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VOL. 129.
SATURDAY, OCTOBER 26 1929.
finantial Citron/de
PUBLISHED WEEKLY
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager. William
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Treas., William Dana Seibert; Sec.. Herbert D.Seibert. Addresses of all, Office
of Co
The Financial Situation.
It does not detract from the seriousness of the
situation which developed on the Stock Exchange
the present week, or minimize its importance or significance, to say that what has happened has long
been inevitable. The panic, as a result of which
values have melted away to an extent and to a degree
which has no parallel in all the numerous stock
panics of the past, except that which came with the
outbreak of the World War in 1914, was long since
a foregone conclusion. The havoc which it has
created, the destruction it has wrought, the losses
which it has inflicted on so many ill able to bear
them, the all-around distress which it has caused,are
a train of circumstances that are the unescapable
consequences of the deplorable state of things which
has existed on the Stock Exchange for a period of
considerably over two years.
Never before in all the annals of the human race
has there been such an unbridled speculation as this
country has had in recent years; never before has
there been a speculation that has had such a prolonged period of existence, during which it kept
expanding and ever widening in character; never
before has any such speculation obtained such a firm
grip on the entire world, abroad as well as at home,
and never before has there been a speculation which
so fired the popular imagination everywhere, and
never before has such a speculation held the entire
world spellbound, nor had such all pervading and all
embracing influence, nor been so far reaching in
its effects, the final result being that all trade and
all the ordinary activities of business to the farthest
corners of the earth, fell under complete subjection
to it, as witness the compulsion under which the
Bank of England was brought in having to raise its
discount rate first from4/
1
2% to5/
1
2%last February,
NO. 3357.
and then to 6/
1
2% the latter part of September. In
the last analysis its influence was for evil and it
could eventuate only in the disastrous way which
has now happened.
As prices under speculative manipulation rose
higher and still higher, as fortunes were made
through the prodigious appreciation in market values, old reckonings were cast aside, all reason abandoned, and it seemed as if all economic law had been
suspended and a new era had opened up in which
success and prosperity could be attained without any
aid or endeavor except speculation on the Stock Exchange. Everyone became seized with the idea that
it was possible to get rich overnight by simply taking flyers in the stock market. Accordingly, everyone became fascinated by the fluctuations on the
Stock Exchange, and everyone a participant therein.
Scrubwomen, porters, elevator boys, typists, bootblacks, soda fountain attendants, clerks, statisticians, actors and actresses, business executives—in
fact, all classes of the population from the highest
to the lowest, the humblest as well as those most
elevated in station, one and all became a prey to
the consuming speculation craze. Some put only a
little at stake, others their all. And now the sad
awakening has come, whether the lesson it teaches
has been learnt or not.
The country will now get back to a normal basis,
and it is well that it should, for only in that way
can there be a return to the sound conditions essential to enduring prosperity and the preservation of
financial and industrial health. The process will
necessarily be slow. It will, however, be beneficial.
We are told that underlying conditions both in the
financial world and in trade and commerce are
sound, and there can be no question as to this.
Nevertheless, we have been living in a state of illusion. The stock market gains which kept so steadily
piling up led to extravagant spending and extravagant living, everyone feeling while stock prices were
rising that he could afford to be generous with his
supposed gains. As a result, luxuries have been
thriving as never before. All this will have to be
changed and unquestionably will involve a considerable slowing down of trade.
Corporation earnings will be on a smaller scale,
and so will be individual earnings. Perhaps all this
has been discounted in the great crash in prices
which has occurred this week, but at all events the
new situation will have to be faced. It seems doubtful if in the near future plasterers and other unskilled labor can continue to get $15 a day and make
$75 by simply working five days a week, but that
also is of the old order and will have to yield to
the new order.
In the meantime it should not be forgotten that
speculation could never have attained the unfortunate
2578
FINANCIAL CHRONICLE
heights it did, had it not been for the easy money
policy of the Federal Reserve System inaugurated
in 1927 for the supposed benefit of the outside world,
but which in the end proved as harmful there as it
did at home; in other words, the speculation
could never have thriven the way it did except for
the unlimited supplies of Reserve credit that were
ever on tap. In the end the Reserve authorities undertook to apply a check, but it was then too late.
Here also there ought to be a change, to the end that
the same debacle may never again recur.
In the general confusion sight should not be lost
of the fact that the Federal Farm Board thus early
in its career has gone into the price-fixing business—
not in the case of wheat and grain as yet, but in that
of cotton. A plain and unequivocal statement has
been issued declaring that the planter is entitled to
16c. a pound for his cotton on the farm, and that the
Farm Board is prepared to assist him in obtaining
loans up to that figure. Here is the statement of
the Board, issued on Monday, Oct. 21:
The Federal Farm Board believes that the present
prevailing prices for cotton are too low. The total
supply of American cotton is less than last year,
consumption continues at a world rate equal to that
of last year, unfilled orders and actual sales of
• -cotton goods are more, and stocks are smaller than
• last year, yet the price of the raw product is less.
The Board believes that this unsatisfactory price
level is chiefly due to the open Fall weather which,
in most of the Southern States, has led to exceptionally rapid marketing by producers in amounts
much greater than the markets of the world can
temporarily absorb. This, in turn, has led to lack
of confidence in cotton values.
The Board believes that the remedy lies in more
orderly marketing. In order to assist cotton farmers to hold back their crop and at the same time have
• money with which to pay their obligations, the Board
proposes to lend to cotton co-operatives, qualified
as borrowers under the Capper-Volstead Act, sums
sufficient to bring the total amount borrowed from
all sources by such associations to 16c. per pound on
/
8-inch
graded and classed cotton, basis middling 7
staple, less proper deductions to cover freight to
port concentration points.
With respect to the ten designated Southern spot
markets the loan per pound will be approximately
as follows: Norfolk, Va., 16.54c.; Augusta, Ga.,
16.35c.; Savannah, Ga., 16.28c.; Montgomery, Ala.,
15.64c.; New Orleans, La., 16.59c.; Memphis, Tenn.,
15.39c.; Little Rock, Ark., 15.41c.; Dallas, Tex.,
15.34c.; Houston, Tex., 16.19c.; Galveston, Tex.,
16.39c., and at all other concentration points ort
the same basis, less proper freight and other expense
adjustments.
The cotton co-operatives are now borrowing certain sums for advances to members from commercial
.,banks, the Federal Intermediate Credit Banks, and
the Federal Farm Board. The Board will make supplemental loans to the co-operatives in amounts sufficient to make the average total loan, with differentials as stated,16c. a pound for the entire cotton belt.
The Board is confident that, considering the
-soundness of underlying conditions which affect the
-price of cotton, the plan described above furnishes
a completely safe basis for the making of loans from
the Board's revolving fund. The Board places no
limit on the amount of Government money to be so
loaned. Nearly $100,000,000 is available for the purpose, and,if necessary, the Board will also ask Congress to appropriate more.
The Board is prepared to take similar action on
wheat, on a plan to be announced later.
[VoL. 129.
Let the reader note well the fact that the Federal
Farm Board announces its complete readiness to
extend loans to the co-operatives "in amounts sufficient to make the average total loan 16c. a pound
for the entire cotton belt." Furthermore, that the
Board takes pains to state that it "places no limit
on the amount of Government money to be so
loaned." As if this were not enough, the Board goes
on to declare that "nearly $100,000,000 is available
for the purpose," and follows with the remarkable
additional declaration that "if necessary, the Board
will also ask Congress to appropriate more." It
winds up with the final statement that "the Board
is prepared to take similar action on wheat, on a
plan to be announced later." In the endeavor to
extend relief, are we not here storing up troubles
as serious as those which have this week caused the
upheaval on the Stock Exchange? Concurrently,
the United States Senate has the present week undertaken to graft the export debenture provision
on the pending tariff bill. What a future for business all this opens up at a time when the stock
market is in a state of great convulsion!
The Federal Reserve statements this week meet
expectations, brokers' loans this time showing reduction of $167,000,000. This is not as large as
would be expected considering the extent of the
liquidation on the Stock Exchange and it still leaves
these loans on securities to brokers and dealers by
the reporting member banks in New York City at
the huge total of $6,634,000,000 as against only
$4,772,000,000 a year ago on Oct. 24 1928; but this
liquidation to its full effect could not be reflected
in this week's return, and in all probability a large
further reduction will appear in next week's return.
In the week's contraction of $167,000,000 loaning
under each of the three great categories shared. The
loans for own account decreased during the week
from $1,095,000,000 to $1,077,000,000; the loans for
account of out-of-town banks fell from $1,831,000,000
to $1,733,000,000, and the loans "for account of
others" from $3,875,000,000 to $3,823,000,000.
Concurrently with this contraction in brokers'
loans there has been further diminution in borrowing by the member banks at the Federal Reserve
institutions. The discount holdings of the twelve
Reserve Banks stand this week at $796,358,000
against $848,935,000 last week. Of course, entirely
apart from the contraction in brokers' loans, the
member banks would be disinclined to borrow at the
Reserve institutions unless there was a profit in
the operation, and obviously there is no profit in
borrowing when the discount rate at the New York
Reserve Bank is 6% and at the other Reserve Banks
is 5%, while call loans on the Stock Exchange hay
each day this week been down to 5%.
The Reserve Banks, however, have continued thei
policy of adding to their holdings of acceptance
purchased in the open market, and as a result thes
holdings this week stand at $379,383,000 as agains
$360,110,000 last week. They have also still furthe
enlarged their holdings of acceptances purchased fo
foreign correspondents; the total of these has rise
during the week from $463,153,000 to $486,856,000
Altogether, therefore, it will be seen, they have
larged their holdings of acceptances in the two way
combined in amount of no less than $43,076,000. N
wonder, under these circumstances, that the di
count rates for acceptances could be reduced, as h
OCT. 26 1929.]
FINANCIAL CHRONICLE
2579
drop of 40 points, and Commercial Solvents old
stock (before the split in the shares on the basis of
10 for 1) 145 points, Stone & Webster 16 points, and
so on through the whole list. Sales on the Stock
Exchange aggregated 6,091,870 shares, while on the
Curb Exchange they reached 3,715,400 shares, the
total for the two exchanges combined thus falling
but little short of 10,000,000 shares. The sales on
the Curb established a new high record for a full
day's business, the previous high record having been
3,584,700 shares, on July 28 1929. No less than 920
separate issues were dealt in on the Stock Exchange,
against the previous record of 890 shares set on
Oct. 4. At the close of the day the Stock Exchange
ticker was 1 hour and 41 minutes late, and the Curb
ticker 1 hour and 23 minutes late. On Tuesday the
market rallied and assumed a more composed appearance; sales on the Stock Exchange fell to
4,129,820 shares and on the Curb Exchange to
1,945,300 shares. An interview with Charles E. MitThe stock market this week passed through what chell, Chairman of the National City Bank, on his
may accurately be described as the worst panic in return from Europe, in which he declared that conits entire history—barring the collapse which oc- ditions were sound and intimated that the break
curred in 1914 at the outbreak of the World War, in the market had gone beyond reasonable limits
when the Stock Exchange was kept closed for sev- and spoke of the possibility of a reduction in the
eral months. No such utter and complete collapse rediscount rate of the Federal Reserve Bank of New
in market values as has occurred this week has ever York helped to give tone and strength to the market
previously been witnessed, with the exception noted. and caused an upward rebound of from one to 30
Nor does it seem likely that a similar experience in points. However, the recovery was not fully mainthat respect,at least in the magnitude and extent and tained, and renewed weakness developed in the closwidespread character of losses sustained will again ing hour.
be encountered for a long time to come. When the
This weakness extended into the trading on Wedpanic was at its height, which was on Thursday, per- nesday, on which day selling pressure again proved
fect hysteria prevailed and stocks were thrown over overwhelming and brought about a new break in
with reckless abandon, and in such overwhelming prices more severe than any previously recorded.
volume that the downward movement became irre- Sales for the day again exceeded 6,000,000 shares,
sistible and efforts to check it, even of a most deter- reaching 6,374,960 shares. Public Utilities and
mined character, seemed puny. The collapse was other high-priced issues suffered the severest fall of
progressive in character, and except for occasional all, the declines running all the way up to 96 points,
interruptions to the downward movement, never of this last being in the case of Adams Express. Coman enduring character, kept steadily gaining mo- mercial Solvents (old stock) again distinguished
mentum from day to day until on Thursday, when itself and suffered a break Of 70 points, while Auit ended in utter disaster.
burn Auto dropped 77 points; American & Foreign
Last week, it may be recalled, was a period Power 23% points, Western Union Telegraph 33
of steady shrinkage in values, the aggregate of the points, Westinghouse Electric 25 points, &c., &c.
losses sustained up to Friday night having reached There were also severe breaks on the Curb Exchange,
huge proportions. But these losses were hardly a Aluminum Company, Ltd., dropping 40 points,
2 points, Commercial
circumstance alongside of the still greater collapse American Gas & Electric 141/
that has since been experienced. In continuation Edison 20% points, Electric Bond & Share 14%
of the downward plunge the market at the half-day points, &c., &c. The New York "Times" average of
session on Saturday last was so weak as to furnish fifty representative stocks showed a decline for the
occasion for the gravest anxiety; prices tumbled in day of 18.24, marking the largest drop since the
startling fashion. The drop ran all the way from start of the compilation of these records in 1911.
five to 40 points, and the aggregate depreciation in This, it was estimated, represented a depreciation
values was estimated at $1,000,000,000 or more. The of $4,000,000,000. The Stock Exchange ticker was
1
2 million 1 hour and 44 minutes behind in recording the clossales for the day closely approached 3/
shares, and the ticker was so far behind that the ing transactions.
last of the sales did not appear on the tape until an
It remained, however, for dealings on Thursday
hour and twenty-three minutes after the closing to show how utter the collapse was, and how comhour of 12 o'clock. J. I. Case Threshing Machine pletely confidence in values had been undermined,
suffered a shrinkage of 40 points, Auburn Auto of or perhaps it would be more accurate to say how
25 points, Columbian Carbon of 21 points, Westing- universal the selling pressure was becoming. Bear
house Electric & Manufacturing of 18% points, East- attacks may have played some part in the further
man Kodak of 12% points, General Electric of 91/4 shrinkage in values which occurred, but the truth
points, American Can of 11 points, Simmons Com- is that liquidation now proceeded on a scale that it
pany of 10% points, while losses on the Curb Ex- is safe to say has never previously been witnessed.
change were equally pronounced.
Orders to sell came from every quarter and proved
Monday proved another exceedingly weak day, of overwhelming volume. The market drifted into a
with distress selling on a huge scale. Many traders state of.panic that threatened to become alarming.
were wiped out. Auburn Auto suffered a further At the noon hour such was the situation that a gath.
happened the present week. As a matter of fact, the
Federal Reserve Banks have this week also marked
down their purchasing rate for acceptances from
51/
8 to 5%, in the case of bills running from 30 to
90 days.
The twelve Reserve Banks have reduced their holdings of United States Government securities during
the week from $137,628,000 to $135,704,000, but, on
the other hand,.have still further increased their
holdings of "other securities," whatever these may
embrace, from $23,755,000 to $25,211,000. Altogether, the total of bill and securities holdings,
which represents the amount of Reserve credit outstanding, stands at $1,336,656,000 compared with
$1,370,428,000 last week. As against this reduction,
however, of $33,772,000 in the amount of Reserve
credit outstanding the foreign bill holdings have increased during the week as already noted in amount
of $23,803,000.
2580
FINANCIAL CHRONICLE
[Vol.. 129.
ering of leading bank executives at the office of Reserve Bank, issued on Thursday
evening, and beJ.P.Morgan & Co. took place. Among those attend- cause the low figures to which prices
had dropped
ing were Charles E. Mitchell of the National City induced investment buying on an
extensive scale.
Bank,Albert H. Wiggin of the Chase National Bank, It deserves to be noted that ease
prevailed in the
W. C. Potter of the Guaranty Trust, and Seward money market throughout the whole week,
the reProsser, head of the Bankers' Trust Co. No formal newal rate for call loans on the
Stock Exchange
statement was given out as a result of the meeting, each day having been at 6%, and some
new loans
but Thomas W. Lamont, of J. P. Morgan & Co. (Mr. having been made each day,except on Friday,
at 5%,
Morgan being in Europe), told newspaper men that while outside the Stock Exchange even lower
figures
as there appeared to be much distress selling on the prevailed at times.
Stock Exchange a meeting of the heads of several
As already indicated, trading has been of uninstitutions had taken place to discuss the situa- precedented magnitude, reaching such
proportion
tion. Since rumors of impending failures had indeed in the general smash on Thursday, when
the
gained currency, Mr. Lamont took occasion to say sales on the Stock Exchange and the Curb
Exchange
that so far as could be ascertained no houses were combined exceeded 19 million shares, that the
record
in difficulty, while reports from brokerage concerns then established seems unlikely to be again
reached
indicated that the margin position was satisfactory. during the present generation. Sales
on the New
Mr. Lamont added that it was the consensus of York Stock Exchange at the half-day
session on
opinion among those at the conference that many Saturday were 3,488,100 shares; on Monday
they
of the prices reached in the break did not set forth were 6,091,870 shares; on Tuesday, 4,129,820
shares;
the situation fairly, because of the numerous "air on Wednesday, 6,374,960 shares; on
Thursday,
pockets" which sellers found in many stocks, in 12,894,650 shares, and on Friday, 5,922,220
shares.
which bids were utterly lacking. "We consider the On the New York Curb Exchange the
sales last
situation," Mr. Lamont said, "which arose on the Saturday were 1,685,100 shares; on Monday
they
floor late on Wednesday and to-day more in the were 3,715,400 shares; on Tuesday,
1,945,300
nature of a technical situation rather than a funda- shares; on Wednesday, 1,793,400 shares; on
Thursmental one." This had an assuring effect, and more day, 6,337,400 shares, and on Friday,
2,731,900
or less support was extended to the market, with the shares.
result that an appreciable upward rebound in prices
As compared with Friday of last week, the deoccurred. The recovery, however, was not fully clines are of appalling magnitude, even
after Frimaintained, and later in the day another sharp day's recovery, and they derive additional
signifidownward plunge occurred, after which, however, cance from the fact that they follow very
extensive
the tone improved and in the closing half hour a declines in the previous week. United
Aircraft &
rally occurred all around, so that the close showed Transport closed yesterday at 74% against
108 on
more or less recovery from the extreme low figures Friday of last week; American Can at 155
against
of the day, though leaving prices heavily reduced 167; United States Industrial Alcohol at 197
against
from the close on Wednesday, which itself had suf- 221; Commercial Solvents new at 45 against
58%;
fered such a great shrinkage, as noted above.
Corn Products at 115 against 121; Shattuck & Co.
Among the big net losses on Thursday were 14% at 483
4 against 60%; Columbia Graphophone at
points by American & Foreign Power; Air Reduc- 32% against 52; Brooklyn Union Gas at
162%
tion, 3%; American Tel. & Tel., 3; Int. Tel. & Tel., against 198; North American at 116% against
133;
4%; Auburn Auto, 25; Baldwin Locomotive (new American Water Works at ex-div. 104%
against
stock), 2; Burroughs Adding Machine, 191/
4; Com- 149; Electric Power & Light at 497
/
8 against 55;
mercial Solvents (old stock), 25; Consolidated Gas Pacific Gas & Electric at 651/
8 against 66; Standard
of N. Y., 8; General Electric, 6; Houston Oil, 8%; Gas & Electric at 1461/
4 against 1893
%;Consolidated
Johns-Manville, 10; Ludlum Steel, 7%; People's Gas of New York at 1191/
4 against 1351%; Columbia
Gas of Chicago, 13; Public Service of N. J., 21/
8; Gas & Electric at 95% against 111%; Public ServStandard Gas & Elec., 27; Westinghouse Electric, 5. ice of N. J. at 99% against 110; International HarThe Curb Exchange suffered as badly as the Stock vester at 1031/
8 against 108%; Sears, Roebuck & Co.
Exchange, and one spectacular feature on that ex- at 130% against 143%; Montgomery Ward & Co.
change was the overnight loss of 5% points in City at 75 against 99; Woolworth at 86% against 90;
Service at the opening on sales of a block of 150,000 Safeway Stores at 1491/
4 against 168%; Western
shares; the stock sold down to 45 during the day, Union Telegraph at 241 against 248; Amer. Tel.
&
as against a high for the week on Saturday last of Tel. at 265% against 286%, and Int. Tel. & Tel. at
67%, and closed at 51%. Electric Bond & Shares 106% against 121%.
was also very erratic in its fluctuations on large
Allied Chemical & Dye closed yesterday at 286
trading. It sold down to 91, but closed at 107% against 307% on Friday of last week; Davison Chemagainst a high of 1361/
8 on Saturday last. The Stock ical at 41 against 52; E. I. du Pont de Nemours at
Exchange ticker was 4 hours and 81/
2 minutes behind 167 against 1831%; Radio Corporation at 60%
in recording the closing transactions, and the Curb against 84%; General Electric at 305% against
ticker 2 hours and 48 minutes behind. All records 348%; National Cash Register at 96% against
for a day's transactions were left far behind, both on 1171%; International Nickel at 46 against 50%;
the Stock Exchange and on the Curb Exchange, the A. M. Byers at 115 against 146; Timken Roller Bearsales on the Stock Exchange reaching the huge total ing at 108% against 1318%; Warner Bros. Pictures
of 12,894,650 shares, and those on the Curb Exchange at 49% against 52; Mack Trucks at 86% against 94;
6,337,400 shares, making the combined total, it will Yellow Truck & Coach at 16% against 22%; Nabe seen, 19,232,050 shares. On Friday the market tional Dairy Products at 5784 against 65%;
Johnsdisplayed very pronounced rallying tendencies, both Manville at 169% against 188; National Bellas Hess
because of the reduction of $167,000,000 in the total at 171% against 261/
4; Associated Dry Goods at 43
of brokers' loans in the statement of the Federal against 47%; Lambert Company at 115 against 125;
FINANCIAL CHRONICLE
OCT. 26 1929.]
8, and Kol8 against 671/
.Texas Gulf Sulphur at 631/
8.
ster Radio at 11/
2 against 161/
1
• Extensive though these declines are they furnish
no idea of the depths to which prices for many shares
fell when the market plunged so violently downward.
To bring out this feature we have compiled the following table, which shows the low figures for the
week on a number of selected stocks as well as the
closing yesterday and on Friday of last week. It is
impossible to enumerate here all the stocks which
reached new low figures for the year this week, as
there were no less than 553 of them. By contrast,
however, in the ease of the bond market, which was
strong, except for those with convertible features,
65 bonds established new high figures for the year
the present week:
Closing Price
Oct. 18.
Railroads—
Chesapeake & Ohio
Hocking Valley
St. Louis-Southwestern _ __ _
New York Central
Baltimore & Ohio
Canadian Pacific
Industrial & Miscell.—
Allied Chemical & Dye
American Chicle_
American & Foreign Power_
American Mach.& Foundry
American Tel. & Tel
American Water Works_ __ _
Auburn Auto
Bethlehem Steel
Brooklyn Union Gas
Burroughs Adding Mach_ _ _
Canada Dry Ginger Ale_
Columbian Carbon
Commercial Solvents
Congress Cigar
Crown Cork & Seal
Cutler-Hammer
Cuyamel Fruit
Detroit Edison
General Motors
Follansbee Bros
General Electric
Goodyear Tire & Rubber
Internat. Business Mach
International Tel. & Tel__ _
Kennecott Copper
Laclede Gas
Montgomery Ward
National Supply
Peoples Gas, Chicago
Purity Bakeries
Radio
Republic Iron & Steel
Standard Gas & Electric__ _
Standard Oil of New Jersey
U. S. Industrial Alcohol
United States Steel
Vulcan Detinning
Ward Baking Co
Warren Brothers
Webster Eisenlohr
Westvaco Chlorine
Closing Price
Oct. 25
Low for
Week.
24
24
24
24
24
24
2664 Sale
565 590
88 Sale
2204 Sale
1324 Sale
2134 Sale
231 Oct.
515 Oct.
60 Oct.
197 Oct.
1174 Oct.
200 Oct.
3114 Sale
61 Sale
1404 Sale
263 2644
2914 Sale
1014 Sale
400 Sale
1134 Sale
198 Sale
884 Sale
86 Sale
290 Sale
615 620
664 Sale
69 Sale
1154 Sale
122 Sale
360 Sale
634 Sale
70 Sale
359 Sale
1014 Sale
241 Sale
1244 Sale
794 Sale
230 240
99 Sale
130 Sale
359 Sale
133 Sale
844 Sale
115 Sale
1894 Sale
78 Sale
221 Sale
2114 Sale
115 Sale
434
42
1994 Sale
71
69
oog Sale
265 Oct. 24
45 Oct. 24
88 Oct. 24
2154 Oct. 25
245 Oct. 24
93 Oct. 24
190 Oct. 24
924 Oct. 24
1624 Oct. 25
59 Oct. 24
60 Oct. 24
210 Oct. 24
425 Oct. 24
50 Oct. 24
524 Oct. 24
894 Oct. 24
99 Oct. 24
330 Oct. 25
49 Oct. 24
52 Oct. 24
283 Oct. 24
7534 Oct. 24
201 Oct. 24
79 Oct. 24
67 Oct. 23
1984 Oct. 24
50 Oct. 24
110 Oct. 24
305 Oct. 24
114 Oct. 25
444 Oct. 24
90 Oct. 24
1344 Oct. 24
614 Oct. 24
169 Oct. 24
1934 Oct. 24
72 Oct. 24
27 Oct. 24
160 Oct. 24
15 Oct. 25
50 Oct. 24
239 Sale
540 Sale
77 Sale
210 Sale
1274 Sale
2104 Sale
286 Sale
474 Sale
102 Sale
220 Sale
2654 Sale
1043 Sale
225 Sale
1024 Sale
1624 Sale
68 Sale
744 Sale
229% Sale
445 Sale
594 Sale
533i Sale
934 Sale
1174 Sale
340 Sale
54 Sale
554 Sale
3054 Sale
834 Sale
219% Sale
1064 Sale
774 Sale
180 200
75 Sale
121 Sale
3084 Sale
1164 Sale
oog Sale
98 Sale
146,4 Sale
72 Sale
197 Sale
2044 Sale
80 Sale
40 Sale
1744 Sale
18 Sale
503 Sale
2581
4 against 78;
1
2; Erie RR. at 68/
1
210 against 220/
Delaware & Hudson at 185% against 195; Baltimore
& Ohio at 1275/s against 131%; New Haven at 123
against 126%; Union Pacific at 255 against 266;
Southern Pacific at 134 against 139; Missouri Pacific at 86 against 93¼; Kansas City Southern at
8; St. Louis Southwestern at 77
/
82% against 967
against 88; St. Louis-San Francisco at 115%
2
1
against 120%; Missouri-Kansas-Texas at 49/
128%
135;
against
at
2; Rock Island
1
against 54/
Great Northern at 108 against 112%, and Northern
Pacific at 987
8 against 101.
/
The oil shares have shared in the general break.
Standard Oil of N. J. closed yesterday at 72 against
78 on Friday of last week; Simms Petroleum at 25%
8 against 39%; Atagainst 311/
8; Skelly Oil at 341/
lantic Refining at 48% against 58; Pan American B
at 63/
2 against 64½; Phillips Petroleum at 37
1
2 against
1
against 401/
8; Texas Corporation at 59/
62%; Richfield Oil at 31 against 38%; Standard
/8, and Pure Oil at
Oil of N. Y. at 39% against 437
26% against 287
/
8.
The copper stocks in some instances suffered most
violent breaks. Anaconda Copper closed yesterday
at 1011% against 110 on Friday of last week; Kenne4; Calumet & Hecla
2 against 791/
1
cott Copper at 77/
2against
1
/
4 against 397
1
8; Andes Copper at 44/
at 36/
Caluagainst
2
/
at
Copper
351
Inspiration
39½;
49½;
8 against 122; Granby Conmet & Arizona at 1131/
8 against 80½; American
solidated Copper at 701/
2, and U. S.
1
Smelting & Refining at 98 against 107/
.
2
1
Smelting & Refining at 41 against 46/
Stock markets in the important European centers
were irregularly weaker in most sessions of the current week,largely in reflection of the continued drop
at New York. There were periods of recovery on the
London and Continental exchanges, but as the decline at New York reached near-panic proportions,
selling became heavy in Europe as well, and the lists
on all important markets reacted. The international
group of shares was of course most immediately affected, but the strictly European industrial stocks,
mining shares, oils, rubbers and others all participated in the recession. Government loans and the
gilt-edged securities generally formed an exception
to this rule, prices moving slowly upward in this
department, just as bonds have moved upward at
New York. European markets were perturbed this
week not only by the developments at New York, but
The steel shares have been conspicuously weak, also by the political uncertainties in Europe as a
with U. S. Steel the special object of attack. U. S. whole. The distraught political temper of Europe
8 against 211% on was illustrated by the untimely,fall of the Briand
Steel closed yesterday at 2041/
Friday of last week; Youngstown Sheet & Tube Cabinet in France at the opening session of the
closed at 125/
2against 131%; Republic Iron & Steel French Parliament. The Berlin Government, in
1
at 98 against 115, and Ludlum Steel at 62% against addition, is anything but firmly anchored, while at
. The motor stocks have tumbled with the rest. London politics may well dominate the situation
2
1
85/
2 with the reopening of Parliament early next week.
1
General Motors closed yesterday at 54 against 62/
8 against On the other hand, gratification was caused in all
on Friday of last week; Nash Motors at 651/
76%; Chrysler at 45 against 561/
4; Packard Motors the larger markets this week by the continued imat 20% against 25½; Hudson Motor Car at 63% provement of the several currencies in relation to the
8 against 40/
. dollar.
2
1
against 73, and Hupp Motors at 311/
In the rubber group Goodyear Rubber & Tire closed
The London Stock Exchange was weak in the
2 on Friday of last opening session of the week with prices lower in
1
yesterday at 83% against 101/
week; B. P. Goodrich at 601/
8 against 64½; United virtually every department. A general feeling of
8, and the preferred nervousness was evident and this was attributed
States Rubber at 46 against 511/
8 against 77.
at 701/
mainly to the break in Wall Street prices on the
Railroad stocks have been no exceptions to the preceding Saturday. British funds advanced slight/8 against ly because of the continued gain in sterling exchange.
rule. Pennsylvania closed yesterday at 967
York
New
Central
at In Tuesday's market a rally occurred in the AngloFriday
week;
on
of last
2
1
100/
2582
FINANCIAL CHRONICLE
[VoL. 129.
American issues and this gave a measure of buoyFormal arrangements having been completed for
ancy to other sections of the list. British Govern- the five-power naval limitation conference which
is
ment securities were in large demand and prices to meet at London, Jan. 20 1930, attention
was
were further marked up. The improvement extended turned this week to the personnel of the delegations
also to the Horne group of shares, which had been and to the series of diplomatic exchanges that
are to
under pressure for several weeks because of rumors precede the London meeting. Secretary of
State
of unfavorable developments. Business, however, Henry L. Stimson has definitely been chosen
to
was not on a large scale. More irregularity was again head the American delegation to the conference,
apparent in Wednesday's session at London, par- according to Washington reports, and he will probticularly in the international stocks. A smart jump ably have four or five civilian associates and a numin tin pries brought improvement in the mining ber of naval advisers. Senatorial representation on
section, but other groups held barely steady. The the American delegation has been assured through
improvement in the gilt-edged list was checked by a the selection as associates of Mr. Stimson of Joseph
resumption of gold shipments to Paris. Thursday's T. Robinson of Arkansas, Democratic leader in the
session was marked by a severe slump in industrials Senate, and David A. Reed of Pennsylvania, Repuband in international securities. The New York drop lican. It is believed that Ambassador Charles G.
made itself heavily felt in this trading period, and Dawes and Hugh S.Gibson,Ambassador to Belgium,
the entire London market was gloomy. Only the will be members of the delegation. The technical
gilt-edged securities stood out against the selling. advisers to the American negotiators will be headed
The London market showed some improvement yes- by Admiral William V. Pratt, Commander-in-Chief
terday, but an easier tendency was again evident at of the United States Fleet, and Rear Admiral Hilary
the close.
P. Jones, retired, who was a delegate to the Geneva
The Paris Bourse also was severely affected in the Naval Conference of 1927. Owing to unsettled polopening session of the week by depressing news from itical conditions, it will probably be some time beNew York. Stocks were sold heavily on foreign fore all the delegations of the five powers are named.
orders and the French public also appeared anxious In France, particularly, this matter will necessarily
to lighten commitments. The effect was particularly have to wait upon the formation of a new Cabinet,
noticeable in government securities and stocks of that of Premier Briand having fallen Tuesday.
leading banks. Buying was resumed in a small way
In accordance with the terms of the invitations
in Tuesday's session of the Bourse, bringing about a to the conference extended by the British Governslight recovery. Bank stocks made the best showing, ment on Oct. 7 to the United States, France, Italy
but some chemical shares, electricals and other in- and Japan, diplomatic exchanges between the powers
dustrial issues also were marked upward. The fall are to take place before the meeting, much
in the
of the Briand Cabinet late the previous evening fashion that a preliminary agreement
was arrived
brought out some heavy selling in Wednesday's at between Great Britain and the United States in
market at Paris and all French stocks declined. the London conversations of last summer. These exToward the close there was somewhat of a rally and changes are to take place not only in London, but
many groups recovered portions of their losses. The also in other capitals, where particular problems aftone of the market was irregular Thursday, with fecting the several nations will be considered. Frank
the political crisis and the heaving selling in Wall personal conversations between the accredited minStreet affecting many issues. Strength and weak- isters will be utilized in these exchanges, in preferness followed each other in rapid succession through- ence to formal diplomatic note writing. Prime Minout the day. At the close, however, many local issues ister MacDonald,in an address at Ottawa,remarked
were up a little from previous levels. The Paris late last week that he is going back to London, "to
market was firm in yesterday's session.
begin conversations with France, with Italy and with
The Berlin Boerse veered about in the opening Japan in the same frank and free and open way that
session Monday, initial firmness being succeeded by has characterized the conversations between the
a sinking spell that wiped out most of the early United States and ourselves." The possibility was
gains. Artificial silk shares turned conspicuously suggested in an Ottawa press conference that Mr.
weak, Glanzstoff dropping 16 points and Bemberg MacDonald may go personally to Paris or Rome to
11. Tuesday's session was extremely nervous and help settle any difficult points. It was explained
weak, with Reichsbank shares, artificial silks and that he intended to leave no stone unturned to make
Siemens falling heavily. The selling extended the conference successful.
throughout the list and the banking consortium in
The preliminary discussions on various phases of
Berlin again intervened to prevent too sharp a de- the naval limitation problem will include at least
cline, but its efforts were only partially successful. three sets of exchanges, in each of which two nations
The trend was sharply reversed in Wednesday's ses- will participate. It is unlerstood that the Japanese
sion at Berlin and the issues that had been hardest delegates will proceed to London via Washington,
hit on the previous day were marked steadily up- and they will stop in the American capital for a talk
ward. Reichsbank shares, mining issues and artifi- on cruiser ratios and possibly also on submarines.
cial silk stocks all bounded forward and the session The cruiser problem will form the chief point of disended in a generally confident mood. The Boerse cussion, with especial reference to Japanese disexperienced another lightning-like change overnight, inclination to accept a limitation of less than sevenand Thursday's opening was very weak. As the tenths of the tonnage of 10,000 ton cruisers allotted
session progressed some improvement was mani- to the United States. Japan has already notified
fested in individual issues, but for the most part the both the United States and the British Governments
Boerse was dominated by nervousness induced by of her intention to insist on the higher ratio of 10,banking failures in Kiel and Copenhagen. Yester- 000 ton cruisers, as compared with the six-tenths
day's session at Berlin was again irregular.
ratio on capital ships accepted by her at the Washington conference of 1921. This point is especially
OCT. 26 1929.]
FINANCIAL CHRONICLE
2583
weighty, since the preliminary undertaking between Liverpool Nov. 1, and as Parliament will have reBritain and the United States is chiefly concerned assembled on Oct. 29, he will have to plunge into
with 10,000-ton cruisers, Britain proposing that Parliamentary matters without delay. The last week
she have fifteen of these vessels to eighteen for the of his stay was spent in Ottawa, Montreal and the
United States, while this Government sought twenty- Canadian woods, where the Prime Minister secured
one against Britain's fifteen. Japanese insistence a much needed rest. Little has been disclosed of Mr.
on the higher ratio would probably upset the Anglo- MacDonald's discussions with Canadian GovernAmerican preliminary agreement to some extent, as ment leaders, although on his arrival he declared
a concession on the point would enable Japan to that he hoped to make his stay in the Dominion
some suggesmaintain a fleet of 10,000 ton cruisers almost equal "practically profitable." There were
the disdiscuss
would
to the British fleet of similar craft. In view of the tions that the Labor Premier
has
nothing
but
base
naval
cordial relations now existing between Japan and mantling of the Halifax
dispress
in
and
point,
this
on
the United States, it is very possible that the matter so far developed
that Canadian
will be settled in the Washington talks to the satis- patches from Ottawa it was reported
procedure. In
such
any
to
opposed
much
is
faction of all three Governments. It was remarked, sentiment
Canada
between
relations
business
to
closer
regard
New
however, in a dispatch of last Saturday to the
in an
remarked
was
it
country,
the
and
mother
"does
t
York "Times," that the British Governmen
York
not relish" having the Japanese maintain a fleet of Ottawa special of last Saturday to the New
Mac10,000-ton cruisers only a little smaller than the Herald Tribune that "neither Prime Minister
Minister,
quota of fifteen which the British have indicated Donald nor J. H. Thomas, British Cabinet
has been able to make much progress,it was said here
they would accept.
to
The other preliminary discussions on points of tonight, in selling British steel and Welsh coal
ent."
unemploym
British
especial importance will be conducted between Bri- Canada in order to relieve
tain and France on the one hand,and between France Canadian business men were said to have insisted
get
and Italy on the other. An attempt will be made that they must buy coal and steel where they can
the
in
part
no
playing
sentiment
with
by London and Paris to adjust some of their differ- them cheapest,
of
orders.
placing
particular
with
ences over the disarmament problem,
In an address at Montreal Monday the Prime Minattention given to submarines. The preliminary
United
States
again spoke on the theme of peace and naval
ister
the
and
agreement between Britain
proposes the abolition of the submarine as a weapon disarmament that occasioned his visit to the United
of warfare, but France has made clear on innumer- States. He asked the peoples of North America to
able occasions that she will not agree to abolition help outlaw war in this generation so that generahorand probably not even to limitation of submarine tions to come might not have to experience the
the
appreciate
to
order
in
construction. A further matter of great delicacy rors and pains of conflict
called
is
generation
"This
sacrifice."
in the Anglo-French conversations will concern the "romance of
place of the proposed new agreement on naval lim- upon to lay the foundations of peace," he said. "The
,
itation in the work of the League of Nations' Prep- next generation will not have had our experience
in
them
holding
and
dead
our
honoring
.
ent
by
now,
and
Conference
aratory Commission for a Disarmam
In the French acceptance of the British invitation it great reverence there is just the danger that a new
of the
was emphasized that the discussion has "expressly generation rising up, without our knowledge
for its object" the facilitation of the task of the horror of war and the sacrifice made by the dead,
romance
Preparatory Commission. The difficulties that may may translate what is in our hearts—the
e
hearts—th
our
in
be encountered in that regard are apparent from the of sacrifice—into what is not
he
,
generation
this
of
fact that an agreement linked in any way with the romance of war." The duty
s into polLeague of Nations or its commissions would almost added, was to "translate moral obligation
tribeloquent
paid
Minister
Prime
itical fact." The
certainly be rejected by the United States Senate.
him
with
associated
been
have
who
Finally, France and Italy are to have separate ex- ute to the men
the
Briand,
Aristide
including
peace,
for
work
changes of their own based on divergent views as to in the
AmHoover,
President
n,
Streseman
ean.
Italy
is
Gustav
late
their naval needs in the Mediterran
predisposed to claim parity with any other Continental bassador Charles G. Dawes, and Mr. Dawes'
B.
Alanson
James,
St.
of
Court
the
nean
at
and
Mediterra
a
decessor
both
nation, but France, with
an Atlantic Coast, is not likely to concede absolute Houghton.
parity to the Italians. Paris dispatches suggest
The Cabinet formed in France last July by Premwith a good deal of persuasiveness that an attempt
may be made to overcome such difficulties by the es- ier Aristide Briand met quick defeat on a question
of the
tablishment of a close Italo-French accord on naval of procedure in Tuesday's opening session
le
considerab
very
a
to
matters, in opposition to "the new Anglo-American French Parliament, upsetting
nal
internatio
important
on
friendship." Here again difficulties may follow, for extent the negotiations
Britain would view with grave concern any close questions now in progress. The Premier and his Cabnaval co-operation between the two Mediterranean inet went at once to the Elysee Palace and handed
powers. Thus the whole question remains studded their resignations to President Gaston Doumergue,
with national and regional problems that will un- who promptly instituted political conferences for
d
doubtedly try the skill not only of the preliminary the formation of a new government. Widesprea
init
as
upset,
negotiators, but also of the delegates to the main con- misgivings were caused by the French
dicates a refractory political temper among the
ference in London next January.
Deputies and an absorption in domestic party machPrime Minister Ramsay MacDonald of Britain inations at a time when world questions are under
concluded his epochal visit to this Continent late discussion and French leaders need to be spared any
yesterday, when he sailed from Quebec on the steam- undue concern with such considerations. The defeat
ship Duchess of York. He is expected to arrive at of the Government was not unexpected, as the Gov-
2584
FINANCIAL CHRONICLE
[VOL. 129.
ernment parties have not been in control of the Government since that day, of
refusing a vote of conChamber of Deputies for a long time It was gener- fidence to the Briand Ministry."
ally assumed, however, that the Chamber would
The Briand Cabinet was formed July 29,last, after
grant somewhat more time for the settlement of in- M.Poincare had resigned
his Cabinet posts of Premternational questions to M. Briand, who held the ier and Finance Minister because
of serious illness.
post of Foreign Minister as well as that of Premier. The Ministers were virtually
the same as those who
The important negotiations in which France is in- served under Premier Poincar
e, but of course a new
timately concerned are chiefly those relating to the Minister of Finance had to be
appointed and for this
new Young plan of German reparations payments, post M. Henri Cheron was chosen.
M. Briand rethe Rhineland evacuation, and the naval disarma- ferred to his Government as
a "Vacation Cabinet,"
ment discussions. Progress on these matters will as he did not expect it to last.
He asked, however,
be delayed ten days to two weeks by the fall of the for a truce in internal politics
to permit the settleBriand Cabinet.
ment of the highly important international affairs.
No question of policy was involved in the adverse In France generally the Govern
ment was dubbed,
vote of the Chamber of Deputies, and it is assumed when constituted, the "Cabine
t of the 100 days", but
for this reason that M. Briand will either head the it did not even live out this short
term. French govsucceeding Cabinet or at least take the portfolio of ernmental heads will now
necessarily direct their
Foreign Affairs under the new chief and thus con- attention to the internal
political situation in an
tinue his labors for settlement of outstanding world attempt to satisfy the aspirati
ons of the various
problems. M. Briand fell while attempting to avoid parties. This matter.
however, is one of peculiar
a vote on any question that might bring an upset. difficulty as the Chamber of 606
members contains
He had asked the Chamber to continue to discuss more than a dozen well-def
ined groups, of which
next year's budget until the time was ripe for rati- the largest consists of
125 Deputies. Moreover, the
fication of the Hague settlement and he promised Deputies who voted against
M. Briand do not form
in his opening speech that he would make no attempt anything like a composi
te group which could assume
to prolong the life of his Government beyond the the reins of Government.
President Doumergue,
time necessary to complete the work of the Young therefore, will, have difficul
ty in reconciling the
plan settlement. Thereafter, he indicated, the conflicting political viewpoi
nts and naming a PremChamber would be free to do as it wished in deter- ier who will prove
acceptable to the Chamber as a
mining upon a new Cabinet or retaining the old. whole. These consider
ations, coupled with the imFifty-five interpellations were before the Govern- portance of the internat
ional negotiations now in
ment, but M. Briand would permit discussion on progress, caused much
concern in informed quarters
only a few relatively unimportant ones. This aroused not only in Paris, but also in
London, Berlin and
both sides of the Chamber and both the Right and Washington.
the Left insisted on immediate discussions of The
An invitation to form a new Government to sucHague settlements, the Saar and Rhineland evacua- ceed that of M. Briand
was offered by President
tions and other matters of foreign policy. Leaders Doumergue yesterday
to Edouard Daladier, newly
of the Right, toward which M. Briand's Cabinet re-elected head of the Radical
-Socialist party in the
leaned, declared that the Chamber would once More, Chamber. M. Daladie
r spent almost an hour with
as in the matter of interallied debts, be faced with the President yesterd
ay morning and the announcean accomplished fact which it could discuss but ment was made thereaft
er that he would try to get
could not change.
a Cabinet together. 'The leader of the RadicalDiscussion on these delicate matters having once Socialists immediately
left for Rheims, where his
been opened, nothing could stop the storm. M. party is holding
a congress. He promised to inBriand reminded the Chamber that it had given his form M. Doumer
gue at 3 o'clock this afternoon
Government a vote of confidence to enable it to go to whether
he considered it possible to form a GovernThe Hague conference of governments on the Young ment. The
attitude of the other Socialist parties
plan. The party leaders continued the attack, how- will probabl
y determine whether M. Daladier will be
ever, and one Deputy asked: "If the Chamber does able to form a Ministr
y, as a coalition is indicated in
not approve the Hague settlements, how are you go- any event.
In a late dispatch to the Associated
ing to reoccupy the Rhineland?" M. Briand was Press yesterd
ay it was remarked that the feeling
then asked to fix a date for the opening of debate on prevails in Paris
that even if M. Daladier does
these matters, but again he asked the Chamber to manage to get a Ministr
y together, it probably will
wait the result of the negotiations, which he prom- prove short-lived, with
a series of weak Governments
ised to submit to the Chamber in any event. The following. The Radical
-Socialist leader has frePremier flatly posed the question of confidence, and quently held Cabinet posts
in other Ministries, but
when the votes were counted it appeared that he had he has never been Premier
. It was suggested in the
been defeated by 288 votes against 277. The adverse report that M. Briand
may yet be induced to step
balloting consisted of a combination of Right and into the breach and form
his twelfth Ministry if M.
Left votes. "M. Briand and his Ministers filed out Daladier fails to organiz
e a Government. M.Briand
almost in silence, and both sides of the Chamber in any event is expected to continu
e his labors in
seemed stupefied for the moment by what they had the Ministry of Foreign Affairs, as this portfoli
o
done," a Paris report to the New York Times said. will probably be offered to him in any combina
tion
In other dispatches it was recalled that the Chamber, that may be effected
.
less than three months ago, gave Premier Briand a
vote of confidence by 325 votes to 136, with 139
A direct war reparations -agreement between the
abstentions. "Today," a report to the Herald United States and Germany, which
would be indeTribune said, "the Chamber presented the astonish- pendent of the Young plan, is envision
ed in negotiaing spectacle, without ever having had another tions
between the two countries which were started
opportunity of registering a vote for or against the in Berlin five weeks ago at the
instance of United
OCT. 26 1929.]
FINANCIAL CHRONICLE
2585
a new international pact to guarantee the deposits
against confiscation in case of war will be necessary
before the bank comes into existence. A statute was
approved, Dr. Schacht said, which provided for
such an international understanding, to be signed
by all member States as well as the nation in whose
territory the bank will be situated. Certain immunities also are to be asked of the nation in which the
bank will be located, although these, according to
Dr. Schacht, will not be in the nature of "special
privileges or favors that are not wise, reasonable
and desirable." It is provided that the bank's own
shares are to be tax free in the country in which the
bank is situated, and also that no tax is to be put
upon its profits or reserves. Such funds as reparations annuities and special deposits to cover possible
postponements also will be exempt
The question of domicile also is being considered
by the organizing committee, but no hint regarding
the location has yet been given out, beyond the
acknowledgment that a small country will be chosen
in accordance with the recommendations of the Experts' Committee of Paris. This question remains
one of the stubborn points of conflict within the
committee, a dispatch to the New York "Times"
points out. Dr. Schacht indicated, however, that
the committee was attacking this and all other
questions before it as though its decisions were final.
Changes may possibly be made at the second Hague
conference of governments, but only after consultation with the organizing committee, which intends
to consider itself in being and competent to be reassembled at any time until the bank has been conDisposition was made this week of some of the stituted and has begun to function. A departure
more difficult questions before the organizing com- from the Young Plan was announced late last week,
mittee of bankers which is consulting in Baden- when the committee decided the rules as to the bank's
Baden, Germany, in an effort to draw up a set of liquidity. In view of the restriction which prohibits
statutes to govern the new Bank for International the bank from issuing obligations, it was declared
Settlements. The bankers apparently found at least necessary that the bank's assets be nearly all liquid,
one of the questions before them unsuitable for ad- and an article will accordingly be framed that will
justment by such a committee as their own. After insure that the reserve will afford practically 100%
considering for some weeks the matter of incorpor- liquidity. Although progress has been rapid on these
ating in a trust agreement the reparations payments and other matters, members of the committee were
by Germany to the institution and the distribution of the opinion that the labors of the gathering will
of such payments to the creditor powers, the trust not be completed until well into November. With a
subcommittee reported back to the main body this treaty still to be written between the governments,
week its inability to arrive at a satisfactory com- incorporating the bank feature of the Young Plan,
promise. At a plenary session held Wednesday, the it was thought probable that the second Hague meetcommittee as a whole decided to refer this question ing will be held up until December.
The work of the trustee subcommittee, which was
back to the governments concerned and therefore
to fix details of Germany's annuity payappointed
Hague
conference.
ultimately back to the second
again held up this week by disagreement
was
such
ments,
points
as
considered
Meanwhile, the committee
the safety of the bank's funds in time of warfare, and between the German and French delegates regarding
the limitations to be imposed on some of the institu- important aspects of the question. The delegates
tion's functions. There was also some talk of ap- went to their own capitals over the last week-end for
pointing an American to the presidency of the bank, further instructions on the disputed points, but an
and in that regard, Jackson E. Reynolds, President accord was apparently too far off, and the entire
of the First National Bank of New York and Chair- matter was postponed for the consideration of the
man of the present committee, was said to have second Hague conference. The basis of the conflict
been mentioned. The rumor about Mr. Reynolds was in the subcommittee, according to a report to the
discredited, however, the committee spokesman New York "Times," is that the French were anxious
pointing out that the present organizing committee to create the trust deed as a document which will
cannot do more than make recommendations to bind Germany to a definite scale of payments. The
the central banks, which will name the directors who Germans, on the other hand, were anxious to have
the terms broadened, with liberty left to the bank to
in turn will choose the presiding officer.
Plans for safeguarding the funds of the new bank alter conditions in the future with room for an
in time of war occupied the organizing committee eventual radical reduction in the sum paid over to
late last week. Announcement was made by Dr. the bank. "The problem is complicated," a dispatch
Hjalmar Schacht, President of the Reichsbank and of Tuesday to the "Times" said, "because of the
bead of the German delegation at Baden-Baden, that nature of the agreements incorporated in the Young
States Ambassador Jacob Gould Schurman. Disclosure of these important conversations was made
in a Berlin dispatch of Thursday to the United Press
and they were confirmed in Washington late the
same day. The agreement would provide direct payments by Germany on her debt to the United States
and would divorce such financial operations between
the two nations from the Young plan and from the
Bank for International Settlements which is to be
established under that plan. The conversations, according to a Washington report to the New York
"Herald Tribune," have reached the point where the
Treasury Department is engaged in drawing up the
agreement itself. It will be submitted to Germany
first and, if ratified, brought before Congress. The
desire of the United States Government to establish
financial relations with Germany on its own account,
Washington officials said, was due to the policy of
maintaining a strictly unofficial part in the reparations situation between Germany and the former
Allies. Under the proposed agreement, moreover,
the United States Government will be able to adopt
an attitude of neutrality toward the Young plan,
without signing or ratifying it. The change in the
Dawes plan contemplated by the Young plan would
otherwise require the consent and signature of the
United States Government, since 2 1-4 per cent of
the Dawes plan payments were made to this Government. The German reparations debt to the United
States now totals approximately $240,000,000, most
of which has grown out of mixed claims and army of
occupation costs.
2586
FINANCIAL CHRONICLE
Plan, which became further involved by additional
accords at The Hague. The details of these decisions
regarding the cash payments and the dates are open
to several interpretations, and reference to the several national treasuries results in just so many conflicting interpretations." The subcommittee, accordingly, was instructed, Wednesday, to eliminate
all questions of Germany's relations with the bank
from consideration and to draw up a deed which
would be an agreement merely between the bank and
the creditor powers, which would regulate the bank's
administration of the funds it receives.
As to the bank's ultimate powers, one report said,
it has been pretty well agreed to make the bank a
great world institution which will survive the final
liquidation of reparations, but it is planned to restrict its power so as to prevent all possibility of its
superseding the central banks. The general plan,
it is strongly emphasized, is to make it primarily a
deposit bank and a bank for exchange—not a bank
of issue. "The bank," a "Times" report of Wednesday said, "seems to be shaping definitely toward the
hopes of those who conceived it originally as a
purely commercial institution. Thanks to the firm
stand of the Americans, led by Mr. Traylor, the
European scheme for rotating the board of directors,
with authority shifting from one nation to another,
definitely has been abandoned and it has been decided to set up the bank upon a purely business basis
with a responsible executive named for a long term
as officer in charge. The committee is now ready to
tackle the question of whether the bank can eventually grow into an important world institution with
a salutary influence on world finance. This, it
appears, can only be accomplished if the executive
chosen is of strong enough personality to avoid possible danger of the bank's powers being diverted to
serve national ambitions."
Agitation in Germany for a referendum against
the Young Plan of reparations payments and the
war-guilt lie" became somewhat of a national issue
in the Reich last week, but President Paul von Hindenburg took a hand in the matter on Oct. 18 and he
appears to have brought the plan to a sudden halt
by issuing a public rebuke to the promoters of the
referendum. The plan for a referendum was fostered
jointly by Dr. Alfred Hugenberg and Adolph Hitler,
leaders, respectively, of the Nationalists and the
Fascists in the Reich. Under the German Constitution, a plebiscite on any question must necessarily
be considered by the Reichstag if a petition is presented containing 4,000,000 or mare signatures. The
agitation for the referendum promised to become
very embarrassing to the Coalition Government
headed by the Socialist Chancellor, Herman Mueller.
The present Cabinet has been shaky from the start,
and it became even more uncertain of political life
after the death of Foreign Minister Stresemann.
In this situation President von Hindenburg dealt
a severe blow to the Nationalist-Fascist plans and
gave a measure of support to the Coalition Government by authorizing Chancellor Mueller to make
public an announcement of his displeasure with certain provisions of the proposed new law. Penal
servitude is suggested by the referendum for officers
of the Reich who pledge Germany to reparations payments under the Young Plan. The President bluntly
stated that he considered the proposal a "personal
and irrelevant political attack," which he both de-
[Vox. 129.
plored and condemned. Signatures in favor of the
referendum came in very slowly after the President
issued his statement, and the collapse of the campaign is now considered imminent.
Difficulties experienced by the German Government in balancing its budget have resulted in an
agreement whereby the Swedish Match Company
will advance $125,000,000 to the Reich on a longterm basis in return for a part interest in a general
German match monopoly. Negotiations for the loan
were apparently instituted as a sequel to the failure
of a 300,000,000-mark internal loan which Minister
of Finance Rudolph Hilferding attempted to float
in June. The discussions continued for several
months with final consummation of the loan delayed
by opposition at home and also by protests from the
Soviet Government. Soviet matches have been sold
in great numbers in the Reich recently, and the Moscow Government promptly charged that the concessions which it is proposed to grant to the Swedish
firm represent a discrimination against Soviet
matches. By the terms of the agreement the German Match Syndicate, organized several years ago
through the participation of the Reich Government,
will have complete control of the sale, import and
export of matches. The entire German industry, in
which Swedish interests already have a 65% control,
will now be formally linked with the Swedish interests through a board of six German and five
Swedish directors. The German Government will
retain the right to determine retail prices for the
thirty-two- year period of the agreement. The loan
contract has been signed contingent upon German
acceptance of the Young Plan, and it must also be
ratified by the Reichstag. This transaction recalls
many others by means of which loans have been
made to foreign governments by the Swedish match
interests in connection with match concessions.
The largest previous loan of this kind was made
two years ago to the French Government, an analogous agreement having been made at that time providing for co-operation in the French match industry
of Swedish and French interests. The loan to the
French Government amounted to $75,000,000, and
the proceeds were applied by France to retire the
balance of a dollar bond issue carrying a coupon
rate of 8%. Earlier this year the Swedish Match
Company obtained control of the Rumanian match
concession in return for a loan of $30,000,000 to the
Bucharest Government.
There have been no changes in central bank rates
the present week. Rates continue at 81/
2% in Austria; at 71/
2% in Germany; at 7% in Italy; at 61/2%
in London; at 6% in Norway; at 51/
2% in Holland,
Denmark, Sweden and Spain; 5% in Belgium, and ,
31/
2% in France and Switzerland. In the London
open market discounts for short bills yesterday were
578% against 6@6 1/16% on Friday of last week,
and 6% for long bills against 6 3/16@61/
4% the
previous Friday. Money on call in London yesterday was 5%. At Paris open market discounts
remain at 3/
1
270, and in Switzerland at 3,3
/
8%.
The Bank of England statement, for the week
ended Oct. 23, shows a futher gain in gold holdings
but only of £88,155. As this was accompanied by
a loss in circulation of 0,858,000, reserves increased
£2,946,000. Total gold holdings now amount to
OCT. 26 1929.]
FINANCIAL CHRONICLE
£133,021,044 as against £166,736,795 the corresponding week last year. Proportion of reserves to liabilities rose this week to 31.80% in comparison with
28.04% last week and 47.47% a year ago, deposits
in the aggregate, having decreased. A decline
amounting to £10,753,653 was shown in other deposits while an expansion of £6,238,000 occurred in
public deposits. Other deposits include those for
the accounts of bankers which decreased £10,764,569
and those for the account of others which increased
£10,916. Loans on government securities declined
£6,615,000 and those on other securities, £819,583.
The latter consists of "discounts and advances"
and "securities" which fell off £736,652 and £82,931
respectively. The bank rate remains 6M%. Below
we furnish comparison of the different items of the
Bank's return for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1929.
1926.
1928.
1927.
Oct. 28.
Oct. 23.
Oct. 27.
Oct. 24.
Oct. 26.
Circulation
a357,386,000 133,179,000 135,772,670 139,069,370 142,540,595
Public deposits
15,788,000 10,123,000 20,966,329 17,756,002 19,618,418
Other deposits
96,247,990 102,171,000 90,845,320 104,850,009 109,182,246
Bankers' accounts 59,111,334
Other accounts_
37,136,656
Governm't securities 69,461,855 37,300,000 40,689,619 36,715,435 32,378.644
Other securites
24,640,597 39,391,000 52,998,318 70,093,701 74,111,101
Dint.& advances_ _ 4,199,821
Securities
20,440,776
Reserve notes & coin 35,633,000 53,307,000 35,778,145 33,495,570 29.950,161
Coin and bullion_ _133,021,044 166,736,795 151,810.810 152,814,940 152,740,756
Proportion of reserve
to liabilities
27.31%
32.00%
31.80%
47.47%
2534%
Bank rate
4%
5%
434%
434%
634%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England note issues, adding at that time £234,199,000 to the amount of Bank of England notes outstanding.
In its statement for the week ending Oct. 19, the
Bank of France reports another decrease in gold
holdings, this time of 5,412,241 francs. Gold now
totals 39,771,079,525 francs which compares with
30,751,350,426 francs the corresponding week last
year. Bills bought abroad increased 23,000,000
francs while credit balances abroad decreased 25,000,000 francs. French commercial bills discounted
and advances against securities register increases
of 52,000,000 francs and 7,000,000 francs respectively.
A decrease of 575,000,000 francs is shown in note
circulation bringing the total of the item down to
66,325,636,100 francs, as compared with 61,440,166,255 francs the corresponding week last year. Creditor current accounts expanded 501,000,000 francs.
Below we furnish a comparison of the various items
of the Bank's return for the past two weeks as well
as for the corresponding week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Oct. 19 1929.. Oct. 12 1929. Oct. 20 1928.
for Week.
Francs,
Francs.
Francs.
Francs.
Gold holdings.... _Dec. 5,412,241 39,771,079,525 39,776,491.766 30,751,350,426
Credit bale. abr'd_Dee. 25,000,000 7,183,817,272 7,188,817,272 14.092,228,900
French Commercial
bills discounted _Inc. 52,000,000 8,061,225,504 8,009,225,504 3,060,236,252
Bills bought abr'd Inc. 23.000,000 18,650,612,266 18,627,612,266 18,485,447.083
Adv. agt. securs_ _Inc. 7,000,000 2,475,736,342 2,468,736.342 2,102.471.422
Note circulation_ _Dec. 575,000,000 66,325,636,100 66,900,636,100 61,440,166,255
Cred. curr. sects __Inc. 501,000,000 19.172,335,530 18,671,335,530 17.605,379,423
2587
marks, which compares with 4,034,747,000 marks
last year. Silver and other coin increased 12,551,000
marks and notes on other German banks 5,675,000
marks. A decrease is recorded in advances of 92,191,000 marks and in investments of 18,000 marks,
while a gain is shown in other assets of 35,427,000
marks, in other daily maturing obligations of 101,904,000 marks and in other liabilities of 1,993,000
marks. Below we furnish a comparison of the various
items of the Bank's return for the past three years:.
REICITSBANK'S COMPARATIVE STATEMENT,
Changesfor
Week.
Oct. 23 1929. Oct. 23 1928. Oct. 22 1927.
Reichstnarks. Retchsmarks. Retchsmarks.
Assets—
Reichsmarks.
Gold and bullion
Inc. 7,134,000 2,218,953,000 2,510,710,000 1,851.514,000
66,543,000
Of which depos. abed. Unchanged
85,626,000
149.788,000
Res've in torn curt _
1,618,000 354,128,000 163,189,000 160,849,000
Bills of each. & checks Dec. 105,362,000 1,987,011,000 1,964,228,000 2,434,784.000
67.810,000
Silver and other coin_ _Inc. 12,551,000 126,109,000 102,108,000
21,340,000
Notes on oth.Ger.bks_Ine. 5,675,000
15,237,000
24,684,000
31,577,000
Advances
Dec. 92,191,000
41,999,000 110,968,000
92,075.000
93,801,000
Investments
Dec.
92,562,000
18,000
Other assets
Inc. 35,427,000 635,702,000 552,184.000 587,926,000
Lfabdltjes—
Notes in circulation- _Dec. 239,063,000 4,785,007,000 4,034,747,000 3,631,736,000
0th daily matur.oblig.Ine. 101,904,000 554,300,000 729.279.000 831,903,000
Other liabilities
Inc.
1,993,000 374,429,000 265.212,000 418,035,000
Money rates have this week displayed the easiest
undertone of all the year in the dealings on the New
York market. The trend toward lower levels was
particularly pronounced in rates for bankers' acceptances, while the Federal Reserve Bank has also
reduced its buying rate for acceptances from 51/
8%
to 5%. Figures on call and time loans reflected
continued heavy offerings, with demand of very
small proportions. Call loans fluctuated between
6 and 5%, with the tendency toward the lower figure early in the week, while the higher level was
more prevalent on Thursday and Friday, when bank
withdrawals were made on a small scale. With a
plethora of funds available in the first three sessions
of the week, and borrowers scarce, funds were freely
offered on call in the unofficial "street" market at
41/2%. Time loans dropped steadily throughout the
week, every single day seeing reductions in effect.
The figures Monday ranged from 7 to 734%, while
at the close yesterday the quotations were 61/
2 to
4%. In view of the collapse of securities prices
71/
on the important exchanges there was, of course,
almost no demand whatever for new loans on Stock
Exchange collateral. In fact, Thursday's statement of the Federal Reserve Bank of New York for
the week ended Wednesday night showed a reduction in brokers' loans of $167,000,000. There was
much discussion during the week of a possible lowering of the New York Reserve Bank's rediscount
rate from the 6% level established Aug.8 to the 5%
figure that still prevails at all other Reserve Banks.
Charles E. Mitchell of the National City Bank, a
class A director of the New York Reserve Bank,
frankly come out for a reduction on his return from
Europe, Tuesday. Moreover, the usual directors'
meeting, Thursday, was an unusually prolonged
affair, giving rise to further reports of an impending
reduction. No change was, however, made. But
it is now assumed in New York money market circles
that a reduction in the New York rediscount rate
will be made within the next few weeks. Gold movements through the Port of New York for the week
ended Wednesday consisted of imports of $1,546,000,
and exports of $96,000.
The Bank of Germany in its statement for the
third week of Oct. shows an increase in gold and bullion of 7,134,000 marks, bringing the total of the
item up to 2,218,953,000 marks. Total gold in the
corresponding week last year amounted to 2,510,710,000 marks and in 1927 to 1,851,514,000 marks.
Another decrease appears in bills of exchange and
checks, this time of 105,362,000 marks. Reserve
in foreign currency increased 1,618,000 marks, while
deposits abroad remained unchanged. Notes in cirDealing in detail with the call loan rates on the
culation show a contraction of 239,063,000 marks, Stock Exchange from day to day, the renewal rate
reducing the total of the item to 4,785,007,000 each and every day has been 6%, with a drop each
2588
FINANCIAL CHRONICLE
day in the rate for new loans to 5%, except on Friday, when the rate remained unchanged all day at
6%. The quoted rates for time money have been
in a chaotic state, but with the trend steadily and
strongly downward. On Monday the rate for 30-day
money was 7(g71/
4%; for 60 days, 71/
4@7½%; for
90 days and four months, 7/
1
4(g73
/
4%, and for five
and six months,71,4@7/
1
4%. On Tuesday the quotations were 7% for 30 days, 7@7/
1
4% for 60 days, and
7%@7/
1
4% for 90 days to six months. On Wednesday, rates were 7% for 30 and for 60 days, and
7y4@7%% for all ather dates from 90 days to six
months. On Thursday and Friday the quotations
were 6/
1
2@6%% for 30 and 60 days and 7@71/
4%
for 90 days to six months. Commercial paper in the
-open market continues in moderate demand. Rates
for names of choice character maturing in four to
4%, while names less
six months remain at 6(14)61/
1
4%, with New Engwell known command 614@6/
land mill paper also quoted at 61/4@6/
1
4%.
[VOL. 129.
change, at prices which indicate the near probability
of gold shipments from New York to London. Between Saturday last and noon of Thursday the rate
moved up 11-16. The range this week has been
from 4.86 11-16 to 4.875
% for bankers' sight, compared with 4.861
to
4.87
last week. The range for
%
cable transfers has been from 4.87 5-16 to 4.881
%,
compared with 4.86 11-16 to 4.87 7-16 the previous
week. Following directly upon several days of
severe declines on the New York Stock Exchange,
culminating in Thursday's debacle, sterling sold as
high as 4.881
% for cable transfers, the highest since
June 1928. At another time the higher rates for
sterling witnessed this week would be considered
somewhat surprising in view of the fact that the
Bank of England has again lost considerable gold to
France and is faced with a further outgo of the
metal in that direction.
The steady advance in sterling is attributed
altogether to the drop in money rates in New York,to
the slump in Stock, Exchange values, and to the
The market for prime bank acceptances has dis- withdrawals of British and other European funds
played considerable irregularity with a somewhat from the New York market in consequence of the
lower price range, and a diminished volume of deal- changed conditions here. Foreign exchange circles
ings, due to the scarcity of offerings. Rates were now view the firmness in sterling as permanent for
reduced /
1 870 in both the bid and the asked column the remainder of the year and look with less alarm
for all maturities on Wednesday, again on Thurs- on any gold withdrawals from London by Paris
day, and a third time on Friday. The Federal Re- banks. Traders are shaping their policies in the
serve Banks have reduced their buying rate for belief that the Federal Reserve Bank of New York
acceptances from 5/
1
4% to 5% for bills running 30 will soon lower its rediscount rate, thus further
to 90 days. The posted rates of the American Ac- strengthening the prospects of sterling. The reducceptance Council are now 47
/8% bid and 434% asked tion in the rates for bankers' acceptances at New
for bills running 30 days, and also for 60 and 90 York during the week is considered as pointing in
/8% asked for 120 days, and this direction. There is even some expectation in
days; 5% bid and 47
5/
1
4% bid and 5% asked for 150 and 180 days. The the market of a gold outflow from New York to
Acceptance Council no longer gives the rates for London. With call money at present levels, ranging
call loans secured by acceptances, the rates varying from 5% to 6%, foreign exchange traders figure
widely. Open market rates for acceptances have that at 4.889 New York banks could ship gold to
also been reduced and are now as below:
London, but without much profit. However, gold
SPOT DELIVERY.
points are uncertain and in some quarters it is
—150 Days—180 Days—
—120 Days—
calculated
that the metal might move from New
Btd. Asked.
891. Asked.
Bid. Asked.
5
534
5
414 York to London at 4.8831. The last import of gold
Prime eligible bills
514
5
—60Days—
—30Days—
—00Days—
BM. Asked.
kid. diked by London from the United States occurred with
Bid. Asked.
434
434
43( cable exchange at 4.8814. The Bank of England
434
431
434
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
statement for the week ended Oct. 24 shows an
ISM bid increase in gold holdings of £88,155, the total bullion
Eligible member banks
534 bid
Eligible non-member banks
standing at £133,021,044. This compares with
There have been no changes this week in the redis- £166,736,795 a year ago. On Monday the Bank of
count rates of the Federal Reserve banks. The fol- England received £250,000 in sovereigns from abroad
lowing is the schedule of rates now in effect for the and sold £24,069 in gold bars. On Tuesday the Bank
various classes of paper at the different Reserve sold £296,126 in gold bars, of which £109,504 are
reported by London bullion dealers to have been for
banks:
BANKS
ON
ALL
RESERVE
shipment
FEDERAL
CLASSES
on French account. There was no South
DISCOUNT RATES OF
AND MATURITIES OF ELIGIBLE PAPER.
African bar gold available in the open market to
allow the Bank to offset the loss. Gold shipments
Rate in
Prertous
Date
Effect on
Federal Reserve Bank.
Rate.
Established.
from South Africa have exceeded the average weekly
Oct. 25.
434
July 19 1928
5
output recently, according to London advices, and
Boston5
Aug. 9 1929
6
W York
434
'July 26 1928
5
Philadelphia
while about 0,000,000 will be available in the next
434
Aug. 1 1928
5
Cleveland
434
July 13 1928
5
Richmond
two
weeks, there will not be a sufficient supply to
434
July 14 1928
5
Atlanta
July 11 1928
434
5
Chicago
any heavy losses to Paris. On Wednescounteract
414
July 19 1928
5
St. Louis
414
May 14 1929
5
Minneapolis
day
sold 009,504 in gold bars and bought
Bank
the
414
1929
6
May
5
Kansas City
Mar. 2 1929
494
5
Dallas
£15
in
gold coin. On Thursday the Bank
foreign
4,
4
1929
20
May
5
San Francisco
sold 012,284 in gold bars. On Friday the Bank sold
Sterling exchange continued its upward course, 085,101 in gold bars. These heavier sales of gold
which began with the increase in the Bank of Eng- are accepted in foreign exchange circles as for French
land rate of rediscount to 614% four weeks ago. account.
At the Port of New York the gold movement for
As during last week, but with noticeable enhancement and acceleration, sterling has been in active the week Oct. 17-Oct. 23 inclusive, as reported by
demand, well above dollar parity, and ruling, espe- the Federal Reserve Bank of New York, consisted
cially since the slump on the New York Stock Ex- of imports of $1,546,000, of which $994,000 came from
OCT. 26 1929.]
FINANCIAL CHRONICLE
2589
total foreign exchange holdings, now approximately
25,000,000,000 francs, are considered excessive. The
Bank of France statement for the week ended Oct. 19
shows gold holdings of 39,771,079,525 francs, a decrease during the week of 5,412,741 francs, but an
increase over a year ago of 9,020,000,000francs. The
Bank's ratio of reserves stands at 46.52%, which
compares with 38.90% a year ago and with the legal
GOLD MOVEMENT AT NEW YORK, OCT. 17-23 INCLUSIVE
requirement of 35%.
Exports.
Imports.
German marks have been in demand, with cable
$96,000 to Mexico
$994,000 from Colombia
500,000 from Argentina
transfers ranging during the week from 23.89 to
52,000 chiefly from other
American
countries.
Latin
23.92, which compares with dollar parity of 23.82.
These higher rates give rise to the expectation of a
$96,000 total
$1,546,000 total
gold movement from New York to Berlin. It, is
Net Change in Gold Earmarked for Foreign Account.
believed that the movement could begin at 23.93.
None.
There are indications that mark exchange has found
discount.
sharp
a
Canadian exchange continues at
On Saturday Montreal funds were quoted at 1 1-32 support in New York through the transfer of a larger
of 1% discount; on Monday at 31-32 of 1%, on volume of American funds to the Berlin money
Tuesday at 1%,,on Wednesday at 1 1-16 of 1%, on market. Berlin bankers are looking with satisfaction
on what appears to be a renewed attention on the
Thursday at 1%,on Friday at 1 5-16% discount.
Referring to day-to-day rates, sterling exchange part of the American public to fixed-interest securities
on Saturday last was firm. Bankers' sight was and believe that if the switch from stocks to bonds
transfers, 4.87 5-16@ continues on this side there will be a revival of long4.86 11-16@4.87; cable
4.87 7-16. On Monday sterling was in demand. term loans to Germany, which would of course help
The range was 4.86 15-16@4.87% for bankers' sight mark exchange. Italian lire, Antwerp belgas, and the
and 4.87 9-16@4.87 13-16 for cable transfers. On minor Continental exchanges show firmness as the
Tuesday the market was firm, although less active. result of the change in the situation of the major
8@4.87%; cable transfers, exchanges. Italian lire ruled most of the week at
Bankers' sight was 4.873/
38@5.23 13-16, but moved up in Thursday's
4.87 21-32@4.87 13-16. On Wednesday sterling was 5.23/
in sharp demand. The range was 4.87 1-16@ trading to 5.24@5.24 3-16.
The London check rate on Paris closed at 123.855
4.87 7-16 for bankers' sight and 4.87 11-16@4.87%
for cable transfers. On Thursday rates moved still on Friday of this week, against 123.89 on Friday of
higher. The range was 4.87 3-16(0)4.87% for bank- last week. In New York sight bills on the French
ers' sight and 4.87 15-16@4.883/á for cable transfers. centre finished at 3.93 11-16, against 3.93 3-16 on
On Friday sterling was somewhat easier. The range Friday a week ago; cable transfers at 3.93 15-16,
8@4.87% for bankers' sight and 4.87%@ against 3.93 7-16, and commercial sight bills at
was 4.873/
4.88 for cable transfers. Closing quotations on 3.93 7-16, against 3.92 15-16. Antwerp belgas fin3 for ished at 13.983/2 for checks and at 13.993 for cable
Friday were 4.87 5-16 for demand and 4.874
sight
bills
Commercial
finished
at transfers, against 13.96 and 13.97 on Friday of last
transfers.
cable
4.87, sixty-day bills at 4.82 3-16, ninety-day bills week. Final quotations for Berlin marks were
at 4.79 11-16, documents for payment (60 days) at 23.91 for checks and 23.92 for cable transfers, in
3 a week earlier.
3 and 23.884
4.82 3-16, seven-day grain bills at 4.863I Cotton comparison with 23.874
5 for bankers' sight bills
Italian lire closed at 5.23%
and grain for payment closed at 4.87.
3 and
and at 5.23% for cable transfers, against 5.23%
schillings
Austrian
5s on Friday of last week.
The Continental exchanges have, as during the past 5.23/
few weeks, moved up sharply in the wake of sterling closed at 143 on Friday of this week, against 143i
exchange and as the result of the same set of factors, on Friday of last week. Exchange on Czechoslochief of which are the lower money rates in New vakia finished at 2.963t, against 2.96; on Bucharest
3 ;on Poland at 11.23, against
York and the consequent return flow of funds to at 0.59%, against 0.594
at 2.52, against 2.52. Greek
Finland
exceptionally
on
been
have
and
11.23;
Europe. French francs
well
above
rates
dollar
at
at
ruling
closed
been
exchange
strong and have
1.299 for checks and at 1.2934
parity, to such an extent that the market looks for a for cable transfers, against 1.29% and 1.29%.
flow of gold from New York to Paris almost any day
The exchanges on the countries neutral during ne
if the present conditions continue. The gold points
to London, Paris and Berlin are calculated in New war have moved up and have experienced some deYork at approximately $4.883 to $4.88% for Lon- mand as a result of the improvement in sterling and
don, 3.94 for Paris, and 23.93 for Berlin. On Thurs- the leading Continentals and for much the same
day of this week unconfirmed rumors were current reasons. Holland guilders have been exceptionally
on the Street that $500,000 in gold had been engaged firm and the market reports considerable withfor Paris account. As noted above, London lost drawals of Dutch funds from the New York market
considerable gold to Paris during the week and more and the transfer to London and Amsterdam. Guilder
is expected to be taken by the French private banks. cables were quoted on Saturday at 40.29 and sucA temporary month-end stringency in Paris is given cessively moved up until they were quoted at 40.34
as the reason for the present gold takings from Lon- at the opening of the market on Thursday, which
don. It seems that the Bank of France does not compares with dollar parity of 40.20. Money is
encourage these gold imports, but is powerless to firmer in Amsterdam than it has been in some time
prevent French private banks from importing the and the market expects an increase in the rate of
metal. The Bank of France cannot take steps to the Bank of the Netherlands. Spanish pesetas have
prevent the gold imports, as it could do so only by fluctuated rather widely during the week between
purchasing foreign exchange on the market and its 14.28 and 14.50 for cable transfers, but were steadier
Colombia, $500,000 from Argentina, and $52,000
chiefly from other Latin American countries. Exports
totaled $96,000 to Mexico. There was no change in
gold earmarked for foreign account. In tabular form
the gold movement at the Port of New York for the
week ended Oct. 23, as reported by the Federal
Reserve Bank of New York, was as follows:
2590
FINANCIAL CHRONICLE
[VoL. 129.
toward the close around 14.28. The fluctuation in resulted in the suspension of demand for dollars in
the peseta is attributed to the determination of the Tokio. Closing quotations for yen checks yesterSpanish authorities to relinquish exchange operations day were 47.80@47 13-16, against 47.80@47% on
for the control of the peseta level for the time being. Friday of last week. Hong Kong closed at 43 13-16
Early in the week the fluctuation in the peseta was @,44 5-16, against 43%@44 1-16; Shanghai at
attributed to the report that it had been unofficially @,55 5-16, against 553.; Manila at 50, against553(
50;
announced that Finance Minister Calvo Sotelo was Singapore at 56%(4)564
7 , against 56%; Bombay at
planning to resign. It is assumed that the resigna- 36 5-16, against 36 5-16; and Calcutta at 36 5-16,
tion is the result of the failure of his policy of with- against 36 5-16.
drawing official buying support from the peseta.
When Minister Sotelo announced the suspension of
Pursuant to the requirements of Section 522 of the
activities by the exchange committee, he made it Tariff Act of 1922, the Federal Reserve Bank is now
plain that he was confident that the peseta would certifying daily to the Secretary of the Treasury the
be able to hold the then prevailing level of around buying rate for cable transfers in the different coun14.85. It is thought possible that the appointment tries of the world. We give below a record for the
of a new Finance Minister may mark the resump- week just past:
tion of exchange control by the Spanish Government FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
since the present policy has proved unsuccessful.
OCT. 19 TO OCT. 25 1929, INCLUSIVE.
Recent dispatches from London state that it is
Noon Buying Rate for Cable Transfers to New York
possible that Spain may decide to ship a consider- Country and Monetary
Value to United States Money.
Unit.
Oct. 19. Oct. 21. Oct. 22. Oct. 23. Oct. 2.4. Oct. 25.
able quantity of gold to London with a view to
EUROPE$
$
supporting peseta exchange.
S
8
11
$
Austria.schIlling
140659 .140579 .140619 .140632 .140832 .1406541
Belgium,
belga
.139688 .139733 .139775 .139751 .139846 .139883
Bankers' sight on Amsterdam finished on Friday Bulgaria. lax
.007232 .007255 .007247 .007242 .007257 .007240
Czechoslovakia, krone .029607 .029805 .029609 .029609 .029615 .029624
at 64.293, against 40.263/2 on Friday of last week; Denmark,
krone
267593 .267667 .267875 .267822 .267910 .267948
pound stercable transfers at 40.313, against 40.283/
2; and com- England.
ling
4 873333 4.876793 4.876644 4.877241 4.880104 4.878877
Finland, markka
025171 .025165 .025180 .025177 .025178 .025186
mercial sight bills at 40.25, against 40.20. Swiss France,
franc
.039345 .039364 .039375 .039370 .039397 .039394
Germany, retch/mark .238899 .238952 .239043 .239000 .259120 .239131
francs closed at 19.373( for bankers' sight bills and at Greece,
drachma____. .012949 .012962 .012970 .012979 .012988 .012996
Holland, guilder
402828 .402900 .402958 .403037 .403313 .403247
19.383 for cable transfers, in comparison with Hungary, pengo
174532 .174523 .174546 .174573 .174529 .174602
Italy. lira
052356 .052355 .052362 .052371 .052403 .052400
19.343.i and 19.353 a week earlier. Copenhagen Norway, krone
.287598 .267665 .267868 .267822 .267915 .267947
Poland,
.111955 .111875 .111880 .111885 .111885 .111925
checks finished at 26.78 and cable transfers at 26.80, Portugal.zloty
escudo
.045033 .044880 .044983 .044941 .044886 .044833
Rumania.leu
.005948 .005952 .005959 .005960 .005968 .005975
against 26.733/2 and 26.753/2. Checks on Sweden Spain. peseta
.142627 .143415 .143759 .143281 .142636 .142832
8weden, krona
.268501 .268570 .268666 .268813 .268706 .268703
franc-. .193509 .193555 .193709 .193885 .193821 .193798
closed at 26.85 and cable transfers at 26.87, against 8witzerland,
Yugoslavia. dinar-- .017628 .017624 .017632 .017640 .017643 .017645
ASIA26.833/ and 26.853/2; while checks on Norway finished ChinaChefoo tael
.566868 .567083 .569375 .569791 .570208 .37854 I
at 26.78 and cable transfers at 26.80, against 26.733/ Hankow
tael
.561093 .559843 .561250 .562500 .562812 .563906
tael
.547732 .547089 .547678 .549071 .549678 .550106
and 26.753'. Spanish pesetas closed at 14.30 for Shanghai,
Tientsin tael
.576666 .574168 .578458 .576875 .577291 .577916
Kong dollar. .434142 .434321 .433392 .431553 .532892
checks and at 14.31 for cable transfers, which com- Hong
Mexican dollar.... .393750 .393437 .394375 .395000 .395625 .435892
.395937
Tientsin or Pelyang
pares with 14.22 and 14.23 a week earlier.
dollar
.394583 .394166 .395000 .396250 397083 .397083
The South American exchanges have been dull,
with Argentine paper pesos, especially inclined to
weakness, despite the fact that gold has been steadily shipped to New York and London for the support
of the unit. As noted above, the Federal Reserve
Bank of New York reports the receipt of $500,000
from Argentina during the week. In addition to this
the Guaranty Trust Co., it was announced, was arranging to undertake delivery of $500,000 expected
to arrive on the steamship Pan American from Buenos
Aires. Argentine paper pesos closed on Friday at
41.75 for checks, as compared with 41.92 on Friday
of last week; and at 41.80 for cable transfers, against
41.97. Brazilian milreis finished at 11.88 for checks
and at 11.91 for cable transfers, against 11.89 and
11.92. Chilean exchange closed at 121
%and at 123-16
for cable transfers, against 123/g and 12 3-16; Peru at
3.99 for checks and at 4.00 for cable transfers, against
3.98 and 3.99.
Yuan dollar
India. rupee
Wan, yen
iingaPore (5.5.) dollar
NORTH AMER.Canada, dollar
Cuba, peso
Mexico, peso
8ewfoundland. dollar
SOUTH A MER.kritentine. peso (gold)
Srazll. milreis
Chile. peso
Uruguay, peso
Colombia. peso
.391250
.362117
.476878
.562083
.390833
.362228
.476888
.562083
.391668
.382289
.477375
.562083
.392916
.362248
.477271
.563333
.393750 .393750
.362203 .362246
.477228 .477462
.563125 .562918
.989462
.999300
481050
.988962
.989809
.999300
.481450
.987312
.990302
.999300
.481000
.987655
.989478
.999300
.480750
.988749
.988523 .986163
.999393 .999300
.480375 .480450
.985762 .983250
.952713 .952283 .951505 .949965
118881 .118809 .118795 .118727
120673 .121118 .120709 .120931
978998 .980488 .972000 .974059
983900 .963900 .963900 .963900
.949981
.118704
.120963
.975309
.963900
.949628
.118663
.120745
.974809
.963900
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
The Far Eastern exchanges, with the exception DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
of exchange on Japan, have been dull and the
Chinese markets have been especially inclined to Saturday,
Monday, Tuesday. WedrieuM ThartdaY, Friday,
Aggregate
Oct. 19.
Oct. 21.
Oct. 22.
Oct. 23.
Oct. 24.
Oct. 25.
for Week.
ease, fluctuating strictly with the prices of silver.
$
$
$
3
$
3
Japanese exchange continues firm as a result of 180,000,000 132.000,000 201.000.000 195.000.000 185.000.000 218.100,0r0
Cr. 1.113.00010(
Note.-The foregoing heavy credits reflec the huge mass of checks which
come
the improved business prospects of Japan, with an to the New York Reserve Bank from all parts of the country In he operation
of
Federal Reserve System's par collection scheme. These large
exceptionally good export season under way. the
however, reflect only a part of the Reserve flank's operations w credit balances.
the Clearing
House Institutions, as only the Items payable In New York City th
are represented
The change in the international money situation, 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
owing to conditions in New York, is believed to not pass
through the Clearing House but are deposited with the Federal Bosom
have resulted in a greater demand for yen, with Bank for collection for the account of the local Clearing MAIM bank/.
even some Japanese withdrawals from New York.
The following table indicates the amount of bulAt least the changed conditions at New York have lion in
the principal European banks:
FINANCIAL CHRONICLE
OCT. 26 1929.]
2591
Chamber. The vote which upset the Government was
as peculiar as any that French politics has ever seen.
£
£
£
£
£
£
The Extreme Right joined forces with the Radicals,
166,736,795
England - - 133,021,044
133,021,044 166,736,795
246,010,811 Socialists and Communists of the Left in demanding
d
France a__ 318,168,636
(d) 318,168,636 a246010811
c994,600120.748,800
Germany b 103,458,250
c994,600101,452,850 119,754,200
Spain_ _ _ _ 120,599,000 28,044,000130,643,000 104,358,000 27,563,000 131,921,000 the Government fix a date for discussing The Hague
54,221,000
Italy
55,932,000
55,932,000 54,221,000
Netherrds 36,911,000
36,911,000 36,249,000 1,839,000 38.088,000 agreements. Curiously, the eleven votes by which
Nat. Belg_ 29,312,000 1,270,000 30.582,000 23,082,000 1,251,000 24,333,000
Switzerl'd..
21,306 1,185,000 22,491,000 18,510,000 1,987,000 20,497,000 the Government was defeated is the same as the num13,209,000
Sweden_ .._ 13,431,000
13,431,000 13,209,000
Denmark _ 9,584,000
590,000 10,195,000
406,000 9,990,000 9,60.5,000
8,163,000 ber of Communist members.
Norway _ 8,153,000
8,153,000 8,163,000
The first impression appeared to be that M.Briand,
Tots lweek 831,875,930 31.899,600863,775,530 799,898,806 34,224,600834,123,406
Prey. week 831,284.373 32,067,600863,351,973799,833,901 34,344,600834.178,501
who
is personally popular, would be asked to reform
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held his Cabinet with changes in some of the portfolios,
abroad, the amount of which the present year Is £7,489,400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
and that the reconstituted Ministry would be
allowed to go on until the Young Plan was in shape
The Fall of the Briand Government and the
for consideration. Later Paris dispatches have indiPolitical Outlook in Europe.
cated that the solution of the problem would not be
The Briand Ministry which resigned on Tuesday so easy, and that a decision would be deferred until
was formed on July 29, following the retirement of after the meeting of the Radical-Socialist party,
M. Poincare. On July 31, when the new Ministry which began its annual conference at Rheims on
faced the Chamber of Deputies and asked as usual Thursday. This party, the largest single group in
for a vote of confidence, it was supported by a vote the Chamber of Deputies, has as its most conspicuous
of 324 to 136. It was commented .upon at the time, member Edouard Herriot, a former Premier whose
however, that some 140 members of the Chamber personal popularity rivals that of M.Briand, but M.
were absent or refrained from voting, and that many Herriot suffered a setback when, on Thursday, the
of those who refrained did so at the direction of the party chose Edouard Daladier as its president for
so-called Radical group. The Socialists, who have a second time. On Friday M. Daladier was reported
about 100 votes in the Chamber, refused to accept to have accepted the invitation of President Donoffice in the new Ministry, and the support of the mergue to attempt the formation of a Ministry, but
Radical-Socialists, with 131 votes, was precarious. his success was regarded in Paris as doubtful because
Under these circumstances M. Briand, obviously a of the attitude of the Socialists. The most conspicucompromise Premier, asked for a three months'truce ous member of the moderate Centre, but with disto enable him to deal with the reparations issue at tinctly conservative leanings, is Andre Tardieu, a
The Hague, and his request was granted. The three close friend and staunch political supporter of M.
months' interval had not quite expired when, on Poincare and, partly on that account, the rallyingTuesday, Parliament reassembled after the recess, point of the bitterest and most determined oppoand the overthrow of the Government came unex- sition of all the Radical groups.
pectedly even to those who brought it about. M.
The results of the overturn may, accordingly; be
Briand had urged the Chamber to confine itself to a far-reaching. In spite of the variegated party comdiscussion of the budget until the work of The plexion of the Chamber as shown by the election of
Hague Conference should have been completed, but May 1928, the drift of political sentiment in Parliathe request aroused opposition, and on a vote of 277 ment and in the country has been away from the
to 288 the Government was defeated and promptly policy of concession and compromise which M.
resigned.
Briand particularly, and to some extent M.Poincare
The causes of M. Briand's defeat go back to the in the later months of his administration, embodied,
election of May 1928, when, with no well-defined and toward the views championed by the radical
issue between the Right and the Left, the Poin- Left. France, in striking contrast to Great Britain,
care Government continued in office because still nourishes resentments and fears born of the
the radicals of the Left were not prepared to World War. It has resented, not unnaturally, the
supplant it with one that they could control. victory of Mr. Snowden at The Hague, it is relucM. Poincare's leadership was several times chal- tant to see French troops leave the Rhineland, and it
lenged, but his political position was unique and he is far from enthusiastic over the proposed Bank for
contrived, with the support of the Right and the International Settlements. To these are to be added
moderate Centre and some support even among the a marked anxiety over the meaning of the Angloradical groups, to hold his precarious coalition American conversations and understandings regardmajority together. No one, not even M. Briand him- ing the reduction of naval armaments, a determinaself, expected that the Ministry which followed that tion to resist any attempt on the part of Great
of M.Poincare would have a long lease of life, and M. Britain and the United States to bring about an
Briand, In the debate on Tuesday, did not ask for abolition of the submarine, and a disposition to insupport longer than might be needed to complete the sist that if a general reduction of armaments is to be
work of The Hague Conference. It was immediately undertaken, all branches of armament,land, sea and
urged, however, that if debate on the Young Plan air, shall be included in the program. As long as M.
and the evacuation of the Rhineland were deferred Briand continued at the head of the Government, his
until the conference at The Hague had finished its well known desire for peace assured a conciliatory
work, the Chamber would be faced with a fait ac- attitude on his part toward these various questions,
compli, everything would have been arranged and but the ablest Prime Minister must have the supsettled, and debate would be useless. The disappoint- port of his Parliament, and the action of the Chamber
ment in France at the financial outcome of The of Deputies on Tuesday makes it clear that the
Hague discussions, when Mr. Snowden forced Briand policies cannot surely command parliamenFrance to relinquish a substantial part of the repara- tary support.
tion payments which the Young Plan had allotted to
The sudden change of government in France comes
it, also played its part in arousing antagonism in the at a moment when in Germany and Great Britain
Oct. 25 1928.
Oct. 24 1929.
Banks of—
Gold.
Silver.
Total.
Gold.
Silver.
Total.
2592
FINANCIAL CHRONICLE
(voL. 129.
also the political situation is not, apparently, as with reparations as an excuse for creating it, that
unruffled as it appeared to be a few weeks ago. The the Bank project appears now to have been conrecent death of Foreign Minister Stresemann, the ceived by the Young Committee, and it is because of
conspicuously strong man of the present German the dangers inherent in the Bank as planned by the
Ministry, has not only come at a time when con- Committee that the project is being opposed. The
tinuity in German foreign policy seemed peculiarly French attitude at this point is indicated by a resoludesirable, but has also served to revive and intensify tion before the conference of the Radical-Socialists
the Nationalist opposition to the Young Plan. Both at Rheims, approving the Young scale of annuities
President von Hindenburg and President Schacht of but demanding supervision of the Bank either by
the Reichsbank have thought this opposition impor- the League of Nations or by the governments contant enough to justify strong public statements de- cerned with reparation payments.
preciating it. In England the supporters of a strong
It is greatly to be hoped that the report of the
navy have begun to 'speak out against Mr. Mac- organization committee, when it is submitted, may
Donald's policy of reduction and limitation, and the be considered calmly on its merits and not be made
failure of the Government to do anything of impor- the football of national politics; but if, as a result
tance in regard to unemployment has called ouLcon- of the change of government in France, a way could
siderable criticism even within the ranks of the be found to eliminate the Bank provisions altogether
Labor Party. There is little reason for thinking that from the Young Plan, and leave only the reparation
the British public wishes to see Mr. MacDonald fail provisions which the Young Committee was
in his great aim of lightening the armament burden, primarily appointed to draw up, the outcome, we
and the Labor Party, helped as it is by the sympathy believe, would be in every way advantageous.
of the Liberals, appears to be still firmly seated, but
it has nevertheless to be remembered that Mr. MacEchoes of "Light's Golden Jubilee."
Donald, like M. Hyland, has not a perfectly assured
majority behind him.
On the night of Oct. 21st, in all the million-winThe most important immediate effect of the resig- dowed cities of the world, the beams of the incannation of the Briand Ministry has to do with the descent lamp dispelled the darkness of the night,
fortunes of the Young Plan. We stated at length in and filled the hearts of men with gladness. Not
last week's issue of the "Chronicle" our reasons for since the fiat of the Almighty: "Let there be light,
thinking that the action of the organization commit- and there was light"! has such a miracle fascinated
tee at Baden-Baden had not yet been such as to make the interest of mankind. The celebration of the
any less weighty the objections to the proposed fiftieth anniversary of the invention of this electric
Bank. A New York "Times" dispatch from Baden- light was universally observed and fastened the
Baden on Wednesday affords significant confirma- attention of earth's millions upon the name of the
tion of the views which were then expressed. Accord- inventor, Thomas Alva Edison, as genius, and beneing to the "Times" correspondent, Germany has factor to all his kind. In the United States, due
Insisted that the reparation payments should be to the friendship and energy of Henry Ford, the
"regulated solely upon the stipulations of the Young celebration centered at Dearborn, Mich., where Mr.
Plan and further interpretations of The Hague pro- Ford had caused to be removed and reinstated the
tocol", while France has demanded that "a definite, original Menlo Park laboratory in which the lamp
binding system of payments should be drawn up, in- was invented. At a dinner tendered to Mr. Edison
cluding the smallest details, in a legal agreement to leaders of the nation were present. The President
be included in a trust deed between the Powers and of the United States attended and voiced his tribute
the Bank." The reparation payments, in other words, and that of the people to the venerable inventor.
were to be tied still more closely, according to the During the day, visitors were shown many of the
French demand, to the Bank, so as to give the Bank utensils, modes and contrivances of fifty years ago.
a considerable measure of control over German While the dinner progressed, Mr. Edison, in comfinances. A subcommittee headed by Melvin Traylor pany with his principal original assistant, and in
of Chicago, after wrestling with the problem for the very laboratory of old, rebuilt,for the edification
three weeks, found itself unable to agree, and accord- of the few who could be admitted to the ceremony,
ingly the committee, at a plenary session on out of original materials, his famous lamp. ReturnWednesday, "decided to refer the whole reparation ing to the banquet hall, in an old-time tavern, the
payment question back to the Governments and inventor read an address that the radio carried to
ultimately to the second Hague conference". "The the remotest parts of the earth—even to the
Bank as it now stands", the correspondent continues, Antarctica.
"seems to be shaping definitely toward the hopes of
It is not only that in this celebration in the printhose who conceived it originally as a purely com- cipal streets of the world the brilliance of the elecmercial institution. . . The committee is now ready tric light, for the hour, paled the ineffectual stars,
to tackle the question of whether the Bank can but that in humble homes everywhere the simple
eventually grow into an important world institution pressing of a button summoned this servant of
with a salutary influence on world finance" (italics human life to the service of love and laughter. We
ours).
can hardly conceive of the Colonial days, when the
Here is further proof, if such were needed, of the night watchman, with his lantern, made his rounds
fundamental objection to the Bank which is being in- and cried the hour and "All's well." Yet there are
creasingly urged. The Bank is no necessary part of many living who remember the later days in town
the Young Plan for settling reparations. The scheme and village when the family lantern was necessary
of annuities provided in the Young Plan can be put to save life and limb from holes in the wooden sideinto effect without a Bank, and the creation of a walks. And so great is the progress of fifty years
Bank can add nothing to the assurance that the an- in the manufacture and transmission of electric
nuities will be paid. It is as a world super-bank, light that there is now scarce a village in the land
Om 26 1929.]
FINANCIAL CHRONICLE
2593
that is without its benefit. On the utilitarian side be an age of learning and law. And an age when
alone this invention is one of the greatest boons that men worship liberty is an age that generates love.
ever fell to the lot of man. And the people, in doing We rise on the "stepping stones of our dead selves
honor to the great inventor, may well reflect on the to nobler things." Plunge the world into the physnature of their utilities and the uses of their inven- ical darkness of fifty years ago and what a change
tions—for not all of them are of equal benefit and it would make in our manners and customs. Yet
not all of them are susceptible of indefinite increase light physical must lean on light spiritual. Our
for good. But light is one blessing that cannot, in books and newspapers must be interpreted by the
itself, be turned to evil usage.
light within. And this the leaders of thought do
Light, heat and power, the modern triumvirate, not fail to discern in the noble character of the
gods and the material world, are transformable and inventor Edison, who has just received the greatest
transcendant. We travel so rapidly in the science of tribute ever paid to one man. In his persistent inphysical achievements that we rarely pause to dwell vestigation, in his constant vigil, in his gentle and
upon their spiritual sequence. And while every kind- quiet demeanor, in his absence of egotism, he stands
ly and thoughtful citizen, at this "Light's Golden out as truly great!
Jubilee" renders his tribute and thanks to the giver
Broadway, the best lighted street in the world,
of this good, Mr. Edison, all may meditate upon the takes on a golden glow from tens of thousands of
extensive and extending benefits to which each inven- golden lamps strung along the "Great White Way"
tion may be put. It will suffice,for the moment,if we by reverent hearts and hands; the famous tall "towconsider light as the spiritual king of them all. With- ers of Manhattan," ablaze from foundation stone to
out artificial light literature would lose much of its turret with white light from within and without,
significance, for it is in the home in hours of rest pierce the darkness with magic splendor; huge prothat man adventures the world in printed books. jestors flood the dusty fronts of old and sacred buildHours "under the evening lamp" bring to us the ings turning them to marble purity; the heaving
romance and history of all the ages. The incan- arches of bridges across the rivers stand out against
descent lamp that once wavered under its faulty the stars outlined by chains of lamps from shore to
transmission now glows with a steady brilliance. shore; and against the encircling gloom searchlights
The evening journal that we buy for a penny un- play streams. of colored lights into the very vault
folds to us the doings of the day. And if the mind of night, weaving intricate patterns that entrance
pursues the study of industry or art in book and and bewilder the eyes of multitudes wandering in
newspaper and magazine we may salve our souls the streets below; and all because fifty years ago a
• with the progress of every land and the science of wizard, whom the world now honors, passed an elecevery school.
tric current through a carbonized filament in a
It is the common things, the little things, of life vacuum bulb and thus gave to man the incandescent
that we come to accept without due appreciation. lamp, perhaps the greatest blessing of all the ages!
Not only does the dark breed crime, but it fosters What marvels attend this minister of light! Power,
idleness. Lengthening the activities of the mind for that turns the wheels of manifold machines, saving
but the fourth of a day adds to the riches of en- labor, lengthening life, and touching the heart to
deavor, the calm of contemplation, and the coming kindness and the soul to sacrifice. The very waters
of peace. If we but follow some fictitious Don that have tumbled over the rocks for centuries beQuixote on a sentimental journey, if we but pore come the bond-servants of man. Turbine and dyfascinated over some detective story, or if we read namo! It is as if Niagara lighted the torch in the
into the small hours the stories of love and life and hand of the Statue of Liberty, welcoming and envalor and sacrifice, we widen our mental horizon, lightening the world!
and inculcate a taste for letters that will lead us
The good uses of things are their sole right for
into the higher realms of philosophy, poetry, science being. And as the world honors this man who gave
and art. Some may dispute this, but let us not it added physical light, may it not stand in awe of
stop to argue. The possession of this cheap form the spiritual light within every man, and in contemof light must have a tremendous aesthetic effect plation turn to the Giver of all Good that it may
upon human thought and love. In the activities of rightly use these harnessed laws of Nature that
the day we do rather than dream. And if our rest there be peace among men of goodwill, forever and
hours are employed in reading we may roam the forever. We are but wanderers along the shores of
earth, "Monarchs of all we survey." There was, not time. The tides of our endeavors ebb and flow, castso many years ago, a "student's lamp" that burned ing up the shells of knowledge that we gather as
common oil that took its name from the highest use we go. In some far to-morrow what we call the
, of light. To instantly flood every student's room science of to-day may be but the beginnings of new
with a light unfailing adds immeasurably to the and better and greater things—things, mayhap, that
dominance of thought and the service of love, wher- shall not pass away. And as we consecrate to-day,
ever man suffers and aspires and follows the gleam by helpful uses, the machines and miracles of to-day,
of the spiritual.
so shall we make the earth better for our having
We might pause to dwell on the significance of the lived and build in the future the enduring palaces
billions that are invested in the physical properties of a new love and life. Mankind honors itself in
of artificial light, but these only project on the honoring Mr. Edison. And since his labors and disscreen of our intelligence the spiritual significance coveries gave more of the blessing of outer light
of light. In hospital and home,in church and school, to us all, so may we spread a little of the spiritual
in factory and street, it is the indispensable adjunct beneficence of that inner light that comes from the
of the civilized life. What is electricity? We do Author of All, that each may feel the thrilling joy
not know. But light is its chief manifestation. of liberty, that none may suffer unduly by the selfishNothing better illustrates the power of the material ness of another, and that all may work
together for
to lead us into the spiritual. An age of light must good.
2594
PINANCIAL CHRONICLE
Let Us Be United in and for Peace—An
Injunction to the American Legion.
The American Legion, in session, on Oct. 2nd, at
Louisville, in regular annual meeting, passed a resolution demanding that the Senate investigate certain
organizations, ten in nuniber, which it named, "to
the end that the American people may know who
these lobbyists and propagandists are, the source of
the funds they spend so lavishly, and why they continually urge a policy resulting in National weakness or to break down National ideals and Americanism, which in the natural course of events could
only endanger the safety of the nation." It is difficult to comment on this wholly unnecessary action
by the Legion without seemingly to forget the noble
and heroic service the men of this order gave to the
country. But the war is over, and in returning to
the standing of civilians there are certain duties to
strive for peace and concord which none may forego
without just criticism.
And, in the first place, it is supererogation to request the Senate of the United States to enter on
any more "investigations." It seems quite able to
find enough to keep it busy, and, in our opinion, it
passes beyond its province as a part of a Co-ordinate
Division of the Government when it institutes or
carries on these inquisitorial efforts for any purpose
save that of securing data for the purpose of making
new laws. Interference with the purposes and
works of societies, associations and committees of
citizens that have a right to exist and function, unless they be charged with direct subversion of the
State, does not come in this category. Nor is the
Senate required to take notice of any such demand.
It may be that there are among us wolves in
sheep's clothing, but it is mot the business of the
Senate to hunt them down. If war is an outlaw
under the Paris Peace Pact; if we have really
pledged ourselves never to resort to war to settle
international disputes, then it is the privilege of
every man to preach peace from the housetop. And
it is also a duty. It comes, therefore, in poor taste
at the very time when a new disarmament conference is in the making to charge that peace patriots
are seeking to weaken the nation. Of course the
answer is quickly made that "preparedness" is the
only way in which to prevent war. And on that
there is certainly room for an honest difference of
opinion.
No one is charging the Legion with an intent to
promote war when it stands for what it deems an
adequate army and navy. No one asks that it be
"investigated" by the Senate. And if it has a right
to promulgate its views on this open question of how
best to secure peace, then any other organization has
the right to publish its views, and cannot be put on
the carpet for doing so. As defenders of the nation
in time of actual war the American Legion is entitled to and receives the highest respect. But granting that it saved democracy to the world, it is not,
therefore, in convention assembled entitled to rule
the world.
Emotionalism is not the stuff that good laws are
made of. Shot and shell and sabre stroke spring
from high resolve and the will to sacrifice. But the
soldier is a different type from the statesman. Congress declares war, but does not carry it on. The
Army and Navy, under their Commander in Chief,
the President of the United States, fight our battles
[vol.. 129.
in a field far from the making of laws. The Executive enforces the laws, but does not make them.
Deliberation and action are different qualities. It
is within the bounds of reason, however, that the
Army and Navy, charged with defense of the nation,
may advise the Senate as to military needs. But
military needs are not civilian public policies. Is
there more need, then, to try to curb the activities
of societies working for peace than of independent
military organizations working for (not war) a
better preparedness for war? No open contrast is
possible because these civic societies and this war
organization are both working for peace. The difference is in method. And no Senate can ever say,
on investigation, that either is selfish or unpatriotic
at heart.
If, as a people, we are to differ to the extent of
quarreling over the methods of securing peace, we
are not keeping the spirit of peace among ourselves.
As a matter of fact, if it be true, as now commonly
asserted, that the next war will be in the air with
'planes and gas bombs, we do not need a huge navy
and a large standing army—we can disarm down
to a world police force. Little will have to be done
to convert a commercial plane into one of war. But
in saying this we are conscious that it is argument.
And yet who shall be deprived of the right to express
an opinion? And what will the mere opinion of
one man or one organization count in the forming of
that consensus of opinion that ought to be a guide
to the body that will, when the time comes, declare
war? The Senate, if it yields to the "demand" of
the Legion to investigate the sources of opinion, will
engage in an endless task. An investigation of the
whole field of so-called "lobbying" is now ordered.
And, though it be demonstrated that the expenses
of some of the so-called peace organizations are
tainted with selfishness, or that some societies are
maintained for salaries, who,or what can stop them?
We should be sorry to see the Senate undertake
this new "investigation." It is regrettable that the
Legion saw fit to mention these associations by
name. We should be sorry to see the American
Legion subjected to an "investigation." All the
people want peace. If zeal carry these organizations
for the promotion of peace too far it is the common
fault that attaches to all passionate work. And it
seems to be a trait of human nature to try to make
the "other fellow" do our way. Majorities are
naturally intolerant; and minority rights that
should always be respected often are not. As for
the side of possible insincerity and graft, no investigation, though it may uncover evidences, can ever
stop these until it can show us how to perfect human
nature.
To work and think together for the common good,
to weigh carefully the arguments for and against
"disarmament," to define our terms and state clearly
our intentions, without the rancor of charge and
countercharge, is the manifest duty. Nothing is
ever gained by assuming a "holier than thou" attitude. Civilian and soldier are alike in the devotion
necessary to maintenance and defense of the Union.
Means to the end are legitimate subjects of difference and dignified dispute. If we read the times
aright there is an overwhelming opinion in the world
that armaments should be reduced, that competitive
"preparedness" should cease. The Peace Pact demands it. Generations unborn, that will groan and
sweat to pay the debts nations are now incurring
OCT. 26 1929.]
FINANCIAL CHRONICLE
for prospective war, should be relieved of paying
taxes they do not themselves incur. Even if future
wars be eliminated by huge armies and navies, it
is still an open question wheftr or not there is a
better way. Sneers, gibes, charges of deceit and
graft and selfishness only cloud the mind and prevent a sober and sane judgment as to the best means.
"Hands across the sea" should be clean hands.
If there is any considerable body of men that
charges insincerity on other bodies, equally free to
express an opinion, how can other peoples make up
an opinion as to what we do really want? Here
enters the question of showing power in order to
overawe others, of hiding the desire for domination
behind an alleged show of patriotic force. Delicate
questions are involved, and debatable means obtrude. And We owe it to our good name abroad as a
pacific country that we do not bicker and quarrel.
If a nation is strong it may make sacrifices to secure
the ends of peace. What matters a few tons of
strength between two firm friends? What is an
alliance that is unselfishly open to all nations?
But if we are to denounce each other as to honesty
and as to motives who can tell where we stand?
We have had notable part in the greatest and gravest
peace declaration of the centuries; we have abjured
war as an unholy instrument for settling disputes;
we are seeking a new conference to furnish forth
an actual expression of our decision to outlaw war.
Shall we then investigate our own sincerity? Shall
we doubt each other? Shall the fly in the amber,
the selfishness of a few, render us impotent to present a united front for peace to all the world? Shall
the gnat on the ox's horn obscure the mountain?
Old Age Pensions.
It is a far cry from an ancient custom of certain
migratory peoples of abandoning the aged and hopelessly sick by the roadside to perish and the granting
of pensions to the old and infirm by the State. In
a way, an old age pension by a Government is a
symbol of civilization. One of the main principles
upon which such a system is founded lies in the fact
that win or lose in life's race the individual, by toil
and trial, has contributed something to the welfare
of society and the prosperity of sustaining business.
All are workers, though all do not succeed and
accumulate sufficient private property to provide
for old age when further work is impossible.
And yet when it comes to devising a plan for putting an old age pension system in force many difficulties are encountered. If such a system will encourage idleness and thriftlessness in the conduct
of life, is it to be encouraged, will it conduce to the
public welfare? Is the fund to be taken from the
current labor of the masses to be bestowed on the
comparative few, irrespective of contributions to be
made by the ultimate beneficiaries, or shall those
who have paid their tithes alone become the recipients? Is it in essence a socialistic endeavor, or is
it the exponent of a democracy where each is for all
and all for each? Is charity a constitutional duty
of free governments, or is it a prerogative of society
apart from the State?
We have in practically all our main subdivisional
governments, our counties and cities, eleemosynary
institutions, supported by local authority or the
State, to care for the poor, insane, incapacitated,
and aged. These are exponents of kindliness and
2595
benevolence, and do not ask for a reason why the
relief and sustenance should be granted. They do
not contemplate a time limit when the service shall
begin, save that indigent age is a demonstration of
fitness to receive the benefit. These institutions
obviate, to the extent of their capacity, the need for
pensions. But for the poor they constitute a stigma
and often are not favored by those who need them.
And this has given rise to the granting of allowances to the infirm and poor, regardless of age, in
their homes, if they have them, or in the charge of
special caretakers.
A pension system, on the contrary, must inure
to the individual, and be paid outside the confinement of the institution. Naturally this will require
a larger fund and be more expensive to the paternal
power, however constituted. Contemplation, therefore, of the establishment of an old-age pension system, must consider that the coming of old age is
inevitable and that increase of cost and of the number of pensioners is likewise inevitable, once the
plan is put into existence. Probable increasing cost
at once becomes a problem for the taxing power to
estimate in advance.
It is well that a Commission be appointed to
review all phases of the question in advance of legislation. As matters stand there are many organizations social in their nature, and religious as well,
that have at heart the welfare of the unfortunates.
Can the State better perform this noble service than
they? At once we are forced to separate the attitude of these organizations from that which the
State will assume. The selective process for the
bestowal of benefits cannot be the same. It is possible to the benevolent societies to inquire specifically into the fitness of the beneficiary and to refuse
aid where it is deemed unnecessary or undesirable.
In the case of an old age pension by the State, the
right of the citizen to receive, and the fact of the
age limit, must be the main, if not sole, basis of the
grant. In one case the object is more purely a
voluntary charity, in the other it becomes in the
nature of a duty under the law. In the history of
war pensions by the National Government the course
was downward and outward from injury incurred
to service performed. The number of recipients
rose constantly, and while death tended to reduce
the beneficiaries, for a long time the expense increased. Some such result may be previsioned for
old age pensions.
If it is difficult to fix an age limit when pensions
shall accrue, it will be still more difficult to fix a
boundary to the condition which entitles to the
benefit. Who is "poor," who rich? Based, finally,
on the fact of service, civil war pensions were paid
to many rich men. But "service" to society, though
in principle defined as having taken part in the
race of life, win or lose, is more vague, harder to
define. Is society, through the instrumentality of
the State, prepared to pay pensions to aged millionaires? And yet how and where draw the line? Is
it even prepared to pass a law that will not try to
discriminate between the worthy and the unworthy
in this same race of life? And if, having reached
the age set for the beginning of the pension, is the
conduct of life subject to such determination at the
hands of the reviewing body?
These prejudgments seem beyond the capacity of
law and its administrators—and the only result possible seems to be to pay pensions to all and sundry
- 2596
FINANCIAL etiltONICLE
[VoL. 129.
at a certain age regardless of riches and worth! who are themselves caught and prisoned in the rush
Otherwise, though the "poor" be not herded together of a materialistic machine age. "Honor thy father
in "poor houses," the stigma of dependence will be and thy mother" is a precept that humanity cannot
fastened upon the beneficiaries. And that brings do without. A.nd 3if the "children" were always
into review the effect of such a pension law upon the worthy, were sacrificial that the parents might not
individuals and the reaction upon society and the want, there would be a simple solution to the social
State. Will it tend to energize life or to enervate it? demand for "old age pensions."
Looking forward to a "secure and comfortable old
But we cannot destroy our present system of
age," will men and women strive to become "inde- initiative and enterprise without general decadence,
pendent" in the same degree?
and we must fit our charities to its continuance.
What kind of a tax will be levied to establish the To encourage heedless living in to-day, though toold age pension fund, which, in time, will become morrow with its penalties must come, is not preenormous, unless there is to be discrimination which paring the youth to withstand the seductions of
will degrade? Will it be a per capita tax levied on socialism which, do what we may, has one form of
every man during the period of active life, or a prop- culmination in "old age pensions." Yet, the tottererty tax levied on personal and real, coincident with ing step, the thinned form, the hopeless look, the
the running of the pension law? Or, again, will the wearied spirit, of those who seem but to await the
State sell annuities, as do the insurance companies, great release, privately cared for, often, more
to those who are provident enough to buy, in the through duty than love, bartering the service of long
years when they are able? This presents an entirely and earnest lives for a precarious home, these are
different phase of the subject, eliminates the ele- worthy of the social and civic good!
ment of charity, and unsettles the possible age limit.
Why the State rather than the corporations doing
Forecasting Business—False Prophets.
[Editorial from New York "Journal of Commerce" of Oct. 23]
this as a business?
The sharp decline from which the stock market is suffering
It is easy enough to pass a law that will care for
at the present time is interesting in a great
ways, not
the aged infirm, crippled, and penniless, but that is merely to those who are suffering the effectsmany
of it, but also
entirely different from an "old age pension." Dis- to many others who regard the market as somehow closely
crimination here will reduce the beneficiaries to a connected with, or serving as, an index of business. It is in
comparatively small number, but it will unmistak- fact because we have fallen into the habit of viewing the
ably stamp them as wards of the State. Come what market as a great indicator of business conditions that what
happens there is so widely studied by, and so interesting
may, an element of socialism attaches to an plan to, many business men who are only remotely affected by
that may be devised. And, therefore, it becomes a its fluctuations.
At the present time, as in all similar contingencies, great
problem of government, and affects,a representative
democracy as such. Is it consonant with the spirit wonderment is expressed at the "unexpected" character
with the usual criticism
of our Constitution, which protects all in liberty and of the downward movement, mixed
of banking authorities for having "precipitated" it by forcing
property, but is parental to none?
high interest rates. The thought seems to be that quite unAt beat, life, is hard. The weight of inherited expectedly and without the slightest warrant a sharp reaction
great fortunes grows heavier every generation. The in stocks has manifested itself with undeserved losses to
machine for all•its labor-saving and mass-production innocent persons who have gone into the investment field
(often
a slender margin) in the full expectation of being
. is displacing the man and lessening his opportuni- able toon
get a large return. Apparently, however, there is
ties, no matter how widely they are expanding in very little criticism of those who have constantlf misled the
the ways and means of a social life that supplants public by erroneous analysis of market conditions and have
needs with wants.. Consolidatlons, combinations, spread abroad the idea that everything was just as it should
"chains," are weeding out the aged, and the incom- be with a situation that was definitely headed for a higher
price level.
petent, if not unworthy. The inevitable expansion,
Ought not a great deal of responsibility be assigned to
bringing "better living conditions," multiplied pleas- those who have talked in this way for so long and have
ures, intellectual and aesthetic enjoyments, is not constantly urged the public not to become what they call
furnishing proportionate elnployment in the basic "bears on the United States"? Ought not these "fore-.
assumed an omniscient attitude
and necessary tasks of life, to,the individual. The casters" who have repeatedlyjudged
by results and requested
about things financial to be
evidence is plainly before us now.
to boar the onus of the wholly false and misleading predicIncreasing the number of stockholders in the cor- tions of which they have been guilty? It would certainly
poration, and scattering the.stocks among the em- seem so, and the only reason why public opinion refrains
ployees and "middle classes," is not aiding the indi- from visiting upon them the discredit which they deserve
found in the fact that the average man recognizes
vidual to continuous employment by which he pre.- seems to be
perfectly well that such prophets have no sound basis of
pares for old age. Consolidations in their inception prediction so that their utterances will always be taken
are for the purpose of massed power and not for the with many grains of salt.
It is, nevertheless, a fact that we encourage and tolerate
benefit of the frugal and saving individual as a
presence of market analysts and forecasters who affect
the
member of society. Speculation that preys upon the
all about what is going to happen and who stimulate
know
to
lust for quick fortunes conduces not at all to the a false psychology on the part of the public. What
is hap"saving for a rainy day." The pressure for old age pening to-day ought to throw a deep cloud of doubt and dispension laws will grow apace. Life is not only hard, credit upon them for a long time to come. Not only have
but growing harder, for all the boasting over "pros- they entirely failed to foreshadow any reduction of business
much loss a complete revulsion of
perity," and the charity which is love widens slowly. such as is now occurring,
prices, but they have for long months past asserted that
The number of those who succeed in attaining that business would be good throughout 1929, and that there was
glorious "independence" a competency even affords, not the slightest reason to doubt that values would hold their
is increasing. But, borne down by the financial and own. Even at the present moment they do not hesitate
commercial currents, the storm and stress of the to assert that stock values are very low even in those cases in
far ahead of the book values or earning power
business life, thousands and tens of thousands of which they are
indicated by accountants' statements. The idea of a "new
the aged (and aged before their time), ("down-and- era" in which economic laws are suspended or rendered
outers") are living on the doles of their children, obsolete, and in which a generally higher level for stooks
Ocr. 26 1929.1
FINANCIAL CHRONICLE
all around is made to prevail, is a very favorite one. Much
has been said of it and even as yet a great number of persons
are reluctant to give it up.
There is no way whatever of forecasting business conditions
or stock market prices except as the result of individual
insight and foresight based upon all available information.
No amount of indexes, diagrams or mathematical computations will detect the point at which a change from a high
level to a low level is likely to occur. There are fundamental
principles in business that must be observed and whose
violation will inevitably be penalized, but there is also a
very large human element which tends to disturb the application or working out of these laws and to render the exact
time at which they will produce their fullest effects entirely
2597
incalculable. Forecasting has not been reduced to an exact
science and probably never will be. When it is used in the
service of interested corporations and individuals it is seen
at its worst, and it may then do an unlimited amount of
harm to the investor who would otherwise have kept within
narrower limits and cut his losses to a basis that he could
more or less afford.
The break in prices conveys a good many disagreeable
lessons, but none of them is more significant than that which
enforces upon the mind of the public the wisdom of guiding
itself by its own information and of refusing to accept the
interested forecasts of professional advisers who have no
reason for claiming greater knowledge than that which is
possessed by the rank and file of the committee.
Indications of Business Activity
Moreover there has been a steady
THE STATE OF TRADE—COMMERCIAL EPITOME. as well as in Liverpool.
demand from the trade and to-day Europe seemed more
Friday Night, Oct. 25 1929.
total up to Oct. 17 approxiOf course the event overshadowing everything else during inclined to buy. The ginning
considerably larger than
was
which
bales
the past week has been the great collapse in the stock market mated 9,100,000
transient. The weekly statistics
was
effect
the
but
ng
expected,
breath-taki
a
and
position
overbought
in an enormously
otherwise, as the into-sight figures
decline throughout a long list of active stocks. The decline were rather bearish than
with last year. Print cloths
compared
as
large,
still
were
but
points,
96
2
to
from
anywhere
were
issues
various
in
have declined %c. Most
prices
late
of
and
quiet
been
better
a
have
on
n
to-day the market showed signs of stabilizatio
or nearby deimmediate
for
been
has
technical position and skillful efforts of a committee of of the buying too
been mostly in small
has
shootings
in
trade
The
livery.
transThe
of
a
prices.
to
steadying
looking
leading bankers
has been done in fine and fancy
actions in stocks on the 24th inst. exceeded anything ever orders. Only a fair business
cottons there was less business
finished
In
cloths.
a
total
cotton
reaching
Street
of
Wall
history
the
in
known
before
On the other hand there was a
indeed of approximately 13,000,000 shares. Money has especially in wash fabrics.
cottons, sheets, tickings and
colored
latterly been 5 to 6%. Foreign exchange had advanced. steady demand for
sales have been made of wormoderate
Only
goods.
loans
other
have
Brokers'
declined.
have
money
Bills and time
trading has been in spring
the
of
most
and
woolens
dropped some $167,000,000. Bonds have latterly been sted and
only moderate demand without
in
been
has
in
Wool
some
slogan
lines.
direcThe
advance.
some
at
active
more
Raw silk was quiet and steady.
tions was "sell stocks and buy bonds." Some economists particular changes in prices.
in the heavier kinds notably
was
business
In steel th best
take the ground that the decline was due almost solely to
ia Road took 100. There
Pennsylvan
The
s.
locomotive
the
s
of
in
that
is
foundation
agreed
It
technical conditions.
material and pipe.
structural
in
business
good
American business are sound. President Hoover, a keen was a pretty
Jobbing business was fairly
smaller.
was
trade
Retail
Powerthis
judgment.
in
concurs
economics,
of
' observer
trade is smaller than a year
ful banking interests are watching the market sharply and active. Wholesale and retail
then. On the other hand
than
United States Steel as one of the barometers of the list has ago. Industry is better
smaller demand. Pig iron
in
been
have
strips
and
There
204.
were
sheets
at
around
pegged
to all appearances been
there was a smaller trade.
leather
In
quiet.
many big advances to-day. The drastic liquidation has has remained
quiet. Building remains on
still
is
ndustry
automobile
market
for
The
a
chastened
be
will
It
effect.
had a salutary
scale. Building materials have
some time to come. And if there is none of the wildness of a comparatively moderate
ces sold less readily. Prices
circumstan
the
under
a
naturally
in
day
single
advances
violent
its
with
speculation
recent
only small stocks carried
with
firmer,
were
goods
canned
for
it is something that need not be regretted.
has declined further,
Commodity markets have all been swayed more or less by over from last year. Lumber production
somewhat on the
has
increased
trade
hand
other
of
the
week
for
the
about
on
decline
but
not
stocks. Wheat ended at a
declined
petroleum
California
of
Prices
Coast.
8 cents, with export demand light until to-day when it was North Pacific
Activity in
.
production
reduce
to
attempts
of
winter
hard
futile
and
bushels
following
million
of
, estimated at a couple
noticeable. Rubber has deManitoba. The Argentine wheat crop is expected to be mining in Montana has been
to the fall in stocks but also
owing
partly
and
year
1%c.
last
of
to
that
1
the
clined
than
smaller
bushels
, 73,000,000
in foreign markets, and some
weakness
the
of
because
bushels
smaller,
60,000,000
part
in
Australian yield 50,000,000 to
not increased. Coffee
so that the statistical position is much stronger than it was disappointment that consumption has
to the collapse in
both
owing
points
230
to
long
weak
holdings
100
of
declined
liquidation
at one time. Moreover
and Europe, toBrazil
in
prices
falling
and
has been heavy, so that the technical position is stronger. Wall Street
abroad. Sugar
and
home
at
liquidation
heavy
the
with
past
during
week.
well
gether
very
acted
has
it
. As for corn,
are concerned
raws
Cuban
prompt
as
far
so
on
the
dull
been
surface hn 3
The technical position is strong. Statistics
the detend to encourage higher prices. At the same time the and futures have been weakened about 10 points by
Car
s.
commoditie
other
and
market
high
and
with
stock
the
generally
recent
in
clines
quality of the new crop corn is
of last year.
good rains have helped the pastures and the feeding demand loadings again show a decrease below the total
the West.
is therefore smaller. The crop movement in oats is small The coal trade has been better owing to snows at
in the
early
s
fluctuation
violent
had
the
time
same
At
market
stocks
The stock
and there is a good cash demand.
of 2 to 87
at terminal points have steadily increased and they are now week; Then on the 23rd inst. came a decline
evisome 10,000,000 bushels larger than at this time last year. points on liquidation of tired holders and hammering
The
points.
87
fell
Motor
Auburn
Rye has declined, but only to a moderate extent, although dently by a bear clique.
shares. More
export demand is still lacking. Provisions are lower owing total transactions approximated 6,400,000
on the 23rd
hour
last
the
in
sold
were
partly to heavy receipts of hogs at all western terminal than 2,600,000 shares
points causing heavy liquidation, especially as the export inst.
Stocks on what will be an ever memorable Thursday,
demand has been small.
the history of
Cotton has acted on the whole remarkably well. It has Oct. 24 1929 reached the greatest activity in
ely
13,000,000
approximat
of
s
transaction
The
the
in
week
during
Street.
spite
Wall
net
advanced some 30 to 40 points
decline of 2 to 25%
of momentary decline at one time coincident with the big shares (12,894,650 shares) were at a
to 45 points from the
drop in stocks and grain. Killing frosts have occurred over points net following a swift rally of 2
was watched with
decline
the
n
Washingto
At
wide tracts of the Southwest and crop prospects, especially early low.
an investigation of
in Texas, seem to have come to an end for the season. An great interest. Some Senators suggested
interesting event early in the week was an announcement the Federal Reserve Banking system. Senator Glass of
Res rye Banking Act
from Washington that the Farm Board considered prices Virginia one of the authors of the
tax of 5% on sales
an
excise
of
imposition
the
to
ready
lend
was
again
freely
urged
it
too
low
that
cotton
and
of raw
inch staple. This of stocks which have not been held over 60 days. A conon cotton up to 16 cents for middling
had a more or less bracing effect both hero and at the South 1 ference of bankers was held at J. P. Morgan & Co. at the
2598
FINANCIAL CHRONICLE
Fara.1.
24th inst. Representatives of 35 of the largest brokerage those particular commodities,that is ascribed to'conservatisra
houses in Wall Street were said to have held a conference on part of buyers and as having obviated all danger of comThursday afternoon and it was remarked after the meeting modity price inflation. The full text of the October report
that the market is in a more healthy condition now than at of the Conference of Statisticians in Industry follows:
any time in the last six weeks. Many brokers' offices in the
1. Summary.
Wall Street district worked all night and because of the over
Activity in both production and distribution during the summer was
taxed conditions resulting from the heavy trade, an agitation well above the level of the previus year. September reports show that
was started yesterday in favor of closing the New York the latest month has been in general a continuation of the large activity
in recent months. Several divisions of the textile group and coal mining
Stock Exchange to-morrow, Saturday. It will not be done. indicated
a tendency towards increased activity. New styles in women's
It is noticeable that the decline in stocks has brought average apparel bid fair to cause an increase in sales during the fall and spring
seasons.
