade conditions, Sir Philip Cunliffe-Lister, President of the Board of Trade, has informed the Premiers attending the Imperial Conference of the necessity to buy and sell British goods within the Empire. 'We shall need each other's.markets in the next
few years,' said Sir Philip, 'particularly because of
the after-effects of the World War and their correction. Foreign countries which are seeking to stabilize their exchanges inevitably will be forced to restrict their purchases. They will buy less. The
more we buy and sell within the Empire the easier
it is for us to maintain our exchanges.'"
Premier Poincare of France has continued
strongly in favor of ratification by the Chamber of
Deputies of the war debt agreement with the United
States negotiated by Senator Berenger. Rumors to
the contrary were said to have been in circulation in
Paris. On Oct. 15 the Paris representative of the
New York "Times" cabled that "the fear expressed
in some quarters that Premier Poincare has again
changed his mind on debt ratification is quite untrue, I am informed. The Premier remains firmly
in favor of the earliest possible approval by Parliament of the Berenger treaty." Announcement was
made in an Associated Press dispatch last evening,
however, that "Minister of the Tnterior Sarrant announced after a Cabinet Council to-day that, because
of the press of work in connection with the budget,
so,
OCT. 23 1926.]
THE CHRONICLE
2033
it seemed virtually impossible that the Washington defeat which has been hanging over the Poincare
debt accord could be discussed in the Chamber of Government on the question of ratification of
the
Deputies before January."
Mellon-Berenger debt accord seemed to-day to be
There were important developments at the Con- definitely removed, and every indication warrants
gress of the Socialist Party at Bordeaux Satur- the forecast that this Ministry will remain
in office
day (Oct. 16). After a fiery speech by Joseph Cail- for a considerable time." According to the dispatch,
laux, who as Finance Minister negotiated a war debt also, "two significant political developm
ents here
agreement with the United States that failed, the have given Premier Poincare greatly added
strength.
Congress adopted the following resolution "advocat- The first is the attitude of the Radical Socialist
Coning ratification of the debt accords with reserva- gress at Bordeaux, in which that party as a whole
tions: 'The Congress believes that in ratifying the has given its blessing to those of its members
who
Washington accord reservations must be stipulated have been holding portfolios in the Ministry
since
either that in no case and in no form will France July. In addition, Maurice Sarraut,
the newlyhave to pay the United States and Great Britain elected party chief, referred to M. Poincare
in his
more than she receives from her European debtors, inaugural speech as a 'Republican laique,'
following
or that in case of inter-Governmental disagreement the party's decision to adhere to the
Poincare debt
arbitration shall be resorted to, strictly limited in policy—ratification with certain
reservations. When
purpose to the transfers possible during a deter- M. Sarraut referred to M.Poincare
as a 'Republican
mined period without compromising monetary sta- laique' it was equivalent to saying in
English 'he is
bility. The Congress deems that these reserves must all right and has all our best wishes.'
The second
be expressed in such fashion that there can be no political event is M. Poincare's own successfu
l condoubt as to their scope either in Washington or in tact with the Mann party in the Chamber
, composed
American public opinion.'" M. Caillaux was quoted of upward of 100 Deputies. This
party now is in
as saying that "he would vote for the resolution, 'in line with the Premier, who conferred with
several of
that it requires the Government to obtain as much as its chiefs during his visit to eastern
France. Louis
possible and does not tie the hands of the .party's Mann, the high chief
of this party, hitherto one of
representatives in Parliament.'"
the strongest opponents of ratification, is a member
Announcement was made in a special Paris cable of the Poincare Cabinet and announced his adhesion
dispatch to the New York "Times" on Oct. 17 that to the Poincare
policy several days ago."
"Premier Poincare's Cabinet spent more of to-day's
meeting discussing the outcome of the Radical SoA long time has elapsed without important pocialist Congress at Bordeaux than any other sub- litical news appearin
g in the cable dispatches from
ject." It was explained that "on the attitude of the Moscow. But
announcement has been made this
Government toward the Radical Socialists and on week of the defeat
of Leon Trotzky and his followthe attitude of the Radical Socialists toward the ers by Joseph
Stalin and his group. This news in
Government depends the whole future of many ques- definite form was containe
d in cable dispatches from
tions, and not the least among them the future of Moscow under
date of Oct. 17. The overthrow of
the American debt discussion." What actually had Trotzky did not
come as a real surprise to political
been done was outlined in part as follows: "With leaders in the principal
European centres outside
the Government the Radicals have made a truce. It of Russia. Trotzky and
his adherents attacked the
is a kind of benevolent truce, for their program and Central Committee
of the Communist Party and the
their resolutions permit Messrs. Herriot and Albert struggle for supremacy was
on for two weeks before
Sarraut and two other Ministers of the Radical the former capitulated.
Paris had expected that
Party to remain members of M. Poincare's Cabinet. the contest would
result the way it did. On Oct. 15
But it is only a truce, and not an alliance. That was the Paris
representative of the New York "Times"
made clear in every decision of the Congress and in said in a wireless
message that "French observers in
the final speech of Maurice Sarraut, the new Presi- Moscow
of the trial of strength between Stalin and.
dent of the party. M. Poincare is to be helped to Trotzky
and their followers appear inclined to bestabilize the franc if he can and by every means that lieve that
the present administration will prove the
the 143 Radicals of the Chamber judge not only ex- stronger
of the two for some time at least, and that
peditious but just, but he is to obey their dictates on the incipient
revolt will be suppressed once more or
all other matters, such as, for instance, the foreign adjourne
d."
policy of M. Briand, with which they are in the fullThat for the time being at least the defeat was
est agreement. If he and his colleagues of the complete
was indicated in another special wireless
Right, with whom the truce has been made, attempt message
from Moscow to the "Times" two days later
to break away from the dictation of the Liberal (Oct.
17). It stated that "the terms of the settleLeft, then the old- alliance of the cartel will be at ment
arrived at between the Communist Party Cenonce remade and the Government thrown from of- tral
Committee, led by Joseph Stalin, and the oppofice." It was added,"that was the general result of sition,
led by Leon Trazky, reveal complete defeat
the various decisions and speeches made at the Con- for Trotzky
and his associates. Instead of being a
gress. In foreign policy and internal domestic polcompromise which rumor reported was the outcome
icy the party remained true to its old traditions and of Trotzky'
s two weeks' fight against the Central
to the liberal creed of France during twenty years Committee in violation of its laws, there
has been
before the war. But in financial politics it compro- uncondit
.
ional capitulation by the insurgents." It
mised."
was added that "to-day the six leaders of the opposiThat the situation looked still better for Premier tion—Trotzky, Zinovieff, Kameneff,
Pyatikoff, SoPoincare was Ftressed in a special Paris cable dis- kolnikoff
and Yevdokimoff—publicly repudiated
patch to the New York "Herald Tribune" the next their actions in the press. They admit
their conduct
day, Oct. 18. It was claimed that "the menace of was calculated to split the party, confess they vio-
2034
THE CHRONICLE
[vol. 128.
lated discipline and promise to dissolve their fac- sian stability lies in encouraging the peasants back
tional organization and submit without reserve to to prosperity, even at the risk of letting them adopt
methods of capitalism. Agriculture, as a result, has
the decisions of the Central Committee."
been recovering more quickly than industry. Stalin
As for the personality and policies of the defeated wants lower taxation for the peasants, foreseeing
and victorious leaders, the Paris representative of that in the long run their increased purchasing power
the "Times" said: "Stripped of all personal and will react favorably in industry. He realizes that
party complications, the issue between Stalin and Lenin's theories must be modified to meet present
Trotzky is the ever-recurring one of the respective day conditions."
cases for autocratic and democratic government,, of
The change in the Russian political situation is
whether a few can and should govern for the many,
or whether even at the cost of more mistakes the expected by political leaders in Washington to work
many ought to have a hand in their own governing. out favorably, aceording to a special dispatch from
Stalin stands for autocratic—or in this case bureau- that centre to the New York "Herald Tribune" on
cratic—government. Trotzky, a man of far wider Oct. 18. The defeat of Trotzky, it was claimed,"has
understanding and experience, is for democracy. In aroused the keenest interest in Washington, both in
a way their differences are the same as those be- State Department circles and among members of
tween the governmental conceptions of Hamilton Congress who keep in touch with Russian condiand Jefferson. Stalin is for centralization and cen- tions." It was added that "information which has
tral authority, Trotzky for distributed responsibil- been seeping into Washington for some time has
ity. Of the two Trotzky holds the purer Communist been to the effect Russia soon would propose to the
faith. He believes in Communism. Stalin believes United States to settle its debts and thus pave the
in Communist administration. But, like Lenin, way to recognition. The victory of Stalin and the
Trotzky is an adaptable Communist. He is willing men about him is regarded here as likely to hasten
to make practical contributions to facts while strug- the making of such a proposition. Senator Borah,
gling along toward his ideal. Stalin is entirely bu- who is supposed to be in touch with some of the
reaucratic. So long as the names and outlines of Russian leaders, has said that Russia has • been
Communism are maintained the Government may ready for two years to settle with the United States."
become more autocratic than that of any Czar withOfficial discount rates at leading European cenout Stalin detecting a difference or realizing what
2
1
/
happened. He would believe- he was still en- tres continue to be quoted at 7 % in Paris; 7% in
has
in Berlin; 5 % in
Austria;
2
1
/
tirely faithful to the memory and all the ideas of Belgium, Italy and
5% in London, Norway and Madrid;
his friend Lenin. Between these two men the French Denmark;
2
1
/
2
1
/
see the difference between the Russian Communist, 4 % in Sweden, and 3 % in Holland and Switzerland. In London open market discounts remain
such as Trotzky is, with the added strength of his
Jewish race, and the German kind of Communist steady and finished at 4 11-16@434% for short bills,
4@4 13-16% for three months'
Stalin has shown himself, plodding, unimaginative, unchanged, and 43
4% a week ago. Money on
bills, against 4 11-16@43
careful and strong."
call at the British centre was strong and went up to
4%, the same as last week.
0
The defeat of Trotzky has been regarded favorably 4%7, but closed at 33
London, according to a special dispatch from that At Paris open market discount rates advanced from
in
/
centre to the New York "Herald Tribune" on Oct. 18. 7 to 712%, while in Switzerland they dropped from
4% to 2 11-16%.
The correspondent said that,"as Leon Trotzky's star 23
fades in the councils of the Russian Communist
Annther, though small, loss in gold was indicated
Party hope is revived in Great Britain that the Soby the Bank of England statement for the week
viet Government, under the influence of the more
conservative faction beaded by Joseph Stalin, will ended Oct. 20, amounting to £78,103. Note circulapursue a more steady and more friendly course tion, however, again declined—£632,000—so that the
among the nations of the world." He commented reserve of gold and notes in the banking department
further on the situation in part as follows: expanded £554,000, while the proportion of reserve
"Trotzky's defeat in the party marks a distinct step to liabilities remained at 27.98%, the same as last
away from the militant Bolshevism of Lenin and week. In the corresponding week of 1925 the ratio
4% and a year earlier at 197 %. In/
points toward a time when the Soviet Government stood at 251
allow its ambition, to convert by force the whole Creases occurred in the deposit items; public dewill
and "other" deposits £1,380,000.
world to Communism,to lapse into oblivion. Trotzky posits,rose £595,000
There was a decrease in the Bank's temporary loans
joined by Zinovieff and supported by lesser leaders
to the Government of £485,000, but loans on other
of Communism, such as Bameneff, Yevdokimoff,
a securities mounted £1,913,000. Gold holdings aggrePyatikoff and Sokolnikoff, has been clamoring for
£154,095,823, which compares with £152,740,return to the aggressive policy of Lenin, and has been gate
sight of Russia's inter- 756 last year and £128,487,745, in 1924 (before the
accusing Stalin of having lost
the Bank of England of the £27,000,000
national mission to upset capitalism throughout the transfer to
bone of contention between gold formerly held by the Redemption Account of
world. The principal
the opposition and the Stalin faction has the Currency Note Issue). Reserve stands at £35,compares with £29,950,161 in 1925 and,
been the treatment of the peasants. Trotzky wanted 133,000. This
to tax the peasants heavily in order to make £25,332,115 a year earlier. Note circulation stands
them pay high prices for the goods manu- at £138,713,000. A year ago the total was £142,540,factured by the city workers, and thus check 595 and in 1924 £122,905,630. The loan total is £72,£77,116,the peasants' capitalistic developments. Stalin, on 771,000, as against £74,111,101 in 1925 and
347 a year earlier. Clearings through the London
the other hand, believes that the main hope of Rus-
OCT. 23 1926.]
TILE CHRONICLE
banks for the week totaled £798,939,000, which compares with £715,314,000 last week and £768,299,000
a year ago. No change was made in the official didcount rate, which remains at 5%. We append comparisons of the different items of the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1922.
1924.
1923.
1925.
Oct. 20.
Oct. 21.
Oct. 25.
Oct. 22.
Oct. 24.
b138,713,000
Circulation
20,202,000
Public deposits
deposits
105,343.000
Other
Governm't securities 35,326,000
72,771,000
Other securities_
Reserve notes & coin 35,133,000
and bullion __2154,095,823
Coin
Proportion of reserve
27.98%
to liabilities
Bank rate
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
112,497,350
42,468,443
77,116,347
25,332,115
128,487,745
123,110,835
13,956.896
105,640,722
41,133,506
71,872,045
24.312,729
127,673.564
121,886.450
15,201,277
110,180,337
47,653.803
71,435,298
23,996,084
127,432,534
253%
4%
1974%
4%
20Si%
4%
19.14
3%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
.
Bank of England on the British Government's decision to return to the gold standard.
b Beginning with the statement for April 29 1925,includes £27,000,000 of Bank of
England notes issued in return for the same amount of gold coin and bullion held up
to that time in redemption account of currency note issue.
In its weekly statement the Bank of France reported a further reduction in note circulation, namely
443,480,000 francs. Thus total note circulation now
aggregates 54,988,355,310 francs, as against 46,599,073,965 francs for the same time in 1925 and 40,459,509,905 francs in 1924. The Government's indebtedness to the Bank also showed a large reduction
(150,000,000 francs). Advances to the State now
amount to 36,150,000,000 francs, as contrasted with
30,350,000,000 francs last year and with 22,700,000,000 francs for the corresponding date in 1924. Gold
holdings gained 4,550 francs during the week and
now stand at 5,548,789,450 francs. In 1925 gold
holdings aggregated 5,547,395,642 francs and the
year previous 5,544,870,872 francs. • Changes in the
various other items of the Bank's weekly report were:
Silver holdings increased by 33,000 francs; Treasury
deposits by 23,469,000 francs, and general deposits by
302,955,000 francs. On the other hand, bills discounted fell off 351,290,000 francs and trade advances
12,310,000 francs. Comparisons of the various items
in this week's return with the statement of last week
and with corresponding dates in both 1925 and 1924
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Oct. 20 1926. Oct. 22 1925. Oct. 23 1924.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
4,550 3,684,468,543 3,683,674,734 3,680,049.964
Abroad
Unchanged
1,864,320,907 1,864,320-907 1.864,320,907
Total
Inc.
4,550
Silver
Inc.
33,000
Bills discounted_ Dee. 351,290,000
Trade advances_ _ _Dec. 12.310,000
Note circulation _Dec,443.480,000
Treasury deposit-9.in°. 23,469,000
General deposits Inc. 302.955,000
Advances to State_Dee. 150,000,000
5,548,789,450 5.547,395.642
339,025,855
310,104,251
4,672,880,426 2,796,012,514
2,214,235,436 2.670,178,329
54,988,355,310 46,599,073,965
32.951,061
45,497,055
3,251,479,395 2.319,501,300
36,150,000.000 30,350,000,000
5,544,870,872
320,387,760
4,993,553,230
2,753,167,042
40,459,509.905
18,838,387
1,737,348.720
22,700,000,000
In its statement, issued as of Oct. 15, the Imperial
Bank of Germany revealed continued shrinkage in
note circulation, and a fairly substantial addition to
gold holdings. In detail the figures show that note
circulation fell 167,590,000 marks, although other
maturing obligations expanded 102,063,000 marks
and other liabilities 26,769,000 marks. As to assets,
there was a decrease of 84,494,000 marks in bills of
exchange and checks, although advances increased
23,829,000 marks. Deposits held abroad were augmented 2,653,000 marks and silver and other coins
increased 3,104,000 marks. Declines occurred of 64,839,000 marks in reserve in foreign currencies and
of 21,000 marks in investments. Holdings of notes
on other banks increased 3,214,000 marks, while
2035
"other assets" registered a gain of 44,140,000 marks.
Gold and bullion holdings moved up 36,309,000
marks, bringing total stocks of the metal up to
1,652,617,000 marks, which compares with 1,204,514,000 marks last year and 613,625,000 marks in 1924.
Note circulation now outstanding is 2,971,739,000
marks.
The weekly statements of the Federal Reserve
banks, issued on Thursday afternoon, showed a
heavy shrinkage in rediscounting operations, and at
New York also a contraction in open market operations. According to the report for the System, rediscounts of bills secured by Government obligations
fell $49,200,000, and "other" bills $68,100,000, so
that total bills discounted for the week decreased
$117,300,000, bringing the grand total down to $586,622,000, or below the amount held last year. Holdings of bills bought in the open market were slightly
larger, increasing $1,500,000, but declines were revealed in all of the following items: Total bills and
securities (earning assets), $118,100,000; Federal
Reserve notes in actual circulation, $26,400,000;
member bank reserve accounts, $3,600,000, and deposits, $16,700,000. Gold holdings for the banks as
a group increased $6,900,000. At New York a large
addition to stocks of the precious metal was shown,
viz., $61,100,000. Aside from this, however, the
local institution indicated parallel conditions with
those existing for the banks as a whole. Rediscounting of all classes of bills decreased approximately
$95,200,000. Open 'market purchases were smaller,
declining $11,100,000. Total bills and securities
were reduced $108,300,000. Federal Reserve notes
in actual circulation declined $8,000,000. In member bank reserve accounts a contraction of $7,900,000 occurred, and deposits fell off $14,700,000. As
to the reserve ratios, increases were noted, partly
because of additions to gold holdings, and partly
incidental to lessened deposits. For the System as a
whole the ratio advanced to 74.1%, up 1%, while the
New York bank's ratio moved up 6.5%, to 85.4%.
Declines in both loans and deposits were the features of last Saturday's statement of the New York
Clearing House banks and trust companies. Loans
and discounts fell off $45,447,000, while net demand
deposits declined $25,511,000 and time deposits
$1,294,000, the latter to $591,090,000. The total of
demand deposits is $4,367,935,000, which is exclusive of Government deposits to the amount of $45,974,000, a drop in the latter item for the week of
$7,345,000. Cash in own vaults of members of the
Federal Reserve banks fell $556,000, to $47,454,000.
This, however, does not count as reserve. State bank
and trust company reserves in own vaults increased
$315,000, but the reserves kept by these institutions
in other depositories decreased $142,000. Member
banks drew down their reserves at the Federal institution to the extent of $15,439,000. The result
was to bring down surplus, notwithstanding reduced
deposits, $11,960,340, leaving excess reserves of $26,032,990, against $37,993,330 last week. The figures
here given for surplus reserve are based on legal
reserve requirements of 13% against demand deposits for member banks of the Federal Reserve, but do
not include $47,454,000 cash in vault held by these
member institutions on Saturday last.
2036
T1TE CHRONICLE
The ease of the local money market was more pronounced than had been expected by most observers.
There has been considerable talk, until quite recently, of firm rates throughout the autumn, and
also of the possibility of an advance in the New York
Federal Reserve rediscount rate. Little or nothing
was heard along these lines this week. Instead it
• was suggested that the rediscount rate might be
reduced. Aside from such a possibility it may be
stated that the influx of funds to this centre fr
interior points was considerably larger tha
been expected, even by New York bankers. A favorable showing was made for the week by both the
Federal Reserve System and the New York Federal
Reserve Bank. Brokers'loans as of Oct. 13, and reported by the Federal Reserve Board, showed a decrease of $81,953,000. Because of the active buying
movement on Thursday and the greater part of Friday,it is impossible to estimate to what extent loans
were affected by the selling of stocks. Conditions in
business in this country have not changed especially.
Some automobile manufacturers are curtailing production, while others are holding to previous schedules pretty closely. Judge Gary, in his address to
the American Iron & Steel Institute, spoke as optimistically as on the occasion of his 80th birthday.
Some banking and railroad officials have sounded a
word of caution as to further expansion in business
just now. Considerable financing for Europe is
likely to be undertaken in the near future. According to current reports, plans have been pretty well
completed for floating a loan for $100,000,000 for
Belgium, of which it is said at least half would be
placed in the United States.
for purchase by the Federal Reserve banks 33 % bid
4
and 3 8% asked for bills running 30 days; 3%%
bid and 3%7 asked for 60 days; 4% bid and 3 8
0
%
asked for 90 days; 41 8 bid and 4% asked for 120
/
%
days, and 43/% aid and 41 8 asked for 150 and 180
/
%
days. Ope; arket quotations follow:
SPOT DELIVERY.
90 Days.
60 Days.
bills
4 (431i
33i(I039(
FOR DELIVERY WITHIN THIRTY DAYS.
Ible bills
non-member banks
Prime el
30 Days.
33iO3%
3m bid
314 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
OCT. 22 1926.
Paper Maturing
--
FEDERAL RESERVE
BANK.
Within 90 Days.
After 90 After 6
Days. but
lot
Within 6 Within 9
Months. Months.
Cons'rcial Secured
Agric't & by U. S. Bankers' Trade Apricul.* Apricull
Livestock Govern't AccepAccepand
and
Paper. Oldtga- lances. Lances. Livestock Livestock
Bons.
n.e.s.
Paper.
Paper.
Boston
4
4
New York
4
4
Philadelphia
4
4
Cleveland
4
4
Richmond
4
4
Atlanta
4
4
Chicago
4
4
St. Louis
4
4
Minneapolis
4
4
Kansas City
4
4
Dallas
4
4
San Francisco
4
4
• Including bankers' acceptances drawn for
by warehouse receipts. &c.
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
an agricultural purpose and
4
4
4
4
4
4
4
4
4
4
4
4
The market for sterling exchange attracted a tention early this week because of an apparently temporary display of weakness that sent prices for a time
down to the lowest point of the year. After opening
at 4 84%,demand bills gradually sold off to 4 84 5-16,
a loss of 9-16c. While there was nothing unusual in
a movement toward lower levels at this time of the
As to money rates in detail, loans on call covered a year, it aroused considerable comment on the part
range during the week of 4@5%, which compares of those who have been watching the course of sterlwith 5@532% a week ago. Monday the high .was ing and confidently predicting a continuation of
5%, the low 432%, with 5% the rate for renewals. stable prices. In fact the ability of sterling to
On Tuesday and Wednesday there was no range, all maintain itself even in the face of a constantly
loans in the call division being placed at 432%. growing unfavorable •trade balance and the stillRenewals continued at 432% on Thursday, which present coal strike and its far-reaching consequences,
was the high, but before the close there was a decline has more than once occasioned surprise. It was
to 4%. Friday the quotation went back to 43/2% recalled that at this time a year ago London was
and this was the high, the low and renewal rate for sending gold in substantial volume to New York.
Announcement of the declaration of certain Amerithe day.
In time money the situation is still essentially the can and European bankers in favor of the removal of
same. Fixed date funds have been in freer supply, European tariff barriers was regarded as of special
but the demand has been light, so that the market significance to the future of sterling, since as England
has been a dull affair. Quotations have not been is already on a practically free trade basis, she might
changed from 4%@5% for all maturities from sixty gain access to markets now closed to her. The drop
in values for a time revived talk of an advance in the
days to six months.
Mercantile paper has been fairly active, with a good Bank of England discount rate. It is not now, howdemand reported from out-of-town buyers. Sup- ever, considered likely that such a step will be taken
plies of the best names, however, have been still unless sterling price levels should drop radically.
restricted, and the volume of business transacted has Although a higher bank rate would serve to draw
not been particularly large. Four to six months' funds to the British centre, it would also react unnames of choice character have not been changed favorably on business and might exercise a depressing
from 432%, with names not so well known still effect on market opinion. Renewed selling caused
requiring 49%. New England mill paper and the weakness in the latter part of the week and the close
was at the bottom.
shorter choice names continue to pass at 432%.
As to quotations in greater detail, sterling exchange
bankers' acceptances remain at the
Banks' and
levels previously current with the undertone firm. on Saturday last was easier and demand declined to
Prime acceptances were in request, particularly from 4 84%@4 84% and cable transfers to 4 8531@4 859;
country institutions, but as offerings were light, the trading was narrow. On Monday further easing, on
aggregate turnover attained only moderate propor- free offering of commercial bills, resulted in depressing
tions. For call loans against bankers' acceptances prices another 1-32 of one cent; the range was
the posted rate of the American Acceptance Council 4 84 23-32@4 84 25-32 for demand and 4 85 7-32@
remains at 4%. The Acceptance Council makes the 4 85 9-32 for cable transfers. An increase in the voldiscount rate on prime bankers' acceptances eligible ume of commercial offerings sent rates down on Tues-
OCT. 23 1926.]
THE CHRONICLE
day to 4 84 15-32@4 84 19-32, with cable transfers at
4 84 31-32@4 85 3-32. Wednesday's market continued to show a declining tendency and quotations
were 4 84 5-16@4 84 7-16 for demand and 4 84 13-16
@,4 84 15-16 for cable transfers. Firmness set in on
Thursday on lessened offerings and there was a slight
recovery to 4 84%@4 84 7-16 for demand and 4 847
4
@4 84 5-16 for cable transfers. On Friday the undertone was a shade easier with quotations fractionally
lower; demand sold at 4 84 5-16@4 843 and eable
%
transfers at 4 84 13-16@4 8478; the volume of busi/
ness transacted was not large. Closing quotations
were 4 84% for demand and 4 84% for cable transfers. Commercial sight bills finished at 4 843',
sixty days at 4 803,ninety days at 4 783 ,documents
%
for payment (sixty days) at 4 804 and seven-day
grain bills at 4 833. Cotton and grain for payment
closed at 4 843.
No gold was actually received this week, although
it is understood that $2,000,000 is on its way here
from Yokohama. According to the Japanese Financial Commission, other shipments of the precious
metal are to follow. The purpose of the movement,
(with previous consignments, is to stabilize the
as
Japanese yen and enlarge gold holdings in New York.
The Bank of England continues active in the matter
of gold shipment, and reported sales of about £539,000
in bars, exports of some 08,000 in sovereigns to
Switzerland and India and the receipt of £500,000
from Africa.
7
,General buoyancy pervaded operations in Contimental exchange and the week's dealings were featured
by a rise to well over the 3.00-mark for French
francs (3.029) while Italian lire rose to 4.401%.
These advances represent gains of 16% and 231%
points, respectively, and while some of the advance
was subsequently lost, the close was firm, and
the strength was thought to reflect improvement
in the political outlook in both countries. In
France. the progress made toward rehabilitation of
finances contributed to bring the franc up to higher
levels, especially as it was understood that the 1927
budget plan places a value of about 31% on the franc.
Trading was extremely active at times, particularly
on the London and Paris markets. Franc futures
Were strong and appreciably higher. Italian lire
were favorably influenced by intimations that
'Premier Mussolini's deflationary measures (some of
which are already in operation) wcre meeting with
marked success. Another factor, however, was
.Government operations, designed to drive out or
diminish the outstanding short interest in lire, and
the market followed the same course that has been
noted in recent weeks. Belgian francs came in for
a large share of attention, the quotation rising from
2.791% to 2.841%; although before the close there was
a decline to 2.80, notwithstanding optimistic advices
showing that arrangements for a large stabilization
loan were practically completed and that Belgium's
financial position is regarded as generally satisfactory.
There is nothing new to report as regards Austrian
exchange, and the same is true of Russia, the currencies of both countries remaining at nominal
levels, without trading activity. German marks
broke from the fixed rate to 23.761% without special
activity. Greek exchange ruled comparatively firm
at around 1.21, but closed around 1.19. In the
minor Central European division, trading was quiet
and rate changes small.
2037
The London check rate on Paris finished at 163.05,
as against 168.60 last week. In New York sight bills
on the French centre closed at 3.00, against
2.871%;
transfers at 3.01, against 2.881%, and commercial
sight bills at 2.99, against 2.861% a week ago. Antwerp francs finished the week at 2.80 for checks and
at 2.81 for cable transfers, in comparison with
2.791%
and 2.801% a week earlier. Closing rates on German
marks were 23.761% for checks and
23.781% for
cable transfers, against 23.79 and 23.80 a week ago,
while Austrian schillings continue to be quoted at
141 , unchanged. Lire finished at 4.33 for bankers'
%
sight bills and at 4.34 for cable transfers. A week
ago the close was 4.08 and 4.09. Exchange on
Czechoslovakia closed at 2.963 (unchanged); on
%
Bucharest at 0.54 (unchanged); on Poland at
11.25, against 11.35, and on Finland at 2.523g.
unchanged from the previous week. Greek drachmae
finished at 1.19 for checks and at 1.19 for cable
transfers. Last week the close was 1.211% and 1.22.
The former neutral exchanges were neglected this
week and trading showed a falling off, while rate
changes were confined to a few points, with the
exception of Norwegian krone, which continue to
move in lively fashion. This week there was an
advance from 24.00 to 24.61, a decline to 24.38
with a subsequent burst of strength that carried the
quotation up to 25.09, or the highest level in ten
years. These gyrations were due to the speculative
boom that has been on since the action of the Norges
Bank last week. Should the present rate of advance
be maintained it would not be long before parity is
reached, but this is not regarded as likely, since it
would involve too great hardship upon Norwegian
business. It is now predicted that Norway will
return to the gold standard either at the end of the
year or early in 1927. Danish and Swedish currencies were steady but only a point or two over last
week's levels, and losing these gains before the
close. Dutch guilders remain heavy, hovering
around 39.97 all week. Swiss francs were weaker
also, all on dull, narrow trading. Spanish pesetas
moved erratically. Following a weak opening, there
was an advance of about 20 points, to 15.28, then a
drop to 15.11; later on a recovery to 15.26, with the
cloging down again to 15.09. These sharp up and
down movements were attributed to speculative
buying and selling.
Bankers' sight bills on Amsterdam finished at
39.963 , against 39.981%; cable transfers at 39.98%,
%
against 40.00 and commercial sight bills at 39.92%,
against 39.941% last week. Swiss francs closed at
19.291% for bankers' sight bills and at 19.30 for
cable remittances. A week ago the close was 19.32
and 19.33. Copenhagen checks finished at 26.56 and
cable transfers at 26.60 (unchanged). Checks on
Sweden closed at 26.69
and cable transfers at
26.731%, against 26.71 and 26.75, while checks on
Norway finished at 25.09 and cable transfers at 25.13,
against 24.03 and 24.07 the previous week. Spanish
pesetas closed at 15.09 for checks and at 15.11 for
cable transfers, which compares with 15.14 and 15.16
the week before.
With regard to South American exchange, the tendency was towards recovery, although trading was
inactive. Argentine pesos closed unchanged,at 40.75
for checks and at 40.80 for cable transfers, while
Brazilian milreis scored a gain of 55 points, finishing
[Vol.. 123.
THE CHRONICLE
2038
at 13.90 for checks and at 13.95 for cable transfers,
in comparison with 13.35 and 13.40 a week ago.
Chilean exchange was strong and advanced to 12.15,
then closed at 12.10, against 12.07, while Peru
finished at 3.61, against 3.62 last week.
Interest continues unabated in Far Eastern exchange and spectacular weakness again featured the
dealings. What were regarded as the heaviest declines yet faced occurred this week when the price of
silver gave way completely causing a renewed crash
in the values of the Chinese currencies. Hong Kong
taels declined to 45 13-16@46%, then closed at
46 7-16@473i, against 48 5-16@48M, while Shanghai dollars went to 571 8@573/, then finished at
/
2
58'/@583/,against 593/@603/ a week ago. In sharp
8
2
8
contrast to this weakness, Japanese yen again shot upA
ward, touching another new high point of 491 on
good buying, partly of speculative origin. An influence that served to further strengthen this currency
was announcement that gold shipments to this country would be resumed, presumably for the support of
Japan's exchanges and to add to New York balances.
In some quarters this was taken to indicate that a
speedy return to the gold standard was in prospect;
bankers usually well informed, however, do not take
this view, pointing out that the crashing of silver
prices and political upheaval in China, have combined
to restrict Japan a trade with China, and it is understood that the Diet has frowned upon the idea of an
immediate return to a gold basis. Cancellation of a
large amount of paper rupees by the Indian authorities as a preliminary to India's return to the gold
basis, failed to exert any influence on Indian ex4@
change. Yokohama exchange finished at 487
A
/
49, against 485(4)48%; Manila at 497 @50,
against 499'@49%; Singapore at 5634@56% (unchanged); Calcutta at 363@36% (unchanged) and
Bombay, 363ilg369/ (unchanged).
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:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
16 1926 TO OCT. 22 1926. INCLUSIVE.
OCT.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Oct. 16.
Oct. 18.
Oct. 19. , Oct. 20. I Oct. 21.
$
$
$
$
EUROPE.14080
.14111
.14101
Austria, schilling____ .14078
.0284
.0282
.0281
.0281
Belgium, franc
.007278 .007286 .007294 .007294
Bulgaria, ley
Czechoslovakia, krone .029618 .029820 .029623 .029620
.2660
.2660
.2660
.2659
krone
Denmark.
England, pound ster4.8483
4.8501
4.8524
4.8529
ling
.025208 .025227 .025207 .025216
Finland, markka
.0301
.0292
.0290
.0288
France, franc
.2380
.2381
.2381
relchamark. .2381
Germany,
.012189 .012118 .012073 .012067
Greece, drachma
.4000
.4000
.4001
.4000
Holland, guilder
.1755
.1758
.1780
.1754
Hungary, pengo
.0433
.0423
.0417
.0411
Italy, lira
.2478
.2442
.2446
.2399
Norway, krone
.1112
.1107
.1113
.1102
Poland, zloty
.0510
.0511
.0511
.0510
Portugal, escudo
.005312 .005372 .095369 .005334
Rumania,lea
.1516
.1518
.1517
.1509
Spain, peseta
.2674
.2673
.2673
.2673
Sweden,krona
.1931
.1932
.1932
.1932
Switzerland, franc
.017685 .017684 .017679 .017676
Yugoslavia, dlnar
ASIAChina-.5921
.6000
.6083
.6183
Chefoo, tael
.5894
.5850
.5994
.6103
Hankow,tadl
.5686
.5670
.5798
.5923
Shanghai, tadl
.5929
.6033
.6083
.6192
Tientsin, tadl
.4547
.4527
.4699
Hong Kong, dollar_ .4749
.4313
.4218
.4388
.4450
Mexican dollar
Tientsin or Pelyang,
.4113
.4092
.4179
.4225
dollar
.4075
.4054
.4142
.4188
Yuan, dollar
.3813
.3613
.3613
India, rupee
.3613
.4878
.4889
.4884
4870
Japan, yen
.5608
.5608
.5608
Slegapore(S.S.), dollar .5608
NORTH AMER.Canada, dollar
1.000893 1.000656 1.000703 1.000692
Cuba, peso
.999250 .999125 .999166 .999156
Mexico. peso
.480000 .479500 .479667 .479667
Newfoundland, dollar .998242 .998203 .998625 .998625
SOUTH AMER..9274
.9273
Argentina. peso (gold) .9274
.9272
.1353
.1348
Brazil, mllrela
.1333
.1319
.1210
.1210
Chile, peso
1209
.1212
, MR It
1 MO A
1 nnio
1 0013
,J.usIafl. VP..
$
.14086
.0281
.007267
.029627
.2660
Oct. 22.
$
.14083
.0281
.007289
.029620
.2660
4.8483
4.8486
.025203 .025210
.0301
.0299
.2379
.2380
.012084 .012028
.3999
.3999
.1759
.1758
.0434
.0434
.2502
.2484
.1114
.1118
.0510
.0510
.005332 .005378
.1520
.1515
.2673
.2673
.1929
.1929
.017876 .917674
.6129
.6066
.5880
.6138
.4685
.4408
.6021
.5925
.5721
.6029
.4596
.4338
.4196
.4158
.3614
.4872
.5608
.4158
.4121
.3613
.4880
.5608
1.000718 1.000714
.999188 .999156
.479733 .479760
.998320 .998242
.9275
.1349
.1210
.9957
.9276
.1385
.1210
.9967
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $7,238,897 net in cash as a result of the currency movements for the week ended Oct. 21.
Their receipts from the interior have aggregated
$8,018,897, while the shipments have reached $780,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK'BANKING
INSTITUTIONS.
Week Ended October 21.
Banks' interior movement
Into
Banks.
Out of
Banks.
88.018,897
Gain or Loss
to Banks.
8780,000 Gain $7,238,89
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday, Monday,
Oct. 16.
Oct. 18.
Tuesday. Wednesd'y Thursday
Oct. 20.
Oct. 21.
Oct. 19.
Friday,
Oct. 22.
Aggregate
for Week.
96,000 000 110,006600 74 000 000 90,000,000 88.000.000 88.000 000 Cr.546,000,000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions. as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Oct. 23 1925.
Oct. 21 1926.
Banks of
Gold.
Silver.
Total.
Gold.
Total.
E
E
E
I
184,095,823152,740,756
152,740,766
England_ _ 154,095.823
France__ * 147.378,742 13,560,000160,938,742 147,322,990 12,400.000159,722,990
094,600 52,385,650
Germany. 73,355,000' c994,690 74,349,600 51,391,050
Spain _ _ 102.262.000 26,488,000128,748,000 101,467,000 25,871,000127,338,000
45,470,000 4,153,000 49,623,000 35,626.000 3,343,000 38,989,000
Italy
108.000 34,883,000 1,900,000 36,763,000
Neth'iands 34,912,000 2,196,000
.
Nat. Belg _ 10,955,000, 3,370,000 14,325,000 10,891,000 3,481,000 14.372,000
Switeland, 17,490,000 3,073,000 20,563,000 19,217,000 3,533,000 22,750,000
12,572,000 12,840,000
12,840,090
Sweden_ _ _ 12,572,000
921,000 12,537,000 11,632,000 1,318,000 12,950,000
11,616,000
Denmark
8,180,000 8,180,000
8,180,000
Norway __ 8,180,000
Total week 618,286,565 54,753,600873,040,165586,170,796 52.840,600639,011,396
922 54.179.600645.191,529
Prey. week 616,664,486 55,085,600671,750.086591.011.
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £9,275,009 held abroad. c As of Oct. 7 1924.
The Tariff as an International Issue.
The appeal for a general lowering of tariff duties
and the removal of other impediments to iniernational trade in Europe, which was issued by an
international group of bankers and industrialists on
Tuesday, is a weighty document. We do not recall
any unofficial pionouncement which goes so directly
to the heart of tie European economic situation, or
exposes so clearly the nature and evils of the vicious
system of tariff restraint from which Europe suffers, as this compact and dignified statement so
suddenly and unexpectedly given to the world. "It
is difficult to view without dismay," the appeal
declares,"the extent to which tariff barriers, special
licenses and prohibitions since the war have been
allowed to interfere with international trade and
to prevent it from flowing in its natural channels."
"At no period in recent history has freedom from
such restrictions been more needed," yet, "at no
period have impediments to trading been more perilously multiplied without a true appreciation of the
economic consequences involved." "There can be no
recovery in Europe till politicians in all territories,
old and new, realize that trade is not war, but a process of exchange, that in time of peace our neighbors
are our customers, and that their prosperity is a
condition of our own well-being."
OCT. 23 1926.]
THE .CHRONICLE .
The root of the difficulty is laid bare by the signers of the appeal with an unsparing hand. "The
break-up of great political units in Europe dealt a
heavy blow to international trade. Across large
areas, in which the inhabitants had been allowed to
exchange their products freely, a number of new
frontiers were erected and jealously guarded by
customs barriers. Old markets disappeared. Racial animosities were permitted to divide communities whose interests were inseparably connected."
How has the situation been met? "To mark and defend these new frontiers in Europe licenses, tariffs
and prohibitions were imposed, with results which
experience shows already to have been unfortunate
for all concerned. One State lost its supplies of
cheap food, another its supplies of cheap manufactures. Industries suffered for want of coal, factories for want of raw materials. Behind the customs barriers new local industries were started,
with no real economic foundation, which could only
be kept alive in the face of competition by raising
the barriers higher still. Railway rates, dictated
by political considerations, have made transit and
freights difficult and costly. Prices have risen, artificial dearness has been created. Production as a
whole has been diminished. Credit has contracted
and currencies have depreciated. Too many States,
in pursuit of false ideals of national interest, have
imperiled their own welfare and lost sight of the
common interests of the world by basing their commercial relations on the economic folly which treats
all trading as *a form of war."
These are solemn words, and more than one politician in Europe will find them uncomfortable reading. Grave and severe as they are, however, they
contain nothing new, nothing that the signers of the
appeal might not themselves long since have uttered
had they thought the occasion opportune. The European tariff situation has been for years an open
book, plain to anyone who chose to turn its pages
and scan the contents. Repeatedly, for more than
two years, we have pointed out in these columns the
impossible program Of trade restriction which was
being carried out in Europe, and have insisted that
no amount of manipulation of taxes, currencies or
budgets would avail to put Europe economically on
its feet as long as international trade was being systematically impeded at almost every turn. Other
journals, together with a long list of economists and
men of affairs whose knowledge and experience entitle them to be heard, have said the same thing.
Now come 163 leaders of industry and finance in
Austria, Belgium, Czechoslovakia, Denmark,France,
Germany, Great Britain, Holland, Hungary, Italy,
Norway, Poland, Rumania, Sweden, Switzerland
and the United States, with a crushing arraignment
of a condition which politics has imposed, and an
appeal to Europe to lift the burdens which weigh
upon it and to permit industry and trade to live and
prosper.
Two things in particular are forced,upon consideration by this extraordinary pronouncement. The
first is the convincing exposure which it offers of
the economic folly of the Paris peace treaties. The
politicians and so-called experts who framed the
Paris treaties, governed as they are now seen to have
been far more by revenge and self-seeking than by a
sincere desire to make Europe a better place to live
in than it had been before, laid the foundations of
2039
the economic and political system which the signers
of the appeal have now unsparingly condemned. It
is unfortunately true that the territorial and political arrangements then made cannot easily be
changed, and that the struggle for freedom of trade
and industrial prosperity must long be carried on
under serious handicaps which cannot well be disturbed, at least for some years, without danger of
reviving the national animosities which worked so
disastrously throughout the war and in the conclusion of peace. The great task to which the signers
of the appeal summon Europe cannot, accordingly,
be undertaken save under conditions of peculiar difficulty, and in the face of the same political arguments which have contributed to make Europe what
it is to-day. We cannot think that the trade consortiums or trusts which are being formed in Europe, whatever benefits they may entail through the
regulation of production and the restraint of ruinous competition for markets, offer anything more
than a temporary panacea; for a trust, after all is
said and done, is only one of the means by which
industry and trade wage war, and it is precisely for
the abolition of economic war, and the substitution
of a simple "process of exchange," that the signers
of the appeal call. Whatever the difficulties, however, the task must be begun, and "the substitution of
good-will for
of co-operation for exclusiveness," must be painfully, intelligently and persistently sought.
The other aspect of the appeal concerns,its effect
upon the tariff policy of the United States. The
document itself makes no reference to this country,
and a careful reading of its text seems to indicate
that the European situation was what its signers
had particularly in mind. Any such forcible indictment of the tariff policy of Europe, however, inevitably raises the question of the wisdom of the
policy of high protection to which the United States
is at present committed. At this point the appeal
appears to have stirred up some anxiety at Washington. Mr. Coolidge, who is reported as concluding
—and, as it would seem, properly so—that the appeal was intended to apply to Europe alone, is said
to have expressed the conviction that American conditions, among them the much discussed American
standard of living, are so far different from those in
Europe that no reduction of the American tariff is
to be thought of. As the head of the Republican
party and a convinced supporter of protection in its
most extreme form, Mr. Coolidge's position is only
what was to be expected, but official adherence to a
party tenet is no proof that protection in any form
is a good thing, nor does it show how long the United
States can hope to remain a high protectionist country in the face of a general movement in Europe for
greater and more rational freedom of trade.
However, the situation in the United States is by
no means parallel to that in Europe. There are no
tariff barriers between the 48 States of the American Union. On the other hand, in Europe the system is carried to the point of absurdity and, in the
matter of customs duties and restrictions, the hand
of every State is set against every other State; and
the matter is made infinitely worse by the creation
under the Treaty of Versailles, as alluded to in this
week's manifesto, of a number of petty States which
did not exist before. The paramount requirement
is that Europe shall proceed to her own relief. To
2040
• THE CHRONICLE
that end a co-operative movement on the part of the
United States is not necessary, and without this
first prerequisite of independent action on the part
of the European States on their own behalf they
cannot hope for the economic restoration so vital to
their complete recovery and enduring prosperity.
All efforts, therefore, should be directed to the attainment of this great desideratum. When greater
freedom of trade among the countries of Europe
shall have been achieved, the foundation will have
been laid for greater freedom of world trade, not
excluding the United States of America, which, after
all, is 3,000 or more miles away from Europe. Indeed, the latter result would seem to follow not only
logically, but inevitably. The first step, however, is
imperative in any event, and that is plainly what
the signers of the document made public the present
week obviously had in mind. Their appeal should
not go unheeded.
The Case of the Chemical Foundation.
The decision handed down by the Supreme Court
of the United States on Oct. 11 upholding the validity of the sale of certain German patents, copyrights
and trade marks to the Chemical Foundation, Inc.,
by the Alien Property Custodian, is one of those
judicial pronouncements which raises as many questions as it answers, and in regard to which an appreciable body of public opinion in this country,
which has been awaiting with deep interest the outcome of the suit, is likely to feel that it has been
silenced rather than convinced. Two of the issues
which the decision leaves open, one involving a large
question of public policy as well as one of constitutional interpretation, and the other touching closely
the constitutional status of private property, merit
special examination.
The main issue involved in the controversy between the Government and the Chemical Foundation concerned the right of the President, acting under the authority of certain acts of Congress and
through a designated official of the Government, to
authorize the transfer, eventually made by private
sale, without advertisement, and at a notoriously
low price, of certain German patents and other similar property which had been seized as enemy property during the war, to a private corporation the
president of which was himself the Alien Property
Custodian, and all of whose directors, officers and
voting trustees were chosen by, or in accordance
with, the direction of a former incumbent of the
Custodian's office.
The Chemical Foundation, which became the immediate beneficiary through the transfer thus effected, is a Delaware corporation, created for the
express purpose of acquiring enemy-owned patents
seized by the Alien Property Custodian, and emPowered to hold the property and rights so acquired
"in a fiduciary capacity for the Americanization of
such industries as may be affected thereby, for the
exclusion or elimination of alien interests hostile or
detrimental to the said industries, and for the advancement of chemical and allied science and industry in the United States." The corporation is further empowered to "grant to the United States nonexclusive licenses to make, use and sell the inventions covered by the patents, and also to grant like
licenses, on equal terms and without advantage as
between licensees, to American citizens and corpora•
[VOL. 123.
tions under control of American citizens." The capital stock of the corporation, consisting of 5,000
shares of $100 par value, is divided into two classes:
4,000 shares of non-voting preferred stock, entitled
to cumulative dividends of 6%, and 1,000 shares of
common stock, all of the latter being deposited, under a voting trust agreement, with five trustees, who
thus control the corporation. Any net earnings remaining after provision for the retirement of the
preferred stock at par and accrued interest, and
dividends of not exceeding 6% on the common stock,
"shall be used and devoted to the development and
advancement of chemistry and allied sciences, in the
useful arts and manufactures of the United States,
in such manner as the board of directors shall determine!'
It was alleged by the Government in the lower
courts that the formation of the corporation involved a conspiracy on the part of certain manufacturers, who had been able because of war conditions
to monopolize certain chemical 'industries in the
United States, to secure the transfer to themselves,
or to a corporation which they controlled, at nominal prices, of the seized German patents, thereby
enabling them to perpetuate the monopoly, and that
the sales "were procured through the fraudulent deception of the President, the Alien Property Custodian, and other officials." The Supreme Court, in
its decision, accepted the findings of fact in the lower
courts that there was no conspiracy, and held that
the arrangement which was made under the authority of the President "was intended to amount to a
public trust for those whom the patents will benefit
and for the promotion of American industries. . . .
The Foundation is properly to be considered an instrumentality created under the direction of the
President to effect that disposition and subsequent
control of the patents which he determined to be in
the public interest."
The Supreme Court having held that no conspiracy had been shown, that allegation must, of course,
be dismissed. The policy to which the Court has
given its sanction cannot, however, be viewed without much concern. What has happened is that a
great department of American industry, important
in peace as well as in war, with its native powers
reinforced by the acquisition of foreign patents
seized by the Government as a war measure, has
been to a large extent turned over to the keeping
of a private corporation created under State law,
operating for private profit to the extent of a 6%
cumulative dividend on its stock, controlled by five
trustees acting under a voting trust, and free from
interference by the United States so long as it does
not violate Federal law. Exactly how such action
is to be reconciled with the declared policy of the
United States in regard to trusts, the Court in its
decision does not say. There is nothing in the statutes under which the President acted to indicate a
purpose on the part of Congress to vest the predominant controlvf the chemical industry in the United
States in a State corporation, or in any body acting
in a fiduciary capacity under either State or Federal law, or to authorize such a disposition of the
German patents as would, apparently, contravene
the existing anti-trust laws.
Some light, perhaps, is thrown upon the attitude
of the Court at this'point by its ruling on a related
question. It was urged in behalf of the Government,
OCT. 23 1926.]
THE CHRONICLE
that Section 41 of the Federal Criminal Code forbids any officer or agent of any corporation to act
as an officer or agent of the United States for the
transaction of business with such corporation. The
Court held, however, that the section in question did
not void the sale of the German patents to a corporation of which the Alien Property Custodian was
president, on the ground that Section 41, which was
enacted before the war, "is a penal statute, and is
not to be extended to cases not clearly within its
terms or to those exceptional to its spirit and purpose," and that the Trading With the Enemy Act,
under which the German patents were seized, "is a
war measure covering specifically, fully and conclusively the seizure and disposition of enemy property." The reasoning would be more cogent if the
sale of the patents had been made while hostilities
were in progress, but the Chemical Foundation was
not incorporated until February 1919, three months
after the armistice, and when everybody knew that
the war was over. If the doctrine championed by
the Court is to prevail, there would seem to be no
reason why any Federal statute, general and comprehensive in terms and laying down a rule of policy
intended to be observed under all circumstances,
may not be infringed or even directly contravened,
with the approval of the Supreme Court, by means
of a later statute admittedly intended to deal
only with the incidents of war, but so construed
as to give it continuing application in time of
peace.
The second large question of policy raised by the
decision concerns the right of a Government to appropriate to the use of its nationals, through confiscation, the private property of enemy subjects, when
such property is not, and never has been, within the
actual theatre of war operations and is not being
used, at the time of confiscation, to aid the enemy
cause. The volume of protest which has been raised,
in Congress and in the country, while the suit has
been pending, against the appropriation of the German chemical patents and their transfer to the
Chemical Foundation, is doubtless one of the main
reasons which impelled the Government to bring
suit to recover the property.
It is of course true, as the Court points out, that
"there is no constitutional prohibition against the
confiscation of enemy properties." It is also true
that Article 297 of the Treaty of Versailles makes
elaborate provision for the confiscation and disposition of German enemy property, and that the treaty
of peace between the United States and Germany
debars the prosecution of any claims arising out of
the seizure or sale of German property taken over
by the United States during the war. It is a fair
question, however, whether the decision of the Supreme Court in the present case does hot run counter
to what have hitherto been regarded as sound prin-
2041
ciples both of American constitutional law and of
international law. The absence in the Constitution
of a provision prohibiting the doing of a particular
thing by Congress has not hitherto been regarded as
giving to Congress, by implication, the right to do
the particular thing in question. "The powers not
delegated to the United States by the Constitution,"
so runs Article X of the amendments, "nor prohibited by it to the States, are reserved to the States
respectively, or to the people." The whole spirit of
international law, in more recent times, has been
against depriving enemy nationals of their private
property for the benefit of a victorious Government
or its nationals, particularly when the property was
not within the area in which hostilities were being
carried on or was not being used in prosecution of
the war.
From this point of view, the elaborate provisions
of Article 297 of the Treaty of Versailles appear as
a distinct backward step in the development of an
enlightened international jurisprudence, and a menace to the integrity of private property rights everywhere. It is no longer seriously pretended anywhere
that such confiscatory provisions have any other
sanction than force, and property rights that are
subordinated to force, especially when their subject
is investments abroad, cannot properly be said to
have any assured legal support at all. Article 297
is not, to be sure, directly binding upon the United
States, but the doctrine which it embodies would
seem to have found at least inferential support in
the Supreme Court in view of the unqualified approval which the Court has given to the acts of the
Alien Property Custodian.
The Court has spoken, and its word is law until
its decision is modified or reversed. It is to be hoped
that the Chemical Foundaton may use its acquired
property and rights with entire disinterestedness,
and that the high purposes which its charter of incorporation professes may prove to be no mere form
of words. It is even more earnestly to be hoped,
however, that no more cases like this one may arise,
and that the property of former German subjects
which still remains in the hands of the Government
may find its way, as soon as possible, to its former
owners wherever such restoration is practicable. A
repetition of such a controversy as has centred about
the Chemical FoundatioL would go far to nourish
the fear that the appropriation of enemy private
property by the Government in time of war, and its
eventual sale after hostilities have ceased to a private corporation upon which the Supreme Court,
without apparently a shadow of statutory warrant,
confers the status of a trustee, is not a long step
from the appropriation of the domestic property of
Americans whenever the Government can be persuaded that some trustee, real or assumed, can use
the property to greater national advantage.
The New Capital Flotations in September and for the
Nine Months to September 30.
Following the reduced offerings during August, the new
capital flotations In September were again on a greatly enlarged scale. The increase extended, too, to all the leading
groups of securities. Our tabulations, as always, include
the stock, bond and note Issues by corporations and by States
and municipalities, foreign and domestic,and also Farm Loan
emissions. The grand total of the offerings of new securities under these various heads during September reached
$535,218,705. This compares with only $345,999.259 in August, but with $582.279,598 in .Tuly ; with $723.540,8581n June;
with $660.747,562 in May; with $635.614.548 in April; with
$050,595,075 In March; with $612,513,614 in February,
2042
which was a short month; with $731,844,584 in January;
with $728,179,163 in December; with $589,119,381 in November and with $506,180,910 in October.
As stated, the increase extended to all the leading groups
of securities. The total of the municipal issues ran up to
$129,863,392, against $64,224,479 in August and $115,290,336 in September last year, foreign Government offerings
amounted to $74,900,000, against only $34,000,000 in August
and $61,800,000 in September last year, while the aggregate
of securities placed by corporations, domestic and foreign,
reached no less than $328,705,313, against $243,449,780 in
August and $310,687,732 in September 1925. The foreign
corporate offerings included in the latter totals were $70,500,000 in September 1926, against $45,845,000 in August
and only $31,135,000 in September 1925.
Financing on behalf of industrial corporations totaled
$221,069,082 during September, comprising more than twothirds of the entire corporate output of $328,705,313 for the
month, and showing an Increase over the previous month's
total of $158,930,780 for industrial issues. Railroad issues
ranked second in volume with $61.706M00 for September, as
compared with no more than $15,085,000 for August. Public utility offerings in September were only $45,930,231, as
against $69,434,000 in August and $211.829,480 in July.
Total corporate offerings in September were, as previously noted, $328,705,313, and of this amount $266,048,090
comprised long-term issues, $14,330,500 were of short-term
maturity and the remainder, $48,326.813, consisted of stock
issues. The portion used for refunding purposes was $45,474,200, or almost 14% of the total. In August, however,
$07,294,500, or over 38%, was for refunding. In July the
amount was $59,748,000, or only about 12%; in June, $93,362,700, or almost 20%; in May, $12,237,000, or less than
3%; in April, $111.009,770, or over 25%; in March, $37,168.000, or only about 7%%; in February, $33,095,000, or
slightly over 8%, while in January $68.706,575, or 11%, of
the total, was for refunding purposes. In September of last
year $16,378,900, or only about 5% of the total, was for
refunding.
The $45,474,200 raised for refunding in September of the
present year comprised $16,210,000 new long-term to refund
existing long-term, $5,000.000 new long-term to refund existing short-term, $20,500,000 new long-term to replace existing stock issues, $1.671,990 new short-term to refund
existing long-term, $150.000 new short-term to refund existing short-term, and $1,942,300 new stock to replace existing
stock.
Foreign corporate issues sold in this country during September aggregated $70,509,000 and comprised the following:
Canadian: $20,000,000 Canadian Pacif:c Ry. Co. 20-year
1s,
/
'coll. tr. 42 1946, offered at 9614m, yielding 4.77%; $18.000,000 Canada Steamship Lines, Ltd., 1st and gen. mtge.
6s, "A," 1941, offered at 97, to yield about 6.30%; $3,000.000
Shawinigan Water & Power Co. 1st ref. mtge. 5s, "E," 1955,
brought out at 102%, yielding about 4.80%, and $2,500,000
1s,
/
Ste. Ann Paper Co., Ltd., 1st mtge. 62 "A," 1946, issued
at par. Other foreign: $24,000,000 Siemens & Halske
2s,
(A. G.) Slemens-Schuckertwerke (G. m. b. H.) deb. 6Y
1951, sold at 99, yielding 6.55%, and $3,000,000 Leipzig Overland Power Companies (Germany) mtge. 6%s, 1946, offered
at 92%, to yield about 7.20%.
Among the domestic issues, the largest corporate offering
RR. Co. 40of the month was $35,000,000 Illinois Central
about 4.95%.
year 4%s, 1966, brought out at 96%, to yield
Cleveland
Another sizeable railroad issue was $5,000,000
at
Union Terminals Co. 1st mtge. 5s, "B," 1973, offered
about 4.80%.
103%, yielding
Industrial issues of exceptional size were as follows:
$13.000,000 Pennsylvania-Dixie Cement Corp. (Del.) 1st
nage. Os, "A," 1041, issued at 99%, yielding 6.05%, and 300,per
000 shares of no par value common stock offered at $43
,900,0o0, and $7,215,300 Series "A," 7%
involving $19
share,
cum. pref. stock of the same corporation, the offering of
$13.000,the latter issue being made at 93, yielding 7.97%;
2s,
/
equip. tr. 41 1927-36, sold on a
000 Union Tank Car Co.
4.70% basis; $10,000,000 Consolidated Cigar Corp. cony. 6s,
proL. 123
THE elzURONTCLE
1936, offered at 99%, yielding 6.07;•$7,500,000 R. H. Macy
& Co., Inc., deb. 5%s, 1927-36, offered at prices ranging from
100.483 to 100.386, yielding from 4.75% to 5.20%; $6.000,000
Fox Theatre & Office Bldg. (Flatbush Ave. & Nevins St.
Corp.), Brooklyn, N. Y., 1st mtge. fee 6Y 1941, placed at
2s,
par, and $5,000.000 Stanley-Crandall Co. of Washington 1st
mtge. Os, 1946, issued at par.
Public utility issues were featured by the following:
$6,000.000 Oklahoma Natural. Gas Corp. cony. deb. 62
1s,
/
1941, offered at 99, yielding about,6.60%, and $5,000,000
Federal Water Service Corp. cony. deb. 6s, "A," 1996, offered at 96, to yield about 6.25%.
Five foreign Government loans came on the market during September. They totaled $74,900.000, and were as follows: $20,000,000 Argentine Government six months' Treasury bills, offered on a 5.25% basis; $16,900.000 Argentine
Government 6% public works issue of Oct. 1 1926, due 1960,
offered at 98%, yielding 6.10%; $20,000,000 Free State of
2
/
Prussia 61s, 1951, offered at 95, yielding 6.92%; $15.000,2
/
000 Republic of Finland 61s, 1956, Issued at 94, yielding
6.98%, and $3,009,000 Kingdom of the Serbs, Croats and
Slovenes (Jugoslavia) six months' Treasury 6s, March 31
1927, offered at par.
Farm loan financing was confined to two small issues
aggregating $1,750,060, both being offered on a 4.55% basis.
Offerings of various securities made during the month,
which did not represent new financing by the company
whose securities were offered and which therefore are not
Included in our totals, comprised the following: $8.725,000
Erie RR. participating certificates, due March 1 1930, of1%.: if
/
March 1 1927, and
fered at 100%, yielding 42
6% thereafter to maturity; $5,000,000 Cities Service Co. 6%
cum. pref., offered at a price to yield 6.70%, and 17,500
shares of no par value common stock of Kaynee Co. (Cleve1
/
land), offered at $222 per share, involving $393,750.
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for September and the nine months
ending with September. It should be noted that in the case
of the corporate offerings we subdivide the figures so as
to show the long-term and the short-term issues separately
and we also separate common stock from preferred stock,
and likewise show by themselves the Canadian corporate
Issues, as well as the other foreign corporate flotations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1926.
New Capital.
Refunding.
MONTH OF SEPTEMBER.
Corporate
-Long term bonds and notes
Domestic
Short term
Preferred stocks
Common stocks
Canadian-Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other For'n-Long term bonds& notes
Short term
Preferred stocks
Common stocks
8
$
Total corporate
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
Toted.
$
183,888,000
12,508.600
22.439.844
23.944.669
38.450,000
31,889.000
1.821,900
400.000
1,542,300
5,050.000
195.548.000
14,330.500
22,839.844
25,486,969
43,500,000
22,000,000
5,000,000
27,000,000
283,231.113
71.900,000
1,750,000
45,474,200
3,000,000
328.705,313
74.900.000
1,750.000
129,018,392
845,000
129.883,392
485,899,505
49,319,200
535,218,705
NINE MONTHS ENDED SEPT.30.
Corporate
-Long term bonds and notes 1,848.836,330 410.351,170 2,257,187.500
Domestic
199.685,295
Short term
36.864,900 236.550.195
392.727.616
Preferred stocks
10.627,500 403.355,116
Common stocks
480.729,583
12,569,875 493,299,458
Canadian-Long term bonds and notes 134,342.000
32,508,000 168.850.000
1.250.1)00
Short term
1.250.000
Preferred stocks„.
4,000.000
4.000,000
090.000
Common stocks
990,000
Other Forn-Long term bonds& notes 261.474.000
15,815,000 277.289,000
25,000.000
Short term
19.000,000
8,000.000
25,240.000
Preferred stocks
25.240.000
33,520,040
Common stocks
30.100.740
3.419.300
Total corporate
Foreign Government
Farm 1.oan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
3 6.375.564
,39
306,519.000
86.375,000
528,155,745 3,924,531,309
17,873,000 324.392,000
40.200,000 126.575.000
989.264,947
63,792,000
8,288,000
13,909,547 1.003,264,494
99.792.000
46,000,000
8.288.000
4840.614511
646.228.292 5486.842,803
In the elaborate and corn wehensive tables which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1926 with tile corresponding figures for the
four years preceding, thus affording a five-year comparison. We also furnish a deta:led analysis for the five yeRi'S
of the corporate offerings, showing separately the amounts
for all different classes of corporations.
1926.
1925.
1924.
1923.
MONTH .OF SEPTEMBER
New Capital. Refundtng.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
L0ng 'term Bonds and Notes$
$
Railroads
.5
61.706.000
61,706.000
11,684.000
11.684,000
124,960.000
3,653,000 128.613,000
1.000.000
23.810.000
24.810.000
Public utilities
26.722.000
1,789.000
28.511.000
67.550.000
67.550.000
-31,904.500
17.913,500
49.818.000
31.135.000
1.150,000
32,285.000
Iron. steel, coal, copper. Sze
1.650.000
3,300.000
4.950.000
1.500.060
1.500.000
13,700.000
13.700,00
1.275.000
Equipment manufacturers
1,275.000
13.000,000
13,000.000
1.496.000
1,496.000
Motors and accessories
10.000,000
10,000.000
Other industrial and manufacturin,.
55.190.000
5.560.000
60.750,000
13.407.000
2,878,000
16.285.000
3.875.000
3.875.000
9,508.000
382.000
9.950,000
Q11
10.024.100
7,975,900
18,000.000
1.378.700
dr6- - 66
20
5.000.000
8,000.000
8.000.000
Land. buildings. 4ze
42.300.000
306.000
42,606.000
51,583.400
225.000
51.808.400
39.567.500
250.000
39.817.500
17.520.000
Rubber
17.520,000
- - •
Shipping
12.950.000
5.050.000
18.000.600
Miscellaneous
23,820,000
12.70 .000
36.525,000
45.550.000
45.550.000
3.150.000
500.000
3,650.000
3.770.000
650.000
4.420.000
Total
224.338,000
41.710.000 266,048.000 202.794.500
11.078,900 213,873,400 21.8.535.700
25,937.800 244,473,500 105,078.000
3.182.000 108,260,000
Short Term Bonds and Notes-ailroads
2,200.000
2.200.000
nblic utilities
5,703.100
1,671,900
7.375.000
15.700.000
15.700.000
3,704.000
1,621.000
5.325.000
3,150 000
:
Iron. steel, coal, copper. ,Stc
3,150.000
175.000
175.000
Equipment manufacturers
Voters and accessories
1.650.000
1,650.000
Other industrial and manufacturin
350.000
350.000
75.000
75.000
2,600.000
2,600.000
Oil
400.000
2.400.000
2,000.000
6,850.000
6.850.000
Land, buildings, &c
3.130.500
3.130.500
3,105.000
3.105.000
785.000
785.000
Rubber
Shipping
Miscellaneous
1.500.000
150.000
1.650.000
900,000
900,000
Total
12,508,600
1,821.900
14.330,500
20.180.000
2.000,000
22,180.000
16.139.0043
1.621.000
17.760.000
3,150,000
3,150.000
Stocks
Railroads
2.000.000
2.000,000
Public utilities
8.501,931
1.542.300
10.044.231
45.441.232
2.400,000
47.801.232 . 24.825.000
11.500.000
38.325.000
5.280.120.
_ --5,280.120
Iron, steel, coal, copper, &c
3.850.000
3.850.000
Equipment manufacturers
1.290,600
1.299.600
Motors and accessories
1.940.000
1.940.000
• 2.500.000
2.500 000
4.529.760
4.529.760
Other industrial and manufacturin.
28.272.582
28.272.582
20.306.100
900.000
21.206.100
2.847.500
2.837.500
6.800.000
6.800.000
Oil
10.000.
10.000.000
Land, buildings. &c
2,800.000
2.800,000
47,000
47.000
1.200.000
II
1,200.000
800.'II
800,000
Rubber
Shipping
1.000.000
1,000.000
Miscellaneous
1.020 000
400.000
1,420 000 _ _
1,050 000
1.050.000
4.000.000
4,000.000
5,999,040
5.999.040
Total
46.384.513
48.326,813
1.942.360
71,334.332
74.634,332
3,300.000
38.691,860
11.500,000
50.191.860
28.879.160
1.000.000
29.879,160
Total
Railroads
61,706.000
61.706,0(.0
13.684.060
13.684.000
127.160.000
3,653.000 130.81:i.000
23.810.000
1.000.000
24.810,000
Public utilities
40.927.031
5.003.200
128.681.2...2
45.930,231
2.400.000 131.081.232
60,443.500
31,034.500
91.468.0011
39,565.120
1,150.000
40.715.120
Iron, steel, coal, copper. &c
5.675,000
3,300 000
8.975 000
1.500.000
1.500,000
13.700,000
13,700.000
1.275.000
1,275,000
Equipment manthacturers
13,000.000
13.000 000
1,496.000
1.496,000
1.299.600
1.299,600
Motors and accessories
3,590.000
3.5,,0.000
2.500.000
2,500.000
4.529.760
4.529.760
10.000.000
10,000,000
Other industrial and manufacturin
83.812.582
89,372.582
5.560,000
37.566.100
3.778.000
33,788,100
9.012.500
9.312.500
16,368.000
382.000
16,750.000
Oil
10.424.100
20.400,000
9.975.900
8.228.700
11.860,000
18.000,000
18,000.000
Land, buildings, &c
48,230.500
306.000
48.536,500
54,960,400
54,735,400
225,000
41.552,500
250,000
41,802,500
18.320,000
18.320.000
Rubber
12.950.000
Shipping
5.050,000
18.000 000
1.000.000
1.000.000
Miscellaneous
26.340.000
13.255.000
47,500.000
47.500,000
39,595.000
7,150,000
500.000
7.650.000
9.769.040
L50,000
10.419.040
'r,
oal en-TMate securities
46,474.200 328,705.313 294,308,832
283.231,113 16.378.900 310.687.732 273.366,560
39.058.800 312425.360 137.107.160
141,289.160
New Capital.
30,637.400
29,084.500
7.225.000
11•."
22;500,000
11.015.000
30,000.000
3,205.000
19.900.000
131.066,900
P
1922.
Refunding.
Total.
30,637,400
51,684.500
7,225.000
11,015.000
3C,000.000
3.205.000
60,000.000
82,500,000
79;900.006
213,566,900
300.000
300.000
125.000
.
125.000
- 425.000
425,000
16.038.500
124,225.000
5.000.000
16.038.500
124.225.000
5.000.000
3.535.000
3,535.000
5.890.000
154.688,500
5.890.000
154,688.500
46,675.900
151.309,500
12,225.000
22,500,000
14.850.000
30,000.000
3,330,000
25.790,000
288.180.400
46,675,900
175,809.500
12.225.000
14.850.000
30,000,000
3,330.000
60.000.000
82.500.000
85.790.000
368,680.400
['MIEg "IDO
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL
FINANCING FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
MONTH OF SEPTEMBER.
1926.
1925.
1924.
1923.
1922.
Corporate-New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
DomesticTotal.
New Capital. Refunding.
Total.
$
$
5
$
3
Long term bonds and notes_ 163.888.000
3
$
$
$
i
i
i
31.660,000 195.548.000
i
$
3
173,059.500
11,078.900 184.138.400
Short term
162.535.700
25.937,800 188.473,500
104.728.000
3,182.000 107.910.000 129.655.400
12.508.600
82.500.000 212,155.40C
1,821,900
14.330.500
18.580.000
2.000.000
20.580.000
Preferred stocks
13.939.000
1.621.000
15.560.000
3.150.000
3.150.000
425.000
22.4...9.844
400,000
425.00C
22,839,844
43.667.000
900 000
44.567.01.0
Common stocks
31.525.000
11,500.000
44.025.000
5.350,000
1.000.000
6,350.000
29,763.500
24.944.669
1,542,...00
29,763.500
25.486.969
27,667.332
2.400.000
30.067.332
Canadian
7,166.860
7.166.860
23,529,160
23.5 9.160 124.925,000
124.925.000
Long term bonds and notes_
38.450.000
5,050,000
43.500.000
Short term
26.000,000
26.000.000
350.000
350,000
1.411.500
1.411.500
1.600.000
1.600.000
Preferred stocks
Comn-on stocks
.
Other Foreign
Long term bonds and notes_
22,000.000
5.000.000
27.000.000
29.735.000
Short term
29.735.000
30,000.000
30.000.000.
Preferred stocks
2.200,000
2.200.000
Common stocks
Total corporate
283.231.113
45,474.200 328.705.313
294.308,832
16.378.900 310,687.732
273,366,560
39,058.800 312.425.360
Foreign Government
137.107.160
4.182,000 141.289.160 286,180.400
71.900.000
82,500.000 368.680.400
3,000,000
74.900.000
53,800.000
8,000,000
61.800.000
14.940.555
27.059.445
42.000.000
Farm LoanIssues
5,000.000
50,000.000
55.000.000
1,750,000
1.750.000
4,700,000
4.700.000
10,000.000
10.000,000
War Finance Corporation
2,000.000
2.000.000
89.700.000
89.700.000
Municipal
129.018,392
845.000 129.863,392
111.883,997
3.406.339 115.290,336
120,580.466
3.756,21.. 124.336.682
Canadian
55.679,825
718.250
56,398.075
98,482.345
1.294.311
99.776,656
90,698,204
90,698.203
United States Possessions_
2,6..8.000
3,885.000
6.523,000
610.000
610.000
5.142,000
5.142.000
Grand Total
485.899.505
49.319.200 535.218.705
464.692.829
27.785.239 492.478.068
509.585.784
69.874.461 579.460.245
200.396.985
54.900.250 255.297.235 482.142.745
87.679.311 569.822.056
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES N THE UNITED STATES
FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT. FARM LOAN AND MUNICIPAL FINANCING FOR THE NINE MONTHS ENDING SEPTEMBER 30 FOR FIVE YEARS.
1926.
9 MONTHS ENDED SEPT. 30.
New Capital. Refunding.
Total.
torporate
Domestic—
$
$
Long term bonds and notes 1.84616.320 410,351.170 2,257.187,500
199.685.295
Short term.
36,864.900, 236,550.195
Preferred stocks
10.627.500. 40 t.355.116
392.727.616
Como on stocks
480.729.583
12,569.875 493.299.458
Canadian—
Long term bonds and notes
134,342.000
32,508.000 166.850,000
Short term
1.250.000
1.250.000
Preferred stocks
4,000.000
4,000.000
Comm on stocks
990.000
990.000
Other Foreign-Long term bonds and notes
15.815,000 277.289.000
261.474.000
Short term
25.000.000
19,000.000
6,000.000
Preferred stocks
25.240.000
25,240,000
Common stocks
33,520.040
30,100,740
3,419,300
Total corporate
3,396,375.564 528,155,745 3:924.531.309
Foreign Government
17,873,000 324.392,000
306.519,000
Farm LoanIssues
40,200.000 126.575.000
86,375,000
War Finance Corporation
Municipal
989.264.947
13,999.547 1.003.264,494
Canadian
99,792,000
46,000,000
53,792,000
United States Possessions
8.288,000
8,288,000
Grand Total
4.840,614.511 646.228,292 5.486,842.803
.
1925.
New Capital.
Total.
Refunding. i
$
$
3
$
1.407.457.923
1.699,812.875 335.741.925 2,035.554.800
209.822.000
79.580.000 235.188.750
155.608.750
198.775,327
31.593.500, 467,. 08,085
4.•5,714.58.5
411.187.939
45.276.910 378.749.231
330.472..121
New Capital.
54.495.000
10,600.000
1,000.000
10.050.000
2.500.000
2.600.000
2.600.000
64.545.000
22.100.000
3.600.000
2.600.000
61.875.000
21.150.000
1924.
I
Total.
New Capital.
Refunding.
$
$
$
312.146.177 1.719.604.100 1.304.680.457
125.495.700
29.891 000 239.713.000
26.1100.22 • 225.675.550 219.998.817
5.500.000 416.687.9.391 221.671.274
23.346.600
61.875.000
29.150.000
8.000.000
10.000.000
86.680.000
24.200.000
336.808.543 1.641,489,000 1.228,954.435
9.1.926.000
22.916.800 148.412.500
231,291.100
68,609....9 288.608.686
228.613.332
3,266.760 224.938.034
1922.
Total.
Refunding.
$
$
528.928.415 1.755.882.85C
23.011.000 116.937,00C
30.300.000 261.591.10C
10,291.625 238.904,957
23,346,600
18.581.500
11.200.000
3.500.000
18.581.50€
11,200.00C
3,500.00C
24.100.000
80.445.000
1923.
Refunding.
Total.
New Capita/.
$
s
s
24.100.000
190.635.000
46.000.000
23.000.000
2.925.000
2.959.263.531
364.631.000
110,797.100
190.65.000
76.680.000
24.200,000
46.000.000
23.000.000
2,925.000
512.942735 3.472.205.866 2,411.148.189
243.945.555
103.000,000 467.631.000
154,400,000
14,527,900 125.325.000
392,437,400 2,803.585.589 1.919,292.878
177,059,445 421.005.000 145.845,000
1.54.400,000 245.118,000
1.058.285.774
38,658.000
4,175.000
4,535.810,405
37.200.626 1,095.486.400 1,124.796,297
130.254.765
94,522.000 133.180.000
4,175..000 -- 6,035,000
—
5,298,003,266 4,070,579,806
762,192,861
13,629.304 1.138,425,601 749,984.545
26,308.000
16.650.000 146.904,765
3,461.000
6,035.000
599.776.149 4,670.355.955 3.090.009.423
431.601.942 2.350,894.820 1,894.511.367
56.000,000 201.845,000 354,305.000
55,032.000 300.150.000 312.040.000
15,979,240
14.941,679
765.963.785 895.515,624
41,249,679
67.994.650
3,461,000
29,626,000
573,554,861 3,663.564.284 3.553,992,641
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UN:TED STATES FOR THE N NE MONTHS ENDING SEPTEMBER 30 FOR FIVE YEARS.
1923.
1924.
1°25.
1926.
Total.
New Capital.
New Capital. Thfunding.
9 MONTHS ENDED SEPT. SO. New Capital. Refunding.
Total.
New Capital. R.funcing.
V ne Capital. R100. i.ia
T 1.
Long Term Bonds and Notes—
27,073,000 320,477.500 428.486,380
306.817.500 110.719.000 417.536.500 522,609,800 140191.900 663.501.700 293,404.500
36,055,000 306.662.00
270.607,000
Railroads
649,794.400 137.402.100 787.196.500 525.677.423 123.266.077 648.943.500 361.395,971 165,319,629 526.715.600 334.724.039
800.701.330 245.597.170 1.046,298.50t
Public utilities
91.785,000
46,806.861 282,825.000
20.148.000 110.460.000 236.018,139
90.312.000
38,996.000
4.346.000
34.650.000
35.184,000 152,915.00C
117,731.000
Iron, steel, coal, copper. Sic
8,210.000
8.210,000
5.960,000
5.960.000
9,296,000
9.296.000
19,799,001
13,000.000
6.799,000
Equipment manufacturers
4,288,000
26,250,000
21,962,000
11.650,000
8.315,000
12,775.000
4,460.000
76.500.000
350.000
76.150.000
66,000,00C
66.000.000
Motors and accessories
76.106.000 300,183,00C 162,256.800 36.613.700 198,870.500 99,204.000 18.699,900 117,903,900 115.739,447 25,139,053 140,878.500 129,550,881
Other industrial and manufacturing 223.877.000
73.149.300
96.100.000
30,084.000
68.016.000
19,210.000
7.899.300
11,310.700
91,900,000
21.475,900
70.424.100
62,450.000
7,935,000
54.515.000
011
98,594,000
1.250.000 149.619,000
148,369.000
1.040.000 203.890.000
19,643.000 481.261.300 202,850,000
19,653.000 482,269.000 461.618,300
462.616.000
Land, buildings, &c
3,600.000
665,000
2,000,000
1,335.000
400.000
400.000
34.500.000
_
1.750,000 34,500,000
1,750,000
Rubber
19,110,000
107,000
2,675.000
2,568,000
3.800.000
3.800.000
7,575.000
4.315,225
3,259,775
6.0:50,000 24,900.000 136.176,000 10,927.000 147,103.000 79.429.000
19,850.000
Shipping
135.331.335
36.076.000 133.185.000
97.109,000
81.315.000
1.886.000
19.286.000 235.100.000
215,814,000
Miscellaneous
2,240.260,330 458,066,170 2,698.326.500 1,944.942.875 345.791.925 2,290,734,800 1.546,012,923 322,146,177 1.868,159.100 1.352.127.057 336,808.543 1,688.935.600 1,325.980.935
Total
Short Term Bonds and Notes—
32,351.800
9,087.500
9.087,500
75.250,000
19.000,000
56,250.000
400,006
24.900.000
24.500,000
22.500.000
16,000,000
6.500.000
Railroads
48.315.000
18.245.000
11.512.800
36,802.200
15,041.000 103.783.000
88.742.000
28.980,000 133.300.000
106.320.000
78.150.000
13i396.900
64.753.100
Public utilities
404.200
9.850.000
9,850.000
2.325,000
650.000
1.675.000
22.765.000
2,500.000
20.265,000
6.175.000
6.175,000
steel, coal. copper, &c
Iron.
830,000
830.000
1,000.000
1,000,000
1.150.000
1.150.000
Equipment manufacturers
16.700,000
9.604.000
25,100,000
15,496.000
9.000.000
9.000.00
15.060.000
200,000
14.860,000
Motors and accessories
800.000
1,800.000
4,800.000
3,000,000
8,360,000
3:2156:15415
5.160,00
17,693,750
17,693.750
49.500.000
5.750,000
43.750.000
Other industrial and manufacturing
30.400,000
44,814,000
44,814.000
60.350.000
60,350.000
69.200.000
52.200.000
17.000,000
20,000.000
7,034.000
12.966,000
Oil
2,510.000
1,080.500
1.080.500
3,710,000
3,710.000
21,555.000
21.555.000
19.387,000
19.387.000
Land, buildings, &c
32.250.000
32.250.000
Rubber
1.000,000
215,000
1.000.000
5.000,000
5.000.000
500.000
500.000
Shipping
3.500,000
3.535,500
3.535,500
29.285,000
29.285,000
7.725,000
7,725.000
22.278.195
484.000
21.794.195
Miscellaneous
105,126,000
125,495,700
22,916,800 148,412.500
293.063,000
37.891.000
82,080.000 303.288.750 255.172.000
42,864.900 265.800.195 221.208.750
222,935.293
Total
Stocks—
26.968,100
300.000
300,000
26.823,737
26,823.737
2.000.000
2,000.000
10.240.000
10.240.000
Railroads
120.056,506
1i7616:666 140.132.506 230.536.670
22,855.223 428,707.612
391,336,747 405,852.389
23.002
368.274.247
9.256.600 403.707,413
394,450.813
Public utilities
36,936.250
28.012.246
4.896.760
32.909.006
15.484.160
15,484.160
12.890.000
12.890.000
40.525.000
40.525.000
Iron, steel, coal, copper, ,tc
4.008,000
1,962,100
1.962.100
5.628.500
5,628.500
Equipment manufacturers
11.525,000
20.490,325
19,155.325
1,335,000
7.958.760
200.000
7,756.760
1.110.000 102.769.000
101.659.000
43.160,650
43,160,650
Motors and accessories
124.909.183
48.214.002
18,959.149 141,868.332
73.523.100
9.345.000
64.178.100
17.328.000 164.196,951
146.868.951
161.502,70€
2
-2
12.1-- 75
Other industrial and manufacturing 149,380,224
60.249.013
41.820.410
984,69C
61,233.703
55.390.938
55,390.968
77.681,698
40,504.910
37,176.788
2.800.011 105.087.140
102.287.140
Oil
8.343.:15
11.148.000
5.480.000
11,148,000
8,343.357
23.829.750
120,000
23.709.750
37.306.480
37,306,480
Land. buildings, &c
4,175.000
350.000
350.000
1.600.000
1,600.000
1,550,000
800,000
750.000
1,464.537
1.464,537
Rubber
f.licio;000
Loccono
6.245.120
6.245,120
Shipping
68,489.848
53,743.000
35.625.000 104.114,848
22.571.695
22,571.695
95,681.050
2.145.000
93,538.050
3.045.500 151.782,05
148.736.595
Miscellaneous
71,876,599 513,546,720 463,404.432
32.400.223 642,363.489 441,670.121
85.079,410 878.182,316 609.963,266
27,224.675 960.404,614 793.111.906
933.179.931
Total
Total—
27.073.000 329.865,000 487.806.280
52,055.000 339.402.000 333.317.500 111.119.000 444,436.500 605.683.537 159.891.900 765.575,437 302.792.000
287.347.000
Railroads
527.254.677
715.163,106
1.259.905.243 268.250.670 1.528.155.913 1,124.388.647 187,444.600 1.311,833.247 1,020.271,812 161.162.300 1.181,434,112 273.880,38:3 187.908.429 325.584.006 583.505,709
Public utilities
129,125.450
51.703.621
20.798.000 128.269.160
107,471.160
74,651.000
6,846.000
67.805.000
35.184.000 199.615,000
164.431.000
Iron, steel, coal, copper, &c
4,006.000
9,040.000
9,040,000
8.922.100
8,922.100
10.446.000
10.446.000
25.427.500
13,000,000
12.427.500
Equipment manufacturers
56,613,325
7
15.227,000 71.810.325 39.875,000
29.731,760
8,515,000
21,216.760
177.809.000
1.460.000 179.269,000
124.220.650
200.000
124,020.650
Motors and accessories
43,898.202 287.546,832 178.564,883
31,244,900 199.787.000 243.648.630
168,542.100
53.941.700 380,761.201
94,178.575 511.185.799 326.819.501
Other industrial and manufacturing 417.007,224
31,068,690 202,147.703
171.079.013
145.369.710
7,899,300 134.950,968
127.051.668
124.600.888 114.180.810 238.781.698
17.769,000 187.537.140
169.768.140
Oil
160,597,500
106,581,000
1.250,000 161.847,500
1,040.000 215.943,357
19,763,000 526.616.050 214.903.357
19.6.53,000 538.962.480 505,883,050
519.309,480
Land, buildings, Sic
665,000
2.350,000
1.685.000
7.775.000
2.000,000
2,000.000
36.050,000
800.000
35.250.000
35.464.537
35.464,537
Rubber
1,107,000
4.675,000
3,568.000
19.325.000
3,800,000
3.800.000
18.820.120
4,315,225
14.504.895
25,400,000
5,050.00O
20.350.000
Shipping
192,574,335
71,701,000 240.835.348
169.134,348
1:886.000 133.171.695
131.281.695
250.511.050
13.072.000
22.81.5.500 409.160.290 237.439,050
386 344.790
Miscellaneous
3.396.375.564 528.155.745 3,924.531,309 2,959.263.531 512.942,335 3,472,205.866 2,411,148,189 392.437,400 2.803.585.589 1.919.292,878 431,601.942 2.350,894.820 1,894.511.367
Total corporate securities
1.250.000
81.695.00C
593.781.040 2.488.292.407
15.000.000 369,305.00(
42.000.000 354,040.00C
918,854,81Y
175,129,65C
29,626,00(
781.255,309 4,335.247.95C
23.339.269
107,135.000
1922.
R.funding.
108,223.570
142.221.161
1,750.000
Total.
536109,950
476.945,200
93.535,000
14,150.000
2,500.000
56,464,119 186,015,000
108,220,700 181370.000
8,530,000 107.124,000
29,800,000
26.200.000
20.610.000
1,500,000
74,568.865 209,900.200
530.178.415 1,856,159.350
3.000,000
20,011,000
35.351,800
38.256,000
404.200
16.700.000
800.000
30.400.000
2.510.000
23.011.000
26.318.625
1.393.000
4,900.000
7,980.000
40.591,625
215,000
3,500.000
128,137,000
26.968,100
256.855.295
36.936.250
5.399.000
11,525,000
53.114,002
49.800.410
5.480,000
4,175,000
53.743,000
503,996,057
111.223,570 599.029.850
188,550.786 772,056,495
1.750,000 130.875.450
5.399.000
1,393.000
42.375.000
2.500.000
61,364,119 239,929,002
116.200.700 261.570.410
8,530,000 115.114,000
33.975.000
26,200,000
20,825,000
1,500,000
74,568,865 267.143,200
593,781,040 2.488,292.407
THE CHRONICLE
OCT. 23 1926.]
2045
DETAILS OF NEW CAPITAL FLOTATIONS DURING SEPTEMBER 1926.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads
20.000,000 New construction; other corp. purp
5,000,000 Capital expenditures
9654
103;4
356.000 New equipment
750,000 New equipment
35,000,000 New construct.; other c-p. expend. 96;4
600,000 Additions and betterments
100
To Yteid
About.
Company and Issue and by Whom Offered.
4.77 Canadian Pacific Ky. Co. Coll. Tr. 4348, 1946. Offered by National City Co.; Guaranty Co. of
New York, and Bank of Montreal.
4.80 Cleveland Union Terminals Co. 1st M. 55, "71," 1973. Offered by J. P. Morgan & Co., First
National Bank and National City Co.
4.70 Erie RR. Equip. Tr. 4345. M. M. 1927-41. Offered by Drexel & Co.
:
5.25 Georgia & Florida Ry. Equip. '1 r. 58, 1927-41. Offered by Harrison. Smith & Co. and Hayden,
Stone & Co.
-Year 434s, 1966. Offered by Kuhn, Loeb & Co.
4.95 Illinois Central RR. 40
6.00 Minneapolis Northfield & Southern fly. 181 30. 6s, "A," 1941. Offered by the Minnesota Loan
& Trust Co., Minneapolis.
61,706,000
Public Utilities
2,750,000 Refunding; add'ns, impts., &c_
95;4
1,500,000 General corporate purposes
99
1,000,000 Acquisitions, construction, &c_ --325,000 Additions and betterments
2,000,000 General corporate purposes
93)4
100
100
250,000 Extensions, betterments, &c
5,000,000 Acquire constituent companies---1,000,000 Additions, extensions, &c
97
96
96
400,000 Extensions, improvements, dre- 3,000,000 Extensions,Impts., working capital
99
500,000 Additions, Improvements.
1,235,000 Additions and extensions &e
6.000,000 Acquire constituent companies_--3,000,000 General corporate purposes
551,000 Extensions, betterments, &e
92;4
100
99
99
102)4
97;4
5.30 Arkansas Water Co.(Little Rock, Ark.) 1st M.58. "A," 1956. Offered by W.C. Langley & Co.
and Halsey? Stuart & Co. Inc.
6.10 Associated Telephone Utilities Co. Cony. Deb. 68."A," 1941. Offered by Paine, Webber & Co.
an 1 Mitchum, Tully & Co., San Francisco.
5.45 Broad River Power Co. 1st & Ref. M. 55,"A," 1954. Offered by Halsey. Stuart & Co., Inc., and
Pynchon & Co.
7.00 Central Utah Water Co. 1st M.78,"A," 1941. Offered by Banks. Huntley & Co.
5.00 Dallas Power & Light Co. 1st M 58,"C," 1952. Offered by Lee, Higginson & Co.; Harris, Forbes
& Co. and Coffin & Burr, Inc. ,
'
5.73 Delaware River Water Co. let M. 534s,"A," 1946. Offered by Damon & Bolles Co., Boston.
6.25 Federal Water Service Corp. Cony. Deb. 6s, "A," 1996. Offered by G. L. Ohrstrom & Co.. Ins.
5.30 (The) Kansas Electric Power Co. 1st M. 58, 1951. Offered by W. C. Langely & Co.; Bonbright
& Co., Inc., and A. C. Allyn & Co., Inc.
6.62 Kentucky Electric Power Corp. Cony. Deb.634s, 1936. Offered by Hambleton & Co., Baltimore,
and Biddle Se Henry and Brown & Co., Philadelphia.
7.20 Leipzig Overland Power Cos.(Germany) Mtge. 6345, 1946. Offered by W. A. Harriman & Co..
Inc., and international Acceptance Bank, Inc.
5.00 Mutual Telephone Co.(Erie, Pa.) 1st, M.58,"B," 1945. Offered by R. F. Devoe & Co.
5.07 Northern New York Utilities, Inc. 1st Lien & Ref. M.55, "E," 1955. Offered by F. L. Carlisle
de Co., Inc., and E. H. Rollins de Sons.
'
6.60 Oklahoma Natural Gas Corp. Cony, Deb.6348, 1941. Offered by White, Weld de Co. and Blyth.
Witter & Co.
Brown Bros. & Co.:
4.80 Shawinigan Water & Power Co. let & Ref. M. 5p, "E," 1955. Offered by
Lee, Higginson & Co.; Alex. Brown & Sons, and Jackson & Curtis.
Co., Inc.
5.71 Union Water Service Co. 1st Lien 5348,"A," 1951. Offered by G. L. Ohlstrom &
28,511,000
Iron, Steel, Coal, Copper, &c.
150,000 General corporate purposes
4,000,000 Refunding; working capital
800,000 Lease and develop
property
99)4
100
Bartlett, Knight &
5;4-6 American Steel Products Co.(Macomb, Ill.) 1st M.6s, 1927-32. Offered by
Co., Chicago.
B.Leach
5.54 Interstate Iron & Steel Co. 1st M.530,"A," 194(). Offered by A. G. Becker & Co.: A •
& Co., Inc., and the National Republic Co.
Hayden, Stone & CO.
7.00 Shipman Coal Co. Cony. Deb. 75, 1941. Offered by
4,950,000
Equipment Manufacturers_.
4.70 Union Tank Car Co. Equip.'Fr. 434s, 1927-36. Offered by Blair de Co., Inc., and Freeman & Co..
New York.
13,000,000 Refunding
Other Industrial & mfg.
-
Howe, Snow
6.00 Alaska Refrigerator Co. (Muskegon, Mich.) 1st (closed) M. 6s, 1941. Offered by
& Duties, Inc., Detroit.
Consolidated Cigar Corp. Cony. 6s, 1936. Offered by Hornblower At Weeks; Cassatt & Co.:
99;4
6.07
Hemphill, Noyes & Co.; W. A. Harriman & Co. Inc., and Chas. D. Barney et Co.
Hitchcock
2,000,000 New plant
'
100.70-100 514-6 Dewey Portland Cement Co. 150 M.6e,"A," 1928-42. Offered by Chicago Trust Co.and
& Co.
3,500,000 Working capital
100
6.00 Holland Furnace Co. Deb. 68, 1936. Offered by Continental & Commercial Co. Hornblower &
Weeks, and Union Trust Co. Chicago.
Offered
• 250,000 Retire current liabilities
'
100
7.00 Joubert & Goslin Machine & Foundry Co. (Birmingham, Ala.) 1st M. 75, 1927-46.
by Ward, Sterne dr Co. and Jamison & Co., Birmingham, Ala.
McCallum Hosiery Co.(Northampton, Mass.) 634s, 1941. Offered by Merrill, Lynch & Co. and
1.300,000 Retire curr. debt; working capital_ 99
6.60
Ilaligarten & Co.
13,000,000 Acquire constituent co.; Wkg. cap
6.05 Pennsylvania-Dixie Cement Corp. 1st M.68, "A," 1941. Offered by Nati-nal City Co.; Hempbill,
9934
Noyes & Co.; Lehman Bros.; Hornblower & Weeks; Cassatt .St Co.; Rogers Caldwell & Co., Inc.;
Mitchell, Hutchins & Co., and Bond & Goodwin & Tucker, Inc.
2,500,000 Acquis. and develop. of property
6.50 Ste. Ann Paper Co., Ltd., 1st M.614s,"A," 1946. Offered by Peabody, Houghteling & Co.. Inc..
100
and Wood, Gundy de Co., New York.
6.55 Siemens & Halske (A. G.) Siemens-Schuckertwerke (G. m. b. H.) Deb. 634s. 1951. Offered by
24,000,000 Refunding; working capital
99
Dillon, Read & Co.; Mendelseohn & Co.; Marshall Field, Glare, Ward & Co., and Internat.' nal
Acceptance Bank, Inc.
,
-Year Cony. Deb. 6s, "A," 1941. Offered by company
6.00 Tennessee Copper & Chemical Corp. 15
1,600,000 Working capital
100
to stockholders.
6.35 Universal Gypsum & Lime Co. 1st (closed) M. 6s, 1946. Offered by Peters Trust Co., Omaha;
2,000,000 Refunding; working capital
96
and Porter de Co.. Boston.
60,750,000
Land, Buildings, &c.
6.50 Adelphia Apts. 1st M. 634s, 1928-36. Offered by 'Gerard & Co., Chicago.
120,000 Finance construction of apartment 100
5.50_6.50 Alameda (Calif.) Park Co. tat M.634s. 1927-36. Offered by Wm.Cavalier & Co., San Franchise;
300,000 Development; construction
and Central National Bank, Oakland, Calif.
200,000 Finance construction of buidling.- 100
6.00 Avenue "U" Postal Stations, Inc. (Brooklyn, N. Y.) 1st M. 6s, 1936. Offered by Leverich
Bond & Mortgage Corp., Brooklyn, N. Y.
6.50 Baker Bldg., Inc. (Minneapolis) 1st M.634s, 1929-36. Offered by Thorpe Bros., Minneapolis.
80,000 Real estate mortgage
100
200,000 Finance construction of apartment 100
6.50 Broadway Residential Apts., Inc. (San Francisco) 1st (closed) M. 6348, 1928-41. Offered bY
Bradford, Kimball & Co., San Francisco.
5-6 Butler Bldg.(Chicago) Ist M. Leasehold 6s, 1927-41. Offered by Peabody, Houghteling & Co..Inc.
1,250,000 Real estate mortgage
300,000 Ref ndlng: retire other debt
6.00 John A. Campbell 1st M.6s, 1936. Offered by Union Trust Co., Detroit.
100
6.00 (Frank T.) Caughey Co. (Detroit) let (closed) M. 68, 1936. Offered by Benjamin Dansard &
350,000 Retire curr. debt; other corp. purp- loo
Co. and Union Trust Co., Detroit.
300,000 Finance constr, of church edifice
6.00 Central Lutheran Church (Minneapolis) 1st M. 6s, 1930-42. Offered by John C. Kuck &
loo
Co., Minneapolis.
600,000 Finance constr. & equip, of bldg.. loo
6.00 Congregation of the Sisters 01St. Joseph of New Orleans, La., 1st M.6s, 1930-46. Offered by
the Provident Savings Bank & Trust Co., Cincinnati,
250,000 Finance construction of building_ _
534-6 Court Arcade (Tulsa. Okla.) let M.6s, 1927-35. Offered by Real Estate Mtge.& Tr. Co., St. L.
2,000,000 Finance construction of building6.08-6.50 Court-Livingston Office Bldg. (66-74 Court Street Realty Corp.), Brooklyn, N. Y.. 1st M.
614s, 1929-41. Offered by Greenebaum Sons Securities Corp., New York.
600,000 Finance construction of building
101.37-100 534-6 Denver Theatre Bldg. let M.6s, 1929-46. Offered by the International Trust Co. and Boettcher
& Co., Denver, Colo.
225,000 Refunding; improvements
534-6 Des Moines (Iowa) University 1st (c.) M.6s, 1929-38. Offered by Whitaker & Co., St. Louis.
285,000 Finance construction of apartments ioo
6.00 Dorchester Apts.(Bertschwar Realty Corp.), Brooklyn, N. Y., 1st M.6s, 1928-38. Offered by
Empire Bond & Mtge. Co., New York.
eon 0f i;:,d oit
150,000 Finance construction of apartments 100
6.50 Easo. -Wo etrApt. (Highland Park, Mich.), 1st M. 6348, 1928-33. Offered by Guaranty Trust
600,000 Refunding; other corp. purposes
100
10,000,000 Acquisitions; working capital
175,000 Improvements to property
100
260,000 Finance construction of apartments 100
2,600,000 Finance construction of buildings_ _
550,000 Finance construction of apartments
1,700,000 Finance construction of building__ 100
6,000,000 Finance construction of building__
100
1,050,000 Finance construction of building__
1,850,000 Finance construction of building__
___
105,000 Finance construction of apartments 100
100,000 Provide funds for loan purposes
490,000 Real estate mortgage
200,000 Addition to building
100
100
650.000 Acquisition of property
100
2,000,000 Finance construction of apartments
7.00 Figueroa Street Co. let(c.) M.leasehold 7s, 1929-41. Offered by California Secur. Co., Los Angeles.
6.50 Fleetwood Apts. (Chicago) let M. 6148, 1928,34. Offered by Gerard dr Co.. Chicago.
FortWorto PropertiesCorp (Fort 7orth,Tex.) 1st M. )4s,"A," 192941. Offered by Laurence
.d
rie
534-634 stenie 8z ch.
Effieh & c
6
Ames,
6.13-6.50 433437 Briar Place Apts. (Chicago) 1st M. 634s, 1929-38. Offered by Greenebaum Sons Inv.
Co., Chicago,
6.00 1420-1422 Walnut Street (Phila.) 1st M.65, 1936. Offered by Cassatt 8c Co., Edw. B. Smith &
Co., Mackie, Hentz & Co. and Graham, Parsons & Co., Philadelphia.
6.50 Fox Theatre & Office Bldg.(Flatbush Ave. and Nevins Street Corp.). Brooklyn, N.Y., 1st M.
Fee 634g. 1941. Offered by S. W.Straus &
nc.
6.00-6.3 Fre nces-Orpheum Bldg.(Sioux City,la.), 1st M. lie, 1929-41. Offered by S. W.Straus& Co.,Ine.
Co.,&
5.87-6.25 Franklin-Adams Block (Chicago) let M.634s, 1929-38. Offered by Greenebaum Sons Securities
Corp., New York.
6.00 Henley Court Apt.(Detroit) let M.Senior Series 68.1028-36. Offered by Guaranty Tr. Co.of Det.
5.00-5.75 Hibernia Mortgage Co. 1st M. Coll. 'Pr. 6s, Series "I," 1927-32. Offered by Hibernia Securities
Co., Inc., New Orleans.
6.00 (The) Hyde Park (Kansas City, Mo.) 1st M.68, 1928-37. Offered by Ellis & Co., Cincinnati,
6.00 Illinois Masonic Hospital Association 1st (e) M.68, 1927-32. Offered by Market Traders State
Bank, Chicago.
6.00 (B. F.) Keith's Empress and Regent Theatres (Grand Rapids Operating Co.) 1st (a.) M.68,
1928-42. Offered by Guardian Trust Co.. Detroit. and Grand Rapids Trust Co.
6.00-6.50 Kenilworth (Kenilworth Bldg. Corp.), Germantown, Pa., let (c.) M. 6)4s, 1928-39. Offer*
by American Bond & Mortgage Co., Inc., New York.
2046
.4mount:
THE CHRONICLE
Purpose of Issue.
To Yield
About.
Price.
%
Land, BIdgs.. Sic. (Concluded).
925.000 Consolidation of debt; impts
[vol.. 123.
Company and Issue, and by Whom Offered.
•
100 .
6.50 Louise Lathrup (Bet.) 1st M. 6148, 1936. Offered by Fenton. Davis &
Boyle, Grand Rapids.
Wm. L. Ross & Co.; Chicago, and Fidelity Trust Co. Detroit.
8.00-6.30 Leland Hotel (Chicago) 1st M. 6145, 1928-41. Offered by S. W.
'
Straus & Co., Inc.
iaii
6.50 Maramor Bldg. (Columbus, O.) 1st M. Leasehold 634s. 1929-37:
Offered by B. Ulmer & Sons.
Columbus, 0.
1.400.000 Real estate mortgage
100
8.50 (The) McCormick (Chicago) 1st M..6 lis. 1928-36. Offered by Chicago
Trust Co., Litten & Roberts.
Rock Island, Ill , and Matheny, Dixon & Co., Springfield. III.
650.000 New construction
100
5.50 Marywood College (Scranton,Pa.) let M.5i4s. 1927-41. Offered by
Whitaker & Co.,St. Louis.
800.000 Finance construction of building- 100
6.50 Medico-Dental Bldg. Co. of San Diego. Calif.. 1st (c.) M.614s. 1929-41.
Offered by Nat'l Mtge.
Co. of Calif. and Wright, Alexander & Greeley, Fan Francisco,
350,000 Addition to building
5.254.50 Methodist Hospital (Madison. Wis.) 1st M.5)45. 1928-38. The Second
Ward Securities Co., Milw.
3.50.000 Addition to building
100
5.00 Methodist Hospital (Memphis, Tenn.) let M. 5s, 1928-38. Offered by Federal Commerce
Trust
Co., St. Louis.
100,000 Development of property
100
6.00 Michigan Investment Co. (Harroun Park Subdivision), Detroit. 1st M.
85. 1927-36. Offered
by Fenton. Davis & Boyle. Grand Rapids.
56.000 Refunding
100
6.00 Moose Temple (Seattle. Wash.) 1st M. 65. 1927-36. Offered by Seattle Title
Trust Co.
2.000.000 Provide funds for loan purposes
100
5.50 Mortgage-Bond Co. of N. Y. 10
-year mtge. 5)4s, Series 10, due 1936. Offered by company.
.480.000 Finance construction of but/ding
100
'6.00 None Office Bldg. (Austin, Tex.) 1st M.68, 1928-38. Offered by
Mortgage & Securities Co. and
' Whitney-Central Banks, New Orleans.
305.000 Finance construction of hotel
100
6.50 Natchez (Miss.) Investment Co.. Inc.. 1st M 6''s. 1928-41. Offered by
Standard Bond & Mtge.
Co., Inc., Sutherlin, Barry & Co., Inc., New On., and Mtge. Bond & Tr.
Jackson. Mich.
150.000 Real estate mortgage
100
514-814 Newcomb Hotel Co. (Little Rock, Ark.) 5345 and 6345. 1927-36. Offered Co.,
by American Southern
. Trust Co.. Little Rock, Ark.
2,000,000 Real estate mortgage
100
7.00 165 Broadway'rildg. (Benenson Bldg. Corp.), N. Y. City, Gen. Mtge.
75, 1941. Offered by
Pearsons-Taft Co. and Stroud & Co.. Inc.
2,100,000 Finance construction of building-- __6.20-8.55 Park-Murray Office Bldg. (Park-Murray Corp.) 1st (c.) M. 634s,
1930-41. Offered by H. 0.
Stone & Co.. ew York.
800,000 Finance construction of apartments 100
6.50 (The) Royalton (Highland Apt. Co.),Phila.. let M.6 145. 1928-38. Offered
,
by F. H.Smith Co.
135.000 Improvements to property
100
.5.25 St. Augustin's Church Corp. (Des Moines, la.) 181 M. 514s. 1927-46.
National Co.. Iowa National Bank and Metcalf, Cowitill & Co., Des Offered by Des Moines
Moines, Iowa.
120,000 Reid estate mortgage
100
680 6443-6457 Sheridan Road Bldg. 1st M.6s, 1928-33. Offered by Central Trust Co. of III., Chicago.
2.100.000 Finance lease of property
101-100
5-8 Southern Realty Corp. let M. 8s, 1927-48. Offered by Stifel, Nicolaus &
Anderson & Co., P tscott, Wright, Snider & Co. and Geo. H. Burr & Co., Inc., Lorenzo E.
,
400.000 Finance construction of building... 100
6.00 United Arbeiter Temple Association (Deutsches Haus). Detroit, 1st M. Co.
65. 1928-36. Offered
by Wm. L. Davis & Co., Detroit.
200.000 Additions and improvements,
5.25-6.00 Valley Investment Co.(St. Louis County. MO.) 1st (c.) M.6s, 1927-36.
...:
Offered by Geo. H.Burr
& Co. and Taussig-Day-Fairbank & Co. Inc., St. Louis.
1.000.000 Finance lease of property
100.62-100 (1)4-634 Warner Bros. Properties (Warner Bros. Realty Corp.). Los Angeles,
'
1st M. 1334s, 1928-40.
Offered by S. W. Straus & Co., Inc.
150.000 Finance sale of property
6.50 (Glover) Watson (Bet.) 1st M.6)4s. 1938. Offered by Benjamin Dansard
100
150,000 Finance sale of property
Priation application (The) Woodbrook Co. 1st M. 8345, 1938. Offered by Nicol, Ford & Co., & Co , Detroit.
Ina., Detroit.
42406.000
Shipping
575,000 Finance construction of hotel
150.000 Finance construction of building
18.000,000 Refunding; acquisitions
6.30 Canada Steamship Lines, Ltd., 1st & Gen. M. 6s, "A," 1941. Offered by
Kissel, Kinnicutt &
Co.. the Union Trust Co. of Pittsburgh, Blair & Co., Inc., Bank of
Montreal, the Royal Bank
of Canada, Nesbitt, Thompson & Co., Ltd., and Wood. Goody & Co.
Miscellaneous
1,100.000 Acquire constituent companies_
6.55 Amalgamated Laundries, Inc., 10
-year 1334s, 1936. Offered by Throckmorton & Co. and E. F.
Gillespie & Co.. Inc., New York.
6.00 Arrowhead Bridge Co. let M.6s, 1946. Offered by Paine. Webber h Co.
6.50 Bayway Terminal (New York Harbor) 1st M.6345,"A," 1946. Offered by
Mackie, Rentz & Co.
and Pogue, Willard & Co.
250.000 New plant
Bolin Bros..Inc.(Bet.) 1st M.68, 1927-36. Offered by Harris, Small & Co. and
2,000.000 Retire current debt; wkg. capital
100
6.50 (The) Butterick Publishing Co. Debenture 630. 1938. Offered by Halsey, Union Tr.Co., Det.
Stuart & Co., Inc.
1,000.000 Acquire additional properties
101-100
534-6 Federal-Hygienic Ice Refrigerating Companies See. Os,"B." 1928-41.
Offered by Central Trust
Co. 01 111. and Ames, Emerich & Co., Chicago.
800.000 Refunding; acquisitions; wkg. cap_ 100
6.50 Hill-Behan Lumber Co. of Missouri (St. Louis) 1st (c.) M.6345. 1927-36.
Offered by Whitaker
& Co., St. Louis.
375,000 Acquisitions; other corp. pummel- 99
6.60 Lackawanna Laundry Co., Inc. (Scranton, Pa.). 1st (c.) M. 61,4s. 1941.
Offered by J. II
Brooks & Co., Scranton, Pa.
7,500.000 Refunding
4.75-5.20 R. H. Macy & Co.. Inc.. Debenture 5345, 1927-36. Offered by Lehman Bros.
2,700,000 Acquisitions; working capital
100
6.50 Manchester Terminal Corp.(Houston. Tex.) let M.6148. "A," 1941. Offered by
Taylor, Ewart
' & Co., Inc., and Spencer Trask & Co.
1500.000 Finance construction of toll bridge.. 100
7.00 New Orleans Pontchartrain Bridge Co. 1st M. 7s, 1946. Offered by Peabody,
Co., Inc., Wm. R. Compton Co.. Watson, Williams & Co., Lorenzo E. AndersonHoughteling &
& Co., Hemphill. N, es & Co. and Knight, Dysart & Gamble.
)
1.;000.000 Finance construction of toll bridge. 98
7.55-10.15 New Orleans Pontchartrain Bridge CO. Deb. 7s, 1941. Offered by Peabody.
Houghteling
Inc., Wm. R. Compton & Co., Watson, Williams & Co., Lorenzo E. Anderson & Co., dr Co.,
Hemphill, Noyes & Co. and Knight, Dysart & Gamble.
101-100
250.000 Acquisitions; working capital
534-8 Sabi Robbins Paper Co. 1st M. Os, 1927-38. Offered by the Fifth-Third Nat. Dank and
W. E.
Hutton & Co., Cincinnati.
100-99
6-6.10 Seaboard Terminal & Refrigeration Co.(Jersey City, N..1.) let M.Fee and Leasehold Os,
3,000,000 New construction
Offered by Spencer Trask & Co., the Foreman Trust & Savings Bank, Stevenson, Perry,1929-41.
Stacy &
Co. and Mitchell. Hutchins & Co., Inc.
5.000.000 Acquisitions; construction, &a.-- - 100
6.00 Stanley-Crandall Co. of Washington let M.68, 1946. Offered by Edw. B. Smith & Co.,
Brown
Bros. & Co., Cassatt & Co. and Hayden. Stone & Co.
4,000.000 Acquisitions; construction. &c.--- 9934
6.02 Stanley-Rowland-Clark Corp. 1st M. Fee and Leasehold 65, 1948. Offered by Edw. B.
Smith &
' Co., Brown Bros. & Co.. Cassatt & Co. and Hayden. Stone & Co.
35 ROC OPA
9934
250,000 Finance construction of toll bridge_ 100
3.000,000 Improvements to Property
100
•
SHORT TERM BONDS AND NOTES ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
.
Amount.
To Yield
Abaut.
Price.
Purpose of Issue.
Public Utilities
2.500.000 Acquisitions: working capital
425,000 Refunding; improvements, &e_ _
100-9834
99
3,750.000 Refunding; acquisitions
9844
700.000 New Plant
Company and Issue, and by Whom Offered.
5-5.40 Consolidated Water Power & Paper Co.5s, 1927-30. Offered by First Wisconsin
Co., Milwaukee.
6.00 Ohio Central Telephone Co. 1-yr. Coll. Tr. Ls "A," Sept. 1 1927. Offered by
Thompson, Kent
& Grace. Inc., Chicago.
5.45 Tide Water Power Co. 1st Lien & Ref. M.58"C," 1929. Offered by Hemphill, Noyes
& Co., E.H.
Rollins & Sons, Coffin & Burr, Inc., Stroud & Co., Inc.. and Otis & Co.
4.874.00 West Boston Gas Co. 434s, Sept. 11928-29. Offered by the First Nat. Corp.,
Boston.
7;375.000
Iron. Steel, Coal, Copper. &c.
100
8.50 Hart Coal Corp. Mtge. Lien O345, Dec. 11929. Offered by Thompson, Roes &
Co., Inc., Chicago.
and Thos. B. Greening & Co., Seattle.
100
175.000 Development of property
6.00 Universal Products Co. let (closed) M.(is, Aug. 15 1931. Offered by Benjamin
Dansard & Os.,
Detroit.
6.00 West American Finance Co. Coll. Trust Os"B," due monthly from AprU 15
1927
both incl. Offered by Peirce, Fair & Co., Shingle, Brown & Co.and Carstens-&to Aug. 15 1927.
Harlem, Inc.
Motors and Accessories150.000 Construct & equip, new plant
1,500,000 Fund current debt: working capital 1011
4,850.000
Other Industrial & Mfg.
350.000 Retire bank loans; working sapitat
9934
6.2
Kehler Shoe Co.,Inc.,3-yr.80 Sept. 11029. Offered by McKinley & Morris
and Vought & Co.,Ina.
Land, Buildings,
500,000 Provide funds for loan purposes-__ 100
100
1.300,000 Acquisition of property
100
625,000 Finance sale of property
48,000 Provide funds for loan purposes.-. 100.41-100
100
32,500 Financeconstruc'n of apartment
100
.500,000 Provide funds for loan PurPOses
125.000 Provide funds for loan pur90903
6
,
6.00 Arundel Mortgage Co. let M. 80 "B," 1929-31. Offered by Nelson, Cook
& Co., J. Harmanua
Fisher & Sons and Townsend. Scott & Sons, Baltimore.
5.00 Comstock Investment Co. let M.5s, Nov. 30 1929. Offered by Detroit
Tr. Co., Security Tr. Co..
Harris, Small & Co., Nicol, Ford & Co. and Watling, Lerehen & Co..
Detroit.
6.50 (K. L.) Grennan Realty Trust 1st M.dc Coll. Tr. 814s, 1927-31.
Offered by the Guardian Tr. Co.
and Tillotson & Wolcott Co., Cleveland.
534-7 Industrial Bank of Richmond Coll. Trust 75, 1928-30. offered by
Scott & Stringfellow, Richmond, Va.
8.00 The Riverside Apts.(Miami, Fla.) 1st Lien Mtge. 8s, July 15 1930.
Offered by the Miami Mortgage & Guaranty Co., Miami, Fla.
6.00
Security Bond & Mortgage Co. (Fla.) 1st M. Coll. Tr. Os "E," 1927-31.
Iglehart & Co., Baltimore; Bodell & Co., Providence; Harris, Smith & Co.,Offered by J. A. W.
Phila., and Palmer
Bond & Mortgage Co., Salt Lake City, Utah.
534-7 Virginia Bond & Mortgage Corp. Coll. Tr. 79"M." 1927-30. Offered by
Wheat, Galleher & Co..
Inc., Richmond, Va.
3,130.500
•
Miscellaneous--
.
1.500.000 Acquire constituent companies__
160.000 Refunding
4.650 100
99
100
6.75 National Theatre Supply Co. 5-yr.634s,Sept. 11931. Offered by West & Co., A.B. Leach & Co.,
Inc., and W. B. Hammons & Co.
Orange Crush Holding Corp. 1-yr. Os,Sept. 11927. Offered by Knight,Blanchard & Co.,Chicago.
6.
2047
THE CHRONICLE
OCT. 23 1926.]
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities—
•10.128she General corporate purposes
772,000 New construction; working capital.
•11,085shs Retire bank debt; additions, &c_ _ _
2,100,000 Acquire constituent companies_ _
4,000,000 Additions to plant
Price. To Yield
a Amount
Involved. Per Share. About.
992,544
98
772.000 96
637,387 5734
2,100,000 100b
4,000,000 100
.25,705511s. Refunding
1,542,300
60
Company and Issue, and by Whom Offered.
7.14 Associated Telephone Utilities Co. $7 Cum. Prior Pref. Offered by Paine, Webber
& Co., N. Y., and Mitchum, Tully & Co., San Francisco.
6.24 Bangor Hydro-Electric Co.6% Cum. Pref. Offered by Beyer & Small. Portland, Me.
Massachusetts Lighting Companies Corn. Offered by company to stockholders.
7.00 Oklahoma Natural Gas Corp. 7% Cum. Pref. Offered by White, Weld & Co. and
Blyth, Witter & Co.
Southern New England Telephone Co. Capital stock. Offered by company to
stockholders.
Staten Island Edison Corp. Common. Offered by company to stockholders.
10,044,231
Iron, Steel, Coal. Copper, &c.
•100,000shs Acquire predecessor company
3,850,000
2834
Scullin Steel Co. Panic. Pref. Cum. $3 per share. Offered by Spencer Trask & Co..
Stile!, Nlcolaus & Co., Inc.. and G. H. Walker & Co.
Motors & Accessories—
*40,0008118. Expansion of business
1,940,000
4814
Marmon Motor Car Co.Corn. Offered by Hallgarten & Co.and Green,Ellis& Anderson -
Other Industrial & Mfg.—
*30,000818. Acquisition of property, &c
*48.666 shs. Acquisitions; working capital
00
'60,0 ells. Retire stock; working capital
3,747.282
2,910,000
.300,000818 Acq.constituent cos.; working cap- 12,900,000
7,215,300 Acq.constituent cos.; working cap
600,000 Acquisition additional property__
Land, Buildings,8,
1,000,000 Addition to building
1,500,000 Acquisition of property
300 ctfs. Finance lease of property
•
Miscellaneous—
1,000.000 Refunding; acquisitions
'8.0008115. New capital
.8,000 shs. New capital
Cellulose Products, Inc. (Mass.), Convertible Pref. Cum. $2 per share. Offered by
Watson & White.
5 shs. Coml S300 Cellulose Products, Inc. (Mass.), Corn. Offered by Watson & White.
Consolidated Cigar Corp. Corn. Offered by company to stockholders.
77
Pacific Coast Biscuit Co. Cony. Panic. Pref. Cum. $3 50 per share. Offered by
48%
Geo. H. Burr, Conrad & Broome. Inc.
Pennsylvania-Ditie Cement Corp.(Del.) Corn. Offered by Lehman Bros., Hemphill,
43
Noyes & Co., Hornblower & Weeks, Cassatt & Co., Rogers, Caldwell & Co., Inc.,
Mitchell, Hutchins & Co. and Bond & Goodwin & Tucker. Inc.
Pennsylvania-Dixie Cement Corp.Series A Cony.7% Cum.Pref. Offered by National
7.07
99
City Co., Hemphill, Noyes & Co., Lehman Bros.. Hornbiower as Weeks. Cassatt
& Co., Rogers Caldwell & Co.. Inc., Mitchell, Hutchins & Co.and Bond & Goodwin
& Tucker, Inc.
100
7.00 Union Biscuit Co. (St. Louis) 7% Cum. 1st Pref. Offered by Smith, Moore & Co..
Francis Bros. & Co., Stickney, Denyven & Co.and Knight, Dysart & Gamble,St. L.
.10
900,000 1 shs.Pref.1 For
.15,000sha. Acquisition of property,&c
7.215,300
• 600,000
28,272,582
1,000,000
9735
1,500,000 97
300,000 1,000
7.17 American Furniture Bldg. Corp. (Chicago) 7% Cum. Pref. Offered by Whiting
& Co., Chicago.
6.20 California Group Corp.6% Cum.Pref. Offered by Wm.It. Stoats Co., San Francisco.
6.00 Eggleston Ave., 3d to 4th Streets (Cincinnati) Land Trust Ctfs. Offered by the
Herrick Co., Cleveland, and Fourth & Central Trust Co., Cincinnati.
2,800,000
7.00 Denver Union Stock Yards Co. 7% Cum. Pref. Offered by Blodget & Co., N. Y.,
and Bosworth, Chanute & Co., Denver.
420,000 jl 811. Cl. Af For Mary Lee Candy Shops, Inc. (Detroit) Class A stock. Offered by Backus, Fordon
& Co., Detroit.
1 sh. CI. Bj5214 Mary Lee Candy Shops, Inc. (Detroit) Class B stock. Offered by Backus, Fordon
& Co., Detroit.
'
.429 000
1,000.000 100
FARM LOAN ISSUES.
Amount.
Issue.
Price.
1.000.000 Pacific Coast Joint Stock Land Bank of
San Francisco 58. 1936-56
10334
750,000 Pacific Coast Joint Stock Land Bank of
Los Angeles 55, 1936-56
10311
To Yield
About.
Offered by.
Harris, Forbes Jr Co., Wm. It. Compton Co., Halsey, Stuart & Co., Inc., and Harris
Trust & Savings Bank, Chicago.
Harris, Forbes & Co., Wm. R. Compton Co.. Halsey, Stuart & Co., Inc., and Harris
Trust & Savings Bank, Chicago.,
4.55
4.55
1,750,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
To Yield
About.
Offered by.
5.25 Placed privately by J. P. Morgan & Co. and National City Bank.
20,000,000 Argentine Govt. 6 Months Treasury Bills-- —
16,900,000 Argentine Govt. 6% Public Works Issue of
Oct. 1 1926, due 1960
15,000,000 Republic of Finland External Loan 610, 1956
98k.
94
20,000,000 Free State of Prussia 6348011926,due 1951
95
3,000,000 Kingdom of the Serbs. Croats and Slovenes
(Jugoslavia)6 Mos.Treas.68, Mar.31 1927_ 100
6.10 J. P. Morgan & Co. and National City Co.
6.98 National City Co., Lee, Higginson & Co., Guaranty Co. of N. Y., Brown Bros. & Co..
New York Trust Co. and Continental & Commercial Co., Chicago.
6.92 Harris, Forbes & Co., Brown Bros. & Co., the Equitable Trust Co. of N. Y., New York
Trust Co., Mendelssohn & Co., International Acceptance Bank, Inc., and .1. Henry
Schroder Banking Corp.
6.00 Blair & Co., Inc.
74.900000
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
1) Bonus of one share of common stock given with each share of preferred.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 22 1926.
Trade is good, if we take such indices as freight car
loadings, railroad earnings, the sales of mail and chain
stores and the universality of employment of labor at high
wages—and they are guides not to be despised. But it is
evident that recent bad weather at the West and low prices
in the cotton belt have had some prejudicial effect on retail
trade in those parts of the country. Of late, too, there have
been snow storms in northern New York and also in Massachusetts, Vermont and other parts of New England, which
may have interfered with trade somewhat. Cotton has
declined another cent, and this is a trial for the South.
The price has latterly got down to a new low level for these
times. The Chairman of the Government Commission,
Eugene Meyer Jr., will consult with cotton merchants and
bankers to-day as to the best means of withdrawing 4,000,000 bales from the market to lighten the load of a crop that
looks more and more like 17,000,000 bales and upward.
Warehouses and compresses at the South in some instances
are said to be filled to overflowing. The storage question
may assume unusual importance in a season of an extraor-
dinary crop. In this emergency it is worth remembering
that spot cotton business has recently revived at New York
after an interval of many years, that the sales this week
approximate 30,000 bales, and that there are storage facilities available here for 400,000 bales, which towards the end
of January will be increased to 500,000. New York in former times was a very large spot market, becoming prominent just after the Civil War, when the South was impoverished and naturally availed itself of the great banking
facilities here, where it promptly obtained advances of 60%
or more on the cotton sent to this city. As the South grew
In population and wealth, a process of decentralization
naturally set in. The South could and did finance its cotton. It can do it now, but whether it has adequate storage
room for so vast a crop,as this high record one is another
matter. For a time at least it may be to its advantage to
send more cotton to New York, where it will have a prompt
sale on at least as advantageous terms as anywhere else.
Wheat has advanced some 5 cents a bushel, in spite of
very high ocean freightsi and some decrease in export buying
oethat account. The extraordinary things is that Canadian
wheat is being shipped to k
..ipgla,nd At 43 to 44 cents a bushel,
.
2048
THE CHRONTCLE
Iv,. 1.2:i
freightage. Roughly speaking, the European wheat crop exchange. It is gratifying to merchants to note such a clear
is supposed to be 10% smaller than that of last year. And evidence of the great buying power of the country as is
it is a significant fact that France has Just reduced its shown in the fact that Class I railroads established a new
import duty on wheat 6% cents per bushel. Freights re- August record in the amount of freight handled and
the
cently advanced 15 to 20% at Canadan ports. This all expedition with which the tonnage was moved, according
comes of the coal strike in Great Britain, which is so ob- to reports to the Bureau of Railway Economics.
The daily
stinately prolonged to the disadvantage of all classes of average movement of freight cars was
31.5 miles, a record
society, not excepting the workers themselves. It tends to in all time for the month and only seven-tenths
miles lower
increase the price of food and other costs of living. For than the record for any month, I. e. October
of last year,
the tonnage which is required to bring coal to England when the average was 32.2 miles.
would otherwise be employed in bring:ng food, etc. It also
At Fall River, Mass., the cotton mills are said to be runaffects the cotton trade to some extent as well as the sugar ning at 77%. At Holyoke, Mass., the Lymenx mills resumed
trade, to go no further. Every effort was made to settle this operations after a ten-day shutdown and will operate four
unfortunate strike. As the case stands, there seems to days per week for the present. At Dover, N. H., the Pacific
be no immediate promise of a settlement of the trouble. mills are said to be operating a night crew
in several rooms
Meanwhile ocean freight rates steadily rise. It operates to fill orders. Manchester, N. H., wired that a
New Hampmore or less to the disadvantage of the American farmer. shire town will disappear with the closing
of the cotton
The Canadian wheat crop is not turning out so well as mill at Rollinsford, N. H. Directors of
the mill voted to
expected. The grading at Winnipeg shows a quality that is abandon the property and little hope is maintained in leasing
a matter of complaint. The price of Indan corn has also the mill. This is the first cotton mill to stop in the State.
advanced, as the husking returns from different parts of The Amoskeag Co. at Manchester, N. H., makes an allthe belt are not satisfactory. Other grain has advanced, American rayon production. As a bid on the part of South
but unfortunately, there has been practically no export de- Carolina for Eastern and Northern textile plants,
in the
mand for rye. That may come later if rye is to be used as general election in that •State in November, 23 counties
are
a substitute for wheat across the water to any considerable asking for authority to extend textile enterprises exemption
extent.
from payment of county taxes for a period of five years.
Raw sugar advanced mainly owing to a cyclone in a num- Tire mills were said to be covering first half of next year
ber of provinces in Cuba, attaining a velocity of 110 to 150 requirements in the tire fabric market, but a good percentmiles an hour and causing considerable damage, it is feared, age of their needs must yet be covered. Employment in the
in the sugar districts. The world's crop this year, it turns cotton mills of the United States in September gained 6.4%
out, is nearly 100,000 tons smaller than the last one, and if as compared with August, according to a preliminary report.
there has been any considerable damage in Cuba, the esti- At Greenville, S. C., mills are said to be well employed at a
mate of 5,200,000 tons as the last crop may have to be modi- satisfactory profit. At Richmond, Va., the Virginia-Carofied. Coffee, after declining for a time, has latterly ad- lina Chemical Corporation announced that it will lend to
vanced sharply on active transactions, in response to a customers indebted to the corporation 10 cents a pound on
stronger market in Brazil and rising exchange, and partly, cotton stored in bonded warehouses at the rate of 5% interalso, to an evidently oversold condition of the speculative est in an effort to aid the cotton situation.
market here. The dislocation of the currency in Brazil is
The garment strike is said to be nearing its end here. A
regrettable, as it gives rise to unfortunate fluctuations in compromise plan may
bring about peace in the strike of
exchange and more or less disarrangement of business gen- 40,000 workers. The
strike of the paper box makers has
erally. There has been an active demand for soft coal, caused hat manufacturers
to delay deliveries. Some New
partly for export, and the wages of miners have been in- York firms have had to
use all types of containers, including
creased. Some increase has also been granted to railroad corrugated cartons, flimsy
unmarked boxes and in some
labor. Copper has been declining. Petroleum seems to be instances almost anything that
could be obtained. A severe
downward. Cotton goods have been quiet awaiting shortage is expected by many firms
tending
that do not make their
the trend of the price of the raw material. This has been own containers.
the case at home and abroad. The big crop has had an
The weather here has been cool and pleasant. To-day it
unsettling effect in Manchester and also in Alexandria, was 41 to 58 degrees. On the 21st it was 40 to 50. At
Egypt. The Egyptian cotton crop, by the way, is also large Chicago and Cincinnati it was 36 to 56; at Cleveland 42 to
and prices have recently been declining sharply. At the 50; at Milwaukee 36 to 54; at Kansas City 42 to 68; at
same time there is a good foreign demand for the actual Montreal 32 to 40; at Boston 30 to 48; at Pittsburgh 40 to
cotton at the South and Galveston, Houston and New Or- 52; at St. Paul 38 to 58. Havana, Cuba, had a cyclone of
leans are urgently calling for a larger supply of ocean ton- 110 to 150 miles an hour on the 19th. Hundreds were
nage from the Shipping Board at Washington. Not only killed in the Havana and outlying districts. The property
European spinners, but those of Bombay, are buying Ameri- loss is estimated at $35,000,000. Some 100 vessels were sunk
can cotton, as well as the spinners of Japan. Provisions or disabled. Many towns and villages were
devastated
have been lower, but of late there has been some recovery throughout Cuba. Hundreds of homes were
wrecked. A
in prices, with a better cash trade. One interesting feature new tropical storm is reported. Florida
escaped the last
is that there is a good demand now-a-days for jewelry as one. Earthquake tremors were reported in San
Francisco.
well as radio apparatus. The leather trade is brisk and The Adirondack, New York, region has 2 to
8 inches of
the shoe industry is active. Wool has been rather quiet and snow. An unusually heavy autumnal fall
occurred there on
at some of the Australian sales prices have declined. But the 20th inst. The fall was 8 inches at Tupper
Lake, 6 at
owing to the cold or stormy weather over much of the coun- Elizabethtown, and 2 at Matone. At
Tupper Lake and
try, the wholesale demand for woolen goods and clothing Elizabethtown the snow saturated with water,
broke down
generally has increased. The steel trade is less active. Pig telegraph, telephone and electric wires
and poles. In
iron sales are not, as a rule, large, and German iron is again Elizabethtown the electric lighting system
was temporarily
invading the Boston market. Cattle prices are lower. The crippled. Many trees broke down under the
weight of the
sales of lumber have fallen off, but for all that they are wet snow, which lodged on the leaves. On the
20th inst.
than those of a year ago.
larger
northern Vermont was cut off from wire communication as a
Food index prices are lower and perhaps on the whole result of a snow and sleet storm that swept northern New
the general trend of world prices of merchandise is lower Engdand late on the 19th and on the following morning.
as the state of the world's currencies improves and progress Many cities, including St. Albans, Burlington, Montpelier,
is manifestly after unforgettable years back towards the Barre, Newport, St. Johnsbury, Rutland and
Middlebury,
gold basis. In other words, there is a tendency here and were in the isolated area. North Adams, in
northern Berkthere over the globe towards deflation, or in other words, a shire County, Mass., reported that there
was ten inches of
substitution of gold currency for paper money. After a 'snow on top of the Mohawk Trail.
recent sharp decline, stocks have recently advanced in an
oversold market, and the transactions here to-day exceeded
Wholesale Prices Higher in September.
1,700,000 shares. Railroad bonds were in steady demand,
Wholesale prices in September averaged slightly higher
although some of the foreign issues were lower. The ten- than in August, according to
information collected in repredency of foreign currencies has been upward. That has sentative markets by the
Bureau of Labor Statistics of the
cheered London, as was very manifest to-day. All the (km- U. S. Department of Labor.
The Bureau's weighted index
tinental exchanges have shown an upward tendency. The number, which includes
404 commodities or price series,
decline in silver has had a depressing effect on Chinese registered 150.5 for
September compared with 149.2 for
OCT. 23 1926.]
THE CHRONICLE
the month before, an increase of nearly 1%. Compared
with September 1925, however, with an index number of
159.7, there was a decrease of 5Vi.%. The Bureau, in its
statement of Oct. 16 adds:
Farm products in general were 2 1-3% higher than in August,due mainly
to advances in cattle, hogs, eggs, hides and wool. Smaller increases also
were recorded for foods, clothing materials, fuels, metals and building
materials, while there was no change in the price level for chemicals and
. drugs. Housefurnishing goods and miscellaneous commodities, on the
other hand, were lower than in August.
Of the 404 commodities or price series for which comparable information
for August and September was collected, increases were shown in 122
instances and decreases in 98 instances. In 184 instances no change in
price was reported.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES.
(1913= 100.0)
Groups and Subgroups.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Meats
Butter, cheese and milk
Other foods
Clothing materials
Boots and shoes
Cotton goods
Woolen and worsted goods
Silk. 4:e
Fuels
Anthracite
Bituminous coal
Other fuels
Metals and metal products
Iron and steel
Nonferrous metals
Building materials
Lumber
Brick
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Fertilizer materials
Drugs and pharmaceuticals
Housefurnishing goods
Furnitute
Furnishings
Miscellaneous
Cattle feed
Leather
Paper and Pulp
Other miscellaneous
All commodities
1926.
1925,
September August September
160.4
157.5
155.5
164.9
160.3
165.8
154.5
160.7
189.3
186.7
182.3
206.9
180.6
169.3
229.0
200.4
135.4
127.2
133.7
113.1
174.1
182.8
204.1
129.1
168.3
135.6
128.7
108.2
178.5
167.6
147.7
232.9
134.9
130.5
140.3
186.5
118.8
159.7
137.9
139.2
131.9
141.7
150.8
153.4
144.7
152.6
174.7
184.3
160.3
189.7
160.1
179.5
225.4
198.5
158.4
126.6
133.9
110.8
171.8
180.9
204.7
129.1
164.8
130.8
118.7
108.5
182.5
160.8
140.2
228.4
121.8
115.2
134.8
171.8
104.2
149.2
141.1
138.6
141.0
140.8
152.0
157.4
150.0
151.1
175.2
184.3
161.3
189.2
162.2
182.0
225.4
202.3
161.0
127.0
134.5
110.5
172.4
182.3
205.0
132.4
163.7
130.8
118.9
108.2
182.5
160.4
140.1
226.5
120.4
109.5
135.9
164.3
104.5
150.5
Course of Retail Food Prices in September.
The retail food index issued by the Bureau of Labor Statistics of the United States Department of Labor shows for
Sept. 15 1926, an increase of about 13 % since Aug. 15 1926;
%
a decrease of nearly one third of 1% since Sept. 15 1925; and
an increase of a little more than 54.6% since Sept. 15 1913.
The index number (1913=100.0) was 159.0 in Sept., 1925;
155.7 in August, 1926;and 158.5 in Sept., 1926. The Bureau
on Oct. 18 added:
During the month from Aug. 15 1926, to Sept. 15 1926, 14 articles on
which monthly prices were secured increased as follows: Strictly fresh eggs,
15%; potatoes, 8%; pork chops. 5%; butter, 4%; round steak, rib roast.
chuck roast, plate beef, fresh milk, evaporated milk, cheese, rolled oats
and rice, 1%;and sirloin steak, lees than five-tenths of 1%. Sixteen articles
decreased: Onions, 10%; macaroni, 4%; canned red salmon and flour. 3%;
lard and cabbage, 2%; navy beans, baked beans, canned peas and prunes.
1%; and bacon, ham, leg of lamb, hens, tea and bananas, less than fivetenths of 1%. The following twelve articles showed no change: Oleomargarine, vegetable lard substitute, bread, cornmeal, corn flakes, wheat
cereal, canned corn, canned tomatoes, granulated sugar, coffee, raisins and
oranges.
Changes in Retail Prices of Food by Cities.
During the month from Aug. 15 1926 to Sept. 15 1926, the average cost
.of food increased in 49 cities as follows: Kansas City. Louisville, and St.
Louis, 4%; Chicago, Cleveland, Columbus, Indianapolis, Minneapolis,
Peoria, Philadelphia, Rochester, Salt Lake City, and Springfield, Ill.,
3%; Bridgeport. Cincinnati, Dallas, Detroit, Los Angeles. Milwaukee,
Newark, New Orleans, New York, Norfolk, Omaha.Pittsburgh. Richmond,
St. Paul, Scranton and Washington. 2%; Atlanta, Baltimore, Boston,
Buffalo, Charleston, S. C., Denver, Fall River, Houston, Jacksonville,
Little Rock, Manchester, Mobile, New Haven, Portland, Me., Portland,
Ore.,Providence, San Francisco, Savannah,and Seattle, 1%;and Memphis
less than five-tenths of 1%. In Birmingham there was a decrease of loss
than five-tenths of 1% and in Butte no change in the month.
For the year period Sept. 15 1925. to Sept. 15 1926. 26 of the fifty-one
cities showed decreases: Portland. Ore.. and Salt Lake city,4%;Houston,
San Francisco, and Seattle. 3%; Butte, Denver, Los Angeles, and Newark.
2%; Boston, Buffalo, Fall River, Memphis, New Haven,
Now York.
Providence, and Scranton. 1%; and Birmingham, Bridgeport, Dallas,
Little Rock, Louisville. Minneapolis, New Orleans, Omaha, and Portland.
Me.,less than five-tenths of 1%. The following 24 cities showed increases:
Jacksonville, 4%; Milwaukee, 3%; Cincinnati, Cleveland, Indianapolis,
Mobile, Norfolk, Pittsburgh, and Savannah. 2%; Atlanta, Charleston,
S. C., Columbus, Detroit, Manchester, Philadelphia, St. Paul, and Washington, 1%; and Baltimore. Chicago, Kansas City, Peoria, Richmond,
Rochester, and Springfield. Ill., leas than five-tenths of 1%. In St. Louis
there was no change in the year.
As compared with the average cost in the year 1913, food on Sept. 15
1926. was 68% higher in Chicago, Richmond, and Washington: 67% in
Detroit; 66% in Baltimore and Birmingham; 65% in Atlanta; 63% In Cincinnati; 62% in Buffalo, Charleston, S. C., Jacksonville, Philadelphia.
St. Louis, and Scranton; 61% in Cleveland and Pittsburgh; 60% in Milwaukee, New York, and Providence; 59% in Boston; 58% in New Haven.
577 in Indianapolis; 56% in Kansas City, Minneapolis, and Omaha:
55% in Dallas, Louisville, Manchester, and New Orleans; 54% in Fall
2049
River; 53% in San Pranclsco; 51% in Little Rock; 50% in Memphis and
Newark;47% in Los Angeles and Seattle; 41% in Denver;39% in Portland.
Ore., and 38% in Salt Lake City. Prices were not obtained in Bridgeport,
Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland. Me.,
Rochester, St. Paul, Savannah, and Springfield, Ill.. in 1913, hence no
comparison for the 13
-year period can be given for these cities.
Business Summary of Bank of Montreal.
The Bank of Montreal in its"Monthly Business Summary"
(dated Oct. 22) based on information received from its
branches throughout Canada and from its offices abroad,
says in part.
Taking a broad view of Canadian commercial conditions during the past
month, the improvement previously noted is well maintained. The grain
crops of the Prairie Provinces, as well as those of Ontario and Quebec, have
suffered somewhat in quality by reason of unpropitious weather, protracted
rains having impeded harvesting and threshing with resultant lower grades:
yet it seems certain that the total yield of wheat will approximate that of
last year and be marketable at a profitable price. The untoward weather
conditions have delayed marketing of the crops, slightly reducing gross railway earnings in the first half of October from the corresponding period last
year, but this loss may fairly be expected to be overcome as the months
pass. On Oct. 16 the visible supply of wheat in Canada was 34,764,000
bushels, or only 88,000 bushels less than at the like period in 1925. The
congestion of grain at the port of Montreal unfortunately persists, due
mainly to shortage of ocean tonnage through diversion of tramp vessels to
coal carrying from United States ports, and the pressure for tonnage is refleeted in a substantial increase in rates.
The generally improved state of business in Canada finds expression in
our enlarged bank note circulation of about 10%, an increase in notice deposits of6% and of 7% in mercantile loans as compared with a year ago.
Production of newsprint is unabated. September production of pig iron
in Canada was 80% greater than in September 1925, and that of steel ingots
nearly 70% greater. Automobile production continues to show enlargement over last year, the August output having been 73% and that of the
eight months 35% in excess of 1925. Building operations are still quite
active, and when the total value is compiled at the end of the year a gratifying gain over 1925 will be recorded. The boot and shoe industry retains
recent improvement; general dry goods trade, both in mill production and
distribution, is considered satisfactory, and the hardware trade is enjoying
a fair degree of activity. Business insolvencies in the quarter ended Sept.
30,though slightly larger in number,show a decrease of 20% in liabilities.
Straus & Co., in September Building Survey, Find a
Decline in Projected New Buildings.
Reports made to S. W. Straus & Co. by the building departments of 463 cities and towns in different parts of the
Unted States showed a loss of 16% in September, compared
with September 1925. The same cities lost
% during the
first nine months of the year compared with the same
period last year. The volume of building permits for the
three quarters of the year was $3,281,735,879, compared
with $3,437,704,769 for the first nine months of last year.
In September these centres reported building permits of
$324,568,492, compared with $384,640,210 last September.
The reports show a loss between August and September of
13%, which is approximately 2% more than the usual decline
for this period. It appears, therefore, that the curve of
building activity is now dipping just a little below the normal
line. A further factor in the situation, is the rise in building
costs between September a year ago and the month under
review. Indices compiled by various authorities were from
2 to 4 points higher for September than for the same month
in 1925.
The falling off in building activities was fairly well scattered
over the country. In many of the leading building centres
losses were especially pronounced. New York, Los Angeles,
Cleveland, Boston, St. Louis, Milwaukee, Pittsburgh, Portland, Ore., and Oakland, Calif., reported a considerable
decline for September as com;ared with the same month a
year ago. On the other hand important gains were shown in
Chicago, Detroit, San Francisco, Newark, N.J., Baltimore,
Albany, Cincinnati, Buffalo, Yonkers and Columbus, Ohio.
The Survey goes on to say:
The reports made to S. W.Straus & Co. comprise the first figures obtainable from Florida since the storm. While the Sertember reports were, of
course, greatly affected by the disaster and showed a pronounced decline
as compared with the same month last year, a very sizable volume of permits were filed in the leading centres of the State. Among these were:
Coral Gables, $1,112,654; Daytona Beach, $584.200; Jacksonville. $1,216,617; Lakeland. $834,650; Miami, $844,496: Miami Beach, $321.775; Orlando, $1,052,297; St. Petersburg, $672,600; Tampa. $916,077; West Palm
Beach, $321,775. For the first nine months of the year the 30 principal
centres of the State had builaing permits of $144,688,512. compared with
$162,839,478 for the first nine months of 1925.
Twelve Leading States.
The twelve leading States, based on reports for three-quarters of 1926 as
submitted to S. W.Straus & Co., were:
No. of Places. Volume of Permits.
. States1. New York
$916,841,318
19
2. Illinois
328,955.499
3. California
. .
14
4. Michigan
183,462,420
18
5. Pennsylvania
176,120.921
26
6. Ohio
163.509.466
30
7. Florida
144.686,512
27
8. New Jersey
132,201,370
28
9. Massachusetts
110,509,257
16
10. Texas
96.470,920
11. Indiana
15
67,090,218
12. Connecticut
15
59,672,636
2050
THE CHRONICLE
[Voc. 128.
The mills of the California White and Sugar Pine Association, San FranBuilding Materials.
The high evel of actual construction activity during September held cisco, make weekly reports, but, not being comparable, are not included in
the foregoing tables or in the regional tabulation below. Eighteen of these
building material prices steady for the most part. Only linseed oil and
lumber showed any real weakness, though a few localized price declines in mills, representing 49% of the cut of the California pine region, gave their
other materials were also reported, as, for example,lime at Detroit and com- production for the week as 23.478.000 ft., shipments 16,833.000 and new
mon brick at St. Louis and Philadelphia. Most of the materials, however, business 15,403,000. Last week's report from 17 mills. representing 50%
including sand, gravel, crushed stone. Portland cement, wire and cut nails of the cut, was: Production, 25,082.000 ft.: shipments, 18,403,000, and new
and steel, were firm. Birmingham mill prices for steel and nails were business, 17,646,000.
West Coast Movement.
higher than during the previous month.
The West Coast Lumbermen's Association wires from Seattle that new
One important development in the building material situation during
September was the organization of the steel cartel in Continental Europe, business for the 108 mills reporting for the week ended Oct. 16 was 3% below
which began functioning Oct. 1. There is some disagreement in this coun- production and shipments were 18% below production. Of all new business
try as to the effect of the international trust on our steel industry and on taken during the week 49% was for future water delivery, amounting to
domestic steel prices. Many authorities believe that competition in some 54.101,789 ft., of which 39.485,246 ft. was for domestic cargo delivery and
items, especially along the Atlantic Seaboard, will be intensified. Another 14,616,543 ft. export. New business by rail amounted to 51,243.280 ft., or
question that arises is whether this combination will set a precedent for 46% of the week's new business. Thirty-nine per cent of the week's shipsimilar action in other industries. Already there is talk about the forma- ments moved by water, amounting to 36.488.619 ft., of which 27.812,449
ft. moved coastwise and intercoastal and 8.676,170 ft. export. Rail shiption of a European trust in the plate glass industry.
ments totaled 52.079.979 ft., or 55% of the week's shipments, and local
The Labor Situation.
deliveries 5,441,009 ft. Unshipped domestic cargo orders totaled 145.537.
During September wages in the building trades were well stabilized. and 481 ft., foreign 122,807,828 ft. and rail trade 115,626,298 ft.
employment, both present and prospective, In practically all the trades
Labor.
was generally satisfactory. In a survey of more than fifty principal cities
Other than pine sawmIlling, which as usual at this time of year is tapering
it was found that the advance in the average level of wages was small,
off for the season, industries are generally more active and employing more
although in some cities slight increases were made as of Oct. 1. While
men than has been the case In recent years, accordingto the Four L Employthere are fluctuations in wage scales, it seems apparent that these fluctuament Service. Woods work is gradually getting under way for the winter.
tions are within a narrower cycle and are considerably in contrast to the
West of the Cascades, except where outdoor work has been slowed up beperiod from 1915 to 1923.
cause of rains, employment continues at a high point with fewer men out of
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS work than has been the case in recent years.
FOR 1926 WITH COMPARISONS.
Southern Pine Reports.
9 Months
9 Months
September
The Southern Pine Association reports from New Orleans that for 121
1924.
1925.
1926.
1926.
1925.
mills reporting, shipments were 2.23% above production and orders 0.34%
NewYork(P.F.) 750,692.537 737.621.683 77.492.942 85.702,984 44,972.825 below production and 2.52% below
shipments. New business taken durChicago
264.779.1100 277.532,350 25.943.500 20.550,000 20,228.200 ing the week
amounted to 67,032,750 ft., shipments 68,763.300 ft. and proDetrult
142.618,734 138,687,911 15.737.336 14.908.454 12,524.789
duction 67,271,936 ft. The normal production of these mills is 76,087,372
Philadelphia
102.359,305 136.361.340 9.598.360 9.592,390 8.665,805
Los Angeles__ _ _ 94,277,860 115,767.533 8,163,581 11,071.923 13,090,467 ft. Of the 118 mills reporting running time, 79 operated full time, 11 of
Washingrn,D.C. 53.292,950
52.415,138 4,750,210 4,733,415 4,379.062 the latter overtime. Two mills were
shut down,and the rest operated from
Cleveland
53,333.150 4,128.250 5,430.400 4,833,725
51.511,975
Ban Francisco
39.318.786 4.001.012 3,158,082 5.671,784 three to five and one-half days.
43.943.708
The Western Pine Manufacturers Association of Portland, Ore., reports
Boston (P. F.)
54.475,554 3.627,826 10.499,691 3,906,119
42.277.650
Newark, N..1_ _ 30.766.791
32.483.033 3.747.869 2.014.144 1,558,284 some increases in production and shipments and new business about the same
Baltimore
34,715.270 3.693,000 3,162,620 2.737.000
33.681.520
St. Louis
32.769,229
44,2116,810 2.765,027 4,663,865 2,783,960 as that reported for the week earlier.
The California Redwood Association of San Francisco, Calif., reports a
.Milwaukee
32,242,680
31.103.297 3.941,757 4,904.356 6,992,512
Pittsburgh
34.378.419 1,843,936 4,523.937 1,985.234 slight decrease in production, a nominal increase in shipments and a big gain
29,950,402
Seattle
26.403.800
25.956.465 2.862.185 2,805.050 1.439.970 in new business.
Portland, Ore
26,301.925 • 31.257.930 2.617.580 3.539.685 2.548.575
Miami25.203.208
38.233,017
844,496 5.803,989 1,426,529 'The North Carolina Pine Association of Norfolk, Virginia, with one less
Albany
12,141.077 3,872,456 2.624,913
23,628.609
625.260 mill reporting, shows some decreases in production and shipments, and a
Cincinnati
23,011,424
23,882.355 3.443.094 1.549.530 2.511,590 50% reduction in new business.
Houston
22,446,292
19.120,108 1.741.665 1,976,326 1.092,120
The Northern Pine Manufacturers Association of Minneapolis, MinneOakland
21,641.243
29.473,095 2.123.002 3.000,070 2.502,144
Buffalo
21,559.255
21.815.312 2.834,357 2,635.315 1,635,536 sota. with three fewer mills reporting, shows notable decreases in producYonkers
20.979,373
16.736.198 3,209,894 1.733,360 1.098.200 tion and shipments, and a good gain in new business.
Columbus. O.__ 20,567.900
23.185.400 2.211.700 2.088.000 1,488.800
The Northern Hemlock and Hardwood Manufacturers Association of
Mt. Vernon..
19.515,778
8.491.408
721.708
966.540
292,650 Oshkosh. Wisconsin, (In its softwood production) with
one less mill report1.962.424.048 2.032,752,639 195,917,743 213,639,039 150,991,140 ing, shows a slight decrease in production, a nominal increase in shipments.
Note.—P. F.Indicates plans filed.
and new business about the same as that reported for the previous week.
Lumber Trade Records Good Business.
The "lumber thermometer" of business is encouraging,
according to'the National Lumber Manufacturers Association's weekly review of the industry. Virtually the same
number of comparably reporting softwood mills show a gain
in current orders for the past week of about 10% over last
year's business, shipments the same and a silight increase
in production. For the first 41 weeks of the year this group
of mills enjoyed a business 350,000,000 board feet in excess
of that of the like period of 1925. Repol ts from about 150
other mills, softwood and hardwood, support the showing
of the comparable mills. According to this yardstick, the
lumber business is about 5% heavier this year than last.
Owing to its universal use in manufacturing and building
and, now-a-days, short-order buying, lumber is considered
an excellent gauge of general business activity.
As compared with the preceding week, both softwood and
hardwood had a larger market, according to the association's
report, from which we quote thefollowing.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 16 mills, production as 1,665.000 ft..
shipments 3,981,000 and orders 3,537.000.
The Hardwood Manufacturers Institute of Memphis. Tennessee,reported
from 109 units, production as 17,326.730 ft., shipments 18,299.030 and
orders 18,662.232. The normal production of these units is 18,111,000 ft.
The two hardwood groups totals for the week as compared with the
preceding week were:
Mills. Production. Shipments. Orders.
Week ended Oct. 16
125 18.991,730 22.280.030 22,199,232
Week ended Oct. 9
134 20,433.551 22.475,698 21,269.229
For the past forty-one weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production as 1,208,325,936 ft.,
shipments 1,194,211,959, and orders 1,229.989.787.
West Coast Lumbermen's Association.
One hundred and six mills reporting to the West Coast
Lumbermen's Association for the week ended Oct. 9 manufactured 113,720,893 feet, sold 97,146,283 feet, and shipped
107,156,441 feet. New business was 16,574,610 feet less than
production and shipments 6,564,452 feet less than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
Oct. 9.
Oct. 2,
Sept. 25.
Sept. 18.
The unfilled orders of 229 Southern Pine and West Coast mills at the Number of mills reporting
106
106
109
107
113,720,893 111,855,833 117,354.502 111,553,162
end of last week amounted to 623,934,257 ft., as against 596.820.796 ft. Production (feet)
New business (feet)
97,146,283102,691,719 109,167,817 117,290,907
(revised) for 227 mills the treviors week. The 121 Identical Southern Shipments (feet)
107,156,441 120,294,634 112,414,311 112,940.937
Pine mills in the group showed unfilled orders of 239,962.650 ft. last week, Unshipped balances:
112.718.826 122,202.546 130,518,371 132,561,770
Rail (feet)
as against 241 693.200 ft. for the week before. For the 108 West Coast
Domestic cargo (feet)_ _ 132,819,202 137,912,822 156,076,480 159,357,508
mills the unfilled orders were 383,971,607 ft., as against 355,127,596 ft.
Export (feet)
109,589,568 110.043,450 115,145,065 105,076.599
for 106 mills a week earlier.
Total (feet)
355.127,596 370,158,818 401,739,916 396.995.877
Altogether the 343 comparably reporting softwood mills had shipments
1926.
93% and orders 99% of actual f roduction. For the Southern Pine mills
1925.
1924.
1923.
First 41
these percentages were respectively 102 and 100; and for the West Coast Average Weeks—
number of mills_
106
115
132
124
mills 82 and 97.
Production (feet)
4 256.503.387 4,095,439,347 3,807.399,368 4,126,108.021
4 385,490,483 4,225.054,354 3,840,609,433 4,184,720.830
Of the reporting mills, the 318 with an established normal production New business (feet)
4 375.932.294 4,275.795 561 3.961,219,857 4,316.910.968
223,510.481 ft., gave actual production 102%, shipments Shipments (feet)
for the week of
95% and orders 102% thereof.
The following table compares the softwood lumber movement, as reflected by the reporting mills of seven regional associations, for the three Falling Off in Building COnstruction in Illinois During
weeks indicated:
September.
Corresponding
Preceding Week
Past
September building for the State has fallen off nearly
Week 1925.
1926 (Revised).
Week.
Mills
342
350 $8,900,000 from the figures reported for August, avers Rue343
Production
.694.928
231.
243.120.452 hen D. Cahn, Chief of the
240.234.406
Bureau of Labor Research of the
Shipments
225.217.207
234.744.574
224.501.679
Orders (new business)_ __ _238.074.695
218.551.163
218.955.983 Illinois Department of Labor, in his summary for September
The following revised figures compare the softwood lumber movement under date of Oct. 18, in which he goes on to say.
of the same seven regional associations for the first 41 weeks of 1926 with
Most of this decrease is due to decreases in Chicago and surrounding comthe same period of 1925:
munities. Blue Island and Cicero are the only cities In the metropolitan
Shipments.
Orders.
district whose construction Increased during September, whereas 9 dtles
Production.
1926
10.030,435,554 down-State show very considerable gains. Bloomington In September
10.028.924,927
9,809.588.725
9,680.426.189 Issued permits for five times the value of August construction. Joliet
1025
9,958,701,613 g E. 9,860(988(48?
Unfilled Orders Gain.
OCT. 23 1926.]
THE CiiItONICLE
nearly quadrupled its August building, and Decatur more than trebled Its
August figures. September building for the State as a whole is ahead of
September 1925 by nearly $6.500.000,
Home building forms the greatest proportion of September construction in
all cities except Decatur. East St. Louis, Peoria and Rockford. In Evans.
ton and Springfield non-residential building is almost equal to home construction. Decatur has three new factories totaling $1.015,300 in value:
East St. Louis has three factories valued at $142.000; Peoria plans for three
factories totaling $176.000; Rockford has one new factory valued at $90.000
and a theatre building worth 5295.000. Springfield plans a store worth
$100.000 and Evanston for a factory valued at $250.000.
Chicago provides new housekeeping dwellings for 3,229 families in September. Evanston, next in rank, plans accommodations for 76 families;
Berwyn follows with new homes for 74 families. During the first nine
months of 1926 Chicago has provided dwellings for 28.701 families. Berwyn
for 1.131, Evanston for 780, Oak Park for 597.
Decatur leads all cities except Chicago in September building. Outside
the metropolitan area, Joliet follows Decatur with $853.700. Rockford is
third with $694.330. These down-State cities surpass every city in the
metropolitan area except Chicago ($27.143.945) and Evanston ($1,069.0001.
During the first nine months of 1926 Peoria has authorized building worth
$4.912.745: Decatur takes second place with $4.508.577; Rockford Is third
with $4,414.347. Springfield follows with $3,781,465; East St. Louis with
$3,717,382.
In the metropolitan area, Chicago, with new building during September
valued at $27.143.945, is first. Next comes Evanston with $1,069.000.
Berwyn is third with 54-13,000. During the first nine months of 1926
Chicago has authorized building worth $274,916,220. Evanston is second
with $11,783.970. Berwyn third with $6,917.600. Oak Park follows with
$4,943.413, and Cicero with $4.284.208.
The following tables are atlpplied by Mr. Calm.
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS CITIES IN SEPTEMBER 1928, BY CITIES, ACCORDING TO KIND OF BUILDING.
Sept. 1926.
No.
Bides
Aug. 1928.
Estimated
Cost.
Sept. 1925
Estimated
Cost.
Estimated
Cost.
Residential Buildings
Sept. 1926.
No.
Bides
Estimated
Cost.
PamRies
Pros.
for
HI'PO
$
$
$
Whole State— .58835,140,1214,775 .004,28028.897.175 1.42122,238,873 3.898
Chicago
,64,27,143,9454,974 35.695.489120.663.200 91617,901,800 3,229
Outside Chic 1.941. 7.996,170 1.801 8.308,791 8..4..1175 505 4.337.073
669
Aurora
131
369,572 151
256.887
62
Berwyn._ __ 210 443,000 115 422.968 682.000 621 309.023
772.200
411 358.800
74
Bloomington 27
186.000
14
34.000
91,000 12 132.000
18
Blue Island. 49
174,591
36
71,470 186.555 14 138.300
16
Canton
7
84,425Non
Nun
6.000Nond
None
Nun
Cicero
65 395.127 70 302.865 420,934 35 359,900
47
Danville
16
107,500 18
103,000
149.000
98,000
17
141
Decatur
10. 1,282,987 116 396.700 426.725 27 136,350
27
E. St. Louis 177 395,719 148 330,592
438.7i7 441 166.300
62
Elgin
120
177,933 134
27
238,7311 172.067 27 128.800
Evanston
120 1,069,000 121 1,674,450 1,523,050 30 589.000
78
Highland Pk
30 202,540 35 224,496 198.152 11
187.800
11
Joliet*
41. 853,700 47 221,957
•
10 767.500
14
' Moline
115
56,344 98 142,534 103,173
8
28.750
6
Murphysboro
3
12,000
2
7,000
130.960N0"
None
Non
Oak Park
96 357.100 10, 900,640 174.921
46
161 250.250
Peoria
125 475.475 136 572.060 244.845 30 191.750
35
Quhtcy
21.
42,470 ' 43 171,875
27.900
8
8
68.975
Rockford
209 694,330 192 418,0.2 508,100 81
204.300
66
Rock Island_
90
83,694 72
51,124
68.528, 17
59.000
17
Springfield.. 124 298,954 96 955.349 1,984.723 31
110.850
31
W ilmette.-. 30
154.515 33 196,478 270.390
4
75.500
4
NVInnetka._ _
17
5
79.250
103,025
102 300
17
67.000
5
'Figures not available before April 1928.
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS CITIES FROM JANUARY TO SEPTEMBER 1926,
BY CITIES ACCORDING TO KING OF BUILDING.'
Total.:
Jan.
-Sept. 1926.
Total
Jan -Sept.
1925.
No.
Build- Estimated
ings.
Cost.
Estimated
Cast.
Cities.
Residential Buildings.
January to August 1926.
Families
No.
Providedfor
Build- Estimated (HouseWe.
Cost.
keeping
Dwellings).
$
$
8
Whole State
38,349 341,279,050 347,579,540 14,834 215 164,401
36,815
Chicago
22,940 274,916,220 277,532,550 9.523
Outside Chicago... 15,40a 66,362,850 70.040,91,0 5,311 170.995.850 29,701
44.168.561
7,114
Aurora
1,093 3,326,583 2,963,134
433 2,282,453
442
Berwyn
1,5,7 6,917,600 7,511,925
806 6,405.500
1,131
Bloomington....
197
971,250 1,084,600
99
728,100
104
Blue Island
369 1,111,27e 1,300:265
102
743.650
109
Canton
28
141.475
30,075
4
11,800
4
Cicero
599 4.284,209 5,345,725
272 3.098,500
447
Danville
128 1.253,500 1,139,100
101
725,400
145
Decatur
1,118 4,508,577 4,418,105
461 2,151,600
470
East St. Louis
1,222 3,717,382 4,509,178
415 2,876,283
643
Elgin
1,040 2,700.469 2,184,73,
237 1.068,578
242
Evanston
975 11,783,970 10.224,870
328 7,527,370
780
Highland Park
324 1,846,230 1.749,933
156 1.550,441
156
Moline
809 1,124.,47
733.880
127
859,388
135
Murphyaboro..-22
221,400
792,4100
9
30,300
9
Oak Park
783 4,943,4,3 6,215.375
210 3,759,350
597
Peoria
1.208 4,912.745 4,793,518
284 2,983.250
304
Quincy
343 1,069,830
952,025
161
689,200
160
Rockford
1,819 4,414,347 4,718,940
538 2,677,500
693
Rock Island
602
982,092 1,140.300
110
404,950
112
Springfield
1,126 3,781,465 4.735,854
316 1,842,838
387
Wiltnette
238 1,213,302 1,574.327
84 1,036.900
84
Winnetka
149 1.138.200 1.800.165
60
955.000
80
"Juliet omitted, no figures available
before April 1926.
x Total Included additions,
alterations, repairs and installations, details of which
are not shown for lack of space.
Autornebile Production Still High.
September production of motor vehicles in the
..Jnited
States, as reported to the Department of Commerce,
was
397,123, of which 350,811 were passenger cars and 46,312
were trucks, as compared with 425,626 passenger cars and
trucks in August and 321,857 in September 1925. The Ca-
nadian figures for.each month of 1926 are supplied by the
Dominion Bureau of Statistics. .
The table below is based on figures received from 172 man.ufaetiwers for recent months, 65 making passenger cars and
124 making trucks (17 making both passenger cars and
trucks). Data. for earlier months include 77 additional
manufacturers now out of business, while September data for20 small firms, mostly truck manufacturers, were not received in time for inclusion in this report. Figures on truck
production also include fire apparatus, street sweepers and
buses.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Passenger Can.
Truett.
Total.
U. S. ,Canada.
213,851
253.955
334,214
393.262
384.548
368.510
380,124
223,517
274,227
205.550
243.176
321 200
377,747
368,197
352.281
348.984
218,087
263,855
8.301
10.779
13.014
15.515
18.351
14,249
11,140
7.430
10,372
28.203
34 482
45,1180
47,984
45,719
38.151
41,870
37.850
80.482
Total (9 months)._ 2.804,208 2,695,057
Total.
U. S. a Canada.
1925.
lanuary
February
March
April
May
June
July
August
September
October
Novetnber_
December
Total(year)
26.838
32,789
43.091
46.408
43.831
36,357
40,025
38,384
58,002
1.568
1,893
2,183
1.576
1.888
1,794
1.846
1,486
2.480
109,151
379,921
53.505
18,416
394,096
328.894
278,843
13,921
8,741
7.498
413,013
40.048
34.488
44.323
37.811
32.757
1,1190
2,237
1,731
3.835.801 3,898.490
139.311
500.470
478,396
22.074
284.703 272.922
334,524 319,783
399.105 381.118
401,838 333,907
394.589 373.140
•35s.385 •339,547
*328.816 *315,883
393,115 •380.258
. 350,811
11,741
14,781
17,989
17,929
21.429
18.818
12.953
12.857
(b) .
33.481
29.763
41,885
37.808
49,233
44.848
53.887
50,314
51.343
47.838
*47,070 *44,137
"41.847 •39.593
47,772 *45,368
46,312
3.83
4,0
4.3
3,573
3.506
2.933
2,256
2,4011
(b)
408,017
337,435
288.141
1926.
Total.
Cities.
2051
January
February
March
April
May
June
July
August
September
Total(9 months)._
3.118.481
lftc.Rfte
•Revised. a Reported by Dominion Bureau of Statistics since Jan. 1
b Not yet available.
.
utta
Automobile Prices and New Models.
The price reductions put into effect by the Marmon
Motor Car Co.range from $105 to $205 on the various models
which have been changed somewhat, as recorded on page
1939 of last week's "Chrohicle."
Numerous Reductions Occur in Prices of Crude 011
and Gasoline.
Crude oil prices were reduced in several sections of the
country during the week just closed. Though none of the
cuts were far-reaching in effect, they tend to show the trend
of the market. On Oct. 16 the South Penn Oil Co. reduced the price of Keister crude oil 250. a barrel to $2 05 a barrel.
Other grades of Pennsylvania crude remained unchanged.
On the same day the Joseph Seep Purchasing Agency also
reduced Keister crude oil in Buffer County, Pa., 25 cents
per barrel, making the new price $2 05 per barrel.
The Grayburg Pipe Line on Oct. 21 cut the price of crude
in the Somerset field, Texas, from 25c. to 30e. per barrel,
according to grade. The new price is $1 for 28 gravity,
ranging up to $2 15 for 38 gravity and above. This reduotion was at once met by other purchasing agencies in the field.
In the gasoline markets several price changes were announced, all of them being reductions. In Washington,
D. C., on Oct. 16 the Penn Oil Co.reduced the retail price oi
straight run gasoline from 24 to 22 eents a gallon. The export price of gasoline on the Atlantic seaboard was reduced
Mo. per gallon in case lots on Oct. 18, making the new
price 27.40 cents.
An important announcement was made Oct. 20 by the
Standard Oil Co. of New Jersey, when it reduced the price of
gasoline 1 cent a gallon to 18 cents, tank wagon, throughout
its territory, except in North Carolina and South Carolina,
where the reduction was 3 cent per gallon, making the price
19 cents, tank wagon.
The Standard Oil Co. of Louisiana on the same date eui
tank wagon price of gasoline 1 cent a gallon in Arkansas and
Tennessee.
Indications of a "price war" were seen in the fact that on
Oct. 21 the Penn Oil Co. of Washington, D. C., announced
that a further cut of 1 cent a gallon in the District of Columbia in straight run gasoline will be made Saturday, making
the retail price 21 cents. The selling price of Standard Oil
Co. of New Jersey is 23 cents for straight run gasoline.
On Oct. 22 quotations in the wholesale markets at Chicago
stood as follows: U. S. motor grade, 9%@)97 c. a gallon:
4
/
kerosene, 41-43 water white, 67 3(4)7c. a gallon; fuel oil
24-26 gravity, $1 35@1 37.4 a barrel.
2052
THE CHRONICLE
.Crude Oil Production Shows Substantial Increase.
An increase of around 29,950 barrels per day was reported
by the American Petroleum Institute on Oct. 20. This
vIrati substantially greater than the increase reported last
vi-eek and brought up the estimated daily average gross
(*tide oil production in the United States for the week
ended Oct. 16 to 2,234,150 barrels, as compared with
2,204,200 barrels for the preceding week. The daily
avetage production east of California.was 1,625,850 barrels,
as compared with 1,601,700 barrels, an increase of 24,150
barrels. The following are estimates of daily average gross
production by districts for the weeks mentioned below.
[VOL. 123.
percentage compares with 87.4 for August, 78.9 for July,
88.4 for June, 88.9 for May, 98.2 for April and 83.8 for
September 1925. The average number of active spindle
hours per spindle in place for the month was 220. The total
number of cotton spinning spindles in place, the number
active, the number of active spindle hours and the average
sp ndle hours per spindle in place, by States, are shown in
the following statement:
In
Active
Place
During
Sept. 30. September.
DAILY AVERAGE PRODUCTION.
Cotton growing States
(In Barrels)Oct. 16'26 Oct. 9 '26 Oct. 2 '26 Oct. 17'25 New England States
All Other States
Oklahoma
486,150
474,400 Alabama
474,950
470,500
Kansas
114.300
114,800
110,100 Connecticut
115.150
NorthTexas
244,350
230,200
212,000
75,650 Georgia
Maine
East central Texas
55.900
81.400 Massachusetts
55.800
57.800
West central Texas
99,150
71,400 New Hampshire
100,300
98.500
Southwest Texas
43.650
42,850 New Jersey
44.950
4.050
New York
North Louisiana
57,900
48,400 North Carolina
57,000
58,200
Arkansas
204,100 Pennsylvania
149.900
151,100
150,150
calif Coast
166.750
174,400
167,450
102.350 Rhode Island
Eastern
109,000
110,000
109.500
104.000 South Carolina
Tennessee
Wyoming
65,250
67,500
62,850
86,250 Texas
Montana
20,800
20.900
20.850
17.000 Virginia
Colorado
7.900
8,100
4.450 All other States
8,500
New Mexico
5,750
4.750
4.800
5.050
United States
Oftllfornia
608,300
600,000
602.500
655,500
Total
2.234.150 2,204.200 2.194,250 2,082,900
•
•The estimated daily average gross production of the Mid-Continent
field, including Oklahoma. Kansas, north, east Central, west central and
southwest Texas, north Louisiana and Arkansas, for the week ended
Oct. 16 was 1,250,400 barrels, as compared with 1.228,150 barrels for
the preceding week, an increase of 22.250 barrels. The Mid-Continent
.production. excluding Smackover. Arkansas, heavy oil, was 1,132.550
barrels as compared with 1,110,300 barrels, an increase of 22.250 barrels.
• In Oklahoma, production of North Braman is reported at 14,800 barrels,
against 15,150; South Braman,6,750 barrels,against 6.800 barrels; Tonkawa
36.350 barrels. against 36,900 barrels; Garber. 25,000 barrels, against
26,100 barrels; Burbank, 49.150 barrels, against 46,800 barrels; BristowSlick, 27.150 barrels, against 27.300 barrels; Cromwell, 15.100 barrels,
against 15.300 barrels; Papoose, 9,500 barrels, against 9,550 barrels.
Wewoka. 26,590 barrels, against 27.050 barrels; Seminole, 47,200 barrels,
against 34,950 barrels.
In north Texas, Hutchinson County is reported at 143,050 barrels,
against 131.900 barrels, and Balance Panhandle 11,600 barrels, against
10.350 barrels. In east central Texas, Corsicana Powell. 24,300 barrels,
against 24.250 barrels: Nigger Creek, 12.250 barrels, gaainst 12,200 barrels;
Reagan County, west central Texas, 29,250 barrels, against 29,100 barrels;
'Crane and Upton Counties. 11.000 barrels, against 12,450 barrels; and
in the southwest Texas field. Luling, 20,650 barrels, against 20,750 barrels;
Laredo District, 16.850 barrels, against 17,100 barrels; Lytton Springs,
3.650 barrels, no change. In north Louisiana, flaynesville is reported at
9.150 barrels, against 9.200 barrels; Urania, 15.450 barrels, against 16,700
barrels: and in Arkansas, Smackover light, 14,000 barrels, against 14,150
bfrrels; heavy, 117,850 barrels, no change; and Lisbon. 7,650 barrels,
against 7.800 barrels. In the Gulf Coast field, Hull is reported at 22,650
bitrrels, against 21,450 barrels; West Columbia, 8.900 barrels, against
8.850 barrels: Spindletop. 78,900 barrels, against 79,800 barrels; Orange
County. 6.700 barrels. against 7.150 barrels; and South Liberty, 4,050
barrels, no change.
In Wyoming, Salt Creek is reported at 45,900 barrels, against 43,150
barrels; and Sunburst, Mont., 18.000 barrels, no change.
In California, Santa Fe Springs is reported at 47.500 barrels, no change;
Long Beach. 95.000 barrels, against 93.500 barrels; Huntlhgton Beach,
53:000 barrels, against 50.000 barrels; Torrance, 27,000 barrels, no change;
Dominguez, 21,000 barrels, no change; Rosecrans, 13,000 barrels, no
change; Inglewood. 41.000 barrels, no change: Midway Sunset, 94.000
barrels, no change; Ventura Avenue. 48,800 barrels, against 50,500 barrels.
International Paper Price Unchanged.
'Prevailing price of $65 a ton for newsprint in carload lots
will be the contract price for 1927, according to a statement
made by International Paper Co. announcing next year's
prices, according to the "Wall Street News" of yesterday
(Oct. 22).
Activity in the Cotton Spinning Industry for
September 1926.
The Department of Commerce announced on Oct. 4 that
according to preliminary figures, compiled by the Bureau
of the Census, 37,413,598 cotton spinning spindles were in
place in the United States on Sept. 30 1926,of which 32,134,682 were operated at some time during the month,compared
with 31,321,936 for August, 31,082,482 for July, 31,770,900
for June, 33,267,410 for May, 32,893,042 for April, and
31,571,554 for September 1925. The aggregate number of
active spindle hours reported for the month was 8,247,975,101. During September the normal time of operation was
25% days (allowance being made for the observance of Labor
Day in some localities), compared with 26 for August, 26
for July, 26 for June, 2534 for May and 25 2-3 for April.
Based on an activity of 8.78 hours per day, the average
number of spindles operated during September was 36,839 408. or at 98.5% capacity on a single shift basis. This
Active Spindle Hours for
September.
Spinning Spitullesf
State.
AVM. per
Spindle
in Place.
Total.
17,882,130 17,145,328 5,323,958,627
17.808,140 13,531,118 2,614,849,640
1,723,328 1,458,236 309,166,834
1,468,042 1,418,810 402,496,466
1,198.892 1,004,522 183,404,671
2,919,084 2,807,606 825,066.935
1,130,600
903,116 158,124,129
11,357.826 8,319,152 1,601,862,700
1,427,862 1.042.702 205,198,192
415.604
373,162
63,939,576
893,428
722,612 164,195.578
6,082,638 5,763,706 1,861,378.356
123,672
104,702
19,928,665
2,548,152 2,130,284 440,049,281
5,359,484 5,288,076 1,753.827,566
571,964
530,188 152,347,586
239,828
68,906,870
221,898
711,314
685,594 149,310,966
985.170
818,552 197,937,584
298
147
179
274
153
283
140
141
144
15
4
184
306
161
173
327
266
287
210
205
37.413.598 32.134.682 8.247,975,101
220
Cottonseed Oil Production During September.
On Oct. 19 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 1926 and 1925.
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Stale.
Received at Mills •
Crushed
Aug. 110 Sept. 30. Aug. Ito Sept. 30.
1926.
United States
1925.
1,092,776 1,348.668
On Hand at Mills
Sept. 30.
1926.
1925.
1926.
1925.
538.385
601.514
577,981
779,430
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carollna
Tennessee
Texas
All other
75.502 111,114
38.036
62,635
48,766
37,722
7,119
6,685
6,703
1,067
6.788
456
66,086 104,730
31,074
48,082
35,684
56,919
9,909
5,445
5,530
3,469
4,379
2,350
125,398 168,506
66,916
63,397
00.935 105,422
53,910 100,713
25.869
28,239
59,345
41,420
144,890 219.272
59,282
79,686
91,243 142,585
39,984
52,487 .16,109
21,259
24,252
31,574
40,100
54,484
24,325
27,838
10,193
29,940
48,063
67.105
26,176
28,622
22.606
39,847
37,310
57,215
23,406
28,466
15,728
29.196
436,687 378,406 210,360 193,506 237.289 205,993
7.818
22.508
4.579
10 216
2.2115
12 677
* Includes seed destroyed at mills but not 23,576 ons and 32,276 tons on hand
Aug. 1, nor 10,893 tons and 22,439 tons reshipped for 1926 and 1925, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Sept. 30.
Shipped Out
Aug. 1 to
Sept. 30.
On Hand
Sept. 30.
Crude oil (pounds)__ 1926-27 *8,405.715 156,111.308 126,510,461 *58,158,232
4,847,333 175.755,391 148,949,605 53,813,649
1925-26
Refined oil (pounds) 1920-27 al45,603,880 893,188,535
a64,567,810
1925-26 173,549,345 123,254,830
57,308,614
151,578
Cake and meal(tons) 1926-27
244,099
268,613
127,064
18,976
1925-26
281.744
211,337
89,383
97,989
1926-27
Hulls(tons)
149,241
100,315
146,915
39,503
1925-26
166,448
130,158
75,793
68,186
Linters(running
1926-27
94,876
87,252
75,810
1925-26
18,547
bales)
112.700
83,530
47,717
Hull fiber (500-1b. 1926-27
14,586
659
1,912
13.333
1925-26
4.008
balm)
8.448
3,880
6,576
Grabbots, motes,aze. 1926-27
7,633
2,911
5,122
5,422
(500-1b. bales)_ .. _ 1925-26
1.758
3.429
9 libi
9000
• Includes 3.532,157 and 4,753.320 pounds held by refining and manufacturing
establishments and 2,970,733 and 21,901,240 pounds in transit to refiners and consumers Aug. 1 1926 and Sept. 30 1926, respectively.
a Includes 3.044,473 and 4.899.116 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments,
and 2,699,519 and 5,586,073 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, am, Aug. 1 1926 and Sept. 30 1926, respectively.
b Produced from 102,685,627 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TWO MONTHS ENDING
SEPT. 30.
Item
1925.
1926.
011. crude, pounds
923,961
327,699
Refined, pounds
415,763 5,412,022
Cake and meal, tons
32,780
48,046
Linters, running bales
4,525
11,374
Further Decline in World Zinc Stocks
-Sharpe Estimates World Stocks Oct. 1 at 30,100 Metric
Tons, Against 33,200 Sept. 1.
A. J. M. Sharpe, Honorary Foreign Secretary of the
American Zinc Institute, estimates world stocks of zinc
Oct. 1 at 30,100 metric tons of 2,204.6 pounds each, compared with 33,200 tons Sept. 1, decrease of 3,100 tons.
Stocks of zinc Aug. 1 were 37,200 tons, he estimated; July 1,
40,600; June 1, 49,200; and March 1, 33,500 tons. The
"Wall Street Journal" of Oct. 21, from which we quote, also
says:
The following table gives, in metric tons, Mr. Sharpe's estimates of zinc
stocks in various countries during the last six months:
OCT. 23 1926.]
THE CHRONICLE
Oct. 1. Sept. 1. Aug. 1. July 1. June 1. Motel.
Unit:id States------- ___ 14,200
Canada
2,200
Australia
2,200
Germany and Poland
5,000
Belgium
2,100
France
1.000
Great Britain
1,200
Scandinavia
200
Far East
500
Elsewhere
1.500
Total
30.100
16,500
2,400
2,200
5,500
2,000
1,000
1,400
200
500
1,500
20.900
2,300
2,200
5.800
1.800
1,000
1,000
200
500
1.500
23.400
2,100
2.200
6,500
1,800
1.200
1,200
200
500
1,500
27.200
2,400
2,200
9,000
2.800
1,200
2,200
200
500
1,500
23,000
2,200
2,200
7,500
2,600
1,000
1,800
200
500
1,500
sz 2nn
37.200
40.600
49.200
43.100
Mr. Sharpe, in reviewing the world situation Oct. 1, says:
"The coal strike in Great Britain is proving a much longer drawn out
affair than anyone anticipated. With advent of winter there is a general
desire on part of the miners' leaders to reach an agreement, but, as they
lack any policy whatever, ways and means for reaching a settlement of the
dispute are difficult to find.
"I stress this coal strike because of its effect on the zinc situation so far
as the United Kingdom is concerned. In the first place, it has entirely
closed down British zinc smelters, and even when the dispute is over it will
be another month or so before the zinc smelters are operating. Secondly,
there is the effect the coal stoppage has had on actual consumption of zinc.
At the outset it almost paralyzed consuming industries. but when once it
was apparent that the struggle would be a long one,the galvanizers and other
large users of zinc made arrangements to carry on as far as possible with
aid of foreign fuel, and in some cases foreign semi
-manufactured materials.
"That efforts of British manufacturers to carry on in such difficult circumstances have been successful is eloquently testified by importations of
slab zinc, which are really little below those of the few months preceding the
strike. Consumption has, of course, suffered, on a scale equal to the
erstwhile production of 4,000 tonsMonthly in the United Kingdom.
"Belgian output is fully maintained and production elsewhere is such as
to call for no special comment.
"Consumption in Europe is satisfactory, having regard to the state of
political and industrial affairs. Rolling mills on the Continent are particularly busy and continue to be booked up for three months ahead.
"Stocks on this side of the Atlantic are about as low as they.can be, so
that technically the zinc situation in Europe is quite sound. Reviewing
the position from the market angle, it will be seen that there Is no scope for
any material fall in the selling price; on the other hand, the chances are
more in favor of an advance in the quotation following termbaationofthe
British coal strike and consequent moderate increase in consumption."
Steel Operations Show Slight Slackening—Pig Iron
Market Affected by Fuel Prices.
Recent reports of reduced shipments from mills to automobile and implement plants are made more definite this
week, and in the Pittsburgh district there is evidence that
the steel industry is selling less to other lines of consumption
and producing somewhat less than in the past two months.
declares the weekly market review issued Oct. 21 by the
"Iron Age."
In pig iron also the week's developments have been more
striking than of late, both producers and consumers showing
concern over the steady rise in fuel prices and the uncertainties it has brought upon the pig iron market, observes the
"Age," adding.
Youngstown steel plants have made the chief reduction in operations,
their production of steel ingots declining to 78% of capacity. Thus the
average for Pittsburgh and near-by districts is not far from 80%.as against
85% in the past six weeks.
While the Steel Corp.'s operations are holding close to 85%,some stocking of semi-finished and finished steel is indicated. With the corporation,
as with the larger independent companies, operations are expected to show
no decided change in the next few weeks—probably less than that in new
orders, seeing that in some products, bars and sheets particularly, buyers
are covered until late in the year.
Thus with this year's lead of 3,500.000 tons of ingots over the 1925 output to Sept. 30, an increase of 2,000,000 to 3,000,000 tons over the 44,000.000 tons of ingots for last year is a reasonable expectation.
Rails, as in other years, will be an important factor in late fall bookings.
The New York Centrals 227,675 tons was the largest purchase of the
week, the Santa Fe coining second with 129.860 tons of rails and 17,110
tons of tie plates.
The slackening noticed last month in large fabricated steel work Is refleeted in the Department of Commerce report. From 250,000 tons in
August lettings dropped to 186.000 tons in September, or from 82 to 61%
of capacity. The total for the nine months, though 4% off from the nine
months of 1925, is still large, 1,906.000 tons.
For the past week structural awards. at 14.500 tons, were about half those
of the previous weeks, and new inquiries amount to 11.500 tons.
Cleveland may become a basing point for steel bars in view of the early
starting of a new mill there producing 15.000 tons a months. Bars have
been quoted as low as 2c. at Cleveland,and large buyers who are still getting
shipments on 1.90c.. Pittsburgh, contracts have done little fourth quarter
buying at 2c.
Lake shipyards have a fair supply of work and two boats are pending
requiring 5,400 tons of plates.
Demand for standard weight pipe as well as for, oil well pipe has fallen
off, and tin plate operations, which were rated with those of pipe mills
a few months ago, are
seasonably less.
September sales of sheets by independent manufacturers set a new high
record, with a total of 448.147 net tons, exceeding Oct. 1925, by almost
45.000 tons. Sales of the third quarter of the year were much in excess
of both production and shipment, but in the corresponding quarter of 1925
production was higher than either sales or shipments, causing an accumulation that later weakened the market.
Steel casting business held closely in September to the August rate, bookings bring 50 and 51% of capacity, respectively, for the two months.
The new possibilities in the pig iron market are due to the soaring of coal
prices, largely because of export demand. Run of mine gas coal has sold
at $3 to $3 50 at mine for export. Non-union mines are paying
a day
wage advance. Thus far spot coke has not been advanced, but the market
Is stronger en large tonnages for future shipment, and blast furnaces are
chary of selling pig iron for first quarter.
kr Japan has lately been notably active. Since Sept. 1 probably 100,000
base boxes of American tin plate have been included in sales, with 35,000
h
s
boxes or more under inquiry. price , whic compare with the British
2054
export price, figure back to $4 CO per box, Pittsburgh. Japanese sheet inquiries call for 8,000 to 10,000 tons for delivery into January. For the
Tokio subway, 900 tons of rails have been placed in the United States.
Welsh tin plate production is now about 60% of normal, more works
using foreign coal and steel.
The "Iron Age" composite prices are unchanged That for pig iron
remains at $1971 per gross ton, against $19 88 a year ago, and that for
finished steel at 2 453c per pound, against 2 403c. twelve months earlier.
leaving the usual composite price table standing as follows:
Finished Steel
Pig Iron.
Oct. 19 1926. 2.453c. Per Lb.
Oct. 19 1926. $19 71 Per Gross Ton.
One week ago
2.453c. One week ago
$19 71
One month ago
2.43°c. One month ago
19 46
One year ago
2.4030. One year ago
19 88
10-year pre-war average
1 6890. 10-year pre-war average
15 72
Based on prices of steel bars, beams.
Based on average of basic Iron at
tank plates, plain wire, open-hearth rails, Valley furnace and foundry irons at
black pipe and black sheets. constituting Chicago, Philadelphia, Buffalo, Valley
87% of the United States output.
and Birmingham.
High.
Low.
Low.
High.
1926_2.453e. Jan. 5; 2.403e. May 18 1926..$21 54 Jan. 5; $1946 July 13
i9/5..2.560e. Jan. 6; 2.3960. Aug. 18 1925.. 22 50 Jan. 13; 18 96 July 7
1924..2.789c. Jan. 15; 24600. Oct. 14 1924— 22 88 Feb. 26; 19 21 Nov. .11
1923..2.824c. Apr. 24: 2.446g. Jan, 2 1923._ 8086 Alar.20: 20 77 Nov.20
Buying policies of consumers of inished steel have become
more strongly tinged with conservatism the past week says
the "Iron Trade Review" this week. Consumption has
developed little deflection, outside of the automotive and
parts industries, where seasonal shrinkage will come later
than usual. Mill shipments or October to date are practically on a parity with September, but incoming tonnage
tends to become lighter, observes this trade journal in its
Oct. 21 summary of market conditions, which contrasts with
the preceding remarks quoted from its contemporary, the
"Iron Age". Some large users, it is evident, adds the
"Iron Trade Review," overbought for the third quarter
prior to the advance to 2 cents Pittsburgh, or equivalent,
for bars and shapes and 1.90 for plates. These users were
permitted to specify uncompleted portions of these contracts
this month, accounting in part for decreased new committments. Knowledge that they can obtain shipments Of
heavy finished lines on a week's notice, in most instance,
has fortified some consumers in running inventories still
lower, continues the "Review," from which we further
quote:
•
A natural reaction to this condition is to be found in prices. It camadt
be said that the price structure has weakened materially yet concessibns,
always present in the strongest market, are more numerous. Consumers
tend more toward waiting out the market. This is especially true of pig
iron. As a result there is a checkered market, with the trend not clearly
discernible.
The Steel Corp. subsidiaries, with an ingot rate just under 86% are
operating somewhat higher than independent producers. Fuel is forging
to the front as a market factor that will command added attention as the
fourth quarter wears on. In the Connellsville and other districts coke
oven operators can sell their coal at the equivalent of $5 or more for cokb.
Blast furnace operators are felling this situation in their costs. Should the
British coal strike terminate shortly, It is believed that domestic winter
requirements plus stocking which industrial consumers are doing on an
increasing scale against a probably suspension in the bituminous fields
next April will tend to maintain a firm fuel market.
Sales of sheets, as well as alloy steel, in the past week reflected a curtailment of automobile predation but the condition of mill order books is
evidenced by a report of the National Association of sheet and tin plate
manufacturers showing September sales of 448,147 tons to have been the
largest for any month since Nov.. 1924. September sales represented 140%
of the industry's monthly capacity.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $38 14. This compares with $38 13 last week and
$3785 the previous week.
Press dispatches from Pittsburgh stated on Oct. 21 that
prices of all grades of pig iron were advanced 50 cents a ton.
Quotations are now, basic, $18 to $18 50, Valley; Bessemer,
$19 to $19 50, Valley, and No. 2 foundry $18 50 to $19.
Valley.
Standard furnace coke was advanced 25 cents a ton.
Quotations after the increase stand at $3 75 to $4 25'for
contract and $3 50 to $4 for spot.
Each week brings out new pig iron inquiries, fully replacing
the tonnage actually contracted for. Total sales are a little
in excess of the previous week, the improvement being largely
in the East, says Rogers Brown dr Crocker Bros., inc., and
adds:
The strength of the coal market is responsible for several advances in
the price of domestic iron. This advance in the price of fuel was probably
started by the demand from England but there are now domestic factors
Involved, such as wages, which may later become so prominent that the
complete resumption of English coal production would cause little reaction
hero.
A few inquiries have been received for American pig iron to go to England
but it does not appear probable that business can be done as our prices are
still considerable above the Continent.
No change is apparent in the rate of pig Iron consumption. Coke prices
show a further increase, a number of operations finding there is better
revenue to be had in selling coal than in converting it Into coke.
Demand for Bituminous Coal Grows—Prices Higher—
Anthracite Trade Steady.
The line of demarcation in bituminous coal activity again
has become sharply defined, observes the "Coal Age" on
Oct. 21 in its market review. Throughout the great Appa-
2054
TkIJi CHitONTCLE
[vou 128.
Lachlan region, with the exception of Alabama and parts of
Tennessee, demand Is swelling and prices on spot deliveries
are advancing so rapidly that weighted average figures have
touched the highest point reached since September 1923.
West of that great coal-producing belt, however, business
atill awaits the touch of zero to give It the accepted superficial aspects of liveliness, reports the "Age" in giving interesting details regarding the market, from which we
quote further as follows:
unless an overwhelming call comes suddenly, the one who supply the
needs will be ready to do their part sufficiently and well.
In New England a report of another price Increase in bituminous coal
is the leading feature. This comes on top of one already made a month
ago, and there is declared to be a real shortage In the section.
The rush at the Croat Lake ports that is now manifest was to be expected. All along the shores loading and unloading is going on as rapidly
as possible. The Sault Ste. Marie Canal will close, It Is announced, on
Dec. 14 and the movement bids fair to continue at full pace until that date.
Local conditions In the West are better. Coal appears and is bartered
and used in a steady stream that defies congestion or speculation. The
few who thought they foresaw a trying situation they could take adAs has been the case since mid-July, overseas movement brought about vantage of, have apparently been disappointed. Increased organization
by the Brtiish strike is primarily responsible for the marked improvement in this section is having its effect.
There Is more contract buying apparently all along the line. The
In Eastern coals. Lake business, which has been the largest since 1923,
also has played an important part; indeed, without it the export movement Industries are awake. Perhaps they have been more awake than was
would not have been able to lift the industry out of the rut of the hum- believed a short time ago. Higher prices for steam coal have not caused
drum. Together they have taken the pressure of West Virginia and any evident excitement.
The possibility of a considerable car shortgage has not developed as
eastern Kentucky out of competitive inland all-rail markets and permitted
was at one time expected. Only one or two of the roads seem to have
.increases in production where they were little anticipated.
One of the notable results of this movement has been an increase in given signs of distress in this regard. Warnings that were issued and
output in southern Ohio from 18 to 20% of capacity to 65 to 70%. Cen- precautions that were taken appear to have had the desired effect.
The great benefactors of the coal market at this time are those who
tral Pennsylvania also has been mining more coal. Some benefit already
has come to the Illinois and Indiana fields in the way of increased home seek to suppress excitement and who do not encourage speculative prodemand, due to the higher prices asked for spot Eastern grades and the cedure. A strong and normal market should induce similar conditions.
reduction in the free tonnage. Productive capacity in the Middle West, Abnormal nervousness Is the thing to be feared. It is pleasant for "Coal
however, is so large that it is doubtful if any violent upward swing in and Coal Trade Journal" to report that the one who have most conrtol
over the market are doing everything possible to prevent abnormal. ner• prices will take place.
Support for this assumption is to be found in the course of spot prices vousness from appearing.
increases in quotations
on Illinois and Indiana coals the past week. Small
on central Illinois and Fifth Vein Indiana screenings and a slight read- lustment in lump figures on Fourth Vein marked the extent of the
Changes. These increases were in nowise attributable to export or lake inIncreases Shown in Output of Bituminous Coal,
fluences, but to weather conditions. If a violent swing comes, transportaAnthracite and Coke.
tion difficulties or extreme weather conditions probably will be the cause.
Production in the Middle West, however, is better than the unemotional
The output of bituminous coal showed a gain of 396,000
state of the spot market would indicate. But there still remains a large net tons during the week ended Oct. 9, reports the U. S.
unused surplus capacity. In the Eastern fields, on the other hand, output
Is reaching the limits of labor and transportation facilities, particularly in Bureau of Mines this week. Anthracite and coke also
West Virginia, parts of central Pennsylvania and eastern Kentucky. Even
gained in Production, the former by about 1% or 17,000 net
western Pennsylvania is recognizing the existence of a labor problem apart
tons, and the latter by around 24,000 net tons, according
from the struggle to deunionMe some of the mines in that field.
From present indications the unusual export movement will outlast the to the statistics issued regularly by the Bureau, which
•lake shipping season and soften the reaction which usually comes with the: reports further details as follows:
cessation of the heavy run of coal to the Lake Erie ports. Baltimore temBituminous coal production continues to Increase, reaching a point
porarily has robbed Hampton Roads of its leadership. During the week
ended Oct. 14 there were 68 clearances from the first-named port, aggre- during the first week in October which has rarely been attained by that
period 28 vessels cleared from date in recent years. The total output. Including lignite and coal coked
gating 409,990 gross tone. In the same
Hampton Roads with 158,598 tons of cargo coal for foreign ports. Sixty. at the mines, Is estimated at 12.404.000 net tons, a gain of 3913,000 tons.
nine of the vessels clearing from the two ports were destined to the or 3.3%. over output in the preceding week.
united Kingdom and carried over 425,000 tons.
Lake loadings for the week ended Oct. 17 were 720,706 net tons of Estimated United Slates Production of BilliMitIOUS Coal (Na Toss) Including Coal
Coked.a
cargo and 47,617 tons of vessel fuel, bringing the season's total to date to
• 1925
1926
24,281,110 tons, as compared to 22,201,274 tons last year.
Cal. Year
Cal. Year
The "Coal Age" index of spot bituminous prices on Oct. 18 was 202 and
Week.
Week.
to Dale.
to Date b
weighted average price was $2 45. This was an inthe corresponding
11,717.000
11,232.000
358.220.000
397.943.000
crease of 10 points and 12c. over the figures for Oct. 11. Only one de- Sept. 25
Daily average
1.953.000
1.872,000
1.756.000
1,581.000
dine, an average of 5c. in West Virginia was mine-run at Cincinnati, en12.008,000
409.951.000
11,008.000
369,228.000
tered into the figures. Low volatilea advanced 5 to 50c.—the last-named Oct 2.c
2,001,000
Daily average
1.762,000
1.835.000
1,587.000
to New England shipments. Another flurry in western
increase applying
12.404.000
422.355.000
11.681.000
380.909,000
Pennsylvania shot up Pittsburgh district prices 15 to 60c. Both 'Southern Oct. 9.d
-Deity average
2.067.000
1.947,000
1,770.000
1,596.000
and eastern Ohio quotations were higher. Kentucky, too, moved upward.
a Original estimates corrected for usual error which In past has averaged 2%.
Anthracite developments have been less spectacular, but steady improveb Min us one day's production first week In January to equalize number of days In
course of the market in hard coal. Production the week
ment marks the
the two years. c Revised since last report. d Subject to revision.
ended Oct. 9 was 2,069,000 net tons. There has been no change in the
Total production of bituminous coal during the calendar year 1928 to
relative positions of the different sizes, but premium stove finds a
Oct. 9 (approximately 239 working days) amounts to 422.355.000 net
readier sale.
tons. Figures for corresponding periods in other recent years are given
Connellsville coke market was featureless last week.
The
Under the stress of rapidly advancing prices, increases in below:
441.685.000 net tons
423.083.000 net I tons1923
production, a continued export demand of sustained pro- 1920
358,855.000 net tons
313,624,000 net tons1924
1921
380.909,000 net tons
294,766,000 net tons1925
winter, together with some car 1922
portion, the coming of
shorter and much labor difficulty, it is hard to understand
how the coal market remains as near to being well poised as
it is, asserts the "Coal and Coal Trade Journal" in its
Oct. 21 summary of conditions in the market.
Such excitement as exists is certainly excusable and there
are those who believe that the restraining bonds may burst
at any monelat. All things considered, a coherent orderly
trend of the market to-day is something to cause wonder.
Itis evident hat Europe and other places in the world continue to cry for American coal, and it further seems to be
the ease that thiscry wil last for a considerable time. Grain
is forced to bid high for vessels that would otherwise carry
fuel, and orders are coming in from the continent of Europe
to American shippers for future supplies that appear to
overlook any suggestion that England might soon be able to
take care of them. Not to mention that speculation is rife
would be omitting an actual condition. But so far it is
incidental and as the situation is changing from day to day
with great rapidity, it may quickly disappear, continues
the "Journal," which adds further remarks from which we
(mote as follows.
ANTHRACITE.
Production of anthracite during the week ended Oct. 9 is, estimated at
2,069,000 net tons, an increase of about 1% over the revised figure for the
preceding week.
Estimated Unded States Production of Anthracite(Na Tons).
•
1926—
1925
Cal. Year
Cal. Year
Week Ended—
Week.
to Date.
Week.
to Dale.*
Sept 25
2,509.000
59.946.000
13,000
61,255.000
Oct. 2b
2,052.000
61,998.000
14,000
61,269.000
Oat. 9c
2.069.000
64.067,000
15.000
61.282,000
a Minus one day's production first week In January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
Total production of anthracite during the calendar years 1926 to Oct. 9
amounts to 64,067,000 tons. Figures for corresponding periods in other
recent years are given below:
1922
31.768.000 net tens! 1924
68,349,000 net ton
72,179,000 net tonal 1925
1923
61,282,000 net ton
BEEHIVE COKE.
Production of beehive coke increased perceptibly during tho week ended
Oct. 9. Total output Is estimated at 208.000 net tens, as against 184.000
tons in the preceding week. The gain was principally in Pennsylvania.
Estimated Production of Beehive Coke(Na Tons).
Week Ended-question is, whether it is doing
1925
1926
Production is increasing rapidly. The
Oct. 9
Oct. 2
Oct. 10
to
to
the real needs of this coal-consuming world.
so fast enough to satisfy
1926.6 1926.c
1925,
Deism
Dale.
appears to be doing so, but this may be only for the
For the moent it
172,000 151,000 162.000 7,534.000 5,664.000
Pennsylvania & Ohio
long been closed because at present
moment. Mines are opening that have
15,000 16.000 12,000
profit. It Is to be noted that shifting West Virginia
470.000
595,000
prices they can be operated at a
7.000
4.000 16.000
698.000
several sections. This is inevitable and Ala., Ky.. Tenn. & Ca
505,000
labor appears to be scarce in
6.000
6.000
272.000
6.000
279,000
something particularly to be regretted. 1927 looms before Virginia
Just now it Is
5,000
4,000
4,0110
203.000
185,000
possibilities and the fact that a larger number Colorado & New Mexico
the coal world with it s strike
3.000
3.000
surface is bound to be a factor Washington dc Utah
3.000
134.000
151-000
to the
of minas is sending profitable coal
bl the situation.
208.000 184.000 203,000 9.250.000 7,440,000
United States total
generally a healthy one. 'The demand
The anthracite situation is
35.000 31.000 34,000
32,000
39.000
portion of the bins are full. Here, however, Daily average
Is large and only a small
So far
a Adjusted to make comparable the number of days In the two years. b Subjest
care on the part cc.the defilers Is having Its effectforesight and
coinidain.'ind it can be said that. • to revision. • c Revisedadnce bet report.
had no reason to
far the customer has
OCT. 23 1926.]
THE CHRONICLE
2055 ,
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 20, made public by the Federal
Reserve Board Thursday afternoon, Oct. 22, and which
deals with the results for the twelve Reserve banks combined, shows a reduction of $118,200,000 in bill and security
holdings, more than offsetting the increase of $100,200,000
reported the preceding week, together with decreases of
$26,500,000 in Federal Reserve note circulation and $16,700,000 in deposits, and increases of $9,600,000 in cash
reserves and $7,700,000 in non-reserve cash. Holdings of
discounted bills were $117,300,000 below the preceding
week's total, while holdings of acceptances purchased in
open market increased $1,500,000 and holdings of Government securities declined $1,200,000. After noting, these
facts, the Federal Reserve Board proceeds as follows.
total, the principal changes including declines of $42,000,000
in the New York district, $10,000,000 in the Chicago district
and $9,000,000 in the Philadelphia district, and an increase
of $34,000,000 in the San Francisco district. All other loans
and discounts increased $31,000,000, increases of $23,000,000
in the San Francisco district and $6,000,000 each in the
Boston and St. Louis districts being offset in part by a decline of $10,000,000 in the New York district. Total loans
to brokers and dealers, secured by stocks and bonds, made
by reporting member banks in New York City were $82,000,000 below the Oct. 6 total, loans for their own account and
for out-of-town banks having declined $63,000,000 and
$23,000,000, respectively, while loans for the account of
others increased $4,000,000. As already noted, the figures
for these member banks are always a week behind those for
the Reserve banks themselves. The statement goes on to
say:
Discount holdings of the New York Reserve bank declined $95.200.000.
Holdings of U. S. Government securities declined 87.000.000 at banks
of Boston $23,800.000. of San Francisco $8.700,000. and of Philadelphia
$5,609,000. Discount holdings of the Atlanta bank increased $3.900.000 In the New York district and 811.000.000 at all reporting banks. Hold- .
and of St. Louis 86.500.000. A decline of $11,200,000 in open-market Inge. of other bonds, stocks and securities decreased $3.000.000, the prinacceptance holdings at the New York bank was more than offset by in- cipal changes including a reduction of 811.000.000 In the New York district
creases at most of the other Reserve banks, principally Atlanta and San and an increase of 510.000.000 in the San Francisco district.
Francisco. whose holdings increased $3,200.000 and $3,300,000, respecNet demand deposits were $109.000,000 above the total reported for
Oct. 6, the principal increases being 549,000,000 in the San Francisco distively.
Most of the Federal Reserve banks report a smaller volume of Federal trict, 822.000.000 in the Chicago district. $15,000,000 In the St. Louis dimReserve notes In circulation than a week ago, the principal declines being: trict, $14,000.000 In the Dallas district and $11,000,000 in the Cleveland
Philadelphia, $8,300,000, New York 88,000.000 and Cleveland 87.800,000. district. Time deposits increased 865.000.000. principally in the San
The statement in full, in comparison with the preceding Francisco and Atlanta districts. Reserve banks were 879.000.000 above
Total borrowings from the Federal
week and with the corresponding date last year, will be found the previous week's figure. banks in the New York district reporting an increas of $51.000,000 and banks in the Boston and Cleveland districts
on subsequent pages—namely, pages 2112 and 2113. A
respectively, while banks in the
Increases of $17.000,000
summary of changes in the principal assets and liabilities of Chicago district reported and $16,000.000,
a reduction of $13.000.000.
the Reserve banks during the week and the year ending
Oct. 20 1926 is as follows.
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in openmarket
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes In circulation
Total deposits
Members' reserve deposits
Government deposits
Increases(÷)or Decreases(—)
During
Week.
Year.
+89.600.000 +865.500,000
+7.000,000 +47.500,000
—118.200.000 —40.600.000
—117,300.000 —16.300,000
—49,200,000
—3.100.000
—68.100.000 —13,200.000
—400.000
+1.500.000
1.200.000 —16.800.000
—2,600.000
—500.000
+600.000 —112.200.000
1,300.000 —98,000,000
—26.500.000 +34.900.000
16,700.000 —26.400.000
+7,100.000
3,600.000
11.100.000 —26.700,000
The Member Banks of the Federal Reserve System—
Reports for Preceding Week—Brokers' Loans
On a subsequent page—that is, on page 2113—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increases (÷) or Decreases (—)
During
Year.
Week.
Loans and discounts, total
+$542.000.000
• —87.000.000
Secured by U.S. Govt. obligations—48.000.000
—4.000,000
Secured by stocks and bon
ed
ks
+350.000.000
bonds
—34.000.000
other
+240,000.000
+31.000.000
Investments, total
+133.000.000
—14.000.000
U. S. securities
—23.000.000
—11.000.000
Other bonds, stocks and securities-- -+156.000.000
—3.000.000
Reserve balances with F. R. banks
—10,000.000
+21.000.000
Cash In vault
+11.000.000
+29.000.000
Net demand deposits
—32.000 000
+109.000.000
Time deposits
+488,000.000
+65.000,000
Government deposits
+64.000.000
—26,000,000
Total borrowingsfrom F. R. banks
+35,000.000
+79.000.000
in New York City.
Summary of Conditions in World's Markets According
is not possible for the Federal Reserve Board to issue
to Cablegrams and Other Reports to the
the weekly returns of the member banks as promptly as the
Department of Commerce.
returns of the Federal Reserve banks themselves. Both
The Department of Commerce at Washington releases
cover the week ending with Wednesday's business, and the for publication to-day (Oct. 23) the following summary of
returns of the Federal Reserve banks are always given out conditions abroad, based on advices by cable and other
after the close of business the next day (Thursday). The means of communication:
statement of the member banks, however, including as it
CXNADA.
does nearly 700 separate institutions, cannot be tabulated
A generally satisfactory condition prevails in the wholesale and retail
trade of Canada, especially in the large commercial centers.
until several days later. Prior to the statement for the week
ending May 19, it was the practice to have them ready on
GERMANY.
There has been much speculation in Germany concerning the London
Thursday of the following week, and to give them out concurrently with the report of the Reserve banks for the next conversation between British and German industrial leaders and its
accomplishments. Local opinion considers it probable that the question
week. The Reserve authorities have now succeeded in ex- of British participation in the international steel cartel was taken under
pediting the time of the appearance of the figures, and they .avisement and that consideration was also given to a possible revival of
Anglo-German dye pact. The continuance of the British coal strike
are made public the following week on Mondays instead of on 1. e favorably affected the
s
coal and iron and steel industries. In particular
Thursdays. Under this arrangement the report for the week It is reported that the coal syndicate has contracted for the delivery of its
entire production until the end of this year. Other industries are generally
ending Oct. 13 was given out after the close of business on
In a favorable situation. The stock market remained strong with an active
Monday of the present week.
demand for shipping and iron and steel shares, as well as for shares of the
Federal Reserve Board's condition statement of 693 dye trust. The number of bankruptcies and of government assisted
The
reporting member banks in leading cities as of Oct. 13 shows unemployed showed a further decrease during September as compared with
August.
declines of $7,000,000 in loans and discounts and $14,000,000
BELGIUM.
investments, together with increases of $109,000,000 in
in
General business conditions in Belgium are dull, except in the heavy
net demand deposits, $65,000,000 in time deposits and $79,- Industries. It is reported in Belgium that plans for stabilization of the
that a loan to that end
Belgian
been completed
be
000,000 in borrowings from the Federal Reserve banks. launchedfranc haveNovember. The and at which stabilization may be
point
early in
will
Member banks in New York City reported reductions of fixed has not been announced. With a view to facilitating stabilization the
$42,000,000 in loans and discounts, $19,000,000 in invest- Government has been speeding tax collections and has imposed additional
taxes. A transmission tax of 2 or 4% has been applied to numerous exports,
ments, $18,000,000 in het demand deposits and an increase and a luxury tax of 6 or 10%. according to classification, is now levied on
of $49,000,000 in borrowings from the Federal Reserve bank. certain kinds of wearing apparel, bath tubs and jewelry. The National
three
Loans on stocks and bonds, including U. S. Government Treasury Is in good position. During the pastwhich months purchases of
foreign exchange amounted to 860.000.000
covered the foreign
obligations, were $38,000,000 below the previous week's floating indebtedness without depreciating the franc. Bank clearings have
It
2056
THE CHRONICLE
(You 128.
been higher and money rates firmer. The unfavorable trade balance subsidies imposed by the military rulers on Chinese banks and commercial
continues to increase. The iron and steel industry is maintaining a record bodies. The Shansi Provincial Government is negotiating a contract with
output, while it is stated locally that the coal production for the year will Marconi representatives for a new central wireless plant to be erected in
probably attain the highest level ever reached. The cement and glass Taiyuan-fu, the capital of the Province, with perhaps six smaller outindustries are producing at a capacity rate. Of the major industries, stations located at strategic points. The Chinese civil authorities in Pekin
textiles are the slowest, but show some improvement over the last month. and other North China cities report an impending shortage of coal and other
Other lines of industry and trade are generally dull. The wheat crop it is supplies.
said will be the lowest since 1922 but the oat crop is very large. Signs of
NETHERLANDS EAST INDIES.
an excellent flax yield are reported.
Java trade for September was better than for the previous month. In
the Outer Possessions stocks of imported commodities were heavy, but
THE NETHERLANDS.
Business conditions in The Netherlands continued to improve during rubber moved fairly well. On the whole, the month showed improvement
September. Unemployment increased somewhat during September. but over recent trends in the Netherlands East Indies, and conditions were
the labor situation is much better than a year ago. Government finances considered satisfactory. Money was slightly tighter on account of finanare in good condition. Stock market quotations have been strong in general cing sugar and coffee exports.
INDIA.
and the issue market has been extremely active. New capital subscribed
General business conditions in India show noticeable improvement in
through September was one-third greater than for the same period of last
year. The coal trade and shipping activities have benefited by the pro- spite of lower price levels for Indian produce. This situation has come
longed British strike. Conditions in the metal industries are fairly satis- about largely by culmination of a successful monsoon. The cotton milling,
factory, the leather and shoe trades are good, but the textile industry Is engineering and machinery industries, however,remain somewhat depressed.
dull. Wheat, barley and sugar beet crops are good but other crops are
AUSTRALIA.
below the average. The adverse trade balance has increased.
The price of wool and the progress of sales continue to be the outstanding
SWEDEN.
interest in Australia as the spring season opens. Sales at Sydney remain
The Swedish money market became firmer during .the latter half of firm, with the price of greasy merino going as high as 29% pence per pound,
September. The seasonal demand for money increased toward the end of while at Melbourne the price remains around 25 pence per pound. Wool
that quarter due to a combination of factors, chief among which were the receipts from July 1 to Sept. 30 this year reached 859,000 bales, as comconsiderable amount of capital exported and the trend toward an unfavor- pared with 618,000 bales for the same period last year. Disposals have been
able trade balance. The latter condition is due largely to the British coal satisfactory.
PHILIPPINE ISLANDS.
strike. The eventual effect of the Continental steel cartel is causing considerable concern in Sweden, and as a result nervous feeling has existed on
Philippine business was somewhat better in September than in the prethe Bourse, especially in industrials. The industrial share index has regis- vious month but below that of the corresponding period last year. Imtered a slight decrease, but the banking share index has risen two points provement expected in October has not materialized, chiefly because of
since Sept. 14. This indicates that the previously accumulated losses weak export markets, and some pessimism prevails in local business circles.
have been practically written off, and that the earning capacity of the
PORTO RICO.
banks is increasing.
Business conditions in Porto Rico during the first half of October improved
ESTHONIA.
slowly. Weather conditions have remained favorable to growing crops.
Following the example of the Bank of Esthonia, all private banks in
Collections are somewhat slower as imports grow and exports lag
Pending
Esthonia decided to reduce the discount rates by 2% after Oct..1. AS the
the marketing of crops.
previous discount rate for bills amounted generally to 20%, the new rate
COLOMBIA.
will not exceed 18%, including commission and other extra charges.
The Magdalena River is in good condition and all boats are moving on
LATVIA.
the upper and lower rivers. The La Dorada railroad connecting La Dorada,
months of the year Latvian imports exceeded exports Honda, Mariquita and Beltram and forming the link between the upper and
For the first seven
by 27,000.000 late. Judging from the stock of foreign currency in the lower rivers in the Bogota-Barranquilla chain, is reported short of fuel,
country. the Finance Ministry feels that the general balance is favorable but this condition is believed temporary. The freight congestion continues
and has instructed the Credit Department to draw up a statement on the at the Pacific port of Buenaventura and also on the Pacific Railroad which
balance of payments to ascertain the definite position of the country in runs inland from that port. The bad conditions of Buenaventura have
this respect. During the week ending Sept. 25 the first large shipments been caused primarily by a lack of sufficient port facilities to handle the
of grain arrived in Riga, consisting of 1,104 tons of rye and 1,127 tons of large volume of incoming cargo and to the inability of the railroad with
wheat and wheat bran, which were principally American grain trans- its limited equipment to move the freight as rapidly as received. The
paralysis of traffic on the Magdalena River, the main artery of transportashipped from Hamburg.
GREECE.
tion of the country, resulted in considerable diversion of cargo to BuenaContinued lack of rain threatens a water shortage in Athens and serious ventura thus aggravating the congestion caused by inadequate traffic
injury has already been caused to crops. The exchange value of the facilities at that port. However, efforts are being made to remedy these
drachma is steadily improving and is fluctuating only slightly around conditions at the port by harbor improvements and greater railroad facili$0.0125. The rate of paper metallic to drachmas for the import duty on ties but it is believed in Colombia that such improvements will take conflour has been increased from 5 to 6.25, shipments made before Oct. 12 siderable time.
BRAZIL.
being exempted. The cost of living index continues to rise, and the Government is said to be considering taking measures to prevent the continued =change continues to weaken rapidly due largely to the withdrawal of
the support of the Bank of Brazil and to the effect of the announcement of
influx of rural population into the larger cities—a movement which threat- the
financial policy of the president-elect who has intimated that he is in
ens further to increase unemployment in the cities and hamper agricultural
favor of stabilizing the milreis rather than subject the country to the perils
development, according to report from Consul Edwin A. Plitt, Athens.
of forcing it back to par ($0.324). The new President takes office on
In general, the economic and financial situation remains unchanged. The Nov.
15. A further contributing factor is said to be the general desire for
conventional interest rate on civil and commercial transactions has been
weak exchange among the important export and manufacturing interests,
raised to a legal maximum of 15% annually.
the latter being hard hit by the relative cheapness of foreign goods as the
TURKEY.
exchange value of the milreis increases. Coffee prices are up. Stocks at
It is reported in Turkey that the Turkish match monopoly has been Santos on Oct. 15 were 838,000 bags.
granted to a Belgian company. This concession covers both importation
ARGENTINA.
and local manufacture and sale, the concessionaire agreeing, in return, to
The week's trade in all export products was slow but there has been inbuild a factory large enough to meet the demands of the Turkish market.
creasing activity in import lines. Official estimates of exportable surpluses
This factory is to be ceded to the Turkish Government at the termination of of crops on
Oct. 1 were: Wheat, 1,120,170 metric tons; and linseed. 77.713
the monopoly contract. The concession for the manufacture and sale of
metric tons. The cattle market is slow. The Government Is discussing
fireworks. cartridges. &c.,is said to have been granted by the Turkish Govwith the frigorificos the possible methods for aiding cattle producers. The
ernment to a native concern. Progress is reported also in the organization
Executive has proposed reductions in export duties on wool and quebracho
of local production of alcoholic beverages, particularly brandy, and the final extract.
award of the alcoholic beverage import monopoly concession has not yet
PERU.
been made.
The acute financial situation existing In Peru during the past month conPALESTINE.
tinues without abatement. Exchange was quoted at $3 50 to the Peruvian
Weather conditions have been favorable during August and September
pound on Oct. 16 as compared with $3 55 on Oct. 9. This is the
lowest
and crop conditions are in general, good. Vegetable yields are reported to
quotation since the World War. Few dollar or sterling drafts are
available
be somewhat low, but grain production Is good and fruit crops excellent. A and
the Reserve Bank has discontinued exchange operations. There has
Palestine Government Currency Board has been constituted to provide for
been no further Congressional action on the emergency tariff measure
and to control the supply of currency to Palestine, to ensure that the cur- which was presented as an aid to
exchange stabilization.
rency is maintained in satisfactory condition, and generally to watch over
the interests of Palestine so far as currency is concerned.
EGYPT.
Egypt's foreign trade continued to show a decrease during August, the
eight months' totals being: Imports. £E33.609.000 in 1926 as compared to
£E35,860,000 in 1925; exports, £E27.205.000 in 1926 as compared to
£E34,842,000 in 1925. This decrease was alinost wholly due to the lower
values of cotton exports; tobacco imports increased in value during the
eight months' period. The official preliminary estimates for the 1925-26
cotton crop are, seed cotton, 6.651.000 kantars. and ginned cotton, 6,799,000 kantars. Owing to the delay in publication of the law limiting the area
to be planted with cotton, many farmers have been unable to conform to it,
and the Ministry of Agriculture has postponed its execution. Raw cotton
prices continue rather weak.
HAWAII.
Record crops of all principal products have been harvested in Hawaii this
season. Sugar cane has yielded in excess of 788,000 short tons, or about
55,000 short tons more than had been expected. The pineapple crop set
a new record and the coffee yield was in excess of 7,000,000 bags.
JAPAN.
The general tone of business in Japan is somewhat less optimistic, although fundamental conditions are good and no serious decline is anticipated locally in either exports or imports.
NORTH CHINA.
Business conditions throughout the upper Yangtze region and North
China show little improvement. In some districts there is a practical
suspension of trade due to the monopolization of the railways by the
military forces. Trade is still further depressed by the heavy financial
Manifesto Appealing for Removal of European Tariff
Barriers—President Opposed to Lowering of Domestic Tariff—Secretary Mellon Says Declarations
Not Applicable to United States.
The removal of European tariff barriers is sought in a
manifesto made public at London on Oct. 19, bearing the
signature of leading bankers and business men of Europe and
the United States, two of the latter whose names appear in
the list of signers being J. P. Morgan and Gates W. McGarrah. The manifesto—the text of which is given under another heading in this issue—recites that "it is difficult to
view without dismay the extent to which tariff barriers,
special licenses and prohibitions since the war have been allowed to interfere with international trade and to prevent it
from flowing in its natural channels." "Happily," it says,
"there are signs that opinion in all pountries is awaking at
last to the dangers ahead. The League of Nations and the
International Chamber of Commerce have been laboring to
reduce to a minimum all formalities, prohibitions and restrictions, to remove inequalities of treatment in other mat-
OCT. 23 1926.]
THE CHRONICLE
2057
Mr. Mellon said he was convinced that the declarations of the bankers
ters than tariffs, to facilitate the transport of passengers and
goods. .. . Some States have recognized in recent treaties are not applicable to the United States. Ile added that there are numerous
angles to the
as presented in
the necessity of freeing trade from the restrictions which de- "clarified." Itsituation thought, he said,the manifesto which should be
was his
that the whole subject should
press it. And experience is slowly teaching others that the be taken up and freely discussed from the standpoint of this nation.
breaking down of the economic barriers between them may
Denies Advance Information.
The Secretary denied he had any advance information relative to the plan
prove the surest remedy for the stagnation which exists."
Newspaper accounts from Washington on Oct. 19 indicated among the financiers to make public such a document.
"It came as a surprise to me," he declared. "As much as of a surprise.
that the President, assuming that the United States was perhaps, as to any one else."
Mr. Mellon said nothing had been mentioned to him concerning the plan
among those to whom the appeal was directed, had taken
during his
occasion to assert his adherence to the present tariff; later it summer. visit to several of the European countries on vacation last
He remarked that J. P. Morgan, the New York banker whose
was indicated in behalf of the Administration that the view name was reported as appended to the declaration, was a fellow passenger
was held that the declarations were not applicable to the aboard the ship on which the Treasury official went to Europe. but that
was said
United States—Secretary of the Treasury Mellon, who was nothing his mind.by Mr. Morgan that in any way indicated he had such a
plan in
quoted to this effect on Oct. 21, announcing that he would
The manifesto was among the subjects Mr. Mellon discussed with Presilater issue a statement in the matter relative to the Adminis- dent Coolidge at the White House just prior to the announcement by the
tration's stand. On the 19th inst. the New York "World", Secretary of his contemplated statement.
In saying that it was the understanding that Mr. Mellon's
referring in a Washington dispatch to the views evinced in
Administration circles with the announcement of the mani- statement would place the Administration in the attitude of
standing firm for adherence by the United States to its
festo, said in part:
MI official Washington manifested interest in the "World's" and other present tariff policy, the New York "Times" Washington
stories of the remarkable plea for the elimination of import duties that in- advices Oct. 21, said in part.
terfere with international trade. Leaders of the Republican Party are
much concerned because of the character and standing of the men who
signed it. They are afraid the effect will be to influence voters at the
coming election and start a drive that will knock the foundations from
their big issue.
Blow at Industry Seen.
The proposal of the bankers met with a quick and hostile slap at the
White House. It was explained by the spokesman that such a plan would
help international bankers but hurt manufacturers in this country, lower
the American standard of living and reduce the wages of factory workers.
Secretary Mellon said he had not seen the appeal. He did not indicate
his attitude but it is understood he stands with the President.
The name of Mr. Morgan gave the anti-tariff plea a significance here it
would not have had without it. That makes it far-reaching and serious
at home as well as abroad.
The President has the New England view of the tariff. He will not
agree to a general lowering of duties.
The White House spokesman declared the Administration is sympathetic toward the economic recovery of Europe, but it cannot participate
in a program that would contribute to the destruction of business and
lowering of standards in America.
Although the President had not seen the manifesto put out by Messrs.
Morgan, Gates W. McGarrah of New York; J. J. Mitchell. Chicago;
Melvin A. Traylor, Chicago; Albert H. Wiggin and others, he was familiar
with its purpose and declarations. He had evidently been coached and
was prepared for Its appearance. His spokesman discussed it readily and
fluently.
Ready to Lead Opposition.
He doubts if the tariff can be revised downward without a great loss
to American manufacturers and factory operatives and labor generally.
It was intimated that this is one of several movements to level the tariff.
The President, it was asserted, is ready to lead the opposition campaign.
The determination of the Administration to outline its position on the
tariff in the light of the manifesto was reached at the White House at a
conference of Secretary Mellon with President Coolidge. Mr. Mellon's
discussion will be made public in the immediate future. It may take the
form of a statement to the press or an address.
The Secretary, it is believed, will not only make a formal exposition of
the home tariff policy but will also seek to dissociate the Administration
from any connection with groups of international bankers engaged over
the
economic affairs of the world.
Vice-President Julius H. Barnes of the International Chamber of Commerce emphasized to-night that the manifesto had no relation to the United
States tariff. He insisted that it was designed to "point out trade barriers
which in Europe to-day are interfering seriously with internation trade."
While tariffs do constitute in Europe serious barriers to trade between
countries which geographically resemble our own States here in America,"
he said, "it must be remembered there are other barriers to trade just as
important as tariffs. Some of these were pointed out by the American
Committee on Trade Barriers which reported in June to the Council of the
International Chamber of Commerce in Paris. The American report and
reports from other countries will be consolidated and presented at the full
meeting of the International Chamber to be held in Stockholm next June.
"At that time it is hoped the business men of the world will be able to
make certain recommendations looking to the elimination or modification
of some of the trade barriers which have been under discussion.
"It is certain, however, that the American delegation to the Stockholm
meeting will allow there no move to bring about any action looking to a
lowering of America's tariff such as would destroy the protection which
American workers now enjoy. As was pointed out by the American committee, the United States Is In a different position from Europe with respect to
tariffs in that we have here a great buying territory which is able to purchase
the output of our great factories without the bar of tariff wens."
The "Times" of Oct. 22, also said.
Thomas W. Lamont of J. P. Morgan & Co. said yesterday that there
On the following day (Oct. 20) one of the press accounts was no doubt that Mr. Morgan had signed the international bankers'
manifesto calling for the breaking down of tariff and trade barriers in
from Washington, that appearing in the New York"Times," Europe.
said.
A cable d
from London has quoted the "Daily Telegraph" as
Closer reading of the text of the manifesto by numerous bankers and saying that
learns J. P. Morgan has informed the American press that
industrialists as given the public at London developed a conviction among his name
s appended to the international bankers' manifesto witlut his
officials to-day that the plan is intended for Europe and not for America. sancti
Mr. Morgan is now in Europe.
President Coolidge yesterday indicated that if the plan were intended to
effect the removal of American custom tariff rates, he would look upon It
with disfavor. The manifesto, when more carefully read, is now construed
ext of Manifesto Signed by Bankers of Europe a
in official circles here as not being applicable at all to the American t
United States, Appealing for Removal of
system.
Tariff Barriers.
It is reiterated officially that there is no truth in the reports from
that Montague Norman, Governor of the Bank of England, prose ed the
London cablegrams on Oct. 19 made blown the text of the
trade barrier plan to Secretary Mellon when the latter was recently in
Europe on a vacation trip. Mr. Mellon never saw the plan until he read it manifesto signed by bankers and business men of fifteen
in this morning's newspaper and it was not even broached to him. More- nations, including the United
States, appealing for the reover, the matter was not taken up with Under-Secretary of the Treasury
moval of "tariff barriers, special licenses and prohibitions,"
Winston when he was in Europe earlier in the year.
The view that the manifesto is not applicable to the American tariff which it is declared have since the war "been allowed to
sYstem is understood to be generally held in American banking circles and interfere with
international trade and to prevent it from
by Julius H. Barnes, Vice-President for the United States of the
Inter- flowing in
its natural channels." Elsewhere in these columns
national Chamber of Commerce at Paris, who declared to-day that
the
declaration for the removal of certain international trade barriers "has
no we refer further to the appeal. Its text follows herewith.
political coloring whatever." Mr. Barnes issued his statement through
the
A PLEA DOR THE REMOVAL OF RESTRICTIONS UPON
American section of the international chamber here. It reads in part:
EUROPEAN TRADE.
"The declaration that barriers should be framed not to obstruct
needlessly
We desire, as business men, to draw attention to certain grave and disthe flow of international trade has no political coloring whatever
World
opinion has generally accepted the declaration of American business
quieting conditions which, in our judgment, are retarding the return to
men
that a proper protective tariff for America preserves the higher wage
prosperity.
scales
It Is difficult to view without dismay the extent to which tariff barriers,
and higher living standards of America until other peoples will
advance to
that same level."
'Medal licenses and prohibitions since the war have been allowed to interfere with international trade and to pre% ent it from flowing in its natural
Specific barriers, the removal of which is aimed at, are double taxation,
lack of international protection of patents, trade marks and designs,
channels. At no period in recent history has freedom from such restriclack
tions been more needed to enable traders to adapt themselves to new and
of centralized credit information, lack of uniformity in commercial
letters
of credit, inadequacy of the international parcel post, antiquated customs difficult conditions And at no period have impediments to trading been
more perilously multiplied without a true appreciation of the economic
classifications and cumbersome and complicated customs formalities.
The American committee of the chamber, which made its report to the consequences involved.
The break-up of great political units in Europe dealt a heavy blow
International Council in Paris, feels that the Intrusion of government in
to international trade. Across large areas, in which the inhabitants had
price-fixing or restriction of production of raw materials is unfair to
the
been allowed to exchange their products freely, a number of new frontiers
dependent consuming world. It is unfair, it is argued, in that It
deprives
the consumers of the world of the protection of the play of attractive prices were erected and Jealously guarded by customs barriers. Old markets disIn increasing supplies and in the end it usually brings defeat to the industry appeared. Racial animosities were permitted to divide communities whose
interests were inseparably connected. The situation is not unlike that
which it attempts to help by the stimulation of competing production.
which would be
the ties
States were
The "United States Daily" of Oct. 21 in referring to which bind themcreated If a confederation ofand hamper.to dissolve encourand to proceed to penalize
instead of
aging, each other's trade. Few will doubt that under such conditions the
Secretary Mellon's forthcoming statement said.
Secretary Mellon announced orally on Oct. 21 that within a few days he Prosperity of such a country would rapidly decline.
To mark and defend these new frontiers in Europe licenses, tariff, and
may make formal statement setting forth his views concerning the recently
published manifesto of the European bankers dealing with international prohibitions were imposed, with results which experience shows already to
have been unfortunate for all concerned. One State lost its supplies of
trade and the effect thereon of tariff duties. The head of the Department cheap
food, another its supplies of cheap manufactures. Industries sufof the Treasury said he was conducting research work preparatory to the fered for
want of coal, factories for want of raw materials. Behind the
publication of such a statement should the results of his study warrant it.
customs barriers new local industries were started, with no real economic
2058
THE CHRONICLE
foundation, which could only be kept alive in the face of competition by
raising the barriers higher still. Railway rates, dictated by political considerations, have made transit and freights difficult and costly. Prices
have risen, artificial dearness has been created. Production as a' whole
has been diminished. Credit has contracted and currencies have depreciated. Too many States, in pursuit of false ideals of national interest,
have imperiled their own welfare and lost sight of the common interests of
the world by basing their commercial relations on the economic folly which
treat); all trading as a form of war.
There can be no recovery in Europe till politicians in all territories, old
and new, realize that trade is not war but a process of exchange, that
in time of peace our neighbors are our customers, and that their prosperity is a condition of our own well-being. If we check their dealings
their power to pay their debts diminishes and their power to purchase
our goods is reduced. Restricted imports involve restricted exports, and
no nation can afford to lost its export trade. Dependent as we all are
upon imports and exports, and upon the processes of internatiom I exchange,
we cannot view without grave concern a policy which means the impoverishment of Europe.
Happily there are signs that opinion in all countries is awaking at last
to the dangers ahead. The League of Nations and the International
Chamber of Commerce have been laboring to reduce to a minimum all
formalities, prohibitions and restrictions, to remove inequalities of treatment in other matters than tariffs, to facilitate the transport of passengers
and goods. In some countries powerful voices are pleading for the suspension of tariffs altogether. Others have suggested the conclusion for long
periods of commercial agreements embodying in every case the most favorednation clause. Some States have recognized in recent treaties the necessity
of freeing trade from the restrictions which deg resit it. And experience is
slowly Leaching others that the breaking down of the economic barriers
between them may prove the surest remedy for the stagnation which exists.
On the valuable political results which might flow from such a policy,
from the substitution of good-will for Ill-will, of co-operation for exclusiveness, we will not dwell. But we wish to place on record our conviction that
the establishment of economic freedom Is the best hope of restoring the
commerce and the credit of the world.
October. 1926.
The list of signers to the appeal, as reported in the New
York "Times" account (with the reservations of France and
Italy), are as follows.
AUSTRIA.
OSCAR BERL, Merchant,
DR. OTTO BOHLER, Steel Manufacturer.
DR. SIEGMUND BROSCHE. Chemical Manufacturer.
DR. PAUL HAMMERSCHLAG, OesterreichLsche Credit-Anstalt fur
Handel und Gewerbe.
ALFRED HEINSHEIMER. Managing Director Vienna Bank-Verein.
MAXIME KRASSNY-KRASSIEN, Chairman Niederosterreichische
Escompte-Gesellschaft.
DR. ARTHUR KRUPP, Berndorfer Metallwaren-Fabrik.
.111LIUS MEINL, Manufacturer.
LUDWIG NEURATH, Oesterreichische Credit-Anstalt fur Handel und
Gewerbe.
-Minister.
DR. REDLICH, Es
DR. RICHARD REISCH, President Austrian National Bank.
BARON LOUIS ROTHSCHILD, Messrs. S. M. von Rothschild, Vienna,
RICHARD SCHOELLER, Steelworks. Schoeller Blackmun:).
RUDOLPH SIEGHART, President All. Ost. Boden-Credit-Anstalt.
FRITZ TILGNER. President Austrian Chamber of Commerce.
LUDWIG URBAN, President des Hauptverbandes der Industrie Osterreich.s.
BELGIUM.
J. CARLIER, Vice-President Council of Industry and Commerce.
Adm. Del Banque d'Anvers.
HECTOR CARLIER,
M. DESPRET, President Banque de Bnixelles.
CHARLES FARR!, Managing Director Banque d'Outremer.
E. FRANQUI, Vice-Governor Societe Generale de Belgique.
F. HAUTAIN, Governor Banque National de Belgique.
J. VAN HOEGAERDEN. Director-General S. A. d'Ougree Marihaye.
JADOT. Governor Societe Generale de Belgique.
0. LEPREUX, Vice-Governor Banque National de Belgique.
F. M. PHILIPPSON, Banker.
R. TILMONT, Director Banque National de Belgique.
P. TRASENSTER, President S.A. d'Ougree Marihaye.
T. WIENER, Vice-President Credit Generale Liege's. Belgique.
PAUL VAN ZEELAND, Director Banque National de
CZECHOSLOVAKIA.
DR. JOSEF BARTON, President of the Czechoslovak Textile ManufacAssociation.
turers'
DR.0. FEILCHENFELD.Managing Director of the Bohmische Eskompt
Bank.
DR. RANI'S KARLIK, President of the Central Association of Czechoslovak Sugar Industry.
DR.BOHUSLAV MARIK.Chairman of the Ceskomoravska-Koblen A. G.
of the Pramyslova Bank.
IAN NOVOTNY, General Director of the Czechoslovak National Bank.
DR. VILEM POSPISIL. Governor Manager of the Zinnostenska Bank.
PREISS, General
DR. JAROSLAV
DR. VACLAV SCHUSTER, President of the Allgemeiner Bohmischer
Bankverein.
DR. ADOLF SONNESCHEIN, Director Vitkovice Iron Works.
DR. EDUARD STUTZ, Vice-Chairman of the Bohmische Union Bank.
DENMARK.
Danish Steamship Owners' Assn.
A. 0. ANDERSEN, Chairman of the
Manager Privatbanken of Copenhagen.
C. C. CLAUSEN. M
Manager. Danske Landmansbank.
EMIL HERTZ,
Duild.
ERNST MEYER, Chairman of the Merchants
ETATSRAAD FR. NORGAARD,General Manager Copenhagen Handelsbank.
the Council of Agriculture.
P. 1'. PINSTRUP, Chairman of
LENSBARON ROSEN.KRANTZ, Managing Director. National Bank of
Copenhagen.
FRANCE.
(TRANSLATION.)
certain passages of this manifesto might
The undersigned, fearing that
interpretation, desire to set out precisely the
be subject to differences of
points on which they are In agreement.
state of instability and of economic
They are of the opinion that the
are contending at this time had
disorder with which the European countries praticularly in the monetary
and
its origin in the consequences of the war
of the opinion that in order to
crisis which resulted from it. They are
worse it is necessary above all
prevent a disquieting situation becoming
not yet been stabilized should
else that the countries in which currency has
These countries can
move with all possible speed toward a sound currency.
relations among the nations are
do this all the more easily if the economic
commercial exchanges.
re-established on a normal basis favoring
high rates or the exThey are of the opinion in this connection that the
direct or Indirect
cessive rigidity of certain tariff systems, the exaggerations
the obstacles put in the
of protectionism, of discrimination or of preferences.
regulations should
way of international transactions by restrictive transport
be condemned.
which tend to
They declare themselves therefore in favor of all measures
a free return to
suppress such artificial barriers which stand in the way of
before the war.
the economic relations among the nations which prevailed
[vol.. 123.