Demand as shown by newspaper advertising continues well
prices down to the year's opening level.
last year. Soft coal production has been larger since Aug. 1 than
To-day trading in stocks was 77 minutes behind and the above
for any recent year, except 1926, and because of small stocks in consumers'
sales were roughly 5,900,000 shares. The ticker recorded bins liberal production seems likely to continue. Although iron and
steel
operations decreased slightly, several new production records were
sales until 4:35 p. m. Closing prices were generally 2 to 3
established and railway equipment demand is a very favorable factor.
points net advance and were more numerous than the de- Due to a continuation of the small volume of residential building, total
clines. Bonds were higher. Foreign Exchange was generally construction contracts let were smaller than a year ago. More than
stocks in several of the heavier industries indicate that there has
lower. Call money was firm at 6%. The Bill market and normal
been a slight slackening in the volume of consumption in these particular
time money were lower.
classifications; but this appears to be the natural result of conditions which
At New Bedford, Mass. the Nashawena Mills, which has have tended toward conservatism but have obviated all danger of commodity price inflation and excessive business activity. The general price
been operating its mill on a four day week schedule closing trend
has been downward since the end of July and commodity prices
Thursday night, resumed full capacity operations on the are now below the level of a year ago. While the automobile industry
21st inst. and will run the full six days per week, both in and a few others give evidence of further recession until stocks are reduced, probable increased activity in other directions is expected to lend
its MilliB and its Mill A. The Nashua Manufacturing Co. support
to the general business level.
is running at normal speed with day and night shifts.
Preliminary reports of the production of electric power indicated a
Orders are being booked which will insure capacity opera- continuance of activity in industrial operations in September at substantially the level that prevailed during August.
business was not
tions for the rest of the slack season, usually ending in De- so intense as in the earlier months of the summer,While
it was still well above
cember, when production of goods for next year's market the normal level in New England, the Middle Atlantic States, and to a
lesser extent in the region of the industrial South. A considerable slackening
will start. The local mill is being operated on a schedule in
industrial activity was, however, evident in the heavy manufacturing
of 93 hours a week, five days and four nights. At Lock- States bordering the Great Lakes, together with the Missouri industrial
district.
The mining region of the Mountain States continued at the
hart, S. C. the Lockhart plant of Monarch Mills is on a slight
rates which prevailed throughout the summer, the consumption of
curtailment program. For the night help one hour is de- lower
electric power showing an actual decrease below the amount used the
ducted each night, while foi the day help the plant does Year before. Allowing for the demands for irrigation pumpign, the figures
not run at all Saturday. This plant has 63,988 spindles for electric output indicated a level of activity on the Pacific Coast but
different from last year. Production of hydro-electric power was
and a battery of 1,700 looms, and manufactures four-yard little
affected at some points by drought. This was reflected in consumption
sheetings and prints. Greenville, S. C. reports that three of coal and fuel oil and the coal traffic of railways.
South Carolina cotton mills employing a total of 1,500 per2. Automobiles, Rubber, Petroleum.
sons have announced a 50 hour week of five days, a reduction
September production of motor vehicles is estimated at 427,000, being
of 5 hours from previous schedule. Charlotte, N. C. reports 2.2% under September a year ago and 16.8% under August of this year.
During the nine months ending with September production reached
that there is some yarn mill curtailment therefore orders 4,870,000, or 269,000 more than the full record year of 1928. Due to the
were scarce. The cloth mills there are about holding their extraordinary high level of output during the first three quarters, the let-up
the present quarter of the year Is expected to be larger than usual.
own. Marion, N. C. wired Oct. 22 that strikers at the in
Dealers'stocks of new and used cars are larger than normal. New registraplant of the Marion Manufacturing Co. were prepared to tions of cars and trucks during the first eight months gained 37.2% over
hold out indefinitely labor officials said, heartened by the the same period of 1928;foreign sales increased 40%;and production 37.2%
the corresponding months of last year.
backing of the American Federation of Labor, &c. About over
Consumption of crude rubber in September amounted to 34,707 tens.
250 of the normal force of workers at the plant, 600 persons, a decrease of 9% as compared with August. The cumulative consumption
for the first nine months of this year showed an increase of 14% over the
are said to be on strike.
same period in 1928. Imports of crude rubber for August were 2,000
Chicago wired that the unusually warm weather recently tons less
than consumption and 15% less than August imports.
had very noticeably cut down the retail trade. The week
The domestic production of crude petroleum from Jan. 1 to the end of
has been, as a rule, rather mild here, but on the 23rd inst. August showed an increase of 82 million barrels over the same period of
1928.
August production was the largest for any month of the
the rainfall was heavy with a rather high wind. Yesterday period. The
Gasoline production for the same period was 41 million barrels
it was clear and rather warm. To-day it was 47 to 54 degrees. greater in 1929 than in 1928, while domestic consumption increased only
31 million barrels. Imports increased two million barrels during the
Boston overnight was 46 to 68, Montreal 40 to 50, Phi
same period over 1928. Exports of gasoline increased some five million
delphia 42 to 60, Portland, Md.44 to 58, Chicago 34 to 44, barrels, while the balance represents an increase of about seven million
Cincinnati 36 to 40, Cleveland 40 to 46, Detroit 36 to 44, barrels in gasoline stocks. The production of both crude oil and gasoline
increasing faster than the domestic demand for gasoline. According
Milwaukee 36 to 48, Kansas City 40 to 54, St. Paul 36 to 52, are
to the estimates of the American Petroleum Institute, there was a drop
St. Louis 40 to 50, Helena 32 to 58, Los Angeles 58 to 84, In the daily average crude oil production for the week ended Oct. 5 1929
Portland, Ore. 48 to 74, San Francisco 52 to 66, Seattle of 86,400 barrels from the all-time high record for the week ended Aug.31
1929. Daily average crude oil production for the week ended Oct. 12
48 to 66.
declined 48,950 barrelsfrom the week of Oct.Sand was reported at 2,838.100
Trade and Industry in U. S. as Viewed by Statisticians
in Industry Operating Under Auspices of National
Industrial Conference Board—Production and
Distribution Above Last Year.
Both, production and distribution activity, have been
continuing well above last year's level, according to the
October report of the Conference of Statisticians in Industry,
operating under the auspices of the National Industrial
Conference Board, 247 Park Ave., New York. It is stated
that while business activity on the whole has remained on
high level, necessarily there has been some shifting in the
degree of activity from one industry to another. Slight
recessions in the iron and steel and automobile industries
thus, it is noted, were balanced in part by an increase in
operations in several divisions of the textile group and in
coal mining, due in part, of course to seasonal influences.
Declining demands upon the steel industry from aotuomobile
manufacturers, were offset to an extent by increased demands for railroad equipment. Bituminous coal production has been larger, since Aug. 1, than for the same period
in any recent year with the exception of 1926. The report
also observes that newspaper advertising continues to run
well above last year's appropriations, indicative of optimism
among dealers as regards available fall business.
While in several of the heavier industries stocks on hand
are more than normal, indicating a slackening of demand in
barrel); a day for the United States.
3. Iron and Steel, Machine Tools and Other Metal Products, Non-Ferrous
Metals.
Viewed in the light of the fact that the average daily rate of pig iron
production set a new record for September and total production for the
first nine months of this year is also a new record, the decline of 4.6%
In the average daily rate from August to September does not seem especially
unfavorable. The average growth in the average monthly production
during the past four years has been 5.4%. So far this year monthly
production has been so high that it could be reduced approximately 17%
In the present quarter without being very much out of line with normal
expectations. However, at present this seems unlikely with a reported
improved demand from stove, furnace and radiator manufacturers and
foundries supplying the railroads even though melters serving the automotive industry show some lack of confidence in their probable future
requirements.
Iron ore shipments from Upper lake ports, as is customary, declined
In September from August. However, compared with September in past
years the tonnage has been exceeded only twice, 1916 and 1926. Total
shipments for the season to Oct. 1 at 53,300,000 tons established a new
record for the industry. For the eight months of this year ending with
August imports of iron ore were 23% greater than in the same period of
last year.
Steel ingot production last month, declining only 1.1% from the daily
rate in August, established two new records, one for a September daily
rate and the other for total production in the nine months' period. For
the past four years the monthly average output has been growing at about
8% per annum. The high rate so far this year could be reduced about
16% and still result in an annual figure in keeping with reasonable expectations. Production frequently declines in the last quarter and frequently
increases after the first of the year. However, even if the anticipated
recession in automobile output is realized, increased demand for railway
equipment should tend to sustain production over the remainder of the
Year. The possibility for even increased activity on the part of some
of the mills during the present month is seen in an increase of 244 thousand
OCT. 26 1929.]
FINANCIAL CHRONICLE
tons in the unfilled order of the United States Steel Corp. on Sept. 30
when compared with the figure for the end of August. This is the first
time in six months there has been an increase.
In the machine tool industry the index of gross orders stood at 265.8 in
September compared with 286.1 for August (the 1922-3-4 average taken
as 100). The recent exposition is expected to stimulate buying. Although
cancellations increased somewhat and September shipments slipped off,
the ratio of unfilled orders to shipments was at the highest point since the
start of the gathering of data on shipments. The apparent backlog represents nearly three months full operation.
According to a telegraphis reportfrom the National Metal Trades Association, with the report from one city still missing, employment increased in
16 cities during September and declined in 16. A number of the declines
were marked while most increases were relatively slight.
The new earning records and traffic prospects of the railroads are being
reflected in increased purchases of equipment and other improvements to
plant. Steelworks dependent upon this type of work have curtailed operations less than those selling for the most part to the automobile industry.
Freight car awards reported for September were approximately 66% more
than hi the preceding month and 244% more than in September a year ago.
Nine more locomotives were ordered last month than shipped and approximately three times those ordered in August. Unfilled orders on Sept. 30
were only 7 less than on Aug.31 and 251 more than at the end of September
a year ago. Passenger car orders fell off but rail orders during September
were approximately 4 times those in August. That the renewed activity
is more than temporary is indicated from the reports of contemplated
purchases noted during the present month.
Refined copper production in the two Americas in September decreased
9.6% from August and 2.0% from September a year ago. For the first
9 months of this year the increase has been 17.0% compared with the
same period of 1928. Total shipments last month increased 1.4% over
August and stock at the end of the month showed a decrease of 9.2%.
Lead production,refined and antimonial,in the United States and Mexico
last month decreased 7.3%.
Zinc production decreased 3.6% in September from August, and total
shipments 7.4%. Stocks during the month increased 11.6%.
4. Building Construction. Lumber and Cement.
Construction contracts awarded during September amounted to $445,402.300. according to the F. W.Dodge Corp. This total represents a decline of
9% from the preceding month, a decline which is somewhat more than
seasonal. Compared with September, 1928, the decline amounted to 23%
which is not necessarily significant, however, because the September,
1928 record did not show the usual seasonal decline and, consequently,
was an unusually high total with which to compare the current month.
In short, the September contract record was a continuation of the decline
which has been in progress for the past seventeen months and due chiefly
to the slowing up in residential construction.
Total contracts awarded during the first quarter of this year amounted to
$1,255,900, during the second quarter to $1,775,800, and during the third
quarter to $1,586.700. Compared with the corresponding periods of 1928,
these quarterly totals represent a decline of 16% for the first quarter, 9%
for the second quarter, and 6% for the third quarter. Although these totals
show some comparative improvement, there is still no indication in the
records of an immediate change in the trend which has prevailed throughout
this year.
The usual Fall activity in lumber demand has been slow in developing this
Year. However, consuming industries are coming into the market, the
volume of inquiry for railroad material is increasing, stocks continue low,
and production continues under a partial although inadequate measure of
control. A large number of mills, embracing West Coast districts, have
announced their intention to reduce production during September, October
and November. Mills in the Inland Empire also are reducing their cut,
most of the large operations running eight-hour shifts, five days a week.
Demand from North Atlantic States continues slow, due largely to the
tapering off of speculative building in that section. The stocks of unsold
lumber in Southern California have decreased within the past two or three
weeks but are still in excess of what they were a year ago. China continues
to be the best market in the Orient for American lumber.
Although shipments of Portland cement declined 129% in September
from August, a decreased production of 7.3% in the same period left a
13.3% decrease in the stocks on Aug.31 as compared with Sept. 30. For the
first nine months of this year production has decreased 2.3% and shipments
2.0% in comparison with the same period of 1928.
were reported exceptionally active. Stocks of cattle hides on Aug. 31st
last increased 4.2% over July 31st and 2.8% over August 31st a year ago.
On the other hand, stocks of sole leather decreased 5% and 7% from
July 31 1929, and Aug. 31 1928, respectively. In the Boston market hide
and leather prices were firmer in August and September.
6. Paper.
Production of news print paper in North America in September totalled
358.000 tons of which Canada supplied 64%, the.United States 30% and
Newfoundland 6%. Production during the first 9 months of 1929 was 9%
greater than during the same period in 1928,, the increase being 15% in
Canada and 10% in Newfoundland compared with a decrease of 1% in the
United States. Stocks at both producing and consuming points are normal.
Consumption of news print paper is running about 7% ahead of last year.
Newspaper advertising is showing the usual seasonal increase and the
Year's total to date is about 5% more than in 1928.
The total production of all grades of paper as reported to the American
Paper & Pulp Association, for the first 8 months of 1929 shows a 7%
increase over the corresponding period in 1928. The total shipments of all
grades of paper for the first 8 months of 1929 ran 8% ahead of shipments
for the same period in 1928. Stocks on hand, at the end of Aug. 1929. were
approximately 8% lower than at the end of Aug. 1928. The greatest
Increases in the production of paper occurred in the book. paperboard,
bag, writing and tissue grades.
7. Coal.
The Bureau of Mines estimates the output of bituminous coal for the
month of September as 44,480,000 net tons. The revised figures for August
show 43,889,000 tons. This indicates an apparent moderate increase of less
than 1.5%. However, when these figures are reduced to daily averages
the situation is quite different. In August there were 27 full working days,
and the average daily production was 1,626,000 net tons. In September,on
the other hand, there were 24 full days and Labor Day, with approximately
three-tenths normal production. On that basis the average daily output in
September was 1,830,000 tons, and the increase over August was approximately 12.5%.
According to the compilation ofcar requirements for the remainder ofthe
year recently issued by the American Railway Association, the bituminous
coal industry is going to produce approximately 153,000,000 tons of coal
during the last quarter. If that situation is realized the output for the year
will amount to 535,000.000 tons as against an average annual output for
the last five years of 517,500,000 tons.
In the first week of October, when a slight recession was naturally looked
for, the production of anthracite coal amounted to 1,726,000 tons, which
was, with the exception of the preceding week, the largest tonnage during
the present year, so that mines are now working practically to capacitY.
The production for the four weeks of September amounted to 5,745,000
gross tons, an increase of practically one half million tons over the corresponding period of 1928. As a result of this activity, the total production
for the year to the close of September exceeded that of the corresponding
period In 1928, notwithstanding the amlost unprecedented slump that
occurred during the summer months.
I Textiles, Shoes, Hides and Leather.
September volume of business in staple fabrics showed a seasonal expansion. Production was heavy, but sales were 38% more than production.
Shipments were also heavy, being 7% more than production. Compared
with a year ago present conditions show improvement. Stocks at the end of
September wore 17.3% leas than on the same date in 1928. Unfilled orders
were 10.3% more than a year ago; as of Sept. 30 1929, the excess of unfilled
orders over stocks was equivalent to one and one-half weeks' production
at the current rate. On the same date of 1928 stocks were in excess of orders.
The average imports of raw silk for the first nine months of this year,
according to the report of the Silk Association of America. Inc.. increased
11.4% over the same period a year ago. The average takings by American
Mills during the same period have increased 9.2%. The wholesale sales
(quantity not value) of silk goods in August increased 26.0% over the July
sales and 20.4% over those in August a year ago. Stocks at the end of
August showed an increase of 0.6% over the July stocks and 3.1% over
those in August a year ago.
Wool consumption in grease equivalent continues to show a substantial
increase over the corresponding period of 1928. August total consumption
was not only the largest since Jan. 1929, but also the greatest August since
1922. Loom activity is greater than last year, those on women's wear
being distinctly more active. Cards, the machinery preparing for woolen
yarns, are less active and combs, which process wool for worsted yarns, are
busier than for several years. Correspondingly woolen spindles are slowing
down and worsted spindles are speeding up. The continuing fall in price
levels of wool have caused many manufacturers to suffer from substantial
inventory losses.
The apparent average monthly consumption ofrayon by weight during the
firstseven menthe of this year was running approximately 30% more than in
the same period last year. On the weight basis increases of 28% in domestic
production and 48% in imports were indicated from a comparison of the
two periods,imports last year amounting to 13.1% of production. Stocks of
many of the more popular sizes of yarn of some of the leading makes are
reported to be low with demand active. If demand continues and there is no
undue expansion in imports, the plans of the producers this year should
give a total domestic output a little more than double that of 1926.
Shoe production usually increases in August as compared with July.
However, last August, increasing 20.1% over the preceding month, and
3.8% over the same month a year ago established a new record for all time.
August sales of the reporting firms in most of the chief manufacturing areas
2599
8. Trade, Domestic and Foreign.
Retail demand in September as shown by the sales of department and
chain stores continued to run above last year. Although varying considerably in different parts of the country the aggregate reports from 529
department stores indicated an increase of 1.9% over the same month a
year ago. Forty-nine representative chain store companies reported a
gain of 18.3% over the same month a year ago and an increase of 25.4%
in sales during the first nine months of this year as compared with the
corresponding period of last year. However, in the case of chain stores
no allowance has been made for possible variations in the number of distributing units.
Distribution of commodities as shown by the sales of wholesale trade,
increased seasonally, 18% in August over July. While the greatest gains
were in men's clothing, dry goods and furniture,each ofthe eight reporting
lines increased except meats and tina increases were fairly general over the
country. Compared with August a year ago there was a total gain of
3% and while small gains were indicated for all the eight reporting lines
they were not so generally distributed geogrpahically.
Sales of agricultural machinery and equipment in August increased
seasonally 3.5% over July and 4.9% over August a year ago. In the export market there was a decided increase in August over July but a decided
decrease when compared with August a year ago. For the first eight
months of this year exports were 23% more than in the same period last
year and established a new record.
Sales of finished manufactures abroad in August formed a smaller proportion of the total than in July, partly due to the fact that exports of
foodstuffs showed their usual seasonal increase. For the eight months
ended with August, finished manufactures and crude foodstuffs indicated
a slight increase over the corresponding months of the year previous while
crude materials, manufactured foodstuffs and semi-manufactures snowed
a slight decrease.
Freight car loadings during September, on a daily average basis, were
1.6% more than in the corresponding period of last year. For the first
week of this month there was a decrease from the preceding week as well
as the corresponding week of last year.
The estimate for freight car loadings in the last quarter of this year,
made by the Regional Shippers' Advisory Boards, whose estimate for the
second quarter when checked in the Atlantic States Territory showed an
error of only 1.01%,is not quite so optimistic as in the past three quarters.
However, with an anticipated increase of 2.3% in the present fourth quarter
over the same period a year ago, which compares with an increase of 6.6%
between 1927 and 1928, and a decrease of 7.2% between the record year
of 1926 and 1927, a new record year in freight car loadings seems to be in
prospect. Although a decrease for the remainder of the year is expected
in the shipments of a number of agricultural products compared with the
same period last year, one of the chief reasons for the relatively small
total increase estimated is the anticipated decline in wheat until the export
surplus from the low priced countries is moved. Loadings of autmobiles,
trucks and parts are counted upon to increase 16.3%.
The index of wholesale prices, compiled weekly by the National Fertilizer Association, has shown a downward trend since the latter part of
July, and the curve of this index has ranged below that of 1928 since early
March. Commodity prices are now approximately 1.5% below the level
of a year ago. The moderate supply of corn, wheat, cotton and white
potatoes points toward satisfactory prices for these crops. The present
high money rates in the world's leading banking centers, however, have
undoubtedly reduced the ten'dency towards higher prices in these commodities during the past three months.
Liabilities in mercantile defaults, according to the records of R. G. DUII
& Co., increased 1.1% in September from August and less than 1% over
September a year ago. For the past nine menthe liabilities showed a decrease of 10.9% from the amount reported during the first nine months of
1928. The number of failures in September decreased 11.0% from August.
FINANCIAL CHRONICLE
Further Decline in Commodity Prices Reported by
National Fertilizer Association.
A further decline of one-half of 1% in commodity prices
was registered during the week ended Oct. 19 in the index of
wholesale prices compiled by the National Fertilizer Assn.
During the preceding week the decline was two-tenths cf
1%,and during the week prior to that, the decline was fourtenths of 1%. Since September 21 the decline has amounted
to 1.3% and since Aug. 3 to 2.2%. The Association also
Says:
Since the peak of wholesale commodity prices was reached nearly four
years ago in November, 1925, the index of wholesale prices has declined
8.3%.
During the week ended Oct. 19 eight groups showed declines, and only one
recorded a slight advance. Thirty-four items declined, and only 15 advanced. The largest declines occurred in grains, feeds, and livestock: raw
materials in the textile group; fats; automobiles and miscellaneous commodities.
Based on 1926-1928 as 100, and on 473 quotations, the index for the week
ended Oct. 19 stood at 96 1 for that owlet! Get lo. 96.9; and for Oct. 597.1.
Loading of Railroad Revenue Freight Smaller Than
in 1923.
Loading of revenue freight for the week ended Oct. 12,
totaled 1,179,008 cars, the Car Service Division of the
American Railway Association announced on Oct. 22.
Compared with the corresponding week last year, the total
for the week of Oct. 12 was a reduction of 11,733 cars, but
an increase of 59,001 cars over the corresponding week in
1927. The total for the week of Oct. 12 was a reduction of
39 cars under the preceding week this year, with reductions
being reported in the loading of all commodities except coal,
coke and forest products. Other details follow:
last week, in truth, cotton, during this week, was below last week's recorded
price and declined again the day after the rise here recorded. Declines in
meats, butter, coffee, flour and lard in the food products group followed in
sympathy with previous farm price declines. declines in raw silk and worsted
yarn account for the lower textile index for the fourth successive week tin
prices fell off, and rubber again declined in consequence of increasing stocks.
TIIE ANNALIST INDEX OF WHOLESALE COMMODITY PRICES.
oula=.1001
Oct. 22 1929. Oct. 15 1929 Oct. 23 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
cl,A..owotzw
9. Agriculture.
During Septembeemore than the normal rainfall improved the volume of
crop prospects about 2%. Actual prices received by producers at local
farm markets declined slightly from Aug. 15 to Sept. 15, but were equal to
September a year ago. The average farm price of wheat on Sept. 15 was
nearly 19% higher than a year ago and estimates of 1929 wheat production
in 29 countrk,s showed an 8% reduction in the size of the crop from that of
last year. As a result of less harm from dry weather during August than
anticipated the cotton estimate was raised on Oct. 1 ;i of 1% above the
September 1 estimate. From present indications foreign cotton production
Is expected to be larger this year than last. The apple and grape are
turning out even lighter than expected erlier in the season.
[VoL. 129.
.c4.P.wcawm.-w
blbo61E4W6
2600
148 0
150.4
156.4
165.9
122.6
164.3
134.9
119.8
148.7
Increase in Retail Food Prices in September-Index
Numbers.
As was noted in our issue of Oct. 19, page 2453, the
retail food index issued by the Bureau of Labor Statistics
of the United States Department of Labor shows for Sept. 15
1929 an increase of about one-third of 1% since Aug. 15
1929; an increase of a little more than 2% since Sept. 15
1928, and an increase of approximately 57% since Sept. 15
1913. The index number (1913=100.0) was 156.8 in
September 1928, 160.2 in August 1929 and 160.8 in September 1929. The index numbers follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLE.
OF FOOD IN TIIE UNITED STATES (1913=100.0).
SirYea,and lain Noted lifb CAI Plate Pork BoButMqvalh. steak sfr,Jk roast roast beef hops eon Ham liens
ter CA'S/
- --907
71.6 158.0 76.1
74 3 74 4 75.7 81.4 87.2 85.3 ---908
71
2
78.1
73 3
76 1 76 9 77.6 83.0 89.6 85.5 ---909
76 8 73 5 81 3
82.7 82.9 82.0 88.5 91.3 90.1 - --910
80 3 77.9 84.6
91.6 94.5 91.4 93.6 94.8 93.8 _--911
80.6 78.7 84.8
85.1 91.3 89.3 91.0 95.9 87.9 ---912
91.0 89.3 93.6
91.2 90.5 90 6 9:1.5 97.4 97 7
913
100 0 100.0 100.0 100.0 11;LO IOU 0 100.0 WO 0 100.0 00.0 11)0.0 1-CW6
914
1112 0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.2 00.5 94.4 103.6
915
101 1 103.0 101.4 100 6 100.0 96 4 99.8 97.2 97.5 99.2 93.4 105.0
916
107 5 109.7 107.4 106.9 106 0 108.3 106.4 09.2 110.7 02.2 1113.0 116.7
1117
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 25.4 127.2 150.4
918
153.2 165.5 155 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
919
164.2 174 4 164.1 168 8 166 11 201.4 105.2 98.5 193.0 174.2 177 0 192.8
920
172.1 177 1 167.7 168.3 151 2 201.4 193.7 06.3 209.9 187 6 183.0 188.2
921
152.8 154 3 147 0 132.5 118 2 166.2 58 2 81.4 186.4 164.0 135.0 153.9
922
147.2 144 8 139 4 123.1 105 8 197 1 47 4 81.4 149.0 147 2 125 1 148.9
923
153 9 150 2 143 4 12
.6.3:
:
I I Eli 144 8 44 8 69 1 164.3 155 1 144.7 167.0
924
155 9 151.6 145.5
148 7 39.6 68.4 165.7 155.1 135 0 159.7
925
159.8 155 6 149.5 135.0 114 1 174 3 73.0 95.5 171 8 157.3 143 1 166.1
926
182 6 159.6 153.0 1411.8 120 7 1448 1 86.3 2134 182.2 157.3 139.6 165.6
927
167.7 166 4 158.1 148 1127.3 175 2 74 8 04.5 173.2 158.4 145.2 170.1
928
188.2 188.3 176.8 174.4 157.0 165.7 63.0 96.7 175.6 159.6 147.5 174.2
Jan
174.8 173.1 165.2 158.8 142.1 149.0 65.2 92.2 172.8 160.7 150.9 177.4
176.4 174.4 167.2 1806 144.6 140 5 61.9 90.3 174.6 160.7 147.0 177.4
March._ 176.8 175.3 187.2 161.3 146.3 136.2 59.3 87.7 174.6 159 6 140.6 174.2
Apr11.. _ 178.3 177 6 168.7 63.1 147.9 149.0 58.9 88.1 177.0 158.4 143.9 172.9
Nlay
181.5 181.2 172.2 1583 150.4 168.6 59.6 90.3 177.0 158.4 142 6 172 4
June
186 6 186.5 176.3 72 5 152.9 165.7 60.0 92.2 174.2 157.3 140.7 172.4
195.7 196 9 81.8 80.6 157.9 177.6 62.6 98.5 172.3 158.4 141.8 173.3
200 8 02 2 84 8 85 0 162 0 100.0 65.9 204.5 172.8 1.58 4 144.7 173.8
Sept
203 9 05 4 88.9 90.0 170 2 211.0 68.1 208.2 177.9 159 6 150 4 175.1
Oit
198.0 00 0 85.9 1888 171 9 179 0 67.8 206.7 177.9 159.6 150 176.6
Nov.. 193.3 94.6 83.3
170.0 64 8 203.0 178.4 160.7 152.2 174.2
189.8 91.5 80.3 8
85
1.9
6 16
78
1.6
9 149.0 160.4 108.5 177.9 160.7 154.8 174.2
1929190 6 91 0 80.8 81.3 170.2 153 8 159.3 200.0 184 0 160.7 150.7 173.8
188.2 188.8 78.8 79.4 167.8 157.1 158.2 199.6 186 1 160.7 152.7 172.9
M arch._ 188.6 189.2 79.3 180.0 167.8 167.6 158.9 201.9 190.1 160.7 152.5 172.9
April._ 929 194.6 83.8 184.4 170.2 176 7 160.4 203.3 196.2 159.0 145 7 172.4
May
198.4 201.3 187.9 190.0 174.4 179.5 169.7 204.8 198.1 159.6 142.3 171.9
June
201.8 205.4 189.9 191.9 178.0 179.0 162.2 205.6 193.9 159.6 140.5 171.9
July.... 206.7 210.8 192.9 195.6 177.7 18R. 184.1 209.7 187.3 160.7 139.4 171.5
Aug.... 208.3 210.8 191.9 194.4 176.0 192.4 165.6 211.2 185.0 160.7 1405 171.0
.0, ^ 17.1 1,12
20n 7 161 " rt, 141 1 '71.5
?C 'OA 7
10,
Sert.
Grain and grain products loading for the week totaled 46,804 cars, a
reduction of 10,007 cars under the corresponding week last year and 5,612
cars under the same period in 1927. In the Western districts alone, grain
and grain products loading amounted to 33.744 cars, a reduction of 8.172
cars under the same week in 1928.
Ore loading amounted to 61.410 ears, an increase of 724 cars over the
same week in 1928 and an increase of 9,345 cars compared with the corre
spending week two years ago.
Miscellaneous freight loading for the week totaled 475.972 cars, 3,348
cars tu.der the same week last year, but 42,406 cars over the corresponding
week two years ago.
Coal loading amounted to 211.474 cars, an increase of 3,534 cars over
the same week in 11,28 and 14.966 cars above the same period in 1927.
Live stock loading totaled 3.5.682 cars, 2.702 cars below the same week
last year and 5,090 cars under the corresponding week in 1927. In tile
Western districts alone, live stock loading amounted to 28,693 cars, a
decrease of 2,139 cars compared with the same week in 1928.
Loading of merchandise less than carload lot freight amounted to 270,876
cars, an Increase of 984 cars above the same week in 1928 and 2.332 cars
over the same week two years ago.
INDEX NITNIIIERS OF RETAIL PRIORS or THE PRINCIPAL
Forest products Inning towed 64,693 cars, 2.024 cars below the same
ARTICLES OF FOOD IN THE uNriTK I) STATES.
week in 1928 and 1,791 cars under the corresponding week in 1927.
IFelphted
Coke loading amounted to 12,097 cars, an increase of 1.106 cars above the
Year and Lard Mots Bread Flour Corn Rice Pole- Sue- Tea CofFood
corresponding week lest year and 2,445 cars over the same week two years
Index
toes ar
fee
Monk.
vs
sat
ago.
The Eastern, Allegheny, Southern and Northwestern districts reported
82.0
105.3 105.3
Inn
80.7 84.1
9.5 0 87.6
111.2 107.7
908
84.3
80.5 84.1
101 6 92.2
reductions in the total loading of all commodities compared with the earn:
112.3 106.6
909
88.7
90.1 92.6
109.4 93 9
week in 1928. while the Pocahontas. Central Western and South Western
93.0
101.0 109.3
910
103 8 97.7
108.2 94.9
reported increases. All except the Southern district showed increases over
92.0
130 5 111.4
911
101.6 94.3
88.4 93.6
132.1 115.1
97.6
the same week in 1927.
912
105.2 101.6
93.5 98.9
100.0
06 11)0.0 100.0 100.0 100.0
913
100.0 1000 1-00r.15 118)0 100.0 1-011Loading of revenue freight in 1928 compared with the two previous
102.4
914
98 6 102.3 112 5 103.9 105.1 101.2 1011.3 108.2 100.4 99.7
years follows:
101.3
015
93 4 9/1.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100 6
113.7
1929.
111.0 108 8 130.4 134.6 112.6 104 6 158.8 146.4 100 4 100.3
916
1928.
1927.
146.4
174.9 139.4 164.3 211.2 192.2 119.0 252.7 169.3 106.9 101.4
917
Four weeks in January
3,570,978 3.448.895
3.756,660
148.3 188 2 176.4 119.1 102.4
108.3
226.7
203.0
164.9
913
175.0
210.8
Four weeks in February
3,767,758 3,590.742
3.801.918
185.9
919
233 5 182.0 178.6 218.2 213.3 114 6 223.6 205.5 128.9 145.3
Five weeks in March
203.4
4,807.944
185 7 197.4 205.4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
920
4,752,559 4,982,547
182.4
145.5
109.2
128.1
153.3
121.8
150.0
Four weeks in April
175
8
9
176.8
113
921
147.5
3,983,978 3.740.307
3,875.58,1
141.6
912
107 6 128.7 1.55.4 154.5 130.0 109.2 164 7 132.7 125.2 121.1
Four weeks in May
4.205,709
4.005.155 4,108.472
146.2
112.0 134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
Five weeks in June
116.1
167.3
5.260,571
145.9
131
4
158.8
145.3
156.7
4,924,115
148.5
157.1
138.6
4,995,854
120.3
Four weeks in July
157.4
4,153.220
925
- 147 5 151.0 167 I) 184.8 180 0 127 6 211.8 130.9 138 8 172.8
3,944.041
3,913,761
100.6
Five weeks in August
138.6 140.6 147 9 181.8 170 0 133 3 288.2 125.5 141 0 171.1
1025
5,590.853 5.348,407
5.367,206
155.4
122.2 131.0 166 1 166.7 173.3 123.0 223.5 132.7 142 5 162.1
U27
Four weeks in September
4,538,575
4,470.541
154.3
4.370.747
117 7 134.5 142.5 163 6 176 7 114 9 158.8 129.1 142 3 165.1
928
Week of Oct. 5
155.1
1.179,047
119.6 162.0 164.3 160 6 173.3 117.2 176.5 129.1 142,:) i62 8
Jan
1.187,032
1,102,991
151.6
Week of Oct. 12
Feb. _
115.8 124.9 164.3 160 6 173 3 117.2 176.5 129.1 142.1 103 1
1,179.008
1,190,741
1,120.007
151.4
March_ _ 112 7 107 2 162.5 160 6 173 3 116 1 200.0 129.1 142 3 163 8
152.1
A prIl. - 112 7 103.8 162.5 183 6 176 7 114 9 20.5.9 129 1 141 9 164 1
Total
42.237.641 40,602..535 41,395,755
153.8
May _ 114 6 108.7 162 5 161) 7 176.7 114.9 194.1 130.0 141.9 164.4
The "Annalist" Weekly Index of Wholesale Commodity Prices.
The "Annalist" weekly index of whole sale commodity
prices stands at 145.5, a decline of 0.7 point from last week
(146.2 revised), and compares with 148.7 last year at this
time. The "Annalist" further says:
The decline or prices is confined to the farm,food, textile and miscellaneous groups. Price declines bore heavily on the farmers, with lower prices
for all grains, especially a drop of 6 cents in wheat: and lower prices for hogs
and lambs. Though cotton happened to advance on the day that the
"Ann1.1Ist" index is made up and hence b; here shown as at an advance over
115 2 112.5 164.3 172.7 176.7 113.8 170 6 132.7 142 1 165.1
116.5 120.6 164.3 169.7 176 7 114 9 135 3 132.7 142.3 166.1
118.4 130.4 164 3 163 6 178.7 113 8 129.4 129.1 142.3 165.8
122.2 146.1 162 5 150.6 176.7 114 9 129.4 127 3 142 3 106.1
123 4 157.4 162.5 157 6 176 7 118.8 129.4 125 5 142 5 166.4
Nov - 120 9 171.9 162.5 154.5 176.7 112.6 129.4 123.6 143.3 168.8
Dee__ 118.4 169.3 160.7 154.5 176.7 113.8 129.4 121.8 142.1 164.8
1919Jan ___. 117.1 148.7 140.7 154.6 170.7 112.6 135 3 121 8 142 5 166 1
Feb_
115.5 142 3 160.7 154 5 176.7 12 6 125.2 120.0 142 6 166.1
March__ 116.5 122.0 160.7 54.5 76.7 12.11 35.3 118.2 142.1, 156.4
April-. 117.1 104.4 60.7 54.5 74.7 12.6 35.3 116.4 142 6 166.4
May __- 116.5 12.2 110.7 51.5 76.7 11.5 158.8 116.4 142 6 160.1
June
115.8 120 0 60.7 48.5 76.7 11.5 182.4 110.4 142 5 165.8
July_ __ 11.5.8 127.8 60.7 51.5 76.7 111.5 229.4 116.4 142.3 165.8
1111.5 139.7 110.7 57.6 176.7 112.0 235.3 120.0 142.5 165.4
1 , 7 1 1'1 / en 7 AA A 74.7 III A 229.4 121.8 142.8 165.1
Jona
JolyA ng _ _
Sept
152.6
152.8
154.2
161.8
156.8
157.3
155.8
154.6
154.4
153 0
161.6
153.3
154.8
158.5
100.2
160.8
OCT. 26 1929.]
FINANCIAL CHRONICLE
Business Outlook as Viewed by First Wisconsin National Bank of Milwaukee.
Under date of Oct. 15 the general business outlook is
reviewed in part as follows by the First Wisconsin National
Bank, Milwaukee Wis., with which are affiliated the First
Wisconsin Trust Co. and the First Wisconsin Co. (investments).
Final reports for September indicate that industrial activity in a number
of lines fell short of the expected seasonal rise. Iron and steel outputs were
down moderately from the month before and decrease in automobile production was considerably more than normal. A factor of much importance
bearing upon the immediate future is the sagging tendency of construction
contracts which were off about 25% in both September and August from the
same months of last year. Somewhat favorable is the increase of over
244,000 tons In United States Steel unfilled orders which is largely attributable to orders for railroad equipment and track materials. Over against
this, however, must be set the probability of continued falling off in building
and automobile production.
Assurances have been expressed from time to time that high money rates
would have no restrictive effect upon business. Aside from the fact that this
would be contrary to all past experience, there are now plain indications that
long-continued tension in the money market has had a depressing influence
In at least three directions.
The major portion of total building construction is financed with borrowed
money. This Is true of practically all residential building and public works
and to a considerable extent of commercial and industrial projects. The proceeds of new capital Issues usually go into construction of some kind or other
and so create a demand for labor and materials. During recent months a
substantial part of new capital issues has consisted of securities of investment trusts and finance companies, proceeds of which are used to purchase
securities already existing or are loaned on call. Excluding these, the
amount of new capital available for construction has been well below that of
recent years. The reason for this is that borrowers have been unwilling to
pay the high current rates for money.
Again, it is very noticeable that foreign borrowings in this country have
declined since the middle of last year to almost negligible proportions in the
recent past. Not only that, but the rate for call money in New York has
been so high that it has attracted funds from all over the world thereby
creating scarcity of credit and capital, high interest rates and depression of
foreign exchanges. How this works against our interests is seen in the slowness of the wheat movement. With sterling exchange hovering around the
gold export point, it is expensive to finance wheat imports. Consequently.
England as well as other importing countries have held off from buyliag
wheat. The Federal Reserve Banks are alleviating this situation by liberal
Purchases of acceptances for export financing at a lower rate than the
London rate.
Finally, high money rates have been instrumental in creating a weak
technical situation in the stock market itself. Since the severe reaction of
last May, the public has been less and less disposed to pay high rates for
money to purchase low-yield stocks. The investment trusts and finance
companies were largely responsible for the rapid advance in the prices of
high grade stocks during the summer, but the time came when even they
withdrew support. The extraordinarily rapid rise in brokers' loans in
September, taken in connection with indications of recession in business
precipitated the severest decline during the last days of September and the
first days of October that had occurred since March 1926.
It is a healthy thing that there should be a slowing down in certain
over-expanded lines of business and even more desirable that there should
be some moderation introduced into the speculative situation. A great effort
has been made to show that rapidly expanding collateral and brokers'
loans promote business prosperity, but things do not appear to be working
out that way. It is not reasonable to believe that bidding up the price of
money to the point of hardship for those who have to borrow is good for
anybody in the long run. All over the world money tension and depressed
commodity prices have resulted from the over-exploitation of our security
markets. Signs are beginning to appear of a reaction against this too great
concentration upon the mere turnover of security values and a return of
money to normal channels.
Building Permits for September Lower than in Previous Years.
Official reports from 596 leading cities and towns in every
part of the United States made to S. W.Straus & Co. showed
a total of building permits issued in September of $218,344,506 compared with $251,193,426 in September last year.
The loss from August was 13% and from September 1928,
was 20%. The figures are without special significance, it is
stated, excepting that they indicate a continuation of the
downward trend in urban building activities that has been
in existence throughout the greater part of the year. A
study of the reports reveals that the losses were fairly well
scattered throughout the country with no acute falling off in
any particular section. To a large extent the decline is in
the smaller types of construction.
The figures mark the fifth consecutive month that the
Straus "Survey" has revealed losses in the volume of building permits in the leading centers of the country. As compared with the same months a year ago, the loss in May was
19%, in June 29%, in July 13%, and in August 18%. It is
to be noted that the decline in the largest centers of population was somewhat greator than in the smaller cities. For
example, building permits issued in the fifteen largest cities
totaled $96,920,607 compared with $136,107,473 in September 1928, a loss of 29%. The heaviest falling off in this
group was in New York, Chicago, Philadelphia, Boston and
Baltimore. The "Survey" goes on to add:
25 Leading Cities.
In the group of 26 citke reporting the largest volume of permits filed for
the month, the total was $121.603,158, compared with 6147.026,152 last
2601
year and $164,108,497 in Sept. 1927. The loss from last September was
17% and from September two years ago 26%•
Bedlilo was included in this list, ranking fourth with a total of over
$7.0t).000 permits issued for the month. Aside from that city, Newark,
Cincinnati, Oklahoma City, Cambridge, Mass., Cleveland, Kearny, N. J.,
Jersey City, N. J., Portland, Ore., Flint, Mich., and Louisville rersaled
gains over the corresponding month of the preceding year.
Many States Gain.
Gains were reported in building permits issued In the lesitlfreg cities of the
following States: Florida, Idaho, Iowa, Kansas, Kentucky, Michigan,
New Jersey, Oklahoma, Oregon, Rhode Iskuicl, Tennessee, Washington
and Wisconsin.
Building Materials
The falling off in building activity during the past month was reflected
to some extent in the cost of building materials. Portland cement which
has been weak for some time experienced further declines of from 10 to 20
cents per barrel. Towards the end of the month there was a slight easing
In the price of structural steel shapes and bars especially at the Pittsburgh
mills. No change was reported in common brick and lumber.
Labor Conditions.
Declines in construction volume are tending to increase unentploYmenl
which is not being off-set by the five-day week in the cities where this short
week plan is in operation. For the month a few advances in wages are
reported, particularly a 10% increase in New York City. Boston steamfitters and plumbers have been advanced from $1.3734 Per hour to $1.50
Indications are that wages are now near the high point of 1920,except that
nine years ago high wages were in large part due to an inflated currency.
Considerable jurisdictional trouble has been experienced in Boston and
appeals have been taken to the Building Trades Deportment of the Americus
Federation of Labor to seek relief which, if satisfactorily granted any
establish a precedent for jurisdictional difficulties in other parts of the
country.
25 CITIES REPORTING LARGEST VOLUME OF PERMITS FOR SEPT.1229.
WITH COMPARISONS.
Sept. 1929. Sept. 1928. Sept. 1927. 4as. 1929.
New York (plans flied)
331,674,925 $57,549,387 362.175,857 $42,130.349
18,131.000
Chicago
11,316,200 19,670,700 27,340,790
9,823,611
15,087,282
Detroit
9,928,308 10,567,879
1,560,907
7,490,606
1,329,221
Buffalo
1,980,073
5.511,772
Los Angeles
6,629.710
8,505.327
9,274,218
3,174,535
2,899,911
3,076.538
Newark
5,530,008
4.511,975
5,138,415
3,231,990
2,720,991
Cincinnati
1,001,394
2.105,500
3,905,715
1,468,125
Oklahoma City
3,760,510
6,255,770 12,291,840
Philadelphia
3.053.135
3,055.553
3,606,744
4,071,925
3,019,053
Milwaukee
3,249,240
6,605.500
2,263,100
3,576,360
Baltimore
3,232,900
3,967,155
1,774,230
2,272,880
Washington
2,144,312
1,772.265
2,860.677
3,024,349
Pittsburgh
233,605
2,738,045
588.818
196,047
Cambridge
2,403,764
2,911,732
3,849,203
2.309,698
St. Louis
2,857,476
2,687,250
2,028.725
2,659,075
Cleveland
320.075
2,051,185
177.100
439.579
Kearny, N. J
539,246
1,295,035
2,030,770
922,055
Jersey City
865,050
1,862,845
1,281.225
1,496,305
Portland
3.005,838
1,842,015
2,442,080
San Francisco
3,100,832
1,500,663
1,434,728
1,994,374
1,837,829
Flint
722,350
1,682,160
1,415,520
2,107,585
Louisville
2,369,429
1,904,054
1,402,437
1,622,669
Houston
2,041,038
1,445,084
1,836.705
1,590.172
Indianapolis
1,436,304
915,685
1,530,496
1,677,005
Oakland, Calif
8121,603.158 3147.026.152 3164,168.497 3118.147,414
Building Permits Also Show a Moderate Decline in th•
Dominion of Canada.
The value of the building permits issued by 61 cities in
the Dominion of Canada during September, according to
the Dominion Bureau of Statistics, stood at $17,107,963;
this was a decrease of $4,452,398, or 20.7%, as compared
with the total of $21,560,361 reported in August, and of
$3,266,136, or 16.2%, in comparison with the exceptionally
high total of $20,374,149 recorded in September of last
year. The September 1929 total was, however, greater
than in the same month of any other year of the record
except 1928, while the cumulative total for the first nine
months of this year exceeds by over $20,000,000 that for the
same months in 1928, the previous high level since 1920.
The report continues as follows:
Some 50 cities furnished detailed statistics, showing that they had issued
nearly 1,200 permits for dwellings estimated to cost approximately $5.200,000 and over 3,000 permits for other buildings valued at almost $11400,000. During August authority was granted for the erection of about
1,400 dwellings and 2,800 other buildings, estimated at approximately
$6,000,000 and 813,500,000, respectively.
Nova Scotia, Quebec, and British Columbia reported Increases in the
estimated value of building as compared with August 1929, Nova Scotia
showing greatest advance of $118,277, or 109.5%. Of the declines in the
remaining Provinces, that of $1,876,752, or 66.4% in Alberta, was most
pronounced.
As compared with September 1928, there were gains in Nova. Scotia.
New Brunswick, Saskatchewan, and Alberta, of which that of $727,837
in Neva Scotia was greatest. In Quebec, Ontario, Manitoba, and British
Columbia reductions were indicated, the last named allowing the most
extensive loss of $1.941,730, or 57.1%.
Of the larger cities, Montreal, Toronto, and Winnipeg registered lower
totals of permits issued than in either the preceding month or the same
month of last year: in Vancouver there WM an increase in the former, but
a decrease in the latter comparison. Of the other centres, Halifax, Sydney,
St. John, Quebec, Westmount, Chatham, Guelph, London, Ottawa, St.
Catharines, Welland, Windsor, East Windsor, Sandwich, St. Boniface,
Moose Jaw, Saskatoon and Kamloops snowed gains in both comparisons.
Cumulative Record for First Nine Months, 1929.
The following table gives the value of the building authorised by 61
cities during September, and in the first nine months of each year since
1920, as well as index numbers for the latter, based upon the total for
the corresponding period of 1920 as 100. The average index numbers of
wholesale prices of building materials in the first nine months of the years
sines 1920 are also given (average, 1926=100)
2602
Year.
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
FINANCIAL CHRONICLE
Alpe. Indexes of
Value of
Value of
Indexes of Value Wholesale Prices
Permits Issued Permits Issued of Permits Issued of Rids. Malls.in
in September.
First 9 Months First 9 Months
in First
(192f=100).
9 .11onths.
(1928=100).
$17,107,963
20,374,149
14,462,243
11,047,503
10,140,853
15,055,250
10,768,853
11,597,034
10,907,828
9,842,677
$185,714,022
165,621,634
141,152,535
120,163,936
98,364,181
96,817,333
108,319,972
116,778,450
88,573,442
96,146,278
193.2
172.2
146.8
125.0
102.3
100.7
112.7
121.5
92.1
100.0
99.6
97.8
95.8
100.7
104.2
108.3
111.7
108.5
126.8
155.3
The aggregate for the first nine months of this year was 12.1% greater
than in 1928, the previous high level of the record, while the average
index numbers of wholesale prices of building materials continued lower
than in most years of the record.
[vol.. 129.
have reopened the lack of markets keeps operations down to part time.
Many miners appear to have left coal mining for other occupations.
Building and contracting, is feeling the drop in building permits reported
some time ago. The heaviest loser in the group was road construction with
an employment loss of 29% and a payroll drop of 22%. Building construction firms reported employment decreases of 5.4% and corresponding
payroll losses of 5.7%. Miscellaneous contracting, however, reported
a 10.8% increase in employment and an 8.6% increase in payroll totals.
Average weekly earnings in this industry of $42.85 were the highest in the
building group.
In his analysis of the industrial situation by cities, Mr.
Myers says:
A 3.2% decrease in employment and a 4.8% decrease in payroll totals,
although indicating a fairly sharp recession, still compare favorably with a
7.3% decrease in employment and an 8.8% decrease in payroll of September
1928. The declines occurred primarily in the metal working and clothing
and millinery groups. The ratio of applicants to 100 positions offered at
the free employment office remained practically unchanged.
Industrial Situation in Illinois During September- Bloomington.-The August employment decrease of 15.6% was more
Slight Gain In Employment-Wages Decline than offset by the September increase of 26.1%. In keeping with this
increase, payroll totals increased 33.1%, whereas they declined 20.2% in
Slightly.
August. The resumption of full time work by railroad shops and activities
of tomato canning factories aided in the recovery. Candy factories were
Employment in all Illinois industries was 0.4% greater reported
to be working full time on holiday orders. The free employment
in September than in August. Payrolls, partly on account office reported a surplus of common labor but
a ratio of applicants to 100
of the Labor Day holiday, decreased 1.4%. The employ- positions offered of only 107.7.
Chicago.-The ratio of applicants to 100 positions offered at the free emment index of 103.3 is the highest for any month in 1929 and
ployment offices increased slightly, from 137.9 in August to 139.9 in Sepis the highest since Dec. 1926. This information is contained tember.
Reports from 560 establishments, employing over 175,000 men,
in the review of the industrial situation during Sepember, however, indicated a 0.4% increase in employment over August. Payroll
totals,
on
the other hand, decreased 0.9%. The Labor Day holiday was
issued Oct. 23 by Howard B. Myers, Chief of the Bureau
in a great measure responsible for the drop. Slight increases occurred in
of Statistics and Research of the Illinois Department of the
metal, wood and food groups, while slight recessions were noted in the
Labor. Continuing the review says:
chemical, printing and clothing industries.
The all manufacturing index of 105.8 is the highest index recorded since
Cicero.-The average weekly wage of $39.13 was the highest for male
May, 1924. September factory employment increased 0.7% over the employees for any of the cities. The September average compares favorAugust figure. Payrolls totals decreased 0.9%.
ably with the August average of $37.77, which in turn was the highest reThe increase was almost entirely seasonal affecting only four of the major ported in August. Factory employment, according to reported figures,
Industrial groups: food, textiles, wood products and public utilities.
rose 7.7% and was accompanied by a 10.5% increase in payrolls. The
Slight decreases were indicated in all other major Industrial groups. unemployment ratio of 189.2 was above that of 181.3 for August.
Building suffered the largest percentage of loss.
Danville.-A payroll decrease of 4.1% followed in the wake of a 1.5%
Reports from 1,445 establishments indicated an increase of employment of decrease in employment. It Is worth noting that the August factory
em0.4% over the August figure making September employment the highest ployment was 2.2% below that of July, which in turn
was 8.1% below that
reported during the last 33 months. Manufacturing industries were slightly of June. The reduction of forces by several brick plants
and a foundry
higher, the advance being 0.7%. Payrolls in both groups dropped,
the was primarily responsible for the drop. Increases, on the other hand, were
decreases for all industries and all manufacturing industries being 1.4 and reported in the printing and clothing groups.
Building activities declined.
0.9% respectively.
and canning activities were drawing to a close. The unemployment ratio
Coal mines are still operating part time, forcing many miners into other increased to 142.9 from
138.6.
occupations. In some localities miners work and lay off in shifts so as to
Decatur.-Factory employment decreased 3.7 and payrolls 7.1% from
give all a chance to work.
Building operations decreased greatly. The largest employment loss is the August figures. The reductions occurred primarily in tho metal and
clothing groups. Building activities were reported to be brisk and as
shown in road construction.
giving employment TO many. The free employment reported a demand for
Metals, machinery and conveyances, giving employment to over
160,000 farm labor, but an unemployment ratio of 144.7 for September as compeople,suffered a slight employment decline of0.2%,and a payroll decrease
pared with 123.2 for August.
of 1.2% as compared with August. The employment loss, however,
was
East St. Louis.-The ratio of 105.0 applicants to 100 Positions offered at
not uniform throughout the group Increases were recorded in the
following the free employment office
compares favorably with the August ratio of
Industries: tools and cutlery, cooking and heating apparatus; brass,
copper, 109.5. Reporting
firms, however, furnished figures indicating a 3.4%
zinc and other; electrical apparatus; agricultural implements;
instruments decrease in
employment, but a 3.1% increase in payrolls. The average
and appliances; watches and jewelry. Employment in all other
industries weekly earnings of
male and female employees of $24.73 and $13.47. rein the group decreased with the greatest drop. 3.7%, in
sheet metal work spectively,
reported
for August, rose to $26.06 and $14.91 for September.
and hardware. The iron and steel industries, employing roughly
over
90,000 people, reported an 0.8% decrease.
Joliet.-Factory employment changed by slightly during September,
Wood products, due to seasonal demands, reported a 4.0%
increase in the reported figures indicating an increase of 0.9%. Payrolls, however.,
employment and a corresponding 4.4% increase in payrolls.
Furniture and decreased 4.5%. The decrease is further reflected In reduced average
cabinet work firms increased their employment by 8.4% while pianos and weekly earnings. Calls for male help at the free employment office demusical instruments also recorded a slight increase of 0.8%. The
creased, while calls for female factory help increased. The unemployment
other
two members of the group, saw and planing mills and miscellaneous wood ratio was reported as 147.4, which is a slight increase over the August
figure of 141.1.
products reported employment decreases.
Furs and leather goods, and chemicals, oils and paints, both decreased
Moline.-Eighteen factories, employing about 3,600 men, reported an
the
number of persons on payrolls. The loss for the first group was 1.0%, increase in employment and payrolls of 4.3 and 7.5%, respectively. over
while the loss for the second was more severe,3.0%. Payroll decreases were August. The increases occurred primarily in food and metal industries.
manifest in both groups. Drugs and chemicals, the heaviest loser, reported Building operations are reported to be slowing down.
a drop of 5.6% in employment.
Peoria.-The unemployment ratio decreased from 161.5 for August to
Printing and paper goods, another large industrial group, reported an 135.2 for September. Figures from 30 reporting firms, however, indicate
employment decrease of 0.6% and a payroll loss of 0.7%. The drop of an opposite
trend in employment with an employment decrease of 3%.
employment in the job printing industries outweighed increases in all Payroll
totals did not keep step with this decline, but, on the other hand,
other industries in this group. The decrease reported was 7.4%. Litho- increased slightly. Metal industries were primarily responsible
for the
graphing and engraving on the other hand, increased 8.1% In
employment employment decrease.
and 15.5% in payrolls over the August figures.
Quincy.-Factory employment and payrolls decreased by 7.7 and 8.3%,
Increases in employment of knit goods and miscellaneous textiles overbalanced leases reported in cotton and woolen goods and thread and twine, respectively, from the August figures. The declines occurred mostly in
metal
industries. Average weekly earnings for males decreased slightly
resulting In a net increase of7.3% for the textile group. The payroll increase
from the August figures, while female earnings increased. The September
of 1.6% was due to the same changes.
figures for the two groups are $24.38 and $12.86. The free employment
Clothing and millinery, reported a decrease of 1.1% in employment and
office reported an increased demand for farm help, and a decrease of 16.8
5.4% in payrolls. The only industries to report employment increases
points in the unemployment ratio.
were overalls and work clothes, women's underwear and women's hats.
Rockford.-Layoffs in plants producing automobile parts appear to be
Whereas women's hats reported an 18.1% increase, men's shirts and furlargely responsible for a drop in factory employment of 2.5% and a payroll
nishings reported a 10.9% decrease in employment.
decrease
of 5.1%. The recession is expected to be of a temporary nature
Food, beverages and tobacco, one of the groups employing a large number
of people, reported a 7.4% increase in employment and a 3.9% increase in and due to a change of automobile models. In contrast with the Septempayrolls. The additions consisted of a 5.1% increase in employment among ber 1928 demand for all classes of help by the metal industries, the Septemmales and 18.8% increase among females. Among the industries reporting ber 1929 demand was only for first-class tool and die makers. The free
employment decreases in this group were dairy products, bread and other employment office reported a large surplus of common labor, but a slight
bakery products, manufactured ice and ice cream. The last two suffered unemployment ratio decrease of 3.6 points.
Rock Island -Additions to forces by the metal industries were primarily
the largest percentages of decrease. Fruit and vegetable canning led the
Industries reporting increases of employment with 97.5%, while slaughtering responsible for an employment Increase of 23.1% and a payroll increase of
and meat packing, the largest industry in the group, reported a 2.7% 13.6%. Building operations were reported as quiet. The ratio of applicants to 100 positions offered at the free employment office dropped from
Increase in employment and a .5.4% increase In payrolls.
Non-manufacturing, as a whole, suffered a 0.3% drop in employment 148.3 for August to 133.8 for September. This ratio is well below that of
150.2 for September 1928.
and a 2.2% loss in PaYrelle•
• The trade, wholesale and retail, group reported a slight employment deSpringlield.-A 1.3% increase in factory employment was accompanied
cline. Department stores, wholesale dry goods and wholesale groceries by a 3.1% decrease in payroll totals. While average weekly earnings for
reported gains, with all other members of the group reporting decreases in males rose from $24.29 for August to $27.11 for September, average weekly
earnings for females dropped from $19.73 tl $14.70. Readjustments by
employment.
Services, including hotels, restaurants and laundries, although reporting several firms in the metal group were largely responsible for the employa 1.7% decrease in employment, maintained Its payroll at the August level. ment increase. However, much of the payroll decrease occurred in the metal
All industries in the public utilities group, with the exception of telephone, Industries. Coal mines were reported to be picking up slowly, but street
reported increases in employment. It is worth noting that although the paving and other public improvements were reported to be in full swing.
increase of employmem for the group as a whole was only 0.2%, payroll The unemployment ratio dropped to 109.4 from 118.3, the August figure.
totals exceeded the August figure by 14.5% •
Sterling-Rock Palls.-Although payroll totals decreased 2.7%, factory
Coal mining, received a slight set-back, reporting a 0.9% decrease in employment increased 4.1%. Metal industries were primarily responsible
employment and a 6.7% decrease in payrolls. Although many mines for the employment increase and also for the payroll decrease
OCT. 26 1929.]
FINANCIAL CHRONICLE
+3.4 103.3 102.9 101.3 , -1.4
+0.7 105.8 105.1 95.8 -0.9
91.0 91.9 121.7 -3.5
+3.8 101.7 100.9 104.1
+3.7
-7.1 80.8 87.0 106.2 -12.3
73.8 74.5 104.3 -2.6
-1.3 106.4 107.8 149.0 -5.2
-0.2 116.0 116.2 107.0 -1.2
-0.8 118.2 119.2 123.6 -2.9
96.7 100.4 101.0 -2.7
+2.6 96.3 93.9 79.1 -4.2
+1.6 104.3 102.7 110.0 +4.1
+0.8 118.3 117.4 145.6
+0.2
-3.2 72.2 74.6 42.3 -10.2
-3.5 142.8 148.0 121.8 -11.0
-1.1 131.0 132.5 136.3 -0.1
+1.3 130.8 129.1 107.2 -1.1
+3.2 126.5 122.6 141.0 +4.4
+0.1 99.6 99.5 52.3 +1.5
+0.5 94.6 94.1 107.2 +18.9
-3.5
-0.8
+4.0 -7-6:i -7572 -7-877 +4.4
-4.3 76.8 80.2 97.0 -4.7
+8.4 84.2 77.7 98.5 +9.9
+0.8 53.4 53.0 56.7 +0.6
74.8 75.6 49.1 -2.7
107.3 108.4 112.6 -4.3
+1.7 104.8 103.0 107.6 -0.4
118.1 121.8 81.9 -0.6
111.5 113.1 115.1 -5.6
0.0 57.7 57.7 61.5 +3.7
102.1 105.3 124.5 -6.1
-5.6 87.6 92.8 94.4 -4.8
-2.3 101.9 104.3 133.8 -5.3
-4.2 93.1 97.2 121.2 -7.2
120.3 121.5 157.3 -5.5
-0.6 102.1 102.7 116.2 -0.7
+2.7 100.3 97.7 144.4 +6.2
+6.2 106.6 100.4 129.9 +6.6
-7.4 100.7 108.8 111.5 -10.2
+6.6 110.8 103.9 130.5 +6.6
+7.1
+8.1
Edition book binding
Lithographing and engraving_
+8.1
+15.5
+7.3 98.4 91.7 105.9 +1.6
Textiles
-1.2 103.2 104.5 115.1
+0.5
Cotton-woolen goods
+12.6 83.2 73.9 98.8 -15.7
Knit goods
-8.9 90.4 99.2 76.4 -10.3
Thread-twine
+16.3 124.2 106.8 109.3 +15.6
Miscellaneous textiles
-1.1 81.7 82.6 62.4
Clothing and millinery
-0.6 77.7 78.2 51.9 -10.8
Men's clothing
-10.9 61.7 69.3 94.1 -3.0
Men's shirts-furnishings
+12.1
76.9 68.6 71.7 +24.7
Overalls-work clothes
0.0 93.3 93.3 53.1
+2.7
Men's hats-caps
-10.5 86.1 96.2 110.9 +10.0
Women's clothing
+8.3 119.9 110.7 105.8
Women's underwear
+4.5
+18.1 63.8 54.0 57.0 +31.2
Women's hats
+7.4 101.7 97.5 94.6
+3.9
Food-beverages-tobacco
+3.4 96.6 93.4 100.6
1.1
Flour-feed-cereals
+97.5 84.3 42.7 42.0 +120.2
Fruit-vegetable canning
+7.1 99.8 93.2 87.4 -6.6
Miscellaneous groceries
Slaughtering-meat packing
+2.7 104.0 101.3 85.8
+5.4
-0.8 108.4 109.3 105.0 -1.2
Dairy products
91.7 97.4 81.3 -8.9
Bread-other bakery products_
+3.1 102.9 99.8 78.1 -3.0
Confectionery
+3.9 76.5 73.6 61.0 -2.1
Beverages
+1.6 97.3 95.8 91.1
+0.8
Cigars-other tobaccos
-11.7 91.1 103.2 97.7 -11.6
Manufactured ice
_
-11.4
-10.2
Ice cream
_
-8.8
-8.3
Miscellaneous manufacturing
-2.2
-0.3
Non-manufacturing industries
8-7:5 87.9 66.3 -1.6
-0.5 Trade-wholesale-retail
+1.2 104.3 103.1 122.7
+4.6
Department stores
+4.6 86.6 82.8 63.8 +10.3
Wholesale dry goods
+5.7
+5.1 84.9 80.8 92.5
Wholesale groceries
-0.5 87.8 88.2 85.6 -0.7
Mall order houses
-1.6
-5.5
Milk distributing
-5.4
Metal jobbing
-1.7
+0.0
Services
-0.2
-0.6
Hotels-restaurants
10-8:5 11-4:8 1-2-3:8
+0.8
Laundries
+0.2 107.4 107.2 141.2 +14.5
Public utilities
+1.9 126.3 123.9 151.3 -1.4
Water-gas-light-power
-1.4 116.2 117.9 138.1 -1.8
Telephone
+0.7
Street railways
+0.3 99.8 99.5 110.4
+1.6 83.1 81.8 53.3 -8.8
Railway car repair
-0.9 75.3 76.0 47.8 -6.7
Coal mining
-3.1 84.9 87.6 138.6 -2.8
Building and contracting
-5.4 64.5 68.2 91.7 -5.7
Building construction
-29.0 115.6 162.8 954.0 -22.0
Road construction
+8.6
Miscellaneous contracting_ _ _ +10.8 163.3 147.4 256.3
231.51 218.29
e30.94 el6.87
28.57 12.89
30.73 14.33
26.80 15.40
29.16 10.98
27.38 13.03
131.18 117.76
31.61 13.26
27.97 21.19
31.96 14.16
34.18 16.62
31.39 17.55
30.11 21.70
27.92 15.67
31.02 18.02
032.31 020.84
29.83 14.29
34.23 19.78
31.70 16.30
27.85 15.34
29.24 15.37
33.12 9.38
29.35 17.20
28.30 12.37
24.70 11.63
25.54 14.34
30.53 16.61
49.34 34.39
22.36 13.85
30.08 16.75
27.91 13.30
26.87 14.08
28.81 15.36
29.32 16.97
26.15 11.43
38.30 17.78
30.46 15.85
35.24 18.34
38.48 17.86
45.75 20.38
47.09
27.72
30.60
19.49
22.81
28.94
36.20
35.71
33.61
28.07
39.76
42.91
31.77
41.22
29.26
29.65
18.45
28.07
28.32
38.51
35.47
31.35
35.58
26.95
42.35
52.87
30.53
32.84
36.66
36.80
25.39
29.01
26.15
51.27
33.46
23.16
21.65
32.26
31.88
33.18
41.37
36.97
27.58
22.76
40.89
40.8
30.57
42.8
25.74
13.98
15.76
10.15
17.63
15.75
18.71
22.42
20.00
16.59
23.75
17.46
9.65
21.97
16.38
12.96
9.86
14.05
19.98
12.03
16.22
15.81
14.38
21.99
12.00
16.41
16.64
20.06
19.52
17.86
21.92
16.85
19.91
34.84
28.78
15.10
15.14
15.07
20.97
23.94
20.90
18.38
21.68
_
AUTOMOBILE PRODUCTION.
(Number of Machines)
_
a Including firms not reporting separately by sex. b III Dols groupings in some
cases contain industries not Inc uded in census groupings. c Classif ed figures not
available. 2 Payroll figures for 292,982 male, 75,104 females. e Payroll figures for
204,276 male, 41,760 females. f Payroll figures for 115.245 male, 12,592 females.
g Payroll figures for 6,047 male, 1,871 females.
Industrial Employment in Ohio and Ohio Cities During
September-Slight Decline From High Level of
August.
"Industrial employment in Ohio declined only slightly in
September from the high level of August, when industrial
employment in the State reached a new high point for all
time" says the Bureau of Business Research, of the Ohio
State University, which in its summary of industrial employment in the State and Ohio cities, syas:
The decline in September from August in industrial employment was
barely 1%, while the increase as compared with September. 1928, was 5%.
and the first 9 months of 1929 showed an increase of 10% over the same
period of 1928. In Sept. 348 of tho 810 concerns reporting to the Bureau
of Business Research reported increases in employment in September as
compared with August, and 407 reported employment decreases. Manufacturing employment in September was also I% less than in August, but
0% greater than in Sept. 1928, and 10% greater during the first 9 months
of 1929 than during the first 9 months of 1928. Construction employment
in Ohio declined 3% in September from August, but was 1% greater than
in Sept. 1928, and averaged 7% greater during the first 9 months of 1929
than during the corresponding period of 1928.
Automobile Production Seasonably Lower.
September production (factory sales) of motor vehicles in
the United States, as reported to the Department of Commerce, was 415,332, of which 364,786 were passenger cars,
49,681 trucks and 865 taxicabs, as compared with 498,361
passenger cars, trucks and taxicabs in August and 415,314
in September 1928. The table below is based on figures
received from 148 manufacturers in the United States for
recent months, 47 making passenger cars and 115 making
trucks (14 making both passenger cars and trucks). Figures
for passenger cars include only those designed as pleasure
vehicles, while the taxicabs reported are those built specifically for that purpose, pleasure cars later converted to
commercial use not being reported as taxicabs. Figures for
trucks include ambulances, funeral cars, fire apparatus,
street sweepers and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics.
Canada
United Sates.
Total.
Passenger
Cars.
Trucks.
Taxicabs.z
1928.
January
February
March
April
May
June
July
August
September
231,728
323,796
413,314
410,104
425.783
396,796
392,086
461,298
415,314
205,142
290,689
371,150
364,265
375,356
356,214
338,383
400,124
358,615
26,082
32,645
41,493
45,227
49,920
40,174
53,294
60,705
56,423
Total(9 mos.) 3,470,219 3,059,938 405,963
October
November..
397,284
257,140
December_
234,116
339,487
216,754
204,957
57,138
39,686
28,123
Total (year). 4,358,759 3,821,136 530,910
1929.
January
February
March
April
May
June
July
August
September
*401,037
*466,353
*585,223
*621,347
*604,078
*545,353
*500,387
*498,361
415,332
347,382
405,708
513,344
537,225
516.055
*452,598
*426,137
*441,942
364.786
MUMS)mna 1 4 1157 471 4.005.177 618.702
Total.
6,705
10,315
15,227
20,517
29,764
25,341
20.122
24,274
16,572
4,178
4,318 202,652 168,837
33,815
504
482
671
612
507
408
409
469
276
659
700
1,036
8,463
12,504
17,469
24,211
33,942
28,399
25,226
31,245
21,193
Paseger
Trucks,
Cars.
18,536
11,789
9,425
13,016
8,154
1,758
2,189
2,242
3,694
3,058
5.104
6,971
4,621
5,520
6,734
3.615
2,691
6,713 242,382 196,741
45,641
0,
-.WOUtoPNC:1-4
^31>bfIll
—0300'OOCO 03000
0,01-•WNW..
All industries
All manufacturing industries
Stone-clay-glass
Miscellaneous stone-mineral_ _
Lime-cement-Plaster
Brick-tile-pottery
Glass
Metals-machinery-conveyances_
Iron and steel
Sheet metal work-hardware
Tools and cutlery
Cooking & heating apparatus_
Brass-copper-zinc and other
Cars-locomotives
Autos-accessories
Machinery
Electrical apparatus
Agricultural implements
Instruments and applianoes
Watches-Jewelry
All other
Wood products
Saw-planing mills
Furniture-cabinet work
Pianos-musical instruments_ _
Miscellaneous wood products_
Furs and leather goods
Leather
Furs-fur goods
Boots and shoes
Miscellaneous leather goods
Chemicals-oils-paints
Drugs-chemicals
Paints-dyes-colors
Mineral and vegetable
Miscellaneous chemicals
Printing and paper goods
Paper boxes-bags-tubes
Miscellaneous paper goods
Job Printing
Newspapers-periodleals
0,10'..,1.1.46
Industries.
Earnings (Patrrail)•
Average
Index of
Total
Weekly
Per Cent
Employment
Earnings
Change
Earnings
Per Cent
(Average
from a
1925-27=100). of Chge. Sept. 1929.
Month
from
FeAgo. Sept. Aug. Sept. Ana.
(a) 1929. 1929. 1928. 1929. Males. males.
010.
..)
.
4003003C0
..,(34:0,00,p...”.
Employment.
As compared with August, there were employment increases in September
In the chemicals, the food products, the lumber products, the paper and
printing, the stone, clay, and glass products, and the miscellaneous groups.
and decreases in the iron and steel, the machinery, the rubber products,
and the vehicles groups. Employment in the textiles group in September
remained substantially the same as in August.
In the iron and steel group of industries there was a decline of 2% in
employment in September from August, but an increase of 1% as compared
with Sept. 1928, and of 8% during the first 9 months of this year as compared with the first 9 months of last year. Sixty of the 163 reporting concerns in the iron and steel group showed employment increases in September
from August and 95 showed decreases.
Employment in the machinery industries in September was 4% less than
in August, but 15% greater than in Sept. 1928,and 15% greater during the
first 9 months of 1929 than during the same period of 1928.
Employment in the manufacture of automobiles and automobile parts
declined 1% in September from August, but was 2% greater than in September of last year, and averaged 28% higher during the first 9 months of 1929
than during the same period of 1928. Employment in the rubber products
group, of which tire and tube manufacturing is the principal industry,
declined 3% in September from August, and I% from Sept. 1928, but
increased 9% during the first 9 months of 1929 as compared to the same
period of 1928.
Employment in the stone, clay, and glass products group increased 2%
in September from August, and was substantially the same as in September
1928. In the lumber products group September employment was 6%
greater than in August, and 4% greater than in Sept. 1928, although the
average for the first 9 months of 1928 was 3% behind the average for the
same period of last year.
As compared with August, there were slight employment decreases in
September in Akron, Cincinnati, Cleveland, Dayton, Toledo and Youngstown, a slight increase in Columbus, and practically no change in Cincinnati.
Industrial employment in Akron in September declined 4% from August,
but was 5% greater than in Sept. 1928, and 13% greater during the first
nine months of 1929 than during the same period of 1928. Industrial
employment in Cincinnati remained practically unchanged in September
from August, but was 10% greater than in Sept. 1928, and averaged 4%
greater during the first nine months of this year than during the same
period of last year. September industrial employment in Cleveland was
1% less than in August, but I% greater than in Sept. 1928, and 15%
greater during the first nine months of 1929 than during the first nine
months of 1928. Industrial employment in Columbus increased 5% in
September from August, was 12% greater than in Sept. 1928, and 10%
greater during the first nine months of 1929 than during the same period of
1928. In Dayton industrial employment declined 5% in September from
August, but increased 12% from Sept. 1928, and 23% during the first nine
months of 1929 as compared with the same period of last year. September
industrial employment in Toledo was 2% less than in August, but 11%
greater than in Sept. 1928, and averaged 22% greater during the first nine
months of 1929 than during the same period of 1928. In Youngstown,
Industrial employment declined 2% in Septemberfrom August,butincreased
6% from Sept. 1928, and averaged 7% greater during the first nine months
of 1929 than during the same period of last year. Industrial employment in
Stark County declined 2% in September from August, and 1% from
Sept. 1928, but increased 14% during the first nine months of this year as
compared with the first nine months of last year.
A.C.n..4g000000010
VDC.TrW...Mto000...
The statistics follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
SEPTEMBER 1929.
2603
6,430
4,981
3.881
3,177
3,107
13,592 233.863 186.960
4141 RCM
2,064
2,108
2,079
1,686
1,318
1,378
1,054
*1,040
865
21,501
31,287
40,621
41,901
31,559
21,492
17,461
14,214
13,817
4,337
5,703
7,788
7,509
• Revised.
z Includes only factory-built taxicabs, and not private passenger cars converted
unto vehicles for hire.
2604
FINANCIAL CHRONICLE
Lumber Production Exceeds Orders and Shipments.
Orders and shipments of both hardwood and softwood
lumber fell below production for the week ended Oct. 19, it is
indicated in reports from 802 mills to the National Lumber
Manufacturers' Association. Softwood orders, as reported
by 609 mills, were 15% below production, while shipments
were 9% below. Hardwood orders were given by 222 mills
as 7% below the cut and shipments 5% below. An equivalent of 21 days' production in orders on hand as of Oct. 19
was reported by 488 softwood mills, which may be compared
with the same equivalent reported by 509 mills a week earlier.
Softwood production, as well as shipments and orders, for
the week, as shown in reports of 389 identical mills, were all
appreciably lower than for the same week a year ago. Hardwood production reported by 207 identical mills this year
exceeded production for the same period last year by about
10%;shipments were slightly less, and orders 11% less than
for the period last year.
Lumber orders reported for the week ended Oct. 19 1929
by 609 softwood mills totaled 292,710,000 feet, or 15% below
the production of the same mills. Shipments as reported for
the same week were 315,129,000 feet, or 9% below production. Production was 346,119,000 feet.
Reports from 222 hardwood mills give new business as
45,136,000 feet, or 7% below production. Shipments as
reported for the same week were 46,049,000 feet, or 5% below
production. Production was 48,302,000 feet.
Unfilled Orders.
Reports from 488 softwood mills give unfilled orders of 1,054,526 feet on
Oct. 19 1929. or the equivalent of 21 days' production. This is based upon
production of latest calendar year-300-day year—and may be compared
with unfilled orders of 509 softwood mills on Oct. 12 1929, of 1,115,184,000
feet, the equivalent of 21 days' production.
The 342 identical softwood mills report unfilled orders as 787.617,000
feet on Oct. 19 1929. as compared with 869.230,000 feet for the same week
a year ago. Last week's production of 389 identical softwood mills was
261.887.000 feet, and a year ago it was 277,820.000 feet; shipments were
respectively 236,168,000 feet and 270.417,000 feet; and orders received
207,121.000 feet and 252,971,000. In the came of hardwoods, 207 identical
mills reported production last week and a year ago 43,651.000 feet and
39,659,000;shipmeuts 43.113,000 feet and 45,468.000;and orders 42.951.000
feet and 48,364.000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 219 mills reporting for the week ended Oct. 19 totaled
157.920.000 feet. of which 57,880.000 feet was for domestic cargo delivery
and 19,230.000 feet export. New business by rail amounted to 68,907,000
feet. Shipments totaled 167.524,000 feet, of which 57,806,000 feet moved
coastwise and intoreoastal and 30,994,000 feet export. Rail shipments
totaled 66,821,000 feet and local deliveries 11.903.000 feet. Unshippeo
orders totaled 629,530,000 feet, of which domestic cargo orders totaled 261.591,000 feet. foreign 203,786,000 feet and rail trade 164.153,000 feet.
Weekly capacity of these mills is 251,176,000 feet. For the 41 weeks ended
Oct. 12. 139 identical mills reported orders 3.5% over production and shipments were 1.9% over production. The same mills showed a decrease in
Inventories of 7.9% on Oct. 12, as compared with Jan. 1.
Southern Pine Reports.
154
The Southern Pine Association reported from New Orleans that for
mills reporting shipments were 1% above production, and orders 2% below
taken
during
the
production, and 3% below shipments. New business
week amounted to 67.183.000 feet (previous week 67.006.000 for 155 mills);
and
production
66.586,000);
68.week
(previous
feet
shipments 69.029.000
307.000 feet (previous week 69.630,000). The three-year average production of these mills is 78,622,000 feet. Orders on hand at the end of the week
of 116 mills were 155.341.000 feet. The 136 mills (identical) reported a
decrease in production at 12% and In now business a decrease of 19% as
compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland,Ore., reported
production from 34 mills as 35.450,000 feet, shipments 29,350.000 and new
business 25.242,000 feet. Thirty-four identical mills report production
4% more and now business 22% less than for the corresponding week last
year.
The California White and Sugar Pine Manufacturers' Association of
24,782,000 feet, ship.
San Francisco reported production from 18 mills as
same number of mills
ments 16.626.000 and orders 16.429,000 feet. The
of 1% in orders compared
reported an increase in production of 12% and
with 1928.
of Minneapolis. Minn.,
Assocation
The Northern Pine Manufacturers'
feet, Shipments 9.976.000
reported production from 9 mills as 7.901.000
same number of mills reported a decrease
and now business 7,861.000. The
business of 10% compared with the same
In production of 38% and in now
week a year ago.
Manufacturers' Association of
The Northern Hemlock and Hardwood
production from 29 mills as 4.195,000 feet.
of Oshkosh, Wis., reported
2,632.000. The same number of mills
shipments 2,313,000 and orders
and a decrease of 5% in orders,
reported an increase of 28% in production
week of last year.
when compared with the corresponding
Norfolk, Va., reported producof
The North Carolina Pine Association
shipments 12.611.000 and new busition from 126 mills as 11.914,000 feet,
mills reported a decrease in producness 9.338.000. Forty-seven Identical
comparison with 1928.
don of 13% and In new business of 38% in
Francisco reported produc
The California Redwood Association of San
7.472,000 and orders 5,909,shipments
don from 14 mills as 8.232.000 feet.
production 41% more and orders
000. The same number of mills reported
34% less than for the same week a year ago.
Hardwood ReParik.
Memphis, Tenn., reported
The Hardwood Manufacturers' Institute of
shipments 40.210.000 and
production from 193 mills as 45.089,000 feet,
mills showed an in
new business 30.071.000. Reports from 178 identical
srease in production of 12% and a desreese in orders of 13% when compared
with mans far MI.
[Vol- 129.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis.. reported production from 29 mills as 3,213,000 feet, shipments 5.839,000 and orders 6,065,000. The same number of mills reported
production 6% less and orders the same as for the corresponding week of
last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED OCT. 19 1929 AND FOR.42 WEEKS
TO DATE.
ProdigyHon
M Ft.
Association.
Southern Pine:
Week-114 mill reports
42 weeks-6,276 mill reports
West Coast Lumbermen's:
Week-2'23 mill reports
42 weeks-8.515 mill reports
Western Pine Manufacturers:
u eek—:-6 mill reports
42 weeks-1.:94 mill reports
Canternia White and Sugar Pine:
Week—i8 mill reports
42 weeks-1,083 mill reports
Northern Pine Manufacturers:
Week-9 mill reports
42 weeks-378 mill reports
No.Hemlock.t Hardwood (softwoods):
Week-29 mill reports
42 weeks-1.721 mill reports
North Carolina Pine:
Week-126 mill reports
42 weeks-3.539 mill reports
Dalifornia Redwood:
Week-14 mill reports
42 weeks-588 m111 reports
Softwood total:
Week—f09 mill reports
42 weeks-23,694 mill reports
hardwood Manufacturers Inst.:
Week-1113 mill reports
42 weeks-8,734 mill reports
Northern Hemlock & Hardwood:
Week—I.9 mill reports
42 weeks-1,721 mill reports
lardwoods total:
Week-222 mill reports
42 weeks-10.455 mill reports
;rand total:
Week-802 mill reports
49 straalrq--• 9 495 mIll 0-orv...te
Shipmews.
M Ft.
P. C
of
Prod
Orders
M Ft.
P. C.
of
Prod,
68,307
69,029 101
2,826,848 2.849,549 101
87,183
2.832,170
98
100
185,338
167.752 91
7,378,433 7,412,805 100
158,116
7,455,636
85
101
35,450
29.350 83
1,485,701 1,496,611 101
25,242
1,379,860
71
93
24.782
16,626
1,166,270 1.131.213
67
97
16.429
1,140,041
66
98
7,901
333,048
9,976 126
364,782 110
7,861
342,921
99
103
4,195
203.862
2,313
178.111
55
87
2,632
159,597
63
78
11.914
435,637
12.611 106
423,979 97
9,338
407,397
78
94
8,232
314,831
7,472 91
318,510 101
5,009
332.213
72
106
346,119
315,129 71
292,711
14,144,430 14,175,560 100 14.049,83t
85
99
40,210 89
45,089
1,704,080 1,720,060 101
39,071
1,743,801
87
102
5.839 182
368.570 84
6,061
343.387
189
78
—
95
97
45,131
2.087.193
93
97
337.841
02
tnn I a 157 1108
86
3.213
439,897
48,049
48,302
2,143,966 2,088,630
394,421
18 955 VIP
561,178
18 9114 100
fle
West Coast Lumbermen's Association, Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 222 mills show that for the week ended Oct. 12
1929 orders and shipments exceeded production by 9.11%
and 0.01%, respectively. The Association's statement
shows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
222 mills report for week ended Oct. 12 1929.
(All mills reporting production, orders and bhipments.)
168,146,330 feet (100%)
Production
183.471,218 feet (9.11% over production)
Orders
168,165,213 feet (0.01% over production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (305 IDENTICAL MILLS.)
(All mills reporting production for 1928 and 1929 to date.)
196,099.223 feet
Actual production, seek ended Oct. 12 1929
205,850,828 feet
Average weekly production, 41 weeks ended Oct. 12 1929
208,017,584 feet
Average weekly production during 1928
211,925,312 feet
Average weekly production last three years
205,842,748 feet
* Weekly opemtin2 capacity
• Weekly operating capacity Is based on average hourly production for the 12
hours per week.
operating
of
number
normal
last months preceding mill check and the
5% EEKLY COMPARISON (IN FEET) FOR 219 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Sept. 21.
Seri. 28.
Oct. 5.
Oct. 12.
Weeks Ended—
167,846,630 171,938,591 183,403,749 183,654,406
Production
183,177,218 167,533,771 165,746,159 175,400.6 8
Orders
63,079,600 65,705,009 67.756,382 70,313,128
Rail
63,720,050 53,861,661 51,856,277 53,523,773
Domestic cargo
39,329,929 31,545,101
32,798,089 39,016,991
Export
17,058,639 10,422,000 13,335,411
12,546.726
Local
167,951,213 176,354,602 167,605,113 169,549,164
Shipments
84,755,883 66,233,583 71,108,616 70,816,967
Rail
58,724.310 56,692,936 50,341,283 52,425,091
Domestic cargo
37,005,883 32,819,803 33,780.380
29.414,381
Export
17,056,639 16,422,000 13,335,411
12,546,726
Local
647,054,485 635,300.729 650,250,487 659,474,549
Unfilled orders
162,042,881 165,864,375 167,372,044 172,937,823
Rail
264,280.911 258,294,482 264,510,505 286,471,336
Domestic cargo
220,130,693 211,141,872 218,307,918 220.065.390
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for
1928 and 1929 to date.)
. Agerage 41
Average 41
Week Ended
Ireeks Ended
Weeks Ended
Oct. 12 1029.
Oct. 12 1929.
Oct. 13 1928,
100,786,660
113,643,448
109,533,300
Production (feet)
113,623,344
111,710,129
121,003,17
Orders (feet)
103,201,231
112,438,044
121,354,53
Shipments (feet)
DOMESTIC CARGO DISTRIBUTION WEEK END. OCT. 5 1929 (113 mills)
Orders on
Hand liegin.° II eel Orders
Oct. 5 1929 Received.
Washington & Oregon
(96 Af Uls)—
LIalifornla
Atlantic Coast
Miscellaneous
CancelLotions,
Shipwenn.
Unfilled
Orders
Week Ende
Oct. 5 1929
Feet.
Feet.
Feet.
Feet.
1 -1.
,
96,210.442 16,590,701
256.555 20.887.587 91.677.02
119,703.877 26,277.625 3.108.052 24,114.791 118.758.65
1,704.365 2,203,989
61i.
250
848,494
Total Wash.& Oregon 217.618,884 45.162,315 3,304,857 45,830,852 213,585,2
Brit Col. (17 Mills)—
California
Atlantic Coast
Miscellaneous
882.000
1.745.000
17.227.128 2.561.202
25.000
2,398.000
Total Brit, Columbia_ 21,370.128 3.448.292
—
Tntal Aorna.Ain waron
None
683,576 1.923.42
None 4,345.891 15.442.52
None
825.000 1.598.
--None 5,854,467 18.963.95
9:111 nRit_RI2 48 1112 1127 2 2/4 227 mi 55. tin 0T., RAO 'so
Om 26 1929.)
FINANCIAL CHRONICLE
Federal Farm Board Recommend Extension of Foreign
Crop Reporting Service by Department of Agriculture.
In line with the announced policy of availing itself wherever
possible of the services of existing Government agencies, thus
avoiding unnecessary duplication of effort and expense, the
Federal Farm Board has requested the Secretary of Agriculture "to indicate to the Bureau of Agricultural Economics
the need of prompt enlargement of its crop reporting and agricultural outlook service in the foreign field." This action was
taken following a conference of the Farm Board with officials
of the Departments of Agriculture and Commerce at which
Dean Edwin F. Gay, Dr. Alonzo Taylor and Mr. Asher
Hobson presented their report on the development and extension of a foreign agricultural marketing and outlook service.
The report, prepared by these specialists after several weeks
of study and investigation undertaken on behalf of the Farm
Board, was discussed in detail at the conference and unanimously approved. Recommendations made in the report
include the following:
First, that the Board support the Department of Agriculture in a request
if Congress for additional funds for the extension of the foreign service of
the Department.
Second, that the Board support a request of the Department of Agriculture for the enactment of legislation to extend the foreign information
service of the Department of Agriculture In harmony with a plan agreed
upon by the Departments of Agriculture and Commerce and the Farm
Board.
Third, that a liaison committee, with representatives from the Departments of Agriculture and Commerce and the Federal Farm Board, be
created to co-ordinate the foreign work of the Departments of Agriculture
and Commerce In so far as it is directly related to the collection of agricultural outlook information.
It was also announced (Oct. 17) by the Farm Board that
temporarily it has expressed to the Secretary of Agriculture
a willingness to carry the additional expense required for the
enlarged foreign agricultural service because such information is urgently needed in the effective administration
of the Agricultural Marketing Act, and the Board does not
wish to set up agencies of its own to do work which it believes can be done more satisfactorily by existing agencies.
The Board further states:
In their report Dean Gay, Dr. Taylor and Mr. Hobson emphasized that
she present foreign agricultural information service was inadequate. "Its
greatest lack," the report said, "is permanent foreign reporting stations
and commodity and market estimators. If the Department of Agriculture
is to report In anything like a satisfactory manner the world situation on
Important commodities, It will require no less than ten foreign posts to cover
the important prodJcing and consuming areas. Each of these posts should
be in charge of one with an official rank sufficient to commend the respect
and attention of foreign governments. When in charge of an office located
In a foreign capital, he should have the designation of Agricultural Attache
and be attached to the Embassy or Legation of the United States." The
report suggested the following locations of offices and territories for the
proposed ten foreign posts:
1. London-British Isles.
2. Berlin-German-speaking Central Europe,Germany,Austria, Czechoslovakia and Poland.
3. Paris-Hollaud. Belgium and France, with the exception of southern
France.
4. Marseilles-Mediterra ean basin.
5. Copenhaven-Scaudinavian countries, Denmark, Norway and
Sweden.
6. Bucharest-Danube basin.
•
7. Buenos Aires-South America with especial reference to Argentina
and Brazil.
8. Melbourne-Australia and New Zealand.
9. Johannesburg (or Pretoria)-South Africa.
10. Shanghai-The Orient.
The report states that "the development of such a service calls for close
so-operation between the Department of Agriculture and the existing foreign forces of both the Departments of State and Commerce."
•
2605
Activity in the Cotton Spinning Industry for
Sept. 30 1929.
The Department of Commerce announced on Oct. 19
that according to preliminary figures compiled by the Bureau
of the Census, 34,843,998 cotton spinning spindles were in
place in the United States on Sept. 30 1929, of which 30,037,922 were operated at some time during the month, compared
with 30,236,880 for August, 30,397,190 for July, 30,631,800
for June, 30,937,182 for May, 30,911,416 for April and
28,309,094 for September 1928. The aggregate number of
active spindle hours reported for the month was 7,881,178,700. During September the normal time of operation
was 245/ days (allowance being made for the observance of
Labor Day in some localities) compared with 27 for August,
25 for July, 25 for June, 26% for May,and 25 2-3 for April.
Based on an activity of 8.88 hours per day the average number of spindles operated during September was 36,225,311
or at 104.0% capacity on a single shift basis. This percentage compares with 97.7 for August, 100.3 for July,
104.8 for June, 110.9 for May, 110.3 for April, and 90.1
for September 1928. The average number of active spindle
hours per spindle in place for the month was 226. The total
number of cotton spinning spindles in place, the number
active, the number of active spindle hours and the average
hours per spindle in place, by States, are shown in the
following statement.
Spinning Spindles.
Mare.
In Plats
Sept.30.
Active During Sept.
Active Spindle flours for Sept.
Total.
Average per
Spindle in Place.
34.843.998
30,037,922
7.881.178.700
228
Cotton growing Maim 18,879.780
New Ktutistal States- 14.537,710
1,426,508
All other States
18,022,392
10,743,622
1.271.908
5.503.483.158
2,137.835,991
239,859.151
292
147
168
1,836,354
1.107,420
3,120,914
1.058,532
8.611,812
177,346
1,375.166
381,e12
688.128
6,221.852
2,267.876
5,588.828
619.560
281.948
700.054
705 Inet
1,766,852
954.668
2.996.834
844,652
6.286,978
117,978
967,648
352.270
612.196
5.903,282
1,572.772
5,464,394
566438
241.288
677.418
525.846.774
205,065,076
880,418.804
172.788,605
1,213,880,164
36.381,538
195,955,918
50.582.147
126,288,206
1,777,094.725
327,241.463
1.798.532,305
197.348.695
59.847.732
143.51 tuni
286
185
282
163
141
205
142
133
184
288
144
322
319
212
202
213
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
51 lasIssippi
New Ilampshlre
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
7t., 5-4
Petroleum and its Products-California Crude Prices
Cut In Effort to Check Overproduction-Move by
Standard Oil Co. Creates New Problem for MidContinent Operators.
The situation in California,' where the State is meeting
new obstacles continuously in its move to enforce the State
Gas Conservation Law, has become chaotic as the result of
the drastic cut in crude oil prices made Oct. 21 by the Standard Oil Co. of California, and subsequently met by the
General Petroleum Co., Shell, The Texas Co., Richfield Oil
and the Union Oil Co. The reductions in the prices paid by
Standard for crude in the Santa Fe Springs, Seal Beach and
Signal Hill fields runs from 40 cents a barrel to $1.05 a barrel.
They have posted a flat price of 40 cents a barrel for 19 to
24.9 gravity oil and 60 cents for 25 to 32.9 gravity oil in the
In requesting the Secretary of Agriculture to extend and Signal Hill and Seal Beach fields. In the Santa Fe Springs
expand the foreign agricultural marketing and outlook flat prices have been posted of 40 cents a barrel for 21 to 28.9
service of the Bureau of Agricultural Economics, the Farm gravity oil and 60 cents a barrel for 29 to 39.9 gravity.
The official .statement of Presient K. R. Kingsbury of
Board resolution stated:
Whereas. The Federal Farm Board by the provisions of Section 5. para- the Standard Oil Co. of California, which points out that
graph (3) of the Agricultural Marketing Act is authorized and directed "to
economic conditions justify the drastic cuts, reviews the
keep advised from any available sources and make reports as to crop prices,
experiences, prospects, supply and demand, at home and abroad": and general situation in California resulting from overproduesince an estimate of visible prospective supplies together with an estimate tion, and emphasizes the fact that "there has been continued
of effective demand for American agricultural products imperatively requires
opposition to the state conservation law on the part of those
aa accurate a knowledge as can be obtained of the world situation in
regard
to acreage sown, crop conditions, stocks on hand, numbers and kinds of controlling a small percentage of production in the fields
livestock, price trends and an appraisal of purchasing power; and since the affected, which opposition continues to delay the operation
present foreign crops, livestock and market reporting service is inadequate
of the law, thereby prolonging the indefensible waste of great
to meet the pressing needs of agriculture in attempting to adjust production
programs and marketing practices to probable demand, or to serve as a quantities of natural gas and resulting in an overproduction
reliable guide to the Federal Farm Board in meeting its responsibilities, it
of crude oil in fields in question. Mr. Kingsbury points out
is evident that an enlargement of this crop reporting an outlook service
that co-operative effort in California to control flush pools
In the foreign field is required.
Whereas. The Department of Agriculture expends over two million has failed, and concludes by saying: "It is an established
dollars annually in collecting within the boundaries of the United States
policy of this company to currently offer producers such
statistical information in regard to production, pricer and the market situaprices for crude oil as conditions warrast. Present condiLion with reference to agricultural products: and sine* foreign agricultural
informatian service must be largely a supplement of these activities, it is tions do not justify offering of prices which will encourage
essential that the demonic and foreign work be unified in contributing to
overproduction."
an adequate outlook service for American agriculture. For these reasons. continued
It is felt in the east that the drastic action taken in
It Is recommended that the Department of Agriculture assume responsibility
for undertaking this task. At the same time, it is essential that there be California will result in bringing into agreement those comclose co-operatien between the Department of Agriculture and the Depart
panies that have been obstructing the enforcement of the
mints of State and Commerce in order to avoid duplication of activities In
the foreign field, and to utilize to the fullest extent the information collected conservation law. It is pointed out that the cut will reduce
by these dreertesents.
their inoom• from crude produatioa by just about one-hair.
2606
FINANCIAL CHRONICLE
It is thought by leaders here that if the desired result is obtained, namely, general agreement among the small producers as to enforcement of conservation, the new low levels
will not continue for long. On the other hand,if the new low
levels do continue then the effects will be felt throughout the
industry in all parts of the country.
California gasoline, due to the overproduction of crude in
that State, has already encroached in marketing districts
of other regining territories to a great extent this year. What
would happen to the general market if California begins to
sell gasoline made from half-price crude is puzzling eastern
operators.
In Mid-continent fields, where prices have been maintained
since early this year, despite repeated cuts in Pennsylvania,
the situation is more acute. Continuation of the California
low prices will probably force a cut in Mid-continent, but
late advices from there indicate that this action will not be
taken until absolutely necessary. A conference of Midcontinent producers is being held in New York, it was
learned Friday. They have successfully effected a prorated
production schedule in Mid-continent which they felt would
automatically solve the production problem without readjusting the price structure.
With consumption of crude declining due to seasonal
causes, production last week took another jump, totaling
2,903,002 barrels daily, an increase of 65,100 barrels daily
over the preceding week.
Price changes follow:
[Vol,. 129.
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
NY(Bayonne)$.07)(@COS[Chicago
$.051i1New Orleans
$.074
North Texas
.05(4 fLos Angeles, export_ .05(4 1Tulsa
.0634
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne),$1.051Los Angeles
8.8111Gulf Coast
$.75
Diesel.
2.00 New Orleans
.95 Chicago
55
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne)$.051i1Chicago
S.03 1 Tulsa
8.00
Crude Oil Output in United States Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ending Oct. 19 1929, was 2,903,200 barrels, as
compared with 2,838,100 barrels for the preceding week, an
increase of 65,100 barrels. Compared with the output for the
week ended Oct. 20 1928, of 2,504,400 barrels per day,
the current figure represents an increase of 398,800 barrels
daily. The daily average production east of California for
the week ended Oct. 19 1929 was 2,020,700 barrels, as
compared with 1,965,600 barrels for the preceding week, an
increase of 55,100 barrels. The following are estimates of
daily average gross production, by districts, for the weeks
shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedOct. 19 '29. Oct. 12 '29. Oct. 5 '29. Oct. 20 '28.
Oklahoma
708,250
650,550
743,350
669,050
Kansas
111,500
112,100
124,500
98,300
Panhandle Texas
107,650
106,200
122,600
65,300
North Texas
92,900
94,000
94,850
91,400
West Central Texas
57,300
56,200
56,850
54,450
West Texas
364.500
371,900
365,150
336,850
East Central Texas
18,450
17,100
17,150
21,950
73,000
Southwest Texas
70,150
71,450
26,550
North Louisiana
39,450
41,200
43,700
38,650
64,800
Arkansas
64.450
64,950
82,300
143,500
Coastal Texas
138.550
110,400
132,100
Coastal Louisiana
24,750
26,600
28,200
20,100
Eastern (not incl. Michlgan)
120,250
120,000
120,450
112,100
16,800
Michigan
17,350
2,400
18,300
54,950
Wyoming
56,300
57,300
63,050
Montana
10,750
10,800
10,950
11,200
5,450
Colorado
6,350
5,600
7,250
New Mexico
6,450
6,550
3.000
6,250
California
882,500
872,500
886,300
615,800
Oct. 21:-Reductions in prices paid for crude announced by Standard
Oil Co. of California, and met by General Petroleum Co., Shell, The
Texas Co., Richfield Oil and Union Oil Co. Reductions range from 40
cents a barrel to $1.05 a barrel. New prices are on a flat level of 40 cents
a barrel for 21-28.9 gravity oil and 60 cents a barrel for 29-39.9 gravity oil
at Santa Fe Springs fields; 40 cents a barrel for 19-24.9 gravity oil and
60 cents a barrel for 25-32.9 gravity oil at Signal Hill and Seal Beach fields.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Total
2,903,200 2,838,100 2,887,050 2,504,400
Bradford, Pa
$3.05 Smackover, Ark., 21 and over
8.90
The estimated daily average gross production for the Mid-Continent
Corning, Ohio
1.75 Smackover, Ark., below 24
.75
Kansas,
Oklahoma,
Panhandle, North, West Central, West,
Cabe11, W. Va
1.35 Eldorado, Ark., 34
1.14 field, including
Illinois
1.45 Urania, La
.90 East Central and Southwest Texas, North Louisiana and Arkansas, for the
Western Kentucky
1.53 Salt Creek, Wyo., 37
1.23 week ended Oct. 19. was 1,637,800 barrels, as compared with 1,583,850
MidcontInent, Oklahoma, 37
1.23 Sunburst, Mont
1.65
Corsicana, Texas. heavy
.80 Artesia, New Mexico
1.08 barrels for the preceding week, an increase of 53,950 barrels. Tile MidHutchinson, Texas. 35
.87 Santa Fe Springs, Calif., 33
.60 Continent production, excluding Smackover (Arkansas) heavy oil, was
1.00 Midway-Sunset. Calif., 22
Luling, Texas
.80 1,592,100 barrels, as compared with 1,538,450 barrels, an increase of 53,650
Spindletop, Texas, grade A
1.20 Huntington, Calif., 26
1.09 barrels.
Spindletop, Texas. below 25
1.05 Ventura, Calif., 30
1.18
The production figures of certain pools in the various districts for the
Winkler, Texas
.65 PetroIla. Canada
1.90
current week, compared with the previous week, in barrels of 42 gallons,
REFINED PRODUCTS-NO CHANGES MADE IN EASTERN PRICE follow:
STRUCTURE ON GASOLINE-KEROSENE DEMAND CON-Week Ended-1Veek EndedTINUES-DOMESTIC HEATING OILS MOVING IN GOOD
OklahomaSouthwest Texas-Oct. 19. Oct. 12.
Oct. 19. Oct. 12.
VOLUME.
r Dome
200 Laredo District
4:2
24,550 27
9,350 9.700
7.000
Luling
10,500 10,750
There have been no developments of importance in the Bowlegs
30,650 30,750 Salt Flat
37,000 38,400
Bristow-Slick
0,500 21,000
North Louisianagasoline situation in the eastern markets. Prices. are un- Burbank
18,100 18,100 Ilaynesville
4,850 4,850
10,150 9,700 Urania
changed from last week. There has been a slight falling Carr City
5,750 5,700
Cromwell
A rkansas-7,800 7,800
off in business reported, with buyers again operating on a Earlsboro
69,100 74,400 Champagnolle
5,600 5,500
Seminole
6,500 7,300 Stnackover (light)
5,800 5,800
hand to mouth basis. The weather of the past few days East
Little River
50 8
1 1,950 Smackover (heavy)
7
19:5
6030
45,700 45.400
7,500
Coastal TexasCounty
has proved one redeeming feature in an otherwise quiet week. Logan
Maud
10.100 10,600 Barbers 11111
20,700 19,750
Sales showed a spurt during the latter part of this week as Mission
20,050 22,300 Hull
10,800 10,250
Oklahoma City
x75,450 1,000 Pierce Junction
11,400 9.850
excellent motoring weather returned.
St. Louis
12.100 12,200 Raccoon Bend
8,650 8,600
56,150 58,650 Spindleton
23,300 23,100
Prices at New York for U. S. Motor Gasoline remain at Sasakwa
Searight
11,300 11,500 Sugarland
11,400 11.250
Seminole
31,150 31,950 West Columbia
6,700 6,700
8.75 to 9 cents, tank car. There was some talk earlier in the Tonkawa
8,500 8,500
week to the effect that one of the larger units was planning
KansasCoastal LouisianaCounty
20,800 21,000 East ilackberry
1,800 2,000
an advance, but nothing has materialized. The California Sedgwick
Panhandle TexasOld Hackberry
2,300 2,800
Carson
County
9,750 9.300 Sulphur Dome
7,600 8.700
situation has stopped whatever plans there may have been Gray County
Vinton
4,200 4,200
801
looking to higher prices. This is true not only in gasoline Hutchinson County
6000 28
'Vito/wino8.'6
67
29:2W
North TexasSalt Creek
32,300 32,450
but in kersosene as well. With sales mounting rapidly, it Archer County
18,600 18,700
illontana30,900 31,100 Sunburst
County
6.800 6,900
had been felt by refiners that the time was ripe for a slight Wilbanter
West Central TexasBrown County
California10,500 9,150
upward movement. But with crude oil in California now Shackelford
County_ _ _ - 10,000 10,000 Dominguez
8,000 8,500
West TexasElwood-Goleta
selling for half of what it was last week, the entire market H
31,500 25.000
Crit
ownaera
dnc
d0U
0p
0toyn Cos.__ 45,100 46,150 Huntington Beach
42,000 42,500
problem here has become more involved. It is considered
39 900 37,900 Inglewood
23,000 23.000
County
138,600 139,850 Kettleman Hills
10,000 10.000
practically certain in official circles here that there will be Pecos
Reagan County
17,200 17,500 Long Beach
169,000 171,000
112,500 119,200 Midway-Sunset
71,500 70.000
no upward revision of refined products prices until the coast Winkler County
Ventura Avenue
s 273.000 265.000
East Central Tesascondition has been solved. There has been a healthy moveSanta Fe Springs
38.500 41,000
Corsicann-PowelL
6,800
Seal
Beach
6,700
62,500 63,000
ment on domestic heating oils, at steady price levels.
Increase due to rearrangement of proration plan.
In New England the gasoline situation remains steady and
unchanged. Prices are firm, and business is continuing in
about the same volume as of the last few weeks. At other
seaboard points conditions are unchanged. California gasoline prices have not yet reflected the change in the situation
on the west coast. The price level of the past few weeks has
been maintained, namely, 9 cents at New York and Philadelphia, and 9 to 9.25 cents at Baltimore.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
N Y(Bayonne)S.0834@$.09 Arkansas
8.06% North Louisiana_ --$.07
.064
West Texas
.064 California
.07
Chicago
.094 Los Angeles, export_ .0716 Oklahoma
.09%
New Orleans
.07U Gulf Coast, export .08 Pennsylvania
Gasoline, Service Station, Tax Included.
Minneapolis
New York
$.182
$.18
5.18 Cincinnati
Atlanta
.195
New Orleans
16
.21
Denver
Baltimore
.21
.188 Philadelphia
22 Detroit
Boston
.215
.20 Houston
18 San Francisco
Buffalo
205
.15 Jacksonville
24 Spokane
Chicago
.169
.15 Kansas City
170 St. Louis
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,289,500 barrels, or 94.9% of the 3,467,200 barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
Oct. 19 1929, report that the crude runs to stills for the
week show that these companies operated to 85.1% of their
total capacity. Figures published last week show that
companies aggregating 3,307,300 barrels or 95.4% of the
3,467,200 barrel estimated daily potential refining capacity
of all plants operating in the United States during that week,
but which operated to 84.3% of their total capacity, contributed to that report. The report for the week ended
Oct. 19 follows:
OCT. 26 1929.]
FINANCIAL CHRONICLE
2607
It is the established policy of this company to currently offer producers
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
such prices for crude oil as conditions warrant. Present conditions do not
WEEK ENDED OCT.19(BARRELS OF 42 GALLONS).
justify the offering of a price whic will encourage continued over-production.
Note: Hitherto prices offered for crude oil have differed according to
P. C.
P. C.
Gas
differences in gravity, as follows:
Oper,
Crude
Potenand
Per Barrel.
Of Tot. Gasoline
Runs
Hal
Santa Fe SpringsFuel Oil.
$0.89 to $1.10
Capac.
Stocks.
to
District.
Cotner
21. to and including 28.9 degrees gravity
Stocks.
1.15 to 1.65
Report
Stills.
Report.
29, to and including 39.9 degrees gravity
Signal Hill9.163.000 19, to and including 24.9 degrees gravity
.80 to 1.01
4,261,000
3.552,100 85.8
East Coast
100.0
740.000 25, to and including 32.9 degrees gravity
1.05 to 1.35
790,000
622,500 79.6
Appalachian
89.5
3.791.000
4,013,000
2,125,000 90.8
Indiana, Illinois & Ky.- _ 98.0
Beach
Seal
4,020.000 19, to and including 24.9 degrees gravity
.80 to 1.01
2.240.000
1,952,100 76.9
Okla., Kan., Missouri__ _ 84.5
13,776,000 25, to and including 32.9 degrees gravity
1.05 to 1.35
4,334,000
4,205,200 89.2
91.8
Texas
5.016,000
1,637.000
80.2
1,483.800
Louisiana-Arkansas
97.1
The reductions at Santa Fe Springs will average between 70c. and 75C,
972,000
1.713,000
93.4
Rocky Mountain
475,400 54.7
5.175.900 89.4 13,172,000 108,943,000 per barrel, at Signal Hill 50c. to 60c. per barrel, and at Seal Beach,approxi98.4
California
mately 50c. per barrel.
Total week Oct. 19
94.9 19,592,000 85.1 32,160.000 146,421,000
2,798,800
Daily average
Associated Press advices from San Francisco Oct.21 stated:
Total week Oct. 12
95.4 19,518,700 84.3 32,324,000 145,208,000
Drastic price cuts for crude oil faced the California industry to-day
2.788.400
Daily average
when it became known that the Shell 011 Co. would follow the action of the
10.335.000 Standard Oil of California in marking down bids roughly 50%.
3,628,000
3,233,500 91.7
100.0
Texas (Gulf Coast)
4.273.000
1.366.000
1.035.000 54.0
100.0
Louisiana (Gulf Coast
Executives of the Shell company said the schedule set by Standard would
Note.-All crude runs to stills and stocks figures follow exactly the present Bureau be followed by Shell as a matter of course. The Union Oil Co. also was
of Mines definitions. In California, stocks of heavy crude and all grades of fuel expected to announce a schedule of price cuts affecting fields not dominated
oil are indluded under the beading "Gas and Fuel 011 Stocks." Crude oil runs
by Standard.
to stills include both foreign and domestic crude.
The remaining purchasers were expected to fall into line, with the result
that many small independents would be forced to limit output sharply.
September.
for
Gross Crude Oil Stock Changes
Necessity of checking the rate of production of crude grew from piling up
stores which taxed storage facilities, and placing supply steadily above
Pipe line and tank farm gross domestic crude oil stocks of
demand, thereby giving the industry a touch of "acute economic indieast of the Rocky Mountains increased 619,000 barrels in gestion."
the month of September, according to returns compiled by
From Los Angeles Oct.22 the "Wall Street News"reported
the American Petroleum Institute from reports made to it the following:
Union Oil Co. of California has posted new prices for Ventura Ave.
by representative companies. The net change shown by
field crude oil corresponding to those established by Standard Oil of Calideand
increases
the
for
accounts
companies
the reporting
fornia Monday at Signal Hill and Seal Beach. Offering prices for crude at
creases in general crude oil stocks, including crude oil in the well compare: Nineteen to 24.9 gravity, old price 80c. to $1.01 a barrel,
new price 40c. a barrel: 25 to 32.9 gravity, old price $1.05 to $1.35, new
transit, but not producers' stocks at the wells.
price 60c.
Reduced Oil Prices Announced by Standard Oil Co. of
California as Result of Over-production-Says
Enforcement of California Conservation Act Will
Stop Waste.
A marked out in the price of crude oil was announced on
Oct. 19 by the Standard Oil Co. of California, the reduction,
It is noted in the New York "Times," averaging between 50
and 75 cents a barrel. That paper (in its issue of Oct. 22)
also said:
Copper and Lead Firm Despite Slow Trading-Zinc and
Tin Lower with Improved Buying by Consumers.
Developmentsoutside of the metal marketsexerted a marked
influence on trading, and business in the past week, taken
as a whole, fell far short of expectations, "Engineering and
Mining Journal" reports, adding:
In London, prices for the major non-ferrous metals were under pressure
most of the week, but the price situation here underwent little change
Both copper and lead ruled firm, with shipments to consumers continuing
at a high rate. Zinc was reduced in price to bring the market in line with the
import parity. Tin moved into new low ground and some good business
In some Instances more than 50% of the former prices was lopped off.
Prices paid by the Standard of California, the principal purchaser in was placed on the decline.
Domestic sales for copper again were below the average. Export business
that State, in the past have varied according to differences in the gravity
of the oil. Under the new schedule a flat price basis is established. The continues dull,sales so far this month totaling about 18.000 tons. Domestic
demand for the red metal was principally for October-November shipment.
prices now in effect compare with the former sliding scale as follows:
New Price
Former Price
The call for prompt metal is interpreted as an indication of very low reserves
(Per Barrel).
Santa Fe Springsgarra).
in the hands of many consumers.
$0.40
$0.89 to 81.10
21 to 28.9 degrees gravity
Although a fair tonnage of lead has been sold in the last week, total busi.60
1.15 to 1.65
23 to 39.9 degress
ness fell below the levels established in recent weeks. The American SmeltSignal Hill$0.40
$0.80 to 1.01 ing & Refining contract price remain at 6.90 cents. New York. Shipments of
19 to 24.9 gravity
25 to 32.9 gravity
.60
1.05 to 1.35 lead to domestic consumers will be heavy in October-in all probability
Seal Beach$0.40
$0.80 to $1.01 about 60,000 tons.
10 to 24.9 gravity
25 to 32.0 gravity
.60
1.05 to 1.35
The market for zinc was reduced to 6.70 cents per pound, St. Louis, in
market here was caused by the recent weakness
The reductions at Santa Fe Springs average between 70 and 75 cents a the past week. The lower
abroad had reached a point where importations
barrel, at Signal Hill 50 to 60 cents a barrel, and at Seal Beach about 50 in London. as the price
hardly practical. Buying continued along
though
would have been possible,
cents a barrel.
moderate lines, but the fact that the sales total for the week did register
The announcement issued by the Standard Oil Co.on Oct. some improvement was encouraging to producers.
Tin had no support in London, which was followed by free offerings here,
19 follows:
cents.
Effective Oct. 21 1929, the following are the current prices offered by with sales as low as 40H
Standard 011 Co. of California for crude oil at the well in the Santa Fe
Springs, Signal Hill, and Seal Beach fields:
Steel Output Undergoes Little Further ReductionPer Bbl.
Santa Fe Springs$0.40
Rail Orders and Ship Steel Bookings Large-Price
21, to and including 28.9 degrees gravity
.60
29, to and including 39.0 degrees gravity
Pig Iron Higher-Steel Price Unchanged.
of
Signal NW.40
19. to and including 24.9 degrees gravity
news has accentuated the contrast between the
week's
The
.60
degrees
32.9
and
25, to
including
gravity
Seal Beachof the automobile industry and the
requirements
steel
reduced
.40
19, to and Including 24.9 degrees gravity
.60
25, to and including 32.9 degrees gravity
sustained demand from other sources, says the "Iron Age"
The Standard Oil Co. of California offers the above reduced prices as a of Oct. 24, in its weekly summary of the iron and steel
result of the long continued unrestrained over-production of crude oil in the
markets. The "Age" further states:
flush fields named
shipbuilding
Rail orders have added 563.000 tons to mill books and
Since Jan, 1 1929 there has been added to storage over 40.000.000 barrels
for the
of oil and the present over-production is 200.000 barrels per day In ad- contracts will account for 105.000 tons. Structural steel awards
tons in the
dition, there is being blown into the air in California at the present time week are high. totaling 58,000 tons, compared with 23,000
call for
800.000.000 cu. ft. of gas daily. This is more than twice as much natural preceding week. Freight equipment purchases so far in October
of the
gas as is now being used for industrial and domestic purposes in the State. 20.000 cars, or 28% of the total number bought in the first 9 months
year. and orders for 25.000 additional cars are in prospect.
In terms of fuel oil this quantity of gas is equal to 132.000 barrels per day.
spring
of
production
up
Farm implement manufacturers are stepping
The last Legislature of the State of California passed an Act prohibiting
orders for
the waste of natural gas. On June 26 1929, the authorities charged with the tools and will soon be operating at a peak rate. The entering of
price, will
that
law
the
industry
would
oil
be
tin
plate, following the impending announcement of next year's
enforcement of this law notified the
increase
put into effect midnight Aug. 311929. The enforcement of this law will enable mills that are not now working n anticipated tonnage to
not only stop the waste of natural gas, but will result in a material cur- their production.
to
Steel mill operations show wide variations, depending on the extent
tailment in the production of crude oil. Anticipating that the law would be
industry, but
enforced, this company refrained from reducing its offered price for crude which different finished products are used in the motor car
independoils in the fields mentioned, although it had been evident for several months steel ingot output has undergone little further reduction. Some
ents are making raw steel at the rate of 70%.or even less, but the Bethlehem
that economic conditions Justified a drastic cut In the price of crude oil.
Corp.
average
Steel
Since Sept. 1 1929. there has been continued opposition to the State Steel Corp. Is operating at 82% and the United Staten
Conservation Law on the part of those controlling a small percentage of remains at 80%.
The view is gaining ground that production has struck bottom. In the
the production in the fields affected, which opposition continues to delay the
than
operation of the law, thereby prolonging the indefensible waste of great Valley district, which ships more steel to the automobile industry
quantities of natural gas and a resulting over-production of crude oil in the any other producing center. Ingot output is down to 70%. but DO further
curtailment is looked for. In the Pittsburgh area crude steel production is
fields In question
Within the last few days the Corporation Commissioner of the State of being maintained at an 80% rate and rail mill operations are being increased.
Oklahoma with the unanimous support of the operators and royalty owners. At Chicago the tardiness of rail specifications has caused the temporary
has curtailed the production in the flush and semi-flush fields of Oklahoma. banking of a steel works blast furnace.
been
Scrap markets are inactive, but the downward trend of prices has
so as to balance supply and demand. Similar co-operative effort has in the
a second
past successfully amtrolled and is now controlling over-production in arrested, with heavy melting grade unchanged at Pittsburgh for
serving the
Texas. Co-operative effort in the State of California to control flush pools week. Pig iron melt is well sustained except among foundries
Cleveland reports an increase in pig iron
has failed, notwithstanding the fact that in one of our flush fields it had the automotive Industry. In fact.
operaGood
equipment.
heating
of
manufacturers
shipments, notably to
support of 85% of the pi'''. 'action.
2608
FINANCIAL CHRONICLE
tions among steel foundries reflect the influence of railroad equipment
buying.
The outlook in the automobile industry remains uncertain. Production
of new models is being delayed until large stocks of present models, both in
manufacturers' and dealers' hands, are disposed of. The sale of used cars
Is also a problem, although In some sections distributers' stocks have been
reduced materially.
With the steel industry adjusting itself to the slump in automotive
requirements, the price situation gives signs of clarifying. At least changes
of the past week were not significant, being limited to recognition of recent
concessions or to the readjustment of quotations on certain products to
bring them into line with others Thus wire nails, which have lacked
stability for some time, now range from $2.40 to $2.50 a keg, Pittsburgh,
the lower figure representing a decline of $1 a ton from the previous minimum open quotation. At Chicago, bars and shapes have been reduced Si
a ton, following frequent shading of the former price. A decline in metal
furniture sheets to a flat price of 4.10c.. Pittsburgh, is in sympathy with
prior reductions In commoner finishes.
Shipbuilding is looming up as a more important outlet for steel. Two
Dollar line vessels have been placed with the Newport News Shipbuilding
& Dry Dock Co.. and six tankers have been awarded-two for the Sinclair
company to the Bethlehem Shipbuilding Corp., two Standard Oil Co.
vessels to the Federal Shipbuilding & Dry Dock Co., and two for the Tidewater Oil Co. to the Sun Shipbuilding & Dry Dock Co. These vessels,
together with two merchant ships to be placed this week, will require close
to 105,000 ODDS of steel. Six car floats, ordered by the Reading Co., will
call for 3,500 tons of plates and shapes.
Railroad equipment business recently closed, together with that which
will probably be placed in the next two months, will give most freight car
builders a substantial backlog of work for the early months of 1930. The
Pennsylvania has bought 1,000 steel box cars from the Bethlehem Steel
Corp.. and the Burlington has entered the market for 600 cars out of a
total of 2,700 to be inquired for.
The week's awards of fabricated steel included 17.500 tons for the Cornell
Medical Center, New York, and 16,000 tons for a Pennsylvania RR.
station at Philadelphia. Of 38.000 tons of new work that came into the
market, 15,000 tons is for a Chicago tower building. Conspicuous among
prospective projects is a 100-story building in New York for the Metropolitan Life Co., which will require 30,000 to 40.000 tons of steel.
The "Iron Age" composite price for pig iron has advanced from $18.29
to $18.38 a gross ton. The finished steel compost° remains at 2.369c. a
lb., as the following table shows:
Finished Steel.
Oct. 22 1929, 2.369c. a Lb.
2 3690.
One week ago
2.3840.
One month ago
2.362c.
One year ago
1 689c.
10-year pre-war average
Based on steel bars, beams, tank plates,
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1922_2.412e. Apr. 2 2.369c. Oct. 8
1928__2.391o. Dec. 11 2.314c. Jan. 3
1927...2.4530. Jan. 4 2.293c. Oct. 25
1926_2.4530. Jan. 5 2.4030. May 18
1925_2.5600. Jan. 6 2.396e. Aug. 18
Pig Iron.
Oct. 22 1929, $18.38 a Gross Too.
One week ago
$18.29
One month ago
18.29
One year ago
17.92
10-year pre-war average
15.72
Based on average of basic Iron at Valley
furnace and foundry irons at Chicago,
Philadelphia, Buffalo. Valley and Birmingham.
Low.
1929_518.71 May 14 $18.25 Aug. 27
1928... 18.59 Nov. 27 17.04 July 24
1927___ 19.71 Jan. 4 17.54 Nov. 1
1926..., 21.54 Jan. 5 19.46 July 13
1925.__ 22.50 Jan. 13 18.96 July 7
Producers, especially at Chicago, are beginning to receive releases for
steel for the record-breaking number of freight cars ordered in the past
30 days, and with equipment inquiry still heavy demand from this quarter
should be heartening over the remainder of the year.
Building steel awards are up to the seasonal average in most districts
and in excess of it in the East. Farm equipment manufacturers are matching
last October's specifications, while the general manufacturing trade is
somewhat lower.
Production of steel, especially bars, sheets and strip, for automotive
accounts is now the lowest since last December. A few releases for steel
for shipment beginning Nov. 15 have been filed, but until Ford and Chevrolet swing into now models, sometime next month,shipments will be light.
This situation Is unduly coloring the markets.
Steel prices, while soft in spots, have given no further ground and because
producers believe they are at the low point of this dip they are making
extraordinary efforts to hold current levels. There is continued sniping
against so-called official levels, but except for wire and nails, in which
adjustments have been made, no reductions aro warranted this week
Steelworks operations In the Chicago district have dropped from 85 to
80%, and hold at 85% in the Pittsburgh district. Steel ingot production
by Steel corporation subsidiaries increased this week to 83%. Compared
with 82% last week and 89% two weeks ago. Independents continue
operating at 77%•
Heavy orders for rails feature the finished steel market. The Pennsylvania placed 310,000 tons and the Now York Central 206,430 tons. for
1930 delivery, these figures including a 30% optional purchase reservation.
The Erie railroad covered for 46,460 tons. Of the total of 562.890 tons for
the three lines, 203,829 tons went to Chicago district mills. About 37% of
the Pennsylvania and New York Central tonnage will be rolled in that district. An award of 59.900 tons of rails by the Louisville & Nashville to a
southern mill brings the combined tonnage for the week to 622,790 tons,
considerably in excess of the 1929 •erchases by the same roads. Rollings
tr. Largo orders for track fastenings
will begin the latter part of this
include 2,500 tons placed at Chicago The Pennsylvania has ordered 1,000
steel box cars.
Specifications for finished steel in the Middle West are 15% higher than
shipments, while a month ago the rate of specifications was 10% under
shipments. Specifications for bar m111 products in Chicago were the best
for any 7-day period since March 15, with rail orders comprising 35 to 40%
of the total.
New orders for structural and bar mill products in the Middle West are
larger than those for plates, for the first time this year. About 5,000 tons
of new tank work has appeared, bringing the total of pending inquiries to
20,000 tons. Plate shipments to the Milwaukee fabricator of electric welded
pipe have been resumed in heavier volume. The Government has closed
for 26 helium tanks with a Milwaukee producer, taking a substantial tonnage of plates.
While the automotive industry generally defers sheet orders, the Ford
company is understood to have placed a round tonnage with an Ohio maker
for November delivery. Sheet mills in the Pittsburgh district specializing
on automotive sheets are down to 60% operations, while miscellaneous
requirements from other lines holds the general average to around 75%.
The leading interest stepped up sheet mill operations to slightly above 80%.
Sharp competition for cast iron pipe orders between eastern and western
makers has brought out lower figures in some districts. Bids are being
taken on a water line between Newark and Elizabeth, N. J., requiring
13,000 tons of cast iron and steel pipe. Nail prices have been revised for this
quarter, the base being reduced 5 cents, with the usual differentials.
Pig iron demand shows a tendency to slow up, although prices remain
steady. Beehive coke production continues to decline. Coke output by
furnace companies has dropped 50% in three weeks. Scrap prices are
easier, some grades falling off 25 to 50 cents in the past week.
End-of-the-season sales of Lake Superior iron ore at Cleveland total
100,000 tons.
The"Iron Trade Review's" composite of 14 leading iron and steel products
again reflects weakness, declining 8 cents from $36.24 to $36.16. The
September average was $36•50.
The "American Metal Market" this week says:
Steel production will be helped by increasing rail production. Railroads
on the whole are buying scarcely any larger tonnage of rails than in other
years, but they are buying earlier. Orders in the rail buying movement to
date total about 950,000 tons while it took until early December last year
to accumulate a similar total and until early November the year Wort
The roads which have thus far bought 950.000 tons bought about 900.000•
tons last year and about 925,000 tons the year before.
Activities of Pennsylvania Anthracite Collieries Increased During September, According to the
Federal Reserve Bank of Philadelphia.
Anthracite employment and wage disbursements increased
considerably from August to September, but declined from
Sept. 1928, according to indexes just released by the Federal
Reserve Bank of Philadelphia, on the basis of reports received
by the Anthracite Bureau of Information from 155 collieries
in Pennsylvania. The increase since August was partly
seasonal and was much larger than that which occurred during the same period in 1928.
The number of workers employed in September was
nearly 13% larger than in August, while the volume of wages
paid gained 21%. As compared with Sept. 1928, however,
there was a drop in employment of 6% and a decline of almost
26% in total wages.
Index numbers based on the monthly average for 1923,
1924, and 1925 furnished by the bank follow:
INDEX NUMBERS-1923-25 MONTHLY AVERAGE=100.
Employment.
January
February.
March
April
May
June
July
August
September
October
November
December
Illage Payments.
1927.
1928.
1929.
1927.
1928.
1929.
122.2
118.3
119.3
121.4
114.1
112.6
109.9
118.9
113.2
117.3
120.6
121.0
115.8
110.6
113.9
116.3
114.0
102.3
100.7
110.9
112.7
133.9
117.7
109.4
109.8
109.4
101.3
104.1
107.2
95.4
85.6
936
105.5
omococo.-,o-.00
Curtailed steel requirements of automobile manufacturers
and the consequent depression of steel producers dependent
upon this industry are obscuring market conditions which
for other volume consumers range from moderately good to
excellent, according to the current issue of the "Iron Trade
Review" of Cleveland, which further states:
[VoL. 129.
91.9
85.4
83.1
116.8
97.6
60.6
82.5
97.2
112.5
134.7
110.1
92.9
112.6
107.0
79.5
77.4
85.4
71.0
56.8
68.9
83.4
Output of Bituminous Coal and Beehive Coke for
Week Ended Oct. 12 1929 Ahead of Same Period a
Year Ago, While Anthracite Production is LowerAll Figures for Week Ended Oct. 12 of This Year
Higher Than in Preceding Week.
According to the United States Bureau of Mines, Department of Mines, the output of bituminous coal and beehive
coke for the week ended Oct. 12 1929, was ahead of that
for the corresponding period last year, while production of
Pennsylvania anthracite fell below that of a year ago.
However, figures for the week under review were higher
than those of the preceding week. Total output for the
week ended Oct. 12 1929, was as follows: Bituminous coal,
11,584,000 net tons; Pennsylvania anthracite, 1,956,000
tons and beehive coke, 109,800 tons. This compares with
11,274,000 tons of bituminous coal, 2,003,000 tons of
Pennsylvania anthracite and 90,600 tons of beehive coke
produced in the week ended Oct. 13 1928, and 11,110,000
tons of bituminous coal, 1,933,000 tons of Pennsylvania
anthracite and 107,400 tons of beehive coke in the week
ended Oct. 5 1929.
For the calendar year to Oct. 12 1929, the output of
bituminous coal was 402,944,000 net tons as compared with
373,487,000 tons in the corresponding period a year ago,
while production of Pennsylvania anthracite amounted to
58,137,000 tons as against 58,158,000 tons in the calendar
year to Oct. 13 1928. The Bureau's statement shows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Oct. 12 1929.
Including lignite and coal coked at the mines, is estimated at 11,584,000
net tons. Compared with the output in the preceding week, this shows an
increase of 474,000 tons, or 4.3%. Production during the week in 1928
corresponding with that of Oct. 12 amounted to 11,274,000 tons.
OCT. 26 1929.]