They are indeed not able to forget that it is impossible for any modern
State to live and prosper without maintaining commercial relations with
other States and that by reason of the close interdependence among the
nations It is only by a mutual exchange of services, credits and merchandise
that the economic equilibrium of the world can finally be obtained.
R. P. DUCHEMIN, President de la Confederation Generale de la Production Francaise; President de !Union des Industries Chimiques.
HORACE FINLAY, Directeur Generale de la Banque de Paris et des
Pays Has.
E. FOUGERE. President de l'Asusociation Nationale d'Expansion Economique; President de la Federation de la Sole.
R. LAEDERICH , Regent de la Banque de France; President du Syndicat
Generale de l'Industrie Cotonniere.
M. LEWANDOWSKI, Administrateur-Directeur du Comptoir National
d'Escompte de Paris.
R. MASSON, Directeur Generale du Credit Lyonnais.
H. DE PEYERIMHOFF, President du Comite Central des Houilleres
de France.
P. RICHEMOND, Administrateur de la 13anque Nationale de Credit;
President de l'Union des Industries Metallurgiques et Mineres.
CH. SERGENT, Ancien Sous-Secretaire d'Etat aux Finances; President
de la Banque de l'Union Parisienne.
GERMANY.
Gen. Kommerzienrat Dr. BOSCH,Chairman. Chemical Trust, Heidelberg.
Gebel:twat FELIX DEUTSCH, Chairman, General Electric, Berlin,
Dr. CARL MELCHIOR, M. M. Warburg & Co., Hamburg.
FRANZ VON MENDELSSOHN, Banker. Berlin.
Dr. SCHACHT, President of the German-Reichsbank.
KARL FRIEDRICH VON SIEMENS, Chairman, Siemens Bros., Berlin.
FRANZ URBIG, Disconto Gesellschaft, Berlin.
Generaidirektor VOGLER, Steel Trust, Dortmund.
F. H. WITTHOEFFT, Senior Partner. Arnold Otto Meyer, India Merchants, Hamburg.
GREAT BRITAIN.
Sir ARTHUR BALFOUR,Chairman. Arthur Balfour & Co..Ltd.,Sheffield.
HENRY BELL, Director, Lloyds Bank, Ltd.
Sir HUGH BELL. Bart., Ironmaster.
LORD BRADBURY, Director, Williams Deacons Bank. Ltd.
WILLIAM CARNEGIE, General Manager, National Bank of Scotland.
Ltd.
W. H. COATS. Chairman, J. St P. Coats, Ltd.
Sir JOHN COWAN, Chairman, Redpath, Brown & Co., Ltd.
LAURENCE CURRIE, Glyn. Mills gz Co.
F. C. GOODENOUGH, Chairman, Barclays Bank, Ltd.
NORMAo, L. HIED, General Manager and Director, Union Bank of
Scotland, Ltd.
ROBERT M. HOLLAND-MARTIN. C.B., Chairman, Bank of Liverpool
and Martin's, Ltd.
H
LO RD INCCAPE, Chairman, Peninsular and Oriental Steam Navigation Co., Ltd.
LORD INVERNAIRN,Chairman, W. Baerdmore & Co., Ltd., Glasgow.
WALTER LEAF, D.Litt.. Chairman, Westminster Bank, Ltd.
KENNETH LEE. LL.I • Chairman. Tootal, Broadhurst, Lee it Co.. Ltd.
SIR FREDERIC LEWIS. Chairman. Furness Withy & Co., Ltd.
LORD MACLAY OF GLASGOW,Ship owner.
ANDREW McCOSH,Chairman, Vl illiam Baird &Co. Ltd.
Hight Con. REGINALD McKENNA, Chainhan. Midland Bank, Ltd.
Sir ADAM NIMMO,Chairman of the Scottish Coal Owners' Association,
Right Hon. MONTAGU COLLET NORMAL,GoverLo-.Bank of England.
Right Hon. VISCOUNT NOVAE. K.'!., P.O.. D.8.0., Director, Union
Bank of Scotland, Ltd.
A. A. PATONChairman. Liverpool Cotton Association.
J W. BEAUM'ONT PEASE, Chairman, Lioyos Bank, Ltd.
EUSTACE R. PULBROOK, Chairman of Lloyds.
LORD REVELSTOKE, Bariz.g Bros. & Co., Ltd.
ALEXANDER ROBB. General Manager. Commercial Bank of Scotland.
Ltd.
LIONEI N. DE ROTHSCHILD, N. M. Rothschild & Sons.
Sir FELI J. SCHUSTER,Bart., Director of the National Provincial Bank,
Ltd.
GEORGE J. SCOTT, Treasurer and General Manager. Bank of Scotland.
Sir Josiah STAMP,Presiaent of the Executive of the London, Midland And
Scottish Railway.
Sir D. M. STEVENSON. Bart., Ex-Chairman, British Coal Exporters'
Federation.
BEES GRIFFITH THOMAS. General Manager, British Linen Bank.
DOUGLAS VICKERS.Chairman, I,'deers. Ltd.
LORO WEIR, Weir & Co.. Glasgow.
Sir GLYNN H. WEST,Chairman, Rylands Bros., Ltd.
WILLIAM WHITELAW,Chairman, London and North Eastern Railway.
Col. F. VERNON WILLEY, Francis Willey & CO., Ltd.. Bradford,
Sir PERCY WOODHOUSE,President, Manchester Chan-ber ofCommerce.
'
iiir ALEXAN 1ER KEMP WRIGHT, K.B.E.. General Manager, Royal
Bank of Scotland.
D. YOUNG, General Manager, the Clydesdale Bank Ltd.
HOLLAND.
Dr.C.J. K.VAN AALST,President Nederlandsche Handel Maatschappy,
Amsterdam.
S. P. VAN EEGHEN, merchant banker, Amsterdam
F. H FENTENER VAN VLISSINGEN, manufacturer, Utrecht.
E. HELDRING, President Chamber of Commerce. Amsterdam.
Dr. A. J. VAN HENGEL, 1 trector Rotteraamsche Bankvereeniging,
Amsteraam.
Ur. P. HOFSTEDE DE GROOT, Managing Director Amsterdamarbe
Bank.
PAUL MAY. Lippmann, Rosenthal & Co., Bankers.
Or. W. A. MBES. R. Moos &Zoonen, bankers, Rotterdam.
A. F. PHILIPti, Managing Director "Philips Gloellampentabrieken."
Eindhoven.
D. W. STORK,Stork Bros.. Inc., Hengelo.
C. E. TER MEULEN. Hope & Co.. bankers.
Dr. Q. J. TERPSTRA, shipbuilder, Rotterdam.
Professor Dr. M. W. F. TsEUB, ex-Minister of Finance, The Hague,
Dr. F. G. WALLER, Managing Director Nederlandsche Gist gz Spiritusfabrik, Delft.
Th. VAN WELDEREN BARON RENGERS, Agricultural Economist,
Oenkerk, Fiesland.
Dr. G. VISSERING, President Nederlandsche Bank, Amsterdam,
HUNGARY.
ANTHONY EBER, General Manager Hungarian Italian Bank.
CHARLES DE ERNEY, General Manager First National Savings Bank.
HENRY FELLNER, Chairman First Hungarian Steam Milling Co. of
Budapest.
Exc. GUSTAVUS GRATZ, ex-Minister of Foreign Affairs.
Count JOHN RADIX, ex-Minister of the Crown.
Baron JOHN HARKANYI, ex-Minister of Commerce.
Baron MAURICE KRONFELD, Director National Dank of Hungary.
Baron PAUL KORNFELD, Director Hungarian General Credit Bank..
Baron MARCEL MADARRASSY-BECK. President Hungarian Discount
and Exchange Bank.
EMIL MUTSCHENBACKER,Managing Director Hungarian Agricultural
Union.
Count LADISLAS SOMSSICH. President Agricultural Union.
Exc. JOHN TELESKY, ex-Minister of Finance.
ITALY.
G. AGNELLI, President Flat Company.
ANTONIO STEFANO BENNI,President of the General Fascist Confederation of Italian Industries.
BIAGIO BOORRIELLO,Vice-President, Union of Chambers of Commerce
ETTORE CONTI, Senator and Industrialist.
RICCARDO GUALINO, President Snia Viscosa.
FELICE GUARNERI, Director-General Association of Italian Corporations.
GINO OLIVETTI. Chief Secretary General Fascist Confederation of
Italian Industries.
NICOLA PAVONCELLI, President of the Board of the Bank of Italy
ALBERTO PIRELLI. President Association of Italian Corporations.
L. ZOEPLITZ, Administrator Banns Commerciale itallana.
"The undersigned, while signifying their agreement with the spirit which
has dictated the above manifesto, wish to place on record that had it been
passible for them to eo-operate n the framing of the document they
OCT. 23 1926.]
THE CITRONTCLE
would have preferred to give a different and more precise form to some of
Its passages. Above all, they would have liked that criticism should have
been exercised not only as regards the excessive height of customs tariffs
and the rigidity of customs regulations in force in some countries but also
in respect of all the numerous forms of direct or indirect protection, discriminations or preferences, artificial subsidies and restrictions on emigration
.
'With such reservations they willingly subscribe to the manifesto.'
NORWAY.
CAESAR BANG, President Federation Norwegian Industries.
E. G. BORCH. President of the Royal Agricultural Society of Norway.
Sir THOMAS FEARNLEY, Shipowner.
KAMSTRUP 11E00E, Managing Director Nan Norske Creditbank and
President of Association or Nerve Ian Private Banks.
HIERONYMUS HEYERDAHL, Chairman Christiania Bank of Kreditkasse.
A. F. ICLAVENES, Shipowner,
N. RYGG, President of the Bank of Norway.
H. WESTFAL-LARSEN,President Norwegian Shipowners' Association.
WILH. WILHELMSEN, Shipowner.
POLAND.
Dr. HENRY ASCHKENOVY, Managing Director Banque d'Escompte
de Varsovie.
STANISLAW KARPINSKI, President Banku Polskiego.
Exc. MARJAN SZYDLOWSKI, Representative of Association of Mining
Industries of Upper Silesia,
A. DE WIENIAWSKI, Vice-President Banque de Commerce.
RUMANIA.
MAURICE BLANK, Vice-President Banque Marmoresch, Blank & Co..
Bucharest.
SWEDEN.
GANNAR DILLNER, Managing Director Trafikaktiebolaget Grangesberg-Oxelosund, Stockholm.
J. S. EDSTROM. Managing Director Almanna Svenska Elektriska
Aktiebolaget, Stockholm.
GUST EKMAN. General Manager Aktiebolaget Gotsborgs Bank.
IVAR KREUGER, Managing Director Svenska Tandsticksaktrebolaget.
Stockholm.
VICTER MOLL. Governor Bank of Sweden.
0. RYDBECK, General Manager Skandinavlska Kreditaktiebolaget.
HELMER STEN,General Manager Aktiebolaget Svenska Handelshanken•
K. A. WALLENBERG, Chairman Stockhoims Enskilda Bank.
MARC WALLENBERG, Chairman Swedish Bank Association.
SWITZERLAND.
0. BACHMANN, President Banque National Suisse, Zurich.
FREDERICK DOMINICE, Adm. Union Financiere de Geneve.
LEOPOLD DUBOIS. Chairman Societe de Banque Suisse,
ALBERT LOMBARD, Vice-President Swiss Association of Bankers.
RUDOLF SARASIN, President Chamber of Commerce, Basle.
CARL SULZER SCH MID,President Gebruder Sulzer Aktiengesellschaft,
Winterthur.
UNITED STATES.
GATES W. McGARRAII, Banker, New York.
J. J. MITCHELL, President Illinois Merchants' Trust Co., Chicago.
J. P. MORGAN. Messrs. J. P. Morgan & Co. New York.
THOS. N. PERKINS, Delegation of the Citizen's of the U. S. A., Member
of the Reparations Commission.
SIELVIN A. TRAYLOR, President First National Bank, Chicago.
ALBERT II. WIGGIN, President Chase National Bank, New York.
2059
The "Boersen Zeitung" points out that, although the manifesto does not
mention the Versailles Treaty. everyohe knows that trade will improve
when the restrictions imposed by the treaty are removed. Many papers
indorse the demand for the removal of customs restrictions, but also point
out that the position of Russia is not taken Into account by the manifesto,
and fear that until the Russian problem is settled the aims fur which the
signatories are striving can hardly be attained.
The "Kreuz Zeitung" and "Deutsche Tages Zeitung" are the only
journals dissatisfied with the mat Keno: they foresee that the signature of
business men on the document will lack influence in politics, and "certainly
will not succeed either in annuling or altering the treaty."
From the London Associated Press advices of Oct. 19 we
take the following in which Berlin is referred to as the place
where the manifesto hailed from.
A certain air of mystery surrounds the genesis of the document. No one
seems to know Just where it originated, although common belief is that it
had its origin in Berlin.
The fact that the manifesto was issued to the London press through a well
known advertising agency is regarded as unusual, while further comment has
as unusual, while further comment has been caused by talk of connecting
it with the reported formation of a great banking trust, which is said to
have intended to use Its resources to overcome obstacles thrown in the way
of the resumption of European trade by the de reciated and varying
exchange. Whether the creation of such a trust will be one of the first
effects of passing from words to deeds on the part of the great banker
signatories has still to be seen, but all attempts to induce than bankers to
talk on the subject thus far have failed.
Public opinion has also Jumped to connect the manifesto with the recent
discussions at Romsey between English and German financiers. Some
doubt is cast on this, however, because it Is stated that the document has
been in preparation for at least six months.
Publication of the manifesto in the British prase has been set for tomorrow and consequently the I mess Is not commenting on it as yet to any
extent. The "Westminster Gazette" tomorrow will call attention to the
fact that it Is Just a century since the bankers and merchants of England
petitioned Parliament in almost similar terms for the removal of restrictions
after the Napoleonic wars. The paper recalls that it was twenty years
before the repeal of the corn laws ushered in the period of prosperity during
the Victorian era in England and expresses the fear that it may take twenty
years now before a lowering of the world's trade barriers in the shape of
tariffs and other restrictions will be achieved.
John J. Mitchell, Signer of Manifesto, Supports It
Insofar as It Applies to European Tariffs—Other
Views.
Mitchell, President of the Illinois Merchanta
Trust Co. of Chicago, one of the signers of the declaration
for the removal of European trade barriers, stated OD
Conflicting Reports as to Origin of Manifesto for
Oct. 19, according to Associated Press advices from Chicago,
Removal of Tariff Barriers.
that, as a signer, he supported the international trade
While a Berlin press account credits the origin of the manifesto so far
as it applies to European trade barriers,
manifesto appealing for the removal of the tariff barriers to
but does not thereby advocate lowering the American
Montagu Norman of the Bank of England, a London tariff. He is quoted as saying.
account reports Berlin as its origin. Before the manifesto
The manifesto pertains exclusively to Europe. I signed it last summer
was made public on Oct. 19, advices of its coming were in Europe Just before sailing home. The English financiers whose names
the
are attached
of
carried some days before in the London "Times," the New also. though totold document were desirousseehaving some American names
them that I could not
I
what good that would do.
York "Times" in a reference to this in a London cablegram
It should be distinctly understood that the manifesto in no way refers
to American tariffs, either by allusion or inference. Many of the trade
Oct. 16 (copyright) stating.
John J.
restrictions now effective in Europe are extremely destructive to European
A declaration of the utmost importance regarding American co-operation prosperity as a whole and should
have been removed long ago. The
in measures for the reconstruction of European trade and commerce will be
American tariff is a different matter. and I do not wish to discuss any
issued next Wednesday by prominent bankers and business men of all the phase of it.
great European nations, including Britain, and of the United States.
That the bankers here view the manifesto as applying
according to the "Sunday Times."
The "Sunday Times" quotes an unnamed high British financial authority solely to European affairs is indicated in the following,
as follows:
which we quote from the New York "Times" of Oct. 20.
"The present situation of Europe is extremely difficult and a way out
While entirely unofficial in character, the international trade appeal
must be discovered without delay. The policies hitherto pursued by the
nations have increased, not diminished, difficulties. A complete change of issued yesterday is expected in some quarters in New York to hasten relief
policy consequently is imperative to restore credit and bring about that from tariff difficulties in Europe by impressing various Governments with
the importance of reform. The fact that some of the biggest names in
great expansion of trade which the situation urgently demands.
"The full significance of this important declaration will be realized when finance are attached to the appeal is expected to influence political leaders
the names and standing of the signatories become known. The declaration throughout Europe.
Albert H. Wiggin, Chairman of the Chase National Bank. one of the
cannot fall to have far-reaching consequences, both in the political and
signers of the appeal, said yesterday that he was asked to give his support
business world."
to the movement on a visit to London early this summer and willingly
The Berlin Associated Press cablegram of Oct. 19 bearing agreed. Throughout the post-war period financial leaders both here and
abroad had reiterated that one of the principal needs of Europe was to
on the origin of the manifesto said.
remove restrictions which had sprung up against commerce and travel.
The economic manifesto signed by leading financiers of Europe and the
J. P. Morgan. whose signature is on the appeal. Is now in Europe, and
United States and made public in various countries to-day, was conceived Gates W.
McGarrah, Chairman of the Executive Committee of the Chase
in London in July. German press and banking circles assert, by Montagu National Bank,
the third New York signer, sailed for Europe last week.
Norman, Governor of the Bank of England.
Leading Now York bankers said they were aware for months of the
Mr Norman presented It to Dr. Hialmar Schacht. President of the existence of
the international appeal, but were not informed of its details
Reichsbank, Andrew W. Mellon, American Secretary of the Treasury, and until
the publication of its text yesterday. They said it was not really a
Benjamin Strong, of the Federal Reserve Bank. New York, In the course manifesto,
but simply an expression of opinion by financial leaders as to
of their vacation trips In France and Holland, and, according to the same the best
way to solve some of the pressing problems of Europe growing
authority, they approved it with slight modifications. Mr. Mellon, it is out
of the war.
said, submitted a copy to President Coolidge and discussed the manifesto
The appeal has no official status and the American bankers who signed
in London with Winston Churchhill, Chancellor of the Exchequer, who It, it was
said here yesterday, did so just as they would support any worthy
approved it. It was then easy to obtain signatures.
cause for which their aid was e disted. It was made clear by several
The reason that the French signed with reservation is believed to have financiers
that the American signatories had no thought of propounding a
been that they realized the franc must be stabilized before trade affairs policy of free
trade for the United States. Their attitude was that if their
were discussed. The German commentators assert that England's initia- advice or
co-operation in restoring normal conditions in Europe were
tive can be explained because "it is virtually a free trade nation surrounded desired
they would gladly give it, and their ideas coincided with the alms
by protectionist nations."
of the European financiers toward stabilization. American tariff or trade
The manifesto is the subject of comment and discussion by most of the policies,
they held, had nothing to do with the situation.
Berlin newspapers, which generally regard it as an admission by the leading
Ripen I.. Owen. former Chairman of the Committee of Banking and
bankers and industrialists of the world that they recognize that the econo- Currency
of the Unite I States Se :ate. who framed the Federal Reserve
mic clauses of the Versailles Treaty are mainly responsible for the present Act, was
much impressed with the appeal. He said:
"sorry state of the world's trade and commerce."
"The
Dr. Melina' Schacht, President of the Reichsbank, and other prominent houses one great obstacle to the rapid restoration of Europe Is the custom
which interrupt commerce. transp 'nation and trade between the
financiers are absent from Berlin, but In business and Industrial circles the States of Europe and prevent the economies and conveniences
necessary
manifesto is strongly apt roved. It is argued that the views it expresses to their highest industrial development. No American could conceive of
if he
have long been held by all leading German bankers and magnates, although doing business in the Uniteda States and had to have his goods examined
State
every time they went out or
every time they went into a State
only a few of them have signed it.
r
Continent.
betthweeeAmerican e
as Fthreeye
American
Exphasis is laid on the assertion that the manifesto was drawn up chiefly
s has greatly developed American
"Free crossed
trade
needs the
on British initiative and that it appears at a moment when British industry Industries, and EuropeIn Europe, same favorable conditions. America
because as Europe becomes prosperous
should favor free trade
seriously depressed.
our exports to Europe will increase."
2060
THE CHRONICLE
Alfred 0. Corbin, partner in the firm of F. J. Lisman
& Co., international bankers, stated, according to the
New York "Journal of Commerce," that "commercial
restrictions in the different European countries, especially
in the succession States of important economic commonwealths, have been decidedly inimical to the welfare of the
nations involved. The results of the appeal for lowered
tariff barriers represent a most decided step forward in the
attempt to effect a speedy rehabilitation of wax-torn Europe,"
He added.
It should tend to do away with the still existing racial antagonisms and
national ill feelings in Continental Europe. It should speed up the plans
under way to effect currency stabilization in those European countries
which have not as yet seen their way to do it. It will doubtless greatly
improve the credit standing of European nations in the world's financial
markets with the inevitable result that European obligations will sell at
levels more truly representative of their inherent worth, greatly enhanced
by recent developments.
President Schact of German Reichsbank SaysManifesto
Applies Only to European Tariff Conditions.
The Berlin correspondent of the New York "Evening
Post" under date of Oct. 20, says it was learned that the
idea of issuing the appeal for better economic collaboration
between all European countries was initiated in London by
Sir H. Bell of Lloyds who asked Hjalmar Schacht, President
of the Reichsbank, to obtain German signatures. The account (copyright) goes on to say:
No copy of the appeal seems to have been submitted recently, at least to
the German signatories, because several of them said to-day they had no
recollection of every being asked to sign, nor did the Federal Association of
German Industries have any such knowledge. Since a similar manifesto
Is being prepared in connection with the International Chamber of Commerce meeting it was desired to bring out this one first.
Although the widest significance isascribed to the document and although
It is described as part of a campaign to call an international economic conference and force the issue of international debts, assurances from Dr.
Schacht's office are that the manifesto has nothing whatever to do with this
question.
Expect Revision of Treaty.
Nationalist circles take the document, with its criticism of present cus• toms condit ons, as an attack on the Versailles Treaty, which they hold
responsible for creating the new States and hence the tariff walls. They
hail the manifesto as a prelude to treaty revisron.
The "Germania," the organ of Chancellor Marx, interprets the manifesto as an effort of international credit givers to remove hindrances to
German exports in order to make the execution of the Dawes plan possible.
Some of the American signatories awaken special comment, particularly
that of Gates McGarrah, whose name on a free-trade manifesto causes some
surprise, all the more because several Berlin newspapers garble the text and
represent it as an appeal for international free trade rather than a document addressed exclusively to Europe.
Dr. Schact emphasizes that the policy recommended in the document
In no way affects the United States, but is directed exclusively at Europe.
He said he regretted that, due to a technical misunderstanding, publication, which was intended for to-day, was premature, and added that many
more German business men were prepared to sign.
"The whole manifesto only refers to tariff conditions existing in Europe,"
he said. "where, as opposed to the United States, not one vast economic
territory exists but a broken complex of States economically hostile. The
fact that a number of Americans also signed only indicates that their observations of European conditions coincide with out analysis of the reasons for
Europe's economic distress and our recommendations for a cure."
Simultaneously with the publication of the manifesto rumors are being
circulated that Herr Hoesch, the German Ambassador in Paris, has been
Instructed to sound out sentiment on an international economic conference.
That the German Government has any intention of taking the initiative in
such a conference is vigorously denied in official circles.
Council of International Chamber of Commerce Backs
Bankers Trade Plea for Europe—Delegates at Paris
Meeting'Extend Recommendations of Bankers.
The approval by the Council of the International Chamber
of Commerce of the declaration for the removal of trade
barriers is the subject of the following message to the New
York "Herald-Tribune" (copyright) from its Paris correspondent Oct. 20.
The interest generated by the publication of the "bankers' manifesto"
counseling free trade as a pancea for international economic and financial
problems was further increased to-day when the council of the International
Chamber of Commerce here, with delegates representing 24 nations present,
approvei the bankers' proposals and made even more radical recommends,
economic relations between nations.
tions for a modification of the
newly-opened quarters of the
The meeting of the council was held in the
International Chamber here, with Sir Alan Anderson, of Great Britain.
Americans were N. Dean Jay,
Presiding over the 60 delegates. of whom the
of J. P. Morgan & Co.; Alexander Legge, President of the International
White. President of Armour & Co., and John N.
Harvester Co.; F. Edson
Co.
WillYs. President of the Willys-Overland
Delegates Applaud Manifesto.
The text of the bankers' manifesto was read and applauded. It was
admitted that the manifesto was inspired by the policies of the International
Chamber and a resolution introduced by Herr von Mendelssohn, PreAident
of the German national committee of the International Chamber, which was
seconded by Etienne Clementel, former French Minister of Finance, gave
definite approval to the "accord which exists between the principles of the
manifesto and which have inspired the policies of the Chamber and which
are given a new expression in the report of the trade barriers committee,
which must be considered as the interpretation given by the business world
to the manifesto just published."
The report which the trade barriers committee approved to-day follows
the bankers in laying great stress on the seriousness of the situation created
by the number and the height ofthe tariff walls surrounding many counrties.
[VOL. 123.
which constitute the most serious barrier to international trade. The
report of this committee represents a month's study by Sir Arthur Balfour
and his colleagues following their appointment as a special committee of the
League of Nations. It will be presented to the League's coming international economic conference and will be subject to ratification at the biennial
congress of the International Chamber of Commerce at Stockholm in June.
Condemn Sudden Changes.
Going beyond the recommendations of the bankers' this report condemns
sudden changes in tariffs by decrees or by placing goods in different classifications and demands that such practices cease entirely. Ad valorem duties
are condemned on the ground that they lead to difficulties, facilitate secret
discrimination and result in practices which unfairly increase regular tariffs.
The report goes into the question of international industrial combinations
such as the recent Franco-German-Belgian steel cartel and recommends
their extension on the ground (1) that they promote the interests of industry
by the elimination of competition;(2) promote the interests oflabor through
the medium of steady employment; and (3) work to the good of the consumer by reducing costs and lowering prices.
On this section of the report the American national committee has reserved its opinion. The report says that an extension of these international
industrial catels will contribute a means of surmounting tariff barriers and
may prepare the way to wider economic agreements between nations.
The report of the Balfour Committee sidestepped the questions of immigration and emigration as matters of national sovereignty in its discussion
of the treatment of foreigners in various countries. The committee demended, however, that uniform laws shall secure the rights of foreigners in
all countries under an international convention. It recommends that
compulsory passport visas be abolished, because they hamper the movements of business men and affect invisible exports by restricting tourist
trade.
It is demanded that foreigners be given the same legal and social rights
as nationals everywhere, with complete freedom of movement, right of
domicile and the liberty to establish any business or industry. The report
then formulates a series of demands regarding obstructions to rail, sea and
air traffic, the most important of which is a recommendation for the standardization of railway rolling stock, the general adoption of a twenty-fourhour time table and simplification and uniformity of regulations and
formalities.
Those concerned with sea transport demand the immediate ratification
by all governments in the League of Nations freedom of ports convention
and its application in letter and in spirit until flag discrimination is
abolished. It is demanded that air transport be given absolutely free rein.
The Associated Press advices from Paris on that day
(Oct. 20) said.
The Council of the International Chamber of Commerce to-day added its
voice to the international financiers' manifesto made public yesterday
pleading for release from restrictions and hindrances to international trade.
Sir Alan Anderson, director of the Bank of England and acting President
of the International Chamber, told the chamber that free trade was the
only remedy for the financial and commercial ills that now beset Europe.
The bankers' manifesto, made public yesterday, expressed a similar thesis
In which a plea was made for the removal of tariff barriers and other restrictions upon European trade.
Sir Alan asserted that Europe was in the slough of an economic despond,
with only misleading and fictitious prosperity in countries of depreciated
exchange. Protective tariffs, he said were responsible for this economic
slump.
Suggestions in Report of Sir Arthur Balfour to Carry
Out Principles of Tariff Manifesto.
Associated Press cablegrams from Paris Oct. 20 said.
Cessation of flag discrimination in ocean-carrying trade, abolition of
passport visas and an end to ad valorem duties are among the detailed
suggestions made by Sir Arthur Balfour to carry out the principles of the
international hankers' manifesto in a report which was approved to-day by
the council of the International Chamber of Commerce.
The report demands protection of the rights of foreigners in all lands by
uniform laws,and absolute freedom of travel by air, rail and sea, with standardization of rolling stock to facilitate communications from one country
to another.
It calls for ratification of the League of Nations'freedom of ports convention, and says traffic in war material ought to be exempt from export
duties.
The report closes with the suggestion that the League of Nations organize
a commercial and tariff commission, bringing together representatives of
the various Governments to consider international trade questions.
British Are Skeptical Regarding Bankers Tariff
Proposal—Do Not Believe Nations Will Lower
Customs Barriers.
the New York "Times" we take the following
From
'
London advices Oct. 21.
References, mainly skeptical in tone, to the bankers' manifesto issued
this week were made at a dinner here to-night at which delegates of the
Imperial Conference were guests of the Association of British Chambers
of Commerce.
"We have all read the manifesto signed by bankers and business men
dilating on the difficulties to be encountered in foreign trade," said Sir
Philip Cunliffe-Lister, President of the British Board of Trade. "Whether
these difficulties are likely to be completely removed by the manifesto
some of the more skeptical may take leave to doubt.
"But while we can all agree with the signatories of that manifesto as to
the difficulties to be encountered we may draw from that statement the
lesson to concentrate on the development of empire trade."
"It may have been a wise thing to do, but we live in a practical World,"
was the comment on the manifesto made by Premier Bruce of Australia.
"While in a reformed world we may get progressive reductions in armaments and reach the ideal before us, I feel they are super-optimists who
believe that countries, with their national instinct, are going to cast down
tariff barriers."
G. 0 Vyle, President of the Association of British Chambers of Commerce, thought there was no real parallel, as had been suggested, between
the United States of America and a similar union between all the nations
of Europe. If there was to be a choice between Britain joining such an
economic union, from which the rest of the Empire was excluded, and of
standing out of this economic union of European States by remaining a
member of the Commonwealth of British Nations, he had no hesitation in
predicting which way the mother country Would cart its vote.
OCT. 23 1926.]
THE CHRONICLE
2061
Dr. Schacht Defends Reichsbank Reserve—Answers
Manchester Backs Bankers Tariff Manifesto.
Critics that He Will Abandon Gold Standard
The following Manchester (England) Associated Press
When England and America Do.
10 are from the New York "Herald-Tribune".
advices Oct.
European trade barriers
Dr. Schacht, President of the Reichsbank, defended his
The economic manifesto calling for elimination of
iecordially received in various quarters here, where it is recalled that the policy of keeping the gold reserve from 40 to 45% of the
movement originated at a dinner in Manchester in 1924 by the late Lord
mark issue before an inquiry board of the Money and Credit
Sheffield. a close student of economics.
Pt Sir Arthur Haworth, Chairman of the Manchester Royal Exchange. Committee, meeting in the Reich's Economic Council Chamfavors letting down trade barriers. He said: "Without more international ber on Oct. 21, says copyright advices to the New York
trade Europe's recovery will be terribly slow."
the following is also taken.
trade leader, commenting on the "Times," from which
Sir Charles Macara, veteran cotton
action of the financiers. said: "I view the proposal as one of the greatest
manifestos ever issued."
Italians Cite Obstacles to Bankers Tariff Manifesto—
Point to Steps Taken by Rome to Reduce Customs
Tariffs.
The following Rome (Italy) advices Oct. 19 (copyright)
are from the New York "Times".
The international appeal by business men for the gradual abolition of
customs barriers among European nations, published this evening, has been
well received on the whole, though the most influential newspapers in their
comments formulate specific reservations.
While it is admitted that the suppression of tariff walls is possibly a
desirable thing, the opinion is expressed that any such scheme would stand
small chance of being universally accepted unless accompanied by other
special measures for the protection of countries like Italy, which have
growing industries but no raw materials. R is argued that otherwise
universal free trade would benefit only countries with well-established and
strong industrial organizations and commanding vast supplies of raw materials.
These arguments are, besides, clearly expressed in the special declaration
attached to signatures of the Italian adherents to the appeal
The "Tribune", official Fascist organ, concludes its comments with the
following reference to Italy's attitude toward high customs barriers:
"Italy, within the last few years, has concluded with almost all European
countries trade treaties, all of which include a most-favored-nation clause,
which, as is known, may lead to a considerable reduction of customs tariffs.
Italy has, in addition, consistently followed a policy of commercial demobilization, abolishing almost all the import and export restrictions which
existed immediately after the war. It is now the other nations turn to
give equally good proof of good-will."
Dr. Schact has been censured and criticized for his stratagem In acquiring the gold bullion, which his opponents say he is hoarding in the Reichsbank vaults instead of placing it with American banks where it would
draw interest and serve the same purpose of maintaining the stability of
the mark. These foes of the gold standard advanced economic theories
whereby the monetary system can be maintained without a gold reserve.
Toall ofthis Dr. Schacht replied that the proof of the pudding is theeating.
Since Germany's currency holds its value on the world market by being
backed with not less than 40% of gold reserve, he is convinced that his policy
Is correct.
"I believe," said Dr. Schacht, "that the system of a gold standard with
a gold bullion reserve is the only one possible under present conditions of
production and world trade, but I am willing to accept any other monetary
theory, without previous examination, as soon as it is accepted by England
and America."
A monetary system without a gold reserve Dr. Schacht believes feasible
only for limited sections, such as in a city, where it is practical when the
entire industry is controlled by one organization, but he finds it impractical for international. or even national application.
Dr. Schacht further defended his management of the Reichsbank by
cit'ng the success with which his system overcame radical changes in
public finances, such as the separation of the railways, posts and internal
revenue from the public funds through the provisions of the Dawes plan.
credits,
Dr. Schacht again warned against contracting excessive foreign
since it would put the country up against a problem equally serious as
draining the country for payments
the present reparations transfer, and by
the
of both interest and annuities, would cripple production, endangering
export and trade balance.
varied from 41 to
During the past year the gold and bond reserve had
46% of the mark note issue.
Poland Bankers Readopt Kemmerer Plan—Visit of
W. P. G. Harding.
Following his declaration that he has nothing to do with
Chairman of Bank of Poland Approves Bankers Tariff
recommending an American loan to the Polish Government,
Manifesto Only in Principle.
W.P.(1. Harding, former Governor of the Federal Reserve
Warsaw (Poland) Associated Press advices Oct. 20 state.
Board, began a series of visits in a private capacity to
The manifesto of European and American financiers was published in
the newspapers here to-day.
Poland's financial institutions with the head of one of
Stanislaw Kaminski, Chairman of the Bank of Poland, who signed the
Warsaw's leading banks on Oct. 21,, it is learned from a
declaration, has issued a statement that he approves the manifesto only in
copyright account to the New York "Times" from Warsaw,
principle; he finds that its ideas can be enforced only in the future when
capital will be more equally disposed.
Oct. 21. It also has the following to say.
Former Premier Grabski strongly attacks the declaration, asserting that
it is unfavorable to the new post-war countries and contains allusions against
the partition of Silos. He says that the declaration tends to make Poiand
absolutely dependent on Germany.
Visit to United States of Queen Marie of Rumania—
Reports that Yesterday's Luncheon at the
Bankers' Club was Preliminary Toward
$100,000,000 Loan.
,
Queen Marie of Rumania, who arrived in the United States
on the steamer Leviathan on Oct. 18, has since been the
recipient of uninterrupted honors, New York City according
her the first official welcome. After the greetings in this
city on Oct. 18 she left for Washington, and on Oct. 19
she was the guest of honor at a dinner given in the White
House by President and Mrs. Coolidge. Baltimore on
Oct. 20 and Philadelphia on Oct. 21 also accorded her a
welcome. Before going to Philadelphia on the 21st, a
reception in her honor was given at noon by the Chamber
of Commerce of the State of New York and it is interesting
to note that she is the first woman to be so honored in
the 158 years of the Chamber's existence. Yesterday's
(Oct. 22) entertainment in her behalf included a luncheon
at the Bankers' Club, this city. Regarding this, we quote
the following from last night's "Evening Post':
While insisting that he has no immediate intention of recommending
further foreign loans, the American financier said that he is studying the
entire situation in his vacation time with a view to applying his findings to
future American financial activities abroad.
The whole of Poland's financial colony has been in a furor since the
arrival of Mr. Harding, hoping that he had come here to advance an immediate loan, but his statement to the contrary has coolei offhisreception and
enthusiasm has reverted once more to the Kemmerer plan ofsane financing,
with which Mr. Harding has declared himself to be unconcerned.
Finance Minister Czechasicz paid faint praise to Dr. Kemmerer to-day
while asserting that his recommendations were already being assimilated.
"We have studied his plan carefully and we have already effected the
greatest economies, with the result of a balanced budget," the Finance
Minister said. "Moreover, we have sought new sources of income to meet
the expenses of the Government, which are naturally rather high, in view
of the fact that the State is in process of rebuilding.
"The fact that the items for national defense and education run into
considerable figures is clearly in line with the American Commission's
recommendations, all of which will be ultimately realized. There is no
question that we will avail ourselves in the fullest measure of these products
of American efficiency."
M. Czechovricz presented assurances to the American financier that the
zloty will be stabilized at the present rate, nine to the dollar. Continuing,
he said:
"The State income must be raised but I am not willing to impose new
taxes because of our complicated system of collecting them, as also noted
by Dr. Kemmerer. The improved and simplified method of collecting
taxes will open many new sources of income, without harming the economic
life of the country. Only then can we honestly ask for foreign credits."
The new Finance Minister gave credit to M. Klarner, his predecessor
and collaborator with Dr. Kemmerer, for the first time since the first
Cabinet of Marshal Pilsudski was turned out and the Marshal himself took
charge of the upbuilding of the Government, which is now apparently going
on smoothly.
At the same time, preparations for dissolving the Seim are being made
by the Dictator and the present probability is that new elections will be
held in the Spring.
Her Majesty, Marie of Rumania, lunched to-day behind the locked
doors of the Bankers' Club on the fortieth floor of the Equitable Building,
with many of New York's leading financiers, and then motored north to
Morningside Heights, where Columbia tinviersity. its faculty and student
body, gave her the warmest welcome she has received in the city.
Significance was given the luncheon by the secrecy which hedged it
about and the exclusion of the press for the first time since Marie made T. W. Lamont of J. P. Morgan 44t Co. Denies Report of
her well-advertised arrival.
Berlin Interview on Dawes Plan and War Debts.
Marie's purpose in appearing before the assembled capitalists of New
York—there were among tho guests Thomas Lamont of J. P. Morgan
Thomas W. Lamont of Messrs. J. P. Morgan & Co. made
& Co., Clarence Dillon of Dillon, Read & Co.,Charles E. Mitchell, President the following statement on Oct. 20:
of the National City Bank,and Alvin W. Krech,Chairman of the Equitable
One of the New York papers has to-day printed a Berlin dispatch repeatTrust Co.—was reported to be founded in a desire to pave the way for
ing an alleged interview with me published a fortnight ago by the "Industriea request for a loan of $100,000,000 for her nation.
This report was, of course, stoutly and even vehemently denied by und-Handels-Zeitung" of Berlin. and attributing to me statements with
those surrounding the Queen and by those who were concerned in giving reference to the operation of the Dawes Plan and the handling of war debts.
the function. The host was Major Radu Irimescu, director of the Banque That purported interview is a complete fabircation. I have never seen a
representative of the Berlin newspaper and did not hear of the alleged
Chrissoveloni, a large Rumanian financial institution.
until a copy of it reached me by mail a few days ago. On seeing
Queen Marie is accompanied to the United States by two Interview cablegram to the Wolff Bureau at Berlin branding the interview as
It I sent a
Prince Nicholas and Princess Ileana.
entirely without foundation.
of her children,
2062
THE CHRONTCLE
(Vat.. 123.
Bonus Paper for Banking Loans—Adjusted Service Certificates Will Have $262,538,344 Borrowing Value.
The following is from the New York "World" of Oct. 22:
Mortgage Bank, workmen's dwellings, irrigation projects and municipal
loans. Government owned properties have an estimated value of approximately 6650,000,000, which is over twice the total debt.
Monetary System.—By legislation enacted last year upon recommendations
A new class of paper for bank loans, the initial value of which is about 1% of a Commission of American experts, the country has established a financial
of the total amount of loans and discounts of all American banks, will make structure providing a stable currency. The peso now has a gold parity
Its first appearance on Jan. 1 next. It is the adjusted service certificates equal to 30.12166 United States currency and is currently quoted at subissued by the United States Government to the veterans of the World War. stantially this rate.
This paper next year will have an estimated loan value of 6262.538,344.
The Republic has agreed to make application to list the
It will increase each year until it matures. Thus in 1928 the loan value
will approximate $370.910.606. for 1929 about 6482.048.654. and for 1930 bonds on the New York Stock Exchange. The bonds were
around 6590.893.686. according to figures furnished to the "American offered when, as and if issued and accepted and subject to
Bankers Association Journal" by Gen. Frank T. Hine, Director of the
the approval of counsel. Temporary bonds or interim
United States Veterans' Bureau.
receipts of the National Bank of Commerce in New York
Will be deliverable in the first instance. Associated with
Tampico (Mexico) Bank Suspension.
Hallgarten & Co. and Kessel, Kinnicutt & Co. in the offering
Tampico (Mexico) advices Oct. 21 to the New York were • Halsey, Stuart & Co., Incorp.; Lehman
Brothers;
"Journal of Commerce" stated:
J. Henry Schroder Banking Corp.; Cassatt & Co.; William
Juan Britt) Bros., prominent bankers here, have suspended
PaPliant's.
announcing that the insitution is solvent and that the suspension is probably R. Compton Co.; Continental & Commercial Co., Chicago;
,,.
tenmoca,
The Union Trust Co. of Pittsburgh; Northern Trust Co.,
Deposits amount to several million pesos. Suspension was declared Chicago; Guardian Detroit
Co., Incorp.; E. H. Rollins &
due to a run started by the suspension of the Tampico Banking Co.
Sons; Bank of Italy, San Francisco; the Canadian Bank of
Associated Press advices from Mexico City Oct. 21
Commerce; Dominion Securities Corp., Ltd.; Edward B.
state:
The National Banking Commission asserts that the suspension of pay- Smith & Co., Merrill, Lynch & Co., and J. G. White & Co.,
ments by two banks in Tampico yesterday was requried for the protection Incorporated. The proposed offering was referred to in our
of depositors. It was added liquidation of the banks has been demanded issue of a week ago, page 1948.
because they were unable to fulfill their legal requirements.
The Commission says gold depositors will not lose their deposits If
the Judicial liquidation proceeds. It is declared that since 1925 the institutions have been unable to carry sufficient reserves to cover American
dollar deposits.
Offering of $42,500,000 Republic of Chile Bond—Books
Closed—Issue Oversubscribed.
Offering of the $42,500,000 Republic of Chile 6% external
sinking fund gold bonds was made on Oct. 18 by the syndicate headed by Hallgarten & Co. and Kissel, Kinnicutt &
Co. The bonds were offered at 93i,4 and interest, to yield
about 6.50%. It was announced that the subscription
books had been closed early in the day, the issue having been
heavily oversubscribed. A substantial amount of the bonds
was withdrawn for sale in Great Britain, Holland, Switzerland, Sweden and Canada. The proceeds of this loan will
be used for the construction of roads and sanitary works,
for the retirement of certain existing internal debt, and to
provide funds for the payment of current indebtedness of the
Republic (including the $10,000,000 5% notes due Feb. 25
1927) to the end that at Dec. 31 1926, all floating debt shall
have been paid or provided for. The issue will be dated
Oct. 1 1926, and will mature April 1 1960; it will he redeemable only through the sinking fund, on April 11927, or on
any interest date thereafter at face amount on not less than
10 days' notice. A cumulative sinking fund of 1% per
annum is provided for, to operate semi-annually through
purchase of bonds at or below face amount or if not so
obtainable then by call of bonds by lot at face amount. The
Republic reserves the right to increase the amount of any
sinking fund payment, and to.tender bonds in lieu of cash.
The sinking fund is calculated to redeem the entire issue at
or before maturity.The bonds will be in coupon form in
denominations of $1,000 and $500, registerable as to principal
.
only— Principal and interest (April 1 and Oct. 1) will be
payable in New York City at the office of either of the Fiscal
Agents, Kissel, Kinnicutt & Co., or Hallgarten & Co., in
United States gold coin of the present standard of weight and
fineness; or at the option of the holder in London at the office
of the Sub-Fiscal Agent, J. Henry Schroder & Co. in Sterling
at exchange rate of $4.8665 to the Pound Sterling; without
deduction for any Chilean taxes, present or future. Don
Lautaro Rosas, Minister of Finance of the Republic of
Chile in his advices to the bankers says in part.
Oblication.—These bonds will be the direct obligation of the Republic of
Chile and principal and interest will be payable in time of peace or war
Irrespective of the nationality of the holder. The Fiscal Agency agreement
will provide that If in the future the Republic shall Issue or dispose of any
bonds or loan secured on specific revenues or assets, these bonds shall be
equally and ratably secured therewith.
Revenues.—The budget for 1927 aggregates in round figures $117,000,000
and will be submitted to Congress entirely balanced. For the years 1922 to
1925, inclusive, total revenues, exclusive of receipts from loans or from the
sale of capital assets, amounted to $282,554,089. while total ordinary
expenditures amounted to 6323.644.195. Included in the above figure of
ordinary expenditures was over 641.000.000 for amortization of external
debt alone, or practically the entire amount by which the expenditures
exceeded the revenues.
Debt.—Official records disclose that there has been no delay or default In
Interest payment on external debt for over 84 years. By agreement with the
bondholders, amortization was deferred from 1880 to 1884 on account of
conditions arising from the War of 1879. Between 188.5 and 1914. Chile
placed loans in London and on the Continent for a total principal amount of
183.728) which were offered to the public on an average
£46.662.638 (6227.
yield to maturity of approximately 5 04%.
The present total debt of the Republic. Including this Issue and all guaranteed obligations, aggregates about $288,000,000, of which approximately
690.000.000 consists of guaranteed obligations for railroad companies, the
Offering of $2,500,000 Unterelbe Power & Light Co. of
Germany.
A. G. Becker & Co., New York offered, Oct. 19 at 991
4
and interest to yield about 7.08% a new issue of $2,500,000
Unterelbe Power & Light Co., 15-year 7% sinking fund
mortgage gold bonds, due Oct. 1 1941. The bonds will he
secured by a direct mortgage in the gold mark equivalent of
at least the principal amount of bonds outstanding, on
properties, exclusive of additions to be made out of the
proceeds of this loan, which have been independma
appraised at $5,834,000 or more than 2.3 times the amount
of this issue. The entire capital stock of the Unterelbe
Power & Light Co. is owned by the City of Altona, Germany
situated upon the River Elbe immediately adjoining the
City of Hamburg and having a present population of about
185,000. The company is engaged in supplying electric
power and light, without competition, to the City of Altona
and certain nearby districts and, through a subsidiary.
supplies gas and water in this territory, the total population
served being approximately 260,000. Proceeds are to be
used to finance additions to the company's properties which
will be subject to the mortgage securing the bonds. The
company's property is not subject to the so-called Dawes
Mortgage but the company is obligated, under laws enacted
to put the Dawes Plan into effect, to make annual payments
which, on the basis of present assessments, are estimated at
a maximum of $35,000 a year. Further details regarding the
offering are given in our "Investment News" column of
to-day's issue, p. 2142.
Offering of $2,000,000 City of Chemnitz(Germany) One
Year Gold Note—Books Closed—Oversubscription.'
Public offering of participation certificates of a $2,000,000
City of Chemnitz (Germany) one-year 54% treasury gold
note was made on Oct. 21 by Blair & Co., Inc. The participation certificates were priced at 9934 and accrued interest,
to yield 6%. The note is dated Nov. 1 1926 and matures
Nov. 1 1927. The note is payable to the order of the Chase
National Bank of the City of New York and will be deposited
with and held by said bank for the benefit of the holders
the participation certificates. It is announced that the books
have been closed, an oversubscription being reported. The
issue is in denominations of $25,000, $10,000, $5,000 and
$1,000. Principal and semi-annual interest (May 1 and
Nov. 1), will be payable in U.S. gold coin of or equal to the
present standard of weight and fineness, in New York City
without deduction for any taxes, present or future, of the
German Government, the Saxon State or the city. The
proceeds of this treasury note are to be used for additions
and improvements to the income producing properties owned
by the city (electric and water works, street railways, &o.).
Dr. Johannes Huebschmann, Chief Mayor of the City of
Chemnitz furnishes information to the following effect:
Direct Obligation.—The treasury note of the City of Chemnitz against
which these participation certificates are to be Issued is to be the direct
and unconditional obligation of the city, which pledges its good faith and
credit for the prompt payment of principal and interest, and covenants that
as long as the trincipal or interest of this note remains unpaid, it will not
create, issue or guarantee any loan, bond, note or other obligation secured
by a lien or charge on any of Its assets or revenues or upon any assets or
revenues of enter' rises owned or controlled by the city, unless this note
shall be secured equally and ratably with such loans, obllgations_or guar-
• OCT. 23 1926.]
THE CHRONICLE
antees. The Issuance of this note has been approved by the Governmental
body of the District supervising the municipality (Kreishauptmannschaft),
being fully authorized for this purrose by the decision of the District
Council (Yreisausschuss) of Oct.'16 1926. The city owns valuable real
estate, public buildings and rroductive enter-rises, including water supply,
gas and electric systems, the value of which is estimated to be in excess of
$70.000.000. Frr 1925. the net receipts from the public utility works
owned by the city amounted to about $2,000,000, while for the same year,
receirts from leased real estate owned by the city amounted to about
$200.000.
Public Debt.—Exclusive of the rresent issue, the total funded debt of the
city under the revaluation law of July 16 1925, consists of rre-war and postwar bonds aggregating the equivalent of not over $2,000,000 principal
amount.
The city is not directly liable for reparations payments. The maximum
annual charges under the Dawes Plan on rrorerty owned by the city are
estimated not to exceed the equivalent of $30.000.
Definitive Bonds of City of Dresden External Loan of
1925 Ready for Delivery.
Speyer & Co. announce that the definitive bonds of the
City of Dresden twenty-year 7% sinking fund gold bond3
external loan of 1925 are now ready for delivery at their
office, 24 & 26 Pine Street, New York City, in exchange for
and upon surrender of their interim receipts.
Permanent Engraved Bonds of National Bank of
Panama Ready for Exchange.
The Trust Company of North America, 93 Liberty St.,
New York City, as trustee, announces that permanent
engraved bonds of the Banco Nacional (Panama) guaranteed,
sinking fund, 63.. %, twenty-year gold issue, series A, due
Jan. 1 1946, with Jan. 1 1927 and subsequent coupons
attached, are now ready for exchange for outstanding
interim receipts.
Exchange of Duisburg (Germany) Bonds.
Harris, Forbes & Co. announce that the following definitive bonds are now ready to be exchanged for outstanding
interim certificates: $3,000,000 City of Duisburg, Germany,
7% bonds, due serially from Nov. 1 1926 to 1945.
Permanent Bonds of City of Porto Alegre (U. S. of
Brazil) Ready.
Permanent bonds are now ready in exchange for interim
certificates of City of Porto Alegre (U. S. of Brazil) 40
-year
73% sinking fund gold bonds, due Jan. 11966, at the offices
of Lee, Higginson & Co., New York, Boston and Chicago.
1
Offering of $500,000 44% Bonds of Illinois Midwest
Joint Stock Land Bank.
C.F. Childs & Co. are offering at 100 and accrued interest,
to yield 4.25%, $500,000 414% farm loan bonds of the
Illinois Midwest Joint Stock Land Bank of Edwardsville,
111. The bonds will be dated Nov. 1 1926, will mature
Nov. 1 1956. Principal and interest (May 1 and Nov. 1)
will be payable at the National City Bank, New York;
Continental & Commercial National Bank, Chicago; First
National Bank, St. Louis, and Edwardsville National Bank,
Edwardsville, Ill. They are coupon bonds in denominations of $1,000 and $10,000, fully registerable and interchangeable; the bonds will be redeemable at par and
accrued interest on Nov. 1 1936, or on any interest date
thereafter. They are exempt from all Federal, State,
municipal and local taxation, excepting State and inheritance taxes. The Illinois Midwest Joint Stock Land Bank
began business in the fall of 1922. The bank, chartered
to operate in Illinois and Missouri, loans on farm lands
only in Illinois and principally in counties in the middle
western and central parts of the State. Dividends have
been paid at the rate of 6% per annum since Jan. 1 1925.
The following is furnished.
2063
New State Financing Corporations Proposed by President Coolidge's Cotton Committee in Behalf of
Cotton Growers—Two New Members of
Committee.
The suggestion that new State financing corporations be
formed as a means of aiding in the long-time marketing of
this, year's cotton crop was made on Oct. 19 by the special
Cotton Committee whose appointment by President Coolidge
was noted in our issue of Oct. 16, page 1949. Announcement
of the committee's suggestions was made in the following
statement issued by the committee on Oct. 19:
At conferences yesterday and to-day with a committee rerresemting the
cotton co-operative marketing associations of the South, the progress
of the co-operative movement, the possibility of e-larging its usefulness
in handling the present cotton surplus, which requires a more prolonged
marketing period than would be necessary under ordinary conditions
when no large surplus exists, and methods of storing and financing a large
amount of cotton for a period of 20 months or such less time as may be
necessary were fully discussed. The committee reported that the assoicaBons handled approximately 1,500,000 bales last year and have the forces
and facilities for storing and handling a much larger quantity this qear.
The Government, through its various agencies, stands ready to lend all
possible assistance in furthering the development of the co-operative
marketing principle in the present situation.
The President's committee is now considering whether it may not be
advisable to bring about the formation, at central points in Southern
States, of some additional financing machinery suitable to the rresent
unusual conditiors. The committee feels that the organization of State
financing corporations which could make advances, discountable at the
Federal Intermediate Credit banks, and perhaps at the lareer banks in
Southern cities, to growers of cotton for a long enough period to permit
the careful and orderly marketing of a certain percentage of the crop in
each State in relation to the supply as a whole, would be a rratcical and
effective means of supplementing the facilities of existing agencies.
Mr. Meyer reported that investigations during the past few days indicate that the regular machinery for the normal marketing and consumption of cotton is working smoothly. There appears to be no important
congestion at the present time. Apparently warehouse facilities have
been ample to take care of the movement and storage so far, but to some
extent at least the Southern States may properly make plans for storage
at interior points, leaving central and port warehouses in better position
to take care of contingencies which may arise.
Not orly are the intermediate Credit banks of the Farm Loan System
and the Federal Reserve System extending ample facilities for rediscount,
but many of the banks in the larger financial centres are extending every
facility to their country corresrondents in the South and are in no way
putting any pressure which would force liquidation or Interfere with orderly
marketing. The growers themselves must have sufficient confidence
in the ultimate value of their commodity to justify them in refraining
from dumping It under rresent conditions, and must recognize that the
success of ar y arrangements that may be made for financing and storing
the sur-lus of the rresent crop will depend, in !arse degree, upon the extent
to which they adopt a program of gradual. orderly marketing and adjust
their next year's acreage to the existing supply and probable consuming
demand.
It was agreed by the committee that Mr. Meyer should visit leading
points in the South with the view of studying conditions on the ground
and conferring with representative men In the various States who are in
touch with the growing, warehousing, financing, and marketing of cotton.
Announcement was made at the same time that George
R. James, Vice-Governor of the Federal Reserve Board, and
Albert C. Williams, Commissioner of the Farm Loan Board,
had been added to those previously named as members of
the committee, the original members being Secretaries Mellon,Jardine and Hoover and Eugene Meyer Jr.,as Chairman.
With the opening in Washington on Oct. 18 of the two-day
conference, it was announced in Washington advices to the
New York "Journal of Commerce"that the removal of 4,000,000 bales of cotton from the market for a period of 18 months
or two years, coupled with a drastic cut in 1927 cotton acreages, and overtures for long-time credits at favorable rates
of interest would be features of a plan to be presented to the
President's special Cotton Committee by representatives of
Southern co-operatives. The dispatch to that paper on
Oct. 18 said:
These facts were revealed here to-day following a preliminary conference
with representatives of the Memphis gathering and of the American Cotton
Growers' Exchange of Memphis.
Secretaries Mellon. Jardine and Hoover and Managing Director Eugene
Meyer Jr. of the War Finance Corporation received the views of these men.
At a session this morning, B. W. Kilgore of Raleigh. N. C.. and Oscar
Johnston of Memphis, detailed to Mr. Meyer the events as they transpired
at the Memphis meeting, and later these two also attended the general
session participated in by John T. Orr of the Texas Farm Bureau Federation, Dallas: J. E. Conwell of Atlanta, President and General Manager of
the Georgia Cotton Growers' Co-operative Marketing Association: Chas. G.
Analysis of Loans as of September 30 1926.
Henry, President, and Captain J. S. Wilman, director. Arkansas Cotton
Total loans
-729
$5,704.300 00 Growers' Co-operative Marketing Association: Allan Northington, General
Installments matured (principal)
$146.311 59 Manager of the Alabama Farm Bureau Co-operative Association, of
Appraised value of land
812.155.412 01) Montgomery: L. F. McKay. Memphis, Secretary, and Aaron Shapiro,
Appraised value of land and buildings
$14,290.047 00 counsel of the American Cotton Exchange.
Average amount loaned per farm
$7,824 83
Difficulties Arising.
Average number of acres per farm
156
The cotton farmers face two vast difficulties—one comes with the physicsl
Total acres mortgaged
113.561 size of the crop and the need for additional transportation and storage
Average appraised value per acre of lard
$107 03 facilities: the other is the desirability of long term credits at a rate of interAverage appraised value per acre of land and buildings
$125 83 est normally applying to short-term credits. The Government can be of
Average amount loaned per acre
$50 23 great help in this latter particular through the Intermediate Credit banks.
Percentage of amount loaned to appraised value of land—
46.93% It is thought probable that the cotton men would like perhaps as much as
Percentage of amount loaned to appraised value of land and
$60,000,000 over and above the $30.000.000 which the Intermediate Credit
buildings
39.92% bnnks already have made available. It is pointed out that the services of
The capital is $350,000; surplus and profits, $40,530; and these facilities have never been availed of to anywhere near the volume of
reserve (legal), $10,200. Farm Loan bonds outstanding credit obtainable. the credit to be
afforded for carrying the 4,000,000 bales
It is thought that
total $5,145,000.
Of cotton, which are to be withdrawn from the market under the propose
•
2064
THE CHRONICLE
to-morrow to be presented to the President's committee, will have to be for a
period of perhaps two years in part. The stand is taken that to flood the
market next season or earlier by dumping this amount of baleage on the
market would bring about a condition similar to that now existing.
Withdrawal must be for a definite, as well as a reasonably long period of
time, it is maintained. It is pointed out that while there is much talk
about the large amount of credit available for handling the cotton crop in
its entirety, this credit for the most part is of the short term variety. At
12c. per pound, the cotton to be retired would run close to a quarter of a
billion dollars.
In its advices from Washington on the succeeding day
(Oct. 19), the same paper said:
[vol.. 123.
"(b) but to sell as little as possible at the present level, store the remainder
In a dry place and hold for better prices;
"(c) also to make a very substantial reduction in cotton acreage for next
year.
"6. Also that banks be urged in making advances to producers on this
crop and for producing the next crop, to do so contingent upon the borrower
making a substantial reduction in acreage."
In view of the appointment of the President's Cotton Committee,the New
Orleans meeting authorized its committee to arrange the present meeting
for the purpose of reviewing the action taken at New Orleans, and to tender
the services and co-operation of the organizations represented at the New
Orleans meeting.
Co-operation Sought.
The New Orleans committee, It was stated, was instructed to particularly
stress to the President's committee "the importance of having the co-operation of Washington in every intelligent move that can be made to bring about
a reduction in the cotton acreage for the coming crop, bringing out the great
influence that can be exerted by the Federal Reserve System in this regard."
It also was instructed "incidentally to discuss other matters relating to the
general subject of cotton in its present unfortunate position."
A definite plan for financing the retirement of 4,000,000 bales of cotton
from the 1926 crop was presented to
-day by representatives of the American
Cotton Growers, Exchange in concluding a conference, which lasted two
days, with the committee appointed by President Coolidge to examine into
the cotton difficulties of the South.
Southern capital is to be invited to participate in this plan by the formation of local financing institutions in central points in the South to serve an
a guarantor to the Government against loss from a further fall of cotton
prices through advances that are to be made by the intermediate credit
At Raleigh (N. C.) on Oct. 21 Mr. Meyer suggested the
banks.
formation of a $1,000,000 finance corporation to the North
Curtailment Vital, Is View.
Carolina Bankers Association as one means of aiding the cotIt was made clear by representatives of the exchange that no definite
figures were agreed to by the President's committee, nor was approval given ton situation. The corporation would be capable of holdto the proposal that loans to farmers would be made on the basis of an agree- ing, through assistance of cotton co-operative associations,
ment under the terms of which growers would be bound to curtail acreage approximately 300,000 bales of
cotton from the market.
next year by a given per cent.
The Government is especially precluded under the terms of the Federal It is said that shortly after the suggestion was presented the
Reserve Act from participating in any plan the effect of which would be to North Carolina Cotton Growers' Co-operative Association
increase or decrease commodity prices, but while ostensibly refusing to offered
to co-operate with the Bankers' Association in carryhear of any such scheme to compel acreage reduction, the members of the
President's committee are aware that any scheme to put cotton on its feet ing out the proposal.
again would be futile without some sort of compulsory curtailment of
Yesterday (Oct. 22) Associated Press advices from Columproduction for next year.
bia, S. C., said:
On the basis of statistics In the possession of cotton men, they advanced
The Federal Intermediate Credit banks are prepared to advance $200,the idea that the minimum amount of cotton to be retired is 4,000,000 bales.
000,000 if necessary to meet the present cotton price situation, Eugene
The loan value would be fixed on the basis of the day's quotations on deMeyer. Chairman of President Coolldge's cotton committee, said upon
livery to specified warehouses, with adjustments made in the cotton on
his arrival here to-day on a tour of the cotton belt.
account of difference in grade.
In a statement issued before he went into a conference with cotton men
and bankers of South Carolina, Mr. Meyer warned the South not to become
Financial Plans Given.
panicky over the cotton crop report to be issued by the Department of
The proposal to the Government then is that the intermediate credit banks Agriculture on Monday. Regardless of what the report may
show, he said.
shall advance 75% of the money required to finance the holdings of the the storage and financial resources of the country are ample
to take care
cotton in retirement, the remaining 25% to be raised by the South and con- of the surplus and market it at fair prices, provided the people
keep their
stitute a margin of safety to protect the Government funds to the extent of heads.
a 3c. per pound drop, should that occur. That would make available
$60.000,000 of private funds and $1 80,000,000 of Government money.
A reduction in acreage of as much as 33 1-3% was discussed. This fig- G. H. Milliken Offers Services to Eugene
Meyer in
ure will be advanced to the farmers of the South in the hope that they will
Behalf of Cotton Growers—Manufacturers
agree to a provision in contracts obliging an acreage cut, the hope being that
such plan may result in curtailment throughout the cotton belt of at least
Desirous of Aiding in Relief.
25% of the present 48,000.000 acres planted to cotton this year.
Gerrish H. Milliken, President of Deering Milliken & Co.,
The cotton men, following this conference, left Washington for their
respective homes to start the work going. Meetings of bankers, growers, which sells the output of more than 900,000 cotton spindles,
shippers and business men will be undertaken in Raleigh, Birmingham. on Oct. 21 addressed the following letter to Eugene
Meyer,
Atlanta, Memphis and Dallas, In the order named, at which the plan will
be explained more fully. Eugene Meyer, Managing Director, and Floyd R. Jr., Chairman of President Coolidge's special cotton commitHarrison, director, of the War Finance Corporation, representing the Presi- tee, advising him that cotton manufacturers are anxious to
dent's committee, will leave Washington to-morrow night for the points do everything in their power to aid the profitable production
named for the purpose of assisting in the formation of the proposed new
financial institutions and paving the way for putting the plan into full of cotton in the South. Mr. Milliken is also Treasurer of the
operation. . . .
Cotton-Textile Institute, a director of the National City
Ship Board to Aid.
Bank and President or director of many textile mills in both
A committee of about thirty, re-resenting the American Cotton Shippers' the North and South. The letter follows:
Association, which embraces over 90% of the cotton shippers and producers
My dear Mr. Meyer: It is of much interest to me, as it must be to all
in the United States, appeared at the Shipping Board to-day at the instance
have accepted the chairmanship of
of Secretary Hoover and Secretary Jardine. They were accompanied by Interested in the use of cotton, that you
purpose of which, I understand, Is
Mr. Meyer and urged upon the board the necessity for ships to carry cotton the President's special committee, the
to aid in the orderly marketing of this year's extraordinary crop. I am sure
out of the Gulf in view of the present cotton crisis and the shortage of ships
you will find that cotton manufacturers, cotton textile merchants and all
with which to carry export cotton.
industry, will co-operate with you to
Chairman O'Connor assured the committee that the board had recently who are engaged in the cotton textile
directed that sufficient ships be immediately put in service to move this the fullest extent.
cotton grower to obtain an adequate price for his
The ability of the
cotton and that add Metall ships had already been put into service. Twentymanufacturer just as vitally as it does the
six ships are now being put into condition by the Shipping Board to be product concerns the cotton
farmer himself and any sound measures which benefit the grower must
placed immediately in the service to relieve the cotton planter and the
necessarily also be helpful as well to those who manufacture and market
shipper, he declared.
cotton goods.
feyer Meeting.
It is a very great mistake for any one to assume that the interests of the
Earlier in the day these representatives of the American Cotton Shippers' cotton manufacturer and those of the cotton grower in the price
of raw
Association, an affiliation of the Texas Cotton Association, Arkansas Trade cotton are antagonistic. They are mutual to an extent that is not
generally
Association, the Atlantic Cotton Association, Gulf Cotton Association, realized. As a matter of fact one of the primary considerations
which
Arizona Cotton Association, Oklahoma Cotton Exchange and the Southern resulted in the formation of the Cotton-Textile Institute was the
desire of
Cotton Shippers' Association met with Mr.Meyer for the purpose ofadvising the cotton manufacturer to bring about a better understanding of
the
him of the work done at the New Orleans meeting a week ago.
mutual problems of the cotton producer and cotton consumer.
The cotton men tendered to Mr. Meyer and the other members of the
American cotton mills are dependent upon Southern fields for practically
President's committee the co-operation of the organizations they represent their entire supply of raw material, so it should be perfectly evident that
and particularly stressed to Mr. Meyer the importance of having the co- the manufacturer of cotton goods is anxious to do everything in his power
operation of the Washington Government in every intelligent move that to aid the profitable production of cotton in the South in order that he may
can be made to bring about a reduction in the cotton acreage for the coming have a steady and unfailing source of raw material.
crop, bringing out the greatest influence that can be exerted by the Federal
Another reason for the cotton manufacturer's desire that the cotton
Reserve System in this regard.
farmer raise a profitable crop, is the fact that cotton represents a greater
proportion of our national purchasing power than almost anything else
The "United States Daily"on Oct. 20 said:
produced by the American farmer, and the products of the cotton manuThe visiting committee of the American Cotton Shippers' Association facturer cannot be sold at a profitable price if so large a section of the
reported the results of a conference held in New Orleans on Oct. 11. It was country as that represented by the growing of cotton, is suffering financially.
stated that this meeting went on record as unanimously endorsing the
Any curtailment of the prosperity of the cotton farmer is reflected first
following points:
and most seriously in the cotton textile industry. Cotton so cheap that it
1. Cotton at the present level is below the cost of production.
involves an actual financial loss to cotton growers, is a detriment to cotton
"2. This being the case it is a safe commodity for investment.
manufacturing. What the cotton manufacturer needs is a steady supply
"3. Spinners may now well be urged to anticipate their requirements'not of cotton at a price which will show a profit to the farmer, not the kind of
only for the present season but for at least a portion of the season 1927-1928, supply which has been in evidence for the last four or five years, namely
and even periods beyond in view of the acreage reduction for the next veryshort and verylargecrops at abnormally high or abnormally low prices.
crop and uncertainty of the growing season.
As I have already stated, I believe you will find the cotton manufao"4. There is an abundance of money available through the banking in- turers most desirous of lending their assistance in every way that will help
stitutions for liberal advances on cotton at the present prices, and the banks the orderly marketing of the cotton crop, as the lasting prosperity of the
of the South are urged to so inform the cotton producers and merchants.
textile industry Is dependent on the prosperity of the farmer and the consumer of cotton in its finished state.
Counselling Suggested.
Please feel free to call upon me whenever you think that I can be of any
service.
"5. The above being the case the farmer should be counselled:
"(a) To go ahead with the harvesting of his crop before the elements
Very truly yours,
damage the quality:
(Signed),GERRISH H. MILLIKEN.
•
OCT. 23 1926.1
THE CHRONICLE
2065
B. L. Layton. representing the cotton brokerage firm of Fenner & Beane,
J. W.Jay, of New York Cotton Exchange, After Meeting was found guilty to-day of violating the Georgia Securities Law, which prohibits dealing in cotton futures on margin, and was sentenced by Judge
with President Coolidge's Committee, Says All
John D.Humphries of the Fulton Superior Court to pay a fine of $1,000 and
Branches of Government Are Striving to Help
serve twelve months in jail.
Cotton Farmer.
The trial was in the nature of a test case of the Gerogia law. The jury
Following a visit to Washington, where with other cotton returned the verdict after several hours' deliberation.
Interests he conferred with the special committee named by
President Coolidge to consider the cotton situation, John Daily Statement of New York Stock Exchange on
Call Money Market.
W. Jay, Vice-President of the New York Cotton Exchange,
The following are the daily statements issued this week by
Issued the following statement on Oct. 20:
A committee from the New York Cotton Exchange, consisting of Mr. J. the New York Stock Exchange regarding the call money
Lawrence Watkins Jr., Thomas F. Cahill and myself, and representatives of market:
associations, who handle about
the American cotton shippers
and affiliated
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
93% of the American cotton crop, met by appointment in Washington
with Mr. Eugene Meyer, Chairman, and Secretaries Mellon, Hoover Oct. 18—Renewal, 5%; high, 5%; low,
Tuesday
44%; last, 44%. Remarks;
and Jardine of the special cotton committee appointed by President CoolTurnover, average proportion. Free offerings brought about
idge. The special committee at this time is considering plans to effect a
lowering of rate to 434%•
retirement of 4,000,000 bales of cotton from the market for a considerable Oct. 19—Renewal,
44%; high, 44%;low,44%;last, 44%. Remarks:
period. Their present view seems to be that this can best be done through
Light demand. Ample supply all day and at close, with reports
the different associations with the assistance of all branches of the cotton
of small loans outside below the market.
business, bankers and Federal agents. The Government will arrange for Oct.
20—Renewal.44%:high, 44%;low,44%;last, 44%. Remarks:
the lending of funds on cotton properly warehoused and protected. Any
Volume moderate, with offerings freely made at the renewal rate.
properly constituted body may borrow such funds on long time at a low Oct.
21—Renewal, 44%; high, 4Si %; low, 4%; last, 4%. Remarks:
rate of interest to the extent of ten times its capital. Farmers will be
Light turnover. Money in supply at close at 4%.
encouraged to market in an orderly manner and pressure will be brought
Oct. 22—Renewal,44%; high. 4 %; low, 4Si %;last, 4 % Remarks:
.
to bear to reduce next season acreage. Chairman Meyer intends to visit at
Quiet day. Sufficient offerings for all requirements, with money
once the principal Southern cities to get the movement under way.
over at close.
Chairman Meyer accompanied the committee to the Shipping Board,
where Chairmm O'Connor of the Board stated that every available dock,
Statements of previous weeks have appeared weekly in
including the navy yards, were working full 24-hour shifts to condition our issues since July 10:
last week's statement will be found
ships to replace British bottoms that had been withdrawn from the cotton
on page 1949 of our issue of a week ago.
and grain trade for coal carrying.
My personal conclusion is that the special committee, all Government
officers, bankers and all departments of the cotton trade are earnestly
Failed Firm of W. A. Gave & Co. Offer 20%
striving by every means within their power to help the cotton farmer
obtain the best possible price for his commodity. Cotton is unquestionably
to Creditors.
selling below the cost of production and must in time react upwards, which
W. A. Gove & Co. of 50 Congress St., Boston, which was
time can be hastened by the restoration of confidence and orderly marketing. My view is that every lock of cotton should be picked and properly petitioned into bankruptcy, on Sept. 29, on Oct. 11 filed a
stored. Property once created should never be destroyed because it is schedule
in the Federal Court of Boston, showing liabilities
selling below the cost of production. Time alone will correct a condition
of that kind. Of course, the success of any movement in the direction of of $70,015 and assets of $10,545, and made a composition
mitigating existing emergency conditions depends upon a small cotton offer of 20% of its creditors, according to the Boston
crop in 1927, which in turn rests in the hands of the farmer through
"Herald" of Oct. 12. The composition offers 10% and
acreage curtailment.
10% notes payable in one year, it was stated.
Expansion of Chicago Cotton Futures Market.
Expansion of the Chicago cotton futures market has been
in progress for the past few months, and the volume of trading for October will far surpass that of any previous month,
according to Samuel P. Arnot, Chairman of the Cotton
Committee of the Chicago Board of Trade. Mr. Arnot says:
As an indication of the ntarket's remarkable growth, index numbers on
trading recently were prepared. The volume for June was given as 24, the
volume for July as 172, for August 306 and for Septmber 424. It is safe
to say that October's volume will be more than double that of September.
When this Exchange was granted its broad charter in 1849, trading was
permitted in all agricultural products. But the cotton market was not
created until an economic need became apparent, and the extent of this
need is now indicated by the exceptional expansion. Chicago now takes
its place beside the other two great American cotton markets.
New York, the oldest and largest market, is not a natural point of concentration. But that market recently decided to spend $5,000,000 for
modern warehouses in order to function properly. Chicago's contract provides delivery at Houston and Galveston, where vast warehouse facilities
are available without much expense to the Board of Trade, facilities far
superior to anything New York can hope to have.
The surprising growth of the Chicago cotton market is due in largest
measure to its attractive contract. Houston and Galveston delivery mean
that the cotton is available at the world's greatest spot cotton basin. It
is the point of concentration of over half of the export surplus.
States east of the Mississippi produced 2,467,000 bales of cotton in
1873, nearly all being shipped north or eirported. Half a century later,
or in 1923, production totaled 4,369,000 bales. And Southern mills consumed all but 360,000 bales, which were shipped North or exported.
Back in 1873 States west of the Mississippi produced 1,473,000 bales. Half
a century later production totaled 5,570,000 bales. The bulk of the huge
crop west of the Mississippi is exported through Galveston and Houston,
the delivery point on Chicago contract, and the supply far exceeds that at
any point in any land. Thus the importance of the Chicago market's contract may be easily visualized.
Cotton is America's biggest money crop. Except for that crop our trade
balance would have been on the red side for many years. For three years
prior to last year the volume of exported cotton represented 58% of the
value of our agricultural exports, which include wheat, corn, oats, rye,
barley, hogs and hog products, and Cattle and cattle products. The cotton
crop in recent years has had a value of about a million and a half, practically half of which has been sold for export, bringing to this country
$750,000,000 from foreign consumers. Every pound of cotton moves into
commercial channels. So dealers must have hedging privileges. With
half the crop going for export, it means hedging two or three times as
compared with that portion of the crop used at home. Hence there is
great need for adequate futures trading facilities, and the facilities for
futures trading and hedging at Chicago have proved exceptionally attractive to the cotton trade. This accounts for the market's recent growth,
which has forged a commercial link between the Chicago district and the
great Southwest
The Chicago Board of Trade is the world's largest grain market and the
largest and oldest provision market. Chicago quotations•are looked upon
as the real representation of values the world over in nearly all farm
products. This market is now rapidly taking its place in the world of
Meeting of Sauk County (Wis.) Bankers' Association.
At the fall meeting of the Sauk County Bankers' Association, Baraboo, Wis., on the evening of Oct. 12, there were
one hundred bankers and their wives and guests present.
The three speakers for the evening were: A. M. DeVoursney,
Manager of the Protective Department of the W. B. A.,
spoke on organizing the county under the "Vigilante Plan."
J. W. Jackson of Madison, a member of the W. B. A. Agricultural Committee discussed the subject, "Relation of the
Banker to the Farmer." S. Edwin Earle, President of the
Northern Bank Note Co., gave the motion picture lecture,
"What Price Checks," which depicts the manufacturing of
bank checks, commercial stationery and securities by lithography. E. R. Anderson, the Northern Bank Note Co.'s
representative in Milwaukee, assisted.
Payment of $151,000,000 Oct. 15 in Interest on Liberty
Loan and Treasury Bonds.
The Federal Reserve Bank of New York issued the following notice Oct. 13:
On Friday, Oct. 15.approximately $151,000,000 in interest will be payable
by the Government on the following obligations:
Rate.
Fourth Liberty Loan. 4% bonds of 1933-38
%
Treasury bonds, 44% bonds of 1947-52
%
Of the above total of $151,000.000, about $54.000.000 is payable at the
Federal Reserve Bank of New York. Interest on registered bonds is paid
by check by the Treas ry in Washington and mailed to the owners of bonds.
Coupons due on Oct. 15 may now be sent to the Coupon Collection Division
of the Federal Reserve Bank. which is prepared to receive them.
Secretary of the Treasury Mellon Says Enactment of
McFadden Branch Banking Bill is of Interest to
Farmer as to Banker Because of Loaning
Provision.
Following a conference on Oct. 18 with a Memphis delegation of bankers and representatives of cotton growers,
Secretary of the Treasury Mellon issued a statement in
which he expressed the hope that the differences between
the two houses of Congress on the McFadden Branch
Banking Bill would be ironed out shortly after Congress
reconvenes in December, and the legislation passed. Secretary Mellon called attention to the fact that larger loans
cotton.
on readily marketable agricultural products will be possible
under the new legislation. Referring to the meeting and
B. L. Layton Found Guilty of Violating Georgia Law what Secretary Mellon had to say, the New York "Journal
Prohibiting Dealing in Cotton Futures on Margin.
of Commerce" said in part.
At the morning meeting there was considerable discussion
The following Associated Press advices from Atlanta, Ga., farmers could be aided through the passage by Congress as to how the
of the McFadden
yesterday (Oct. 22) appeared in the "Sun":
national bank bill with its broadened credit features.
2066
THE CITRONICLE
[VOL. 123.
Money is plentiful, the amount in circulation being about $43 per capita
and ample to care for all business. Collections are satisfactory, indicating
the soundness of the credit situation. There is sufficient labor to meet
all demands and, we think, should be and is entirely satisfied both with
rates of pay and conditions of employment.
We sometimes think unfavorable statements published concerning the
trend of business are either pure surmises or put out for ulterior purposes,
political or otherwise. One thing we know positively, namely that the
Administration at Washington is reasonable and fair towards all business
Secretary Favors Bill.
and all interests; and we have reason to believe that the majority in Congress
The bill was later discussed by Secretary Mellon in a formal statement, will support the policies and good work the
President has inaugurated
as follows:
from time to time and performed to the satisfaction of the people generally.
"It is not perhaps generally known that the McFadden Banking Bill,
So far as the question of import tariffs Is concerned, we believe no legislawhich has passed both Houses of Congress and is now pending in conference
owing to differences of view on some questiqns, may b7 an important factor tion will be attempted, and certainly none passed, which will be really
harmful to the business of the country. While there will be continued
in the successful handling of the cotton situation. For a number of years
the co-operative cotton marketing organi ations and many cotton planters competition in the steel industry by foreign producers, we think from the
hair() had difficulty in securing adequate accommodations from their statements they make there is no reason to feel they will seriously interfere
local banks.
"It was largely in response to the recommendations made by them and with production of the United States.
On the whole, there appears to be plenty of business in hand and prostheir banks to Congress that Section 10 was inserted in the banking bill,
which would permit national banks to make larger loans upon such readily pective, and sufficient funds and credit,to do it with, to maintain the
marketable agricultural products as cotton, grain and the like. The law, very favorable volume of production at reasonable
profit which has preas it stands to-day, prohibits any national bank from lending upon such
security to a single customer an amount in excess of 25% of the bank's vailed for the past year. Therefore, we have faith in the future.
capital and surplus.
"Section 10 of the proposed banking bill doubles this limit. It is hoped
that the differences between the two houses of Congress can be ironed out
Says Steel Production Will Reach
shortly after Congress reconvenes in December and the banking legislation C. M. Schwab
paned. This is important to the farmer as well as to the national banker.'
50,000,000 Tons This Year—President Coolidge's
The opportunity presented itself for bringing to the attention of the
cotton industry that the passage of the measure by Congress would be
very helpful to its members.
It was pointed out that this bill cannot possibly become a law for several
months yet, but Secretary Mellon exrressed the opinion that if there
appeared to be sufficient support back of the bill to insure the adoption
of the conference report when Congress reconvenes that fact would have
great influence upon the cotton situation.
Praise of Mr. Schwab.
Production of steel in the United States this year will
break all records, Charles M. Schwab, Chairman of the
board of directors of the Bethlehem Steel Co. said in an oral
look—Possibility as to International Steel
statement made at the White House, Oct. 18, following a
Agreement.
Coolidge. From the "United States
Judge Elbert H. Gary, in addressing as President the talk with President
Daily" (the authority for this) we also take the following.
semi-annual meeting of the American Iron and Steel Institute
"The steel industry marches steadily on," explained Mr. Schwab, "and
at the Hotel Commodore, this city, yesterday (Oct. 22) used I forsee a production of 50,000,000 tons this year. It will be remembered
for his theme "Friendly Co-operation," referring to the that folks laughed at me a few years back when I predicted 15,000,000
then 25,000,000 tons. Why I believe
recent historic occasion of the German Republic's entry into tons and double even this stupendous figure. that we can go right ahead
until we
the League of Nations, when addresses were made by Briand
"I have read articles recently that big business is beginning to feel a little
uneasy about the prospect of continuance of the prosperity boom, but I
and Stresemann, he said.
can only speak for my own business. The steel mills
Judge Elbert H. Gary's Remarks Fefore American Iron
and Steel Institute—Satisfactory Business Out-
They were frank,sincere and eloquent in language, and lofty in sentiment.
They will always stand out in history as worthy of the highest commendation by intelligent and fair-minded people. By the language of these
addresses, Briand and Stresemann pledged their respective countries to
forever pursue the paths of peace.
He bespoke the application of the same principle of friendly
co-operation in personal business relations, and in part said:
At times it has appeared to be the belief of some of the manufacturers of
iron and steel that they were Justified in going outside of their natural
territory and, by cutting the prices as advertised in the trade journals,
obtaining an order for goods on the ground that there was and could be no
promise or rule to the contrary, and that a man selling goods should go no
further than to consider whether a single orier would permit of a profit
to himself. This Is a much mistaken notion when one considers the final
result and influence upon his business. If a man endeavors to conceal his
action, supposing that it will not be discovered by the competitors, he is
generally mistaken, for in one way or another the truth is exposed. Everyone who listens at this time knows, by actual practice, the statement made
is justified by the facts. For proof of what has been asserted, reference
need only be made to the individual experieaces of those who are 'resent.
If one producer Is unfairly treated by another, he will generally, sooner or
later, treat the one who has been unfair in the same way, and eventually
the influence of the action of both extends to others, until often a situation
is produced which will be very harmful to the whole trade. If everyone
present will adhere to the proper practice, as heretofore in these remarks
suggested, continual and continuous profits will be realized, a spirit of
friendship will be maintained, and peace of mind and soul will be an additional recompense to all of 1113.
Reference was made in his speech to the anticipated'competition of iron and steel manufacturers here and abroad,
his remarks on this point being as follows:
We have heard recently of considerable discussion relating to anticipated
competition between the iron and steel manufacturers of the United States
and their foreign competitors; but it Is believed that should it become
necessary an international c3nference would be held between all these
interests, and a full, open discussion indulged in, after which a fair understanding could be reached. Of course, no agreement between the different interests relating to prices could legally be entered into without the
sanction of our law administrators. But if the necessity arose, it is thought
the approval cf the public auth9rities of this country, if they were fully
informed and permitted to express opinions on the subject, might be
obtained.
Conferences, open discussions and reasonable bases for maintaining peace
and prosperity in business matters have become popular and desirable all
over the world. It is not too optimistic to assert that a platform of peace
and prosperity could and will be adopted, and if so would be adhered to.
Briand and Streseinann built better than they knew. Let us do our part,
up to the limit of our right and opportunity.
Regarding the business outlook, Judge Gary said:
On the basis of the volume of business now being secured by the United
States Steel Corp., the industry as a whole at the present time is entering
new orders for approximately 80% of its normal capacity. This, when
all things are considered, should be viewed as quite satisfactory. If the
industry could be guaranteed continuous operations equal to 80% of
capacity,it would result in fairly economical costs and reasonably profitable
returns.
There appear to be no clouds on the business horizon which indicate
the demand for steel products in the aggregate will be substantially reduced in the near future, although necessarily in a matter of this kind
the perspective must be limited as to period of time. While the earnings
results for the quarter ending Sept. 30 have not yet been fully made up,
we believe they will for the industry as a whole be fully as good as they
were for the preceding qurater, which were quite satisfactory.
The crop reports as we have them indicate the production this year
will be nearly as large as in 1925, which was a bountiful year. Of course,
the country, this may
in some particular products or in some sections of
for the entire
not be the case. But viewed in the aggregate andof all which in country,
the end
It is believed it will. And it is the general total
influences comparative business conditions.
continue to operate
at maximum capacity, and I see no signs of a break."
Mr. Schwab said that in his opinion, Eugene Grace, President of the
Bethlehem concern, had summed up the situation in a recent article in
which the opinion was expressed that from now on the country would never
again face prolonged periods of depression.
According to a Washington dispatch to the New York
"Times" President Coolidge paid tribue on Oct. 19 to Mr.
Schwab, singling out the Chairman of the Board of the
Bethlehem Steel Co. as a striking example of the opportunities offered to industry and ability in this country. The
"Times" account says.
Mr. Schwab called on President Coolidge yesterday to talk about business conditions. Incidentally, he said that the American steel industry
had enjoyed more prosperity this year than during the World War.
The President remarked to-day that when he saw Mr. Schwab he could
not help thinking what the steel man had made of himself, beginning as he
did with no property and only meagre opportunities and rising to be a
captain of industry, ranking among the greatest in the world.
Mr. Coolidge also recalled that Mr. Schwab had not only cited the evidences of prosperity in the steel business but had expressed the opinion
that business in geaeral was good and would continue so for years.
One reason for the present prosperity, in the opinion of the President,
was the increase in the productivity of the American workingman, shown
by figures rrepared by the Labor Department and made public to-day
by Mr. Coolidge.
This increased productivity, the President thought, had given American
skilled labor higher wages and permitted the producer to sell his output
in competition with countries abroad where wages and living standards
were lower than in this country.
Compared with 1914, when the sale was 100, the President gave figures
to show the increased rroducitivity of the American workingman in 1925.
In the automobile industry it was 310 greater than in 1914; in the petroleum,
177 greater; in cement, 158; in iron, and steel, 150: in paper and pulp, 133;
in rubber tires and coke (for 1923). 154, and in timber output 106 greater.
This increase in productivity since the outbreak of the World War, the
President regarded as the foundation for the Increase in wages since 1914.
Without it, the American workingman would not be enjoying his present
high wages and standard of living, he thought.
Myron T. Herrick Ambassador to France Before Bond
Club of New York Urges Patience with France—
United States and the League.
Myron T. Herrick, United States Ambassador to France,
was the guest of honor at a luncheon meeting of the Bond
Club of New York held at the Bankers' Club on Thursday
last Oct. 21. Ambassador Herrick said that however much
we may be criticised abroad "that there is a profound respect
at the bottom for our ideals and purposes." He declared his
"faith in France to the end" and urged that "we keep our
heads and let us carry through with this." "Let us" he
said, "face the future sure that we have the capacity, ability
and good sense to keep. level with all the nations of the
world." Mr. Herrick in addressing the meeting referred
to the fact that he had sat for more than five years in the
Council of Ambassadors; while not attempting to criticise
the League of Nations, he said that "in these over five years,
there has not been more than 1% of the questions that are
brought before that Council of the League of Nations that
relate to us," and "that had we been obliged to vote on
every instance that arose there, we would have entangled
OCT. 23 1926.]
THE CHRONICLE
-ourselves in something that would have made it far more
unpleasant than any of the unpleasantness that exists
to-day."
In introducing the Ambassador, Medley G. B. Whelpley,
President of the club, said:
The opportunity of having you with us for this brief hour is a two-fold
privilege. As citizens, we have come to regard you as a far-visioned statesman, and yet all of us here know you to be as well an extraordinarily able
and successful banker.
Indeed, it is likely that our guest's unusual effectiveness in public life
has been materially enhanced by his continuous participation in business
activi lee.
Throughout the length and breadth of all his associations the Ambassador
has carried the reputation of one most graciously versed in the amenities of
life, and withal he has accumulated a most distinguished list of honors. I
dare say the Ambassador could not recount them all. For many years he
has been an officer of the Cleveland Society for Savings, where he began in
1886 as Secretary-Treasures. After serving for 27 years as President, he
became in 1921 Chairman of the Board. He has been President of the
American Bankers Association and was the first President of the Savings
Bank Section of that Association. He continues to serve on the boards of
several of our leading industrial corporations and life Its :rance companies.
In the field of public service he has found time to serve as a member of
the City Council of Cleveland, was six times delegate to the Republican
National Convention, was a Presidential Elector, a member of the staff of
President McKinley when he was Governor of Ohio, and was Governor of
the State of Ohio himself from 1903 to 1906.
In 1912 he was first appointed Ambassador to France. remaining in that
capacity until 1914. Again in 1921 he was appointed Ambassador to France
(1921 to date) and holds that post to-day.
During the war his work in France was indeed great. He established the
American Ambulance Hospital at Neuilly, organized the American Relief
Clearing House at Paris, and its counterpart in America: he became Chairman of the American Committee for Devastated France, Chairman of the
Executive Committee of America's Gift to France; Chairman of the American Agencies for Relief in France. Chairman of the War Camp Community Service and Mayor's War Relief Commission in Cleveland.
In recognition of his great work France conferred upon him the Cross of
the Legion of Honor.
No more significant recognition has come, however, than the great personal popularity he enjoys among all classes of the French people. Representing American interests and defending American rights. he has given us a
magnificent example of serving loyally his own country and yet winning
and holding permanently the friendship of another people.
It gives me great pleasure to introduce the Honorable Myron T.
Herrick,
this representative American who has done so much for America, both at
home and abroad.
Mr. Iferrick's address follows in part.
Really, the fact that one has been in the banking business and under-stands something of the fundamental structure of society, the foundation
upon which it is built, is a help even if
are an ambassador. I have
thought in these days, when I have been over there—and I have been
sitting on the Council of Ambassadors for upward of six years now, where all
the questions come up which go to the League of Nations, as an observer—
I have had my eyes opened a bit about It. I am going to tell you just a
little about it, not so much as to do any harm.
One of the things that I have determined in these four or five years is
this—and one of the things, if I had to do it, the last five years that we
passed over, heartbreaking five years, I would do it in another way, and I
will tell you why: In the first place, we bankers—of course, when we say
"we"it is we that are really at the bottom of most things, and I believe it is
true. I do not believe you can build structures, ntaionally or internationally, that are not sound economically. It is the foundation upon which
the superstructure of governments and everything must be built. I say
this in regard to that: That, first, in my opinion, we should have safeguarded the finances, stabilized if possible the economic structure of this
country, before we began to build the structures in the air. I do not believe
that political organizations, strictly political, can combine nations, can
bring them together for practical working without first they build the
foundation. I do not think we would have had so much trouble if we had
given our first attention to this. I do not criticize, gentlemen. I am not
meaning to, but I will say this: With the contacts that I have had with
the bankers, the statesmen and the people of the world, and with the great
problems confronted—and when I look and stand before them all, I feel
like a child without knowledge, and I swear I don't believe that any of us
see very far through it yet. But I am full of hope and full of optimism,
and gradually I can see the light coming.
But can it be possible in this day and age in the world that twenty-five
million people should have been killed, that we could have gone on the
next day and reconstructed the world £ I am inclined to think it was
necessary for us to go through all this turmoil, to go through all the trouble
and agony and anguish that we have, in order to come finally to an under-.
standing of what is necessary, to understand ourselves. I feel that that is
true of Europe, and I feel it is true of America.
Now,this matter about the Council of Ambassadors: As I say. I want to
tell you a little, but nothing that will hurt, and it is this:
Before the war, there was a league called a League to Enforce Peace.
Here is one of the high priests pointing to Thomas W. Lamont]. I was a
member or it, Mr. Lowell, Mr. Taft, and a good many others. We had an
Idea, an aspiration, and a high purpose. We did a number of things in
the way_of study, of advia,ri _pad things of that sort, and from that I think
may say 'authoritatively came the idea of the Leagueof Nations promidgated by President Wilson. And yet, when President Wilson came back
With his League to be ratified, because I waFassociateTr
with thaCrw- i
a
asked to go along with the prominent gentlemen across this State and
speak for the ratification. I was quiet inclined to do it, really, because of
my education with these gentlemen and my own feelings, and aspirations,
about it, but I said this "I feel that I would like to do it if I might make
some reservations myself in the speeches I make, and those reservations
that I would like to make would be these: I do not believe that we should
iatify an agreement which violates our Constitution without some reservations—somewhat in the attitude of some of my friends on the other side—
make some reservations; if I dan say as I go and speak that I believe we
ihould ratify Just.as it stands to-day provided we give notice to the world
that asks us_to ratify_that just as soon as we get the economic structure
iaised, the foundation laid, we shall either withdraw or we shall ask for a
recognition of that provision In our Constitution known as Article X.
If I am permitted to go nad say that, I would be pleased to go, because I
feel it is so important that we settle down again to business in the world.
But I feel that the economic situation Is so perilous, that that Is the foundation on which we should b—lid."
2067
1 was in New York. and I got a telephone the next day. and I told them
that I had thought it over that night, and that I had better stay home, or
words to that effect. I said I would be polite about it. But it did not go.
So I went over to France with that idea in my mind.
I tell you, gentlemen, 1 have sat for more than five years In the Council
of Ambassadors, and my eyes are opened on this point. I am not attempting to criticize in any sense the League of Nations. I am simply an observer, and therefore silent. But I do feel, being a member of the organization to enforce peace and full of the ideas that are in the League of
Nations, I do say this: that in these over five years. there has not been
more than one per cent of the questions that are brought before that Council
of the League of Nations that relate to us, and 'that has been a tremendous
surprise to me. I have had this feeling. I want to say it is true that the
result would be different, but I have had this feeling during the five years
or more: That had we been obliged to vote on every instance that arose
there, we would have entangled ourselves in somethign that would hays
made it far more unpleasant than any of the unpleasantness that exists
to-day. That is my feeling in regard to it.
I feel another thing: That I have learned in sitting there that whatever
Europe may say about us, however we may be criticized, however we may
be cartooned, I believe, as the experience of this contact through these
years, that there is a profound respect at the bottom for our ideals and
purposes. I believe it—a profound respect. They know we did not ask
any territory, they know that America wants nothing of Europe but fair
dealing. I believe that moral authority which exists to-day in the United
States, if we handle It properly, is a power far beyond our comprehension.
It reaches to the outermost ends of the earth, and it is simply a question of
preserving, safeguarding and becoming intelligent administrators of that
power.
I say to you young gentlemen that I believe you are a rather better type
than the young men of my own age, I really do, in some respects—I do not
want to say in too many. But I do want to say this: In the meetings of
twenty-five years ago, when we came together, we were thinking mostly of
ourselves, we were thinking mostly of material things. I think to-day, I
believe it is true in politics, we have got seven or eight of the fine young men
In Cleveland in politics, Legislatures, and everywhere, that did not exist
before. I believe that when the young gentlemen here who represent this
Bond Association come together, that it is different from our day in this
respect: That you feel that you owe a responsibility for the good of your
community, and the advance of it, and the general welfare, that we did not
think much about. I believe you are much better in that respect. because
I say to you now that unless we in America from now on take concern in
our Government, unless we do what our forefathers did, place above us
obligation to our country, the good of mankind generally, a consistent care
of the other fellow's rights, we are not going to get very far as a Government:
we are not going to be able to exercise that moral authority which will all
but rule the world—and I say "tule" it in a decent sort of way. That is
the only way we want it to be done.
You think in international terms, as we did not think at all, and you are
trying to understand other peoples. Here is Franca. They do not understand us very well, and we do not understand them very well. I would like
to say this, and I would like to say it because they have treated me Just as
this young man has in his speech—they have been awfully good to me.
I will say this, that there is something in two thousand years of civilized living, gentlemen, that is ineffably fine. It may take something out of mankind, but I say that it puts something in that is fine and beautiful. Why,
gentlemen, have you seen the French soldier before the war,the little fellow
with the red pants and the whiskers who we did not think would get anywhere, whom we did not take seriously. Have you seen him marching in
those armies, marching to the music of the Marseillese. It gives you something of an inspiration, something that represents a purpose, and a people
that is sublime and beautiful. They are wonderful people.
We have our characteristics that are not altogether beautiful; so has any
nation. But I say, above all else, what we need between each other is understanding. We had that understanding at the beginning of this nation,
and for God's sake don't let us forget it, whatever may be said. Let us
keep it always In mind, what may be said to-day, what may be said tomorrow that is irritating, but patience, patience; a patience that "passeth
all understanding" is ours to have,ours to possess. Don't let us be temperamental; don't let us be cross and mean. Why,my God, men, what would
we do if six million or our young men were dead and we were in difficulties
with our credit. How would we hold ourselves. Would we keep our
tempers always.
Remember these things: remember that, after all, there Is a future in
which we have got to live with the other nations: we have a future to live
together, a future where we will be in closer contact than we are to-day.
Let us always keep it in mind. We are going to be in closer contact than we
have ever been before.
I tell you. I would be willing—I will ask you,that is a better way to put it,
then nobody will say anything about it—I will ask you, what do you think
would happen if the nations that are all our debtors, who would like to have
us wipe the slate clean, what would happen—it is not going to, because what
we ask is fair, it is not going to happen—but supposing we asked them,
"When you settled this debt, you all ought to have gotten together as debtors and made another arrangeemnt. because it was an arrangement relating
to all Europe, you should have gotten together and done that, instead of
settling separately." Supposing it should happen that Europe—I am speaking of my faith in nations in this respect, mind you— if we said to them today,"Come together now, and tell us what you think you ought to pay us";
think you that those nations,thinking of the future and the agreements they
have to make between themselves, and, mind you, they must make it together—think you they would say to us,"We don't owe you anything'
No. I say, national honor, national aspiration, self
-Interest, the future.
the knowledge that we deal together—Europe would not do that. I do
not believe it. I have faith in the future.
I have faith in France, no end. France has shown herself in war what she
is, and I believe that in peace—and I do not complain of the years that
elapsed—I believe that in peace she is going to show what she is. She is
going to react on all those fundamental virtues that made a great nation.
I have seen this several times, and I always stop to look: I see a group of
little boys going to school, a French teacher at the head. I seen the Frenchmen stop ou the streets and look at those boys, men and women. Those
little chaps don't know what they are thinking about. They are thinking
not only about the past, but the future of France. They are a proud
people, impatient, if you please,—we are Impatient, all peoples are
Impatient.
Let us keep our heads and let us carry through with this. Let us understand, you bankers, that you are now a creditor nation. We did not seek
it; it has come to us. But it is the biggest thing in all the history of our
country to us. Are we going to think of our opportunities or our obligations _
Let us consider that the obligation is the greater thing, and let us face the
future sure that we have the capacity, ability and good sense to keep level
with all the nations of the world. That one great force—the Dawes Plan
would not have been made without it. Germany did not especially like
2068
THE CHRONICLE
the Dawes Plan, neither uia France or England, but America's business
men and bankers suggested it, and it was created, the first progressive step
toward financial stabilization.
So I say, if we keep our heads, if we only comprehend what we are, if
we are only modest, fair and decent;and accord to others what we should
do, always good-natured, always with a smile, the power and the glory of
the United States will live forever.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Four New York Stock Exchange memberships were reported posted for transfer this week as follows: That of
George C. Thomas to Richard E. Boesel; that of Sidney B.
Curtis to Louis P. Rocker; that of Walter C. Loucheim, Jr.,
to Edward Klauber, and that of Robert H. Childs to
Frederick H. Mindermann. The consideration in each case
was stated to be $140,000. The last preceding sale was for
$150,000. The membership of Arthur L. Warthen, Jr.,
was reported sold to Charles F. Zeltner this last mentioned,
being a partnership transfer.
[Vol,. 123.
that city on Oct. 16. A heart attack, which followed an
operation he had undergone on the previous Tuesday, was
the immediate cause of death. Mr. Remick was born in
East Boston in 1861 and was graduated from the Boston
English High School in 1879. On Oct. 3 of that year he
entered the employ of Kidder, Peabody & Co. and became
a member of the firm on Oct. 2 1905. Since Nov. 10 1885
he had been a member of the Boston Stock Exchange
and its President for three terms. Mr.Remick was identified
with many large interests. At the time of his death he was
a member of the Governing Committee of the Boston
Stock Exchange, Vice-President of the Investment Bankers'
Association of America, Vice-President and Trustee of the
Boston Five Cents Savings Bank, director of the Fairhaven Mills, director of the Kidder Co. of Lowell and
Springfield, the Kidder, Peabody Acceptance Corp., the
Middlesex & Boston Street Ry. Co., the Mississippi River
Power Co., the Puget Sound Electric Ry. Co., the Puget
Sound Light & Power Co., trustee of the Union Mills, Inc.,
the United States Worsted Corp., the Suburban Electric
Securities Co., &o., &c.
The Appellate Division of the Supreme Court has denied
motion of National Liberty Insurance Co. to permit appeal
to the Court of Appeals in its case contesting the validity of
the Bank of America's voting trust agreement, says the
A special meeting of the sto- ckholders of the City Bank &
"Wall Street Journal" of yesterday (Oct. 22). Unanimous Trust Co. of Hartford, Conn., will be held on Oct. 27 to act
decision of the Appellate Division, Supreme Court, holding on the recommendation of the directors for the proposed
the voting trust valid, therefore, is maintained.
.
increase in the bank's capital from $900,009 to $1,000,000,
Lewis B. Gawtry has been elected President of the Bank
for Savings of this city, succeeding Walter Trimble, whose
death was referred to in our issue of Sept. 25, page 1589.
Mr. Gawtry became a trustee of the bank in 1903 and was
elected First Vice-President in 1920. John Y. G. Walker
has been elected First Vice-President of the bank to succeed
Mr. Gawtry. Mr. Walker is a Vice-President of the Central Union Trust Co.
referred to in these columns on Oct. 16. The additional
1,000 shares is to be issued in the form of a stock dividend
to stockholders of record as of Oct. 6, in the ratio of one
share for every nine shares held.
According to the Philadelph-ia "Ledger" of Oct. 15, Hubert
J. Horn Jr. has been elected a Vice-President of the Broad
Street Trust Co. of Philadelphia and three new directors
have been added to the board, as follows: Senator Samuel
W. E. Bell, Vice-President of Harris, Forbes & Co., is W. Salus, Arthur A. Brennan and H. J. McCaully.
sailing to-day on a business trip of several months' duration
Newspaper advices from P- hiladelphia on Oct. 14 stated
to Europe. He will visit London, Paris and Berlin.
that at the annual meeting of the board of directors of the
The directors of the Grace National Bank of this city Market Street Title & Trust Co. of that city on Oct. 13 the
have elected John A. Conway, Vice-President and T. H. following changes had taken place in the personnel of the
L. 0.Stuck() has been elected manager of the foreign depart- institution: Alexander Wilson Jr. resigned as President
ment, of which he had been assistant manager. Mr. Conway and was elected Chairman of the Board; Harrison N. Diesel,
before becoming Vice-President had been Assistant Vice- formerly a Vice-President, was elected President in lieu of
Mr. Wilson; John B. Waltz, heretofore Title Officer, was
President.
made Vice-President and Title Officer, and John MamouThe board of directors of the Central National Bank of rian, formerly Auditor, was elected Comptroller. B. G.
this city has elected Ernest V. Connolly as President suc- Moore was re-elected a Vice-President, and all the other
ceeding A. F. Maxwell. Mr. Connolly had previously officials were also retained in their various positions.
been Vice-President of the National Park Bank, a post from
which he retires in order to take up his new duties. His
connection with the National Park Bank covered a period of
eleven years. He commenced his banking career in 1893
with the First National Bank of New York and remained
with that institution for a number of years. Subsequently
Mr. Connolly became President of the Commercial National
Bank of Long Island City, going from there to the National
Park Bank when the Commercial National was absorbed
by one of the large New York institutions.
The Chelsea Exchange Ban- k of this city has purchased
the building and property at 3819 Third Ave., near Claremont Parkway, Bronx, and will establish a new branch
at this location soon after taking possession of the building.
The bank will open for business in this section on Saturday
Oct. 30, in temporary quarters at 558 Claremont Parkway,
pending completion of remodeling of the Third Ave. property
to conform with banking requirements. Edward S. Rothchild, President of the Chelsea Exchange, has arranged for
a reception to be held at the temporary quarters between
noon and midnight on Oct. 30. Souvenirs will be distributed
to all new customers. Peter Blake will be Manager of the
new branch, and Irving Schwartz, Assistant Manager.
Lane F. Gregory has been appointed an Assistant Treasurer of Lawyers Trust Co. of this city.
At a meeting of the dire-ctors of the National Central
Bank of Baltimore on Oct. 15, the following important
changes were made in the personnel of the institution as
the result of the recent death of its President, ugust
Weber, according to the Baltimore "Sun" of Oct. 16: John
P. Lauber, heretofore a Vice-President, was elected to the
newly-created office of Chairman of the board of directors,
while William E. Katenkamp, formerly a Vice-President,
was promoted to the presidency. The latter was also elected
a director to succeed the late Mr. Weber in that capacity.
Harry H. Hahn, the Cashier of the institution, was given the
additional title of Vice-President. The foregoing, together
with John Broening Jr., who was recently elected Assistant
Cashier, make up the official staff of the bank. Mr. Lauber,
the newly appointed Chairman of the Board, is President
of the Central Fire Insurance Co. He had been a VicePresident of the bank since 1915. Mr. Katenkamp entered
the National Central Bank 21 years ago as a discount clerk
and filled various positions until 1918, when he was made
Assistant Cashier. In January 1925 he was elected Cashier
and in June last promoted to a Vice-President, the position
he has now relinquished for the presidency. Mr. Hahn has
been with the bank since 1918, when he started as Auditor.
He became Assistant Cashier in January 1925 and Cashier
In June last. The National Central Bank has combined
capital, surplus and undivided profits of $975,000, and total
resources of $5,850,000.
The banking house of Clark, Dodge & Co. at 51 Wall St.
The following in regard t- o the status of the defunct
has leased for an uptown branch office the entire second floor
in 460 Park Avenue, at the corner of 57th St., for a long term Drovers National Bank of Denver—one of several Denver
of years. The ground floor of the building is occupied by banks which failed in December of last year—is taken from
the Denver "Rocky Mountain News" of Oct. 7:
the Park Avenue branch of the National City Bank.
Frank W. Remick, a member of the Boston investment
banking house of Kidder, Peabody & Co., widely known in
financial circles, and former President of the Boston Stock
Exchange, died in the Massachusetts General Hospital in
The Drovers National Bank, which closed its doors on Dec. 18 1925, has
$282,032 39 cash on hand, according to the quarterly report of the receiver,
which was released yesterday by M. Myerson, assistant receiver. The bank
had 81.731.097 16 in asoets at the time of its suspension, according to the
statement, which says that the remaining assets uncollected total $1,151,291 84, and the total liability of the bank is $1,051,603 57.
OCT. 23 1926.]
2069
THE CHRONICLE
American Locomotive, Westinghouse Air Brake,Pullman and
Baldwin Locomotive. On Friday the market was moderately strong in the early trading, but shortly after midsession
heavy selling broke out in several sections and the trend was
again downward. As the day advanced Atchison, which
The failure of the Drovers National Bank was reported had been one of the strong stocks of the first hour, broke to
in these columns in the "Chronicle" of Dec. 19.
%
1523 ,and General Motors receded to 1428 . United States
4
The City National Bank of Bismarck, N. D., with depos- Rubber moved against the trend and closed with a net gain
its in excess of $800,000, has been closed, according to an of 5 points. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Associated Press dispatch from that city on Oct. 15, appearDAILY, WEEKLY AND YEARLY.
in the New York "Times" of Oct. 16.
ing
The Drovers National Bank was one of the three owned and controlled by
Gordon Hollis, which closed their doors a week before last Christmas.
M. J. Barnett, expert accountant for the United States Department of
Justice, is at the present time investigating the dealings of the bank
which led up to the crash. This investigation is entirely independent of
the work of the receiver.
Edward B. Patrick has be-en appointed by the Citizens'
& Southern Co. (head office Savannah, Ga.) Resident Manager of the company's new office in Columbus, Ga., according to an Associated Press d spatch from that city on Oct. 7,
appearing in the Atlanta "Constitution" of the following
day. The dispatch further stated that Mr. Patrick, who
had been with the Citizens' & Southern Co. since Jan. 11:
last, would leave Savannah to open the new office on Oct
is. The Citizens' & Southern Co. (which is a subsidiary
the Cit:zens' & Southern Bank) maintains branch offices in
Atlanta, Macon, Augusta and In Charleston, S. C. Mills B.
Lane is Chairman of the Board of Directors and William
Murphy President of the company.
Stocks.
Number of
Shares.
Railroad,
&c.,
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1.135.015
1,658,901
1,873.317
2,108,440
1.836.936
1,781.700
82,711,000
5,052,500
5,559,000
4,913.000
5,080,500
5.995,000
82.141,000
3,377.000
2,441.000
2,656.000
2,904.000
2,127,000
8371,800
1,040,100
856,000
736.500
695.000
251,000
Tntn1
10
.304300
820_311.000
815.646.000
33.950.400
Week Ended Oct. 22.
Sales at
New York Stock
Exchange.
-No. shares_Stocks
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
Week Ended Oct. 22.
1926.
1925.
State,
Municipal &
Foreign Bondsf
United
States
Bonds.
Jan. 1 to Oct. 22.
1926.
1925.
10,394,309
13,799,070
370,816,296
340.339,088
$3,950,400
15,646,000
29,311,000
65,297.550
18,005,500
41,927,000
$212,377,750
527,217,950
1,598.178,201
$289,843,110
575.279.500
2.508.813,775
848.907,400 865,230,050 $2,337.773,90f 63.373,938.386
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
The stock market suffered a bad setback on Saturday and
again on Tuesday and Friday, and practically all leading
Philadelphia.
Boston.
Baltimore.
Week Ended
stocks moved downward to lower levels. Industrial specialShares. Bond Sates. Shares. Bond Sales. Shares. Bond Sales.
Oct. 22 1926.
ties suffered the sharpest declines experienced in several
18,119
62,500
314
13.517
37,000
32,000
weeks,many of the more prominent issues selling down to new Saturday
30.158
32,100
2.234
11.000
Monday
22,628
29.300
24.486
12.200
3,463
31.667
58,200
33.700
low levels. During the brief session on Saturday, a wide Tuesday
35.000
43.073
34,900
3.816
53.000
25.528
Wednesday
14,200
12,050
31,681
33,900
1,558
27,692
selling movement forced many of the market leaders down- Thursday
10,398
17.000
1,479
Friday
15,000
15,385
26,000
ward from 1 to 5 points. United States Steel common was
12.884 6158.200
131,430 $138.250 162,902 3132.600
Total
particularly weak and broke to 136,i and General Motors
RAIRO
562000
weak and Prey week rowtstell 110.704 124.500 126.780 8122.600
was down nearly 4 points. Du Pont was also
closed with a net loss of more than 6 points. On Monday
COURSE OF BANK CLEARINGS.
the trend of the market was completely reversed, many
stocks moving forward from 1 to 10 points. Industrial
Bank clearings the present week will again show a small
stocks were especial y prominent, particularly General Motors decrease compared with a year ago. Preliminary figures
which moved briskly forward and closed with a gain of compiled by us, based upon telegraphic advices from the
nearly 3 points and United States Steel common which ad- chief cities of the country, indicate that for the week ending
vanced to 138% at its high for the day. Railway shares to-day (Saturday, Oct. 23), bank exchanges for all the cities
moved to the forefront early in the trading, and motor stocks of the United States from which it is possible to obtain
were in strong demand at improving prices, with the special- weekly returns will be 1.2% smaller than in the corresponding
ties also generally higher.
week ast year. The total stands at $10,472,721,423,
On Tuesday the trend of the market was again downward, against $10,594,154,189 for the same week in 1925. At this
all the gains of the preceding day being swept away in the centre there is a loss for the five days of 5.1%. Our comwave of selling that occurred in the final hour. The break parative summary for the week is as follows.
came after midsession and motors, steel and equipment
shares tumbled downward in many instances to new low
Clearings-Returns by Telegraph.
Per
Week Ended October 23.
1926.
1925.
Cod.
levels. Specialties and oil shares were particularly weak.
New York
84.562.000.000 84,807.000,000
-5.1
The conspicuous recessions of the day included General Chicago
554.536.784
572,094,252
-3.1
Motors, which declined 6% ponts, United States Steel Philadelphia
508.000,000
479.000.010
+6.0
Boston
577,000,010
419,000.000 +37.7
common which fell 3% points, and du Pont, which dropped Kansas City
140.853,071
144.000,000
-2.2
136.500,000
140.100,000
-2.6
11% points at its low for the day. On Wednesday the mar- St. Louis
San Francisco
173.048,000
186.640.000
-7.3
ket was more or less confused, many issues displaying con- Los Angeles
158.317.000
138.096.000 +14.6
166,994.950
156.120.535
+6.9
siderable strength, while them were moving downward, Pittsburgh
Detroit
164,851,643
163.760.601
+0.6
110,149.897
106,945.458
+3.0
specialties were irregular and the steel industrials had alter- Cleveland
Baltimore
94,457,246
103,059.737
-8.4
nating periods of weakness and strength. Railroad shares New Orleans
76.938.776
80.610.599
-4.6
were generally steady, though Chesapeake & Ohio and New
13 cities, 5 days
67,423,647,367 37,496,427,182
-1.0
1,303,620,486
1,422.765.195 +27.6
York Central both showed a net loss at the closing hOur. Other cities, 5 days
Total all
88,727,267,853 38,919,192,377
-2.2
Atchison, on the other hand, improved and recorded ,a net All cities, 1cities,5 days
day
1,745,453,570
1,674,961.812
+4.2
gam in the final trading. 'The strong stocks of the day were
Total all cities for arook
510479 791 492 £10594 lea 160
-1.5
mail order and mercantile shares. On Thursday, under
the
Complete and exact detai s for the week covered by the
the leadership of United States Steel, General Motors and
du Pont the market agair swung upward and gains ranging foregoing will appear in our issue of next week. We cannot
from 1 to 10 points occurred in several of the more active furnish them to-day, inasmuch as the week ends to-day
issues. While many of the gains were recorded in the opening (Saturday), and the Saturday figures will not be available
hour, the market continued strong throughout the day, and until noon to-day. Accordingly, in the above the last day
practiealy the entire list participated in the upward climb. of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
Trading in railroad stocks was particuarlly heavy, the strong
stocks including Atchison, with a gain of 7 points, followed present further below, we are able to give final and complete
by advances of 1 to 5 points in New York entral, Union results for the previous week-the week ended Oct. 16. For
Pacific, Lehigh Valley, Erie, St. Louis-San Francisco com- that week there is a decrease of 1.9%, the 1926 aggregate
mon, Atlantic Coast Line and Baltimore & Ohio. Pere of clearings being $9,415,726,498 and the 1925 aggregate
Marquette and Chesapeake & Ohio were also in strong $9,601,569,529. Outside of New York City the decrease
demand at steadily rising prices. Oil stocks were compara- is 3.8%, the bank exchanges at this centre having shown a
tively quiet, but metal stocks scored substantial gains, par- loss of only 0.2%. We group the cities now according to the
ticularly American Smelting, Kennecott and Anaconda. Federal Reserve districts in which they are located, and from
Timken Roller Bearings was one of the outstanding features this it appears that in the Boston Reserve District there is
of the trading and moved briskly forward to a new high in an increase of 3.1% and in the Cleveland Reserve District
all time at 85. Railway equipment issue5 also were in of 5.4%, but in the New York Reserve District (including this
strong demand, and substantial advances were recorded by I city) there is a falling off of 0.1%. In the Philadelphia
2070
(you 123.
THE CHRONICLE
Reserve District the totals are smaller_by
Richmond Reserve District by 9.4% and in the Atlanta
Reserve District by 20.6%. The Chic go Reserve District
has a decrease of 7.9%, the St. Louis Reserve District
of 3,5% and the Minneapolis Reserve District of 10.0%.
The Kansas City Reserve District has a loss of 3.6% and the
Dallas Reserve District of 8.2%, but the San Francisco
Reserve District has a gain of 1.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Oct. 16 1926.
1925.
Inc.or
Dec.
1924.
2
1926.
%
$
1923.
Federal Reserve Mats.
let Boston. _ _ _1_ cities
2nd New York .11 "
3rd Philadelphia 0 "
4th Cleveland.- 8 "
5th Richmond - 6 "
6th A tlanta... _ _13 "
7th Chicago __ -20 "
lith St. Louis- 8 "
9th Minneapolis 7 "
10th Kansas City12 "
llth Dallas
5 "
12th San Fran...17 "
538,331,889
5,128,5,5,205
565,86,50
434,800,761
199,014,469
218,070,366
950,472,709
259,752,314
148,025,234
275,901,295
98,252,909
569,832,807
521,899,218 +3.1
5,135,282,179 -0.1
582,125,946 -3.0
412,552,527 +5.4
219,579,297 -9.4
312,589,756 -20.6
1,032,016,1% -7.9
269,133,900 -3.5
163,905,264 -10.0
233,108,133 -3.6
107,001,518 -8.2
559,406.655 +1.9
493,944,385
4,611,328,785
523,473,711
385,567,408
199,814,045
234,451,538
901,028,009
248,965,321
184,668,839
271,355,864
95,090,929
493,785,298
481,195,645
4,224,784,112
585.166253
420.264,475
208,271,146
215,189,707
919,583,479
246,341,461
142,233,947
247,276,696
87,791,166
553,167,986
Total
129 cities
Outside N. Y. City
9,415,726,498
4,414,559,437
9,601,569,529
4,589,009,085
-1.9
-3.8
8,646,476,120
4,142,905,258
8,334,253,073
4,233,660,433
11.15.1a ------20 MI)..
V" VW /TA
1.ROA AM
.11
408783908
Week Ended October 16.
Clearings al
1926.
1925.
Inc. or
Dec.
1924.
Seventh Feder al Reserve D istrict-Chi cagoMich.
-Adrian..
317.084 -5.0
301,401
277.358
231,284
Ann Arbor_ _ _ _
1,679.105 +17.3
992.655
1,969,494
758,922
Detroit
187,221.103 192.284.451 -2.6 154,779,293 144,384,743
Grand Rapids_
8,779,236
7.653.809
9,857,158 -10.9
6,525,988
Lansing
2.77.3.972 -I 0
2.747 2711
2.619 076
2,289,595
Ind.
-Ft. Wayne
3,170,296 -2.4
3,095.293
2,564,789
2,648,659
Indianapolis...
17,939,000 +33.1
23,886.000
20.854,000
21,110.000
South Bend_ _ _
3,287,354 +13.7
3,737.466
2.614.000
2,318,000
Terre Haute_ _ _
5,199,542 +2.7
5,341,138
5,668,255
5,505,262
Wis.-Milwaukee
48,742,912
46,068,680 +5.8
41,960.522
39.076,158
Iowa-Cedar Rap
2.587 688
2.706.640 -4.5
2.701.9:34
2 498.643
Des Moines...
10,312,695
10,965,388 -6.0
11,548,890
11,652,845
Sioux City _ _
7,071,314 -1.5
6,969,072
7,131,272
6,833.997
Waterloo
1,814,001
1,336.110 +35.8
1,748,698
1,624,039
III.-Bloomington
1.720.294
1,818,224 -5.4
1,535,990
1,706.061
Chicago
629.257,125 713,006,649 -11.8 627,578,833 659,768,514
Danville
a
a
a
a
a
Decatur
1.450,394
1,391.880 +4.2
1,424,533
1,487.487
Peoria
5,302,512
5,080.593 +4.4
4.989.897
4,044,908
Rockford
3,547,291
3,190,457 +11.2
2.600.233
2,391.923
Springfield....
2,690,315
2,870,208 -6.3
2,783,972
2,726,371
77A.7 MA
$
11
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Odober 16.
Clearings al
1926.
Inc. or
Dec.
1925.
First Federal Reserve Dist rict- Bosto nMaine-Bangor_
831,855
737.065 + 12.9
Portland
3,976.597
3,203.793 +24.1
Maas.
-Boston _ 477.000.000 462.000,000 +32
Fail River_ _ _ _
2,060.959
2,279.156 -9.6
a
Holyoke
a
a
1,273,098
Lowell
1,127.658 +12.9
Lynn
a
a
a
1,715.052
New Bedford
1,931,577 -11.2
Springfield....
5,570,015
6.426,515 -13.3
3,588.469
Worcester
3.849,527
-Hartford.
Conn.
13,193,289
15,637.711 --15.6
1 New Haven__ _
,
7.078.891
7.860.023 --9.9
R.I.-Providence
21,273,700
15,816.900 +34.5
N.H.-Manches'r
769,964
1,029,293 --25.2
Total(12 cities)
538,331,889
521,899,218
+3.1
1924.
Total(11 cities) 5,128,435,205 5,135.282.179
3
813.864
3,017.683
443.000,000
1,995,957
a
1,319,110
a
1,727,839
5,430,354
3,689,000
11.703.003
6,90.261
13,625,400
691,914
1,197,574
2,963,868
428,000,000
3.053,104
a
1.468,544
a
1,800.007
5.744,575
4,118,000
10,948,904
8,046.319
16,087.300
769,450
493,944,385
484,195,645
-0.1 4,611,328,785 4,224,784,112
Total(10 cities)
564.846,540
582,125.946
-3.0
Fourth Feder al Reserve D istrict-Cle veland
6,644.000 -6.8
6,103,900
Ohio-Akron....
4,386,591
Canton
4.726,685 -7.2
76.603.070
75.258.954 + 1.8
Cincinnati ......_
Cleveland
1341,797.767 134.844,031
+3.7
19,244.200
17.364,600 +10.8
Columbus
a
a
a
Dayton
a
a
a
Lima
2,178.127
1,852.380 +17.6
Mansfield
a
a
a
Springfield_ _ _ _
a
a
a
Toledo
5,998,738 -0.8
5,950.226
Youngstown
a
•
a
-Erie
Pa.
Pittsburgh- - 180,447.780 165.863.139 +8.8
412.552.527
1.555,524
3,65:4.592
1,324,577
2,798,344
493,000,000
3.574,535
6,605.332
3,807,631
1,956,231
5,197,945
a
1,788,358
4,239 518
1.999.625
3,469,321
553,000,000
4,003,000
6.385,725
3,275,127
1,662.999
5,342,580
a
523,473,711
585.166,253
7,632,000
5.688,368
69.742,528
119.267,927
15,810,700
a
a
1,953,818
a
5,344,082
a
160,127,985
7,083.000
5,457.236
77,326,990
125,317.114
15,497,600
a
a
1,880,599
a
a
4,347.112
a
183,354.824
+5.4
385,567,408
420.264,475
-Richm ondFifth Federal Reserve Dist Act
1.699.742 -13.2
1,474,871
W.Va.-Huut'g'n
10,410.274 -15.0
8.849,548
Va.-Norfolk_ 62,020.000 -14.9
52,795.000
Richmond ... _
2,934.522 -7.6
2,710,886
-Charleston
.C.
Md.-Baltimore. 104.658.586 116.152.235 -10.0
+8.2
26.362.524
28,525,578
D.C.-Washing'n
1.762,832
7,718.883
63.124.000
3,385.000
100.602,115
23,221.215
2,235.778
9,61)7,183
58.177,000
.3.500,000
102.300,185
32,451.000
219.579,297
-9.4
199.814,045
208.271,146
Sixth Federal Reserve Dist act- Attars
8.579,546
Tenn.-Chatt'ga.
10,654.507
3,493,413
k Knoxville
3.705,685
24.160,200
Nashville
24,560,621
Ga.-A tiaata__ _ _
95,o4).3 5
-03
Augusta
2,862,87
2.787,575
Macon
2,3.30,676
2.4,7,992
Savannah
a
Fia.-Jack'nville.
36,636,915
26,488,475
Miami
7.528,846
27.635.478
Ala.-Birming'm.
28.181.359
27.925,237
2.146.981
1 Mobile
2,230.846
-Jackson_ _
MISS.
2.587.278
1,780.000
Vicksburg
545.526
525,532
71.216.318
-New Orleans
La
77.755.523
2+24.2
+6.1
+1.6
-32.0
-2.6
+5.9
a
7,889.437
3.359.490
23.906.800
70 00 • 023
2,756.689
1.823,996
a
17.193.173
4.883.585
28,778.798
1,974,861
1,598.000
582,167
69,714,501
7.362.557
3.496,112
23,564.000
87.5052.5
2,919.645
1,706.280
a
13.411,376
Total(8 cities)-
Total(6 cities).
Total(13 cities)
434.800,761
199,014,469
248.070.366
-72.8
+0.9
-3.8
+45.4
+3.8
-8.4
312.559.756 -'06
234.453.521
904.028,009
919,583,479
5,480,787
158.700.000
35,376,123
399,855
30.068,400
17,060,199
401,330
1,478,627
8,292.904
154,200,000
35,522,789
486.758
31,737.758
16,201.457
358,975
1,540,820
Total(8 cities). 259,752.314 269,133,900 -3.5
Ninth Federal Reserve Dia trict-MIn n moons
Minn.
-Duluth..
10.320.561
12,597,366 -18.1
Minneapolis_
94,03.667 101 061.4,, -50 t.
St. Paul
36,126.211 -4.6
34,499,997
N. D.
-Fargo...
1,941,476 +11.1
2,157,181
S. D.
-Aberdeen.
1.767.713 -11.4
1.565,357
1,173,805 -16.4
981,683
_
Helena
4,216,228 -7.7
3,890,588
248,965,321
246,341,461
20,293,849
121.597.696
34,462,985
2,183,466
1,754.548
815,516
3.560,779
10.735.343
83.757 078
39.176,471
2,846.921
1,457.564
645.561
3.602,000
Total(7 cities)
148.025.234 163,904.264 -100
Tenth Federal Reserve Dia trict
-Kane as City
Neu.-Fremout._
369,318
408,878 -9.7
Hastings
604,926
648,003 -6.7
Lincoln
5,209,069
5,291,692 -1.6
Omaha
41,265,631
46,146,804 -10.6
Ran -Topeka..
3,256,379
3,314.531 -1.8
Wichita
8,080,683
7,201.993 +12.2
Mo-han. City. 154,52:3,272 152,053,524 +1.6
St. Joseph- - 6.863,402
7.307,410 -6.1
Okla.
a
-Muskogee
a
Oklahoma City
32.333,018
37,619,364 -14.1
'
Tulsa
a
a
a
Colu.-Col. Bogs.
1,274,138
1,409.805 -9.6
Denver
20.831,388
23,541.775 -11.5
Pueblo
e1,290.071
1,164,354 +10.8
184.668.839
142,220.947
443.215
655,898
4,509,078
45,466,748
3.009,650
7,951,851
144,551.000
7.313,727
a
32,697,021
a
1.180,385
22,535,045
1,042,246
246,975
is
4,207,413
45.359.820
3,227.575
7,311.549
138,544,722
7,449,839
a
19,606,511
a
1,138,104
21,295,036
889,552
271,356,864
247,276.696
1,995.667
60,034,423
14,602,053
13,061,341
a
5,397,445
1,915 679
52.443.249
13,987,16Q
13,119,629
a
6.325,449
1923.
Second Feder al Reserve D strict-New York
6,834,919
N.Y.-- Albany__ _
6.912.212
+1.8
5,955,364
4,163,033
1.293,300
Binghamton..._
1,153.800 +12.1
1,010.700
1,234,000
55,333.567
54,222.507
Buffalo
+2.0
44.952.069
48,563,182
1.056,262
Elmira
994.078 +6.2
941,013
761,323
1.174,283
Jamestown....
1,611.864 -27.2
1,417.914
1,573,409
New York_ _ _ _ 5,001,167,061 5.012,560.444 -0.2 4,503.570,872 4,100,592.646
13.447.153
Rochester
12,464,727 +3.7
12,001,826
11,466,987
6.720,554
Syracuse
6,635.710 +1.3
4,758.532
5,042,417
3,947.483
-Stamford
Conn.
3,305.769 +19.4
2,699.250
3,447,859
696.293
N. J.
701,328 -0.7
-Montclair
492,681
464,224
36.764.330
34,419,742 +6.8
Northern N. J_
33,528.564
47.475.032
Third Federal Reserve Dist rict-Phliad elphla
-Altoona__ _ _
Pa.
1,863,206
1,761,919 +5.7
Bethlehem _ _
5,2,0.203
3.84 ,,734 +35.6
1,441.816
Chester
1,735,060 -16.9
Lancaster
2,223,696
2,921.449 -23.9
Philadelphia_ _ 532,000.000 550.000.000 -3.3
Reading
4,31)3.185
4,281.061
+0.5
Scranton
6A16.419
5,956,526
+7.7
Wilkes-Barre..
3,842.021
3.650,339 +5.2
1,856.232
York
1.871,811 -0.8
5,683,762
N. J.-Trenton_ _
6,101,047 -6.8
Del.-Wilming'n.
a
a
a
Total(20 cit)e3) 950 472.70' I 032.056,10' --7.9
Eighth Federa 1 Reserve Dia trict-St. Lo ulsInd.
-Evansville
6,085.784
5,956,864 +2.2
MU -St. Luuls_ _ 164,800.000 168,500,000 --2.7
Ky.-Louisville..
34.541,094
34,734,078
+0.5
Owensboro. _
309,398
348.404 --11.2
Tenn.
-Memphis.
32,762,810
37,250.558 --12.1
A k.
-Little Ruck
19.119,775
20,485,881 --6.7
111.-Jacksonville.
431,360 --4.5
411.957
Quincy
1,529,212
1,819.739 -5.6
26,141.083
1,802.172
1.212.073
448.599
65,620.595
Total(12 cities) 275,901,295 286.108.133 -3.6
Eleventh Fede ral Reserve District
-Da IlasTess
2,220 07
2.1922..
+1.3
Dallas
56,429.321
68.564,222 -17.7
Fort Worth_ _ _ d15.098,796
16,748,897 -9.9
Galveston
17.940,000
12,384,000 +44.8
Houston
a
a
a
La -Shreveport.
6.564,713
7,112,217 -7.7
Total(5 rit)cs).
107 00, 540
98,252,00
Twelfth Feder at Reserve D istrict-San
Wash -Seattle..
46,029,126
-.8,348,775
Spokane
13,430,000
14.445,000
Tacoma
a
a
Yakima
2,166,606
2.090,961
Ore -Portland..
48,094,482
46.838,128
Utah-S. L. City
20,238,252
20,361.650
a
Nev.-Reno
a
Ariz.
-Phoenix .._
a
a
Calif.-Fresno
5,715,302
7,510,244
Lung Beach_ _ _
6,900,120
6.917.709
Los Angeles_ _ - 176,865.000 163,314,000
22,850,349
Oakland
22.289,508
5,838.500
Pasadena
5.867,544
9,738.642
Sacramento __ _
8.714,435
San Di ego_ _ _ _
5,503.262
6,649.217
San Francisco_ 192,952,000 198,746,000
3.516,583
San Jose
3.549.343
1.955,387
Santa Barbara_
1,389.258
3,143.400
Stockton
2,713.500
2.226,644
Santa Monica_
2,320.535
Total(17 cities) 569,822,807 559.406.655
Grand total (1251
.1,4 15,726,41, /.60,.569.529
elt160
-8.2
95.000,929
Frond sea
+5.0
42,751,883
+7.5
12,483,000
a
a
-3.5
2,051,979
-2.6
46,351,370
+0.6
17,220,122
a
a
a
a
+31.4
5,629.267
+0.2
6,707,304
+8.3 141,121,000
-2.5
17.857,458
+0.5
5,626.845
-10.5
8.360,490
+20.8
4,541,690
-2.9 173,900.000
+0.9
3,288,223
-29.0
1,150.888
-13.7
2,755.300
+4.2
1,980,479
+1.9
493,785,298
87.791,166
47.203.225
14.188,000
a
1,923,875
52,490.615
18,895,426
a
a
5,637,452
10,250.287
175,398,000
18.275,918
6.509.476
8.033.067
4,063,441
183,200.000
3,180,665
1,271,54!
2,647.000
553,167,986
8,648.476.120 8.334,253,073
Outside N Y.City 4 4 4 559.417 4.589 001 05 -3 54 '42 9
05,248 4 233.660.433
Week Ended October 14.
Clearfn s al
138 or
.07
1925.
Dec.
1926.
1924.
1923. '
Canada$
$
3
%
$
Montreal
108,340.647 104,688,862 +3.5 141,994.503 228.025,609
101.301.503 100,203.886
Toronto
+1.1 172,820,956 388,467.093
Winnipeg
84,161.448 -20.9
66,597.676
72,092,717
78,781,321
Vane,uver
16,389,878 -7.7
15.128.380
15,396,989
14,360.283
Ottawa
5,982,712 +6.1
6,345,852
6.630.008
7,796,906
Quebec
5,363,2'14 +12.6
6,037.572
6,379,040
7,008,621
Halifax
2,841,301
2,991.636
+5.3
2,830,754
3,120.281
4,948,527 +8.9
Hamilton
5,387,334
5,170,844
7,409,171
6,224,214 -1.1
6,154,294
Calgary
7,402,700
7,218.685
2,265,574
2.484,898
St. John
+9.7
2.709.653
3,235.763
1,928.763 +18.1
2,277.649
Victoria
2.161.926
2.778.429
2.586.646 +13.1
2,926.759
London
2,559.227
2.942.318
4,804,763
Edmonton
4.528,586
+6.1
4,887.200
4,074.145
Regina
5,917.339 • 7,1111,356 -167
4,522,969
5,128.544
726.428 -18.6
591,313
Brandon
641.215
763,315
619.135 -16.8
515,080
Lethbridge
593,461
913,352
2,354,749
Saskatoon
2,298,683 +2.4
1,795,539
2.270.775
1.436,111 -4.2
1,375,272
Mouse Jaw
1,377.837
1,748.443
1,133.847
Brantford
1,019,643 +11.2
983,510
1,392,606
1,022,283
Fort WiLliam
973,546
+5.1
1,287,1)86
1,007,742
New Westminster
742,060 +9.3
811,178
694,478
586,088
Medicine Hat...
315,131 +18.0
371,739
349,491
473.198
Peterborough....
871.373 +28
895.539
824.787
840.629
794,599 +9.8
Sherbrooke
872.844
760.787
862,059
1.082,4(11
Kitchener
991.390 +9.1
1,011.645
1,044.308
5,043,173
Windsor
4,484.558 +12.4
3,044,616
4,741.146
386,231
Prince Albert
383,564 +0.7
312,952 , 345,632
Moncton
895,124 -7.3
830,246
8011,731
934,356
859,246
Kingston
831,950 +3.3
741,808
687,092
'Tnrol /90 pltle. 3.44 64I 423 366.599.302 -1 2 462.7540120 776 057 9942
a No longer report clearings. b Do not rsepund to requests for
215.189.707 I ended Oct. 13. d Week ended Oct. 14. e Week ended Oct. 15.figures. c Week
•Estimated.
OCT. 23 19261
THE CHRONICLE
2071
15TH ANNUAL CONVENTION
Investment Bankers Association of America
HELD AT CHATEAU FRONTENAC, OCTOBER 11 TO 15 1926
INDEX TO REPORTS AND PROCEEDINGS
Page.
Page.
Address of Welcome of Narcisse Perodeau
2071 Present Situation
2092
of "Giant Power"
Greetings Extended by John A. Fraser
20 1 Report of Public Service Securities Committee
20.
'2
Greetings of J. H. Gundy
2071 Report of Government and Farm Loan
2393
Bonds Committee
Message from L. A. Taschereau, Prime Minister of Quebec
272 Report of Commercial Credits
2094
Committee
Annual Address of President of Association—Ray Morris
2072 Discussion of Inter-House Problems—M.
F. Fox, S. Stern and
R. C. Leffingwell on "Foreign Bonds"
2)73
J. Hanauer
2[91
"Canadian Progress and Security"—Rodolphe Lemieux
2075
of Taxation Committee
2098
"Canadian Development and Canadian Pacific."—E. W. Beatty 2018 Report
Report of Legislation Committee
2099
Report of Railroad Securities Committee
2079 Report of Legislation Committee—Blue
2100
Sky Section
Report of Industrial Securities Committee
20 0 Appointment of Arthur G. Davis as Field Secretary
2100
Report of Municipal Securities Committee
2082 Report of Secretary Alden H. Little
2101
Report of Real Estate Securities Committee
2(84 Report of Education Committee
2102
Report of Foreign Securities Committee
2037 Report of Publicity Committee
2102
Different Types of Mortgages in Foreign Countries
289 Report of Business Conduct Committee
2109
Work of Institute of International Finance of I. B. A
2039 Report of Membership Committee
2104
Report of Irrigation Securities Committee
2090 Report of Nominating Committee
2104
Address of Welcome of Narcisse Perodeau, LieutenantGovernor of the Province of Quebec.
In welcoming the Investment Bankers Association of
America to Quebec, Narcisse Perodeau, Lieutenant-Governor of the Province of Quebec, stated that "the Convention
with which I am now brought in contact will certainly be
considered one of the most important which we will have
witnessed. It is, in reality, the reunion in our midst of eminent financiers who form one of the most powerful organizations on this continent, the Investment Bankers Association of America." He added:
If any one can say of the bank that it is the queen of industry and
business, it seems to me that we can just as well say that the various
branches of the Investment Bankers Association of America are its chief
arteries, as it is through them that the necessary capital is obtained for
the development of all kinds of industry.
am delighted to see that you have chosen the old city of Quebec as the
place of reunion this year. Let me assure you that you will find here the
charm of its traditional hospitality. I am sure you will be pleased to
admire the grand and varied panorama before your eyes as well as the
historic souvenie brought to your mind.
But however interesting our old city may be, you will not limit your
views to the old walls. I understand that you propose to visit some of our
regions which afford interest as regards industry and the investment of
capital. I congratulate you thereon. I am sure you will bring back a
favorable impression of these visits, and you will be pleased to bear witness
to the fact that the capital already iniestrd or which may be invested, our
Province to you be considered "good. sound Investment."
As Seed of the Executive of the Province. I rejoice in such a state of
things and in the name of the Government and of the whole Province I
wish all the success your important convention deserves. May your sojourn
among us be pleasant, and may the friendly relations existing between
Canada and the United States be further strengthened by this meeting
together of distinguished men capable of advancing the interests of both
countries. This is the wish that i am pleased to couple with my hearty
expression of "Welcome."
made it necessary to defer until the 11th of October. Your Canadian Committee for the Convention has been hopeful though worried at times, for
the weather in this northern country has a habit of becoming unsettled for
short periods during the autumn. Nature has favored us with splendid
autumn days.
During one of the conversations held by the three of us in this hotel,
the question of the unique relationship of the two great countries of North
America—United States and Canada—was discussed—such points as the
3,000-mile border line free of forts or armed forces, the simplicity of the
methods in dealing with international questions, the ease of transacting
business in each of the countries, the ease of travel to and from these countries and, in general, the perfect understanding between our respective
citizens and Governments. One important factor encouraging this happy
condition is the existence of international associations such as the Investment Bankers Association of America. It was at this point that Fred
Fenton, with good vision, and always having at heart the best interests of
the investment banking business on this continent and of this association,
gave expression to the idea of inviting as guests to this convention the
executive offiCers of the Investment Bankers Association of Canada. The
executive of our association has carried out that idea and issued Invitations which have been accepted by 12 members from Canada, who are joining
with us in the proceedings commencing to-day.
I am informed by Mr. Harry Rascovar, the Director of Publicity, that
there are assembled here 75 financial editors and writers. No convention
would be a successful convention without their assistance and valuable cooperation.
I understand, also, that our gathering here is graced by the presence in
Quebec of 220 ladies. I express the feeling of all when I say we are delighted to have them join in making this convention in Canada an outstanding week.
The members of this association located in Canada extend the most
hearty and genuine welcome to their brother members from the United
States, to the ladies, and representatiies of the press. I have been asked by
the President of the Investment Bankers Association of Canada to express
to you in like manner a welcome from that association. We Canadians all
trust that you will enjoy this week here and that from this day onward
there will continue to grow friendship and good-fellowship, always with
sincere affection, with clear understanding and with high respect each for
the other.
Greetings of J. H. Gundy.
In telling the members of the Investment Bankers Association how much the Canadian people appreciated the
compliment paid them by the association in choosing Canada
as the place for the holding of its annual meeting, .T. H.
Gundy, of Wood, Gandy & Co., Ltd., of Toronto (a former
Governor of the association), said that on the whole, "I .
think we are safe to suggest to the members of the association that we will be glad to have them come back to us often
As I stand before this convention I am pleased in seeing so many
repre- and take a part in the development of this great country."
sentatives of the Investment Bankers Association assembled in Quebec, and
Mr. Gundy welcomed the bankers in the following speech:
particularly in
Greetings Extended by John A. Fraser
:
Greetings to tile delegates at the convention of the Investment Bankers Association were extended by John A. Fraser,
of the Dominion Securities Corporation, Ltd., Toronto,
Chairman of the Executive Comm:ttee of the Canadian
Group of the I. B. A. of America and former Vice-President
and former Governor of the Association, his remarks being
as follows:
seeing so many familiar faces—the friends made during the
several years I had the honor of serving you as Governor and officer. By
reason of serving on this Board, Mr. (Runty, the present Governor
of this
body, representing Canada, and I. have had advantages over the
other
Canadian members in making the acquaintance of our members. But I hope
and do believe that before this week passes each delegate from
Canada will
have made a friend of each from the United States, which relationship
will
long continue with mutual affection, understanding and respect.
When in February last there arrived
in Quebec City our late Secretary,
the well-beloved whose memory is respected by all, Frederick H.
Fenton,
lie. Harry Rascovar of New York,
and myself, winter was at its height.
The winter sports were being enjoyed by the youth of the
United States
and Canada with enthusiasm and gaiety. The scenes of skating,
tobogganing, snow-shoeing and running with dog sleds, with the
participants in
bright French-Canadian winter costumes, under brilliant
sunlight, were
thrilling and typical of Quebec in the wintertime. The question
immediately arose in our minds as tc the weather conditions for the
fifteenth
convention to be held in the autumn—a necessary question, as the
previous
convention had been held in St. Petersburg in December 1925,
under tropical conditions, and it was desirable not to hold the 1926 convention
too
early. After selecting the last week In September conditions arose
which
I am in a very serious predicament, I am afraid. You have been so well
welcomed by His Honor, and by our ancient and dignified friend, Ur.
Fraser, one of the fathers of investment banking in Canada, that I am
in the position of the Scotchman getting off the train. You know, you can
judge people's character by the way they act when they are traveling.
The Englishman gets to the station, grabs his bag, and out he goes, looks
at nobody. The Irishman gets up, gets half way out, and then goes back
to pick up what he left behind. And the Scotchman gets up and looks
around to see what anybody else has left behind. That is my position this
morning. I am looking around to see what there has been in the way of
welcome left to say to you.
It is indeed an honor and a pleasure, as a Canadian, and as an investment banker, to add a word of welcome to those words so well said already
to you.
This is a great gathering in a city that has witnessed many great gatherings. The first one was a long time ago, 318 years, I think, when old Sara
Champlain anchored his little shipsbelow the rock here, gathered the
boys around beneath the cliff, and tried to make up their minds whether
they would starve or freeze to death if they wintered here. And he decided to establish the city and the capital. Since then Quebec has been
the gate city of Canada, and it was below those windows that old LaSalle
2072
THE CHRONICLE
and Marquette and Joliet discussed with their friends whether they would
go up and see what was beyond, and they went from here to discover and
explore the Great Lakes and the Mississippi watershed and down to New
Orleans, where Mr. Robinson comes from. And then it was in this city
that a few men got together and decided to establish a country called Canada. And they set up by-laws and discussed problems, just as we have been
doing in connection with investment banking in the last few days.
And now we have added one more very important gathering to the distinguished record of great gatherings in the city of Quebec. And I think,
as investment bankers, perhaps we are inclined to under-estimate the importance of the deliberations that take place at these gatherings.
As comparatively an outsider, perhaps I may have had some perspective
of the situation. What is it? You have gathered, in the United States,
in the last ten or twelve years, the surplus liquid capital resources of the
whole world. England, France, Germany, Austria and South America are
all now coming to you to learn from you whether these surplus capital
resources of the United States shall be spent at home or shall be spent to
rebuild Europe, or shall be spent to develop South America, or, perchance,
shall be invested to advantage in the great country of Canada. I don't
know whether it is a good thing for us to advise them to come here or not,
Mr. Fraser. I think perhaps we ought to tell them something that is
wrong with the country first, anyway.
You know what competition is!
There are very few people here and
there is a lot of rock, and there is a lot of waste land, and the distances are
great and we are very much spread out. But then, as an honest member
of the association, one must also admit that we have got some good, keen
Scotch and Irish and French economists here to make a three-penny bit go
almost as far as they do in old Scotland, and they built up a solid structure,
which means that this country will develop into a great State in the years
to come.
For instance, we are doing a tremendous foreign trade here for our eight
million of population. I think it is about $142 a head of foreign trade,
very much greater even per head of population than the United States. Of
every ten bushels of wheat produced in the world we produce one. We have
great gold mines. More than half of the newsprint paper you use in the
States comes from Canada, and most of it from the Province of Quebec.
We have a country that is well supplied, almost too well supplied, with
railroads. It is easy to come from one part to another, and during the
next few years this country is bound to have an influx of population, not
only from Europe, but also from the United States, that will involve the
necessity for tremendous expenditures of capital, and I think on the whole
we are safe to suggest to the members of the Investment Bankers Association that we will be glad to have them come back to us often and take a
part in the development of this great country.
It is a pleasure to welcome you because of the genial and cordial way in
which you meet us in this meeting. It is a delight to know you personally
and Canadian people appreciate very much the compliment which you have
paid us in having this meeting of your association in Canada, in the great,
historic city of Quebec.
Message from L. A. Taschereau, Prime Minister of
Quebec.
A message from L. A. Taschereau, Premier of the Province of Quebec, featured the opening session of the annual
convention in Quebec on Oct. 12 of the Investment Bankers
Association of America, the message paying tribute to the
high standing of the profession of the bankers and to the
assistance rendered by the association in the development
of Canada's resources. In the absence abroad of the Prime
Minister, the message was read by Mr. Fraser. We give it
herewith:
The Province of Quebec considers it a high privilege to offer its hospitality to the Investment Bankers Association of America, gathered here to
study the means of further extending its sphere of usefulness.
You are meeting in an old French Province which has had the honor of
playing a great role in the history of the American continent, and those of
you who come from outside our borders will, no doubt, be interested in the
monuments which recall the heroic deeds of our forefathers, in the traces
of our former seigneurial regime, in the frugal and happy life of our
"habitants" and in the peculiar structure of their farms, which might
give you the impression that you are in Normandy instead of a country
•
bordering the United States
But, despite the perpetuation here of that atmosphere which reminds
former generations, there is much new life in our old province, and
us of
we are forging ahead at such pace that we confidently expect to realize
the hope expressed by one of our greatest statesmen, Sir Wilfred Laurier,
that this century will witness in our country a development as spectacular
and as substantial as that which took place in the American Union in the
last hundred years.
We of the Province of Quebec especially appreciate the opportunity of
welcoming the members of your association, which I understand includes
investment bankers, not only from the United States, but from our own
country, because we realize the high standing of your profession and in
particular its importance to this Province in the assistance which you are
able to render, and have already rendeied, to the development of our vast
resources. Through your agency, there has been secured the capital necessary to those men of energy of this country and of the United States who
have had the vision and the enterprise to attempt this development.
Through the credit which you have been instrumental in mobilizing for
these purposes, the industry of our people has been increased, hidden wealth
has been unco 'ered, our forests have been made to serve a useful purpose,
and with your aid, new impetus has been given to our turbulent streams.
Not only has industry been stimulated, but new and more economical
means of manufacturing have been found. In short, our people have become
an important factor in the production of the world's wealth.
In utilizing those reserves, the employment of which you control, we
are proud of our accomplishments. It is with pride that we welcome you
that you may see such plants as those which are busily engaged in converting our forests into the newsprint for the daily and weekly journals of this
continent and of Europe. In what was recently a wilderness, you will see
towns springing up beside a new industry on the upper tributaries of the
mighty Saguenay. The rushing St. Maurice will be seen turning the wheels
of important and varied industries and supplying power and light to thousands of our people. However, the industrial activity of this Province is
not confined to these two districts. A short trip through our eastern townships, rich in scenic beauty, would show you how older cities like Sherbrooke and Drimanionabille, limier the impetus fostered by your efforts are
marching forward in industrial development.
Incidentally, you will find that our Increased industrial activities are
accompanied by that true haanimaiden of commerce, an Increased agricul-
[Vol.. 123.
tural production. I had occasion not long ago to show that in the last
twenty years, while the number of our Quebec manufactures had trebled,
acreage under cultivation had also increased threefold, and that while the
capital invested in our industries was to-day six times what it was two
decades ago, the value of our harvests had also increased 600%.
While many of our agriculturists are content to remain on the land inherited from their fathers of three and four generations ago, there are
those who possess the spirit of the explorers of old and as hardy pioneers
still go forth to clear and lay under the plow the remotest districts of
our northern regions. Abitibi, Lake Temiscaming and Lake St. John are
three names of which our farmers are as proud as the greatest captains of
industry can be of places which they have dedicated to manufacturing and
commerce. If some of the richest gold discoveries of our Royn district have
been made, they are, in some measure, due to the fact that settlers went
ahead through the forests and tilled thousands of acres of productive Soil,
while alongside lay tons of gold. From the windows of this room you may
observe the natural advantages for shipping, trade and commerce which
the St. Lawrence brings to this Province.
We welcome you not only for the part which you have played in our
development, but because we hope that by learning more of us, of our
resources and of our methods, you will acquire greater confidence in the
existence of those fundamentals which you have a right to look for.
In your efforts more efficiently to extend credit to legitimate enterprise
by conserving the savings of the people, the Government of this Province
has been especially interested. We have given much sympathetic attention
to your attempts to combat fraud and the unscrupulous promoter. It is
particularly interesting to observe your enunciation of the idea that laws
for the suppression of the fraudulent do not secure protection for the investor, but that education which will aid the investor in the exercise of a
wiser investment judgment will bring him the only adequate protection.
In such a field your association is a force of immeasurable value. In
this as well as in the special work which you are about to undertake in
assisting public authorities in the amending and framing of legislation
designed to protect the investor, this Government invites suggestions as
to how it may co-operate.
In conclusion, I wish to express my appreciation of your courtesy in
allowing my welcome to be read to you in my absence, and my disappointment that the duties of my office necessitate my departure for England
only a few days before your meeting convenes.
Annual Address of President of the Association,
Ray Morris—America Greatest Investment
Country in the World.
The outstanding fact that "America has rather suddenly
become by an enormous margin the greatest Investing country in the world" was commented upon by Hay Morris, of
Brown Brothers & Co., in his annual address as President
of the association. Mr. Morris noted that "the old standards of investment banking, the old size of the task and the
machinery for doing it have changed completely under this
present-day set of conditions, where there are seven or eight
thousand million dollars' worth of securities to be sold every
year." "If we do our work in a big way and with complete
thoroughness," he added, "we are apt to remain the custodians, otherwise we are apt in an increasing degree to be
made subject to rules and regulations coming from outside
our ranks and formulated by people who know less about
the business than we do." "Never in the history of the
world," said Mr. Morris, "were there as many men qualified
to manufacture and sell securities gathered together at
one time as we gather together at these meetings." President Morris referred to the work accomplished by various
committees and spoke, too, of "the very effective work-out
of our contact with the Blue Sky situation In the various
States." His address follows:
I think the first instinct of every retiring President of the Investment
Bankers Association is to express his deep gratitude at the privilege the
members have given him. The contact that a President gets with the
personnel of security houses all over the country is a thing that the for'unate holder of the office never forgets. I feel personally indebted to
the hospitality of many hundred investment bankers who entertained me at
the group meetings, and in attending those meetings, and the two conventions, I have traversed this year 34 States. I mention that merely to
emphasize the extraordinarily complete geographical distribution of our
organization.
The work of the year was greatly saddened for all of us by the untimely
death of Fred Fenton, in the midst of his labors for the association. Fred
was a true friend of every member, and the constructive growth of the
association and its groups, over the years, was undoubtedly due more to
him than to any other single member. Ile had the capacity of thinking
out our problems both in the large and incomplete detail, and he combined with this a political sense, using the word in its best meaning, which
enabled him to get things done with the minimum of lost motion. I want
to add at this time a word of deep appreciation for the loving care which
the Los Angeles group gave him during his illness.
I started the year, and I finished it, with the definite thought that the
work of our national committee is exceedingly well done, and that the
combination of this organization with the very valuable field work of the
groups is undoubtedly the right set-up with the many different kinds of
problems that come up. The national committees go back to the foundation of the association ; the group organization is only about five years
old,
but it has become a most indispensable part of our work. In a year so full
of constructive effort, it may seem unfair to single out any special instances, but I want, nevertheless, to call attention to the very effective
work-out of our contact with the Blue Sky situation in the various States.
Starting with the years of heroic work, nearly single-handed, by B. Wendell,
we have now constituted a Blue Sky Bureau, as you know, under the
official guidance of Mr. Davis, whose work is the double-headed proposition of selling to the various Blue Sky Commissioners the idea that the
association and its membership are loyal friends of proper, workmanlike
supervision, and, in turn, of interpreting to the membership the constantly
changing status of the regulation. This Bureau rests on the principle long
since adopted by the public utility companies, of working with regulation,
instead of scainct it. Both parties, the regulators and the distributers, may
be presumed to be quite honest in their purposes; the thing is to get them
OCT. 23 1926.]
THE CHRONICLE
around the table as friend and allies, against the common enemy, the
crook. It was our pleasure a short time ago to entertain in New York the
convention of Blue Sky Commissioners from the various States. Something
like fifty of these gentlemen were present, and I think I am correct in
stating that after a session of four days there they were shown with entire
freedom all that was of interest to them in the workings of the issuing
houses and of the Stock Exchange. They went home with the feeling that
they were dealing with friends and equals, instead of with the extraordinarily inhuman type portrayed in newspaper headlines and movie captions
under the genral name of "Wall Street."
I have mentioned our work on the Blue Sky situation in some detail
because it is a very good example of the kind of thing that an association
can do, but that no single house can very well do by itself. There are
many other instances of the value of co-ordinated effort in dealing with
certain problems too big or too complicated or too widespread to be the
natural responsibility of any single house.
I have before me the Sept. 7 "Bulletin," listing all bond issues of Texas
road districts for which validating bills were introduced at the special
session of the Texas Legislature which convened at Austin, Sept. 13. Most
of you have seen this "Bulletin" and, although you may or may not have
been interested in road district bonds, you may have noticed that this
"Bulletin" covers some 820 separately listed issues, together with the
date of the order creating, particulars of record of the amount, and the
date of the election order and the date of the election. I think you are
all of you more or less familiar with the special difficulties presented by
the Texas road district cases and by the improvement district cases in the
Northwest At each State in this situation your Municipal Securities Committee, with the important aid of the groups, furnished legal and administrative guidance, and demonstrated conclusively how a general association
can undertake work which otherwise is nobody's business because it is
everybody's business. We have cheerfully made appropriations for this
work which would have been a heavy burden on any individual house, but
were borne, unnoticed, by the membership as a whole.
Another kind of thing that we can do is well exemplified by Howard
Beebe's excellent work this year as Chairman of the Committee on Foreign Bonds. We devoted a good deal of time at the group meetings last
spring to discussing some of the very baffling problems with which our
membership is faced in this matter of foreign bonds. At a time when highgrade American bonds are becoming very scarce, with extremely narrow
commissions to cover the cost of merchandising, foreign bonds have been in
relatively plentiful supply and with relatively wide commissions. The
growing popularity of this class of security during the past two or three
years has removed most of the early dread with which the general subject
of foreign bonds was approached, but, nevertheless, many houses have felt
greatly puzzled for guidance as to whether they ought to sell certain of
these bonds to their customers or not There was a great scarcity of reliable and important statistical information reflecting on the goodness or
badness of the bonds offered and no way of getting information quickly
or easily to supplement the information, perhaps prejudiced or colored,
which was set forth in the offering circulars. This is a question which
we have debated long and earnestly at Governors' meetings, and the way
Howard Beebe has worked it out this year is quite in line with the best
traditions of the I. B. A. You are familiar with his reports, so I will merely
say that he and his committee have taken what seem the natural and sound
steps towards creating a centralized and impartial bureau of service and
information for the benefit of I. B. A. members who want to know about
foreign bonds—again a job which no house could very well have performed
alone.
The Committee on Ethics and Business Practice, headed by your incoming President, has also started a train of inquiry this year looking toward
cleaning up some of the hitherto unsolved questions of fair procedure, that
have perplexed the association from the earliest days. The results of its
work, I think, are going to be far-reaching, and I want to digress a moment
at this point to consider what may be called the internal problems of our
work, as distinct from the external. Every time Arthur Gilbert has nothing
to sell, or every time the fish aren't biting, he writes me a letter, six,
eight or ten pages long, on this subject.
Gilbert points out that the association has always specialized in committee work dealing with the goods sold, rather than with the problems of
selling them. We have, and have had, able committees passing on railroad
and industrial securities, municipal and foreign bonds, but we have paid
comparatively little attention to the relations between house and house; to
salesmen's commissions; to our policy, if any, in relation to bonds where
the margin of profit is less than a living wage; to syndicate terms and practices by the large issuing houses which make it difficult for the outlying
districts to do their work properly and efficiently.
Part of this deficiency is being met this year by the able work which
Pliny Jewell is doing. Reforms in business practice, and helpful modifications of it, do not happen overnight; they are usually the result of long
effort, and anybody optimistic enough to think that every practice with
the seeds of injustice in it will be changed as soon as a committee reports
on it, ought, for punishment, to be made chairman of the committee. But
my own feeling has been that we, as an association, can be immensely
effective in correcting practices that we do not like if, and only if, we
proceed on a basis of absolute unanimity, starting with a few great fundamentals that are quite above dispute; adopting those as standard practice
with all due formality, and then proceeding quite gradually from the
known to the unknown and the debatable; a little at a time, and with our
feet always firmly on the ground. I have always imagined that the rather
extraordinary durability of the Ten Commandments was due to the fact
that Moses recorded the best standard practice of the time, rather than
attempting to create new standards by legislation. Probably the journalistic comment of the time thought the Ten Commandments were rather
dull; everybody knew about them anyway. And I suspect that when we
get around to the formulation of ten commandments, or fourteen points,
of good practice, that they will seem rather dull, too; most of us will
always have done that way I
But, nevertheless, we as an association are,definitely able to formulate
what is fair and what is not, and to get our code adopted by the pressure
of public opinion, if we limit ourselves to essentials, and adhere rigidly to
a few fine, solid principles that are at the base of all good business.
The other half of our work between houses, inside the membership, Is
undoubtedly complicated by the fact that we, as an association, comprise
both buyers and sellers, originators and distributers, and there sometimes
seems to be lack of mutuality between the two functions. For that reason
I have always felt that it was a cardinal point of our policy to be represented fully on the Board by both types of houses, and by the best men
in the business. If you work any association with the best men in the
business you somehow get the best results; if you let yourself be represented by juniors you get junior results! That is why I have wanted to
reduce the number of Governors' meetings, and, in general, the pressure on
Governors; so that the best and busiest men would be able to serve. We
have always been fortunate in the quality of our Governors, and I hope we
always will be, because if the undoubted leaders in any business stand
together for mutual help, instruction and the promotion of friendly rela-
2073
tions, then you have got the ideal of association work. And that, gentlemen, is what we stand for.
At the risk of saying over again some of the things which we discussed
pretty fully in the group meetings, I should like to reiterate in closing
that there are the best of reasons why this association and its work should
be taken most seriously by originating and distributing houses alike. Apart
from all the bread-and-butter questions of the services which we render to
our members, and apart from the immense advantage which comes out of
the personal contacts at conventions, Governors' meetings and group meetings, there stands out the fact that America has rather suddenly become
by an enormous margin the greatest investing country in the world. The
old standards of investment banking, the old size of the task and the machinery for doing it, have changed completely under this present-day set
of conditions, where there are seven or eight thousand million dollars'
worth of securities to be sold every year; where there is a selling organization developed on the models of the Liberty Bond campaigns and reaching into every hamlet across the country, and where there are the natural
tendencies to do things hastily and not quite perfectly, growing out of
the extraordinary rapidity with which this distribution has been developed.
To an extraordinary extent we are the custodians of this industry. If
we do our work in a big way and with complete thoroughness we are apt
to remain the custodians, otherwise we are apt in an increasing degree to
be made subject to rules and regulations coming from outside our ranks and
formulated by people who know less about the business than we do. It
sounds like flattery, but it is the simplest common sense to point out that
never in the history of the world were there as many men qualified to
manufacture and sell securities gathered together at one time and place as
we gather together at these meetings. We have the talent and we have the
high moral standards that go with an honest attempt to do a good job
for
our customers and for our corporation clients. I see no reason why, with
this very complete set of qualifications, the Investment Bankers Association
cannot exercise, and continue to exereise, a clean, forceful and helpful
leadership in the immense industry which we represent.
R. C. Leffingwell on "Foreign Bonds"—Looks for Early. sN
\
Shrinkage in Foreign Government Loans with
Ability of European Nations to Finance Their
Own Enterprises.
R. C. Leffingwell, of J. -P. Morgan & Co., and formerly
Assistant Secretary of the Treasury, in discussing the subject of "Foreign Bonds" at the Oct. 14 session of the convention of the Investment Bankers Association, stated that
he expects "to see the time come, and come soon, when
European Government loans in this•market will shrink in
number and amount." "There may and very probably will
be an intermediate period of private foreign financing here,"
he said, "but I expect that the thrifty people of Europe will
resume their habits of thrift and saving, and, given sound
budgets and sound currencies, will begin to repatriate their
foreign balances and to reaccumulate their capital savings
and find means to finance their own enterprises at home."
Referring to the fact that "the inter-Allied war debts have
exercised an immense influence upon men's minds and have
sentimentally retarded the return of confidence and reconstruction of Europe," Mr. Leffingwell said:
I shall not venture here upon a discussion of the merits of the question,
but I venture the prediction that as in the past so in the future, great as
the importance of the financial and economic aspects of indemnities and
war debts may be, the political and sentimental importance is even greater.
In the long run the decision of the question of reparations and the question
of inter-Allied debts will be based, not upon the capacity to pay of the
debtor, but upon the decision of the American people in agrement :with the
people of the rest of the world upon the question whether one nation should
be compelled to make such payments to another nation, friend or foe, from
generation to generation. The question of reparations in its diminished and
unadjusted form, with the safeguards thrown around it by the Dawes plan,
and the question of inter-Allied debts as they have been reduced in amount
and extnded in maturity by the American Debt Commission, are not to-day
more financial and economic than political and sentimental questions.
Mr. Leffingwell said he did not "share the impatience of
those who think that the problems of France, Italy and Belgium should have been solved as quickly and completely as
those of Great Britain and the United States." "I don't
doubt," he added, "that France, Italy and Belgium each in
their own good time and each in her own good way will
find a solution of her currency problem. I look forward to
the return of each of these countries to the gold standard
with confidence. I think each in its own way has made
important progress since the war, and I think the end insight for each." The solution of the currency problems of
Poland, and of the Balkan States, Czechoslovakia, Rumania,
Jugoslavia and Greece were referred to by Mr. Leffingwell
as second only in importance to the solution of the Problems
of France, Italy and Belgium. His address in full follows:
It is nearly eight years since I had the pleasure of meeting the Investment Bankrs Association in convention at Atlantic City. It was just a
month after Armistice Day. It was the investment bankers, and the bond
salesmen who in the days of the Liberty loans first heard about bonds and
learned to sell them, who taught the people of America to buy Liberty
bonds, and to save and pay for them.
Your President, Ray Morris, was Chairman of the Treasury Certificate
organizations in the New York district. I remember attending a luncheon
at the Bankers Club in New York well after the war was over and the
fighting had stopped, at which were assembled the leading bankers from
all over the district, bank presidents mostly. I remember admiring Ray's
skill in making a 4%, taxable certificates, in a 6% money market,
70
seem like a thing of beauty and romance.
Well, it was a thing of romance and beauty. It was precisely the sale
of Liberty bonds and Treasury certificates to member banks and corporations and private investors which differentiated America's war finance
from that of every other belligerent. The Treasury of the United States
2074
•
THE CHRONICLE
never borrowed directly from the Federal Reserve banks—except overnight
as it were on tax days and Liberty loan installment payment days to cover
the float, the delay in collecting incoming checks.
The war was financed partly from taxes, partly from loans sold to investors and paid for from present savings, and partly from loans to the
Government financed by the Federal Reserve banks and involving war
inflation. But those loans were not direct loans from the Federal Reserve
banks to the Government, but indirect loans made by the Federal Reserve
banks to member banks. So the Fedral Reserve banks' assets were live
assets. They carried the obligation of the member banks, supported for
the most part by the obligation of the customers of the member banks,
to take up and pay for the bonds and certificates. That made is possible
for the United States to return to the full gold standard in 1919, seven
months after Armistice Day, by lifting the embargo on gold exports.
It was the efforts of the investment bankers of America, the Liberty
Loan organization and the Treasury Certificate organization, which made
It possible to finance every penny of our $35,000,000,000 of war expenditures without one penny borrowed directly by the Government from the
Federal Reserve banks.
What I have said is not irrelevant to the subject of foreign bonds which your
President has assigned to me, for without America's prompt return to the
gold standard, I don't know what measure of values there would have been
to tie to here or in Europe during the years of reconstruction. I suppose
only those few economists who would like to see a managed currency or a
statistical dollar substituted for the gold standard, which is built upon
centuries of experience and upon the habits of mankind, would differ with
my view that the basis of all reconstruction throughout the world has been
America's return to gold in 1919, and the Federal Reserve banks' wise
control of our currency and credit structure.
Even at that meeting in Atlantic City, a month after Armistice Day,
when the Fourth Liberty loan had just been sold, and our first concern
was how to sell the Fifth or Victory loan which already loomed before us,
our minds were turned, too, towards the business of European reconstruction
and America's part in it. This is an excerpt from the stenographic report
•
of my speech at that Atlantic City meeting:
"Now the future of America, as I see it, is something like this: We are a
vast storehouse of materials and food that the world needs. Europe has
been suffering for four years from a war which barely touched us, barely
touched our lives; although it did fire our imaginations. Europe must have
the things she wants and we must sell them to her. There Is where the
bankers' interest begins. Europe has np means to pay immediately, but
she has perfectly good credit. She cannot ship us gold and we do not want
her gold. She cannot begin to ship us commodities until her own reconstruction problem is solved. We can keep our stuff or we can sell it to her
on credit.
"When the war broke in Europe in 1914, New York, the financial centre
of the western hemisphere, of the whole America. was helpless. The one
great nation in the world that was not involved in this war was helpless.
Why? Because we did not have any foreign trade balance in our favor.
We actually received—it is. hard to remember it now—but we actually
received a commission of British financiers and economists to discuss now
Great Britain could help out the United States in solving the financial
problems of the United States growing out of the fact that Great Britain
was in the war. It did not take more than a few months for the thing to
turn around. Well, we had no call money market, except that based on
stocks. Everybody knows that a call money market based on stocks Is
liquid except when you need a call money market, and that is what happened in New York. We closed the stock exchange; it was very wise and
very necessary. Meanwhile Great Britain drew in her current assets.
If we are to have in the western hemisphere a financial capitol, we must
have a market for acceptances. We must be prepared to provide commercial credits for foreign trade. If we are to go on beyond that and retain
our position as a creditor nation for a long period of years we have got to
provide here a market for financial credits, for investment securities for
foreign governments' obligations and there opens up a field which is quite
untouched, so far as the American banker is concerned.
"The American banker, if I may say one word of criticism of him, is a
bit too conservative. He dreads asking his clients to buy something they
have never bought before. He must measure up to this new opportunity
or fall to do the great service which is before him—the opportunity is far,
the opportunity for service to the world as well as service to his own country
while opening up a field of profitable investment for his clients."
I feel a good deal of hesitation in attempting to talk to you about
foreign bonds. There is little or nothing to be said that has not already
been said, and better said than I shall be able to say it. After all is said
and done, in buying foreign bonds and offering them to our customers, we
all have'just the prosaic task of deciding whether they represent a sound,
safe investment, and whether the price is right—the same questions we put
to ourselves in relation to domestic bonds. Our business, yours and mine,
as investment bankers is to answer these questions correctly if we can,
and as often as we can. The questions are to be answered separately for
each issue.
I am not an economist, nor a statistician, nor an historian, and could
not if I would give you a learned paper upon the fascinating problems
which interest them in relation to international trade and international
debts.
I don't think that the problems of international finance growing out
of the war are to be solved by any comprehensive plan, by any great
dramatic gesture, or by any one colossal operation cleaning the slate. They
are, I think, being solved day by day, a little here, a little there, and are
being whittled down to manageable proportions almost without our knowing
it. This view makes it difficult for me to pull together in a short address
a few salient ideas to describe the situation as I see it.
But your President thought it might be worth while for me to come here
and talk to you in a desultory way about this new phase of the American
investment bankers' business, much as he and I have talked together at
- our office in New York or at our homes on Long Island.
It is a new phase of our business. Until the war America was on the
whole a borrower rather than a lender. During the 18th and 19th centures America was running into debt to Europe. That was perhaps partly
due to the wars we were waging, but more to the fact that this was a new
country naturally in need of capital for its development. As long ago
as 1880 Sir Robert Giffn estimated that the annual borrowing or sales of
securities in Europe on American account amounted to 50,000,000 pounds
sterling or $250,000,000*, and the annual interest on English capital invested abroad in public loans or shares in companies to be 85,000,000
pounds sterling.t Of this he thought about one-half was the interest on
foreign public loans and about one-sixteenth the interest and dividends on
American railway bonds and shares.
Foreign loans were the evidence of much of Europe's wealth. They were
the instruments of the provision of capital to the new world. With the
war came an immense displacement of wealth and the resale to America of
many of the securities evidencing the indebtedness of the new world to the
old. Ths was to enable the Governments of Europe to provide foreign buying power in order to supply their armies with munitions of war and their
civilian populations with food and clothing while their own energies were
being devoted not to the cultivation of the soil or to productive uses, but to
the business of destruction. Thus from 1914 to 1918 shares and bonds
passed in a stream across the Atlantic in exchange for wheat and shells and
guns. Though four years of war and destruction could not add to the
•"The Growth of Capital," p. 122. t"The Growth of Capital," p. 161.
[VOL. 123.
wealth of the human race one bit, it did result in the transfer of ownership
of much accumulated wealth from Europe to America, It did enable the
new world in a few short years to pay down the mortgage which the old
world had on its wealth. So much for the displacement of wealth as
between the new world and the old.
Naturally this displacement of wealth, this transfer of part of Europe's
accumulations to America was one of the causes of Europe's need of foreign
loans, and one of the reasons why America was and is able measurably to
meet that need.
Furthermore, Europe's habit of buying more of her foodstuffs, raw
materials and finished products abroad, formed as we have seen during the
war, could not immediately be abandoned. Normal activities could not be
immediately restored. The political and territorial readjustments made in
the treaties of peace resulted in the creation of new barriers to the restoration of normal conditions, and the protracted discussions which followed
these treaties about economic, political and social questions naturally did
not tend to facilitate the return to normal. Thus Europe's need to buy goods
in America and elsewhere abroad has probably been greater than normal.
Here also Europe's need to buy our goods carried with it the ability on
our part to finance the purchase. Economic cause and effect being so often
interchangeable, Europe's purchases in America necessitated loans, and the
loans made possible the purchases.
After the war was over another factor developed, which led to the flotation of European loans here. The war and the events growing out of the
war had wrecked the currencies of some of the European belligerents, had
weakened others, and had left them adrift because they had been obliged
temporarily to abandon the gold standard.
In continental Europe war and post-war inflation and the inability to return promptly to the gold standard created want of confidence in the
countries most affected, and, paradoxically, the worse off any of the countries of continental* Europe became in consequence of the displacement of
capital for war purposes and of currency inflation, through the process of
what has been called the flight of capital, the larger became its foreign
investments. For if I may without irreverence say it in this connection,
there is nothing truer of the movement of capital than that "to him that
hath shall be given, and from that hath not shall be taken away even that
which he bath." The very poverty of -some of the Governments of Europe,
the very weakness of their financial and currency structure, the very wealth
of the United States, caused the flight of capital from Europe to the United
States. This is one of the most important of the after-war developments.
It has had most disastrous consequences for some European countries, but
it has in it also the promise of relief from their burdens.
Before the war Europe was buying American securities. During the war
America was buying back American securities from Europe, and was buying
European securities. After the war the flow in part reversed itself, and
while America continued to buy European securities the flight of capital
from Europe to America set in and tended to neutralize it.
While then there has been a steady flcw during and since the war of
capital from America to Europe, there has been an important return of
flow of capital from Europe to America. Our banks are heavily indebted
to the banks and private depositors of paper money countries, for deposits
are debts, a fact which some people forget. There are large European
investments in American securities and purchases for European account of
European securities issued here. While Americans are glad to have these
deposits and transfers of capital to the United States, and we profit by
them, and a good part of our prosperity has been attributed to easy money
resulting from them, we must not overlook the fact that European deposits
represent a debt from America to Europe, and paradoxically, as I have said,
from banks and" corporations of America to banks and individuals of the
most poverty-stricken countries of Europe, those who have not yet, or only
recently, been able to put their currencies on a gold basis.
The flight from the paper currencies, however much we may deplore it,
must to some extent have resulted in the creation of the relation of debtor
and creditor as between the country to which and the country from which
the flight took place. To that extent the unstable money countries, including the United States. If there is a flight of capital from anywhre
there is a flight of capital to somewhere. To the extent that capital has
flown from the paper money countries of Europe to the United States of
America, it counterbalances our direct loans to Europe.
I shall not venture an estimate of the extent or amount of the flight of
capital from unstable money countries to stable money countries. Much
has been said and written on the subject, but the very fact that the flight
from these currencies has been regarded as unpatriotic and has been forbidden by legislation has added to the difficulty of obtaining any reliable
figures which is inherent in the study of all invisible items in the international account. The natural reticence of the European resident about
transfers of capital from his country abroad, taken together with the very
proper reticence of American and other bankers about the affairs of their
clients, foreign and domestic, added to the inherent difficult of obtaining
statistics about invisible movements, make caution in estimating very
necessary.
Without, however, attempting to mention figures, we may get some
notion of the dimensions of the problem by making a broad generalization.
To some extnt the paper currencies have been depreciated by direct inflation to meet Government deficits and debts. To some extent they have
been depreciated in consequence of temporarily adverse balances of trade and
payments in current international accounts growing out of the war. The
third principal factor of the depreciation of the paper currencies in foreign
exchange seems to be the flight from those currencies. The extent to which
these three factors have contributed to the result varies, of course, in the
case of each currency. I don't think it is a mistake to say that this third
factor has been a very important one indeed in every instance. Neither
the trade balance nor the direct paper money inflation to meet deficits
and debts measurably accounts for the foreign exchange depreciation which
has taken place. Therefore I conclude that there exists a very important
factor of safety for the future in the foreign balances created in favor of
the nationals of the paper money countries during the period of inflation.
Though I cannot hazard an estimate of the amount of these balances, I
suppose that they greatly exceed in the more important instances, the
amount of the loans floated in our markets since the war,
The French Committee of Experts in their report this summer declined
to make an estimate, but stated that the credits thus formed abroad are an
available reserve which can be used efficaciously to maintain the stability
of the franc when other measures have made stabilization possible.
To these balances created in consequence of the flight from paper currencies must, of course, be added the not inconsiderable residue of the
pre-war foreign investments of the nationals of these countries after deducing those sold to finance war purchases abroad, and those which became worthless or were depreciated in consquence of the war.
Though I don't know of authoritative figures for the Continental Allies,
and the private studies of their position in relation to these invisible credit
items, though very interesting and informing, appear to be indecisive,
there do exist official or semi-official figures for England and Germany.
The second committee of experts, known as the McKenna Committee,
which instituted an inquiry into the matter of German foreign assets, con-
OCT. 23 19261
THE CHRONICLE
ternporaneous with the inquiry of the Dawes Committee, estimated that
German foreign assets at the end of 1923 amounted to 63 billion gold
marks, or, say, $1,600,000,000.
In his last annual report. the Agent-General for Reparations Payment4
describes improved credit conditions and a decrease in the volume of foreign borrowing, and says that the German authorities have come to the
conclusion that for several months past the aggregate foreign debt of
Germany has not changed materially, and that a large volume of long-term
Issues placed abroad, during that period has largely taken the place of the
short debt already owned abroad but now repaid. He says that it is clear
that any rate that latterly there has been a tendency for certain German
Issues placed abroad to flow back again into the hands of German investors,
and that the German banks have become themselves substantial holders of
liquid funds abroad.
Something of the sort has already taken place with reference to European
neutrals. Such countries as Switzerland, Holland and Sweden have already
stopped borrowing in this market, and have been calling their loans here,
buying them up or paying them off. They have participated in the flow
of capital from the unstable money countries, and some return flow of
capital to their own.
Second only to the United States in financial strength after the war
stood Great Britain. When the great war came British foreign investments were roughly said to amount to nearly 4,000,000,000 pounds sterling,
carrying with them a revenue from abroad of nearly $1,000,000,000 a year.
Writing in 1914 R. H. Brand estimated Great Britain's surplus income
from abroad, and therefore the amount which she was annually reinvesting
abroad, at 190,000,000 pounds, or $930,000,000.• The British Chancellor
of the Exchequer on the 4th of May 1925 said in the House of Commons,"We
have still, it is calculated, 8,000,000,000 pounds of foreign investment, the
Interest on which is calculated at about 220,000,000 pounds a year.? The
"Board of Trade Journal" for Jan. 21 1926 estimated the United Kingdom's
total income for overseas investments at 200,000,000 pounds for 1923,
220,000,000 pounds for 1924 and 250,000,000 pounds for 1925, a total
greater by 6,000,000 pounds than Mr. Brand estimated for the pre-war
year 1918.
This invisible capital of Europe is important because a doubt has been
expressed whether Europe would be able to bear the burden of indebtedness
being created in consequence of the loans which have been floatd by Europan Governments, municipalities and companies in the United States during
recent years—whether European sountries would be able to find the foreign exchange, to make transfers. But do we know what is the position
of the international capital account as between Europe and America, what
is the residue of Europe's Investments in America made before the war
and not disposed of, what is the amount of capital which has flowed from
Europe to America since the war, what is the amount of European investments in high grade American securities being made every year, even in
the case of stable money countries? If we add Europe's pre-war investments in America, or what is left of them, to Europe's investments consequent upon the flight of capital from the unstable money countries,
and
Europe's investments in America consequent upon the normal appetite of
Europe's stable money countries for speculative investments, higher yields,
or a diversification of risk, what total shall we get? May it not go a long
way to neutralize the more conspicuous flow of capital from America
to
Europe in the form of European public issues floated here?
The problem of transfers was not an invention of the great nor,
nor is
the anxiety of financiers and economists a new thing. Let me read to you
from an article which appeared in "Blackwood's Edinburgh Magazine"
for February 1875, describing the payment of the French indemnity after
the Franco-Prussian war:
"As soon as it became known,
years ago, that France had to hand
over £200,000,000 to Germany,it five generally predicted that the financial
was
equilibrium of Europe would be upset by the transfer of so vast a sum from
one country to another, and that the whole system of international monetary
relationship would be thrown into confusion. Apprehension of an analogous
nature were abundantly expressed when the two French loans successively
came out. Wise bankers shook their heads in Frankfort, London, Amsterdam and Brussels, and assured their listeners that, though the money
would probably be subscribed, it could not possibly be paid up under five
years at least. And yet the whole of thee vast transaction was carried our
between 1st June 1871 and 5th September 1873: twenty-seven months
sufficed for its completion: and not one single serious difficulty or disorder
was produced by it. The fact was that the commercial
no
of its own power; it thought itself much smaller than it world hadit idea
really is:
altogether to suspect that its OW11 current operations were already so failed
enormous that even the remittance of five milliards from France to Germany
could be grafted on to them without entailing any material perturbation.
Such, however, has turned out to be the case: and of all the lessons furnished
by the war, no other is more practical or more strange."
The experience of France in paying the Prussian indemnity,
the experience of Great Britain, whose foreign income appears to
be increasing in
spite of her losses in the war and the debt to us
she assumed growing out
of the war, the experience of Germany during the two years
since the Dawes
plan was put into effect, the experience of the
European
the great war, ought to put the economic prophets of evil neutrals since
of the
day in a mood to some modesty. It ought to make them ready present
to admit
that perhaps the capacity of the human race to overcome
obstacles and
barriers, fiscal and economic, may be greater than they have been
able to
foresee.
However, what I have been saying has reference to loans by
private
Investors rather than inter-Government war debts.
One particular aspect of the displacement of wealth consequent
upon the
war one which has perhaps had more than its proportionate
share of
emphasis in public discussion, is the German indebnity and the
'
inter-Allied
war debts. The great merit of the Dawes plan was that it
somewhat
quieted, for the time being, at any rate, the discussion of this vexed
question, and substituted for the opinions of politicians and
economists that
such and such things must be done on the one hand, and that such
and
such things were impossible on the other, a quiet method of
experimentation and administration in charge of a modest, silent and indefatigable administrator, a man of amazing industry, extraordinary experience
and precocious wisdom, Parker Gilbert
The inter-Allied war debts have exercised an immense influence upon
men's minds and have sentimentally retarded the return of confidence
reconstruction in Europe. Except in the case of Great Britain they and
have
not exercised any great direct influence for the simple reason that
except
by Great Britain the amount of actual remittances on account of the war
debt has been unimportant. I shall not venture here upon a discussion of
the merits of the question, but I venture the prediction that as in the past
so in the future great as the importance of the financial and economic
aspects of indemnities and war debts may be, their political and sentimental importance is even greater. In the long run the decision of the
question of reparations and the question of inter-Allied debts will be based
not upon the capacity to pay of the debtor, but upon the decision of the
American people in agreement wtih the people of the rest of the
civilized
world upon the question whether one nation should be compelled to make
:Page 27.
"War and National Finance," page 81.
f"Board of Trade Journal," Jan. 21 1926, page 69.
2075
such payments to another nation, friend or foe, from generation to generation. The question of reparations in its diminished and adjusted form,
with the safeguards thrown around it by the Dawes plan, and the question
of inter-Allied debts as they have been reduced in amount and extended in
maturity by the American Debt Commission, are not to-day more financial
and economic than political and sentimental questions.
If it is true that inflation during the war and after, and the fear of
further inflation, growing out of the reparations claims and the Inter-Allied
debts among other things, led to the flight from the paper curencies
affected; and if it is true that this flight led to further depreciation of
those currencies and further inflation; and yet that it resulted in the
creation of foreign credits available to the peoples of the countries whenever stabilization be achieved; then it is of the very essence of the matter
that the whole business of reconstruction in Europe headed up to the restoration of European currencies on a gold basis, or something as nearly as
possible approximating it.
In the past three and one-half years important progress has been made
Austrian, German and Hungarian currencies have been rehabilitated under
the auspices of the League of Nations in two cases, and under the auspices of the International Dawes Commission in the third case.
Each
currency reform was set in motion in part with money provided by the
American investor to the Government concerned. Great Britain returned to
the gold standard a year and a half ago supported thereunto by the establishment of credits in her favor by the Federal Reserve banks and the
American banking community. The currencies of Denmark, Holland,
Sweden, Switzerland and Finland are at par, or within the gold points.
The currencies of Spain and Norway are still depreciated 20% or 25%,
but the major currency problems in Europe which remain to be solved are
those of France, Italy and Belgium. I don't doubt that they will be solved
that they are being solved. I don't share either the pessimism of those
who think they should have been solved as were the currency problems of
the bankrupt enemy nations, through a sort of international receivership
preceded by a complete currency collapse, nor do I share the impatience of
those who think that the problems of France, Italy and Belgium should
have been solved as quickly and completely as those of Great Britain and
the United States. I don't doubt that France, Italy and Belgium each in
her own good time and each in her own way will find a solution of her
currency problem. I look forward to the return of each of these countries
to the gold standard with confidence. I think each in its own way has.
made important progress since the war, and I think the end is in sight for
each. If we remember the Herculean task which Hamilton had to perform
after the Revolutionary War, if we remember that it took 14 years after
the Civil War to put our currency back on a gold basis, we shall, I think,
be neither intolerant nor discouraged as we observe, and I hope endeavor
to help, the strides which these three Allies who Buffered so greatly during the war are making to restore their currencies.
A seconda* problem in Europe concerns the currencies of Poland and
of the Balkan States, Czechoslovakia, Rumania, Jugoslavia and Greece.
Three or four were creatures of the peace settlement as nations in their
present form. I don't know the problems of these countries at first hand,
but I don't doubt that they are having the earnest consideration of those
who do. The solution of their problems is second only in importance to
the solution of the problems of France, Italy and Belgium.
The part of America tdinance, foreign loans and foreign investments, in
furnishing the means for reconstruction of currencies in Europe has been
very great and very important. More especially for highly civilized countries, highly industrialized and highly commercialized, unsound currency is
a disastrous thing. Loans made thoughtfully and carefully to prevent the
collapse of European currencies and to restore them to a gold basis are
constructive loans. They serve the most useful purpose possible because
they serve to stop the dry rot at the heart. European countries cannot grow
rich by borrowing more money and more money abroad, but they can grow
rich again if the loans they obtain abroad are used as keys to unlock the
.
vaults of their own wealth. Stable currencies, sound fiscal and banking
policies, balanced budgets, these are the true means to bring about the
return flow of capital which has taken flight. American loans are only the
entering wedge, a measure of confidence, a margin of safety.
It necessarily follows that American loans to Europe are not likely to be
perennial. One by one the European countries should, and I believe will,
complete their fiscal and currency reforms, and, having achieved sound
budgets and sound currencies, will cease to borrow at home or abroad except for refunding. Just as the German authorities have sought to limit
municipal and other borrowings abroad, and some of the neutral countries
of Europe have redeemed loans floated in the post-war period in this market, and others have withdrawn from borrowing here, as England has cm:
tracted no new indebtedness here since the fighting stopped, I expect to
see the time come, and come soon, when European Government loans in
this market will shrink in number and amount. There may, and very
probably will, be an intermediate period of private foreign financing here,
but I expect that the thrifty people of Europe will resume their habits of
thrift and saving, and, given sound budgets and sound currencies, will begin
to repatriate their foreign balances and to reaccumulate their capital savings and find means to finance their own enterprises at home.
This presupposes some degree of political wisdom for dealing with the
remaining problems growing out of the war. The at least tentative settlements of the reparations and war debt problems which have already been
negotiated, the political settlement at Locarno, followed by the admission
of Germany to the League of Nations and to membership in its Council, give
grounds for optimism. I don't doubt that having stopped the lpr in 1918
and having completed the peace in 1923 the nations of the world, including the United States, will meet such further problems as
experience IVY
show exist in a constructive spirit If the American investor has loaned
money to European Governments for constructive purposes, and I think
for the most part he has, then he will in the long run turn out to have
made good loans and profitable investments. And those of you, members
of the Investment Bankers Association, who aided him in his choice of
investments will have not only a satisfied client, but the satisfaction of
miving taken part in a constructive job. The war was not over for the
Treasury of the United States after Armistice Day eight years ago. In a
sense it isn't over yet for some of the Governments in Europe who have not
been able to fully adjust their affairs, but I think the end is in sight.
"Canadian Progesss and Security." Address by
Rodolphe Lemieux Before Investment Bankers
Association.
In the absence of Rodolph Lemieux, K.C., M.P., Speaker
of the House of Commons at Ottawa, who oa account of ill"
health was prevented from being present at the convention,
an address prepared by him on "Canadian Progress and'
Security," was read by James A. Eccles, Chairman of the•
Canadian Committee. Mr. Lemieux in depicting Canada's+
2076
123
THE CHRONICLE[VOL.
development observed that "from 1897 to 1914 our progress
was manifest. Before that period we were merely struggling, just plodding along. . . . But 1897 marked a turn
for the better. Canadians were encouraged to seriously
take stock of their capabilities and develop to the full the
splendid heritage which -nature laid at their feet." "With
the close of the world struggle now almost eight years
distant, Canada," he said, "is entering upon another great
era of prosperity. Like a mammoth locomotive, the Dominion of Canada is again working under a full head of steam,
and many record marks of other years in various fields
of activity are bound to fall by the wayside." An instance
of the country's expansion, he noted, "is to be found in the
phenomenal development of the pulp and paper industry in
recent years. Canadian paper mills have reached a daily
capacity of 5,700 tons of newspring." Mr. Lemieux also
called attention to the fact that "Canada stands to-day fifth
In trade among the world nations, is among the first six
nations of the universe as an exporting and importing country, and is third in her per eapita national wealth among 35
nations listed by the League of Nations." The following is
the address of Mr. Lemieux in full:
At the outset of this address I wish to express my cordial thanks and
sincere appreciation for the honor of being invited to attend your convention and take part in its deliberations. Your organization, the Investment
Bankers Association of America, is, I am advised, the most representative
and influential of the kind on the North American continent, and embraces
In the wide range of its membership leading financiers and bankers from
all parts of the United States and Canada.
I desire to congratulate you on the selection of Quebec as the rallying
point for your fifteenth annual assembly. Something more than mere
chance or caprice dictated your decision in that regard. Gentlemen, let
us be frank. You were lured here by the spell of Quebec; Quebec, the
most historical spot on the American continent and the capital city of the
Province of the same name, which stands as the symbol of progress, just
laws, orderly Government, religious and racial harmony, a happy and
contended citizenry in this Dominion.
Whiel this most ancient of Canadian cities has bowed to some extent
before the relentless onward march of modernity, you may Pr behold all
around you the landmarks and traditions of a mighty past. The spot on
which this imposing structure stands witnessed the arrival of French discoverers almost four centuries ago. Here a young and vigorous nation
was born and cradled. And over yonder, on the Plains of Abraham, the
centuries-old duel between France and England in America had an epic
climax, and the destinies of a vast country were altered in the course of
a few hours of supreme fighting.
Your stay in our midst will, I am sure, furnish you with ample opportunity to glean more of Quebec's historical associations.
Need I dwell on the scenic beauty of Quebec and its surroundings?
Quebec is verily the most picturesque city in Canada. And with pride I
add, it is the most representative city in the Dominion. Here citizens of
different races and creeds, many of them descendants of those gallant
officers and soldiers who fought for the supremacy of British and French
arms on the northern half of this continent, live in harmony. Here English and French-speaking citizens furnish concrete evidence that the words
"concord" and "tolerance" are a living symbol.
The spirit of Quebec City is the spirit of the Province of Quebec. This
Province not only preaches, but practices, the doctrine of justice and forbearance. Here broad gospel of good-will should inspire the whole of
Canada. The vision and outlook of her people partake somewhat of the
majestic sweep of the mighty St. Lawrence as it flows by serenely and
untrammeled on its journey to the sea. The age-old Laurentian Mountains,
towering sentinels to the north, epitomize the habitant's attachment to
the soil. Like the purple ranges he sees in the distance along the rim of
of the secrets
the horizon, the habitant is here to stay. And herein is one
of Quebec's greatness, the permanency of her population.
area of
.Of the 3,797,123 square miles of territory which constitute the
are encomthe Dominion of Canada, no less than 706,834 square miles
boundaries of Quebec. The combined territories of
passed within the
France, Germany, Sweden and Italy fall some 7,000 square miles short
of equaling the total area of this Province. Quebec is both the threshold
way to
and the gateway through which ocean navigation must pass on its
the interior of the continent.
A bountiful nature must surely have been in one of its most generous
noted for her
moods when it shaped Quebec. The Province has long been
liberally endowed are
vast natural resources. The people of tha Province so
power
turning to practical account the fertile soil, the mineral, forest and
wise legislation,
wealth that abound on all sides. Thanks to a good and
public men
leading French-Canadaian
the foresight and statecraft of such
Alexandre Taschereau and their assoas Sir Lomer Gouin and the Hon.
forged ahead wth mighty strides, and stands to-day as
ciates, Quebir has
Signs of her progressiveness are not lackthe banner Province of Canada.
in many directions, in the educaing. This up-to-dateness is evidenced
category that dot the Province, the modern
tional institutions of every
the trend of her industrial expansion,
methods employed in agriculture,
prevails. The Province stands as a pioneer in
the good roads policy that
highways. Quebec is to-day criss-crossed with
the building of modern
which the sum of $75,000,000 has been
31,000 miles of good roads, on
And I might add that the Province
expended within the last 15 years.
the end of each financial year have
is paying her way. Surpluses at course. These surpluses are applied
come to be accepted as a matter of
debt, to promoting the cause of
largely to the reduction of the Provincial charity endeavors. I said a
and
education and aiding humanitarian
the construction of modern highmoment ago that Quebec leads the way in the use of airplanes for forest
ways. The Province is also a pioneer in
limits.
fire patrols and aerial "cruising" of timber
attracting wider attention than
Of Canada's nine Provinces, none is
Review of Reviews" is
Quebec. The October issue of the "American
and economic conditions
largely devoted to a survey of the happy social
conspicuous part taken therein by
that prevail in this Province and the
the local Government.
on the potentialities
The "Review of Reviews" lays particular emphasis
Gentlemen, the untold
of Quebec, notably the power and forest resources. the gasis for a great
timber limits of the Provinces' northern areas form
future. Her rivers, many
pulp and paper industry of the present and the
harnessed to supply over
of them as yet comparatively unknown, may be
Quebec's mineral
one-third of the electric power available in Canada.
deposits, particularly those of asbestos, have long been known for their
quality and extent, while promising discoveries of copper and gold deposits have been made in Rouyn and neighboring townships in the northwestern part of the Province.
Side by side, the United States and Canada are now working out the
problems of a modern democracy within national and political frameworks,
different in origin and to some extent in ideals. The United States were
in a large measure trail blazers in their own right in assuming the role
of "originator" in the separation from British political and social traditions. A republican form of government was substituted for the monarchical system, and a written constitution and declaration of rights for the
institutions which had come into being through centuries of customs and
many successive enactments.
On th other hand, the origin of Canada was quite different. The birth
of the nation involved no separation from the mother country. We have
the same dreams of happiness, vision the same goal of progress, and pursue
the same ideal of a prosperous, contented country, not wtihout but within
the British political and social fabric. It is the unbroken connection
with Britain, the maintenance of British institutions, ideals and traditions that give to Canada her distinctive character, and to her relations
with the Unifed States their true significance.
If there are differences, there are common problems and possibilities
which arise out of similarities. The forms of government existing in our
neighboring countries offer no similarity. The laws are different and
the institutions likewise. Yet back of the separate nationalities and
separate histories stand the race and a thousand years of common tradition.
True, there is a boundary line, but the line is so fine that it is invisible.
Along 4,000 miles of frontier there is no sentry with bayoneted rifle pacing
back and forth, no grim-looking cannon flaunting both a threat and a
challenge. For customs purposes, stone and iron posts have been erected
on the border, yet the best and truest signs of international demarcation
are the milestones of mutual trust, good-will and sensible neighborliness
set up in the course of almost a century and a quarter of peaceful relations
between the two nations. We have a common ancestry and a common
abode. We take pride in celebrating the epic deeds of heroic figures whom
we both claim as our own, men like Marquette, Cavalier de la Salle, Joliet,
Lamothe-Cadillac, Juneau, Dalhat, and a host of other gallant pathfinders
whose achievements are inscribed on the historical scrolls of both countries. A new continent may afford new scenes of action, but the genius of
a people remains interwoven in the mysteries of race.
We have on this continent a joint trusteeship. Our task is not only to
explore hidden wealth and develop vast resources; not merely to seek
material prosperity. But greater still, and above all, is the duty to conceive ideas and fashion ideals likely to be of enduring benefit to mankind.
The real strength and, greatness of a people lie in the social, moral and
intellectual well-being of its citizenship.
Upon the new world are being thrust vaster obligations, responsibilities
and opportunities than were ever known to the old. Geography has placed
the United States and Canada midway between other continents, and the
problems arising for each of us out of the new contacts will be much the
same. Let our friendships be fast and sure. In the fashioning of world
Ideals British, American and French endeavor must go hand in hand.
Canadians are fully cognizant of their emergence as a nation and the
great responsibility the status implies. Yet they face the future confident
and unafraid. Sir Wilfred Laurier contemplating the evidence of prosperity which abounded on all sides in his native land predicted that the
twentieth century was Canada's century. It was not an idly spoken prediction and seems to be in a fair way of fulfillment. From 1897 to 1914
our progress was manifest. Before that period we were merely struggling,
just plodding along. The Canadian west was yet unsettled in the first
stages of that era; the Canadian Pacific Railway linking east and west
had just been completed. There was no immigration to speak of, while
there was a trend of migration to the United States. But 1897 marked a
turn for the better. Canadians were encouraged to seriously take stock of
their capabilities and develop to the full the splendid heritage which
nature laid at their feet. Within a few years, courageous pioneers had
carved farms out of the prairie lands, garnered grain crops that astounded
the world and founded thriving towns and cities in this vast western
domain.
New provinces were created, and this far-flung territory, for centuries
the undisputed possession of buffalo herds and nomad Indian tribes, became
in a little more than one score years the world's granary. A steady tide
of almost a half million newcomers all eager to have a share in the up.
building of a young and virile country, was yearly flowing into the land.
Nineteen fourteen had dawned promising. Nothing portended the long
and fateful years that were shaping. When all of a sudden, like a flash
of lightning in the midst of a glorious summer, the first rumblings of a
cataclysmal struggle were heard at a distance. The great World War was
on us with its long and sombre periods of supreme trials, of hopes deferred,
with its unending trail of holocausts on land, in the air and on the seas.
As weeks and months elapsed, the yeomen gathered from the deepest recesses of this broad Dominion and the steady tramp of regiments began, as
if marching in rhythmical order, with the roll of the drums. With unfaltering steps, the rays of a Canadian autumn sun glinting on their bayonets, the first contingent reached Valcartier, impatient to board the
argosies bound for the battlefields of France all ablaze with the deadliest
conflict ever witnessed between might and right.
Canada and her people engaged whole-heartedly in that titanic struggle.
More than a half million Canadians enlisted for service and of that number 60,000 gave their lives as the supreme sacrifice of this nation to the
cause of the world's freedom. Canada also contributed unstintedly of her
material resources in furtherance of the Allied cause. In fact, she contracted a huge war debt to ensure that her contribution would be effective.
The struggle in which your own country took a notable and devisive part
brought glory to Canada. The prestige of Canadian nationhood was heightened abroad. Our status grew in the Empire. Throughout the world,
Canada has become both a participant and a factor in world affairs. In
the field of international relations we have made great stride. Thirty
years ago, our country was unknown and virtually ignored in that sphere.
Canada did not appear anywhere. Kept aside of international parleys and
diplomatic discussions, this country had to accept obligations and decisions in which it had little or no say. That situation has changed so rapidly that the importance of what took place still escapes the attention of
many Canadians and remains almost inconceivable for people of foreign
countries.
To-day we negotiate and sign our trade treaties and covenants by the
medium of our own representatives. At international conferences, our
delegates make themselves heard, sometimes with great authority. Recognition of Canada's status and the capacity of her representatives was signally
marked just a year ago, when one of our most distinguished French-Canadian citizens, Senator Raoul Dandurand, was called to the presidency of
the League of Nations Society then in annual assembly at Geneva.
After the armistice came the many problems arising out of war participation. These problems kept Canada fully occupied for a time and
are still engaging the country's attention. Then we turned to the inter-
OCT. 23 1926.]
THE CHRONICLE
rupted task of developing Canada. The chaotic conditions which followed
the turbulence of war in many European countries made necessary the
adoption of a policy of selective immigration. And to-day, all indications
point to another great tide of immigration reminiscent of pre-war times
setting in shortly.
With the close of the world struggle now almost eight years distant,
Canada is entering upon another great era of prosperity. Unmistakable
economic signs that we have successfully turned the corner are not wanting. Like a mammoth locomotive, the Dominion of Canada is again working under a full head of steam, and many record marks of other years in
various fields of activity are bound to fall by the wayside.
Gentlemen, the health and pulse action of young man Canada were never
better; the spirit of Jack Canuck never higher, nor his hopes never
stronger. We sense on all sides a feeling of optimism and buoyancy such
as had not been noted since pre-war days. A well-known statistical bureau,
following a survey of conditions in this country, says: "Canada has
definitely emerged from a four-year cycle of depression which followed the
advance and inflation of the war and post-war years, and is now at the
beginning of an upswing. The trend is unmistakably upward. All the
basic business barometers clearly indicate fine weather."
And there is cause for this optimistic spirit. Canada stands to-day
fifth in trade among the world nations, is among the first six nations of the
universe as an exporting and importing country, and is third In her per
capita national wealth among 85 nations listed by the League of Nations.
Canada has become the greatest wheat exporter in the world, has the highest ratio of increase in agricultural production of any nation in the past
25 years, and boasts of a live stock and field crop wealth of a billion and
a half dollars in value.
Another instance of this country's expansion is to be found in the phenomenal development of the pulp and paper industry in recent years.
Canadian paper mills have reached a daily capacity of 5,700 tons of newsprint, and their 1925 output of 1,522,217 tons came within 8,000 tons of
equalling that of United States mills. With other vast plants now nearing
completion, Canada seems assured of taking during the present
competitors.
still
year
world
another
over
leadership
definite
There were in 1924 115 pulp and paper mills operating in Canada,
representing a capital investment in excess of $459,000,000. The total
number of employees was 27,627, the payroll over $37,000,000. The value
of the output, including pulpwood exported was over $187,000,000, with
the United States market absorbing about four-fifths of this country's pulp
and paper shipments.
Contrast this situation with that existing two score years ago. In 1881
five mills were in operation with a capital of $92,000. Employees numbered 68 and the output was valued at $63,000. Going back a few years
beyond that time, we find that no pulp mills are entered in Canada's decennial census of 1871. Here you have presented a remarkable reflex of
the giant strides which Canada his been making industrially in the last
few years.
There have been three important factors in the development of Canada.
First came the fur trade, the oldest in point of years, and still an important industry; then the lumber trade, or forest products, and agricultural
Standing out under this latter head is Canada's record as a wheat producing
country. Years ago, when wheat-growing in the West was yet in an almost
experimental stage, Sir Charles Tupper ventured the prediction that Canada
was destined to some day produce a 100,000,000-bushel wheat crop. Ile
was ridiculed by many and looked upon as a wild visionary. Sir Charles
had the good fortune of seeing his prediction not only fulfilled but his
estimate trebled. Canada has already produced two wheat crops exceeding the 400,000,000-bushel mark. The 1923 crop, 476,990,000 bushels,
set a high water mark. The other banner year, 1925, witnessed a crop
totaling 411,375,000 bushels. Saskatchewan and Alberta stand supreme as
wheat-growing Provinces. Whereas in 1906 Saskatchewan only produced
34,742,000 bushels of wheat, the 1925 production totaled 240,551,000 bushels. From a wheat production mark of 5,932,269 in 1906, Alberta jumped
to 102,995,482 bushels last year.
And Canada's onward march continues untrammeld n many other directions. Trade figures also tell an amazing story of progress. For the year
ending July 31 last, Canadian exports had reached $1,344,000,000 and
imports totaled $969,000,000, or a favorable trade balance of $735,000,000.
In 1871 our exports had a value of $57,000,000 and our imports amounted
to $84,000,000, giving Canada an unfavorable balance of $27,000,000. At
Confederation, that is in 1867-1868, the country's estimated revenue was
fourteen and one-half million dollars, ordinary expenditures $14,000,000,
while capital expenditure stood at $2,000,000. Compare the figures just
quoted with those contained in Canada's 1925-1926 budget, the Robb budget,
which show $524,000,000 for revenue and $510,000,000 for expenditure.
Canadas population, which stood at 3,689,000 in 1867 now exceeds 9,500,000. Whereas there were only 10,000,000 acres under cultivation in 1867,
the cultivated areas now represent a total acreage of approximately 60,000,000. We have as yet but touched the fringe of our patrimony of available arable land, which is estimated at 440,000,000 acres.
In other domains, to mention only a few, the value of manufactured
products has jumped from $47,000,000 in 1867 to over $1,300,000,000;
railway receipts have soared from the eleven-million mark to $445,000,000,
the value of mineral production, which stood at $47,000,000 in 1900, now
exceeds $230,000,000.
These figures offer outstanding proof of tremendous growth and constitute clear-cut evidence that Canada is on her way to become one of the
great nations of the world. They also hold out the promise of a great
future, not only for her inhabitants, but for citizens of other lands, who are
welcome in Canadian territory to share with us the undertakings that make
for national development and the general well-being of the country and
Its people.
If further evidence of this country's standing were required, I might
refer to the fact that Canada's dollar is the only currency in the world to
be quoted at a premium over the United States since the war.
Gentlemen, you have, I am sure, an adequate idea of the various assets
of Canada. I will therefore refrain from wearying you further with statistics as to our wealth in natural resources, forest, mineral, power, etc.
These resources represent untold potential values. They call for sound,
intelligent investment coupled with aggressive, systematic development.
As for the returns their exploitation will yield, they will be unfailing.
Few countries compare with Canada in the security of the guarantee
they can offer for profitable investments. Investors of the United States
and Great Britain long ago recognized this fact, but never more so than in
recent years. American capital invested in Canada now stands at over
two and one-half billion dollars. The favorite fields of United States
Investors here are general industries, railways, the pulp, paper and lumber
Industries, and mining. Nearly one-fourth of all securities of Canadian corporations and joint stock companies are owned in the United States, and
one-tenth in Great Britain. Thirty-one per cent of the total value of Canadian manufacturing industries are owned in the United States, 58% in
Canada, 10% in Great Britain. One-fourth of all the foreign investments of
the United States are located in Canada. Great Britain, with a total of
$1,900,000,000, follows the United States in Canadian investments.
2077
In the development of our water power and forest resources American
capital is taking an increasingly large interest. At the present time American capital is largely interested in the mammoth power and paper development which the International Paper Co. is carrying out on the Gatineau
and Ottawa rivers. United States capital also stands behind the vast undertakings of the Aluminum Company of Canada on the Saguenay River.
Canada and her people welcome outside capital and are prepared to cooperate in the fullest measure to ensure industrial development in their
midst. I might here refer to an incident or two which strikingly illustrate
that spirit of co-operation. Early in January this year, the property owners of the municipality of West Templeton, Hull County, Quebec, were
called upon to cast their votes for or against a by-law granting a low
fixed assessment for a ten-year period on the large pulp and paper mills
owned by the International Pper Co. Well, to state the case briefly, the
by-law carried without one dissenting vote being cast. In the new town
of Arvida in the upper reaches of the Saguenay, where the Aluminum
Company of Canada is now engaged is carrying out its large water power
and industrial development works, the residents have voluntarily agreed to
leave the administration of the town and its various services in the hands
of the corporation's officials.
There are many factors that conduce to make Canada, particularly the
Province of Quebec, an attractive field for outside capital. Labor conditions are exceptionally stable. The people adjust themselves readily to
fluctuating economic conditions. The citizens and legislators are respectors of proprietary rights. They frown on any policy that savors either
of confiscation or oppressiveness. And what is more, our Canadian banking system reposes on a secure foundation. Canadians are not receptive to
faddists who would, were they given any scope, ruthlessly sweep aside old
and dependable economic regimens to substitute their own untried schemes.
On the whole, both the Federal and Provincial Administrations cling to
cautious, prudent financial policies. En peasant, I would like to pay
tribute to Canada's banking system. It compares favorably with the best
in any country. Our banks occupy a strong position. To mention but
one institution, the Bank of Montreal is not only the leader in its field
in Canada, but enjoys as well a splendid reputation among the financial
corporations of the world. The Bank of Montreal holds the unique position of being the official banking house of the Dominion Government since
pm-Confederation days. The trend in Canada has been in the direction
of a merging of our financial forces rather than multiplication of banks.
There are at present 11 banks in Canada, and 32 mergers have been
effected since 1867.
Canadians also take justifiable pride in their two big railways, the
Canadian Pacific and the Canadian National. They stand in the very forefront of the country's greatest assets. Both railways working in a spirit
of keen yet fair competition have shown in recent months tremendous advances in operating revenues compared with the figures for the corresponding period last year. The share-holders of these two corporations
are singularly fortunate in having at the helm of affairs men of splendid
executive genius and capacity, Mr. E. W. Beatty, KC., the President of
the Canadian Pacific, and Sir Henry Thornton, President of the Canadian
National. Sir Henry has accomplished wonders since being entrusted with
the management of the State-owned and operated lines, and bids fair to win
for his native State, Indiana, possibly greater fame than another brilliant
son, James Whitcombe Riley, "the Hoosier poet."
The ensure. the welfare of a country, the people and their administrators must constantly work hand in hand. On the Government of a country
largely devolves the responsible duty of shaping its economic course, of
harnessing, as it were, and transforming into power units, the dynamic
forces of the nation.
The immediate policy of the Government of the day should be, in my
humble judgment, the three R's: Reduction in expenditure, reduction in
debt and reduction in taxation. As to this country's tariff policy, I believe the common-sense policy to be kept in mind is one that will tend to
strike a happy, equitable balance between the producers and the consumers.
I think I am voicing the feelings of the great majority of the Canadian
people when I state that a violent swing of the fiscal pendulum one way
or the other would prove disastrous to our economic structure and jeopardize
the cause of national solidarity. In fiscal matters there can be no fast
rule. Neither can there be unbridled license with those forces that constitute a country's very life.
I have, I fear, reviewed at perhaps unpardonable length the economic
conditions of my native land. I have tried to place in proper relief our
principal assets. Gentlemen, there are assets and assets. After all, the
best assets we can offer, the most attractive commodity we can place on the
national counter, is composed of the moral fibre, the brain and brawn of
the Canadian people. That is the type of asset that counts in your land
as it does in ours.
The Canadian people are largely a happy blending of English, French,
Scotch, Irish and Welsh stock. They possess to a remarkable degree the
best characteristics and attributes of the parent races from which they
spring. Premier Stanley Baldwin, of Great Britain, is the course of a
recent address outlined in a graphic word picture some of the racial traits
of the Englishman. He said in part: "We grumble, and we have always
grumbled, but we never worry. There are nations who worry but do not
grumble. . . . The Englishman has a mental reserve owing to that
gift given him at his birth by St. George, so by the absence of worry he
keeps his nervous system sound and sane, with the result that in times
of emergency the nervous system stands when the nervous system of other
peoples breaks. The Englishman is made for a time of crisis, and for a
time of emergency. He is serene in difficulties, but may seem to be indifferent when times are easy. He may not look ahead, he may not heed
warnings, he may not prepare, but when he once starts he is persistent to
the death.'
How this brings back Emerson's words of that ancient nation: "I see
her not dispirited, nor weak, but well remembering that she has seen dark
days before; indeed, with a kind of instinct that she sees a little better in
a cloudy day, and that, in storm of battle and calamity, she has a secret
vigor and a pulse like a cannon."
Here we have presented two very faithful portrayals of the Englishman
not onl yat home but under all climes. You note these salient traits in the
descendants of the parent stock both in Canada and the United States.
What of the French-Canadian whom you also know under the picturesque
designation of the habitant? The French-Canadian also possesses to an
eminent degree those qualities of the centuries-old French race, perseverance,
the love of adventure, the spirit of thrift, attachment to the native heath,
the cult of ancestral traditions.
French-Canadians are a God-fearing, law-abiding people. To the youth
entrusted to their care our educational and religious institutions impart a
sound training that makes for respect of constituted authority, loyalty to
country, honesty and service. As a result, a deeply religious spirit animates
the people. Canadians honor their bond. They take pride in living up to
their obligations, both contractual and unwritten.
Just as the English and French Canadians represent what is best in the
parent stock, so have our citizens of Irish, Scotch and Welsh extraction
inherited the finest qualities of their ancestors in the old land. From these
2078
THE CHRONICLE
[VOL. 123.
various ethnographical elements, a strong, self-reliant, independent race British Crown Colonies, between which came the wedge of the fur-trading
has been compounded.
territories of the Iludson's Bay Company. In order to unite them, it was
In closing, I would like to speak a word about the laws that govern this essential that they should be linked by railway systems. At that time
country. Canada has good laws, civil and criminal. In Quebec, we still there were in existence two railways, both in Eastern Canada, the Grand
cling to the old civil laws that go back to times immemorial. We are Trunk, financed by British capital, and the Intercolonial, built, owned'
also fortunate in having a strong judiciary which is appointed for life and is and operated by the Government.
not subject to political influences. As a result, law violations are quickly
Then, in the 70's, came the ambitious project of a transcontinental line
and effectively checked; crime waves are stemmed at the very outset.
as a concomitant to a political federation of all these British colonies into
Gentlemen, I fear I have abused your hospitality and seriously encroached one Dominion of Canada. British Columbia was insistent on this condition
on the time schedule of your convention. In accepting your kind invita- of a transcontinental railway before it would agree to enter confederation,
tion to speak to-day, I was, I will frankly confess, spurred on by a feeling and as a result, the idea of the Canadian Pacific Railway was born.
that I could in some measure serve the cause of my native land, my native
Then, and until 1881, it was a Government enterprise. It had been
Province. I have striven to convey some idea of the strength of Canadian offered to the promoters of the Grand Trunk, but was refused as an impracinstitutions, of the richness of Canadian character and Canadian tradi- tical scheme. Undertaken, therefore, as a Government enterprise, contions; I have tried to emphasize the existence in this country of those struction went ahead slowly, piecemeal, and at an abnormal cost. One
fundamental features which help to provide the basis for sound investmeat scandal resulted in a change of Government and the report of a Royal
confidence. My task has been a pleasant one.
Commission to investigate is a scathing indictment of the methods then
My parting words to you are: Let us cultivate the arts of peace between employed. They reported that "the construction was carried on as a public
the two countries. Let us set up ideals of justice and good-will, of hon- work at a sacrifice of money, time and efficiency; that numbers of perarty in public and private affairs. Let us be true to our respective trustee- sons were employed on party grounds who were not efficient; that large
ships, arbitrate our difficulties as we have done in the past and never be operations were carried on with much less regard to economy than in a prirecreant to the spirit of the treaties and covenants that regulate our inter- vate undertaking."
national relations. In the words of one of your most distinguished citizens
So great a political incubus did the project become that the leader of the
who passed away just one year ago: "Let there be fewer warships, and Conservative Party decided that the only chance of success was to turn the
more friendships."
whole undertaking over to a private company.
If you will picture Canada at this period of its development, the same
"Canadian Development and the Canadian Pacific." size then as it is now, equal in area to the United States, with a population
of only 4,324,300 people and widely separated by long stretches of territory
Address by E. W. Beatty Before Investment
then unproductive and supposed to be incapable of production, you will
Bankers Association.
have some appreciation of the colossal character of the undertaking. On the
ranges of mountains had to be crossed through
"Canadian Development and the Canadian Pacific" was Western extremity, two hazardous and in
passes which were both
which construction was costly.
the theme of an address before the Investment Bankers As- Undismayed by the great difficulties and apparently undiscouraged by the
prospect of inevitable failure which was cheerfully prophesied for them,
sociation by E. W. Beatty, K.C., President of the Canadian
this little syndicate, composed of Scotchmen, Canadians and Americans,
Pacific Railway Co., at the closing session of the annual undertook the financial obligation of constructing a
transcontinental railconvention of the association on Oct. 15. Mr. Beatty made way in ten years, and as an evidence of their faith, contracted thereafter
and forever efficiently to maintain, work and run the Canadian Pacific
the statement that "a most casual knowledge of Canadian
Railway. So well was their work done and so efficiently were they organconditions will convince almost anyone that the progress of ized that they completed it within five years, instead of the ten permitted
the Canadian Pacific Railway has been due to the progress them by the contract. In 1885 the Provinces of Canada were joined by this
of the Confederation
of
of the country itself, and a closer and more intimate knowl- thin railone steel and the objectmentioning this fact had been realized.
Now,
of my excuses for
of Canadian transporedge would indicate the very extent to which the company tation history is the connection with its execution of two subsequently
entered the service from the United States, Sir
contributed to the development of the Dominion." The famous Canadians who
William Van Home and Lord Shaughnessy; Van Horne came from Illinois
gradual expansion of the company from the year 1899, when and Shaughnessy from Milwaukee. Both were honored by their Sovereign
If possessed 7,000 miles of railway, to the year 1928, when for conspicuous services in the interests of the Dominion, Van Horne being
it owns or controls 20,000 miles, was referred to by Mr. made a Knight and Shaughnessy becoming a Peer. In the jocular reference of an American newspaperman, "He was the Peer that made MilwauBeatty, who also pointed out other features incident to its kee famous."
Just, however, to show that reciprocity, which did not exist in comdevelopment. The address in full follows:
It is a great privilege for one in my position to have the opportunity of modities, did exist in men, Canada gave to the United States James J. Hill
in exchange for Van Home and Shaughnessy, and while we got the best
speaking to the members of your association, and particularly so because
you are visitors to a country in which we Canadians have a profound con- of the bargain in numbers, it would be a very hardy and uninformed indifidence, and you are guests at a hotel of which the company with which vidual who would discount the great achievements of the late Mr. Hill in
I am associated is very proud. If, by reason of your stay here, you have the American Middle West.
A most casual knowledge of Canadian conditions will convince almost
added to the favorable impressions most of you no doubt already have
regarding Canada and the Province of Quebec, I, for one, will be very glad, anyone that the progress of the Canadian Pacific Railway has been due to
and if, in addition, you leave some of the currency of your country—which, the progress of the country itself, and a closer and more intimate knowlI understand, is now almost on a par with Canadian currency—within the edge would indicate the very great extent to which the company contributed
to the development of the Dominion. From the standpoint of you gentleprecincts of this hotel, I shall not be unduly annoyed.
I am very conscious of the fact that you have listened during the course men and your interest in present-day things, that progress is best reflected
of your convention to many addresses from men well qualified to speak, in- by the condition in which the company finds itself to-day and the charcluding the eloquent and distinguished Speaker of the Canadian House of acter of its financial structure. It would take longer than you have
Commons, and the realization of this fact, coupled with reasonable mod- allotted to me to trace the gradual expansion of the company from the
esty, should have prevented me from accepting Mr. Eccles's invitation. year 1899, when it possessed 7,000 miles of railway, to the year 1926,
I expressed to him my candid doubt that I would be able to do justice to when it owns or controls 20,000 miles; from the point where its gross
the importance of this gathering in any subject which I might be asked earnings rose from $29,200,000 26 years ago to $183,356,000 in 1925; from
to discuss. He was very diplomatic and courteous in his reply and he was the time, after payment of working expenses, there were net earnings of
also very adroit in that he suggested subjects which anyone should be $12,200,000 to last year's net of $40,154,000; to the gradual expansion of
prepared to elaborate. He having again proven his ability as a salesman, its outside activities, transportation and other, until it constitutes what,
with almost unpardonable accuracy, its Publicity Department describes it
I capitulated.
Your Chairman was good enough to suggest that I might with propriety as "The World's Greatest Transportation System." Like all other comdiscuss with you for a few moments Canadian development, with particular panies, it has what are known as its "high spots," both in its financial
reference to the Canadian Pacific Railway. There is always a danger in history and as a transportation unit, and one of the former of these has
asking a 11. P. R. man to talk about the C. P. R., as his hearers are inclined been the avoidance of a policy which would lead to a variety of securities
to discount what he says on the ground that he is talking about his own in the shape of bonds issued or assumed by the company with reference to
concern and may be prejudiced. He is placed, so to speak, in the position acquired properties or created and issued to furnish money for new lines,
of an egotist, and an egotist is apt to become a bore unless he is unusually each secured by mortgage on the particular property to which it applied.
In order to avoid this undesirable situation, the company decided, with
entertaining. In this connection I am reminded of an exchange of courtesies between two famous egotists as narrated the other day in his book the consent of Parliament, to utilize consolidated debenture stock for the
of reminiscences by Forbes Robertson, the celebrated English actor. These purchase or conversion of existing bonds, and to provide funds for buildtwo egotists were Whistler, the artist, and Oscar Wilde, the playwright. ing or acquiring such additional mileage as might appear to be required
A paragraph appeared in a London newspaper that "Whistler and Oscar from time to time for the advantage of the country and the company itself.
Wilde were seen on the Brighton front, talking, as usual, about them- This consolidated debenture stock is perpetual and irredeemable, differing
selves." Whistler sent the paragraph to Wilde with a note saying, "I from a mortgage bond in that it gives no right of foreclosure in the event
wish these reporters would be more accurate. If you remember, we were of defaudt, but being a ;-tatutory first charge against the undertaking,
talking about me." In answer to which Wilde sent a telegram, "It is true railways, works and revenues of the company. The holders have first claim
on the revenues of the company for their semi-annual dividends after workwe were talking about you, but I was thinking about myself."
I have less hesitation in mentioning some of the associations of the ing expenses and taxes and the demands of existing bondholders have been
Canadian Pacific with this country because of its history and because it satisfied. If, by any chance, the company failed to pay, within a fixed
represents the spirit behind every Canadian enterprise, viz., the confidence period, the dividend accrued on the debenture stock, the holders of that
in the future of this country and the belief that Canada should support stock would become the shareholders of the company and would control its
and can support their undertakings if wisely conceived, honestly financed affairs until the default was made good, when the property would autoand efficiently administered. As you know, the Canadian Pacific has matically pass back to the preference and ordinary shareholders.
The second financial characteristic which distinguishes the company
always been controlled within the British Empire. You know, too, that
it was national in its conception and in its execution, though it has always from that of many others has been the amount of money voluntarily conbeen permitted to enjoy the blessings of private administration. It was tributed by its shareholders in the form of premiums on new stock issues
the link which made Confederation possible, and without it or some similar or in the diverting of surplus earnings into the property.
agency Canada would still have remained a series of un-united Provinces
In the 25 years just passed, the shareholders were offered and accepted
and could not have reached its present stage of development.
$195,000,000 of common stock, for which they paid $262,000,000, The
It is a national enterprise, and even an Imperial enterprise in every original common stock of the company, amounting to $65,000,000, was
phase of its development, and was, from its inception, the legitimate child sold at a heavy discount, but notwithstanding this, the entire $260,000,000
of the country. Forty years of successful operation (and I can speak of this stock now outstanding has yielded to the Treasury in cash an
freely as to this, as I had no very substantial part in the formulation of the average of $112 for each $100 of stock, and if the additional amount suppolicies which made its success possible) have made it the barometer of plied for capital expenditure from the surplus belonging to the sharefinancial conditions in Canada.
holders be taken into account, the shareholders paid an average of $143
Like all young countries, especially large young countries full of ambi- for each $100 of stock they held.
tion and confidence, Canada's railway progress is the history of men of
In 1925 the railway system in Canada operated directly by the company
great vision and courage. It is the story of great achievement, of mis- and included in its traffic returns, lines worked and mileage under contakes, of failures and political and economic complications ending with struction, had reached the amount of 15,333 miles, and the mileage of
the most unique situation that exists in the world to-day.
lines controlled in the United States, to 5,114, making a total of 20,000 odd.
Many years ago, when the Unted Staites was emerging from the distrac- The net revenues from all operations had grown from $12,200,000 to
tion of the Civil War, Canada was a loosely jointed series of separate $51,500,000.
OCT. 23 1926.]
THE CHRONICLE
The progress of the company has, indeed, been remarkable, and it must
readily occur to the casual observer that advantageous terms for the carriage of traffic must have contributed to the result. This is not the case.
A reference to the statistics of the Inter-State Commerce Commission and
to the annual reports of the railway companies will show that the average
rate per ton mile and the average rate per passenger per mile for the
carriage of freight and passengers, respectively, received by the company
were lower than those received by any combination of railways south of
the international boundary constituting a through rate from the Atlantic to
the Pacific Ocean, and lower generally than the rates received by individual carriers in your country. The railway rates in Canada, both passenger and freight, are, in the main, less than those for similar commodities
In the United States and in some cases, such as grain, are lower by a substantial percentage. But it may be asked how it is possible under these
conditions for the Canadian Pacific to attain such results when it be taken
Into account that the rates of pay to employees in every branch of the
service are generally as high and the cost of its rails, fuel and other
material required for the maintenance and operation of its lines are higher
than in the case of railway lines in corresponding territory in the United
States. The answer is simple. The achievemnt may be attributed primarily to the policy pursued for so many years of keeping down the annual
fixed charges while extending its rails into new productive territory as
opportunity offered, and improving the standard and efficiency of its property as revenue warranted; but the economies naturally attending the long
haul of traffic over its own rails to its own terminals with none of the
heavy tolls for handling, switching and kindred services that other companies are required to bear, the opportunity to make the maximum use 4/
its own equipment with the consequent saving in the cost of car hire and
the lesser amount required for general and traffic expenses as compared
with any combination of competing lines to the south were of great importance.
The third point in connection with the company's financial history is the
use to which its grant of lands earned in consequence of the construction
of the railway, was put and which has been the source of some anxiety to
those who are only half informed on the subject. The company received
25,000,000 acres, after reduced to 18,000,000 acres, of land in Western
Canada as a consideration for its embarking upon the hazardous undertaking of constructing and thereafter forever operating a transcontinental
railway. For many years this land grant was a great drag on the company. The initial sales were disappointing and unsatisfactory and the
prices yielded to the company only from $1 50 to $2 50 per acre after the
selling expenses had been paid. It was not until 17 years after the company's incorporation that buyers in any number. were attracted, but the
land grant had this value, that it enabled the company, as part of its
operation, to use it in assisting its financing and also forced upon it colonization and immigration policies which were of great value to the country
and without which the progress of Western Canada would have been discouraging and slow.
Another point in connection with the company's financial history has
been what is known as its special income from investments of one character
or another that have come into existence in the last 25 years; these include ocean and coastal steamship lines, telegraph and news departments,
its mining operations, its subsidiaries in the United States and its investments in power companies.
As you know, in the early days of railway operation, it was the practice
of railway companies on this continent and elsewhere to divest themselves of auxiliary enterprises not essentially connected with the operation
of the railway, such as express companies, telegraphs, terminal warehouses, etc., by disposing of them to corporations engaged in these several kinds of activity, or to individuals. Too frequently, through one
channel or another, those intimately associated with the railway companies' affairs succeeded in acquiring for themselves most valuable and
productive properties, and little criticism would have been aroused if the
Canadian Pacific had adopted the same policy, but this was not done.
All these revenue-producing attributes were reserved and developed for
the advantage and benefit of the shareholders, and the resulting profit to
the company's exchequer is very substantial. Every terminal yard, station
and property over the entire system belongs to the company itself and was
acquired or created with money furnished by the shareholders, the aggregate amount reaching very large figures.
Land grants appertaining to lines purchased or leased in perpetuity, coal
mines, metal mines, smelters and other assets that now play such an important part in the annual balance sheet of the company, might also have
been coveted and acquired by what are commonly known as the "insiders,"
had any such spirit inspired the board of directors from time to time, but
not a penny was permitted to slip through such a channel. Indeed, it
might be said that while the individual credit of directors was on more
than one occasion asked and freely granted at the initial stages of a
transaction, no consideration was ever given excepting the refund of out-ofpocket expenses and bank interest, nor WU anything more expected.
I might outline to you many more of the company's activities were it
necessary to do so and indicate still more in detail the factors which contributed to its success, but it will probably be sufficient for me to indicate
only three of them.
The tonnage of its ocean and coastal steamships exceeds 400,000 tons.
It has regular services on the Atlantic and the Pacific and winter services
to practically every large port in the world. It has been for 40 years the
chief immigration and colonization agency of the country, having directly
and indirectly spent on colonization and development an amount exceeding
$70,000,000. It has become interested in and is in virtual control of the
largest smelting works in Canada, producing 5% of the world's supply of
zinc and 10% of the world's supply of lead. It owns and operates 13 modern hotels. It even owns a moving picture company, golf courses, coal
mines, agricultural lands and townsites, as well as selling aerated waters.
More than any other company, it touches the lives of Canadians and
Canadian industry, and its credit is generally regarded as the yardstick of
the credit of Canada.
During the war the Canadian railways placed one more achievement to
their credit. Without Government intervention and with a minimum of
Government control, they so successfully administered their affairs and
bore the burden of the intensive movement of traffic during that period so
effectively and so efficiently that not one hour's demurrage was caused to
ocean-going vessels by Canadian railways, and during this period the
pioneer transcontinental railway of them all, the Canadian Pacific, was
able to maintain its ordinary dividends and contributed by loans and other
assistance to the Allied cause an amount in excess of $100,000,000.
It is over 100 years ago since the population of the United States
equaled that of Canada of to-day, and while there is no adequate basis of
comparison between conditions under which your country became the great
Industrial empire that it is and those which Canada must face in its future
development, there are two factors that will be found common to both.
The first is the natural and important influence of steadily increasing
population, and as a concomitant to that, the capital support to enterprises or developments of an industrial character. Canada to-day possessei
relatively the game area of the United States, but its population is only
2079
equal to the combined populations of the cities of Chicago and New York.
Obviously, it will occur to anyone that a nation with so limited a number
of people within its boundaries cannot adequately realize upon its natural
wealth. Therefore, as you were many years ago, Canada is now thoroughly
alive to the need of increased settlement of new people to create new wealth
and of capital to aid in their efforts. That this has not been unknown to
you and that the American financial interests have had no lack of contideuce in Canada's future is evidenced by the fact that over two and a half
billion dollars of American money are invested in Canadian enterprise or
Canadian securities. In pulp and paper alone you have invested more than
three hundred million dollars, in mining more than two hundred millions
and in general industries more than five hundred millions, to say nothing
of railway securities to the extent of four hundred and thirty millions.
These figures are very impressive and shaw that American investments
represent 53% of the total so-called "foreign investments" in Canada,
whereas 13 years ago you only had 17%.
You may ask me, what are the factors that lead us to speak with such
confidence of the future of this country? In other words, what do we
possess which has inspired ot.r confidence and yours? The first I would
say is a good system of democratic government; the second, a people noted
for their level view of things, their absence of hysteria and thiir sanity
in viewing and grappling with their own problems. These national characteristics are backed by great resources heretofore undeveloped, and
while it is probably scarcely necessary for me to restate what no doubt
has already been stated to you, it is only proper that I should indicate what
the sources of our future wealth are:
The first is the tremendous areas of agricultural lands producing the
finest wheat in the world, and not less important, vast areas of equally
good arable land as yet untouched by the plow. The second is its almost
unlimited water powers. I doubt if there is any other country in the
world so plentifully supplied with power development possibilities as is
Canada, and you know what that means as a factor in industrial expansion.
The third is Its forest wealth, which already has enabled it to conduct
lumbering operations the annual outputof which exceeds $145,000,000, and
to produce pulp and paper to the value of $203,000,000.
Then there are its mineral possibilities the potentialities of which are
nickel, zinc, lead and copper
very great, enabling it to produce gold, silver,
to an aggregate value in 1925 of $113,000,000.
And then I might add a word in appreciation of the climate of this country and its value to Canada's future. While I admit that human beings
can accommodate themselves to any climate to which they have been accustomed, the clear, stimulating air of northern countries is not without its
effect in the physical and mental alertness of the pople of these communities.
Its health-giving qualities are a source of wealth. The company with
which I am connected has capitalized in many ways to its great advantage
both the country's climate and its scenery and in this, as in other things,
one of the tests of its value and importance lies in the appreciation of those
who do not have it, but seek it to their own advantage. There is no place
in Canada for those who are not willing to work. We have a very limited leisure class, and those who enjoy leisure usually enjoy it some place
else because there are so few in Canada to enjoy it with.
These are very simple facts, but constitute impressive evidence of the
wealth and progress of this country, and you may properly say to Me,
"What are your principal problems"? "What are the major difficulties
which Canada has to surmount?" The answer is a simple one. Our principal difficulty is that our population is not as large as it should be and
that, in view of its relative sparseness, the fight against geography, which
Is incident to the development of any country of very great distances,
becomes a real problem. I think it was Stephen Leacock who advocated
the death by slow torture of the man who invented near-beer, on the
ground that he was such a damn poor judge of distance.
I know of no country whose major problems are simpler than those of
this country. I do not know of any question, whether it be fiscal, transportation, the development of natural wealth or the increase in its Industrial activities, that cannot be solved partially or entirely by more people,
and the fact that Providence has endowed us so richly means that this
Impetus and support being provided, our future is more assured than that
of most countries of the world.
One word more and I am through. Those who live in this country enjoy
a privilege even greater than that of a bracing climate. Nothing is more
fascinating to human beings than the process of construction, particularly
when these human beings feel that they themselves are sharing in that
construction. That is one of the reasons why we all delight in belonging
to a growing concern, and one of the factors which is helping to develop
a Canadian spirit is the realization of our people that they are making their
own not unsubstantial contribution to the building of a nation. Our
youth inspires courage and confdence and our Canadian institutions are
developing within their own ranks an esprit, the influence of which is felt
far beyond the boundaries of the institutions; a spirit of loyalty, of constructive effort and pride in growing achievement are factors which in our
view are bound to constitute a conspicuous contribution to the development
of what will be a very great nation.
Report of Railroad Securities Committee—Averse
Decision in Western Freight Rate Case.