2609
FINANCIAL CHRONICLE
Estimated United States Production of Bituminous Coal (Net Tons).
1929
1928
Cal. Year
Cal. Year
Week EndedWeek.
Week.
to Date.
to Date.a
Sept. 28
11,453,000 380,250,000
11,056,000 351,174,000
Daily average
1,909,000
1,843,000
1,655,000
1,529,000
Oct. 5 b
11,110,000 391,360,000
11,039,000 362,213,000
Daily average
1,852,000
1,840,000
1,637,000
1,660,000
Oct. 12 c
11,584,000 402,944,000
11,274,000 373,487.000
Daily average
1,931,000
1,667,000
1,879,000
1.545,000
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.
The total production of soft coal during the present calendar year to
Oct. 12 (approximately 242 working days) amounts to 402,944,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1928
373,487,000 net tonal 1926
424,781,000 net tons
1927
409,789,000 net tonal 1925
385,137,000 net tons
As already Indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Oct. 5 is
estimated at 11,110,000 net tons. Compared with the output In the preceding week, this is a decrease of 343,000 tons, or 3%. The following table
apportions the tonnage by States and gives comparable figures for other
recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
00. 1923.
StateOct. 5 '29. Oct. 12'29. Oct. 6 '28. Oct. 8 '27. Average.a
Alabama
339.000
398,000
363,000
346,000
378,000
Arkansas
52,000
54,000
54,00048,000
28,000
Colorado
243,000
326,000
217,000
252,000
226,000
Illinois
1,230,000 1,236,000 1,385,000
757,000 1,558,000
Indiana
382,000
247,000
520,000
376,000
336,000
Iowa
92,000
28,000
116,000
93,000
81,000
Kansas
d
d
91,000
86,000
68,000
Kentucky-Eastern
1,020,000 1,070,000 1,049,000 1,054.000
764,000
Western
315,000
375,000
445,000
238,000
290,000
Maryland
55,000
56,000
60,000
57,000
35,000
Michigan
15,000
17,000
28,000
15,000
8,000
Missouri
74,000
70.000
74,000
81,000
61,000
Montana
82,000
94,000
84,000
80,000
82.000
New Mexico
51,000
55,000
56,000
60,000
58,000
North Dakota
65.000
56,000
37,000
43,000
36,000
Ohio
559,000
550,000
418,000
165,000
817,000
Oklahoma
76,000
83,000
98,000
60,000
79,000
Pennsylvania
2,801,000 2,896,000 2,737,000 2,578,000 3,149,000
Tennessee
108,000
110,000
118,000
103,000
118,000
Texas
16,000
19,000
20,000
29,000
26,000
Utah
138,000
126,000
118,000
101,000
121,000
Virginia
274,000
281,000
258,000
243,000
231,000
Washington
52,000
67,000
50,000
58,000
68,000
W.Va.-Southern b
2,122,000 2,270,000 2,038,000 2,172,000 1,521,000
Northern c
715,000
740,000
779,000
850,000
772,000
Wyoming
165,000
161,000
153.000
173,000
184,000
Other States
69,000
70,000
3,000
7,000
4,000
Total bituminous coal._11,110,000 11,453,000 11,039,000 10,246,000 11,310,000
Pennsylvania anthracite__ 1,033,000 2,055,000 1,915,000 1,586,000 1,968,000
Total all coal
13,043,000 13,508,000 12,954.000 11,832,000 13,278,000
a Average weekly rate for entire month. b Includes operations on the N. & W.;
C. dr 0.; Virginian; K. & M., and Charleston division of the B. & 0. c Rest of
State, including Panhandle. d Kansas included in "Other States."
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Oct. 12 is estimated at 1,056,000 net tons. Compared with the output In the
preceding week, this shows a decrease of 23.000 tons, or 1.2%. Production
during the week in 1928 corresponding with that of Oct. 12 amounted to
2.003,000 tons.
Estimated Production of Pennsylvania Anthracite (Na Tons.)
19291928
Cal. Year
Cal. Year
Week.
to Date.
Week.
Week Endedto Date.a
2,055,000
54,248,000
Sept. 28
1,852,000
54,240,000
1,933,000
56,181,000
1,915,000
Oct. 5
56,155,000
1,956,000 58,137,000
2,003,000 58.158,000
Oct. 12 b
a Minus one day's production first week in January to equalize number of days In
the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Oct. 12 is estimated at 109,800 net tons as against 107,400
tons in the preceding week, and 90.600 tons in the week of 1928 corresponding with that of Oct. 12. The following table shows the source of the
tonnage, by regions.
The accumulative production of beehive coke from Jan. 1 to Oct. 12
amounts to 4,991,500 tons, in comparison with 3,302,700 tons in the
corresponding period of 1928. This Indicates an increase during the current
year, of approximately 1,688,800 tons, or 51.1%.
Estimated Production of Beehive Coke (Net Tons).
1929
1928
Week Ended
to
to
Oct. 13
Date.
Date.a
1928.
1929.c
Region1929.b
66,700 4,048,200 2,335,100
82,700
Pennsylvania and Ohio__
85,100
472,800
443,500
11,300
11,900
West Virginia
12,600
125,300
62,300
2,800
1,400
Georgia,KY.and Tenn_ 1,200
231,900
194,800
4.700
6,500
Virginia
6,500
174,700
205,600
5,100
4,900
Colorado, Utah & Wash_
4,400
United States total
107,400
109,800
90,600 4,991,500 3,302,700
13,536
20,457
15,100
Daily average
17,900
18,300
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision. c Revised.
According to the weekly estimate of bituminous coal production in the United States, prepared by the National Coal
Association, the output of soft coal during the week ended
Oct. 19 1929 was 11,250,000 net tons.
Production of Coal and Anthracite in September
Higher.
According to the United States Bureau of Mines, the
total production of soft coal for the country as a whole
during the month of September is estimated at 44,515,000
net tons as against 43,889,000 tons in August. The average
daily rate of output in September was 1,832,000 tons.
Compared with the average daily rate for August, this
shows an increase of 12.7%. The production of anthracite
in the State of Pennsylvania during the month of September
amounted to 6,792,000 net tons, an increase of 838,000
tons, or 14.1%, over the output in August. The average
daily rate of production in September was 283,000 tons,
an increase of 62,000 tons, or 28.1% over the daily rate
for August. The Bureau's statement also gives the following
statistics:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN SEPTEMBER (NET TONS).
Anthracite.
Bituminous.
Month.
Total
Production.
No. of
Working
Days.
July 1929
August
September a
September 1928 b
40.635,000
43.889,000
44,515,000
41,971,000
26
27
24.3
24.4
Average
per
Working
Day.
1.563,000
1,626,000
1,832,000
1,720,000
No. of Average
, per
Total
Work
Working
Production. ing
Days.
Day.
4,993,000
5.954,000
6,792,000
5,927.000
26
27
24
24
192,000
221,000
253,000
247,000
a Revised. b Final revised figures.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on Oct. 23, made public by the Federal Reserve Board, and which deals with the result for the twelve
Reserve banks combined, shows decreases for the week of
$52,600,000 in holdings of discounted bills and of $1,900,000
'n Government securities, and an increase of $19,300,000 in
sills bought in open market. Member bank reserve deposits
declined $30,400,000, Government deposits $9,500,000 and
ederal Reserve note circulation $2,300,000, while cash reserves increased $31,500,000. Total bills and securities were
3,800,000 below the amount reported a week ago. After
foting these facts, the Federal Reserve Board proceeds as
ollows:
Holdings of discounted bills declined $56,300,000 at the Federal Reserve
ank of Chicago, $22,500,000 at New York and $7,100,000 at Boston,
.nd increased $16,100,000 at San Francisco and $6,300,000 at Cleveland.
he System's holdings of bills bought in open market increased $19,300,000.
hlie holdings of U. S Treasury notes declined $700,000, and of Treasury
ertificates $1,200,000
The principal changes in Federal Reserve note circulation for the week
ncluded a decline of $7,200,000 at the Federal Reserve Bank of Phlladel,lila and increases of $4,000,000 at New York and $3.400,000 at St. Louis.
The statement in full, in comparison with the preceding
eek and with the corresponding date last year, will be found
in subsequent pages-namely, pages 2645 and 2646. A
:ummary of the principal assets and liabilities of the Reserve
lanks, together with changes during the week and the year
aided Oct. 23, is as follows:
00. 23 1929.
Total reserves
Gold reserves
3,189,846,000
3.035,013,000
Total bills and securities
Increase (+) or Decrease (-)
During
Year.
Week.
+31,487,000
+30,177,000
+411.552,000
+388,783,000
1,336,656,000 -33,772,000
-211,526,000
Bills discounted, total
796.358.000 -52,577,000
Secured by U.S. Govt. obliga'ns. 372,352,000 -29,106,000
424,006,000 -23,171,000
Other bills discounted
-115,569,000
-181,041.000
+65,472.000
379,383,000
+19,273,000
-22,095,000
U. S. Government securities, total.. 135,704,000
37,955,000
Bonds
71,375,000
Treasury notes
26,374,000
Certificates of indebtedness
-1,924,000
-12.000
-691,000
-1,221,000
-95,343,000
-15,457,000
-54,292,000
-25,594,000
Federal Reserve notes in circulation_ _1,857,332,000
-2,289,000
Bills bought in open market
Total deposits
Members' reserve deposits
Government deposits
2.421.932.000 -38,605,000
2,378,057,000 -30,385,000
15.837,000 -9.514,000
+146,923,000
+47,459,000
+56,259,000
-9,403,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
2610
FINANCIAL CHRONICLE
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week has decreased $167,000,000. This decrease follows an increase of $88,000,000
last week, and a decrease of $91,000,000 two weeks ago.
The total of these loans on Oct. 23 1929, at $6,634,000,000,
compares with the high record of $6,804,000,000 established
on Oct. 2 1929 and with $4,772,000,000 on Oct. 24 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Oct. 23 1929. Oct. 161929. Oct. 24 1928.
Loans and investments—total
7,619,000,000 7,526,000.000 6,999.000,000
Loans—total
5,899.000,000 5.817,000,000 5,185,000.000
1,721,000,000 1.709,000,000 1,814,000.000
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
947,000.000
773,000.000
940.000.000 1,107.000,000
769.000,000 707.000.000
739,000.000
54,000,000
757,000.000
51,000,000
701,000,000
53,000.000
5,298,000.000 5,270.000,000 5,138,000.000
1,257,000.000 1,265,000,000 1,219,000,000
43,000,000
46,000,000
37,000.000
Net demand deposits
Time deposits
Government deposits
Due from banks
123,000,000 134.000,000
Due to banks
877.000.000 1.001,000.000
Borrowings from Federal Reserve Bank- 41.000,000
49.000,000
103.000,000
954,000,000
157.000,000
Loans on securities to brokers and dealers
For own account
1 077,000,000 1.095.000,000 957,000,000
For account of out-of-town banks
1.733.000.000 1.831,000.000 1,737.000.000
3,823,000,000 3.875,000.000 2,078,000,000
For account of others
On demand
On time
Loans and Investments—total
Loans—total
On securities
All other
6,634,000,000 6.801,000,000 4,772,000,000
6.194.000.000 6,372.000,000 4,162.000.000
439,000.000 429,000,000 610,000.000
Chicago.
2,117,000.000 2.119,000,000 2,067.000.000
1,733,000,000 1,735.000,000 1,610,000,000
1,004,000,000 1,008.000.000
729.000.000 727.000.000
857.000,000
752,000,000
384,000,000
385,000.000
458.000.000
162.000,000
221.000.000
162,000,000
222.000.000
206.000,000
252,000.000
187,000.000
15,000.000
181,000,000
15.000.000
183,000,000
17,000,000
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
1,309.000.000 1,291,000.000 1,276,000.000
683.000.000 645.000.000 670.000,000
11.000.000
9,000.000
8.000.000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
138.000,000
292.000.000
149,000,000
319,000,000
156.000,000
333,000,000
4,000,000
72.000.000
67.000,000
•Revised. a 1928 figures in process of revision.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board repecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Aug. 16:
The Federal Reserve Board's condition statement of weekly reporting
Member banks in leading cities on Oct. 16 shows increases for the week of
3121.000.000 in loans and investments, of 3366.000.000 in net demand
deposits and of $12.000.000 in time deposits, and a decline of $60.000.000
in Government deposits, with practically no change in borrowings from
Federal Reserve banks.
Loans on securities increased $130.000.000 in the New York district,
$52,000.000 in the Chicago district and $18.000.000 In the Boston district,
and declined $10,000.000 in the Atlanta district, all reporting banks showing
a net increase of $188.000.000. "All other" loans declined 364,000,000
In the New York district and $60.000.000 at all reporting banks.
Holdings of United States Government securities increased $7.000.000
In the New York district, and declined $7,000.000 in the Boston district
and S4.000.000 at all reporting banks. Holdings of other securities show
a net decrease of $2.000.000 for the week.
Net demand deposits, which at all reporting banks were $366.000.000
above the Oct. 9 total, Increased in all districts, the principal increases
by districts being: New York. $183,000.000: Chicago. $55.000.000: San
Francisco: $40.000.000; Boston. $35,000.000. Cleveland, $22.000.000. and
St LOU% and Kansas City $9.000,000 each. Time deposits increased
$10.000,000 in the San Francisco district. $8.000,000 in the New York
district and $12.000.000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for
the week comprise Increases of 323.000.000 at the Federal Reserve Bank
of Chicago and 38.000.000 at Minneapolis. and decreases of $17,000.000
at San Francisco, $7,000.000 at Cleveland, and $6,000.000 at Boston.
Borrowings of all reporting banks show a small increase for the week.
A summary of the principal assets and liabilities of weekly reporting
member banks. together with changes during the week and the year ended
Oct. 16 1929 follows:
Increase (+) or Decrease (—)
During
Oct. 18 1929.
Oct. 9 1929.
Oct. 17 1928.
Loans and investments—total_ _ _22.794.000,000
+121,000,000
Loans—total
17.397,000.000
+128,000,000 +1,408.000,000
7,875,000,000
9,522,000.000
+188.000,000 +1,019,000.000
—60,000.000 +389.000.000
On securities
All other
Investments—total
+822.000,000
5,397,000,000
—6.000.000
—586.000,000
IL S. Government securities.— 2,652,000,000
Other securities
2,745,000,000
—4.000,000
—2,000,000
—424,000.000
—162,000.000
Reserve with Federal Res've banks 1,737,000,000
Cash in vault
230,000.000
+51.000,000
—18,000.000
+20.000,000
—18,000,000
13.406,000,000
6,815,000.000
159,000.000
+366.000,000
+12,000,000
—50.000,000
+154,000,000
—33,000,000
—31.000,000
1,269,000,000
2,962,000.000
+143,000,000
+214,000,000
+38.000,000
—188.000.000
613.000.000
+1.000,000
—107.000.000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
3,005.000.000 2,964,000,000 2,567,000,000
2,894,000.000 2.853.000,000 2,618,000.000
On securities
All other
Total
[VOL. 129.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2, which
recently merged with a non-member bank.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Oct. 26, the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Crop conditions during the week ending Oct. 18 continued to be satisfactory and, although economic conditions are still sound, general business
is quieter owing to local factors in Buenos Aires. However, sales of automobiles and textiles are picking up due to seasonal activity. The general
outlook is favorable.
BRITISH MALAYA.
General import lines are moving In good quantity and although rubber
and tin markets are not favorable, business is becoming adjusted to current
price levels. Conditions In general show considerable improvement over a
year ago. Several Chinese failures have caused some uneasiness in the
bazaar trade and a tendency to restrict dealer credits. The textile market is
showing greater activity locally and increased demand from outlying districts. The financial situation of textile dealers is better. Iron and steel
trade is slightly more active and automobile sales are increasing throughout
the territory. Improved cold storage equipment in interior regions is facilitating the distribution of imported fresh fruits.
CANADA.
Although seasonal merchandise has been moving fairly well this fall, the
weather has generally been too mild to force buyers to make purchases of
winter clothing and other cold weather lines. Because of the present delay,
however, the movement of winter lines may be expected to be all the more
brisk later on. The sale of dry goods, millinery, silk goods, and hosiery is
excellent. Eastern distributing centers report a good movement of footwear
but in the west sales are only fair, except In Saskatoon where they are
reported to be very good. Grocery trade is fair in Eastern Canada and from
fair to good In the Prairie Provinces. A shortage of molasses is reported
In Montreal primary markets. Many kinds of Christmas lines have been
going forward in excellent volume from wholesalers to retailer. The sale
of hardware this fall has been satisfactory. Sheet steel prices remain firm.
With the Thanksgiving celebration ocurring In Canada several weeks befor
It does in the United States, an excellent demand has developed for such
lines as roast pans, carving sets, and other cutlery. Keen competition is
reported in the Toronto market for such wiring devices as switches, plugs
and the like. Plumbing supplies have been moving well during the psi
month, and an excellent demand has also been reported for furniture, radios
and other household equipment. Canadian demand for creosote has In
creased and prices of epsom salts are firmer. In the Toronto district
manufacturing continues normal with signs of Improvement. Rad!.
Wearing apparel trades are very active. Prin
manufacturers are busy
ing business is quiet. Wine manufacturers are preparing for their season o
Peak production. The embargo on shipments of grain from points in th
Prairie Provinces to the Head of the Lakes, with the exception of suc.
points where Interior elevators were filled, haa been lifted as a result
Increased shipments from Fort William and l'ort Arthur to eastern po
and thus relieving congestion at the terminal elevators. Should ceugestio
again become serious it is understood that the embargo will be renewed
Lakehead wheat stocks on Oct. 11 aggregated 20,234.000 bushels, as agalos
52.624.000 bushels a week previous. and 29.363.000 bushels at the cam;
period of 1928. Based on Oct. I conditions. the Canadian commercial aPPI
crop is estimated at 3,702.000 barrels, Indicating Increaser of I I % ov
last year's production and of 24% over the average fur the last five years
Increased production in Nova Scotia. Ontario, and Quebec account for th
estimated increase. Cold storage stocks of creamery butter on Oct I wet
8% under the volume of stocks the year previous. Cheese stocks were I0
less. Ontario gold production during Lb.
greater and egg stocks were
7%
OCT. 26 1929.]
2611
FINANCIAL CHRONICLE
first nine months of 1929 amounted to nearly $25.000.000, or an increase
of about 4% over the output for the corresponding period of q928.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GERMANY.
The growth of motorization in Germany is revealed by the increasing
revenues from the automobile tax. For the fiscal year 1928-29 which ended
on March 31 1929. total receipts from this tax amounted to 181.337.998
s Countries.
marks this exceeded the preliminary estimates by 160,000,000 marks, or
more than 13%. In 1924-25, the first year after the stabilization of the Denmark
France
currency, the automobile tax yielded 51,500,000 marks only, while the fol- Germany
lowing year brought a very small increase to 58.400.000 marks. In the Gibraltar
Year 1926-27. however receipts rose rapidly to 105,100.000 marks, for a Norway
gain of 80% over 1925 The upward trend continued during 192 7-28. Spain
United Kingdom
bringing an advance of 51,100.000 marks, for a final figure of 156,200,000 Canada
Costa Rica
marks; that increase amounted to 48.6%.
Guatemala
Honduras
•
MEXICO.
Nicaragua
Salvador
Since the close of the rainy season, a healthier tone has prevailed in Mexico
industrial and commercial circles. Collections are improved and the gen- Jamaica
eral credit situation is reported in fair condition. Exports to Mexico from Trinidad & Tobago
Br. W.Ind_
the United States for the first eight months of 1929 amounted to $83.- Other
Cuba
782,843 as compared with $76,531.982 for the corresponding period of 1928. Netherland W.Ind
an increase of 9.4%. Imports from Mexico for the same period of 1928 Haiti, Republic of.
and 1929 were $84,399.006 and $84,062,181, respectively. Increased ship- Argentina
ments of lard,wheat,flour,sugar,lumber, petroleum products,iron and steel Bolivia
Chile
products and automobile parts accounted for approximately $5,000,000 Colombia
of the gain in exports.
Ecuador
Peru
Venezuela
NETHERLAND EAST INDIES.
British India
Export business is seasonally brisker, but importers still complain of British Malaya_ __
stagnant retail markets. Basic economic conditions, however, continue Ceylon
China
sound. Railway receipts during the third quarter reached a new high level. Java
and Madura
Highway construction, particularly in Northern Sumatra. is very active. Hong Kong
Automotive sales continue at a high peak, except for trucks. Distributors Japan
are enlarging their dealer organizations. Textile business remains dull with Philippine Islands
New Zealand
heavy stocks. No improvement in sales of American voiles is expected this Belgian
Congo_
year. Buyers of the 1930 sugar crop are scarce and the market is quiet.
Total
The recent prolonged drought has affected the output of a number of native
crops.
PORTUGAL.
The Government is assisting agriculture by propaganda, technical advice.
and financial assistance. It is now granting a subvention of 100 escudos
(4.47) per hectare for putting under cultivation land which has not as yet
been worked. Business in the textile lines has not been good, but prospects
for the near future are brighter. Sales are below average with stocks large
and mills working at short time. Prices, however, have been maintained.
During the month of August a moderate improvement was noted in the
cork industry with sales and shipments above average and foreign demand
fairly good. Stocks of manufactured cork are low and prices even. The
market for edible olive oil VMS active during August and prices were falling
gradually. Stocks are sufficient for the season's demands. Business in
rice, beans, and sardines was fairly good.
SILVER.
GOLD.
Total (Incl. Coln),
Refined Bullion.
Total.
Exports, Imports,
Dollars. Dollars.
Imports, Exports, Imports
Ounces. Dollars. Dollars.
Exports,
Ounces.
250
868
560
8,053.790
55,673 2,840,762
7.000
5.289
35,452
48,394
250,000
734,094 382,536
850
2,000
82.174
120,294
2,000
197
638
6,687
138,016 255,543 243,611 1,093.943
270.638
5,168
143,438
5,502
2,360,671
14,360 2,186,624
1,900
565
190
6,433
2.000
421
1,006
1,790
2,665
500
2,500,000
3,570.000
22,536
589,247
600
132,327
96,164
150.000
15,000
3,215
18,199
288,148
13,000
3,155
9,428
169,763
203
386,862
520
727,537
1,420,468
5,278,830
187,403
368
2,712,083
132,738
1,117,885
20,218
34
70,345
591,452
10,640
4,367
18
28.389
1 204,767 18.781,246 8.115.125 3.025,880 4,373,830 4.110,786
Conferences on Baden-Baden on Organization of Bank for
International Settlements.
Advices to the effect that at a plenary session held Oct.
23 the committee organizing the Bank for International
Settlements decided to refer the whole reparation payment
question back to the governments and ultimately to the second Hague conference were contained in the accounts from
Baden-Baden that day to the New York "Times" which
said:
This important decision virtually eliminates for this conference the
bitter annuity dispute which seriously threatened to disrupt the negotiations for the formation of an International Bank. It constitutes
broadly success for the German thesis that Germany's reparation payments shall be regulated solely upon the stipualtion of the Young plan
and further interpretations of The Hague protocol, as opposed to the
French theory that a definite, binding system of payments should be
drawn up, including the smallest details, in a legal agreement to be included in a trust deed between the powers and the bank.
The course favored by Germany was decided upon when the trust subcommittee, after a three weeks' battle over the two conflicting views,
reported to the full committee that it was unable to reach an agreement
The Department's summary also contains the following This trust subcommittee is composed of a representative of each of the
by Melvin Traylor of Chicago,
with regard to the territorial and Island possessions of the seven nations at the conference, headed
who reported the deadlock today at the plenary session.
United States:
The subcommittee startd with a pporposal to include in the Bank's
trusts agreement not only stipulations as to how the bank should adminisHAWAII.
ter and dispose of funds in its possession but also a complete schedule
Good rains in all plantation areas of the Hawaiian Islands have improved of agreements between the bank and the debtor, showing exactly how
sowing conditions and crop prospects. The business situation in general is these funds would come due. This theory was opposed, however, by the
seasonally normal, a lull in trade being always expected in October and contention that an adjustment must be made in regard to property conNovember. Jobbing and retail trades are slow, with collections fair. Trade ceived as existent or assured, and that in no event could the trust be
In all lines is being adversely affected by low sugar prices, although plan- concerned with how that property was derived.
tation labor is fully employed The sugar output has slightly exceeded
Precisionist View Accepted.
estimates, totaling approximately 925,000 short tons. One mill began harvesting the 1930 sugar cane crop on Oct. 14, and six mills are still grinding
This latter view becomes accepted by the Bank's organizing committee
on the old crop. Banks report steady growth in savings deposits. Commerthrough today's decision, and the difference which has deadlocked the
cial banking remains sound in spite of a steady drain for installment purtrust subcommittee thereby is composed. This does not, however,
chases and market operations. The monetary outgo Is being more nearly
mean a final defeat for France, since the fight is sure to be renewed in
balanced by cash receipts from the sale of crops.
the more political atmosphere of the second Hague conference.
What actually is ordered by the committee here is that the trust comPHILIPPINE ISLANDS.
mittee should proced on a different basis. The subcommittee is inExpected degree ofimprovement in general business failed to materialize structed to eliminate all questions of Germany's relations with the bank
In September. The recent typhoon and heavy rains interfered somewhat from consideration and to draw up a deed which would be an agreement
with transportation and buying power. Optimism, however, is expressed merely between the bank and the creditor powers, which would reguregarding the remainder of the year, except in the textile market, which late the bank's administration of funds it receives.
continues slack. Automotive trade showed slight improvement and further
It was further instructed that in matters where the Young plan
advancement is expected. Demand is seasonally slack for most imported interpretation is not clear, it should refer to the government for precise
coming
the
for
favorable
food stuffs. Recent weather conditions have been
instructions, which would be inserted in the trust agreement later.
sugar crop and preliminary estimates place the output at 727,375 metric
There is no doubt whatever but that these orders will greatly facilitate
Ions.
the work of the trust committee, which may now be expected to advance
rapidly with its report. It does not mean, either, that the bankers'
committee will be deprived of any authority in regard to the reparations question, but rather, in the estimation of most of the delegation,
has
Gold and Silver Imported into and Exported from the with the exception of the French and peprhaps the Belgians,never
removed from this conference a question to which its discussion
United States, by Countries, in September.
rightly pertained.
The French were tenacious in their view and there is no doubt that
The Bureau of Foreign and Domestie Commerce of the
amicable acceptance of the course taken today was largely due to
Department of Commerce at Washington has made public their
the efforts of Chairman Traylor of the subcommittee in urging them to
its monthly report showing the imports and exports of gold accept the business attitude that such clauses regarding reparations payas a trust deed. As regards the
and silver into and from the United States during the month ments had no place in such a thingsetting
out to frame, there are condocument the subcommittee is now
of September, 1929. The gold exports were only $1,204,767. siderably
fewer difficulties in sight. The nations agreed pretty thoroughly
$8,053,790
came
are to be distributed,
which
payments
were
$18,781,246, of
The imports
upon the manner in which the reparations
to be arranged. As to the mafrom the United Kingdom,$3,570,000 came from Argentina, and there are only technical detailsthat
the bank will make debt payit should not be supposed
$2,840,762 came from Canada and $3,570,000 came from chinery,
ments directly to the United States. On the other hand, the system by
went
$734,094
to which, in name at least, will be preserved the American fiction of no
Bolivia. Of the exports of the metal,
relation between debts and reparations, is that the bank will receive
Mexico and $150,000 to British Malaya.
ANGLO-EGYPTIAN SUDAN.
Foreign trade data for the first six months of 1929 disclosed a large increase in the value of exports and a small expansion in imports as compared
with the sale period of 1928. Exports and re-exports were valued at LE 5,887.500 (LE equals $5) and total imports at LE 3,223.200 as against
LE 4.627,000 and LE 3,054.900, respectively, for the first half of 1928
The increase in the value of exports is accounted for chiefly by larger cotton
shipments, which rose from LE 3.257.600 in the first half of 1928 to LE 4.491,100 in the first six months of 1929.
2612
FINANCIAL CHRONICLE
[Vol.. 129.
sums from Germany and will apportion them to the credit of England,
France, Italy and the others in New York. Then England, France,
Italy, etc., will order them transferred to the credit of the United
States.
The committee has also decided that the Bank may not make advances
to governments directly, but must deal through central banks, and that
all dealings with private institutions, such as those with the United
States, must be subjected to the central bank's veto. The committee also
stipulates
that the Bank cannot issue long or short term obligations,
Associated Press accounts from Baden-Baden, Oct. 23,
and has voted a highly protective veto clause demanded by the American
stated :
delegates on behalf of the Federal Reserve.
Today's decision to adhere to the provisions of the annex to the
All these measures aim to place restrictions upon the bank's ultimate
Young plan concerning the formation of the Bank for International powers as conceived in the Young plan. The delegates, at the same
Settlements prescribing trust agreements solely between the creditor time, emphasize that the Bank will be a bank of deposits rather than a
Governments and the bank has greatly simplified the work for the sub- bank of issue, and that it will be the servant rather than the master of
committee headed by M. A. Traylor.
the central banks. However, it is obvious that, even serving merely in
Apparently fearing a possible loop-hole, certain delegates insisted that the capacity of a bank of exchange and a reparations distributor, the
Germany must also be a party to the trust agreement. In the opinion of bank is bound to assume many functions at present profitably performed
the experts this would have introduced complicated legal technicalities by the central and other private banks.
without making the situation any clearer concerning Germany's payAnother important decision is that the chairman of the board shall
ment of reparations.
have full executive powers, which, if an American is named, will act
The conference is now proceeding on the theory that Germany will be to counteract the insignificant position of the American directors under
bound by her signature to the final Hague conference protocol as to the the system which has been adopted for their selection.
sums and methods of payment so that the trust agreement need merely
Lastly, the bankers here have ruled that the world bank shall have
be a contract betwen the bank and the creditor nations to receive and no branches, a decision which has dispopsed of the British compromise
dispose of moneys according to an agreed plan.
offer to agree to the bank's headquarters being on the Continent but
Jackson E. Reynolds, American delegate, gave a private dinner last having a London branch.
night to the chief delegates of the other six nations represented and
The same paper in its account from Baden-Baden, Oct.
credit for smoothing over the difficulty regarding the trust agreement
is generally given to him.
22, stated:
Regarding a report that Jackson E. Reynolds, President
of the First National Bank of New York was understood
to have been offered the Presidency of the International
Bank, the New York "Times" advices from Baden-Baden,
Oct. 22, had the following to say:
The committee which is engaged here in organizing the Bank for
International Settlements issued a categorical denial today that an offer
of any kind had been made to Jackson E. Reynolds, president of the
First National Bank of New York, or to any one else, of the position of
chief executive of the bank's board of governors.
The organizing committee, it was pointed out, is not vested with the
power to appoint the chief executive and is not authorized to recommend a chairman because the election is definitely placed in the hands
of the board, which will not assemble until after the second Hague
conference.
All the organizing committee will do is to make recommendations to
the central banks, which will select the directors and name the chairman
for the first sitting of that group. At this first sitting the chief executive
of the bank will be chosen.
Following his custom, established at the first meeting here, Mr.
Reynolds, the presiding officer, remained silent, allowing the committee
as a whole to issue its comprehensive denial of reports published in the
United States. The individual members declared it was new to them
that an offer had been made to any one.
Associated Press advices, Oct. 22, stated:
Jackson E. Reynolds and Melvin A. Traylor, American delegates
to the conference on the Bank for International Settlements, have been
suggested as possible presidents for the new bank, but both are understood to have declined the honor.
After failure to launch the candidacies of a Frenchman and an
Italian, the European delegates felt that they could never agree on a
non-American for president. They also wanted the president's powers
to be limited by a number of vice-presidents, with whom he would have
to share responsibility.
Earlier Associated Press accounts (Oct. 19) regarding
the conferences at Baden-Baden, said:
Payment Details Are Difficult.
The committee which is trying to fix details of Germany's annuity
payments again was unable to report today despite the added information brought back by delegates who had returned to their capitals
over Sunday. The problem is complicated because of the nature of the
agreements incorporated in the Young plan, which became further
involved by additional accords at The Hague.
The details of these decisions regarding the cash payments and the
dates are open to several interpretations and it is learned that the
experts here are required to make constant reference of these questions
to their various treasuries for advice as to what was meant by this or
that feature of the Young plan or The Hague accord. Generally, the
replies from the treasuries give just so many conflicting interpretations, and the experts are obliged to argue these out and again refer to
their governments.
Regarding the capital shares of the bank, it was decided that these
should be quoted in round figures in the currency of the country where
the Bank is domiciled, and each share must show plainly its value in
gold. It was decided that a statement of the Bank's position should
be issued monthly, but the items will be left to the board of directors.
It also was decided that the bank statutes will contain as arbitration
clause to provide for the settlement of disputes growing out of interpretations of the Bank's statutes.
The following report was made to the "Times" by its
Baden-Baden correspondent on Oct. 24:
The fall of the French Government paralyzed today the work of
the committee here organizing the Bank for International Settlements,
although members of the conference ostensibly are independent of all political influence, representing only the banks of issue of their countries.
Until it is known what will be the complexion of the new French Cabinet and its foreign policies, the French delegation here would hesitate
to give final approval of any decision, and for that reason it is expected that the work of the main body of the conference here will
move slowly for several days.
The negotiations also were in a critical stage tonight due to a new
conflict in the trusteeship subcommittee relating to the powers of the
bank. So great is the tension and so wide the divergences of opinion
that Jackson Reynolds, of New York, the chairman, is refusing to call the
plenary session set for Friday unless a more reasonable attitude is taken
by those who seek to place such restrictions on the bank's powers as
to make it merely a clearing house for reparation payments.
The outlines of the Bank for International settlements projected by
the Young plan for reparations stand out clearly tonight at the end
of another week of conference. Every care has apparently been exercised to prevent the bank from branching out too far. It will be
Adequate Powers Urged.
limited to an international exchange bank operating as a clearing house
The American view is that the bank, to become a useful institution,
between central national banks and to a reparations receiving and dismust have sufficient powers to conduct business for itself at a profit,
tributing station.
With its functions thus clearly defined, with effective provisions and if it is made merely a clearing house, whose deposits are withdrawn
against credit creation, speculation and note issuance, and with a the moment they are paid in, the small privilege of creating credit or
clear veto clause for central banks adopted, the viewpoint expressed issuing bonds would be no improvement on the present system adminby Melvin A. Traylor, of Chicago, that "the location of the bank is istered by S. Parker Gilbert and could not facilitate international
finance, as the Young plan contemplates.
secondary," would seem justified.
The subcommittee worked all day today without reaching any accord.
This is all the more so since the bank apparently will never have
much gold in its coffers, but will rather be a registry station showing in The French delegates are dissatisfied with the committee's decision to
what parts of the world gold is "earmarked" and for whom, and in eliminate the program of Germany's payments from the deed of trust,
keeping the central banks advised of its movements. Nevertheless, contending that, as the Young plan was amended at The Hague new
propositions still could be inserted in the bank plan.
negotiations for the honor of domiciling the bank continue merrily.
Most of the delegates of European countries representing central banks
Belgian Delegate Franck went to Brussels yesterday with the dethe World Bank to make the slightest inroads
mands of the conference for tax immunities in his pocket, evidently are opposed to allowing
on their province so that those wishing to see the World Bank become
hoping to return with agreement by his government.
great institution were pessimistic tonight. One report indicate that
No nation will have a majority of votes in the directorate of the a
the Americans even intimated that they might withhold cooperation if
international bank. The conferees have even provided that the nine
the bank's authority is too stringently restricted.
directors to be elected form nations not included among the seven
A late conference in the room of Mr. Reynolds tonight was attempting
original supporters must be of nine nationalities.
to settle this controversy.
Notice by Dr. Hjalmar Schacht, chief German delegate (today that
Meanwhile work in the subcommittee has been going forward. The
he would submit a memorandum early next week giving the German
drafting committee has completed about 85% of its work of framing
views on the problem of the trust agreement and charter occasioned statutes, although, of course, the remaining 15% includes all the most
some surprise. It was understood that he opposed the French effort ticklish problems before the committee.
to leave much unsettled and wants everything contained in the Young
plan safely anchored in either the statutes, charter or trust agreement.
Much Work Cleared.
He also insist on a general emphatic statement somewhat is one of
The trustee committee, which yesterday was relieved of one of its
thees to the effect that points not touched by this conference must
greatest obstacles when the full meeting decided to eliminate all question
be settled in the spirit of the Young plan.
of Germany entering the trust agreement, was in almost continuous
From Baden-Baden on Oct. 20, the "Times" reported the session today and cleared up a large amount of work which had been
held in abeyance. It has now been left to the governments to decide
following:
whether there should be a special contract between Germany and the
During the past week much progress has been made on technical bank on the details of reparations payments and the trustee deed now
details, with a notable exception regarding chapter six of the Young being formulated will only represent a contract between the bank and
plan report concerning loan procedure, about which the delegates have creditor nations regarding how the funds will be handled once they are
divulged very little. The decisions taken largely follow the Young in hand.
plan, but one or two departures from and expansions of its provisions
There was a meeting today also of the judicial committee as the
should be noted.
conference had decided that an arbitration clause should be inserted in
The committee has radically altered the clause relating to the bank's the statutes regulating any disrupt which may
arise regarding the
liquidity. The Young plan provides a 25% cover or 40% for delayed statutes themselves. The committee will decide whether this clause
calls, but the committee has decided it will be necessary to provide should apply to the central banks or to the
governments and precisely
almost a 100% liquidity.
what parties may be authorized to call the statutes into question.
OCT. 26 1929.]
FINANCIAL CHRONICLE
2613
on ques-
with the American Government, or any Government,
Text of Note of Japanese Government Accepting In- discussions
tions in which those Powers are interested in common with Japan.
vitation of Great Britain to Five-Power Naval
We shall take part in the conference full of hope and assurance that
It will succeed in promoting those international relations of peace and good
Conference.
have been so near the heart of the people."
The State Department at Washington made public on understanding which always
Oct. 18 the text of the Japanese Government's note accepting
Scores Attack on
the invitation of Great Britain's invitation to a five-power President Hindenburg of Germany
Referendum
Plan—Condemns
Reparations
Young
The
January.
in
naval conference to be held in London
PayAnnuity
Pledging
Ministers
Impeach
to
Plan
invitations, as we noted in our issue of Oct. 12, page 2327,
ments.
were sent to the United States, France, Italy and Japan.
The following from Berlin Oct. 18, is from the New York
The acceptance of the invitation by the United States was
"Times":
noted in these columns Oct. 12. Japan's reply to the
President von Hindenburg to-day dealt a staggering blow to the NaBritish Government's invitation was approved by the tionalist-Fascist referendum of Dr. Alfred Hugenberg and Adolph Hitler,
Young plan, when he auJapanese Cabinet on Oct. 15. In accepting the invitation chief promoters of the campaign against the
thorized Chancellor Hermann Mueller to make public an announcement
to
Ambassador
Japanese
in behalf of his Government, the
of his displeasure with a provision of the so-called "liberty law," which
London, T. Matsudaira states that "the Japanese Govern- Proposes penal servitude for officers of the Reich who pledge Germany to
ment are happy to signify their entire concurrence in the de- reparations payments under the Young plan.
The President bluntly informed the Chancellor that he considered such
sirability of the proposed conference." The reply also says a proposal "a personal and krevelant political attack," which he both de"it is not merely the limitation but also the reduction of plored and condemned. The official communique containing the Presicondemnation of the Nationalists' procedure sent the promoters
armament that all nations should seek to attain." As made dent's
of the referendum scurrying for shelter, but their fury revealed itself later
public by the State Department the note follows:
in a series of partisan statements charging that the President had been
Text of the reply of the Government of Japan to the note of the Govern- deliberately misled and misinformed regarding the purpose of the "liberty
ment of Great Britain, dated Oct. 7:
law."
1. I have the honor to acknowledge the receipt of your note dated Oct.
Deception is Charged.
7, informing me of a provisional and informal agreement reached between
"The President is no Jurist and as he is a complete stranger to juridical
the Prime Minister and the American Ambassador at London on the subject
and conof naval disarmament and inviting the Japanese Government to participate complexities it would seem he has been deceived by an artificial
In a conference which it is proposed to summon in London to consider the trary interpretation of the law," observes one of Dr. Hugenberg's principal
categories of ships not covered by the Washington treaty and to arrange journals.
To-day's development was an even greater surprise to the Government
for and deal with the questions covered by the second paragraph of Article
leader and the opponents of the Hugenberg-Hitler referendum, as the
21 of that treaty.
to his impa2. Having laid before my Government the contents of your note under President, less than three days ago, gave public expression
over the manner in which the contending factions persisted in using
acknowledgment, I am desired to state in reply that the Japanese Govern- tience
ment are happy to signify their entire concurrence in the desirability of him for their political ends.
Those close to the President now believe that the attempt to brand as
the proposed conference and are ready to appoint representatives to take
any officers of the Reich authorizing reparations payments under
part in that conference. The date suggested for the opening of the con- traitors
Young plan ran foul of the President's conception of political gallantry
ference, namely, the beginning of the third week of Jan. 1930, is also the
and sportsmanship and that he viewed it not only as a defamation of the
agreeable to my Government.
late Foreign Minister but also as a disavowal of the policies Championed
3. The Japanese Government are further gratified to know of the willingness of the British Government to continue informal conversations with by Dr. Stresemsam.
Other blows to the referendum plan have been delivered. In Greater
me, as hitherto, on many points which may require elucidation. They
"liberty law..
note that similar discussions conducted in London by the Prime Min- Berlin the Nationalists only ran up 37.000 votes for the
In
the course of two days, and the returns from any provincial points reflect
ister with the American Ambassador during the last three months had
light
equally
balloting.
cleared the ground for an agreement on essential points between the BritProposal Implicates President.
ish and American Governments, prior to the invitations extended to other
naval powers to meat in a conference. My Government attach the highest
That President von Hindenburg should have aimed his blow at Paraimportance to the same procedure being followed by the Japanese and graph 4 of the "liberty law" is not without an ironic comic element, for
British Governments, in order to insure agreement between thorn on the same paragraph In the original draft got Dr. Hugenberg and his Navarious questions that are to be laid before the conference. The success tionalistic accomplices into difficulties. In the first version the President
of the forthcoming conference no doubt depends in a large measure upon of the Reich was included among the officers to be Impeached, and it was
the satisfactory issue of such preliminary discussions and my Government only after many protests from the Nationalists themselves that the clause
confidently trust that the informal conversations between the British was altered to read, "Ministers or their authorized agents." Even in the
Government and myself on questions of special moment will be carried law's present form the President would still be confronted with penal
on and completed before these questions are presented to the conference servitude if it were passed, for in his capacity as Chief of State he must
for final adjustment.
promulgate the laws passed by the Reichstag.
4. In your note under review it is intimated that the British GovernIt is believed that in allowing his statement to be issued the President
ment propose to communicate to me in due course their views as to the also wanted to give emphatic expression to his impatience with the whole
are
subjects for discussion at the conference. The Japanese Government
range of Nationalistic-Fascist agitation which Dr. Hugenberg's referendum
looking forward to such a communication with keen interest, and, on plan threatens to unloose, especially in the present unsettled state of
their part, they will be glad to furnish the British Government with a Internal politics and economies. The present coalition Government Is
corresponding communication as desired.
anything but firmly co-ordinated and its anchorage in the Reichstag is of
6. With regard to the four points of principle mentioned in your note doubtful security. Since the passing of Dr. Stresemann it appears to be
as the subject of provincial agreement between the British and American without a strong guiding influence.
Governments, the Japanese Government hopes to be able to submit their
Withdraws Hindenburg Film.
observations in the course of the informal conversations which I shall
To this extent the death of the Foreign Minister literally left the Presishortly permit myself to hold with the British Government. They would.
however, make use of this occasion to assure you of their cordial support dent holding the political sack for the Fatherland, and to-day's disavowal
to the principla that the treaty for the renunciation of war, signed at Paris of one aspect of Dr. Hugenberg's undertaking is received as a siginificant
In 1928, should be taken as the starting point for all discussions on dis- demonstration that the President Is determined to give the Mueller
armament. They feel that the sense of national security inspired by the Cabinet the benefit of his counsel.
The communique issued at the Nationalist press headquarters charges
provisions of that treaty in the mutual relations of the contracting powers
will pave the way for the final settlement of the outstanding questions the Chancellor with having falsely advised President Hindenburg in respect of paragraph 4 of the "liberty law." The clause, it is said, would
relative to naval disarmament.
6. In conclusion, I am instructed to excreta; the sincere and earnest have no retroactive effect, being meant to forestall action by Ministers
hope of the Japanese Government that the conference will succeed in the before the Reichstag's approval has been secured. It is also Intended to
adoption of plans calculated to promote international peace and good-will circumvent the future conclusion of contracts or treaties based on the
and to relieve humanity of the heavy burden of armament, whether existing "war guilt lie."
or contemplated. It Is not merely the limitation, but also the reduction
Dr. Hugenberg, who is stumping the provincial centres in his camof armament, that all nations should seek to attain.
paign for the referendum, will discuss the President's criticism at Karlshave withdrawn their
According to copyright advices from Tokio, Oct. 18 to ruhe to-morrow. The Nationalist campaignerstheyIntended to use to
propaganda film, "Iron Hindenburg," which
the New York "Herald Tribune" the official text of Japan's Promote voting for the "liberty law." Its withdrawal followed the Presi.reply was accompanied by a formally prepared statement dent's requests to have his person eliminated from the campaign.
The Police Chief of Berlin has prohibited the holding of demonstrations
to the press by Baron K. Shidehara, the Foreign Minister,
for the referendum which de Nationalist and Fascist elements had planned
,which stated:
for Sunday.
"We have gladly accepted the invitation of the British Government to
meet in conference on naval armament.
$125,000,000 Loanfrom Swedish Match
"The note of the Japanase Ambassador to London, published in reply Germany Receives
will
is
self-explanatory.
It
found
be
intended
to define in
Interests—Grants Latter 50-Year Concession.
to that invitation,
brief terms our attitude toward the proposed conference. We are looking
It was announced this week that a contract has been
forward confidently to plan, that will in no way operate as a menace to
any power and will, at the same time, strengthen in the mind of each the signed in Berlin for the extension of a long-term loan
sense of national security inspired by the Kellogg pact.
of $125,000,000 to the German Government by the
"No less Importance is attached to the popular demand for the reduction
and the International Match Corp.
of costly expenditure in armaments. Toward the attainment of these ob- Swedish Match Co.
jects, the highest aspirations of mankind are pointed.
in connection with an arrangement whereby the sole right
"Our whole-hearted efforts will be exercised in co-operation with other
to sell, export and import matches in Germany, will be
naval Powers to attain that end. In our reply to the British invitation,
which these two companies and
emphasis is laid on the informal conversations being held in London be- granted to a corporation in
tween the British Government and the Japanese Ambassador on questions of the German Government will be the principal stockholders.
special moment, prior to the submission of these questions to a conferThe agreement, it is announced, is subject to ratification
ence.
acceptance of the Young
"Such preliminary conversations have in view no agreement or under- by the Reichstag and Germany's
standing of any kind to prejudice any third party. They are simply de- Plan. The concession covers a 50-year period.
signed to facilitate the adjustment of matters in which Japan is particularly
The Kreuger & Toll Co., the largest single stockholder in
interested and to prepare the ground for a speedy and successful issue of
Co. will participate in the execution of
the conference. We shall equally be willing to carry on similar informal the Swedish Match
2614
FINANCIAL CHRONICLE
contracts as it has done in contract with other European
Governments. All or part of the German bonds will be
taken over by Kreuger & Toll Co., which in consideration of
its financial assistance, will participate with Swedish Match
and International Match in their share of the profits of the
German concession. This will be in addition to the profit
accruing indirectly to Kreuger & Toll as a large stockholder
of Swedish Match.
Germany, under the contract, will grant the sole right to
sell, export and import matches to the Deutsche ZundholzVerkaufs-A. G., in which the Swedish Match Co. and the
International Match Corp. will hold 50% of the stock.
The other 50% will be held by the German Government and
certain German match interests.
Dividend on the Deutsche Zundholz-Verkaufs-A. G. will
be limited to 8%, but provision is made for additional distributions to the Swedish Match Co. and the International
Match Corp. over and above that rate. Profits above the
fixed rate of 8% will be distributed, with the German Government receiving 13 marks per case of 10,000 boxes, and
the balance divided so that during the first 32 years the
German Government will receive 50% and the Swedish and
International companies 50%, and during the remaining
years Germany will receive 75% and the Swedish interests
25%.
The loan is a direct obligation of the German Government
and will be repayable at par after ten years. The Swedish
and International companies will pay 93 for the bonds. The
retail price of matches will be raised from 25 to 30 pfennig
per package of ten boxes.
Further details are given in our "Investment News Department"(under Swedish Match Co.)on a subsequent page.
$3,500,000 City of Hanover (Germany) 7% Bonds
Offered by Brown Brothers & Co. and Continental
Illinois Co.
Public offering of $3,500,000 City of Hanover, Germany,
10-year external 7% convertible gold bonds was made by
Brown Brothers & Co. and the Continental Illinois Co.,
Inc., on Oct. 24 at 98 and interest, to yield about 7.30%.
An unusual feature of this issue is that the 10-year bonds
will be convertible into long-term bonds, maturing in 1959
and repayable at 105 through the operation of a sinking
fund. This is the first financing done in the American
market by a political unit of Germany since last January.
The issue, it is stated, has been oversubscribed, and the
books closed. The bonds will be dated Nov. 1 1929 and
will mature Nov. 1 1939. They will not be redeemable for
five years except for the sinking fund. They will be redeemable as a whole or in part on Nov. 1 1934 or any interest
date thereafter on 30 days' notice at 1073/2. The New York
Trust Co., authenticating agent. The official offering says:
Convertible after Nov. 1 1938 and prior to July 28 1939 (unless notice of
redemption thereof shall theretofore have been published) at option of
holder as provided in the bonds of this issue into equal principal amount
of City of Hanover external 7% sinking fund gold bonds due 1959, described
below. The bonds due 1959 will contain provision for sinking fund calculated to be sufficient to retire entire issue by maturity through purchase at
not exceeding 105 and interest or through redemption by lot at 105 and interest, the city reserving the right to deliver purchased bonds to the sinking
fund in lieu of cash, and provision for redemption as a whole or in part on
May 1 1939 or on any interest date thereafter on 30 days' notice at 105.
The bonds will be in coupon form in denomination of
$1,000. Principal and interest (May 1 and Nov. 1) will be
payable in New York City at the office of Brown Brothers
& Co., fiscal agents for the loan, in United States gold
coin without deduction for German taxes. Sinking fund
calculated to be sufficient to retire not less than $450,000
principal amount of bonds by maturity, through purchase
at not exceeding 105 and interest or through redemption
by lot at 105 and interest, the city reserving the right to
deliver purchased bonds to the sinking fund in lieu of cash.
The issue of these bonds has been officially approved by the
German Advisory Council for Foreign Loans (Beratungsstelle). The City of Hanover, capital of the Province of
Hanover, was founded before the year 1200.
Dr. Arthur Menge, Chief Mayor of the City of Hanover,
in advices to the bankers offering the bonds, says in part:
(Vox,. 129.
to end March 31 1930 is $25,389,371. Revenues of the city consist chiefly
of taxes and dues levied by the city, the city's share of taxes levied by the
German Government and income from municipal undertakings.
Assets.
The estimated value of assets owned by the City of Hanover is $100,836.430, of which $48,285,714 represents productive investments. Those
investments include municipal water works,electric power plants, gas works,
real estate, &c.. net income from which for the year ended March 31 1929
amounted to $851.207. This is substantially in excess of the annual interest charges on the total funded debt of the city, including the present Issue.
Against the above assets the city has a total funded and floating debt of
$13,291,833, including this issue, of which $8.820,405 is funded debt. The
city has also obligated itself for 81,747.571 for real estate purchased, mortgages, &c., and is liable as guarantor for real estate mortgages amounting
to $4,452,380. In 1928 the total taxable property values in the city, including both real and personal property, were placed at $424,761,904. In
the same year the taxable income of inhabitants amounted tlo $101,190,476.
Purpose of Issue.
The proceeds of the present loan are to be used for the improvement and
enlargement of the municipal electric power plant, water works and sewerage system.
Obligation.
These bonds constitute the only external funded debt of the City of
Hanover and will be its direct and unconditional obligations. The city
has not made any pledge or mortgage of its assets or revenues to secure
any loan contracted by it and will covenant that if it shall hereafter make
any such pledge or mortgage to secure any loan, these bonds shall be secured
equally and ratably therewith.
Under German legislation enacted pursuant to the Dawes plan, charges,
currently estimated at not to exceed $21,270 per annum, are imposed on
certain productive municipal works and enterprises owned and-or controlled
by the City of Hanover corresponding more or less in amount to the secured
yearly payments imposed on private undertakings of like character which
the Young plan treats as ordinary taxation. The proposals of the Young
plan for a complete and final settlement of the reparation problem include
the discontinuance of the Dawes plan charge on German industry for the
equalization of which such charges on municipal works and enterprises are
imposed and leave to the German Government the distribution of any relief
from taxation which the Young plan may permit it to bring into effect.
City of Hanover External 7% Sinking Fund Cold Bonds, Due 1959.
The City of Hanover external 7% sinking fund gold bonds, due 1959,
into which the ten-year external 7% convertible gold bonds are convertible
are to be dated Nov. 11929. are to mature Nov. 1 1959 and upon issuance
through conversion of the bonds due 1939 are to bear interest payable semiannually May 1 and Nov. 1. The bonds are to be in coupon form in denomination of $1,000. Principal and interest payable in New York City
at the office of Brown Brothers & Co., fiscal agents for the loan, in United
States gold coin of present standard without deduction for German taxes.
These bonds will provide for repayment through the sinking fund at 105
and will contain a covenant by the city similar to the covenant above mentioned with respect to any future pledges or mortgages on the city's assets
or revenues. These bonds are to be held under an escrow agreement with
the New York Trust Co., escrow agents, in New York, which will provide
for authentication and for delivery thereof upon conversion of ten-year
external 7% convertible gold bonds and to the extent provided in said
agreement for delivery to the city of any of these bonds not required for
such conversion,
Hungarian General Savings Bank, Ltd.
Increases in deposits, loans and discounts and mortgage
loans in the first six months of 1929 are reported by the
Hungarian General Savings Bank,Ltd., Budapest,to J.& W.
Seligman & Co. and John Nickerson & Co., Inc. Converting
pangos into dollars at par of exchange, the bank on June 30
had deposits of $16,737,913, an increase of 5.9%, as compared with Dec. 31 1928. Loans and discounts were
$17,972,203, an increase of 7.3%, and mortgage loans were
$7,510,846, an increase of 15.9%.
Agree to Evaluation of Goods in France—French
Exporters Arrange With Treasury to Resume
System Stopped Two Years Ago.
The following Associated Press account from Washington,
Oct. 19 appeared in the New York "Times":
The two years' controversy between France and the United States over
the question of the valuation of French exports to the United States has
been settled through diplomatic negotiations.
Instructions were forwarded by the Treasury Department to-day to
Treasury officials in France to resume their evaluation of French exports
for America. The agents of the department were removed two years ago
after the French Government had objected to their operations.
They operated under American law, valuing goods before shipment, thus
setting a value for duty upon their arrival in American customs. In some
cases the agents inspected the books of French firma to determine cost
of production In order to set a value, and a number of firms objected to
this practice.
After the agents were withdrawn customs evaluations were made on
the beats of American values, in place of French values, due to the imPossibility of securing information In France. The new method was found
by the French to be more detrimental to their trade than the old system.
and negotiations were entered into between Ambassador Claudel of France
and the State Department with a view to settling the controversy.
The old system will be reverted to, with Treasury officials operating
as they did two years ago before their withdrawals.
Bank of Brussels
Denies Report of Financial Assistance.
Credit.
Regarding a report in a London paper concerning it, the
The City of Hanover has always enjoyed high credit in Germany as a
result of its excellent record for faithfulness to its obligations. Its debts Rank of Brussels Informs us, under date of Oct. 22, that
contracted in the pre-war period consisted of loans bearing 33,5% 4% and It has
sent to the paper in question, a telegram in which
43 % interest. In December 1913 4% bonds of the city were quoted in
It says:
Germany about 100.
No group of Belgium banks has made arrangements to place at our
Revenues and Expenditures.
disposal and aid further investigation of our situation for the good
For the year ended March 31 1929 the ordinary receipts of the city reason
that no aid has ever been expected neither in the past nor in
amounted to 825.092,604 and ordinary expenditures to $25.079.276. The the
present. • • • It is absolutely untrue that there has been withbudget estimate of receipts and expenditures of the city for the fiscal year drawal
of funds.
OCT. 26 1929.]
FINANCIAL CHRONICLE
2615
Chile, due to changed credit conditions since the establishment of the Central Bank, has steadily enjoyed an era
of low monetary rates, contrasting sharply with the erratic
movements and frequent high levels prior to 1926. The
Republic continues to enjoy the benefits of an extremely
One of the smaller Copenhagen banks, the Folkebank, closed its doors stable currency. Commenting on the nitrate agreement,
temporarily today following the failures of the so-called Plum companies Mr. Hose stated that this development is of the highest
and the suicide of Harald Plum, their managing director. The crisis is importance, as it affords practical evidence of the Governreported to be due to fraudulent transactions with the Plum companies.
The Danish Government tonight appointed a committee to investigate ment's general policy of assisting this very important
the Folkebank's affairs and to determine whether any one in the industry. The agreement with the Synthetic Nitrogen
bank's management assisted Mr. Plum in the alleged frauds. The
Combine has caused a tendency for various Chilean probank's managing director is Bretteville Plum, a cousin of the dead man.
All the firms involved are more or less associated with the butter trade. ducers to concentrate into a very few large groups and
Harald Plum's death was as sensational as the rest of his career. As this should prove of substantial benefit to the industry
director of the defunct Transatlantic Company, in which the Danish
other directions, the
Landmansbank lost 200,000,000 kroner, Mr. Plum underwent a legal ex- and its future development. In
amination in 1924, but no action was taken. He was the financial backer Chilean Government has continued to take active steps
of the "White" General Yudenitch and of Admiral Kolchak, who at- in the development and diversification of sources of Natempted to overthrow the Bolshevist regime in Russia after the war.
During the Transatlantic Company inquiry it was revealed that Mr. tional wealth, and viewing the Chilean economic situation
Plum had sold and resold quantities of shares from one branch bank to as a whole, there would appear little indication of any great
another all around the world, which finally returned to the first seller hindrance to sound progressive advancement of commercial
at a substantial profit.
He was an eccentric personality, and after the 1924 investigation built and industrial activity with corresponding acquisition of
a symbolic statue group on his private island, showing the god Thor wealth to the nation. He referred to the settlement of the
struggling with demons of the underworld. He lived like a king on his Tacna-Arica dispute as an event of outstanding importance
island and each time he landed from the mainland a big gun was fired
in the political sphere.
in salute.
Despite the sensation, a financial disaster is not expected. The FolkeIn Peru the general situation remains quiet and for the
bank announces it will reopen, provided its losses are not greater than
present
somewhat depressed owing to the weakness in the
have been estimated by the directors. Leading Copenhagen banks have
declared their willingness to assist the Folkebank if the investigations values of cotton and sugar. The re-election of the President
now begun disclose it is fundamentally sound.
will ensure the continuance of the present National economic
The only casualty so far has been the Nordisk Trust Company, which
policy.
suspended payments following the Folkebank collapse.
Mr. Hose stated that the general outlook in Mexico would
The Crown Butter Company and the Le Brun Company, two of the
biggest butter exporters of Denmark, are so heavily involved that both appear to be more satisfactory than for the previous year,
companic.s will have to go into liquidation.
America
The Nordisk Trust Company was exclusively financed by American while the Bank's operations throughout Central
capital through the medium of Count Frederick Moltice of the Danish continued to develop in a gratifying manner. He expressed
American Corporation.
confidence in the future economic development of Colombia
and congratulated the authorities on the prompt recognition
Poland Reported Seeking $10,000,000 Gold Here—Federal of international monetary developments early in the year
under review. He also referred to the very great expansion
Reserve Sells Metal to Czechoslovakia.
The following is from New York "Herald-Tribune" of in the production of petroleum in Venezuela, which must
be of great benefit to that country.
Oct. 23:
Danish Bank Closes as Companies Fail—Government Sets
Committee to Investigate Folkebank Affairs—Harald
Plum a Suicide.
A cablegram from Copenhagen, Oct. 22, to the New York
"Times" said:
Negotiations are under way for the purchase by the Bank of Poland
of $10,000,000 in gold from the Federal Reserve Bank of this city, it
was rumored in Wall Street yesterday. Whether the gold will be
acquired in one sum or in portions was not revealed.
One small lot, variously reported at from $2,000,000 to $3,000,000,
has been sold to the Czechoslovakia National Bank, the central banking
unit of Czechoslovakia, by the Federal Reserve Bank.
No comment was forthcoming from the Reserve Bank about these
sales, nor would their consummation be confirmed. This type of transaction is stated to be confidential between the local Reserve Bank and
its foreign correspondents.
Colombia Adds to Outlays—$11,000,000 More Voted for
Railroads and Bond Amortization.
A cablegram from Bogota (Colombia), Oct. 18 to the New
York "Times" says:
Additional appropriations of nearly $11,000,000 for 1929 have been made
by the Colombian Congress and are expected to cause a deficit of nearly
$15,000,000 at the end of this year. Announcement of the appropriation
was made to-day in El D'art°, official organ.
Of the sums provided about $2,500,000 is for the Minister of Finance,
Including $850,000 for amortization of 6% internal railway bonds. About
$6.500.000 is for the Ministry of Public Works, nearly all to be spent on
seven railway lines—nearly $3,000,000 for the Pacific Railway; about
$800,000 each for three others, the roads to Lima and Girardot and the
North Central; $600.000 for a subsidy to the Ambalema-Ibague Railway
and the balance to be divided between the Southern Railway and the
Nacederos line.
During a debate in Congress over this measure of the Minister of Finance,
it was indicated that these appropriations were necessary but that they
would cause a deficit.
Yesterday the Senate approved Articles 5 to 16, inclusive, of the oil bill.
A special committee is studying Articles 3 and 4.
R. J. Hose of Anglo-South American Bank Finds
Increasing Industrial Development in Latin America, with Tendency Towards Tariff Action.
R. J. Hose, Chairman of the Anglo-South American
Bank, Ltd., in a lengthy address to the stockholders at
their annual meeting held in London Oct. 15, after briefly
treating of trade conditions in the United States, referred
at greater length to conditions in Central and South America.
In a cabled report of the address received by Norman C. Federal Farm Board Considers Cotton Prices Too Low
Stenning, President of the Anglo-South American Trust
—Proposes To Lend to Co-Operatives To Effect
Co., the Bank's New York representative, Mr. Hose exMinimum Price of 16 Cents—$100,000,000 Available
pressed gratification that Great Britain had recognized the
for Purpose.
Importance of the situation throughout these countries by
The Federal Farm Board indicated in a statement issued
organizing commercial missions to various South American
under date of Oct. 21 that it believes that the present precountries as well as a British Empire Products Exhibition vailing prices for cotton are too low. The Board says:
which it is proposed to hold in England in 1931. He stated
The total supply of American cotton is less than last year, consumption
that the necessity for prompt action was stressed by the continues at a world rate equal to that of last year, unfilled orders and actual
Inevitable growth of local manufacturing industries through- sales of cotton goods are more and stocks are smaller than last year, yet
the price of the raw product is less. The Board believes that this unsatisout Latin America and the tendency to erect tariff barriers factory
price level is chiefly due to the open fall weather, which in most
to protect them. This movement, which is constantly of the Southern States has led to exceptionally rapid marketing by producers
becoming more strongly marked, signifies an important In amounts much greater than the markets of the world can temporarily
absorb. This, in turn, has led to lack of confidence in cotton values.
change in the progress of Latin-American States.
The Board believes that the remedy lies in more orderly marketing. In
With regard to trade conditions in South America gen- order to assist cotton farmers to hold back their crop and at the same time
which to pay their obligations, the Board proposes to
erally, Mr. Hose stated that the Argentine on the whole have money with
lend to cotton co-operatives qualified as borrowers under the Capper-Volhas had a prosperous year. It is, however, already apparent stead Act sums sufficient to bring the total amount borrowed from all
that that country's income from her export trade this year sources by such associations to 16 cents per pound on graded and classified
cotton, basis middling 14-inch staple, less proper deductions to cover freight
will not be so great as 1928, the general level of export to
port concentration points.
prices having been lower. There is no apparent likelihood of an
With respect to the ten designated Southern spot markets, the loan per
Pound
will be approximately as follows: Norfolk. Va., 16.54 cents; Augusta.
early change of importance in the value of the Argentine peso,
Ga., 16.35 cents; Savannah. Ga., 16.28 cents; Montgomery, Ala.. 15.64
as the Republic's finances continue satisfactory. President cents;
New Orleans, La., 16.59 cents; Memphis. Tenn., 15.39 cents; Little
Irigoyen has given evidence that he will follow a policy Rock, Ark., 15.41 cents; Dallas, Tex.. 15.34 rents; Houston, Tex.. 16.19
16.39 cents: and at all other concentration points
favorable to the intensive development of the agricultural cents; Galveston. Texas,
on the same basis, less proper freight and other expense adjustments.
Industry in the Argentine, as well as towards improvements
The cotton co-operatives are now borrowing certain stuns for advances to
and extension of the existing railroad systems. Uruguay members from commercial banks, the Federal Intermediate Credit banks
the Federal Farm Board. The Board will make supplemental loans to
has enjoyed comparative prosperity throughout the year and
the co-operatives in amounts sufficient to make the average total loan, with
and the position of national finances continues sound.
differentials as stated, 16 cents a pound for the entire cotton belt.
2616
FINANCIAL CHRONICLE
In many sections of the South the Board believes that the net advances
which cotton co-operatives can make to their members under this loan
Plan will almost if not quite equal the amounts which are being paid by
speculators and others on actual purchasers from farmers.
There is a cotton co-operative in every cotton State. It is open to the
membership of every cotton farmer. The farmer may join, ship his cotton to a designated concentration point where it will be graded and classed,
and draw his advance. The co-operative will market the cotton in orderl/
fashion through the year, and will finally settle with the farmer on the basis
of the final price obtained.
The Board is confident that, considering the soundness of underlying
conditions which affect the price of cotton, the plan described above furnishes a completely safe basis for the making of loans from the Board's
revolving fund
The Board places no limit on the amount of Government
money to be so loaned. Nearly S100,000,000 is available for the purpose,
and if necessary the Board will also ask Congress to appropriate more.
The Board is prepared to take similar action on wheat, on a plan to be
announced later.
[VOL. 129.
F. P. Small, President of the company, "since they were
first devised by the company as a simplification of the traveler's exchange problems, 38 years ago." He added:
The old standard size has always been maintained because so many of
them have been carried to foreign countries, and the merchants, hotels and
others had grownfamillar with the color,size, and appearance of the cheques.
More than two billion dollars of them have been spent in all parts of the
world. In many foreign countries these travelers cheques are known as
'American Express blue paper money" and have been accepted from
travelers, even when the only part of the cheque which could be translated
was the figures. Because, however, modern demand is for convenience, it
was decided to make this change at this time, prior to the heavy summer
travel season. Already, widespread plans are under way for notifying
banks, hotels, transportation companies, merchants, garages, theatres,
bazaars, in all parts of the world of this change. We have been careful
to preserve the original color and appearance of the cheque. It is probable
that no other single financial instrument has such world-wide circulation.
Americans, particularly American women, now lead the world in travel.
In 1891,24 sales were made,of 248 individual cheques,amounting to $9,120.
This year over 850.000 people will have used American Express cheques
on their travels. Both the number of purchases and the amount used
doubled between 1919 and 1922 and again doubled between 1922 and 1928.
It is believed that the new smaller cheque will greatly lessen the number
of losses and thefts of the traveler's funds. The old cheque, because of its
bulk was often left carelessly around in strange hotels in bureau drawers and
open trunks. About 2,900 losses and thefts are reported to us each year,
many of which can be directly traced to this cause. The new travelers
cheque will be easier to carry, hence it will be more carefully protected.
The new cheques will be placed in the hands of 17,000 banks early in the
year.
Federal Farm Board to Limit Facilities Loans to Cooperative Associations Belonging to National or
Regional Sales Organizations.
The Federal Farm Board has adopted a resolution to the
effect that facilities loans shall be limited to co-operative
associations belonging to National or regional sales organizations or when such loans will'Serve to encourage the establishment of such central sales agencies. Exceptions will be made
only in emergency cases where necessary to protect the cooperative movement from the loss of facilities, says the
Aviation Securities Valued at $248,200,000 Offered to
Board, which under date of Oct. 21 added:
Public During Year.
Applications for facilities loans are so numerous that if the Board were
to grant all of them there would be little of the revolving fund left for comcompanies offered securities with an
Eighty-two
aviation
modity loans to the various co-operative associations and marketing advances to the National or regional sales organizations. While there is aggregate value $248,200,000, based on offering prices, to
no limitation in the Agricultural Marketing Act, the Board Is of the opinion the public during the year ended Aug. 31 1929, according
that the Congressional intent as evidenced by committee hearings, conferto a statistical study of the industry prepared by Air Inence reports and the debates in House and Senate was that not a large
vestors, Incorp., one of the investment companies in this
part of the fund should be used for facilities loans.
The Board feels that the policy thus adopted in the matter of facilities field. Two companies, The Aviation Corp. and United Airloans will serve to the best advantage in carrying out the major purpose of
the Agricultural Marketing Act, which the Board believes to be helping craft & Transport Corp., accounted for $55,000,000 or 22%
farmers in the creation and operation of National or regional commodity of these offerings. It is stated that 45 of the 82 companies
co-operative sales organizations, thus giving the producer more effective offered shares of stock to the public valued at
$207,048,000
control in the marketing of his crops.
The Farm Board's resolution in regard to limitation of facilities loans at offering prices. These 45 companies based on all shares
recites that:
now outstanding are valued at original offering prices at
Subject to modification as experience in the application of the loan provisions
of the Act indicates, that it be the policy of the Board that no facility loans $392,301,000. It is added:
be made except on a reasonable showing that the applicant is a part of a
National or regional sales organization. ,The only exceptions to this rule
will be where in the opinion of the Board the loan is necessary for the purpose
of preventing the loss of facilities to the co-operative movement and a
resultant discouragement to the co-operative movement that would warrant
the loan.
The total market value of securities of 33 aviation companies listed on
the New York Stock Exchange and New York Curb Exchange was $727,338,000 as of Sept. 30 1929. Twenty-six of these were operating companies
with a total market value of $883,832,000 and seven were investment
corporations valued in the market at $43,504,000. The Aviation Corp.,
Bendlx Aviation Corp., Curtiss-Wright Corp. and United Aircraft & Transport Corp. accounted for $532,848,000 or 73% of the total market valuation
of the 33 companies.
Loans for Cotton and Wheat Associations Approved by
Federal Farm Board.
The Federal Farm Board announced Oct. 22 approval Earnings of First National Bank Treble Within Ten
of three loans asfollows:
Years—Net Profits for Year Ended Oct. 4 at New
I. A commodity not exceeding $300,000 to the Mississippi Cotton
High Equalling $234 Per Share, Says Gilbert Eliott
Co-operative Association (A.A.L.), Jackson, Miss., supplemental to loans
& Co.
from the Federal Intermediate Credit Bank at New Orleans, thus enabling the association to make larger advances to grower members on
Earnings
of the First National Bank of the City of New
their cotton.
2. A commodity loan not exceeding $500,000 to the Southwest Co- York for the year ended Oct. 4 were $23,484,000, equal to
operative Wheat Growers Association, Kansas City, supplemenaal to $234.64 a share on the $10,000,000 of capital stock outstandloans from the Federal Intermediate Credit Bank at Witchita, thus en- ing, according to figures compiled by Gilbert Eliott & Co.,
abling the association to make larger advances to grower members on
specialists in bank and insurance stocks. The firm reports:
their wheat.
3. A facilities loan of $500,000 to the Texas Farm Bureau Cotton
Association, Dallas, Texas.
The Texas Farm Bureau Cotton Association is a member
of the American Cotton Growers Exchange, which is the
national organization of the cotton co-operative association.
Chairman Legge, Vice-Chairman Ston, Mr. Teague and Mr.
Denman left Oct. 22 for Chicago to attend the conference
of representatives of the livestock co-operatives Wednesday and Thursday and a meeting of the orgnaization committee of sixteen of the Farmers National Grain Corporation on Friday, (Oct. 25).
American Express Travelers Cheques Reduced to
Size of New Paper Money—More Than $2,000,000,000 Circulated Throughout World, President
Small Reveals.
The adoption of a modified American Express travelers
cheque, reduced to the approximate size of the new United
States Government paper money, was authorized this week
at a meeting of the directors of the American Express Co.,
which recently affiliated with the Chase National Bank.
The new cheques, designed for the greater convenience of
hundreds of thousands of travelers, will be the exact size
of the bank pocket check as recommended by the Bureau
of Standards of the Department of Commerce in its simplification program. It is announced that more than $2,000,000,000 of American Express travelers cheques have been
circulated throughout the world wince they were introduced
as a medium of exchange 38 years ago. "This is the first
important change in the form of travelers cheques," said
These figures established a new high record for all time. Of the total of
$234.61 a share, $154 was earned by the bank, while the balance of $80
represents the dividend paid by the First Security Co., the stock of which
is owned share for share by the bank's stockholders. The stock is now
quoted in the open market around $8,000 a share.
During the past ten years the earning power of this institution has more
than trebled. This has been accomplished entirely without additional
capital contributions by stockholders. Earnings per share have been as
follows:
$65.5411920
$136.45
1918
91.3911927
153.50
1920
152.9211928
198.85
1922
(Year
Ended
142.4111929
Oct.
4)___
234.64
1924
surplus
and
undivided profits have
For the first time, First National's
crossed the $100,000,000 mark, now amounting to $102.357,300 as com29.
June
on
$97,773,200
with
pared
With surplus and undivided profits now equal to more than ten times
capital, the firm states, it seems logical to expect a stock dividend in the
near future. First National's last capital increase was In 1901, at which
time capital was increased front $500.000 to $10,000,000, the present
amount, by stockholders' subscription at par. At the same time, however, the bank paid a 1900% extra cash dividend, which provided the
stockholders with funds to exercise their rights, virtually making it a
1900% stock dividend.
Chicago Clearing House Corporation To Be Organized
By Chicago Stock Exchange.
A Clearing House Corporation, patterned after that of
the New York Stock Exchange, soon will be organized by
the Chicago Stock Exchange, according to present plans.
Harvey T. Hill, assistant to President R. Arthur Wood, of
the Chicago Exchange, left for New York on Oct. 18 where
with Lester L. Falk, law counsel for the Chicago Exchange,
he planned to study the machinery of the New York Stock
Exchange Clearing House Corporation. When they return
to Chicago a charter for the new Clearing House Corporation"
OCT. 26 1929.]
FINANCIAL CHRONICLE
will be drawn up and submitted, with a constitution and
by-laws, to the Board of Governors of the Exchange for
definite action.
"While a Clearing House Corporation is little understood
by the public," Mr. Hill said before leaving for the east, "it
is of tremendous interest to every one buying and selling
stock. It is simply another step toward modernization of
the stock exchange business. Perhaps the most important
advantages of the Clearing House Corporation are the saving
of time and credit and the protection it affords against
robberies." He added:
"In the activities of the Stock Exchange there are two major functions.
the actual trading in securities and the settlement of these transactions.
The Clearing House Corporation will have to do with the clearing of transactions and will mean that instead of each house delivering securities individually in the financial district of Chicago, brokers will have a common
place to deliver and pick up their bought and sold securities."
'2617
"The listing requirements are very stringent and most thorough examinations are conducted prior to the time of placing the securities of an applicant
on the list of the Exchange.
"The Exchange auditor verifies and checks the financial statements of all
applicants and his report must be favorable before the committee will
consider the application. The listing committee then investigates the general
reputation and standing of the board of directors and controlling interests
of the applicant corporation and the action of the committee is based upon
the integrity of the officials as well as the financial condition of the applicant.
Listed corporations are required to furnish the Exchange with a complete
financial statement including the income account and balance sheet at
least once a year.
"Definite provision has been made to prevent restricted trading or the
creation of "corners" in a security through the control of the stock by either
a single interest or group of interests for the purpose of creating fictitious
prices.
"The clearing house is one of the most modern institutions of its kind in
the country. This system has speeded up clearing and eliminated the
possibility of error.
"Immediate and widespread publicity is given to reports of transactions
and quotations over the ticker service. Trading on the floor of the Exchange
is conducted under definite rules for the purpose of expediting business.
Reports of transactions are collected by employees of the Exchange and
are immediately transmitted to the ticker service, the delay between the
actual time of a transaction and the time a report appears on the ticker
being a matter of only a few seconds in normal markets."
When present plans are completed the Chicago Stock
Exchange will be the only exchange in this country outside
of New York City, with a Clearing House Corporation.
It is expected that Messrs. Hill and Falk will visit Germany within the next eight or nine months to study the Stampede
on New York Stock Exchange—Tranactions on
Clearing House Corporation of the Berlin Bourse. "Some
One Day 12,894,650 Shares—Curb Trading Also at Recfeatures of stock clearing on the Berlin Bourse are superior
ord Figures—Banking Pool Formed to Support Market.
to anything in this country," Mr. Hill explained. "The
A week wich brough a record of trading on both the
Berlin Bourse Clearing House Corporation goes so far as New York Stock
Exchange and New York Curb Exto hold the stocks for the various houses, issuing receipts change, witnessed the
formation of a pool among six of the
for the securities thus deposited. In this and some other city's banking institutions
to help to bring order out of
respects the clearing house method used by the Berlin chaos. Following two days on which the transactions on
Bourse is even more efficient that that of the New York the Stock Exchange exceeded 6 million shares (Oct. 21,
Stock Exchange."
6,091,870 and Oct. 23, 6,374,960) wholesale selling on Oct.
San Francisco Stock Exchange Operated Under Same
Rules as New York Stock Exchange.
Report of the fact-finding examination of the San Francisco
Stock Exchange by a committee of the National Association
of Securities Commissioners was made public on Oct. 20.
H. C. Hicks, former director of the Utah State Securities
Commission and Chairman of the Committee on Stock
Exchange Investigations for the National Association summed up the findings of the Committee as follows:
"The examination demonstrated to the committee that the exchange 18
being operated upon the same general rules and regulations to be found in
the operation of the New York Stock Exchange and the New York Curb
Exchange. The clearing house is the most modern yet found in any exchange.
The entire exchange is most efficiently conducted and justifies the favorable
consideration of the commissions throughout the United States."
In the historical sketch included in the report it is declared
that in volume of business transactions the San Francisco
Stock Exchange is the leading exchange on the Pacific Coast
and the fourth largest in the United States. In 1924, transactions on the Stock Exchange amounted to a total of
6,848,625 shares .with a market value of $102,778,333.
Five years later, in 1928, the total had jumped to 29,768,034
ahares with a market value of $1,988,523,089. As of Aug. 12
1929, the date of the examination of the Exchange by the
Committee, there were listed on the San Francisco Stock
Exchange 131 issues of stock with a total market value of
$6,775,557,931, and 70 issues of bonds with a total value of
$1,037,278,125 giving a grand total of $7,812,836,056.
The examination of the local Stock Exchange was started
last August by the Committee on Stock Exchange Investigations. In addition to Chairman Hicks the Committee is
composed of Lester E. Shippee of Hartford, Conn., State
Bank Commissioner and Commissioner of Securities of the
State of Connecticut and A. L. Putnam, of Pierre, So. Dak.,
Securities Commissioner of South Dakota. The Committee
was assisted by Donald A. Pearce, Deputy Corporation
Commissioner of California who served as special counsel
for the Committee.
The investigation consisted of an exhaustive examination
of every phase of the San Francisco Stock Exchange's operation. The records of the Stock Exchange, including confidential files, were thrown open to the members of the Committee. The officers and employees of the Stock Exchange,
members of the Governing Board and chairmen of the
principal committees appeared before the Committee and
submitted to searching examination. In the summary of its
findings the Committee says in part:
"The San Francisco Stock Exchange is the oldest institution of its kind
in Western America, having been organized in 1882.
"Information was sought relative to the general reputation of the officer's
and board of governors of the Exchange and we found them to be men of
honesty and integrity who are devoting their time to the conduct of the
business and have demonstrated their ability to govern its affairs. Their
ecords show that they insist upon adherence to the constitution and rules
ery strictly.
24, In which severe breaks in prices were witnessed, brought
the stock transactions for the day up to the stupendous
volume of 12,894,650 shares. On the same day the stock
trading on the Curb Market reached the new high figure
of 6,337,400 shares, this comparing with the previous record
Curb figures, also established this week (Oct. 21) of 3,715,400 shares. ,
Conferences of bankers on Oct. 24 to adopt measures
to check the stampede on the Exchange were described
in the New York "Times" of Oct.25 as follows:
Wall Street gave credit yesterday to its banking leaders for arresting
the decline on the New York Stock Exchange at a time when the stock
market was being overwhelmed by selling orders. The conference at
which the steps were taken that reversed the market's trend was hurriedly called at the offices of J. P. Morgan & Co.
The five bankers who met at the headquarters of the famous private
banking house at noon yesterday and again at 4:30 P. M., following
the meeting of the board of the Federal Reserve Bank of New York,
were:
CHARLES E. MITCHELL, chairman of the National City Bank.
ALBERT H. WIGGIN, chairman of the Chase National Bank.
WILLIAM POTTER, president of the Guaranty Trust Company,
SEWARD PROSSER, chairman of the Bankers Trust Company.
THOMAS W. LAMONT, senior partner of the Morgan firm.
Exclusive of the vast wealth of the house of Morgan this group of
bankers represented more than $6,000,000,000 of massed banking
resources.
Meeting Eases Tenseness.
As the word went out in Wall Street that these financiers had met
the air of tense anxiety in the financial district was relieved. Almost
at once the word was passed around the floor of the Stock Exchange
that "they" were going to support stock prices and the down-rush of
security quotations was halted. Outside the offices of the Morgan firm,
at Broad and Wall Streets, a crowd quickly gathered, and on the
steps of the Subtreasury Building opposite newspaper photograpbers and
motion picture men took their stand.
After the conference Mr. Lamont spoke to reporters. The meeting of
the bankers, he said, had been held largely to exchange information on
the stock market situation and no plan of concerted action to support
the stock market had been agreed upon.
Despite this assertion, Wall Street was convinced that the bankers had
agreed to bring to bear upon the market the immense support of their
buying power. Whether or not such an agreement was reached, it was
reliably reported in brokerage circles later in the day that large orders
emanating from these banking interests had been executed on the floor
of the Exchange shortly after the conference ended.
"There has been a little distress selling on the Stock Exchange," Mr.
Lamont said, "and we have held a meeting of the heads of several
financial institutions to discuss the situation.
"We have found that there are no houses in difficulty and reports
from brokers indicate that margins are being maintained satisfactorily."
Mr. Lamont stated that the group had not attempted to determine
whether the worst of the stock market decline had been seen.
"It is the consensus of the group," he said, however, "that many of
the quotations on the Stock Exchange do not fairly represent the situation."
By this statement Mr. Lamont said he meant that prices of many
important issues had been carried down below the levels at which they
might fairly be expected to sell.
Thesituation which arose on the Stock Exchange yesterday, was described by Mr. Lamont as being due to a technical condition of the
market, rather than to any fundamental cause.
He said that in many cases "air holes" had developed in sections of
the list, that is to say, all buying interest had momentarily disappeared
and the spread between previous sales and the prices which would be
paid for succeeding offers became _points apart.
In describing the situation on the floor of the Stock Exchange as a
technical one, Mr. Lamont made it clear that he did not wish to imply
that the decline in share prices which has bee going on for weeks
2618
FINANCIAL CHRONICLE
was a technical reaction. He asserted that this description applied
only to the market which developed on Wednesday afternoon and
yesterday.
"Susceptible of Betterment."
Predictions as to the future course of the stock market, Mr. Lamont
described as the last thing in which a prudent banker would indulge.
He did, however, say that in the opinion of the banking group which
met yesterday, the situation on the Stock Exchange was "susceptible of
betterment."
Through a misunderstanding, reports of Mr. Lamont's statement appearing on the news tickers made it seem that he had said he expected
the Federal Reserve authorities to take some action today upon the
stock market situation. In a later interview he disclaimed all such intention, pointing out that he would hardly be in a position, even should
he care to do so, to forecast the actions of the Federal Reserve Board.
Nevertheless, this erroneous quotation figured laregly in Wall Street's
appraisal of the situation. It was commonly accepted among members
of the commission house group that the bankers had conferred by telephone with the authorities at Washington and that the way had been
cleared for a reduction in the rediscount rate of the Federal Reserve
Bank of New York.
When the spokesman for the local Reserve bank appeared after a
meeting which had lasted two and three-quarter hours later on in the
afternoon and announced the failure to alter the rediscount rate with
the stereotyped phrase, "no accouncement," the financial community
accepted the news with some consternation.
The failure of the Reserve Bank to live up to expectations by reducing
the rate added further point to the quiet reconvening, immediately after
the Reserve meeting, of the same group of bankers at th Morgan offics.
This later meeting lasted until shortly after 6 o'clock and then Mr.
Lamont again spoke to the newspaper men.
His first interest was to inquire whether there had been discovered
any definite word of a financial institution or brokerage house in difficulties. He was assured that while the Street had been vibrating all day
with stories of imminent failures no definite word of injury to a Wall
Street house had been encountered.
Following this second meeting of the bankers it was again indicated
that careful inquiry had disclosed that the situation regarding margins
on security loans and upon the accounts of brokers' customers was
sound. Assurance had been given by the Stock Exchange, it was learned,
that no member was in trouble.
Exactly how the conferences of the bankers came to be called could not
be determined. Shortly after noon Mr. Mitchell was seen to enter the
Morgan offices and in the temper of Wall Street at that time, this news
was sufficient to set brokerage offices buzzing with conjecture. Soon
after Mr. Mitchell's arrival, Mr. Wiggin walked over from the Chase
Bank, one block north of the Morgan headquarters and he was followed
by Mr. Potter and Mr. Prosser.
The meeting was described by the bankers as having resulted spontaneously from a mutual concern over the situation and a desire to exchange information as to the condition of the principal financial institutions.
At the end of the conference, which lasted twenty minutes, newspaper
men crowded the doorway, and pushed forward as the bankers came
out of the elevator. The five men looked grave. All left hurriedly to
return to their offices, leaving Mr. Lamont to explain their position.
Already, across the street on the floor of the Exchange, the tide had
turned and stocks were recovering, slowly at first and then more rapidly.
It was with grave manner that Mr. Lamont, the Morgan partner, explained the position of the bankers and there was no mistaking the attitude of seriousness toward the crisis. The press conference lasted little
more than five minutes.
Whether succeeding meetings will be held in the next few days could
not be learned, nor could definite information as to the likelihood of Sc.
tive banking support for the market in the event of a further break in
prices be obtained. Such support, it was indicated, would be the concern
of the individual institutions.
[VOL. 129.
Orderly activity again characterized the floor dealings.
It has been reported that the Exchange would probably
be closed to-day (Saturday) to enable the brokerage houses
to catch up with the unusually heavy trading, but it was
stated yesterday that the Exchange would be opened as
usual to-day. The following is from the "Sun" of yesterday.
A 23,000,000 Share Day.
Transactions of nearly 23,000,000 shares yesterday (Oct. 24) on the
principal organized exchanges of the United States and Canada were
indicated in a compilation made by Pynchon & Co., one of the large
wire houses.
Estimated transactions of 5,000,000 shares over the counter would
bring the total to nearly 28,000,000 shares, not including odd lot transactions of New York Stock Exchange securities not appearing on the tape.
The volume on the leading exchanges yesterday follows:
12,894,650
New York Stock Exchange
6,337,400
New York Curb Exchange
216,745
New York Produce Exchange
1,220,000
Chicago Stock Exchange
423,029
Philadelphia Stock Exchange
14,116
Baltimore Stock Exchange
209,330
Exchange
Stock
Boston
150,000
Toronto Stock Exchange
382,521
Montreal Stock Exchange
13,629
Cincinnati Stock Exchange
439,036
San Francisco Stock Exchange
206,136
Los Angeles Stock Exchange
162,131
Los Angeles Curb Exchange
9,070
Cleveland Stock Exchange
66,885
Detroit Stock Exchange
45,648
Pittsburgh Stock Exchange
Total Stock Exchanges
Unlisted Transactions
22,790,326
*5,000,000
Grand Total
* Estimated.
27,790,326
Stock Slump Only Temporary, According to Professor
Irving Fisher—Says Market Rise Since War Has
Been Justified—"Public Speculative Mania" He
Declares Least Important Cause of Price Inflation.
Fears that the price level of stocks might go down to where
it was in 1923 or earlier, engendered by recent breaks in the
market value of securities, are not justified by present economic conditions, Professor Irving Fisher, Professor of
Economics at Yale University, said in an address on Oct. 23
before the District of Columbia Bankers Association. In
indicating what he had to say a Washington dispatch Oct. 23
to the New York "Times" added:
He repeated his recent statement that security values in most instances
were not inflated to the extent which some commentators have asserted.
Professor Fisher classed the "public speculative mania" as the least
important of a dozen causes for the enhancement of security values witnessed in the upward movement of stocks for three years preceding the
present bear market.
Ile gave as one reason why security values were high "that we are living
In the age of mergers under the Coolidge and Hoover Administrations and
the old 'trust-busting' sentiment has lapsed almost completely, as is shown
Regarding the pool formed to stabilize the situation, the by the inability of the opponents of these administrations to get the public
excited on the subject."
New York "Evening Post" of last night (Oct. 25) stated:
"These mergers," he declared,"have effected great economies and have
The First National Bank, of which George F. Baker is the head,
increased the profits of corporations to a great extent. Every
joined the group of leading financial institutions which have pooled therefore
the stock of the merged companies because of this expectaboosts
merger
was
announced
today.
it
conditions,
market
their resources to stabilize
tion. A considerable part of the rise in stock prices in the last two years
The others are:
has been due to the increased rate of formation of these mergers and the
J. P. Morgan & Co., the National City Bank, the Guaranty Trust anticipation of future economies arising from them."
Company, the Chase National Bank and the Bankers Trust Company.
This was said to have been the first time banks here had pledged their
Assails Market's"Lunatic Fringe."
institutions actually to buy stocks in the market. In other periods of
Professor Fisher said he did not see how a collapse of"60 to 80 points on
demoralized trading organized banking support had contented itself with the Dow-Jones barometer" could ho expected, unless it was brought about
supplying funds for the call money market and accepting stocks as by shakedowns of from 5 to 12%,followed by recovery.
collateral.
"These will probably be required," he said,"as thousands of small and
Bankers commenting on the outlook today were virtually unanimous inexperienced investors try to scramble abroad the stock market bandon
brought
by
been
overhad
prices
in
collapse
the
in the opinion that
wagon from time to time, hanging on by their eyelids, that is, inadequate
speculation and not by any upset in fundamental economic conditions. margins and lacking needed specific knowledge of the stock they thus overBusiness is held to be sound and credit apparently is abundant, judged buy. It seems impossible ever to shake the market entirely free from this
by time and demand rates. Banks are said to be thoroughly liquid.
lunatic fringe of reckless speculation."
Collateral held by banks on security loans is generally well margined,
In the face of the bad break in the market to-day Professor Fisher argued
conditions.
Banks
such
with
grandually
conversant
according to observers
that the smash would be followcd by a recovery, based upon the changed
in recent weeks have been marking down values of stocks acceptable economic condition which enhanced the value of common stocks in the oyes
as collateral, with the result that margins proved adequate even in of investors.
yesterday's sever recession.
"We may summarize," he said, by saying that the stock market rose
More funds flowed into the market today in meeting brokers' de- after the war above the pro-war level by from 50 to 100% because of war
much
stronger
that
result
a
technical
the
with
margins,
mands for larger
inflation, and that since then it has doubled because of Increasing prosperity
position prevailed throughout the financial district.
from less unstable money, new mergers, new scientific management and the
Yesterday (Oct. 25) the trading on the Stock Exchange new labor policy of waste saving."
amounted to 5,922,220 shares; on the Curb the stock transPuts Prohibition Among Causes.
actions totalled 2,731,900 shares. The "Sun" of last night
He added to these causes"new inventions, prohibition, the magnification
of effects of all the preceding causes to the extent that bonds and other
stated:
new
From the orderly movement of values throughout the day it became senior securities do not share in the increased earnings; investors
apparent that the financial leaders, including the house of J. P. Morgan confidence in common stocks through diversification, through investmen
& Co., the First National Bank, the National City Bank, the Bankers trusts, investment managers and mergers; the investor's recent loss o
Trust Company and the Guaranty Trust Company, were more con- confidence in bonds bemuse, being in terms of dollars, they impose on th
investor a risk of a loss in the purchasing power of the dollar; an income ta
cerned with providing stabilization than with a sharp recovery.
Buying orders were placed just under market prices, serving to halt which has been perverted into a capital tax and a public speculative mania
any attempts at another runaway like that of yesterday, when wide Of these dozen causes the last is in my opinion among the least important.
Professor Fisher characterized tax on gains in the stock market as"t
open breaks of five and ten points between sales broke the morale of
silly taxation system which counts realized capital gain as income."
traders.
of
Throngs
sightseers
"A holder of Allied Chemical and Dye stock," he said,"told me he ha
The gallery today was not open to visitors.
flocked to the financial district expecting vaguely some visual evidence acquired it at 35 and now would like to sell it at over 300, but avoids do
of the strain to which Wall Street has been subjected. Extra police so because he would be 'soaked' in his income if he shifted the investmen
were assigned to the district, and around the Stock Exchange entrance to something else. This means stocks which advance the most will not
sold, or sold the most reluctantly, or only on a still greater advance."
kept the sidewalk entirely clear.
OCT. 26 1929.]
FINANCIAL CHRONICLE
Discussing the utilities, which he said had been selling at 25% times
their earnings, Professor Fisher said it was asked why the prices of such
stocks were so "inflated" as compared with the larger yields of bonds in
the same companies.
Stocks Get Benefit of Economies.
"But is should not be forgotten," he continued, "that bonds will not
share in future great savings and economies,such as are reasonably expected
from the recent mergers in the utilities field. Stocks will get all of these
greater earnings, for the bond return is fixed.
"Moreover, should the purchasing power of the dollar diminish, the real
return of bonds, both principal and interest—that is, its power to purchase
goods—would shrink, while the margin of its shrinkage would be transferred to the increased dividends on stock.
"So if the stock market is now inflated it would be only because the
earnings apportioned to the account of stocks, both distributed and undistributed, have not increased or shown any likelihood of Increasing in
the ratio of the increase of the price level of stocks, but the contrary is the
case."
"As to the expectation of future earnings," Professor Fisher said,"one
reason why earnings in money have been greater than in 1913, and will be
so in the future, keeping the stock price level on a higher plateau is that the
dollar has only two thirds of its 1913 purchasing power."
Professor Fisher contended that the true measure of the proper height
of security values was not of the prices but of the price-earning ratio.
2619
"Those are the most malicious and wild rumors I have ever heard,"
said Arthur Reynolds, chairman of the Continental Illinois Bank & Trust
Co., when rumors that the Continental Chicago Corp.; Chicago Corp.,
and Chicago Investors Corp. were selling stocks, with the idea of buying up the better grade issues at bargain prices, were called to his attention. "That anyone should treat them seriously thoroughly demonstrates the state of mind the general public has reached."
"The Continental Chicago Corp.," Mr. Reynolds said, "does not own
a single share of stock and has no intention of purchasing any. It was
not formed to hold, or trade in stocks, but to supplement the activities
of the Continental Bank, and that is what it will do.
Mr. Reynolds stated further: "Chicago banks never were in a more
comfortable position regarding credit, and there has been no thought of
reducing collateral loans. There is plenty of money available for all
egitimate purposes. As a matter of fact, it is becoming more difficult
to find employment for funds, There are no developments in the general business situation. We have had some recession in business, but
this is very largely seasonal and I look forward with confidence to a
satisfactory volume during the closing months of this year Fundamental conditions are sound. In fact, we have never been in a more
promising position."
Aid to Europe Broke Market, Says Representative
Addressing the New York Credit Men's Association in a
McFadden—Federal Reserve Board's Gold Withforum session at the Commodore Hotel on Oct. 21, Professor
drawal Policy Blamed by Representative.
Fisher asserted that the market has not been inflated, but
The following, under the above head, appeared in the
has only been readjusted to the decreasing value of the dolYork "Herald Tribune" of Oct. 25:
New
lar and the increasing pace of production and trade. AcThe sharp decline in prices of securities on the nation's stock exchanges
cording to the "Times" he contended that even in the pres- yesterday may be traced to the Federal Reserve Board's policy of encouragent high market the price of stocks have not yet caught up ing the withdrawal of the gold supply from this country to assist in the
of Europe, Representative Louis T. McFadden, Chairman of
with their real values. The "Times" report likewise stated: rehabitation
House Committee on Banking and Currency,charged here last night.
He dismissed yesterday's break in the market as a "shaking out of the
lunatic fringe that attempts to speculate on margin." He said that he
was sorry for such losers because their treatment might seem "raw," but
that their elimination would promote stability. During the next few weeks,
he predicted a "ragged market, returning eventually to further steady increases."
"In my opinion," he said "current predictions of heavy reaction affectIng the general level of securities find little if any foundation in fact.
"Let Us take the month of August 1929, when the price level of stocks
had reached its record top of 200. The price level was 145 in August of
the preceding year. Yet in August 1929, common stocks, as computed
by the Standard Statistics Corporation, were selling at only 13 times the
total earnings, as compared with 14 times the total earnings in August of
the preceding year.
"In other words, while the index of prices of representative stocks has
risen very rapidly during the past year, it has risen more slowly than the
rate of total earnings, comprising those earnings distributed in dividends
and those retained for plowing back into the industry. It is this factor of
the increased rate of total earnings that should be emphasized in any appraisal of the present stock market.
"During the past six years there have been pronounced changes in the
tempo of production and trade, due to the vast increment of scientific
research and application of inventions. Virtually every line of manufacture witnesses daily technical development that results in a greater
total of products, at reduced costs, greater profits and lower prices to consumers. These gains are continuing into the future.
"Further, the dollar has now only two-thirds the purchasing power of
the pre-war dollar. That alone would account for an increase of 50% in
the level of the stock market. Other factors are mergers, scientific management, co-operation between labor and management, prohibition, which
makes labor more productive and dependable, and finally, common stocks
have become popular as investments and share in earnings in Increasing
measure, duo to the depreciated dollar."
Jesse L. Livermore Denies Reports of Participation in
Formation of Bear Pool.
A statement as follows, declaring to be untrue reports that
he was identified with a bear pool, was issued in New York on
Oct. 21 by Jesse L. Livermore:
the
Criticizing the Board's policy as one which is resulting in shaking public
confidence in the basic soundness of American industry and common stocks,
Representative McFadden asserted that such a policy was calculated to
entangle our nation in foreign economic and political controversies. He
asserted that the demonstration in Wall Street yesterday was certain to
curtail trade and was likely to result in loss of confidence on the part of the
buying public. He predicted that the situation would be likely to bring
about a condition favorable to the marketing in America offoreign bonds.
Text of McFadden's Statement.
Representative McFadden's statement follows:
"I said last Feb. 7,in commenting on the changed policy put into operation by the Federal Reserve, that if they persisted in that policy it would
bring forth untold harm in this country, which would result In injuring business and which in turn would bring about unemployment and would cause
much hardship and losses to innocent people. The climax of this prediction was evidently reached to-day, when loss of confidence brought about
by continuance of this same policy brought on a panic in Wall Street when
innocent holders with small means were completely wiped out, and, am
usual, stocks were taken by strong groups at attractive prices.
Fundamental Conditions Good.
"Fundamental conditions in this country are good. Optimism and confidence in America and its institutions are necessary and essential to welfare of the people of this country and in the maintenance of the present
high standard of living.
"I regard the maintenance of the present high standards of living as
the most important function before us to-day. Nothing will interfere
more seriously with this than the loss of confidence precipitated by carrying out of unwise policies. Apparently the Federal Reserve officers feel
that the credit situation is now on a much sounder basis than It has been
for several months. Their view is quoted to be that the whole world-wide
credit situation is now on a better basis, and that if there are funds withdrawn from the United States these withdrawals will be offset by easier
money in other directions.
Comments on Gold Withdrawal.
"On previous occasions I have called attention to a change of Federal
Reserve policy which resulted in the withdrawal of large amounts of gold
from this country to assist In the rehabilitation of Europe. I refer to the
cheap money situation created during the summer of 1927 and the subsequent withdrawal of $500,000.000 of our gold for the purpose of assisting
Europe and England back on a gold basis, which, incidentally, was the beginning of the speculative situation of which to-day's operations may be
the consummation.
"In view of the fact that we are approaching additional financial assistance to Europe in the form of financing reparation settlements, one cannot
help but wonder whether or not we are not again in the midst of a preparation for large financial flotations in this country of foreign securities. It
seems unfortunate, if this Is the caes, that in this preparation confidence
should have to be destroyed in that class of securities which have become
so popular in the last two years, via., common stocks, in order to make a
market for foreign government bonds which are apt to be issued and sold
in this country through the auspices of international banking houses who
at the same time are frequently fiscal agents of the foreign countries who
will benefit from the distribution of these securities in this country.
"In connection with the various reports which have been Industriously
spread during the last few days through the newspapers and various brokerage houses to the effect that a large bear pool has been formed, headed by
myself and financed by various well-known capitalists. I wish to state that
there Is no truth whatever in any such rumors as far as 1 am concerned. and
I know of no such combination having been formed by others.
"What little business I do in the Stock Market has always been as an
Individual and will continue to be done on such a basks.
"It is very foolish to think that any individual or combination of individuals could artificially bring about a decline in the Stock Market in a
country so large and so prosperous as the United States. What has happaned during the last few weeks is an inevitable result of a long period of
continuous, rank manipulation of many stock issues to prices many times
their actual worth based on real earnings and yield returns. The men who
are responsible for bringing about these fictitious prices are the men who are
directly responsible for what is happening in the Stock Market to-day.
It is unfortunate for the general public when such a condition arises that
Warns of Foreign Tangle.
real sound investment issues have to suffer to some extent along with the
"I have recently voiced the opinion that interests of the American people
readjustment of issues of less merit.
American
"If any one will take the trouble to analyze the selling prices of differ- could best be served by our Federal Reserve system and its
American
ent stocks, as, for instance, United States Steel, which is selling around banking affiliations by so operating the system as to first benefit
controversies
political
and
eight to ten times its current earnings, many other issues must look, and and not become entangled in the economic
of
Europe
have looked for a long time, as selling at ridiculously high prices.
"The present dilemma is, in my judgment,the direct result of the putting
"The Federal Reserve Board through its various warnings and many
expressions from very high banking authorities could not stop the market into operation by the Federal Reserve system of this changed policy in
other central
from going up, so it must be plain and seem utterly ridiculous for any sane conjunction with the operations of the Bank of England and
person to presume that one lone individual could have any material effect banks of issue who are working in harmony for bringing about favorable
conditions for international financing. It is about time that the Federal
on the course of the prices of securities."
Reserve system should be managed by and for the people of the United
States and should be freed from the domination of international banking
Rumors Most Malicious, Says Arthur Reynolds, Chairman influences.
"It is hard to estimate on the business of this country such as has been
of Illinois Bank & Trust of Chicago—Companies are staged in Wall Street to-day. It would seem probable that it will result in
slowing up the fall trade to the extent of 25 to 50% in destroying the purSelling Stocks to Buy Again at Bargain Prices.
power and in loss of confidence on the part of the buying public.
Under date of Oct. 24 the "Wall Street News" reported chasing
It is most important for the prople of America that the management of its
the following from Chicago:
banking system should not permit a condition like this to happen."
2620
FINANCIAL CHRONICLE
[VoL. 129.
weak spots, but officials felt that the coal industry had surmounted
Complete Record Stock Clearings—Wind-up of Work Con- many of the difficulties which have faced it since the war and is in a
much more favorable position than recently.
firms Banker's Statement No Houses are in Difficulty.
From the "Wall Street Journal" of last night (Oct. 25), be It was felt that the tendency of the present market reaction would
toward easier money, although that might not come for some time.
we take the following:
Nothing was said to indicate that there would be any immediate change
Clearing of the record transactions on the Stock Exchange Thursday
has been completed by the Stock Clearing Corp. and all tickets on balances have been sent out.
Aside from the display of efficiency of Stock Exchange machinery
which this feat represents, the completion of clearings and sending out
of balance tickets this morning may be taken as confirmation of the
statement, following the conference of bankers, Thursday, that no houses
are in difficulty.
The size of the performance of the Stock Clearing Corp, in handling
the tremendous volume of business within the allotted period, that is
before renewal of business the next day, may be gleaned from the fact
that Thursday's business volume going through clearings of 12,894,600
shares was 50% larger than the previous record business.
The clearing of stock sheets was completed by 5 a. m. this morning,
some hours later than usual, but well within the permitted time. This
permitted the arrival at balances of the hundreds of Stock Exchange
house and the sending out of the balance tickets, the "To Whom" and
"From Whom" figures, which houses must have to know to whom they
owe money and from whom they are to receive checks as a result of
Thursday's business.
in the rediscount rates of the Reserve banks, however. The New York
bank now has a rate of 6% while the other eleven banks are on a 5%
level.
President Hoover Says Fundamental Business of Country
Is on Sound and Prosperous Basis.
At his semi-annual conference with newspaper correspondents yesterday (Oct. 25) President Hoover stated that
the fundamental business of the country in on "a sound
and prosperous basis." The President's statement, in reply
to the questions of newspaper men, is as follows, according
to the Associated Press:
The fundammtal business of the country—that is, the production and
distribution of commodities—is on a sound and prosperous basis. The
best evidence is that although production and consumption are at high
levels, the average prices of commodities as a whole have not increased
and there have been no appreciable increase in the stocks of manufactured goods.
"Moreover, there has been a tendency of wages to increase and the
output per worker in many industries again shows an increase, all of
which indicates a healthy condition.
"The construction and building industries have been to some extent
affected by the high interest rates induced by stock speculation, and there
has been some seasonal decrease in one or two ether industries, but
these movements are of secondary character when considered in the whole
situation.
"A temporary drop in grain prices sympathetically with Stock Exchange prices usually happens, but, as the Department of Agriculture
points out, the overriding fact in grain is that this year's world wheat
harvest is estimated to be 500,000,000 bushels less than that of last year,
which will result in a very low carryover at the end of the harvest year."
Treasury Officials Blame Speculation—Drastic Market Decline Found not Due to Any Basis Business Weakness
—Federal Reserve Board Meets Twice in Day and
Keeps in Touch With Market.
After two extended meetings, over, the second of which
Secretary Mellon presided, the Federal Reserve Board late
on Oct. 24 decided that the avalanche of selling on the
New York stock market had not resulted in a situation
serious enough to call for any immediate formal declaration. The Washington correspandent of the "New York
Roger W.Babson Sees Orderly Decline—Predicts it Will
Times," on Oct. 24, in stating this further, said:
While the tremendous liquidation was at its height there were indicaFollow Rally in Stocks and be Succeeded by Dullness.
tion was at its height there were indications that the Board would make
Roger
W. Babson, the statistician, in a statement to The
an announcement, but such action was withheld when the closing hour
New York Sun, published in its issue of yesterday (Oct.
on the Exchange showed a part recovery of values.
Througnout the day, however, there were scenes of unusual activity 25), said:
about the offices of the Board in the Treasury Building and members
were requested to keep constantly in touch with developments.
After the afternoon meeting, which lasted from about 3:30 until
5 o'clock, Mr. Young met all inquiries with the statement that there
was nothing to say, except that the bill rate in New York had been
reduced to 5%. No action was taken in regard to the New York bank's
6% rediscount rate.
Secretary Mellon also refused to make any formal comment.
Brokers' Loans Show Decline.
While the Board was meeting in the afternoon the report of brokers'
loans made by New York member banks was issued, showing a decline
of $167,000,000 to a total of $6,634,000,000, as compared with 6,801,000,000 one week ago. The report covered the loans up to the close of
the market Tuesday night, and represent only a part of the drop
which must have occurred as a result of the liquidation yesterday and
today.
The chief concern of the Board over the situation admittedly came in
the early afternoon when selling orders were pouring into the market in
unprecedented volume. Minute and almost continuous reports were telephoned, it is said, not only by officials of the New York Reserve Bank,
but by other prominent banking leaders, but the identity of those who
may have been in touch with the Board was withheld.
The first meeting of the Board began at 10:45 A. M., before the selling
had gained full force, and continued until 1 P. M.
While officials of the Treasury would not permit themselves to be
quoted a definite reflection of their opinion was made available. This
was that the break was the result of undue speculation and could be
laid at the door of unsound technical condition of the market rather than
to any adverse business conditions or weakness in the nation's banking
and general fiancial structure.
One of the highest officials expressed the opinion that the break would
not prove disastrous to business and the prosperity of the country and
argued that if business conditions remained good stock prices would
become stabilized after the bear movement had run its course and would
work their way upward again.
The Treasury made the point that, while the reports of the break
drew a disastrous picture, the bulk of losses on the stock market were
"paper losses" of unrealized profit. Speculators and investors who suffered actual heavy cash losses, it was heldfi represented a relatively small
sector of those involved in the market crash.
The fact that industry and commerce were operating on an exceedingly high level, with profits of corporations showing a sharp increase
as compared with last year, was pointed out as demonstrating that
the basic conditions were sound.
The Treasury, it was said, has not abandoned hope of recommending
a tax reduction of $200,000,000 or more. Tax on capital gains, admittedly, will be less than last year, but it is believed that losses reported
against taxable income will not be as great as might be thought, because
many holders of big blocks of stock bought them months ago at a price
below that at which they sold, thus suffering no actual deductible loss.
One official frankly expressed the opinion that security values were
sinking becuase speculation had been overdone and the stock market was
correcting itself. Just how far the corrective movement would go, he
said, no one was in a position to say. He predicted that the readjustment
would be accomplished without disastrous consequences to the nation's
business and prosperity.
Other points made were that the country is growing, and the earnings from the country's accumulated wealth increasing, but that such
things receive small attention in a collapse of market values such as
has been witnessed during the last few days.
Reviewing evidence of the soundness of national prosperity one prominent official said that while business was not at its peak it was going
along at a high level. The textiles and coal were referred to as the
"The market should rally from the present figures, due to banking
support. But such stocks as are bought for supporting the market will
be fed out again as soon as possible.
"This means that there should be further declines, but they should be
of an orderly nature. Then the market will continue down for some
time, with comparatively little trading.
"Crazy markets such as we had yesterday must be followed by a resting up.
"As to the future of common stocks, I would say that each issue
should be considered on its own merits and according to its yield. Speculative buying for profit is over for a wl.ile. The buying from now on will
be of a legitimate investment nature. This means that prices will be
determined by yield rather than by prospects.
"Good stocks that yield well should hold up in price, and a few will
go higher. But those which do not yield well will continue to decline
until their prices get down to a figure that gives legitimate investors
a fair deal."
The "Sun" added:
On September 3 last the Dow-Jones industrial average was recorded as
331.17. Mr. Babson, with the market at the highest point in its history,
publicly predicted there would be a decline of from 60 to 80 points. Yesterday's industrial average was 299.47, a decline of 81.70 points.
Return From Abroad of Charles E. Mitchell of National
City Bank—Sees Nothing Wrong With Stock Market
—Comments on Federal Reserve District Rate.
The view that there is nothing alarming about the stock
market decline but is a "healthy reaction which probably
has overrun itself" was expressed on Oct. 22 by Charles
E. Mitchell, chairman of the National City Bank, with his
return to New York on the Steamer Majestic, following a
brief trip abroad.
The New York "Evening Post," reported Mr. Mitchell
as saying:
"In a market like this, fundamentals are the things to look for and
if you can show me anything wrong with the situation generally then
I would be concerned.
"I know of nothing fundamentally wrong with the stock market or
with the underlying business and credit structure. Such slight business
recessions as have been reported are naturally over estimated in a bear
market."
Mr. Mitchell also indicated that he favored the covering
of the rediscount rate of the Federal Reserve Bank of New
York; in reporting his comments the "Times" of Oct. 23
said:
Favors Lower Rediscount Rate.
Discussing the possibility of a reduction in the rediscount rate, Mr.
Mitchell said that he was merely expressing his own opinion and that
he had no knowledge of what the Reserve authorities contemplate
"As von know, he remarked, "I am not at liberty to discuss any
actual knowledge I may have of Federal Reserve plans It is because I
have been out of touch with these matters for over a month that I feel
more free to talk than I would otherwise."
Mr. Mitchell said that the thing chiefly to be desired now was lower
interest rates. The dnef factor, he said, in determining changes in the
rediscount rate should be the volume of Reserve credit outstanding.
OCT. 26 1929.]
FINANCIAL CHRONICLE
Discounting in the New York district has been reduced to an extremely
low figure, he declared, and there would appear to be no reason for not
reducing the charge.
While the present ease in money rates does not appear permanent,
Mr. Mitchell said, conditions appear to be working toward easier credit
and a reviving bond market. We have not reached an improved bond
market, he said, but we appear to be headed toward one.
2621
tional Bank for Reparations, asserted Louis T. McFadden
in an address on Oct. 23. In its account of what be had to
say the New York "Journal of Commerce" stated:
Those who represented the United States in the formation of the Reparations Bank, he intimated, has discussed the ground with Federal Reserve
officials while the latter were well informed as to what is taking place.
The American people, he declared, ought to know whether they are being
Discusses Foreign Financing.
drawn into relationship with the institution.
In this connection Mr. Mitchell observed that the hostility of our
"If the International Bank is to occupy a position intended for it, suek
bond market recently to foreign financing, while it has appeared to work
an institution will have difficulty in its operations without the co-operation
a hardship upon European States and municipalities, has actually worked
of the Federal Reserve system," he asserted. "On the other hand, if the
a benefit.
should operate without the co-operation of the Federal
He said that German provinces and cities, for instance, often had used International Bank
influence would be bound to react on the financial afextravagantly the large sums borrowed here during the period when easy Reserve system, its
fairs in the United States. The Federal Reserve system cannot be expected
money conditions prevailed. In particular, he said, they indulged their
co-operate with the International Bank without becoming involved in its
penchant for ownership of equities in public utility enterprises. The to
management. Can the Federal Reserve ask for favors without giving favors?
recent poor market for foreign financing here has forced such units back
"I
am at a loss to understand why more of the men who are able to
to more rigid economies and has compelled many to dispose of these
matter of the International Bank; such as, bankers, economists
equities, Mr. Mitchell said that he looked for greater interest by the discuss this
of finance, are not discussing this problem at this time, ea
American investing public in the German power and light enterprises. and students
people may know what we are asked to do in this °conMr. Mitchell refused to discuss developments concerning the National that the American
City Bank, saying that he had been out of touch with matters too long nection.
if in the last few days there is not an influence
wondering
been
"I have
to make any statements on that score. Be did, however, discredit the
at play which will slow down business and create hard times in this counrumor of plans to acquire the New York Title and Mortgage Company.
mind as to what tomorrow will bring forth—stagnation
When asked if he believed the saturation point had been reached in try. The state of
is right where it belongs—the policy of the
large bank amalgamations, Mr. Mitchell replied that it was a difficult and loss of employment
system.
question to answer as there are so many motives for consolidation. It Federal Reserve
system with the European banking systems,
banking
"Entangling of our
seemed to him, he added, more likely than otherwise that the movement
should not take place. It seems to some of us that the important and most
would continue not only in New York, but elsewhere.
that we can play is the management of our own financial
He was also asked if he thought Germany would ask for financial beneficial part
our house in order less we be brought down into the
assistance shortly, and indicated he thought there would be a movement system and keep
the European countries.
"in some form or other." He said Germany was making great prog- chaos of
"Personally I am one of those who was opposed to the League elf
ress.
Nations. There are some of us still who feel that we should go slow in beDecries Worry Doer Brokers' Loans.
coming involved in the European financial and politheu situation.
Mr. Mitchell said that his organization is deeply interested in the
It is hard to believe that two important bankers at the type that repdevelopment of Zeppelin transportation, but that the International Zep- resented the United States in he discussion of the organization of this
Company
recently
formed
in
Delaware was purely ex- International Bank have not discussed it with the Federal Reserve people.
pelin Transport
perimental and that actual transportation work or public financing for a It is hard to believe that the Federal Reserve people do not know what is
Zeppelin company was still remote. At this stage, he said, the matter exactly taking place. It seems to me that it is the obligation of the manis one which offers no prospect of public participation.
agement of the Federal Reserve System to declare themselves for or against
Mr. Mitchell said that far too much concern had been given to the this institution, so that the American people may snow that they are being
problem of "undigested securities" and the allied question of mounting drawn into this without knowing what they are ooing."
brokers' loans. He attributed the high total of brokers' loans to a
shifting from long term to short term financing. The alarm over the
size of the totals, he said, results from improper understanding of their
Comptroller of Currency Pole Avers U. S. Business
significance.
"The public is suffering from 'brokers loanitis'," Mr. Mitchell said.
Fabric Strong—Sees no Danger of Depression—
"The situation is one which will correct itself if left alone. When
Stock Market Cannot be Used as Barometer—
one considers the huge volume of new financing and the large amount
Bank Mergers an Aid.
of rights which have to be taken up, it is not surprising that brokers'
loans have advanced. But the funds secured in this way are going, in
The Wall Street "News" reported the following from
many cases, to reduce funded indebtedness. The result is simply a shiftunder date of Oct. 22:
Washington
ing of credit, brought about by new methods of financing from long term
The business fabric of the United States is strong; there is no adnger or a
credit to short term credit. It is nothing to become alarmed about."
The resolution adopted by the American Bankers Association which business depression,and fluctuations of the stock market cannot be used as a
Currency Pole declared to-day.
described the brokers' loans figures as a spectacular figure rather than barometer, Comptroller of the
The recent formation of large banking houses through amalgamation of
a scientific one and which called for a study of the subject by banking
parts of the cuontry has helped and will continue
experts, was commended by Mr. Mitchell. It is high time, he said, smaller concerns in various
business conditions good, he declared.
that some such opinion was brought forward to offset the erroneous to help to keep
Commenting upon the recent bankers' convention in San Francisco,
notions concerning brokers' loans which have agitated the public.
from which he has Just returned, Mr.Pole said:
It was stated by the New York "Journal of Commerce"
"The convention was very successful from my point of view, in that
of extension of branch banking was favorably received
of Oct. 24, that the question of whether or not the redis- sentiments in favor
in so very many unexpected quarters.
count rate should be lowered was, according to the expec"I am quite sure if my speech advocating the extension of branch banking
tation of well informed bankers, to be debated that after- had been made one or two weeks ago the attitude would have been difnoon at the weekly meeting of the directors of the Federal ferent."
Mr.Pole pointed out the bankers realize that the whole banking structure
Reserve Bank of New York. The same paper also said in the United States is changing rapidly. Holding companies are forming
everywhere, and the whole country will be covered with group banks before
In part:
it.
Mr. Mitchell was said to have held several conferences yesterday in we know
"The practical effect of these changes," Mr. Pole said,"will be to enable
which he went over the general financial situation and prepared statistics
carry to the large majority of the population of the country, principally
supporting his contention that a lower rediscount rate would be a sound us toagricultural communities, a safe and sound metropolitan banking
the
development at the moment.
service, which they have not had up to this time."
It was believed that the demand for a downward revision of the reMr. Pole declared that branch banking legislation will be introduced at
discount rate would not meet with immediate acceptance either by the
the regular session of Congress and that the whole question will be thormajority of other directors of the local institution or by the Federal oughly threshed out. It will be decided not only if branch banking is the
Reserve Board in Washington, which must approve requests for changes
proper system, but also what the areas to be covered should be.
in rediscount rates by the regional Federal Reserve banks.
He said that reports from bankers in all parts of the country are very
At the close of the meeting of the directors of the Reserve encouraging.
Bank on Oct. 24, announcement was made that no change
had been made in the rediscount rate of 6%, but that the Changes Likely in Banking Law—Amendment to Permit State Bank System Members to Establish
rate at which the Federal Reserve banks hereafter will
Foreign Branches Up.
purchase banker's acceptances from dealers had been cut
•
54 of a point to 5%.
Enactment of an amendment to the Federal Reserve Act,
Commenting on the meeting the "Journal of Commerce" so as to permit State bank members of the Federal Reserve
said:
System to establish branches in foreign countries appears
Because of the late meeting of the directors of the Federal Reserve likely at the coming regular session of Congress, said the
Bank, which lasted nearly three hours, and the fact that one of the
Journal" of Oct. 19 in advices from its Washdirectors, Charles E. Mitchell, publicly bad declared himself in favor "Wall Street
of a lower rediscount rate, it was well understood while the termination ington correspondent, which went on to say:
Chairman McFadden, of House Banking and Currency, has under
consideration such a proposal.
Other amendments to national banking laws are contemplated by SenThe crash on the stock market on Oct. 24, when a record
ator Glass. He is preparing a bill which would liberalize the branch bankday's trading was witnessed with a severe break in prices ing laws, by removing certain restrictions now in existence in connection
brought from Mr. Mitchell the statement:
with the establishment of branches by national banks in states where the
"I still stand back of the statement I made when getting off the laws permit.
The foreign branch banking amendment was drafted by the Federal Reship Tuesday. I still see nothing to worry about."
serve Board after the Attorney General had ruled that under the present law State bank members could not establish foreign branches. Little
is expected. Chairman McFadden stated the
Federal Reserve Officials Should Declare Stand on opposition to the proposal
would have been brought up during the special session of Congress.
Bank for International Settlements, Representa- matter
but for the fact that the Banking and Currency Committee of the House
tive McFadden Asserts.
was not organised. He stated when the McFadden Banking Act was enacted
1527, the same rights extended national banks in the establishment of
in
control
of
the
Federal
ReIt is the obligation of those in
foreign branches were inadvertently omitted in the case of state bank momserve Bank to declare themselves for or against the Interim- berg.
of the meeting was being awaited that the question of the rediscount
rate was the chief point of discussion.
2622
FINANCIAL CHRONICLE
To Give State Banks Equal Rights
Under the present law, any national banking association possessing a
capital and surplus of $1,000,000 or more may file application with the
Federal Reserve Board for permission to establish branches in foreign
countries or insular possessions of the United States. It is believed certain
that the law will be so revised as to give the State institutions equal rights
in this respect.
The Attorney General's ruling also applied in the case of consolidations.
The ruling held that state bank members could not acquire branches in
a foreign country by consolidating with a bank which maintained a foreign
branch and retain stock in the Federal Reserve Bank of which it is a member.
At that time the Attorney General said: "It has been urged that Congress
could not have intended to discriminate against state bank members by
denying them what is allowed national banks, and that no reason for such
discrimination is apparent."
[Vol,. 129.
Hoover told of the plans of the administration for the:development of the nation's waterways, saying: •
Without delaying to traverse the detailed ramifications of these great
natural waterways. I may well summarize their present condition,and
enunciate the policies of my administration in respect to them:
1. As a general and broad policy I favor modernizing of every part'of
our waterways which will show economic justification in aid of our farmers
and industries.
2. The Mississippi system comprises over 9,000 miles of navigable
streams. I find that about 2,200 miles have now been modernized to nine
feet in depth, and about 1,400 miles have been modernized to at least six
feet in depth. Therefore some 5.000 miles are yet to be connected or
completed so as to be of purpose to modern commerce. We should establish a nine-foot depth in the trunk system. While it is desirable that some
of the tributaries be made accessible to traffic at six or seven feet, yet we
Other Amendments Proposed
should in the long view look forward to increasing this latter dept has fast
as
traffic Justifies it.
The amendment to liberalize the branch banking laws, as proposed by
This administration will insist upon linilding these waterways as-we
Senator Glass, has not been given much discussion, but he has always
favored nationwide branch banking and will seek consideration of such would build any other transportation system, that is, by extending its
ramifications solidly outward from the main trunk lines. Substantial
legislation at the coming regular session of Congress.
The Senator has stated that in the event his stock tax amendment to the traffic or public service cannot be developed upon a patchwork of distariff bill is defeated, he will reintroduce it at the regular session as an connected local improvements and intermediate segments. Such patchamendment to the Federal Reserve Act. This amendment would authorize work has in past years been the sink of hundreds of millions of public money.
3. We must design our policies so as to establish private enterprise in
a tax on stock transactions of less than 80 days' duration. It is intended
substitution for government operation of the barges and craft upon these
to curb marginal trading on the Stock Exchange.
Other amendments to the Federal Reserve Act to be pressed by Senator waterways. We must continue government barge lines through the pioneerGlass include increasing the net balance reserve requirements of member ing stages, but we must look forward to private initiative not only as the
banks with their Federal Reserve banks to 5% of their time deposits. cheapest method of operation, but as the only way to assured and adequate
Present requirements for reserve against demand deposits, varying from Public service.
7% to 13% of such demand deposits, would remain unchanged. Further
4. We should complete the entire Mississippi system within the next
proposal would provide additional dividend payments of 2% on paid-in five years. We shall then have built a great north and south trunk watercapital stock of the Federal Reserve banks, after the regular 8% dividends way entirely across our country from the Gulf to the northern boundaries,
have been met.
and a great east and west route half way across the United States. Through
the tributaries we shall have created a network of transportation. We
shall then have brought a dozen great cities into direct communication by
water; we shall have opened cheaper transportation of primary goods to the
Representative Garner to Advocate Reduction of farmers
and manufacturers of over a score of States.
Taxes at Regular Session—Cut in Corporate Rate
5. At the present time we have completed 746 miles of Intracoastal
10%,Higher Allowance on Earned Incomes Planned canals. We still have approximately 1,000 miles to build. We should
—Treasury to Urge Similar Program on Congress complete this program over a period of less than 10 years.
6. We should continue Improvement of the channels in the Great Lakes;
Following Hoover's Annual Address.
we should determine and construct those works necessary for stabilizing
Reduction of the present 12% corporate income tax rate the lake levels.
7. One of the most vital improvements to transportation on the North
to 10%, an increase in the present 25% allowance on acContinent is the removal of the obstacles in the St Lawrence
count of earned income to 30 or 33%, and the removal of American
River to ocean-going vessels inward to the Great Lakes. Our nation
the last of the war nuisance taxes, that of 10% on club dues, should undertake to do its part whenever our Canadian friends have overconstitutes the tax revision program advocated by Repre- come those difficulties which lie in the path of their making similar undertakings. I may say that I have seen a statement published lately that this
sentative John N. Garner (Texas), Democratic floor leader improvement
would cost such a huge sum as to make it entirely uneconomi• and ranking minority member of the House Ways and cal and prohibitive. To that I may answer that, after we have disposed of
the
electrical
power, we could contract the entire construction for less than
Means Committee. We quote the foregoing from a Wash$200,000.000, divided between the two governments and spread over a
ington account Oct. 20 to the New York "Journal of Com- Period
of 10 years
merce," this adding:
8. We shall expedite the work of flood control on the lower Mississippi in every manner possible. In the working out of plans we find it
Anticipating that a tax reduction program, running into the
millions of
dollars, would be asked of Congress soon after the beginning of the
regular necessary to reconsider one portion of the project, that is, the floodway
session on Dec. 2, Representative Garner indicated that he "would
below the Arkansas, but work in other directions will proceed in such
have
some ideas of his own on that subject." In advancing his
personal view as fashion that there will be no delay of its completion under the ten-year
to how the reduction should be made and in what amounts, the
program assigned to it.
Texas
leader asserted that he did not propose to commit the Democratic organiza9. With the increasing size of oceangoing vessels and the constantly
tion either in the House or Senate. However, since the House Democrats expanding volume of our commerce, we must maintain unceasing develop..
have always been willing to follow Garner in tax matters,
his discussion may ment of our harbors and the litteral waterways which extend inland from
be said to take on a special significance.
them.
10. The total construction of these works which I have mentioned
To Leave II to Treasury.
amounts to projects three and four times as great as the Panama Canal.
Mr. Garner pointed out that, according to Treasury examinations, taxes In order that there may be no failure in administration, and as an indicacould be reduced to the extent of $300,000,000 or $400.000,000, but he tion of our determination to pursue these works with resolution, we have
considered it doubtful that the White House would give approval to so great in the past month entirely recast the organization of this executive staff
a cut. Leaders in Congress expect President Hoover to recommend In his in the government.
annual message to Congress in December that consideration to be given tax
With the approval of the Secretary of War, and under the newly apreduction, leaving It to the Treasury Department to suggest the details, its pointed Chief of Engineers, we have assigned to each of these major proprogram to be advanced as that of the Administration.
jects a single responsible engineer. We thus secure a modern business
The Texan believes that his proposals will be found to be about what the organization, direct responsibility and continuous administration. We
House Democrats would approve. The suggested reduction in the corporate wish to see these projects completed with all the expedition which sound
rate would amount to about $200.000.000, the repeal of the club dues tax engineering will permit. We shall be able by this means to place responsiwould mean a loss of Federal revenue of about $8,000.000, and the increase bility without question in failure, and to give credit without question to the
In the exemption on account of earned income would run from $25,000,000 men who bring these great projects to successful completion.
to $50,000,000. according to the extent of the cut to be made.
At the present time we are expending approximately 185,000.000 per
"Under the present law," said Mr. Garner,"a single person is allowed a annum on new construction and maintenance of these works. To complete
general deduction of $1.500, and I would favor making it $2,000. The these programs within the periods I have mentioned will require an increase
married taxpayer or head of a family is allowed a deduction of $3.500, and in the government outlay by about 110.000.000 per annum, not including
I would increase that allowance to $4,000. This reduction would run to all the St. Lawrence; at most, including that item. an increase in our
expenditaxpayers, high and low, and the total might be as much as $30.000,000 tures of say $20,000,000 a year. A considerable proportion of this will
In the aggregate. Then I would advocate dropping off $5,000,000 more by end in five years' time. It is of the nature of a capital
investment.
increasing the exemption for dependents from the present $400 to $800.
This annual increase is equal to the cost of ono-half of one battleship.
All of these proposals would be for the benefit of the small taxpayers If we are so fortunate as to save this annual outlay on naval construction
Particularly."
as the result of the forthcoming naval conference in London, nothing could
be a finer or more vivid conversion of swords to plowshares.
A Political Weapon.
To carry forward all these great works is not a dream of the visionaries;
It is the expectation of those who have been studying the situation that
it
is the march of the nation. We are reopening the great trade routes
the Treasury Department's recommendations will include the repeal of the
upon
which our continent developed. This development is but an interFederal estate taxes and a reduction of the present 20% surtax maximum to
15%. This, it is said, would amount to a large aggregate redution, operat- pretation of the needs and pressures of population, of industry and civilizaing in favor of every taxpayer having an income of $58,000 or more. The tion. They are threads in that invisible web which knits our national life.
Treasury is expected also to favor reduction in the corporate tax rate, They are not local in their benefits. They are universal in promoting the
extension and probable enlargement of the earned income allowance and prosperity of the nation. It is our duty as statesmen to respond to these
c
ourage.
needs,
to direct them with intelligence, with skill, with economy. with
repeal of the levy on club dues.
How high the Treasury is willing to go in the total tax cut, Mr. Garner
A nation makes no loss by devotion of some of its current Income to
said, is a question. He pointed out that the Republican party has advocated
the improvement of its estate. That is an obligation we owe to our children
a tax reduction every two years, just before elections.
and our grandchildren. I do not measure the future of America in terms
of our lifetime. God has truly blessed us with great resources. It is our
duty to make them available to our people.
President Hoover at Completion of Ohio River Channel
Indicates Plans for Development of Inland Waterways.
In a speech at Louisville, Ky., Oct. 23, at a celebration
signalizing the completion of the nine-foot channel of the
Ohio River from Pittsburgh, Pa. to Cairo, Ill., President
At the outset of his address the President spoke as follows:
To My Fellow Citizens:
I am sure it is a great disappointment that this meeting could not have
been held upon the waterfront as planned. It seemed to me that the plan
of your committee for me to address you upon the policies of this administration in waterway development from the pilot hewn) of the steamer upon
which we arrived at Louisville this evening had a peculiar fitness.
OCT. 26 1929.]
FINANCIAL CHRONICLE
2623
I was greatly relieved, however, when you changed that plan. The
enthusiasm of the citizens of Louisville for waterway development was Address of President Hoover at Celebration of 50th
well shown by the thousands who met us upon our arrival and I fear that
Anniversary of Invention of Electric Lamp by
their earnestness for that cause would have led them to brave the cold rain
Thomas
A. Edison.
even at the risk of health.
During the day we have completed the journey from Cincinnati to
As part of the celebration of the 50th Anniversary of the
Louisville as part of the celebration of the Ohio Valley upon the completion invention of the electric light by Thomas A. Edison, a dinner
of the improvement of the Ohio River, into a modern waterway.
The river has now been formally opened to traffic from above Pittsburgh, was tendered the veteran inventor at Dearborn, Mich., on
1,000 miles to Cairo, on the Mississippi, from which point another 1,000 Oct. 21, at which President Hoover paid tribute to the
miles of modernized waterway leads to the sea at New Orleans. By dams
accomplishments of Mr. Edison. "Mr. Edison," he said,
and locks, by dredging and revetments, we have transformed the Ohio
River from a stream of shallows, ofttimes dangerous even to rafts, into a "using organized, systematic laboratory research, has been
canalized waterway of an assured nine feet of depth at all seasons. This one of the great leaders who have converted the pure physics
transformation will not revive the romantic steamboatin' days of Mark
of electricity into a taxable product. To-day the governTwain, but it will move more goods.
The picturesque floating palaces of Mark Twain's day drew two or ments of the world levy upon upward of sixty billions of
three feet of water and even then found their way precariously around new wealth founded upon electricity. But," added President
the bends among the snags and over sand bars. In time they were unable
to compete with the spreading railroads, and river navigation passed into Hoover,"the taxes and new wealth are not the major accomits Dark Ages. But now is its day of renaissance. Upon deep and regular plishments of the men of this genius. These are the rivers
channels unromantic Diesel tugs now tow long trains of steel barges.
of sweat saved from the backs of men and the infinite
What the river has lost in romance it has gained in tonnage, for in steamboatin' days 500 tons was a great cargo, while to-day 10,000 tons is moved drudgery relieved from the hands of women. His life," said
with less men and less fuel. It is thus by deeper channels and new inventions the President, "gives renewed confidence that our instituthat our rivers come back as great arteries of commerce after half a century tions hold
open the door of opportunity to all those who would
of paralysis. And the new waterways are not competitive but complementary to our great and efficient railways. It is the history of transporta- enter." The President's address follows:
tion that an increase of facilities and a cheapening of transportation increase Fellow Countrymen and Women:
This ceremony is a part of the celebration of Mr. Edison's invention of
the volume of traffic.
In the steamboatin' days the rivers were the great arteries for travel. the electric lamp. It is also the dedication of the Edison Institute of
Those who must hurry will have little inclination to journey by river steam- Technology, the gift of Mr. Ford. Both are, in fact, national tributes to
ers, but those who wish recreation may well return to this magnificent and Mr. Edison.
The multiplication of the amount of light in the world a thousandfold is
powerful river. The majestic of the Ohio was born of the Ice Age, half a
million years ago. Its beauty remains to-day undisturbed by our improve- worthy of celebration, for darkness is a forbidden limitation upon righteous
ments, and will remain long after our nation and race have been replaced human activities.
When Mr. Edison invented the electric lamp he may perhaps have
with some other civilization. And those who love the glories of "01' Man
River" may now again find rest and food for the soul in travel on its currents. thought just to produce plain light and more of it at less cost. I surmise
that
his wildest ambition was to relieve the human race from the curse of
The Ohio has a large place in the history of our race. On this route 250
years ago birch canoes carried La Salle and his first party of white men into always cleaning oil lamps, scrubbing up candle drips, and everlastingly
the wilderness of the Middle West. He was the first to visit the falls of carrying one or the other of them about. He may have thought to add
Louisville, whose roar is this moment in my ears. Down this valley through safety to Chicago against a second accident from an oil lamp.
But the electric lamp has found infinite variety of unexpected uses. It
succeeding centuries poured the great human tide that pioneered the greatenables us to postpone our spectacles for a few years longer; it has made
est agricultural mi,ration in history.
In turn came the explorer, the trapper, the early settler, the sweep of reading in bed infinitely more comfortable; by merely pushing a button we
farmers ever pressing back the frontier in search of virgin land and indepen- have introduced the element of surprise in dealing with burglars; the goblins
dent homes, the merchant, the manufacturer, the city builder, until this that lived in dark corners and under the bed have now been driven to the
great valley is to-day one of the rich places of the earth. It is rich not alone outdoors; evil deeds which inhabit the dark have been driven back into the
In the sense of property but in the sense of happy and independent homes of farthest retreats of the night; it enables the doctor to peer into the recesses
virile men and women. From forefathers schooled of courage, adventure of our insides; it substitutes for the hot-water bottle in aches and pains; it
and independence, of a spirit tempered by hardships, have sprung a race of enables our cities and towns to clothe themselves in gaiety by night, no
men and women who have oft given leadership to the building of our matter how sad their appearance may be by day.
And by all its multiple uses it has lengthened the hours of our active
Republic.
The improvement of this great water route has been ever present in the lives, decreased our fears, replaced the dark with good cheer, increased our
vision of our statemen. George Washington first voiced its potentiality to safety, decreased our toil, and enabled us to read the type in the telephone
book. It has become the friend of man and child.
our new-born Nation. In reporting one on of his early journeys, he said:
In making this, as in his other great inventions, Mr. Edison gave an
"Prompted by these actual observations, I could not help taking a more
extensive view of the vast inland navigation possibilities of the United outstanding illustration of the value of the modern method and system of
States, both from maps and the observations of others as well as myself, invention, by which highly equipped, definitely organized laboratory reand could not but be struck with the immense extent and importance of it search transforms the raw material of scientific knowledge into new tools
and with the goodness of that Providence which has dealt its forces to us for the hand of man.
In earlier times mechanical invention had been the infrequent and hapin so profuse a hand. Would to God that we may have the wisdom and
hazard product of genius in the woodshed. But science had become too
courage to improve them."
To-day, after this 160 years, Washington's prayer is come true in a sophisticated a being to be wooed in such surroundings. Nowadays a
greater sense than even he dreamed. Other Presidents in succession over our thousand applied-science laboratories, supported by industries of our counhistory have striven for its development,from Jefferson on down. Lincoln's try, yearly produce a host of new inventions.
I can perhaps illustrate this modern method of invention. The fundafirst political speech was a plea for its improvement. Our Nation sometimes
moves slowly, but its will is not to be thwarted. It has been a gigantic mental natural laws of electricity were discovered three-quarters of a century
ago by Faraday, Hertz, Maxwell and other great investigators in the
task, this transformation of the Ohio. It represents an expenditure and a
labor half as great as the construction of the Panama Canal. Like many realms of pure physics and mathematics. Faraday discovered that energy
current problems, the development of our rivers is never a finished accom- could be transformed into electricity through induction, the theory of the
electrical generator. It was one of the momentous discoveries of history.
plishment, it must march with the progress of life and invention.
While I am proud to be the President who witnesses the apparent com- It Is related that M. Gladstone was induced to visit Faraday's labratory to
this new scientific contraption. When Gladstone is said to have made
inventions
see
pletion of its improvement. I have the belief that some day new
and new pressures of population will require its further development. In the characteristic practical man's inquiry, "Will this ever be of use to
some generation to come they will perhaps look back at our triumph in mankind?" Faraday replied, "Some day you will collect taxes from it."
Mr. Edison, using organized systematic laboratory research, has been
building a channel nine feet in depth in the same way that we look at the
triumph of our forefathers when, having cleared the snags and bars, they one of the great leaders who have converted the pure physics of electricity
into
a taxable product. Today the governments of the world levy upon
from
safely
announced that a boat drawing two feet of water could pass
Pittsburgh to New Orleans. Yet for their times and means they too accom- upward of $60,000,000,000 of new wealth founded upon electricity.
But the taxes and new wealth are not the major accomplishments of
plished a great task. It is the river that is permanent; it is one of Gods
gifts to man, and with each succeeding generation we will advance in our the men of this genius. These are the rivers of sweat saved from the backs
appreciation and our use of it. And with each generation it will grow of men and the infinte drudgery relieved from the hands of women.
in the history and tradition of our Nation.
I may emphasize that both scientific discovery and its practical application are the products of long and ardous research. Discovery and invenBut Part of Large Plan.
tion do not spring full grown from the brains of men. The labor of a host
And while we celebrate the completion and connection of a great waterway of men, great laboratories, long, patient, scientific experiment build up
2,000 miles from Pittsburgh to Now Orleans, we have still unfinished tasks the structure of knowledge, not stone by stone, but particle by particle.
in improvement of our other great waterways up to the standards we have This adding of fact to fact some days brings forth a revolutionary disestablished upon the Ohio.
covery, an illuminating hypothesis, a great generalization or a practical
Some have doubted the wisdom of these improvements. I have discussed the subject many times and in many places before now, and I
shall not repeat the masses of facts and figures. The American people,
I believe, are convinced. What they desire is action, not argument. I
may, however, mention that as the improvement of the Ohio and its
tributaries has marched section by section during this past 12 years the
traffic has grown from 25,000,000 tons to over 50,000,000 tons annually.
Yet it only to-day this great branch line is connected with the main trunk
of this transportation system, tho Mississippi. It is only now that the
full movement of goods can take place between the groat cities of Pittsburgh,
Cincinnati, Louisville, on one hand, and St. Louis, Memphis, New Orleans
and the wide ocean on the other.
With the completion of our National job on the Ohio, with the celebration of this day, we can well turn our minds toward the other great jobs
in waterway improvement which Ile before us. The Ohio is but one
segment of the natural inland waterways with which Providence has
blessed us. We have completed the modernization of but one other of
the great segments of this system, that of the lower Mississippi.
Five or six years ago I had opportunity to join with those many representatives of the Midwest in council as to the method by which we could
strengthen National interest in the energetic development of the other
At that time I suggested that all these tribuparts of this great system
taries of the Mississippi and the Great Lakes comprised a single great
transportation system. That it must be developed in vision of the whole
and not in parts.
invention.
Research both in pure science and in Its application to the arts Is one of
the most potent impulses to progress. For it is organized research that
gives daily improvement in machines and processes in methods of agriculture, in the protection of health and in understanding. From these we
gain constantly in better standards of living, ra,,re stability of employment.
lessened toil, lengthened human life and decreased suffering. In the end
our leisure expands, our interest in life enlarges, our vision stretches.
There is more joy in life.
It is the increasing productivity of men's labor through the tools given
us by science that shattered the gloomy prophecies of Malthus. Morn than
a century ago that student held that increasing population would outrun
the food supply and starvation was to be the inevitable executioner of the
overcrowded earth.
But since his day we have seen the paradox of the growth of population
far beyond anything of which he ever dreamed, coupled at the same time
with constantly increasing standards of living and ever-increasing surplus
of food. Malthus was right except for a new contestant in the race with his
principle: That was, more scientific research, more discovery. And
that race is still on. If we would have our country improve its standards
of living and at the same time accommodate Itself to increasing population,
we must maintain on an even more liberal scale than ever before our great
laboratories of both pure and applied science.
Our scientists and inventors are among our most priceless national possessions. There is no sum that the world could not afford to pay those men
2624
FINANCIAL CHRONICLE
who have that originality of mind, that devotion and industry to carry
scientific thought forward In steps and strides until it spreads to the comfort
of every home; not by all the profits of all the banks in the world can we
measure the contribution which these men make to our progress.
And they are the least interested in the monetary results. Their satisfactions are in their accomplishment, in the contribution of some atom of
knowledge which will become part of the great mechanism of progress.
Their discoveries are not the material for headlines. Their names are
usually known but to a few. But the nation owes them a great honor and
Is proud to demonstrate through Mr. Edison to-day that their efforts are
not unappreciated. The country can well pay its tribute to the men of
this genius by expanding the facilities for their labors. The nation to-day
needs more support to research. It needs still more laboratories. To
that Mr. Ford is making a generous contribution.
And in establishing this institute Mr. Ford is doing honor to Mr. Edison
In a manner which appeals to a sense of fitness—that is, by founding an
institution dedicated to education and scientific research.
And scientific research means more than its practical results in increased
livirg comfort. The future of our nation is not merely a question of the
development of our industries, ofreducing the cost of living, of multiplying
our harvests, or of larger leisure. We must constantly strengthen the fiber
of national life by the inculcation of that veracity of thought which springs
from the search for truth. From its pursuit we shall discover the unfolding
of beauty, we shall stimulate the aspiration for knowledge, we shall ever
widen human understanding.
Mr. Edison has given a long life to such service. Every American
owes a debt to him. It is not alone a debt for great benefactions he has
brought to mankind, but also a debt for the honor he has brought to our
country. Mr. Edison by his own genius and effort rose from modest beginnings to membership among the leaders of men. His life gives renewed
confidence that our institutions hold open the door of opportunity to all
those who would enter.
Our civilization is much like a garden. It is to be appraised by the
quality of its blooms. In degree as we fertilize its soil with liberty, as we
maintain diligence in cultivation and guardianship against destructive
forces, do we then produce those blossoms, the fragrance of whose lives
stimulates renewed endeavor, gives to us the courage to renewed effort and
confidence of the future.
[VoL.129.
Tensely, the distinguished gathering in the hall waited in the flickering
yellow light of old fashioned oil lamps. Suddenly the vigil was ended, the
incandescent lamp was perfected, and the scene was flooded with the light
of modern invention.
A replica of the Liberty Bell tolled from the belfry above the diners,
automobile horns added their note to the bedlam, airplanes and dirigibles
darted through the sky and as the brilliancy of the electric light overwhelmed the antiquated oil lamps there was a clamor from the hall, and it
required the utmost efforts of Owen D. Young, toastmaster of the dinner,
to quiet the guests as the President, Mr. Edison and the party returned.
Mr. Young paid tribute in the name of American Industry to Mr. Edison.
W. S. Barstow, President of the Edison Pioneers, also spoke. He was
followed by Mr. Ford. Then the voice of Professor Albert I. Einstein was
brought by radio from Berlin to the hall. Professor Einstein added the
tribute of foreign scientists. President Hoover, the principal speaker, next
was introduced as the spokesman for the nation's affection and gratitude.
His Vitality Praised.
Mr.Young. preparing to introduce the speakers, told Mr. Edison that his
first words would not be words of congratulation for his inventive genius,
but congratulations "for that vitality of spirit to do what you do."
Before introducing the speakers one after another, Mr. Young read messages of felicitation to Mr. Edison from the Prince of Wales, President von
Hindenberg of Germany, and Commander Richard E. Byrd, who wirelessed his message from Little America, his camp deep in Antartic.
Among the thousand guests at the dinner when the President rose to
speak were Mme. Curie, Orville Wright, Owen D. Young, who was toastmaster; Charles G. Dawes, Ambassador to the Court of St. James; Charles
M.Schwab,John D. Rockefeller Jr., Daniel Willard, L. F. Loree. President
of the Delaware & Hudson RR.; General W. W.Atterbury, President of the
Pennsylvania RR.; Adolph S. Ochs, Dr. William Mayo, Secretary of War
Good,and P.E. Crowley, President of the New York Central RR,
Senate Action on Tariff Bill—Export Debenture Amendment Adopted—Move to Recommit Defeated.
The plans of proponents of the farm export debenture
Describing the exercises at Dearborn in honor of Mr. which, as was indicated in our issue of a week ago (page
Edison, the account in the New York "Herald Tribune" 2484) had in view a program to insert the provision in the
tariff bill in the form of the amendment sponsored by Senfrom Dearborn, Oct. 21, said in part:
Overcome by emotions in the honors that had been heaped upon him ator Norris were able to push through their plans on Oct. 19.
on the fiftieth anniversary of his discovery of the incandescent electric On that date by a vote of 42 to 34, the Senate adopted the
light, Thomas A. Edison,one of the world's outstanding inventors, became
Norris, calling for the insertion in the
faint to-night near the end of a dinner here in the presence of President amendment of Senator
Hoover and one of the most distinguished gatherings of men and women bill of a provision for export debentures. On Oct. 18 the way
ever assembled.
was paved for action on the amendment by the Senate, this
The 82-year-old inventor had shared with President Hoover one of
the greatest demonstrations ever accorded two men. Because of inclement being indicated in the following which we take from the
weather, he had been compelled to forego a motor trip through Detroit "United States Daily" of Oct. 19:
during which at least half a million enthusiastic men, women, and children
cheered the President and called for Mr. Edison. He stood up stubbornly,
however, through the remainder of an arduous program until near the
end of the dinner in his honor.
Notables Attend Dinner.
Many of the world's most noted living inventors and outstanding leaders
of industry had gathered at a dinner of 500 guests in honor of Mr. Edison
in a replica of Independence Hall, In Henry Ford's reconstructed early
American village to honor the gray-haired inventor. But Mr. Edison
was obliged to retire before President Hoover delivered an address in
tribute to his genius and was taken to Mr.Ford's home in a highly weakened
condition.
Before the strain of the day compelled him to retire, Mr. Edison had
made a brief speech. * * *
Mr. Edison did not give up until he had become weak twice. The first
time was immediately after he had returned from re-enacting his discovery
of the electric light in the same laboratory in which he worked in Menlo
Park, N. J., 50 years ago. Step by step he had repeated the scene of his
invention in the presence of President Hoover, Mrs. Hoover and Mr. and
Mrs. Ford.
Milk Revives Edison.
The climax of the dinner was reached as Mr. Edison finished the reenactment of his discovery. Candle light had been replaced by the flood
of brilliant electric bulbs. The guests were awaiting the return of the
party and an old-fashioned orchestra already was playing the march
for their entrance. But instead Dr. Joel T. Boone hurried through a
door and disappeared with a glass of milk. A few minutes later Mr.
Edison entered with the President.
Mr. Edison had been obliged to sit down for a few minutes before entering
the hall, but when he came in he smiled happily and waved his hand as
the 500 guests applauded. The inventor struggled through his brief
address, which was carried throughout the nation by radio, and was preparing to listen to the President's address. It was evident to everyone,
however, that Mr. Edison was not well and finally be tugged at the President's sleeve, saying: "Mr. President, I am sorry, but I must retire.
Acidity, it Is my great enemy."
Bids President Good-Bye,
Escorted by Dr. Boone. Mr. Edison again retired and was placed on a
couch in an adjoining room. Warm milk, a remedy he always relies upon,
was given to him but he was unable to return to the dining hall. When
the President came out, however, he insisted on standing to bid Mr. Hoover
good-bye. Smiling at the President, he said:
"It has been a great day, hasn't it, Mr. President?"
The President slipped an arm around Mr. Edison's shoulder 88 he bade
him farewell and instructed Dr. Boone to see him to Mr. Ford's home,
where he is stopping. Dr. Boone said later that Mr. Edison had been
overcome by the emotional events of the day.
Although it was believed for a time that the aged inventor,still weak from
a recent attack of pneumonia, was in a serious condition, Dr. Boone said
upon returning to the President's train, that he probably would be all right
after a good rest. • • *
The dedicatory ceremonies followed the dinner at Independence Hall,
The President, Mr. Edison and Mr. Ford left the hall and went to the
reconstructed Edison laboratory, a few steps away. There they were joined
by Francis Jehl, who as a boy of20 helped Mr.Edison make his incandescent
lamp. It was the scene of 50 years ago at Menlo Park re-enacted with the
exception of the presence of President Hoover, Mr. Ford, Mrs. Ford. Mr.
and Mrs. Edsel Ford and Mrs. Edison in the laboratory.
The lights in the hall were turned off and the old fashioned oil lamp took
their place. The story of the recreation of the first electric bulb, repeated
by Mr. Edison as he went through the original process step by step, was
carried from the laboratory to the dinner hall and the world by radio.
Under a unanimous consent agreement the Senate will vote not later than
1 o'clock. Oct. 19, to determine whether or not the export debenture plan
of farm relief, condemned by President Hoover as uneconomic, is to be
attached to the tariff bill(H. R.2667.)
The agreement was reached late on Oct. 18, and was coupled with a
request that the Senate meet at 10 a. m. instead of at 11 a. m. as it has
done for several weeks past.
Senator Smoot (Rep.), of Utah, Chairman of the Finance Committee,
made the request for an agreement on a time to vote, explaining that the
debenture plan now offered by Senator Norris (Rep.), of Nebraska, is
almost identical with that previously offered by him and twice voted into
the farm relief Act by the Senate, and has been fully discussed.
The Senate also agreed unanimously that no Senator shall speak longer
than 20 minutes on the debenture amendment or any amendments thereto.
Farm Board to Control.
The amendment as framed by Senator Norris. leaves it in the discretion
of the Fderal Farm Board to invoke the use of debenture certificates
for any agricultural commodity. When the Board has determined that
the debenture plan is needed for the benefit of any commodity,the Secretary
of the Treasury is directed to issue the certificates to farmers, co-operatives.
or stabilization corporations exporting domestic agricultural products for
a sum equal to one-half the tariff on that commodity. These debentures
are acceptable by the Treasury in payment of import duties, or, to prevent
undue speculation, the Secretary of the Treasury may redeem them for
cash from money collected on the import tariff.
There is also a clause for decreasing the debenture rate if the production
of the commodity increases beyond certain limits.
The text of the amendment is given in another item in this
issue of our paper.
As to the Senate action on Oct. 19 the report to the
"Times" from Washington on that date said in part:
The Democratic-Insurgent Republican coalition in the Senate rode rough
shod over the administration forces to-day when the Norris export debenture amendment to the Smoot-Hawley tariff bill was adopted by a vote
of 42 to 34. With the pairs counted, it developed that the debenture had
commanded even greater strength than it did in its two earlier Senate
victories.
Senators Cutting of New Mexico and Thomas of Idaho, Republicans,
who had previously voted against it, supported the debenture plan. The
only other changes were that Senator Kendrick, Democrat, of Wyoming
(who was paired for the debenture in a previous vote) opposed it, and
Senator King, Democrat, of Utah, made an opposite switch.
Administration loaders are unqualifiedly against the debenture plan,
which President Hoover has termed uneconomic and unworkable. They
knew in advance that they would be defeated on the Senate floor and
therefore decided to allow the amendment to pass without further protest and go to conference, confident that the House would reject It and that
in the end it would be eliminated from the bill.
The first test on the proposition was in May, when the Senate defeated
by a vote of 47 to 44 a motion by Senator Watson, Republican floor leader
to eliminate the debenture from the farm bill. The bill then went to conference, but when the Senate conferees returned in June with a conference
report minus the debenture, the report was rejected, 46 to 43. After a
hard struggle, the House was forced to vote on the debenture and rejected
it by a vote of 250 to 113. Then the Senate receded, and the bill was passed
without the disputed plan.
After the vote to-day, the Republican leaders privately admitted that
the coalition was in a powerful position as a result of its victories in forcing
adoption of the Simmons-Norris flexible tariff amendment and of the
debenture plan. They predicted that even though the House stood by the
OCT. 26 1929.]
FINANCIAL CHRONICLE
administration it would be a very difficult task to make the Senate recede
on both these amendments. There was speculation as to whether President
Hoover would veto a bill containing either or both of these
features.
Debate on Rates at Hand.
Disposal of the debenture amendment apparently paves the way for
early action on the rates in the tariff bill. There are only a few amendments
to the administrative sections to be completed, and these may be cleaned up
Monday. After that nothing will stand in the way of debate on the rates
unless Senator Thomas, Democrat, of Oklahoma, insists
on pressing his
motion to eliminate all rates except those on farm products or related articles.
This motion, which involves recommittal of the bill to the Finance Committee, and consequent delay, has no enthusiastic support from the Democratic-Progressive group. In fact, Senator Borah expressed doubt whether
the Thomas motion would be taken up at all.
Mr. Borah added a forecast that no motion would be made to consider
the agricultural schedules first. On the other hand, he predicted that the
debate on rates would proceed in the order of the bill, with the chemical
schedules the first to be acted on.
Further plans to speed proceedings on the bill were unanimously agreed
to during the day. Chairman Smoot of the Finance Committee
proposed
meeting at 10 a. m., Monday, instead of the usual hour of 11 o'clock. and
Senator Robinson, the Democratic leader, suggested
that the session run
until not later than 6 p. m." This arrangement met with no
dissent,
and its adoption carried a strong indication that the Senate is at least really
trying to send the bill to conference before the special session ends.
Aaion Rests With Farm Board.
The Norris amendment provides that when the Farm Board "finds it
advisable" to aid in marketing the surplus of a certain crop, it shall direct the Secretary of the Treasury to issue debenture certificates. The
sellers of the specific product would receive certificates equivalent to onehalf the tariff on the same product imported into the United States. These
certificates would be redeemable with customs collectors at not less than
98% of their face value, and hence would be used by importers to pay
import duties.
The amendment is also designed to prevent overproduction of farm
products, being drawn so that the amount of the debenture would be reduced on a graduated scale inversely to the volume of production. An
arbitrary debenture rate of 2 cents a pound, equivalent to about $10 a
bale, is set on standard cotton, against which there is now no import duty.
Various estimates have been made of the ultimate cost of the debenture
plan, but all are speculative. Last April Secretary of Agriculture Hyde
computed that with the debenture equivalent to the full rate of the tariff,
the annual cost would be about $500,000,000, an estimate which would be
halved under the Norris plan.
Experts appearing before the Senate Agricultural Committee last Spring
estimated an average annual cost of $146,000.000, or about 3 of the total
annual customs receipts of $600,000,000. However, as the issuance 0"
debenture certificates is conditional on the discretion of the Farm Board
the matter of cost is problematical.
Seeks to Avert Speculation.
In a speech on the amendment Senator Norris said the chief difference
from the previous plan was that the debenture certificates should be
redeemable at not less than 98% of their face value. This clause was
inserted,
he said, to prevent speculation in the certificates.
"Every plan which those of us who wanted to give relief to agriculture
have brought before Congress to take the surplus out of
the way and
give the farmer the benefit of the protective tariff has been defeated either
in Congress or by veto of the President of the United States,"
he added.
"This remedy, now proposed, has not been vetoed.
"The argument against the debenture Is that the President will
veto
any bill to which it may be attached. I do not know. I cannot answer
for
the President. We can only answer for ourselves.
"Personally I feel a responsibility to make good the pledge. The time
has come to be honest with the American farmer. We go to him in
the
election and get his vote on honeyed words, beautiful promises and glittering
generalities. And when we are placed in power we turn our backs on him
and violate our pledges."
In other twenty-minute speeches three Republicans, Senators Sackett
of Kentucky, Jones of Washington and Vandenburg of Michigan, opposed
the amendment. Senators Borah, Thomas of Idaho and Brookhart, Republicans, spoke in support or it, as did Senators Barkley, Heflin, Connally
and George, Democrats.
Mr. Borah contended that, even though the debenture was a subsidy,
it should be granted to the farmers. He quoted Alexander Hamilton
as
saying that a tariff was equivalent to a bounty. He went on to say that
Congress had given a 84.000,000,000 bounty to the "steel trust" since the
enactment of the 1922 tariff bill, because that bill raised rates sufficiently
to allow the "trust" to make that much added money.
2625
in the election and get his vote on honeyed words, beautiful
promises and
glittering generalities, and when, relying upon our promises, relying upon
the honesty of our professsions, we are placed in power, we turn
or backs
upon the farmer, violate the pledges, and we have refused thus far,
in
one way or another, to give the farmer the benefit of the
tariff. Either
we must do this or we must tear down the protective structure."
The 42 votes whereby the amendment was adopted were
those of 14 Republicans and 28 Democrats; 31 Republicans
and 3 Democrats voted against the amendment. A further
amendment to the bill in the interest of the farmer was
adopted on Oct. 24 when the Senate by vote of 52 to 19
decided to increase both the House and the Finance Committee rates on casein, a skimmed milk product chiefly used
for coating paper, and on which agriculturists have been
steadily demanding greater protection than either the House
or the committee favored. We quote from the Washington
advices Oct. 24 to the New York "Times" which said:
The House had retained the present rate of 234 cents a pound and the
Finance Committee raised this 1%. Senator Shortridge, a member of the
Committee, took up the farmers' battle by moving to make the
duty 8
cents, but Senator Blaine of Wisconsin, a progressive Republican,
urged a
rate of 534 cents, and this was approved.
The nineteen Senators voting against the Blaine amendment were Brookhart, Nye, Frazier, Howell, Johnson, McMaster, NcNary, Pine, Schell,
Shortridge, Steiwer. Waterman, Couzens, Gillett, Goff, Keyes and Vandenberg, Republicans, and Walsh of Massachusetts and Wagner,
Democrats.
The last five named Republicans and the Democrats
opposed the amendment because they came from paper-making States,
which would suffer
from a high duty. The twelve remaining
Republicans were credited with
objections because they wanted the Shortridge 8
cent rate.
Twenty-five Republicans, including Blaine, Borah, Cutting,
La Follette.
Norbeck and Nye of the independent group,
supported the amendment as
being the best obtainable. Many old-line
Republicans, such as Senators
Edge, Smoot and Greene of the Finance
Committee, Hatfield, Jones.
Phipps and Warren, voted for the Blaine rate.
Twenty-seven Democrats
were recorded for it.
La Follette Wins A Victory.
Without a roll call, and with little opposition,
Senator La Follette forced
a reduction the the rate on carbon tetrachloride
to 1 cent a pound. as Compared with the Finance Committee rate of 2
cents and the House tariff of
2% cents.
This chemical is used chiefly for cleaning fluid and as
a flre extinguisher.
During the World War it was used as an ingredient
of smoke-screen mixtures. The imports are negligible and the domestic production
supplies the
demand.
Likewise on a vive voce vote Senator Barkley, Democrat,
of Kentucla,
drove down the rate on chloroform to 4 cents a pound. The House
rate,
and that of the existing law, is 6 cents, but the Finance Committee
cut this
to 5 cents. Since the war chloroform imports have been
less than 100
pounds annually, except in 1922.
Temporarily passing over the items of whiting, used as a base for
putty,
and coal tar dyes. the Senate agreed to the Finance Committee
recommendations to place crude chicle on the free list and to reduce the duty on
refined chicle from 15 to 5 cents. The House had put the 15-cent duty
on
refined chicle, which is the base of chewing gum. It had also retained the
present duty of 10 cents a pound on crude chicle.
When the Senate recessed for the day, it was discussing a committee
amendment to raise to 50 cents the House rate, of 45 cents a pound on
cellulose, used in non-shatterable automobile windshields.
Senator La Follett critized the Committee figure, but Senator Bingham
commented that the proposed duty would add not more than 5 cents to the
price of an automobile.
On Oct. 19 Senator Cutting, Republican, of New Mexico,
offered an amendment to the bill to provide a duty of 7
cents on long staple cotton. He announced he proposed to
offer another amendment seeking higher duties on wool. On
the 19th the Senate by a vote of 60 to 14, defeated an amendment by Senator Waterman, Republican, of Colorado,
which in effect would have abrogated this country's preferential tariff agreement with Cuba. The "Times" in reporting
this added:
Thomas for Mandatory Clause.
Under the Waterman amendment imports from Cuba would be taxed
The switch by Senator Thomas of Idaho to the plan was an interesting
at the same rate as those from other countries. Opponents of the plan
feature of the debate preceding the vote. Mr. Thomas explained that he
contended that it contravened a treaty and that changes in the agreement
voted against the debenture on the two former occasions because he
did should properly be negotiated through diplomatic channels.
not want to Jeopardize the farm relief bill. This afternoon he came
out
The 14 Senators voting for the amendment were Brookhart, Frazier.
so strongly for the plan that he wanted to make it mandatory instead
of Hatfield, Johnson, McNary. Norbeck, Norris, Nye, Shortridge, Thomas
optional with the Farm Board.
(Idaho),
ocrats. Warren, Waterman, Republicans; Kendrick and Ransdell, DemSenator Walsh of Massachusetts explained that he opposed the debenture
because it was "private, proprietary legislation."
The main question was whether the existing tariff arrangement with Cuba
According to the Now York "Herald Tribune" Senator was actually a treaty or a convention.
Chairman Borah of the Foreign Relations Committee declared that
George W. Norris, in presenting the amendment, said:
it had always considered it a treaty, but Senator Waterman held it to be
This amendment is practically the same as the debenture provision which a convention,
ratified by Act of Congress instead of by two-thirds of the
the Senate voted to put on the farm relief bill. There Is one material Senate,
insisting that it was only an "arrangement" and a "sentimental
change, and one only. There is a provision in it that the debenture, and emotional
proposition stimulated by the Wall Street interests, which
upon presentation, shall be bought by the Secretary of the Treasury
and own most of Cuba."
paid for out of any money in his hands coming from tariff duties at
Senator Waterman made no secret of the fact that he wanted to tax
not
less than 98% of the face value of the debenture.
Cuban sugar to protect domestic production.
In my judgment, if this amendment shall become the law, the Secretary of the Treasury will never have occasion to redeem any debenture
Two Amendments Adopted.
at that rate. These debentures will sell upon the market at very nearly
Two minor amendments to the tariff bill approved to-day by the Senate
100%.
would restrict the period for storing imported wheat, that is, Canadian
wheat, In bonded warehouses to ten months before withdrawal and have
The "Herald Tribune" continued:
Senator Norris added that he put this provision in because of the argu- stleso valuation plans made by the Federal Trade and Tariff Comment when the debenture was put into the farm bill, that the debentures missions,
would be speculated on in the market. He said further that the debenture
With the adoption of Pie debenture plan, a speeding up
"will have the effect of raising the price of the farm products upon which
program
on the bill was planned by the Senate, the Washit is issued practically the amount named in the debenture."
"The argument against the debenture is that the President will veto ington correspondent o. the New York "Journal of Comany bill to which it may be attached. I do not know; 1 cannot answer merce" in observing this Oct. 20 saying:
the President. We can only answer for ourselves."
To-morrow the Senate will begin work at 10 a. m. and
continue until
"It seems to me." he said, "that the time has come when we ought 6
p. m., thus adding two hours to each legislative day. It appearevthat
at least to be honest with the American farmer. We go before the farmer
temporarily at least the idea of night sessions has been
abandoned. -
2626
FINANCIAL CHRONICLE
Fou 129.
It was frankly stated in legislative circles last week that the House
The Senate then approved committee reductions on amber and amberold
members at least want the bill sent to conference not later than Nov. 20, from $1 to 50 cents a pound, caffein from $1.50 to $1 a pound and caffein
so as to permit of an interval before the beginning of the regular session citrate from 90 cents to 60 cents a pound.
Dec. 2,so that the taking of mileage pay will be on a respectable basis.
By a vote of 64 to 10 the Senate rejected on Oct. 21 a
motion of Senator Thomas (Democrat) of Oklahoma, to
recommit the tariff bill to the Senate Finance Committee,
with instructions to limit tariff revision to agriculture.
The "Herald Tribune" in its account of the Senate vote
on the Thomas motion said in part:
On the face of it, this represents a remarkable reversal of position since
last June when the resolution of Senator William E. Borah, Republican, of
Idaho, to confine the bill to agricultural and related rates failed by a single
vote. As a matter of fact, the reason for the failure of most of the Democrats and insurgents to support the Thomas motion was that they are convinced the coalition has votes enough under control to shape the rates on
the floor both by increasing the agricultural rates and cutting down the
industrial rates.
A striking feature of the discussion in connection with the Thomas motion
was the open avowal by Senator George W.Norris, Republican,of Nebraska,
leader of the insurgents, and by Senator Joseph T. Robinson of Arkansas.
leader of the Democrats, of a purpose not alone to block the Finance Committee increases of industrial rates, but to reduce industrial rates below the
level of the existing Fordney-McCumber law. Recent victories of the coalition in dealing with the administrative provisions have given the chiefs of
the alliance the belief that they can shape the rates of the pending measure
almost as they please.
The vote on the Thomas motion came after a brief debate marked by
speeches by Senator Thomas himself, Senators Norris, Robinson, Coleman,
Blease and F. M. Simmons. The only votes in favor of the motion were
cast by Senators Frazier, Howell, McMaster, Nye, Pine, Schell and Waterman, Republicans, and Harris, Sheppard and Thomas of Oklahoma,
Democrats.
Thomas Defends Motion.
Senator Thomas, in a speech in support of his motion, said:
"Agriculture can be helped in only two major ways: First, by an increased
price for the things the farmer sells, and, second, by a decreased price for
the things the farmer buys. The pending bills before us offers little hope
for relief in the way of better prices for the products of the farm, and,on the
other hand. instead of decreasing the price of the things the farmer has to
buy. The bill was scientifically constructed in practically every schedule
so as to raise the price of practically every article necessary to the existence
of the farmer and his family.
"Because of the scope and text of the bill before us, and because of the
manifest interest and evident intent of those responsible for its existence, I
make bold to assert that the farmers of America will be injured rather than
benefited by the passage of the measure.
The 45 votes registered in favor of the Barkley amendment were those of 28 Democrats and 17 Republicans; 31
Republicans and 2 Democrats went on record as opposed
to the amendment. A weakening of the Democratic Progressive Coalition forces was evidenced on Oct. 23, when
13 Democrats who almost invariably are members of the
coalition, and three Republicans, who are often adherents,
deserted the combination to vote with the conservative
Republicans, who won by 42 to 37. As to the amendment
which brought this vote, the "Times" stated:
The vote was on a motion to tax imported calcium carbide
cent per
pound, instead of I cent, as under existing law and as approved by the
House.
The Senate Finance Committee originally favored a rate of
cent,
but later recommended I cent, which was retained this afternoon. The
roll-call showed that while Republican Senators Thomas (Idaho), Schell
and Couzens had left the coalition to vote for the 1 cent rate, Senators Jones,
Waterman, Capper and McNary, all regulars of the same party, had
swung behind the coalition.
Norris Lays Duty to Power Concerns.
The desertion of the coalition was taken in the face of an earnest plea
against the higher duty by Senator Norris, one of the leaders of the bloc
which had wielded so much power in the Senate.
Attacking the 1-cent rate for calcium carbide, he said it was totally unwarranted and would not be demanded if hydro
-electric power companies,
which sell power for the manufacture of the chemical, would charge reasonable rates for their output. In Canada, the chief importer of calcium carbide to the United States, the power rates were much lower, he argued.
Senator Norris brought in national politics when he said that if Gov.
Smith had been elected President there would have been no demand for a
1-cent rate and that Gov. Small would have saved the natural resources
of the country for the people, "instead of turning them over to private
corporations for private gain." •• *
Calcium carbide, on which the cent a pound rate was fixed, is used in
making acetylene gas for artificial lighting and oxyacetylene gas for cutting
and welding metals. It is also employed in Canada, Germany and other
countries for the manufacture of atmospheric nitrogen. Virtually all the
exports to the United States are from one Canadian plant.
There are now two American plants in Iowa and one each in Alabama.
Michigan, Minnesota, New York and West Virginia. Imports in 1928
reached 2,527.205 pounds, worth 891,975. while exports were 3,475,899
pounds worth 8173,382.
Asks Recommitment.
Coalition Blames Power Issue.
"I have offered the motion to commit the bill with instructions to so alter
Coalition leaders admitted tonight that the existence of power plants in
the measure as to comply with the demands made by the farmers. the pledges certain States might have influenced the votes of some Senators leaving
made by both the major political parties and the recommendations sub- the coalition.
They said that the plants were established in the States of these Senators
mitted by the President and on behalf and in the name of our largest and
most distressed group. I urge the adoption of the proposal."
who supported the 1-cent tariff: Black and Heflin of Alabama, Brock of
Senator Simmons took the floor after Senator Thomas spoke. He Tennessee, Couzens of Michigan, Schell of Minnesota, Copeland and Wagopposed the motion. He argued that the situation had changed since the ner of New York and Steck of Iowa.
Borah resolution was voted on in June and that it was now desirable that the
Disgusted with the slow progress of the bill, the disposition of the calbill be dealt with on the floor where the rate reported by the Finance Com- cium carbide amendment having consumed six hours alone, Senator Smoot
mittee could be "fully scrutinized and exposed."
late this afternoon asked for a limitation of speeches tomorrow. Strutters
Senator Simmons said, however, that if the Thomas motion prevailed, Vandenberg and Howell, Republicans, immediately objected. There
he would offer a resolution providing that in any session of the committee seemed little Interest whether an agreement was reached or not. At the
on finance to which the bill had been recommitted the minority members time only four Democrats and fourteen Republicans were on the floor.
should be present and participate in the proceedings.
Two amendments to administrative sections of the bill Text of Export Debenture Amendment to Tariff Bill.
were approved on Oct. 21 said the New York "Times"
From the "Times" we take as follows the text of the exwhich added:
debenture amendment introduced by Senator Norris,
port
One, by Senator Steiwer, Republican of Oregon, would exempt masters
Ruplican, of Nebraska, and incorporated in the
insurgent
and owners of vessels found to be illegally carrying opium from penalty,
or the vessels themselves from seizure, if the masters or owners could prove tariff bill by the Senate on Oct. 19:
in court they did not know the ships carried opium. The vote on the
Steiwer motion was 43 to 34.
The other, by Senator King, Democrat of Utah, would fix the salaries
of Tariff Commissioners at 510,000 annually, instead of $12,000 as in
the bill and 87,500 under existing law. It was adopted viva voce.
Aided by four Old Guard Republicans, the DemocraticProgressive coalition won the first test vote on the rates of
the tariff bill when the chemical schedule was taken up in
the Senate on Oct. 22; the New York "Times"from which we
quote, went on to say in part:
Test Vote on Rate Reduction.
The test vote was on a motion of Senator Barkley. Democrat of Kentucky. to cut the duty on imported medicinal tannic acid to 18 cents a
pound from the 20-cent rate proposed by the Finance Committee and
in the present law and the House rate of 22 cents.
The result was 45 to 33 in favor of the Barkley amendment, with regular
Republican Senators Glenn of Illinois, Jones of Washington, Robinson of
Indiana, and Thomas of Idaho voting with the coalition. The only
defections from the coalition were Senators Johnson, Progressive Republlcan, and Copeland and Wagner, Democrats, who joined 30 Old Guard
members on the negative.
Action on the chemical schedule began when the Senate approved the
Finance Committee amendment to make the rate on citric acid 17 cents
a pound, as in existing law, against the House rate of 18 cents. It was
then agreed to reudce the rates on two kinds of tannic acid from 6 to 4
cents and from 12 to 10 cents, on further committee proposals that the
House figures be cut to those of existing law.
This brought the Senate to the duty on medicinal tannic acid. Mr.
Barkley contended that the rate should be reduced for the benefit of buyers
of medicine.
Senator Reed rejoined that as there were only 275 pounds of this chemical
imported annually the total reduction would mean only a loss of $5.50 to
the Government. He sarcastically comn. nted that the Senate was using
up thousands of dollars' worth of time C.ha. tr; such an amendment.
Rate cuts forced by Senator La Folotto, following the roll-call on the
medicinal tannic acid item, affected ga:11c and pyrogenic acid. On the
first he reduced to 6 cents the House rate of 10 cents and the committee rate
of 8 cents. On the second he drove down to 10 cents the House rate of 15
cents and the committee rate of 12 cents. Both votes were viva voce
AMENDMENT.
Proposed by Mr. Norris to the bill (HR2667) to provide revenue, to
regulate commerce with foreign countries, to encourage the industries or
purposes, viz.:
the United States, to protect American labor and for other
On Page 132. after Line 9, insert the following:
Export Debentures.
for in the agricultural marketing act
(a) Whenever the board provided
order to carry out the policy
approved June 15 1929, finds it advisable, in
marketing act, with respect to
agricultural
declared in Section 1 of said
debentures with respect to
export
issue
to
commodity,
any agricultural
Secreeach commodity, said board shall give notice of such finding to the
receipt of such notice it shall be the duty
tary of the Treasury. Upon the
and
such
at
terminating
of the Secretary of the Treasury, commencing
export debentures to any farmer,
time as the board shall prescribe, to issue
co-operative associations, stabilization corporation or other person with
commodity or any manufactured food
respect to such quantity of the
or tobacco, if
product thereof or any product manufactured from cotton
it is manuafctured, if exported in the
which
the cotton or tobacco out of
therefore, as
a
receive
to
entitled
debenture
been
raw material would have
export from the United States to any
such person may from time to time
debenture shall be in an amount to be comforeign country. The export
puted under the direction of the Secretary of the Treasury, in accordance
prescribe, at the debenture rate for the
may
with such regulations as he
commodity or product that is in effect at the time of exportation. Any
such computation shall be final.
Prorision for Applications.
an export debenture, the farmer,
(b) In order to procure the issuance of
co-operative association, stabilization corporation or other person shall,
the
Secretary of the Treasury may
as
regulations
in accordance with such
prescribe, make application for such debenture and submit satisfactory
proofs either (i) that the commodity to be exported was produced in the
United States and has not previously been exported therefrom, or (2) that
the commodity used in making the manufactured food product or any
product manufactured from cotton or tobacco if the cotton or tobacco out
of which it is manufactured if exported in the raw material would have
been entitled to receive a debenture therefor, to be exported was produced
in the United States and the agricultural commodity and the manufactobacco if
tured food product or any product manufactured from cotton or
exported in the
the cotton or tobacco out of which it is manufactured if
OCT. 26 1929.]
FINANCIAL CHRONICLE
raw material would have been entitled to receive a debenture therefor,
have not previously been exported therefrom.
Receivable at Face Value.
(c) All export debenture, when presented by the bearer thereof within
one year from the date of issuance shall be receivable at its face value by
any collector of customs, or deputy collector of customs, or other person
authorized by law or by regulation of the Secretary of the Treasury to
perform the duties of collector of customs, in payment of duties collectable
against articles imported by the bearer. Title to any export debenture
shall be transferable by delivery. In order to prevent any undue speculation in the handling of such export debentures, the Secretary of the Treasury is authorized and directed, under such rules and regulations as he may
prescribe, to provide for the redemption of such export debentures from
any money in the treasury derived from the payment of duties collectible
against articles imported into the United States at a rate of not less than
98% of the face value of such export debentures.
2627
for resigning.
I feel that the public Is entitled to a statement of my reasons
is a matter
I believe, of course, that the efficient administration of justice
and that,
of transcendent importance to the people of this community
called
been
have
who
above all, it requires the utmost confidence in those
upon to administer it.
to attend
Since the failure of the City Trust Co. I have been compelled
necessarily,
numerous hearings, investigations and conferences, and these,
have interfered with the sessions of my court.
public mind has
In view of the fact that suspicion, just or unjust, in the
company,I feel that
been attached to the conduct of the officers of the trust
perhaps been
my efficiency as a Judge of the Court of General Sessions has
Impaired.
more
consequence
of
is
justice
Inasmuch as the proper administration of
upon to administer it, I
to the community than these who may be called
beet interest of the
have concluded that the step I have taken is in the
public.
of this community
people
In justice to me, however, I hope that the
Chairman of the Board of
will form no opinion with respect to my acts as
to its management and
the City Trust Co. until all the facts with respect
For I am confident
my participation therein have become fully known.
been the victim of badly
that they will then conclude that, at most, I have
not only my friends, but
misplaced confidence in those whom I considered
from high judicial
honest and above suspicion, and that my resignation
confidence.
office is a tremendous price to pay for such misplaced
,
Debenture Rates Established.
(d) Debenture rates in effect at any time with respect to any agricultural commodity shall be one-half the rate of duty in effect at such time
with respect to imports of such commodity, except that so long as no import duty is imposed on cotton the debenture rate thereon shall be 2 cents
per pound. The debenture rate in effect at any time with respect to any
manufactured food product of any agricultural commodity or any product
manufactured from cotton or tobacco if the cotton or tobacco out of which
It is manufactured if exported in the raw material would have been entitled
to receive a debenture therefor, shall be an amount sufficient, as nearly as
may be, to equal the debenture that would be issuable upon the exportation of the quantity of the agricultural commodity consumed in the manufacture of the exported manufactured food product, or any product manufactured from cotton or tobacco if the cotton'or tobacco out of which it is
manufactured if exported in the raw material would have been titled to
receive a debenture therefor, as prescribed and promulgated from time to
time by said board.
Penalties for Infractions.
(e) Regulations requiring that metal tags or other appropriate markings
be placed on all bales of cotton produced in foreign countries and allowed
transit through the United States for exportation, may be prescribed by
the Secretary of the Treasury. Every person who violates any such regulations of said board shall be liable to a civil penalty of $100 for each such
offense. Such penalty may be recovered in a civil suit brought by said
board in the name of the United States.
(f) The Secretary of the Treasury shall prepare and issue all export
debentures. Export debentures issued under authority of this act shall be
obligations of the United States within the definition in Section 147 of the
act, entitled "Act to codify, revise and amend the penal laws of the United
States," approved March 4 1909, as amended (U. S. C. Title 18, Sec. 261)•
(g) Any person who shall make any false statement for the purpose of
fraudulently procuring, or shall attempt in any manner fraudulently to
procure, the issuance or acceptance of any export debenture, whether for
the benefit of such person or of any other person, shall be fined not more
than 92,000 or imprisoned not more than one year, or both.
ns, which
The report of the Committee of the bar associatio
,
Roosevelt
Gov.
by
19
Oct.
on
Albany
was made public at
follows:
of New York.
of the State
The Honorable Franklin D. Roosevelt, Governor
Albany, New York.
Your Excellency:
committee, representing
The undersigned were appointed a special
York and the New York
the Association of the Bar of the city of New
report to you on the
County Lawyers' Association to investigate and
your telegram ofJuly 18,
conduct of Judge Francis X.Mancuso, pursuant to
the report of Commissioner
1929, requesting the two associations to study
testimony taken before
Moses on the affairs of the City Trust Co. and the
recommendations to
him with reference to Judge Mancuso and to make
you as to what action should be taken.
undertook the
Immediately upon its organization the joint committee
as of the voluminous
study of the report of Commissioner Moses as well
respect to the conduct of
• testimony taken before him, particularly with
with counsel before
Judge Mancuso. Thereafter Judge Mancuso appeared
at considerable length
the committee at his own request and was examined
independent inveson three occasions. The committee also made its own
of Judge Mancuso.
tigation of various matters with respect to the conduct
matter were interrupted
This examination and our consideration of the
District Attorneys
by the criminal investigations of the case made by the
and the pendency of
and grand juries of New York and Kings Counties,
expected report to you
these criminal investigations caused us to defer our
that Judge Manuntil all the facts were available to the committee. Now
unnecessary for this comcuso has resigned his office, we assume that it is
mittee to proceed further.
substantially before the
The facts considered by the committee are now
Guard Against Overproduction.
Judge Manconsideration by reasonf the recent indictment of conclusions
(h) In order to prevent undue stimulation in the production of any courts for
therefore,for this committee to state any
proper,
not
is
It
cuso.
tribunal, and the
debenturablo agricultural commodity whenever said board finds that the
the issues now to be determined by a judicial
production of any debenturable agricultural commodity during any crop concerning
expressing any opinion thereon.
from
refrains
committee
year has exceeded the average annual production of such debenturable
bank and an investment
However, Judge Mancuso's connection with a
agricultural commodity for the preceding five years said board shall by
boards of directors.
or securities company as Chairman of their respective
to call
proclamation prescribe that during the next succeeding year the export
suggests to US that it is an appropriate time
indictable,
not
itself
in
debenture rates for such commodity shall be reduced by the percentage
provision of the canons of judicial ethics of the
following
the
to
attention
hereinafter fixed. Such reductions shall become effective on the date fixed
Bar Association:
in such proclamation, not less than 60 days from the date of the issuance American
for any reasonable suspicion
He (a judge) should avoid giving ground
thereof, and shall remain in effect throughout such succeeding crop year.
office to persuade or coerce
his
of
prestige
or
power
the
utilizing
Is
that he
business
The term"crop year," as used in this section, means a 12 months period
or contribute, either to the success of private
patronize
to
others
beginning at a time designated by said board.
enterprises. Ile should, therefore, not enter into
charitable
to
or
ventures
in
made
be
shall
Reductions in debenture rates under this section (it)
of conduct as would justify
such private business, or pursue such a course
accordance with the following percentages:
or the influence of his name
such suspicion, nor use the power of his office
no
be
shall
there
should not solicit for charities,
(I) For an increase in production of less than 20%,
to promote the business interests of others; he
which,in the normal course of
reduction.
nor should he enter into any business relation
into
(2) For an increase in production of 20%, but less than 40%,there shall events reasonably to be expected, might bring his personal interest
official duties.
be a reduction of 20%.
with the impartial performance of his
conflict
of
duties
the
that
60%
there
shall
our opinion
(3) For an increase in production of 40%, but less than
Apart from the canon of ethics, it is
New York, when properly
be a reduction of .50%.
of a financial institution in the city of
director
a
(4) For an increase in production of 60%, but less than 90%,there shall Performed, are so onerous that they are incompatible with the performance
of the testimony before Combe a reduction of 75%.
by a judge of his official duties. Our study
(5) For an increase in production of 90% or more, there shall be a missioner Moses and our own investigation confirm us in this opinion.
Respectfully submitted,
reduction of 99%.
E. K. CAMP,
MANDRED W.EHRICH,
EDWARD J. McGUIRE,
Committees of Bar Associations Report to Gov. RooseW. M. K. OLCOTT,
Association;
velt of New York on Conduct of Judge Mancuso—
Committee of the New York County Lawyers'
HAROLD HARPER,
Statement of Latter Following Resignation from
MEDALIE,
GEORGE Z.
Bench Incident to Failure of City Trust Company—
KENNETH M.SPENCE,
Indictments Handed Down.
Committee of the Association of the Bar.
The special committees of the Association of the Bar of
From the New York "Times" of Oct. 10 we take the folthe City of New York and of the New York County Law- lowing:
Insisted Post Was Honorary.
yers' Association in a report to Gov. Roosevelt relative to
ent
had consistently maintained since the Superintend
action to be taken with reference to Judge Francis X. Judge Mancuso
of the
City Trust on Feb. 11 that his position as head
the
closed
of
Banks
Mancuso, Chairman of the Board of Directors of the failed Board was more honorary than actual and that he knew nothing of the
uncovered. A month
City Trust Co. of New York stated that "now that Judge maze of dubious transactions which bank examiners
indorsed by
for 91,000 each drawn by Ferrari and
Mancuso has resigned his office, we assume that it is un- ago canceled checks
He explained
Judge Mancuso were found in a Brooklyn safe deposit vault.borrowed from
further."
"Apart
proceed
money
necessary for this committee to
that he had made a 920,000 stock subscription on
He said that the stock was not
from the canon of ethics," says the report,"it is our opinion Paladino, who was a close personal friend.
and that Ferrari repaid him in instalments.
delivered
n
in
the
institutio
financial
a
of
a
of
the
duties
director
that
Oct. 16
With regard to indictments handed down on
City of New York, when properly performed, are so onerous
"Times"
the
from
follows
as
quote
we
that they are incompatible with the performance by a judge in the City Trust Case,
of his judicial duties. Our study of the testimony before of Oct. 17:
Manhattan, which for
The extraordinary grand juries in Brooklyn and
Commissioner Moses and our own investigation confirm the past three months have been considering evidence in the 95,000.000
against 14 defendants to
us in this opinion."
City Trust Co. failure, handed up 18 true bills
Neither grand jury has completed
yesterday.
Tompkins
S.
9.
on
Arthur
Oct.
bench
Justice
Judge Mancuso resigned from the
Those indicted were:
its work and the members were not discharged.
In a statement issued on that day he said:
I have tendered my resignation, to take effect immediately, as Judge
of the Court of General Sessions, to which I was elected in 1921, after
having served as a city magistrate and as an Assistant District Attorney.
In Manhattan.
who resigned as
of
Francis X. Mancuso, Chairman of the board directors,
before the grand jury;
a Judge of General Sessions last week after testifying
2628
FINANCIAL CHRONICLE
accused of participating as a director in a fraudulent
insolvency ofa moneyed
corporation, a misdemeanor.
Anthony Di Paola, Cashier of the bank: two indictments for
making
false entries in a report, and one for participating
in fraudulent insolvency,
charging two felonies and one misdemeanor.
Frederic° Ferrari. Vice-President and brother of the late
Francesco M.
Ferrari, President, for making false entries and participating
in a fraudulent
insolvency;felony and misdemeanor. Leonard Rose,
Harlem druggist,for
making false entries in a report, and participating fraudulent
in
insolvency
felony and misdemeanor.
Zalvatore Soma, contractor, accused of making a false report
and
participating in a fraudulent insolvency; felony and misdemeanor.
Francis S. Paterno, real estate operator, for participating
director
as a
in
fraudulent insolvency; misdemeanor.
Isidore Sigeltuch, Attorney, for participating as a director in a fraudulent
Insolvency: misdemeanor.
Frank H. Warder,former Superintendent of Banks, an additional sealed
indictment.
/n Brooklyn.
George Ziniti, Vice-President, four indictments for third degree forgery
and two for grand larceny; felonies.
Louie Taverraina, Vice-President and Manager of the Atlantic Ave.
branch,for third degree forgery and grand larceny; felonies.
Arthur F. Beyerle, employee of bank, for subornation of perjury, third
degree forgery and grand larceny;felonies.
William M.Bailey, contractor, for perjury; felony.
Gennaro Ascinone,custom house broker for perjury;
felony.
Sydney G. Harnett, a director, for perjury; felony.
[VOL. 129.
The Twenty-Fifth Anniversary of the Bank of Italy.
In connection with the celebration last week of the 25th
anniversary of its founding, former President James A.
Bacigalupi of the Bank of Italy National Trust & Savings
Association issued the following, giving a resume of the
history and progress of the institution:
Anniversary Message from James A. Beeigalupi.
On this 25th anniversary of the founding of the Bank of Italy,
all of
US are aware that we stand at the threshold of a new era in
banking in
which we are to see branch banking established on a greatly enlarged
scale
in the United States.
It is the realization of this ideal, so clearly visioned by A. P. Giannini
a quarter of a century ago and sturdily battled for by him through that
long period,rather than the remarkable material progress of our institution,
that gives to the day its significance in the eyes of California and the Nation.
Our 25th anniversary finds us on the last lap of one of the Bank of Italy's
greatest undertakings-our "Billion Dollar Campaign". Its successful
termination will be attributable to the wonderful loyal support we have been
given by our entire organization, our stockholders and our friends.
To me and, I trust, to my 5,000 fellow workers who make up this great
Bank of Italy family, the day has an added importance in that it marks the
completion of my 5-year term of office as President.-in accordance with
the rule so wisely promulgated by our founder. However,as a member of the
board of directors, the general executive committee and of the advisory
committee, I shall continue to support our great institution as well as to
give my whole-hearted moral co-operation to our new President, Arnold J.
Devendants Plead Not Guilty.
Mount.
All defendants were admitted to ball and all
Mr. Mount assumes his new responsibilities at a time when the situaton
pleaded not guilty, except
Di Paola and Ferrari, who will plead on
calls for an executive of large caliber and to you, who have known him so
Monday.
John Burlinson, foreman of the New
York County Jury, commended well as our senior Vice-President and who are likewise familiar with his long
the thorough and painstaking manner
In which Assistant District Attorney and successful career in banking, I hardly need to say that, in every respect,
Harold W. Hastings and Special Assistant
Hiram. Todd, presented the he measures up to these requirements. If I may for the moment assume
evidence, "leaving no stone unturned to locate
evidence of criminal acts the role of a prophet, I believe that I am safe in saying that the next rive
In the City Trust case."
years will see developments in our institution as great or greater than the
When the indictments were returned in Manhattan
the defendants were last five years have witnessed.
in Court and represented by
In order that we may have some idea of what the future holds for our
counsel except
his attorney, arrived during the proceedings Mancuso. Martin ConboY. institution, let us see what we have accomplished
in the past five years
and when Mancuso's name was
called by the Clerk he hurried up the aisle at
greatest single event, that contributed to the advancement of our
The
the
attendant.
side of an
In the familiar locale where for six
years the entire Court had to rise while institution, came in 1927. In the early part of that year the Congress of
he walked to his seat on the Bench,
the former judge hurried up the aisle. the United States enacted into law the McFadden 13111 which effectively
Facing the bench from which he has so
liberalized and modernized the National Bank Act.
face muscles worked convulsively as often surveyed the court room. his
This event rendered possible and advisable the great consolidation, in
he listened to the loud tones of the
Clerk:
February, of our affiliated banking institutions-the Liberty Bank of
"Francis Mancuso. you have been
America, the Italian-American Bank and the rest, thus giving to the Bank
lpating as a director in the fraudulent indicted; you are accused of Partioinsolvency of a moneyed corporation. of Italy 178 additional offices.
How do you plead."
Next in order, on March 1, came the Nationalization of the Bank. This
"Not guilty." Mancuso replied in a
voice so husky it was scarcely audible. act not only cemented our membership in the Federal System, but permitted
Then he hurried out,leaving details
of ball to be attended to by his attorney. UB to take a prominent place among the great National Banks of the country.
A newspaper man, a friend of long
standing, walked out with him, and he thereby adding greater prestige to California.
begged:
Out of a desire to further serve our customers and in carrying out Mr.
"Don't let them take any pictures."
Glanninl'a idea of making the Bank a complete department store of finance.
His ball bond was signed by a former
we have added several now services. In this brief outline, which is not a
associate, Judge William Allen.
The other defendants took their
arraignment more matter of fact- complete report, it is possible only to enumerate these services. They are:
Di Paola with his ever-present
grin, Ferrari with his usual bewildered
1. Bankitaly Mortgage Co., engaged in lending money on improved real
expression as his attorneys, Bernard
Fliashnick and Caesar Barra did the estate, in cities of 10.000 population or more. It Is estimated to serve
talking for him. Siegeltuch, represented
by Robert S. Johnston, seemed borrowers whose legitimate needs might be greater than could be met by
unconcerned. Paterno, Rose and Soraci, represented by Isidore Glauberall
a National Bank.
man, were more solemn.
2. Americommercial Corporation, functions as a general insurance
broker and agent, and together with Pacific National Fire Insurance ComWarder Wants Bill of Particulars.
pany owned by Transamerica Corp., and the Life Insurance Division of
James I. Cliff, attorney for Mr.
Warder who is to go on trial on Monday National Bankitaly
on a charge of accepting a bribe,
Co., greatly amplifies our general service to the
moved for a bill of particulars on the
indictments. Assistant District Attorney Ferdinand Pecora conceded two patrons of our Bank.
points but opposed the others. Justice Tompkins reserved decision.
3. Bankitaly Agricultural Credit Corp., extends credit to facilitate
The charges on which the men
were indicted allege that as directors they orderly marketing of dairy products and makes loans on live stock.
participated in the insolvency in violation of Section 297 of the banking law.
4. Travel Department: This department does a general travel business,
The additional felony indictments
against Ferrari, Rose, &rad and Di selling railroad. steamship and air transportation tickets, secures hotel
Paola are In connection with the semi-annual reports required to be filed accommodations throughout
the world and performs a variety of services
with the Banking Department. It Is
alleged that false information was for the bank's customers.
Contained in these reports.
5. Bank of Italy Travelers' Cheques: Provide the bank's customers with
Both Semi and Rose had testified that they signed the reports without safe and
convenient means for carrying their funds while away from home.
knowledge of their contents.
Besides opening an entirely new field for legitimate profit to our stockThe Brooklyn defendants, having all been indicted for felonies, were
holders, in its first year of operation, Travelers' Cheques have helped to
taken to Brooklyn Police Headquarters and fingerprinted. They
were build the prestige of the Bank the world over.
released in bail after that formality and have until Oct. 26 to amend their
6. The Personal Loan Department: This department seeks to aid persons
pleas or to make motions.
The forgery charges against Zinki concern the making out of false credit of moderate means who require emergency financing. It makes available
to
them a legitimate banking service at reasonable rates. While the detickets, it having been previously established at the Moreland Commissioner investigation that two sets of books were kept, one showing over- partment is expected to return a fair profit it operates as a good-will builder
drafts and the other concealing them and that false credits were put in to In securing now accounts.
For the graphic story of the last five years, growth and progress, lot us
cover the overdrafts.
The grand larceny indictments charge that he used funds of the bank turn now to our ledgers.
The remarkable growth of our Trust Department is told in the single
amounting to $14.566 and $13,283. respectively.
sentence: Every 18 minutes during business hours some Californian or his
attorney deposits his will with the Bank of Italy. For a more detailed recital
of my views on the growing importance of this department, you are referred
to
my recent addresses before both the California and the American Bankers
Cost of Locomotive Fuel Coal in August Lower
Associations,
Than a Year Ago.
On June 30 1924, capital, surplus and undivided profile of the Bank were
The quantity and average cost per net ton of coal used $24.678,474 whereas after the consolidation in 1927 capital, surplus and
undivided profits of the Bank,combined with National Bankitaly Co. were
by Class I railroads in locomotives in yard switching and in erase; of $200,000.000
. Total resources increased from $326,509.405.36
transportation train service during the months of August in 1924 to $851,705,810.70 in 1929 or a gain of $525,196,405.34-160.9%•
Savings deposits in 1924 were $204,591.886.80 while in 1929 they had grown
1929 and 1928 were as follows:
to the stupendous figure of $477,953,271.16.
an increase of $273.161.384'81
or 133.5%. Commercial deposits had likewise
shown an increase from
Average Cost per Net Ton.
$92,384,118.91 to $227,188,223.32; a gain of $134,804.104.41 or 145.9%.
Net Tons Used.
On June 30 1924, we enjoyed a reputation as one of the great financial
Incl. Direct
Ezd. Direct
Freight Charges. Freight Charges, institutions of America. We then had 86 banking offices in 58 cities of
California, while our progressive policy of expansion had centered the eyes
1929.
1928.
1929. 1928. 1929. 1928. of the Nation's bankers upon us. Capital, surplus and undivided profits
of the Bank, combined with the then Stockholders Auxiliary Corp. now
Eastern District
4.390,619 4,246,483 $2.45 $2.55 $1.88 $1.97
National Bankitaly Co., were $36,206,781.49.
Southern District
1,829,306 1,836,380
1.96
2.05
1.67
1.75
Western District
That Bank of Italy of 1924 was a mere pigmy compared to the giant of
2,804,184 2.778,304
2.81
2.62
2.48
2.66
to-day. instead of 86 branches in 58 cities, we now have 292 offices proUnited States
9,024,109 8,861,167 $2.41 $2.53 $2.02 $2.14
viding a metropolitan banking service to customers in 166 cities from the
The averages, both those including direct fre'ght charges Oregon line to the Mexican border.
Our savings deposits in 1924 were quite respectable for that day, $204,and those excluding such charges, as shown above, include 591,886
to be exact; on June 30 1929, they were $477,953.271, an increase
charges for labor and supplies incidental to the handling of$273,161.384.representinga gain of133.5%. Commercial
depositsshow a
corresponding increase from $92,384,118 to $227,188,223, a gain of $134.of the coal.
804.104 or 145.9%.
http://fraser.stlouisfed.org/
de
Federal Reserve Bank of St. Louis
OCT. 26 1929.]
FINANCIAL CHRONICLE
2629
e Bank.
Paul M. Warburg, Chairman of Board International Acceptanc
Bank of
There you have the romantic story of five full years rise in the
are New York, N. Y.
ia,
Italy told in the prosaic figures of a bank ledger. Hidden in its pages
Philadelph
0. Howard Wolfe, Cashier Philadelphia National Nank,
courage
a thousand tales of genius, almost superhuman effort, a great moral
nia.
Pennsylva
that
on
organizati
ng"
"go-getti
a
and of never failing loyalty, on the part of
City,
Gurden Edwards, American Bankers Association, New York
In my humble opinion cannot be surpassed or even equalled anywhere else
Secretary.
in the world.
From the despised role of the "out-law" (as so many of the old line
All of these were members of the commission last year
a few
American bankers were wont to allude to our institution up to only
Blair, Head and Longyear,
is with the exception of Messrs.
years ago) the Bank of Italy National Trust and Savings Association
leading who are new members.
Country's
our
of
many
which
after
or
the
pattern
the
model
is
to-day
we
banks are seeking to fashion their institutions. From the "pioneer"
The resolutions adopted at the San Francisco convention
have suddenly become the proven exemplar of what a modern American
on page 87 of our American Bankers Convention
bank should be. As great as have been our bank's past accomplishments. (given
even
an
witness
will
come
to
yet
, pointed out "that new economic forces are actively
years
the
number)
that
therefore, I firmly believe
greater growth and prosperity in the Bank of Italy as the f eld of operations at work vitally affecting our present banking systems,
branch
group
broadens apace with the inevitable extension and development of
both State and National, and the trend toward
banking in our great Country.
farof
and
concern
great
this
in
of
played
matter
have
I
part
a
nt
is
insignifica
and chain banking
While I am fully conscious of the
direct
and
indirect
alike,"
my
of
bankers
years
State
21
past
the
during
nt
and
wondrous developme
reaching importance to National
active connection with it, I wish to assure you that the very little I have done
the fact"that suggestions have been made
has been of greatest satisfaction to me. and the happy memory of the past and then alluded to
in the Naother.
any
for
five years of my Presidency I would not exchange
looking toward an extension of branch banking
of the Currency
ler
With our policies firmly set, the experience of the past, and the splendid
Comptrol
the
and
system
banking
tional
organization at his command, my successor has assured unto him a regime
ment of a
has expressed views which may lead to the appoint
of even greater glory than any that has as yet been experienced.
"
subject.
auspicious
the
and
ate
investig
joyous
Please permit me to avail myself of this most
committee to
on Congressional
classes of
all
occasion to thank you most cordially for your magnificent co-operati
believe
"we
that
declared
ons
during that past five years, and to bespeak for Mt. Arnold J. Mount, our The resoluti
ted in any
new President, your unstinted loyalty and support.
membership in the association should be represen
Under the caption "The Story of 100 Shares of Bank of
Italy Stock," the bank undertakes to show the status on
Oct. 10 1929 of an investor who purchased 100 shares in
the Bank of Italy in January 1920 and exercised all his rights
to purchase additional shares.
sound confurther study of the matter to the end that
would
systems
or
system
what
clusions may be reached as to
country." They
the
of
needs
c
economi
the
serve
best
Commission to
went on to instruct the Economic Policy
represent
continue its investigation in this matter and to
ee
committ
any
with
tion
co-opera
seeking
in
the association
"
subject,
the
on
Congress
which may be appointed by
developments
all
ng
"watchi
of
duty
the
with
it
charging
it to report
in the interests of our members" and directing Executive
its conclusions and recommendations to the
of the
Council. The Council, which is the governing body
on,
conventi
annual
the
organization between meetings of
1930.
of
spring
the
in
session
next
its
will hold
n of the
Under the direction of R. S. Hecht, the Chairma
convention
o
Francisc
San
the
at
d
presente
who
ion
Commiss
and grom
a survey showing the extent to which chain
intenbanking has developed inthe United States, a further With
made.
being
is
subject
this
of
sive investigation
is being
'revised material since the preliminary report, this
Association
Bankers
n
America
the
by
form
book
issued in
in New York City.
Taking into account all cash and stock dividends, and computing the
worth of the privilege of purchasing Intercoast Trading stock on the basis
of the selling price of rights, ill, the stockholder would hold to-day 11,629
shares of new Transamerica stock worth 3755.885 at the present market
price of $65 a share, obtained for $188,014—equivalent to an average of
profit of
$16 per share, and representing a profit of $567,871 or an average
$49 per share.
Including the dividend payments of $69,170.80, the combined profit
from both the appreciation in market value of shares held, with dividends
received, totals $637,041.80. This amounts to an average total profit per
share purchased of $55, or 344 per cent for the 9% Year period, or approximately 35% a year.
Individual steps in development of the stockholder's position are shown as
follows, based on an acquisition in January 1920 of 100 shares of Bank of
Italy at $160 per share:
(a) Special dividend of $7.50, voted to apply as National 13anldtaly Co.
initial capital.
(b) Dividends paid quarterly hereafter.
(c) Stock split 4 for 1—par value reduced to $25.
(d) Stock dividend of 25%.
(e) Special 50c dividend on National Bankitaly profits.
(f) Transamercia Conversion (1 U-1).
(g) Stock dividend 1-40; 1 share of Bank of America for 40 shares of
Bank of Italy stock. Later converted into Transamerica stock on basis
of 1 share of Bank of America for 1% sh. Transamerica Corp.
(h) Dividend amount changed to $1 and date forwarded to April 25 1929.
(k) Stock dividend (1-100).
(1) Stock dividend (1-100).
(m)Intercoast warrants Issued on the basis of 1 for 9 (rights to subscribe
to 492 shares on basis of 4,429 shares as of July 25 1929). Selling price
ofrights $11.00.
(n) 150% stock dividend on stock of record 7-25-29 (4.429 shares).
(o) 1% Stock dividend on stock of record Oct. 5 1929 (11.072 shares).
(p) Dividend changed to $1.60 on basis of40c per quarter. On stock as of
record Oct. 5 1929.
(q) Rights to purchase additional shares of new Transamerica stock to be
issued Nov. 20 1929 to stockholders on record Nov.5 1929. Basis of rights
1-25; rate $55. The value of the stock acquired through exercising these
rights is shown as the price prevailing at the time this table was calculated.
Named by
Committee-on National Bank Research
B. A.
A.
of
Division
Bank
l
Nationa
of
President
he made
which
ement
announc
an
effect
into
Carrying
Bank
National
the
of
t
Presiden
new
when installed as the
ion, John W.
Associat
Bankers
n
America
the
of
Division
Bank of
Barton, Vice-President Metropolitan National
members
as
g
followin
the
d
Minneapolis, has since appointe
:
Research
Bank
National
on
ee
Committ
of the Special
National
Fourth
nt
-Preside
Vice
George H. Hamilton,
W. Anderson, ViceBank, Wichita, Kan., Chairman; Arch
Bank of Los
National
National
-First
President Security
namely, Oct. 10 1929.
t Riggs National
Angeles; Robert V. Fleming, Presiden
S. Wolfe, President
Bank, Washington, D. C., and Edmund
and Vice-President
Conn.,
New Economic Policy Commission of American Bankers First National Bank, Bridgeport,
with Mr. Barton
latter
The
.
l
of
Division
ller
Proposa
Comptro
Bank
on
Report
National
Association to
of the
The creation of
ee.
committ
.
Branch
Banking
of Currency for Extension of
are ex-officio members of the
present conthe
of
th
outgrow
an
is
ee
committ
n
of
the
ion
America
Commiss
special
this
The new Economic Policy
finds itself
system
banking
National
Bankers Association, to which special importance is attached dition in which the
consequent lessening
the
and
it
from
ns
body
was
this
deflectio
of
because
specifireason
world
by
this year in the banking
resources. The
cally instructed by general convention resolutions at the of National banking and Federal Reserve rapid changes
the
and
association's recent San Francisco meeting to watch and concomitant effect of these losses
and branch banks,
report on developments under the proposal of Comptroller of being made with respect to group, chain
be given very
problem
entire
the Currency John W. Pole for an extension of branch makes it desirable that the
President Barton.
to
g
accordin
been
has
ed
ation,
system,
announc
consider
banking
studious
Banking in the National
by John G. Lonsdale, President of the association, as
follows:
York.
R. S. Hecht, President Hibernia Bank and Trust Co., New Orleans,
President Lonsdale of A. B. A. Visits New
le-Commerce
Mercanti
Louisiana, Chairman;
of
sident
Pr
,
Lonsdale
John G.
George E. Roberts, Vice President National City Bank, Now York; N.v.,
t
Bank & Trust Co. of St. Louis and newly elected Presiden
Vice-Chairman.
visiting
been
has
ion,
Associat
Bankers
National
Dallas,
Bank,
n
Exchange
America
of the
Nathan Adams, President American
e
Texas,
New York. Asked regarding his mission, Mr. Lonsdal
Ohio.
,
Co.,
Trust
Cleveland
Cleveland
Leonard P. Ayres, Vice-President
modern business being conducted on facts, not
that,
said
Frank W.Blair, Chairman of Board Union Trust Co.. Detroit, Michigan,
theories, every exeuctive finds it necessary to add conWalter W. Head, President State Bank of Chicago. Chicago,
to his fund of information because understanding
W. D. Longyear, Vice-President Security-First National Bank, Los tinually
must always precede wise action. "Since moving to St.
Angeles, California.
"I have made it my practice
Walter S. McLucas, Chairman of Board Commerce Trust Co., Kansas Louis from New York," he said,
City, Missouri.
back quite frequently. I known of no better place
come
to
Max B. Nahm, Vice-President Citizens National Bank, Bowling Green,
than this city where one can put his ear to the ground and
Kentucky.
quickly catch the drift of economic events."
Chicago.
Bank,
National
Melvin A. Traylor, President First
2630
FINANCIAL CHRONICLE
[VOL. 129.
ITEMS ABOUT BANKS, TRUST COMP
ANIES, ETC. of the aggregate value of approximately $25,000,000 will be transferred to a
securities company which will
At a meeting of the executive commit
a capital stock of 2,500,000 shares of no
tee of the board of par value or of the par value ofhave
not to exceed $10 per share, which shares
directors of the Guaranty Trust Co. of New
of
stock
shall
be held for the stockholders of tho Trust
York on Oct. 24,
Co. pro rata under an
the following appointments were made:
agreement providing for the stamping on each
certificate of stock of the
John T. Corsa, Trust Co.
of an appropriate legend evidencing the
Asst, Treas.; James Edwin Hollingswort
interest of the holder of
h, Asst. Treas.; and the Trust Co. stock in an equal number
of shares of deposited securities
Donald M. Street, Asst. Trust Officer.
company stock.
It Is also thought desirable that proper
stockholders' action be taken to
At a meeting of the organization committee
withdraw the stock of the Trust Co. from
being listed on the New York
of the National Stock
Exchange. as the reason for the original
Exchange Bank & Trust Co. of New York, A. S. Somer
listing is no longer present,
s was and as it is believed the advantage of listing to the
stockholders of a banking
named President of the new institution, and W.
R. Miller, institution is not sufficient to justify the expense.
Vice-President of the Midwood Trust Co., Execut
ive VicePresident. Other officers elected were Milton Damma,nn,
Directors of the Security Trust Co. of Roches
ter, N. Y.,
President, American Safety Razor Corp., Chairman
of the at their regular meeting on Oct. 17 declared a quarterly
Board; Manasseh Miller, President, National Title
Guar- dividend of $10 a share on the capital stock of the institution
anty Co., and J. J. Brooke, Vice-President of the same
com- and an extra dividend of $22 a share, payable Nov. 1 to
pany, Vice-Presidents. The Exchangebanc Financial Corp., stockholders of record Oct. 29. These
dividend declarations
which is affiliated with the National Exchange Bank & Trust bring the total for the year to $50 a share.
The stock of the
also elected its officers. T. H. Whitney, Vice-Presi
dent, company is now on a regular quarterly basis of $10 a share.
Brooklyn Manhattan Transit Co., was elected President; In reporting the matter in its issue of
Oct. 18 the Rochester
Mr. Somers, Vice-President, M. S. McNamara, Treasurer, "Democrat and Chronicle" went on to
say:
Capital stock of the Security Trust Co. Is
National Title Guaranty Co., Treasurer; and H.L. Delato
$300,000 and the surplus and
ur, undivided profits, in accorda
nce
with
its
last
printed statement, stood at
Secretary. In addition to Mr. Somers, five new directo
$2,924,167.77. Resources
the banking department totaled $35.903,
were added to the board of directors of the bank. These rs 790.83 and the assets in theof
trust department aggregated $105,44
were This total for the
8,178.86.
trust department, which does not include
Michael Furst, Chairman of the Board, National
the
resource
s
of the general banking departments, is
one of the greatest in the State,
Guaranty Co.; E. A. Richards, President of the East Title excludi
ng one or two of the largest banking
New
units in the metropolitan
York Savings Bank; Clarence Levy, director, Nation
district. The bank has just completed one
of its most successful years.
al Title
Guaranty Co.; J. R. Sexton, President, Board of Taxes
The personnel of the Security Trust Co. is as
and
follows:
Assessment;and Clarence Kempner,Vice-President,
National President, James S. Watson; Vice-Presidents, Julius M.
Title Guaranty Co.
Wile, Edward Harris and Jesse W. Lindsay; Vice-P
resident
The new bank was organized by several of the
directors and Secretary, Cart S. Potter; Vice-President and Trust
of the National Title Guaranty Co. and other
Officer
,
Willia
m
H. Stackel; Treasurer, George F. Stone;
associates,
and is expected to open for business late in Novem
ber in its Assistant Secretaries, Harvey W. Miller, David Gales and
quarters on the ground floor of the new 12-sto
ry building Earl G.Hock;and Assistant Trust Officers, Grace E. Howie,
recently erected by the latter at 185-187 Monta
gue St., G. Morton Minot, Seward H. Case and Benjamin E. Lull.
Brooklyn. Mr. Somers is the present owner and
President
Raymond N.Ball, Treasurer of the University of Roches
of Fred L. Lavenburg Co., and is turning over
ter
his interest N. Y., assumed the Presidency
of the Lincoln-Alliance
in this business to his sons in order that he may devote
his Bank & Trust Co. of Rochester on Tuesd
time to the bank. For several years he was Presid
ay of this week,
ent of the according to the Rochester "Demo
crat and Chronicle" of
New York Board of Education and for many years has
been that date. He succeeds Thomas E.
Lannin who became
Chairman of the Budget Committee of the Board of
Educa- Vice-Chairman of the Board of Direct
ors. Mr. Lannin,
tion. He is a director of the Brooklyn Fire Insurance
Co., it is understood, was obliged to relinqu
ish the Presidency
the Brooklyn National Life Insurance Co., Manufacturer
s' because of impaired health. Associated
Trust Co., the Brooklyn & Manhattan Transit
Co., and a 20 from Rochester, appearing in the Press advices Oct.
New York "Times"
trustee of the Lincoln Savings Bank. He is also a
director of Oct. 21 spoke of Mr. Ball as follows:
of the Long Island RR. Co. He has been President
Mr. Ball has gained wide attention by
of the
his administration of the $62,Brooklyn Chamber of Commerce and President of
000,000 funds of the university. He is credited
the Long for
with spending $7,000,000
the new men's college on profits on investm
Island Chamber of Commerce.
ents without touching the
principal.
Born in Wellsville, he was graduated from
the University of Rochest
er
in 1914. He first became associated with Kingma
A plan for the recapitalization of the Equitable Trust
n N. Robins, then uniCo. versity treasurer, in Associated Mortgag
e
Investor
served
s,
Captain
as
in
of New York and for the creation of such a securities compa
the war, returned to become alumni and executiv
ny sity,
e secretary of the univercontroller and then treasurer on the death
has been approved by the Board of Trustees of the
of Mr. Robins in 1923.
Trust
company. The consummation of this plan will result
in the
Stockholders of the Federal National Bank of Boston
following capital structures:
,
Mass., on Odt. 18 ratified a proposal reduction in the par
Trust Company—Capital
550,000
,000
value of the bank's stock from $100 a share to $20 a share,
Surplus
55,000,000
Undivided profits (approximate)
according to the Boston "Transcript" of the same date.
5,800,0
00
Securities Company
25.000,000 Another special meeting of the
stockholders will be held,
Total
$135,800,000 it was stated, on Oct. 31
to approve a proposed increase in
The notice to the stockholders says:
the bank's capital from $1,500,000 to $1,650,000. Following
If the plan is approved by the
stockholders and carried out in the manner
described below, each holder of 3 shares
of stock of the Trust Co. of the par the approval of the increase a 10% stock dividend will be
value of $100 each will receive—
payable to stockholders of record Oct. 31, it was said.
(a) 12 shares of stock of the Trust
Co. of the par value of $20 each, In
exchange for his 3 shares of the par value
of $100 each without further payDirectors of the National Mt. Wollaston Bank of Quincy,
ment; and
(b) A warrant entitling him to receive 4
shares of stock of the Trust Co. Mass, have agreed to sell a substantial interest in the inof the par value of $20 each, upon payment
of
stitution at $327 a share, according to the Boston "Herald"
Upon findl consummation of the plan the $70 per share; .
shares of $20 par value stock of the Trust Co.certificates representing the of Oct. 20, which stated that it is likely that sale
will have endorsed thereon
of stock
an appropriate legend evidencing the interest
by other stockholders will give the Old Colony Trust Assoof
number of shares of the new securities company the holder in an equal
ciates
stock.
owners
hip
of a majority of the stock. This is the first
It is planned to pay dividends on the new stock
at the annual rate of $3 bank in Quincy to be acquir
ed by the Old Colony Trust
Per share, which is equivalent to the existing rate.
Associa
tes.
Continuing the "Herald" said:
It Is contemplated that the plan shall be carried
out in the following
National Mt. Wollaston ranks as one of Quincy's outstanding banking
manner:
institutions with deposits of approximately $3,400,
(a) On Nov. 6 1929 the capital stock of the Trust
000 and capital and surCo. will be reduced plus of about $400,00
0. Bank Is favorably located and has been conducted
from 146.500,000 (consisting of 465.000 shares of the par
value of $100 each) conservatively since organiza
tion in 1853. With Appleton National Bank
to $37,200,000 (consisting of 1,860,000 shares of the par
value of $20 each) of Lowell, more
than 51% of which stock has now been acquired, Old Colony
and the sum of $9,300.000 (the amount by which the
capital stock shall Trust Associates owns substant
ial, and in most instances, controlling inhave been reduced) will be transferred to surplus so that the
holder of each terest. In lf suburban banks Deposit
share of the par value of $100 shall receive four shares of
s aggregate nearly $100,000,000,
the par value of compared with $71,000
,000 in early September.
$20 each: and
Acquisit
ion
will not mean immediate financing by Old Colony Trust
(b) Immediately thereafter the capital stock of the Trust
Co. will be Associates.
Increased to $50,000,000 (consisting of 2,500,000 shares
of the par value of
$20 each) by offering for sale 620,000 shares of such new
stock
Associated Press advices from Leominster, Mass., on
value of $20 each to the stockholders of record at the close of the par
of business Oct.
Nov. 7 1929. at the price of $70 per share, in the proporti
22, printed in the New York "Times" of Oct. 23, said
on of one share of
such new stock of the par value of $20 for each three shares of
such new stock that announcement had been made on that day (Oct. 22)
of the par value of $20 each then outstanding, and,in order
to avoid a com- of the consolidation of the Leominster National Bank with
plicated fraction, by offering for sale 20,000 shares of
such new stock of the Worcester County National Bank of Worcester,
Mass.,
the par value of$20 each (out of a total of 2,500.000 shares ofsuch
new stock making the seventh bank in Worcester County to
be absorbed
of the par value of $20 each then authorized) at public auction at
the price by that institution recently. The indivi
dual
of not less than $70 per share.
retain
their personnel, but adopt the policy of thebanks
The plan also contemplates that, as soon as practicable after the
controlling
recapitali- institu
tion.
zation of the Trust Co. has been effected, securities owned by the Trust
Co.
OCT. 26 1929.]
FINANCIAL CHRONICLE
2631
The First National Bank of Ridgewood, N. J., and the
At a special meeting of the directors of the Central Trust
Co. of Cambridge, Mass., held on Oct. 21, Harry H. Young Ridgewood Trust Co. of that place were consolidated on
Treasurer of the J. L. Hammett Co., was unanimously ap- Oct. 14 under the title of the First National Bank & Trust
Co. of Ridgewood with capital of $400,000.
pointed a member of the Board.
The proposed merger of th-e Colonial Trust Co. and the
On Oct. 15, the directors of the Riverside Trust Co. of
Hartford, Conn., organized the Riverside Co., as a security Belmont Trust Co., both of Philadelphia, under the title of
investment affiliate, according to the Hartford "Courant" the former, noted in the "Chronicle" of Sept. 21, page 1839
of the following day. The directors have taken into con- became effective on Monday of this week, Oct. 21, accordsideration the bank's employees and clients, as well as the ing to the Philadelphia "Ledger" of that date. The constockholders, offering them stock subscriptions. The new solidation plan called for the exchange of 8-15ths of a share
company will have an authorized capital of 200,000 shares of of Colonial stock and $15 in cash for each share of Belmont
no par value and 5,000 shares of voting stock. The initial Trust Co. stock.
issue will be 30,000 shares. At the offered price the company
will raise slightly more than $600,000. Continuing the
The board of directors of th- e Tradesmen's National Bank
"Courant" said in part:
Co. of Philadelphia has declared a quarterly dividend
Trust
&
Of the first issue 16,000 shares will be allotod to the stockholders, the
share, payable Nov. 1 to holders of record at the
per
$3
of
subscription privilege being 4 shares in the company to every share of bank
by
subscription
for
allocated
this
stock. At
time 1,000 shares have been
close of business to-day, Oct. 26 1929.
employees of the bank. The price for stockholders and employees will be
at $20 a share. One thousand shares of voting stock have been apportionea
On Wednesday of this wee- k (Oct. 23) the Union Trust
to the bank itself, also at $20 a share. . . .
of Baltimore purchased the National Bank of Baltimore,
Co.
depositors
by
Twelve thousand shares have been allocated for subscription
in the commercial department of the bank. These shares,reprsenting 10% one of the oldest financial institutions in that city, at the
of the issue, will be subject to subscription and allotment will be made In
price of $430 a share, or five shares (par value $10 a share)
proportion to the customary commercial deposit balance of the bank
officers
of Union Trust Co. stock for one,share (par value $100 a
client. If the customers'subscriptions exceed the 12,000 shares the
of the bank will make allotments in as fair and equitable a manner as is share) of National Bank of Baltimore stock, according
humanly possible. President E. T. Garvin, stated. . . .
24. The Century Trust Co.
The subscription price for stock to clients of the bank will be at the rate to the Baltimore "Sun" of Oct.
of $22 a share.
of Baltimore also was a competitor for the control of the
The rights to subscribe for shares will accrue to stockholders of record
institution and it was only after a financial battle between
Oct. 15, and the apportionment of shares to customers of the bank will be
the two trust companies that the Union Trust Co. finally
based on the accounts open as of Oct. 15.
was successful. That there is now a possibility of the purFrom the Buffalo "Courier" of Oct. 22 it is learned that a
chase by, or consolidation with, the Union Trust Co. of the
charter has been granted for a new National bank in that
Century Trust Co. of Baltimore, is indicated in the same
city to be known as the Niagara National Bank. The new
issue of the "Sun", which says:
bank will be located at Niagara and Hudson Streets, and
Baltimore
The next step in a move to create the largest banking house in
will start with a capital of $300,000, surplus of $200,000, will be made by the Union Trust Company next week with an offer for the
late
and undivided profits of $25,000. Officers chosen are as purchase or merger of the Century Trust Company, it was learned
yesterday.
earlier
follows: Carmelo Gugino, Chairman of the Board of DiOfficials of both institutions declined to discuss the report of it
rectors; Charles I. Martina, President; Carl W. Wenger, In the day, when it was the principal topic of discussion in banking circles
to buy the National Bank
First Vice-President, and Dr. August Lasola, Second Vice- following the successful fight of the Union Trust
the bank
of Baltimore. At the offices of the Century Trust it was said
President.
was not for sale.
had been made to the Century Trust Company, such a
While no offer
On Oct. 15 a merger was effected of the First National merger was regarded as the next "logical" step an dan offer may be made
and
Bank of Oswego, N. Y., and the Second National Bank & next week. A merger of the Century Trust with the National Bank than
assets of more
Trust Co. of Oswego. The new institution is known as the the Union Trust would create an institution with
$83,000,000.
First & Second National Bank & Trust Co. of Oswego, and
The combined assets of the Union Trust Co. and the
Is capitalized at $400,000. The approaching consolidation
Bank of Baltimore (both of which are capitalized
National
of these banks was noted in the "Chronicle" of Aug. 3,
at $1,500,000) aggregate approximately $66,000,000. For the
page 744.
present both the offices in the Union Trust Building and the
since
1904,
of
President,
the
Armstrong,
A.
Benjamin
National Bank of Baltimore Building will remain open. The
National Bank of Commerce of New London, Conn., and a new organization will be operated under a State charter, and
prominent manufacturer of that city, died on Oct. 20, after will retain the name of the Union Trust Co. John Schoenea brief illness, in his eighty-sixth year. Mr. Armstrong wolf, President of the National Bank of Baltimore, will be
Dennis,
began his business career as a bookkeeper in the Williams Chairman of the Board of Directors, while John M.
that
in
continue
will
Co.
Trust
Union
Silk Co. of New York, and in 1867 entered into partnership President of the
with James P. Brainerd under the firm name of Brainerd & capacity. Howard E. Young, Chairman of the executive comoffice.
Armstrong, which in 1922 was merged with the Nomocuck mittee of the trust company, will also remain in that
Silk Co. under the title of the 'Corticelli Silk Co. At the There will be no change in the personnel of either bank.
time of his death Mr. Armstrong was Chairman of the
of
The proposed consolidation of the Cleveland Trust Co.
Board of Directors of the company and was considered the
Pearl Street Savings & Trust Co. of that
the
and
Cleveland
dean of the silk industry, having been connected with it
city, under the title of the former, was ratified by the respecfor nearly sixty-eight years.
tive stockholders of the institutions on Wednesday of this
is
Conn.;
Hartford,
to
The Hartford Trust Co., West
week (Oct. 23) and the union will become effective at the
acquire control of the West Hartford Securities Co., a close of business to-day (Oct. 26). The merger involves
recently incorporated company, and will operate it as a resources of $330,000,000. In reporting the matter in its
that
subsidiary organization, according to the Hartford "Cour- issue of Oct. 24, the Cleveland "Plain Dealer" stated
Pearl Street
the
of
stockholders
the
plan
of
merger
President
the
the
under
West
Barnes,
of
Oct.
18.
H.
Roy
T.
ant"
dividend,
Hartford Trust Co., is President of the securities company. Savings & Trust Co., after receiving a 20% stock
stock of the
The Secretary and Treasurer of the securities company will will exchange their stock share for share for
will then have a
be Clarence A. Boyce, who also is Secretary and Treasurer Cleveland Trust Co. The enlarged bank
and surplus of
of the West Hartford Trust Co. The directors of the West capital of $13,800,000 and a combined capital
in three
located
offices
58
have
will
It
$23,000,000.
of
about
C.
Erastus
exception
Hartford Securities Co., with the
Pearl
Street
the
of
offices
four
The
Geer, Jr., are trustees of the trust company. The new Northern Ohio Counties.
officers as heretosame
the
of
charge
in
continue
bank
will
voting
10,000
shares
of
has
capital
an
company
authorized
W. 25th St. and Clark
and 30,000 non-voting shares, all without par value. All fore. These branches are located at
St.; Pearl and Broad50th
W.
and
Ave.
Clark
W.;
S.
Ave.,
by
the
held
bank
to
be
will
issued
shares
voting
of the
Road. A new
Triskett
and
Ave.
Lorain
and
Roads;
view
insure the continued control, it was said, but a public
office is nearing completion
offering of non-voting shares will presently be made on building to house the W.25th St.
for opening about Christmas
terms to be announced later. Preference in subscribing and is expected to be ready
of the Pearl Street Savings
directors
and
officers
will be given to the stockholders and depositors of the bank. time. Seven
the Directorate of the Cleveland
to
added
be
will
Co.
&
Trust
enjoy
respects
equal
other
The non-voting shares will in all
members of the Pearl St. Board will be
participation with the voting shares. It was furthermore Trust Co. and 18
West Side Advisory Board. Henry
company's
the
to
added
the
handling
in
engage
that
the
not
company will
stated
of the board; A. F. Humel,
Chairman
former
Stecher,
W.
of securities as a dealer or in the transaction of a banking
President, and Fred J. Greiner, former Executive
former
or trust business.
Vice-President of the Pearl St. Bank, will become Vice-
2632
FINANCIAL CHRONICLE
[VoL. 129.
Presidents of the Cleveland Trust Co., while E. J. Franke Rapids Trust Co., Peoples National Bank & Trust Co., Jackson; National
and Elmer C. Gehring (former Asst. Vice-Presidents); Trust Union Bank & Trust Co., Jackson; First National Bank & Trust Co., Kalamazoo; First National Bank & Trust Co., Port Huron; Federal Commercial
Officer Ralph McQuat; Asst. Treasurers Walter T. Young, &
Savings Bank, Port Huron; Capital National Bank, Lansing; City NaHarvey J. Webster, J. H. Kapl and Lorenz E. Stockhaus; tional Bank & Trust Co., Battle Creek; City National Bank & Trust Co..
Niles,
and Plymouth United Savings Bank, Plymouth.
Asst. Secretaries H. F. Brandt, W. E. Shepherd, Harold
The capital assets of this new group of financial institutions approximate
Busch and 0.L. Rieder; Asst. Trust Officers Erwin W.Seng- 270,000,000,
deposits are over $400,000,000 and the aggregate of resources
has and John S. Lucas and Asst. Auditor Roy B. Price will exceeds $550,000,000.
Affiliation of five more banks with the Guardian Detroit
be made Asst. Vice-Presidents.
In announcing the ratification of the merger by the stock- Union Group was announced in Stanton, Mich., on Wednesholders, Harris Creech, President of the Cleveland Trust Co., day, Oct. 23, by Andrew W. Orr, President of the State
Bank of Vestaburg, according to Associated Press advices
said:
"The affiliation of the Pearl Street Savings & Trust Co. with the Cleve- from Stanton on that day, printed in the Detroit "Free
laud Trust Co. effected yesterday, will give the people of Cleveland a Press" of Oct. 24. The institutions involved are: The
banking convenience and financial service unmatched in this section of State Bank of Vestaburg, the State Bank of Six Lakes, the
the United States.
State Savings Bank of Stanton, the State Savings Bank
"This greater financial organization with 58 complete banking offices
Remus, and the Blanchard State Bank, all Michigan
covering the entire metropolitan area will offer every form of banking, of
trust and investment service with no change of management, policy or institutions. Each bank will keep its own officers and 40%
of the stock of each will be transferred to the Detroit group,
personnel.
"To small as well as large depositors and clients this will mean increased it was stated.
facilities and improved accommodations in every department, with the
same friendly, personal relationships that have always existed between
customers and the individual banks making up this greater institution."
An item with reference to the proposed consolidation of
these banks appeared in the "Chronicle" of Oct. 12, p. 2338.
The Urbana Banking Co. of Urbana, Ill., with capital
of $100,000 and deposits of $1,250,000, failed to open for
business on Oct. 21, according to a press dispatch from
Urbana on that date, appearing in the Chicago "Journal
of Commerce" of Oct. 22. A notice posted on the door of
the institution stated that it had been closed for "examination and readjustment." Frozen assets in the form of uncollectable accounts amounting to between $220,000 and
$350,000 were reported, the dispatch said, to have caused
the closing of the bank by its directors. The Urbana
Banking Co. was organized 25 years ago and had the
largest aggregate of deposits of any bank in Urbana. The
advices went on to say:
A shipment of $500,000 from the Federal Reserve Bank of Chicago was
brought here this afternoon for the assistance of the other banks of
Champaign and Urbana should a run develop on any of them, but such an
outcome was not expected.
That the Central Trust Co. of Illinois, Chicago, has, together with certain individuals, acquired substantial holdings
in the Congree Trust & Savings Bank of Chicago, was reported in Chicago advices to the "Wall Street Journal" on
Oct. 21. The dispatch said:
Central Trust Co. of Illinois has extended its influence to another downtown Chicago bank. Central Trust, together with Philip F. W. Peck,
Robert H. McCormick,Mitchell D.Follansbee, Fred A.Preston and others,
recently have acquired substantial holdings in Congress Trust & Savings
Bank, 510 S. Wabash Ave.
Sanford Otis, Vice-President of Central Trust & Messrs. McCormick and
Preston will become directors of the Congress Trust & Savings Bank.
It is understood that the capital of the Congress Trust will be increased,
and that a well-known Chicago banker will be chosen President to succeed
Henry S. Henschen, who will become President of the Chicago Bank of
Commerce, now being organized.
Resources of the group of 59 banks and financial institutions affiliated with the First Bank Stock Corp. (joint headquarters St.Paul and Minneapolis) now exceed $426,000,000,
a compilation of the October call statements reveals. This
is an increase of more than $90,000,000 since the corporation
was launched by the First National Bank of Minneapolis
and the First National Bank of St. Paul the latter part of
August, according to a statement issued from the headquarters in Minneapolis. The statement says in part:
Concentrated in the Ninth Federal Reserve District and designed to
serve this territory exclusively, the First Bank Stock Corp. now controls
27 units in 12 cities in Minnesota, 12 units in 10 cities in Montana, 9 units
in 9 cities in North Dakota,8 units in 7 cities in South Dakota and 3 units
in as many cities in northern Michigan. The group is the largest financial
Institution operating exclusively in the Ninth Federal Reserve District.
Twenty banks have affiliated since the corporation was launched and
new affiliates are being announced rapidly. Charters for two now banking
corporations sponsored by the holding company have been approved by
the Comptroller of the Currency. The Security National Bank of Huron.
So. Dak., with paid-in capital, surplus and undivided profits of 2260,000.
will begin operations in the spring upon completion of a now banking building on which work is to start immediately. The National Park Bank in
Livingston is the corporate successor of the National Park Bank of Livingston and is now operating.
Resources of the group were approaching the 400-million mark based
upon June statement totals when the National bank call was Issued as of
Oct. 4, disclosing an increase through operations of more than $30,000,000.
a reflection largely of increased deposits.
Rapidly mounting deposits,coupled with the oversubscription by 10 times
to the recent public offering of stock in the corporation, is interpreted by
executives of the holding company as an expression of public confidence
from the Northwest in the group plan of banking. Several of the recently
affiliated units have shown an almost immediate upturn in deposits and
expansion of general operations. * *
Management of the First Bank Stock Corp. in its general functions will
rest in an executive committee of ten, it was announced to-day (Oct. 22).
The committee will meet regularly in Minneapolis and St. Paul, Joint
headquarters of the corporation. Members of the committee are 0. T.
Jaffrey. Chairman of the board of the corporation; Richard C. Lilly, Vice
President of the corporation and President of the First National Bank of
St. Paul: Lyman E. Wakefield, Vice-President and President of the First
National Bank in Minneapolis; James E. Woodard, President of the Metals
Bank & Trust Co., Butte; Sam Stephenson, President First National Bank,
Great Falls; J. A. Oace, Vice-President of the First National of St. Paul;
P. J. Leeman, Vice-President and General Manager and Vice-President of
the First National In Minneapolis; R. W. Webb, President of the First
Minneapolis Trust Co.; Julian B. Baird, vice-President of the Merchants
Trust Co., St. Paul,and N.P. Delender, President of the First St. Paul Co.
George H. Prince, President of the corporation and Chairman of the First
National Bank of St. Paul, is ex-officio Chairman of the committee. All
members of the executive committee are also members of the board of directors of the corporation.
According to a dispatch from Taylorville, Ill., on Oct. 18
to the New York "Times," the arrival of Federal Reserve
officers by airplane from Chicago on that day with $500,000
in cash halted an all-day "run" on the Farmers' National
Bank of Taylorville, the only one of four banks in that place
remaining open and is believed to have broken the back of a
money scare that had caused the closing of six Christian
A list of the affiliated banks of the corporation, according
to States, together with their resources, follows:
County banks in that week. The dispatch continuing said:
MINNESOTA.
The money was
dispatched from Chicago in response to a telephone call
for help from J. J. Adams, President of the Farmers' National
Bank here,
after the "run" had threatened to exhaust all the bank's available cash.
The "run" of the Farmers' National was precipitated when the
First
National, the Taylorville National and the Turner State Bank at Edinburg,
near here, posted notices this morning that they had decided to close
their
doors "to protect depositors."
The closing of these three banks was a result of the closing of the J. B.
Colegrove State Bank in Taylorville, Thursday, of last week, followed by
that of the Farmers' State Bank at Buipitton the following day, and the
closing of the Farmers' State Bank at Edinburg yesterday.
The failure of the Colegrove bank was the first In the history of this city
and was caused by decline in farm values and slump In the coal business.
At special meetings of the stockholders of both the Guardian Detroit Group, Inc., and the Union Commerce Corp.,
Detroit, held Oct. 18, the proposed plan of merger of these
two institutions was unanimously approved by vote of all
the stook represented at each of such meetings. In accordance with the foregoing action, immediate steps will be
taken to consummate the merger. The official announcement in the matter goes on to say:
There will be affiliated with the Guardian Detroit Union Group a large
number of financial institutions throughout the State of Michigan, the best
known of which are: Guardian Detroit Bank, National Bank of Commerce, Bank of Detroit, Union Trust Co., Guardian Trust Co., Guardian
Detroit Co., Keane. Higbie & Co., Highland Park State Bank, Highland
Park Trust Co., Union Industrial Bank, Flint; Union Industrial Trust Co.,
Flint; Grand Rapids Savings Bank, Grand Rapids National Bank, Grand
Capital.
Bank and CityFirst National Bank, Minneapolis*
$8,000.000
First Minneapolis Trust Co., Minneapolis
1,000,000
The First Minneapolis Co., Minneapolis
1,500,000
The Minneapolis-Trust Joint Stock Land Hank, MInnesp. 450,000
Minnehaha National
Minneapolis
100,000
Bloomington-Lake National Dank, Minneapolis
200.000
Produce State Bank, Minneapolis
100,000
First National Bank, St. Paul
6,000,000
Merchants Trust Co., St. Paul
800,000
First St. Paul Co., St. Paul
500,000
Grand Avenue State Bank. St. Paul
25,000
Farmers & Merchants State Bank, St. Paul
50,000
Farmers National Bank, Alexandria
100,000
Austin National Bank, Austin
75,000
Austin National Co., Austin
75.000
Farmers National Bank. Blue Earth
50,000
First National Bank, Brainerd
100,000
First National Bank. Graceville
25,000
American National Bank, Little Falls
100,000
First National Bank, Mankato
250.000
Mankato Loan & TI USt Co., Mankato
60.000
Northfield National Bank & Trust Co., Northfield
100,000
First National Bank, Owatonna
100,000
First National Bank, Rochester
200,000
Resources,
$127,717,697
29,423,935
4,003,831
5,206,252
2,000,302
2,708,462
1,493,262
109,802,948
8,752.596
4,764,484
819,038
1,011,473
1,052,822
2,079,814
150,000
752,843
3,536,288
917,266
1,723,974
4,131,158
170,000
1,291,278
1,948,830
4,275,018
*Figures for the North Side office, the West Broadway office and the St. Anthony
Fails office of the First National Bank in Minneapolis are included in the totals
of the main office.
NORTH DAKOTA.
Bank and CityCapital.
Resources.
First National Bank, Bismarck
$200,000
65,291,884
First National Bank, Cando
50,000
857,872
First National Bank, Cooperstown
395,264
50,000
Merchants National Bank & Trust Co., Fargo
250.000
3,223,003
Red River National Bank & Trust Co., Grand Forks---- 200,000
931,644
First National Bank, Hebron
25.000
838,748
National Bank & Trust Co. of Jamestown. Jamestown... 100,000
1,707.417
First National Bank, New Rockford
25,000
919,303
National Bank of Valley City, Valley City
1,507,128
100,000
OCT. 26 1929.]
MONTANA.
Bank and City—
Midland National Bank, Billings
Commercial National Bank,Bozeman
Metals Bank de Trust Co., Butte
First National Bank, Great Falls
Montana National Bank,Havre
American National Bank,Helena
National Bank of Montana, Helena
Montana Trust dr Savings Bank, Helena
National Park Bank in Livingston, Livingston
First National Bank, Miles City
Western Montana National Bank, Missoula
First State Bank. Shelby
SOUTH DAKOTA.
Bank and City—
Aberdeen National Bank & Trust Co., Aberdeen
First State Savings Bank, Aberdeen
First National Bank, Highmore
Security National Bank, Huron
First National Bank, Miller
First National Bank. Ree Heights
First National Bank,St. Lawrence
First National Bank dr Trust Co., Vermilion
MICHIGAN.
Bank and City—
First National Bank, Calumet
First National Bank, Hancock
First National Bank. Laurium
FINANCIAL CHRONICLE
Capital.
$200,000
150,000
600,000
200,000
50,000
200,000
250,000
150,000
100,000
150,000
200,000
25,000
r48,705,204
3,612,307
22,000,568
14,392,785
1,233,923
5,187,430
4,375,439
2,903,706
3,500,000
3,184,033
5.069,164
587,109
Capital.
100,000
50,000
50,01,0
200,000
50,000
25,000
25,000
100,000
Resources.
3,932.690
989,278
934,598
260,000
1,222,388
• 332,856
370,241
2,437,944
Capital.
$200.000
100,000
100,000
Resources.
$4,913,426
3,593,516
2,121.540
=M
T.
Recent reports that the Giannini interests were allied with
the First Bank Stock Corporation, the holding company
organized last August by the First National Banks of Minneapolis and St. Paul, has prompted a flat denial from Richard
C. Lilly, President of the First National of St. Paul and
Vice-President of the First Bank Stock Corporation. Mr.
Lilly as spokesman for the holding company declared that
his organization was strictly a Ninth District group, administered and directed by Northwestern men and confining its
activities and operations within the boundaries of the district. The Ninth District comprises the States of Minnesota, North and South Dakota, Montana, upper Michigan
and northwestern Wisconsin. In his statement Mr. Lilly
said:
Within the past few days a report has been spread through the financial
Press that the First Bank Stock corporation was in some way associated
with the Giannini interests. This rumor probably found its source in the
fact that the Bancamerica-Blair corporation, a Giannini subsidiary, was
the holder of a stock interest in the First National Bank of St. Paul, purchased several years ago from a group of the Hill heirs, prior to the consolidation of the First National with the Merchants National. Following this
purchase, Roger K. Ballard of Chicago and Hunter P. Marston of New
York, Vice-Presidents of Blair & Co., Inc., were elected to the board of the
First National of St. Paul and have maintained this relationship since the
consolidation with the Merchants and the transfer of control to the First
Bank Stock corporation. The Bancamerica-Blair holdings amount to less
than 1% of the total issue of the First Bank Stock corporation and the Clannini interests are not represented in any way in the directorship or executive
personnel of the new parent corporation, nor by any alliance or understanding.
When the First Bank Stock corporation was organized we announced
that it was our intention to confine our activities to the Ninth Federal
Reserve District, and this policy has been adhered to strictly. Our stock
is held in an overwhelming majority within the district. Stock represented
by interim certificates issued to date has been largely exchanged for shares
of unit banks affiliating with the corporation. These banks were in nearly
every instance locally owned and the holding company shares represent
a transfer of holdings from the individual bank to that of the group. An
issue of 200,000 shares for treasury purposes was issued a month ago, and the
distribution of this block was confined arbitrarily in small units to residents
of the Ninth Federal Reserve District.
The board of directors, the executive committee and the executive
Personnel of this corporation are representative of Northwestern interests
exclusively.
That two important Atlanta (Ga.) banks—the Atlanta &
Lowry National Bank and the Fourth National Bank—are
to consolidate and form a new organization with total resources (including subsidiary companies) in excess of $150,000,000, was announced on Oct. 19 in a joint statement by
Thomas K. Glenn and John K. Ottley, the respective Presidents of the institutiens. The proposed amalgamation will
be submitted to the shareholders of both banks for final
ratification at a joint meeting to be held Nov. 20. The
new bank, which will be known as the First National Bank
of Atlanta, according to the Atlanta "Constitution" of Oct
20, from which the above is learned, will have deposits of
more than $101,000,000 and combined resources of $141,102,187, making it the largest financial institution in the
Southeastern States. The resources of the affiliated companies of the two banks, namely the Trust Co. of Georgia,
the Trusco Securities Co., the Trusco Investment Co., the
Fourth National Associates and the Fourth National Co.,
will bring the total resources of the new organization to more
than $150,000,000. It was announced that the new bank
will be formed entirely by a combination between the Atlanta
& Lowry and the Fourth National Bank with no outside
interests represented in any way. No announcement was
made as to the official roster of the new institution, beyond
the statement that a committee, representing the directors
of both banks, had been named to make recommendations
to the new board of directors at its session immediately following the stockholders' meeting on Nov. 20. Under the
merger plan the capital stock of the new First National Bank
of Atlanta will be $5,400,000, consisting of 540,000 shares
2633
of the par value of $10 a share. Atlanta & Lowry shareholders will receive one share of the new stock for each
share they hold, the par value of which is $10 a share. Sines
the par value of Fourth National Bank stock is $20 a share,
the stockholders of that institution will receive two shares
for each share held. Under the agreement the capital stock
of the Trust Co. of Georgia will be held by the shareholders
of the new bank and the name of the trust company will be
changed to the First Trust Co. of Georgia. The Fourth
National Co. and the Trusco Securities Co. will be consolidated, as will also be the Fourth National Associates and
the Trusco Investment Co. We give in part below the joint
statement of the banks' Presidents as given in the paper
mentioned:
"The directors of the First National Bank of Atlanta, when organized,
will be composed of all of the directors of the two boards as at present constituted. A committee from each of the boards will nominate the officers.
All of the officers and employes of the combined institutions will be retained and the customers of the two institutions will continue to deal with
the same officers and employes.
"The banks will be consolidated under the old charter of the Atlanta
National Bank, which was granted in 1865 and is the oldest Nationai bank
charter in the Southeast. The consolidated institutions will be known as
the First National Bank of Atlanta._*-*-•
"The Trust.Co. of Georgia will be operated as at present with a capital
of $2,000,000 and surplus and undivided profits of $3,000.000, the entire
capital stock of which will be owned by the stockholders of the First National Bank of Atlanta.
"The Trusco Securities Co., and the Trusco Investment Co., the entire
capital stock of which is owned by the Trust Co.of Georgia, will be merged
With the Fourth National Associates and the Fourth National Co.
"The Fourth National Bank owns its main office building and its branch
bank buildings in Decatur and West End, and also operates branches at
the corner of North Avenue and Peachtree Street and Euclid and Moreland Avenues. It also, through stock ownership held in its subsidiary
companies, owns the controlling interest in the First National Bank of
Rome; in the National Exchange Bank of Augusta, and in the Fourth
National Bank of Columbus, Ga.
"The Atlanta and Lowry National Bank, through the ownership of its
affiliated companies, owns the controlling stock of the Continental Trust
Co. of Macon, Ga. It also owns its main bank building at the corner of
Pryor Street and Edgewood Avenue, its Whitehall office building at the
corner of Whitehall and Alabama Streets, and its Marietta Street branch
building at the corner of Marietta Street and Bankhead Avenue, and
operates its Peachtree office at the corner of Peachtree and Ellis Streets.••*
"The combination of these two well-known banks will make Atlanta the
financial center of the Southeast and through their combined efforts the
new institution will be able to render greater service in the future than in
the past.
"The First National Bank of Atlanta, when organized, with capital, surplus and undivided profits of $12,602,836.50, will be a bulwark of strength
and will be able to meet every financial demand of this great city and
section, and with the added services of the Trust Co. of Georgia, with its
capital, surplus and undivided profits of more than 35.000.000, and the
services of its affiliated companies, will be able to offer every form of
modern bank and trust service.
"The resources of the new institution with its affiliated companies will
exceed $150,000,000."
Purchase of the Woodside National Bank of Greenville,
S. C., by the People's State Bank of South Carolina (head
office Columbia) was announced by the officers of the
acquired bank on Oct. 18, according to Greenville advices
on that date to the Columbia "State." The merger, it was
said, would become effective the next day, Oct. 19. In
accordance with the policy of the People's State Bank of
South Carolina that each unit bank shall have a purely
local board of control, headed by a local executive vicepresident, Alester G. Furman, Jr., was appointed to this
position. The members of the local board, it was said,
would be announced later. No change in the present personnel of the bank is contemplated at this time, it was
stated. The Woodside National Bank was organized in
1919 and is capitalized at $250,000. Robert T. Woodside
Is President. The People's State Bank of South Carolina
(formed several months ago by the amalgamation of ten
in lower South Carolina, as noted in our issues of April 6
and June 1, pages 2218 and 3631, respectively), now has,
according to the dispatch, resources of $23,000,000 and unit
banks in the following cities and towns of South Carolina:
Charleston, Columbia, Greenville, Abbeville, Anderson, Allendale, Darlington, Dillon, Florence, Georgetown, Kingstree, Greeleyville, Johnsonville, Lamar, Moncks Corner, St.
Stephens, Manning, Seneca, St. George, Summerville, Timmonsville, Varnville, Estill and Ehrhardt. R. Goodwyn
Rhett of Charleston,is Chairman of the Board of the institution, and R. Goodwyn Rhett, Jr., is President. Mr. Rhett,
Sr., is also Chairman of the Board of the People's First
National Bank of Charleston, while Mr. Rhett, Jr., is President. The latter is also Chairman of the Board of the First
State Bank of Columbia.
From a more recent issue of the paper mentioned (Oct.
24) it is learned that the National State Bank of Columbia
was acquired the previous day by the People's State Bank
of South Carolina, the transfer being effected on Oct. 24.
William Barnwell, President of the National State Bank,
•
2634
FINANCIAL CHRONICLE
has been made Active Vice-Chairman of the People's State
Bank of South Carolina, but will continue to head the former National State Bank. There will be no change in the
personnel of the institution. The acquisition of the National State Bank gives the People's State Bank of South
Carolina two unit banks in Columbia and increases its total
resources to more than $23,000,000.
According to Associated Press advices from Winter
Haven, Fla., on Oct. 16, printed in the Florida "TimesUnion" of the next day, a new bank under the title of the
American National Bank was opened in Winter Haven the
previous day, Oct. 15. The institution is capitalized at
$100,000 and has a paid-in surplus of the same amount. It
occupies quarters formerly used by another financial institution which failed some months ago, and has the same officers and staff, and practically the same board of directors.
The new institution, it was said, has assumed all the liabilities and practically all the assets of the former banking
house, according to officers. Charles A. Monroe, of New
York, President of the Harriman Investment Trust Co., is
Chairman of the Board; Norman A. Street, President; W. D.
Gray, Vice-President and Cashier, and 0. R. Lindstrom,
Assistant Cashier.
Effective Oct. 16, the First National Bank of Brooksville,
Fla., capitalized at $50,000, was placed in voluntary liquidation. It is succeeded by the First National Bank in
Brooksville.
An application to organize the Barrett National Bank of
Cocoa, Fla., was approved by the Comptroller of the Currency on Oct. 18. The new institution will be capitalized at
$50,000.
That a new bank is being organized in Baton Rouge, La.,
was reported in the following press dispatch from that
city on Oct. 17, printed in the New Orleans "Times-Picayune"
of Oct. 18:
The Citizens' Bank & Trust Co. is being organized as the city's fourth
banking institution, according to Charles M. Downs, who has had many
years' experience in Baton Rouge banks. The new institution, which
plans to have its home on Main Street, will be capitalized at $50,000 with
a surplus of $25,000, Mr. Downs announces. Albert Ligon is to be VicePresident and John D. Tempel Cashier of the new bank.
That the status of the proposed consolidation of the
Crocker First National Bank, Crocker First Federal Trust
Co. and the American Trust Co., all of San Francisco,
remains unchanged is indicated in the following San Francisco advices on Monday of this week (Oct. 21) to the "Wall
Street Journal":
Reports of cessation of negotiations for consolidation of the American
Trust Co. with the Crocker National Bank of San Francisco are met with
the statement of officials that the situation is unchanged, and that
appraisals of the properties and loans of both institutions are continuing.
Completion of the appraisals is expected early in 1930.
It is understood that either party to the agreement to consolidate is at
liberty to withdraw before final consummation of the merger, pending
the outcome of valuation proceedings. No official indication has been
given, however, that the deal will not be completed.
The original basis of the formation of a consolidated institution provided
for placing 20% of the stock of the new bank in the hands of the Crocker
Interests, 20% with Pacific American Associates or its affiliates, and the
remaining outstanding stock with stockholders of the American Co., holder
of all capital stock of bhe American Trust Co.
In the meantime, American Co. stock has been exchanged for that of
Goldman Sachs Trading Corp., under terms of an offer of nine shares
for seven American Co. held. The exchange has been completed, according
to American Co. officials, on more than 99% of outstanding American Co.
stock.
If the original basis of the formation of the consolidated bank is carried
out, the 60% remaining after provision for the 40% allocated with
Crocker and the Pacific American Associates will go to the present holders
of the exchange Goldman Sachs stock.
Items concerning the proposed merger of these institutions
appeared in the "Chronicle" of June 15 and June 29, pages
3952 and 4366, respectively.
_4_
According to advices from Spokane, Wash., on Oct. 22 to
the "Wall Street Journal," the Spokane Savings & Loan
Society has become the Spokane Savings Bank, with combined capital and surplus of $1,000,000. The change was
made to enable the bank to take advantage of the favorable
position in which capitalized institutions find themselves
under the new State of Washington excise tax law, and will
effect a saving in taxes of almost $40,000 a year, according
to J. L. Cooper, President. Interest will continue at 5%
on savings, it was stated.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The Stock Market the present week suffered the worst
crash in Stock Exchange history, excepting only the collapse
which occurred at the outbreak of the World War in 1914,
[vou 129.
particularly on Thursday when the break assumed alarming
proportions as the day's transactions reached the unprecedented total of 12,894,650 shares. Pandemonium reigned for
a time and prices faded away under an avalanche of sales.
The ticker service found it impossible to "keep the pace" and
at the closet of the Market was more than four hours behind
the transactions on the floor. The weekly statement of the
Federal Reserve Bank made public after the close of business
on Thursday showed a decrease of $167,000,000 in brokers'
loans. Call money renewed at 6% on Monday and fluctuated between 6% and 5% throughout the week.
The 2-hour session on Saturday was noteworthy for the
widespread liquidation and aggressive selling that carried a
long list of popular stocks downward from 5 to 12 points to
new low levels for the year. The market rallied slightly at
the beginning of the second hour but again plunged downward at the close. Public utilities were again presssd for sale,
North American opening 7 points lower on a block of 4,700
shares, while Consolidated Gas yielded more than 5 points.
General Electric and Westinghouse were without nearby
support, the former dropping more than 15 points. U. S.
Steel held up somewhat better and closed with a loss of about
2 points. Montgomery Ward was particularly weak and lost
about 10 points, American Can was off about 11 points and
Amer. Tel. & Tel. dipped about 6 points.
Many new low levels were recorded in the new wave of
selling that swept through the market on Monday, though
the tension was lifted to some extent in the final hour when
a brisk rally carried a number of the speculative favorites
above their early lows. The volume of trading was extremely
large, more than 6 million shares, and the ticker tape was
more than an hour behind the transactions on the floor. The
low prices of the day were reached about mid-session and
from that time on the tone slowly improved. In the closing
hour U.S. Steel had worked upward more than 5 points above
its early low and registered a gain of nearly 2 points on the
day, American Can was up nearly 4 points and closed at
159% and a number of other active issues scored gains ranging from 2 to 3 points. Oil shares were stronger, many of the
public utilities were higher and railroad issues were someivhat
firmer than most of the other groups.
The tone of the market was considerably improved on
Tuesday and in the opening hour prices generally moved
upward, though with some irregularity. Public utilities again
started upward and many substantial gains were recorded at
the close, including such standard issues as Standard Gas &
4 points, Detroit Edison which
Electric which was up 113
improved to 355 with a gain of 5 points, Federal Light &
Traction which shot ahead 23. points to 92, American Power
& Light which moved ahead 4% points to 1103-i and American & Foreign Power which gained 33' points ta 1355,6.
Railroad stocks were represented in the advance by New York
Central which advanced 23' points to 2183/2, Chesapeake &
Ohio which scored a gain of 23/i points at 260 and Chicago
& North Western which closed at 90,6 with a gain of 23.1
4 points,
points. General Electric registered an advance of 23
Westinghouse 48% points at 2133, Auburn Auto 18 points at
345, and Western Union Telegraph Co. 18% points at 268%
8•
Wild confusion characterized the movements of the Stock
Exchange on Wednesday as a huge volume of shares was
thrown overboard in urgent efforts to liquidate. As the
day advanced a strong selling wave developed which brought
about a sharp break all along the line. Within a few minutes
of the close a moderate rally occurred which carried a few
issues somewhat above the early low levels, but for the most
part of the list closed below the preceding day. Very pronounced liquidation was again apparent in the public utilities,
American & Foreign Power yielding about 17 points and
closing at 112; Columbia Gas dropped 10 points to 97% and
United Corp. was down 5 points to 47. Radio Corp. dropped
12 points and General Electric was off 20 points as it closed
at 314. United States Steel common slid down over 8
points to 204, Bethlehem Steel was off 6 points at its final
price at 1013, American Can was lower by 7 points as it
closed at 1543/2 and Amer. Tel. & Tel. lost 15 points as it
ended the day below 268.
On Thursday the market collapsed in the most disastrous
decline in the history of the New York Stock Exchange.
The day's transactions were 12,894,650 shares, with a total
of 974 separate issues dealt in, and the break carried down
with it an untold number of speculators, both large and
sma 1, in every part of the country. The ticker service
which had been unable to keep up with the dealings on the
floor was about four hours late and did not complete the
OCT. 26 1929.]
day's transactions until after 7:00 o'clock. The lowest
prices were reached around mid-session when large supporting orders came into United States Steel, common which
turned the market upward and many stockholders on the
verge of selling out withdrew their orders. Some of the
outstanding losses were International Business Machine
253
/i points, U. S. Industrial Alcohol 253 points, Burroughs
Adding Machine 19% points, American Water Works 163/i
points, American Foreign Power 143/ points; Columbia
Carbon 24 points, Chesapeake & Ohio 153/2 points, American
Rolling Mill 123/i points; Canadian Dry Ginger Ale 113/z
points; A. M. Byers & Co. 10% points; Auburn Auto 25
4 points; Air Reduction 35,
points; Republic Steel 103
points; Bohr Aluminum 8 points; International Tel. & Tel.