The adverse decision of the Inter-State Commerce Commission in the application of the Western roads for increased freight rates was one of the matters touched upon
In the report of - the Railroad Securities Committee of the
Investment Bankers Association, of which Joseph R. Swan,
of the Guaranty Trust Co. of New York, is Chairman. The
report says "It is interesting to consider in connection with
this decision whereby the Western roads are not put in a
position to earn the return of 5%% allowed under Section
15-a of the Transportation Act that at the same time the
Government is charging the railroads 6% on such moneys
as have been loaned by the Government to the railroads."
The decision of the Commission compelling the railroads to
seek competitive bids in connection with their offering of
equipment trust certificates was also commented upon in
the report, which says:
The result of this method of selling these securities has been in the
railroads receiving xceptionally high prices for their certificates, because of
the fact that the demands for securities by investment bankers and the
public has been of an exceptional nature. .
While many of us are glad to have the opportunity of purchasing direct
that manner.
securities .ivtiich have not, up to this time, been available in.
2080
THE CHRONICLE
we would, if asked for an unprejudiced opinion, probably agree that the
securities of companies which are brought out at right prices rather than
at too high prices are in the long run more popular, and that the continuous borrower who sells his securities to bankers of his own choice on a
reasonable basis receives the most for them in the end.
The report follows:
[VOL. 123.
During the year there have been a number of important decisions handed
down by the Inter-State Commerce Commission, of which it might be well
to review a few. As provided in the Transportation Act, the Nickel Plate
proposed unification with the Erie, the Chesapeake & Ohio and the Pere
Marquette. The Inter-State Commerce Commission, while it agreed in
principle to the proposal, objected to the issuance of securities on several
grounds, into which it is unnecessary to go in detail. It may be said,
however, that the Commission did not close their door to the proposal,
and whether right or wrong in their decision, the public in general came
to the conclusion that the Commission was endeavoring to safeguard their
interests and the interests of security holders.
The Commission's adverse decision, in connection with the application of
the Western roads for an advance in freight rates is not altogether easy
to understand. There was passed in 1925 the so-called Hoch-Smith Resolution
instructing the Inter-State Commerce Commission, in its determination of
freight rates, to take into consideration the financial situation of the industries, particularly affected by the rates. This resolution aimed to benefit
the Western farmers and is opposed to the principle, which has been previously advocated by your committee, that Congress should keep out of
rate making. Section 15-a of the- Transportation Act provides that the
railroads shall be allowed a fair return, now fixed at 5%% on their valuations. To what extent the Commission took into consideration the HochSmith Resolution in arriving at their decision one does not know. It is
difficult, however, to reconcile the decision with Section 15-a of the
Transportation Act, for the railroads in the territory affected, in order to
earn a fair return, must have an advance in rates. It has, therefore,
stemed as if the Inter-State Commerce Commission's adverse decision on
this point is not in accordance with the terms of the Act. It is interesting to consider in connection with this decision whereby the Western roads
are not put in a position to earn the return of 5%% allowed under Section 15-a of the Transportation Act, that at the same time the Government
is charging the railroads 6% on such moneys as have been loaned by the
Government to the railroads.
The Commission also made a decision during the year in regard to the
application of the Chesapeake & Ohio Railroad Co. to issue certain bonds.
This application was denied by the Commission on the grounds that the
road could and should issue stock instead of bonds if the expenditures were
to be capitalized. This decision brings up the question of how far the
Commission should undertake to determine the financial policy of a railroad.
During past years there has been much talk by railroad executives and
others to the effect that railroad rates did not permit a sufficient return on
capitalization to make possible financiing of railroads by junior securities.
Practically all financing,,therefore, has been done through the issuance of
mortgage bonds. Market conditions have now, however, made it possible
for a number of railroads to effect financing by stock issues, among others
the Chesapeake & Ohio. Such financing is without question very desirable
and your committee would strongly advocate it. To what extent, however,
the Inter-State Commerce Commission should force it, is open to debate.
One important action having a very direct bearing on railroad finances
has been the decision of the Commission compelling the railroads to seek
competitive bids in connection with their offering of equipment trust certificates. The result of this method of selling these certificates has resulted
in the railroads receiving exceptionally high prices for their certificates,
because of the fact that the demands for securities by investment bankers
and the public has been of an exceptional nature. It is probably true
that in good times this will continue to be the case. Whether, however,
it is wise for the railroads to be forced to give up their custom of having
recognized bankers responsible for the sale of their securities and the care of
their markets, It is not possible to predict. While many of us are glad to
have the opportunity of purchasing direct, securities which have not, up to
this time, been available in that manner, we would, if asked for an unprejudiced opinion, probably agree that the securities of companies which
are brought out at right prices rather than at too high prices are in the
long run more popular, and that the continuous borrower who sells his
securities to bankers of his own choice on a reasonable basis receives the
most for them in the end.
To sum up, the railroad business of this country is in exceptionally prosperous condition, fully holding its own with the general prosperity. There
is apparently no pending legislation or attitude of the public which indicates anything but a desire that the railroads shall operate satisfactorily
and shall prosper. The Inter-State Commerce Commission, whose decisions
we may at times question, is, however, we believe, endeavoring impartially
to decide the important matters which come before it with due consideration for the interests of the owners of the railroads, the shippers and the
public.
We believe that the foundation industry of this republic looks forward
to stable and satisfactory conditions and that there is nothing in the conduct or prospects of the industry that should make those who deal in the
securities of the railroads hesitate to offer and recommend, with confidence, sound railroad securities to their clients.
Respectfully submitted,
JOSEPH It. SWAN, Chairman.
George W. Bovenizer
Lewis 11. Parsons
Trowbridge Callaway
C. S. Sargent, Jr.
R. II. Carleton
Mark C. Steinberg
Henry Lay Duer
Harry Stix
R. S. Euler
Albert Strauss
Rodney Hitt
Lewis B. Williams
Richard L. Morris
Francis D. Glover
As a result of a most satisfactory condition in the railroad field, and also
of a feeling on the part of your committee that active participation of
our association in matters of railroad legislation might result in more
harm than good, because of the attitude of legislative bodies towards
large banking interests which we represent, the Railroad Securities Committee of your association has no important activities to report. This
does not mean that we must always remain silent, but does mean that we
must reserve our activities for matters of importance and assert our influence with discretion.
In default, therefore, of a year of activity to report to you, it seems
proper to make some brief comments upon the present railroad situation.
These comments, roughly, divide themselves under three headings, namely:
1. The present status and operation of the railroads.
2. Legislative enactment and proposed enactment affecting the railroads.
3. The activities and decisions of the Inter-State Commerce Commission.
As regards the railroads themselves, it may be said that they are enjoying the most prosperous period of their, existence, a period in which car
loadings and earnings have both reached record figures and net return on
property investment is the highest since the war. The favorable effect of
this condition upon the security owner and the public needs no elaboration.
As to the satisfactory manner in which the railroads have handled their
great traffic, little need be said, though some comment on the quality of
the service rendered may well be made. In the first five months of 1923
railroads failed to furnish shippers 1,167,000 cars at the time for which
they had been ordered, the average weekly shortage being 58,000 cars
a
weeks. It has been stated recently by good authority that there are at
the
present time no complaints before the Inter-State Commerce Commission
against the railroads as regards service, though this statement needs some
explanation.
There were established in the year 1922, to confer with the railroads in
regard to service, so-called Shippers' Regional Advisory Boards. These
Boards are thirteen in number, each of them confining their activities to
a specified district. They are composed exclusively of the representatives
of shippers in their respective districts. All complaints relating to car
supply are adjusted by these Boards, and a most satisfactory degree of
co-operation between shipper and railroad has been reached, thereby almost
entirely obviating the necessity of recourse to a Governmental agency. The
importance of this improved relationship between shipper and railroad is
not difficult to appreciate. This co-operation is doubtless, in a large
measure, responsible for the improved service on the railroads which now
makes it possible for the merchant or the jobber to purchase from
the
manufacturer on a hand-to-mouth basis without fear of disappointing
his
customer, and has resulted in a real revolution of industry.
One of the problems which the railroads now face arises out
of their
present great prosperity, and this is the problem of wages.
The Eastern
conductors and trainmen have made definite demands for
approximately
20% increases. These demands have been handled in
accordance with the
methods set up by the new Railway Labor Act, and are to be
submitted to
a board of arbitration which will begin its hearings probably
this month.
What the outcome will be it is, of course, impossible to prophecy,
but the
decision of the board of arbitration will be final, and no labor
disturbances
resulting from the demands may be feared.
Another serious problem which the railroads face was brought to
your
attention in a report of the Railroad Securities Committee of a
previous
year. This problem is increasing competition from automobiles,
motor
busses and trucks, both in passenger and freight service. In 1925
passenger traffic decreased about 23% from the year 1920 and
passenger receipts decreased about 15%. Probably the solution will be the
co-ordination of the railroad systems with the motor bus and truck lines
as will
provide each distinct field with the kind of transportation best
adapted to
it, but the inroads being made by these new services are
important and
present a real problem.
Turning to legislation, the one Act of capital importance enacted
during
the year was the Railroad Labor Act, which provides for voluntary
adjustment, mediation and arbitration between the companies and
their employees. Arbitration is optional, not compulsory, but if all
efforts fail to
adjust a dispute through the machinery set up by the Act, and
if the dispute threatens to deprive any section of the country of essential
transportation service, the President may appoint an Emergency Board to
investigate the situation. Until 30 days after the report of this Board,
there
can be no change in the status quo. This Act is the result of the
joint
efforts of the railroads and their employees, and certainly represents
what
a few years ago would have seemed an impossible advance in the methods
of handling labor problems.
One piece of major legislation of interest to all concerned with railroads,
namely, the Railway Consolidation Act of 1926, failed of enactment.
Probably the best known consolidation bill was that introduced by Senator
Cummins, though various others were also presented. In general,
the
purpose of the various bills was to permit consolidation without waiting
until the Inter-State Commerce Commission had presented its plan of consolidations as provided for in the present Transportation Act. While
several consolidations have been made or contemplated under State laws prior
to the preparation of a plan of consolidation by the Inter-State Commerce
Commission, the methods which have had to be used have been most un- Report of Industrial Securities Committee
--Publicity
satisfactory, and a permissive Act is vitally necessary if various beneficial
of Corporate Affairs.
railroad consolidations are to be accomplished. There is, of course, a difference of opinion among railroad men and others as to the advisability of
Reference to the recent discussion regardingTpublicityjof
consolidations, but it seems probable that the public interest will require
corporate business and affairs was contained in the report
that if adequate transportation service is to be furnished at the lowest
rates consistent with such service, and a fair return upon the valuation of of the Industrial Securities Committee of the Investment
the railway properties. that many consolidations must be effected.
Bankers Association, of which It. A. Wilbur, of The Herrick
Many bills have been introduced in Congress which, if passed, would
Co. of Cleveland, is Chairman. That part of the report
effect the successful operation of the railroads, but most of them either
had no chance of passage or have been of minor importance. Two of them, regarding publicity said.
however, which failed to pass, are vitally opposed to a principle which we
There has been much discussion recently regarding publicity of corporate
should strongly support, and that is that rate making should remain within business and affairs. To say that publicity is harmful or
beneficial without
the province of the Inter-State Commerce Commission and should not be defining what is meant by publicity, means nothing.
•
taken into Coagress. The two bills mentioned are the Gooding bill, which
No well-informed person doubts the wisdom or ethics
of comprehensive
prohibits charging a lower rate for a shorter distance over the same line, and honest publicity of the progress of those business
concerns *whose
in order to meet water competition, and the Pullman surcharge bill, which securities are held by the public, as reflected in
their balance sheets,
would eliminate a surcharge on Pullman tickets. These bills, directly earnings statements, and management announcements
from time to time
legislating as to railroad rates, seem to us to violate a fundamental prin- of the trend and important facts concerning
the enterprise. And the
ciple, and we believe that any efforts which can be brought to bear to investment banker should insist upon this
policy being observed byrsuch
prevent the passage of such egislation should be strongly pressed. Your business concerns as are financed by him.
committee was prepared to appear in opposition to the Gooding bill, but,
If, however, the word publicity is used in a larger sense to denote further
fortunately, it was defeated in the Senate, where it seemed sure of passage obligations on the part of corporations, there
is a serious danger in that
before it came up in the House, where it was thought that our efforts such publicity might be harmful to the interests
of those very stockholders
might be best made.
and security holders on whose behalf the plea for publicity is made. The
•
OCT. 23 1926.]
'vt
THE CHRONICLE
2081
very successful and especially well
-managed concern may well hestitate to
Principles of Industrial Investment Securities.
educate its less successful competitor in the things which it has learned
The general underlying theory of industrial financing other than by
through its well-directed initiative and energy. And who can justly com- common stocks was discussed
by your Industrial Securities Committee
plain if it draws the line at the publicity Which will accomplish such a of 1920 in its admirable report
for that year. The conclusion reached was
result?
that the basic principle of industrial bonds and notes is that of a loan
It has long been the policy ofthe Government to reward scientific thought against current assets, with
a secondary regard to plant and other fixed
by encouraging inventions through grants of patents, and protecting as assets. It was felt that
the risk inherent in fixed property used for Inproperty rights secret processes of manufacture. Skill and efficiency in dustrial purposes
properly belongs to the common stockholder. To the
the successful handling of great units of industry should at least be free general principle of current
assets as a basis for the funded obligations of
from the compulsion of harmful publicity.
an industrial enterprise, the committee called attention to important exGovernmental activity in requiring publicity would involve such ceptions, as for
instance (1) cases where fixed assets have a sound value
stupendous increase of bureaucratic activities as would make the independently
oftheir industrial uses,(2) where such fixed assets are largely
plan wholly impracticable, to say nothing of the great amount of time and made up of natural
resources such as timber, coal, and the like, and (3)
cost in accounting and the very large tax on industry to support a govern- where a particular
company has had such a long continued dominance in
mental program of this sort. Further,it would have a tendency to seriously its field and
such a consistent earning record as to place beyond all reasonand harmfully impair individual initiative in industry which is by far the able doubt its
ability to meet its obligations when due and to pay its fixed
greatest of all factors in the progress of industry and which has had as charges without
interruption. However, the committee was clearly of
much or more to do with the supremacy of American industry than any the
opinion that the principle of most common application was that of a
one other single factor.
loan against current assets—with which your present committee agrees.
Undoubtedly there is a great deal to be accomplished in simplifying
The history of industrial financing in the last few years clearly emphasizes
balance sheets and earnings statements and in harmonizing terminology
the correctness of the principle stated by your 1920 committee, with the
to the end that even the inexperienced investor can understand the financial result
that a more critical examination is made of the current asset position
status of the company and make intelligent comparisons of companies
of every company whose financing is being considered and more attention
engaged in the same industry if he will use ordinary effort. The constant
is paid to determining whether current assets as scheduled—such as acappeal of industry to the individual investor for capital is sufficient to
counts and bills receivable and inventories—are current in fact and can be
Insure real progress in this direction: but we in the investment banking field
liquidated with reasonable speed and without substantial loss, all of which
should use our influence in this respect. Forward-looking corporations are
is a step distinctly in the direction of fully protecting the investor in inmore and more informing their stockholders of the business in which they
are engaged and greater effort is being made to tell the story in a simple dustrial securities.
Of course, like all general principles, the principle that the essential
understandable way. It is believed that this sort of publicity is both good
security of industrial bonds and notes is current assets presents some
business and good business ethics and that it should be encouraged.
Greater amount and better quality of educational publicity on financial difficulties in its application in particular cases.
When a loan is made with current assets as the basis, there is the probmatters through the daily press, books, magazines and other publications
which in addition to the work of the investment banker in his advertising lem of maintaining the originaly ratio of the loan to current assets and of
preserving the character and liquidity of the assets: and in the event that
publicity through such mediums and his direct communications with
investors by correspondence and salesmen to-day have a tremendous influ- the business does not prosper, the problem of applying the proceeds of the
ence in increasing public interest and intelligence in investments and assets to the payment of the loan in sufficient time to avoid loss of principal
and interest. In other words, the real problem is not that of appraising
investment principles.
the security behind the loan when the loan is made,but of judging accurately
On the standard of ethics the report had the following to how the security will fare in the years intervening before maturity. In
affirming the principle that an industrial bond or note issue is essentially
say.
a loan against current assets, it is, of course, not intended to convey the
Although investment banking practice in buying and selling industrial Idea
of a specific lien upon such property, which, as is well known, is imsecurities is by no means ideal, distinct progress has been made. In- practicable.
Neither is it intended to minimize the importance of a mortvestment bankers as a class are more and more recognizing their responsi- gage
on the fixed assets.
bilities to the investing public and to industry.
Prolettive Covenants.
More care is used in the investigation and set-up of security issues and
more attention Is given to following the course of the companies financed
Certain devices known as protective convenants are designed to aid
which represents a somewhat newer development Generally speaking, in preserving the security and in making
it available in cases of distress.
circulars and statements describing the offerings are improving, but for In times past too great reliance undoubtedly has been placed on the
effecti vethe most part, they still lack the simplicity and conciseness of statements ness of certain so-called protective covenants. For instance, investment
desired by investors and they give altogether too little information con- bankers and investors generally have been too prone
to regard the obligations
cerning the most important security factor, namely management.
of a company to maintain a certain ratio of debts to assets during the
life of the security as an assurance of the continuance of that happy position.
In conclusion the report said.
Then, again, such ratio requirements have been too drastic, and as pointed
The greatest need for the future in the fulfillment of the duties and re- out in committee reports for preceding years, have actually defeated the
sponsibilities of the investment banker with respect to the issuance and ends which they sought to accomplish. Now the fixing of ratios is made
sale of industrial securities lies in an increasing realization of such duties with far greater care and the real functions of such covenants are more
and responsibilities and the will to fulfill them. More and more care generally recognized: namely, as a check and a warning to management
should be used in the investigation and set-up of such issues and more in the maintenance of conservative and properly fixed ratios between
and more effort should be observed in selling to tell the whole story fully debts and assets, and a proper balance between fixed and current assets.
and yet as concisely and simply as possible. A fair and just consideration
These protective covenants are built around three general classes: First.
for the interests of industry on the one hand and the investor on the other Realization of the assets before they have been dangerously impaired by
hand, uninfluenced by competition for business, must always be observed losses: second, protection and application of earnings, and third, mainand generally we should so conduct ourselves as to well perform our duties tenance of a proper balance between fixed and current assets. Commenting
to society and to merit the approval of the public.
on these three classes, we first consider:
I. Covenants designed to permit realization of the assets before they
Associated with Mr. Wilbur on the Committee were have been seriously impaired by losses.
This class includes the so-called publicity covenants by which the comHerbert E. Anderson, L. B. Beckwirth, George C. Clark Jr.,
pany is required to keep its
George A. Colston, Edgar Friedlander, Samuel L. Fuller, of its operations through bankers and security holders currently informed
balance sheets, statements of earnings and
Stanton Griffis, Lawrence Howe, Ronald L. O'Brian, A. V. executive announcements. It is hard to over-estimate the importance
Stout, Nion R. Tucker, Kenelm Winslow Jr., Henry T. of these publicity covenants. Many companies could have been saved
from bankruptcy if their bankers had been kept fully and accurately inFerriss, and Sidney W. Souers.
formed as to their operations and their problems frankly discussed with
The other portion of the report read as follows.
them. Other covenants of the same class are those requring the use of
The service of the investment banker in the origination and marketing of approved accounting methods with provisions for the setting up of adeindustrial security issues is that of gathering together the savings of in- quate reserve. Such covenants often provide for representation by the
dividuals and supplying it to business. Obviously, this service means the bankers on the board of directors. There are arguments on both sides
assumption of great responsibilities and involves a far-reaching knowledge of the question of banker representation on the board of directors. Even
of commerce and industry. There are no hard and fast rules to
apply in if representation is not thought to be advisable, intelligent and diligent
the testing of industrial security issues. However,
there have been de- scrutiny of the company's operations by bankers, based on the fullest
veloped from experience and study certain broad principles which
should be information supplied by the company, is of prime importance.
observed in the issuance of industrial securities. It is the purpose
II. Covenants designed for the protection and application of earnings.
of this
report, among other things, to consider such principles.
In this class of covenants, those requiring adequate sinking funds are
Important. In the industrial field, it is a sound rule that no debts should
History.
be incurred without a provision for actual repayment at some future date.
The history of American corporate financing
has been that of the simple Expansion of a company's business should, other than in rarely exceptional
to the complex—from common stocks only
to a combination of common cases, be provided for out of earnings or by the sale of additional common
stocks, preferred stocks, bonds of many kinds
and debentures of various stock.
sorts. The transition from the simple to the
complex in
Covenants restricting dividends are important. A wise financial policy
took place much later in industrial enterprises than in corporate financing
railroads and public dictates discretion in the payment of dividends. All industries have
utilities due to the feeling that industrial enterprises
were not sufficiently profitable years and unprofitable years. It certainly is the part of prudent
stable to provide a proper basis for investment securities.
As the more management to make provision for the unprofitable years sure to come
important industries became firmly established in the
economic life of the out of the surplus of the profitable years. From the point of view of the
country doubt as to the fitness of industrial enterprises
as a medium in security holder it is perhaps fortunate that the dividend policy of the
which savings might be safely invested has largely disappeared
until now years when there are profits to be divided is usually left wholly to the
large amounts of industrial bonds, debentures, notes and
preferred stocks discretion of the directors. Doubtless it would be wise to incorporate
are issued annually. Naturally perhaps the change in the character
of in the covenants a provision that would make it incumbent on the manageindustrial financing was accompanied by mistakes that involved losses to
ment to turn back into the property part at least of the earnings of profitable
investors but those responsible for the issuance of industrial securities have
years or reduce its funded debt beyond its fixed obligatory sinking fund
in the main listened wisely and profitably to the teaching of experience.
requirements. Such a provision would tend to promote stability for the
At the present time there is certain evidence of the prevalence of basicly
company and would better the position of the security holder.
sound views as to industrial financing. Although the return to the former
III. Covenants designed for the maintenance of a proper balance between
Plan of financing industrial enterprises wholly by common stocks is un- fixed
and current assets.
necessary, it is recognized that the risks inherent in competitive industrial
These covenants that require a certain ratio, between net current assets
enterprises make essential the most critical scrutiny of all the important and
the funded debt are designed primarily to maintain this balance and
facts of a business before adopting any other means of financing. And thus always make available to the security holder the assets
that are the
the so-called New England type of financing on a common stock basis real security for the loan. Restrictions on dividends in both good and
entirely, while it may be unnecessary, has many attractions for the com- lean
years referred to above are helpful in this respect. However, in the
pany financed and for even conservative investors. The interest now dis- absence of earnings, there is unusual difficulty in providing a proper
remedy
played by intelligent, conservative buyers in proven industrial common for the perilous situations that usually come from a violation of such
stocks as one means of diversifying their investments, is encouraging and covenants. The common remedy is that of giving the security holders
tends to promote sound and logical industrial financing and should be control of the company—a task that often they are poorly qualified to
further encouraged.
undertake. Frequently such a change in control is only another example
2082
[vol.. 123.
THE CHRONICLE
of the time-old practice of locking the door after the horse is stolen. In
addition to the restraining influence of the penalty provided for the violation of these covenants, they are of value as a guide and a warning to the
management. It is important that care be taken not to make the ratio in
these coveriants too drastic—otherwise additional necessary and advantageous financing may be made too difficult and expensive.
of the issue and ordering the State Auditor to proceed with the registration
of these bonds.
The Mississippi Valley Group felt that while a favorable opinion from the
Missouri Supreme Court would not definitely offset the effect of the Archer
County, Texas, decision, an unfavorable ruling on Missouri Road District
bonds would prove very disastrous.
Earnings.
In the last analysis neither assets fixed or current nor devices to protect
them, important as they are, are comparable in importance to earnings
from a security viewpoint; and the ability to wisely forecast earnings is
the acid test of investment banking skill in the origination of securities.
It involves a far-reaching knowledge of the industry and a sound prediction
as to its future—of the position of the particular company in the industry
and its future, and more than any other single factor, the ability to wisely
appraise management. Management to meet active domestic and foreign
competition must possess, among other qualities, intelligent optimism,
accurate and detailed knowledge of the particular enterprise and of the
industry generally, and its probable future trend, its present and potential
competition. its ability to promote and maintain a high standard of morale,
and safe and far-seeing ideas of finance. Management is an changing
element in business and no enterprise can safely ignore the need of always
providing for the inevitable change. There are certain more or less mechanical rules for appraising many factors of an industrial enterprise, but
to know management there are no rules to follow. It is a question of the
ability to read character and to reach sound conclusions as to certain
qualities which should have been proven by actual performance.
In this same general connection your Committee considers the development and growth of colleges of business administration as an outstanding
advance so far as business enterprises are concerned. It is a development
that those of us who have been trained in the school of experience only may
find it difficult to appreciate, but it is a development that we ought to
reco.,nlze and encourage for it holds great promise for a better standard of
business efficiency.
That we are in an era of new business development is *well expressed by
Secretary Herbert Hoover in the June 5 1926, edition of "Nation's
Business." He says:
"The large salaries being paid for developed skill and experience sufficient
to administer even the departments of these organizations have opened a
new avenue for initiative and opportunity of the first importance. There is
growing up steadily a new profession, business administration; and the
moment that a trade takes on the character of a profession, it marks a great
advance, for the distinction which marks the term profession in law,
medicine and engineering, is the incorporation into the daily task of a
responsibility to the community and insistence upon a high sense of service."
There always will be real opportunities for leadership in business from the
ranks. Necessary qualities of mind, energy and ambition always will be
found in many young men entering industry at an early age who will
derive their power of leadership through the school of experience only.
Without these qualities neither academic training nor practical experience
will avail but with these qualities, the preliminary training in the wellconducted schools of business Administration cannot be other than helpful.
FLORIDA.
The Texas decision is supposed to have some bearing on Florida Road
District issues, although a large majority of such obligations were either
directly validated at the time of issuance by Circuit Court procedure or by
special acts of the Legislature. Undoubtedly issues validated in either
manner would not be even indirectly affected by the Texas case. At the
same time, a considerable effort was made to secure a special session of
the Florida Legislature for the purpose of taking care of any issues not
previously validated. One of the principal reasons for this special session
was to secure the passage of a new law which would answer the objections
raised by the Supreme Court in the Archer County case. The proposed
draft of such a bill has already been furnished by this Committee. No
action on this, however, was possible, due to the fact that up to date no
special session has been called.
WASHINGTON.
We regret it Is impossible for us to report any developments of a definite
nature in the Washington Local Improvement District situation. Acting
on our recommendation. the Chairman of the Pacific Northwest Group
appointed a special committee to compile a complete list of all the Washington municipalities now in default on their improvement district issues
and the exact amount of this past due indebtedness. The Committee has
been actively at work for some time past and in spite of the opposition'
encountered from public officials, we areconfident the information we
desire will be available at the proper time.
The members of the Public Works Contractors Association, one of the
most powerful organizations in the State of Washington, are now beginning to recognize the market for Local Improvement District issues has been
destroyed and a very serious situation created. This particular. organization has inaugurated a state-wide campaign among its members which has
for its purpose the enactment of legislation to remedy the defects in the
present Local Improvement District law. Our Committee has pointed out
to that Association their first and most important step is to bring pressure
to bear upon the members of the State Legislature which will result in the
passage of legislation that will force the defaulting communities to Pa/
every dollar of past due indebtedness.
The officials of partically all the Washington cities and towns are now
in convention at Aberdeen, Washington. It is our understanding they
intend to discuss, and possibly recommend in all seriousness, the passage
of a new Local Improvement District law that will mike it easier for districts to organize and•issue bonds. We have pointed out to them the futility'
of such a move and have urged their co-operation in our effort to have
remedial legislation enacted that will force payment of past due obligations
as the only means of restoring the market for securities of this type. The
Washington State Legislature will meet again in January, 1927, and
another effort will be made to clear the situation.
OHIO.
The early part of this year the United States District Court for the
Southern District of Ohio. Southeast Division, handed down a decision
temporarily enjoining the issuance of bonds of a county sewer district in
Logan County, Ohio, the Court contending that the method of levying
assessments in this particular case was in violation of the Federal Constitution. Messrs. Squire, Sanders & Dempsey, at our request, issued an
opinion that this decision refers only to the method of levying assessments
and does not invalidate the bonds issued for this particular purpose. Copies
of this opinion are available and will be furnished to members by our Committee upon request.
IDAHO.
In the latter part of June of this year the attention of our Committee
was called to a suit brought by the Oregon Short Line Railroad Co. to
enjoin the sale of $100,000 Clark County,Idaho, Highway District bonds,
basing its cont-ntion on the decision handed down by the United States
Supreme Court in the Archer County, Texas, case.
While under ordinary circumstances this Committee feels it is unwise
to inject itself into situations involving the right of municipalities to issue
obligations, we felt that a departure from this rule was fully Justified in
instance. Co-operating with the Pacific Northwest and
At the time this committee was appointed last December, it had every this particular
Groups, we decided on a program of postponing a definite
reason to look forward to a year devoted almost entirely to the solution of Rocky Mountain
validating acts had been passed by the Texas Legislature and
minor problems. Unfortunately, however, the decision handed down early hearing until
opportunity given us to bring a test case to the United States Supreme
last January by the United States Supreme Court in the Archer County. an
outstanding bonds. The Clark County, Idaho, case is
Texas, Road District case created a grave situation and changed the picture Court involving
motion of our attorneys to dismiss the bill, and we
entirely. While the committee has been quite active on a number of mat- now pending on the
decision until late this fall. Mr. Little, our Executive
ters, we are including in this report only those ofspecial interest to the entire do not expect a
opportunity to discuss this situation with the Chairman
membership. During the year ten State Legislatures convened in regular Secretary, had an
of the Board of the Union Pacific Railroad, and we expect, as a result,
session and one special session was called.
the company will co-operate with us in our effort to delay a decision until
TEXAS.
the Archer County matter is out of the way.
Report of Municipal Securities Committee—Archer
County (Tex.) Case—Validation Action
by Legislature.
The report of the Municipal Securities Committee of the
Investment Bankers Association contains a supplemental
report covering the Texas activities of the Committee in the
matter of the Archer County case, in which it is stated that
"the Legislature convened on Sept. 13, organized with expedition and at once gave validation their earnest consideration. . . . It is anticipated that the work will be
completed this week." John J. English, of William R.
Compton Co. of Chicago, is Chairman of the Municipal
Securities Committee, and the following is his report; the
Texas report by George Packard is also annexed.
Through the "Bulletin" the members of our Association have been fully
advised regarding the result of our unsuccessful effort to secure a rehearing
of the Archer County, Texas. case. On April 22 President Morris appointed Mr. George Packard of Chicago vice-Chairman of the Municipal
Securities Committee in direct charge of this committee's work in Texas.
Mr. Packard has prepared a comprehensive and interesting report on this
situation that will be read later. It is unfortunate that Mr. Packard was
unable to attend this convention,since in attacking this problem he assumed
a work of the greatest importance which he has handled in a capable and
acceptable manner.
MISSISSIPPI.
In previously published statements this committee has advised the membership of the passage of 410 individual validating Acts covering Mississippi
road districts. Credit for this prompt and efficient safeguarding of public
credit is due the State officials and the members of the Legislature. The
latter appropriated $15,000 to defray the expenses incurred in compiling the
information incorporated in each of the special bills. Several members of
our Association actively co-operated with the public officials in this splendid
work.
MISSOURI.
Little River Road District. Pemiscot County, Mo., organized in 1917,
issued bonds in 1919, and voted a second issue last fall. When the bonds
were presented to the State Auditor for this purpose, he refused registration,
contending that the principles involved were the same as those decided by
the United States Supreme Court in the Archer County, Texas, case.
The attorneys for the District, assisted by counsel employed by the
Mississippi Valley Group,filed mandamus proceedings in the Supreme Court
of Missouri. The case was submitted on May 3 and a decision handed
down later by the Supreme Court of Missouri upholding the validity
IOWA.
Supported by the League of Iowa Municipalities an attempt will be made
at the next session f the State Legislature to pass an amendment requiring
all municipalities to issue serial bonds. While we feel this is a step In the
right direction, the existing municipal bond laws of Iowa are unsatisfactory
in a great many respects and we are continuing our attempt,started several
years ago, to get the Legislature to pass an entirely new law. In Iowa and
elsewhere we have found decided opposition on the part of the legislative
bodies to any suggestions and recommendations made or sponsored by our
Committee. It is much more effective, in our opinion, to use, whenever
possible, influential local political organizations for this purpose. •
LOUISIANA.
During the 1926 session of the Legislature, which adjourned July 8, two
of the Acts passed proposed amendments to Article 14 of the Constitution
and will add, if they are adopted at the general election to be held in November, three more political subdivisions, including irrigation, water works.
and sub-water works districts, each authorized and empowered to incur a
debt and issue bonds not exceeding 10% of the assessed valuation of property
in such subdivisions for any one purpose.
The Legislative Committee of the Southern Group retained Messrs.
Thompson, Wood and Hoffman to draft amendments to the Constitution
to limit the debt of each of the above mentioned political subdivisions to
10% of the assessed valuation for all, instead of each, of the purposes authorized. This bill passed the House, but the Senate adjourned before
definite action could be taken.
DEFAULTS.
Comparatively few defaults have been reported to this committee during the past year. Most of the work in connection with the default report
plan is routine in character and this committee feels that it can be very-
OCT. 231926.]
THE CHRONICLE
properly and more effectively handled from the Secretary's office. In our
opinion, however, the plan should not be abandoned and if carefully attended to it will become increasingly effective and valuable. Our committee
recognizes that members will exhaust every possible means of correcting
defaults before they are reported to the Secretary's office. On the other
hand, the machinery of the Association, coupled with the fear of widespread
publicity, often cures cases of the most obstinate nature, and members are
urged to use this service as freely as possible.
In tax,bonds, where the full faith, credit and taxing power of the municipality is not pledged for their payment, the committee recommends the
use of the following or a similar paragraph in circulars:
"These bonds are payable from ad valorem taxes levied upon all the
taxable property within the limitations imposed by law."
This recommendation has the unqualified approval of our committee,
and we urge the members to co-operate with us in our desire to eliminate
any statements made in circulars that could possibly be regarded as evasive,
misleading or as misrepresentations.
MUNICIPAL SECURITIES COMMITTEE:
Henry Hart,
C. E. Abbe,
R. H. Baldwin,
Arthur M. Hewitt,
F. Seymour Barr,
C. Edgar Honnold.
H. H. Bemis,
E. B. Palmer,
Simon J. Block,
J. L. Patton,
N. P. Delander,
E. F. Pettis,
Seneca D. Eldredge,
John W. Watling,
John S. Harris.
Meade H. Willis,
2083
responsibility of getting in touch with the county judges and chambers of
commerce in all counties affected, preparing the necessary notices for them,
and urging their co-operation in seeing that publication began on time.
continued the requisite period and was duly evidenced by publishers' affidavit. Mr. W. P. Dumas of Dallas, well qualified by Experience as a
former Assistant Attorney-General, took charge of preparing the multitude
of bills for the Legislature's consideration. With the assistance of the bond
clerk in the Comptroller's department, all bond records for road districts
that could be found were arranged in alphabetical order. An immense
amount of painstaking labor was involved in examining each record and
selecting therefrom the data necessary to be inserted in the individual
validating acts. The task was complicated by the presence of frequent
amendatory orders, change of officials, consolidation of districts and the
adoption in many cases of country-wide financing to supplant the former
district system. The results were checked with the original records In
each county. A full list of the districts and the data applicable thereto
was made available to members of our association in a bulletin dated
Sept. 7 1926. As far as our correspondence shows, all houses that checked
the list with their own records were eventually satisfied that all issues in
which they were interested had been correctly included. This seems excellent testimony to the efficiency and thoroughness of those in charge of
the compilation, and their work is to be highly commended.
The Legislature convened on Sept. 13, organized with expedition, and
at once gave validation their earnest consideration. Veterans who have
observed the work of every session of this body for many years remarked
that they had never seen a session transact business with more efficiency
and dispatch than this called session. Minor cases of local opposition
broke down before the majority disposition to brook no interference with
GEORGE PACKARD, Vice-Chairman.
the general program. Rules that ordinarily hamper the passage
of
JOHN J. ENGLISH,Chairman.
bills were suspended by practically unanimous consent, making possible
TEXAS ACTIVITIES OF MUNICIPAL SECURITIES COMMITTEE. the introduction, reading and voting on the district bills with gratifying
celerity. It is anticipated that the work will be completed this week.
On Jan. 4 of this year the United States Supreme Court handed down
At first blush the Archer County case, upon immediate facts involved,
the now famous decision in re. Browning vs. Hooper, better known as the does not seem to apply to counties. The decision refers constantly
to
"Archer County Case." Eminent counsel retained by the Association "defined districts," I. e., an artificial municipal corporation,
outlined by
filed, on behalf of the Attorney-General of Texas, petition for rehearing. detailed metes and bounds and not one following the lines
of already existIn support of this, briefs were prepared by leading bond-examining attor- Mg political units such as a county, township or precinct. Unfortunately,
neys and the Attorneys-General of several States. embodying the
results the legislation which the court declared unconstitutional authorizes in one
of their long experience in municipal law and a deep and exhaustive study and the same statute not only district but full county obligation road
bonds.
of the principles involved. It was hoped that the Court could at least Language used by the court does not constitute any severe criticism of
be induced to qualify their ruling and limit
its application to the immediate full county bonds, but they are suffering from the company they kept.
facts of the case at bar, but on March 8 rehearing was denied and no Draftsmen of the validation measures early recognized the need
of separate
clarifying or distinguishing statement accompanied the announcement. treatment of road districts and counties. They further classified
proAlthough very disappointing, this turn of events is not altogether sur- posed bills in respect of their nature—whether general or special—and
on
prising when it is borne in mind that rehearing would have been practically the basis of purpose—whether issued on behalf of outstanding
a
bonds, or
equivalent to reversal, and the Surreme Court is said to have reversed of bonds authorized but not issued or sold. The results
of their work as
itself only five or six times in all the hundred years or more of its history. enacted by the Leglslture may be analyzed as follows:
Following the unsuccessful attempt to reopen the case, the Association
I. Road District Validation.
addressed its efforts principally to securing special session of the Texas
I. Special validating bills on behalf of some 536 individual road districts,
a
Legislature at which validating bills could be passed. Unfortunately with bonds outstanding.
at this tithe the opening guns were Just being fired in a campaign pre2. Special validating bills on behalf of individual road districts, with
ceding the Democratic primaries, featuring sensational contest for nomina- bonds authorized
a
but not issued or sold.
tions as Governor between the then incumbent and Attorney-General
(Wilbarger County District Four, involved in the pending Summits
Dan Moody. Inasmuch as one party dominates
in Texas, the Democratic Court case of Hawley vs. Warlick, is typical of the districts in this classifinomination is equivalent to election. Feeling was running high and for cation.)
some time Governor Ferguson, from considerations
3. General Validating Bill in respect of all Districts,with bonds outstand
of practical politics,
manifested great reluctance to call the Legislature until her counsellors ing.
should be convinced that solution of the bond problem
4. General Validating Bill in respect of all Districts with bonds authorised
by validation was
advisable from both a legal and a political standpoint. Finally, early but not issued or sold.
in May, upon the assurance of several able opinions rendered by the AttorII. County Validation,
ney-General's staff, endorsed by northern bond attorneys, the Governor
1. Special validating bills on behalf of the counties of:
capitulated to the extent of eromising that her proclamation would be
Cochran
Duval
Harris
forthcoming Just as soon as bills appropriate for validating purposes could Carson
Tom Green
Jim Wells
Willacy
be drawn and approved by leading bond-examining attorneys. Her Hardeman
2. General validating bill on behalf of all counties with bonds outstanding
advisers were especially insistent that the bills be submitted in a finished
form, ready for passage without amendments or modifications, thus elimi- as well as bonds authorized but not issued or sold.
While no counties are mentioned by name, this bill, by its terms, takes
nating possibilties of lengthy debates on the floor.
Leaders in this branch of municipal law met In Chicago May 13 and 14, care of thirty counties where general obligation bonds have been lasuedlor
and final drafts of proposed legislation were dispatched in Texas. The the purpose of assuming previously honed road district issues, viz:
bills were sponsored in writing by the following firms: Thomson, Wood & Angelina
Hunt
Somerville
Hoffman, New York; Chester B. Masslich. New York; Wood & Oakley, Aransas
Liberty
Titus
Chicago; Chapman, Cutler & Parker. Chicago; Charles & Rutherford, St. Bell
Mitchell
Travis
Louis and Attorney W.P. Dumas,of Dallas. The plan involved a general Camp
Montgomery
Trinity
validating act to cover all road districts and also over five hundred separate Eastland
Nueces
Upshur
acts specifically covering each individual road district in
Franklin
the State.
*Orange
Walker
Every condition precedent laid down by the Governor
Polk
having been Freestone
Wharton
complied with to the letter, still she continued to postpone from
Rockwell
time to Grimes
Wilbarger
time the date when the issuance of her proclamation
could be expected. Harrison
Sabine
*Williamson
For many reasons it was highly
expedient to keep the road district question *Hays
San Jacinto
Wood
free from partisanship, but as
the campaign drew on it became inevitably
(*In the Counties of Hays, Orange and Williamson, road districts were
the center of interest. Mr. Moody.
aggressively championing the bond abolished by the county-wide system, but later, after the issuance of
cause, scathingly exposed one after
another the fallacious character of the county-wide road bonds other districts were created. These subsequentlyreasons advanced by the Ferguson
party in justification of their policy of created road districts must,of course, be included in the validation program
postponing the special session. At
last the Governor's spokesmen, hard and appear listed in our Bulletin.)
pressed in debate, flatly announced
that there would be no special session.
III. General Bill for Validating Commissioners or Justice Precincts and
whereupon issue was joined and the campaign fought
out largely on this other Political Sub-Divisions as local entities and authorizing them to
195110
basis. Our Association kept as
far as possible In the background. Active bonds,
assistance was rendered by the Legislative
Committee of the Texas Bond
IV. General Bill setting Up New Authority for the Issuance of County
Men's Club, and invaluable
collaboration was had from the Texas Highway and District Road Bonds, Embodying features to Meet Objections
Raised
Association, an organization interested
in the development of trunk roads by the Archer County Case.
throughout the State, and, naturally,
the restoration of the State's credit
In our bulletin of Sept. 7, we list 536 road districts with bonds outstandin road financing. Mr.J. A.
Kemp.of Wichita Falls. one of the leading pri- ing. Many of these have sold more than one issue, so we present data
vate citizens of the State, merits
special mention for his work as Chairman covering 6.669 series amounting, according to original authorization,
of one of the Highway Association
Committees and for his speeches, letters 151,000,000 in round numbers. Deducting 20% as a conservative allowand personal influence urging
early corrective legislation. In the majorities ance for bonds authorized but never sold, assumed by counties or which
which they rolled up for Mr. Moody
In both the July and August primaries, have been retired at maturity or on optional call, there would appear to
the peoples of Texas demonstrated
in a most heartening way their good be approximately 165,000,009 Texas road district bonds outstanding.
faith and intention to recognize their
obligation. Chagrined at the repudia- The list did not show districts in some counties which later issued countytion of her policies, the Governor
issued proclamation of a special session wide obligations for the purpose of purchasing or constructing district
and set Sept. 13 as the date for it to convene.
roads. In such cases the districts affected are held to have been autoIn order to strictly comply with constitutional requirement regarding
a
matically abolished and the outstanding district obligations become the
local laws, it was deemed advisable to publish notice
for thirty days in obligations of the county, although the holders may never have
exercised
each county having road districts
of intention to introduce special vali- the privilege of actual exchange of district for county bonds.
dating bills for each district. Some authorities hold that the constituRecent submission by the Governor of local school bills and other subject/
tional requirement was not applicable
to validation legislation, but in view make it difficult for our representatives to advise definitely at
this time
of the importance of the matter and the likelihood of the validation measthe exact number of validation bills finally passed. As nearly as we can
ures being subjected eventually to an acid test in the courts, it was thought determine
at this time, 561 bills have been passed by both the Senate and
best to err on the side of safety. Time was all too limited to accomplish the House, which
include all validating bills with the exception of a limited
this publication in all quarters of a State of such empire proportions as few, which we are
assured will be finally passed before adjournment.
Texas. Working under prk ssure, a list of all road districts bonds approved
Camp County Districts 1 and 2 were listed in error, it being later deby the Attorney-General from 1909 to 1926 inclusive was compiled from termined that a county-wide
issue supplanted these districts. We believe
the bond certificate register in the Attorney-General's department. The that all the other districts
listed in the Bulletin have been enacted with
Validation Committee of the Texas Highway Association, having opened the exception
Shelby County Districts Nos. 4 and 7. Defaults in them
of
headquarters at the capital, took over this list and assumed the entire districts,
it is understood, antedate and are due to reasons other than the
THE CHRONICLE
2084
[VoL. 123
this county opposed a voluminous one—the exhibits forming the major part of it.
Archer County case. Legislative representatives from
with such determination legislation on behalf of Districts Nos. 4 and 7, The report follows:
the whole validation
that it was considered prudent not to jeopardize
REPORT OF REAL ESTATE SECURITIES COMMITTEE.
officials had
program by insistence upon their inclusion. The county
local
The report of the Real Estate Securities Committee differs substantially
prevented due publication in Shelby of notice of intention to enact
Legislature from those of previous years in that it is more of an attempt to compile in
laws for these particular districts, so it was doubtful whether the
a single document, some of the more important viewpoints of the comIn called session had authority to validate them anyway.
the bills, but she is mittees for the last few years, at the same time stating the attitude of the
At this writing the Governor has not signed any of
to allow present committee. By this procedure the committee hopes that the curreported not inclined to exercise her right of veto and disposed
rent report will provide a convenient means for reference covering many of
the bills to become laws without her signature.
Approval by the Attorney-General and registration by the Comptroller the items which former committees have considered.
road bonds from
In addition, the report will touch upon certain other matters which have
has been refused to an issue of $500,000 special county
before arisen during the year and which in the main have not been considered by
Tom Green County, and on this state of facts a case is now pending
question of whether previous committees.
the Supreme Court of Texas for a ruling on the specific
Land Bank Bonds and Timber Bonds.
county obligation bonds are not to be distinguished from the blanket
condemnation which the U. S. Supreme Court gave the whole Act. Harris
The present committee sees no necessity for any discussion concerning
County, of which Houston is the county seat, having a $6,000,000 issue either land bank or timber issues for the reason that in so far as the former
awaiting the
in the same situation as the one in Tom Green County, is
are concerned there is now a special committee of the Association which
outcome of the suit. As noted earlier in this report, special validating bills covers all matters pertaining to Joint Stock and Federal Land bank securibeen passed on behalf of rom Green, Harris and six other counties ties: insofar as timber bonds are concerned, there has been little activity
have
similarly situated.
during the year and we hear of no developments since the report of last
Another case pending before the Texas Supreme Court Is Hawley vs. year's committee, which necessitate comment.
bonds of Wilbarger County, District No. 4, which
Warlick, involving the
Legislation.
validating
have not been issued or sold. As previously noted, a special
Investigation of the laws in different States governing the investment of
bill has been introduced on behalf of this district.
in real estate securities indicates either a decided lack of any
The Supreme Court has just re-convened after being in recess since trust funds
to the laws whatever, or proper provisions in existing laws to safeguard the inJuly 1 and General Counsel of the Association have recommended
recommends legislation where needed to
attorneys seeking to establish the validity of the Tom Green County bonds vestor. This committee therefore
protection, and further recommends that the incoming
and the Wilbarger District No.4 bonds, that the recent legislation be called furnish adequate
induce them Real Estate and Legislative committees work together toward that end.
to the attention of the Supreme Court Justices, and if possible
validating bills. It is your committee's opinion that the importance of this cannot be over
to include in their opinion an expression in regarding such
judges will exaggerated.
This is on the principle that while the case is yet pending the
of Value for Purpose of Appraisal.
and
Elements
have in mind the law as it exists at the time their opinion is rendered,
The committee feels that there is less uniformith of opinion on this subit is entirely proper to file copies of any legalizing Act which the Legislature
was begun. It will mean much to the situation ject than perhaps any other feature of the real estate mortgage problem.
has passed since the suit
obtained.
All will agree that there are certain determinable factors such as value of
U such early consideration of the validating theory can be
As far as information is available at this writing, defaults exist in districts the land and actual cost of the physical improvement, but to what extent
intangible items may be included in the appraisal, such as value of prospecIn only the following counties:
County Seat.
County.
County Seat
tive earning power, leasehold value, architect's fees, builder's profit, interCounty.
Hemphill
Sabine
est during construction, cost of financing, and other similar items, there is,
Angleton
Brazeria
San Augustine we believe, a very wide divergence of views, not only on the part of our own
San Augustine
Stephenville
Erath
Center
Shelby
Kountze
members, but in the minds of real estate experts whose valuations are seHardin
Groveton
Trinity
Jasper
cured for appraisal purposes.
Jasper
Geo. West
In this connection the magazine "Building Investment and Maintenance,"
Live Oak
It is of interest to note that most of the defaulting districts are located published in New York, started some months ago to develop the views of
the timbered section where several Its subscribers on this subject, publishing as part of an editorial a quesIn the extreme eastern part of the State in
prominent lumber operators have withheld their taxes. This is notably the tionnaire, copies of which were also sent to all members of the Investment
case of the Kirby and the Long-Bell interests, and is true also of certain large Bankers Association.
It has been impossible to include in this report the results of this questionoll companies operating wells or pipe-lines in this territory.
In some instances default was due to the position taken by county naire, but it is hoped to incorporate in a succeeding report such results as
official liability might be imposed on them if coupons may be available.
officials that some
A copy of this editorial and questionnaire, Exhibit No. I, is attached to
and bonds were paid. Now that the validating acts have been adopted,
there remains no authority for corporations to withhold their tax or for offi- this report. We recommend that the incoming committee should devote
paid their all of the attention possible to the development of this subject, and if possicials to plead apprehension of official liability. Many districts
April principal and interest on assurance from the Attorney General's ble present definite recommendations.
Department that the status of their bonds was not affected by the Archer Guaranteed vs. Unguaranteed Mortgages—Surety Company Guaranteed
County case. As far as the present October collections are concerned, it
Mortgages—Mortgages Guaranteed by the Issuing House.
Is believed that the special legislative session will accomplish even more
It is clearly apparent that our members, as well as the committee itself,
good by way of re-assurance, and that defaults may be expected to be very
have very different views on these subjects, and the committee therefore
few.
with respect to surety company guaranteed mortgages,
This report should not be concluded without a word of appreciation for the feel, particularly
has not yet elapsed to enable it to make any definite
work done by Chapman, Cutler & Parker, general counsel for the Associa- that sufficient time
However, pending the adoption of any conclusions on
tion,especially Henry E.Cutler,in connection with this whole Texas matter. recommendations.
committee, there is hereto attached Exhibit No. 2 for
Allowing in closing to quote from a recent letter by them well summarizing the subject by the
members at large, as well as the committee, a
underlying theory of all the efforts to remove the cloud cast on Texas the consideration of the
the
statement of the views of some members who have been particularly intersecurities by the Archer County case.
the surety company guarantee of real estate
"The proposed validating bills do not attempt to legalize an unconsti- ested in the development of
succeeding committee may properly consider
tutional law, which of course it would be impossible to accomplish. We bonds. It is a subject which a
this, the present committee desires to make no
approach the situation in so far as road districts are concerned as though and develop. Other than
there was no statute in the State of Texas authorizing the creation of road further comment.
A questionnaire,copy of which is attached to this report as Exhibit No.3.
districts and that all action had in connection with the creation of road diswas recently sent to a large number of surety companies for the purpose of
tricts has been without any statutory authority.
whether or not real estate bonds were
"The taxpayers of the different communities throughout the State organ- ascertaining among other things
the approximate amount of such guaranteed bonds,
ized these road districts and voted bonds and taxes for the payment of same guaranteed by them,
information, of which a summary has been tabulated
without any legal right to do so in so far as statute law is concerned. While and other pertinent
considerable interest.
there was no Act of the Legislature warranting the creation of such read dis- and may prove of
Real Estate Securities Exchange.
tricts and authorization of bonds, yet at that time there was a complete
grant of power to the Legislature of the State to create such road districts.
Sometime during the month of June certain parties in New York presented
the source
This grant of power contained in Section 52 of Article 3 constitutes
a memorandum advocating the establishment in New York of a real estate
of our authority for hoping that the proposed curative laws will accomplish securities exchange, claiming that the distribution of over five thousand
desired,and if their validity is sustained by the Texas State Supreme Issues amounting to several billions of dollars necessitated the creation of
the end
Court we believe that the United States Supreme Court will follow that con- national market facilities. The memorandum contemplates trading not
struction. At that time the existing road districts covered by the validat- only in first mortgage bonds, but also common and preferred stocks of
reing bills will have been recognized and created by the Legislature, thus
building companies,stocks and bonds of mortgage, title insurance, guaranty
moving the objection urged in the Archer County case that their creation and trust companies affiliated with real estate, and not listed on any New
came about by an unlawful delegation of power."
York exchange, and in second mortgages, debentures, notes, &c. Your
Respectfully submitted,
Committee is opposed to the establishment of any such exchange, believing
GEO. PACKARD,
-secured, publicly-offered issues enjoy an adequate market
that the well
Vice-Chairman, Municipal Securities Committee.
under existing conditions.
Questionnaire.
During the early part of the year the Groups selected Chairmen of
Real Estate Securities Committee—New York group real estate securities committees both for the purpose of handling
Report of
local problems and for the development of information of value to the
State Questionnaire—G. L. Miller Receivership,
main Committee. Insofar as local problems are concerned it is taken
State questionnaire, distributed by the granted that such have been handled in an entirely satisfactory mannerfor
The New York
as
naming of a receiver for G. none have been presented to the National Committee.
State of New York following the
It was thought to be worth while to attempt to develop through the
L. Miller & Co. (not a member of the Investment Bankers means of a questionnaire the trend of various factors in the different Group
Association), is referred to in the report of the Association's territories and for that purpose the questionnaire was prepared and disReal Estate Securities Committee, of which Clarkson Potter, tributed to the Group Chairmen. Replies clearly indicated that it would
not be passible without too much effort and expense to secure the informaof Hayden, Stone & Co., of New York, is Chairman. The tion, either for each group as a whole or even in the larger centres. Acquestionnaire, the report notes, was "designed to throw all cordingly, the development of this means of securing information was
possible light on the operations of firms, corporations and abandoned.
Representation in Circulars.
individuals engaged in the underwriting of real estate mortThe chairman ot each committee is now charged with the responsibility
gage bonds in New York State." The report (which does of reporting to the Board of Governors, or if directed by any Executive
not mention the firm by name), expresses the opinion that Official of the Association, direct to the Business Conduct Committee.
"had the affairs of this house been conducted along the lines any alleged violations of an established principle of sound practice which
may have been brought to its attention, such reports to the Board of
of the recommendations of the various Real Estate Commit- Governors to be made at least once each year. This decision was reached
Association," the receiver- at the Board of Governess meeting in May and since then all circulars
tees of the Investment Bankers
would never have occurred. The report is offering real estate securities of any type and received by the Secretary's
ship proceedings
•
OCT. 23 1926.]
r
THE CHRONICLE
Office have been forwarded to the chairman for the purpose above specified
In order to determine whether or not such circulars violated sound
practice either by misleading statements or through the omission of information which the various committees have recommended to be included a
memorandum report on each circular received has been prepared and
forwarded to the Secretary's Office. together with the circular covered,
with recommendation that the attention of the member be directed to the
points in which each circular was at fault; advising the attitude of the
Real Estate Securities Committees on these points and requesting adherence
to the recommendations of the committees in the future. A form of the
memorandum is attached as Exhibit No. 4.
It is assumed that most of the omissons of essential information are
due either to carelessness or a lack of knowledge on the part of the members
as to what the Committee's views have been, and it is hoped that it will
be unnecessary to do anything more than call the attention of the member
to these omissions.
It will be of interest to note that since the Secretary's Office has started
forwarding circulars to this Committee a total of 89 have been examined.
New York State Questionnaire.
During the early part of September, immediately following the naming
of a receiver for a large realty bond house, not a member of the Investment
Bankers Association, the State of New York prepared and distributed a
questionnaire designed to throw all possible light on the operations of firms,
corporations and individuals engaged in the underwriting of real estate
mortgage bonds in New York State, the inquiry being conducted by Attorney-General Ottinger through the State Bureau for the Prevention of Fraud.
A copy of this questionnaire, Exhibit No. 5, is attached to this report.
The committee approves without qualification the decision of the Attorney-General to acquire the information by means of this questionnaire
and believes that the information so obtained will be valuable to him in
his campaign to prevent the distribution of unsafe or fraudulent issues of
real estate mortgage loans in the future.
Your committee is of the opinion that had the affairs of this house been
conducted along the lines of the recommendations of the various real estate
committees of the Investment Bankers Association such a condition of
affairs would never have been reached.
'2085
with respect to which the 1926 Committee sees no reasun for such assurance
as an obligation of the issuing house; and with respect to subdivision (b)
the Committee recommends a plan of disbursement against certificates of
supervising engineers. The present Committee also strongly urges the
necessity of providing that the proceeds of the bonds shall not be expended
until evidence is furnished to the Trustee that the building has been completed to specified stages of construction, representing the expenditure of
substantially all the equity money.
5. Completion Bonds.
1925.
-The Committee set forth in detail their opinion as to the type of
bonds which should be used and furnishes a sample copy of bond which has
its approval.
1926.
-Realizing that the details of the completion bond may vary
somewhat in accordance with the ideas and theories of the issuing house or
by reason ofthe policies of the surety company,this committee has approved
of a form of completion bond as being satisfactory in all essentials, a copy
of which as Exhibit NO.6 is hereto attached.
This bond combines apparently everything of value in the bond submitted by the 1925 Committee, and in addition provides specific responsibilities on the sureties for
1.
-Interest on mortgage bonds.
-Taxes.
2.
3.
-Other charges.
4.
-Four months' extension after comletion or mechanic's liens.
As compared with the 1925 bond, it does not require that sureties
complete within three months after specified completion; such
Completion
might require a year.
6. Leasehold Bands.
-Agrees with 1925 committee in the latter's conclusion that,
1925.
while leasehold loans, when carefully made, have been and may
be the
basis of many sound investments, the making of such loans should not be
undertaken without careful study of the general principles involved nor
without the most thorough investigation and consideration of all conditions
affecting the particular lease, as well as the particular property involved.
The 1925 committee sets forth in some detail the advantages of leaseholds,
basis of valuing the leasehold equity, types of leases, character of improvements and statements to be made in circulars.
1926.
-Agrees in general with the conclusions of the 1924 committee.
7. Trusteeship.
-Admitting the business advantages in the use of an individual
1923.
trustee affiliated with the issuing house, the committee feels a corporate
trustee, such as a modern trust company, or national bank with trust
powers, possibly supplemented by individual co-trustee, will ordinarily
make for soundest practice and protection of investor.
1924.
-Agrees with 1923.
1925.
-No comment.
S. Representation in Circulars.
1923.
-All essential facts should be clearly stated, such as detail of
land and building appraisal, name of appraisers, name and address
of borrowing corporation, Personal interest, if any, of the issuing house
in the
property, full description of property and if any part on leasehlid,
terms
of lease should be given in detail. The title "First Mortgage
Bonds" is
recognized to mean a first mortgage on both building and land and
shluld
not be used without qualification where building is
erected on leased
grounds.
Earnings, properly analyzed, should be set forth in detail; in cases
of
new property estimated earnings should be conservative and justified
by
similar properties. If under construction, that fact should be definitely
stated and a statement should be made-as to how proceeds of the
loans
will be safeguarded during period of construction; names of approving
attorney, trustee, guarantor of title and other experts should be
given.
Any illustration showing improvement under construction should clearly
so indicate.
1924.
-Agrees with 1923.
1925.
-Where leasehold bonds are concerned it is important that special
pains be taken to set forth in all offering circulars accurate and full information covering those major provisions of the lease which may affect
the bondholders' interest. The practice in the past in printing 'First
Mortgage" in large type and "Leasehold" in smaller type in the body
of the circular or any other attempt to disguise the real nature of the
security should not be countenanced.
9. Guaranteed First Mortgage Bonds.
1924.
-Committee notes an increasing tendency in bonds carrying the
guarantee either of the issuing house or by outside underwriting or insurance companies and the committee assumes it is the sole desire of ths
sellers of such bonds to secure a higher degree of safety for the investor.
The committee admits that if the issuing house pursues the same conservative methods used by the old-time orthodox mortgage companies, a
large added measure of security may be obtained fur the bondholder, but
It guarantees are used as a camouflage for overloans or careless methods
no such guarantees will ultimately protect an intrinsically poor investment. Committee recommends that this subject be particularly studied
by the succeeding Real Estate Committee.
1925.
-Committee has expressed certain ideas on this subject. Including
criticism of undue emphasis of the value of the guarantee, but as stated
elsewhere in the Report of the 1926 Committee, this subject is one which
is recommended for special study by a succeeding committee as we believe
there is, at present,too great a divergence of opinion both in the membership
as a whole and in the committee itself to warrant any real conclusions at
this time. See Exhibit No, 2.
1926.
-No opinion expressed.
10. Land Trust Certificates.
From the standpoint of general distribution to investors, this type of
security represents a rather recent activity in the part of our members,
although it is recognized that land trust certificates as such have been
purchased by investors for many years. A cursory examination of some
of the different types indicates substantial differences as between various
sections of the country. This committee is not now prepared to make any
specific recommendation on this type of financing, but it is hoped that
the incoming committee may arrange to devote special study to the subject
and if possible make specific recommendations at the next convention.
11. Real Estate Bond Financing, 1926.
Attached hereto as Exhibit 7 is a statement prepared by Mr. W.0.
Clark of S. W. Straus & Co., New York, and for the purpose of this report
the following summary will serve to direct attention to the items which
Mr. Clark's statement covers.
Summary.
Recommendations of Previous Committees, Together with the Viewpoint of
the 1926 Committee.
Loans on City Property.
1. Valuations.
1923.
-Independent appraisers are preferred, although the practice has
been largely appraisals by the company making the loan.
-Agrees with 1923.
1924.
-No comment.
1925.
1926.
-Strongly recommends the use of independent appraisers of high
standing; but irrespective of identity of appraisers reaffirms caution as to
appraisals and insistence of proper stake on the part of mortgagors.
2. Elements of Value.
1923.
-In cases of improved property, well-established earning power
plus reasonable bona fide sale value should govern. If improved, new or
under construction value of building should be at cost or sound replacement
value, whichever is lowest, including only reasonable normal percentages
to cover contractor's profit, architect's fees, interest during construction,
cost of financing, &c.
-Agrees with 1923.
1924.
-No comment.
1925.
-Agrees, but with reference to desirability of further developing
1926.
this subject as mentioned above under paragraph "Elements of Value for
Purposes of Appraisal."
3. Percentage of Loan to Valuation.
1923.
-Strongly believe in view greatly increased building and labor costs,
unwise to depart from basis governing investment savings bank and trust
funds. Majority of committee believes 50% of existing costs should be
the standard with 60% as a maximum.
-Agrees with 1923.
1924.
1925.
-No comment.
1926.
-We feel it is impossible to fix an arbitrary minimum or maximum
ratio for the reason that conditions the country over differ so widely, and
further that the proper determination of value has developed such a wide
divergence of opinion.
Assuming property in favorably located sections, we advocate in general
that loans should not exceed 66 2-3% of a proper sound valuation, realizing
under certain conditions loans at even 50% of the appraised value might
be too heavy.
4. Protection During Construction.
1923.
-While preferable to hold construction loans until completion,
such may be sold in advance provided proper steps are taken for protection
of investor.
(a) Investor should be informed he is purchasing a bond on construction
in progress.
(b) Funds received from sale of bonds should be impounded with proper
fiscal agent, such as a trust company organized under State Laws, or
National Bank with trust powers, under a plan of disbursement against
architect's certificate, waivers of liens and other evidence proving investor's
money has been invested in the property.
(c) A surety bond insuring completion of the project and application of
loan proceeds should be furnished by the borrower.
(d) Issuing house should guarantee the investor that the project will be
completed and free from mechanic's liens.
(e) The Committee admits facility of operation can be obtained by
conducting these processes within the issuing house, but feels, 'fleeing the
proposition from a broad standpoint there are dangers in this method.
Should the issuing house retain such funds and disburse them, such funds
should be marked so that in the event of financial disaster to the house they
would not become subject to a claim by common creditors. Funds accumulated by issuing house for purpose of retiring interest or principal of
bonds should be handled in the same manner.
-Agrees with 1923.
1924.
1925.
-The Committee does not in detail discuss the specific recommendations made by previous Committees, but it does in very considerab'e
detail analyze the various requirements which should be provided in ccnnection with loans or properites under construction, such as provision of
funds by the mortgagor up to the point where the net proceeds of the loan
will be sufficient to complete, the initial necessity of determining the entire
cost of the work, the affidavit from the mortgagor setting forth the name of
the contractors and the amounts of all contracts and copies of contracts
themselves, the necessity of a competent inspection of the engineering
department, certificate from architects as to amount in quantity and in
terms of cost and work done up to the point when proceeds of loan comVolume offinancing approximately same as last year, about $750.000.000.
mences to be used, and proof that payment for work done has been made. but if all the various classes of securities based on urban real estate were
-Agrees in the conclusions of 1923 Comknittee as set forth above Included, the figure of $1.000,000.000 will be approximately correct.
1926.
in subdivisions (a) to (e) inclusive with the exception of subdivision (d) No inclusion in,this tota Lis made of enormous purchases of real estate
THE CHRONICLE
2086
mortgages directly by insurance companies or °Wes financial institutions
for their own account.
Statement of long-term real estate bonds issued in years 1922-1925
inclusive and for each of the months of 1926 through June inclusive, indicates the purpose of issue, whether construction, improvements or completed properties, and also the amounts involved as between different
types of buildings such as office and commercial, hotels and apartments.
Building activity, despite many gloomy predictions a year ago, continues on very high levels throughout the whole country. Peak was
probably reached last fall and during last few months a gradual decline
has set in. Year as a whole will prohably equal 1925. Here follows a
table showing the value of contracts awarded in the 36 States east of the
Rocky Mountains comparing the first eight months of 1926 with the same
period of 1925. Building costs during 1926 approximately stable with
slight tendency to rise: materials slightly lower: wages slightly higher.
Rents and Vacancies.
Intense building activity has brought to an end persistent rise in rents.
and where surplus has been created rental concessions are granted and
rents show declining tendency. As a whole approximate stabilization
represents condition of rental market in most sections. Vacancies in
office buildings slightly higher than the first of the year but slightly less
than last fall and materially less than two years ago.
In conclusion, I desire to express my sincere thanks to the members of
the committee for their co-operation which has been extended during the•
year, and particularly to those of the committee who have actively assisted
An the preparation of this report.
Respectfully submitted,
CLARKSON POTTER, Chairman.
E. E. Beeck
L. R. Ballinger
K. I. Fosdick
0. Prevost Boyce
Geo. B. Johnson
H. N. Gottlieb
Conner Mellott
John C. Legg
George Van Riper
Frank Nicol
-the New York State questionnaire follows:
Exhibit 5
REAL ESTATE SECURITIES EXHIBIT NO. 5.
STATE OF NEW YORK.
Before the Attorney-General.
-1
IN THE MATTER of an inquiry conducted by the Attorney
-Al Real Estate
General of the State of New York pursuant to Article 23
of the General Business Law of the State of New York in}Bond and
in the sale of securities' Mortgage.
regard to the practices of
and commodities. etc.
of the State of New York,
To Albert Ottinger, Attorney-General
a
The undersigned subject of the above inquiry
, hereby flies with you under oath the following
under the laws of
information pursuant to Chapter 649 of the Laws of 1921 and amendments
thereto:
Street,
I. The subject's principal place of business is located at
, and its principal place of business in
. State of
Olt" of
,County of
Street, City of
New York at
2. Branch offices of subject are located where?
under which subject's business is conducted.
3. Name
4. List of real estate bond issues underwritten by you and now outstanding either in whole or part, giving as to each issue (a) amount of issue,
(5) date), (c) valuation of property securing same as advertised, (d) first
year's interest,(e) estimated net earnings,(f) your finance charges itemized,
(g) amount of principal paid off to date, (h) carrying charges during construction added to cost of building, including interest on bonds.
5. Complete list of your bond issues that (a) are in default, (b) are
secured by building that has been taken over by company or subsidiary,
or any corporation in which you are interested, (c) have been or are now
subject to receivership.
6. copies of announcement and sales circulars on all Issues listed above
in (5).
7. Complete list of bond issues in default at present time on which
you are making interest and principal payments.
8. Copies of announcement and sales circulars on all issues Mated in (7).
9. Complete list of your bond issues which have been in default at
various periods since date of issue-during which periods you have had to
meet or carry defaulting payments in interest and principal: give period of
default and total sum of interest and principal paid by you-also date
default paid up.
10. Complete list of your bond issues upon which all interest payments
are still being made from advanced interest charges included in finance
charges and derived from the proceeds of bond sales; give amount of interest
so deducted In each case.
11. Itemized statement of notes due you or your subsidiaries from borrowers who have defaulted on bonds.
12. Itemized statement of advances made by you on account of interest
tied principal in default by borrwers on your bond issues.
13. Is it your practice to notify your bondholders when your borrowers
default on their interest and principal payments?
14. Detailed analysis of all your claimed assets and of your financial
satement showing net worth of company as of date when your books were
last closed.
auditor, If any Is employed to audit
15. Give name and address of outside
ydur accounts.
companies, showing officers of each,
16. Complete list of subsidiary
subsidiary.
explaining briefly purpose and functions of
associates any direct or indirect Interest
17. Have you or your officers or
equipment. brokerage, real estate or other
In any architectural contracting
any money has ever been paid for
atm. person or corporation, to which
connection with the financing or erection
work done or services rendered in
any of your bond issues?
br purchase of any property securing
directors, trustees or employees,
18. Have you or any of your officers,
financially or otherwise, directly
es their relatives, ever been Interested,
forming part or all of the security for
or indirectly. in any land or building
any bond issue ever underwritten by you?
others that any certain
19. Have you ever stipulated to borrowers or
real estate firm be
architectural, contracting. equipment. brokerage, or
securing any of your bond issues?
employed in connection with any property
principal and interest
20. Statement as to whether you offer guarantees of
guarantee, used, toof' your bond issues, and full details as to the type of
financial statement of
gether with sample copy of guarantee form and
your obligations guaranteed.
company guaranteeing,and principal amount or
appraisals; of land,
21. Description and full details of your method of
building and rental incomes, securing your bond issues, together with
them of work sheet.
full details of
22. Do you publish in your bond advertising literature,
'valuation of property and estimated income.
23. Do you separate appraisals of land and building?
[VOL. 123.
24. Do you substantiate such appraisals in all Cases by also publishing
opinions and appraisals of independent competent authorities?
25. Do you have a limit on the percentage of the value of the property
securing your bonds beyond which you will not make a loan? If so, what
is it?
26. Give list of all your bond issues secured by property whose estimated
earnings you have capitalized as a basis of an appraised value and then
based loan upon the ratio of bond issue to such capitalized value.
27. Give a complete list of all your loans or underwritings In which the
amount of your bond issue is In excess of66 2-3% of the valueof the property.
28. Statement of your practice of verifying from time to time the actual
cost of construction of buildings for the account of which you make payment
of moneys derived from proceeds of bond sales.
29. List of your bond issues secured by real estate on which buildings
were incompleted at the time these bonds were issued and sold.
30. Forms of your underwriting agreements with borrowers.
31. Forms of your bonds and of the mortgages securing same.
32. Do you earmark and segregate moneys received by you from borrower
on account of amortization payments, taxes, interest, dtc., upon yolk bond
Issues? If so, in what manner?
(CORPORATE SEAL. IF INCORPORATED)
-If the subject is a corporation, trust or association this statement
Note:
must be signed and sworn to by the officers duly authorized to execute
papers on behalf thereof. If subject is a co-partnership, this statement
must be signed and sworn to by all partners.
State of les.:
County off
A.D. 19-, before me a Notary Public.
On this ___ day of
who, being duly sworn.
personally appeared
(Name of signers)
according to law, do depose and say that, to the best of knowledge and
belief, the statements contained in the foregoing are true and correct t nd
that complete answers have been given to all the items contained therein.
and that they are
(Title)
Corporation
Respectively of such association
and
papers on behalf thereof.
and are duly authorized to execute
NOTARY PUBLIC.
My commission expires
The following (Exhibit 7), relative to real estate bond
issues, building activity, &c., in 1926 is also taken from the
report:
Real Estate Bond Issues
-I926.
Real estate financing, which has experienced such a rapid expansion
since 1920, continued in approximately the same volume as last year.
Unfortunately it is impossible to say precisely what the total sales of
urban real estate securities of all kinds have amounted to during the present
year. The compilations made by various financial publications are lees
comprehensive and less satisfactory for real estate issues than for any other
type of security. In part, this defect in the statistics Is inevitable and probably ineradicable, because so many of the issues are small and of local
interest only and because so many are sold directly over the counters of
banks and other financial institutions without any public advertisement or
formal offering of any kind. In last year's report of the Real Estate
Securities Committee, it was estimated that the total volume of urban real
estate securities of various kinds offered during 1925 would be not far
from one billion dollars. That was probably a conservative estimate,though
5 compilations of the Commercial and Financial Chronicle
the incomplete()
showed at the end of the year a total of only $752.652.000.
• For the first seven months of 1926, the Chronicle reports that the financing of "land and buildings, dtc." involved a total offering of $437,798,200
In long and short term bonds and notes and stocks as compared with
$434.691,400 for the same period In 1925. Long-term bond issues alone
amounted to $391,443.000 for the first seven months of 1926 and to 2303,024.900 for the corresponding part of 1925. An independent compilation
of real estate offerings, excluding issues based on foreign properties and
Including only long-or short-term bonds or debentures and land trust
certificates, shows a somewhat higher total. According to this calculation,
the offerings for 1926 have run by months as follows:
January-----------------------------------------------383,082,000
February----------------------------------------------- 50,946,500
March------------------------------------------------- 66,442,500
April--------------------------------------------------- 59,831,500
May--------------------------------------------------- 65,087.500
June--------------------------------------------------- 95,250,000
First6 months----------------------------------------3420.640,000
July--------------------------------------------------- 86.659,500
August------------------------------------------------- 52,220.280
First 8 months---------------------------------------3559,519,780
The Chronicle compilations are absolutely complete within the limits
set. They aim to Include all real estate Issues for land or buildings, where
more than a single individual 'or concern is involved-that is where the
bond or security is not In the shape of a single unit or block, but offered
for sale In multiple form and made up ofa number of separate units, of larger
or smaller denominations, though not for amounts less than 225,000.
(Editor)
It is apparent that if all the various classes of securities sold to the public
which have urban real estate as their basic security be included, the figure
of close to a billion dollars estimated by last year's committee would probably represent a fairly close estimate for 1926 as well. This does not
Include, of course, the enormous purchases of real estate mortgages made
directly by insurance companies and other financial Institutions for their
own account. United States life insurance companies, for instance, held
at the end of 1925 real estate nrIrtgages amlunting to $4,823,871,000.
or 42% of all their admitted assets, and during that year had increased
their holdings of such securities by no less than $649.102.000.
From the detailed reports on individual security issues published by the
"Commercial and Financial Chronicle." the Department of Trade and
Commerce segregates and classifies the long-term real estate bond issues
put out by mortgage bond houses. The results of the department's tabulation covering operations of the last five years are summarized in the following table:
LONG-TERM REAL ESTATE BONDS.
-the hundreds
-The following table gives the figures in thousands of dollars
• Note.
column having been omitted.
Purpose of Issue.
Year and
Month.
Grand
Total,
2087
THE CHRONICLE
OCT. 23 1926.]
Kind of Structure.
Aegutsi- Offices
Real
To
Finance Estate Lions and and Other
Construe- Men- Improve- Commer- Hotels,
dal.
menu.
gage,
lton,
Apartmelds.
1922
$160.056 $101,422 $12.790 $26,512 $74,050 $32,115 528,840
1923
239.283 156,169 25.885 44.350 116.670 52,250 41,980
1924
319.253 228,117 51.931 12,678 146.567 59,563 66,802
1925
695,556 399,864 151,356 86,796 262,704 117.132 97,860
lst6 months 1925 332.927 206.083 67,910 33,515 143,943 53,838 48,472
late months 1926 320,587 176.362 51.703 46,247 148.281 47,638 42,001
9,490 11.318
4,522 27,342
1926--January
8,663
53.927 38.767
3.258
1.650
February_ 41,153 32,858
2.750 29,550
250
6,075
8,925
5.230 16.525
50,370 24.950
March
9,640
6,440
6,235
April
5,085 11,378
42.398 20,603 13,110
7.875
4.833
May
49.764 18,239 12,615 15,480 29.191
7.035
June
7,425 13.180 34.295 16,505
82.985 40,945
Building Activity.
Despite the many gloomy predictions made in various quarters a year
ago, building activity continues on a very high level throughout the country
as a whole. Indeed, the volume of construction during the first quarter and
the first half of 1926 was 32% and 14%. respectively, in excess of that of
the corresponding parts of last year. However, the peak of activity for
the current movement was probably reached last fall, when the issuing of
permits and the awarding of contracts established several unprecedented
new monthly records. During the last few months a very gradual decline
has set in and the margin over 1925 has steadily diminished. However,
August was the second highest month on record, and it is the fairly unanimous opinion that the year as a whole will probably just about equal its
record-breaking predecessor and may even exceed it slightly.
In the following table the value of contracts awarded in the 37 States east
of the Rocky Mountains is given for each of the first 8 months of 1926 and
compared with the corresponding figures for 1925.
Gain or Loss
Contracts Awarded
1926.
from 1925.
37 Eastern States.
January
+487
$457.158.600
February
+31
407,899.800
March
597.879.300
+224
First quarter
May
June
$1,462,937,700
570.613.800
549,814.800
544,792,400
+32
+1
+8
-2
First half
July
August
$3,128.158.500
518.841.900
600.808.000
+142i
April
-5
First 8 months
+9%
$4.247,808.400
Conditions vary somewhat as between different sections of the country
and different types of buildings. In the following table the increases or
decreases from last year are summarized for the first eight months of 1926
for the various georgraphical sections and the various types of buildings:
-37 Eastern States
Gain or Loss
Total Contracts
'25
District1st 8 Months. 1926. from 1st hal ,
-7
New England
$296.208.700
+21
New York and Northern New Jersey... 1,160.070.000
+13
Middle Atlantic
426.505,400
-10
Pittsburgh district
532.647. 00
+9
Central West
1.056.548.800
+10
Northwest
74.512.700
+8
Southeast
533.709,400
+31 •
167,605.500 '
Texas
$4,247.808.400
Type of Building
Commercial
Educational
Industrial
Public works and utilities
Residential
All others
$625.057.500
266.230.500
460.963.700
735.756.200
1,78.5.023.400
374.777.100
$4,247,808,400
+9%
+5
-13
+42
+22
+4
-4
+9%
Building Costs.
During the past year building costa have been approximately stable,
though showing a slight tendency to rise. The prices of building materials,
it is true, have been falling since the first of the year, but the effect of
this decline has been slightly more than counterbalanced by higher building trades wages. The United States Bureau of Labor statistics index
number of building material prices fall from 178 in January to 172 In July;
in July 1925 it stood at 170. The index of building wages, which is compiled by the Federal Reserve Bank of New York and which stood at 218
in July 1925. rose to 225 in February and to 227 in July of this year. The
same bank's index of building cost as a whole stood at 194 in July (I. e.,
94% above the 1913 average) as compared with 194 in January and 189
in July 1925. Other indexes of building cost show approximately the same
fluctuations.
Rent and Vacancies.
Office Building Vacancies.
No.of No. of
Vacant.
Cities Buildings Total Space
Square Feet.
Square Feet.
Survey Date- Reporeg.Reporrg.
6.691,616
V.927.928
1,105
23
Oct 1 1924
6,574,450
6.3,214 658
989
23
Jan, 1 1925
8.887.170
102.385.344
1.441
27
Apr. 1 1825
10.205,312
111.121.685
1,664
29
1925
Oct. 1
7.773.566
101.415.011
1.441
28
Jan. 1 1926
10.059.249
118.863.778
1.799
35
Apr. 1 1926
Cities Reporting on Supply of Office Space.
Atlanta
Baltimore
Birmingham
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Dayton
Detroit
Duluth
Fresno
Indianapolis
Los Angeles
Louisville
Memphis
Minneapolis
New Haven
Oakland
Peoria
Philadelphia
Portland
St. Louis
Salt Lake City
San Antonio
San Francisco
Seattle
Spokane
Toronto. Ont
Vacant.
Per C
9.8
9.69
8.2
9.18
7.66
8.46
Per Ct.
Per Cl. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Change
Oct. 1 Jan. 1 Apr.1 Oct. 1 Jan. 1 Apr. 1 Last 3
1924. 1925. 1025. 1925. 1926. 1926. Months
14.2 -1.5
15.7
19.4
18.2
20
20.8
17
•
20.4
13.2
11
8
.
7.3
15.5
12
15.7
10.9
11.2
16
--9
8.6
7.1
9.7
*
19.7
16
--9
12
13
--=4
+4
-1.4
=A
-1.7
4..8
---.3
9.4 . 9.1
19.41 17.7
---,
13.5
1-3
13.5
.2
13
14.5 --10.5
10.8
8.0
8.0
5.5
5.7
18.5
7.1
9.6
20-6.2
10
10
14.7 +1.1
13.6
13
11.5
13
---15
15
6
2
-17.5
8.4• 17.5
9.1
* 9.1
6.2 -6.8
-:::3.6
11.0
7.4
5.4 --_17.4 -8.4
9.4
9.7
10.3
7.6
22.5 +15.1
7.4
7.4
7.4
--------32.2
.6
• 11
+.s
0.2
.
7.4
-6.3
6.3
.8
7
11" ib.5 14.4 14.7 15.5 -.4
10 92 10.5
7.7
-.5
6
6.5
6.75
-1.4
15.2
16.6
17.2
19 16
-.2
6.1
6.3
7.3 --_6.4
+1.0
14.3
13.3 --_7.2
17
10:1
15.2
--II
President Morris, commenting upon the excellence of the
report, in carefulness and continuity, asked that the convention express its thanks not only to Mr. Potter but to his
committee on the work done by it. A motion to this end
was seconded and carried.
Report of Foreign Securities Committee.
One of the interesting reports to come before the Investment Bankers Association was that of the Foreign Securities
Committee (under the chairmanship of Howard F. Beebe, of
Harris, Forbes & Co., New Yorlg), in which, amorg other
things, was shown the "present value" of payments under
debt settlements on a 43j% basis, according to tables presented by the Bankers Trust Co. of New York. Before submitting his formal report, Mr. Beebe said:
As a rather introductory matter, about a more or less formal report, I
would like to say that the Foreign Securities Committee, with which I
have had some contact for a number of years, both as a member of it and
as an officer of the Association working with it. has been one of those committees that apparently was originally thought they ought to have in order
to round out the picture, and the policy in previous years, because of the
conditions prevailing, has been one more of watchful waiting than any very
definite policy.
Matters have moved apace within the last couple of years, and our committee felt that the time had come when we should do more than sit by and
wait for some matter of more or less importance to our membership to be
taken up. In our efforts to try to find how we might be of service to the
Association, we again came upon the situation which Mr. Lamont met
when he was Chairman, I think, of the first Foreign Securities Committee
appointed by the Association. That was, that there is in this country at
the present time no satisfactory place where authentic and up-to-date information bearing upon the financial aspects of foreign countries is available.
Some of the members of the Association that have followed the work f the
Association in years gone by will recollect that there have been several
attempts made, from time to time, to find some way of establishing a socalled financial library; not a museum, but a library, a working library, and
for good and sufficient reasons in each case it was deemed that we had not
found the ideal way to go ahead.
The report, of a more or less formal nature, which we will give is not
designed to be of a startling nature but simply to try to bring home to the
members of this Association what enormous strides are being made in the
placing of foreign securities in the American markets, and I do not believe
there is any better way to emphasize that than to give the figures and their
sources.
During the presentation of the report Mr. Beebe also said:
One of the committee's problems, at found, was the co-ordination of the
The intense building activity of the last four or five years has brought Foreign Securities Committee and our old Industrial Committee at home,
to an end in most parts of the country and for most types of building and Mr. Elliott of our committee will try to say a little in a rather informal
facilities the persistent rise of rents which has been so important a phenom- way in regard to that problem, and how he thinks possibly we can be helpenon of the post-war period. Indeed, where any considerable surplus of ful in conjunction with the present committee headed by Mr. Wilbur.
I think I might informally comment on something that may interest our
facilities has been created, rental concessions have been freely granted and
rents have shown a tendency to decline. This condition, however. Is members. As is generally known, my own concern has spent a great deal
by no means universal. Approximate stabilization represents the con- of time in studying the problem abroad, particularly in reference to the
dition of the rental market in most sections as is evidenced by the following German situation. I myself spent considerable time there and one of the
was
extracts from the semi-annual survey of the rental market made by the interesting things that I tried to dig out In London and in Germany
What position the English banker was taking in respect of German securiNational Association of Real Estate Boards in June of this year:
"There is little change in the reports regarding residential rents. Eleven ties.
Of course, the English have had a world-wide experience in foreign inper cent of all the cities reporting indicate that residential rents are increasing. Sixty-five per cent indicate stationary rents, and 24% report the vestment matters, and it seemed rather significant to me that there had
tendency down. The figures for June 1925 were 11% up, stationary 70%, been no public Issues of securities in Lohdon. I found there were several
down 19%. Again, as in December 1925, no city over 200.000 population
first, the very natural prejudice that followed
,
reports that rents are increasing in any type of residential property. but reasons contributing to that:
23% of the reports from district boards indicate Increase in residential the war: second, that money was needed at home for British purposes: but
rents. Fifty-seven per cent of the reports from cities in Canada also indi- thirdly, and very interestingly. I found that a great deal of English money
cate increasing rents, as well as 40% of the reports from South Central sec- was going into Germany. but not In public issues, but rather in equities.
tion. The highest percentage of reports of decreasing residential rents
They were buying real estate, stocks of various industrial concerns, and
comes from the North Central section.
"Forty-two per cent of all the reports indicate that the rents of central probably they have, and undoubtedly have, found those investments yeti
business-property have Increased, and 30% Indicate a tendency for rents profitable. I thought that was a very significant thing. It certainly had a
of outlying business property to climb. Twenty-one per cent indicate considerable bearing on what report and recommendations I was willing to
higher rents for centrally located offices and 13% for office space in outlying
make to my own house.
districts."
Conditions In regard to office building vacancies are presented in the following table summarizing the results of the rental surveys of the rental
committee of the National Association of Building Owners & Managers:
The report as formally presented follows:
Since the previous report of the committee the American money market
haa continued to absorb a heavy volume of foreign investments. Accord-
2088
THE CHRONICLE
tog to compilations of the Department of Commerce, foreign securities
publicly offered in this country between July 1925 and July 1926 aggregated $1,302,339,000. This amount is somewhat below that of the corresponding period for the previous year when It totaled $1,381,691,000.
These two years have thus added well over two and a half billion dollars
to our foreign hol tinge which at present may be estimated at about $11.000.000,000. This international financial position of the United States
is in marked contrast to what occupied in 1914 when our capital abroad
was estimated at about $1.500,000.000 and our obligations owed to foreigners aggregated approximatIy $4.000,000,000, thus leaving a net indebtedness of around $2.500,000,000.
It is interesting to analyze the changing nature of our foreign investments with particular refernce to the obligor and to the geographic distribution. Our pre-war investments consisted mainly of proprietary interests
such as factories, plantations or mines in foreign countries. During the
war and post-war period large issues of foreign public obligations were
placed on the American money market so that at one time the volume of
foreign government and government- guaranteed obligations almost equalled
the amount of industrial securities and direct investments abroad. In
recent months the volume of government and government-guaranteed
securities aim declined in relative importance. In 1924 they amounted
to 88% of the total for the year, while in 1925 they were only 63%,or $647,000,000. At the same time foreign corporate issues increased almost
fourfold, or from $103,000,000 to $384,000,000. This does not include
the sum placed directly in foreign industrial enterprises through the purchase of internal securities. These figures seem to indicate that the task
of meeting the needs of European governmental rehabilitation and currency
stabilization is nearing completion, while the problem of satisfying the
requirements of world-wide industrial reconstruction Is hemming more
important. Thus In the future, after the currency stabilization in France.
Belgium and Italy has been accomplished, the American capital market
will probably handle a growing volume of foreign corporate rather than
public securities.
There have also been marked changed in the geographic distribution of our
foreign investments. Before 1914 they were placed mainly in nearby
countries as Canada, Mexico or Cuba. Since the war the volume of our
investments has greatly increased in Europe. This has been praticularly
true with respect to Germany. Practically no German issues were offered
In this country before 1924, when the American participation in the loan
under the Dawes plan amounted to 8110,000,000. From July 1925 to
July 1926 German issues to the amount of $336,000,000 were placed in
this country. These figures apply only to such German loans as have been
publicly offered, and do not include the purchase of large amounts of internal stocks and bonds directly from the German capital market. The
total of these German borrowings from the United States Is estimated at
around one billion dollars.
The steadily expanding interest of the American investing public in
foreign securities is perhaps best evidenced by the impressive growth in
the listing and the turnover on the New York Stock Exchange. While
in 1913 there were scarcely a dozen different securities listed on the New
York Stock Exchange, the number of foreign issues now dealt in amounts
to 145. This increase in the internationalization of the Stock Exchange
Is evidenced even better in the turnover. The aggremte of foreign loans
traded in the New York Exchange in 1913 amounted to but $3,459,000,
while the total for the past year aggregated $637.630.000. For the first
tight months of the current year the turnover was $447,220,500, or at an
annualrate of $670,630,250.
It is interesting to note who are the owners of these foreign bonds.
Popular opinion considers these holdings localized in New York and concentrated in the hands of a few investors. A considerable volume of
foreign bonds have been bought by the interior banks and trust companies. At the close of 1925 the member banks in the Federal Reserve
System held about 3500.000.000 worth of such securities which represented
a considerable increase over previous years.
Financial Tendencies Affecting Foreign Securities.,
This report cannot, of course, undertake a detailed analysis of all the
financial tendencies which have affected the credit standing and the market position of the foreign securities dealt in the American market. However, a brief review may be undertaken of the leading movements during
the year.
Inter-Governmental Debts.
The most important single factor influencing not only the financial
but also the political relations of the United States with Europe has been
the inter-governmental debt arising out of the war. During the past
twelve months considerable progress has been made toward the settlement
of these obligations. The Debt Funding Commission in its arrangements,
and Congress in its ratifcations, have avoided the extremenes of insistance
either on full payment or cancellation. Instead, the principle of the ability
of the debtor to pay and the policy of partial remission were followed in
the various adjustments which were finally concluded. Such alleviation
of the debt was effected not by reducing the amount of the principal but
by lowering the rate of interest and deferring the date of payment, with
the result that the "present worth" of the various obligations was thereby
cut. By these means the burden were reduced, so that they conform
in a general way to the sums which the United States extended after the
signing of the Armistice. It can therefore be said that this country in
most of the sett ements has granted remissions in amounts which approximate the loans given and has insisted upon the payment only of the advances extended after the conclusion of hostilities. The extent to which
this policy has actually been followed in the debt settlements may be seen
in the following table showing the "present value" of the payments on a
43% basis (reproduced from "United States Government Securities"
9. 24. Bankers Trust Co. Publication):
"PRESENT VALUE" OF PAYMENTS UNDER DEBT SETTLEMENTS ON
A 431% BASIS.
Country.
Finland
Great Britain
Hungary
Lithuania
Poland
Belgitfm
Latvia
Czechoslovakia
Esthonla
Italy
Rumania
France
Yugoslavia
Total
Principal of
Debt as
Funded.
Total Amount
of Principal &
Interest to Be
Received.
Present Value
Ratio of
of Payments Present Val,
on 4%% An- to Debt as
nue/ Basis. Funded(%)
97,422,200
$21,695,055
$9,000,000
4,600,0b0,000 11,105,965,000 3,792.528,700
1,598,600
4,693,240
1,939,000
4,971,100
14,531,940
6,030.000
147,208,100
435,687,550
178,560,000
226.040.300
727.830,500
417,780,000
4.761,200
13,958,635
5.775.000
92,166.200
312,811,434
115,000,000
11,403,500
33,331,140
13,830,000
538,136,500
2,042,000,000 2,407,677,500
35,342,500
44,590,000
122,506,260
4.025,000.000 6,847,674.104 2.008,122,624
62,850,000
95,177,635
20,236,715
82
82
82
82
82
54
82
80
82
26
79
50
32
811.622,354,000 $22.143.539.993 $6,889,936,239
60
[VOL. 123
At this time it is of interest to note that payments have already been made
by foreign governments on account of the principal and interest due to the
United States during 1925 in the following amounts:
PRINCIPAL AND INTEREST DUE ON OBLIGATIONS.
Balance of International Payments of the United States in 1925.
Government—
Principal,
Interest,
Belgium
3875,839 30
81,575,599 91
Czechoslovakia
1,500,00000
Esthonla
1,441 88
Finland
47,00000
267,300 00
France
20,367,057 25
Great Britain
24,000,00000
136,620,000 00
Hungary
10,018 00
44,498 94
Latvia
4,582 76
Lithuania
30.00000
90,903 38
Nicaragua
49,513 86
10,189 92
Poland
864,524 32
Rumania
4,451 54
Russia
275 94
Total
826.516,822 70
8159,846,364 30
Paid in sterling.
Germany.—Under the Dawes Plan, Germany was to
pay the sum of
$1,220,000,000 gold marks in the second year, ending
Aug. 31 1926. For
the first nine months, covering the period Sept. 1 to May
31, Germany
actually paid about 841,000,000 marks. In his report, the
Agent General
states that Germany has made all her payments regularly
and has acted
with the utmost good faith in complying with
her obligations under the
Dawes Plan.
Austria.—Conditions in Austria have developed
satisfactorily. Due
primarily to the increase in the revenues, the budget for
1925
a
substantial surplus. Savings are steadily increasing, and Austria showed in
is now
a position to finance a part of her long term needs herself.
It is doubtful
whether Austria will be a heavy borrower in the future.
Austrian bankers
feel that over borrowing abroad may endanger the
nations balance of
payments, and so favor only loans for productive
purposes, particularly
those which will curtail imports.
France.—The present French government has adopted
most of the
measures recommended by the Experts' Committee. As a
result, taxation
has been raised to cover estimated expenditures, an
independent office for
liquidating the floating debt has been legalized, and the
service of the sinking fund have been made secure against alienation.
Also, the Bank of
France has been enabled to acquire gold and securities for
the protection of
the franc. The stabilization of the franc must be
accompanied by heavy
borrowings abroad estimated to be at least $200,000,000.
The stabilization
of the franc and the settlement of the debt to the United
States are the
outstanding financial problems which France will have to
meet in the near
future.
Belgium—Economic conditions in Belgium are developing
satisfactorily.
Efforts are being made by the government to balance the
budget, and for
that purpose revenues have been increased. Belgium is
still In need of
foreign capital, and the stabilization of the franc will
probably be accompanies by loans in the principal money markets of the world.
/Wk.—Public finance in Italy, according to official
figures, may be
considered as sound. During the Fascism° regime economic
and financial
progress has been made, and the budget shows steady
improvement.
The essential problems at present confronting Italy are the
trade balance
which continues unfavorable and the currency which moves
irregularly.
Every effort is being made in Italy to curtail imports and expand
exports.
Russia.—Evidences are multiplying to Russia's
gradual reversion
toward the capitalist system and a recognition of private
property. The
changed attitude on the part of Soviet Russia
is doubtless brought about by the urgent towards her foreign creditors
need for foreign capital and
trade relationship, and also by the presence of economic and
financial
crises. Whether Russia will loom as an important borrower in this
and
other foreign markets will depend upon the treatment which she
accords
to her former creditors, and her convincing the rest of the world of
the
Permanency of her new economic policies.
South America.—Conditions in South America appear to have undergone an encouraging change. The reorganization of the banking system
and the improvement of the currencies in a number of the republics should
also prove a sustaining factor in their future. Most of these countries
have at least realized the importance of meeting government expenditures
out of revenues, and a change in their attitude toward rights and privileges of foreigners is also to be noted with satisfaction.
Formation of the Institute of International Finance.
It will be remembered that ever since the entrance of this country
into
the World War, successive foreign securities committees have been impressed with the lack of availability, not only of the smaller cities
throughout
the country but in the chief financial centres, of up-to-date
information on
foreign financial matters. At the convention of the Association in
Atlantic
City in 1918, Mr. Lamont, then Chairman of the Committee,
stressed the
importance of correcting this condition. While numerous suggestions
have been advanced since that time for the establialunent,
under the
auspices of the Association, of a working library, it has been
necessary
for practical reasons to discard them all. However, during the
present
year an arrangement has been entered into by the Association
and New
York University to accomplish the purpose desired.
Announcement of this has recently been made to our members,
and while
we appreciate that it will take considerable time to bring the Institute of
International Finance, as it has been named, to a point of
giving all the
services which we hope and believe can be rendered, it is now in
a position
to function, and it is the hope of the Committee that all of
our members
will sufficiently interest themselves in It and acquaint
themselves with
its possible value to them. It will naturally follow that they will
not only
subscribe to membership in it. but co-operate in every way
to make it as
effective as possible. It is the desire not only to have our
own
interested in it, but all of those who will take an intelligent members
interest in
the work and are able to avail themselves of its facilities.
TO that end
the Committee bespeaks your active co-operation in bringing
the matter
to the attention of officials of banks and others in your
territory.
The Committee is desirous of emphasizing the importance
of accuracy
and completeness in information used in connection with
the offering of
foreign securities, and is mindful that there is at the present
time no place
where intending investors can turn for the usual
information *which is
available on domestic issues.
It has become apparent that close co-operation between the
Industrial
Securities Committee and this Committee is essential, and
it is intended
that either through the medium of a special committee composed
of the
members of both of these committees, or by some other
appropriate method
a knowledge of the activities of the two committees can be
so co-ordinated
as to bring about the best results. Mr. Elliott, of our
Committee, has
been giving consid erable thought to this
subject and will take the necessary
time to discuss the subject at this session.
Respectfully submitted,
COMMITTEE ON FOREIGN SECURITIES,
HOWARD F. BEEBE, Chairman.
OCT. 23 1926.]
THE CHRONICLE
Some discussion ensued during the reading of the above
report, the following remarks having been made incident to
the statistics of payments by foreign Governments on
account of principal and interest due to the United States
during 1925:
Mr. Beebe: N'ow, statistics are always dry and uninteresting, but I
really think that those mean something if you stop and look at this report
In its printed form. I think there is a lot of interesting reading between the
lines.
Mr. Frank L. Scheffey: Are all-of the nations currently paid up?
Mr. Beebe: Yes.
Mr. Scheffey: I don't mean the statistics, but I mean the obligations.
Are any nations behind in their obligations?
Mr. Beebe: So far as I know, no: that is, any of those that had formal
ratification. Of course, in the case of the French, they have agreed but it
has not been ratified by the French Parliament, and would have to come
back, as I understand it, for a complete ratification by our own Congress.
With reference to Germany's payments under the Dawes
plan, Mr. Beebe incidentally said:
Now.I would recommend that anybody that is interested in this subject
of European finance, that has not seen or has not read Agent General
Gilbert's report, should get the last report, that was rendered as of May
31st, and read it. It is very interesting reading and very educational, in a
very broad way, because it deals not only with the German questions but
with the relations of the German situations to all of the countries who are
entitled to reparation payments under it.
Mr. Beebe also commented as follows after his reference,
above, to conditions in Austria:
In regard to the unfavorable trade balance, I am told by people who
should know a good deal more about it than I can possibly know that the
trade figures should not be taken too seriously. There is such an enormous
invisible item which comes about through tourist expenditures, and more
particularly through remittances from Nationals abroad.
Mr. Beebe's report was formally adopted at the convention.
2089
And then the laws and practices concerning Government control of
issuance of bonds and the publication of balance sheets. Most of us have
had the experience if we bought an issue of bonds and got the price all
fixed and everything approved, that the Government stepped in and said,
"Well, we are not going to allow you to issue them, but we might let these
people issue them at a different price." It is surprising what control they
have over the issuance of bonds and functions of corporations abroad, and
we thought it would be interesting to have an opinion on that subject.
This goes a little out of the way, but we are going to try to get a pretty
comprehensive study of the German system of accounting and valuation at
this time, which differs to some extent from ours.
The next is a study of the general system of taxation—Governmnt, provincial and municipal—and the position of contemporary taxes, both direct
and indirect, with regard to outstanding mortgages and war debt charges.
Of course, the taxation problem is a very intresting on. We do not, many
of us—I am sure a great many of you—do not know just exactly what is
the allocation of indirect taxes with relation to mortgage debts, because
direct taxes are always a prior charge. But what is the position of indirect taxation; of income taxes, license taxes and things like that, with
regard to outstanding securities? It becomes very interesting because with
all the reparations and the taxation that has to be gone through in most
of the foreign countries, because of the recent war, these taxes may become
onerous and their position in relation to mortgage bonds and bonds that are
held in this country, I think, is a very interesting subject.
Then, we have the laws governing and methods used in levying and
collecting taxes available for service of outstanding Municipal loans. Almost in each country there is some difference as to the method of levying
and collecting taxes. In a great many places they have unlimited taxes,
but very often they are collected in different ways. They are limited as be
one property against another or one manner of collecting against another
manner of collecting. All that, we think, is very interesting.
We outlined these ten subjects, and we thought that would be a pretty
good starter. Naturally, these things are going to be confined, at present,
to Germany, because the greatest interest at the present moment is in
Germany. More bonds are held here than in any other country except
Great Britain, of course. And when we have completed, it is then our
idea that we get opinions and have similar studies published, of other
countries, as the market for their bonds becomes greater in this country.
This is a very informal discussion, and it is only meant to help Mr.
Beebe and Mr. Wilbur in their work, and if there is anybody that has any
subject that they think is important, or they are interested in, we will be
very delighted if they will write to me about it and we will consider most
seriously getting an opinion on them.
Just one more thing that I wanted to say. These opinions we are going
to get from lawyers, and they are going to give them to us gratis. We
are not going to pay anything for them and we need not worry about the
cost to the association. I do not think anyone in this association wants
to -pose as an expert and write an opinion on these subjects. We want,
rather, to get the opinion of some prominent lawyer, which will carry some
weight, and if in discussing bonds with your customers or foreign securities
that you have sold you can quote these opinions and use them, they may be
of great use to you for a long time. Thank you very much.
Remarks of John Speed Elliott on Different Types of
Mortgages in Foreign Countries.
John Speed Elliott was one of those who addressed the
Investment Bankers Association on Oct. 13, his remarks
concerning work of what he termed "a little informal committee," which has undertaken to gather information as to
the different types of mortgages in foreign countries. He
also indicated that he and his co-workers "are going to try
to get a pretty comprehensive study of the German system Work of Institute of International Finance of the
Investment Bankers Association—Clearing House
of accounting and valuation at this time." His remarks
of Information on Foreign Investments.
follow:
Mr. President and Gentlemen: As Mr. Beebe has pointed out, there were
The purpose of the Institute of International Finance,
several conflicts betwen the Industrial Securities Committee and the Forfounded by the Investment Bankers Association in conjunceign Securities Committee, in that the Industrial Securities Committee
could not devote much time to foreign industries, and it was not exactly tion with the New York University, was the subject of an
the province of the Foreign Securities Committee, so we tried to combine address at the annual meeting in Quebec of the association
the two and form a little informal committee, and we had some discussions
by Dr. George W. Edwards, Director of Up Institute and
about it in New York.
This is about the result of what we did, which I will try to tell you Professor of Banking of the New York University. Dr.
only in a very informal way.
Edwards described the Institute as an organization operatThe first thing we discussed was that there wre a great many bonds distributed in this country, and there was very little understood about the ing on the clearing house principle—the material which is
legal problems. I know we have all had some trouble with legal problems cleared being information on foreign investments. Ho Nard
abroad. What a "trustee" means in our language may be something
F. Beebe, Chairman of the Foreign Securities Committee,
very different in the German law, and so with all the rest of the countries.
So we got together and decided that we would ask some prominent introduced Dr. Edwards, saying:
lawyers in New York to write opinions on these subjects so they would be
clear to people who were distributing bonds, it would be clear just what
the meanings of the terms that they are so accustomed to in this law
would mean abroad. I have just made a few suggestions her that I am
going to submit to the convention for your approval or disapproval, as the
case may be, and to say if you approve them in the course of the next six
or eight months we will get the opinions of lawyers and publish them in
a bulletin, or submit the matter to the Secretary for publication.
The first one we thought of that was important was the Dawes debentures, the history and outline of this charge and the present status and
payment of these charges as applied to corporations and properties subject
to mortgage. Also, the history, analysis and future effect of Article 248 of
the Versailles Treaty.
Then the question of revalorization, the history, analysis and opinion as
to standing indebtedness in relation to both the Dawes debts and mortgage
securities sold to the public.
Business organiz.41,,.. It is very important for us to know just
exactly
how a corporation is formed abroad, how it functions, so we are going to
get an opinion as to how organized, powers, limitations and liabilities.
Then, in most of the foreign countries there are different types of mortgages, and some of them are more severe than others. I know in
Germany,
for instance, there are four types of mortgages. We are going to get an
opinion on the description of various types
of mortgages with rights and
liabilities of mortgage creditors and debtors in
each instance.
I might say right here that it has been my experience in all
foreign
countries to find that the debt laws are
more severe on the debtor and more
generous to the creditor. That is true
with all the old countries. The
older a country is, and the longer it has been
settled, the more severe you
will find are the debtor laws.
And then we want a description of the legal
procedure of
and that, by the way, is very simple in most foreign countries. foreclosure,
You do not
have to go to court, and they do not plead the statute of
limitations on
you and get a lot of delays and things like that.
Then, the procedure of bond creditors in case of
defaulted corporate
bonds; corporate reorganizations; rights and limitations of trustees,
receivers, etc., and relation of such reorganized companies to
revalorized
debts and Dawes charges.
It is a very interesting problem as to what will happen if somebody
forecloses a mortgage, and industrial loan over there, and reorganizes
it,
just exactly how that is going to be done, and how it differs from our
methods. As indicated before, it is more facile, more severe on the debtor
than it is in this country, but it is interesting for us to know that.
I am going to say a few words that may embarrass Dr. Edwards a little
bit, but I think we owe it to him. When this matter was first broached,
I felt, of course, that the New York University was to be accorded the
compliment, at least, and whatever advantage went with considering this
Institute as theirs. They very kindly suggested, however, that they
thought the I. B. A. should be the leader of the matter, and they were
very glad to have us take that position. It has been about decided that for
the present at least we will organize the association with, we will Bay, the
balance of power in the bands of the I. B. A., and it is intended to
appoint a sufficient number of men of the interested committees of the
I. B. A. to direct that work. Presumably, the Foreign Securities Committee, the Education Committee, and possibly one or two others, will be
drawn into that work, and the University will have also its representation
on it, and Dr. Edwards will be regarded as the general director of it.
The University has quarters adjacent to the financial district and has a
very substantial library of its own. They are giving a very liberal amount
of space, time and attention to the work and are not only doing that but
also expending a considerable amount of money in connection with expanding the amount of material they have in the way of necessary publications and so forth. We have already had a very satisfactory response
and Dr. Edwards will tell you to just what extent that has gone. If this
thing is to amount to what it can amount to, it behooves every member of
this association to take an interest in it and go out and see that we have
sufficient members to carry on the work. We have a budget started, very
meagre, and we will need more money if this work is going to be expanded
and carried to its logical end. There is already evidence of the fact that
the position taken by the association of underwriting this expense for a
period of three years in order to insure its establishment is going to fall
very lightly on the association as such, and I believe that we can easily
expand this membership in the Institute to a point where with the very
nominal dues that have been established, and they have been put at nominal figures purposely for that reason, we can cover the entire expense
and the association will not have to be looked to for any material portion
of its underwriting agreement.
Dr. Edwards, before presenting his prepared address,.
said:
Mr. President and Members of the Association: It has been a great
pleasure to attend the sessions of your association. I find from my observation since I have been here that all conventions are more or less the same.
As you know, we college professors have our own American economic association, and in all these sessions I notice your association is about like
2090
.
THE CHRONICLE
the rest of them. There is the strict attention to the duties incident to
the convention, the golf courses are empty and the sessions are always
overcrowded.
As Mr. Beebe mentioned, the University is very happy to extend its
co-operation to this proposal. The University feels it is undertaking in the
largest sense a public education, and it is most happy to be of any possible service to the association in this respect. The initiation work has
been overcome. When Mr. Beebe mentioned about the underwriting work
of the association I was wondering whether possibly he is going to charge
the University as an offset for the amount of time he has put in the last
few months. I am afraid if he does, the University will have to pay quite
a substantial substitute.
The announcements made to the members about a month ago in a general
way explained the nature of the Institute. About the easiest way to
understand it is to regard it as a clearing house of information on foreign
Investments.
The following is Dr. Edwards's address:
The nature of the Institute of International Finance can best be under• stood by regarding it as an organization operating on the clearing house
principle. In this particular case the material which is being cleared is
Information on foreign investments. The data is accumulated from various
sources, and is then distributed to the subscribers in the form of general
bulletins, special circulars and answers to particular inquiries. Thus the
institute performs the twofold function of accumulating and of distributing data. Actually,. however, the Institute will be more than a clearing
house, for in addition it will serve as a research bureau for scientifically
analyzing data and bringing to light new data on foreign investments, carefully tested and classified. During the past summer, progress has been
made in the direction of accumulating information. The large banks in
New York have been very helpful in permitting us to survey their files and
libraries for obtaining suggestions as to where material may be obtained in
case of future need. Also, correspondent contacts have been opened with
foreign banks, particularly in Europe, and these institutions have been
most generous in offering suggestions and sending considerable data, such
as Stock Exchange manuals and company reports. As a result of this
assistance from both at home and abroad, files in most countries of the
world have already been started. Also, headway has been made in settling
the infinite number of details relating to perfecting filing systems, selecting a staff and spreading the news about the undertaking. The solution
of these problems was greatly facilitated by the helpfulness of Mr. Little
and Mr. Rascovar. As a result of the work of the past few months, we
have at last established an organization built firmly on sound principles and
at the same time flexible, so that it is capable of meeting the expanding
needs of the future.
A number of members of the association have been consulted to ascertain their views as to the general policies of the Institute. The consensus
of these views has led to the formulation of several policies, simple in
themselves, but if carefully followed will render the Institute of real service to subscribers and at the same time keep the organization out of
embarrassments. These policies relate both to the accumulation and the
distribution function.
First, information shall be gathered from official or Governmental
sources. If this is not possible or not advisable, the best private authorities should be used and cited, so that subscribers may be able to weigh the
value of the citations. This is particularly necessary in the case of conflicting statements, as they are frequently encountered in the foreign field.
Secondly, as to distributing information, the policy will be to present
the facts, as they have been assembled, and the Institute will avoid an
expression of opinion. The definite policy will be not to rate specific
securities, or contrast the relative merits and demerits of individual issues.
The Institute will present the facts, from sources believed to be accurate,
relating to general financial conditions in countries which are borrowing
from the American market and also concerning the specific foreign issues
which are being floated in the United States. From these statements of
facts, the dealer will be able to form his own judgment on the value of the
securities to himself and his customers.
Subscribers to the Institute will receive the following services:
1. Regular bulletins analyzing investment conditions in certain countries,
particularly those which are about to place an issue of their securities on
the American market.
2. Special supplementary bulletins on current events relating to foreign
investments or an analysis of certain classes of foreign securities such as
mortgage bonds or municipal issues. There will also be consideration of
special problems such as guarantees of the securities of one country by
another, or taxation of foreign securities, and so forth.
a 3. The institute will also be prepared to answer inquiries of subscriberS
on particular subjects affecting foreign securities held by American investors. There will be no additional charge for this service unless, of course,
the inquiry calls for extensive research. Such work will then be undertaken on a cost basis.
IS 4. Finally, the institute will further develop its financial library, including
stock market manuals, company reports, official publications and general
data on foreign counrties and their securities. This material will be located
at 90 Trinity Place, and so can be conveniently used by New York City
members. These, In many cases, should be able to dispense with part
of their own financial library.
ass
Subscribers are asked to send in their inquiries and every effort will be
made to answer them. The Institute has already answered a number of such
inquiries with, I believe, a certain amount of satisfaction to subscribers.
The extent of these answers and the speed of the reply, will, of course, be
improved in time. The bulletin service will be developed by the end of
the year, after which time they will be issued at frequent intervals. It is
proposed that all subscriptions which are received from now to Jan. 1 1927
will run until Jan. 1 1928.
A certain amount of progress has thus been made in developing the
organization and in establishing the policy of the Institute. Subscribers
should not expect too much of the Institute in the beginning, for the
start is bound to be slow. However, this time element will be overcome, for
the output of the Institute will be cumulative. As data is gathered for
issuing the bulletins and circulars or answering inquiries, the material thus
assembled serves as the basis for future work, which will then consist of
keeping the information current. The Institute already has a considerable
volume of an authoritative and verified current data on general conditions
In foreign borrowing countries and on their specific issues floated in the
American market. To facilitate this work, the Institute needs the aid of
both the interior and the metropolitan houses of the association. The former can support by their subscriptions. Already about 130 interior firms
have sent in their checks. City houses can likewise by their subscriptions,
but also by aiding in helping us to obtain and verify data.
What, then, is the significance of the Institute of International Finance?
In the first place it is a visible proof that the business of investment
banking is essentially co-operative in nature. In the daily struggle for buying and selling securities, it often seems that investment banking is necessarily a highly competitive industry. However, the formation of the
Institute, based as it is on the principle of mutual happiness between the
members of the association, demonstrates clearly that fundamentally investment banking is co-operative rather than competitive. Moreover, the
action of the association in establishing the Institute and thus creating a
[Vox.. 123.
research bureau for scientific investigations of securities, has given further proof, at least in the field of investment banking, that business has
reached the stage of the development of standards where it can justly be
called a profession, along with medicine and law.
Finally, the association in forming the Institute has initiated a policy
which in the end will prove of positive service to the members of the I. B. A.
and to the investing public. The former will obtain material aid in handling foreign securities—the newest and least known of all, at least for the
solution of the financial aspect of America's greatest problem, the relations with the rest of the world, the I. B. A. in the founding of the Institute will have undertaken one of the most important projects of the many
which It has advanced in safeguarding the interests of the American public.
At the conclusion of Dr. Edwards's address Mr. Beebe
said:
I would like to emphasize something that Dr. Edwards has only touched
on casually. We have had very gratifying assurances from various people
of co-operation. For instance, the New York Stock Exchange has assured
us that they will be very glad to co-operate. They will throw open their
files with their lists of information. They will be very glad to work
With us in every way possible to make this thing an outstanding success.
The International Chamber of Commerce has established, as you probably
know, a very active bureau with an office in Paris. They are co-operating
to the fullest extent snd will feed into our hands such things as we need,
and we in turn exchanging with them wherever we can be of service. We
have practical assurance that the American Bankers Association will cooperate. Officially, of course, it takes anywhere from one to five or six
years for that organization to really arrive anywhere, but we think we have
the sympathetic co-operation of the officials to such an extent that we
really can get actual help.
The Department of Commerce in Washington will stand ready to help
us and I cannot say very much for the State Department, but I guess we
wont look for any antagonism in that direction. In other words, the
whole picture has been most satisfactory and it has developed very much
faster than certainly I had any idea it could.
The large institutions in New York, with their very important files and
information, have been very pleasant. Such people as the Guaranty Trust
Co. and the Chase National Bank and others of that kind have come forward very freely. Mr. Paul Warburg, whom everyone knows in connection
with international banking matters, called me up, on the announcement
that was made in- the newspapers of our establishment of our institution,
and he said he would like to be helpful in any way he can.
We have it in mind, in addition to the actual Control Board of this
thing of possibly developing an advisory committee, and I am quits sure
we can get some very outstanding people to lend their names to this, which
will be not only valuable, in a sense, to the actual work of the Institution,
but will give it a dignity of position not only in this country but throughout the world.
I feel that we have something started here that, if we have your help
on it, it will be a mighty creditable thing for the association.
Report of Irrigation Securities Committee Advocates
Support for Colorado River and Columbia
Basin Projects.
"With all its shortcomings, Irrigation remains one of the
great fundamental resources of this country." This statement was contained in the annual report of the Irrigation
Securities Committee of the Investment Bankers Association of America, presented at the annual meeting by the
Chairman of the committee, Joel E. Ferris, of Ferris &
Hardgrove, of Spokane, Wash. Irrigation, said Mr. Ferris,
forms the basis of prosperity and business of many of our
Western States, the wealth produced, he noted, amounting
to totals equaled by few industries. The committee, he
said, believes "that such great projects as the Colorado
River and Columbia Basin undertakings, which are now
being presented to Congress and the American people should
not be discouraged, but when based on sound fundamental
plans and the complete spirit of State co-operation, should
be encouraged and approved." The report is given in full
as follows:
The work and reports of the Irrigation Securities Committee over the
past few years have been largely directed toward legislative effort in connection with municipal irrigation district bonds, which have constituted
the major part of the irrigation financing in which our members are and
have been interested.
This being a clomd or off-season for legislative sessions, your present
committee has devoted its efforts to co-operating with State and Government officials, the collection of data for our members and in furnishing information and in answering an increased number of inquiries from many
different sources.
While municipal irrigation district securities continue to occupy the
greater portion of our dealers' efforts, the past few years have seen the
successful offering of a considerable volume of private canal company and
water users' associations' bonds.
Your committee had expected to incorporate in this report an analysis
and detailed statement of the important features of irrigation canal financing, but due to the incompleteness of the data at hand and delay in receiving necessary reports and information, this will be supplied our membership in a special report or by your committee in its 1927 report.
Oregon.
Previous reports of this committee have discussed the present Oregon
Irrigation Code enacted in the year 1917 and with the amendments passed
since that time generaly regarded as a model aw, combining the better and
stronger features of the California Irrigation Code as well as representing
the judgment and careful study of the irrigation experts having advantage
of the experience of many other States. Combined with this Act is the
experiment or attempt more completely developed than in probably any
other State, of State protection or aid through the payment by the State
of interest on the bonds of approved municipal irrigation districts for a
period of from three to five years.
In view of the fact that the period of State protection on a number 'of
issues has expired and will expire on all of them in the next few years, a
somewhat detailed statement of the Oregon law and of present conditionla is
that State would seem justified in this report.
OCT. 23 1926.]
•
THE CHRONICLE
2091
agreed to pay interest thereon for the period of years agreed
It is interesting to note at this point that a previous report of the Irri- Oregon has
date of the issue of such bond.
gation Securities Committee had the folowing to say concerning this form upon from the
"A facsimile of the signature of the Secretary of State, printed or
of State guarantee or protection: "It is possibly too early in the history
impressed upon said indorsement, shall be a sufficient signing
of this form of State aid to draw a conclusion as to its final success or otherwise
that the imprint of the Secretary of State's seal shall
failure, or if it is to form a proper foundation of safety to the dealers or thereof, provided
and bond over and through the printed sigInvestors handling or purchasing bonds with the interest protected during appear upon the indorsement
an initial period of from three to five years. It is evidedt, however, that nature."
To secure the funds with which to pay the interst on district irrigation
State aid of this kind, direct or indirect, will not solve the problem of the
the State was authorized by the constitutional
success or failure of every irrigation district and it is a serious question bonds enjoying its protection
own general obligation bonds to be known as the
whether such a guarantee accompanied by State certification and approval amendment to sell its
Bonds.
has not made possible the distribution of bonds which could not stand on Oregon District Irrigation
Sixty-two irrigation districts have been formed in the State of Oregon,
their own foundation, and with the result that the State of Oregon is conthis number 33 have issued bonds in the total amount of $11,491,600.
fronted with the problem of having a brood of children in which there are and of
or in default is negligible for the reason that
some of questionable character, and the dealers are awakening to the fact The number of bonds retired
the issues were serial in form and very few bonds have fallen due, so that
that there is no substitute for sound fundamental conditions."
outstanding. Nine districts are
The Oregon law, among other provisions, created the irrigation and nearly the entire amount issued remains
Service, and on these districts
drainage securities commission composed of the Attorney-General, State now under the United States Reclamation
Engineer and Superintendent of Banks of the State of Oregon. Whenever no bonds were ever issued.
Under the constitutional amendment the State has agreed to pay the
the board of directors of an irrigation district, organized and existing
of time varying from
under and pursuant to the laws of the State of Oregon, deemed it desirable interest on. $8,353,000 of these bonds for periods
$2,144,260. Of this
to have their securities made available as legal investments for trust funds six months to five years, in the total amount of
and has yet to pay
and for the funds of all insurance companies, banks, both commercial and amount the State has already advanced $2,043,318,
interest,
savings, trust companies and bonding companies, or for any fund which the sum of $100,950. To secure the funds with which to pay this
known as "Oregon District
by law is required to be invested in bonds of cities, counties, school dis- the State has issued and sold its own bonds,
Bonds." The guarantee has expired on many of the issues and
tricts or municipalities, or as security for the deposits of public money in Interest
eight districts
the banks of the said State (Section 48, General Laws of Oregon, 1917), will expire as to all by Jan. 1 1929. At the present time
for interest on
they might apply to the said commission for certification of their bonds. are in default to the State in the total sum of $108,192 05
and some districts are also
This commission, when so requested, and at the expense of the districts money advanced by it under the guarantee,
making the request, is required under the law without delay, to make an in default on bonds held by the public.
A large volume of municipal irrigation district bonds are in the hands
investigation of the Weirs of the requesting district upon such matters
as it may deem essential and more particularly upon the following points: of investors which carry the approval and certification of the State of
investment for banks and trust
"(a) The supply of water available for the project and the right of th Oregon and which have been made a legal
funds by the action of a State commission, and without going into the
district to so much of the water as may be needed.
"(b) The nature of the soil as to its fertility and susceptibility to irriga- history of the merits or demerits of the organization or conditions surtion, the probable amount of stater needed for its irrigation and the prob- rounding these districts, it is the feeling of your committee that a very
es
able need of drainage.
of Oregon in connection
"(c) The feasibility of the district's irrigation system and of the specific heavy moral responsibility rests upon the State
,
for which the bonds under consideration are desired or have been with the securities which they have formal) approved and certified and
project
used, whether such systems and project be constructed, projected or par- on which they have been paying the interest.
tially completed.
The principle of State certification has been introduced into Oregon,
"(d) The reasonable market value of the water, water rights, canals,
California
reservoirs, reservoir sites or other irrigation works owned by such district Utah, Nevada, Idaho, Colorado, Montana and Arizona as well as
or to be acquired or constructed by it with the proceeds of any such bonds.
The effect of this certification is, of course, to elevate the plan of certified
"(e) The reasonable market value of the land included within the boun- bonds to a higher standard than those not certified and it grows from the
daries of the district.
irrigation district bonds so
"(f) Whether or not the aggregate amount of the bonds under considera- desire both to provide a wider market for the
tion, and any other outstanding bonds of said district, including bonds approved and to give notice to the world that the State has investigated
authorized but not sold, exceeds fifty per centum of the aggregate market the particular district and approves the bonds, as a rule, for an investment
value of the lands within said district and of the water, water rights, canals,
funds. In Oregon, the form of State assistance goes
reservoirs, reservoir sites and other irrigation works owned or to be ac- for trust and savings
payment of interest by
quired or constructed with the proceeds of any of said bonds, by said one step further than in most other States in the
district, as determined by paragraphs (d) and (e) of this section.
the States, giving the investor greater apparent protection and security.
"(a) The numbers, date or dates of issue and denomination of the bonds.
If any, which the Commission shall find are available for the purposes proIdaho and Montana.
vided for in Section 48 of this Act (hereinabove referred to) and, if the investigation has covered contemplated bonds, the total amount of bonds
In both of these States your committee interested itself in, at the last
Which the district can Issue without exceeding the limitation expressed in sessions of the Legislatures, important changes in the Irrigation District
paragraph (f) of this section."
Codes which it is believed are of definite value and importance to the
The law then provides for the filing of the written report by the com- purchaser of irrigation district bonds. Details of these provisions are
mission with the Secretary of State, and if the commission finds "that the outlined somewhat at length in the last report of this committee.
Irrigation system of the district and the specific project for which the
The past few years in both of these great agricultural States have been
bonds under consideration are desired or have been issued, whether such periods of general depression in agricultural conditions, which have
project be constructed, projected or partially completed, are feasible and reflected themselves in the irrigated sections, with the result that there
that the aggregate amount of the bonds under consideration and any other have been increasing number of defaults in irrigation bonds. It is evioutstanding bonds of said district, including bonds authorized but not dent from a survey of the situation in these States, as well as in other
sold, does not exceed 50% of the aggregate market value of the lands States, that irrigation districts organized and contemplating the reclamawithin said district and of the water, water rights, canals, reservoirs, res- tion of undeveloped districts, where the only existing value is potential,
ervoir sites and other irrigation works owned or to be acquired or con- are more highly speculative in their nature and during the periods of
structed with the proceeds of any such bonds by said district; the bonds agricultural depression are certain to produce a larger percentage of
of such irrigation district, as described and enumerated in said report filed defaults and breakdowns.
with the Secretary of State, shal be certified by the Secretary of State,"
A review of the situation in Idaho addressed to your committee by W. G.
with a certificate in substantially the following form:
Swendsen, Commissioner of the Department of Reclamation of the State of
will"I,
Secretary of the State of Oregon, hereby certify that Idaho, one of the many State officials who have shown a desire and
Irrigation District. Issue ingness to co-operate with this committee, is in part as folows:
the within Bond No. __
a the
(Insert data). is in accordance with an Act of the Legislature of
"Idaho adopted a State certification which has been partially successful.
Oregon, approved
a legal investment for all trust funds and
for the funds of all Insurance companies, banks, both commercial and With about two exceptions the issues certified under this statute are sound
savings, trust companies, and bonding companies and any funds which may and will be redeemed in full with interest. The two exceptions in question
be invested in county. municipal or school district bonds, and it may be Involve the certification of refunding issues, authorized to take up outstanddeposited as security for the performance of any act whenever the bonds of ing bonds and to rehabilitate projects in bad condition. The old securities
any county. city school district or other municipality may be so deposited, in these instances were taken up at from 10 to 25 cents on the dollar. The
it being entitled to such privileges by virtue of an examination by the State psychological effect of such financing on settlers has proven bad and in
Engineer. the Attorney-General and the Superintendent of Banks of the my opinion is largely responsible for the difficulty in liquidating the new
State of Oregon. in pursuance of said Act. The within bond may also be issues. I have reason to believe that In some instances farmers who have
used as security for the deposit of public money in the banks of said State. sat idly by for many years and through their failure to pay old bonds, have
seen their original indebtedness reduced ninety to seventy-five per cent, and
cherish the hope that by refunding, the new issues might be disposed of in
Secretary of Stale of the State of Oregon."
the same way.
I am opposed to any plan of
The law then requires that the seal of the State be impressed on each refinancing whichFundamentally. therefore.original obligation, unless there
relieves the district of its
bond over and through the certificate and signature above.
is no other avenue of escape and even in those cases, the matter must be
In 1919 the State Constitution was amended so as to permit the State approached with great caution.
valuable laws designed
to pay the interest on irrigation district bonds for a period of not to ex- to The 1925 Legislature of Idaho passed some very These are working out
improve the value of irrigation district bonds.
ceed the first five years. The amendment provides that this guarantee very satisfactorily in the new districts and In the old districts, offering
could be secured by a district through a commission composed of the same certified bonds, in which cases they must be invoked. They do not. of
State officials as composed the State irrigation and drainage commission. course, affect the old districts of classes I and 2. referred to in the foregoing.
bankers, dealing
When a district desired to have the State pay the interest on their bonds in "Finally, my analysis is simply this: That investment in the interest of
this class of security, must in their own protection and
for any period during the first five years, the amendment provides that an the West, exercise great care in buying irrigation district bonds and see to it
election shall be held in the district to vote on the question, and if a that the'wheat is segregated from the chaff.' In the light of our experiences
majority are in favor, the district officials are empowered to present the and with the definite information we have, there is no fundamental reason
why all
of these transactions can not be
request of the district to the commission referred to. This commission is entirely of the elements entering into one security back of such issues can
analyzed and understood. The
by the amendment empowered then to examine the district as to practically be definitely defined, the earning power of the area can be fairly well sumthe same points as the State irrigation and drainage commission. The marized and there should be no more difficulty in understanding the value
value of a farm
cemmission is empowered to employ expert hydraulic engineers, agricul- of an irrigation district than there is in arriving at the take this position
bankers will
mortgage. It Is
tural experts and appraisers, 111 at the expense of the district making and If the variousmy belief that if Investment of securities are put out, will,
States. In which such classes
application. Section 7 of the amendment provides that "IVhenever the through their administrative officers and otherwise, safeguard the public
commission, after a complete investigation of the affairs of the district, ;4:t poor offerings, we V11 soon again reach a point where money for%zuevipman3hdrlei6t
shall find that it is for the best interest of the district and of the State of
eared."
Oregon to enter into an agreement for the payment of interest by the
California.
State, and that said district is entitled to the benefits thereof, said commission may enter into an agreement with said district providing for the
The credit record of municipal irrigation bonds issued in California, the
payment of any or all of the interest falling due on the bonds of the dis- outstanding State in irrigation development, continues, on the whole, good,
trict for a period not greater than the first five years, which agreement and irrigation bonds command an excellent market. There are outstandshall provide that any and all moneys used in the payment of such inter- ing something over $100,000,000 of California municipal irrigation disest, together with interest thereon at 5% per annum, shall be evidenced trict bonds with comparatively little trouble. The past twelve months
by .'interest certificates of indebtedness' of the district properly executed have shown a general decrease in the amount of new irrigation financing in
California, new offerings being in approximate amount $7,000,000 during
by its duly authorized officers."
These certificates were then to fall due and be payable by the district the past year, of which something over $4,000,000 represents the financing
months subsequent to the due date of the last maturing serial bond of of three new districts and the remainder, $2,300,000, consists of ten addisix
the district on which the State has agreed to pay the interest. Section 12 tional issues, largely from districts which had already been introduced to
of the amendment provides that "Whenever any bonds of a district hereafter the investing public. An interesting phase of future development in
or heretofore issued shall have been covered by an agreement between the California-is the banding together of smaller districts for the purpose of
district and the State of Oregon for the payment by the State of Oregon constructing adequate storage facilities accompanied by hydro-electric
construction
of interest thereon, the Secretary of State shall, upon presentation of such development, which is expected to carry a large portion of the
bond, cause to be attached therto a certificate certifying that the State of cost.
2092
THE CHRONICLE
[VoL. 123.
Three large projects of this nature are now in their preliminary stages:
Such a proposal is contrary, in our opinion, to the soundest economic
The San Joaquin and Kern River Water Storage districts and the Kings
and governmental principles. Our Pacific Northwest Group is actively
River Water Conservency district. These projects will store water for
engaged in opposition to this measure and it is sincerely to be hoped that
millions of acres which are for the most part already under irrigation.
the State of Oregon will not embark upon such a radical program with its
Two projects of this sort have been completed this year; that of the
Merced Irrigation district and the Melones project, for which the Oakdale consequent effect upon present invested capital and the future hopes of
and South San Joaquin Irrigation districts joined hands. A third, the the State to attract new capital for the development of its utility resources.
Dom Pedro development of the Modesto and Turlock Irrigation districts,
The report, presented by the Chairman of the Committee,
has been in profitable operation for some time.
George A. Colston, of Colston, Heald & Trail, of Baltimore,
While market conditions for the better type of districts have been relatively stable, with prices tending slightly upward, there are in California also made the following reference to State legislation:
A step of very considerable importance in the past two years has been
some unsatisfactory situations which can only be corrected through remedial
legislation. The market has grown in breadth, due to increasing interest the passage of laws in the States of Massachusetts, Connecticut and New
Jersey admitting public utility bonds which conform to certain specified
in California issues manifested by Eastern houses.
The Legislature was not in session and no changes in the law have been and rigid requirements as legal investments for savings banks. A similar
bill was before the New York State Legislature this year, but failed of
under consideration by the committee during the year.
In many other States, Washington, Colorado, Nebraska, Nevada, Arizona passage.
There is beyond question a great amount of public utility bonds outand New Mexico, there have been no legislative sessions requiring attention on the part of your committee and our work has been largely in ad- standing which are entirely suitable for the investment of savings bank funds
visory character and in making suggestions where called upon to do so by and with the progress of the industry and the growth in individual companies
our own members, other dealers and bankers, and in replying to inquiries the amount of such bonds will increase. Such legislation therefore would
from officials and others interested in the general subject of irrigation. afford the banks a proper and wider field of selection for their investments
The number of these inqUiries we believe is increasing, indicating a growing and would make available also to a sound and essential industry large
Interest, if not confidence, in the efforts of the Investment Bankers Asso- additional amounts of private capital. We have, therefore, no hesitation
In recommending it on general principles and in suggesting to the different
ciation.
It is evident that irrigation securities are extremely complex and dif- groups their active co-operation in the preparation and passage of such
ficult of analysis on any general basis of rules or suggestions. The reports measures.
It is not within the province of this Committee to make any extended
of the Irrigation Securities Committee for the past twelve years contain
an analysis or outline of practically all of the problems which have con- analysis or criticism of the specific provisions of these different bills or of
fronted those handling irrigation securities. These reports have repeat- the requirements which they have placed upon the bonds to be admitted.
edly outlined the weaknesses and the elements to be examind and have Policies will differ in the various States and can be best worked out in each
warned against promotion and have recounted the history of success and individual case. We would, however, point out the practical =Multi.
failure as a lesson for the future. The committee feels that there is little if not the impossibility, of establishing any set rule or yardstick by which
to measure the safety or desirability of an investment security for any
to be gained in again covering in detail these many suggestions.
With
its shortcoming, irrigation remains one of the great fundamental cl§ks of investors. It is also questionable to what extent the responsibility
resources of this country. The wealth produced amounts into totals foF the selection and change of an investment by an institution should be
equaled by few industries. It forms the basis of prosperity and business transferred from the shoulders of the officers and directors to either a State
legislature or bureau. Without advocating a complete letting down, thereof many of our Western States.
The number of meritorious, sound districts and companies justifies the fore, of all the bars, although this prinedple has been adopted in many
continued interest in irrigation securities by members of this association. States with satisfactory results, we would urge that in opening up to the
Your present committee feels that the work which they have undertaken banks this new field of investment, restriction be not made too narrow but
and so inadequately handled should be continued, and we feel that possibly rather along broad and general lines that opportunity be given to the
the committee should be so constituted that there will be a sub-chairman fullest extent possible to the institutions for the exercise of their own discreor sub-committee in each of the sections where irrigation securities are tion and judgment, subject always to a strict examination and to the
handled in great volume, such as California, the Pacific Northwest, Colo- constant supervision of experienced authority.
rado, etc.
Regarding national legislation the report said:
In each period of agricultural depression or readjustment such as has
In our interim report to the board at its May meeting comment was
confronted our entire country, we find those who favor no further develmade upon the bill introduced into Congress known as the "Boulder
opment and who even suggest that the agricultural area of our country
should contract rather than expand. Your committee, from its investiga- Canyon Project Act," which provides for a large irrigation and hydrodevelopment on the lower Colorado River to be constructed and
tion of agriculture as developed through irrigation, does not share this electric
view, but believes that our country, through the public and private agen- operated by the Government. This bill was not reported out of committee but has had strong and active backing and will probably again
cies, including the United States Department of Reclamation, should look
to the future, as a cycle of ten or twenty years will show an increase in be brought forward.
To many members, perhaps, Arizona and the Bounder Canyon may
population of many milliqns and the need for agricultural products which
seem far away and this matter of no particular importance. On the
can only be met by far-sighted plans of reclamation and development.
contrary, your committee believes that this project, if put through, might
well be the forerunner of others in various parts of the country and that
we would be wise to exert all our influence to prevent the start of such a
Present Situation of "Giant Power."
practice. Once a precedent is established it will become harder to combat
The "Giant Power" situation at the present time was the various protects as they arise. The use of public funds at low interest
described as dormant in the report of the Giant Power Com- rates derived from the high credit of Government obligations and the
will always
obvious political
mittee presented to the Investment Bankers Association by face, therefore, a temptationsand always abe a strong urge. We would
continuing
more difficult fight with one
the Chairman, Richard E. Norton, of W.H. Newbold's Son section of the country after the other becoming involved and more and
more already existing systems threatened by such unfair and uneconomic
Co., of Philadelphia. Continuing, the report said.
&
competition. In the Boulder Canyon project there is involved therefore
Since the inception of this theory, its main sponsor. Governor Pinchot In our
opinion the definite principle of Government ownership and operaof Pennsylvania. has been instrumental in having bills presented to the tion
which should be combated and defeated at its beginning, particularly
Legislature at Harrisburg, advocating their passage and the adoption of
as there is a sound solution at hand under the provisions of the existing
"Giant Power" in Pennsylvania.
Federal Water Power Act.
The first time these bills were brought up in Harrisburg, they were defeated, and at a later date they were again brought up in modified form
The following is also taken from the report:
and were again defeated. During the consideration of these bills, Governor
The great growth in recent years of motcr freight and passenger service
Pinchot made an extensive campaign through the United States, advocating has raised the question of the proper regulation of such carriers. Intro"Giant Power," and on account of this trip in several localities "Giant State lines would come definitely under the State Commissions, but those
Power" has been seriously considered.
engaged in inter-State business are not subject to regulation by the States,
At the present time this situation is dormant, but your committee has and as there has been no Federal legislation they have been without regureceived intimations that probably in the future it will again become an lation.
The Inter-State Commerce Commission has taken this subject under inIssue.
For that reason, it is our strong recommendation that the Investment vestigation and will doubtless make recommendations to Congress. The
Bankers Association of America keep skive the "Giant Power" Committee, chief interest of this Association would be in the competition ofsuch unregulated carriers with the regulated steam and electric railroads which have
which may be asked to function again in the future.
been so largely financed through our efforts.
While we have favored in the past State regulation where possible, such
Report of Public Service Securities Committee—Pro- a plan could hardly be evolved for this situation and it would probably be
better for the protection of the present investor in steam and electric railposal, to Be Acted on at November State Election,
way securities if the regulation of their competitors should also rest in the
to Create Oregon Water and Power Board,
Inter-State Commerce Commission. In this respect as well as in the
legal
and business side, the problem is not parallel to that of the light and power
Declared Unsound.
business. Due to the extension of superpower transmission lines beyond
Declaring unsound and dangerous the proposed amend- State borders, there has been some agitation to place such
companies under
ment to the Constitution of Oregon providing for the creation Federal control as being engaged in inter-State commerce. Such a proposal
would uproot the present
effective regulation and local control
Oregon Water and Power Board, the report of the which has developed out ofsystem of experience
of the
a valuable
and has proven so generally
Public Service Securities Committee of the Investment advantageous to all concerned. Control Vlbuld be centered at Washington
of companies whose business is overwhelmingly local in nature, and
Bankers Association, said:
what
problems, involving two or more States, might arise under the present plan
The year has not been marked by any great amount of new State laws could far more easily and better be settled
by Joint action of their respecwhich affect the utility business. Perhaps the most dangerous piece tive Commissions than by reference to
a distant Federal body.
of proposed legislation was the Giant Power Plan in Pennsylvania which
We believe that the best way in which this Association could combat
was covered in the report of your special committee. Similar to this this danger would be for it through its
proper committees in co-operation
and equally as unsound and dangerous is a proposed amendment to the with our groups, to take an active and
continuing part in strengthening the
Constitution of the State of Oregon to be voted on in November. This existing State regulatory
laws wherever neceSsary.isat
amendment, if adopted, will Create the Oregon Water and Power Board,
Renton** of Utilities.
composed of five members to be elected from the State at large, which
The National Conference of Commissioners on Utility
Board shall have power to construct or acquire and operate a State-wide
State laws has for
electric light and power generation, transmission and distribution system. some time been engaged in drawing up a proposed
Uniform Law for the
It authorizes the issuance of bonds of the State of Oregon for such purposes regulation of utilities. An examination of the proposed
bill does not show
not to exceed 5% of the assessed valuation of the State which would amount any points to which we could have serious objection, and it would
of course
to an authorized issue of approximately fifty-three million dollars of State be of very distinct advantage to all concerned if the law on this
subject
bonds. This would pur the State cf Oregon directly in the public utility subject were uniform in all States.
As part of the 123 report of this Committee
business under the management of five Board members subject to political
there was included a table
election and without the necessity of having any experience or qualifications showing the status as to several points of the regulation of utilities in the
for running such a business enterprise, and with a pledge of the credit of various States. It has not seemed necessary to us to bring all of this information up to date but a survey as to the requirements forlfiling with the
the State for all expenditures.
OCT. 23 1926.1
THE CHRONICLE
2093
obligations, and
Commissions of annual reports and the publicity given:them shows that the too great an extent transferred into fixed interest bearing
back into the property.
practice of requiring annual financial reports and of opening them to public also if the proper amount of earnings are not plowed
The maintenance of the present high standard of service by the utility
inspection even if they are not published ash become almost universal. In
to the investor and the public, and the
some few States this regulation is still only required of common carriers and companies is of prime importance
the best public interest that the present
we would recommend to the succeeding committee that an effort be made Association deems it to be for
companies
through the Groups to have these remaining States brought into line. accepted rate of return on capital as applied to public utility
Regulation of Utilities is based primarily on a well-defined basis of give remain undisturbed.
and take. In return for valuable privileges the utility accepts certain
obligations and there can be no question that a very considerable portion
of the continued prosperity of the industry has been due .to the fact that it Report of Government and Farm Loan Bonds Comhas been under such a system during a large part of its history. The
mittee—Ruling as to Payment of Dividends
general recognition of the ultimate benefit to the public of a monoply in
by Joint Stock Land Banks.
fields has in itself resulted in an enormous saving and has prevented
utility
many competitive struggles which would have brought disaster to the
The ruling (later modified) of the Federal Farm Loan
companies, loss to many investors and years of poor service to the public.
with reference to the payment of dividends by Joint
Such a monopolistic theory, however, could never have become an Esta- Boardblished practice without the corollary of regulation and an essential part of Stock Land banks, was referred to in the report of the
any successful regulation is an open and full publicity. Any regulatory Government and Farm Loan Bonds Committee, presented
body necessarily reflects in its policies the feeling and attitude of the general
by the Chairpublic, it is the creature of the public and must eventually carry out its before the Investment Bankers Association
Ideas. Sound regulation, therefore, granting that the law providing for it man of the committee, Max 0. Whiting, of Harris, Forbes
has fairly established the give and take bargain, rests eventually upon & Co., Inc., Boston. Under the modified ruling, the report
public opinion and good service and publicity are the two great factors in
notes, "it is not now necessary to charge off the value of
the proper formation and direction of this.
A very general recognition of this is evident among the operating com- property taken over through foreclosure or other procedure,
panies. The annual reports of some of the leading ones are models.
to set up an equivalent cash position before paying diviWhile lacking in some of the statistical operating figures which feature or
the railroad reports and are not yet standardized, they nevertheless give dends." The report was presented as follows:
an excellent statement of the companies' affairs in a form well suited
There have been no developments in regard to Government issues which
for the general public. With the broadening market, however, for utility have required any action on the part of your committee. The Treasury's
securities there will arise, particularly from savings banks and other in- refunding operations have been carried out, in our opinion, with consumstitutions accustomed to give closer and more detailed scrutiny to the mate skill, and it is understood that comprehensive plans have been perselection of their investments than the average individual, an increasing fected for taking care of the Third Liberty Loan on or before maturity in
demard for data upon these securities. It would certainly seem to be 1928.
to the selfish interests of the companies to pay attention to this new market
Both the Federal and Joint Stock Land banks have continued during the
for their bonds and to furnish in readily available form all possible in- past year their steady growth and hase, as heretofore, provided the farmer
of mortgages with needed funds under the highly desirable long-time repayment plan
formation upon such points as property valuation, details
and franchises, &c. With the steady improvement, therefore, in their at low interest rates.
form and increase in the practice of issuing such reports, both of which
The Federal Land banks loaned to the farmers during the eight months
can be expected, the situation as far as the operating companies are con- to Sept. 1 1926 $87,087,120, making 24,526 loans, an average of about
corned, would seem to be in a satisfactory shape. It is to be regretted $3,600. The various Joint Stock Land banks during the same period made
that a similar comment cannot be made regarding the holding companies 14,126 loans, aggregating $88,362,823, an average of about $6,300.
for while some of these have made a good start in this direction, there
The net mortgage loans outstanding on Dec. 31 1925 were:
is still much room for improvement. The influence here upon the general
$1,005,684,816
FederaltLand Banks
public and the necessity for that reason is of course less than with the
545,559,200
Joint Stock Land Banks
operating company with its local contact but the obligation to the investor
'During 1926, for the first time since the banks were organized, the
Is equally as great.
4%% bonds, replacing with a part
Large amounts of their securities have been distributed and security Federal Land banks were able to sell
0
4%.7 bonds held by the Treasury
holders are entitled to a reasonable knowledge of the affairs of their com- of the issue approximately $40,000,000
the banks made a saving of about
panies. It is to be noted that the competitive question which affects Department. Through this operation
the industrial companies does not apply to utilities. Moreover, it is $100,000 per annum.
It is interesting to note that of the approximately $9,000,000 capital
fairly evident that we are in an era of the formation of large operating
originally owned by the Government, all
systems based on geographic lines. The continued increase of the distance stock of the Federal Land banks
retired, and of the present capital stock of the
over which electricity can be transmitted economically has made such but $1,058,885 has been
outstanding, amounting to over $56,200,000, over
groupings not only possible but profitable. The element of these systems Federal Land banks
by the borrowers.
must come from the subsidiary properties of the holding companies who $55,000,00 is owned
Your committee have kept in touch with the Federal Farm Loan Bureau
will be the controlling factors in the formation and the guiding force of
urged the issuance of Federal bonds in consolidated form, but
these new systems until they achieve an independent strength and standing. and have
have not yet been perfected for such issue.
This process compares with the formation many years ago of our large plans
The market for Federal Land Bank. bonds has for the past year experailroad systems. In such a period the public utility industry and its
rienced an upward movement following closely general conditions and
bankers have an opportunity to avoid many of the mistakes made in the
being affected also by the increasing demand for this class security.
railroad history, to keep its record for the future up to the clean story
The market for the Joint Stock Land Bank obligations did not enjoy
which has given
so far and in so doing carry out their share of the bargain
during that period the same proportionate improvement as did that of the
them through so large a part of its life a generally fair regulatory policy Federal Land banks or other tax-exempt securities, the reason for this
with freedom from ruinous competitions and a living wage. If in no being indirectly attributable at least in part to the position taken by the
other way, the reward would surely be sufficient if they could avoid the Farm Loan Board last November in its ruling in regard to the payment of
burden of public antagonism under which the railroads have labored so dividends by Joint Stock banks.
long. To achieve this, their house must rest always on three foundation
The ruling provided in part:
stones: Good service, honest financing, and frankness with the public
"The Board will not approve the payment of any dividend by any bank
and the investor.
unless:
Circulars.
"(a) The undivided profit account, exclusive of premiums on sales of
bonds and stocks, and legal reserve requirements, shall show a balance
Under the plan for the closer scrutiny of circulars which was adopted sufficient to pay the dividend;
by the Board of Governors at their meeting in May 1926, this committee
"(6) The payment of dividends shall not reduce the account available for
has received a considerable number through the Secretary's office. It is dividends below the amount at which real estate acquired through forebank
gratifying to note the prompt response from such a large proportion of closure or by deeds from borrowers is carried on the books of the suffian asset, provided, however, that in case the bank has reserves
our members to the request of the Board for their co-operation in this as
ciently in excess of legal requirements to absorb this real estate, this proplan. This committee was charged by the Board with "the responsibility vision may be waived."
of reporting to it any alleged violation of an established principle of 'better
Because of the above requirement, the dividend position of several of the
practice' and the development of any practice which should be corrected
became questioned, resulting in a materially reduced
or improved." In accordance with these instructions your committee, Joint Stock banks
which condition was
through individual members, has considered the circulars received with market value for the stock of these particular banks
of the stock of other banks
reference to the recommendations previously made by the Committee reflected to a lesser degree in the market value
on Circulars and contained particularly in the pamphlet which was issued as well.
This condition reacted somewhat on the market for the bonds of the
last year entitled: "The Preparation and Use of Bond Circulars." Only
them did not
comparatively minor defects and omissions have been noted in any of the various banks to the extent, at least, that the market for
circulars offering securities of operating companies and it has not been experience the same upward movement as that for other tax-exempt oblinecessary for us to bring any of this class to the attention of the Board. gations.
Later on the Board decided that the restriction it had laid down in this
A considerable number of circulars offering the securities of holding com- ruling
was unduly stringent. Clearly, there is real value in the property
panies do not come up to the proper standard. The general deficiency
taken over by the various banks and it is reasonable to allow it to be carIs in failing to give as recommended in the above-mentioned pamphlet ried
as an asset. The Board accordingly modified the ruling, issuing last
a "clear statement of capitalization showing prior securities outstanding,
new regulations which in referring to "real estate acquired," proIncluding those of subsidiaries." It has been necessary to report to the June
vides in part:
Board several of this class which seemed most lacking in this respect.
debts
"If
Your Committee believes that much good will come out of this plan for either land is acquired by a land bank in satisfaction of mortgage mortby deed or by purchase at sales under judgments, decrees of
a supervision of circulars and we sincerely hope it will be adhered to and gages, all mortgage accumulations such as delinquent amortization payfaithfully carried out. The Association has set definite standards and as ments, interest, taxes, foreclosure and other expenses incident to such
at which the acquired land
in our opinion the failings are due to negligence and inattention, we are acquirement may be Included in the book value not disposed of within six
is taken
acquired is
confident tat by continuing to keep this important matter before our months, into account. If land thus earnings of the current semi-annual
there shall be charged to
members a great improvement can be achieved.
period and credited to "Reserve for Depreciation on Real Estate" the
amount this book value exceeds the unpaid principal of the loan, and the
Maryland 6U% Return Case.
land so acquired shall then be appraised at the bank's expense by an appraiser, or appraisers designated by the Farm Loan Board, or by a reIn April the Peoples Counsel, an appointed State officer, applied to the viewing appraiser, or appraisers designated by the Farm Loan Board, or
Maryland Utilities Commission for a reduction in the rates of a large electric by a reviewing appraiser, and may be carried thereafter as an asset at the
new appraised value but in no event to exceed the principal of the original
light and power company in that State basing part of his case upon the loan.
appraisals and adjustment of the book value may be
argument that the rats of return allowed to the company upon its agreed orderedSubsequent
by the Farm Loan Board."
valuation should be reduced from the present 8% to 6 %. Evidence has
From the above it will be observed that it is not now necessary to charge
been taken and the case is now awaiting decision.
taken over through foreclosure or other proAny tendency toward a reduction in the accepted rate of return will off the value of property
undoubtedly seriously impair the ability of the utility companies to raise cedure or to set up an equivalent cash position before paying dividends.
will be noted that the new regulation does require re-appraisals of such
money by equity financing, thereby weakening their financial structures, It
resulting in higher financing costs and forced economies of operation at property and the charging off of any resultant reduction in value.
Federal and Joint Stock Land banks were formerly required to replace
the expense of good service to the public.
security behind the bonds any loans with installment payments
Conversely the importance of maintaining these equities must be held in as collateral
delinquent over 90 days.
mind by the managements and the danger recognized if theu become to
2094
THE CHRONICLE
The Board in its ruling of last June provides with respect to delinquent
installments as follows:
F' "Before any Installment on any mortgage pledged with any farm loan
registrar as security for an Issue of Farm Loan bonds shall become ninety
days past due, it shall be the duty of the depositing bank to carry such
installment to its suspense account and certify such action to the registrar.
and if such certificate is not received within such period, the registrar will
declare such mortgage ineligible and call upon the bank for additional
security."
While the former requirement was from the bondholders' standpoint the
more desirable of the two, the Board considered the change desirable, and
so ruled. It is our understanding that many of the banks will, in addition
to placing the amount of such delinquent installments in a suspens account,
continue to follow the former practice of replacing such delinquent loans
with fresh collateral to secure its bonds.
In the past, the banks were at liberty to consider premiums received on
the sale of their bonds as virtually free earnings. The present regulation
provides in this respect:
"If bonds are sold at a premium, the net amount received in excess of
par value of each issue shall be carried to an account styled 'Premium the
on
Bonds—Deferred Income,' and shall be distributed monthly on all
earnings
over the callable period of each bond issue.
"If bonds are sold at a discount, the net discount shall be carried to
account styled 'Discount on Bonds—Deferred Expense,' and shall an
be
distributed as an expense monthly over the callable period of each bond
issue."
The amount of premium received through an increase of capital stock is
now required to be carried as a permanent capital surplus. Up to about a
year ago the banks were at liberty to utilize such premiums in a general
way.
In reviewing the operation of both Federal and Joint Stock banks from
the time of their organization, one cannot fail to be impressed by the
small percentage of losses which these banks have sustained, particularly
when one considers that the period covered includes war-time inflation of
the value of agricultural products and farm lands and the corresponding
post-war deflation.
Respectfully submitted,
Max 0. Whiting. Chairman,
F. R. Fenton, Jr.
R. A. Wilbur, Vice-Chairman,
George C. Foley,
Francis M. Brooke
B. H. Griswold, Jr.
W. A. Broom
John J. Rowe
C. F. Childs
P. T. White
0. D. Dickey
Report of Commercial Credits Committee.
The Commercial Credits Committee of the Investment
Bankers Association, Walter E. Sachs (of Goldman, Sachs
& Co., New York) Chairman, had something to say in is
report regarding "the practice of banks lending to their own
clients at rates as low, or lower than the open market rate."
The report in full follows:
[VoL. 123
investment field for their working capital needs, rather than to the commercial loan market. Thus banks, more especialy in the large money
centres, have been put to it to keep that part of their funds working that
they do not wish to allocate to the colateral can market or the investment
field. It has been but natural for them to turn to their own customers, well
known to them as prime commercial risks. Extremely large lines of discount have been offered at rates sometimes even lower than country banks
could purchase the same names from the commercial paper house. With
the commercial demand relatively light when compared to the growth of
banking resources, and important clients less insistent borrowers, the granting of extensive lines would seem justifiable.
In this connection it is interesting to quote from the "Monthly Review
of Credit and Business Conditions," issued by the Federal Reserve Bank
of New York on Oct. 1:
"An increase of more than $250,000.000 in the commercial loans of banks
throughout the country above the levels of last year, seems to indicate that
industrial and commercial concerns are borrowing more largely from their
banks than through the open market. The amount of commercial paper
outstanding through twenty-six dealers at the end of August was $638:000.000—a decrease of 2,Si% over the end of July and of 12% over a year
ago."
A new school of younger bank men is growing up, among whom there are
some who, unaware of the lessons of 1907, 1914 and 1920, close their eyes
to the advantages of investing part of their funds in outside commercial
paper, where no obligation to renew is involved, and prefer lending to their
own customers at low rates, failing to admit the proper function of market
paper in the banking system. So long as this tendency continues, that is.
the urge to lend at all costs to the banks' own customers, and the failure
to recognize the real function of market paper, commercial paper houses
will find it difficult to increase, as they would be justified in doing, their
commission charges.
And yet the head of one of the largest banking institutions in the country, a banker of great wisdom and experience, declared in a recently published article:
"Carefully chosen commercial paper has long been recognized.as a liquid,
and safe investment by banks, and the steady growth of watchfulness and
responsibility on the part of leading dealers has not only increased the'
element of safety to the purchaser, but also has brought better service and
larger benefits to the borrower. Commercial paper performs a real economic
function and Its place in our scheme of commercial banking Is secure."
The situation has been aggravated in the past year or two for the reasons
already referred to. Improved transportation facilities, resulting in quick
turnover and low inventories—working capital supplied through debenture
note or bond issues rather than through bank borrowing, have reduced corn-,
mercial demand to a relatively low point. This committee feels certain,
however, that the present situation wil gradualy adjust itself once more.
With the growth of the country's business wil come new enterprise and
new requirements. When the country again faces an era of rising commodity prices, merchants will again buy ahead of requirements and heavier
inventories will be carried, and gradualy commercial demand will again
make itself insistently felt. Then banks in the great money centres will
be plagued, as they have been before, by large lines granted in times of
money ease—then again the commercial paper house wit bring the free
funds of the thousands of country banks to the money centres, through the
sale of commercial paper, as was the case In 1920. Then will come the
time when the commercial paper houses can again properly take up the discussion of more adequate remuneration for the service rendered by them.
This committee has expressed its willingness to serve in any way that
that may be helpful to the interests of the association as a whole. Up to
the present time, however, it has not become evident in what way such
service can be rendered. The committee does wish, however, to reiterate
its desire to be helpful, and to function more as an integral part of the
association. Therefore It would welcome suggestions or the submission of
specific problems from the officers of the association or from any of its
neighboring committees.
Respectfully submitted,
COMMERCIAL CREDITS COMMITTEE.
WALTER E. SACHS, Chairman.
At the last annual convention of the association this committee presented its first report. That report contained an outline of the reasons
for which this committee was created, as well as a description of the program of work to which this committee hoped to devote its efforts. During
the past year the "Bulletin" has contained an occasional interim report
describing the progress which the committee was making in attaining some
of its objects. It may not be unwise to repeat with extreme brevity on
this occasion the results thus far of the committee's efforts.
It is generally agreed among the commercial paper houses that a distinct improvement in competitive methods has taken place. Ruthless
effort on the Dart of one house to secure accounts of another house by
means of indiscriminate bidding for paper at rates under proper market
levels is now rather the exception than, as in former years, the rule.
There can be no question that a friendlier and more neighborly spirit exists
between the commercial paper houses than at any time in the memory of
any of the individuals now engaged in that business.
The practice of granting options to banks (a real evil in the business),
while not eliminated, has been somewhat modified. The average time of Discussion of Inter-House Problem—Making Business
options, most of the houses report, has been cut down by several days.
Pay—Remarks of Morris F. Fox, S. Stern
A publicity campaign has been inaugurated, and a number of articles
and Jerome J. Hanauer.
have appeared in various business journals, written by bankers and busiMorris F. Fox, of Morris F. Fox & Co., Milwaukee, Signess men, setting forth the advantages of commercial paper, both to the
purchaser and the borrower. It is hoped that this campaign of publicity mund 'Stern, of Stern Brothers & Co., Kansas
City, and
may be energetically continued—but adequate material is needed, and can
only be secured if the various commercial paper houses will co-operate Jerome J. Hanauer, of Kuhn, Loeb & Co., were the prinwith complete energy and enthusiasm.
cipals in a discussion at the annual convention of the InConsiderable thought was given to the question of ways and means of vestment BankerS Association, which
President Ray Morris
Increasing the remuneration for the srvices rendered by the commercial
paper house to its clients. The accepted and generally recognized com- in announcing it, described as a novelty not on the printed
mission has been one-fourth of 1%. The committee has, however, tern- program. President Morris added:
porarily abandoned any concerted effort to raise commissions, as most of
We have had a great deal of discussion about inter-house problems,
the houses have felt and still do feel that the competition of banks and about making our business pay and about handling it right.
Many memtrust companies in lending at low rates to their own clients regulates as bers have felt that that type of work has not been
sufficiently covered by
much as any other factor the commercial paper rate and the amount of our many committee reports in the past. Mr. Gilbert,
remuneration which the commercial paper house can properly reserve to interested in that, our Vice-President, is going to take who has been much
the chair and himtself.
self conduct this discussion.
It might not be amiss in this connection to give expression to some
Vice-President Gilbert in bringing the problems before the
thoughts held by this committee on the practice of banks lending to their
own clients at rates as low or lower than the open market rate.
members for discussion said:
Time was, and not so many years ago, when few banks, even in the
There has been a good deal of thought, and I think there has been a good
principal money centres of the country, would consider lending even to the deal more thought than the ordinary members realize, on the
question of
best and biggest of their clients at a rate of discount as low as the open making the meetings more interesting to the members at large. It is a
market rate for prime commercial paper. There was good and logical rea- thing that is worth a great deal of thought, and I think that we all want
to
son for this policy. The bank's own client had at al times a right to think and get the thoughts across for an Interchange of views as to how
demand his line, if adequate balances were kept, and if his financial con- the conventions can be made more interesting; how the sessions can be
dition was sound. The bank had to take care of its customer at all times, made more interesting.
and such consideration on the part of the bank warranted a somewhat
I do not think there is anything a man is more interested in than his
higher rate. Commercial paper, on the other hand, could be purchased own business. If you get a man started talking about his own business,
without obligation to renew, and in such quantities and at such times as his own business troubles and his own business problems, he is great, and
suited the buyer. It was and should be considered a secondary reserve. In it is what he loves to get going on. He wants to know how
he is going
times of money stringency, the funds received from maturing market to do his selling better and his buying better, and really
do a better job.
paper were extremely useful in meeting the extraordinary demands made This is the spirit in which this particular short
session has been called.
on a bank from its own customers. In recent years, however, a new It is an unadvertised thing, it is an
unpremeditated thing. We hope it
tendency has apparently developed. Banks are competing for commercial will be a good experiment.
business with each other, and consequently with commercial paper houses,
I was rather struck the other day when I dropped into a room where
more vigorously than ever before. This, it would seem, is due to a num- half a dozen fellows were sitting around.
They were just talking over their
ber of causes. On the one hand the growth in banking resources in the own business problems. I sat by and listened.
I
past decade has been extraordinarily large. The Federal Reserve System It was just the sort of thing that the convention did not talk very much.
has given a greater elasticity to our banking system than was ever before of. I mean it was good, pungent, appealing ought to have the benefit
talk. It was not calling
dreamed of. On the other hand, although commercial cans for the entire people names, it was really trying to get
country show an increase, commercial demand in recent years has been know about. That is the sort of thing, if better results on things that we
we can organize and harness, to
relatively smaller when compared to the growth of the country's business. get into our conventions; that is going to
help us a great deal.
due partly to quicker turnover, aided by improved transportation faciliHow to do it is difficult. Floor discussions of the old days were apt to
ties, and due partly to the fact that many corporations have turned to the get out of hand. On the other hand, we
have covered a great deal of our
OCT. 23 1926.]
THE CHRONICLE
background, so to speak, of the investment banking game. We get complaints sometimes that our reports are more or less repetition from one
year to the other. They .are. The chairman of each committee wants
to do a conscientious job, he wants to tell the convention something.
That is what he is there for. But if the convention as a whole, and if the
members as a whole want to talk over their own problems, there are plenty
of ways, I think, of making time when those things can be discussed and
be discussed 'right, and the benefits of them go along cumulatively from
year to year.
A rather useful matter has come up, presented by one of the members,
just as a basis of discussion, which makes a rather good lead-off, and in
order to show in example, perhaps, of what a discussion of this kind might
be, I would like to call on Mr. Morris Fox, who will present to you one
of a great many problems such as we have in mind.
Mr. Fox in setting out the difficulties faced by the investment houses which he referred to as "retailers," said:
I think perhaps my small contribution can best be expressed by reading
you part of a letter which I wrote to our President some months ago. I
want you to understand that I have no quarrel with anyone here, and I am
not trying to start a fight, but I do want to present a practical problem
which I think confronts a great many of the members, and if it is so presented, I have confidence in the intelligence of this organization that
somewhere, somehow, along the line, to take such co-operative measures
as may help to remedy the condition.
We are in that phase of a cycle of things where our business is expanding, and so is our overhead, and our margins are going the other way. We
know that when we investigate the affairs of a borrowing company that
seems to be drifting in that direction, we usually tell them some things
that they must do or they won't get any credit from us. I wonder if it
is not time for us to turn our microscopes homeward and get our own
industry, if possible, into better shape.
Most professional associations, most trade associations, have ways and
means, honorably, legitimately, by which they prepare and give to their
membership comprehensive cost data. I wonder bow many of us are
keeping cost accounts and being guided by those figures when we are
asked to take a commitment at less than our average cost of doing
business.
Well, I started out to read this letter I wrote to Mr. Morris, calling his
attention to the very good work that was being done by the Investment
Research Committee of the Financial Advertisers Association. I won't go
into the details on it, but they prepared a very nice report, a very splendid
report, some months ago, and I sent Mr. Morris a copy of it. I wanted
to give you the reaction which I got out of that report, which principally
was that we are all still continuing rather uneconomical methods of disposing
of our merchandise, that our units of selling are constantly diminishing,
that the distribution of securities is going into a larger and larger number
of hands; that many of the proprietors of originating houses do not appredate the cost of the present type of distributing so far as the retailer is
concerned; and that competition from the buying side has been so keen as
to result in the retailer being asked to do business most of the time this
year for less than cost. I firmly believe that the majority of the members
of the Investment Bankers Association have not made a cent this year. It
is not true of the larger originating houses, which are few in number, but
It is true, I believe, of the retailer, and he comprises the majority of your
membership.
If it is the purpose of the originator to drive the retailer out of business, he is working along exactly the right lines, but if the retailer is
needful in the general scheme of things, something should be done along
constructive lines that will help to keep him in business. By that I
meant by way of information and a better understanding by the originator
as to exactly what it costs a fellow to do business.
I believe if you would send out a questionnaire to your entire membership list simply asking them how their net profits for the first six months
of 1926 compared with the same period of 1925 the answers would astonish you, and would perhaps suggest a new line of endeavor for the Investment Bankers Association.
The association has done a splendid piece of work covering practically
every phase of the business, but largely along professional lines. Is it not
worth while for the association now to devote some thought to methods of
merchandising? In other words, along commercial lines which would tend
to increase profits, curtail expense, and generally create a healthier situation among the membership.
In substantiation of the above point, I was startled when I was told the
other day by a senior officer of a very large investment company in a
neighboring city that they had barely been able to stay out of red ink since
Jan. 1. Our own situation has been much more fortunate, only because
we occasionally originate some local business.
Now, Mr. Chairman, that is the burden of my song, and I do not know
what else to say on that.
doing a good job for them or not, or whether we are just punishing them
until they cannot give any time to their own business.
In regard to the small houses, here is something from a memorandum
that has been passed around a little bit, which is just carrying along Mr.
Fox's line. The interests of the small dealer are very important to the
investment business as a whole, and, on the other hand, it may not be too
extravagant to say that the fate of that small dealer rests in the hands of
the larger members of the association. Many of the small houses have
problems which are usually along selling lines. I find that the customers
of the smaller houses are much dependent for their profits on the allotments made to them by the originators, and by the profits allotted for
selling. If the small dealer does not get not only fair but profittible treatment in syndicates he is driven out of business, or, at least, he must go into
originating himself, which he is frequently not equipped to do, either in
the matter of investigation or by maintaining secondary markets. Same
as of carrying or taking vigorous action on behalf of its customers in case
of trouble. It is a question, perhaps, whether any policy can be readily
outlined which would define the place of the small dealer or forecast his
future as part of the machinery of investment distribution.
But in view of the intimate relation which he bears to his customers and
to the fact that so many of our best houses have grown from small beginnings, their position is certainly worth considering. It is noticeable, also,
that at many conventions the small dealer comes with a real eagerness to
hear the discussions, and to get some help about his own problems. It is
unfortunate that he probably often goes away without having received much
of a practical nature. Now, this particular session has not anything to do
with the small dealer any more than it has with a lot of other things.
Even the big dealers have fully as much trouble as the small dealers and
and buyers have as much trouble as the sellers. They are all problems to
be discussed and thought over. Keep thinking them, talking them just as
you would in our own business, and see if we cannot land somewhere that
will keep pushing us ahead.
As I said, this is an unpremeditated meeting. There are probably a lot
of people here that would like to say something on the question of the
small dealers which we might consider before the house, as an example,
,
or on the particular question of how we can do a better job for our mem
bers. Some of them may think they do not want to stand on their feet
buzzing around in their minds that have not
and talk with a lot of ideas
taken form. All right. As I say, we do not expect too much from •
meeting which is called in rather unexpected fashion, but if there is anysomething
body here that has got in mind something that is constructive,
executhat he would put up to a meeting of his own salesmen, or his own
if
tives, or his own board of directors, it will be a splendid contribution,
someone would take the lead-off, as Mr. Fox has done. Let us have 10
left, for the
or 15 minutes of discussion, which is about the time we have
benefit of all of us.
Mr. Gilbert, commenting upon what Mr. Fox had to say,
stated:
f
That is just one of the great many possible things that we ought to be
thinking about a good deal. It would not be such a bad plan if we were
to imagine ourselves for a minute a rather large board of directors of a
very large corporation we will say, which was running the investment
banking business of the United States and Canada. We are here to consider a great many problems, some of them problems of big houses, and
some of them are problems of small houses, and some of them are problems of banks, some of them are buying, some of them are selling, and
some of them are more or less inter-office problems.
Now, suppose sitting here in that frame of mind, the head of our Retail
Sales Department cornea to us and says his department is not making any
money. What are we going to do? I do not think right off the bat any
of us know what we would do, except we would think it was very important to spend some time the next year, or two or three years, in seeking
how the retail department could make some money, that is, unless we
wanted to give up the retail department altogether, and that is something
to think about, too. It probably is not the answer, but there is probably
some answer.
Now, suppose we were running a business concern on a very large scale,
as we are all trying to do on a smaller scale, we would have to do something
about it. I mean it is a problem that we would have to settle some way
or other, or just let somebody else take it up.
As I said, that is one of a lot of things. Now, the corpgration would
consider its buying, consider its selling, consider its wholesale policies, its
retail policies, and so on. How are we going to get at that? I mean, how
are we going to get the opinions brought together and made effective, harnessed and put to work in such a way that they will spread back and do us
some good? I say, we do not know. We have a lot of things to think
about. We have the relations of our banking members with our nonbanking members. We have the relations with our customers. I would like
to see some customers come in and talk to us and see whether we are
2096
Sigmund Stern, who was the next speaker, said:
with Mr.
Mr. President and Members; I was very much impressed
Morris Fox's paper, because it dwelt on the facts that all the smaller
dealers know exist. They have great difficulty in making any money
where they depend entirely on the great originating houses for their business. We have similar problems right at Kansas City, and if it were not for
the fact that we do originate quite a good deal of local business, we could
not make both ends meet Now, of course, I realize that the buyers have
their problems just as well as the sellers, but it does seem that there are
times when the distribution through the smaller dealers is not quite as
equitable as it might be, and I would like to hear from some of the memthat
bers of the girt originating houses and get their viewpoint as to how
situation might be improved so as to make the distribution more equitable.
That is all I have to say.
In response to President Morris's inquiry as to whether
there was any member representative of any of the larger
houses present who might want to discuss that point, Jerome J. Hanauer asked for permission to be heard; his remarks follow:
Mr. Chairman, it certainly was the last thought that I had in my mind,
when I came into this room ten minutes ago, that I was going to say anything. I have listened with very much interest to Mr. Fox's statement,
and also to Mr. Stern's. I want to correct an impression, in the very first
place, and that is that there is any difference in interest whatsoever between
the large issuing houses in New York and the thousand or twelve hundred
members of the Investment Bankers Association, be they large or small.
They are all on the same side of the table.
The great difficulty is with the manufacturer, that is, the corporation.
They have been under the impression that it is very easy to sell securities,
and that the margin should get smaller and smaller. It is not only true of
the corporations. It is true of all sorts of authorities. Municipal and
State securities, sold by competition, have gotten down to such a little
margin that I dare my of the 1,200 members of the Investment Bankers
Association probably not more than a handful would ever bother with municipals, except possibly local municipals, because they cannot make any
money out of them. It is getting increasingly so with other securities.
If we should make one criticism, in a very friendly spirit, It would be
this: that the very dealers, the retailers who say to us and to other large
originating houses in New York, "Our overhead is very high. We cannot
afford to sell securities for less than a minimum of such and such a margin."
The moment those very houses have an opportunity, possibly with a group
of three or four others, to buy something direct, why, we find that they
do it for about % or %% gross margin. There is nothing in it excepting
advertisement. But you can realize what that means in the mind of the
corporate official when he sees that business has been done on such a small
margin. Naturally, he feels, why shouldn't I get it? The result is that
in a good market like we have had for the last year or two there is this
constant pressure on the part of the maker of the security for a smaller
margin. We are constantly telling them that that is ethereal, that margin; that it does not mean anything. The thing that they are interested
in is the net cost to the corporation of the money and that the wonderful
organization which has developed through the Investment Bankers Association in the last 10 or 15 years has made a wider market for securities than
has ever been known in the history of the world, with the result that the
whole basis of price is on an entirely different level and that all the corporations and all the Governments and municipalities are getting their money
cheaper, in spite of the fact that the margin seems greater, than they
would have if we should revert to the old principle of selling to a handful
of people in the larger chin because it was too expensive to do the Intentsire selling which has been done through the members of the Investment
Bankers Association. In other words, to take a concrete case, it is much
better for a corporation to get, let us say, 95 for a security to be sold at
98 to the public, than to get 93 for a security to be sold at 94 to the public.
But it is very hard to sell that idea to the manufacturer of securities;
that is, to the corporation. It is the gross margin which they are alwayit
talking about And that 11 particularly true of the authorities in many
2096
THE CHRONICLE
States and the authorities in Washington, who have the control of the
fixing of the price of certain securities. They are always thinking of the
margin and not of the net price.
The large issuing houses in New York are always keeping in mind the
Intensive selling of the securities and the necessary commission that should
be paid to the distributer. If it is cut down, it is not because the issuing
house is anxious to squeeze any of the distributers. It is simply because
they have not been able to purchase the securities at a price to permit the
paying of an adequate compensation and the issuing houses themselves are
the first ones to suffer from that. It is not their fault. They find that
securities are not as well placed, if you do not pay an adequate compensation. They come back and we find during the next 60 or 90 days that
we are buying back securities simply because they did not place them
right.
So in considering this matter, I will say to you gentlemen, don't think
that it is a question between the issuing houses on the one hand and the
.
distributer, large or small, on the other. It is the point of view of the
Investment bankers and the point of view of the maker of the securities.
And if there is one thing to help this situation, that can be done, it is to
educate the officials of corporations and the officials of Government that
It is in their best interest, to make their bonds popular, to sell them at
a right price and permit the public to make a little money and not to sell
them at the very highest price that, in competition, they can get.
That is just as true of American securities as it is of any other kind of
securities. It is just as true of Canadian securities, I might say, while I
am here in Canada. The Canadian Provinces have gotten such high prices
for their bonds in the last few years, they they are all spoiled. And I think
every one of you will agree, here in Quebec, as was said so well by Mr.
Morris at dinner last night, that there has not been any money in those
securities. And just to repeat the one idea that is in my mind and that
Is, for all 1,200 members of the Investment Bankers Association to make
it their business, whenever they meet men who have securities to sell—
corporations—preach to them the cost of distribution and the benefit to
them of having their securities widely and well and permanently distributed. Much more good can be done in that way than by thinking of it in
the spirit of the investment bankers or distributers against the issuing
houses.
[Vol.. 123.
passed, does not lessen the occasion for our commendation and appreciation.
Federal Budget.
One of the outstanding factors in the reduction of Federal taxation
has been the effective functioning of the budget system which was prescribed by Congress in 1921 and which co-ordinated the Government's
financial requirements. The creation of the system was a constructive
and much-needed step. But it would have been of little avail had it not
been put into operation with such conscientious zeal as that which has
characterized it under the present Administration and the Bureau of the
Budget. A strict adherence to the principle of constructive economy has
resulted in vastly decreased expenditure by the Federal Government, which
increased rather than decreased efficiency. As President Coolidge has
recently said, the work of the budget system has been "to secure a wiser
use of our national resources and a more satisfactory result at less cost."
In that sentence the President gives with characteristic brevity and comprehension the essence of the greatest need of all Governmental expenditure, whether Federal State of municipal in character. There is something more than the merely epigrammatic in his further statement that
"The effort has not been to reduce the expenses of the Government at the
expenses for the benefit of the public welfare."
In the five budget years 1922-1926 the sum of $18,114,099,55 03 was
5
expended and surpluses totaling $1,757,099,192 68 were accumulated.
This
total surplus has been applied to debt reduction in addition
$2,237,459,to
005 65 applied to debt reduction as required by law and
included in the
expense total given above. The program of constructive
economy of the
Administration and the Bureau of the Budget was
given the support of
Congress. It is an example of retrenchment which may
well be emulated
by the States and their political subdivisions.
Under the budget system the program of constructive economy
may be
expected to continue. However, it is hardly reasonable
to anticipate continued similar reductions in the annual expenditures
for the cost of the
Government. With all economy, the budget estimated
that there would be
spent during the current fiscal year a minimum of $3,600,000,000.
The
greater opportunity for economy will doubtless be in
debt reduction.
Federal Debt.
On June 80 1921 the public debt amounted to $23,977,000,00
In conclusion Mr. Gilbert said:
0, with an
annual interest payment of $999,144,731 35.
I want to thank Mr. Hanauer for that. I think that was exactly the sort this year the debt stood at approximately On the corresponding date
$19,643,000,000 with an inof thing we want to get. Now, just using our imagination a little bit. We terest payment of $815,000,000. This is a
reduction since 1921 of $4,384,have heard from the sales department. We will give Mr. Hanauer a title 000,000 in principal amount and $167,000,000
in annual interest.
perhaps which is a little unfair, but perhaps fair enough under the situaFederal Taxation,
tion, the head of the purchasing department has appeared and told his
story. If I may step aside just a minute to get a thought in, there is genThe Federal expenditure, which was
erally a certain amount of spread to be divided. The retail distributer has 1921, is expected during the current $5,638,000,000 for the fiscal year
year
got ,to be paid for his work and his overhead. The originator has got to be or a reduction of nearly $2,000,000,000. to approximate $3,600,000,000,
During the same period Federal
paid for his work and his overhead. He has got a lot. It is necessary to taxation has been reduced from $45 23
per capita to $29 17. Furthermore,
move within the limits of the spread that each division can get.
miscellaneous war taxes have also been materially
reduced, and though
Now, I think we have about used up the time. I think perhaps it is the revenue from these taxes has
been rduced by approximately
just as well to stop here. We have had a little of what you might call a 000,000, there have been no
$275,compensating increases in the case of the
tabloid picture of the sort of thing I think we might have a good deal of income and profits taxes. The
repeal of the capital stock tax has removed
In the course of time. I would like to leave the convention with the idea an unfair imposition upon many
corporations because it did not take into
that there are ways of doing this sort of thing. Perhaps some committees consideration the ability of
the corporation to pay.
can be appointed to do certain things. It is very formless, but I think it
With an interval of months since the passage of the Revenue
Act of 1926,
is all very useful, Mr. President.
the question is increasingly arising as to the prospect
of a further tax
reduction in the near future. No answer may well be
hazarded until the
revenue-producing ability of the present Act and the
probable expenses
Report of Taxation Committee—Taxation of Foreign of the Government have been more definitely ascertained. The budget Burvy for the fiscal year ending June 80 1927 indicates, as
stated, the possiHeld Bonds.
bility of reaching a minimum of $3,609,000,000. The
income and profits
items for the period ending Sept. 30 1926 indicate receipts
Carroll J. Waddell, of Drexel & Co., in presenting as
approximating
those of the corresponding period of 1925 under the previous
Revenue Act.
Chairman his report of the Taxation Committee, called
Revenue del of 1926.
attention to the recommendations of the Federal Taxation
In the
of
Committee submitted to the House Ways and Means Com- proved byreportSt. the 1925 Federal Taxation Committee, which was apthe
Petersburg convention there were
mittee at the time of the drafting of the Revenue Act of recommendations. These had been presented in a briefincluded five major
filed by the Taxation Committee with the Ways and Means Committee of the House
1926. Among these recommendations was one proposing
of
Representatives, which was then drafting the Revenue Act of
1926. For
that interest on American securities held by non-resident purposes of report each of these recommendations is
here given with a brief
aliens be exempt from our income tax, when the country of summary of the final status of the particular phase in the bill as passed.
which the non-resident is a citizen extends reciprocal rights
1. Recommendations:"The reduction of the rates ofthe
individual income
tax to the point where
to citizens of this country. Secretary Mellon at the time 25% in order that tax the combined surtax and normal tax will not exceed
avoidance may cease and funds
may be attratced into productive business rather than seeking investment
Indicated that "the subject is really much larger than simply ties.
tax-exempt securi'
Result: Credit for Earned Income: The credit of 25%
-our own taxation. It involves the question of international
on account of
earned income was extended from $10,000 to $20.000.
No change was
double taxation, and is being considered abroad by the made In the existing provisions of the previous law
Income up to $5.000 as "earned" income. Personal to consider all net
League of Nations. "In time," he said, "we may come to case of a single person, the law allows a
Exemptions:
personal, exemption of In the
$1.500.
the case of a head of a family or a married person,
a more satisfactory settlement of this vexed question." Mr. In wife, exemption is $3.500.
living with husband
or
Under the previous law the
exemption was
Waddell in his report announced that the committee "is $
ectively
.
Norman
1 r0m aldIngO 0 T '
2 an S 5
r s?
r
on
giving continued consideration to this problem and is now the first $4.000m0e : personal Income tax 3% individuals is 1,4%on
over the
exemption,
on
5% on the remaining. Under the previous law the the next $4.000 and
assembling the various factors involved for further presen- first $4,000, 4% on the next $4.000
rates were
and 6% on the remaining. 2% on the
Surtax:
tation to the Departments at Washington which have an Incomes The maximum surtax was reduced from 40% to 20%. Upon
up to $24.000 there was no change from the
rates of the 1924 Act.
2. Recommendation: "The repeal of the
interest in the broad general subject." Mr. Waddell noted
upon the ground that death taxes should beFederal estate and gift taxes,
left
•that the Chamber of Commerce of the United States is about that such levies should be used by the Federal to the several States and
.
Government only in times of
war emergencies.'
to undertake a comprehensive survey of the tax collecting
Result: Estate Tax: The estate tax was retained with
exemption was increased ft,om $50.000 to $100,000. modifications. The
and spending activities of the States and their local sub- the first $50.000 above the
The
exemption. 2% of the amount rates are 1% on
divisions. Pointing out that "there is need of immediate 8100,000. 3% on $100,000 to $200.000. 4% on $200.000 from $50,000 to
to $400,000, the
rate increasing until the maximum of 20% on all
and thorough diagnosis of the present ills of expenditure 000.000. The estate tax rates of the 1924 law withof the amount over 810.retroactively repealed and the rates of the 1921 a maximum of 40% were
law with a maximum of
and taxation, to be followed by the elimination of waste," 25% were substituted for the period during
which the 1924 rates would
he said: "It will be timely if the various units of the otherwise have been applicable. I. e., June 2 1924,to the date of the enactment of the 1926 Revenue Act, which was Feb. 26
The credit for
Investment Bankers Association and the regional groups estate taxes paid to the States was increased from 1926. to 80%
25%
of the
Federal estate tax.
co-ordinate their efforts and be of assistance wherever posGift Tax: The gift tax was repealed as of Jan.
11926, but on gifts made
since June 2 1924, there are applied the same
sible in such a corrective movement.' The report follows: estates mnder the 1921 Act.
rates as are provided for
3. Recommendation: "The elimination of both
The United States Revenue Act of 1926 was introduced and reported in and Capital Losses for purposes
of the income tax, items of Capital Gains
the House of Representatives on the first day of the opening session of adopted by the Association at the last annual pursuant to the resolution
meeting held at Cleveland.
the 69th Congress—Dec. 7 1925. The bill was passed by the House on Ohio."
Result: Unchanged from previous Revenue Bill.
Dec. 18 and by the Senate on Feb. 12. It then went to the conferees,
4. Recommendation: "The
whose report was accepted by both the Senate and the House. The bill other obligations of American exemption of the interest on bonds, notes and
corporations held by non-resident aliens from
was signed by President Coolidge on Feb. 26. This chronology indicates the application of the United States income
tax when
the sincere desire of Congress and the Administration to expedite a revi- such non-resident alien is a citizen or subject in like the country of which
cases extends reciprocal
sion of the Revenue Act. There was, of course, the additional urge of rights to citizens of the United States."
Result: Unchanged from
having the new law in effect before March 15. The recommendations- take the position that no previous Revenue Bill. The Federal authorities
exception should be made to
the principle of
presented on behalf of the Investment Bankers Association by the Taxation taxing income earned in the United States,
whether owned
Committee were given every consideration at Washington. That all of the non-residents, and that the subject involves the question by residents or
of international
double taxation, which is a matter now under
recommendations were not incorporated in the Revenue Act as finally
international consideration.
After such consideration progress may be made
here.
OCT. 23 1926.]
5. Recommendation:"The repeal of the provisions of the present law for
publicity of the amount of tax paid by every taxpayer.
Result: The requirement of the 1924 law that there be made available to
the public the amount of tax paid by each taxpayer, was repealed.
In addition to these five major recommendations the Taxation Committee
concentrated upon other phases of the Revenue Bill which appeared during
its progress through Congress and became ofimportance and serious menace.
They are here briefly summarized.
Interest Deduction.
1. As the bill passed the House, Subdivision (c) of Section 214 would
have (1) repealed the previous prohibition forbidding the deduction.of
interest on money borrowed to purchase or carry tax-exempt securities,
and would have (2) substituted for that prohibition a limitation on the
deduction by an individual taxpayer of interest paid on indebtedness.
This limitation provided that, unless the interest were paid or incurred in
carrying on a trade or business, the deduction allowed would be only the
amount by which the interest paid exceeded the income of the taxpayer
from wholly tax-exempt securities.
This amendment was originally incorporated in the bill of 1924. It was
then passed by the House of Representatives but failed to have concurrence in the Senate and was stricken from the bill as finally enacted. On
the basis that the amendment to the existing law contained in
Subdivision (c) of Section 214 of the Revenue Act of 1926 would actually
impose a tax on tax-free bonds, both Federal and State, to the full extent
of all non-business interest of the taxpayer, and upon other bases, the
Taxation Committee strenuously opposed the adoption of the amendment.
An able brief, which was prepared by Mr. Paul V. Keyser, Counsel of the
Association, was most effective in presenting the association's arguments
in opposition. The Senate again refused to adopt This item and it was
omitted from the bill as finally enacted.
Withholding Rate.
2. After the fixing of the lowest bracket of the normal tax at 1%c
ie,
the Taxation Committee felt that debtor corporations which had issued
tax-free covenant bonds should be protected from an obligation to pay a
greater tax than is actually payable by the individual taxpayer. The
principle of the amendment prepared by the committee—to Subdivision
(b) of Section 221—providing a withholding rate of 13%, was accepted
by the Finance Committee of the Senate and incorporated in the bill
which finally passed.
The amendment reads: "Such deduction and withholding shall be at
the rate of 2% in the case of a citizen or resident enttiled to receive such
interest if he files with the withholding agent on or before Feb. 1 a signed
notice in writing that his net income in excess of the credits provided in
Section 216 does not exceed $4,000."
This amendment ;makes no attempt to meet the situation arising from the
earned income section which provides that the first $5,000 of net income
Is arbitrarily treated as earned income and, therefore, is subject only to
the net tax of 1%%. While the unanimous desire was to have the debtor
corporation withhold only the exact amount of tax actually payable, the
situation as respects this 154
3% tax in the, relatively perhaps, small number
of cases involved, is so complicated that it seemed impracticable for
administrative reasons to attempt to cover it. In practice, the ownership
certificate must guide the withholding, and it is obviously essential that
the certificate be kept in as simple form
as is possible. The amendment
suggested by your committee, as above quoted, sought justice as far as
seemed to be at all possible.
Coneolidated Returns.
A striking instance of the effectiveness of the co-operation of the
Regional Groups of the association was their response to your committee's
appeal for reinforcement to cure an unjust amendment, known as Subdivision (c) Section 240, affecting consolidated returns, which had been
introduced and accepted by the Senate, practically without comment, on
almost the last day of the Senate's debate on the revenue bill. Under the
previous law consolidated returns could be filed by corporations if one
corporation owned at least 95% of the voting stock of its subsidiary or
subsidiaries, or if at least 95% of the voting stock of two or more corporations were owned by the same interests. The amendment struck out
the word "voting" and made the requirement of 95% ownership apply to all
classes of stock. The injustice of the amendments as offered was at once
apparent when, applied particularly to public utility holding corporations,
among others, which had financed themselves to a considerable extent
through the sale of preferred stocks. The Rvenue Act was already before
the conferees when the insertion of this amendment was discovered.
Quick
action was necessary. The effect of the amendment was brought
by your
committee to the attention of the Regional Groups and
by them to the
attention of their representatives in
Washington.
In the few remaining days during
which the bill was before the conferees of the Senate and the House of
Representatives, the effect of the
amendment was cured in the following section,
which was incorporated in
the bill as it finally was passed and
signed by the President:
"(D) For the purpose of this section
two or more domestic corporations
shall be deemed to be affiliated (1) if
one corporation owns at least 95%
of the stock of the other or others, or (2)
if at least 95% of the stock of
two or more corporations is owned by the
same interests. As used in this
subdivision the term 'stock' does not include
non-voting stock which is
limited and preferred as to dividends. This
subdivision shall be applicable
to the determination of affiliation for the taxable
year 1926 and each taxable year thereafter."
Thus the law remained as heretofore for the taxable
year 1925 and was
not prejudicial for the taxable year 1926 and thereafter.
Substitute Ownership Certificates.
The use of the substitute ownership certificate in
connection with the
collection of the income tax on bond interest was abolished
by Treasury
Decision 3772, approved Nov. 14 1925. The former
established practice
was made for a protection of the privacy of investors' names.
Your committee brought to the attention of the Treasury Department
the protests
against the ruling which were voiced by the members of the
association.
The reply of the Treasury Department is found in the following
letter
from Under-Secretary Winston:
TREASURY DEPARTMENT,
Washington.
December 16, 1925.1
Investment Bankers Association of America,
Eugene E. Thompson, Chairman, Federal Taxation Committee,
IVashington, D. C.:
Sire:—Iteference is made to your letter dated December 3 1925. in regard
to Treasury Decision 3772. approved November 14 1925. In which the use
of substitute certificates, provided by Article 368, Regulations 65, is discontinued.
Careful consideration was given the question of involving the use of substitute certificates in connection with interest payments on bonds. It
was found that the use of substitute certificates was brought about at the
suggestion of investment bankers in order that they might keep secret the
names of bondholders for whom they make interest collections.
The effect of this practice is to prevent the debtor corporation from
knowing the name and address of the person in whose behalf the corporation
Is required to withhold the tax of 2%. The listing of numbers on returns.
Form 1012 filed by the debtor corporation, rather than the name and
2097
THE CHRONICLE
address of the bondholder, has brought about difficulties which could not be
overcome and has required an enormous amout( of clerical labor in attempting the verification of numbered cretificates and the identification of the
items in the withholding returns. In some cases it required the seraching
of several hundred pages of returns to identify a single item, which in turn
had to be verified with the ownership certificate. It is exsential to a thorough audit of the individual return that the amount of tax claimed thereon
as a credit be checked with the amount of tax reported as paid by the
debtor corporation. This cannot be done satisfactorilyin cases where
substitute certificates are used.
In general the use of substitute certificates has been very unsatisfactory
and makes it practically impossible to verify the amount of tax withheld
and paid at the source. This was especially emphasized in connection
with the refunding of the 25% reduction in tax provided for in Section 1200
of the Revenue Act of 1924. Any benefit which may accrue to investment
bankers as a result of the use of substitute certificates is more than offset
by the additional burden imposed upon the debtor corporations and the
resulting difficulties to the Government in the audit of returns.
As stated above, the decision to abolish the use of substitute certificates
was made only after careful consideration and investigation and the action
taken, as outlined in Treasury Decision 3772, is considered necessary to a
proper administration of the law.
Respectfully,
(Signed) GARRARD B. WINSTON,
Under Secretary of the Treasury.
While the decision is to be regretted, your committee felt that the expressed poSition of the Treasury Department left too little likelihood of
reversal to justify any continued pressure and protest.
Foreign Held Bonds.
In the first part of this report brief reference is made to the recommendation of the 1926 Federal Taxation Committee that interest OD
American securities held by non-resident aliens be exempt from our income
tax when the country of which such non-resident alien is a citizen or subject
in like cases extends reciprocal rights to citizens of the United States.
The attitude of the Treasury Department toward this matter is given in
the following letter by Secretary of the Treasury Mellon th Mr. Charles H.
Sabin of the Guaranty Trust Co. of New York:
December 9 1925.
My Dear Mr. Sabin:
--1 have your letter of November 24th. with reference
to the complaint of foreign holders of American bonds against the payment
of American income tax. This is a matter which has been frequently presented to Congress, but on each occasion it has decided that no exception
should be made to the principle of taxing income earned in the United
States, whether owned by residents or non-residents. The subject is really
much larger than simply our own taxation. It involves the question of
international double taxation, and is being considered abroad by the
League of Nations. In time we may come to a more satisfactory settlement
of this vexed question.
Sincerely yours,
A. W. MELLON.
Secretary of the Treasury.
This taxation of foreign-held bonds is felt with especial acuteness by
members of the association who offer in Canada issues of corporations in
the United States. This, of course, applies to dealers resident in the
United States and in Canada. A reciprocal attitude on the part of the
United States would remove the handicap, because Canada does not impose
an income tax on Americans holding Canadian securities. Your Taxation
Committee endeavored to have the situation cured in the Revenue Act of
1926, but found that for the reasons stated by Secretary Mellon there was
no possibility of effecting such an amendment at this time. On the broad
basis of sound economics this burden upon the foreign purchaser of American securities is an obstacle in the way of the desired international readjustment. Your committee is giving continued consideration to this problem
and is now assembling the various factors involved for further presentation
to the Departments at Washington, which have an interest in the broad
general subject.
Tax-Exempt Securities.
While the Revenue Act of 1926 was under consideration by the Senate
Finance Committee, the attention of the Taxation Committee was directed
to an amendment which, while it did not receive the approval of the Senate
committee and did not become a part of the new law, nevertheless, raised
an interesting question regarding the extent of the constitutional exemption from Federal taxation of municipal bond interest, based on the distinction between private and Governmental functions of the municipality.
We quote from the comment of Mr. Paul V. Keyser, our Washington Counsel on this proposed amendment.
"Because of the tendency towards municipal ownership and operation of
public utilities, it becomes material to inquire how far the rule of non.
taxability of State instrumentalities applies to municipal securities issued
for the construction, acquisition, operation or maintenance of such public
utilities.
"The United States Supreme Court has consistently indicated that the
operation of State Governments which are protected by the exemptions
are only those of 'essential Governmental functions.' In the South Carolina case, 1922 U. S. 437, 461, decided in 1905, involving public liquor
dispensaries, the Supreme Court said that 'the exemptions of State agencies
and instrumentalities from national taxation is limited to those which are
of strictly Governmental character.' In Flint vs. Stone Tracy Co., 220
U. S. 107, 172, decided in 1911, involving the corporation income tax law
of 1909, the Supreme Court said: 'The true distinction is between the
attempted taxation of those operations of the States essential to the execution of its Governmental functions, and which the State can only do
itself, and those activities which are of a private character.'
"But the determination of what is a Governmental function is one beset
with difficulties. As a matter of principle, it is a problem upon which
complete agreement is in the nature of things probably impossible. As a
matter of authority, there is little guidance to its solution in the decisions
of the courts. The United States Supreme Court itself has recognized the
difficulty of drawing the line. In the case of City of Trenton vs. State of
New Jersey, 262 U. Sr 182, 191, decided in 1923, the Court said: 'The
basis of this distinction (between private and Governmental functions) is
difficult to state, and there is no established rule for the determination of
what belongs to the one or to the other class.'
"Invoking this distinction, the amendment proposed to apply it in connection with the exemption from taxation of municipal bonds. It suggested
as a guiding principle to apply the dividing line to general obligations
payable out of general taxation; and using this standard, it suggested that
the tax should apply to the interest on such bonds issued by any political
subdivision of any State or Territory for the construction, acquisition,
operation .or maintenance of a public utility, which bonds do not constitute
general indebtedness of the issuer but are payable out of the revenues of
such utility or otherwise than by general taxation. Its suggested tax Wee
to apply only to such bonds issued since Jan. 1 1925.
"It is evident that it is impossible to apply the yardstick suggested in
view of a quite recent decision of the United States Supreme Court which
has a direct bearing upon the question. This is the case of Metcalf ye.
Mitchell, in which the opinion was handed down on Jan. 11 1926, which
was probably just after the amendment had been prepared. In this case
certain consulting engineers had been professionally employed to advise
States or subdivisions of States with reference to proposed wate !supply and
sewerage disposal systems. They opposed paying a Federal income tax on
2098
fees received by them for these services. The chief contention urged against
the tax was that Congress had no power under the Constitution to tax
the income in question. This objection was overruled by the Supreme
Court on the ground that the tax did not impair in any substantial manner the ability of the engineers to discharge their obligations to the State
or the ability of the State or its subdivisions to prepare the services of
private individuals to aid them in their undertakings. The Court in its
opinion reviews at some length the question of the power of the Federal
and State Governments to tax the instrumentalities of the other, and said:
'Just what instrumentalities of either a State or the Federal Govern"
ment are exempt from taxation by the other cannot be stated in terms of
universal application. . . . As cases arise lying between the two extremes, it becomes necessary to draw the line which separates those activities having some relation to government, which are nevertheless subject to
taxation, from those which are immune. Experience has shown that there
Is no formula by which that line may be plotted with precision in advance.
But recourse may be had to the reason upon which the rule rests, and
which must be the guiding principle to control its operation. Its origin
was due to the essential requirement of our constitutional system that the
Federal Government must exercise its authority within the territorial
limits of the States; and it rests on the conviction that each Government,
In order that it may administer its affairs within its own sphece, must be
left free from undue interference by the other. McCulloch vs. Maryland;
Collector vs. Day; and Dobbins vs. Erie County, supra.'
"In view of what is said by the Supreme Court in this case it is evident that the standard suggested by the proposed amendment cannot be
accepted as wholly satisfactory."
State Taxation.
To your Taxation Committee there was this year assigned the combined
fields previously covered by the Federal Taxation Committee and the
State Taxation fsammittee. With respect to the latter, your committee
feels that it may be of value in acting as a liaison between the various
Regional Groups and the national association. Obviously, the Regional
Groups are in closest contact with taxation matters in the various States.
Your committee has expressed its desire to be of service to such groups
whenever they may feel that through the Taxation Committee the strength
of the national association may be of assistance in any particular situation.
State Reciprocity in Taxation of Intagibles of Non-Resident Decedents.
One of the most unsatisfactory situations in our system of inheritance
taxation is to be found in the general practice whereby most of the States
tax not only the realty of decedents, including both residents and nonresidents, and the personal property of residents, but also the intangible
stocks and bonds) personal property of non-resident decedents, provided
the taxing State can, by any tenable theory of law, obtain jurisdiction of
the assets.
Thus, if an estate includes stocks and bonds of a corporation incorporated
under the laws of a State other than that in which the decedent had his
legal residence, this second State may also exact a tax; and if the corporation owns property in another State, this third State may exact a tax;
and if the securities were kept in a safe deposit box in another State, this
fourth State may exact a tax—and so on.
A summary of State legislation on this subject was published in the fall
of 1925 in Special Report No. 33, of the National Industrial Conference
Board, as follows:
"For example, in thirty-eight States. if a non-resident dies leaving stock
of a domestic corporation, the shares are taxes by three jurisdictions, viz.:
by the State of domicile which taxes all his property whever located (by
virtue of jurisdiction of the person), by the State of incorporation (by virtue
of jurisdiction of the property), and by the Federal Government. If the
corporation is incorporated in more than one State. as is true of some railroads, the stock may become taxable in each jurisdiction, in the case of
thirteen States. Nine States have gone even further and seek to impose a
tax upon the transfer of stock of a foreign corporation by a non-resident
decedent, if the foreign corporation has property within the taxing State,
and some States tax transfers of stock of corporations merely operating
within the State. State courts in some cases have declared the latter provisions unconstitutional, but in other States they have been upheld. The
actual revenue derived from the taxation of the transfers of non-resident
decedents is not large, but the irritation, delay. Inconvenience and overhead
therein involved to taxpayers are disconcerting to executors and
r;gns.
"A more or less similar condition exists with respect to the taxation of
transfers of other forms of intangible personalty. Thirty States tax bonds
physically within the State. Irrespective of the domicile of the decedent.
Twenty-one States tax transfers of registered bonds wherever situated and
by whomsoever owned if the obligor is a citizen of. or is incorporated within
the S.
and seventeen seek to reach transfers of coupon bonds regardless
of thee' I s of the :rinds or the domicile of the resident. Some States tax
transfers of
ecured notes if the obligor is a resident; others tax transfers
of bonds ana mortgages secured by real estate, cash on deposit, Sze.
"Often more annoying and expensive than the tax itself is the outlay incidental to procuring a transfer and ascertaining whether or not a tax Is due.
The delay in procuring a waiver from a foreign State has in many cases
prevented the executor of an estate from taking advantage of a favorable
market. Eleven States require court proceedings in fixing the tax, the cost
of which sometimes exceeds the tax or the value of the property to be transferred. Employment of counsel is compulsory in one State, and others
require ancillary administration and all the incidental expenses in connection
therewith."
No one is more familiar with the uneconomic results of this practice
than those who have served as executors ann administrators of estates and
investment bankers who are called upon to advise their clients with reference to inveattments. Recently a banking house inserted in its advertisements of a new issue of preferred stock the following:
This company is Incorporated In Vermont. one of the few States which
does not levy inheritance tax on securities held by non-residents.
The question therefore arises as to whether there is anything which the
investment banker can do to assist in bringing about curative legislation.
In 1925 the State of Pennsylvania inaugurated the practice of reciprocity
by passing an Act, approved May 14 1925, whereby the tax on intangibles
was repealed as against the decedents of those States which reciprocally
would not tax the intangibles of the estates of Pennsylvanians. This suggestion rivet with immediate response, and New York and Connecticut
enacted similar laws, effective July 1 1925, and Massachusetts followed
with a similar law, effective Dec. 1 1925. Recognizing the importance of the
State of New Jersey as the domicile of many important corporations engaged in business of national dimensions, the question was then presented
to the taxing authorities of that State, and as a result New Jersey, by the
Siracusa Bill No. 565, repealed absolutely its tax on the intangibly personal
property of non-resident decedents, effective as of July 1 1926.
Then the four reciprocity States, l'ennsylvania, New York, Connecticut
and Massachusetts, agreed upon similar forms for affidavits, so as to permit the transfer of securities without the delay of securing special waivers. As a result of this movement, reciprocity is now operative between
the four States mentioned above, and also Florida, Nevada, Alabama and
the District of Columbia, which have no inheritance taxes; and Georgia,
Vermont, Rhode Island, Tennessee and New Jersey, which do not tax the
intangibles of non-resident decedents.
These thirteen States have set an example to the other States of the
Union as to what may be accomplished by co-operative legislation. In
[VoL. 123.
THE CHRONICLE
most States the Legislatures will meet in the spring of 1927. We recommend to the Regional Groups and the appropriate committees of the Investment Bankers Association that they suggest, encourage and take an
active part in the movement for the enactment of such reciprocity legislation in this matter as will result eventually in placing the whole country
upon the reciprocity basis. When all of the States have accepted reciprocity
there will then be no tax on the intangible personal property of non-resident
decedents.
To this end we report the following resolution:
•
Resolved. That the Investment Bankers Association of America records its
conviction that the taxation by the various States of the intangible (stocks
and bonds) personal property of non-resident decedents is unjust,inequitable
and uneconomic in that it leads to the taxation of the same assets by several
different jurisdictions, thereby adding to the cost of the administration of
estates and interfering with the free flow of capital.
Resolved, further, That we recommend the principle of reciprocity which
has been already accepted by th.States of Pennsylvania, New York, Connecticut and Massachusetts. whereby these States agree to exempt from the
operation of their tax laws on non resident decedents the intangible assets
of the estates of those non-residents of such States as reciprocally will grant
the same exemption.
Resolved. further, That we urge upon the members of this Association
vigorous efforts to secure the enactment of similar recipcocity laws in every
State of the Union which has not already accepted this policy.
State and Municipal Expenditure.
Your committee has summarized the material reductions in the United
States Federal taxation since 1921. Our attention may well be turned to
the increase in expenditure during the same period by States and their
subdivisions. Whereas the Federal Government from 1921 to 1925 reduced
expenditures more than $2,000,000,000, Governmental expenditures by
States and their subdivisions showed an increase of more than $4,000,000,000. When in 1921 the cost of all Government in the United States was
approximately $9,500,000,000, Federal expenditure constituted nearly 60%
of the total. When in 1925 the cost of all Government had increased to
more than $11,500,000,000, only 27% was represented by Federal expenditure. The States and their political subdivisions increased their expenditures by more than $1,000,000,000 a year for the four years named.
The fact that the expenditures of State and local Governments have risen
so steadily as to offset and wipe out practically all of the Federal gains,
seems to have been completely overlooked. It is said that total taxes in
the United States were actually higher in 1924 than in 1923, and only
$127,000,000 lower than in 1919, which was the peak year of Federal taxes.
While the Federal taxes were reduced from $5,069,000,000 in 1919 to
$3,095,000,000 in 1924, or a reduction of $1,974,000,000, there was an
increase in State and local taxation from $2,965,000,000 to $4,812,000,000,
or an increase of $1,847,000,900. From 1919 to 1924 State taxes increased 87%; local taxes increased 56% and Federal taxes declined 39%.
Federal taxes per capita amounted to $27 17 in 1924, as compared with
$48 27 in 1919. State and local taxes were $28 26 per capita in 1919 and
$43 22 in 1924. The estimate is made that total expenditures by Federal,
State and local Governments aggregated in 1924 $10,215,000,000, or about
an eighth of our national income. While there was a decrease of $385,000,000, or 10.6%, in the Federal expenditure in 1924 as compared with 1923,
there was an increase of $492,000,000 in the expenditures of all State and
local Governments, making a net increase of $107,000,000. As contrasted
with the Federal policy of reducing its indebtedness through economy in
expenditures and through spending less than the amount received in taxes,
States and municipalities have found their tax revenues far from sufficient
to meet their expenditures. From 1913 to 1924 the net indebtedness of
State and local Governments increased from $3,822,000,000 to $11,652,000,000. In contrast, the national debt has been reduced from $25,482,000,000 on June 30 1919 to $19,643,216,315 19 on June 30 1926.
It is not the intention of your committee to suggest that there has been
extravagance in all State and local Governmental expenditures. The need
for improved highways and a large increase in public educational equipment have been two of the major and unavoidable items of increased expenditure. Other large items are the amounts devoted to soldiers' bonus
expenditures and to debt service.
Curtailment of necessary civic improvements would be advocated by no
one. Curtailment and elimination of unwise and uneconomical expenditures for such improvements are obviously to be desired. The Investment
Bankers Association may well go on record as calling attention to the
present dangerous tendency in State and municipal expenditure, and at the
same time throughout the country lend the benefit of its support to all
efforts which may be made by business organizations toward effecting such
correction and improvement. The activities of your Taxation Committee
during the past few years have been directed toward the Federal taxation
situation at Washington. The State and municipal situations now need
correction. The difficulties of such correction are obvious. The task involved is not one with a centralized point of contact as at Washington.
There are complexities in te problem of State and local taxation. The
power and process of taxation and expenditure in no two States is identical. The sound corrective program for one situation would not be that
best suited to another. There is a vast amount of overlapping of jurisdictions both as between the Federal Government and the States among the
States themselves and among their political subdivisions, the result being
multiple or double taxation and undue annoyance in the making of numerous returns to tax collectors, the necessity of which is not always apparent.
There can well be more co-operation between the numerous taxing jurisdictions and less competition between them.
The Chamber of Commerce of the United States is about to undertake a
comprehensive survey of the tax collecting and spending activities of the
States and their local subdivisions. Its preparation for this survey has
been comprehensive and exhaustive. Working through the media of State
and local Chambers of Commerce and commercial associations, there is a
possibility of the accomplishment of much good. Among the concrete phases
of taxation which will be covered by the survey of the Chamber of Commerce are such as taxation of intangible personal property, tax-exempt
property, inheritance taxes, personal income taxes, corporation taxes, State
and municipal indebtedness, State and local budgeting, Federal subsidies of
States, etc. Specific recommendations will be made relative to each of
these situations. There is need of immediate and thorough diagnosis of the
present ills of expenditure and taxation, to be followed by the elimination
of waste. It will be timely if the various units of the Investment Bankers
Association and the Regional Groups co-ordinate their efforts and be of
assistance wherever possible in such a corrective movement.
TABLE 1.—TOTAL VOLUME OF TAXATION, UNITED STATES
1890-1924.
(Amount in Millions.)
Taxing Authority. 1890. 1903. 1913.1 1919.1 1921. 1922. 1923. 1924.
$374 $521 $668 $5.069 $4,430 $2,802 $3,220 $3,095
155
307
96
570
945 1,064
783
858
706 1,219 2.395 3,150 3,301 3,601 3,748
405
Federal
State
Local
Tnts.1
1875 SI.382 32.194 gum IR
AR1 SR
oat 57.766 57.007
OCT. 23 1926.]
THE CHRONICLE
TABLE 2.
-VOLUME OF TAXATION EXPRESSED IN "1913"
DOLLARS, 1913-1924.*
(Amount in Millions.)
Taxing Authority.
1913.
1919.
1921.
1922.
1923.
1924
Federal
State
Local
$668 $2.456 $3,016 $1,883 $2,09 $2,067
711
615
535
577
276
307
1,219 1,160 2.144 2.218 2.343 2.504
Total
12 104 23 R02 55'1Q3 54.87X 25.053 55.282
-TAXES AND NATIONAL INCOME
TABLE 3.
1890.
1903.
1913.
1919.
1921.
1922.
1890-1924.
1923.
1924.
National in
come(mil
lions)_ _ _ - $12,082 $20,500$32,000$67,524$62.73'$63,8O0$65,60063,5OO
Taxes
per con
of nation
al incom
4,40/ 4.9
4.9%
Federal.Jj 3.1% 2.5% 21% 7.5
7.1
.8
State_-__
1.4
1.7%
.80/ 1.0%
.8 0 1.2 0 1.3
Local -__ 3.3% 3.4% 3.8% 3.6% 5.0% 52% 5.5% 5.9%
Total__ 7.20
L fi 7tg. R 007 11 007_ in ROI- 1(1 CM ILA% 12.5%
*Figures expressed in current dollars were deflated on the basis of the
Index number of wholesale prices.
Source: Basic figures from National Industrial Conference Board.
Again President Coolidge has concisely arid comprehensively analyzed
the situation in h;s statement: "There is cause for concern in this situaMon. It is fraught with grave consequences to the public welfare. The
Federal Government has decreased its costs by practicing the homely virtue
of thrift. This has not been an easy task. It has required co-operative
effort and sacrifice in every direction. If the interests of the people demanded this action on the part of the Federal Government, surely they
would seem to demand simPar action with regard to the increase in these
other local Governmental costs."
Respectfully submitted,
TAXATION COMMITTEE,
CARROLL J. WADDELL, Chairman.
0. J. Anderson
Willis K. Clark
John Dane
T. P. Dixon
Samuel C. Finnell
Benjamin H. Dibblee
John W. Greenman
Harvey S. Hughes
George T. Leach
Harry W. Neepier
Ewene E. Thompson
T. Johnson Ward
Harry E. Weil
Hathaway Watson
Montague A. Blundon
Thomas K. Carpenter
Hollis T. Gleason
J. E. Jarrett
W. G. Kollock
George W. Robertson
M. H. Willis
Report of Legislation Committee
-Study of State Laws
Governing Investments of Trust Funds, Insurance
Companies and Savings Banks.
The report of the Legislation Committee of the I. B. A.
announced that the committee has joined with the Legislation Committee of the Central States Group in employing
counsel to make a study of the various State laws governing the investments of trust funds, insurance companies and
savings banks. The report recommended that the succeeding committee continue this investigation. Because of the
recommendation contained in the report, President Ray
Morris indicated that it was in order to take formal action
on it, and a motion for the acceptance of the report was
seconded and carried. A resume of the State legislation
affecting matters in which the investment bankers are interested was presented in the report, which was submitted as
follows by the Chairman, Hugh W. Grove, of the First Wisconsin Company of Milwaukee:
2099
tion over the group to the Vice-Chairman in charge of Securities Law
Legislation.
Inasmuch as only eleven State Legislatures convened in regular session
In 1926, the work of the Legislation Committee for this year was not particularly burdensome. However, in 1927 43 of the State Legislatures will
convene lb regular session. It is fair to assume that in many of these
States new legislation or amendments to existing laws governing the sale
of securities will be proposed. The committee is also obliged to spend
more and more time in missionary or educational work in the administration of laws governing the sale of securities now effective in many of the
States. -Your committee, therefore, recommended to the Board of Governors at the White Sulphur Springs meeting that the Vice-Chairman in
charge of Securities Law Legislation be given the assistance, co-operation
and advice of a permanent staff, consisting of a Field Secretary of the
association, a Chicago counsel, the committee counsel, the Executive Secretary of the association, and necessary clerical help. The Board approved
the committee's recommendation and authorized the employment of a
Field Secretary, a notice of which appointment has been mailed to the
members of the association. The work of the Field Secretary will be discussed in the report of the Securitis Law Division of this committee.
Pacific Northwest Group.
No legislative sessions were held in any of the States of this Group.
In the State of Oregon there has been proposed an amendment to the
Constitution creating the Oregon Water and Power Board. The text of
the proposed amendment declares that it is the policy and purpose of the
State to conserve, develop and control the waters of the State of Oregon for
the use and benefit of the people by publicly owned and operated utilities.
This amendment will be submitted to the electorate of the State at the
general election on Nov. 2.
Central States Group.
None of the State legislatures of this Group convened in regular session.
The Wisconsin Legislature convened in special session, but nothing affecting
the interests of investment bankers was considered.
Southern Group.
In this group the legislatures of Mississippi. Georgia and Louisiana
convened in regular session.
Mississippi.
-Out of the total bills passed, 419 were Acts Validating
Various Bond Issues. In addition to the General Validation Acts approving
all municipal bonds, notes and certificates of indebtedness, and all proceedings of boards of supervisors and road commissioners in the matter of
the sales of bonds, the Legislature passed individual Acts validating bonds
issued by 410 special road districts, to settle, beyond any doubt,the legality
of these issues in the face of the decision of the Supreme Court in the case
of Browning vs. Hooper, involving the validity of Texas Road District
bonds. These Sp7cial Validating Acts were based on a comprehensive
survey by the Attorney-General's office under authority and on an appropriation voted by the Legislature.
Among the legislation introduced but not passed were Acts to repeal the
income tax, the inheritance tax and the gift tax, and a bill to authorize
for deposit to secure State funds, "any first mortgage real estate bonds,
Issued by any reputable bond house, guaranteed as to principal and interest
by a security company authorized to operate in Mississippi."
Georgia.
-The Georgia Legislature met in special session March 19th,
and an Act was passed and signed March 30th, amending the laws relative
to the issuance of non-par stock by Georgia corporations. This amendment provides, in part, "that there shall be but one class of common stock,
each share of which shall stand upon an equality with every other share,"
which is interesting in view of the wide discussion now current as to the
issuance of non-voting common stock.
Louisiana.
-Of the laws passed at the session of the Legislature of
Louisiana, two were Acts proposing -amendments to the Constitution,
which, if endorsed at the general election In November, will create additional political subdivisions of the State to be known as "Waterworks
Districts" and "Sub-Waterworks Districts," and "Irrigation Districts."
All of these districts will have authority to incur debt and issue negotiable
bonds therefor.
Act No. 88 broadens the field of Investments for trust funds of minors,
and Act No. 340 enlarges the list of investment securities authorized for
deposit with the State Treasurer under the guarantee fund required of
guaranty, fidelity, surety and Jonding companies.
The License Tax Act was also amended and now provides for a license
tax of brokers and investment bankers which is graduated on the basis of
profits, instead of gross commissions and gross sales.
Mississippi Valley Group.
In this Group Kentucky was the only State where the Legislature con
vened in regular session. The only legislation affecting investment bankers
was the law regulating the sale of securities. Through the efforts of the
local group and the suggestions of counsel for the National Legislation
Committee co-operating with the Banking Commissioner of Kentucky, a
workable bill was presented to the Legislature. This bill, with certain
amendments, was passed by the Legislature and signed by the Governor.
Michigan Group.
A special session of the Michigan Legislature was convened early
year, but nothing of interest to thelinvestment banker was presented at
this special session.
Southeastern Group.
Virginia.
-The Legislature of Virginia convened in regular session
Jan. 13th. During the closing days, Senate Bill No. 270. embodying
amendments to the Securities Act, was passed. the Important changes
are as follows:
(a) Increasing the exempt securities so as to conform very nearly to the
Indiana-Minnesota type of law. This covers United States and oreh
Government bonds, National Bank, Federal Land Bank. Joint Stock Land
Bank, securities issued by a public service company operating under the
control of any governmental or State body, and several other minor exmgMons. An additional important exemption is that of securities listed on the
New York and Chicago Stock Exchange which has been approved by the
Corporation Commission. This also exempts all securities senior to the
securities so listed.
(b) An amendment clarifying Section No. 12 of the Securities Act in
conformity With the ruling of the Virginia Corporation Commission. The
Act provided that the provisions of the law did not apply to sale of speculative securities when made by the owner thereof. It was the opinion of
several lawyers, and in this case Mr. Keyser concurred, that this exempted
any class of security where the offering house had actually purchased the
securities for its own account. The Corporation, however, ruled that it
was not intended to apply to such cases, 13ut only to isolated transactions
where the seller had not purchased his speculative securities direct from the
Issuing company. The amendment is so phrased as to bring the unmistakable meaning of the law in conformity with the Commission's ruling.
(o) An amendment exempting from provisions of the law sale of any
security, sp ulties e or otherwise, to any bank, banker, trust company or
elerin scuriativ
ee
.
dealer
North Carolina.
-The Legislature of North Carolina does not convene in
regular session until 1927. However, a groat deal of constructive work
has been done on the amendments to the law of that State governing the
sale of securities which VMS passed last year. The local group and the
attorney for the North Carolina Bankers Association and Mr. Keyser
have been working very closely with the State Corporation Commission in
charge of the administration of the law. If these amendments are passed
at the next session of the Legislature. the general effect would be to make the
ef ah.
Norw Carolina law practically the same as the Indiana-Minnesota type
In the past few years, the work which would properly fall within the
jurisdiction of the Legislation Committee became so burdensome that it
was necessary to delegate a portion of the work to other committees. In
general, the results have been quite satisfactory. In some instances, however, there was an overlapping of authority and a duplication of effort.
It therefore seemed advisab:e to the officers elected at the St. Petersburg
convention to consolidate the Legislation Committee and the Securities
Law Committee under the name of Legislation Committee. This committee,
in addition to the work in legislation, took over the work of the Securities
Law Committee. The new Legislation Committee, as appointed by the
President, consisted of a chairman, three vice-chairmen and sev7iteen
members.
The scope of the committee's work was divided into three parts:
1st. General legislation, for the
of the committee as a whole:
2nd. Securities law legislation,attention
under the direct supervision of Mr.
Arthur H. Gilbert, Vice-Chairman:
3rd. National legislation and legislation for the District of Columbia,
of the attention of the committee as a whole.
In order that a working organization could be perfected to keep in
close contact with the activity in each State, and to the end that the
Legislation Committee could function as a whole, the United States and
Canada were subdivided into fifteen groups, the territory within each group
being co-extensive with that in the various groups of the Investment Bankers Association, with the exception that the Northern Ohio and Ohio Valley
Groups were consolidated, as were also the Eastern and Western Pennsylvania Groups. Each of these groups was assigned to a member of the
Legislation Committee, who has been responsible for the group he represented in the co-operation of that group with the National Committee in
all matters affecting the interests of investment bankers arising in his
territory. Where the group embraces more than one State, the committee
member responsible for that group has appointed an investment banking
representative in each State in his group, to the end that a close contact
York Group.
may be had with all legislation proposed and all questions in which inrdm
New York.
New
-Martin FraudLawAmen pents: A bill was prepared in
vestment bankers are interested.
collaboration with the Attorney-General of the State and introduced in
The work of each committee member having jurisdiction over any group the Senate as the Attorney-General's measure. This bill made certain
was classified under two headings:
amendments to the Martin Fraud Law, dealing more particularly with the
appointment of recievers and the right to secure a temporary injunction
1st. Legislation generally, Individual cases, and all questions affecting against a corporation whenever an officer thereof refused to be sworn or
the interests of investment bankers, including all matters requiring national examined or answer material questions during the course of a preliminary
attention, to be referred by the group member to the Legislation Committee. examination. There were also other administrative changes. This bill
2nd. "Blue Sky" matters and all questions involving the regulation of the passed both branches of the Legislature, has been approved by the Governor
sale of securities, to be referred by the committee member having jurisdic- and became Chapter 617 of the Laws of 1926.
2100
THE CHRONICLE
[VoL. 123.
Bearer Instruments Bill: Counsel for the New York Group and the
Legislative Committee, together with attorneys representing the larger
issuing houses of New York, prepared a bill, which became known as the
Hofstadter Security Receipt BUIL to meet the situation created by the
decision of the Court of Appeals in the case of Manhattan Bank against
Morgan. This measure was passed by the Legislature and signed oy the
Governor.
Investments by Savings Banks: Bills were introduced in the New York
Legislature which would have permtted savings banks to invest in the
bonds of gas, electric and telephone companies which meet certain requirements defined in the measures. The Assembly bills passed the Lower
House but were held in the committees in the Senate, to which they were
referred during the closing day of the session.
New Jersey.—A bill known as the Stewart Bill, similar to the Pennsylvania Statute, requiring dealers in securities to be licensed, was introduced
in the Legislature of New Jersey. The bill was defeated.
A measure was introduced by Senator Harrison, giving to savings banks
authority to invest in the bonds of certain gas, electric and telephone companies. . This bill was passed and signed by the Governor on March 11th,
becoming Chapter 129 of the Laws of 1926.
Eastern and Western Pennsylvania Groups.
A special session of the Pennsylvania Legislature was called by the Governor. The only proposed legislation of interest to investment bankers was
in relation to the Giant Power Project.
Your committee is now engaged in investigating the reasonableness of
the rates charged by surety companies for the statutory bonds required
under the provisions of most of the Blue Sky laws. Your committee recommends that the succeeding committee continue this investigation.
Your committee has joined with the Legislation Committee of the Central States Group in employing counsel to make a study of the various
State laws governing the investments of. trust funds, insurance companies
and savings banks. Numerous changes have been made in the field of
investments since many of these laws were passed. Such laws do not meet
the requirements of the present time, and, in some instances, do not contain the proper safeguarding provisions. Your committee recommends that
the succeeding committee continue this investigation.
The report of the Blue Sky Division of the Legislation Committee will
be presented by Mr. Arthur H. Gilbert, Vice-Chairman in charge of Securities Law Legislation.
The Chairman of your committee desires to express his appreciation of
the ready response and spirit of co-operation of the officers of the association, the chairmen of the various committees, and the members of his
own committee.
Respectfully submitted,
HUGH W. GROVE, Chairman Legislation Committee.
1. The association feels that the Blue Sky laws were devised to preven'
the issue and sale of fraudulent securities. The class of securities handled
by the members of the association is the exact opposite, and it is the responsibility of the association to confine its membership to those to whom
fraudulent practices would be unthinkable. Consequently, while the association realizes that the Blue Sky laws must be drawn so as to cover a wider
field than merely the investigation of unseasoned securities, it believes that
the investigation of high-grade, seasoned securities offered by its members
can be accomplished with much less expenditure of time and effort by the
commissions than at present
2. The association believes that with the nation-wide machinery of distribution of securities, any State handicaps its investors unfairly if it
deprives them of the chance to buy securities of national importance,
brought out by the highest grade investment houses. Not only the provisions of the laws, or the attitude of the State commissions frequently act
to keep securities from being widely offered, but also the heavy expense
of qualification. It frequently costs several hundred dollars in each State
for qualifying fees and expenses of counsel, and there are often further
expenses for extra accounting, traveling, etc., which make it practically
prohibitive to qualify outside of a few leading States. Investors of the
other States cannot buy the securities, however sound, or however suitable
they may be.
3. The necessity of offering security issues simultaneously in all parts
of the country, and the impossibility of getting full information to all
parts of the country before the offering is made makes it practically
essential to have some statutory method of preliminary permission to sell
which will allow responsible houses to offer on giving notce of intention to
qualify.
4. One of the most serious matters from the point of view of the investment banker is the existence of civil lability during qualification, or in
case of the banker (as where information asked for by a commission is unavailable). The association feels that the period of suspense should be
made as short as possible and that the banker should be able to clear himself of liability by an offer to re-purchase at the original price.
5. The association believes that it can safely recommend to the commissions the acceptance of statements made by investment houses of high
reputation, and also by attorneys, engineers, accountants, appraisers and
other experts of similarly high standing practically without further verification. The association believes that it is not the theory of Blue Sky legislation to have the commissions guarantee the soundness of securities to investors or to substitute their judgment for that of responsible bankers who
investigate and originate securities. Under, these conditions the insistence
of some commissioners that they must as part of their duties refuse to
Report of Legislation Committee—Blue Sky Section. accept at face value statements made in good faith by responsible houses
and their experts, and proceed to conduct an independent investigation,
Stating that "It is probably safe to say that the Blue Sky thereby increasing the expense to the dealer, not only is wasted effort, but
laws have come to stay as a factor hi the investment busi- exceeds the theory of the law. If apparent good faith and responsibility
surround the circumstances of the issue,
ness of the country," the report of the Blue Sky Division of stacles to the success of the enterprise in and if there are no obvious obquestion, it would seem that the
the Legislation Committee of the I. B. A. pointed out that public should be entitled to receive the offering.
of investment appear from time to time which cannot be
6. New forms
"they are, however, still in the stage of evolution, and it
foreseen, but which are perfectly proper for investors to purchase if propcannot be expected that either the laws or their administra- erly safeguarded. While it is realized that no laws can be drawn to
tion will become entirely satisfactory before the lapse of anticipate these, the association believes that the laws should be promptly
amended to recognize such new forms of securities.
some years." "In the
meantime," said the report, "the
association must work with the current, and not against it,
for in theory the makers of the Blue Sky laws are aiming
for the same end that we are—the encouragement of soune
securities and the suppression of the unsound." The report,
presented by Arthur H. Gilbert (of Spencer Trask & Co.,
Chicago), Vice-Chairman in charge of the Securities Law
Legislation Committee, also had the following to say on
the subject of Blue Sky laws:
The Blue Sky Section of the Legislation Committee has had a comparatively quiet year owing to the fact that very few Legislatures were in
session. This has turned attention mostly to matters of administration of
the various laws. Every year that the Blue Sky laws are in effect tends
to a better understanding of commission work and a greater uniformity
of practice. There has been enough continuity both in personnel and in
thought of our committees having to deal with this subject to gain a considerable amount of understanding of the position in which the commissioners of the various States are placed and a great amount of sympathy
with their point of view. It is believed also that contact with the commissioners has given them, for the most part, an understanding of our
problems and made them receptive to our point of view. There are, however, a few weak spots in administration, caused partly by the fact that
Blue Sky practice is still in its early stages and partly by the constant
shifting in the personnel of the commissions.
The position of the I. B. A. has been consistently one of wishing to assist
the intelligent regulation of securities and the protection of investors in
every possible way. The work of this committee of the association has
extended from helping in the actual framing of Blue Sky laws, to the
consideration of the intimate day-to-day problems of the commissioners.
This has taken a great deal of time of the members of the committee and
their counsel, and it seems so important that this work should continue
that the step has been taken of obtaining a permanent field secretary for
the committee who will devote his entire time to keeping contacts with the
various commissions and giving help whenever needed. The committee and
the association are much to be congratulated in securing for this work
Mr. Arthur G. Davis, who is well known to the members through his work
in the Investors' Protective Bureau of Chicago. He has gained in this
work especial familiarity with the problems involving fraudulent securities and dealers; but he has also been thoroughly familiar with the construction and working of the Blue Sky laws. Mr. Davis ought to be of the
greatest help both to the association and to the commissions.
The year 1927 is to be a legislative year, and when the Legislatures are
In session all over the country your committee has to be in a position to
act; first, to help in framing or amending laws in States working along
sound lines and desiring fair and workable laws, and second, to head off
unsound or destructive legislation. It is anticipated that Mr. Davis will
be of the greatest help along both lines, and his experience should make
him as valuable to the lawmakers of the various States as to the association. The committee has, during the past year, collected much material
on the working of various laws and commissions and will be in a position
to make real contributions from actual experience to discussions of Blue
Sky law and practice. Similar work has been done by the Legislative
Committee of the Central States Group which is of the utmost value.
In the experience already obtained in the working of the Blue Sky laws,
the members of the association have necessarily developed their own point
of view and the committee has tried consistently to keep this before the
commissions and the framers of laws. Some items of this point of view
'may be reviewed here.
Appointment of Arthur G. Davis as Field Secretary—
Remarks of Mr. Davis.
The appointment of Arthur G. Davis as Field Secretary
of the association was referred to by Arthur H. Gilbert
with the presentation of the latter's report on the Blue Sky
legislation, Mr. Gilbert stating:
I think something ought to be said following along what has already been
said by the President in regard to this particular part of the Legislative
Committee's work and the Blue Sky activities, and particularly the appointment of Mr. Davis as Field Secretary.
We have been acting, as I think Mr. Grove (Chairman of the Legislation Committee) said, in a spirit of setting up the machinery to inset a
busy, active coming year. Probably one of the most useful things we could
do was to have one man who would keep the continuity, so to speak, of
the work, the liaison that is going on and ought to go on between the
association as a whole and the regulating public as a whole. That is
originally the why and wherefore of Mr. Davis's appointment The fact
that we got an especially good man and an exceptionaly well-balanced and
experienced man is our great good fortune.
Now, on the matter of policy. The President has said that we have
learned something from other industries, who have been regulated, in
knowing enough not to fight regulation. We don't want to fight regulation. It is a part of the development of the working out of our own
problems and other people's helping us to work them out, that we want to
go along with. And that is the spirit in which Mr. Davis has been appointed, and the spirit in which he will work. We want to help in this
thing. We are only one factor in it and we want to help with our expertence to put against the other fellow's experience.
I think that sometimes we think that the Blue Sky commissioners spend
most-of their time on our jobs. As a matter of fact, they do not. The
Blue Sky commissioners were put in and are put in to fight crooks, which
is something that we are all interested in. I don't think, until you come
in contact with the commissioners, that you realize how much of their time
they spend in fighting crooks, and the fact that our affairs are more or
less of an embarrassment to them. I don't thnik that they want to pick
on us. I don't think that they have any particular reason to go after us,
but I think they are swept along in this great current of investment volume, having come in at a time when the thing was expanding so fast that
Issue after issue comes to them. They are not fully organized. Precedents
have not been entirely established and worked out. They are conscientious and they don't know what to do except to protect their clients as
well as they know how. Now, that is where we want to sit down with
them. That is where we want to have Mr. Davis sit down with them—to
help. Mr. Davis, from our point of view, is a helper. He is not an advocate. And it may be said here that his job in no way is for the working
out of particular specific pieces of work. I mean he is not to help some
particular house in getting some particular issue qualified. No matter
how difficult the situation may be or how unreasonable we think that the
people's attitude may be that we are trying to qualify. That is not the
idea at all. Also, I doubt very much if he will have many specific instructions to go in and do certain things. I don't think we are in a frame of
mind to tell him that we want certain things pushed in certain places.
We want to be fair-minded about it. He has sat in committees with us
already. He knows both points of view. He has fought the crooks himself and he has sat with the commissioners himself. He has been on that
side of the business. He has told the committee a lot of things that the
OCT. 23 1926.]
committee, sitting by intself, would never know.
help to us.
THE CHRONICLE
It has been a great
2101
more than one thousand members." In part the Secretary's
report said:
This is the fifteenth annual report of the Secretary of the association,
Mr. Davis in addressing the convention said:
Mr. President and Gentlemen of the Convention: It was my under- but the first one which I have had the pleasure of presenting to the constanding that I mine down largely if not solely for the purpose of being vention: You may all well realize that it is not an easy task to step into
introduced and being made acquainted in more detail with the duties of the position so long, so efficiently and so honorably filled by Fred Fenundertaken the duties of the
the position I have undertaken to fill. I was not aware that I was ex- ton. I can assure you, however, that I have
pected to make any sort of a talk and I am sure it is fortunate that I was office with the keenest interst and with a full sense of the responsibilities
not, for I might in my anxiety to do the right thing endeavor to prepare involved. The splendid efficiency and morale of your headquarters organization built up by Mr. Fenton and Mr. Schray, have made one of the
something and thereby not have prepared the right thing.
I am very glad, of course, to meet al you gentlemen and become ac- important phases of my new work comparatively simple.
I am advised that the annual report of the Secretary should cover only
and which I
quainted and learn of the thing which I am expected to do
sincerely approach with the hope of doing, but I anticipate that I came the activities of his office during the period since the previous convention, wtihout discussion of past or suggestion as to future policies of the
here very largely to be seen and to be met and not to be heard.
You have heard something about my past connection with other bodies, organization. The Secretary's office, however, is primarily the servant
Securities Depart- of the entire association, with the duty and desire to aid it in all of its
having served for some four years as a member of the
ment of the State of Illinois, and I think it is fair that you should know I many activities, so far as it may be authorized and able to do so. Hence
had some experiences on the other line. I hope you will not consider it the this report necessarily will refer briefly to some of the important activities
other side of the fence, because I think in reality there is no strong line of the officers, the Board, committees and groups because the Secretary's
of demarcation between the true investment banker and the conscientious office has partially participated in them. Such references in this report •
security commissioner when once they sit around the table to consider the are made only as supplemental in a limited way to the more comprehensive
discussions of these subjects by the officers, committee and group chairmen.
same serious problems.
But coming to that work as I did from a small bank, small as you
Board Meetings.
gentlemen would consider it, but very important in our little community,
Since the association was organized, the Board of Governors has held not
I had some two or three well fixed ideas, and on those I have been more
less than four meetings annually, except during this year, when only two
or less preaching to the securities commissioners and to others wherever I meetings were held. Technically, our fiscal year covers the twelve months'
went ever since.
One of those has always been that there should be no sectionalism in period from Sept. 1 to Aug. 31. Colloqually, however, we all think of the
"association year" as the period between each convention, as the officers,
any laws regulating the sale or distribution of securities; that good securiBoard and committee members hold office during such period. Owing to
ties should be eligible to flow into one section of the United States with
the fact that the last convention was held in December, the past "associathe same ease as in any other section, and because of this State or that
was comparatively short, and it was deemed unnecessary to hold
State having peculiar ideas or peculiar circumstances, except where there tion year"
might occasionally be a circumstance which is particularly peculiar to that what has been known as the "winter" meeting of the Board. The first
Board meeting of 1926 was, therefore, not held until May 11 to 14 last,
locality, there should be no favorititan against good security in any locality.
Second, I always felt that there were two ways of fighting the crook, at White Sulphur Springs. At that meeting, the Board determined that
meetings each year; one
and it has been my unfortunate experience in a way to spend several years its business could be transacted at two regular
at White Sulphur in May and one just before each annual convention. No
of my life, both prior and since coming itno the securities organization
meeting was therefore held last summer. The principal thought underfield, in fighting those with a criminal intent, but particularly of the
securities crook. There are two ways of fighting him. One is the usual lying this change in policy was to reduce substantially the demands on the
method of prosecution, which is only semi-effective. The other is by time of the Board members in attending four meetings each year; also the
starving him to death by feeding his would-be victims with wholesome considerable individual expense involved. There is much to be said in
food. These investors must have food, so to speak. If they cannot be favor of this new plan, but further experience may show that it will be
supplied with good and wholesome food, by the nature of things they are desirable, or even necessary, to hold a winter meeting of the Board each
going to feed on the adulterated concomitant, and it has always been one year, in addition to the spring and convention meetings.
of my hobbies, where I had the opportunity, to say that prosecution alone
President Morris.
was not sufficiently effective, that we must make it easy to put before the
The term of President Morris is now drawing to a close, and he deserves
would-be investor, particularly those who are new investors of a limited
the sincere gratitude, not only of this association, but of a large part of
amount of means, that which is good.
the business community. During his administration, a number of diffiThen I always conceived the idea that there was no material difference cult problems of importance have required his attention. In each case his
between the purposes and the duties of a real investment banker and those prompt, able, fair and conscientiously thorough response, has won him the
of a securities commissioner. The investment banker is interested in sup- admiration and respect of all the members and others who have worked
pressing fraud in the disposition of securities, first from the broad, eco- with him. During the past year
President Morris has attended 16 meet.
nomic principle; secondly, from perhaps selfish motives that the industry ings held by 13 of the 17 groups. At these meetings the clear,
forceful
or the line of endeavor in which he is engaged may be free from justifi- thoughts in the President's addresses have been an inspiration to men in
able criticism and that he may be allowed to receive his income without the investment banking business and have given to our friends in commereven thought of criticism. The securities commissioner is interested not cial banking and other enterprises a better realization of the nature and
only from an economic principle but also from his political and public importance of the investment banking.
duty, so that when we are al engaged with the same purpose, there is no
The Death of Frederick R. Fenton.
occasion for a serious difference of opinion when once they sit around a
common counsel board and exchange ideas to arrive at the same point,
From the date of its organization meeting until his death on April 17
namely, to obstruct the crook where possible, but to slow this life-giving last, the association and Frederick R. Fenton were inseparably combined.
blood of commerce, the distribution of good securities, to flow on with as His sad and untimely end was the most serious loss the Investment Banklittle obstruction as can be obtained.
ers Association of America has experienced in its history. In the office
It was my good fortune a few years ago to sit in a joint committee, some which he so capably filled since the founding of the association, he has
members selected by the Investment Bankers Association, others by the left precept and precedent in generous abundance for the continued up.
securities commissioners, and there was before them at that time some building of that office in the service of the association. It is with proImportant matters to be considered, which I need not go into detail about found respect that I hope, in some small measure, to follow those precepts
here, except to say that although the conference lasted for some ten days, that made Frederick R. Fenton so untiring and whole-hearted in his
night and day, the first two days were probably spent in getting each side work. . .
to see that the other did not wear horns or did not sting with a forked
Convention Activities.
tail. After we had arrived at that point and forgot that they were on
When it was decided last spring to hold the 1926 convention in Quebec,
different sides, each member of the joint committee felt he could talk in
a special committee, selected from member houses in Canada, was apperfect sincerity, and liberaly, and express his views and opinions and his pointed by Mr. John A. Fraser, of Toronto,
Chairman of the Canadian
experiences without fear of being picked up on a sharp point or of being
Group. The Chairman of the Canadian Committee is Mr. James A. Eccles,
criticised or of being suspected of ill-formed motives. From that point we
President Harris, Forbes & Co., Ltd., of Montreal. Through his unselfish
progressed with great rapidity, and it is my opinion that out of those
and efficient efforts, and with the able co-operation of the entire Canadian
meetings grew some very constructive results, namely, that the securities
committee, your Convention Committee has been able to perfect plans for
commissioners learned that the investment bankers were an honest, sincere
what it hopes will be one of the most successful annual meetings ever held
group of men, that the investment bankers, at least those present, learned
that the securities commissioners likewise were honest and had serious by the association. . . .
Committees.
problems to encounter, most of which were entirely new at that time.
Because of the limited number of State Legislatures in session this year,
Gentlemen, it will be my pleasure to endeavor to serve you in the capacity
which I have undertaken to the very best of my ability, and since Mr. several of our national committees have had what might be called a comGrove referred to me as the gasoline of this newly appointed energy, I am paratively quiet year. The Municipal Securities Committee, however, has
reminded a little bit of the story of the minister who was going down the been particularly busy on account of the decision of the United States Sustreet one day and saw a group of children playing along the curb. They preme Court in the Archer County, Texas, Road District ease. The work of
had a wagon or pushcart of some kind, but always trailing behind was a the committee, because of this decision, has already required an expendicolored boy, black as the ace of spades, and he never was allowed to get ture of more than $23,000, and further expenditures will no doubt have to
into the forefront. The minister undertook to admonish the children that be made before this committee's work thereon is completed.
This association has always carefully refrained from paternalism. As it
that was perhaps not a democratic thing to do, that even though the boy
was colored he had a right along with the rest to be in the forefront. One has grown in prestige and strength, various methods of regulation or confelow remarked: "We are playing automobile and he is the smoke." Now, trol have at times been suggested. The Board, however, has refused to
follow such suggestions, although it has, from time to time, by resolution,
I only hope that a year from now, when we shall have had the opportunity
been able to make valuable suggestions to the members on certain phases
to accomplish something, and if I read the signs correctly, there is going
of operation which it was felt would raise the standards of the investment
to be lots of work coming our way, that then I may at least be still considbanking business. In this connection, the difficult work of the Committee
ered the gasoline and not the expended smoke. Thank you.
on Circulars, of which Mr. Henry R. Hayes of New York is Chairman, has
been greatly appreciated and the Board has taken the position that memReport of Secretary Alden H. Little—Silent Tribute bers should use great care in the preparation of circulars. To that end,
the members have been requested to send copies of all their offering cirto Late Secretary F. R. Fenton—Membership in
culars to the Secretary's office, which then forwards the circulars to the
Excess of One Thousand Members.
respective chairmen of the various securities committees for examination.
Committee
change from year to year and the foregoing
At the instance of President Ray Morris, the members of was devisedchairmen members would not have to make frequent procedure
so that
changes in
association rose for a moment during the opening session their mailing lists. The Board has requested committee chairmen to report
the
to it any alleged violation of the established principles of better practice
of the Convention -on Oct. 12 and paid silent tribute to the which may appear. In furtherance of this idea, Mr. Clarkson
memory of Fredk. R. Fenton, late Secretary of the associa- New York, Chairman of the Real Estate Securities Committee, hasPotter of
prepared
tion, whose death occurred during the year. The services an ingenious and constructive form for analysis of all real estate securities
circulars forwarded to him.
rendered by Mr. Fenton were referred to in the report of his
As these analyses are prepared in Mr. Potters' office, he
forwards them,
successor, Alden H. Little, of Chicago. Secretary Little with the circulars analyzed, to the Secretary's office, to be transmitted to
the respective houses that issued the circulars. Practically all
of the
alluded in his report to the membership, stating that "for houses, to which such analyses have been sent,
have promptly realized the
the first time in its history the association may boast of value of such disinterested comment. Mr. Potter deserves much credit for
2102
THE CHRONICLE
[VoL. 123.
Inaugurating this efficient, simple and what might be called friendly method urns, the Phoenicians, or whoever it was that invented books." Rather
of analyzing circulars. The plan will be discussed in a report of his com- it subscribes to the plaint that "of the making of books there is no end."
mittee later in the week, and it is hoped that the chairmen of the several But like Townsend's book on "Bond Salesmanship,' Or. Edwards's book
other securities committees may also find the plan practicable.
Is a text covering timely problems in our every-day business that have
•
never before been adequately treated. It is the first answer to the quesInstitute of International Finance.
Mr. Iloward F. Beebe of New York, as Chairman of the Foreign Securi- tions put by the Committee on Foreign Securities to the 1924 convention,
ties Committee, has, with the co-operation of New York University, been to wit:
(1) Should the Association be prepared to furnish to its members and to
directly instrumental in the organization of the Institute of International
the investing public information concerning foreign .issues held in this
Finance. The full morale and financial co-operation of the assoeiation was country?
authorized by the Board of Governors at White Sulphur Springs last May,
(2) Should there be a central office equipped to furnish information to
following recommendations contained in Mr. Beebe's interim report. Mem- members on request?
(3) Should the Association make an organized attempt to educate Ameribers of the association were fully advised concerning the Institute in a
can dealers and the investing public with the
special announcement on Sept. 15 last. A very substmtial number of in foreign investment, emphasizing its ecohomic idea of increasing interest
importance and strengthenannual subscriptions has already been received and it is siacerely hoped that ing public confidence in this type of financing?
every member of the association will subscribe annually for the services of
We have recently surveyed again Mr. Clinton
on "Public
the Institute. Mr. Beebe is entitled to much credit for his work- on this Utilities" and their securities—now heped for Colver's book
by midwinter. We regret
Important matter and in the selection of Dr. George W. Edwards of Ave the delay, but we respect it, mindful how
Rome was built, and if anyone
York University as Director of the Institute.
questions the analogy, let him think twice and consult authors of compendia
before he chooses to write one such rather than build Rome.
•
The New Field Secretary of the Association, Arthur O. Davis.
The book is intended to be educational rather than technical in charChanges are constantly being made in 61.1e Sky laws throughout the
acter, but it is the aim to have it sufficiently comprehensive to serve the
country. As is well known, various committee has worked long and dilipurpose of a general reference handbook. It is expected there will be
gently in past year on Blue Sky matters. The questions involved are of
from 600 to 600 pages, including numerous illustrations and charts. The
direct practical interest to all our m inners.
Last May, Mr. Ilugh W. Grove of Milwaukee, Chairman of the Legisla- first part of the work is devoted to the advantageous position of public
tion Committee, in an interim report to the Bmrtl of Governors, recom- utility industries, the general development of each group, such as electric,
mended that the association employ a Pied Secretary to devote his time gas, telephone, traction etc., and a considerable amount of emphasis is
principally to Blue Sky work and to maintaining definite permanent points given to the electric light and power industry, particularly with reference
of contact between the association and the various public officials who to recent progress in amalgamation. The second part of the work is deregulate the issuance of securities. The Board agreed to the proposal and voted particularly to an analysis of public utility securities, with emauthorized the committee to select a men fir the work in question. As a phasis on method of analysis in judging the investment position of the
result, Mr. Arthur G. Davis of Chien° assunrd these new duties on securities. Figures are presented as to the character and amounts of
the various utility groups in recent years. There is a special
Sept. 1 last, as announced to the mentheys ,
1 1).,r; v thereafter Mc. Davis financing by
will be presented to the convention and an opportunity afforded to meet discussion of the subject of public utility bonds as legal investments for
him and to discuss Blue Sky questions with him. It is felt that his selec- savings banks.
Perhaps this very magnitude of which we speak, coupled with the retion is a particularly happy one and that he will be able to develop better
understanding by Blue Sky officials and legislators of the aims and purposes sponsibility that goes with a pioneer writing in the advertising field, has
led Mr. E. Paul Young to suggest a change of authorship of our advertising
of dealers in legitimate securities. Mr. Davis comes to the association with
line with the endeavor of your committee to make
a background of much practical experience in many phases of Blue Sky book. At any rate, in
each of its publications more authoritative than the last, it has negowork.
tiated for the writing of this book under the leadership of the Investment
Membership.
Department of the Financial Advertisers Association.
For the first time in its history, the association may boast of more than
This section of their association was established about a year ago in
-664 main office members and 340 branch office part on the basis of the inadequacy of the treatment of financial adverone thousand members
members. The net gain during the past fiscal year was 42 main office tising by the Investment Bankers Association. In the
words of that borii,
and 21 branch office members. I think it is safe to state that with each "it was felt there was need for a central clearing house of information on
succeeding year, membership in the association has become more difficult tested methods in investment advertising, for admittedly, advertising offers
to secure. Many applications for membership are necessarily denied. one of the best solutions to the unsolved problems of distribution. But, if
There are still, however, a number of good houses in the country that are advertising is to be the same constructive force of solving
the problems of
eligible for membership. The Membership Committee, of which Mr. Tom investment distribution that it has been in general
merchandising fields, it
K. Smith of St. Louis is Chairman, has carried on its work this year with
must be taken more seriously than it has heretofore by most investment
utmost care and conservatism and with the closest possible attention to its advertisers. It must be done whole-heartedly,
scientifically and perImportant duties.
sistently. It can be made to serve its purpose only when talent is engaged
New Work for the Future.
to wrestle with its problems comparable to that employed in other departThere has been considerable discussion by many of our members as to ments of investment banking business, and only when recognition of its
the desirability of the association devoting more study and attention to importance is granted, as in other fields of endeavor."
what may be termed the practical internal problems of member houses. One
To this end the Financial Advertisers Association has appointed an
suggested phase of this study relates to the sales or merchandising end Investment Research Committee under the general chairmanship of Mr.
of the investment banking business. Selling is the one great problem com- A. E. Bryson, of Halsey, Stuart Sz Co., with sub-committees on markets,
mon to all business, recognized as so basically fundamental that hundreds methods, media and direct mail advertising.
of Magazines devote practically their entire efforts to selling methods.
Subject to acquiescence by the Investment _Research Committee, as it may
It is a subject for instruction in thousands of schools and in almost every now be constituted after the association convention in Detroit of last month,
large commercial enterprise. The libraries are full of books on salesman- Mr. Bryson engages the committee in collaboration with your Education
ship. Although it might seem that the industrial and commercial world Committee, to produce the much-needed standard text on investment
Is more active in perfecting selling methods, a great deal of similar work advertising. Mr. J. H. Daggett of our committee states: "I believe the
Is actually being done in the investment banking business. Universities, plan should produce a work which will be as nearly the last word on this
colleges, individual bond houses and other institutions conduct courses in subject as it is possible to obtain."
security salesmanship. Our Education Committee, of which Mr. Lawrence
Turning now to the courses in salesmanship and investment principles, it
Chamberlain of New York has been the highly efficient Chairman for many is too early in the academic year to state what is being done and is to be
years, has given much effort to the subject and is chiefly responsible for done through the country; but, as last year, Mr. A. II. Meyer is making
that splendid book, Townsend's 'Bond Salesmanship." The study of rner- the circuit in behalf of this work. In cities of a certain size, it may be
chandising problems and the teaching of bond selling, however, has never that the annual increment of newcomers in the investment business rebeen correlated. Its development is more or less sporadic, without co- quires that courses be given only in alternate years. That may prove to
operative incentive and effectiveness. As a result, foresighted members be the case in Cincinnati.
now propose that a Committee on Merchandising be appointed. Very likely
On the other hand, new cities became interested. The Education Comthat is not the proper name for such a committee, but it conveys the mittee of the Michigan Group, after six months' preparation, has just
thought and at least indicates the nature of the work to be done. This started in Detroit a course in bond salesmanship with an initial enrollsuggestion, resulting from talks with many members, is now brought to ment of 70 against a desired quota of 50. Here the interesting experithe attention of the convention with the hope that it will be discussed on ment is being tried of making the course short and intensive, with almost
the floor.
daily sessions for a brief period of weeks. Knowledge of the results will
Groups.
be of benefit to other cities. It Is probable that the tendency hereafter
Each year the soundness of the thought underlying the establishment of will be for the local groups to initiate or at least foster the work of this
groups of the association is more clearly demonstrated. The character.
the various
The co-operative instruction work of the Education Committee, which
functioning of the groups is constantly becoming more effective. The total
number of individuals serving this year as group officers or members of hitherto has been largely confined to our work with the United Y. M. C. A.
group committees is 623. The total of those engaged in national work is Schools, and to the local groups, appears shortly to be broadened also by
249. These are impressive figures and clearly indicate the interest taken working contacts with the American Institute of Banking. Your Chairman
has been appointed a Regent of the American Institute of Banking that
in association affairs.
we may give this latter organization the benefit of our experience.
Respectfully submitted,
Report of Education Committee—Creation of Text
LAWRENCE CHAMBEERLAIN, Chairman.
Books Relating to Investment Business.
J. H. Daggett,
W. K. Terry,
George V. Ratan,
Frederick Yale Toy,
According to the report of the Education Committee of
William W. Watson Jr.
the Investment Bankers Association, presented by the
Chairman, Lawrence Chamberlain, of J. G. White & Co., Inc.,
of New York, "the activities of the Education Committee
continue to be largely the creation of text books relating to
various phases of investment and of the investment business and the establishment and continuance of courses on
security salesmanship and investment principles." The
report goes on to say:
Reports of Publicity Committee and Educational
Director.
The work of the Publicity Committee of the Investment
Bankers Association was detailed in the report prepared by
its Chairman, Robert Stevenson, of Stevenson, Perry, Stacy
& Co., of Chicago. In Mr. Stevenson's absence the report
Since the last convention—in April, to be exact—appeared Dr. George W. was presented by John Prescott. It follows herewith:
Edwards's new book, "Investing in Foreign Securities," supervised by the
The work of your Publicity Committee has been (Mite routine during the
Foreign Securities Committee and the Education Committee, and sponsored past year. The prevailing sentiment of the Board of Governors and the
by the association. As the review of this book stated in the May "Bulletin," members having put the proposed advertising
campaign on the shelf, it
it is an appropriate coincidence that it should be published within a week has been the aim of the committee to bring the
association into more perof the meeting of the Board of Governors, at which it was voted to establish sonal touch with the public through other methods.
The members of this
a Foreign Investment Service under the joint direction of New York Uni- committee have felt for years past that a large part of its efficiency Wall
versity and of our association, for this service will be under Dr. Edwards" lost because the Investment Bankers Association as such has not been a
direct management.
name which means much, if anything, to the public. We believe that it is
The committee sees nothing to be gained by multiplying financial text possible to make the association known to the public in a dignified way,
hooks per se. It would qualify Carlyle's blessing "on the head of Cad- and in a way which will not break the rules of the association. If we
OCT. 23 1926.]
THE CHRONICLE
2103
can make the association an identity, the offices of the association can part of the activities under the direction of the Publicity
become a source of information which will make the identity of its memCommittee." Mr. Rice in his report said in part:
tiers more available..
I do not know hardly how to begin on this report, because Mr. Steven.
You already know that as a background for our educational work we
son's report to be read by Mr. Prescott was to precede me, and in there he
have been preparing certain material with which all of you ought
to be will mention the fact that we have sold this year 180,000 booklets—mo
more
familiar by this time. The Board of Governors at the White Sulphur
meeting in May made this material available to our members for distri- than that. We have given- away about 5,000 booklets. We have seven
.
different booklets now and more coming, in which we are building up a
bution. A great many of us do not maintain statistical and
publicity de- background of literature all over this country.
partment, so that the material which has been prepared may
be of interThe effect• of the booklets is shown very well, I think, in two letters
eat to many of us for distribution to
our lists. You were advised of the which
are samples. I can show you many, many more. This is from an
availability of this material for distribution shortly
after the spring meet- office of the National City Co., enclosing personal check for so much,
ing and that these booklets might be
obtained in quantity from the Edu- "Send me so many of your booklets of this kind. The booklet strikes me
cational Director at a moderate cost
distribution as you cared as
beat written articles on this subject I have ever seen and I
on of the b
to make of them. The privilege of for such
distributing these booklets was suram anxious to try it out on some banks in our territory." Needless to
rounded by certain limitations: no imprint
identifying the member house
that house, not being a member, I could not send it the booklets because
with the association might be
placed upon these booklets, letters of presen- say,
tation might be sent out with the
of the Board ruling that they should be distributed in quantities only to
booklets, but in this letter the name of
the Investment Bankers Association
members.
which tended to connect it with the might not be used, nor anything
Then, here is the effect of the other end of it. I put this in as a copy
We were called upon to furnish association membership,
without the letterhead of the bank. It is a rather good-sized national
75,000 booklets for such distribution. here
In addition to this, we have
supplied educational matter to members, in- bank in a fair-sized city. Mr. Little, when I showed him that letter said:
aurance companies, banks and
"Well, any bond house In the I. B. A. will give you three or four hundred
others amounting to 105,000 booklets, making a total distribution of more
than 180,000 booklets during this year ; dollars for that letter so thy can go down and sell this fellow."
all of which have been paid
The second paragraph says: "In this south country where our bank is
for and, therefore, at no cost to the associa:
tion, but at a small profit.
located, we very largely place our funds in agricultural paper. One of your
All of these booklets come
booklets has convinced me that the practice is both unwise and unsound.
sooner or later into individual hands, and
diversification,
with the name of the
association on them we feel that we are really In the future we are going to drift in the direction of better
establishing a contact with the
ourselves in
public which is making our name and our and in making this change we will be only too glad to place
aims familiar to the public.
There is no question but that the demands the hands of investment bankers upon whose integrity we may rely."
and the consequent distribution
Now, that is only a part of the letter, but it indicates how these bookof material from the educational department will be much greater
lets are going. Just before I left Chicago for the convention the other
right along.
We were authorized to raise
by voluntary subscription a fund of $25,000 day I got a letter fmm the Alabama University, and one from a big
for the work of the
educational department. We made this solicitation university in Ohio, asking for vestals of our booklets to use in their
practically altogether through
the mails, with one or two follow-ups. Some classes. I don't know how many of you members are familiar with them.
of our groups assisted us
by their own follow-ups or by personal solicits-They have been sent to all of you. The present editions will be sent again
tion, and we secured for this
special fund the sum of $16,632 from exactly to you and the new booklet on foreign bonds and one entitled "Getting Into
50% of the membership;
the Bond Business," which you may find useful in handing out to young
were members at the time namely, 319 houses out of the 639 houses who men who are contemplating going into the business. .
Intensive campaign for the of the solicitation. We did not make a more
This little booklet, "Getting into the Bond Business," is merely a
full amount of the fund because we found that
much of the work which we
had contemplated in connection with the use clinic. It takes Mr. II and Mr. B and Mr. G, all of them well-known men
of the fund would be
in the bond business, and shows how they got in, what they found useful
almost,
we believe that the results if not altogether, self-supporting. However, and the things that they would advise a young man to do in entering the
show that correspondence and other material
which goes to the members
from the association offices does not in enough bond business.
instances reach the individual
One thing that we are doing now is, for example, the interim report of
in the organization whose duty and interest
it is to handle I. B. A.
Mr. Wilbur, the Industrial Securities Committee. Of course, it went out
then neglected. I know matters, or it is put aside for later attention and in the "Bulletin" to financial editors, but they are a good deal like
this is
less it is so handled in many done in the writer's own office, and doubt- members. They sometimes don't read it. So we had that typewritten and
other offices.
In connection with the
sent to every financial editor of importance, and they are being used all
letter of a partner and distribution of these booklets, I quote from the over the country. We then put it into a booklet and it is still being used
publicity manager of one of the leading member
houses of the association.
in a great many colleges and universities.
This gentleman was a strong advocate of the
co-operative advertising campaign,
In addition to this work, we are constantly wasting through Mr. O'Con•
but is reconciled to the abandonment
of that scheme, particularly if
we can extend the use of these booklets so nor, of the United States Chamber of Commrce, who distributes quite a bit
that they will fall in the
of our material, and we are in conference with him on many things all the
largest number of individual hands. His letter
reads as follows:
time.
"I want to say that if it is
I happen to be an ex-officio member of the Financial Advertisers Assopossible to extend the use of these booklets in
rt wholly logical way,
ciation Research Committee, and they have recently done some very imimmeasurable benefits will accrue to investment
banking as a whole. One of
portant work, and they are still doing it, whereby they took a list of 6,000
the troubles with the co-operative campaign
plans was that there was not
sufficient tie-up between the publicity and the bond buyers. The list represented a composite taken from such companies
country banks of the United
States and Canada, who would have felt the as A. B. Leach and Morris Fox and several other companies, and they were
major demand as a result of
any national advertising. These booklets, if sent out to the bond buyers, as to, their reactions on advertising, and the
placed in the hands of a large
reply showed that so% of these people read the financial pages of newsnumber of non-member country banks, would
supply the missing link between
papers.
national advertising and the actual disNow, that rather reinforces the thing that we believed for quite a while,
of bonds. I am hopeful,
therefore, that your committee even- that there is a great importance in the newspapers in widening the bond
tually may get the authority to
use these and similar booklets in the most
field. These people, of course, were all bond buyers, and they know somewidespread fashion.
thing about the bond market. Along that line we are continually getting
Specifically I feel very strongly that
either the association proper or the much more stuff
groups should spread an assessment
for the newspapers.
for the purpose of distributing a small
supply of every one of the booklets
Over here is a new series—some of the biggest papers in the country
to an aggregate of a large number of
gregate
are using it now—which goes to the papers for publication three times a
country banks free of charge. This supply
would be for the purpose of
week, called "Safety Zones for Dollars." It is illustrated, and we are
counter distribution by the country bank
to its casual individual investors,
This distribution compares markedly
with the supplying by wholesale in- getting very effective work out of that. I don't know how many hun•
dreds of thousands, perhaps several million, people read that every week,
vestment bankers of imprinted circulars on a new issue to dealers
to whom
they wholesale. It is simply
the
of dealer co-operation, because it is being printed by something more than 300 papzra
except that not one banking house most logical type
can tackle a job of such magnitude, and
It should be done by some
sort of group. .
I am conscious of the
Report of Business Conduct Committee.
fact that there are minor quibblings over what
might be done with the books
The report of the Business Conduct Committee of the
banks do fail, etc., but I am by some get-rich-quick men, and that some
confident that real progress along the line of Investment Bankers-Association, was presented as follows
educational work throughout the
land lies in making it as easy as pussible for the country
banker to have popular, yet authoritative, informa- at the annual meeting by the Chairman of the committee,
tion in booklet form on
his shelves. There are several variations to the Pliny Jewell, of Coffin & Burr, Inc., of Boston:
method of distribution.
Doubtless in some cases the banks and dealers
While a few matters have been referred to the Business Conduct Coinwould be too large to
feel that they could use a "stock" form of printed mittee since the convention at St. Petersburg last winter, there are only
material. Others would be
willing to pay for a supply. The gist of the three which the committee will ask the membership to consider.
matter is that the
association or the groups are the only vehicles that
First, adequate information in circulars: You will recall that there is
can make it easy for the
country banker to get this sort of material, and now set up in the association machinery for having all offering circulars
there is a great deal of
authority
sent, after issde, to the Secretary's office; in turn, cleared to the various
If a widespread distribution behind the name of the association,
contributors to a fund for this can be accomplished and the individual standing committees, there scrutinized, and if thought to be not in Con'
purpose forget their immediate interests for formity with the principles enunciated by the association, referred to the
two or three years, I am
securities will be speeded confident that increased national distribution of Board of Governors or Business Conduct Committee. These principles
up.
speak frankly to you and at theI am writing to you because I feel I can were first formulated in 1923 and, to refresh your memory, will be found
same time give you one reaction of a lay in the report of the Business Practice Committee on page 292 of the 1928
member of the association.!'
Year Book. Referring to public service holding companies having only a
We think a little serious
thought
of what has been accomplished from this point of view with the vision stock ownership in their subsidiaries, the committee recommended the
by the 180,000 booklets already dis- setting forth in circulars at—
tributed, will very easily
convince you of the benefits which will result
to the public, to the association
a
shee tA consolidated statement of cpitalization or a consolidated balance
(
and
tion of this valuable publicity and to its members by a broader distribueducational material.
( A consolidated statement of earnings.
Hi)
' It is getting to be rather
an
-c) income or profit and loss account of the holding company.
An
Rice's work. It is hard to putannual habit to say a few words about Sam
in a few words. He is turning out a tee
Further, that there should be readily accessible through reports, manuals
mendous volume of material at
a very low cost to the association. It is or
other media—
remarkable to see how much is
educational department, and we done by so small an organization as is his
(a) The securities of the subsidiary companies owned by the holding
again take the opportunity to compliment
him for his effective and valuable
company and those owned by the public.
work,
(b) Statements for each subsidiary company giving earnings, expenses,
for having the advantage of his services, and to compliment the association
tage
maintenance expenditures and reserves, fixed charges, dividends, assets.
In Fred Fenton we lost a consistent
backer of any sound publicity and capitalization and other liabilities.
educational promotions. He was
a real enthusiast, and invaluable in put- miThe report added that at least a portion of the members of the con'ting things over. We miss his co-operation
and friendly association.
ttee believed the above information equally important where holding
Respectfully submitted,
companies had a bond as well as a stock ownership in subsidiaries.
PUBLICITY COMMITTEE,
For reasons that will be immediately made clear, the Business Conduct
ROBERT STEVENSON, Chairman.
Committee has decided, and has been supported in its decision by the
Board of Governors, that the situation in relation to a particular instance
which has arisen is such that no ends would be served by referring by name
port of the Educational Director, Samuel 0. Rice, of
Chi- to the houses which have been concerned with the circular in question.
cago, whose activities, he noted, "constitute a very
large All these houses in their correspondence in this matter have positively
2104
THE CHRONICLE
placed tDemselves on record as being in entire sympathy with the object
sought by the association, and are evidently clear in their conviction that
if there has been transgression on their part it has not been willful.
Further, there are, without much question, grounds for entirely sincere
differences of opinion. In the interests of brevity it may be possible
to simplify the presentation without reading the correspondence. All must
be conscious of the very great development in public utility holding company
activities whereby some of them have also taken on in no small degree
the functions of the investment trust. In the case of several large holding
companies they not only own for purpose of control the majority stocks of
many operating subsidiaries, but also, with some degree of frequency, buy
and sell minorities of common stocks, various classes of preferred stocks,
act as fiscal agents in the purchase and sale of short-time paper and note
issues, and temporarily bank bond issues. It is clear that a statement of
financial condition and capitalization as of a particular date, in accordance
with the requirements of the association as laid down by the committee of
1923, will in many cases almost immediately become obsolete by reason of
new sales and purchases.
The correspondence is here and the convention is entitled to hear it, if It
so desires, the committee, however, reserving the right to withhold all
names for reasons above stated. And the convention also has every right
to discuss the question if it so desires. Frankly, the matter is of such
complexity that the committee came to the conclusion that it was a subject
for consideration by a small body; possibly our requirements in view of
present developments are impractical of application, and a solution only
to be satisfactorily reached through the deliberations of a special committee.
The committee, therefore, offered and the Board of Governors has
adopted the following resolution:
Whereas, the Investment Bankers Association reaffirms its adherence
to the general principles enunciated in the report of the committee of 1923
relating to adequate information in security circulars:
Whereas, developments affecting the functions of some of the so-called
holding companies in the public service field seem to call for a review of
the principles governing the preparation of circulars describing their securities, it is
Resolved, That a committee be appointed for this purpose by the President to invite the co-operation of representatives of houses specializing in
holding company securities, of the holding companies themselves and of
the economists.
The matter of bank officers' liability for distributing syndicate participations among favored friends, usually directors or stockholders, and their
accountability to the bank for the same has been so thoroughly covered in
the "Bulletin" that only this bare reference to it is necessary.
The only other subject which the committee feels called upon in bringing to the attention of the membership is the undoubted need, in the
interests of a sounder, and incidentally more profitable, investment business, for a stricter limitation of those who receive syndicate or other concessions: a better classification of those who are, in fact, dealers or financial institutions, as the case may be. A few of the groups have these
matters well in hand; others have apparently made no progress. It is not
a particularly good augury for the future if special and entirely arbitrary
concessions are being made to a favored few in such a sellers' market as
we have clearly been experiencing during the past two or three years. It
is not to be gathered that the committee believes this matter of classification is one that can be settled off-hand, but nevertheless it is the belief
that a conscientious effort toward a stricter interpretation is greatly to be
desired.
Respectfully submitted,
PLINY JEWELL, Chairman
HENRY C. OLCOTT. Vice-Chairman
GORDON,
T. STOCKTON MATTHEWS,
R. R.
SIDNEY R. SMALL,
G. M. MOSLER.
JOHN E. JARDINE,
WILLIS D. WOOD,
EUGENE W. STEVENS,
FRANK McNAIR,
ARTHUR S. BLUM,
E. B. SWEEZY,
HERBERT FLEISCHEACKER, CLAY H. HOLLISTER,
JOHN A. STEVENSON,
ELLERY S. JAMES,
MARSHALL FIELD,
J. P. BUTLER Jr..
W. L. HEMINGWAY,
THOMAS S. GATES.
JOHN W. PRENTISS.
J. W. RYER,
Report of Membership Committee,
Tom K. Smith of Kauffman, Smith & Co., St. Louis, in
his report as Chairman of the Membership Committee, said
in part.
To the end that all possible precautions may be taken to meet the increasing danger of lowering our membership standards, your committee
urges the following procedure:
j. That sponsors be required to appear in person before the Executive
Committee (or the Membership Committee) of the local group in support
of the application they have endorsed. We believe that this requirement
will deter membersfrom sponsoring a house unless they are honestly desirous
of securing its admission, and that they will sponsor only those applicants
about whom they are thoroughly informed and concerning whom they are
prepared and willing to be questioned in defense of their endorsement.
2. That the applicant himself be required to appear before the Executive
Committee (or the Membership Committee) of the local group in these cases
where all desired information is not in hand or where the committee is in
doubt in its conclusions.
3. That sponsors shall secure at least ten letters from other members of
the group evidencing their interest in as well as their approval of the application.
4. That votes on an application by the Executive Committee and by the
Membership Committee of the local group be taken only at a meeting of
these committees instead of by a mail or telephone ballot, as it has been
found that discussion of a name in committee frequently develops important facts that would change votes taken in an informal or perfunctory manner.
In an organization such as ours, where the governing body has so little
direct control over individual members and where such serious harm might
accrue to the national association through the impaired reputation of one
member, we consider it essential to the general welfare that every precaution should be exercised in the acceptance of applicants. We feel confident
that it is only necessary to call this fact to your attention to make you realize
the seriousness of passing upon every application with the greatest care and
to secure your full co-operation as individual members and as groups.
Report of Nominating Committee of Investment
Bankers Association—Newly Elected Officers.
The report of the Nominating Committee of the Investment Bankers Association was presented as follows by
Thomas N. Dysart, of Knight, Dysart & Gamble, of St.
Louis:
Mr. President and gentlemen, we beg to submit the following nominations for officers and Governors of the association:
[Vou 128
The Vice-President I will group:
Mr. Joel E. Ferris of Spokane.
Mr. Arthur Gilbert, of Chicago.
'
Mr. Henry It. Hayes, of New York.
Mr. Robert H. Moulton, of Los Angeles.
Mr. B. A. Tompkins, of New York.
five Vice-Presidents.
For Executive Secretary, Mr. Alden H. Little, of Chicago.
For Treasurer, Mr. Frank H. Gordon, of Chicago.
For Governors, terms expiring in 1927, Mr. Charles R. Blyth, of San
Francisco; Mr. Sidney It. Small, of Detroit; Mr. Charles D. Dickey, of
Philadelphia.
For Governors, terms expiring in 1928, Mr. John E. Jardine, of Los
Angeles; Mr. Jerome J. lianauer,'of New York; Mr. Kelton E. White, of
St. Louis.
For Governors, terms expiring 1929, Mr. George V. Rotan, of Houston;
Mr. William J. Wardall, of Chicago; Mr. Robert R. Gordon, of Pittsburgh;
Mr. Frank D. Nicol, of Detroit; Mr. Simon J. Block, of Baltimore; Mr.
J. L. Seybold, of Minneapolis; Mr. John Dane, of New Orleans; Mr. Henry
T. Ferris, of St. Louis; Mr. Benjamin H. Dibblee, of San Francisco, and
Mr. Willis K. Clark, of Portland, Ore.
And then, in addition to that, Mr. President, the committee, without
the slightest hesitation, chose a gentleman whom we know you will unanimously approve for the office of President for the coming year, Mr. Pliny
Jewell, of Boston.
The report was unanimously adopted.
The list of officers and Governors for the ensuing year
follows:
OFFICERS AND GOVERNORS, 1926-1927.
President:
Pliny Jewell, Coffin & Burr, Inc., Boston.
Vice-Presidents:
Joel E. Ferris, Ferris & Hardgrove, Spokane.
Arthur H. Gilbert, Spencer Trask & Co., Chicago.
Henry R. Hayes. Stone & Webster, Inc., New York.
Robert H. Moulton, R. H. Moulton & Co.. Los Angeles.
B. A. Tompkins, Bankers Trust Co., New York.
Executive Secretary:
Alden H. Little, 105 South La Salle Street, Chicago,
Assistant Secretary:
Clayton G. Schray, 105 South La Salle Street, Chicago.
Educational Director:
Samuel 0. Rice. 105 South La Salle Street, Chicago.
Field Secretary:
Arthur G. Davis, 105 South La Salle Street, Chicago.
Treasurer:
Prank M. Gordon, First Trust & Savings Bank, Chicago.
Governors:
Ray Morris, Brown Brothers & Co., New York.
George Whitney, J. P. Morgan & Co., New York.
Joseph R. Swan, Guaranty Co. of New York. New York.
Clarkson Potter, Hayden. Stone & Co., New York.
George B. Caldwell. 100 Broadway, New York.
Jerome J. Hanauer, Kuhn, Loeb & Co., New York.
Walter S. Brewster, Russell. Brewster & Co., Chicago.
William J. Wardall, Bonbright & Co., Chicago.
Henry C. Olcott, Continental & Commercial Trust & Savings Bank,
Chicago.
Carroll J. Waddell, Drexel & Co., Philadelpgia.
Charles D. Dickey, Brown Brothers & Co.. Philadelphia.
Frank D. Nichol, Nicol, Ford & Co., Inc., Detroit.
Sidney R.Small, Harris, Small & Co., Detroit.
R. A.'Wilbur. The Herrick Co.. Cleveland,
Kelton E. White, G. H. Walker & Co., St. Louis.
Henry T. Ferries, First National Co., St. Louis.
Max 0. Whiting, Harris, Forbes & Co., Inc., Boston.
John P. Baer, John P. Baer & Co., Baltimore.
Simon J. Block. Nelson, Cook & Co., Baltimore.
John E. Jardine, Wm. R. Stoats Co., Inc., Los Angeles.
Charles R. Blyth, Blyth, Witter & Co., San Francisco.
Benjamin H. Dibbles, E. H. Rollins & Sons. San Francisco.
Hugh W. Grove. First Wisconsin Co., Milwaukee.
Edgar Friedlander, Edgar Friedlander, Cincinnati.
J. H. Gundy, Wood, Gundy &
td., Toronto.
Sigmund Stern, Stern Brothers &
Co..do.. Kansas City,
Willis K. Clark, Geo. H. Burr, Conrad & Broom, Inc., Portland, Ore.
Charles T. Sidle, Sidle, Simons. Day & Co., Denver.
John Dana, Marine Bank & Trust Co., New Orleans.
J. L. Seybold, Wells-Dickey & Co., Minneapolis.
Robert R. Gordon. Gordon & Co.,_ Pittsburgh.
George V. Rotan, Neuhaus & Co., Houston.
Director of Publicity:
Harry Rascovar, 14 Stone Street, New York.
Office Counsel:
Theodore Counsel.pman, 111 West Monroe Street, Chicago.
S. Cha
Committee
•
Paul V. Keyser, Woodward Building, Washington.
Official Reporter:
Frederick H. Gurtler, 69 West Washington Street, Chicago.
The names of the committee chairmen were announced
as follows by the newly-elected President, Pliny Jewell:
At this time it is appropriate to announce the committees for next
year,
but as there are over 220 members of the working standing committees
and
regular committees of the I. B. A., it is customary only to announce the
committee chairmen, the rest of the names are published in the
"Bulletin."
Chairman of the Business Conduct Committee.—I am going
through
these quickly, but I must stop here. It has been customary in the I. B. A.,
most of the time, for the retiring President to accept the chairmanship
of
the Business Conduct Committee. Those who have been familiar
with the
workings the last year and the strain that has been put on our
retiring
President, Mr. Morris, will appreciate his reasons when he felt he
could
not take this chairmanship for the ensuing year. Therefore, for
the chairman of that committee this year, Kelton E. White, of St.
Louis.
Commercial Credits.—Walter E. Sachs, of New York.
Constitution and By-Laws.—Robert II. Moulton, of Los
Angeles.
Education.—Lawrence Chamberlain, New York.
Finance Committee.—W. J. 1Vardall, Chicago.
Foreign Securities Committee: Howard F. Beebe, New York.
Yon will note, gentlemen, that there are several
reappointments. The
old-fashioned phrase of not swapping horses in the middle of
the stream
holds. A number of these committees were in the midst of
where their experience and continuity were called for. important things
Government and Farm Loans Committee.—Max 0. Whiting, of
Boston.
Industrial Securities Committee: Sidney R. Small, of
Detroit.
Irrigation Securities Committee.—Willis K. Clark,
Portland, Ore.
Legislation Committee.—Hugh W. Grove, of Milwaukee; Vice
-Chairman,
Arthur H. Gilbert, of Chicago; Barrett Wendell Jr., of Chicago.
Membership Committee.—Henry T. Ferries, of St. Louis.
Municipal Securities Committee.—John J. English,
Chicago.
Publicity Committee.—Robert Stevenson, Chicago,
Public Service Securities Committee.—J, L. Seybold, Minneapolis;
ViceChairman, Henry C. Olcott, of Chicago.
Railroad Securities Committee.
--Joseph It. Swan, of New York.
Real Estate Securities Committee.—Olarkson Potter, of New York.
Taxation Committee.—Carroll J. Waddell, of Philadelphia.
OCT. 23 1926.]
THE CHRONICLE
Europe Interested'inwInstallment- Selling, According
_
I to Phillip W. Haberman of the Commercial Investment Trust Corporation.
I According to Phillip W. Haberman, Vice-President o
-Commercial Investment Trust Corporation, "European
tle
7usiness men are showing an intense interest in American
_
methods of merchandising." He says.
Or While they have long realized that the average standard of living was
higher in the United States than elsewhere, they have been in the habit in
the past of ascribing it to America's greater natural resources. Many are
now questioning whether our prosperity may not be due in part to the employment of better business methods. There is now a very wide consideration of American methods with the view to adapt them to European conditions in an endeavor to build up their home markets. Our continued
prosperity has deeply impressed the European business man.
$sst
Since most countries of Western Europe have a productive capacity in
excess of ordinary domestic consumption, the leaders of industry have
been particularly impressed by the part that the deferred payment method
of merchandising has played in increasing the purchasing power of the
American public and widening the market for a great many types of articles.
Installment selling along American lines is gaining in volume in England
and Germany. The method is used both by American firms selling in these
countries and by local industries seeking a broader market for their output.
Installment financing is pursuing a steady, normal development. It is
not the desire of the American interests involved to force under artificial
stimulus the hasty and indiscriminate development in Europe of installment
selling. They are concentrating their attention on building on a stable,
permanent basis of sound banking practice, especially adapted to local
conditions. In this way it is expected to prevent the development in Europe
of unreasoned antagonism to the entire practice of installment selling, such
as has been manifested in this country by some critics who appear to be
willing to throw out the baby with the bath.
2105
An improved method of seeking to increase the gold output is revealed
by the following extract from the "Times" of the 24th ult.:"So many
prospectors are going into Northern Ontario. Canada, to search for gold
that one of the airways companies engaged in the traffic is about to provide
an aeroplane that will carry two 17-ft. canoes, as well as passengers and
supplies. This aeroplane will operate from Sioux Lookout, northward into
Patricia."
The Southern Rhodesian gold output for the month of August last
amounted to 49,735 ounces, as compared with 50,460 ounces for July 1926
and 49,245 ounces for,August 1925.
SILVER.
On the 30th ult., the day succeeding our last letter, the prices fell heavily
to 26)d. and 2634d. for cash and two months' delivery respectively
constituting fresh recent records. Under the influence of bear covering
and a demand for prompt shipment to India prices rallied and the premium
on forward delivery gradually disappeared until on Oct. 4. 26%d.
was
quoted for both deliveries. The recovery, however, though pronounced.
was short lived, being based merely on speculation, and the temper and
statistical position of the market deprived it of power to endure.
The
price broke again yesterday and to-day carrying the quotations lower than
any since Dec. 23 1915. Chinese buyers were responsible for the rally,
but have now turned into sellers, and. as Van seem still inclined to wait
for a lower level, the outlook remains still umpromising.
A large shipment, about £400,000. is being made this week for India,
but the consignees have mostly sold for forward delivery there against.
As supplies, lately, owing to the weakness of the China exchanges, have
been converging upon Indian, that market will probably need some
time
to absorb them.
United Kingdom imports and exports of silver during the week ending
the 29th ult. were:
ImportsExports
Belgium
£9,860 Germany
£12.240
United States of America__ 51,270 Egypt
6.580
Mexico
110,950 China
81.825
Other countries
949 British India
248,590
lee
Other countries
2,940
Total
THE CURB MARKET.
Heavy liquidation in the Curb Market continued this
week' and forcedPrices down in-the fore Part of the week.
Later there was a turn for the better, but this was of short
duration and prices moved downwardagain. Trading was
Fueti. Among utilities American Gas & Electric common
was -conspicuous for anadvance from
the
close to-day
- - .
-Traction
-- being 7103%. Arnerican Light &
common eased off from 208 to 2043.Cilre final sale for the
week being at 2043/2. Brazilian Traction, Light -Power
-&
ordinary stock sold up from 101 to 1063/2. Penn-Ohio Securities preferred jumped up from 793/i to 86, but fell back
to 83. Industrials were quiet. E. I. du Pont de Nemours
& Co. common lost nine points to 153, recovered to 1593/
and sold finally at 1563/2. Ford Motor of Canada sold down
from 405 to 391 and at 393 finally. Glen Alden Coal declined from 177 to 1733' and closed to-day at 175. Warner
Bros. Pictures dropped from 453/i to 353/2, recovered to 40,
a final reaction carrying the price down to 37. Oils were
lower. Cumberland Pipe Line weakened from 107 to 104.
gumble Oil & Refining lost three points to 52 and finished
to-day at 523/s. Vacuum Oil lost nearly five points to 90
the final transaction to-day being at 903/. Gulf Oil of Pa.
fell from 90 to 86% and finished to-day at 87.
A complete record of Curb Market transactions for the
week will be found on page 2129.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended Oct. 22.
Ind& Mist
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
OIL
103,152
111,291
118,707
137,967
133,782
123,181
728,080
Total
53,090
109.900
124.790
117,210
103,076
91,430
599.496
Mining.
23,900
49,010
33,050
37,100
50,620
28,750
BONDS(Par Value).
Domestic. Fern Govt.
$928,000 $147,000
1,845.000 532.000
1,687,000 624,000
1.784,000 430.000
1,492,000
532,000
1,699,000
194.000
222,430 89,435,000 $2,459,000
THE ENGLISH GOLD AND SILVERT MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct.6 1926:
GOLD.
The Bank of England gold reserve against
•
notes on the 29th ult. amounted
to .C154,262.575,_as,compared with £154,365,265
on the previous Wednesday.
.--•
0. About £495,000"bar gold was available in
the open market yesterday
and or this the Continent secured about 6400,000, the balance being
divided
between India and the trade.
The following movements of gold to.and
from the Bank of England have
been announced since our last letter:
,....z es. zr..a , • ynalti.fr •
Sept. 30.
Oct. 1.
Oct. 2.
Oa. 4.
Oct. 5.
Oct. 6
Received
£33,000
Withdrawn- £30.000
£501,000 £70.000 £12,000 £446.000
iThe withdrawals wore mainly bar gold.
only £45,000 sovereigns being
taken for export as follows: Singapore.
£10.000; France, 10,000: Argentina
£10,000; Spain, £5,000: [Tolland, E5.000 and
India, £5.000. • During the
week under review £1,026,000 on balance has been withdrawn from
the
Bank,thus decreasing the net influx since
the 1st Jan: 1926 to £39,874,000
and increasing the net efflux since the resumption- an effective
of
gold
standard to E1,721.000.
United Kingdom imports:and exports of gold during the Week
ending
0
the 29th ult. svere:,„ ,1.
I. Imports- ....SU Iss,
Exports- 6 t,.., -S-,
-E r• "M"niSt•-•
!'
Belgian Congo
£38,760 Germany
£160.300
British West Africa
33,757 British India
38.670
British South Africa
3,775 Straits Settlements
65.250
Ceylon
22.500
Other countries
14,479
Total
£76,292
Total
£301,199
VI
214 .1LLAI...
1 ,
£173,037
Total
6352,175
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Sept. 15. Sept. 22. Sept. 30.
Notes in circulation
19851
19534
19645
Silver coin and bullion in India
10081
10163
10273
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
5738
5739
5740
Securities (British Government)
1800
1400
1400
No silver coinage was reported during the week ending the 30th ult. .....t
The stock in Shanghai on the 2d inst. consisted of about 72,4007071
fiances in sycee. 68,500,000 dollars and 5,660 silver bars, as compared with
70.800,000 ounces in sycee 68.500.000 dollars and 7,060 silver bars on the
25th ult.
Statistics for the month of September last are appended:
Bar Silver, per Oz. Ski.
Bar Gold,
Cash Delivery.
2 Mos. t elivery.
Per Oz. Fine.
Highest price
28 11-164.
28 13-164.
84s. 115-,d.
Lowest price
28364.
264 cl.
84s. 10[..d.
Average price
27.9044.
28.031d.
84s. 11.4d.
Quotations during the week:
-Bar silver, per Oz. Std,Bar Gold,
Cash.
2 Months.
Per Oz. Fine.
Sept.30
2636d.
263(cl.
84s. 1136d.
Oct. 1
265-16d.
2634cl.
848. 9%d.
2
26 11-16d.
26 11-16d.
84s. 1134cl.
4
84s. 1136d.
5
2634d..
265-16d.
26 5-16d.
84s. 11%cl.
6
25 13-16d.
25 13-16d.
845. 1134cl.
Average
26.333d.
26.3634.
84s. 11.1d.
The silver quotations to-day for cash and 2 months' deRvery'respegtively
are %d. and iga. below those fixed a week ago.
1
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat..
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Week End.Oct.22. Oct. 16. Oct. 18.
Oct. 19.
Oct. 20.
Oct. 21.
Oct. 22.
Silver. per oz__ 25d.
243-164. 24 5-16d. 2434d.
2436cl.
2434d.
Gold, per fine oz 848.1134d. 84s.1136d. 84s.i gd. 843.1134d. 848.1136d. 84s.1134d.
Consols.2 %5434
5434
5434
5434
5434
British, 55
7-___ ____
101%
10136
10134
10134
10134
British, 434%_
95
95
95
9534
95
French Rentes
(In Paris)_ fr.
47.70
48.45
49.25
49
48.30
French War L'n
(in Paris)_ fr_
53.95
54.40
55.15
55.85
55
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(eta.):
Foreign
54
52
5134
5136
5454
5154
Soutmercial andMiscellancons4eltT5
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Oct. 16 to Oct. 22, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Almar Stores
Alliance Insurance
10
American Stores
•
Baldwin Locomotive_ _ _100
Bell Tel Coot Pa pref
Brill Corp class A
Bur & Sus Corp pf v t0_100
Cambria Iron
50
Congoleum Co Inc
•
Eisenlohr(Otto)
100
Elec Stor Battery
100
Horn az Hardart(Phila)com
Horn & Hardart(N Y) coin
General Asphalt
100
Giant Portland Cement_50
Preferred
50
Insurance Co of N A __10
Keystone Telephone .50
Preferred
50
Lake Superior Corp _100
1654 17
49
49
704 6954 724
11154 1154
11134 11154 11154
4054 404
37
37
40
40
40
2034 22
1134 114
8134 8344
271 27154
50
5214
68% 7454
57
60
58
54
53
53
52
5154 50
5
5
5
18
18
154 154
1654
Range Since Jan. 1.
Low.
High.
2.215 1654 Oct 2054 Sept
Jan 59
10 36
Jan
6,135 oo
Mar 9436 Jan
45 9954 Apr 12544 Aug
289 10954 Apr 11354 June
50 4054 Oct 51
Feb
15 37
Oct 53
Jan
27 38
Jan 404 Sept
po 13,4 May 29 Sept
145 11
Oct 2034 Feb
497 73
Jan 9344 Aug
30 268
Oct 275
Oct
775 49 Sep
553' Oct
610 58
Mar 93 Sept
810 31
May 623.4 July
309 3434 Jan 56 July
2,026 49
Mar 6454 Jan
July
734 Jan
5 17
July 2954 Jan
400
15( July
434 Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
50 105
105 107
Lehigh Navigation
10
26% 26%
Lit Brothers
10
2)4
Man Rubber
50 81
81
81.
Northern Central
7134 73
Penn Cent L & P.cum pf _• 72
Pennsylvania RR
50
53
54
Pennsylvania Salt Mfg._50 76
75
76)4
Phila Co (Pitts) pf(5%)
.50
37
37
49
Preferred (cumul 6%) 50
4934
Phila Electric of Penna._25 4734 46% 48%
Power receipts
25
934 9%
Phila Rapid Transit _ _50 51
51
53
Phila & Read C & I Co__ *
39% 40%
Philadelphia Traction_ .50 56% 5634 57
Phila & Western
50
1134 11%
36% 3634
Preferred
.50
Reading Company
50
83% 84%
Shreve El Dorado Pipe L 25 25% 23% 26%
Stanley Co of America.._• 79
77
84
Tono-Belmont Devel_ _1
2% 2%
334 4%
Tonopah Mining
1
Union Traction
50 3934 • 3934 393i
United Gas Improvt_ _ _ _50 102. 1003.4 1063.4
81)4 8634
Div stock, D. WI
Victor Talking MacDine._1
98
9934
40
40
West Jersey & Sea Shore_50
Westmoreland Coal, new 50 5034 5034 53
Bonds
v Bag & Paper 75..1943
101 103%
Amer Gas & Elec 24.. _2007
94
98
Consol Trac NJ 1st 53 1932
62
62
Elec & Peol,les tr Mb;43'45 58% 56% 60
Keystone Telep lot 53 1935
91% 92
Peoples Pass tr ctfs 43_1943
63
63
Phila Co cons di coil tr 5s
stmpd skid & red_ _ 1951
98
98%
Phila Klee 1st s f 4s_ _ 1966
87% 87%
101% 101%
5s
1960
1st 5s
1966 10335 102% 10334
'
1953
10634 100%
535s
6s
1941
107% 107%
1972 102% 102% 102%
5,34s
102 102
Reading Trac 1st m 135 '33
61
59
United Rys gold tr Mt 44'49
95%
York Railways ba 51.1937 95)4 95
•No par value
Low.
High.
820 9736 Mar 12034 Feb
Mar 3334 Jan
1,065 25
July
Jan
100
8
2
July
48 79g Feb 82
Feb
91 70% Sept 91
17,900 48% Mar 56% Sept
Jan 91
Feb
210 71
Mar 39% Jan
20 37
115 48% Apr 50% July
30,786 41)4 Apr 67% Jan
3% Apr
9% Oct
1,072
Jan 5784 Feb
2,030 51
200 27% May 58% Feb
Feb
505 5634 Jan 65
Mar 16% May..
925 11
4% Jan 41
Aug
50
120 82
Apr 99% July
2,784 13% July 28
Oct
May 92% Sept
15,875 55
4% Jan
4.805 2 1-16 Apr
734 Feb
3,925
3% Oct
917 38
Jan 43% Jan
24,604 84% Mar 14434 Jan
1,888 81g Oct 86% Oct
Mar 106% Oct
320 80
July
Oct 48
100 40
Jan
Apr 56
111 49
82.000 10034 Jan 104
21.800 89% Feb 101%
Jan 69%
5.000 58
15,000 56% Oct 69%
Jan 9334
6.000 91
Sept 68%
2,000 63
Mar
May
Feb
Feb
Feb
Jan
9954
87%
103%
104%
108
108%
103
102
65
96%
May
Sept
Apr
June
June
Aug
May
Oct
Jan
July
5,000
1.000
1.000
8,300
6,000
6,000
25.000
2,000
2,700
7,000
PriJa.
zates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
9634
84
101%
102
103%
105
10034
102
57
95
Jan
Feb
Oct
Mar
Mar
July
Aug
Oct
June
Oct
•
Range Since Jan. 1.
Low.
245 245
163g 165
18 228
24 155
Jan 251
Jan 171
Sept
Feb
Trust Company
100 166
American Trust
166
10 163
May 166
Oct
1734 1734
Miscellaneous
Amer Credit Indemnity_25 55
•
Berry Motor
•
Best Clymer Co
• 41
Boyd-Welsh Shoe
Brown Shoe.common__100 3534
100
P eferred
Cert-Teed Prod 1st pf__100
Century Electric Co- __100 117
Bruce (E IA common....'
Emerson Electric pref __100
Ely & Walker DO com _ _25 2954
Fulton Iron Works, corn..'
Hamilton-Brown Shoe_ _25
Hussman ftefr common..' 3434
Huttig S & D common_ • 30
jos) leo
Preferred
100
Indep Packing pref..
International Shoe com_ •
itio
Preferred
Income Leasehold com •
•
Johansen Shoe
•
Johnson-S & S Shoe
100
Laclede Steel Co
Mo-Ills Stores common_ •
Mo Portland Cement _ __25 5534
National Candy com___100
.
Second preferred_ _ _100
•
Polar Wave Ice A
Rice-Stix Dr G'ds cora_ • 21%
iiio
First preferred
Second preferred_ _ _ _100
Sheffield Steel common___• 28
• 50
Skouras Bros A
S'western Bell Tel pref_100 114
•
St L Amusement A
•
Rix Baer & Fuller
•
Wagner Electric com_
Wagner Elec Corp pref_100
Walker(Wm)common_ •
100
Preferred
Mining10
Granite Bi-Metallic
Consol Lead & Zinc Co_ •
168
30c
Street Railway Bonds
E St Louis & Sub Co 58 '32
1934
United Rys 48
MiscellaneousMo-Edison Elec 5s_1927 100
55
55
16
18
48% 5034
40 34 41
3334 36
109% 110
10534 10534
117 117
37
37
101 101
28
2954
15
15
44
44
3434 35
30
30
leo toosi
109 109
159 15934
107 ' 108
15
15
30
30
58
58
160 160
15
15
5034 5554
81
82
101 101
3134 31 34
2134
21
100)4 106)4
9734 97%
26
2634
50
50
114 114 34
46
47
32
3234
22
23
13
13
4534 47
10834 10834
30c
22
300
22
133111
1.24
10
385
220
510
150
5
5
10
5
1,075
60
69
60
100
65
10
40
30
80
55
100
5
140
965
95
10
630
7
50
17
455
110
210
120
50
110
15
120
5
1,000
111
8734 8734 $1.000
77
77
66,000
100
100
16
Sept
Mar
49
15
Sept
48% Oct
35% Mar
30 June
107
Aug
9834 Apr
Apr
110
37
Oct
100
Jan
28
Oct
13
Oct
43
May
Aug
34
30
Oct
Oct
100
10434 Aug
135
May
Oct
107
Oct
15
28 June
50
May
148 June
1454 June
4834 Mar
70
Apr
Sept
100
3134 Oct
106
9734
24
45)4
11234
46
2834
13%
613.4
40
104
250
22
Sept
Oct
May
May
Apr
Oct
Aug
July
July
Apr
Apr
Apr
Oct
83% Feb
75
Jan
2,000 100
Consol Gas. EL & Pow_ •
100
6% preferred
100
634% preferred
7% preferred
100
100
8% preferred
Consolidation Coal_
100
Eastern Roll Mill new elk *
Fidelity & Deposit
50
Md & Penn corn
Finance Service class A 10
10
Preferred
Hare & Chase pref
Houston 0 pref v t ctfs_100
Manufacturers Fin 2d pf 25
Maryland Casualty Co_ _25
Match & Miners new
•
Monon Vail Trac pref_ _25
Mt V-Woodb Mills v t r 100
100
Preferred v t r
New Amsterd'm Ca5 Co_10
Norfolk Ry & Light__ _25
Northern Central
50
Penne Water & Power_100
Silica Gel Corp
•
Stand GE pf with warr 100
United Ry & Electric_ __50
U S Fidelity & Guar_ _ _ _50
West Md Dairy, Inc pf_50
51% 52)4
108 106
110% 111
1123.4 11334
12634 127
3934
37
30%
27
13034 131
25
25
1734 1754
10
10
94%
94
8134
81
19% 20
963.4 97
4334 43%
23
23
1934 1934
73
74
50% 51
27
27
81
81
180 164
13% 14
1103.4
11354
127
3934
28
131
10
81
97
23
74
5034
162
86
10
107
75
84
153
105
60
10
25
279
225
121
255
57
75
98
75
201
149
75
10
59
110
55
4.816
151
32
9331
1954 18% 20%
220 222
220
5334 52
5334
Bonds
Alabama Cons C&I 55_1933
Bait Electric stpd 55. _1947
Bernheimer-Leader 78.1943
Consolidated Gas 5s__1939 103
General 4%s
1954 97%
Consol G,EL&P 43.45_1935 98
Preferred 5s
1965
5 % notes, ser E.1952
Elkh ,rn Coal Corp 6348'32
Bendier Creamery Co 6/3_
Houston 0 6548
11
1935 10034
Knoxville Traction 55_1938
Lexington (Ky) St 513_1949
Md Electric Ry 1st 55_1931
Monon Valley Trac 55_1942
NN&HampG&Elst5s'44
Titusville Ir Wks 1st 7s_'29
United Ry & E 4s_ _ _ _1949 70
Income 4s
1949 50
Funding 55
1936
6% notes
1927
85, when issued... _1949 9734
Wash Bait & Annan 55 1941
West Md Dairy 6s_...1948 100%
Range Since Jan. 1.
Low.
45
102
108%
109
124
36
27
11734
25
1734
9
853.4
81
19%
94
4134
20
934
62%
49
2634
7834
141
13%
88
17
187
52
Jan
Jan
Mar
Mar
Jan
Mar
Oct
Mar
Oct
Sept
Aug
Aug
Mar
Aug
May
Apr
Apr
May
June
Mar
May
Jan
May
Oct
Oct
Jan
Mar
Sept
High.
5734 Feb107% July
11154 Aug
113% Sept
128g Feb.
Feb.
53
48
Feb
131
Oct
26
Oct
2134 Jan
1034 Feb.
Sept
96
Jan
89
2434 Feb
Jan
102
Sept
47
23% Sept
Oct
20
Oct
83
563( Jan
Jan
27
82 June
Jan
171
Jan
22
Oct
94
20% Oct
Sept
225
5434 Jan
96
96
July.
$1.000 96
Oct 101
103% 103% 2,000 101% Jan 103% Oct
102)4 102%
Jan 102% Feb'
1,000 100
103 103
3,000 100% Apr 103% June.
97% 97;4 7.000 9534 Feb 98% Apr
98
98
3,000 9534 Feb 99
Sept
101% 101% 1,000 100% Jan 102% May
105g 106%
1.500 104% Jan 108% Aug'
100 100
Apr
3,000 98% June 100
100 100
Oct
1.000 100
Oct 100
10034 10034 8,000 91% Apr 100% Oct
9734 9734 2,000 9734 Oct 97 34 Oct
9234 9234 1,000 90
May 92% June
95% 9534 1,000 9454 Jan 973.4 Mar
9234 92% 1,000 87% Jan 93% June
90
90
Feb
2,000 89% Jan 90
102 102
Oct
2.000 100
Jan 102
69% 70
38.000 69
Mar 713.4 Mar
49
50% 52,000 48
Aug
Mar 51
7134 72% 4,000 67% Jan 7254 Sept
9934 9934 3.000 973.4 Jan 993.4 Aug
96% 9734 9,000 91% Jan 9734 Aug
6334 6334 1,000 82
July 7334 Feb
10034 100% 2,000 100 34 Oct 10231 Aug
* No par value.
High,
Banks
First National Bank_ _100
Nat Bk of Commerce_ _ 100
Street Railway
St LouisPublic Service_ •
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
High. Shares
Stocks (Continued) Par Price. Low
Range Since Jan. 1.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Oct. 16 to Oct. 22, both
inclusive, compiled from official sales lists:
Stocks-
[vol.. 123.
THE CHRONICLE
2106
20
May
55
Oct
31
Jan
66
Mar
4434 Feb
4434 Feb
111
Jan
10534 Oct
117
Oct
53% Jan
10434 Jan
35
Aug
3634 Feb
57
.L.n
41
Jan
44
Feb
103 June
109
Oct
17534 Jan
11134 Jan
15
Oct
45
Jan
8534 Jan
160
Oct
1734 Jan
67
Jan
92
Feb
104
Mar
3731 Feb
2534 Feb
Jan
109
10234 Jan
2934 Jan
59
Jan
11534 Sept
593.4 Jan
353.4 Jan
3434 Jan
85
Jan
4934 Sept
1083.4 Oct
30c
28
Oct
Mar
8734 Oct
7834 Apr
Oct 10034 Feb
Breadstuffs figures brought from page 2159.
-All
.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
-I Flour.
Receipts at
Chicago
Minneapolis_
Duluth
Milwaukee_ _
Toledo
Detroit
Indianapolis_
Bt. Louis...
Peoria
Kansas City_ _
Omaha
St. Joseph.
Wichita
Sioux City__
Total week '28
Same wk.1925
Same wk.1924
Wheal.
Corn.
I
Oats.
Barley.
Rye.
.
bbls.19816s. bush.60 lbs bush.56 lbs bush.32 lbs ush.48lbs.bush.581b*.
.
30.1,000 2,453,000
284,000
702,000
228,000
50,000
2,245.000
138,000
582,000
372,000
97,000
1,489,000
32,000
71,000
242,000.
104,000
151,000
35,000
499,000
256,000
22,000
94,000
74.000
129,000
3.000
43,000
15,000
10,000
12,000
297,000
73.000
180,000
1,000
514,000
644.000
330.000
114,000
49,000
771,000
30.000
195.000
26,000
57.000
210,000
1,366,000
103,000
522,000
134,000
497,000
228,000
68,000
159,000
8,000
4,000
332,000
48,000
128,000
52.000
4,000
490,000 7,297,000
513.000 7,527,000
498,000 19,996,000
5,639,000
2,001,000
3,802,000
3,020.000 1,006,000
427,000
4,134.000 1,445,000
789,000
7,894,000 2.477,000 4,009,000
Since Aug.15,548,000 138,821,000 35,755,000 45,583,000 14,365,000 14,654,000
1926
1925
5,408,000 135,834,000 39.199,000 95,216,000 31,062,000 10,463,000
1924
5,817,000 238,368.000 56.613,000109,365,000 24,512,000 28,420,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 16, follow.
Receipts al-
Flour.
Wheat.
Corn.
Oats.
Bushels.
1,507,000
75,000
308,000
Bushels.
42,000
1,000
4,000
265,000
382,' s I
7,201,000
33.000
54,000
63,000
30.000
624,000 9,771,000
Total wk.1926
Since Jan.1'26 20,101,000 178,762,I s s
120,000
5,686,000
Barley.
Rye.
12,000
14,000
5,000
Barrels.
335,000
New York...
56,000
Philadelphia__
30,000
Baltimore_ __ _
2,000
Newport New
75,000
New Orleans *
Galveston.._ _
95,000
Montreal ...... _
31,000
Boston
Bushels.
Bushels. Bushels.
124,000
318,000
20,000
30,000
47,000
1,000
3,000
725,000
524,000
306,000 1,044,000
547,000
4,969,000 28,009,000 28,201,000
478.000 10,933,000
211,000 1,751,000 2,486.000 6,000,000
Week 1925_ _ _
Since Jan.1'25 19.682.000168,157.000 6,489.000 63.993,000 31,710,000 28,440,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through Di is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 16 1926, are shown in the annexed
-Record of transactions at
Baltimore Stock Exchange.
statement.
Baltimore Stock Exchange Oct. 16 to Oct. 22, both inclusive, compiled from off cial sales lists:
Wheat.
Corn.
Flour.
Ezports from-Oats.
Barley,
•No par value
Rye.
Stocks-
Sates
Friaay
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Arundel Corp new stock.* 33
32% 3334
Baltimore Trust Co
50 12934 129% 129%
Beneath (I) corn
3934
• 39
39
Preferred
25 26% 26% 27
Ches & Po Tel of Bait pf100 114 34 113% 11454
• 23
Commercial Credit
22
2334
Preferred B
25
24
24
100 91
91
90
834 Preferred
Range Since Jan. 1.
Low.
844 28%
117 120
78 27
31 26%
31 11054
510 2054
4 2334
142 90
High.
Mar 36
Apr 154
Sept 40
Jan 27
Jan 116
Oct 4634
Oct 2734
June 97
Jan
Feb
Jan
Jan
June
Jan
Jan
Feb
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,668,220
99,110
134,514
33.000
5.000
266,000
6,000
345,000
17.000
6.000
2,000
322,000
64,000
58.000
17,000
309,000
6,000
3,513,000
131,000
9.000 469,000 246,000
Total week 1926._ 6.458,220
RArna urpak 1025 __ 8.112.179
81.000
240.000
313,110
328.550
26,000
559 5652
603,514 246,000
1131 513 1.456.631
OCT. 23 1926.]
THE CHRONICLE
The destination of these exports for the week and since
July 1 1926 is as below.
Flour.
grports for Week
and Since
July 1 to-
Week
Oct. 16
1926.
Since
July 1
1926.
Corn.
Wheat.
Week
Oct. 16
1926.
Oct.
Week
Oct. 16
1926.
Since
July 1
1926.
Since
July 1
1928.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Other countries_ _ _
Barrels Barrels.
Bushels. Bushels.
Bushels.
Bushels.
126,539 1,288,557 2,187,535 40,068,370
198,610
17,000
134,091 1,735,510 4,017,885 56,883.899
17,000
902,000
34,000
196.980
251,000 2.558,000
22,000
407.000
30,000
11.000
171,000
13,480
223,350
184,161
Total 1928
Total 1925
313.110 3,576,208 6,456,220 99,744,619
328,550 3.655.468 8,112,179 62.867.764
81,000 1.507,610
240.000 1.824.255
2107
CHARTER ISSUED.
Square National Bank, Frank-
13-12,997-The Franklin
lin Square. N. Y
President. A.C.Phillips. Cashier, A. E. Smith.
CHANGE OF TITLE.
-The First National Bank of Blackwood,N.J.,to
"The First National Bank & Trust Company of
Blackwood."
VOLUNTARY LIQUIDATIONS.
-The First National Bank of Watertown, Minn_
Effective Sept.
Liq. Agent, G. W. Quandt,
Watertown, Minn. Absorbed by the State Bank of
Watertown, Minn.
--The First National Bank of Hartshorne. Okla..
Effective Oct.
Liq. Agent,P M.Willis, Hartshorne, Okla. Succeeded by First State Bank in Harts
home. Okla.
Oct.
12-9,597
Oct.
14-11,777
Oct.
16-7,050
50,000
28 1926.
6 1926.
$.25,000
(34
50,000
Auction Sales.
-Among other securities, the following,
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and not act ally dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesdayjof
seaboard ports Saturday, Oct. 16, were as follows.
this week:
GRAIN STOCKS.
By Adrian H. Muller & Sons, New York:
Rye.
Barley.
Wheat,
Oats.
Corn,
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" Afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
bush,
944,600
3,000
1,517,000
3,359,000
bush,
146,000
39.000
46.000
bush.
773,000
56,000
1 i s,000
101.000
bush.
103,000
3,000
23.000
108 000
2,000
bush. Shares. Stocks.
$ per oh.
16,000 100 Elliott
-Fisher, cont. V. t
12034
150 Haytock-Cronemeyer Co.,
3,000
common
$1,050 lot
4,000 3,600 Metex Petroleum Corp.(Inc.
In Delaware), par $5
$3 lot
51 Wm. E. Amaseen & Co., Inc.,
preferred
$26 lot
84,000 7.650 Powell Oil Co., corn., par $1.87 lot
327,000 28.000 Iron King Consol, Mining
Co.(Incorp. Utah), par $1
4e.
9.000 2 Salt Lake Knitting Works (Inc.
$35 lot
Utah)
695.000 206 Pryibil Realty Corp
5
177.000 200 Tri-Bullion Smelting & Bevel.
663.000
Co., par $5
87
2,764,000 5 Sterling Incand. Gas Lt. Co.(Inc. lot
7,000
West Virginia)
43,000 45 Hudson Cu. Consumers Brewing. 4
7,000 Demand note of the Internat. Coal
Products Corp. for $220,000 _ _$100 lot
673,000
104.000
60,000
203,000
1,854,000
2,621,000
8,000
93,000 1,418,000
4,371,000 2,241,000 2,881,000
82,000
161.000
52,000
2,443,000
298,000
183,000
2,0 000
5.000
tiO 000
5 000
6.034,000 7,920,000 7,766,000 2,449,000
448,000
1,234.000
275.000 1,904,000
8.119,000
9,000 9,320,000 4,242,000
9,456.000 1,109,000 18,002,000 3.756.000
8,000
429,000
291,000
298,000
33,000
318,000
4,103,000
557,000
579,000
260,000
14,687.000 1.501,000
4,000
2,000
3,771,000
104 000
329.000
38,000
1,066,000
13,000
780.000
388,000
1,000
24a,t0)
112.000
1,579.000
3.660,000 1,422,000 2,551,000
180,000
38.000
897.000
71,000
90,000
115,000
125,000
150,000
7,000
14,000
285,000
Total Oct. 16 1926-73,404.000 16,908,000 47,722,000 12,079,000 5,227,000
Total Oct. 9 192
6.-74,833,000 17,074,000 47,988,000 11,728.000 5,050.000
Total Oct. 17 1925._48,035.000 3.455.000 64,960,000 9.307.000 6,627,000
Note.
-Bonded grain not included above: Oats, New York, 51.000 bushels;
Buffalo, 124,000; Duluth, 24,000: total, 199,000 bushels, against 332,000 bushels
in 1925. Barley, New York, 83,000 bushels: Buffalo, 1,158,000: Buffalo, afloat,
198.000; Duluth, 137,000; Canal, 456,000; total, 2,032,000 bushels. against 2,945,000 bushels in 1925. Wheat, New York, 818,000 bushels; Boston, 1,000:
Philadelphia, 216,000: Baltimore, 411,000; Buffalo, 2,108.000; Buffalo, afloat,
1,463,000: Duluth, 163,000; Canal, 689,000; on Lakes, 1,419,000: total, 7,288,000
bushels, against 8,074,000 bushels in 1925.
CanadianMontreal
1.175,000
216.000 1.437,000
3,451,000
Ft. William & Pt. Arthur_20,675,000
804,000 1,683.000 3,798.000
Other Canadian
8,033,000
915,000
535,000
901,000
Total Oct. 16 1926...-29,883,000
5.156,000
Total Oct. 9 1928-.29,284,000
4,994,000
Total Oct. 17 1925._.27,l53.000
232,000 3,837,000
Summary
American
'73404000 16,908,000 47,722,000
Canadian
29,883,000
5,156,000
2,434,000 6,150.000
2,008,000 5,340,000
1,765,000 6.939.000
12,079,000 5.227,000
2,434,000 6,150,000
Shares. Stocks.
Per sh.
Sundry accts. rec, amounting to
approx. $13,555
850 lot
$1,000 Minnesink Realty Co.20-yr.
deb. 58. due 1931, reg
10 MinnesInk Realty Co.. cap. stk.
trust cit., par $10
20 Monmouth Co. Agricultural Fair
Association, par $25
500 Pittsburg-Gold Flat Minos, par
81
$15
1,500 The Southern Belle Cobalt lot
Silver Mining Co.. Ltd., par SI-.
30 Timber-Peak Mining Co
10,000 Cirae Mining Co.. par $1..
$2,500 note of Lovejoy Co., dated
April 3 1912, due June 5 1912,
with chattel mtge. of Lovejoy Co.
to the Lovejoy Electrotype Co.,
dated April 3 1912
By Wise, Hobbs & Arnold, Bostonj
Shares. Stocks.
per oh. Shares. Stocks.
Pa eh.
17 First National Bank
336
2 Plymouth Cordage CO
12934
433
10 Heywood-Wakefield Co
10 American Trust Co
8034
5 Wm. Whitman, Inc., pref
84
2 Gorton-Pew Fisheries, corn
81
27 Ipswich Mills
47-4734 2 Gorton-Pew Fisheries, prof
24
10 Esmond Mills, pref
102
10 Public Elec. Lt. Co.,6% pre
88
100 Hamilton Mfg. Co
16 First P.o. lea Trust units
7234
4 Farr Alpaca Co
174
5 U.S. Env, lope Co., pref
109
55 Hamilton Woolen Co
35
45 Turners Fall Pr. & El. Co
178
11 Nashua Mfg.Co
47
Rightsper Right.
75 U.S Worsted Corp
90c 100 Western Real Estate Trustees_ 9
23 U.S. Worsted Corp., lst pref._ 84 20 Mass. Lt. Co
13
28 Ludlow Mfg. Associates
171
Bonds.
Per Cent.
30 Saco Lowell Shops
a $2,000 Park Lane Properties634s.
15 Saco Lowell Shops, 1st pref.... 3234
Sept. 1933
114 82,000 Melrose Bldg. 634s. July $7,509
15 Saco Lowell Situps. 2d pref
30 Crowell & Thurlow SS
15 1936
$35 lot
lot
700 Chatham Associates Trust_ _ ... 7
$4.000 Montague Court Office
96
100 North Boston Lt. Prop
Bldg. 634s, July 15 1935
I() Eastern Mfg. Co.. pref
3834 $1,000 New York Life Bldg.614s,
4234
25 Tyer Rubber Co.. pref
Sept. 15 1934
3 Lowell El. Lt. Corp_.6234 ex-div.& rts. $34 50 U.S. Worsted Corp. 1st pref.
7234
My.scrip dated July 1 1923
11 First Peoples Trust, units
$1:lot
77
$34 50 U.8.• Worsted Corp. 1st pref. s
32 Haverhill Electric Co
div. scrip dated Oct. 1923
70 Amer. Agile. Chem. Co., pref._ 4114
Sliot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per so. ohares. Stocks.
$persh.
336
1 Boston Athenaeum, par $300----710
Total Oct. 16 1926_103,287,000 16,908,000 52,878,000 14,513.000 11,377,000 4 First National Bank
23934 2 New Hampshire Mutual Liability
4 National Shawmut Bank
Total Oct. 9 1926...104,117.000 17,074,000 52,982,000 13,734,000 10,390,000
Co.. Concord, N. H., non-voting
Total Oct. 17 1925.-- 75,238,000 3,687,000 68,797,000 11.072.000 13.566.000 35 Webster & Atlas National Bank_225
243
preferred
2 Atlantic National Bank
97)(
The world's shipments of wheat and corn, as furnished by 7 Beacon Trust Co
255
3 New Hampshire Mutual Liability
Co., Concord, N. H., vet. pref.Broornhall to the New York Produce Exchange,for the week 5 Bates Mfg.Co Co., common 133% 1 New Hampshire Mutual Liability 9734
110
3 Merrimack Mfg.
ending Friday, Oct. 15, and since July 1 1926 and 1925, 21 Pepperell Mfg, Co
Co., Concord, N. H.,common 148
11934
13134-13134 3 securities Corp., gen. 1st pref.. 92
12 Bates Mfg. Co
are shown in the following.
24 Arlington Mills
7231 1 Securities Corp.. gen. corn
9034
.0 Naumkeag Steam Cotton Co- 15134 10 Edison Elec. Ilium. Co., Brock20 Hamilton Mfg. Co
35e
ton, par $25
sag
Wheat.
Corn,
5 Laniaster Mills. pref
56
2 Northern Texas Elec. Co., pref.. 69
10 Farr Alpaca Co
175
1 Northern Texas Elec. Co., me sox
1926.
1925. I
1926.
1925.
3 Eastern Mfg. Co., 1st pref
3834 2 units First Peoples Trust
7234
Week
10 Ludlow kits. Associates
171
50 Fall Itiver El. Lt. Co.. par $25.... 4834
Since
Since
Week
Since
Since
Oct. 15.
106 Vt est Boylston Mfg. Co., com- 1131 2 Rand Avery Supply Co. par $2....1153(
July 1.
July 1.
Oa. 15.
July 1.
July 1.
47
5 Naumkeag Steam Cotton Co -15134 10 Mass. Real Estate Trust
Bushels.
11 Cambridge Gas Light Co., par
Bushels,
132
2 Plymouth Cordage Co
Bushels. I Bushels.
Bushels.
Bushels.
North Amer. 9,923,000 151,881,000103,847,000,
525
78% 27 American Glue Co.. common- 39
50.000
948.000 1.225,000
Black Sea... 512,000 10,164,000 9,488,000
34.000 6.342.000 8,522.000 12 American Glue Co., pref_ _112 ex-div. 5 New Bedford Gas dt Edison Light
Argentina...344,000 9,195,000 19,383,000 5,204,000 82,020,000 55,272,000 10 Fidelity Phenix Fire Ins. Co.,
Co., par $25
8034
Australia ___
304.000 6,936.000 13,120.000;
187
Par $25
2 North BOIDOD Ltg. Prop, COM
9
634
India
392,000 3,200.000 2,512,000'
2 Public Electric Light Co.,6% p1. 88
100 Springfield Gas Lt. Co.. Par 825 6
334
0th. eountr' 1,120.000 3.345.000
I 204,000
7234
Per Cent.
Bonds.
414.000 14.788,000 8 units First Peoples Trust
11 special units First Peoples Trust. 534 $10,000 Carson Hill Gold Mining.
Total
12.595,000184,721.000148,350.000 5.492.000 69,724,000 79,807.000 100 New Bedford Gas & Edison
Co. cony. 75, March 1927, coup.
Light Co., par $25
8034-8034
March 1 1925 & sub. on
10
Charlestown
Service
National Banks.
-The following information regarding 17Co., par $25 Gas & Electric11634 $36 Indiana scrip Corp. adj. 71
mtge. bond
national banks is from the office of the Comptroller of the 33 Connecticut Electric Service Co.,
cony. pref
6734
Rights.
Per Med.
Currency, Treasury Department:
6 Quincy Mkt. Cold Storage &
46 Massachusetts lighting Cos.- 134
W'house Co., corn
APPLICATIONS TO ORGANIZE RECEIVED.
3034 25 Lowell Electric Light Co
his
17 Back Bay Realty Associates....13334 200 Western Real Estate Trust
20 g
1 The Capital Fire Ins. Co., pref.,
-The First National Bank of Millsboro,"Oel
Oct.
40 Western Real Estate Trust
1934
al go
!
le
Concord. N.H
Correspondent,John J. Williams, Millsboro, Del.
9934 220 Lowell Electric Light Co
134
-The Erie National Bank of Philadelphia. Pa
Oct.
By Barnes & Lonand, Philadelphia:
Correspondent, Joseph I,. Aylsworth, 1909 W. Venango
Shares. Stocks.
per sh. Shares. Stocks.
$
8 per oh.
St., Philadelphia, Pa.
233 1-3 F. A.Poth & Sons,Inc.._ 75
5 Broadway Merchants Trust Co..
-The Springfield National Bank, Springfield, Pa
Oct.
8 Keystone Telep. Co., pref..Par350%
Camden,N.J
Correspondent, George I. Boyd, Springfield, Pa.
$50
18
2 Ducks Co.Tr. Co.of Doylestown,
-The Growers' National Bank of Stockton, Calif
Oct. 13
2 Keystone Telep. Co., com., par
Pa
130
Correspondent, Harry A. Mazzera,810 Unita:), Bank di
$50
5
300 General Mtge.Financing Corp.,
Trust Bldg., Stockton, Calif.
3 Fairmount Park & Lladdington
pref., par $10
3
-The Wens-Valley National Bank of Bishop, Calif
Oct.
Pa
Passenger Ry
40 Commonwealth Casualty Co.,
Correspondent. Charles Partridge. Bishop. Calif.
43 Camden Fire Ins. Assoc.. oar $52034
-The Union National Bank of Cando, No. I.ak
3149M
Oct.
10 New Vt ay Laundry Co.,no par__ 10
,b00Canao
2 Par 10 d Copper Co.. par $10St
Correspondent, Chas. A. erret, Lando, No. Oak.
33 1-3 Empire Title & Trust Co.
10 Central Pier Co.of Atlantic City,
($25 paid in), par $50
112
APPLICATIONS TO ORGANIZE APPROVED.
5 American Academy of Music, 5°M 10 F. 0. Vogt & Sons. Inc., pref.,
j
-The First National Bank of Bolton Landing, N. Y
Oct.
with ticket
par 350
1055
51
Correspondent, Edward G.Penfield, Bolton, N.Y.
2 Franklin Fourth St. Nat. Bank-58534 4 Philadelphia Bourse, pref., par $25 2234
-The Morton National Bank, Morton, Pa
Oct.
8 Franklin Fourth St. Nat. Bank_ _583
4 Phila. Bourse,common,Par $50
19
Correspondent, A. M. Getz, Morton, Pa.
1 National Security Bank
33 Northern Liberties Gas Co.,
1020
-The Stewart National Bank of Livonia, N. Y
Oct. 13
9 National Security Bank
1601
106
Par $25
zo
35
Succeeds the Bank of Livonia, N. Y. Correspondent,
Penn at. Bank
1 Pocono Manor Assoc., corn., Par
0. Whitney Bowen, Livonia. N.Y.
5 Eighth Nat.Bank of Phila.
$
995
61
-The Elkins Park National Bank,Elkins Park,Pa
13
Oct
5 Union National Bank
26034 1 Bailey. Banks & Biddle Co.. prof.
.102
Correspondent, Philip A. Hall,
Cadwalacier Ave.,
15 Union National Bank
1 Library Co. of Phila., dues paid__ 12
260
Elkins Park Branch, Philadelphia, Pa.
20 Fern Rock Trust Co., par $50._ 60
50 Reliance Ins. Cu., par $.0
2034
6 Metropolitan Trust Co
113
50 Hare & Chase, Inc., pre(
90
APPLICATION TO CONVERT RECEIVED.
4 Aldine Trust Co
28134 12 Hare & Chase. Inc., pref
95
-The First National Bank of Duryea. Pa
29 Bk. of No. Am.& Trust Co___.374
Oct. 12
50 Hare & Chase. Inc., common- 28
Conversion of the Peoples Savings & Trust Co. of Dur4 Fidelity Philadelphia Trust Co....708
40 Hare & Chase, Inc., corn., DO
yea, Pa.
6 Jenkintown (Ps.) Bk.& Tr. Co.
.355Par
25
12
12
250,000
12
50,000
200,000
15
15
25,000
25,000
12
12
50.000
60,000
75,000
8210
50,000
125,000
2108
THE CHRONICLE
g per right.
Bonds.
Per cent.
Rights.
190
1500 Johnstown Trac. Co. 1st dc ref.
1-3 Franklin Trust Co
190
55, 1943
65j
1 Franklin Trust Co
Per cent. $7.000 bond for deed and profit sharBonds.
ing acreage contract of the Ban na
84,000 Soper-Mitchell Coal Co. 1st
Growers Co., for 50 acres..... _ _83 lot
90
s. I. 75, Aug. 1 1939
$5,000 Mena Refg. Co. 1st M. 8s,
0
120 Union Passenger Ky. 2d M.
64A
1936
99
4s, Mar.31 1960
Name of Company.
(Vol» 128.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
b•b4 Miscellaneous (Concluded).
Mid-Continent Petroleum. pref.(quar.) _ .51.75 Dec. 1 *Holders of rec. Nov. 15
Missouri Portland Cement (quar.)
50c. Nov. 1 Holders of ree. Oct. 21
Mohawk Mining (quar.)
82
Dec. 1 Holders of rec. Oct. 30
Morris Plan Bank (Cleveland) (guar.)._
2
Nov. 1 Holders of rec. Oct. 25
Muirhead's Cafeterias, preferred
25c. Nov. 1 Holders of rec. Oct. 31
By A. J. Wright & Co., Buffalo:
1Clunsingwear, Inc. (quar.)
575c. Dec. 1 *Holders of rec. Nov. 17
$ per sh. Shares. Stocks.
Stocks.
Mores.
*51
$ per oh. National Biscuit, common (quar.)
Jan. 15 *Holders of rec. Dec. 31
17c. 20 Central Mexican Oil Co.. par
Common (extra)
*11
Nov. 15 *Holders of rec. Oct. 29a
100 March Gold. par 100
810
1,000 Consolidated West Dome Lake,
Preferred (quar.)
$2.50 lot
'134 Nov. 30 *Holders of rec. Nov. 17
21c. 6 Buff .Niag.& East. Power, no par 311.4 National Brick, preferred (quar.)
par El
134 Nov. 15 Holders of rec. Oct. 30
1,000 Night Hawk, par El
1% Dec. 1 Holders of rec. Nov. 230
0454c. National Cloak & Suit, pref. (quar.)._
2 Buff. Niag. & East. power, pref.,
2$
par $25
National Lead, pref. (quar.)
1% Dec. 15 Holders of rec. Nov. 19
National Refining, corn. (ouar.)
"3736c Nov. 15 *Holders of rec. Nov. II
,
New Cornelia Copper Co.(quar.)
*50c. Nov. 22 *Holders of rec. Nov. 15
Newton (George B.) Coal, preferred_ _
DIVIDENDS.
334 Nov. 1 Oct. 26 to Oct. 31
North American Cement, pref. (quar.)_ _
154 Nov. 1 Holders of rec. Oct. 20
Dividends are grouped in two separate tables. In the Ontario Biscuit, corn.(quar.)
*50c. Nov. 1 *Holders of rec. Oct. 20
Preferred (quar.)
*2
Nov. 1 *Holders of rec. Oct. 20
first we bring together all the dividends announced the
Nov. 1 Oct. 26
Oppenheimer (S.) & Co., pref. (quar.)_ _ 2
Oct. 29
current week. Then we follow with a second table, in which Paramount Oshawa Theatres, pf. (qu.). 1% Nov. 15 Holders of to Oct.
rec.
30
*595. Nov. 1 *Holders of rec. Oct. 20
we show the dividends previously announced, but which Peabody Coal, preferred (monthly)
Preferred (monthly)
*58c. Dec. 1 *Holders of rec. Nov. 20
have not yet been paid.
Preferred (monthly)
*58c. Jan. 1 *Holders of rec. Dec. 20
Peoples Drug Co., Preferred (quar.)_ _ *2
Nov. 15 *Holders of rec. Nov. 1
The dividends announced this week are:
Pierce, Butler & Pierce Mfg.,8% pf (qu.) 2
Nov. 2 Holders of rec. Oct. 20
.
1% Nov. 2 Holders of rec. Oct. 20
Seven per cent preferred (quar.)
Per
When
Books Closed.
Procter dr Gamble Co.,common (quar.). 81.75 Nov. 15 Holders of rec. Oct. 250
Name of Company.
Cent. Payable.
Days Inclusive.
Pro-phy-lac-tic Brush, corn. (extra).
- *50c. Nov. 15 *Holders of rec. Nov. 1
2
Pullman Company (guar.)
Nov. 15 Holders of rec. Oct. 30
Railroads (Steam).
Dec. 1 Holders of rec. Nov. 15
Republic Iron & Steel, common (quar.). $I
Cincinnati Sandusky & Cleveland
81.50 Nov. 1 Oct. 26 to Nov. 2
•134 Jan. 2 'Holders of rec. Dec. 15
Preferred (quar.)
Elmira Sr Williamsport common
81.15 Nov. 1 Holders of rec. Oct. 20s St. Lawrence Flour Mills, pref. (guar.). _
1% Nov. 1 Holders of rec. Oct. 21
1% Nov. 1 Holders of rec. Oct. 23
St. Louis Car Co.. preferred (quar.). _
Public Utilities.
Scruggs-Vandervoort-Barney Dry Goods,
Amer.SuperpowerCorp com.A &B(qu.) 300. Dec. 31 Holders of rec. Nov. 30
50c. Nov. 1 Holders of rec. Oct. 21
common (quar.)
Corn. A & B (in partic. pref. stock)_ _ n50c. Dec. 31 Holders of rec. Nov. 30
Stewart
-Warner Speedometer (guar.). _ $1.50 Nov. 15 Holders of rec. Oct. 305
First preferred (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 1
50e. Nov. 1 Holders of rec. Oct. 20
Supertest Petroleum Corp., common
Associated Gas & Elec., 86 Prof.(guar.)- p11.60 Dec. 1 Holders of rec. Oct. 30
314 Nov. 1 Holders of rec. Oct. 20
Preferred, class A (quar.)
pt .1623.4 Dec. 1 Holders of rec. Oct. 30
8634 preferred (quar.)
3
Nov. 1 Holders of rec. Oct. 20
Preferred, class B (quar.)
Bangor Hydro-Elec. Co.,common (rm.)_
1)4 Nov. 1 Holders of rec. Oct. 11
1% Nov. 1 Holders of rec. Oct. 20
Troxel Mfg., preferred (quar.)
Brazilian Tr., L.& Pow.,ordinary (au.)11.4 Dec. 1 Holders of rec. Oct. 30
$1.25 Dec. 1 Holders of rec. Nov. 10
Union Tank Car, common (guar.)
Cambridge Electric Light (guar.)
Nov. 1 *Holders of rec. Oct. 21
*il
*750. Nov. 15 'Holders of rec. Nov. 1
Vanadium Corp.(quar.)
Cedar Rapids Mfg. dr Power (guar.) 31 Nov. 15 Holders of rec. Oct. 31
Dec. 15 'Holders of rec. Dec. 1
*El
Extra
Central & S. W.UM., pr.lien & pf.(qu.) *11.75 Nov. 16 *Holders of rec. Oct. 30
Waltke(Wm.)& Co.,common Marl-- .600. Nov. 1 *Holders of rec. Oct. 19
ConnecticutRy.&Ltg.,com.&pf.(qu.)_*8 1.12)4 Nov. 15 *Nov. 1 to Nov. 15
Preferred (quar.)
'134 Nov. 1 'Holders of rec. Oct. 19
1)4 Nov. 1 Holders of rec. Oct. 21
Dallas Power & Light, pref. (quar.)..
*3734c Nov. 15 'Holders of rec. Nov. 1
Williams Oil-o-Matic Heat.(quar.)
$1.75 Nov. 1 Holders of rec. Oct. 20
Eastern States Power. pref. (quar.)
Eastern
*354 Nov. 15 *Holders of rec. Nov. 3
Wilson & Co., preferred (No. I)
Edison Elec. Ilium. of Brockton (quar.). 62)4c Nov. 1 Holders of rec. Oct. 220
750. Nov. 1 Holders of rec. Oct. 210
Fall River Gas Works(guar.)
Below we give the dividends announced in previous weeks
I X Oct. 20 Holders of rec. Oct. 10
Georgia Sty. & Electric. pref. (quar.)Kentucky Utilities, junior pref. (quer.). •1h Nov.20 *Holders of rec. Nov. 1
and not yet paid. This list does not include dividends anKey System Transit, prior pref (quar.)-- *11.75
nounced this week, these being given in the preceding table.
62)4e. Nov. 1 Holders of rec. Oct. 15
Lawrence Gas & Electric (guar.)
Montreal Lt., Ht.& Pow.Consol.(qu.)- 50c. Nov. 15 Holders of rec. Oct. 31
2
Nov. 15 Holders of rec. Oct. 31
Montreal Light. Heat dr Power (guar.)._
Per
When
Books Closed.
National Power & Light, corn.(quar.) *200. Dec. 1 *Holders of rec. Nov. 15
Cent. Payable
Name of Company.
Days Inclusive.
Northern N.Y. Utilities. pref. (quar.)._ 81.75 Nov. 1 Holders of rec. Oct. 15
1% Nov. 1 Holders of rec. Oct. 18
Pacific Power & Light, pref. (quar.)_ _
Railroads (Steam).
Portland Gas & Coke, pref.(quar.)
154 Nov. 1 Holders of rec. Oct. 18
Atchison Topeka dz Santa Fe. corn.(qu.) 154 Dee. 1 Holders of rec. Oct. 290
Nov. 1 *Holders of rec. Oct. 21
Securities Corp. Gen., corn. (quar.).... *SI
Baltimore & Ohio, common (guar.)
13.4 Doe. 1 Oct. 17 to Oct. 18
*81.75 Nov. 1 *Holders of rec. Oct. 21
Preferred (quar.)
Dee. I Oct. 17 to Oct. 18
Preferred (guar.)
Nov. 3 *Holders of rec. Oct. 21
Union Street Ry, New Bedford (quar.).. •1
Chesapeake & Ohio. preferred A
314 Jan l'27 Holders of rec. Dec. 8.
Cuba Railroad, preferred
3
Feb 1'27 Hold, of rec. Jan. 15'27a
Banks.
Internat. Rys. of Cent. Am., pref.(qu.)_
1)4 Nov. 15 Holders of rec. Oct. 290
4
Nov. 1 Holders of rec. Oct. 22a M ahonin" Coal RR..common(quar.). $12.50 Nov. 1 Holders of rec. Oct. 250
Chemical National (bi-monthly)
134 Nov. 1 Holders of rec. Oct. 154
Missouri-Kansas
-Texas, pref. A (quar.)_
Trust Companies.
New York Central RR.(guar.)
144 Nov. 1 Holders of rec. Oct. 54
4
Nov. 1 Holders of rec. Oct. 21a Norfolk & Western, adj. pref.(guar.).
Farmers Loan & Trust (guar.)
Nov. 19 Holders of ma Oct. 30a
- 1
Binge County, Brooklyn (guar.)
'123.4 Nov. 1
1)4 Nov. 1 Holders of rec. Sept. 304
Northern Pacific (guar.)
Nov. 1
*10
Extra
134 Oct. 30 Holders of rec. Oct. 15a
Pitts. & West Virginia, corn.(quar.)
114 Jan. 31 Hold, of rec. Jan. 15'271
Common (guar.)
Fire Insurance.
Reading Company. common (quar.)_
81
Nov. 11 Holders of roe. Oct. 140
500. Nov. 1 Oct. 22 to Oct. 31
Westchester (quer)
St. Louis-San Francisco Ky.. pref.(au). 1)1 Nov. 1 Holders of rec. Oct. 154
10c. Nov. 1 Oct. 22 to Oct. 31
Extra
Southern Railway, common (guar.).154 Nov. 1 Sept. 22 to Oct. 12
Wabash Ky., pref. A (guar.)
134 Nov 26 Holders of rec. Oct. 254
Miscellaneous.
2
Nov. 1 Holders of rec. Oct. 18
Acme Wire, preferred (guar)
Public Utilities.
2
Nov. 1 Holders of rec. Oct. 16a Adirondack Power & Light,corn
Amalgamated Sugar. let pref.(quar.)
10e. Oct. 31 Holders of rec. Oct. 200
*25c. Nov. 1 *Holders of rec. Oct. 25
American Brick, corn. (quar.)
100. Nov. 30 Holders of rec. Nov. 20a
Common (monthly)
'Sc. Nov. 1 *Holders of rec. Oct. 25
Common (extra)
750. Oct. 29 Holders of rec. Oct. 15a
Amer. Dist. Teleg. of N.J., corn.(qu.)
*50c. Nov. 1 *Holders of rec. Oct. 25
Preferred (quar.)
81.50 Nov. 1 Holders of roe. Oct. 11
American Gas & Electric. pref. Man/
81.25 Dec. 31 Holders of rec. Dec. 15a American Light & Traction,corn.(guar.) 2
Amer. Radiator. common (quar.)
Nov. 1 Oct. 16 to Oct. 28
1% Nov. 15 Holders of rec. Nov. la
Preferred (guar)
1)4 Nov. 1 Oct. 16 to Oct. 28
(quar.)
Preferred
American Stores (guar)
*50c. Jan. 1 *Holders of rec. Dec. 16
214.7 an 15'27 Holders of rec. Dee. 204
American Telep. & Teleg. (guar.)
*L0c. Dec. 1 *Holders of rec. Nov. 15
Extra
254A pr 15'27 Holders of rec. Mar. 15a
Quarterly
*S1A Jan. 2 *Holders of rec. Dec. 17
Armstrong Cork, common (quar.)
Amer. Water Works& Elec.. corn.(guar) 134 Nov. 15 Holders of rec. Nov. la
Jan. 15 *Holders of rec. Dec 17
Common (payable in common stock)_
1% Nov. 15 Holders of rec. Nov. la
7% first preferred (guar.)
•
1f.4 Jan. 2 *Holders of rec. Dec. 17
Preferred (guar.)
•1
Dec. 1 *Holders of rec. Nov. 15
Androscoggin & Kennebec, 2d pref
25c. Nov. 1 Holders of rec. Oct. 254 Associated Gas & Else., class A (quar.)
Art Metal Construction (guar.)
(I) Nov. 1 Holders of rm. Sept. 30
Stations, Inc., pf. (qu.)
2
Nov. 1 Holders of rec. Oct. 21
Bang Service
1)4 Nov. I Holders of rec. Oct. 15
Broad River Power. preferred (quar.)_ _ _
Benesch (Isaac)&Sons,Inc.,Acorn.(au.) 75c. Oct. 30 Holders of rec. Oct. 20
Brooklyn-Manhattan Tran.. pf. A (g.). 134.7 an 15'27 Holders of rec. Dec. 31
500. Oct. 30 Holders of rec. Oct. 20
Preferred (quar.)
134A pr 15'27 Holders of rec. Apr. 1
Preferred aeries A (guar.)
750. Nov. I Holders of rec. Oct. 20
Best
-Clymer Co.(guar.)
1,4 Nov. 1 Holders of roe. Oct. 15
Central Power & Light. prof.(quar.)
4
Nov. 15 Holders of rec. Nov. 8
Bond & Mtge. Guarantee (guar.)
Chicago Rap. Tran., prior pf.(mthly.). 65e. Nov. 1 Holders of roe. Oct. 19a
.91 2-3 Nov. 1 *Holders of rec. Oct. 29
Co.. corn
*82
Brill (J. G.)
Prior preferred (monthly)
65e. Dee. 1 Holders of rec. Nov. 16a
Nov. 1 *Holders of rec. Oct. 29
Preferred (guar.)
134 dNov. I Holders of rec. 4001.250
Clev. Elec. lii. 0% pref. (quar.)
Brockway Motor Truck (quar.)
*500. Nov. 1 *Holders of rec. Oct. 21
Columbia Gas & Electric. corn.(guar.)._ 81.25 Nov. 15 Holders of rec. Oct. 300
*52
Nov. 1 *Holders of roe. Oct. 21
Stock dividend
Seven per cent series A (guar.)
134 Nov. 15 Holders of rec. Oct. 30a
*82.50 Nov. 15 *Holders of rec. Nov. la Columbus Ity.,P.& L..ser.
Burns Bros.. common (guar.)
pref.(qtt) 81.63 Nov. 1 Holders of reo. Oct. 15
*50c. Nov. 15 *Holders of rec. Nov. la Commonwealth-Edison (quar.)
Common B (quar.)
2
Nov. 1 Holders of rec. Oct. 15
Butler Bros.(quar.)
33.4 Nov. 15 Holders of rec. Oct. 30
Commonwealth Power Corp., corn. (qu.) 50e. Nov. 1 Holders of roe. Oct. 14
1)4 Nov. 16 Holders of rec. Oct. 31
Canada Cement, preferred (guar.)
114 Nov. 1 Holders of roe. Oct. 14
Preferred (guar.)
2
Nov. 10 Holders of rec. Oct. 31
Chase(A. W.) Co., Ltd., pref.(guar.)
Community Pow.& Light, 1st pref.(qu.) 154 Nov. 1 Oct. 21 to Nov. 1
Chic. WUm.& Frank. Coal, pref.(guar.) $1.60 Nov. 1 Holders of rec. Oct. 20
2 Doe. 1 Nov. 21 to Dec. 1
Second preferred
*10c. Nov. 1 *Holders of rec. Oct. 10
Chief Consolidated Mining (quar.)
Consumers Power.6.6% pref.(monthly) Ili Jan. 2 Holders of roe. Doe. 15
Chrysler Company.corn.(quar.)
*75c. Jan. 2 *Holders of rec. Dec. 15
1.65 Jan. 2 Holders of rec. Doe. 15
6.6% preferred (quar.)
CUnchtield Coal Corp., pref.(quar.)_. •13.4 Nov. 1 *Holders of rec. Oct. 25
144 Jan. 2 Holders of rec. Dee. 15
7% preferred (guar.)
Si A Dec. 24 *Holders of rec. Oct. 24
Davis Mills (quar.)
500. Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
1
Nov. 15 Holders of rec. Oct. 30
Dominion Bridge(quar.)
500. Dec. 1 Holders of reo. Nov. 16
6% preferred (monthly)
rbOc. Oct 30 Holders of rec. Oct. 19
Electric Household Utilities Corp
500. Jan 2'27 Holders of roe. Doe. 15
6% Preferred (monthly)
Electric Refrigeration, common (guar.). *50c. Nov. 20 *Holders of rec. Oct. 29
55e. Nov. 1 Holders of roe. Oct. 15
6.6% preferred (monthly)
Common (payable in common stock)_ '(134 Nov. 20 *Holders of rec. Oct. 29
550. Dee. 1 Holders of roe. Nov. 15
6.6% preferred (monthly)
Firestone Tire & Rubber,7% pref.(au). 114 Nov. 15 Holders of rec. Nov. 1
550. an 2'27 Holders of rec. Dec. 16
6.6% preferred (monthly)
Fitzsimmons & Connell Dredge dc Dock
Nov.
Edison Electric Ilium, of Boston (guar.) 3
Holders of rec. Oct. 15
*50c. Dec. 1 *Holders of rec. Nov.,20
134 Nov.
(guar.)
Electric Bond dr Share. pref. (guar.)
Holders of rec. Oct. 11
2
Nov. 15 Holders of rec. Nov. 5
Federal Terra Cotta, pref.(guar.)
81.75 Nov.
Elec. Investors. Inc.. 87 pref.(quar.)
Holders of rec. Oct. 15
*334 Nov. 1 *Holders of rec. Oct. 21
Globe Automatic Sprinkler. Pre
81.50 Nov.
86 preferred (ouar.)
(
Holders of rec. Oct. 15
Gobel (Adolph). Inc., cony. pref. (qu.)_ .
81.16 Nov. 1 *Holders of rec. Oct. 25
134 Nov.
Fort Worth Power de Ltg.. pref. Mara_
Holders of rec. Oct. 15
Grant(W. T.) Co.. preferred (quarj_
*2
Jan. 2 *Holders of rec. Dec. 20
81.75 Nov.
General Public Service, cony. pf.(qu.)
Holders of MC. Oct. 8
Great Lakes Dredge & Dock
2
Utilities, first pref__ _ 83
Nov. 15 Holders of rec. Nov. 6
Nov. 15 Holders of rec. Oct. 220
Havana Electric Ss
$5
81
Nov. 1 Holders of rec. Oct. 23
(quar.)-HmUtonBw
Shoe(monthly)
First preferred
Nov. 15 Holders of roe. Oct. 220
Hart. Schaffner & Marx. Inc.,corn.(qu.) •1 A Nov. 30 *Holders of rec. Nov. 16
134 Nov. 1 Holders of rec. Oct. 15
Idaho Power, preferred (quar.)
Hollander (A.)& Son, Inc.. COM.(guar) 623.ic. Nov. 15 Holders of rec. Oct. 19
Illinois Northern Utilities,6% pref.(qu.) 134 Nov. 1 Holders of rec. Oct. 154
Hood Rubber Co., preferred (guar.).$1.75 Nov. 1 Holders of roe. Oct. 20
154 Nov. 1 Oct. 21 to Nov. 1
$7 treferred (guar.)
Preference (71.4%) (quar.)
$1.88 Nov. 1 Oct. 21 to Nov. 1
Indianapolis Pow.& Light, 1st pf. WU.). •81.75 Nov. 1 "Holders of rec. Oct. 20
Hudson River Navigation, pref
Dec. 31 *Holders of rec. Dec. 15
305. Nov. 1 Oct. 21 to Nov. 1
8
Interstate Railways. common
Hunt Bros. Packing, class A (guar.)-500. Nov. 1 Holders of rec. Oct. 15
Knoxville Power & Light, pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 20
Independent Packing, COM.(quar.)
323.4c. Nov. 1 Holders of rec. Oct. 21
Long Island Lighting, common (quar.)._ 50c. Nov. 1 Holders of rec. Oct. 21
Preferred (guar.)
6234c. Nov. 1 Holders of rec. Oct. 150
154 Nov. 1 Holders of rec. Oct. 21
Lowell Electric Light Corp.(guar.)
Internat. Agricultural Corp., pr. pf.(qu.) 134 Dec. 1 Holders of rec. Nov. 15a Manila Elec. Corp.. common (guar.)._ 500. Dec. 31
Holders of roe. Doe. 154
International Harvester. pref.(guar.)--- *134 Dec. 1 *Holders of rec. Nov. 10
Massachusetts Gas Cos., common (an.). 81.25 Nov. 1 Holders of rec. Oct. 15
Interstate Term. W'hse, Prof.(quar.)--- 8754c. Nov. 1 Holders of rec. Oct. 25
Middle West Utilities, common (guar.), $1.50 Nov. 15 Holders of rec. Oct. 30
Kidder Peabody Accept., pref. A
Nov. 1 Holders of rec. Oct. 15
maw. Exc. Ky. & Lt.. pref. (guar.).- 134 Nov. 1 Holders of rec. Oct. 200
$2.50
Kinney (G. R.) Co., common (quar.),.,.. *81
Jan. 3 *Holders of rec. Dec. 23
Mohawk & Hudson Power, pref. (quar.) 81.75 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
Dec. 6 *Holders of rec. Nov. 2
*2
81.75 Nov. 1 Holders of rec Oct. 20
Second preferred (guar.)
Ichn dr Fink Co. (guar.)
*750. Dec. 1 *Holders of rec. Nov. 15
Montreal Water & Power, corn.(guar.). 6214o. Nov. 15 Holders of rec. Oct. 30
Loew's Ohio Theatres, Inc., 1st pf.(au) 2
Nov. 1 Holders of rec. Oct. 24
Preferred (quar.)
IX Nov. 15 Holders of rec. Oct. 30
Luther Manufacturing (quar.)
*2
Nov. 1 *Holders of rec. Oct. 19
National Elec. Power Co.,corn. A (qu.) 45c. Nov. 1 Holders of rec. Oct. 20
McIntyre Porcupine Mines, Ltd
250. Dec. 1 Holders of rec. Nov. 1
Nevada-Calif. Else. Corp.. prof.(guar.). 134 Nov. 1 Holders of roe. Sent.30
Merchants Manufacturing (guar.)
*1
Nov. 1 *Holders of rec. Oct. 23
Northern States Power,corn., el. A ((pa.) 2
Nov. 1 Holders of rec. Sept. 20
OCT. 23 1926.]
Name of Company.
2109
THE CHRONICLE
When
Per
Cent. Payable.
Books7Closed.
Days Inclusive.
Name of company.
When
Per
Cent. Payable
Rooks Closed
Days Inclusive.
Miscellaneous (Concluded).
Cluett,Peabody & Co.,Inc.. com.(qu.)_ $1.25 Nov. 1 Holders of rec. Oct. 210
Nov. 1 Holders of rec. Oct. Ila
Collins & A tkman Co.,corn.(M.)(No.1) $1
1(4 Nov. 1 Holders of rec. Oct. 110
Convertible preferred (guar.)
Nov. 1 Holders of rec. Oct. 160
$1
Columbian Carbon (guar.)
Connecticut Mills, lot pref. (quar.)_ _ _ _
154 Nov. 1 Holders of rec. Oct. 1811
60c. Oct. 30 Holders of rec. Oct. 20
Consolidated Laundries (Guar.)
25c. Oct. 25 Holders of rec. Oct. 15
Consolidated Royalty 011
Continental Can, Inc., common (quar.)_ $1.25 Nov. 15 Holders of rec. Nov. 50
20c. Oct. 30 Holders of rec. Oct. 150
Continental Motors Corp (guar.)
134 Oct. 30 Holders of rec. Oct. 15e
Crucible Steel. com. (guar.)
•3
Nov. 1 *Holders of rec. Oct. 20
Cudahy Packing,6% preferred
y33.4 Nov. 1 *Holders of rec. Oct. 20
Seven per cent preferred
Dec. 15 Holders of rec. Dee. 1
$1
Cuneo Press, Inc. (guar.)
Nov. 1 Holders of rec. Oct. 15e
$1
Cuyamel Fruit (guar.)
250. Nov. 1 Holders of rec. Oct. 150
Davega, Inc. (guar.)
12% Jan1527 Holders of rec. Aug. 38
Draper Corporation (extra)
du Pont(E. I.) de Nemours & Co.
1)4 Oct. 25 Holders of rec. Oct. 91
Debenture stock (guar.)
400. Dec. 1 Holders of rec. Nov. 111
Eagle-Picher Lead, common (quar.)
50c. Nov. 1 Holders of rec. Oct. 16
Eastern Dairies, Inc., corn. (guar.)
1(4 Nov. 1 Holders of rec. Oct. 16
Preferred (guar
50o. Nov. 1 Holders of rec. Oct. 1541
Eaton Axle & Spring, corn. (quar.)
62)40 Nov. 1 Holders of rec. Oct. 15
Elgin National Watch (guar.)
Nov. 1 Holders of rec. Oct. 1541
$1
Eureka Pipe Line (guar.)
Nov. 1 Holders of rec. Oct. 200
$1
Eureka Vacuum Cleaner (guar.)
37%c Oct. 30 Holders of rec. Oct. 160
Exchange Buffet Co. (guar.)
20c. Nov. 1 Holders of rec. Oct. 214
Fair (The), common (monthly)
1% Nov. 1 Holders of rec. Oct. his
Preferred (guar.)
750. Dee. 31 Holders of rec. Oct. 15a
Fairbanks-Morse & Co., com. (quar.)
1% Dec. 1 Holders of rec. Nov. 151
Preferred (guar.)
214 Nov. I Holders of rec. Oct. 20
Fajardo Sugar (guar.)
Nov. I Holders of rec. Oct. 18
Famous Players-Lasky Corp., Pref.(qu.) 2
750. Nov. 2 Holders of rec. Oct. 16
Federal Purchase Corp.. Cl. A
260. Nov. 2 Holders of rec. Oct. 16
Class B (guar.)
135 Nov. 1 Holders of rec. Oct. 1541
Fisk Rubber, 1st pref. (guar.)
1,5 Nov. 1 Holders of rec. Oct. 150
First convertible preferred (quar.)-134 Nov. 15 Holders of rec. Nov. 1
Second preferred (guar.)
Foote 13ros.Gear & Mach.Co., pref.(qu.) 154 an 1'27 Holders of rec. Sept.20
134 Nov. 1 Holders of rec. Oct. 20
Franklin (II. H.) Mfg.. pref. Omani_ _ _ _
General Box Corp., pref. A & B (quar.)- .$1.25 Dec. 1 Holders of rec. Nov.20
Nov. 1 Holders of rec. Oct. 200
$1
General Cigar, common (guar.)
1)4 Dec. 1 Holders of rec. Nov.231
Seven per cent preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 23e
Debenture preferred (guar.)
260. Nov.20 Holders of roe. Nov.10
General Development(quar.)
75o. Oct. 28 Holders of roe. Sept. 161
General Electric (guar.)
150. Oct. 28 Holders of roe. Sept. 150
Special stock (guar.)
154 Nov. 1 Holders of rec. Oct. 4e
General Motors. 7% pref. (guar.)
114 Nov. 1 Holders of rec. Oct. 44
Six per cent pref.(guar.)
114 Nov. 1 Holders of rec. Oct. 40
Six per cent debenture stock (QUI
Nov. 15 Holders of rec. Nov. 5
General Necessities Corp.(monthly)
Dec. 15 Holders of roe. Des. 5
Monthly
Dec. 31 Holders of rec. Dec. 300
026
Stock dividend
50e. Nov. 1 Holders of rec. Oct. 20
General Tire & Rubber, com.(quar.)_ _ _
75c. Oct. 31 Holders of rec. Oct. 15
Gilchrist Co. (quar.)
Dec. 1 Holders of rec. Nov. 1
51
Gillette Safety Razor (guar.)
Banks.
50c. Dec. I Holders of rec. Nov. 1
Extra
Amalgamated (quar.)
Nov. 1 Holders of rec. Oct. 250
2
134 Nov. 1 Holders of rec. Oct. 1611
Gimbel Bros., prof.(quar.)
Amer. Colonial Bank of Porto Rico(qu.) 4
Dec. I Holders of rec. Nov. 19
Corn Exchange (guar.)
Nov. 1 Holders of rec. Oct. 300 C. G. Spring & Bumper
5
Common (In com.stk. on each 10 she.) /2-10 Nov. 15 Holders of roe. Nov. 8
Common (in corn. stk. on each 10 ohs.) /3-10 Feb1527 Holders of roe. Feb.8'27
Miscellaneous.
81.50 Jan 1'27 Holders of rec. Dec. 20
Globe-Wernicke Co., common
h45( Nov. 15 Holders of rec. Oct. 26
Abraham & Straus, Inc., pref. (Gust.)... 12( Nov. 1 Holders of rec. Oct. 150 Goodyear Tire & Rubber, pref
Holders of rec. Oct. 15a Gossard (H. W.)& Co..com.(m'thly).... 331-50 Nov. I Holders of roe. Oct. 20
Allied Chemical & Dye Corp.,com.(g11.) $1
Nov. 1
33 1-50 Dec. I Holders of rea. Nov.18
Common (monthly)
Allis-Chalmers Mfg., common (quar.)
1)4 Nov. 15 Holders of rec. Oct. 250
33 1-3c Jan 3'27 Holders of rec. Dec. 20
Common (monthly)
American Can. corn.(quar.)
500. Nov. 15 Holders of rec. Oct. 30a
Gotham Silk Hosiery, 1st, & 2d of. (qu.) 114 Nov. I Holders of rte. Oct. 161/
Jan. 2
American Chain, class A (guar.)
500. Dec. 31 Dec. 22 to
Grand (F.& W.) 5-10-25 Cent Stores
American Cigar, corn. (guar.)
Nov. I Holders of rec. Oct. 15
2
•134 Nov. 1 *Holders of rec. Oct. 16
Preferred (guar.)
American Coal (guar.)
$1 Nov. 1 Oct. 12 to Nov. 1
234 Nov. 16 Holders of roe. Oct. 10
Amerada Corporation, common (guar.) 50o. Oct. 30 Holders of rec. Oct. 15a Guenther Publishing. preferred (quar.)
h2 34 Nov. 16 Holders of rec. Oct. 16
Preferred (acct. accumulated divs.)
American Glue, preferred (guar.)
Nov. I Holders of rec. Oct. 16a
2
134 Jan 217 Holders of rec. Dec. 151
Dec. 16a Gulf States Steel, Preferred (guar.)
American Hardware Corp.(guar.)
$I Jan 1'27 Holders of rec.
500. Doe. 1 Holders of rec. Nov. 171
Amer. Home Products Corp. (quar.)
250. Nov. 1 Holders of rec. Oct. 15a Hartman Corporation, Maas A (quar.)
50c. Mar127 Holders of rec.Feb.1517a
Class A (Guar.)
Holders of rec. Oct. 80
American Ice, corn.(guar.)
Oct. 25
2
500. J'nel'27 Holders of rec. May 170
Class A (guar.)
Preferred (quar.)
Oct. 25 Holders of rec. Oct. 8a
I
(o) Dec. I Holders of rec. Nov. 170
Class B (quer.) in class A stock
Amer. La France Fire Eng., emu. (qu.).. 250, Nov. 15 Holders of rec. Nov. la
(o) Mar 127 Holders of rec.Feb15'271
Dec. 1
Class B (quar.) in class A stock
Amer. Laundry Machinery,corn.(Guan) 750. Doe. 1 Nov. 23 to
(0) J'nel'27 Hold, of rec. May 17'271
Class B (quar.) In class A stook
Common (extra)
25c. Dec. I Nov. 23 to Dec. 1
•I0c. Nov. 1 *Holders of rec. Oct. 25
Hayes Ionia Co.(monthly)
Marl'27 Holdersofrec.Feb.21'27
Common (ouar.)
$1
.Doc. 1 *Holders of rec. Nov. 26
•10c
Monthly
American Linseed, pref.(guar.)
1(4 Jan 3'27 Holders of rec. Dec. 17a
•150• Jan117 *Holders of rec. Dec. 25
Monthly
Preferred (quar,)
134 Apr1'27 Hold, of red.Mar.18'270
mar1:27
*10c Feb1 27 *Holders of rec. Jan. 25
Monthly
of rec. Oct. 21a
American Machine & Foundry. pref.(qu.) 1% Nov. I Holders
•150
*Holders of rec. Feb. 25
Monthly
American Mfg., common (guar.)
134 Dee. 31 Holders of rec. Dec. 17
) 62 . Nov. 1 Holders of rec. Oct. 21
Heilman (Richard), Inc., panic. pt.
31 Holders of rec. Dec. 17
155 Doe.
Preferred (quar.)
1% Nov. 15 Holders of rec. Nov. 5
Powder, pref. (quar.)
Hercules
1H Nov. 1 Holders of rec. Oct. 15
America;r Sales Book. pref. (guar.)
35c Oct. 29 Holders of roc Oct. 22
Nov. 1 Holders of rec. Oct. 150 Hibbard,Spencer, Bartlett & Co.(mthly)
Amer.Shipbuilding.common (guar.).-- 2
.
35e Nov.26 Holders of rec. Nov. 19
Monthly
155 Nov. I Holders of rec. Oct. 15a
Preferred (ouar.)
350• Dec. 31 Holders of rec. Dec. 24
Monthly
Nov. 1 Holders of rec. Oct. 150
Amer.Smelting & Refining,com.(Guar.) $2
250 Dec.
Holders of rec. Dec. 24
Extra
Dec. 1 Holders of rec. Nov. 50
1%
Preferred (guar.)
2
.
Nov. 31 Holders of rec Oct. 19
Hollinger Consolidated Gold Mines_
American Soda Fountain (quar.)
1(4 Nov. 15 Holders of rec. Nov. 1
134 Nov. 1 Holders of rec. Oct. 15
Holly Sugar Corp., preferred (Guar.)_ _ _
American Vitrified Products, pref.(qu.)_
114 Nov. 1 Holders of rec. Oct. 20
500. Oct. 25 Holders of rec. Oct. 2041
Anaconda Copper Mining (guar.)
750. Nov.22 Holders of rec. Oct. 16a Homestake Mining (monthly)
3734 c Nov. 1 Oct. 9 to Oct. 31
Archer-Daniels
-Mid , Prof. (guar.)
134 Nov. 1 Holders of rec. Oct. 21a Horn & Hardart, common (quan)
12%c Nov. 1 Oct. 9 to Oct. 31
Common (extra)
Artioom Corp., pref. (qu.)
1,4 Dec. 1 Holders of rec. Nov. 200
.Nov. 1 Holders of rec. Oct. 200
35e
Motor Car. corn. (guar.)
Associated Dry Goods, corn. (guar.).
620, Nov. 1 Holders of rec. Oct. Ita Hupp
Nov. 15 Holders of rec. Oct. 22
$1
First preferred (guar.)
1H Dec. 1 Holders of rec. Nov. 130 Indiana Pipe Line (quer.)
$1
Nov. 15 Holders of rec. Oct. 22
Extra
Second preferred (guar.)
Dec. 1 Holders of rec. Nov. 130
1%
50c. Nov. 1 Holders of rec. Oct. 200
Associated 011 (extra)
40e. Oct. 25 Holders of rec. Sept. 110 Indian Motocycle. com.(Guar.)
Industrial Finance Corp.,6% prof.(on.) 134 Nov. 1 Holders of rec. Oct. 21
Atlantic Ice & Coal preferred
3% Jan1'27
Holders of rec. Oct. 21
Nv.
1% Nov.
Atlantic Refining, preferred (Guar.)_.._
7% pref. and deb.stock (quar.)
1% Nov. 1 Holders of roe. Oct. 150
Holders of rec. Oct. 21
Atlas Powder. pref. (quar.)
1(4 Nov. 1 !folders of rec. Oct. 20a International Cigar Machinery (guar.). 31
134 Nov. 1 Holders of rec. Oct. 140
Auburn Automobile, stock dividend
Nov. 2 Holders of rec. Oct. 200 International Nickel, preferred (guar.)._
85
50c. Nov. 15 Holders of rec. Nov. la
Austin. Nichols & Co.. pref. (guar.)-1% Nov. 1 Holders of rec. Oct. 150 International Paper, com. (guar.)
Babcock & Wilcox (guar.)
15 Nov. 1 Holders of rec. Oct. 15
1% Jan2'27 Holders of rec. Dec. 20a International Shoe, pref. (monthly)
250. Nov. 15 Holders of rec. Nov. la
Quarterly
1% Apr12 Hold. of rec. Mar.20'27a Intertype Corporation, corn.(quar.)
Balaban & Katz, common (monthly)
Ipswich Mills, preferred (quar.)
Holders of rec. Oct. 20
134 Nov. 1 Holders of rec. Oct. 2I0
25c, Nov.
.500. Ott. 29 Holders of rec. Oct. 1441
Common (monthly)
Holders of rec. Nov.20
Iron Products (quar.)
250. Dec.
12 • C
4. 1 Holders of rec. Nov. 190
Common (monthly)
Holders of rec. Dec. 20
Jaeger Machine, common (quar.)
25c. Jan.
Holders of rec. Oct. 20
Preferred (altar.)
Holders of rec. Dec. 20
Kaufmann Dept. Stores, com.(qu.)._ _
14i Jan.
, rt '
13
. 28
Jn227 Holders of rec. Dec. 200
Barnhart Brothers & Spindler
Preferred (guar.)
-ov. 1 Holders of rec. Oct. 180
First and second preferred (guar.).
Holders of rec. Oct. 23a Kayser (Julius) & Co., common (guar.). 750
1)4 Nov.
Bigelow-Hartf. Carpet,com.& pt.(QUI- $1.50 Nov.
.
Kellogg Switchboard & Stipp. com.(qu.) 3234c. Oct. 30 Holders of rec. Oct. 90
Holders of rec. Oct. 14
1H
Blaw-Knox Co., com.(guar.)
t. 30 Holders of rec. Oct. 90'
Oct. 22 to Oct. 31
Preferred (guar.)
Nov.
3
oy 1
First preferred (quar.)
1m
1H Dec 20 Holders of rec. Oct. 210•
Kelsey Wheel Co., preferred (guar.).
Oct. 22 to Oct. 31
1!? Nov.
Dec. 10 Dec. 1 to Dec. 10
Bloomingdale Bros.. preferred (quar.)_
1 Holders of rec. Oct. 20a Kirby Lumber (quar.)
1(4 Nov.
Borden Company,com.(guar.)
Nov. 1 Holders of rec. Oct. 15
63
51
Dec. I Holders of rec. Nov. I5a Knox Hat, common
$1
Nov. 1 Holders of rec. Oct. 15
Common, extra
Class A participating stock
250. Deo, 1 Holders of rec. Nov. 150
Briggs Manufacturing (guar.)
I% Nov. 1 Holders of rec. Oct. 16
ha
Second Preferred (guar.)
750. Oct. 25 Holders of rec. Oct.
Nov. 1 Holders of rec. Oct. 200.
British Columbia Fish & Packing ((NUJ
Kress (S. II.) & Co., common (quar.)
134 Dec. 10 Holders of rec. Nov.30
1%. Nov. 1 Holders of rec. Oct. 15a
Brown Shoe, Preferred (qMW.)
75
114 Nov. I Holders of rec. Oct. 200 Landay Bros., Inc., class A (guar.)
Nov. 30 Holders of rec. Nov. 250
_
Bunte Bros., pref.(guar.)
Lanston Monotype Machine (guar.) _
144 Nov. I Holders of rec. Oct. 25
Burns Bros., prior pref. (guar.)
Lindsay Light Co., pref. (acct. accum.). h334 Oct. 25 Holders of rec. Oct. lla
$1.75 Nov. 1 Holders of rec. Oct. 15a
0.. Oct. 27 Holders of rec. Sept.30
Byers(A. M.)Co., pref.(guar.)
144 Nov. 1 Holders of rec. Oct. 15a Lion 01IRefining (quar,)
Nov. I Holders of rec. Oct. 20.
California Packing (guar.)
Liquid Carbonic Corporation (quar.)
Dec. 15 *Holders of rec. Nov. 30
.31
15c. Nov. 1 Holders of rec. Oct. 23
Canada Dry Ginger Ale, stock dlv. (qu.) 81% Jan15'27 Holders of rec. Jan 1'270 Loew's Boston Theatres (quar.)
Holders of rec. Oct. 181
134
Canadian Converters (guar.)
Looae-Wiles Biscuit. 2d pref.(quar.)--1% Nov. 15 Holders of rec. Oct. 31
Nov .. 1 Holders of rec. Oct. 18a
Cartier, Inc.. pref. (guar.)
1% Oct. 30 Holders of rec. Oct. 150 Lord & Taylor, 2d pref. (guar.)
1
Celotex Co., corn.(in common stock).__ 1100 Oct. 30 Holders of rec. Oct. 30
Louisiana Oil Refining, 6 tzi % pref.(qu.) 16244 Nov. 15 Holders of rec. Nov. -la
Nov. 1 Holders of rec. Oct. 16a
Century Ribbon Mills, pref.(guar.).-114 Doe. 1 Holders of rec. Nov. 190 Macy (11. H.)& Co., pref.(quar.)
Holders of rec. Nov. 10
%1 Dec.
Cerro de Pasco Copper (guar.)
Nov. 1 Holders of rec. Oct. 140 Marmon Motor Car, common (No. 1).... 50 . riDec.
$1
Holders of rec. Nov. 150
Charlton Mills (guar.)
Nov. 1 4Holders of rec. Oct. 13
MaytagCo. (guar.)
*2
500154. Nov.Nov
Holders of rec. Oct. 20
Chicago Pneumatic Tool (guar.)
151 Oct. 25 Holders of rec. Oct. 150 McCall Corp., corn. (guar.)
Holders of rec. Oct. 200
Chicago Yellow Cab Co.(monthly)
McCrory Stores, pref. (guar.)
33 1-3c Nov. I Holders of rec. Oct. 20a
750. Nov. 1 Holders of rec. Oct. 21
Monthly
33 1-3c Doe. 1 Holders of rec. Nov. 190 Melville Shoe, corn. (quar.)
2
Nov. 1 Holders of rec. Oct. 21
Christie, Brown & Co., com. (quar.)
Preferred (guar.)
30e Nov. 1 Holders of rec. Oct. 150
Nov. 15 Holders of rec. Oct. 30
Preference (quar.)
Mercantile Stores, Inc., corn. (Gust.).... SI
1% Nov. 1 Holders of rec. Oct. 20
$1.75 Nov. 15 Holders of rec. Oct. 30
Chrysler Corporation, preferred (quer.). $2
Jan 317 Holders of rec. Dee. 150
Preferred (guar.)
Metropolitan Chain Stores first and
Cities Service Co.. common monthly)_.(
Nov. I Holders of rec. Oct. 15
34
1% Nov. 1 Holders of rec. Oct. 20
Common (payable in common stock)
Second preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 15
37%0. Nov. 15 Holders of rec. Nov. lo
Preferred and preferred B (monthly)
Miami Copper Co.(quar.)
14 Nov. 1 Holders of rec. Oct. 15
50o. Oct. 25 Holders of rec. Oct. 50
Bankers shares (monthly)
Miller Rubber. corn. (guar.)
Nov. 1 Holders of rec. Oct. 15
d15.21e
Nov. 15 Holders of rec. Nov. 40
Montgomery Ward & Co., corn.(guar.)_ $1
Cleveland-Cliffs Iron (guar.)
Oct. 25 Holders of rec. Oct. 15
1
Public%Utilities (Confinued).
.1 Holders of rec. Oct. 30
5
1 % Nov.
Northwest Utilities. 7% pref. (guar.)--Holders of rec. Nov. 15
1H Dec.
Ohlo Edison, 6% Preferred (guar.)
Holders of rec. Nov. 15
6.6% preferred (guar.)
1.65 Dec.
Holders of rec. Nov. 15
7% preferred (guar.)
145 Dec.
Holders of rec Oct. 15
Nov.
55e.
6.6% preferred (monthly)
Holders of rec. Nov. 15
6.6% preferred (monthly)
650. Dec.
Holders of rec. Oct. 30a
Ohio Fuel Corp.(one month dividend)_ _ 16 2-3 Nov. 1
Nov. 1 Holders of rec. Oct. 31a
4
Pacific Lighting Corp.. corn,(quar.)__
115 Nov. 1 Holders of rec. Oct. 31a
Preferred (guar.)
Holders of rec. Nov.20
1H Dec.
Penn-Ohio Edison. 7% pref.(guar.)_ _
Oct. 3(1 Holders of rec. Oct. la
$1
Philadelphia Co., common (guar.)
Holders of rec. Oct. la
$1.50 Nov.
Six per cent preferred (guar.)
Holders of rec. Oct. 150
Nov.
Philadelphia Rapid Transit, com.(guar.) $1
Holders of rec. Oct. 1
Preferred (guar.)
$1.75 Nov.
Holders of rec. Oct. 10
Nov.
Pittsburgh Utilities, common
$I
Holders of rec. Oct. 10
Common (extra)
(r) Nov.
Holders of rec. Oct. 10
Nov.
Preferred
3
Holders of rec. Oct. 10
Preferred (extra)
2H Nov.
Holders of rec. Oct. 15
Power 8, Light Securities Trust
50c. Nov.
Holders of rec. Oct. I5a
Public Service Elec. Power, pref.(guar.) $1.75 Nov.
Holders of rec. Oct. 15
Service of Nor. lila., com.(guar.) 2
NOV.
Public
Holders of rec. Oct. 15
Six per cent preferred (guar.)
1)4 Nov.
Holders of rec. Oct. 15
Seven per cent preferred (guar.)
1.24 Nov.
Holders of rec. Oct.d1.8a
Sierra Pacific Elec. Co., corn.(qu.)
50c. Nov.
Holders of rec. Oct. 18a
Preferred (guar.)
156 Nov.
Holders of rec. Oct. 20a
Southern Calif. Edison, common (guar.) 50c. Nov. 1
Bouth'n Colorado Pow.,com.,c1. A (qu.)_ 50c. Nov.2 Holders of rec. Oct. 30
fitandard Gas & Electric, corn.(quar.)
75c. Oct. 2 Holders of rec. Sept. 300
Prior preferred (guar.)
1H Oct. 2 Holders of rec. Sept.30
Common (payable In common stock).. 11-200 Oct. 2 Holders of rec. Sept. 300
Common (payable in common stock)_ f1-200 Jan25 2 Holders of rec. Dec. 310
,
Standard Power & Light, pref.(guar.) .$1.75 Nov. 'Holders of rec. Oct. 16
Holders of rec. Dec. 15
Tennessee Elec. Pow.6% 1st pf.(qu.)-- 1% Jan.
.
7% first preferred (quar.)
Holders of rec. Dec. 15
1% Jan.
Holders of rec. Dec. 15
7.2% first preferred (guar.)
1.80 Jan.
6% first preferred (monthly)
Holders of rec. Oct. 15
50c. Nov.
6% first preferred (monthly)
Holders of rec. Nov. 15
50c. Dec.
6% first preferred (monthly)
Holders of rec. Dec. 15
50c. Jan.
Holders of rec Oct. 15
7.2% first preferred (monthly)
60c. Nov.
Holders of rec. Nov. 15
7.2% first preferred (monthly)
60e. Dec.
Holders of rec. Dec. 15
7.2% first preferred (monthly)
60c. Jan.
Holders of rec. Oct. 16
Texas Power & Light, pref.(guar.)
154 Nov.
Nov. I Holders of rec. Oct. 150
United Gas Inapt., stock dividend
25
Holders of rem Oct. 15
United Lt.& Pr.,old corn..(Ii. B & B(qu) 600. Nov.
Holders of rec. Oct. 15
New common,class A & B (quar.)...- 120. Nov.
Holders of rec. Oct. 20a
Utica Gas & Electric, pref. (gnarl
$1.50 Nov.
Holders of rec. Nov. 24a
Washington Water Power.6%% Pf(MO
144 Dec. 1
Holders of rec. Nov.21
West Chester Street Ry., pref. (quar.)-- 144 Dec.
West Penn Electric Co.,7% pref.(guar.) 141 Nov. 1 Holders of rec. Nov. la
Holders of rec. Oct. 15a
Meet Penn Power Co.,6% prof. (Gust.).. 134 Nov.
Holders of roe. Oct. I5a
Seven per cent preferred (guar.)
114 Nov.
Wisconsin River Power. Pref.(quar.) - $1.75 Nov.2 Holders of rec. Oct. 31a
York Railways, pref. (quar.)
6255c. Oct. 3 Oct. 22 to Oct. 30
r
1
540
2110
THE CHRONICLE
[VOL. 123.
Per
When
Books Closed.
Weekly Returns of New York City Clearing House
Name of Company.
Cent. Payable
Days Inclusive.
Banks and Trust Companies.
Miscellaneous (Concluded).
Moon Motor (guar.)
374e. Nov. 1 Holders of rec. Oct. 15a
The following shows the condition of the New York City
Moore Drop Forging. class A (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
Motor Wheel Corporation, pref.(quar.)_
2
Nov. 15 Holders of rec. Oct. 30
Clearing House members for the week ending Oct. 16. The
Mullins Body Corp., pref.(guar.)
2
Nov. 1 Holders of rec. Oct. 160
Munyon Remedy Co.(guar.)
figures for the separate banks are the are ages of the daily
15o. Dec. 15 Holders of rec. Nov. 30
Nash Motors,common (guar.)
500. Nov. 1 Holders of rec. Oct. 200
Common (extra)
50e. Nov. 1 Holders of rec. Oct. 200 results. In the case of the grand totals, we also show the
National Carbon, preferred (guar.)
2
Nov. 1 Holders of rec. Oct. 200 actual figures of condition
at the end of the week.
National Casket. common
$1.50 Nov. 15 Holders
Natl. Department Stores, 1st pref. (411.) 134 Nov. 1 Holders of roe. Nov. la
of rec. Oct. 150
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Second preferred (guar.)
14 Doe. 1 Holders of rec. Nov. 150
National Grocer, preferred
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
3
Jan 1'27 Dec. 21 to Doe. 31
National Tea. preferred (guar.)
81.624 Nov. 1 Holders of rec. Oct. 20
Nehmer Bros., pref. (quar.)
14 Nov. 1 Holders of rec. Oct. 15
Newberry (J.J )Co.. pref.(guar.)
New
134 Dec. 1 Holders of rec. Nov. 16
New York Air Brake, corn.(guar.)
Capital Profits Loans,
75e. Nov. 1 Holders of rec. Oct. 143
Reserve
N. Y.& Honduras Rosario Mining
Week Ending
Discount, Cash
234 Oct. 30 Holders of rec. Oct. 20
with
Net
Time Bank
Extra
Oct. 16 1926. Nat'l, one 30 Investin
254 Oct.
Legal Demand
De- CircuNew York Merchandising, pref.(guar.)- 81.75 Nov.30 Holders of rec. Oct. 20
State, Sept.30 ments, Vault. Deposi- Deposits, posits. latton.
1 Holders of rec. Oct. 20
North Central Team; Oil (guar.)
(000 omitted.) Tr.Cos.Sept.30
ctc.
150. Dec. 1 Holders of rec. Nov. 10
tories.
011 Well Supply. preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 1515
Ontario Steel Products, corn. (quar)
Members of Fed. Res. Bank. Average. Average Average Average. Average
I
Nov. 15 Holders of rec. Oct. 30
Argo.
Preferred (quar.)
Bank of N Y &
$
$
1
Nov. 15 Holders of rec. Oct. 30
Onyx Hosiery, corn. (quar.)
Trust Co_
4,000 13,200
73.980
503 6,929
80e. Nov. 5 Holders of rec. Oct. 200
51,455 7,312 _
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov.21'a Bk of Manhat' 10,700 15,571 173,664 3,343 17,591
128.417 27,319
Oppenheim, Collins dt Co., com.(guar.) $1
Bank of Americ
6.500 5,143
78.038 1,660 11.012
Nov.
Holders
_
83.395 3,880
Orpheum Circuit, Inc., corn,(monthly). 18 2-3P Nov. 15 Holders of rec. Oct. 296 National City__ 50,000 63,133 663,517 6,456 72,060
1
of roe. Oct. 200
90
Monthly
Chemical Nat.. 4,500 18,535 148,426 1,249 16.754 *709.543 95,488
16 2-3 Dee. 1 Holders of rec. Nov. 200
346
125,579 3,183
Monthly
Am Ex-Pac Na
7,500 13,095 146.906 2,101 16.567
18 2-3. Jan 2'27 Holders of rec. Doe. 20a
131,910 9.302 4,933
Preferred (guar.)
914 39.863 300,863 21,897
2
Jan 2'27 Holders of rec. Doe. 160 Nat Bk of Corn. 25,000 41,943 356,852
Otte Elevator. pref.(guar.)
ChatPhNB&T 13.500 12,763 215.632 2.971 23,560
154 JanI5'27 Holders of rec. Doe. 310
156,742 43,367 e:i8i
Outlet Company,corn.(quar0
536 13,217
750. Nov. 1 Holders of rec. Oct. 200 Hanover Nat_ _ 5.000 26.003 117.661
100,838
Common (extra)
50e. Nov. 1 Holders of rec. Oct. 200 Corn Exchange_ 10.000 14,767 201,198 6.672 24,145
175,573 31.304
First preferred (guar.)
884 16,168
134 Nov. 1 Holders of roe. Oct. 20a National Park_ _ 10,000 24,152 174,324
123,730 7,005 3,488
Second preferred (guar.)
60,175 1,856 6.166
134 Nov. 1 Holders of rec. Oct. 200 Bowery & E R_ 3.000 3,224
42,215 17,684 1.490
Pacific Coast Biscuit, corn,(No. 1)
First National
10.000 74,875 282,546
573 25,765
12540 Nov. 1 Holders of rec. Oct. 15
193,320 12,894 6,437
Preferred (No. 1)
IrvIng Bk & T 18,500 15,882 301.075 2,953 36,063 269,998 30,343
4340 Nov. 1 Holders of rec. Oct. 15
Pacific Coast Co.. 1st pref.(guar.)
1,000 1,234
7.865
120
14 Nov. 1 Holders of rec. Oct. 25a Continental_ _ _
908
5,957
440
Second preferred (guar.)
1 Nov. 1 Holders of rec. Oct. 250 Chase National_ 40.000 36,782 564,152 7,341 67,117 *526,351 32,262 1,917
Packard Motor Car (monthly)
500 2.933
27,085
775 3.456
200. Oct. 30 Holders of reo. Oct 1515 Fifth Avenue__
26,767
-- -.
Monthly
Commonwealth.
675
800
14,018
548 1,474
20e. Nov.
9,953 4,475
Pan-Amer. West, Petrol, A & B (guar.). 50e. Oct. 30 Holders of reo. Nov. 154 Garfield Nat'l._ 1,000 1,782
16,800
437 2,459
Holders
16.128
641
Pathe Exchange, class A it B (guar.).- 75e. Nov. 30 Holders of rec. Oct. a9a Seaboard Nat'l. 6,000 10.415 122,279
945 15,553
1
of rec. Oct. 110
117,841 3,053
48
Penmans, Limited, corn. (guar.)
Bankers Trust_ 20,000 34,555 319.516
946 33.676 *274.665 36.814
2
Nov. 15 Holders of rec. Nov. 5
Preferred (guar.)
US Mtge AC Tr_ 3.000 4,820
58,771
764 6,936
14 Nov. 1 Holders of rec. Oct. 21
51,603
Perfection Glass(Canada)(No. 1)
Guaranty Trus 25,000 24,606 430,824 1,603 44.134 *396,897 5,027
Nov. 1 Holders of rec. Oct. 15
5
54.734
Phillips-Jones Corp.. pref. (guar.)
Fidelity Trust. _ 4,000 3,154
41,626
14 Nov. 1 Holders of rec. Oct.
751 4,784
34,710 4,146
Pick-Barth (Mb rt) & Co.,cl. A pr.(qu.) 4334c Nov. 15 Oct. 27 to Nov.20a New York Trios 10.000 21,320 173,341
571 19,058
14
140,857 18.533
Piggly-Wiggly Western States el. A (qu.) 37340 Nov. 1 Holders of rec. Oct. 15
Farmers L & T 10,00 19,820 144.092
581 14.251 *105,302 21.788
Plant(Thomas G.) Co., first pref.(qu.)_
Equitable Trios 30,00 22,144 274,165 1,57/ 30,
14 Oct. 30 Holders of rec. Oct. 20
*312.254 27.936
Postum Cereal common (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 21a
Prairie Oil & Gas (guar.)
Total of average 329.500 528,538 5.188,528 49.695570 0540
.500. Nov. 30 *Holders of roe. Oct. 30
4,257,386 520.62724,906
1 '
Prairie Pipe Line (guar.)
2
Oct. 30 Holders of rec. Sept.30a
Pro-phy-lac-tic Brush, pref. (guar.).--- 14 Dec. 15 Holders of
Totals, actual cc oditlon Oct. 16 5,157,927 47.454 593,312
rec. Doe.
25.042
c4,247,123
Prudence Company, pref., series of 1926 34 Nov. 1 Holders of rec. Oct. 1
Totals, actual c odltion Oct. 95.204.047 48,0106 8,75104,272,80 521,82225,061
0
20
8 523.256
Pyrene Manufacturing. corn. (quar.)__ _
Totals, actual co ndition Oct. 25,289,287 43,900 561,151 c4.381,554 517,656
234 Nov. 1 Oct. 20 to Oct. 31
24,616
Quaker Oats, pref. (guar.)
154 Nov.30 Holders of rec. Nov. 1
Quissett Mills. preferred (guar.)
State Banks Not Me mbers of Fed'I Res've Bank.
3
Doe. 1 Holders of rec. Nov. 200
Reed (C. A.) Co.. class A ((Mar.)
Greenwich Bank 1,000 2.583, 24,190 2,265 1,829
50c. Nov. 1 Holders of
22.391 2,669
Rice-Stlx Dry Goods,common (guar.)._ 37340.Nov. 1 Holders of rec. Oct. 21
State Bank_ _ _ _ 5,000 5,669 108,453 4.902 2.291
rec. Oct. 15
39,492 64,352
St. Joseph Lead (guar.)
50e. Doe. 20 Dec. 10 to Dec. 20
Extra
Total of averag
6,000 8.252 132,652 7.167 4.120
25e. Dec. 20 Dec. 10 to Doe. 20
61.883 67,021 - Salt Creek Producers (guar.)
62%c Nov. 1 Holders
Savage Arms, second preferred (quar,). *14 Nov.15 *Holders of rec. Oct. 154 Totals, actual condition Oct. 16 133,540 7,416 4,385
63.252 67,024
Savannah Sugar Refining, corn.(guar.). $1.50 Nov. 1 Holders of reo. Nov. 1
Totals, actuate'odition Oct. 9 132,109 7,028 4,399
of rec. Oct. 15
61,575 66.98
Preferred (guar.)
Totals, actuate'edition Oct. 2 131,575 7,099 4,287
134 Nov. 1 Holders of rec. Oct. 15
60,944 67,080
Scotten-DIllon Co. (guar.)
•3
Nov. 15 *Holders of rec. Nov. 6
Extra
Trust Compa nies Not Members of F ed'i Re s've Ba nk.
*4
Nov. 15 *Holders of rec. Nov. 6
Scott Paper, 7% pref. (guar.)
Title Guar & T 10,000 18,580 64,730 1,782 4.38
14 Nov. 1 Holders of rec. Oct. 23
40,679 1,392
Sears .Roebuck ar Co.(quar.)
Lawyers Trust_ 3,000 3,394
21,648
6214c Nov. 1 Holders of
937 1,701
16,946
851
Seeman Bros., common (no par) (guar.). 50e. Nov. 1 Holders of rec. Oct. 150
rec. Oct. 16
Shaffer 011 & Refining, pref.(gust.).
13,000 21,974
Total of aserag
86,378 2.719 6.081
154 Oct. 25 Holders of rec. Sept.30
57,625 2,243
ShellUnion 011 Corp.. pref. A (guar.)._
116 Nov. 15 Holders of roe. Oct. 200
Shreveport-El Dorado Pipe Line (qu.). *250. Jan. 2 *Holders of rec. Dec.
Totals, actual c nclition Oct. 16
86,632 2,597 6,123
57.560 2,244
21
Extra
Totals, actual c nclitIon Oct.
87.390 2,670 6,251
*S1 Jan. 2 *Holders of rec. Dee. 21
59,063 2,148
Simmons Co., preferred (guar.)
nclitIon Oct. 2 86,574 2.566 6,247
154 Nov. 1 Holders of rec. Oct. 15a Totals, actual
57,394 2.390
Sinclair Consolidated 011, pref.(guar.)
2
Nov. 15 Holders of rec. Nov. la
Skelly 011 (guar.)
50o. Dee. 15 Holders of ree. Nov 150 Gr'd aggr., avge.348,500 556,765 5,407,558 59.581580.255 4,376,894 589,891 24,906
Smith (A. 0.) Corp ,common (quar.)_. $1
Comparison with prey. week
-51,942 +1,989-10,214 -56.465-1,347 +137
Nov. 15 Holders of rec. Nov. I
Preferred (guar.)
14 Nov. 15 Holders of
Southern Dairies, Inc., class A (quar.).- $1 Oct. 30 Holders of rec. Nov. 1
roe. Oct. 15a Gr'd aggr., act'lcond'n Oct. 165,378,099 57,467603,820 4,367,935591,090 25,042
Standard Oil (Ohio) pref. quar.)
Comparison witih prey. week
-45,447 -241-15,581 -25,511-1,294 -19
134 Dec. I Holders of
Steel Co.of.Canada, corn.& pref.(guar.) 154 Nov. 1 Holders of rec. Oct. 28
rec Oct. 7
Sterling Prod eta (guar.)
$I .25 Nov. 1 Holders of rec. Oct. I50 Gr'd aggr., acrlicond'n Oct. 95,423,546 57,708619,401 4,393,446 592:384 25,061
Stover Mfg. & Engine, pref.(guar.).Gr'd aggr., acrloond'n Oct. 25,507.436 53,571 571,685 4,409,892587,126 24,616
- *14 Nov. 1 *Holders of rec. Oct. 20
Telautograph Corporation, common
30e. Nov. 1 Holders of rec. Oct. 15a Gr'd aggr., acrl cond'n Sept.25 5,412.675 56,675599,825 4.372,410588,608 24.621
Texon Olt& Land
20
Oct. 25 Holders of rec. Oct. 5a Gr'd aggr., act'lcond'n Sept.18 5,424,001 52,305550,832 4.346,567 591.857 24.697
Thompson (J. R.) Co.(monthly)
300. Nov. I Holders of rec. Oct. 23a Gr'd agar., acricond'n Sept.11 5,388,423 58,883628,702 4.364.977605,426 24,673
Monthly
30e. Doe. 1 Holders of rec. Nov. 230 Gr'd aggr.. aelcond'n Sept. 4 5,410,265 53.394564,267 4.350.736622,03724,582
Thompson Products. pref.(guar.)
134 Dec. 1 Holders
Note.
-U. S. deposits deducted from net demand deposits
Tidewater Associated 011. corn. (guar.). 30o. Nov. 1 Holders of rec. Nov. 20a
of coo. Sept. ha above were as follows: Average total Oct. 16, 151,642,000. in the general totals
Tide Water Oil, preferred (guar.)
Actual totals Oct. 16,
134 Nov. 15 Holders of rec. Nov. I, 345,974,000; Oct. 9, $53,319,000; Oct. 2, 855,845,000;
Tobacco Products Corp., cl. A (quar.)_
Sept. 25, 855,836.000: Sept.
134 Nov. 15 Holders of rec. Oct. 270 18, 855,837,000: Sept. 11, $13,069,000. Bills
payable, rediscounts. acceptances
Tung-Sol Lamp Works, corn. (quar.)... 20c. Nov. I Holders of
rec. Oct. 20
and other liabilities, average for week Oct. 16, $598,004,000; Oct. 9,
Class A (quar.)
45c. Nov- 1 Holders of rec. Oct. 21)
S591,824,000:
.
8597,000,000: Sept. 18. $588,078,000; Sept. 11,
Oct. 2, 8593,742,000:
Union Oil of California (guar.)
50c. Nov. 10 Holders of rec. Oct. lea $593.107,000. Actual Sept. 25,
totals Oct. 16, 8604,130,000: Oct. 9, 8626.470,000: Oct.
Union & United Tobacco Co. Corp.
2,
1560.657,000: Sept. 25, 8604,522,000: Sept. 18, 8574.643.000.
Common (No. 1)(guar.)
624c Oct. 30 Holders of roe. Oct 156
United Drug, eons. (guar.)
• Includes deposits in foreign branches not included In total footing as follows:
2
Dec. 1 Holders of rec. Nov. 15a
First preferred (guar.)
874c Nov. 1 Holders of rec. Oct. 15a National City Bank, $164,848,000: Chase National Bank, $11,328,000; Bankers
United Profit Sharing Corp., pre:
Trust Co.. $26,105,000: Guaranty Trust Co., $68,396,000: Farmers' Loan &
5
Oct. 30 Holders of rec.
Trust
United Verde Extension Mining (quar.). 75e. Nov. 1 Holders of roe. Sept. 30a Co., 22,246,000: Equitable Trust Co., 882,560,000. Balances carried
U.S. Cast Iron Pipe & Fdy.,corn.(qu.). 234 Dec. 15 Holders of ree. Oct. 60 foreign countries as reserve for such deposits were: National City Bank, In bank In
Dee. la Chase
$25,796,000:
National Bank, 32.750,000: Bankers Trust Co., 12.586.000: Guaranty
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec is
Trust
U.S. Rubber, first preferred (guar.)..._
Co.. $3,457,000: Farmers' Loan & Trust Co., $2,240.000: Equitable
2
Nov. 15 Holders of rec. Oct
Trust Co.,
Universal Pipe & Radiator, pref. (guar.) 134 Nov. 1 Holders of rec. Oct. 20a $7,706,000.
15a
Vick Chemical (guar.)
8740 Nov. 1 Holders of rec. Oct. 16a
c Deposits In foreign branches not included.
Vivaudou (V.), Inc., pref. (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
Warner (Charles) CoThe reserve position of the different groups of institutions
1st and 2nd pref. (guar.)
134 Oct. 28 Holders of ree. Sept. 30a
Washburn-Crosby Co.. pref. (quar.)..... 14 Nov. 1 Holders of rec. Oct. 230 on the basis of both the averages for the week and the
actual condition at the ond of the week is shown in the
Weber & Heilbroner, preferred (gust,)... 134 Doe. 1 Holders of rec. Nov. 15
Westinghouse Air Brake (guar.)
81.75 Oct. 30 Holders of roe. Sept. 30a following two tables:
Westinghouse Else & Mfg corn.(guar.) $I
Oct. 30 Holders of rec. Sept.30a
White Sewing Machine. prof. (quar.).... $1
Nov. 1 Holders of rec. Oct. 196 STATEMENT
OF RESERVE POSITION OF CLEARING
Wilcox (II F.) 011 & Gas (guar.)
500. Nov. 5 Holders of rec. Oct. 15
HOUSE BANI
,11
AND TRUST COMPANIES
Wolverine Portland Cement (guar.)... _ 30e. Nov. 15 Holders of rec. Nov. 5
Woolworth (F. W.) Co.(guar.)
Dec. 1 *Holders of rec. Nov. 10
*81
Dec. 15 *Holders of rec. Doc. 10
Extra
'II
Averages.
Wrigley (Wm.) Jr. & Co.(monthly)..... 25e. Nov. 1 Holders of rec. Oct. 20
Dee. 1 Holders of rec. Nov. 20
250
Monthly
Cash
Reserve
Reserve
in
•From unofficial sources. t The New York Stook Exchange lute ruled that stock
Total
Reserve
Surplus
In Vault Depositaries Reserve
Will not he quoted ex-dividend on this date and 1:10t until r ,rther notice. I The
Required,
Reserve.
-Now York Curb Market Association has ruled that stock will not be quoted exMembers Federal
8
$
dividend on this date and not until further notice
Reserve banks_
570,054,000 570,054,000
a Transfer books not closed for this dividend if Correction. s Payable to stock
569,078,090
975,010
State banks*
7.167,000 4,120,000
Payable In common stock
gPayatite in scrip. h On account of accumulated Trust companies*. _ _ 2,719.000 6,081,000 11,287,000 11,138,940
148.060
dividends to Payable In preferred stock
8,800,000 8,643.750
156,250
1 At the rate 01 234% of one share of Class A stook for each share held.
Total Oct. 10..._
9,886.000 580,255,000 590,141,000
588.861,680 1,279.320
is Payable in participating pref. stock at par, cash being paid in lieu of fractional
Total Oct. 9__ _ _
9,809,000 590,469,000 6
00,278,000 596,188,290 4,089,710
shares.
Total Oct. 2_ _ _
9.573.000 595,964,000 6
05.537,100
Total Sept. 25
9.502.000 585,853.000 595,355,000 596.761.560 8.775,440
e At the rate of one-fortieth share of class A Stock for each share of class B pock
587,303,480 8,051,520
p In lieu of cash, dividends may be taken In stock at the rate of 475-100 of a share
• Not members of Federal Reserve Bank.
of class A stock for each share of 86 dividend stock and 5 15-100 of a share of class A
b This is the reserve required on net demand deposits in
stock for each share of $6 50 dividend stock.
the case of State banks
and trust companies, but in the case of members of
the Federal Reserve Bank
r Payable In stock on basis of $20 per share.
Includes also amount of reserve required on net time deposits,
which was as follows:
I At rate 01 8% per annum for period from May 1 to Dec. 31 1925.
Oct. 16, 115,618,810: Oct. 9,$15,656,670; 001. 2, 81
5,560,810: Sept. 25,$15,657,150:
r Extra dividend on Pittsburgh Utilities common stook Is 8187.500.
Sept. 18. 815.749,010.
I
Actual Figures.
Reserve
Cash
in
Reserve
In Vault. Depositaries
Members Federal
Reserve banks
State banks*
Trust companies*
2111
PH hi CHRONICLE
OCT. 23 1926.]
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
593,312,000 593.312.000 567.780.650 25.531.350
415,640
7.416.000 4.385.000 11,801.000 11.385.360
86.000
2.597,000 6.123,000 8,720.000 8,634.000
Oct. 20
1926.
Oct. 6
1926.
Or'. 13
1926.
Changes from
Previous Week.
$
$
$
$
69,500,000
69,500,000
69,500.000 Unchanged
Capital
94.002,000
94,002.000
Unchanged
94.002.000
Surplus and profits
Loans, disets & Invest_ 1,068,530,000 Inc. 1,172,000 1,067,358.000 1,084.674.000
715,189,000 Inc. 24,589.000 690.600.000 713.339.000
Individual deposits
143,664.000 Inc. 8,435,000 135,229,000 136.614.000
Due to banks
• Not members of Federal Reserve Bank.
235.478.000 Inc. 2,556.000 232,922.000 231,753,000
banks Time deposits
36.657.000
33,771.000
a This is the reserve required on net demand deposits In thease of State
24,654,000 Dec. 9,117.000
Bank in- United States deposits..
39.562,000
31,305,000
and trust companies, but In the case of members of the Federal Reserve follows: Exchanges for Cl'g H'se
36,257,000 Inc. 4,952.000
85,457,000
77,302,000
cludes also amount of reserve required on net time deposits, which was as
94,386,000 Inc. 17,084,000
Due from other banks
83,021.000
81,259.000
16.815.654.660; Oct.9,813,697,680; Oct. 2.815,529,680;Sept. 25,815.584,550. Res've in legal deposles
Inc. 2,316.000
83,575,000
Oct.
10.822.000
10,778.000
642,000
11.420,000 Inc.
Cash in bank
731.000
706.000
504 000
1 filn non me_
,
'
'Redeye. rearm in v R R1,
10,013,000 603.820.000 613,833,000 587,800,010 26,032.990
Total Oct. HS
9.698.000,619.401.000 629, 99.000 591,105.670 37.993.330
Total Oct. 9..
Total Oct. 2_ 9.665.000571,685.000 581,350.000 604,710.720 -23,360.720
- 9.398,000 599,825,000 609,223,000 588,185.340 21,037,660
Total Sept. 25-
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
the condition of State banks and trust comfigures
in New York City not in the Clearing House as follows: return for the week ending Oct. 16, with comparative figures
n
panies
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT
(Figures Furnished by State Banking Department.) .
are 10% on demand deposits and 3% on time deposits, all
Differences from
Previous Week. to be kept with the Federal Reserve Bank. "Cash in vaults"
Oct. 16.
81,210.241,100 Inc. 51,694.400 is not a part of legal reserve. For trust companies not memLoans and Investments
50,000
4,332,000 Dec.
Gold
25.293.200 Inc. 1,583,000 bers of the Federal Reserve System the reserve required is
Currency notes
*198.730.500 Dec. 557.700
Deposits with Federal Reserve Banks of New York_
1,251,471,000 Inc. 24,652,600 10% on demand deposits and includes "Reserve with legal
Total deposits
Deposits eliminating amounts due from reserve dedepositaries" and "Cash in vaults."
compositaries and from other
banks and trust
panies In N.Y. City, exchange,& U.S. deposits_ 1,170,890,300 Inc. 17,583.500
169,169,300 Inc. 1,371,500
Reserve on deposits
Percentage of reserves, 20.8%.
RESERVE.
—Trust Companies—
—State Banks—
$83,870,800 15.29%
.$44.484,900 16.98%
Cash In vault
28.196.200 5.14%
Deposits In banks and trust cos_ _ _ _ 12.617,400 4.82%
$112.067,000 20.43%
857.102,300 21.80%
Total
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 16 was 898,730.500.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
'
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Total Cash
in Vaults.
Loans and
Investments.
Week Ended—
une 19
une 26
uly 3
uly 10
uly 17
uly 24
uly 31
Lug. 7
Lug. 14
Lug. 21
Lug. 28
lept. 4
lentil
lopt. 18
l601. 25
ict. 2
let. 9
.......
Demand
Deposits.
$
6,526,804,700
6.513.234.700
6.680,126,900
6.690.909.700
6.590.587,300
6,484.762,300
6.568,161.000
6.649,515.100
6.574,966.900
6.544.607.200
6.538.084.700
6.588.168,600
6.593.200.900
6.625,391,700
6.616.162.700
6.683.007.800
6.668,046.700
Reserve in
Depositaries.
$
81,127,100
81.499,400
85.751.1110
89.326.100
87.442.700
81.662.300
82.039.100
81.793.500
83.952.500
80,536.800
82.328.600
83.086.700
87.287.200
85.257.300
83,168.800
84,153,500
85.684.200
727.750.500
715,419.000
754.610.700
736.547.200
730.145.100
702.008.100
723.588.600
727.017.800
712.571.100
709.242,000
708.699.500
105.865.300
713.704,700
725.144.400
718.452,500
733.798.400
730.174.600
$
5.557.458,800
5.506.256,100
5.701.049.700
5.619,613,100
5.537.899.000
5,511,878.400
5.497,566,600
5.562.538.500
5.7 0.305.900
5,437.978.000
5.522,021,300
5.512.541.300
5.569.556.300
5.607,019.600
5.576.966.700
5.662,751.200
5.660.177,400
le
.
,
.
s
New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Staled In thousands of dollars—that is, three ciphers (0001 omitted.)
CLEARING
NON-MEMBERS Capital,
Week Ending
Oct. 16 1926.
Members of
Fed's Res've Bank.
Grace Nat Bank_ __
Average. Average. Average. Average.
$
$
$
7,134
3,919
54
1,097
$
1,000
$
1.883
$
13,339
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. /Rs_
Colonial Bank
1.000
1,883
13,339'
54
1,097
4001
1.200
1
1,006
3,216
9,673
33,594
830
3,780
408
1.750
6.797
2,950
29,046 . 5,274
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr.,Bayonn
1,600
4,222
43.267
4,610
2,158
35,843
8,224
6101
9,234
548
34
3,444
5.893
Total
500,
500,
3,100,
Grand aggregate
Comparison with prev. week:
610
9,234
548
6.717. 65.840
1
505
5.212
+239
34
7,134
3,919
3,444
5.893
3,289 .46,421
—656
—189
18,036
+33
4,973
3,000, 6.545 66.345
3.478 a47,077 18.003
Gr'd aggr., Oct.
3,000, 6.545 65.729
4.917
3,285 a46.025 17,949
Gr'd aggr., Oct. 2
3.000; 6.545 66.572
4,834
3,340 a46.586 17,895
Gr'd aggr., Sept. 25
4.944
3,000
6,545 66.086
3.341 a46.966 17.833
Gr'd agar.. Sept. 18
a United States deposits deducted, 559,000.
Bills payable, rediscounts, acceptances, and other liabilities, $1,951.000.
Excess reserve, $132,850 Increase.
Trust
Membersof
FR System Companies
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Thne deposits
Total deposits
Reteve with legal deposit's_
Reserve with F R.Bank
Cash in vault*
Total reserve & cash held_
Reserve required
Excess res. & cash in vault
49.975,0
150.266,0
952.863.0
41,386,0
116.194.0
144,378,0
637,084.0
152,048.0
933,510.0
69,409.0
10.852,0
80,261.0
69.173,0
11,088,0
1928
Total.
Oct. 2
1926.
Oct.. 9
1926.
5,000.0 54.975.0 54,975.0 64.975,0
17.778.0 168.044.0 168.044.0 167.714,0
47,207.0 100,070.0 1004,319.0 1001,794,0
503.0 41.889,0 35,238,0 42.052,0
24.0 116,218,0 101,287.0 108,955,0
816.0 145.194,0 143,780,0 137,791.0
,
27,394.0 664.478.0 651.456,0 667,779.0
2.181,0 154,229,0 153,638.0 154,201.0
30,391,0 963,901.0 948.874.0 959.771.0
3,923,0
3.269,0
3,523,0
3,523.0
69.409,0 69.797,0 68.335,0
11,825.0
11.951.0
1.419,0 12.271,0
4,942,0 85.203,0 85,017.0 84.083,0
4.261,0 73.434.0 73,623.0 73,900,0
681,0 11,769.0 11,394,0 10,183,0
• Cash In vault not counted as swerve for Federal Reserve members.
- Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct. 20 1926 in
comparison with the previous week and the corresponding
date last year:
&SMOGS"—
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Oct. 20 1926. Oct. 13 1926. Oct. 21 1925.
$
373.725,000 283.819.000 345,527.000
10,002,000
11,121,000
9,375,000
Gold held exclusively agst. F.R.notes_ 383.100.000
Gold settlement fund with F. R Board_ 262.782.000
Gold and gold certificates held by bank_ 366.298.000
294.940.000
289.026.000
367,047,000
355,529,000
256,714,000
350,285,000
Total gold reserves
Reserves other than gold
1.012.180 000
24,988 000
951.013.000
25,316,000
962,528,000
25,912,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligatIons
Other bills discounted
1,037.168,000
17,161,000
976,329,000
13,620,000
988.440.000
18,147,000
78.595,000
30.494.000
126,364.000
77.906.000
101,664,000
60,302,000
109.089,000
42,401,000
204.270.000
53,554,000
161,966.000
23,016,000
1.322,000
23.675,000
29,087,000
1,322,000
24,140.000
30.562.000
1.257,000
52,978,000
1.265,000
54,084,000
56,024,000
55,500,000
1,701,000
Total bills and securities (See Note)
205,574,000
313,848.000
242,183,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
650,000
195.653,000
16,740.000
2.590.000
718.000
172.995.000
16,740,000
2,659,000
640,000
185,524.000
17,179,000
3.713,000
Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
Total U. El. Government securities_
Foreign loans on gold
Reserve
Net
with
Net
Cash
Legal Demand Time
in
Vault. Deposi- Deposits.Deposits.
tories.
Loans,
DU
Net
counts,
Profits. Invest
meats,
eke.
Week Ended Oct. 16 1926.
Two Ciphers (00)
omitted.
Total resources
1,475,536,000 1.496,909,000 1.455,826,000
Liabilities—
Fedi Reserve notes In actual circulation_ 373.791.000
Deposits—Member bank, reserve acc't_ 825.680.000
4.893.000
Government
2.279.000
Foreign bank (See Note)
8.131.000
Other deposits
381,742,000
833,514,000
9.557.000
1.318.000
11.214,000
349,515,000
824,281,000
12,301.000
9.866,000
10,437.000
840,983.000
161.210,000
35,756,000
59 964,000
3,832.000
855.603.000
159.871,000
35,764,000
59.964,000
3.965.000
856,885.000
154.768,000
32.044.000
58.749,000
3,865,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total list:Andes
1.475.536,000 1,496.909,000 1,455,826,000
Ratio of total reserves to deposit and
78.9%
85.4%
81.9%
Fed'i Relive note liabilities combined_
Contingent liability on bills purchased
11,228.000 11.090,000
9,834,000
for foreign correspondents
NOTE —Beginning with the statement of Oct. 7 two new items were added in
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition. the caption. All other earning assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities." and the caption. "Total earning assets" to "Total bills and Securltles" The latter term has been ad led as a more accurate description of the
unties acquired under the provisions of
total of the discounts, acceptances am.
.
Sections 13 and 14 of the Federal Reser. Set, which are the only Items Included
herein
2112
THE CHRONICLE
riroL. 128.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
Thursday afternoon, Oct. 21, and showing the condition
of the twelve Reserve banks at the close of business on Wednesd
ay. In
as a whole in comparison with the figures for the seven preceding weeks the first table we present the results for the system
and with those of the corresponding week last year.
The second table shows the resources and liabilities
separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions
in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal
latest week appears on page 2055, being the first item in Reserve banks. The Reserve Board's comment upon the returns for the
our department of "Current Events and Discussions."
COMBINED RESOURC
ES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
THE CLOSE OF BUSINESS OCTOBER
20 MC
Oct. 20 1926. Oct. 13 1926. Oct. 6 1926. Sept. 291926. Sept.
221926. Sept.15 1926 Sept. 8 1926. Sept. 1 1926. Oct. 211925.
RESOURCES.
5
$
$
5
Gold with Federal Reserve agents
$
5
5
1,409,541.000 1,329.143,000 1,383.196,000 1,359,115,000 1,384,679.
8
$
Gold redemption fund with U.S. Trees_
000 1,429,247,000 1,408,431.000 1.395.311,000 1.399,178,000
51,568,000
57,044.000
62,930,000
65.555.000
58,339.000
61,894,000
53.954,000
53,622,000
54.143.000
Gold held exclusively sent. F.R.. notes 1,461,109,000
1,386,187,000 1,446,126.000 1,424.670,000 1,443.018.000 1,491.141,
Gold settlement fund with F.R.Board
000 1,462,385,000 1,448,933,000 1,453,321.000
745,626,000 817,152,00
Gold and gold certificates held by banks_ 619.140.000 615,583,000 745,469,000 762,134.000 743,656.000 696.619,000 734,727,000 732,717,000 701,960,000
0 621,789,000 620.337,000 639.323,000 644.901.00
0 634,353,000 646,661,000 623,103,000
Total gold reserves
2,825,875,000 2,818,922,000 2,813,384,000 2,807,141.
000 2,825,997,000
Reserves other than gold
128,928.000 126,305,000 128,674,000 130,113.000 131,643,00 2,832,661,000 2.831,465,000 2,828,311,000 2,778,384,000
0 132,404,000 130.501.000 138,032,00
0 110,912,000
Total reserves
2,954,803.000 2.945,227,000 2,942,058,000 2.937,254.000 2,957,640,
Non-reserve cash
000 2,965,065,000 2,961,966,000 2,966,343,
54.926.000
000 2,889,296,000
47,184,000
50,441,000
49,838,000
52,275.000
Bills discounted:
52,352,000
45,483,000
53,734,000
49,328,000
Secured by U. S. Govt. obligations_ 290,035,000
339,205.000 288,717.000 365.993.000 319.076.00
Other bills discounted
296.587.000 364,696,000 334.872.000 350,637.000 342.560,000 268,609.000 324.831.000 320.675.000 293,172,000
0 296,926,000 289,436.000 305.673.00
0 309,789,000
Total bills discounted
586,622,000 703,901,000 623,589.000 716,630.000 661.636,00
Bills bought in open market
292,824,000 291,312,000 273,262.000 275.623.000 270,407,000 565,535.000 614,267,000 626,348,000 602,961,000
0 262.480.000 265,984,000 253.481,00
U. S. Government securities:
0 293,259,000
Bonds
53,287.000
53,803,000
53.537.000
55.322.000
51,409.000
49,093,000
Treasury notes
45.459,000
55,907,000
136,145.000 135.516.000 135.379.000 138.305,000 146,213.00
45,605,000
0
Certificates of indebtedness
117,532,000 118.849.000 117.419.000 108,414,000 107.546.000 147.435,000 220,418,000 217,702,000 248,366.000
291.493,000
46,407.000
55.657,000
19.532,000
Total U. S. Government securities
306.964,000 308,168,000 306,335.000 302.041,000
305.168.000 488.021.000 312,284,000
Other securities (see note)
2,500,000
318,964,000 323,805.000
3.700.000
3,700,000
3,700,000
3,700.000
Foreign loans on gold
3,700.000
3,700.000
3,220,000
3,700.000
6,300.000
Total bills and securities (see note)
1,188,910.000 1,307,081,000 1,206.886,000 1,297.994.000 1,240.911.
Due from foreign banks (see note)
000 1.319,736.000 1,196,235.000 1.202,493,
650.000
718,000
000 1,229,545,000
717.000
648.000
648.000
648,000
Uncollected items
669.000
807,671,000 747,408,000 731,382.000 .675,918.000
640,000
744,000
749.939.000 895,695,000 667,549,000
Bank premises
60.039.000
620.052,000 782,668,000
60,014,000
60,012,000
60.007.000
60,001,000
59,991,000
All other resources
59,938,000
13.561.000
13,789.000
61,552,000
59,931,000
13,409,000
13,704,000
13,901.000
13,476,000
16.754,000
17,751,000
16,696,000
Total resources
5,080.560.000 5.121,421,000 5,004,905.000 5,035,363.
000 5.075,315,000 5,306,963.000 4,948,594.000
LIABILITIES.
4.915,587,000 5,035,186.000
F. R. notes in actual circulation
1.729,833.000 1,756.299,000 1,730,973,000 1,716,466,000 1,716,087.
000 1,724,068.000 1,746.524.000 1.702,902.
Deposits
000 1,694,948,000
Member banks
-reserve account
2.213 488 000 2,217.091.000 2,211,909,000 2,248,876,
000 2,230.591.000 2,369.136,000 2,207.185,000
Government
19.416.000
30,560.000
2,223.902,000 2,206,347,000
23,557,000
51,703.000
67,613,000
4,084,000
Foreign banks (Cu sots)
5,565.000
6.855.000
5.894,000
46,132,000
24,326,000
6.586,000
11.829.000
14.840,000
15.641,000
Other deposits
11,339,000
17,797,000
20,681,000
11,424,000
15.166,000
17,795,000
17,978.000
18.959,000
28.485,000
18,235,000
20,043,000
18,926,000
Total deposits
2,257.556,000 2.274.226,000 2,259,847.000 2,330,386,
000 2,332.003.000 2,417,346,000 2.242,324.000
Deferred availability items
727,440,000 725,275,000 649,483,000 624.068,00
2,282.320,000 2,283,946,000
Capital paid in
124.002.000 123.901.000 123.855.000 123.796.000 663,202,000 802,314.000 596,902,000 568,299,000 705,954,000
Surplus
220,310.000 220.310,000 220,310,000 220,310,000 123.839.000 123,787,000 123,711,000 123,490,000 116,629,000
0 220.310.000 220,310,000 220,310,000
All other liabilities
21,419,000
21,410,000
220,310,000 217,837,000
20.437,000
20,337,000
19,874,000
19,138,000
18,823,000
18,266,000
15,872,000
Total liabilities
5,080,560,000 5,121,421,000 5,004,905,000 5,035,363.
000 5,078,315,000 5,306,963,000 4.948,594,11,
Ratio of gold reserves to deposit and
4,915,587,000 5,035,186,000
F. R. note liabilities combined
70.8%
69.9%
70.4%
69.3%
69.8%
Ratio of total reserves to deposit and
68.5%
71.4%
67.3%
70.9%
F. R note liabilities! combined
74.1%
73.1%
73.7%
72.6%
73.1%
Contingent liability on bills purchased
71.6%
74.3%
72.6%
74.4%
for foreign correspondents
42,8.53,000
43,981,000
45,385,000
45,296.000
45,124.000
44,228,000
44.824,000
44,875.000
36,796.000
Distribution by Ma Mites$$
$$
5
$
$
1-15 day bills bought in open market
$
81,062,000
91.107.000
$
$
77,575,000
88.824.000
83.679,000
81,131.000
1-15 days bills discounted
447,760,000 552,134,000 462,120,000 559,138,00
90.732,000
68,967,000
80,794,000
0 494,841.000 409.370.000 456,632,00
1-15 days U. S certif of indebtedness_
0 462,142,000 4 9
1,475.000
5 ,734,000
750.000
337.000 192.000,000
1-15 days municipal warrants
730.000
2,146,000
16-30 days bills bought in open market_
61,678.000
55,152,000
56,753.000
55.497.000
55,581,000
49,684.000
16-30 days bills discounted
49,831,000
41,440,000
42.888,000
52.065,000
47,263,000
46,164,000
44,123,000
46,492,000
50,160,000
16-30 days U. S. certif. of indebtedness_
46,671.000
42,356,000
37,573.000
16-30 days municipal warrants
31-60 days bills bought in open market_
77,042,000
76,556,000
82,448.000
73,136,000
70,409,000
63,460.000
65,387.000
31-60 days bills discounted
57,690.000
67.797.000
65,550.000
81.579,000
67,478,000
63,744.000
69.102,000
62.940,000
66,823,000
31-60 days U. B. certif. of indebtedness_
69,268,000
44.138,000
61,798.000
31-60 days municipal warrants
1,815.000
61-90 days bills bought in open market_
62,677.000
55,991,000
44,400,000
50,171,000
51,565.000
56,445.000
48,682.000
61-00 days bills discounted
55,138,000
33,116,000
37,634,000
67.122,000
42,486,000
43,619,000
45,354.000
35,802,000
36,325,000
61-90 days U. S. certif. of indebtedness_
42,264,000
43.811.000
35,242,000
44,103,000
38,853.000
39,138,000
01-90 days municipal warrants
Over 90 days bills bought in (then market
10.365.000
12,506.000
12,086,000
7,995.000
9.173.000
11,760.000
11,352.000
Over 90 days bills discounted
6.626.000
9,514,000
5,697.000
16,501,000
5,341,000
6,006,000
5.847,000
7,263.000
7.816.000
Over 90 days certif. of Indebtedness
73,394,000
10,318.000
73,563,000
8.614,000
73,316,000
68,811,000
68,071,000
34,463,000
45,677,000
Over 90 days municipal warrants
55,657,000
15,571,000
r.
,
F. n. notes received from Comptroller 2.937.676.000 2,914,314,000 2,919,310,000 2,919,203,000
F. R. notes held by F. R. Agent
863.777.000 851,172,000 858,782,000 853,802.000 2.923,819.000 2,912,691,000 2.863,816,000 2,871,780,000 2
,943,706,000
856,912,000 841,328,000 807,709,000
835,734,000 031.202,000
Issued to Federal Reserve Banks
2,074 099,000 2.063,142,000 2,060,528,000 2,065,401,000 2,066,907,
000 2,071,363,000 2,056.107,000 2,036,046,
000 2
,012,504,000
How Secured
By gold and gold certificates
306,428.000 306.428.000 306,433,000 306.633,000 306.634,00
0 304,134,000 304,134.000
Gold redemption fund
96,715,000 105,902,000
92,258,000
95,579,000 107,211,00
92.072.000 102.055.000 300.983,000 307,731,000
Gold fund-Federal Reserve Board
1,006,398,000 916,813,000 984,505,000 956,903,000 970,834,00 0
105,023,000 100.639,000
0
By eligible paper
837.644.000 947,286.000 859.423,000 953,368,000 895.994,00 1,033,041,000 1,002,242,000 989.305.000 990,808,000
0 800.852.000 855953,000
855.009,000 847,507,000
_ ..
......, 'on nnreo 9711 A90 (Inn 9 9A9 RIO 1111(1 9 R19 AWA MIA 9
9Sill 617 3(WI 9 9104 AM 9 9RA glad nnrt o
.
(111
nen .1... ...----------
NOTE.-BeginnIng with the statement of Oct. 7 1925. two new items were added in order to show separately
the amount of balances held
to foreign correspondents. In addition, the caption, "All other earning assets," now made of Foreign Intermedia
abroad
te Credit Bank debentures, has been and amounts due
securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item has been adopted
changed to "OUR*
as a more accurate
discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve
description of the total of the
Act, which are the only Items
'Revised figures.
included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT
Two ciphers (00) omitted.
Federal Reserve Sank of
Boston.
New York.
Phila,
RESOURCES.
$
Gold with Federal Reserve Agents 135,640,0
Gold red'n fund with 12.6, Treas. 4.452,0
$
$
$
$
$
$
$
373,725,0 90,222,0 161,090,0 43,835,0 116,05,0 158,640,0 18,651,0
9.375,0 8,631,0 4.351,0 2,136.0 4,240,0 6,270,0
296,0
Gold held excl. eget. F.R. note 140.092.0 383,100.0 98,853,0 165,450,0 45,971,0 120,935.0 164,910,0 18,947,0
74,671,0 262,782,0 41,370,0 54,594,0 27,349,0 26,546,0 138,023.0
Gold settle't fund with F.R.Boar
29.840,0 366,298,0 30,776,0 44,886,0 11,168,0 4,707,0 62,494.0 20,904.0
Gold and gold certificates
14,099,0
244.603,0 1,012,180,0 170.999,0 264.930,0 84.488,0 152,188,0 365,427,0 53,950,0
Total gold reserves
24.988.0 7,047,0 10,310,0 6,221,0 10,079,0 22,080,0 13.910,0
11,690.0
Reserves other than gold
256,293,0 1.037,168,0 178,046,0275,240.0 90,709,0 162,267,0 387,507,0 67,860,0
Total reserves
Non-reserve cash
17,161.0 1,092,0 4,617,0 2,734,0 3,744,0 9,071,0 3,373,0
5,285,0
Bills discounted:
Sec. by U. S. Govt. obligations 15,782,0
78,595.0 29,809,0 40,681,0 15,307,0 6,856,0 50,264,0 16,552,0
Other bills discounted
30,494.0 17.988,0 34.458,0 32,307,0 49.293,0 33,732,0 27,605,0
8,162,0
Total bills discounted
23,944,0 109,089,0 47,797,0 75,139,0 47,614,0 56,149,0 83,996,0 44,157,0
Bills bought in open market
42,401.0 25,121,0 26,775,0 13,210,0 34,432,0 42,027.0 3,737,0
31.732,0
U.S. Government securities:
Bonds
584,0 1,121,0 1,191,0
1.322,0
542,0
287,0 20,553,0 1,800.0
Treasury notes
23,675.0 16,581,0 21,464,0 2,662,0 1,494,0 12,665,0 10,191,0
4,235,0
Certificates of indebtedness
4,832,0
29,087,0 2,763,0 12,105,0 3,206.0
117,0 14,547,0 7,619,0
Total U. S. Govt. securities_ _ _
0 005 n
54 0840
CLOSE OF BUSINESS OCT.
20 1326.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap,
Kan. City
19.928.0 34.690,0
7.059,0
1,898,0 47.765.0 19.610.0
Dallas. Sanlrean,
Total
$
$
$
$
$
48,920,0 51,635,0 29,932,0
1,786.0 5,236,0 1,960,0 180,547,0 1,409,541,0
2,835,0
51,568,0
50.706.0 56.871.0 31.892,0
10,938.0 32,516,0 18,875,0 183,382,0 1,461,109,0
7,124.0 6,194,0 10,721.0 37,058,0 745.626,0
30,833,0 619,140,0
68,768,0 95,581.0 61,488.0
2.896,0 4.983.0 8,104,0 251,273.0 2.825.875,0
6,620,0 128.928,0
71,664,0 100.564,0
69.592,0 257,893,02,954,863,0
798,0 2,112,0 1,727,0
3,212.0
54,926,0
7,471.0 4,037.0 4,344,0
20,337.0 290.035,0
5,191,0 9,505,0
11,989,0 35,863,0 296,587.0
12,662,0 13,542,0 1
13.190,0 17,529,0 6,333,0 56,200.0 586,622,0
14,694,0 27,976,0 292,824,0
15,063,0 8,189,0 2,551.0
84,0
53,287,0
4,453.0 8.498.0 8.286,0
4,920,0 11,312.0 10,181,0 21,941,0 138,145,0
16,843,0 117,532,0
24,436,0 27.999.0 21.01 ft n 25505 n am
0114.0
RESOURCES (Concluded)
Two Ciphers (00) omitted.
2113
THE CHRONICLE
OCT. 23 1926.]
Boston.
New York.
$
$
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap Kan. City
Other securities
$
$
$
$
2,000,0
$
$
$
500,0
Total.
Dallas. San Fran.
$
$
2,500.0
4
123,044,0 1,188,910,0
205,574,0 94,846,0 136,604,0 67,883,0 92,479,0 173,788,0 67,504,0 50,788,0 59,070,0 52,045,0
650,0
650,0
97.561,0 41,257,0 17.192.0 46.503.0 32,863,0 50,472.0 807,671,0
76,086.0 195.653,0 71,532,0 73,885,0 70,061,0 34,606,0
60,039,0
1,793,0 3,455,0
16,740,0 1,598,0 7,409,0 2,364,0 2,957,0 7.933,0 4,111,0 2,943,0 4,668.0
4,068,0
13,561,0
373,0 2.889,0
559.0
586,0 2,683,0
306,0
838,0 1,284,0
316,0 1,013,0
2,590,0
124,0
5,080,560,0
Total resources
1,475,536,0 347,430,0 498,768,0 234,057,0 296.891,0 677,144,0 184,691,0 146,068,0 213,476,0 158,393.0 440,965,0
407,141,0
LIABILITIES.
50,634,0 189,412,0 1,729,833.0
F. R. notes In actual circulation_ 151,932.0 373.791,0 113,220,0 203,207,0 79,644,0 174.762,0 214,274,0 46,017,0 65,532,0 67,408,0
Deposits:
51,781,0 89,451,0 58,534,0 167.527,0 2,213,488,0
.
Member bank-reserve acirt 153,257,0 825,680,0 133,797,0 188,283,0 68,080,0 72,674,0 323,497,0 80.927,0
19,416,0
1,0 1,074,0 2,117,0
799,0 2,082,0 2,072,0 1,393.0 1,207,0
401,0 1,144,0
4,893.0
Government
2,233,0
6.855,0
435,0
221,0
246,0
202.0
863,0
271,0
252,0
334,0
674,0
599,0
Foreign bank
2,279,0
479,0
17,797,0
34,0 5,569.0
201,0 1,189.0
280,0
100,0 1,022,0
98,0
929,0
97,0
8,131,0
Other deposits
147,0
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
65,285,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
156,116,0
72.276,0
8.800,0
17,020.0
997,0
liabilities
rTotalklMemoranda.
5.080,560,0
407,141,0 1,475,536,0 347,430,0 498.768,0 234,057,0 296,891,0 677,144.0 184,691.0 146,068,0 213,476,0 158,393.0 440.965,0
74.1
70.6
63.0
60.3
63.5
71.5
52.7
60.9
64.9
69.8
71.8
83.2
85.4
Reserve ratio (per cent)
Contingent liability en bills purchased for foreign cormspondls 3,310.0
F. R. notes on band (notes recd
from F. It. Agent leas notes In
circulation)
36,895,0
2.257,556,0
840,983,0 134.894,0 191,030,0 69,311,0 75,108,0 327,454,0 82,871,0 53,391,0 90,887,0 59.863,0 175.648.0 727.440,0
161,210,0 65,295,0 66,194,0 65,682,0 31,742,0 85,021,0 39.639,0 15,207,0 40.849,0 34,946.0 49,379,0 124,002,0
12,527,0 13,559,0 6,106,0 5.037,0 16,695,0 5,334,0 3,091,0 4,189,0 4,304,0 8,604,0
35,756,0
59,964,0 20,464,0 22,894,0 11,919,0 8.700,0 30,613,0 9,570,0 7,501,0 8,979.0 7,615.0 15,071,0 220,310,0
21.419.0
3,832,0 1,030,0 1;884,0 1.395,0 1,542,0 3,087,0 1,260,0 1,346.0 1,164,0 1,031.0 2,851,0
5,968,0
1,873,0
1,394,0
1,699,0
1.525,0
3.006,0
42.853.0
103.860.0 38,002.0 24,945.0 14.660.0 28.765,0 34.458,0
4.794,0
5.631,0
7.198.0
4.839,0 40.219,0
344,266,0
11,228.0
4,138,0
4,661,0
2,309,0
1,742,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF
BUSINESS OCT. 20 1926.
(Two Ciphers (GO) omitted.)
$
F.R.notes reed from Comptroller 238,727,0
F.R.notes held by F. R. Agent__ 49,900.0
Total.
,
Phila, Cleveland. Richmond Atlanta. Chic go. St. Louis Minneap Ken. City Dallas. San Aran
$
$
$
$
$
$
3
3
$
3
$
$
769,771,0 190.222,0 275,892.0 116,839,0 267.497,0 450,649,0 72,731,0 86.886,0 113,091.0 69.600,0 285,971,0 2.937,876,0
39,000,0 47,740,0 22,535,0 63,970,0 201,917,0 21,920,0 15,723,0 38,485,0 14,127,0 56,340.0 863,777.0
292,120,0
F.R.notes issued to F.R.Bank 188,827,0
Collateral held as security for
F.It. notes Issued to F.It. Bk.:
Gold and gold certificates_ 35,300,0
Gold redemption fund
16,340,0
Gold fund-F.R.Board
84,000,0
Eligible paper
55,676,0
477,651,0 151.222,0 228,152,0 94,304,0 203,527,0 248,732,0 50,811,0 71,163,0 74,606,0 55,423,0 229,631,0 4074,099,0
.
19,156,0 10,000,0 306,428,0
7,945,0 13,507,0
8,780.0 28,805,0 14,237,0
168,698,0
96,715.0
913,0 2,775,0 4,776,0 14,731,0
24,027,0 8,445,0 12,319,0 2,530,0 5,458,0 2,995,0 1,406,0
181,000,0 81,777,0 140,000,0 12,500,0 97,000,0 155,645,0 9,300.0 34,500,0 48,860,0 6,000.0 155,816,0 1,006.398.0
65,330,0 100,590.0 59,332,0 90,560.0 125,906,0 47,880,0 25,630,0 30,895,0 30,802,0 84,005,0 837.644,0
121,038,0
Federal Reserve Agent at-
Total collateral
New York.
Boston.
191,316,0
494,763.0 155.552.0 261.689.0 103.167.0 207.255.0 284.546,0 66,531,0 74.550.0 82,530,0 60.734,0 264,552,0 2,247,185,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
-and liabilities of the 693 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
.of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2055
I. Data for all reporting member banks in each Federal Reserve District at close of business OCTOBER 13 1926. (Three ciphers (SIC) omitted.)
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. Son Fran.
48
99
31
24
$
5,056
146,446
377,770
$
$
17,470
5,556
103,108 886,670
418,744 1,271,242
$
6,887
188,221
339,873
$
3,382
72,353
172,013
$
$
4,022
4,040
113,292
71,892
317,225 245,978
816,407 1,386,610
529,272
527,408 2.175,382
534,981
247,748
434,539
89,783
265,547
290,714
363,561
70,659
68,635
62,391
116,100
59,506
47,679
101,597
92,903
355,330
654,275
Total loans and Investments
1,431,284 7,247,885 1,171,737 2,040,885
Reserve balances with F.It. Bank
80,482 130,384
98,262 730,028
18,355
34,987
Cash In vault
88,434
22,490
Net demand deposits
932,344 5,570,936 779,624 1,071,511
'ime deposits
424,782 1,273,245 236,178 825,088
Government deposits
21,113
30,361
64,245
31,668
Bills pay. & red's. with F. It, Bk.:
Secured by U.S.Gov't obligations
33,092
15,204
7,986 107,014
All other
23.983
11,742
69,387
26,448
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds__.....
All other loans and discounts
93
50
75
68
$
$
8,008
45,435
372,0092,273,988
655,140 2,799,173
$
10.913
410,974
394.520
$
20,294
572,955
793,361
38
Total loans and discounts
1,035,157 5,118,596
Investments:
U. S. Government securities
152,572 984,562
Other bonds,stocks and securities 243,555 1,144,727
Total Investments
396.127 2,129,289
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks In F. R. Bank cities:
Due to banks
A
Due from banks
35
67
46,237
58,562
314,543
468,818
139,294
104,799
783,361
178,491
107,185
194,500
668,566
40,649
15,020
388,682
209.133
6,663
632,207 2,958,743
39,302 253,969
13,132
53,061
340,106 1,841,457
232,615 1,057.808
11,891
27,274
713,472
48,067
8,642
415,569
218,319
5.176
354,933
26,575
5,885
210,791
122.203
1,735
629,039
54,939
12,934
504,347
149,376
4.581
693
$
$
5,985
137,048
329,699 5.541,607
943.239 8.728,278
321.910 1,278,923 14,406,933
53.429
25,169
254,242 2,480,235
220,236 3,115,492
78.598
474,478 5,595,721
400.508 1.753,401 20.002,660
27,006 112,602 1,642,265
312,725
13,345
26,440
282,037 808.543 13,145,947
100,445 886,516 5,735,708
236,817
23,492
8,618
7,126
15,572
7,159
24,128
35,299
19,856
6,842
14,940
5,330
1,276
1,125
3,521
2,577
6,187
30,815
26,484
259,569
243,524
57,299
503,093
176,401
26.946
57,075
22,698
31.287
55,155
21,782
6,606
4,646
8,764
124,612 1,092,521
en 9en 123 344
174,611
56.618
48.862
26.704
31.687
17.364
18,984
14 338
365,972
172 137
79,334
26 316
49,889
21 642
98,942
44 160
34,638
62 201
34,434
Total.
65
112,785 2,232,837
54246
633.542
2. Data of reporting member banks In New York City. Chicago, and for the whole country.
AU Reporting Member Banks.
Oct. 13 1926.
00.6 1926.
Number of reporting banks
693
693
Loans and discounts, gross:
$
$
Secured by U. S. Gov't oblisatIone
140,597.000
137,048.000
Secured by stocks and bonds
5,541,607,000 5,576,020,000
All other loans and discounts
8,728,278,000 8,697,362,000
.
0.
1
, Total loans and discounts
14,406,933,000 14,413,979,000
Investments
U.S. Government securities
2,480,235,000 2,491,121,000
Other bonds. stocks and securities- 3,115,492,000 3,118,019,000
k
iTotal Investments
Reporting Member Banks in N. Y. Mt,.
Oct. 14 1925. Oct. 13 1926
oct. 6 1926.
Reporting Member Banks in Chicago
Oct. 14 1925 Oct. 13 1926. 00.6 1926. Oct. 14 1925.
724
55
55
61
$
$
3
$
184,625,000
42,041,000
42,481,000
67.350.000
5,191,759,000 1,989.004,000 2,016,190.000 2,016,467,000
8,488,226,000 2.451,764,000 2,466,242,000 2,327,428,000
46
$
12,465,000
664,935,000
712.561,000
s
46
13.994,000
673,452,000
713,545,000
$
46
22,683.000
625,370.000
692,643.000
13,864,610,000 4,482,809,000 4,524,913.000 4,411,245,000 1,389,961,000 1,400,991.000 1,340,696.000
2,503,364,000
2.958,921,000
887,883,000
863.057.000
167,487,000
221,543,000
166.564.000
225,708,000
168,478,000
190,365,000
5,595,727,000 5,609,140,000 5,462,285,000 1,701,871,000 1,721,070,000 1,750,940,000
389,030.000
392.272,000
358,843.000
865,455,000
836,416,000
875.710,000
845,360,000
Total loans and investments
20,002,660,000 20,023,119,000 19,326,895,000 6,184,680,000 6,245,983,000 6,162,185,000 1,778.991.000 1,793,263,000 1.669,539,000
Reserve balances with F.R. Banks- 1,642,265,000 1,621,134,000 1,652,174,000 667,842.000 647,133,000 687,290,000 175,681,000 180,914,000 174.171,000
Cash in vault
21,310,000
301,355,000
23,490,000
284,108,000
27,179.000
312.725,000
71,207,000
66,758.000
65,505,000
Net demand deposits
13,145,947,000 13,037,470,000 13.178.316,0004.987.789,000 5,006,040,000 5,119.659,000 1,228,110,000 1,228,499,000 1.200,351,000
Time deposits
5,735,708,000 .5,670,758,000 5,247,740,000 831,440,000 833,302,000 791,150,000 520,681,000 515,828,000 479,200,000
Government deposits
14,152,000
15,149,000
7,331,000
263,066,000
173,057,000
42,084,000
58,581,000
236,817,000
63,096,000
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U.S. Gov't obligations
17.195,000
215,191,000
233,734,000
82,070,000
19,865,000
259,569.000
73,750,000
50,800,000
20,886.000
All other
9,458,000
208,993,000
73,069,000
11,196.000
243,524,000
234,216,000
66,739,000
40,241,000
1,510,000
Total borrowings from F. R. Us_ _
503,093,000
424,184,000
467,950,000
140.489,000
91,041,000
Loans to brokers and dealers (seCured by stocks and bonds) made by reporting
member banks In New York City:
For own account
891,053,000 953,508,000
,
For account of out-of-town banks
1,120,735,000 1.144,063,000
For account of others
715,266,000 711,436,000
Total
On demand
On time
*Revised figures.
2,727,054,000 2,809,007,000
1,998,184,000 2,080,624,000
728.870.000 728.383.000
155,139,000
26,653,000
31,061,000
22,396,000
2114
THE CHRONICLE
11$antars'
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-Below
azeitt,
Wall Street, Friday Night, Oct. 22 1926.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Ma ket 18 given this week on page 2069.
.
The following are sales made at the Stock Exchang
e this
week of shares not represented in our detai.ed
list on the
pages which follow:
STOCKS.
Week Ended Oct. 22.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share.$
per share.
Railroads.
Alabama & Vickeb_100
100 11434 Oct 2011434 Oct 20 1073.4 Ma 11634 June
Albany & Susq
100
5 20834 Oct 1620834 Oct 16 203
Feb 220 June
j3uff Hoch & Pitts p_100
42 9934 Oct 21 10034 Oct 22 92
Ma 10034 Oct
Buf & Susquehanna., 100 200 3534 Oct 22
373.4 Oct 20 35
Oc too
eo
Chic St P
& Om_ _100
300 50
Oct 20 50
Oct 20 48
AD 57% Sept
Minn & St Louis ctfs_100
100
% Oct 21
% Oct 21
% Oct 2% Feb
Morris dr Essex
100 8034 Oct 19 8034 Oct 19 7934 Jan 83
5
July
Nstsby Chatt & St L_I00
•
100 160
Oct 16 160
Oct 16 150
Apr 188
Jan
NI( Rys Ws 2d strand.*
144 135
Oct 19 136
Oct 16 108
July 141
Reading rights
4,200 1734 Oct 20 1934 Oct 22 16% Mar 2234 Sept
Feb
Rensselaer & Sara_ _ _100
29 127
Oct 22 127
Oct 22 122
Fet 127
Oct
Southern Ry rights
62,600
% Oct 18
% Oct 18
% Oct
% Oct
Industrial & Miscall.
Albany Pert Wrap Pap
Preferred
100
100 9634 Oct 19
July
Amalgamated Leather.. 2,100 14% Oct 20 96% Oct 19 9634 Oct 98
15% Oct 16 1434 Oct 21
Sept
Preferred
100 1.700 105
Oct 16 10634 Oct 19 102
July 113
Sept
Am T pe Found, pf.100
100 103
Oct 16 103
Oct 16 102% Au' 107
Feb
Barnet Le User
• 100 43 Oct 16 43
Oct 16 40
May 57% Feb
Blumenthal, pref. .11
___
100 43
Oct 20 43
Oct 20 43
Oct 60
Jan
Canada Dry Ginger Ale.' 15,806 3234 Oct 20 36
Oct 16 32% Oct 49
Sept
Central Alloy Steel_ __ _. 3.100 2834 Oct 20 30
Oct 16 2834 Oct 3334 Aug
Preferred
lot
20010634 Oct 22 10634 Oct 22 10654 Oc: 10634 Oct
Columbia Gas & El etts.• 8.600 8134 Oct 16 8354 Oct
21 79
Continental Bak,cIA _ _•37.500 5034 Oct 20 60% Oct 18 5034 Oct 8334 Oct
Oct 9334 Aug
Class B
•29,800 734 Oct 20 834 Oct 16 734 Oc 1534 Sept
Preferred
100 3,100 8734 Oct 21 89% Oct 18 87
Oci 9634 Aug
Crex Carpet
100 22
100
Oct 21 22 Oct 21 20
Sept 63
Jan
Crown Willamette Pape
1st preferred
• 500 9834 Oct 19 98% Oct If
Detroit Edison rights__ 7,850 33-4 Oct 16 314 Oct 1! 9834 Jul: 9834 July
334 Oc
3% Oct
Emerson-Brant, pf cf.100
100 934 Oct 20 93.4 Oct 21
8
July 1434 Sept
Elk Horn Coal Corp_ _.• 3.900 12
Oct 22 13% Oct T. 834 Jun. 1334 Oct
Preferred
60 900 25
Oct 22 26
Oct 21 21
Ma 27
Sept
Engineers Public serv_. 2.500 1934 Oct 16 20
Oct If 1934 Oc 2434 July
900, 93
Oct 20 94
Oct 21 93
Oct 9634 Aug
Ere Steam Shovel
Preferred. 7,100 2234 Oct 19 24
5
Oct le 213.4 Oc 2534 Oct
Preferred
100 200100% Oct 21 101
Oct le
Oct
Federal Motor Truck_' 5.900 2334 Oct 18 25% Oct 11 100% Or 01
23
Or 3434 Aug
Gen Gas & lee B
*
300 36
Oct 20 37
Oct 2( 36
Oc 4814 Aug
Hartman Corp,class 13.• 2,000, 26
Oct 20 27% Oct 21 2534 An 30
Sept
Kinney Co, Ore!
100
100 87
Oct 16 87
Oct 16 85
Sept 9934 Jan
Kraft Cheese
25 4,600 58
Oct 21 61% Oct 1! 58
Oct 6134 Oct
Liquid Carbonic, ctfs__. 2.100 4334 Oct 20 46
Oct 18 4314 Oct 4834 Sept
Loulelana011, pref.. 100
900 95
Oct 18 9534 Oct 21) 9334 July 97
July
McCrory
300 72
Oct 20 72% Oct 18 7034 Oct 117
Feb
Marland Oil, rights s* 7,900
Store
% Oct 21
% Oct 16
% Oct 1
Oct
Montana Power, preL100
100 113
Oct 18 113
Oct IS 11214 Jar 11934 Jan
Murray Body, ctfs____• 1,900 734 Oct 20 7% Oct
16 734 Oct 1134 Aug
National Supply, pref100
100 114
Oct 19 114
Oct 1 10434 Mar 115
Aug
N Y Steam, 1st pref___• 20010534 Oct 16 105% Oct 16
9934 Apt 105% Oct
011 Well Supply, pre:
.100
100 10834 Oct 22 10834 Oct 22 10434 Apr 109
Oct
Otis Steel, prior pref.100 400 66
Oct 20 67% Oct 21 it
Ocl 74
Sept
Pacific Tel & Tel, pref100
10010234 Oct 18 10234 Oct 18 10134 Jun 10234 Oct
Peoples Gas, Chic, fish 10.6001 2
Oct 18 2% Oct I
2
Oct 234 S. pt
Porto-Rican Am Tob.I00
400 70
Oct 21 72% Oct 21 60
Jan 8134 Jan
Real Silk Hosiery_ ___10 6,800 44
Oct 19 47% Oct 16 44
Oct 5034 Oct
I
11ridlcCeam, pref_ _ _100
100, 98
Oct 19 98
Oct 19 9534 Ma 100
Jan
Texas Co certifs
25 11.200 5034 Oct 20 52% Oct 21 5034 Oc 53
Oct
Underw.pref_100
Typew,
200 116
Oct 18 11634 Oct 21 11534 Sep 123
Jan
1.00.- r'n..1••- •..,•11, of•1A 0110 ot
;IA Oot 10 5714 Oct 16 46 14 Or out oc
•N.
value.
New York City Banks and Trust Companies.
•Banks marked
Ex-rights.
0..WM.-.0. Werwwg.-.1wm
0,,w,,w...gs,..4,-. .c.oc. .-cno.,..
..goo.-n-c.
0.00Ownw C.
,:A0W-4.ww0 .m
w0=0 0 000W01!r
,
WW
...
...,W..CRWW47AMWM0-4WW 0....WW1-.WW.mWWW&
,
o,,WW6,48W,C120W00000‘, 0.A.W,•40W00.80. WW
,
0a
AU prices dollars per share.
Bantu-N.Y.
America*. _ _ _
Amer Ex Pao_
Amer Union._
Bowery EastR
Broadway Cen
Bronx Bow*.
Bronx Nat_..
Bryant Park•
Butch & Dray
Capitol Nat__
Cent Mercan_
Central ___ _
Chase
Chatty Phenix
Nat Bk &Tr
Chelsea Exch•
Chemical._ _ _
Colonial'____
Commerce._ _
Com'nwealth•
Continental__
Corn Exch...
Cosmop'tan*.
Fifth Avenue.
First
Franklin
Garfield
Globe Exch•_
Grace
Greenwich'..
Banks.
Bid.
Hamilton__ 221
Hanover
lOOt
Harriman
610
Manhattan •. 221
690
Mutual.
Nat American 245
National City 611
New Nerly'ds• 325
490
Park
Penn Exch__ _ 130
Port Morris__ 245
Public
535
Seaboard ____ 6 5
,
Seventh
170
Standard
640
State*
590
Trade.
157
United
190
United States* 303
Wash'n Hta*. 640
Brooklyn.
Coney Island* 375
Dewey •
190
First
490
Mechanicif•__ 290
Montauk'-._ 350
Municipal •__ 305
350
Nassau
Peoples
600
Gueensboro *_ 200
*) are State banka
Ask.
226
1015
630
225
t.25
265
615
330
494
140
___
545
701
180
_
605
162
205
307
750
___
--.
415
300
_. _
315
345
650
215
(0 New
Trust Co., Bid. Ask.
New York.
American_ ___ -__
.....
Bank of N Y
& Trust Co. 627 635
Bankers Trust 118 623
Bruit Co Tr. 300 330
Central Union 893 900
County
205 303
Empire
355 3(0
Equitable Tr_ 275 279
Farm L & Tr_ 537 514
Fidelity 'I rust 285 295
Fulton
420
Guaranty Tr_ 402 406
Irving i at k
& '1 t ust('o. 294 299
Lawyers Trust ___ M nutra t, rel. 507 514
,
Mutual(Wattchester) ___ 215 230
N Y Trust._ 635 539
TA M111. I Tr_ 170 180
,
tle Gu & Tr 665 675
U SMtg &Tr. 380 390
United States. 1700 1730
Westchee'r 'Tr 550
Brooklyn. I
:
rooklyn____I 795 805
Rings County 2000 21 10
MIdwood..._ _ 285 295
stock.
(z) Ex-dividend.
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid.
47
183
314
278
Alliance W ity
Amer Surety.
Bond & 1%.1 0_
Lawyers Mtge
Lawyers Title
& Guarantee 270
Ask.
48 Mtge Bond_.
188 Nat Surety -389 N Y Title &
Mortgage..
292
S Casualty.
277
Bid. Ask.
140 145 Realty Assoc.
(13klyn)com
215 219
1st pref._ _
2d pre!
450 460
310 330 Westchester
Title & Tr-
Bid.
Ask.
215
88
85
220
92
88
500
Quotations for U. S. Treas. CUs. of Indebtedness, &c.
Maturity
Int.
Rate.
Bid.
Asked.
Maturity.
Rate.
Dec. 15 1926_ 334% 00.13 1001n Mar.15 1927- 434%
Dec. 15 1927_ 434% 100"sa 101.31 June 15 1927-- 33.4%
123.
Asked.
clot.n
we furnish a daily record of the transact
ions in Liberty Loan
bonds and Treasury certificates on the
New York Stock
Exchange. The transactions in registere
d bonds are given
in a footnote at the end of the tabulati
on.
Daily Record of U. S. Bond Prices. Oct. 16. Oct. 18. Oct.
19 Oct. 20. Oct. 21. Oct. 22.
First Liberty Loan
High 1001.31 100"at 100"st
41
334% bonds of 1932-47-- Low_ 1000 100..ft 1000n 10020n 1001, 100"ss
n
1001.ft 10011n 100011
(First 334s)
CIOSE 1001%, 100"is 100nst 100"as 100"ss 100"tt
Total sales in $1.000 units._
3
100
31
270
57
11
Converted 4% bonds ofHigli
1
1932-47 (First
Total sales in $1,000 units_ _ _
Converted 434% bonder igh
of 1932-47 (First 4a) Low_
%
Close
Total sates in $1,000 units...
Second Converted 434% High
bonds of 1932-47 (First Low_
Second 4Sis
Total sales in 31.000 units_ __
Second Liberty Loan
(High
4% bonds of 1927-42_ __ _ Low_
(Second 4s)
Close
Total sales in $1,000 units._
Converted 434% bundsilligi
of 1927-42 (second
Low.
434 )
,
Close
Total sales in $1,000 units. _
Third Liberty Loan
(High
434% bond, of 1928._ Low.
(Third 434,)
Close
Total sales in $1,000 units...
Fourth Liberty Loan
High
43.4% bonds of 1933-38_ Low..
(Fourth 434s)
Close
Total sales in $1,000 units...
Treasury
{High
4345. 1947-52
Low
Cloee
Tots sales in $1,000 units-
- ----____
_ __
____
---102
102.n 102.:t 102 “ 102.n 102.st
.
10101,1 101..n 102
102.st 102
102
1022.ft 102 41 102.11 102.n 102
0
102.n
20
49
70
3
11
8
----
----
----
____
____
--
-------_
__
____ 1002
--.2
_.- _ 100..,
_____ 100.rt
__ __ 100.n
---- 1001.2
__-_ 100..1
---1
__ _
.
100",, 100",, 100"st 100"st
100"st 100"n 100'?,, 100"s:
1000 1001.n 100111n 1009
.1
.”
67
115
60
78
101 n 101 1ss 101'n 101"at
,
101 as 101.n 101'n 101.ss
,
10111.1 101.ft 101.n 101.31
77
152 . 64
49
102 st 102"as 102"gt 102"as
,
102.22 102.22 102.111 102"as
102 as 102"as 102"as 102"ss
,
156
468
46
209
107"as 107"as 107"st 108
,
107",,107",, 107",,108 as
107.rn 107..ft 107.
0n 1081,2
3
103
63
20
103"ss
---- 104
1134.”
45, 1944-1954
(High.103",, 104
Low_ 103
____ 103
Close 10301,1
---- 104
104.12
Total sales in $1,000
50
.
___
110 •
11
units_{High 101ott 101",, 101"aa 101"at
Mk 1946-1956
Low- 101"gt 101"st 101'',, 101"2:
Close 101"aa 101"ss 101"aa 101"sa
Total sales in $1,000 sinus...
50
30
103
5R
__ _.
----------
----------
,,10 -1i;
100,,
0
loots,, 100"at
,,
1000 1001.st
165
29
101.as 101ln
101.as 101
101.n 101.n
54
30
102"as 102"n
102a,n 102"n
102"as 102"al
117
153
108 as 108
,
""
108
107",
a
108
107*.ss
2
10
1044" • ---103.12.
-103312,
---95
-101"n 101"ti
101"aa 101"11
101"as 101"11
s
Is
Note.
-The
above table includes only
sales of coupon
Transactions in registered bonds
were:
1 1st 3148
100.1, to 100.n
9 3d 411s
1011n to 101.0
4 let 434s
102
to 102
33 4th 4I4s
102.rt to 1021
15 2(1 4 48
0
100"12 10 100",,
bonds.
Foreign
Exchange.
-Sterling was quiet and slightly
lower on freer offering of cotton and
grain bills, and demand
bills for a time touched the lowest
point of the year. In the
Continental exchanges increased
activity accompanied by
spectacular advances in francs,
lire and krone, and the establishment of new low records in
Chinese currencies, were
the features of the week.
To-day's (Friday's) actual rates for
sterling exchanges wore 4 84 5-1634
4 6454 for cheques and 4 84 13-16(4)4 8454 for
cables. Commercial on
banks, sight 484 13-163448474, sixty days
4 80 3-16 ®4 80,14, ninety days
4 78 5-16®4 7834, and documents for payment
(sixty days) 4 80 7 160
4 8054. Cotton for payment 4 84 3-16344
8434 and grain for payment
4 84 3-16®4 8451.
To
-day's (Friday's) actual rates for Pails bankers' francs
were 2.95343.00
for short. German bankers' marks are not yet quoted
for long and short
bills. Amsterdam bankers' guilders were
39.923463
Exchange at Paris on London, 173.05 francs; weeks 9.9334 for short.
range, 159.70 francs
high and 167.45 francs low.
The range for foreign exchange for the week follows:
Sterling ActualCheques.
Cables.
High for the week
48474
48454
Low for the week
4 84 5-16
4 84 13-18
Paris Bankers' Francs
High for the week
3.0234
3.0334
Love for the week
2.87
2.88
Germany Bankers' Marks
High for the week
23.79
23.81
Low for the week
23.76
23.78
Amsterdam Bankers' Guilders
High for the week_
_,.
39.9934
40.0134
Low for the week
39.9634
39.9831
Domestic Exchange.
-Chicago, par. fflt.
discount. Boston, par. San Francisco, San L0169. 15©25c. per $1,000
Francisco, par. Montreal,
$.0375 per $1,000 premium. Cincinnati, par.
The Curb Market.
-The review of the Curb Market is
given this week on page 21(5.
A complete record of Curb Market
transactions for
week will be found on page 2129.
the
CURRENT NOTICES.
-Irving Bank & Trust Co. has been appointed
depositary of preferred
and common stock of the Central Hudson Gas & Electric
Co. and the United
Hudson Electric Corp. under the terms of deposit
agreement dated Oct. 20
1926.
-J. R. Schmeltzer & Co., members of the New York
Stock Exchange,
New York City, announce that Gray Perry,formerly
of Gray Perry & Co..
has become associated with them.
-Harrison, Smith & Co., Philadelphia, announce
that A. L. Manlerre,
G. A. Hurst and E. H. O'Farrell are now connected with
the sales organization of their New York office.
James Talcott, Inc., New York City, has been
appointed factor for
Edwin & Louis Dry. Inc., of 268 Fourth Ave., New
York, manufacturers of
woolens.
-Harry E. Durland has become associated with
the Chicago office of
Stranahan, Harris & Oatis, Inc. as Manager of their
local Buying Department.
-The Equitable Trust Co. of New York has been
appointed registrar
for the capital stock of the Noranda Mines. Ltd.
-Otis & Co. are distributing a special investment
bulletin descriptive of
nine selected stock and bond issues.
Wallace L. Durant has become associated with the
New York office:of
the Guardian Detroit Company, Inc.
2115
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING WC PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 16.
Monday,
Oct. 18.
Per share $ per share
Tuesday,
Oct. 19.
Wednesday, Thursday,
Oct. 21.
Oct. 20.
Friday,
Oct. 22.
per share $ per share $ per share $ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH ARE
Range Since Jan. 11926.
-share tots
On basis of 100
1
Shares.
Railroads.
Par
142% 143% 144 14612 14614 1483 14512 14818 1473 154 4 1503 1553 219,100 Atch Topeka & Santa Fe100
4
4
4
4
,
*9814 99% 99
100
9918 9982 993 *9812 9953 994 997
1,400 Preferred
997 99%
4
8
114 3,400 Atlanta Birm & Atlantle 100
118
118
1
114
114
114 *118
114 *118
1
114
189 19212 192 193
100
10,000 Atlantic Coast Line RR
195 197
191 19512 19018 19212 193 193
100 1007 10014 1013 10014 1013
8
100
4
4
4 9912 1003 10023 1013 10114 102% 58,100 Baltimore & Ohio
*7112 72
*7112 72
1001 Preferred
100
*7113 72
7112 7112 *7112 72
*7112 72
40
40
40
4014 4018 4012 4018 4018 401s 404 4018 4012 1,300 B ngor & A roostook
60
* 8 102 *10112 102 *10113 102 1510112 102 *10112 102 *10112 102
997
100
Preferred
5818 5818 563 583 5712 58
4
578 58
58
583
4 5818 5812 7,000 BkIn-IVIanh Trac v t c_No par
83 83
83
500 Preferred v t C
No par
*8212 83
83
83
*8212 83
83
*8212 83
8 1318 14
1312 137
1418 1553 5,200 Brunswick Term & Ry Sec A00
1312 135
13
13
1353 14
*82
88
*82
86
55 Buffalo Rochester dc PItts.100
83
81
8014 804 *80
*80
83
83
63
1559
5918 5912 *59% _ _ *5918
300 Canada Southern
100
*5918 -- *5918
1613 162
4
161 16112 16214 163 *16112 1623 162% 163
4 5,000 Canadian Pacific
100
162 1633
4
*
260 280 *260 280 *260 280 *2 53s 280,2 *260 280 .260 280
Central RR of New Jersey_ 100
16
60 169
166% 169
1683 173
4
100
4
16714 1703 1653 169% 215,000 Chesapeake & Ohio
16612 17214
4
_
_
*166
*168
*16812 ---Preferred
100
*168
*16812 _ _
588 518 "
100
54
,
514
900 Chicago & Alton
512 -;6- -5
512 *5
518 518
54
712 7 8
5
714 73
4
100
7% 7%
73
4 7% 1,900 Preferred
712 712
713 712
*243 285 *243 290 *243 290 *245 290 *245 290 *245 290
100
C C C St Louis
&
*32
35
*32
34
Chic & East Illinois KR...100
*31
35
31
34
1531
35
*31
35 .
•
42
44
*42
100
1,900 Preferred
,
44
4312 43% .42% 43
4312 4313 42% 43
*83
4 9
9
9
.l00
8% 8%
2,900 Chicago Great Western.
85
8 914
3% 9%
812 8%
235 24
8
23% 2434 23% 25 8 2314 24
100
24
2414 11,100 Preferred
3
23% 24
9% 10
4 5914 93
914 93
2.100 Chicago Milw & St Paul100
9% 9%
4 93
4
93
4
912 93
4
9% 93
8
884 834
100
22,400 Certificates
9
8% 9
9
9
9
9
914
18
1814 175 183
8
8 17% 177 18 1718 1658 17
100
1612 17' 12,900 Preferred
8
175 177
8
1634 171
8
15% 153 19,400 Preferred certificates. _...l00
16
1612 1718 1518 16% 16
74
74 2 7414 743
4
4 733 743
4
4 723 733 21,600 Chicago & North Western. 100
4
4 7112 7312 7212 733
*122 125 •122 125 •122 125 *122 125 15122 125 *122 125
100
Preferred
613 613
8
8
4 613 621
615 6312 39,300 Chicago Rock 1st &Pacific_100
8
81
635
8 6012 62% 6214 833
*103 104 *1028 10414 •102 104
100
800 7% preferred
10012 10012 101 12 102 *10212 104
91
91
100
913 913
4
4
91
911 *9012 9112 904 9114 91% 92
1,400 6% preferred
*89
91
91
100
92
92
92
1,300 Colorado & Southern
9212 93
91
02
9214 91
74
74
72
100
*71
72
300 First preferred
75
75
*72
71
7412 171
7414 .
Highest
Lowest
89
88
8814
89
89
8914 8914
*Bid and asked prices. s Ex dividend.
90% 91
9112 9218
Lowest
Highest
$ per share
$ Per .share $ per share $ per share
122 Mar 30
9413 Mar 5
12May 28
18112Mar 30
8312 Mar 3
6713 Jan 6
33 Mar 2
977
8Feb 8
5418 Mar 31
78 Mar 31
84Mar 4
69% Mar 26
58 Jan 15
14612 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
41;Sept 18
618May IS
17314 Mar 29
3014May 10
3612 Mar 31
7 4 Mar 31
3
1614 Mar 30
9 Mar 29
818 Apr 20
14% Mar 31
14 Apr 20
654 Mar 30
11812 Jan 4
4012 Mar 3
96 Mar 4
834 Mar 3
52 Mar
82 Mar
161 Sept I 11614 Jan 14012 Deo
100 June 12 92% Feb 98 Dee
3 Jan 1114 Dee
10 Jan 2
26212 Jan 2 14714 Jan 268 Des
1093
4Se0t 7 71 Mar 9412 Dec
s
4
73% Aug 20 627 Apr 673 Nov
46 Feb 1 3514 Mar 5612 Nov
Oct
101 July 12 89 June 100
6914 Feb 5 354 Jan 64 Nov
8
86 2 Aug 23 727 Jan 834 Dee
,
Feb
1718 Nov
1712 Aug 30
8May
874 July 20 48 Apr 925
Jan 59 may
56
61 June 14
8Sept 7 13612 Mar 1523* Jan
18£15
Jan
305 Jan 11 265 Mar 321
894 Mar 13012 Dec
178155ept 24
151 Sept 2s 10514 Apr 130 Den
35 Apr 10% Feb
1158 Feb 20
54 Apr 1912 Feb
1814 Feb 13
275 Aug 24 140 May 200 Dee
292 Mar 3814 Aug
37 Feb 10
40 Mar 574 Jan
513 Feb 10
4
15 Feb
9 Jan
1218 Sept 9
8
1914 Mar 323 Feb
8Sept 9
315
8
1412 Jan 6
314 Apt 163 Jan
7 Sept 11 Nov
14 Jan 8
7 Apr 2812 Jan
24 Aug 24
127 Oct 22 Nov
8
23% Aug 24
2
Apr 807 Dee
47
4Sept 10
833
4
12612 Apr 30 1013 Apr 120 Deo
8
404 Mar 587 Dee
8414 Oct 1
92
Jan 100 Dee
105 Oct 1
82 Mar 8912 Mar
8
923 Oct 5
444 Jan 70% Sept
964 Oct 13
4
60 Mar 863 Dee
74 Oct 13
*70
80
1570
100 59 Jan 11 72 Sept 2
*70
80
80
80
Second preferred
70
1570
80
80
*70
169 170
168 171
ion 15014 Mar 30 18312Sept 2
170 17112 6,600 Delaware & Hudson
171 173
1704 171
169 171
13912 141
13912 141
4,100 Delaware Lack & Western_ 50 129 Mar 30 15312 Jan 12
14014 142
139 14012 140 14212 141 143
•
39
40 .
39
Gr West pref...100 3712May 19 47 Jan 2
*3812 40
200 Deny & Rio
*3812 40
40
39
39% 3918 39
373 3818 37% 381
4
100 2212 khir 29 40 Jan 2
4
3918 383 39% 50,100 Erie
38
3812 373 3814 38
4
8
4712 473
4 47% 481
lOr 33 Mar 30 504 Oct 6
483 31,400 First preferred
8
484 47
47% 483
4 4614 47% 47
4512 4512 46
100 30 Mar 30 471, Oct 8
46
46
4612 45
4512 4513 4618 4512 4512 4,600 Second preferred
75% 753
4 76
753
4 7514 76% 12,900 Great Northern preferred_ _100 6312 Mar 30 8012Sept 10
76% 7518 7612 74% 7512 75
1912 1912 19
1814 Oct 20 274 Feb 15
19
4,200 Iron Ore Properties_.No pa
8 19
1914 1812 19
1814 18% 1812 185
36
3614 3
8
3614 3612 355 3612 4,000 Gulf Mobile & Northern..100 2518 Apr 20 41 14 Sept 29
6% 363
4 3512 37
3514 36
*10514 106 *10514 106
10
95 Mar 29 109 _Sept '0
1,200 Preferred
104 10514 *103 105
10412 105 *105 106
38
38
373 38
4
10
2,300 Hudson & Manhattan
37% 38
348 Jan 22 40 Apr 8
373 38
8
4
37% 37% 375 38
*72
78
4
100 673 Mar 31 7914July 26
*74
*74
77
76
Preferred
76
*74
*74
76
5174
76
119% 119% 12012 12912 120 '1207 11934 120
100 11312Mar 3 131 Sept 7
8 2,000 Illinois Central
8 121 1217
12012 1213
8
*119 125 *119 125 *119 121
100 11512Mar 30 12912sept 7
400 Preferred
120 120%
121 121
7512 7512 *7512 76
7114 Jan 8 77 June 23
30 Railroad Sec Series A 100
-3*7512 76
*7512 753 *75% 75% 1-51612 76 4
4
•____ 2612 2812 2812 2814 2614 2614 2614 *264 2714 *26
300 lot Rys of Cent America..100 2514 Mar 30 31 Feb 13
2712
*
61
62 Mar 30 66 June 24
10
65
200 Preferred
*603 85
84% 64%
4
1561
85
65
*61
1561
65
40
40% 30
41
4
3918 4018 3812 39
37% 383
4 3712 383 11,300 Interboro Rapid Tran v t 0.100 2412 Jan 15 5214May 25:
I Aug 14
312 Jan 15
100
Iowa Central
112 ____112
1%
"---14
*____
112 *____
100 3414 Mar 3 5118Sept 9
4112 4238 4184 4253 41
13,000 Kansas City Southern
43
41
42% 41
423
4 4018 42
8Sept 10
100 605* Mar 31 683
*
65
67
100 Preferred
*6518 67
*6018 6618 *8518 65% *85
6518 65%
66
75121842a 3 9312July 15
86
*
84
8512 8612 8512 8812 84
85
8518 2,700 Lehigh Valley
84% *8412 88
100 118 Mar 30 144 Sept 3
*126 12712 12612 12612 128 128
12814 12812 1,900 Louisville & Nashville
12618 127
12714 128
4
100 Manhattan Elevated guar 100 84 Mar 3 923 Apr 20
5187
88
88
94
94
5187
•
87
94
*87
94
94
*87
8May 28
100 3818 Jan 26 817
Modified guaranty
4713 48
463 4712 47
4
47
463
8 46
4614 4618 46% 5,200
46
418July 31
10 Feb 9
600 Market Street Rallway__100
*412 7
*45
45
8 43
4
45
7
11141.2 7
*45
8 61
48
100 1912 Oct 22 40 Feb 9
100 Preferred
•19% 22
*1912 22
1912 1912
30
•1912 30
•1912 20
*20
8
100 3918June 21 513 Feb 10
1,500 Prior preferred
*42
421
42
41% 41%
4282 413 4218 413 418
42
42
4
4
100 1134 Oct29 2212 Feb 10
100 Second preferred
5111
*12
15
•1434 15
16
*1134 14
15
1134 113 *12
4
37 Jan 11
*188
8July 26
13
100 Minneapolis & St Louis ..A00
*13
8
1%
134
153
13
*15
8
13
15
8 *158
153 •138
500 Minn St Paul & SB Marle_100 34 Apr 21 5212 Feb 3
35
3614
*35
40
40
3512 351 *38
*35
*35. 40
40
100 55 Mar 20 79 Feb 3
Preferred
62
*55
60
*58
63
*57
62
*60
65
*57
63
*58
s
100 6212 Jan 4 667 Feb 24
Leased lines
80
6312
631 *
63
*60
*
62
*
62
63
63
*60
821 5160
par 2912 Oct20 4718 Feb 9
3118 32% 10,100 Mo-Kan-Texas
8 311
32
321
3112 32
3118 321
2912 31'o 303
100 82 Mar 2 95 Jan 4
4,200 Preferred
9112 92
91
91
9138 9118 911
1591
91
9138 913* 90
100 27 Mar 3 45 Sept 1
20,100 Missouri Pacific
8
37
377
3 365 38
36% 373
8
8
4 3718 378 365 388 357 37
100 7112Mar 3 95 Sept 3
87% 18,300 Preferred
8 8614 8714 86
853
8612 87% 8818 87
86
874 85
83 Jan 7
4
44 Apr 10
300 Nat Rya of Mex 1st pref_100
4 514
5
5
*412 512 .43
*5
6
*5
6
5
518
412 Jan 7
2 Mar 18
100
2
218 1,200 Second preferred
*2
214 •
2
21
1,218 2% *218 23
8
2% 213
New Orl Texas & Mexlco 100 120 Mar 30 13212 Jan 9
15121 128 *121 125 *121 125 *121 125 *121 125 *121 125
10 117 Mar 30 14712Sept 7
13014 131
131 13212 13012 13318 12912 13114 13118 13353 13138 134 108,800 New York Central
100 130 Mar 3 20 02Sept 2 1
8,600 N Y Chic & St Louis Co
194 196
193 19412 194 1964 194 197
192 1933 194 196
100 93 Mar 11 106 July 8
500 Preferred
4
102 102
10212 10212 *10214 1023 *102 102% 15102 10212 1013 102
4
8July 17
8
100 305 M ar 30 483
2s 398
383 39% 66,200 NYNH& Hartford
4
3914 40
3914 40% 39
403* 37% 39% 38
4
2
23% 237
8 233 233
2312 2314 2312 2312 2414 3,100 N Y Ontario & Western ..l00 193 Mar 30 287 Feb 13
8
8 2314 2314 23
6 Jan 25 2014 Feb 5
500 N Y Railways pref ctfs_No par
813 818
912
*83
8 934 *8314 912
*8
838 9
838 9
New York State Rallways_100 19 Oct 7 2812 Jan 14
19
*17
*17
19
20
'17
*17
19
19
.17
117
19
Norfolk Southern
39
100 277 Apr 15 4438 Sept 2
*35
*34
39
383 *35
4
39
.35
3812 *____ 384 *34
100 1394 Mar 30 170 4 Oct 2
16014 161
8
1607 18258 1605 16338 1593 16112 162 1663 16312 16753 39,200 Norfolk & Western
8
4
8
100 Preferred
100 84 Jan 7 853s Aug II
4184
85
•84
8512
8512
*84
85
8512 *84
84
*84
84
4
100 653 Mar 30 8212 Aug 26
75% 76% 78
8
4
4
77
76
7783 754 7653 753 778s 753 767 16,200 Northern Pacific
200 Pacific Coast
1515
100 15 Oct 19 48 Jan 6
20
22
20
1515
*15
22
• 1518 1518 *15
15
15
*Sept 3
60 485 Mar 30 567
53
53% 53
8 544 5423 23,300 Pennsylvania
5323 53
5323 534 543
538 53
18
1,500 Peoria & Eastern
100 157 Oct 19 2654 Jan 14
*1614 20
18
1517
22
1618 1618 •1614 19
1578 17
100 67 Mar 3 11312Sept 24
10612 10818 10612 10912 106 10812 10514 107
6,800 Pere Marquette
10712 1081
108 108
96 July 7
300 Prior preferred
100 79 Mar 1
9112 911
*9114 93% *9112 93
4
9213 9212 913 918 519112 93
*88
8
89 .
Preferred
100 703 Mar 29 917 July 17
*884 88
*8814 88
88
89
4186
*8614 88
88
148
____ •148
Pitts Ft Wayne & Chic pref 100 14212 Jan 2 150 Sept 8
____ *148
*148
•148
-- •148
_ 1.300 Plttsburgh & West Va
10612 1061 10614 10814 *106 109
8
100 85 Mar 30 1193 Jan 11
106 10618 *10614 110
108 106
94
8514 84
50 79 Mar 30 100 July 9
8 844 861 17,600 Reading
3
8414 83 4 853
843
8 8312 86
83
*38
First preferred
401
401 5138
50 40 Jan 5 42 Apr 26
40% *38
4012 *38
4012 *38
401 *38
*43
431 1543
100 Second preferred
40 40 Mar 30 45 Sept 2 ;
4312 43
154112 4312 111414 4312 *4112 431
43
4141
51
51
Rutland RR pref
100 42 Apr 8 6114 Aug 2
5145
*4312 51
51
4582 *45
5142
*42
56
95
13,800 St Louis-San Francisco
9514 95
97
100 85 Mar 30 102 Sept 7
931,2 943* 93% 9653 95
95 4 943 957
3
4
*8912 91
200 Preferred A
100 8312 Apr 1 9214July 14
891 •89
8912 *89
894 898 897
8912 8912 *89
•60
611
3,000 St Louis Southwestern....100 5712Mar19 74 Feb 9
623* 623 1562
6012 611
62
4
6114 60
58
621
*75
79
100 Preferred
100 72 Mar 19 80'i July 27
*75
*7512 78
79
*7512 78
*75
75
75
77
*2914 291
9,900 Seaboard Air Line
293
100 2712 Mar 31 51 Jan 2
295 293
8
2712 2814 29
4 29
301
2712 28
8
*3314 34
*3312 3412 *33
1,100 Preferred
33
100 3112Mar 31 483 Feb 18
33
33
33
34
3238 33
10312 1035 1035 104
100 9618 Mar 30 11014Sept 3
4
8
10334 10414 103 1034 10314 10414 1033 1047 21,700 Southern Pacific Co
116% 117
8Mar 30 13114Sept 3
116 11878 116 1167 1145* 116
100 1035
11618 1167 27,800 Southern Railway
8
1155* 1167
9414 9438 943 95
1,900 Preferred
100 8712 Apr 6 9512 Aug 5
3
4
93 4 93 4
3
*94
9412 943 94
94
947
48
49
11,100 Texas & Pacific
100 4218 Mar 30 615s Jan 13
4714 50
493
4 4712 49
49
4818 50's 4634 49
29
305
7 32% 32
3.200 Third Avenue
2912 33
100 1312 Jan 8 43 Apr 23
32
3014 3178 32
3118 32
4
597 *59
*59
Twin City Rapid Trans1t 100 671:Sept 29 783 Jan 4
594
60
*593 597 *59
5914 1559
594 *59
4
8
158% 1593 159 161
100 14112Mar 30 1683 Oct 1
15914 1617 15712 1593 159 16212 159% 16212 25,200 Union Pacific
4
*7912 793
100 743 Jan 6 8114 Aug 28
700 Preferred
*7913 80
7912 7913 80
4
80
7934 793 *793 80
4
*2414 30
31414 30 *2414 30
100 United Rallwa,s Investm1.100 193 Mar 3 2712 Apr 7
*233 30
4
2414 2414 *238 30
•
75 105
•75 110
100 65 Mar 2 100 Oct 1
*75 105
Preferred
*75 110
1575 105
*75 105
52 Jan 12
337g mar 3
38% 391
39
38,100 Wabash
10
4
39% 385 401
4 373 30
3612 38% 3753 383
783 Jan 13
4
7312 73
68 Mar 3
73
3
74
10
7414 5,900 Preferred A
7312 7414 74
73
733 7414 73
4
72 Jan 29
Mar 21
63
*80
*60
100 57
63
63
1560
63
Preferred B
*80
1560
63
*60
63
8
4 117 1178 5,000 Western Maryland
8
1114 113
4 113 12
4
100 11 Mar 3 185 Jan 4
8
1134 12
1112 11% 113 113
3
20% 205
8 20
100 1638 Mar 30 24 8Sept 25
2012 *1912 2012 1,600 Second preferred
20
2014 20
1912 1912 20
*34
37
100 33 Oct 14 3914 Jan 2
*34
600 Western Pacific new
153312 35
335 335
37
35
*34
37
34
100 7712 Jan 15 862 Sept 11
*8018 81
8012 8012 803* 803
400 Preferred new
81
81
81
8014 *80
8 8014
243 2434 243 25
8
4
2618 17,000 Wheeling & Lake Erie Ry 100 18 Mar 30 32 Jan 2
2414 2512 233* 2412 244 26% 25
100 37 Mar 30 87% AUg 20
*425 4412 43
42
42
8
1,500 Preferred
,
43
4114 414 42% 44 4 42% 42%
88
PER SHARE
Range for Prestotie
Year 1925. .41
Industrial & Miscellaneous.