43% points; Johns-Manville 10 points; Allis Chalmers 6%
points; General Electric 6 points;,Radio Corporation 103
points; Montgomery-Ward 934 points; Ludlum Steel 75%
points; Grigsby Grunow 105
% points; General Motors 35%
points; Bendix Aviation 8 points; American Bank Note 8
points; Baldwin Locomotive (new)2 points; American Home
Production 10 points; American Tel. & Tel. 3 points; and
% points.
American International Corporation 83
Trading continued heavy on Friday, though the liquidation of stock was somewhat less than on the preceding day.
Prices again moved downward during the morning session,
but began to recover from the early slump. As the day
advanced stocks like U. S. Steel, American Can and General
Electric moved downward in the early trading but recovered
a part of their losses later in the day. Some of the stronger
stocks were Allis Chalmers which improved 6 points to 55,
American Car & Foundry which advanced 5 points to 89,
American Tobacco which closed at 216 with a gain of 8
points, Colorado Fuel & Iron which gained over 8 points to
48% and U. S. Industrial Alcohol which improved 21 points
to 197.
3 to 403/8, but recovered
Light corn., which broke from 74%
to 5532. Amer. & Foreign Power warrants sold down from
1245% to 753 and at 833
4 finally. Amer. Gas & Elec. corn.
8, the close to-day being at
from 1695% slumped to 1301/
151. Commonwealth Edison sold down from 37534 to 325
and ends the week at 340. Elec. Bond & Share corn. was
conspicuous for a break from 1363/i to 91, though it recovered finally to 113. Electric Investors sank from 21434
to 141 and sold back to 17834. Northern States Power com.
dropped from 2305% to 188 and closed to-day at 19934.
Investment trusts generally fell to new low figures. Goldman Sachs Trading slumped from 98 to 65, closing to-day
at 80%. Hydro Elec. Ice was off from 625% to 455%, with
the close to-day up to 61. Insull Utilities Invest, lost over
%.
31 points to 6734, the final transaction to-day being at 843
2, but finished the week
Lehman Corp. fell from 1065% to 923/
at 99. Among industrials and miscellaneous issues Aluminum Co. of Am. broke from 380 to 300 and recovered to
350. Aluminum, Ltd. dropped from 200 to 140. Crocker% to 25 and at 4134
Wheeler Elec. Mfg. sold down from 663
finally. Duval Texas Sulphur lost 19 points to 144 but
recovered to 150. Colgate-Palm Olive-Peet com. was off
from 865% to 635% and sold to-day at 78. Great Atl. &
Pacific Tea non-vot. com. fell from 340 to 250 and closed
to-day at 28934. Powdrell & Alexander slumped from 106
to 80 and ends the week at 93. In oil stock Humble Oil &
Ref. sold down from 1185% to 1075% finishing to-day at
1085%. Cosden Oil com. dropped from 135 to 9034 and
ends the week at 105.
A complete record of Curb Exchange transactions for the
week will be found on page 2666.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Total
Railroad,
&c.
Bonds.
Stocks,
Number of
Shares.
Week Ended Oct. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
State,
Municipal &
ForeigriBonds.
United
Slates
Bonds.
3,488,100
6,091,870
4,129,820
6,374,960
* 12,894,650
5,923.220
55,865,000
11,480,000
9,888,000
13,264,500
18,282,000
10,640,000
51 ,384,000
2,704,500
2,478,000
3,025,000
4,395,000
1,916,000
5155,000
301,000
564,000
289,000
556,000
1,115.000
38.902.620
569.419.500
515.902.000
52 980 non
• New high record. Previous high record March 26 1929, 8,246,742 shares.
1928.
1929.
Stocks-No. of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad di misc. bonds
Total bonds
Jan. 1 to Oct. 25.
Week Ended Oct. 25.
Sales at
New York Stoat
Exchange.
1929.
1928.
38,902,620
24,472,110
923,088,660
675,984,044
52,980,000
15,902.000
69,419,500
54,241,500
15,097,500
35,685,500
5101,872,000
508,099,150
1.715,033,800
5156,869,250
632,619,135
1,912,788,676
$88.301.500 855,024.500 52.325.004.950 52.702,257,081
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Oct. 25 192 9.
Philadelphia.
Baltimore.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Pax Value).
Week Ended
Oct. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*77.742
*172.061
*112,505
*133,468
209,330
79,605
Total
784,651
380.210
$30,000 a66,672
53,000 a128,030
80,000 a07,963
106,000 a140,390
48,000 a389,490
66,000 a59,800
$400
35,000
11.000
40,000
15.800
54,885
56,755
55,307
55,773
514,116
56,244
$10,000
22,000
25.000
36,000
30.000
20,000
$393,000
882,345
5102.200
43,080
8143,000
5195.500
326.179
533,300
24,805
5108.003
• In addition, sa es of rights were: Saturday, 50: Monday 305; Tuesday, 105;
Wednesday, 440.
a In addition, sales of rights were: Saturday, 13,000: Monday. 26,000; Tuesday.
22,000; Wednesday, 26,800: Thursday, 40,300.
THE CURB EXCHANGE.
Curb Exchange issues started this week under severe
pressure and continued so until Thursday when prices
crashed in what was probably the worst session ever witnessed on the Exchange. Monday's transactions (3,715,400
shares) set a new high record for number of shares traded on
a single day, but Thursday's business far surpassed that
reaching 6,337,400 shares. Friday's market, however,
showed a good recovery from the low points in nearly all
important stocks and trading settled down to a more orderly
basis. Utilities generally showed good gains. Cities Service corn. sold over a million shares on Thursday and the
total sale for the week aggregates upward of 3,000,000 shares
the prices dropping from 67% to 45, with the close to-day
at 485%. Among the heaviest losses was Allied Pow. &
Stocks
(No. Shares)
1,685,100
3,715.400
1,945,300
1,793,400
*6,337,400
2.731.900
Rights
181,100
241,800
249,600
284,384
774,600
319,700
Domestic
1,220,000
2.022,000
2,016,000
2,239,000
2,102.000
1,829,000
Foreign
Government
$175,000
423,000
229,000
218,000
398,000
671.000
18,208,500 2,051,184 511,428.000 $2,114,000
Total
*New high record. Monday's sales of the week (3 715,400) were also higher
than the previous high record on July 24 1929, 3,584,700 shares.
COURSE OF BANK CLEARINGS.
Bank clearings continue to show substantial increases compared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Oct. 26) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
30.6% larger than for the corresponding week last year.
Our preliminary total stands at $16,276,457,049, against
$12,462,401,277 for the same week in 1928. At this centre
there is a gain for the five days ended Friday of 42.5%.
Our comparative summary for the week follows:
1929.
1928.
Per
Cent.
$9,369,000,000
622,556,350
506,000,000
541,000,000
132,931,249
123,500,000
206,948,000
177,683,000
175,329,786
198,982,003
132,319,351
89,730,576
65,200,064
56,577,000,000
605,771.991
476,000,000
418,000,000
130,338.314
128,400,000
179,803,000
186,566,000
163,935.730
202,000.000
115,422.287
77,832,788
62.666.811
+42.5
+2.8
+6.3
+29.4
+2.1
-3.8
+15.1
-4.8
+6.9
-1.5
+14.7
+15.3
+4.0
Thirteen cities, five days
Other cities. five days
512,339,180,379
1,391,200,495
59.323,736,921
1,126,622,155
+32.4
+23.5
Total all cities, five days
All cities, one day
$13,730,380,874 810,450,359,076
2,012,042,201
2,546,076,175
+31.4
+26.5
sin 270 457 040 512.462.401.277
-l-300
Clearings-Returns by Telegraph,
Week Ending Oct. 26.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Prey. week revised
2635
FINANCIAL CHRONICLE
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Oct. 19. For
that week there is an increase of 23.7%, the aggregate
of clearings for the whole country being $17,200,562,978,
against $13,905,369,190 in the same week of 1928. Outside
of this city the increase is only 5.6%, the bank exchanges at
this centre having recorded a gain of 35.0%. We group the
2636
FINANCIAL CHRONICLE
cities now according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve district, including this city, the expansion
reaches 34.9%, in the Boston Reserve District 32.1%, and
in the Cleveland Reserve District 11.5%. lathe Philadelphia
Reserve District the totals are larger by only 3.6% and
in the Richmond Reserve District by 2.2%, while in the
Atlanta Reserve District the totals show a decrease of
0.9%. The Chicago Reserve District suffers a loss of
2.8%, the St. Louis Reserve District of 2.0% and the
Minneapolis Reserve District of 10.7%. The Kansas City
Reserve District shows a gain of 0.5% and the San Francisco
Reserve District of 2.6%, while the Dallas Reserve District
falls 4.0% behind.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Oct. 19 1929.
1928,
Inc.07
Dec.
1927.
1926.
$
629,896,204
8,727,983,655
710,725,791
620,223,903
214,323,307
242,578,887
1,221,053,332
282,010,517
184,081,680
297,441,092
126,407,189
748,633,633
%
+32.1
+34.9
+3.6
+11.5
+2.2
--0.9
-2.8
-2.0
-10.7
+0.5
-4.0
+2.6
$
682,270,558
6,549,127,002
631,841,572
450,562,806
204,077,474
254,061,651
1,019,166,469
261,254,510
151.681.121
281,003,106
113,030,718
636,249,033
$
768.741,034
5,753,372.031
637,530,226
443,868,783
207,782,295
245,235,593
971,809,730
249,629,589
146,919,798
267,902,218
99,933,312
586,032,106
1929.
Federal Reserve Discs.
$
let Boston _ __ _12 cities
831,923,411
2nd New York_11 " 11,777,123,403
3rd PhIladelpla 10 "
736,474,089
4th Cleveland__ 8 "
579,999,674
5th Richmond _ 6 "
219,079,455
6th Atlanta___ _13 ••
240,351,904
7th Chicago ___20 "
1,186,219,823
8th St. Louis_ _ _ 8 "
276,253,177
9th Minneapolis 7 "
164,377,829
10th KansasCity 12 "
299,039,483
11th Dallas
5 "
121,354,246
_17
Fran_
"
San
12th
768,335,484
129 cities 17,200,562.978 13,905,369,190 +23.7 11,262,326,100 10,377,716.915
Total
Outside N. Y. City
5,637,568,885 5,340,994,715 +5.6 4,857,882,366 4,754,413,080
Canada
31 cities
640,314,886
555,146,216
-2.7
441,426,469
385,704,693
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended October 19.
Clearings at1929.
1928.
Inc. or
Dec.
$
$
%
First Federal Reserve 01st rict-BostonMaine-Bangor_
677,467
723,131 -6.3
Portland
4,029,212
4,395,705
+9.1
Mass -Boston-.-. 749,000,000 561,000,000 +33.5
Fall River-.-...
1,675,148
1,509,558 +11.0
Lowell
1,492,219
1,442,601
+4.9
New Bedford
1,410,105 +32.8
1,872,763
Springfield _ _
6,196,594
6,400,760
+3.3
Worcester
5,011,920
4,096,184 +22.3
Conn.-Hartford.
17,760,154 +45.6
25,859,053
New Haven_
10.688,891 +23.5
13,196,557
RI.-Providence
20,231,400 +5.8
21,396,600
N.11.-Manches'r
945,219
828,464 +14.1
Total(12 cities)
831,923,411
629,896,704 +32.1
Second Feder al Reserve D istrict-New
N. Y.-Albany
8,184,582
7,431,851
Binghamton .
1,692,843
1,615.931
Buffalo
70,385.663
87.363,068
Elmira
1,446,043
1,103,556
Jamestown_ _
1,381,605
•1,500,000
New York_ _ _ _ 1,562,994,093 8,564,374,475
Rochester
17.229,094
18,807,948
7,114,308
9,690,250
Syracuse
4,433,901
4,975,207
Conn.-Stamford
1,063,392
N. J.-Montclair
1,004,268
79,824,376
Northern N. J.
51,489,614
1927.
$
1926.
5
796,307
3,386,230
615,000,000
2,504.359
1,360,234
1.728.114
5,737,452
3,803,099
17,858.012
7,501,363
19,872.400
713,988
792,376
3,096.040
707,000.000
2,170,513
1.077,137
1,458,287
5,274,753
4,237.655
14,460,400
7,931,215
20,483.400
759,258
682,270,558
768,741,034
York.
6,259.312
+8.1
6,299,538
1,216,300
-4.6
1,196,960
+24.1
61,446,899
54.080,583
864,573
-23.7
953,192
1,743,488
+8.6
1,727,365
+35.0 6,404,443.734 5,623,293,635
14,752,049
+9.2
12,129.738
+38.2
6,496,459
5,367.983
+12.2
4,036,417
5.008.393
747,614
+5.9
525,482
+55.0
46,515,057
42.679.162
Total(11 cities) 11777123,403 8,727,983,655 +34.9 6,549,127,002 6,753,322,031
Third Federal Reserve Dist rict-Philad
1,808,816
1,593,816
Pa.-Alt000a_Bethlehem-. _ _ _
5,395,823
5,134,258
1,602.709
1,472,384
Chester
Lancaster
2,486,769
2,289,877
Philadelphia
700,000,000 676,000,000
Reading
4,978,727
5,587.172
Scranton
6,489,148
7,147,297
Wilkes-Barre
*5,000,000
4,866,874
2,328,199
2,421,929
York
N..L-Trenton
5,334,304
5,263,778
736.474,089
elphia-11.9
1,808,971
+5.1
4,869,828
-8.9
1,728,416
+8.6
2,306,301
+3.6 597.000.000
+12.2
4,531.555
+10.1
6,764.238
+2.7
4,384,627
-3.9
1,780.847
+1.3
6,666,892
1,973,515
4,747,612
1,570,498
2,190,623
603,000.000
3,710.893
7,040.194
4,698,300
1,897.820
8.710,771
710,725,791
+3.6
631,841,572
637,540,226
Fourth Feder al Reserve 13 istrIct.--Cle
7,913,000
6.076,000
Ohio-Akron-._-.-.
6,033.599
4,844,877
Canton
99,392,303
89,815.012
Cincinnati-.-.
199,068,204 171,820.351
Cleveland
22,411,100
18.729.900
Columbus _
2,219,517
2,429.800
Mansfield
5,659,525
7,056,907
Youngstown
237,742,104
219,011,438
-Pittsburgh
_
Ps.
veland
-23.2
+24.3
+10.7
+15.9
+19.7
-8.7
+24.7
+8.4
8.014,000
3,734,002
84,097,543
144,658,854
20,197,800
2,702,994
5,303,341
189,784,272
6,069,000
3,945,788
80,841,464
129,192,701
16.529,500
2,687,712
5,448,434
198,157,184
520,223,903 +11.5
458,562,808
Fifth Federal Reserve Dist rict.-Richm mid.
1,431,778 +4.5
1,494,726
W.Va.-Elunt'g'n
5,167,969 -6.9
4,808,881
Va.-Norfolk
57,824,000 -1.1
57,180,000
Richmond
2,551,417 +10.7
2.863,492
S.C.-Charleston
Md.-Baltimore_ 122,240,326 116,068,899 +5.3
31,278,244 -2.5
30,492,020
D.C.-WashIng'n
1,351,106
4,455,140
56,699,000
2,481,446
112,189.586
25,901,196
Total(10 cities)
Total(8 cities)-.
579,999,674
+2.2
204,077,474
Sixth Federal Reserve Dist rict.-Atlan ta.Tenn.-Knoxville
.3.000,000 +15.4
3,460,872
28,139,176
+2.8
28,922,205
Nashville
Georgia-Atlanta *70,000,000
65,803,614
+6.4
2,795.242 +4.5
3,760,601
Augusta
Macon
3,499,240 -14.1
3,055,576
17,813,664
Fla.-Jacksonv
17,407,695 +2.3
Miami
2,271,000 +10.2
2,503,000
Ala.-DIrming'm
31,979,604 -1.8
31,396,535
Mobile
2,301.292 +21.1
2,987,486
Miss -Jackson-.-.
2,503,000 -0.1
*2,500,000
VIclusburs
371,458
540,542 -31.3
La-New Orleans
73,630,447
+3.5
71,111,796
3,250,000
28,649,014
87.645,603
2,777.112
2,532,423
20,230,937
3,863,000
32,445,041
2,074,122
3,666,000
498.567
75,833,227
Total(6 cities)_
Total(13 cities)
219,079,455
240,351,904
214,323,307
242,578,887
-0.9
254,061,651
[Vox.. 129.
Week Ended October 19.
Clearings at- I
Inc.or
1928.
Dec.
1927.
1926.
$
$
%
$
$
Seventh Feder al Reserve 13 istrIct-Chi cagoMich.-Adrian__
356,751
288,167 -38.2
284,486
270.724
Ann Arbor-.-.-. _
995,201
936,842 +6.2
864,053
1,066,050
Detroit
221,119,206 241,018,015 --8.3 191,111,139
189,569,646
Grand Rapids_
6,894,097
9,953,028 -30.7
7,711,629
8,663.500
Lansing
4,073.774
3,617,791 +12.4
2,836,044
2,893,371
Ind.-Ft. Wayne
5.418.748
4,402.873 +23.0
3,226,937
2,863,046
Indianapolis
25,043,000
24,365,000 +2.8
24,414,000
23,497,000
South Bend-.-.-.
3,638,105
3,432,320 +6.0
3,165,000
3,419,800
Terre Haute_
5,423,492
5,619,252 -3.5
5,380,901
5,858,244
Wis.-Milwaukee
39.842,139
45,879,283 -13.2
45,343.680
43,893.619
Iowa-Ced. Rap_
3,555,454
2,269,069 +58.7
1,736,816
3,000.421
Des Moines_ _. 11,402,232
10,880,077
+4.8
9,953,414
11.626,122
Sioux City _ _._
7,295,043
7,288,560 +0.1
6,387,134
6.763,319
Waterloo
2,351.577
2,041,609 +15.2
1,980,343
1,277.377
III.-Bloom'gton_
.2,500,000
2,391,323 +4.5
1,586,993
1,575,589
Chicago
830,370.741 841,682,819 -1.3 700,910,868
653,348,032
Decatur
1,413,288
1.415,866 -0.2
1,391,635
1,303,035
Peoria
7.132,945
6,657,327 +7.1
5,340,769
5,027,528
Rockford
4,054,569
3,800,243 +6.7
3,411,423
3,338,133
Springfield.
3,339.478
3,213,868 +3.9
2,219,106
2,555,174
Total(20 cities) 1,186,219.823 1,221,053,332 -2.8 1,019,166,469
971,809,730
Eighth Federa I Reserve Dis trict-St. Lo ulsInd.-Evansville
5,269,441
5,919,630 -12.1
6,313,180
5,783.475
Mo.-St. Louis-.-. 154,600,000 173,300,000 -10.8
154,710,000 154,500,000
Ky.-Louisville.
48,626,689
42,162,268 +15.3
41,473,054
36,797,686
Owensboro-. __ _
490,366
374,888 +30.8
346,496
298,374
Tenn.-Memphis
41,671,929
37,683,825 +10.6
35,992,723
31,892,279
Ark.-Little Rock
23,294,884
20.658,865 +12.8
20,613,668
18,572.626
446,252
111.-Jacksonville
340,603 +31.0
334,860
404,444
Quincy
1,887,616
1,570,438 +20.2
1,470,531
1,580,714
Total(8 cities). 276,284,177 282,010,517 -2.0 261,254.510
249,629.589
Ninth Federal Reserve DIs Wet-Minn caponsMinn.-Duluth
6,178,850
15,543.478 -60.2
15.038,852
10,325,167
M inneapolIs_ _ _ 116,508,397 117,792,856 -1.1 115.904,495
92,861,521
St. Paul
30,539,276
39.956,582 -23.6
40,823,073
34,767.969
N. Dak.-Fargo_
3,166,851
2,237,842 +41.5
2,270,853
2,128,727
S. D.-Aberdeen _
1,495,965
1,675,383 -10.7
1,740,196
1,585,734
Mont.-Billings.
1,281,490
1,300,539 -1.5
1,173,652
847,531
Helena
5,157,000
5,575,000 -7.5
4,928,000
4,403,149
Total(7 cities) _ 164,327.829 184,081,680 -10.7 181,681,121
146,919,798
Tenth Federal Reserve Die trIct-Kens as City Neb.-Fremont.
381,930
356,968
+7.0
471,218
431.048
Hastings
*700,000
659,615
+6.1
625,871
481,718
Lincoln
4,635,569
5,033.719 -7.9
4,829,610
4,570.446
Omaha
60,772.840
55,964,839
+8.6
50,923,793
45,805,362
Kan.-Topeka..-.
3,398,511
4,561,912 -25.5
4,073.666
3,188,368
Wichita
*10,000,000
9,419.090 +6.2
8,364,349
8,295,639
Mo.-Kan, City_ 167.578,535 169,984,595 -1.4 160,000,060
162,480,290
St. Joseph __ _ ..
6,415.567
7,088,238 -9.3
6,994,215
7,121.994
Okla.-Okla. City
42,089,983
41,382,142 +1.7
41,884,984
32,937,571
Colo.-Col. Spas.
1,278.417
1,410.537 -9.4
1,490,112
1,155,654
1,788.131
Pueblo
1,599,437 +11.8
1.445.308
1,434.128
1929.
Total(12 cities)
299,039,483
297,441,092
+0.5
281,003,186
267,902,218
Eleventh Fede cal Reserve District-Da IlasTexas-Austin_ _ ..
2,550,229
2,846,656 -10.4
Dallas
*90,000,000
86,295,704 +4.3
Fort Worth-. _.
17,554,688
18,021.741 -2.6
Galveston
9,329,000
10,627,000 -12.2
La -Shreveport.
6,920.329
8,616,088 -19.7
1,771,801
76,595,770
18,123,912
9,087,000
7,452,235
1,750,506
62,539,220
16,304,822
13,302,000
6,036,764
113,030,718
99,933,312
Franc' sco+ 18.9
52,300,305
+15.3
16,048,000
+17.8
2,209,508
+1.4
45,266.264
+20.9
22,566,364
+3.7
6,894,118
+2.8
7,937,466
-4.9 196,115,000
+8.6
18,719,318
+4.6
6,541.517
-0.4
9,203,157
+62.9
5,097,811
+1.2 236,498,000
+28.7
3,743,782
+16.1
1,620,503
-1.9
2.236,420
+2.6
3,752,500
47,727,272
14,119.000
2,012.882
45,462,053
22,940,647
6,838,854
8,081.604
184,225,000
20,657,205
6,761,655
9,117,097
6,066.713
201.318,600
3,800,906
1,236,597
2,206,461
3,450,300
Total(5 cities) _
121,354,246
128,407,189
Twelfth Feder al Reserve D istrict-San
Wash.-Seattle _ _
61,258.329
72.508,762
Spokane
19,047,000
16,526,000
Yakima
3.044,521
2,584,348
Ore -Portland-.-.
52,966,359
51,265,239
Utah-S. L. City
27,346,454
22.622,678
Cal.-Fresno......-.
6.493,503
6,731,078
Long Beach-.
10.071,411
9,797.774
Los Angeles.... 250,177,000 262,993,000
Oakland
23,574,519
21,724,909
Pasadena
7.534.981
7,880,661
Sacramento-.-.-.
7,739,281
7,712.025
San Diego
11,030.937
6.769,503
San Francisco. 262,601,724 259,381,000
San Jose
2,762,388
4,452,367
Santa Barbara_
2,674.073
2,302,843
Santa Monica_
2,506,572
2,556.279
Stockton
*2,700,000
2,631,600
-4.0
Total(17 cities) 768,335,484 748,633,633 +2.6 636,249,033 586,032,106
Grand total (129
cities)
17200 562,978 3905389,190 +23.7 11262326,100 10377716,715
DutsIdeNewYork 5,637,568.885 5.340,994,715
+5.6 4,857,882,366 4,754,413.080
Week Ended October 17.
Clearings at1929.
1928.
Canada$
s
Montreal
169,527,067 175.415,653
Toronto
134,888,303 166,201.597
Winnipeg
87,933.013
93,295,734
Vancouver
25,865,537
23,504,916
Ottawa
8.287,115
10,004,720
Quebec
8.003.209
7,056,156
Halifax
2.999,151
3,615,459
442,868,783 Hamilton
6,936,297
7,203.074
Calgary
15,733,623
17,009,642
St. John
2,722,085
2,252.824
1,583,960 Victoria
3,621.159
2,846,871
8,665,994 London
3.605,960
3,484,899
56.846,592 Edmonton
8,073,283
7,323,339
3,054.867 Regina
10,197.726
8,471,311
110,789,872 Brandon
880.634
1,233,898
26,841,016 Lethbridge
1,142,788
1,173,358
Saskatoon
4,455,992
3,634,419
207,782,295 Moose Jaw
1.559,901
1,720,771
Brantford
1,435,880
1,503.011
Fort William _ __ _
1,415,997
1,285,660
3,223,445 New Westminster
948,496
1,002,836
24,175,372 Medicine Hat-._.
708.547
751.500
63,019,990 Peterborough
972,746
970,069
2.589,987 Sherbrooke
1,133,710
1.093.911
2,244.027 Kitchener
1,519,814
1,282,019
26,091.014 Windsor
5.548.713
7,593,645
5,540.203 Prince Altert.._
834,776
714,127
29,220,855 Moncton
1,177,843
962,044
2.195.386 Kingston
986,063
901,100
1,959,578 Chatham
701,221
792,430
463,818 Sarnia
689.706
982,637
74,610,657
Total(31 cities) 540,314,886 555,146,210
245,235,593
0 Estimated.
inc. or
Dec.
1927.
%
$
-3.4
-18.8
-5.7
+10.0
-17.1
+13.4
-17.0
+10.2
-7.5
+20.8
+27.2
-3.4
+10.3
+20.4
-28.6
-2.6
+22.6
-9.3
-4.5
-9.1
+6.0
+6.1
+0.3
+3.6
+18.6
-28.9
+13.5
+22.4
-8.6
-11.5
+42.5
-2.7
142,508,240
139,409,979
63,809,379
18,722,022
8,526,266
7,771,000
2.901,060
5,971,772
8,063,520
2,984,105
2,585,101
3,488.910
5,578,261
5,651,910
785,676
758,895
2.571,464
1,638,505
1,630.708
1,416.019
948,957
409,477
862,885
952,225
1,443.519
5,657,518
420.067
910,561
944.652
1,103,878
737,472
441,426.409
1916.
$
121,273,756
102,778,308
70,377,241
18,431,734
8,180,944
6,147,980
2,826,227
6,770,038
8,187,377
2,623,189
2,435,163
3,763,129
6,103,742
8,694.136
708,078
673,408
2,547,917
1,724,813
1,082,150
1,128,458
753,294
416,312
775,988
950,400
1,112,045
4,917,619
410,057
983,871
755,828
585,577
616.876
385,704,693
2637
FINANCIAL CHRONICLE
OCT. 26 1929.]
Bank Notes-Changes in Totals of, and in Deposited
THE ENGLISH GOLD AND SILVER MARKETS.
Bonds, &c.
We reprint the following from the weekly circular of
We give below tables which show all the monthly changes
and in bonds and legal tenders on
Samuel Montagu & Co. of London, written under date of in national bank notes
deposit therefor:
Oct.9 1929:
GOLD.
3
The Bank of England gold reserve against notes amounted to £129,120,54
Wedneson the 2d inst. (as compared with £131,937,837 on the previous
-when
day), and represents a decrease of £24,785.772 since April 29 1925
an effective gold standard was resumed.
in the open
About £816,000 of bar gold from South Africa was offered
market yesterday. Owing to the more favorable tendency of the exchanges
comtowards sterling following the rise in the Bank rate there was little
the Bank
petition; the gold was disposed of at 84s. 1014d. per fine ounce,
took
trade
Home
the
of England securing £660.000. Of the remainder
£50,000, the Continental trade £70,000 and India £30,000.
The following movements of gold to and from the Bank of England
have been announced, showing a not influx of £1,613,205 during the week
under review:
Oct. 9.
Oct. 5. Oct. 7. Oct. 8.
Oct. 4.
Oct. 3.
£659,600
£3.094 £1,004.047
13,736 .C2,000 £25,800
12,000
Included in the amount received on the 4th inst. is £1.000,000 in sovereigns
from Australia.
The following were the United Kingdom imports and exports of gold
egistered from midday on the 30th ult. to midday on the 7th inst.:
Received
Withdrawn
Imports.
British West Africa
British South Africa
Australia
France
Exports.
£27,707 Germany
809,491 France
1,000,000 Switzerland
1.307 Egypt
British India
Other countries
£61,320
2,698,137
42,610
51.776
40,670
10,085
SILVER.
The silver market has been rather quiet but the tendency has continued
weak. The moderate amounts offered served further to depress prices, a
still lower level being reached on the 8th instant when prices were quoted
at 22 15-16d. for cash and 23 I-16d. for two months' delivery respectively.
Selling has again been general, both the Indian Bazaars and China being
disposed to offer silver, while America has been willing to sell on most
afternoons. Apart from bear covering there has been little support and
there are no present indications of any improvement in the demand.
The following were the United Kingdom imports and exports of silver
registered from midday on the 30th ult. to midday on the 7th inst.:
Imports.
Norway
U. S . A
France
Irish Free State
Mode()
British West Africa
New Zealand
Canada
Other countries
Exports.
Germany
Irish Free State
Egypt
British India
Other countries
£42.855
10,424
25.272
25.000
186.010
21,950
10.000
10.012
6,699
Legal
Tenders.
Bonds.
Total.
S
$
S
S
691,388,665
33,564,685
652,823,980
667.093,770
1 1929
30
Aug.ept. 3
S
687,950,563
38.652,573
649,297.990
666,864,280
697,471.993
39.707.550
657,764,443
666.407,040
July 31 1929
704,294,442
41.520.872
662,773,570
666,199,140
June 30 1929
702,979,934
39,651,731
663,328,203
666,233,140
May 31 1929
702.085,289
38,720,772
663.364,517
666,221,390
Apr. 30 1929
698,675,099
36,750.627
661,924.472
666.630.890
Mar. 31 1929
694,883,339
35,231,759
659,651,580
666,432,090
Feb. 28 1929
698.782,129
35.877.502
662,904,627
667,013,340
Dec. 31 1928
700.180,759
36,248.802
663,931.957
667.508,440
Nov. 30 1928
700,152.454
37.446,779
662,705,675
667,168,440
Oct. 31 1928
698,152.659
37,688,747
660,463,912
667,318.040
Sept. 29 1928
698.817.984
38,299,802
660,518,182
666,732.700
Aug. 31 1928
697,389,647
38,926,224
658,463,423
666,643.200
July 31 1928
699.620,652
40.887,664
658,732,988
665,658,650
June 30 1928
701,280,442
39.757.992
661,522,450
667,491,900
May 31 1928
699,942,169
38,814.509
661,127,600
666,196,460
Apr. 30 1928
699,215,219
36,802,227
662.412,992
666.866.710
Mar. 31 1928
699,731.694
38,250,372
661.481.322
667,011,210
Feb. 29 1928
697,739.534
38,407,517
659.332,017
666,230,710
Jan. 31 1928
701,003,589
38.623.507
662,380,082
667,127,710
Dec. 31 1927
702,401,099
39.060.424
663,340,675
666,830,210
Nov. 30 1927
702.992.694
39.825,664
663,167,030
666,873.290
Oct. 31 1927
703,279,612
40,537,019
662,742,593
666,985,790
Sept.30 1927
704.799,792
41,052.614
663,747.178
667.143,790
Aug. 31 1927
704.518.037
42,967,269
661.550,768
667,156,290
July 31 1927
704,146.267
42,857,722
661,288.545
666.991,130
June 30 1927
705.933.937
42.777.217
663.156.720
667.095.680
May 31 1927
Oct. 1 19.9, secured by
$3.557,901 Federal Reserve bank notes outstanding
lawful money, against $4,019,608 on Oct. 1 1928.
£2,907,598
£1,838,505
National Bank Circulation,
Aflost on-
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes.
United
The following shows the amount of each class of Federal
States bonds and certificates on deposit to secure 30 1929:
Reserve bank notes and National bank notes Sept.
U. S. Bonds Held Sept. 30 1929 to SecureOn Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
Oct. 1 1929.
$
28. U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
£28,827
12,749
30.770
80.974
2,770
592.768,750
48.667,260
25,657,760
592,768.750
48.667.260
25.657.760
(167.093.770
667.093.770
notes
The following shows the amount of National bank1 1929
afloat and the amount of legal tender deposits Sept.
the
and Oct. 1 1929 and their increase or decrease during
month of September:
A attonal Bank Notes-Total AfloatAmount afloat Sept. 1 1929
Net increase during September
£156,090
£338,252
INDIAN CURRENCY RETURNS.
(/n lacs of rupees.)
Notes in circulation
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)
Sept. 30.
18680
11300
_-_
3222
3917
241
Sept. 22.
18621
11246
__-3222
---3912
241
Tata
5687.950,563
3,438,002
5691.388,665
Amount of bank notes afloat Oct. 1
Legal-Tender NotesSept. 1
Amount on deposit to redeem national bank notes
Net amount of bank notes redeemed in September
538.652,573
87,888
$3S.564,685
Oct. 1 1929
Amount on deposit to redeem national bank notes
Sept. 15.
18552
11199
-3222
____
3912
219
The stocks in Shanghai on the 5th inst. consisted of about 83.100,000
ounces in sycee, 137,000,000 dollars and 6,480 silver bars, as compared
with about 83,100,000 ounces in sycee, 137,000.000 dollars and 5,960 silver
bars on the 28th ult.
Quotations during the week:
Bar Gold
-fla r Silver per Oz.Std.per Oz. Fine.
2 Mos.
Cash.
231:1d.
84s. 11)46.
23;4d.
October 3
231/d.
84s. 11146.
2314d.
October 4 __
231.1d.
84s. 1134cl.
2314d.
October 5
23 3-16d.
84s. 11%5.
231-16d.
October 7
23 I-166.
84s. 10%5.
October 8
29 15-16d.
23 1-16d.
845. 11346
October 9
22 15-16d.
23.1776.
84s. 11.336
23.052d.
Average
The silver quotations to-day for cash and two months' delivery are each
ago.
below
week
a
fixed
those
5-166.
t.
Foreign Trade of New York-Monthly Statemen
Customs Receipts
at New York.
Merchandise Movement at New York.
Exports.
Imports.
Month.
1929.
1928.
I
1
I
$
25,495.311
22.128,590
26,742.317
24,102.748
23,813,273
22,868,179
26,130,127
$
27,286.733
28,274,931
29,352,388
27,528.213
28,727.341
28,755,719
29,419,142
$
$
$
$
48.120.04
January __ 171.501,300 168,712,467 1764,80.9241 35,898.816
February.188,138,040173.826.482 187,045,25111 8,89l.788
5larch____ 187,708,168 185.264.893209,690,36516
200,158.425 165,919,118 159.917.637 130.785.040
April
188,510,667 157,560,673 132.845,534,150,186.285
May
167.839,901I144,666,805151,986.5511 147,075,390
June
166,191.360 149,390,961168,829,725147,613,519
July
Total...... 1270047870 1145341403 118679598711028570
1928.
1929.
1928.
1929.
882 199,344,467 171,320,545
Movement of gold and silver for the seven months:
Silver-New York.
Gold Movement at New York.
Imports.
Month.
January .._
February _
March_
April
May
June
July
8,772,302
22,368,701
21,610,369
21,458,367
20,268,641
24.377,699
30,949,736
Exports.
I
1929.
1928.
1929.
1928.
1929.
Exports.
Imports.
$
795,991
5,763,918
899.714
3,873,068
551,762
877,842
604,267
1928.
$
$
721,008 50,866,191
1,038.8681 24,536,938
1.001,252 96,975,664
250,000 94,843,016
305.706 82,603.409
268,347 97.939,505
4,040,003, 3,401,081
4,344.061
1,051,750
2,130,725
2,015,676
1,323,763
1.815,544
1,013,326
5,260,989
3.759,967
4.323,804
3,444.272
3,368,694
2,523.563
773,959
ENGLISH FINANCIAL MARKETS-PER CABLE.
13,694.850 23,455.248
149.805815 13,366,562 7.625,184 451,165,804
Tho daily closing quotations for securities, &c., at London,
&c.
Quotations for U. S. Treas. Ctfs. of Indebtedness,
int.
as reported by cable, have been as follows the past week:
Int.
Bid. Asked,
Eat.;
Oct. 19.
Mon.,
Oct. 21.
Tuts.,
Oct. 22.
Wed.,
Oct. 23.
Silver, p. oz.ci _ 23
Gold, p. tine oz. 84.1114
22 15-16
84.114
53 9-16
102
943i
22 15-16
23
84.114
5414
1024
954
Consols, 24s_ _
British 5s.....
British 4)s__..
French Reines
(in Paris).fr_
French War 120
(In Paris)_ fr_
84.114
54
1024
954
Thum,
Oct. 24.
23
81.114
544
10234
9514
Fri.,
Oct. 25.
2314
84.114
514
1024
9641
78.10
104.85
78.10
104.05
76.50
103.80
76.70
101.25
Silver in N.Y., per oz. ids.):
494
494
Foreign
4934
50
50 .1
5014
Rate.
Maturity.
Asked.
Dec. 15 1929... 434% 99nn 100in
Mar. 15 1930... 54% 100nn 100nn
June 15 1930- _ 434% 1001,22 100un
Sept.
Mar.
Dec.
nor
15 1930-32
15 1930-32
15 1930-32
i 5 1920
34% 99"s' 9811st
34% 9810n 98nn
34% 98"if 98"n
44 el. 1001.1 I COI..
and Surety Companies.
New York City Realty
dollars per share
(All prkes
77.770
101.45
Btd.
Rate.
Bid
The price of silver in Now York on the same days has been:
Maturity.
Alliance R'Ity 115
Am Surety _ _ _ 130
Bond A Mtg G
($20 par)... 87
Home Title Ins 70
Lawyers Mtge 50
Lawyers Title
& Guarantee 310
Ask
Bid
Bid
Ask
Alt
--
N. Y. Inv't1
120 Lawyers Weetchest M & T 245
135
285
01 Mtge 13ond ._ 198
203
1st pret4 98
97
2d pref _ _.
Westcheste
74 NY Title As
Mortgage- 54
63
66
320 U S Casualty.
95
100
Title & Tr_ 130
I
170
2638
FINANCIAL CHRONICLE
New York City Banks and Trust Companies.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 19, were as follows:
(AU prices dollars per share)
Banks
Trust Cos.
Ask
N. Y.(Con.) Bid Ask
N. Y.(Con.) Btd Ask
215 Public
210 220 Fidelity Trust 65
70
210 Seward
145 150 Fulton
650 750
75 Trade•
300 312
Us 1st 525•
147 154 Guaranty
975 990
Central
205 215 Yorkville
220
Chase
225 229 Yorktown*.
214 228 nt'l Germanic 75
85
Chath Phenix
Interstate. __- 67
69
Nat Bk & Tr 145 152
Brooklyn
ming Trust__ 81
83
Chelsea Exch
92 100 Globe Each*. 390 400
Chemical _
113 118 Peoples
600
Lawyers Trust
Commercial_. 780 800
Rights
80 100
Continentals. 54
55
ospect
205
Manufacturer
220
s 210 220
Corn Exch.-- 375 385
Murray MU_ 410 430
Trust Co,.
Mutual(WestFilth Avenue_ 700 900
New York.
cheater).400 I 450
First
300 600
anca Comic
Grace
900
__ Italians Tr. 405 420 N Y Trust__ 390 400
Harriman _
1800 91111 Bank of N Y_
Times Square. 120 130
Lecourt
45
55
A: Trust Co.. 940 960 Title Gu & Tr 157 165
Liberty
210 215 Bankers Trust 204 210 United States 200 600
Manhattan'.,,. 1070 1090
ronx Co Tr. 95 106 Westchar Tr 1050 1150
New
215 220
nt Hanover 414 420
Rights
16
18
ounty
420 440
Brooklyn.
National City 470 475 s. plre
540 560 Brooklyn 1180 1220
Penn Exch__ 120
130
New
115 119 Kings County3600
Port Morris __ 70
____ Equitable Tr_ 659 669 Midwood --__ 360 380
•State banks. t New stock. x Ex-dividend. g Ex-stock dlv. y Ex-righta.
Banks
New York
Bid
America
208
Amer Union._ 202
Bryant Park.
,Sommercial andMiscainnerinsBewt
Breadstuffs figures brought from page 2712.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &G., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
bls.1961bs.bush.60 lbs., h.56 lbs.bush. 32 tbs.
276,000
303.111 1.779.000
Chicago 886,000
Minneapolis__
2.523,6 $ I
174,000
773,000
Duluth
2,089,1$ I
19,000
488,1 II
Mllwaukee --65,000
23,001
153,000
710,000
Toledo
438,1 # 1
24,000
93,$ $ i
13,611
Detroit
11.000
16,000
Indianapolis59,001
380.000
206,111
St. Louis-_ _
616,011
166.0001
331,000
288,111
39.0001
Peoria
44,000
582,000
116,000
16.0001 1,644,011
Kansas City
330,000
158,000
Omaha
695,111
335.000
166,000
290,001
St. Joseph101,000
10.000
493,001
Wichita
5,000
12,000
93,0 $ i
Sioux City_
163,000
132,000
Total wk. '29
Same wk. '28
Same wk. '27
562,000 9,323,
607,000 22,753.111
556,161 14,813,0
4,387,000
3.625.000
4,819,000
Rye.
.48 lbs. bus. 56 lbs.
192,000
171,000
272,000
169.000
205,000 248,000
353,011
16,000
409,111
218,000
3.001
15,000
45,000
9,000
77,000
3,000
9,000
4,054.001 1,565,000 849.000
3.569,000 3.851,111 2,004.000
3.277,I $$ 2,299,111 1,758,000
Since Aug.15,445,i i i 190.817.111 51,420,000 62,548,000 29,213,000 10,731,000
1929
6,056,000229.241,0001 52,260,000 52,816.000 53,267,00012,007,00
1928
1097
5021 (100219.t49000 49.7414.000 51.197.000 32.166.00019.54R.11000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Oct. 19, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
I Barley.
Rye.
bbls.1981bs.bush.60 lbs.Cush. 56 lbs.bush. 32 lbs. bus. 48 lbs.bus.58 lbs.
New York.... _
340,000 1,253,000
98,000,
39,00
7,00
Philadelphia__
49,11141,000
4.000
21,000,
Baltimore _ _ _
26,000
11,000
10,000
16,0001
1.000
N'port News_
2.000
Norfolk
1,000
New Orleans.
54,
184.000
57,000
21,000,
Galveston_ _ _ _
304,000
Montreal _ _
55,111 2,059,000
10,000
294,000
29,0
Boston
95,000
24.000
1.000
Total wk. '2
556,
Since Jan.1'2 22,453,
121.000
474,000
12.
16,350.111 14,485,00024,353,
2,000
3.384,000
Week 1928_ _ _
604,000 19,903,00
243,
663,000 2,894,111
254.000
Since Jan.1'2 19,589,000208.498,000 10,891,111 29.231.000 37,461,101 15.984,000
• Receipts do not Include grain passing through New Orleans for foreign Ports
on through bl Is of lading.
The exports from the several seaboard ports for the week
ending Saturday Oct. 19 are shown in the following statement:
Exports fromNew York
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
798,000
32,000
158,000
619,000
841,000
24.000
Total week 1929.. 2,472,000
Same week 1928_ _ 6,598.446
Barrels. Bushels. Bushels. Bushels.
58,143
40.000
18,000
2,000
1,000
7,000
48,000
3.000
7,000
1.000
74,000
29,000
471,000
201,143
236,021
32.000
276,295
511.000
420,7903,269.105
The destination of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
and Since
July1 10-
Week
Oct. 19
1929.
Since
July 1
1929.
Wheat.
Week
Oct.. 19.
1929.
Since
July 1
1929.
Corn.
Week
Oct. 19.
1929.
Since
July 1
1929.
Barrels. Barrels.
Bushels,
Bushels. Bushels. Bushels.
United Kingdom_ 84.016 1,111,809 1,164.000 24,421,000
30.000
87,177 1,173,383 1,280.000 28,699,000
Continent
146,000
So.& Cent. Amer_ 17,000
9.000
36.000
4.000
38,0e0
3,000
162.000
West Indies
11,000
3,000
122,000
403,000
19,000
135,111
Other countries._ 9,950
Total 1929
Total 1928
201,143 2,728.303 2,472,000 53,850.000
236,021 3,606.803 6,598.446 113,788,726
7.000
190,000
1,000 1,214.578
[VoL. 129.
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
Barley.
United Statesbush,
bush.
bush.
bush.
bush.
New York
1,539,000
26.000
232,000
34,000
340,000
" afloat
334.000
Boston
326,000
8,000
2,000
Philadelphia
1,116,000
5,000
274,000
13,000
2,000
Baltimore
5 565,000
11,000
73,000
30,000
99,000
Newport News
725.000
New Orleans4
3,908,000
6,000
189,000
6,000
432,000
Galveston
3,042,000
37,000
283,000
Fort Worth
5,982,000
105.000
354,000
10,000
200,000
Buffalo
8,966,000 1,811,000 4.174,000
413.000
488,000
" afloat
4.407,000
233,000
Toledo
3,410,000
13,000
189,000
10,000
15,000
" afloat
919,000
Detroit
295,000
32,000
35,000
11,000
32,000
Chicago
28,555,000
879,000 6,816,000 3.494,000
786,000
" afloat
619,000
Milwaukee
708.000
240,000 4,660,000
59,000
855,000
Duluth
27,308.000
67.000 1,375.000 3,466,000
942.000
" afloat
357,000
Minneapolis
34,268.000
43.000 5,989,000 2,015,000 4.246,000
Sioux City
880.000
69,000
879,000
12,000
25,000
St. Louis
4,960,000
120.000
322,000
10,000
125.000
Kansas City
24.808,000
32,000
16,000
26,000
207.000
Hutchinson
2,028 000
Wichita
7,915,000
1,000
1,000
St. Joseph. Mo
6,544.000
75.000
4.000
65,000
Peoria
63,000
3,000 1,144,000
260,000
Indianapolis
2,423.000
299,000 1,157,000
6,000
27,000
Omaha
11,274,000
78,000 1,080,000
79,000
240,000
On Lakes
866,000
102,000
40.000
On Canal and River
215,000
Total Oct. 19 1929. .192,796,000 3,894,000 29,890,000
Total Oct. 12 1929.......192.067,000 3,937,000 28,423,000 10,548.000 9.709,000
Total Oct. 20 1928.,.. _129.753,000 2,146,000 14,742,000 10,234.000 9,475.000
4,103,000 8.482,000
Note -Bonded grain not Included above: Oats, New York.
92,000 bushels:
Philadelphia. 3,000: Baltimore, 4,000: Buffalo, 165,000: Duluth,
17,000; total.
281,000 bushels, against 243,000 bushels in 1928. Barley,
New
bushels; Buffalo, 1.222,000; Duluth, 18,000; Chicago. 96.000: total. York, 758,000
2.094.000 bushels. against 3,131.000 bushels In 1928. Wheat, New York,
Boston, 1,648,000; Philadelphia, 3,261,000; Baltimore, 4,102.000; 5.168,000 bushels;
7,548,000;
Buffalo afloat, 2,702,000; Duluth, 69,000; Toledo afloat, 123,000:Buffalo,
on Lakes, 948.000;
Canal, 1,207,000; total, 26,776,000 bushels, against 15.668,000 bushels
In 1928.
CanadianMontreal
6,993,000
1,750,000
458,000 1,004,000
Ft. William & Pt. Arthur 52,364.000
5.790,000 3.333,000 11.053,000
Other Canadian
19,433,000
4,256.000 1,359,000 1,314,000
Total Oct. 19 1929._ 78,790,000
11,796,000 5.150,000 13,371,000
Total Oct. 12 1929_ _ 75.056.000
11,619,000 4,942,000 13,282,000
Total Oct.20 1928--- 46,673,000
1,797,000 1.968,000 7,433,000
SummaryAmerican
192.796.000 3,894,000 29.890,000 10,548,000 9,709,000
Canadian
78,790,000
11.796,000 5.150,000 1,3371,000
Total Oct. 19 1929_ _271.586,000 3,894.000 41,686,000
Total Oct. 12 1929_ _ _267,613,000 3,937,000 40,042,000 15,698.000 23.080.000
Total Oct.20 1928_ _ _ _176,426.000 2,146,000 16,539,000 15,176,0000 22,757,00
6,071,000 15.915.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Friday, Oct. 18, and since July 1 1929 and
1928,
are shown in the following statement:
Wheat.
Exports.
1929.
Week
Oct. 18.
North Amer_
Black Sea_ _ _
Argentina_
Australia _
India
0th, countr's
Total
Since
July 1.
Corn.
1928.
Since
July 1.
Bushels,
Bushels.
Bushels
6,858,00 108,019
176,194,
1,280,000 6,992,
872.
4.570,000 74,349,000 30.362,
232,11116,888,111 14,288,'
320,111 1.064,
1,0.58,000 11,468,111 14,364,
13,996,000 218,036,000 237,144,
1929.
Week
Oct. 18.
Since
July 1.
1928.
Since
July 1.
Bushels.
Bushels.
Bushels.
58,000 1,570,
3,005,000
145,000
546,000 1,709,000
2.889,
76,189,000117,241,000
1,164,
18,411,000 13,481.000
4,254
94,716
135.436.000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED, WITH TITC
LaE
pS
ita
,
REQUESTED.
l.
Oct. 19.-The National Bank of Indian River County at Vero
Beach, Fla
$25.000
Correspondent: Col. R.D. Carter, Vero Beach,Fla.
APPLICATION TO ORGANIZE APPROVED,
Oct. 18.-The Barnett National Bank of Cocoa, Fla
Correspondent: W. R. McQuaid, Care of Barnett Na- $50,000
tional Bank, Jacksonville, Fla.
CHARTERS ISSUED.
Oct. 14.-The National Park Bank in Livingston,Mont
100,000
President: N. A. Telyea. Cashier: D..J. Fitzgerald.
Oct. 15.-The American National Bank & Trust Co. of Valley
City, N.Dak
100,000
President: Henry E. Nelson.
Succeeds: Middlewest Trust Co.. Valley City, N. Dak
and American Exchange Bank, Valley city, N.flak. ,
Oct. 18.-Second National Bank of Barre. Mass
50,000
President: Harding Allen. Cashier: Clyde H. Swan.
Oct. 18.-North Brookfield Nat. Bank, North Brookfield,
25,000
President: Harry E. Whitcomb. Cashier: John E.Mass-Ryan.
VOLUNTARY LIQUIDATIONS.
Oct. 14.-The First National Bank of Lake Benton, Minn
Effective Oct.9 1929. Lick. Agents: J. L. Kroeger and P. 25,000
J. Durshelm, Lake Benton,Minn. Absorbed by
National Citizens Bank of Lake Benton, No. 6696.the
Oct. 14.-The First National Bank of Taloga, Okla
Effective Aug. 12 1929. Lig. Agent: Wave Allen, Taloga, 25,000
Okla. Succeeded by The Dewey County State Bank
of
Taloga, Okla.
Oct. 14.-The First National Bank of Versailles, Mo
Effective Oct. 7 1929. Liq. Agent: P. H. Antweiler, 30,000
Versailles, Mo. Succeed by The First
National
Bank in Versailles, Mo.,No.13367.
Oct. 16.-The American National Bank of Little Falls: Minn
100,000
Effective Aug. 11929. Lig. Comm.: Board of
Directors
of The American N. B. in Little Falls. Succeeded
by
The American Nat. Bank In Little Falls,
Minn. No.
Oct. 18.-Th1e33
Piret National Bank of Kenton, Tenn
25,000
Effective Sept. 12 1929. Liq. Agent: G.Cleve
Hollomon,
Kenton,Tenn. To be succeeded by the
Kenton Banking Co., Kenton, Tenn.
OCT. 26 1929.]
FINANCIAL CHRONICT,E
Oct. 19.-The First National Bank of Brooksville, Fla
50,000
Effective Oct. 16 1929. Lig. Agent; Board of Directors
of The First National Bank in Brooksville, Fla. Succeeded by The First National Bank in Brooksville,Fla.
No. 13320.
CONSOLIDATIONS.
Oct. 14.-The First National Bank of Ridgewood, N.J
100,000
Oct. 14.-Ridgewood Trust Co., Ridgewood, N. J
150,000
Consolidated to-day under the Act of Nov. 7 1918. as
amended Feb. 25 1927, under the charter of The First
National Bank of Ridgewood, No. 5205, and under
the corporate title of "First National Bank & Trust
Co. of Ridgewood," with capital stock of $400,000.
Oct. 15.-The First National Bank of Oswego, N. Y
-200,000
Oct. 15.-Second National Bank & Trust Co. of Oswego,N.
_ 150.000
Consolidated to-day under the Act.of Nov.71918,under
the charter of The First National Bank of Oswego, No.
255,and under the corporate title of"First and Second
National Bank & Trust Co. of Oswego," with capital
of $400,000.
2639
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
11 Webster & Atlas National Bank_25034
6 Boston National Bank
230
511 Federal National Bank
131
125 Nat. Shawmut Bank, par $25.110
1 Merchants National Bank
561
20 Merchants National Bank
561
5 Old Colony Trust Co
790
67 U. S. Trust Co., par $25
170
60 U. S. Trust Co.. par $25
170
10 Danvers(Mass.) Nat. Bank_ _ _275)4
13 Naumkeag Steam Cotton Co.__ 83)4
3 Boott Mills
121
20 Fitchburg Yarn Co., corn
21
5 Newmarket Mfg. Co
48
100 Arlington Mills
2454
4 Merrimack Mfg. Co., pref
65
3 Nashua & Lowell RR_ _ _ A27)1 ex-div.
5 Massachusetts Utilities Associates,
preferred, par $50
38)4
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
2 units First Peoples Trust
24
Oct. -The National City Bank of New York, N. Y. Location of 5special units First Peoples Trust
3
branch, southeast corner of 79th St. and 1st Ave. (1512 1st 50 Quincy Market Cold Storage dr
Ave.), Manhattan, New York City.
Warehouse, pref
60)1
Oct. 11-The Fourth National Bank of Atlanta, Ga. Location of branch. 2 Franklin Co
401)4
northwest corner of South Main St. and West Columbia Ave.. 100 Springfield Gas Light, undep.,
par $25
College Park, Atlanta, Ga.
62)4
100 Fall River Gas Works, Par
Oct.
-The Fulton National Bank of Atlanta, Ga.
325
62 ex-dIv.
Location of Branch: Peachtree and Paces Ferry Roads,
100 Catalpa Mining Co., par $10;
Atlanta. Ga.
1,000 CrescentlMining Co.. par
$1.25lot
$10
10
16.
Shares. Stocks.
$ per Sh.
602 New Hampshire Trac. Co
$3 lot
I Boston Athenaeum, par $300___ -750
104 Gt. Nor. Paper Co., par $25_ 60
22 New Bedford Gas dr Edison Light
Co., undep.. par $25
119M
10 United Securities Trust assoc.._ 51
291 United Elastic Corp
3934-41
5 Morse Driscoll Hunt,8% pref___ 50
200 United Securities Trust Asso_ 51
25 H. F. Staples Jr Co., corn
12
50 United Securities Trust Assoc
51
10 Boston Storage Warehouse Co.,
common
115
400 Heywood Wakefield Co.,corn.. 12
50 Florence Stove Co., corn
49
50 United Securities Trust Assoc- 51
50 American Brick Co., pref. par
525
2234 ex-dlv.
50 W.E.Tillotson Mfg. Co., com__ 2
400 Easton Investment Co
70
130 United Securities Trust Assoc.51-5341
100 Schietter Jr Zander. Inc
1734
5 Conn. River Power Co.. Pref
104,i
40 North Boston Ltg. Properties,
pref. v. t. c., par $50
58
10 Cent. Mass. Lt.& Pow. Co.. pf_100S(
125 Beacon Participations, Inc.,
Preferred A
18
40 Old Colony Trust Associates_ _
56
BondsPer Cent.
53,000 S.D. Warren Co.6s. Feb.'45I0334
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
DIVIDENDS.
in New York, Boston, Philadelphia and Buffalo on WednesDividends are grouped in two separate tables. In the
day of this week:
first we bring together all the dividends announced the
By Adrian H. Muller & Son, New York:
current week. Then we follow with a second table, in
Shares. Stocks.
8 per Sh. Shares. Stocks.
$ Per Sh.
100 Indian Co.(Mass.)
which we show the dividends previously announced, but
$50 lot 1,800 Oregon Securities Co., par $1;
3,000 Guanajuato Cons. Min. &
10 Perfection Tire & Rubber Co.,
which have not yet been paid.
Milling Co., par $5
$110 lot
par $10: 6,000 Horseshoe Divide
100 Aviation Business Bureau, Inc.,
Mining Co.. par 200
$11 lot
The dividends announced this week are:
preferred; 20 Aviation Business
1 Lake Superior Corp;
50 Tuolumne
Bureau. Inc., corn., no par___$12 lot
Copper Mining Co., par $1; 203
100 Marvelite Sign Corp., pref-54 lot
Planters Stemming Co., 40 ConSundry accts,receivable aggregating
Unental Coal,Land &Timber Co.,
approximately $2,077.69
$575 lot
Inc., common: 10 Continenetal
Sundry accts. receivable aggregating
Coal, Land & Timber Co., Inc.,
approximately $2,092.21
$575 lot
preferred
$16 lot
50 National Licorice Co., com___336
6 Lawyers Advertising Co.: 850
75 Automatic Clerk Co.. corn.: 13
Pande Basin Gold Placer Co.: 255
Automatic Clerk Co., 2nd pref.;
Panda Basin Gold Placer Co.,
$2,000 Chic. Rock 151. & Pacific
trustee ctf.; 1,250 Sitka DevelopRR. Co. 45. 2002
$2 lot
Mg Co.; 1 Law Library in Bitlyn.;
137 International Union Bank--$68
100 Amer. Trading Corp.. Pref.;
1,300 Petersfield Realty Corp., no
5 Langthorn & Smith, Inc.; 7)4
par
1
Oriental & Occidental Tea Co..
20 U. S. Boat Corp. (Del.) Cl. A,
common
$22 lot
corn., non-vot., no par; 10 U. S.
BondsPer Cent.
Boat Corp. (Del.) cl. B. corn.
$50,000 Eureka-Nevada Devel.
voting, no Par
$1. lot
Syndicate, elf. of int. in syndic5te
5,000 Kolo Products Co., Inc.,
agreement dated Nov. 25 1924.325 lot
(Del.) corn., no par
$5 lot $6,250 promissory note made by
200 Oxiton Products Co., Inc, no
Daniel Runkle & Co., Inc., dated
Par
$5 lot
Oct. 9 1929. due 30 days after
date
$3 lot
Name of Company.
Railroads (Steam)
Central of Ga. Ry
Central RR.of N.J.(quar.)
Elmira Jr Williamsport, corn
Hudson Jr Manhattan. corn
Maine Central, common (quar.)
Preferred (quar.)
New Orleans, Tex. Jr Mexico ((Plan).Norfolk Jr Western, corn. (quar.)
Common (extra)
Panama RR
Pennsylvania (quar.)
Reading Company, 1st pref.(qua r)
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
314 Dec. 31
*2
Nov. 15 "Holders of rec. Nov. 4
51.15 Nov. 1 Holders of rec. Oct. 21
*134 Dec. 2 "Holders of rec. Nov. 16
•1
Jan. 2 *Holders of rec. Dec. 16
*134 Dec. 2 "Holders of rec. Nov. 15
•141 Dec. 2 *Holders of rec. Nov. 15
*2
Dec. 19 *Holders of rec. Nov.30
*4
Dec. 19 *Holders of rec. Nov.30
•5
$1
Nov.30 Holders of rec. Nov. 1
*50c. Dec. 12 *Holdesr of rec. Nov.21
Public Utilities.
2
Dec. 2 Holders of rec. Nov. 11
Brooklyn Edison Co. (quar.)
Community Water Service, $7 pref (au.) 41.71 Dec. 1 'Holders of rec. Nov.20
Elec. Power & Light, 2d pref. A (qu.) _ '$1.75 Nov. 1 *Holders of rec. Oct. 12
258. Nov. 15 Holders of rec. Oct. 31
Fairmount Park Transit. corn
By Barnes & Lofland, Philadelphia:
Federal Water Service, class A (guar.).- Mc.Dec. 1 Holders of rec. Nov. 1
Shares. Stocks.
Spec Sh. Shares. Stocks.
Kentucky Utilities, junior pref.(quar.) *8734c Nov. 20 *Holders of rec. Nov. 1
Per
Sh.
$
1 Overbrook Nat. Bank
169
4,134 Nov. 16 *Holders of rec. Oct. 31
5 Bankers Trust Co., par $50
Los Angeles Gas & Elec., pref. (quar.)
125
15 Central Nat.Bank, par $10
80
10 Lancaster Ave. Title & Trust
Louisville Gas & Elec., corn. A Jr B (qu.) 4334c Dec. 24 *Holders of rec. Nov.30
28 First Nat. Bank
510
'2
Cos.,
Massachusetts
Dec. 2 *Holders of rec. Nov. 15
pref
Gas
Co., par $50
75
1 First Nat. Bank
510
Mohawk Jr Hud.Pow.,57 1st Pt.(qu.) •51.75 Nov. 1 "Holders of rec. Oct. 18
20 Independence Indemnity Co.,
10 First Nat. Bank
510)4
Mc. Nov. 1 Holders of rec. Oct. 17
National Telep. Jr Teleg., class A (qu.) _
par $10
27
5 Susquehanna Title & Trust Co.,
134 Nov. 1 Holders of rec. Oct. 17
100 Bankers Bond Jr Mtge. GuarFirst preferred (quar.)
par 550
50
Nat. Water Works Corp.,corn. A (au).. 25c. Nov. 15 Holders of rec. Oct. 31
anty Co. of Amer., no par
17
35 Aldine Trust Co
191
22 William Penn Fire Ins. Co
8754c
Nov. 15 Holders of rec. Oct. 31
Preferred
A
(quar.)
127
15 Aldine Trust Co
87 Mc Nov. 15 Holders of rec. Oct. 31
192
Cony. pref. series B (quar.)
200 Virginia Joint Stock Land Bk.S65 lot
15 Aldine Trust Co
193
10 Real Estate Mtge. Guar. Co __ _ _ 14M North American Co., corn.(in com.stk.) 1234 Jan. 2'Holders of rec. Dec. 5
5 Northwestern Trust Co., par 310.236
*75c. Jan. 2 *Holders of rec. Dec. 5
99 Real Estate Mtge.(Suar. Co_ _ _ _ 1434
Preferred (quar.)
100 Northern Central Trust Co.,
3 Jewish Telegraphic Agency
'$1 Dec. 20 'Holders of rec. Nov.30
$3 lot Power Corp. of Canada (interim)
par 510
50c. Nov.30 Holders of rec. Nov. 1
34
Pub.
2)4 Federated Loan Assn
of
Pf.
Ser.
N.J..
(mthly.)
Corp.
6%
$5 lot
7 Girard Trust Co., Par $10
351. Jan. 1 Holders of rec. Dec. 2a
193
10 J. G. Miller & Co. pref
$5 lot Radio Corp. of Amer., orig. pref
50 Broad St. Trust Co., par $.50.. 65
3)4 Nov. 11 Holders of rec. Oct. 24
9 Blake-Clarke Co. 3% pref
$6 lot Southern Cities Utilities pref
240 Franklin Trust Co., par $10___ 68
15 Blake-Clarke Co. common
50c. Nov. 25 Holders of rec. Oct. 31
$7 lot Southern Colo. Power, corn. (guar.)
75 Continental-Equitable Title &
40 Bankers Securities Corp. cornSou. Pacific Golden Gate FerriesTrust Co., par 55
mon v. t c
40
'3734c Nov. 15 *Holders of rec. Oct. 31
Class A and B (guar.)
80
1 Central Tr.& Says. Co., par $10_ 35
25 Constitution Indemnity Co., par
*50c. Nov. 15 *Holders of rec. Oct. 25
Tampa Electric Co.(guar.)
100 Glenside(Pa.) Tr. Co., par 550_ 5834
$10
United Gas Jr Improvement20
7 Glenside (Pa.) Tr. Co., par $50- 50
. Nat. 13k. & Trust.-- 37)4
500 Comm'
25c. Dec. 31 Holders of rec. Nov.30
New common (quar.)(No. 1)
3 Girard Ave. Farmers Mkt. Co.__ 3534
BondsPer cent.
$1.25 Dec. 31 Holders of rec. Nov.30
$5 preferred (quar.)
50 North Broad Nat. Bank, par $10 20
$2,000 Amer. Bolt Corp. 1st M.
Washington(D. C.) G.L.(guar.)
90c. Nov. 1 Holders of rec. Oct. 15a
5 Mitten Men & Mgt. Bk.& Tr. Co. 85
s. f. 75 ctf. of den
4
Nov. 15 Holders of rec. Oct. 31
$50 lot Westchester Ferry Corp., pref
Adelphia 13k. Jr Tr. Co. as follows:
$20,000 No. 1701 Locust St. 6%
York Railways, pref. (quar.)
6234c Oct. 31 Holders of rec. Oct. 19a
50 at 18:10 at 18;5 at 18: 5 at 18.
Emanuel Gordon cl. A bonds, se:4 Tradesmens Nat. Bk. & Ti. Co_ 70
cured on 2d mtge., due Apr. 1
Fire Insurance.
10 dank of Phila. dr Tr. Co., par $10 40
1935
Bankers Jr Shippers (quar.)
5
$1.25 Nov. 7 Holders of rec. Nov. 4
10 Olney Ilk. & Tr. Co.. par 850_ _ _402
4,000 Russian rubles
Merchants & Mfrs. Fire, corn. (quar.)
$75
lot
25e. Nov. 1 Holders of rec. Oct. 25
50 Bankers Trust Co., par $50
125
Common (special)
450. Nov. 1 Holders of rec. Oct. 25
Pacific Fire (quar.)
51.25 Nov. 4 Holders of rec. Nov. 1
By A. J. Wright & Co., Buffalo:
Westchester Fire (guar.)
*50c. Nov. 1 *Holders of rec. Oct. 21
Shares. Stocks.
$ per Sh. Shares. Stocks.
5 per Sh.
11 Buff. Property Owners, Inc.41.25 lot 1,000 Columbus Kirkland Mines,
Miscellaneous.
500 Barry Hollinger Mines, par 51_ 18c.
par 51
$3 lot
1,000 Tonopah Midway Consol.
• $1.625 Nov.
Allied Aid, prof. (quar.)
*Holders of rec. Oct. 15
100 Boston dr Montana DevelopMining Co., par $1
Holders of rec. Oct. 19
Nov.
ment Co., Boston, ctf., par 55_ _50c. lot American Art Works,corn.(extra)
2
$1 lot
American Bank Note, corn.(guar.)
Holders of rec. Dec. 10a
50c. Jan.
By Wise, Hobbs & Arnold, Boston:
Common (extra)
Dec. 3 Holders of rec. Dec. 10a
51
Shares. Stocks.
Common (payable in common stock)..110
Dec. 3 Holders of rec. Dec. 10a
$ per sh. Shares. Stocks.
per sh
Preferred (guar.)
15 Medford (Mruss.)Tr. Co. par $20J00
75c. Jan.
Holders of rec. Dec. 100
85 Springfield G. L. Co. (undep.)
American
(guar.)
20 U.S. Trust Co., par $25
Book
Oct.
1 'Holders of rec. Oct. 15
'134
par
170
525
6234 American Brick, pref. quar.)
6 Old Colony Trust Co
•50c. Nov. *Holders of rec. Oct. 24
785
14 New Engl. Bond de Mtge. Co.,
Amer. Dept. Stores, Pref. (quar.)
278 Nat. Shawmut Dank, par $25_ All
Holders of rec. Oct. 28
$1.75 Nov.
preferred, par $50
36
Amer. Home Products (monthly)
8 Arlington Mills
•300. Dec.
*Holders of rec. Nov. 14
)4 7 New Engl. Bond & Mtge. Co.,
Amer. Radiator Jr Std. Sanitary Corp.common
1434
ex-div.
36
10 Ipswich Mills, pref
Common (quar.)
3734c Dee. 3 Holders of rec. Dec. 11
5
20 Alaska Golf Mines Co., par $10;
Preferred (quar.)
99 Arlington Mills
134 Nov.3 Holders of rec. Nov. 15
2 Sterling Range dr Fern. Co.,
2434
Am.Solvents Jr Chem., pt.(qu.)(No. 1)
The. Nov. 1 Holders of rec. Oct. 26
50 Great Falls Mfg. Co
Prof.: 20 Savannah River Lum.
50c
Amparo
(quar.)
Mining
425 Arlington Mills
Holders of rec. Oct. 31
lc. Nov.
Co., pref., v.t.c.; 16 Savannah
2434-25
Angus Co.. corn. (quar.)
•15c. Nov.
10 Amoskeag Co., pref
*Holders of rec. Oct. 18
River Lum. Co., corn., v.t.c.
70
Preferred (quar.)
25 Conn. Mills Co., let pref
•31 Nov. "Holders of rec. Oct. 18
par $1: $2,000 Pan-American
23
Atlantic Securities Corp. pief.(Co.)
34 Brockton G. L Co. v.t.c. par $25 43
Holders of rec. Nov. 15
75c. Dec.
RR.. 55, 1934
$25 lot_ _ Bachmann
Emmerich Jr Co., pt.(qu.)_
*2 Oct. 3 *Holders of rec. Oct. 25
15 units Thompson's Spa, Inc
97
Preferred
*2
*Holders
A
Oct.
3
of rec. Oct. 25
170 Beacon Panic., Inc. CIA ptd -17fi-18
(qar.)
Bonds.
Per Cent.
•8734c Oct. 3 "Holders of rec. Oct. 25
Preferred B (quar.)
26 Essex Co., par $50
Atlantic Theatres, 1st 75 Jan. 1936:
140
*25c. Nov. *Holders of rec. Oct. 19
Bankers Bond Jr Mtge.Guar.(quar.)
935 2-10 Met. Term. Inc., corn_
500 (Coolidge Theatres Bldg., WaterBawl! Grain Co., Ltd., corn. (No. 1)
*50c. Nov. *Holders of rec. Oct. 28
50 Joint Stk. Sec. Co.of Mass.,com 60c
town, Mass.) April 1926 coupons
Benson Jr Hedges, cony. pref. (quer.) -- *50c. Nov.
*Holders of rec. Oct. 19
65 Flintkote Co., class A common.- 34
dr sub-coupons in as follows:
'50c. Nov.
*Holders of rec. Oct. 15
Bergen Co. First Nat. Corp.,corn. A_ _
352 East. UHL Assoc. cony.abs 16 M-16 M
$10,000 as 51,600 lot: $5,000 at
*334 Nov.
Preferred
*Holders of rec. Oct. 15
25 Boston Belting Corp., pre! par
$1,100 for lot; $5,000 at 5500 for
Berkshire Fine Spinning At:Meier...3S$50
lot; 515,000, at $1,500 for lot.
5% lot
75c. Dec.
Common (quar.)
Holders of rec. Nov. 15
50 Atlantic Pub. UM., Inc. of
$5,000 New Engl. South. Corp. 55,
Convertible preferred (guar.)
Holders of rec. Nov. 15
134 Dec.
Del., class B
Dec. 1933
14M
7
*51.50 Feb. 1 *Holders of rec. Jan. 18
Bethlehem Steel, corn. (quar.)
25 units Thompson's Spa, Inc
810,000 Grand Raps., Grand Hay.
97
'11.4 Jan.
Preferred (quar.)
*Holders of rec.
201 United Sec. Trust Associates... 51
& Muskegon Ky. Co. 55; July
300. Nov. 1 Holders of rec. Dec. 7
Manner's. Inc., corn. (guar.)
22 units Thompson's Spa, Inc
1926, ctfs. of dep. 6 Jan. 1926
97-100
Nov. 1
Nov.
.e134
(payable
corn.
Corn.
in
1
stock)
Holders of rec. Nov. 1
400 Stover Mfg. & Eng. Co., coin.
coupons & subs coupons no..._5425 lot
700. Nov. 1 Holders of rec. Nov. 1
$3 preferred (guar.)
par $25
$1.000 Northern Tex. Elec. Co. 5s,
10
Blaw-Knox Co.. corn. (quar.)
•200. Dec.
403H
*Holders of rec. Nov.22
8 Cent. Maine Pow.Co.7% pref
Jan. 1940
$40 & lot
Name.!Company
Veen
Per
Cent. Pal/Wis.
Books Closed
Days Inclustm
Miscellaneous (Continued).
Brooklyn-Lafayette Corp.. cl. A (rm.).- 3714c. Nov. 1 Holders of ree. Oct. 190
6214c. Nov. 1 Holders of rec. Oct. 18
Bruce (E. L.) Co., corn. (guar.)
Buckeye Steel Castings. corn.(guar.)... *6214c Nov. 1 *Holders of rec. Oct. 21
Dec. 10 *Holders of rec. Dec. 3
.$1
Common (extra)
250. Nov. 1 Holders of rec. Oct. 28a
Budd (Edward G.) Mfg., corn. (guar.) _
1% Nov. 1 Holders of rec. Oct. 28a
Preferred (guar.)
*25c. Nov. 20 *Holders of rec. Nov. 15
Budd Wheel. new corn. (qu.) (No. 1)
(k) Nov. 15 *Holders of rec. Oct. 15
Burmah 011 (Amer. dep. rcts.)
13.( Nov. 15 Holders of rec. Oct. 31
Canadian Converters', Ltd.(guar.).- - 4.14 Jan. 2 *Holders of rec. Dec. 20
Carnation Co.. pref. (guar.)
*1,4
Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Carrier Engineering A de B (qu.)(No. 1)_ *25c. Nov. 1 *Holders of roc. Oct. 18
Celluloid Corp.. let pf. partic. stk.(qu.) $1.75 Dec. 2 Holders of rec. Nov. 10
$1.75 Dec. 2 Holders of rec. Nov. 10
$7 preferred (guar.)
*6234 c Nov. 15 *Holders of rec. Nov. 1
Chain Belt Co. (guar.)
50c. Nov. 1 Holders of rec. Oct. 22
Charis Corp. (guar.)
25c. Nov. 1 Holders of rec. Oct. 22
Extra
Chartered Investors, Inc., pref. (guar.). *51.25 Dec. 2 *Holders of rec. Nov. 1
Chicago Flexible Shaft, corn. (guar.).- *30c. Jan. 1 'Holders of rec. Dec. 20
*30c. Apr. 1 *Holders of rec. Mar.20
Common (guar.)
•30c. July 1 *Holders of rec. June 20
Common (guar.)
*30c. Oct. 1 *Holders of rec. Sept. 20
Common (guar.)
•75c. Jan. 2 *Holders of rec. Dec. 10
Chickasha Cotton Oil (guar.)
*8714c Dec. 30 *Holders of rec. Dec. 4
Chile Copper Co. (guar.)
.11.50 Dec. 30 *Holders of rec. Dec. 4
Extra
Nov. 26 *Holders of rec. Nov. 10
"2
(guar.)
pref.
Iron,
&
Colorado Fuel
Commonwealth & Southern Corp.
Dec. 2 *Holders of rec. Nov. 1
Common (1-80th share common stock)
Congoleum-Nalrn Co., pre (guar.).- •134 Dec. 1 *Holders of rec. Nov. 15
.114 Nov. 15 *Holders of rec. Nov. 5
Consolidated Ice (Pittsburgh), pref
*1% Dec. 15 *Holders of rec. Dee. 5
Preferred
*30c. Feb. 1 *Holders of rec. Jan. 25
Columbia Invest., corn. (qu.) (No. 1)
Dec. 1 *Holders of rec. Nov. 15
*il
Conservative Credit System
*25c. Nov. 1 *Holders of rec. Oct. 21
Crown Drug
*87.14c Nov. 1 *Holders of rec. Oct. 21
7% Preferred (quar.)
Crown & Zellerbach Corp.Cony. pref. and pref. A & B (guar.)._ *51.50 Dec. I *Holders of rec. Nov. 13
*50e.
Curtis Publishing, common (guar.)
*50c.
Common (extra)
1)4 Nov. 1 Holders of rec. Oct. 26
Diamond Ice & Coal. pref. (guar.)
*25c. Nov. 15 *Holders of rec. Oct. 3
Distillers Corp.-Seagrams (guar.)
900. Nov. 15 Holders of rec. Oct. 31
Dominion Bridge. Ltd. (quar.)
50c. Nov. 15 Holders of rec. Nov. 1
Dow Chemical. new corn.(No. 1)
134 Nov. 15 Holders of rec. Nov. 1
Preferred (guar.)
Eastern Utilities Associates, corn. (qu.)_ *50c Nov 15* Holders of rec. Oct. 25
Educational Pictures, pref.-Dividend o mitted
134 Nov. 1 Holders of rec. Oct. 21
Eisemann Magneto, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 25
Eisenstadt Mfg., pref. (guar.)
Electric Storage Battery, corn.issued w, warr. for addl half eh,
when
Co.
One-half share stock Exide Secur.
*50c. Dec. 24 *Holders of roe. Nov. 30
Emporium Capwell Corp. (guar.)
15 Holders of rec. Nov. 1
Nov.
50c.
&
Surety
Casualty
(guar.).Equitable
Nov. 1 Holders of rec. Oct. 25
1
Esmond Mills, common
134 Nov. 1 Holders of rec. Oct. 25
Preferred (guar.)
*75c. Dec. 31 *Holders of rec. Dec. 12
Fairbanks Morse & Co., corn.(quar.)_
•1%
Dec. 2 *Holders of rec. Nov.112
Preferred (guar.)
Finance Service (Bait.) corn A & B (qu.) 40c. Dec. 2 Holders of rec. Nov.115
1714c Dec. 2 Holders of rec. Nov. 15
Preferred (guar.)
250. Nov. 10 Holders of rec. Oct.i 31
First American Bancorporation A (qu.)_
75c. Dec. 15 Holders of rec. NovaO
Follansbee Bros., common (guar.)
1% Dec.115 Holders of rec. Nov.30
Preferred (guar.)
*50c. Dec. 2 Holders of rec. Nov. 14
General Bronze, common (guar.)
Nov. 15 Holders of rec. Nov. 5
Gen'l Outdoor Advertising, cl. A (guar.) 111
•134 Nov. 15 *Holders of rec. Nov. 5
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 20
Globe-Democrat Pub.. Pref. (quar.)
75c. Nov., 15 Holders of rec. Nov. 1
Gorham, Inc., $3 pref.(quar.)
Gramophone Co., Ltd.-Am.dep.rots_ _ *w50 Nov. 20 *Holders of rec. Oct. 21
*750. Dee. 1 *Holders of rec. Nov. 15
Grand Union Co. pref.(quar.)
Great Atlantic & Pacific Tea, corn.(qu.) *S1.25 Dec. I *Holders of rec. Nov. 8
1.134 Dee. 1 *Holders of rec. Nov. 8
Preferred (quar.)
Nov. 15 Holders of rec. Nov. 7
Great Lakes Dredge & Dock (guar.). _ 2
25c Nov. 1 Holders of rec. Oct. 24
Guelph Carpet & Worsted Spinning, com
1)4 Nov. 1 Holders of rec. Oct. 24
% preferred (guar.)
*144 Nov. 30 *Holders of rec. Nov. 9
Hamilton Watch pref. (quar.)
50c. Dec. 2 Holders of rec. Nov. 22
Harblson-Walker Refrac. common (qu.)_
25c. Dec. 2 Holders of rec. Nov.22
Common (extra)
1% Jan. 20 Holders of rec. Jan. 10
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct.1 24
Harmony Mills, pref. (guar.)
Nov.30 *Holders of rec. Nov. 15
Hart, Schaffner & Marx corn. (quar.)_ _ _ *2
50c. Nov. 30 Holders of rec. Nov. 150
Hawaiian Pineapple (guar.)
50o. Nov.30 Holders of rec. Nov. 15a
Extra
134 Nov. 1 Oct. 19 to Nov. 1
Higbee Co. 1st pref. (guar.)
Dec. 2 Nov. 21 to Dec. 2
2
Second preferred (guar.)
*8714c Dec. 1 *Holders of rec. Nov.23
Horn (A. C.) Co. let pref.(guar.)
Dec. 2 *Holders of reo. Nov. 15
*8714c
Household Products (guar.)
Imperial Chemical IndustriesDec. 7 *Holders of rec. Oct. 16
*w3
American deposit receipts
Dec. 7 *Holders of rec. Oct. 16
Full paid sub. rots. 3.38d. per ,hare
Dec. 2 *Holders of rec. Nov. 6
s$1
IngersollRand Co. common (quar.)
Dec. 2 *Holders of rec. Nov. 6
.51
4
Common (extra)
60c. Dec. 2 Holders of rec. Nov. 14a
Internat. Safety Razor class A (quar.)
Dec. 2 Holders of rec. Nov. 14a
500.
B
Class (guar.)
250. Dec. 2 Holders of roe. Nov. 14a
Class B (extra)
Jan. 15 *Holders of reo. Dec. 31
•1
Jewel Tea, common (guar.)
.75e. Nov.30 *Holders of rec. Nov. 4
Common (extra)
*50c. Jan. 2 *Holders of rec. Nov. 15
Joint Investors, common A (quar.)
*25c. Jan. 2 *Holders of rec. Nov. 15
Common A (extra)
Dec. 20 *Holders of rec. Dec. 10
M400
Common A (stock dividend)
*53 Jan. 2 *Holders of rec. Nov. 15
Preferred
•13,i Dec. 2 *Holders of rec. Nov. 13
Jones & Laughlin common (guar.)
Dom. 2 *Holders of rec. Nov. 13
*1
Common (extra)
*134 Jan. 1 *Holders of rec. Dec. 13
Preferred (guar.)
Nov. 1 *Holders of rec. Oct. 15
*4334c
Julian & Kokenge Co. common (quar.)_
200. Nov. 1 Holders of rec. Oct. 21
Klein (Henry)& Co.,Inc. common
Nov. 1 Holders of rec. Oct. 21
30e.
Participating preference (guar.)
Nov. 1 Holders of rec. Oct. 21
Participating preference (partic. diva.
2 *Holders of reo. Dec. 20
Jan.
•750.
Laboratory Products (guar.)
15 *Holders of rec. Dec. 20
Jan.
*e3
Stock dividend
80c. Dec. 2 Holders of rec. Nov. 16
Lake of the Woods Millings. corn.(qu.)_
134 Dec. 2 Holders of rec. Nov.16
Preferred (quar.)
'8714c Jan. 1 *Holders of reo. Dec. 15
Leath & Co., pref. (guar.)
Nov. 30 *Holders of rec. Oct. 81
•1
(quar.)
Navigation
&
Lehigh Coal
4750. Dec. 1 *Holders of rec. Nov. 15
Lehn & Fink Products (quar.)
$1.625 Nov. 15 Holders of rec. Nov. 1
(guar.)
Inc.,
Pref.
Loew.x.
Dec. 10 Holders of rm. Nov. 16a
5
Lord & Taylor, corn. (Christmas dly.)114 Dec. 2 Holders of reo. Nov. lea
First preferred (guar.)
Nov. 15 *Holders of rec. Nov. 2
•134
(guar.)._
pref.
Ltd.,
Co.,
Massey-Harris
50c. Nov. 11 Holders of rec. Nov. 1
McKesson & Robbins, Inc.. COM.(qu.) 8714c,
Dec. 16 Holders of rec. Dec. 2
Preference, series A (guar.)
Nov.20 *Holders of reo. Nov. 1
McLellan Stores, corn. (In corn. stock)._ .11
Nov. 15 *Holders of reo. Oct. 31
*51.25
Mercantile Stores, COM.(guar.)
Nov. 15 *Holders of rec. Oct. 31
*134
(guar.)
Preferred
Nov. 1 *Holders of rec. Oct. 20
*51.5
Metal & Thermit Corp., corn. (qu.).--Minneapolis-Moline Power Implement- $1.62 Nov. 15 *Holders of roe. Nov. 2
•
Preferred (guar.)
Nov. 15 *Holders of rec. Nov. 1
Mock,Judson & Voehrtnger, corn.(qu.). *50c. Jan.
15 *Holders of rec. Dec. 30
'11.50
National Biscuit. corn.(quar.)
Nov.30 *Holders of rec. Nov. 15
•134
Preferred (guar.)
Nov. 15 Holders of rec. Nov. 2a
National Food Products, class A (guar.). 6214c.
•10c. Nov. 1 *Holders of rec. Oct. 21
National Grocers, corn. (guar.)
1 *Holders of rec. Dec. 10
Jan.
4
•23,
National Investors, 514% pref
1 *Holders of rec. Oct. 21
Nat. Republic Invest. Trust, pf.(No. 1) *760. Nov.
Holders of rec. Nov. 5
15
Nov.
$1.25
National Supply Co.. corn,(guar.)
*3214c Dec. 1 *Holden of reo. Nov. 15
Nehl Corporation, corn. (guar.)
1
Nov.
*2
Convertible preferred (guar.)
*5 1.31)4 Jan. 1 *Holders of reo. Oct. 17
First preferred (guar.)
*50c. Nov. 1
New Amsterdam Casualty (guar.)
1% Nov. 1 Holders of rec. Oct. 25
New Haven Clock, pref. (guar.)
1 Holders of rec. Oct. 15
New Jersey Bond & Mtge. CorP..V1.(111) 134 Nov. 15
Holders of rec. Oct. 31
40c. Nov.
Ontario Steel Products, corn.(quar.)
Holders of rec. Oct. 81
15
Nov.
144
Preferred (guar.)
[Vol.. 129.
FINANCIAL CHRONICLE
2640
Name of Company.
Per
When
Cs*. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Nov. 1 *Holders of rec. Oct. 25
Oppenheimer (S.) & Co., pref. (guar.).- *2
$1 Nov. 15 Holders of rec. Nov. 1
Otis Co., common (guar.)
Common (extra)
$4 Nov. 15 Holders of reo. Nov. 1
•550 Nov. 15 *Holders of reo. Oct. 31
Owens-Illinois Glass, corn
Oct. 24 Holders of coup. Nos.6-7
Pacific Tin (Special Stock)
*52
*6214c Nov. 15 *Holders of rec. Nov. 1
Parker Pen. common (guar.)
Pennsylvania Invest. Co..d. A (guar.)._ 8234e. Dec. 1 Holders of rec. Oct. 31
Class))(No. 1)
50c. Dec. 1 Holders of rec. Oct. 31
•114 Dec. 1 *Holders of rec. Nov. 9
Pierce Arrow Motor Car, pref.(qu.)
Pitney-Bowes Postage Meter (guar.)... *5c. Nov. 1 *Holders of rec. Oct. 23
Poor & Co., clam A & B (guar.)
*50c. Dec. 1 *Holders of rec. Nov. 15
*8714c Nov. 1 Holders of rec. Nov. 1
Powdrell & Alexander, corn. (quar.)
•134 Jan. 2 *Holders of rec. Dec. 18
Preferred (guar.)
PrIntz-Blederman Co.. corn. (quar.)
'12(4c Oct. 15 *Holders of rec. Sept. 20
*SI Nov. 1 *Holders of reo. Oct. 18
Raymond Concrete Pile, common
Cony. preferred (guar.)
•750. Nov. 1 *Holders of rec. Oct. 18
Republic Iron & Steel, common (guar.)._ 411 Dec. 2 *Holders of rec. Nov. 12
•134 Jan. 2 *Holders of rec. Dec. 12
Preferred (guar.)
Rich Ice Cream Co., common (guar.)._ •1350. Nov. 1 *Holders of rec. Oct. 19
Common (extra)
*25c. Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
*600. Nov. 1 *Holders of rec. Oct. 19
Root (A. I.) Co., 1st pref. (guar.)
'1)4 Nov. 1
Rogers Paper Mfg., class A (guar.)
90c. Nov. 1 Holders of rec. Oct. 21
Royalty Corp. of AmericaNov. 15 Holders of rec. Nov. 1
1
Participating Piet (monthly)
34 Nov. 15 Holders of rec. Nov. 1
Participating pref. (extra)
Samson The & Rubber, common-No ac Mon in ken.
750. Nov. 1 Holders of rec. Oct. 29
Saunders (Clarence) Stores, cl. A (qu.)
Preferred (guar.)
8714e. Nov. 1 Holders of rec. Oct. 29
50c. Nov. 1 Holders of rec. Oct. 25
Scher-Hirst Co.. common A (quar.)
Second Inc. Equities
*50c. Nov.20 *Holders of rec. Oct. 24
Second Standard Royalties. pf. (mthly.) *1
Nov. 1
134 Dec. 2 Holders of rec. Nov. 8
Standard 011 (Ohio), pref. (guar.)
•450, Nov. 15 *Holders of rec. Nov. 5
Stern (A.) & Co., common (No. 1)
Stewart Warner Corp. (guar.)
*8714c Nov.
Sun Glow Industries (quar.)
50c. Nov. 1 Holders of rec. Oct. 21
8714c. Nov. 1 Holders of rec. Oct. 19
Sunset Stores, pref. (guar.)
*900. Nov. 1 *Holders of rec. Nov. 4
Thatcher Mfg., cony. pref. (guar.)
TM-Utilities Corp., pref. (guar.)
*75c. Nov. 1 *Holders of reo. Oct. 15
Nov. 15 Nov. 1 to Nov. 15
Tudor City Second Unit, Inc., pref.- 3
*50c. Dec. 1 *Holders of rec. Nov. 16
United Biscuit, common ((Plan)
.350. Dec. 2 *Holders of rec. Nov. 15
United-Carr Fastener (guar.)(No. 1)
United Cigar Stores, pref -Dividend om tted.
United Engineering es Fdry.,corn.(qu.)_ •40c. Nov. 8 *Holders of rec. Oct. 29
*350. Nov. 8 *Holders of rec. Oct. 29
Common (extra)
•134 Nov. 8 *Holders of rec. Oct. 29
Preferred (guar.)
United Shirt Distributors, corn. (guar.). *I214c Nov. 15 *Holders of reo. Nov. 1
Utility & Industrial Corp., pref. (qu.)... 3714c Nov. 20 Holders of roe. Oct. 31
Vorclone Corp., pantie. pref.(quar.)__. *70c Nov. 15 Holders of reo. Nov. 5
4.$1 Dec. 1 *Holders of rec. Nov. 12
Warner Bros Pictures, corn. (quar.)
•560 Dec. 1 *Holders of rec. Nov. 12
Preferred (guar.)
50e. Oct. 3 Holders of rec. Oct. 21
Web Holding Corp., class A & B (qu.)_.
Weber Showcase & Fixture. 1st pf.(qu.) *50c. Dec. 1 *Holders of rec. Nov. 15
*50c. Oct. 31 *Holders of rec. Oct. 1
Second preferred (guar.)
Western Dairy Products, cl. A (guar.)._ *El Dec. 1 *Holders of rec. Nov. 10
'3734c Nov. 1 *Holders of rec. Oct. 20
Western Grocer, common (guar.)
•500. Oct. 31 *Holders of rec. Oct. 31
Western Paper Goods, el. A & B (qu.)
Western Reserve Invest. (part. pf. (qu.) 134 Jan. 2 Holders of rec. Dec. 13
Weston (Geo.). Ltd.(Toronto), pf.((u.) 134 Nov. 1 Holders of rec. Oct. 19
*62.36c Dee. 31 *Holders of rec. Dec. 20
Wilcox Rich Corp., class A (quar.)
*50c. Dec. 31 *Holders of rec. Dec. 20
Class B (guar.)
10c. Nov. 15 Holders of rec. Nov. I
Will & Baumer Candle, COM. (guar.)...
10o. Nov. 15 Holders of rec. Nov. 1
Common (extra)
Jan. 2 Holders of rec. Dec. 16
2
Preferred (guar.)
Whiter (Benjamin), Inc., pref. (guar.)._ $1.25 Nov. 15 Holders of rec. Nov. 1
15c. Nov. 15 Holders of rec. Nov. 5
Wolverine Portland Cement (quar.)
Worthington Pump & Mach.. pf. A (qu.) •134 Jan. 2 *Holders of rec. Dec. 10
*h134 Jan. 2 *Holders of rec. Dec. 10
Pref. A (acct, accum. dividends)
•114 Jan. 2 *Holders of rec. Dec. 10
Preferred B (guar.)
Jan. 2'Holders of rec. Dec. 10
•11114
divs.)
accum.
Preferred B (acct.
*75c. Nov. 1 *Holders of rec. Oct. 25
YeaPler Corp. (guar.)
Yellow & Checker Cab, cl. A (monthly)' 33 1-3c Nov. 1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Nam of Company.
Railroads (Steam).
Allegheny Corp.. pref. A (guar.)
Atch. Top.& Santa Fe, common (guar )
Atlantic Coast Line RR., pref
Baltimore &Ohlo common (guar.)
Preferred (quar.)
Bangor & Aroos..com.(old & new)(qua?.)
Preferred (guar.)
Chesapeake & Ohio, pref. (quar.)
Clan.,Sandusky & Cleveland, pref
Cuba RR., pref. (quar.)
Erie RR.,first & second pre(
Internat. Rys. of Cent. Amer pf.(gu.)Kansaa City Southern common (guar.)
Mahoning Coal RR., corn. (guar.)
Midland Valley. preferred
Missouri-Kan.-Texas pref. A (quar.)--Nashua & Lowell
New York Central RR.(quar.)
Norfolk & Western, adj. pref.(guar.).Northern Pacific (guar.)
Pere Marquette, pref. & prior pref.(Ou.)
Pittsburgh & West Va. corn. (guar.).
Reading Company, oom.(guar.)
St. Louts-San Fran.. pref. (quar.)
Southern fly., common (guar.)
Wabash fly., prof. A (quar.)
When
Per
Can*. Payable.
Boas Closed,
Days Inelustee.
Nov. 1 Holders of reo. Oct. 150
Dec. 2 Holders of reo. Nov. la
Nov. 11 *Holders of roe. Oct. 25
Dec. 2 Holders of reo. Oct. ill
Dec. 2 Holders of reo. Oct. lla
30.
sro. Jan. 1 Holders of reo. Nov.
Holders of reo. Nov. 304
134 Jan. 1 Holders
of rec. Dec. 64
334 Jan 1'30
$1.50 Nov. 1 Holders of rec. Oct. 234
Feb110 Holders of reo. Jan. 154
2 Dee. 31 Holders of reo. Dec. les
1)4 Nov. 15 Holders of reo. Oct. 314
1)4 Nov. 1 Holders of reo. Sept. 304
12.50 Nov. 1 Holders of reo. Oct. 154
$1.25 Dec. 2 Holders of rec. Nov. 23a
•1% Dec. 81 *Holders of reo. Dec. 14.
•3
Nov. 1 *Holders of rec. Oct. 28
Nov. 1 Holders of reo. Sept. 274
2
Nov. 19 Holders of rec. Oct. 31a
$I
1)4 Nov 1 Holders of rec. Sept. 80a
134 Nov. 1 Holders of reo. Oct. 44
1% Oct. 31 Holders of rec. Oct. 151
Nov. 14 Holders of reo. Oct. 17a
1
1)4 Nov. 1 Holders of roe. OM. is
Nov. 1 Holders of ree. Oct. is
2
$1.25 Nov. 25 Holders of reo. Oct. 260
1%
2)4
*234
1%
1
Public Utilities.
51.75 Nov. 1 Holders of rec. Oct. 15
Alabama Power,$7 pref.(quar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
$6 Preferred (quar,)
51.25 Nov. I Holders of rec. Oct. 15
55 preferred (quar.)
$1.25 Nov. 15 Holders of rec. Nov. 1
Allied Power & Light,$5 pt. (quar.)_.
75c. Nov. 15 Holders of rec. Nov. 1
$3 preference (quar.)
•75(i. Nov. 1 *Holders of rec. Oct.
Amer. Cities Pow.& Lt. clam A (qu.)_
Payable 1-32 share of class B stk. or in cash at option of holder.
Amer. Commonw. Power, pref. A (qu.) $1.75 Nov. 1 Holders of reo. Oct. 15
$1.63 Nov. 1 Holders of reo. Oct. 15
$6.60 first preferred (Qua?.)
Amer. & Foreign Power$3.50 Oct. 31 Holders of rec. Oct. 19a
3019)
June
to
Pref. A(for period Jan. 1
Amer. Gas & Elec. preferred (quar.)--- $1.50 Nov. 1 Holders of reo. Oct. 8
Amer. Light & Trap. common (guar.)--- 214 Nov. 1 Holders of rec. Oct. 18a
114 Nov. 1 Holders of roc. Oct. 18o
Preferred (guar.)
Amer. Natural Gas,$7 pref.(guar.).--- $1.75 Nov. 1 Holders of rec. Oct. 21a
25c. Nov. 15 Holders of rec. Oct. 254
coin.
(qu.)-Elec.
Amer. Water Wks. &
Nov. 1 Holders of rm. Sept. 30
Associated Gas & Elec., cl. A (qtr.)---- (x)
50c Nov. 1 Holders of reo. Oct. 10
Bangor Hydro-Elec.. COM. (quar.)----Nov. 1 Holders of rec. Oct. 15
$1.50
Birmingham (Ala.) Gas Co.. 1st Pf.(qu.)
Brazilian Tree. L. & P. ordinary (guar.) 50c. Dec. 2 Holders of reo. Oct. 31
Jan15
$1.50
30 Holders of rec. Dec. 314
(qu.)A
sec.
pref.
Bklyn.-Manh. Tran.
51.50 APM5'30 Hold. of reo. Apr. 1 '30a
Preferred. aeries A (quar.)
51.25 Nov. 1 Holders of reo. Oct. 15
Buffalo Nisg & E. Pow.,first pref.(flu.) .3
Nov. 1 *Holders of rec. Oct. 15
Cape Breton Electric Co., preferred
*50c. Oct. 29 *Holders of rec. Sept. 30
Central Hod. Gas & Elec.. corn
*50c
29 *Holders of rec. Sept. 30
Oct.
(extra)
Common
•134 Nov. 1 *Holders of rem Oct. 15
Central Power & Light 7% Pref.(Qua-Central & Southwest Utilities57 prior lien pref. and $7 Pref. ORO -- *$1.75 Nov. 15 *Holders of no. Oct. 31
*51.50 Nov. 15 *Holders of rot. Oct. 31
$6 prior lien pref. (guar.)
•15/ Nov. 1 *Holders of rec. Oct. 15
Central West Pub.Serv. pref(quar.)-
OCT. 26 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Public Utilities (Continued).
Chic. Rapid Tran., pr. pref. A (mthly.) •65c. Nov. 1 *Holders of rec. Oct. 15
Prior pref., series A (monthly)
.65c. Dec. 1 *Holders of rec. Nov. 19
Prior pref., series B (monthly)
.60c. Nov. 1 *Holders of rec. Oct. 15
Prior pref., series B (monthly)
•60e. Dec. 1 *Holders of rec. Nov. 19
Cleve. Elec. Illuminating, pref. (quar.) _
14 Dec. 2 Holders of rec. Nov. 15
Columbia Gas & Electric corn. (quar.)
50c. Nov. 15 Holders of rec. Oct. 15a
% preferred (quar.)
14 Nov. 15 Holders of rec. Oct. 150
5% preferred (quar.)
134 Nov. 15 Holders of rec. Oct. 15a
Commonwealth Edison Co.(dar.)
Nov. 1 Holders of rec. Oct. 15
2
Commonwealth Power, corn. (guar.)._ _ $I
Nov. 1 Holders of rec. Oct. ha
Nov. I Holders of rec. Oct. lla
1
6% Preferred (doar.)
Community Power & Light$1.50 Nov. 1 Holders of me. Oct. 19
$6 first preferred (quar.)
Connecticut By. & Ltg., com.&pf. (qu.) IN Nov. 15 Holders of rec. Oct. 31a
Consul. Gas of N.Y. $5 pf. (quar.). _ 51.25 Nov. 1 Holders of rec. Sept. 28
Consumers Power, $5 pref. (quar.)
$1.25 Jan 2'30 Holders of roe. Dec. 14
6% preferred (guar.)
1)4 Jan2'30 Holders of rec. Dec. 14
1.65 Jan 230 Holders of rec. Dec. 14
.6% preferred (quar.)
1% Jan 2'30 Holders of rec. Dec. 14
7% preferred (guar.)
50e. Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
6% preferred (monthly)
50e. Dec. 2 Holders of rec. Nov. 15
6% preferred (monthly)
50c. Jan 2'30 Holders of rec. Dec. 14
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
6.6% preferred (monthly)
55c. Dec. 2 Holders of rec. Nov. 15
6.6% preferred (monthly)
55e. Jan 2'30 Holders of rec. Dec. 14
Dallas Power & Light Prof. (guar.)
1% Nov. 1 Holders of rec. Oct. 19
Derby Gas & Elec. $7 pref.(quar.)
$1.75 Nov. 1 Holders of rec. Oct. 25
3634 preferred (guar.)
$1.625 Nov. 1 Holders of rec. Oct. 25
Eastern Mass. St. By., prof. B.(quar.)_ _
134 Nov. 1 Holders of rec. Oct. 15
lot prof. A & sink, fund stks. (quar.)
134 Nov. 15 Holders of rec. Nov. 1
Eastern States Power, pref. A (guar.)._ $1.75 Nov. 1 Holders of roe. Oct. 15
Preferred series B (quar.)
51.50 Nov. 1 Holders of rec. Oct. 15
Edison Elec. III. of Boston (guar.)
53.40 Nov. 1 Holders of rec. Oct. 15
Electric Bond & Share, pref. (quar.)- $1.50 Nov. 1 Holders of rec. Oct. 10
Electric Investors, Inc., pref.(quar.)
81.50 Nov. 1 Holders of rec. Oct. 15
Electric Power & Light, corn.(quar.)
25e. Nov. 1 Holders of rec. Oct. 12
Allotment ctfs. 50% paid (guar.).- - 6%c Nov. 1 Holders of rec. Oct. Ila
124e Nov. 1 Holders of rec. Oct. 110
Allotment errs. full paid (quar.)
Empire Gas & Fuel. 6% pref. (mthly.)
550c. Nov. 1 *Holders of rec. Oct. 15
6)-4% Preferred (monthly)
•54 1-6c Nov. 1 *Holders of rec. Oct. 15
7% preferred (monthly)
58 1-3c Nov. 1 *Holders of rec. Oct. 15
•662-3c Nov. I *Holders of rec. Oct. 15
8% Preferred (monthly)
Empire Pub. Set. Corp. corn. A (qu.)_
m45e. Nov. 15 Holders of rec. Oct. 25
75c. Nov. 1 Holders of rec. Oct. 180
Full River Gas Works (quar.)
154 Nov. 1 Holders of rec. Oct. 15
Ft. Worth Power & Light, prof. (quar.)_
n374c Jan. 2 Holders of rec. Nov. 290
General Gas & Elec. class A & B (qu.)
51.75 Jan. 2 Holders of rec. Nov. 29a
$7 preferred A (quar.)
Jan. 2 Holders of rec. Nov. 29a
82
$8 preferred A (quar.)
1% Nov. 1 Holders of rec. Oct. 15
Grand Rapids Hit.. prof. (dust.)
*6854c Nov. 1 *Holders of rec. Oct. 20
Hartford Eleo. Light (quar.)
•1354e Nov. 1 *Ilolders of rec. Oct. 20
Extra
14 Dec. 2 Holders of rec. Nov. ha
Havana Elec. Ky., pref. (quar.)
134 Nov. 15 Holders of rec. Oct. 21
Havana Elec.& Utilities lst pref.(MO
51.25 Nov. 15 Holders of rec. Oct. 21
Cumulative preference (quar.)
1% Nov. 1 Holders of rec. Oct. 15
Idaho Power Co.7% pref.(quar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
$6 preferred (quar.)
•1;,5 Nov. 1 *Holders of roe. Oct. 15
Illinois Nothern Utilities, pref. (guar.)
*51.75 Nov. 1 *Holders of rec. Oct. 15
Junior preferred (guar.)
Illinois Power & Light, $6 pref. (guar.) _ $1.50 Nov. 1 Holders of rec. Oct. 10
Internat Power Securities, common_ _ $1
Dee. 15 Holders of rec. Nov.30
Dec. 15 Holders of rec. Nov.30
53
$6 preferred A
International Utilities, 57 pref.(quar.)
$1.75 Nov. 1 Holders of rec. Oct. 18a
Italian Superpower, pref. (quar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
Keystone Telephone of Phila. pref. (qu.) *$1
Dee. 2 *Holders of rec. Nov. 18
Keystone Water Wks.& El. el. A (qu.)
The. Nov. 1 *Holders of rec. Oct. 19
Knoxville Pow. & Lt.,$7 pref. (quar.)_ _ 81.75 Nov. 1 Holders of rec. Oct. 19
$6 preferred (quar.)
$1.50 Nov. 1 Holders of rec. Oct. 19
Long Island Ltg., corn
15e Nov. 1 Holders of rec. Oct. 15
Louisiana Power & Light $6 Prof.(qu.)_ _ 51.50 Nov. 1 Holders of rec. Oct. 17
Lowell Electric Light (quar.)
*65e. Nov. 1 *Holders of rec. Oct. 16
Malone Light & Power, prof. (quar.)_ $1.50 Nov. 1 Holders of roe. Oct. 15
Marconi International Marine
Communication Am. dep. teas
I still. Nov. 2 Holders of roe. Oct. 11
Massachusetts Gas Cos., corn. (guar.)._
134 Nov. I Holders of rec. Oct. 150
Mexican Light & Power, 7% pref
34 Nov. 1 Holders of rec. Oct. 22
4% second preferred
10e. Nov. 1 Holders of roe. Oct. 22
Middle West Utilities, corn .(qual.) _ _ 51.75 Nov. 15 Ilolders of rec. Oct. 31
Milwaukee Elec. lty. & Light, Pref.(qu.) 1Si Oct. 31 Holders of rec. Oct. 210
Montreal Lt. lit. & Power Consol. (qu.)
60e. Oct. 31 Holders of Mc. Sept. 30
Municipal Service 6% pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 15
National Power & Light, corn. (quar.)_ _
25c. Dec. 2 Holders of rec. Nov. 120
Class A (quar.)
45c. Nov. 1 Holders of rec. Oct. 15a
$8 pref. (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 12
Nevada-Calif. Elec. Corp., pt. (guar.)._
1% Nov. 1 Holders of rec. Sept. 30
North Amer. Edison pref. (quar.)
$1.60 Dec. 2 Holders of rec. Nov. 150
North Amer. Gas & Elec., cl. A (No. 1)_
Nov. 1 *Holders of rec. Oct. 6
400. cash or 1-50th share el. A stock
North Amer. Light & Power corn. (qu.). 12
Nov. 15 Holders of rec. Oct. 19
No. Amer. Wat.Wks.&Elec.com A (qu.) •43c. Nov. 15 *Holders of rec. Nov. 2
Northern N.Y. Utilities. pref. (quar.) _ _
1)4 Nov. 1 Holders of rec. Oct. 10
Northern States Power, corn. A (quer.). $2
Nov. 1 Holders froc.Sept.30
North West Utilities, pref. (quar.)
151 Nov. 15 Holders of rec. Oct. 31
Ohio Edison Co.6% pref. (quar.)
134 Dec. 2 Holders of rec. Nov. 15
6.6% preferred (quar.)
1.65 Dec. 2 Holders of rec. Nov. 15
7% preferred (guar.)
154 Dec. 2 Holders of rec. Nov. 15
5% preferred (quar.)
I 34 Dee. 2 Holders of roe. Nov. 15
6% preferred (monthly)
50e. Nov. 1 Holders of rec. Oct. 15
6% Preferred (monthly)
50c. Dec. 2 Holders of rec. Nov. 15
0.0% Preferred (monthly)
55e. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
65e. Dee. 2 Holders of rec. Nov. 15
Oklahoma Natural Gas, pref.(guar.).14 Nov. 1 Holders of rec. Oct. 15
Pacific Gas & Elec., 534% pref. (guar.)- 344c Nov. 15 Holders of rec. Oct. 31
6% Preferred (guar.)
3734c Nov. 15 Holders of rec. Oct. 31
Pacific IAghting. corn. (guar.)
750. Nov. 15 Holders of rec. Oct. 31a
$5 preferred (quar.)
,•51.25 Nov. 15 *Holders of rec. Oct. 31
Pacific Power & Light. Prof. (quar.)_ 19-4 Nov. I Holders of rec. Oct. 18
Pee. Public Service, corn. A (quar.) _
r3240 Nov. 1 Holders of tee Oct. 10
Penn-Ohio Edison common (guar.)
50c. Nov. 1 Holders of rec. Oct. 15
7% prior pref. (quar.)
154 Dec. 2 Holders of rec. Nov. 15
Pa -Ohio Power & Light $6 pf. (quar.)_ _ 61.50 Nov. 1 Holders of roe. Oct. 21
7% Preferred (quar.)
131 Nov. 1 Holders of rec. Oct. 21
7.2% preferred (monthly)
60e. Nov. 1 Holders of rec. Oct. 21
6.6% preferred (monthly)
550. Nov. 1 Holders of rec. Oct. 21
Pennsylvania Pow. Co., 56.60 pf.(inthly
55c. Dec. 2 Holders of rec. Nov. 20
preferred ((mar.)
51.50 Dee. 2 Holders of ree. Nov. 20
Philadelphia Co.. corn. (quar.)
El Oct. 31 Holders of rec. Oct. 1a
Common (extra)
75e. Oct. 31 Holders of roe. Oct. la
6% preferred
81 .50 Nov. 1 Holders of rec. Oct. la
Phila. Rapid Transit corn.(quar.)
Oct. 31 Holders of rec. Oct. 15a
$I
Preferred (guar.)
$1.75 Nov. 1 Holders of rec. Oct. la
Phila. Suburban Water Co., pf. (qu.) _ _ Nov. 30 Holders of rec. Nov. 21a
1
Portland Gas Sr Coke, Prof. (quar.)
*Holders of rec. Oct. 18
•134 Nov.
Public Serv. Co. of Nor. Ills.*Holders of rec. Oct. 15
Common (no par) (quar.)
•52 Nov.
*Holders of rec. Oct. 15
Common ($100 par) (guar.)
Nov.
*2
*Holders of rec. Oct. 15
7% preferred (guar.)
•154 Nov.
*Holders of rec. Oct. 16
6% preferred (quar.)
*1 4 Nov.
6% preferred (monthly)
500. Oct. 3 Holders of rec. Oct. 40
Radio Corp. of Amer., Prof. A (qu.)Holders of rec. Dee. 2a
874e Jan,
Holders of rec. Dec. 2a
Preferred 11 (quar.)
$1.25 Jan.
Holders of rec. Oct. 15
Railway & Light Securities, corn.(qu.)
50c. Nov.
Holders of rec. Oct. 15
Preferred (quar.)
51.50 Nov.
Oct. 16 to
Oct. 31
Rhode Island Pub. Serv. class A (door.)_
Nov.
$1
Preferred (quar.)
Oct. 16 to Oct. 31
50e. Nov.
Rockland Light & Power
•Holders of rec. Oct. 15
•23c. Nov.
Holders of rec. Oct. 15
Sierra Pacific Elec. Co., corn.(qu.)_.50e. Nov.
Holders of rec. Oct. 15
Preferred (quar.)
135 Nov.
Southern Calif. Edison, corn. (qu.) _50c. Nov. 15 Holders of rec. Oct. 200
Sou. Canada Power, Ltd., corn. (qu.)
25e. Nov. 15 Holders of rec. Oct. 31
Standard Power & Light, pref. (quar.) _ _ $1.75 Nov. 1 Holders of rec. Oct. 16
Standard Telephone Co., pref. (quar.)__ .$1.75 Nov. I *Holders of roe. Oct. 15
Name of Company.
Public Utilities (Concluded).
Swiss American Electric, pref
Tennessee Elec Power,5% 1st Pf.(qu.)
6% 1st preferred (guar.)
7% 1st preferred Mar.)
7.2% 1st preferred (quar.)
6% 1st preferred kr001.1thiY)
6% 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Texas Power & Light, 7% pref. (quar.)_
$6 preferred (guar.)
Union Street Sty.(New Bedford)
United Lt. & Pr. corn. A & B,old (qu.)_
Common A & B new (quar.)
Western Power Light & Telephone
Participating class A (quar.)
West Penn Elec. Co. 7% pf. (qual.)
6% Preferred (quar.)
West Penn. Power Co., 7% Pf. (qu.),...
6% preferred (guar.)
Banks.
Grace National (stock dividend)
Penn National (quar.)
Extra
Trust Companies.
Corn Exchange Bank & Trust (quar.) _ _
Kings County (Bklyn.)(quar.)
Extra
Fire Insurance.
American Equitable Amur.,corn.(qu.) _
Common (extra)
Common (payable in common stock) _.
American Re-Insurance (qual.)
Brooklyn Fire (guar.)
Special
General Reinsurance, corn. (qual.)
Guardian Fire Assurance (qual.)
Special
Knickerbocker Ins. of N. Y.(quar.)__
Extra
New York Fire Ins.(Qum.)
Extra_ _
North River (guar.)
Sylvania Insurance (quar.)
Special
2641
Per
When
Cent. Payable.
$3
Nov.
1)4 Jan.
Jan.
1)4 Jan.
$1.80 Jan.
50c. Nov.
50c. Dec.
50c. Jan.
60c. Nov.
60c. Dec.
60c. Jan.
1% Nov.
$1.50 Nov.
Nov.
081
75e. Nov.
15e. Nov.
Books CROW
Days Inclusise.
1 Holders of rec. Oct. 23
2 Holders of rec. 13ec. 14
2 Holders of rec. Dec. 14
2 Holders of rec. Dec. 14
2 Holders of rec. Dec. 14
1 Holders of rec. Oct. 15
2 Holders of rec. Nov. 15
2 Holders of rec. Dec. 14
1 Holders of rec. Oct. 15
2 Holders of rec. Nov. 15
2 Holders of rec. Dec. 14
1 Holders of rec. Oct. 16
1 Holders of rec. Oct. 16
1 *Holders of rec. Oct. 17
1 Holders of rec. Oct. 150
1 Holders of rec. Oct. 156
•50e. Nov. 1 *Holders of rec. Oct.
1% Nov. 15 Holders of rec. Oct.
1)4 Nov. 15 Holders of rec. Oct.
154 Nov. 1 Holde.ra of rec. Oct.
1)4 Nov. 1 Holders of rec. Oct.
15
19.1
196
56
be
Nov. 1 'folders of rec. Oct. 31
r50
*60c. Nov. 1 *Holders of rec. Oct. 31
*10e. Nov. 1 *Holders of rec. Oct. 31
$1
*20
*25
Nov. 1 Holders of rec. Oct. 24
Nov. 1 *Holders of rec. Oct. 25
Nov. 1 *Holders of rec. Oct. 25
374c Nov. 1 Holders of rec. Oct. 15
50c. Nov. 1 Holders of rec. Oct. 15
33 1-3 Nov. 1 Holders of rec. Oct. 16
•75c. Nov. 15 *Holders of rec. Oct. 28
6
Jan1'30 Holders of rec. Dec. 20
45e. Dec. 20 Holders of rec. Dec. 10
•40e. Nov. 15 *Holders of rec. Oct. 31
50e. Nov. 1 Holders of rec. Oct. 23
Nov. 1 Holders of rec. Oct. 23
$1
37)-4c Nov. 1 Holders of rec. Oct. 20
50e. Nov. 1 Holders of rec. Oct. 20
30c. Nov. 1 Holders of rec. Oct. 20
30e. Nov. 1 Holders of rec. Oct. 20
50e. Dec. 16 Holders of rec. Dec. 6
374c. Nov. 1 Holders of rec. Oct. 19
60c. Nov. 1 Holders of rec. Oct. 19
Miscellaneous.
Abraham & Straus, pref. (quar.)
154 Nov. 1 'folders of rec. Oct. 156
Acme Wire, pref. (quar.)
*2
Nov. 1 *Holders of roe. Oct. 18
Adams J. D. 13.1fg., corn.(quar.)
*60c. Nov. 1 *Holders of rec. Oct. 15
Adams-Millis Corp., COCO. ;quar.)
50e. Nov. 1 Holders of rec. Oct. 180
First and second pref. (quo!.)
1% Nov. 1 Holders of ree. Oct. 18
Ainsworth Mfg stock thy.(quar.)
*el
Dec. 2 *Holders of rec. Nov. 20
Stock dividend (qual.)
Marl 30 *Holders of rec. Feb. 20
*el
Stock dividend (qual.)
*el
Jun 230 *Holders of rec. May 20
Allegheny Steel. corn.(mthly.)
•15e. Nov. 18 *Holders of rec. Oct. 31
Preferred (quar.)
Holders of rec. Nov. 156
19-4 Dee.
Allied Chemical & Dye Corp., com.(qu.) $1.50 Nov.
Holders of rec. Oct. 110
Allied International Invest.Panic. pref. (acct. accum. div.)
*53 Nov. 1 *Holders of rec. Oct. 15
Allis-Chalmers Mfg., corn. (guar.)
50c. Nov. 15 Holders of rec. Oct 240
Altorfer Bros. Co.,corn.(quar.)
.35c. Nov. 1 'Holders of rec. Oct. 15
.75c. Nov. 1 *Holders of rec. Oct. 15
Preferred (quar.)
Aluminum Mfrs.. corn, (duar.)
*50e. Dec. 31 *Holders of roe. Dee. 15
•15.4 June 30 *Holders of rec. June 15
Preferred (guar.)
•lti Sept. 30 *Holders of rec. Sept. 15
Preferred (quar.)
Preferred (quar.)
81% Dee. 31 *Holders of rec. Dec. 15
50e. Oct. 31 Holders of rec. Oct. 15
Amerada Corp. (quar.)
75e. Nov. 15 Holders of rec. Oct. 310
American Can, corn. (quar.)
•1% Nov. 1 *Holders of rec. Oct. 20
American Chatilion Co., pf. (qu.)
Nov. 1 Holders of rec. Oct. 15
2
Amer. Cigar Co.. corn.(dar.)
Nov. 1 Oct. 12 to Nov. 1
$1
American Coal (guar.)
Amer. Commercial Alcohol, pref.(quar.) *1% Nov. 1 *Holders of rec. Oct. 10
Amer.Elec.Secur. Corp., partie. pf.(qu.) 37340. Nov. 1 Holders of roe. Oct. 19
Amer. Founders Corp., corn. (quar.)-- 12 34c. Nov. 1 Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 15
Corn. (1-140th share common stock)_
8734c. Nov. 1 Holders of rec. Oct. 15
7% let pref.. series A (guar.)
87 34c Nov. 1 Holders of rec. Oct. 15
7% bat pref., series 13 (guar.)
75c Nov. 1 Holders of rec. Oct. 15
6% 1st pref.. series D (guar.)
37 34c Nov. 1 Holders of rec. Oct. 15
6% 2d preferred (quar.)
2
Nov. 1 Holders of rec. Oct. 19
American Glue. Prof. (quar.)
*1
Jan2'30 *Holders of roe. Dee. 17
Amer. Hardware Corp.(Qual.)
30e. Nov. 1 Holders of rec. Oct. 144
Amer. Home Products, cont. (mthly.)
Dec. 2 *Holders of roe. Nov. 21
Amer. Laundry Machinery, corn. (qu.) •$1
Dec. 2 *Holders of rec. Nov. 21
../3
Common (payable in corn. stock)
Nov. 1 Holders of rec. Oct. 170
Amer. Mach. & Fdy., corn.(oust.) _ - - - $1
154 Nov. 1 Holders of roe. Oct. 174
Preferred (guar.)
American Nlanufacturing750. Dec. 31 Holders of roe. Dec. 15
Common (quar.)
114 Doc. 31 Holders of rec. Dec. 15
Preferred (duar.)
$1.25 Oct. 31 Holders of rec. Oct. 16a
American Meter (quar.)
50c. Jan. 15 Holders of rec. Dec. 310
Amer. Rolling Mills, corn.(quar.)
2
Nov. 1 Holders of rec. Oct. 154
Amer. Shipbuilding, corn. (guar.)
131 Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
Nov. 1 Holders of rec. Oct. Ila
$1
_
Amer. Smelt. & Refg., corn. (quar.)
1%. Dec. 2 Holders of rec. Nov. la
Preferred (guar.)
50c. Jan. 2 Holders of rec. Dec. 14a
American Stores (guar.)
50c. Dec. 2 Holders of rec. Nov. 14a
Extra
30c. Nov. 1 Holders of rec. Oct. 20
Amer. Thermos Bottle, Cl. A (guar.)
*35c. Nov. 1 *Holders of rec. Oct. 20
American Transformer (qual.)
Nov. 1 *Holders of rec. Oct. 19
Amer. Vitrified Products, Prof.(guar.)- - •1
$1.75 Nov. 18 Holders of rec. Oct. Ila
Anaconda Copper Mining (quer.)
750. Nov. 11 Holders of rec. Oct. ha
Anaconda Wire & Cable (quar.)
75e. Nov. 11 Holders of rec. Oct. ha
Andes Copper Co.(quar.)
Archer-Daniels-Midland Co., corn. (qu.)
50e. Nov. 1 Holders of roe. Oct. 21a
Preferred (guar.)
19-4 Nov. 1 Holders of rec. Oct. 21a
Artloom Corp., Prof.((mar.)
19-4 Dec. 2 Holders of rec. Nov. 15a
Art Metal Works, Inc. (quar.)
750. Nov. 1 Holders of rec. Oct. 15
Associated Dry Goods, corn.(quar.)
62e. Nov. 1 Holders of rec. Oct. 120
First preferred (guar.)
1)4 Dec. 2 Holders of rec. Nov. 94
Second Preferred (Qum.)
154 Dec. 2 Holders of rec. Nov. 96
Atlantic Gulf & West Indies B.S. Lines,
Dec. 31 Holders of ree. Dec. 116
Preferred (dar.)
II
Atlantic dr Pacific Internat., pref.(qu)- 81% Nov. 1 *Holders of rec. Oct. 15
AtlaIltiC Steel, preferred
3)4 Nov. 1 Holders of rec. Oct. 20
Atlas Powder, Prof. (guar.)
134 Nov. 1 Holders of rec. Oct. 16a
•154 Jan. 1 *Holders of rec. Dec. 20
Babcock dr Wilcox Co.(quar.)
Babcock & Wilcox. Ltd., Amer. dep.rcts w57
Oct. 31 *Holders of rec. Oct. 9
Bakers Share Corp., corn. (au.)
14 Jan 1'30 Holders of rec. Nov. 1
Balaban & Kart. corn. (guar.)
•75c Dec. 27 'Holders of rec. Dec. 16
Preferred (guar.)
*1% Dec. 27 *Holders of rec. Dec. 16
Bamberger (L.) dr Co..634% of.(au.)
1
Dec. 2 Holders of rec. Nov. 116
Bancroft (Joseph) & Sons Co., pref.(qu.)
134 Oct. 31 Holders of rec. Oct. 15
•82
Bankers Capital Corp.. pref. (quar.)
Jan15'30 *Holders of rec. Dec. 31
Hankers Securities Corp., corn. (quar.)_ _ *40c. Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
*874c Nov. 1 Holders of rec. Sept. 30
Barnsdall Corp., el. A & B (guar.)
50c. Nov. 7 Holders of rec. Oct. 78
Batchelder & Snyder Co., pref. (quar.)_ *2
Nov. 1 *Holders of rec. Oct. 19
Baumann (Ludwig) A Co., lot pf. (qu.) 154 Nov. 15 Holders of rec. Nov. 1
Belding Corticeill, corn. (guar.)
154 Nov. 1 Holders of rec. Oct. 15
Bessemer Limestone & Cement (quay.) _
75e. Nov. 1 Holders of rec. Oct. 18
Bethlehem Steel common (Ouar.)
61.50 Nov. 15 Holders of roe. Oct. 184
Bigelow-Hartford Carpet, corn. (quar.)_ *51.50 Nov. 1 *Holders of rec. Oct. IS
Preferred (guar.)
•1% Nov. 1 *Holders of rec. Oct. 18
Birtman Electric Co., corn.(quar.)
*50c. Nov. 1 *Holders of rec. Oct. 16
Preferred (quar.)
*51.75 Nov. 1 *Holders of rec. Oct. 15
Bloomingdale Bros., Inc., prof.(quar.) _
1% Nov. 1 Holders of rec. Oct. 19a
Bohack (H. C.) Co., corn. (duar.)
*6234c Nov. 1 *Holders of rec. Oct. 15
First preferred (guar.)
•154 Nov. 1 *Holders of rec. Oct. If
2642
Name of company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Books Closed
Days inclusive.
Miscellaneous (Continued).
Blue Ribbon, Ltd.. Pref.(guar.)
*81%e Nov. 1 *Holders of rec. Oct. 15
Ben Ami Co.. corn. class A (guar.)
Oct. 80 Holders of rec. Oct. 154
SI
Bond & Mortgage Guarantee (guar.)_
81.25 Nov. 15 Holders of rec. Nov. 5
Borden Company (quar.)
75e. Nov.30 Holders of roe. Nov. 15
Boss Manufacturing, corn. (guar.)
234 Nov. 15 Holders of rec. Oct. 31
Common (payable in common stock)_ 120
Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
151 Nov. 15 Holders of rec. Oct. 31
Boston Woven Hose & Rub.,cont.(extra) $2
Dec. 16 Holders of rec. Dec. 2
Brading Breweries,com.(guar.)
50c. Nov. 1 Holders of roe. Oct. 15
Brill J. G.) Co., pref. (guar.)
'131 Nov. 1 *Holders of rec. Oct. 30
Brill° Mfg., corn. (guar.) (No. 1)
*30c. Jan. 2 *Holders of rec. Dec. 15
Class A (guar.)
*500. Jan. 2 *Holders of roe. Dec. 15
British Columbia Pulp & Paper, p1.(qu.) 151 Nov. 1 Holders of rec. Oct. 15
British Type Investors (bi-monthly)8c. Dec. 2 Holders of rec. Nov. 1
Broadway Dept. Stores, 1st pref. (rm.). •1% Nov. 1 *Holders of roe. Oct. 12
Brockway Motor Truck, corn. (quar.)..
75c. Nov. 1 Holders of roe. Oct. 154
Brokers Sec. Corp. of Amer., corn.(au.)_ *40c. Nov. 1 *Holders of rec. Sept. 30
•15.1 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
Brown Durrell Co., coin. (guar.) '
*50c. Nov. 15 *Holders of rec. Nov. 1
•1% 1/1/30 *Holders of rec. Dec. 15
% preferred (guar.)
Brown Shoe, pref. (guar.)
134 Nov. 1 Holders of roe. Oct. 2I0
Brunswick-Balke-Collender, corn. (qu.).
The. Nov. 15 Holders of rec. Oct. 25a
Budd Wheel, corn. (In common stock).- 1300 Nov. 15 Holders of rec. Nov. 80
•1,‘ Nov. 1 *Holders of me. Oct. 26
Bunts Bros., pref. (guar.)
Burns Bros., class A (guar.)
Nov. 15 Holders of rec. Nov. la
$2
Bush Terminal common (guar.)
50c. Nov. 1 Holders of roe. Sept. 27a
Common (payable in common stock)._ 11% Nov. 1 Holders of rec. Sept. 270
Butler Bros. (guar.)
*50e. Nov. 15 *Holders of rec. Oct. 31
Byers(A. M.)Co. pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 16a
*el Dec. 16 *Holders of rec. Nov. 30
California Packing Corp.(guar.)
Campbell, Wyant & Cannon Fdy.(qu.)
500. Dee.) 1 Holders of rec. Nov. 15a
Canada Dredge ds Dock, corn. (quar.)_ _
75e. Nov. 1 Holders of roe. Oct. 18
Sinking fund cony. preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 18
Canadian Bronze. Ltd..corn.(qu.)
6234e. Nov. 1 Holders of rec. Oct. 18
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 18
Canadian Foreign Invest.. Pref.(guar.). 2
Nov. 1 Holders of rec. Oct. 15
Canadian Vickers, Ltd., pref. (guar.)._ _ 134 Nov. 1 Holders of rec. Oct. 15
Canfield Oil. corn.& pref.(gum%)
$1.75 Dec. 31 Holders of roe. Nov. 20
Capital Management Corp. (quar.)____ *Me. Nov. 1 *Holders of rec. Oct. 15
Carman & Co.. class A (guar.)
'SOc. Dec. 1 *Holders of rec. Nov. 15
Carnation Milk Products4111 Jan 2'30 *Holders of rec. Dec. 31
Common (payable in common stock)
Castle (A. M.)& Co.(guar.)