1,900 Abitibi Power & Paper_No par
,May 21
708
98 Sept 14
Jan
54
13312 Mar
125 Mar
2
343 Oct
20 May
4
35 June
34 June
Apr
60
25 Dec
21 Mar
8912 Ma
2134 Mar
6412 Feb
111 Ma
11212 Ap
6814 Au
Ja
18
5912 Jan
13% Mar
112 Jan
28528 Mar
Jan
57
69 Mar
Jan
108
64 May
3212 Mar
6 Nov
20 Jan
4214 Nov
15 Dec
214 Oct
303 Apr
8
40 Mar
5712 June
2814 Jan
741 Jan
4
303 Jan
8
71 Mar
112 June
112 June
313',June
113% June
118 June
8812 Jan
28 Mar
2038 Apr
6212 Aug
165 Apr
1471 June
4
60 Jan
393 Dee
8
4678 Jan
43 4 Jan
3
823 Dee
s
404 Jan
361 Sent
8
10914 Sept
384 Aug
72 July
12511 Dec
1254 DOS
7414 Dec
331s Sept
6612 July
3412 Feb
3'2 Mar
51 Dee
8314 Dee
8812 Dee
148 Dee
11912 Sept
5114 Feb
12 Sept
484 Sept
6614 Sept
3514 Sept
4 Mar
57 Nov
8814 Nov
63 Feb
4512 Sept
9212 Dee
411 Dee
4
9112 Dee
34 Dee
314 Dee
13712 Dee
13712 Dee
183 Dee
987 Nov
s
47 Dee
343 Aug
4
35 Mar
Oct
96
7753 Jan
83 Jan
434 Jan
712 Apr
58
Jan
1334 Apr
72 Jan
18 Aug
4812 Mar
1912 Mar
55 4 Jan
3
3812 Jan
11 Mar
16 Mar
19 4 July
3
72 July
4
103 Mar
22 Apr
12 June
86 July
45 Sept
151 Dee
86 Des
7814 Dee
4012 Dee
5538 Del
213 Dee
8
8512 Dee
89 4 Dee
1
795 Dec
144 Nov
123 Dee
9114 June
41 June
44se June
627 Jan
s
1024 Aug
9214 July
6914 Dee
783 Dee
4
5414 Noy
5112 Aug
1083 Jan
8
12012 Dee
9512 Sept
59 Dee
153* Sept
7814 Dee
1634 Jan
7714 July
33'n May
837 Dee
2
474 Aug
737 Dee
2
8012 Aug
183 Aug
$
264 Jan
3912 Dee
81 Des
32 Dee
7
53 s Dee
Jan
760 Do*
4
5 Dec
21 Dec
217 Apr
s
12312 Mar
7512 Jan;
584 Apr20 Aug
4212 Ain
132 Apr
4
6134 June
78 July
6812 Apr
Jan
139
63 Mar
693 Mar
4
8
357 Mar
3614 Mar
42 Apr
5712 Jan
Jan
76
43 4 June
3
704 June
203 .Jan
8
62
2116
New York Stock Record-Continued--Page 2
Fox sales during the week of stocks usually Inactive,
see second page preceding
HIGH AND LOW SALE PRICES
PER SHARE
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
Range Since Jan. 1 1926
Rangefor Previous
for
NEW YORK STOCK
On basis of 100
Monday,
-share lots
Tuesday,
Wednesday, Thursday,
Year 1925
Friday,
the
EXCHANGE
Oct. 18.
Oct. 19.
Oct. 20.
Oct. 21.
Oct. 22.
Week.
Lowest
Highest
Lowest
Highest
$ per share 5 per share $ per share $ per share $ per share
3 per share Shares. Indus. & Miscel. (Con.) Par
•534 56
$ per share
53 4 533 *535 5812 5313 5312 554 5.54
3
4
per share $ per share 5 per share
*534 56
300 Abraham & Stratui_ __No par 43 May 20 $ 25ept
131083 112 *1083 112 *10834 112 *110 112 *110
4
591
27
112 •110 112
Preferred
*2612 27
100 10418Mar 19 111 Sept 28 ---..- -_-_-_*2612 27 '
32612 27
*2612 27
*2612 27
--- - ---*2612 27
Albany Perf Wrap Pap_No par 2613 Oct 6 273
142 142 *142 146 *142 146 *138 146
4June 23 - - -___ - - - - ---140
200 All America Cables
100 131 Jan 6 155 July 24 119 Jan
11812 11812 12012 121 *117 123 *11818 123 *12013 140 •139 142
123 *12012 124
1333 Oct
4
400 Adams Express
100 997 Mar 18 136 Sept 22
17
8
1734 1714 18
1714 1814 17
1714 18
90 Apr 11714 Oct
18
1718 1714 2,300 Advance Rumely
100 10 Mar 19 22 Sept 24
•55
56
58
5612 54
583
3 5513 5512 56
13 Apr 20
Oct
56
55
56
1,200 Preferred
100 4814May 11 65 4Sept 24
6% 67
63
4 63
4
3
7
75
7 18
47 Feb 6214 Oct
7
714 714
714 714 2,800 Ahumada Lead
128 128
12613 12812 127 1307 12413 12
1
94
612 Oct 4
8
718 Oct 1218 May
75* 12618 12914 12818 129
5,500 Air Reduction, Inc____No par 10714May 19 1454 Jan 4
71e 75s
75
712
712 7a4
718 75s
Aug 9
863 Jan 11734 Dec
4
7le 7 4
3
73
4 8% 8,700 Ajax Rubber, Inc
No par
'
4
'1
14 *1
718 Oct 20 16 Feb 10
93 Dec 157 Jan
118 *I
14
1
I
1
8
1
78
7
8 1,200 Alaska Juneau Gold Min_ 10
•12312 12812 12413 12812 124 12912 1227 12512
8 Oct
2 Jan 4
1
8
Jan
212 Oct
12512 12712 12412 12712 150,300 Allied Chemical & Dye.No par 1067 Mar 22
-.1204 121 *12014 121
30 147 Sept 22
12014 12014 *12014 12012 *12014 12012 12014 12014
80 Mar 1161, Dec
300 Preferred
100 1183 Mar 20 12214 Aug 17 117 Jan
854 858 8513 863
4
8 86
87
86
86
12114 Nov
87
8714 x86
867
8 4.400 Allis-Chalmers Mfg
100 7814 Mar 26 948 Jan 14
••109 110 *109 110 *109 110 *109 110 *109
7112
110 *109 110
Preferred
100 105 Apr 7 11012May 24 10314 Jan 9714 Dec
277 284 284 2814 28
8
283
4 275* 28
Jan 109 Dee
28
2812 2713 28
4,600 Amerada Corp
No par 2414May 20 327 Aug 9 _
1012 1112 11
1112 1118 1212 11
113 *1112 12
4
1 15* 13
4,100 Amer Agricultural Chem_100
9 Oct 14 348 Jan 14
403 41
8
4114 4234 414 44
13 2 Vi-i• -iii -Oct
14113 414 415* 4212 4212 4314 5,400 Preferred
a
100 401 1 Oct 15 9612 Jan 14
42
42% 4212 43
42 4 4312 43
3
3612 Mar 8212 Dee
43
43
4312 42% 44
4,100 Amer Bank Note, new
10 3438 Mar 31 44 Oct 22
3912 Dec 443 Dee
''52
58
*52
555 '
55% *52
352
58
*52
58
*52
58
Preferred
50 55 Jan 15 5812July 10
-•2112 2213 *2113 23
*2112 22 4 225* 2238 214 2113 3
534 Jan 5813 Sept
3
.2138 22
200 American Beet Sugar
100 2012Sept 13 383 Feb 5
. 58
0
4
62 .55
65
295* Oct 43 Jan
*57
62
*57
62
*57
62
357
62
Preferred
100 56 Oct 9 83 Feb 24
, 18
173 181
1814
78 Dec 877 June
1814 195* 18
8
1814
19
20
18
13,000 Amer Bosch Magneto. No par 16 May 19 343 Jan 4
19
12712 12712 12712 128
126 12612 126 12912 129 132
2618 Mar 5412 Jan
130 132
2,900 Am Brake Shoe & FNo par 110 May 19 180 Feb 2
•11312 118 .11312 118 *11312 1193 311312 1193 *114 1193 *114
9014
4
4
4
1193
Preferred
4
100 11014 Nlar 24 12814 Feb 18 10713 Mar 156 Dec
37
363 384 365* 3914 3614 374 38
375*
Jan 1145* Dec
3812 3712 39
18,500 Amer Brown BoveriEl_No 1w 8 42 Mar 29 50 Aug 9
par 3
0
6
*9512 96
*9512 96
473 Dec 537 Oct
*9512 96
4
*9512 95
*9513 96
Preferr
100 Preferred
957 95%
:Mar 31 9718 Jan 16
473 48
4714 4812 465 481s 4613 475* 48
9018 Nov 98 Dec
*
493* 48
493 170,200 American Can w I
4
25 387 Mar 30 6318 Aug 4
8
*123 1243 *123 1243 12314 124
4
4
4714 Dec 495 Dec
124 12414 125 125 *12312 12512
4
700 Preferred
100 121 Jan 4 1267
8July 27
98
98
96
9818 96
97
95
957
96
97
96
97
3,700 American Car & Fdy___No par 9112 Mar 31 1147s Jan 12 115 Jan 12178 Sept
512012 125 *12012 125 *118 125 *118 125
9712 Apr
3
124 124 *120 124
150 Preferred
100 12012 Oct 15 12914June 23 12034 Apr 115 4 Sept
*245* 25
243 245* 243* 243 *247 25
8
128 July
4
8
24% 24% 25
25
600 American Chain,class A._ _ 25 2314 Mar 30 2614July 20
.
33
33
2212 Oct 27 Feb
333 33% *34
4
3412 34
34
34
3514 35
3512 2,100 American' Chicle
No par 31 Oct 11 51 Jan 4
3212 3212 *33
37
34
*33
Jan 62 Apr
3412 *34
35
*34
354 *35
36
200 Do certificates
No par 28 Oct 13 4714 Jan 7
87
88
7
37
84 8%
Jan 5812 Apr
83
4 87
83
4 83
4
85
83
4
8% 8% 4,900 Amer Druggists Syndicate..
414 Jan 5 103* Aug 19
.10
120 120
414 Dec
12114 1223 120 122
63 yap
4
4
120 12014 •120 123
1204 1223
1,700 American Express
4
100 1057 Mar 31 140 Jan 6
8
•154 1512 15
153
4 155* 1814 1412 1514 1413 153
Jan
3 1514 1512 13,100 Amer & For'n Pow new_No par 1413 Oct20 4238 Jan 2 125 Apr 166
86% 87
2714 Apr 513 Sept
86
8612 86
s
854 85
86
85
863 .85
4
86
3,000 Preferred
No par 79 Oct 1 98 Feb 13
87 Jan 94 Feb
712 712 *714 8
77
714 74
73* 75*
74 74 *714
1,300 American Hide & Leather.100
7 May 10 1712 Feb 9
*35
39
812 Mar
39
3918 *39
1438 Dec
41
38
38
397 397 *38
40
800 Preferred
100 3312May 7 6714 Feb 9
•243 25
4
5813 Sept 75% Jan
243 25
4
243 243
4
4 2412 254 245* 25
.243 25
4
1,000 Amer Home ProductsNo par 23 Oct 8 263 Apr 29
5
4
12113 12112 *121 122
122 122
1177 121
s
1203 121
4
120 12114 2,400 American Ice
100 109 Mar 31 136 June 8
83 - Mar fill Dec
*823 83
8
8112 823 *8112 8212 *80
3
82
*80
380
8212 '
8212
300 Preferred
100 8112 Oct 18 8634June 1
7413 Mar 86 July
35 4 36
3
3513 355* 3518 363
4 3512 3512 36
3612
3712 11,900 Amer International Corp-100 313
4July 19 4634 Feb 16
3218 Mar 467 Nov
1213 1212 1213 125* 125* 125* 123 1213 1212 125s 363* 1212 5,300 American
s
1212
La France F E___10 1214Sept 2 157 Jan 4
8
1114 Jan 20 Nov
2912 3114 29
2912 27
2912 255* 273* 2712 2914 28
293 16,200 American Linseed
100 25 8 Oct 20 527 Jan 4
3
8
20 Mar 5914 Nov
89
69
68
6818 673 69
4
6812 7018 7018 735
74
75
3,600 Preferred
100 673 Oct 19 87 Jan 4
4
53
103 1034 90 1034 983 1024 99 10114 101 102
4
100 10212 20,100 American Locom new__No par 9014 Mar 31 11978 Jan 4 10412 Jan 89 Oct
Jan 1447
8
1177 1177 *11712 11818 11818 119 *118 120 *118 120
8
8
1183 119
4
1,600 Preferred
100 116 Aug 9 12014 Feb 11 115 Aug 124 Mar
*68
Feb
6912 *6814 6912 6314 6814 *68
69
70
70
70
70
300 Amer Machine & Fdy_ _No par 6514 Oct 11 8012 Aug 16
*11814 125 *11814 123 *1093 125 *120 125 *118 124 '
4
3118 120
Preferred
100 114 July 15 122 Aug 23
*47
4714 4718 475* 4612 4715 4512 464 453* 46
7
---- ---3,600 Amer Metal Co Ltd___No par 453 Oct 21 573* Feb 16
454 45
4534 Mar 575 Oct
*110 115 *112 115 *112 115 *112 115 *112 115 *112 115
Preferred
100 11313 Apr 15 10 Feb 6 111 Mar 119 Nov
6112 6214 6118 6214 6112 63
5712 813
4 5912 6013 60
61
20,300 Am Power & Light___ _No par 503
4May 19 7212Sept 8
11118 1123 112 11234 110 11812 10513 110
4
108 109
10814 10912 12,000 American Radiator - - 25 101 11May 19 1225s Aug 9
897 Jan 12212 Nov
80
80
80
80
80
80
80
80
*80
813 *80
4
813
4
400 Amer Railway Express_
100 773 Mar 31 84125ept 21 276 Sept 84 Jan
8
3141
50
•43
50
*40
50
*40
50
*40
47
•40
47
American Republics___No par 47 Oct 8 74 Jar 5
48 Jan 793 Des
4
64
643
4 63
6512 6112 66
583 83
4
593 6214 5914 6212 21,900 American Safety Razor___100 42 Apr 14 703 Aug 17
4
4
36% Jan 763 Nov
4
714 714
71s 718
7
7
6% 7
67
7
7
712 6,500 Amer Ship & Comm___No par
512 Jan 2 117 Mar 12
8
513 Dec 1412 Feb
12818 12918 1283* 12934 126 13012 12412 1265, 12612 12912 127 13014 58,100 Amer Smelting
& Reflning_100 1095* Apr 21 152 Aug 17
903* Mar 14413 Dec
*119 12014 120 120
120 120
120 120
120 120 *119 120
900 Preferred
100 1127 Mar 31 12014 Aug 17 10513 Jan 11514 Oct
8
•124 125 *124 125
125 125
126 126
12514 12514 125;8 1255*
500 American Snuff
100 1215 Oct 6 115 Feb 9 13814 Apr 154 Nov
42
42
42
423
8 42
4214 413 42
4
417 42
4214 4214 4,200 Amer Steel Foundries_No par 40 May 11 47 Aug 3
373 June 4712 Dec
3
*111 1113 1113 1113 1113 1113 *111 1113 •111 1117 *111 11178
4
4
4
4
4
4
8
200 Preferred
100 11014Sept 21 115 Feb23 108
Jan 11318 Oct
72% 7314 7312 7412 73
7412 72
7312 73
74
7312 7534 16.000 Amer Sugar Refining
100 6514 Apr 14 823 Feb 5
4
475* Jan 775 Dee'
8
4
1023 1023 *10212 10314 10212 10212 *10218 10212 10212 10212 *1024 103
4
300 Preferred
100 100 June 19 1073 Aug 13
8
9114 Jan 10414 Nov
3412 35
35
3412 3514 35
335* 3412 337 3412 3412 35
6,500 Am Sum Tob new ctfs_No par 2914 Aug 13 40 Oct 2
Option A ctls
100 1412 Apr 28 36 Aug
19-•30
30
31
30 '
3012 *29
329
3012 *29
3012 *29
3012
100 Amer Telegraph & Cable 100 2512July 6 4118 Feb 10
373- June 47 4
Feb
14512 146
14514 1453 1453 1457 145 1455* 1455, 1463 14513 14612 10,500 Amer Telep & Teleg
4
3
s
s
100 1393
8June 18 1503 Feb 15 1301, Jan 145 Dec
4
119 1193 1183 1183 119 12014 11718 1177 11818 11912 11914 121
4
4
4
2,700 American Tobacco
50 1113
8Mar 31 1243
4Sept 8
85 Feb 1214 Oct
*110 111 *110 111
1104 1107s 11018 1104 *11018 111 *11018 III
500 Preferred
100 10618 Jan 4 113 May 26 10412 Jan 110 Nov
1187 119
8
11612 11812 11714 119
116% 1173 1173 1183 119 1203
4
4
4
8 6,100 Common Class B
50 11018 Mar 31 124 Sept 8
8412 Feb 11912 Oct
*11512 116 *11512 117 *11512 117
11512 11512 11514 11514 1153 115%
3
500 American Type Founders_100 114 Jan 22 135 Feb 13 103 Apr
13534 Nov
50
51
5018 517
8 5012 517
8 5018 5114 19,000 Am Water Works & Elec_20 433 Apr 13 74 Jan 4
8 4913 51
5012 517
4
343* Jan 7614 Dec
*1033 105 *10414 105 *1044 105 *10414 105
4
105 105 *10414 105
100 1st preferred (7%)
100 1011251ar 3 10814 Jan 27
9714 Aug 103 Feb
2712 28
273 2812 27
4
2812 27
2818 2711 28
277 277
5,100 American Woolen
100 19 June 9 427 Jan 13
8
343 May 643 Jan
4
4
*77
804 793 793
794 *79
4
4 784 79
79
79
*79
793
4
900 Preferred
100 66 Apr 30 89% Jan 4
6912 May 9618 Jan
7
8
1
7
8
73
/
*3
4
7
8
1
%
1
7
8
3
4
1,600 Amer Writing Paper pref_ _100
is
538 Jan 13
12 Aug 13
112 Dec
713 Jan
Preferred certificates- _100
13 Aug 4
412 Jan 13
12 Dec
4
Jan
*612 7
'
37
712
812 612 *612 .714 *812 714
612 612
300 Amer Zinc, Lead & Smelt...25
518May 19 1218 Feb 4
7 May 1212 Jan
3118 29
3034 31
30
31
303 3012 •29
8
32
293 293 10,700 Preferred
4
4
2; 20 May 19 4818 Feb 4
24% May 447 Dee
8
474 4712 47
4712 46% 477
46
47
4612 47
47
4712 16,800 Anaconda Copper Nlining_50 4112Mar 30 517 Aug 6
8
3514 Apr 534 Nov
3914 394 *3812 394 *3812 3914 384 3812 3812 3912 40
4013 1,200 Archer, Dangs, MidI'd_No par 3478June 11 443 Jan 2
4
26
Jan 4612 Dec
108 108 *105 10814 *107 1084 *107 1083 *107 1083, •10578 1083,
8
100 Preferred
100 100 Mar 4 108 Oct 16
9012 Jan 105
Oct
*935, 933
9312 9312 9318 9318 9312 9312 *93
933
4 935 935
7 Jan 13
400 Armour & Co (Del) pref
100 9014May 21 97
9018 Mar 100
Oct
143 15
4
7
15
1434 15
15
1413 145
14% 14
145* 147
4,100 Armour of Illinois Class A..25 1313May 22 2512 Feb 13
20 Mar 2713 Oct
84
8
8
77
8
8
8 18
8
84
8
814
8% 5,100 Class 13
5 4May 20 17 Jan 4
3
25
16 Dec 203 Oc
4
t
*8412 87
.8413 88
*8412 87
85 85
*85
88
88
•85
100 Preferred
100 80 Apr 30 93 Feb 11
90 Dec 9314 Nov
2112 21
213 *2118 25
8
21
213 215* 322
25
*22
s
25
700 Am Cons Corp tern cti No par 18 Apr 12 313 Jan 6
4
8 .Tan 175* Oct
23
*21
23
•21
•22
23
*21
23
*21
23
321
23
Art Metal Construction____10 1918 Jan 2 233 Oct 5
4
15 Jan 203 Nov
517
*50
52
s 50
*50
50
50
50
50
517 *50
8
1,200 Artloom
52
No par 4634Sept 23 6312 Jan 21
39 June 8034 Dee
3110
__ '
*110
11110
___ *110
__ •I10
_ *110
Preferred
100 108 Mar 18 11134 Feb 1 10113 Aug 110
Dec
4012 397 40 1012 4014 4018 3912 10
4018 if --------4,800 Associated Dry Goods
100 3714 Mar 30 • 547 Jan 9
454 Aug 613 Nov
8
*993 100
*99 100
*99 100
*99 100
*99 100
399 100
1st preferred
100 96 Max 25 1024 Jan 6
94 Jar 102
Oct
0104 106 .103I2 11614 *105 107 .105 107 *105 107 *105 107
2d preferred
100 102 May 19 108 Jan 28 101
Jan 10814 Feb
*49
50
50
50
50
5012 49
49
*4812 50
•4813 50
700 Associated Oil
25 443 Jan 6 60 Mar 4
4
32 Mar 474 Dec
30
304 297 304 2912 3012 2913 314 304 30% 3018 33
8,200 Atl Gulf & WI SS Line...100 29 Oct 11 68% Jan 6
20
Jan 77 Sept
3414 3414 *33
34
37
*31
*33
34
34
34
357 311
8
700 Preferred
100 31 Oct 21 564 Jan 30
31
Jan 60 Sept
4 984 10012 9914 10014 993 10018 12,700 Atlantic Refining
984 101
994 1013
9814 100
4
100 97 Mar 3 1283
8May 24
9512 Jan 11712
0115 118 *115 118 *115 11512 *115 11512 *116 11612 11614 1164
100 Preferred
100 115'8 Oct 1 120 June 22 113 Sept 117% Feb
June
59 4 593
3
4 59
59
59
59
*5812 59
*5813 59
59
59
No par 54 Mar 4 61 Aug 28
500 Atlas Powder
45 June 65 Dec
*97
98
*97
98
*97
98
*9513 98
*9512 98
*9612 98•
•
Preferred
100 94 Jan 8 9718 Aug 16
9012 Oct 94
Jan
8
84 84
85* 83
84 812 •814 912
84
8
84 814
No par
1,500 Atlas Tack
8 Oct 21
1712 Jan 30
94 Feb 21 Dec
94 918
9
812 9
914
77 Oct22 28 Jan 29
8% 87
812 833
s
8 814 6,700 Austin, Nichols&Co via No Par
77
22 July 3213 Jan
*63
65
644 643 643 *51
4
4
*61
65
843 64% *61
8
63
500 Preferred
100 57 Sept 29 93 Jan 6
873 Jan 95 Aug
8
3
2
14
4
8
3
8
4
3
%
8
3
3
It Oct 9
13
4
8
% 3,700 Auto Knitter Hosiery_ _No par
%
21.3 Feb 11
18 Dec
44 May
1134 11514 11414 11714 114 1173 11312 11512 1153 1163 114 11612 55,400 Baldwin Locomotive Wks_100 9278 Mar 31 13612 Jan 4
8
4
s
107
112 112 *111 11214 *11112 112 *11112 11214 *112 11214
11113 112
4
100 105 Mar 31 114 Feb 6 107 Mar 146 Feb
200 Preferred
Aug 1165 Jan
8
2518 25% 25 8 2512 2518 2512 2412 253
8 245* 2513 254 2512 13,000 Barnsdall Corp class A
3
25 2312May 11 3313 Jan 2
183 Aug 3312 Dec
4
23
•235s 24
23
24
*23
24
*23
24
24
*214 24
400 Class B
25 23 July 14 2912 Jan 2
16 Aug 30 Dell
46
46
47
•46
*46
*46
47
4612 *45 4 47
3
*46
No par 39 Mar 31 507 Aug 9
47%
200 Bavuk Cigars, Inc
s
384 Sent 5314 Feb
54
54
54
5414 543 *5412 55
4
5414 544 1,300 Beech Nut Packing
54
54's 54
20 524 Oct 6 7178 Feb 4
60 Mar 7734 Aug
8 294 2918 29
293 295 *2918 2913 294 297
8
8
29
387 287
8
800 Beld'g H'way Co tern ctfNo par 273
8
3Sept 28 3934 Jan 4
37 Sept 41% Dec
441g 453* 443* 4518 43 4 457
100 3714May 20 5113SePt 20
433 451 23,200 Bethlehem Steel Corp
8 4312 4414 433 45
3
4
37 June 5312 Jan
110212 10312 1023 103 *10212 10318 1025 1023 1025 10318 103 10314
8
4
100 99 June I 105 Feb 2
4
1,900 Preferred (7%)
9314 June 102
Jan
3112 3112 3113 314 29
3114 3114
3112 2912 3112 *3012 31
1,530 Bloomingdale Bros____No par 28 June 11 35 Sept 7
3108 110 *108 110 *108 110 *107 110 '
3107 109 *107 109
Preferred
100 10414June 21 109 Sept 27
*44 5
*43
5
5
No par
4 5
5
95 Jan 11
*44 5
53
5 12
4 57
600 Booth Fisheries
418 Mar 24
- 1- lviii - "vs -618
48
*36
40
42
*36
*39
*39
4
40
393 40
42
42
*36
100 343 Oct 11 5112 Jan 7
300 1st preferred
4
25 June 52
Oct
•22
2412 *2212 2412 *2312 2412 2312 2312 •2314 2412 2318 2314
300 Botany Cons Mills class A__50 20 May 25 4118 Jan 4
405* Aug 46 July
274 273
4 263 278 25
8
*
253
s 243 254 16.500 Briggs Manufacturing_No par 24 Oct 20 3712 Jac 4
264 24
253* 25
27
Oct 4412 May
*12
1
•12
125lay 5
•3
3
1
3
4
*53
100
3
4
100 British Empire Steel
3 Jan 18
4
4
*12 1
13
8May
97
97
5
Oct
*912 23
*84 23
11
23
•11
*912 23
11
4June 29 27 Jan 28
200 lst preferred
93
100
22 July 36
Oct
•112 25, *14 25, •113 25* •112 233 *112 21, •112 25*
112June 24 104 Jan II
100
2d preferred
63
14
Oct
4
14812 1483 149 154
15112 15.45, *149 153 *153 156
152 154
100 133 Mar 31 163 Sept 8 1205, July
5,200 Brooklyn Edison, Inc
Jan 15612 Nov
894 8913 90
9312 92
914 923
93
4 8,900 Bklyn Union Gas
92
9012 92
No par 68 Mar 30 9714 Aug 6
93
734 Dec 10014 Nov
*333 3412 338 363 *34
4
100 2912J11ne 1 485 Jan 7
3612 *3312 36
30
*35
36
1,000 Brown Shoe Inc w I
*35
46 Dec 4614 Dec
. 109 110
1109
.
_ *10714
100 Preferred
_ x10714 10714 *10714
100 107 June 5 111 Mar 10
96 Mar 109
Oct
334 1312 323* 33 *109-3312 31
8
3 4 3212 324 2,800 Brunsw-Balke-Collan'r_No par 243 Mar 30 393
3
3218 3218 •3213 -- 4Sept 15
24 June 4934 Jan
134 134
'132 134
134 1354 134 134
13212 134
600 Bums Bros new clAcom No par 121 Mar 31 144 July 23
134 134
9212 Feb 135 Des
*32
34
*324 33
33
8
33
400
3313 3312
•32
New class B corn_ __No par 297 Mar 31 44 Feb 13
*3212 33
35
17 Mar 39 Dee
'10012 10212 10013 10212 *10013 10212,•10012 102 *10012 102 *10012 102
Preferred
100 97 Mar 30 10312June 22
Oct
9112 July 99
um 106
10518 108
106 108191 105 10019 1001 107 I 106 106
3.800 Burroughs Add Mach_No par 774 Apr 13 11712Sept 15
.
65 Jan 103 Sept
•Bid and asked prices; no sales on this clay. a Ex-dividend.
Saturday,
Oct. 16.
(
New York Stock Record-continued--Page 3
2117
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 16.
Monday,
Oct. 18.
Tuesday,
Oct. 19.
Wednesday, Thursday,
Oct. 21.
Oct. 20.
Friday,
Oct. 22.
Sale
,
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share 5 per share S per share $ per share S per share $ per share Shares. Indus.
& Sitwell. (Con.) Par
24
24
24
2412 24
24
*233 24
4
.244
*2414 25
1,200 Bush Terminal new__ __No par
913 913g *903 9112 *903 9112 .903 9114 .903 2412 .903
8
4
4
4
4 91,2
4 91,
100 Debenture
2
100
•10214 ---- *10214 ____ *10214
Bush Term 131dgs, pref
---- *10214 _ _ _ _ .10214 - - .10214 ---100
43
4 43
4
47
8 58
,
412 5
44 45
412 5
47
8
8 47
8
Butte Copper & Zinc
5
5712 5812 57
5834 563 573
5112 5612 563 593
4
4
4
603 21;000 Butterick Co
4
4 59
100
1012 1114 113 1218 113 123
8
4
123
4 1214 127 15,100 Butte & Superior Mining
8 1138 1218 12
8
10
703 703
2 7012 705
8
8 67
7018 62
67
6014 6314 63
65
6,400 By-Products Coke_ _ _ _No par
3312 35
35
35
3512 35'
3412 334 3312 2,200 Byers & Co (A hi) _ _ _ _No par
,
8 35
3512 *33
6612 67
6614 67
67
8
6714 663 667
8 664 67
667 664 3,000 California Packing__ __No par
8
30
3012 3014 3012 30
303
4 30
30,
8 30
3018 30
3012 16.000 California Petroleum
25
172
17
8
17
2
17
8
178
172
178
17
8
17
8
17
17
8
8
178
1,800 Callahan Zinc-Lead
10
653 6612 66
4
663
4 655g 6614 62
653
4 6314 65
6314 6478 8,900 Calumet Arizona Mining
10
1618 16,
2 1612 163
4
16 4 163
,
1618 1612 1612 167
8
8 1612 1612 3,300 Calumet & Hecla
25
162 165
162 16714 160 169
16018 16312 1643 167
4
163 166
12,500 Case Thresh Machine
100
1104 11114 *11014 112
11112 112
112 11218 1115 1115 •1113 113
8
8
4
2,100 Preferred
100
8
8
8
4 8
814
8
8 14 *73
*Ps 8
77
8 8
1,800 Central Leather
100
5314 5512 5318 54
52
5412 5018 533
8
2 527 533
4 51
527 11,900 Preferred
8
100
14
14
*1312 15 .135 16
8
1312 1312 .12
13
124 13
400 Century Ribbon Slills_No Par
*80
86
*80
875 *80
8
873 .80
8
875 .80
8
875 .80
8
875
8
Preferred
100
6312 623 6312 62
63
2
6338 6112 6218 6118 624 62
6212 12,200 Cerro de Pasco Copper_No pa
41
41
41
413
4 4114 4138 41
41
4114 4214 41
42
3,700 Certain-Teed Products_ No pa
•I05 110 •105 110 .105 10518 1054 10518 •105
110 .10518 110
100
1st preferred
100
1212 121
1212 1212 1214 1212 117 12
g
12
12
.1i7 12,
8
900 Chandler Cleveland Mot No pa
2812 283
4 2812 283
4 283 29
8
28
29
28
28
28
28
3,600 Preferred
No pa
104 104
1033 1033 .10234 118
4
4
1013 1013 103 10514 105 10612 1,600 Chicago Pneumatic Tool _ _100
4
47
47
*4714 4838 .4714 48
473 481
8
453 47
4
4614 4614 2,500 Childs Co
No pa
32
3214 308 3214 32
3214 317 321
8
32
323
8 3218 3214 7,100 Chile Copper
25
•
23
*22
26
25 .22
25 .22
*22
25
.22
25
25
Chino Copper
5
2912 291 *2912 31
*2917 31
530
31
32
32
.29
33
300 Christie-Brown certifs_No pa
3318 341
3314 3512 3312 3514 3312 347
345 35
8
3314 35 146,800 Chrysler Corp new _ _ No pa
•10012 101
10012 101
100 10014 100 100
9912 100
100 100
2,000 Preferred
No pa
*
64
63
*
6312 6412 *64
6412 6412 641 16412 6412 .63
64
300 Cluett, Peabody & Co_ _ _ _100
*11312 115
11312 11312 *110 11412 113 113
11312 11312 .11312 116
300 Preferred
100
14518 1471 14414 148
14314 147
14318 1463 14618 148
14514 14814 74.200 Coca Cola Co
No pa
57
57
5612 567
8 557 5712 5412 55
2
5512 563
3
8 56
5612 4,100 Collins & Alkman
No pa
*113 116 •113 116 .
113 116
111 111
112 1123 11314 11314
4
700 Preferred
100
4118 413
4112 423
4 3734 423
4 373 39
387 40
8
4
384 395 37,500 Colorado Fuel & Iron
8
100
4
613 613
6214 623
4 623 623
4
4 62
623
623 624 .617 627
4
8
8 3.100 Columbian Carbon v t e No par
4
823 83
8218 8338 83
8314 8212 841
825 834 '83
8
8312 5.900 Col Gas & Elec
No par
•11418 1157 11412 114, 11414 11412 *11412 1147 •11412
8
1143 1143* 1143
4
8 1,000 Preferred
100
223 227
4
2214 23
225 2338 2218 221
8
2212 2212 223 223
8
4 4,400 Commercial Credit_ _ _ No par
•____ 24 .
20
233
4
24 •__ 24 .
24
20
233 2314
4
100 Preferred
25
2412 2412 .24
25
24
52312 254 .2312 26 .
24
234 25
200 Preferred B
25
*91
92
91
91
*91
92
.90
.90
92
92
90
90
200 1st preferred (834)
100
*55
58
55
55
5614 5614 .56
.56
58
68
.56
58
300 Comm Invest Trust__ No par
•96
9718 .
96
97 4 .
,
96
9712
9712 9718 974
9712 .96
100 7% preferred
100
*003 9112 *9012 9114 9012 903 .96
8
4 903 903 .904 91
8
904 91
4
500 Preferred (64)
100
17612 179
1763 18114 1763 18212 17212 17612 17712 182
2
4
180 18184 14,700 Commercial Solvents B No par
2012 2112 2012 213
8 2012 2178 20
207
8 207 213
4
8
8 203 213 33,900 Congoleum-Nairn Inc_ _No par
46
464 *
4512 47
46
46
4518 451
484 481 .
48
47
1,300 Congress Cigar
No par
•12
*12
34
*12
3
8
3
4 .
*12
3
Conley Tin Foil stpd_ __No pa
4
*13
3
4
3
673 703
8 6818 695
4
8 69
713
8 6712 69
6938 703
8 69
703 17,500 Consolidated Cigar____No pa
8
*91 101
*91 1003 *91 1003 .91 1003 .92 1003 .92
4
994
Preferred
100
23g
212
238 212
212 21
21
214
23
8 23
134 2
8
4.000 Consolidated Distrib'rs No pa
10212 103
103 107
104 1074 104 1065 1064 1074 105 10714 88.900 Consolidated Gas(NY) No pa
8
3
3
23
4 378
312 34 34,600 Consolidated Textile.__No pa
318 37
314 31
31s 33
8
7118 72
7138 7218 7212 731
7112 73
721
72
7212 8,300 Continental Can, Inc_ _No pa
72
131 131
130 130
130 13014 129 129 •128 129
1263 12818 1,500 Continental Insurance_
4
25
103 11
2
103 107
2
8 1012 103
104 1034
105 103
8
1012 105 15,400 Cont'l Motors tem ctfs_No pa
8
4412 453
2 443 457
8
8 4518 4614 447
8
46
4
4 453 461
*124 126
12412 1241 •1233 126 .12414 453 124 8 1241 •1233 463 40,700 Corn Products Refin w I_ 2
4
128
300 Preferred
4 126
1013
*523 533 *53
4
4
541 *53
541
5212 523 *53
4
541
523 523
4
600 Coty, Inc
4
No pa
70
70 .
69
72
685 71
8
6814 69
.6912 71
7012 ,, 3,000 Crucible Steel of America. 100
69
•
99 101
997 997 *993 100
8
8
4
.993 100 .100
4
100 100
200 Preferred
100
3012 305
8 3012 3012 3018 3012 28 4
, 30 4 30
3012 30
3114 8,200 Cuba Co
,
No pa
91g 914
4912 91
918 914
918 914 2,800 Cuba Cane Sugar
9
9
9
914
No par
413 42
8
4112 42
41
413
8 4018 4034 4112 4112 41
42
4,900 Preferred
100
243 243
4
2414 241
243 245
8
8 2318 24
234 2318 233 24
2
2,100 Cuban-American Sugar__ _ 10
102 102
103 103 •101 1031 •101 10212 •100 102 .100 102
200 Preferred
100
*1612 17
*1612 17
•1812 17
*1612 17
1612 164 •1612 17
300 Cuban Dom'canSug new No pa
101 101
101 102
101 101
1017 1017
100 10014 101 101
2
2 1,900 Cudahy Packing
100
*90
91
*8712 89
*8712 89 • •8712 91
91
90
90
92
600 Cushman's Sons
No par
•
4312 451
4312 431 *4312 45
*433 443
44
8
4312 4312 44
200 Cuyamel Fruit
4
No par
25 2 2
3
652 2512 2618 2558 2612 2318 26
24
2514 25
25 2 18.300 Davison Chemical v t o_No par
,
13714 138
13712 13712 13714 13814 13714 13712 138 138
13812 13812 2,600 Detroit Edison
100
323 33
2
3218 33
*31
3112 31
3412 31
3118 31
311
4,200 Devoe & Reynolds A__No par
2212 2212 2218 227
8 2214 2312 2214 23
233 243
8
4 223 237 41.100 Dodge Bros Class A___No par
4
8
811g 8112 81, 82
4
4
81
81'4 813 82
8112 81
8212 823
4 5,800 Preferred certlfs
No par
9
9
8
9
834 9
8
83
9
2
812 83
918 6,700 Dome Mines, Ltd
4
No par
3712 3712 373 373
4
38
4 38
38
8 3812 3812 387 41
8
387
4,300 Douglas Pectin
No par
11512 11512 115 11514 11514 11538 11514 11514 •11514 116
700 Duquesne Light 1st pref _100
117 117
1165 1167 1163 1167 116 1163 1163 1163 1167 1167
8
8
8
2
8
8
8
4
3,600 Eastman Kodak Co__ _No par
2412 243
8 2414 2412 2414 243
4 23
4 2314 231
2414 2312 233
8,500 Eaton Axle & Spring_ No par
31712 323
3163 324
8
31214 326
30818 319
306 31712 31114 318
48,800 E I du Pont de Nem Co_100
•10612 108 •10612 10714 107 107 .10612
1063 •10414 10612 10612 1065
4
8
600 6% non-vol deb
100
*11
1112 1118 11,
8 1112 1112 •113 12
8 1114 113
4
12
12
700 Elsenlohr & Bros
25
67
67 .
65
6653 *
65
663
4 65
65 .64
664 •
65
663
500 Electric Autolite
4
No par
94 9 4
,
9
912
918 912
938
912 912
9
93 10
8
11,300 Electric Boat
No par
157 1618 154 1618 16
8
1612
1512 153
1512 16
14.700 Elea Pow & Lt °Oh__ _No par
102 102 *102 10312 *102 10312 1512 1612 10112 1011
10112 1011
10112 1011
400 40% pr pd
10212 10212 •101
510114
•10112
•1004
•10112
100 Fret full paid
9414 9414 95
95
.943 05
4
9412 943
8
8 945 945
4 945 945
8
8
600 Preferred certifs
4512 485
8 4638 4918 4412 485
8 4512 47
46
467
433 47
4
53.800 Electric Refrigeration_ _No par
8218 833
4 83
8312 827 84's 813 84
8
8212 84
3
834 854 8.000 Elm Storage Battery_ _No par
*114 21
*114 21
*114 238 5114 21
.04 21
*114 2 2
,
Emerson-Brantingham Co.100
*812 10
•812 14
.812 14
•812 14
.812. 14
.84 14
Preferred
100
*653 661
4
66
66
6614 6638 66
66
66
88
66
1,700 Endicott-Johnson Corp_ _ 50
'
•119 12018 120 120
.
119 119 *118 1201 •118 120 .118 12u
600 Preferred
•116 122 •116 121 *116
100
121 .117 121 *117 121 •117 121
. _ Equitable Office Bldg 01_100
5012 501
80 4 51
,
.5018 52
x49
50
51
51
51 12 51
1,900 Eureka Vacuum Clean_No par
1514 151 *1478 153 .15
17
*1514 17
.1514 17
•1514 17
200 Exchange Buffet Corp_No par
3
3
*212 41
*214
.212 412 *212 412
100 Fairbanks Co
425 4258 4114 4313 4212 412 *212 41
8
25
4372 4012 413
4112 4118 4212 43
2,800 Fairbanks Morse
•108 111 •108 1093 *108
No par
4
109 *108 1093 *108 10934 •108 10934
Preferred
112 1127 11212 114
100
11134 1143 11138 11314 11212 114
4
11158 1137 31,200 Famous Players-Lasky_No par
2
•1174 1191 •11714 11812 11912
11912 119 119 *1183 11912 119 119
4
400 Preferred (8%)
31
311
31
100
31
304 3112 304
303 303 •303 3112 4,700 Federal Light & Trao
8
8
4
90
90 .
8712 9014 .8712 9Ølt .8712 31
15
go
*8712 90 .
8712 90
100 Preferred
080
87 •
No par
60
85
•55
80 .52
.53
80 •
80
53
80
Federal Mining & Smelt'g_100
•70
711
71
71
704 703
8 70
7018 70
70
70
70
900 Preferred
190 190
100
18912 18912 188 188 .180 188
187 187 •184 190
400 Fidel Phen Fire Ins of NY.. 25
$
.1312 15
*1312 15
•1312
1478 1478 *1312 14
14
14
200 Fifth Ave Bus tern etfs_No pa
101 •____ 101 ....___ 15
101 *____ 101 •____ 101 •____ 101
First Nat'l Plc, 1st pref _ _ _100
2914 2912 29
2914
4
29
284 2914 2,300 First Nat'l Stores
1514 153
8 1538 1558 2914 2914 283 2914 29
No pa
1514 16
1514 154 1514 153
4
1512 165 16.200 Fisk Rubber
8
78
78
78
No Pa
78
78
78
78
78
*78
7812 78
7812 1,200
1st preferred stamped___100
*958 ____
3
96
96
*9514 100
*96 100
*96 100
•96 100
100 1st preferred cone
454 4612 4518 4612 4518
100
464 45
4512 4512 46
443 464 31.800 Fleischman Co new____No pa
4
77
7914 774 7914 7634 80
77
783
4 79
82
783 82
4
19,100 Foundation Co
67
7018 6714 6912 6852 70
Nisi: a
6612 69
69 12 703
8 70
73
28.800 Fox Film Class A
274 28
par
274 28
263 283
4
4 2012 27
273 273
8
4 2712 2812 20.800 Freeport Texas co_ _ _ _No pa
32
3212 2818 32
294 303
8 284 297
8 2918 2912 2918 295
8 8,900 Gabriel Snubber A
No pa
*6
614
6
6
6
6
512 6
*514 512
54 8
1,400 Gardner Motor
42
42
42
42
No pa
43
43
417 414 42
8
4314 42
4212 2,600 Gen Amer Tank Car
•10312 105 .10312 105 *10314 105
100
103 10314 .10314 105
200 Preferred
725 733
4 7214 7434 7014 753 *10314 105
8
100
4 6838 713
7014 7318 6918 7312 64,600 General Asphalt
*11012 11412 •1124 118
10
110 112
107 110 *110 115 .110 115
1,200 Preferred
514 514 5112 511
100
5112 511 2504 50i
51
51 14 507 51
8
1,600 General Cigar, Inc new_NO Pa
•112 115 *112 115 .112 115
114 114 *114 11614 .114 11614
100 Preferred (7)
100
•110 115 *110 115 *110 115
*110 115 *110 115 .110 115
Debenture preveA
;
•53
A d f rr_ed_(7) 10
N p00
5314 53
53
53
531
5338 1,100 Gen
33 3342 53
3
5,
3
5 , 3 , :3 5 53
33 5 5
337
2 3318 337
D
8 33
3312 335
34
6,800 Trust certlficates___-No 7 a
100
3
i23_ _iii ii7; 5_ .5 . General Electric
.4
.
4
_ o_ _66
-iilis - - -i61 4 - - -7i -k1T2 - 14 -803
31-,i 82
33
4 32- -giT2 NO pa
New
•Bid and sated prices: no sales on title day.
s Ex-dividend. a Ex-rights.
-7,200
PER SHARE
Range Since Jan. 11926.
On basis of 100
-share lots
Lowest
Highest
$ Per share
1634 Mar 18
86 Apr 6
9912 Jan 20
412Sept 28
1734S1ar 3
718May 18
53 June 30
28 Mar 29
661 1 Oct 18
293 Oct 11
4
112 Mar 26
5512 Mar 29
133 Slar 31
8
6212 Jan 4
98 Jan 5
718Slay 3
434 Apr 28
125
8June 8
83 May 25
5712 Jan 22
3618May 20
100 May 22
1134May 18
28 Slay 18
9412 Apr 8
451851.1y 19
30 Mar 3
16 Mar 3
2912 Oct 15
2812 Mar 30
93 Mar 30
601451er 31
10314 Jan 13
128 Mar 24
4Slay 27
343
4May 27
983
273 Mar 3
8
555 Jan 26
8
6312 Mar 29
4Sept 13
1113
20 Oct 11
2212 Aug 30
2312 Aug 5
90 June 1
55 Apr 12
97 June 7
89 May 7
11814 Jan 4
1212May 13
40'zMayl7
Oct
4511' Apr15
q
91 Mar 31
112 Aug 13
87 Mar 30
114Slay 10
70 Mar 30
122 Mar 31
97
8Slay 17
355 Mar 30
8
12212 Jan 6
4412Mar 29
64 Apr 15
96 Mar 30
2814 Oct 30
85
8May 22
3512June 8
2014 Aug 10
973 Jan 5
4
1512Sept 24
76 Apr 21
7712Slar 1
4218 Apr 15
23,g Oct20
12312Mar 30
31 Oct 7
2114May 17
7912May 17
8 Oct 18
19 Mar 20
11112 Mar 3
1065
,Mar3O
23 Oct 20
19318 Mar 29
100 4 Apr 20
3
103 Oct 11
4
813 Mar 31
4
4 Mar 23
1514 Oct 7
9912Niar 30
1021 2 Oct 5
8912 Mar 24
4334 Oct 22
7118 Mar 3
1 May 20
5 May 20
651251er 31
114 Jan 7
997
8June 17
43 May 19
1434July 20
2 Apr 16
4012 Oct 20
108 Oct 8
10318 Jan 19
115 Mar 31
28 Mar 31
86 June 18
41 May 22
61 Mar 3
160 Apr 15
14 Oct 14
96,41ky 20
2s Oct1 a 18
per share
3414July 14
93 Aug 2
10314 Oct 2
614 Feb 10
71 Sept 15
164 Jan 11
90 Sept 27
4112June 18
17912 Feb 4
3818 Feb 10
25 Jan 15
8
735 Aug 9
8
1812 Aug 9
176 Aug 6
11812 Aug 10
2012 Jan 5
683 Jan 5
4
8
327 Jan 8
90 Jan 21
7312 Aug 9
4912 Jan 5
108 Sept 28
26 Feb 11
4514 Feb 15
120 Jan 2
663 Jon 4
8
363 Jar 6
8
2512 Oct 2
633 Jan 4
4
8
547 Jan 9
108 Jan 2
6812 Jan 7
116 Sept 17
165 Sept 13
45ept 18
593
119 Sept 20
494 Oct 2
897 Feb 23
8
90 Jan 9
1157 Aug 3
8
4712 Jan 14
2614 Jan 13
2724 Jan 11
9912 Feb 26
72 Jan 11
104 Jan 28
100 Jan 13
20418 Oct 1
294Sept 1
53 Sept 29
1 Mar 12
81 Aug 30
1074July 28
612 Jan 7
1153 Aug 6
8
378 Oct 18
9212 Jan 2
14434 Jan 9
13 Jan 5
483 Oct 2
4
12918 Apr 28
60 4 Jan 4
3
8112 Jan 4
102 Aug 5
532
8June 20
1112 Jan 29
495 Feb 4
8
304 Jan 28
104 Feb 5
2014June 7
11018Sept 17
10512Sept 2
51 Jan 14
463 Feb 17
4
14118 Feb 1
10418 Feb 10
4714 Jan 2
90 July 20
20 Mar 13
41 Oct 22
11634 Aug 10
123 Aug 23
3234 Feb 14
360 Oct 2
10818 Oct 7
2012 Feb 1
82 Feb 1
107
8Sept 22
344 Feb 10
115 Feb 11
11012 Feb 26
0814Sept10
7812June 23
9418 Aug 19
4 Feb 1
243 Jan 29
4
725 Feb 8
8
120 Sept 15
13214Ju1y 28
56 July 15
17 Apr 22
3 4Sept 11
3
4
593 Feb 10
115 Feb 9
12712June 11
124 Star 11
393 Feb 3
8
9112Sept 28
11134 Jan 5
105 Jan 8
20014 Jan 23
8
215 Feb 9
:
107 F 0 13
49 ii. 13 5
%.
PER SHARE
Range for Previous
Year 1925.
1414May 20 2614 Jan 13
8
767 Apr 19 8414 Mar 18
94 June 3 107 Mar 1
3214 Mar 29 5612 Feb 1
1553 .22
7 4 .Ian 9
9 J n
8
: °Iaa 1
28 84 1%.1 ct 311 8
5719564 0enit. 139
54.1une 9
39 Mar 29
9912June 24
50 Slur 3
8
947 Mar 3
46 Star 29
109 Jan 11
109 4 Apr 12
,
51 Mar 30
264 Mar 30
285 Apr 15
79 June 9
3412June 3
42 Feb 11
93 Jan 4
4
554 Jan 2
10512July 27
944 Aug 28
14018 Aug 28
5912 Feb 11
11512 Feb 18
11812 Feb 10
563 Aug 4
8
3512 Aug 3
38612 Feb 19
9512 Aug 14
Lowest
Highest
$ per share $ per share
1458 June 26 Dec
8
80 May 897 June
9612 Jan 103 Dee
83 Jan
414 Mar
4
17 May 283 Jan
4
612 May 2414 Jan
"(Tic;
-23 Oct 447
10012 Jan 3612 Nor
234 Jan 344 Dec
114 Oct
4
43 Feb
45 Apr 6118 Deo
1214 Slay 1858 Jan
24 Mar 6812 Dec
60 Mar 10712 Des
143 Mar 235 Oct
4
8
4914 Mar 71
Oct
303 Sept 4712 Mar
4
94 Dec 983 Jan
4
4318 Mar 6438 NOV
404 Mar 583 Sept
4
8912 Jan 110 Sept
-8014
8
497
3012
19
623
4
15e;
Mar 123 Mar 7478 Oct
Mar 375 Jan
8
Apr 284 Feb.
Dec 6412 Des
iffi
NOV
5812 Mar 713 Jan
4
10312 Jan 109 Sept
80
Jan 1772 Nov
4
324 Apr 4814 Jan
145 Mar 623 Dee
4
4524 Jan 86
Oct
10414 Jan 11412 Doe'
3812 Sept 554 Dee
.
2514 Sent 274 Oct
2814 Sept 274 Dee
50
100
Jan 8412 Nov
Nov 10712 Nov
76 May 1311 - .
.Li
;
154 Nov 4312 Jan
12May
2612 Jan
793 Jan
4
318 Jan
7418 Mar
23 June
4
6012 Mar
103
Jan
814 Jan
3238 May
11818 Jan
48 Aug
8412 Mar
92 May
4414 Dec
73 Oct
4
3718 Oct
20
Oct
934 Nov
_
9212 Dec
62 Mar
44 Nov
277 Apr
8
110
Jan
53 Oct
213 June
4
7312 Slay
123 Apr
4
14 Feb
105
Jan
1043 July
4
1012 Feb
1344 has
94 Jan
-_-_-_-_
1738
100
10012
894
17 FeB
633 Der
4
96 Deb
938 Feb
97 Dec
514 Jan
9312 Des
140 Deo
1512 Oct
423 Dee
8
127 July
6012 Deo
845 Nor
8
102 Dee
543 Ocl
3
1458
625
8
3312
101
Fel;
Feb
Mar
Mar
jai" Oct
104
Oct
59 May
493 Jan
4
15912 Sept
9014 Dec
4834 Nov
9112 Oct
1818 Nor
2312 Aug
11314 Dec
118
Jan
3012 Del
27114 Nov
10413 NOV
Apr 4018 July
Mar 110 June
Mar 1103 Junt
4
AUg 94 4 Des
3
8E13 Mar 80 Del
4
538 July
14 May
8 May 262 Aug
4
63 4 Apr 747 Sept
3
s
111 May 1185 Oct
4
4812 Nov
1312 July
214 Mar
3214 Jan
10612 June
9014 Feb
10378 Feb
28
Oct
8212 Sept
1514 Mar
4912 Mar
14712 Jan
12
Jan
5712 Dec
197 Jan
8
434 Aug
54 8 Oct
5
11018 NOV
1142 July
4
120 July
374 Dee
89 Dee
9512 Dec
947 Dee
8
179 Dee
173 Jul
4 ,
-33 2 Dec -ici" Dec
11012 Mar 74 Oct
2_
_
684 Sept 85
90 jan
8 Ma
247
8
287 Aug 397
8
8
44 Jan
1614
4412 Aug 60
9334 Feb 104
4212 Mar 70
8612 Mar 109
Nov
Dec
Oct
Nor
Mar
Oct
Nor
Del
Dee
16E-Jan 116 Mit;
11114 Dec
104 July
4518 Aug54 4 Sept
3
264 Aug344 Del
22714 Feb33714 Aug
____
-- -
2118
New York Stock Record -Continued-Page 4
For sales during the week of 'rocks usually Inactive. see
fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 16.
Monday,
Oct. 18.
Tuesday,
Oct. 19.
Wednesday, Thursday,
Oct. 20.
Oct. 21.
Friday,
Oct. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1925
On Oasis of 100-share lots
PER .811.41W
Range for Precious
Year 1925
Lowest
Highest
Lowest
Highest
$ Per share $ Per share S per share $ per share 8 per share 8 Per share Week.
Indus. & MIscell. (Con.) Par $ Per share $ pee share
1138 113
8 113 113
8
8 1138 1138 1114 1112 1114 113
per share $ per share
8
1138 113
8 3,600 General Electric sneclal__ 10
ii Jaa 5 113
8Mar
41
41 14 O41
44
1078 (let
4113 42
1178 July
39
40
*40
41
40
4014 2.400 General Gas dr Elec A __No par 34 Mar 30 59 Jan 22
*98
2 5878 Dec 813 Dec
9812 098
9814 098
8
98 4 *98
,
9814 *98
9814 O98
9812
Preferred A (7)
No par 95 MIIV 11 993 Sept 10 99 Dec 100 Dee
4
01109 113 •I09 117 0110 111 •111 113 0111 113
111 111
100 Preferred A (8)
par 10512 Apr 8 113 Sept 9 110 Dec
No
*93
093
95
96
*9412 95 •
110 Deo
9412 95
09412 95
9412 9412
100 Preferred B (7)
No par 9214
14414 1477 145 1494 14212 15114 14112 145
3
1457 1484 14214 14812 1273600 General Motors Corp_ _No par 11314 Apr 27 96 Jan 4
3
Mar 29 2253 Aug 9 8438 Jan 1493 Nov
4
119 11913 1183 119
4
11818 11812 11813 1183 11812 1184 11512 11813 1,600 7%
,
4
preferred
100 11312 Jan 29 12034Sept 1 102
41103 _ _ 0103
010314
•10313
Jan 115 Dec
010312
10312 10312
100 6% preferred
-100 984 Apr 13 105 June 29 8812 Apr 9912 Nov
_ General Petroleum
25 49': Mar 2 7018June 23 42
7734 79
777 161; 797 82
6
Jan
8
5918 Dec
7818 80
783 81
8
79
8114 13,200 Gen Fly Signal new ___ _No par 6012!Mar 31 934 Aug 18
_ _ 104 104
68 Nov 803 Oct
104 104 •104
4
_ *104
_ *104
____
600 Preferred
100 103 Apr 14 104 Jan 4
, *40
0104-45
*40
45
45
45
45
8
45
0
12
*40
45
42
200 General Refractorles_No par 38 May 27 49 Jan 4 9012 July 1057 Nov
47
47
463 4712 453 47
42
4
4
Oct 5813 Jan
453 4612 46
4
463
8 454
m%
No par 4518 Mar 30 787 Jan 19 47 Mar 83 Dec
8
01003 10212 •1003 1024 •1003 10212 •1003 104 *1003 10213 1O03 454 3,500 Gimbel Bros
4
4
4
4
4
10212
Preferred
1033 Apr 1 1113 Jan 7 10214 Mar 11412 Nov
8
8
19
1918 1812 19
19
194 1812 184 183 184 187 184 3.700 Glidden
8
8
Co
No par 153
8June 3 254 Jan 4
4514 457
8 4412 454 4414 454 4312 44,
2612 Dec
4
4 433 45,
4 4412 447 10,700 Gold f)ust Corp v t o No par 41 12 Mar 31 584 Feb 3 1212 Mar
8
4612 4612 453 464 454 48,
37 Mar
4
Oct
51
3 45
453
8 4518 4512 4511 473
4 5,500 Goodrich Co (13 F)
No par 45 Oct 20 703 Feb 9 383 Jan
4
09612 9712 O9612 9712 *9612 9712 09613 9714 •9612 9714
4
744 Nov
*9612 9714
Preferred
100 95 June 25 100 Feb 16 92
1064 10814 •I06 10714 107 107 0106 10712 107 107,3 10718 1073
Jan 102 Nov
8 1,100 Goodyear T dr Rub pf v t 0_100 9812 Mar 30 1094 Aug
884 Jan 1145 Oct
8
0106 10712 *106 10814 107 107 *107 10734 0108 108 0108
108
100 Prior preferred
100 1053 Jan 22 109 Sept 14
8
55 4 57,
3
2 56
564 58
56
5512 56
56
56
57
056
2,200 Gotham Silk Flosiery_No par 334 Mar 30 81 Aug 18 103 Apr 109 Dee
55
39 Dec 42 Dec
55, *55
4
55, *55
4
5514 547 544 O5314 55
8
55
55
730 New
par 4712July 12 58 Sent 9
O112 117 •112 117 0112 117 •11134 113 011I13 113
4
112 112
100 Preferred
No 10O 98 Apr 6 125 Aug 17 -66T3 Dec
°r
O1311 14
•I312 14
I312 1313 1212 13
13;;
*1212 1312 01212 13
400 Gould Coupler A
No par 1212 Oct 20 21 12 Jan 23
30
313
187 Dec 23 Sept
8 31
8
313
4 304 32 4 304 3114 31
,
3214 31
324 19,200 Granby Cons M Sm dr Pr 100 1618 Mar 31 3234 Sept 18
99
99
13 Mar 217 Dec
983 99
4
9812 99
8
9712 981 .9814 99
.
984 101 14 3,900 Great Western Sugar tern ctf25 89 Apr 14 10614 Feb 2
0111312 1164 *11312 11613 011312 1164 *11312
91
Jan 11318 June
11612 0111312 11612 011312 11612
Preferred
100 10812 Mar 30 11814July 22 107
207 21
8
21
21
Apr 11513 Dec
2034 203
4 2013 2012 019
•1913 20
20
2,300 Greene Cunanea Copper __ A00
93 Apr 3 2212July 24
4
1 74 814
°
ll4 Mtr 1914 Jan
73
8 712 .
73
4
7
63
8
653 64
7
7
1,000 Guantanamo Sugar___ _Ns Par
518 Jan 5 107 Feb 1
8
61
62
34 Sept
6013 615
8 6012 813
612 Jan
4 6014 61
613 62
3
57
62
12,700 Gulf States Steel
100 57 Oct 22 934 Jan 4
5114 51,
674 Mar 953 Nov
4 51 13 51 12 •51
4
5212 *5113 52
05114 52
514 52
500 Hanna 1st pre( class A___ _100 45 June 18 57 Feb 28
02614 2612 ns
4212 July 89 Feb
2614 *28
2614 26
26
28
0
26
26
2614
600 Hartman Corp lin A_No par 26 Oct 20 2614 Oct 7
0
24
2412 0
24
2413 .24
2413 24
24
24
24
24
2412 1,600 Hayes Wheel
24 Sept 24 46 Jan 14
No pa,
07612 7912 07613 7812 •77
30 Mar
7912 •
7612 79 .
764 78
*7613 78
Helme(0 W)
25 68 Mar 29 80 July 12
1028
66 May 774 Jan
29
29
O
28
0
28
29
28
*24
28
2712 2712 2712
400 Hoe(R) dr Co tern etts_No par
1712May 27 3512 Aug 11
O62
27 Dec 487 Jan
63
062
8
63
63
63
283
63
O603 63
4
06013 63
200 Homestake Mining
100 4712 Jan 4 61 Oct 9
43
0422 4212 42
3
Jan 50
Jan
4214 0
1214 4213 42
4214 413 413
4
8
4 417 4212 2.400 Househ Prod.Inc tem ctf,Vopar 4() Mar 3 4838 Jan 8
3412 Jan 4718 Nov
52
5212 052, 524 52
4
53
504 504 504 52
513 513
4
4 2.600 Houston 011 of Tex tern ctfs100 5014 Mar 31
71 Jan 5
59
404 414 403 41 13 4014 41
Apr 85
Jan
4
4014 41
404 41
402 417
8 5.600.Howe Sound
par 27 Jan 8 45 Sept 15
1612 June 31 18 Nov
45 3 4712 4518 47,
3
4 4414 483
8 4314 46
435 453
8
4 434 454 45.900 Hudson Motor Car_ _Nco par 434 Oct 21 12314 Jan 4
No pcl
334 Jan 13912 Nov
20
2014
1934 203
197 21
8
4
x193 20
8
197 2018 20
8
2012 18,200 Hupp Motor Car Corp_ _ _ _10 17 Mar 2 283 Jan 4
8
1414 Mar 31 Nov
25 8 26
3
253 254 253 28
8
4
253 267
3
8 2618 274 283 2714 54,700 Independent 0112e Gas_No par 1933 Mar 30 34 Jan
8
2
1312 Jan 414 June
1017
elm
: 18
19
•I7
18
18
18
177 174 •1612 18
8
200 Indian Motocycle
No Par 1714 Oct 7 2414 Feb 4
13 Mar 24 Aug
0
814 812 0814 812
734 818
818 8 4
,
814 814
74 84 3.500 Indian Refining
10
74 Oct 20 134 Feb 13
512 Jan
712 734 074 812 s71, 8
74 8
8
8
8
8
144 Dee
2,500
713 Oct 20 1212 Feb 13
10
1095 10018 095 10018 *95 10018 O95
8 Sept 123 Dee
8
9713 *95
9712 095
9712
Preferred
100 90 May 14 106 Sept 17
1093
77 Mar 110 1)e0
95
90
4 92
92
903
1091
92
933 94
4
*93
94
900 Ingersoll Itand new.. _No par 8014 Mar 31 104 Jan 5
77 Nov 10712 Dec
O3812 39
383 383
8
4 39
39
39
39
384 384 38
3814
1,400 Inland Steel
par
No 100 3412May
4313 Jan 7
0
110 1103 •110 11034 0110 1103 011014 1104 •11014 1104 •11014 1103
384 May 50 Feb
4
4
4
Preferred
1083 Mar 16 115 Feb 9
4
25 4 26
3
254 26
254 26
253 254 2512 2512 254 257
8
8 3,500 Inspiration Cons Copper_ _20 203 Mar 30 267 Feb 10 10412 Apr 112 Bent
4
8
2214 Apr 3234 Jan
134 1414
134 137
1412 1412 134 1414
8
1414 1412 144 143
4 3.000 Intercont'l Rubber___No par 1312May 10 2134 Feb II
12
12
_
113 1134
4
1112 114 1012 1114 104 107
8 104 103
4 4,200 Internet AgrIcul
No par 1012 Oct 20 2614 Jan 22
76
713 Jan 241, Nov
76
75 3 7513 754 754 7512 75,2 37518 77
3
75 75
1,300 Prior preferred
100 75 Oct 22 95 Jan 27
48
40
Apr 85 Nov
4812 4814 483
8 4914 5038 484 494 • 484 497
8 49
50
14,600 jot Business Machines_No par 13818 Mar 30 523
45ept 15 110 Mar 17614 Nov
484 483
4 473 483
4
8 4413 4814 443 461
4812 473
8 4714 4812 24,500 International Cement _No par 443 Oct 20 717 Jan 21
8
8
102 102 •IO2 103
52
Jun 8112
102 102 •1014 102 •10112 102 •I0113 102
300 Preferred
100 102 Mar 17 106 Jan 26 10212 Nov 107 Sept
3713 384 373 3912 373 40
8
3
Aug
373 39
8
387 4018 383 397 62.200 Inter Comb Flog Corp No par 334 Mar 30 6:1:
8
8
8
Jan 5
125 8 127
314 Jan 6912 Dec
3
1255 1274 1234 12712 12314 1254 1257 12714 12512 12714 28,300
8
8
International Harvester.. _.100 11214 Mar 29 13812 Oct 4
121 121 •I18 121
9618 Mar 13814
120 120
122 122 •122 123
1223 124
4
800 Preferred
100 118 Jan 5 1263 Aug 7 114 Mar 121 Sept
4
612 64
63
8 64 .1312 7
Nov
612 8,
2
63
4 7
73
8 8
3.100 Int Mercantile Marine__ _100
8 Sept 21
123 Feb 17
8
718 June
293 303
4
147 Feb
8
8 294 3012 293 3013 294 30
8
297 324 33
8
35,3 47.000 Preferred
100 27 Mar 30 463
3
27 Aug 523 Feb
8012 61 18 60
4
61
5912 6014 5912 594 591 597
8 594 5912 3,300 International Match pref. 35 5312 ?Mar 3 663 Feb 16
:
8 Feb23
5614 Dec 607 1)eo
3514 35,
8
4
4 344 354 343 353
8 34, 344 3412 354 343 3512 27,400 International Nickel (The).25 323 Mar 30
4
4
3
4614 Jan 5
2414 Mar 4812 Nov
*1013
4
OI013
•10I3
4
*1013
4
4
•10134
•1013 _ _ _
4
Preferred
100 101 18 Jan 29 10414 Apr 21
94
Jan 102 Nov
523 525
3
8 5314 544 523 543
s
4
4 523 53
54
5412 54
543 - I.Ooo nternational Paper
8
100 4418 Apr 15 634 Aug 28
4814 Mar 76
Oct
9612 964 9612 9612 98
4
9612 953 9833 96
9612 9612 9612 1.400 Preferred (7)
100 89 May 7 9813 Jan 2
86 July 9938
10156 160 O151 160 0156 160 *157 160 •151 170 •155 170
International Shoe_ _ _ No Par 135 May 8 175 Jan 11 108 Feb 19934 Oct
July
113 11514 11313 1153 113 1153 1133 11514 115 1154 1134 11512 23,600 Internet Telep A Teleg_ _100 III Mar 3
8
8
8
133 Jan 25
8712 Apr 144 Aug
O183 20
8
20
O19
20
019
•19
•19
20
20
•19
20
No par 1812July 24 29 Jan 7
Intertype Corp
18 July 2938 Oct
3713 373
8 38
38
374 374 3638 374 374 38
37
37
2,400 Jewel Tea. Inc
100 25 Jan 4 433 Aug 17
8
1612 July 263 Dec
8
•122 126 0122 123
122 122 •121 125,2 •I22 125
100 Preferred
100 11512 Jan 29 125 Feb 9 10212 Jan 11512 Dec
1 7 •1012 II
- 3
6
104 10
104 •10
,2 10
1012 1013 1018 1.200 Jones Bros Tea, Inc,stpd 100 10 Oct 20 1912 Feb 5
113 Dec 217 Feb
4
8
1453 1612 144 16
153 16
4
143 15
8
15
15
15,
4
1518 7,900 Jordan Motor Car
r
No par
1414 Oct 18 68 Feb 19
353 Aug
8
65 Nov
*14
3
8
•14
3
8
*4
14
14
3
8
*14
100 Kansas Gulf
3
8
314
4 Mar 4
3 Jan 8
4
112 June
14 May
112 112 •1114 115 •112
011112
0112 115 •112 115
100 Kan City PAL 1st pt A_No par 107141,13r 29 1123
8Sept 9
5
99
Jan 1093 Sept
8
404 41
•40
414 393 4012 3914 393
4
4
8 393 40,2 40
40
1.700 Kayser (J) Co v t C.-..No Par 3314May 20 473 Jan 14
8
1834 Mar
4218 Dec
012 94
94 94
912 913
8
10
912 912 093 10
1014 1,900 Kelly-Springfield Tlre
1214 Mar
9 Oct 9 2112 Feb 6
25
213 July
8
04412 52
4413 441 2 .4312 50
434 4312 044
454 444
4512
300 8% preferred
41 Mar
100 4312 Oct 20 7434 Feb 5
74 July
62
•55
60
1055
53
53
050 :5412 1050
50
50
5412
100 6% preferred
43 Mar 72 July
100 59 Oct 20 7314 Feb 5
8614 86, •8614 89
89
036
4
86
86
86
86
85
88
1,300 Kelsey Wheel. Ins
100 84 Oct 5 126 Feb 4
124 Dec
60
604 604 6112 60
01 14 59
6012 593 604 595 6012 81,500 Kennecott Copper
8
8
par 494 Mgr 3O 62 4 Oct 11
,
4612 Mar 59 4 Nov
,
5
838
3
*4
4
38
,
s
312
3
8
600 Keystone Tire dr Rubb_No par
4
t2Ntay 11
4
218 Jan 2
N°
13 Sept
4
,
3 3 July
104212 45
423 423 •4212 4834 42
8
3
43
4313 4312 •
4213 45
700 Kinney Co
lo
No par 4138Sept 13 8218 Jan 7
75 Mar 100
Oct
4612 49
463 48
4
4614 481
464 474 473 49
4
477 483 32,900 Kree (9 S) Co new
8
4
4
423 Mar 30 82 Jan 29
Kresge
O109 113 •108,2 11312 .105 11312 •110 113 •110 113
110 113
Preferred
4
100 113 Feb 18 1143 Feb26 if61- Mar 116
3
Oct
•1814 21
•1813 21 12 31812 2112 •19
19
20
204 19
19
500 Kresge Dept Stores____No par 1518 Mar 25 334 Jan 14
2812 Dec 453 Jan
4
07212 78
80
0
73
0
73
75
073
*73
75
73
75
73
100 Preferred
100 7014 Mar 26 9314 Feb 1
88
Jan
973
4
156 162 •158 160
160 160 •160 163 •160 10112 161 163
300 Laclede Gas L (St Louls) 100 146 Mar 29 17512July 10 11014 Jan 178 June
Mar
193 20
4
03 2018
4
197 2014
8
1934 197
4
8 193 20
193 197 29,900ILago 011 & Transport, No par 1013May 14 2412June 14
4
8
67
6412 65,
4 65
6334 68
654 667
2 6418 653
8 6512 67
20,700 Lambert Co
pa r 3912May 7 693 Oct II
8
•714 8
74 8
73
4 74 •
74 77
5
8
74 812
712 712 *714
900 Lee Rubber A Tire___ _NO par
ar
N
Ii's Feb
4
63 Aug 18 14 Jan 4
19
Oct
8
333 335
8 334 337
354 3334 3512 343 353
8 34
4
3512 4,600 Lehn A Fink
8 35
No par 303 Mar 30 4118 Jan 2
4
3714 Dec 4412 Oct
21
21
•20
2012 21
21
1913 20
20
21
20
21
1,600 Life Savers
1714May 4 22 June 25
par
_
934 931z 092
_
92
93
94
•92
91 14 91,
92
4 914
500 Liggett &91 Myers Tob netv°
14
7218 Mar 31 947 Jan 25
N
8
57 Muir 92 Dec
•122 124 •I22 12414 121 124 *121 124 •121 124 •121 124
900 Preferred
100 1193 Jan'18 12934May 5
4
1812 Jan 124 Dec
9214 92,
9212 9212 927
904 9112 92
8 9113 92
4 92
027
8 8,800 "Li- new
25 71 Mar 24 943
8Sept 1
5512 Mar 894 Dec
61
61 12 057
*57
60
057
573 57
3
59,2 *57
,3 O57
59
200 Lima Loc Wks
par 5312 Mar 31 693 Jan 4
4
60 June 743 Jan
8
4314 4412 • 433 454 423 434 43
4
423 43
8
4
4412 433 444 29,500 L ew's Incorporated
8
N° par 3414 Mar 2 48 Sept 28
No
22 Feb 444 Nov
•
618 84
6
613
6,
8
64 61s
4
64
6
6
4,700 Loft Incorporated
No par
6 Oct 8 1114.Feb 10
8 Jan
913 Apr
4312 4312 44
44
44
0433 44
8
*434 44
*444 4412
44
400 Long Bell Lumber A
4212July 23 604 Feb 3
No Par
14 Mar 43 Sept
138 140
138 138
4
4
1493 14034 150 15014 146 1493 136 144
3,900 Loose-Wiles Biscuit
100 88 Mar 30 1691 1 Oct 1
77
4
140 164100 120141Mar 30 167 Sept 8 104 Feb 1433 Dee
O142 164 •141 164 •141 164 •130 160 10135 164
2d preferred
Feb 148 Deo
I 293 294 293 30
293 293
4
4
4 293 294 294 30
4
293 294 3,400 LorIllard
4
3
2.5 29 Sept 29 4214 Feb 3
3014 Jan 39
%
11212 11212 1123 113
*11214 113
8
112 113 •11214 113 •11212 113
300 Preferred
100 111 18 Apr 5 120 Aug 31 10818 Feb 116 Sept
Aug
1413 133 147 14,000 Louisiana 011 temp etts_No par 12 Mar 3 197
14
133 1414
8
4
143
4
1412 143
8
8 1414 14,2 14
8June 21
134 Aug 233 Feb
4
231 234 2,100 Louisville GA El A____No par 223 Mar 31 2618 Feb 10
24
8
4 24
I 234 237
8 23 4 234 2312 2313 2312 233
3
4
3:6
M.. 2638 July
O 4 29
283
284 30
O303 31
30
2512 283
4
4 1,500
3014 3012 29
No Par 2812 Oct 22 5814 Feb 4
313 Feb 60
4
Dee
10129 13412 •
I30 134 •12918 134 31129 134 •I2914 134 •12913 131 12
Mackay Companies
100 130 May 15 138 Feb 9 114 Mar 141
sot2 71
Sept
4804 71
71
71
07014 714
0
68
71
200 Preferred
71
1069
100 68 Mar 19 7318 Feb 9
66 Mar 7834
9612 147,700 Mack Trucks, Inc
923 954 9518 963
8
8 91
92
96
9214 943
94
4 92
No par 91 Oct 22 159 Jan 4 117 Jan 242 Feb
Nov
*11014 113
Ins 1st Preferred
11012 11012 •l1014 113 •1101,4 113 •11012 112 .13014 1 Ioi2
100 1094 Jan 4 113 June 10 104
Jan 113 Aug
102 102
200 24 preferred
010313 105 010312 106
104 104 0101 104 •101 104
100 102 Oct 5 1083
4Sept 3
99
Jan 1063 Aug
3
11612 118
4
1,800 Macy (Ft II) & Co. Inc_No par 864151er 29 1263
4
1161411734 11614 1174 •1163 118
1 1714 1173 0118 III
4Sept 7
8912 Jan
Oct
115 115
500 Preferred
01143 115 0114 11512 01143 115
4
11434 1143 115 115
100 1144 Oct 20 1183 Jan 14 1143 Jan 112
4
4
4
4
118 Aug
8 36
363
3614 3,100 Mug a Copper
364 3714 364 364 363 384 35 4 3612 36
par 34 Apr 19 4478 Feb 10
4
3
34 Mar 46 Nov
•15
15
15
•15
16
16
100 MallInson 01 R) A Co:21/°
16
015
015
No
18
16
015
15 Aug 30 2818 Jan 5
21 14 Dec 3712 Jan
594 593
60
037
•
59
200 Martatl Sugar pref
4
81
62
•59
62
100 55 June 4 82 Feb 1
*57
59
59
79 July 8214 Jun•
44
3,900 Manh Elee Supidy- _No par 44 Oct 16 874 July 19
454 47
47
454 4414 467
8 4514 4712 46
487 O48
3
32 Mar 59 Mar
224 224 2214 2214 •2112 2214 217 22,
1.7011 Manhattan Shirt
4
224 2212 2214 223
25 214 Oct 20 327 Jan 4
8
4
8
204 Mar 347 Nov
8
*42
44
4418 042
Manila Electric CorpNo par 274 Mar 20 453 Sept 14
038
44
038
4414 038
44
1038
44
8
2812 Mar 4912 Apr
17
1718 *1712 IR
18, 1714 3.500 Maracaibo Oil Expl___No par
2
1738
17
1612 Oct 6 28 Feb 2
17
1713
1634 17
203 Sept 3512 Jan
8
5218 521 2 52
8
42.400 Marland 011
523
4 5112 5234 5034 514 51 18 514 513 52
No par 4914 Mar 30 633
8.1une 17
3238 Mar 6012 1)eø
25
264 0
2512 •25
25
2412 2512 2512 2513 1,700 Marlin-Rockwell
25
27
25
No par 2412 Oct 21 33 Mar 11
1038 Mar 327 Oct
8
2018 204 .2012 21
20
20
2013
600 Martin-Parry Corp_ _ _ _No par 17 May 20 23 June 25
0
20
21
2012 201 2 21
19 Dec 3718 Jan
77
8114 7918 804 4,700 Mathlestin Alkali Wkstem ctf50 6212May 12 10618 Jan 2
7808 7814 787 79
8
77
8112 76
78
51
Jan 10714
140 14012 13412 140
49.100 May Department Stores.., 50 1067
134 1374 13414 1364 1374 13912 13718 140
8May 17 1413 Oct 15 101 Mar 13912 Dee
4
Dee
______
__ *124
124
•
•I24
Preferred
_ _ •124
10(1 1223 Feb 2 125 June II 11612 Mar 124 June
8
•124
- •124
2218 217 22
*22
,
214 217
8 22 2
19 klar 3 2412Sept 8
8 217 22
2 217 - - -1- 2,300 Maytag Co
No par
4
8
213 217
21 7 Nov
8
263 Oct
8
0
7212 743
7412
4 7212 7212 7213 7213 72
900 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
72
7213 0
72
72
79 Mar 1394 Oct
4 2214 2214 0 8 23
0
2214 2234 234 2:13
100 McIntyre Porcupine Mine*..5 214 Oct II 30 Feb 15
223
*224 -- - - .2212 23
18
Jan 224 Oct
4
300 Metro
-Goldwyn Pictures pf 27 2214 Jan 8 2414 Feb
234 237
8 233 234 0
234 24
8 234 234
2334 234 02358 237 0
18
Jan 24 2 NoV
,
3,300 Mexican Seaboard OIL _No par
4
84 83
4
6 Feb 25 133
834 9
813 83
8
4 94
83
8 84
4July 23
84 9
9 Dec 2212 Jan
1114 1714
1714
17
174 1714 17
1718 8.100 Miami Copper
17
1714
5 11 Mar 3 1 7 2 Oct 1
174 17
8 May 233 Jan
4
2912 2912 2914 2913 283 294 284 29
4
284 2912 15.900 Mid-Continent Petro. _No par 2712Juty 22 37
294
29
2
2534 Aug 3)3 Nov
•131d and-aaked pr1cee: no sales on tibis day s Ex-dividend. a Et
-right&
2119
New York Stock Record—Continued—Page 5
For sales during the week of stocks usually Inactive. see fifth page preceding
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday, 'Monday,
Oct. 16.
Oct. 18.
Tuesday,
Oct. 19.
1Vednesday, Thursday,
Oct. 21.
Oct. 20.
Fridint.
Oct. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
I$ Per share 5 per share $ ner share S ner share $ ner share $ ner share Shares Indus. & Miscelt. (Con.) Par
100 Mid-Cont Petrol pref
100
8
/
4
1 *9612 9712 *9612 9712 *9612 9812 *9612 9812 *9612 9812 983 981
5,000 Middle States 011 Corp....10
1
1
1
1
I
l's
1
1
118
1
1
118
Certificates
10
500
12
12
4
3
"a
3
4
5
4
/
1
4
*5
8
*
8
4
"a
/
1
4
5
8
600 Midland Steel Prod pref___100
10914 10914
4110 112 *11014 111 *11014 111
110 110
109 110
900 Miller Rubber ctfs__ __No par
3212 321z
8
*33
3412 33
33
32
3218 315 32
33
33
10.600 Montana Power
100
7638 77
765 78
8
/
1
4 79
80
,
783 7912 7812 80 4 784 793
4
8 65
/ 67
1
4
/ 32.200 Montg Ward & Co III corp_ _10
1
4
627 64
8
6314 641 631 65
/
4
6414 6712 6712 683
/
4
No par
12: 1318 11.600 Moon Motors
18
13
13
133
8 13
1338
1318 14 4 13
1314 13
,
53
8 512
/ 3,500 Mother Lode Coalltion_No par
1
4
5
/ 5
1
4
54 54
3
3
5
/ 512
1
4
5
/ 512
1
4
8
512 53
400 Motion Picture
No par
15
*14
•14
15
15
*1412 15
14
1412 15
15
15
No par
/
4
,
/ 8,300 Motor Meter A
1
4
3614 3614 36
361 3412 36
/
4
344 35 4 3518 361 35 2 35
/
1
,
No par
4 1,600 Motor Wheel
21
2114 21 14 21,
21
21
21 18 211 211 21 18 2114 2114
/
4
/
4
100 Mullins Body Corp
No par
*103 11
4
*1114 12
*1114 1134
/
1
*104 11
1114 11, •1034 11
4
100 Munsingwear Co
No par
36
36
/ *3514 377 *3514 37
1
4
*3512 37
8
/ *3514 36
1
4
*3514 35
/
1
4
712
/
4
71 71 *714
/
4
500 Murray Body
No par
*73
4 81 2 *73
4 8
74 7 2
,
,
*712 8
No Par
/
4
564 35.300 Nash Motors Co
/
1
/
4
551 5712 551 5614 5512 563 z543 5512 5512 561 55
/
4
8
4
200. National Acme stamped_ __100
*7
/ •712 8
1
4
8
*73
4 8
73
8 7
8 8
7
/ 758 *73
1
4
17,300 National 131scult
25
/ 94
1
4
915 9214 92
8
8
9314 905 9314 9014 913
8
4 923 9312 92
4001 Preferred
100
128 128
12812 1284 129 129 *129 130
12914 12914 *12912 13012
/
1
6.800 Nat Cash Register A WI No par
3812 39
385 387
8
8 3812 384 383 39
3812 39
/
1
3814 384
8
/
1
4
2018 2014 201 2 3 *201 204 1814 20
/ 04
4
201 20 2 193 2012 3,500 National Cloak & Suit_..I00
/
4
,
/
4
/
1
300. Preferred
100
70
6712 6712 1368
*67
70
70
6812 *67
*
68
67
70
6514 665
14 663 68
8 66
/ 7013 6212 6812 53,500 Nat Dairy Prod tern ctreAro par
1
4
68
663 68 4 67
4
4
,
3.400 Nat Department Stores No par
25
25
/ 254 253 25 4 2514 251
1
4
/
1
2512 25
4
*25
25
25
3
lot preferred
100
200
90
90
91
sr *90 9012 *90 9034 *90 91 *90 9078
2,900 Nat Distill Prod ctfs_ __No par
19
/ 20
1
4
1912 20
*20
2012 1812 20
1814 184 •1812 19
/
1
200
Preferred temp ctf__No par
*4314 44
4112
4314 4314 *411 42
40
4312 *40
4113 4112 *
/
4
1,700 Nat Enam & Stamping
100
*233 25 .233 24
4
*2212 23
4
4
2318 2318 223 23
23
231
Preferred
100
*80
85
85
*80
85
80
85 .
*
80
*
80
85
*
80
85
100
1,100 National Lead
146 147
148 148
149 149
145 146 *14514 151 *148 151
Preferred
100
*11g 12: •11L 1234 •116 1161 •116 11612 •116 116,2 •116 11612
4
12
183 1912 10,100 National Pr & Lt etre_ _No par
4
4
1918 191 183 1918 183 1914
/
4
4
50
/
4
/
1
73
731 734 11,000 National Supply
/ 7312 723 7312 7212 74 4 7212 73
1
4
7212 73
4
/
1
4
/
1
4
,
No par
300 National Tea Co
13120 125 *12012 125 *12012 125 •12012'124 •12012 124
1243 125
4
5
145 141 143 15
8
/
4
15
1518 30,300 Nevada Consol Copper
4
143 15
4
143 15
1458 15
4
No par
40
/
4
40
40
40
4
,
38
38 4 393 40 4 4014 401 4,500 N Y Air Brake
,
381 401
/
4
3418 3412 341s 3 / 3218 343
32
33 4 10,400 N Y Canners temp etts_No par
,
32
31
33
30
44
1
No par
83
200, Preferred
83
8312 85 4
,
*82
8312 *
8514 82
*
83
85 4 *83
,
82
100
*3218 34 .33
400 New York Dock
/
4
36
2 34 341
3214 33
*32
3512 *3212 35,
100
1
*70
Preferred
73
*
70
72
*70
72
73
*70
73
*70
*70
73
*2814 283
200' Nlagara Falls Power pf new_25
4 283 2 4 *2814 284 *2814 2812 2812 2812 •
21314 28,
2
4 83
/
1
4514 46
10
46
4812 47,000 North American Co
464 47 2 47
/
1
,
47
464 484 46
47
/
1
/
1
Preferred
50
500
5014 5014
*5012 503
4 505 503 *50
8
8
5012 501
51
5012 501
96
9618 3
96
*9614 9612 1,000 No Amer Edison pref_ No par
96
96
9613 9614 961
96
961
412 4
414 4 2 2.500 Norwalk Tire & Rubber.... O
,
414 41
/ *412 4
1
4
41 41
/
4
/
1
4
43
4 47
1412 145 *1412 15
400 Nunn:illy Co (The).---No Par
8
15
15
•1412 15
1412 141 *14
15
6.000 Oil Well Supply
25
3412 35
33
33
3412 3 / 35 4 364 35 4 363
8
3
54
3
8 327 33
1
/
1
No par
12
1212 13
12
/ 1312 4.400 Omnibus Corp
1
4
13
1212 127
1218 123
1214 121
•
400 Onyx Hosiery
No par
38
40
*3818 4012
*38
40
40
40
3812 381
40
40
Preferred
100
700
*103 105 *10234 1043 104 105
/
1
105 1051 *106 1143 *10614 1094
4
60
60
6012 1,200 Oppenbeirn Collins& CoNo Par
60
60
60
5918 597 *59
5812 591 *
601
400 Orplieurn Circuit. Inc
I
*2838 29
28
/ 283
1
4
4
.284 29
/
1
29
284 283
/
1
29
2812 281
Preferred
100
*102 105 *1021 105 *10212 105 *10212 105 •10212 105 *10212 105
/
4
50
11514 116
11414 11412 115 1163 11212 114
4
/ 3,300 Otis Elevator
1
4
1143 1143 1133 115
4
100
300
Preferred
*107 10912'107 10912 107 107
s
1071 1071 *10312 108 •I0312 1077
/
4
No par
818 814
8
812 8 2 3,100 Otis Steel
,
81
81 *8
/
4
814 81
8
81
100
__ 102 •____ 10312 *____ 104 •____ 104 •____ 103 • __ 103
Preferred
25
7914 8014 79
7912 793 827
4
4 9,700 Owens Bottle
8
79
4
/
1
804 705 804 793 81,
/
1
No par
500 Outlet Co
*48
50
.49
49
50
*47
49
/ 50
1
4
24713 473 *4712 49
100
100
Preferred
13103 104 *103 104
104 104 *102 105 *100 105 •I00 105
300 Pacific Gas & Electric__ _.100
12912 12912'12814 130
12812 1281 •128 130 *128 130 •128 130
No par
11 14
/
4
/
1
138
13
8
/ 112 7.300 Pacific Oil
4
11 112 *11
/
4
11 11
/
4
Dr
112
10
24.000 Packard Motor Car
3214 3318 311 3214 3238 331
/
4
324 33
/
1
/
1
/ 324 3312 3212 33
1
4
13
1312 12
/ 1314
1
4
13
131
12
123
4 1113 1218 11,200 Paige Get Motor Car__No par
123 1314
4
50
1,300 Pan-Amer Petr & Trans
6112 62
61
61
6114 62
61
61
61
62
61
61
50
Class B
6112 45,400
6114 62
6118 62
6112 6212 6038 6114 61
6112 61
3012 3078 3012 31
3012 3114 303 31
/
1
8
303 31
8
3012 304 5.100 Pan-Am West Petrol B.No par
/ 5.800 Panhandle Prod & Ret_No par
1
4
13
14
13
1258 13
1312 1312 14
1312
12
/ 1312 13
1
4
100
Preferred
74
*68
7412 *68
/
1
4
38
743 •68
4
74
/ *68
1
4
74
*68
74
3.300 Park & Tilford tern etts_No par
197 20
8
183 19
4
20
20
19
*2014 21
19
193
4 19
1
Park Utah C M
5
/ 514 *54 512 *514
1
4
/
1
51,
5
/ 51 *53
1
4
/
4
3 5 2 *533 51z 1,300 Pathe Exchange A____No par
'
7,700
47
43
/ 4418 443 45
1
4
4612 46
8
45
4612 43
/ 444 45
1
4
/
1
No par
2018 2012 1.100 Penick & Ford
2014 2014 203 203
/ 204
1
4
/
1
4
4 203 207
8 20
4
8 2034 207
.,.,5O
1.300 Penn Coal & Coke
.
11 12 1112 13
*11
104 10
/
1
11
/ *1012 11
1
4
*1012 11
11
7
8 7.700 Penn-Seaboard St'l vtc No par
/
1
4
78
7
8
1
118
1
1
1
1
1
1
122
2,500 People's 0 1. & C (Ch1c)._100
4
12212 12212 122 123
12112 12112 12112 1223 122
123 123
74
Philadelphia Co (Pittsb)___50
.70
74
*70
*70
74
*70
74 .70
73
73
*70
50
100 6% Preferred
/
1
4
47
/ 47
1
4
50
*4712 50
*47
*47
50
50
*47
50
*47
431, 20,600 Phila & Read C & I_ __No par
41
4
40
4012 40
/ 393 41
1
4
4012 395 403
8
/
4
8 391 39
Certificates of int__ _No par
42
42 .39
1339
4112 .40
40•39
•38
42
•39
41
Phillips-Jones Corp_ __ _No par
*4812 56
*4812 56
*4812 56
*4812 56
*4812 56
*4813 56
/
4
4.900 Phillip Morris & CO. Ltd__ _1
22
22
22
22
8
2112 211 20
207 2214 211 22
/
4
/ 22
1
4
14 4818 4712 4818 56,700 Phillips Petroleum____No par
4658 467
8 463 477
8
8 4714 484 464 47
/
1
/
1
47
5
1036
100 Phoenix Hosiery
39
36
*36
3812 36
39
*36
39. .
100
•100 102 *100 102 *100 102 *100 102 *100 102 •100 102
Preferred
'
1914 207
8 194 21 18 193 211 1912 204 21
/
1
8
4
217
s 203 215 29,600 Plerce-Arrow Mot Car No par
/
4
/
1
4
109 110
100
Preferred
106 108
5.200
4
10612 108
10512 106 4 1061 1063 106 107
4
,
12
12
12
12
*12
3
8
12
3
8
12
12
12
25
1
4,200 Pierce 011 Corporation
PER SHARE
Range Since Jan. I 1926.
-share lots
On basis of 100
Lowest
Highest
Lowest
1
Highest
$ per share $ per share $ per share
10018 Aug 12
8314 Apr 9414 Oct
/ Apr
1
4
314 June
2 Jan 8
/
1
4
1I, Jan 8
112 Feb
1 12 Feb
13312 Feb 23
96
Jan 147 Aug
443 Feb 25
4
Apr - -1
9 4Aug
9
834 Jan 14 84
/
1
41 Mar 8414 Nov
82 Jan 2
373 Feb 10
8
223 Mar 42 Dec
4
712 Feb 8
6 May
94 Jon
2312311ne 3
195 Dec 2012 Dec
8
534 Feb 10
/
1
41) Nov 447 Oct
8
337 Feb 15
8
18
Apr 35 June
13 Aug 2112 Feb
19 4 Feb 1
3
4July 6
3018 Apr 39 Dee
383
157 Feb 20
8
514 Dee 4212 Mat
Oct
66 Feb 23 19312 Jon 488
127 Jan 9
8
414 Mar 124 Dec
/
1
65 Apr 79 Dec
9812June 25
131 12 Apr 28 12312 Mar 128', May
54 Jan 5
,
4912 Dee 847 Oct
57 Jan 2
Jan
873 Dec 104
4
9212 Jan 8
/
4
42 Jan 811 Nov
80 Jan 2
3812 Jan 45 May
423 Jan 7
8
Jan
96 Apr 102
97 Jan 19
/
4
2938 Dec 431 Oct
34 Jan 4
5212 Jan 81
Oct
7318 Jan 4
/
4
40, Jon 2
2
25
Apr 411 Dec
3
89 4 Jan 4
3
75 June 89 4 Jan
/
1
4
174 Jan 5 13812 Apr 17434 Nov
120 May 20 11412 Sept 119 Befit
383 Jon 21
8
.
7
Oct i4
5438 Dec 71
Jan
238 Jon 4 201
Dec 250 Dee
1
v, Oct 1
113 Apr
4
163 Jan
s
31 12 Oct 5612 Jan
4612Sept 7
8434 Jan 29
311 Mar 8112 Dec
/
4
85 Apr 29
/
1
4
18 Mar 45 Nov
45 Feb 5
/
1
4
5218 Jan 76 Dec
74 Feb 5
Jan
271 Oct 29
/
4
2814 Oct 7
4112 Jan 75
Oct
67 Jan 14
463 Jan 5012 Sept
8
5214 Aug 31
9412 Dec 9613 Dec
967
8Sept 18
1212 Sept 1814 Aug
1518 Jan 14
8
Jan
1812 Nov
1712 Jan 7
3338 Dec 38 NOV
36 Oct I
2214 Feb 23
4512June 29
-1- 3 -Jan 39 Des
88
10 , Oct 2' 7814 Mar 97 Nov
41 18 Sept 53 Dec
33
8Sept 9
8
3114June 29
25 4 Jan 327 July
3
Jan 107 Sept
105 Apr 21
98
8758 Feb 14012 Aug
1293 Feb 5
4
Feb 112 July
10912 Aug 30 101
1514 Aug
1412 Jan 19
8 Mar
1077 Feb 17
8
5014 Mar 9712 Aug
8
85 Sept 18
42 4 Mar 693 Nov
3
52 Apr 5
4914 Nov 57 Nov
101 Sept 31
98 Nov 1004 Dec
/
1
1337
8Sept 21 10212 Jan 13718 Nov
8318 Feb 13
513 Aug 7812 Dec
8
4514 July 7
15
Jan 4812 Nov
1738 May 32
2812 Jon 4
Oct
7612 Jan 2
5912 Sept 83 Mar
/
1
4
6018 Aug 8412 Mar
7838 Jan 4
46 Jan 2
3714 Oct 49 4 Dec
3
32 June 17
214 Aug
61 Dec
/
4
37
Oct 6012 Dec
993
8June 16
25 Sept 3512 Jan
2818 Jan 4
812 Feb 5
83 Jan 7 .0 - OV 9 4 -iici
7— N
6
23 June 16
17 Dec 28 Apr
17 Feb 8
123 Apr 263 Jan
4
8
214 Jan 4
1
Aug
3 Jan
130 Feb 11. 112
Jan 123
Oct
763 Apr 8
8
51 12 Mar 6714 Dee
51 14July 7
4512 Jan 49 July
8
483 Feb 13
3734 May 5218 Jan
4612 Jan 11
38 July 5012 Jan
Si Nov 9018 Jan
55 4 Jan 29
3
123 Mar 2514 Sept
4
251 1 Sept 29
624Sept 1
/
1
3614 Mar 4718 June
Apr 424 July
/
1
444 Jan 9
/
1
18
84
Apr 99 Dee
101 Sept 27
10 Mar 47
/
1
4
/ Oct
1
4
4318 Jan 9
43 Mar 100 Nov
12714 Aug 19
114 Nov
3 Feb
12
11 Jan 30
/
4
2014 Dec 40 Feb
1212Sept 27 2718 Jan 30
814 Feb
Dec
412
214 Aug 26
7 Jan 30
371 May 5412 Jan
/
4
29 June 9 4212 Jan 5
Jan
80 May 99
70 June 21. 85 Jan 5
94 Mar 10212 Jan
94 Mar 2
98 Feb 1
30 Apr 63% Jan
/
4
39 Oct 5 631 Jan 9
79 July 8814 Nov
80'. Oct 7 9214 Feb 5
Dee
64 8 Nov 121
5
8
751 Mar 30 1247 Feb 3
/
4
3418May 19 4314 Aug 31
7612 July 9212 Jan
95 4 Jan 7
3
78 Oct ,1
,2
/
1
4
1212 Aug 32 Feb
11 Mar 29 1812 Oct II
8
27 Sept 473 Feb
3034May II 391 i Oct 21
/
1
4
8
623 Mar 87 Aug
s/tent 15
72 Mar 2 977
Oct I
9613 Apr 7 101
99 - -Jan 1IIII- Nov
10318 Jan 12 10938July 9
8
115 Mar 2 12112 Oct M 1085 Apr 119 Oct
9212 May 10018 Dee
97 Jan 22 1041xSept 27
Jan 108
Oct
99
l06 Jan 18 114 Aug 5
14514 Mar 31 19912Sept 16 129 Mar 17312 Sept
,
33 July 47 4 Jan
33 Apr 14 47 Feb 4
2518 Aug 333 Feb
4
251 4 Oct 20 31 Jan 4
/
4
4J
106 Apr 14 1123 une 25 1021 Jan 108la Sept
39 Nov 77
/
1
4
/ Jan
1
4
32 Mar 30 6,112 Oct 22
45 Dec 54 Feb
8
443 Mar 31 493 Oct 4
8
3334 Nov 3911 Aug
323 Apr 30 4134 Oct t
4
111 Apr 17 Feb
/
4
/
1
4
/
4
1012Mar 3 151 Oct 14
43 Oct 601,4 Dee
4024 Oct 18 56 Jan 4
10 May 2814 July
/
1
712Ju1y 24 184 Feb 23
4654 Jan 1171 Dec
.
8312 Ayr 20 127 Feb 3
Jan 10912 Oct
108 Ayr 21 118 Oct 1 100
Apr 1 11514 Aug 27 103 Sent 11312 Apr
105
June
1
n
;Ps
e 841 !Ian
r
3
4
48.38/j1 a tg 133Z jan 1
4 3cy
8414 July 9$ Jan
9114 Mar 30 99 Sept 1.5
/
1
8 July 18 Jan
512 Feb 24 104 Jan 5
7212 Mar 95 Nov
90 Mar 30 115 Alin :10
/
1
4
85 June 971 Feb
/
4
79 Sept 17 100 Jan 20
/
1
4
47.. Oct 11 57 Jan 9
4814 Mar 671a Jan
361
/
451av 11 4818 Feb Ill
3534 July 5212 MAY
421a Mar 31 55 Sept. 27
48 Dec 5012 Dec
4812 July 108s• Mar
73 Mar 31 10212 Feb10
418 Oct (I 1014 Jun 4
It Nov
V Nov
52 Mar 4 703
8July 28
511 Dee 654 Dee
/
4
4212 Mar 30 Bs], Jan 23 !Olt Sept 1347e Des
.
11212 Jan 6 '120 Sept 9 110 Jan 118 Aug
143 ki sr i 2
4
12'2 MAI* 3
165 Jane
1314 Nov
,
$ per share
90 Mar 30
1 Sept 13
Is Oct S
107 Mar 30
30 May 17
69 Mar 26
/
1
4
56 May 19
12 Oct 15
514July 12
11 Oct 6
333
4May 19
20.8Sept 21
11 July 7
4
343 Apr 6
3 May 8
52 Mar 24
74July 13
/
1
74 Jan 8
126 Jan 27
38 May 22
1814 Oct 90
67 Oct20
53 Apr 14
25 Oct 20
8934 Oct 1. 1
1212May 18
371. Aug 2
2118July 14
76 July 13
138 Apr 15
116 Jan 16
164 Mar 2
/
1
5512 Jan 4
119 May 15
115
8June 1
3612 Jan 2
30 Oct 2 1
81 Oct 19
32 Oct 2
69 May 13
8
275 Mar 31
42 Mar 30
49 Jan 2
9118 Mar 31
4'. Oct 20
1358Mar 1
30 July 2
12 Oct 1r
3114 Feb 2
95 Apr 17
47 Jan 12
2712Mar 25
101 Jan IS
106 May 20
1023 Jan 13
4
8 Oct 18
85 May 17
535 Mar 29
4
44 May 19
9712 our 1
118 Mar 31
n1 May 13
311 Mar 31
/
4
11 Oct •!?.
5618 Mar 31
5678 Mar 31
30 Oct 1.1
412 Jan 21
51 Jon 19
2
1851 Oct ,
518Sept 30
41 Oct 11
164 Jan 28
/
1
7 Alla 6
7 Oct 21
8
117 Jan 4
5918 Mar 2
4 i Oct I I
3614 Apr 14
4June 14
363
49 Sent 30
16 Apr 3
40 Mar 30
31 Mar 30
94 Mar 25
19 May 15
7612 Am 15
12 Oct 1
*10
16
100
•11
14Preferred
1212 3111
12
*11
14
*11
14
*11
212 21
212 2
/
1
4
213 212
212 2
/ 3,500 Pierce Petrorro tern ctfsNo par
1
4
212 258
212 212
*3012 32
.3012 32
*3013 32
700 Pittsburgh Coal of Pa__.101)
301 3012 3112 3112 32
/
4
3214
*
70
73
no 73 71 71 *71 73 *71 73 7114 7114
100
Preferred
600
*97
971 *97
9712 *97
100
200 Pittsburgh Steel pref
98
98
98
9712 9712 *97 100
*39
42
*39
42
100
.39
41
*39
41 :0
2,1001 Pitts Term Coal
48
40 4 9
, 0
8
4012 817 *8 3 4614
*80
86
*80
86 .80
100
86
*80
Preferred
86
95
95
3
934 96
/
1
913 954 90
8
/
1
/ 931 2923 941
1
4
4
917 941 24.500 Post'm Cer Co Inc new _No par
8
/
4
39
/ 391 3912 393
1
4
/
4
8 393 393
8
8 381 3918 333 391 *381 3912 2,300 Pressed Steel Car new
4
100
/
4
7912 791 *78
791 *7812 80
*7812 79
100
7812 781 •77
Preferred
80
200
1612 164 1618 163
/
1
1612 374 *3
16
/ 1618 3 / 37
1 , 164 164 39, . / 3 , 15;100 Prod uferrs dr Refiners Corp_50
1
pre ce r ed
/ 181
1
0
3 1 19 1 1 50
17
7
4 8
,
38 4 .
38
3818 381 .
38
5
92
91
9013 9114 91
9314 9012 92
911 921
/
4
92
93
10,900 PubServCorp of N .1 new No pa
*99 100
*99 100
*99 100
*99 100
09 100
*99 10018
100
200 6% preferred
/
1
4
*108 108 *108 1083 10818 1083 1083 1083 *10818 109 *10818 109
8
4
4
100
400
7% preferred
*12212 12314 12212 1221 1227 123
8
12412 1241 *12318 124 *12318 12414
/
1
4
101
500 8% preferred
10212 1021 •I021 1021 102 10218 102 102
.810212 104
/
4
10248
1,
/
1
600 Pub Serv Elec & Gas Md.100
/
1
4
•11112 11414.11114 113 *112 1137 *112 1137 .112 1137 412
8
8
8 02'2
20.900 Pull.ervIce m pany
b . co Elec Pr pref_100
S
.
175 1783 174 17812 17134 17434 174 1761/4 175 17914
8
4
100
1743 177
3814 381
39
38
383
8 37
39
38
*37
/ 39
1
4
3812 3914 4.000 Punta Alegre Sugar
50
25
/ 25
1
4
/ 2512 25
1
4
4
/ 2514 2512 2512 2512 2512 254 7,900 Pure 011 (The)
1
4
253 26
/
1
2
___ ____ *109 111
,
1
0914 109 4 *109 111
109 109
109 109
300 8% preferred
100
5018 51
505 5314 51
8
5514 511 55 8 55
/
4
5
581/4 57
6012 344.100 Radio Corp of Amer_ __No pa
*4814 49
49
4812 4918 484 484 483 49
/
1
/
1
49
8
49
4914 1.200
Preferred
50
Rand Mines. Ltd
No pa
1- .
-iiTa Til; .-1T4 114 -i T8 lila "ii" Iii -iii8 Iii -i8is Ii - 1,i615
1i
Consorldated Copper_ _10
ice c leao
4
4 4I1 411 41
/
4
/
4
4114 4114 403 413
41
*41
42
*41
42
1,200 RRaelyd
No par
9
9
8
/ 918
1
4
7
/ 8
1
4
712 7
/
1
4
8
9
818 812 3,400 Reis (Robt) A Co
No par
98 10012 98 101
9814 1003 100 101
4
98 100
9612 98
6,200 Remington Ty1,ewriter____100
•1143 11814 *113 11612 .113 118 *113 11814 *113 11814 *113 1181,
4
7% 1st preferred
10
*110 11414 *110 11414 *110 11414 *110 114 *110 114 *110 114
8% 2d preferred
100
9
9 14
9
9
9
914
8
/ 9
1
4
83
8 8
/
1
4
8
/ 8
1
4
/ 6.500 Replogle Steel
1
4
541 54
/
4
57
5,500 Republic Iron & Steel No 17:1)
541 5413 54
/
4
5514 534 5412 55
5512 56
/
1
*9612 97
97
97
961 963
/
4
8 961 9614 *9512 973
/
4
8
*
9612 97
300
Preferred
100
/
1
4
614 6
/ // 614
1 11
4 44
No pa
6
/ 6
1
4
3
8
61
/
4
53
4 5
/
1
4
5
/ 5 8 35,000 Reynolds Spring
1
4
7
/
1
/ ms 110
1
4
10912 10912 1091 1094 4,800 Reynolds (51.2) Tot, Class B 25
1084 109
/
1
/
4
/
1
/ 1084 108
1
4
108, 108
2
•
75
80
*76
80
076
85
*76
85
•76
80
*76
80
25
Rota insurance Co
48
/ 4812 4812 4812 47
1
4
/ 483
1
4
8 4712 475
8 471 48
/
4
*4712 48
2.490 Royal Dutch Co(N Y shares)
4
/
4
3912 3912 39
/ 3,600 St J. eon Lead
1
4
4
3934 393
4 383 3935 391 391 391 39
/
4
/
4
/ 39
1
4
10
No pa
5013 50
51 8 50
50
50
5
)
501 5018 51
/
4
2.600 Safety Cable
50
5 '4 * 0
0
7714 77%. 76
78
78
73
76
77
.76
*76
78
80 sezite c ri ns,
4 0 tia
0
,
*74
a Au l 0e Corporation_ I00
4.412 5
*412 5
NO ,
10
*412 5
4
/ 412
1
4
412 412 •4
/ 5
1
4
6112 6212 61
61
6112 61 12 62
61
613
8 001 611 IMO Shubert Theatre Corp_No pa
/
4
61
/
4
453 48
4
45
44
45
44
4518 8.000 Schulte Retail Stures
45
/ 44, 45
1
4
8
Ne Pa
/
1
444 46
100
Preferred
*11418 120 *1144 120 *11414 120 *11414 120 *11414 120 *11414 120
Na Da
/ 13 .131 1312 1314 1314
1
4
/
1
4
13
1314 1,000 Seagrave Corp
/
4
131s 1314
/ 13
1
4
t 133* 13
litalzdard Mut CallIonra new.
go •md and lusted_,pclowl: no wake on thbo day. z La-dividend. 0.ex-rights. a Ex-dividend one abate 0-
PER SHARE
Range for Preston*
Year 1925.
2120
New York Stock Record -Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 16.
Monday,
Oct. 18.
Tuesday,
Oct. 19.
Wednesday, Thursday,
Oct. 20.
Oct. 21.
Sales
for
tile
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
-share lots
On basis of 100
PER SHARE
Range for Previous
Year 1925
Friday,
Oct. 22.
Highest
Lowest
Highest
Lowest
per share $ per share
$ per share
per share $ per share $ per share Shares. Indus. & MIscell. (Con.) Par $ per share $ per share $ per share $ per share
4
8
$0, 5114 4958 5112 493 52% 50'8 52% 5314 54% 51l2 5312 110,100 Sears,Roebuck & Co newNopar 4414 Mar 29 583
8Sept 7
54
54% 5412 5412 5414 54 4 54
54
,
*5314 55
*54
543
1.700 Shatuck (F G)
4
No par
47 Mar 30 695 Jan 4
8
4O's Star 02 Aug
*4214 4314 *413 4314 *4118 42% *40% 4212 *4118 4212 *403 423
4
4
Shell Transport & Trading..82 4012July 26 4858 Jan 4
4
3912 Sept 49 Des
8 28
2814 2812 285
28
283
8 28
28% 28% 29
287 2918 29,000 Shell Union Oil
8
No par 24 Mar 3 3012Sept 3
215 Aug 2812 Dec
8
*107 108 *107 108 •107 108 *10712 108 *10712 108 *10712 108
Preferred
100 103 Mar 3 114 July 2
9912 Jan 10614 Nov
175 173
8
8
4 17% 18,
8 175 18% 1714 177
8 1712 177
8 1712 173 11,300 Simms Petroleum
4
10 1518 Aug 18 285 Jan 2
8
173 Sept 261 Jan
4
30
2914 30
29
29% 31
2912 30
3012 • 31
31
32
9,100 Simmons Co
No par 28% Oct 15 54, Jan 4
2
3114 Mar 545 Nov
8
8
*105 1077 *105 1077 *106 1067 *106 1067 *106 106% *106 106%
8
8
Preferred
100 1063 Oct 9 10912July 2 10018 Jan 10818 Dec
4
18
18
18
1814
163 18% 17
4
18
17 4 1818 17% 17% 49,200 Sinclair Cons 011 Corn_No par 163 Oct '9 247 Feb 23
3
4
8
17 Jan 247 Feb
9512 96
9512 9512 95% 953
4 95
95
9412 9412 *9414 95
700 Preferred
100 90 Mar 30 9912June 24
783 Jan 9418 Feb
304 3138 303 3114 3114 32
4
30
3118 3012 31
307 3118 24,100 Skelly 011 Co
8
25 26% Mar 30 3718June 28
213 Mar 3212 Nov
119 11914 117 119
118 121
117 118 *118 122
118 118
3,900 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14212 Aug 10
804 Mar 14312 Dee
10918 1093 107 11112 1083 112
4
4
108 1083 10914 11212 112 1143
4
4 6,800 South Porto Rico Sugar._.100 92 Apr 15 14712 Feb 2
62
Jan 10918 Dec
*110 115 *110 115 *110 115 •104 11714 *104
Preferred
100 110 Oct 8 11718 Feb 8
993 Jan 11314 Dec
k3052 3112 31 31 3034 31 93038 31 30% 11714 *110 4 117,4 9,400 Southern Calif Edison
31
303 30%
25 30% Oct 21 33 July 19
4312 43% 43% 44
43
44,
8 41% 4312 4212 44
4218 43
10,100 Southern Dairies cl A_No par 41% Oct 20 5512July 17
21
213
4 21 18 2218 20
2178
1712 20
1812 20
1912 2018 17,800 Class 13
4
No par 1712 Oct 20 353 Mar 11
*1112 15
*11 12 14
*1112 15
•111 15
,
*1112 15
*1112 15
Spear & Co
4
No par 11 June 2 173 Feb 19
13l Dec - - -- May
2
4
•75
80
7912 *75
•75
80
*75
80
*75
80
7912 791
100 Preferred
100 72 Apr 20 8212 Jan 13
7814 Dec 92 May
2138 21
21
2112 20
2112 1934 20
20% 20% 21
22% 14,200 Spicer Mfg Co
No par 18% Apr 19 31% Feb 5
1512 Feb 3137 Sept
8
*102 105 *102 105 *101 105 *102 105 *10212 105 *10212 105
100 101 Jan 12 10512Sept 1
Preferred
92 Apr 108 July
525 53% 53
8
53 8 5314 54
7
527 5314 52% 5312 52% 5312 10,000 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
404 Jan 61
Oct
55 4 553
3
4 55% 55% 5534 553
4 5558 56
55% 55% *5512 56
4
2,500 Preferred
50 533 Mar 30 57% Feb 9
6012 Mar 5612 Nov
*6812 6912 68 68
68 68
6718 673
68
693 70,
4 68
4
90() Standard Milling
100 6718 Oct 20 9212 Feb 4
4
62 May 88 Des
*83
88
*83
88
*83
85
*83
88
*83
88
*83
88
100 80 Mar 2 90 Feb 5
Preferred
81
Jan 86% Dec
60% 607
8 60
60 4 60
,
6114 60
6012 6018 603
8May 14 635
4 6018 60% 36,000 Standard Oil of Cal new.No par 525
8Sept 8
413 417
4
8 41% 413
4 4112 417
4114 413
8 4114 41,
41% 37,200 Standard 011 of New Jersey _25 4012 Mar 3 463 Jal 2 - 8 l'Cle; 171- 8
2 41
317
- 2 Feb
11614 116% 11614 11614 11614 11612 11614 1 163* 11614 11612 11614 1163
100 11514 Aug 26 11918May 18 11614 July 119 Feb
4 3,600 Pref non-voting
54 5 2
,
*514 5 2
,
,
5 2 512
,
512 6
512 512 *512 53
43
4May 21
107 Feb 10
8
700 Stand Plate Glass Co. No par
4
55 Aug
8
Jan
16
*8814 8812 *8814 883
4 8812 8812 88 88
88
1,000 Sterling Products
No par 75 Mar 27 913
883 *88
4
883
4
8Sept 24
6214 Mar 82 Des
633 6414 64
4
6518 6318 6512 625 6412 64
8
66
633 65% 21,200 Stewart-Warn So Corp_No par 61 1,Sept 27 92% Jan 2
8
55 Mar 9612 Dee
58
58
57 2 5712 5712 5712 *57
,
58
5712 5712 57
57
700 Strornberg Carburetor_No par 57 Oct 4 774 Jan 4
61 Mar 89% Oct
5212 53
493 53
4
8 5014 513
50,8 517
4 4912 51% 48% 50,8 239,500 Studeb'rCorp(The) new No par 47 May 18 62 Sept 15
4114 Jan 6838 Nov
*119 120 *119 120 *119 120 *119 120 *119 120 *119 120
Preferred
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
13
4
13
4 *13
8
13
4
17
8 •13
4
4 17
17
8
1%
1%
17
8 2
3,300 Submarine Boat
112July 27
No par
3% Feb 21
3
Oct 12 Mar
32% 323
8 3212 3212 *3212 327
8 3414 325
1,600 Sun Oil
3214 *3218 32%
8 32
8
No par 3018 Mar 30 415 Jan 4
384 Nov 43% Nov
212 234
212 23
25
8 238
214 212
4
2% 2% 5,500 Superior Oil
44 Jan 8
2% 212
1 July 29
No par
2 Dec
618 Feb
*2312 25
*2312 28
2312 2312 2312 24
244 25
*24% 28
900 Superior Steel
8Sept 7
100 1912 Apr 12 347
20 May 413 Jan
8
1518 15 8 147 15
8
,
14
4
*133 14
8
143
4 133 14
14
14
3,900 Sweets Co of America
8Sept 13
8% Apr 13 175
50
57 Mar 1512 Oct
11
8
7
614 7
7
1,500 Symington temp ctfs__No par
7
53* 6,
*7
74
,
7
7 12
2
5% Oct 20 1412 Jan 4
1012 Jan 207 Sept
8
15
15
*14
147
8 1213 1312 1058 13
1318 1312 •1314 13% 2,200 Class A temp ctfs___ No par 10% Oct 20 207 Feb 4
8
19% Dec 2618 Sept
*1112 1212 •1112 1212 1 15* 115 •1112 1212 •1112 1212 *1112 1212
8
100 Telautograph Corp____No par 11 Apr 5 14% Jan 19
11 Aug
1614 Nov
114 1114 10% 1118 103 114 11
107 11
8
11
1114 6,200 Tenn Copp & C
1114
4
No par 103 Oct 19 16 Feb 5
7% Apr 16 Del
51% 5214 51 8 5218 513 5214 513 52
,
5112 52% 52
8
5214 30,800 Texas Company (The)
25 48 Mar 30 58 Aug 31
42 4 Jan 65 Dee
,
4114 41% 4112 4238 4218 43
411 4214 4214 423
8
8
4 41% 427 73,900 Texas Gulf Sulphur now No Pa
413 Oct 16 4618 Oct 1
4
13 12% 13
13
8
1314 1318 13% 125 1314 12
123 1314 21,900 Texas Pacific Coal & Oil.__ _10 12 Oct 20 1912 Jan 7 168 Aug 13 -Feb
4
12
74
830 850 820 820
803 810
875 875 •800 900
830 830
45 Texas Pacific Land Trust.100 510 Mar 19 1035 May 27 255
Apr 857 Des
28
28
*273 28 4 2814 2814 2712 2712 *273 28
8
4
*2712 28
,
500 The Fair
No par 2718 Mar 31 34 Jan 14
324 Sept 394 3
4ct
4612 4612 4618 4612 46% 4638 46
4612 46
46
*4412 47
1,600 Thompson (J R) Co
25 4214May 7 5012Sept 16
*2712 28
*2712 2812 2714 2814 *2714 2814 *2712 28 4 *2712 2812
,
Tide Water 011
100 28 Oct 9 3914 Jan 25
301g Sept 16 17;0
8914 89,
90
89 89
89
89
89
4 8914 8914 *89
89
500 Preferred
100 89 Oct 20 103 Jan 25
99 Nov 101
Oct
3
8
4
765 85
8
87% 6938 683 7414 7214 75 4 725 757
8114 843 322,300 Timken Roller earing_No Par 44% Mar 3 85 Oct 21
4
37% Mar 59% Oct
105 1067 10518 1063 105 107
8
10414 105, 1055 10714 1054 1075* 32,800 Tc.bacco Products Corp__ _100 9514 Apr 12 1165
8
8
2
8Sept 22
70
Jan 101 4 Nov
,
11314 11314 113 113
11318 11318 •113 114
114 114 *113 11412 1,000 Class A
100 103 Mar 3 1183
8Sept 21
9318 Jan 110% Nov
35
3% 3%
313 37
3
8
3% 37
3
3
% 37
3 Mar 4
3513 33
33 17,100 Transet'l 011 temctf newNopar
4
512July 0
312 Sept
5% May
154 1518 •1518 187 *1514 18% •1514 187
•15
15
187
4 15
8
200 Transue & Williams St'l No par 15 Aug 28 27 Jan 28
2412 Sept 35 Jan
51
5112 52
51
51
51
51
51
51
52
51
51
1,600 Underwriter Typewriter____25 503
4Sept 30 63% Jan 7
3818 Mar 854 Nov
42
43
4212 443
44
4 42
43
4212 4212 4312 43
4412 5,500 Union Bag & Paper Corp_ _100 31 May 21 7114 Jan 5
36
Apr 86
Oct
89
90
8914 89% 8918 90
89% 9212 903 92
9058 89
15,900 Union Carbide & Carb_No par 7712 Mar 29 94% Oct 1
4
5614 5312 547
5318 543
4 5
,
54% 5312 54
412 56 4 54
8 54
25 3714 Jan 20 583
55,500 Union 011 California
8Sept 23 --3
3 -- Oct 133e Feb
116 116
116 116
116 116
116 117
115 115
11514 117
1,200 Union Tank Car
100 844 Mar 31 120% Oct 1
94 Dec 134 June
3
3
*11512 115
53 115% 11558 1153 115 *1157 1161 •1157 116 4 115% 11618
3
/
4
,
100 11314May 22 118 July 12 1134 June 11718 May
700 Preferred
United Alloy Steel.. _ No par 2512 Jan 21 35%July 15
24 May 367 Mar
8
9413 -65-7-8 -9238 9534 - 6,200 United Cigar Stores
94
9512 93
04
-- 212 - - - 94
9
951
94
25 8318 Feb 4 1093 Aug 17
4
6014 Jan 11512 Nov
120 12014 *120 125
•120 130 *120 130 *120 130
120 120
500 Preferred
100 114% Mar 4 125 June 30 115 Dec 13314 Dee
8
4
1563 1573 15512 157% 15414 1567 15114 1543 15412 1553 1533 157
4
4
100 134 Mar 30 171 Sept 8 11078 Feb 16212 Oct
9,300 United Drug
4
5818 5818 58 4 5814
573 573 *5814 5812
4
1156% 58
,
50 5512Mar 5 59 July 8
4
600 lot Preferred
51
Jan 584 Nov
111 112
110% 11112 112 11212 1123 113
4
1123 11312 111 113
4
1,700 United Fruit new
No par 98 Apr 15 11812Sept 8
1712 1712 *1712 18
*174 1812 •1712 19
18
18
18
18
100 1712 Oct 20 3812 Mar 2 -- 1- 400 United Paperboard
184 AP; 3312 Dee
94% 95
9612 9612 *9412 9712
95
4 95
963 96% *9412 963
4
500 Universal Pictures 151 p26.100 90 Mar 8 9712July 8
9478 Dec 10312 Oct
16% 18
163 17 4 1618 17
4
16 8 1712 12,900 Universal Pipe & Rad_.No par 135 Mar 31 283 Jan 5
1614
1514 163
,
,
8
4
* 18
26 Dec 5078 Feb
6912 •6114 6912 *67
6912 •60
6912 .64
*60
•60
69
69
100 52 Mar 30 7812 Jan 5
Preferred
65 July 94
Feb
192 19712 19814 201 12 193 202
8
190 2017 192 206
194 196
28,500 US Cast Iron Pipe & Fdy-100 150 May 19 24812 Aug 3 13114 Apr 250
Feb
1027 102% 102 108
8
105 105 *104 106
103 104
*103 104
200 Preferred
100 10014 Mar 8 109 July 9
91 July 113 Aug
4712 49 4 4618 4712 47
3
48% 49
48% 4814 4914 13,100 US Distrib Corp tern elf No par 39 Mar 30 6112 Feb 13
49
48
30% Feb 63 Dee
/
1
4
p 53% 55 53 5434 53 5414 5234 5414 5318 56 5312 5512 4,000 US Hoff Mach Corp vteNo par 45% Jan 2 5938 Feb 4 23 Jan 491,2 Oct
68
713 78
8
6812 6918 71
693
4 68% 71
67,200
8
IF 675 6812 68
704 Dec 98
8
100 453 Mar 30 82 Sept 17
S Industrial Alcohol
Oet
4 10212 104
,
10518 106
103 103% *104 106
1037 1037 104 104
8
8
Apr 22 108 Sept 20 102 Dec 115 June
700 Preferred
100 9914
57% 58 4 58% 58 2 5514 58,
,
,
8
4
4 5612 57% 585 58, 12.100 US Realty & Impt new.No par 4818 Mar 29 71% Jan 4
112 5712 58
51% 52% 52% 533
5214 53% 5212 54
4 5318 58, 35,600 United States Rubber
4
3 13
5214 53
100 5014May 19 8814 Jan 23 - -- 2 Mar 9712 Nov
10512 1055
8
8
4
8
800
8
107% 107% 1077 1077 1073 1077 .105 107 •10512 106
1st Preferred
92% Mar 1087 Nov
100 10112 Mar 30 109 Jan 19
8
325 33
8
31
32
32% 33
32
32 4 31% 32
,
3,700 US Smelting. Ref & Mm.
33
30 Feb 51
..50 31 Oct 22 49% Jan 2
r 33
Dee
.4518 45 2 45
44
46
4
/ 44 4
1
4
45,
4 443 45
,
, 1,400 Preferred
4614 4614 46
44
4
50 443 Oct 21 50 Jan 4
Apr 494 Dee
4
8
4
8
8
,
8
13614 138 4 1363 1385 1343 139% 133% 136% 13618 13814 1345 13814 725,700 United States Steel Corp__100 117 Apr 15 1595 Aug 17 1123 Mar 13914 Nov
128 12812 2,700 Preferred
100 12412 Mar 3 13018June 11 12214 May 1265 Jan
8
12712 1273 12712 12712 127% 1277 12712 127% •12712 128
4
8
*623 65
*623 65
4
4
*623 65
•6214 65
4
*623 65
4
No par 5612 Jan 4 65 Sept 9
U S Tobacco
J'823 65
4
5112 Mar 591 Nov
/
4
100 112 Mar 19 117 Oct 11 1055 Apr 114 Sept
Preferred
•117 120 •117 120 *117 120 •117 120 •11712 120 •11712 120
8
108 108
•90 109
100 Utah Copper
*90 109
10 93 Apr 1 10612 Oat 1
82 Mar 111 Nov
*106 110 •108 110 •106 110
2914 2914 30
30% 1,200 Utilities Pow & Lt A__ _No par 284 Mar 31 37 Feb 15
30 Aug 38 Aug
2914 2912 2914 2914 2912 2912 2914 30
3712 4014 393 4018 40
40
38% 37% 39
No par 29 Mar 3 43 Aug 16
4
36
8,500 Vanadium Corp
25% May 34% July
3614 37
47
*45
46
*45
No par 4314July 21 52 Aug 6
46
48
46
200 Vick Chemical
44% 44% *45
46
*44
32 Feb 26
178 Jan 15
Virginia-Caro Chem _ No par
1l Sept -- -384
91No par
9 Oct 20 2512 Feb 3
5
2
7:5E25 New
1772 Dec 21% lui;
-51-2 98 --9l -11- --9T2 --64 --9- -- 4 9% 918 --15 12 -9:8 -Ds
1% Jan 8
No par
34 July 2
7 Aug
8
4% July
3i- 33' 333 3313 3358 -55E8 335 - i00 6% pref w I
100 3138 Oct ii 69 Jan 4
i1-3:
2
-34 3158 - 1 -554 - 564 Nov 637 Des
3158 /1
4
863 87
84
4
100 83 Oct 15 084 Jan 6
87
87
854 87
87
87 ,
*84
3,200 7% pref w 1
84
9214 Nov 9512 Dee
8318
•47
*47
48
50
47
*47
50
*47
47
49
200 Virginia Iron Coal & Coke.100 40 May 15 50 June 10
49
30 June 413 Dee
*47
4
30
29% 293
4
4 293 3014 2914 30% 7,500 Vlvaudou (V) nevr____No par 26 Mar 30 327 Aug 3
3014 29% 3018 30
30
74 Jan 28% Da
100 94% Jan 29 1011 2Sept 28
Preferred
*10014 102 •10014 102 •10014 102 *10014 102 •10014 102 *10014 102
8
2112 21 18 2112 2,100 Waldorf System
8 21
No par 17 Jan 12 217 Aug 19
8
1453 Aug lOis "iii
3
2012 2012 20 4 20% 205 20% 2014 205
*147 1512 •147 1512
8
15
15
16
8
No par 1214June 2 2314 Jan 27
600 Walworth Co ctfs
2114 Dec 2414 Dee
4
8
157 15% •143 1512 *15
,
4
4
400 Ward Baking Class A No par 99 June 30 195 Jan 2 118 Apr 198 Dee
4
100 100 *100 1093 •100 1093 •100 1093 •100 109 4 100 100
8
8
223 235 22,400 Class B
4
2412 2114 23% 215 23
8
No par 2114 Oct 20 853 Feb 1
3714 Mar 9512 Oct
23% 23
24% 22
23
89% 89% *8918 89% •89% 897
8
No par 8812 Oct 7 11012 Jan 15
90
500 Preferred (100)
9412 Feb 112 Des
49012 90 4 90
9012 90
3
4512 4812 444 48% 176,700 Warner Bros Pictures A ___ _10 12 June 11 6914 Sept 15
/
1
8
1714 Dec
4 435 5112 42% 46
,
4812 52 4 474 51,
2% Oct
4
5414 54 3 4.200 Warren Bros
No par 437 Apr 15 57 Oct 19
55
58% 55, 58
4
,
43 June 50% July
53
5512 5512 57
52
52
par 53 Apr 20 8512 Jan 13
5514 55 4 55
5518
57
,
*55
600 Weber & Hellbr, new &No
*5518 57
51
Apr 1004 Be.
*55% 57
*5518 57
144 145
144 145
8
145 145
1,900 Western Union Telegraph.100 13412 Mar 30 1577 Sept 8 11614 Jan 1447 Sept
4
1433 145
8
144% 145 *14312 145
12412 12512 10,600 Westinghouse Air Brake___50 10514 Mar 31 13912Sept 8
12318 125
97 Apr 144 Aug
,
124 125 4 124 12512 124 126% 12114 124
67% 6,400 Westinghouse Elec & Mfg_ _50 65 May 19 7912 Feb 10
66% 67% 67
67% 6612 67
6614 Mar 84
Jas
66% 67% 66% 6712 67
133
4May 10 1912July 28
8 1612 16 2 1,600 Weston Elea Instrument
,
16% 1618 16,
94 Apr 204 Aug
16% 16% 1612 1612 16
*1612 17
3212 3212 3212 3212 3212 1,100 Class A
2714 Jan 4 3213 Oct 7
*32
19% Mar 287 Dec
3218 3218 3212
32
4
32
3232
*92
9812 *92
98
West Penn Elec cl A vtt No par 8812 Jan 6 98 Sept 28
98
•92
99
*90
99
•92
99
*92
100 9512May 17 101 Sept 29
500 Preferred
9812 9812 *98 100
9814 9814 9814
98
*9814
_
19
13 199,2 113 113 *11212 11318
912 13
100 108 Mar 25 115 Sept 21 104
200 West Penn Power pref
Jan 111 July
-*111 116 - •11112 116 *114 116
1,400 White Eagle 011
No par 2518 Apr 20 29% Feb 10
2514 2514
2512 Aug 3114 Feb
2512 2538 2518 2512 2512 28
3
257 26
2512 25
50 51 18 Apr 15 90 Feb 11
553
8 535* 657 18,100 White Motor
5718 Mar 10412 Aug
538 54
534 5512 53
8 527 54
523 535
Rock Min Sp ctf _No par 22 Oct 22 38% Feb 3
2,600 White
8 26
26
243 253
8
25
3312 Dec 493 Aug
2512 2512 22
8
26
*25 4 26
3
26
34
34
33 Jan
7
72 *34 78
*34 1918 1834 1914 1834 1914 1,900 Wickwire Spencer Steel ctf___ 1834July 22 34 8 Jan 6 2 Dec 5% May
34
3
4
3
4
14
3
4
17
5
4
1832 1872 1832 1912 1858 1934 1838 90 18834 90 *8834 8974 112,500 Willys-Overland (The) 100 8858May 16 99 Feb 4 94 Jan 3478 Nov
Oct
400 Preferred
7214 Jan 123% Des
90
*885 89
8
*885 9()
8
88% 89
6 May 20 12% Oct 21
15,200 Wilson & Co, Ins, new.No par
111 11 18 1212 1112 12
/
4
10
4
9 4 93
3
4
93 10
103* 10
No par 14 May 21 23% Oct 21
8
2218 223 23% 215 2318 15,200 Class A
2012 2014 2158 21
•19
2012 20
7012 723 15,300 Preferred
4
100 42 May 10 72% Oct 22
707
•61
62
6414 6314 6512 66
60
63
60
25 13514May 19 222 Jan 4 112l Jan iici- Oct
15612 15914 15512 16058 1557 15912 16012 162% 15918 16214 93,000 Woolworth Co (F W)
8
15514 157
/
1
2,900 Worthington P & M
100 2014 Mar 30 444 Jan 6
394 Aug 7932 Jan
4 264 29
4
2414 2514 25, 27,
28
2712 2814 27% 2712 27
6412
100 Preferred A
100 63 Oct 7 80 Feb 2
76 Nov 88
6412 *55
*55
•63
63
65 .63
Jan
65
65
63
*63
52
400 Preferred B
504 5012 .48
100 504 Oct 21 65 Feb 24
58 Aug 764 Feb
5012 5012 *504 53
/
1
.5112 54
55
*50
4July 16
284 3,800 Wright Aeronautical___No par 2412 Mar 30 393
18 Mar 323 July
26
283
4 27
267
4
8 25 4 27
254 26
3
2712 28
26
Wrigley (Wm Jr)
5212
No par 47 Apr 3 59% Feb 11
2512 Mar 5714 Oct
5212 *50
52 2 *51
,
5212 *483 521 *50
5212 •49
4
i *49
600 Yale & Towne
25 6012 Mar 4 7212 Aug 28
6812 6838
69
62 Sept 704 July
68
•6712 6814 67 6712 89
6812 68
I *68
,
22% Oct 40% Oct
273 297
2614 28
283* 28% 2714 28% 159,800 Yellow Truck & Coach____100 20 May 24 39 8SePt 8
3
4 30 8 283 30
1 293
400 Preferred
100 9112 Apr 3 10712Sept 2
10212 10212 102 102 *101 12 105 *10112 10212
90
102 102
Oct 100
Oct
4 102 104
8212 844 16,300 Youngstown Sheet & T_No par 69 May 14 954 Aug 9
8114 83% 8012 8112 813 83
63 Mar 994 Nov
8
It 8114 82% 804 82
-dividend and ex-righte.
•Bid and asked price*: no salmi on this day s Fat-dIv/dend i Es
r
New
York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of staging bonds was changed and prices are now "and ihterest"—except for income
and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 22.
7.1
'21
Price
Friday,
Oct. 22.
Week's
Ran
Last dal,
iv 1
U. S. G
1nt.
Bid
Ask Low
High No,
First Liberty Loan
3 % of 1932-1947
/
1
4
J D 1001722 Sale 1001,33100,1n 472
Cony 4% of 1932-47
J D 10013
,2101 100",,Oct'26
Cony 4)4% of 1932-47
J D 102132 Sale 1011,33102 33 181
,
2d cony 4)4% of 1932-47
J D 1011,
33
102 32July'26 - ,
Second Liberty Loan
4s of 1927-1942
M N 100 1001,31 100 32 100233
3
,
Cony 41 of 1927-1942
/
4%
MN 1001322 Sale upon 19914. 562
2
Third Liberty Loan
4)4% of 1928
M S 1001 Sale 101 33 101,
/
4
,
35 398
,
Fourth Liberty Loan
4)4°f of 1933-1938
A 0 10213,2 Bale 102 43 1021, 1349
43
,
Treasury 41
/
4
8
1947-1952 A 0 10713 Sale 107,433108 32 195
,2
,
Treasury 4s
1944-1954 J D 10311022104 1031,
32104%3 217
Treasury 3
/
1
48
1946-1956 M
1011022 Sale 1001,
33100"n 199
State and City Securities.
-41,5 Corp Stock. 1960 MS 1003 1007 10012 10012 14
N Y City
2
8
41 Corporate stock
/
48
1964 MS 10112 10114
10114
41 Corporate stock
/
4it
1966 AO 10112 101 g 1017 Oct'26
-7
8
4yi5 Corporate stock
AO 1016 102 1014 1011
1972
8
/
4
/
1
4318 Corporate stock
1971 J D 106 1063 1063 Oct'26
8
4
41 Corporate stock_July1987 J J 105 1064 1054 Oct'28
/
48
/
1
/
1
4
/
1
Corporate stock
4345
1965 in 1054 1063 1053 Oct'26
/
1
8
4
4 8 Corporate stock
/
1
4
1963 MB 10511 1063 10618 Oct'26
8
4% Corporate stock
N 983 983 98
1959
8
4
/
1
4
983
8
4% Corporate stock
1958 M N 983 987 983 Sept'26
8
8
4
4% Corporate stock
1957 MN 983 987 983 Sept'26
8
8
4
4% Corporate stock
MN
1956
97 Oct'26
/
1
4
4% Corporate stock
1955 MN
_
97
/ Oct'26
1
4
4% Corporate stock
1936 MN
434% Corporate stock _ 1957 MN -_-- -- 99 Mm'28
10514 -- 105
/ 1054
1
4
/
1
41 Corporate stock _ _1957
/
4%
N
- 1053 Sept'26
8
331% Corporate stk_May 1954 MN 10514
89 Aug'26
3
/ Corporate stk-Nov 1954 MN
1
4%
8912 Oct'26
3 5 Corporate stock
/
1
4
1955 MN 9612 ____ 89 Apr'26
New York State Canal Im 48.1961 J J
10212 Oct'26
48 Canal
1960
10212 Aug'26
4s
1962
102 May'26
42; Canal
1942 I
1011 Mar'25
/
4
41 Canal impt
/
4a
1964• J
102 Apr'26
48 Highway impt regist'd_1958
1017 Mar'22
8
Highway improv't 4)1s...1963 MS
11014 May'26
Virginia 2-3s
1991
7612 Feb'25
Foreign Gov't and Municipal's
Argentine Govt Pub Wks68_1960 AO
983
8 68
4
8
Argentine (Nat Govt of) 78_1927 FA 9814 983 973
8 10012 75
Sink fund 6s of June 1925_1959 J D 10012 Sale 1003
/
1
4
98
120
9712 Sale 97
Extl 5168 of Oct 1925
1959 AO
97
/
1
4
9814 102
/
1
4
Sink fund 6s Series A__ _ _1957 MS 98 Sale
9812 Sale 9812
98
/ 72
1
4
External 6s aeries B_ _Dec 1958 J D
58
973 Sale 9712
98
4
Ext1516s of May'26 temp 1960
N 974 Sale 9712
7
981
/
1
/
4
Argentine Treasury 55 £_.,.1945 M
91
9112 102
92
9112
Australia 30-yr 58_ _July 15 1955 J J
83
98
98 Sale 973
4
Austrian (Govt) 5 f 7s
in 1017 Sale 10112 10214 239
1943
2
Bavaria (Free State) 61s
/
4
1945 FA
97
77
Belgium 25-yr ext 81 7 8 g-1945 in 9612 Sale 96
/
1
4
10818 Sale 107
/ 10814 17
1
4
20
-year s 1 88
1941 FA 10738 Sale 10714
107
/ 151
1
4
25
-year external 64
/
1
s
1949 MS 9214 Sale 9214
9312 409
External a 1138
1955 J J
873 464
/
4
8
4
External 30-year a f 78.-1955 J D 861 Sale 863
95 Sale 9512
/
1
4
9614 242
Bergen (Norway) 5 f 85
1945 MN
1
113
25
-year sinking fund 68.. 1949 AO 113 Sale 113
9911 997 9912
6
9912
Berlin (Germany)8412
/
1
1950 AO
313
97
Bogota (City) ext'l a 1 812_ - _1945 AO 9618 Sale 96
10212 25
Bolivia (Republic of) 8s.--A947 MN 10212 1027 102
85
Bordeaux (City of) 15-yr 6E2_1934 MN 10334 Sale 10312 104
79
88
/
1
4
Brazil(U S of) external 8s_ _ _1941 in 88 Sale 87
10414 Sale 104
10414 56
Externals f 61 of 1926.._1957 A0
/
4
8
89 Sale 88
8918 108
/
1
4
78 (Central Railway)
1952 J D 941 Sale 943
/
4
160
95
4
7
/ (coffee secur) (flat)_1952 AO
1
4s
4
4 52
4 1943
Bremen (State of) ext'l 78._ _1935 MN 1043 106 1043
8
s 41
/ 1003
4
Buenos Aires(City) extl 83151955 J J 1003 Sale 1001
35
9918
/ 100
4
Canada(Dominion of) 512._ _1931 AO 101 Sale 991 10114 29
Sale 1003
4
10-year 5 8
/
1
4
1929 FA 1013 Sale 10112 102
90
4
58
1952 MN 10412 Sale 1044 105
129
/
1
41/422
1936 FA 973 Sale 9712
97 /1 52
7
4
Carlsbad (City) a 1 88
4
103
1954 J J 1023 103 103
4
Chile (Republic) ext'l at82.._1941 FA 1084 Sale 10814
1087
8 69
/
1
20
-year external 75
10012 139
1942 MN 10018 Sale 100
25
-year sinking fund 8&1946 MN 108% Sale 1084
10812 78
External sinking fund 6s_ _1960 AO 933 Sale 9314
9314 39
8
Chile Mtge Ilk 61 June 30 1957 3D 951 Sale 95
/
48
9614 59
/
1
4
/
4
S f 61 of 1926_ _June 30 1961 J D 9712 Sale 963
/
4
0
981 81
/
4
4
Chinese(Hukuang Ry)522_ _ _1951 J D 34 Sale 34
3518 26
Christiania (Oslo) 30-yr 51681954 MS
9
1013
4
101%
Cologne(City) Germany81
963 190
/
4e1950 MS 9614 Sale 96
4
Colombia (Republic)61s...1927 A0 10018 Sale 100
/
4
4
1001
/
4
Copenhagen 25
-years f 5 5_1944 J J
/
1
4
993
4 11
99%
/
1
4
Cordoba (Prov) Argentina 751942 J J 99 Sale 973
4
98 Sale
9 8 14
87
Cuba 53 of 1904
8
1013
4
1944 MS 100 1004 1003
4
1
External re of 1914 iser A_1949 FA 102-- / 98 Sept'26
/
1
4
-External loan 434s
1949 FA
/ Oct'26
1
4
95
95
85
Sinking fund 5318
1953 J J
10212 77
102
Czechoslovakia(Rep of) 88_ _1951 AO 10214 Sale 10212 103
77
1027 Sale
s
Sinking gund 88 ser _ _ _1952 A0 102 Sale 10218
1023
4 61
/
1
4
Externals f 734s series A_.1945 AO
124
10178 Sale 10112 102
Danish Cons Municip 88 A_
16
111
_1946 FA 1103 111% 11034
4
BerlesBsf8s
4
1948 FA 109 11014 1093
11012 14
/
1
4
Denmark 20-year 68
is
4 104 4 65
,
Dept of Caldaa(Colombia)71/4 1942 is 10414 Sale 1033
95% 12
/
1
4
Dominican Rep CoD Adm 8 13'46 FA 95 Sale 9512
f 58'58
2
10214
Custom Administen 5412_1942 MB 10214 -- 10214
/
1
973
4 63
973 Sale 97%
4
Dresden (City) external
/
4
9912 57
78_1945 MN 993 Bale 991
8
Dutch East Indies extl Ss_ _1947 J J
1044 Sale 1043
1051
/
1
/
4
4
40
-year 65
1962 MB 105 Bale 1043
105
34
4
39
-year external 51/45
1953 MS 103 10314 103
103
2
30
-year exteraal 5 8
/
1
4
1953 MN
10314 16
El Salvador (ReDub) 8s ____1948 J J 10314 Sale 10314
10738 1073 107
6
/ 10712
1
4
4
Finland (Republic) extl 68_1945 MS
16
89 Sale 8812
89
External sink fund 7s._ _1950 M
983
4
993
4 82
Finnish Mon Loan 642, A_1954 A0 9938 Sale
/
1
94
24
External 61 series B1954 AO 94 Sale 9312
/
48
94
7
4
French Repub 25-yr ext'l 85_1945 MS 93% 93% 933
105
515
8
4
-year external loan 731'1_1941 in 105, Sale 1043
20
993 Sale 99
99% 326
4
External 7s of 1924
1949 J D 937 Sale 9318
94 1686
8
German Republic ext'l
78
1949 AO
10514 451
German Cent Agric Bank 78_1950 MS 10518 Sale 105
100 Sale 993
26
100
4
Graz (Municipality) 8s
1954 MN 99
17
4
99 4
,
CR Brit & Irel(UK of) 8348_1937 FA 104% Sale 983
8
Sale 1043
4 1047 159
10
-year cony 51
/
412
1929 FA
/
1
4
/
4
/
4
Greater Prague(City)7 5 1952 MN 117 Sale 1171 1171 22
/
1
4
10114 1013 10114
1013
4 33
4
Greek Government 78
1964 MN 89 Sale 8814
38
81
Haiti (Republic) B f 6s
1952 AO 9712 Sale 9712
98
/ 45
1
4
Heidelberg (Germany)ext 7 850 J i
/
1
4
7
/
4
Hungarian Munic Loan 7 5.1945 ii 10112 102 1011 102
/
1
4
961
4
137
97
/
4
Hungary (Kingd of) 517545.1944 FA 99/ Sale 961
/ Sale 99
1
4
59
100
Ind Bank of Japan 8% note8.1927 FA 10018 Sale 100
1004 22
/
1
It
aly (Kingdom of) ext'l 75.1951 J O
/
4
9138 Sale 911
921s 583
Japanese Govt £ loan 48.
._.193i is 8914 Bale 8914
89
/ 26
1
4
30
/
4e
-years f 61
1954 FA 983 Sale 9818
4
983
4 38
Oriental Development 65-1953 M
9112
/
4
9214 116
1047 FA 911 Sale 9812
Leipzig (Germany) e f 78
991 Sale
9918 69
/
4
Lyons (City of) 15-year 68 1934 MN 88 Bale 8712
88
55
Marseilles(City Of) 15-yr 613_1934 MN 88 Bale 8712
88
92
Mexican Irrigation 41
/
4
8
1943 MN
30 Mar'26
Assenting s f 41
/
4
8
1943
3
Oct'26
36
45, 36
S Option gals
----
----
____
--_-
----
_---
..httge
Since
Jan. 1
Low
High
99112013132
/
4
9931,20113n
1019
,202300
10112 021322
/
4
99311300"H
/
4
100"33 101
100131 Olnit
101,180313s
106 31 08"31
,
1022%041
%
100",, 2l,,
100 101
10012 10214
10012 10238
1003 102
4
10512 106%
10478 1063
8
1046 106%
8
10412 106%
973 99
4
973 99
4
97
/ 983
1
4
4
974 977
s
974 977
8
99
98
10412 106
/
1
4
10414 105
87
/ 8912
1
4
8814 89
/
1
4
88 4 89
3
1014 102
/
1
/
1
4
102 10212
/
1
4
1015 102
4
iai
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 22.
_
1017 1017s
8
1104 11012
Mexico(U S) exti 58 of 1899 £'45 Q
Assenting .5501 1899
1945
Assenting 55 large
Assenting Os small
Gold deb 45 of 1904
1954 JO
Assenting 4s of 1904
Assenting 45 of 1904 small.....
Assenting 4s 01 1910
is
Assenting 45 01 1910 large
Assenting 48011910 small.....
Treas 6s of'31 assent (large)'33 is
Small
Montevideo 75
1952 in
Netherlands fis (flat prices)_ _1972 MS
30-year external 88 (fiat)_ _1954 AO
Norway 20
-year extl 812
1943 FA
20
-year external 68
1944 FA
30
-year external 622
1952 A0
40
-year s f 51 temp
/
45
1965 in
Oslo(City)30
-year f 63-- —1555 MN
Panama (Rep) extl 5345_.._ 1953in
Peru (Rep of) external 88_ -1944 AO
Extl sink Id 74s temp_ __ _1940 MN
/
1
Poland (Rep of) gold 68
1940 AO
Extl sink Id g 88
1950 is
Porto Alegre (City of) 8a_ _ _ _1961 SD
Queensland (State) extl f 78 1941 A0
25
-year external 68
1947 FA
Rio Grande do Sul eat'a 821_1946 AO
Rio de Janeiro 25-yr B!8,3
1946 A0
25-yr extl 88
1947 AO
Rotterdam (City) extl 65.-1964 MN
Price
Friday,
Oct. 22.
1Veek's
Range or
Last Sale
2121
4
g
to
Bid
Ask Low
High No,
511 70
/
4
511
511
/
4
/
4
1
4238 Bale 42
42
/ 38
1
4
42 Aug'26 ---3712 May'2528
39
/ 34 July'26
1
4
27 Bale 273
/
1
4
2734 29
8
25 Sept'26
/
1
4
273, 271, 25 Aug'25/
1
4
27 Sale 2714
/
1
4
2814 74
243 Sale 24
8
25
57
42
/
1
4
42 Sale 4212
5
4
42
45
40
4114 25
100 10012 100
10012
8
107 Sale 1073g
/
1
4
107
/ 55
1
4
1037 Sale 10378
8
104
47
10158 Sale 10112 10112 49
10112 Sale 1011
, 101% 107
1013 Sale 1011 1014 29
4
/
4
/
1
9814 Sale 9814
953, 86
99 Sale 99
/
1
4
/ 100
1
4
/ 26
1
4
10214 1023 10238
8
35
103
10312 Bale 1034 104
/
1
32
100 Sale 100
10014 62
8 5 SaleSale 8 4
709 4
70
9
71
59
891 142
103 Sale 1024 10314 19
/
1
114 Sale 114
11414 21
105 10514 105
10512
5
10312 Sale 103
10334 38
10218 Sale 102
1023
4 16
10114 Sale 10114
10214 31
10514 Sale 105
1054 13
Sao Paulo(City) sf8s
1952 MN 10714 109 10718
1081
18
San Paulo (State) exist 88_1936 is 105 1051 105
1051
81
External a 88 bat recta- —1950
10512 106 10538 106
45
External water loan 75
1958 MS 9618 Sale 964
50
961
Santa Fe (Prov Arg Rep) 78-1942 MS 94 Sale 9412
/
1
4
95
64
Seine (France) extl 78
1942 is 92 Sale 911
/
4
92
167
08
Serbs, Croats di Slovenes 85_1962 MN 933 94
93
4
/
1
4
9414
Soissons(City) extl 68
1936 MN 86 Sale 85 8
3
86
21
Sweden 20
-year 65
1939in 1037 Sale 10514
8
10538 61
External loan 55513
1954 MN 1037 Sale 1037
8
104h 54
Swiss Confed'n 20-yr at 811-1940 J J 11314 Sale 11314
26
1131
Switzerland Govt ext 545_ _1946 *0 10314 Sale 1025s
/
1
103% 89
Tokyo City 58 loan of 1912_ _1952 MS 744 751 75
/
1
75
3
Trondhjem (City) extl 6316_1944 Si 100 Sale 997
8 100
4
Upper Austria (Prov) 75_
1945 J D 9014 Sale 904
911
11
Uruguay(Republic) extl 8&_1946 FA 109 Sale 10812 109
10
External a 1 65 list recta_ 1960
N 95 Bale 947
951 261
8
Railroad
Ala Gt Sou 1st cons A 58
D 102
1943
__-- 1035 Aug'26
8
Ala Mid 1st guar gold 5a
1928 MN 1004 102 10012 Sept'26
Alb & Susq cony 3
/
1
4/3
1946 AO 86 8 Sale 864
5
2
865
8
Alleg & West 1st g gu 4a1998 AO 84
8,512 8612 Oct'26 _-__
Alleg Val gen guar g 48
1942 MB 9414 9412 9414 Oct'26 ---Ann Arbor 1st g 413
July 1995 Q J
7814 Sate 78
78 14
6
Atch Top & IS Fe—Gen g 48_1995 AO 92 Sale 911
/
4
9214 123
Registered
A0
004 10
903,
Adjustment gold 4sJuly 1995 Nov 87 Bale 8718
8718 13
Registered
Nov 844 ---- 873 Sept'26 ---4
Stamped
July 1095 MN 873 Bale 87
4
88
66
Registered
MN 8414 __-- 85 Sept'26 ---Cony gold 412 1909
1955in
87
873
8
8
Cony 48 1905
1955in 874 Sale 8712
4
873
4
Cony g 48 issue of 1910.-1960 J D 87
87 4 8754 Aug'26 ---5
East Okla Div 1st g
MS
99
/
1
4
9912
4
Rocky Mtn Div 1st 48._ _ _1965is 8914 90
8914
8
8914
Trans
-Con Short L 1st 48_1958 J J 90 Sale 90, 90
1
2
3
2
Cal-Aria 1st & ref 434s A_ _1962 MS 967 97
8
9778 Oct'26
Atl Knoxv & Nor 1st g 58....1946 JO 10314 1043 103
4
/ Apr'26
1
4
Atl & Chart A List A 41 _1944 Si 9712 973 973
/
4s_
4
4
975
9
1st 30-year 58 series B___ _19445' 10318 Sale 10318
103h
8
Atlantic City 1st cons 48_ -_ _1951 Si 85
_5
—1
9312 937a 856314
Atl Coast Line 1st cons 421July '52 MB
94
93'z
10-year secured 78
1930 MN 1053 1057 195 4 1054
8
8
/
1
3
2
General unified 41
/
48
1964 in 974 ---- 973
4
98
7
L & N coil gold 4s__Oct 1952 MN 9312 Sale 9012
903
4 57
Atl & Danv 1st g 48
8014 sale 79
1948 J J
/
1
4
89
/ 17
1
4
2d 4s
1948 J J 70 Sale 70
70
5
Atl & Yad let g guar 48._ 1949 *0 8112 83
8112 Sept'26 ---Austin & N W 1st gu g ba
1941 Si 1013 --_- 10312 10312
4
4
97% 98%
1003 10218
8
96
99%
9578 100
96 4 100%
,
95% 99%
9712 99%
85
9314
9618 9912
100 103
94% 97
105 11114
4
1053 108%
95
88
8
8112 877
914 97
/
1
/
1
4
11214 115
98 101%
8518 97
9634 104
9612 10418
8114 8912
10012 105
88% 90
/
1
4
8918 96
103% 108
9212 1003
2
9714 1013
4
100 4 10318
3
10118 103%
102 105%
9712 99
10114 10418
10714 1093
4
100 10212
107 109
/
1
4
9314 9314
94
/ 9812
1
4
963 9912 Bait & Ohio 1st g 4s._ _July 1948*0 9114 Sale 9118
4
9114 72
34
487
8
Registered
July 1948 Q J 884 903 883 Oct'26 --__
4
4
99 10212
-year cony 4548
20
1933 M
9612 Sale 9614
963 171
8
91
97
Registered
MS
9512 Sept'26
68
9934 101
Refund & gen 55 series A-1995 JO 98's Sale
983 224
8
9814 101
lat g 5s
1948 A0 103 Sale 1027
8 10318 52
95% 997
8
10
-year Os
1929Si 1027 Sale 1027
8
103
72
98 102
Ref & gen 6s series C
1955 JO 1071 Sale 1063
10712 136
4
98 4 10212
3
PLE&WVaSysre148-1941 MN 91% Sale 91%
9112
0
88 4 10114
3
Bouthw Div 1st 55
1950Si 100 4 Sale 10012 1007s 95
3
10012 103
Tol & Cin Div 1st ref 48 A-1959ii 793 80'z 797
4
80
34
99% 103%
Ref & gen 5s series D- —2000 MS 9818 Sale 973
4
9814 220
993 104
4
Battle Crk & Slur 1St gu Z -1989 JO 623 -- -- 85
/
1
4
8
/ Oct'26
1
4
95% 103
Beech Creek 1st gu g 48_1936 J J 944 941k 94
/ Oct'26 --__
1
4
Registered
JO
___
94 Aug'26 ---10812 11214 Beech Crk Ext 1st g 3Ms_ _1951 *0 94
7812 823 80 Aug'26 --__
10812 112
Big Sandy 1st 45
1944 in 9018 ___
9012 Oct'26 _-__
102 10512 Bost & NY Air Line 151 4s_ _1955 FA
7614 Sale 7814
7614
5
9512 98
Bruns & W 1st gu gold 4s_ 1938is 955, --- 9514 Sept'26
---_
10112 10512 Buffalo R & P gen gold 5s
1937 M 5 1025 1031 10312 Oct'26
93 2 99%
7
Consol 43.4s
1957 MN 911 915 9112
/
4
4
913
4 93
9214 9912
Registered
MN 88
90
2
8818
8818
103% 106% Burl C R & Nor 1st 58
1934 *0 10012 101 10012 101
7
10334 10612
10112 10412 Canada Sou cons gu A be__ _ _1962 AO 104%
1043 10434
1044 10
/
1
102 1043 Canadian Nat 41
8
/
4s_Sept 15 1954 hi 5 94h 941 94%
94% 10
103 10914
5
-year gold 41
/
4sFeb 15 1930 FA 983 98% 98
4
84% 90
Canadian North deb 5 f 7s 1940 JO 11512 Sale 1147
8
189178 27
15 2 17
9412 100
20-years f deb 6422
/
1
1946 Si 1175 ____ 117% 1173
4
7
8914 9412
10-yr gold 4)4s_ _ __Feb 15 1935 FA 963 Sale 9634
97
4
15
89% 95
Canadian Pac Ry 43.( deb stock__ 55 85 Sale 85
2
853
4 41
9812 10512 Carb & Shaw 1st gold 412
9414 July'26 _-__
1932 MS 931
9212 99
/ Cam Cent 1st cons g 48
1
4
1949 in 83 4 -_-_ 84% Sept'26 ____
3
8618 9414 Caro Clinch &0 1st 3-yr 524_1938 in 102 104 102
/ Oct'26 _-__
1
4
/
1
4
101% 10538
1st & con g /series A.
1
1
4
6
4
D 10712 Sale 10712 1073
1952
94 10014 Cart & Ad Mt gu g 413
1981 SD 874 8812 88 Sept'26
9618 100
Cent Branch U P let g 48_ _1948 in
33
8258 Sept'26
10314 10612 Central of Ga 1st g 58_Nov 1945 PA 10218 10512 108 Se
Sept'26 --__
11718 119
Consol gold 58
103
/ 21
1
4
1945 MN 1033 Sale 103
82%
8
9278 10214
Registered
/
4
MN 100 102 1011 Feb'26 _-__
84
8914
10
-year secured 68__June 1929in 10212 1027 103
8
103
2
953 99 4
4
3
Ref & gen 54s series Et_ 1959 A0 10414 1043, 104
/
1
10412 12
961s 102
Chatt Div pur money g 48-1951 in 8638 88'z 8618 Oct'26
/
1
4
84 100
Mac & Nor Div 1st g 5a__1946
J 1027 ---- 1027 Sept'26 ___
8
8
9312 102
Mobile Division 5.5
102 ---_ 102
102
1946 J
5
3
8
99 4 1007 Cent New Eng 1st gu 4a
J 75 Bale 75
1961
7512 35
8818 94% Central Ohio reorg 43.4s_ _ _ J930 MS
99
1
:83% 9018 Central RR of Ga coil g 521_1937 MN 109'z 13ale- 100
9
0 -99
100
5
92% 98% Central of NJ gen gold 58
1987 J J 11012 112 11012 1104
/
1
6
85
94
10914 111 110
Registered
1987
J
110
2
95
9918 Cent Pac 1st ref gu g 42_ _ _1949 FA
9114 9153 9114
9112 19
8112 8912
PA
Registered
90 Sept'26 ____
8112 89
97
Mtge guar gold 3 yis_ _Aug 1929 SD
9712 97%
9732 12
30
31
Through St L 1st gu 4s___1954 AO 88
91h 8814
8814 10
28% 40
1960 VA 101 Sale 10012 101
Guaranteed g 513
149
Range
Since
Jan. 1
Low
HUM.
42
/ 55
1
4
34
/ 5085
1
4
38
484
34
-254 - .2014 37
/
1
4
25 8 25 2
3
3
-i517 347
8
22
315
8
3912 52
/
1
4
3712 53
1k
96 102
/
1
4
108 110
/
1
4
1034 1047
a
9934 10272
100 1021
4
100 1021k
95
991
1
98 1014,
/
1
4
10012 103
101 105
/
1
4
97 1013,
61
714
8218 91
985 10378
8
1104 1144
10412 108
98 105
/
1
4
9714 1 4
0
97 103
103 107
1001 108
14
10214 1064
10112 106
9412 974
93
95
84
8
84
9
81
87
10312 1053,
1013, 10512
113 11714
102 8 106
6
87
77
994 10111
90
94
107 111
/
1
4
94 8 97
5
8
1017 10358
1005 102
8
/
1
4
8418 86
823 8812
4
9238 96
/
1
4
7
75 4 32
894 94
884 91
84 4 885
5
4
87 4 87 4
5
5
844 89
8314 85
8414 89 s
7
8412 897
1
831s 875
4
983 100
4
8612 8934
92
88
947 9911
8
10312 10312
963 981g
4
1021 1044
8
- 78
11;i 105 107
9314 98 4
3
9
0
943
4
76
82
12
65
76
76
/ 8
1 3
4
10018 1034
8914 9212
883 9012
8
94
98 4
3
883 951
4
,
931 98 g
1
10218 105
1021 103
/
1
4
104 109
8932 9258
98 102
7444 815
4
974 98
/
1
4
63
/
1
4
81
93
Ws
94
94
80
82
897 9113
72 s 794
7
14
9314 95
1017 103
5
/
1
4
87
/ 92
1
4
/ gpis
1
4
87
10014 101%
1027 10518
s
1994% 19994
161 11 1
8: 8 4
37
7
9612 984
8018 87
94
944
8
8111 845
1011/4 10372
107 1094
815 90
4
7912 84
/
1
4
103 108
/
1
4
10212 104
/
1
4
101 1011
/
1
4
/
4
10218 1037
1017 1064
8
961 mos
8
100 103
/
1
4
1014 102
/
1
68
76 4
6
93
/ 991,
1
4
98 8 10154
5
10862 113
108 2 1114
3
887 9154
a
90
90
965 971s
4
87
90
9712 102
2122
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 22.
New York Bond Record -Continued-Page Z
Price
Friday,
Oct. 22.
Week's
Range or
Last Sale
Range
Since
Jan, 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 22,
Price
Friday,
Oct. 22,
Week's
Range or
Last Sa‘e
14
Range
Since
Jan. 1
Bid
Ask Low
High
High No, Low
Bid
Ask Low
Nigh No. Low
High
11812 11812 Day & Mich 1st cons 4 148___1931 J J 977 ____ 974 June'26
1173
4
_ 11812 Oct'26
2
974 984
- 1 10014 1013 Del & Hudson 1st & ref 4s___1943 MN 924 Sale 924
10012 16112 1013
8
4
1013
8
977
8 34
904 95
1033 104 1034
a
30-year cony bs
8
1935 A 0 11412 116 11334
1033
4 54 1023 1054
102 10812 1224
115
10114 10314
10212 Oct'26
I5
-year 5'S
1937 MN 10412 Sale 104
10412
6 11124 1054
963 Sale 9.54
s
10-year secured 7s
92
9614 34
1930'J D 10714 10814 108
97
1 107 11018
108
1 34 9:43 D RR & Mtge 1st gu 45 g
933 Sept'26
8
_
1
1936F A 9412 ___ 95 Apr'26 -944 95
4
977 994 Den & R 0
8
987 Sale 983
8
51
-1st cons g 45.19363 J 904 Sale 893
4
99
904 54
854 91
10012
_ 10012 Sept'26
Consol gold 4i-4s
19363 J 934 943 9338 Oct'26
10018 10214
'
8
95
89
843 875 8612 Aug'26
4
8
83
88
Improvement gold 55_ _ 1928 .1 D 99
993 99
2
. 9512 100
8
99
854 884 Den & R G West gen 55_Aug 1955 MN 6914 Sale 3,
8612 Oct'26
8612
7314
6834 6911 129
62
.„
8272 8712 Des M & Ft D 1st gu 4s.. _1935 J J 36
8412
8414 06 4 8412
5
....
341
36
36 Sept'
36,2
7.
474
39
9912 10114 102 July'26
Temporary ctfs of deposit. _._ • ___ 35
983 102
4
47
36
I947 M S 937
7112 Des Plaines Val 1st 4SO_
69 Sale 69
25
65
69
e963 Aug'26
4
9612 963
4
3
6814 69
Det & Mack-1st lien g 48_1995 J D 65
,
5
64
70
6814
7114 68 65 J u pt2 __
6814
75
71 sene:2g
72
70
513 614
593 Sale 5914
8
Gold 4s
t9
8
6014 66
65
65
6
51
59 4 Detroit River Tunnel 41is-1961 MN 953
3
5712 59
5814
2
5814
943 984
4
3
86 Sale 86
Dui M1ssabe & Nor gen 5s 1941 J J 10314 95 1051'2 °. 6
833 87
4
8614
! 93 2 0C 6
_3
10312 10444
2
1937 A 0 102 10212 11)134 Oct'26 --__ 101 18 10312
8412 844 Dul Ar Iron Range 1st 5s
8412 Feb'26
9314 935 934
9149413 Dill Sou Shore & ALI g 5s_1937 J J 83
4
933
4
85
8332
8332
1
8114 9012
985
8
963 11)014
4
9912
993
2 18
992 Mar'26
9912 9912 East Ry Minn Nor Div let 4s_'48 A 0 903 93
4
91 Sept'26 --- 91
9112
3
924
924 94
904 9313 East T Va & Ga Div g b8_1930 J J
9214
___ 101
Oct'26 __::: 1004 1014
Cons lot gold 58
1956 M N 100410.53 10614 1054 Oct'26
4
9112 923
14
9212 Mar'26
4
10052 1063
10512 1057 0512 10512
2 1024 10612 Elgin Joliet & East 1st g 58_1941 M N 10112 10212 1.014 Oct'26
s
101 18 10478
1965 A 0 1043 ____ 10512 Oct'26 __ _ _ 10253 10613
105 10712 0512 10512
3 1034 10712 El Paso & SW 1st 55
4
7812 Sale 78
734 793 Erie let consol gold is ext 1930 M S 10712 Sale 10712 1074
4
7812 64
10554 1084
1st cons g 4s prior
1014 10612
10512
2
80
J 80 El -1; 793
1996
06
Oct'26
51
4
7412 803
Registered
1997
J 764 78
6415 7
04
6814 Sale 68
683
s 53
7112 Dec'25
1st consol gen lien g 4s
4
J 713 Sale 714
1996
7234
714 1_38: (14
.
3
Chic Ind de Loulsv-Ref 68_1947 J J 1133 ___ 11334 Oct'26
J ____ ____ 68
1996
11078 1133s
Registered
8
Oct'26
65
6812
Refunding gold 55
19473 J 1034 ____ 04
Penn coll trust gold 4s__1951 F A 9712 Sale 9712
101 10.
Oct'26
4
97 2
,
965 985e
s
Refunding 45 Series C.,..1947.3 .1 903 __
794 903
50-year cony 4s series A 1953 A 0 7612 Sale 754
8
904 Sept'26
s
764 123
6714 77
General 58 A
1966 M N 9814 Sale 984
1953 A 0 764 Sale 754
16 92 9934
Series B
9914
7614 159
6714 77
General 65B
May 19663 J 1063 10712 1063
1953 A 0 83 Sale 82's
10314 1083
107
Gen cony 43 series D
4
8
4
831 _74
_4
1__
734 85
Chic Ind & Sou 50
J 111112 Sale 11012 111
-year 4.
.J956.3
Erie & Jersey 1st s f 6s
1955
8312 92
8912 ____ 9014 Aug'26
104 III
Chic L S& East 1st 411s____1969
,
D 9614 ____ 963 Sept'26
Genesee River 1st s 158,1957.3J 11013 112 11012 11012 1 10 10414 1103
95
963
2
s
4
C M & Puget Eld 1st gu 4s___1949 J J 5212 Bale 52
47
544 Erie & Pitts gu g 3SO B
53
30
J 883 91
4
1940
89 June'26
92
86
U S Tr certifs of deposit
53
82
454 544
Series C 31-4s.
1940
5214 Sale 52
J 88 4 91
,
8818 Sept'26
8912
88
8138 87
Ch M & St P gen g 48 Ser A_e1989 J J 8234 8312 827
Est RR extl s f 73
s
833
4 18
.
4
1954 I1 1 N 883 Sale 874
884 ...6.7
-31-61
8112 89
81
81
81 Sept'26
Q J 81
Registered
General gold 3tie ser B__e1989 J J 7312 704 7434 Fla Cent & Penn 1st ext g 53_1930 .1 J 10012 ___ 593 Apr'26 ....9_
99 8
733
4
733
4
77
18
98 100
5
93
Gen 4115 Series C__May 19893 J 924 934 9212
Consol gold 55
9082 95
1943 J J 1004 __-- 101
101
9814 102
98
91
9114 Florida East Coast 1st 4128_1959 J D 98 Sale 9712
91.4 Apr'26
Registered
,
954 984
5412
1
4814 5614
1st & ref 5s series A
Gen & ref series A 4Msa2014 A 0 5312 __ _ 5412
4
1974 M S 973 Sale 974
2
97 1001
974 .. 3_
.
5
102
4714 5534 Fonda Johns & Glov 4145
4
54
54 6-ale 533
Guar Tr certifs of deposit_______
1952 51 N 594 Sale
583 647
3
1
4712 5514 Fort St U D Co 1st g 4315.. 1941 .1 J 924 973
4
Gen ref cony ser B 5s_ __ _a2014 FA 53 Sale .523
533
4 50
,
14 13 l
4 03 8 ec
2,
t
534 71
4
47
Guar Tr certlfs of deposit....... 523 Sale 5218
1063
4 - _ 11
564 F
9
'is.
)6
103 1111"
19343 3 10312 Sale 103
10312 61 102 106
Ist see (18
Ft Worth & Rio Or 1st g 4T3 1928: D 97 -9
1 J
64 9814 Oct'26
96
984
1932 J D 5314 Sale 527
47
Debenture 414s
1933 A 0 10714 109 10712 Oct'26
5534 Frem Elk & Mo Val 1st 6s
8
524 30
107 1084
4634 554
534 Sale 5212
Bankers Tr certlfs of deposit
5312 44
524 Sale 5212
1926 .i
01
9
01
9 1 M j 0 72 Sale 1)22
454 5512 13 H & S A. M & P 1st 58_ 1931 j N 19 .
5314 43
Debenture 48
1 ,,
?
1
9714 10112
5212 5312 5314
464 5512
533
4 19
U S Mtge dc Tr ctts of de132d extens 53 guar
09
146
c
10013 101
523 5314 5212
4
1934 ;14
4712 554 Galv Hous & Hend 1st 53_1933 A 0 954 9574 9614 Oct'26
5212
25
-year debenture 45
9312 99
12 169
5212 Sale 5212
Farm L & Tr etha of dep_
47
4
6512 Gm& Ala Ry 1st cons 53____01945 J J 973 Sale 973
53
4
973 _11_0
4
..
96 100
1926
9912 June'26
Chic & Mo Riv Div a
993
4
6
9812 994 Ga Caro & Nor 1st gu g 58,,.1929 J J 994 10018 9914
9914 10013
Chic & N'west gen g ; 3.0_1987 M N 77 /712 77
1946 A 0 73 Sale 72
Midland 1 3
744 7812
7712 17
73
73
23
63
Q F
7412 July'26
Registered
7412 7412 Or R & text let gu g 4 11s_ _1941 J J 9518 9512 97 Sept'26
961 97 2
8
1
General 4s
_A987 M N 874 877
8
877
2
90
1
854 8912 Grand Trunk of Can deb 75_1940 A 0 11518 Sale 1143
4
116
11313 11612
87 Aug'26
Registered
1936 M S 1064 10718 1063
4
10714
15-years f 6s
8614 87
Q F
13 10653 108
2
Stud 48 non-p Fed D tax '87 M N
874
I936 J .1 11314 Sale 1134
8814 2.
Great Nor gen is series A
11312 141 111934 11412
Gen 434's stpd Fed It i tax.1987 MN 103 Sale 10212 103
73 1014 10
J J ---- ---- 1134 Apr.26
Registered
8558 83914
11214 11313
Ge.
,eral 5s stamped__ _ _1987 M N 107 Sale 10614
18 103 10832
91
6
107
1st & ref 43-4* series A____ 1952 J
9112 9712
j'ir 106'4 Sale 105
Sinking fund 6s
1 79-1929 A 0 103 10312 103
,
9 38 Sl
103
5
10112 10578
General 5,s series B
9214
105 4 -137 10253 108
963'8 33
A 0 10214
1973.3 J 101 Sale 1004 101
1023 Sept'26
4
Registered
102 4 10334
General 53 series C
50
9714 1023
4
19763 1 9214 9312 924
Sinking fund 58___.1 79-1929 A 0 101
Oct'26
____ 101
General 4 A series D
11902 10318
9214
14
903 954
4
1f79-1929 A 0 10101
Feb 22 6;1 2_ 84
Oct'26
Registered
3
Green Bay & West deb cti's A__ F b 8
10012 10
_
22 0Oct'26 5(
.
3
85
78
- -12
Sinking fund deb Sa
1933 M N 10114 161 111114 Oct'26
Debentures ars B
ioo 10172
22
1313 22
M N 10114
0114 Aug'26
_ 10114 10114 Greenbrier Ry 1st gu 4s____1940 M N 911s___ 9114 July'26
Registered
883 9114
8
19303 D 107 10712 107
,
10712 22 10634 10812 Gulf Mob & Nor 1st 5145_1950 A 0 10418 10512 1043
10
-year secured 75 g
4
1043
4
6 101 106
11112 Sale 11112 11 112 10 19152 1 141 2 Gulf &S I 1st ref & twg 53 ..b1952 J J 10512 10614 10614 10614
1 14 ( 41
, ) ,
15
-year secured 6325 g-- - - 1936 M
,
2 10312 10712
2
10212 20
May 20373 D 1023 Sale 1013
1st & ref g 5s
4
4
87
Chic R I & P-Railway gen 481988 .1 J 864 863 87
5
9 may 6 26
0
Hocking Val 1st cons g 4345.1999.3 J 953 Sale 9
85
88
54
9523
4
9133 9712
1999 J J
J J 8412
844 Oct'26
Registered
Registered
834 8512
90
90
3 cii" 9714 Oct'26 -1934 A 0 914 Sale 91
9112 254
Refunding gold 40
Housatonic Ry cons g 5s__1937 M N -961 8712 92
9512 9913
4
1937 3 J 1013 ___- 10214 Sept'26 -_-_-_ 100 1023
894 Aug'26
A. 0
Registered
8814 9012 H & 1' C 1st glut guar
4
1930 MN 1014 ___- 1013 Mar'26 -- 10134 10134
4
Waco & NW 1st 65
4
4
8634 90
Cb St L & N 0 Mem Div 4s_1951 3D 8914 9014 893 Oct'26
Houston Belt & Term 1st 53_1937 J .1 98, ---- 9914 Oct'26
9612 100
1004 ____ 1001s Sept'26 ___ 10014 10112
Oct'26
101 102
St L & P 1st cons g 55_ ___1932 AO 1014 102 101
Houston E & W Tex 1st g 58-1933 M N
11 1024 10412
1933 M N 10012 ---- 10018 Aug'26
10314
100 10112
Chic St P M & 0 cons 63.„1930 3D 10314 Sale 10314
1st guar to red
4
9412 Sept'26
97
66
Cons 6s reduced to 352s_ _1930 3D 9414 _
9412 95
9212 98
Hud & Manhat 55 series A.._1957 F A 963 Sale 964
5
97
Apr'26
99 12
9914 99
F A
Debenture 58
1930 MS 99
9814 101
97
Registered
97
99
99 10012 99
1
9812 10014
Stamped
7614 8313
Adjustment income 5s____1957 A 0 8118 Sale 804
81, ii5
a
903
4 43
Chic T
& So East 1st 56._1960 Jo 904 Sale 9012
77
92
1
9 _14 9 34
834 118
Dec 1 1960 MS 8314. Sale 8214
19 j 3
9 .2 853 Illinois Central lst gold 42.-1951 .1 .1 9312 _ _2 _ 93 Oct'26
744 9 4
6
Inc gu 58
9114 9712
8
98
40
94's
Chic Un Sta'n 1st gu 4;25/L1963 JO 98 Sale 974
Registered
93
--93
4
2 1044 33- 101 1054
1963 Si 1043 Sale 1037
1951 J J 8612 --- 91 Sept'26 -__
let 55 series B
181 gold 34e
8314 91
84 89 823 Jan'25
D 10114 Sale 1014
4
1944
10114 13 190 103
Guaranteed g 58
E2ten ister
Regded
Registered
87
: .1.2 877
84
1173 1183 118
7
118
2
1963 J
3 1154 11914
1 5 -1
, A
1
4
gold 3 SO
- 951 121 0: 67 .i7 81is Sept'26 . ._ 2_ -iiTa 87
:
1st 6145 series C
4
4
9912 10612
Chic & West Ind gen g 6s p1932 QM 1053 106 1053 Sept'26
1st gold 35 sterling
71
99'l
71
8
4
1952 J J 853 Sale 853
A
853
-year 48
4 23
Consol 50
Collateral trust gold 43_1952 A 0
8812 92
89:4 -99 2 89338 No9 21 15
9 8 :_ 9 4
4
: 0
10312 50 100 10714
1962 MS 1034 Sale 103
8112 85
v*
Registered
(
1st ref 5 kis ser A
1952 MN 194 10514 10312 Oct'26
10232 104
1st refunding 4s
Choe Okla & Gulf cons .5s
-60is 01
1
4
9
2
19 5 J N 82 - 3 823' Oct'26
9 2 M J 9234 8312 92
5
Purchased lines 311s
93 983
9
6
944
Si's
7__
Cin H & D 2d gold 411s_ _ _ _1937 .1 J 9715 ---- 974
814 8511
J J 7912 r - 8412 July'25
9512
1
93
Registered
C I St L & C 1st g 43___Aug 1936 Q F 9518 Sale 9512
9314 July'26
MAI
Aug 1936 Q F 9412
9314 9314
Collateral trust gold 45__1953 M N
Registered
-it.i- igT
4
8712 86
5
2
1
8512
s
1942 MN 903 Sale 903
8512
8912 91
904
CinLeb&Norgu4Sg
.: 854 8512
1
4
J 10012 ---- 10012 Oct'26
1955 M N 1053 10712 106;
100 10112
1928
Refiegis ng bs
Rind itered
Cm S& Cl cons 1st g 5s
105 10812
ale 02 427 445 10134 104
:6
4
1 93 1 1 lyfa gae 1 121
1 67
2
15-year secured 5 kis
9
85
873
4
874
9i
15-year secured 6 Siti g...
Cleve Cm Ch & St L gen 43_1993 J D 8712 ____ 8712
11118 1134
994
994
19313 J 994
6
924 927 July'26
s
1950 J D 90
Cairo Bridge gold 45
20-year deb 4145
9714 994
903 927
s
3
11)2 10412
1993.3 D 10278 ____ 192 Aug'26
11 ..1
Sept'26
General Ss Series B
Litchfield Div list gold 35_1951 3 j
74
7814
10312 38 1013 10372
4
Oct'26
Loulsv Div & Term g 3As_1953 J .1 82 Ii
Ref & impt 68 series A.._ _1929 J .1 1(13 Sale 103
803 83
4
: 82:2 8873
19413 J 10718 10712 10712 Oct'26
51/
1
105 108
g 6
t 6
Registered
68 series C
783 8211
3
4
994 1033
19633 J 102 Sale 1013
7412 July'26 ______
4
10214 48
Omaha Div 1st gold 39_ _ _ _1951 F A 7412 75
55 sertes D
7312 744
75
Oct'26
J 9212 934 92
St Louis Div & Term g 35_1951 J .1 75 Sale 75
91
9312
Cairo Div 1st gold 4s_ _ _ _1939
5
734 75
4
11
85
1951 J .1 8412 843
8134 854
Gold 3A
'2 4 841 Oct'26
W & M Div 1st g 4s 1991 J J 85 Sale 843
Cin
814 87.
14
4 8212 874
8212
Springfield Div 1st g 3348_1951 J J 854 -_- 85 Sept'26
87 4
,
81
St L Div 1st colt tr g g 43_1990 MN 8714 Sale 8712
8212 85
844 -- 8314 Feb'26
M N
195I F A 8912 9114 9018 .1ct:2
89
8
314 92
Western Lines 1st g 45
83
1:4
. 2
A
Registered
894 904
2
F A
195
1
91 12
43-1940 M S 9112 Sale 9112
Registered
Spr & Col Div 1st g
9012 ____ 8112 May'26
1951
III Central & Chic St L At N 0- j D
8112 90
W W Val Div tat g 48____1940 J J
4
0
1963 J 0 1013 Sale 044 80t.202 __55
10412 1073
11
4
1017
Joint 1st ref 53 series A
___ 1934 J J 10414 10714 10412 Sept'26
. 9912 10312
CCC&I gen eons
1044 10512
101 18 ____ 10114 Sept'26
10 14 1024
Gold 5s
Clev tar & W con 1st g 511._1933 A 0
103,4 10512
J D 10018 ____ 7052,142
-_-__-_-_ 10214 10214
993 994
J 9912 ___ 994 Sept'26
3
Registered
Mahon Val g 5s____1938
Cleve &
9818
5
4 9818
963 9818
8
Gold 3Sis
Feb'26
CI & Mar lat gu g 4358
1935 Pfi N 9814 993 9918 Aug'26
18
21,
6
4
_
1950 A 0 793 _ _ s- 91
91 I j 9 4
991s 9918 Ind Bloom & West 1st ext 481 9 0 J 0 9: ---__ 908 Sept'26 ...„
9212 921
7' 78
82
Cleve & P gen gu 43.15 ser B_1942 A 0
---101 12 Mar'26
10112 101 12 Ind 111 & Iowa 1st g 43
19423 J 99
1082283 82
7,4 9 12
932 4
Ser A 4345
8313 86
1966 J
8313
Ind & Louisville 1st go 48...A 9551 J
1948 M N 8513 -__- 854 Oct'26
Series C 331a
: 2 11
05
8.
841
4 8512 Ind Union Ry gen bs ser A 1965 J J 102 ; 1- 00221 Sept'26it)1g' -1 10038 104
3
1950 F A 8412 ____ 844 Sept'26
8o g -- .
Series D 33is
2
9734 10112
9912
Gen & ref 5s series B
____ 1034 10312
10
0
0
6
Cleve Shor Line 1st gu 4345-1961 A 0 994 10014 9912 10714
___ _
16 10512 1084 lot & Gil Nor 1st 6s ser A 1952 J J 102
1972 A 0 107 1074 107
5
22
Cleve Union Term 5345
12 10034 1044
1952 Aprl 784 Sale 77
Adjustment 63 series A
1973 A 0 10212 103 10212 103
4
783 141
4
66
53
let s f 513 ser B
8
Aprl 758 Sale 755
4
863 883g
4
884 Sale 883 July'26
Stamped
2
754
1945 J D
Coal River Ry 1st gu 43
9914 14
71
9814 9912 Int Rys Cent Amer 1st 5s___ 1942 Ill N 0756112 Sale 9 12
9918 Sale 9812
74 4
6
97 2 37
75
,
9A
Colorado & South 1st g 43._1929 F A
8
MN
9532 9712
964
Sale
3
1st coil tr 6% notes
1 Refunding & exten 4345_1935 M N 9538 Sale 963
8718 9212 Iowa Central 1st gold 53._1938 J D 57
5
6
5914 57 4 0 2: _-__
57
574 ,
0
1948 A 0 894 9212 90 Aug'20
1:
Col & H V 1st ext g 4s
94
57:: 653
9 1
8
8712 90
Certificates of deposit......
1955 F A 8912 ____ 8912 Aug'26
Col & To! 1st ext 4s
853 Sept'26
4
81
Refunding gold 45
1951 811 15 17
18
853
4
88
Conn & Passum Rly 1st 413_1943 A 0 78
1
163 2312
4
7512 924
Certificates of deposit
17 Aug'26 iiii
15
9212 ____ 924 Aug'26
Consol Ry deb 40
1930 F
5714 65
15
15
73
6512 73
73
James Frank & Clear 1st 43_1959 J D -iiil Til - -1- 90
il 4
7112 73
Non-conv 48
19545 J
90 ___3_
883 9114
3
70
70
70 Sept'26
Registered
J
Oct'26
1938 J J 10213 ___ 01
6512 75
Ka A & G R 1st gu g 55
73
71 12 73
Non-cony debenture 45__ .1955 J J
Apr'26
101 101
Oct'26
6513 74
1990 A 0 8 172 Kau & M 1st gu g 4s
73
87
7112 73
84
J
71.,e-con, 1 43e0t.irn 4.,.....1916
,
83
87
Oct'26 ---06
IS
19275 J 994 10014
883 9612
4
2d 20-year 55
9514
96
997 10114
2
Cuba RR lot 50
-year bs g_....1952 J J 95
109
21 105 110
K C Ft SAM cons g 6s
1928 M N 1013 Sale
4
10012 1034
19363 D 107 Sale 107
1st ref 7 143
15
-------- 915 4 Oct'2619
9712 100
99
K C Ft SAM Ry ref g 43_1936 A 0
1. 10014 1163
99
9 4
894 93
,
1 2
1936 J D
8
1st lien & ref 6s ser B
9927
9
13
355
3
9214 983 K C & M Ft & B 1st au 53_1929 A 0 99
4
973
4 17
983 10211
4
1966 J .1 9714 Sale 974
Cuba Northern Ry let 6s
KAMM City Sou 1st gold 38_1950 A 0 73
744 7213
7212 76
73
26
Ref & tmpt 55
Apr 1950 J J 9811 Sale 974
933$ 99t1
983
4 80
Charleston St Savannah 5s.._1936 J J
Ches & Ohio fund & !mot t8_1929 J J
let ronsol gold 58
1939 M N
Registered
1939 M N
Gen. rat gold 451s
1992 M S
Registered
1992M S
-year cony 411s
20
,
1930 F A
Craig Valley 1st g 53
1946 J .1
Potts Creek Branch 1st 45.1946 J J
R & A Div Ist eon g 43_1989 J J
29 consol gold 4s
1989,3 J
Warm Springs V 1st g 55_ _1941 M
Chic & Alton RR ref g 33_ _ _1949 A 0
Crt dep stpd Apr 1926 hat_ _
Railway first Hen 34s...1950
Cite dep Jan '23 & sub coup
Chic Burl & Q-III Div 3115_1949
J J
Registered
Illinois Division 40
1949 J J
Nebraska Extension 45_ 1927
M N
Registered
General 4s
1958 M S
M S
Registered
lat & ref 58 series A
1971 F A
Chicago & East III 1st 65_1934 A 0
CA III Ry (new co) gen 58_1951 MN
Chic & Erie 1St gold 55
1982 M N
Chicago Great West 1st 48_1959 M S
---
98 34 Tr°
)
7614
._P Du_ Dec. •Optima sale,
a Dm Jan. 5 Due Feb. *Due May. o Due Oct,
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 22.
Kansas City Term 1st
J J
Kentucky Central gold 45 1987 J J
Kentucky & Ind Term 4 1,8_19111 J J
Stamped
1961 J J
Lake Erie & West let g 58_1937 J J
2d gold 55
1941 ii
Lake Shore gold 3448
1997 J D
Registered
1997 J D
Debenture gold 48
S
1928
-year gold 45
25
1931 MN
Registered
1931 MN
Lab Val Harbor Term 55_1954 FA
Leh Val N Y 1st gu g 4348_ _1940 J J
Lehigh Val (Pa) cons g 4s_ _2003 MN
Registered
MN
General cons 448
2003 MN
Lehigh Val RR gen 55 series.2003 MN
Leh V Term Ry let go g Sa_ _1941 AO
L
eh N y lstgliargold4s1945 MS
Lax & East 1st 50-yr 58 gu- -1965 * 0
Little Miami 45
1952 M N
Long Dock consol e 65
1938 AD
Long laid let con gold 582, 1 1931 Q
181 consol gold 48____jui 1931 Q
General gold 4s
1938 J D
Gold 45
1932 J o
Unified gold 44
1949 MS
Debenture geld Se
1934 it)
20
-year p m deb fef
1937 MN
Guar refunding gold 48_..1949 MS
Nor Sh B 1st con g gu 58.01932 Q 5
Louisiana & Ark 1st g 53_11127 MS
Lou & Jeff Bdge Co gu g 48_ _1945 MS
Louisville & Nashville 55
1937 MN
Unified gold 45
1940 J J
Collateral trust gold Ss__ _1931 MN
10
-year secured 75
1930 MN
let refund 5 •
series A2003 *0
1st & ref fe series 14
2003 * 0
1st & ref 4 1 ta series C__2003 * 0
NO&Mlstgold6s
1930 ii
2d gold (is
1930 J J
Paducah & Mem Div 4s_ _1946 FA
St Louis Div 20 gold 38_1980 M
MOb & Montg 1st g 4, .s._1945 MS
,
.
South Ry joint Monon 48-1952 J J
Atl Knoxv & Cin Div 4
0._1955 MN
Lousy CM & Let Div g 4'18'32 MN
Mahon Coal RR 1st Sa
1934 ii
Manila RR (South Lines) 48_1939 MN
1st 48
1959 MN
Manitoba Colonisation Se. _1934 J o
& N W ist 3 ,
Man
'
AL...1941 J J
Mich Cent Bet 52 Bay City 58.'31 MS
M
Mich Air Line 45
1940 J J
J L & lat gold 348
1951 MS
let gold 3
1952 MN
20
-year debenture 45
1929 * 0
Mid of N J 1st ext Sa
1940 * 0
Mliw L & West imp g 58_ _1929 FA
Sill & Nor 181 ext 4 1 4e(blue)1934 J O
Cons ext 4 a (brown)1934 J D
Mil Spar & N W 1st go 4a_ _ _1947 MS
Mllw di State L lst gu 348_1941 J J
Range
Week's
Price
Since
Range or
Friday,
J. 1
Last Sale
Oct. 22.
Ask Low High No. Low High
Bid
4
871
88% Sale 863
/
4
92
92 Sale 87
8712
874
8214 86
87% 88
8812 Sept'26
10154
- - 101% Oct'26
8
99% 995 993 Oct'26
4
7912
794 79 4 7912
,
774 Sept'26
98% Sale 983
714
9719
9
4
9
9714 97%
96 Dec'25
jai* fdi" 1037
8
1037
s
9514 9512 9818
981s
863
86 Sale 86
4
8012 May'26
9514
9514 Sale 947
103
103 10334 103
Oct'26
105
897 895 Sept'26
88
4
107%
0712 Sale 10712
86
88
8612 Oct'26
109
109
____ 109
1003 ____ 1001
1007
2
9419
_ 9712 Aug'26
914 ____ 92 Aug'26
9414 ____ 97 July'26
ggi 8014 881: Oct'26
:
994 997 997
8
997
97
9712 9612
97
8714 Sale 8673
sr,
100 10084 100 Sept'26
1001s 101 1003s Oct'26
Oct'26
7
4 1 32
184148912 90
10318
10318
9514 9512 9518
9512
10012 111118 10012 Oct'26
10.57 Sale 1055
8
s 106
4
/
1
1064 10714 1075 Oct'26
3
105 4
1055 13612 105 4
5
4
99
99 Sale 98
1034 107 1044 Sept'26
10312 10412 10312 10314
92
93
92 Sept'26
/
1
6718 ____ 674 Oct'26
994 ____ 0848 Aug'26
86%
863 Sale 86%
*
99 13 12 913 Oct'26
9212 9
0
4
4
9912 Oct'26
1011 ____ 10114 Mar'26
/
4
647
45
6 4 651x 64i
711 72
714 Sept'26
Oct'26
100 10012 100
83% ____ 85
Apr 26
101 1011: 101 Sept'26
101 June'26
955 July'26
83
54 ____ 79 Mar'26
85
86
845 Sept'26
4
98
9812 9814
9814
941: ____ 981: Oct'26
10014 10114 1004 Oct'26
95
9612 9412 Dec'25
9912 Oct'26
95
96
9112 917$ 911
/
4
91%
81% Dec'25
47
10
4
5
30
22
1
15
18
4
15
1
2
5
9
8
1
14
4
10
3
30
6
10
Minn de St Louis 1st 78
1927 J D
let consol gold Sa
1934 MN
'Temp etre of deposit
MN
lat & refunding gold 48...1949 MS
Ref & ext 50-yr Ss ser A__I962 Q F
let guar g 75
1927 J D
Si St P&SSMcong
481114211'38 ▪ J
18t cons 5s
1938 J J
1st cons Stigu as to Int
1938 J J
10
-year roll trust 6 48
1931 MS
1st & ref 13s series A
1946 J
25
-year 5(s
1949 MS
1st Chicago Term s f 4s
1949 MN
1
Mississippi Central 1st is..1949 J J
Mo Kan & Tex— tat gold 48_1990• D
)Lo
-K-T RR—Pr 158 ser A..1962 J J
40
-year 45 series II
1962• J
10
-year Os series C
1932 .1 .1
Cum adjust 5s aer A Jan_1967 AO
Missouri Pacific (reorg CO)
Sat & refunding Ss ser A..1965 FA
1st & refunding es ser D 1949 FA
_
1st & refund 68 ser E lot.1956
'55
General 4s
1975 I
"—
Mo Pee 3d 78 ext at 4%
193/11.
15 "
93
93
2
51'216
9412 _— 1011: M101
2
861
8612
864 87
71
101
101 Hale 100%
14
851
8512 Sale 84%
16
0
3
4
1023 Sale 10234 19 12
329
92 8 Sale 92
7
.
68
977
977 Sale 974
41
1053 Sale 105% 106
4
9
10614
10614 Sale 136
723 146
721: Sale 724
9238 16
8
923
/
1
924 93
Mob & Bir prior lieu g 59
1945
5
Mortgage gold 4a
1945
Small
1945
Mobile & Ohio new gold 65_1927 -1
lst extended gold 65..3,1 1927 Q
General gold 4s
1938 M S
Montgomery Div lat g 58_1947 FA
St Louis Division 58
1927 J o
Mob & Mar 1st gu gold 4s_ _1991 MS
Mort C 1st gu g 65
1937 J J
Registered
J J
1st guar gold 5s
1937 ii
Morris & Essex let gu 34a 2000 J
,
Nash Chatt & St L 1st 5s 1928 AO
N Fla & 1st gu g Ss.......1937 FA
Nat Ry of Mex pr lien 4 1481957 J J
July 1914 coupon on
Assent cash war rct No 3 on
Guar 70
-year 8 f 4a
1977 AO
April 1914 coupon off
AO
Assent cash war rct No 3 on
Nat RR Mex prior lien 448_1928 JJ
July 1914 coupon on
J J
Assent cash war rot No 300.
1st consol 45
6
1951 AApril 1914 coupon on
AO
Assent cash war rot No Son.
99 Sept'25
10018
843 851 86 Sept'26 -4
4
78% 85% 783 Sept'26
10111
10112 1017 10112
10012 1007 toils Oct'26 -3
9212
9212
9212 __
99
99
987 160
8
998 Oct'26
4
4
995 100
3
9012 90 4 90 4 00'26
,
11118 11212 1114 Oct'26
10914 Oct'26
lon 12
1 02 4
1-6312 10014 July'26
2
78%
78% Sale 78%
1
10012 10112
1315 10312 10318 Aug'26
8
3
17 Sep:::
014
19 Apr'25
22
8712 Aux'25
234 Sept'26
/
1
23
23
381 July'25
:
23 June'26
28
3
2714
28 Apr'25
1812June'26
16
3
15%
15 1534
New England cons 58
1945 J J
Consol 48
1945 J J
NJ Juno RR guar 1st U....1986 FA
NO&NE Isr ref&Imp 4)1s A'52 J J
New Orleans Term 1st 45_1953 .1 .1
N 0Texas & Mex n-e Inc 58_1935 AD
let 68 Series It
1954 * 0
let 54s 'series A
1054 * 0
N & C Bdge gen guar 4'48..1945 J
•N YB&M IS 1st con 5.8.-1935 AD
N Y Cent RR cony deb 644-1935 MN
Registered
MN
Consol 45 aeries A
1998 FA
Ref & 1mpt 4'is 4
-____2013 AD
Ref & impt Is series C
2013 AD
AD
Registered
-_ -- 100
103 Nov'25
57
57
57
57
18 Sale 18
1912
Oct'26
13
14
14
99 102 102 Sept'25
8712
8712 Sale 874
9712 975 974
977
9712
9712 9814 9712
10234 Sale 10234
103
10312
102 11131 10314
90
904 90
en
9718
8618
8418
9814
85 8
5
100
10014
105
101
____
____
96
Sale
Sale
Sale
Sale
11514 10114
4
107 10711
887 Sale
8
97 Sale
10418 Sale
/
1
1004 July'26
8614 Sept'26
84% Sept'26
9578 Oct'26
851
/
4
853
4
993
4 100
993
4 10
04
1047
8 10518
97
97
10034 10054
107
10714
10611 May'26
881
: 8812
97
96
1041$
1033*
10314 Aug'26
•Due Jan. d Due ABM- p1)0.1)55.o Due Oot.
2
5
27
1
2
2
25
9
27
23
49
37
11
2
2
_
16
81
98
BONDS
N.Y.BTOI'1, EXCHANGE
(
Week Ended Oct. 22,
ZI
Price
Weere
Range
Range Of 1:13.
Pricing.
Since
1,W
Oct. 22,
Last &tie
Jan. 1
Ask Low High N., Low High
Bid
883 N Y Central & Hudson River—
4
Mortgage 35.
92
J
1997
1997 J J
Registered
9112
Debenture gold 4s
M
1934 M N
884
Registered
103
30
-year debenture 48
101
1942 J .1
Registered
82
80
Lake Shore coirgold 330_1998
Registered
1998 F A
994
Mich lent roil gold 345 1998 F A
4
975
Registered
di St L 1st g 4s
102 104% N Y
1 995 F O
19 A A
37
90
Registered
99
1937 A 0
25-year debenture 4s
825 8712
8
1931 M N
2r1 68 series A B C
83
80
Refunding 5.45 series A 1971 MN
92
99
1934 A O
Refunding 5 115 series B 1975 J J
1005 105%
4
NY Connect 1st gu 445 A 1953 F A
102 105
let guar 53 aeries B
85
90%
N Y & Erie 1st ext gold 4319 7 M N
:
1051 110
_ 1943 F A
5
84% 8712
3d ext gold 458
1933 M S
,
4th ext gold Ss
109 109 4
1930 A 0
5th ext gold 45
1928 J D
10018 101
1948 M N
9412 9712 N Y & Greenw L gu g 5s
N Y& Harlem gold 34s
90% 93
2000 MN
97
97
84% 91% N Y Lack & W 1st & ref 5a 1973 MN
First & ref 4ss
97% 99%
1973 M N
NYLE&Wlst7aext_..1030M S
94 100
1932 F A
85
90% N Y & Jersey 1st 5s
,
995 100 4 NY & Long Branch gen g 451941 M S
s
NY&NE Bost Term 48_1939 A 0
99% 101
86% 9 4 NYNH&H n-c deb 48_1947 M S
0
Registered
10212 10514
•
M S
Non-cony debenture 354e.1947 M S
9314 9578
100% 104
Non-cony debenture 3145.1954 A 0
Non-cony debenture 4s_ 1955 J J
10514 11)8
105% 11014
Non-cony debenture 4s
1956 M N
10314 1084
Cony debenture 345
1958 J
4
96 111014
Cony debenture 61
1948 J J
104 107
J J
Registered
10312 104
Collateral trust 65
1940 A 0
91% 9212
Debenture 45
654 68
Harlem R& Pt Chem 1st 4s 1957 M N
9MM
98% 99% NY & Northern 1st g 5s_
1927 A 0
N Y 0& W ref 1st g 4s_June 1992 M S
8518 89
General 45
9014 9312
9914 100
N
Providence &Boston 45.1945 'I D
1952 A O
101% 1013 NY & Putnam ist con gu es 1993 A 0
4
601: 67
NY& RB 1st gold Ss
1927 M S
6211 7618 N 2 136ld 4, West 1st ref 58_1937
Y 8 1eu &,i6
d 1
.1
100 101
1937 F A
85
85
General gold 58
1940 F A
1007 102
8
Terminal 1st gold 55
1943 M N
99% 101
NYW'che&B 1st ser 4;0'46 I J
9258 95%
79
80% Nord Ry ext'l s f 8 Lis
1951 AD
83
8512 Norfolk South 1st & ref A 53_1961 FA
935 98 8 Norfolk & South 1st gold 58.1941 MN
8
7
Norfolk & W st gen gold 68_1931 MN
9012 96
Improvement & ext 6s
1934 FA
1001 101%
/
4
New River 1st gold
1932 * 0
s
-634 I91- N & W Ry 1st cons g 45-1996 to
Registered
93
1996 • 0
89
Div'l 1st lien & gene 48 1944 1 J
10 y cony. 6
19214 IS
Pocah C & C joint 4s___1941 ID
North Cent gen & ref 55 A__1974 MS
64
57
63% North Ohio 1st guar g 5s____1945 50
56
North Pacific prior lien 4s..._1997 Q
23
18
1997 Q
Registered
12% 164
General lien gold 32
a2047 Q F
Registered
02047 Q F
85s Oh:
9712 993
Ref & impt 445 series A__2047 I .1
4
Registered
974 99%
I J
1015 106
8
J
Ref & impt 68 series B___2047
8
100% 1035
J J
Registered
885 9712
8
Ref &'mut 53 aeries C _2047 1 J
93
93
Ref St Impt 55 series 0._2047 I J
93 :01 12 Nor Pac Term Co 1st g 8s-1933
.
84% 873 Nor of Calif guar g 58
4
1935 t0
9614 103
North Wisconsin 1st 68
1930
8012 864
102% 10414 02 & L Cham 1st gu 4s g_1945 J J
3
904 95 4 Ohio Connecting Ry tat 4s__1943
Ohio River RR 155 g 58
1936 J O
General gold 58
1937 * 0
891 100
/
4
Oregon & Cal 1st guar g 55..1927 ii
1015 107
4
1018 10714 Oregon RR & Nay con g 41_1946 J O
4
65
7412 Ore Shore Line let cons g 58_1946
93
88
Guar cons 55
1946 J J
Guar refunding 45
1929
Oregon-Wash 18t & ref 43
1961 J J
795 161, Pacific Coast Co 1st g 55_ __.1946 JO
78% 87
Pac RR of Mo 1st extl g 48..1938 FA
1007 103%
8
20 extended gold 5.
1938 J J
5
10012 10614 Paducah & Ills Mt a f 4 45..1955 J J
90
9212 Paris-Lyons-Med RR 6s_ _ _1958 FA
98 4 101
,
Sinking fund external 78_19514 MS
9911 10012 Parls-Orleans RR 5 f 78
1954 MS
87
98% Paullsta Railway 75
1942 MS
109% 1124 Pennsylvania RR cons 245 1943 MN
10914 10914
Consol gold 45
1948 MN
10112 102%
45 sterl stpd dollar_May 1 194/4 MN
773 81%
4
Consolidated 44.4s
1960 FA
1001: 1015
8
General 4 •514 series A._ _ 1965 J D
10144 10318
General 58 aeries B
1968 J o
10-year secured 75
1930 * 0
15
-year secured 81
-Se
1936 FA
'IF Ii12
Registered
FA
_
40
-year gold Ss
1964 MN
2318 2318 Pa Co gu 348 con tr A reg_.1937 MS
17% 27
Guar 34.con trust ser B.1941 FA
Guar 31-414 trust ctfs C
1942 J
23
23" Guar 3 -Se trust ctfs 13...A944 J o
27
/ 3512
1
4
Guar 15
-25-year gold 45
1931 * 0
Guar 48 series E
1952 MN
Iii2 21
13
20% Peoria & Eastern let cons 48-1940 * 0
Income 48
1990 Apr.
9514 10018 Peoria & Pekin Un 1st 5 48_1974 AO
87
Pere Marquette tat aer A 55_1958 ii
81
843s 8514
1st 48 series B
1956 J J
9234 97% Phil* Halt & Wash late 43 1943 MN
87%
84
General Ss eerie, 11
1974 FA
0614 100 4 Philippine Ry 1st 30-yr 5 f 45 1937• J
,
96 1094 Pine Creek registered 65_1932
D
10218 1054 PCC&StLgu44sA
1940 * 0
944 97
Series II 4 58 guar
1942 AC)
,
99 4 102
,
Series C 4 145 guar
1942 MN
114% 109
Series D 4a guar
1945 MN
10612 10 2
61
Series E 3 -Is guar gold.__1949 F A
85% 9014
Series F 4s guar gold
1953 J o
9214 9712
Seriee 045 guar
1957 MN
10118 10514
1034 103%
85
86
81
85%
100
98%
78%
77
98%
9614
8 OPtion sale.
2123
-
79% Sale 7918
8014 24
3
785
4
785
4
1
8
-511 Ii4 957
95
/
1
4
1945 Sept'26
4
964 Sale 9612
9612 48
93 Feb'25
773 77l 771: Oct'26
1
76
76
8018 Oct'26
79
/ 80
1
4
785 Sept'26
4
7
94%
954 96
/
1
9514
94% July'26
2
96 1s
96
9612 96
1034 Sale 1021
: 10312 58
132
104
1034 Sale 103
10312 24
103% Sale 103
9414 94% 91% Oct'26
Oct'26
1013 103 102
4
5
91%
915 Sale 914
4
4
98 Sept'26
1004
11 05 Mar'26
; 8
9814
-- 99 Mar'26
3
9918
9918 9912 9918
7912 ---- 79% Oct'26
_
89 July'26
101,2
10
5LT: 1:0_21 0 6
July'26
13c125
100 i 101 10012 10012
3
90 4 Oct'26
5
90 4 92
5
914 ____ 913* Oct'26
73
Oct'26
75
77
60 June'25
6
7
0 8 ug 2el
8 4 pt 2(
e :i
66
677 66
4
10
_11
7478 73
73
73
4
73 /
724 73 73
1
4
2
6512 65 4 65 4
3
5
67
149
: : 104
104 1041 1031
10112 1011
121
10
2
167
911
97 5
4
863 S51e14 169114
1)1 67
/
4
885* 89's SS7 041'26
s
36
2
0
3 7
100 4 10314 001'7
1004
13
7312 Sale
4
677
67
685 67
4
861: Apr'25
86
89% 8712 Mar'26
Oct'26
86
99%
- - 100
10
85
87%
7112 Oct'26
10
69
68% Bale 68%
99 10034 99 July'26
38
76
76 Bale 7534
_
8614 71
86 Sale 85
88
8712 Sale 871s
27
Oct'26
10012 -- 100
11/5 1n8 108 Sept'26
108% Sale 10812
10
8% 13
107 July'26
106%
9214 92
925
92
8 17
90%
1
012 9112 90%
9
935
92% Sale 92%
8 73
_ 15914 Oct'26
92 4 31
,
92% Sale 9218
10412 Aug'26
1041$
1
9314
9314 - -- 934
90 Sale 89%
/
1
4
907 122
2
87% -- -- 88 Sept'26
65% Sale 6518
654 21
64
1
6312 - - 64
94
/
1
4
35
9414 Sale 92
1123 Apr'25
8818
11218 96
11218 Sale_ 11158
1.014 Merle
102
1015* 11:4 102
1
1312
4 45
101% Sale 101
/
1
109 4 11014 1104 Oct'26
3
103 4 105 10434 May'26
,
1021 _--- 10258 Oct'26
:
79% Sale 71%
6
8 4
03
924 -- 9044 Dec'25
1013*
101% 10212 1015*
10012 10212 102 June'26
10018 10038 100
1005
8
91%
911 9212 er73
/
4
136
106 108 106
1061g
106 10814 1064
98 14
98
9814 98
13612 Sale 855
8612
94 Sept'26
93% 94
/
1
9314
934 9354 934
/
1
10114 -- 10112 Oct'26
9714 9814 97% Oct'26
81
8
805 Sale 804
92
91% Sale 91
89%
89% Sale 894
103 1034 1023
1031s
934 Aug'26
93 4
3
94
93 8 95
7
93 4 Oct'26
4
93
/ 95
1
4
1
101
lows 19114 100 4
9812
9814 Sale 971
1064 Sale 13512 106%
/
1
1974
4
1074 Sale 10784
/
1
112
112 Sale 1113
11118 _- 112 June'26
10112 Sale 1014 102
87 044'26
85%
/
1
854 Sale 8514
/
4
8412 ---- 841 Aug'26
535g June'26
8418
0712
9712 Bale 574
88
8
814
88% 8814
83 Bale 84
/
1
4
40
404 404 40
,
1004 Sale 100 4 10112
103
4
133 Bale 1023
86%
8612 8712 86%
37
9 2 94% 93% Oct'26
10918
,
109 110 4 19918
4154
,
41 4 Sale 4114
105 - - -- 10514 Mar'25
/
1
4
99
Oct'26
9718 100
9812
9812 Sale 9812
Aug'26
94
Oct'26
941s Aug'26
9334 95
954 Aug'26
93% ---- By: Oct'26
3
1
11
4
13
20
46
92
6
_170
198
70
82
_
10
14
130
39
51
48
105
1
20
3
14
4
12
28
2
10
2
7612
76%
944
/
1
944
924
811s
80%
984
9414
97
757
76
78
78
84
77
80
925 9514
4
944
92
9315 97%
10212 105
9314 104%
93 105
/
1
4
92
964
10012 104
8912 911
/
4
98
98
1004 1005
/
1
8
93 2 99
1
94
99%
794 79%
9934 102
10614 10814
10014 10112
90
90 4
8
U
911s
7012 771
s
"fig Yr
:
614 68
4
6644 7514
67% 75
61
74
97% 104 4
,
96 13112
9612 101
58
70
84114 89%
100 100%
878 76
4
624 71
86's 8734
100 100%
77% 8972
73
64
63
7412
97% 99
8934 783
4
7714 861
/
4
77% 90
98 101
1054 10554
4
1084 110
107 10752
904 93 4
3
89
9212
90 2 9412
1
138 188
93
91
100% 1044
88
9715
8614 91
86
83
611 68
4
60
64
87
951s
10814 11434
1104 11014
934 104
/
1
4
9814 103
1092 1101
4
4
101 12 10514
102 103
/
1
4
/
1
4
73
82
10018 f6is;
92
2:
10114 10
89
100 10114
104% 102
19618 ,
057 10
2 %
8
8324 88
9142 96
911 94
/
4
28
1864 10114
00
82
8
2
90 4
93
1
10°73 18 s
9::2
21 9
3:
1
Li
9114 9814
9734 0154
9
94 1 9
%
106ss 106
0214 0836
III% 1134
112 1124
98 5 102
1
%
87
87
33
38
84
844
82
858s
4
96 4 973
,
861. 89
/
1
4
79% 57
/
1
4
35
42
10014 104
10118 104
/
1
4
853 8878
s
93% 94%
10114 1114
404 45
1664
3
964
97%
9312
924
92%
93
99%
984
98
9412
9514
964
1
2124
New York Bond Record-Continued--Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 22.
Price
Friday.
Oct. 22.
Bid
Pitts CM Chic & St L (Concluded)
Series H 45
1960 FA
Series I cons guar 4.14s
1963 FA
1964 MN
Series J 4:is
General M 58 series A
1970 J D
Registered
J D
Gen mtge 55 series B
1975 AO
Pitts & L Erie 2cl g 53
51928 AO
Pitts McK & Y 1st gu 6s____1932 ,j
Pitts Sh & L E 1st g 55
1940 AO
lot consol gold 53
1943 J J
Pitts Va & Char 1st 45
1943 MN
Pitts Y & Ash let cons 58
1927 MN
1st gen 48 series A
1948 J D
let gen 55 series 13
1962 FA
Providence Secur deb 413_._.1957 MN
Providence Term let 4s
1956 MS
Week's
Range or
Last Sale
Ask Low
947
8
9412
103
10314
106
10112
100
10018
923
8
10218
8318
High No, Low
9714 Sept'26
9818 Aug'26
98 Sept'26
Sale 10234
103
102
Oct'26
Sale 10212 10314
1007 100 Aug'26
8
Sale 106
106
- - 1013 Sept'26
1013 June'26
9114 May'25
10018 Oct'26
9112 Mar'26
10312 1027 Sept'26
6812 Aug'26
_
845 Aug'26
8
23
41
5
88%
8812 Sale 8814
102
_
11212 Sept'26
10818 116- 108 Sept'26
10212 10314 1023 Oct'26
4
8912 9
8918
0
8918
2
8
813 82
Oct'26
79% 8
014 79%
80
11
793 Sale 7812
4
793 149
4
7212 Sale 7214
7212 57
9414 Sale 94
9412 127
005 Sele 905
8
8
9214
2
94 Sale 9312
9412 52
100 10011 10012 Aug'26
10118 10134 101
101 18 12
10234 10312 10214 Sept'26
1073 108 10618 Sept'26
4
87% 8
8 877
8
877
8 28
8418 8
8 8512 May'26
9813 100
9818 Sale 9818
10013 101 100
1003
4
5
10013 1003 100
4
Oct'26
90 Sele 90
9012
3
_ 86
Oct'26
10312 0312 Oct'26 9412 __
95 Sept'26
_
92% Sale 92
9214 72
Southern-1st cons g 5s____1994 J J 106 106% 06
1063
4 35
Registered
J O
0612 June'26
Devel & gen 4s series A___1958 AO 8411 8;1; 84
84% 154
Develop & gen 68
1966 AO 11178 Sale 113
8
1117
8 44
Devel & gen 6
1956 AO 11818 Sale 17%
11818 83
Mem Div 1st g4S45-5s
1996• J 1053 Sale 0512 1053
4
4
5
St Louis Div lot g 43
1951 ii 90 Sale 893
90
18
4
East Tenn reorg lien g be_ _1938 MS 100 103
0012 Oct'26
Mob & Ohio coil tr 4s
4
0078 913 913 Oct'26
1938 M
4
Spokane Internet lot g 5s_ 1955 5 -I 82
4
853 853 Oct'26
4
Superior Short Line 1st 5s_ _e1930 MS 100
0013 Sept'26
9818
Term Assn of St List g 4Sis-1939 AO 98
981- 98
11
2
lot cons gold Is
0218
10218
1
1944 FA 10214
86
14
Gen refund s f g 45
1953 is 8613 Sale 85%
103
43
Texarkana & Ft S 1st 554e A 1950 FA 103 Sale 02%
9012 Sept'26
Tex & N 0con gold 53
1943 S i I 99% 102
10514 11
Texas & Pac 1st gold 58_2000 S D 10.518 Sale 0518
Oct'26
La Div B L ist g 53
1931 J J 100 10014 00
103
Tex Pac-Mo Pac Ter 5148_1964 M
10212 103 4 0212
80
,
01
Oct'26
Tol & Ohio Cent let gu 55-1935 S i 101
Western Div lst g Is
4
1935 AO 10012 1003- 10012 Oct'26
8
General gold be
1935 J O 10012 101 1003 Oct'26
23 June'26
Toledo Peoria & West 4s
30
1917 S i
Oct'26
Tol St L & W 50-yr g 45
90
1950 AO 8912 90
Tol W V & 0 gu 4sis A
98 Mar'26
1931 S i 99 100
96% Dec'25
Series B 414A
1933 S i 99
Oct'26
Series C 48
92% 9314 93
1942 NI
Tor Ham & Buff 1st g U.__ _1946 J D 89% ---- 89% Oct'26
I
Ulster & Del 1st cons g 6s___1928• D
1st refunding g 45
1952 AO
Union Pacific let g 43
1947 S i
Registered
S i
-year cony 4s
20
1927 S i
Registered
55
1st & refunding 45
e2008 M
e2008 M
1st lien & ref be
-year perm secured 6s_ _1928 S i
19
6618
38
94
92%
99%
-554
1074
1024
6618 Oct'26
40% Oct'26
9414
94
9214 Sept'26
9912
99%
9912 May'26
89%
6;1;- 10784 90%
10814
107%
10214
Sale 102
8612
42
Sale
-._Sale
40
54
_
25
2
28
High
9714 9714
9514 9818
96
98
100 10412
102 102
9913 104%
100 101
10,1 103
100% 10314
10155 1013
4
-663
4
91
10212
6212
8318
Reading Co gen gold 48
1997 .1 J
9712 9812 9812 Oct'26 Registered
J
447
8May'25 Jersey Central coil g 4s__ _1951 A 0 903 - -1- 91
4 61 2
Oct'26 -.
Gen & ref 4)45 series A__ A997 J J 975 Sale
8
97% 41
97%
Richm.S, Danv deb 5estmpd 1927 A 0 100% Sale 10018
10018
2
Rich & Meek 1st g 4s
1948 M N
7912 Oct'26 Richm Term Ry 1st gu Is...1952 J
101% 10212 10112 Sept'26
__
Rio Grande June let gu 58 1939 J D 10018 10114 10014 Oct'26
Rio Grande Sou lot gold 4s 1940 J J
6
12
7
Oct'26
Guaranteed (Jan 1922 coup on)
.,1
6 May'25
__
Rio Grande West 1st gold 48_1939 J J
9038 _
9012
903
4 13
Mtge & coil trust 4s A
1949 A 0 82
82-12 82
8212
5
RI Ark & Louie 1st 4IIs_ _ _ _1934 M S 94% Sale 94
32
941
Rut-Canada 1st gu g 45___ _1949 J J
78
1
8
79%
803 793
4
Rutland let con g 4.(s
1941 J J 90
913 91
8
Oct'26 _
St Jos & Grand 1st 1st g 4s..1947.2 J 8512
8514
8514
5
St Lawr & AdIr Iota 58
1996.2 J 99
9914 Sept'26
2d gold 63
1996 A 0 102 106 101 Sept'25
St L & Cairo guar g 4s
1931.1 J 96 Sale 9512
1
96
Ir Mt & S gen con g 58_1931 A 0 10018 10013 10018
St L
10018
2
Stamped guar Is
1931 A 0 10018
1003 Sept'26
8
__
Unified & ref gold Is
1929.2 J 97% Sale 96%
97% 80
Registered
J J
_
93 Sept'25
Itiv & G Div 1st g 4s
1933 M N -9211 gale 9134 9234 59
Fit L M Bridge Ter gu g 5s_ _ _1930 A 0 10014 101 1007
3
8
1007
s
St L & San Fran (reorg co)45 1950.2 J 8314 Sale 823
4
8312 358
Registered
J J
82%
8214 124
Prior lien series B 55
1950.2 J 983 Sale 9812
4
987
8 55
Prior lien series C 58
1928 J J 102 Sale 1013
4
10218 81
Prior lien 5 ,D8 series D
1
1942 .1 J 1013 Sale 10114
4
1013
4 65
Cum adjust series A 8s___81955 A 0 97 Sale 9611
9712 77
Income series A 68
h1960 Oct. 907 Sale 9014
8
9118 522
St Louis & San Fr Ry gen 68_1931 J J 105 1057 1057s
1057
8
2
General gold 5.5
1931 J J 10013 10112 1003 Oct'26 4
St L Peor & N W lst gu bs 1948 J J 103% 104% 10338 Aug'26 -Louis Sou 1st gu g 45-.1931 M
St
9438 Oct'26
St L S W 1st g 4s bond ctfs_ _1989 M N 8814 Sale 8618
8614
7
2d g 48 income bond ctfs_p1989 J J
7918 803 79
4
Oct'26
Consol gold 4e
1932 J D 9412 Sale 94
9412 18
let terminal & unifying 53_1952 J J 9514 Salo 94
95% 39
&Paul & K C Sh L 1st 455_1941 F A 913 Sale 9112
4
9212 45
St Paul & Duluth 1st 5s
1931Q F 101%
0114 Sept'26 -1st consol gold 48
1988.2 D 8912 601- 8911 Sept'26
2
St Paul E Gr Trunk 4 3is
1947 J J 93
98
92% Oct'26
St Paul Minn & Man con 48_1933 J D 953 ____ 07
4
Oct'26.Registered
J D
9218 July'25
1st consol g 45
1933 J D 1073 1083 10711 Sept'25
4
4
Registered
S .1
108 Aug'26 -tis reduced to gold 454s...1933 J J 0912 100
9923
99%
6
Registered
1933 J J
9712 Aug'26
Mont ext lot gold 4s
1937 J D 9414 _
95
95
7
Registered
J D
93 Sept'26
Pacific ext guar 45 (sterling)'40 J J 893
8
_ 8918 Sept'26
St Paul Union Depot 58.___1972 .1 J 10414 Sale 104
10414 20
SA&ArPasslstgug4w,_._19435 J
Santa Fe Pres & Phen 5s____1942 M
Say Fla & West 1st g 6s
1934 A 0
1st gold 58
1934 A 0
Scioto V & NE 1st gu g 4s 1989 MN
Seaboard Air Line g 48
1950 A 0
Gold 4s stamped
1950 A 0
Adjustment 55
Oct 1949 F A
Refunding 4s
1959 A 0
1st & cons(is series A
1945 NI S
Atl & 131rm 30-yr lot g 4s_d1933 M S
Seaboard All Fla Ist gu 6s A _1935 F A
Seaboard & Roan Is extd__ _1931 J J
Eio Car & Ga 1st ext 5
_1929 M N
BSc N Ala cons gu g 58
1936 F A
Gen cons guar 50-yr 5s__ _1963 A 0
Bo Pac coil 45(Cent Pac coil) k'49 J D
Registered
J D
20-year cony 45
June 1929 M S
20
-year cony 53
1934 .1 D
20-year gold 58
1944 M N
San Fran Terml 1st 48_
1950 A 0
Registered
IA 0
So Pac of Cal-Gu g Is
1937 MN
So Pac Coast 1st gu g 48
1937 J .1
So Pac RR 1st ref 4s
19555 J
Range
Since
Jan. 1
0`0
1- 2
6619112
104%
683
4
84%
95% 99
Price
Friday.
Oct. 22,
IVeek's
Range or
Last Sale
2
Bid
Ask Low
High No,
U N J RR & Can gen 43____1944 MS 9414 __-- 9212 Dec'25
Utah & Nor 1St ext 45
1933 J J 9614 983 96
4
6
96
Vandalla cons g 45 series A1955 FA 9012 ____ 9012 Aug'26
Consol 48 series 13
1957 M N 9012 __-- 9012 Oct'26
Vera Cruz & Fist gu4 35s
1934 S i
20 Sept'25
July 1914 coupon on
• J 24
2412 24 Apr'26
Assenting lot 4145
1934
25
Oct'26
Virginia Mid 55 series F
1931 5" 1003 __-_ 101 Sept'26
8
General 55
1936 MN 10238 ____ 10211 Sept'26
Va & Southw'n let gu 55_2003is 101 10212 10114 Oct'26
let cons 50-year Is
1958 AO 923 9314 98 Sept'26
4
Virginian lst Is series A
1962 MN 1013 102 10113 102
4
77
Wabash lot gold 50
1939 MN 1027 Sale 1027
8
5
8 103
2d gold Is
1939 FA 1007o 10112 10112 10118
:3
Ref a f 554s series A
10314 Sale 10211
197.5 M
10314 39
Debenture 1368 regletered_1939 MS 5114 ---- 9314 Feb'25
Ist lien 50-yr g term 45
1954 J
8312 Sale 8413 Aug'26
Bet & Chi ext lot g 55_ _1941 5, 1823
0 114
2
1025 July'26
8
Des Moines Div Iota 43..1939 J J 8314 - 3- 88% Sept'26
ii8
Om Div 1st g 3 Sis
1941 A0
___- 813
2
4
813
4
Tol & Ch Div g 4s
1941 M
893 ___- 90
4
1
90
Warren Ist ref gu g 314s
2000 FA
8012 Sept'26 - -- Wash Cent let gold 4.8
1948 QM 85
88
855 Sept'26 - - - 8
Wash Term lot gu 35(a
1945 FA 85% 8512 8518 Sept'26 __ -1st 40-year guar 48____ _ _1945 FA 0112 ____ 8312
8312
Range
Since
Jan, 1
Low
Hilk
-5E1-2
96
88
9012
88% 9055
22
33
101 101
101 10252
9912 103
903 96
4
9934 10312.
101 104
9812 102
9812 105
84 8612
101 102es
844 90
77% 8315
95
87
90
98%
80
81
10012
84
86
80
83
887
s
1023
4
83
914
10114
W Min W & NW lot gu 58_1930 FA 9812 100
7
9813 Oct'26 ____
965 98
8
/
1
4
West Maryland let g 45_..1952 AO
667 7538
8
-867 - -3- West N Y & Pa 1st g 58____1937 J J 100 8 SO2 10318 Sep733 _ _ 7 _ 100% 10218
737' lale 72 4
4
s 92 4
1
4
_8
C213
74% 85
6
Gen gold 4s
1943 AO 8
...!!
83% 88
89
Apr 1 1943 Nov
Income g 5s
94%
7 - - - - 85 Feb8'725
- 8758 47
8
75% 833 Western Pac let ser A Is, 1946 MS 993 Sale 99%
4
4
9934 65
057g l0O1
87
92
0 3 S
38
4
lot gold 65 series B
1948 MS 1855 sale 1853
0214 1857
2
03 4 37 10034 108%
% 13
7814 8514 West Shore lot 45 guar
2381 .1 J
83% 87
9712 9912
Registered
2361 is 8814 Sale 8411
8514 17
83
86
Wheeling & L E let g be__ .,A926 AO ---- ---- 99% Sept'26 99% 101
9111f s1 0 : 9912 Oct'26 --__
7991: 1
9 101 7
95
9812
Wheeling Div lot gold 515_1928 S i
0
9912 10212
100 101
Ext'n & inapt gold bs
1930 FR
95
Oct'26 -- _ _
95
997,
10014 100%
8
Refunding 416s series A 1966 MS 893 Sale 89%
90
18
80% 90 4
,
953 97%
4
86
RR lot consol 43
8612 8612
1949 M
8812
1
81
89%
Wilk & East 1st gu g
S D
6414 7454
89
94
____ 0218 Ap7 28 _ 12 10252 10212
Will & S F let gold 65
1938 ID 10212
r.1 7
__
994 loo4 Winston-Salem 11313 1st 45 1960 55 8611 8634 87
87
5
8514 8814
774 8412 Wis Cent 50-yr lot gen 4s.._ _1949 S i 8034 82 811
8178 10
8018 87
80
84
Sup di Dul div & term 181 46'36 MN 88
8814 8712
8818 30
8612 903
4
03
99% Wor & Con East 1st 4145_ _ _1943 is 8618 ___ 86 June'26 --__
7615 864
10138 103
9914 10318
INDUSTRIALS
9214 9818 Adams Express coil tr g 45_ _1948 M
8812 89
8812
8812
7
85
88%
84% 9814 Ajax Rubber lot 15-yr s f 88_1938 J
10314 Sale 02% 10312 10 10112 105
101 10618 Alaska Gold M deb 88 A. ._1925 M
312 4% 4
4
4
4
6
10018 10112
313 512 312
1926 M
Cony deb 68 series It
4
5
312 41s
10212 104
90
Alpine-Montan Steel 7e___ _1955 M
9014 90
9014
7
8914 9111
94% 97% Am Agile Chem let 68
1928 A
03
10254 10414
84% 88
10312 8;1;- 10312 Oct'26 78 1031s 106
1941 F
lstrefsf754eg
104
75
82
92% 9413 92
Amer Beet Sug cony deb 6s_1935 F
92
2
9012 10112
91% 9514 American Chain deb s f 65..1933 A
10114 Sale 101
101% 31
9814 102
8912 9738 Am Cot 011 debenture 5s.....1931 M
92
9413 9412 Oct'26
9312 9714
88
9212 Am Dock & Inapt gu 65
10514
1936 J
_ 10513 July'26
10512 10611s
10114 1011.4 Amer Ice deb 78__July 15 1939
134 129 Sept'26
- -12
118 13412
87
91
A-6
103 10312 102%
Am Mach & Fdy f 65
10212 28 10014 104
90% 92% Am Republic Corp deb 83_1 9 A 0 99
1937
39
9912 99
99
9
98 10042
953 973 Am Sm & R let 30-yr Es ser A' 7 A 0 10114 Sale 10012 10112 117
4
1947 A 0
4
99 1015
5
109 Sale 10812 109
1st M 6s series B
20 106 109
10'74 10634 Amer Sugar Ref 15-Yr 6s- --1937 J
10412 Sale 10414
10434 37 102 10512
107 108
9
2
, s 9818 Salo 98%
J
Am Telep & Teleg coil tr 481939
98% 117
4
967 983
2
09 100
92% 94% 92%
Convertible 48
4
923
92
955
4
8
9712 99
1933 M
9812
983 993 9812
20-year cony 434e
4
4
1
9714 10212
93
955
1946.2 D 102 Sale 10134
8
30-year coil tr Es
31 1001g 10312
102
9214 93
S D
Registered
103 June'26
10234 103
8918 90
1960i
100% Sale 10018 10012 326
35-yr s deb be
971s 102
1017 1053
8
1943 MN 10514 Sale 104% 10514 178 1025 1065
4
20
-year s f 5168
8
4
8
1940 A 0 1023 Sale 10238 103% 32 10014 105
Am Type Found deb 68
84
89
4
1934 A 0 963 97
3
983
4
97
Am Wat Wks de Elec 5e
953 9912
4
10012 10234 Am Writ Paper e f 7
5712 Sale 56
59
41
42
6114
-6s
1939
108 110
115
59
Temp interchangeable ctfs dep_ --- 58 Sale 58%
411g 613
8
1023 1023
4
4
877 90
8
Anaconda Cop Min 1st 68_1953 F A 10318 Sale 10213 10314 227 10114 10412
1027 Sept'26
_
7814 953
_ 10212 10278
4
Registered
7814 82
1063 165 10214 10734
8
1938 F A 106 Sale 106
15-year cony deb 78
76
106
200
87% Andes Cop Min cony deb 78_1943 J J 106 Sale 105
967 108
s
94
84
6914 76
9212 10014
Anglo-Chilean Nitrate 75.. _1945 M N 9312 Sale 93
88
8
12
4
91
98% Antilla(Comp (Azuc) 734 s_ _1939 J J 867 913 8634
8412 9214
9938
99% Sale 9912
2
8812 94
9414 997
8
Ark & Mess Bridge & Ter 68_1984 M S
9214 98% Armour & Co let real est 4148'39 J D 90% Sale 9014
903
4 48
9014 9278
94
94
99% 10012 Armour & Co of Del 5143_ 1943 J J 9314 Sale 9314
92
9618
102% 103
4
101 102
65 102 10318
Associated 01164 gold notes 1935 M 5 1023 Sale
10214 10414 Atlanta Gas L lot 58
1947 J D 100% -- 99% Mar'25
15 Sept'26
8
_
1053 108% Atlantic Fruit 78 etre dep
4
1934 J D 155
2118
_ 2018 Jan'26
_
8512 90%
Stamped ctfs of deposit------- _ _
2018 2018
68 65%
843 8512 Atl Gulf & W 1 SS L col tr 613.1959 J J 96 8
6718 35
8512 7111
98% 98% Atlantic Refg deb 53
1937 .1 J 100% Sale 10018 100% 21
9914 10224
100 10234
8
993 1017 Baldw Loco Works 1st 53_1940 M N 10618 107% 107% 1075
4
8
1 10214 110
10418
87
91
2 103 10618
Baragua(Comp Az) 7SIs......1937 J J 104 106 104
1940 J D 9614 Sale 06
85
86
9634 131
Barnsdall Corp deb 130
96 101
9618 96
J 96
1938
1005 1043 Belding-IlemIngwaY 88
8
4
9612 11
943 10078
4
8
8 10214 34 1001g 10378
1948 J 5 1025 Sale 1017
9414 95
Bell Telephone of Pa be
A 0 10213 1023 10212 10234 22 100 1037
4
93
90
lst & ref 58 series C
2
99 Sale 99
1942
10032 27
Beth Steel lot & ref Is guar A '80 M N
955s 10218
104 108
98
100
30-yr p m & imp f 5s_ __ _1938 J J 97 Sale 97
93
9818
1013 10612
4
68 series A 1948 F A 10013 Sale 10038 1007 208
8
Cons 30-year
954 1015
5
9514 74
8114 8618
Cons 30 year 6.15s series 13_1953 F A 95 Salo 9454
8712 977
1
1950 M S 92% 9314 93
10018 1137 Bing dc Bing deb 6348
8
93
5
9012 95
9612 97
1926 A 0 95
112 1187 Booth Fisheries deb 5 f 6s
8
Oct'26
70
9712
10154 10612 Botany Cons Mills 634a._.1934 A 0 8412 Sale 8418
8412
9
8012 951‘
1942 A 0 103 Sale 103
91
86
Brier 11111 Steel 1st 534s
10372 14 101 105
717, 11
99% 101
7014
Wway & 7th Av 1st c g bs__ _1943 J D
7014 762
4
_ -5572 -767; 6818 Sept'26
87% 93
Ctfs of dep stmpd June '26 lot
68% 78
9413 Sale 9412
1941 J
81
95
873 Brooklyn City RR be
4
12
9314 9518
9912 10012 Bklyn Edison Inc gen 6s A 1949 J J 10414 Sale 104
104% 25 1021g 1053
4
1930 J J 103% 105 10514 10512
9514 9812
General 6e series B
6 1031s 10812
J 96 Sale 953
1988
101 106
13klyn-Man R T sec 68
4
9614 146
9214 98
8434 8712 Bklyn Qu Co & Sub con gtd 58'41 MN 60 Sale 60
60
5
643
4
60
101% 103
1941 J J 74% 79
79 Aug'26
let 53
79
72
98% 10214 Brooklyn R Tr 1st cony g 48_2002 S J
8812 Aug'25 -8812 8811
103 10713
192I S J
3-yr 7% secured notes_
13612 Nov'25
99% 101
Ctfs of deposit stamped
12318 Mar'26 -9914 105
1950 IA 9314 Sale 03
Bkiyn Un El 1st g 4-5.1
93
9312 14
8812 17
-1i
10018 10178
Stamped guar 4-5e
1950 F A 9312 Sale 923
4
9314 16
881n 955s
10012 10118 Bklyn Un Gas lot cons g 5.5_ _1948 M N 10114 10414 102
102
15 100% 10452
97% 10218
1st lien & ref 68 series A 1947 M N 113 11412 113
113
1 110 114
23
375
8
19365 J 151 15812 150
Cony deb 5155
16514 109 126 166
8714 90% Buff & Susq Iron a f 5s
1932 .1 D
_ 01 June'26 -9?..