*75e. Nov. 1 *Holders of rec. Oct. 18
Extra
•25c. Nov. 1 *Holders of rec. Oct. 18
Caterpillar Tractor (guar.)
*75c. Nov. 25 *Holders of rec. Nov. 15
Century Ribbon Mills, pref. (qu.)
1% Dec. 2 Holders of rec. Nov.204
Cerro de Pasco Copper Co.(quar.)
$1.50 Nov. 1 Holders of rec. Oct. 104
Chain Store Invest., pref. (quar.)___*$ 1.6234 Nov. 1 *Holders of rec. Oct. 16
Chelsea Exchange Corp.class A & B(qu) 25e. Nov. 15 Holders of reo. Nov. 1
Class A & B (guar.)
25e. 1+1)1510 Hold,of rect. Jan.$1 10
Class A & B (guar.)
250. My15'30 Hold, of rue. May 1 '80
Cherry Burrell Co.,corn.(guar.)
*6234c Nov. 1 *Holders of rec. Oct. 15
Chic. Wilmington & Franklin CoalPreferred (guar.)
81.50 Nov. 1 Holders of rec. Oct. 150
Chicago Yellow Cab (monthly)
25(t. Nov. 1 Holders of reo. Oct. I86
Monthly
25e. Dec. 2 Holders of reo. Nov. 20a
Chickasha Cotton Oil (guar.)
*75c. Janl'30 *Holders of lee. Dec. 10
Chrysler Corp. (guar.)
750. 112130 Holders of rec. Dec. 20
Churngold Corp.(guar.)
*75c. Nov. 15 *Holders of roe. Oct. 31
Cities Service Co., corn. (mthly.)
234c. Nov. 1 Holders of rec. Oct. 154
Common (payable in corn. stock)_ .. 134 Nov. 1 Holders of rec. Oct. 15a
Preference and preference BB (mthly.) 50c. Nov. 1 Holders of rec. Oct. 150
Preference B (mthly.)
Sc. Nov. 1 Holders of roe. Oct. 154
Cities Service, corn. (monthly)
2.140. Deo. 1 Holders of rec. Nov. 15
Common (payable in common stock). 154 Dee. 1 Holders of rec. Nov. 15
Preference ds preference BB (mthly.) 500. Dec. 1 Holders of rec. Nov. 15
Preference B (monthly)
Sc. Dec. 1 Holders of rec. Nov. 15
City Stores Co., clam A (guar.)
Nov. 1 Holders of roe. Oct. 15a
Claude Neon Elec. Prod. (qu.)
*20c. Nov. 1 *Holders of rec. Oct. 20
Quarterly
*25e. Jan 130 *Holders of rec. Dec. 19
*3
Stock dividend
Jan1'30 *Holders of roe. Dec. 19
er3
Stock dividend
July1'30 *Holders of rec. Jan. 20
•1% Nov. 1 *Holders of rec. Oct. 25
Clinchfield Coal, pref. (guar.)
Cluett Peabody & Co., coal.(quar.).$1.25 Nov. 1 Holders of rec. Oct. 21a
Coekshutt Plow. Ltd. (guar.)
37%0 Nov. 1 Holders of rec. Oct. 15
Colgate-Palmolive-Peet Co.. pref. (qu.).. 1% Janl'30 Holders of rec. Dec. 7
Columbian Carbon (guar.)
$1 Nov. 1 Holders of rec. Oct. 15a
Extra
250. Nov. 1 Holders of rec. Oct. 154
Columbus Auto Parts, cony. pref. (qu.)
50c Dec. 1 Holders of rec. Nov. 16
Community State Corp.. A & B (Cluar.). ii' Dee. 81 Holders of rue. Dec. 20
Consol. Bond & Share Corp., pref.(qu.)_
131 Nov. 15 Holders of rec. Oct. 15
Consol. Cigar Corp.. pref. (guar.)
131 Dec. 2 Holders of me. Nov. 15
Prior preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 15
dConstruction Materials Co., pref. (qu.) *8734c Nov. 1 *Holders of rec. Oct. 20
Constructive Credit Service
*400 Nov. 1 *Holders of rec. Oct. 4
Continental Can,corn.(guar.)
62tic Nov. 15 Holders of rec. Nov. la
Continental Dent. Stores, ser. A (guar.) *874e Oct. 31 *Holders of rec. Oct. 22
Continental Motors Corp.(guar.)
200 Oct. 30 Holders of rec. Oct. 154
Coon(W.B.) Co., oom
*600 Nov. 1 *Holders of rec. Oct. 10
Preferred
*1)1( Nov 1 *Holders of rec. Oct. 10
Coty. Inc. stock dividend
134 Nov. 27 Holders of roe. Nov. 12
Crosley Radio (stook dividend)
Dee. 81 Holders of rec. Dec. 20
'
Crowley Milner & Co., corn.(guar.).- - - *50c Dec. 31 *Holders of rec. Dec. 10
Crucible Steel common (guar.)
134 Oct. 31 Holders of roe. Oct. 154
Cudahy Packing,6% preferred
Nov. 1 Holders of rec. Oct. 21
3
7% preferred
3)4 Nov. 1 Holders of rec. Oct. 21
Cuneo Press, pref. (guar.)
•134 Dec. 15 *Holders of ree. Dee. 1
Preferred tquar.)
*134 Mar. 15 *Holders of Me. Mar. 1
Curtis Lighting, corn. (guar.)
*33c Nov. 1 *Holders of reo. Oct. 15
Curtis Publishing, corn. (monthly)
50c Nov. 2 Holders of rec. Oct. 190
Preferred (guar.)
131 Jan 1'30 Holders of rec. Dee. 204
Demets Co.. Pref. (guar.)
*550 Nov. 1 *Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 21
Dennison Mfg.,deb.stock (quar.)
2
131 Nov. 1 Holders of rec. Oct. 21
Preferred (guar.)
*25e Nov. 1 *Holders of rec. Oct. 20
Detroit Steel Products(mthly)
*25c Dec. 1 *Holders of roe. Nov. 20
Monthly
4.500 Dec. 30 *Holders of ree. Dec. 20
Diamond Elec. Mfg.common
Dec. 30 *Holders of rec. Dec. 20
Common (payable in corn. stock)
*12
90e Nov. 15 Holders of roe. Oct. 31
Dominion Bridge (guar.)
Dominion & Overseas Invest. pref. (qu.) *1714c Nov. 1 *Holders of rec. Oct. 15
*100 Nov. 1 *Holders of rec. Oct. 15
Preferred (extra)
1% Nov. 1 Holders of rec. Oct. 7
Dominion Tar & Chem., pref.(guar.)
Holders of rec. Nov. 1
Dow Chemical (stock dividend)
e400
Jn 15'30 Holders of rec. Dee. 310
Dunhill Internat. common.(guar.).- $1
Holders
of roe. Dec. 314
15'30
Jn
fl
Common (Payable in corn. stock)
AP1510 Holders of rec. Apr. la
$1
Common (guar.)
Ard5'30 Holders of rec. Apr. la
fl
Common (payable in cam.stock)
Eastern Bankers Corp., prof. (quar.).__ $1.75 Nov. 1 Holders of Teo. fleet.80
$1.75 Feb110 Holders of rec. Dec. 31
Preferred (guar.)
50c. Nov. 30 Holders of rec. Oct. 31
East. Theatres,Ltd.(Canada)com.(qu.)
Eastern Utilities Investing Corp1.75 Nov. 1 Holders of ree. Sept.30
Participating preference (quar.)___
$1.50 Dec. 2 Holders of rec. Oct. 31
$6 preferred (guar.)
51.75 Dec. 2 Holders of rec. Oct. 31
$7 preferred (guar.)
81.25 Jan2'30 Holders of roe. Nov. 30
Prior preferred (quar.)
75e. Nov. 1 Holders of reo. Oct. 15
Eaton Axle & Spring common (guar.)
62340 Nov. 30 Holders of rec. Nov. 154
EitIngon Schild Co., corn.(guar.)
Electric Appliance Fin. Co., pf.(qu.)..- - '154 Nov. 1 *Holders of rec. Sept. 30
Dec. 1 *Holders of rec. Nov. 5
Elec. Shareholdings, corn. (in corn 51k.).
$6 preferred (50-100 share of corn.)__ - (I) Dec. 1 *Holders of roe. Nov. 5
Elec. Stor. Bat., corn. & pf.(In corn stk.) 1100 Subj. to stkhldrs. meeting Apr. 16
'62340 Nov. 1 *Holders of rec. Oct. 16
Elgin National Watch (guar.)
Empire Amer. Scour. corn. (in corn. stk.) /15 Nov. 15 Holders of rec. Oct. 25
50e. Nov. 1 Holders of rec. Oct. 15
Enamel & Heating Products
Nov. 1 Holders of rec. Oct 13
$1
Eureka Pipe Line (guar.)
Nov. 1 Holders of me. Oct. 21a
Eureka Vacuum Cleaner (guar.)
$1
37340. Oct. 31 Holders of rec. Oct. 150
Exchange Buffet (guar.)
600. Nov. 1 Holders of rec. Oct. 21a
Fair (The), corn.(guar.)
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 21a
Famous Players Can. Corp.50e. Dec. dl Holders of rec. Nov. 15
Common (guar.) (No. 1)
Name of Company.
[Vol.,. 129.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Fashion ParkAasoclates.Inc.,pref.(quar.) 154 Nov. 1 Holders of rec. Oct. 15o
Faultless Rubber (guar.)
Dec. 17
6234e. Jan. 1
Federal Knitting Mills, corn. (guar.)... 6234c Nov. 1 Holders of rec. Oct. 15
Common (extra)
12%0 Nov. 1 Holders of rec. Oct. 15
Fisher Brass, pref. A (guar.)
*50c. Nov. 20 *Holder of rec. Oct. 31
Fits Simons & Connell Dredge & DockCommon (guar.)
*500. Dec. 2 *Holders of rec. Nov. 20
vf2 Dec. 2 *Holders of roe. Nov. 20
Common (payable in corn.stock)
Common (stock My., 140th share).
(1) Deo. 1
134 Jan. 1 Holders of rec. Dec. 160
Florshelm Shoe. pref.(guar.)
•3150 Jan1110 *Holders of roe. Dec. 14
Formica Insulation (guar.)
*25c Nov. 15 *Holders of rec. Nov. 1
Foster & KleLser Co.(guar.)
250. Nov. 15 Holders of rec. Oct. 31
Foundation Co. of Canada (guar.)
•1% Jan 1'30 *Holders of roe. Dee. 15
Frank (A. B.) Co.. pref. (guar.)
•1% Apr1'30 *Holders of rec. Mar. 15
Preferred (guar.)
•1% Jul 1'30 *Holders of rec. June 15
Preferred (guar.)
•154 Oct 1'30 *Holders of rec. Sept. 15
Preferred (guar.)
Franklin (II. H.) Mfg., pref. (guar.).__ •1x Nov. 1 *Holders of roe. Oct. 20
$1
Nov. 1 Holders of rec. Oct. 150
Freeport Texas Co.(quar.)
400. Nov. 15 Holders of rec. Oct. 3lat
General Alliance Corp.(guar.)
General Amer. Tank Car,
eri Jan 110 *Holders of rec. Dec. 13
Common (payable in corn. stook)General Box, pref. (guar.)
*13( Deo. 1 *Holders of roe. Nov. 15
$1.75 Nov. 1 Holders of rec. Oct. 220
General Cable Corp., pref.(guar.)
Deo. 1 Holders of rec. Nov. 136
$1
Class A
Nov. I Holders of roe. Oct. 160
General Cigar,corn.(guar.)
$1
134 Dec. 2 Holders of rec. Nov. 220
Preferred (guar.)
750. Nov. 1 Holders of rec. Oct 154
General Foods Corp., corn. (guar.)
750. Nov. 1 Holders of roe. Oct. 15o
General Mills, corn. (guar.)
General Motors Corp..6% Prot (quar.). 134 Nov. 1 Holders of ree. Oct. 71
134 Nov. 1 Holders of roc. Oct. To
7% preferred (guar.)
114 Nov. 1 Holders of roe. Oct. 7.
6% debenture stock (guar.)
Gen.Parts Corp., cony. pt.(au.)(No. 1) 410o. Nov. 1 *Holders of rec. Oct. 20
General Public Service, 86 prof.(Qum.). $1.50 Nov. 1 Holders of rec. Oct. 10
31.375 Nov. 1 Holders of rec. Oct. 10
$5.50 preferred (quar.)
Nov. 1 Holders of rec. Oct. 20
$1
General Tire & Rubber (guar.)
*3734e Dee.! *Holders of roe. Nov. 15
Gerrard (S. A.) Co.. corn. (guar.)
Oct. 31 *Holders of rec. Oct. 15
Gilchrist Co. (payable in stock)
Approved at stockholders meeting Oct 10.
81.25 Dec. 2 Holders of roe. Nov. la
Gillette Safety Razor (guar.)
e5 Dee. 2 Holders of rec. Nov. la
Stock dividend
134 Nov. 1 Holders of roe. Oct. 154
Gimbel Brothers, pref.(guar.)
75e. Nov. 10 Holders of rec. Oct. 25
Godman(H.C.) Co.(guar.)
62340 Nov. 1 Holders of reo. Oct. 106
Gold Dust Corp., corn. (guar.)
Deo. 1 *Holders of res. Nov. 15
Golden State Milk Products (stk. My.). *el
Goodyear Tire & Rubber, corn. (guar.). $1.25 Nov. 1 Holders of roe. Oct. la
Dec. 1 Holders of rm. Nov. 1
50e.
corn.
(guar.)
Gorham Mfg.,
134 Nov. 1 Holders of roe. Oct. 126
Gotham 811k Haden,
. prof. (quar.)
Granby Cons. Min.Smelt.&Pow.(qu.)_ $2 Nov. 1 Holders of rec. Oct. 180
Grand (F.W.) 5-10-25e. Stores, pf.(qu.) 134 Nov. 1 Holders of rec. Oct. 12e
*25o. Dee. $1 *Holders of reo. Dee. 30
Grand Rapids Varnish (guar.)
*Holders of rec. Oct.p170
*0100
Grant(W. T.) Co. (stock dividend).
*75c. Nov. 15 *Holders of rec. Nov. 1
Greenway Corp., 5% pref. (guar.)
*500. Dee. 1 *Holders of roe. Nov.30
Gruen Watch, common (Guar.)
*504). M'el'30 *Hold,of rec. Feb. 18'30
Common (guar.)
'131 Nov. 1 *Holders of rec. Oct. 21
Preferred (guar.)
•1% Febl'30 *Hold,of rec. Jan. 21 '86
Preferred (guar.)
.11 Nov.
*Holders of rec. Oct. 21
Guardian Invest. Trust, corn
Gulf States Steel. pref. (guar.)
154 Jan 2'30 Holders of re0. Dee. 166
Hale Brothers Store Inc., corn.(qu.).--50e. Dec. 1 Holders of reo. Nov. 15
Halle Bros., corn. (guar.)
50o. Oct. 31 Oct. 25 to Oct. 31
1% Oct. 31 Oct. 25 to Oct. 31
Preferred (guar.)
Hall(W. F.) Printing (guar.)
0256. Oct. 31 *Holders of rec. Oct. 21
Extra
*250. Oct. 31 *Holders of rec. Oct. 21
1% Nov. 1 Holders of rec. Oct. 15
Hamilton Bridge, Ltd., pfd. (guar.).Hamilton Steel of Can..corn.& pf.(gu.)- .43%0 Nov. 1 *Holders of rec. Oct. 15
Harnmermill Paper,corn.(guar.)
*25e. Nov. 15 *Holders of rec. Oct. 30
Hart Carter Co., cony. pref.(quar.)
*50e. Dee. 1 *Holders of rec. Nov. 15
Hartford Times,Inc., panic. pref.(au.)
750. Nov. 15 Holders of rec. Nov. 1
Hawaiian Com'l & SU.(mthly)
*250. Nov. 6 *Holders of rm. Oct. 25
Monthly
*25e. Dec. 5 *Holders of roe. Nov. 25
Hawaiian Pineapple ((Mar.)
500. Nov.30 Holders of rec. Nov. 150
Extra
500. Nov.30 Holders of roe. Nov. 150
Hawaiian Pineapple (stock dividend).. 020 Jan 1'30 Holders of rec. Nov. 156
Hayes Body Corp.(qUM%)(M.Id Stk.)
Jan210 Dec. 26 to Jan. 1
Hercules Powder, pref. (guar.)
134 Nov. 15 Holders of rec. Nov. 40
Hershey Chocolate, cony. pref.(au.)-- $1 Nov. 15 Holders of rec. Oct. 250
Prior preferred (quar.)
134 Nov. 15 Holders of rec. Oct. 25a
Hibbard.Spence,Bartlett& Co.(mthly.)350. Nov. 29 Holders of roe. Nov.22
Monthly
35e. Dee. 27 Holders of rec. Dec. 22
Hires (Charles E.) Co.. corn. A.(q1.14r.)50e. Dee. 1 Holders of Leo. Nov. 15e
Hollinger Cons. Gold Mines
Sc. Nov. 4 Holders of rec. Oct. 18
Holly Sugar Coro., Prof. (guar.)
1% Nov. 1 Holders of rec. Oct. 15
Home (Joseph) Co.. pref.(guar.)
'134 Nov. 1 *Holders of rec. Oct. 24
Horn & Hardart(N. Y.) corn. (quar.).. 62%c Nov. 1 Holders of rec. Oct. 14a
Hudson Casualty Ins.(Jersey City)(qu.) 2
Nov. 1 Holders of rec. Oct. 21
Hunt Bros., class A (quar.)
*50c. Nov. 1 *Holders of rec. Oct. 16
Hupp Motor Car, corn. tquar.)
50c. Nov. 1 Holders of rec. Oct. 15a
Stock divIdenn (guar.)
4)4 Nov. 1 Holders of roe. Oct. 150
*50c. Nov. 1 *Holders of roe. Oct. 20
Illinols-Pacific Glass, Cl. A dsB (qua?.)
Imperial Royalties, pref.(mthly.)
1340. Oct. 30 Holders of rec. Oct. 25
180. Oct. 30 Holders of rec. Oct. 25
Preferred, class A (mthly.)
50o. Oct. 31 Holders of rec. Oct. 140
Independent 011 & Gas (guar.)
Indiana Pipe Line (guar.)
50o. Nov. 15 Holders of rec. Oct. 25
250. Nov. 15 Holders of rec. Oct. 25
Extra
Industrial Finance Corp.,7% pf.(qu.).. 131 Nov. 1 Holders of roe. Oct. 18
134 Nov. 1 Holders of roe. Oct. 18
6% preferred (guar.)
Nov. 1 Holders of rec. Oct. 17
$1
Internat. Cigar Mach'y (guar.)
13( Dec. 2 Holders of rec. Nov. to
Internat. Harvester, pref.(quar.)
134 Nov. 1 Holders of roe. Sept. 286
International Nickel of Can. pref. (qu.)
60e. Nov. 15 Holders of rec. Nov. la
International Paper, corn. (quar.)
130o. Nov. 15 Holders of roe. Nov. la
Internat. Paper & Power,corn. A qu.)__
6214c Nov. 1 Holders of reo. Oct. 140
Internat. Printing Ink. corn. (qua?.)
134 Nov. 1 Holders of rec. Oct. 140
Preferred (guar.)
50o. Nov. 1 Holders of roe. Oct. 13
International Shoe. pref.(mthly)
500. Dee. 1 Holders of tee. Nov. 15
Preferred (monthly)
4100. Jan. 1 *Holders of red. Dee. le
Preferred (monthly) •
1% Nov. 1 Holders of rec. Oct. 21a
Interstate Dept. Stores, prof.(guar.)- *75o. Nov. 1 *Holders of rm. Oct. 21
Interstate Equities, Prof. A (qu.)
250. Nov. 15 Holders of roe. Nov. la
Intertype Corp., corn. (guar.)
25e. Nov. 15 Holders of roe. Nov. la
Common (extra)
*4250. Dee. 1 *Holders of me. Nov. 15
Iron Fireman Mfg.,corn.(guar.)
*50c. Nov. 1 *Holders of rec. Oct. 15
Jantzen Knitting Mill(guar.)
Joint Security Corp.'Nov. I Holders Of rec. Oct. ill
Corn.(payablein corn,stook)
fl
Kalamazoo Vegetable Parchment(g a.)-- 4.15e. Dec. 31 *Holden of rec. Dec. 21
Kaufmann Dept. Stores, common (qu.)_ 37 Si c. Oct. 28 Holders of rec. Oct. 10a
*6214c Jan. 15 *Holders of rue. Dee. Si
Kawneer Company (guar.)
Kayser (Julius) & Co. corn. (qua?.)..- - $1 Nov. 1 Holders of rec. Oct. 150
Kelsey-Hayes Wheel Corp.. pref. (guar.) 131 Nov. 1 Holders of Too. Oct. 21
Kidder Peabody Acceptance pr. A (qu.). *52.50 Nov. 1 *Holders of rec. Oct. 15
250. Jan, 2 Holders of rec. Dec. 17a
Kinney (0.11.) Co., Inc., corn. (qu.)..2 Dec. 2 Holders of rec. Nov. 15a
Preferred (guar.)
Kirby Lumber (guar.)
*134 Dee. 10 *Holders of rec. Nov. 30
750 Dec. 2 Holders of roe. Nov. 15a
Knox Hat, participating pref. (guar.)
25e. Nov. 1 Holders of rec. Oct. 10a
Kress (S. H.) & Co., corn. (guar.)
500. Nov. 1 Holders of rec. Oct. 10a
Corn. (payable in special $10 par pf.)
15o. Nov. 1 Holders of rec. Oct. 100
Special preferred (quar.)
50o. Oct. 80 Holders of rec. Oct. 15
Lakey Foundry & Machine (guar.)
Stock dividend
e2S4 Oct. 30 Holders of rec. Oct. 15
750. Nov. 1 Holders of rec. Oct. 15a
Landay Bros., Ina., class A (guar.)
*TU. Dee. 81 *Holders ef roc Dec. 21
Landers, F'rary & Clark (guar.)
Landis Machine (guar.)
*75o. Nov. 15 *Holders of rec. Nov. 5
131 Nov. 1 Holders of rec. Oct. 15
Lane Bryant, Inc.. pref.(guar.)
Langendorf United Bakeries.
50c. Jan. 30 *Holders of rec. Dec. 30
Class A and It (quar.)
Lanston Monotype Mach (guar.)
134 Nov. 30 Holders of rec. Nov. 20
Lawbeck Corp., pref. (quar.)
'134 Nov. 1 *Holders of rec. Oct. 21
Lehigh Portland Cement. corn.(guar.)
6234 c Nov. 1 Holders of nee, Oct. 140
Liberty Shares Corp.stock dividend- •sI
Dec. 31
•el
Stock dividend
Mar31 30
OCT. 26 1929.]
Name of Company.
2643
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Dainties.
Miscellaneous (Cont(nued).
Miscellaneous (Cont(nued).
Philippe (Louis), Inc., class B (guar.)._ '40e. Nov. 1 'Holders of rec. Oct. 18
"40c. Nov. 1 "Holders of rec. Oct. 21
Lincoln Printing Co., corn. (guar.)
Mt Nov. 1 Holders of rec. Oct. 21:
Phillips-Jones Corp., pref (guar.)
•8714e Nov. I 'Holders of ree. Oct. 01
Preferred (guar.)
11.1. Nov. 25 Holders of rec. Nov. 15
65e. Dec. 1 Holders of rec. Nov. 15: Pickwick Corp., 7% pref. (guar.)
Link Belt Co.(guar.)
Dec. 25 Holders of rec. Dec. 15
2
8% preferred (qoan)
•50c. Oct. 28 *Holders of rec. Sept. 28
Lion 011 Refg., corn.(guar.)
11.1 Dec. 1 Holders of rec. Nov. 90
Nov. I Holders of rec. Oct. 19a Pittsburgh Steel Co. pref. (guar.)
Liquid Carbonic, corn. (guar.)
$1
Jan. 1 "Holders of rec. Dec. 20
Polymet Mfg., new stk.(payable In stk.) *el
Lit Brothers,Inc., pref.(No.1)
$4.25 Nov. 1 Holders of rec. Oct. 15
Power & Light Securities Trust (guar.)._ *el 34 Nov. 1 "Holders of rec. Oct. 15
*15c. Nov. 1 *Holders of rec. Oct. 19
Loew's Boston Theatres (guar.)
1350. Nov. 1 Holders of rec. Oct. 18a Pressed Metals of Amer., pref. (guar.)._ "I% Jan. 1 *Holders of rec. Dec. 12
Loose-Wiles Biscuit, corn. (guar.)
*50c. Nov. 1 *Holders of rec. Oct. 21
1% Nov. 15 Holders of rec. Nov. Ia Process Corp., corn. ((Bar.)
Louisiana Oil Refg., pref. (guar.)
elm Dec. 81 *Holders of rec. Dee. 21
Procter & Gamble Co.
Lunkenheimer Co., pref. (quar.)
50c. Nov. 15 Holders of roe. Oct. 250
New common (guar.)(No. 1)
Nov. I 'Holders of rec. Oct. 15
Luther Mfg.(guar.)
•2
Nov. 1 Oct. 16 to Nov. 1
3
Prospect Hill Apartments, Inc., pref
Lynch Glass Machine, corn. (guar.)._ *50c. Nov. 15 'Holders of roe. Nov. 5
Nov. I Holders of rec. Oct. 10
334
pref
Prudence Co., Inc..
Macfadden Publicat'ns, new corn. (No.1) 500. Nov. 1 Holders of rec. Oct. 10
25c. Dec. 16 Holders of rec. Nov. 15
Public Investing Co. (guar.)
MacKinnon Steel Corp., Ltd.. prof.(au.) lit Nov. 1 Holders of rec. Oct. 15
Dee. 16 Holders of rec. Nov. 15
124e.
Extra
500 Nov. 15 Holders of roe. Oct.• 25a
Macy (R. H.) dr Co.(quar.)
Public Util. Secur. Corp., part. pfd.(qu.) 81.625 Nov. I Holders of rec. Oct. 22
Magnin (I.) & Co., corn.(guar.)
'131 Nov. 15 *Holders of rec. Nov. 5
1240. Nov. 1 Holders of roe. Oct. 22
Participating pref. (extra)
Dec. 1 'Holders of rec. Nov. 20
/*1
Manischewits (3.) Co., corn.(in stk.)
Nov. 15 Holders of me. Oct. 29a
$I
Pullman, Inc.(guar.)
Marl'30 "Holders of rec. Feb. 20
".f1
Corn.(Pay. in corn. stock) (quar.)
•20e. Nov. 1 'Oct. 19 to Oct. 31
Pyrene Mfg. common (guar.)
J'nel'30 *Holders of rec. May 20
Corn.(pay. in corn. stock) (guar.)._ _ _ •11
Nov. 30 *Holders of rec. Nov. 1
*114
Quaker
preferred
Oats,
(guar.)
*374c
(cm)._
Nov.
1
01.
A
*Holders of rec. Sept. 20
Manning Bowman Jr Co.,
•50c. Nov. 1 'Holders of rec. Oct. 20
Randall (I.) Co., partic. A
*124c Nov. 1 *Holders of roe. Sept. 20
Class B (guar.)
50c. Nov. 1 Holders of rec. Oct. 21
Reed (C. A.) Co., class A (guar.)
Marchant Calculating Mach.(quar.)._ •40c. rain()'Holders of roe. Dec. 31
151 Nov. 1 Holders of roe. Oct. 10.
May Department Stores (guar.)
50c. Dec. 2 Holders of rec. Nov. 5a Republic Braes, pref. (guar.)
elK Dec. 2 Holders of me. Nov. to Rhode Isl. Mtg. Sec. Corp. pref.(qu.)_. 114 Nov. 1 Holders of rec. Oct. 15
Stock dividend
Nov. 1 Holders of rec. Oct. 15
374c.
(guar.)
corn.
Goods,
Rice-Stlx
Dry
Holders
15a
Nov.
1
Maytag Co., 18t pref.(guar.)
of rec. Oct.
51.50
*30c. Nov. 15 'Holders of me. Nov. 1
Preference guar.)
75e. Nov. 1 Holders of rec. Oct. 15a Weirs, Inc., corn:(guar.),(No. 1)
*50e. Nov. 1 "Holders of rec. Oct. 26
McCall Corp.(quar.)
Nov. 1 Holders of rec. Oct. 15a Richards (Elmer) Co. pref. (guar.)
$1
"40c. Nov. 15 'Holders of rec. Oct. 31
Richardson Co., corn. (guar.)
McCord Radiator & Mfg., el. B (quar.).. *50e. Nov. 1 *Holders of roe. Oct. 24
.50e. Nov. 15 Holders of rec. Oct. 19a
McCrory Stores, pref.(guar.)
14 Nov. 1 Holders of rec. Oct. 190 Richfield Oil of Calif., corn.(guar.)
4341e. Nov. 1 Holders of rec. Oct. 5
McIntyre Porcupine Mines (guar.)
Preferred (quarter.)
25e. Dec. 2 Holders of rec. Nov. I
Hold,of rec. Jan.5 1930
(r)
$1
Melville Shoe, corn. (guar.)
35c. Nov. 1 Holders of rec. Oct. 18a Rio Grande 011
Rio Tinto Co., Amer. dep. rcts. ord. shs. (v) Nov. 8 *Holders of roe. Oct. 21
First preferred (guar.)
•114 Nov. 1 *Holders of rec. Oct. 18
'Holders
of roe. Oct. 21
Nov.
8
(v)
pref
for
receipts
Amer. deposit
Second preferred (quar.)
"74c. Nov. 1 *Holders of rec. Oct. 18
1 *Holders of rec. Oct. 15
Mengel Co., core. Mar.)(No. 1)
500. Nov. 15 Holders of rec. Nov. la Riverside Portland Cement pref.(qu.)._ "81.50 Nov.
of
rec. Oct. 13
*Holders
Nov.
1
a31
X
c
Class
A
(Q1lar
.)
Preferred (guar.)
114 Dec. I Holders of rec. Nov. 15a
"90c Nov. 1 'Holders of rec. Oct. 15
Merck Corp., preferred (quar.)
Rollins(H. M.) pref.(No. 1)
$1 Jan 2'30 Holders of rec. Dec. 17
65c Nov. 1 Holders of rec. Oct. 20
Mercury Mills, Ltd.(Can.) pref. (qu.)
Ruud Mfg., common (guar.)
134 Nov. 1 Holders of rec. Oct. 15
•131 Nov. 1 'Holders of rec. Oct. 17
Russell Motor Car, corn. (guar.)
Merritt-Chapman Jr Scott. corn. (qu,)
40e. Dec. 1 Holders of roe. Nov. 15
'131 Nov. 1 'Holders of rec. Oct. 17
Preferred (guar.)
Preferred A (guar.)
MI Dec. 1 Holders of rec. Nov. 15
Ryerson (Joseph T.) dr Son Co.(guar.)._ *50c Nov. 1 "Holders of rec. Oct. 18
Meteor Motor Car (guar.)
*50c. Dee. 1 *Holders of me. Nov. 20
19
St. Lawrence Flour Mills, pref. (guar.). 131 Nov, 1 Holders of roe. Oct.
Metro. Chain Stores, Prof. (quar.)
31.75 Nov. 1 Holders of rec. Oct. 15
St. Louis Screw & Bolt, pref. (guar.)... 134 Nov. 1 Holders of rec. Oct. 25
Metropolitan Industries, pref. (guar.) "$1.50 Nov. 1 'Holders of rec. Oct. 21
rec.
Oct.
150
Holders
of
Nov.
1
50c
Producers
Assn.
(guar.)
Creek
Salt
Jan. 2 Holders of me. Dee. 15
Metropolitan Title Guaranty (No. 1)___ $1
.1.11.4 Nov. 15 *Holders of rec. Nov. 1
Miami Copper Co. (guar.)
$1 Nov. 15 Holders of rec. Nov. la Savage Arms, 2d Prof.(Quar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
Savannah Sugar Ref., corn. (guar.)
*250. Dec. 1 *Holders of rec. Nov. 25
Michigan Steel Tube
141 Nov. 1 Holders of rec. Oct. 15
Preferred ((Buar.)
Mid-Continent Petroleum, corn. (guar.) 50c Nov. 15 Holders of me. Oct. 150
•300 Nov. 16 *Holders of me. Nov. 7
Scotten-Dillon Co. (quar.)
Minneapolis-Honeywell, reg. pref. (qua •131 Nov. 15 *Holders of rec. Nov. 1
Nov. 16 *Holders of roe. Nov. 7
•20e.
Extra
Mississippi Valley CUL Invest.Scott Paper$1.50 Nov. 1 Holders of rec. Oct. 15
$6 prior lien stock (guar.)
Dec. 31
Corn. (In stk. sub). to stkiirs.'approv.) f2
u Nov.20 *Holders of me. Oct. 21
Missouri-Kansas Pipe Line
151 Nov. 1 Holders of rec. Oct. 17‘
50c Nov. 1 Holders of rec. Oct. 18
Preferred A (guar.)
Missouri Portland Cement (guar.)
14 Nov. I Holders of rec. Oct. 17r
50c Nov. 1 Holders of rec. Oct. 18
Preferred B (guar.)
Extra
13j Nov. 15 Holders of roe. Oct. 31
*750. Nov. 1 *Holders of rec. Oct. 21
Seaboard Surety (guar.)
Modine Manufacturing (quar.)
•624c Nov. 1 "Holders of rec. Oct. 15
Mohawk Mining (guar.)
Dec. 2 Holders of rec. Oct. 31
$3
Sears, Roebuck & Co. (guar.)
el Nov. 1 Holders of roe. Oct. 15i
75e. Nov. 15 Holders of rec. Nov. 90
Montgomery Ward dr Co., corn. (guar.).
Stock dividend (guar.)
el Feb. I Holders of rec. Jan. 15o
75c. Nov. 15 Holders of rec. Nov. la
Moody's Investors Service, corn.(extra).
Stock dividend (guar.)
May 1 Holders of rec. Apr. 14e
el
750. Nov. 15 Holders of rec. Nov. la
Part1e1nuIng preferred (extra)
Stock dividend (guar.)
Jan. 1 *Holders of rec. Dec. 10
411.25
(qu.)._
pref.
75c. Nov. 15 Holders of rec. Nov. 1
Investors,
Parthalloating pref.(guar.)
National
Second
Nov. 1 Holders of rec. Oct. 25
Moore Dew & Forging.cl. A (guar.).- •51.50 Nov. 1 *Holders of roe. Oct. 16
Second Standard Royalties, pref.(mthly) 1
750. Nov. 1 Holders of rec. Oct. 15
n1.50 Oct. 31 *Holders of rec. Oct. 16
Class A (extra)
Seeman Bros., corn. (guar.)
1 Holders of rec. Oct. 15
Nov.
550
Morris Plan Bank (Cleveland) (guar.).- 3
Nov. 1 Holders of rec. Oct. 25
Selby Shoe Common (acer.)
114 Nov. 1 Holders of rec. Oct. 16
Nov. 15 Holders of rec. Nov. la
Motor Products Corp. (extra)
$3
Preferred (guar.)
Mullins Mfg. Corp.,$7 pref.(guar.). _ _ _ $1.75 Nov. 1 Holders of rec. Oct. 15
Selfridge Provincial Stores Am, dep. rots *1E34 Dec. 6 *Holders of rec. Nov. 15
50c Nov. 1 Holders of rec. Oct. 18
75e. Dec. 1 Holders of rec. Nov. 14a Seton Leather, corn. (guar.)
Munsingwear, Inc., corn.(guar.)
Nash Motors (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 19a Sharp & Dohme Co., cony. A (guar.)... 874c Nov. 1 Holders of rec. Oct. 22<
114 Nov. 1 Holders of roe. Oct. 5
National Acme Co., corn. (guar.)
3734e Nov. 1 Holders of rec. Oct. 15a Shenandoah Corp., corn.(No. 1)
Nov. 1 Holders of rec. Oct. 6
50a. Nov. 1 Holders of roe. Oct. 15
National American Co.(quar.)
6% cony. preference (quar.)(No. 1)._
dl% Nov. 1 Holders of rec. Oct. 16
Nat. Bearing Metals, Prof. (quar.)
Payable in corn.stock at rate of 1-32 sh are for each sh are cony. preferred
25e. Jn 15'30 Holders of ree.Jan.2'30a Silver (Isaac) dr Bros. Co., pref. (qu.)... lit Nov. 1 Holders of rec. Oct. 20
Nat. lallas-Hess, new corn.(guar.
el
*75c. Nov. 1 Holders of rec. Oct. 19,
Jan. 15 Holders of rec. Jan. 2a Simmons Co. (guar.)
Stock dividend (quar.)
1% Dee. 2 Holders of rec. Nov. 21a
el% Oct. 31 Holders of rec. Oct. 21,a
Preferred (guar.)
Stock dividend (No. 1)
50c. Nov. 1 Holders of rec. Oct. 16a
Nov. 15 Holders of rec. Oct. 31a Simpson Limited, common A
$1
National Biscuit, common (extra)
2
2 1-6 Nov. 1 Holders of rec. Oct. 16a
Nov. 1 Holders of rec. Oct. 20
National Carbon, pref. (quar.)
Preference
Nov. 15 Holders of rec. Nov. 1,a
2
*22 Nov. 15 'Holders of rec. Oct. 31
National Casket. common
Sinclair Cons. Oil, pref. (guar.)
*50c. Dec. 15 'Holders of rec. Nov. 15
151 Nov. 1 Holders of rec. Oct. 15a Skelly Oil (quar.)
Nat. Dept. Stores. let pref. (guar.)._
Nov. 1 *Holders of rec. Oct. 25
"624c
'151 Dec. 1 *Holders of roe. Nov. 15
Second preferred (guar.)
Skinner Organ (guar.)
1231c Dec. 1
134 Dec. 14 Holders of rec. Nov. 29a Smith-Alsop Paint Jr Varnish,common_
National Lead, pref. A (quar.)
•1% Nov. 15 *Holders of rec. Oct. 16
134 Nov. 1 Holders of rec. Oct. 18a Solvay Amer. Invest. pref. (guar.)
Preferred R (quar.)
lit Nov. 15 Holders of rec. Oct. 31
Nat. Recording Pump., cony. stk. (qu.) 75c. Nov. 1 Holders of rot. Oct. 22
South Coast Co. pref. (guar.)
75c. Nov. 1 Holders of rec. Oct. 15
3734c Nov. 15 Holders of rec. Nov. 1
National Refining, corn. (quar.)
Spiegel, May Stern Co., corn.(quar.).Nov. 1 Holders of rec. Oct. 15
I%
*1% Nov. 15 •Holders of rec. Oct. 26
National Secur.Investment pref.(an.)
Preferred (guar.)
$1.375 Nov. 15 Holders of rec. Oct. 26
*Holders of rec. Nov.30
National Securities (stock divIdend)____ el0
Standard Investing, pref.(guar.)
*lit Nov. 1 *Holders of rec. Oct. 15
Mite Nov. 1 Holders of rec. Oct. 14
National Tea, pref. (guar.)
Stanford's Limited 1st & 2d pref.(ciu.)
750. Nov. 1 Holders of rec. Oct. 15
National Tile (guar.)
Steel Co. of Canada, corn. & pref.(qu.). •43,4c Nov. 1 *Holders of rec. Oct. 5
Nebel(Oscar) Co., Inc.,common(qu.)._ *621.4e Jan2'30 *Holders of rec. Dec. 15
Sterchi Bros. Stores, Inc., corn. (guar.). "30e. Nov. 15 'Holders of rec. Oct. 30
•500. Nov. 1 *Holders of roe. Oct. 05
Stewart-Warner Corp.Participating pref.(guar.)
Nov. 15 Holders of rec. Nov. 5
e2
750. Oct. 31 Holders of rec. Oct. 21a
Nedick's, Inc
New $10 par stock (in stock)
Feb. 15 Holders of roe. Feb. 5a
e2
II( Nov. 1 Holders of rec. Oct. 15
Neisner Bros.. Inc.. pref. tquar.)
New 810 par stock (In stock)
Dec. 1 *Holders of rec. Nov. 15
"3714c
(guar.)
Nov.
1
*Holders of rec. Oct. 16
Newberry(J.J)Realty Co.64%1IL MU.). 01%
Stlx Baer Jr Fuller, corn.
*50e. Nov. 1 'Holders of rec. Oct. 20
4.1% Nov. 1 *Holders of rec. Oct. 16
6% preferred Mar.)
Storkline Furniture, pref. (quar.)
561(e. Nov. 1 Holders of rec. Oct. 18
•151 Dec. 1 *Holders of rec. Nov. 15
Preferred (guar.)
Stouffer Corp., class A (guar.)
New England Equity common (guar.)._ '623.4c Nov. 1 'Holders of rec. Oct. 15
Straus (S. W.) Investing Corp., Pf• (qu.) 750. Nov. 1 Holders of rec.__Oct. 11
*750. Dee. 21 *Holders of roe. Dec. 10
•500 Nov. 9 *Holders ot roe. Oct. 21
New Jersey Zinc (guar.)
Strooek (S.) Co. (quar.)
134 Nov. 1 Holders of rec. Oct. 26
New Process Co., pref. (guar.)
Studebaker CorporationDec. 1 Holders of roe. Nov. 9
11
New River Co., pref.(aect. accum.(M.)* 18$1.50 Nov. 1 "Holders of rec. Oct. 15
Common (payable in corn. stock)
750 Nov. 1 Holders of rec. Oct. 19
75e Nov. 1 Holders of rec. Oct. Sa Sun Investing Co.. pref.(au)
New York Air Brake (guar.)
Dec. 16 *Holders of rec. Nov. 25
•25c.
New York Hamburg Corp
21.25 Oct. 29 Holders of rec. Oct. 15
Sun Oil, com. (quer.)
Dec. 16 *Holders of rec. Nov. 21
*f9
25c Oct. 26 Holders of rec. Oct. 16
N.Y.& Honduras Rosario Min.(qu.)
Corn. (payable in corn. stock)
Dec.
2 *Holders of rec. Nov. 11
*131
(quar.)
25o Ott. 26 Holders of rec. Oct. 16
Extra
Preferred
Oct. 30 "Holders of rec. Oct. lf
*2
N.Y. Merchandise Co.corn.(qu.)
500 Nov. 1 Holders of rec. Oct. 21
Sunray Oil Corp
$1 Nov. 1 Holders of rose. Oct. 21
144 Nov. 1 Holders of rec. Oct. 21
Preferred (quar.)
Superheater Co.,extra,
•75.0 Nov. 1 *Holders of roe. Oct. 21
500 Oct. 31 Holders of rec. Oct. 16
New York Trading Corp., class A
Super Maid Corp. common Mar.)
"30e. Oct. 31 *Holders of rec. Oct. 21
Nichols Conner Co.. clam B (guar.).- *750 Nov. 1
Sutherland Paper, corn. (guar.)
250. Nov. 1 Holders of rec. Oct. 11
Amer.
(guar.)
Nipisaing Mines(guar.)
•714e Oct. 21 *Holders of rec. Sept. 20
Co.
of
Sweets
15e Nov. 1 Oct. 18 to Oct. 31
Noma Electric Corp., corn,(guar.)
40c Nov. 1 Holders of rec. Oct. 15
Took-Hughes Gold Mines
250 Nov. 1 Holders of rec. Oct. 11
Norman (N. S.) Muth,. Df•(No. 1)
Telautograph Corp. (guar.)
*82%c Nov. 1 *Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. If
Sc.
Normandie National Securities Corp.Extra
50c Nov. 1 Holders of rec. Oct. II
Thermoid Co.corn.(guar.)(No.1)
Participating Preference (au.)(No.1). (1214c Nov. 1 Holders of rec. Oct. 15
Nov. 1 *Holders of rec. Oct. 11
"14i
North Amer. Invest.(San Fran.) M.)._ $1.25 Nov. 20 Holders of rec. Oct. 31
preferred
cony.
7%
(guar.)
Jan. 1 Holders of rec. Dec. lf
North Amer. Oil Consol.(monthly).- "10c Nov. 1 *Holders of rec. Oct. 20
Third National Investors Corp.. corn_ $1
30c Nov. I Holders of rec. Oct. 21
North Central Texas Oil, corn. (guar.)._
15c Dee. 2 Holders of rec. Nov. 1 Thompson (John It.)(monthly)
300 Dec. 2 Holders of rec. Nov. 21
Northern Manufacturing, Prof.(guar.). 19a Dec. I
Monthly
1% Dec. 1 Holders of rec. Nov. 2(
Northwestern Engineering (guar.)
•500 Nov 1 *Holders of rec. Oct. 15
Thompson Products. pref (guar.)
Nov. 15 Holders of rec. Oct. 11
Nov. 15 Oct. 31 to Nov. 14
Ohio Seamless Tube common (quar.)_ _ $1
134
Oil
pref.
Water
(guar.)
Tide
Olistocks Ltd., class A & B (guar.)
*124 Nov. 15 *Holders of rec. Oct. 31
Tr-I-Continental Allied Corp. pt.(No. 1). *75e Nov. 15 *Holders of rec. Oct. 21
•750 Nov. 1 *Holders of rec. Oct. 11
011 Well Supply, pref.(quar.)
151 Nov. 1 Holders of rec. Oct. Ila Tri-Utlities Corp. pref. (guar.);
Nov. 1 Holders of rec. Oct. 2(
$2
Oliver United Filter. class A (quar.)
50c Nov. 1 Holders of rec. Oct. 21
Troxel Mfg.. corn. (quar.)
151 Nov. 1 Holders of rec. Oct. 2(
Oppenhelm, Collins Jr Co., corn. (quar.) $1.2 Nov. 1 Holders of rec. Oct. 25a
Preferred (quar.)
400 Nov. 1 Holders of rec. Oct. 11 a
Otis Elevator, preferred (guar.)
14 Jn 153 Holders of rec. Dec. 310 Truax-Traer Coal (quar.)
*1 M Dec. 2 *Holders of rec. Nov. 2'
Outlet Company, corn. (quar.)
Nov.
Holders of rec. Oct. 21a Truscon Steel pref. (guar./
$1
1% Nov.
First preferred (quer.)
Holders of rec. Oct. 2Ia Tung Sol Lamp Works. common (quar.)_ •50c Nov. 1 *Holders of rec. Oct. 21
•75c Nov. 1 "Holders of rec. Oct. 21
Nov.
Second preferred (quar.)
Holders of rec. Oct. 21
1%
Preferred (quar.)
Pacific Clay Products (guar.)
Mc Nov. *Holders of me. Oct. 16
Twelfth Street Stores class A (guar.).- *50e. Nov. 1 'Holders of rec. Oct. 21
•50c. Nov. 9 'Holders of rec. Oct. 1'
Pacific Steamship, Prof. (guar.)
*1% Nov. "Holders of reo. Oct. 14
Union 011 Associates(guar.)
*Holders of rec. Nov. 21
'el
Packard Motor Car (for period from
150 Oct. 3 Holders of rec. Oct. lla
Stock dividend
50c. Nov. 9 Holders of rec. Oct. l'
close of old fiscal year, Aug. 31,to be150 Dec. 3 Holders of rec. Dec. 12: Union Oil Co. of Cal.(guar.)
el
Holders of rec. Nov. 2)
ginning of new fiscal year. Jan. 1 1930
Stock dividend
11.4 Nov. 1 Holders of rec. Oct. 1/ a
Paepeke Corp., corn. (guar.)
*14 Nov. 1 'Holders of rec. Nov. 6
United Biscuit, prof. (guar.)
Park & Tilford, Inc. (guar.)
75c Jan, 1 Holders of rec. Dee. 30a United Bond Jr Share, corn,(extra).- *$250 Dee. 2 "Holders of roe. Nov. 11
*50c. Dec. 2 *Holders of rec. Nov. 11
Stock dividend
Jan. 1 Holders of rec. Dec. 30a
1
Participating preferred (extra)
Quarterly
75c Apr. 1 Holders of rec. Mar. 29a United Carbon, panic. pref.(guar.)._ _ 34 Jan no Holders of rec. Dec. 11
Stock dividend
Apr. 1 Holders of rec. Mar. 29a United Chemicals, Inc., pref. (guar.)._ *750. Dec. 1 "Holders of roe. Nov. 1
1
Parmelee Transportation. com.(mthly.)• 124c Nov. 1 "Holders of roe. Oct. 30
United Dept. Stores. com. (qu.)(No. 1) '2214c Nov. 1 "Holders of rec. Oct. 21
*874c Nov. I *Holders of rec. Oct. 21
Penmans, Ltd., corn. (quar.)
Nov. 1 Holders of rec. Nov. 5
Preferred (quar.)(No. I)
$1
*50c. Dec. 1 *Holders of rec. Nov. 1,
Preferred (guar.)
Holders of rec. Oct. 21
131 Nov.
United Milk Crate. class A (guar.)
•13c. Dec. 1 *Holders of rec. Nov. 1
Perfection Stove (monthly)
037%c Oct. 3 *Holders of rec. Oct. 17
Class A (extra)
Mc. Nov. 15 Holders of rec. Nov.
partle.pf.(mthly.).
Monthly
Corp.
*3731c Nov. 3 *Holders of rec. Nov. 18
Pacific
United
15c. Dec. 16 Holders of rec. Dec. '
Monthly
•374c Dec. 3 *Holders of rec. Dec. 18
Participating pref.(monthly)
10. Nov.
Holders of rec. Oct. 25
Petroleum Royalties pref.(monthly)._
(Jolted Piece Dye Wks.634% Pf. M.).- 154 Jan2'30 Holders of rec. Dec. 21
50c. Oct. 31 Holders of rec. Sept.3 a
Preferred extra)
Holders of ma Oct. 28
Me. Nov.
United Profit-Sharing, prof
Nov. 1 Holders of ree. Oct. ' a
21
31%e Nov.
Petroleum & Trading, corn. A (quar.)
Holders of rec. Oct. 18
United Verde Exten. Mining (guar.)._
2644
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
U.B.&British Internat. pref.(qitar.)__ _
75c. Nov. 1 Holders of rec. Oct. 15
U.S. Cast Iron Pipe & Fdy.. corn., (qu.)
50c. Jan. 20 Holders of rec. Dec. 31a
First & second prof. (guar.)
30e. Jan. 20 Holders of rec. Dec. 3Ia
U. S. dr Foreign Secur.. 1st Pt. (qu.)... 31.50 Nov. 1 Holders of rec. Oct. us
U. S. Industrial Alcohol coin.(quar.)
$1.50 Nov. I Holders of rec. Oct. 150
U.S. dr Internal. Sec. lot pref.(quar.) •$1.25 Nov. 1 *Holders of rec. Oct. 11
1st pref. allot. ctfs. 50% pd. (quar.).. .62)4c Nov. 1 *Holders of rec. Oct. 11
U. S. Realty & Improvement
$1.25 Dec. 18 Holders of rec. Nov. 150
Universal Leaf Tobacco common (qu.)
75c. Nov. 1 Holders of roc Oct. 2Ia
Universal Pipe & Radiator pref. (quar.). 19( Nov. 1 Holders of rec. Oct. 15a
Utah-Anex Mining
25c. Nov. 1 Holders of rec. Oct. 15
Utah Radio Products (quar.)
*30e. Nov. 1 *Holders of roe. Oct. 18
Vadsco Sales Corp., pf. (quar.)
Nov. 1 Holders of rec. Oct. 150
Vanadium Corp. (quar.)
75c. Nov. 15 Holders of rec. Nov. la
Extra
Dec. 16 Holders of rec. Dec. 2a
Si
Vapor Car Heating, Pref.(guar.)
Dec. 10 *Holders of roe. Dec. '4
Venezuelan Petroleum (quar.)
*5c. Nov. 15 *Holders of rec. Oct. 31
Vick Chemical (quar.)
6214c Nov. 1 Holders of rec. Oct. 17a
Victor Talking Machine, corn. (quar.).. Si
Nov. I Holders of rec. Oct. 7
Volcanie Oil & Gas (quar.)
*35c. Dec. 10'Holders of rec. Nov. 30
*50. Dec. 10 *Holders of roe. Nov. 30
Extra
Waco Aircraft (quar.)
*25c. Nov. 1 *Holders of rec. Oct. 18
Warchel Corp., corn. (quar.)
*62).0
,Nov. I *Holders of rec. Oct. 15
Warren (S. D.) Co.,corn. (Oiler.)
$1.75 Nov. 15 Holders of rec. Oct. 31
Waterloo Manufacturing. cl. A(quar.)
25c. Nov. 1 Holders of rec. Oct. 15
1Vayagamack Pulp & Paper (quar.)
69c. Dec. 2 Holders of rec. Nov. 15
Welboldt Stores, Inc. (quar.)
40e. Nov. 1 Holders of rec. Oct. 15
Western Air Express (quar.)
•15c. Nov. 12 *Holders of rec. Oct. 15
Western Grocer (quar.)
*37 Mc Nov. I *Holders of rec. Oct. 20
Western Steel (Canaria) pref. (quar.)_
1M Nov. 1 Holders of rec. Oct. 15
Western Tablet & Stationery corn.(qu.)_
50c. Nov. 1 Holders of rec. Oct. 21
*50c. Nov. 15 *Holders of rec. Oct. 31
Westfield Mfg.common (guar.)
Westinghouse Air Brake (guar.)
50c Oct. 31 Holders of rec. Oct. 305
Westinghouse Elec. & Mfg. corn. (qual.) Si
Oct. 31 Holders of rec. Oct. 70
*1M Nov. 15 *Holders of rec. Nov. 5
West Va. Pulp & Paper, pref. (quar.)
Nov. I Holders of rec. Oct. lea
White Sewing Machine pref. (quar.)
El
Nov. 1 Holders of rec. Oct. 28a
Wit-low Cafeterias, Inc., cony. pf. (qu.) El
Willys-Overland Co. common (quar.)....
30c. Nov. 1 Holders of rec. Oct. 18a
1 ti Jan 230 Holders of rec. Dec. 16a
Preferred (quar.)
Wisconsin Investment, new (No. 1)._
*75c. Nov. 1 *Holders of rec. Oct. 10
Woolworth (F. W.) Co.(quar.)
•60c. Dec. 2 *Holders of rec. Nov. 9
Wrigley (Wm.) Jr., Co.(monthly)
25c. Nov. 1 Holders of rec. Oct. 19a
Monthly
50c Dec. 2 Holders of rec. Nov. 200
Yellow Checker Cab,corn. A (monthly)•33 1-3c Nov. 1 *Holders of rec. Oct. 26
Common A (monthly)
•33 1-3c Dec. 1 *Holders of rec. Nov. 26
Zenith Radio Corp. tquar.)
50c Nov. 1 Holders of rec. Oct. 18
Zonite Products (quar.)
*40c. Nov. 15 *Holders of roe. Nov. 1
'From unofficial sources. t The New York Stock Esehange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice.
The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
Transfer books not closed for this dividend. d Correction. e Payable in stock.
S Fifty cents of the Federal Water Service, class A dividend may be applied to the
purchase of additional shares of class A stock at $27 per share.
f Payable In common stock. 9 Payable In scrip. h On account of accumulated
Payable In preferred stock.
dividends.
i North American Co. stock dividend Is et rate of 1-40th share for each share held
k Burnish Oil dividend is two shillings per shere less deduction for expenses of
depositary.
Authorized at stockholders' meeting Oct. 11.
m Holders have option of applying dividend to purchase of class A stock at $18
per share.
n Payable in common A stock at rate of $25 per share unless written notice of
election to take cash is given prior to Dec. 23.
p N. Y. Stock Exchange rules that W. 'I'. Grant be granted extra 100% stock
dividend on Oct. 23.
r Rio Grande Oil stock to be placed on a 32 per ann. basis. The company declared
$1 payable July 25 1929 and intends to declare another SI payable on or before
Jan. 25 1930. The stock dividends are 1M shares on each 100 shares, the first
% having been declared payable April 25 with the intention to declare a second
114% payable on or before Oct. 25.
s Pacific Public Service dividend will be paid in common A stock unless holder
'stifles the company on or before Oct. 10 of his intention to take cash.
o Missouri-Kansas Pipe Line dividend Is one-fourtieth share of stock.
Rio Tinto dividends are .01. 5s. on ordinary stock, and 2s. 6d. on prefer, shares.
w Less deduction for expenses of depositary.
Associated Ga.s & Elec. class A dividend is one-fortieth share class A stock for
each share held unless stockholders by notification on or before Oct. 15 request cash,
Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, the Now York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with tho capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, OCT. 19 1929.
Clearing House
Members.
'Capital.
'Surplus and
Undivided
Profits.
Net Demand
Deposits
A terage.
s
s
$
6,000,000
Bank of N. Y.& Tr. Co__
22,250,000
Bk. of the Manhattan Co_
35,775,300
Bank of America N. A__.
110,000.000
National City Bank
15,000,000
Chemical Bank & Tr. Co_
00,000,000
Guaranty Trust Co
13,500.000
Chat.Ph.Nat.Sk.&Tr.Co.
Cent. Han. Bk.& Tr. Co_
21,000,000
Corn Exch. Bk Trust Co_
12.100.000
First National Dank
10,000,000
Irving Trust Co
50,000,000
Continental Dank
6,000,000
Chase National Dank __ _. 105.000,000
Fifth Avenue Bank
500,000
Equitable Trust Co
46,500,000
Bankers Trust Co
25,000,000
Title Guar. & Trust Co__,
10,000,000
Fidelity Trust Co
(6,000,000
Lawyers Trust Co
3,000,000
New York Trust Co
12,300,000
Conti Nat. Bk.& Tr. Co_
7,000,000
Harriman N.B.& Tr. Co_
1,500,000
Clearing Non-Members:
City Bk, Farmers Tr. Co_
Mectecs Tr. Co.. Bayonne
Totals
10,000,000
500,000
010125
1001
14,240,000
63,277,000
43,228,400 179,110.000
39,281,300 171,750,000
126,952.400 a1071665,000
21,317.400 201.503.000
198,809.000 b785,076,000
16,680.500 160,366,000
79.033,800 326,222,000
22,804,200 180,999,000
102,357,300 201,429,000
82,750.000 351,501,000
11,162,000
11,275,400
136,206,100 c706,578.000
3,814,100
26.079,000
45,238,500 d496,948,000
82,753,300 e367,115,000
31,020,000
24,498,700
41,410,000
15.617,400
17,580,000
4,508,200
34,047.700 146,554,000
38,000,000
8,416,700
34,006.000
2,822,200
11.093,900
860,500
11R
8,033,000
3,182,000
an7 non: R99
cilknnn
Time
Deposits
Average.
S
11.152,000
44,579.000
58,615,000
201,751,000
17,952,000
114,547,000
37,673.000
43,315,000
31,147,000
11,737,000
54,778,000
607,000
73,951,000
752,000
54,398,000
55,965.000
1,603,000
5,639.000
2,148,000
20,284,000
7,136,000
5,915.000
1,378,001)
5,546,000
RA9 AAR
nnn
• As per officials reports National, Oct. 4 1929: State, Sept. 27 1929: trust
cos..
Sept. 27 1929. f As of Oct. 2 1929.
Includes deposits In fore CO branches as follows: a $324,794,000; b 3166,584,000:
c 114.144,000: d 3166,382 000: e $78,461,000.
Voi.. 129.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Oct. 18:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, OCT. 18 1929.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash lies., Dep., Dep. Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Loans.
Manhattan$
Bank of U. S.__ 245,734,000
Bryant Park Bk. 2,729,400
Chelsea Exch.Bk. 21,886,000
Grace National__ 20,285,600
Port Morris
3,563.100
Public National_ 144,256,000
BrooklynBrooklyn Nat... 8,248,900
Peoples Nat.,.. _
7,900,000
$
$
3
$
s
87,000 5,477.00042,729.000 2,562,000 243,572,00(
____ 209,400
314,700
2,438,40(
__ 1,462,000 1,719,000
19,813,00C
3.000
55.700 1,135,700
69,500 18,454,20C
32,400 101,700
205,600
3,189,700
30,000 2,135,000 9,782,000 37,944,000 164,867,000
21,400
5,000
64,000
124.000
465.800
594.000
581,400
75.000
5,573.501
8.000.00(1
TRUST COMPANIES-Average Figures.
Loans.
ManhattanAmerican
Bk. of Europe & Tr_
Bronx County
Empire
Federation
Fulton
Manufacturers
United States
BrooklynBrooklyn
Kings County
Bayonne, N.J.Mechanics
Cash.
Res're Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
S
s
5
48,360.600 11,188,900 1,066,300
16,771,857
904,215
118,066
26,869,916
792,276 1,889,825
86,075,000 *5,469,000 9,394,800
17,682,483
141,414
1,21.5,428
18,205,390 *2,508,100
572.400
392,596.000 3,396,00(1 641.564,000
87,716,340 4.333,000 9.609,094
$
s
23,600 49,399.400
18,188,034
26,432,515
4,141,500 87,114,000
170,075 17,665.457
16,310.100
2.643,000 373,268,008
75,577,594
2.649,300 22,546.000
1,836,903 2,146,858
113,312,800
23,229,661
113,909.300
26,467,252
9.189.006
245.284
727.491
330.861
9.118.756
* Includes amount with Federal Reserve Bank as follows: Empire. $4,183,500:
Fulton, $2,408,600.
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.
Changesfrom
Precious Week
Oct. 23
1929.
$
Capital
100,825,000
Surplus and profits
121,279,000
Loans, dIsc'ts & invest'ts. 1,171.736,000
Individual deposits
720,535,000
Due to banks
156,060,000
Time deposits
264,368,000
United States deposits
9,408,000
Exchanges for CI's House
48,547,000
Due from other banks_ _. 106,144,000
Res've in legal deposit's
85,722,000
Cash In bank
8,050,000
Res've excess In P. R. Bk
1.02.5.000
Oct. 16
1929.
Oct. 9
1929.
3
3
3
95,825,000
-500,000 101,325,000
+166.000 121,113,000 114,740,001
+6,820,000 1,164,916,000 1,166,095,001
+1.183,000 719,352,000 716.879,001
-936.000 156,996,000 148,930,000
-1,267,000 265.635,000 267,359,000
13,001,000
14,530,000
-3,593,000
-7,266,000
55,813,000
45,907,000
94,995,000
-3,957,000 110,101,000
84,187,000
85,391,000
+328,000
8,375,000
7,702,000
+348,000
-310.000
926,000
1.335.000
Philadelphia Banks.-Tho Philadelphia Clearing House
return for the week ending Oct. 17, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve Systom
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaroos" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Oct. 17 1929.
Two Ciphers (00)
omitted.
Ifembers of
Trust
F.R. System Companies.
61,442,0
Capital
213,582,0
Surplus and profits
Loans, dlscts. & Invest. 1,093,843,0
42,525,0
Exch. for Clear. House
110,185,0
Due from banks
139,774,0
Bank deposits
637,957,0
Individual deposits..
212,289,0
Time deposits
990,020.0
Total dePosIts
69,311,0
Res. with legal dopes..
Res. with F. R. Bank.
11,258,0
Cash in vault*
80.569,0
Total res. & cash held.
Reserve required
Excess reserve and cash
In vault
Oct. 12
1929.
Oct. 5.
1929.
Total.
7,500,0
68,942,0
68,602,0
68,502,0
16,671,0 230,253,0 226,897.0 224,912,0
71,568,0 1,165,411,0 1,165,839,0 1,166,948,0
353,0
42,878,0
48,245,0
45,890,0
13,0 110,198,0
95,064,0 107,136,0
949,0 140,723,0 135,152,0 138,263,0
33,061,0 671,018,0 670,943,0 674,297,0
16,090,0 229,279,0 231,377,0 233,906,0
51,000,0 1,011,020,0 1,037,472,0 1,046,466,0
69,311,0
68,648,0
69,664,0
5,328,0
5,328,0
5,094,0
5,806,0
1,469,0
12,727,0
12,688,0
12,081,0
6.797,0
87,366,0
86,430,0
87,551,0
1
•Cash In vault not counted se reserve for Iederal Reserve members.
OCT. 26 1929.]
2645
FINANCIAL CHRONTCLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct.24,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2609. being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 23 1929.
Oct. 23 1929. Oct. 16 1929. Oct. 9 1929.
Oct. 2 1929. Sept. 251929. Sept. 18 1929. Sept.11 1929. Sept. 4 1929. Oct. 24 1928.
RESOURCES.
1,546,526,000 1,547,526,000 1,506,735,000 1,541,345,000 1,529,345,000 1,540,555,000 1,560.899.000 1,540,669,000 1,180,352,000
Geld with Federal Reserve agents
68,558,000
67,109,000
71.232,000
61,994.000
67,195,000
68,069,000
66,810,000
64,114,000
67,146,000
Gold redemption fund with U. S. Tress_
Gold held exclusively agst. F. R. notes 1,614,595,000 1.614,336,000 1,568,729,000 1,608,491,000 1,593,459.000 1,613,750,000 1,632,131,000 1,607,778,000 1,248,910,000
779,661,000 758,685,000 811,642,000 754,211,000 754.882,000 730,013,000 721,202.000 711.637.000 706,947,000
Geld settlement fund with F.It. Board
Gold and gold certificates held by banks_ 610,757,000 631,815,000 631,856,000 620,090,000 649.226,000 645,637,000 618,402,000 623,953,000 690,373,00S
3,035,013,000 3,004,836,000 3,012,227,000 2,982,792,000 2,997,567,000 2,989,400,000 2,971,735,000 2,943,368,000 2,646,230,000
154,833,000 153,523,000 149,448.000 158,018,000 164,608,000 166,731,000 174,491,000 172,829,000 132,064,000
Total gold reserves
Reserves other than gold
Total reserves
3,189,846,000 3,158,359.000 3,161,675,000 3,140,810,000 3,162,175.000 3,156.131.000 3,146,226,000 3.116,197.000 2,778,294,000
57,487,000
57,793,000
Non-reserve cash
70,746,000
66,856,000
66,989,000
79,945,000
73,617,000
69,423,000
66,019,000
Bllls discounted:
Secured by U. S. Govt. obligations.,.. 372.352,000 401,458.000 383,341.000 432,115,000 443,214.000 438.358,000 491,986,000 541,074,000 553,393.000
Other bills discounted
424,006,000 447,477,000 473,965,000 498.518,000 501,185.000 495.558,000 480,941.000 504,942,000 358,534,000
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
796,358,000
379,383,000
848,935,000
360,110,000
857.306,000
333,151,000
930.633.000
322,818.000
944,399,000
263,934,000
933,916,000
241,103,000
37,955,000
71,375,000
26,374.000
37,967,000
72,066,000
27,595,000
37,650,000
75,538,000
27,570,000
37,648,000
79.080,000
29,024,000
37.660,000
87,050,000
27,349,000
42,658,000
94,983,000
39,968.000
Total U. EL Government 'securities_
Other securities (see note)
Foreign loans on gold
135,704,000
25,211,000
137,628,000
23,755,000
140,758,000
14,755,000
145,752.000
15,025,000
152,059,000
15,075,000
177,609.000
15,050,000
972,927,000 1,046,016,000
222,229,000 182,916,000
911,927,000
401,478,000
44,877,000
98,485,000
15,655.000
42,722,000
91,412,000
14,848,000
53,412.000
125,667,000
51,968,000
159,017.000
16,100,000
148.980,000
16,100,000
231,047,000
3,730,000
Total bills and securities Bee note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,336,656,000 1,370,428,000 1,345,970,000 1,414,228,000 1,375,467,000 1,367,676.000 1,370,273,000 1,394,012,000 1,548,182,000
Total resources
LIABILITIES.
F.11. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,451,970,000 5,718,121,000 5,377,749,000 5,506,927,000 5,431,421,000 5,573,890.000 5,395,032,000 5,355,111.000 5,187,892,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,421.932.0002,460,627,000 2,387,408,000 2,470,709,000 2,446.160,000 2,428,450,000 2,403.979,000 2,374.006,000 2,374,473,000
711,073,000 937,453,000 670,376,000 726,600,000 689.263,000 841,196,000 670,624,000 64.2,529.000 689,914,000
167,025.000 166,998,000 166,934,000 166,907.000 167,028,000 166,716,000 166,733,000 166,754,000 145,926,000
254,398,000 254,398,000 254,398,000 254,398,000 254,398,000 254,398,000 254,398,000 254,398.000 233,319,000
34.157.000
33,851,000
40,210,000
39,024,000
35,150,000
38,333,000
36.673,000
35.703.000
37.146,000
727.000
754,000
776,614.000 1,049,813,000
58,944,000
58,944,000
9,077,000
9,238,000
808,000
733,640,000
58,935,000
9,865,000
801,000
816.320.000
58,935,000
9,814,000
769.000
750,429,000
58,903,000
10,061,000
727,000
910,962,000
58,890.000
10,079,000
726,000
741.285.000
58,868,000
10,665.000
725,000
718,880,000
58,861,000
10,643.000
732,000
734,235,000
60,513,000
8,449,000
1,857,332.000 1,859,621,000 1,860,300,000 1,851,167,000 1,837,899,000 1.847.427,000 1.864.148.000 1,883,267,000 1,710,409,000
2.379,097,000 2.408,482,000 2,338,979,000 2,398,926,000 2,364.434,000 2,381,364.000 2,360,265,000 2,320.176,000 2,321,838,000
28,703.000
25,240,000
25,351,000
15,837,000
22,711,000
55,285,000
17.454,000
44,600,000
13,449.000
6,686,000
4,952,000
5,920,000
5,203,000
7.775,000
7,234,000
7.658,000
6,622,000
6,625,000
20.175.000
20,709,000
22,078,000
21,591,000
17,943,000
19.207,000
19.638,000
20,558,000
25,979,000
Total liabilities
5,451,970,000 5,718,121,000 5,377,749,000 5.506,927.000 5,431,421,000 5.573.890,000 5,395,032,000 5,355,111,000 5,187,892,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
69.1%
64.8%
69.6%
70.9%
69.6%
70.9%
69.9%
69.9%
69.0%
Ratio of total reserves to deposits and
68.0%
F. R. note liabilities combined
73.2%
73.1%
74.5%
74.4%
73.7%
73.8%
73,8%
72.7%
Contingent liability on bills purchased
for foreign correspondents
486,956,000 463,153,000 456,505,000 453.908,000 455.776,000 448,503,000 446.973,000 453,020,000 262,421,00*
Distribution by Maturities1-16 days bills bought in open market
1-16 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market.
10-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
81-60 days bills bought In open market
81-60 days bills discounted
81-60 days U. S. certif. of indebtedness.
81-60 days municipal warrants
01-90 days bills bought In open market 61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
95,715,000
603.173.000
3,800,000
94,021,000
648,638,000
5,180,000
85.797,000
639.414,000
5,530,000
37,294,000
52,609,000
37,627,000
59.738.000
41,777,000
67,629,000
124,265.000
695,164,000
7,190.000
300.000
37,089,000
66,416,000
111,603,000
84,054,000
5,217,000
600,000
131,233,000
48,596,000
96,796,000
82,640,000
5,023,000
84,964,000
84,792.000
61,388.000
98,649,000
130,028,000
50,939,000
436,000
3,538,000
7,926,000
17,357,000
125,000
125,000
1,638,000
6,980,000
17,392.000
30,000
118,464,000
58,901,000
6,594,000
125,000
2,149,000
6,570,000
15,446.000
97,441,000
63,969,006
5,054,000
123.000
2,635,000
6,435,000
16,780,000
123,010,000
714,584,000
6.866,000
116,023.000
693,117,000
25,245,000
115,879,000
723.599,000
14,151,000
110.010.000
799,892,000
14.444.000
119,115,000
770,689,000
4,461,000
32,213,000
66,035,000
29,202,000
65,234,000
22,490,000
62,999.000
24,000
39,703,000
38,516,000
300.000
49,948,000
103.521,000
300,000
45,435.000
112,035,000
25,521,000
68,520,000
10,000
300,000
41,635,000
110,853.000
28,484,000
110.573.000
123,392,000
57,780,000
11,596,000
57,092.000
54,519,000
5,092,000
48,410,000
57,991,000
540,000
36,738.000
64,555,000
300,000
19,448,000
66,910,000
114,293,000
29,251,000
1,671.000
5,740,000
15,391,000
25.000
2,033,000
5,539,000
14,183,000
2,456,000
5,400,000
1,494,000
2,484,000
5,642,000
378,000
30,000
4,975,000
15,691,000
35,911,000
F. R. notes received from Comptroller__ 3,524,331,000 3,593,575,000 3,648,718,000 3,710,112,000 3,754,811.000 3,781,086,000 3,805,088,000 3,783,678,000 2,912,632,000
F. R. notes held by F. R. Agent
1,213,020,000 1,271.445,000 1,333,495.000 1.398,630,000 1,452,465.000 1,453,369,000 1,448.118,000 1,427,089,000 798,150,000
Issued to Federal Reserve Banks
2.311,361,000 2,322,130,000 2,313,223,000 2,311,482,000 2,302,346,000 2,327.717,000 2,356,970,000 2.356,589,000 2,114,482,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
405,590,000 405,590.000 410,799,000 414,409,000 414,409,000 415,619,000 427,863,000 406,885,000 346,567.000
92,470,000
1,140,936,000 1,141,936,000 1,095,936,000 1,126,936,000 1,114.936,000 1,130,936,000 1.133,036.000 1,133.784,000 741,315,000
1.083,125,000 1,143.047,000 1,116,534,000 1,178,936,000 1.123,854.000 1,091,297,000 1,113,638,000 1,144,105,000 1,257,740,000
Total
2.629,651,000 2.690,573,000 2,623,269.000 2.720,281,000 2,653.199.000 2.637,852,000 2,674.537,000 2,684.774.000 2.438.092,000
-*Revised figures.
NOTE.-Beginning with the statement of Oct. 7 1925, two new terns were added In order to show separately the amount of balances held abroad and amounts ans
to foreign correspondents. In addition, the caption. "All other earning assets." previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act. which. It was stated. are the only Items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
RESERVEBANKS AT CLOSE OF BUSINESS OCT. 23 1929
Two ciphers (00) omitted.
Federal Reserve Bent of-
Total.
Boston.
RESOURCES.
4
s
Bold with Federal Reserve Agents 1,546,626,0 134.917,0
68,069,0 7,115.0
Bold redo fund with U.S. Treas.
Gold held excl. asst. F.R.notes 1,614,695,0 192,032,0
Bold settle't fund with F.R.Board 779,661,0 55,534,0
Bold and gold °Us held by banks_ 640.757,0 28,420,0
Total gold reserves
Reserve other than gold
3,035,013,0 275,986,0
154,833,0 10,807,0
New York.
Phila.
$
$
Cleveland, Richmond Atlanta, Chicago. St. Louis. Minium Kan City. Dallas. SanFrun.
9
3
$
3
9
371,641,0 117,000,0 107.780,0 41,656,0 103,500,0 279,564,0 53,800,0
12,631,0 5,363,0 5,232,0 3,927,0 4,322,0 7,888.0 6.434,0
384,272,0 122,363.0 113,012,9 45,583,0 107,822,0 287,452,0 60,234,0
260,326,0 38,068,0 71,728,0 22,428,0 17,813,0 156.243,0 46,005,0
408,157,0 22,332,0 38,043,0 9,204,0 3.747,0 77,261,0 5,966,0
--1,052,755.0 182,763,0 222,783,0 77,215,0 129,382,0 520,956,0 112,205.0
64,454,0 9,224,0 7,562.0 6,853,0 13,663,0 12,972,0 6.590,0
3
$
$
$
37,157,0 60,000,0 27,748,0 161,763,0
4.317,0 2,673,0 3,291,0 4,876.0
41,474,0 62,673,0 31,039.0 166.639,0
16,337,0 39,964,0 26,820,0 28,395,0
5,038.0 5,177,0 8,988.0 28.424,0
62,849.0 107,814,0 66,847,0 223,458,0
2,474.0 3,831.0 4,613,0 11,790,0
Total reserves
3,139,846,0 286,793,0 1,117,209,0 191,987.0 230,345,0 84,068,0 143,045,0 533,928,0 118.795,0 65,323,0 111.645,0 71,460,0 235,248.0
Non-reserve cash
23,420.0 1,784.0 4,081,0 4,806,0 6,415,0 7,706,0 2,883,0 2,007,0 2,249,0 2,972,0 4,039,0
79,945,0 1,7583,0
Bills discounted:
5e0. by U. S. Govt. obligations 372,352,0 27,449,0
58,970,0 42,233,0 48.377,0 23,468,0 9,224,0 51,678,0 25,420,0 11,121,0 16.911,0 8,775.0 48,226,0
Other bills discounted
424,006,0 27.802,0
48,181.0 31,395,0 42,068,0 31,673,0 44,363,0 42.238,0 25,905,0 32,165,0 29,222,0 23,027,0 45,967,0
Total bills discounted
mu bought in open market
Cl. S. Government securities:
Bonds
Drossury notes
7.ertificates of Indebtedness
796,358,0 55,251,0
379,383,0 19,116,0
37,955,0
71,375,0
26,374.0
689,0
374,0
1,081,0
rota! U. B. Gov't securities
135,704,0
2,644,0
107,151,0 73,628,0 90.945,0 55,141.0 53,587,0 93,916,0 51,325,0 43,286.0 46,133,0 31.802,0 94,193,0
124,105,0 17.405,0 41,698,0 19,353.0 25,960,0 50,240,0
42,0 4,557,0 21,123,0 15,635,0 40,149,0
155,0
7,325,0
9,954.0
585,0
548,0
8,219,0 26,106,0
8,061,0 1,260,0
1,152,0
375,0
282,0
89,0 19,937,0
2,817,0 2,271,0
560,0 2,458,0
2.125.0
6,500,0
4,795,0
3,500,0
528,0
3,0
310.0
17,434,0 16.865,0 27.914.0
1.809.0
3.466.0 24.666.0
8.625.0
8.823.0
31311 11 900 n 11 oo,n
7,813.0
87.0
2,774,0 10,811,0
675,0 1,205,0
2646
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
Boston
$
25,211,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other
New York.
$
15,300,0
$
1,000,0
Philo
9
1.125,0
Cleveland. Richmond Atlanta.
$
1,500,0
5
3
[VOL. 129.
Chicago. St. Louis. Minneap. Kan.CIty. Dallas. San Fran.
$
2,000,0
$
$
4.286,0
$
9
$
263,990,0 109,023,0 162,057.0 76,303.0 83.013,0 170,822,0 59,992.0 60,952,0 67,569.0 58,699,0 146,225,0
74,0
70,0
28,0
'221,0
33,0
100,0
29,0
18.0
21,0
24,0
52,0
213,618,0 62,574,0 73,194,0 58,333.0 23,855,0 94.859,0 36,148.0 17.754,0 45.154,0 29,371,0 41,230,0
16,087,0 1,762,0 6,535,0 3,395,0 2.744,0 8.529,0 3,997,0 2.110,0 4,110,0 1,922,0 4,021,0
149,0 1,286,0
537,0
786.0
571.0 3,894,0
357.0
521,0
200,0
331,0
484.0
1,336.656,0 78,011,0
54,0
727,0
776,614,0 80,491,0
58,944,0 3,702.0
9,238,0
119,0
Total resources
5451,970,0 166,756,0 1,635,331,0 367,319,0 477.572,0 227,539,0 262,994,0 316,481,0 222.201,0 148,688,0 230,931,0 161.779,0 131,299,0
LIABILITIES.
F. R. notes In actual circulation_ 1,857.332,0 203,801,0 337,985,0 132,017,0 176,388,0 85.753,0 153,699.0 302.448,0 86,003,0 63,317,0 83,122,0 52,615,0 175,061,0
Deposits:
Member bank-reserve acc't-- 2,378.097,0 150.323,0 952,818,0 135,737,0 184,526,0 61.303,0 63,732,0 360.692,0 79,919,0 53,843,0 92,506,0 66,139,0 173,559,0
Government
538,0
187,0 1,420,0 2,692,0 2,216,0
2,556.0
163,0
933,0 1,213,0 1,390,0 1,381,0
15,837,0 1,113,0
499,0
531,0
Foreign bank
239,0
203,0
713,0
2,293.0
203,0
385,0
130,0
172,0
• 5,920,0
172,0
375,0
927,0
65,0
231,0
167,0 2,981,0
Other deposits
8,202,0
82.0
231,0
277,0
195,0
22,078,0
26,0 8,694,0
Total deposits
Deferred availability items
Capital paid la
5urplus
All other liabilities
965,869,0
184,558,0
64,389,0
71.282,0
11,248,0
2421.932,0 151,903,0
711,073,0 78.037,0
167,025,0 10,791.0
251,398,0 19.619,0
40,210,0 2,605,0
137,005,0 186,171,0 66,027,0 66,791,0 366,632.0 80,521,0 55,188,0 94,116,0 67,727,0 181,009,0
54,937,0 69.151,0 55.268,0 23,638,0 84.799,0 37,471.0 13,482,0 38,970,0 30,070,0 40.692,0
16,526,0 15,597,0 6,021,0 5.385,0 19,896,0 5,223,0 3.033.0 4,264,0 4,187,0 11,383,0
24,101.0 26,345,0 12,399,0 10,554,0 30,442,0 10,820,0 7,032,0 9,036,0 8,690,0 17,978,0
2,733,0 3,920,0 2,071,0 '2,924,0 6,291,0 2,100,0 1,526,0 1,423,0 1,190,0 2,176,0
Total liabilities
5,451,970,0 466,756,0 1,635,331,0 367,319,0 177.572,0 227,539,0 262,991,0 816,481,0 232,201.0 143,688,0 230,981,0 161,779,0 431,299,0
Memoranda.
71.4
85.7
64.9
80.6
63.5
Reserve ratio (percent)
79.8
55.4
71.3
74.5
52.9
63.0
05.5
59.4
Contingent liability on bills purchased for foreign correspondls 486,956,0 34,273,0 164,138,0 41,463.0 47,242,0 21,305,0 18,063.0 63,452,0 18.526,0 11,579,0 15,281,0 15,281,0 33,317,0
F. It. notes on hand (notes reed
from F. R. Agent less notes In
nr.5?ation4
454.029.0 39.253.0 161.035.0 31.995.0 22.598.0 15.822.0 28.092.0 41.110.0 15.611.0 8.873.0 8.795.0 10.787.0 67.058.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OP BUSINESS OCT. 23 1929.
Federal Reserve Agent al-
Total.
Boston
New York.
Phila.
$
9
Two ciphers (00) omitted.
$
S
8.1t. notes rec'd from Comptroller 3,521,381,0 298,701,0
F. R. notes held by F. It. Agent- 1.213.020,0 55,650,0
Cleveland Richmond Atlanta
$
$
9
Chicajo. M. Louis. ifinneup. Kan.City. Dallas. San Fran.
$
5
$
$
s
s
5
917,250,0 224,982,0 271,506,0 166,369,0 287,801,0 526,678,0 126,787,0 132,414,0 121,837,0 78,0.34,0 369,019,0
418,230,0 60,910,0 72,520,0 64,791,0 106,010,0 180,120,0 25.110,0 55,194,0 32,920,0 14,632,0 126,900,0
F. R. notes Issued to F. R. Bank. 2,311,361,0 243,054.0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certilicates____ 405,590,0 35,300,0
Gold redemption fund
499,020,0 164,012,0 198,986,0 101,575,0 181.701,0316.554,0 101,677.0 77,220,0 91,917,0 63,402,0 242,119,0
218.015,0 29,600,0 22,780,0 16,190,0
7,800,0 14.157,0
9,500,0
17,218,0 35,000.0
Gold fund-F. R. Board
Eligible paper
1,140.936,0 149,617,0
1083,125,0 73,101,0
153,626,0 37,400,0 85,000,0 25,466,0 91,000,0 279,561,0 46,000,0 23.000,0 60,000,0 10,500,0 126,763,0
172,223,0 79,019,0 126,970,0 66,566.0 78,844,0 141,727,0 51.250,0 47,181,0 66,513.0 46,651,0 133,017.0
Total rollistera/
2 A20 851 0 258_021.0
543.881.0 196.019.0 234.750.0 108.222_0 182 144 n 421_291.0 105_050.0 81.338.0 128.543.0 71 314.0 291.810.0
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 member banks in 101 cities 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 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 2610, immediately preceding which we also give the figures of New York and Chicago reporting member banksfor a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks Included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately. only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. Obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted; in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank In the San
Francisco district with loans and investments of $135.000.000 on Jan. 2. which recently merged with a non-member bank. The figures are now given in
round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS OCTOBER 16 1929. (In millions of donors).
Federal Reserve District-
Total.
Boston. New York
Philo
Cleveland. Richmond Atlanta.
$
s
8,786
1.247
2,179
680
638
3
3,430
$
s
Loam and Investments-total
22,794
Loans-total
17,397
1,220
6,77S
910
1.557
522
516
7,875
9.522
547
673
3,406
3,373
488
453
724
834
201
321
153
363
On securIties
All other
investments-total
U. S. Government securities_
Other securities
Reserve with F. It. Bank
Cash in vault
Net demand deposits
Time depostta
Government deposits
Due from banks
Due to banks
80frOwlints from F. It. Bank
Chicago. St. LOU1I. Mtnneap. Kan. City
s
$
1,549
g
g
Dallas. Swarm
702
415
701
495
$
1,968
2,779
546
290
477
330
1,391
1,344
1,435
243
303
85
205
133
343
101
276
447
944
3
$
5,397
329
2,008
307
622
158
122
651
156
125
227
115
577
2,652
2,745
165
165
1,010
968
91
213
300
322
73
85
56
66
300
352
47
109
69
56
102
125
74
41
333
245
1,737
230
102
17
818
65
76
15
116
27
41
12
40
9
265
36
45
7
27
6
60
11
35
7
112
18
13.408
6,815
159
951
458
9
5,885
1,798
49
698
266
16
1,033
937
19
354
245
5
326
228
11
1,950
1,232
16
330
233
3
233
131
1
505
182
2
303
139
12
790
965
16
1,269
2,962
69
129
185
1,032
62
170
100
209
57
101
85
118
219
443
68
123
56
79
131
212
71
114
164
198
813
37
85
41
81
9;
.17
1911
31
47
31
22
73
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 Oet. 23 1929,
in comparison with the previous week and the corresponding date last year:
Asicntrres-Gold with Federal Reserve Agent
Gold redemp. fund with U. B. Treasury.
Gold held exclusively ages. F. R. notes
Gold settlement fund with F. R. Board,
Gold and gold certificates held by bank_
Total gold reserves
Reserves other than gold
Oct. 23 1929. Oct. 16 1929. Oct. 24 1928.
5
371,641,000 321,641,000 174,800.000
16.939,000
12,631,000
13.343,000
384,272,000
260,326,000
408,157,000
334,084,000
307,884,000
391,967,000
1,052.755,0001,034,835,000
61,324,000
64,454.000
191,759,000
214,793,000
443,447.000
--855,001,000
22,586.000
1,117,209,000 1,095.159,000
Total reserves
20,130,0011
23,420,000
Non-reserve cash
Bills discounted62.486,000
58,970,000
Secured by TT, 8. Govt. obligations-67,212,000
48,181,000
Other bills discounted
877,587,000
17,074,000
107,151,000
124,105,000
129,698,000
112,271,000
247,253,000
121,454,000
155,000
7,325,000
9,954,000
155.000
8,495.000
11,334,000
17.434,000
15,300,000
19.984,000
14,850,000
1,384,000
29,966,000
19.182,000
50.532,000
200,000
263.990.000
278 801.000
419.439,000
Total bills discounted
Hills bought In open market
U. S. Government securitiesBonds
'Treasury notes
Certificates of indebtedness
Total U.S. Government securities._
Other securities (see note)
Foreign loans on gold
Total bills and securities (See Vote)_
155,616,000
91,607,000
Oct. 23 1929. Oct. 16 1929. Oct. 24 1925.
8
$
$
Resources (CorwItuted)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
flank premises
All other resources
221,000
213,618,000
16,087,000
786.000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
376,000
199,289,000
16,675,000
1,291,000
1 635,331.000 1.723,472,000 1.531,734,000
---------
Total resources
LiabilittesFerri Reserve notes in actual circulation_
Deposits-Member bank, reserve acct._
Government
Foreign hank (See Note)
Other deposits
254,000
313,350,000
18,087.000
689,000
337,98,5,000
333.989,000
332,304,000
952,818,000 969,012.000 881.428,030
2,556,090
6.302.000
4,450,000
2,294,000
1,287,000
2.903,000
8,201,000
9,371,000
7,557,000
--965,869.000 985,972,000 896,340,000
184,558,000 257,113.000 179,511,000
64,389,000
64,387,000
49,191,000
71,282,000
71,282,000
63,007,000
11,248,000
10,749,000
11,081,000
----------1 635.331,003 1,723,472,000 1.531,731,000
----
Ratio of total reserves to deposit and
Fed1 Res've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
85.7%
83.0%
71.4%
164,139.000
141.750.000
76.474,000
NOTE.-Beginning with the Statement of Oct. 7 1925. two new Rams 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 oarnin4 aseets," previously toads Up of Federal Intermsliate Credit bank debentures, was cheesed to
9ther securttles." sod the caption -Total e trolo/ assets" to "Total bills and securities" Toe latter term re si 'aed
nt
a Mara mtr-itf, isi(lrletioa of trio total or dye
@counts, acceptances and securities acquired under tne provisions of Sections 13 and 14 of the Federal Reserve Act. which, It Was stated are the ouly Items included tbArola.
OCT. 26 1929.]
FINANCIAL CHRONICLE
Vanittrs'
meek,
STOCKS.
Week Ended au. 25.
Sales
for
Week.
2647
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
I
Highest.
Ind. & Misc.(Conc.)Pa. Shares. $ per share. I per share. $ per share.$
per share.
Myer(FE)& Bros_ _ _ - 23,000 30
Oct 24 5474 Oct 23 30
Oct 6734 Oct
Neisner Bros
• 1,100 87
Oct 25 95
Oct 19 87
Oct 9834 Oct
Railroad and Miscellaneous Stocks.-See page 2635.
North Amer rights
279,600 134 Oct 23 334 Oct 19: 134 Oct 734 Sept
Outlet Co
Oct 21 7734 Oct 251 75
270 75
•
Stock Exchange sales this week of shares not in detailed list: Pac
Sept 9634 Jan
Gas & El rights A__ 20,800
34 Oct 19 1
Oct 19
y Oct 3% Sept
Rights No 5
17,200 3% Oct 19 4
Oct 191 34, Oct 634 Sept
STOCKS.
Penney (J C)
Sales
4,300100 Oct 24 1054 Oct 24,100
Range for Week.
Range Since Jan. 1.
Oct 1054 Oct
Week Ended Oct. 25.
Preferred
for
200 9434 Oct 25 95
Oct 25' 9431 Oct 95
Oct
Pitts Screw & Bolt_ _ __. 1.800 21
Week. I
Oct 25 24
Lowest,
Oct 211 21
Highest.
Lowest.
Oct 273.4 Aug
Highest.
Pitts Steel pref
100
350103% Oct 25 106
Oct 22 92% Feb 106
Oct
Par. Shares.1$ per share. $ per share. $ per shore.$ per share. Procter & Gamble __. 19,200 7934 Oct 24 8534 Oct 23' 7934 'Oct 98
Aug
RailroadsRadio Corp pref ci B__* 13,800 68
Oct 24 77
Oct 23 68
Oct 8234 Apr
Ala & Vicksburg_ _ _100
30108% Oct 22108% Oct 22 10834 Oct 118
Oct 23 3834 Oct 61% Sept
Jan Railway, & Express___' 23,600 3834 Oct 24 50
Albany & Susq
Rand
100
Mines
30207
Oct 23207
Oct 21 30 Oct 21 30
60 30
Oct 23 207
Oct 3634 Feb
Oct 216
Jan
Bangor & Aroos rights. 9,300, 1% Oct 24 4
Oct 24 50% Oct 19 42
Oct 19 1% Oct 434 Oct Raybestos Manhattan • 17,700 42
Oct 58 34 Sept
Bklyn & Queens Tram.*
7001 9% Oct 21 03l Oct 21 9
180 8034 Oct 24 854 Oct 21 70
Sept 1234 Sept Reynolds Tobac cl A _ lf
Apr 8934 Oct
Preferred
1,400 52
Oct 24 54
800 110 Oct 25 140
Oct 19 110
Oct 1904 Sept
Oct 19 52
Oct 65
Sept Second Nat Inv pref__*
Canada Southern__ _100
Serve! Inc
2()I, 564 Oct 24 ea% Oct 24 543.4 Oct 6
• 102,100 124 Oct 24 163.4 Oct 23 124 Oct 21% Aug
774
91
N
Central RR of N J._100
100300
Oct 25 305
Oct 23 300
Oct 65% Aug
Oct 360
Feb Sharp & Dohme pref * 3,600 62 Oct 24 6434 Oct 22 62
C C C & St L
100
300250
Oct 21 250
28,000 134 Oct 19 134 Oct 19 14 Oct 234 Oct
Oct 21 248
May 275
July Shattuck(F 0)rights
Cleve & Pittsburgh_ WU
Simmons Co rights_ _ _ 24.500
130' 65
Oct 25 75
Oct 21 65
34 Oct
34 Oct 24
34 Oct
Oct
3-4 Oct 21
34
Cuba RR pref
101.
1( 03 Oct 25 63 Oct 25 60
Solvay Am Inv Tr pf100 9,700 100
Oct 24 106
Oct 23,100
Oct 111
May 81
Sept
Ja
Chic Ind & Lou pf
20 6934 Oct 24 6934 Oct 24 6934 Oct
60,120
Oct 25 122
Oct 22114
Oct 135
Feb
34 Mar So Porto Rico Sug pf100
Det & Mack pref.. _101
100 60
Oct 21 60
Oct 21 60
• 432,500 30
May 81
Oct 4434 Sept
Oct 24 36 34 Oct 19 30
Jan
r Standard Brands
Ill Cent leased line_ _10L
80 72% Oct 22 7334 Oct 21 714 Sept 80
Preferred
• 1,4b0 118
Oct 231116
Sept 118% Sept
Oct 23 118
Feb
Iowa Central
106
20 2% Oct 19 231 Oct 19 13-4 Oct 44
Stand Invest Corp_ __ _•
Oct 22 31
Oct 48
800 31
Oct 2' 38
Sept
Manhat Elev guar_ _10f,
240 6234 Oct 25 6334 Oct 21 60% Apr 87
Apr 45
May
250 304 Oct 22 3334 Oct 22,1 26
Jan Stanley Co of Am_ ....°
Market St Ry pref _100
100 9 Oct 25 9 Oct 25 84 Aug 15
Starrett(L 5)
• 4,400 3334 Oct 24 44% Oct 19 3334 Oct 4774 Oct
2d preferred
100
200 5
Sterling
Oct 25 5
Secure cl A_° 50,300 14
Oct 25 5
Oct 19; 14
Aug 734 Feb
Oct 24 31
Oct 38
Sept
New On Tex &
60 140
Oct 25 141
Preferred
Oct 23 130
Apr 156
20 6,500 13% Oct 25 14% Oct 23; 1334 June 1534 July
May
NY State Rys pfd _ _10
10 84 Oct 19 84 Oct 19 7'-4 Sept 41
Pref convertible_ _50 15,800 42 Oct 24 54
Oct 191 42
Jan
Oct 5534 Sept
Common
100
40 2% Oct 25 24 Oct 25 234 Oct 144 Mar Tobacco Prod Ws
31,000 3 Oct 24 8
July
Oct 16
Oct 19 3
Northern Central_ _ _50
120 82
Oct 19 82
Certificates A
Oct 19 81
Aug 864 Feb
21,700 9
Oct 24 1134 Oct 21 9
Oct 19
Aug
Pacific Coast
100
300 23
Oct 22 24
Oct 19 20
Feb 43
100 33 Oct 19 33
Feb United Bus Publishers *
Oct 19 30
Aug 38 June
Pitts Y & Ash pref _100
20 149
Oct 22 149
United Carbon
Oct 22 14334 Sept 150
•
29,400
1113.4
74
Sept
34
Oct
Sept
Oct
Oct
24
19
9034
743-4
Rena & Saratoga__ _100
Rights
50127% Oct 27 12734 Oct 27 12734 Oct 140
Jan
17,300 334 Oct 24 634 Oct 19 34 Oct 9
Oct
Wheel & L E prof _ _100
200 100 Oct 24 1004 Oct 231 70
Mar 110
July United Cigar St etts_10 6,100 434 Oct 25 814 Oct 19 434 Oct 1634 July
Indus. & Miseell.
Union Carbon Jr Car rts 110,000 2
Oct 334 July
Oct 19 2% Oct 19 2
Abraham & Straus ctfs_
500 99% Oct 24 02
United
Dyewood ___100
Oct 22 9934 Oct 123
510 5
Sept
Oct 21
May
Oct 24 10% Oct 21 5
Allis-Chalmers rights_ _ 49,80
34 Oct 19
A Oct
4 Oct 19
•543,300 30
Oct 24 4334 Oct 22 30
3' Oct United Gas Impt
Oct 514 Oct
Alpha Port Cement_ _" 3,811 29 Oct 19 3034 Oct 24 29
Preferred
Oct 30% Oct
• 5,800 94% Oct 21 95% Oct 24 9234 July 9634 Aug
Arnalit Leather pref..100
411 38
Oct 22 3934 Oct 19 38
Oct 13
Jan United Stores A
2,500 9
Oct 12 34 Oct
Oct 24 1244 Oct 25 9
Am Mach & FdyPreferred
900 39
Oct 24 4034 Oct 24 39
Oct 4034 Oct
Pref ex-warrants- 17 110% Oct 19110% Oct 19 105
Aug 11634 Jan United Piece Dye Wks• 8,400 30
Oct 24 35
Oct 4831 Aug
Oct 19 30
Amer Roll Mill rights_ _ 8,3
14 Oct 25 3 Oct 25
Preferred
100
31 Oct 3
Oct
100 101
Oct
Oct 24 101
Oct 24 96
Sept 101
Archer-Dan-Mid pf_100
5 10431 Oct 23104% Oct 23 102% Oct 115
* 99,200 105
Jan US Freight
Oct 24 12214 Oct 23,10134 Aug 134 34 Sept
Rights
11,00
34 Oct 24
Oct 21
US & For Secure
Oct
* 16,200 39
Oct
i
Oct
Aug
Oct
39
72
Oct
24
19
51
Artioom Corp pref....100
SI 924 Oct 19 9234 Oct 10 924 Oct 108'
Preferred
Jan
• 2,100 90 Oct 24 9134 Oct 23 89
Sept 92% Aug
Art Metal Construe_ _10 1,7
26% Oct 24 2734 Oct 22 26% Oct 30% Feb linty Leaf Tobac pf _100
20117% Oct 21 1)734 Oct 21117% Oct 123% Mar
Assoc Dry Gds 1st p1100
200 9234 Oct 25 93 Oct 22 88% July 107
Va El & Pr pf (6)_ _ _100
Jan
100
Oct
24
99
Oct
21
Oct 101% Jan
98
34
9834
Aviation Corp
•101,2
9 Oct 25 1034 Oct 23 9
Oct 20
Aug Vs Iron Coal & Coke100
120 20 Oct 23 20 Oct 23 20
Aug 2535 May
Beatrice Creamery'__50 5,400104
Oct 24 118
Oct 21 9334 Aug 131
WebsterEisenlohr p1100
Oct
10
80
Oct 100
Mar
Oct
80
Oct
21
21
80
Preferred
100
100105% Oct 21 10534 Oct 21 105
July 106% Aug Wettark Radio Sts
* 11,200 40 Oct 21 5534 Oct 19 40
Oct 75
Sept
Beth Steel rights
272,201
34 Oct 19
14 Oct 19
34 Oct 5% Sent Zenith Radio
. 29,500 2734 Oct 24 38
Oct 19 2734 Oct 524 July
Briggs & Stratton..___* 4,900 32
Oct 24 3734 Oct 22 32
Oct 43
July
• No par value.
Brown Shoe Prof--100
210 114
Oct 22 110
Oct 23 11134 Aug 121
Aug
Bucyrus Erie rights_ _ _ _ 16.40
34 Oct 22
34 Oct 19
34 Oct
34 Oct
Budd (E (3') Nita
• 19,500 10 Oct 24 20 Oct 19 10
Oct 22% Oct
United States Liberty Loan Bonds and Treasury
Campbell W & C Fdy..• 5,71. 23 Oct 23 36
Oct 19 25
Oct 49)i Aug
Capital Admit' Cl A_.• 5,20 44 34 Oct 2" 5934 Oct 19
Oct 65% Oct Certificates on the New York Stock Exchange.
4434
l'ref class A
50
300 38 Oct 25 3834 Oct 23 38
Oct 39% Oct
Case Thresh Mach rts_ _ 5,200 32 Oct 23 5534
Oct 22 32
Oct 81
Sept Daily Record of U. S. Bond Prices. Oct. 19. On. 21. Oct. 22 Oct. 23. Oct. 24. Oct. 25.
Checker Cab Mfg._ _ _• 42,5 I 46
Oct 24 70 Oct 22 46
Oct 804 Sept
Clark Equipment Co_ _* 1,10 56
Oct 24 6134 Oct 21 56
Oct 6134 Oct First Liberty Loan
High
98•ts
Ws,
98.33
98.33
98.°33 98.n
Columbia G & Elec314% bonds of 1932 47_ _ Low- 98
98.33
OS'.,
98..33 98.3s
98.33
juts part Paid
3,500 8234 Oct 25 104
Oct 22 8234 Oct 130
(First 344)
Sept
95.n
close
98.33
98.31
9S.rs
98.032 98.33
Preferred B
100
10 92 Oct 24 92 ;Oct 24 86
June 0634 Oct
Total sales In $1,000 units__
51
7
34
261
17
Columbia Graphophone
Converted 4% bonds of High
--------03
Rcts full paid
211 47 Oct 21 47
Oct 21
Oct 7014 Sept
1932-47 (First 4s)
---------.
Clumbian Carbon rts_ 13,900 7 Oct 24 1034 Oct 22 47
7
Oct 10% Oct
--------Conun'l Credit el A._50 5,500 4234 Oct 24 46
Oct 22 4234 Oct 51% Sept
Total sales I?, $1,000 units_ I__------1st pref ex-war__.k
121 83% Oct 25 86
Oct 23 83% Oct 95 June
Converted
434% bonds i High
991.32 99"n 991.n $92.71 99"31
99,
,i
Comm'1 Solvents (old)• 3,100425
Oct 24 532
Oct 21 2254 Feb 700
01 11132-47 (First 4 tie)(Low- 99.13
Sept
99.33
99.33
981.33 99.33
991.31
Com'w'Ith & South...• 733,800 13
Oct 24 2034 Oct 22 13
Oct 244 Oct
(Close 99.33
99033 99.°33 99"n
99..33 99"31
Consol Cigar pf (7) _ _*
130 84
Oct 19 85
Oct 19 81% Aug 100
Total sales in $1,000 units ___
7
54
Mar
25
13
211
71
Consol Film Indus...* 22,000 12
Oct 24 23% Oct 19 12
Oct 2534 Sept
Second converted 44% High
Conti Elk of N Y_100 20,300 50 Oct 24 5834
Oct 22 50
Oct 6334 Oct
bonds of 1932-47 (First LowCont'l Can pref.__ _106
600 115 Oct 25 125 Oct 2 115
Oct 126
Second 434*)
Feb
Continental Oil
144,700 2534 Oct 24 37
Oct Si
____
____
Total sales in $1,000 units ___
____
____
____
_ _ _.
Curtiss-Wright Corp_.• 363,500 1134 Oct 24 16 34 Oct 22 2534 Oct 37% Aug
11 34 Oct 30% Aug Fourth Liberty loan
99"n 991.33 99.133 99"33 995.33 99..r
High
Class A
• 57,900 15
Oct 24 26% Oct 22 15
Oct 3774 Aug
Low- 99,,x, 091,n 99..32 99.533 99-14 990r
434% bonds of 1933-38
Cushman's Sons pref_
10 11034 Oct 22 11034 Oct 22 108% Feb Ile% Feb
Close 99"n 99.'n 99.832 9933 99"n
(Fourth 43.4*)
99,7f,
Dominion Stores rights_ 0,30
34 Oct 23 134 Oct 19
55
200
136
392
Total sales in 51.000 units__
331
34 Oct 234 Oct
521
Duplan Silk
1,000 15
Oct 24 19
Oct 21 15
(113gh 108.031 108.13 1091‘n 1091•44 1101.41 1101..,
Oct 2834 Jan Treasury
Preferred
100
160 95
Oct 24 9534 Oct 24 92
July 102
I Low. 1081.33 108"31 109.31 1091.n 109"n 110.33
414s, 1947-52
Jan
Durham Hosiery Mills
(CIOSP 10S.In 108"33 109.33 109..33 110.4n 110"r
Preferred
100
110 44
Oct 24 47
Oct 24 36
Jan 48
1
2
27
Total sales In $1,000 units__.
50
Aug
14
18
Eastern Rolling ;SIM_ -• 3,300 2731 Oct 24 3034 Oct 19 27% Oct3934
____ 105.33 105"33 105"n 105"n 106"3,
High
Sept
Elk Horn Coal pref _ _50
920 15
Oct 24 23 Oct 19 7% Oct 24
Low
104"33 109-.33 105"n 105"n 1068n
is, 1944-1954
Oct
Eng Pub Ser pf (55)
2.000 9734 Oct 24 106
Oct 19 924 June 109
(Close
105.33 105"33 105"33 105"31 106,11
Oct
Fairbanks Co mei_ _25
60 19
Oct 21 274 Oct 22 11
Apr 35
____
Total sales in 51.004 units__
64
54
75
Jan
102
5:
Fed Water Sys Cl A___* 7,000 42
Oct 24 49 34 Oct 19 42
Oct mg Sept
Fligi,
____
____ 102..33 103.33 1031.3
9819t,
nonce Sons ctfs
600 66 34 Oct 24 70
Oct 19 66% Oct76% Sept
Low.
.
__
1946-1956
_
334s,
98.33
_-_
103
1022.1,
,n
101u:
Fisk Rubber 1st 01.100 3,240 2731 Oct 19 34
Oct 23 27 34 Oct724 Jan
(Close
98"it
_
. 103in 103,..
____ 10224
1st pref couv
100
620 28
Oct 25 38
Oct 22 28
Oct823.4 Jan
Total sales in $1.000 units_ __
____
11
2
,
1
Foster-Wheeler
25,600 50
Oct 24 81
Oct 19 50
Oct.
(High
9814
.
98",,98",,____
98.13
Franklin Simon pref 100
60 100
Oct 25 100
Oct 25 9834 Sept 110
334s. 1943-1947
Low
Jan
98"n
98..33 982.32
---- 98"3
Gammen Corp
• 1,100 72
Oct 25 78 34 Oct 19 72
Oct' 8334 July
Close
____
98"33 952in
98..33
Gen Asphalt rights_ _ _ 26,100 4
Oct 24 8 Oct 23 4
Oct 8
Total sales in 51,000 units._ _
Oct
____
12
16
1
2)
Gen Baking pref
•
32013031 Oct 21 133
Oct 21 130
Mar 140
(High
Feb
____
98.n
98"n 98..n
--__ 98".
Gen Cigar pref
100
20 116 34 Oct 25 116 34 Oct 25 11234 Jan 122
334..3.
1940-1943
Low
Jan
____
98.32
__ 98",
98..33
981.33
Gon Foods
•158,000 50
Oct 24 614 Oct 19 50
Oct
7734
July
close ____ 95.n 982.11 98"33 ____ 98"s
Gen Pub Service
• 25,200 414 Oct 24 6034 Oct 19 4131 Oct! 98
,rns.1 .172.• 4,, ii mut•Andl
7e,
A
Aug
2'
Gen Ity Signal pref_100
550 103
Oct 22 106 34 Oct 24 99
Jan 106% Sept
Gimbel Bros rights__ _- 23,200
4 Oct 24 1% Oct 21
Note.
3-4 Oct 2% Oct
-The
above
table
coupon
includes
sales
only
of
Gold Dust pref
•
600 109
Oct 21 110 34 Oct 19 105
Sept120
Max bonds. Transactions in registered bonds
Grand Stores pref. _100
were:
20010331 Oct 24 104
Oct 21 1033-4 Oct1116
Jan 30 1st
Grigaby-Grunow
94,300 30
99.31 to 99,
:t
Oct 24 5934 Oct 19 30
Oct 70
Sept 32 4th 434*
Harbison-Walker
44s
99"n to 221,8i
Refrac Prof
100
10 112
Oct 22 112
Oct 22 11 134 July 114
June
Ilartman Corp cl A_
0,500 2534 Oct 24 2934 Oct 19 23% July 31
Sent
Foreign Exchange.Hercules Motors
4,100 29% Oct 24 3134 Oct 25, 2934 Oct 3131 Oct
To-day's (Friday's)
Hercules Powder pf_100
300 120 Oct 25 120
Oct 25 120
July 121
Oct 4.87% for checks and actual rates for sterling exchange were 4.8734 @
Household Fin pt pf _50 1,000 4934 Oct 25 5034 Oct 23 45
4.87 X ©4.88 for cables. Commercial on banks,
Aug 52% Sept
Indian Motocycle p11
20 30
Oct 21 30
Oct 21 30
Oct 9534 Feb sight, 4.87@4.8734; sixty days, 4.81%@14.82 3-16; ninety days, 4.794@
4.79 11-16. and documents for payment, 4.804 @4.82 3-16. Cotton for
let Hydro-El Sys• 37,300 40 Oct 24 52% Oct 23 40
Class A
Oet 5934 Sept payment. 4.8614, and grain for payment, 4.86%.
To-day's (Friday's) actual rates for ParLs bankers' francs were 3.9394
let Nickel pref
100 120
Oct 23 120
Oct 23 118
Jan 128
Mar
• 5,500 65
let Shoe
853.9374 for short.' Amsterdam bankers' guilders were 40.24040.31 tor
Oct 24 72 34 Oct 21 65
Oct 7734 Sept short.
Intend Dept St pf__100
10 105
Oct 21 105
Oct 21 92
Sept 150
Jan
Exchange at Paris on London, 123.85 francs; week's range, 123.87
Prof ex-warrants_100
130 8531 Oct 25 8934 Oct 25 84
Sept 97
francs
May
Investors Equity
• 6.500 42
Oct 25 5534 Oct 19 42
Oct 72 34 Aug high and 123.85[camas low.
The range for foreign exchange for the week follows:
Island Cr'k Coal pf _
Oct 19 105
10105
Oct 19 103
Sept 105 34 Mar
Sterling. ActualKelly-Springfield Tire
Checks.
Cables.
High for the week
Prof 6%
4.87 34
100
300 5634 Oct 25 59
Oct 22 5634 Oct 100
4.86%
Feb Low for the
week
Kuppenheimer & Co_ _5
60 36
4.86 11-16
Oct 21 34
Oct 21 36
Apr 4934 Mar
4.87 5-16
Paris
Bankers
FrancsLaclede Gas
100
400 19834 Oct 24 227% Oct 21 1984 Oct 325
Aug High for the week
7
Preferred
3.93%
100
200 100
Oct 24 100
Oct 24 100
klar;105
3.94%
Sept Low for the week
Libby-Owens Glass._ _• 9,700 2534 Oct 24 35
3.93 3-16
Oct 19 254 Oct 43
Aug
3.9334
Amsterdam
Loew'e Inc prof
• 1,500 87
Oct1110% Jan High for the Bankers' GuildersOct 25 9234 Oct 19 87
week
40.32
Prof ex-warrants_ .•
400 87
Oct 95
Oct 19 8834 Oct 25 87
Mar Low for the week
40.34
McLellan Stores
40.2094
• 2,000 37
Oct 22 37
Oct 5934 Aug
Oct 24 44
40.28
Germany Bankers'
May Dept Stores rights
200
Oct 24
34 Oct High for the week Marks34 Oct
34 Oct 25
23.91
Mengel Co pref.. _ _ I00
10 97
Oct 19 964 Oct;102
Oct lft 97
May Low for the week
23.92
23.86
Minn-Honeyw
1,300 93 Oct 25 104
Oct1233.4 Sept
Oct 19 98
23.89
Minn Moline Power
• 16,200 19
Implement
Quotations
Oct; 4334 July
Oct 24 24% Oct 22 19
for
U.S.
Treas.
Ctrs.
of
Indebtedness.-p.2637.
•
Preferred
200 80 Oct 21 82 34 Oct 25 80
Oct 102
July
New York City Realty and Surety Co
Monsanto Chem Wks* 5,800 684 Oct 25 7,534 Oct 19 6834 Oct; 8031 Oct
mpanies.-p. 2637.
Moon Motor new
200 5
Oct 25 5
Oct 25 ,5
Oct; 5
Oct
New York City
Wall Street, Friday Night, Oct. 25 1929.
1
0
Banks and Trust Companies.
-p.2638.
LReport of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages--Page One
For sales during the week of stocks not recorded here, see peered ng page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Scaurday,
Oct. 19.
Monday,
Oct. 21.
Tuesday,
Oct. 22.
Wednesday, Thursday,
Oct. 24.
Oct. 23.
Friday,
Oct. 25.
Sales
for
the
Week.
STOOIES
NEW YORE STOCK
EXCHANGE
PER MIASPBX SHAW,
&Me &WO Jan.'.
I
1101106for PNIKIIIIM
Os basis of 100-share lots
Year 1928
Lowest
Highest
Lowest
Highsei
Railroads
Par 8 Per share S per share I pit share 4 per Win
$ per share $ per share $ per share $ per share $ per share $ per share Shares
27318 2764 26118 27434 25314 26434 26014 26478 48,700 Atoll Topeka & Santa Fe-100, 19518 Mar 26 2984 Aug 30 18218 Mar 204 Nov
27418 2774 26912 276
100 99 May 16 104 Oct 22 10218 Jan 1084 Apr
Preferred
2,500
10318
10378
104
103
10318 10338 10238 1033,1 103 104
10312 104
5.900 Atlantic Coast Line RE-100 169 Jan 2 209123uly 16 15718 Oct 1914 MAY
1834 18478 184 184
186 186
18312 185 18012 18334 178 183
100 11518May 27 14518Sept 14 10314 June 12618 Das
12912 13134 128 131
1
4 13018 11714 12814 126 12878 107,500 Baltimore & Ohio
12918 131 , 125/
77 Nov 85 Apr
100 76 June 13 8012 Mar 20
2,000 Preferred
80 80
80
79
7914 79
'78
79
80 8014 80
80
61 June 8414 Jan
50 60 Oct 24 9038Sept 19
7678 7,000 Bangor & Aroostook
7458 70
7818 80
7712 80
80 8078 7618 8012 60
Oct
17
115
Sept
y1031
104
Dec 11514 May
23
100
Preferred
440
110
110
*10314 11012 10912 110
10914 10912 110 110 11018 11018
68 Feb 91 Die
100 85 Apr 4 145 July 25
1,000 Boston & Maine
131 135 *130 140
/
4 127 135
125 1251
131. 131
135 138
634 Jan 7784 May
6034 26,600 Bklyn-Manh Tran•t c_No par 574 Aug 13 8178 Feb 26
6012 6114 61
6234 6234 59
64
6112 5812 6014 59
82 Jan gm. may
No par 79 July 29 9338 Feb 1
1,900 Preferred •to
83
8212 8212 824 8238 8212 8212 8238 8238 82
•8212 83
1412 Jan 477s Sept
•1314 1434 13
1212 104 1112 7,900 Brunswick Term & By Bee_100 10 Oct 24 4.44 Jan 18
1314 1512 1512 13
10
15
3214 July 644 Nov
Buffalo Ye Suaquehtuana.....100 5414 Jan 26 95 Mar 2
•60 80 *65 84 *65 84 •60 82 .50 82 .50 82
88
8112
Aug
2
8118July
1
Sept 68 Nov
100
30 Preferred
77
78
*74 80 *73
*75
77 77
77
*77
80 *75
100 200 Oct 24 26978 Feb 2 1954 June 253 Nov
21034 212 20818 212 21012 214 205 21334 200 207
209 21434 29,500 Canadian Pacific
98
Sept
10112
Mar
14
17
1074 Mar
9012Sept
st'd100
Ohio
°Us
Caro
Clinch
&
290
95 95
•92
95
93
*9218 95
*9218 9212 9214 9212 93
100 195 May 20 27934Sept 3 1754 June 21814 Dee
23,700 Chesapeake & Ohio
25934 26414 25712 260 260 263 25712 262 231 250 239 244
11
184 May
511
$
Jan
191
4
Feb
4
44July
100
Alton
Chicago
&
6
6
6
5.900
638
6
7
7
634
54 6
54 558
638 Oct 4 2514 Feb 4
1
4 Mar
778 Feb 26/
100
8
8
778 812
7/
1
4 812 4,100 Preferred
81
/
4 834
758 81
/
4
834 834
37 Feb 4814 May
100 25 Aug 26 43 Feb 4
30 *25
•25
30 *25
Chlo & East 1111nole Rft
30 *25
*25
30
30
30 *25
7662
May
58
Aug
4
6678
Feb
26
June
49
100
•48
Preferred
55 .50 55 *50
50
55 .45
55 *40 50 .40
918 Feb 25 Di.
1
1614 1612 1530 1612 1614 1678 16
1678 1014 1538 1234 141
/
4 29,400 Chicago Great Western-100 1014 Oct 24 2378 Feb 31
2012
Feb
6018
Deo
8
Jan
633
Oct
24
22
100
Preferred
22,700
44
5012 4832 50
51
52
4612 49
39
22
4512 3534
2214 Mar 4012 Apr
36
374 3618 3534 364 3734 344 374 3018 3514 3312 344 53,200 Chicago Milw St Paul & Pao- 2734May 28 4478 Aug 39
Nov
6988
37
Mar
6838
Aug
29
41318May
28
5618 5614 57/
554 5718 55
1
4 5314 571
47/
1
4 5412 5014 5278 85,400 Preferred new
78 June 9414 May
9338 96
9318 9512 95
9714 9214 9614 8514 93
9012 93 60,100 Chicago & North Western_100 8014May 28 10812Sept 7
100 134 Apr 24 146 Feb 5 186 Dec 150 May
13918 13918 •14018 142 *14018 142 140 140
•13918 142
900 Preferred
139 139
130 13312 130 131
128 12912 9,800 Chicago Rocklin!& Paelfle_100 115 May 27 14312Sept 3 106 Feb 18938 Nov
13018 134
130 13338 126 129
100 1054 Mar 27 109 Oct 10 105 Dec 11112 May
10714 10714 107 108
108 108
10658 10778 108/
10814 10814 1,400 7% preferred
1
4 107
99 2 Dec 198 May
100 984June 30 10218 Feb 5
102 102
102 102
*101 102
102 10214 9938 102
100 10034 1,200 6% preferred
100 101 May 28 135 July 20 105 Aug 126 May
*10912 122 *108 115
300 Colorado & Southern
10712 10712
10912 10912 110 110 *109 115
67
July 85 Apr
26
Jan
80
Oct
14
66
.36612 70
100
*68
70 *68
130 First Preferred
70 .68
6612 68
70
70 *68
100 64 Apr 22 7212Mar 5 0912 Nov 85 May
10 Second preferred
6812 6812 *63/
*6812 70
*6812 70
1
4 70
*6812 70 *68/
1
4 70
Dee 8738 ADDI
6912
Jan
2
703
8
Am;
14
60
5814 59
pref-100
6,400
5734 5778 57
Consol
RR
Cuba
61
of
603
4
60/
1
4 6134 6014 61
6014
100 181 Oct 24 226 July 20 1634 Feb 226 Apr
19118 1924 193 1964 18914 197
19138 194
181 19034 18514 19014 12,600 Delaware & Hudeon
145 14634 18,200 Delaware Lack & Western_100 12014June 11 16914SePt 10 12614 Dee 150 Apr
14814 155 1454 150
15112 153
15013 152
1504 154
604 Feb GA Apr
66
66
6514 66
604 6212 5.900 Deny & Rio Or West pref 100 6514 Jan 2 7734 Feb 21
65 65
63
6214 6412 58
614 Jan
8 Aug
418 Feb 6
214June 11
2i2 212 *212 3
800 Duluth So Shore & At1.-100
1
4
212 212 *212 3
238 2/
212 212
94 May
Me June
74 Feb 6
334 Oct 17
100
100 Preferred
334 334 •334 434
*334 434 *334 434 *334 434 *334 434
684 June 724 Dee
7438 774 7612 79
7518 78
100 60 Oct 24 9312Sept 9
70 101.400 Erie
7278 68
60
7112 78
50 June 6318 Jan
11,300 First preferred
1
4 6434 6414 6412 6414 6438 6414 6412 62
100 67 Mar 26 6614Jul1 2
6312 64
64/
64
4914 June 62 Jan
2.400 Second preferred
63
100 56 Mar 27 6370July 2
63
63 63 *63 6314 63 6314 6212 63
63 63
934 Feb 11414 Nov
19,600 Great Northern preferred-100 101 May 28 12814July 22
111 11278 10712 111
107 108
109 110
108 110 10512 108
Feb 1114 Nov
9118
1224July
22
100
May
15
Prof
10,900
100
1073
4
10512 106
106 106
certificates
10512
10418
105
1064 108
105 10634
63 Aug 614 May
5,500 Gulf Mobile & Northern-100 3214May 27 59 Feb 4
4312 4412 4418 4512 3812 44
45 45
35
39's 3514 39
99 Aug 109 May
100 Preferred
94
100 9012June 6 103 Jan 3
95 *93 96
*93 97 .93
93 I *93
93
*93
95
100 Havana Electric R,-No par
/
4 June
7 Aug 171
7 Feb 18 111$ Apr 20
712 712 *612 8
8
*7
8 *- --*714 8
*6
8
61 Dec 7818 Seal
74
100 65 Feb 10 78 Apr lb
*71
Preferred
74
•7134 74 •7134 74 *72
74
*7134 74 I •71
460 Hocking Valley
100 376 Mar 26 600 Oct 16 840 July 678 Nov
565 570 550 575 541 550 540 565 515 540 520 540
6018 Dec 7312 Apr
511
/
4 5178 5014 53
100 8243day 28 6810 Jan 6
5018 524 30,000 Hudson & Manhattan
63 5478 5118 5434 4238 51
81 Oct9312 Apr
Preferred
•70
76
100 70 June 25 84 Jan 18
*70
75 *68
76 *___- 73 •____ 75
*68
76
10,000 Illinois Central
13518 13518 13434 136
100 12914 Oct 24 15312July 20 18184 Jan 14814 May
13134 135
13612 13634 133 13612 12914 133
*135 145 *132 142 *132 142 *130 145 *125 145 *130 145
Preferred
100 13312May 31 15112July 20 1804 Jan 167 Ma,
76 July 821$ June
40 RR Sec Stook certificates-- 714Sept 24 8018 Feb 21
74
*73
*73
74 •73 74
74
74
*73 75 •73
74
29 Jan 02 May
9,900
Interboro
2538
15 Oct 24 684 Feb 25
2314
Rapid
Tran
•
t
€1_100
261
/
4
1
4 2814 2534 2712 2658 271
2834 2834 25/
/
4 15
43718 3034 +Ants 45
3812 Mar 5218 Nov
200 Int Rye of Cent Amerloa_100 36 Oct 24 59 Jan 26
41
*34
36
36
*3712 45
*3712 45
I Certificates
/
4 41
4333, 40 *331
No par 4018June 1 5912 Jan 26
3.371e 41
•371
/
4 4134 *371
/
4 411
/
4 *3718 41
Jag 82 May
6978
Jan
2
8014
Oct
8
90,
72
Preferred
72
100 6838
70
*69
7134 *6912 7134 *69
70
70
70 *69
68 Juue 96 Nov
8214 24,700,Kansae City Southern
100 69 Oct 24 1084Ju17 20
80
87
9118 92
94 95
914 9238 85 9178 69
'77 Apr
Aug
6612
Jan
15
704
8
200,
6714
Preferred
100
*65
6714
6314Ju17
•6612 67
*65
67 67
67 67
*65 6714
5.500 Lehigh Valley
78
75
50 75 Oct 25 10214 Feb 2 8118 Feb 116 Apr
80
81
*8112 83
8112 81
8014 8214 77
82
3,500 Loulaville & Naithvtlle
13712 140
100 137 Oct 24 154348ept 16 18914 Nov 1594 May
*14112 14434 140 14114 140 142
137 139
140 140
40 Jan 64 May
6,500 Menet Mem modified guar100 8118 Apr 8 574 Jan 11
36
39
40/
1
4 3712 3812 38
33's 3238 3612 35
383, 38
884 Dec 4414 May
500 Market St it, prior prel_100 . 20 May 28 394 Jan 4
214 214 *2178 2412 *22
2134 2134 2112 2112
24's 2178 22
812 May
14 May
19
Jan
314
22
May
5,700
2
Minneapolis
&
St
Loule-100
23
8
214
24 24
214
214
21
214 238
214
214 214
110 June 524 Jan
24
611415ept
May
81
504
1,400 Minn St Paul & 88 Marle_100 88
5014
55
57
57 •50
55
55
5638 5438 55 •40
7014 Dee 8714 May
I Preferred
78
100 684June 8 87 Jan 38
78 •75
78 *74
7918 7912 7834 79
7734 783 *77
60 Dec 714 Jan
8612 5E02
720, Leased lines
100 5518 Oct 22 66 Jan 26
5612 56c 5658 57
5712 5712 57
5712 5518 57
804 June 68 Dee
557g 5214 5312 484 5078 137,400 Mo-Kan-Texas RE_-__No par 4212 Mar 26 6534July 20
5312 5512 5358 56
561
/
4 58
52
100 10138 Oct 5 10712 Apr 25 10112June 109 Feb
10234 1024 10238 10312 10338 10312 104 104
10234 10312 10234 10312 6,200 Preferred
4178 Feb 7614 Seel
100 6212 Jan 4 10118July 16
/
4 874 55,400 I Missouri Paciflo
8434 841
79
933
92 9318 8938 9212 91
80
941
100 120 Jan 2 149 Oct 23 106 Feb 1264 Del
139 14318 142 14312 48,1001 Preferred
140 14018 1381
/
4 14012 13814 14414 145 149
8212 Aug 89 June
50 7618 Oct 22 864 Jan 17
110,Morrie & Essex
78
*77
78
*76
77
*76
77
7718 771 *77
7618 761
80 Nash Chatt & St Louts---100 186 Jan 29 240 Aug 29 1711$ Aug 20414May
215 215 214 214
215 2161 *215 220 210 210 •21012 215
2 Feb
338 Jan 26
64 Apr
112 Oct 4
112 112 1,000 Nat Rye of Mesloo 2d pref_100
14 112
112 112
112 11
•112 138
*112 152
100 1784 Mar 26 25612 Aug 30 186 Feb 1961. Nov
/
4 217 218 2201- 21018 21978 197 21378 20814 2104 151,000,New York Central
216 22012 2121
1214
Oct 146 May
Aug
30
1923,
26
12818
Mar
6,700 N Y Chic & St Louis 00_100
168 168
188 17312 165 168
168 16918 170 173
169 173
100 100 May 28 10914 Jan 6 1041$ Aug 110 Jan
•107 10712 10738 1073,'10714 10734 10712 10712 10712 10718 1074 10778 1.500j Preferred
330 N Y & Harlem
60 24934 Oct 25 379 Jan 18 168 Jan 606 Apr
2494 24934
250 256
265 26514 257 264 256 26712 256 280
544 June 824 Deo
100 807s Jan 4 13212 Oct 15
125 12612 12214 12478 12412 12814 124 13012 114 12514 121 123 100,300 N Y N H & Hartford
11438 Jan 3 13434 Aug 15 112 Sept 117 May
5,100
12812
12714
Preferred
130
127
12812
130
12912 12912
13014 13112 129 13278
24 Feb 39 May
1814 11,600,N Y Ontarto & Western-100 1518 Oct 24 82 Feb 4
19
1912 1814 19
1712 1878 1518 1812 17
1878 19
9/
1
4 Feb 21
54 Jan 18 May
134 Oct 24
900'N Y Railways Pref----Ne par
ci
334 334
134 3
512
5
*3
*3
6
4
4
$2
484
Feb
4
Oct
22
June 68 Nov
2934
300
24
100
•____
Norfolk
Southern
30
30 *25
2934 2914 30
*25
33
*25
32
100 191 Jan 9 290 Sept 3 176 June 1984 Nov
262 264h 18.100 Norfolk & Western
26434 269 261 267 269 274 26034 27012 25614 265
844
8714May
14
Oct 90 Jun•
16
Feb
88
320
100
8718
Preferred
8718
8718
87
__-_
•87 ____ *87 ____ .88 _- 87
100 mos Oct, 24 1184July 22
9214 Feb 118 Nov
/
4 9958 23,000 Northern Pacific
988 1014 9112 9912 971
9912 101
9718 100
9818 100
100 9018 Oct 24 11438July 22
9018 Feb 118 Nov
9718 9,5001 Certificates
96
9018 97
9712 9912 97 100
954 9578 95 97
6174 June 764 Dee
50 7212 Afar 26 110 Aug 29
9734 9614 99 189,4001Pennulvania
9812 10018 9712 99
994 1004 9712 10138 92
26 Mart'27 May
400 Peoria & Eastern
23
100 22 Oct 21 85 July 16
23
30
27 *20
30 *21
22
22 *23
*20
32
260 Aug 29 12472 Feb 164 Nov
8
Jan
148
Pere
100
1,700
194
1974
Marquette
19978
190
195
195
200 20514 202 205
211 211
100 9514 Oct 15 101 Mar 22
96 Oat 1014 Mar
370 Prior preferred
974 9614 9614 *9614 9712
97
9712 98
9714 974 97 97
92 Nov 10014 3dar
100 93 Mar 16 97 Jan 8
99
Preferred
99 •95
*95 -- _ - •95
*95 99 •95 99
*95 99
128 129
2,000 Pittsburgh & West Va--100 13816May 98 14814 Jan 10 12114 Feb 168 Oct
130 130
134 136
1364 140
138 138
13634 138
147148ep1.
27
944 Feb 11918 May
5
101121Vlay
50
12212
12634
Reading
21,C00
12412
120
120 128
127 128
12118 124
120 125
50 414 Apr 22 50 Sept 7
414 Nov 46 Apr
46
463, 4512 4612 1.000 First preferred
47
47
47
47
471
/
4 4718 47 47
6034Sept
7
44 Jan 6918 May
433eMay
91
50
3,000
*4612
49
Second
preferred
471
4614
4734
474
49
4712 4818 48
48/
1
4 481
SO Feb 77 Dee
100 6318 Mar 21 7414Sept 18
400 Rutland RR pred
75
8614 *68
7012 6318 6318 66
*63/
1
4 71 .65
*631 71
13354 Aug 80 109 Feb 122 Mar
10912May
20
100
1163
8
St
Louts-Ban
Franolsoo
17.700
11314
1173
11114
12012
118
117 119
1184 120
11718 119
4
94
964
Feb
2
Oct
Dec 101 May
91
95
let
100
6,800
9414
pref
paid
95
9412 9478 9414
9334 9413 9438 95
9334 933
16,400 St Louts Southwestern...AO° 60 Oct 24 11514 Feb 4 0712 Feb 1344 Nov
8338 7312 79
8338 8514 GO
86 86
86
863, 8338 85
SC
94
Apr
26
June
14
July
87
libi
Jan
100
1,300
90
Preferred
8914
90
•89
91
911 •89
90 90 *90
90 90
114 Mar 804 Jan
100 12 JUDO 15 2114Mar 6
1512 153, 144 1512 1438 1512 4,600 Seaboard Air Line
1412 157
1434 15
15
15
4June 14 4138 Oct 15
38 Jam
17
Aug
161
35
100
1,400
*30
Preferred
35
*25
36
3714
36
371
3612
36
37
3714
100 124 Mar 25 1671213ept 3 1174 Feb 13114 May
138 13812 13814 1401 1384 1393 13718 13914 130 13812 134 13718 26.800 Southern Pacific Co
100 138 May 21 16218Sept 4 1593, Feb um May
1474 1474 14718 14834 148 1491 147 14978 14478 14612 14614 1471 16,300 Southern Hallway
9614 Sept 10214 2"
3,600
Preferred
100 98 June 14 9912 Oct 19
/
1
4
983
8
98
984
9814
98/
1
4 99/
1
4
99
99
99
99
9912 99
500 Mobile & Ohio eertifs-100 9814 Oct 23 1407, Jan 14 100 Jan 1594 Jaa
101 102 •101 112
9934 9934 9814 9812 *--- - 9712 •80 100
994 Jan 1944 OM
100 130 Oct 23 181 May 2
1314 140
5.700 Texas & Pacific
130 143 13712 140
•142 145
14212 145
140 145
284 Jan We Ma7
100 10 A1112 79 39 Feb 25
1,500 Third Avenue
12
111
/
4 1112 10
*1112 12
•12
1112 12
12
1234 12
11214 Sept55 May
1,400 Twin City Rapid 'Transit-100 32 Oct 24 5814 Jan 28
34
364 32
32
37
37
38
3978 *37
*37
3978 *37
100
85
Sept
12
100
Jan
5
1)41e Oct107 Feb
89
•____
Preferred
89
•-_89
'1 . _._ 90 *____
0-- -- 90 •__ 90 '
100 909 Mar 26 29714 Aug 29 18611 Feb 2244 Nov
25,640 Union Pacific
26314 26414 25818 26414 259 26312 2513g 260 250 255 252 255
100 804 Aug 12 8612Se00 4
824 008 8714 jail
2,400 Preform&
84 8418 8330 834 8334 84
821s 8378 8378 8418 84
84
•BM and asked pilaw DO Wes on this day. s Ex-dividend. g Ex-rights.
New York Stock Record-Continued-Page 2
2649
Fos gales during the week of et. cks not recorded here. see second page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT,
Saturday,
Oct. 10.
Monday,
Oct. 21.
$ Per share $ per share
60
61
5913 60
92
9312 0214 93
*78
84
82
82
34
36
3314 34%
.33
40 .35
36
32% 33
3212 3314
*5634 5912 56% 57
Tuesday,
Oct. 22.
Wednesday, Thursday,
Oct. 23.
Oct. 24.
Friday.
Oct. 25.
Sales
for
the
Week.
PER SHAREPER ill ARE
Range Since Jan. 1.
1 Lanes for Previous
Os basis of 100-silare lots
Year 1928
Lowest
Highest
Lowest
meson
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share Shares
Railroads (Con.)
60
6112 55
52
56
55
53
53
4,400 Wabash
93
9312 92
9212 92
92
x9014 9014 2,000 Preferred A
.80
.77
84
83 *78
84 .76
84
100 Preferred B
34
3614 33
3012 27
3634 30
2912 35.200 Western Maryland
.34
40 .33
39
25
3112 30
30
900 Second preferred
*3212 38
323* 3114 3178 4,700 Western Pacific
3214 33
32
58
53
588 58
59
55
54
55
7.300 Preferred
Par $ per share $ per share $ psi' share 5 Per share
100 52 Oct 24 814* Jan 5
51
Feb 9614 MaY
1
4 Aug 16 10478 Jan 7
100 88/
884 Feb 102 May
100 7718 Oct 1 91 Jan 8
87 Feb 9912 May
100 27 Oct 25 54 Feb 4
81% Feb
544* May
100 25 Oct 24 5312 Feb 4
334 Feb
547i May
100 3114 Oct 25 4171 Mar 5
2814 Feb
3812 Dee
100 53 Oct 24 8714July 22
5212 Aug 6218 Jan
Industrial & Miscellaneous.
518 524 5113 5214 5134 52% 4913 51.58 48
5212 49
4934 16,800 Abitibi Pow & Pap
No par
8011 80 .80
81
80
81
.81
8114 76
8138 *7612 81
1,600 Preferred
100
10312 10312 102 105 .103 112
102 102
____ 100 *____ 100
1,000 Abraham & Straus____No par
•16613 109
103 104 *10714 109
112 112
10713 110
11212 1124
280
Preferred
100
.470 550 *440 550 *440 550
440 440
300 400 .350 354
100 Adams Express
100
90
90
90
90 .88
90
*88
8934 *87
88 .87
88
200 Preferred
100
2814 2814 28
28
28
28
*29
30
2818 2818 2734 28
1.400 Adams Millis
No par
20
20
19
20
1713 19
16
1712 13
1514 13
1413 8.300 Advance Rumel7
100
*32
3212 31
31
.30
31
30
30
274 30
25
25
1,400 Preferred
100
114
114
114
114
114
13*
13*
114
1
1
114
13* 8,800 Ahumada Lead
1
20418 216
200 206
20858 21714 19512 21738 17618 20414 195 203
60,60014.1r Reduction, Ine----No par
3618 3712 35
36
343* 35
3378 3438 __
32
3318
__
,
Air-Way
AppilanceNo
par
Elec
313 313
314 358
318 312
3
358
3
338
3
314 15.500 Ajax Rubber. Inc
No par
634 718
634 712
7
712
634 73
6
6
634
638, 38,600 Alaska Juneau Gold Min-le
14
1412 1313 14
124 13
134
134
1118
1014
13
11
I
4,800
par
Albany
Pert
Pap_No
Wrap
41
43
3914 4178 413* 4212 38
4234 33
3813 3618 3712 413,900 Allegheny Corp
No par
10712 108
10714 10734 10778 108
106 10734 10512 10618 10512 107
8,000
Preferred
100
8512 8612 853* 86
874 8714 8734 881, 90
90
91
92
2,600 Pref ex-warr
30114 310
296 303
301 30s
286 304 - 265 286
283 286 41,000 Allied Chemical & Dye_No pa,
•12218 123
12218 12234 122 12218 •122 123
123 123
12212
1,100 Preferred
1223
100
5613 5834 57
5812 58
6034 5618 6038 x44
56
5214 55
55,900 Allis-Chalmers Mfg new No par
.414 5
412 412
412 413 *412 5
412 413
414 411 1,400 Amalgamated Leather-No par
26
2678 254 27
25
26
25
26
2312 25
2212 24
18,400 Amerada Corp
No par
9
94
83* 9
834 9
812 9
714 812
713 8
7.600 Amer Agricultural Chem _100
374 3712 37
37
3512 37
3218 3414 6,600 Preferred
3512 3612 31
3513
100
137 143
125 137
134 136
125 138
115 12814 125 132
11,200 Amer Bank Note
10
•82
65
65
65 .62
64
62
6218 5934 60 .5912 61
370
Preferred
50
*1113 1234
1178 13
117 1178 12
12
12
12
11
12
5,200 American Beet Sugar_ _No par
51
51
50
5012 .50
50% 54)
50
5034 50% 49
49
1,100 Preferred
100
5734 5812 5112 6612 56
5812 50
50
42
4534 42
4534 18,500 Amer Bosch Magneto_No par
54
5414 5312 54
54
54
5213 54
473 5212 51
5234 11.300 Am Brake Shoe & F.__ _No par
•117 118 *11712 11978 11978 11978 .118 1107 118 4 1197
8 118 11978
300 Preferred
100
1434 16
15
15% 1614 1734 147 17
1312 15
14
147 20.800 Amer Brown Bever1 El_No par
75
75
7314 75
75
75
7414 7412 6734 73
69
7438
670
Preferred
100
15512 165
15434 15934 16114 1664 152 16434 137 158
15212 158 399,100 American Can
25
•14112 __
141 142 *14112 14178.14012 14134 *14013 142
200 Preferred
100
9034 9112.1419012 9-i- 9218 9312 89
9338 80
90
87
89
16,900 American Car & Fdy__No fl*r
112 112 *11212 11612 *11212 11612.11212 11413 11234 11234 114
114
300 Preferred
100
*91
93 .90
93 .91
9113 91
91
85
883
86
90
1,600 American Chain pre/
100
59
60
5412 58
59
5912 57
5834 45
45
*47
4712 7,500 American Chicle
par
No
42
44
3912 40
41
44
40
44
3612 40
*3734 38
20,700 Am Comm'i Alcohol_No par
•28
29
28
28
28
233* 2358 2414 26
28
2414 2612 3,000 Amer Encaustic Tiling_No par
60
67
55
61
62
85
,58
5413 52
6512 50
5712 10,000 Amer European Sec's No par
13012 142
12712 13413 13412 l40'z 109 13614 88 115
9912 10412 457.600 Amer & For'n Power _No par
107 107
1087 107
10858 10634 10634 10634 10612 106'2 10612 107
3,000 Preferred
No par
9412 9412 93
9512 06
961z 94
96
9312 94
90
94
3,200 2d preferred
No par
29
3014 28
30
2818 29
273 2812 254 27
257 27
10,100 An, Hawaiian SS Co
10
*614 8
*614 8
612 6'2
612 67
6
6
614
6
900 American Hide & Leather_100
39
4212 .38
43 .40
4213 3714 381- 37
37'2 3514 3514 1.500 Preferred
100
6018 61
5918 6014 60
6012 593 6078 4934 591
5412 5813 12,700 Amer Home Producte_No pa
44
4412 4212 4318 4313 45
43
4512 39
421
3912 41
11,900 American Ice
No par
•92
93
92
92
.92
9234 *90
93 .90
92% .90
92
100 Preferred
100
7318 7812 704 7614 7234 751
6613 6014 64
65
7412 53
96.100 Amer Internet Corp_ No par
4
4
318 37
37
313
33* 33*
314 378
313 38 5,100 Amer Ls France & Foamite_l
48
46
44
45 •____ 45 •____ 45
43
43
*____
45
120 Preferred
100
11018 11212 110 11012 112 114
10858 113
100 109
10734 1098 20,300 American Lotomotive_No par
115 115
116 116
117 117
115 115 .115 116
116 116
800
Preferred
100
255 263
250 25014 255 280
215 255 219 24014 21514 220
4.100 Amer Machine & Fdy__No par
6434 66
6412 6534 6413 653
6018 65
57
6113 59
61
34,000 Amer Metal Co Ltd-No pa
•122 130 •120 130 *120 130 .112 130 *112 130 *112
130
100
Preferred (674)
843* 843 .7814 83
8412 85
80
85
80
80 .8012 83
120,Amer Nat Gas pref____No par
6
6
6
6
514 61
*6
7
6
6
6
612
1,200
par
American
No
Piano
2614 2614 2414 2414 244 25
2514 2514 22
25
20
2013
690 Preferred
100
11218 117
10512 111
109 114
101 11312 9412 104
99 104
63,100 Am Power & Light____No par
102 10238 .102 10212 10218 10211 102 10214 100 10113 100
10114 2,200 Preferred
IVo par
75
75
75
75
75
75
*7412 7512 7538 7512 7538 758
2,400 Preferred A
No par
84
84
82
84
8158 82'2 8214 8278 8134 82
82
82
2,300
stamped
Pter
A
No par
44
4334 3414 4012 374 414
453* 423* 4412 434 4414 38
207,300 Am Reel & Stand San'ty No par
.135 138 •135 138 .135 138 *135 138 .135 138 *135
138
Preferred
100
3312 37
34
34
3414 36% 28
35
2012 25
2518 2614 15,200 American Republies___No par
1184 12712 12018 12314 123 12678 11413 12512 10014 115
10618 11014 67.500 Amer Rolling Mill
25
63
64
62
64
62
6614 603* 61,
4 GO
6012 60
643* 5,700 American Safety Rasor_No par
3212 3212 32
3214 3134 3134 3112 3134 31
31
.30
31
2,200 Amer Seating v t c
No par
214 214
214 212
214 214
*218 238
2
218
2
212 2,400 Amer Ship & Comm. No par
95
95
9212 95
8018 85
85
85
8014 9634 803* 90
940 American Shipbuilding_ ___100
105 10712 1033* 108
10518 10718 102 10778 95 10112 9718 99
95,300 Ant Smelting & Refining_100
.136 137 .136 137
138 136
13512 1357 135 135
13513 13513 1.100 Preferred
100
42
4334 42
42
*4212 43
42
3914 42
43
41
42
5,300 American Snuff_-__ _______25
•10012 103 *10012 103 *10012 103
10012 10012 10012 10012 100,2 100,2
40 Preferred
100
64
65
53
5434 533* 5412 5012 5412 4614 52
60
54
513.100.Amer Steel Foundriee_No par
•11112 11214 11178 112
1113* 11218 11218 1127 112 112
111 112
240,
100
Preferred
6413 65
65
6518 65
65
6514 65
65
65
65
6518 16,100 American Stores
No par
7334 7412 733 7518 7334 7414 7212 733
7214 73
7212 7318 10,000 Amer Sugar Refining
100
•100 107
106 106 *104 107 .104 107
104 1044 105 105
600 Preferred
100
*3812 4012 38
3812 357 3758 3514 38
34
36
3418 36
5,200 Am Sum Tob
No par
.24
25
2313 2312 *2312 2412 2234 224 *23
241 .23
2414
200 Amer Telegraph & Cable__100
28014 287
27812 2841. 28412 29(11 1 262 289
245 27434 265 27234 174.100 Amer Telco & Teleg
100
216 218
215 22112 224 227
215 22612 206 216
21012 216
15,300'
American Tobacco com...„60
21714 221
215 22413 22438 22724 21434 22734 196 2193 21213 219
69.900 Common clam B
60
118 11612 11613 11612 118 116
11812 117
117 117
117 117
1,700 Preferred
100
15712 15712 155 155
15713 158
153 158
14014 14014 143 145
2,300 American Type Founder3_100
•10812 10934 1083* 1083* 1093 110
110 110
110 110
109 110
160 Preferred
100
138 14734 131 1431 133 1401 12014 137
03 115 x102 10912 100.100
Am Wet Wks & El
No par
*101 102
10158 1013* •102 105 *10214 105
102 104
10212 10212
700 1st preferred
1212 13
1114 12
1112 12
1134 1338
1178 1211 9,300 American Woolen
58 12
100
3138 32
303* 313* 3012 3112 304 3214 3018 304 307 314
12,700 Preferred
100
12
1213 11
12
11
11
914 10
9
10
8
9
5.500 Am Writing Paper etfe-No Dor
*4158 45
.41
44
41
41
41
41
404 41
39
394 1,000j Preferred certificate__ -100
174 1818 1618 1778 1738 19
142 16
1618 184 1038 161
13,100 Amer Zinc, Lead A Sinelt___25
93
93
9(1
9113 904 9018 90
7912 82
90
81
85
1,900 Preferred
25
10613 11014 10514 1083* 108 110
92 10412 100 104 753.400 Anaconda
102 110
Copper Mln. new50
7514 7534 7414 75
7414 75,4 713 74
6734 70
6812 697
4,100 Anaconda Wire & Cable No par
65
69
53
651s 5914 66
664 6234 493* 58
533 59
28,000 Anchor
No par
•111 109 .115 125 .115 145 .111 140 .111
145 .112 115
Preferred
No par
4878 4914 464* 483* 4734 401
4634 48% 42
4518 4412 45
14.000 Andel Copper Mining_No par
3812 4012 535
3834 372 39
36
3318 3534 13,800 Archer. Dan'is, Miclicl_No par
3778 31
35
82
82 .83
85
•83
85 .83
83
83
85
83
83
900 Armour & Co (Dell pre!___100
978 1018
918 9%
94 10
858 93*
714 9
8
81 2 56,000 Armour of 111111°1e class A__ 25
512 512
5
512
5
538
5
518
313 43
412 474 53,100 Claw B
25
7113 7113 7012 71
71
7112 70
6712 69
70
69
69
1,600 preferred
100
22
2212 21
21
2114 22
12
16
2014 22
1518 17
12,500 Arnold Constable Corp./7 par
2313 24
23
23 .23
23
2612 .23
25
23
*221
: 25
400 Artloom Corp
l7 t par
4714 4712
47
*4613 47
4614 4613 454 461
45
4514 3.000 Associated Apparel Ind No par
461 t 4734 4538 47
48
4114 453
4838 444 49
447 31,300 Assoc Dry Goods
43
No par
44,
8 4458 4413 4412 4412 4412 04413 45
4412 441 *4412 45
490 Ailsociated 011
26
8118 8238 78% 82
80486's 75
8638 71
783
75
754 19.000 All 0 & WI SS LIne_No par
•58
60
59
59
571 .56
5734 597 *59
55
60
60
2.100
100
Preferred
55
58
5314 56
5432 5632 4772 5532 40
52
4614 4934 222,700 Atlantic Refining
25
11914 123
11514 119
121 12578 11638 12114 10314 120
11334 11614 13,800 Atlas Powder
No par
•102 103
102 102 0102 103
100 102
102 102
100 100
360 Preferred
100
•12
12
1314
12
.1113 12
1113 11 13 1112 11 1
1034 1114
600 Atlas Tack
No par
376 390
330 375
325 350
250 337
190 260
224 240
11,100 Auburn Automobile_ _No par
Cap
463
• Bid and asked prime; no sales on this day
s Ex-dividend.
r Ex-rIghts
8813May 27
76 Oct 24
101 May 28
103 Oct 21
389 Jan 16
8414June 28
2738May 1
13 Oct 24
25 Oct 25
1 Oct 24
954 Apr 10
33% Oct 23
212Sept 27
412June 4
1014 Oct 25
27% Mar 26
9918 Apr 15
8018 Sept 4
241 Jan 7
12014 Apr 8
44 Oct 24
414 Oct 25
2212May 25
714 Oct 24
31 Oct 24
110 Mar 26
57 July 23
11 Oct 25
46 API 24
4012 Feb 14
45 Jan 16
11612 Oct 1
1313 Oct 24
494* Jan 7
1074* Feb 18
13612July 8
80 Oct 24
11012 Oct 10
7014May 31
45 Oct 24
3612 Oct 24
233* Oct 23
50 Oct 23
7614 Jan 4
104 July 1
88 Apr 9
2418/Mar 26
6 July 30
8014 Feb 6
4934 Oct 24
38 Mar 26
89%May 23
5212May 31
318 Oct 21
43 Oct 24
100 Oct 24
112 Sept 26
14714June 73
50 May 27
11333May 21
65 July 19
334 Aug 14
1812June 28
8118 Jan 8
98313June 14
70 May 31
78 July 25
3.114 Oct 24
135 Sept 3
2012 Oct 24
10014 Oct 24
60 Oct
30 Sept 16
2 Oct 24
8018 0,3 2
9331 Jan 16
130 May 81
3914 Oct 24
10012 Oct 9
4614 Oct 24
110 June 17
6412 Oct 10
7112 Apr 6
1024 Oct 10
35 Oct 24
17 Jan 2
1934 Jan 8
160 Mar 28
160 Oct 4
115 June 20
1364 Jan 6
I0714May 15
6714 Jan 8
97 Jan 8
57 Oct 24
3018 Oct 24
8 Oct 25
89 Aug 7
1033 Oct 24
7912 Oct 24
92 Oct 24
6234June 1
43 June 26
10212June 17
42 Oct 24
29 May 28
82 Oct 18
714 Oct 24
31/ Oct 24
6712 Oct 24
12 Oct 24
195sSept 6
45 Oct 25
4114 Oct 24
4012May 31
324 Feb 16
454* Feb 11
40 Oct 24
90 Apr 15
9812July 30
104 Feb 25
190 Oct 24
5773 Aug 15
8814 Nov 88 AN
8053 Jan 7
76 Nov 1023* July
15913 Jan 3
90 June 142
Dec
11212 Oct 2p 109
Oct 11412 Juno
750 Apr 23 196
Jan 425
Dec
Jan 9912 Mar
96 Jan 3
93
3012 Dec 334 Dec
3.5% Jan 15
1047iMay 1
11
Jan 65 Sept
119 May 1
3.14 Jar 6934 Sept
234 Jan
534 Mar
47s Feb 20
223% Oct 18
59 June 993* Dec
48781May 13
___- ---- ---- ---1114 Jan 2
712 Jul e 141e Jae
10 Nov
Jan
1
1014 Jan 8
25 Jan 3
2234 Dec 8114 Jae
56128ept 3 --__ _--- ---- -1
4July16-118/
92 Oct 25
3544* Aug 30 146
Feb 25284 Nov
125 Apr 27 12012 June 12753 May
7512Sept 28 ---- ---- ---- -1118 Jan 14
913 Oct 164* Apt
2718 Feb 43% Nov
423* Jan 3
233* Jan 15
153* Feb 20 No,
734* Jae 11
5558 Feb 7972 Not
7424 Jan 159 Ma,
157 Oct 10
6534June 14
Oct65% Jai
60
2013 Jan 16
144* July 2411 Aui
Feb 613* Sept
6014 Feb 5
36
1533 Feb 641* Not
7812Sept 7
62 Feb 4
3978 July 494 Jai
12612May 21 120 Dec128 Juni
3434June 1 I 10% APr 2614 Mal
104 June 12
401
/
4 Apr 6578 Mat
18412 Aug 241
7013 Jan 1174 No,
142 Mar 28 1384* Jan 147
AD
10612 Jan 3
884 July 11113 Jai
120 Jan 29 1103* Aug 1374 Ma
9518 Oct 10
71 Dec 105 Jun,
8158Sept 5
44 Dec 6034 De
55 May20--4734 Feb 25
9812Sept 3 ____ _--- ---- ---,
19914 Sept 21
2258 Feb 85 De
10812 Feb 14 10434 June 110 Mal
103 Feb 21
Feb 100 SeD
81
42 Apr 19 ---- ---- ---- 10 Jan 2
84 Oct 158* Fel
5214 Aug 29
81 Nov 874* Fel
59 Feb 86 No"
853* Jan 24
Jan 4633 Alt
5313 Aug 23
28
96 Mar 8
Jan 9913 Ma:
90
96348ept 20
1 13* Oc
8711 Jan 10
514 Jan
75 Feb 21
Jan 8512 00
56
136 July 161 87 June 115 la
1197a Aug 2 1034 Jet 134 Ma
2794 Oct 0 12913 June 183% De
8118 Feb 6
39 Mar 63t. No
135 Feb 6 109 Aug 11712 Ma
9814 Jan 7
96% Dec 9934 No
173* Jan 31
1234 July 25 Fe
Ja
55 Jan 81
88 Dec 90
17534Sept 7' 624 Jan 95 Ma
105 Feb 28 10012 Dec 10714 Ma
80 Feb 13
7018 Nov 774 No
8418 Feb 16
814 Dec 8614 No
5533Sept 7
139 Sept 13,
6434 Jan 2j 511
/
4 Feb 85 A9
14458Sept 91
74% Jan 81
66
Jan 747g Set
41% Mar 15
27% Nov 45 Ma
618 Ma
7 Feb 5
84 Aug
11218 Aug 8
80 Sept 119
Ja
13014Sept 5, 162 Fob 298 De
138 Jan 4J 181 Mar 142
Al
49 July 26,--112 Jan 24, 100
Oct 120 Jun,
7978 Feb 4
404 June
114 Mar 13 109 June
85 Apr 25
941 Jan 25
55 Feb
111 Feb 1 100 Feb
66
Feb
60 Jan 2
1714 Dec
327* Mar 25
31014Sept 19 172 July
23213 Oct 14 152 June
235 Oct 14 152 June
12114 Jan 15 115% Sept
181 Sept 11 10978 Aug
112 Apr 5 107 Nov
62 June
199 Sept 27
Oct
98
104 Jan 28
14 July
2773 Jan 3
89 Aug
581* Jan 2
10% Juue
1612July 18
84 June
46 Mar 2
6% Jar
4914 Mar 18
Jt.n
40
11114 Mar 19
140 Mar 22 ___. ------- ---8934Sept 7
48 Dec
80 Oct 15
15412 Oct 15 10614 Deo
6833 Mar 1
364 Nov
5514 Feb
4913 Mar 4
861* Jan
95 Jan 30
1818 Jan 2
1114 Jan
632 Jan
104 Jan 2
74 Jan
86 Ja. 24
854 July
40% Jan 2
2814 Dec
80 Feb 5
5S34June 18
4014 June
7014 Jan 10
474 Apr 5
$712 Feb
374 Feb
8812 Oct 10
88
Feb
6278 Sept 26
777k July 8
60 Nov
140 Sept 10
83
Jar.
1064 Jan 14 102 July
177g July 16
814 Jan
514 Sept 18
70% Ja
120 Fe
9312 Na
11013 Ma
78% Set
32
le
211 Ma
1844* De
18473 No
126
Al
1424 No
116 Mt
7612 Nu
Al
106
824* Nc
85% Nc
1911 Fe
534* 0
0,
57
11771 0
---- --.
---- -54% DI
III DI
66 Nc
11278 Nc
9712 Jtu
2312 Sei
1312 Ms
9112 Jui
5184 Al
446 11,
7511 DI
534* Bel
5978 MI
6514 0
6612 D.
114 13
11012 MI
174* 3131
New York Stock Record-Continued-Page 3
2650
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Oct. 19.
Monday,
Oct. 21.
Tuesday,
Oct. 22.
Wednesday,I Thursday, I
Oct. 24.
Oct. 23.
Friday,
Oct. 25.
Sales
for
the
Week.
STOCKPER SHARE
Ranee Since Jan. 1.
Os basis of 100-share Iota
towed
Highest
I
NEW YORK STOCK
EXCHANGE
PER SHARI
Banes for ET614010
Year 1928
Highest
Lowest
$ per share 5 per share $ per share $ Per share $ Per share $ per share Shares Indus. & Misted. (Con.) Par II per share $ per share II per ,hare $ per 'herr
914 may
pa Jan
514 Aug 5 1134 Aug 27
5,800 Austin, Nichols & Co_No par
514 6
5% 553
6
614
6
6
6
7
6% 6%
25 July 39
Jan
400 Preferred non-voting--100 32 Mar 14 4218 Jan 14
35
35
*3514 37
35
35
37
*3514 37
35 3514 *35
5112July 15 65 Jan 8
58
Oct 75 Ma)
547 *54
500 Austrian Credit Anitalt
*54
56
5412 *53 5412
54
5414 5412 *53
55
612 Jan 3434 Nov
No par 2218 Feb 15 35% Aug 16
2812 2812 28% 2838 28
2718 2812 10,600 Autosalem Corn
2814 2712 2814 2714 28
25 Aug 41 Nov
50 38% Mar 4 4578 Aug 19
700 Preferred
*39
40 *30
384 3834 40 45
40
3812 40
39
39
43 Oct 5212 Ma)
1,500 Autostr Sat Razor"A".No par 3834 Sept 25 50 Jan 11
*4018 4312 *40% 42
4012 3912 41
4134 4134 4018 4134 40
32 36 112.400 Baldwin L000 Wks new No par 15 Oct 24 6634 Aug 12
35
4414 50
40
43
4312 15
4118 44
35
4 Apr
100 11412June 7 125 Apr 3 115 Oct 1242660 Preferred
*11718 118
117 11718 *11714 118
11714 118 11712 11712 11712 118.
•10714 10712 10712 10712 10712 10712 10712 10778 10758 107% 10712 108
430 Bamberger(L)& Co pref_100 104 June 13 11012 Feb 1 10714 Nov 1117a Ian
2678 Aug 3514 Dec
No par 25 July 2 3334 Jan 23
270 Barker Brothers
2658 2658 2612 2612 *2512 2612 2612 2612 *26
26% 25h 2618
9178 Dec 10112 Juns
100 8532July 2 97 Jan 28
80 89
50 Preferred
89 *88 89
*88
89 *88
8914 89 89 •88
5 Oct 4 2914 Jan 15
2312 Aug 5212 Fa
No par
200 Barnett Leather
6
*2
6
*514 734
6
514 514 *614 812 *612 8
Oct
24
4918MaY
8
20 June 53 Nov
10
207
25
128.100
class
A
2612
2734
Ramsdell
Corp
3012
3238
32
331
•
2738 3178 2712 2912 2078 2634
98 June 1401k Mar
No par 80 Oct 24 11334 Jan 25
100 Bayuk Cigars. Inc
*75 S3 *____ 83 *_ 83 *80 83
80 80 *-__ _ 80
- *c 11038 Mal
100 95 Oct 23 10654 Jan 29 1031,..
90 First preferred
97
97
98
*97 98 *97 99
9514 *97
95
97 97
1214 Mar 2413 73et
No par 20 Feb 7 3278 July17
24
18,600 Beacon 011
2214 2412 23
2712 28
26
2712 2612 2718 2538 27
20 7012 Oct 24 101 Jan 12
7034 July 101% Oct
3,100 Beech Nut Packing
75
71
7912 7912 79
80 8012 80 8014 7012 72
SD
Jar
91 10
12 Dec 22
9 Aug 5 1784 Apr 18
5,000 Belding Hera•way Co-No par
10
1018 1038 1038 1038 1014 1014 1012 1012 10
8258 Sept 921, Mat
200 Belgian Nat By.Part prof-- 7812 Oct 4 8678 Jan 3
*78 79
7812 7812 *7858 80 *7812 79
*79 80
79
461 501* 72,700 Bendlx Aviation
No par 40 Oct 24 10488July 24
51
5778 40
5512 5834 5312 57
5414 5878 51
No par 48% Oct 24 12312f3ePt 24 -5324 -Jan 1-02 Get
5238 22,300 Best & Co
5312 5678 5438 5578 5038 5538 4818 5118 51
5558 57
51% JUDO 8838 Dec
110% 11112 10934 11112 10634 11231 11012 10738 9212 10334 10218 10378 73,100 Bethlehem Steel Corp____100 821s Jan 31 14034 Aug 24
12512 12512 12512 12613 12512 12534 12513 126 12512 12534 12512 12534 5,600 Beth Steel Corp PI (7%).100 11858May 31 128 Sent 18 11618 June 125 Ain
3338 July 50 Beni
No par 4014 Oct 25 6178 Apr 5
800 Bloomingdale Bros
44
44
50 50
4418 44% *4418 4934 4212 4314 4018 44
100 102 Aug 9 111 Jan 16 1091* Jan 11134 Jul)
80 Preferred
*10578 108 *10578 103 *10578 108
10514 1057 *10014 108 *10014 108
118
90
Oct
9
87
June 122 De,
Jan
2
pref.-A0°
130
Co
*9018
91
Blumenthal
.ge
901
9018
90 90 *90% 91
*90
91
8
*9018 91
67
7214 17,500 Bohn Aluminum & Er__No par 50 Oct 24 13634May 4
8714 50 73
94 96
8212 90
73
85 88
6-6-14 Jan i51-2 bee.
NO par 78 Oct 25 8912 Jan 12
7912 1,000 Bon Aml class A
*82
85
7818 7834 78
80 81
80 80
*79
82
312 Oct 24 104 Jan 2
514 Jan 121* NO,
No par
3,800 BOOth Flaherles
418 5
312 412
5
5
434 43
434 5
5
5
1 Nov
100 35 Oct 24 6814 Jan 18
4114 Mar 72.
34
800 lit preferred
*25
35
3612 37
*37
38
35
36
*36
37
36
25 7358 Oct 24 10012July 10
78 62,400 Borden Co
75
8312 8434 8218 84
7358 81
84
84
8538 81
10 35 Oct 24 14338May 1
4518 47 34,800 Borg-Warner Corp
47
35
53
5334 50 53
48
51
5012 53
-834 Aug 13 Jan
6 Sept 27 151* Feb 11
7
8
7
718
ay, 77,
800 Botany Cons Mills elan A_50
778 *7% 778
638 718
2118 Feb 6338 Get
1814 2118 1312 187s 1618 1818 124,100 Briggs Manufacturing_No par 1312 Oct 24 6318 Jan 3
22
2112225* 1812 215s 20
214 Oct 25
lla Jan
67s Jan 28
100
94 ma)
214 212 1,300 British Empire Steel
258 258
258 278
278 278
212 212
*212 3
214 Jan 12 Feb
534 Jan 14 1312 Jan 28
100
300 26 preferred
*538 612
*618 812 *618 612 *613 612
6
6
618 614
4512 June 7511 Nov
2258 2412 16,900 Brockway Mot Tr-__Ne per 2038 Oct 24 737a Jan 2
2234 23% 2212 2338 25
2678 205* 23
2714 25
100 85 Oct 21 145 Jan 2 110 June 150 Nov
30 Preferred 7%
85
85 *82
85 85 *82
87 87
85 *82
90 *82
No par 16211 Oct 25 248% Aug 28 139 June 20334 Nov
162h 170 19,100 Bklyn Union Gag
182 182
17812 182
185 18612 16312 171
18212 189
44 Dec 5512 Ap,.
No par 36 Oct 24 51128ept 4
4434 2,800 Brown Shoe be
44
45
*48
4812 471. 49
36
4934 4934 47 48
2711 Feb 6234 Sept
33 x2912 3234 16.000 Bruns-Balke-Collander-Ne par 291* Oct 25 551g Jan 18
30
35
35
3512 32
3218 341
34
35
241* Feb 4834 Mal
423
Jan
5
22
Oct
23
4
10
Buoying-Erie
Co
16,400
25
2778 2838 2578 275
228 2514 23%
27
, 2812 274 22
Oct
23
3338 Feb 6483 Mar
50
Feb
5
35%
10
3558 3735 9,800 Preferred
3518 3834 3514 37
3812 387
385* 39
385* 391
460 Preferred (7)
100 11112July 3 117 Apr 25 Iola Mar 117 Apt
11134 1118
•11112 112 *11112 112
11212 1137 11134 11312 1114 112
546aJuly
19
40%
Oct
25
Bullard
par
7,100
Co
No
4018
47
4212
47
4918
49
5014 4734 4914 4912 50
47
700 Burns Broe new elAeomNo per 94 Aug 8 127 Jan 11 -9812 -Feb 127 oin
99
99
98
98
*102 10434 *102 10434 10134 102 *100 101
1578 Mar ants Jun.
3,600 New class B oom----NO par 225sJune 4 39 Jan 14
30
30% 29% 31
31
3138 315* 31
30
31
31
31
975 Feb 11024 June
120 Preferred
100 9212 Oct 25 10514 Jan 7
9212 9514
97
97 *9512 98
*9512 97
9534 9534 *9512 97
8254, 64's 72 81,900 Burroughs Add Mach_No par 59 Oct 24 32934May 21 139 Jan 249 Der
8512 8834 8414 8938 59
8514 885* 808 86
50 June 88 Der
4212 51
No par 421n Oct 24 8918 Feb 2
7,200 Bush Terminal
4212 501
54
5418 5112 53
51
53
55
*53
100 10173 Oct 8 110% Mar 2 10478 Aug 115 May
900 Debenture
10378 10378 10318 1031* 10318 1033 10318 10314 103 10378 103 10378
160 Bush Term Bides prof-100 10712 Oct 11 118% Feb 19 111 Aug 11912 Juno
11178 11178 111 111 *11112 112
11034 11034 *110 11034 1101s 111
May
8% Aug
6 Oct 24 12% Jan 4
8
634 4,000 Butte & Superior Mining_10
614
6
612 812
612 7
6% 634
612 634
41 Jan 1214 Nov
912 Jan 3
3 Oct 25
312 13,800 Butte Copper & Zino
5
3
318 35*
312 334
314 4
312 334
334 4
371,
May
6711
Dec
Jan
2
41
Oct
21
28
28
273
4
100
5,900
2734
29
Buttericg
Co
30
31
30
31
30'1
30
3014 3014
9012 Jan 20034 Dee
108 130 48,800 Byers & Co (A 14).---No par 76 Oct 24 1927* Jan 2
76 130
14218 14812 142 146
14518 1521 121% 149
100 105 Apr 3 12114 Jan 8 10828 Apr 118 Dee
50 Preferred
110 110
112 112 *110 112 *110 118
11012 112 *11012 116
--- - .
-- - 3514 3712 18,900 By-Products Coke
NO par 31% Aug 12 471* Oct 7
3334 40
4014 4112 41
4234 37 43
4114 43
7514 7614 7012 7514 7312 7514 11,200 California Packing_ _ __Ne par 7012 Oct 24 847g Aug 29 -681-1 Jae lass Bail
7614 7518 768 76% 77
76
2614 Mar 36 SeLa
*27
35
30 California Petroleum
35
28 25 June 17 3412 Aug 28
35 *27
30
30 *30
30
30
*30
35
638 Apr
4 Jan 22
lls July 26
134 Mar
112 112 3,800 Callahan Zino-Lead
10
158 158
15
134
134
158
134 134
134 134
111 11618 18,800 Calumet & Arizona Mining_20 105 Oct 24 13634 Aug 7 -- - --,12078 12112 11838 12058 118 12034 11738 119
105 115
Nov
36
37 41,600 Calumet & Recta
38
25 28 Oct 24 61% Mar 1 -2018 -Jill 471 Iron
38% 3934 375 4018 28
37
387
39% 40
5478 Jan ems may
79 43,400 Canada Dry Ginger Ale No par 60 Oct 24 9834July 13
8112 84
8334 8512 795* 8378 60 8012 72
8212 85
113 Dee 50 Bays
No par 35 Aug 5 4834Sept 7
4812 3618 40
6,600 Cannon Mille
4112 42
36
4018 42
40 41
4012 42
4,200 Cage Thresh Machine etts100 210 Oct 24 487 Sept 16 • __-- ---- """"
21012 232
250 250 240 255 255 268
222 240 210 235
100 119 Oct 18 12218 Aug 6 --- -- ---- ......
121 121
*117 121 *117 121 *119 120
400 Preferred elfs
120 120 121 121
16
16
1612 17
1512 1512 *1512 16
1412 1,100 Cavanagh-Dobbs Inc--No par 14 Oct 25 4218 Feb 28 --- --- -- -15
14
15
100 732 Oct 23 10512Mar 8
*7534 7612 7584 7534 75
200 Preferred
7534 7312 7514 *732 75 •732 75
No par 45 Oct 25 791$ Feb 4
511
5178 5178 51
45
4754 3,300 Celotex Corn
4814 491
5134 5112 52
50
100 80 Oct 18 9312 Feb 7
Preferred
•_ _ ... 84 *____ 84
____ 84 *__84 *____ 84 *____ 84
3838 -Dec -3912 bog
35
36
2,000 Central Aguirre Aseo...No par 30 June 10 485g Jan 30
31
32
32
347 3478 321-4 32% 308 32h 30
281m Mar 4828 Dee
47
5018 33,600 Central Alloy Steel--No par 401 Mar 26 5934 Oct 14
45
51
54
525* 5312 52
51
5318 53% 55
Jan Ines Mar
100 10534 Apr 2 112% Jan 28 107
•111 112
111 111
280 Preferred
11018 110%
110 11018 111 111
10018 111
11 Aug 24 Oct
4% Oct 25 20% Jan 2
41
6
*612 7
1,900 Century Ribbon Mills-No par
5
534 6
612
5
5
534 534
92 mar
Aug
77
Jan
17
82
23
59
Oct
100
•59
66
10 Preferred
*59 66
*59 66
*59 66
59
59 *59 66
5812 Jan 119 Nov
85 88
8334 87
80 85
8134 8414 28,900 Cerro de Pasco Copper_No par 80 Oct 24 120 Mar 1
86
8614 88
89
Apr
6434
Dec
ma
30
32
July
10
Apr
1614
Proctscu_No
par
Certain-Teed
2314 2378 22
7,100
185*
18
23
18
20
20
21
23
20
75 Nov 100 Map
100 471j Apr 12 8118 Jan 11
*60
100 7% preferred
70 *60
*6612 6858 6012 6012 *__ 55
69 *60 68
No par 49 June 24 BA Jan 30
517a 5,000 City Ice & Fuel
53 55
51
5112 52
50 52
52
52
52
54
100 96 Sept 8 10514 Jan 24
280 Preferred
99
99
*9814 99
*9812 99
9812 99 *9818 99 *9818 99
No par 565* Mar 28 9214 Jan 31 Vet Get lig bar
Certo Corn
No par 7112 Oct 24 112 July 2 624 July 8118 Jan
23:000 Chesapeake Corp
7814 -79.12 7912 11:112 7712 791 7j12 1512 737 -76
78 -ii
7,300 Chicago Pneumat Tool No par 23 Oct 24 4712Sept 21 111 Aug 17312 Dee
3418 347
36
3712 4014 3734 40
37.38 28
3934 398 37
No par 4818Mar 27 61 Sept 20
3,800 Preferred
577 578 5534 5618 5612 5612 5534 5614 5412 5534 5414 553
2978 Aug 63 Jan
930 Chicago Yellow Cab-No par 23 Oct 25 36 Jan 7
2618
23
2712 29
30
*28% 2912 2834 288 297s 30 *29
45 Dec 6612 Get
10 301s Oct 25 50 Jan 2
4,300 Chickasha Cotton 011
3212 3312 3012 3212 3018 33
34
34
3312 3312 33 33
87 Apr 64 Dee
75%Sept 3
26
4478
Mar
No
par
Childs
Co
33,800
7012
6912
6714
7134
• 71
753
8
7112 8914 718
71
7012 73
8734 Mar 7478 Nov
25 7114 Jan 8 12718Mu 2
Chile Copper
*8418 100 *81 100 *8834 100
*8418 100
*8418 100
*8418 100
5434 Jan 1401* Om
Jan
135
Oct
24
43
No
par
46% 314,200 Chrysler Corp
5412 5612 5314 551. 54
5078 44
4934 545* 43
55
5114 Jan 5414 Juno
130 City Stores claim A.-No par 40 Oct 25 52 Jan
4112
4412 4112 4112 40
4412 *42
*42
4412 *41
4412 *42
Feb
27
24
Oct
par
714
New
.
No
46,800
1018
1214
714 135*
15
14
15
1514 1514 145 1518 15
iisis Dec iiiiii, Ai;
3,300 Cluett Peabody & Co--No par 41 Sept 23 7234 Jan
4314 4434 45
4312 42
4314 4434 43
45
45
45 245
11112 Dec 1245* Mat
100 97 Oct 3 119 Jan
20 Preferred
'100t4 103 *10014 163 *10014 103 *10014 102 •10014 102 100% 10014
No par 12058June 1 15412 Aug 3
144 14634 142 1451 1398 14312 13814 14134 9,000 Coca Cola Co
144 14514 14314 145
No par 46% Oct 24 50 Feb
467 4714 6,000 Class A
4614 47
4634 47
47% *4738 471
*4714 4712 47
-44% Dec 11124 Jan
No par 2018 Oct 24 7214 Mar 1
2015 2234 2118 22 24,800 Collins & Alkman
30
30
32
3312 30
3558 30
35
90 Nov 109 Jan
800 Preferred non-voting_ __100 86 Oct 23 10312 Feb
86
86
86
86
86
86
88
88
88 88
88 88
53% June 8411 Jae
Oct 24 7812 Mar
39
100
Fuel
&
Iron
Colorado
24,400
48
50
39
571
5112
50
581
5718
58
54
55 60
Oct
344
26
79 June 1345* Dee
121%
Mar
par
t
allo
Columbian
Carbon
v
19.200
269 283 255 269 26912 293 24834 289*4 210 260 21514 22934
89% Mar 14078 Dec
80
9912 9134 9534 533,800 Colum Gas & Elec____No par 53112Mar 26 140 Sept 2
10514 11338 10112 10834 10714 lhl7s 95 110
106
109
July
1
1037sMar
21
June 11018 Jan
100
Preferred
1,100
10712
107
108
10712 10784 107
10614 108 *10734 109
*10634 108
61 Dec 8438 Nov
2718 Oct 24 885* Jan
4712 5038 3812 4858 2718 397g 3218 3612 479,900 Columbia Graphophone
4814 5238 4558 50
21 Feb 71 Noy
62ss Jan
Oct
24
30
.No
par
Commercial
Credit71,500
3618
388
4034
30
45
4018
451
44
4312 45
45 48
23 Feb 27 Ma
25 24 May 27 2683June 1
20 Preferred
24
24
26
*24
26
25 *24
*24
25
*23 25 *24
23 Feb 28 Dee
25 25 Jan 21 28 June 1
270 Preferred B
2512 25'z 2512 2512 2512 2512
- *2512 26
2512 2512 *2512 26
Jan
2
24
85
10534
Oct
June 107 Nov
70
1st
(634%)_10O
1,490
preferred
81
80%
92%
9018 928 70
*9012 93
9012 91
92 92
5212 60 48,500 Corn Invest Trust new. No par 4812 Oct 24 79 Oct 1
6618 6884 60 6614 4612 61
6438 66
6512 68
109 Feb
14
Oct
14
Jan idi WILY
100
100
110
7%
preferred
100
*98
100
*98
100
*98
100
*10012 101
10012 10012 100
92% JUDI! 9812 Ann
200 Preferred (614)--- . _ -100 91 Sept 3 99 Jen 2
*9312 9512
94
94
94
*93
94
*93
94
9512 94
*94
61. Aug an De*
100 2714 Jan 7 6912Sent
1,900 Warrants
47
*40
45
50 *35
44
5012 50 553 *45
*5012 60
___
40 45 181,500 Comm. Solvents new_ _No par 361 Oct 24 63 Oct 17
5114 5814 5158 541
45
5814 3612 48
5412 58
Commonwealth Power_No par 10714 Jan 7 246 June 15 1214 Jan 11011 -Deo
16014 195
*19014 21914 *19014 224 *19014 221 *17014 224 *16014 224
48 Jan 84
Get
Conde Nest Publics__ _No par 591sJune 3 93 Jan 19
59 *____ 60 •___. 58 -- 59
59 *
*---- 60 *
22 June 3112 Apr
2012 1818 19 145,300 Congoleum-Nairn Ino_No par 11 Oct 24 35% Jan 28
11
2112 2278 2014 23
228
2112 2234 21
67 Feb 874 Dee
No par 50 Oct 24 9238 Feb 6
7.000 Congreen Cigar
6312 648 6212 637 50 6312 57 62
65 651s 6218 65
112 Feb 7
%June 27
le Jan
par
3% May
Conley
Tin
Foil
stpd_No
300
3
4
"2
*12
3
4
12
1
84
"2
34
"2
34
*12
7911 Jan 100 Dec
551
No par 45 Oct 24 9614 Jan 2
49
511 10,400 Consolidated Cigar
45
5714 5412 561
58
54
57
*55
59
100 7518 Aug 14 96 Jan 7
94% Oct 1025* API
530 Prior prof
7614 771
7612 797
79
78
797 797
*80 8012 7612 79
23 July 2912 Beta
191s 2118 9,600 Consol Film Ind pre!-No par 18% Oct 24 3034 Apr 23
1814 227
2312 24
2414 2412 2318 25
235* 24
Aug 17014 MAY
26 183148e91 3 p74
12912 136
12714 1323 132% 13614 11912 13414 10812 1244 118 121 647,300 Consolidated Gas(NY) No par 951,Mar 28
100118Mar 25
9714
Aug 103 mar
9812J00e
Preferred
11,500
No
par
100
99
99%
98%
9834
9918
99
9858
9858 9838 9812 99
214
63
s
Jan
16
Oct
25
61 Des
Aug
134
Consolidated
Textile_No
par
15,400
131
2
154 2
212
2
218
2
2
2
2
2%
20 Nov
88 Ape
4,800 Container Corp A vot No par 12 May 24 238j Jan 9
1914 1712 1712 163* 17
1813 2012 18
2034 18
1914 19
Jan
2
Apr
20
95*
Oct
111*
6
612
1914
Apr
Class
B
voting
par
4,900
612
No
7
7
7% 8
714 712
712 734
734 8
261, Apr 5312 Jan
15,100 Continental Baking el ANo par 6718 Jan 8 90 July 9
59
6412 6158 6834 5514 6112 56
61
60 63
60 65
95 Dee
3% Apr
614 Oct 21 1514July 9
No par
712 9 69.400 Class B
918 078
978
8,4 878
812 1038
9
gia
9
100 884 Jan 2 100 June 6
73 Apr 961p Jae
3,500 Preferred
9218 927
94
9412 9612 92
94
9414 94
9234 947
94
53 llec 13878 SW
6912 6678 70 115,300 Continental Can Ino__No par 60 Jan 19 92 Sept 24
7734 61
7714 7858 69
7512 793
78
80
21
11014sept
Oct
3
75
65
Feb 9478 May
Continental
In.
10
33,900
83
79
8612
65
91
85
9218 94
7s
89
9114 9018 94
10 Mar 2018 Nov
612 Oct 24 285* Jan 21
938 92,300 Continental Motors___No par
9
612 10
1078
1034 11
1038 1078 10
1014 11
*785*
vs
1e84
Bid and asked prices; no sales on this day. b Ex-div. 100% In common stock,
Ex-dividend and ex-rights
S Ex-dlvider d
p Ex-rights.
New York Stock Record-Continued-Page 4
2651
For sales during the week of stocks not recorded here. see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Oct. 19.
Monday,
Oct. 21.
Tuesday,
Oct. 22.
Wednesday, Thursday, 1
Oct. 24.
Oct. 23.
Friday,
Oct. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Macs Jan. 1.
Os Oasts of 100-glare loll
L010.1i
Mahal
PER dB IL
Roam for Penton.
Year 1928
Lowest
Highest
per glare $ Da share $
shirt
ow share
$ per share $ per share Shares Indus. & Mtscel.(Cos.) Par
84/
1
4 Jan 94 Nov
100 11978 1114 11534 145,300 Corn Products Refining-25 82 Mar 26 12638 Oct 23
/
4 Apt
138/
1
4 Oct 4 14434 Jan 19 1884 Jan 1461
14134 142 I 142 142100
350 Preferred
1
4 Nov
82/
1
4 Dec 89/
1
4 Jan 38
32
3634 3318 35 92,400 Cot,Inc
No par 32 Oct 24 82/
1212 Sept 27 Noir
1
4 Apr 17
21
21 I *21
24
100 21 Oct 24 57/
300 Crex Carpet
57
49
51
54 . 45.400 Orosley Radio Corp--No Par 49 Oct 24 125 Feb 25
5214 597
5314 80
10,000 Crown Cork & Seal.__..No Par 4214June 26 79 Aug 5
*9314 9834' *9312 9812
70 Crown WIll Pap let pf_No Par 92 Oct 21 10114 Jan 18 11-11-2 Jan 10514 Oct
234 Dec 26/
1
4 Nov
*1934 20 I 20
20
No par 1812July 9 2534 Jan 9
300 Crown Zellerbach
/
4 Aug 28
6914 July 98 Feb
8612 9212 87
92
12,000 Crucible Steel of Ametlea..100 85 Mar 26 1211
100 109 Jan 8 11534 Feb 28 111 Dec 121 May
110 110 *110 113
200 Preferred
20 Oct 2874 May
No var 1112May 81 2412 Jan 3
128 14
13
14
8,700 Cuba Co
74 May
4/
1
4 July
34 Aug 13
512 Jan 3
34 1
8,200 Cuba Cane Sugar
No Par
34 1
1
4 Jan
13/
1
4 Oct 82/
278 Aug 13 1872 Jan 8
100
1,700 Preferred
15/
1
4 Dec 2414 May
11
1118 1018 1118 8,000 Cuban-American BUM-_10 1018 Oct 25 17 Jan 3
93/
1
4 Dec 108 Feb
• 100 60t8June 14 96 Jan 8
*88
70
88
70
190 Preferred
12
Jan
*3
5 Nov
2 June 21
314 *3
6/
1
4 Jan 2
314
Cuban Dom'can Sug-No pit
54 Jan 7814 Aug
1
4 Jan 16
43 45 1 43 4478 8.300 Cudahy packing
ao 43 Oct 22 67/
53% Feb 19274 May
*88 100 I *88 100
Curtiss Aer & Mot Co_No par 120 Oct 17 1734 Feb 5
118 120 1 117 119
4.500 Curtb3 Publishing Co--No Par 118 Oct 24 132 Oct 10
No Par 11212":Oct 23 12134May 25
11258 113/
1
41 113 113
1,700 Preferred
No par 20712 Apr 17 325 July 25 l445 Jan 280 Oct
•iiii fif- *Hi- Ili- iiii ifi- iiii" iiii- *j() 122 idio" iii" ----io cuPr'enr3"11;
100 11814Sept 25 180 Mar 22 114 Jan 161 Sept
a4
52 June 6512 Nov
113 11514 108 11238 107 10912 10212 11012 8918 95
10 ups Mar 26 1214Sept 27
90 9412. 7,700 Cutler-Hammer Mfg
49 July 68 Oct
114 120
115 11934 12214 12212 115 120
No par 63 Jan 3 12812 Oct 15
99 115
11712 117124,100,Cuyamel Fruit
471 5134 4812 50
24
34/
1
4 Feb 6834 Nov
Jan
81
Oct
6914
3812
par
N0
Chemical
4734 4912 42
40 41 1 33,5001Davieon
4834 3812 45
88 Oct 494 Apt
*2838 31/
1
4 *2858 3138 2878 281
61 2712 Oct 24 4674 Jan 24
2838 29
2712 2838 2858 2878! 1,5001Debenham Securities
11838 11978 11818 119
100 116 Feb 26 128 Jan 4 11512 Feb 12632 May
1184 11958 11958 120 11912 12012 119 11912 1,490!Deere & Co Prel
1
4 Des
355 355 350 353 349
100 224 Jan 2 886 Aug 2 16612 Jan 224/
4178 355
4214 34512 353 331 341 330 340
8,500 Detroit Edison
40 Jan 61 Apt
4414 4414 4138 4314
40
4114 38
4012 3818 40 I 3.500 Dove. St Reynolds A--No Par 38 Oct 24 6474 Feb 5
113 113 *113 114 *113 114
100 112 Jan 7 11512 Jan 15 108 Jan 120 May
114 114 *113 114
113 114
1301 let preferred
1
4 Jan 172 Nov
128 129
100 126 Oct 2 1644 Jan 11 134/
12858 12712 12858 12658 12858 1281
440'Diamond Match
/
4 12812 12934 12858 12712
8 June 1312 Jai
814 Oct 25 114 Aug 1
812 812
Norm
818 8121 6,600 Dome Mines. Ltd
8/
1
4 8/
1
4
812 858
814 812
814 81
641.,
July1
Oct
23
80
34
No
3514 3214 34
Par
2818 29341 8,600 Dominion Stores
32
311
23 28
33
y30
16' Mar 120'. Nov
11034 11112 106 11014 10812 111
No par 954 Oct 24 12614 Feb
10012 10514 45,000 Drug Ine
10812 110
9518 108
1
4 NOV
5511 Jan 99/
51
524 46
50'l 48
50
45 48
34
6,700 Dunhill International-No Par 34 Oct 24 92 Jan 2
451s 3834 46
9932 Oct 11812 Mat
*99
9912 99
991 *9834 9914 99 9934 99 993g 994 9914
900 DIP:means Light let Pref---100 4912 Jan 24 10074 Mar 5
4 July 19 1112 Mar 4
3 Aug
812 May
*314 411 *2
4
*2
4
Durham Hoiden Mills B.- 60
5
*2
3
*2
4
*2
21712 22812 21814 223g 229 240 21818 23478 211 22911 22212 23234 86.800 ESAU= Kodak Co----NO Dar 168 May 27 26434 Oct 8 163 Feb 1944 July
128 Mar 9 1234 Aug 184 Aga
12334Sept
412332 12432 *12332 12434 12334 12332 *12332 1243 *124 1243 *124 12434100
10 Preferred
26 Jan 684 NOS
4412 4612
4714 4834 4318 4614 34
431
38
3934 17,600 Eaton Axle & Spring--No Par 34 Oct 24 7634 Feb 1
30 150 Oct 24 231 Sept 7
178 183i 17534 17914 178 18112 17314 184
150 174
187 171 84,400 El du Pont deINem
11934 Aug 26 114 July 1211.88*1
100 112 Aug
11512 11512 115 11511 118 11614 116 116
118 118
115 11512 2,400 6% 111311-•03 aeb
1
4 Jan 10 1 ark Au& 63 Nov
No Par 1718 Oct 25 39/
20
2212 2012 201
1838 21 1 1912 20
1718 1812 4,400 Eitingon Schild
1812 20
1
4 Nov
1
4 Aug 121/
737 73% 1,000 Preferred 834%
100 73% Oct 24 113 J -in 19 101/
*7512 80
737 75
7514 751
7818 7818 *75 80
60 Jane 1364 Des
12814 130
No par 10218 Oct 24 174 July 12
12512 1291 124 12834 11211 1251 1024 112
10818 112 123,700 Electric Autolite
Dec
10814
Apr
2
1083
4
Oct
1
Sept
115
100
11214
109/
1
4 10978 107 11058 *10634 11034 *10834 11014 *10834 11034 10878 10878
Preferred
70
1
4 June
558 Oct 24 1834 Mar 19
8/
1
4 Aug 17/
No par
858 712
614 634
812 834
618 7/
1
4
5/
1
4 7
64 6/
1
4 18,500 Electric Boat
54% 5712 51
2834 Mtn 4.933 Del
5112 56
No par 40 Oct 24 8838Sept 17
F5234 56
5712 40
527
4814 517 127,700 Electric Pow Oa Lt
*10834 108
No Dar 103 June 25 10914 Feb 13 105 Dec 1104 Mat
10634 10834 10634 107
10612 10812 106/
1
4 10878 106 10812 1,900 Preferred
1224 Jan 4 14012June 28 12014 Nov 12974 Am
4... _ _ _ 13612 127 127 *1334 13818 134 134 *12712 134 *12712 134
40 Certificates 50% paid
69 Feb 914 Dec
9458 977
9118 977
9434 98
9314 97/
1
4 9018 937
9034 93 37,300 Elec Storage Battery-No Par 77 Mar 26 10412 Oct 16
9 Jan
34June 15 1012 Oct 18
6
une
818 Ws
912 10
9
9
618 818
818 614
734 734 5,500 Elk Horn Coal CorP--No Par
6 May 81 224 Feb 7
514 Feb 1634 Deo
*834 7
634 834
634 634
634 7
612 612
8
6/
1
4 2,700 Emerson-Brant class A_No par
85
Ant
74
/
1
4
Dec
83
/
1
4
Jan
4
573
8
Aug
5
82 62
61
61
61
8112 61
81
60 614 61
8118 2,800 Endicott-Johnson CorP----60
*10814 11212 10814 10814 *10814 11212 *10312 11212+10812 11212 *10812 11212
100 1084Sept 21 12414 Feb 28 1214 Jan 12732 Dec
100 Preferred
83 Feb 51 Nov
5258 6612 5214 5734 50
55
5838 4912 577
557
5012 557 88,200 Engineers Public Serv_No par 47 Mar 25 7952 Aug 5
9012 Dec 1324 1301
10614 10814 10514 1054 105 10518 104 104
No par 90 Jan 12 12314 Aug 5
97
97
98 98
1,200 Preferred
29/
1
4 Oct 8334 July
/
4 Jan 4 41 MAY 1
3812 388 38
3812 3812 3834 38
3818 15,800 Enultable Office Bldg No par 311
384 3734 3818 38
48 Dec 79 Jan
54
Feb
28
4414
Yet
1
*47
49 *48
par
49
47 47
Clean_No
45
47
4434 45
4434 4812 1,800 Eureka Vacuum
5 3512 Oct 25 7334 Mar 15
43 43
414 4212 41
4112 41
1
4 3734 3,300 Evans Auto Loading
4114 374 3934 35/
193g July q415 O
1
4 Jan 15 2712 July 20
287 287s 2612 267
2812 2634 2614 2612 26
2814 2814 2814
550 Exchange Buffet Corp_No par 22/
324 Jan 56 Apt
4314 48
44
45 *45
No Par 4034Mal 28 5478Sept 9
4612 42
4512 424 4312 42 43
3.100 Fairbanks More.
1
4 Jan 9 104 Jan 1104 May
•107 108 *107 108
100 108 Aug 13 110/
107 107 *107 108 *107 108 *107 108
20 Preferred
1 4978 497
48
49
49 49
*47
50
47
47 *48
47
1,200 Fashion Park Assoc_ __-No Par 47 Oct 24 7258 Mar 21
1
4Sept 14 10112 Mar 21
*87
92
100 88/
*87 90 *88
90 *88
1 Preferred
90
90 *88 90 •88
42 Jan 71 De3
*9114 93
89 9234 90 92
15 684 Jan 3 109 June 19
92
894 8912 *75 88 *85
1,800 Federal Light dr Tree
074June
11 104 Feb 6
98 Jan 109 Apt
0100 1033 100 100 *100 10334 100 100 *9972 100 •97
No
Par
9934
40' Preferred
120 AP 230 Dee
*215 275 *215 275 *215 275 •215 275 *215 275 *215 275
IFederal Mining & EimelEg_100 215 May 22 310 Feb
*97
914 Jan 10212 Sept
993 *97
100 9714 Oct 23 102 July 5
9914 *97
100 Preferred
9934 9714 9714 *97
9934 *97
9934
16/
1
4 Aug 3578 MAY
1
4 Feb 6
912 Oct21 22/
012 1118 10
12
12
958 104
10,700:Federal Motor Truek-No Par
9/
1
4 10
1114 1014 10%
10712 109
105 107
106 107% 98 107
84
99
9212 95 22,800'Fidel Then Fire InaN Y ____10 84 Oct 24 123 Sept 3 754 Jun 1071y Dec
114
1334
Oct
24
Jan 1514 Mat
Mar
2
6
*63
4
*712 9
No
pa
634 7
6'
674
.
184
8
530
Fifth
Ave
Bus
8/
1
4 8%
70
70
8912 691 *88
No par 574 Oct 24 9812 Feb 25
68
571
/
4 68
68
*55 67
701
1,500 Fllene'g Sone
100 98 Sept 28 107 Jan 23
*9812 971
9812 997
97
99% 997 49612 6678 97
9658 997
330 Preferred
28 Apr 7614 Dec
80 81
77% 81
74
80
80 82
77 82
74
7812 29,700 First National Stores-No par 62 Apr 18 90 Sept 19
1
4 Jae
874 Aug 17/
412 Oct 24 20% Jan 23
No par
634 7
84 87
4/
1
4 614
538 6 45,900 Flak Rubber
eh 8%
634 67
10958Sept
11
6514
Apr
30
1
4 Oct
65
June 89/
par
No
Co
-1Fleischmann
--4913 497k 49
49/
1
4 Nov 561 Nov
SlIx
No Dar 46 June 28 54 Jan 8
iiti 49 16- 4813 if/ '48 49
500 Floreheim Shoe el A
9814 Oct 100 Des
100 9012 Oct 25 10214 Jan 18
96
*92
93/
1
4 *9414 9012 9012
2001 Preferred 8%
9712 *____ 971
6674 Dec 694 Des
52 Oct 24 8234 Aug 26
No pa
69
69
67
8512 8718 52 84% 5518 59
6812 oifs 70
7.300,Follansbee Bros
36/
1
4 Oct 5712 Dee
28 Oct 24 6934 Apr 30
No pa
1138
40
28
354 38
4,400 foundation Co
35
30
28
33
35% 364 32
72 June 119388595
No par 70 Oct 24 10534Sept 24
9218 9514 8614 9212 91
8632 78
83/
1
4 75.300 Fox Film class A
9312 83 9314 70
1
4 Jan
48 Oct 109/
83 Oct 24 5472 Jan 26
No Pa
33
4114 384 4012 23,000 Freeport Texas Co
4112 4212 40 4212 41% 43
42
423
No pa
99 Mar 26 10712May 7 102 Mar 10974 Apt
*103 10318 103 103 13103 10318 10212 1023 10034 10234 10034 103
1,000 Fuller Co prior pnW
Jan
15
Mar
3812
Oct
24
33
/
1
4
Feb
6
714
par
15
No
Snubber
A
1514 1513 1514 1518 1534 14% 1514
714 13
9
1012 7,100 Gabriel
714 June 17114 Dec
5 Oct 24 25 Jan 31
5
1
1
6
812
6
634 17,100 Gardner Motor
7
813 71
84 734
6074 Feb 101 Dec
110 1157 1101g 1127 11214 115
9718 10978 1051g 10712 84,400 Gen Amer Tank Car_ _ _No Par 81 May 28 1234 Oct 11
100 1143
68 June 947a Apr
1
4 Aug 17
100 5934 Oct 24 94/
80/
1
4 8138 7933 81
5934 6812 8212 6534 29,100 General Asphalt
731
7934 8112 Y88
1044 Mar 28 138 Aug 15 110% June 1414 Ap:
•11834 12014 118 118
111 Ill *11014115100
110 110
118 119
500 Preferred
-_
1
4June 8
4814 4914 4812 484 *4758 48
37/
1
4 39
3712 4012 6,100 General Bronze
No Doff 3712 Oct 24 69/
4212 48
/
4 Nor
47 49
38 Oct 24 61 Feb 28 -21 Feb 411
46
38
42
4018 4312 16,200 General Cable
4258 49
48
46
49
ae Feb 8834 Not
10214 10314 9614 100
par 81 Jar 8 12012 Feb 28
No
95 1013
88
95
911
/
4 92
N
op
101 103
12,400 Class A
•106 107 *106 107'
100 104 Apr 18 1074 Jan 21 102 Oct 107 Oct
108 107
106 108 *105 108
300 Preferred
106 107
64
59% Nov 7514 Feb
64
6234 60 62
63 63
63 6312 62
3,900 General Cigar 1110
84 65
No Par 80 Oct 25 74 Feb 25
338 347 3254 344
283 31934 300 311 259,100 General Electric
No par 219 Mar 28 403 Aug 20 124 Feb 2214 Dec
313 341
33234 341
111
/
4 1138 1118 1114 1118 114 1118 1114 111g 11/
11 Sept 12 June
11 Jan 8 1134 Feb 4
1
4 1118 114 11,800 Special
9234 9514 8934 94118 93 100
8514 Jan 75 Nov
84
90
85
99
9014 53,200 General Gas A Elea A...No par 70 Jan 7 112 Sept 23
91
116 116 *118 151 *118 151 *118 151
87 Jan 80 No
118 116 *116 146
No par 76 Jan 3 116 Oct 19
200 Class B
120 120
118 118 *120 125 *120 125 *120 125 *120 125
No par 11112July 18 135 Feb 14 121 Oot 144 Ars
70 Pref A (8)
105 10612 10812 10812 107 107 *107 10712 106 107
101 10578
Preferred
73i( A (7%).---No par 101 Oct 25 11812 Jan 21 10812 Jan 11812 Dec
_ __ - :
_1
I 1_2
_0
_
No par 99 June 20 115 Feb 15 105 Oct 11474 May
il
681*1 681* 67 681 -43I Iii- "iiiiii 6758 -a- i66-78
79 Dec 844 Not
- "ii5i9 151; 8.300 General Mills
No var 62 Oct 24 894 Jan 18
*904 91 89/
984 Dec 10014 Des
9112 917
92 92
1
4 91
1,700 Preferred
9112 *9112 92
100 89 Oct 15 100 Jan 41.
91
8014 8234 5734 8114 59/
7334 Dec 9014 Nor
5714 5278 54 1,224.510 General Motors Corn
10 49 Oct 24 9154 Mar 21
1
4 8118 57 8078 49
123 .112378 *12214 123
12214 124
6,900 7% ilreforred
100 121 Oct 7 12612 Jan 2 12312 Jan 12712 Ain
123 12312 12112 12278 12112 122
•4758,,,t 48
49 Aug 5874 Jan
48
47/
1
4 4812 1,600 Gen Outdoor Ads A__No par 43 Sept 26 52 Jan 2
48
4712 48% 4812 49 •48
49
29 - 2914 2812 29
5238 Jan
2912 Allf
2518 281s 25
26
2514 28
9,600 'Fruit eartifleates____No par 25 Oct 25 41 Mar 12
278 281
1
4 lax
1054 10812 103 105
8412 June 123/
No par 8812 Oct 26 12612 Aug 26
1
4 8812 9912 9714 103 26,700 Gen 117 611311a1
1047g 10734 100 107/
78 it 79
82 Jan
75
8812 Aug 12 • 6512 Jun
75
11,800 General Refractoriee.. No Par 68 Apr 1
724 76% 74
7734 7514 81/
1
4 76
80
127 130
1
4 Oct
974 June 128/
126 129
12714 13234 125 1247s 115 12712 123 1257 72,600 Gillette Safety Basor_No par 101 June 11 143 Oct 8
844 Ma
2878 29
5974 June
4814 Jan 28
22
221g 24
12,600 Gimbel Bros
No par 19 Oct 2
2818 2878 2734 2818 2512 2812 19
87 Ma 101 Jun
*8514 89
87 87
8012 83
83 83
1,400 Preferred
'
100 7612 Aug 8 134 Oct 3
87
87 *70 85
2032 Jan 87 Der
1
4 52
4538 4612 35,000 Glidden Co
No par 3674 Jan 2 6414July 19
5412 564 53
5412 53/
1
4 5578 52/
1
4 5812 44/
•103 •_10412 1031
95 Jar 105 Sept
/
4 10312 1034 10318 10314 10312 103 10312 1037s 10378
1081g Apr 22
370 Prior preferred
100 10114June
424 Dec 624 Mr
24
2412 23
21
1858 1934 15,200 Gebel (Adolf)
No par 16 Oct 24 aa Feb 5
16
2432 23
231: 22 22
/1
Is 143/
59
82/
1
4 5712 81
1
4 De,
No par 45 Oct 24 82 Jan 19
45
55
5014 54 228,500 Gold Dust Corp•t o
/
4 61
6014 617
481
8212 6418 6314 6612 6518 68
No par 60 Oct 24 10534 Jan 2 6814 Jun 10914 De,
60 8412 60 6134 27.700 Goodrich Co (B F)
6212 67
*108 107
106 106 *100 107
/
4 Oct 24 11518 Feb 25 10912 Feb 115/
1,400 Preferred
100 1051
10512 108
107 107
1
4 May
106 108
9818 10034 9512 9912 9614 9914 86
454 June 140 De,
8114 88 100,200 Goodyear T & Rub____No par 7.512 Oct 24 15412 Mar 18
9734 7512 91
9212 Mar 10u Dec
9958 99/
1
4 99% 9934 994 9934 994 101
1
4 Feb 28
98 997g 5,200 let preferred _____ __No oar 98 Oct 25 104/
9878 99
32
70 Due 93 A.4
3234 3014 32
31
8,400 Gotham Silk Hoe new _No par 2838 Oct 24 60 Apr 11
1
4 3414 2838 3012 29
30/
30/
1
4 34
*80
8418 80 84
100 80 Oct 2 10114 Jan 5 100 Dec 130 AD,
80 *8090 Preferred new
80
8018 82
8018 84
*50
Preferred ex-warranta___100 8414 Oct 9 100 Jan 12
95 Dec 112 MAY
80 *50 80 •- - - - 80 *50 80 *50 80 *50 Ili7 Feb 18 14 May 6
*8 •,10
180 Gould Coupler A
No par
674 Dec 1234 Pet
*812 9
9
7
*34 10
912 912
914 94
1512 1812 1518 1632 15
16/
1
4 Feb 8114 Sept
151
1
4 14 48,500 Grabam-Paige Motors_No oar 1214 Oct 24 54 Jan 2
1412 1614 1214 1438 12/
*15
9 Oct 24 4912 Jan 11
1812 2,003 Certificates
No pm
1614 14
2812 June 58 Sept
1312 12
9
14/
1
4 14
14
14
14
17,100 Granby Cons M Sin & Pr_100 8012 Oct 24 102% Mar 20
784 79% 774 80
6914 72
394 FA) 03 Dec
7878 6012 737
7712 7934 72
0612
7
100 68 Oct 25
mar 18
7714 80
784 7712 75
88
70'z 7,500 Grand Stores
72
73
654 June 9478 Oct
7612 7414 76
21's, 2114 21
No par 144 Oct 24 3311 Jan 2
2158 2138 2112 2014 211
2634 July 41% Oct
/
4 1418 1814 1512 187s 12,300 Grand Union Co
3,300 Preferred
No par 37 Oct 24 543x Jan 4
4343
42
3834 397
39
42
4112 37
41
4112 417
464 Aug 62/
1
4 Oct
5.100 Granite City Steel
No par 43343une 17 63/
2
.5112:5
50 5014 5014 5014 48
4712 50
1
4Sept 3
44
48
51
8 per share $ per share $ per share $ per share
11818 12238 1184 12038 12158 12512 119 12638
14012 14012 *14012 142
14012 14012 14112 14112
4334 448 4214 4312 4214 44
3734 4258
23 23 *21
24
*21
25
*24
25
8012 65
5434 8134 80 8558 5434 86
8712 8712 8514 6812 854 6814 6018 6518
•____ 92
9258 9258 9212 9212
92
92
*2134 22
20 20/
1
4 *20
2312 *20 21
94
95
92
9314 9812 93 98
94
•109/
1
4 11012 *10934 113 *109/
1
4 110 *110 112
14
1534 15
1512 147 1512 *1478 15
1
114
118 114
1
118
118 118
*4
412
414 414
414 414
4
418
1114 1114 1114 114 1114 1112 1114 1114
*138
70 *68
70 *88
70
88
88
*3
314 *3
314 *3
314 *3
314
4712 434 47
47
43 47
45
46
*8714 125
*88 120 *88 110
*88 100
121 121
12018 12018 12058 120/
1
4 120 12214
114 114 *11312 11334 11312 11312 11212 113
• Bid and asked mice.: no gales on this day. • Et-dividend. b Ex-dividend ex-rignts4
2652
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 19.
Tfonday,
Oct. 21.
Tuesday,
Oct. 22.
TVednesday, Thursday,
Oct. 23.
Oct. 24.
Friday,
Oct. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
FHB SHARE
Range Sines has. I.
On Oasis of 100-share lots
PER SHARI7
Range for Preyions
Year 1928
Lowest
Highest
Lowest
Highest
$ Per share 5 per share S Per share $ Per share S per share S per share Shares Indus. & Mace!. (Cost.) Par $ per share 3 vet slate
8 per share S per share
125 12712 12234 12318 12114 125
122 12214 5,900 Grant (W T)
121 122
120 123
Aro par 11412 Apr 12 1441
/
4 Feb 5 11134 Dec 12512 Sept
29
2938 2818 29
28/
1
4 29
25/
1
4 47,400 Gt Nor Iron Ore Prop._No par
2718 25
27
19
29
19 Oct 24 3914 Feb 1
1914 June 33/
1
4 Oct
35/
1
4 35/
1
4 351s 38
3314 34
17,400 Great Western Sugar-No par 3234 Mar 26 44 Jan 25
35,8 3572 35
3538 331 35
31
Jan 3812 Dee
*115 116
11518 11518 11512 11512 *115 11512 *115 11512 *115 11512
20 Preferred
100 11212June 18 11912 Feb 1 11212 Feb 120
Jan
•168 179 *168 184 *168 184 *165 175
100 Greene Cananea 000per_100 13618May 28 20012Sept 7
165 165 *162 184
8938 June 17714 Doe
*212 3
*211 3
212 212 *212 3
2
2121
2
2
3,300 Guantanamo Sugar____No par
2 Oct 21
512 Jan 3
434 Dec
9/
1
4 YIlla
*4412 6012 *45
6012 *45
6012 •45
6012 *45
60121 .45
Preferred
6012
100 44 Sept 27 90 Jan 2
90 July 107
Jan
6418 6,800 Gulf States Steel
65141 63
63
69
69
69
6312 691
69
70
/
4 69
100 5514June 12 79 Mar 5
51
Jan
73/
1
4 Sept
101 101
101 10114 102/
100 100 Aug 5 109 Feb 14 143/
60 Preferred
1
4 10278 *101 103 *101 103 *101 103
1
4 Nov 110 Apt
"2734 30
*2734 30
140 Hackensack Water
23
*2734 30
28
2734 2734 *2712 29
25 25 Jan 7 35 Aug 27
23 Jan 30
Jan
•27
28
*27
*27
28
230 Preferred
27
28
*27
28
2734 27
27
25 27 Feb 18 31 Mar 8
23 Jan 30 Dee
*2714 2812 2812 28/
30
190 Preferred A
1
4 30
27
30
27
30
2714 27
25 26 Jan 31 30 Aug 8
251
/
4 Jan 29 June
2714 2834 2634 2712 2618 2834 2314 26/
20/
1
4 2158 79.700 Hahn Dept Stores
1
4 24
1
4 20/
No par 203* Oct 25 5634 Jan 10
89
89
89
89
8834 88/
8714 87/
7.300 Preferred
1
4 8712 89
1
4 8634 88
100 8634 Oct 25 115 Jan 31
*102 103 *102 103
102 102
50 Hamilton Watch pref
103 103 *102 103 *102 104
100 100 Aug 26 10558 Jan 8
99 Aug 104 Apt
*110 112
110 112
107/
1
4 10738 10712 107/
1
4
10934 10934 *10712 109
640 Hanna let pref class A
100 91 Jan 14 11312 Oct 18
59 May 97 Nov
*68
73
580 Harbison-Walk Refrao_No par 54 Jan 3 8778 Oct 24
73
7134 72
711
/
4 8778 7178 72
74
75
72
54 Don 5712 Oct
22
2518 22
1838 20
16.100 FIartman Corp class B_No par 1614 Oct 21 411
2278 22/
2314 1614 21
1
4 2418 21
/
4 Aug 28
161
/
4 Aug 3734 Dec
•70
72
*71
*68
70
72
200 Flawallan Pineapple
72
70
7134 7134 *7134 74
20 60 Feb 19 7218 Aug 30
61 Dee 68 Nov
19/
1
4 19/
1
4 1814 1912 1812 1978
l(Ps 1938 1218 1618 1314 15
37,500iHeyes Body Corp
No par
1032 Oct 23 68/
1
4May 17
_ _ __
0-- 104
•____ 105
_
100 100 *____ 10.1
/
4 Jan 29 1115 Dec 1/6 Oct
25 9734 Aug 28 1181
13012 134 *10512312 131133 13714 12518 13618 10912 12812 11914 12312 24,300 Hershey Ch000late____No par 64 Feb 16 143/
1
4 Oct 15
3034 Jan 7212 Des
128 13318 12514 130
133 133
128 136
115 128 x120/
1
4 12434 16,200 Preferred
No par 80 Feb 16 14314 Oct 15
7014 Feb 89 Nov
*106 10618 *106 10618 *106 10518 10614 10514 10638 106/
1
4 x106 106
600 Prior preferred
100 104 Jan 4 10638 Oct 24 10014 Aug 105 ADP
•26
28
25
25
2612 *25
27
*25
400 Hoe (R) & Co
28
25 I *25
27
15 June 4 33 Aug 13
No par
1514 Sept 301
/
4 Jan
*3612 38
3618 3612 36
yo par 281
1
4 3638 2912 3512 30
4,400 Holland Furnace
3638 35/
32
Oct 21 Si51 Mar 9
2D
3
4
10
81s
ec 3
40
9
:
73 0
A voit
*16
18
*16
14
15
8
17
15
1312 1514 1,600 Hollander & Son (A)--_No par
17
16
1312May 27 241
/
4 Aug
*8312 88
84
84
88
84
*8312 8978 *81
8312 8312 84
300 Homestake Mining
100 72 July 19 93 Aug 22
07
Jan 80 Nov
3412 3414 3534 35
37
3812 32
2518 2712 26
35
2934 31.600 Houdaille-Hershey cl B No par 2518 Oct 24 5234May 20
6514 6514 6418 65
65
64
60
6434 64
6578 62
62
10.300 Househ Prod Inc
No par 60 Oct 25 7912 Jan 7 -6-418 Feb -8-4- Oct
8518 87
79
85
86
80
70/
1
4 8214 50
70/
1
4 6212 67
42.500 Houston Oil of Tex tem ate 100 50 Oct 21 109 Apr 2
79 Dec 167
Apt
55
55
5634 57
53
55
50
5314 55
5312 52
52
14,300 Howe Sound
No par 50 Oct 25 8212 Mar 21
401
/
4 Feb 7334 Nov
12
71
7012 7258 70
7212 7238 6818 72
6018 69
63
64'l 77,800 Hudson Motor Oar
No par 6018 Oct 24 9311 Mar 15
Jan 9972 Mal
75
3914 4018 3812 3914 3812 394 354 3812 3112 35
3314 131.600 Hupp Motor Car Corp____10 31 Oct 25 82 Jan 28
31
29
Jan 84 Nov
30
3038 2914 30
291s 2934 2758 2912 2518 2778 2613 21151 45,400 Independent Oil& Gaa_No par 2518 Oct 24 39/
1
4May 7
2114 Feb 381
/
4 Nov
61
/
4 618
6
612
7/
1
4 712
7/
1
4 8
514 634
538 614 6,500 Indian Motocyole
No par
51
/
4 Oct 24 32/
1
4 Jan 2
20
Oct 70 Apt
3834 41
351
/
4 3934 3612 3838 28
38
2312 2912 2612 2834 105,100 Indian Refining
10 2313 Oct 21 53 Aug 17
9 Feb 3938 July
3938 34
37
3718 3414 36
2712 36
2012 27
24/
1
4 28
56.800 Certificates
10 2012 Oct 24 5114 Aug 17
812 Jan 3714 July
92
9534 94
93/
1
4 95
9838 92
84
97
96
92
16,100 Industrial Rayon
94
Na par 74 May 31 135 Jan 18 118 Deo 146
Oct
194 197
187 19312 190 19438 180 193
165 182
180 182
5,200 Ingersoll Rand
Na par 120 Jan 3 22312 Oct 10
90 Feb 127 Nov
95
95
94
96
95
90
92
93
96
93
911
/
4 0113 0,200 Inland Steel
No pat 7812 Jan 2 113 Aug 28
46 Mar 80 Dee
3734 40
331s 3912 3884 3978 3718 39/
36/
35/
1
4 22
1
4 34
1
4 31,900 Inspiration Cons Cepper___20 22 Oct 21 6612 Mar 1
18 Feb 48/
1
4 Nov
8/
7
1
4 834
1
4
712
834 9
834 834
834 8/
7
712 4,700 InterconVI Itubber
518 Oct 25 1414 Jan 11
No par
818 July 2134 Jan
7
7
6
618 618
512 614
518 0
6/
1
4
634 634
8,700 Internet Agrioul
512 Oct 24 1778 Jan 28
No par
13 Feb 20/
1
4 May
62
64
6312 •62
64
.60
*62
64
62
*60
*60
62
200 Prior preferred
/
4 Jan 26
48/
100 53 Aug 30 881
1
4 Mar 85 Dee
235 23834 23618 24078 23138 239/
23714 241
1
4 201 22934 214/
1
4 220
0,000 Int Business Machlnee_No par 14938 Jan 24 255 Oct 14 114
Jan 166/
1
4 Nov
6158 6058 62
/
4 61
61/
1
4 6212 6112 611
61
60
6,200 International Cement__No par 5812 Oct 24 1021
581r 00
/
4 Feb 4
Jan 9478 Dee
50
24/
1
4 2578 2312 2513 2512 2714
1
4 2214 258,6001Inter Comb Eng Corp__No par
19
2578 1812 2078 19/
1812 Oct 21 10312 Feb 15
4514 Feb 80 Deo
71
67
70
71
72
70
6412 71
6214 65
6812 70
5,300 Preferred
100 6214 Oct 24 121 Feb 16 103 Mar 110 Sept
10318 1071 10318 107
10618 110
10038 10918 97 10912 10114 10434 67,600 International Harvester No par 92 May 31 142 Aug 30
80 Dec 977_ Dec
140 14018 140 140
•13912 140
139/
1
4 140
140 14012 140 14012 2,000 Preferred
100 137 Aug 5 145 Jan 18 13614 M .t 147 MAY
76
7812 71
76
75/
1
4 78
78
79
63
711
/
4 73
73
25.600 International Metch pref_35 63 Oct 24 1021
/
4
Jan
4
85
Dec 1217s Map
3714 38
371
37
/
4 38
38
353* 37'8 3334 3538 3334 3412 14,2001Int Mercantile Marine othi_100 2612 Aug 9 3918 Oct 18
Preferred
100 3613 Feb 1 5114 Apr 23
3418 June 44/
1
4 Jan
4834 -id 4728 4913 iOis 11- 464 -51-78 41 If 44i2 -4-6-12 4-61,566 Int Nickel of Canada_No par 4012Mar 26 7234 Jan 23 73/
1
4 Feb 26912 Dee
•100 110 *100 110 *100 110
"80 100
•77 100
*78 101
International Paper---No par 5712 Jan 11 112 Oct 18
50
Oct 861
/
4 May
*9332 9378 *93
9312 9312 9318 9318 *87
94
92
*88
200 Preferred (7%)
90
89 Dec 108
100 8514May 32 9412 Jan 8
Jan
40
41
381
/
4 3912 384 41
3412 3514 37
40/
1
4 33
34
21,100 Inter Pap & Pow ol A__No par 25 May 20 4414 Oct 17
22 Dee 34/
1
4 Nov
3034 3034 3014 3012 3014 3158 24
3018 2358 2514 244 27
14,500 Class B
No par 1434May 22 33/
1
4 Oct 18
14/
1
4 Dec 19 Nov
23
2432 2158 2314 2234 25
22
2138 1818 2212 21
22
69,500 Class C
10/
1
4 Jan 10 2618 Oct 18
No par
10/
1334 Dee
1
4 Nov
.93
93
94
93/
93/
1
4 93
1
4 9212 9318 87
87
89
9112 3,100 Preferred
100 80 Apr 15 95 Oct 14
88 Dec 91 Dee
62
63
61
62
6312 64
6012 6234 58
64
61
63/
1
4 6,100 Int Printing Ink Corp_No par 4378May 21 68/
1
4 Oct 7
4734 Oct 60 Dee
9912 100 10012 9912 103
99
9912 100
9518 9914 9812 98/
580 Preferred
1
4
100 95 June 5 106 Mar 4 100 Dee 100 Dee
7512 •70
•70
7512 *70
73
*70
73
63
70
70
200 International Salt
70
100 551
/
4 Mar 6834 Jan
/
4 Jan 4 9034 Feb 4
491
•135 14512 13412 135 *134 142
13514 1351
/
4 134 134
13314 13334
700 International Sliver
100 118 June 14 15912 Aug 5 126 June 190
Jan
110 110 *115 118 *115 118 *115 118
11412 11412 10312 107141
80 Preferred
1
4 Oct 25 119 Jan 17 1121
100 103/
/
4 Dec 131
Jan
116 12112 112 11871. 119 123
11034 122
10778,422,900
Internal Telen & Teleg
79 11334 10318
100 78 May 27 14914Sept 3
5112 52
503* 5034 52
5214 4512 52
4052 49
4112 4434 11,700 Interstate Dept Stores_No par 407,8 Oct 24 9312 Jan 2
611
/
4 Nov 90 Dee
33
*32
33
34
32
32
*32
33
2418 30/
1,200 Intertype Corp
29
1
4 29
No par 2418 Oct 24 38/
1
4July 20
23/
1
4 Sept 881
/
4 Jan
4914 4814 49
49
4812 49
4812 4812 48
4878 45
3,100 Island Creek Coal
46
Oct 01 MAY
47
1 45 Oct 25 69 Mar 5
1
4 57
56
55
55/
57
58
55
62
51
8,700 Jewel Tea, Inc
58
58
54
1
4 Mar 179 Nov
77/
No par 51 Oct 24 16214 Feb 5
18618 19312 182/
1
4 190
19012 19612 17614 19512 140 180
167 176 103,200 Johns-Manville
9614 June 202 Dee
No par 140 Oct 21 24234 Feb 2
121 121
121 121
1211
/
4 12138 *121 12112 *121 12112 121 121
170 Preferred
Apt
/
4 Oct 122
100 119 Jan 21 123 May 15 1181
122 122
121/
1
4 122
121 121
1201
/
4 121
122 126
120 120
/
4 May
240 Jenes & Laugh Steel pref 100 117 June 14 126 Oct 24 119 Dec 1241
334 334
31.4 372
352 3/
1
4
3/
1
4 334
312 334
3
334 6.100 Jordan Motor Car
1912 Oct
8/
1
4 Aug
No par
3 Oct 25 leo, Jan 2
•109 1091 4 •109 10914 *109 10914 *109 10914 *109 10914 *109 10914
Kan City P&L 1,1 00 B_No par 106 Feb 16 112/
1
4 Jan 22 108 Aug 114 Am
2514 2612 *2534 26
2638 2458 26
4,400 Kaufmtum Dept Storee_312.50 2438 Oct 25 3712 Feb 6
2612 2678 2612 2658 25
2912 Doe 34
Oct
4812 4914 4712 48/
1
4 50
50
47
45
4914 45
47
4512 11,700 Kayser (J) Co v t c
No par 45 Oct 24 5812July 2
•____ 40 •_ 40
•25
40
•27
32
____
•23
26
151sMay 511
/
4 Nov
Keith-Albee-Orpheum_No par 25 Apr 11 46 Jan 4
10112
103 106
10112
10112
10112 9714 10112 9814 0-8-14 9612 97
1,400 Preferred 7%
1
4 May 160 Nov
75/
100 9412 Apr 11 138 Jan 5
8
812
712 84
712 8
718 778
5
64
712 51,100 Kelly-SprIngfield Tire__Na Dar
file
1014 Dec 251
/
4 Nov
5 Oct 24 2378 Jan 2
•40
51
40
40
48
43
45
*40
360 8% Preferred
50
45
39/
1
4 50
55/
1
4 Feb 95 Nei
100 3972 Oct 24 9478 Jan 9
3312 34
32
3312 33
3014 3238 30,400 Kelsey HayesWheel newNo par 30 Oct 21 5934MaY 13
3378 32
35
32
30
12
12/
1
4 1114 12
1112 12
11
12
9/
1
4 10/
1012 38,100 Keivinator Corti
1
4 10
7/
1
4 July 2278 API
191
/
4 Feb 6
No par
914 Oct 24
*86
8732 *86
8734 8734 8734 *86
89
86
*8614 88
100 Kendall Co pref
86
No par 85 Sept 19 96 Feb 16
7614 7978 75
7814 7714 79
7518 78 343,200 Kennecott Copper
78
67
7914 69
1
4 Mar 18
No var 87“Oct 23 104/
5314 5512 5214 5314 *5212 5312 5214 54
511
50/
/
4 52
1
4 51
3,900 Kimberley-Clark
No par 4514moy 25 5738 Oct 11
•____ 39 *____ 39 *....._ 39 *__ __ 39
____ 39 *____ 39
Kinney Co
/
4July 17
No par 2712May 20 441
9334 9334 92
94
92
92
9312 9312 9014 9214 85
9014
440 Preferred
8718 Mar 100 Apr
100 85 Oct 24 10934Mar 6
1518 16
15
16
1518 16
1214 16
518 1212 1018 1112 56,000,Kolster Radio Corp____Na var
Jan 3
5114 Aug 9578 Nov
7853
24
518 Oct
6612 7038 65
6738 67
6034 65
69
63/
1
4 6512 5614 6284 28,200 Kraft Cheese
32 Dec 42 Nov
1
4 Mar 26 7614 Oct 14
par 32/
No
10118 10118 10112 10112 102 102
104 10578 10312 10534 105
3,100 Preferred
105
1
4 Oct 23
991
/
4 Dee 1011
/
4 Dee
100 95 Apr 20 105/
45
4412 4514 42
43
44
42/
1
4 45
4112 40.500 Kresge (85) Co
38
40
43
21114 Nov
10 38 Oct 24 5712 Mar 4 065 Feb
•11072 111 *11078 111 *11078 111 *11078 111 *11073 111 *11078 111
5 116 June 7 11014June 118
Preferred
Jan
109
100
Apt
•481
/
4 17
1612 1612 1612 1612 1612 1612 1638 1612 1618 1612 0,200 Kresge Dept Btores___No par
13/
1
4 Jan
1234May 29 23 Jan 2
271
/
4 Feb
*6812 70
*6838 70
*6838 70
*6812 70
50 Preferred
683* 6832 *6832 70
511/4 DecFeb 7
100 6812July 2 76 Sept 17
45
034 0
A
11
011
1
854 84
/
4 *8514 90
8318 1,600 Kress Co
8634 8634 8518 851
85
85
87 Feb 124/
1
4 Nov
No par 83 Oct 25 114 Jan 5
36/
1
4 3534 3638 3312 3638 3012 34
3514 36
35
3212 3334 253,600 Kreuger At Toll
Mar
Janr
6
3
7
33
2
7714 60
75
784 7558 7814 7718 7938 72
0918 711
67
/
4 77,300 Kroger Grocery &Bag No par 6
C't2.1
42
418
12
24 12
%
la Mar 13214 Nov
3012 Oct
28
29
29
28
29/
1
4 29
28
3018 3014 28
27
3,800 Lego Oil & Trandport_No par 25 Oct 24 3838June 17
30
27/
1
4 Feb3918 AD/
12312 12433 12112 12434 12212 12438 11012 12378 10518 11478 11312 11578 64,300 Lambert Co
79i, Jan 136/
No par 10518 Oct 24 15714 Mi.r 19
1
4 Nov
912 978
878 934
812
g
8'8 934 9,100 Lee Rubber & Tire
10
10
934 10
1714 Jan 264 Oct
8 Oct 24 25 Jan 14
No par
37
37
36
36
35
36
*36
3614 3614 3612 37
40
1,500 Lehigh Portland Cement__ 50 35 Oct 25 65 Feb 6
42/
1
4 June 5812 Nov
106 10612 10612 107
.10512 107 *10512 107 *106 107
10612 10612
380 Preferred 7%
/
4 Den 110/
100 105 Oct 16 11034May 9 1061
1
4 May
2738 2738 24
2438 26
2418 263* 2218 24/
27
1
4 2218 2372 .20,400 Lehigh Valley Coal_No par
19 Feb 19 32 Oct 2
401
/
4 4014 40
*4012 42
600 Preferred
40
41
4012 4034 *4012 42
41
50 341k Mar 27 4484 July 17
3512 38
38
40
4018 4034 40
7.500 Lehn & Fink
1
4 4034 41
4034 4034 43/
-38
Jan No par 3512 Oct 24 8812 Feb 4
478 One
101 102
3,300 Liggett & Myers Tobacco...25 8114 Oct 4 106 Oct 18
100 10314 10314 103/
1
4 100
99/
1
4 98/
90
1
4 102
1
4 99/
8313 June 12212 IAD
101 10238 9912 9912 10138 10378 9814 10234 90 10038 9514 9912 41,000 Series It
8014 June 1231
25 8118 Mar 26 10614 Oct 18
/
4 Jan
.128 130
13014 13014 13212 13212
128 130
128 130
130 130
800 Preferred
100 125 July 29 13712Mar 1 134 Aug 147
Apt
37
42
0,800 Llma Locom Works___No par 37 Oct 25 67's July 18
•42
1
4 4212 3812 41
45
4014 42/
1
4 4212 4434 40/
38 July 65/
1
4 May
900 Link Belt Co
*4514 46
*4614 47
4612 4612'
46
46
45
46
4614 I8
No par 45 Oct 15 61 Feb 14
- 66
26,300 Liquid Carbonic
60
7214 62
71
66
7112 75
71
58
70
1
4 Jan 3
73
8312 Feb ails Nov
No par 58 Oct 24 113/
55
59/
1
4 60
37.300 Loew'a Inoorporated
50
57
5512 5838 5612 5712 5312 57
58
/
4 Feb 27
4912 June 77 MAY
No par 6812May 27 841
412 612
512 6
612 7
612 7
612 714
36,900 Loft Incorporated
/
4
678 71
412 Oct 24 1112 Apr 1
194 Feb
No par
1938 Aug
•1818 1812 18
1612 1612 1,400 Long Bell Lumber A
18
/
4 1712 18
1812 1312 1812 181
1
4 Jan 6
26
Jan 3534 Feb
Na par
1512 Oct 25 32/
6918 7232 64
1
4 50,100 Loose-Wiles Biscuit
5314 6718 6214 64/
68
68
6518 71
72
44/
1
4 June 88/
._25 5314 Oct 24 8778Sept 7
1
4 Sept
100 let preferred
.11712 11812 *11712 118 *11712 11812 11712 11712 11712 11712 *11712 118
100 11534June 20 12112 Apr 2 11712 Aug 125 May
2434 2538 24
2414 2214 2414 107,800 Lorillard
22
2512 25
26
25/
1
4 19
23/
1
4 June 4678 Apt
25 IS Oct 4 3112May 17
4,9618 97
97
/
4 ovs 97
No 8412m11 8 9914 Oct 14
1
4 9712 971
500 Preferred
9818 9818 9818 9818 *97/
861
/
4 Dec 114 Mar
11
1012 41,400 LOU1311101% 011
1118
1032 1034 1032 11
1034 1114 1018 1012 10
9/
1
4 Feb
10 Oct 25 18 Jan 9
No par
19/
1
4 Apt
120 Preferred
9038 9038 *9038 93
9038 9038
904 903s •9038 93
'.9018 93
78 July 96
100 89 Feb 8 10014 Feb 21
App
45
45/
1
4 4038 44
58,200 Louisville GA El A____No par 3578May 31 7258Sept 12
4838 4214 46
4778 38
1
4 43
4634 49/
28 Feb 41 May
80
4
30,000
623
83
Ludlum Steel
7734 8112 79/
6812 57
65
1
4 84
8018 50
No par 50 Oct 24 10878Jul7 8
102 10314 103 103
2.600 Preferred
100 100
10318 10318 99 105
103 103
No par 9838 Mar 20 118 June 1-4'37
38
1,800 MacAndrews & Forbee_No par 34 Aug 19 46 Jan 4
34
34
34
3612 *36
30
35
35
3714 36
-44 Aug -5-714 Apr
.107__ •107
__ *107
.•107
Preferred
*107
- •107
100 104 Jan 8 10734 Apr 19 106
Oct 110 Nov
9112 -0-252 9012 -9-3
-8 47,200 Mack Trucks,Inc
1
4 -8-77
911
/
4 -9-2-51
4 -6.218 83/
1
4 -8114 85/
8 87/
83 Apr 110 Nov
No par 8332 Oct 24 11434 Feb 5
21514 218
215 21612 216/
1
4 225/
1
4 205 220
192 204 x19734 10934 20.100 Macy Co
No par 148 Mar 26 255128001 3 13134 Aug 382 AUS
1718 1712 1618 1718
1578 6,200 Madison Flo Garden_ No par
1614 1638 1618 1612 145s 1584 15
1458 Oct 24 24 Feb 28
1814 Don 34 May
69
69
64
661s 12,200 Magma Conner
6312 6634 68
1
4 03
64
6312 61
54/
No par 60 May 28 8312 Mat 21
4334 Feb 75 Nov
•Bid and asked prices; no Bales on thin day,. is Ex-dividend 75% in stock.
Ex-dividend. s Shillings,
El-rights,
New York Stock Record-Continued--Page 6
2653
For sales during the week of stocks not recorded here, see sixth page preceding.
HMI AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 19.
Monday,
Oct. 21.
Tuesday,
Oct. 22.
Wednesday, Thursday,
Oct. 24.
Oct. 23.
Friday,
Oct. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan, 1.
Os Oasis of 100-dare
Lowest
Higheet
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Per share
per share Shares Indus. & &fiscal. (Con.) Par $ per obaro $ per share $ per share 5 per alters
12 Oct 25 3938 Jan 15
16
Jan as!, Nov
14
1214 15
12
8,100 Maineon (H IL) & Co-No Par
8718 Jan 110
70 Preferred
Ool
08012 85
80
80
100 80 Oct 22 1'.)512 Jan 18
21 Nov 41
Jan
*14
1318 14
100 1212June 22 26 Jan 14
15
50 Manati Sugar
40 Nov 88
100 Preferred
Jan
*3212 40
33
33
100 31 June 24 5012 Jan 10
22
July 25 334 Mar 9
32 June 4012 Jac
par
24
24
2512 24
1,000 Mandel Bros
2812 Sept 6638 June
No ppar 2312 Oct 24 3734 Jan 14
2312 2538 2312 2378 8,400 Manh Elec Supply.. _._No
3134 Feb 43 May
2512 27
2,300 Manhattan Shirt
25 2512 Out 25 354 Jan 4
26
27
124 Feb
1158 Oct 5 1812 Apr 18
2512 Ay;
1234 1234 1158 1234 4,400 Maracaibo 011 Expl___No Dar
33 Feb
404 Nov
oo parpar 3318May 31 4718 Jan 3
Mariand 011
4514 Mar 83 Nov
-7
- 0- -if- -a6- ---------13
644 Oct 25 8974May 20
-iis- li- -0:1111 i4 654 --6-,i5O Marlin-Rockwell
No
-if- -a-i77 Dec 86 Dec
36
40
36
39
3634 3814 28
3012 3434 25,400 Marmon Motor Car_No par 28 Oct 23 101 May 10
33
3813 28
1218 Mar 2558 June
18 Jan 2
434 Oct 1
*612 7
612 622
6
6
534 534
6
6
534 534 1,100 Martin-Parry Corp_ _ No par
6018 624 5538 61
61
6412 5614 6374 40
5834 5312 5712 48,500 Mathieson Alkali WorksNo Par 40 Oct 24 218 Feb 27 1174 June 190 Deg
Jan 130
Apr
*12212 123 *12212 12312 *12212 12312 *12212 123
20 Preferred
100 120 Jan 28 125 Jan 2 115
12212 12212 *12212 123
75 July 11312 NOT
83
8478 83
8312 y77
25 7312May 81 1084 Jan 10
7934 34.500 May Dept Stores
844 8414 86
8573 76
81
1712 Aug
3012 Nov
2114 2114 20
No par 1614 Oct 24 2911 Aug 2
1814 1934 11,1C0 Maytag Co
204 20
21
20
2012 1614 20
4018 Aug 52 May
36 Oct 22 494July 31
374 3778 3712 374 36
3613 3,000 Preferred
371s 3612 3612 36
3714 37
894 Dec 101 May
*7858 81
*784 81
300 Prior preferred
No par /834 Oct 22 9018 Jan 10
*78
81
7534 784 8012 8012 *784 81
56 Feb 80 Des
100 10012 9014 0034 10014 10212 98 101
95
974 2,100 McCall Corp
No par 7114 Feb 16 103 Oct 10
96
97
77 Feb1094 Noy
9612 9612 9512 9612 9612 9818 95
95 Oct 23 11334 Feb 51
630 McCrory Stores class A No pa
9512 9512 9512 9512
981
97
954 Oct 21 11512 Feb 6
8012 Ma 11934 Nov
97
9512 9612 9634 98
9712 9712 1.600 Class B
No pa
9512 97
96
971
1184 Nov
•10212 105 *10212 105 *10212 105
10 100 Aug 19 120 Feb 7 109 Fe
200 Preferred
10212 10217 10212 10212
*93
40
3812 39
*38
800 McGraw-Hill Publica's No par 33 Oct 24 48 Feb 14
-55- 1638
38
39
39
39
•1458 15
1914 Sept2812 Mae
*1412 15
1314 Oct 3 234 Jan 5
*1412 15
McIntyre Porcupine Mines__
*1412 15 '1412 15
*1412 15
67
68
824 June 784 Nov
65
6712 66
6212 Mar 26 82 Jan 31
64
11,100 McKeeeport Tin Plate_No pa
6612 63
664 65
63
67
4214 4314 3914 4134 4014 41
4518 Nov 5034 DGC1
36 Oct 24 59 Mar 4
36
40
41
37
40
3812 7.700 McKesson & Robbine_No pa
5114 5114 51
54 Nov 633e Nov
5112 51
5114 51
50 46 Oct 24 63 July 19
49
3,400 Preferred
50
48
5112 46
•54
58
Jan
3
8078 Nov 70 Sept
54
60
Oct
24
72
54
No
par
5214
*52
1,900
Melville
Shoe
50
52
56
50
524 50
2212 2314 2218 2312 2314 24
2514 July 41 Sept
15 Oct 24 3478 Jan 4
22
1:0
20
00
0 Mengel Co(The)
No par
1818 2078 22
22
2354 15
2438 244 2418 2411 244 2418 *24
2412 Dec 2718 May
Metro-Goldwyn Pictures 10_27 24 Jan 10 27 Feb 25
2412 2434 2434 2414 2414
23
2774 23
44 Jan 73 Dee
2434 2418 2514 21
914 Oct 24 094 Jan 3
914 2112 1514 20 130,100 Mexican Seaboard 011 No par
2474
3918 404 38
1734 Jan 33 Dee
3934 3874 40
36
24,200 Miami Copper
38
38
38
4034 35
5 301s Jan 8 6412Mar 20
22
*85
93
1227
8July
84
Oct
21
90
par
84
9112 93
1,900
Michigan
Steel
No
86
86
85
87
87
88
32
33
3212 3274 3234 33
2518 Feb -441-2 Nov
31
2934 304 60,600 Mld-Cont Petrol
No par 2934 Oct 24 3978 Jan 3
3214 2934 31
173 2
14 2
518 Jan 3
24 Jan
178
Va May
178
134 2
1 Oct 24
14 173 9,400 Middle States 011 Corp
1
2
10
112
112
112 Jan
571 Ma,
358July 31
138
158
138
112
1 Oct 24
1
14 9,400 CertifIcatee
1
112
138
10
112
26112 265
255 261
218 225
26434 26134 250 25412 230 248
3,800 Midland Steel Prod pref_ _100 218 Oct 25 321 Aug 27 193 June 295 Nov
114 1118
1034 1118
Jan
978 94 2,200 Miller Rubber
10
1014
1038 104 *1012 11
184 Aug 27
No par
9145ept 30 2878 Mar 20
6178 62
8910 Aug 7572 Dec
61
6012 6112 6014 624 58
54
12,000 Mohawk Carpet Mills_No par 54 Oct 24 8014 Mar 1
55
58
GO
8914 9812 8614 94
92
7134 7734 1115800 Mont Ward&Co111CorpNo par 50 Oct 24 1584 Jan 2 11514 Dec 15611 Dee
84
951
: 8212 92% 50
212 219
212 212
2
214
2
212
*4
112 2
10,400 Moon Motors
112 Oct 24
8 Jan 8
5
No pa54 Feb 114 MY
73
7312 7178 73
68
69
73
No par 65 Oct 24 814 Oct11-69
5,4001 Morrell (J) & Co
744 654 7334 65
2
21
218 214
214
418 May
2
618Mar 4
2
2
214
238 Aug
174
2
23
178 Oct 25
15,900 Mother Lode CoalltIon_No par
3114 3314 3012 3hz 3054 31
144 Dec
5 Mar
20
24
23
1212 Jan 8 6038June 21
27 i 3022 18
12,400 Motion Picture
No par
1434 1478
1413 13
314 Oct 24 3134 Aug 1
12
1334
8
10
1112 1314
13,000 Moto Meter Gautte&Eo No par
314 107x
90
9014 82
90
94 July 218'4 OcI
7614 80
8212 90
83
90
80
82
5.800 Motor Products Corp No par 7614 Oct 25 2015 Mar 1
3814 3834 3714 3812 3734 3812 37141 393
514 Oat
2512 Jan
32
No par 32 Oct 24 5513 Aug 1
3714 3378 354 14,200 Motor Wheel
28
28
27
1614 2214 6,300 Mulline Mfg Co
28
*2812 2912 25 12812 10
894 June 9514 Oot
23
10 Oct 24 8178 Jan 4
No par
*80
85
1044
Nov
80
80
80
Dec
724 80
80
80
80
Jan
11
98
80
80
10214
Oct
25
270 Preferred
par
7214
o
*5212 53
52
53
52
53
51
5214 5214 50
50
4634 Mar 6212 May
51
1,300 Munstngwear Inc
50 Oct 24 61114May 4
No
45
4613 4514 74
4412 47
214 Feb 12414 Oct
35 14434 3212 4112 3514 3914 121,700 Murray Body
No par 3212 Oct 24 10074June 17
75
77
7318 7534 7312 744 704 7512 60
6974 6312 6634 111,500 Nash Motors Co
8014 Feb 112 Nov
NO par 60 Oct 24 1184 Jan 25
3113 3018 3134 2714 3054 25
30
3112 29
2614 2774 20,300 National Acme stamped__ __10 25 Oct 24 4178 July 18
27
74 Jan 824 Dee
18
18
18
1812 1812 24
21
21
22
20
---23
21
18 Oct 19 4814May 24
11.300 Nat Air Transport
No par
254 27
2514 267
26,
4 2738 25
2633 2474 2474 1714 22
13,700 Nat Belles Hess
No par 174 Oct 25 71 Mar 1
*80
83
*80 103
*80 103
*80 103
*80 103 .80 103
9014 Jan 11812 De
Preferred
100 90 Oct 2 118 Jan 3
205 21612 206 21324 213 220
201 215
19312 209
20314 211
41,800 National Biscuit
35 16612MaY 23 23634 Oct 10 15912 July 19514 No.
•14414 148
143 1441 1 *143
•143 143 •144 148
Apr
14312 144
800 Preferred
100 140 Aug 15 146 Oct 8 13712 Feb 150
11312 117
108 116
10934 11474 98 11174 79 10034 96 10134 136,300 Nat Cash Register A w1No par 79 Oct 24 14334 Mar 20
4714 Jan 10434 Dee
62
6534 6154 64
64
6574 6018 6518 50
.5612 5834 167,800 Nat Dairy Prod
60
No par 50 Oct 24 8612 Aug 27
3012 3012 2978 30
30
3012 2912 30
2833 2938 2834 30
2172 Jan 3214 Oct
6,500 Nat Department Stores No par 2818 Jan 4 3734 Mar 5
91
91
91
91
*9212 96
*91
94
91
Jan 102 May
9118 91
91
91
400 let preferred
100 91 Oct 15 96 June 8
4438 454 434 44
4312 4534 3812 44
30
42
2914 June 5811 Jan
35
36
21,300 Nat Distill Prod atts__No par 30 Oct 24 58 June 17
5114 June Tlia Jan
__
Preferred temp ale_ _No par 6712 Feb 7 11058 Aug 23
;,-Di- -Eci- -iii2 -ii1;
.Nov
234 Mar 573
;iW. 4-6- '711 li- -438 4414 --1---Nat Enam & Stamping___ 100 43 May 29 624 Jan 9
184 186
181 184
190 193
176 185
170 17614 171 175
Jaz
4.500 National Lead
100 132 Jan 2 210 Oct 15 115 July 136
•13912 140
13912 13912 •13914 141
13914 13914 13914 13938 13938 13938
Jan 14714 MeV
230 Preferred A
100 1384June 12 1414 Feb 1 139
•116 118
118 118 •116 120
116 116 *116 120 •116 120
100 115 Oct 18 12334 Apr 24 11212 Ma 122 JUIY
110 Preferred B
4418 47
40
4478 434 4714 4212 4678 3258 404 3812 407a 188,000 National Pr & Lt
41358 Dee
2178 Jan
No par 3258 Oct 24 7134 Aug 20
*4
414
4
4
4
4
4
4
2
318
314 374 2,700 National Radiator
14 July 4018 Jan
2 Oct 24 17 Jan 10
No Par
812 812
7
8
*8
912 *8
1212 *812 918
634 7
658 Oct 25 41 Jan 29
36 Dec 984 Jan
900 Preferred
No par
125 130
123 125
125 125
123 125
110 124
121 121
50 110 Oct 24 144 Jan 2
844 Jun 146 Dee
1,500 National Supply
1034 10434 101 103
105 105
103 103
99 100
9514 9712 3,500 National Surety
50 9514 Oct 25 156 Feb 1 1384 Dec 150 Nov
59
5912 5612 59
543
57
54
5614 50
49
50
51
Jan 390 Deo
13.700 National Tea Co
No par 49 Oct 25 9138 Mar 1 0160
4114 4234 4012 4414 424 434 4012 4331 3012 4114 3812 404 122,500 Nevada ConsolCopper_No Par 3012 Oct 24 By.Mar 21
1704 Jan 4238 Dee
90
91
8514 8812 *8514 91
8514 8534 79
8314 77
79
3,000 Newport Co class A
50 43 Mar 28 103 Sept 26
84
85
80
8014 85
82
79
8034 70
7934 69
70
6,000 Newton Steel
No par 69 Oct 24 113 July 15
4112 41
397k Oct 16;
4514 454 4458 4512 4434 45
4413 40
42
1 Nov
42
a0
r 40 Oct 24 4934 Mar 4
No 1p0
6,600 N Y Air Brake
*49
53
*50
5112 50
4978 494 46
47 Aug 6414 Jan
40 May 28 584 Feb '2
50
4878 *45
48
1,000 New York Dock
*87
Jan
90
*87
*87
90
*87
*87
90
*87
90
85 Sept 95
90
90
100 82'4 July 29 90 Apr 10
Preferred
994 9914 99
9914 994 100
99 10058 97 10018 97
9812 Oct 1051s May
98
860 NY Steam pref (6)----No par 96 June 17 103 Jan 10
•112 114
112221128* 112 112
114 11478 114 1144 114 114
Jan 115 Apr
250 lst preferred (7)
No pa 10812 Oct 7 115 Aug 30 102
12334 129
116 12714 12314 12534 11612 12712 99 120
584 Jan 97 Nov
11514 1203s 145,000 North American Co
904 Jan 7 18634 Sept 3
No pa
*5234 53
5278 53
5318 5112 53
51 Sept 553s May
534 52
5234 53
53
50 514June 18 5414 Jan 9
3,300 Preferred
10058 1004 10012 10012 10018 10018 s1001, 10034 100 10014 10012 10012
994 Oct 1054 Feb
99 Sept 18 10334 Jan 15
800 No Amer Edison pref __No pa
49
4918 494 4938 4912 50
6314 June 694 Nov
5012 4914 494 4812 4934 2,900 North German Lloyd
4818May 28 6414 Jan 12
50
4314 4312 *41
68
Oct 55 May
43
454 4538
44
4512 44
4512 4512 *41
100 Northwestern Telegraph___60 4314 Oct 19 50 Mar 16
112 158
24 Mar
114
712 Sept
112 3,300 Norwalk rre & Rubber___ _10
1
1343
814 Feb
112
134
34
112 .4k112
34 Oct 21
112
*4
558 *4
July
29
512 *4
*4
6
.4
6
*4
634
Dec
13 MAY
5
8
Feb
8
6
par
_No
(e)__
6nna11
viel1340oTh
1812 1812 18
16
17
1614 17
17
18
2014 June 411
Jan
1814
1814 *18
25 16 Oct 24 32 Jan 3
2,500 Oh
Supply
*9914 9934 *9914 9934 *0014 13934 *9912 9934 9912 99,2 *9912 9934
97 June 1101s Jan
100 92 May 31 10612 Jan 16
20 Preferred
28
20
2814 3013 2938 3012 274 2978 17
2718 2112 27
17 Oct 24 6412 Apr 25
15,300 Oliver Farm Equip_ __No par
4558 4714 46
47
464 4712 4512 4714 4412 454 4318 4478 11,000 Cony participating_No par 4314 Oct 25 69:4 Apr 25
85
85
84
8518 86
84
8412 82
87
85
86
84
1,900 Preferred A
No par 82 Oct 25 9912May 2
-F
512 512
212 412
318 412 10,900 Omnibus Corp
2 Dec -1115
54
412 54
54 512
4 May
No par
212 Oct 24 1074 Feb 28
*80
83
*79
79
79
82
80
*75
79
*79
834 Dec 9918 Juin
80 111 79
2002 Preferred A
100 78 Oct 8 90 Feb 28
6914 6914 68
64
68
x63
67
65
6812 6714 674 64
674 Aug 881s Jan
2,100 OPpenheim Collins & CoNo par 63 Oct 25 8458 Apr 13
73
74 *____ 72
71 •__ _ 60
71
5018 55
71
*64
75 May 104 Nov
130 Orpheum Circuit, Inc pref _100 5018 Oct 25 9534 Ian 2
395 401
385 395
350 35012 8,300 Otis Elevator
392 39312 350 38412 340 352
60 278 Jan 7 450 Oct 11 1474 Feb 2854 Dec
120 120 *120 12112 120 120 *120 12112 *12014 121
12014 1204
230 Preferred
100 1184 Oct 8 125 Jan 24 11914 Jan 1264 July
rr
5118 52
5012 5112 5012 5178 48
48
4734 49
49
51
104 Jan 404 Nov
38,400 Otis Steel
No par 37 May 29 55 Oct 8
*99 100
*98 103
*9812 9918 *9812 9914 9812 99
400 Prior preferred
8212 Jan 103 Nov
*9812 103
100 964July 12 108 Feb 20
80
80
76
69
79
GO
62
76
70
7534 78
71
7,700 Owens Illinois Olass Co ____25 60 Oct 24 8912Sept 24
60
6574 6184 6613 66
6434 6418 67
434 Feb 564 Nov
6814 6212 6774 60
66,100 Pacific Gas & Elm
25 5358 Jan 2 98348ept 16
10112 110
99 105
85
9712 96
9538 105
99
10412 108
69 Dec 8538 June
40,800 Pacific Ltg Corti
No par 70 Jan 7 14612Sept 27
*2934 30
2934 2034 2934 2934 2912 2934 29
29
*2912 30
Oct 354 Nov
25
130 Pacific MILS
100 2712June 8 87 Apr 17
78
1
1
1
1
1
1
1
1
1
214 Apr
1
1
1 Sept
34,100 Pacific 011
112 Jan 10
No par
78 Oct 24
191 195
192 192
1904 191
19514 19514 *192 19712 19012 199
820 Pacific Telep & Teleg
1011 159 Jan 3 220 July 25 145 June 169 Dee
•134 ____ *134 2338100
__
*134
•134
*134
_ 8134
____ -----Oct 1254 Ma)
Preferred
11634 Jan 3 138 Oct 16 114
23
2518 204
2414 1312 2078 195s 204 703.300t Packard Motor Car__ _ No par! 1312 Oct 24 32128e211 91
2258 2358 20
---- -64
644 624 66
60
63
14,1001 Pan-Amer Petr & Trane__-_601 4014 Fob 18 69 Aug 28
6312 6414 6012 6334 584 61
3834 Feb 554 NOV
634 6158 6214 6412 63
6134 60
6312 173,500 Class B
6412 6118 6414 56
3714 Feb 587s Nov
50 4012 Feb 10 6914 Aug 2S
8 ...7_38
_ __iT,
_ ____ __ __ __6.i.2 __i_ _T. __ii __5_,T, _ _6.1_4 -4_ ,_ o5 pa
pft.
ah-ta
ndw
BN
Neo paor 124 Oct 9 1712 Jan 3 161/ July 2838 Apr
le es
prtoPde&
trorelf:
1112 Feb 214 May
__i.,8 678 7
5 Oct 24 1514 Jan 3
52
53
4914 52
*52
5818 *55
531g *55
60
900 Preferred
51
70 Feb 1084 May
55
100 4718 Feb 25 76 Jan 16
7018 72
6734 7034 6834 70
64
50
5618 5834 189,600 Paramount Fam Lasky _No par 50 Oct 24 7512 Oct 15
70
64
41714 Oct 5638 Dee
*47
44
48
3812 43
47
47
4612 4612 40
5,200 Park &'ord
84 Mar 98 Nov
M
No pat 3312 Oct 2" 8778 Jan 14
514 514
514 485l..„ 47
538 534
514 513
4
514
535 574 26,400 Park Utah 0 M
1 4 Sept 10 1378 Feb 28 9 Aug 1412 Jan
612 8
612
4
554 674 58,900 Pathe Exchange
712 734
7
734
7
712
4 Oct 24 144 Jan 9
15 Nov
2 Feb
No par
10
1578
1014 13
144 104 1312 1012 124 16.200 Class A
1314 15
12
10 Oct 19 30 Jan 9
84 Feb 84 Aug
36
37
34
3634 3474 3512 34
3534 2712 3474 30
3412 23,700 Patina Mines & Enterpr__
Apr
42
N°....
P2
aOr 2712 Oct 24 4734Mar
2372 Jan
1038 1038 1058 1078
11
11
*1112 1174 1053 11
1012 1034 2.500 Peerless Motor Car
141e Sept 3157s Mar
818 Oct 5 2212 Jan 11
50
51 , 5158 47
5134 4914 5(178 46
3458 464 36
49
4134 23,400 Penick & Ford
2238 Jan 11112 Ocl
No par 3458 Oct 24 6078 Sept 17
107 1107
107 107 *107 108 *107 108 •107 108 *107 108
Oct 115 Man
150 Preferred
100 100 Apr 2 110 Jan 9 103
•1014 1112 1014 11
1412 Jan
1014 1012 1014 1014 1014 1014 1014 1014 1,800 Penn Coal & Coke
512May 27 14 Sept 10
8 Aug
60
814 814
712 8
64 7
7
8
718 16,400 Penn-Dtxle Cement-___No par
1434 July 81 May
658 Oct 16 27 Jan 5
8
812
7
38j 38
38
39
*38
38
*38
38
39
75 Sent 9658 App
37
39
38
100 3518 Oct 17 94 Jan 22
700 Preferred
356j 360
345 355
351 351
335 34012 305 3294 305 310
8.800 People's G L &0(Chic)-100 208 Jan 11 40:3 Aug 5 1514 Jan 217 Nov
25 4 2518 25
25
414 Dec 4014 Dee
2434 25
2458 2458 2378 2378 2318 2412 1,700 Pet Milk
No par 2318 Oct 25 454 Jan 3
5812 59
574 5812 574 58
57
53
53 Oct 24 790 M33' 10
53
55
58
55
16,700 Phelps-Dodge Corp
*250 280 .230 280 *230 260 *230 260 *200 260
274 274
100 Philadelphia Co (Pittsb)
50 15712 Apr 17 285 Oct 10 145 Mar 1744* May
*4812 49
*4812 49
*4812 49
654 Mar 49 Aug
*4813 49
*4812 49
*4812 49
50 4734 Aug 9 51 May 20
5% preferred
517s 5178 52
52
52
5174 52
5114 Oct 57 Map
52
5214 52
5213 52
2,400 6% preferred
50 5012 Oct 3 54 Mar 18
$ Per share
14
1518
*80
90
*13
15
*33
404
.21 24
2678 2718
2734 2734
14
14
8 per share
13
14
*80
90
*1318 15
*33
4078
*2312 25
2512 2634
*2712 30
1334 14
S per share $ per share
144 15
15
1614
80
86
8912
80
*1318 15
*14
15
*33
4038 *33
40'8
*2314 25
25
2512
2512 264 2538 26
*2734 2812 27
2758
1314 14
134 1414
-i-0-7;
;i5"E6,i
•1113 and asked prices; no sales on this day. b Ex-dividend and ex-rights. z Ex-dividend.
2654
New York Stock Record-Continued-Page 7
For sales during the week of •tocks not recorded here, see seventh page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 19.
Monday,
Oct. 21.
Tuesdall.
Oct. 22.
1Ve4nesday, Thursday.
Oct. 23.
Oct. 24.
Frfday,
Oct. 25.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PRIt SFIARB
Rows Since Jan, 1
On lasts of 100-slare tots
Lowest
Molest
$ per share $ per share
Per share $ per share IS per share $ per share Shares Indus. & &Miceli. (C0/3./ Par $ per share $ Per
snare
24
25,4 2118 2334 2178 2434
1814 2358
1814 2034 1918 2158 69,000 P1211* & Read C & I____No par
1732May 28 36 Jan 8
1138 12
1034 1138
1034 11
1012 1058
934 1012
958 1014 11,400 Philip Morris.', Co.. Ltd_ 10
9% Oct 10 23,4 Feb 26
*3512 3612 34
34
34
34
33
30
31
32
32
30
2,500 Phillips Jones Corp__ __No ear 30 001 21 73 May 17
84
84
*7414 83
7438 74,2 7414 7458 7414 75
85
85
140 Phillips Jones pref
100 74 Oct 18 96 May 1
3312 40
3878 3934 3914 41
3612 3812 102,300 Phillips Petroleum_ ....No par 27,
3758 4034 2758 38
8 Oct 24 47 Jan 3
•16
17
*16
20
17
16
17
16
16
15
1058 16
1,000 Phoenix HoslerY
5 105s Oct 25 3758 Jan 22
92 •____ 92
92 *____ 92
92
92
Preferred
100 9112 Aug 21 100 Jan 6
2918 29
2918 29
29
2912 29
2912 29
26
26
3,000 Plerce-Arrow Class A_No-pa' 26 0325 3778 Jan 9
83
•77
77
77
75
75
*7512 -- 7512 7512 75
75
GOO
Preferred...........
100 72 Oct 3 8712June 7
134 134
128
134
158
1%
158
134
112 15
112 153 8.700 Pierce 011 Corporation
14 Aug 9
26
338 Mar 18
40
40
39
39
39
39
38714 3378 3614 38
3612 3612 1,2001 Preferred
100 30 Jan A
5112 Mar 18
378 4
3% 3/
3% 334
1
4
312 318
312 358
318 38 13,500 Pierce Petrarn
358
01 25
No
Par
51 Jan 15
4412 45
4212 4412 4134 4434 42
4414 40
4014 4113 14,1001PRIsbury Flour Mills-NO par 3918May 27 8378 Jan 15
43
5614 57
.55
57
56
57/
1
4 56
5214 5534 5478 5534' 14,300 Pirelli Co of Italy
53
5012 Mar 26 68 Aug I
79
80
7834 SO
80
81
75
8014 65
7412 661
/
4 70 1 7,700 Pittsburgh Coal of Pa
100, 5418Juue 4 83% Jan
*10212 105
102 10412 10238 10514 10214 105
10114 10114 101 102
2,4001 Preferred
100j 8312Juns 5 11(1 Oct 18
no
24
2312 25
2434 25,4 25
2412 24
2514 24
2534 3,300 Pitt, Terminal Coal
loo: 20 June 10 3438 Jan 9
•55
65
65
65
65
65
65
65
65
65
65
65
470; Preferred.