91
97% 98
90% 9212
Bush Terminal let 43
1952 A 0 92- - 9014 Sept'26
5
875 9214
1955 J J 95 . Sale 9414
Consol bs
95
6
90
9814
93
93
Bush Term Bldg's 58 gu tax-ex 'CO A 0 100 Sale 997
8 101
15
4
953 101
87% 9014
Cal & E Corp unit & ref 5s_1937 M N 101% 102 10132 10142
1 10014 10218
8012 80
1933 A 0 10334 Sale 10312 104
Cal Petroleum s f g 6145
60 1033 1053
3
4
3612 48
Camaguey Sug let 5 1 g 73- _1942 A 0 98% Sale 98
9812 15
904 997
s
92% 95% Canada SS Lines let coll at 7s'42 M N 10413 105 105
10118 10518
Oct'26
4
83% 933 Cent Dist Tel 1st 30-yr 513_ _1943 J D 102% 103 102% Oct'26
10112 10312
9914 100
Cent Foundry 1st 51 6s_May1931 F A 9714 9918
9334 9954
Sept'26
99
9912 Cent Leather lot lien s f 85-1945 J
1023 Sale 10212 10278 54 100 103
4
86
903
4
10614 10912
10178 1033
4
90
9414
993
4
78
10012
9512
5%
a Due Jan. d Due May. e Due June. S Duo July. It Due Aug. p Due Nov
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 22,
s Option sale.
New York Bond Record -Continued-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 22.
Z"3
a.
Price
Friday,
Oct. 22.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 22.
2125
Price
Friday,
Oct. 22,
Week's
Range or
Last Sale
13
1.
Range
Since
Jan. 1
Bid
Ask Low
High No Low
High
Bid
Ask Low
High No, Low
High
12114 Sale 121
121
6 11514 12318 Kings County Elec let g 45__1949 F A 797 807 8014 Oct'26
8
8
7714 8214
5112 5312 52
6
Stamped guar 4s
4414 56
52
1949 F A 80
6
807 803
8
8
7712 89
807
8
1017 103 1017
8
4 10112 103
Kings County Lighting 58._ _1954 J J 10018 10012 1004 Oct'26
8 1017
8
98 101
/
1
4
744 Sale 7418
124
First & ref 6248
6534 81
76
19543 J 110
2 106 110
110
110
10514 Sale 10534 1054 72 1043 10912 Kinney(GR)& Co 734% notes'36 J D 10314 105 103
4
4 10112 107
/ 104
1
4
10138 Sale 10138 10318 14 1011 10312 Kresge Found'n coil tr 6s.._1936 J D 1004 1004 10012
/
4
44 100 101
/
1
101
10328 Sale 103
1031 11 10214 10512 Lackawanna Steel 1st 5s A _ _1950 M S 983 Sale 983
/
4
9614 100
4
8
987
8 46
95 Sale 943
4
9434 9712 Lac Gas L of St L ref&ext 55_1934 A 0 9818 983 10012 1003
953 144
4
3 100 10314
4
4
824 _ _ 82 May'26
82
821s
Coll & ref 5248 series C_ _1953 F A 10312 Bale 10312
1037
8 25 102 105
/
1
4
9412 96
9514
904 953 Lehigh C & Nav f 4%s A...1954 J J 9718 977 973 Oct'26
4
9512 20
8
4
971 10012
8
9034 Sale 9012
911 31
/
4
833 914 Lehigh Valley Coal 1st g 58__1933 J J 10118 101138 10118
4
3 10018 10184
10118
100 Sale 9978
10114
10018 10
1st 40-yr gu int red to 4% _1933 J J 9412
9914
95
Oct'26
9412 95
997 1001g 9978 Oct'26
8
997 101
8
lst&ref sf 5s
1954 F A 9912 101
2
- -14 9914
9914 100%
9914
Oct'25
10
Lex Ave & P F 1st gu g 58_ _1993 M S
4012 Feb'26
3978 4012
Liggett & Myers Tobacco 75_1944 A 0
2 fi 12234 12224 6 118 12612
Columbus Gas let gold 58_ _ _1932 J J
_
9812 9838
9812 13
983 1003
8
Registered
4
A 0 117
12012 May'26
12012 122
Commercial Cable let g 48_ _2397 Q J -7912 Sale 7912
80
4
75
813
58
4
1951 F A 101 Sale 10018
42
101
9E134 103
/
1
4
Commercial Credit a f 6s___1934 M N 9812 983 9812
4
9912 45
98 10018
Registered
F A 9818
- 9918 Sept'26
9918 100
Col tr s f 5 % notes
19353 J 9312 Sale 93
9212 993 Liquid Carbonic Corp 6s_ __1941 F A
934 21
4
9812 Sale 98
984 27
/
1
98 100
Commonwealth Power 13s_ _ _1947 M N 104 Sale 1033
4 104
21 1023 10512 Lorillard Co (P) 78
4
1944 A 0 11758 Sale 117
14 11512 12118
/ 118
1
4
Computing-Tab-Rec 8 f 68_ _1941 J J 105 Sale 105
105
2 10412 106
Registered
A 0 115
11814 June'26
11812 11812
Conn Ry&L 1st& ref g 434s 1951 J J 93
9412 934 Sept'26
90
9412
58
1951 F A • 983 Sale 9812
4
9914 22
9838 1021a
Stamped guar 424s
1951 J J 93
95
93
9412
5
95
90
Registered
F A 9414
_ _ 9614 Oct'25
Consolidated Cigar a f Os_ _ _1936 A 0 99 Sale 9912
/
1
4
9912 9912 Louisville Gas & Electric 513_1952 M N 99 Sale 9912
9912 146
/
1
4
993
8 23 -974 1607i
Cons Coal of Md 1st Sr ref 55_1950 J D 9212 Sale 8212
27
83
Louisville Ry 1st cons 55- _ 19305_
7812 86
J 93 Sale 93
3
93
8912 96
Consol Gas(N Y)deb 534s_ _1945 F A 10534 Sale 10514
181 10414 106
106
Lower Austrian Hydro-Elec Co
Cont PaP & 13ag Mills624 a_ _1944 F A 75
7714 75
5
73% 82
7518
1st s f 6%s
1944F A 852 Sale 85
8
8212 88
Consumers Gas of Chic gu 58 1936 J D 101
85
/ 16
1
4
_ 101
9814 1023
10214 12
4
Consumers Power hit Ss__ _1952 M N 100 Sale 100
9712 103
10014 12
Manati Sugar 734s
1942 A 0 9812 Sale 9812
15
99
9314 103
Copenhagen Telep ext 68_ _ _1950 A 0 9914 100 100
Oct'26
Manhat Ry(N Y)cons g 45_1990 A 0 65
99 101
65
/ 65
1
4
5914 69
652
8 17
Corn Prod Refiz 1st 25-yr 8158'34 M N 10314 1033 033 Oct'26
111
4
4
10012 103%
2d 48
20133 D 57
57 Sept'26
60
Crown Cork & Seal 1st f 68_1942 F A 96 Sale 94
53
63
96
8234 957 Manila Elec Ry & Lt ef 5&A953 M 13 96
48
8
97
12
97
97
8912 98
Crown-Willamette Pap(is__ _1951 J J 9934 Sale 9912 100
44
100
99
Market St Ry 713 series A_ _ _1940 Q J 97 Sale 97
973
s 28
97
Cuba Cane Sugar cony 75___1930 J J 9314 94
991f
931, 12
93
96
88
Metr Ed lst & ref g 68 ser B_1952 F A 1072 108 108
8
1 104 10812
108
Cony deben stamped 8%_1930 J 3 9614 Sale 9614
92 100
9712 33
1st & ref 5s series C
1953J J 100 Sale 100
Cuban Am Sugar lst coll8B-1931 M S 1073 Sale 1072
10014 31
963 10114
4
4
8 10814 19 10612 10912 Metropolitan Power 65
1953 J D 1053 10614 1057
4
4 10212 10614
8
10614
Cuban Dom Su 1st 724s__ _1944 M N 9712 Sale 974
973
4 33
9114 9914 Metr Wear Side El(Chic) 48_1938 F A
7418 Sale 7418
7418
1
Cumb T & T 1st & gen 58_ _ _1937 J 3 1013 102 1012
7112 74%
4
8 1011 13 10014 10218 Mid-Cont Petrol 1st 6245_ _ _1940 M 5 1041 Sale 10418
/
4
,
/
4
10412 62 10114 10514
Cuyamel Fruit 1st 8165 A _ _ _1940 A 0 953 Sale 953
8
8
954
7
4
933 974 hildvale Steel &0cony f 58 1936 M
/
1
984 Sale 9618
110
97
923 98
4
Milw Elec Ry&Lt ref&ext 4%8'31 J J 9712 Sale 9712
9712
3
Davison Chemical deb 620_1931 J J
965 99
8
92
101
92
92
97
General & ref 5s A
19513 D 993 100
4
993
15
4
100
Deny City Tramw let con 55 1933 A 0
983 10012
8
924 Aug'25
1st & ref 5s B
19613 D 973 Sale 97
4
/
1
4
977
s .53
9012 98%
Den Gas & E L lat & ref a f g 58'51 MN 9684 9715 964
3
/
1
94
97
9815
1st & ref g 6s series C
1953 M S
105 Aug'26
Stamped as to Pa tax
10034 105
M N 964 97
964
/
1
964
1
/
1
9312 9812 Milwaukee Gas Light let 48_1927 M N 992 Sale 99
8
/
1
4
99
8
/
1
4
99
Dery Corp (D G) 1st 81 7s_ _1942 M
997
4
75
77
7712
7712
2
774 91
Montana Power 1st 58 A_ _1943 J J 10118 Sale 101
1014 38
/
1
997 105
Detroit Edison 1st coll tr 55_1933 J J 10134 102 10112 102
8
14 1007 10378 Montreal Tram lat & ref 5a. _1941 J .1 9612 97
8
13
964
97
/
1
9612 98 4
lot & ref 55 series A _July 1940 M S 10214 Sale 10214
8
10212 28 1004 108
/
1
Gen & ref s f 55 series A._1955 A 0 927 9312 93
Oct'26
8
9212 93
Gen & ref 53 series A
1949A 0 1017 Sale 10114
8
10114
3 100 10438 hiorris & Co 1st f 4%a_ _ _ _1939 J J 8514 Sale 8514
3
854
84
1st & ref 138 series B_July 1940 M S 10778 Sale 1073
88
4 10772 17 106 1083 Mortgage-Bond Co 48 ser 2_1966 A 0 80
4
81 May'26
81
Gen & ref 15s ser B
80
81
1955J D 10112 1013 10112
4
10-25
-year 58 series 3
1932 .1 J 9612 Sale 9812
1°1% 32 10013 104
1
9612
Det United let cons g 4245_ _1932 J J 94 Sale
9614 98
94
3
90
9712 Murray Body 1st6%a
9314
19343 D 9618 Sale 95
Dodge Bros deb 65
9618 33
8312 963
4
19411 M N 947 Sale 934
8
9478 203
9212 973 Mutual Fuel Gas 1st gu g 58_1947 MN 101 Sale 101
4
1
101
96% 103
Bold (Jacob) Pack let 65_1942 M N 8018 8178 81
8112
693 86
4
Mut I7n gtd bonds ext 4%_ _1941 MN 1013
Dominion Iron & Steel 5s._1939 M S 40
100 10214
4
- 100 Mar'26
42
39
/
1
4
34
40
8
623
4
Donner Steel 1st ref 75
19423
977 Sale 9712
8
98
16
927 98
8
Nassau Elec guar gold 4,195l 1 J 594 Sale 5912
/ 17
1
4
59
5818 9438
Duquesne Lt let St coil 65_ _ _1949 J J 1054 Sale
/
1
105
1054 18 1043 107
/
1
4
National Acme 7248
1931 .1 D 101 10212 100 4
101
6
3
98 101
let coil trust 53-48 series 13_1949 J J 105 10514 10518 10518
1043 1063 Nat Dairy Prod 6% notes_ _ _1940 M N 9914 Sale 99
4
8
9512 10012
Nat Enam & Stampg 1st 58_1929 J D 101 Sale 101
10113 ! 10018 103
99
8
East Cuba Sug 15-yr sfg 73.0'37 M S 10518 106 10512 106
30 103 1085 Nat Starch 20-year deb 52_ _1930 J J
8
9914 _ 993 Oct'26 --4
Ed El III Bkn let con g 4a__ _1939 J J
9914 1034
93
/
1
4
94
3
994 National Tube 1st 5s
93
1952 M N 1034 Sale 10312 10312 22 1011 10414
Ed Elec Iii 1st cons g 5a_ _ _ _1995 J J 10678
/
4
1087 Sept'26
8
103 108
Registered
/
1
4
M N --------102l4 Sept'26 --- 10214 10214
Elec Pow Corp(Germany)620'50 M S 95 Sale 943
954
857 9514 Newark Consol Gas 55
8
1948.3 D 10238 02 3 1034 Oct'26 ---. 10011 10334
4
Elk Horn Coal 1st & ref 6%8.1931 J D 9912 993 100 8 Oct'26 32
4
9818 10018 New England Tel & Tel 58..1952 J D 10112 Sale 10112
102
15 10078 10312
Deb 7% notes (with warets'31 J D 9934 Sale 9734
3
973 99 4
9934
4
1st g 424s series B w i
3
1961 M N 934 Sale 9312
Empire Gas Sz Fuel 724s_ __ _1937 M N 1033 Sale 10314
9315 89
92
/ 9414
1
4
8
/
1
NY Air Brake 1st cony 138_ _1928 M N 102 1023 102
4
Oct'26
let & ref 6248(with wareta)'41 A 0 9612 Sale 9612 1034 67 10112 104
10078 103
New Orl Pub Serv 1st 58 A 1952 A 0 9412 Sale 9414
9612 98
963
4 54
95
904 9614
37
Equip Gas Light let con 5s._1932 M S
100 100
Oct'26
9912 1003
First & ref 58 series 13 _ _ _ _1955 J D 944 95
4
/
1
9414
9412
Federal Light & Tr let 55_ __1942 M S 95 Sale
6
9 % 9611
0
N Y Dock 50-year 1st g 45_ _1951 F A 8312 8414 83 , 83
95
953
6
4
9212 98
/
1
4
/
1
4
2
let lien (is stamped
8112 9612
1942 M S 1037 1043 104
8
8
10414
9 100 1043 N Y Edison 1st & ref 6M8 A_1941 A 0 11518 Sale 115
s
11518 26 115 118
30
-year deb 68 ser 13
19543 D 974 9812 974
9718
1
First lien & ref 5811
93
973
4
1944 A 0 103 Sale 102
/ 103
1
4
48 102 10424
Federated Metals sl7s
1939 J D 8714 8712 87
Oct'26
N Y Gas El Lt & Pow g 5s_ 1948.3_
8412 98
D 10518 10514 1054
105
/ 10 104 106
1
4
Fisk Rubber 1st a f 85
1941 M
11518 Sale 115
1157
8 16 11312 1161
Purchase money gold 48_1949 F A 91
4
913 9114
4
9112
3
8918 92
Ft Smith Lt & Tr 1st g 58_ _ _1936 M
8738 Sale
9
871z
NYLE&WC&RR15348_1942 MN 102
7514 89
____ 101 July'26 --__ 101 101
Framerle Ind & Dev 20-yr 73.48'42 J J 943 Sale 874
4
94
943
4 16
88
9518 NYLE&WDock&Imp 5s19433 J
.10112 Sept'26 ---- 101% 102
Francisco Sugar let sf 73.45_1942 M N 103 104
/
1
4
4 104
1033
2 103% 107
/ NY
1 NY&QEIL&Platg5s---1930 F A ifiliz 161 101
4
9 1004 10334
French Nat Mail SS Lines 7s 1949 J D 862 Sale
8
86
864 155
/
1
79
862 NY Rys let RE & ref 4i3._ _1942 J J
8
___ 55 Apr'26..-__
52
60
Certificates of deposit
62
5858
60
60
Gas& El of Berg Co cons g 581949 J D 102 103
2
46
62
1023 Sept'26
4
1003 1023
8
4
30-year ad) Inc 5s_ _ _Jan 1942 A 0
.
3
412 5 July'26
Gen Asphalt cony 65
5
1014
1939 A 0 10712 Sale 107
4 102 110
10712
Certificates of deposit
3
10
5 Aug'26 _--Gen Electric deb g 33413_ _ _ 1942 F A 102 1023 913 Oct'26
312 1014
4
8
92
87
N Y Rya Corp inc 68.._Jan 1965 ____
2514 Sale 2512
8672 17
23 8
(Germany) 7s Jan 15_'45 3 J 10214 Sale 102
2
Gen Elec
22
37
103
29
95 104
Prior lien 68 series A
1965 J J 82 Sale 81
13f deb 6248 with war
8112 884
.
19403 D 11314 Sale 11312 1153 136
4
994 11812 NY & Richm Gas let 6s...1951 M N 10314
__ 10314 Oct'26
Without wareta attach'd '40 J D 9714 Sale 97
10034 102
/
1
4
9712 44
97
9814 NY State Rya 1st cons4%8_1962 51 N 5018 Sale 504
Genl Petrol 1st f 58
5212 17
301s 59%
1940 F A 100 Sale 997
8 10014 231
983 1014
4
1st cons 6%sseries B
1962 MN 6712 Sale 6712
Gen Refr Ist s f g 6s sez A _ _1952 F A 10112
68
5
66
82
8 10012 10314 NY Steam 1st 25-yr 6s ser A.1947 MN 104 Sale
4
10212 10112 1013
Good Hope Steel & I sec 78_1945 A 0 964 Sale 96
10312 104
9 10118 10412
96 12 57
92
97
N Y Telep 1st & gen s f 4%8_1939 MN 9812 Sale 983
Goodrich (B F) Co 1st 62413_1947 5 3 10514 Sale 105
8
99
42
97
99141
10512
2 104 107
30-year deben s f 6s_ _ _Feb 1949 F A 11018 11014 110
Goodyear Tire & Rub 1st 86_1941 MN 12012 Sale 120
110
9 1097 11114
8
12012 15 11912 122
20-year refunding gold 68_1941 A 0 1083 Sale
8
10
-year a f deb g 88
1083
4 90 10712 10912
d1931 F A 1104 Sale 110
1104 33 10924 11238 Niagara Falls Power 1st 58_1932 1 J 1013 102 10814
4
Gould Coupler let s f 68_ _1940 F A 923 Sale 9234
10114
10114
1 100 103
4
9314 37
85
97
Ref & gen (is
Jan 1932 A 0 105 Sale 105
Granby Cons M S& Peon 68 A'28 M N 100 101 100
105
2 10434 1064
Oct'26
100 101
Niag Lock &0 pr 1st 58 A_ _1955 A 0 10014 Sale 10018
Stamped
100
/ 39
1
4
99 1014
/
1
1928 M N 100 102 100 Sept'26
100 101
No Amer Cement deb 634s A.1940 M El 953 Sale 95
8
Cony deb 75
/
1
4
96
30
95 100
1930 M N 118 Sale 124
101 100 13278 North American Edison 6s._1952 M S
131
10212 Sale 10212 103
Gt Cons El Power(Japan)75.1944 F A 953 Sale 95
41 10114 105
8
953
4 55
903 9618
8
Secured a f g 6248 ser B_ _1948 NI S 105 Sale 104
Great Fella Power 1st f 5s_ _1940 MN 1033 104 1033 Oct'26
/ 10514 16 1037 106
1
4
8
8
8
100 10412 Nor Ohio Trac & Light 13s_ _ _1947 M 5 96 Sale 96
9618 27
923 99
4
Nor'n States Pow 25-yr 5s A.1941 A 0 993 Sale 991
Hackensack Water 1st 45.,. _1952 J J 8414
4
4
100
28
4
973 101
8412
3
8512 8418
844 8818
Registered
A 0
Hartford St Ry 1st 45
10512 Oct'26 --28
99
9914
1930 M S 887
Oct'26
90
90
s 90
1st & ref 25-yr Os series 13_1941 A o iii " fiEli 105
Havana El Ry L & P gen 58 A'54 M
i 1044 10812
10414 Oct'26
9212 1047 North W T 1st fd g 424o gtd_1934 J J --------9814
8
Havana Elec consol g 58_ _ _1952 F A 95
Oct'25 --__
9612 98
14
Oct'26
98
97
9412 10018
Hershey Choc let & coll 5%61940 J J
1013
4 102
4
68
9918 10214 Ohio Public Service 7348 A_ _1946 A 0 11612 Sale
Floe(R)& Co 1st6245 temp_1934 A 0 1013 Sale
11614
116
/ 11 112 116 4
1
4
9712
5
98
2
9714 9714
914 994
1st & ref 7s series B
1947 F A 1143 Sale 11414
Holland-Amer Line 68 Wan _1947 MN 934 Sale
8
11512
6 11038 119
934 193
9214
9318 Ohio River Edison let /38_1948 J J 10514
79
Hudson Co Gas 1st g 5s_ _ _1940 M N 10238 103 10212 102
Sale 10514
10512
7 10114 10614
2 1004 10312 Old Ben Coal 1st 68
/
1
4
/
1
1944
Humble 011 & Refining 53.45_1932 J J 102 Sale 1011 102
91
3
88
9714
92 1014 103 Ontario Power NP 1st 58_ _1943 FA 91 Sale 91
/
4
F A 1003 101 1003
4
4 1003
4
6
99 8 10212
2
Ontario Transmission 55_ _1945 M N 10018 Sale 10018
Illinois Bell Telephone 5s__ _1956 J D 10212 Sale 10112 10212 87
10018
99% 101
3
1002 10312 Pacific Gas & El gen & ref 58_1942 J J
4
Illinois Steel deb 434s
4
10014 47
9712 10012
4
974
1940 A 0 973 98
973
4
4 21
943 98 Pac Pow & Lt Ist&ref 20-yr 5a'30 F A 993 Sale 992
4
993 100
Ind Nat Gas & 011 5a
4
1003
8 24
9918 10112
993
4
1936 M N 973 98
4
974
973
4 26
914 9812 Pacific Tel & Tel let 55
1937 J
Indiana Steel let 55
1017 Sale 10112
8
1013
5 1003 10254
4
8
1952 M N 104 Sale 10318
104
43 10114 105%
Ref mtge fe series A
1952 M N 1003 Sale 1003
Ingersoll-Rand 1st 58
4
101
19
987 10212
8
4
1935 J J 10018
4
993 Dec'25
_
Pan-Amer P & T cony a f 68_1934 M N 10412 Sale 10414
Inland Steel deb 534s
88 104 1123
105
4
1945 MN 1003
4
4 71
981 foil;
let 10-year 7e
Inspiration Con Copper 6%5.1931 M 8 1003 Sale 10012 1003
1930 F A 1057 Sale 105
8
1057
8 10 1037 10774
8
4 1012 10114
1013
4 11 10018 102 Paramount-Bway 1st 534s...1951
8
Interboro Metrop coil 424s_ _1956 A 0
J J 9718 Sale 9612
9212 98
971s 60
Apr'25
194 11
Park-Lax et leasehold 624s._1953 J .1 9012 924 92
Guaranty Tr Co etre dep
9212
3
8512 96
13 May'26
12
13
13 Pat & Passaic0& El cons 58.1949 M 5 10214 10314 1023 Sept'26
100 1023
Ctf dep stpd asstd 167 sub_
4
4
0
1012 May'25 Peon Gas & C 1st cons g 6s_ _1943 AO 113
11312 Oct'26
11014 11312
Interboro Rap Trail let 58_1966
70 Sale 70
702
57
- 7
Refunding gold 58
i&8
1947 St S 101 Sale 101
10238 13
9812 10314
Stamped
70 Sale 694
7034 92
7578 Philadelphia Co coil tr 68 A.1944 F A 10414 Sale 104
62
10474 47 10312 10534
10-year 138
1932 A 0 733 7412 74
4
7514 18
64
15-year cony deb 5248_ _1938 M
783
4
11
1001 Sale 10012 101
/
4
985 10112
10-year cony 7% notes__ _1932 M S 95 Sale 943
8
4
9514 71
8534 9714 Phila & Reading C & I ref 58_1973 J 5 10012 Sale 10012 1003
J
4
9912 10294
lot Agric Corp 1st 20-yr 58..1932 M N 91
9l14 13
95
91
8814 9812
Stamped extended to 1942. M N 84 Sale 8312
84
3
824 914 Pierce-Arrow Mot Car deb 881943 M S 108 1083 106
7 103 110
10814
4
Inter NIercan Marine f 65_ _1941 A 0 8812 Sale 88
8912 96
843 98 Pierce 0115 f 8s
4
Dec 15 1931 J D 10018 Bale 10018
102
40
International Paper toi
97 8 10774
5
1947 J J 957 Sale 9512
8
963
8 35
913 98 Pillsbury Fl Mills 20-yr 68_1943 A 0 10214 Sale 10112 10214
8
10114 10434
Ref s f Gs ser A
1955M S 9978 Sale 983
8
9012 10012 Pleasant Val Coal 1st g f 513_1928 .1 .1 98
994 140
9912 Sept'26
9812 100
,
lot Teter & Teleg cony 5248 1945 M S 1082 Sale 10814
137 107 11614 Pocab Con Collieries 1st sfSsl9S7
8
109
4 93
J 903 90 4
90 4
3
3
9912 93
Port Arthur Can & Dk 13s A _1953 F A 10412 ---- 10514 Oct'26
102 10512
Jurgens Works(38(Hal Price)
.1947 J
10714 Sale 1071s 10712 15 100 116
1st M 6s series B
10428
1953 F A 1044 -- 10428
2 10112 10312
Kansas City Pow & Lt 58._ _1952 NI 5 1023 Sale 10212 1023
4
4 80 10014 104 Portland Elec Pow let 6a 13.1947 M N 10012 1002. 10012 10012
4
3
99 104
Kansas Gas & Electric 6e..1952 M S 10514 Sale 10518
1054 24 10138 10618 Portland Gen Elec 1st 58_ _1935 J J 993 1003 994 10018
4
4
3
99% 10212
Kayser (Julius) & Co 1st 5 1 78'42 F A 106 10718 10612 1064
1 105 10712 Portland Ry let & ref
9312
9512 9512
1930 151 N 95
9
92
/ 96
1
4
Keith
97 Sale 9612
972
8 15
9812 99 Portland Ry L & P 1st58_ref 58,1942 F A 9014 Sale 90
9014
7
Kelly-SPringf Tire 8% notes. 1932 M N 10438 Sale 10418 10412 19 10278 108
883 94 4
4
1
1st lien & ref Os series 13_ _ J947 MN 100 Sale 100
10012
7
99 1034
Keyston Telep Co 1st 5/3-1936 J J
9112
9112
4
90
9212
1st & refund 7345 series A.1946 M N 1004 107 107
107
5 1055* 10812
Kings County El & P g 58__ _1937 A 0 103
103 Sept'26
102 104 Porto Rican Am Tob Es__ _1931 111 N 1043 105 105
4
105
2 105 10314
Purchase money Ss
1997 A 0 119 1223 122
/ Oct'26
1
4
12078 124
4
Central Steel 1st g e I 85____1941 MN
Chic City & Conn Rye 5sJan1927 A 0
h 1,& Coke lat gu g 58_1937 J
Chicago Rye 1st 58
1927 F A
Chile Copper conv 68 ger A _ _1932 A 0
Mein Gas & Elec let & ref 58'56 A 0
Jan 1 1961 A 0
5245 ser B due
Cities Fiery Pow & LB I 63_ _ _1944 MN
Clearfield Bit Coal let 4s.„1940 J J
Colo F & Co gen f 5s____1943 F A
Col Indus 1st & coll 55 gu___1934 F A
Columbia G & E 1st 58
1927J J
Stamped
1927 J J
Col & 9th Av let gu g 58_ _ _1993
S
-6213
d Due May.
Option sale.
THE CHRONICLE
2126
New York Bond Record-Concluded-Page 6
Quotations of Sundry Securities
All bond prices are
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 22.
r.3
Price
Friday,
Oct. 22.
lVeek'S
Range or
Last Sale
Range
Since
Jan. 1
Pressed Steel Car cony g 5s1933 J J
Prod de Ref 5188(with war'ts)'31 J D
Without warrants attached__ J D
Pub Serv Corp of N J sec 6s_1944 F A
Pub Serv Elec & Gas lst 53461959 A 0
lst dr ref 5388
1964 A 0
Pub Serv El Pow & Ltg 6s_ _1948 A 0
Punta Alegre Sugar deb 7s_ _1937 J .1
Remington Arms 68
1937 M N
Repub I & S 10-30-yr 558 1_ _1940 A 0
Ref 6c gen 5 sl,s series A_ 1953 J J
Rheinelbe Union 78 with war 1946 J J
Without stk purch war'ts_1946 J J
Rhine-Main-Danube 7s A_ _ _1950 M
Rhine-Westphalia Elec Pow 744'50 M N
Rima Steel let 75
1955 F A
Robbins & Myers 51 7s
D
1952
Rochester Gas & El 7s ser B _1946 M
Gen mtge 5 sis series.C_ _ _1948 M
Roch & Pitts C dc I p m 5s_ _1946 MN
Rogers-Brown Iron gen&ref 78'42 M N
M N
Stamped
High
High No, Low
Bid
Ask Low
6
94
9818
94 Sale 94
94
11114 Sept'26
11014 1123
113
4
3 10934 11214
11118
110 1107 11118
8
10312 71 100 1043
10312 Sale 103
4
17 1033 10614
105
1047 Sale 104%
8
4
16 10378 10512
1047 Sale 10478 105
8
17 10138 109
109
10714 Sale 10714
4 104 111
10912
10812 109 10812
9212 46
9212 Sale 9012
8014 9212
4 10018 23
9714 10014
991 -- 993
4
967
8 67
963 Sale 9614
4
9212 973
4
11214 Sale 11114 11312 292
9512 11312
9638 123
953 Sale 96
4
975
s
93
10214 90
100 Sale 100
9812 10214
21
100
100 Sale 99%
95 10018
9214 28
9214 Sale 9114
88
9214
4
70 Sale 70
72
72
53
2 111 114
11114
11118 11314 11114
4 1045 106
10514
10514 10512 105
8
9Cur
_ _ 9014 Sept'26
9014 9012
1
51
5218
5218
53
50
733
4
4
52
52 18
51
52
40
6512
St Jos Ry Lt & Pr 5s
1937 M N
St Joseph Stk Yds Ist 4 si 43...1930 J J
St L Rock Mt & P55 stropd_1955 J
St Paul City Cable cons 55_ _1937 J J
San Antonio Pub Serv 1st 88_1952 .1 J
Saxon Pub Wks(Germany) 78'45 M S
Schulco Co guar 6Sis
1946.8 J
Sharon Steel Hoop let 88 ser A '41 M S
Sheffield Farms 1st & ref 6, '42 A 0
c,I3
Sierra & San Fran Power 55_1949 F A
Sinclair Cons 011 15-year 78.1937 M S
let In col tr 6s C with war.1927 J D
1st lien 6
series B
1938 J D
Sinclair Crude 011 3-yr 68 A.1928 F A
3-yr 6% notes B Feb 15_1926 F A
Sinclair Pipe Lines 158
1942 A 0
Skelly 011 8 % notes
1927 A 0
Smith (A 0)Corp let 6%5_ _1933 M N
95
95
9512 95
973 ____ 97% Aug'26
8
1
78
7618 773 78
8
Oct'26
95 4 -- 96
,
5
1053 10612 10512 106
4
51
993 Sale 9912 100
4
991z 46
100 10018 9918
4
10818
108 10814 108
1
1073
4
10714 108 10734
95% 13
95 Sale 95
9714 64
9612 Sale 9612
10018 Sale 9938 10014 400
913
4 73
9112 Sale 9118
100% 83
10012 Sale 10038
10118 Oct'26 _
933
2 61
93 Sale 9212
108 Sept'26
95
3
4 1013
4
102 13214 1013
9114 97
95% 9718
7612 8178
9514 98
10138 106%
923 100
4
, 10038
10738 109
10678 10812
9112 9812
93 4 9 %
, 9
9 ,8 1133
3
4
945/4
87
10018 10112
100% 10112
87
9414
11138 148
100 10212
South Porto Rico Sugar 7s_ _1941 J D
J
South Bell Tel & Tel 1st 131561941
Southern Colo Power 65
1947 J .1
Sweet Bell Tel 1st At ref So_ _1954 F A
Spring Val Water g 58
1948 M N
1930 M N
Standard Milling 1st 58
1945 M B
1st & ref 5 ,8
Steel & Tube gen s f 75 ser C_1951 1 J
Stevens Hotel 1st 68 ser A _1945 J J
Sugar Estates (Oriente) 75_1942
1929
Superior 011 ist f 7s
Syracuse Lighting 1st g Ss__ _1951 J
Tenn coal Iron A Rti gen 55_1951 J J
D
Tennessee Elec Pow lat 65._1947.1
Third Ave 1st ref 48
1960.3 j
Adj Inc 68 tax-ex N Y___a1960 A 0
Third Ave Hs 1st g 55
19373 .1
Toho Elec Pow 1st 75
1955 M 5
6% gold notes _ _ _July 15 1929 j
Tokyo Elec Light 6% notes. 1928 F A
Toledo Edison 1st 75
1941 M
Toledo Tr L & P
% note5 1930
Trenton G & El Ist g 5s___ _1949 M S
Trumbull Steel 1st 5 f 68.......1940,F A
Twenty-third St Ry ref 55_ 19621J J
Tyrol Hydro-Elec Pow 75;8_1955 M N
106%
10714 30
10238
1023
4 23
9914
99% 21
10238 10234 37
9912 Aug'26
3
10012 10012
8
10012 1005
8
6
1077
8
108
22
9912 100
9812 16
4
073
96
Oct'26
7
4 103
1023 Sale 1023
4
8
10312 105 105
10514
8 10518 22
10513 Sole 1047
32
62
6114 Sale 603
4
50
5012 143
5012 49513
6
965
8
9612 9818 9612
9514 Sale 95
95 12 39
0812 Sale 9812
985
8 68
985 Sale 9812
8
985s 73
108 Sale 108
10818 22
9812 10
9814 983 9812
4
102 103 102 Aug'26
58
97 Sale 9612
97
1
65 Sale 65
65
97 Sale 97
973
8 11
10534 1093
4
101% 10312
9712 102%
100% 103%
9914 10038
98% 101 12
97% 10114
10712 109
9912 1003
4
8912 100
95
9712
100 103
10218 10;1 1
1025 106
8
5512 6512
4112 6578
92% 9812
9012 9834
9612 90
96
9912
10714 1093
4
98
99%
10018 1023
4
9412 99
61
75
9414 97 4
,
1945 M 5 9612 Sale 96
Ujlgawa El Pow sf78
97
9
Unclerged of Loudon 4 sis lii3SJ J 93%
_ 96 Apr'26
1948J J 93%
Income 6s
95 Aug'26
Union Elec I.t & Pr 1st g 56_1932 M
4 101
1003 - - 1003
4
4
1933 M N 1005 10114 1005
•
Ref A eat 58
8 1005
8
8
5
1954J
1st g 51.44 series A
10238 11
1025a Sale 102
Union Elev Ry (Chic) 5s.._ _1945 A 0 82
82
2
82
83
1931 j j 10138
Union Oil 1st lien s f 543
10132 Oct'26
May 1942 F A 107 Sale 107
30-yr 6s series A
10714 12
1935 F A 981s Sale 9818
lst lien s f 58 series C
983
4 51
United Drug 20-yr 6s_Oct 151944 A 0 10614 Sale 1055
8 10612 13
United Fuel Gas tat at 621
1936 .1 J 1025 Sale 10212 10314
8
s
United Rys St L 1st g 45
1934 J .1 7612 7714 7712 Oct'26
1937 M N 8912 903 8913
United SS Co 15-yr 65
8912
1
4
United Stores Realty 20-yr 68'42 A 0 10414 Sale 10418
105
9
9312 112
B Rubber Ist & ref 5e ser A 1947.3 J 9314 Sale 93
Registered
3 J
927 Sept'26 - - 8
10-yr 7'4% secured notes_1930 F A 1
.6612 Sale 10638 1067
s 23
US Steel Corp(coupon _d1963 MN 10612 Sale 106
10612 133
at 10-60-yr 5slregistered 41963 MN _
1
10512 10512
Utah Lt &Trac 1st & ref 5s._1944 A 0 9214 9212 9214
925
8 32
1944 F A 9634 Sale 965
Utah Power & Lt 1st 5s
8
9718 26
19503 J 10258 Sale 10258 1025
8
Utica Eiec L & P Ist 55
5
Utica Gas & Elec ref & ext 581957 J .1 1013 102 1013 Oct'26
4
4
Vertientes Sugar 1st ref 75_1942 J D 975 Sale 973
4
13
98
4
1953j .1 54
57 Aug'26
Victor Fuel 1st f 58
56
1947j D 104
Va-Caro Chem 1st 75
09 Sept'26
Stpd as to payt 40% of prin
1947 _
10 Sept'26
1st 75
104 106
Ctf of deposit asstd
0812 Oct'26
Ctf of deposit stpd ______---- 12
- 0812 Sept'26
4
933
4
Vs Iron Coal & Coke 1st g 55 1949 m S 9334 Sale 933
1934 J J 985 987 9812
983
Vs Ry Pow let & ref 55
4 17
8
.3
,
917
8
Walworth deb 6 45(with war)'35 A 0 917 Sale 91%
3
let sink fund 6sseries A _.1945 A 0 0512 Sale 9412
9614 27
8512 47
Warner Sugar Refin 1St 75. _1941 J D 8414 Sale 8414
9
60
Warner Sugar Corp 1st 7s_ 1939 J J 60 Sale 5912
2
8
• Wash Water Powers f 5s_ _ _1939 J 3 1027 Sale 02% 102%
8
Westches Ltg g 5s strand gtd 1950 J 0 10212 -- 017 Oct'26
2
0114
10112
1944 M N 10112 102
West Ky oal 1st 78
10012 24
8
West Penn Power ser A 5s._.1946 M S 10014 1003 003g
3
00% 1003
8
4
1963 M S 1003 102
1st.58 series E
4 1043
7
4
1953 A 0 105 --- 043
let 5 s series F
1956 J D 10012 Sale 0012 10012 24
1st sec 55 series0
12
79
1950 J .1 79 Sale 79
West Vs C & C 1st 68
96
97
94
96
90
95
10012 10212
10018 102%
10012 10234
7712 85%
100% 102
100% 10814
95% 99
103% 10712
10112 10412
74% 79
8712 95
103 105
913 95
4
92% 92%
105% 108%
103 1073
4
10434 10612
8618 94
95
993
4
100% 1023
4
100% 1027
8
9012 9912
5314 6412
105 110
1944 AO
Western Electric deb Es
Western Union coil tr cur 5s_l938 J J
Fund & real est g 4SO_ _ _1950 MN
1936 FA
15
-year 6 5 g
.4e
Westinghouse E & M 7s_ --1931 MN
MN
Registered
20
-year g 5s
1946 M
Wheeling Steel Corp 1st 5Sis 1948 J J
White Sew Mach 68(with war)'36 J J
Wickwire Seen St'l 1st 7s_ _ _1935
J
Certificates of deposit
Ctfs of deposit stamped
MN
Wickwire Sp St'l Co 7s Jan 1935 MN
Willys-Overland5 f 6',B.__ _1933 M
Wilson & Co let 25-yr f 6s_ _1941 AO
Registered
Winchester Arms 7%s
1941 AO
Younen Sheet & T 20-yr 65_1943 J,
10714 Sale
8
1025 Sale
9914 Sale
10212 Sale
9914 101
10012 101
10012 Sale
1077
8
100 Sale
9812 Sale
10118 Sale 0058
03
10212 103
99 Sale 99
4
1103 Sale 103
4
8
s
1043 10412 1043
1053
4
i6(54 Sale 100
4
953 Sale 95
977 Sale 97
8
50
53
50
6014
16 7012
46
4612 47
8
8
1017 102 1017
8
993 Sale 987
4
93
10412 Sale 10412
8
104 Sale 1037
S Option sale.
10118 39
103
2
9912 10
111
24
6
10412
Aug'26
1005 364
8
953
4 21
9812 27
50
1
Mar'26
Mar'26
7
47
10214 10
993
4 64
Feb'25
10412 25
38
104
10434 11112
10412 110
1067 10812
8
9114 98
9712 101%
89
9512
9114 97
79 100
58
88%
10112 102%
10178 10338
100 10214
99% 103
993 10314
4
104 106
100 1003
4
01
65
10018 10314
101 10312
9614 100
1103 11718
4
10338 107
1053 1053
4
4
997 100 8
8
,
9512 953
4
9412 101
7012 •
50
6014 6014
7012 7012
39% 6812
10114 105
95 8 101
,
[vol.. 123.
and Interest" except where marked
Standard Oil Stocks Par Bid. Ask
Railroad Equipments Per Ct Basic
Anglo-Amer Oil vot st___El .1812 183 Atlantic Coast Line 65
4
5.12 5.00
8
Non-voting stock
El •177 18
Equipment 6345
4.90 4.70
Atlantic Refining
100 9934 10018 Baltimore A Ohio 68
5.15 5.00
Preferred
100 116 11614
Equipment 434s & 5s
4.85 4.62
Borne Scrymser Co
100 245 260 Buff Roch & Pitts equip 65. 5.20 5.00
64 Canadian Pacific 4348 & 68. 4.95 4.65
*60
New
Buckeye Pipe Line Co_ _ _ _50 *4258 4278 Central RR of N J 68
5.10 4.90
Chesebrough Mfg new. 25 *71
7234 Chesapeake & Ohio 68
5.15 .5.00
Continental Oil v t c....10 1734 1778
Equipment 83-88
5.15 4.90
16
Crescent Pipe Line Co___50 *15
Equipment 58
4.90 4.70
Cumberland Pipe Line_ _100 104 107
Chicago Burl & Quincy 65.. 5.15 5.00.
Eureka Pipe Line Co__..100 4312 46 Chicago A North West 6s.. 5.15 5.00
Galena Signal Oil corn_ _.100 1118 12
Equipment 634s
4.95 4.75
Preferred old
100 4818 55 Chic RI & Pac 4)4s & fig.__ 4.85 4.70
Preferred new
100 3514 3612
5.20 5.00
Equipment 643
4
Humble 011 & Ref
25 *5314 533 Colorado & Southern 65
5.20 5.00
Illinois Pipe Line
100 13212 13412 Delaware & Hudson 65
5.15 5.00
•3434 35 Erie 434s A 55
Imperial Oil
5.00 4.75
57
Indiana Pipe Line Co_ _-_50 55
Equipment 68
5.25 9.00
8
International Petroleum_ _ t *3014 303 Great Northern 68
5.20 5.00
National Transit Co_ _12.50 *1318 1314
Equipment 5s
4.85 4.70
New York Transit Co__ _100 2718 30 Hocking Valley 55
4.85 4.70
67
Northeri3 Pipe Line Co___50 64
5.20 5.00
Equipment 68
8
25 *5714 577 Illinois Central 434s & 58... 4.75 4.60
Ohio 011
21
25 •19
Penn Meg Fuel Co
5.15 5.00
Equipment 6s
25 •4914 4912
Prairie 011 & Gas new
Equipment 79 & 8 8_ _ _ _ 4.85 4.70
_ _100 12312 124 Kanawha At Michigan 68... 5.30 5.10
Prairie Pipe Line new...
100 190 191
Solar Refining
5(10 4.80
Equipment 4Sis
Southern Pipe Line Co new. '2312 24 Kansas Cit Southern 51.(3s. 5:
(1119) 4.85
35 Louisville & Nashville 68... 5
25 34
South Penn 011
.15 5.00
5612
Southwest Pa. Pipe Lines100 55
4.90 4.70
Equipment 63-4s
603 Michigan Central 58 A 68... 4.95 4.75
4
Standard 011 (Califcumla)- -- *60
8
Standard 011 (Indiana)_...25 *6112 615 Minn St PASS N 434s & 55 5
.10 4.85
Standard 011 (Kansas)_ 25 *1712 18
Equipment 63.48 A 7s.... 5.25 4.90
Standard Oil (Kentucky).25 *116 11712 Missouri Kansas & Texas gs 5.30 5.00
25 *4312 44
Missouri Pacific 68 & 6Sis_ _ 5.20 4.90
Standard 011 (Neb)
Standard 011 of New Jer_ _25 *4118 4114 Mobile &Ohio 4)4s & se
5.00 4.70
100 11614 11684 New York Central 434s& 58 4.80 4.60
Preferred
Standard 011 of New York 25 *3012 3038
Equipment (is
5.15 5.00
100 289 292
Standard ()II (Ohio)
Equipment 7s
4.90 4.70
18 2 19
,
100 11514 116,2 NN0orrtfohlekrnAptiicsfter71,4
Preferred
4.711 4.55
100
Swan & Finch
5.00 4.75
Union Tank Car Co_ _ 100 115 116 Pacific Fruit Express 7s
4.95 4.75
4
100 1153 11612 Pennsylvania RR eq 55 & 6s 5.12 4.65
Preferred
Pitts & Lake Erie 634s
Vacuum 011 new
25 *9012 91
5.05 4.80
Washington 011
10
Equipment 6e
5.15 5.00
Reading Co 43.4s h 58
Other Oil Stocks
4.70 4.55
*114 112 St Louis A San Francisco 55. 4.85 4.70
Atlantic Lobos Oil
4 Seaboard Air Line 5).4s & 65 5.25 4.95
50 *27
Preferred
4
Gulf Oil
25 *863 87 Southern Pacific Co 4 SO_ _. 4.70 4.60
2314
10 *23
Mountaln Producers
Equipment 7s
4.85 4.70
5 *414 5 Southern Ry 43-4s & Is
Mexican Eagle 011
4.85 4.70
100 160 165
National Fuel Gas
Equipment 65
5.15 5.00
10 *712 8 " oledo A Ohio Central 6s
Salt Creek Cons 011
5.20 5.00
2712 Union Pacific 7a
Salt Creek Producers_ __ -10 *27
4.85 4.70
Public Utilities
Tobacco Stocks
*100 102
American Cigar common 100 130 135
Amer Gas A Elec
59534 9612
Preferred
6% prof new
100 100 103
1003 10122 British-Amer Tobac ord..£1 .2212 2312
4
MAN
Bob 68 2014
Amer Light & Trac corn.100 201 205
Bearer
El .2212 2312
100 10712 10913 Imperial Tob of GB & Irei'd *273 2812
Preferred
4
Amer Power A Lt pref_ _100 9712 98 Int Cigar Machinery__ _ _100 102 108
M&S 9712 100 Johnson Tin Foil dr Met_100 60
75
Deb 68 2016
80
cora_ __100 75
41
Amer Public ULU
MacAndrews & Forbes.
.100 39
95
7% prior preferred __100 93
Preferred
100 100 103
100 80
85 Mengel Co
37
4% panic pref
100 35
51
Associated Gas & El pf___t *49
Porto Rican-Amer Tob_ _100 6714 80
Secured g 6388 19.54_ 4441 104 105 Universal Leaf Tob com_100 74
78
Blackstone Val Cl&E com _50 *10014 10114
Preferred
__..l00 98 101
4
Cities Service common_ _ _20 *453 4614 Young (J S) Co
100 117 122
100 •9014 903
4
Preferred
Preferred
100 102 105
10 574,
Preferred B
100 79
Rubber Stocks (Cleretand)
Preferred B-B
4.... Falls Rubber cocornt rett3 912
Cities Service Bankers Shares 228
8
19
Preferred
Com'w'Ith Pow Corp new.) *3814 387
25
100 8914 90 Firestone Tire & Rub corn 10 *113
Preferred
6% preferred
100 10012 _
Elec Bond A Share pref _100 10612 107
9713
*66
6612
7% Preferred
100 97
Elec Bond & Sh Secur
1414 General Tire & Rub corn._25 *135 145
Lehigh Power Securities_ t *14
Preferred
100 106 110
Mississippi Rh Pow corn 100 50
,
3312
97 Goodyear Tire dr R cora _100 29
100 95
Preferred
9513
_J&J 10014 10114 Goody'r R & Rot Can p1100 r95
First mtge 58
3112
1951__
S F g deb 78 1935MAN 102 -. India Tire A Rubber new..t *29
134
_ _t
*101 10i Mason Tire & Rub Corn...) *114
Nat Pow & Lt pref
18
Preferred
.100 103 10312
100 15
North States Pow corn.
100 10112 10212 Miller Rubber preferred_100 100 100%
Preferred
23 Mohawk 'rubber
40
100 31)
Nor Texas Elec Co corn.100 19
60
Preferred
75
100 56
100 65
Preferred
2212
Pacific Gas & El 1st pref _100 9914 10012 Selberling Tire & Rubber..) *22
*5
9
Preferred
Power Securities coin
,
100 93 4 96
27
*24
Second preferred
93
Sugar Stocks
Coll trust 65 1949_ _JAD 90
84 Caracas Sugar
Incomes June 1949__F&A *80
99 *11, 214
27 Cent Aguirre Sugar com_20 *83
84
.100 28
Puget Sound Pow & Lt.
85 Fajardo Sugar
.
6% preferred
100 83
100 4 137 139
45
100 10212 10412 Federal Sugar Ref corn. 100 35
7% preferred
65
Preferred
1st & ref 53.is 1949__J&D 100 101
100 50
93 Godschaux Sugar. Inc...
4
Republic Ry & Light...100 89
.3 *2
Preferred
25
100 111
Preferred
100 18
4 3
4
36
South Cal Edison 8% p1.25 *333 - - -12 Holly Sugar Corp corn.. t *32
4
Preferred
80
Standard G&E 7% pr of 100 1013 10212
100 75
Tenn Elec Power 1st pf 7% 103 10312 National Sugar Refining.100 123 124
9712 99 New Niquero Sugar_ _ _
Western Pow Corp Pf.
70
-100
_100 60
12 3
98 Santa Cecilia Rig Corp pf100
West Missouri Pr 7% pref.. 92
Savannah Sugar corn....t 140 145
Preferred
Short Term Securities
100 119 123.
67
Anaconda Cop Min 65'293.14.1 10214 10212 Sugar Eetates Oriente P1-100 *62
0
92 4 8
Chic R I dr Par 55 1929...l&J 893 106
Indus. & Miscellaneous
Federal Sug Ref 68'33_ MAN
Missouri Pacific 58 '274&J 100 10014 American Hardware
86
25 *84
8
Sloss-Sheff S&I 68 '29.F&A 1023 103 Babcock & Wilcox
100 112 114
8
Wis Cent 5345 Apr 15 '27__ 100 1003 Bliss (E W) Co new
24
t *22
Preferred
90 *57
Chicago Jofnt Stk Land B
Borden Company cora__ _ _ t *94
5888 Nov 1 1951 opt 1931_ 10212 10412 Celluloid Company
17
100 14
58 Nov 1 1951 opt 1931_ 101 10212
65
Preferred
100 60
58 May 1 1952 opt 1932_ 10114 10222 Childs Company pref _ _100 11512 171s
430 Nov 1 1952 opt 1932_ 10014 10112 Hercules Powder
75
100 170
434s Nov 1 1952 opt 1932_ 9914 10084
19
Preferred
100 117
4
43s May 1 1963 opt 1933-- 1003 10214 International Silver pref.
_100 104
55
Nov I 1963 opt 1933._ 10112 111234 Lehigh Valley Coal Sales_50 •94
96
993 10034 Phelps Dodge Corp
4
4 Silo Nov 1 1964 opt 1934._
32
100 128
4S8s Oct 1 1965 opt l935_ 100 101
Royal Baking Pow com_100 165
70
Par Coast of Portland. Ore
03
Preferred
100 101
0314 Singer Manufacturing_ 100 359
58 1955 opt 1935___MAN
63
01'
8
58 1954 opt 1934_ _MAN 1°114 03 Singer Mfg Ltd
61t
El •6
10138 16610114 105
•Per share. t No par value. 14 Ba515 d Purchaser also pays accrued dividend'
a New stock. / Flat price. k Last sale. a Nominal. x Ex-dIvidend. Ex' 511
, ".
r Canadian quotation. sJiale price.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 18.
Monday,
Oct. 18.
Tuesday,
Oct. 19.
Wednesday, Thursday,
Oct. 20.
Oct. 21.
Friday,
Oct. 22.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
2127
Range Since fax 1 1928
Lowest
Highest
r6K 511 AKIO
Range for Prorteta
Year 1925
Lowest
Highest
171 171 41701217212 17014 17014 *z17014 _ .*z17014 172 --------64 Boston & Railroads.
Albany
100 159 Jan 9 175 Feb 13 156 Feb 16414 Jut
8212 83
*8214 83
9212 83
8214 82
14 8214 8212 8212 8212
373 Boston Elevated
100 77 May 3 8512July 15
7514 Mar 85
Jan.
•10012 ____ •10012 ---- •I0012
_ 10012 10012 *100 -----------10 Preferred
100 89 Feb 27 102 Mar 20
92 Jan 10414 Dee
*119 _:__ *11812 ____ 11812 1124 *119 120
10 let preferred
*1181
100 11518 Jan 16 122 Jan 7 109 Mar 130 Dee
--- -,--- _--*105
*105
___ 105 105
105 105
105 2105
124 2d preferred
-0
10412 15
100 9812 Jan 9 112 Jan 2
94 Mar 116 Dec
54 54
5412 55
54
55
534 54
7'70 Boston & Maine
.55
5412 55
55
100 35 Mar 30 58121uly 26
10 Apr 494 Dee
*50
_ •50
____ *56
.50
_ 4.50
_ __
_ ____
Preferred
100 32 Apr 14 53 June 30
1111 Apr 48 Dee
•79 82 •79 _ _ _ _ *79 _ _ _ _
79 72 *79 ---- ---- ---10 Series A 1st pref
100 59 Apr 15 82 Oct 2
17 Apr 65 Dec
__ *115 ____ •116
__
*120
Series B let pref
*120
____ ____ ____ ___ ?..._
100 84 Apr 15 122 Sept 29
29 Apr 8712 Dec
•105 1lb *103
*118_ •103 ____ 103 103 *102 ------------17 Series C let pref
100 74 Apr 15 110 Sept 29
25 Apr 7912 Dec
•150
--- *150
•I50
_ *150_ *150
_ i.a_ __ ___
Series D 1st pref
100 105 Jan 29 156 Sept 30
3512 Apr 116 Dec
*104 105
--------105 125
- . 10412 125
-12 10412 10112
394 Prior preferred
105
94 Apr 16 107 Sept 17
96 Dec 99 Nov
*180- - *180
- *180
_
181 181 *181 ---- --------50 Boston & Providence
MO z17512 Mar 19 182 Jan 29 167 Feb 180 May
.
335 37
35 25
3412 3
5
31 _ ___ 3412 •__ 34
--------485 East Mass Street Ry Co100 28 Oct 6 61 Jan 6
26 Sept 521/ Nov
•65
66
3
65
66
*65
67
65 65
67
32
+65
65 65
1st preferred
100 5912 Apr 29 71 Jan 2
60 July 73 Des
*62
64
*62
64
64
64
•62
--------25 Preferred B
65
*62
84
100 56 May 6 69 Jan 13
51 Aug 70 Dec
4212 4212 *42
43
43
4312 43 43
42
43
440
42
43
Adjustment
100 40 Apr 29 4914 Jan 29
35 Sept 50 Dec
*50
_ _ 50
_ •50
_
50i2 5012
50%'50
255 Maine Central
100 49 Sept 1 60 Feb 3
23 May 56 Dec
•393 397
*50--- 8 3 3 - 3
8
9 8 448 394 4012 384 2
2
38% - 3
8 3,120 NY NH & Hertford
324 384 397
100 317 Mar 30 483
s
8July 17
28 Mar 463 Des
4
94
94
94
94
*94
95
*94
95
95
*94
95
39 Northern New Hampshire _100 81 Apr 8 95 Oct 4
95
70 Feb 90 Des
1
*126
123 123 *123
___ *123 124
--------8 Norwich & Worcester pref _100 120 Mar 22 130 Aug 9 100 Jan 125 Oct
123 123
123 123
124 124
123 123 3123 124
76 Old Colony
---- ---100 III Jan 6 125 Sept 1
Jan 113
Oct
96
*101
___ •101
_
*101
.101
Vermont & Massachusetta_100 9934 Mar 12 105 July 26
_-__ ____
____ *101 103
87 Feb 101 Des
Miscellaneous.
+238 3
*23
8 3
212 24
212
____ ____
212 3212 3
160 Amer Pneumatic ServIce___25
24 Sept 22
5 Jan 7
212 Mar
5 Dec
•2034 22
*2034 22
*203 21 12 203 203 *203 2112 --------75 Preferred
4
4
4
4
50 203 Oct 20 2414June 3
4
1812 Mar 2412 Dee
14512 1457 145 1454 14514 1453
s
4 1454 145
1,678 Amer Telephone & Teleg100 13912June 24 1503 Feb 15 1304 Jan 145 Dec
14 14618 14512 146 14614
4
51
53
51
513
4 51
52
51
51 18 5012 52
2,275 Aruoskeag Mfg
51
51
No par 4812July 13 71 Jan 2
6112 May 87 Aug
73
73
*73
75
*73
75
73
73
135 Preferred
73
*73
73
75
No par 723
4July 2 78 Feb 23
7014 May 8634 Aug
*_ 20 *.. ___ 20 3
._
20 *
Art Metal Construe. Inc____10 20 Jan 16 21 12 Jan 23
20 •__
____ ____ ____
20
*54
14
16 Aug
Jan
56
.54
56
*54
57
56
56
*54
57
--------25 Atlas Ply wood tr ctfs
5212 Apr 14 633 Jan 19
4
4612 Aug 6712 Dec
*8
9
9
9
*5
612 *5
6
*5
6
--------20 Atlas Tack Corp
No par
814 Oct 11
1714 Jan 2
912 Aug 21 Dec
*17
18
*17
18
•17
18
1712 1712 *1614 17
85 Beacon 011 Co corn tr etfs____
144May Ii 2012 Jan 14
.,,
75
75
75
75
75
7512 75
7512 75
75-- 78
75
487 Bigelow-Hartf Carpet No par 7412 Oct 7 9812 Jar 2 - -1n Nov 10211 Oct
r,-97
•107 109 *10714 109 *10714 109
10712 10712 *10714 109
--------10 Boston Cons Gas pref 6Y4%100 10512 Jan 25 10912June 21 103
Jan 10814 Aug
+59
61
*5914 62
*5914 62
*5914 62
*5914 62
Dominion Stores, Ltd_ _No par 57 May 8 6812 Feb 1
---- ---_
2814 Jan
74
Oct
Preferred A
100 104 Jan 5 1121sJune 9
99 June 100 Dec
•112 2
*lit 2
2 -- -- -;i3. -24 ;11
2
4
100.East Boston Land
4 - -34 __z- _
32
134May 20
10
312 Jan 21
112 Apr
6 Sent
*514 6
/
1
4
538 51
*554 6
6
6
63
8 gi
7
1,735 Eastern Manufacturing
7
5
312 MbE 8
7 Oct 22
3 July
63 Jan
4
46
4712 .47
50
45
4612 *45
45
46
45
____ ____
380'Eastern SS Lines. Inc
25 45 Oct 7 8812 Jan 22
42 Mar 8978 Des
*37
40
*37
40
*37
40 .37___ . . 37
3_
____ ____
Preferred
No par 8812 Oct 6 45 Jan 6
35
Jan 4614 Oct
*9014 03
*9014 93
*9014 93
____ ____ ___
*9014 *9014 93
93
let preferred
100 9014 Oct 6 9912 Jan 9
Jan 100 July
89
*____ 18 •____ 18
17
17
16
16
16
--------200 Economy Grocery Stores
16
16 Oct20 28 Feb 5
18 Aug 2312 Sept
221 22212 220 221
220 2201 22014 221
2204 221
2193 221
4
1,368 Edison Electric Ilium
100 2207 Jan 15 250 Feb 11 200 Jan 213 May
24
24
23
23
321
23
24 .22
24
•22
---- ---45 Galveston-Houston Elea 100 14 June 22 27 Oct 4
17
Oct 38 Jail
•114 1212 *11 14 121 *1114
____ ____ ___
121 •1114 121 *1112 121
General Pub Sent Corp corn_
1134 Apr12 17 Jan 22
4363 3712 3738 373
4
8 37
37
367 371 ..23634 371 --------285 Gilchrist Co
No pa
344 Apr 20 404 Jan 12 - 3- Aug 3i 4
43 July
94
95
9412 951
94
951
9412 9412 1,426 Gilette Safety Rasor
9312 04
9312 943
No pa
8812Mar 3 11312 Feb 6
5712 Jan 11512 Dec
11
11
*10
11
*10
11
.10 ii
1112 1112 1012 1 176
95 Greenfield Tap & Die
23 10 May 6 14 Sept 17
11 May
1512June
62 62
62
62
*61
62
62 62
61
62
62
230 Hood Rubber
*61
No par 56 Aug 14 6834 Feb 4
52 May 72 Oct
Internet Cement Corp_No par 52 May 17 6814 Feb 9
5212 Jan 80 Oct
•.25 ____ •.25 __
•
.25
iI5
47,25
International Products_No par .10 Jan 2 .25 Mar 24 .05 Dec
2 Jam
•____
.25 •___
..2i 4.
_
,ii,•
_
.i •
_
,ii ___ L ____ ____
Preferred
100 .30 May 19 .55 Jan 5 .10 Dec 1014 JIM
9312 9312 ..29312 -___ *.i54
, _ ._ *iii _ *iii - - - - - - 15_
Kidder. Peab Accep A pre:_100 203 Apr 15 96 July 30
8212 Jan 9511 Nov
*814 83
4
84 812 *814 - 4
83
75 Libby. McNeill & Libby
83
4 - 4 *83
8 9
814 812
83
-AO
612 Aug 13
934 Feb 1
*714 712
938 Jam
614 Apr
714 712
714 714
712 712 *7
14 712 --------199 Loew's Theatres
25
6 July 8 1218 Jan 18
1114 Aug 137 Jam
8
87 4843 8 1s 8512 863
485
4 6
8
87
86
85
86
86
Massachusetts Gas Cos._. 100 80 Apr 20 88 Oct 5
68 Feb 85 Del
6712 6712 6712 67'2 6712 6712 85
108 Preferred
65
6712 673
68
6712 68
4
100 65 Jan 6 7018 Feb 20
6312 Jan 70 On
*104 10612 10612 10612 10612 10612 10.5
155 Mergenthaler Linotype_No par £104 June 2 1110 May 1 167
105 105
105
105 105
Jan 1,17 Gel
_
Mexican Investment, Inc_ 10
3 113
.
73 Apr 22 144May 26
4
74 Sept163 Jam
4
;9414 2612 *95
96
*9412 - - iiiiz - - -- ;94---------------_
96
Miss Riv Pow mod pref
9
6
100 89 Apr 9 96 Jan 4
- 874 Jan9614 Not
*212 24
23
8 238
212 212
212 212 3
344 National Leather
212
212 23
4
212
10
2 Aug 4
412 Jan 5
33 Dec
63 Jam
4
4
2412 2412 24
24
2378 24
2312 24
24
2412 --------700 Nelson (Herman) Corp
5 1512 Jan 9 2912July 19
1138 Dec 17 Del
•.20 .30 '
3.20 .30 •20 .25 *.20 .25 .
New Eng Oil Ref Co tr etre__ .20 Jan 2 .95 Apr 29 .10 Dee
3.20 .25
2 June
*4
*4
_ _
*4
. *4
_
*4 -----------_ ___
Preferred tr etre
100
3 July 15 104 Jan 6
5 4 Apr12 Sept
3
100 11110
10012 101
100 121 •100 10
220 New England Pub Serv prior pf 95 Sept 20 101 Sept 1
- .100 1
212
101
*1
_ __
•1
3.1
_ _
*1
_
_ *1
__ ____ ___
New Eng South Mills_No par
1 Oct 1
8 Feb 18
24 Dec 11 Feb
.
39
15
*9 -15
8
2
8
135 Preferred
I
100
. 8 - - -------3
5 Aug 5 28 Jan 29
12
20 Dec 55 Jam
1144 1147 11412 1147 1147 115
8
8
8
977 New Eng Telep & Teleg-100 1104 APr 1 1183 Feb 17
115 115
11412 15
11412 115
4
99 Apr 12212 Not
*
90-- *90
__ •90 _ __ *00
_ *60
_
___ ____ ___
No Amer Util let pf full paid._ 89 Feb 15 96 Feb 25
90 Sept 100 May
*19 - 1912 19 -19
19
19
*19 210 1st pref 25% paid
___
18 Feb 1 27 Feb 25
1212 *19
1912 :___
- -20 May 28 Mal
40
424 40
41
41
42
440 Pacific Mills
42
100 3512Ju1y 6 55 Jan 2
4414
4212 4212 4218 43
50 Dec 814 Jac
*46
49
*46
49
*46
Plant (Thos G), tat pref_._100 40 Mar 25 6814 Jon 12
49 :45
49 444
49
-------------32 Aug 75 Oci
•1578
_ •157 _ . +1578 __ _ •157 __ _ *157 __ _ ___ ____
8
Reece Button Hole
10 15 Feb 8 1714 Aug 28
1514 Aug 18 Api
•112 .-- 8 •112 124 •112 152 *112 152 *112 152
13
___
___ _ Reece Folding Machine
10
112 Jan 19
154 Apr 28
114 Nov
2 4 Jas
3
10212 104
10312 1037 +103 104
8
265'Elwed-Amer Inv part pref_100 98 May 28 110 Aug 6
_-10418 1047 10412 10412 10414 10478
8
994 Dec 101 De(
113 1133 1133 11414 11312 114
4
4
4
447 Swift 42 Co
11312 11412 114 1143 114 11412
4
100 111 Apr 21 117 Feb 20 10914 Apr 120 Feb
67
67
66
68
120 Torrington Co
*66
6812
67
68
67
67 67
67
25 54 Mar 31 72 Sept 10
4511 Apr 7312 De*
•13
14
313
14
1311 1312 ___-__
75 Union Twist Drill
_
5
1312 1313 ---7 Jan 5 1512 Feb 11
3
Oct
-_-711 Jas
49
4934 49
4912 4914 4934 49
2,613 United Shoe Mach Corp
8 49
4912 483 49
49
25 47 Mar 31 5314 Aug 25
404 July 50 Not
•28
2812 2812 2812 28
756 Preferred
•28
28
28
28
28
28
284
25 28 Jan 2 30 June 25
2611 Jan 29
Oct
105 105
104 105 4104 105
--------350 U S & Foreign See 1st pre( pd 100 May 19 135 Feb 16
106 106
105 106
98 Mar 1241/ De(
48012 82
80
82 480
83
82
83
539
81
81
80
let pref 75% paid
83
3
60 May 30 90 Apr 3
2412 Jan 73 No+
2012 2012 203* 203
4 2012 223
8 211s 2112 5,380 WaldortSys.lne. new sh No par 17 Jan 6 2.23 Oct 19
8
4 2012 203
8 203 213
4
1412 Aug 19 4 Jet
3
•37
39
•37
39
--------100 Walth Watch cl B com_No par 29 Jan 18 40 Feb 5
*37
39
37
*37
37
39
5 Jan 34 Der
456
58 •z58
58 458
58 *s55
---_ --__
_
58 456
58
Preferred trust Ws
100 52 Jan 23 60 July 19
1714 Jan 57 Der
*104 110 *104 110 *104 110 *104 110
110 110
5 Prior preferred
---- - -100 101 Sept 30 11012 Apr 13
65 Jan 105 Deo
15
15
15
15
15
1512 15
240 Walworth Company
15
*15
15
15
15
4May 28 23 Jan 27
20 123
163 June 2714 July
4
52
523
4 5214 55
55
67
5412 553* 5,850 Warren Bros
544 564 553 56
4
50 44 Mar 25 57 Oct 19
37
Jan 504 Juli
•41
4112 414 4112 *41
42
42
•41
let preferred_
42
*41
50 39 Apr 15 43 May 24
374 Jan 434 Jul]
*44
47
*4211 47
*45
47
47
*45
*45
2d preferred
47
50 42 Apr 16 47 Feb 10
4012 Jan 48 De
•12
13
*12
13
•12
13
1312 1312 --------125 Will & Baumer Caudle corn-- 10 4 Aug 18 1712 Jan 2
13
13
3
11 Mar 214 Del
Mining.
•____
.30
.25 .25 •__ _
.25 •____
.30 *____
.30 •____
.30
50 Adventure Consoildated____25 05 Mar 15 .40 July 19 .05 Dec .25 Jai
+.05 .25 '
3.05 .25 .
3.05 .25 3
3.05 .25
..05 .25 •.05 .25 '
Algornah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar .25
Jai
4.80
.85
.95 .95 +a.90..95 .4.90
.90 .95 •a.90 .95
.95
200 Arcadian Consolidated.... 25 .25 Mar 27
11 Aug 4 .50 Dec
4
3 Jai
9 4 1014 1014 1014
3
1018 104 10
1012
4
475 Arlsona Commercial
*93 1012 .10
10
9l4May25 1234 Jan 2
5
912 Mar 164 Fel
•35
36
3512 36
36140 Bingham Mines
37
3512 354 *35
10 29 June 2 554 Jan 4
36
2814 July 8014 On
1614 1612 1618 163 +35
*36
4 16
1612 164 2,416 Calumet & Heela
'2 WE
1614 164 1612 17
25 1314June 7 183 Aug 9
8
123 June 18% Jai
8
•.20 .30 '
3.20 .30 *.20
0.20 .30 +.20 .30 +.25 .25
Carson Hill Gold
1 .20 June 10 .50 Jan 2 .20 May .90 AR
1414 1412 1412 1412 144 .30 .
144 1412 1412 147 144 143 15
8
8
553 Copper Range Co
25 13 May 20 20 Jan 4
18 Dec 33 Jai
212 212
212 213 *24 23
•212 23
530 East Butte Copper Mining_ 10
214 212 *212 3
4
214 Oct 13
4 Feb 3
3 June
614 Jai
4.30
.50 *5.30
.50 .
4.30
.50 4.30
.50 4.30 .50 4
Franklin
.30 .
50
25 .30 Sept 9
114 Jan 20 .04
138 Jai
Jan
1
*.60 16
*•56
•
.50
13.50
.
3.50
•.50
1
1
1
1
Hancock Consolidated_ _ _ 25 .60 Feb 25
114July 17 .50 June
134 Fel
1512 1
16
16
1618 1614 3116
1614
4
164 163
640 Hardy Coal Co
•16
17
14 Mar 29 2114 Jan 4
1
1512 July 23
1
Jai
1
•1
112 *1
112
112
112 *1
114
I14 *I
250 Helvetia
25 .75 Oct 11
2 Jan 11
Dec
•180 184
1
31/ Fel
182 182
18312 184
182 183
182
•180 182
180 Island Creek Coal
1 141 Mar 29 185 Aug 2 121 Mar 165 De
101 101
101 101 •10118 __ *101 18214 •10118
_ •1014
_
401 Preferred
-1 9912 Jan 4 106 July 28
944 May 10012 De
1112 1112 1114 1134 .1114
12
-1114 1114
1118
125 Isle Royale Copper
1118 -11-18 1118 -- *114
25
912June 7 14 Aug 9
978 Apr 2012 Jai
112 *1 14
112 *114
112 *114
112
100 Keweenaw Copper
114
114 *13
2 P
25 .50 Jan 2
14 Jun
27 Sept 30 .50 June
8
*.75 114
.85 .85
.75 .75 3..85
1
3.85
150 Lake Copper Co
114 .
•.85
I
25 .75 May 19
3 Jai
Apr
14July 14
1
*1
114 *1
114
1
1
100 La Salle Copper
*1
114
114 '
1,
4 *1
3I
4 Jim
212 Mar 15
25 .80 June 12
1 Dec
*2
214
214 214 *2
*178
1
200 Mason Valley Mine
2
3 8
.17
2
Z's
234 Jai
24Sept 17 .95 Sept
13 Jan 26
4
5
•.30 .60 .3.30 .50 •.30 214
.50 '
0.30 .50 *.30 .50 *30 .50
Mass Consolidated
114 Jai
25 .25 Mar 16 .75 July 19 .40 May
4.60
.75 42.65
.75
.61 .61
.55 .554.60 .75 'a.80 .7
322 Mayflower-Old Colony_ 2.5 .55 May 17
_
3 Jai
14 Jan 5 .50 Nos
42
454 454 46
443 451
4
1,660 Mohawk
444 45
44
4414
4312 44
Jai
2512June 41
25 30 Mar 30 46 Oct 18
2212 223
4 22 4 223
3
4 2212 23
1,580 New Cornelia Copper
23
2212 223
23
223 23
4
5 1512may 19 24 Aug 9
18 Mar 25 ism
*---*
----- - 1
------- - •
.18
_
New Dominion Cooper
.18 3 _
.15 -__- ___
._
.05 Jan 30 .20 June 10 .10 July .85 Fel
•___ 22 •__-2
__
2 •__:_ 22 +___: 22New River Company
____ .--25 Apr 81 AR
100 22 Sept 28 25 Feb 4
3
63
64
63
63
63
63
63
63
63
63
40 Preferred 63
40 June 65 AR
512 51 *5518 513 63
100 45 July 13 72 Feb 11
*55
51. •5
513 *5
538
5
5 18
100 Nipissing Mines
778 Jan 27
44 July
5 July 8
5
•234 3
6 4 Jai
8
23
4 23
4
2% 27
27
8 27
3
505 North Butte Mining
o
294 27
3413ept 0 .89 June
3
34 Nol
3
2 Apr 13
15
11 4.80
.41.80
114 4.80
14 4.80
114 41.80
11 4.82
0.11bway Mining
1'4
1 Apr 29 .15 Nov
25 .50 Jan 4
114 Jai
•16
1512 16
163
4
*16
17
17
17
1512 16
*16
*16
200 Old Dominion Co
163 Dec 27
4
25 14 May 26 20 July 17
Jai
1112 1114
11
114 1114 1114
1112 1,230 In:10'k Pocahontas Co No par 1012Mar 29 15 Jan 2
*11
11
11is Il's
11
101:June 187 Sep
k
•18
19
18
1812 18
18
18
18
19
440 Quincy
18
1814 +18
19 Apr 3912 Jai
25 1512May 24 25 July 16
2711 2712 27
27
27
27
27
105 St Mary's Mineral Land.... 25 2512May 25 3812 Feb 10
28
2711 271 •27
27
2812 Apr 48
Jai
*43
s 6
*43
8 5
*412 5
•438 5
*438 5
•412 5
94 Jan 4
'neca Mining
Se
448e0t 29
714 Nov
11 No
,
•.30 .50 •.30 .50
.35 .35 •.35 .50 •.35 .50 •.30 .50
80,Shannon
10 .33 Oct 9 .80 Jan 5 .50 May
112 Jai
.35 .35
.35 .40 .3.35 .40 .
3.35 .50 •.35 .50 '
3
.25 .45
'.(.Mar 1 .70 May
225.Superlor & Boston Copper- 10 .25 Sept 30
2 Jai
54 6
57
8 6
512 57
53
37 Jan 8{s Jai
8 55*
4
54 558 6.1421 Utah-Apex
4
53
4 53
6
54 Oct 22 113 Feb 5
138 14
14 14111 Mining
14
13
4
112 112 *112
13
8
13
8
I
.o0 Jan 8 2% Mar 13 .40 Ally .98
Jai
. .45 .50 •.45 .50 •.45 .50 ..45 .50 *.45 .50 •.45 .50 1,500 Utah Metal & Tunnel
3
3
Victoria
25 .40 May 24 .75 Feb 23 .22 Nov
114 Jai
0
.10 .20
.15 .15
.10 .10 •.12 .20 . .12 .20 •.12 .20 2,158 Winona
3
25 .10 Sept 13 .40 July 20 .10 Dec .48
Jai
WarrowInt
25 .40 Feb 1 .45 Mar 22 .05 Am- .21
Fel
•Bld and asked prices; no sales on ma,day. a Assessment paid. S Ex-stock dividend.
t New stock. z Ex-dividend. y Ex-rights.
Ex-dividend and rights.
2128
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued)1 Par Price. Low. High. Shares.
Outside Stock Exchanges
Boston!'
Bond Record.
-Transactions in bonds at Boston
Stock Exchange Oct. 16 to Oct. 22, both inclusive:
•
BondsAt110 & WI SS L 5s_..1959
Chic Jet Ry de U S Y 581940
East Mass Street RR
Series A 430
1948
p Series B 53
1948
European Inv 7Hs_ _ _1966
Hood Rubber 78
1937
Mass Gas 4348
1929
434s
1931
530
1946
Miss River Power 58_ _1951
New Eng Tel & Tel 53_1932
P C Pocah Co 78 deb_ _1935
So Ice Util Co 88
1946
1944
Swift & Co 5s
United Dairy 631s_ _ _1935
Western Tel & Tel 5s _ _1932
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
65
10134 101
70
9831
10034
10136
10036
66 810,000
10131 .3,000
Range Since Jan. 1.
Low.
65
99
High.
Apr 74
Jan 102
66
66
2,000 62
Mar 7036
69
70
5,050 65
Mar 7634
1.000 96
Apr 98
9734 9731
10431 10434 4,000 10431 Jan 10634
9934 9931 2,000 9834 June 100
Jan 99
9834 9834 8,000 96
10234 102% 10,000 9931 Feb 10534
101
101
5,000 99
Mar 102%
10034 10034 3,000 10034 Feb 102
10034 10036
1,000 100
Mar 111
97
97
6,000 95
Apr 100
10034 101
14,000 9934 June 10234
1,000 94
July 95
9434 9436
10034 100 3
4
1.000 9936 Mar 10134
Feb
Aug
June
June
Aug
June
Sept
June
Apr
July
May
Feb
Oct
Aug
July
Atm
pi Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Oct. 16 to Oct. 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week,
Par. Price. Low. High. Shares.
50 321
1 245
33
94
June 335
June 25
47 81
Apr 8934
277 88
Mar 75
10 1123.4 Jan 125
44 8134 Jan 9331
31 63
Apr 7034
98 109
Jan 115
3431
94
Apr
Jan
July
Apr
July
June
June
July
520 101
15 94
10 101
103
Jan 10236 June
Oct 9934 Aug
Jan 10232 June
96
40
11
9034
103%
4534
5434
3934
2634
6536
3834
32
100
.W.
wacw
...w
.
mg
0w...m00m00..4-400-4.0.mm-100wm=.0m
moP.
amommommomm000mmowoomomoommoomomm&wom. ,
8034
453
6
42
103
6631
303.4
133
198 199
5034 503.4
81
80
4513445434
634
6
4234
42
102 103
6634 6734
30
3034
132% 13636
93
93
310 310
96
9634
102 103
37
37
40
40
734
734
12
11
9034 91
1234 1234
103 10334
4534
45
5434 55
3
931 3954
3234 3236
3734 38
2634 2634
3034 31
6536
65
1234 13
9994 100
305 305
3734 3836
3134 32
12
12
993.4 100
Low,
16034 War
453; Jan
72
Apr
436
Mar
534 Oct
42
Sept
100
Mar
6634 Oct
30
Oct
11136 Mar
91
Jan
300 June
9331 Jan
102
Oct
36
Mar
3631 Aug
634 Aug
8% Jan
9034 Oct
11
Mar
101
May
44
July
48
Jan
36
Mar
3234 July
35
Mar
24 June
2031 Apr
65
Oct
1234 Sept
9534 May
285
Jan
3231 Mar
Jan
30
May
10
Apr
97
1 1 it
Mar
High.
200
60
351
461
8
46
10434
180
3834
150
95
320
og%
11634
38
40
83;
1394
9734
13
110
48
6034
42
3834
4034
2634
33
8936
13
10036
305
42
3336
1234
10234
114
Oct
Mar
Apr
Jan
Sept
Apr
Oct
Feb
Feb
Feb
Mar
July
Sept
Feb
Jan
Feb
Jan
Aug
Feb
July
Sept
Feb
Jan
Sept
Feb
Jan
Oct
Aug
Jan
Oct
Sept
Feb
Apr
Feb
Sent
July
Rent
973.4
80
2%
3
m
8531
1431
57
6234
363;
50
29%
8836
1831
93
99
2134
31
334
100
137
8
1034
4834
11634
31
27
28
28
1134
34
139
10854
108
2031
5134
14
96
60
39
2234
11134
105
115
100
5711
22
234
30%
9634
2334 24
900
13
205
1334
97
9734
200
80
81
70
77
70
78
231 3
1,779
3
1,485
331
m
m
1,660
9334 93%
295
85
587
8634
14% 1531
780
8
50
8
115
3631 36%
12,700
5531 61
6234 6534 2,870
195
38
38
353; 3654 2,785
4634 51
22,750
2934 3034
590
18
50
18
28
2834 1,670
132
8834 89
1634 16% 1,235
9131 93
734
98
99
618
1934 21% 3,425
31
34 2,176
334 334
100
31
190
32
41
41
25
9934 100
291
71% 71%
10
135% 13734 1,460
6
634 2,710
74
85
73
270
1034 11
320
4734 49
11634 11634
50
261
9834 9834
169
49
49%
133
10734 108
11634 11674
218
16
24
24
11% 13
890
1534 1614
385
3034 31
2,835
650
21334 27
28
385
2834
104 104
10
2731 28
150
II% 1134
275
4
4
100
3334 35% 2,220
138 14134
875
38% 3
90
854
10834 10834
190
107 108
240
75
75
35
20
2011
205
12,760
4954 54
9134 9134
15
58
58
10
14
14
200
96
97
60
9374 9374
40
5134 5134
90
5734 6034 1,170
8
834
130
834 8% 1,907
1% I%
250
38% 39
150
17
430
1734
2234 2234
100
11034 112% 3,105
104% 10534
dgg
115 11554
360
41
43
475
9934 100
350
97
97
40
57
61
2,975
2131 2234
450
9334 9334
55
2.34 254
628
30
31% 3,450
2831 2834
248
674
95
9
453
130
95
9534
25
25
140
89
89
10
12% 13
320
20
20
913
231 214
74
20
2
70
034
1274 13
240
Low.
=vac
198
2334
kg.
100
American Bank
25
Associated 011
Bancitaly Corporation_ _25
100
of Italy
Bank
10
California Copper
Calif Cotton Mills com _100
Calif Oregon Power pf_ _100
California Packing Corp_ _•
Calif Petroleum com _ _ _.25
Caterpillar Tractor_ _-100
C'st Cos Gas & El 18tpf 100
Crocker First Nat Bk_ _100
East Bay Water A pref.100
100
II B preferred
Emporium Corporation_ _•
20
Ewa Plantation Co
10
Fageol Motors pref
Federal Telegraph Co_ _ _10
Fireman's Fund Insur _ _ _25
Foster & Kleiser com _ _ _ _10
Gt Western Pow pref...100
Hawaiian Comm'l Sugar 25
Hawaiian Pineapple_ _ _20
.
Hawaiian Sugar
20
Home Fire & Marine Ins 10
Honolulu Cons 011
10
Hunt Bros Pack Co"A"..•
Illinois Pacific Glass "A" 8
Key System Trans pr pf 100
Langendorf Baking "A-_ •
LA Gas & Elec pref _ __lot)
Mercantile Trust Co_ _100
.
North American 011_ _ _10
10
Oahu Sugar
paauhau Sug Plantation_ 20
Pacific Gas & El 1st pf_ 100
Range Sines Jan. 1.
Adams Royalty Co com--•
All America Radio cl A_ _5
Amer Pub Ser pref _ _ _ _100
Am Pub Util Co par pfd 100
American ShIpbuilding_100
Amer States Secur Corp A *
•
Class B
Warrants
Armour & Co(DeOpref_100
100
Armour de Co pref
Common cl A v t 0_25
Common el B v t a-25
Assoc Investment Co- •
Auburn Auto Co com_ _25
Balaban & Katz v t c_ - _25
Beaver Board pref ctfs_100
10
Bendix Corp ci A
10
Borg & Beck corn
•
Brach & Sons(E J) com10
Bunte Bros
20
Butler Bros
Central III Pub Serv pref.*
Central Pub Seco Del..---•
Central SW 7% pref _-•
*
Prior lien pref
Warrants
Chic City & Con Ry Pt all-*
•
Preferred
,
Chicago Fuse Mfg Co.... -t
Chic N 8 & Milw com_100
it0
Prior lien prof
100
Preferred
Commonwealth Edison_100
5
Consumers Co new
100
Preferred
•
Continental Motors
15
Crane Co
100
Preferred
Crown (Wm) Pap 151 M..
50
Cuneo Press A
100
Deere & Co prof
100
Diamond Match
Eddy Paper Corp (The)- •
El Household UM Corp_10
*
Eleo Research Lab
Evans & Co., Inc, el A_ __5
5
Class B
•
Fair Co (The)
100
Preferred
Fits Simons & Connell_ - _
Dock & Dredge Co
Foote Bros (GI & M)Co_ -•
10
G111 Mfg Co
*
Gossard Co (H W)
Lakes D & D_ -100
Great
Greif Bros Coop•ge A com •
Hammermill Paper pref 100
Hart,Schaffner & Marx 100
Hibbard,Spen, Bartlett_25
10
Hupp Motor
25
Illinois Brick
Illinois Nor Utilities pf_100
.
Indep Pneumatic Tool_ •
Kellogg Switchboard newl0
100
Preferred
Ky Hydro-Elec pfd_ _100
Kentucky Util Co prof _50
25
Kraft Cheese Co
La Salle Ext Univ (III)_10
Libby McN &Libby new 10
10
Lindsay Light
McCord Radiator Mfg A_•
••
McQuay-Norris Mfg
*
Maytag Co
.
Middle West Utilities_ _ _•
100
Preferred
Prior lien preferred_ _100
Midland Steel Products_ •
Midland Util prior lien_100
100
Preferred A
Morgan Lithograph Co...•
Nat Elec Power A w 1- __•
100
Preferred
10
National Leather
*
National Standard
*
North Amer Car com
Nor West HUI pr In prof 100
100
7% preferred
•
Novadel preferred
Omnibus pref A WI _.
. _100
Voting trust ars w 1 a-•
Penn Gas & Elec w I ' •
People's G L & Coke rights
Pick Barth & Co pref A.
1
Common v t c
Range Since Jan. 1.
WNWOOt...M
Stocks--
I'
71utfy
ala1.48
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High Shares.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
N
-Record of transactions
San Francisco Stock Exchange.
at San Francisco Stock Exchange Oct. 16 to Oct. 22, both
inclusive, compiled from official sales lists:
HIM.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Oct. 16 to Oct. 22, both inclusive,
compiled from official sales lists:
0000000
103
1473; Jan
12734 Oct
273; Feb
47
Oct
111
Sept
2034 Mar
4431 Mar
43
Oct
70
Feb
94
Jan
2554 Jan
111
Mar
35
July
45
Feb
27
Jan
91
May
47
Oct
40
Apr
101
Jan
10934 Oct
1834 Jar(
2934 Oct
2134 Jan
13536 .,Apr
9
Jan
164
July
11434 Apr
98
Sept
10834 June
63
Jan
104
Feb
155
Jan
95
Feb
56
Jan
10034 June
0.er.O.0
8934 8931
893; 9031
124 124
8834 8834
6634 6634
10936 11034
Mar
Feb
Apr
Oct
May
Oct
Oct
Jan
Aug
July
Oct
Jan
May
Feb
Apr
July
Jan
Feb
Oct
Feb
Apr
Oct
May
May
May
Jan
Apr
Jan
Feb
July
Mar
Apr
Jan
June
Jan
0000000.00
328
250
108
124
2434
4534
108
934
36
30
4934
91
2231
110
2634
41
20
8714
2334
3634
93
10334
1434
2734
2034
10434
634
13934
10834
8534
105
3934
99
137
8031
43
100
High.
MVOWNNN.NW.WW.
100
328
250
ssi.l
i
592
17
50
1,827
47
11
10
404
80
10
238
10
1,829
2
220
3
26
727
100
2
10
204
50
317
255
1,360
125
35
2
136
87
339
22
170
10
Low.
Low.
9634 97
115 9474 June 9836 Sept
311 311
Jan
10 301
Jan 325
1.3734 1.40
400
•1.62 Aug
.95 Mar
10334 10331
Sept
186 9934 Mar 103
13034 13031
40 115
Jan 133
Sept
10311 104
Aug
50 8434 ___
. 109
47
48
1,380 4134 ____
5234 Sept
1934 20
380 1934 Sept 20
Sept
1531 1531
1,100 1534 Oct 1636 Sept
24
253.4 4,412 2434 Oct 2534 Oct
734 8
41
Jan
734 Oct 32
10634 10834
40 10234 Jan 10631 Sept
125 2234 June 2731 Aug
2436 25
2814 29
4,760 2374 Mar 3034 Aug
9134 9134
23 37
Aug 963; Feb
20 803; Jan 86
Feb
8534 8534
103 1043;
933 9631 Mar 11034 Sept
90
90
Jan
27 90
Oct 97
40
43
• 125 40
Oct 6134 Jan
103 10334
172 100
Feb
Jan 108
60
82
,306 5236 Mar 6336 Sept
2031 2034
10 2034 Oct 2034 Oct
.80 .80
500
.26 Jan
1.50June
54
5634 3,745 3636 Jan 67 June
5334 56
12,675 3734 Jan 663; June
45 25
2734 2734
Jan
Aug 29
203; 2034
105 20
Oct 2914 Feb
75
75
200 7231 Oct 8136 Sept
1.70 1.70
200
1.50June
2
Aug
260 260
15 235
Oct
Feb 260
934 934 1,326
834 May 10
Feb
9
9
220
9 May 1036 Mar
2634 27
710 24 46 Mau 20U 4en
,
0. 00.
0.
0000
tagt.W. .1V.1.1. 00 iriaMgtitgtit4EggW2gtit 00
1
illgt ig 0. 0.
i iPPLIFa0gg.g
o.g2o222
.4222.42432z.,2eo2.tg, 4g2zo. artVcit=gt.111 ggVall.Ittn2.11 2t1.1t g
2.
4.gj32o2gwz.4og2o2o
"2,
X
XXmMx XX
X Xlm
xxX XXxxx
xX x
xx X
X X
xx ,
M XX
xx X
X XXxm 1
X
000
00000000 N0C.0..0.40000SOW.004.00omw.monnomt-gmmg.mmc.ng.
Liggroagg44gogggva=w4.
Railroads
ON 0'& T P pref
* No par value.
109 111
125 125
25
25
4431 4631
11036 111
11
12
38
38
3931 41
5034 5036
92
92
2234
22
112 112
2936 3034
40
40
22
2231
104 104
45
47
42
4231
93
94
10934 10934
15
15
2734 2734
2034 2034
13134 133
794 734
15534 160
11134 112
9534 96
108 108
4534 47
10134 10234
15234 15436
8634 87
53
55
100 100
%..ii,01
Range Since Jan. 1.
Pacific Ltg Corp 6% p1.100 9636
Common
100 311
Pacific Oil
• 1.3734
Pacific Tel & Tel pref_ _ 100 10334
Common
100
Paraffine Cos, Inc, com_ *
Phillips Petroleum
• 4774
Plggly Wig, West States A* 1936
Pig 'is Whistle pref
Richfield Cons 011
24
SF Sacramento RR p1.100
S J Lt & Pow prior pref _100
B F Schlesinger "A" com_*
Shell Union 011 common_ _ * 29
Sherman& Clay7% prpf 100
Sierra Pacific Elec pref _100
100 1043;
Southern Pacific
Sperry Flour Co pref __.100
100
Common
Spring Valley Water _ _ _100
Standard Oil of Calif_ _ _ _25 6034
Traung Label & Lith "A"*
Texas Consolidated 011..10
Union 011 Associates_ _ _25 54
Union 01101 California_ _25 54
25
Union Sugar pref
25
Common
25
United 011 dep etre
1
US Petroleum
Wells Fargo Bk & Un Tr 100
West Amer Finance pref 10
9
Yellow&CheckerCab"A"10
&ellerbach Corporation- •
* No par value.
Range Since Jan. I.
MONOO..
N
*Wt.
lb Industrials
Am Laund Mach com__25 110
Preferred
100
Amer Products pref
25
Amer Roll Mach com___25 4434
is Preferred
100 110%
Amer Thermos corn
Preferred
Buckeye Inc
100 41
Churngold Corp
•
Cin Postal Term pref._100
City Ice & Fuel
'22
100
Dow Drug pref
Eagle-Picher Lead com_ -20 2931
FayAs Eagan common_100
*
Formica Insulation
-Bauer pref 100
French. Bros
*
Giant Tire
* 4234
Gibson Art common
Globe Wern eons undep.100
100
Gruen Watch pref
Hatfield-Reliance com_ •
• 273;
Jaiger Machine
20
Rode! Radio pref
10 132
Kroger common
25
Paragon Refg corn
Procter & Gamble com--20 159
100 112
6% preferred
100
Pure on 6% pref
Richardson pref
100
• 46
U S Can common
100 10134
isk Preferred
20
U £3 Playing Card
.
II0Ptg & Litho corn_ _100
*
Whitaker Paper corn
*
Vulcan Last
be nxf
Banks
100
First National
Fourth At Central Trust 100
,
1.•
r Public Utilities50
Cinc & Sub Tel
100 9031
Chic Gas & Elec
Cin Gas Transporta---100 124
C N & C Lt & Tr com_100 8834
100 6634
'.Preferred
Ohio, Bell Tel pref _ .. 100 110
h.
Tractions
Cincinnati Street Ry _ _ _50 333.4
.
Columb Ry Pr & Lt co mB*
(Vox,. 123.
High.
3734 Feb
19
Jan
99
July
Feb
91
9534 Jan
8% Feb
534 Feb
1
June
98
Mar
9231 Mar
253.4 Feb
17
Feb
3734 Mar
7276 Mar
7634 June
45
Aug
3834 Oct
55
Sept
3774 Feb
22
July
30
July
91
Jan
18% Oct
9636 July
100
Feb
2534 July
34 Jan
7
Jan
35
Jan
6134 Feb
101
Mar
83
Jan
145 June
1031 Feb
93
Feb
1334 Jan
60
Jan
11736 Jan
10034 Jan
50
Feb
110
Aug
12534 Feb
27 June
25
Jan
3234 Jan
32
Sent
29
Sept
3334 Jan
109
Feb
32
1534
534
39
171
43
110
125
7934
2836
57
9234
81
17
102
953.6
5234
9034
147.4
1054
334
4934
1934
23%
13434
11134
12334
4934
104
9934
8531
2634
9634
434
3334
32
99
97%
28
98
2136
24
234
23
13
June
Jan
Aug
Jan
Jan
May
Apr
Jan
Apr
Jan
Sept
Oct
Jan
June
June
Aug
Aug
Jan
Jas
Sept
Feb
Sept
Feb
July
Jan
Feb
Feb
Fels
June
June
Oct
July
Feb
Jan
Oct
Jan
Jan
Aux
June
Feb
Feb
Feb
Oct
Aug
July
OCT. 23 1926.]
THE CHRONICLE
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Pines Winterfront A
5
*
Pub Serv of Nor III
Pub Serv of Nor 111_100
Preferred
100
7% preferred
100
Quaker Oats Co
•
lo Preferred
100
Q R S Music com
•
Real Silk Hosiery Mills..10
Reo Motor
10
Ryan Car Co (The)_- _ _25
Sears Roebuck & Co_ _ _ _•
Sou City Util cl A com •
Southwest Gas & El pf_100
Stewart
-Warner Speedom •
Swift & Company
100
Swift International
15
Thompson (J
25
Union Carbide & Carbon_*
United Biscuit class A_ •
United Iron Works v t c_50
United Lt & Pr A w t new_*
Preferred CIA WI a_ _ _•
Preferred Cl B w I a_ _ _ _*
United Paper Board__ 100
U S Gypsum
20
Univ Theatres Cone Cl A.5
Vesta Battery Corp_ _10
Wahl Co
Ward (Montgomery)&Col0
Preferred
100
Class A
*
Williams Oil 0 Mat corn..
Wolff Mfg Corp
•
Voting trust certificates•
Wolverine Portland Cem 10
Wrigley Jr
•
Yates Machines part pfd_'
Yellow Tr &Coach M fg 13 10
Yellow Cab Co Inc (Chic)•
Bonds—
Chicago City Ry 58... _ 1927
Cl c City&Con Rys 58 1927
Chicago Railways 55_ -1927
45, series 11
1927
Commonw Edison 5s_ _1943
First mtge lien 55 II_1954
Holland Fur s f 6% g deb'38
HousG 0 Co of g6348.1931
Ogden Gas Co 5s
1945
Swift & Co 1st s f g 58_1944
*No
100
11234
107
2854
4534
193.4
5234
64
11434
1834
4634
9136
88
50
137
7
68%
112
1534
634
5
634
52
2934
2735
4534
763.4
5134
40
95
Low.
High.
6034
140
143
106
116%
185
10834
29
58%
2534
16
5534
42
98
93
118
22%
50%
94%
5834
334
26
92
54
38
171
8
27
1434
81%
117
114
23%
10%
10%
9%
57%
32
39%
50%
Aug
June
June
July
Mar
Aug
July
Aug
Jan
Jan
Jan
Sept
July
Mar
Jan
Feb
Jan
Sept
Oct
Jan
Sept
Feb
May
Sept
Mar
July
Sept
Oct
Feb
Jan
Jan
Aug
Feb
Feb
Feb
Jan
Oct
Feb
Sept
Feb
Mar 81%
77 $30.000 67
51% 6.000 4434 July 56%
Apr 82
1.000 67
7534
July 46
4034 14.000 29
10334 2.000 10034 Mar 105
10134 1,000 10134 Oct 102%
16.000 100
Oct 100
100
32.000 95
95
Sent 99
1.000 9734 Jan 9934
99%
1,000 99% Jan 101%
101%
Sept
Jan
Jan
Sept
July
Sept
Oct
Feb
Oct
Oct
56% 58
835
128 12934
140
128 1303.4
88
99% 100
60
11234 11234
21
170 173
200
120
1063.4 107
1,585
2834
27
4434 48
3,445
19
19%
620
10
12
10
49% 53
2c0
35
35
100
9436 96
300
1,680
62 34 6634
114 11436
1.070
18
1834 2.700
1,740
47
46
1,045
9234
89
1.33
3434 37
2
250
2
11%
11
640
8834
220
88
51
550
50
18
18
40
134 147
5,79
7
734
58
233.4 27
1.92
734 734
170
6334 6854 5,50
114% 115
3
112 112
21
14% 15%
97
6
634
175
6
5
20
634 7
20
5134 52
55
5.62
2834 30
2634 3034 11,35
4534 4634 1.935
7634
5134
7534
3934
103%
10134
100
95
9934
10136
Range Since Jan. 1.
3336
128
128
9934
112
128
105
2534
3134
17%
10
4934
3434
93
61%
110
14%
42
72%
3434
34
11
8154
42%
18
125
3
834
734
58%
112
107%
13
6
5
5
49
26
21
42%
Mar
Oct
Oct
Oct
Jan
Jan
Feb
Aug
June
June
Oct
Oct
Sept
Apr
Sept
Apr
Apr
Apr
Jan
Oct
Mar
Oct
Mar
Apr
Oct
Mar
Apr
Aug
June
Mar
Sept
May
Oct
Oct
I Oct
Aug
Apr
Mar
May
Mar
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange Oct. 16 to Oct. 22, both
inclusive, compiled from officials sa'es lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price Low. High. Shares
Range Since Jan. 1.
Low.
Amer Vitrified Prod,comb() 2534 25
28
685 23
Aug
Preferred
100
90
Apr
90
65 90
Am Wind GI Mach,com100
5733 58
30 5736 Oct
r-eferred
100 80
80
Oct
80
15 80
An. II d Cl Co. pref 100
107 107
50 106% Jan
Arkanss. ^t Gas,corn.100
,
8
7% 8% 25,828
5% Feb
Blaw-Kno..
25 71
71
Mar
75
435 45
Byers(AW)Co, pref.... _100 10136 101 34 10134
Apr
424 98
Carnegie Metals Co
10 1236
Sept
200 12
1254 12%
Conley Tank Car, pref _100
100% 10034
30 100 June
Consolidated Ice, corn.. 50
134
1%
1% Aug
100
Preferred
50 15
15
Oct
15
420 15
Devonian Oil
10
1434 15
265 12% Apr
Duquesne Lt. 7% pref _100 116
Mar
115% 116
30 112
Houston Gulf Gas
1,300
5% Oct
5% 6
Indep Brewing, corn
_50
10
234 Jan
3
3
Preferred
50
514 Feb
179
6
634
Jones-Laughlin St'', pf _100
117 117
Jan
40 114
Lone.Star Gas Corp__ _..25 44
Apr
44
45% 5,218 30
Nat Fireproofing, com -100
75
8
8
Sept
8
Preferred
100 2736 27% 27%
450 26
Sept
Ohio Fuel Corporation. 25
210 33
Apr
43
4334
Certificates offdeposit_ _
41% Sept
43
43% 2,22
Okla Nat Gas, ctf of dep.. _--153
19% 19% 2,884 1934 Oct
PIttsb Brewing, nom__ _50
434
44
3
Jan
434 434
Preferred
50
325 11
1234 1235
Jan
Pittsburgh Coal, pref__Ioo 71
70% 71
6'
7034 Oct
Pittsb Plate Glass,com.100 280
16 270 June
280 283
Pitts Steel Foundry, corn_.
10 2834 Sept
29
29
Pittsburgh Trust Co__ _100
220
Feb
225 225
Salt Creek Consol Oil
734
734 Oct
57
7% 8
Standard Swift Mfg,com25 92
92
515 92
92
Oct
Tidal Osage Oil
100 2334 2234 24
2,975
8
July
Preferred
15 103
108 108
Feb
Union Steel Casting
169 31
31
Oct
34
U S Glass Co
25
30 1534 Sept
16
16
Waverly Oil, class A
•
108 4034 Aug
41
41
West'house Air Brake..
..50
400 106
123% 125
Mar
Bonds—
La Belle Iron Wks 5s_ _1940
97
$10,000 97
Oct
97
Monon Div ConC&C 6s'49
1,000 108% Oct
10834 10634
• No par value.
Note.—Sold last week and not reported: 400 Auto Finance Co.
50 A. M. Byers Co. pref. at 10136.
_
High.
33%
94%
80
91%
112
834
80
105
21
101%
236
24
17
116
10
834
836
11934
46
1834
39
44
44
20%
7
15
83%
310
36
225
10
11834
24
108
34
1934
4234
139
Jan
Jan
Jan
Jan
Feb
Sept
Sept
Aug
Feb
Sept
Feb
Feb
Jan
Oct
Feb
Mar
Mar
Aug
Oct
Feb
Jan
Oct
Oct
Sept
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Oct
Oct
Oct
Jan
Sept
Sept
•ss
97
Oct
10834 Oct
corn. at 15;
Philadelphia, Baltimore and St. Louis Stock Exchanges.—For this week's transactions on the Philadelphia,
Baltimore and St. Louis Stock Exchanges see pages 2105-6.
New York Curb Market.—Off.cial transactions in the
New York Curb Market from Oct. 16 to Oct. 22, inclusive:
Week Ended Oct.
Stocks—
Friday
Sales
Last TWeek's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
22.
Indus. & Miscellaneous.
Ala Great South, coin- -50
Preferred
50
Alabama Pow Co $7 prof..'
Allied Packers,corn
•
Prior preferred
100
Alpha Portland Cement. •
Aluminum Co. corn
•
6% preferred
100
American Arch Co
100
Am Brown Boveri El Corp
Founders shares
•
Ain Cyanamid,cl B com_20
Preferred
100
Amer Electric°, class A-25
•
Cora vot trust ctfs
117
118
106%
1%
1234
3834
70
101%
109
2234
734
118
119
10634
1%
12%
4235
70
10234
115
1734
3236
88%
22
7
1834
33
8835
2234
7%
Range Since Jan. 1.
Low.
High.
Mar 134% Sept
300 95
190 943( Mar 13.5
Sept
25 10836 Oct 10634 Oct
1% Apr
100
334 Feb
934 May 29
75
Jan
400 37 Sept 45% July
Jan
200 54
76
Feb
300 98% May 102% Sept
150 10634 Aug 132% Feb
600
200
20
300
400
16% Oct
3234 Oct
88% Sept
July
20
6% Sep
2254
47
96
2434
1134
Aug
Feb
Feb
Feb
Feb
2129
Friday
bales
Last Week's Range for
Sale
1Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Amer Gas & Elec, corn...' 10334
Preferred
• 96
American Hawaiian SS_ _10
Amer Lt & Trac, com__100
Preferred
100 109
Amer Pow .3z Lt,
_100
Am Pub Util, prior pre1.100
pref_Participating preferred_ _
82
American Rayon Products.
Amer Road Machinery_100
Amer Rolling Mill. com_25 45
Am Seating (new corn) vte•
Convertible preferred....' 37
Amer Superpow Corp, A_•
Class II
• 29%
P cticipating pref. _ _ _25 26
First preferred
•
American Thread, pref_ 6
Am WritPap,new pf vtc.100 2934
Arizona Power, corn
100
Assoc Gas & Elec. class A_• 3454
Atlantic Fruit & Sugar •
Atlas Portland Cment_
•
Automatic Fuel Saving......5
5%
Babcock & Wilcox Co_ _100 113
Bancitaly Corporation_ _25 8034
Bell Tel of Pa,634% pf_100
Blaw-Knox Co, com_ _25
1311as(E W)& Co
• 22
Blyn Shoes Inc corn
4%
10
Bohn Aluminum & Braas •
Borden Company
50 94%
Bradley Fireproof Prod....1
Brazilian Tr, L & P,ord.100 10835
Bridgeport Mach, cum_ •
Brill Corp (new), class A• 4235
Class B
• 2034
Brit
-Amer Tob,ord bear.£1
Brockway Mot Trk, corn..•
Brooklyn City RR
635
10
Bucyrus Co corn
100
Buff Meg& EastPow,com_•
Butler Brothers
20
Canadian Indus Alcohol_ •
Celluloid Co, com
100 15%
Preferred
100
Celotex Co. corn
• 155
Preferred 7%
100 89
Central Aguirre Sugar-50 83
Central Leather (new corp)
Class A vot trust Ws. *
Cent Pow & Lt, 7% pf _100 102%
Cent States Elec.8% pf 100 9235
Centrifugal Pipe Corp...' 18
Chic Nipple Mfg,claw A.50 43%
Class B
50
Cities Service, corn
20 45%
Preferred
100 90%
7%
Preferred B
10
Preferred BB
100
Bankers shares
Cohn-Hall-Marx Co
1%
Colombian Syndicate
Columbia Gas& El
(new cO)
82%
Common w I
Preferred w I
100 98
Com'wealth Power Corp—
• 3834
Common
Preferred
100 8934
Warrants
• 52
•
134
Consul Dairy Prod
Con Gas, E L&P Bait corn' 5134
• 21
Consol Laundries
Cons RRs of Cuba, pre1.100 6534
Cont'l G & El.6% pt p1100
Continental Tobacco_ _ __• 20
Copeland Products Co—
Class A with.warrants_ •
Coiotaulds, Ltd
£1
Curtiss Aeropl & M,corn.'
Preferred
100
Curtis Publishing, corn...*
r 113%
Preferred $7
336
Be Forest Radio Corp......'
Denver Tramway,7% p1.'
Devoe & Raynolds,classB*
Dinkier Hotel Co—
Class A with porch Warr'
• 1936
Doehler Die-Casting
Dresdner Bank, Amer shs_
4%
DubilierCond Corporation*
Dunhill International_ _ _ _* 17%
du Pont deN&Co new nom* 15634
Durant Motors, Inc
• 10%
•
Dug Co, class A
•
Class A v te
Eitingon-Schild Co corn..'
Elec Bond & Share pref_100 10654
Elec Bond & Share Secur..
• 66
Elec Invest without warr.• 37
634
Elec Pow & Lt, opt ware..
Electric Ry Securities_ _ _ _•
Empire Pow Corp part stk•
Estey-Welte Corp class A_• 38
14
Class B
Fageol Motors Co cons_ _10
3%
*
Fajardo Sugar
100
Fall River Elec Light_ ...25
FannyFarmerCandyShope
Federal Purch Corp cl A-•
Class B
• 1136
Federated Metals Corp.....'
Film Inspection Machine..'
Firestone T & It 7% pf _100
Ford Motor Co of Can_100 393
Forhan Co. class A
• 1634
Foundation Co—
Foreign shares class A._• 16
Fox Theatres. Cl A. corn....' 2436
Franklin(HH) Mfg,com.•
Preferred
100 82
Freed-Eisemann Radio_ __*
534
Freshman (Chas) Co
• 30
Galv-Hous El Co,coin _100
Preferred
100
534
Garod Corp
•
General Baking, class A • 55%
•
Class B
53.1
General Electric(Germany)
37%
Common stock receipts _ _
General Fireproofing, coin*
General Ice Cream Corp....'
Gillette Safety Razor....' 9434
Gillican-Chipley Co
•
,
C 0 Spring & Bump corn • 1035
Gleasonfte Prod, corn...10 11%
175
Glen Alden Coal
*
Gobel (Adolf), Inc. corn...' 24
Goodyear T & R com__100 31%
Grand(F&W)5-10-25c St..' 63
Grimes Bad & Cam Rec..'
Range Since Jan. 1.
Low.
9634 10336 22,800 64
Mar
95% 96
1,000 9054 Apr
8% 8%
100
734 July
20434 20835
300 195
Mar
108 109
125 105
Mar
9736 98%
370 92
Apr
93
93
so 93 July
82
82
10 82
Oct
14
1434
200 11
July
3% 4%
500
3 May
45
45
30 45
Oct
3534 37
700 32% July
36% 3734 1.400 36% Oct
27
28
300 19% Mar
28% 29% 2.700 21% Mar
26
400 23
2634
Mar
95
95
500 93
May
3 .6 3%
,
300
334 Aug
29% 3134 1.900 2936 Oct
20
200 20
203(
June
34% 35% 3,900 25% Mar
91c
1
4,100 89c
Jan
42
44
1,700 42
Sept
534 5%
1,000
Oct
5
112 114
120 112
Oct
8035 8034
400 7834 June
110 110
10 110
Oct
72
72
25 5034 Apr
22
23
1.300 1634 May
4% 5
500
334 Aug
1436 14%
200 1334 June
94
95
1,300 91% Mar
500 51e
1,800 50c May
101 10634
1,200 89
Mar
534 5%
200
534 Oct
40
4434 3.300 31 4 Sept
5
17% 23
5.200 13
Sept
2234 2334
200 f2134 July
39% 42
400 245-4 Apr
6% .6% 3,800
6% Oct
220 226
250 179
Jan
30
3134
700 23% July
100 28
Oct
24% 2435
300 24
Oct
15% 15%
10 15
Feb
61
62%
100 51
Feb
150 173%
850 117 June
89
94
525 88 June
82
83
150 76% July
18
102%
9236
17%
42%
3134
4534
8834
734
78%
2234
18
1616
18%
300
10234
50
92%
50
1834 2,100
43%
800
3134
500
4534 10,700
90% 5.300
734
700
79
1,000
2234
300
18
100
234 21.400
81
82%
9734 98
3734
89%
49
136
51%
21
68%
98
1934
12%
24%
1636
82
187
11334
334
26
3336
3,000
1.300
3934 16,700
89%
500
55%
625
134
600
52
3,900
21% 4.100
70
525
99
50
20% 1,300
12%
25%
1736
82
189
114
4%
26
3335
11034 Sept
9634 July
1134 Jan
264
Jan
11656 Jan
9934 Oct
9734 Aug
89
Mar
3534 , Jan
4% Jan
59% Feb
38% Sept
4034 June
37% Jan
39
Jan
2634 Sept
9534 Sept
4Jan
34
Sept
39% Jan
3834 Aug
234 Feb
5574 Mar
534 Oct
149
Jan
81% Sept
113
July
80
Sept
2534 Sept
634 Feb
17% Jan
110
Jan
1% Jan
110
Oct
1534 Jan
57% Jan
33 ?Jan
3134 June
43% Oct
9% Feb
335
Feb
38% Jan
30
Apr
24% Oct
26 ,; Apr
75
Aug
205
Aug
97% Aug
95„Aye
18
98
90
15%
42
2534
37%
82%
7
74
19
18
2
Oct 21
r Oet
Aug 102% Oct
Jan 99
Feb •
May 27 • ' Jan
Feb 4454 Aug
Apr 3154 Sept
Feb 4534 Oct
Apr 90% Oct
Oct
8
Aug
Mar z7934 Aug
Jan 22% Oct
Oct 33% Jan
Mar
33-4, Jan
78
92
Aug
Aug
29
82
3034
1%
4456
21
8834
98
1134
Aug
85
9944 sere -
Mar 4334
Mar 91
Mar 76
Oct
5%
Jan 58
Aug 2844
Oct 70
Oct 104
May 20%
Sept
Oct
Feb
Jan
Feb
Feb
Oct
Aug
Sept
100 12
Oct 2754
300 23% Oct 35%
600 1534 May 23%
100 7554 Jun
8954
20 185% Oct 203
140 113
Sept 115%
1,700 51c June 1034
100 26
Oct 40%
100 33% Oct 10134
Jan
June
,Jas
Feb
Sept
Sept
Jan
Feb
Feb
20
20
3,000 19% May 2534 Jan
18% 19%
3,200 1134 May 19% Oct
146 15035
75 101
Slay 15034 Oct
3% 434 1,900
3% Oct 11
Jan
1734 1736
100 175-4 Oct 2634 Jan
153 162 158,100 149
Aug 18054 Oct
9% 1034 12,500
3% May 14% Sent
10
10
100 10
May 21
Feb
834 834
100
Oct 22
8
Feb
33
33
100 25
Sent 3736 Jan
10634 107
290 104% Jan 110
July
6536 87% 6.500 56% Mar 86
Jan
36
3734 7,800 3034 Mar 74% Jan
535 636
500
534 Oct
Oct
8
400
535
535
4% Jan
10
Jan
2634 2634
200 21
May 32
Feb
37
38
16,100 24
Jan 38
Oct
13
14
1,900
6% Sent 14
Oct
334 4
1.500
336 July 10% Jan
139 13934
260 12434 Apr 169
Feb
47% 4734
25 41% June 47% July
25
27
500 19% Sept 28
Sept
3134
31
700 30
May 3334 June
10
700
11%
934 Sept 13% June
12
12
200 12 June 22
Jan
7
7
200
334 May 10% Sept
9736 9735
25 9634 Aug 108
Jan
391 405 ,
310 391
Oct 655
Mar
1636
800 1334 Mar 20
16
Jan
4.500 15
16
15
May 55
5.700 1934 Mar 34%
2334 25
1,300 1834 Oct 33
2135
20
40 7834 June 90
82
82
700
5% 654
336 Mar
9%
32% 19,300 17% Jan 3736
30
70 14
23
23
May 2534
20 423i May 63
63
63
600
43.4 535
2,, Feb
8
10,100 4434 Apr
57
55
7834
5% 634 13,700
534 Mar 17%
100 2234 Mar 39%
34% 34%
1
3754 3734
28% July 3834
100 40
56
56
Ma
856
41
900 38% Oct 5
40
56%
9334 9534 2,100 89
Mar 114
100 29% Oct
2936 2934
10% 1136
1,600 1u34 Oct 38
1554
700
11% 1135
5
Apr 1234
17334 177
2.100 13834 Jan 184
23% 25
2.500 23% Oct 25%
3034 32
4.700 28
MAY 50
63
6334
200 50
Mar 85
1% 1%
100
134 Apr
7
Jan
Jan
Jan
July
Aug
Sept
Oct
Oct
Aug
Jan
Jan
Oct
Aug
Aug
Jan
Feb
June
July
Sept
Sept
Oct
Mar
Jan
Jan.
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
635 635
635
635 634
6)6
460 460
31
3031 30
73
76%
14
17
14
Happiness Candy St cl A-5
•
Founders shares
Hartford Fire Insur Co_100
Havana Elec & Util, v t c_*
•
Preferred
Hazeltine Corporation. e
Hellman (Richard) CoPartic pref with weals•
•
Heyden Chemical
Hires(Chas) Co el A corn.*
Hollander(H)& Son,corn * 27
Home Insurance Co_ _ _100 333
Hunt Bros Pack,00m,c1 A.*
6
•
Industrial Rayon, class A.
116
Int Concrete Inc fdrs eh.10
International Util. class A •
•
Class B
Johns-Manville. Inc
Land Co of Florida------* 19
Lehigh Coal & Nay
50
Lehigh Power Securities
New consolidated corp.• 14
Lehigh Valley Coal Sales.50 94%
Lehigh Val Coal ctfs. new._ 43%
Libby Owens Sheet Glass25 141
Liberty Radio Chain St_ _• -1
Madison Sq Gard Co v IC * 143.4
Marconi Wire'Tel of Can.1
435
Marc Wirel Tel of Loud_
Marmon Motor Car,corn.*
*
McCall Corporation
Mengel Company
100
Mesabi Iron Co
•
Metropol Chain Stores_ _* 3135
Middle West Util. com-• 112
Prior lien stock
100 11555
7% preferred
100 105
Mohawk & Hod Pow,com•
•
First preferred
•
Second preferred
•
Mohawk Valley Co
Moore Drop Forge, el A...*
Mu-Rad Radio
•
National Baking, Qom
Nat Elec Power, class A-5 21%
100
Preferred
National Leather
- 10
Nat Power & Light, pref..' 101%
Nat Pub Serv, corn, el A _ _* 1635
• 134
Common,class B
National standard Co__ -*
National Sugar Refin_ _100
Neisner Bros, Inc, pref..100
5
Nelson (Herman)Co
Nev-Cal Elec Corp,com 100 2031
915
New Mex & Ariz Land_ _1
New On Grt Nor RR_ _100
N Y Teter% 654% pre1.100 11315
N Y Transportation._ _ _10
North American Cements
Northeast Power, corn_ _.* 15%
12
Northern Ohio Power Co.
Nor Ontario L & P. p1. _100 79
Corp,com_100 103
Nor States P
100
Preferred
Nor Texas Elec Co. pref100
Ohio Bell Telep,7% pf_100
Oppen'm Collins, Inc, v t c 28
•
Ovington Bros. part pref.
• 13
Pacific Steel Boller
25 124
Parke, Davis & Co
B*
render(David) Groc, cl
Penney(JC)& Co cl A pf100
Penn G & Eel A partic stk*
95-'
Penn Ohio Secur Corp....
83
Preferred
*
Penna-Dixie Cement corn.• 3715
Penna Pow & Lt, pref.._ *
Pennsylvania Salt Mfg...50
Penn Water & Power__100 160)5
Peoples Drug Stores 1ne • 30
25
Phil, Electric, corn
Philip-mom Cons Inc corn' 1045
25 18%
Class A
Pick(Albert),Barth & Co
Common vot trust ctf__1 13
Pillsbury Flour Mills_ _ -50 435-4
*
Pitney Bowes Postage
635
Meter Co
Pittsb & L E RR com-50
•
Pratt & Lambert
Procter & Gamble corn. 20 151
31
Pub Ser Corp of NJ new_•
Puget Sound P&L. corn 100 45
Purity Bakeries class A__25
•I 3641
Class B
100
Preferred
10
Mfg
Pyrene
Rand-Kardex Bureau_ ___* 4235
218
Realty Associates, corn_..'
Rem-Nolsel Ty pew corn A •
10
Ben Motor Car
16
Richmond Radiator. corn.
100
Preferred
Rickenbacker Motor
Rockland Lt & Pow,comb()
Royal Bak Powd. corn. 100 165
100 10134
Preferred
Royal Typewriter, com__*
•
St Regis Paper Co
Schulte Real Estate Co...'
Schwartz(Bernard) corn A*
Seeman Brothers, corn...' 27%
* 22
Selberling T & R, com
14
Servel Corp (Del), corn..'
Sierra Pac Else Co.corn 100
Silica Gel Corp.com,v t
.100 360
Singer Manufacturing.
6
Baia Visc‘sa ord (200 lire)
Dep rects Chase Nat Bk.
ou Calif Edison, pref A_25
'Preferred B
25
South'n Cit UM!cl A v t ox.• 2935
2ig
Southern O& P,class A.
S'eaatern Pow & Lt, corn.' 2834
67
Participating preferred
8%
Warrants to par corn stk.
Southwest Bell Tel pf__100 114
Sparks-Withington Co_ _ _* 1136
Splltdorf Bethlehem Elec_'
Stand Pow & Light, cl A.25
534
Stand Publishing class A 25
Steel Co of Canada,corn100
Stromberg-Carlson Telco.*
Stroock (S) & Co, Inc....* 17
•
Stutz Motor Car
100
Swift & Co
15 1834
Swift International
• 48
Tampa Electric Co
ThomPson(RE)RAdio etc• 50c
TImken-Detrolt Axle-10 12
[VoL. 123.
THE CHRONICLE
2130
3034 31
135
1
2231 2235
27
27
333 338
26
26
6g
6
134 135
29% 30
435 4%
141% 143
17
19%
105 106
2,500
900
5
1,500
200
800
Range Since Jan. 1.
Low.
8%
July
6
734
534 June
Oct 498
460
28 June 44%
64% Apr 77
835 Apr 21%
Jan
Jan
Sept
Jan
Oct
July
Mar 36%
234
June
Oct 26
Aug 3634
Sept 347
May 26%
Oct 19%
834
Oct
Sept 39
Sept
93-4
Mar 165
Oct 47%
Mar 12034
Feb
Jan
Jan
Jan
Sept
Feb
Jan
Jan
Jan
Jan
July
Jan
Feb
300 30
1,800 1
1,700 22%
100 27
20 333
100 25
1,200
6
400
135
400 25
700
3)6
250 130
600 17
300 103
1335 14% 24,200 10
Mar
92% 95
5,825 80
Mar
4235 4454 8,400 36% Mar
410 125
135 142%
Aug
1% 8,600 100 Apr
750
1435 1435
400 13% Sept
1
900
600 73c Sept
700
33.4 435
3% Sept
4835 4835
900 48% Oct
55
56
300 36
Mar
150 34
37
3735
Apr
134 1%
500
1H Sept
3135 34
400 24% Mar
III 112% 1,800 10735 May
150 98
115 115%
Jan
10434 10531
900 97
Jan
2254 23% 2,500 20% Mar
25 101% May
10335 103%
50 90
90
90
Mar
500 25
3735 39%
July
100 5934 June
6035 6035
134
100
135
135 Mar
100 10% July
1035 1035
500 1535 Mar
21,4 2235
200 9315 Oct
93)5 93%
100
.2% 235
235 May
700 97
101 101%
Mar
1,300 1535 Mar
18% 19
1,000 10
1335 1435
Mar
100 29
3235 3234
Oct
122 123
175 102
Mar
20 954 Oct
9535 9635
500 19% Mar
24% 25
100 18% Mar
2034 2035
1,500
935 10
93.4 Am
200 1454 Feb
1835 1834
112 11354
650 11034 Apr
5435
800 46
50
July
16
200 16
1634
Oct
5,400 15% Oct
1535 16
1135 12% 3,600 11
Mar
20 77% Sep
79
79
103 104g 3,400 98% may
175 9935 Apr
ung 101)6
58
1,000 54
58
Aug
110 110
10 110
Oct
100 28
28
28
Oct
200
9% 9%
934 June
1235 1334 4,400 II
Apr
124 126
40 111
Apr
100 22
22
22
Oct
10 98
99
99
Aug
300 20
20
20
Oct
8% 9% 3,400
63.4 May
630 7934 Oct
7935 86
39,600 36% Oct
3635 40
50 10454 Jan
10635 106%
25 72 Jun
74
74
430 13054 Mar
15014 165
400 20
32
30
5,11,
47
47
• 100 40
Mar
10% 1135 1,000 10
Sep
1835 18% 1,400 1834 Oct
12% 13
4335 4335
800
25
200
6% 655
156 15854
360
600
3034 52
220
15.535x158
30)6 3134 8.400
26
500
27
45
45
600
3634
600
37
20
9735 97%
400
12% 12%
42% 9,201)
40
130
195 223
600
34
34
1935 19% 1,600
100
16
16
100
3636 3635
131 235 17,000
6035 82
100
30
160 165
30
10134 101%
45
45
10
41% 42
300
100
1535 15%
100
935
955
300
27g 2815
22
22 ' 100
14
1535 6,300
500
23% 24 •
13
13
100
140
360 360
6
100
6
6
500
5
200
274 27H
400
24% 2435
200
2934 2935
1,100
21g 22g
2735 28% 7,600
1,400
66% 6735
854 834
1,100
130
114 114g
11% 1134
500
20
20
100
1934 1934
100
535 1,000
531
107 107%
125
3435
34
300
45
4534
500
1635 1745 3,100
114 114
100
174 184 2,000
- 473-4 48%
700
7,200
500 600
1135 12
1.500
High.
10
36
Apr
Feb
Apr
5
130
Mar
31
Ma
1423.4 Jan
3035 Oct
26
Oct
35
Ma
24
Mar
91
Mar
1034 Mar
343.4 Apr
Oct
195
30)5 Mar
19% Oct
15
Jan
36% • Feb
115 Oct
60% Oct
141
Apr
99% Apr
44
Sept
39
Sept
July
14
9% Oct
27
Aug
20
May
14
Oct
Mar
23
1135 Mar
295
May
Oct
6
Oct
5
27% June
2435 Oct
29)6 Oct
2131
2134 Mar
Mar
59
Mar
7
99% F. b
10
May
20
Aug
1734 May
434 Oct
101
Feb
28
Mar
39
Apr
1635 Oct
Apr
110
143.4 May
474 Oct
50e July
83-5 Mar
22
102
4534
219
3%
1534
135
6%
50%
6534
52
234
3935
135
12235
11134
28%
105
102
41%
68
3
14%
2635
102%
434
102%
24
1634
33e4
129%
97
529%
4434
17
22
115%
55
21
3635
26%
8,5
13635
10335
68
113%
34
11
16%
126
3634
99
2135
1035
86
4354
109
74
174
14)6
67
1294
2135
Jan
Aug
June
Jan
Jan
Oct
Jan
Jan
Sept
Sept
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Aug
Aug
July
Sept
Aug
Jan
Oct
Jan
Jan
Jan
July
Oct
June
Oct
June
Jan
Jan
Oct
June
Feb
Sept
Jan
Jan
Aug
Jan
Oct
Jan
July
Jan
June
Feb
Oct
Feb
July
Aug
Sept
Oct
Sept
Aug
Oct
Jan
Mar
Jan
Oct
Sept
133( Oct
10)6 Sept
8%
178
6035
163
32%
6614
4735
42%
100)6
12%
48
245
525-4
25%
23
43
94
87
213
103
4934
50%
24%
13
30
28)6
22%
2834
22%
401
16
3%
33
33
2934
•7
4635
69)6
15%
116
28,
4
43%
24
194
108%
38
47%
3734
116%
2235
67
5%
13%
Feb
Sept
Feb
Jan
Sept
Jan
Sept
Sept
Sept
Oct
Jan
June
Jan
Jan
Feb
Oct
Jan
Aug
Jan
Feb
Jan
June
Jan
Feb
Oct
Jan
July
Jan
Jan
Sept
Jan
Juno
June
June
Oct
Feb
jar.
Sept
Feb
July
Jan
Jan
Feb
June
Sept
Apr
Sept
Jan
Feb
Jan
May
Jan
Aug
Saleo
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High, Shares
Range Since Jan. 1.
Low.
3% 334 1,400 334
315
Tobacco Prod Exports__'
300 29
•
3735 3835
Todd Shipyards Corp_
-Lux Day Pict Screen
Trans
8
7% 8% 5,600
6%
Class A common
35 1131
Travelers Insurance__ _100 1160 1131 1160
200 17
17
17
•
Traveler Shoe
400
1035 10%
Trumbull Steel common 25
85-4
76
100 76
76
100
Preferred
40 1603.4
166 169
Tubize Artif Silk clams B..•
300
9% 934
7%
Tung Sol Llifflp Wks,com •
•
400 1734
1935 19%
Class A
United Artists Theatre Co
400 98
9835
Allot Ors for COM & M stk 9835 98
8%
900
8
8
United Biscuit, class B...'
400 23
24
25
United Elec Coal Cos v t e•
50 10214 10135 1063.4 5,900 84
United Gas Impt
400 82
82
85
New stock w I
United Light & Power A__• 1135 10% 1135 26,000 10%
125 85
5 8735 87% 88
Preferred A
25 51 34
5134 5135
Preferred B
9%
800
9% 10
935
United Profit Sharing corn*
2,700 1735
Un RyserELBalt,eom_ _ _50 1935 1835 20
100
9
9
9
US Dairy Prod, class B..*
31% 2,400 16
US Light & Heat,com._10 313-4 29
735 3.000
7
7
10
Preferred
534
36
37% 2,600 2914
•
Universal Pictures
1,100 134
Utilities Pow & Lt, Cl B * 14% 1335 1431
935
800
9
Utility Shares Corp, corn.'
7%
2% 234 1.000
2,35
2%
Option warrants
96
98% 1,500 68
Victor Talking Mach__100 96
3534 4534 31,400
37
Warner Bros Pictures...'
8
2335 25
1,600 2335
•
Warner Quinlan Co
52
5435
500 4935
Wesson011&Snow corn vto•
9735
20 9234
• 97% ,97
Preferred
Western Auto Supply, part
200 22
2635
preferred with warrants.* 2635 26
45
45
200 44
Western Dairy Prod el A.
15% 1634
500 1335
1635
ClassBvte
98
60 9135
9835
*
Western Power, pref___100 98
2235 9,100 11
* 16% 14
White Sew Mach pref
100 4734
5635 56%
Winnipeg Elec Co,com.100
200 27
29% 30
Yates Amer Mach, part pf*
12
1535 11,600
Yellow Taxi Corp, N Y • 14
9
Oct
Jan
High.
44 Jan
40% Sept
Jan
June 14
Sept
k Oct 1243
Oct 1734 Oct
1344 Feb
Jan
Oct
Sept 76
Jan
Oct 240
Mar 1035 Jan
may 194 Sept
Oct 101
Oct 17%
Mar 4434
Mar 1443.4
Oct 8634
Oct 28
June 8835
Oct 5135
Oct 10%
Jan 20
Oct 22%
Mar 3134
7%
Mar
July 40
18
Aug
May 14%
6
Oct
Apr 1065-4
June 65
Mar 3034
June 5735
June 97%
June
June
Fob
Jan
Oct
Feb
Oct
Oct
Sept
Oct
Jan
Oct
May
Feb
Feb
Feb
Feb
Oct
Sept
June
Sept
Sept
Mar
Aug
Juno
Mar
Oct
July
July
Mar
28
53
1634
99
2934
565-6
31
17%
Jan
June
Oct
Jan
Sept
Oct
Sept
Apr
•
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil (vot eh) Ll 1814
Voting stock etfs of depNon-voting stock_ -El 1774
Borne Scrymser C (old)100 -----60 _ _
Buckeye Pipe Line
25
Chesebrought Mfg
17
Continental Oily t 0-10- 3.4
25 -----Crescent Pipe Line
Curuberland Pipe Line.100 104
Eureka Pipe Line
Galena-Signal Oil com_100'-----New preferred
Old preferred
Humble Oil& Refining_ _25 5234
100
Illinois Pipe Line
•, 3434
Imperial Oil (Can)
Indiana Pipe Line
543i 13
National Transit_ -12.50 25531
100'
New York Transit
Northern Pipe Line__ -100
25' 5735
Ohio 011
251 20
Penn Mexico Fuel
25 4935
Prairie 011 & Gas
100, 12335
Prairie Pipe Line
100
Solar Refining
25 35
South Penn 011
Standard 011 (Indiana)....25 6135
.25 18
Standard 011 (Kansas).
25 11615
Standard 011 (KY)
25 44
Standard 011 (Neb)
25 304
Standard 011 of N Y
Standard Oil (0) com_100
100
Preferred
100
Swan & Finch
25 90%
Vacuum 011
18
1835
18
183-4
1735 1734
260 260
42
43
72% 7234
1735 1834
153( 1531
104 107
45
45
11% 1134
35
37
4835 48%
52
5535
133% 134
34% 35
15535 59
13
1335
28
31
66%
66
5731 58
20
21
49
50
123% 12434
190 195
35
3515
6035 61%
1634 1935
116 117
43% 44
3035 31
289 291
11835 11831
1534 1535
901i 9435
4.400
300
900
10
600
200
13,500
100
300
250
300
110
b()
12,700
100
5,700
300
400
150
150
1,600
1,300
6.200
1.150
50
2,300
33,600
3,900
900
400
39,500
SO
120
50
10,900
164
16
1634
226
02
65
17%
1334
104
43%
9
%
35
48%
52
131
3235
255%
13
28
61
55%
15
48
122%
18435
34%
6035
1614
108
42
3
034
288
116%
1541
9034
May
May
mar
Jan
Oct
Jan
Oct
Apr
()
,.t
Oct
Oct
Oct
Oct
Oct
June
May
Oct
Oct
Oct
Oct
July
Mar
Mar
Sept
June
June
Oct
Oct
Mar
Apr
Apr
Oct
Feb
Oct
Oct
19%
18%
1835
301
6934
7535
25%
16%
137
63%
32%
85
97%
684
1443.4
3835
70
2934
51%
8034
67%
24%
6034
12735
220
50
70%
36%
13435
5134
4735
362
122
23
109%
Jan
Jan
Jan
Sept
Jan
July
Jan
July
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Jan
Mar
Jan
Mar
Feb
Jan
July
Feb
Mar
Aug
Jan
Jan
Jan
Jan
May
Jan
Jan
July
Jan
Jan
9,100
13,00(
100
4,400
200
500
5.500
15,100
500
22,200
4,900
100
15,500
25,900
5,400
100
28,000
2,100
8,00
4,500
800
1,90
100
2,300
12,600
87.700
8,000
45c
4
1%
34
1 34
234
1435
956
814
10
15-4
75t)
60e
234
82
37
2
8%
1
63.4
20
50c
38
11 15
5054
24
80
23
Oct
Oct
Oct
June
Oct
Oct
N.,
Mar
Mar
Mar
Mar
Apr
Oct
Oct
Apr
June
Mar
Oct
Apr
May
Oct
Aug
Oct
Oct
Oct
Apr
Apr
63(
14%
3%
834
3%
5
1935
225-4
1035
18
74
354
315
7%
95
39
3734
3%
1235
25%
1%
46
16
13
534
39e
26
Feb
Jan
July
Oct
May
Aug
Jun
Feb
Feb
Sept
Jan
July
Feb
May
Sept
Sept
Jan
Feb
Feb
Feb
Jan
Oct
Jan
Oct
Feb
Oct
Jan
Other 011 Stocks.
-5
Amer Contr 011 Fields
•
Amer Maracaibo Co
Argo Oil Corporation_ _ _10
Arkansas Natural Gas__10
Atlantic Lobos 011, corn..'
Preferred
•
Beacon 0.1 Co, corn
Carib Syndicate_
_1
Consol Royalties_
.___•
Creole Syndicate_
Crown Cent Petrol _orp__*
•
Darby Petroleum
1
Euclid 011
1
Gibson 011 Corp
Pa..-25
Gulf 011 Corp of
Honolulu Consol 011_ .10
International Petroleum..
•
Kirby Petroleum.
Leonard 011 Develop3_25
•
Lion 011 Refining
Livingston Petroleum_ __.*
Lone Star Gas Co p
Margay Oil, new
Marland 011of Mexico. new
Mexican Panuco 011-10
10
Mexico 011 Corp
10
Mountain Producers
45c
434
8
134
16
1635
12%
2
234
87
30%
2134
51
2H
380
23
450 700
535
4
135
135
735 835
135 134
2% 33.4
16
1734
1535 16g
95.4 9%
1235 1335
,
135 2
335 3%
93e Pi,
234. 334
86% 91)
37
37
2935 3035
135
1
7%
7
2035 21%
50e 57e
4435 4535
1135 1135
5015 51%
2% 23,5
30e 390
23
24
157 160
210 131
100 160
National Fuel Gas
Sept
Apr 160
535
554 594 2,100
5
New Bradford 011
63( Jan
535 Oct
300
535 535
2
New England Fuel Oil__ •
Mar 11% July
200
9% 10
976
' 25
New York Oil
Jan
8
Mar 17
1,000
3c
3o
1
Northwest Oil
3e May
70 June
43
4334
3.200 423( Sept 4335 Oct
Ohio Fuel Corp, ctf of dep.
635 2,70
6
615
•
Pandern 011 Corp
Oct
934 May
6
12
12
3,200 12
Pa, tepee 011 of Venezuela' 12
Oct
Oct 12
20c 20c
1,00
*
Per Oil Corporation
20e
2% Feb
Oct
1,400 12
139.4
)11 I 'urn.
• 12)6 12
Oct 22% Feb
21
22%
600
25
Red Bank 011
May
13% Feb 38
15% 5,300
Relter-Foster Oil Corp• 1335 12
30% Aug
0
12
2435 25
700 243( Oct 2734 Sept
Richfield 011 of Calif.. _25
25c 25c
2,000
Royal-Can Oil Syndicate.'
200 Apr
134 Sena
454 435
400
It yen Consol Petroleum..'
74 Jan
414 Oct
735 835 1,400
715
Feb
Salt Creek Consol 011-10
734 Oct 10
,
7.500 2635 Oct 36
Jan
Salt Creek Producers...10 27% 2635 29
24% 5,600
Tidal Osage voting stock.' 2335 20
Sept
734 Apr 25
1935 21% 6,800
• 21
814 May 22% Sept
Non-voting stock
19,300 20% Oct 27
Mar
Tide Water Assoc 011- • 21% 203-4 22
Preferred
100 97% 9734 97% 3,100 971j Ma
9935 Mar
55
5535
200 5454 Oct 55% Oct
Union 011 Associates
535
5% 5% 2,160
Venezuelan Petroleum-5
74 Mar
455 Jan
800 22
3514 June
Wilcox Oil & Gas new....' 2635 26% 2735
Ma
735
735 735
300
Woodley Petroleum Corp.*
914 says
43.4 May
18e
17e 190 24,090
1
SIC Ma?
"Y" 011 & Gas
So Jan
OCT. 23 1926.]
TRE CHRONICLE
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Mining Stocks. Par. Price. Low. High. Shares.
Amer Comm'i Min & M111.1
Amer Tin & Tungsten_ _1
Arizona Globe CopPer---1
Beaver Consolidated
1
Chief Consol Mining
1
Consol Copper Mines
1
Copper Range Co
25
Cresson Consol0 M & M.1
Crystal Copper
Dolores Esperanza corp...2
Engineer Gold Mines,Ltd 5
Eureka Croesus
1
Falcon Lead Mines
1
First Thought Gold Mtn_ _1
Forty-Nine Mining
1
Golden Centre Minee- -5
Golden State Mining_ _ -10e
Goldfield Consol Mines_._1
Goldfield Florence
1
Hawthorne Mines, Inc
1
Heels M.ning
25c
HollIngerConsol GoldMln.5
Iron Cap Copper Co_ -10
Kay Copper Co
1
Kerr Lake
5
Mason Valley Mines
5
Mining Co of Canada
8c
660
234
3
500
334
60
640
10c
10e
1634
1%
82c
3
431
334
531
131
High.
Low.
Aug
Aug
Feb
Feb
July
May
Feb
Jan
Oct
Sent
Feb
Aug
Sept
Apr
Apr
2,000
13c
5c 10,01)0
8c 20,000
6.110
2,000
231
100
3
1,800
14%
100
1,800
234
50c
200
500
1,000
1,800
7c
6.000
67o
5,600
3c 22.000
100
5,000
3c
20
70
45c
2%
131
13%
131
50c
320
334
3c
6Ic
3c
50
July
Aug
May
Jan
May
Apr
may
June
Oct
Aug
Oct
Apr
Aug
Aug
Feb
13c
100
310
96e
334
331
2031
2%
50c
1
2831
180
80c
10c
19c
131
114
90
20
20
1,00
100 Ile
3.00
60
60
1,000
90 100 30,000
1514 1811
1,100
18% 18%
100
311 314
200
134
41,800
80e 90c
1,200
2
2
900
3
3
100
1
2o
4c
6c
9e
1534
1734
331
134
802
1%
3
mar
Jan
Feb
July
Seld
Mar
Jan
Oct
June
Oct
June
Oct
3 May
130 June
22e June
Feb
18c
32c Feb
1931 Mar
1911 June
431 Oct
211 Mar
111 Feb
235 Sept
July
4
60
4c
7c
66c
2%
231
14%
231
50c
50e
3%
6c
63c
3c
96
New Cornelia Copper- -5
2914
New Jersey Zinc
100 178
178
Newmont hs..;:sg Corp-10
73%
Nipissing Mines
5
5%
5
Noranda Mines Ltd
• 1831 18%
Ohio Copper
1 45c
40e
Premier Gold Min, Ltd..1
2
2
Red Warrior Mining
1
15c
San Toy Mining
1
40
South Amer Gold di Plat_ _1
331
334
Spearhead Gold Mining_.1
30
Teck-Hughes
1
Tonopah Belmont Dev1-1
Tonopah Extension
1
Tonopah Mining
1
Tri-Bullion Smelt dr DevlOo
United Verde Extens--500
Utah Apex
5
Utah Metal & Tunnel
1
Wendon Copper Mining.
West End Extension
1
Yukon Gold Co
8
Range Since Jan. 1.
2334
18431
7631
5%
1831
45e
2
170
40
431
30
431 4%
2111,
340 300
314 431s
70
7e
2431 25
5H 6
134
131
234 2%
30
30
30c 300
700 1831
140 178
1.700 4634
2,700
5
1,900 12%
3,000
400
3.000
2
2,000 15c
2,000
30
SOO
331
6,000
20
1,800
100
3,000
1,500
1,000
500
3,000
2,000
100
1.000
1.000
May 233(
Oct 210
Jan 77
June
711
Mar 1934
Oct
750
July
231
July 35e
Mar
130
Feb
53(
Feb
60
Aug
Jan
Oct
Jan
Aug
Jan
Mar
Feb
July
July
May
VI, Jan
5
211 Apr
8c May
1%
314 Oct
731
3c May 150
2434 Oct 133
5% Oct 1134
111 Feb
334
23,4 May
331
70
3o Mar
200 Aug 340
Aug
Jan
Jan
Feb
July
Feb
Feb
Mar
Jan
May
Jan
Bonds
Allied Pack deb 811_1939
Debenture 6s
1939
Aluminum Co 75
1933
Am G dr El 8s, new
201.4
American Power & Light--;
68.018 without warr-2016
Amer Rolling M111138„ _1938
Amer Seating Os
1936
American Thread 68...1928
Amer W Wks & El 6s.11175
Amer Writing Paper(is 1947.
Anaconda Cop hiin 68.1929
Andlan Nat Corp 68..1940,
Without warrants
Appalach El Pow 58_1956'
Assoc Gas & Elec 68._1955
Assoe'd Sim Hardw 630'33
Atlantic Fruit 88
1949
Beaver Board Co 83-1933
Bell Tel of Canada 58_1955
Berlin Electric 61.48.-.1929
Boston&Maine RR 65 1033
Brunner Tur & Eq 734s '55
Buffalo Gen Elec 5346.1956
Burneister & Wain of Co-;
penhagen 15-yr 68._1940.
71
71
89.000 7011 May 89
Jan
6731 6711 4,000 64
June 80
Jan
1053( 10531 10514 18,000 10514 Oct 107% Feb
101
100% 10134 126.000 9831 Apr 10131 Sept
9914 9931
10334 1033.4
9a34 9731
10134 10131
9631 96
8014
81
10231 10231
973.4
9734 98
9434 95
9911 10114
9734 9714
18
18
98
98%
10011 10034
99
90% 99%
10014 10014 100%
85
85
10134 10114 10134
10034
9734
18
9834
95
Calif Pet Corp 514s_ _ _1938 9811
Canadian Nat Rye 78.1935 111
Canadian Poe 434s_ _ _1946; 9634
Carolina Pow & Lt 58_1956 9914
Cities Service 68
1968 95
Cities Sem. 7s. Ser
.68 11531
Cleve Elec III 58
1954
Commander-Larabee6s '41 9534
C011110i ('lw:i,u.
I ,stli
Cons G.El & P 68 ser A.'49
58 series F
1965
Consol Publishers 0318.'36
Consolidated Textile he '41
Container Corp 68....1946
Cosa Meeh Coal 610.1954
Cuba Company 68_ --.1929 100
Cuban Telep 7148_ _ _1941 11131
Cudahy Pack deb 5348.1937 9334
58
1946
Detroit City Gas 68_1947 107
Detroit Edison deb 78.1930
Debenture 68
1932
Duke Price Pow 1st 68 11,66 10234
East Term Off Bldg 00'43 100
EMI:Ligon-80MM 88_ ._.1938 9734
Elec Refrigeration 6s.-1936 9
8
Federal Sugar 58
1933 85
Flat 20-yr s f 7s
1948 9031
Fisk Rubber 5141,
1931 9714
Florida Pow & Lt 58...1954 92
Gab'(Robt) Co 70-1937 10414
Galena-Signal 011 78._19311 8414
Galena-Sig Oil of Tex (is'33 97
Gatineau Power 55_1955 93
68
1941 9734
General Ice Cream 814s '35
General Petroleum 6s-1928 10134
Goodyear T & a 53_1928 9754
Goody'r T & R Cal 540'31 9635
Grand Trunk Ry 61.4s 1936 10834
Great Cone Elec 6348 1950 88
Gulf 011 of P894
1037 10031
Gulf States Utilities 561958
Hamburg Elec Co 78„193,5 100
Havana Else Ry 535s-1951
With corn stk porch war. 8934
Hood Rubb 514% notes'38 9834
Ill Central RR 4318.
.16.. 9634
Reeder Steel Corp 78_11,46 9835
lndep 011 & Gas 6348.1931 9734
Indiana Limestonce'. 1941 9
734
Indianapolis P & L 611.1936 10214
Internist Gt Nor 50 11-1956 9514
Interstate Nat Gas 68-1936
With au rrants
Without w srrsniii
Kaufmann DepStoresCo'35
With warrants
100
10311
9811
102
97
823(
10234
94
95
173,000 96
9,000 101
56.000 971(
20,000 101%
75,000 92%
82.000 77%
25,000 10231
6,000
30,000
165.000
60,000
13.000
6,000
31,000
12,000
11,000
4,000
5,000
4,000
9834 9814 106,000
111 11111 11,000
9634 9634 23.000
9914 9931 86.000
9431 95 296,000
114 11531 31.000
10234 10215 25,000
9814 9854 5 000
.
• 9934 9914 76.000
107 10734 3.0
0
10131 101146,01)0
97/4 9234 10,00
11.130
8414 86
11,000
97
97
9234 933-4 5 000
.
100 100
15,090
11034 11134 12,090
22,000
94
9334
14,000
9631 97
10834 10734 23,000
13754 131% 1,
000
131134 13554 10,000
10234 10231 85.000
100 100
2,00
9714 9714 8,000
9614 9834 101,000
11.000
86
85
8934 9034 70 000
.
97
9734 71,000
91% 9231 210,000
10434 10414 3,000
1
.031 8814 80.090
97
97
5.000
93
9331 54,000
9731 9734 146,000
115 115
5,000
10111 10114 22,000
97H 9734 31.000
96
9614 2 0
6. 00
10834 10831 5 000
,
by% 8834 179,000
10034 10034 6 000
.
96
1/13
4,000
9914 100
27,000
88% 9131 213,000
9814 9834 4,000
9814 96% 94,000
98
98)4 89,000
97
9734 28,000
9714 9734 77,000
102 10314 470,000
9414 95)4 40.000
115
98
2.000
10034
10331
10014
10314
9814
823(
10311
Aug
July
JulY
Jan
Sent
Oct
Aug
9714 Oct10134
9434 July 9734
9231 Mar 1033.4
Jan 98
95
18
Oct3311
9314 Feb 10011
9911 Jan 1011.4
Mar 9914
97
94% Jan 101%
85 JUns1 10114
993( Jan 10331
Keystone Telep 5 Hs._1955
Krum (Fried). Ltd, 761929
Laclede Gas Lt 510_1935
Lehigh Pow Oscar 68...2026
Libby. MeN & Lib 78.1931
Liggett Winchester 78_1942
Leonard TIetz, Inc, 7148'46
With stock purch warla
Loewe Inc 68 with war 1941
Long Isld Luz Co 68..1945
Manitoba Power 5158.1951
Mansfield Min & Smelting
(Germany) 78
1941
Mass Gas Cos 5303.....1940
M lag MI11 Mach 7s _ _ _1956
Montgomery Ward 58.1946
Montreal L,11 di P 58 A251
Morris & Co 710.-1930
4
Aug 122
Oct 101
9711 July
Auk
Aug
9834 Rent
90
99
89
99
100
9331 93
10351
108
Pan Amer Petrol 68_1940
Penn-Ohio Edison 68..1950
Pews-Dixie Cement 65 1941
Penn Pow & Light 58_.1952
5s series D
1953
PhIla Electric(Is
1941
5s
1960
nibs Elec Pow 5348 1972
Phila Rapid Tran 6s...1982
Pub Serv Corp NJ 5348'56
Pure Oil Co 6H8
1933
Rand-Kardex Bur 53181931
Richfield 011 of Calif 68'41
Sauda Falls Co 55_ _1955
Saxon Public Wks 63481951
Schulte R E Co 88-1935
88 without corn stk.1935
Sers el Corp Os
Sbawsbeen Mills 78...1931
1 3
Slemans & Halske 7E1_1928
78
S1emans & Halske-S S 1933
6.s with warrants_1951
Slleslan-Ameriean 78..1941
Solvay & Cie 138
1934
Southeast P
L. 813.-2025
Without warrants
Sou Calif Edison 5s_.1951
Southern Gas Co 630.1935
Stand 011 of NY 8148 1933
Sun 011 5148
1939
Swift dr Co 514.Oct 15 1932
Tennessee Cop & Ch 68'41
91
9934
10054
93%
104
108
101 102
83,000
9814 9931 156,000
102 10235 8.000
9534 9531 96
15,000
10034 100
10214 102
943,4 9331
9751 9731
9935
102% 10231
10034
10215
9834
98
99%
103
98
9834
98
96%
9915 9915
9214 93
9831 102
10034 10034
10534 10531
110 110%
10234 10231
9714 9734
8931 8931
106 108
9534
95
99
99
9531 95%
Low.
9334
974
9914
94%
49,000 94
37.000 9934
182.000 91%
20.000 97
26,000 9934
11,000 102
70.000
6.000
1,000
82,000
84,000
44,000
3,000
26,00
9,000
31.000
23,000
1.00
25.00
19,000
84.000
9934 9934 99% 87,000
113
11215 11331 23,000
9931 9914 99% 52,000
9914 11,000
99
9831 9811 9935 14,000
107 107
7,000
10131 10131 25,000
10231 102 102% 82,000
100 10031 16,000
9931 9931 9914 118,000
10334 10334 16.000
111% IIIH 115
17.000
99
99
55,000
99
9631 25,000
9654 96
9535 94
9514 311,000
94
9234 94
17,000
87
87
8714 48,000
99
98 10034 103.000
100 10035 13.000
42,000
10034 10034 101
10114 101 10131 37,000
99
95
Range Since Jan. I.
High.
164.000 53
Apr 91
Oct
34,000 9034 Jan 9934 Oct
2.000 98
Jan 101% Aug
35.000 93
Mar 9514 Feb
10,000 10334 Oct 105
Jan
2.000 10634 May 10854 Apr
101
99
Nat Pow & Light 6s A 2028 9831
NatPubServ Corp6 HsA'55 98
Nebraska Power 6s A_2022
Nevada-Calif Elec 58.1955 93
Nevada Cons 5s
56 101s
41 00 31
Nevi Orl Tex & M RR 59
1
'
8
Niagara Falls Power 69250
Nor States Pow 6Hs 1933 11034
634* gold notes_ __.1933 10231
Ohio Power 58 eon B_ _11)52 97%
4348 Series D
1956
7s
Ohio River Edison 58_1959 9511
19
Okla Natural Gas 6s_.1941
Otis Steel 58
1941 9554
July
Thyssen (Aug) I&S 78-1930
May Tidal-Osage 0117s_ ___1931
Aug Trans-Cont'l Oil 713.__1930
Sent United Else Weetph Power
Jan , Corp (Germany)6 H8'50
Sept US Rubber ser 634 notes'28
June
Serial OM
_1929
1 1
Sept
Serial 6 H% notes_ _1930
Sept
Serial 834% notes- 99
Feb
Serial 614% notes. _1932
May
Serial 6 H% notes_ _1933
rt l
se ial 614
Ser n 8 x
notee_ 1937
esot .:1 6 5
3
94
July, 95
July
Serial 614% notes__19311
%
9811 Oct 9814 Oct
Serial 634% notes._1938
110
Jan 11434 June
Serial 6 H % notes_ _1939
Oct
9634 Sept 97
Serial 61
4% notes..1940
9434 May 10034 May
S Smelt & Ref 5346_1935
9134 Apr 95
Oct United Steel Wks Burlacb,
10135 Jan 11554 Oct
Luxemburg 78
1951
1023,4 Apr 10334 June US Steel Works A
6348'51
9834 Aug 99
Aug
With BM pur warn, Ser A
tse•Ac
1 • :win 100
Series C
May Valvoline 011 6s
1053-4 Feb 108
1937
100
Jan 10234 June Wabash Ry 58
1976
Sept 100
97
Aug
Warner Bros Plc 630-1928
80 June 92
Feb Webster Mills 6%2_1933
80 June 9931 Aug
Apr; 9611 Jan
90
100
Sept
Oct 107
Foreign Government
Mar
108)4 Jan 112
and Municipalities.
91
July 9834 Aug
9414 Jan; 9734 Sept Antioqula
(Dept of), Col
10434 Jan 10734 Sept
78 series A
1945
12431 Apr 13834 Feb
75, sories A new _ _ _ _1941
12434 Apr 1371.4 Oct
78 series B w I
1945
100% Apr 10334 Aug Austria
(Prov of Lower)
luu
Mayl 10134 Aug
734s
1950
96
Aug 98
Aug Baden (Germany) 76-.1951
9814 Oct 107
Jan Buenos Aires
(Prov)7348'47
85
May 9834 Feb
7s
1938
5/1 Oct 9314 July
1 4
78
1952
9354 Apr 9834 Jan
9134 Mar 9614 June Danish Cons Isf unto 514855
Denmark (King) 5116_1955
103
May 10514 Mar
138
1970
8014 Oct104
Mar Finland
97
Oct 9814 Sept German(Republic) 834s'56
Cons hiunic 78 '47
93
Oct 95
Aug
9714 Sept 9931 July
Hamburg (State) Ger 65'46
111
Sept 138
Jan
10034 Aug 10214 Jan Hungarian Land Mtge Inn
7 Hs
1961
9614 Aug 9911 Jan Indust series A
Mtge Bk of Finland
98
Aug 99
Apr
1st hi coll 8 f 75___ _1944
10714 May 1091 June
Apr 8874 July Italian Pub Utli Inst 71'52
85
Nethereds
9834 Feb 10134 June Oslo (City)(King) 68 B '72
514s
1946
Oct 96
96
Oct Peru 734s
1958
Jan 100
94
July Prussia(Free
State)6 Hs 51
8834 Oct9214 Aug Roman Catholic Church of
Bavaria 634s
1946
9814 Oct9831 Oct
1919
9614 Sept 9834 Sept Russian Govt6 Hs
634% certificates. _ _1919
94
June 9814 Oct
6)4s
1921
9534 May 100% Feb
533% certlfleaten. -1921
Oct 9
97
934 Atla
KM July 10314 Oct Saxon State Mtge Inv 7845
9434 Oct itaH, June Switzered Govt 5348.-1929
115
18,000 110
98% 44.000 98
9834 98/4
Jan
Jan
Oct
Sept
Mar
Aug
Oct
Bonds (Continued)
-
2131
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Mar 10334 Aug
July 1004 Sept
Mar 10334 July
Apr 98
APr
May 101
Jan 10314
Oct 9634
July 9814
Oct 99%
Sept 10514
JUDO
June
Oct
Aug
Oct
Apr
98
Aug
98
Oct
9851 June
92Oct
914 June
9931 Oct
June
105
Ma
108
10234 Aug
Jan
94
805-4 Aug
105% May
9414 Jun
Sep
99
9314 Sept
9834
97
10134
9554
102
101
1063,4
131
1044
1012.4
9334
107
9634
9931
99
Sent
Apr
Aug
June
Oct
Sept
Aug
Jan
Jan
June
June
June
Aug
Sept
June
0954
98
99
9714
9734
108
10134
10011
9734
98
10234
1014
99
94
9134
92
83
98
96
9834
94
105
11834
99%
100
10034
10834
1035(
10314
10134
994
1044
118
99
97
954
9854
90
109
102%
10 I si
10231
July
Sept
Sept
May
June
June
June
May
May
June
Aug
Jan
Oct
July
Oct
Jan
JULY
dune
Jan
Hein
Sept
Oct
Apr
Sept
Ma
Jun
Jan
Oct
mar
Jan
Aug
Jan
Mar
Oct
Mar
Aug
Apr
Apr
Oct
May
Jan
Jan
99
9934 137,000 99
Oct 9914 Oct
9414 95 319,000 9331 Oct 9534 Sept
10334 104
16,000 10154 Aug 104% May
9434
9431
9734
9931
105
9931
9711 9734
100
9451
9714
100
10511
9911
98
100
163,00
89
57,00
9714
42.00
95
27.000 10434
17,00
9754
73,000 96%
3,090 100
Mar
Aug
Mar
Oct
Jan
Jan
Oct
9554
99
1004
10731
10034
98%
10034
June
June
June
Jan
June
Apr
Oet
102% 102 102% 43,000 93
Jan 1024 July
103
102% 103% 4,000 10214 Oct 105% May
97
97
9714 19,000 91
June 99
July
9234
102
10134 10131
10115
10131
101%
100
10035 10034
100%
10031
100%
10031
101
100
101
100%
9635
0734
973-4
95
108
93
93
May
July
Aug
July
A..
Aug
Mar
Mar
Oct
Mar
Mar
Jan
Jan
934
19234
10314
10231
1021
4
102)4
10234
10234
11/234
10231
10234
10214
lO'234
103-
78,000
may
9734
Oct
003 000 9534 Sept 9914
101,000 96
Aug 100
2,000 10354 Jan 105
256.000 9114 Oct 9534
1.51,0o0 11)8
Oct 122
22.000 9031 May 101
Aug
Aug
May
Sept
Sept
Jan
91 % 97
3
97
9734
105
9434
103
9631
93
93
93
9534
973•1
9831
98
95
9731
9934 9911
10011 100
94
94
99
98%
9534
9834
98
953,4
93.11 63,000 84
102
1,000 101
10111 6.000 101
10114 2.000 101
10111
1,000 100%
102
5.000 100
100'
4.00;1 10034
10134 10.000 100
IGO% 3,000 10031
100% 4,000 10014
101
2,000 10014
101
8,000 10054
3,000 100
101
101
41,000 100 .
99
99
105
9531
111
97
9254
93 513.000
93
0.000
9334 93,000
Jan
90
91
Oct
91% Apr
12,000
114,000
56,000
7,000
37,000
23,000
100,000
5,000
20,000
500,000
9534 July
Feb
93
9831 Aug
Sept
98
9334 Sept
Ma/
96
Mar
94
9934 Jan
Rept
94
9431 Mar
96
99
9835
9314
9,514
97%
100
10031
9434
9931
9454
93% 9431 447,000
9231
9831
9734 9831 18,000
95
993.4 9834 9934
8931
8934 89
10734 1013.41073,4
98
96%
100
100 100
9731 97
971i
9234
18
164
1834
9214 97
16
18
1431 .17
1531 17
1434 16%
9834 99%
10134 1013-4 1015-4
Oct
Jun
Oct
June
Apr
Apr
Jan
Jan
Apr
May
Feb
May
May
Apr
Ant
Aug
9334 Sent
Oct
93
Oct
98(4
99
10154
10034
9714
9914
100
10154
913(
991(
Mar
Oct
Feb
Apr
May
July
Sent
Jan
Sept
Oct
9451 Oct
99)4 Sept
35,000 9634
144.000 87
4.000 10051
21,000 93
86.000 100
422,000 9534
Jan 100
May
Mar 10954
Mar 97(4
Au 10014
Sept 9154
Aug
May
Aug
Oct
495.000 9134
85,000 13
174,000 12
136.000 12
111.000 12
13,000 9234
36,000 101%
Au
97
Ma
18
Jun
17
June 17
Jun
17
Mar 994
Oct 1024
Oct
Oct
Feb
Feb
Feb
Sept
Jan
June
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. I Ex-righta
and bonus. v Ex-cash and stock dividends. so When Issued. a Ex-dividend.
V tux •rights. z Ex-stock dividend.
Snvestuunt and
2132
guiltoati philigenze.
-In the table which ELECTRIC railway and other public utility-gross and net.
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second week earnings with charges and surplus reported this week: AIN' I
-Gross Earnings- -NetWarnings-of October. The table covers 11 roads and shows 1.01%
Current it ,Previous
Previous
Current
Year.Aj& Year. I
increase in comparison with the same week last year.
Year.
Year.
1925.
Second Week of October.
1926.
Buffalo Rochester & Pittsburgh
Canadian National
Canadian Pacific
Georgia & Florida
Great Northern
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Texas & Pacific
Western Maryland
383.678
6.064.521
4.644.000
41.600
3,368.000
332.916
389.537
618.000
4,110.707
830.192
555.873
Increase. Decrease.
8
375.761
7.917
6.218.089
153.568
4.395.000 249,000
42.200
600
60,214
3,307.786
345.318
12,402
432.812
43.275
600.901
17.099
4,220.234
109,527
786.533
43.659
399.765 156.108
21.339.02421,124,399 533.997 319.372
214.625
Total (11 roads)
Net increase(1.01%)
In the table which follows we also complete our summary
of the earnings for the first week of October.
First Week of October.
1926.
1925.
Increase. Decrease.
Previously reported (11 roads)._ 21.925.029 22.091.231 344.202 510.404
127.484
18,794
108.690
Duluth South Shore & Atlantic
1.100
41.500
40.400
Georgia & Florida
743
5.186
5.929
Mineral Range
22,080,405 22.265,044 345,302
Total (14 roads)
Net decrease (0.82%)
529,941
184,639
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
ad week
4th week
lit week
2d week
ad week
4th week
lit week
2d week
lid week
4th week
lit week
25 week
rid week
4th week
1st week
2d week
June (15 roads).June (15 roads)-.-July 115 roads ____
July 15 roads).....
July 15 roads _ ___
July 15 roads)___.
Aug.(15 roads).....
Aug.(14 roads)._
Aug. (15 roads)._
Aug.(15 reads).Sept 115 roads)._
Sept. 15 roads __
Sept. 15 roads..__
Sept. 14 roads'__....
Oct. 14 roadsS__._
Oct. (11 roads,.___
Previous
Year.
$
19,039.129
25,593.738
18.862.723
18.873.507
19,558.751
28.153.394
19,791.756
23,509.600
20.284.661
29.857.268
19.862.065
21,117.872
22.446.081
31,049.598
22.080.405
21.339.024
$
17,158,394
23,231.988
17.481.987
17,888.208
18,149,032
26.762.794
18.665.206
22.158.613
19.377,682
28,327.016
19.068.090
21,681,685
22.403,299
30.220.186
22,265.044
21'124.399
Increase or
Decrease.
%
$
+1.880.735 10.96
+2.361.750 10.17
+1.380.736 7.90
+987.299 5.52
+1.409.719 7.82
+1.390.600 5.19
+1.126.550 6.03
+1,350.987 6.09
+906,979 4.68
+1.530.252 5.40
+793.975 2.99
-563.813 2.60
+42.782 0.01
+829.412 2.68
-184.639 0.82
+214.625 1.01
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country,with a total
mileage each month as stated in the footnote to the table.
dross Sarnia's.
path
1925.
1924.
Increase or
Decrease.
Net Earnings.
1925.
1924.
$
Sept-- 564.443,591 540,063.587 +24.381.007 177,242.895 159.216.004
Oct -- 590.161.046 571.576.038 +18.585.008 180.695,428 168,640,671
Nov-- 531,742.071 504.781.775 +26.960,296 148.157,616 131,381,847
Deo.- 523.041,764 504.450.580 +18.591,184 134.445,634 124,090.958
Increase or
Decrease.
+18,026,891
+12,054,757
+16,775.769
+10.354,676
1926.
1925.
1926.
1925.
+946.994
Jan -- 480.062.657 484.022.695 -3,960,038 102,270.877 101,323,883
Feb -_ 459.227.310454.198.055 +5.029.255 99.480.650 99,518.658
-38.008
March 528.906,183 485.236.559 +43.668,624 133.642.754 109,081.102 +24.561.652
April. 498.448,309 472.629.820 +25,818,489 114,685.151 102,920,855 +11,764.296
May - 516.467.480 487,952.182 +28.515.298 128,581.566 112,904,074 +15.677.492
June. 538.758.797 506.124.762 +32.634.035 149.492.478 130,920,696 +18,571,582
July._ 555.471,276 521.596.191 +33.875.085 161.070.612 139.644.601 +21.435.011
Aug- 577,791,746 553.933.904 +23.857.842 179.416,017 166.426.264 +12.989.753
-Percentage of increase or decrease in net for above months has been
Note.
1925-Sept., 11.32% Inc.: Oct.. 7.14% inc.; Nov., 12.77% Inc.: Dec., 3.69% Inc.
1926-Jan..0.93% Inc.: Feb., 0.04% dee March, 22.50% inc.; April, 11.93% Inc:.
May. 13.89% Inc.; June, 14.18% inc.: July, 15.35% Inc.: Aug., 7.86% inc.
In September the length of road covered was 236,752 miles in 1925, against
236,587 miles in 1924;in October,236,724 miles, against 236,564 miles; in November,
236,726 miles. against 235.917 miles; in December, 236.959 miles, against 236,057
miles: in January 1926, 236.944 miles, against 236,599 miles in 1925: in February,
236.839 miles, against 236,529 miles; in March, 236,774 miles. against 236.500 miles:
In April,236,518 miles. against 236,526 miles: in May,236.833 miles. against 236,858
miles; in June, 236,510 miles. against 236,243 miles: In July. 236,885 miles, against
235,348 miles; in August, 236,759 miles, against 236,092 miles.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Nei from Railway- -Net after Taxes
1926.
1925.
1925.
1926.
1926.
1925.
Chicago & Alton*371,030 *478,510
September- 2,800,586 2,754,192
*2,497,539 *3,132,099
From Jan 1.23,164,502 22,622,654
Lackawanna & Western
Delaware
*1,999,535 *817,598
September _ 8,011,759 6,151,225
*14,009,077*12,209,200
From Jan L65,331,665 65,153,228
Kan City So Ry (Lncl Texarkana es Ft Smith Ry)- 636,880
662,320
537.809
526,717
September _ 1,916,800 1,870,345
From Jan 1.16,555,793 15,658,806 5,691.723 4.748,572 4,568.854 3,753,574
Marie RyMinneap St Paul & SS
963,339 1,729,583
September _ 2,965,566 3,926,471 1,131,419 1,926.658
From Jan 1_19,730,552 20,775,069 4,481,601 5,338.839 3,079,022 3,893,499
Wisconsin Central Ry528.703
371,097
420,140
450,779
September _ 1,731,241 1,923,268
From Jan 1_15,078,877 15,212,897 3,276.226 3,733,022 2.523,865 2,888,975
Minn St Paul & S S M System
*1.182,036 *1,981,057
September _ 4,696,807 5,849,740
*4,683,555 *5,876,254
From Jan 1_34,809,429 35,987.967
Monongahela Connecting
44,201
24,294
14,678
54,641
September _ 202,420
166,292
364.058
239,237
192,979
From Jan 1_ 1,696,824 1,607,854
433,035
York Chicago & St Louis
New
*932.844 *1.224,928
September _ 4.851.370 4,808,329
*7,363,263 *7,841,873
From Jan 1_40,947,485 40,333,391
•After rents.
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
Companies.
$
Sept 1,104,978
Alabama Power Co
30____12,759,396
12 mos end Sept
BrazilianTr,L&PCo,LtdSept 3,412,431
29,447,035
9 mos end Sept 30
cAmerican Power & Lt--Sept 4.686,935
12 mos end Aug 31_ _ 57,248,546
cSouthwestern Pow &Lt_Aug 1,268,326
14,975,617
12 mos end Aug 31
$
$
$
1.164.540 *521.342'"*469,308
10,860.474 *6,099,640 S*5.079,625
2.846,091 1,911,351 - 1,514,288
22,119,851 16.802,431 '12,535.207
4,050,180 *1,986,254 *1,732,128
48.412.403*25,227,967*21,592,766
1,158,984 *618,326 *536,309
13.868,022 *7,250,489 *6,749,286.
*After taxes.
c Earnings of subsidiary companies only.
Balance,
Fixed
Gross
Net after
Surplus.
Charges.
Earnings.
Taxes.
Companies.
55,625
153,131
29.740
Sept '26
Bangor Hydro85.365
45,719
26,782
'25
137.806
Elec Co
72,501
546.958
331.328
878,286
12 mos end Sept 30 '26 1,673,300
512.755
313,628
'25 1,562,792
826.383
101,763
46,594
Sept '26
925.834 *148,357
Brooklyn City
123,444
61,317
'25
931,680 *184,761
RR Co
268.009
141.026
3 mos end Sept 30 '26 2.754.902 *409.035
321.473
178,524
'25 2,760.996 *499,997
485.985
652,224
Sept '26 3,671,448 *1.138,209
B-M-T System
482.513
654.939
'25 3,590.027 *1,137.462
3 mos end Sept 30 '26 11.673.905 *3,684.971 1,952,416 1.732,554
'25 11,228.732 *3.453,517 1.962,829 1,490,688
123.266
326.573
Sept '26
Central Illinois
'25
327.701
129,278
Light Co
467,549 1,167,934
12 mos end Sept 30 '26 4,112.438 1,635.483
515,487 1,094.763
25 3,832.426 1.610.250
58.254
140.602
430.318
182,348
Central Me Pow Co Sept'26
72.835
397.912
188,031
'25
160.866
System
12 mos end Sept 30 '26 5.028.703 2,152.698 11,025.928 1,126,770
900.311
'25 4,873,505 1.954.206 11,053.895
230.344 1,555.793Cities Service Co Sept '26 1.875,103 1,786.137
963.56
205.129
'25 1.231.068 1.168.690
12 mos end Sept 30 '26 23.029.845 22.127,307 2,625.526 19,501.781
'25 18,845.283 18.077.901 2,136,495 15,941,406
Sept '26 4.050.485 1.813.277
Commonwealth
'25 3.566.096 1.428,778
Power Corp
12 mos end Sept 30 '26 48.164.951 22,115.010 11.981.045 10.133.965
'25 42.267,753 18,271.282 10,769,494 7,501.788
949.976
Consumers Power Sept '26 2,023.654
'25 1,697.044
745.610
Co
12 mos end Sept 30 '26 23,330.227 11.241.687 2,642.224 8,599.463
'25 19.609,525 9,004.313 2,491,762 6.512,551
114,136
510,273
180,848
66,712
Aug '26
Federal Light &
90,812
'25
445,970
155.078
64,266
Traction Co
541,572 1,060,827
8 mos end Aug 31 '26 4,291,742 1,602399
897,720
'25 3,827.715 1,386,454
488.734
152,638
989.380
488.499
335,861
Hudson & Manh Sept '26
134,097
470,175
'25
969,704
336,078
9 mos end Sept 30 '26 9.071.250 4,453.988 3,022,147 1.431.841
'25 8.927.411 4,243.577 3.032,409 1,211,168
47,895
185.790
Illinois Power Co Sept '26
'25
55,971
191,334
427,490
387,087
814.577
12 mos end Sept 30 '26 2.586.172
345.117
'25 2,420.400
740.230
395,113
320.812
422,427
831,696
101,615
Kansas City Pow Sept '26
291,542
'25
102,353
786.805
393.895
& Light Co
12 mos end Sept 30 '26 10,631,540 5,556,206 1.245,806 4310,400
'25 9,978,734 5,119.615 1.153,308 3,966,307
59,825
Sept '26
10,095
c69.920
345,130
Massachusetts
52,060
c63.928
'25
319,388
11,868
Light Co
513,353
105.246
9 mos end Sept 30 '26 2,888.778 c618,599
384,694
205,282
'25 2,690,648 c589.976
816,696 *165,849
75,920
89.929
Market Street Ry Sept '26
'25
870,442 *238,561
82,987
155.574
Co
245,834
Sept '26 1,001.809
yNorthern Ohio
222,022
921,787
'25
Power Co
818,254
12 mos end Sept 30 '26 11,913,350 3,116,303 2.298,049
647,935
'25 11,201,245 2,823,160 2.175,225
58,437
139.068
Sept '26
Ohio Edison Co
45,619
113,584
'25
743,403
82,526
600,877
12 mos end Sept 30 '26 1.766,672
583,838
111.967' 471,841
25 1.503,059
34,258
75.275
15,951
18,307
Phila & Western Sept '26
75.676
35,529
15,925
19,604
'25
Ry Co
965.215
381,267
212,476
168,791
Portland Elec Pow Sept'26
876.338
345.724
'25
203,728
141,996
Co
12 naos end Sept 30 '26 11.526,632 4,597,691 2,475.495 2,122,196
'25 10,961,090 4,386,913 2,444,006 1,942,907
379.839
323.700
56,139
Republic Ry & Lt Sept 26 1,025,606
873.515
332.194
'25
292,456
39,738
Co and subs
12 mos end Sept 30 '26 12,302.583 5,019.442 3,638,591 1,380,851
'25 10.974,560 3,656,671 2,889,686
786,985
226.034
90.689
Southern Indiana Sept '26
210,010
'25
80,580
Gas & Elec Co
399,910
776.219
12 mos end Sept 30 '26 2.836,706 1,176,130
'25 2,636,433 1,035,448
413,141
622,307
992.435
Sept'26
447,532
Tenn Elec Pow Co
934.570
319.884
incl Nashv Ry & L Co '25
12 mos end Sept 30 '26 11.922,885 5,461.655 52.232,434 3,229,221
'25 10,959,238 4.873,490 52,186371 2,687.219
457.694
235.034
Washington Water Sept'26
60,268
174,766
513,964
'25
312,827
Power Co
64.557
248.270
9 mos end Sept 30 '26 4,446,688 2,574.923
414,658 2,159,365
'25 4,186,363 2,463,754
513,058 1.950396
* Includes other income.
4.rt"
Includes guaranteed dividends on stock of subsidiary companies.
X Includes dividends on Nashville Ry. & Lt. Co. Prof. stock not owned
by the Tennessee Electric Co.
y Fixed charges prior to Feb. 1 1925 have been computed for comparative
purposes to include interest of the Northern Ohio Power Co, for expired
periods of 1925 and include interest charges and dividends on outstanding
preferred stock of subsidiary companies
FINANCIAL REPORTS
Marland Oil Company.
(Results for Nine Months Ended Sept. 30 1926.)
President E. W.Marland Oct. 21 reports in brief.
Net income before capital extinguishrnents for the 9 months ended
Sept. 30 1926 was 819,208,641. compared with 818.563.232 for the corresponding period last year, and net income after capital extinguishment/I
was 213.719,970, against 813.690,029 for the corresponding months of 1925.
0 o do
0
During the first 9 months0f tbs current year the company has expended
Iggo
aXtigrtrl s 23000 00
z o $3 , :
3.
expenTiedtholyporpgatziyaacndcolutni:
0
000 000 will be
during the
di
entire year of 1926.
The results of these expenditures have been reflected to only a very small
degree in the earnings for the first 9 months of the year. but will be more
fully realized next year and thereafter. It is pertinent to point out, however, that the company's production of crude oil has increased from about
27,000 barrels per day in June to over 50.000 barrels per day at the present
time.
OCT. 23 1926.]
of Texas
pt The'companyhas proven up valuable properties in the States extended
been
and California for future development. Our pipe lines have operating cato handle the Texas production, while all of the company's
gasoline, retail
riy, including refining, manufacturing of casinghead
cit
bution of refined products, as well as crude oil purchasing and marketing facilities, have been largely increased.
RESULTS FOR 3 AND 9 MONTHS ENDED SEPT. 31.
-Quarter Ended--Nine Months EndedSept. 30 .26. Sept. 30'25. Sept. 30'26. Sept. 30 '25.
Period$18,491,321 $17,900.261 $55,530.862 $51.730.087
Gross earnings
Oper. & admin. expenses 14,090 099 13.200.947 43.831.980 38.657.658
$4,401,222 $4.699,314 511,698 882 $13,072,429
Net earnings
6.604.463
7,578.502
2.857.563
3.451.351
Other income
$7,852,573 $7.556.877 $19,277.384 $19.676,892
Gross income
1,113.660
68.743
418.948
57.277
Interest, &c
1,048.625
746,503
283.576
244.121
Wells& leases abandoned
2.035.768
2,773.602
717.419
Depreciation reserve_ _ _ _ 1,106,080
1,788.810
1.968.566
717,276
576.542
Depletion reserve
$5.868.553 $5.419,658 $13,719.970 $13.690.029
It Net income
2,695,594
5.727.617
1.405.041
1.920,930
Dividends paid
$3,947,623 $44.014,617 $7,992,353 $10.994,435
Balance, surplus
It is estimated that the Federal income taxes for the nine months ended
Sept. 30 1926 will amount to $730,000.
CONDENSED CONSOL. BALANCE SHEET(CO. & SUBS.).
Sept. 30'26.Dee. 31 '25
Sept.30'28.Dec.31 '25.
$
$
illr Assetsx74,193,498 57,818,595 yGapital and surFixed assets
98,496,497 88,897,186
plus equity
Invs. & advances_12,109,714 12,439,819
120,308
21,491
Deferred charges- 1,779.577 1,432,958 Minority interests
875,000
3.352,171 3.999,108 Res. for Fed. taxes 513.583
Cash
13,000,000
1.000,000 Bills payable
U.S. Treas. Ws_
5.578,227 2,834,888
Bills & awls rec__ 8,819,032 5,588,823 Acels payable
275,051
10,451,943 4,573.818 Misc. accr. Items. 369,800
Crude oil
Refined products_ 5,288,427 3,970,855
Malls & supplies_ 3,954,303 1.784,872
48,935
214,381
Misc. accr. items-
gt
r
2133
THE CHRONICLE
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
-Increase,
Pennsylvania RR. Advances Shopmen's Wages 3 Cents per Hour.
effective Oct. 16, affected around 43,000 mechanics, helpers and apprentices. New York "Times" Oct. 21. p. 35.
-Class I railroads on Sept. 30 had 114.730 surplus freight
Surplus Cars.
cars in good repair and immediately available for service, according to
reports filed by the carriers with the Car Service Division of the American
Railway Association. This was a decrease of 9,412 cars compared with
Sept. 23, it which time there were 124,142 cars. Surplus coal cars in
good repair on Sept. 30 totaled 27,519, a decrease of 2.686 within approximately a week while surplus box cars totaled 62,202, a decrease of 5,274
cars during the same period. Reports also showed 12.274 surplus stock
cars, an increase of 73 cars above the number reported on Sept. 23. while
surplus refrigerator cars totaled 6,348. a decrease of 1,655 cars within the
same previous period. •
Class I railroads on Oct. 8 had 100,069- surplus freight cars in good
repair and immediately available for service, a decrease of 14,661 cars.
compared with Sept. 30, at which time there were 114.730 cars. Surplus
coal cars in good repair on Oct. 8 totaled 20,194. a decrease of 7,325 within
approximately a week, while surplus box cm totaled 55.367. a decrease of
6,8.35 cars during the same period. Reports also showed 12,408 surplus
stock cars, an increase of 134 cars above the number reported on Sept. 30.
while surplus refrigerator cars totaled 5.415. a decrease of 933 cars within
the same previous period.
Matters Covered in "Chronicle" Oct. 16.-(a) Gross and net earnings of
United States roads for month of August. p. 1927. (b) Revenue freight
loading still at high figures, p. 1933. (e) The Lisman plan for the solution
of Chicago's transportation problem, p. 1956. (d) Canadian Grand Trunk
settlement, p. 1957.
-Stock Offered Employees.
Boston & Maine RR.
The company announces that a plan has been adopted by the directors
whereby employees who have been continuously in the service of the road
will have the privilege, until Nov. 10, of purchasing,
since July 1 19
under an installment plan, a limited number of shares of the new 7%
117,977,598 92,802,429 prior preference stock. Subscriptions may be made at par ($100) for
Total
117,977,598 92,802,429 Total
from one to ten shares. During the installment period the company allows
x After deduction, depletion and depreciation amounting to $24,513,889. employees interest at the rate of 7% per annum.
-V. 123, p. 1870.
y Net equity, represented by 1,895.103 10-20 shares Dec. 31 1925:
1.926,465 14-20 shares Sept. 30 1926.-V. 123. P. 1884-Construction of Line.
Chesapeake & Hocking Ry. Co.
-S. C. Commission on Oct. 19 issued a certificate authorizing the
The I.
Interborough Rapid Transit Company.
company to construct a line of railroad in Pike, Ross, Pickaway and Franklin Counties, Ohio. The report of the Commission says in part:
(Annual Report
-Year Ended June 30 1926.)
The Chesapeake & Hocking Ry. Co., a corporation organized for the
STATEMENT OF OPERATIONS FOR YEARS ENDING JUNE 30. purpose of engaging in inter-State commerce by railroad, on Oct. 1 1926,
filed an application under paragraph (18) of section 1 of the inter-State
1922-23.
1923-24.
1924-25.
1925-26.
115.28 commerce act for a certificate that the present and future public convenince
114.79
114.79
Miles of road June 30_-115.67
374.36 and necessity require the construction by it of a line of railroad extending
.378.68
382.96
Miles of track June 30385.85
Passengers carried--1:130.484.647 1,089544225 1.074343243 1.025175131 from a connection with the railroad of the Chesapeake & Ohio Ry. at or
with the railroad
Gross oper. revenue_ _ _561.708.814 $58,418,991 $57.773.775 $55,559.436 near Gregg in a general northerly direction to a connection
a distance of approxiOperating expenses
s33.540.813 33.088.385 M.841,415 34,392.509 of the Hocking Valley Ry.at or near Valley Crossing,
Franklin Counties, Ohio.
3.350.783 3.299,590 2.763.530 2.662.311 mately 63 miles, in Pike, Ross, Pickaway, andstock ownership. No repTaxes
The Chesapeake controls the Hocking through
11.141
Operating income_..._524,817.219 522.031.016 $21.168.831 $18.504,617 resentations have been made by State authorities and no objection to the
573.850 granting of the application has been presented to us.
402.763
Other income
276.980
292.200
In F. I). No.4643 the New York Chicago & St. Louis Ry. Co. applied for
and necessity required the conGross income
525.094,198 122.323.216 $21,571,593 519.078.467 a certificate that the public convenience it. In Nickel Plate Unification,
2.644.905 2.610.999 2,584,035 struction and operation of this line by record was convincing that the
Int. & s. f. on city bonds 2.655.186
105 I. C. C. 425, 449, we said that the
Int. on co. 1st & ref.. s_ 8.074.067 8.070,962 8.066.992 8.032.090
2.136.051 construction of the proposed new line was necessary to take care of the
b S .f. on co. 1st & ref.5s 2,453,753
2.217,080 2.170.556
1,627.320 growing traffic of the Chesapeake: that most of the preliminary work had
1.627.320
Int.on Man. Ry.con.4s 1,627.320
1.627.320
was amply able to finance the
1,710.000 been done by the Chesapeake: and that itto be an
Div.rental Man. Ry.etk 3,066,486 3.065.310 2.723,877
essential part of the
line was
Other interest, &c
3.792.346 3.550,852 3.300,672 3,120.766 construction. As the proposed denied without prejudice to resubmission
Chesapeake the application was
the Chesapeake. On Sept.
Total deductions
$21,669,158 $21.176.429 $20.500.416 $19,210,262 by be incorporated in Ohio to24 1926 the Chesapeake caused the applicant
construct the proposed line. The application
Net income
$3,425,040 $1,146.787 51.071.177 def$131.795 to
437,198 recitesthat the Chesapeake will acquire all of the applicant's capital stock
a Accruals
1,430,203
981.346
1.492,296
except directors' qualifying shares, and will control and operate its railroad
Balance
sur$2.443.695 def$345,508 def$359.026 def$568.992 under a lease or such other operating arrangements as may be approved by
a From the commencement of operations under Contract No. 3 and the us.
The Chesapeake has filed an intervening petition in which it adopts and
related certificates, respectively, it has been the practice to include in all
of
reports of operating expenses 14% of the gross operating revenue upon the concurs in all of the statements made in the application. The boardthe
ManhattanDivision and 17% on the Subway Division to cover maintenance directors of the Chesapeake has adopted resolutions providing that
depreciation. These are the percentages fixed for the first year of Chesapeake, subject to our approval, shall acquire all of the applicant's
and
operation in each case. Negotiations have been pending between the capital stock, except directors qualifying shares, Red shall advance to the
company and the CoMmission ever since the end Of the first year to deter- applicant the funds necessary to construct its proposed line, to an aggregate
mine what, if any. changes in these percentages should be made for subse- amount not exceeding 512.500.000.
More than 63% of the revenue coal tonnage of the Chesapeake moves
quent years. Prior to July 1 1923 the amount expended in excess of 14%
upon the Manhattan Division was approximately offset by the amount to its western connections via Cincineinnati and Columbus. The route to
Columbus, opened in 1917, now carries the major part of this westbound
under 17% expended upon the Subway Division, but during the current
year the net expenditures of both divisions were considerably in excess of coal traffic. Coal delivered to connections at Columbus has increased
the tentative percentages provided for the first year. The net expendi- from 4,525,492 tons in 1918 to 19.033.620 tons in 1925. The applicant
tures for maintenance in excess of the amounts therefor, included in "oper- represents that provision must be made to handle 25.000,000 tons a year
sting expenses," are shown hereinabove as "maintenance expenditures in through Columbus within the next five years. The heavy increase in
the Chesapeake's westbound coal traffic is claimed to be due to the developexcess of contractual provisions.'•
b Under the plan ofreadjustment, payment of the sinking fund is deferred ment of the high volatile coal on its lines In West Virginia and Kentucky,
until July 1 1926 on condition that, prior to that date, an amount equal to for which there is a constantly increasing demand. It is expected that
the deferred sinking fund be expended on additions or improvements to the nearly all of the traffic of the proposed line will originate at and be destined
to points beyond its termini, and that coal and coke will constitute 85%
property.
of its tonnage.
RESULTS BY DIVISIONS FOR YEARS ENDED JUNE 30.
Between Waverly, near Gregg, and Valley Crossing, the Chesapeake
1925
operates over the double-track line of the Norfolk & Western Ry. From
1926Subway
Manh. Ry.
Valley Crossing to Parsons Yard, Columbus, 2.9 miles, the Chesapeake
Manh. Ry.
Subway
Division.
Division.
operates over the tracks of the Hocking. The Hocking operates a line
Year Ended June 30- Division.
Division.
Passengers carried
346.204.574 784.280.073 352.723.553 736.820.672 from Parsons Yard to Toledo. Ohio. The Chesapeake is connected with
966.366
2.018.687 its subsidiary, the Hocking, by trackage rights over the Norfolk's line.
2.148.712
Daily aver, pass. carried
948.506
The Norfolk has served notice on the Chesapeake terminating the trackRev. from transporta'n_517.310,229 539.214.004 517.636.178 $36.841.034
Other street ry. op. rev_ 1,754.937
1.352.200 2.589.580 age contract on Sept. 16 1927. The trackage agreement provides that the
3.429.645
Norfolk may limit the number of cars handled by the Chesapeake as may be
Gross oper. revenue_ _519.065.166 542.643.649 $18,988.378 539.430.613 necessary to prevent interference with its own traffic, with the proviso that
Maint. of way & struc__ 51.254.488 52,827,274 51.196.268 53.016.442 the limit fixed shall not be less than 600 cars dell, in each direction. The
Maint. of equipment.._ 1,414.635
1,462.105 3.686.762 contract gives the Norfolk the right to embargo trains or cars of the Chesa4,422.146
1.123
Traffic
2.174 peake if, for any reason, the Chesapeake fails to take its locomotives, trains,
277
278
Transportation expenses 7.571.049 13.0°4.058
7.769.284 12.884.489 or cars off the Norfolk's line immediately upon arrival at Valley Crossing,
General expenses
1.079.157
1,990.582 or if congestion of the Norfolk's facilities is caused by engine or car failures
1.963.405
1,063.202
of the Chesapeake. or the suspension or =reasonable delay in the movement
Total oper. expenses_ 311.303,652 $22,237.161 511.507.937 521.580,449 of that company's trains.
The applicant represents that these restrictions have limited Its westNet operating revenue__ 7.761.514 20.406.488 7.480.441 17.850.165
2.464.188
835.401 bound business, and will become increasingly onerous with the growth of
915,278
2.435,505
Taxes
Its traffic: that the Chesapeake is now limited to a maximum of 14 trains
Income from operation $5.326.009 $19.491.210 $55.016.252 $17.014,763 or approximately 1,400 cars a day; that it must be prepared to handle 2.000.
Noe-operating income__
78.608
213.592 cars a day within the next few years. without restriction or delay. and that
84.960
192.019
if the trackage contract were renewed it would be impossbile to handle the
Gross income
$5.410.969 $19,683.229 $5,094,861 517.228.356 expected traffic over the Norfolk's line.
It is claimed that the diversion of the Chesapeake's traffic to the pro2.644,905
2,655.186
Int.&sk.fd. on city bds.
posed new line will save in the cost of train and car service alone about
Int.on 1. R.T.Co.1st&
1.442.139 6.628.823 6% on the estimated construction cost, in addition to the rental now paid
ref. mtge.5% bonds_ _ 1.445,244 6.628.823
to the Norfolk. These estimated savings do not include any allowance
Sk.fd. I. K.T.Co. let &
570.995
631.949
1,646.085 for a reduction in expenses to be effected by the operation of the line as a
refunding 58
1.821.804
1.084,362
1,291.500 component part of the Chesapeake's system.
1,290.617
1,088.456
Int. on 7% notes
Th it pplitm ut one yea
381.449 plete e ai n acant plans torbegin construction work immediately and to com504,999
16,724
21.900
Int. on 10-yr.6% notes.
291.322
169.423
Int. on equip. tr. ctfs_ _
The applicant expects to finance the construction cost (1) from the
Int. on Manh. Ry. cons.
1,627,320
proceeds of the sale of its capital stock and from funds loaned and advanced
1,627.320
mtge. 4% bonds
to it by the Chesapeake; or (2) by the issue of its bonds secured by a mortInt. on Manh. Ry. 2d
180.920
gage on its proposed new line; or(3) by the issue of such other securities as
180,920
mtge. 4% bonds
may be decided upon at the time required. If funds are loaned or ad50.000
50.000
Man. Ry.rental (organ.)
vanced by the Chesapeake for construction purposes, the Chesapeake's
Div. rental on Man. Ry.
3.065.310
treasury later will be reimbursed therefore by the issue of such securities of
3,066.486
Co. stock
48.800
48.800 the applicant as may then be decided upon.
Int. on inv, of deer. res_
Our certificate herein will be issued upon the express conditions (a) that
21.529
41.539
27,772
65.733
Int. on unfunded debt
days from the date of said certificate, shall file
216.605
5.567
23,806 the Chesapeake, within
240.453
Other rent deductions
with UB its application under paragraph (2) of section 5 of the act for authordeductions- $8.380.500 513.288.658 58.275.905 $12.900.524 ity to acquire control by lease of the line proposed to be constructed by the
Total inc.
$8,394,571d1$3.181.044 54,327,831 applicant; (b) that the applicant, within said 30 days. shall file its applies,
Net corporate income_def$2,969.531
lion under section 204 of the act for authority to issue its capital stock:
Maint. expend. in excess
1.352.714
139.582 and (e) that the Chesapeake. within 30 days after the entry by Ire of an
cr175.002
of contrac'l provisions 1.156.348
order authorizing the aplicant to issue capital stock,shall file an application
def$4.125.878 $6,569,573df$4,533,758 54.188.250 under paragraph (2) of section 5 of the act for authority to acquire control
Balance
of the applicant by the purchase of such capital stock.
-V.123. v. 1870.
-V.123. P. 1634.
80
2134
THE CHRONICLE
Erie RR.
-Abandons Part-of Branch.
-
The
C. Commission on Oct. 12 issued a certificate authorizing the
Buffalo Bradford & Pittsburgh RR.and the Erie RR. to abandon that part
of the so-called West Branch of the Bradford company between a point 1.56
miles from the beginning of said branch at Bradford, Pa., and the end of
said branch at Nusbaum. Pa., a distance of 3.68 miles, all in McKean
County,Pa.
-V.123, p. 1500. 1379.
Gulf Mobile & Northern RR.
-No Consolidation Negotiations.President Tigrett says: "Our earnings this year will run just a little
better than in 1925. [Last year the road earned $11 37 a share ors$S1,413,400 preferred stock.]
-In the first 9 months of 1926 we did slightly better than in the corresponding 1925 period, but the last 3 months for this year will probably
not be any better than were last year.
"No consolidation negotiations concerning the Gulf Mobile & Northern
RR. are now going on.
-V. 123, p. 978, 839.
•
Hudson River Connecting RR.
-Lease.
See New York Central RR. below.
-V. 119, p. 2407.
Illinois Central RR.-ValuaVon Hearing.
-
The I.
-S. C. Commission's hearing on the tentative valuation reports
for this company and subsidiaries has been postponed from Oct. 18 to
Oct. 25. It will be held before Examiner Fowler.
-V.123, p. 1994, 1871.
Georgia & Florida Ry.-Reorganization Plan.
-A plan of
reorganization has been prepared and approved by the first
mortgage 5% 50
-year bondholders' committee, pursuant to
the deposit agreement for such bonds dated Feb. 1 1916,
under which there has been deposited more than $5,000,000
of the 1st mtge. bonds out of a total outstanding of $6,200,000. Bondholders entitled to participate in the plan who
have not as yet deposited their bonds may become parties to
the plan by depositing their bonds on or before Nov. 18:
(1)As to Georgia & Florida 1st mtge.5s wi h Baltimore Trust
Co., depository, or Central Union Trust Co., New York,
or Richmond (Va.) Trust Co., agents of depository; (2) as
to Miller & Southwestern bonds and Georgia & Florida
Terminal bonds wiih Richmond Trust Co.,depository. Holders of certificates of deposit who dissent from the plan have
until Nov. 18 to withdraw.
First Mtge. 5% Bondholders' Committee.
-Franklin Q. Brown, Chairman,
[Vox.. 123.
Proposed Capitalization, Bonded L'ebt and Interest Charges of ,vew Company.
[Mileage now owned and operated (Including Statesboro Branch, operated separately but excluding Greenwood extension)
-444 miles.]
System Fixed Int.
Charges
Debt
Principal. per Mile. per An.
mtge. 20-yr. 6% bonds (to be sold to
1st
bankers)
$1.500.000 $3,378 $90,000
1st mtge. 67 bonds (to be exchanged at par
for $200,000 terminal bonds and $200.000
M. & 13 W. old bonds, or sold to retire
such bonds)
24,000
901
400,000
U. S. Govt. loan (tcrbb secured by additional
1st mtge.6% bonds)
a792,000
1.783 b47,520
Total mortgage bonds and U. S. loan (to
be based on about 444 miles)
$2,692,000 $6,062 $161,520
Equipment obligations, 5%
37,500
750,000
Totat fixed interest obligations (exclusive
of Greenwood extension)
$199,020
$3,442,000
1st mtge. 6% bonds (to be solo to bankers
and proceech held in trust and used for construction Greenwood eaten., about 56 m.)- 2.300.000 e99,984
138.000
Total fixeo interest obligations (inclusive of
56-nile Greenwood exten.), to be based
on total mileage of about 500 miles
$337.020
$5,742.000
Non-mtge. income 6% debens. (cumul. after
completion of Greenwood line)
$1,500,000
Preferred stock, 6% (red. at 110 and divs.),
not exceeding
9,000,000
Common stock (no par value), not exceeding 100.000 shs.
a To be secured by $800,000 let mtge.6% bonds. b if a bill before the
U. S. Senate and favorably reported by committee is enacted, the interest
on the U.S.loan, now 6%,or $47,520. may be reduced to 43i%.or $33,660.
c Total 1st mtge. 6s and U. S. loan per mile.
Reduction of Debt and Fixed Interest Charges.
-New Company
Exclusive of Inclusive of
Old
Greenwood Greenwood
Company. Extension. Extension.
Total fixed interest debt
$11,692.000 $3,442,000 $5,742,000
Reduction of prin. of fixed int. debt,
comparing new co. incl. of Greenwood extension with the old co.._ - 5.950,000
The annual fixed interest charges, omitting the overdue interest coupons.
outstanding,on which interest is accruing, will be be as follows:
-New Company
Exclusive of Inclusive of
Old
Greenwood Greenwood
Company. Extension. Extension.
Total annual fixed interest charges--- $642.020
$337,020
8199.020
Net reduction of interest
443,000
305,000
.
Net Reduction of Indebtedness Under Reorganization Plan.'
Principal of old interest-bearing debt
811.692,000
Overuue coupons and interest on same
7.708.307
Other indebtedness of receivership and old corp. (approx.)
1.000,000
New York; R. Lancaster Williams (Chairman executive comnittee of
bondholders' committee). Baltimore. Md.: Herman B. Baruch. Robert
W. Daniel, Wm. V. Griffin, H. C. Huffer Jr., New York; John F. Lewis,
Valdosta. Ga.; Wm. G. McAdoo. Los Angeles, Calif.; J. Wm. Middendorf,
Baltimore, Md.; Francis H. Weston, Columbia, S. C.; William H. Woodin,
New York; John Skelton Williams, Richmond, Va., with W. R. Sullivan,
Sec. of committee, 31 Pine St., New York, and McAdoo, Neblett & O'Connor. Los Angeles. Calif., and Munford, Hunton, Williams & Anderson,
Total indebtedness of receivership and old corp. (approx.)-420.400,307
Richmond. Va., counsel.
of new corporation:
All communications should be addressed to J. J. Connell, Secretary, Proposeu debt debt, incl. 1st mtge. bond'
Fixed interest
equipment trusts
executive committee of bondholders' committee, 629 East Main St., Richand U. S. loan
$5.742.000
mond, Va.
-Income 6% debenture bonds
Non-fixed interest debt
1,500.000
An introductory statement to the plan says in substance:
Mileage.
-The road extends in a general north and south direction from
Augusta, Ga., to Madison. Fla., with branches to TenniIle, Millen, Relee
and Moultrie. The mileage is as follows:
(1) Owned and operated: Augusta. Ga., to Madison, Fla., with
branches to Tennilie, Millen. Relee and Moultrie. Ga., about_ A04 miles
(2) Controlled by Georgia & Florida By. through stock ownership,
and also leased to Georgia & Florida By.; Statesboro to Stevens
Crossing, Ga.,about
40 miles
(3) Proposed extension: Augusta, Ga., to Greenwood, So. Car__
56 miles
Total mileage on completion of Greenwood line, about
500 mile
The railway also owns second tracks, sidings and industrial tracks aggregating more than 60 miles additional.
An essential feature of the proposed reorganization is the immediate construction of an extension from Augusta. Ga. northwardly to Greenwood.
So. Caro., a distance of approximately 56 miles. This extension has been
'
strongly recommended by several well qualified experts who have investigated and reported upon the property, Including Messrs. Coverdale & Colpitts, consulting engineers, of N. Y. City, who in a report to the bondholders' committee dated May 20 1925 said:
The proposed extension will, in our judgment, change the whole character of the Georgia & Florida By.from a purely local line to a line forming
an important link in new through routes between southern Georgia and
Florida on the south and the Piedmont district and the commercial and
industrial centers on the north; this development depending in part upon
the good-will and co-operation of those existing lines in Greenwood which
.
have no through routes at this time into southern Georgia and Florida
points via Greenwood.'
-Company was incorporated in Georgia on July 7 1906. On
History.
Nov. 1 1913 the railway defaulted in the payment of the interest due upon
-year gold bonds, and during the World War three
its 1st mtge. 5% 50
receivers were appointed on March 27 1915 by the Superior Court of Richmond County. Ga.
On July 8 1921. 16 months after the return of the railroad by the U. S.
RR. Administration, John Skelton Williams, of Richmond, Va., was atpointed sole receiver, and as such has since that time had charge of the
property. Under the receivership the railroad has been greatly Improved.
The position of the property was strengthened by the purchase of the
Augusta Southern RR.,from Augusta,Ga.,to Tennille. Ga.,82 miles, which
was acquired on favorable terms and conveyed by dead Oct. 311919. This
purchase gave the road ownership of its entrance into Augusta from Keysville. 26 miles south, which had been used previously under a trackage
arrangement. Early in 1924 the receiver, with the approval of the Court.
acquired the entire capital stock (except directors' qualifying shares) and
also leased the property of the Statesboro Northern By.. extending from
Stevens Crossing, on the main line near Midville, southeastwardly about
40 miles to Statesboro. Ga.
-The business of the company is steadily expanding.
Present Conditions.
Its earnings for the past 12 months to Aug. 31 1926, both gross and net,
are the largest ever shown for any corresponding 12 months' period. The
physical condition of the railway has been greatly improved under its
present management.
Digest of Reorganization Plan Dated Oct. 18 1926.
Capitalization, Bonded Debt & Interest Charges of Old Co. and Receivership.
Fixed Int.
Charges
Principal. Per Ann.
$6,200.000 $310,000
Georgia & Florida Ry. 1st mtge.5% bonds
200,000
10,000
Millen & Southwestern 5% 1st mtge. bonus
200,000
12,000
Georgia & Florida Term. Co.6% 1st mtge. bonds......
100,000
6.000
Statesboro Northern By.6% 1st mtge. bonds
2,000.000
120.000
Georgia & Florida By.6% gen. mtge. bonds
1,200.000
84 GOO
Receivers' certificates
a792,000
U.S. Government loan
47,520
750,000
37,500
Equipment obligations.5%
250,000
Short-term notes,6%
15,000
3.500.000
Preferred stock (par 10()
Common stock (par 100)
5,250.000
a Secured by $800,000 principal amount of receiver's certificates.
In addition to the above debt of the railway, there is due and owing aeof
Nov. 1 1926:
One and unpaid coupons on old 1st M.bonds from May 1 1913
$4,178.784
1,337,312
Interest due on such coupe..s at 5% to Nov. 1 1926
Due and unpaid COUPOnS of old gen. mtge. bonds from Feb. 1
1913 to Nov. 1 196
1,650,000
Interest due on such coupons at 5% to Nov. 1 1926
542,211
Net reduction in Indebtedness, after providing $3,420,000
fresh CaS11 for tidal property, hid. the 56
-mile extension to
to ureenwood, $2,070,000; for new equipment, $1,000,000;
rebuilning freight cars, $100,000, and *250,000 for working capital
.$13,158,307
Earnings.
Since the present management took charge of the property in July 1921,
the road's earnings, both gross and net, have increased neavily.
For the 12 months ending June 30 1922 the gross operating revenues of
the railway on 404 miles operated amounted to $1,366,379. For the 12
months enoing June 30 1924 they reached $1,782,384. and for the 12 months
ending Aug. 31 1926 its gross operating revenue, on the same mileage,
amounten to $2,080,780, an increase over the 12 months to June 30 1922 of
$714,401, or more than 52%.
Net operating revenues after payment of operating expenses for each calendar year from 1922 to the present time have snown a material increase'
over the preceding year: 1922, $245,864; 1923, $428.738; 1924, $455,196;
1925. $551,786; 12 months ending Aug. 31 1926. $629,754.
The net operating income of tne Georgia & Florida By. before interest
and car hire for the 12 months ending Aug. 31 1926 amounted ot $1,360
per mile on 404 miles (exclusive of 40-mile Statesboro branch), or $549,595.
It is thus seen that the net income before interest and car hire for the
past 12 months has amounted to more than 2.7 times the proposed fixed
interest charges after reorganization, exclusive of bonds to be Issued to
hullo the Greenwood line.
For the 12 months to Aug. 311926. the road's net income after operating
expenses, taxes and all other charges, inducting $227,759 or ear hire, was
$321,836. This is more than 1.6 times tile total proposed fixed interest
Charges under the penning plan, inducting interest on cost of $1,000.000
worth of new freight cars, but not on the new Greenwood extension. The
Greenwooa line is expected to result in adding, directly and indirectly, to
the net income of the entire system several times the interest on its cost,
and the new cars ordered, and the rebuilaing of cars now.out of order, cost
gex
of which is providea for in this reorganization plan. are es neggeatcng mlnt t;
d sii eligreatl
substantially, if not entirely, the present car hire char
the rona's net income.
After deducting from the road's actual net Income, before interest and car
hire for 12 months ending Aug. 31 1926 the proposed fixed interest charges
shown above of $199.020, including all fixed interest charges involved in the
purchase of $1,000,000 worth of new freight cars, soon to be delivered,
but not including interest on the new bonds to be issued to build to Greenwood, the balance remaining of $350,575 is equal to almost 4 times the interest on the proposed new issue of $1,500,000 of income bonds.
Cash to Be Presently Raised for the Reorganization.
The cash to be raised in reorganization by the sale to bankers of$3,800,000
new 1st mtge.6% bonds (proceeds of $2.300,000 of said bonds to be set aside
to cover construction of.Greenwood extension) and certain common stock,
and $750,000 5% car trust certificates, by sale to old bondholders or underwriters of $1,500,000 debenture income 6% bonds, and certain preferred
and common stock, is about $5.663,000.
Bankers have agreed to buy 8400.000 additional 1st mtge. bonds or such
portion thereof as may be sold to acquire old divisional bonds not exchanged.
Disposition of the Funds Which Are to Be Provided.
It is proposed that the funds now to be raised shall be applied to the following and such other and further uses as may be determined by the committee or by the new company:
Retire $1,200.000 receiver's certificates
a$1,200,000
Retire Statesboro Branch bonds
610000;000
00o
Retire miscellaneous debts of receivership
5s to reduce amt. outstanding to $6.000.000._
Cost of old 1st M.
100,000
Cash retained for construction Greenwood line
2,070,000
Cash for purchase new equipment
1,000.000
Cash for rebuilding freight cars
100,000
Cash for working capital
250.000
Cash for general purposes, receivership and reorganization expenses, preparation of new securities, Court charges, legal
fees, &c--------------------------243,00
a The $800,000 receiver's certificates now held by U. S. Government as
security for its loan of $792,000 are to be canceled, and new 1st mtge. bonds
pledged in lieu thereof and loan extended with right of redemption.
New Company.
All of the properties and rights of Georgia & Florida By. and of the receiver are about to be sold (Nov. 1) under judicial decree of the Superior
Court of Richmond County, Ga.
There has been organized in Georgia the Georgia & Florida Railroad,
with necessary powers to acquire and operate a railroad or railroads, and it
be authorized to do business under_the
ts proposed that such company
OCT. 23 1926.]
THE CHRONICLE
laws of the State of )p,';- Jda, and that such company, either directly or
through the organism. fed another corporation, will also be authorized to
do business in the Stzte South Carolina. It is planned to have the new
,
company purchase a' „
011he properties of the existing Georgia & Florida
Ry. and of the recei, e 'And also to construct the proposed new line of
`
railroad from August(er e1 to Greenwood, S. C.
o
ree''"'eit of Deposited Securities.
Holders of bonds
described below (or certificates of deposit
therefor) who shall c the cemplled with the conditions of the plan, will,
r,..„n
on completion of t4
reel' the Mowing
'
(1) Georgia &
4 — Ization• Mor ge 5% 50-Year Gold Bond.s:
figiteay First
It is contemplat4 that, growth acquis op by the committee or otherwise (the actual coot thereof to. tie included in the eworganization expenses)
the amount of 1st pntge. 5% 50-yean• • gold bonds of Georgia & Florida Ry.
issued and outstanding will bp reauced to $6,000,000.
The holders of such portion of the $6,000,000 bonds as have deposited or
shall deposit the sans
the bondholders' committee are invited to
furnish funds required In with reorganization at the rate of 25% of the printhe
cipal amount of such old -bonds, or a total of $1,500,000, on the following
basis:
Each holder of a deposit certificate for $1,000 of such bonds, with coupon
maturing Nov. 1 1913. and subsequent coupons, whether serially related
thereto or not (or cash for missing coupons), or certificate of deposit therefor, paying his Pro rata part of such 31.500,000, namely. $250 for each
$1.000 old bond deposited, will receive the following securities in the new
company (represented as to preferred and common stock by voting trust
certificates):
(a) $250 of non-mortgage 6% income debentures;(b) $1,400 6% Preferred
stock:'and (c) 12 shares of non-par value common stock.
The underwriting of the foregoing securities to provide such $1,500,000
cash is contemplated as a part of Um reorganization plan.
Each holder of deposit certificates for $1,000 of such old bonds, accompanied by coupon maturing Nov.
subsequent coupons, whether
serially related thereto or not (or 1 1913 and
for missing coupons), or certificate
of derosit therefor, electing not to cashhis pro rata part of said $1.500.000.
pay
or $250 for each $1.000 bond and said coupons, will receive $1.000 par
value of preferred stock
of the new company (represented by voting trust
certificates).
(2) Georgia & Florida Railway General Mortgage 6% Gold Bonds:
The holder of each $1,000
($2,000,000 outstanding) with
coupon due Aug. 1 1913 and of such bonds coupons attached, paying his
all subsequent
pro rata share of $50.000. namely, 2,;
o the principal amount of such
bond, or $25 for each $1,000 such bond, will receive the following securities
in the new co'npa ty (represented by voting trust certificates or scrip
therefor as hereinafter described):
(a) Scrip representing one-fourth of
preferred stock, and (b)
5 shares non-par value common stock. a share of
'Underwriting ofsuch preferred and common stock to provide such 850.000
Is contemplated as a part of the reorganization plan.
Where scrip is issued, it will be exchangeable into voting trust certificates
when presented in shares or multiples of sbares.
(3) Georgia & Florida Terminal Co. 1st Mtge. 6% Bonds:
Holders of Georgia &
mtge.6% bonds due July 1
1930 will be accorded Florida Terminal Co. 1st
bonds,
dollar for dollar, for the privilege under this plan ofexchanging suchFlorida
1st mtge. 6% bonds, Series A. of Georgia &
Railroad to be due Nov. 1
1946. Such bonds, to be so exchanged, must
be deposited, together with coupon due
Jan. 1 1927 and all subsequent coupons attached, with the
depositary,
(4) Millen & Sonthtcestern RR. 1stand within the time stated.
Mtge. 5% Gold Bonds:
Holders of Millen & Southwestern RR.
April 1 1955 will be accorded the privilege 1st mtge. 5% gold bonds due
plan
such bonds, dollar for dollar, for 1st mtge. under thisSeries of exchanging
A, of Georgia
6% bonds.
& Florida Railroad,to be due Nov. 1
to be so exchanged,
must be deposited, together with 1946. Such bonds,1927 and all subsecoupon due April 1
quent coupons attached, with the depositary and within the time stated.
Description of the New Securities.
First Mtge. 6% 20
-Year Gold Bonds, Series A.—Authorized, $15,000,000;
issuable in series. Of such bonds, $5,000,000 will be designated as 1st
Mtge. 6% 20
-year gold bonds Series A. Series A bonds are to be dated as
of Nov. 1 1926; are to bear lot. from
Nov.
of6% Per an
num, payable M.& N., ana are to mature 1 1926 at the rate Interest payon Nov. 1 1946.
able, without diuction for such Federal income and State taxes as may be
determined by the committee. It is proposed that the new first mortgage
will be a first lieu on all the
new
company under the plan ofproperties and assets to be acquired by thelien,
reorganization
on the property subject to the lien thereof, (subject only to the prior
ofthe Georgia & Florida Terminal
Co. 1st mtge. 6% bonds, and the Millen & Southwestern RR. 1st mtge.
5% gold bonds, unless the Terminal company bonds and the Millen &
Southwestern RR. bonds are retired under the terms Of the reorganization
plan; and subject as to the property'covered thereby to the lien of the new
equipment trust lease and agreement on 530 freizht cars).
Of the $5.000.000 of 1st me. bonds presently to be issued, $3,800,000
have been sold to bankers, subject to the consummation of this reorganizereorganization plan, and to approval by the 1.-S. C. Commission.
Income Non-Mortgage.8% Debentures.—It is also proposed to have the
new company authorize and issue $1,500,000 income non-mortgage 6%
debentures, such debentures to mature 25 years from the date thereof, to
be red, all or part at par at any time on not less than 60 days' notice, and
the interest thereon to be payable semi-annually, but only if earned. and to
be cumulative from the date of the completion of the Greenwood extension,
such date of completion to be certified to the corporation in writing by its
President. All accumulations of unpaid interest on debentures shall be
paid before any dividends are paid
any shares of stock of the new company and upon the maturity of the on
debentures any interest unpaid and accumulated at that time shall be payable, together with the principal of the
debentures.
Pr.ferred Stock.—Authorized amount not to exceed 90.000 shares (par
$100 per share). Entitled to dividends at rate of 6% per annum and no
more. Dividends shall be cumulative on and after 3 years from date of
completion of the proposed extension of railroad from Augusta. Ga., to
Greenwood. S. C. Preferred stock red, in whole or in part from time to
time on any div. date on 60 days' notice at $110 and divs. In event of
(I) a voluntary or involuntary liquidation or of a voluntary or involuntary
sale of all, or substantially all, of the assets, or upon any voluntary or involuntary distribution of its capital, the holders of the preferred stock
shall be entitled to receive par and divS.
A consolidation or merger of the railroad with or into any other corporation. or corporations shall not be deemed to be liquidation or dissolution,
winding up,sale or distribution of capital within the meaning of this clause.
Holders of preferred stock shall not be entitled to any preferential rights of
subscription to any stock of the railroad, preferred or common, which the
railroad may at any time issue or sell.
The holder of each share of preferred stock shall be entitled to one vote,
and the holder of each share ofcommon stock shall be entitled to one vote.
Common Stock.—Authorized amount not to exceed 100,000 shares (without par value).
Disposition of New Securities.
(1) First Mtge, Gold Bonds,6%,Series A, to be presently outstanding $5,000,000:
To be sold to bankers and the proceeds thereof to be used in
constructing a new line of railroad from Augusta. Ga., to •
Greenwood, S. C., approx. 56 miles, and for other purposes
as may be set forth in mortgage
$2,300,000
To be sold to bankers, and the proceeds thereof, with other
funds, to be used in retiring $1,200,000 of receiver's certiftcates, for the purchase or retirement of $100,000 outstanding Statesboro Northern Ry. bonds, and to provide for
improvements and working capital
1,500,000
To be exchanged $ for $ for, or sold to bankers to retire,
Georgia & Florida Terminal Co. 1st M.6% bonds
200,000
To be exchanged $ for $ for, or sold to bankers to retire. 5%
1st mtge. bonds of Millen & S. W. R11. outstanding in the
hands of public
200.000
To be exchanged $ for $for $800,000 receiver's certificates now
pledged as security for loan from U. S. Govt. for $792,000_ _
800,000
(2) Non-mortgage Income 6% Debentures, to be presently out,
standing $1,500,0,.0:
To be issued to such owners of certificates of deposit for 1st M.
5% gold bonds of Ga. & Fla. Ry. as shall pay 25% of the
face value of such 1st M. bonds, the 1st
bonds thus
M.
acquired and the cash so paid in to be utilized for the purchase of the entire property of the Ga. & Fla. Ry., to provide for improvements, reorganization expenses and working capital, and to retire miscellaneous debts of receivership. Such issue to be underwritten.
2135
(3) Equipment Trust Certificates, to be presently outstanding,
$750.000:
Obligations of the receiver of Ga.& Fla. Ry. heretofore issued
to provide in part funds for the purchase of equipment costing $1.000,000. said certificates to be assumed and guaranteed by Georgia & Florida RR.
(4) Voting Trust Certificates representing $9,000.000 preferred
capital stock to be outstanding:
To be issued $ for $ to owners of certificates of deposit for 1st
-year gold bonds of Georgia & Florida Ry., inmtge. 5% 50
cluding those who pay and those who do not subscribe to
their pro rata of Income bonds and stocks
$6,000,000
To be issued to owners of certificates of deposit for 1st mtge.
-year gold bonds of Georgia & Florida Ry. who sub5% 50
scribe pro rata to the new income 6% bonds under this plan,
or to the underwriters of said income 6% bonds
2.400,000
To be issued pro rata to owners of certificates of deposit for
gen. mtge. 6% bonds of Ga. & Fla. Ry. who pay 2,14% of
the face value of such bonds, or to the underwriters of such
stock
50,000
For miscellaneous debts of receivership, reorganization expenses and other corporate purposes, as may be fixed by
committee
550,000
(5) Voting Trust Certificates representing 100.000 shares common stock (of no par value):
To be issued to the holders of certificates of deposit for 1st
mtge. 5% 50
-year gold bonds of Ga. & Fla. Ry. who exercise their privilege to subscribe to the extent of 25% of their
holdings of the deposited bonds, to the $1.500.000 6% income bonds, or to. the syndicate underwriting said income
bonds
To be issued to owners of certificates of deposit for 6% gen. 72"0
mtge. bonds of Ga. & Fla. Ry. who buy at par an amount
of preferred stock equal to 2)4% of the face value of the
bonds, or to the underwriters of the sale of the aforesaid
$50,000 of preferred stock and of such common stock
10.000 shs.
To be sold to bankers with the new 6% 1st mtge. 20
-year Ga.
& Fla. Ry. bonds or to be used by committee in settlement
•
of reorganization expenses and indebtedness of the receiver
ship
18.000 shs.
The amounts of the proposed issue of new securities above stated are
estimated and maximum amounts, based for convenience upon the assumption that the holders of all the securities in exchange for which new securities
are offered under the plan will avail themselves of the offer here made to
them.
Voting Trust.—All of the preferred stock and all of the common stock of
the new company issued in connection with the reorganization, except directors' qualifying shares, are to be deposited under a voting trust agreement,
said voting trust to be five years in duration, and to have seven voting
trustees. The following voting trustees will be appointed to serve as such,
subject to the terms of the voting trust agreement: John Skelton Williams,
Richmond; W. H. Coverdale, Charles Hayden, W. V. Griffin, New York;
W.G. McAdoo, Los Angeles; Francis H. Weston, Columbia, S. C.; William
H. Woodin, New York.—V. 123, P. 1871, 1759.
Louisville New Albany & Corydon RR.—Valuation.—
The 1.-S. C. Commission has placed a final valuation of $121,635 on
the owned and used properties of the company as of June 30 1917.—V. 109.
p. 2357.
Milltown Air Line Ry. (Ga.).—Pinal Valuation.—
The 1.-S. C. Commission has placed a final valuation of $53,380 on the
owned and used property of the company as of June 30 1917.
Morris & Essex RR.—Construction of Jersey City Branch.—
The 1.-S. C. Commission on Oct. 9 issued a certificate authorizing the
company and(or) the Delaware Lackawanna & Western RR. to nstruct
and operate a branch line of railroad in Hudson County, It. J.. approximately 0.676 of a mile in length, in Jersey City. N. J. The prupose of
the proposed branch is to connect existing main-line tracks and freight
yards via (and throughi a new depot ;proposed to be constructed at Jersey
City. The proposal has been considered by the Port of New York Authority. No objection to the granting of the application has been presented to
the Commission.—V. 121, p. 2871.
NewYork Central RR.—Lease of Hudson River Connecting.
-S. C. Commission on Oct. 5 approved and authorized the acquiThe I.
sition by the company of control of the lines of railroad. and appurtenant
franchises and facilities, of the Hudson River Connecting R.R , under lease.
The second supplemental report of the Commission says in part:
By our order dated Nov. 14 1924, we authorized the N ew York Central
RR. to acquire control of the railroad properties, franchises and facilities
of the Iludson River Connecting RR. for one year, under lease. We
thereafter approved and authorized the continuation of such control, for
a further term of one year, by supplemental order dated Oct. 311925. The •
renewal agreement made pursuant to the authorization contained in the
order last cited will expire Nov. 14 1926. In a supplemental application
filed Aug. 19 1926, the applicant now seeks authority to acquire control,
under lease, of the lines of railroad and appurtenant franchises and facilities
of the Connecting company for 99 years from Nov. 14 1926, and thereafter,
at the election of the lessee, for further terms of 99 years in perpetuity.
In support of the proposal now before us, the applicant refers to the
application originally filed in this proceeding and to the evidence adduced
at the hearing had thereon. It appears that previous requests of the applicant for our authorization in the premises were confined to periods of one
year for the reason that, under the statutes of New York, the approval of
stockholders is required for leases of railroad properties for more than a year.
and that at the times such requests were made action had not yet been taken
by the stockholders of the applicant and of the Connecting company. The
lease now proposed was approved by the stockholders of both companies in
the early part of the present year.
The Connecting company was organized in the interest of the applicant
for the purpose, among others, of constructing certain lines of railroad and
other railroad facilities in the State of New York, in order to relieve congestion on the applicant's system due to unfavorable phusical conditions at
or in the vicinity of Albany, N. Y. The facilities of the Connecting cornany are now practically complete and advantages which were expected to
now from the use of these facilities are being realized. The applicant owns
all of the outstanding capital stock of the Connecting company, and all
funds required for the acquisition and construction of the Connecting company's properties have been provided by the applicant. The Connecting
company has issued no securities other than $250,000 of capital stock now
outstanding, nor has the Issue by that company of bonds or other evidence
of indestedness or of additional capital stock been determined upon at this
time.
The provisions of the proposed lease are substantially identical, except
as to the term of duration, with those of the short-term lease first submitted. As to duration, the proposed lease provides that the lessee or its
successors or assigns are to have the right to extend the lease, and any
extensions or renewals thereof, on all of the terms and conditions therein
set forth, for further terms of 99 years, in perpetuity, upon one year's prior
notice to the lessor, such extensions to be accomplished automatically by
service of such notice upon the lessor. The lease may be terminated at the
option of the lessor only upon default by the lessee in the performam7e of
its obligations Miler the lease. It is contemplated that the properties of the
Connecting company eventually may be merged or consolidated with those
of the applicant.
--V. 123, p. 1994, 1872.
Oregon-Washington RR. & Navigation Co.—Director.
F. W. Charske has been elected to the directorates of this company and
of the Oregon Short Line Hy., to succeed the late C. C. Stillman. —V. 118.
P• 1393.
Pennsylvania Company.—Tenders.—
will until Oct.30 receive
The Girard Trust Co.,trustee, Vhiladelphia,
bids for the sale to it of 40-year guaranteed gold trust c3rt ficates, series "E,"
maturing 1952,to an amount sufficient to absorb $100,000, at a price not
exceeding par and interest. —V. 123, p. 78.
Pennsylvania RR.—To Discontinue Passenger Service on
Line of Camden & Burlington County Ry.—
Passenger revenue of the Mt. Holly & Medford °ranch of the Camden &
Burlington County Ry., which is operated by the Pennsylvania RR.,having
dwindled to an average of $1 25 a day, permission was granted by the
New Jersey P. U. Commission, effective on Nov. 27,for the discontinuance
of that class of service.
r
2136
THE CHRONICLE
To Abandon Shackamaxon Street Ferry.
The Pennsylvania RR.announces that on and after Nov. 1 next, the ferry
service between Cooper's Point, Camden, N.J., and the foot of Shackamaxferry has been operated
on St., Willed°!phis, will be discontinued.
by a subsidiary corporation, the iKensington & New Jersey Ferry Co.
Abandonment of the service has been made necessary by reason of the fact
that during only one of the last six years have revenues been sufficient to
meet expenses. Since the opening of the new Delaware River Bridge on
July 1 last, the traffic of the Shackamaxon Street ferry has decreased to such
an extent that the company can neither earn nor pay its operating expenses.
* The Shackamaxon Street ferry, together with the ferry formerly operated
between Vine St., Philadelphia,and Cooper's Point,Camden, were for many
years run as auxiliaries to the Pennsylvania RR.'s main ferry between
Market Street wharf, Philadelphia, and Federal St., Camden. For reasons
similar to those affecting the Shackamaxon Street ferry, the Vine St. ferry
was discontinued on Sept. 15.
The operation of the main ferry for both train and local passengers and
vehicles will be continued as at present.,
6
rders 160,000 Tons of Steel Rails.
-
The Pennsylvania RR. on Oct. 13 placed orders for 160,000 tons of steel
rails for next year's delivery. The order is divided as follows: Bethlehem
Steel Co., 70,000 tons; Carnegie Steel Co., 50,000 tens: Illinois Steel Co..
30,000 tons; Inland Steel Co., 10,000 tons. The road has reserved the right
in each case to increase the tonnage of the order by 25%•
Grants Wage Increase of 3c. per Hour to ShopMechanics, &c.
[VOL. 123.
Abandonment of Portion of Line in Pitt?nia County, Va.-
The I.
-S. C. Commission on Oct. 6 issued a • W.
scate authorizing the
company to abandon that portion of its old raa 43,tin between White Oak
:
and Lima, Pittsylvania County, Va., a
distance?5 Iles. The company
asked authority to abandon that portion of the t
an
in line between Lima
and Danville. Va., which was denied.
-V. 124, zi,795. 1872.
`1.
Tennessee Central Ry.-r-Permanmt poitds Ready.
White, Weld & Co. announce,printed W.,
nr.coupon bonds,
series A. due April 1 1947, are
exchangez:blefar
nnanent engraved
bonds at their offices, 14 Wall ., N, Y. CP/. (Fop fering, see V. 122.
p. 880).-V. 123, p. 199A.
)
PUBLIC UTILITIES. /
,
Adirondack Power & Light Corp.-Acquisition.
-
The North Creek Electric Co. has been mergial'with the above corporation.
-V.123. p. 1872, 1760.
American Super-Power Corp.
-Extra Div. of 50 Cents.
-
The directors have declared an extra dividend of 50c. a share on the common stock, payable in participating preferred stock atpar. In addition to
the regular quarterly dividend of 30c. a share, both payable Dec.31 to holders of record Nov. 30. The regular quarterly dividend of81 50 a
declared on the first preferred stock, payable Jam 2 to holders share was
of record
Dec. 1.-V. 122, p. 3336.
Announcement was made on Oct. 20 by the Pennsylvania RR. that all
American Utilities Co. (Del.).
-Earnings.
the shop mechanics, helpers and apprentices in its employ will be granted
an increase of 3c. per hour in their rate of pay. effective Oct. 16 1926. ApConsolidated Earnings of American Utilities Co. and Its Subsidiaries.
43.000 men will be affected. These increases are the result of
proximately
Period Ending August 1926,dottlh.
12 Mos.
8 Mb&
a series of conferences held in Pittsburgh between the railroad and duly Gross earnings
$98,412
$568.422
8880,020
elected representatives of the shoperaft employees. The meetings were Oper. expenses, maint., taxes (except
Tuesday with the decision to grant the increases as announced.
concluded on
Federal), &c
71,899
381,120
578.227
The wage negotiations with the shoperafts were conducted under the Pennsylvania Mt.'s plan of employee representation in the regularly prescribed
Balance
$26,513
$187.302
$303,794
manner. The committees representing the system shoperaft employees Other income*
6,316
33,342
43,181
were elected under the plan by the employees from among their own num-V. 123, p. 1994, 1872.
ber.
Balance for interest, &c
$32.828
8220,644
$346,975
Interest on 1st lien & ref. bonds now
Portland & Rumford Falls Ry.-Bond8.outstanding
9,355
74,840
112,260
rVise178767:COmniission -Ofi Oct. 13 authorized the company to issue
Bal.for depr., Fed.taxes,diva.,&c.
$23,473
8881,000 5% 1st mtge. sinking fund gold bonds, to be sold at not less than
$145,804
8234.715
•Includes earnings accruing to American Utilities Co. whether actually
99.56 and int., and the proceeds used to refund maturing securities.
Authority was granted to the Portland & Rumford Falls RR. to assume received or not; does not include any earnings accruing to Mansfield Light
obligation and liability as guarantor and obligor in respect of the bonds, & Power Co. stock owned.
Gress revenues are net comparable with figures earlier published as in
and to the Maine Central RR.to assume obligation and liability as guarancertain cases subsidiary companies have disposed of the retail ice business
tor in respect of the bonds.
The report of the Commission says: "The Maine Central solicited offers to delivery companies. In some cases the subsidiaries have an interest
from various bankers for the purchase of these bonds, and 10 offers were in the delivery companies. Where this is true the earnings accruing from
received from bankers located In New York City, Boston, Mass., and the delivery companies are included under the heading "other income."
As of Sept. 1 1926 the various subsidiaries were supplying electric light
Portland, Me. Arrangements have been made for their sale to Maynard
S. Bird & Co.and their associates. all of Portland, Me.,at a price of 39.58% and power to 6,415 customers, water to 1,669 customers, gas to 892 cusof par and accrued interest, which was the best offer received. On that basis tomers, total 8,974 customers.
The Louisiana Public Utilities Co., Inc., is constructing a gas plant
the average annual cost to the railway will be approximately 5.04%.' See
12,000. This
offering in V. 123, p. 1872.
&bee.. in Lafayette, La., population approximately To date the plant will
probably begin operation about Jan. 1 1927.
company has
-Purpose of Stock Issue Outlined. over 650 prospective customers, which compares with the original estimate
Southern Railway Co.
of 600 by Jan. 1 1927. These customers are not included in the above
the stockholders dated Oct. 12, President figures.
-In a letter to
-V. 122, p. 3451.
0
Fairfax Harrison outlines the purpose of the present offering
of $10,000,000 capital stock. Pres. Harrison, says:
Associated Electric Co.
-Earnings.
-
Consolidated Earnings of the Companies Included in the Associated Electric
timaas ailived,in the judgment of the board of directors, when the
Group for the 12 Mos. End, June 30 1926, and Annual Int. and Div.
company's credit, its financial strength, and its sustained earning power
Charges
warrant the inauguration of a policy of securing a portion of the new capital Gross earns. & on Securities Held by the Public Were as Follows:
ether inc., incl. $879.061 credit for int. during
through the sale of stock. It seems no longer necessary to
It shall require
construction
S21,407,119
depend for this purpose solely upon the sale of bonds which add to the fixed Operating expenses, including
maintenance & amounts appliccharges. The company is now conservatively paying a 7.7., dividend on the
able to subsidiaries' minority common stocks
10.509.554
common stock, and that stock for some time past has been, and now is,
selling in the market at a substantial premium, tending to reflect the growth
Net earnings before prevision for replacements, &c
$10,897,565
in earnings; therefore it seems to the board to be now the appropriate Annual int. & div. charges on-Conv. gold bonds (this
issue)... 3,575,000
medium for new financing,especially as the participation of new partnership
Subsidiaries' bonds and preferred stocks
1,620,739
capital may be expected substantially to improve the company's financial
structure.
Balance
$5,701,826
With the approval of the stockholders, it is accordingly proposed to make
Capitalization Outstanding, Including all Stocks and Bonds of Subsidiary
provision at this time for the issue of 300,000 additional shares of common
Companies Held by the Public.
stock; the intention being that such stock shall be offered for subscription by Common stock (no par value)
400,000 sha.
all the stockholders from time to time as capital shall be required.
state of the development of the plant and ofcurrentincome, 53% convertible gold bonds, due 1946
In the present
Su diaries' minority c,om. stocks, at book value,'incl. any$65,000,0130
it is estimated that in order to maintain the policy the board has pursued of
surplus applicable thereto
a$3,860,043
Improvements for economy of operation, as well as to fulfill the company's Subsidiaries'lyonds and preferred stocks
1430.283,770
•public obligations in respect to improvements which do not produce ima Includes
Clarion
mediate economies, the company should provide annually 810,000,000 of stock at par. 13.02834 shares of included River Rower Co. participating
b Preferred stocks
at par, or at liquidation value if
new capital to supplement other resources available for such purposes. To without par value.
-V. 122, p. 2037.
that end it is proposed to make provision of the $10,000.000. so required
for the 1927 budget, out of the contemplated fund of new common stock,
Associated Gas & Electric Co.-Divs. Payable in Stock.
and accordingly to offer the present privilege to the stockholders, preferred
The
and common, of subscribing for 100.000 shares at par. This will afford to series regular quarterly dividends of $1 50 per share on the $6 dividend
pref. stock and $1 62X per share on the $6 50 dividend series
stockholders immediate valuable subscription rights, and lay the
the
stock, recently declared, are both payable Dec. 1 to holders of pref.
foundation for other such rights during coming years.
record
The steady expansion of productive activities in the South during the past Oct.30, either in cash or in stock. Stock dividends at the rate of 4.75
-100th
of a share of class
20 years is a matter of common knowledge. The effect of this sound growth 5.15-100ths of a shareA stock for each share of $6 dividend series, and
of class A stock for each share of$6 50 dividend series
an the business of the company. Is shown by the fact that in the 20 years pref.
from 1905 to 1925 freight traffic increased 145% and passenger traffic 65%. per stock, will be made at the option of the holders. On the basis of $35
The traffic of 1925 would have imposed upon the facilities of 1905 a task for share for the class A stock this is at the annual rate of $6 65 Per share
the $6 dividend series and $7 21 per share of the $6 50 dividend
impossible of performance.
series
To keep pace with the growth of its traffic the company has carried out a pref. stock (see V. 123. p. 1501).
Livestment holdings, as distinguished from brokers' holdings,
continuous program of additions and improvements to its plant, such as
the company increased from 173.876 shares as of of the
the following: (a) construction of second main track on the heavy traffic class A stock ofshares
Jan. 1
as of Sept. 30 1926. a gain of 29.3%, according to
lines; (b) reduction of main line grades and curvature; (c) installation of 1928 to 224,031
automatic electric block signals and improved train dispatching facilities; an announcement by the company. This increase was stated to be inconstruction of long passing tracks;(e) building of new shops and yards. dicative of the gradual shifting of class A stock from brokers' hands to
(d)
and other terminal facilities; (0 laying of heavier rail; (g) construction of investors. holdings of these class A shares
Brokers'
on Jan. 1 1926
stronger bridges and (11) acquisition of more powerful locomotives and
shares, or 35% of the total outstanding. By March 30 these were 94,542
larger cars.
holdings by
brokers had fallen to 92.816 shares, or 34%, while by June 30
Such improvements make possible a steadily increasing traffic movement. been reduced
they had
to 86.063 shares, or 28% of the total outstanding,
at a lower cost per unit, with consequent increase in net earnings.
road and equipment on Dec. 31 1925, shows a Sept. 30 the number had been reduced to 75.969. or 25%. The and by
The capital investment in
largest
net increase of $113.890,000 over the investment on June 30 1915. Not- Increase in investors' holdings was during the quarter ended June 30. with
withstanding this large increase in capital investment, the net increase in a gain of 20.5%. In the quarter ended March 30 the increase was 2%,
and in that ended Sept. 30 the gain was 4.7%.
total bonds and notes outstanding during the same period was only $50.An increase of 15.9%
,
060.000. The balance of over $63,000,000 invested in the property came panies in the Associated in the combined kilowatt hour output of the comGas &
from cash ploughed back out of earnings. No additional capital stock has September 1926, compared withElectric System is shown for the month of
the same month of 1925. the figure
being
been issued since 1899.
upbullding thus carried on has been amply justified in its 62.648.584 k.w.h., a gale in terms of k.w.h. of 8.574.157. For the 12
The policy of
months ended Sept. 30 output increased 18.6%, with a total of
financial consequences. The gross earnings in 1925 amounted to $149,313.- k.w.h., an Increase of 113,558,917 k.w.h.
723,269.015
Outstanding among the reports
with $75.554.651 in 1916. The net income remaining after submitted by the individual utility
891, compared interest
groups of the system are Pennsylvania,
the payment of
charges in 1925 amounted to $22,579.172, compared
of
100% in both gross and net. with an increase of 17% for the month, and 17.8% for the 12 months,'
with $11,524.195 in 1916-an increasepernearly of
share
common stock have risen New York State, with an increase of 20.8% for the month and 18.67o
During the same period the earnings
for the 12 months; Depew & Lancaster, with
from $7 10 to $16 31. For the year 1923 earnings amounted to $10 12 per respectively, and the New York-Vermont gains of 70.3% and 44.5%.
group, 24.3% and 31.2%.
common stock-for 1924. $12 30 per share-and for 1925, $16 31 respectively.
share of
the first 8 months of 1926 was 7.21%
per share. The operating income for
1925. In
Acquisitions-Budget for 1926.
in excess of such Income for the corresponding period of that the considerSouthern's
The Associated Gas & Electric System, it is announced, has
ing the earnings here stated it may well be borne in mind
Income accounts do not and cannot reflect its interest, as a stockholder, In the Meyersdale Electric Light, Heat & Power Co. and affiliated acquired
companies*
undistributed earnings of several prosperous railroad companies now, the Citizens Light, Heat & Power Co.; the Garrett
the
Electric Light, Heat
past, managed in co-operation with the Southern, under & Power Co.. and the Summit Township
and for many years
Electric Light, Heat & Power
the working designation "Southern Railway System," which companies Co. The larger communities served by these properties are
Meyersdale,
have likewise benefitted from the growth of the South and have pursued a Garrett, Elks Lick. Salisbury. Pa., and Grantsville. Md. These properties
are already inter-connected and are near the 110,000-volt
common policy of building up their properties out of earnings.
general meeting of the stockholders has been called by the directors to line running from the power station at Seward. Pa., to the transmission
A
Deep Creek
be held at Richmond, Va.. Nov. 18, for the purpose of considering and hydro-electric development on the Youghiogheny River in Garrett County ,
,
acting upon a proposal to make provision for the issue from time to time Md.
300,000 additional shares of common stock of the aggregate
Other properties acquired are the United Light, Heat & Power Co.:
of not exceeding
the
par value of $30,000,000. If this proposal meets with the approval of the the Wayside Electric Co.; the White Oak, Light, Heat & Power Co. and
the Pennsylvania Sz Maryland Street Ry.
stockholders, they will be invited further specifically to approve,
The budget of the Associated Gas & Electric System for 1028 includes
immediate offer, subject to necessary governmental authority, of 100,000
shares of such new stock directly to the stockholders, both preferred and expenditures for new construction amounting to 814,547,500. of which
at the
common, of record on Nov. 24 1926, for subscription at par ($100)paying $6,555.000 has been expended as of Aug. 1. The expenditures have been
of
rate of one new share for each 18 shares held, with the privilegethat date, fairly evenly distributed over the entire system.
before
The Staten Island Edison Co. has spent more than $1,150,000 this
either all cash on or before Dec. 28 1926, or 20% on or
year and its total for 1926 will be $3,441,900. The system will spend
40% on or before Aug. 1 1927. and 40% on or before Nov. 1 1927.
OCT. 23 1926.]
THE CHRONICLE
2137
$1.643,300 for improvements in central New York, including a gas plant receive in exchange for their present holdings
preferred stock with a common
at Ithaca. The western New York district will spend 5849.800, the stock bonus, and, quite likely, some day lively
a
speculation in those stocks
Harlem Valley district $481,800. the northern New York group $487,600, might ensue. However, all this
eastern New York $365.700, the Long Island Water Corp. 5529.000. the investor is tired out and would would occur after the present bona fide
accrue to the benefit of the speculator.
Patchogue Electric Light Co.$52.900, the Cape Cod and Martha's Vineyard
district in Massachusetts $629,000, the Kentucky-Tennessee area 5765,900,
The "Liman Plan."
and the City of Manila $656,600. The Penn Public System has spent
A financial plan has
$2.875,000 thus far and will spend a total of over $4,600,000 this year. securities of the existing been proposed to avoid default upon any of the
companies and to provide ample funds for the exThe principal projects of the latter include five new sub-stations, two new pansion of the surface lines. Naturally,
after the
links in the 132.000-volt line to Niagara and the extension of the 110,000
- twenty years bankers and investors will not furnish experience of the past
new capital for expanvolt line northward from Union City to Erie.
-V. 123. p. 1873.
sion unless this money is surely to be repaid within the life of the 20
-year
franchise. It is right and proper that the first mortgage bonds which repreAtlantic Public Utilities, Inc.
-Ex pension.
sent the money invested in the
This corporation, which recently acquired large hydro-electric holdings likewise paid off. The Lisman present properties since 1907 should be
plan provides for a very large authorized
in northern Maine. has closed a contract for the construction of a new
bond issue-that is. a total of $345,000,000, of which $95,dam and reservoir on the Aroostook River in Caribou, Me., and increased first mortgage be exchanged
000,000 are to
the power piano for the Caribou Light. Water & Power Co.. its subsidiary. are to be issued at once, to for the present first mtge. bonds. $50.000,000
be likewise amortized within the twenty years
The reservoir will hold about 2,000,000 gallons. It is stated that the of the new franchise,
contract, let to the Ring Construction Co. of Montreal and Bangor, Me., always on condition and the balance to be issuable from time to time, but
that they be amortized within the life of tile franchise
calls for the expenditure of about 51,050,000.-V. 122, p. 3603, 1453.
in force at the time they are issued.
The $50,000.000 bonds,to be known as series A, which are to
Bell Telephone Co. of Pa.
be issued for
-Acquisition.
new money are to be amortized within twenty
The I.
-S. 0. Commission on Oct.
authorizing the a cumulative sinking fund which is a charge to years after Feb. 1 1927, by
acquisition by the company of certain 9 issued a certificate
operating
properties of the Meadville Telephone to the renewals and depreciation fund, which appears expense, or rather
Co. and the acquisition by the latter company of certain properties of the too large
during the last twenty years, as upwards ofto have been rather
Bell company.
$21,000,000 in cash
-V. 123, P. 1995. •
has been accumulated by it.
The $95,000,000 of new 20
-year first mtge. bonds,to
Bronx Gas & Electric Co.
-Rate Case Dismissed.
which as above stated are to be exchanged for the old be known as series B.
Attorneys for the company, a subsidiary of the Consolidated Gas Co. of
first mtge. bonds, are
New York, filed a motion Oct. 18 with the U. S. Supreme Court seeking to be retired within 20 years after Feb. 11927. by a cumulative sinking fund
of 3% per annum, and this sinking fund
dismissal of the State's appeal in the $1
involving the company is contributed during the first years by to the extent of about 80% thereof
gas case
the city
because of lack of orosecutIon by the state Attorney General. The motion
of half a cent, of which the city receives 55%• out of the service charge
was docketed and the State's appeal dismissed
Thikends the
The balance of the required amount is made good in part by
itigation in the Bronx case in a victory for theby the court.
the junior
company.
-V.122. 13- 1760- bondholders of the company and In part by the
company itself
time as
Brooklyn-Manhattan Transit Corp.(& Affil. Cos.).- 45% until such pendingthe city's 55% will suffice. As the Lismanout of its
franchise
ordinance now
before the Board of Aldermen,
--Month of Sept.- -3 Mos. End. Sept. 30
-- passed, provides that the city's 55% above mentioned and very likely to be
Periodis to
1926.
1925.
1925.
1926.
laly the company, on behalf of the city, to the trustee of thebe paid directly
Operating revenue
first mortgage.
$3.671.448 53,590.027 $11.673,905 $11,228,732 there can be no doubt of the payment of the
Operating expenses
first
2,408,822
2,347,436 7,442,816 7,338,227
The junior securities of the present companiesmortgage series B bonds.
Taxes on oper. prop_
277,929
794,641 the difference between the first mortgage and the, insofar as they represent
270,425
840,063
city purchase price, which
difference amounts to about $70,000,000, receive junior
Operating income_ _ _ $984,696
mortgage bonds,
$972,165 $3,391,026 $3,095,863 dollar for dollar, for their equity to the extent
Non-oper. Inc
of about 50% in new general
153,513
293,945
165.287
357,654 mortgage, series "A" bonds, and the other
50% in general mortgage series
'B' bonds. The series "A" bonds will be due In 25 years,
Gross Income
redeemable in
51,138,209 $1,137,452 $3,684,971 $3,453,517 the meanwhile by a cumulative sinking
Deductions
fund which commences after the
652.224
1,962,829 $95,000.000 of first mortgage bonds are paid
654,939
1,952,416
off, and the
mortgage series"B" bonds will be due in thirty years and will new general
income
Net
also be retired
8485,985
$482,513 $1,732,554 $1.490,688 by the amortization fund which, after retiring
-V. 123, p. 1873.
the first mortgage and the
general mortgage series"A" bonds, Is applied entirely to retiring
mortgage series"B" bonds. In the meanwhile all first mortgagethe general
California Telephone
-Acquisition.
series
bonds acquired by the sinldng fund are kept alive, drawing interest "B"
The Lake County Water & & Light Co.
for the
which serves Kelseyville, Cal..Power Co., operating a hydro-electric plant benefit of the general mortgage bonds. The first mortgage series "B"
and adjacent territory, has been authorized bonds are not to be canceled until all of
by the California RR. Commissio
the
n to sell its system to the California have been retired, at which period the whole general mortgage bonds shall
Telephone & Light Co., a
property is to be deeded to the
subsidiary of the Pacific Gas & Electric Co. city of Chicago for the sum of one
-V. 116, p. 2134.
dollar and free of all
meanwhile at the request of the city additional debts debts. unless in the
not amortized within
thirty years should have been incurred.
Central Illinois Light Co.
-Earnings.
12 Mos.End. Sept.30
On the basis of the city purchase price the present out1926.
1923.
1924.
1925.
Gross earnings
Oper. exp., incl. taxes & $4.112.438 $3,832.426 $3.568,809 $3.444.046 standing securities will be treated as follows:
maintenance
Chicago Railways 1st 54.
2,476,956
2,067,440 South Chicago 1st. 5s, will Chicago City Railways 1st 5s. and Calumet &
2,038.391
2,222,175
Fixed charges
receive par in new company first mtge. 20
467,549
506.443
515,487
472,584 5s. series "B."
-year
Dividend pref.stock_ _
385,691
284,521
319,316
251,103
Prov. for retirem't res
Chicago Railways general 54, series "A." will receive
256,800
210.000 mortgage series "A" 25
245,100
par in new company
256,800
-year bonds, bearing interest at the
rate of 4% for
Balance
three years and 5% thereafter.
5525,443
$442,918
$494,354
$518,647
-V. 123. p. 579.
Chicago Railways series "B" bonds
-year
general mortgage series "B" bonds, withwill receive new company 30
interest thereon at the
Central & South West Utilities Co.
2%
for
-Warrants Expire. 5%three years. 4% for two years thereafter, then 434% for fiverate of and
years,
Holders of common stock purchase
up to 1957.
share for
The Chicago City Ry. stock will receive approximat
share, for no par common stock at $30 warrants may subscribe,company.
a share at the office of the
ely the city purchase
value of about 118%. half more
72 West Adams St., Chicago. Rights
will expire on Nov. 16 (see V. 121, series "A" bonds and the other or less payable in new general mortgage
D. 1676).-V. 123. P. 453.
half in general mortgage "B" bonds.
Chicago City & Connecting By. 5% bonds: These
bondholder
Chicago Surface Lines.
receive the proceeds
-The Securities of the Chicago sumably likely to work out of securities deposited under their s will premortgage.
which is
approximately 50% each in general
Surface Linea as Affected by the Modified "Liman Plan."
mortgage
- "A" and "B."
F.J. Lisman & Co., New York, have issued a circular under
Chicago City & Connecting preferred stock has a
city purchase value of
ittprimrlmitely 32%, which it will presumably receive
bo
the above title, from which we take the following.
in general mortgage
Chicago Railways purchase money 54, being
SIAM! of Existing Conditions.
within the
The street railway lines in Chicago like those In New York were organized price, will also receive general mortgage 5s, dollar for dollar, city purchase
their proportion
in the early days more for the purpose of carrying securities than of carrying of "A" or "B" bonds to be determined later.
Chicago Railways adjustment income 4s have a small
passengers. The latter was largely incidental. During
decade 1901- purchase price,
which undoubtedly would be paid in new equity in the city
1910 conditions of that kind were largely and usually cured the
through receivergeneral mortgage
ships and reorganization as happened with the street railways in New York "B" bonds.
Under the "LLsman plan," all holders of securities
and Chicago. The Chicago receiverships came somewhat earlier and were
within the city purchase
practically terminated in 1907 when Judge Grosscup settled complex litiga- price will at once receive a marketable and interest
-paying security which
should steadily improve in value.
tion more by edicts than by legal decisions.
The new first mortgage series "B" bonds,
The 1907 reorganization
old Yerkes lines into the Chicago Railways
Co. and the ordinance ofof the year were a compromise all around, and will have to be redeemed within the first three of which nearly 510,000.000
that
years, should advance
taking everything into consideration it has worked fairly well. That that period to a price of par, and remain at par for the remainder within
of the
20
-year grant is about to
twenty years, because they will all have to be
bought or be drawn at that
City Ry. Each Issued a expire, as is also the 1907 grant to.the Chicago price within that period.
large amount of
but made no arrangement for amortization. new securities for new money,
The junior or general mortgage bonds, which are
They are now confronted with tion,
now in a very weak posia grave problem and have no credit
will at the end of twenty years, if the franchise
to enable them to meet it.
should not be extended
The companies' officials have
carried on negotiations with the city on the In the meanwhile, be in effect a first mortgage of $70.000,000 on a property
theory that they might get
which will then represent an outlay of not less than
State legislation which would permit the City
$215,000,000, and probe
of Chicago to grant an indetermin
ate franchise, such as is granted in a ably $250,000,000. They will also have kept alive for their benefit at thee
number of other States. Such
paled $95,000,000 offirst mortgage"B" bonds.
The mortgage securing tht
the fixed tradition and policy legislation, however, would be contrary to general mortgage bonds will contain
of
doubtful. The properties of the Illinois and its enactment is extremely "B" shall become due and payable a provision that both series "A" and
companies, according to the expiring
in twenty
ordinance, have a city purchase
is not extended beyond that time. Therefore, years in case the franchise
since the city is at presencompanies claim a physical value value of about 5164,000.000. while the showing consideration to the
outstanding security holders to provide in the
in excess of 5200,000.000.
The Illinois Commerce
new franchise for the
pany is entitled to a fair Commission has ruled that a public service com- question about the entire amount of 8163,500,000, there should be no
comparatively small remainder of $70,000,000 being
return,
,
"
the expectation of the existing which it fixed at 7 Y2 %. It is presumably protected twenty years
companies that, after the expiration of the
hence.
present franchises, they will
Holders of the securities of the Chicago Surface Lines must
be permitted to continue to operate their lines
now choose
and to consolidate with the elevated
railroad system. The citizens of whether they prefer the uncertainties of a receivership and default, with all
Chicago undoubtedly desire
its risks, or the
with universal transfers. to have a unified one-fare transportation system offered under first and general mortgage sinking fund bonds which are being
the "Lisman plan."
In order to earn 75i% on
It is suggested that holders who have already deposited
the alleged physical value of the street railway
system and the elevated lines
their securities
it would be necessary to earn 522.500.000 net with committees should write a letter requesting the committee representing
as against the present net
their securities to support the Lisman plan, and
earnings, disregarding the 55% of surplus earnings
security holders who-have
paid to the City of Chicago of
about $14,500,000. A settlement with the not deposited their bonds or stocks, to refrain from doing so until requested
city on that basis would mean an
advance of one cent in passenger fares
-a to do so under the Lisman plan and in accordance with the pending ordinraise from 7 cents to 8 cents.
whether the people of Chicago To say the least, it is extremely doubtful ance, which provides for the above outlined plan in full detail
123. P•
would tolerate or acquiesce in such an ad- 1995, 1631, 1502.
vance.
At any rate, a reorganization
Cities Service Co.
of the present traction companies, through
-Earnings.a receivership, might mean that
the properties would remain in the hands
12 Mos. End. Sept. 30. 1926.
of the court for several years,
1925.
1924.
1923.
especially if legislation at Springfield or new Gross earnings
arrangements with the city
$23,029,845 $18,845,283 $17,176,054 $16,657,793
must be worked out. The former receivership Net earnings
or the Chicago Traction
18,077,902
lines, now owned by the Chicago Railways Co.. Net to stock and reserves 22,127.307 15,941,406 16,561.259 16,140,017
lasted for five years, and that
19.501.781
14,456,050 13,485,512
of one Of the elevated roads rather longer. Net to corn. stk. & res_ _x13,595,6
During the long period of a
9.380,140 8.515,300
08 10,772,096
very greatly decline in price receivership the securities would undoubtedly
x The net to common stock and reserves of $13,595.608 was equivalent
because there would surely be default of both
to
interest and principal on all the
junior securities, such as the Chicago Rail $3 55 a share on the actual amount of common stock outstanding (par
ways consolidated A and B bonds,
- value $20)
and the Chicago City and Connecting for the 12 as compared with $10,772,096, or $2 88 a share (par value $20)
bonds, as well as a discontinu
'
months ended Sept. 30 1925.-V. 123. p. 1873.
ance
Presumably, the interest on the of dividends on Chicago City Ry.stock.
-that is.
the Chicago City By. 1st 5s, three first mortgage bond issues
Cleveland (Electric) Ry.-New President.
Chicago By. 1st 5s, and Calumet & South
Chicago 1st 5s, would be
Joseph H. Alexander has been elected President to succeed the late
promptly
John
could not be collected pending the paid; but the principal of those bonds .1. Stanley.
-V. 122, p. 1168.
receivership, and probably not even after
its termination. Those first mortgage
Coast Valleys Gas & Electric Co.
and some day should be paid at par. bonds arc doubtless perfectly good,
-Stock Approved.
The junior securities, insofar as they
The company has been authorized by the California RR. Commissio
come within the "city purchase
n
price," are also fairly good, although
most of them are selling around 50 to issue and sell on or before Dec. 31 next 8500,000 Series B
cumul.
cents on the dollar and some even at considerab
pref.
ly less. In case of a receiver- 1761.stock, the proceeds to be used to reimburse the treasurY.-V. 123, p.
ship no doubt most of those securities
would gradually pass at declining
prices from the hands of investors to those
of speculators. The latter might
Colonial Gas & Electric Co. (Del.).
make a very handsome profit, in the
-Notes Offered.
finally be reorganized on a basis of an long run, if the companies should West & Co., Pynchon & Co.,
advanced fare and a 734% return on
W. S. Hammons & Co., John
money invested. Possibly the
the
holders of junior semrities might then
Nickerson & Co. and Reilly, Brock & Co. are offering
at
THE CHRONICLE
2138
-year
983' and int., to yield about 6.05% $2,000,000 3
04% secured gold notes (closed issue).
int. (F. & A.)
Dated Aug. 1 1926; due Aug. 1 1929. Principal and
payable at Chase National Bank, New York, trustee, without deduction
for Federal income tax up to 2%. Penna. and Conn. 4 mills taxes, Maryland 454 mills tax, Calif. 5 mills tax. Mass. 6% income tax on int., New
Hampshire 3% income tax on int., and any similar taxes hereafter imposed
in Maine not exceeding 5 mills personal property tax or,6% income tax,
refundable within 90 days after payment. 110enom.$1,000,$500 and $100c*.
Red. all or part on 60 days notice on any int. date at 101 and int.
Data from Letter of Pres. H. L. Clarke, Dated Oct. 15.
-A Delaware corporation. Owns 100% of the outstanding
Company.
common stock of Derby Gas ez-Electric Corp., over 95% of the outstanding
common stock of Newport Electric Corp. and 100% of the outstanding
capital stock of Colonial Coach Co. These aubsidiaries and companies
controlled by them serve a population of approximately 100,000 with electric light and power, gas, electric railway and motor coach transportation
service. All of the principal franchises of the companies are favorable and
contain no burdensome restrictions. Over 75% of the net income of the
operating companies is derived from the sale of electric light and power.
Derby Gas & Electric Corp. (Del.). owns substantially all of the outstanding stock of Derby Gas & Electric Co. and all of the outstanding stock of
Wallingford Gas Light Co. which furnish electric light and power and gas
to Derby. Shelton and Ansonia and gas to Wallingford. Population
served approximately 60.000, with 8,600 electric customers and 11.700
gas customers. Combined annual electric output over 45,000,000 k.w.h.
and the gas output over 330,000,000 cu. ft. Properties include an efficient
electric generating station of 15,800 k.w. capacity on the Housatonic River
In Derby, which is operated in conjunction with off-peak power purchased
from Connecticut Light & Power Co. Derby, Shelton and Ansonia are
served with gas from a coal and water gas plant with a daily capacity of
2,160,000 Cu. ft. located in Shelton, while a 550,000 cu. ft. water gas plant
is operated in Wallingford.
Newport Electric Corporation (Rhod• Island) furnishes electric light, power
and transportation service to Newport, Jamestown. Middletown and
Portsmouth, R I. Also operates a fleet of 22 modern motor coaches
between Newport. Fall River and Providence, these being owned and
leased to it by Colonial Coach Co. Population served with electric light
,
and power approximately 45,000. with 8.300 electric customers and an
annual electric output of 6,743,000 k.w.h. Properties include a modern
steam turbine power plant with an installed capacity of approximately
located on the water front, with facilities for unloading coal
2.500
directly from coal barges.
Authorized. Outstanding.
Capitalization$2.000,009
(Closed)
• Three-year 5Si% secured gold notes. 1929
509,500
$5,000,000
preferred stock
7%
100.000shs. 100.000shs.
Common stock (no par value)
Securities of Subs. Outstanding in Hands of the Public
Capital
$6.298.600
Funded debt
1.984.700
Pref. stock (at par or pref. value on involuntary liquidation)
538 shs.
Common stock
-Proceeds from this issue of notes provided funds for use in
Purpose.
connection with the acquisition of the entire common stock of Derby Gas
& Electric Corp. and for other corporate purposes.
-Secured by a first lien by pledge upon all of the common stock
Security.
of Derby Gas & Electric Corp., over 95% of the common stock of Newport
Electric Corp. and all of the capital stock of Colonial Coach Co. owned
by the company.
-Consolidated earnings of company and subsidiaries, including
Earnings.
the companies controlled by Derby Gas & Electric Corp., for the 12 months
ended Aug. 31 1926, are as follows:
$2,118,577
Gross earnings
1,323,668
Operating expenses, maintenance and taxes
•
$794,909
Net earns. avail, for int., deprec.. Fed. taxes, &c
Annual int. requirements on funded debt and divs. on pref.
stocks of subsidiaries held by public as well as proportion of
453,518
earnings applicable to minority common stocks
•
5341,390
Balance
-year 536% secured gold notes-110.000
Annual int, requirements on 3
Management.-Utllities Power & Light Corp. controls corporation
htrough ownership of its entire common stock.
-Tenders.
Columbus Railway, Power & Light Co.
The Harris Trust & Savings Bank, trustee, 115 W. Monroe St., Chicago,
will. until Nov. 10. receive bids for the sale to it of refunding mortgage
gold bonds6% series, due 1941.to an amount sufficient to exhaust $151,075.
-V. 123, p. 1382.
-Earnings.
Commonwealth Edison Co., Chicago.
Period Ended Sept. 30 1926Gross revenue
Burn, after taxes, charges and depreciation
-V,122, p. 3603.
12 Months.
Quarter.
$15,131,075 $63,786.639
2,143,543 11,799,011
-Exercise of Option WarCommonwealth Power Corp.
rants.
to Oct.
It is announced thatfrom Aug.31exercise 14 the corporation issued 73.060
of option warrants against the
upon the
shares of common stock
receipt of $1,826,500 in its treasury, leaving 18,800 shares of common stock
issuable on exercise of option warrants expiring Nov. 1.
Earnings 12 Months Ended Sept. 30 (Including Subsidiary Companies).
1925.
1926.
$48,164,951 $42,267.753
Gross
26,049.941 23,996,471
Expenses. taxes and maintenance
11,981,044 10,769,494
Fixed charges (note)
2,191,495 2,189,682
Preferred dividends
3,319.039 3,047.631
Retirement reserve
$4,623,431 $2,264,474
Balance
This statement is prepared on the basis of giving effect for the full
acquisition of the control of the Tennessee Electric
-year period to the
2
Power Co. under Plan which became effective in July 1925.
-Includes interest, amortization of debt discount and earnings
Note.
accruing on stock of subsidiary companies not owned by Commonwealth
Power Corp.
the
The activity of general business in the territory servedtly the corporation
sales of electricity and
by
and its subsidiaries is indicated 121,274,937 k.w.h. and of gas gas. Sep520,304,900
sales of electricity were
tember
13%,
over
cu. ft., increases of approximately 16% and of 1926respectively, were
electric sales
September last year. During the first 9 months
k.w.h. and gas sales 4,368,822,400 cu. ft. as compared with
1.056.954,718
917,193,323 kWh.and 3,890,980,300 cu. ft. in same period last year-an
For the year ended Sept.
increase of 15.24% and 12.28%, respectively.
amounted to 1,417,314,317 k.w.h. and of gas
30 1926 sales of electricity
-increases of 19.62% and 16.34%. respectively,
5,788,816,000 Cu. ft.
Sept. 30 1925.
over sales for 12 months endedreflected in increased earnings, which for
This increase in business is
ended Sept. 30 1926 applicable to dividends and retirement
the 12 months
per share on preferred stock
reserve amounted to $10,133,965, or $7 57
stock.
and $6 55 per share on the common
retirement reserve earnings amounted to $18 54 per
After provision for
of preferred and $3 81 per share
share on the outstanding 367,537 shares
compared with $12 12 and $1 87,
on the 1,213,381 shares of common as
period last year, laased on the same number of
respectively, for the same
issued upon exercise of option
shares now outstanding, including shares
.
-V. 123. 1:l• 1761, 1632
warrants as above stated.
--Earnings Statement.
Consumers Power Co.
1925.
12 Mos. Ended. Sept. 30Gross earnings
r. exp., incl. taxes & maint
ed charges
Dividend preferred stock
Provision for retirement reserve
Balance
-V. 123. p. 1996.
1924.
1926.
$23,330,227 $19,609,525 $18.307,276
12.088,540 10.605,212 9.723,493
2,491,762 2,493,302
2,642,224
1,431.897
2,801,437 2,183,893
1,338,328
1.269.000
1,506,000
$4,292,026 $2,990,330 $3,389,585
-Organized.
Connecticut Gas & Coke Securities Co.
[Vol- 123
filed on Oct. 11 at the office of the Secretary of the State at Hartford, Conn.
The capitalization consists of 200,000 shares of preferred stock without par
-V. 123.
value, and 300,000 shares of common stock without par value.
p. 1502.
-Service Discontinued.
Depew & Lancaster Ry. Corp.
This corporation, which operates between the Buffalo city line at East
Genesee St. and the villages of Depew and Lancaster, discontinued service
on Sept. 23. R. C. Lenahan, of Lenahan & Sons of Buffalo, N. Y., who
purchased the property at a bondholders' foreclosure sale 5 years ago.
says he will scrap the line. The company has operated two cars, but the
-V. 113.
income, it is stated, was not sufficient to pay operating expenses.
p. 1674.
-Plant Extension Progresses.
Duquesne Light .Co.
Since the ground was first broken on the Colfax power site in 1919, an
almost continuous construction program has been carried forward until
at present the installed capacity has reached 190.000 kilowatts, or approxione-half of the ultimate development. During the
mately 253,000 h.
p..
last year foundations were laid for an additional 80,000 k.w. unit to be
placed in operation during the summer of 1927.
As originally planned, the ultimate development was to consist of six
60.000 k.w. units. The first two units now in operation are of this capacity;
the third has a capacity of 70,000 k.w. The fourth unit, which is now under
construction, will be of 80,000 k.w. capacity, or approximately 106,000
h.p., a departure from the original plan.
The first two units are identical with she exception of some minor detai
and some of the auxiliary equipment. They consist of 60,000 k.w. compound units having one high and two low pressure elements, each driving
a 20,000 k.w. generator. The third unit consists of two separate 35.000
k.w. single cylinder turbines connected to a common bank of transformers.
The fourth unit will be similar in design to the third unit, except that the
rating of the turbines and generators will be higher.
Fourteen stoker-fired boilers were provided to furnish steam for the first
two units. The third unit installation consisted of five boilers fired with
pulverized fuel.
Improvements in the design of the third unit and changes in the first and
second units have resulted in an improvement in heat economy which, when
converted into tons of coal consumed. is equal to a saving of 85,000 tons of
-V. 123. p. 1250.
coal for the 1925 power output.
Edison Electric Illuminating Co. of Boston.
-To Increase Capital Stock.
The stockholders will vote Nov. I on authorizing the company to apply
to the Massachusetts Department of Public Utilities for authority to issue
93,429 additional shares of capital stock. At present there is authorized
and outstanding $46,714,100 capital stock, par $100. The proceeds of
the new stock are to be applied to the payment of liabilities incurred heretofore or hereafter for additions to property. The offering price will be
made known when the Commission holds the hearing on the petition.
-V. 123, p. 1250.
--Tenders.
Electrical Securities Corp.
Offers will be received until 10 a. m. on Nov. 1 1926 at the office of the
Guaranty Trust Co., trustee, 140 Broadway. N. Y. City, for the sale to it
at the lowest prices offered (not exceeding 103 and int.) of collateral trust
sinking fund 5% bonds of the below mentioned series, in such amounts as
will exhaust the following sums: 6th series, 557,600; 7th series, $9,000
16th series, $36,419; 17th series. $37,810. Interest on the above bonds
-V. 123, p. 1632. 580.
purchased will cease on Nov. 2 I926.
-Bonds Offered.
-White,
Federal Light & Traction Co.
Weld & Co., Lee, Higginson & Co., Bode!! & Co. and West
& Co. are offering at 95 and int., to yield about 5.40%,
-year 1st lien gold bonds, bearing
$1,329,000 stamped 30
interest at 5%.
Dated March 1 1912, due March 1 1942. Authorized $50,000,000:
retired by sinking fund $1,486,000; outstanding $8,049,000, including this
Issue, $3,238.000 unstamped 5s and $3,482,000 stamped as 6s. Issued
under 1st mtge. dated March 1 1912, as modified by a supplemental indenture dated Feb. 1 1922. Irving Bank & Trust Co., trustee.
Data From Letter of E. N. Sanderson, President of the Company.
-Incorporated in 1910. Controls public utility properties
Company.
furnishing electric light and power, gas or traction facilities in 15 communities in the States of New Mexico, Arizona. Wyoming,Washington.Colorado.
Missouri and Arkansas. The companies operate practically without
competition in their respective territories.
-The principal of the bonds, and interest thereon, at the rate
Security.
of 5% per annum, are secured by a first lien (through deposit of the entire
issues of first mortgage bonds) on all the properties of the operating companies, with the exception of Springfield (Mo.) Ry. & Light Co., Central
Arkansas Ry. & Light Corp., New Mexico Power Co. and Bolen Water
Se Light Co., and are additionally secured by the pledge of the entire $1,100,000 common stock of the Springfield Ry. & Light Co.
Net Earnings Applicable to Interest on 1st Lien Bonds.
[After deducting interest and preferred dividends on securities of subsidiaries outstanding in hands of the public, but before depreciation.]
Cal. Yrs.-Gross Rev, Net Earns.
Cal. Yrs.-Gross Rev. Net Earns.
$909,575 1923
$5,510.876 $1,610,944
1919
$3,897,518
1.102.831 1924
5.665,828
4,606,421
1920
1,739,690
1.167,597 1925
1921
4,822.242
5,888,708
1,780.030
,
489
x1926
•Svel--- .
6,288,432
1,967,443
'
x Twelve months ended July 31.
-Proceeds are to be used in part to reimburse the company's
Purpose.
treasury for capital expenditures already made and for other corporate
purposes.
Ltsting.-Company has agreed .to make application in due course to
list these bonds on the New York Stock Exchange.
-V. 123, p. 1633.
-Proposed Acquisitions.
Federal Water Service Corp.
-
The corporation is in process of acquiring another group of water properties, including 5 such properties in California, 3 in Pennsylvania and I in
New York. President C. T. Chenery said the names of these properties
could not be made public at this time, owing to the fact that the final
contracts had not been signed. A further announcement is expected this
coming week. No new financing is involved in the acquisitions under way,
provision having been made for it in the recent capital set-up.
Annual gross earnings of the system, with the taking in of the 9 new
properties, will exceed $3.500,000. Properties of the system are located
in 9 States, Pennsylvania, New York, California, West Virginia, Ohio.
,
Illinois, New Jersey, Indiana and Michigan.
-Year 5% Gold Notes.
To Retire Outstanding 3
-
The corporation has elected to redeem all of the outstanding 3
-year 5%
gold notes, dated May 1 1926. on Dec. 23 1926, at the Central Union
Trust Co., N.Y.City,at 101 ki and int. The corporation offers to purchase
such of the above notes with all unmatured coupons attached as may be
surrendered for cancellation at said office prior to Dec. 23 1926 at 101
-V. 123, p. 1875.
and int. to the date of such surrender.
German-Atlantic Cable Co. (Deutsche-Atlantische
Telegraphengesellschaft).-Listing.There have been placed on the Boston Stock Exchange list $4.000,000
-year 7% sinking fund gold dollar bonds, dated April 1 1925
1st mtge. 20
and due April 1 1945 (see offering in V. 121, p. 1677).-V. 122, p. 1382.
International Utilities Corp.(& Subs.).
-Earnings.
Consolidated Income Account 12 Months Ended Aug. 31 1926.
Gross revenue from all sources
Total deductions, incl. maint., local and Fed. taxes, depletion, "644 898
'
preferred divs. on open cos. and minority stock interests._ _ 3,046,010
Interest and discount expense
848,387
Net income_____ - - _ _-_
---7---------------- $750,500
------- -----)
--Profit on investmenti(netafter442,202
Net income, on basis of present stock ownership, before depreciation, amortization of properties and dividends
$1,192,702
Depreciation and amortization of property
290,614
Balance
---------------------------------------- $902.088
The certificate of the incorporation of this company, a subsidiary of the
•
--Koppers Co. of Pittsburgh to operate the New Haven Gas Light Co.,was -V. 123. p. -----
OCT. 231926.]
THE CHRONICLE
Illinois Power Co.
-Earnings Statement.
1923.
12 Mos.End. Sept. 30
1924.
1926.
1925.
Gross earnings
$2,586,172 $2,420,400 82,320,266 $2,256,198
Oper. exp., incl. taxes &
1,573,723
maintenance
1,771,595
1,631,491
1,680,170
358,135
Fixed charges
376.375
387,087
395.113
147,446
Dividend preferred stock
182,260
226,893
214,265
Prov. for retirem't res
142,750
133,650
148,700
153,550
2139
-Balance Sheet.
National Public Service Corp. & Subs.
July 31'26. Dec. 31'25.
Liabilities
Pf.stk.,7% panic. 3,593.300 3,923,300
Pf.stk.,7% ser. A 5,882,000 4,000,000
Pt. stk., sub. cos. 19,139,435 15,796,810
Corn.stk.eq.class
A &B
7,670,588 6,141,164
Com.stk. of subs.
in hands of publlc & int. of MI11ority stocholders
309,027
393,201
in surplus accts.
30-yr sinking fund
coll. tr g. bonds 13,921,500 12,750,000
Bds., notes, &c.,
80,743,776 57,963,144
subs.cos
Notes & accts.pay. 5,564.655 2.721,267
Aeon int., tax.,
dive., ‘tc
1,418.943 1.631.159
Consumers& con792,589
struction deps. 1,057.472
14,039.518 1!',778.485
Total (ea. skle)153,280,214 117,891,119 Reserves
-V. 123, p. 1877.
July 31'26. Dec. 31'25.
AssetsReal est., plant &
equipment_ _ _128,880,280 100,048,218
Miscell. invests__ 1,138,237 1,006,702
Spec.deplor.
retir.
of underlying se383,438
curlties, &c_ _ _ 1,398,637
Balance
4,708,383 2,800,246
def$3,510 sur$34,145 Cash
sur$51,897 def$22,698
-V. 123, P. 581.
38,715
41,904
Marketable secur.
Notes& accts. rec. 3,391,197 2,114,934
KansasCity Public Service Co.
-Franchise.
Materials & supp. 2,470,640 1,884,102
The City Council of Kansas City, Mo., on Oct. 4 again passed the ordi- Miscel. assets....5,001
nance providing for a 12
-year extension of the existing street railway fran- Unamort.debt dischise. Mayor Beach had opposed the passage of the bill. See also V.
count & oth.def.
123, p. 1996.
11,250,935 9,609,763
items
The Chase National Bank has been appointed co-transfer agent for the
transfer only of an issue of 83,364 shares of pref. stock, series "A," and
183,645.4 shares of common stock.
-V. 123. P• 1996.
KeeneGas & Electric Co.
-Merger.
-
See Public Service Co. of New Hampshire below.
-V. 123, p. 982.
Keystone Telephone Co. of Philadelphia.
-Listing.
-
There have been placed on the Boston Stock Exchange list 82,300,000
(auth. $10,000,000) 1st lien Sr ref. mtge. gold bonds, series A,5 Si %,dated
June 1 1925 and due June 1 1955.-V. 123, p. 1996, 581.
-Exchange, &c.
New Haven Gas Light Co.
The company, stock of which is now quoted at about $63 50 to $65 a
share, furnishes gas to the City of New Haven and vicinity. In 1925 the company had a gross revenue of$3,063,000 and a net income of $611,388.
Leominster(Mass.) Electric Light & Power Co.
-Stock.
Prior to Oct. 31 1926 each share of New Haven Gas Light Co. stock
The Massachusetts Department of Public Utilities has approved the may be exchanged for one share of preferred stock and M share of common
issuance by the company, at $225 a share, of 1,000 additional shares of stock in the Connecticut Gas & Coke Securities Co., a new holding corcapital stock, the proceeds to pay for additions to' plant. The company poration to be organized to hold such stock in the New Haven Gas Light
had asked approval of an issue of I ,100:shares at $200 each, but the Com- Co. and other gas companies as it may acquire.
mission considered the price too lows L
The payment of a $3 dividend on the preferred stock of the new holding
company will be guaranteed by the Koppers Co. or a coke company to
Maine Gas Companies.
-Preferred Stock Offered.
-Paine, be organized by the Loppers Co. for the purpose of supplying gas to the
Webber & Co. are offering a new issue of 10,304 shares of New Haven Gas Light Co.
company begins supplying
During the first 90
$6 series cumulative preferred stock at $96 per share and gas, the Koppers Co.days after the new coke new common stock of the
agrees to purchase the
proposed Connecticut Gas & Coke Co., as it may be offered, at $25 a share.
dividend, to yield 6.25%.
$65 a share, the present price of New Haven Gas Light Co. stock, is
Preferred both as to assets and dividends, and entitled to $105 per share
the new preferred stock paying a $3 guaranteed
in liquidation, either voluntary or involuntary. Dividends payable Q.
-J. equivalent to $52 50 for
-V. 123, P.
Red. either as a whole or in part on any div. date on 60 days prior notice dividend and $12 50 for each M share of the common stock.
at $105 per share and div. .Dividends exempt from present normal Fed- 1763, 1505.
eral income tax.
-National
New York Steam Corp.-Pref. Stock Sold.
Data from Letter of William S. Linnell, President of the Company.
Company.
-Has been incorp. for the purpose of combining under one City Co. and Cassatt & Co. have sold at $93 50 a share
ownership and management the three gas companies now supplying artificial (flat), yielding about 6.45% 25,000 shares (no par value)
gas to Portland (Me.) and the adjacent cities of South Portland and Westbrook, serving a total pupulation of approximately 90.000. Upon com- cumulative preferred stock $6 dividend series.
pletion of this financing, company will own 93.23% of the capital stock of
Entitled to $105 a share and divs. in case of voluntary distribution and
the Portland Gas Light Co. and substantially all the capital stock and $100 a share and divs, in case of involuntary liquidation. Red. all or part
on any div. date on 30 days' notice at $105 a share and divs. Dividends
bonds of the Municipal Light & Power Co. and the Westbrook Gas Co.
Gas is manufacturea in a central plant located at tidewater with a present payable Q.
-J. National City Bank, New York, transfer agent. Farmers'
daily capacity of 3,150,000 cu. ft. Of this capacity 1,950,000 cu. ft. is in a Loan & Trust Co., New York, registrar. Dividends are free of present
modern Glover West coal gas installation of six benches, two of which were normal Federal income tax. Corporation will refund to resident owners,
placed in operation in April 1926. Company owns a water gas installation upon proper application, personal property taxes paid on the stock in
with daily capacity of 1,200,000 cu. ft., which is now used for reserve pur- Penn. not exceeding 4 mills on each dollar of assessed valuation in any year.
and any Mass. income tax not exceeding 69' of the dividends.
poses. Company has 2,550,000 Cu. ft. in
plant is of ample capacity to supply the holder capacity. This combined
Issuance.
-Authorized by the New York P. S. Commission.
requirements of the
Listing.
-Application will be made to list these shares on the New York
territory served. The distribution system present gas
consists of 150 miles of gas main Exchange.
with 18,410 meters.
Data from Letter of James D.Hurd,President of the Corporation.
Combined Earnings for the 12 Months Ended July 31 1926.
Company.
-Is the largest of its kind in the United States. Supplies
Gross earnings after eliminating inter-company
$694,655 steam for heating and power purposes in the downtown financial district
Oper. exp., maint., all taxes and depr. based on sales of gas
mtge. provision
503,180 and in important uptown commercial and residential sections of the City
of New York. The franchise under which the corporation operates is very
Net earnings
Int., amortization debt discount and minority int. in sec. of subs_ _8149 479 satisfactory and grants the right and privilege, without limit as to time,
91:235 to lay mains and pipes in any of the streets on the Island of Manhattan
and to supply steam for power and heating.
Balance available for preferred
$142,236
Preferred dividend requirements dividends
Calendar Years-- 12Mos.End.
These earnings, after allowing 15% of the gross operating revenue for
June 30'26
1925.
1923.
1924.
Earningsmaintenance and depreciation, are over twice the preferred stock dividend Gross earnings
$3,724,098 $3,843,974 $4,334,389 $5,193,583
requirements.
Oper. exp., curr. maint.,
3,174,537
Capitalization-2,818,421- 2,800,495
and all taxes
3,722,607
Authorized. Outstand'g.
$6 series cumulative preferred stock (no par)
20,000 shs. all,597 shs.
Common stock (no par)
Net earnings
$905,677 $1,043,479 $1,159,852 $1,470,976
shs.
50.000
a Not including 1.737 shares to be held in treasury, of shs. b48,647
which 903 shares Int.on funded & unfund.
are reserved for exchange for minority interest in subsidiary company.
debt, amortiz. of bond
378,913
385,985
b Notincluding 1,353 shares to be held in company's treasury and reserved
discount, &c
321,150
344,041
for exchange for minority interest in stock of subsidiary company.
The Maine Gas Cos, will have no funded debt. Its principal subsiaiary. Bal. avail, for divs, re$780,939 $1.084,991
serves and surplus_ _ $561,636
$722,329
Portlana Gas Light Co., has outstanoing $200,000 1st mtge. 4% bonds
(incl. present issue) requires
8443,510
_due 1936 and $750,000 1st ref. mtge. 5% bonds due 1950. These bonds, Ann.div.requirements on pref.stk.
plus $69,850 par value of securities of Portland Gas Light Co., and the
The rates in effect during the past 6 years, under a schedule approved
Westbrook Gas Co. are the only subsidiary company securities in the by the P. S. Commission, fluctuate automatically with the cost of fuel
hands of the public.
to the corporation thereby assuring a continuance of the satisfactory increases in net earnings as the business expands.
Malone (N. Y.) Light 8z Power Co.
-Offers New $6
Valuation.
-Based on an appraisal approved by the P. S. Commission.
corporation is over $20,360,000,
Preferred Stock
-7% Pref. Shares to Be Redeemed on Nov. 1.
- the value of the physical property of the66,930 shares of cumulative preThe company has decided to issue 3.463 shares of $6 pref. stock, without against $8,193,500 1st mtge. bonds and
ferred stock outstanding, including the present issue.
par value, and to redeem all of the present 7% pref. stock.
Purpose.
-Proceeds will reimburse the corporation, in part, for expendiThe present holders of 7% pref. stock have been given the right to subscribe on or before Nov. 2 for the $6 pref. stock at $100 per share on the tures in connection with the construction of the new Kip's Bay steam
basis of one share for each share of 7% pref. stock held. Additional new station now rapidly nearing completion, and for other important property
pref. stock may also be subscribed for. The new pref. will pay dividends additions, including the extension of the corporation's mains in the uptown
district.
from Nov. 1 1926.
Capitalization upon Completion of Present Financing.
All of the outstanding 7% pref. stock has been called for redemption
Nov. 1 at 105 and divs. at the office of the registrar, Peoples Trust Co., $6 Dividend cumulative pref. stock (25,000 shs. no par value__ 156,693,000
Malone, N. Y., or at the office of the company in Malone, N.
$7 Dividend cumulative pref. stock (41,930 shares no par value)I
121, p. 3131.
Common stock (30,000 shares no par value) representing the
the balance of stated capital
7,320,000
Manchester Traction, Light & Power Co.
-Merger.
- First mortgage gold bonds 6% series, due 1947
5,693,500
See Public Service Co. of Now Hampshire below.
-V. 123. p. 1763.
do
5% series, due 1951
2,500,000
-V. 123, p. 1378.
. Middle West Utilities Co.
-Booklet.
Tucker, Anthony & Co., New York and Boston, have issued a booklet
Northern Ohio Power Co.(& Subs.).
-Earnings.
describing the growth and present position of the above company.
12 Months Ended Sept. 30-1926.
1925.
V. 123, P• 982, 842.
Gross earnings
$11,913,350 $11.201,245
Operating expenses, incl. taxes & maintenance,- 8.797,047 8,378,085
Montreal Light, Heat & Power Consolidated.
-New Fixed
charges (see note)
2,298,048 2,175,224
Common Stock Placed on $2 Annual Dividend Basis.
The directors have declared a dividend of 50c. per share on the new no
Net avail, for retirement res. & corp. purposes- $818,254 , $ .
647 935
par value common stock, payable Nov. 15 to holders of record Oct 31.
Note.
-Fixed charges prior to Feb. 1 1925 have been computed for
On July 26 last, the stockholders approved a plan to convert the comparative
purposes to include interest of Northern Ohio Power Co.for
then outstanding capital stock into one 6% cum. red. pref. share (par $50) expired periods of
1925 and include interest charges and dividends on
and three common shares of no par value. On the old capital stock of
-V.123. p. 582.
$100 par value dividends at the rate of 8% per annum had been paid. outstanding preferred stock of subsidiary companies.
On Nov. 1 next all of the outstanding pref. shares will be redeemed. See
-Earnings.
Northern Ohio Power & Light Co.
V. 123, p. 1876, 1763.
12 Mos. End. Sept. 30. 1926.
1924.
1923.
1925.
Gross
Narragansett Electric Lighting Co.
$11,913,349 $11,201,245 $9,817.294 $10,151,510
-Time Extended.
- Oper. earnings
exp., incl. taxes &
Bond Sic Goodwin, Inc., in a notice to stockholders state:
Our offer
maintenance
8,848,493 8,402,409 7,744,903 7.704.111
to buy at $86 a share stock of Narragansett Electric Lighting Co. has
been renewed until the close of business Oct. 23 1926. All persons selling
Gross income
$3,064,856 $2,798,836 $2,072,391 $2,447,398
their stock to us pursuant to this offer will be entitled to the additional
1,384,771
1,532,961
1,644,579
1,328,153
privileges specified in the notice of Narragansett Electric Lighting Co. Fixed charges
429,314
Preferred dividend
435,854
461,531
403,668
to its stockholders, dated Oct. 7 1926 (V. 123. p. 1997).
All stock purchased will be deposited under the plan and agreement
$830,021
Balance
$258,306
$958,746
$715,577
dated July 28 1926, if and when such deposited stock will enable the plan -V.
123, p. 1634, 1114.
to be made effective before March 15 1927 as to both United Electric
Ry.s stock and Narragansett Electric Lighting Co. stock. If the plan
-Rumors Denied.
North American Co.
not so become effective, all stock purchased will be either retained
does
When asked about the prospects of a change in the dividend policy of
or resold by us. See also V. 123,p. 1997.
the company, Frank L. Dame, Pres., said "I have heard two rumors
Nebraska Gas & Electric Co.
within the past few days
-one, that we would pass the dividend entirely,
-Acquisition.
Sale of the municipal plant at Pawnee City, Web., to the above company and the other, that we would pay in cash instead of stock. We have been
for $120,000 has been voted by the City Council subject to the approval unable to trace their origin, but there is no truth in them and the subject
has not been discussed even by the officers of the company. A conservative
-V. 122, p. 3340.
of the voters.
stock dividend policy is admirably adapted to the electric light and
-Director.
- business. The operating companies must keep pace with the growth power
New England Telephone & Telegraph Co.
of the
Victor M. Cutter, President of the United Fruit Co., has been elected a communities they serve in order to retain exclusive rights in their territories.
-V.123, p. 1877.
director to succeed the late Ralph A. Stewart.
Past records show that the electric light and power business has doubled on
THE CHRONICLE
2140
EtroL. 123
the average approximately in periods of five years. I see no reason why
Pittsburgh Utilities. Corp.
-Earnings.
this should not continue on account of the many new applications in the use
Quarters Ended
9 Mos.End.
ef electricity for both domestic and commercial purposes.
Sept. 30'26. June 30'26. Mar.31 '26. Sept.30'26.
In a company such as ours about 50% of the financing should be done by Divs, on stocks owned__
$491,500
$591.500
$641,500 $1,724,500
bonds ofsubsidiaries, perhaps one-half of the balance by subsidiary preferred Interest received
2,372
6.104
9,490
1,014
stocks sold locally, but, unless the holding company makes additional investments in the common stock to keep a balanced capital structure, the credit
Total Income
$593,872
$497,604
$642,514 $1,733,990
the subsidiary companies will be impaired. Our dividend policy provides Expenses
of
3.153
5,436
13.994
5,405
a substantial part of the money needed for this purpose.
Interest charges
126,902
125,765
122,800
375.467
In addition to these rumors there has been one which has been repeated
tipster sheets to the effect that the
many times by certain newspapers and
Net income
$366,403
$463,817
$514,309 $1,344,529
company is going to be the particular target of the forthcoming Ripley -V. 123, p. 1997.
article in the Atlantic Monthly. These rumors are causing•our 35.000
stockholders a great deal of concern but I am glad to be in a position to say
Portland (Me.) Gas Light Co.
-New Control.
that while I have not seen the article I am assured that there is no criticism
See Maine Gas, compare above.
-V. 122. p. 749.
-V. 123. p. 1877. 1634.
of the North American Co. in it.
Public Service Co. of New Hampshire.-Pref. Stock
-Earnings Statement.
Ohio Edison Co.
-Tucker, Anthony & Co. and Old Colony Corp. are
Offered.
1926.
1925.
1924.
1923.
12 Mos. End. Sept. 30
$1,766,672 $1,503,059 $1,532,988 $1,193,021 offering at $95 and div. per share, to yield about 6.32%
Gross-earnings
Oper. exp., incl. taxes &
maintenance
1,023,269
919,221
926,176
737,979 34,100 shares preferred stock, $6 dividend series (no par
82.526
111,997
139.874
98,233 value).
Fixed charges
preferred stock_ _
116.590
76,869
71,325
47,468
Div.
Callable at any time on 30 days' notice at $107 50 per share. Cumulative
Prov. for retirem't res
123,000
123.000
119,250
108,000
dividends payable Q-M. Transfer agent, New England Public Service Co.,
Augusta, Me. Registrar, Old Colony Trust Co., Boston, Mass. Dividends
$421,287
$271,973
$276,362
$201,341
Balance
exempt from present Federal normal income tax.
-V. 123. p. 582.
Issued with the approval of the Public Service COmmission of the State
of New Hampshire.
-To Vote on Merger.
Ohio Fuel Corp.
The stockholders will vote Nov.5 on approving the proposed merger and Data From Letter of Pres. Walter S. Wyman, Manchester, N. 11.
consolidation of this company into the Columbia Gas & Electric Corp.
Company.-Incorp.in N.H.in Aug. 1926. Formed by merger and consoliV. 123, p. 1997.
dation of Manchester Traction, Light & Power Co.(V. 123, p. 982), Keene
Gas & Electric Co.(V. 123, p.982), Ashuelot Gas & Electric Co., Laconia
-To Increase Stock, &c.
- Gas gc Electric Co. and Souhegan Valley Electric Co. Company is the
Ohio Gas Light & Coke Co.
The stockholders will vote Nov. 9 (a) on increasing the authorized largest public utility in the State of New Hampshire, serving the thickly
capital stock from $509,000 to $1,000,000: (b) on changing the location populated manufacturing district along the Merrimack River comprising
of the corporation from Toledo, Ohio. in Lucas County, to Napoleon. the cities of Manchester and Nashua, together with Keene, Laconia, and
in Henry County. and (c) on amending the charter so as to enlarge the many surrounding towns.
All of the company's territory is served with electricity for power and
purpose of the corporation by providing for manufacturing, buying,
light. Gas is also furnished in the cities of Nashua, Keene and Laconia.
-V.123, p. 844.
selling, furnishing and supplying artificial gas.
Through wholly owned subsidiaries the company operates the street
railway system in Manchester and interurban lines to Nashua and Goffs---Dissolved.
Oklahoma Natural Gas Co.
town. In
of the net earnings of the company were
A recent letter to the stockholders, signed by Harry Heasley. H. J. the sale of1925 78% 10% from sale of gas and miscellaneousderived from
electricity,
sources, and
Crawford and J. V. Ritts as a committee representing the board or direc- 6% from street railway operations. The population
furnished with one or
tors. says:
more classes of service is estimated to exceed 170,000, or about 40% of the
The sale of the company's assets to the Oklahoma Natural Gas Corp. population of the State.
has been consummated by the transfer of its properties and the receipt of the
Company owns and operates 12 hydro-electric generating
purchase price, to wit $6,090.000 cash, less accrued interest to Sept. 21 on a total capacity of 17,000 k.w. and two steam stations stations, having
of
bonds dated July 1 1926, $12,500.000 6% gold bonds and 26,000 shares of capacity. An additional hydro-electric development now 20,250 k.w.
under conpar value, of Oklahoma Natural Gas Corp.
common stock, without
struction on the North Branch of the Contoocook
An immediate cash distribution at the rate of $10 per share has been 3,200 k.w. upon completion. Valuable rights for future River will develop
ordered, and the Colonial Trust Co., Pittsburgh. Pa., has been appointed Merrimack and Contoocook River are also owned. development on the
Two-thirds of the
agent of the board of directors for the purpose of making this distribution output of electric energy in 1925 was generated at hydro
-electric stations.
and acting as depository of the remainder of the said cash, bonds and Transmission lines, now being constructed, will connect the principal
plants
stock (collectively referred to as liquidating assets).
common
of the company and will provide a means for an interchange of power which
By a decree of the District Court of Tulsa County, Okla., the company should produce substantial economies in operation.
has been legally dissolved. Prior to the dissolution, the above mentioned
Capitalization Upon Completion of Present Financing,
committee was appointed by the directors to supervise the distribution of the
liquidating assets, and entered into an agreement, dated as of Sept. 211926. Manchester Tr., Lt. & Pow. Co. 1st ref. (closed) mtge. 5s 1952x$4,314,500
between the committee. the Colonial Trust Co. and the stockholders of the
do
1st ref. (closed) mtge. 7s 1952
914,000
Oklahoma Natural Gas Co. who may become parties thereto as therein Public Service Co. of N. H. 1st & ref. mtge. gold bonds, series
provided by depositing their stock and accepting certificates of deposit of
of1956_
--------------------- 3,150,000
Colonial Trust Co.. which agreement has been approved by the directors. Preferred
the
----- Par Vtatiej-34,100 slas.
As the Oklahoma Natural Gas Co. has been dissolved, there can be no Common stock (no _par value)
100,000 shs.
further trading in the stock on the Pittsburgh Stock Exchange. The com*Not including $386,500 bonds held in sinking fund.
however, is taking steps to have the certificates of deposit listed
mittee,
being Merged, After Giving Effect to Present
on the Pittsburgh Stock Exchange and it is expected that the market for Earnings of Properties now
Financing.
the certificates will be at least as broad as the previous market for the stock.
--Calendar Years.
that final distribution may be made by the depositary not
Year End.
It is hoped
1923.
1924.
1925.
June 30'26.
later than July 1 1927."
$3,128,909 $3,183,897 $3,334.739 $3,417,447
[The stockholders on July 1 last approved the sale of the entire property Gross earnings
to the Oklahoma Natural Gas Corp. The new Operating exp., maint.
and assets of the company
1,874,025
& taxes
1,885,164
1,850.950
1,837,339
corporation issued $15,000.000 1st mtge. s. f:6% bonds, $6,000.000 cony.
s. f. 614% debentures, $2,100,000 7% cum. pref. stock and 500.000 shares
$1.254.884 $1.298.733 $1,483,789 $1,580,108
Net earnings
ofcommon stock of no par value. Oklahoma Natural Gas Co. received for
457,401
its assets and properties $7,870,000 in cash. $12,500,000 of 1st mtge. bonds Bond Interest and amortization
231.409
and 26,000 shares of the common stock of the new corporation. Of the Depreciation
cash so received $1.780,000 was applied to the satisfaction of the company's
--Balance_ _ _ - _ $891,298
indebtedness to that extent. All other indebtedness and liabilities of the
,
were assumed by the new cor- Annual dividend requirements on 34,100 shares prof. stockcompany (except Federal tax liabilities)
$6 dividend series_--------------204.600
poration. The stockholders of the old company received the current
ails csatte Of siOCi, 14;fwilier Wait
Purpose.
-Proceeds
proceeds of
earnings of the company from Jan. 1 1926 up to the date of the sale but
bonds to be presently issued, will be used to retire capital obligations of
not in excess of 8% of the par value of their stock.
reimburse the
Of the common stock of the new corporation, 240.000 shares will be the merged companies and to construction. company for additions to
reserved for conversion of the debentures aforesaid. Securities of the new plant completed and now under
Equity ee Control.
-The 100.000 shares of no par value common stock of
corporation, not in excess of $2,500,000 1st mtge. bonds, $6,000,000 of
debentures. $2,100.000 of pref. stock (V. 123, P. 1383) and 234,000 shares the company are all owned by the New England Public Service Co.. and
of over eight minion dollars.
of common stock, will be issued for the purpose of furnishing the cash represent an investment on its part the New England Public
Service Co.
Supervision.
-Through control by
required to make the purchase, of providing working capital and managecorporate purposes, and to provide $1.000,000 cash for the company will be under the supervision of Samuel Insult, Martin J.
ment. or for other
-V. 123. 11• 983.
the acquisition by the new corporation of the Kingwood Pipe Line property.] 'mull and associates.
123, p. 1997.
Public Service Electric & Gas Co.
-Balance Sheet.
-Acquisition.
July 31 '26. Dec. 31 '25.
July 31 '28. Dec. 31 '25.
Oklahoma Natural Gas Corp.
g
Arse's$
-V. 123. p. 1635.
Bee Oklahoma Natural Gas Co. above.
Fixed capital__ _195,767,196 179,714,427 7% cum. pt. stk. 20,000.000 28.000.000
-Earnings.
Reacq'd securs. 2,914,000 2,914,000 6% cum. pf.stk. 15,000,000 15,000.000
Pacific Telephone & Telegraph Co.
5,885,934 8.189,859 Corn stk.(no par) 95,000,000 88,750,000
Quarters Ended
9 Mos. End. Cash
2,200,000 Camd. Coke Co.
•
Sept. 30 '26. June 30 '26. Afar. 31 '26. Sept. 30 '26. Marketable secs.
corn. stock_
3.691
100.000
Net after exp. & taxes-- $2,657,178 $2,589,223 $2,006,000 $7,252,401 Notes receivable
Acc'ts receivable 10.520,354 11,574,892 Funded debt__ 44,088,000 44,088,000
-V.123.p. 711.
843,585 Bonds of merged
Int. & diva. rec.
249,805
-Earnings.companies _- 21,824,500 21,835,100
Malls & supp
5,079,874 5,377,745
Peoples Gas Light & Coke Co.
3 Months. 12 Months. idlscell. assets
229,810
156,800 Misc, long term
Period Ended Sept. 30 1926debt
$9,170.872 $38,260,361 Inv.in attn.cos. 31,802,201 32,253,383
35,071
Gross operating revenue
16,756 Real estate mtgs 1,466,728
1,156,745
19,256
1,421,760
5,322,656 Other investm'ts
Net inc. after taxes, int. & prov. for retirement
563,701 Equip. oblig'ns_
520,000
Sinking funds__
704,911}
650,000
123, p. 1115.
Adv. for coustr_
444,656
15,993
638,383
Mi8O, spec. ids_
--Tenders.
Philadelphia Electric Co.
1,333,682 P.S. Gas notes
128,000
Prepayments_ __ 2,724,316
Adv.from Wird
The Girard Trust Co., trustee. Phila., Pa., will until Oct. 29 receive bids Unamort'd debt
companies _
mtge. gold
1,065,804
1,250,000 1,250,000
disc, and exp. 1,044,973
for the sale to it of 1st lien & ref.$120,844, at bonds, 6% series due 1941,
a price not exceeding 107Si Misc. suspense_
638.873 Ace ts payable
1,275,099 2,945,168
472.107
to an amount sufficient to exhaust
Consumers' dep. 3,497,516 3,358,056
and int.-V. 123. p. 1115.
Misc. curr. Habil
4,552
5,468
Taxes accrued
2,492,180
1,604,932
-Earnings.Philadelphia Rapid Transit Co.
Interest accrued 1,437,800
1,150,287
Mos. End. Sept. 30- -9 Mos. End, Sept. 30-3
Misc. accr. Habil 1.098.960
673,054
1926.
1925.
1926.
Retirem't res've. 27,509,776 25,616,820
Period232,532,081 169,434,043 716,104,022 631,266.613
Casualty dr inPassengers carried
$39.569,605 $37,115,907
$12,893,670 $11,962,814
surance ree've
Operating revenue
840,839
979,658
9,391,320 29.316,713 27,574.635
9,731,154
Unamort. prem.
Operation and taxeson debt
44
45
$10,252,892 $9,541,272
Contrib.for ext.
Operating income---- $3,162,516 $2,571,494
154,956
579,824
90,507
228,565
304,718
Misc. reserves
3,364,800 3,121,484
Non-operating income__
Misc. unadJust.
$3,467,234 $2,662,001 $10,832.716 $9,769,836
• credits
1,232,065
1,089,773
Gross Income
Fixed charges, diva. &
Total(each side)257,230,532 244,828,979 Profit dr loss sur. 14.591,245 12,326,040
110,191.7441
3,244,2321
management fee
) 9,849,990
-V. 123, p. 1252.
3,230,817 i
Pay. to city sink. fund
[ 603.120)
201.040
& Frankford elevated
Public Service Corporation of New Jersey.
-6% Pref.
Net income
-V. 123, p. 1997.
$21,962 def$568,816
$37,853
der$80,153
-Common Shares Split Up
Stock Increased by $100,000,000
-The stockholders on Oct. 19(a) increased
on a 3for 1 Basis.
Phoenixville (Pa.) Valley Forge & Strafford El. Ry.- the authorized 6% pref. stock from $25,000,000 to $125,000,000; (b) increased the authorized common stock of no par
value from 2,000,000 shares to 10,000,000 shares; and (c)
approved the issuance of three new no par common shares in
exchange for each share of present outstanding common stock.
It is not the intention of the company to offer for subscription
to stockholders any of this stock at this time.
The sum of $7,425 will be distributed to the holders of the $102.323
bonds of this defunct company. The filing of the auditor's report shows
that there will be a dividend of 0.07256% on all that remains of the line
built and operated for the first time in 1911. The road was built by
Thomas E. O'Connell, then residing in Phoenixville, who also sold most
of the bonds. In 1923 only one car was in operation on the line between
l'hoenixville and Spring City. In the year 1922 receivers were appointed.
-V. 120, p.
The line operated five miles. ( Electric Railway Journal.")
958.
OCT. 23 1926.]
It is the intention of the board to place the new common
stock on a $2 annual dividend basis. This is equivalent to
$6 on the present common stock, which is on a $5 annual
basis.
Dividends on the 6% cum. pref. stock will hereafter be
-paid monthly instead of quarterly, as heretofore.
p
.
The authorized 8% cum. pref. stock remains at $25,000,000, and the
authorized 7% cum. pref. stock at $50.000,000, par $100. On Sept. 25
last there were outstanding 1.192,425 shares of no par value common stock,
215,312 shares of 8% cum. pref. stock, 288,570 shares of 7% cum...,[aref.
stock and 51,973 shares of 6% cum. pref. stock. V.123, P. 1997, 1104*
Consolidated. Balance Sheet.
July 21 '26. Dec. 31 '26.
July 31 '26. Dec. 31 '25.
Assets
Fixed capital...465,150,762 440.939,296 Com.stk.(no par) 64,910,329 52,803,441
Cash
22,030,546 9,408,585 8% cum.pt.stk. 21,531,200 21,531,200
Marketable se7% cum. pt.stk. 28,709,900 26,538,800
curities
762,969 2,200,000 6% cum. pf.stk. 4,751.600 1,606,500
Notes receivable
17,831
18,191 Cap.stk.of over.
Accounts reedy. 8,251,091 8,999,602
sub.controlled
Interest & dive.
through stock
receivable_ _
46.757
ownership... _ 15,030,210 15,031,080
27,068
Materials a n d
Cap.stk.of lessor
supplies
6,495,417 6,317,386
cos. controlled
Miscell. current
through stock
assets
6,803,657 6,803,877
ownership_
364,286
287,012
Subscribers to
Cap.stk.of lessor
capital stock_
228,185
cos. not contr.
1,780
Purchase of pref,
through stock
stock under deownership _ _ 55,427,605 55,428,205
!erred paym't
23,000
23,000
Prem.on cap.stk.
plan
819,672 1,544,367 Cap.stk.subser. 1,426.700 3,642.800
InvestmentsFunded debt_ _ _241,450,774 234,170,116
Subsid'y and
102,800
2,504
Notes payableaffiliated cos. 2,448.200 3.175,000 Accts. payable__ 7.625.929 4,511,222
Other invest't
201,522
173,522 Consumers' dep. 3,497,516 3,358,056
7.082
105.504
Q2,204
Sinking funds-124.853 Misc. curr. liab_
Miscell. special
Taxes accrued__ 3,479.678 3,830,818
funds
28,554
29,703 Interest accrued 3,319,646 3,020,569
Special deposits_
670,641
422,066
408,737 2,767,355 Misc, accr. dab_
Prepayments_ _ _ 2,050,918
36,222,328 2,080,608
388,059 Reserves
Ilnamortiz. debt
Misd. unadj.cred. 1,312,826 1,163,945
disc, and exp. 3.735,879 2,983,329 Profit and loss 17,102,377 14,313,127
Misc. suspense.
506.795
777.912
Total(each alde)513,403,922 480,389,315
The income account for 12 months ended July 31 1926 was given in
V. 123. p. 1998.
Pensions Increased.
-
Changes in the welfare plan of the corporation and its subsidiaries, affecting approximately 20.000 employees, providing what is practically half
-pay
pensions for employees upon retirement, and doubling the allowance formerly made for each year of service, were announced recently by President
Thomas N. McCarter. The welfare plan was established Jan. 1 1911 and
up to the first of this year more than $1,800,000 had been paid to employees
under its provisions. in addition to payments made to beneficiaries of employees insured under the group plan. Benefits include pensions upon retirement and in the event of total and permanent disability, death and sick
benefits, without cost to the employee.
The new provisions are retroactive and apply to the 192 former employees
now receiving pen.sions, as well as to all other eligible employees. Employees upon retirement will receive a pension computed upon the average
yearly wage or salary received during the 5 years next preceding the date
of retirement. For each year in the company's employ they will receive
2% of such average pay, or double that which was formerly paid. The
maximum pension payable after 25 years' service will be half pay, but no
pension will be less than $500 a _year. For exceptionally long employment
additional provision is made. For men retirement is optional between 65
and 70 years of age and compulsory at 70. For women it is optional between
60 and 65 and compulsory at 65 years.
By another new provision, any regular employee who has been in service
12% years or more and becomes totally and permanently disabled will receive half pay.
-v.123. p. 1997, 1763.
Republic Railway & Light Co.
-Capital Reduced by
Decreasing Par Value of Common Stock.
-The stockholders
on Sept. 23 voted to•decrease the authorized common stock
from $7,500,000, par $100, to $3,750,000, par $50. See also
V. 123, p. 1507.
-Tenders.
Sacramento Electric, Gas & Railway Co.
The Mercantile Trust Co. trustee, 464 California St., San Francisco,
Calif., will, until Oct. 29,receive bids for the sale to it offorty first mortgage
5% gold bonds due in 1927.-V. 121. p.-1790.
-W. C.
Shenango Valley Water Co.
-Bonds Offered.
Langley & Co. and H. M. Payson & Co. are offering at 93
and int., to yield over 5.45%, $1,000,000 1st mtge. 5%
gold bonds, series A.
Dated
Oct. 1 1926; due Oct. 1 1956. Int. payable A. & 0. at Union
Safe Deposit & Trust
Me., trustee, or agency in New York
or Boston. Red., all Co., Portland,
or part on at least 30 days' notice at 105 up to and
incl. Oct. 1 1936, at 1023. thereafter up to and incl. Oct. 1 1946, and
at par thereafter; plus int, in each case. Denom. $1,000 and $500c5
.
Principal and int. are payable without deduction for any normal Federal
income tax not exceeding 2%. Company agrees to refund, within 60 days
after payment, the Conn.
personal property taxes not exceeding
four mills per annum, theand Calif. security tax not exceeding 4Yi mills
per annum and the Mass, Maryland
income tax not exceeding 6% per annum, on
income derived from the bonds. Free of the Penna. 4-mills tzax.
Data from Letter of Vernon F. West, President of the Company.
Company.
-Will presently own and operate water works properties now
owned by Sharon Water Works Co. and South Sharon Water Co., which
supply water for domestic, municipal and commercial purposes in Sharon,
Farrell and Wheatland, Pa. • These communities, which have a combined
population estimated at 43,000, are located in the Shonango Vzlley in the
ist industrial area of western Pennsylvania, adjacent to Youngstown,
o
Purpose.
-Proceeds will be used for the purchase of properties and for
other corporate purposes.
Security.
-A first mortgage on all the physical property presently to be
()idled and will be secured by a direct mortgage on such peoperty hereafter
acquired.
Earnings of Predecessor Companies
-12 Months Ended June 30 1926.
Gross income _________
_____________________ $242,302
Operating expensei, ranienanie ______
__
92,735
Net income before interest and Federal taxes
Annual interest charges on $1.000,000 1st mtge. 5% gold bonds,
series A (this issue)
50,000
Capitalization Outstanding (Upon ____________ of Present
-1st mtge. 5% gold bonds, series A (this issue)
$1,000.000
Preferred stock, 7% Cumulative (par
350,000
$100)
Common stock (no par value)
10,000 shs.
Company will operate water works serving 9,290 consumers, and
431 city
fire hydrants are connected to the mains. The equimpent includes pumping
stations with a nominal daily distributive pumping capacity of approximately 15.000,000 gallons, and filtration plants with a nominal daily
capacity of approximately 8.000.000 gallons. The source of water supply
Is the Shenango River. The distribution system includes over 48 miles
of mains.
m
Southern Bell Telephone &Telegraph Co.-Aeguisi'ns.
-S. C. Commission on Oct. 13 approved the acquisition by the
The I.
ompany of the properties of the Eastern Kentucky Home'telephone Co.
The Bell company acquired all of the property, assets, rights and privges, and assumed all of the contracts, business and obligations of the
2141
THE CHRONICLE.
Cumberland Telephone & Telegraph Co.,Inc.,June 30 1926. The Cumberland company formerly owned and operated a telephone system in Kentucky and other Southern States.
The Kentucky company owns and operates a telephone exchange at
Pikeville, Ky. from which it serves 442 exchange stations and 86 toll stations. It also owns various toll lines radiating from its exchange which
'
have a pole mileage of 175 miles, all in Pike County, Ky. No exchange Is
maintained by the Bell company at Pikeville.
By a contract made July 16 1925 the Cumberland company agreed to
purchase all of the tangible properties of the Kentucky company for $75,000.
This contract was subsequently transferred to the Bell company.
The Commission also approved the acquisition by the company of the
properties of the Whitesburg Telephone Co.
The Whitesburg company owns and operates an exchange at Whites
burg, Ky., from which It serves 44 exchange stations and 30 toll stations.
It also OVITIS certain toll lines connecting with its exchange, which have a
pole mileage of 26.5 miles. No exchange is maintained by the Bell company at Whitesburg. On July 16 1925 the Cumberland Tel. & Tel.
Inc., contracted to [purchase all of the tangible properties of the WhitesCo.,
burg company for $10,000. The contract subsequently was transferred
to the Bell company.
-V. 123. p. 1763.
Consolidated Income Account for 3 and 9 Months Ended Sept. 30 1926.
[Including Cumberland Telephone & Telegraph Co.'s earnings from July 1.1
3 Mos. End.9 Mos. End.
Sept.30'26. Sept. 30'26.
Total revenue
$12,109,721 $36.001,847
29,208.378
Expenses and taxes
9,816.987
Interest
1.772,385
616,793
4,444.296
Dividends
1.599,971
Balance,surplus
-V. 123, P• 1763
.
$75,970
$576,788
Southern California Edison Co.
-Earnings.
Nine Months Ended Sept. 301925.
1926.
Gross earnings
820,694,231 818.605,964
Net after expenses and taxes
13.501.225 12,464.407
Balance after fixed charges avail,for divs.& deprec. 9,134,337 8,484,134
-V. 123, p. 1878.
-G.E. Barrett & Co.,
-Bonds Sold.
Southern Gas Co.
Inc.; R. E. Wilsey & Co., Inc., and Frederick Peirce & Co.
have sold at 974 and int., to yield about 6.85%,$1,200,000
10
-year 6M% sinking fund gold debenture bonds, series A.
Dated Oct. 1 1926: due Oct. 1 1936. Principal and hit. (A. & 0.)
payable at First National.Bank, Kansas City, Mo., trustee. Int. also
payable at Guaranty Trust Co. New York, and at Continental & Commercial National Bank, Chicago. Denom. $1,000, $500 and $100c'.
Red. on any int. date at 105 and int. to Oct. 1 1931; thereafter to maturity
at 102% and int. Company agrees to pay interest without deduction
for any normal Federal income tax not exceeding 2% and to refund, upon
application within 60 days after payment, the Penna. and Conn. personal
property taxes, not exceeding four mills annually, and the Mass, income
tax not exceeding 6% per annum on income derived from the bonds.
Data from Letter of L. J. Snyder, President of the Company.
Company.
-Formerly Southern Natural Gas Co., was incorporated in
October 1921 in Delaware. Under a continuing contract running 12 years
from May 3 1922 and thereafter until cancelled, the company has sines
November 1922 been furnishing natural gas to the San Antonio (Texas)
Public Service Co. which latter is one of the largest subsidiaries of the
American Light & Traction Co. Company furnishes to the San Antonio
'
Public Service Co. for its distribution, natural gas for domestic, ocmmercial and industrial purposes for San Antonio and adjacent territory
as well as all of the gas used under the boilers in the electric power plant
in San Antonio. Under a contract with the U. S. Government, the company also supplies all gas used by Kelly Fields No. 1 and No. 2, by the
Air Intermediate Depot and by Camp Normoyle.
Company's physical assets consist of about 210 miles of main trunk
lines, exclusive of gathering lines connecting the gas wells to main trunk
lines. Company also owns a gas compresor station locatedt in the Gas
Ridge Field, has rights of way easements for the operation of main trunk
and gathering lines, and also owns land on which compressor and meter
stations are located.
CapitalizationAuthorized.
Outstanding.
1st mtge. (closed) 6%% s. f. gold bonds,
dated Nov. 11925, due Nov. 1 1935-S3.000,000
a$2,900.000
10
-year 63. % s, f. gold deb. bonds, series
A (this issue)
b
1.200.000
7% cumulative preferred stock
750.000
2.000.000
Common stock (no par value)
c70,000 abs.
55.000 aim.
a $100,000 retired by sinking fund since issuance Nov. 1 1925. It is
estimated that by Jan. 31 1927 the sinking fund will reduce this issue to
about $2,775,000. b Limited by conservative restrictions of the trust
agreement, but not any specific principal amount. c 15,000 shares subject
to warrant rights of 1st mtge.67 bonds.
Security. A direct obligation a company, and subject only to the
outstanding 1st mtge. bonds.
• Estimated
Year End. Year End.
EarningsAug.31 '26. Dec. 31 '26.
Gross earnings
$1,200.000 61.028.87
6
Oper. exp.. incl. cost of gas and other oper. exp.,
maint. and taxes other than tan Fed. taxes_
425.000
375.728
Net available for interest
Ann.int. requirements on outstanding 1st M.bonds
Ann.Int. requirements on $1,200,000 10
-year
%
s. f. gold debentures, series A (this issue)
$775,000
$651.249
188.500
78.000
Balance
6384,749
The above net earnings are equivalent to about 2% times combined
maximum annual interest requirements on the 1st mtge. bonds and on this
issue of debenture bonds. Deducting from net earnings the annual tat
rntge. requirements and fixed sinking fund payments of 3225,000 provided
for in the trust indenture securing the 1st mtge. bonds,the balance available
is over three times maximum annual interest requirements on this series A
debenture issue. The foregoing earnings do not include any of the very
substantial profits from the sale of gas which the company will realize
from pipe-line extensions provided for through this financing.
Sinking Fund.
-Under the terms of the trust agreement the company
agrees to deposit with the trustee on the 20th day of each month beginning
Jan. 20 1927, the sum of $10.000, which money is to be used for purchasing
and canceling debenture bonds of this series A issue at prices tendered
to the trustee at or below the redemption price, or for calling semi-annually
by lot on any interest date on 60 days' published notice at the redemption
price until the sinking fund moneys are exhausted.
Purpose.
-Proceeds are to be used for capital expenditures, including
extension of the present system and for other corporate purposes.-..
122, p. 2498.
-Earnings
.Southern Indiana Gas & Electric Co.
1923.
1924.
1925.
12 Mos. End. Sept.30 1926.
Gross earnings
$2,836,706 62,636.433 62.636,412 52.521,313
Oper. exp., incl. taxes &
1.656.311
1,600,985
1,610,808
1,660,576
maintenance
438,910
413.142
416.717
Fixed charges
399,910
209.971
251.292
180,053
296,923
Div. preferred stock_ _ _ _
207,000
205,250
212,083
200.000
Prov. for retirem't res
Balance
-V.123, p. 712.
$267,213
$164,015
$125,970
$113,735
-Bonds Called.
Southern Sierras Power Co.
-year geld bonds, due Sept. 1
All of the outstanding 1st mtge. 6% 25
1936, have been called for payment Jan. 1 1927 at 105 and int. at the
International Trust Co., Denver, Colo., or at the Guaranty Trust Co..
N. Y. City.
-V.122. p. 2653.
-Receivership.
Southwest Missouri RR.
Federal Judge Merrill E. Otis at Kansas City, Mo.. on Sept. 14 appointed
F. C. Wallower and Harrison C. Rogers, both of Joplin, receivers for
the company. Mr. Wallower, the petitioner for a receiver, who is said
to own 12,000 shares of stock and $400.000 in bonds of the company
_ THE CHRONICLE
2142
pointed out in the petition that the interest on the bonds had not been
paid for a long time and that other creditors of the company had previously
-V. 123, P. 1763.
threatened legal action.
Suburban Light & Power Co. (of Ohio).-Pref. Stock
Sold.-Vought & Co., Inc. New York, have sold at 95
7.37%, $500,000 7% cumul.
and divs., to yield about'
' 1st pref. (a. & d.) stock.
Callable at any time as a whole or in part at 110 and divs. Dividends
MDiadendsaeemtfrrtprreit normal Federal
transagent zj
a oarg Naonanan l ewor
payable
RegisIncome
trar. Chatham Phenix National Bank & Trust Co., New York.
-Each share of 7% cumul. 1st pref. stock now
Stock Purchase Warrants.
offered will carry a warrant entitling the holder, for a period of five years,
to purchase one share of common stock of the company at the following
prices: $35 per share if exercised before Oct. 1 1927; $37 50 per share if
exercised before Oct. 1 1928; $42 50 per share if exercised before Oct. 1
1929; $47 50 per share if exercised before Oct. 1 1930; $55 per share if
exercised before Oct. 1 1931.
Data from Letter of Pres. R. M. Mead, Cleveland, Oct. 5.
Company.-Incorp. in Ohio. Owns all of the outstanding securities
(except directors' qualifying shares) of Suburban Power Co. and General
Light & Power Co.. and not less than 60% of the outstanding common
stock of Suburban Public Service Co. These companies now own and operate electric llght and power properties in the suburban districts surrounding
such cities as Youngstown. Canton, Marion, Newark, Bucyrus, Columbus,
Findlay, Lima. Warren, Cambridge and other communities in the north
central and eastern parts of the State of Ohio. and distribute electricity for
power and light to over 9.300 customers in over 85 towns and communities.
Population served is estimated to be in excess of 130,000. The property
consists of over 700 miles of transmission and distribution lines, necessary
substation equipment, street lighting systems, and other necessary equipment. It has valuable long-term contracts and franchises with the various
communities served.
CapitalizationAuthorized. Outstanding.
let mtge. bond secured 6% notes due Dec. 1 1928- (Closed) $1,000,000
1st preferred stock 7% cumulative
1,000.000
$2,500.000
2d preferred stock 7% cumulative
175,000
175,000
Common stock (no par value)
40.000 shs.
50,000 shs.
The only securities outstanding with the public are those of Suburban
Light & Power
and as of Sept. 30 1926 $422,200 of pref. stock and
6.751 shares of common stock of Suburban Public Service Co.
Co.,
Punsose.-Proceeds from the sale of this additional stock will be used
to reimburse the company for the cost of additions and improvements to
present properties and for other corporate purposes.
Combined Statement of Earnings.
Sept. 30 '25. June 30'26.
Years Endedother income
Gross revenue and
$546,806
$810,261
332,100
408.215
Operating expenses, maintenance and taxes
Net before int.,depr.,amort.& Fed.inc. taxes__
Annual int. requirements of $1.000.000 1st mtge.
bond-secured notes
$214,706
$402,046
60,000
60,000
Balance avail. for depr., taxes, amortization
and dividends
$154,706
$342.046
The balance available as above for the year ended June 30 1926. without
including applicable earnings from Suburban Public Service Co. or any earnings to be derived from the expenditure of part of this financ-ng,is equivalent
to nearly 5 times annual dividend requirements on the $1,000,000 of 1st
preferred stock to be presently outstanding.
-V.122. p. 483, 349.
Syracuse Lighting Co., Inc.
-Capital Increased.
The company has filed a certificate at Albany, N. Y., increasing the
authorized capital stock from 205.000 shares to 1,100,000 shares, of which
100,000 shares are preferred, par $100, and 1,000,000 shares are common,
no par value.
-V. 1.23, p. 1635.
•
Tennessee Electric Power
12 Months Ended Sept. 30
Gross earnings
Oper. exp., incl. taxes & maintenance
Fixed charges (see note)
Dividends on 1st preferred stock
Provision for retirement reserve
Co.
-Earnings.
1926. IA
1925.
511.922,885 510,959.238
6.461.230 6,085,748
2,232,434
2,186,271
1,043.072
880,239
915,245
889,542
Balance
$1,270,903
$917,439
Note.
-Includes dividends on Nashville By. & Light Co. pref. stock
not owned by Tennessee Electric Power Co.
-V.123, p. 1115.
Ujigawa Electric Power Co. Ltd. (Ujigawa Denki
Kabushiki Kaisha), Japan.
-Balance Sheet.
Comparative Balance
1926.
1925.
Assets
744,195
Cash
783,809
Sundry debtors_ _ _ 1,390,412 1,026,633
Stores & material- 576,961
654,091
Loans
1,412,836 1,284,088
Investments
6,061.603 4,798,480
Secs. dep. by con1,843
' tr's, per contm_
3,337
Research expenses
50,349
48,855
, Expo. of proposed
46,461
construction
51,431
Land,plants,prop.,
equip.& fittings 54,599,783 49,936,015
Construc'n acc'ts. 4,156,551 2,850,413
Disc.& prepd.exp_ 638.495
337,189
'
Sheet March 31.
1926.
1925.
LiabilitiesI
$
Capital stock
26,032,944 28,032,944
1st mtge. 7% bds_13,684,261
Debentures
11,703,000 25,149,000
Bills payable
12,997,800 5,004,900
Sundry creditors 1,229,832 1,923,296
Officials' .tc eaves'
retirement fund..
44,437
14,039
Contr. for secure.
depos.,per contra
2,216
3,337
Sales In suspense
28.650
18,660
Legal reserve
1,484,740 1,327,372
Special reserve..... _ 356,319
198,951
Profit & loss acc't_ 2,115,289 2,101,844
69.679.488 61,774,3411 Total
Total
69,679,488 61,774,341
Note.
-Yen-total converted into dollars at rate of 1 yen 3t1 50.498.
Income account was given in V. 123. p. 1998.
Union Traction Co. of Morgantown, W. Va.-Control,
-V. 111, p. 2042.
See West Virginia Utilities Co. below.
Unterelbe Power & Light Co. (Electricitaetswerk
Unterelbe Aktiengesellschaft), Germany.
-Bonds Offered.
-A. G. Becker & Co. are offering at 993j and interest, to
yield about 7.08%, $2,500,000 15-year 7% sinking fund
• mortgage gold bonds.
Dated Oct. 1 1926: due Oct. 1 1941. Prin. and int. (A. & 0.) payable
intUnited States gold coin of.the present standard of weight and fineness,
at theoffice of the fiscal agent for the loan, A. G. Becker & Co., in Chicago
or New York, without deduction for any taxes or charges, past, present
or future, levied by German taxing authorities. Denom. $1,000 and $500
C'. Red. as a whole but not in part (except for the sinking fund) on any
Interest date upon 60 days' notice, at 103 and int. Bonds callable for
sinking fund at 100 and int. First Trust & Savings Bank, Chicago, American trustee; Deutsche Waren-Treuhand A.G.. Gamburg, German trustee.
Data from Letter of Director Milich, dated Oct. 15 1926.
Company.
-The company, the entire capital stock (20,000,000 R.M.
par value) of which is owned by the City of Altona, supplies electric power
and light without competition in the City of Altona and certain nearby
districts. In addition, it recently acquired from the City of Altona the
gas and water properties (exclusive of old administration 'building) which
supply the entire requirements of the City and part of the surrounding
territory. These gas and water properties will continue to be operated
as heretofore through Altona Gas & Water Co.(Altonaer Gas-und Wasserwerke G.m.b.H.) all of whose capital stock has been acquired by the
Unterelbe Power & Light Co. from the city. The total population thus
served directly and indirectly by the company with electricity, gas and
water is approximately 260,000. Sales of electric current, about 37.996,000
k.w.h. In the calendar year 1924 and 44.612.000 k.w.h. in the year 1925,
have approximately doubled over a five-year period. More than half the
• current sold in 1925 was delivered to indu :trial users. Saks of gas have
-shown normal increase and in the calendar years 1924 and 1925 were in
excess of 741.000,000 cu. ft. and 813,000,000 Cu. ft., respectively.
[VOL. 123.
The City of Altona, with a present population of about 185.000 (census of
1925) was organized as a municipality in 1664. It is situated upon the
River Elbe immediately adjoining the City of Hamburg and in the Prussian
Province of Schleswig-Holstein. Its docks and shipping facilities are an
integral part of the port which has developed in and about Hamburg, the
most important harbor on the continent of Europe. Altona is also an important terminal point in the German rail system. Its principal activities
are the outgrowth of its position in respect of ocean, inland waterway and
rail transport and largely consist of the handling, storage and manufacturing
operations incident to a great traffic in raw materials and products of every
kind. Particularly important are its deep sea fisheries and enterprises
engaged in the processing and handling of food products. Other important
Industries include breweries and distilleries, plants employed in ship repair
work, the manufacture of wood products, paper and artificial leather.
leather goods, soaps. perfumes and building materials. The territory
tributary to the city, though largely' agricultural, is developing along the
same lines of manufacture and trade as the city proper.
Properties -The electric properties owned and operated by the company
consist of a plant having an installed turbo-generator capacity of 213,000
k.w., together with high tension lines for transmission of current to outlying districts and a distribution network within the city providing for a
total connected load in excess of 60,000 k.w. New plant to be presently
constructed out of proceeds of this financing will bring the total generating
capacity to 60,000 k.w., as well as extend the transmission and distribution
system to care for the rapidly increasing demand in the territory served.
The gas and water properties directly owned by the company and operated through its wholly owned subsidiary consist of (a) gas generating
facilities capable of producing daily a total of 3,500,000 cu. ft. of coal gas
(with by-products) and delivering gas to consumers through about 47.000
meters, and (b) a water filtration, central pumping and supply plant serving
consumers through about 13,000 meters. The company either owns or has
the exclusive right to use gas and water distributing systems appurtenant
to these plants. Both plants are well maintained, adequate and modern
except for certain units of the gas plant, which are to be replaced with equipment of improved design.
-The proceeds of these bonds will be used for additions
Purpose of Issue.
to the company's generating and distributing properties which will be subject to the mortgage securing the bonds.
-These bonds will be direct obligations of the company and will
Security.
be secured by a direct mortgage in the gold mark equivalent of at least
the principal amount of bonds outstanding on the company's electric light
and power properties, its gas generating plants and its water filtration,
central pumping and supply plant. This mortgage will be a first mortgage
on the company's electric light and power properties and a direct mortgage on the gas and water properties subject to a repurchase right with
respect to the water works property effective only if the property ceases
to be used as a water works, and to a prior lien in the maximum amount
of $140,476. This lien secures a debt of the city of Altona which was not
assumed by the company and the city has indemnified the company against
any liability for interest or principal thereon.
The mortgaged property, exclusive of additions to be made out of proceeds of this loan, has been independently appraised as of April 1926 at
a total sound value of $5,834,000, or more than 2.3 times the amount of
this issue of $2,500,000. The gas and water distributing systems which
the company either owns or has the exclusive right to use are appraised at
$1,453,400. The electric light and power properties have been appraised
by Dr. Ing. Adolph, Director of the Berlin Electric Works, and the gas
and water properties by Dr. Hencke, Managing Director of the Municipal
Works of Luebeck, Germany.
As the company is municipally owned,it is not subject to a capital charge
under the Dawes Plan, and its property is, therefore,free from the so-called
Dawes Mortgage. However, in accordance with the laws of the German
Reich. enacted to put the Dawes Plan into effect, the company is obligated
to make annual payments, which on the basis of present assessments, are
estimated at a maximum of about $35,000 per year.
-Combined earnings for the year ended Dec. 31 1925 of the
Earnings.
properties now owned and operated by Unterelbe Power & Light Co.
and its subsidiary, the Altona Gas & Water Co., as certified by Price.
Waterhouse & Co., were as follows:
Gross earnings, including miscellaneous income
$3,262.229
Oper. expenses, incl. maint., taxes not based on profits, charges
under the Dawes Plan, &c
1.826,026
Net earnings available for int.,
royalties,* &c
$1,436,203
Maximum annual interest requirement of this issue
deprec..
$175.000
'The city has covenanted to subordinate royalty charges accruing to it
for franchises held by the company to current interest and sinking fund
charges on these bonds.
Net earnings, as defined above, for the 6 months ended June 30 1926,
as certified by Price, Waterhouse & Co. were $893,612, or at an annual
rate of over 10 times the interest requirement On this issue.
-Company and its subsidiary. Altona Gas & Water
Franchise Situation.
Co., operate in the City of Altona under exclusive franchises granted by
the city to the company, which, in the opinion of counsel, extend well
beyond the life of these bonds. In all of the other communities served,
operations are carried on without competition and though in some cases
without formal franchise the company feels assured of the undisturbed
continuance of its present position.
-The trust indenture under which these bonds will be
Sinking Fund.
issued will provide for the retirement through the sinking fund by purchase
or by call at 100 and interest of $100.000 principal amount of bonds on or
before April 1 1929, and a similar amount during each 6 months' period
thereafter. This sinking fund will be sufficient to retire 52,500.000 principal amount of bonds before maturity. In the event of the future Issuance
of the 51,500,000 principal amount of additional authorized but unissued
bonds such semi-annual sinking fund retirement will be increased by
$60,000 principal amount of bonds.
-These $2,500,000 bonds are part of a total authorized issue
This Issue.
of $4,000.000. The $1,500,000 additional unissued bonds, may be issued
only after improvements or extensions have been made to the mortgaged
property having a cost or fair value (whichever is lower) of at least the
amount of the proceeds of the present issue plus 62,000,000, provided that
net earnings of the company, after interest charges but before depreciation
and royalties, during each a the two fiscal years immediately preceding
such issue shall have been at least 3 times the maximum annual interest
requirement on the total authorized issue of $4,000,000. Such additional
bonds may also be issued upon the deposit of cash with the (German)
trustee, which shall subsequently be repayable to the company in the
manner to be provided in the indenture securing the bonds.
(All conversions from German to U. S. currency have been made at the
rate of 4.2 reichmarks or 4.2 gold marks to the dollar.1-V. 123, p. 1879.
Utah-Idaho Central RR.
-Substitutes Bus.
-
Permission to abandon its street car line in Logan, Utah, and to substitute a bus line has been granted the company by the Utah P.U.Commission.
The decision allows the company to tear up its tracks and repair the streets
-V. 123, p. 1879.
where the tracks have been.
Utah Light & Traction Co.
-Buses Replace Ry. Service.
The Utah P. U. Commission has authorized the company to abandon
street railway service between Centerville and Salt Lake City, 734 miles.
and to remove its trackage and other appurtenances. Bus service will be
substituted.
-V. 122, p. 2331.
York County Power Co., Portland, Me.
-Bonds Called.
All of the outstanding 1st & ref. mtge. 5% gold bonds. due Dec. 1 1943.
have been called for payment on Dec. 1 next at 105 gild int. at the Fidelity
Trust Co., Portland, Me.
-V. 117, P. 563.
INDUSTRIAL AND MISCELLANEOUS'''.
-On Oct. 18 Arbuckle Bros. reduced
Refined sugar Prices.
15 pts.
to 5.75c.@5.85c. per lb. On Oct. 19 Revere Refinery reduced price 10 Fits.
price
to 5.90c. per lb. On Oct. 22 Arbuckle Bros. advanced price 5 pts. to
5.80c.©5.90c. per lb.
Automobile Company Reduces Work Schedule.
-Reports from Chicago
stated that Studebaker Corp. at South Bend, Ind., has instituted a 4
-day
week to avoid overstocking the dealers. "'Wall St. News" Oct. 22, p. 1.
International Paper Co. Announces $65 Per Ton as Newsprint Price for
-New York "Times" Oct. 21, p. 41.
1927.
Typographical Union No. 6 Accepts Publishers' Association Offer of $3
Per Week 1Vage Increase, Retroactive to July 11926, and $1. Per Week Increase
on July 1 1927 and 1928.
-New York "Times" Oct. 18. p. 13.
alfmud
2143
THE CHRONICLE
OCT. 23 1926.]
-Unless producers adopt
Attempt to Unionise Motion Picture Industry.
closed shop by Ilea. 1, 3,500 Los Angeles workers will strike. New York
"Times" Oct. 20, p. 27.
Matters Covered in "Chronicle" Oct. 16.--(a) Shipbuilding on decline,
p. 1936. (b)Copper producers perfecting organization ofCopper Exporters,
Inc.. p. 1940. (c) New York Stock Exchange brings suit to have stock
prices kept from Consolidated Exchange. p. 1949. (d) Appointment by
President Coolidge of committee to consider cotton situation, p. 1949.
1 Other items regarding cotton situation. 1). 1950 to 1953, inclusive.
)Supreme Court affirms as valid sales to Chemical Foundation-Circuit
ourt's decision, adverse to Government's contentions that transfers were
illegal, sustained on appeal, p. 1953. (g) Use of artificial silk in manu-Aids
facture of cotton fabrics opens up new markets for textile industry
cotton planters, p. 1959.
1;f
American Stores Co., Phila.-Extra Dividend of 50 Cents.
-The directors have declared an extra dividend of 50 cents
per share, payable Dec. 1 to holders of record Nov. 15, and
the regular quarterly dividend of 50 cents per share, payable
Jan. 1 to holders of record Dec. 16. On Dec. 1 last year
the company made an extra distribution of 40 cents por share.
-V.122, p. 3344.
-New Director.
American Surety Co.
Air Reduction Co. Inc.
-Acquisition.-
The company has acquired all the assets of the Dayton Oxygen &
Hydrogen Products Co. of Dyaton, Ohio. The addition of this plant
to the Air Reduction Co.'s chain will give it 52 plants and 169 warehouses
through the United States, enabling it to give prompt service to its customers in all sections of the country.
-V. 123, p. 1999.
Walter Kasten, President of the First Wisconsin National Bank of Mil-V. 122, p. 1614.
waukee, has been elected a member of the board.
•
-Earnings.
American Window Glass Co.
Years EndingNet profits
Other income
Aug. 27-26. Aug.28 '25. Aug.31 '24. Aug.31 '23.
$1,344,822 31,368,173 81,951.291 35.012,807
691.148
514,589
•419.302
751,955
32,096,777 $1,787,475 32,495,880 $5,703,955
Total income
$411,249
$141,336
$38,014
$67,531
Federal and State taxes_
2.403,488
1,419,898
1,630.765
1,463,470
Royalties
131,663
42,523
32.771
115.066
-Quar.End. Sept.30- -9 Mos. End. Sept.30- Other deductions
.
279.650
279.650
279,650
279.650
1925.
Pref. dividend (7%) _..
1926.
1926.
1925.
68,845
29,375
$10,414,326 a Adjustments
Net sales
$3,175,673 $3,461,222 $9,987,651
587,261
417.837
Operating profit
72,023
156,232
$543,628 $2,477,905
150,112
Balance, surplus
$141,060 def$223,100
173.694
Depreciation
50,145
71,632
131,666 P & L. surplus
$10.845,438 310.704,378 $10,927,47$ 310.383.850
Interest
42,500
-V. 122. p. 1173.
a Charges applicable to prior years' operations.
$3305.483
Profit (bet. Fed. taxes)
3244.143
363.587
$391
-Sale.
American Writing Paper Co.
-V. 123. p. 1999.
Federal Judge Lowell has ordered the sale of all the assets of the company.
American Brick Co.
-Extra Dividend of 5 Cents.
The sale will be held at the Windsor Locks. Conn. plant by Sidney L.
The directors have declared an extra dividend o15 cents a share on the Wilson, who is appointed special master for this purpose. No bid of less
outstanding 50.000 shares of common stock, no par value, in addition to than $1,000,000 will be accepted.
-V. 123. p. 1999, 1880. 1117.
the regular quarterly payment of 25 cents a share, both payable Nov. 1
Anglo American Corp. of So. Africa, Ltd.(Transvaal).
to holders of record Oct. 25. An extra dividend of like amount was paid
on the common stock on Nov. 2 1925.-V. 122. p. 484.
The following are the results of operations for Sept. 1926:
Estimated
Tons
Total Yield Estimated
-Resignation.
American Car & Foundry Motors Co.
Profit.
Value.
Crushed. (Oz. Fine).
£50,164
F. R. Fageol, of Oakland, Calif., has resigned as Vice-President and 13rakpan Mines Ltd.£130,998
30,917
84,500
....
£62,909
-V. 122. p. 613.
director.
3128,261
30,229
68,500
Spring Mines. Ltd
£31,832
.C78,000
18.414
50,300
50.300
West Springs. Ltd-- _
American Chicle Co.-Earnings.-V. 123, p. 1765, 1636.
-Quar. End. Sept. 30- -9 Mos.End. Sept.30.
-To Deliver
1925.
Period- *
Anglo-Ch'lean Consolidated Nitrate Corp.
1926.
1925.
1926.
Profits after int, charges
Plant Nearing Completion.
and depreciation
$373.612 $1,119,835 $1,016,250 Stock-New
$398,949
Announcement was made Oct. 21 that comihon stock of the company
Netincome after reserves
-year 7% sinking fund
$919,362 would be issued about Nov. 1 to holders of the 20
for income taxes
$965,075
$339,592
$344,349
debenture bonds, in the ratio of 73 shares for each 31,000 bond. The
-V.123. P. 450.
Bankers Trust Co.. acting as trustee under the indenture, is now arranging
-Outlook for Sub. Cos.American Factors, Ltd.
to call for the deposit of the temporary bonds and to deliver in exchange
The Oahu Sugar Co. will not be forced to flip into reserves this year the permanent bonds and the common stock to which the bondholders
to pay dividends on common stock, now 15c. monthly, as the corporation are entitled.
was forced to do in 1925, says G. P. Wilcox, Secretary of the company
In connection with the carrying out of this step in the company's
and of American Factors, Ltd., operators of Oahu, Olaa Sugar Co. and financiarprogram, officers of the corporation state that the new plant.
Pioneer Mill, Ltd.
which will use the Guggenheim process for the extraction of nitrate, is
"There is not much prospect for a resumption of dividends by Olaa," rapidly nearing completion. Operation of the first units and production
Mr. Wilcox declared, "and as for Pioneer Mill's resuming payments, are expected to begin before Jan. 1.
that will depend upon the price of sugar next year. Pioneer Mill is doing
The announcement of a definite date by which operations will be started
very well; has a fine crop coming and will probably go upon a dividend indicates that construction of the new plant, coveting more than 45 acres
basis next year. Pioneer's crop this season was very low, about 28,000 and begun about 20 months ago, has proceeded almost exactly on schedule.
tons. Pioneer Mill will soon be independent of drought conditions, as it The properties of the company, including the new and three old plants,
is to install a steam plant to generate electricity to electrify its pumping nitrate lands, railways, and harbor developments, will represent an inplants to supplement the hydro-electric power. This will prevent a vestment of over $40,000,000 and will comprise the largest American
repetition of past experiences when the company suffered through cur- Interest in the Chilean nitrate industry.
-V. 122, p. 2951, 2802.
tailment of water power. The company is preparing a bond issue to
-Earnings 6 Mos. Ended
build the new plant."
Apco Manufacturing Co.
The Oahu Sugar Co.with more than 35,000 tons, harvested its largest June 30 1926.
crop on record, and Oleo,
with 63,000 tons, was just slightly under the
$647.178
sales
1925 record crop, said Mr. Wilcox. Olaa's crop prospect for next year Net profit, after int. deprec. & res. for Fed. taxes
45,702
Net
Is for a harvest equal to the 1926 output, but Oahu will probably have a -V.
121. P. 981.
yet too early
little less on account of drought conditions, although it Ls
to say. Grinding of the 1927 cropa of all three companies will begin
-Earnings.
Archer-Daniels Midland Co.
about Dec. 1.
The company and its subsidiaries report for the year ended Aug.31 1926,
The Oleo Sugar Co. has not paid dividends since its last payment of net profits of 31,585.479 after Federal taxes. This compares with a net
50c.a share on Nov.20 1920. Pioneer Mill made its last monthly payment, profit of 31,900.227 for the 11 months ended Aug. 31 1925. The fiscal
-V. 122. P. years of the company was changed in 1925 which accounts for the 11 months
10c. a share, on Dec. 1 1925. (San Francisco "Chronicle.")
1765.
-V. 123. p. 1765.
statement of a year ago.
American Bosch Magneto Corp.-Earnings.-
-Earnings.
American Home Products Corp.
The company reports for the 8 months ended Aug. 31 1926, net income
of $675,449 after charges, including taxes.
$2,120,404, including
As of Aug. 31 1926, current assets amounted to
§1.129,808 cash, as compared with $1,996,683, including $518,387 cash, on
liabilities were $3304,108. against $467.706 as of
Dec. 31 1925. Current
Dec. 31 1925 leaving net working capital of $1.816,296, as compared with
$1.528,977 on Dec. 311925.-V. 123, P. 1999.
AmericanInternational Corp.-Earnings.-
-Quar.Ended Sept.30- -9Mos.End. Sept. 30-1925.
1926.
1925.
1926.
1383,069
1333,8171 $386,967
Int. on current assets } $124,218
1157,986
57,7511
Int. on securities
1
423.504
629.148
185,873
Divs. on stocks owned.._
275,569
1,111,931
347.582
Prof. on sale of securities def27,212
322,859
Profits on syndicate and
194,594
140,011
Cr. participations
163,182
26.059
6,055
4,395
2,386
Miscellaneous
1,765
$400,399
69,544
674
3,245
Total income
Expenses
Interest
Taxes
Operating income_
-V. 123, p. 984.
_
3765,868 31,508,103 31.977338
210,639
206.509
72,730
2.346
4,101
640
22,626
16.535
7.080
$326,934
$685,418 31,276,829 $1,745.658
-5% Stock Div.
Armstrong Cork Co., Pittsburgh.
The directors have declared a 5% dividend on the common stock payable
Jan. 15 1927, to holders of record Dec. 17 and the regular quarterly cash
dividends of $1 50 on the common and 1 t % on the preferred stock, payable
Jan. 2 1927, to holders of record Dec. 17. On Jan. 15 1926, a stock divi-V.121. 11. 2870
dend of the same amount was paid on the common shares.
-New Comptroller.
Atlantic Refining Co.
V. L. Elliott has been elected Comptroller, succeeding William McKaig.
123, p. 1385.
-Acquisition.
Atlas Tack Corp.
The corporation has acquired the assets and good-will of the St. Louts
Trunk Hardware Mfg. Co. Production is being transferred to the Atlas
corporation's St. Louis plant. This acquisition was financed without
Issuance of additional securities. Current assets of the corporation on
Aug. 31 1926 of $1,064,000 included cash and marketable securities of
$148,000. compared with total current liabilities of 377,400.-V. 123.
p. 985.
-To Reduce Capital Stock.
Autosales Corp., N. Y. City.
The stockholders will vote Nov. 4 on reducing the authorized preferred
stock from 60.000 shares to 35.995 shares and common stock from 90.000
shares to 80.592 shares. par $50.-V. 123, p. 2000.
-Earnings.Bayuk Cigars, Inc.
-Earnings.
American La-France Fire Engine Co., Inc.
PeriodOperating profit
Less int, and tax res_ _
--Quar. End. Sept. 30- -9 Mos.End. Sept.30
1925.
1926.
1925.
1926.
$693,509
$651.375
$242,884
3275.576
173,682
48,638
62,548
79.044
Net income
$519,827
$180,336 x$602,737
$196,532
x Additions to surplus: Prem. on sale of securities, $44.930; partial
refund of excise tax. $005,606; total surplus,including $602,737 net income
for nine months, as above, 31,153,273.-V. 123. P. 584.
*Net earnings
Other income
-3 Mos.End. Sept.30- -9 Mos.End. Sept.301925.
1926.
1925.
1926.
$482.088
3706.185
3230,009
3267.205
44.324
59.102
9.011
23,760
Total income
Depreciation
3290,965
33,825
3239.020
33,527
3765.287
98.855
3526.412
101.549
Net income
Preferred dividends--
3257,140
53,555
$205,493
53.906
3666.432
160.666
3424.863
163.124
3505,766
$151,587
Surplus
3203,585
- * After deducting charges for maintenance and repairs of plants 3261.739
and estiAmericanMachine & Foundry Co. (& Subs.).
1925.
Period of Jan. 1 to Oct. 21926.
-V. 123, p. 458.
mated Federal taxes, &c.
Orders booked__________________________ $4,569,000 33.825,000
Sales billed
4,281.000 2,900.000
Beech Nut Packing Co.-Earnings.-V. 123, p. 1253, 327.
-Quar. End. Sept. 30- -9 Mos. to Sept. 301925.
1926.
1925.
Period1926.
on Common Net
American Radiator Co.
-Dividend Increased
profits after charges
Stock.
-The directors on Oct.19 declared a quarterly dividend
$758,844 31,954,188 32.111,034
but before taxes
$605,812
Sales for the nine months ending Sept. 30 1926 as compared with the
of $1 25 per share on the outstanding $31,064,025 common
same period of 1924. show an increase of 2.5%. V. 123, p. 458.
stock, par $25, payable Dec. 31 to holders of record Dec. 15.
From June 1920 to Sept. 1926, inclusive, quarterly cash
dividends of $1 per share were paid on this issue. In addition
stock dividends of 50% each were paid on Dec. 30 1922 and
Dec. 31 1924.
The directors also declared the regular quarterly dividend
of 14% on the preferred stock, payable Nov. 15 to holders
of record Nov. 1.
It is announced that "sales and profits to date exceed
those of last year. Unfilled orders indicate excellent results
last quarter and early months of 1927."-V. 122, p. 2333.
-Company's Relation to Employees
Bethlehem Steel Corp.
-During the last 21 years the employees of the corporation
have received in wages over five times as much as the investors in the company have received for the use of their capital,
according to the issue of the "Bethlehem Review," published
Oct. 15.
of the
Wages paid to employees between 1904 and 1925 as their part
income of the company totaled $1.115.000,000; while investors received a
total of 381.000,000 in dividends and $125.000,000 in interest on bonds.'
These facts are given in the "Review" to illustrate the Importance of the
function of management in bringing capital and labor toget er to increase
production of goods thus creating profits for both workers and stockholders
2144
THE CHRONICLE
The development of business in this country with high production and low
production costs, according to the "Review,' is due in considerable part to
the willingness of American capital to reinvest part of its earnings in industry. As an example is cited the growth in the total book value of the plants
and equipment of the Bethlehem Steel Corp., which has been increased from
$27,700,000 in 1904 to $448.000.000 at the end of 1925. through re-investment of earnings and the application of the proceeds of securities sold to investors. As a result, Bethlehem to-day gives employment to 70,000 people,
as compared with only 9,000 in 1904.
In addition to the physical growth of industry through increased capital
investments, improved manufacturing equipment has been constantly
placed at the laborer's disposal to increase his production. The average
man in the steel industry is now able to produce 1,179 tons
pig iron
a year, or almost three times the average of 470 tons which eachof
individual
made in 1904.
The use of capital as an aid to human effort to increase production,
together with the diversification of products, has resulted in the case of the
Bethlehem Steel Corp., in a marked increase in the company's
provide steady employment fpr each individual; the average ability to
worked 293 days during 1925, as compared with only 241 daysemployee
The company's steadier operations in turn have been responsiblein 1919.
considerable part for a reduction in labor turnover from 135% in 1923 in only
to
67% last year.
All of these improvements have resulted in a steady increase in the
wages
or profit which Bethlehem Steel creates for its employees. In the last 21
years the hourly wage rates of employees have been increased from 18 to
over 62 cents an hour. In addition employees have been given an opportunity to participate as stockholders in the dividends paid by the corporation
to capital.
The increased return received by employees has been created by int oducing new economies and efficiency in operation rather than by passing On
an additional cost to the public. In 1925. for instance, the average price
received for steel products was 25 85 a ton less than In 1923. But by the
use of economies which reduced operating costs by $5 12 a ton, the net
rzernagntumfoofit
corgca
rationoVim1925 me
as .iTlys 0 cents lesston
7f
3
former
use
wodern
wage rates paid to labor were not affected, despite a decline in the
market
that in former years might have been wholly disastrous both to labor
and
capital.
-V. 123, p. 458.
Bing & Bing, Inc. (and Subsidiaries).-Earnings.-Quar. End. Sept. 30- -9 Mos. End. Sept.30-
Per2odEarns, from managenft,
construction, &c
Net profit on real estate_
Other income
1926.
1925.
1926.
1925.
$289,922
179,698
50,658
3297,5961 31,333,3661
143.512j
1
35,906
275,309
Gross income
Salaries & office expenses
Res.for deprec.& amort.
Bond interest (April 15
June 30 1925)
Reserve for income taxes
$520,278
91,881
110.323
$477,014 21,608,675 31,557.603
85,109
275,504
274,905
75,375
324.469
208.460
Net income
-V. 123, p. 329
$318,074
$878,116
554,814
124.673
68,611
45,957
$316,530 $1,008,702
$959,669
Boston Rubber Shoe Co.
-To Reopen Plant.
-
[Vol.. 12:i
all the 6% mortgage bonds of the American Oilfields
of which there are 3514.800 now outstanding. TheCo., due Feb. 1 1930.
proceeds
posed issue of $12,000,000 debentures will be used to retire said of this probond issues
and for other corporate purposes, including additional working
Capitalization.
-Upon completion of this financing, these capital.
proposed
$12,000,000 53 % debentures will constitute the sole outstanding funded
,
5
debt of the corporation and its subsidiaries. The share capitalization of
the
corporation as of Aug.311926. adjusted to include
In connection with the acquisition of the Northern additional stock issuable
Star Oil & Refining Co.
and a 56% interest in the International Refining Co.. is substantially
as
follows:
Authorized. Outstanding.
Common stock (par value325)
$125,000.000 $49.497,725
There is also outstanding $239,910 par value stock of subsidiary
cos.
-Following is- a statement of the consolidated net earnings
Earnings.
corporation and subsidiaries after deducting reserves for depreciation of
and
depletion, available for interest and Federal taxes, to which
added the corresponding net earnings of Ventura Consolidated have been
Oil Fields
for the entire period, of the California Gasoline Corp. for
and 1925 and of the Mohawk Oil Co. for the year 1925, all the years 1924
as compiled by
said companies:
Earnings Years Ended Dec. 31.
1921.
1922.
1923.
1924.
1925.
$5,400,357
17,180.595
$8,783,566
$5,561:520
$9,137,752
The maximum annual interest on the proposed
$12,000,000 debentures
would amount to $660,000.
The above net earnings for the five years ended
Dec. 31
$7,212,758 per annum, or about 11 times the maximum 1925 averaged
annual interest
requirements on the new debentures and for the year
1925 were over 13%
times such annual interest requirements.
The corresponding net earnings for the 8
were 30,558,717, which do not include the full months ended Aug. 31 1926
benefit of certain acquisitions
made this year.
Consolidated Balance Sheet as of Aug. 311926.
Adjusted to give effect to this proposed issue of
the application of The proceeds thereof, but $12.000,000 debentures and
before
acquisition of the Northern Star Oil & Refining Co.giving effedt to the
in International Refining Co. taken over as of Sept.and a 56% interest
1 1926-1
AssetsLiabilities,
Property account
a$64,909,135 Common stock
Investments at cost
176,835 Stock subscr. for but not iS3-347,553,300
104,000
Bond sinking fund
39,600 Stock of subsids. with public
Cash
7,984,386
and minority surplus
247,169
Accts. receivable (less res.)_
2,894.908 Capital surplus
230.020
011 Inventories
6,572,148 5i% debentures '
12,000,000
Materials and supplies
1,946,248 Accounts payable
2,511,539
Deferred charges
820,096 Dividends payable •
950,283
Reserve for Federal taxes_ __
Pref. stock called for red_ _ _ 1.704,887
_
57,960
Total (each side)
$85,343.357 Surplus
19.984.219
a After deducting reserve for depreciation and
depletion of $24,788,529.
-V. 123, p. 1766, 1510.
Chastleton Apartment Bldg. and Chastleton Annex
Apartment Bldg. (Washington, D. C.).
-Bonds Called.
-
All of the outstanding Chastleton Apartment
serial bonds have been called for redemption as of Building 1st mtge. 6%
Nov. 15
This issue, underwritten May 20 1919, has been reduced at 102 and int.
to $505,000 by
serial payments.
All of the outstanding Chastleton Annex Apartment
6% serial bonds have been called for redemption as of Building 1st mtge.
int. This Issue, underwritten Oct. 15 1919, has been Oct. 15 at 102 and
reduced to $550,000
by serial payments. Payment will be made at the office
of S. W. Straus
& Co.
BriggsManufacturing Co.
-Earnings.---The two properties above have been refinanced by a
-Qua, End. Sept. 30- 9 Mos. End. S.pl. 30
*.
loan of 31,100.000
- at 5.1i% by the Prudential Insurance Co. of of
Net after deprec.. Fed.
1926.
America, one of the large
1925.
1926.
1925.
taxes and charges_ _
$1,359,068 $1,025,485 $6,772,799 $5.092,7.0 insurance companies.
-V. 123, p. 846.
The Fells factory of this company, at Melrose, Mass., a subsidiary of the
United States Rubber Co., will reopen on Oct. 25
for three months. It is expected that by Nov. 1 after having been closed
the plant
operation. Officials of the company said there were orders will be in full
to keep the Fells plant, as well as the main plan t.at Malden, enough ahead
in full operation
all winter. The Fells plant employs about 700.-V.
111, p. 2426.
(J. G.) Brill Co.
-Common Dividends
Chrysler Corp.-Earnings.-
-Quar. End. Sept.30- -9 Mos.End. Sept. r
Adjusted.
()The directors on Oct. 21 declared a dividend of $2 91 2-3, Period1926.
being for the
1925.
1926.
period from March 1 to Oct. 1 1926, on the outstanding
1925.
conunon stock. Net after deprec. & int.
funi the usual quarterly dividend of lu% on the preferred stock,
but beforelrederal tax. $4,436,939 $8.078,286
both
$13,453.134 $16 275,644
payable Nov. 1 to holders of record Oct. 29.
-V. 123, p. 2001.
the rate of 25 per annum and has been declaredThe common dividend is at
at this time so as to anJust
the dividend period to coincide with the calendar year.
City Central Corp., Boston.
On March 2 last
-Capital Increased, &c.
.a quarterly distribution of $1 25 per share was made on the
common stock.
Barrett Andrews, formerly head of the New England Newspaper Recently the Brill
acquired 97% of the common and 95% of the lishing Co.. has been elected President and
Puba director of the City
preferred stock.
-V. 122, p. 3087.
Corp.
Corp.. succeeding Albert 0. Hagar, who becomes Chairman of theCentral
Board.
Quincy Adams Shaw McKean also has been added to the board. The
Brockway Motor Truck Corp.
-Stock Dividend.
executive committee will comprise Barrett Andrews, Robert Burnett
The directors have declared a quarterly cash dividend of
and
a 2% stock dividend on the common stock, no par value,50c. a share and Q. A. S. McKean.
payable Nov. 1
The corporation, which is a real estate operating and
to holders of record Oct. 21. Disbursements of the same
amounts were concern, controls or manages 12 trusts embracing 14 buildings.development
made in the previous quarter.
representing
-V. 123, p. 459.
$19.000.000 of invested capital, and which have been appraised at between
$23.000,000 and $25.000,000. These buildings are in Boston, Worcester.
Bucyrus Co., Milwaukee.
-Considering Split Up.
Washington and Montratl.
It is reported that the directors are considering
for issuing
The authorized 7% preferred stock has been increased from
new shares of common stock in exchange for everya plan of common four
share
now $10,000,000; 11,000,000 of new 2d pref.(6%) stock has been$1,000,000 to
held. This would increase the common stock outstanding from
created, and
to the no par common stock has been increased to 300,000 shares. The addi160,000 shares. In addition, the retirement of the 33,900,000 of40,000tional preferred stock will be
stock with funds raised through the sale of 40,000 more shares preferred &c. The new 2d preferred issued from time to time to care for additions,
to stockstock will not be offered immediately, but later
holders for cash is understood to be under discussien.-V.
will be issued for use as collateral for building or contsruction loans.
123, P. 1510.
(Boston Transcript.")
California Petroleum
Corp.
-Debentures Offered.
-Blair
& Co., Inc., and Hallgarten & Co.are offering at 98 and int.,
to yield about 531%,$12,000,000 12
-year convertible 53%
sinking fund gold debentures.
Dated Nov. 1 1926; due Nov. 1 1938.
Int. M. & N.. payable without deduction ofDenom. $1,000 and $500 c*
Federal income taxes to the
extent of2% per annum. Penna. personal property tax and Calif. personal
property tax refundable up to 4 mills per annum; Mass, income tax up
to
0% of income refundable. Red., all or part, at any time on 60 days
notice
at 103 and int., if called for redemption on or before Nov. 1 1927, the
premium decreasing thereafter 11 of 1% for each successive 12 months
period. American Exchange-Pacific National Bank, N. Y., trustee.
Convertible at the option of the holder at any time into common stock
at the following prices: $40 per share if converted on or before Nov. 11929.
or $42 50 per share if converted after Nov. 11929. and on or before Nov.
1
1932, or $45 per share if converted after Nov. 1 1932 and on or before
Nov. 1 1935. or $50 per share if converted thereafter, with provision for a
reduced conversion price in the event of a stock dividend, or if additional
stock shall be issued or sold at prices lower than the respective converLson
prices, except as otherwise provided in the indenture.
Sinking Fund commencing Feb. 1 1927 and payable semi-annually thereafter to operate by purchase or call, will be sufficient to retire 60% of the
debentures by maturity.
Listing.
-It is expected that application will be made in due course to
list these debentures on the New York Stock Exchange.
Data from Letter of President Jacques Vinmont, Dated Oct. 21.
Company.
-Organized in 1912. From the beginning, it has ranked
as one of the leading oil producing companies of California, the production
from its various controlled properties for the years 1912-1925, inclusive,
aggregating approximately 100,000,000 barrels. In 1924 the management decided to change the status of the corporation from that of a local
California producer to that of a refiner and marketer as well, so as to enable
It to reach out more effectively for a share of the world's oil business. Pursuant to that policy, there were acquired during 1925 and 1926, either
directly or through stock ownership, the following: Mohawk Oil Co.
(Calif.), Ventura Consolidated Oil Fields (Calif.), California Gasoline Corp.
(Calif.), Northern Star Oil & Refining Co. (Mont.), Olympic Calpet Refining Co. (Wash.), International Refining Co. (Mont.)
-a 56% interest.
As a result of these acquisitions, the corporation has strengthened its
general position in all fundamental branches
-the producing, refining and
marketing of both crude oil and its products. It now operates, through
subsidiaries. In the States of California, Oregon, Washington, Montana and
Utah. and has developed a growing export business with South America
and Australia. China, Japan, the Philippines and other points in the Orient.
Purpose.
-Corporation proposes to call for redemption on April 1 1927
all its (iJi% bonds, due Oct. 1 1933 of which there are $5,963,000 now out
Standing. It will als.) cause to be called for •edemption on Feb. 1 1927
'
Clark Equipment Co.
-Bonds Called.
-
All of the outstanding 1st mtge. bonds dated May 1 1922
called for redemption Nov.1 at 105 and int. at the Union Trust have been
Co.,trustee.
Detroit. Mich.
-V. 114. D. 2018.
Claflin's Inc.
-Liquidation Voted.The liquidation of the company was voted for Oct. 17 at
a meeting of
stockholdet s.
-V. 123. P• 1882.
Coldak Corporation.
-Notes Sold.
-A new issue of
$1,150,000 collateral trust 7
-year 6M% sinking fund cony.
gold notes has been sold by a banking group headed
by
Redmond & Co., Howe, Snow & Bertles, Inc., DeRidder,
Mason & Minton, New York, Mark C. Steinberg &
Co.,
St. Louis, Brokaw & Co. Chicago, Plimpton & Plimpton,
Boston, and Smith, Landeryou & Co., Omaha.
Earnings.
-Based on present production and sales
White Management Corp. estimates that for the year programs the J. G.
ended Aug. 31 1927
earnings of the Coldak Corp., exclusive of the Alaska
Company recently
acquired, will exceed those reported by the Alaska
Company for the past
year (V. 123. P. 1764). Combined earnings of these
two companies after
deducting all prior charges should thus result in
applicable to the class A stock. These earnings may a substantial amount
reasonably be expected
to increase with the natural growth of an industry whose
markets are rapidly
expanding.
CapitalizationAuthorized.
Outstanding.
1st M.6% bonds due 1941 (Alaska Ref. Co.) $600,000
3600,000
Coll. trust 7
-year 614% sinking fund conv..
1 750 000
gold notes anis issue)
1,150,000
Convertible interest-bearing certificates- - 45,000
ctfs.
45,000 ctfs.
Class A stock
500,000 she,
171,731 she.
Class B stock
500,000 shs.
171,731 she.
Security.-Notos will be the direct obligation of the
corporation and will
be issued under a trust indenture which will
entire issued and outstanding capital stock ofconstitute a first lien on the
the Alaska
or of a corporation owning all of the assets of the Alaska RefrigeratorCo.,
Refrigerator Co..
and on all of the stock of any other subsidiary
company now owned or
hereafter acquired by Coldak Corp., and on all
other fixed assets that may be hereafter acquired byreal estate, plant and
Coldak Corp., subject
to purchase money mortgages or then existing liens
not exceeding 75%
of the cost thereof.
The 45,000 convertible interest bearing certificates,
bearing Interest
payable quarterly at the rate of The, each per annum, will have
no maturity
date, but in the event nit Mutilation or failure to pay
interest thereon for
•
OCT. 23 1926.]
one year will become unsecured obligations of Coldak Corp. entitling
holders to share in the assets as general creditors to the amount of $12 50
and accrued interest per certificate. These certificates will be redeemable
at any time at the option of the corporation at $11 and accrued interest.
The Chatham Phenix National Bank & Trust Co. of New York has
been appointed transfer agent of an issue of convertible interest bearing
certificates, which are convertible into shares of class A capital stock of
the corporation on and after April 1 1927.1
Sinking Fund.
-Corporation will covenant on Sept. 15 1928, and annually thereafter, to pay into the sinking fund the sum of $25,000 and scuh
sum in addition thereto as shall equal the excess, if any. over $25,000 of
10% of the consolidated net earnings after all charges and deductions,except
said sum of $25,000 and dividends, for the preceding fiscal year: the sinking
fund to be used for the purchase of notes ofthis issue in the open market at
not exceeding par and interest or for redemption of the notes at 105 if redeemed on or before Sept. 15 1928, the premium to decrease 1% in each
12 Months thereafter, but the redemption price to be not less than 101.
Purpose.
-Proceeds are to be used in part payment of the entire capital
stock of the Alaska Refrigerator Co.
Condensed Consolidated Balance Sheet June 30 1926.
[Giving effect to new financing and purchase of Alaska Refrigerator Co.]
LfabtlUtesCash
8670.005 Accts. payable, sundry se$81,816
Notes, trade acceptances and
cruel accounts, dm
51,132
accts. reedy. (less reserve). 738,805 Reserves, &c
Inventories
457,419 1st mtge.68(Alaska Ref.Co.). 600,000
1,150,000
Advances to manufacturers.-32.098 Collateral trust notes
Land contract receivable
3,750 Capital stock and interest
Investments
bearing convertible ctfs____ 1,423,644
5,801
437.623
Property (less depreciation)._ 1,248,634 Surplus
Patents and good-will
9.061
$3,744,215
Deferred charges
578,641
Total (each side)
-V. 123. D. 1766. 1255.
Colorado Fuel & Iron Co.-Earnings.PeriodGross receipts
Operating expenses
2145
THE CHRONICLE
-Quer.End. Sept. 30.- -9 Mos.End.Sept.301925.
1926.
1926.
1925.
$5.712,664 $5,977,325 825.559.707 526,194,551
5.010.337
5,277,644 21.241,296 22,526,804
Net earns.from oper.
Other income
$702.327
118,484
$899,680 $4,318,411 $3,667,747
346,747
343,029
121,174
Netincome
Int., taxes,sink. fd., &c.
Depreciation
$820,811
705,465
343,821
$820,854 54.661.440 $4,014,494
2.125.392 2.175.372
750,007
771.546
949,761
257.182
consisting of $2,000,000 common stock and 84.000.0007% Preferred stock.
-V. 121, p. 2162.
-Rights.
De Forest Phonofilm Corp.
L. A. Baker, Treasurer, in a notice to stockholders, says:
"Be advised that the balance of a limited issue of the capital stock of
this corporation released for sale Sept. 26 1926. is on sale to shareholders
and subscribers of record of the company for a period of ten days, beginning Oct. 13 and continuous until the close of business Oct. 23 1926.
at 832 50 per share. Each shareholder and subscriber is extended the
privilege of purchasing up to a number of shares equal to the number
now owned by him until the remaining balance of the limited issue is
subscribed for. Orders will be honored by the company in the order
of their receipt during the ten-day period. The offer is conditional upon
the number of shares remaining from day to day during the period and
in the event of over subscription during the period, remittances will be
promptly returned. This being an arbitrary offer or allotment, it is
limited by time and the number of shares of the issue available from day
to day. The stock may be purchased by shareholders and subscribers
under these terms by application to the office of the company at 1560
Broadway, N. Y. City.
-Tenders.Devoe & Raynolds Co. Inc.
Announcement was made on Oct. 16 by the company, that tenders will
be received on or before Nov. 18 for the redemption of its outstanding 1st
the purpreferred stock to the amount of $30,145, which amount 113 held for redempchase of such stock under the provisions of the sinking fund. The
tion price will be 115 and divs.-V. 123. p. 210. 90.
-Shipments,
Dodge Bros., Inc.
and
Domestic and foreign shipments of motor cars and trucks from the
of
corporation's factories. including Canada. during the first 9 monthsthe
1926 were 293,842 units, a gain of 86,241, or 41.5%, over the output in
corresponding period of 1925.
Shipments of Graham Bros. trucks and motor coaches from all factories
totaled 29,336 during the first 3 quarters of this year, a gain of 12,896. or
78.4%, over the total for the corresponding period of 1925. Dodge Bros.
factory sales of passenger cars alone during the first 9 months of this year
showed an increase of 39.5% over the same period of 1925.
Earnings for Three and Nine Months Ended Sept. 30 1926.
Quarter. 9 Months.
Period Ended Sept. 30 192657.242,081 $23,043,445
Net after depreciation
5,063.661
1.629,023
Interest and Federal taxes
4,396.875
1,465,625
Preferred dividends
$4,147,433 $13,582,909
Surplus
207,601
Sales for the 9 months were 293,842 cars,trucks and buses,against
for the same period of 1925.
and other readily
Surplus
$1,586,287 $1,067,576
As of Sept. 30 1926, cash in bank was $24,545,769 $16.052.591 and
def$228,475 def$186.334
-V. 123, p. 460.
marketable securities were 88,623.064. Inventories were
consisting entirely of
total quick assets $59,597.553. Current liabilities,
taxes, interest on
Commercial Solvents Corp.
-Earnings.
ordinary accounts payable, accrual for Federal incomeamounted to 822.preference stock,
9 Mos. End. debentures and accrued dividends on
Quarters Ended
PeriodSept. 30 '26. June 30'26. Mar. 31 '26. Sept. 30'26. 002,837.-V. 123, p. 1386.
Oper' profit after deprec. 5694.997
/153.722 $1,768,242
$619,523
Other income
85,309
27,975
Dome Mines,Limited.-Earnings.--9 Mos.End.Sept.3031.416
25,918
--Quer. End. Sept. 301925.
1926.
Total income_
1925.
$481,697 81.853,551
1926.
5650.939
$720,915
Period396.600
413.500
Interest, discount &c
133.300
439,227 No. of tons milled
79,195
141.900
196.276
163.756
Federal taxes
$1.100,835 82,961.718 $3,237.801
249,681 Average recovery
$971,245
80,613
88.241
80,828
1.752.662
1.728,459
636.505
565,175
Operating,general costs_
93.232
68,280
Net profit
29.369'
5321,889 81,164,643 Dominion inc. tax, est
23.677
$366,422
5476.331
-V. 123. la• 1388.
5434,961 81,164,978 $1,391,907
$382,393
Net income
132.690
149.446
Congress Cigar Co.
44.142
59,954
-Earnings,Miscellaneous earnings_
-3 Mos.End.&pt.30- -9 Mos. End. Sept. 30$479.103 51,314.424 81.524.597
1925.
$442,347
1926.
1926.
1925.
income
Total
depreciation or
Net, after charges, but
-In the above figures no allowance is made for
Note.
before Federal taxes_ - 5669.392
$553.883 x$1.727,361 $1,473.727
-V. 123, p. 1883.
x After deducting Federal income taxes at the rate of 134%, this is depletion.
equivalent to $4 27 per share on the 350,000 shares no par capital stock for
Douglas-Pectin Corporation.-Earnings.- Sept. 30the 9 months ended Sept. 30 1926. compared with $3 64 per share for the
-Quar.End. Sept.30- -9 Mos.
1925.
1926.
same period in 1925.-V. 123. p. 1882.
1925.
1926.
Period82,975,982
Sales less rets. & allow'ns 52,237,654 81,450,631 $4,260,920
14,381
18,929
4,920
5.735
• Consolidated Cigar Corp.
Cigar Co. Other income
-Earns. of G. H.P.
Earnings of G. H.P. Cigar Co., Inc.,for the two years and seven months Total income
$2.243,389 81,455.551 /4,279.849 82.990,363
2.289,357
2.971,770
ended July 31 1926 are as follows:
1,264.008
Mfg.costs,sell'g exp. &c 1.488.705
81.974
83,189
- Depreciation
28.436
27.982
7 Mos.End. -Calendar Years
34,710
24,028
1924.
10.989
1925.
5,163
July 31 '26.
Interest
Gross profit on sales
52.012,197 $2,796,982 $2,177,990
8584.322
1,428 523
1,608,631
Belling, admin. and general expenses_ 1,043,876
$152,118 81.200,861
8721,539
Net profits
986.
5749.467 -V. 123, p.
Net profit
$968,321 $1,188,351
-Secretary
-Rights.
Cr.33,076
Miscellaneous income (net)
Cr.41,908
Dow Chemical Co.,Midland,Mich.
Db.74,324 Db.32,116
Miscellaneous charges (net)
101,500 James T. Pardee, Oct. 15, says in substance:
144,200
Federal income taxes (est.)
125,800
that the
27,449
29,403
16,737
Preferred dividends
The business of the company has increased to such an extent
23,875 directors deem it advisable to increase the amount of capital stock by offer119,375
COMM= dividends
143,250
cumulative premed stock. An indicaing for sale 15,000 shares of the 7%
5629.719 tion of increase in manufacture and sale of the products of the company is
$863,255
Balance, surplus
5650.118
Total earned surplus at end of period_ $3.489,015 82,858,404 52,034.564 shown by the following table of shipments in carload lots from the plant
The G. H. P. Cigar Co., Inc., was incorp. in Delaware on Dec. 19 1919 for the first 9 months of the calendar years as follows:
5.401 carloads
3,891 carloads 1925
with an authorized capital of 5,000 shares of pref. stock, par $100, and 1923
6,301 carloads
4.778 carloads 1926
5,000 shares of common stock, Ito par value. All of the former issue is 1924
outstanding, while of the latter 4,775 shares are issued. The Consolidated
above figures do not include shipments by express nor in less than
The
Cigar Corp. has contracted to purchase all, but in no event less than 95%, carload lots.
of the outstanding capital steel/ of the G. IL P. Cigar Co., Inc. (see also
The net assets of the company. as shown by the books at May 311928.
V. 123, p. 1511).-Y. 123. p. 2001.
la
which were audited by the Clevend Trust Co., after adjustment to include
this offering, indicate an equity of $310 71 for each share of preferred stock
-Merged.
Continental Tobacco Co., Inc.
outstanding after the sale of this present issue.
Bee Philip Morris Consolidated, Inc.. below.
-V. 123, p. 1255.
For the past 4 years net earnings after deducting all taxes and depreciation
charges have averaged over 314 times annual dividend requirement on
Credit Alliance Corp.
-Definitive Notes Ready.
stock. Last year the dividend on this preferred
30,000 shares of
The Guaranty Trust Co. is now prepared to deliver definitive industrial stock was earnedpreferred
over 5 times.
equipment collateral trust 5% serial gold notes upon the surrender of
At a meeting of the directors held Sept. 21 1926 a resolution was adopted
temporary notes. (For offering see V. 122. p. 3089.)-V. 123. p. 1766.
rata, to
to offer 15,000 shares of 7% preferred stock at $100 Per share. Pro right to
holders of non-par value stock of record Oct. 5 1926, with the
-Orders Increase.
Crucible Steel Co. of America.
At the annual meeting of the American Iron & Steel Institute. Chairman subscribe expiring Nov. 20 1926.
Dividends on this issue of preferred stock shall be considered as accruing
Horace Wilkinson said in substance:
Our orders for high grade finished
-V.123, p. 1883.
steel in the first half of October show an increase of 2.500 tons over the from Nov. 15 1926, and not before.
first half of last month. General orders, shipments and operations of the
-New Name.
Dubilier Condenser Corp.
company are the largest since 1920."-V. 123, p. 461.
See Dubiller Condenser & Radio Corp. below.
Corn Products Refining Co.
-Earnings.
Results for Nine Months Ending Sept. 30.
1924.
1923.
1925.
1926.
*Net earnings
59,317.448 56.324,415 59,586,598 59.782,792
Other income
871,650
702,111
1,315,598
1.769,859
Total income
$11,087.307 57.640,013 510,458.248 810,484,903
Int. and depreciation
2.377.989 2,498,338 2,347,632
3,480,068
Preferred dividends_
1,312.500
1.303,417
1,312,500
1,312,500
Common diva
(6%)3,795,000(6)3,795.000 x3.765.000(4 )2240280
Corn. stock extra
(24)1120140
(I %)632.500
Balance, surplus
.. _ $2,867.238
$154,522 52,882.410 /3,473.437
Includes 24% paid April 1924 on the old $50,000,000 stock (par $100)
and 2% paid July 1924 on the now 562.500,000 stock, par $25 (after the
declaration of a 25% stock dividend paid in April) and 2% paid October
1924 on the then outstanding $63,250,000 stock (par $25)•
*After deducting maintenance and repairs and estimated amount of
Federal taxes, &c.
-V. 123, p. 1637.
Cushman's Sons, Inc.
-Earnings.-
2
19 6
-Quar. End. Sept. 30- -9 Mos. End. Sept.30Period1926.
1925.
1925.
Net earnings after int.,
taxes & depreciation- _
8703.472
$441,009
8101.758
$64,143
-V. 123, p. 461.
Cutler-Hammer Mfg. Co.
-Capital Stock Increased.
The company has filed a certificate with the Secretary of State in Wisconsin Increasing its authorized capital stock from $4,000,000 to $6.000,000.
•
-Change in Name.
Condenser & Radio Corp.
Dubilier
Effective Oct. 8 the name of the company was changed to Dubillier
-V. 123, p. 1767.
Condenser Corporation.
-Earnings.Eaton Axle & Spring Co.
30-Quar. End. Sept. 30- -9 Mos. End. Sept.
,exps ,
1925.
1926.
1925.
Net prof. aft. int.
3
b b. .Fed
2u,pef1883 .tax.
.
Electric
1926.
$303,542
$200,066
$972,773
-Stock Dividend.
Corp.
$605.641
Refrigeration
The directors have declared the regular quarterly dividends of 50c. a
share in cash and 134% in stock on the capital stock, both payable Nov.20
to holders of record Oct. 29. Quarterly dividends of the same amounts
were paid May 1 and Aug. 20 last.
-V. 123, p. 1512.
Earnings for Three and Nine Months Ended Sept. 30.
1926-9 Mos.-1925.
1926-3 Mos.-1925.
Net after chges. & Fedi tax_ 8252,488 8622,228 82.764,921 82.471.270
A statement issued by the company says: 'Heavy development expenses
which will be reflected later in larger sales volume were charged to expenses
in the third quarter of the company's first fiscal year. resulting in net earnings for the Sept. quarter after all charges of 8252.487.
"Very large increased volume of bizsine.ss is apparent for the coming year
and the future of the company is bright."
As of Sept. 30 1926, current assets stood at $8,157.561 and current liabilities $822.108.-V. 123. p. 1512.
-Profits, &c.
European Shares, Inc.
Hayden, Stone & Co. in a statement issued Oct. 20 state:
2146
THE CHRONICLE
The industrial and financial recovery of Germany during the past 10-12
months has been accompanied by a considerable appreciation in the market
value of German securities, notably the shares of German banks, utilities
and well-established industrial corporations.
American capital which has been invested in German enterprises has in
a number of cases profited most substantially.
European Shares. Inc., which was organized and financed during the
latter part of December 1925 by Hayden. Stone & Co., with a paid-in capital of $2,000,000. consisting of 100,000 shares, had in the period from
organization up to Oct. 7 realized a profit of 8881,941 as a result of business
closed as of Oct. 1 1926.
The corporation has a further substantial paper profit on investments
which it has not sold. The extremely liquid nature of the company's present balance sheet is indicated by the fact that at present the company has
In cash or street loans approximately $2.000,000.-V. 123, p. 462.
[Vol,. 123.
(Adolph) Gobel, Inc.
-Initial Dividend.
-
An initial dividend of $1 16 per share has been declared on the 7% cony.
pref. stock (covering the two months' period Sept. 1 to Nov. 1), payable
Nov. 1 to holders of record Oct. 25. See V. 123, p. 987, 1388.
Goodyear Tire & Rubber Co., Akron, Ohio.
-Hearing
Postponed.
Hearing on a motion to reopen litigation affecting the 1921 refinancing
plan of the company has been postponed in Common Please Court at
Akron until Nov.5.-V. 123. p. 2002. 1767.
(The) Granada, Brooklyn, N. Y.
-Bonds Offered.
-S.
W.Straus & Co., Inc., are offering at 100 and int. $1,400,000
1st mtge. fee 6% serial gold bonds.
•
Famous Players-Lasky Corp.(& Subs.).
-Earnings.
Dated Sept. 27 1926; due serially, Sept. 22 1929 to Sept. 22 1938. Int.
Quarter EndedMar.27'26. Mar.28'25. Mar.29'24. payable M. & S. Denom. $1,000, $500 and 8100c5 Callable at 103
.
Net profits after all charges and reand int. on or before Sept. 22 1930, at 102;i and int. after Sept. 22 1930
serve for Federal taxes
8803,072 and on or before Sept. 22 1934; and at 102 and int. after Sept. 22 1934 ad
81,649.690 $1,355,808
Earnings per share on common after
before Sept.22 1938. U.S. Federal income tax up to 2% paid by borrowers.
paying of preferred dividends
82 71
$4 02
Security.
-Secured by a direct, closed, first fee mortgage on land situated
$4 87
-Y.123, p. 587.
on the northwest corner of Lafayette Ave. and Ashland Place, Brooklyn,
N. Y., together with a 15
-story fireproof apartment hotel building now
First National Pictures, Inc.
-Earnings.under construction on that site. The land fronts 76 ft. on Lafayette
-2d Quarter Ended- -6Months Ended- and 175 ft. on Ashland Place. and has a total area of 13.091 sq. ft. Ave.
PeriodJuly 3 1926. June 27'25. July 3 1926. June 27'25.
Valuation.
-Land and building when completed have been appraised as
Income from operations_ 86.349,131 85,759,450 812,513,115 612,323.285 follows:
Royalty, film exhaust.,
AppraiserValue Land.
Value Building.
Total Valuation.
general expense, &c__ 6,109.622 5,298.150 12.041.031 11,012,773 David Porter, Inc
$366,080
81.745.47i
$2,111.555
John F. James & Sons_ _ _ _ 399,000
1.765,903
2.164,903
Net income
8239,509
8461,300
On the basis of the lower of these valuatins there is an equity of $711,555
$472,064 $1,310,512
Other income
60.597
56,338
119,078
129.432 above the amount of this first mortgage, making this a 66.3% loan.
Building.
-The building will be 15 stories high, of steel-frame, brick
Total income
8300.106
8517.638
2591.162 81,439,944 and conrete, fireproof construction. On the first floor will be eight stores,
Int. & miscall. charges_ _
38.057
8.915
18.069 four fronting on Lafayette Ave. three on Ashland Place, and one corner
71,253
Estimated Federal taxes
49,000
63,000
178,000 store with entrances on both streets.
99,000
On this floor will also be the main
entrance on Ashland Place, a large main dining room and two private
Net profitdomestic Cos $213,049
$445,723
8420.909 $1,243,875 dining rooms. Above the main floor the building will contain 262 apartNet profit foreign subs
100,614
ments divided into units of from one to three rooms with serving pantry
254,758
and bath, served by three elevators. Owing to the corner location of the
Total net profit
$313.663
$675,667 $1,243.875 property fronting on wide thoroughfares, every suite in the building will
8445,723
Net profits for the six months ended July 3 1926 were equal to $27 86 enjoy maximum light and air. The building will be operated as an apartper share on the 8% cumulative participating first preferred stock of the ment hotel of the highest grade with complete hotel service available to
company.
each suite. The building is now under construction and is expected to be
During the first six months of 1926 company has been engaged in carrying ready for occupancy about Oct. 1 1927.
Earnings.
-Net annual earnings of the property are estimated at 8173,280
out its policy of concentrating production in one locality. For this purpose.
a new studio was erected in California early in the year and full production per annum after deducting taxes, all operating expenses, and with a liberal
was inaugurated timing July and August. The large capacity of this new allowance for vacancies. This sum is over twice the greatest annual
studio will enable the company to effect substantial savings in the production Interest charges, and more than 853,000 in excess of the greatest combined
of pictures. Net earnings from these expenditures were not reflected in annual interest and amortization charges on this issue.
Borrowers.
-The mortgage securing this loan has been jointly and severally
the income of the first six months, but a substantial improvement in earnings
should be realized during the second half of the year.
executed by the Doudera Construction Co., Inc., who own the land in fee,
-V. 123, p. 91.
and the Ashland-Lafayette Corp., who have leased the land for 99 Years
_(Chas.) Freshman Co., Inc.
from the Doudera Construction Co., Inc.,and who are erecting the building.
-To Acquire Plant.
This company is negotiating for the acquisition of one of the largest
wood-working plants in the country. Officials believe that with an ample
Gulf States Steel Corp.-Earnings.-Quar. End. Sept. 30- -9 Mos.End. Sept. 30supply of cabinets assured through ownrship of adequate plant facilities
.
it will be possible to double the volume of business now being done. The
Period1926.
1925.
1926.
1925.
$249,702
company has on hand a record volume of unfilled orders and its sales, during Net earnings
8333.621
$911,946 $1,167,759
the first 9 months of the year,showed a 50% Increase over the corresponding Taxes, deprec'n, &c
101.414
122.889
347.006
389,235
period of 1925.-V. 123, p.•1883.
Net income
$148,288
6210.732
8564,940
8778,524
Gabriel Snubber Mfg. Co.-Earnings.-V. 123. P. 588.
-Quar.End.Sept. 30- -9 Mos.End.Sept.30HamiltonDairies, Ltd.
Period-Amalgamation.
1926.
1925.
1926.
1925.
Net profit after deprec.
This company has been incorporated in Ontario as an amalgamation of
and Federal taxes_...... 8269,452
$317,059
$883,874 $1,087,259 six companies distributing milk and dairy products, viz.; Hamilton DalrY.
V. 123. P. 1 883•
Ltd., the Wentworth Dairy Co., Ltd., the Cloverdale Creamery, Ltd.,
Bonnie Bank Dairy, Hamilton Ice Cream, Ltd., and Caledonia Dairy, Ltd.
Gardner Motor Co., Inc.
See also V. 123, p. 2003.
-Earnings.
The company reports for the 8 months ended Aug. 31 1926 a profit
(M. A.) Hanna Co.-Earnings.of 96,824 before taxes.
Current assets on Aug. 31 1926. totaled $1,006.640, including 6389,804
-Quar. End. Sept. 30- -9 Mos.End. Sept. 30.
cash, and current liabilities were $190,097.-V. 122. p. 3459.
Period1926.
1925.
1926.
1925.
Net income after int.,
General Electric Co.
-Earnings.
deprec., depl. & Fed.
taxes
6423,004
6223.237
Period Ended Sept. 306534,640 def$292,290
•
Quarter.
9 Months. ___Nr. 123. p. 718.
Net sales billed
882.187,3496229.638.216
Cost of sales billed. incl. oper., maint. & deprec.
Harbison-Walker Refractories Co.-Earnings.charges. res. & provision for all taxes
72,499.449 203,690.909
-Quar. End. Sept. 30-9 Mos. End. Sept. 30
.
(est.) aft. deprec., 1926.
1925.
1926.
Net income from sales
1925.
29.687.900 $25,947.307 Net profitsFed, taxes,
deplet.,
are--- $979,000
8873,000 $2,880,000 $2,407,000
Sundry income less int. paid & sundry charges_ __ _ 2,006,848
5,818,365 -V. 123. p. 718.
Profit available for dividends
Dividends on special stock
$11,694.748 $31.765.672
643.521
1.714.052
Profit avail, for divs. on com. stock & surplus_ _611,051,227 230.051.620
-The above indicates net earnings equivalent to about 64 17 per
Note.
share on the 7,211.481 shares of no par value common stock.
-V. 123.
p. 2002.
General Fireproofing Co.
-Earnings.
--
Havana Docks Corp.
-Tenders.
The Old Colony Trust Co., trustee. Boston, Mass., will until Oct. 29
receive bids for the sale to it of 1st collat. lien 7% bonds, series A to an
amount sufficient to absorb 885,910 at prices not exceeding par and Int.V. 122, p. 2338.
Hibernia Mortgage Co. Inc.-Notes Offered.
-Hibernia
Securities Co., Inc., New Orleans is offering at prices to
'
4% for all maturities $100,000 1st mtge. collateral
yield 53
trust 6% gold notes, series "J" 1926.
Quarters Ended
9 Mos. End.
PeriodSept. 30 '26. June 30'26. Mar. 31 '26. Sept. 30 '26.
Earns after charges &
pref. divs. but before
Dated Oct. 1 1926: due Oct. 1 1929-1932. Denom. 81,000, $500 and
Federal taxes
8150,134
$295,609
$199,887
8645,630 $100 c*. Interest payable (A. & O.) at Hibernia Bank & Trust Co., New
-V. 123, p. 1638.
Orleans, La., trustee. Callable on any int, date upon 90 days' notice at
101 and int.
General Motors Corp.
-Open Car Sales-Sub. Co. Sales.
- These notes are the direct and unconditional obligations of the company
Of all cars sold by General Motors in July 16% were open cars, compared and in addition are secured ratably and without preference by the assignwith 46% in July 1925. Reports on Sept. 29 stated that "the average for ment to the trustee, of first mortgages on improved city real estate. See
1926 to date is below 20%, compared with 37% in 1925, with 57% in 1924 also V. 123, p. 1639.
and 72% in 1922."
House Financing Corp., Detroit.
-Debentures Called.
Press dispatches from Detroit say: "The Oakland Motor Car Co. proThe company has called for redemption Nov. 1 at par and int. 2200,900
duced 10,060 Pontlacs and 6,776 Oaklands, a total of 16,836 cars, in
September, against 9,264 Pontiacs and 8,713 Oaklands, a total of 17.977 gold debentures, dated May 1 1924. Payment will be made at the Union
Trust Co., trustee, Detroit Mich.
cars in August and 4.987 Oakland cars in September 1925. The total output
Any or all of the debentures called will be taken up at 100 and int, to
for the first nine months of this year was 113,380 cars, against 25,715 in
me period last year. The October schedule calls for over 16.000 Oakland date of payment upon presentation and surrender thereof at the office of
the trustees at any time prior to Nov. 11926.
and Pontiac cars.
"The Buick Motor Co. produced 29,102 cars in September, a new record
Houston Oil Co. (of Texas).
-Earnings.
for that month. This compares with 21,575 cars produced in Sept. 1925.
[Including Houston Pipe Line Co. of Texas.]
All previous daily records of the Buick Motor Co. were broken on Sept. 30
-3 Mos.End. Sept. 30-- -9 Mos.End.Sept.30when 1,554 cars were shipped from the factory. The day also set a new
1925.
1926.
Period1926.
record for freight movement from the plant, 453 freight cars being required
1925.
82,330,159
$997,977 25.566,573 $2,920,478
to handle the volume of Sept. 30. The last previous daily record was on Gross earnings
410.431
Oper.& gen.exp.,incl.tax 1,580,796
3,356,419
Aug. 31, when 1,498 cars were shipped.
1,184,417
"For the second time within the last 12 months the Buick Motor Co. has
Net earnings before
found it necessary to increase the production capacity of plant units in
$587,546 $2,210,154 $1,736,062
depr. & depletion__ 8749,363
order to keep pace with demand. The latest addition to the Buick factory
Is to be a 65,000,000 grey iron foundry with a capacity of 500 tons of cast- -V. 123, p. 332.
ings a day. The new foundry unit will supplement the old one, which has
Howe Sound Co.-Earnings.been taxed heavily to furnish enough castings for the present production
-Quer.End. Sept.30- -9 Mos.End.Sept.30schedule of over 1.200 cars per day."
1926.
Production
1925.
-C. Spark Plug Co.,
1926.
According to Albert Champion, President of the A.
1925.
3,090
2,891
"this latter company, which is practically a subsidiary of General Motors, Gold (ounces)
8,018
5,720
678,630
594,615
Is doing exceptionally well. Mr. Champion further states: "We are manu- Silver (ounces)
1,852,902 1,500,650
7,980.470 7,583.675 25,223,961 20,956,316
facturing 10,000 speedometers daily, 100,000 spark plugs, 10.000 air clean- Copper (pounds)
15,133,821
6,735,038 42.650,624 15,774,258
ers and 10,000 oil filters. The outlook for the motor industry for the 'Lead (pounds)
11,890,863 5,888.439 34,809,017 6,618,916
Zinc (pounds)
balance of this year is exceptionally good."
•
Earnings
H. H. Bassett. Vice-President of General Motors and President of the
Value of metals produced $3,615,052 82,513,606 $10.463,631
Buick Motors Co. died Oct. 18 in Neuilly. France.
-V.123, p. 2002.
2,609,051
Operating expenses
1,844.649 7,620,331
General Railway Signal Co.
-New Orders Received.
Operating income.. _ _ _ $1.006,001
8668.958 $2,843,300 61,279.370
The company has received the following orders: Electric interlocking
60.368
92,650
machines with equipment, from the Louisville & Nashville RR. and Atchi- Other income
142,610
187,102
son Topeka & Santa Fe Ry., signals from Missouri Pacific RR. and switch
$1.066,369
Total income
2761,608 82,985,910 81,466.481
machines from Michigan Central RR.
-V. 123, p• 2002, 1388.
190,674
Depreciation
227.994
569,969
563,468
Gillette Safety Razor Co.
-Listing
.Net inc. before depl__ $875,696
$533.614 82,415,941
The London Stock Exchange has granted an official quotation to 2.000.000
8903,012
-V. 123, p. 1639.
shares of common stock of no par value.
-V.123, p. 2002.
TIM?.
OCT. 23 1926.]
THE CHRONICLE
2147
Hudson'River Nevigation"Corp.-InitialPref 1Dividend.
.
not exceeding 5 mills in whatever State held, if requested within 60 days
after taxes are due and payable.
Security.
-These notes are the direct obligation of Lloyds Finance Corp.
of New York, which has a net capital and surplus of $533,780. There wilt
be, according to the terms of the indenture, at all times during the life of
the notes, deposited with the guarantor, mortgage securities plus readily
marketable bond securities equal to at least 120% of the face amount of
Hupp Motor Car Corp.
-Earnings.RANI
the outstanding notes.
- highly liquid character. At least 15% of the bond collateral must be of
-Quar. End. Sept. 30- -9 Mos. End. Septl 30
Thus the guarantor will, at all times, have la
Period1926.
1925.
1926.
1925.
its possession for the purpose of reinforcing Its guarantee to the noteholders,
Net sales
$13,933,543 $9,203.905 $43,375,044 $32,061,604 collateral equal to or
exceeding 120% of the note issue. The mortgage
Net profit after depreciaand taxes
2,735,746 security is limited to properties located in the five counties constituting the
3.070,879
1.010,816
598,026
City of Greater New York, and to the contiguous counties of Nassau and.
-v. 123. p. 2003.
Westchester.
Tilles.-The titles to all properties securing the mortgages deposited as
Indian Motocycle Co.
-Sued.
An attachment for $1,000,000 has been filed in the Registry of Deeds, collateral with the guarantor have been guaranteed by a title company
Springfield, Mass., by Allen 'W. Morris against the company and its direc- approved by the Metropolitan Casualty Insurance Co. of New York.
tors. The attachment is an outgrowth of the sale of the Harley Co. on
(The) McCormick (McCormick Building Corp.), ChiPage Boulevard. The defendant company owned all stock in the Harley
Co. and sold all the capital stock to Morris, who is alleged to have known cago.
-Bonds Offered.
-Chicago Trust Co., Chicago; Litter
all the facts regarding the sale, at which time $100,000 was paid in. Morris
Roberts, Rock Island, Ill. and Dixon & Co.,&
Springfield,
at the time of the purchase was living in this city and gave back to tne
Indian Co. a large mortgage on the Harley Co. plant. The mortgage was Ill. recently offered at par and int., $1,400,000 1st mtge.:
later foreclosed and the Indian Co. took over the plant. Alleged mis- 6% gold
bonds. Dated May 1 1926; due serially May 1representations by officials of the motorcycle company are believed to be
1928-1936.
the basis for the suit. (Boston News Bureau.")
-V.123, p.2003, 1883.
Interest payable without deduction for normal Federal taxes not In
International Paper Co.
-Acquires Chaleur Bay Mills Co. excess of 2%. Bonds are callable on any int. date at 103. Chicago Trust
The Chaleur Bay Mills Co. has sold the greater part of its assets to the Co., trustee.
International Paper Co. for approximately $1.800.000, of which $1.000.000
The McCormick Building is located at the southwest corner of Rush and.
was paid in cash. Among the properties owned by the Chaleur company Ontario Streets on a lot fronting 109 ft. on Rush St. with a depth of 150 ft.
are 424 square miles of timber limits and a sawmill with a capacity of feet extending west along Ontario St. This corner is one block west of
1,000.000 ft. of lumber weekly.
North Michigan Ave., one of Chicago's finest business streets.
The International Paper Co. has announced a contract price of $65 a
The McCormick is a handsome 16
-story and basement modern fireproof
ton for newsprint for the calendar year 1927, unchanged from the price apartment hotel building. The structure is of re-inforced concrete and'
prevailing throughout the current year. Vice-Pres. J. L. Fearing, said: covers the entire land area with the exception of a private alley at the west •
'During the first half of 1927 we expect to bring into production another end of the property.
newsprint mill on the Gatineau River near Ottawa, with an ultimate
The McCormick contains 4 shops facing on Rush St. The Ontario St.
capacity of about 600 tons per day. Our new mill at Three Rivers, Que., frontage has been designed as one large store to be occupied by a cafeteria.
is now producing at the rate of 650 tons per day."
It has been so designed, however,that it can be readily changed to a number -V.123. P. 2004.
of small shops should occasion arise. Above the first floor are 420 suites..
Interstate Natural Gas Co.
These have been designed to supply diversified accommodations. 120
-Definitive Bonds.
The National Bank of Commerce in New York is prepared to deliver suites have living room, closet and shower bath. 30 suites have a sleeping
definitive 1st mtge. 10
-year 6% s.f. gold bonds,due July 1 1936,in exchange room, closet and bath room with recessed bath tub. In addition to these
for temporary bonds now outstanding. For offering, see V. 123. p. 1121.
hotel accommodations there are 270 suites wihch have kitchenette facilities.
30 suites contain a large living room, sun parlor. dressing clost, kitchenette
Jaeger Machine Co.
and bath room. 240 suites each contain a living room, bath room, dressing
-Earnings.
Net earnings for the nine months ended Aug. 31 1926 before Federal closet and kitchenette.
taxes and amortization of tiatents, were $367.966.
Valuation.
-The property has been appraised as follows: Land, $500.000:
The balance sheet as of Aug. 31 1928 showed $558,446 In U. S. bonds equipment,$200.000: building, $1,550,000; total,
000. On the basis'
and certificates, $30.557 in cash and 8105.067 in net receivables, as com- of the above appraisal, this loan isapproximately 62% of the value of the
82.250.
pared to accounts payable of only $23,782. There were no notes payable. property.
-V. 123, p
.
income.
-The gross annual income of this property is estimated at
•
$490,800. This estimate Is based on the actual rental figures of similarly
.
ing Edward Hotel Co., Ltd.
-New Ctfs. Ready.-...., constructed properties in locations which is believed to be inferior to that
It is announced that shareholders may now surrender their certificates of the McCormick. After making proper deductions for operating expenses,
of $100 par value to the Toronto Agency Co., Ltd., 302 Bay St., Toronto, taxes, insurance, &c., it is estimated
building will show a net
transfer agent. Two no par shares will be issued in exchange for each income of $270,000 which is nearly 3 that the greatest annual interest
times the
share of $100 par value.
charge.
The shareholders last month approved an amendment changing the
Ownership and Management.
-Bonds will be the direct obligation of the 10,000 shares of capital stock, par $100 each, into 20,000 shares of no McCormick Building Corp. of which Thomas Gaynor is Pres. and Benjamin
par value.
-V.123. p. 1513.
E. Cohen is the Sec. James McCormick is Treas.
Bonds are unconditionally guaranteed by James McCormick, Thomas
(S. S.) Kresge Co.-Earnings.Gaynor and Benjamin E. Cohen, representing a combined worth in excess
.
-Quer.End. Sept.30- -9 Mos.End. Sept.30- of $1,000,000.
Period1926.
1925.
1926.
1925.
Sales
McIntyre Porcupine Mines, Ltd.
$27,037,949 $23,909,671 $76.875,274 $68,564,584
-Earnings.
Profits before tax
3,917,772 2,847,670 10,028.136 8,338,076
Quarter Ended9 Mos, End,
Taxes
Mar.31 '26. June 30'26. Sept. 30 '26. Sept. 30 '26.
1,042,261
528,899
1,307,016
355,960
Preferred dividends- _ _ _ $972,400
35,000
105,000 Gross recovery__ 105,000
$999.569
35,000
8963,799 $2,935,768
Net earnings after exp.
___Balance, surplus
& taxes, but before
$3,353,873 $2,456,710 $8,616,120 $7.190,815
-V. 123, p. 2004.
depreciation
443.837
487,340
449,553
1.380.730
The date of the annual meeting has been changed from September to
Lago Oil & Transport Corp. (& Subs.).
-Balance June and the fiscal year changed to end March 31 instead of June 30.V. 123, p. 1389.
Sheet, June 30 1926.The directors have declared an Initial dividend on the preferred stock
at the rate of 8% per annum for the period from May 1 to Dec. 31 1926.
This dividend is payable Dec. 31 to holders of record Dec. 15.-V. 122,
wis
e
_
k1612.
..WetsLiabilities
Magma Copper Co.-Earnin s.Properties
x$82,418.888 Cap. stk. & initial surplus_ _x$88.871,858
-Quer End. Sept.30- -9 Mos.End. Sept.30.
Cash
7,572,243 Minority stockholders' inPeriod1926.
1925.
1928.
1925.
Accounts receivable
z999,738 Prod.refined copper(lbs.) 7,742,113 6,637,724 22,130,072 20,639,301
544,549
terests in subs. cos
Organization expenses
578,315 Net earnings before depr.
315,885 Account payable
Inventories, oil
110,383 Provision for Fed. income
and Federal taxes,,.,
$503,378 $1.347,773 $1,491.758
$504.076
do materials & supplies
272,359 -V. 123, p. 464.
1,891,047
taxes
Deferred charges
108,908 Earned surplus (0 mos. end.
2,237,613
Mary Lee Candy Shops, Inc.
-Sales.
June 30 1928)
Month of September1926.
1925.
Total
$72,959,881 Sales
Total
$72,959.881
$100.711
$80.012
The company has opened new stores in Cleveland, Ohio and Newcastle,
x Consist of oil lands, leases and concessions
-based on appraisal as of
Jan. 1 1926, $56,014.661; oil wells and development, marketing stations, Pa., making four in Cleveland and bringing total stores up to 50.-V. 123.
$5.766,174; marine equipment, 82,527,015: less, reserve for deprecia- p. 1770, 1640.
&c.'and depletion of $1,888,964. y Represented by 3,968.771.5 shares of
tion
no par value. z Represented by 62.457 shares no par value. Lago PetroMathieson Alkali Works (Inc.).-Earnings.leum Corp. ($956,467) and 2.250 shares (per Bolivares 100 each at 5.2
-Quer Ended Sept.30- -9 Mos. Sept. 30.
Be, to $1) British Tulle Oil Co., Ltd. ($43,269).-V. 123. p. 2004.
Period1926.
1926.
1925.
1925.
Total earns,from oper-- $706.304
$548.719 81.989.345 $1,723,482
195,224
492,937
570.417
164,342
Landay Bros., Inc.
-Condensed Balance Sheet June 30'2 .Prov. for depr. & depl0.
AssetsLiabi/UtesNet earnings__ __ - ___
5384.377 $1,418,929 51,230,545
$511.080
Fixed assets
cap. stk. 20,000
x$399,281
10.388
8.234
15,890
37.657
Income charges (net)___
Cash in banks & on hand__ 8201,418 Class "A"
she. no par
730.000 Prov. for Fed. inc. taxes
124,529
33,918
65.426
175,352
U. S. Liberty bonds
4,519 Com.stock & surplus
y1,481,590
Acc'ts rec., &c., less res _____ 1,928,044 Notes payable to banks
800,000
Net inc. transf. to sur- $429,764
$342.225 51.205.920 $1,095,628
Misc. accounts receivable_ _ _
17,189
284,434
E. M. Allen, President, says: The results of the third quarter of 1928
Merchandise inventory-----558,308 Accounts payable, trade
558.308 Misc, acc'ts payable & accr__
28,827 show a continued increase in the company's earnings as compared with the
Special deposit
12,000 Res. for Fed. Inc. taxes
113,213 same period of 1925. An analysis of the causes of the increase shows that •
Other assets
a very large percentage is the direct result of materially increased efficiency
insur., int. & rent
154,6preaid 22,5911
T otal (each side)
83,237.884 of operation. The balance of such increase is due to customers' additional
Note.'The company is contingently liable as guarantor of mortgages for requirements, coupled with earnings from new products.
-V. 123, p. 464.
$300,000 covering "Landay Hill," at Newark, N. J. x Leaseholds, im•
provements, furniture, fixtures and automobiles, $408,112: less reserve
Mercantile American Realty Co.
-Bonds Sold.
-A bank- _
amortization and depreciation of $68,831. 3 Includes the entire profit for
,
on
instalment sales, represented by 200,000 shares of no par value.- ing group comprising Blyth, Witter & Co., Mercantile Seall
V. 122, p. 2204.
curities Co. of California„ Inc., Peirce, Fair & Co., E. H.
Lawyers Mortgage Co.
-Stock Increase.-Rights.
-
The stockholders on Oct. 20 increased the authorized capital stock from
$9,000,000 to $10,000.000. The additional stock will be offered at par to
stockholders a record Nov. 8 1926 on a basis of one new share for
each
nine shares held. Subscriptions are payable on or before Dec. 20.V. 123. p. 1640.
Lincoln (Me.) Worsted Co.
-Sale.
-
The property of the company has been sold by the First National Bank,
Boston, trustee for the bondholders, to John F. Dana, attorney for Edward
F. Green and Charles F. Marble of Worcester and Lawrence M. Carroll of
Norway. Me.,trustees under agreement relative to 7% bonds dated Mar.22
1926. The accepted bid was the upset price of $40,000, reduction from
$50,000 fixed at a previous action at which there were noabidders. There
are $150,000 bonds outstanding.
Philip G. Clifford of Portland is receiver for the company.
Rollins & Sons, Bond & Goodwm & Tucker, Inc., and Wm.
Cavalier & Co.announce the offering and oversubscription of
a new issue of $7,000,000 1st mtge. 5%. The bonds were
priced at 983 and int., to yield about 5.10%.
4
Dated Oct. 1 1926: due oct. 1 1951. Principal and int. (A. & 0.) Paywithout deduc-
able at Mercantile Trust Co. of California, San Francisco.
tion for normal Federal income taxes not in excess of 2%. Decom. $1,000
and $500 c*. Red. all or part on any int, date upon 30 days' notice. at
102% and int., or for sinking fund purposes at 101 and int. Mercantile
Trust Co. of California and Charles R. Blyth, trustees. Application has
been made to certify these bonds as a legal investment for California savings
banks. Exempt from California personal property taxes.
Sinking Fund.
-An annual sinking fund, commencing 1929, will provide
for the retirement of $3,500,000 1st mtge. sinking fund 5% gold bonds on
or before Oct. 11950. Moneys in the sinking fund will be used to purchase
bonds, if obtainable, at or below 101 and int.: otherwise to redeem bonds
at that price. Company may satisfy the sinking fund requirements by
delivering bonds at par to the trustees for cancellation.
Listing.
-Company will make application to list this issue of bonds on
the San Francisco Stock and Bond Exc.hange.
Lloyds Finance Corp. of New York.
-Notes Offered.
M.
-W. Braderrnann Co., Inc., New York are offering at 100
and int.$1,000,000 10
-year6% guaranteecfgold notes. Irre-A banking syndicate headed hy
Preferred Stock Offered.
vocably and unconditionally guaranteed as to principal and
interest by Metropolitan t asualty Insurance Co. of New Blyth, Witter & Co. and including Peirce, Fair & Co., E. H.
Rollins & Sons, Bond & Goodwin & Tucker, Inc., and Wm.
York.
Dated Oct. 1 1926. Due Oct. 1 1936. Interest payable A. & 0. at Cavalier & Co. also offered at par ($100) and div.$5,000,000
Central Mercantile Bank, New York. Denom. $1,000 and $500 c*. Call- pref. (a. & d.) 6% cumulative stock.
able at 102 and int. Company will agree to pay interest without deduction
for the normal Federal income tax up to 2%. and to refund security tax
Preferred as to assets and dividends and in event of liquidation or dissolu)
(Q-y
tions, entitled to receive 105 and divs. Non-voting, cumulative dive.
'
2148
THE CHRONICLE
at rate of 8% per annum from Oct. 15 1926. First dividend payable
Feb. 15 1927. Red. all or part, on any div. date, upon 30 days notice
at 105 and diva., or, for annual retirement requirements as provided in
the certificate of incorporation at 10234 and dim. to April 15 1951. Red.
on or after April 15 1951, at roar and diva. Stock may be transferred at
the company's office, 464 California St., San Francisco, Calif. Mercantile
Trust Co. of California, San Francisco, Registrar. The certificate of
incorporation will provide for the retirement of $2.500.000 par value of
this preferred stock on or before Oct. 15 1950. Dividends exempt from
normal Federal income tax under present laws. Exempt from California
personal property taxes.
Listing.-Company will make application to list this preferred stock on
the San Francisco Stock and Bond Exchange.
Data from Letter of Pres. John S. Drum, San Francisco, Oct. 19.
Company.
--Is being organized in Delaware, to cquire and operate the
real properties now owned and occupied as banking premises by the Mercantile Trust Co. of California, and the real properties now owned and
occupied as banking premises by the American Dank. Company may
acquire additional real properties or place improvements on properties owned
or acquired.
The properties to be acquired comprise more than 50 parcels of real
property located in the San Francisco Bay area. These properties include
among others: The Mercantile Trust Co. of California Building, 464
California St.: the Canadian Bank Building, 454 California St.; the 10story American Bank Building, California and Montgomery Sta.; the
Savings Union Building, Market St. and Grant Ave.:the Hastings Building.
418 Montgomery St., and the Buckbee Building 416 Montgomery St. in
San Francisco; the 11-story American Bank Building, 16th St. and San
Pablo Ave., in Oakland; the recently completed 12-story Berkeley Chamber
ot Commerce Building. Shattuck Ave. and Center St., and the former
First National Bank Building. 2195 Shattuck Ave., in Berkeley; the former
Bank of Alameda Building, Park St. and Central Ave. in Alameda; and a
number of properties occupied principally by branch offices of the Mercantile Trust Co. of California, or the American Bank in San Francisco,
Hakiand, Berkeley, Alameda, Emeryville, San Leandro, Richmond, Pittsburg, San Jose. Santa Clara. Santa Rosa. Petaluma,Palo Alto, Burlingame,
Newman. Martinez. and other cities in the San Francisco Bay area.
CapitalizationAuthorized. Outstanding.
lpt Mtge.sinking fund 5% gold bonds
$10.000,000 $7,000,000
Preferred 6% cumulative stock (par $100)
5,000.000
5,000,000
Common stock, no par value
50.000 shs. 50.000 shs.
Lease.
-Company will agree, upon acquisition of these properties, to lease
them to the Mercantile Trust Co. of California and(or) to the American
Bank, or to their successor, for a period of 25 years from Oct. 11926. The
lease or leases, will provide that the Mercantile Trust Co. of California
and(or) the American Bank, or their successor, will pay a rental which will
be sufficient to meet operating expenses and taxes of the Realty Company,
and, in addition, a net sum of 9800.000 per annum, sufficient for interest
and sinking fund requirements on outstanding bonds and dividends and
annual retirement requirements on outstanding preferred stock.
The lease, or leases, will provide that in the event additional properties
are required by the Realty Company and utilized as banking premises by
the Mercantile Trust Co. of California and(or) the American Bank, or
their successor, or improvements are made upon properties owned or acquired, such additional properties or improvements shall oe leased to the
Mercantile Trust Co. of California and(or) the American Bank, or to their
successor, for a net sum eufficient to pay interest and provide for sinking
fund requirements on such additional bonds as may have been issued for
the purpose of acquiring such additional properties, or placing improvements on properties owned, or acquired. The lease, or leases, may provide
for a decrease of rental, in case any of the properties leased are disposed of
and preferred stock and(or) bonds retired from the proceeds received from
the disposition of the properties, or for an increase of rental, sufficient to
provide interest and sinking fund requirements on such additional bonds
as may be issued for the acquisition of new properties or the placing of
Improvements on properties owned or acquired.
Securtty.-Secured by a first trust indenture upon the properties mentioned above and additional properties a...uired, or improvements made,for
which additional bonds may be Issued. The indenture securing the bonds
may provide for the substitution and exchange of properties covered by
its lien, provided the properties substituted, or received in exchange, shall
also be made subject to its lien. The properties to be subject to the lien
of the indenture have been appraised for more than 913,000,000. This
Issue of bonds is less than 55% of the appraised value of the properties.
Ownership and Management.
-The common stock of the company will
be acquired by the Mercantile Securities Co.of California. which is entirely
owned by the stockholders of the Mercantile Trust Co. of California.
• Metropolitan Casualty Insurance Co., N. Y.
-Paul Arthur Schoellkopf, President of the Buffalo, Niagara & Eastern
Power Corp., President of the Niagara Falls Power Co.. and Chairman
of the board of the Power City Bank, Niagara Falls. and also a director in
a long list of companies, among them the Shredded Wheat Co., the Rand
Kardeir Bureau, Inc., and the U. S. Light & Heat Corp. has been elected
tedirector of the Metropolitan Casualty Insurance Co.
-V.122,
- p.759.
[VOL. 123
National Cash Register Co. (Md.).-Def. Stock Certifs.
Dillon, Read & Co. announce that definitive stock certificates for the
issue of common A stock are now ready for exchange for outstanding
temporary stock certificates at the Central Union Trust Co.of New York.
80 Broadway, N. Y. City, and at the First Trust & Savings Bank, 68
West Monroe St., Chicago, Ill.
-V. 123, p. 591.
National Sugar Refining Co.
-New Vice-President.
-William E. Dick, a director, has been elected a Vice-President to succeed
the late J. Adolph Mollenhauer.-V. 123, p. 852.
New Cornelia Copper Co.
-Larger Dividends.
-The direcords have declared a quarterly dividend of 50 cents per
share on the capital stock, payable Nov. 22 to holders of
record Nov. 15. In the two previous quarters dividends of
40 cents each were paid, while in Feb. 1926 a distribution of
30 cents per share was made.
-V. 123, p. 1886.
North American Title Guaranty Co.
-Organized.
-
William E. Walter has organized the above company,a title insurance and
mortgage company operating under the authority of the laws of New York.
Mr. Walter has been elected to the office of Pres. & Gen. Mgr. The other
officers are: Edward I. Edwards, Chairman; George C. Van Tuyi Jr., VicePres. (former Superintendent of Banks in New York), and Carl Sherman.
Vice-Pres. (former Attorney-General of New York State). Company Is
located at 8 West 40th St., New York. Company will have a capital of
$1,000,000 and surplus of $250,000.
-Omits Dividend on Class A Stock.
O'Cedar Corp.
-
The directors have decided to omit the quarterly dividend of 15 cents
usually paid Nov. 1 on the class A stock. This rate had been paid since
1923.-V. 122. p. 491.
Oriental Development Co. Ltd.(Japan).
-Report.The figures given in last week's "hhronicle" cover the "business year
1925," or the 12 months ended March 311926. The preceding Years men-V. 123, p. 2005.
tioned should be treated likewise.
-Earnings.Otis Steel Co.
-3 Mos. End. Sept.30- -9 Mos. End. Sept. 301926.
Period1925.
1926.
1925.
Manufacturing profit _ -- $1,260,192
$914,571 $3.792,895 $3,139,534
General exp., taxes, &c_
297.109
291.775
843,581
896.706
Operating profit
Other income
Total income
Interest, discount, &c
Balance, before depr.
& Federal taxes
-V. 123. p. 1886.
$963,083
63.788
$622.796 $2,896,189 $2,295,953
20.542
70.139
165,383
$1,026,871
291,380
$643,338 83.061.572 $2,366,092
243,226
912,441
771,059
$735.491
$400,112 $2,149,131
$1,595,034
Peerless Motor Car Corp.(& Subs.).-Earnings.-
-Quar End. Sept. 30-9 Mos. End. Sept. 30.
1926.
1925.
1926.
1925.
Net aft. depr., Fed. tax.,&c- 8239,191 8211,737 $1,139,330 $258.457
Net sales for the tirst 9 months of 1926 totaled $16,355,029, against
813,313,760 in the first 9 months of 1925.-V. 123, p. 1642.
Pepperell Mfg. Co.
-Earnings.
Years End. June 30- 1925-26.
1924-25.
1923-24.
1922-23.
$13,004,335 813,655,797 $11.170,521 $16,287,790
Sales
Increase in inventory
1.691,774dec1.338,291
813.004.335 813.655.797 $12,862,295 814,949.499
Total
12,387.805 14,067.853 12.944,798 14,003.950
Operating expenses
Credits
116.272
138,986
4616,530 10s4412.056
Net profit
856.483 81.061,821
x Includes Federal tax refund of $141,000 for previous years, leaving
net profits of 3475,530.-V. 121, p.2284.
Philadelphia & Reading Coal & Iron Corp.
-Director.
Joseph Wayne Jr., has been elected a director to serve for the unexpired
-V. 122, p. 3076.
term of the late Joseph B. McCall.
-Earnings.Pie Bakeries of America Inc.
Period Dec. 27 1925 to Oct. 2 1926-1926.
1925.
Net profits aft. chgs. incl. deprec. & Fed. taxes__ 4294,854
$263,691
xThis is equal to 3 times the dividend requirements of toe 7% cumulative
preferred stock for a full year. A substantial amount was available for
surplus after providing for the dividends for the period on both the preferred
Mid-Continent Petroleum Corp.
-Earnings.
-11
and class A stocks.
-3 Mos.End.Sept.30- -9 Mos.End. Sept.30As of Oct. 2 1926, the company's net tangible assets were equal to $205
-V. 122. p. 3614.
Period1926.
per share of outstanding preferred stock.
1925.
1926.
1925.
Net after int., abandoned
-Earnings.
Phillips Petroleum Co.
wells. &c., but before
deprec., depl. & Fed.
9 Months Ended Sept. 301926.
1925.
$4,203,116 $3.907,528 $11,020,001 $11,254,263 Income from oil
$24.769.824 315,326,277
taxes
Gasoline ad miscellaneous income
15,186,128 11,164,639
-V. 123, p. 2004.
Midi Realty Corp.
-Trustee.
The Guaranty Trust Co. has been appointed trustee, paying agent, and
registrar under a trust mortgage of the Midi Realty Corp. dated Sept. 15
1926, securing an issue of $475,000 1st leasehold 654% serial gold bonds.
Midland Steel Products Co.
-Earnings.-
Total income
$39,955,952 826,490,916
Operating, general and administration expenses
10,858,500
8,108,246
Interest and taxes
852,870
1,069,900
leases, Federal taxes, &c
Reserves for abandoned
3,418.986
1,300,000
Estimated depreciation and depletion
9.066.604
6,685,079
-Q ar. End.Sept.30- -9Mos.End. Sept.30Net,income
$15,760,992 $9,327,691
1926.1925. Dividends
5,413,356
2.850,271
$815,721
$993.297 $2,827.451 $3,431,896
122,801
205.238
404,278
639.398
Surplus
$10,347,636 $6,477,420
39,774
92.895
99,640
274.009 -V.123, p. 1515. 723.
105.726
102,710
311,427
304.662
75,000
-New President, &c.Piggly Wiggly Corp.
278,000
Jcseph E. Maury, of Memphis. Tenn., has been elected President of
profit
Net
$547,420
$517,454 $2,012,106 $1,935,827 this corporation and of the Piggly Wiggly Stores, Inc., succeeding
C. D.
-T. 123, p. 1514.
Smith. J. R. Peters succeeds J. N. Staples as General Manager,
Col. J. W. Canada and E. G. Willingham
have been elected directors.
-Larger Dividend.
Mohawk Mining Co.
succeeding George W. Davison and the late R. Leedy Matthews, Mr
A dividend of$2 per share has been declared on the capital stock, payable Canada was also appointed General Counsel.
-V. 123, p. 854.
Dec. 1 to holders of record Oct. 30. From March 1925 to Setpember 1926
-V. 122, p. 2808.
Piggly Wiggly Stores, Inc.
-New President, &c.incl., quarterly dividends of $1 per share were paid.
See Maly Wiggly Corp. above.
-V. 122. p. 1777.
-Merged.(Philip) Morris 8c Co., Ltd., Inc.
-V. 123, p. 1257
See Philip Morris Consolidated, Inc. below.
Pioneer (Sugar) Mill Co., Ltd.
-New Financing, &c.
See American Factors. Ltd. above.
-V.121, p. 3016.
-Merger.
(Philip) Morris Consolidated, Inc.
corporation has acquired control of the Philip Morris & Co.,Ltd.:
This
Porto Rican-American Tobacco Co.
-Bonds Called.
Inc. and of the Continental Tobacco Co., Inc. and has purchased land at
st
-year 8%
All of the ut anding 10
Richmond. Va., for the erection of'a factory to cost in the neighborhood of have been called for redemption Nov. gold bonds, dated May 15 1921
15 at 105 and int, at the National
-See also V. 123, p. 1257, 1390.
8250,000.
Wall St., N. Y. City.
City Bank,55
-V. 122, p. 1465.
PeriodManufacturing profit__ _
Expenses. &c
Interest, &c
Depreciation
Federal taxes
-Extra Dividend of4%.
-The direcNational Biscuit Co.
tors on Oct. 19 declared an extra dividend of 4% on the
outstanding 2,046,520 shares of common stock, par $25,
payable Nov. 30 to holders of record Oct. 29, in addition to
the usual quarterly dividend of 14% on the preferred stock,
payable Nov.30 to holders of record Nov. 17 and the regular
quarterly of 4% on the common stock, payable Jan. 15 to
holders of record Dec. 31. The company on July 15 also
paid an extra of 4% on the common stock (compare V. 122,
p. 3463).
Postum Cereal Co., Inc.(& Subs.).
-Earnings.
-
[Including Operations of Igleheart Bros., Inc., from Date of Acquisition
March 21, 1926.1
Quarter Ending
9 Mos. End.
Sept. 30.
June 30.
Mar. 31.
Sept. 30.
Sales to customers
811,886.449 $12,718.478 $11,451.888 $36,056,815
All exp. less misc.income 8.466.281
9,276,486
7,860,028 25,602.795
Income taxes
461,960
469,675
1,417,174
485,539
Net profit
• 82,958.208 32,972.317 83,106,321 *89.036,846
*Equals $6 17 per share on 1.465,000 shares of no par value common
stock outstanding; this compares with $8.078,858 combined earnings of
constituent companies for corresponding period 1925, equivalent to $5 51
on the same number of shares (Igleheart Bros., Inc., acquired at March 31
Earnings for Quarter and Nine Months Ended Sept. 30.
1926.included only for second and third quarters 1928 and 1925.-V. 123.
- p.1771.
Quar. End. Sept.30- -9 Mos. End. Sept. 30
1925.
Net income, after all
1926.
1926.
1925.
Pratt & Lambert, Inc.
-Obituary.
-expenses and taxes_ __ $4,113,391 $3,759,930 $11,254,722 $10,372,625
President James II. McNulty died Oct. 17.-V. 123. p. 591.
-V. 123. D. 335.
OCT. 23 1926.]
THE CHRONICLE
Procter & Gamble Co.
-The
-Dividend Rate Increased.
directors on Oct. 20 declared a quarterly dividend of $1 75
per share on the common stock (par $20), payable Nov. 15
to holders of record Oct. 25. This compares with quarterly
dividends of $1 25 per share previously paid. In addition,
the company on Aug. 14 paid an extra dividend of $2 per
share on the common stock. Record of dividends paid on
the junior issue since 1913 follows:
2149
Shelby Hotel Co., Detroit.
-Bonds Called.
-
The company has called for payment Nov. 1 at 102 and int. 8411,100
bonds, dated May 11917. Payment will be made at the Union Trust Co.
trustee, Detroit, Mich.
Sherwin-Williams Co. Cleveland.
-Extra Div. of 1%.-
An extra dividend of 1% has been declared on the outstanding $14,881,125
common stock, par $25, in addition to the regular quarterly dividend of
2%, both payable Nov. 15 to holders of record Oct. 30. Like amounts
have been paid quarterly on this issue since Nov. 16 1925 . Extras of Si of
1%, each had been paid quarterly on the common stock from Nov. 15
1923 to Aug. 15 1925 incl.
'13. '14. '15. '16. '17-24. '25. x'26.
The company and its subsidiaries report for the year ended Aug. 31
Regular in cash (%)
16 16 16 18 20 yly. 2131 2734 1926, a net profit of 54.262.476 after depreciation, interest, Federal
taxes.
Extra in cash (%)
_ 10 &c., against $4,481,686 in the previous year.
-V.123, p. 592.
Extra in stock (%)
--4 4 4 4 4 yly. x Includes dividends payable Nov. 15.-V. 123, p. 1771.
Shreveport-El Dorado Pipe Line Co., Inc.
-Extra Div.
The extra dividend of $1 per share and the regular quarterly of 25c. per
Pro-phy-lac-tic Brush Co.
-Extra Dividend.
The directors have declared an extra dividend of 50 cents per share on share, recently declared,are both payable Jan.2to holders ofrecord Dec.21.
the common stock, payable Nov. 15 to holders of record Nob. 1. An extra Compare V. 123. p. 2006.
dividend of like amount was paid on March 1 and July 1 last.
-V. 122,
Quarter Ended
- 9 Mos.End.
p. 3614.
Sept. 30'26. June 30'26. Mar.31 '26. Sevt.30'26.
Gross earnings
8398.212
8465.437
8326.392 81.190.042
Pullman Co.
-New Directors.
Expenses, maint., &c_
132,770
110.339
88,970
332.078
The stockholders on Oct. 20 approved the proposal to increase the number Int., rentals and taxes
56.007
25.892
19,410
101,311
of directors to 14 from 12. John R. Morrow. George Whitney, Donald Adj. of haven., &c
1,864
162.295
106,136
270.298
McLennan and Lowell M.Greenlaw were elected new directors. The other
directors were re-elected. Emplacements were for Robert C. Lincoln and xNet income
8207.571 . 3166.910
8111.876
$486.357
John A. Spoor, both deceased.
Balance Sheet Sept. 30 1826.
In reply to a question of a stockholder, President Edward F. Carry said
Asset
Liabilities
It must be borne in mind that the company Is under the supervision of the
Inter-State Commerce Commissin. It is possible that the valuation Pipe lines and property__ $1,984,345 Capital stock
82.500,000
533,057 Bonds
may be greater than expected, in which event there is every reason to be Cash and receivables_ _ _ _
240.000
Oil on hand (at market)269.106 Bills & accounts payable_
optimistic about payments. He said it is only a matter of time until
333.351
something will be done for the stockholders, but that the management does Prepaid items
8.776 Reserves for taxes. 8cc.__
96.764
Contracts. etc
not deem it wise at this time. The directors declared the regular quarterly
2,540,524 Reserve for depreciation_
600.905
dividend of $2 per share, payable Nov. 15 to holders of record Nov. 1.
Surplus earned
1,564.789
-V. 123, p. 1626, 1259.
Total
85.335.8081 Total
85.335.808
-V.123, p. 2006.
Punta Alegre Sugar Co.
-Sells Mill.
The co. on Aug. 16 sold its Trinidad mill in the Santa Clara Province
'South Porto Rico Sugar Co.
-Acquires New Mill
of Cuba to W. A. Chadbourne.
-To
-V. 122, p. 3222.
1
Republic Iron & Steel Co.-Earnings.-Quar, End. Sept. 30--9 Mos. End. Sept. 30Period1926.
1925.
1926.
1925.
Net earnings
* $2,127.822 $1,555.755 $6.232,567 $4,628,857
Deprec. & renewals.. _ _
908,763
1,368.466
466975
302,364
Exhaustion of minerals_
244,927
259,284
86.799
Bond and note interest_
849.269
975,840
260,549
3213.130
Preferred dividends_ _ _ _(150437,500(134)437,500(5301312500(5 01312500
Common dividends
300,000
300,000
Issue 11,206 Additional Shares of Common Stock at Par ($100).
-Secretary Edward S. Paine, Oct. 18, says in substance:
The directors have authorized the purchase of the entire outstanding
capital stock of Yngenio Santa Fe, C. por A. (a Dominican corporation),
the owner of Central Santa Fe, located at San l'edro de Macoris, Santo
Domingo. The properties of Central Santa Fe adjoin the properties of the
Central Remain, Inc., on the north and west.
This acquisition rounds out the holdings of the Central Romana, Inc.,
on the west, at the same time permitting economical administration. The
Yngenio Santa Fe, C. por A., owns about 75.000 acres of land, of which
about 20,000
Balance, surplus8574.766
$408.961 $2,143,048 81,186.826 Macoris, is in are now in cane. Its mill, which is located at the port of
good condition and has been profitably operated in the past.
*These are the net earnings from
charges for repair and
maintenance of plants amounting tooperations after provision for Federal Its output last year was 40.000 tons which can be substantially increased
$1,154,835 and
at a reasonable cost. The price paid was favorable, in the judgment of the
taxes.
directors,and the purchase should prove profitable for the company and add
Unfilled orders on hand Sept. 30 1926 of finished and semi-finished prod
substantially to its earnings.
ucts totaled 150.493 tons,against 122.944 tons June 30 1926.-V. 123,p.465
In order to provide a part of the funds required for this purchase
Rose Realty Co. (Fashion Square Building), St. board has authorized the.Msue of 11,206 shares of common stock, out of the
the
unissued balance of the total authorized issue of 125,000 shares, and the
Louis.
-Bonds Offered.
-An issue of $435,000 1st (closed) sale at par of these new shares to thecommon stockholders,pro rata, in the
mtge. leasehold 63/2% serial gold bonds is being offered by proportion ofofoseeonatznof nrslvovs.oM0fg
cl on
ten shares
stock
1926. Payment
t
Xerhec:Oicnikolis to be
Waldheim-Platt & Co. Inc., St. Louis, and Stern Brothers made at par in cash on oress
before Dec. 1 1926, at the office of William Schell
& Co., Kansas City, 14o.
& Co., 160 Broadway, N. Y. City. The new stock will be dated Dec. 1
1926, and will participate in the next common stock dividend declared by
Dated Aug. 1 1926: due serially
to Feb. 1 1936. Denom.
$1.000 and $500. Interest payable Feb. 1 1928Boatmen's National Bank, the company. Application to list said stock will be made to the New
F. &
St. Louis, trustee. Red, on any int. dateA. at 60 days' notice at 102 and York Stock Exchange.
upon
The entire new issue has been underwritten by a syndicate formed by
int. Company assumes payment of normal Federal income tax not in
William Schell & Co. fiscal agents for the company, at par, without
excess of 2%.
Building.
-The Fashion Square Building. now under construction, and commission or other compensation.
Warrants will be issued to the common stockholders as soon as possible
to be completed about Jan. 1 1927, is
northwest corner of
located
13th Street and Washington Ave. in the heart at the St. Louis wholesale after Nov. 1, representing their rights to subscribe to this now stock.
of the
district. The construction is a modern concrete type, strictly fireproof, Warrants for fractions of shares will be exchangeable for full-share warrants
fronting 135 ft. 2,4 in. on the north line of Washington Avenue, by 137 ft. in lots aggregating one or more full shares, upon delivery thereof to William
Schell & Co. for such exchange. Stock certificates will not be issued for
on the west line of 13th Street.
-V. 121. p. 2650.
The structure contains 11 floors and basement, designed to accommodate fractions of shares.
manufacturers and wholesale distributors
merchandise, particularly the
-Warner Speedometer Corp.-Earnings.Stewart
garment industry. The building containsof
2,487,882 cu. ft., and a square
-Quar. End. Sept. 30- -9 Mos.End. Sept.30area of 210,912 sq. ft.
Period1926.
1925.
1926.
Security.
-The bonds are secured by a first closed mortgage on the lease1925.
hold estate and building being erected thereon. The mortgaged property Net earnings after depr.,
Federal taxes, &c_ _ _ _ 81.686,531 $1,906.364 84,808,348 85.373.336
has been valued as follows: Leasehold estate (based on appraisal of Cornet
& Zeibig, Realtors, of St. Louis), $120,090; building (cost). $710,000: -V. 123, p. 1888.
total, $830,090. The loan is approximately 52% of the appraised value of
Tennessee Copper & Chemical Corp.
-Trustee.
the property. The cost of the building is at the rate of about 2834c. Per
The Bank of America has been appointed trustee of an issue of 83.000.000
Cu. ft
15
-year 6% cony, debenture gold bonds, dated Oct. Oct. 11926.
Purpose.
-Proceeds of this loan are to be used to provide part of the funds
The company has increased its authorized common stock from 800,000
needed for the construction of the building.
shares to 890,060, no par value. See also V. 123, p. 1888.
St. Andrews Bay Lumber Co.
-Bonds Called.
-
Twenty-two 1st mtge. 7% gold bonds. dated Nov. 1 1924, have been
called for redemption on Nov. 1 next at 101 and int.-V.
123, P. 93.
Texas Co.
-Plan Effective.
-
Chairman Amos L. Beaty announces that the plan of exchange of the
Texas Co. shares into the new Texas Corp. has become effective. More
than 50% of the outstanding shares of the Texas Co., the amount necessary
Salmon Falls Mfg. Co.
-To Liquidate.
to make the plan effective, have been deposited.
The stockholders on Oct. 21 approved
Mr. Beaty added
the plan to liquidate
ration. A recent letter to the stockholders says: "For over 6 the corpo- stock, and possibly that it is expected that fully 70% to 80% of the total
years curmore, will be deposited by Nov. I, when the time for
rent business on tire fabrics has been almost uniformly unprofitable.
The deposit expires. Under the plan holders of Texas Co. stock exchange their
question of moving machinery to
gone over, but holdings share for share into the new Texas Corp. of Delaware (see V.
the South
the cost appeared prohibitive. To change was carefullywas also
123.
to other li es
consid- p. 1125)•
ered, but this entailed a very
Discussing stockholders' response to request for deposit of stock in share
since 1920 has it been feasible largo outlay of new money and at no time
to raise new capital to the extent that would for share exchange into new Texas Corp. of Delaware, Chairman Beaty says:
have been required."
"Response has been very satisfactory, despite inclination of many stockIFor the quarter ended Oct. 2
consisting of 854,000 inventory1926 the company had a loss of $76,714. holders to defer action until near last moment." Time for deposit exmark-down. $12,500 depreciation and pires Nov. 1.
$10,214 manufacturing loss.
Current assets at that time totaled $474,326
Mr. Beaty further says: "The authorized capital stock of the new corand current liabilities $362,241,
leaving net working capital of 8112,085.1 poration in excess of the stock required for exchange can be sold for cash
Compare V. 123, P. 1044.
or it can be issued for property. In either case the value of the stock first
outstanding is maintained since the cash received goes into the general
Sanford (Me.) Mills.
treasury or property received becomes a general assets. If another alterThe stockholders will vote -7'o Split Up Shares.
Nov. 1 on
$100 par value to no par value, 4 new changing the common stock from native it should be decided to distribute this stock or some of it to stockshares to 130 issued in exchange for holders as a stock dividend, the rule of equality and fair dealing would
each old share. If action is
approved, there will be outstanding 260,000 apply."
-V, 123, p. 1645.
shares of no par common stock.
-V.13. p. 724.
Schulco Co., Inc.
-Earnings.
The company reports for the
$82,282; reserve for payment ofquarter ended Sept. 30 1926. Net earnings
net income, $25.407.-V. 123. interest on bonds due Jan. 11927, $56.875:
p. 1887.
Tonopah Mining Co.
-Semi-A nnua/ Report.
-
Six Mos. Ended June 30-Gross value ore milled
Metal losses in milling and refining
1926.
1925.
1924.
1923.
8677.206 $570,434 $742.498 8829.179
44,710
47,831
54.823 68,261
Gross value of milled product
8629.375 $525.723 $687.674 $760.917
Mining, milling, market & gen. asps_ 522.617 481,194 575,324 525.251
--Quar. End, Sept. 30- -9 Mos.End. Sept.30Period8106,757 844,529 $112,350 8235.665
Net profit
1926.
1925.
1926.
1925.
Net sales
61,489
Miscellaneous income
64.451 118,497 148,530
$494,514
8497,046 $1,488.000 $1,469.293 Internal
Cost of sales
24,959
revenue tax refund. 1917- 298.270
327,241
887.810
936.000 Profit from sale of securities
selling & adm.expense
12.394
50.038
112.392'
98,328
353.895
314,222
Operating profit
$180,641 $183.978 $230,848 $384.195
Net income
883.852
371,476
$246,295
$219.071
Other income
Quick assets and invested funds on June 30 1926 were reported as follows:
10,908
20,492
41,923
20.491 Cash on hand June 30 1926. $68,440: railroad and public
utilities bonds
Total income
purchase price, $950.666, and due from smelter, 4122,518:
894.760
$91.968
8288.218
$239,562 and stock at
Charges & Federal taxes
81,141,625.-V. 122, p. 3225.
20,887
12.999
58.457
31,447 total.
Texas Gulf Sulphur Co., Inc.-Earnings.Net profit
873.873
878.969
8229,761
8208.115
-V. 123. p. 1644.
-Quar. End. Sept. 30- -9 Mos. End.Sept.301926.
1925.
Period1926.
1925.
82.531.469 81,478.847 86.322,012 84.174.225
Net earnings
Securities Corporation General.
-Dividends.
1.905.000
Dividends
1.270.000
5.080.000
The directors have declared the regular quarterly dividend of
3,810.000
$1
the pref. stock and a dividend of 81 per share on the no par 75 Per
share on
common
$626,469
Surplus
$208,847 81,242,012
stock, both payable Nov. 1 to holders of record Oct. 211926.
8364.225
Like amounts Profit and loss surplus,
were paid on Aug. 2 last.
-V. 123. p. 94.
incl. reserve for depl'n 58,482,287 $5,959,739 88.482.287 $5,959.739
Seagrave Corp.-Earnings.-
During the three months ended Sept. 30 1926.the company also increased
tits reserves, Including reserve for depreciation and for unpaid Federal taxes
raccrued,by $520,451. making the total of these reserves $7,423,814 as at
Sept. 30 1926.-V. 123. p. 1645.
-Earnings.- Transcontinental Oil Co.
-Qum*. End. Sept. 30- -9 Mos.End. Sept.301925.
1926.
1925.
1926.
PeriodNet income after int.,de$139,791 $1,846,632 31.206,611
prec., deple'n, &c____ $1,457,796
Accumulated dividends on the preferred stock amounted to 155,1% on
slilli 1 1926.-V. 123, p. 1517.
President Corey stated that the business of the corporation in all its
products, including those of the United Status Ferro-Alloys division, had
been quite satisfactory for the year to date and that the outlook for the
balance of the year was promising. It Is estimated that the earnings for
the last half of the fiscal year ending Dec. 31 will equal the earnings for
-V. 123, p. 991.
the first half.
Virginia Iron, Coal & Coke Co.-Earnings.Gross
Expenses
Transue & Williams Steel Forging Corp.-Earnings.'PeriodGross sales
Net loss
-V. 123, p. 1772.
[vol.. 123.
THE CHRONICLE
2150
Operating profit
.
-Quar End.Sept.30-- -9 Mos. Sept. 30- Other income
1925.
1926.
1925.
1926.
Total income
$948,851 $1,325,657 $3,427,199 33.743.734
83,066 prof.27.580 Int., depr. & taxes
6,085
56,626
-Quar. End. Sept. 30- -9 Mos.End. Sept. 301925.
1025.
1926.
1926.
3865.709 32.587,207 $2376 595
$944,962
2.231.535
800.475 2,430.220
862,053
382.909
22,028
$65,235
83,206
3156,987
70,762
$142 061
332.773
$104,937
68,555
3148.441
86.444
$227 749
241,000
$171 833
265.794
$209,039
Net profit
$61,997
$36,382
813,251
-Earnings. - 123. p. 594.
V.
Union Carbide & Carbon Corp.(& Subs.).
.
-Quar. End. Sept. 30- -9 Mos. End. Sept. 30System,
-Earnings.Waldorf System Inc.
1925.
1926.
1925.
1926.
PeriodEnd. Sept. 30-- -9 Mos.End,Sept. 30-Earnings (after provision
1925.
1925.
1926.
1926.
income, Acc.. taxes) $8,862.089 $7.068,877 323,303.435 $18,735,918
for
Sales
$3,321,558 $3,142,458 $9,974,620 39,428.608
Int. on funded debt and
686,692
200,409
239,967
*Net profit
784,530
diva. on pref. stock of
153
25,879
20.860
770,392 Preferred dividends
66,798 ' 79.
915,246
256.702
304,135
sub. cos
414,009
138,003
138,003
5,401,146 Common dividends
414,009
1.800,382 x5,757,744
Deprec'n & other charges x1,959,491
Balance
$6.598.463 $5,011,794 $16,630,444 $12,564.411
-V.123, p.467.
Estimated.
-Contract.
Union Switch 8r Signal Co.
$36,527
881,104
3193,330
$3303,723
Surplus
* After depreciation, Federal taxes and reserves.
-V. 123. p. 1773.
Western Electric Co.
-Billings, &c.-
rst 9 Months of YearThe Delaware Lackawanna & Western RR. has awarded the Union
Switch & Signal Co. a contract for the installation of automatic train Sales billed (approx.)
equipment on 270 miles of its Scranton division. Automatic train control Orders received (estimated)
has been in operation on 282 miles of D. L .& W.main line on the Buffalo Unfilled orders at Sept. 30 (est.)
- 123, p. 992.
V.
division since July 1 1925.-V. 121, p. 1357.
1925.
1926.
$188.123,000 $176.203.000
182,721,000 182,006,000
85.417,000
92,339,000
White Eagle Oil & Refining Co.Earnings.-To Increase Common Stock-25.%
Union Tank Car Co.
-Quer. End. Sept. 30- -9 Mos.End.Sept. 30
-The stockholders will vote Nov. 22
Stock Dividend Planned.
1925.
1926.
Period1925.
1926.
$6,324,751 $5,393,377 $14,832,992 $12,801,153
on increasing the authorized common stock from $25,000,000 Sales
5,148,275 4,703,144 12,269,364 10,257,914
($24,564,400 outstanding) to $40,000,000, par $100. "In Cost & expense
$690,233 $2,563,628 $2,543,239
31.176,476
case this increase in common stock is duly authorized," says .Operating profit
8,080
17.104
55,160
50,540
a letter to the stockholders, "the company will then be in a Miscell.charges, net _ _ _ _
$673,129 $2,513,088 $2,488,079
$1,168,396
position to declare a 25% stock dividend, or one share for
xNet income
reserve
x
• each four shares of common stock outstanding, if in the judg- tionRepresents net income before deducting1773. for depreciation, deple-V. 123, p.
and Federal income tax.
ment of the board of directors such action is deemed advisa-Initial Preferred Dividend.
-The
Wilson & Co., Inc.
ble."
directors on Oct. 21 declared an initial dividend of 3%% on
To Redeem $12,0e0,000 Preferred Stock.
The directors have voted to redeem all of the outstanding 'Preferred stock the 7% preferred stock, payable Nov. 15 to holders of record
Dec. I at the Chase National Bank, 57 Broadway, N. Y. City. at 115 and Nov. 3. This is the first distribution to be made since the
divs.
The directors declared the final quarterly dividend of $1 75 a share on reorganization of the company. Dividends on the preferred
the preferred stock payable Dec. 1 upon presentation of the stock certifi- stock do not become cumulative until after Nov. 1 1927.
cates for redemption.
2008.
V.
The directors also declared a quarterly dividend of 31 25 a share on the - 123, p.
outstanding common stock, payable Dec. 1 to holders of record Nov. 10.1926.
(Wm.) Wrigley Jr. Company, Chicago.
-Earnings.p. 1772. 1517.
V. 123,
-Quar.End. Sept. 30- -9 Mos.End. Sept.30.
1926.
1925.
1925.
-Earnings.
United States & Foreign Securities Corp.
Attention is called to the right of holders of full paid allotment certificates to receive on Nov. 1 1926. first preferred stock called for by such
allotment certificates, and an equal number of shares of common stock.
This exchange can be effected at the Central Union Trust Co., 80 Broadway, New York City,or Old Colony Trust Co., 17 Court St., Boston, Mass.,
through deposit of such allotment certificates.
There will be no call for the final installment at this time, but holders of
75% paid allotment certificates have the right to make payment in full on
Nov. 1 1926 or any subsequent dividend date, thereby becoming entitled
to receive definitive certificates as above for preferred and common shares.
Income for First 9 Months of 1926.
11.060,029
Income from interest and dividends
1,459,925
Profit from underwritings and sale of securities
2,519,953
Total
288,260
Expenses and reserves for taxes
1st pref. divs. paid and accrured, $934.189: 2d pref. divs, paid
1.209,189
accrued. $275,000
and
$1,022,504
Carried to surplus
Comparative Balance Sheet.
Sept. 30'26. Aug.31'25.
Sept.30 '26. Aug.3115.
$
LtabilUtes5
5
AssetsInvestments__ - _ y23,814,839 21,879,936 1st pref. stock__ _a19.998,300
8,068,725
2d pt. stk. (50,000
Call & time loans_ 6,150.000
Ms. no par val.) 650.000
107,927
Accrued Interest- 131.072
395,127 Common stock__ c100.000
270,017
Cash
General reserve_x4,950,000 4,950,000
Comm. rec. & Inc.
6,950,000
Bank loans
earned but not
356,000 Taxes, accr. dive.
received
408,264
and payables___ 823,224
Earnings
Expenses
Depredation
Federal taxes
Net 'profit
V.
- 123, p. 469.
35.213.820 35,017,543 314,331,595 814,292.645
1.906.008
5,266,330
1.689,592 5 195,274
140,070
387,642
420.700
129.799
357,635
399,769
1,079,834
1,106.599
$2,810,107 $2,798,383 $7,609.022 $7,558,839
-To Change CapializaYellow Taxi Corp. of New York.
tion-New Stock to be Placed on a $5 Annual Dividend Basis.
The directors have voted to call a special meeting of stockholdefs to
authorize the purchase of 15,000 shares of outstanding stock and to then
authorize a reduction in the then remaining 375,000 shares of stock to
125.000 shares by the issuance of one share of new stock for each 3 shares
outstanding.
The directors have declared an initial quarterly dividend of $1 25 a share
on the new stock "when issued," payable Jan.2 to holders ofrecord Dec. 15.
thus placing the issue on a $5 a year basis.
The board also elected Erne-t FL Miller, President and General Manager;
William E. McGuirk was elected chairman of the board, and Udo M.
Reinach, Treasurer: Wm, M. Parke, of the firm of Chadbourne, Stanchfield & Levy, was elected a director. Mr. Miller is the owner of the largest
taxi company in Newark and Mr. Reinach is Vice-&resident of the Schulte
-V. 122, p. 2816.
Retail Stores Corp.
-Earnings.• Youngstown Sheet & Tube Co.
-3 Mos.End. Sept. 30-- -9 Mos.End.Sept.301925.
1926.
1926.
1925.
38.592.384 36,560,802 324.468,693 $20,938,510
576,735 2.591.819
557.935
1,860,270
Total Inc. (all sources) $9.150,319 37.137.537 327.060,512 322.798,780
184,826 3,020,238
Miscellaneous charges__ 1,151.409
1.129.992
PeriodxNet profit
Other income
4.444.404 2,362,001
Total(each side) 30.365,927 22,738.990 Surplus
a 250.000 shares no par value, 325.000,000, less amount uncalled, $5.001,$7,998.910 36.952.711 $24,040.274 321,668,787
Net income
700. b 50,000 shares no par value. c 1.000.000 shares no par value. Deprec.of plants & equip 2,032.128
1,975.314
6.148,460 6,000,929
Set up out of $5,000.000 paid in cash by subscribers to second preferred l'epl. of minerals
2711,74.
242,049
71 8.2.5
753,483
Governstock. y Present investments are divided as follows: (a) Bonds: Stocks: Interest on bonds
1.060,614 3,164.976 3,205,182
1.036.078
S3.308.525: railroad, $314.909: industrial. 31 .745.815. (h)
652,000
ment.
365,000
__ _
for Fed
1.964,01)0
1,279.000
bank. 35.882.719: industrial. 38.171.069: total. Prov.dividendstaxes_ _ .._.
Railroad, $4.391,710:
249,219
249,219
paid_
l'ref,
747.659
747,656
$23.814.838. The aggregate market value of these Investments Is greater Corn. dividends paid
987,606
987,606
2,962,818 2,962,818
than cost. All securities are carried on the honks at cost. Where two or Minority stockholders
10.299
10,299
sum, the cost has
more classes of securities have been received for one
-V. 122. p. 1929.
32,770.634 32,062,611 38,283,615 36,709.422
been apportioned.
Balance, surplus
-Sales.
From operations after deducting all expenses of the business and after
United States Stores Corp.
-V. 123, p. 728,
deducting charges for repairs and maintenance of plants.
9
1926-9 Mos.-19 6.
1926-I Week-1925.
Period Ended Oct. 23663.420 $26,263,968 325.101.958 469
3697.668
Sales
123. p. 1773, 1517.
CURRENT NOTICES.
-Acquisition
United Verde Extension Wning Co.has acquired an.option
says: The company
An authoritative statements lying between the Noranda and Richardson
-m.E. Erdorfy and Martin B. Lester, partners in the firm of Lester &
claims
on the Murray mining
The purchase price mentioned in
groups in Rouyn Township Quebec. be paid over an extended period. Co., 120 Broadway, New York. announce the dissolution of their firm.
as 31300.000. to
the option is reportedby United Verde to bind the option. A 90% interest Mr.Erdorfy is now directing the Tobacco Stores Securities Co.,a subsidiary
has been paid
$10.000
of the United Cigar Stores Co.. and will shortly open his own offices in the
-V. 123. p. 1889.
would be thus secured.
-Earnings. Bar Building, 36 W. 44th Street. New York.
Universal Pipe & Radiator Co.(& Subs.).
Total
-Douglas G.Sloan,formerly of McDonough & Sloan,and John It. Sloan,
Quarter Ending
previously with Paine, Webber & Co., and Prince & Whitely, have formed a
Sept.30 *26. June 30'26. Mar.31 '26. 9 Mos.
Periodunder the name of Sloan & Sloan, with offices in the Trust
Net after chges.. Incl. $342,488
8210,203
$926,537 co-partnership
3373,845
deprec.& depletion___
Co. of New Jersey Building, 921 Bergen Ave., Jeresy City, N.J., to deal In
-V. 123. P• 1646.
investment securities.
-To Redeem Bonds.
Utah Construction Co.
-Chatham Phenix National Bank & Trust Co. has been appointed
serial gold bonds (Nos. M-251 to
One hundred 1st (closed) mtge. 714% called for redemption Dec. 1 at
the payment of principal and interest of an issue of $3,500.each) have been
M-350. incl., of 31.000 Mercantile Trust Co. of California, trustee, 464 Fiscal Agent for
at the
and int.
000 principal amount of New Orleans Pontchartrain Bridge Co. first
101
2008.
California St., San Francisco, Callf.-V. 123. 1P•
- mortgage sinking fund 7% gold bonds. due Sept. 1 1946.
-Extra Dividend of $1.
Vanadium Corp. of America.
-McCown & Co.,Philadelphia, announce the appointment of E.J. Guilregular quarterly diviThe directors on Oct. 20 declared the Nov. 15 to holders of bert as manager of their New York office. located at 160 Broadway. They
also announce that H. P. Lilienthal and H. R. Kneezel are now associated
dend of 75 cents per share, payable
department in New York.
the current
record Nov. 1. Upon the basis of the earningsfordividend of with their bank stock Commerce in New York
extra
has been appointed Transfer
-National Bank of
year, the board further voted to declare an
Dec. 15 to holders Agent of an issue of 2,000.000 shares of stock without nominal or par value
$1 per share for the year 1926, payable on
Oil Co. of Venezuela.
of the Pantepec
of record Dec. 1.
OCT. 23 1926].
2151
THE CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
PETROLEUM -RUBBER-HIDES-METALS-DRY GOODS
COMMERCIAL EPITOME
(The Introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."'
Friday Night, Oct. 22 1926.
COFFEE on the spot was quiet with Rio 7s, 1534c. and
unchanged to 25 reis lower. Brazil coffee in stock and afloat
for this country amounts to 1,075,917 bags, against 1,061,278
a year ago.' Spot demand improved. Final prices for
futures were 55 to 74 points higher.
Spot unofficial _ _ _ _
DJcember_ _15.50a
March
I May
I July
14.28a ---14.970
14.57a ---- I September_ _13.88a --....
-It is estimated that the loss by the big storm
SUGAR.
Santos. 48.20% t,o 203(e.late last week;fair to good Cucuta,
2334 to 2434c.; washed, 26% to 2734c.; Laguayra, washed, and hurricane is anywhere from 35,000 to 100,000 bags.
Caracas fair, 26 to 2634c.; good 27 to 27W.; Porto Cabello, It is impossible to tell. Refiners of late have bought fully
4
Natural. 22% to 23c.; washed, 26 to 270.; Colombian, 100,000 bags at 23c.'c.&f. The big hurricane in Cuba has
Ocana, 23% o 24c.; Bucaramanga, Natural, 26% to 27e.; naturally been the outstanding factor. Cuban freights have
washed 27% to 273 0.; Honda,Tolima, Giradot,27 to 27W.; risen to 22c. North of Hatteras and to 44 to 47c. to the
/
4
Medellin, 283 to 29c.; Manizales, 2731 to 273c.; Mexican, United Kingdom. Futures on the 21st inst. were 1 to 5
washed, 2834 to 2934c.; Mandheling, 3634 to 39c.; Genuine points higher on cyclone news,covering and new buying, with
Java, 35 to 37c.; Mocha, 29 to 30e.; Harrar, 28 to 28!4c.; sale of 54,200 tons. Refined was more active at that time
4
Guatemala, prime, 28 to 28340.; good, 27% to 273 c.; at 5.75 to 6c. Havana cabled on the 20th: "Hurricane
sweeping the city at the rate of 150 miles an hour, uprooting
Bourbon, 25 to 2534c.
A special cable from Rio on the 18th inst. reported a trees, wrecking electric apparatus and interrupting telegraph
1-16d. advance in exchange to 6 11-16d. with the dollar service; working by candle." This news had a sentimental
buying rate 60 reis lower at 7$410. This advance in exchange effect on futures, shorts starting a movement to cover which
seemed to have caused covering in a sold out market here ltdvs,ncei prices 6 to 7 points net. Some recalled a hurricane
which quickly advanced December to 14.60 ; January to in the Havana district is not likely to be detrimental to the
14.400.; March to 14.28c ;May to 13.952; July to 13.60e and Cuban sugar crop• for the reason that very little sugar is
September to 130. Prices fell on the 18th inst. with Rio 7s, grown in that section of the Island.
London on the 19th opened easy 134d. to 23.0. lower.
4
15W. to 1534c. and Santos 4s, 193 e. to 20c. In the cost
and freight market, prices were irregular, some lower and British cane refiners are having keen competition from
others a shade higher. Included were prompt shipment British domestic beet sugar. Weak London cables and a
Bourbon Santos 3s, at 19.30e.; 3-5s at 17%e. to 18.30c.; yielding cost and freight market caused long selling here on
4-5s at 18.20 to 18.30c.; 5-6s at 1734c. to 17.85c.; part the 19th inst. and lower prices. December felt the force of
4
Bourbon 3-4s at 18%c. to 18.80e.; 3-5s at 173 e. to 18%c.; liquidation most. December sold at 2.67d.; January at 2.69d.;
4-5s at 18.10e.; 4-6s at 17.90c.; 5-6s at 17.400.; Santos March at2.65d;Mayat 2.73d; July at2.81 d and September at
peaberry 3-58 17.95c. to 18%0.; Rio 7s at 1434c.; to 14.900.; 2.89d. New refined business has been dull. Beet refined
future shipment Santos Nov.
-Dec. 3-5s part Bourbon at sugars in the Michigan Ohio district continued to be offered
180.; Jan.
-March 3-5s Bourbon at 17.35c.; 3-5s part Bourbon up to the Buffalo-Pittsburgh line and in some instances,
at 17%c.; Jan.
-June 3-5s at 17c. to 1734c.; April-June offers are understood to have been extended to points somewhat further East. If this is so, cane refiners trade is hurt.
Bourbon 5s at 163 0.
4
Cost and freight prices rose sharply on the 19th. From Withdrawals against old contracts continue liberal. One
the lowest on Monday and the lowest on Tuesday for Santos refiner quoted 5.75c. prompt and 5.85e. 30 days.
Receipts at Cuban ports for the week were 55,466 tons,
4s the rise was 60 points. Offerings on the 19th were small.
Prompt shipment Bourbon Santos 3-5s, 18.35 to 19.15c.; against 39,298 in the previous week,34,041 in the same week
6s at 18%c.; part Bourbon on flat bean 3-4s, 18%c.; 3-5s at last year and 11,959 two years ago; exports, 113,924, against
.
18.35 to 19.16c.; 4-5s at 18% to 19c.; 5s at 18 to 18.05c.; 107,036 in previous week, 60,042 last year and 46,954
6s at 173/2c. Santos peaberry 3-5s at 18.35 to 19c.; 4-5s at two years ago; stock, 477,273, against 535,731 in previous
18.600. Rio 2s at 14.85 to 15.100. Future shipment San- week, 536,507 last year, and 167,297 two years ago. Of
5
.
tos, November-December, 3-5s part Bourbon, 18.3 to the exports, U. S. Atlantic ports received 61,865 tons;
18.75e.; January-March, 18c.; spot coffee became firmer New Orleans, 22,162 tons; Galveston, 5,121 tons Savannah,
.
with Santos 4s quoted at 20 to 20%c. Rio 2s at 15W. 2,882 tons; California, 594 tons; Canada,9,345 tons; Europe,
Santos cabled officially: "Starting 23d inst. Santos receipts, 7,531 tons; China, 4,424 tons. Rio Janeiro cabled that
32,000 bags daily continuing until Nov. 5 after which date the Pernambuco Sugar Growers' Combine will unload
receipts will be regulated in sympathy with previous month's 1,000,000 bags of sugar in Europe to dispel the crisis caused
exportations." It was called bearish. To-day the demand by ovtrproduction. Prices are at a level below the cost
was better so much so as to be a factor in the future market. of production. Some maintain the recent dilatory tactics
Latterly Rio 7s have been quoted at 15%c. and Santos 4s at of refiners have not in the least disturbed Cuban holders.
The situation in Cuba is said to be firm. Leading producing
2
20 to 20%c.; fair to good Cucuta, 233/i to 243/c.
Futures advanced 15 to 30 points with a better technical interests who are said to control the remainder of unsold
situation following recent drastic liquidation. Better cables sugars on the island are declared to be confident that no
from Brazil helped to stimulate local and foreign covering. serious decline is ahead. They predict better prices,it is
Futures declined on the 18th inst. 5 to 21 points with Rio said. Some exp( et further inquiry from the Far East as
and Santos exchange off A to 3.4d., whether due to manipula- well as from European markets. Estimates of Cuba's
tion or other causes matters little. Santos daily receipts are carryover at the end of this year are being reduced. The
to be increased 6,000 bags. But later came a rally. After trade generally expects it to be 100,000 to 125,000 tons.
all, Santos made a net gain on the 18th in terme prices since Some statisticians are putting it at not over 25,000 tons.
the 16th inst. of 50 to 225 reis with exchange off 5-32d. at
To-day futures closed 1 point lower to 2 points higher
4
6.
11-16d. Rio terme prices were 25 to 225 reis net lower with sales of 67,450 tons. Prompt rams were firm at 23 c.
with exchange down 1-16d. at 6 11-16d. and the dollar rate to 2 13-16e. Refined was firmer at 5.30 to 00. with an
60 reis net higher. At Rio the receipts are expected greatly increasing demand. Nothing definite is known as to the
to decrease in November. The crop has been estimated at amount of damage done in Cuba by the great storm but it is
2,500,000 bags and 1,450,000 bags have reached Rio. And believed here to have been severe in Havana, Matanzas and
on the 19th inst. prices here advanced 34 to 47 points with Pinar del Rio. London was firm with Continental offerings
sales of 113,000 bags. Cost and freight prices were up very small. The crop news from Fr nce and Belgium is
sharply with arise of 3-16d. in Brazilian exchange. New none too favorable. Many here, however, are awaiting
York and foreign shorts hastily covered. Increasing the further developments in regard to the effects of the storm in
Santos limit of daily receipts was taken to mean that the Cuba. Final prices show a rise for the week of 3 to 6 paints.
coffee was wanted. Santos made a rise of 225 to 500 reis Willett & Gray estimated the world's sugar crop at 96,813
with exchange up 3,1d. to 6 15-16d.; dollars fell 210 reis, a tons smaller than the last one, i.e., 24,279,000 long tons as
.
hectic state of affairs. Rio was 175 reis lower to 25 reis against 24,375,813 last year. Cuba is tentatively put at
higher, with exchange up 5-32d. at 6 27-32d. and the dollar 5,200,000 tons against 4,884,656 tons last year; Europe,
rate 210 reis net lower. Trading here included switches 7,319,000 tons, a decrease of 116,000 tons; Java, 1,936,000
from December to July at 96 to 99 points, December-Sep- tons, a decrease of 343,000 tons; British India, 3,000,000,
tember at 135 to 140 points, March-May 39 points, and an increase of 7,000 tons; United States beet, 860,000 tons,
December-March 31 points.
an increase of 54,000; Hawaii, 714,000, an increase of 9,000;
To-day futures closed 33 to 49 points higher with sales of Philippines, 500,000, an increase of 75,000; Porto Rico,
73,000 bags. Stronger Brazilian exchange was largely in- 530,000, a decrease of 14,000.
2.76a _
I July
2.91a
strumental in putting up prices. Later with some decline Spot unofficial--2 13-16 I March
2.83a
_
- I September__ 2.98a
in Santos cables there was a reaction. Still later with Rio December.- 2.77a - I May
declined with trade light. Prime
LARD on - the spot
exchange Ad. higher and Santo sup 5-32d., New York again
urned upward and at one time was 40 to 55 points hig er Western c.a.f. New York, 14.40 to 4.50c.; refined Continent
South America, 163/ae.; Brazil, 173/2c. To-day
than at the close of Thursday. Havre was higher. Rio 15 Me.;'
futures were 25 reis lower to 100 higher. Santos opened prices were firmer; Prime Western, 143/sc.; refined Continent,
2152
THE CHRONICLE
15%c.; South America, 16%c.; Brazil, 173jc. Futures
declined with reports that hog cholera was being .checked
in some sections. Liverpool on the 18th inst. fell 9d. and
on the 19th 6d. to Is. Dulness of the cash trade is a drag
on futures. Besides, stocks are large. Hogs declined, The
supply in Iowa is said to be large. Meats have been dull.
Deliveries of lard at Chicago on the 19th inst. were 150,000
lbs. Selling by cotton oil interests and commission houses
generally had a depressing effect. Chicago wired on the
19th inst:"Increased number of cholera infested hogs received
at the Chicago market from Illinois farms during the past
ten days is causing both farmers and packers serious losses,
the Farmers' Union Live Stock Commission, the live stock
selling department of the Illinois Farmers' Union, reveals
in a warning to Illinois farmers." Later, prices continued
to weaken. Western hog receipts were 81,000, against
78,400 on the same day last week and 90,000 last year.
Liverpool was unchanged to 6d. lower. Futures advanced
with hog cholera an outstanding feature. To-day futures
closed 17 to 22 cents higher while cottonseed oil ended 5 to
6 points up. Hog products were generally firmer. Shorts
were covering. The cash trade showed more life. This
was in spite of the fact that hogs closed 10 to 15 cents
lower with the top $13 65. Hog receipts were large at the
West, however. They reached 68,000, against 67,000 last
year. Chicago expects 5,000 to-morrow; Lard prices
ended, however, at a net decline for the week of 18 to 30
points.
For,. 123.
single tank cars, delivered, New York, 133' to 13%,3.
Naphtha, V.M.P., deodorized, in steel bbls., 21c.
Oklahoma. Kansas and TexasElk Basin
$2.40
28-28.9
$1.65 Big Muddy
2.25
32-32.9
1.97 Lance Creek
2.40
52 and above
3.57 Romer 35 and above
2.20
Louisiana and ArkansasCaddo
32
-34.9
1.95 Below 26 deg
1.40
35-37.9
2.10 32-34.9
2.25
38 and above
2.25 38 and above
2.45
Pennsylvania
$3.40 Buckeye
$3.05 Eureka
$3.25
3.40 Illinois
2.45 Bradford
2.37
Corning
9
.43 Crichton
Cabell
2.40 Lima
2.10
Somerset. light_ __ 2.65 Indiana
2.25 Plymouth
1.90
2.37 Ilaynesville,33deg. 2.10
Rock Creek
2.25 Princeton
Smackover,27 deg. 1.50 Canadian
2.80 Gulf Coastal "A"- 1.40
Corsicana heavy
1.15 De Soto
2.30
-Prices rose last week 80 to 110 points includRUBBER.
ing 10 to 30 points on the 16th inst. Outside prices advanced 3jc. Tire mills are said to be buying more freely
for spot and nearby delivery. They had held off so long
it seems that buying became imperative. October delivery
has come to the front in a sudden awakening under the
stimulus of a better demand. Of course tire makers must
look to the autombile industry. And that is working at a
high production. It is said that the total for 1926 will be
10% larger than in 1925, or some 4,750,000 vehicles, against
4,336,271 last year. Spot and nearby rubber rose despite
heavy imports. Arrivals for the month so far are 16,450
tons at New York. That is certainly large. Unused
coupons, it is said, will not be arbitrarily cancelled, but
according to the London trade, their holders will be given
DAILY CLOSING PRICES. OF LARD FUTURES IN CHICAGO. until Feb. 1 1927 to use them for rubber export. If that is
so, the favorable effect of a 20% cut in exports next quarter
Thurs. Fri.
Tues.
Wed.
Sat.
Mon.
October delivery- -_cts_14.00
13.77
13.55
13.75
13.60
13.87
is a moot question.
13.02
13.22
December delivery- -- -13.35
13.20
13.30
13.35
The Rubber Association issued a correction of the statisJanuary delivery
13.00
13.17
13.25
13.10
13.45
13.30
tical data on inventory and production of balloon casings and
PORK was dull; mess, $37; family, $40; fat back pork, balloon inner tubes. The August figures are correct as
$30 to $32. Ribs in Chicago quiet at 14.50e. Beef steady; originally reported, but the July totals on casings and inner
mess, $18 to $20; packet, $18 to $20; extra India mess, $33 tubes were transposed in the report through a printer's
to $34; No. 1 canned corned beef, $3; No. 2, 25; 6 lbs., error. The comparisons now read: Balloon casings: Inven$18 50. Cut meats steady but quiet; pickled hams, 10 to tory, July 3,246,844; August 3,116,440. Production 1,918,20 lbs., 243 to 25%c ; bellies, 6 to 12 lbs., 223/i to 23c. 251 and 2,020,347. Balloon inner tubes: Inventory 4,686,%
Butter, lower grade to high scoring 37 to 48e. Cheese, 22 to 819 and 4,552,647; production 1,869,089 and 2,024,197,
260. Eggs medium to extra 30 to 54c.
respectively. London cables late last week indicated that
from
OILS.
-Linseed has been in rather better demand of late, Monday's increase in stocks would beexceed 1,500 to 2,300
now
those of any
especially for nearby delivery. Early in the week, however, tons. Imports fdr the month this
date. The steamers
prices were reduced to 10.8c.for spot carlots, October-Decem- preceding month this year at
ber delivery. The weakness of flaxseed was a depressing Venice Maru from Singapore and the Baltic from Liverpool
influence. There was a good movement on contract, how- landed 1,512 tons here, making the October figure to date
ever, and this has tended to check the accumulation of 16,450 tons. Nine more steamers are due from the Far East.
stocks. More confidence among leading crushers is notice- October was 42.90c. on the 16th inst.; December, 43.60 to
able. Cocoanut oil, Ceylon, coast tanks, 8%c.; Manila, 53.80c. closing at 43.70c.; March, 44.50c. Ribbed smoked
coast tanks,89/8c.; spot tanks,8%c.; Chinawood, N. Y.,spot sheets spot and October, 4314c.; November, 433'e.; Decem-March, 44%c.• First latex crepe, 43%c.;
bbls., 17c.; coast tanks, October-November, 14c. Corn ber, 44c.; Jan.
crude, tanks, plant, high acid, 83'c. Olive, Den., $1 30 to clean thin, brown crepe 40qc.• light clean crepe, 41c.;
,
$1 40. Soya bean, coast tanks, 10%e. Lard, prime, specky, brown crepe, 39%c. doodyear is building more
163'c.; extra stranied, N. Y., 12%c. Cod, domestic, 63 to warehouses and Firestone another factory. the 18th
inst. of
Increased supplies caused a decline on
65c.; Newfoundland, 65 to 66e. Turpentine, 893/i to 900.
Rosin, $13 50 to $16 25. Cottonseed oil sales to-day, in- 20 to 50 points. Exports from Malaya have been large.
decreasing
cluding switches, 7,800 bbls. P. Crude S. E.,7Xe.bid. It is contended manufacturers will face 1927 withcancels
the
supplies of rubber if the British Colonial Office
Prices closed as follows.
outstanding export coupons. Ribbed smoked sheets, spot
.00IDecember _ 8.60a 8.63 I March
Spot
8.25a 9
8.95a --__ and
/
October, 4230.• November, 433/8c.; December, 43%c.;
October_ --_ 8.35a 9.00 January_ _- - 8.75a 8.78 April
9.00a 9.10
Nov
8.46a 8.49 February.... 8.77a 8.90 May
9.12a _
January-March, 44140.• first latex crepe, 428c.; clean
clean crepe, 41c.; specky
Cottonseed oil.-Liquidation of October and November thin, brown crepe, 40%c.• light
declined early in the wee
selling against October notices caused weakness on the brown crepe, 393/2c. London
and
stocks. Spot, October, 21 to
20th inst. Tenders were said to be circulating freely. Com- owing to a big increase in 213d.; Jan-uary-March, 214
mission houses and refiners were moderate buyers of the 21%d.; December, 21%d. to to 223d. Singapore, spot,
distant months. After reaching new lows recently there was to 22d.; April-June, 22X
4
207 d.; January-March,
something of a rally traceable to covering, and speculative 20%d.; November-December, London on the 18th reSingapore.
buying. Refiners continued to sell hedges in the late months, 213.d., ex-godown of 2,424 tons in the stock. Arrivals
ported
however. Some think a rally on technical position would during an increase
the week were 3,557 tons, deliveries 1,133 tons.
be logical, but "long" buying will only appear on declines.
The stock was 39,650 tons, against 37,226 in the previous
PETROLEUM.
-There was a better jobbing demand for week, 33,249 last month and 5,190 last year.
On the 21st inst. New York fell 20 to 30 points, owing to
gasoline, owing to the recent favorable weather. Reports
of price cutting were heard but the price was generally quoted auto curtailment; sales, 522 tons. London was dull and not
South
at 12e. for U. S. Motor at refineries and 13c. in tank cars much changed. Chicago wired that thewere Bend, Ind.,
returning to a
delivered to the trade. The tank wagon market was steady factories of the Studebaker Corporation
overproduction. Closing
locally but up-State the tendency was easier. U. S. Motor four-day-a-week basis to avoid42.30c.;
December,
January, 42.90c.
in the Gulf section was weaker at 104 to lle, in bulk for prices here were:
4
export; 64-66 gravity 375 e.p. was quoted at 123c. but Outside prices: Spot ribbed, 42% to 421 c.; October, 42c.;
December, 423/ to 43c.; January-March,
%
little demand reported. Cased gasoline steady at $2 10 November, 433 c.;
clean,
for U. S. Motor and $2 30 for 64-66 gravity 375 e.p. There 433c. First latex crepe, 423'c.;Cauehoa crepe, 4094e.;
ball upper, 28
is much uncertainty as to the crude outlook. While some specky brown crepe, 39Xc.; Para,
.
observers look for a cut in Mid-Continent prices soon others to 283'c.; Guayule, washed and dried, 29 to 333c.; Balta,
London, spot, 203 d. to 207 d.;
4
4
take an opposite view. The former think that a cut in Block Ciudad, 47 to 48c.•
A
4
prices would prove beneficial to the industry. Kerosene October, 203 d. to 207 d.; December, 21d. to 213.d.;
213',:l.; April-June, 217 d. to
4
was more active. Locally, 10%e. was quoted for water January-March, 21%d. to
id. Singapore, spot, 20%d.; November-December,
white and 103e. for prime in bulk at refineries. There was 22%
ex-godown Singapore. To-day
.
a good jobbing demand. In the Gulf prime white was in 203'd.; January-March,
good demand at 8e. and water white was more active at prices were firmer, although October was an exception, endyesterday. London
93.4c. in bulk. The Standard Co. has cut the price of as ing 20 points lower than 4d. Some months was unchanged
were 10 points
as the oil output increased. It is believed that the reduction to %d. lower; spot, 205
will spread, and may affect prices for crude sooner: or later. higher here, but business was only moderate. October
New York refined export prices. U. S. Motor specifications, ended at 42c.; November, 42.20c.; December, 42.60c.
deodorized, 27.40c.; bulk, refinery, 120. Kerosene, cargo
HIDES were in some cases quiet and rather weaker on
lots, cases, 19.15e.; water white, 150 degrees, 20.65e. Plate prices. Some San Domingoes, it is said, sold at 183
,
0.
Bunker oil, $1 65 dock; Diesel oil, Bayonne, bbl., $2 50. Of frigorifico hides 4,000 Swift La Plata steers sold at$38 12%
Gas oil, 28-34 degrees, 6c.; 36-40 degrees, 63 e. Petroleum, or 17 5-16e. c.&.f. City packer hides were more active.
4
refined, tanks, wagon to store, 18e. Kerosene, bulk, 45-46- Two uptown packers sold 10,000 butt brands, it appears,
150 water white, delivered, New York, tank cars; 11%c. at 15%c. for butt brands and 15c. for Colorados. Country
Motor gasoline, garages (steel bbls.), 21e.; up-State, 210. hides were in better demand and firm.
OCT. 23 1926.]
THE CHRONICLE
OCEAN FREIGHTS.-Coal tonnage has been in demand.
Grain tonnage has been wanted. Rates were naturally
.
strong. The British coal situation is still a big factor.
It has introduced an anomalous state of things. High record
Montreal October grain shipments at 40c. have been a
feature. Coal has gone to the United Kingdom at $8 75.
Montreal to Hull was done at about 43e.
•
CHARTERS included coal
Hampton
from
Roads to Port Said, 26s. Nov.;
from Hampton Roads to Savona or Genoa, $7. Nov. 20 canceling; from
Atlantic range to Oslo. 29s. free discharge first half Nov.; from Hampton
Roads to Oran or Algiers, $7 25, first half Nov.;from Atlantic range to west
'
Italy, $8 50 prompt; from Hampton Roads to United Kingdom, 33s. 9d..
Nov. 15 canceling; to United Kingdom. $8 25, Nov. 1-15 canceling; to
Atlantic Islands, $8 35, Nov. 20 canceling; to Atlantic Islands, $8, Nov. 15
canceling; same. $8 50, Nov. 25 canceling; to United Kingdom, 42s. 6d.,
Nov.5 canceling; same.40s., Nov. 10 canceling; to River Plate. $8 50. Nov.
25 cancbling; to United Kingdom, $8 75, Nov.; to Montevideo. Buenos
Aires or La Plata,33s. 9d., Dec. 15 canceling; to United Kingdom. 32s. 6d•.
Nov.; to Belfast, 37s. 6d., Nov. 1-15 canceling; to United Kingdom, 33s.,
Nov.30 canceling; 32s.. Dec. 5 canceling; to United Kingdom, 33s. 9d.first
half Nov.; to United Kingdom, 35s., Nov. 10-25 canceling; same. 37s. 6d.,
Nov. 20; same, 35s.. Nov. 30; same, 30s.. Dec. 25; to west Italy. $7 75,
Dec. 20 canceling: from Atlantic range to United Kingdom, $7 prompt;
from Atlantic range to Oslo, 35 Norwegian kroner ($8 42), Nov. 15` canceling; from Atlantic range to Copenhagen, $7 75, Nov. 15 cnaceling; from
Atlantic range to south Norway. $8 75, Nov.; from Hampton Roads to
River Plate, 29s., Nov.;from Philadelphia to United Kindgom, 29s., Oct.;
from Hampton Roads to French Atlantic. $7. Nov. 5-20 canceling; to
United Kingdon, 298., Nov. 20 canceling; from Atlantic range to Copenhagen, $7 75, Nov.; same, $7 50; from Atlantic range to Oslo, $8. Nov.;
from Hampton Roads or Baltimore to west Italy. $7 40, Nov. 10 canceling;
from Hampton Roads to United Kin dom,$7 35; Rotterdam,$7 35; French
Atlantic, $7 40, Nov. 25 canceling; to French Atlantic. $7, Nov.; from
Hampton Roads to Manchester,32s.63., Nov.15 canceling; to United Kingdom, 30s. for Nov. 20 cancelbr 293. Nov. 25, 28s. Nov. 30; to United
,
Kingdom. 30s., Nov.; to United Kingdom, 30s., Nov. 15 canceling; to
United Kingdom,305., Dec.5 canceling; to United Kingdom, 318., Nov. 25
canceling;from Atlantic range to United Kingdom,$7 prompt;from Hampton Roads Cr Baltimore to west Italy, $7 50, Nov. 15 canceling; $7 40 if
Nov. 20, $7 30 if Nov. 25. $7 15 if Nov. 30; from Atlantic range to west
Italy, $7 50. first half Nov.;from Atlantic range to United Kingdom, 36s.,
Nov. 2: same, 36s., Nov. 5; same. 35s., Nov. 30; same, 32s. 6d.. Nov. 25:
same, 32s. 6d., Nov.;from Atlantic range to United Kingdom, 27s., Nov.
Dec.;grain from Montreal to Antwerp or Rotterdam,38c.: option Hamburg,
40c., Nov. 5 canceling. TANKERS: Gulf of Tampico to United Kingdom, 29s., Nov.
-Dec.: gas oil Gulf to French Atlantic, 32s. Nov.-Dec.;
clean, one year's consecutive voyages transatlantic. North'
Atlantic to
United Kingdom-Continent, 24s. 6d.; option Gulf loading, 27s. 6d., beginning Jan.; clean, one year's consecutive voyages, transatlantic. North Atlantic to United Kingdom-Continent, 24s.6d.; option Gulfloading, 27s. 6d.,
beginning Jan. TIME CHARTER: 3,435 net, one trip delivery Japan,
redelivery Australia, 48. 3d., Oct.: 2,660 net, round trip transatlantic trade.
6s. 6d., delivery and redelivery United Kingdom prompt; 3.207 net. 7 to 9
months Australia trading, delivery and redelivery United Kingdom-Continent, 4s. 4d. dead weight, Nov.;grain from New York to Bremen,full cargo
barley, 25c.; option St. John loading, 27c. Dec.; from Gulf to Santos, 35s.,
Nov.;from North Pacific to United Kingdom-Continent, 368. 6d•: Mediterranean. 39s., Dec.; from Atlantic range or west St. John to Mediterranean,
32c., 33c. two ports, 39c. three ports. Dec.: from Montreal to Antwerp or
Rotterdam, 38c.: option Hamburg. 40c.. Nov.;from Montreal to Antwerp
or Rotterdam, 31c.; Bordeaux-Havre-Dunldrk, 33c., Nov
COAL has been advancing and so have freight rates.
Pocahontas coal at Hampton Roads was quotedat $7 50.
Some said Pennsylvania bituminous navy standard at New
York would bring $6 25 to $6 75. The Pennsylvania RR.,
it was feared might impose a local embargo on coal shipments
to the Hudson with export destination. Little exportable
gas coal at Hampton Roads was offered at less than $6 50.
Last of November ocean tonnage was said to have commanded 34s for the United Kingdom. Western markets were
firm. Screened nut low volatile has been quiet. Consumers
prefer the larger sizes. Nut has advanced about 50c. Stove
has also risen. The slack by-product of the screen is up.
British coal strike export business is still of notable size.
No sign appears of an ending of the strike. Cold and snowy
weather in New England and low temperatures at tunes in
the West have been stimulating factors. At higher prices
late last week, 200,000 tons sold for export to the United
Kingdom. England prefers to buy here. One dealer at
Hampton Roads quoted Pocahontas at $7 and higher later.
A December coal charter to West Italy was at $7. Steamships have found bunker quotations as high.as $9 at Boston.
Canadian-Atlantic bunkers advanced 50e. in the week.
TOBACCO.
-In Hartford trade is said to be rather brisk.
A pool inscription was held there. Much of the Porto
Rican crop has been sold. High prices are demanded for
what remains and this is checking trade. In other tobacco
there is a fair business reported at steady prices. Cigar
manufacturers are busy and it is said are in some cases
oversold. First Remedios Havana, 85c.; second Remedios,
700.; Pennsylvania broad leaf filler, 10c.; broadleaf binder,
15 to 20c.• Porto Rico, 75c. to $1; Connecticut top leaf, 18c.,
nominal;'
No. 1 second, 75c.; seed fillers, 15c.; medium
wrappers, 95c.; dark wrappers, 35 to 45c.; light wrappers,
90c. to $1 40.
2153
price on the 20th inst. was off 23/i points on the local exchange to 14 bid and 14.20 asked, and 14.10e. the settling
price, spot to November. Latterly copper has been dull
and depressed at 14.10c. London was slightly higher;
standard up 2s. 6d. on Thursday to £58 7s. 6d. spot; electrolytic, spot, £66 10s.
TIN early in the week was quiet. Prices were unchanged.
Spot Straits, 70%c.; October, 70c.; November, 69%e.;
December, 683sc. and January, 67Ne. At New York on
/
the 19th inst. 5 tons of October Straits sold at 70c. There
were good sales at other centers. In London 900 tons sold
while at Singapore the sales amounted to 375 tons. London
on the 19th inst. declined 10s. on standard spot to £314 10s.
but futures advanced £2 7s. 6d. to £305 12s. 6d. on sales Af
200 tons spot and 700 tons of futures. Spot Straits declined
10s. to £322; Eastern c. i. f. London dropped £1. 10s. to
£311 10s. on sales of 375 tons. Prices here on the 20th inst.
declined in sympathy with a lower London market. There
.
was considerable buying at the lower prices, however. Sales
of Straits were made at 693/i to 69%e. for spot, 69e. for
October, 683, for November, 673. for December and 675
%
to 683(c. for January. Sales at New York were estimated at
300 to 400 tons mostly to consumers. Spot standard in
London on the 20th inst. fell £3 5s. to £311 5s. and futures
dropped £3 2s. 6d. to £302 10s. Spot Straits declined £3
10s. to £318 10s.; Eastern c. i. f. was £311 10s. Latterly tin
has been helped by a stronger stock market. Spot Straits
69.100.; December 673 c. London on Thursday fell £2 on
%
the spot to £309 5s.; futures up £1 to £302 10s.
LEAD.-T here was a good demand early in the week, but
later it fell off, and prices weakened both here and in London.
The decline in the stock market, weakness of other metals
and a falling off of business in the steel industry were adverse
factors. The American Smelting & Refining Co. was quoting
8.35e. New York. In the Middle West the price declined
to 8.07Mc. and there were intimations that 8.05e. was
done. London on the 19th inst. declined 5s. to £30 18s. 9d.
for spot and futures fell 2s. 6d. to £30 17s. 6d. on sales of 150
tons of spot and 250 tons of futures. On the 20th spot
there dropped 6s. 3d. to £30 12s. 6d. and futures fell 5s. to
£30 12s. 6d. Lead ore dropped $2 50 per ton to $120 50
in the tri-State district. Of late prices have shown an easier
tendency here, though the big company adh res to 8.35e.
New York. The Middle West was weaker, at 8.023/i East
St. Louis and some business was done, it was said, at 8c.
London dropped 5s. to £30 7s. 6d. for spot.
ZINC was quiet and easier. The decline in other metals
and lower cables were depressing influences. The falling
off of business in the steel industry also had its effect. At
East St. Louis the price was 7.323c. Zinc ore in the triState district was advanced $1 to $49. This advance resulted in the release of 17,000 tons of ore which had been
held for higher prices. London on the 19th inst. was unchanged at £34 8s. 9d. for spot and £34 6s. 3d. for futures;
on the 20th there was a decline in London of 3s. 9d. to £34
5s. for spot and £34 2s. 6d. for futures. Prices have been
drifting downward of late. Prompt, 7.30c.; NovemberDecember, 7.273.c. to 7.30c.; East St. Louis with trade dull.
High grade, 93 to 93c. delivered, New York. London fell
2s. 6d. on Thursday with spot £34 2s. 6d.
STEEL.
-There has been a decrease, not unexpected, in
trade and output. Large consumers are indifferent. They
are supposed to be well supplied. Certainly they bought
heavily for the third quarter. Deliveries are quick. This
of course is re-assuring to buyers. They can get heavy
finished steel in a week. Sales are falling off.. There is no
attempt to deny it. Recently, howeverl Japanese interests
have been big buyers of tin plate. Within less than two
months they have taken 100,000 base boxes and they are
inquiring for 35,000 more. Not a few of the sales, it is
intimated, have been at $4 60 Pittsburgh. The composite
steel price has not changed on the finished product, i.e.,
2.453c., against 2.403c.'a year ago. But increased conservatism, as already intimated, is plainly evident now.
Pittsburgh quotes 1.90e. for plates, no matter what the size
of the order. Open hearth output has decreased somewhat,
but this has been counterbalanced, it is said, by increased
production of Bessemer steel. Pittsburgh is said to be
working at 90%.
PIG IRON.
-Late last week the trend of prices was considered upward. For foreign iron was higher,coke was rsing
and the demand for iron showed some increase. German
and Dutch iron advanced 50c. with German $21 50 duty
paid. Eastern Pennsylvania was quoted at $21 to $21 50
nominally, but some were said to be trying to get $22 foi
the first quarter of 1927. London reported Cleveland pig
iron 10s. higher on the 16th inst. Royal Dutch iron is said
to have sold at a rise of $21 75 for No. 2 plain and 2-X and
$22 for No. 1-X. German iron is arriving at Boston.
New England bought 1,000 tons of charcoal iron at the
reduced price of $24. Lake Superior furnace. Coke prices
remain very firm. Furnace is supposed to be aroundi
$6,Coke is not easy to quote.
COPPER was generally quiet and weaker. Early in the
week 14.20c., delivered to the Valley, was quoted, but later
the price eased to 14Mo. The functioning of the Copper Exporters, Inc., was expected to have a strengthening influence on the market, but it was largely neutralized by the
unfavorable September statistics. Reports from the Lake
district stated that buying for water shipment during the
fall is very small, but a satisfactory movement is noticeable
for prompt sl ipment. Standard spot in London on the 19th
inst. declined 2s. 6d. to £58 15s.; futures unchanged at
£59 12s. 6d.; sales, 300 tons spot and 1,700 futures. On the
20th inst. standard spot and futures declined 10s. to £58 5s.
for spot and £59 2s. 6d. for futures on sales of 300 tons of
spot and 1,400 tons of futures. There was a sharp drop in
the price of silver early in the week and this is expected to
affect the earnings of several copper producers who turn out
silver as a by-product. Official prices of the Copper ExWOOL has sold rather freely for prompt delivery anent
porters, Inc., on the 20th inst. were: Hamburg, 14.40c. firm prices. The mills in some cases may have
held off to
c.i.f.; Havre, 14.423, and London, 14.47Mc. The settling long and their trade has improved. In England it is true
.
[Vor... 123.
THE CHRONICLE
2154
• the coal strike still overshadows the situation. Continental
• buyers, as well as Japanese, have bought freely in Australia.
America has taken some high grades. Average sorts declined at Sydney on the 15th inst. River Plate markets were
less active. Mohair was rather quiet but steady. Prices
in the country have declined. The rail and water shipmentsof wool from Boston from Jan. 1 to Oct. 14, inclusive were
• 158,022,000 lbs. against 138,420,000 lbs. kr the same period
last year. The receipts from Jan. 1 to Oct. 14, inclusive,
were 297,813,657 lbs., against 259,275,500 lbs. for the same
period last year. Boston prices.
Receipts at-
1926.
1925.
1924.
1923.
1922.
1921.
Galveston____
Houston, &c*
New Orleans _
Mobile
Savannah
Brunswick
Charleston....
Wilmington -Norfolk
N'port N.,&c.
All others,.....
155,084
167,575
123,957
29,358
49.380
132,746
59,300
91,791
10,276
35,738
163,523
24.093
74.853
3.610
23.732
134,820
21,404
42,613
1,920
21,237
26,863
5,002
18,317
14.125
5,492
30,789
12.215
5,104
22.034
16,515
9.112
26,918
116,996
41,624
80.039
4,614
19,183
1,100
4,762
6,154
12,992
11,761
2,769
10,128
2,638
10,075
110.771
1,735
50,346
4,615
25,063
100
2,239
3,160
14.694
46
4,830
Total this wk_
587,297
333.026
339,292
277,177
297,539
217,599
Ohio and Pennsylvania fleeces deiaine unwashed, 45 to 46c.; A blood Since Aug. I 4.039.015 3.143.703 2 537 on3 2 31Q son 9 irrn 099 9 059.052
combing. 45 to 46c.; A blood combing, 45 to 46c.; 3‘ blood combing, 45 to
are no longer
46c.: fine unwashed, 40 to 42c.. Michigan and New York fleeces delaine on*Houston s atisticsare changing compiled on an interior basis, but only
a port basis. We
accordingly.
unwashed. 43 to 44c.: A blood combing. 43 to 44c.; A blood combing. 45
The exports for the week ending this evening reach a total
to 460.: fine unwashed, 38 to 39c. V isconsin, Missouri and average New
42c.: 34 blood. 43 to 44c.; A blood. 42 to 43c.:
Encland A blood, 40 to
scoured basis. Texas fine 12 months (selected, $1 10 to $1 12; fine 8 of 358,689 bales, of which 112,084 were to Great Britain,
months. 90 to 92e. Calif. rnia Northern. $1 05 to XI 10; Middle County. 38,175 to France, 99,835 to Germany, 20,339 to Italy,
95c. to $1 00: Southern. 80 to 85c. Oremn, Northern, $1 08 to $1 12; 56,177 to Japan and China and 32,079 to
other destinations.
fine and fine medi-to c!r.th.nr. IDO to 96c.; Valley No. 1. 93 to 95c. Tendtory. Montana rnd simita,” fine stap'e, choice, $1 10 to $1 15; 14 blood In the corresponding week last year total exports were 291,941
$1 05: A blood combing. 90 to 93c.: A blood combing. bales. For the season to date aggregate
combing. r
exports have been
80 to 82c.• Pulled .lelaine. $1 11: AA. $1 08 to 8110: fine A supers. $1 to
2,082,018 bales, against 1,966,783 bales in the same period
81 05 A mt..... 02 to c7c. MohaIrs. best combing. 70 to 75c.
At Sydney, Australia on Oct. 15th sales closed firm. of the previous season. Below are the exports for the week.
Demand steady for. all qualities, but average sorts were
Exported to
lower. France was the largest buyer and the offerings
Week Ended
generally more attractive. Greasy merinos sold at 293-d., Oct. 22 1926. Great
GerJapan&
the season's best price; comebacks were 23(1. and crossbreads Exports from- Britain. France. many. Italy. Russia. China. Other. Total.
18d. Montreal wired that an increase of 10% is estimated for Galveston
43,554 21,684 25,334 13,296
____
8870 10,430 123,168
13,538 10,966 18,627 5,568
-------7,793 6,492
the Canadian wool clip of 1926, compared with that of a Houston
1.938
Texas City
__
--------------------------1,938
year ago. The Co-operative Wool Growers point out that New Orle,ans
12,652 5075 4206
--------15,143 8:198 45,274
8,038
____
7,253
this is to more sheep being raised in the Dominion, parti- Mobile
--------2,500
___ 17,791
Pensacola
300
____
_
300
cularly in Alberta and Quebec. The total clip is now placed Savannah
____ 29,488
25,769
--------4,800
550 60,607
___
_- -- 8,005
at 11,000,000 lbs. compared with 10,000,000 lbs. in 1925. Charleston
____ 14,005
--------6,000
Norfolk
.4,509
____ 6,187
----------652 11,348
This comprises only the wool removed from mature breeding New York
387
____
735 1475
--------4,186 6,753
sheep, no account being taken of that considerable portion Los Angeles._ .._ 1,699 450 --------------------2,149
_
San Francisco_- --------- ----- _
7,0-5
1.
____
7,015
from lambs which is known as "pulled wool." At Perth, Seattle
____ 11,849
---- 11,849
Australia on October 18th attendance large. Selection
Total
---- 56.177 32,079 358,689
.
good. Demand light. Some 20,000 bales were offered.
112 884 38,175 88,835 20 330
'
Demand from the Continent was active but English buyers Total 1925
88,353 17,662 91,542 9,717
___ 62,812 21.855 291,941
.
34,906 1,549 34.213 6,341
Total 1924
___ 31,197 6.062 116.273
did little. Prices were 10% lower as compared with the
September sale. The top price was 24d. At Melbourne on
•
From
Exported toOctober 20th selection of average sort and mostly sold. Aug.1 1926 to
Great
Gem•
American and Japan bought well. Yorkshire took little. Oct. 22 1926. Britain.
Japan&
France. many. Italy. Russia. China. Other.
Total.
• Best descriptions steady; topmaking sorts fell 5 to 732% ExportsfromGalveston__ _ 139,595 88,903 127,278 48,045 37,417 33,524 75,423 550.185
below October 12th.
COTTON.
Friday Night, Oct. 22 1926.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 587,297 bales, against 618,810 bales last week and
622,656 bales the previous week, making the total receipts
since Aug. 1 1926 4,039,015 bales, against 3,143,793 bales
for the same period of 1925, showing an increase since Aug. 1
1926 of 895,222 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Total
155,785 111,497 145,367 61,596 62.950 4
4,466
3,309
-----------------------------3,309
42,471 17,271 52061 27,332 17506 71,502 23:318 251,461
18,777
132 18,668
300
-___
41,130
2 500
753
1,604
- --.3,087
4,991
------------4,452
73,166
100 164,091 4300
.._ 6:800 6,432 - 256,459
18,044
331 78.292-- -___ 9388 2,227 110,764
3,000
-- _ _ 10,500 4:262
---- :
-------17,762
15,327
- - -_ 25,272
------------16,013
41,351
26,337 12,292 27,983 8765
--------19,149 109,887
220
_
-----------------------938
1158
-----------652
l
-------------------- 1,177
394
1,571
3,632
550 2,250____
2,450
____
8.882
____ 30,108
8
30,116
_ 27,674
200
27,874
501,661 231,276 654.901 155,000 117.873 233,685 187,622 2,082,018
529,490 194,730 633,838 132,725 96,323 184,624 195.053 1,966,783
535.628 219.801 350,309 139.668 53,295 154.505 155.668 1,608,874
-It has never been our practice to include In the
-Exports to Canada.
NOTE.
above tables reports of cotton to Canada, the reason being that virtua ly all the
cotton destined to the Dominion comes overland and It is impossible to get returns
concerning the same frOm week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of September the exports to the Dominion the pre,ent season have
been 13.041 bales In the corresponding month of the preceding season the exports
were 20,478 bales. For the two tnonths ended June 30 1926 there were 20,341
bales exported as against 20.478 bales for the corresponding two months of 1925
Total 1925_ _
Total 1924_ _
Fri.
Total.
Galveston
Texas City
Houston*
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Philadelphia
24,252 27,612 48,257 21,728 19,588 13,647 155,084
7,670 7,670
28.160 51,045 34,133 16,384 19,782 18,071 167.575
14,424 22,102 24,231 27,802 22,070 13.328 123,957
3,011 3,575 4,963 5,425 3,835 8.549 29.358
1,900 1,900
35
35
8,488 11,851 7.581 6,717 7,422 7,321 49,380
4,256 5.019 8,326 3,792 2,125 3,345 26,863
1,179
279
977 1.065
564
938 5.002
1,822 2,245 5,063 2.410 2,186 4,591 18,317
102
100
__
293
118
90
703
235
51
____
32-___
298
--------------------876
876
02
279
trAt.i. thi. wook_
35.724 124.220 133.562 35,1116 77.722 30 453 567 907
*Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accord ngly.
The following table shows the week's total receipts, the
total since Aug. 1 1926 and stocks to-night, compared with
last year.
1926.
Receipts to
Oct. 22.
Galveston
Texas City
Houston*
Port Arthur, &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
.
Houston_ ___
Texas City__
New Orleans
Mobile
Pensacola
Savannah_ _ _
Charleston._
Wilmington _
Norfolk
New York
Boston
Baltimore_
Philadelphia
Los Angeles_
SanFrancisco
Seattle '
1925.
This Since Aug
Week. 11926.
This Since Aug
Week. 11925.
155,084 1,031,116 132,746
23.527
7.670
167,575 1.454,776 59.300
__,,
123,957 583,027 91.791
Stock.
612.513
1926.
1925.
- - --- -537.885 382,168
18.365
1
611.934
716,466
408.583
910,414
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
GerGreat
Other Coast
- Britain. France. many. Foreign 15150.
Oct. 22 at
Total.
- --
12,100 6.200 8.000 23.100
Galveston
New Orleans_ _ 6,817 12.965 12.638 30.581
10
3,000
3.700
9,000 58,400
1,222 64.223
500 3.510
1,631 1,631
159 9,881
2:6•56 _ 1,666 _ 6,500
1
_ -,1565 _ -
8615 - 6:6151)
1-
Savannah
Charleston
Mobile
Norf
Other pirts *
5,500
522
Leaning
Stock.
479,486
344,360
170,447
102,574
29,514
77,501
734.843
Total 1928... 27.427 21.687 27.638 63.881 13,012 153.645 1.938.725
38.676 26,651 37.348 54.762 10,345 167.782 1,020,537
Total1925
Total 1924.._ 38.669 27.260 37,151, 69.315 33,288 205,683 851,398
*Estimated.
Speculation in cotton for future delivery has been on a
moderate scale, with the drift of price downward Owing to
96,361
39,395
36,686 generally good weather and persistent hedge selling. Also,
29:558 119.603 10,276
2,127
7,991
1.900
there has been a good deal of tired long liquidation. What
14,883
538
473
3,669
134
35
49,380 448,286 35.738 452.312 173,957 155.738 is popularly known as "stale" long liquidation was a notice300
feature on Thursday afternoon. The tropical storm
53,443 able
26,863 212,676 14,125 120,515 104.205
which developed such seemingly formidable proportions in
44,850
19.083
20,596 Cuba sheared off to all appearance
37,580 5.492
5.002
before it struck Florida
77,501 121,763
18,317 100.371 30,789 162.282
and went out seaward. There had been some apprehension
1,218
354
90.926
33.770 on this score. It speedily disappeared. Cotton goods of
2.055
703
1.391
2,417
962
182
3,494
298
1.728
7.135
775 late have been more quiet. Liverpool has been weaker. It
14,100 1,695
876
6.943
3.613 is impressed by the size of the crop and by general liquida279
279
----.
tion. Increased hedge selling has left its impress on that
Tnt.la
5S27 907 d ago 018 3113.026 3.143.70'12,092.370 1.188.319
market also. The Continent has been selling there. In
*Houston statistics are no longer compiled on an Interior basis, but only
fact, there has been general liquidation across the water.
on a port basis. We are changing accordingly.
In order that comparison may be made with other years, Manchester has been quiet. Buyers are not inclined to take
hold of either yarns or cloths at all freely. They distrust
we give below the totals at leading ports for six seasons.
375,135
OCT. 23 1926.]
THE CHRONICLE
2155
present prices. They do not believe that the decline has record. It fell well below that. There was less hedge
culminated. The bids from India at Manchester have been selling, especially •in the afternoon. Mills were buying.
altogether too low. China trade has been particularly dull. New Orleans bought to some extent. Shorts took profits.
The weekly weather report was in the main favorable. The The average exchange guess here on the Government report
weather during the week on the whole has been very good on the 25th inst. is 17,110,000 bales. The universal convicfor saving and picking as well as ginning and marketing the tion is that the crop is 17,000,000 bales if not more. Some
crop. On Thursday appeared an estimate of 17,200,000 would not be surprised if it should turn out to be 17,500,000
bales. Another, from Memphis, was 16,810,000 bales. They bales. There is some complaint of congestion in the smaller
had no very marked effect, merely confirming the gen- towns at the South, both at warehouses and compresses.
erality of people in the expectation of a bearish Govern- And in this emergency it is worth while to recall that New
ment report on the 25th inst. It is also believed that be- York has a storage capacity with a little shifting of mercause of the recent very favorable weather the ginning for chandise of 400,000 bales, and that by the latter part of
the latest period will be very large. Speculation for the January it will be some 500,000 bales. The charges here
rise has been very small, where there has been any at all. have been materially reduced and of course there is always
There is very pronounced skepticism as to the likelihood of the added advantage of big banking facilities and cheap
any sustained advance until the peak of the crop movement money. These things are being more generally discussed
has been passed, and it ceases to weigh on the market as It than at any time for years past, as the spot business at New
does now. The South, Wall Street and Liverpool have been York is materially increasing. To-day the sales were 7,000
selling. Nothing definite has yet been done towards holding bales, and for the week they are over 28,000 bales. Final
back 4,000,0c0 bales. Chairman Eugene Meyer, of the prices for futures show a decline for the week of 105 points.
Notional Commission, thinks that the ordinary means of Spot cotton ended at 12.55c. for middling, a decline also of
marketing are working smoothly for the time being.
105 points.
In Egypt prices nave been rapidly declining. The planter
The official quotation for middling upland cotton in the
In that country is in pretty much the same fix,.to all ap- New York market each day for the past week has been.
pearances, as the American planter. He complains of a
Oct. 16 to Oct. 22Sat. Mon. Tues. Wed. Thurs. Fri.
13.20 13.05 13.00 12.80 12.55 12.55
big crop and falling prices. He wants the Egyptian Govern- Middling upland
ment to come in again and help him. The Egyptian GovNEW YORK QUOTATIONS FOR 32 YEARS.
ernment has tried to help him in the past by buying cotton
The quotations for middling upland at New York on
and holding it off the market. Its success in these measures Oct. 22 for each of the past 32 years have been as follows.
did not seem any too flattering. Nothing has been heard 1926
14.45c. 1902
12.55c. 1918
32.00c. 1910
14.70c.
13.95c. 1901
8.38c.
28.45c. 1909
21.75c. 1917
of additional attempts to extricate the Egyptian fellaheen 1925
9.56e.
18.50c. 1908
9.40c. 1900
1924
24.20c. 1916
from his new predicament. Apparently it is felt he should 1923
12.45c. 1907
11.45c. 1899
7.38c.
30.30c. 1915
11.25c. 1898
23.95c. 1914
1906
5.50c.
have profited by the experience of recent years. Paternal- 1922
6.12c.
10.40c. 1897
1921
14.50c. 1905
18.60c. 1913
ism is apt to produce precisely this effect of calling for more 1920
7.94c.
0.95c. 1896
21.00c. 1912
11.00c. 1904
8.62c.
wherever it is tried. The only cure for the economic ills of 1919
10.00c. 1895
36.60c. 1911
9.75c. 1903
the cotton belt is reduction of acreage, and so a reduction
MARKET AND'SALES AT NEW YORK.
of the crop to proportions In conformity with the demands
The total sales of cotton on the spot each day during the
of the market.
On the other hand, there is a steady trade demand on a week at New York are indicated in the following statement.
scale down often of 1 to 2 points. Where there is not too For the convenience of the reader, we also add columns
much pressure of hedges or liquidation this acts, for a time which show at a glance how the market for spot and futures
at least, as a kind of brake on any downward tendency. closed on same days.
There is also more or less unobtrusive investment demand.
Futures
SALES.
It comes from people who could stand a siege. To others
Spot Market
Market
Closed.
Closed.
Spot. Contr'd Total.
the long side, as already intimated, does not appeal. But
spot markets have been brisk even if they have not been so Saturday___ lila, 40 pts. dec_ _ Barely steady.._ 6.200
6.200
100
100
active as recently. The sales continue to run ahead of those Monday ___ Quiet, 15 pts. dec__ Steady
Tuesday __ _ Quiet, 5 pts. dec.... Barely steady
1,500
1,500
of last year. The Continent has been buying. In some Wednesday_ Wet, 20 pts. dec... Barely steady__ 6.000 1.100 7.100
1.450
900 2.350
cases it is said to have taken more or less cotton for 1927 Thursday __ Quiet, 25 pts. dec__ Easy
Quiet, Unchanged _ Steady_
7.100
7.100
and 1928 delivery. It appears that some of the Continental Friday
Total
22,:.50 2.100 24,350
mills have directed that the cotton shall be shipped to them
115,,71 66.300 181.871
at once. The costs of storage, interest and insurance are Since Aug. 1
said to be not much more than half of what they are on this
FUTURES.
-The highest, lowest and closing prices at
side of the water. Some of the mills have been buying low New York for the past week have been as follows.
grades, even tinges, tempted by the attractive discounts on
such cotton. New England and the Carolinas have been buySaturday, Monday,
Tuesday. Wednesday. Thursday,
Friday,
Oct. 21.
Oct. 22.
Oct. 16.
Oct. 18.
Oct. 19.
Oct. 20.
ing to a certain extent, though apparently not very heavily.
Liverpool has bought on at least a moderate scale. Bom- October
Range...
bay has taken a certain quantity. It is significant, too,
Closing_
that New Orleans, Galveston and Houston have been call- Nov.
12.66-12.56
Range....
ing on the Government for more cotton steamers. Ocean
12.61 12.4512.17 -" 12.18 Closing_ 12.8112.66freights have been steadily rising. Yet in spite of this, Dec.2
exports make quite a good showing. On a single day they
Ra
__ 12.92-13.18 12.58-12.80 12.67-12.99 12.55-12.77 12.27-12.52 12.19-12.3:
Closing_ 12.92-12.96 12.77-12.79 12.72-12.75 12.55-12.56 12.27-12.28 12.28-12.2,
were 180,000 bales. Of- course, the rise in ocean tonnage
Jan.rates is due to the coal strike in Great Britain, one result
Range__ 13.00-13.23 12.65-12.88 12.76-13.06 12.62-12.84 12 35-12.58 12.26-12.3
Closing_ 13.00-13.03 12.86-12.88 12.78-12.80 12.62-12.65 12.35-12.37 12.37-12.3
of which is enormous importations of coal and an absorption
Feb.of abnormally large amounts of ocean tonnage which would
Range_ _
12.90- - 12.73
12.47
12.48 12.99Closing_ 13.12naturally go to the grain and cotton trades, Great Britain
ordinarily being a large exporter of coal. But Europe needs March
Range... 13.25-13.44 12.92-13.12 13.00-13.29 12.88-13.08 12.58-12.83 12.52-12.6
Closing_ 13.25-13.30 13.11-13.12 13.02-13.03 12.88-12.90 12.58-12.61 12.60-12.62
American cotton. The price is 8 to 1-7c. lower than at this
time for the last three years. Recently there has been a April12.60-12.6
Range..- 13.20-13'20 13.13- - 12.68
12.9712.70 decline of about 6c. This appeals to the Continental spin13.20Closing_ 13.31ner. Margins of profit are more attractive. The tendency May
Range... 13.43-13.67 13.13-13.32 13.22-13.51 13.08-13.29 12.80-13.05 12.74-12.85
of foreign currencies has been upward. The buying power
Closing_ 13.43-13.49 13.31-13.32 13.25-13.30 13.08-13.11 12.80-12.81 12.80-12.83
of the world is rising. In New England the trend is to- June
Range.. _
wards indreased hours of work. Fall River Is said to be
Closing_ 13.51 -13.40 -13.34 -13.16 -12.90 -12.90operating at about 77%. Many are looking forward to the Jut.'
3
Range.... 13110-13.84 13.30-13.50 13.40-13.67 13.27-13.47 13.01-13.24 12.93-13.0
13.01-13.02 12.98 withdrawal of 4,000,000 bales from the market. It Is said
Clnetng. 13.60-13.62 13.50-13.43-13.46 13.27that the plan is to hold this quantity off for about 18 months August
13.50-13.50
Range_ _
and see to it that the farmers cut their acreage at least 25%
13.10 13.40-13.1413.5213.60Closing. 13.70next spring. Some are talking about a possible decrease of Sept.13.50-13.50 13.25-13.40 13.15-13.22
13.65-13.72 -.
Range.. 13.85-13.90 13.60-13.71 - -.
- -40%. That appears to be out of the question. But smart.
10.01 -.
13.71 OR Tyr_ 15.85 ing under the experience of the fall of 1926, the cotton
of future prices at New York for week ending
Range
planter of the South may on this account and because of
the pressure of public opinion really reduce his acreage Oct. 22 1926 and since trading began on each option.
sharply in the spring of 1927. The great decline in cotton
Range Since &ginning of Option.
Range for Week.
has attracted the attention of the whole country. Itecip- Optionfor
12.60 Oct. 8 1926 19.70 Nov. 6 1925
rocal relations between the big industries of the country Oct. 1926
12.56 Oct. 20 1926 18.20 Feb.
12.56 Oct.
12.56
make it certain that the South cannot suffer without other Nov. 1926 12.19 Oct. 20 13.18 Oct. 20 11.19 Oct. 22 1926 18.50 Jan. 5 1926
4 1926
16
Oct. 22
Dec. 1926...
parts of the country feeling it. As the case stands now Jan. 1927 12.26 Oct. 22 13.23 Oct. 16 12.26 Oct. 22 1926 18.28 Sept. 8 1926
13.39 Oct. 11 1926 18.10 Sept. 1 1926
there is more or less of a reversion to the condition of for- Feb. 1927
Mar. 1927 11.52 Oct. 22 13.44 Oct. 16 12.52 Oct. 22 1926 18.50 Sept. 8 1926
mer years, with manufacturing looking up and agriculture Apr. 1927._ 12.60 Oct. 22 13.20 Oct. 18 12. 0 Oct. 22 1927 16.10 July 6 1926
12.74 Oct. 22
8
more or less depressed, especially In the cotton belt. But May 1927 12.74 Oct. 22 13.67 Oct. 16 16.00 Sept.23 1926 18.65 Sept.23 1926
1926 16.00 Sept.
1926
June 1927
proverbially "when things get to their worst they mend."
Oct. 22 13.84 Oct. 16 12.93 Oct. 22 1926 19.51 Sept. 2 1926
July 1927._ 12.93
13.50
9
14.15 Oct. 14
To-day prices were slightly lower early, but wound up at Aug. 1927 13.50 Oct. 20 13.50 Oct. 20 13.15 Oct. 22 1926 14.5040ct. -15 1926
Oct.
1926
1926
13.15 Oct. 22 13.90 Oct. 16
a small net rise, with the tone steady. Spinners' takings Sept. 1927
VISIBLE SUPPLY OF COTTON to-night, as made
no bad showing. Neither did the exports for the
made
THE
week. The quantity brought into sight was not so large as up by cable and telegraph,is as follows. Foreign stocks, as
expected. Some had been looking for a- new high well as afloat, are this week's returns, and consequently
had been
2156
THE CHRONICLE
[Vol. 123.
all foreign figures are brought down to Thursday evening. up from telegraphic reports Friday night. The
But to make the total the complete figures for to-night the week and since Aug. 1 in the last two years are resultrfor
as follows.
(Friday), we add the item of exports from the United States,
-----1926---------I925
Oct. 22including in it the exports of Friday only.
Since
Since
ShippedOct. 22Stock at Liverpool
Stock at London
Stock at Manchester
.?
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1926.
bales_ 768,000
1925.
467.000
1924.
368.000
2,000
30,000
1923.
373,000
2,000
25,000
400,000
14,000
51,000
Total gross overland
74,000 Deduct Shipments4.000
Overland to N. Y., Boston. &c
62.000
Between interior towns
2,000
Inland, &c., from South
2,000
1,000
Total to be deducted
210.000 Leaving total net overland *
56,000
500,000
160.000
72.000
6,000
16.000
18,000
182,000
106,000
3,000
29,000
5,000
5,000
1.000
400,000
1,000
60,000
82,000
5,000
34,000
13,000
3.000
1.000
272.000
Total Continental stocks
33,000
824,000
331,000
199,000
Total European markets
1,095,000 831.000 599.000 610.000
India cotton afloat for Europe
37.000
54,000
22,000
87,000
American cotton afloat for Europe 813,000 737,000 511,000 420,000
Egypt.Brazil,&c.,afloat for Europe 96,000 119.000
109,000
67.000
Stock in Alexandria. Egypt
228.000 197,000 163,000 204,000
Stock in Bombay, India
283.000 319,000 327,000 286,000
Stock in U. S. ports
2,092,370 1.188,319 1,057,081 742.556
Stock in U. S. interior towns_
1,076,125 1,385.045 1.057,209 1.060,002
U. S. exports to-day
6,150
600
Total visible supply
5.741,495 4,830,364 3,845,890 3,482,708
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales.. 380,000 173.000 185,000 158,000
Manchester stock
40,000
20.000
15.000
17.000
Continental stock
219,000 292,000 164.000 156,000
American afloat for Europe
833,000 737,000 511,000 420.000
U. S. port stocks
2.092,370 1.188.319 1,057,081 742,556
U. S. Interior stocks
1,076,125 1,385,045 1,057,209 1,060,002
U. S. exports to-day
6,150
600
Total American
4,640.495 3.795.364
East Indian, Brazil, &c..
Liverpool stock
388,000 294,000
London stock
Manchester stock
16,000
13,000
Continental stock
53.000
39.000
Indian afloat for Europe
37,000
54.000
96.000 119.000
Egypt, Brazil, &c., afloat.-228,000 197.000
Stock In Alexandria, Egypt
283,000 319.000
Stockin Bombay, India
Total East India, &c
Total American
1,101.000 1,035,000
4.640.495 3,795.364
15.95d.
6.15d.
24.400.
24.00d.
10.50d.
6.704.
26.456.
21.00d.
12.90d.
19.658
18.75d•
14.504.
10.900.
13.306.
15.65d;
13.50d.
Continental imports for past week have been 187,000 bales.
The above figures for 1926 show an increase over last
week of 390,776 bales, a gain of 911,131 over 1925, an
increase of 1,84,605 bales over 1924, and an increase of
2,258,787 bales over 1923.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below.
Movement to Oct. 22 1926.
Towns.
Movement to Oct. 23 1925.
Receipts.
I Ship- Stocks
',tents. Oct.
Week. Season. Week. 22.
Receipts.
Ship- Stocks
masts. Oct.
Week. Season. Week, 23.
30,999 6,276 11,687
Ala.,B1rming'm 4,000
22,705 2,000 13,535 9,332
Eutalua•
25,791 2.000 14,000
11,893 1.000 6.103 2,999
1,500
69,367 3,624 25,026
Montgomery __ 7,713 66,901 6,590 21,096 3.628
82,879 4,764 32,183
45,935 2.317 31,285 4,240
4,746
Selma
34,367 4,513 38,012 2,806
39,643 2,712 25,279
Ark., Helena_ 6,377
Little Rock
87,969 10,881 62,383 7,999 90,981 7,808 38,494
12,964
Pine Bluff__ _ 15,856 61,781 9,678 53,116 9,839
84,664 3,632 43,727
707
Ga.. Albany_
680 3.560
6,400
100 2,414
7,335
273
3,140
Athens
13,242
862 8,549 2,675
14,405
850 10,718
Atlanta
71,186 5,723 56.914 10,172
24,765
77,120 5,607 45,197
14,149 156,053 6,997102,891 13,589 171,518 9,710 100,029
Augusta
Columbus
2,653 , 17,378 1,646 5,843 3,261
30,044 1,935 15,543
6,447
48,182 5,545 13,819 2,280
Macon
42,944
988 27,020
2,771
11,368 1.825 12.108 3,570
Rome
19,002 1,700 10,548
La., Shreveport 11,586 65,606 7,872 32.941 10,059 99.310 5,761 33,906
17,640 3,482 8,937 6,827
Miss.,Columbus 4,438
23,533 4,416 11,199
Clarksdale
74,020 8,582 89,806 9,515
9,308
93,739 6,953 59,087
Greenwood_
. 9,393 66,248 6,594 80,233 16,633
97,281 11,632 80,001
28,828 2,235 14,161
Meridian....-.j 2.507
33,979 2,124 14,277
1,187
18,842 1,300 11.214 2,184
Natchez
I 2,189
33,887 1,574 14,782
Vicksburg_ I 2,889 17,107 1,770 18,277 2,733 31,844 1,755 16,109
18,594 1,299 21,152 3,034
Yasoo City...I 2,801
31.162 1,917 20,589
Mo., St. Louis_I 21,047 94,477 21,527 9,057 28,769 117.959 28,634 1,030
9,319 1.304 11,921
2.145
N.C..Greensb'r
1,934
15,127 1,570 7,232
3,675
752 4,391
582
3.895
Raleigh
I 1,207
550
566
10,700 2,774 5,754 6,771
16,086 4.521 7.7B
Okla., AItuS.. I 4,235
20,599 3,332 6,982 9,186
4,802
Chickasha
26,057 7,327 10,5.7D
19,988 3.634 13,719 5,267
5,282
26,410 2.225 9,515
Oklahoma__
54,417 4,305 28,317 8,738
56.553 4,046 32,595
5.C.,GreenvIll 8.902
132 2,076
1,549
___
2,416
___ 2,687
Greenwood.. _318
Tenn.,Memphis 88,889 425.839 63,927245.790 55:155 366,257 45:297 129,479
584
326
2.121
535
958
31
ns 521
Nashville
24,760 8,148 2,073 7,000
25,794 5,351 3,955
Tex., Abilene_ 5,702
14,683
221 5,897
62
3,011
560
Brenham_ _
57 4,089
793
19,447 2,400 3.757
5.191
2,599
727 1,372
Austin
36,977 6,774 14,713 5,365 53,197 2.636 13,522
9.628
Dallas
.
•
•
212,175 1,897,682163,347 515.749
Houston_ --- •
20,234 4,680 2,747 4,535
4,722
58,003 5.777 5.216
Paris
893
16,221 1,333 2,322
47,078 3,000 6,378
San Antonio_ 4,000
23,486 4,834 6.034 4.021
22,817 3,485 5,008
5,091
Fort Worth
.
.
._._ ........-- .........- -.-....----Total. 40 towns 321,65911.791.484 t26.
* Houston statistics are no longer compiled on an interior basis, but only
on a port basis. We are changing accordingly.
The above total shows that the interior stocks have increased during the week 100,723 bales and are to-night
308,920 bales less than at the same period last year. The
receipts at all towns have been 158,957 bales less than the
same- week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SIN CE AUG. 1.
overland movement for the week and since Aug. 1, as made
St. Louis
Mounds. &c
Rock Island
Louisville
Virginia points
other routes, &c
Week.
21.527
14,950
305
1,815
5,230
24,013
Aug. 1.
Week.
97,59828,634
55,525
15,150
1,923
1,543
8.732
2,294
62.168
8.081
100,424
24,363
Aug. 1.
119,703
54.500
3,065
9.897
46,008
116,785
67,840
326,370
80,065
349,958
2,156
675
10.494
19.931
4.838
159,064
2,231
685
8.709
10.770
5.401
83,979
I
,
13.325
183,833
11,625
100.150
54,515
142,537
68.440
249,808
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 54,515 bales, against 68,440 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 107,271 bales.
1926 - -- 1925
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1
Receipts at ports to Oct. 22
587.297 4,039,015 383,026 3,143,793
Net overland to Oct. 22
54.515
142.537
249.808
Southern consumption to Oct.22.-110.000 1358.000 68.440
90,000 1,090.000
Total marketed
751.812 5,339,552 541,466 4.483,601
Interior stocks in excess
100,723
508,202 117,680 1,220,277
Excess of Southern mill takings
over consumption to Oct. 1__
*79,328
*140,990
Came into sight during week--852.535
2,989.890,2,559,708
659,146
Total in sight Oct. 22
5.768,426 ---,-- 5,844,868
183,000 215.000 North. spinners' takings to Oct.
22 76,570
477.100 82,735
2.000
2,000
411.865
15,000
8.000
* Decrease.
35.000
54,000
22,000
Movement into sight in previous years.
87,000
109,000
67,000
Week
Bales.
Since Aug. 1163,000 204.000 1924 - 25
Bales.
-Oct.
607.166 1924
327.000 286.000 1923
4 402,444
-Oct. 26
474.35711923
4.097,501
856.000 923,000
QUOTATIONS FOR MIDDLING COTTON AT
2,989,890 2.559,708
5,711,495 4,830,364 3,845,890 3.482.708
Total visible supply
Middling uplands. Liverpool_ _ _
6.70d. 11.27d.
13.45d. I7.634.
Middling uplands, New York
12.55c.
21.80c.
23.35c.
31.75c,
Egypt. good Sakel, Liverpool_ _ _
Peruvian, rough good, Liverpool..
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
Via
Via
Via
Via
Via
Via
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday, Wed'day. Thursd'y.
Friday.
Galveston
13.00
12.85
12.80
12.60
12.35
12.35
New Orleans.. _ 12.85
12.66
12.56
12.40
12.15
12. 0
Mobile
12.25
12.10
12.00
11.80
11.50
11.50
Savannah
12.37
12.17
12.19
12.00
11.73
11.78
Norfolk
12.50
12.31
12.31
12.19
11.88
11.88
Baltimore
13.00
12.80
12.80
12.55
12.30
Augusta
12.31
12.19
12.13
11.94
11.69
11.69
Memphis
13.00
12.75
12.75
12.75
12.50
12.50
Houston
12.95
12.80
12.75
12.60
12.30
12.30
Little Rock _ _ _ _ 12.60
12.40
12.40
12.20
11.90
11.90
Dallas
12.00
11.80
11.80
11.60
11.25
11.35
Fort Worth..
11.85
11.80
11.65
11.25
11.35
Week Ended
Oct. 22.
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows.
Saturday,
Oct. 16.
Monday,
Oct. 18.
Tuesday, Wednesday, Thursday,
Oct. 19.
Oct. 20.
Oct. 21.
Friday,
Oct. 22.
October__ 12.93 -12.71-12.72 12.56 -12.47 bld 12.19 bid
12.24November
December 12.97-12.99 12.77-12.79 12.89-12.71 12.55-12.56 12.27-12.28
12.29-12.32
January _- 13.03-13.05 12.84-12.85 12.78-12.78 12.60-12.63 12.32-12.33
12.35-12.36
February _
March____ 13.18-13.20 12.9512.92-12.94 12.75-12.77 12.47-12.48
12.51-12.53
April
May
13.33-13.34 13.13-13.15 13.08-13.09 12.92-12.94 12.65-12.66
12.69June
13.46 ---- 13.32 ---- 13.27 ---- 13.13 ---- 12.85
July
---- 12.86 ---August
.
September
13.35 bid 13.32 bid 13.04Oct.(1927) 13.65-13.7113.4213.08
Tone
Steady
Steady
Spot
Steady
Steady
Barely
nntInna
Pitmulv
Steady
Steady
Steady
st'y
otanA..
bld
Steady
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING SEPTEMBER.
-Persons interested in this
report will find it in our department headed "Indications of
Business Activity" on earlier pages.
ANNUAL COTTON HANDBOOK.
-This publication is
now in its 56th year, and, as usual, contains a wealth of
information, including a number of new features, indispensable to the cotton trade. It is a most complete collection
of up-to-date and reliable statistics covering the world's
cotton crops, consumption, &c. It can be obtained from
Comtelburo, Ltd., 34 Stone Street, New York.
DEATH OF GEORGE H. McFADDEN.-The New
York Cotton Exchange suspended trading Monday, Oct. 18,
from 11.58 a. m. to 12 o'clock noon out of respect to the
memory of George H. McFadden,one of the oldest and most
prominent members of the Exchange, who died Saturday,
Oct. 16, at his home in Philadelphia. Mr. McFadden, who
was head of the firm of Geo. H. McFadden & Bro., joined
the Exchange in 1881 and had been a guiding spirit in the
cotton industry for half a century.
The Board of Managers of the Exchange met Saturday,
adopted resolutions of sympathy and voted to close for two
minutes Monday, the day of the funeral. Samuel T. Hubbard Jr., who presided at the meeting, appointed a committee of thirty members to represent the Exchange at the
services.
OCT. 23 1926.]
2157
THE CHRONICLE
"In the death of Mr. McFadden," said Mr. Hubbard
after the meeting, "there has passed away one of the oldest
and most esteemed members of the cotton trade. It is difficult for me to express how great is the loss to the cotton industry. Time and again Mr. McFadden had stepped to the
.
front in grave crises in the industry with invaluable advice
and guidance, but he advanced these ideas so quietly and so
modestly that few were aware that it was he who had solved
many of our most complicated problems. He was a man who
shrank from public recognition of his remarkable ability.
"Not only was Mr. McFadden greatly admired by the entire trade, but he held the affection of those who had the
privilege and honor of knowing him so deeply that we feel
we have not only lost an honored associate but a beloved
friend."
The committee who represented the Exchange at the fun
oral follows:
I
Receipts at Ports.
Week
Ended, 1926. 1925. 1924.
Stocks at Interior Towns. !Receiptsfrom Planta:lora
1926.
1925. I1924.
1924. I 1926.
1925.
July
23-- 37.161 21.742 40,508 884.912 170.236 206,000 4.081 8,454 20,709
30... 85,222 45,020 35,170 819,353 160,605 182.549 19,663 35,389 11,719
Aug.
6- 53.306 41,207 13.558 642.251 150,547 183.738 22,217 31,149 14.747
13__ 73,869 43,254 49,702 522,013 164,545 158,959 53.63157.252 24.923
20__ 87.880 93.836 35.004 511,748 191,601 164,199 77,815120.892 40.244
27__ 113,195148,566113,414 496.117 270.980 186.946 97,800227.659 136.161
I
Sept.
I
3__ 187,891 250,01 165,180 488.127 357,322 224,720 179,901 336,359 202.954
10.._ 208,801 211,619 222.121 490.340 525.502 306.499211.014 379,797 304.900
17_..330,427358,650276,460 533.485 643.994 415,060373,572 473.097 384,961
24-410.234 325,890 291.228 631,415 872,105 544.092508.164 554,001 420,260
Oct.
1-587.704494,293366.406 744,323 957.762 603,535 680,612580,130 425.849
8_ _ 622.656 367,670320,698 889.7931,137,618 796,030748,126 547.516513,193
15..818.810423.813441.485 975.4021,267.385 898.351 724 4l9553 580543 800
.
.
.
22_ _ 587,297383,026339,292 1,076.1251.385,0451.057.209688,020500.706498,150
1
I
1
1
I
1
The above statement shows. (1) That the total receipts
from the plantations since Aug. 1 1926 are 4,348,068 bales.
in 1925 were 4,362,118 bales, and in 1924 were 3,510,361
bales. (2) That although the receipts at the outports the
past week were 587,297 bales, the actual movement from
plantations was 688,020 bales, stocks at interior towns
Jerome Lewine, of H. Hentz & Co., commenting upon the having increased 100,723 bales during the week. Last year
receipts from the plantations for the week were 500,706
death of Mr. McFadden, said:
Another "grand old man" has been lost to the cotton world in the death rales and for 1924 they were 498,150 bales.
of George H. McFadden, who for many years commanded so high a posiWORLD SUPPLY AND TAKINGS OF COTTON.
tion in the trade and was so outstanding a figure in the exchange activities
Samuel T. Hubbard Jr.W. P. Jenks, A. B. Gwathmey, Samuel H
Hopkins, A. R. Marsh, R.
'P. McDoull, H. A. Sands, Daniel Schnakenberg, Geo. M. Shutt, J. L. Watkins, William Mitchell, Clayton E. Rich
Edward K. Cone, H. T. Dumbell, L. L. Fleming, C. D. Freeman, Norris
Sonar, E. E. Bartlett Jr. E. P. McEnany, R. T. Harriss, E. M. Weld.
W. M. Van Lear, W. R. Craig W. L. Johnson, W. C. Hubbard, H. H.
Royce, Clement Moore, Arthur Lehman, John V. Jay, H. B. Baruch.
and all matters pertaining to the world of cotton affairs.
ACTIVITY IN THE COTTON SPINNING INDUSTRY
FOR SEPTEMBER.
-Persons interested in this report will
find it in our depattment headed "Indications of Business
Activity" on earlier pages.
Cotton Takings.
Week and Season.
1926.
Week.
1925.
Season.
Week.
Season.
Visible supply Oct. 15
4,474.894
5.350,719
Visible supply Aug. 1
3.646.413
2,342.887
American in sight to Oct. 22---- 852,535 5,768.426 659.146 5,844,868
Bombay receipts to Oct. 21---11,000
7,000
156.000
151.000
Other India shipments to Oct. 21
1.000
96.000
7.000
114.000
Alexandria receipts to Oct. 20....
238,400
68,000
359,200
60.000
13,000
237,000
Othersupply to Oct. 20-*-5-20,000
230.000
WEATHER REPORT BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather as
a rule has been favorable for cotton in most sections of the
Total supply
6.291,254 10,135,239 5.233,040 9,048,955
cotton belt. Generally, rainfall has been light and scattered.
Deduct
Picking is well advanced in the northeast sections of the Visible supply Oct. 22
5.741.495 5,741,495 4.830.364 4,830,364
cotton belt and practically completed in many southern
Total takings to Oct. 22_a
549,759 4,393,744 402,676 4,218;591
districts.
Of which American
410.759 3,372,344 319.676 3,162.391
Of which other
83.000 1.056.200
139.000 1.021.400
Texas.
-The condition and progress of the cotton crop
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
has been mostly fair. Picking was interrupted somewhat
a This total embraces
by rains and the rapid opening of the bolls has been some- 1,158.000 bales in 1926the tota estimated consumption by Southern mills,
and 1,090,000 bales in 1925
-takings not being
available-and the aggregate amounts taken by Northern and foreign
what checked. Insects are less active.
spinners, 3,235,744 bales in 1926 and 3,128,591 in 1925, of which 2,214,344
Mobile, Ala.
-The weather during the week has been bales and 2,072,391 bales American. b Estimated.
dry and clear and cotton picking on the southern border
INDIA COTTON MOVEMENT FROM ALL PORTS.
has been practically finished, but there still remains consider- The receipts of India cotton at Bombay and the shipments
able unpicked cotton in the northern border district.
from all India ports for the week and for the season from
Thermometer
Rain. Rainfall.
Aug. 1, as cabled, for three years, have been as follows.
Galveston, Texas
1 day 1.20 in. high 84 low 62 mean 73
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston,S.C
Greenwood
Columbia
Conway
Charlotte, N.
Newborn
Weldon
Memphis, Tom
1 day 0.01 in.
4 days 0.88 in.
2 days 0.98 in.
3 days 0.09 in.
2 days 0.44 in.
1 day 0.10 in.
2 days 1.25 in.
1 day 0.02 in.
1 day 0.18 in.
3 days 1.24 in.
1 day 0.02 in.
2 days 0.36 in.
1 day 0.02 in.
2 days 0.26 in.
2 days 0.16 in.
1 day 0.78 in.
dry
arY
crY
dry
dry
dry
1 day 0.04 in.
dry
1 day 0.23 in.
1 day 9.02 in.
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.04 in.
1 day 0.09 in.
1 day 0.76 in.
1 day 0.95 in.
I day 0.02 in.
dry
Olin.
1 day
1 day 0.83 in.
1 day 0.20 in.
1 day 0.12 in.
1 day 0.16 in.
1 day 0.10 in.
dry
dry
high 88
high 90
high 92
high 88
high 86
high 86
high 88
high 90
high 84
high 88
high 86
high 86
high 84
high 88
high 86
hi
high 89
high 82
high 88
high 87
high 88
high 90
high 85
high 95
high 86
high 86
high
high 88
high 92
high 90
high 90
high 86
high 86
high 85
high 87
high 88
high 90
high 89
high 87
high 90
high 92
high 90
high 90
high 89
high __
high 89
high 86
high 87
high 83
high 86
low 50
low 48
low 64
low 60
low 56
low 46
low 42
low 44
low 46
low 50
low 46
low 48
low 50
low 54
low 44
low 44
low 46
low 42
low 45
log 34
low 43
low 45
low 45
low 47
low 44
low
low 50
low 36
low 38
low 40
low 47
low 54
low 39
low 47
low 53
low 57
low 53
low 61
low 41
low 46
low 45
low 55
low 39
low 46
low 43
low 40
losr 46
low 43
low 42
mean 69
mean 69
1926.
1925.
1924.
mean 78
October 21.
mean 74
Receipts atSince
Since
Since
mean 68
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
mean 66
mean 65 Bombay
7,000 156.000 11,000 151.000 4,000
75.000
mean 67
mean 65
For the Week.
Since Aug. 1.
mean 69
Exports
mean 66
fromGreat Conti- Japan&
Conti- Japan &
Great
mean 67
Britain. nest. China. Total. Britain. neat.
China. 7bial.
mean 67
mean 71 Bombay
mean 65
1926
1,000 _ _ .._ 1,000
1,000 64,000 134,000 199.000
mean 67
1925
1,060 1,000 ,
9,000 85,000 92 I 1 1 186,000
.
mean 64
1924
mean 65 Other India- 1,000 5,000 5,000 11,000 14,000 35,000 163,61 i 212,000
mean 66
1926
_
1,000
____ 1.000
96,000
7,000 89,000
mean 61
1925
1,566 6,000
114,000
7,000 25.000 89,000
mean 67
1924
31,000
mean 65
mean 70 Total all
mean 67
1926
2,000
_ 2,000
8,000 153.000, 134,000 295,000
mean 65
1925
2,1500 7,000 3:000 12.000 34,000 174,000 92,000 300.000
mean 75
1924
1.000 5.000 5.000 11.000 18.000 62.000 163.000 243.00.
mean 60
mean 64
According to the foregoing, Bombay appears to show a
mean 64
mean 65 decrease compared with last year in the week's receipts of
mean 67 4,000 bales. Exports from all India ports record a decrease
mean 73
mean6 2 of 10,000 bales during the week, and since Aug. 1 show an
moan 67 decrease of 5,000 bales.
mean 71
mean 74
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
mean 71
mean 74 now receive weekly a cable of the movements of cotton at
mean 66
mean 69 Alexandria, Egypt. The following are the receipts and
mean 68 shipments for the past week and for the corresponding week
mean 73 of the previous two years.
mean 64
mean _ _
mean 66
1924.
Alexandria, Egypt,
1925.
1926.
mean 63
October 20.
mean 67
mean 63 Receipts (cantors)
mean 64
240,000
This week
340,000
300,000
1.851.095
1.797.505
Since Aug. 1
1.190.315
by tele-
The following statement we have also received
graph, showing the height of rivers at the points named at
8 a. in. of the dates given.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Oct. 221926.
Feet.
Above zero of gauge
11.2
Abovezero of gauge_
30.0
Above zero of gauge_
7.8
Above zero of gauge_
21.9
Above zero of gauge..
39.2
Oct. 23 1925.;
Feet.
2.7
9.8
9.7
17.6
15.3
RECEIPTSFROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Exports (bales)
-
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
,34,122
7,000 36.965 9.000 30,533
20.323
27,600
To Manchester, &c__ __ 34,304
To Continent and India. 10:685 54.924 8.250 52.010 6:64515 56,465
To America
5.325
1,000 12,719 1.250 10,474
-Total exports
18,000 132.208 18,500 113.340 6.000 130,216
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Oct. 20 were
300.000 cantars and the foreign shipments 18.000 bales.
-Our report receivd , by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
cloth is quiet and in yarns steady. Demand for yarn is
improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:f.0
•
2158
THE CHRONICLE
1926.
1925.
814 Lbs. Shirt- Cotton
ings, Common Middrg
to Finen.
UpPds
32. Cop
Twist.
32s Cop
Twist.
834 Lbs. Shirt cotton
Ws, Common Middrg
to Finest.
°PTO.
d.
a. d. d.
d. s. d.
d.
d. s. d.
s. d. d.
PIM@ 16 SS 13 0 613 2
9.93 20 @2114 16 3 (416
14.08
10.02 2034182114 10 4 am 7
15 .616h 13 0 (613 2
13.53
15@163( 13 0 6,13 2
141(611616 13 0 ig13 2
1010116% 13 2 @13 4
15346 16% 13 2
13 4
9.74
9.35
9.58
10.17
1534@17
1834@ 17
15lifil 17
15 @1614
13 4 et 13 6
13 4
13 6
13 4 @13 5
13 3
13 5
10.07
10.16
9.62
8.43
14%615U
13l 614%
i
,
1334(41414
13 811414
12 6 613 2
12 0 612 4
12 2 rg12 6
12 0 a, 12 3
7.79
7.09
7.35
6.70
20li@21X
20 @21
20 @21
20
21
IOU@ 2034
20 @21
2034822
21:44622
16
16
16
16
3
3
3
2
@l6
@l6 6
(416 7
616 6
13.35
12.93
13.07
12.60
15 5
15 4
15 6
15 6
@•16 1
1816 0
@16 2
616 2
12.51
13.01
13.57
12.91
19341821 15 5
18h 62034 15 2
18 @1914 14 6
18 61194i 14 6
@l6 1
@l5 5
615 2
615 2
12.72
11.53
11.54
11.27
NEWS.
-Shipments in
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows.
Spot.
Saturday.
Mid.Uprds
Sales
Monday.
Tuesday. Wednesday. Thursday.
Friday.
A fair
business
doing,
Market, { A fair
12:15
business
doing,
P.M.
A fair
business
doing,
A fair
business
doing.
Good
demand,
Good
demand.
7.25
7.04
6.99
6.93
6.83
6.70
8,000
8,000
8,000
8,000
7,000
8,000
Futures.
Steady
Quiet
Quiet
Barely st'y Steady Barely st'Y.
Market 110 to Apts. 12 to 24p1. 5 to 6 pta. 9 to 13 pta. 6 to 9 pta. 4 to 10 pta.
opened 1 decline,
decline,
advance,
decline,
decline.
decline.
Market, I
Quiet
Quiet
Steady
Steady
Quiet
Steady,
4
4 13 to 15pts. 21 to 3Opts 6 to 8 pia. 5 to 7 pta. 10 to 14pts.6 to 12 pta,
P. M.
decline,
decline,
advance.
decline.
Cr./4171a
rlarlInet
Prices of futures at Liverpool for each day are given below.
detail.
Bales.
-To Rotterdam-Oct. 15
NEW YORK
-Rotterdam, 187
187
To Genoa-Oct. 13-Sangus, 575 __Oct. 20
-Dante Aleghieri,
600
1,175
To Barcelona--Oct. 14-Cabo Hatteras, 100___Oct. 15-Pro- •
mero. 200
300
To Antwerp-Oct. 15-Belgenland, 236
236
To Liverpool-Oct.15
-Baltic, 387
387
To Trieste-Oct. 18-Pres. Wilson, 300
300
To Bombay
-Oct. 18
-City of Dunedin, 3,433
3.433
To Bremen-Oct. 19-Pres. Harding, 735
735
NEW ORLEANS
-To Porto Colombia-Oct. 13
-Atones,300300
To Havre
-Oct. 15
-Winston-Salem; 5,075
5.075
To Antwerp-Oct. 15
-Winston-Salem, 816
816
To Ghent
-Oct. 15
-Winston-Salem, 2,950
2.950
To Port Barrios
-Oct. 16-Saramacca, 100
100
To Liverpool-Oct. 16
-West Totant, 3.880---Oct. 20
-Student. 6,448
10,328
To Manchester-Oct. 16-West Totant, 1,943___Oct. 20
Student. 381
2,324
To Bremen-Oct. 15
-Tripp, 4.206
4.206
To Rotterdam-Oct. 15-Tripp.450_ _Oct. 19-Leerdam,532
982
-America, 1,050
To Gothenburg-Oct. 16
1.050
-West Chetala, 1.700
-Oct. 19
To Oporto
1,700
To Japan-Oct. 16-Fernhill.8,399---Oct. 19
-Radnor,5,594 13,993
To Porto Colombia-Oct. 20-'Furrialba, 300
300
-Radnor, 1,150
To China-Oct. 19
1,150
-Oct. 15
-Editor, 13,096
HOUSTON-To Liverpool
13,096
-Editor, 442
To Manchester-Oct. 15
442
-AmerTo Copenhagen-Oct. 15-sturebolm, 500--_Oct. 18
ica. 1.000
1,500
ToGothenburg-Oct. 15-Stureholm, 556
556
To Warburg-Oct. 15-Stureholm, 5•11-- -Oct. 18
-America,
200
700
To Oslo
-Oct. 15-Stureholm, 100___Oct. 18
-America, 100.
200
ToRotterdam-Oct. 15-Saguache, 1,679.-_Oct. 19-Beemsterdijk, 2,172
3,851
To Havre-Oct. 16-Cliftwood, 10,966
10.966
To Antwerp--Oct. 16-Cllftwood, 50
50
To Ghent-Oct. 16-Cllftwood,682
682
To Genoa-Oct. 15-Jolee, 5,568
5.568
To Bremen-Oct. 16-Sapinera, 11,255-- _Oct. 20-Holger,
7,372
18.627
-America,200
To Vejle-Oct. 18
200
To Drammen-Oct. 18
-America. 54
54
GALVESTON-To Liverpool-Oct. 15-Inventor, 9.978; Steadfast. 16,870; Minnie de Larrinaga, 7,209- - _Oct. 16-Editor,
2,634
36,691
-Inventor, 191; Steadfast, 2,158;
To Manchester-Oct. 15
Minnie de Larrinaga, 4.333_ Oct. 16
-Editor, 181
6.863
To Havre--Oct. 15-boors. 5.690; West Munham, 13.700;
Wulsty Castle. 2.294
21,684
To Antwerp-Oct. 15-Wulsty Castle, 2,834; West Munham,
300
3.134
-Oct. 15-Wulsty Castle. 450; West Munham. 2,075 2.525
To Ghent
-West Hematite, 11,121; Megna, 8,063;
To Bremen-Oct. 15
Oct. 14
-St.Oswald,5.550
24,734
-West Hematite,600
To Hamburg-Oct. 15
600
To Rotterdam-Oct. 15-Saguache, 2,721
2.721
To Venice-Oct. 14-0akman, 2,900
2.900
To Trieste-Oct. 14-0akman,490
490
To Genoa-Oct. 15-Jolee,5,008; Nicolo Odero,4,898
9,906
To Japan-Oct. 14-Tozama Maru,8.870
8,870
-Oct. 16-Stureholm, 100
To Oslo
100
To Gothenburg-Oct. 16-Stureholm, 1,300
1,300
To Copenhagen-Oct. 16-Stureholm,650
650
-To Liverpool-Oct. 19
NORFOLK
-Kearney.2,884
2,884
-Balsam, 1.625
To Manchester-Oct. 19
1.625
6,187
To Bremen-Oct. 20-Hanover, 6.187
652
To Rotterdam--Oct. 21-Voschdijk, 652
SAVANNAH To Liverpool-Oct. 15
-Liberty Glo, 4.675-__Oct.
19-ShickshinnY,11.009
15,684
-Liberty Glo, 6,035-__Oct. 19To Manchester-Oct. 15
Shickshinny,4,050
10,085
To Bremen-Oct. 15-Dendera, 14,216; Oakpark, 2,953; Lek29,338
haven, 12.169
-Oct. 15-0akpark. 150
150
To Hamburg
300
To Rotterdam-Oct. 15-0akpark, 300
200
To Antwerp-Oct. 15-0akpark. 200
-Oct. 15-0akpark, 50
50
To Ghent
3,400
To Japan-Oct. 18--SUver Pine, 2,800; Fugi Maru,600
-Oct. 18-Fugi Maru, 1,400
1,400
To China
-Steel Trader, 6,000
-To Japan-Oct. 20
CHARLESTON
6,000
8,005
To Bremen-Oct.21-Jobshaven,8.005
•
6,588
-To Liverpool-Oct. 14-Afoundrla, 6,588
MOBILE
1,450
To Manchester-Oct. 14-Afoundria, 1,450
7,253
To Bremen-Oct. 15-Antinous, 7.253
-Selma City, 2,500
2,500
To Japan-Oct. 16
SAN PEDRO-To Liverpool-Oct. 17-Eurana, 843......Oct. 191,699
Lochgoll. 856
450
-La Marsefflaise, 450
-Oct.19
To Havre
-To Japan-Oct.15-Shinyo Marti,2,924;PresSAN FRANCISCO
6.715
ident Pierce, 3,791
300
To China-Oct. 15-Shinyo Maru, 300
-Minnie de Larrinaga,502502
-To Liverpool-Oct.14
TEXAS CITY
1,436
To Manchester-Oct. 14-Minnie
PORT TOWNSEND-To Japan-Oct. 9-Agato
11,849
11-Yuri Maru. 100; Alabama Maru, 6,275
300
PENSACOLA-To Barcelona-Oct. 21-Pruso, 300
(Vol,. 126.
Mon.
Sat.
Oct. 16
to
Oct. 22.
I
121411234 1234 4:06
P. m •P• m• p. m p.
October
November -------December
January
February
March
April
May
June
July
August
September_
October (1927)
d.
7.04
7.10
7.13
7.18
7.19
7.25
7.27
7.33
7.33
7.35
7.37
7.37
7.38
d.
6.84
6.88
6.90
6.96
6.98
7.05
7.07
7.13
7.14
7.18
7.20
7.21
7.23
Tues. I
1234i
6.76, 6.79
6.81 6.82
6.83 6.85
6.88 6.90
6.90 6.92
6.97 6.99
6.99 7.01
7.05 7.07
7.06 7.08
7.10, 7.12
7.12, 7.14
7.141 7.16
7.17 7.19
Wed.
Thurs,
Fri.
4:001, 124 4:00 1234 4:00, 12)4 4:00
m.p. m.p.m.p.m.p.
m•P• m•
6.83
6.87
6.89
6.94
6.96
7.03
7.05
7.12
7.14
7.17
7.19
7.21
7.24
6.73
6.75
6.77
6.83
6.85
6.93
6.95
7.02
7.04
7.06
7.08
7.11
7.14
d.
5.78
6.80
6.82
6.88
6.89
6.96
6.98
7.05
7.07
7.10
7.12
7.14
7.17
d.
6.68
6.70
6.73
6.79
6.81
6.88
6.90
6.97
6.98
7.02
7.04
7.07
7.10
d.
6.64
6.66
6.70
6.75
6.75
6.84,
6.86
6.93
6.9A
6.99
7.01
7.04
7.07
d.
6.55
8.57
6.62
6.68
5.70
6.77
6.79
6.86
6.88
6.93
6.96
6.9
7.02
d.
6.52
6.56
6.61.
6.67
6.69
6.75
6.77
6.84
6.86
6.91
1.94
5.97
7.01
BREADSTUFFS
Friday Night, Oct. 22 1928.
Flour has remained as it has for months past, to go no
further back, so far as trade is concerned. It has been
emphatically of the hand-to-mouth order. Nothing lifts it
out of that rut. Buyers intimate that they are watching an
uncertain wheat market. It really seems to matter very
little whether wheat declines or advances. The attitude of
the flour buyer does not in any case change much, if at all.
Buying for prompt or near future delivery continues to be
the rule. Mills at the Northwest and the Southwest complain of tardy shipping directions and of small forward
sales, The export demand later In the week was poor,
partly owing to a rise in ocean freights. This is a rather
formidable obstacle to foreign trading, due to the scarcity
of tonnage arising from the necessities of the British coal
trade, following the prolonged coal strike.
Wheat advanced despite ocean freights. For Liverpool
was sharply higher, export demand persisted, the United
States visible supply fell off 1,429,000 bushels last week and
the French import duty was reduced 6%c. per bushel. Winnipeg on the 19th advanced 3 to 4%c., with the weather
worse in Canada. Bull speculation was more active. A
better export demand is exppcted for both American and
Canadian wheat. It is a shorter trip from North America
to Europe than from countries south of the Equator; that
is from the Southern Hemisphere and the Far East. The
export business has been limited only by the available supply of ocean freight room. The British coal strike persists.
The imperative need of ocean shipping In the importation
of coal into Great Britain therefore continues. It makes
for scarcity of such shipping in the grain, cotton and other
trades. It is a strange, yet after all perfectly natural development, considering the prolonged nature of the coal
strike. Meanwhile there are fears of frost damage in
Argentina. The decrease in the French duty is a partial
offset to the high freights. It also seems to show that
France needs wheat more than usual. Indeed, the weekly
shipments from North America of about 11,000,000 bushels
strengthens the impression that Europe as a whole requires a good deal of wheat from this side of the water, the
nearest market.
Chicago was % to lc. higher early on the 19th inst. Winnipeg cars were 2,507, of which 1,398 graded below No. 4,
indicating the movement of much poor quality wheat. • Later
wheat was inclined to advance in response to higher prices
in Liverpool, but it met with an unusual check. Ocean
Maru, 5,474
freights are scarce and rising, owing to the big demands
Oct.
upon ocean tonnage by the British coal trade, due to the
prolonged coal strike in Great Britain. It was a bar to any
358,689 large export business in wheat this
Total
week. Storage rates,
high. On the 20th inst. there were export
LIVERPOOL.
-By cable from Liverpool we have the fol- too, are very bushels.
The European crop is supposed to
lowing statement of the week's sales,stocks, &c.,at that port. sales of 400,000
Oct. 8. Oct. 15. Oct. 22. be 10% short of last year's. This condition is aggravated
Oct. 1.
43.000
52.000 by the ocean freight -trouble. On the declines there has
47,000
Sales of the week
37,000
22,000
30,000 been
27.000
Of which American
18,000
quite a good, demand from those who are inclined to
5.000
3.000
7,000
Actual exports
3.000
56,000
69,000 take the bull side. Argentina reported further frost. Win43,000
Forwarded
46,000
Total stocks
765.000 754,000 778.000 768,000 nipeg, after weakening, became stronger. More than
50%
Of which American
362.000 357,000 380.000 380,000
8.3,000
67,000 of the receipts at Winnipeg are said to be grading tough.
Total imports
39,000
46,000
44.000 Receipts at Winnipeg have been exceeding
59,000
25.000
Of which American
28.000
those of last year.
Amount afloat
233,000 305.000 306,000 360.000
Of which American
149,000 219,000 221,000 289.000 Scarcity of ocean tonnage and prohibitive freight rates, as
OCT. 23 1926.]
•
CHRONICLE
the result of the British coal strike, restricted export business. England's coal strike, if it continues much longer,
will, it is feared, result in heavy accumulation of supplies
in Canada, and lower prices. Seeding of the new crop of
winter wheat is making fair progress, except in the States
east of the Missouri River, where rains have delayed it.
One wire said: "The spread between Liverpool on the one
hand and Chicago and Winnipeg on the other steadily
widens out, showing that this is due almost entirely to.the
advance in ocean freights. It is only necessary to point out
that even to-day, as cheap as wheat is, No. 3 Northern
Manitoba is too high for delivery purposes on Liverpool
December options." On the 21st inst. prices fell. They
followed Winnipeg. Selling increased. Yet Liverpool ran
up sharply. But freights are scarce. From Montreal to
Hull for the first half of November they are about 43c.
That sounds incredible. It is the simple fact. Bear sentiment is spreading. Liverpool rises owing to rising freights.
Black Sea exports for the week were estimated at 2,243,000
bushels of wheat, including 1,200,000 bushels from Russia.
Winnipeg had big receipts, I. e. 2,568 cars. Little of it is
contract grade. In fact, the percentage is the smallest this
season. That is bearish; it is still largely tough wheat.
To-day New York closed 3c. higher, with Chicago up 2%
to 2%c., Minneapolis 2%c. and Winnipeg 3% to 3 c. The
/
1
2
opening, it is true, was at some decline, owing to lower
cables, dulness of export trade at that time, and better
weather in Argentina. But later it was another story.
Offerings fell off. The technical position proved to be
strong. The market looked oversold. Export demand increased. Sales were reported of 500,000 bushels. The outstanding factor, however, was the rise in Winnipeg of
nearly 4c. at one time. It was feared that a Canadian crop
report would be bullish. The Continent wanted wheat.
World exports this week seemeil to be about 12,000,000 bushels. Leading commission houses were large buyers this
afternoon. Shorts covered freely. Towards the end there
was profit taking. That caused some reaction. Exporters
In some cases are talking bullish. Final prices show a rise
for the week of 5% to 5%c.
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
cts-145% 146% 14834 1483 1475j 1503
May
149% 150% 152X 152% 1513 154X
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
Sat. Mon. Tues. Wed. Thurs.
December
cts_146
148
151% 152X 150X 154
May
146% 147X 150
150% 15034 153%
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_151% 152% 154% 155
153% 15634
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_141
141X 1433 143% 142X 145%
May delivery in elevator
145
145X 1473.g 147% 146X 149X
DAILY CLOSING PRICES OF WHEAT FUTURES IN W.NNIPEG.
Sat. Mon. Tues. Wed. Thurs.
October delivery in elevator_ __cts_140% 142% 146% 146X 146X, 1503i
December delivery in elevator
136% 138% 141% 14134 141% 1443
May delivery in elevator
1403 14234 1443-i 144% 144% 148%
2159
supply decreased last week 266,000 bushels, against a decrease in the same week last year of 367,000. The total is
now 47,722,000 bushels, against 64,960 a year ago. Later
in the week the market lacked snap. At times it rallied a
little, only to sag. The drift was downward. The weather
in the main was favorable. And when other grain
dropped there was nothing but for oats to follow the general trend. Investment buying was recently a feature. The
Government report, increasing the crop 18,000,000 bushels,
surprised the trade. Good oats have recently been reported
scarce, and the premium on No. 2 white advanced at one
time 5c. over December.
. To-day prices closed % to %c. higher. The rise in other
grain had the usual stimulating effect. Commission houses,
moreover, bought more freely. Covering was more general. The speculation was larger. Latterly the crop -news
has been rather unfavorable. This has attracted some attention. Speculation for long account has increased somewhat. Cash receipts were only fair. The cash demand was
pretty good.. Final prices show a rise for the week of %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 54
54
54
54
54
54X
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon, Tues, Wed. Thurs. Fri.
December delivery in elevator_cts_ 43r4 44
44% 43% 43% 44%
May delivery in elevator
48
48 X 48X 47X 47% 48%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery in elevator___cts_ 57
58
60% 60X 59% 603(
December delivery in elevator
52% 5334 54% 54% 53% 55%
May delivery in elevator
55'4 55'4 56'4 56
55% 5734
Rye advanced under the stimulus of higher prices for
other grain and some demand to cover. The United States
visible supply increased last week 351,000 bushels, against
a decrease in the same week last year of 85,000 bushels.
The total now is 12,079,000 bushels, against 9,307,000 a year
ago. Small sales to Norway are not enough to wake up the
market. It follows wheat in the meantime. Later on,
prices reacted with other grain, although at one time an upward turn was noticeable. But rye is a mere echo of other
grain markets. It has developed no individual features.
The great trouble is that there is a lack of much-needed foreign demand. It is hampered now by the scarcity and dearness of ocean freight room, even if there was any particular demand from foreign markets, which there is not.
To-day prices ended 21
/gc. higher in response to a sharp
advance in wheat. The ending was very firm. Buying
was more active and more general Added to this was considerable covering. Hedge selling was smaller. It is true
the export demand was still lacking. Ocean freights are
still very high. Commisison houses took profits in some
cases and bought for new long account in others. Final
prices show a rise for the week of 3%c. to 4c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 99X 100% 101X 101% 1003j 102%
May delivery in elevator
107% 107
109%
106
107
108
Closing quotations were as follows.
Indian corn advanced on unfavorable crop reports and
GRAIN.
covering of shorts. Some buying for long account helped.
Oats, New York—
York—
Husking returns are said to be bad from some parts of the Wheat, Newf o.b. new
1 566
No. 2 white
No. 2 red
54%
belt, notably Iowa. The rise in wheat also gave an upward
No. 1 Northern
No.3 white
1 65%
53
No. 2 hard winter, f.o.b.„1 6(.1% Rye, New York—
Impetus to corn prices. The United States visible supply Corn, New York—
No. 2 f.o.b
111%
decreased•last week 160,000 bushels, against 442,000 in the
Barley, New York—
No. 2 yellow (new) N. Y___ 96
No. 3 yellow (new)
Malting
82@84
944
same week last year. Chicago wired: "The bulk of the
FLOUR.
crop is out of danger from frost. Mould has lowered the
26 10226 35
$7 50 $8 00 Rye flour patents
quality in northern areas. The country has sold cash corn. Spring patents
Clears. first spring
710 7 40 Semolina No.2.lb
The roads are in better shape and receipts are expected to Soft winter straights
6 40 6 75 Oats goods
280@ 285
235@ 245
Increase materially. Lack of sharp shipping demand for Hard winter straights__ 7 45@ 7 7a Corn flour
Hard winter patents__ 7 75
8 25 Barley goods—
cash corn and the large supplies of old corn at all terminal Hard winter clears
Coarse
6 25@ 7 00
3 75
markets militate against a sustained advances" Later corn Fancy Minn. patents.._ 9 20©1O 05 Fancy pearl Nos. 2.3
City mills
and 4
700
9 25@ 9 951
Was firmer for a time on rains in the eastern belt. They
For other tables usually given here, see page 2106.
might cut down the receipts. But on the same day prices
eased in subsequent trading. Liquidation cut in. Also,
WEATHER BULLETIN FOR THE WEEK ENDED
there was selling against larger country offerings. Profit OCT. 19.—The general summary of the weather bulletin
taking was on a large scale. The weather in the main issued by the Department of Agriculture, indicating the
turned out to be favorable. The Government weekly report influence of the weather for the week ended Oct. 19, follows:
leaned that way.
Temperature changes during the week were rather marked in the Northwestern States, and there were considerable variations in north-central
To-day prices ended 2c. higher. At one time the rise was and
northeastern districts, but otherwise changes were unimportant. In
something more than that. The early business, it is true, the South readings were persistently above normal and they were also
above during much
sections
practically
was at a decline of Y
4c. From the low, however, there was country, except fromof the period in eastward. all other the week of the
cooler
the Lake region
Early in
an advance of 2% to 21%c. Selling pressure fell off under weather overspread the Central-Northern States, but by the 17th it had
the influence of a stronger market for wheat, but more again become unseasonably warm in the Northwest, which was followed
cooler
close of
particularly because of a widening out of speculation, as byChart Inear thethat the the period. .
shows
weekly mean temperatures were below normal
the bull side became more popular, under the stimulus of from the Central-Northern States and upper Mississippi Valley eastward,
with
deg. to 4 deg. In all
disappointing husking returns. Complaints about the crop otherthe minus departures ranging mostly from 2and markedly so in the
districts the week was warmer than normal,
from different parts of the belt. The cash demand South and throughout the western half of the country. In much of the
come
Gulf area the
ranged from
to 9
departures
was fair. Country purchases to arrive were estimated at and over mostplusthe 'Westernfrom normal 6 deg. to as 6 deg.as 11 deg..
much
deg.
of
States from
200,000 bushels. The ending was very firm. Naturally, the Freezing weather was again confined to the extreme North and the higher
western districts, notwithstanding the fact that in an average year freezing
technical position suffered somewhat from the heavy cov- has extended southward by this date to western North Carolina, east,
ering of shorts. But the undertone was more confident on central Tennessee. northern Arkansas and northwestern Texas.
Cyclonic disturbances were rather active over the northern half of the
the bull side. Final prices show a rise for the week of 1% country, but the storm paths were well north, and most of the rainfall of
the week was confined to that section. Showers were rather general in
to 1%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ 92% 93% 943 94% 94% 96
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts. 75' 76( 7734 76% 76X 73X
delivery in elevator
83X 84% 84% 8434 83X 85%
May
Oats advanced with the help of the rise in other grain.
Shorts covered to some extent, as corn husking reports ill
some cases were unsatisfactory. The United States visible
the Southwest, however, about the middle of the week, with heavy local
rains in the Rio Grande Valley, while most of the Atlantic Coast area had
precipitation the latter part of the period.
Chart II shows the geographic distribution and totals of precipitation
for the week. It indicates that the amounts were moderately heavy to
excessive in parts of Texas, moderate in most sections east of the Appalachian Mountains and the Lake region, and rather heavy in north Pacific
districts. Elsewhere rainfall was generally light, with practically no
precipitation in central and southern sections from the Plains States westward and in the lower Missouri and upper Mississippi valleys.
Except in parts of the Northeast, the sunshiny, generally dry, and
moderately warm weather of the week was decidedly favorable for farm
operations and for drying out crops over a large area from the lower
2160
THE CHRONICLE
Missouri Valley and Central-Northern States eastward. The dry weather
was especially favorable in the central portions of the corn and winter
wheat belts as it dried corn rapidly and permitted good progress in seeding.
In Ohio, Michigan, Pennsylvania, New York, and New England, however, sunshine was deficient, and the soil continued too wet for much work,
while fall crops matured slowly. Tender vegetation was nipped by frost
In a few northeastern localities, but, in general, no material harm from
this cause occurred. Killing frost is later than usual over most of the
interior valley sections.
In the Middle Atlantic States, and generally in the South,
northwestern cotton belt, the week was unusually favorable for excerpt the
field work
and good progress was made in harvesting operations, but some localities
continued too dry for growth of minor fall crops and fall pastures. eslly In the south Atlantic area. In Texas good rains improved pas
cereals and minor fall crops. In the southern Great Plains, principally in Oklahoma, conditions continued unfavorable during most
of
the week because of too much rainy and cloudy weather, or wet soil from
preceding heavy rainfall, while but little seeding could be accomplished
ing
stern Kansas. Elsewhere in the Great Plains, conditions
cellent, except for continued drought in the west-central portion. were exSMALL (,RAINS.—In parts of the Middle Atlantic area and extreme
upper Ohio Valley districts, wet soil delayed the completion of wheat
seeding, but in the central valley States, where conditions had previously
been very adverse for field work, the warm, dry weather was
favorable and seeding made good progress quite generally. In much more
,
the Southwest, however, particularly in Oklahoma and eastern
further delay in seeding because of wet soil, but the Kansas, there was
latter part of the
week was dry and more favorable. Much wheat is yet unsown in
Oklahoma,and considerable remains to be seeded in some central valley districts.
In the central portion of Kansas sowing has been practically completed
under favorable conditions and the crop is good to excellent, but in the
western part of that State, as well as in southwestern Nebrsaka and eastern Colorado, unfavorable drought continued. In other portions of the
Great Plains, and in the Northwest, conditions were favorable, except
that more moisture was needed in parts of Utah and eastern Oregon.
Wet weather in the southern Plains was unfavorable for grain sorghums. Conditions were favorable for rice harvesting and threshing in
.Arkansas and this work is nearly completed in Texas. but was some'That
delayed by rain in Louisiana: rains last week caused some delay in harvest in California. Flax threshing made good progress in the northern
Great Plains under favorable weather conditions.
CORN.—The drying of corn and the harvest of the crop were favored by
the weather of the week in practically all parts of the Corn Belt, although
,
It was still too cloudy and damp in Ohio, Pennsylvania. and a few other
local areas. It was especially favorable in the lower Ohio and central
and upper Mississippi Valley States where practically no rain fell during
the week. The crop is now mostly safe from further frost damage, the
lateness of frost in the Ohio Valley States being very favorable. Corn
dried slowly in eastern Kansas. and there was syme deterioration because
of wet weather to that in shock in Oklahoma.
COTTON.—In the northwestern Cotton Belt, especially in Oklahoma,
harvest of the crop was again suspended until near the close of the week
because of wet weather, and there was some interruption to picking by
rain in Texas and Arkansas. Elsewhere the generally dry and warm
weather favored field work and harvest made good progress. Picking Is
well advanced in the northeastern portion of the belt, and is practically
completed in many southern districts. Some river bottom cotton in Arkansas has been destroyed by overflow; and there was a general deterioration in
Oklahoma, especially in grade, where bolls were opening very slowly and
picking and ginning made but little progress. In Texas the condition and
progress of the crop continued spotted, but was mostly fair; insects are
ess active, and rapid opening of bolls was somewhat checked by the rain.
n
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Weather generally favorable for fall work, which
is well advanced. Wheat seeding well along. Tobacco mostly harvested
and curing well. Cotton harvest delayed by rain. Peanuts good, but late.
Gathering apples well along and late corn being cut.
North Carolina.—Raleigh: Warm and dry,except some scattered showers,
favorable for harvesting and other farm work, except soil preparation
Progress of cotton fair to very good; picking early well advanced, but much
late to open and pick. Rain much needed for fall crops, pastures, and to
replenish water supply.
South Carolina.—Columbia: Cotton picking in full sway and about half
completed, but ginning continues backward; late crop in Piedmont operiing
rather slowly. Sweet potatoes fair and about matured. Winter cereals
and oats being sown and a few good stands secured, but generally too dry.
• Georgia.—Atlanta: Few scattered showers, mostly in northeast; week
generally decidedly favorable for harvesting, which progressed nicely.
Cotton opening rapidly in north and there are many late bolls which will
open with continued good weather; picking advanced considerably, but much
low-grade cotton not picked. Harvesting corn, potatoes, peanuts, and hay
nearing completion. Seeding wheat and oats backward.
Florida.—Jacksonville: Warm, sunshiny weather, ideal for harvesting
peanuts, hay, and sweet potatoes. Moderate rains in central and north
on 16th improved uplands, which were a little dry for cane, seed beds,
truck, strawberries. oats, and rye. Citrus, including satsumas in west,
mostly good; coloring more rapidly.
Alabama—Montgomery: Showers first day; dry remainder; averaged
warm. Wet soil delayed farm work at beginning. Corn and sweet potatoes mostly fair to good condition. Sowing oats progressing in south and
central. Truck, pastures, and minor crops mostly fair to good condition.
Condition of cotton mostly fair to good; picking progressing rather slowly.
except good progress in more northern counties and practically finished
in many areas of south and central.
Mississippi.—Vicksburg: Mostly dry, but scattered showers Friday
and Saturday. Progress of cotton picking and ginning generally fair
with picking nearing completion in extreme south. Progress in housing
corn poor to fair. Progress of pastures mostly poor.
Louisiana.—New Orleans: Mostly very favorable for fall work. Cotton picking made very good advance and practically completed in- south;
well advanced in north; some low grade abandoned; weevil still numerous in green fields in north. Corn mostly mature, but much still to be
gathered. Rice harvesting somewhat delayed. Cane making only fair
Propess; prospects very poor.
7exas.—Houston: Warm, with good rains over interior, improved pastures, truck, stock-water supply, and winter grain germination. Earlysown wheat up to good stand. Corn largely harvested. Rice harvesting
and threshing nearing completion on coast. Commercial trucking extreme south needs more rain. Condition and progress of cotton continued
spotted; mostly fair; insects less active; opening and picking slowed down
,
account rains; labor scarce and moving to northern districts.
Oklahoma.—Oklahoma City: Field work suspended until near close of
week account cloudy, wet weather and wet, muddy fields. Further deterioration of cotton, especially in grade of lint, reported quite generally;
bolls opening, but very slow progress in picking and ginning account wet.
boggy fields. Further deterioration of corn and grain sorghums in field
and shock account dampness; some rotting. Early-planted wheat good
to excellent.
Arkansas.—Little Rock: Cotton made very good advance due to little
or no rain, except picking delayed first of week by cloudy, damp weather;
crop on low, river bottoms destroyed by overflow. Nearly all corn out
of way of frost. Favorable for threshing rice and harvesting late crop.
Tennessee.—Nashville: Dry, with moderate temperatures, hastened curing corn, most of which is harvested and condition excellent. Progress
in picking and ginning cotton excellent, and while some damage from
worms locally, crop better than first expected. Condition of ground excellent for fall plowing and seeding.
'Kentucky.—Louisville: Dry, with moderate temperatures. Good progress in sowing wheat latter half; nearing completion in southwest and
well started in north: first sown up and growing rapidly. Condition of
corn in shock and tobacco in barns much better; remaining late tobacco
cut and housed.
THE DRY GOODS TRADE.
Friday Night, Oct. 22 1926.
Demand in the markets for textiles mnintained sati.sfactory proportions during the past week, and the future was
regarded optimistically. This was especially true of the
For.. 123.
cotton, silk, rayon, woolen and floor covering divisions. In
regard to the latter, after the recent success of the Alexander Smith & Sons Carpet Co. auction, buyers have had time
to collect their bearings and business has been making satisfactory headway. The popular trend is decidedly toward
the higher qualities of merchandise, as is evidenced by the
fact that these have been enjoying the best business. Many
road salesmen have left on their first trip for the spring
season and shortly every producer will have representatives
out. Various manufacturers have been already doing a fair
business at higher levels on some of their numbers. Although competition for business is keen, it is believed that
there will be enough orders to keep everyone busy. Additional credence was accorded this theory by the fact that
available stocks in both producers' and consumers' hands
are unusually low. As to silks, despite a decline in prices
for the raw product, which is down about 5% from the high,
business has continued of fair proportions. Advance business on the new spring lines, which have been opening from
day to day, has been slowly broadening. At the same time
re-orders from retailers for quick delivery have been unusually large. A number of manufacturers were quick to
take advantage of the fashion value of the visit of the Queen
of Rumania and have offered new fabrics and costumes of
Rumanian inspiration. These have been so favorably received that there is now talk of a "Rumanian vogue." This
has been likened to a craze current a few years ago for
things of Egyptian motif when King Tutankh-Amen's tomb
was discovered.
DOMESTIC COTTON GOODS.—While markets for domestic cotton goods have continued relatively active, prices
have been somewhat irregular. One of the most encouraging
factors was the maintenance of previous prices on percales
and other printed goods. Sales of these cloths have been
satisfactory. Buyers operated much the same as they did
before the price announcement, and it was pointed out that
they would not have purchased more had the price basis
been reduced, thus putting mills in a position where they
would operate at a loss. As a result of this action taken by
the large corporation printers, a steadier tendency was
noticeable in some of the other good, as for instance, colored
cottons and many of the wash goods. On the other hand,
there was a downward revision on some of the bleached
cottons, dyed cottons and one or two specialties in yarn
dyed cottons. These were the direct result of accumulated
revisions made on gray cloths some time ago. However,
manufacturers did not view the revisions seriously, although
buyers were inclined to accord them more or less consideration. Raw cotton has continued its decline to the lowest point in years. Whereas previously any break in prices
for the latter has been a signal for buyers to withhold commitments, now purchasers are not inclined to take any
chances in contracting ahead. In fact, some of the manufacturers of heavy goods have been contracting into next
year. During the week quite a number of manufacturers
were in the market to attend the meetings of the American
Cotton Manufacturers Association and the organization
meeting of the Cotton Textile Institute. These visitors were
optimistic as to the future, and while they expect to witness
a continuation of unsettled conditions for some time, they
do not believe that it will be long before it is generally recognized that cotton has reached the low point. They are
counting much upon low prices stimulating increased consumption. Print cloths, 28-inch, 64 x 64's construction, are
quoted at 5%c., and 27-inch, 64 x 60's, at 41f3c. Gray goods
in the 39-inch, 68 x 72's construction, are quoted at 7%c., and
-inch, 80 x 80's, at 91 ac.
39
/
WOOLEN GOODS.—The outlook for the coming spring
season in the markets for woolens and worsteds is considered very promising, as the majority of mills have been
steadily booking orders for goods. Both the women's and
men's wear divisions have been showing steady improvement. Spring cloths for the latter are being displayed in
fabrics more highly styled and colored than has been the
case for more than two years past. However, business for
immediate shipment and re-orders, especially for overcoatings, has continued so active that some mills have delayed
their openings. After a long period of hand-to-mouth buying tactics, buyers have been recently placing orders for
larger amounts and for deferred delivery. It is now believed
that the garment strike among the New York garment workers is breaking up and will be amicably settled shortly.
FOREIGN DRY GOODS.—Business in the linen markets
has maintained satisfactory proportions. In fact, the demand has been somewhat better owing to the increased
arrangements under way for the forthcoming holiday trade.
In order to provide some incentive to the latter, importers
have been offering their best fancies. The demand for these
novelties has been as keen as ever, which has been a feature
in the situation. Dress linens have been doing better, with
buyers following up their initial orders with requests for
further merchandise. Suitings and knicker linens have been
developing their spring markets gradually, and thus far give
promise of a more than fair season. There has been a steady
inquiry for household goods. Burlaps have again lapsed
into inactivity with prices tending somewhat lower. Light
weights are quoted at 7.30c., and heavies at 9.30c.
OCT. 23 1926.]
THE CHRONICLE
ftatt and Tity Mevartuunt
NEWS ITEMS.
California (State of).—Special Session of the Legislature
Called by Governor.—A special session of the California, Legislature, to convene at 10 a. m.Oct. 22, was called by Governor
Friend W. Richardson for the purpose of ratifying the six
State Colorado River compact. We quote Governor Richardson's extra session call below from the San Francisco
"Chronicle" of Oct. 13.
,2161
further additions may be made to the budget, but the
estimated costs of running the city for 1927 may beldecreased up to Oct. 31, when the budget must be passed
on and adopted by the Board of Estimate and the Board'of
Aldermen. The main items which served to increase the
first estimate of the budget by the Board of Estimate by
$15,215,558 09 were: $7,000,000 for repaving all boroughs,
$5,000,000 Board of Transpartation, salaries and expenses,
and $1,854,600 to Police Department for 1,000 additional
patrolmen, four inspectors and 20 lieutenants.
Texas (State of).—Governor Signs First of Bond Validation
Measures—Effective at Once.—On Thursday, Oct. 14, Gov.
Miriam A. Ferguson signed the first of the bond validation
bills passed by the Legislature and they become effective
at once. The most important measure signed was that
validating bonds authorized but not issued or sold. Several
counties voted road bonds and failed to sell them previous
to the decision handed down by the Supreme Court in the
"Archer County Road District Case" and which effected
all road bonds of the State of Texas. We quote the following
from the Dallas "News" of Oct. 14 with regard to bills signed
validating bonds of certain counties and also the provisions
of the general bond validation Act, which validates the
authorized but unsold road bonds:
Owing to the need for immediate action upon Colorado River legislation by Congress upon it convening in December. I have decided to call
a special sessuion of the California Legislature to ratify the six-State
Colorad River compact. To delay action further is to jeopardize the
whole plan and continue the flood menace to the Imperial Valley. The
State engineer, under my direction. is co-operating with the California
Development Board to prepare data showing the flood menace.
The six-State pact, which contains all of the provisions of the original
seven State compact, agreed upon at Santa Fe, N. M.. by commissioners
from the seven States and Secretary of Commerce Herbert Hoover, has
been unconditionally ratified by the States of New Mexico. Nevada,Wyoming, Utah and Colorado. The seven-State pact was ratified unconditionally
by the Legislatures of all the foregoing States and by the California Legislature in 1923, Arizona alone declining to ratify. The six-State compact
was drawn for the purpose of enabling the Federal Government to proceed
without delay to erect structures in the Colorado River designed to protect
Imperial and Palo Verde Valleys from the great danger of flood, to assure
an adequate and a regulated supply of water for Imperial and other valleys.
to provide additional water for Arizona lands, to pirovide additional domestic
The Governor signed the bill validating the bonds of Anderson County
water for the cities of Southern California and to develop hydro-electric Road District No. 8, which includes $1,500,000, of which $1,000,000
power.
had been issued and sold and $500,000 remain unsold. The general
and the special Act now validates the latter and authorizes their sale.
Approval Was Blocked.
Cochran County Special Road bonds amounting to $300,000 were
Reservations and limitations written into the six-State compact by the
California Legislature in 1925 proved unacceptable to the five other States. validated in a bill signed Thursday: also the Tom Green County Road
and unfortunately, blocked all opportunity for action at the last session of bonds, which had not been sold. Another bill signed also authorized
Congress. The action of the California Legislature was practically a nulli- Wise County to fund or refund its outstanding road bonds and warrants
fication and was taken against my advice and despite the protest a the five at a lower rate of interest, as well as validated them.
governors of the ratifying States. of Mark L. Requa, personally representing
Applies to Several Large Issues.
Secretary Hoover: of the late W. F. McClure. Btate Engineer: of the late
The general Act, which validates the authorized but unsold road bonds,
R. T. McKissick. deputy attorney-general, and of others possessing knowl13 regarded as the most important and applies to several large issues as
edge of the situation.
The short session of Congress will begin in the first week of December. well as to some of the smaller counties. Its exact provisions are as follows.
"That all bands heretofore voted and authorized by any political sub....There will be a general rush to obtain favorable action on numerous proproposals, among them the Colorado River program outlined by Secre- division, or by any road bond district, in accordance with the provisions
taries Hoover and Work and embodied in the amended and rewritten and requirements of Section 52 of Art. 3 of the Texas Constitution, and
which bonds have not yet been issued and sold, are hereby validated.
Swing-Johnson bill.
and the Commissioners Court of the county including such political
Vote is Needed.
subdivision or road district shall have the power, and is hereby expressly
This measure contains a provision requiring unconditional ratification
of a river compact by at least six States, including California. before any authorized to make and enter any and all orders and provisions necessary
appropriation may be made or any work undertaken for Colorado River for the purpose of issuing and selling the bonds so authorized to be issued
by
control and development. California must ratify the compact before and the qualified electors of such political subdivision or road district,
such Court
Congress meets or no action can be expected. The cost of a specailsession and ad valorem is hereby further expressly authorized to levy general
taxes on all taxable property situated in such political
is a small sum compared to what is at stake.
or road district as such taxable property appears upon the
The States of the upper basin of the Colorado River are not to be cen- subdivision rolls
assessment
for the State and County taxes, in amount sufficient
sured for insisting upon adequate protection of their rights, and there is no to pay the interest
on such bonds and the .prnicipal thereof at maturity,
disposition on my part to criticize Arizona or any other State for demanding
such bonds,
every legitimate safeguard for its own interest. It is my earnest wish that and Comptroller when approved by the Attorney-General, registered by
the
and delivered, shall be the general direct and bindini
some agreement may soon be reached between Arizona and the other inter- obligations of such
political subdivision or road district issuing the same.'
ested States that will enable Arizona to join with the others in proceeding
Governor Ferguson also signed Senate Bill No. 315 creating the Dallas
without further delay with this constructive undertaking.
County Fresh Water Supply District No. 7, validating $85,000 of its
bonds and approving the orders of the Commissioners' Court in all things
Danger of Flood.
There is, however, a vital need for action that will lead without delay pertaining to the creation of this district.
to protection of the lives and property of the men and women of Imperial
Valley. The danger of flood, constant and increasing, must be eliminated
If this productive region is not to be inundated and destroyed. The schemes
of petty politicians who thrive on water agitation, should be swept aside
and Colorado River development placed on a non-political basis.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
Chemnitz, Germany.—$2,000,000 Treasury Gold Notes
Floated.—Blair & Co., Inc. of New York offered and sold
on Thursday, Oct. 21, $2,000,000 53/2% one-year treasury
gold notes of the City of Chemnitz, Germany, at 99.50 and
accrued interest to yield 6%. Date Nov. 1 1926. Denom.
$25,000, $10,000, $5,000 and $1,000. Prin. and semiannual in M.& N. payable in U. S. gold coin of or equal
to the present standard of weight and fineness in New York
City without deduction for any taxes, present or future, of
the German Government, the Saxon State or the City.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions" on a
preceding page.
• Chile (Republic of).
---$42,600,000 Externa lBonds Floated
in United States.—On Monday, Oct. 18, a syndicate headed
by Hallgarten & Co.of New York, offered and quickly sold
(the issue being oversubscribed) $42,500,000 6% external
sinking fund gold bonds of the Republic of Chile at 93.25
and accrued int., to yield about 6.50%. Date Oct. 1 1926.
Coupon bonds in denom. of $1,000 and $500, registerable as
to principal only. Due April 1 1960,redeemable only through
the sinking fund on April 1 1927 or on any int. date thereafter at face amount on not less than 10 days' notice. Prin.
and int. (A. & 0.) payable in N. Y. City at the office of
either of the fiscal agents—Kissel, Kinnicutt & Co. or
Hallgp.rten & Co.—in U. S. gold coin of the present standard
of weight and fineness, or at the option of holder, in London
at the office of the sub-fiscal agent, J. Henry Schroeder &
Co., in sterling at exchange rate a $4 8665 to the pound
sterling, without deduction for any Chilean taxes,.present
or future. With regard to the sinking fund provision of
the loan, the offering circular says:
ALTON, Madison County, III.—BOND DESCRIPTION.—The 4
issues of 5% bonds. aggregating 5350.000, purchased- by the Citizens
National Bank of Alton at 106.54.=V. 123, p. 1658—are described as
follows:
$200,000 city hall bonds.
100,000 park bonds.
30,000 fire dept. equipment bonds.
20,000 fire engine house bonds.
Date Oct. 1 1926. Denom.51.000 and 8500. Due serially 1927 to 1946,
incl. Int. payable A.& 0.
ALVARDO SCHOOL DISTRICT (P. 0. Oakland) Alameda County,
Calif.—BONDS OFFERED.—L. E. Lampton, County Clerk received
sealed bids until Oct. 18 for 816,000 5% school bonds. Due serially, 1928
to 1943, inclusive.
AMITA, Tangipahoa County, La.—BOND OFFERING.—Charles G.
Weishaar, Town Clerk, will receive sealed bids until Nov. 2 for $30,000
6% street bonds. Venom. $500.
ANDERSON COUNTY ROAD DISTRICT NO. 8 (P. 0. Palestine),
Tex.—BOND OFFERING.—W. Cl. Quick, County Judge, will receive
sealed bids until 2 p. m. Nov. 4 for 3500.000 5% road bonds. Denom.
51,000. Legality approved by Chapman, Cutler & Parker, Chicago.
APALACHICOLA, Franklin County, Fla.—BOND OFFERING.—
F. B. Wakefield, City Cashier, will receive sealed bids until 10 a. in. Oct.
28 for 579,0006% street impt. bonds. Date Nov. 11926. Denom.51.000.
Due Nov. 11936. Principal and int. (M. & N.) payable at the Hanover
National Bank, New York City. Bids may be submitted subject to the
approval of bonds by reputable bond attorneys. A certified check, payable
to the City Cashier for $4,000, required.
ASHEVILLE, Buncombe County No. Caro.—BOND SALE.—*
The 51.590.000 bonds offered on Oct. lg—V. 123, p. 1784—were awarded
to a syndicate composed of the Bankers Trust Co. and the Guaranty Co..
both of N. Y. City, the First Trust & Savings Bank of Chicago, the Federal
Commerce Trust Co. of St. Louis, and Durfey & Marr of Raleigh, at
101.715. a basis of about 4.62%:
$520,000 water bonds. Due Sept. 1 as follows: $8,000, 1929 to 1938. Incl.,
$12,000, 1939 to 1946, incl., 516,000. 1947 to 1955, incl., and
520.000, 1956 to 1965, incl.
440.000 permanent impt. bonds. Due Sept. 1 as follows: 512.000. 1929
and 1930: 514,000, 1931 and 1932: $20.000. 1933 and 1934:
$24,000. 1935 and 1936, and $30.000, 1937 to 1946, incl.
350.000 city hall bonds. Due Sept. 1 as follows: 55,000. 1929 to 1938.
incl. $7,000, 1937 to 1944, incl., $11.000. 1945 to 1954. incl..
and .
$12.000, 1955 to 1966, incl.
143,000 general corporate bonds. Due Sept. 1 as follows: $5,000. 1929 to
A cumulative sinking fund of 1% per annum is provided for, to operate
1934. incl.. $7,000. 1935 to 1939. incl., $9,000. 1940 and 1941 and
semi-annually through purchase of bonds at or below face amount, or if
512,000. 1942 to 1946. hid.
not so obtainable, then by call of bonds by lot at face amount. The
00
94. 0 sewerage bonds. Due Sept. 1 as follows: 52,000, 1929 to 1937.
Republic reserves the right to increase the amount of any sinking fund
incl., and $3.000. 1938 to 1962, incl.
payment and to tender bonds in lieu of cash.
44.000 electric light bonds. Due Sept. 1 as follows: $2,000, 1929 to 1938.
incl.. and 83.000. 1939 to 1946,incl.
Further information regarding this loan may be found in
Date Sept. 1 1926.
our "Department of Current Events and Discussions "on a
ASHLAND, Jackson County, Ore.—BOND SALE.—The Ralph
preceding page.
Schneelock Co. of Portland has purchased an issue of $20,741 04 impt.
New York City.—Tentative Budget for 1927 Revised to bonds at 102.95.
ASHLEY, Luxerne County,
$474,893,300.—The city's budget for 1927 was revised Christman, Borough Secretary, willPa.—BOND OFFERING.—Stanley E.
receive sealed bids until 70.in. Oct. 28
upward on Oct. 20 by the Board of Estimate and as now for $50.000 54% coupon borough bonds. Date Jan. 1 1927. Denom.
propcsed for adoption is $474,893,300, the highest in the 51,000. Due $25,000 Jan. 1 1928 and 1929. A certified check for 2%
of the amount of bonds is required.
city's history, being an increase of $37,893,300 over the
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.—BOND OFFER1926 budget and $15,215,558 09 higher than the first esti- ING.—Enoch L. Johnson, County Treasurer, will receive sealed bids
until 2 p.
mated total set on Oct. 11 by the Board of Estimate. No aggregatingm. Nov. 5 for the following 5% coupon or registered bonds,
$42,000:
2162
THE CHRONICLE
[VOL. 123.
$22,000 road impt. bonds. Date Oct. 1 1926. Due Oct. 1 as follows: for the following not exceeding 6% special assessment bonds, aggregating
$5,000, 1928 and 1929, and $6,000, 1930 and 1931. Int. payable $39.000:
A. & 0.
$3,500 street bonds. Due Nov. 1 as follows: $500, 1927, and $1,000,
20.000 road impt. bonds. Date Nov. 1 1926. Due $5,000 Nov. 1 1928
1928 to 1930 incl.
to 1931 incl. Int. payable M. & N.
35,500 street bonds. Due Nov. 1 as follows: $8,500, 1927, and $9,000.
Denom. $1,000. Prin. and int. payable at the County Treasurer's
1928 to 1930 incl.
office. No more bonds to be awarded than wil produce a premium of
Denom. $1,000 and $500. A certified check for $3,000, payable to the
$1,000 over each of the above issues. Legality approved by Clay'& Village Treasurer, is required.
Dillon. N. Y. City. A certified check for 2% of the amount of bonds
CLEARWATER, Pinellas County, Fla.
-Sealed
-BOND OFFERING.
bid for is required.
bids will be received by J. M.Gilmore, City Auditor, until 7:30 p.in. Nov. 1
-D. W. for the following two issues of 6% special assessment bonds, aggregating
AUBURNDALE, Polk County, Fla.
-BOND OFFERING.
Thorp Jr., City Clerk, will receive sealed bids until 7:30 p. in. Nov. 15 for $166,000:
$130,000 6% street impt. assessment bonds. Dated Dec. 1 1226. De- 3130,000 improvement bonds. Dated Oct. 1 1926. Due $13,000 April 1
nom. $1.000. Due $13,000, Dec. 1 1927 to 1936 incl. Prin. and int.
1928 to 1937 incl.
(J. & D.) payable at the Hanover National Bank, N. Y. City. Legality
36,000 improvement bonds. Dated Aug. 1 1926. Due Feb. 1 as foltatf
i
redo ey ?.k3onll & litmaon 1%ci.Y. City. A certified check for 2%
lnct i vre os bi
l
.recid, e
l
.
lows: $3,000. 1928 to 1931 incl., and $4,000, 1932 to 1937 incl.
Denom. $1,000. Prin. and int. (F. & A.) payable in New York. Legality approved by Storey. Thorndike, Palmer & Dodge of Boston. A certiBACON SCHOOL DISTRICT (P. 0. Alma), Bacon County, Ga.- fied check for 2% of bid required.
BOND OFFERING.
-J. T. Altman, County Superintendent, Board of Education, will receive sealed bids until Nov. 1 for $6,000 5% school bonds.
CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County,
-Chas. C. Frazine, Director of Finance, will
-BOND OFFERING.
Ohio.
BAKER COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Halfway), receive sealed bids until 11 a. in. Nov. 6 for the following 4',i% bonds.
Ore.
-BOND SALE.
-The $40,000 5y,% school bonds offered on June 2 aggregating $525,740:
-were awarded to Ferris & Hardgrove of Spokane at 103, $390,740 street impt. (special assessment) bonds. Due Oct. 1 as follows:
-V.122, po. 2988
a oasis of about 4.94%. Dated June 1 1926. Due June 1 as follows:
$38.740, 1927;839,000. 1928 to 1935 incl., and $40,000, 1936.
31.000, 1929 to 1931 incl.: 31.500, 1932 to 1934 incl.: $2,000. 1935 to 1937
60,000 park bonds. Due 36,000 Oct. 1 1928 to 1937 incl.
incl.; $2.500, 1938 to 1940 incl.; 53,000, 1941 to 1944 incl., and $3,500,
75,000 street impt. (city's portion) bonds. Due $3,000 Oct. 1 1928
1945 and 1946.
to 1952 incl.
Date Nov. 1 1926.
-Jesse L. Sad- Director of Finance Prin. and semi-ann, int. payable at the office of the
BAY, Cuyahoga County, Ohio.
-BOND OFFERING.
the legal depositary
Clerk, will receive sealed bids until 12 in. (Cleveland time) A certified check foror at of the bonds bid for,of' the city in Cleveland.
ler, Village
3%
payable to above-named
Oct. 26 for $78,282 42 5% special assessment street impt. bonds. Date
required.
Oct. 1 1926. Denoms. $1,000 and $500 except one for $1,282 42. Due official, is
Oct. 1 as follows: $7,500, 1928: $8,000, 1929; 37,100, 1930; $8,000, 1931
CLEVELAND SPECIAL SCHOOL TAX DISTRICT(P.O. Salisbury),
and 1932;$7,500, 1933:$8,000, 1934 and 1935;$7,500, 1936. and 39,282 50, Rowan County, No. Caro.
-BOND OFFERING.
-Max Barker, Register
1937.
of Deeds, will receive sealed bids until Nov. 1 for 532,500 6% school bonds.
Denom. $1,000 and $500.
BEAUMONT, Jefferson County, Tex.
-Sealed
-BONDS OFFERED.
COLUSA COUNTY (P. 0. Colusa), Calif.
-The
-PRICE PAID.
bids were received by the City Clerk until Oct. 16 for $1,250,000 impt.
price paid for the $110,000 5% highway bonds awarded to Dean, Witter
bonds.
-was a premium of $9,929,
St Co. of Los Angeles on Oct.9-V. 123, p. 1905
-The equal to 109.02, a basis of about 4.32%. Due July 1 as follows: $25,000
-BOND SALE.
BELLINGHAM, Whatcom County, Wash.
First National Bank of Seattle has purchased the following two issues of 1944, $30,000 1945 and 1946. and $25.000 in 1947.
refunding bonds aggregating $250,000:
CONCORD,Merrimack County, N. H.
-BOND SALE.
-The $195,000
$170,000 series E 5% refunding bonds. Due as follows: $5,000, 1928;
% coupon Union School District bonds offered on Oct. 18-V. 123.
36.000, 1929 to 1931 incl.: $7,000, 1932 to 1934 incl.•, $8,000,
-were awarded to Merrill, Oldham & Co. of Boston at 100.94, a
1935 and 1936; $9.000, 1937 and 1938; $10,000. 1939 and 1940: p. 1905
4.17%. Date Dec. 1 1925. Denom. $1,000. Due $5,000
$1,000, 1941 and 1942: $12,000, 1943 and 1944. and $13,000. basis of about inclusive.
1927 to 1965,
1945 and 1946.
80,000 series
% refunding bonds. Due as follows: $4,000. 1928
-LOAN OFFERING.
CONCORD, Merrimack County, N. H.
-The
and 1929; 35,000, 1930 to 1934 incl.; $6,000, 1935 to 1937 incl.: City Treasurer will receive sealed bids until 12 in. Oct. 27 for the purchase
$7.000, 1938 to 1940 incl., and $8,000, 1941.
on a discount basis of a $50,000 temporary loan. Due Dec. 15 1926.
Dated Oct. 1 1926. Prin. and int.(A. & 0.) payable at the City Treas-BOND SALE.
-The California
CORONA, Riverside County, Calif.
urer's office.
Securities Co. of Los Angeles, has purchased an issue of $70,000 5% coupon
-BOND SALE.
-The fol- municipal drainage system, and street improvement bonds. Date Oct. 1
BELMONT, Gaston County, No. Cara
lowing two issues of bonds aggregating $200,000 offered on Oct. 12- 1926. Denoms. $1,000 and $500. Due 53.500 Oct. 1 1927 to 1946, incl.
-were awarded to W. H. Terry & Co. of Toledo as 5s Principal and int.(A.& 0.) payable at the City Treasurer's office. Legality
V. 123, p. 1785
•
as follows:
to be approved by O'Melveny, Millikin & Fuller, Los Angeles.
$175,000 local impt. bonds at a premium of $300, equal to 100.17, a basis
Financial Statement (Officially Reported Sept. 15 1926)•
of about 4.98%. Due July 1 as follows: $5,000, 1927 to 1931
35,783.941
Assessed valuation (1925-26)
incl., and $10,000, 1932 to 1946 incl.
350,174
25,000 water bonds at a premium of $74, equal to 100.29, a basis of Total bonded debt (including this issue)
Estimated population, 6,000.
about 4 96%. Due $1,000, July 1 1927 to 1951 incl.
.
.
-A. W. MeDated July 1 1926.
-BOND OFFERING.
CORTEZ, Manatee County, Fla.
serve, City Clerk, will receive sealed bids until Nov. 15 for the following 3
BERLIN, Worcester County, Md.-BOND SALE.
-The $10,000 5% issues of6% bonds, aggregating $100,000:
electric light plant bonds offered on Oct. 4-V. 123, p. 1659
-were awarded $84,000 curbs, sidewalks and storm sewers bonds.
to Townsend, Scott & Son of Baltimore at par. Due in 1936.
15,000 water plant and water main bonds.
1,000 lighting construction bonds.
BESSEMER, Jefferson County, Ala.
-J. M.
-BOND OFFERING.
Denom.$500. Due serially in 30 years,optional after 20. years. A cerCity Clerk, will sell at public auction at 8 p. m. Nov.2 the following tified check for 5% of the amount of bonds bid for required.
Scott,
two issues of 6% bonds, aggregating $122,000:
-The First
-BOND SALE.
COVI NGTON, Tipton County, Tenn.
$92,000 public improvement bonds. Date Nov. 1 1926. Due Nov. 1
National Bank of Memphis has purchased an issue of $105,000 5%
1936. Int. payable (M• & N.)
30,000 sewer bonds. Date Sept. 1 1926. Due Sept. 1 1956. Int. payable paving bonds at 100.04,a basis of about 5.24%. Date Oct. 1 1926. Denom.
(M.& S.)
31,000. Due April 1 as follows: $7,000 1927 to 1936, incl.: $3,000 in
Legality approved by Storey, Thorndike, Palmer & Dodge, Boston. 1937, 1939, 1941, 1943 and 1945, and $4,000 in 1938, 1940, 1942, 1944 and
A certified check for $2,000, payable to the City, required.
1946. Principal and interest (A. & 0.) payable at the City Treasurer's
office, or at the Union Savings Bank, Covington. All expenses to be
-BOND OFFERING.- paid by purchaser.
BINGHAMTON„ Broome County, N. Y.
Harry H. Evens, City Comptroller, will receive sealed bids until 11 a. in.
COWLITZ COUNTY DIKING DISTRICT NO. 13 (P. 0. Kelso),
(standard time) Oct. 26 for the following three issues of 4 h% bonds,
-BOND SALE.
-An issue of 322.000 7% diking bonds has been
Wash.
aggregating $680,000:
$500.000 school building bonds. Date Sept. 1 1926. Due $20,000 1927 Purchased by the Brookfield Quarry Sc Towing Co. of Astoria at 90.
Int. payable M.& S.
to 1951 incl.
CRANFORD SCHOOL DISTRICT(P.O. Cranford), Union County,
105,000 paving bonds. Date April 1 1926. Due $11.000 1927 to 1931 N. J.
-The State Teachers' Pension and Annuity Fund
-BOND SALE.
incl., and $10.000, 1932 to 1936 incl. Int. payable A. & 0.
has purchased at private sale the following school bonds, aggregating
75,000 bridge bonds. Date June 1 1926. Due $5,000, 1927 to 1941 $545,000, at par:
incl. Int. payable J. & D.
$298,000 Orange Ave. school bonds.
Denom. $1,000. Coupon bonds, registerable as to prin. only or as to
247,000 Lincoln school addition bonds.
both prin. and int. Prin. and semi-ann. int. payable in gold at the City
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.
-BONDS OFFERED.
Treasurer's office. Legality approved by Hawidns, Delafield & Longfellow.
N.Y. City. A certified check for 2% of amount of bonds bid for, payable -Charles H. Fry, County Auditor, received sealed bids until 12 in. Oct. 21
for $40,000 5% inter-county highway No. 485 bonds. Date June 15 1926.
to above-named official, is required.
Denom. $1,000. Due 35.000 Oct. 1 1927 to 1934 incl. Prin. and int.
-BOND OFA. & 0.) payable at the County Treasurer's office. Purchaser required to
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
FERING.
-Ruth Werber, County Treasurer, will receive sealed bids until furnish printed bonds at his own expense.
2 p. in. Nov. 5 for $9,587 85 6% drainage bonds. Date June 1 1926.
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.
-BOND OFFERING.
Denom. $500 except one for $87 85. Due June 1 as folows: 31,587 85, -Charles H. Fry, County Auditor. will receive sealed bids until 12 in.
1927. and $2,000, 1928 to 1931 incl. Prin. and int. (I. & D.) payable at (Central standard time) Oct. 29 for $26,000 5% bridge bonds. Date
the County Treasurer's office.
Aug. 1 1926. Denom. $1,000. • Due Oct. 1 as follows: $5.000, 1927 to
$6,000, 1931. Int. payable
-BOND OFFERING.
- 1930 incl., andCounty Treasurer, for $500, isA. & 0. A certified check,
BOONE COUNTY (P. 0. Lebanon), Ind.
the
required.
Clay Thompson, County Treasurer, will receive sealed bids until 10 a. in. payable to
bonds, aggregating $49,600:
-BOND OFFERING.
,
CRESTVIEW, Okaloosa County, Fla.
Oct. 26 for the following 3 issues of 432%
-A. E.
516,600 Marion and "Union Twos. road bonds. Denom. $830. Due Clary, Town Clerk, will receive sealed bids until 12 m. Nov. 23,for $24,000
$830 May and Nov. 15 1928 to 1937 incl.
6% water and sewerage bonds. Due $2,000. April 1 1933 to 1944, incl.
15,000 Marion Twp. road bonds. Denom. $750. Due $750 May and Int. payable A. & 0. A certified check for $500, required.
Nov. 15 1928 to 1937 incl.
DEARBORN, Wayne County, Mich.
-BONDS VOTED.
18400 Jackson Twp. road bonds. Denom. $900. Due $900 May and election the 'voters authorized the issuance of the following-At a recent
bonds aggreNov. 15 1928 to 1937 incl.
gating $2,900,000:
Dated Oct. 5 1926. Int. payable M.& N.
$500,000 water bonds.
$2,400,000 sewer bonds.
-BOND SALE.
-The
BURLINGTON, Des Moines County, Iowa.
DEARBORN TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. Dear
- born), Wayne County, Mich.
-BOND OFFERING.
,
-B, E. Walborn,
$79.000 435% coupon sewer bonds offered on Oct. 14-V. 123. p. 1905
were awarded to the First Iowa State Trust & Savings Bank of Burlington Secretary. Board of Education, will receive sealed bids until 8 p. m. Nov.4
4.24%. Due
at a premium of $1,175. equal to 101.48, a basis of about $10,000, 1931 for $200,000 not exceeding 5% school bonds. Date Jan. 2 1927. Denom.
follows: $4,000, 1928 and 1929; $8,000, 1930;
Nov. 1 as
$1,000. Due Jan. 2 as follows: $10,000 in 1928 and 1929; $12,000, 1930 to
to 1935 incl., and $13,000, 1936.
1933 Md.;$15,000, 1934 to 1937 incl.: 330.000, 1938 and 1939;and $12,000,
-BOND OFFERING. 1940. Prin. and semi-ann. int. payable in Detroit. A certified check
COUNTY (P. 0. Camden), No. Caro.
CAMDEN
Commissioners, will receive sealed for 5% of the amount bid, payable to the District Treasurer, is required.
-S.B. Seymour,Clerk Board of County bonds. Denom.
$1,000.
-BOND OFFERING.
DEER PARK,Hamilton County, Ohio.
-NV. A.
bids until Nov. 1 for $20,000 6% school
Julien, Village Clerk, will receive sealed bids until 12 m.(Eastern standard
-BOND SALE.
-The Central time) Nov. 15 for the following 6% bonds aggregating $9,377 90:
CARBONDALE, Jackson County, 111.
Public Service Co. of Carbondale has purchased an issue of $100,000 water $2.682 66 coupon special assessment Ohio Ave. impt. bonds. Denom.
$335, except one for $337 66. Due Sept. 1 as follows: 3337 66,
system bonds.
1928, and $335, 1929 to 1935 incl.
CEDAR FALLS SCHOOL DISTRICT, Black Hawk County,Iowa.
6,695 24 coupon Matson Ave. special assessment impt. bonds. Denom.
has purchased
BOND SALE.
-The Citizens Savings Bank of Cedar Falls of $763, equal
$835. except one for $850 24. Due Sept. 1 as follows: $850 24.
bonds at a premium
an issue of $75,000 refunding school
1928, and $835, 1929 to 1935 incl.
to 101.01%.
Dated Nov. 10 1926. Prin, and annual int. payable at the Silverton
A
CHICAGO LINCOLN PARK DISTRICT, Cook County, Ill.- Bank, Silverton. bid certified check, payable to the Village for 5% of the
Or, is required.
BOND SALE.
-A syndicate composed of Taylor. Ewart & Co. of Chicago, amount of bonds
W. A. Harriman & Co. of New York and Blyth, Witter & Co. of San
-BOND OFFERING.
DELAWARE (State of).
% Series B State Treasurer, will receive sealed bids until 1 p.-Thomas S. Fouracre,
an issue of $1,000.000
Francisco was awarded on Oct. 20
m. Nov. 5 for $600,000
bonds at 102.409. a basis of about 4.20%. Date Oct. 1 1926. Due 4% coupon highway bonds. The State of Delaware reserves the right to
$50.000, 1927 to 1946 incl. Prin. and int.(A. & 0.) payable at the Stand- .purchase and take $350.000 of the bonds at the same price per bond as is
ard Trust & Savings Bank of Chicago.
bid for the remaining $250,000 of the bonds.
CHINO VALLEY IRRIGATION DISTRICT (P. 0. Prescott), YavaDELPHOS, Allen County, Ohio.
-NOTE SALE.
-Frank
-The *85.0006% coupon irriga- City Auditor, will receive sealed bids until 12 in. Nov. 10 for a M. Trickc
pai County, Ariz.
-BONDS NOT SOLD.
$1,478 35
tion bonds offered on Sept. 23 V. 123. p. 1532) have not been sold.
not exceeding 6% note. Date Nov. 10 1926. Due Dec. 31 1927. A
-Lynn certified check for 10% of the note, payable to the City Treasurer, is
-BOND OFFERING.
CLAWSON, Oakland County, Mich.
Richards, Village Clerk, will receive sealed bids until 8 p. in. Oct. 26 required.
OCT. 23 1926.]
THE CHRONICLE
2163
17.000 street inapt. bonds. Date March 1 1926. Due as follows: $1,000.
DESCHUTES COUNTY UNION HIGH SCHOOL DISTRICT NO. 2
-BOND SALE.
1927. 1930 and 1933, and 82,000, 1928, 1929, 1931, 1932, 1934.
-The A. G. Wakeman Co. of
(P. 0. Bend), Oregon.
1935 and 1936. Interest payable M. & S.
Portland has purchased an issue of $65,000 school bonds at a premium of
Denom. $1,000 Prin. and int. payable at the Hanover National Bank.
$5, equal to 100.007.
New York City. A certified
the Town.
DEVINE, Medina County, Tex.
-H.D. Crosby & Co. required. Legality approvedcheck for 3% of the bid, payable toYork City.
-BOND SALE.
by Caldwell & Raymond of New
of San Antonio recently purchased an issue of $40,0006% water works bonds
GAFFNEY, Cherokee County, So. Caro.
-BOND DESCRIPTION.
clue $1,000 1927 to 1966 inclusive.
The $100,000 5% coupon street impt. bonds awarded to the RobinsonDOGDEN SCHOOL DISTRICT NO.62, McLean County, No. Dak.- Humphrey Co. of Atlanta on Aug. 2-V.
-at
123, p. 1140
-The State of North Dakota purchased during the month $1,170, equal to 101.17. are described as follows: Date a premium of
BOND SALE.
Aug. 1 1926.
of February an issue of 59.500 5% school bonds Dated Jan. 2 1926. Due Denom. $1,000. Due serially Aug. 1 1931 to 1954, incl. Int. payable
Jan. 2 1946. optional Jan. 2 1928.
-BOND
DONNA SCHOOL DISTRICT, Hildalgo County, Tex.
GALLIPOLIS, Gallia County, Ohio.
-BOND ELECTION.
-On
-Taylor,Ewart& Co.of Chicago, have purchased an issue of$50,000 Nov. 2 an election will be held for the purpose of voting on the question of
SALE.
5% school bonds. Due serially, in 20 to 28 years.
issuing 5105,000 electric light bonds. W. P. Kling, City Auditor.
DORCHESTER CONSOLIDATED SCHOOL DISTRICT (P•
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND SALE.
-The
Hinesville), Liberty County, Ga.-BOND OFFERING.
-W.C. Hodges.
I. C. H. No. 475 coupon bonds offered
Attorney for District, will receive sealed bids until Dec. 15 for $15,000 825.0005%awarded to Spitzer, Rorick & Co. of on Oct. 18 (v. 123, p.
1660) were
Toledo at a premium of
6% school bonds.
$442 50, equal to 101.77, a basis of about 4.61%. Date Oct. 1 1926. Due
DOVER (P. 0. Dover Center), Tuscarawas County, Ohio.
-BOND Oct. 1 as follows: 52,000, 1927: $3,000, 1928; $2,000, 1929; 53,000, 1930;
-The following three issues of 514%, special assessment bonds, 52,000, 1931: 83,000, 1932; $2,000, 1933: $3,000, 1934; 82,000, 1935, and
SALE.
aggregtins $33,850, offered on June 24 (V. 122, p. 3633), were awarded to $3,000, 1936.
York & Co. of Cleveland at a premium of $1,352, equal to 103.99,
GREENFIELD, Adair County, Iowa.
-The reported sale of $16,000
a basis of about 4.72%:
$20,500 Detroit Road sewer bonds. Due Oct. 1 as follows: $2,000. 1927 4 % school bonds to Brown-Crummer Investment Co. of Wichita on Aug.
21-V. 123, p. 1007
-was incorrect.
to 1935 incl., and $2,500, 1936.
11,350 Detroit Road water bonds. Due Oct. 1 as follows: $1,100, 1927
GREENLEAF, Washington County, Kan.
-The
-BOND SALE.
and 1928; $1,200, 1929; Y1,100, 1930 and 931; $1,200, 1932: Commerce Trust Co. of Kansas City, Mo., has purchased the following two
51,100, 1933 and 1934; $1,200, 1935, and 81,150, 1936.
issues of 5% bonds, aggregating $105,000:
2,000 Johnson Court improvement bonds. Due Oct. 1 as follows: $55,000 sewer bonds. Ilene serially, 1927 to 1946, inclusive.
$200, 1927 and 1928; 5250, 1929; $200, 1930 and 1931; $250. 1932;
50,000 paving bonds. Due serially, 1927 to 1936, inclusive.
$200, 1933 and $250, 1934 and 1935.
GREENVILLE, Greenville County, So. Caro.
-BOND SALE.
-The
Date June I 1926.
$500,000 water works extension bonds offered on Oct. 19-V. 123. 13• 1787
DUBLIN,Erath County, Tex.
-Garrett & Co. of Dal- were awarded to the Bankers Trust Co. and Hannas, Bailin & Lee, both of
-BOND SALE.
las have purchased an issue of $38,000 51f,% paving bonds at a premium of New York City, jointly, as 5s at 104.79, a basis of about 4.61%. Date
$100, equal to 100.26.
Jan. 11925. Due Jan. 1 1965. optional, Jan. 1 1945.
DUNN, Harnett County, No. Caro.
-The following
-BOND SALE.
GREENVILLE SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. 0.
two issues of bonds, aggregating $70,000, offered on Sept. 24 (V. 123. p. Madison), Madison County, Fla.
-BOND OFFERING.
-J. E. Hardee,
1532) were awarded to the Federal Commerce Trust Co. of St. Louis and Chairman Board of Public Instruction, will receive sealed bids until 1:30
W. F. Shaffner & Co. of Winston-Salem, jointly, as 51.4s at a premium of p. m. Nov. 15 for 560,000 6% school bonds. Dated May 1 1926. Due
90, equal to 100.78, a basis of about 5.17%;
$550
May 1 as follows: 52,000, 1929 to 1952 incl., and $3,000, 1953 to 1956.
540,000 water and sewer bonds. Due $1,000 Feb. 1 1929 to 1966 incl. and Int. payable M. & N. A certified check for $33,000 required. Legality
$2,000, 1967.
approved by Caldwell & Raymond, New York.
30,000 street and sidewalk bonds. Due 53,000, 1928 to 1937 incl.
Date Aug. 1 1926.
-BOND SALE.
-The $28,000
GROVELAND, Lake County, Fla.
EAST FORK SCHOOL DISTRICT NO. 3, Williams County, 6% assessment impt. bonds offered on Oct. 11-V. 123, p. 1661-were
awarded to the J. B. McCrary Co.of Atlanta at 95, a basis of about 7.12%.
No. Dak.-BOND SALE.
-The State of North Dakota, purchased an
issue of $6,500 5% school bonds, during the month of July. Date June 1 Date July 1 1926. Due July 1 as follows: 81.000. 1927, and $3,000,
1928 to 1936 incl.
1926. Due June 1 1946, optional June I 1928.
HAMER TOWNSHIP RURAL SCHOOL DISTRICT(P.O. Danville),
EAST FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Kit
- Highland County, Ohio.
-A. B. Robinson, Clerk,
-NOTE OFFERING.
toning, R. F. D. No. 3), Armstrong County, Pa.
-BOND SALE.
-The Board of Education, will receive sealed bids until 12 m. Nov. 1 for $2.400
535,000 5% coupon or registered school bonds offered on Aug. 4 (V. 123, 6% funding of net deficiency notes. Date Sept. 20 1926. Denom. $400.
p. 481) were awarded to the Safe Deposit & Title Guaranty Co. of KitDue $400 March and Sept. 1 1927 to Sept. 1 1929 incl. A certified check
taning at par. Date Aug.2 1926. Due Aug. 1 1946, optional in 1928.
for 5% of the notes bid for, payable to the Board of Education, is required.
EASTLAND INDEPENDENT SCHOOL DISTRICT, Eastland
County, Tex. BOND OFFERING.
HAMILTON Butler County, Ohio.
-BOND OFFERING.
-Harry
-Sealed bids will be received by the
Secretary Board of Education until 12 m. Nov. 1 for $150,000 51i% school H. Schuster. City Auditor, will receive sealed bids until 12 m. Nov. 4 for
bonds. Elate May 1 1926. Denom. $1,000. Due April 15 as follows: $3,254 80 69', Tiffin Ave. improvement bonds. Date Oct. 1 1926. De$1,000 1927 to 1933, incl.: $2,000 1934 to 1939, incl.: $3,000 1940 to 1946. nom. $325 48. Due $325 48 Oct. 1 1927 to 1936 incl. Prin. and int.
Incl.; $4,000 1947 to 1951, incl.: 55,000 1952 to 1956, incl.: $6.000 1957 to (A.& 0.) payable at the office of tae City Treasurer. A certified check for
1961. and $7,000 1962 to 1966. Legality approved by Clay & Dillon, 5% of the amount of the bid, payable to the City Treasurer, is required.
New York City. A certified check for $3,000, payable to J. II Caton,
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND SALE.
President Board of Education, required.
The two issues of 414% bonds, aggregating $246,213 25, offered on Oct. 15
Financial Statement
-V. 123,_p. 1787
-were awarded as follows:
Assessed valuation:
To the ederal Securities Corp. of Chicago and the W.H. Silverman Co.
Real property
$4,226.653
of Cincinnati, jointly:
Personal property
2,144,336
$161,748 21 sanitary sewer district No. 4 bonds at a premium of $817 79,
equal to 100.50. a basis of about 4.449'. Date Oct. 1 1926.
Total----Due Oct. 1 as follows: $9,748 21, 192s and $8,000, 1929 to
Total debt.
0
--------- ------------------ $6 3 0 9 0
'36 :0 9
7 8
1947, incl.
Sinking fund on hand
$10,000
84.465 04 road impt. bonds at a premium of $59 15, eQual to 100.07,
Net debt___________________________________________
350,000
a basis of about 4.49%. Date Sept. 1 1926. Due Sept. 1 as
follows: $8,465 04 in 1928; 59,000, 1929 to 1932, incl., and
EAST LANSDOWNE SCHOOL DISTRICT (P. 0. East Lansdowne),
$8,000, 1933 to 1937, incl.
Delaware County, Pa.
-BOND SALE.
-The $40,000 414% coupon
school bonds offered on June 28-V. 122, p. 3488
-were awarded to A. B.
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
-BOND SALE.
Leach & Co. of Philadelphia at 101.78. a basis of about 4.28% to optional -The following two issues of 414% bonds. aggregating $725,000, offered
date and a basis of about 4.39% if allowed to run full term of years. Date on Oct. 20-V. 123, p. 2023
-were awarded to Caldwell & Co. of Nashvllie
July 1 1926. Due July 1 1956; optional July 1 1936.
and the Harris Trust & Savings Bank of Chicago, jointly, at a premium
EDEN VALLEY SCHOOL DISTRICT NO. I, Renville County, No. of $5,510, equal to 100.76, a basis of about 4.45%;
$600,000 Mission Ridge Tunnel bonds. Due Nov. 11956.
Dak.-BOND SALE.
-During the month of September,the State of North
125,000 children's hospital bonds, Due Nov. 11946.
Dakota purchased an issue of $24,000 5% school bonds. Date June 1
1926. Due June 1 1946, optional June 1 1928.
HAMILTON COUNTY(P.O.Chattanooga),Tenn.
-MATURITY.
The two issues of 414% bonds, aggregating $725,000, offered on Oct. 29
EUGENE,Lane County, Ore.
-The $153,023 69 impt.
-BOND SALE.
bonds offered on Oct. 11-V. 123, p. 1905
-were awarded to the Ralph (V. 123, p. 2023) mature as follows:
Schneeloch Co.of Portland as 5s at 100.261, a basis of about 4.97%. Dated $600,000 Mission Ridge tunnel bonds, due Nov. 1 1956.
125,000 Children's Hospital bonds, due Nov. 1 1946.
Oct. 15 1926. Due Oct. 15 1936.
The above corrects the report given in V. 123, p. 2023.
FAIRFIELD, Fairfield County, Conn.
-BOND SALE.
-The $83,000
Date Nov. 11926.
coupon school building and impt. bonds offered on Oct. 20-V. 123, P• 1786
-were awarded to McEldowney & Co. of Bridgeport as 41is at a premium
HANOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Whippany)
of $1,000. equal to 101.20. a basis of about 4.12%. Date July 1 1926. Morris County, N. J.
-BOND SALE.
-The $10,500 5% school bonds
Due July 1 as follows: $5,000, 1931 to 1946 incl., and $3,000. i947.
offered on Oct.
123. p. 1906
-were awarded to the New Jersey
Fidelity & Plate Glass Insurance Co. of Newark at a premium of 52 50,
FALLS CREEK,Clearfield County,Pa.
-BOND SALE.
-The $32,000
6% (special assessment) street bonds offered on July 22-V. 123, p 356- equal to 100.02, a basis of about 4.99%. Date July 1 1926. Due $1,000.
were awarded to the Jefferson County National Bank of Brookville at a 1927 to 1936. incl., and $500 in 1937.
premium of $396 80, equal to 101.15, a basis of about 5.58%. Date July 1
HAVANA, Gadsden County, Fla.
-BOND SALE.
-The $65,000 6%,
1926. Due $6,400. July 31 1927 to 1931 incl.
town bonds offered on Oct. 18-V. 123, p. 1533
-were awarded to W.'I'.
Taylor at par. Date July 1 1926. Due July 1 as follows: $1,000, 1931 to
1r FALL RIVER, Bristol County, Mass.
SALE.
-The two issues 1935, incl.; $2,000, 1936 to 1940. incl.; $4,000, 1941 to 1945, incl., and
-BOND
of bonds aggregating $300,000, offered on Oct. 15 (V. 123, D. 2023), were
56.000, 1946 to 1950, incl.
awarded to the Old Colony Corp. of Boston at 100.22, as follows:
$250,000 public improvement bonds as 41(s. Due seriallyi 1927 to 1936
HAWAII (Territory of).
-BOND SALE.
-The $1,805,000 414% series
B public improvement coupon gold bonds offered on Oct. 15-V. 123.p.
inclusive.
• 50,000 sewer bonds as 4s. Due serially, 1927 to 1956 inclusive.
1140
-were awarded to a syndicate composed of Barr Bros. & Co. he
) Date Sept. 1 1926.
Old Colony Corp. Lee, Higginson & Co. and Graham, Parsons & Co.,C
'
FARRELL SCHOOL DISTRICT NO. 62, Cass County:, No. Dak.- all of New 'York City; the Herrick Co. of Cleveland, the Fletcher America]
the Second Ward Securities
BOND SALE.
--The State of North Dakota purchased during the month Co. of Indianapolis and4.27% to optional date and a Co. of Milwaukee at
basis of about 4.31%
of February an issue of $5,000 5% school bonds. Dated Dec. 1 1925. 103.19, a basis of about
if allowed to run full term of years. Date Oct. 15 1926. Due Oct. 15
Due Dec. 1 1945, optional Dec. 1 1927.
1956, optional Oct. 15 1946. The bankers are re-offering these bonds at
FOSTER SCHOOL DISTRICT NO. 2, Logan County, No. Dak.- 104.50,to yield over 4.16% to optional date and 4.50% thereafter. Legality
BOND SALE.
-The State of North Dakota purchased during the month of approved by Thomson, Wood & Hoffman of New York City.
September an issue of $40,000 5% school bonds. Dated Aug. 1 1926.
Financial Statement (as Officially Reported).
Due Aug. 11946. optional Aug. 11928.
$392.782,143
Assessed valuation 1926
22,543,858
Net bonded indebtedness
FRAMINGHAM,Middlesex County, Mass -BOND SALE.
-The $50,.
000 4% coupon water bonds purchased on Oct. 5 by Estabrook & Co. of Population 1920 (Federal Census),255,912; present (estimated)____328,444
Boston at 100.58-V. 123, p. 1908-a bast of about 3.95%, are described
-BONDS
HENDERSONVILLE, Henderson County, No. Caro.
as follows: Date Oct. 15 1926. Denom.$1,810. Due $2,000, Oct. 15 1930 OFFERED.
-Sealed bids were received by the City Clerk, until Oct. 25
to 1954 incl. Interest payable A. & 0. 15.
for the following two issues of impt. bonds, aggregating 5350.000:
paving bonds. Due Oct. I as follows: $15,000, 1929 to
FRANKLINTON, Franklin County, No. Caro.
-BOND OFFERING. 5200.000 street incl., and $20.000, 1941.
-George L. Cooke, Town Clerk, will receive sealed bids until
1940,
1
150,000 sewer and water bonds. Due Oct. 1 as follows: 55,000, 1929 to
Nov. 2 for $10,000 coupon or registered water bonds. Dated Oct. 113• m.
1926.
1954. incl., and $10,000. 1955 and 1956.
Denom. $500. Due $500, Oct. 1 1928 to 1947 incl. Rate of interest to
Date Oct. 1 1926. Denom. $1,000. Rate of interest to be in multiples
be named by bidders. Prin. and int. (A. & 0.) payable in N. Y. City.
of X of 1%. Principal and int. (A. & 0.) payable at the /stational Park
The bonds will be prepared under the supervision of the United States
Bank, New York City. A certified check for 57,000. payable to the City
MortgaE & Trust CO., N. Y. City, which will certify as to the
n
genuineness
of the s atures of the officials and the seal impressed thereon. Legality Treasurer, covering both bids required. Legality approved by Storey.
approv
by Caldwell & Raymond, N. Y. City, and J. L. Morehead, Dur- Thorndike, Palmer & Dodge of Boston. These are the bonds offered on
Oct. 11-V. 123. p. 1533.
ham. A certified check for 2% of the amount of the bid is required.
-BOND SALE.
HERKIMER, Herkimer County, N. Y.
-The First
F FROSTFROOF, Polk County, Fla.
-J. W
.
Town Clerk, will receive sealed bids-BOND OFFERING.1,for the National Bank of Herkimer was awarded on Oct. 15 an issue of 527,000
Truitt,
until 7:30 p. m. Nov.
'
,
4
following three issues of 6% special assessment bonds, aggregating $78,000: 41 % additional water supply bonds at par. Date Oct. 1 1926. Denom.
$35,000 street impt. bonds. Date Nov. 1 1926. Due as follows: $4,000, $1,000. Due Oct. 1 1953 Principal and interest (A. & 0.) payable at
1927, 1928. 1930, 1932 and 1934, and $5,000, 1929, 1931 and 1933. the First National Bank ofHerkimer.
Interest payable M. & N.
HOFFNINGSTHAL SCHOOL DISTRICT NO.25, McIntosh County,
26,000 street impt. bonds. Date Feb. 1 1926. Due as follows: $2.000, No. Dak.-BOND SALE.
-During the month of July the State of North
1927, 1929. 1932 and 1934, and 53,000, 1928, 1930, 1931, 1933, Dakota purchased an issue of $6,000 5% school bonds. Dated May 1
1935 and 1936. Interest payable F. & A.
1926. Due May 1 1941, optional May 1 1928.
2164
THE CHRONICLE
[VoL. 128
To A. T. Bell & Co. of Toledo:
HUNTINGTON BEACH UNION HIGH SCHOOL DISTRICT (P. 0.
Santa Ana), Orange County, Calif.
-BOND SALE.
-The First National $61,634 Main Sewer District No. 11 bonds at a premium of $1,351, equal'
to 102.19, a basis of about 4.57%. Due Oct. 26 as follows: 17.634
Bank of Anaheim have purchased an issue of $150,000 5% school bonds
in 1928 and $7,000 1929 to 1934,incl., and 36.000 in 1935 and 1936..
at a premium of 32,144, equal to 101.42. Due serially 1926 to 1935.
79,247 Main Sewer District No. 11 bonds at a premium of 31,957, equal
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
to 102.19, a basis of about 4.50%. Due Oct. 26 as follows: $8.247
Huntington), N. Y.
-BOND SALE.
-The $475,000 456% coupon or
1928. 18.000 1929 to 1936, incl., and 37.000 1937.
registered school bonds offered on Oct. 15-V. 123, p. 1787
To the Detroit Trust Co. of Detroit. Illinois Merchants Trust Co. of
-were awarded
to Geo. H. Burr 8z Co. of New York at 102.266, a basis of about 4.30%. Chicago and the Wells
-Dickey Co. of Minneapolis, jointly.
Date Aug. 15 1926. Due $19,000 Aug. 15 1931 to 1955, incl.
312.076 Main Sewer District No. 4 bonds at1 a premium of $151, equal to.
101.25, a basis of about 4.68%. Due Oct. 26 as follows: $2.076
JACKSON TOWNSHIP (P.0. Findlay), Route 5, Hancock County,
In 1928 and 32.000 1929 to 1933, incl.
Ohio.
-BOND OFFERING.
-0. W. Edie, Township Clerk, will receive
12,952 Main Sewer District No. 4 bonds at
sealed bids until 7 p. in. Oct. 27 for $2,100 6% road impt. bonds. Date 10%16. a basis of about 4.69%. Due Oct. a premium of $151. °quoit°
26 as follows: $2,952 1928
Nev. 1 1926. Denom. $525. Due $525, Nov. 1 1928 to 1932, incl.
and $2,000 1929 to 1932, incl.
Prin. and int. M. & N. payable at the Township Treasurer's office. A
10.460 Main Sewer District No. 4 bonds at a premium of $107, equal to
certified check for $100 is required.
basis of about 4.72%. Due Oct. 26 as follows: $2,460
101.02, a
1928 and $2,000 1929 to 1932 incl., and $1.000 in 1933.
JACKSONVILLE, Duval County, Fla.
-BOND SALE.
-The follow33,357 Main Sewer District No. 4 bonds at a premium of $651, equal to.
ing three issues of 5% bonds, aggregating 3250,000, offered on Oct. 13
101.95. a basis of about 4.58%. Due Oct. 26 as follows: $5,357
(V. 123, p. 1787). have been sold at a premium of 13;750, equal to 101.50,
in 1928 and 34.000 1929 to 1935, incl.
a basis of about 4.56%:
12,672 Main Sewer District No. 4 bonds at a premium of $151, equal to
$100,000 water works and improvement bonds. Dated July 1 1926. Due
101.19, a basis of about 4.69%. Due Oct. 26 as follows: $2,672
Jan. 1 1928.
1928 and $2,000 1929 to 1932, incl.
100,000 water works and improvement bonds. Dated Jan. 1 1926. Due
10,831 Main Sewer District No. 8 bonds at a premium of $102, equal to
Jan. 11935.
100.94, a basis of about 4.73%. Due Oct. 26 as follows: $2,831
50,000 sidewalk bonds. Dated July 1 1926. Due July 1 as follows:
In 1928 and $2,000 1929 to 1932. incl.
$20,000, 1928 and 1929, and $10,000, 1930.
To the Herrick Co. of Cleveland:
$6,617 Main Sewer District No. 4 bonds at a premium of $13, equal to
JEFFERSON SCHOOL DISTRICT (P. 0. Zanesfield) Logan
100.19, a basis of about 4.93%. Due Oct. 26 as follows: $2,617
County, Ohio.
-NOTE SALE.
-The $5,523 25 69' funding notes offered
1928 and $2,000 1929 and $1,000 1930 to 1931. incl.
on Oct. 4-V. 123, p. 1787
-were awarded to the First Citizens Corp. of
7.770 Main Sewer District No. 8 bonds at a premium of 336, equal to
Columbus at a premium of $50, equal to 100.89, a basis of about 5.67%.
100.46. a basis of about 4.83%. Due Oct. 26 as follows: $2,770
Date June 1 1926. Due $552 30 each six months from June 1 1927 to Dec.
in 1928 and $2.000 1929; 31.000 1930 to 1932, incl.
1 1931, incl.
8,707 Main Sewer District No. 4 bonds at a premium of 5.41 equal to
100.47. a basis of about 4.84%. Due Oct. 26 as follows: $2,707
KENTUCKY (State of).
-BOND ELECTION.
-An election will be
in 1928 and 32.000 1929 and 1930 and $1,000 in 1931 and 1932.
held on Nov. 2 for the purpose of voting on the question of issuing the
5,233 Main Sewer District No. 4 bonds at a premium of $10, equal to
following two,issues of bonds, aggregating $9.000,000:
100.19. a basis of about 4.94%. Due Oct. 26 as follows: $2,23a
35.000.000 penal, correctional, and charitable institution bonds.
In 1928 and $1,000 1929 to 1931, incl.
4,000,000 funding bonds.
Date Oct. 26 1926.
KINGSVILLE, Kleberg County, Tex.
-BONDS OFFERED.
-Mrs.
LUCCA SPECIAL SCHOOL DISTRICT NO. 85, Barnes County,
Carrie B. Sims, City Secretary, received sealed bids until Oct. 21 for
No. Dak.-BOND SALE.
-An issue of $20,000 57,,_school bonds was pur1180.000 5% street improvement bonds. Due serially in 30 years.
chased during the month of July by the State of North Dakota. Dated
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The June 1 1926. Due June 1 1949, optional June 11928.
$142,500 414% coupon road construction bonds offered on Oct. 15-BOND SALE.
-were awarded to the Peoples State Bank of Crown Point -McCAMMON, Bannock County, Idaho.
V. 123, p.1906
-The $6,000
at a premium of $2,469 38, equal to 101.73. Date Sept. 15 1926. Due coupon water rights ponds offered on Oct. 12-V. 123, p. 1661-were
awarded to the J. E. Edgerton Co. of Pocatello as 5)4's at par. Date
semi-annually 1927 to 1936, incl. Int. payable M. & N.
Oct. 1 1926. Due Oct. 11946, optional Oct. 1 1936.
LANCASTER, Fairfield County, Ohio.
-BOND OFFERING.
-J. W.
McCOOK, Red Willow County, Neb.-BOND SALE.
Barnes, City Aud., will receive sealed bids until 12 m.Nov.8 for 310.393.61
-The United
5% Wyandotte St. paving special assessment bonds. Date Sept. 1 1926. States Trust Co. of Omaha has purchased an issue of 3155.000 5% Paving
Denom.$1,000, except one for $393 61. Due Sept. 1 as follows: $1,393 61 District No. 2 bonds. Date Oct. 1 1926. Denom. $1,000.
1928 and $1,000 1929 to 1937, incl. A certified check for 2% of the bonds
MeCLUSKY SCHOOL DISTRICT NO. 19, Sheridan County,
bid for, payable to the City Treasurer, is required.
No. Dak.-BOND SALE.
-The State of North Dakota purchased during
the month of May an issue of 345,000 5% school bonds. Dated April 1
LANCASTER COUNTY(P.O. Lancaster), So. Caro.
-NOTE OFFERING.
-T. Y. Williams, Chairman Board of County Commissioners, will 1926. Due April 1 1946, optional April 1 1928.
receive sealed bids until Nov. 1 for 130.0005% notes. Denom. $1.000.
McKEE ROCKS SCHOOL DISTRICT (P. O. McKees Rocks), Al-BOND OFFERING.
LANESBORO, Susquehanna County, Pa.
-Sealed bids will be received
-BOND OFFERING.
- legheny County, Pa.
H. A. Bennett, Borough Secretary, will receive sealed bids until 8 p. m. until 8 p. in. Nov. 8 for $800,000
% school bonds. Date July 1 1926.
Nov. 5 for $14,000
% coupon borough bonds. Date June 1 1926. Due serially 1932 to 1951, incl.
Denom. $500. Due June 1 as follows: $1,000. 1931: $1,500, 1936:12.000.
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND OFFERING.
1941: 12.500. 1946: 33.000. 1951, and $4,000. 1956. A certified check
for 2% of the amount of bonds bid for, payable to the Borough,is required. Earl C. Morris, County Treasurer, Will receive sealed bids until Nov. 1
for the following 5 issues of 4,4% bonds, aggregating $134,500:
373,500 Pipecreek Twp. road bonds. Denom. $1,225. Due $3,675, May
LARCHMONT, Westchester County, N. Y.
-BOND SALE.
-The
and Nov. 15 1928 to 1937, incl.
Larchmont Trust Co. of Larchmont was awarded on Oct. 18 an issue
27,000 Anderson Twp. road bonds. Denom. $1,350. Due $1,350, May
of 313,000 disposal chimney camouflaging bonds. Date Nov. 1 1926.
and Nov. 15 1928 to 1937, incl.
Denom. $1,000. Due $1,000 Nov. 1 1927 to 1939 incl. Prin. and int.
20,000 Pipecreek Twp. road bonds. Denom. $1,000. Due $1,000, May
payable at the First Natoinal Bank, New York. (Rate not stated.)
and Nov. 15 1928 to 1937, incl.
11,000 Anderson Twp. road bonds. Denom. $550. Due $550, May and
LEBANON,Linn County,Ore.
-BOND SALE.
-Hugh McGuire & Co.
and Nov. 15 1928 to 1937, incl.
of Portland have purchased an issue of $9,703 42 55i% street improvement
3,000 Anderson Twp. road bonds. Denom. $150. Due $150, May and
bonds at 101 12.
and Nov. 15 1928 to 1937. incl.
LEIPSIC, Putnam County, Ohio.
Prin. and int. M.& N. payable at the County Treasurer's office.
-NOTE OFFERING.
-Wardle McCollister, Village Clerk, will receive sealed bids until 12in.(Centralstandithl
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
-The
time) Oct. 25 for $15,956 16 6% net deficiency notes. Date May 1 1926.
-were
Denom. $1,595 except one for $1,601 16. Due 11,595 May 1 and Nov. 1 $27,000 436% road bonds offered on Oct. 15-V. 123, p. 1788
1927 to May 1 1931, incl., and $1.601 16, Nov. 1 1931. Int. payable awarded to the Merchants National Bank of Muncie at a premium o f
M.& N. A certified check for 5% of the amount of notes bid for is required. 3432 32, equal to 101.60, a basis of about 4.17%. Date Oct. 15 1926
Due $1,350 May 1 1928 to Nov. 1 1937. incl. Denom. $675. Interest
LENOIR GRADED SCHOOL DISTRICT, Caldwell County, No. payable M.& N.
Caro.
-BOND SALE.
-The $100,000 school bonds offered on June 15MADISON COUNTY (P. 0. London), Ohlo.-BONDS NOT SOLD.
V. 122, p. 3371-were awarded to Breed, Elliott & Harrison of Cincinnati
as 54 at a premium of 32.220, equal to 102.22, a basis of about 4.78_%. The 37.836 57 5% county home repairing bonds, offered on Oct. 18Date Jtme 1 1926. Due $4.000. 1929 to 1953 incl. Prin. and int.(J.& D.) V. 123, p. 2024-were not sold on that date. L. P. Wilson, County Auditor,
payable in gold in N. Y. City. Legality approved by Reed, Dougherty, Informs us, as it was found that Section 5654-1 provides that bonds can
not be sold on an estimate of the cost of the work and therefore notes
Hoyt & Washburn of N. Y. Ctiy.
have been Issued, as below.
LEON SCHOOL DISTRICT, Decatur County, Iowa.
NOTE SALE -The Central National Bank of London has purchased
-BOND SALE.
-The 340.000 45.6% coupon school bonds offered on Oct. 15-V. 123. an issue of 37.836 57 5% notes.
p. 1141-were awarded to Geo. M. Bechtel & Co. of Davenport at a
MADISON SPECIAL TAX SCHOOL DISTRICT NO. 7 (P.O. Madipremium of $705. equal to 101.76. a basis of about 4.33%. Date Sept. 1
-BOND OFFERING.
-J. E. Hardee, Chair1926. Due Sept. 1 as follows: $1,000. 1932 to 1934 incl.• $2.000, 1935 son), Madison County, Fla.
man Board of Public Instruction, will receive sealed bids until 1.30 p.m.
to 1938 Incl.; $3,000, 1939 to 1941 incl., and $4.000. 1942 to.
1946 incl.
Nov. 15 for $100,000 6% school bonds. Date May
LINCOLN SCHOOL DISTRICT NO, I, Sioux County, No. Dak.- as follows: 33,000, 1929 to 1948, incl., and $5.000 11925. Due May 1
.1949 to 1956, Incl.
BOND SALE.
-The State of North Dakota during the month of April Int. payable (M.& N.). A certified check
Legality
purchased an issue of $5,800 5% school bonds. Dated April 1 1926. Due approved by Caldwell & Raymond, New for $5.000 required.the bonds
York. These are
April 1 1946. optional April 11928.
offered on April 5-V. 122, p. 1507.
LINTON SPECIAL SCHOOL DISTRICT NO. 36, Emmons County,
MAHON1NG COUNTY (P. 0. Youngstown), Ohio.
-BOND OFFERNo. Dak.-BOND SALE -The State of North Dakota during the month
-F. A. Rolla, Clerk Board of County Commissioners, will receive
of April purchased an issue of $27,500 5% school bonds. Dated April 1 ING. bids until
sealed
10 a. m. Nov. 15 for the following 5% improvement
1926. Due April 1 1946, optional April 1 1928.
bonds aggregating $171,540:
LORENZO, Crosby County Texas.-BOND OFFERING.
-Roy J. $63,300 West River road bonds. Denom. $1,000, except one for 11.300.
Terrell, City Secretary, will receive sealed bids until 8 p. in. Nov. 8 for
Due Oct. 1 as follows: $7.330 1928 and $7,000 1929 to 1936.
incl. A certified check for $3.000 is required.
342.000 69' water works bonds. Date Aug. 10 1926. Due Aug. 10 as
follows: $1,000. 1928, 1930. 1932, 1934, and 31,000. 1936 to 1959 incl.,
55,000 East River road bonds. Denom. $1,000 Due Oct. 1 as follows:
and $2.000, 1960 to 1966 incl. Int. payable A. & 0. A certified check
$5.000 1928, $6,000 1929 to 1934, incl., and 37.000 1936 and
payable to the Mayor for 31,000. required.
1937. A certified check for $3,000 is required.
25.330 Shields Titusville road bonds. Denom. $1,000, except one for
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0.
$1,330 Due Oct. 1 as follows: $2,330 1928, 32,000 1929 and
Los Angeles), Calif.
-BOND OFFERING.
-L. E. Lampton, County
33.000 1930 to 1936.1nel. A certified check for $1,200 Is required.
Clerk, will receive sealed bids until 2 p. in. Nov. 8 for 35,000,000 5%
19.390 Southern Ave. bonds. Denom. $1,000, except one for $1,390.
flood control bonds. Date July 2 1924. Denom. 31,000 and $500. Due
Due Oct. 1 as follows: 32.390 1928. $2,000 1929 to 1935, incl.,
July 2 as follows: 1757.500, 1927; 3210,500. 1928, and 3112.000, 1929
and $3,000 in 1936. A certified check for $1,000 is required.
to 1964 incl. Prin. and int. (J. & J.) payable at the County Treasurer's
8,520 Afton Ave. bonds. Denom. $1,000, except one for $520. Due
office or at Kountze Bros., N. Y. City. Legality approved by O'Melveny,
Oct. 1 as follows: $520 1928 and 31,000 1929 to 1936, Incl. A
Millikin 'Puller & Macneil, Los Angeles. A certified check, payable to
certified check for $600 is required.
the Chairman Board of Supervisors, for 3% of the amount of bonds bid
Date Nov. 1 1926. Bidders to satisfy themselves as to legality. All
for, required.
checks to be made payable to Frank II. Vogan, County Treasurer.
LOUISIANA (State of).
-BOND SALE.
-The $500,000 43.5% State
MAINE (State of).
-BOND SALE.-Estabrook & Co., of Boston, were
impt. gold bonds offered on Oct. 20-V. 123, p. 2024
-were
awarded
Bridge"
the William R. Compton Co. and Curtis & Sanger, both of Newawarded to a basis on Oct. 21 8500.0004% coupon "KennebecDenom. bonds at 99.54
York City,
$1,000. Due
of about 4.03%. Date Nov. 1 1926.
Jointly, at 100.629. a basis of about 4.38%. Date Nov. 1 1926. Due 350.000. Nov. 1
1941 to 1950, incl.; optional after 1936. Prin. and int.
Nov. 11932.
(M.& N.) payable In gold at the State Treasurer's office.
NOTE SALE.
-The National Bank of Commerce of New York
'Financial Statement.
chased privately an issue of $1,200,000 Confederate Veterans' has pur- Valuation
$701,439,297
Widows'
of the State
Pension Fund notes. Date Oct. 1 1926. Due Feb. 15 1927.
17,630,300
Bonded debt (including this issue)
LOWER LAKE UNION HIGH SCHOOL DISTRICT (P. 0. Lake
-BOND SALE.-Farson, Son &
MANATEE, Manatee County, Fla.
port), Lake County, Calif,
-BOND SALE.
purchased an issue of 399.000 6% impt.
-The $45.000 5% school
bonds offered on Oct. 12 (V. 123, p. 1907) were awarded go Dean, Witter Co. of New York City recentlyThese are the bonds offered unsuccessfully
bonds at
Co. of San Francisco, Date Nov. 1 1926. Denom. $1,000. Due on Oct. 90. Denom,$1,000.
12.-V. 123, p. 1907.
serially 1929 to 1951 incl.
MAPLE HEIGHTS (P. 0. Bedford R. F. D.), Cuyahoga County,
Financial Statement.
-F. Vasek, Village Clerk, will receive sealed
Assessed valuation 1925
-BOND OFFERING.
31,858.630 Ohio.
Total bonded debt (including this issue)
bids until 12 m.Nov. 15 for the following 5ti% bonds, aggregating $61,700:
45,000
$50,700 Dunham Road Sewer District No. 2 special assessment bonds.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND SALE.
-The 12
Denom. 31.000, except one for $700. Date Sept. 15 1926. Due
Issues of 5% bonds aggregating $261,556, offered on Oct. 14-V. 123.
Oct. 1 as follows: $5,000 Oct. 1 1928 to 1936, incl., and 35.700
p. 1661-were awarded as follows:
in 1937.
OCT. 23 1926.]
THE CHRONICLE
2165
3,000 street improvement bonds. Date Nov. 1 1926. Denom. $300.
Due $300 Oct. I 1928 to 1937. incl.
4,000 water works bonda, Date Nov. 1 1926. Denom. $400. Due
3400 Oct. 1 1928 to 1937, incl.
1.000 sewer bonds. Date Nov. 1 1926. Denom. $400. Due $400
Oct. 1 1928 to 1937, incl.
oicipal and interest (A. A 0.1 payable at the Central National Bank
of cieveland. A certified check for 5% of the amount of bonds bid for,
payable to the Village Treasurer is required.
MAPLE RIVER SCHOOL DISTRICT NO. 38, Cass County, No.
Dak.-BOND SALE.
-The State of North Dakota, during the month of
.July, purchased an issue of $10.000 5% school bonds. Dated May 1 1926.
Due May 1 1946, optional May 1 1928.
MARION COUNTY (P. 0. Marion), Ohio.
-The
--BOND SALE.
$10,800 5% coupon road bonds offered on Oct. 14-V. 123, p. 1788
-were
.awarded to A. E Aub & Co. of Cincinnati at a premium of $83. equal to
100.76, a basis oiabout
Date June 151926. Due each six months
as follows: $750. March4.79%. March 1 1933.and $1,050. Sept. 1 1933.
1 1927to
BOND SALE.
-The 314.831 5% Fairground Road !rapt. bonds offered
on Oct. 18-V.123,P. 1788
-were awarded to the Herrick Co. of Cleveland
at a premium of $206, equal to 101.38, a basis of about 4.69%. Date
Aug. b 1926. Due $1,000 March and Sept. 1 1928 to March 1 1934, and
31,831 Sept. 1 1934.
MARION, Marion County, Ohio.
-BONDS OFFERED.
-J. L.Landes.
City Auditor, received sealed bids until Oct. 18 for the following two issues
of 634% bonds. aggregating $14,677 53:
$2,656 45 Holmes Ave. paving bonds. Denom. $1,000 except one for
$56 45. Due serially.
12,021 08 Holmes Ave. paving bonds. Denom. $1,000 except one for
$21 08. Due Sept. 1 as follows: $1,021 08, 1928; $2,000, 1929
to 1931, incl., and $1,000, 1932 to 1936. incl.
Interest payable M.& S.
MORRISTOWN, Shelby County, Ind.
-.-BOND SALE.
-The 510.000
5% water bonds offered on Oct. 18-V. 123, p. 2024
-were awarded to
the Fletcher American Co. of Indianapolis at a premium of 2313. equal to
103.13, a basis of about 4.59%. Date Oct. 18 1926. Due 31,000 July 1
1941; 111.000. Jan. 1 and July 1 1942; 31,000, Jan. 11943: $1,500, July 1
1943; $1,000, Jan. 1 1944; $1,500, July 1 1944, and $1,000, Jan. 1 and
July 1 1945.
MARFA, Young County, Tex.
-BONDS OFFERED.
-Sealed bids
were received until Oct. 22 for the following two issues of bonds aggregating $114.000:
$58,000 water works bonds. Due $1,000 1929 to 1952, Incl.; $20,000 1953
to 1960, and $3,000 1961 to 1966, incl.
56,000 sewer bonds. Due as follows: $1,000 1929 to 1953, incl.; $2,000
1954 to 1961. incl., and $3.000 1962 to 1966.
Date Oct. 1 1926. Denom. 51.000. Interest rate to be determined at
time of sale. Principal and interest (A. & 0.) payable at the Seaboard
National Bank. New York City. Legality approved by Chapman, Cutler
& Parker of Chicago. A certified check payable to John J. Hamic, Mayor,
for $5.000, erquired.
MASON CITY, Cerro Gordo County, Iowa-BONDS OFFERED.J. H. McEwen, City Clerk, received sealed bids until Oct. 20 for $179,000
not exceeding 434% funding bonds. Date Oct. 1 1926. Due Oct. 1 as
follows: $4,000 1928 to 1932, inci.•. 37,000 1933 to 1937, incl.; 310.000
1938 to 1942. incl.: $15,000 1943 to 1945, incl., and $29,000 1946. Legality
approved by Chapman, Cutler & Parker, Chicago.
MEADVILLE, Crawford County, Pa.
-The $4,000
-BOND SALE.
4y% coupon city bonds offered on Oct. 12-V. 123, p. 1907
-were awarded
Weber of Meadville at par. Date July 1 1926. Due July 1 1941,
optional after July 1 1936.
MEXIA, Limestone County, Tex.
-The
-BONDS REGISTERED.
State Comptroller of Texas registered on Oct. 14 the following two issues
of 534% bonds, aggregating $175,000:
$140,000 city hall bonds.
35,000 park improvement bonds.
Due serially.
-Commerce
MUSCOTAH, Atchison County, Kan.
-BOND SALE.
Trust Co. of Kansas City,
has purchased an issue of $35.000 5%
paving bonds. Due serially 1927 to 1936,incl.
Mo..
NATCHITOCHES PARISH SCHOOL DISTRICT NO. 8 (P. 0.
Natchitoches), La.
-BOND OFFERING.
-E. A. Lee, Superintendent of
Schools, will receive sealed bids until 11 1. m. Nov. 2 for $60,000 5%
school bonds. Date Sept. 1 1926. Denom. $1,000. Due Sept. 1 as
follows: $2,000 1927,$3,000 1928 to 1931, incl.; $4,000 1932 to 1936, incl.;
55.0001937 to 1940,incl.,and 86.0001941. Principal and interest(M.& S.)
payable at the Chase National Bank, New York City. Legality approved
by Wood & Oakley, Chicago. A certified check for 234% of the amount
of bonds bid for, required. These are the bonds mentioned in V. 123,
p. 2025.
-FINANCIAL STATEMENT.
NEWARK, Essex County, N. J.
-W
are in receipt of the following financial statement of this city which is
offering on Nov. 8 an issue of 434% coupon or registered water bonds not
to exceed $2,000,000, no more bonds to be awarded than will produce a
premium of $1,000 over $2,000.000.
Financial Statement Sept. 30 1926.
Assessed valuation real property
3626,652.123 00
Assessed valuation personal property
145.264,75000
MOUNT PLEASANT, Henry County, Iowa.
-BOND OFFERING.
J. P. Budde, City Clerk, will receive sealed bids until 7.30
m. Oct. 27
for $8,000 public library building bonds. Due serially $1,000 Nov. 1 1927
p.
to 1934,inclusive. Legal opinion and bonds to be furnished by purchaser.1111
MOUNT ULLA SPECIAL TAX SCHOOL DISTRICT (P. 0. Salisbury), Rowan County, No. Caro.
-BOND OFFERING.
-Max Barker.
Register of Deeds, will receive sealed bids until Nov. 1 for 324.000 6%
school bonds. Denom. 31.000 and $500.
MOUNT VERNON, Westchester County, N. Y.
-BOND OFFERING.
The City Comptroller will receive sealed bids until 8 p. m. Oct. 26 for the
following bonds. aggrevating $612.000:
$220,000 incinerator bonds. Due $1 1,000 Nov. 1 1928 to 1947, incl.
165.000 highway impt. bonds. Due Nov. 1 as follows: $5,000, 1928 and
$20.000. 1929 to 1936, incl.
154,000 highway repaving bonds. Due Nov. 1 as follows: 317.000, 1928
to 1935, incl: and $18.000, 1936.
48.000 Dept. of Public Works Equipment bonds. Due $12.000. Nov. 1
1928 to 1931, incl.
20,000 drainage bonds. Due Nov. 1 as follows: $2.000. 1928 and $1,000.
1929 to 1946, incl.
5.000 sewerage bonds. Due Nov. 1 1936.
Date Nov. 1 1926. Bidders to name rate of interest.
MUSCATINE, Muscatine County, Iowa.
-BOND SALE.-Geo. M.
Bechtel & Co. of Davenport have purchased an issue of $8,500 levee impt.
bonds.
Total assessed valuation taxable properiy
$771.916$73 00
Bonded debt including this issue
79.522,200 00
Water Bonds included in above
316,512.000 00
Sink,funds for bonds other than water bonds 10,015,589 30
Special assessments collected and on hand
195,485 12
26.723,074 43
•
Net debt
MIAMI BEACH,Dade County,Fla.
-BOND SALE NOT COMPLETED
$2,166,878 43 852.788325 58
-We are informed by C. W. Thomlinson, City Clerk, that the sale of the Sinking fund for water bonds
Population 1915 census, 366.744; population 1920 census. 414,524.
3475,000 6% park improvement bonds to Eldredge & Co. of New York
NEW BOSTON, Scioto County, Ohio.
and Wright, Warlow & Co., Orlando, jointly, at 97.90. a basis of about
-BOND ELECTION.
-On
6.27%-V. 123, p. 1142
-was not completed. Date Sept. 1 1926. Due Nov. 2 an election will be held for the purpose of voting on the question
$25,000 Sept. 1 1928 to 1946, inclusive.
of issuing $50,000 incinerator bonds.
NEW CANAAN, Fairfield County, Conn.
-BOND SALE.
-A_
MILFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Somerville),
ilen
Butler County, Ohio.
-BOND SALE.
-The 335,000 5% coupon school lIgic
s
ltk aNd O L..
co l°sed of
.t
.;
t
Of 17WrgOl sonis g:rted on 0 P 16
C
gi lv L
Co 1 °
c
t
bonds offered on Oct. 14-V. 123. p. 1788
-were awarded to the Ohio an issue of *1.50.090 434; school ponds at 102.72.
State Teachers' Retirement System at a premium of $947 70, equal to
102.70, a basis of about 4.65%. Date Oct. 14 1926. Due Sept. 15 as
NEW MILFORD, Bergen County, N. J.
-BOND OFFERING.follows: 51,000, 1927, and 32,000, 1928 to 1944 inclusive.
-John Kobel, Borough Clerk, will receive sealed bids until 8.30 p.m. Nov.
13 for the following 414% coupon or registered bonds.aggregating $198,000:
MILLEDGEVILLE, Baldwin County, Ga.-BOND SALE.
-The $92,000 Assessment bonds. Due Oct. 15 as follows: 88,000, 1927 to 1932.
$60.000 6% street impt. bonds offered on Oct. 8-V. 123. p. 1788
-were
Incl.; 310,000, 1933 and 1934, and $12,000, 193 and 1936.
awarded to John W.Mitchinson of Milledgeville at 98. Due in ten years.
106,000 public inmt. bonds. Due Oct. 15 as follows: $6,090, 1928 to
1938, incl. and $8,000, 1939 to 1943, incl.
MINERAL WELLS, Palo Pinto County, Tex.
-The
-BOND SALE.
Date Oct. 151926. Denom, 51.000. Prin, and int.
'
$299,000 5% refunding bonds registered on Sept. 29 were awarded to the gold at the Peoples Trust Co., Hackensack. No more(A.& 0.) payable in
bonds to be awarded
Brown-Crummer Co. of Wichita at par.
than will produce a premium of51.000 over each of the above issues. If the
BONDS REGISTERED.
-The State Comptroller of Texas registered bids received do not permit the award of either issue at 414% then and in
on Oct. 14 an issue of 568.000 5% refunding bonds. Due serially.
that event the bonds of such issue will bear interest at the rate of 5%•
Legality approved by Reed, Dougherty, Hoyt & Washburn, New York
MIRANDA INDEPENDENT SCHOOL DISTRICT, Webb County, City. A certified check for 2% of the bonds bid for payable to the Bouough
Texas.
-BOND SALE.
-The 38.000 6% coupon school bonds registered is required.
on Sept. 9-V. l23,p. 1778
-were awarded to the State Board of Educa
NEW ROCKFORD, Eddy County, No. Dak.-BOND SALE.
tion at par. Date July 1 1926. Denom. 3800. Due $800 July 1 1926
-The
to 1936 incl. Int. payable J. & J.
$34,000 water works bonds offered on Oct. 4-V. 123, p. 1662
-were
awarded to the Hanchett Bond Co. of Chicago as 534s. Date Oct. 16
MISSOULA, Missoula County, Mont.
-BOND OFFERING.
-The 1926. Due serially in 5 to 20 years.
City Clerk will receive sealed bids until Nov. 9 for $189,000 amortization
NILES, Trumbull County, Ohio.
-BOND SALE.
or serial funding bonds.
-The $15,833 51
5.4% coupon (city's portion) sanitary sewer bowls offered on Oct. 15V. 123, p. I789
MONROE COUNTY (P. 0. Key West), Fla.
-were awarded to the State Teachers Retirement System
-BOND
D. Z. Filer, Clerk of Board of County Commissioners, willOFFERING.
sealed at a premium of $716, equal to 104.52, a basis of about 4.62%. Date
bids until 8 13. m. Nov. 15 for the following two issues of receive bonds. Oct. 1 1926. Due April 1 as follows: $2,000. 1928 to 1933. incl.. $1,000,
534%
aggregating $750.000:
1934 to 1936. incl., and $883 51, 1937.
$500,000 highway bonds. Due June 1 as follows: 314.000, 1936 to 1945
NORTH BELLMORE FIRE DISTRICT (P. 0. North Bellmore)
incl., 328,000.
Nassau County, N. Y.
-BONDS OFFERED.
to 1954,
-.--Gottlieb Roll. Clerk
250,000 bridge bonds. 1946 June 1 asincl., and $108,000, 1955.
Due
follows: 37.000, 1936 to 1945,incl., Board of Fire Commissioners, received sealed bids until 8 p. m. Oct. 20
$14,000, 1946 to 1954. incl.
for $30,000, not exceeding 6% coupon or registered fire equipment bonds.
Date June 1 1925. Denom. $1,006. and $54,000, 1955. (J. &
Principal and int.
D.)PaY- Date Oct. 1 1926. Denom. $1,000. Due Oct. 1 as follows: 31.000, A928:
able at the National Bank of Commerce, New York City.
Legality ap- $2,000, -929; $3,000, 1930
proved by John C. Thomson, New York City. A certified check for 2% and $4.000, 1935 and 1936. and 1931; $4,000, 1932 and 1933; 55,000. 1934
Rate of interest to be in multiples of 3.1' of 1%.
of the amount of bonds bid for
Legality approved by Clay & Dillon of New York.
required.
NORTH DAKOTA (State of).
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND SALE.
-We are in receipt of
-BOND the
SALE.
-The following 3 issues of434
following statement showing the bonds purchased by the State from
offered on Oct. 20-V. 123. p. 2024 % coupon bonds. aggregating $88,000, January to September, inclusive, not previously reported by us. During
-were awarded to the Crawfordsville the month
Trust Co. at a premium of $1,460.80,
of january the State of North Dakota purchased the following
equal to 101.66, a bash; of about 5%
4.16',.
school bonds aggregating $4,800:
$6.I I I Sugar Creek Twp. road bonds. Due $300 each six months from
Name
-Due.
Date.
Amount.
May 15 1927 to Nov. 15 1936, incl.
Barton School District No.8
$2,300 Nov. 1 1925 Nov. 1 1945
12,000 Brown Twp, road bonds.
2,500 Nov. 1 1925 Nov. 1 1945
six months from May 15 Long Creek School District No,2
Due $600 each
1927 to Nov. 15
BOND SALE8.-During the month of March the same State also pur70,000 Union 'Fwp. road 1936, incl.
chased the following 5% school bonds aggregating $11,500:
bonds. Due
1927 to Nov. 15 1936, incl. $3,600 each six months from May 15
-Due.
Name
Date.
Amount.
•
Date Aug. 15 1926.
BreohlYn.School District No.78-$4,000 Jan. 2 1926 Jan. 2 1936
Beaver Creek School District No.193,500 Jan. 2 1926 Jan. 2 1936
MONTGOMERY COUNTY SEPARATE ROAD DISTRICT NO. 3 Defiance
School District No. 32_ _ _
4,000 Jan. 2 1926 Jan. 2 1936
(P. 0. Winona), Miss.
-BONDS OFFERED.
-James W. Townsend,
BOND SALES.
Chancery Court Clerk, will
-During the month of May the same State also purchased
5260.000 highway bonds. Areceive sealed bids until 12 m. Nov. 1 for the following 5% school bonds aggregating $10,200:
certified check for 2% of the amount o
Name$4,800
bonds bid for required.
eleven School District No. 123
Jan .Due
Amount.D. ate 926 Jan. 2 1946
21
2,900 Apr. 1 1926 Apr. 1 1946
Divide County Ind. Sch. Dist. No.37
MONTICELLO Jefferson County, Fla.
-BOND SALE.
-The
2,500 Apr. 1 1926 Apr. 1 1946
6% coupon sidewalk impt. bonds offered on Oct. 5-V. 123. 310.000 Manheim School District No.3
p. 1535
were awarded to the Farmers & Merchants
BOND SALES.
-During the month of August the same State also purof Monticello
a basis of about 6.33%. Date Sept. 11926. Bank Sept. 1 1951. at 96, chased the following 5% school bonds aggregating $8,800:
Due
Amount.
NameDate.
Due.
MOONACHIE SCHOOL DISTRICT (P. 0. Carlstadt)
54.000 July 1 1926 July 1 1936
Bergen Allegany School District No. 16--County, N. J.
-BOND OFFERING.-Fiannibal
2 800 July 1 19 6 June 1 1936
2
:000
LaMoure School District No.
ne
2
J
94
6
Clerk, will receive sealed bids until 8 p. m. Oct. 28 Mercaldo, District Grenz School Diarict No. 21 45
for an issue of 6%
registered school bonds, not to
BOND SALES.
-During the month of September the same State also
than will produce a Premium exceed 321.000, no more bonds to be awarded
i ds ag
in
Date$
Denom. $1,000. Due 81.000of $1.000 over $21.000. Date Dec. 1 1926. purchased the following 5% school bo mount gregatiag .9,000:
Dec. 1 1927 to 1947, incl. Prin. and int.
NameDue.
J. & J., payable at the Little Ferry National Bank, Little
A certified check for 2% of the amount of bonds bid for, payableFerry. Board of Lake Washington Sch. Dist. No.49- $3,000 July 1 1926 July 1 1936
to the
4,000 Aug. 1 1926 Aug. 1 1936
Loretta School District No. 108
Education is required.
• Crosby School District No.82
2,000 Aug. 1 1926 Aug. 1 1946
2166
THE CHRONICLE
BOND .SALES.
-The State of North Dakota also purchased the following
school bonds aggregating $10,500:
Amount.
Date.
NameDue.
Purchased.
Raney School District
$3,000 Jan. 2 1926 Jan. 2 1936 February
Ross School District No. 119
3,000 Jan. 2 1926 Jan. 2 1946
April
Odessa School District No. 1
4,500 May 1 1926 May 1 1946
July
All the above bonds are optional two years from date of issue.
NORTH DAKOTA (State of).
-BOND SALE.
-The State of North
Dakota purchased during the month of January an Issue of $600.000 435%
real estate Series G Industrial Commission bonds. Dated April 1 1925.
Due Jan. 1 1954, optional April 1 1927.
l2a
Oct. 29 for $6,812 76 6% certificates of indebtedness. Date Nov. 1 1928.
Due Feb. 1 1927. Certificates will be payable at the City Treasurer's
office in New York exchange. A certified chec.16 for $150 is required.
PRINCETON SCHOOL DISTRICT (P. 0. Princeton), Mercer
County, N. J.
-BOND OFFERING.
-Charles A. Seidensticker, District
Clerk, will receive sealed bids until 12 m. Oct. 29 for an issue of 434%
coupon or registered school bonds not to exceed $43,000, no more bonds to
be awarded than will produce a premium of $500 over $43,000. Date
Oct. 1 1926. Denoms. $1,000 and $500. Due Oct. 1 as follows: $1,000,
1928 to 1955 incl., and $1.500. 1956 to 1965 incl. Min. and int.(A. & 0.)
payable to the Princeton Bank & Trust Co., Princeton. Legality approved
by Hawkins, Delafield & Longfellow,
NORTH FORK SCHOOL DISTRICT NO. 20, Benson County, 2% of the bonds bid for, payable to the New York. A certified check for
Board of Education, is required.
-The State of North Dakota purchased, during
No. Dak.-BOND SALE.
the month of July, an issue of 38,000 5% school bonds. Dated May 11926.
PUTNAM COUNTY (P. 0. Greenfield), Ind.
-BOND SALE.
-The
Due May 1 1946, optional May 1 1928.
*4,000434% road bonds offered on Oct. 18 (V. 123. p. 2026) were awarded
to Frank Donner of Greencastle at a premium of $50, equal to 101.25.
NORTH LITTLE ROCK, Pulaski County, Ark.
-BOND SALE.- Due semi-annually in 1 to 10 years.
The $400,000 5% viaduct impt. District No. 1 bonds offered on Oct. 20
-V. 123, p. 2025
-were awarded to the American Southern Trust Co. and
PUTNAM COUNTY(P.O.Ottawa),Ohio.
-BOND OFFERING
-A.B.
M. W. Elkins & Co., both of Little Rock, jointly at 97.
Bruskotter, Clerk Board of County Commissioners, will receive sealed bids
Central standard time)
NORTH OLMSTEAD, Cuyahoga County, Ohio.
-BOND SALE.
- until 12 m. B and 0 impt. bonds. Oct. 25 for $44,527 96 5% I. C. H.
No. 285,
Date Aug. 11926, Denom. $1,000,
The $9,461 01 534% coupon Maple Ridge Road impt. bonds offered on except 1 Sec.$527 96. Due Nov. 1 as
for
follows: $5,527 96, 1927; $5,000,
Oct. 4-V. 123, p. 1789
-were awarded to the Herrick Co. of Cleveland.
Date Sept. 1
Due $461 01 Oct. 1 1927,$1,000 April and Oct. 1 1928 1928 to 1934,incl: and $4,000 in 1935. Prin. and semi-annual hit. M.& N.
payable at the County Treasurer's office. A certified check for $800 payto .931 incl.,1926.
and $1,000 April 1 1932.
able to the County Treasurer is required.
NORTH TONAWANDA, Niagara County, N. Y.
-BOND SALE.
RALEIGH SCHOOL DISTRICT NO. 23, Grant County, No. Dak.The $32,000 43 1 % paying bonds offered on Oct. 18-V. 123. p. 1907
/
- BOND SALE -During the
month of August the State of North Dakota
were awarded to the Manufacturers & Traders Trust Co. of Buffalo at
purchased an issue of $7.000 5% school bonds. Dated July 1 1926. Due
100.449.
July 1 1946, optional July 1 1928.
NUECES COUNTY COMMON SCHOOL DISTRICT NO. 4 (P. 0.
Corpus Christi), Tex.
RHAME SCHOOL DISTRICT NO.17, Bowman County, No. Dak.-BONDS REGISTERED.
-The State Comptroller
of Texas registered on Oct. 11 an issue of $12,000 5% school bonds. Due BOND SALE.
-The State of North Dakota purchased during the month
serially.
of January an issue of $10.000 5% school bonds. Dated Oct. 11925. Due
Oct. 11945. optional Oct. 1 1927.
OCEAN CITY, Cape May County, N. J.
-BOND SALE.
-The
$335,000 coupon temporary finance bonds offered on Oct. 18-V. 123, p.
RIVERSIDE COUNTRY SCHOOL DISTRICTS (P. 0. Riverside),
1907
-were awarded to the Ocean City Title & Trust Co. of Ocean City Calif.
-BOND SALE NOT COMPLETED.
-The sale
the
as 434s at a premium of $331 65, equal to 100.099, a basis of about 4.45%. following two issues of 431% school bonds, aggregating on July 26 of the
$.,050,000, to
Date Oct. 18 1926. Due Oct. 18 1928.
National City Co. of New York City (V. 123, p. 612) was not completed
OLNEY INDEPENDENT SCHOOL DISTRICT, Young County, as the bonds were declared illegal:
Tex.
-BOND SALE.
-The Commercial Trust Co. of Kansas City has $850,000 City High School District bonds at a premium of$28,240 55, equal
to 103.32, a basis of about 4.49%. Due $25,000 Aug. 1 1931 to
purchased an issue of $75,000 534% coupon school bonds at a premium of
1964 inclusive.
$101 70, equal to 101.13. Date June 1 1926. Denom. $1,000 and $500.
200,000 City Junior College District bonds at a premium of $6,454, equal
Due serially to June 11966.
to 103.22, a basis of about 4.50%. Due $10,000 Aug. 1 1936 to
OREGON (State of).
-BOND SALE.
-A syndicate composed of the
1955, inclusive.
First National Bank, the Detroit Co., Eldredge & Co. and Kissel, KinniDate Aug. 1 1926.
N. Y. City; the Anglo-London-Paris Co. of San Francisco:
cut & Co., all of
RIVIERA INDEPENDENT SCHOOL DISTRICT, Klebery County,
-Dickey Co. of Minneapolis, and the Ralph Schneelock Co. of
the Wells
-BONDS REGISTERED.
-The State Comptroller of Texas
Portland, were awarded the $2,000.000 series No. 6 Veterans State Aid Texas.
-taking $1,775,000 registered on Oct. 5 an issue of $18,000 5% school bonds. Due serially.
coupon gold bonds offered on Oct. 15-V. 123.p. 1789
as 4345 and $225.000 as 4345 at a premium of $10, equal tp 100.0005, a
ROCHESTER, N. Y.
-NOTE SALE.
-The six issues of City of Robasis of about 4.29%. Date Nov. 1 1926. Due 31,000,000 April and
chester notes, aggregating 31.350.000 offered on Oct. 19-V. 123, p. 2026
Oct. 1 1951.
were awarded to the National Bank of Rochester on a 3.86% discount
ORONOCO SCHOOL DISTRICT, Olmstead County, Minn.- basis plus a premium of $8.
-We are informed by Charles E. Postier, Clerk Board
BONDS NOT SOLD.
of Education, that the 316.500 school bonds offered on Oct. 1 (V. 123. P• 8500.000 local impt. notes as per ordinance of the Common Council. Oct.
13 1926.
2025) were not sold, as an injunction has been served and will be heard on
150,000 municipal building construction notes as per ordinance of Common
Nov. 3.
Council. Oct. 13 1926.
- 100,000 municipal hospital notes as per ordinance of Common Council
OTIS SCHOOL DISTRICT NO. 80, McLean County, No. flak.
-The State of North Dakota during the month of March
BOND SALE.
Oct. 13 1926.
purchased an issue of $5,000 5% school bonds. Dated Feb. 1 1926. Due
350,000 subway railroad notes as per ordinance of Common Council.
Feb. 11946. Optional Feb. 11928.
Aug. 4 1926 and Oct. 13 1926.
150,000 school construction bonds as pe ordinance of the Common
PALMER, Hampden County, Mass.
-NOTE SALE.
-The Palmer
Council, May 12 1925.
National Bank was awarded on Oct. 20 $50,000 notes at 4%. Due Dec.24
100,000 water works impt. bonds as per ordinance of the Common Council,
1926.
Feb. 23 1926.
PANAMA CITY, Bay County, Fla.
Date Oct. 13 1926. Due Feb. 23 1927.
-BOND OFFERING.
-J. F.
Bannerman, City Clerk, will receive sealed bids until 2 p. m. Nov. 5 for
ROCKVILLE CENTER, Nassau County, N. Y.
-BOND SALE.
$164,000 6% improvement bonds. Date Nov. 1 1926. Denom. 81,000.
-The
Due $82,000 Nov. 1 1931 to 1936, incl. Principal and interest (M. & N.) $75,000 coupon or registered water works bonds offered on Oct. 20 (V. 123,
payable at the Chase National Bank, New York City, or at the First p. 2026) were awarded to Graham, Parsons & Co. of Nov York as 4.35s at
National Bank, Panama City. A certified check for $2,000, payable to 100.044, a basis of about 4.34%. Date Nov. 11926. Due $5,000 Nov. 1
1927 to 1941 inclusive.
the city, required.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.-BOND OFFERING.
PARKE COUNTY (P. 0. Rockville), Ind.
Sealed bids will be received until Nov. 15 by Lawrence Bramblett, County Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. Nov. 18
6% drainage bonds. Dated Nov. 15 1926. Denom. for $4,200 5% Rockland Ave. water main bonds. Date Nov. 1 1926
Auditor, for $2,799
Denom. $500, except 1 for $200. Due Oct. 1 as follows: $200, 1928
$277 90. Due $277 90 Nov. 15 1927 and $277 90 May and Nov. 15 1928 and
to Nov. 15 1936 incl. Int. payable M. & N. 15. Legality approved by for 3500, 1929 to 1936, incl. A certified check for 10% of the bonds bid
is required.
Smith, Renter, Hornbrook & Smith of Indianapolis. A certified check
for 3% of the par value of the bonds, payable to the Board of County ComROOSEVELT SCHOOL DISTRICT NO. 51, McLean County;
missioners, is required.
No. Dalc.-BOND SALE.
--An issue of $30,000 5% school bonds were
PELHAM UNION FREE SCHOOL DISTRICT NO.1(P.O. Pelham), nerchased by the State of North Dakota during the month of June. Dated -The $260,000 coupon or June 1 1926. Due June 1 1946. Optional June 1 1928.
-BOND SALE.
Westchester County, N. Y.
registered school bonds offered on Oct. 14(V. 123, 13. 17N9) were awarded to
ROSWELL, Chaves County, N. Mex.-BOND SALE.
-The Hanchett
the Bankers Trust Co. of New York as 4.30s at 100.319, a basis of about Bond Co. of Chicago has purchased an issue of $55,000 6% pelting bonds.
4.28%. Date Oct. 1 1928. Due Oct. 1 as follows: $8,000 in 1936 and Date Feb. 15 1924. Due in 1934. Legality approved by Pershing, Nye
to 1964 inclusive.
89,000, 1937
Tallmadge & Bosworth, Denver.
-BOND SALE.
-The $56,000
PELL CITY, St. Clair County, Ala.
ROYAL OAK,Oakland County, Mich.
-BOND SALE.
-The 18 issues
-were awarded to of coupon bonds, aggregating $351,925, offered on Oct. 11 (V.
water works bonds offered on Oct. 4-V. 123, p. 1662
123, p. 1908).
Steiner Bros. of Birmingham, at 90. Due July 1 as follows: 31,000, 1928 were awarded as follows:
to 1937, incl.; $1,500, 1938 to 1954, incl., and $20,500, 1955. Rate not
To Lewis & Co., Inc., of Detroit, 3 issues of bonds, aggregating $115,000,
given.
as 4Hs at a premium of $10, equal to 100.008, a basis of about 4.49%:
-BOND SALE
-The $50,000 general obligation paving bonds. Due Oct. 1 as follows: $5,000,
PERTH AMBOY, Middlesex County, N. J.
1928 to 1931 incl., and $6,000 in 1932 to 1936 incl.
$1,200,0005% temporary water bonds offered on Oct. 18-V. 123. p. 178960,000 storm sewer general ob.igation bonds. Due Oct. 1 as follows:
were awarded to H. L. Allen & Co. of New York and the Old Colony Corp.
$1,000, 1928 to 1936 incl.; $2,000, 1937 to.1945 incl., and
of Boston at a premium of $2,040, equal to 100.17, a basis of about 4.65%•
$3,000.
1946 to 1956 Ind:
Date Oct. 15 1926. Due April 15 19;7.
5,000 sidewalk bonds. Due $1,000 Oct. 1 1927 to 1931 inclusive.
-The four issues of 431% bonds, aggregating 3407,000,
BOND SALE.
To the Royal Oak Savings Bank, 15 issues of bonds. aggregating
-were awarded to the Perth as 434s, at a premium of 81,236, equal to 100.01, a
-V. 123, p. 1789
offered on the same date
basis of about$236,925,
4.74%:
Amboy Trust Co. acting for a syndicate composed of Lehman Bros., $24,850 Alexander Ave. paving (special assessment)
bonds. Due Oct. 1
E. H. Rollins & Sons, Kountze Bros. and Kean, Taylor & Co., all of New
as follows: 51,850 in 1927 and $2,000 1928 to 1931 incl., and $3,000
York, as follows:
1932 to 1936 incl.
3298,000 school bonds ($300,000 offered) paying $300,651 60, equal to
4,650 W. Harrison Ave. paving (special assessment) bonds. Due Oct. 1
100.88, a basis of about 4.66%. Due $10,000 Oct. 15 1927
as follows: $650 in 192, and $1,000 in 1929, 1931, 1933 and 1936.
to 1956, inclusive.
73,725 road paving (special assessment) bonds. Due Oct. 1 as follows:
street improvement bonds at a premium of $6 90, equal to 100.01,
69,000
36.725 in 1927, $7,000 in 1928 to 1932 incl., and $8,000, 1933 to
a basis of about 4.74%. Due Oct. 15 as follows: $6,000 1927 to
1rni
cla
.
1930, incl., and $9,000 1931 to 1935, inclusive.
Ave. paving (special assessment) bonds. Due Oct. 1
13,
193
500 Ca
30,000 general improvement bonds at a premium of $6, equal to 100.02,
as follows: $500 in 1927, $1,000 1928 to 1932 incl., and $2,000 1933
a basis of about 4.74%. Due $3,000 Oct. 15 1927 to 1936,incl.
to 1936 incl.
general improvement bonds at a premium of 82, equal to 100.02,
10,000
8,850 Gainsboro Ave. (special assessment) paving bonds. Due Oct. 1
a basis of about 4.74%. Due $1,000 Oct. 15 1927 to 1936, incl.
as follows: $850 in 1927 and $1,000 in 1928 to 1935 incl.
Date Oct. 15 1926.
27,950 road paving (special assessment) bonds. Due Oct. 1 as follows:
81.950 in 1927; 32..000 in 1928 and $3,000 1929 to 1936 incl.
-The $25,000,000 50
-BOND SALE.
PHILADELPHIA, Pa.
-Year
9,200 Parent St. paving (special assessment) bonds. Due Oct. as fol-were
coupon or registered city bonds offered on Oct. 18-V. 123, p. 1789
lows: $200 in 1927 and $1.000 in 1928 to 1938 incl.
awarded to a syndicate composed of the First National Bank, White, Weld
11,100 Fernwood Ave. paving (special assessment) bonds. Due Oct. 1
R. Compton Co., Barr, Bros. & Co.,
& Co., Old Colony Corp.. William
as follows: $1,10111 in 1927, $1,000 .928 to 1935 incl., and $2,000 In
Taylor, Ewart & Co., Lazard Freres and Geo. B. Gibbons & Co., Inc.,
1936.
all of New York; Stevenson, Perry, Stacy & Co., Inc., of Chicago, and the
1,600 Main St. widening (special assessment) bonds. Due Oct. 1 as
National Bank of Pittsburgh as 434s at 100.16. a basis of about 4.24%•
follows: $600 in 1931 and 31,000 in 1935.
Date Oct. 16 1926. Due Oct. 16 1976, with the option to the city to
8,750 Blair Ave. paving (special assmsment) bonds: Due Oct. 1 as folredeem at par and accrued interest on Oct. 16 1946 or at any interest period
lows: $750 in 1927 and $1,000 in 1928 to 1935 incl.
thereafter upon sixty days notice by public advertisement.
6,250 sidewalk (special assessment) bonds. Due Oct. 1 as follows:
-BOND OFFERING.
PINELLAS COUNTY(P.O. Clearwater), Fla.
$1.250. 1927: $1.000, 1928 to 1930 incl., and $2,000 in 1931.
Sealed bids will be received by the Clerk, Board of County Commissioners
11,700 sidewalk (special assessment) bonds. Due Oct. 1 as follows:
until Nov. 23 for $1,275,000 causeway bonds.
81,700, 1927: 32.000. 1928 and 1929, and $3,000 in 1930 and 1391.
2.000 water (special assessment) bonds. Due $1,000 Oct. 1 1928 to 1931
-BOND SALE.
PIPESTONE, Pipestone County, Minn.
-The State
incl.
of Minnesota has purchased an issue of $61,000 sewerage disposal plant
13,200 water (special assessment) bonds. Due Oct. 1 as follows: 32.200
bonds.
In 1927, 32.000 in 1928, and $44,000 in 1929 to 1931 incl.
PLEASANT RIDGE, Oakland County, Mich.-BONIV OFFERED.
- 19,600 N. Washington Ave. paving (special
assessment) bonds. Due
O.C. Keil, Village Clerk,received sealed bids until8 p. m.Oct. 18 for $3,000
Oct. 1 as follows: $1,600, 1927, and 82,000, 1928 to 1936 incl.
not exceeding 6% assessment district No. 39 paving bonds. Dated Oct. 1
Date Oct. 1 1926.
1926. Denom.$600. Due $600 1927 to 1931 inclusive. Int. pay. A.& 0.
ST.PAUL,Ramsey County, Minn.
-BOND
-The City Sinking
-CERTIFICATE OFFER- Fund has purchased an issue of 8100.000434% SALE.
PORT JERVIS, Orange County, N. Y.
airpost bonds at par. Due
-John F. Cleary, City Clerk, will receive sealed bids until 8 p. m. serially in 1 to 20 years.
ING.
OCT. 23 1926.]
THE CHRONICLE
-BOND OFFERING.
SALAMANCA, Cattaraugus County, N. Y.
George H. Ellicott, City Clerk, will receive sealed bids until 8 p. m. Nov. 1
for $13,000 not exceeding 5% registered school bonds. Denom. $1,000.
Due $1,000 Dec. 1 1927 to 1939 incl. Prin. and int. (J. & D.) payable at
the Salamanca Trust Co., Salamanca. A certified check for $500, payable
to Fred W. Gardner, City Treasurer, is required.
SALEM SCHOOL DISTRICT NO. 16, McIntosh Couhty, No. Dak.-During the month of July the State of North Dakota
BOND SALE.
purchased an issue of $5,000 5% school bonds. Dated May 1 1926. Due
May 1 1946. Optional May 1 1928.
SAN BERNARDINO COUNTY UNION JUNIOR COLLEGE
-BOND OFFERSCHOOL DISTRICT (P. 0. San Bernardinb), Calif.
MO.
-Sealed bide will be received by the County Clerk until 12 m. Nov. 1
for $485,000 484% school bonds. Due serially in 5 to 28 years.
SCOTTSBLUFF, Scotts Bluff County, Neb.-BOND OFFERING.C. C. Cross, City Clerk, will receive sealed bids until 8 p. m. Nov. 9 for
370,000 swimming pool and water extension system coupon or registered
bonds. Denom. $1,000. Due in 20 years, optional after 5 years. Principal and Int. payable at the County Treasurer's office in Gering.
SELFRIDGE SCHOOL DISTRICT NO. 8, Sioux County, No.
Dak.-BOND SALE.
-The State of North Dakota during the month of
May purchased an issue of $24,000 5% school bonds. Dated May 1 1926.
Due May 1 1946; optional May 1 1928.
SHANNON CITY CONSOLIDATED SCHOOL DISTRICT, Union
County, Iowa.
-BONDS OFFERED.
-E. L. Edwards, Secretary Board
of Directors, received sealed bids until Oct. 20 for $8,000 school bonds.
Date Nov. 1 1926.
SHARON, Mercer County, Pa.
-Fred S. Wil-BOND OFFERING.
liams, City Clerk, will receive sealed bids until 9.30 a.m. Oct. 26 for the
f
ollowing laonds aggregating $125.000.
$75,000 434% sewer and sewage disposal plant bonds. Due $3,000 Oct. 1
1931 to 1955, incl. A certified check for $750 is required.
50.000434% paving and sewer bonds. Due Oct. 1 as follows: $5,000
in 1931 and 1936 and $10,000. 1941, 1946, 1951 and 1956. A
certified check for $500 is required.
Date Oct. 1 1926. Denom. $1,000. Int. payable semi-annually.
SHELBY COUNTY (P. 0. Sidney), Ohio.
-The Citi-BOND SALE.
zens National of Sidney purchased an issue of $10,500 5% coupon impt.
bonds at a premium of $30 45,-equal to 100.29, a basis of about 4.91%.
Date Sept. 1 1926. Due semi-annually as follows: $1,000, Mar. 1 1927
to Mar. 1 1931, and $1,500. Sept. 11935.
SHELBY COUNTY (P. 0. Memphis), Tenn.
-The
-NOTE SALE.
following two Issues of 5% revenue notes, aggregating $300,000. offered on
Oct. 7 (V. 123, p. 1664), were awarded to the Old Colony Corp. of Boston
at a premium of $705. equal to 102.23, a basis of about 4.55%:
$200,000 elementary school notes.
100,000 high school notes.
Dated Aug. 1 1926. Due April 1 1927.
SOUTH EUCLID, Cuyahoga County Ohio.
-The
-BOND SALE.
,
$61,805 5% coupon street improvement bonds offered on Sept. 13-V. 123
-were awarded to Otis & Co. of Cleveland. Date Oct. 1 1926
p. 1144
Due Oct. 1 as follows: $5,805 in 1928; $6,000, 1929 to 1931, incl.; $7,000,
1932; 56,000. 1933 to 1936, incl., and $7,000, 1937. Legality approved by
Squire, Sanders & Dempsey of Cleveland.
SPRINGDALE CONSOLIDATED SCHOOL DISTRICT, Cedar
County, lowa.-BOND SALE.-Geo. M. Bechtel & Co. of Davenport
have purchased an issue of $50,000 school bonds.
STARK COUNTY (P. 0. Canton), Ohio.
-The fol-BOND SALE.
lowing three issues of 434% bonds, aggregating $192.000, offered on June
21 (V• 122, P. 3493), were awarded to the Detroit Trust Co. of Detroit at
a premium of $1,267, equal to 100.65. a basis of about 4.38%:
$107,000 road bonds. Due on July 7 as follows: 511,000, 1928, and
$12,000, 1929 to 1936 inclusive.
52,000 road bonds. Due on July 7 as follows: 55,000, 1928 and 1929.
and 56,000, 1930 to 1936 inclusive.
33.000,road bonds. Due on July 7 as follows: $3,000, 1928 to 1930
inclusive, and 54,000, 1931 to 1936 inclusive.
Date July 7 1926.
STRASBURG SCHOOL DISTRICT NO. 7, McIntosh County,
No. Dak.-BOND SALE.
-During the month of July the State of North
Dakota purchased an issue of $10,000 5% school bonds. Dated June 1
1926. Due June 1 1936; optional June 1 1928.
SUMMIT, Union County, N. J.
-BOND SALE.
-The 595,000 coupon
or registered school bonds offered on Oct. 19-V. 123. p. 1909-were
awarded to H.L. Allen & Co. of New York as 4345 at a premium of 5713 45,
equal to 100.75. a basis of about 4.44%. Date Nov. 1 1926. Due Nov. 1
as follows: 54,000 1928 to 1932, incl., and 53.000 1933 to 1957, incl.
SWISHER COUNTY COMMON SCHOOL DISTRICT NO. 18 (P. 0.
Tulle) Tex.-BONDS REGISTERED.
-The State Comptroller of Texas
'
registered on Oct. 5 an issue of $12,000 5% school bonds. Due serially.
SYRACUSE, Onondago County N. Y.
-BOND OFFERING-H. W.
Osborn, City Comptroller, will receive sealed bids until 1 p. m. Oct. 29
for the following 5 issues of not exceeding 5% coupon bonds, aggregating
51,625,000:
5560.000 water bonds. Due 514.000, Nov. 1 1927 to 1966, incl.
520,000 school bonds. Due $36.000, Nov. 1 1927 to 1946, incl.
420,000 general bonds. Due $21.000. Nov. 1 1927 to 1946, incl.
100,000 refunding bonds. Due 55.000. Nov. 1 1927 to 1946, incl.
25,000 Traffic Signal bonds. Due 55,000, Nov. 1 1927 to 1931, incl.
Date Nov. 1 1926. Prin. and in M. & N. payable at the Equitable
Trust Co., New York. Bidders to name rate of interest in multiples of
34 of 1%. Bonds may be registered as to principal or as to both principal
and interest. Legality to be approved by Caldwell & Raymond. New York.
A certified check for 2% of the bonds bid for payable to above named
official is required.
Financial
Assessed valuation taxable property Statement.
$276,210,617 00
Actual valuation taxable property (est.)
350.000,000 00
Assessed valuation real property
266,442,517 00
Assessed valuation special franchises
9,546,810 00
Bonded debt, including above issues
25,145,000 50
Water bonds, included in above
4,422,375 00
Water bonds (excluding refunding issue) issued since Jan. 1
1908, included in above
1,432,375 00
Population, census 1925, 187,062.
TARBORO, Edgecombe County, No. Caro.
-BOND SALE.
-The
$45,000 electric light bonds offere on Oct. 14-V. 123. p. 1791-were
awarded to the Mercantile Trust Co. of St. Louis as 58 at a premium of
g355, equal to 100.78, a basis of about 4.94%. Date Aug. 1 1926. Due
Atm.. 1 as follows: $1,000, 1927 to 1941, incl., and $2,000, 1942 to 1956,
inclusive.
TEXAS (State of).
-BONDS REGISTERED.
-The State Comptroller
of Texas registered for the week ending Oct. 16, the following four issues
of 5% school bonds aggregating $20,800:
$3,500 Martin County Common School District No. 11. Due 10 to 20
years.
2,000 Henderson County Common School District No.55. Due 20
years.
1,800 Smith County Common School District No. 8. Due serially.
1,500 Scurry County Common School District No. 31. Due serially.
DALLES, Wasco County, Ore.
THE
-BOND
-The First
National Bank of The Dalles has purchased an issueSALE.
of $24,853 25 5%
improvement bonds at 100.96.
TONAWANDA, Erie County, N. Y.
-BOND OFFERING-Sealed
bids will be received until Nov. 1 by Edward F. FriesCity Treasurer, for
$19,000 434% improvement bonds. Date July 1 192'6. Denom. $1.000.
51,000 July 1 1933 to 1951. incl. Principal and interest payable at
Due
the Chase National Bank, New York. A certified check for $1,000 payable
to the above named official, is required.
TOPEKA, Shawnee County Kan.-BOND SALE.
-The 599,113
internal improvement water main bonds offered on Oct 12-V. 123. 05
p.
-were awarded to the State School Funds Commission at par. Date
1909
Sept. 15 1926. Due Sept. 15 as follows: $10.613 05, 1927; $10,000, 1928
o 1933, incl., and 59,500, 1934 to 1936, incl. (Rate not stated.
2167
-The United
TORRINGTON,Goshen County, Wyo.-BOND SALE.
States Bond Co. of Denver recently purchased an issue of $34,000 534%
refunding water, light and sewer bonds. Due in 30 years, optional after
10 years.
UNDERWOOD SCHOOL DISTRICT NO. 8, McLean County,
-The State of North Dakota purchased during
No. Dak.-BOND SALE.
the month of January an issue of $35,000 5% school bonds. Dated Jan. 2
1926. Due Jan. 2 1946; optional Jan. 2 1928.
UNION (TOWN) UNION FREE SCHOOL DISTRICT NO. 5 (P. 0.
-The 590.000
-BOND SALE.
Johnson City). Broome County, N. Y.
school bonds offered on Oct. 14 (V. 123. P. 2027) were awarded to Pulleyn
& Co.of New York as 4345 at 100.67, a basis of about 4.43%. Date July 1
1925. Due $10,000 Dec. 1 1936 to 1944 inclusive.
VERMILION PARISH ROAD DISTRICT NO. 6 (P. 0. Albeville),
-BOND OFFERING-R.P. be Blanc, Secretary
Vermilion County, La.
Police Jury, will receive sealed bids until 11 a. m. Dec. 1 for $100,000 not
exceeding 6% road bonds. A certified check for 5% of the amount of
bonds bid for, required.
-BOND OFFERING-Sealed
VERNON, Wilbarger County Tex.
bids will be received by H. D. Hockersmith, Mayor, on Oct. 25 for $18,500
534% park-site bonds.
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
James 0. Leek. County Treasurer, will receive sealed bids until 10 a. m.
Oct. 25 for 510.500 434% Lost Creek Township road improvement bonds.
Date Oct. 15 1926. Denom.$525. Due $525 each six monthsfrom Mai 15
1928 to Nov. 15 1937, incl. Interest payable M.& N. 15.
WALLER SCHOOL DISTRICT NO. 15, Grant County, No. flak.
BOND SALE.
-During the month of September the State of North Dakota,
purchased an issue of 510,000 5% school bonds. Date Aug. 1 1926. Due
Aug. 1 1946, optional, Aug. 1 1928.
-During
WASHBURN, McLean County, No. Dak.-BOND SALE.
the month of May the State of North Dakota purchased an issue of $20,000
5% sewer bonds. Dated May 1 1926. Due May 1 1946; optional May 1
1928.
-BOND OFFERING.
-Sealed
WAYNESBURG, Greene County, Pa.
bids will be received until 8 p. m.(Eastern standard time) Oct. 25 by K. W.
Scott, Borough Secretary, for the following two issues of 434% coupon or
registered bonds, aggregating $250,000:
5126,800 funding bonds.
123,200 improvement bonds.
Denom. $1,000. Date Oct. 1 1926. Prin. and semi-ann. int. (A. & 0.)
payable at the Union Deposit & Trust Co.. Waynesburg*. Due on Oct. 1
as follows: $4,000, 1927 to 1929. incl.. $5.960. 1930 to 1932, incl.•, $6,000,
1933 to 1935, incl., $7,000, 1936 to 1938, incl. $8.000. 1939 to 1941, incl..
'
$9,000. 1942 to 1944, incl.. $10,000, 1945 and 1946; 511,000, 1947 to 1949,
incl., $12,000, 1950 and 1951; 513,000, 1952; $14,000, 1953 and 1954. and
$15,000, 1955.
Certified check for 1% of the bonds bid for required. Legality approved
by Saul, Ewing, Remick & Saul of Philadelphia.
These are the bonds offered on Sept. 27-V. 123, p. p. 1280.
WELLER SCHOOL DISTRICT NO. 119, Grant County, No. Dak.
-BOND SALE.
-During the month of May the State of North Dakota
purchased an issue of $25,000 5% school bonds. Dated April 1 1926.
Due April 1 1946; optional April 1 1928.
WEST CONCORD, Dodge County, Minn.-TWARRANTS OFFERED.
-F. M. Campbell, Village Recorder, received sealed bids until Oct. 21 for
$25,000 not exceeding 6% sewer warrants. Date Oct. 1 1926. Due
serially 1 to 10 years.
WILLOUGHBY, Lake County, Ohio.
-BOND OFFERING.-Arvilla
Miller, Village Clerk, will receive sealed bids until 12 m. Nov. 15 for 55i841 88 5311% sewer bonder. Date Oct. 1 1926. Denom. $500, except one
for $341 38. Due Oct. 1 as follows: $341 38, 1928 and $500. 1929 to 1939.
inclusive. Prin. and int. A. & 0., payable at the Cleveland Trust Co.,
Willoughby branch. A certified check for 5% of the amount bid for.
payable to the Village Treasurer is required.
-BOND
NFIELD (P.O. West Winfield), Herkimer County, N. Y.
SALE. --Sherwood & Merrifield of New York purchased on Aug. 9 an issue
of 822,000 5°2 highway bonds at 103.15, a basis of about 4.66%. Denom.
$1,000. Due $1,000 Mar. 1 1929 to 1950 inclusive.
WOOD LAKE SCHOOL DISTRICT NO. 32, Benson County, No.
Dak.-BOND SALE.
-The State of North Dakota. during the month of
August, purchased an issue of $12,400 5% school bonds. Date July 1 1926.
Due July 1 1946, optional, July 1 1928.
WOODLEAF SPECIAL SCHOOL TAX DISTRICT (P.O. Salisbury),
-BOND OFFERING.
-Max Barker, Register
Rowan County, No. Caro.
of Deeds, will receive sealed bids until 12 m. Nov. 1 for $32,500 not exceeding 6% coupon school bonds. Date May 1 1926. Denom. 51.000
and $500. Due May 1 as follows: $1,000, 1928 to 1952 incl.; $2,000,
1953 to 1955 incl., and 51,500. 1956. Prin. and int. (M. & N.) payable
In New York. Int. rate to be in multiples of % of 1%. Legality approved
by Reed, Dougherty, Hoyt & Washburn of New York. A certified check.
payable to the order of the county, for 2% of the bonds bid for. required.
WYANDOTTE, Wayne County, Mich.
-BOND OFFERING-Edward
C. Bryan. City Clerk, will receive sealed bids until 8 p. m. Oct. 26 for
$18,000 5% lateral sewer construction special assessment district No. 17
bonds. Date Nov. 1 1926. Denom. 51,000. Due Nov. 1 as follows:
$3,000. 1927 and 1928 and 54.000, 1929 to 1931 incl.: optional on any
int. paying date. A certified check for 5% of the par value of the bonds,
payable to the Village Treasurer, is required.
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.
-BOND
OFFERING-Anthony K. Kraus, County Auditor, will receive sealed
bids until 11:30 a. m.(Eastern standard time) Oct. 23(to-day)for $7,253 61
5% Eden Twp. road impt. No. 137 bonds. Dated Oct. 1 1926. Denom.
$725 except one for $728 61. Due Sept. 1 as follows: $728 61, 1928,
and 5725, 1929 to 1937 incl. Prin. and int. (M. & S.) payable at the
-County Treasurer's office.
YPSILANTI, Washtenaw County, Mich.
-MATURITY.
-The
815,000 434% sewer bonds purchased by Paine, Webber & Co. of Boston
at 100.34-V. 123, p. 2028-a basis of about 4.43%, mature as follows:
$1,000 1927 and 19.?8, $2,000 1929 to 1933, incl., and $3,000 in 1934.
YONKERS, Westchester County, N. Y.
-NOTE SALE.
-On Oct. 15
• the First National Bank of Boston purchased the.following two issues of
notes, aggregating 5800.000. as follows:
$300,000 notes on a 3.91% discount basis. Due May 12 1927.
500,000 notes on a 3.88% discount basis. Due June 14 1927.
Date Oct. 18 1926.
YORK TOWNSHIP SCHOOL DISTRICT (P. 0. St. Clairsville),
Belmont County, Ohio.
-BOND SALE.
-A.E. Aub & Co. of Cincinnati
purchased on Sept. 29 an issue of $3,000 6% school bonds at a premium
of $122, equal to 104.06.
ZAVALLA COUNTY COMMON SCHOOL DISTRICT NO. 14 (P. 0.
Batesville), Tex.
-BOND SALE.
-The 536,000 5% coupon school bonds
registered on Sept.6(V. 123, p. 1792) were awarded to the State Board of
Education at par. Dated July 10 1926. Denom. $1,000. Due serially.
Int. payable April 10 each year.
CANADA, its Provinces and Municipalities.
-The 535,000 5% 30
-installment
COBALT, Ont.-BOND SALE.
school bonds offered on Oct. 11-V. 123, p. 2028-were awarded to the
Canadian Bank of Commerce of Toronto at 99.03, a basis of about 5.10%.
Due in 30 annual installments.
COOKSHIRE, Que.-BOND OFFERING-A. W. Pratt, Sec.-Treas.,
will receive sealed bids until 7:30 p. m. Nov.3 for $25,000 5% Impt. bonds.
Date Oct. 1 1926. Denom. $500. Due serially. 1927 to 1951 incl. Prin.
and int.(A.& 0.) payable at the Bank of Montreal, Cookshlre, Sherbrooke
and Montreal. A certified check for 1% of amount of bonds bid for.
is required.
ESSEX COUNTY (P.O. Sandwich), Ont.-BOND SALE.
-The $40.000 5% 10 annual installment coupon bonds offered on Oct. 19 (V. 123. P.
2168
THE CHRONICLE
2028) were awarded to Wood. Gundy & Co. of Toronto at 99.80, a basis of
about 5.03%. Date Nov. 1 1926. Denom. 51,000. Prin. and annual
Int. (Nov.) payable at the County Treasurer's office.
HULL, Que.—BOND SALE.—The 5200,000 5% school bonds offered
on Oct. 19—V. 123, p. 2028—were awarded to Mead & Co. of Montreal
and the Bell, Gouinlock Co.of Toronto,jointly, Date March 1 1926. Due
serially March 1 1927 to 1956, inclusive.
LANARK COUNTY (P. 0. Perth), Ont.—BOND SALE.—An issue of
576.700 improvement bonds was purchased by Tom Farmer on Oct. 15 at
99.93, a basis of about 5.01%. Due in 20 annual installments.
LONDON TOWNSHIP, Ont.—BONDS VOTED.—The Council passed
a $17,600 debenture by-law.
MONTREAL, Que.—BONDS AUTHORIZED.—The Montreal Metropolitan Commission has authorized a loan of 53,350,000.
OTTAWA, Ont.—BONDS PROPOSED.—The School Board has asked
for permission to lasue $275000 bonds.
PORT MOODY,B. C.—BOND OFFERING.—J. J. Lye, City Treasurer,
will receive sealed bids until Oct. 27 for $100,000
% improvement bonds
Date Feb. 2 1926. Due in 10 years. Prin. and semi-annual interest pay
able in Vancouver, Toronto, Montreal and London.
REGINA,Sask.—BOND ELECTION.—The ratepayers will be asked to
vote 012 a $200,000 hospital by-law In December.
RIVIERE DU LOUP, Que.—BOND OFFERING.—Joseph Lebel, Secretary-Treasurer, will receive sealed bids until Oct. 25 for $130,000 5%
improvement bonds. Due in 30 years.
ST. FOY, Que.—BOND OFFERING.—J. Morin, Secretary-Treasurer,
will receive sealed bids until 5 p. m. Nov. 2 for $13,000 5% improvement
bonds. Date Oct. 1 1926. Denom. $500 and $100. Due serially in
20 years.
SCARBOROUGH TOWNSHIP (P. 0. Birchcliff), Ont.—BOND
OFFERING.—J. T. Stewart, Township Treasurer, will receive sealed bids
until 12 m. Nov. 1 for $50,288 07 5% township bonds. Prin. and semiannual interest payable at the Canadian Bank of Commerce, Toronto.
SHAWINIGAN FALLS,Que.—SOND SALE.—The 550.0005% 30
-year
serial improvement bonds offered on Oct. 19—V. 123. p. 2028—were
awarded to the Canadian Bank of Commerce of Toronto at 98.56, a basis
of about 5.12%. Date Nov. 11926. Due serially in 30 years.
SMITH FALLS, Ont.—BOND SALE.—The following 5% bonds aggregating $30,612 50, offered on Oct. 18—V. 123, 17. 2028—were awarded
to R. A. Daly & Co. of Toronto at 98.79, a basis of about 5.20%•
$16,612 50 impt. bonds. Due in 20 annual Installments.
14,000 00 impt. bonds. Due in 10 annual installments.
TECK TOWNSHIP, Ont.—BONDS VOTED.—The ratepayers ap
proved the $15,000 debenture by-laws.
WALKERVILLE,Ont.—BONDS VOTED.—The Council passed several
sewer by-laws totaling $37.974.
WESTBOURNE (P. 0. Gladstone), Man.—BOND SALE.—The
$25.-installment drainage bonds offered on Oct. 5—V. 123, p. 1910—
000 30
were awarded to the Bond & Debenture Corp. of Canada as 65 at 104.76,
a basis of about 5.52%. Due in 30 years.
WINDSOR,Ont.—BIDS REJECTED.—All bids received
ing 3 issues of 5% bonds, aggregating 5772,228 83, offered for the followon Oct. 18—
V. 123, ,p. 2028—were rejected:
$375.000 00 public school bonds. Due in 30 years.
97,228 83 highway bonds. Due in 10 years.
300.000 00 hydro-extension bonds. Due in 20 years.
YORK TOWNSHIP, Ont.—BONDS VOTED.—The Council passed a
$316,000 school debenture by-law.
NEW LOANS
NEW LOANS
$600.000
STATE OF DELAWARE
NOTICE OF BOND ISSUE AND
SALE BY
4% COUPON BONDS
SEALED PROPOSALS for the purchase of
all or any part of 8800,000.00 four per cent
coupon bonds of the State of Delaware to be
issued under the provisions of Chap. 63, Vol. 29.
Del. Laws, known as "The State Highway Act,"
will be received by the Governor, Secretary of
State and State Treasurer of the State of Delaware. until ONE O'CLOCK P. M. ON NOVEMBER 5, 1926.
The State of Delaware reserves the right to
purchase and take $350,000.00 of said issue for
Investment in its Sinking Fund at the same price
per bond as is bid for the remaining $250,000.00
of said bonds.
For circular further describing bonds to be
issued, write to
THOMAS S. FOURACRE,
State Treasurer,
Dover, Delaware.
Exempt
From Federal Income Taxes
5% Tax Lien
Improvement Bonds
of
St. Louis, Missouri
Kansas City, Missouri
Los Angeles, California
Huntington, W. Va.
Oklahoma City, Okla.
Tulsa, Oklahoma
Priced to Yield 5.50%
HERBERT C,HELII FR & CO.
INCORPORATED
Sixty
Wall Street
New York
Tel. Hanover 0267
The Village of Melrose
Curry County, New Mexico
PUBLIC NOTICE IS HEREBY GIVEN
that the Board of Trustees of the Village of Melrose, in the County of Curry and State of New
Mexico. intend to issue, negotiate and sell
negotiable coupon bonds of said village in the
amount of Forty-five thousand Dollars ($45.000.00), or so much thereof as may be necessary.
for the purpose of securing funds for the construction of a system for supplying water for
the said Village of Melrose
Said bonds will bear date of November 1st.
1926. and will be redeemable at the option of said
village ten years after date and absolutely due
and payable thirty years after date, bearing
interest at the rate of five and one-half 155i%)
per cent= or six (6%) per centum per annum.
payable semi-annually, and consisting of fortyfive bonds in the denomination of Ono Thousand
Dollars ($1,000.00) each, said bonds, principal
and interest, being payable at the banking House
of Keuntze Brothers, in the City of New York.
U. S. A.
The Board of Trustees of the said Village of
Melrose, New Mexico,invite bids for said bonds,
and all bids shall be sent to the Clerk of the
said Village of Melrose. New Mexico. on or
before2:00 o'clock P.M.the let day of November,
A. D. 1926. The Board reserves the right to
reject any and all bids offered. All bids are
to be accompanied by an unconditional certified
check on a National Bank, for $2,000.00. which
check is to be forfeited in case said bidder refuses
to comply with the terms of the purchase contract.
The Bonds are to be sold by the Board of
Trustees of said Village for cash to the highest
and best responsible bidder and in no case for
less than their par value and accrued Interest.
to date of delivery.
THE BOARD OF TRUSTEES OF THE
VILLAGE OF MELROSE, NEW MEXICO.
(SEAL) By GEORGE C. CARVER. Mayor
ATTEST:
0. DAVIS. Village Clerk.
We Specialize in
City of Philadelphia
3s
328
/
1
4s
41 48
/
4 8
/
1
2
58
5148
528
/
1
Lamborn, Hutchings & Co.
Biddle & Henry
7 WALL ST., NEW YORK
Chicago Office: 231 So. La Salle St.
Havana Office: Royal Bank of Canada Bid.
1622 Locust Street
Philadelphia
Stocks, Bonds, Cotton, Sugar,
[VoL. 123.
FINANCIAL
TRADER
Married man, 34, with 7
years' trading and selling
experience, desires connection either with Stock
Exchange House or Institution. Address Box V-6,
Financial Chronicle, 90
Pine Street, New York.
A prominent and long-established Trust Company, which
has no Bond Department,
needs additional capable employees for positions in the
following Departments: Security Cages, Security Analysis, Statistical, and Stock
Transfer.
Reply by letter
only, stating age, education,
business experience and religious affiliation.
Preference will be given to college
graduates.
Box No. 127,
Wall Street Station.
HENDERSON
HELM & CO., Inc.
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