100 5212June 10 7814 Jan 9
36
36% 3512 37
3712 33
3512 33
32
3412 3612 14,700IPoor & Co class B
35
No par 20 June 24 4374 Aug 1
,
76
7634 7534 76
76
76
74
73
75
73
7212 73 1 1,600 Porto Rican-Am Tub el 4_100 70% Oct 3 953* Mar 15
2712 2778 2658 28
2714 23
25
2612 22
2713 2212 23
4.2001 Clam B
No par 22 Oct 24 5034 Jan 2
*10012 101
10038 101
10038 10114 10034 101
10058 10058 *10012 10112 1,300,Postal Tel & Cable Pref-,-100 10014 Oct 5 105 Jan 31
IPosturn Co, Inc
No par 6234 Mar 26 8134May 8
5414 5414 53
54
53
5353 -Li" iili -46T8 -51-12 50 -51-14 25,300,Prairie Oil & Use
25 4918 Oct 24 85.8 Jan 2
6112 6214 6114 62
62
6278 59
62% 61
6138 57/
1
4 60 1 20.500 Prairie Pipe & Line
25 53% Jan 14 65 Aug 23
1434 1538 1318 1412 14
1478 1212 1478 1014 1234 1114 1234! 24,500 Pressed Steel Car
1014 Oct 24 2538 Mar 22
No par
8
69
69
697
69
68
(18
67
67
6414 66
65
65 I 2,500 Preferred
100 6414 Oct 21 81 Mar 27
*12
1234 1112 1212 1112 1112
978 10
4
10
753 5,300 Producers & Refiners Corp-50
4 Oct 24 3578 Jan 3
*36
*3418 36
33
34
34
34,8 34
34
*3412
34
35
110 Preferred
50 34 Aug 9 RN Mar 21
42
*4I
*41
42
41
40
4134 4134 *40
42
40
40
160 Pro-phy-lao-tic Brush_../V8 par 40 Sept 28 8234 Jan 14
10238 110
10014 10558 105 103
100 10712 89 103
98 101 269,300 Pub tiler Coro of N J__No par 75 Mar 20 137348e1st 23
10712 10318 10712 103
10712 1071 2 10712 103
107 108
107 10714 2,300 8% preferred
100 10312.1tine 8 108'8 Feb 6
11914 11914 119 119,2 11914 11912 11912 11912 120 120
120 121
2,000 7% Preferred
100 11738June 25 12478 Jan 3
•15014 155 *150 160 •151 156
151 151
150 15014 *14812 152
300 8% preferred
100 145 Apr 17 151 Sept 4
•10634 10714 10634 10634 10534 10534 10712 10712 *107 10712 10712 10712
900 Pub Sera Else & Gas prat _100 105 July 26 1093* Jan 28
89
91
8714 90
8812 90% 8658 9114 230
85
87
89
76,500 Pullman, Inc
No par 78 May 27 9914 Sept 3()
16
16
151
/
4 1518 4.1512 16
15
1514
1418 15
14
15
6,100 Punta Alegre Sugar
50 14 Oct 25 2112July 24
2778 2834 2612 2358 2712 23
26
27/
1
4 2434 261
/
4 2512 2678 95,600 Pure Oil (The)
25 2314 Feb 16 303‘May 0
114 114
11312 114
11312 11312 113 113
11112 11212 11118 11158
410 8% preferred
100 11012Sept 13 118 Feb 25
130 132
1263* 131
12734 1291s 1281
/
4 132
11418 12412 114 11812 30,700 Purity Bakeries
109.,May 29 14858 Aug 20
82% 8512 7534 8312 79% 8238 6712 813* 4412 70781 58
6134 1242200 Radio Corp of Amer__No Par 4413 Oct 24 114.4Sept 12
.54
5434 54
.54
*54
55
5414 5414 5414 54/
1
4' 5378 54
2,000 Preferred
50 52 Jolly 5 57 Jan 3
28/
1
4 32
2614 30
2938 31
2618 3078 19
27Q 2338 26 203,300 Radio ffeltb-Orp Cl A __No Par
19 Mar 26 4678 Jan
6812 70
65/
1
4 69
70
68
63
69% 50
65 1 60
63
18.700,Real Silk Hosiery
10 50 Ott 24 8433 Mar 4
98
*83
98
*88
98
*88
93
.88
88
88
88
90
3701 Preferred
88
Oct 24 10212 Feb
100
85s 858
718 81
8
11
778 978
612 81 2
8,400 Reis (Robt) & Co
6/
1
4 8
No par
6 May 28
RN Feb I
64
7314 731
70
70
7412 *65
75
60
60 I 61
61
1,200, First preferred
100 80 May 29 10812 Feb 6
4812 513
53
5138 533a 48
51
527s 4418 49781 47
48
90.200iRetnington23
Mar
Rand
4 Oct 14
26
573
No
par
94/
1
4 951 *95
961
95
95,8 *95
9518 9212 9212' 93
93
2.4001 First preferred
100 9014 Jan 4 9612 Oct 15
*99 100
99
99
*99 100
*99 100
99 100 I 99 100
1,500, Second preferred
93
Mar
20
190
101
Apr 16
1558
16
1512
161s
16
16
15- 1578 1112 15181 1258 1478 49,200:ReoMotorC
ar
10 1112 Oct 21 317s Jan 3
431
4312 4312 43
42
4218 4134 4214 39
41 1 39
3912 3,000:Republic Brass
No Par 39 Oct 24 5478May 3
•105 10512 *105 1051 •105 10512 *105 10.553 105 105
105 10512
301 Preferred
100 105 May 3 107 June 5
*97 101
97
97
*96 100
95
96
9434 9434 94
94
6001 Class A
No par 9353May 29 111 May
106 11634 10612 11278 112 115
104 11334 90 10712 9714 102
79,700'Republic Iron & Steel__ _ _100 7914 Feb 8 14814Bept 20
11112 11112 111 111
111 111 *11012 111
11012 111
111 111
1.2001 Preferred
100 10878 Jan 7 7.1612 Feb 27
9
812 878
618 734
914
7% 812
758 812
612 8
11.300 Reynolds Spring
0 June 8 1214 Jan 16
58
5918 5612 53% 5714 5378 5,
5,2 5712 523* 5534 52
5414 97,50(hReynolds (R.71 Too class
N
°
Bn
all 52 Oct 25 68 Jan 11
*49
4912 *4912 51
4978 50
5012 5113 5014 5014 *4914 50%
70011thine Westphalia Elec Pow _ _
4834 Oct 18 64 Jan 2
35
37
3712 3734 34
36
31
3578 30
33
28
31
81,900 Richfield 011 of Callfornia_25 28 Oct 25 4958 Jan 3
2638 2634 2014 221
/
4 22
25
22
2328 15
2114 2034 2212 47.900 Rlo Grande 011
No
15 Oct 24 4212 Mar 28
63 .60
*60
65
64
64
6212 6212 *59
60
57
61
1,000 Ritter Dental Mfg
par 57 0325 70 June 29
6614 621
/
4 65
65
66
6812 6113 67
50
61
5414 57
18,100 Roselle Insurance Co
50
10
Oct 24 96 May 9
*3412 35
*34
42
*3412 50
*3413 50
*3412 50
*3412 50
Royal Baking Powder _No par 27 May 31 4312BePt 0
*11212 11914 *114 11914 *114 11914 *11614 11914 •11612 11914 *11612 1
1914
Preferred
100 95 June 12 11473Sept 16
5934 61% 5314 60% 5934 61
55
601'4 48
5734 5412 5678 206,500 Royal Dutch Co(N Y shares)
48 Oct 24 64 Sept 18
71
7234 7158 7534 73
76/
1
4 65
74
.59
6853 6612 68
79.200 St. Joseph Lead
10 59 Oct 24 94 Jan 21
16418 168
15634 16412 15312 163
15618 163
14018 15712 146 15434 42,100 Safeway Storm
No par 14018 Oct 24 19514 Jan 4
*96
9612 96
9613 •96
9612 96
95
96
95
93
9318
640 Preferred (8)
100 93 Apr 41 101 Kept 17
10414 10414 *10414 105
1047g 105 *10414 105
10414 10114 105 10578
130 Preferred (7)
100 10114Sept 231 108 Jan 18
3812 35
38
371
/
4 3512 3612 3478 3638
34
35
34
3.500 Savage Arm,Corti_ _ _ No par 3478 Oct 23' 517
, Jan 24
13
1312 1412 1412 15
161 A
1318 1412 1014 1234 11
12
42,900 Schulte Retail Storer_No Par
1014 Oct 21 4112 Jan 8
8934 8934 75
82
7514 8434 8018 8018 7518 7514 7512 7512
520 Preferred
75 Oct 21 11812 Jan 2
100
15
1418 15
15
1412 15
1418 15
1214 1438 13
14
4,100 Seagrave Corp
No par
1214 Oct 24 321,4 Apr 12
14012 14414 13878 14212 14112 1457s 13414 143
115 140
12812 13334 180,700 Soars, Roebuck & Co Ne Par 115 Oct 24 181 Jan 2
414 412
4
438
4
4
358 378
3
314
334 3/
1
4 9.700 Seneca Copper
3 Oct 24 1012 Mar 20
No
par
58
6012 55
5734 5512 59
48
5312 3614 5234 4618 4978 67,600 Shattuck (F CI)
3614 Oct 24 194 Aug 30
No pa
4012 4112 38
3978 3712 38
3712 38
30
3658 3112 3214 7,500 Sharon Steel Hoop
30 Oct 24 633*July 1
No Pa
2612 2718 2512 2638 2534 2638 2412 2618 24
26
25
2512 80.900 Shell Union 011_ __ __ _No pa
24 Oct 24 3134 Apr 2
2814 2812 27
28% 2734 2878 2612 2912 23
2612 2418 2512 12.700 Shubert Theatre CorP-No Par 23 Oct 24 7412 Jan 24
15553 16513 13142 154
149 15434 120 15214 90 122
109 11312 218,300 Simmons Co
Mar 26 188 Sept 26
75
No
pa
3018 31
2958 3012 30
3034 2712 30
25
2612 2412 2612 37,000 Simms Petrolem
MA Mar 26 4018 AUFT 17
10
33
3378 3212 3334 32/
1
4 3312 25
3314 2612 2912 29
3112 398,000 Sinclair Cons 011 Corp_No pa
2512 Oct 23 45 Jan 2
*109 10912 *109 10912 10912 109% 109% 110
10978 10973 *109 110
700 Preferred
100 10784May 1 111 Jan 29
37
3934 36% 38% 3758 3358 31
3818 323* 35
3253 3578 58,600 Skelly 011 Co
25 31 Oct 24 46121.1aY
49
49
*49
50
*49
50 .49
50
49
49
50
50
500 Sloss-Sheffield Steel & Iron _00 48 Sept 4 125 Jan 19
*6712 75
*68
75
*88
75
*68
75
68
69 .68
75
200
Preferred
68 Sept 8 112 Jan 18
100
612 658
6
634
6,2 6,2
4
634
57s 6%
6
614 10,000 Snider Packing
No pa
4 Oct 23 1610 Feb 5
3014 3214 30
30,8 2814 30
2912 30
2538 285
, 25
2512 3,900 Preferred
No par 25 Oct 25 6412July 9
3753 3878 38
38/
1
4 3814 38:/
1
4 36,4 3314 3334 3538 35
3713 19,500 So Porto Rico Sue
No par 3384 Oct 24 46 May 19
7018 7412 6718 71
6914 7138 6712 7234 6218 6834 64
6838 83,100 Southern Calif Edison
25 53.8 Jan 4 9:l'4 Sept
*30
37
•301
/
4 371 *3018 3712 *301s 3712 *2012 30
*20
30
ernlialries
Southern
B
ClA.._No
par 3512 Feb 16 5018June 14
812
8
*8
8
8
8
8
8
7
8
8
8
11,700
153* Jan 12
Class
5 Aug 26
No
Par
46
*4812 49
4914 46
4812 4578 46
4512 46
46
46
par 4512 Oct 24 6312May 6
1,600 Spalding Bros
113 113 *113 114
•113 115 •113 115
113 113
113 113
117 Feb 6
Aug
11634
17
Stialding
70
Bros
let
No
pref
10O
3812 4018 3734 391
3734 39
36% 3934 34
38
33
3412 12,300 %Anil Chalfant&Co InoNo par 33 Oct 25 5214 Jan 3
*94
98
*34
98
*94
08
*94
98
94
94
*94 871
10 Preferred 00 89 Mar 19 98 Oct 15
4518 54
47
5538 58
4118 48
491
3518 42
3914
4178 63,000 Sparks WitAington„--No Par 3518 Oct 24 73 Aug 22
678 678 *634 712
*634 7,8 *624 71„
712 7,2
634 61
may 20 1434 Feb 4
70 Spear & Co
/
4
No par
*78
791 *78
89
*78
79
79% .78
71
78
75
75
200 Preferred
100 70 Aug 23 8012 Jan 2
4012 42
42
40
42
40
39
401
36
3834 36
3612 4.700 Spencer Kellogg & Sons No par 3512 Apr 22 45 AUK 20
44
4612 47
40% 45
45% 4438 46
35
3814 3658 38
11.800 Spicer Mfg Co
por 35 Oct 24 6634 Mar 1
N
Noo par
461
/
4 4618 4512 46
47
46
46
47
45
4512 45
45
2,100 Preferred A
45 July 24 5578 Mar 1
76
78
7314 80
7312 761
7412 78
6712 72
6712 70
17.800 Spiegel-May-Stern Co_No par 6712 Oct 24 11774 Feb 6
13
11
11
13
11
1112 1112 10
10
11
10
11
8 Sept 23 435s Jan 11
2.500 Stand Comm Tobaeco_No Dar
18014 1911 160 190
185 19512 17614 188
13414 170
145 156
98,600 Standard Gas & El Co.N0 Par 8014 Mar 26 243.41833 27
*6412 65
6433 6534 6412 6514 6434 65
6418 6412 6418 65
3,800 Preferred
ao 8252May 81 67 Feb 4
Standard Milling
100 10212 Aug 16 16314 Jan 18
Preferred
.100 95 June 17 133 Jan 12
6958 685g 6978 124,800 Standard 011 of ca._
7258 7374 701g 723 7112 7212 6914 Vi4 65
No par 64 Feb 18 81.8May 6
7534 7834 7458 7712 7712 7912 7124 7314 6158 7338 7018 7212 911,700 Standard 011 of NewJersey
_25 48 Feb 18 83 Sept 16
4214 4338 4114 43
42
4234 3914 4218 3458 3978 3858 3978 224,100 Standard 01 of New York _.26 3458 Oct 24 4812 scpt 12
•31, 312
3/
1
4 314
3
212 3
3
314 3,4
218 334' 5,500 Stand Plate Glass Co_No Par
958 Jan 21
218 Oct 25
1118 127s *11
*11
11
1318 11
13
734 103*
5
1012 1.080 Preferred
.
5 Oct 25 Cl Jan 18
100
Stand San Mfg Co____No par 41 Jan 26 88 May 3
5018
5518 5513 5034 55
52
47
54
52
5414 50% 55
38,500 Stewart-Warn Bp Corp
10 47 Oct 24 77 May 10
144 15312 128 144
13212 143
12512 141
119 12812 12014 127
63,000 Stone & Webster
No par 119 Oct 24 20112 Aug 30
62
/
4 6214 611
6234 611
/
4 62% 60
5512 5938 57
62
58/
1
4 49,900 Studeb'r Corp (The
No par 5512 Oct 24 98 Jan 26
*123 124 *123 129 *123 124
123 123
123 123
123 123
130 Preferred
100 123 May 13 126 June 25
*112 158
112
112
138
138
114
138
114
113
114
114 4,900Submarine Boat
412 Mar 14
114 Oct 23
No par
7712 SI
8178 8214 7714 SI
77
7218 75
79
7912 72
5,600 Sun 011
No par 57 Mar 26 8633 Oct 16
104 104
105 105 *10412 105
10412 1041 •109
15
1,2 10412 10411
1112 10
110 Preferred
10518
Jan 8
Jan
100
3
100
1712 18
1634 1734 1714 1734 1334 171
13
14
37.100 Superior 011 new
912 Oct 21 24 Aug 20
No Par
4012 4134 3612 4014 38
40
32
25
36
3618 3912 33
9,10 Superior Steel
25 Oct 25 73.4 Apr 9
*10
12
93.4 10
10
834 10
10
10
101s
Ms 1018 2,800 Sweets Cool
834 Oct 24 2214 Apr 11
512 572
•5
434 5
5
412 412 1.000 Symington America412
412
6
6
9 May 2
412 Mar 12
No :r
1 ()
r
*1212 1314
1212 1314
1312 1312 12
1138 1138 1034 11
12
1.700 Claes A
1014 Oct 25 1958May 2
No par
1953 19% 1958 1978 *1912 20
19% 20
1958 1958 1914 1958 3,300 TelautograPh Corp___/Vo pa'
18 June 17 2512 Mar 28
ar
1613 1634 1578 1612 1614 17
15
1578 1634 1452 16
15/
1
4 25,800 Tenn Copp & Chem No par
14.8 Oct 24 20.2 Apr 29
6218 6278 61
63
6178 63
5934 6234 5714 6012 5878 60 421,800 Texas Corporation
25 5714 Feb 1 717s Sept 12
68
6714 65/
1
4 6633 661
/
4 673s 62
611
/
63
4 6378 120.000 T311313 Gulf Sulphor__No par 55 Oct 24 8514 Ayr 18
6678 55
1518 15/
1
4 1418 15%
1412 15
14
1138 1378 1358 14% 24,2(1,1 Texas Pacific Coal & 011
15
10 1138 Oct 24 3378 Mar 21
1318 13%
1212 1314
I2% 13%
1112 1278
912 1134 1018 11.5s 81,000 Texas Poo Laud True*
1
912 Ott 21 2412 Jan 17
Bid and rated prices: no sales on this day. s Ex-dIvidend. y Ex-rights
d Ex-dly. 201%, In conunon stock.
Pitt alI ArIll
Bono@ for Pretrrlosi
Year 1928
Lowest
HieAsa
$ Per share $ per alert
273* June 893* Jr.:
18 Mar 2512 ain;
38
Apr 54 Aug
85
Apr 99 MID
3514 Feb 5378 Nos
21
Oct 28 Mat
94 Dec 10314 Fe'
1812 Oct 3078 De,
5612 Oct 7474 Del
18 Mar
514 Apt
1614 Feb
Oct
50
312 Feb
658 Air
325* Feb 8874 De.
16.1;
1 May 10078 DP
26 Feb 38 Ds'
6318 Oct 82 lAro•
5334 July 85.4 Dee
2314 Aug el% D41
10058 Aug 108 Sep:
61.8 July 13512 Mar
5912 Dec 643! DT*
18 June
70 Aug
10 Feb
41
Feb
52 Nov
4112 Jan
103% Jan
117 03
134
Jan
10612 Dec
7778 Oct
1758 Dec
19 Feb
108 liar
75 June
5418
344
2472
8012
els
614
2312
8714
881e
2212
3312 Oet
9312 Oct
2978 Not
40.8Juni
91
Fel
8318 Dee
115 MID
125114 Mal
150 Mal
11014 AP,
91 May
3478 Jar
3114 Not
119 Jane
18938 Oet
Jan 80 May
Dec 511s NOT
Jan 6058 Dee
July 13712 Dee
Feb
18 Dec
Feb 8912 DOT
Jan 3612 Ma7
Dee 98 Juno
Int
Oct 109
Jan 3514 001
----
----o;918 it11-3e 9412 NO.
102 June 112 Pet
1678 JUD1
814 Feb
60
Oet
2312 Feb
40
1044
44.2
37
171
95
10513
8614
85.4
116
10
8218
2
8012
Dec
D013
Jan
Mar
Dec
Dee
Dec
Dec
Dec
Dee
Feb
Jan
Jan
Feb
Feb
5434 June
5534 Juno
1818 Feb
1738 Feb
10212 Jan
25 Feb
102 June
10412 Oct
11 Deo
31
3212
CPI
3412
9
109
26
97
Nov
Feb
Jan
Jan
Jan
81
66
Deo
No.
4 17;o4
-69.
10418 Dee
Oot
84
7112 Des
Mad Dee
97 Dee
10612 DC'
51 D81
6712 Apt
129
AP/
1712 Juni
19712 Nov
712 Oer
1604 00
8514
1011e
2714
6634
110
6238
134
123
20
146i
Nor
Not
Not
No'
03
Nov
Fet
Mao
Ain
60
Jan
4938 MID
5513 Net
60% Ma,
30
AM
Jan 120
Al"
July 5758 Der
Oct 100 Au,
16- -1
.
4
923s Pei
5153 Dee
651 Sept if" Not
24
Oct 4014 Nov
5772 Jan 84.8 Dee
6424 Dec 7112 May
100
Jan 18212 Dee
97 Nov 118 Des
63 Feb 80 Not
8734 Feb 89.4 No'
2824 Feb 4818 Dee
312 Jan
772 Feb
10
Jan 40
Feii
84 June 88.8 Dee
87
12112
3
3112
100
J1313 5714 One
Feb 127 Jane
Feb
614 Ma,
Jan 77 Nos
Jan 110
AP,
18
Jan
1153 Feb
41
Aug
10 Aug
1514 Jan
Mr Jan
50 Feb
6318 Pine
1214 Mar
20 June
-1/658 i•i0;
2312 Bei),
7 Mar
1954 AP/
,66.1v
223
1978 Dee
7424 Noy
8312 Nny
26, Nov
3084 An
New York Stock Record-Concluded-Page 8
2655
For sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 19.
Monday,
Oct. 21.
Tuesday,
Oct. 22.
Wednesday, Thursday,1
Oct. 24.
Oct. 23.
Friday,
Oct. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PRE SH ARB
Eases Since Jas. 1.
Os basis of 100-share tote
Lowest
Highest
I
PER SHARI
flange for Prestos,
Year 1928
L west
Highest
8 per share $ per share $ Per share 5 Per share S per share ,S per share Shares Indus. & Miscel. (Co..) Par
No par
2818 2512 284 5,900 Thatcher Mfg
27
27% 2518 2718 2618 274 2658 2714 25
260 Preferred
45
No par
45
4712 *45
45
4712 *45
*45
4712 45
4712 *45
11,200 The Fair
37
No par
37
37
3712 3712 237
3712 37
37
37
37
37
100
30 Preferred 7%
110 110 *10814 111
10814 10814 10814 10814
•l1014 111 *10812 111
25
800 Thompson (J R) Co
40
42
42
4114 4114 4114 414 *4012 4214 4012 4012 40
1714 1714 1614 1712 164 177
16% 147 16,4 112.500 Tidewater Ansoc 011__No par
16
18
14
100
8418 1.400 Preferred
834 8378 83
86
85
86
8514 8514 8518 851s 85
100
2934 30
1,600 Tide Water 011
*27
30
3212 3212 3114 3218 3112 3212 3034 31
100
900. Preferred
9212 9234 9234 0212 9212 904 9012! 004 9114
*91
0214 *91
27,1001•Iinken Detroit Axle
10
16
17 I 1912 21
24
2434 2012 24
25
2414 2512 23
12212 13012 119 12314 12412 1284 112 12814 90 11612 10514 110 123.200'Timken Roller Bearing_No par
414 818
43.700 Tobacco Products Corp
618 7
5
20
8
71e 8
512 6
7
9
20,1001 Class A
20
12
10
1014 11
10
1078 104 1012 10
912 10
10%
*4
5
8
8
*4
8
*4
10
300 Dividend certificates A ____
8
*613 758
5
9
*3
Dividend certificates B
8
*3
9
*3
7
*5
*3
8
*4
8
6
6
*418 813 *312 8
200, Dividend certificated 0
9
*4
8
*3
*34 7
1212 1118 12
12
9
1114 1114 1012 1134
978 360.500,TranscTI 011 tern ctf __No_-par
64 104
*44
48
45
44
40
300 Transue & Williams St'l No par
*40
44
*35
45
*40
39
39
4234 4012 41
41
4178 414 3912 42
3878 4012 384 394 7,800 Trio° Products Corp_No par
21
2014 2012 22
21
21
21
21
4,900 Truax Truer Coal
451
21
2012 2012 19
No par
48
*45
48
45
45
47
44
45
47
4512 2,500 Truscon Wee!
44
10
144 15814 150 15712 143 154
159 182
133 146
38.600 Under Elliott Fisher Co No par
143 148
125 125 *125
_ - *125 126 *125 126 *125 126 *125 126
10' Preferred
100
2012 20'2 1712 20
19
23
2314 2314
4.200 Union Bag & Paper Corp 100
1434 171 1512 18
10514 11414 104 10912 113 117
101 115
904 10914. 10212 107 465.500,UnionCarbl&Carb
No par
514 5212 4858 5018 50
5112 49
51
2.5
435* 4812 4718 4834 37,600 Union 011 California
•140 150 .140 150
150 150
14212 14617 140 14314 141 145
2.800 Union Tank Car
100
93
9714 868 9312 9014 96
7712 924 6012 8412 7412 79 118.700,United Aircraft & Tran No par
73
69
71
73
74
74
*7114 7414 68
3.200 Preferred
7114 68
70
60
52
51
52
52
5012 52
12,200 United Mem!'
5014 52
4712 51
4912 50
No pa
*12814 _
*12814
.*125 135 .125 135
12214 125 *118 135
300 Preferred
100
74 -614
6,13 .-7-7a 678 74 6 738 414 64 5% 614 76,700 United Cigar Stores
10
65
65
*60
65
58
58
53
56
55
55
700 Preferred
.55
IGO
55
4912 5358 474 51
5314 3112 4612 4212 4478 647,200 United Corp
503* 5338 45
No par
4812 4812 4858 49
4838 4878 47
4812 49
4858 4614 4712 19,100 Preferred.
No par
2914 30
2914 2912 •____ 29
27
20
20
2818 30 •__
8,800 United Electric Coal
No par
118 123
116 12238 11912 122
1144 12013 114 118
115 117
18.700 United Fruit
No par
918 918
94 10
9
918
812 9
912 984
914 914
2,600 United Paperboard
100
4912 *47
47
454 4612 4414 4414 4334 494 1.700 Univereal Leaf Tobacco No par
4814 47
*49
65
65 •____ 65
*65
65 *56
67
65 .56
110 Universal Pictures let pfd_100
•56
65
53
524 6
4
5
13.700 Universal Pipe & Rad-No pa
6
558 54
514 558
314 5,8
73 *____ 70
70
70
70
*---- 74
64
73
100
70
70
90 Preferred2214 2334 22
2214 19
20
2214 21
44.800 U S Cast Iron Pipe & F11y__20
2012 19
2358 22
1612 1612 *164 1612 1638 16,
8 *16
1612 *1534 1618 1,200
No par
1658 15
1st preferred
•1812 10
1812 1812 *1812 19
10
1834 1824 19
1,300 Second Dr Aerred
*1812 19
No par
1714 19
8,800 0 5 Distill) Corp
19
2012 21
19,
8 2012 1914 2012 18
19
21
No par
90
9412 94
94
944 90
0412 94
*95
94
100
97
01
2.200 Preferred
5
*5
512
5
6
11)0
5000 S Express
*54 6
55* 54 *5
5
5
3318 3318 33
33
35
3314 374 5338 364 324 33
6.000 1.1 8 Hoff Mach Corp __No par
34
21518 22214 213 21912 21914 22412 2004 220
100
169 2034 18214 198
90,600 U S Industrial Aicohol
194 194 1918 1914
1814 1914 16
18,
8 124 1678 16
17
No par
12.400 U S I eathor
.3018 3112 2934 3018 29
,
4 30
2858 23
2818 2934 27
25
5.300 Class 4
No par
*934 96
94
94
*9314 96
94
*94
*934 98
9512 94
400. Prior preferred
100
8278 8014 8114 31.100'U S Realty .4 Impt____No par
8634 78
81
,
8 86
84,
8 8678 8214 8412 83
52
504 5258 48
5012 51 138 50
52
4018 4914 45
47
76.600 United States Rubber
100
7312 7414 74
7512 7114 74
7412 76
70
71
6912 72
6.800
100
let preferred
4112 40
4518 4278 4412 4218 4558 35
41
4518 4612 40
26.400 R s Smelting. Ref & Min___50
5312 5312 *5312 5412 5312 5312 *5312 54
534 5312 504 51
50
1.300 Preferred
21218 21612 201% 21414 19312 20712 20312 207 1335400 United States Steel corp__100
208 2134 20518 212
14112 142
142 142
14114 14212 14214 14314 1424 14314 7.200 Preferred
142 142
100
92
90
9214 9214 1)0
9014 92
82
82 I 8312 85
92
1,800 U S Tobacco
No par
•12614 128 •12614 128 *12614 128 *12614 128 .12614 128 1 1264 1234
10
Preferred
100
*260 280 •____ 300 •280 325 *260 320 *210 290 1210 290
!Utah Copper
10
3
41
44
404 4212 4112 43 4 41
45
34
42
38
41
87.000 Utilities Pow & Li A__No par
43
712 74
738 712
614 71a 27.400 V- deco Sales
612 8
712 74
7
No par
*68
7614
*38
574
4312
7312 *68
73
80
.38
39
7914 *74
44
4212
7212 *68
774 76
39 .38
7914 74
444 43
7112 68
7714 6234
39
38
74
*72
44
4114
68
6712
7712 60
38
364
79 .72
4312 40
6712 6718
8814 6518
3614 .38
7434 72
414 40
3 per skare 5 per share 3 per skate $ Per 05•St
164 Mar 14 35 Sept 16
22
Jan 3912 MA2
35 Mar 9 4971Sept 4
66
Oct 53% Jun1
3414 Mar 26 5172 Jan 15
34
Jan 5212 Des
10412 Feb 28 11014 Oct 9 1044 Jae 1184 ow
40 Oct 25 62 Jan 12
5614 Jur. 7114 Juno
14 Oct 24 2312June 7
1414 Fe
25 Berl
83 Oct 25 904 Aug 2
• '.78 Mar 9114 Deg
2711 Feb 1 40 June 7
ssits Mar 6111 Dee
90 July 26 974 Jan 17
86s4 July 10018 De*
16 Oct 24 3418Sept 24
7312 Feb 16 150 Jan 3 11-252 -Mar 1-54. Nor
414 Oct 24 22,8 Mar 18
912 Oct 24 22% Mar 18
5 Oct 21
18 Feb 13
19 Aug
Mg Jam
814 Aug 2 20 Mar 28
19
Aug
26 Jana
6 Oct 25 194 Jan 15
19 Dec 23 •uf
612 Oct 24 154 Aug 28
814 June
1412 Nov
6414 Dec 594 Feb
39 021 24 534 Apr 18
3814 Feb 18 63 July 3
82% June 4672 Sent
1812SePt 18 314 Jan 23
6514 Nov 6372 Del
44 Oct 24 61% Jan 3
91 Jan 7 1814 0,1 10
63 June 934 Del
Apr
125 Jan 6 125 Jan 5 119 Mar 126
144 Oct 24 43 Jan 14
30 Dec 494 Feb
7514May 22 140 Sept10-4214 Feb 58 iloy
434 Oct 24 57 Sept 30
121,4 Jan 15 183142tept 11 110
Oct 1284 May
--__ ___- ---- ---6012 Oct 24 162 May 1
68 Oct 24 10912MaY 1
-- --,--- ---Oel
-3-412 Apr -17
41 May 31 60 Oct 10
001
1.1412June 11 136 Oct 2 11214 Mar 185
34% Feb
2278 Aug
434 Oct 24 274 Jan 11
53 Oct 23 104 Jan 2 10378 Dec 11412 API
3112 Oct 24 754May11_45 May 13 4972July 29
-5-8-14 Oct -894 -Des
20 Oct 25 814 Feb 6
10052June 12 15812 Jan 31 13112 June 148 Not
164 Dec 274 Api
812 Oct 25 2618 Jan 22
4332 Oct 25 857sMay 10
8018 June 87% Not
Feb
9114 Nov 100
59 Oct 2 93 Jan 2
1658 June 354 Oct
314 Oct 24 2214 Jan 2
8771 Sept 10614 Der
64 Oct 25 10012 Jan 9
38 Dee 53 No
19 Oct 24 554 Mar 18
18 Nov
15 Oct 24 19 Jan 11
194 Nos
184 Nov
1812 Oct 22 20 June 18
191., 1)84
134 June 2014 Jaz
1258 Mar 26 23 Sept 24
714 Mar 12 97 Sept 24
78
Oct DO; Jai
10 Apr 8
272 Nov
2 Jan 22
6
Jam
ill.
Dec 684 Jam
2972 Aug 28 4972 Jan 2
128 Jan 16 24358 Oct 11 10218 June 138
001
1214 Oct 24 354 Jan 14
22
Jan
51 Mal
23 Oct 25 614 Jan 14
52
Jan
72
Api
90 July 30 107 Feb 1 1004 Dec 1094 MC
8114 Feb 931,Mal
78 Oct 24 11912 Feb 6
27 June 6314 Jai
4018 Oct 24 65 Mar 18
56 July 1094 is,
694 Aug 14 924 Jan 16
3912 Feb
7112 Nor
35 Oct 24 7272 Mar 20
Jan
58 Dei
51
504 Oct 25 58 Jan 3
163 May 27 28114Sept 3
13914 4ug 5 1444 Mar 1 13818 Jan 1474 AD;
Ocr
86 June 120
SO4Sept 25 109% Jan 30
1 '814Sept 20 143 May 3 1274 Jan 139 Juo
Jan 273 De
264 Jan 2 363 Mar 19 139
284 Feb 4514 Mel
34 Oct 24 5812 Aug 5
44 Oct 24 134 Jan 21
100 6718 Oct 251 82 Jan 16
674
600; Preferred
Jan 1114 :to
6978 66,600 Vanadium Corp
60
No par 60 Oct 241 1164 Feb 8
758 Jan 41)71 00
364
500 Van Raalte
Vs par 27 Mar 12 42 Sept 8
6372 Jan 78 NO
72
200
let preferred
100 60 Jan 2 83 Apr 24
58
Jan 85 De
4114 18.100 Vick Chemical
No par 40 Oct 24 109 May 15
Vie Talk Mach 7% pr pref.100 110 Mar 1 11578July 5 1014 Jan 1124 De
12 June 2014 NO
8 Oct 25 2414 Jan 28
838 14.200 vIrg-Caro Chem
No par
4458 Jan 0414 NO'
34
100, 3318 Oct 25 654 Jan 26
3.000 6% preferred
884 Jan 9912 No
85
800 7% preferred
1001 8312 Oct 4 9712 Feb 4
110
!Virg Elee & Pow pf (7)-.100 10514June 8 110 Sept 18 1064 Dec 11412 AD
47
Oct 6252 Jai
42
100 Virg Iron Coal .4 Coke pf__100 40 July 22 48 Jan 29
2212 June 74 NO
8014
740 Vulcan Detinuliag
100 50 Jan 16 14978 Aug 12
10112
74 :use 99 Bet'
20 Preferred
100 91 Jan 4 110 Apr 25
1912 June 4184 No'
7614
200 Class A
100 4,0 Jan 2 142 Sept 9
1912 Jan 2814 De
29
No par 2218 Mar 26 3812 Oct 11
19.600 Waldorf Sygtem
102
100 100 Oct 14 106 Jan 24 105 Dec 10612 Set)
500 A algreen Co pref
lath Aug 2872 Bev
Vs par 234 Jan 8 494 Oct 11
41
28,700 Walworth Co
Fe'
70
Dee 123
40
220 Ward Baking Class A__No par 27 Oct 24 844 Jan 17
1514 Dec 2952 Ja
6 Oct 4 2114 Jan 16
No par
74 15.600
Class B
77 Dec 9712 Ja
71 Mar 25 874 Jan 15
No par
73
5001 Preferred (100)
5012 357.700 Warner Bros Pictures new
404 Oct 24 6412 Aug 20
5114 Deo 5714 De
No par 434 Oct 24 5914 Jan 22
47
1.900
Preferred
Feb 4472 Oc
26
15 Oct 24 4272 Jan 2
No par
2412 35,500 warner Quinlan
84 9
838 878
84 9
858 9,
8
818 84
8
35
35
3314 344 35
35
35
36
3314 3538 3318
*88
90
8814 884 .89
86
89
85
90
85
.84
*10818 110 *10814 110 *10814 _ *10814 110 *10814 110 *10814
42
42
*43
48
*42 -45
*43
45
*43
45
42
10514 110
99
72
934 10312 94 10914 95
0314 80
*96 104
96
96
*96 10112 *96 10112 .96 10112 *96
41110 130
88 110
80
95
05 100 .85
98
7814
3312 34
33
33
32
3312 30
3212 2714 3012 275s
•102 10212 *102 103 *102 103 .102 103 *102 103
102
4518 4612 44
4538 4612 484 4378 474 3818 434 3818
*4114 43
42
39
•40
4018 42
42
27
3518 30
81.4 838
778 812
778 8
728 8
74 714
7
*73
74
73
73
*73
74
*73
74
73
73
73
4918 52
48:',8 5512 4018 5278 4814
4812 54
4614 49
4618 474 46
48
46
4612 4834 4614 4314 4834 444
2818 2814 2718 28
27
284 2634 2812 15
2612 22
19434 19414 10112 19514 19514 20214 175 1093 160 188
170 17412; 6,600 Warren Bros
No par
*60
62
6112 61
5712 6078 *5612 60
*5612 60
57
120
55
50
First preferred
1914 2012 2012 221
2012 2012 1914 21
20
24
184 20
15.100 Warren Fdry & PIDe___No par
69
69
68
68
67
67
45
658
20
40
16
25
20
11,800 Webeter Elsenlohr
*35
3512 34
341
3412 354 344 361
30
3518 33 . 3312 7.400 Wesson Oil& Snowdrift No par
59
59
59
591
5812 59
5812 60
5758 5758 5712 5712 3.400
Preferred
No par
23812 2411
231114 262
1
252 271 2 235 2721 220 245
240 249,2 120.800 Western Union Telegram _100
5718 5958 5514 571
58
5978 5414 583
48
544 52% 5512 55,500 wounghse Air Brake_ _No par
204 22134 20114 212
212 21913 188 2167 160 1964
17612 188i8 318,400 Westinghouse Elea & -Affg_50
1904 1947 200 200
195 195
18812 203
175 182
175 185
820 let preferred
6(
5838 594 57
591
5714 604 56
554 5178 5738 16.500 Weston Elec Instrunft_No par
6078 45
*324 35
*3214 35
3418 35
*324 3512 .3234 3512 *3'34 35,2
Vo par
10318 1034 •103 104
103 10378 *10312 104
102 103
101,
8 102
210 West Penn Elec Cl A
No par
10712 10712 105,
8 1071 10558 108 •10558 106,2 105 10618 10558 10612
630 Preferred
100
*9312 08
934 933
94
0714 9712 9878 9618 98
97409
270 Preferred (6)
100
*11414 115
11424 1152 •11512 116
200 west Penn Power pref
1144 1144 1144 1144 11414 11414
100
10518 1057 10518 106
•105 106
10512 10678 106 10678 10773 10978
660 8% preferred
100
52
52
60
50 .51
52
8 40,
51
8 .4512 50
51
49,
400 West Dairy Prod el A_No par
25
323
3018 31
29
30
26
2714 2818 264 2618 2612 6.000 Class B
No par
8712 8712 624 664 .65
67
5012 5012 1.500 Westvaco Chlorine ProdNo par
50
62
64
68
324 3224 2924 32
34
3214 33
32% 33
33
31
32
8,000 whlteEagle01 & Refg _No par
4318 4412 434
4414 444 43
4..14 4014 4312 4014 4114 14.700 White Motor
No par
504 5014 484 5034 50
504 4512 4918 4412 46
4134 484 13,600 White Rock Min SP ctf
50
16
16
144 16
14,
8 1458
1412 1412 124 134 10
1212 7,100 White Sawing Machine_No par
*3618 3812 3618 3618 3438 3438 36
.36
3812
36
36
36
4001 Preferred
No par
21
2012 2234 20
2014 21
19
194 4.7001Wilcoz 011 & Gas
1914 20
184 19
No par
33
36
•36
40
33
35
31
324 30
30
3112 30
2,4001Wilcox-Rich class A _ _ No par
2818 30
2712 32
2918 30,
8 25
2414 2512 38,300) Class 11
28
2978 17
No par
1712 17
1714 1712 17
1714
1418 1612 1412 144 193.000 WIllye-Overland (The)
16,
8 17
5
*9014 94
*9012 94
9012 904 *00
90
90
91
91
*90
300 Preferred
100
5
5
5
5
518 5,100 Wilson & Co Ine
5
4,
4 5
458 414
414 5
_No par
49
4714 49
49
484 4878 4834 50
94 11.400 Class A
1012
9
7
No par
•12
1212 1218 1212 1112 12
46,4 4814 3,500 Preferred
4712 48
1012 11
100
894 8914 9138 87
8914 9018 87
8712 100.700 Woelworth (F W) Co
8712 88
914 82
10
108 11212 10312 107
10612 11012 9612 110
9(112 100
19,200 Worthington PA NI
8512 100
100
92
•874 92
*90
92
92
*88
8714
874
92
200
92
*90
Preferred A
100
83
83
85
85
85
85
85
1.300 Preferred B
*8414 8712 8414 8414 83
100
48913 100
____ ____ 65
66
390 Wright AeronauticalNo par
.7178 85 .50
*50 100
90
7212 7312 7212 7278 7112
7212 -73
73
73
7111 7112 3.400 Wrigley (Wm Jr)
_72
No par
80
80
8138 814 79
80
79
794 1.100 Yale & Towne
78
77
78
78
25
21
20
204 22
4 22
11
20
,
21
1318 164 1512 1758 102.600 Yellow Truck & Coach el B_10
84
*70
*70
84
84 *____ 84 *___•__..83 •_ 84
Preferred
•70
100
534 52
50
5214 51
5312 52
10,500 Young Spring & Wire__No par
5014 49
52
50
53
124 13114 *130 13312 130 130
122 12818 7,3001Youngstown Sheet & T _No par
131 131
1204 129
•Bid and asked prima; no sales on this day. a Ex-dIv. 20% In stook. p Ex-dividend. y Ex-rights.
139 Apr 16
39 Aug 15
1512 Mar 26
16 Oct 24
30 Oct 24
5614 Oct 4
17914 Jan 2
4314May 31
13712 Jan 15
132 Jan 2
22 Jan 28
3212 Aug 8
10138 Oct 25
103 Mar 28
9014 Oct 4
113 Jan 8
102 Sept 27
485
,July 10
2212June 11
4914June 1
2932 Oct 24
38 May 29
4134 Oct 25
10 Oct 25
32 Oct 1
18 Oct 4
30 Oct 24
17 Oct 24
1418 Oct 24
90 Oct 25
458 Oct 24
7 Oct 24
4712 Oct 24
82 Oct 24
43 Mar 25
774 Apr 12
66 Apr 6
65 Oct 22
70 Mar 26
6114 Feb 11
11 Oct 23
80 Mar 8
49 Oct 25
105 Feb 19
20734 Oct 9
6318 Oct 17
3414 Jan 3
1134 Feb 5
48 Mar 7
724 Mar 9
2724 Oct 23
6744 Aug 16
29258 Aug 23
284 Aug 23
6418Se1t 18
384 Apr 23
110 Feb 1
1114 Jan 17
102 Jan 17
117 Mar 18
1104 Jan 16
60 Sept 23
40 Sept 4
9418May 11
38 Feb 25
534 Mar 2
5514Sept 9
48 Jan 2
574 Jan 16
29+4 Feb 8
6114Muy 3
62 May 3
35 Jan 3
103 Jan 3
1312 Jan 23
27 Jan 21
79 Jan 23
112 Sept 6
137480ot 20
10012Sept 9
9012Sept 9
299 Feb 5
804 Jan 30
88 Aug 30
51 14 Apr 24
9612May 10
594 Aug 19
175 Sept 3
140 June 19212 Ap
6914 Nov
61
AD•
13 June 364 Ot
87 -Nov
105% Dec
1394 July
4218 June
8818 Jan
954 Jan
1212 Jan
3014 Jan
103 June
1074 Oct
984 July
11312 Oct
103 June
5212 Dec
2012 Jan
- --20.4 -Feb
3014 Feb
3108 Jan
3314 June
5114 Aug
174 Dec
---- ------4 Jan
17-89214 Jan
11
Oct
22
Jan
6314 Oct
28
4614
41
89
68
6112
275*
83
110 -Ite
10814 No
201
OtfI
571
, Ja
144 No
139 No
2812 Junis
6012 Ms
112
AZIV
1154 Al
10412 Alno
118 JulIt
Ja
113
78
At
At
49
- _,-3-8- NOtt
4314 Jutis
4,971 NC
6212 13!
53 De
2218 No
---- ---- --33 Do
10418 Do
Ft
16
35 Me
774 Fe
Jan
55
Jan 93
Jan 80
Feb 289
J•ily 84
Nov 844
Feb 574
Nov 96
NC
Nc
Nc
Nc
AT.
Al
Nc
Al
884 June 116/
1
4 Di
3656
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
00l"—drePei for inoonsa and &fanged bongo,
Jan: 1 1909 lie Meehan°, seadd of violist; bonds was thasocl and prizes are now "and iniel,
17, •
BONDS
Ng Y. STOCK EXCHANGE.
Week Ended Oct. 25.
it
a.
Prim
Prickle
Oct. 25.
Wool's
Bongo or
Lai Salo.
Range
Since
Jan. 1.
WereIgn Govt. &Municipals.
1947 P A
Agri° Mtge Bank a f 138
Sinking fund 6e A._A Pr 15 1948 AU
Akershus (Dept) ext1158
1963 MN
Antlogula (Dept)eol7e A
1945 J
1945 J J
External a f 70 ser B
1945 J 2
External of 7s series C
1945 J J
External a f 7s Ger D
1957 AO
External a f 7s let ser
1957 AO
Esti see a f 7s 24 ser
1957 AO
Exti eec f 78 3d ler
1958 J D
Antwerp(City)extl 541
Argentine Govt Pub Wks66_1960 AO
Argentine Nation (Govt of)—
Sink fund 60 of June 1925-1959 J
1959 * 0
Kill s f (38 of Oct 1925
1957 MS
Sink fund(
/
1
4 aeries A
External es series B _Dee 1958 J O
Exti e f as of May 1926 _1960 MN
External a f 6a (State Ry)_1960 MS
Exti 68 Sanitary Works__ _1961 FA
Ext 68 pub wks(May '27)_1961 MN
Public Works ext1 5).40...1962 FA
1945 MS
Argentine Treasury be £
Australia 30-yr fal_July 15 1955 J J
External 58 of 1927_ _Sept 1957 M S
1956 MN
Esti g 434s of 1928
Austrian (Govt) a f 7a
1943 ID
Bavaria (Free State) 6348..1945 P A
Belgium 25-yr ext of 7346 9_1945 ID
1941 P A
20-yr f 8a
25-year external 6340 _ _1949 MS
External s f es
1955.52
External 30-year e f 78
1955 JO
Stabilisation loan 73
1956 NI N
Bergen (Norway) a f 8a
1945 MN
15-year sinking fund 68_1949 AO
Barna (Germany) s f 834a
1950 AO
External sink fund 88_ __ _1958 J O
Bogota (City) anti of 88___.1945 AD
Bolivia (Republic of) till 88_1947 MN
External see 78
1958 J J
Externals f 7s
1964 M
.Bordeaux (City of) 15-yr 88_1934 MN
Brazil(U 8 of) external 80....1941 J D
External e t 630 of 19213._1957 AD
Extl of 634a of 1927
1957 * 0
71 (Central Railway)
1952 J O
734s(coffee occur) (flat)_1952 AO
Bremen (State of) anti 76...1935 MS
1957 MS
Brisbane (City) f be
1958
Sinking fund gold 55
Budapest (City) eat! of to _1962• D
Buenoe Alma(City)61
/
49. _ 1955 J
1960 * 0
Eat! e f 6. ser C-2
19611 * 0
Exti a f So ser C-3
Buenos AlreAg (Prey) extl 88_1961 MS
1967 .52
Bulgaria (Kingdom) a 178
1
411_Nov. 1568
Stab'eniM of 7/
Caidaa Dept of(Colombla)7348'46 J J
1931 *0
Canada (Dominion of) 6s
•I952 MN
55
1938 P A
e
1954 • J
Carlsbad (City) 5 1 8s
Cauca Val (Dept) Comm 7)4s'53 AO
(Germany)
Bank
Central Avlo
Farm Loan a I 76 Sept lb 1950 MS
Farm Loan a f 68..July 15 1960 .7
Farm Loan a f 68.0et 15 1960 AD
Farm loan (Is ger A_Apr 1638 * 0
Chile (Republic of)1942 MN
20-year external of 78
External sinking fund 60_1980 *0
1961 P A
External of fls.
.• 1
1961
Ry ref ext1 s f 68
1961 MS
fund
to
Esti sinking
1962 MS
Extl sinking fund as
Cbile Mtge Bk 634s June 30 1957 ID
13 I 63413 of 11126__J00e 30 1961 • D
Apr 30 1981 * 0
Guar a f 80
Chinese (Hukuaiag Ry)58_ _ .1951 ID
.:312ristiania (Oslo) 30-yr a f 6it '54 MS
/
481950 M
Cologne(City)Germany 61
1961 J J
Colombia (Republic) tls
196 1 * 0
External s fail of 1928
Colombia Mtg Bank of 6348.1947 * 0
1946 MN
Sinking fund 7s of 1926
Sinking fund 7s of 1927_1947 P A
JO
1952
Copenhagen (city) 58
1953 MN
26-yr g 434s
1957 P A
Cordoba (City) art] a f 7e
External a I 7s Nov 15 1937 MN
Cordoba (Prov) Argentina 781942 J J
Costa Rica (Repub)ext1 78_1951 MN
Cuba (Raoul)) 50 of 1904...1944
External As of 1914 tier A 1949 P A
External loan 434, tier C._1940 P A
Slaking fund 6/
1
4s__Jan 151963 • J
-121indinarnarea (Dept) Columbia.
Ertl a 1 61
/
4a
1959 SIN
c On the baals of $5 to the t stall
3
Price
Friday
Oci. 25,
Vg^ok's
Range or
1.411 Salo.
Bid
Ask Low
High
High
Czechoslovakia(Rep of)80_1951 A 0 108 Sale 10618 108
1952 A 0 10738 Sale 10612 10712
96
99,1148
Sinking fund 88 ser B
93
995548 Danish Cons Nfunicip 8e A 1946 F A 10858 10914 10858 10978
98544 100,48
194(3F A 10918 Sale 109
10912
Series B f 8s
9954n 990I44 Denmark 20-year esti Co.._ _1942 .1 J 103)8 Sale 103
10334
195.5 F A 10014 Sale 100
10118
Ext1 g 1554s
98344 10011n
885s
Apr.15 1982 A 0 8814 sale 8758
Esti g 41
/
4s
0738 Sale 9738 9814
105 1111.44 Deutsche Bk Am part elf 68_1932 M
9212
10154,1065'n Dominican Rep Cost Ad 51
9212
/
48 '42 M S 9214 94
1940 A 0 92 Sale l 90
9234
9815441031184
lot ser 51
/
48 of 1926
9412 90
90
95544 985544
24 series sink fund 534a-1940 A 0 89
95544 98",, Dresden (City) external 7a 1945 M N 100 Sale 9934 100
10278
Dutch East Indies exti 68_1947 .1 J 10234 Sale 10214
10212
10212 Sale 10214
1962 M
40-year external 68
1953 M S 10134 10212 10134
10134
8538 8812
85,
8
/
4a
8558
30-year external 51
1953 MN 10158 10312 10134
10134
8814 8812
30-year external 5348
8814 Aug'29
1948 J J 108 Bale 10718 109
El Salvador (Repub) 8s
9934 Moen
1967 J J 76 Sale 76
F.atonla (Rep of) 7s
9912 June'28
78
9511 june29
9074
Finland (Republic) extl 68..1946 M S 9078 Sale 90
95
99
9113 99
1950 M 8 9712 Sale 9712
102 104
99
External sink fund 7s
10112 -- 102 Aug'29
1956 M S 9434 Sale 9214
12 101 104
102
9434
External of 6%.
10112 __-- 102
1958 F A 8434 Sale 8338
85
Esti elnk fund 51
9712 9713
/
48
9112 9412 9712 Jan'29
92
Finulah Mun Loan 81
/
4e A1954 A 0 91 Sale 0014
95/
1
4 98
9534 June'29
9112 95
1954 A 0 90 Sale 90
96
Oct'29
External 8346 series B
95
91
06
D 114 Sale 11338 116
/
48_1941
97 1001s French Republic ext 71
9712
9712 Sale 9712
10912 Sale 10914 110
1949.5
External 78 01 1924
99
99
05
99 Mar'29
1949 A 0 106 Sale 10512 1071
101 10114 German Republic ext'l 7s
/
4
101 Mar'29
1954 M N 96 Bale 9442
9814 101 18 Gras (Municipality) Se
96
9912 Oct'29
95
/
48_1937 F A 104 Sale 103i4 104/
1
4
10114 10134 (It Brit dr hal ((SE of) 51
98 ..-. 10034 Se9t'29
c4% fund loan Lop 1960 ...1990 MN c8312 8434 r8234
9912 10512
1011
/
4
82/
1
4
10112 ____ 10138
Oct'29
c6% War Loan £091 1929_1947 J D 0714
101 10338
r97
97
98 1103s 101
101 10414 Greater Prague (City) 71
101
/
46_1952 MN 105/
1
4 Sale 10512 106
10018 ___- 101
/
4 Sale 98
9912 10114 Cireek Government of see 79_1964 MN 981
10114 May'29
99
82/
1968 F A 82 Sale 80/
1
4
Sinking fund sec 130
1
4
9914 10114
- 10114 JUIY'29
1952 A 0 98 Sale 98
Halti (Republic) a f Cs
98/
1
4
1946 A 0 95 Sale 9334
Hamburg (State) 6s
9514
100 Sale 100
10212
Heidelberg (Germany) ext 7.1411 60IJ
75/
1
4
7
73
74 Sale 74
91
901
/
4 Hungarian Manic Loan 7348 19462 J 89 Sale 90
7614 21
External f 78
_Sept 1 1946.5 J 8634 Sale 83
73/
1
4 90
89
74 Sale 74
8612 59, 84
8912 Hungarian Land M Inet 71
9112
911
/
4 8634
/
48'61 MN 91
8514 Sale 8514
11
93
91
1981 M N 91
84
87
S f 7 Svs ser B
941
/
4
961
/
4
87 Sale 8638
8712: 22
8312 2478 Hungary (Kingd of) of 740.1944 F A 101 Sale 101
10112
85 Sale 85
8712
6
8212 9578 Irish Free State extl, of 68_1960 MN 9618 Sale 9534
8712 Sale 8534
96,81
12
8612
82/
1
4 9512 Italy (Kingdom of) ext'l 78_ _1951 J
96 sale 0518
96141
84/
1
4 Sale 84
5
83
83
83/
1
4
94 Sale 04
ltal)anCredConoortlumlsAl937 M
85
83
.296341
82
3
8418
84
1947 M S 9212 Sale 9038
83
96
83
9212
Esti sec f 7s set B
82
833s
9
8512 83
93
82
93
Italian Public Utility ext 70_1952 J J 91 Sale 911
83
/
4
92
21
93
1931 3 J 9318 Sale 9318
91
9334
Japanese Govt f loan 4a
86
9112 92
/
4 10214
1954 F A 10114 Sale 1011
98 100/
100 Sale 98/
30-year a I C1
/
4s
1
4 10(114 85
1
4
100
Leipzig (Germany) s f 7a_ .1947 F A 991
/
4 Sale 99
99/
1
4 139
9914 Sale 9812
9712 1011
1
48 1950 J D 9918 _--- 99
100
/
4 Lower Austria (Prov) 7/
9712 19034 Lyons(City or) 15-year 611-1934 M
9878 sale 0812
9934 152
N 9934 Sale 9912 100
0912 Sale 9812 10012 69
98 101
9914' 38
99 Sale 9814
9712 10034 Marsellee (City of) 16-yr 60_1934 MN 9934 Sale 9938 10014
0912 Sale 9812 1001
/
4 48
9734 10034 Medellin (Colombia) 6348_1954 3D 74 Sale 73
75
9912 101
9714 10044 Mexican irrigat Asstng 41
991
/
4 Sale 9812
/
48_1943
14 Sept'29
9934 06
9912 Sale 9774
9712 101
4934 Jan'28
Mexico(US) cat! 648 of 1899 £'
1946
5 QJ
9834 Sale 981
/
4
09/
1
4, 57
9712 10034
20
2034
19'x 22
Assenting 5s of 1899
9514! 86
911
/
4 8714
9438 Sale 9358
Assenting 58 large
20
20
8914 Sale 891
/
4
8912 12
89
13
9212
13 Salo 1212
Assenting ts of 1904
9412 Sale 94
95 1 125
91
97
1114 14
Aesonting 413 of 1910 large_ _ _.
1312
14
95
94 Sale 93
101
,
12
141
/
4
J012 9612
Assenting is of 1910 small__ _
8514 189
8412 Sale 8412
841z 881
241
/
4
/
4
Treaa (is of'13 assent(large)'33
2512 -3-6'- 2512
10114 Sale 10014 10218, 107 10014 105
Small
25 June'29
IMilan (city, Italy) extl 6340 '62 A0 86 Sale 86
8712
9478. 24
9214 Sale 9214
90
9612 Minas Geraes (State) Brazil87
114/
1
4 Sale 11414 11518 83 11212 11538
1958 M
87 Sale 86
Ent 8 f 6 tia
SI S 8614 Sale 8614
8714
1091
/
4 Sale 10838 1095s: 31 10512 110
Eat sec 63.4s series A
106 1 57 10218 107
100
/
4 Sale 09
10518 Sale 105
Montevideo (City of) 71____11962
951) J O 991
• N 0318 Sale 9318
9412
10138 Sale 10014 10138 116
9734 10138
Exti 8 f fa set A
195 MS 10414 Sale 10414 105
10712 Sale 10714 10734 116 106/
1
4 109
Netherlands tie (fiat Drices)_ _1972
1061
/
4 171 10418 10612 New So Wale.' (State) ext 561957 P A 91.34 Sale 9034
92
10534 Sale 10514
91
* 0 91 Sale 0012
7 109 1121
/
4
External 8 f 68
11012 Sale 11012 11034
10178
43 FA 10114 Sale 10114
9912
3
1958
9612 101
Norway 20-year ext.! 8sA
__9_2_1
9912 Sale 98
99
1944 FA 10178 Sale 10114
10178
57
89
99
20-year external 69
9634 Sale 9614
30138
* 0 10058 Sale 10038
90
111
90 Sale 88
811
/
4 82
J O 10078 Sale 100
10112
10274 :32
98 104
£0
-year s
eIfter
554
9asi 69
10114 Sale 101
96
9913 Sale 9818 10012 72
653
52 MS
9312
996
98 104'
External a 1 be___ _Mar 15 1119
02
92 Sale 9138
84
55
79
Municipal Bank extl of 58_1967 J
95
82 Sale 8112
87
84
80
76
78/
1
4 92
Nuremberg (City) extl 68._ _1952 FA
7912 Sale 7912
Sale
8
Se 90
9
86
0
7
2i4 s
Oslo (City) 30-year of 68_1955 MN 10
912 102
9814 101
9934 Sale 9912 10014 78
P A 96
97
9814 96
10512 93 105 109
Sinking fund 534e
105 Sale 105
Sale
10014
195
946
3J
1
48___ _1
83/
871
/
4 165
1
4 9612 Panama (Rep) exti 5/
8412 Sale 8378
9112
8712 78
Esti 0158 set A _ May 15 1963 MN 9012 Sale 8912
8534 9658
8612 Sale 8534
88
9534 65
Pernambuco (State of) ext 78 '47 MO 84 Sale 84
94 102
95 Sale 94
2 1011
/
4 10758 Peru (Republic of)
10278 sale 10278 10512
Sale
9712
19541 MS
1
4 10012 37
9938 10212
Ext1 a f sec 78
100 Sale 09/
97
8212
92 Sale7%
1
4 24
8878 Sale 8858
90/
4
Nat Loan extl 8 f lis lot ser _Mk) J O 81
86
514 9
93
312
8314
*
0
_1961
81
Salo
81
2d
ger
Loan
extls
f
fa
90
Nat
8918
90 Sale
77
7514 42
70
8312 Poland (Rep of) gold 68._ 1940 * 0 7618 Sale 7618
73 Sale 73
8434
/
4 Sale 82
981
/
4 9912 961
/
4
1947 40 841
9912 20
0578 102.8
Stabilization loans f 7s
1950 J 2 9212 Sale 9212
9478
Esti sink fund g 8s
94 100
09 Sale 9878 Oct'29
1
4 Sale 10014 10112
9418 10018 Porto Alegre (City of) 83_1961 JO 100/
9712
4
961
/
4 98
9612
/
41_ _1966 ii 9413 Sale 9412
9578
147
Extl guar sink fd 71
91
8914 94
0018 Sale 9018
00
Queensland (State) extls I 781941 A0 110 Sale 10912 110
8
74
79
78 Sale 71314
10314
1947 ▪ A 103 Sale 10234
25-year external 643
/
4
86
17
83
971
811 Sale 84
1051:
Rio Grande do Sul exti 8180.1946 * 0 10514 Sale 10.114
1968 J D 79 Sale 78
90
80
8718 101
Extl a I 6s
80
00 Sale 88
1966 MN 92 Sale 01
59
100
9812 10158
Exti a f 7a of 1926
02
99 Sale 99
1967 J D
Esti a 1 7a mimic loan
99/14 10534
9212
10112 Sale 10112 10212 01
1946 A0 10
55
9 Sale 1 10
9614 Sale 96
97
27
9534 9938 Rio de Janeiro 25-yr a f 8a
10514
89
5
1
4
1953 P A
3 103 107/
Ext1 a I 6340
871
/
4
1
4 10412 10412
103 104/
Rome (City) extl 640
1052 AO 8
86
754 8
Sale 86
0612 13
9512 102
514
96
881
/
4
l1
4 1,
103
3/
1
4 104
Rotterdam (City) esti 68_1964 MN ,
103
358 S9
a3
J
2
1953
9514 Sale 94
96
GO
92
99
Simrbruccken (City) 6s
83
83
127
7634 8838 Sao Paulo(City) a 188_ _Mar 1952 MN 107 Sale 107
8034 Sale 80
10914
272
1957 MN 89 Sale I 89
7512 88
Exti 8 f 634s 01 1927
8034 Sale 8083
90
49
89
8412 9214 San Paulo (State) ext.) a f 88.1936• J 10112 Sale 10034 10214
8834 Sale 8714
External sec s f 8s1950 J J 10012 Sale ;100
10114
MS
10214
37
9934 103
9712 02
Externals f 70 Water Vn_1956
93
10012 Sale 10012
9312
9218 70
1968 J J 701
88
94
/
4 Sale 79
Ellie f 66 4 lot rcta
9038 Sale 90
8012
9114 sale 891
/
4
9218 68
11 46
2 MS
8734 9414 Santa Fe (Prov Arg ep
Sale
951
/
4
JO 97
64
Sale 8
90
93
14
4
92
9314 144
9
88
942 94
95'4 S
)7 _
Saxon State Mtg Inalt178___9
95
9
92
134 s
97
Dec 1946 JO
S f g 6348
8912
911
/
4 43
88
9318
4 S9
alle 10
011
/
4 Sale 9034
94
Seine, Dept of(France) extl 78 '42 J 2 10
86
87
4718
2 10678
9714 50
/
4
9114 9934 Serbs, Croats & Slovenes 88 '62 MN 8534 Sale 841
1
4 Sale 9334
93/
871
/
4
98
74
93 100/
1962 MN 76¼
1
4
97 Sale 93
Esti sec is ear B
80
9012 69
Sale 76
85/
1
4 94
1958 J 13 7418 8
Silesia (Prov of) ext 78
4
90 Sale 8714
75
29
93
14
2
9
3
,
34
05
6
10le 9
9,
2914 4438 Silesian Landowners Assn 68_1947 FA
9
3,34
0 Sale
78
102
1936 NI N 10
70
5 Sale
Solasone (City of) extl 6s
le 99
75
10018
9514 Sale 9418
9514 29
1946 FA 85
8778 97/
1
4 Styria (Pray) extl 78
91
86
8618
8112 20
7614 91
1939 J O 10112 Sale 1011
7912 Sale 8014
Sweden 20-year 6e
/
4 102
.80
99
7614 111
1954 MN 1031
External loan 51
/
48
/
4 Sale 102/
7912 Sale 7812
1
4 10314
73,2
9
7112 8812 Swiss Confed'n 20-yr of 80_1940 J J 10734 Sale 107/
73/
1
4 7212
1
4 10812
811
/
4 13
811
8034
9314 Switzerland Govt ext 5340...1949 A0 10212 Sale 102
84
104
9 9 _ __9
6_
/
4 8334 087
81
91
9
95
714 Tokyo City 58 ln
loan of 1912_ 1952 MS 7478 Sale 7418
____ 781
7514
A0
1961
941
/
4 Sale 91
Esti of 634s guar
8714 Sale 86
8778
88
51
84
8918 Tolima (Dept of) extl 78
1947 SIN 80 Sale 80
8734 Sale 8538
8014
9312 16
9114 98
/
4 Sale 9114
Trondhiem (City) lot 534a 1957 MN 93/
911
1
4 Sale 9214
9378
Oct'29 ____
95
92
921 4 94
971
1946 J D 91
: Upper Austria (Prov) 78
96
9212
9234
9914 Sale 9812
99/
1
4
3
941
/
4 101
External s f 8)4s _ _June 161961 J D 8512 Sale 83
86
Sale
9114
933
8
32
90
P
A
96
93
Uruguay (Republic) extl 88_1946
10612 Sale 10612 10634
10112 13
99 102,2
1960 M N 97 Sale 963,
/
4 Sale 101
External a I Co
1011
9814
Oct'29 _-_971
/
4 103
Venetian Prov Mtg Bank 79.1952 A 0 88
1011
/
4 __-_ 103
90
89
8814
0912 34
9312 9912 Vienna (City of) ext.' of 613_1952 M N 8434 Sale 8334
99 Sale 99
8434
97/
1
4 107
10012 Sale 10012 10214 22
Waraaw (City) external 78_1958 F A
77
79
78
7912
Yokohama (City) mai 68_1961 J D 9314 Sale 9212
9418
41
77
691k 8914
76 Sale 7074
U. S. Government.
Hid) No.
Ask Low
Bit
Fleet Liberty Loan
981044 343
J D 98544 Sale 98
834% of 1932-1947
1
93
Cony 4% of 1932-47
ID
--- 93
Cony 41
/
4% or 1932-47
ID 991744 Sale 994, 992142 377
2d eon, 41
/
4% of 1932-67
9951
/
44Mar29
J D
Fourth LlbertY LoanAO 991744 Sale 9911n 992143 1634
4/
1
4% of 1933-1938
Treasury 4(4i
1947-1952 AO 110,544 Sale 108,54411055n 108
Treasury 48
1944-1954 JO 1061584 Sale 104254810650n 647
8
Treasury 31
/
4s
1948-1966 MS 103,544 Sale 102558810315n
Sale 9815n 98'in 54
.
Treasury 31
1943-1947 J D 9875
/
4s
Treasury 33411 June 15 1940-1943 ID 985582 Sale 985n 985in 33
SSSSS and City Securities.
NY C 31
/
4% Corp st_Nov 1954 MN
334% Corporate st May 1954 MN
La registered
1936 MN
1966 MN
ts regIstered
1957 MN
1% corporate stock
434% corporate etock _
1957 MN
1957 MN
64% corporate stock
1958 MN
4% corporate stock
1959 MN
41% corporate stock
1931 * 0
4.3i e corporate stock
1960 Mn
1340 corporate stock
1964 MS
43.4s corporate stock
1986 AO
4.344 corporate stock
1972 AO
alio corporate stock
D
1971
434s corporate stock
1963 MS
534s corporate stock
4I4s corporate stock
1965 J D
53.54 corporate stock _July 1967 1
New York State Canal 48_ _ _1960
Mar 1958 MS
as Canal
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 25.
1
o Sales for Cash,
Low
4j1
Bengt
Since
Jan, 1.
N.
56
14
14
10
35
36
87
41
2
41
4
19
34
34
6
2
12
22
26
20
85
18
12
22
206
291
294
3
156
1
23
10
14
46
16
19
6
27
22
5
18
28
14
242
7
12
72
60
133
24
14
54
High
Low
10613 111
10618 111
10778 Ill
10712 11014
1
4
10178 104/
9814 10114
8514 90
96
99
9114 99
8814 9814
90
9734
98 1011
/
4
/
4 10418
1011
1011
/
4 104
10034 103/
1
4
101 10318
106 111
76
8834
8634 9718
9712 101
9034 9912
83/
1
4 92
9014 99,2
90
9814
1091. 116
105/
1
4 111
10458 108
93 10212
10114 10438
c7934 8778
c961
/
4 100
104 107/
1
4
911
/
4 99
1
4
761
/
4 87/
9612 101
88
9714
100 104/
1
4
87 100
79
94
861
/
4 981
/
4
91
9478
/
4
99/
1
4 1011
95
9714
9418 9714
911,09834
9038 95/
1
4
9518
90
90
94
98/
1
4 103
95 10018
9218 100
9814 101
49
16
9814 101
69
8934
14
25
15
1
22
19
31
2
121
-io20
1212
1312
12
25
25
84
85
34
2238
2314
2218
3711
3513
911
/
4
15
16
21
21
12
34
75
14
82
87
93
39
35
14
20
4
5
20
10
9515
85
8614 8714
1
4
971
/
4 103/
9414 96
10214 108
94
90
90
9434
100 10314
100 10314
100 10374
9812 10134
9114 971a
8814 05
8018 0012
971
/
4 10238
9414 102
9814 10212
1
4
8872 94/
84
95
10
119
37
8
98
78
18
18
12
87
68
80
44
17
25
79
124
0
1
15
40
33
44
21
79
43
6
6
82
90
118
29
29
41
5
66
39
64
41
55
127
5
10
13
20
8
138
11
34
9512 103
9014
78
7838 9012
74
8312
8018 8834
90/
1
4 99
1001
/
4 10618
941
/
4 102/
1
4
10614 113
100 10474
1041
/
4 10614
92
78
90
99,s
86
93
10014 10612
80
95/
1
4
8511 9134
10134 10412
8213 9118
107 116
85/
1
4 9812
10034 108
100 10714
02 102
9314
79
941s 98
9113 1001
/
4
96
85
10218 10818
7918 1/6
72/
1
4 8112
6912 80
68
8478
9738 1001s
821
/
4 94
1011
/
4 10414
10034 10514
1071
/
4 11103
1001
/
4 10514
72/
1
4 7834
831
/
4 9012
92
78
9038 9614
90
9811
80
89/
1
4
10412 10938
951
/
4 100
1.14
86
81
90/
1
4
8514
76
894 9614
8
145
2657
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 25.
•
Feta
Friday
00. 25.
Week's
Range or
Last Sate.
Banos
Macs
Joe. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Oct. 25.
Prfee
t
rrtaay
Oct. 25.
Week's
Banos or
Last Sale.
131
2`4.`31
Range
Jast.1
Bid
Ask Low
litoe Ns.1 Low
HOD No. Low
Btd
Ask Low
Iltok
NUJ
4
8214
83%
Railroad
80
80%
-MM d St Peen g 4e A_MaY 1989'.7 8312 87
3
80
80
9918 10312
Ala Gt Sou let cons A 5e____1943 J
10012 ---- 9918 Oct'29
7131s 80
0J
Registered
_
41 70
7112 Sale 7012
7112
93
93 Sept'29
let cone 4e ger B
75
94
1943J D
Gen g 3,-so sew B____May 1980 I J
94
66
83
8312 17
86
& fiusg 1st guar 3345
89% 95
J 9218 Sale 9218
,
4
1946 A 0 83
81
8684
Gen 4148 series C___may 19811.
9212 May'29
100 May'28
Alleg & Welt let g eu 45
85
90
9212
1998 A 0 83
Registered _
8714 Ike"
93
9112
1
io
Alleg Val gen guar g de
9158 -- 9112
1942 M
0014 98
Gen 4%a seriee E_ _ __MAY 1989 J .7 9234 9313 9212
7412 18
8178 Feb'28
Ann Arbor let g 45___Ju1y 1995 q J 7412 Sale 7212
78
71
Deb 45 (June '25 coup On).1925 1 D
Itch Top & 8 Fe--Gen g 44_1295 A 0 9258 Sale 9112
9434 1461: 8612 9434
93
118
9
80
5
6
92
4
Ch
0
icon
MyllftwcpSt5eP & Pao 55_ _ _ _1975 F A 93 Sale 9212
7512 Sale 7234
9112 15
6914 80
76% 1885
9112
Registered
.A 0
7414
7512 ill 72
8
76
8012
745
81 845s 02
8712
Adjustment gold 412Ju1y 1995 Nov 87 Sale 8612
M0
P4
3187 A
1°°°
Chic & N'weet gen g 3ti
asn_1_2
7718 Oct'28
89
54
Stamped
July 1995 N N 89 Sale 8612
0 F
Registered
1
86
91%
Oct'29
83
80
3%
3 8
85
95
°
1987 QF
M N 86 Sale 80
Registered
M N
General Se
Apr'29
84
84
3
Cony gold 45 of 1909
84
85
85
90
1955
D 85,4
- 85
Registered
8358 Oct'29
1
8514
Cony 49 of 1905
83% 90,
4
85
91
8514
88
1955 J D 86
Stpd 45 non-p Fed in tax '87 M N
4
102
102
Oct'29
97% 102
__
Cony g 41 issue of 1910_1960 J D 85
88,8 85
8158 90
Gen 4145 stud Fed Inc tax.1987 M N 102
10 10334 10934
105
Cony deb 4 %a
1948
13 149 Sale 14078 15318 428 10812 165
050 Si stud Fed Inc [82..1987 M N 104 107 105
101 Apr'29_ 101 101
Rocky Mtn Div lit 4e_ 1965 J
89
831292M
N
8412 Sept'29
84
Registered
.7
9513 101,
4
Trans-Con Short L let 45_1958 J J 8734 --- 8734
85% 93
87%
1933 N
M N 9918 Sale 9918 10038 4
Sinking fund deb 58
_
Oct'29
98 100
98
,
4
Cal-Aris let & ref 434e 4.1982 M
96% 34
9614
-- 9528
Registered
40
8
10012
1007
1001
Bale
100 103
Atl Knox,& Nor let g E8
Oct'29
19
03
1 10
1948 J D 10114 103a 101
2
°3
014
10-year secured g 7e
4 10614 11114
10712 10812
1
All & Char) A L let 4 his A 1944 J .1 9334 9512 9434
9434
93
9618
j D
93°
38 116S
15-year secured g 6%s_ ___ 19
7 10018 10553
1
let 30-year Is series IL
101
101
99 104
1944 J J 101
let ref g Si
May 2037 J D l03'2 Sale 10312 10312
9714 33
9012 9754
Atlantic City lit cons 4s
94
9714 95
891 84 July'29
8784
1951 J .1 83
84
let & ref 440
11
AU Coast Line let eons Si July '52 M 13 90% 92% 8912
8134 90
90
90
6
8712 93
73
2J
D 90 Sale 8558
198
°38
M 45 2
Chic R I & P Railway gun
7
86
8158 86
82
Regletered_
M 23
9014 9014Registered
J .1
9014 June'29
95% 408
General unified 4%e
011t 9514
9534
7
1964.7 D 9512 Sale 95
93
9984
1934 A 0 9434 Sale 9414
Refunding gold 444
L & N coil gold 4s____Oot 1952 MN 90 Sale 8014
92% 9234
9234 Jan'29
91
15
84
90
Registered
All& Dav let g 45
8514 9518
9412 199
17
70
94 Sale 9112
75
1948
J 60 Sale 6212
59
Secured 4 he series A
254i
88
83
84 Aug'29
87
71
1948.7 .1 60 Sale 59
60
53
6712 ChGSt de
MD
S 84
52
1J
:
348e
NO
d Mem D1v 48_ 195
ASIA Tad lot guar 4a
101 105
101 Sept'29
7912
2
1949 A 0 7912 83
79
78
J D 100%
83,2
Gold 5e
June 15 1051 .1
Apr'28
Austin & N W 1st gu g 53
107
1941 J J 9712 981 97 Sept'29
9514 10314
Registered
Si -II1-5;
81 July'29
.,1 D 80
June 15 1951 j
Balt & Ohio let g 4e___July 1948 A 0 92 Sale 911
Apr'29
9318 66
80
78
78
Registered
Registered
Oct'29
____ _ _ _
100
July 1948 Q J87
Oct'29 --_ 9912 101
8
S8
712 99234 Ch St L & P 1st cense 1543____1932 A 0 ioa"
20-yearcony 454e
1933 NI
9634 Sale 9634
10158 June'28
We 99
9712 327
A 0
Registered
Registered
14
9958 100
MI S --------98 June'28 _ _ _
97 101
Chic SIP AI & 0 cone 6s __ __1930 J D 9934 100
Refund & gen 541 series A__1995 J D 10212 Sale 10114
3
97
196 'OF
103
9534 97
9914 103
9914
Cone6sreduced
N to 3As___1930 J D 9714 _ - -- 97
Registered
96 101
.1 D
9914 June'29
9912 28
1930 M El 9938 99% 9938
Debenture
let gold 5e
9712 99%
43 10012 10412
7
July 1948 A 0 10212 Sale 10114 104
141 23
Stamped
Ref & gen es serlee C
17
1996.7 D 10734 Sale 10634 108114 116 106% 110
89% 10012
97
Chic T II &So East let Ea__ _1960 ..1 0 933 Sale 9358
P L E & W Va 815 ref 45_1941 M N 91 Sale 91
9
871
o93, 39
31
78% 9212
paNle
e 8
96
5
7% S
96
89,4 94
Inc gu Si
Dec 1 1960 M S 8
Southw Div let 5a
1950 3 1 103
____ 10112 103 1 66
9012 10014
15
9
78
91%2 18
06
3:
,
1 ChllictU
Sta
riee
'n lpot eu 4%e A_1963 J J
54
11 se
Tol& CM Div lot ref 4e A_1959 .1 J 8218 Sale 8218
8618 55
10012 10413
1963 J J 10418 ____ 102 Sept'29
Ref & gen Si eeriest D
2000 M 8 10134 Sale 100
10212 126
13 100 104
99 103
D, 1013 Sale 10134 104
166
1943
4 ./
JJ
Guaranteed g Si
Bangor & Aroostook let 511_1943 J J 99 104
98 I
1
98
8 112 116%
18
18
5
18
4
9S 105
418 8
11
85
le 18
18
17
let guar 65.29 series C
Con ref 441
1951 J .1 8114 8312 82
83
20
9914 10114
78
8614 Chic & West Ind gen Si Dec 1932 0 M 10012 -- -. 10012 Oct'29
Battle Crk & Stu/ let gu 31_1989 J D 54
68
6812 Feb'28 --__ -6i- -9-6.42
83% 89%
Consol 50-year 45
1952 J J
Beech Creek let gu g 4s
41
06
96 1
1
1936 J .1 9418 97
08
53
19
10
10
1e 19
08
214
9911 105
lit re/ 5548 series A
1962 M S 1_0_2_ 1_4 13
Registered
95 Aug'28 ---- ---- ---- Choc Okla & Gulf cons 5e._.1952 M N
1
9718 10112
2d guar g re
19303 2 97
97 June'28 ___
Oct'29
92
94%
CM 13 & D 2d gold 4345
1937 .1 J ____ 9712 93
Beech Crk Extlet g 334a__ _1951 A 0 7714 ___. 80 Mar'29
Oct'29
93
9612
80
80
C 1 St L & C let g 4e_ Aug 2 1936 Q F 0312 _--- 93
Belvidere Del eons gu 3%5_1943 J .1 82
9258 925s
9258 Sept'20
2 19313 Q F
Registered
Aug
Big Sandy lit 45 guar
1944 1 D 88
____ 90
90
20
85
93'g CM Lab & Nor lit eon ell 43 1942 MN 8758 93 86 Sept'29
81
951*
Bolivia By lit 52
1927 J .1
Boston & Maine let 5e A C 1967 M S 9814 Sale 97
99
270
'
862,8
9111 99
July
8
'
3 _
Clearfield M Mal] let flu 55-1943
Boston & NY AR Line 1.5 45 1953 F A 82 Sale 80
82
5
21, 8418 91
76
82
Cleve CID Ch & St L gen 4e1993 3D
Bruns & West lit go g 4a_ _1938 J J 0012 ____ 9012 Oct'29 ___ _
9012 10012
4ii 97
9915
1931 J J
20-year deb 414e
Buff Rooh & PitteirOD g 5o.1937 M S 101 Sale 10014
101
12
99 10134
100a4 119
1993 3D 10418 _-- 10112 Oct'29
General Ea series B
Consol 4 445
1947 M N 8938 Sale 8812
90
32
85
---- 10054 10558
10214
937s
1941 J J 104
Ref
&
!rapt
6s
eer
C
10384
10174
Se9
1
'
1
0
3
2
13
Burl0 BA Nor let &eon& 1934 A 0 --------9834
08,
4
1, 9512 102
43
98 103,2
Sale
Ref & inapt 55 eer D
1963 J J
Oct'29
9015
I
90
9312
,
8 93
90
Cairo Div let gold 411
1939• j 90
Calutda Sou 001111eu 5a A _ _ _1962 A 0 10114 102 10034 102
8 100 10634
80
92
8212 Oct'29
1991 .1 .1 8212 91
ClnWA
M
Div
4s
let
g
Canadian Nat 4 %e_Sept 15 1954 M S 9234 Sale 9112
9234 23
90
9634
80
8813
8212 Oct'29
St L Div let coil tr g 48-1990 MN
5-year gold 434e_Feb 15 1930 F A 99% Sale 99%
995 102
02
9734 90%
Mar'29
9218 92%
1940 MS 90
Spr & Col Div let g 4e
30-year gold 41218
1957.7 1 93 Sale 9014
93
188
90
96
1940 J
W W Val Div 1st g 45
Gold 4445
1908.7 D 9138 Sale 89%
9134 89
10
8834 95
91
98
99°2
41
'82
- 9
1977 .1
Ref & Inlet 4%i sir E
Canadian North deb if 7e 1940
10934 Sale 10912 11014 15 10818 113
1934
100's 1041s
'
3 161- 103 ,102 Aug'29
CCC& I gen cons g 61
25-year if deb 63.2e
1946 3 J 11414 Sale 114
115
14 11212 11612 Clay Ler & W con let g 5s__ _1933 A0 9914
97 10112
9914 Oct'29
Registered
--------112 Apr'29
112 113
Oct'28
__-- 100
Cleve & Mahon Val g 5s._..1931' J J 98
10-yr gold 4 %e____Feb 15 1935 F A 98 Sale 971:
98
35
95
99
. 4193.5 MN 9412 ----' 95 July'29
"of 66
CI & Mar lit gu g 41221
Canadian Pao By 4% deb stock.. i J 84 Sale 84
8512 79
80% 86
Cleve & P gen gu 4%5 tier 8_1942 A 0 9514 ---- 10034 Mar'28
Col tr 4 Hie
1948 M S 98 Sale 0618
98
36
8318 ____ 97 Mar'29
95
99
A
1942
0
97
WSeries
13
3
,
58
Si equip tr temp etre
1544.7 .1 100 Sale 9912 10112 112
9834 10178
97 98%
1942 • j 9514 _--- 98 May'29
Series A 4321
Carbondale At Shaw lit g 48_1932 M El
0818 Mar'28
8518 8513
1941' MN
8518 May'29
Series C 3%s_
Coro Cent lot eons g 4a
1949 J .1 731: 75
74%
75
4
70 16183% 89
.
-- 893 Jan'29
1951 FA 83893
4 89%
Series
D
348
Caro Clinch &0 let 30-yr 58.1938 J D 99,
9
4 Sale 99
10012
98 102
96
7
92
9914
Cleve Shot. LIne let gu 4345_1901 * 0 96 Sale 9558
lit & con g 68 sir A _Dec 15 52 .1 1:1 10712 Sale 10712 10712 10 106 109
106% 107 1053
10634 19 10513 109
*0
lit
Term
534e-1972
Cleve
Union
Cart & Ad lit gu g 45
1081.7 D 8318 8712 86
80
6
10.4.5_78_ 18004744
80
8734
* 0 %Eiji .
Registered
Cent Branch U P let I 48_1948 J D 79
81
7612 Sept'29
3957j
10014
76% 85
1973 * 0
let e f bs ser B
Oct'29
1977 40
96 101
lot arguer 4 %otter C
Central of Ga let go_Nov 1945 F A 103 ----101
Oct'29
101 10312
Consol gold Si
1945 M
9258 Sale , 9258
9258
4
84% 90%
87
92,
10
8 103
87
J D
1945
By
1st
gu
441
Coal
River
_ ,M N
Registered
97 Sept'29
9812
98% 15
97 100
8312 98,
4
Colo & South ref & ext 448_1935 M N
Ref & geu 542s series B___1959 A 0 10234 1-0-3- 10234 103
19
9934 10512 Coh&HV let ext 411
84 Aug'29 -19484 0
837s 91
Ret & gen 58 series C
1959 A 0 0878 Sale 97
993 203
9434 10112 Col & Tol let ext 45
92 Aug'29
9112 92
1955 F A
Chatt Div our money R 41_1951 J D 8378 _
8378
8478
5
Apr'29
8378 87
88
90
88
Conn & Passum RI, let 4e_1943 A 0
Mac & Nor Div let g Ea-1948 2 J
107
- - 101 June'29
9412 94%
9412 June'29
101 101
1930 F A
Consol By deb Si
.1 95
Mid Ga & Atl die pur m 5e 1947
99
9778 Aug'29
95
69%. 7
99%
65
1954 I J 6d 58 75'4 6712
75
Non-conv 45
Mobile Div let g 541
1946 J J 100
100 Sept'29
6958 101
72
67
Non-cony deb 4s____J&J 1955 J J 6814 7534 67 Aug'29
Cent New Eng let gu 4e
1961 J .1 78 Sale 78
78
2
76
84
- 76 Nov'28
Non-conv deb 4e____A&O 1955 A 0 6814
Central Ohio reorg let 4 45_1920 M
____ 100 100 Aug'29
07 100
69
1956 J .1 6814 -7-2- 69 July'29
75
Non-cony debenture ea
Cent RR & like of Oa coil 58 1937 M N 9612 99
97
9714 29
95
81 1 35
1942 J D 8018 8212 80
78
9314
9914 Cuba Nor fly 1st 540
Ceutral of NJ gen gold 5e
1987 J J 108 10912 108
1091
2 105 11118 Cuba RR let 50-year 5s 9_1952
8634
3
86% Sale 9512
80
96
Registered
1987 Q
10512 10512
1 10358 109%
9912 9812 100
20
J D 99
98 108
let ref 7 3.4s fleets A
General 4e
1987 J .1
89 Feb'29
89
89
1938 J D 9112 94% 9234 Oct'29
9012 98
let lien & ref 88 mer
Cent Pao lit ref gu g de
1949 F A 9114 Sale 00
9114
57
88% 1.73
F A
Registered
8714 Sept'29
9912
3
9712 Sale 9712
8714 8714 Day & Mich lit cons 4,4s 1931 J
97
9012
Through Short L lit gu 4e_1954 A ti 88 Sale 88
90
28
87
9412
91,
7
1943 N N 9312 Sale 93%
4 Del & Hudson let & ref 4e
8814 9412
Guaranteed g 5e
1960 F A 10112 Sale 101
102
36
99 103
97 Sept'29
99
1935A 0 97
97 10412
30-year con, 5e
10584 26 100 10512
15-year 5 hie
1937 MN 105 Sale 105
Charleston & Savn'll lit 7s 1936
.1 108':___. 11114 Mar'29
11114 11318
7 100% 10314
4
1930 J D 10058 Sale 10012 100,
10-year secured 75
Chas & Onlo lateen g 5e
71e 8041:2
,
9
1939 M N 10212 10_3 19
02
101% 104% D RR & 13Idge let ell g 45-.1938 FA 01
- -- 9614 Aug'28 ---Registered
1939 M N
97% 97% Den & RG let cons g 4a
_
Sale 90
78
J
4
9112
1936
-8.7% 921-4
003
General gold ego
1992 M 8 9714 Sale 9514
9714 56
94 10014
50
93
1936 J J 03 Sale 9218
Consol gold 414e
8812 9412
Registered
IVI 8
9134 Oct'29
91% 98
Sale 91
9434 204
MN
Den
&
R
G
Went
gen
5e_Aug
1955
87% 98
92
20-year cone 4 tie
1930 F A 9938 Sale 9918
9958 163
9814 9978
81
90% 189
9334
Ref & Impt 55 sor B Apr 1978 MN 9014 Sale 8618
Ref & 11,1964%8
9512 Sale 9458
96
139
9018 96
40
3014 Sept'29
Dee M & Ft D let gu 45
25
1935 J J 30,4 39
Registered
1993 F
A
9034 Sept'29
9034 92%
Oct'29
32
deposit.....
25
2618
Temporary
etre
of
35
2618
Craig Valley let Si. May 1'403 J
_
10314 June'29
99% 10314 Dee Plaines Val let gen 4%8_1947 1611-2-3 90
97
92% 92%
9258 Feb'29
Potts Creek Branch let 48_1945 J J 82
___ 88% Mar'28
8812 8812 Det & Mae let lien e Si
65
1995 JD 69 - 7614
65 Aug'29
& A Div let con g4e____1989 J
8112 8684
85
1
85 gale 85
Oct'29
75
69
Gold 4s
1995 3D 60
65
66
i
r
2d consol gold 4/2
19811. J 2 8114 95
82 July'29
81
se Detroit River Tunnel 43412_1961 MN 95% 977 96
96
11
93 10014
Warm Springs V litgSt..1941 N S 91
98% 100 Mar'29
100
100% 103%
100
Aug'29
Dul
68_
_1941
Miseabe
&
Nor
gen
'
3
1003
100%
Choral, Corp cony 151 May 15 1947 M N 9712 Sale 96
9334 1165
96 10012 Dul & Iron Range hit be
9718 10158
9318
_1937 A0 9918 gale 9918
4
Chic A Alton RR ref g 3e, _1949 A 0 70 Sale 6478
70% 20
63,4 70%
Oct'29
_ 97
Regktered
AO
97
97
Ctf dep stud Oct 1929 Int
6S Sale 66
69
6
64
69
75,
8
7512
Dui
A
tl
g
8112
5
75
7512
Sou
Shore
&
5e_
_
.
•
1
__1937
70
Railway first Hen 3%a_ _1950 J J 6612 75
Oct'29
70
66
71
92
Emit Ity Minn Nor Div let 45'48 40 86
94
87 Aug'29
87
Certificates of deposit
- - 6612 ___ 70
Oct'29
135% 71
09
09
4
East T Va & G a DST g 5e___1930 I J 98% 100
90 101
Chic Burl & Q-111 Div 3348.1949 J J 8214 8512 8338
81
86
8312
8
Cons let gold Ea
1956 MN 10218 10534 10218
10212 16 101 10534
Registered
J J
Apr'29
_
81
84
84
97% 105
Oct'29
Elgin Joliet & East let g 59....1941 MN 100 103 100
Illinois Division 4e
J
1949 J
9414 911
9112
3
8818 94
90
El Paso J423 W let 521
1905 * 0 101
98 Sept'29
9578 10514
General 48
37 88
1958 M S 9053 Sale 90
904
9312
Registered
M 8
_ 9134 Sept'28
Si S 101 Sale 10078
s
.1930
1013
24
104
Erie
gold
71
ext.
100
let
coneol
let & ref 44eser B
1977 F A
95l 97
9478 06
93% 99%
19
1998'.7 84 Sale 8218
85
let cons e 4a prior
27
8012 8572
lit & ref he series A
1061
10618 Sale 105
14 10118 1061s
1996 J
77% 8112
77% Oct'29
Registered
Chicago & East III let 6a
r
0
A
193
741 A
98 106
10158 10412 10212 Oct'29
79
7814 Sale 7734
1996 J
74
8012
136
let consol gen lien g 4a
CA Kill RY (new co) con 58_1951 MN 7912 Sale 7734
82
74
121
Oct'29
73
.•1
19913
8015
7112 7358
Registered
Chic & Erie let gold 5e
101 104 10412 Oct'29
1951 FA 10112 10-3-12 1011 Oct'29
9938 106
4e
100%
102
gold
coil
trust
Penn
Chicago Great West let 441_ 19
$ 64 Sale 6512
951 M
MN
68
62
183
8512 12
7814 8512
8972
50-year cony 48 series A_1953 *0 7812 8512 83
Chic led & Loulev-Ref 61_1947 J J 111 Sale 111
111
1 100% 11334
84
33
1953 * 0 8212 Sale 8212
787s 8412
Series B
Refunding gold 58
1947
J 9814 102 100%June'29
1953 * 0
100 108
8212 Oct'29
D
series
793
4 83
Gen
eons
4e
Refunding 48 Series C
1947 J J 8714 ____ 88
8
1067 MN 07 Sale 96
1
9734 777
8238 92
91
Ref & Impt 53
97%
let & gen 55 tier A
1966 M N 98511 Sale 9812
9858 11
109
4 105 11112
1955 J J 108 115 109
947s 10314
Erie & Jersey let a f 65
let & gen (Se eer
__May 1966 J J 103 106 10412 105
5 103 119
109
10712 111 10834
13 105 112
Geneetee River lot e f Ea 1957 I
Me Ind & Sou 50-year 48...1956 J J 86
80
90
86
1
8512 94% Erie A PIM gu it 345 sir /3-1940 J J 85% ____ 8878 July'29
88% 8878
Chle L & Fault let 4)48
1969 J D 9312 ---- 93 Sept'29
1940 J J 8578 -- 881s Jan'29
9112 94
88% 8818
Serie.s C 342e
103
1964 MN 102% Sale 10234
41 10112 104
Eat RR extl e 178
9igi
,
085
Bale 98
2658
New York Bond Record-Continued-Page 3
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 25.
.,t.
Fria
MOW
Oct. 25.
Weds
Range or
Lass Sale
Li
Balm.
&see
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE.
412.
Week Ended Oct. 25.
Prim
Friday
Od. 25.
Week's
1142198 or
Last Safe.
Bid
No. Low
High
AO Low
High No.
1
97
98
Louhrville & Nash,(Concluded)1
93
22
9914
Is; refund 6 he series A2003 A 0 10313 10412 10478 105
102 104 110214
15
7
887s 94
104
1st & ref 58 series B
2003
93 100
9212
114
80
26
96
35
let & ref 434e series C-___0m
_
19
6
2612 50
NO & M let gold fle
1930 3 3 9978 1004 9978 10014
__-_
9334 94
2
20 gold 64
1931) 3 3 9932 10032, 9972
9972
897e 87 Sept'29
____ 10414 10714
Paducah & Mem Div 48_1946 F A
2 100 10374
St Louis Div 2d gold 3e. _1980 M 8 6212 65 I 6212 Oct'29
9812 97 Sept'29
5
9612 100
Mob & Monte let g 430_1945 M S 95
10
9614 100
9018 12
South By Joint Menem 44_1952 3 3 9018 Sale 9018
7
92 100
9
All Knox,& Cln Div 45. _1955 M N 8934 Sale 8914
90
99
97 Sept'29
1
85
89
Louis, Cin & Lax DIv g 4)0'81 MN 97
Mahon Coal RR let Si
1934 J J 974 ____ 9712 Oct'29
____
9418 100
M N 744 ____ 75
Oct'29
Manila RR (South Lines)46_195
939 r.I
6612 7378 65 Sept'29
__-7312 7131e
let ext te
____
Manitoba SW Colonlea'n fie 1934 3 D 9834 9912 9714 Oct'29
__
l t -fii 8538 Sept'29
35 10814 113
Man GB & NW let 340..1841 .1 3 ..-- 90
100
9914
9914
1
51 1024 106
Mich Cent Det& Bay City 5e.'31 M 8
3
10034 Apr'29
92521 921
Registered
2Q
M
Mich Air Line 44
1940 3 I 90 ____ 9214 Apr'29
924 July'28
110
152 108 11258
.11 3
L
ittered
.. a
West Nor genie series A
1936 J J 109% Bale 109
82 ____ 79 Mar'26
J
10712 Aug'29 __-_ 1074 109
Jack
Rematered
.1
" 1:21 re g 8114 84
82 Oct'29
1
92
98
let gold 34e Sag 3W'
95,2
1st & ref 43:Beene. A.___1961 J J -5E12 Ii- 95,2
93
92 Oct'29
19 1044 10914 Mid of NJ let ext 5s
A D
O 90
930
4J
1194
General 634ceerie. B___ _1952 J J 108 Sale 10534 108
92
95
92 Oct'29
General 64 sertee C
1973 J J 10214 Sale 10218 10312 28 1004 10434 MII & Nor let est 44:5(1880)
9318 92 Oct'29
96
6
911: 9714
96 100
96
Cone ext 434e (1884)...l934 3 D 93
1978 J
General 434e eerie. D
89
9112 25
9612 28
92
9734 MB Spar & N W let gu 42_ _1947 NI S
General 44:4 eerie@ E
1977 3 J 9512 Sale 9434
90 Apr'28
Oct'28 ____
86
_
Mllw & State Line let 334s. _1941 J J
Green Bay & West deb Mfg A- _ Feb
4414
Sale
4414
Feb
45 ---5
39
27
Sale
27
2812
2230
__-7
8
Minn
&
St
Louis
let
cons
58_1934
14
N
Debentures etfe B
43
3
9114 9134
Temp et/e of deposit...1934 MN 43 Sale 43
Greenbrier RI let in 4s.___1940 M N 9134 ____ 9134 Aug'29 ____
2214 69
97 106
101 Sale 101
101
4
let & refunding gold 41_ _1949 M 8 22 Sale 2118
Gulf Mob & Nor Ist 544/1---1980 A
2412 22
23
11
36
97 Sale 9634
97
98 100
Ref & ext 50-yr Scion A-1962 Q F 22
let M 5a series C
1912 ____ 1712 Aug'29
10312 ____ 10358 Oct'29 ____ 101 108
Certificates of depoelt
Gulf & le I let re/& ter a
______-"
1 i 8712 Bale 8618 8712 66
93
2
91% 99
M SSP & SEIM wag 45intgu•all
Hooking Val let cone g 434e-1999 3 3 93 Sale 93
9712 12
10212 Mar'28 ------------let eons 58
19383 3 9012 9712 93
Registered
1999 3 3
9758 19
98
9512 Oct'29 ---9818
1st cone be gu as to int_ 1938 J J 944 Sale 95
92
Housatonic Ry eons g fa
1937 MN 93
16
10014 102 10118 Sept'29 __-- 10118 1024
H & T C let g 50 int guar_ _1937 J
10-year coil trust 654..,,,193l M 5 9938 Sale 9914 100
9518 9912 96
9912
3
100 10014 Mar'29 __-- 10014 102
let & ref 6.eerie. A
Waco & N W die let fie
1930 191 N
8918 Sale 88
91
38
96
3
95 100
25-year 534s
Houston Belt & Term let 54_1937 J J 9612 98 96
8312 Jan'29
MN
S9
4983
9714
1
We 9912
1 181
let Chicago Terms f 42
994
4
1
119
Bowdon B& W Tex let g 58_1933 MN 9712 ____ 9714
1
96
Oct'29 ____
964 10212 Mississippi Central 1st be__ _1949 3 3 96 ____ 96
let guar Sired
1933 Al N 9512 9912 97
8434 15
9812 106
87
9812 Mo Kan dt Tel let gold 41..1990 J D 8434 Sale 8378
Had & Manhat let Se ser A.1957 F A 9614 Sale 9412
169
79
7112 8434 Mo-K-T RR pr lien be per A_1962 3 J 9918 Sale 9734 10078 110
Aii1Justmentinoome 55 Feb 1957 A 0 78 Sale i 77
8434 11
1962 J 3 8438 Sale 831s
40-year 42 eerie) B
3
95
93
93 •
93
907a ____I 9034 Oct'29 ____
894 9514
Mole Central let gold Ig
Prior lien 444s eer D
1961
37
3 J 81
3 103 Sale 10212 104
8312 87
Oct'29 __-_
A 0
87
87
96
78
73
Cum adjust fie set A _Jan 19
Registered
101
49
81
8312 80 Aug'29 ___S
__-_
F A 10034 Sale 99
79
8532 Mo Pee let & re/ Meer A.. 19
97
35 m
lot gold 3.14e
377
77
76 Sale 744
_
84 Nov'28
General 45
Regis
9934 302
8318 Apr'29 __-8311 831s
Extended let gold 3he_1951 A 0
let & ref Sc series F
1977 M 8 9834 Sale 98
9934 323
9912 Sale 9814
1951M
73
7118 June'29 _ 711a 7414
lit gold 3e sterling
let & ref g 54 per 0
1144 444
MN 109 Sale 107
89
1
Collateral trust gold 44L-1952 A 0 8758 8834 89
864 9314
Cony gold 634.
MN
81
Oct'28 ____
Mo Pee 3d 74 ext at 4% July 1
98 MN 8712 9214 8914
8914
5
119
993
478
Registered
14 -8
Aepbr:229
10034 19
09
0 F
90
lit refunding as
.i- -9
"
-...e
7'
Mob & Bit prior lien g 5e___1945 3 3
1955 M N 90 Sale i 8912
7638 9012 8312 Oct'29 _ Purchased lines 3144
76% 8334
Small
1952
.1 .1
_I 87 Nov'28
8378 88 Aug'29
let M gold 41.
Regletere8
1946 j
3 8j
85 May'29.____
84
89
3
84
91
Collateral trust gold 8/3_1953 MN 89 Sale I 8712
Small
1946 3 3
MN
_
8312 July'29
94
91 June'29
Registered
8312 Mobile & Ohio gen gold 42..1938 M S 82
97
99
9
RefundIng 5e
1955 M N 103.18 Sale 10315 1034 ---i lgg:: 10534
Montgomery Div let g 54_1947 F A 100 101
10778 ____ 107
108
30 105 1113:
15-year secured 634.g
1938 3
9512
3
Ref & Impt 4 hs
1977 M S 9514 Sale 954
86
Oct'29
_
9812 97
60-year 41:s
9412 10012 Mob & Mar let gu gold 64_1991 M S 8512 86
Aug 11966 F A 9712 Sale i 9714
8514 94121 87
102 106 103
Oct'29
Oct'29
Cairo Bridge gold 4s
1950 J
Mont C let gu fie
90
86
Oct'29
7412 Oct'29 ---Litchfield Div let gold 35_1951 .1 3 7212 74
98
100
100
lst
7514
guar
7134
gold 5e
80 Sept'29 __-1233
Louley Div & Toting 34:4 1953 3
7914
J.1
773
78
7512 7512 Oct'29
79
8458 Morris & Essex let git 834e- _2
9930
1
00
___ 73
Omaha Dly let gold 3s_ _1951 F A
77
25
7214 77
89
7 A
Ctegt:229
7414 77
7412 Oct'29 __
It Louie Div & Term g 35_1851 J J 748934 9
7414 7578 Nash Chatt & St L 4s ger A_1978 F A 86
Gold 34:4
1940 J 814 84
84
2
84
78
1937 F A
864 N Fla & S let gu g 6s
3 J
Rheted
18 July'28
76 July'29 ____
Nat Ry of Mex pr Ilen 44:4_1957 .1 J
76
76
8.8
2
15Drinefield Div letJ 340_1951
7712 _ _ 72 Sept'29 ---J 3
78,
344 July'2
July 1914 coupon on
82
82
Western Lines let g 4s__ _1951 F A 8758 -91- 88 July'29 ---Aseent(nab war rot No 4 on ---88
9012
F A
8712 Aug'28
92 Apr'28____ ___
Guar 70-year of 4e
Ill Cent and Chia St L & NO838
838
1
A 0
Ament each war rot No 5o
7 -_
197n
Joint let ref Si series A___1983 J O 103 Sale 10114 10312 87
354 July'27
9912 10514 Nat RR Mex pr lien 434s Oct'26 J J
17
3
let & ref 434e series C____1983 J O 9614 Sale 9434
17
9614
Meant cash war rot No a on -7
9234 9712
__
22 Apr'28
1st °onset 4s
Ind Bloom & West let ext 4.1940 AO 8014 92
-177-8 7
722 22
-A-13.
91 Nov'28 -----------Assent each war rot No 4o
13
195u
Ind Ill & Iowa 1st g 4e
76 Sept'29
88
91
8812
8812
4 Naugatuck RR let g 41 _1954 M N
1950 J
3
4
95
95
Ind & Louisville let gu es_ 1958 J
80
8814 New England RR Cone
8112 85
82 Aug'29 ____
1946J 3 94 -95
6
8412
8412 Bale 8412
Ind Union By gen Si per A..1965 J I 100 Sale 100
1
100
984 103
Conga! guar 41
7814 Oct'29
Gen & ref M series B
83
3 53
F A
9912 103
N J Juno RR guar let 44_ _ _ _119
98
46
1965 33 100 ____ 9912 Oct'29 ___
92
92
3
9412
Int & Get Nor let dicer A__ _1952 3, 104 Sale 104
90
J
N
0
&
N
E
106
17
99 108
let ref &Imp 454.A'523
5
8512
8518
87
98
Adjustment 64 ear A July 1952
82
New Orleans Term let 4e_ _ _1953,J .11 85
87 Sale 86
89
136
4
97
9811 9318
N 0Texas & Me:aro Ina 5)2_1935 A 0 95
Stamped
87
8778 7712 Feb'28 __-56
8
98
Sale
957
98
1954
A
0
1s1 &furies B
let be series B
9612 20 -gil-4 -iiii5:,
95
96
95
1966 .1
1
9958
1968 F A 9918 Sale 9958
lit a 54 series C
95
63
let 54 series C
9078 9512
1958 .1 .1 95 Sale 944
91 14 35
1958 F A 8812 9034 8812
ins Rye Cent Amer let 54_1972 MN 78 Sale 75
let 43.0 series D
78
11
72
82
1854 A 0 10252 Sale 10134 10258 29
let 6444 series A
let collie 6% notes
9512 46
9512 95
90
1941 MN 04
9634
9312
2
lit Ilea & ref 6344
9578 22
89
9838 N & C Brigs gen guar 4344....1945 3 3 9312 9412 9312
1947 FA 95 Sale 9412
_ 97
97 Sept'29
Imre Central let gold Se
3812
5
51
NYB&MB lit con g 5e-1935 A 0
38
1938 3D 3818 Sale 3812
3614 Oct'29 --514 N Y Cent RR cony deb 64_1935 al N 105 Sale 10458 10534 21
Certificates of deposit
38
40
36
_
Jan'29
106
M N
Refunding gold 4s
1412
5
Registered
1014 20
1951 MS 1412 1412 1412
89
88
1998 F A 8812 Sale 8638
James Frank & Clear let ea_1969 ID 8512 8634 8514 Aug'29 ___
Consol 4s aeries A
8334 92
9714 14
Kan A & R let eu g 542_ _1938 3,
Ref &!met 43:decries A 2013 A 0 97 Sale 9652
1001: Apr'29 _-_
994 10014
10612 156
2013 A 0 106 Sale 1044
Kan & M let eu g 46
Ref & impt 65 eerie.C
8218
1
8112 8412
1990 AO 824 ____ 824
106 Mar'28
A 0
Registered
KO Ft S& M RY ref g 48_1938 AO 94 Sale 94
89
9458
9414 32
7
7 18
2
76
9
25
7
N YR
Ceni
eg tt
all
edud Rly M 3he 1997 J J 7812 80
Kan City Sou let gold 3/1_ _ _1910 A0 7578 Sale 7438
78
7638 63
70
1997.1 J
Ref & impt 5e
941
:100
9914 125
Apr 1950 33 9714 Sale 9714
9534
4
155
Sale
973
965
8
141
14
1934
MI
Debenture
49
Kangas City Term let 4s_ _1960 J J 8812 Sale 88
geld 41
84
89
94 July'29 ____
1
J 84,4
Registered
84
8312 9078
84
Kentuoky Central gold M._1987
9312
93j2 lisle 9212
9
30-year debenture 45
95
95
95
Jan'29
Kentucky & Ind Term 4444_1961 '.1
754 Oct'29
78
7312
•
3
3
F
2
948
199
85
Lake Shore coil geld 3444_1
90
Stamped
89 85 Sept'29
1961 • J 87
_
7412 76
Oct'29
Plan
96
Registered
84
84 Sept'29
1981 J 3 84
sep
pt:229
7714 75 Se
9
7
70
MR8
3
1ct
1)8ris
'etn
er,,d
97 101
tn
eo gold 8344 l'
9812
Lake Erie & Weet let g 5/1_1937 J
2::
1
9812 Sale 0812
9538 100
26 gold 55
1941 J 3 95 10312 9538 Oct'29
9514
96
9538
1
:g 94
7634 8112 N Y Chit, & St L lat g 44..„1111
7712 Oct'29
Lske Sh & MIob Bog 83:5_1997• D 78
80
9214 Sept'29
wag A 0
744 7812
Registered
78 Sept'29
Registered
1997 3D
- 9714
98
72
;6(661182
26-year debenture •Le
84
963s 9912
98
15-year gold 4a
1931 MN 9714 Sale 9714
Sale 10012 10114 45
0
Id Os series A B C
MN
9934 Apr'28
Registered
10558 109
O 105 Sale 104
M
A NN
Refunding 634. sense A..1914
11 9933 11 91
3 1007s 1-0514
101
Leh Val Harbor Term gu 5s_1964 FA 10114 103 101
28
1
9512 9934
Refunding 534e series B....1975 .1 J 105 Sale 10414 105
9618
Leh Val N Y let gu g 44:1_ _1940 .1
9818 Sale 9618
69
95
933
8
8
Sale
937
N 8818 Sale 86
83
8838 30
8814
Ref 334e series C
Leh'eh Val(Pa) eons g 411_2003
A
14 42
M S
78 F
NY Connect let gu 44:e A _1
1953
Oct'29
MN 83
8233 86
8638 85
Registered
..1f. 19
04012 Sept'29
19
04
25258 8
-2
let guar fe wales B
92 100
60
96
General cons 43:e
2003 MN 9412 9578 9414
Oct'29
A 00... 88
3F
M N
194
967
N It & Erie let ext gold 44..1
N ____ 10012 99 Nov'28
Registered
100
9812 Mar'28
8d ext gold 44:4
99
Aug'29:__
1
4
4th ext gold 45
10078 10714
103
DM Valley RR gen 144 miles 2003 M N 103 10412 103
957 96
Oct'29'____
08
M
A N
3
4 IN
91
9974 1031: NY & Greenw L in g fis. 19
101
7
Leh V Term Ry 1st gu g fre_1941 A 0 10014 102 101
7514 0e
ct:2
29
dtea
ltrl
N YR
rem gold 31.41__ _2000 M N 754
A 0
eed
1053
, .
Registered
N
M
Lob & N Y let guar gold 4/1_ _1945 M S 83 161-2 88 Aug'29
675
_ _ 10018 Feb'29
9818 10874 NY Leek & W 1st & ref au 5E1'73 MN i9
Oct'29
lax & East let 60-yr 6e gu__1965 A 0 10212 110 102
-38 _ _ 96 Apr'29
1973 M N
let & ref gu 4 3.4 e con
Little Miami gen Miseries A.1982 M N 85 ____ 8612 Dec'28
10058 Sept'29
yL
3,/4
38.a
rsaW
100 1-41-4 N l'
y let
"54
74 ext_1938 M 5
Oct'29
Long Dock °ousel g 64
1935 A 0 100 108 100
9812
4
A 98 Sale 98
F s
32
1 si
94
9314 10114
Long Islci let con gold 64 July 1931 Q J 9612 9814 9314 Aug'29
95
712 S
je
up
tyt:229
9
1
9854 no N l' & Long Branch 48
lit consol gold 4___July 1931 Q
___ 97 Sept'29
8914 94 N Y & N E Boit Tenn 44_ 1939 A 0 93 95
Oct'29
91
3eneral gold 48
978934 92
80
Oct'29
1947M 8
NYNH&Ho-edeb41
3Gold 13 3 D
9912 Dec'28
4.
7834 74
Oct'29
1
85
91114 Non-cony debenture 840.1947 M 0 75
90
Unified gold es
1949 M
8612 1012 90
73
753
4
7212
0
74
2
A
340_1954
Non-cony
95
100
debenture
July'29
9912
963
4
Debenture gold 55
82
18
9212 9938
Non-conv debenture 4e_ _1956
9878 12
30-year p m deb 5s
MI
1.1
3 9518 9938 95
8
74
1
8
75
3
43
9
8434 9134
Non-cony debenture 42_1956 M N 878432
26
Guar ref gold 413
90
8514 90 8912
1949 M
Sale 74
1956 J J
Cony debenture 334e
95 100
Oct'29
Nor SD B let eon gU 5s_Oct'32 Q J 95
99
98
1948 3 J 132 Bale 13134 13434 175
8412 90
Lou & Jeff Beige Co gd g 48_1945 M
Cony debenture 6e
8878 21
8812 ___ 887s
mos
10212
12014 Oct'29
Reghnered
Oct'29
Louisville & Nashville 66_1937 #5 N 101
101
____
Sale 19414 10514 6,5
1940 A 0
1
914 9534
Collateral trust Os
91
Unnied gold as
3 94 Sale 94
18401 1
78 Sale 7512
78
38
934 931:
Debenture 45
Regletered
9314 May'29 _
_
34 N 9138 Sale 9012
92
57 3D
302
let & ref 444e ger of 1927.1
1967
9814 10034
32
100
Collateral trust geld 51---1931 33 N 99 100
99
10-year see 7e. May 16 1930,M N 10012 Sale 10033 10034 23 100 103
88
Harlem R & Pt Chas lit 4111964 741 N 8534 ---- 88
127
High
Ask Low
Bid
97
97
no Cent& Pen lgt eat g 811-1930 3 3 87
96
let oonsol gold 5e
9612 96
1943 3 3 96
8918
Florida East Coast let 434..19593 D 89
93
89
1st & ref tis aeries A
6714
1974 M S 67 Sale 6534
3434
Ponds Johns & Glov 111 43411952 MN 32 Sale 32
Wore St 13 D Co 1st g 4 he_ _1941
3 9334 ---- 9334 Sept'29
10414 Aug'29
f$W&DenCl,tg534i.l96iJ D
101
!rem Elk & Mo Val lstdo..J933A 0 1014 __ __ 101
100
9914
Him M N 9914 100
H & 13 A M & P let 6e
98
2d extene
guar
1931 3 3 98 Sale 9758
9512
Gal, How'& Head let 54_1933 A 0 9512 Sale 95
86
95
86
86
13a & Ala Ry 1st cons fis Oct 1946.1
Ga Caro & Nor let gu g 5a_ 1929 J
9812 Aug'29
Extended at 6% to July 1 1934 J 1
5- 74 May'29
Georgia Midland let 34
MIA A 0 65 D
9834 Feb'24
Gone & Oswego let Se
1942
Oct'29
9612 94
GI' R & I ext
eu g 4Ha_ _1941 3
11012
Grand Trunk of Can deb 64_1940 A 0 10934 Sale 109
10514
Bale
104
10514
15-year e
1938
M
S
6e
9712
Grays Point Term let 6L....1947 J D 974 ____ 9712
1,4!':;) t 3
b Due Feb. 1.
28
Low
High
10011 107%
101 1057s
9114 99
9912 101
993s 10014
85
9114
604 674
9332 97
84
9014
86
99
97
994
974 100
72
76
85
77
9714 1004
8518 884
9914100
914 W.
-7
78- -tiffs;
8714 9634
8814 96
92
95
871
: 92
-411- 551*
40
6814
1918 85
162: 23
16
194
83
8914
90
99
9214 994
9714 101
91 102
83
9812
9313 9312
95
993e
8118 86
9512 102
7914 86%
8712 9412
0I 12 10712
954 10114
77
70
9412 904
9312 100
10012 12511
gm
: 017a
99 100
99 100
98
85
89
88
91
We
97 100
90
974
524 87
102 1064
9312 101
7114 8011
85
907a
984 102
7-a8
131;
1622
12-1;
82
76
911
: 997e
80
Ws
7814 88
8514 974
8312 91
90 100
90 1004
98 101
8518 90
98 1051e
9312 9638
934 97
10214 10814
108 106
841a 90
94 1001
:
10134 10712
8214
74
744 7814
9334 97e:
94
95
90
9874
7312 8184
7832 76
74
7934
78
73
9113 98
9018 9214
9538 9834
100 10212
10118 10714
101 107
91
954
89
9712
994 1024
88
98
99 106
91
98
70
83
7514 7514
10018 10018
96 10918
10058 10058
92 10014
97
97
954 9514
7412 81
73
7714
6812 75
74
844
7411 844
6834 75
116 137
115 129
102 1054
704 79
844 924
847e 904
2659
New York Bond Record—Continued--Page 4
7., •
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 25.
Price
FrldaY
Oct. 25.
BONDS
N. Y STOCK EXCHANGE
Week Ended Oct. 25.
Rasps
Blocs
Jao,1.
Week's
Range or
Lad Salg,
Price
Frtday
Oct. 25.
Week's
Range or
Last Sale
.,
tta+Q
ganef
Since
Joe. 1.
1101
1105 No Low
Ask Low
lit4
984 103/
4
1
Oct'29 -3 10212 10312 100
'
St L Peor & N W 1st gu ISe__1948
971i
9512
-July'29
MS
0618
St Loula Sou IC gu g 4s____1031
9478 16
8012 89
MN 8314 8612 8314
etfe__1989
bond
4s
g
let
S
W
L
St
8
7 0
98
7054 82
7;8
76
444
75
e 9
3 9765418
'
2d g 413 Inc bond Ws Nov 1989
931s 9772
Sale
1932 3D
Consol gold 4s
9114 101e2
35
98
9512
J
9814
9614
1952
5a
unifying
&
terminal
let
8914 9514
3
924
St Paul & K C1311 L 1st 448_1941 FA 9318 9412 9234 Oct'29
98 9912
9818
1931 P A
St Paul & Duluth 1st 5e
sols 881,
-Mar'29
8818
3D
89
84
1968
tat consol gold 4s
9718 Jan'28
St Paul E Or Trunk let 448_1947 33
92l 9812
6
9412
St Paul Minn & Man con 40_1933 J J 94 15-12 94
3 10118 10418
1933 J J 10014 10212 10212 103
let consol g 6s
103 1034
Jan'29
J J
103
Registered
9612 101114
984
Oct'29
J
100
43.4e.__1933
6s reduced to gold
Dec'
J
Registered
88l 95
9
g:28
94
5 8 Auee
985
8
1937 3D
100 10314
Montext let gold 4s
86
8934
9 -J
001258
:
914 0:
99
-8834 8912 8
4 105
1
104/
Pacific ext guar 49 (sterling)'40
4
100
107
107
10112 105 103
St Paul Un Dep let & ref 59_1972
9978 104
43
8878 9158
sSaallee
J
J
134
,
9
9214 SA & Ar Pass let gu g 45.-1963
88
30
98 102
86
8912 Santa Fe Pres & Phen let 56_1942 MS
10212 106
____ 104 July'29 -1934 AO 102
94
89
Say Fla & West let g 6e
9814 10012
Apr'29
AO
9814
1934
13212 270
let gold 54
20
87
9012
90
00
1989• N
9114 955a Scioto V & N E 1st go e 4a
4 74
1
62/
6812
6812
P.O
Sale
6812
1950
4a
g
let
Line
1074 1074 Seaboard Air
1
10
6012
4
1
75/
71
6914
P.O
6912
6814
1950
957s 99
Gold 4s stamped
able 64
40
64
Oct 1949 FA 6312 Sale 63
91
9814
Adluetinent 55
5612 86
4111 58
Sale
50
5512
90
84
Certificates of deposit
51
6314
6212 123
6112 60
1959 -A--6 60
8314 89
Refunding 4e
644 85
186
84
1945 MS 7912 Sale 79
let & cons 60 series A
604 6712
78
75
Mar'29 S
75
81
6312
62
Registered
89
78
Oct'29
84
8914 9878
Atl & Ilirm 30-ye late 4a_d1933 MS
32
5912 81
79
73
FA
Sale
73
109 11312 Seaboard All Fla let gu 6e A-1935
57
8012
3
75
7478 7478
1935 FA 73
10012 105
Series B
9814
97
Oct'29
97
SO
73
101 10438 Seaboard & Roan let rei extd 1931 .1
99
2
1001
Oct'29
8
993
F
A
9712
97
1938
109 10934 8& N Ala cons gu g bs
1024 107
Oct'29
- 103
1963 AO 9938
99 100
Gen cons guar 50-yr 5e
HIge
1110 No. Lew
Ask Low
314
4
1
74/
64%
6512 25, 62
PI T 0& W ref let g 45_June 1992 MS 6534 70
Apr'28
70
MS
Reg 55.000 only__June 1992
50
5512 11
General 48
1955 3D -Li% Sale 5478
91
90
9012 June'29
N Y Providence ifir Boston ls 1942 AO
AO
8934 Jan'28
Registered
83 -811-2
9-2-12 83 Sept'29
N Y & Putnam let non gu 46 1933 AO 84
744 8612
82
80 Sept'29
N Y Sue.2 & West let ref 58_1937 J J 80
8434 Nov'28
ed gold 484e
1937 P A
26
72
1940 FA 71 Sale 71
General gold be
91 10112
95
N 93
91 Aug'29
1943
Terminal let gold be
8614 84
794 8614
N Y W-ches & B let earl 44e '46 J J 86 Sale 84
105
100
41
Sale
10212
AO
1014
10118
f
By
a
1950
cell
Nord
6 les
70
29
9034
72
Sale
FA
70
7012
Norfolk South let & ref A 50_1961
9712 102
Norfolk & South let gold 58_1041 MN ____ 9934 100 Sept'29
4 10012 Oct'29
1
4_1931 MN 1004 101/
1
/
Norfolk & Wait gen gold 6
-- 10438 Aug'29
Improvement a, ext 6a_ __1934 FA
10112 Oct'29
102
AO
101
New River let gold fle___1932
14
91
4 914 90
/
NA W By let eons g 48__1998 AO 911
86 Sept'29
AO
1996
Reglatered
9058 11
9012
Dly'l let lien & gen g 43._1944 J J 904 100
--- 270 Aug'29 -10-yr cony Oe
1921 MS
0114
Focal) C & C joint 4e_ _ 1941 J O 9114 ____ 9114
1074 Jan'29
North Cent gee & ref S. A 1974 MS
_
964 Oct'29
05
Gen & ref 41es ear A otpd_1975 M
9112 92 Sept'29 _
North Ohio let guar g 5e_ _ _1945 AO 88
8812 64
North Pacific prior lien 4e _ _1997 Q J 8814 Sale 8612
8412 10
-- 8412
Registered
1997 Q J
50
65
Gen lien ry & IS g 3s_Jan 2047 Q F 6414 Sale- 64
2
62
- 62
Registered
Jan 2047 Q F
Ref & impt 454e aeries A_ _2047 J 1
6
10
12
6
12
19
e- 19
1
16
114 Sale
16
19
Ref & Inapt tie series B_2047 .1
6
1044
Ref & ImPt be aeries C____2047 3, 10412 10478 103
5
10318
Ref & Inapt be series D____2047 J J 10412 10514 10214
1
109
3
110 109
'
Nor Par Term Co let g fiti__1933
Aug'29
AG
100
___9918
Nor By of Calif gnats 5e___1938
North Wisconsin let Cs.. _ __I930 J J
Os & L Chem let gu g 4e___1948 J J
Ohlo Connecting By let 4e__1943 MS
Ohlo River RR let g
_ _ _1936 3D
General gold 5e
1937 AO
Oregon RR & Nay eon g 44_1946 ID
Ore Short Line let ewes g 60_1946 J J
1946 J
Guar Wad cons 5e
Guar refunding 48
1929 J
Oregon-Wash let & ref 40_ _1961 • J
Pacific Coast Co let g 5s_ _ _1946• D
Pee RR of Mo let ext S 4._.1938 FA
24 extended gold be
1938 J
Paducah & 1110 let s f 448_1955 „T
Paris-Lyons-Med ItR extlas 1958 P A
Sinking fund external 7e_ _1958 MS
1954 M S
Parls-Orleans RR 1 71I
Ext sinking fund 5 Ste
1968 MS
Paullsta By let & refit711_1942 MS
994 ____ 100 Sept'28 _ _ _
7812 19
80
74
77
_
9558 Nov'28
9812 Oct'29
____ 100
Oct'29
106
97
5
9014
9014
9014 95
5
10118 1054 10112 10218
1
- 10258 10258
10258
120
Sale
4
993
8
995
8
995
8914 23
8818 Sale 8714
1
Oct'29
7012 66
68
Oct'29
9012 ---- 91
3
97
____ 10034 7
1
9112 June'29
100 Sale 9938 1003s 154
69
104
103 Sale 103
_
10338 Jan'28
45
97
964 Sale 96
15
101
99 1001 100
1
Pennsylvania RR eons g 0_1943 M N 9218 _-- 9214 Sept'29
93
Consol gold cla
1948 M N 9234 Sale 92
921
42 eterl stpd dollar_May 1 1948 M N 9214 0212 9212
-------- 8812 Oct'29
Registered
Coneol @Ink fund 4%e__1960 F A 100 Sale 994 1003
98
General 414e serial A _ _ _ _1965 3 D 9738 Sale 9714
General 6e Aeries B
1968 3 13 10512 Sale 10458 108
4 1003
1
10-year eecured 7e
1930 A 0 10038 sale 100/
15-year secured 6148
1936 F A 108 Sale 10712 1081
F A
Apr'28
- 112
Registered
40-year willed gold 50.__1964 M N 10312 Sale 10112 1031
Pa ('0 50 34e coil tr A reg_ _1937 M S
84 Aug'29
835
Guar 314e coil trust see 13_1941 F A -8312 ---- 83/
4
1
Guar 3(ts trust etle C____1942 3 0 8358
- 8358 Sept'29
Guar 34e trust Ws I)___1944 J D 8134 -94- 82 Sept'29
972
Guar 15-25-year gold 48_1931 A 0 9712 98
9712
Oct'29
Guar eager E trust ctle___1952 M N 8712 89
87
9812
Secured gold 41
411
/
1963 MN 9778 Sale 9718
9612
Pa Ohio & net let & ref 4188 A'77 A 0 96 Sale 95
Peoria & Itetern let cone 48_1940 A 0 8012 82
81
81
33
Income 4e
April 1990 API'. 33 Sale 32
101
Peoria & Pekin tin let 542_1974 F N 101 Sale 101
Pere Marquette let ger A 58.19563 J 10112 Sale 10114
4
1
103/
88
lit Co Aeries It
1956 J J 8912 __— 88
PhDs Salt & Wash let g 45_1943 M N 9334 ____ 934
931e
General be Beast, B
1974 F A 10512 10612 10334 105
Phillippine By let 30-yr s I 4e '37 J J 3018 3178 3814 Oct'29
Oct'29
Floe Creek registered let 66_1932 J 13 100
_--- 102
Oct'29
97
Pitts & W Va let 41es
9258 se,t2,
1958 J 0
E. 0 C & St I. gu 4 eis A
1944 A 0
9712 Sept'29
98
Settee 13 41es guar
1942 N 0
9712 Oct'29
Series C 44e guar
1942 M N
9614 9614 July'29
Series D 4e guar
1045 M N 92
Series E 3 411 guar gold
1949 F A 90 ---- 93 June'29
9634 May'29
Belles F 48 guar gold9
1195
3 J 0 92
57
M N 92
9614 July'29
Series 0 4e guar
97
1960 F A 92
Series If con guar 40
9612 May'29
Berlee I eons guar 4 He _ 1983 F A 9614 9812 9812 Sept'29
Series J cone guar 448_1964 M N 9614 100
98 Sept'29
106
General M 6e series A
1970 3 D 10514 106 104
_ 102 June'29
J D
Registered
1072814
Gen mtge guar be set 13___1975 A 0 loara fg 11013412
A0
Jan_
Registered
Pitts SfeK & Y let au 6s____1932 J J
20 guar Ile
1934 J J
Piths Sh & I. E let g Se
1940 3r 0
let comet gold es
1943 J 3
PItts Va & Char let 4e
1943 M N
Pitts Y dc Ash let es ler A_.1948 3 D
1962 F A
let gen fes series B
let gen Is series C
1974 3 D
Providence Beene deb 4s
1957 M N
Providence Term let 441
1956 M S
Beading Co Jersey Can coil 48'51 A 0
A O
J
J
Registered
Gen & ref 4%e series A_ _ 1997
Rensselaer & Saratoga fle___1941 51.. N..
Rich & Meek let g 4a
1948 .3 ^
Rich,,, Term By let gu 58_1952 3 3
Rio Grande June let gu 58_1939 J D
Rio Grande Sou let gold 48_1940 JJ
Guar 4e (Jan 1922 coupon)'40 J J
Rio Grande Wait let gold 481_1939 ./
A 3
0
let eon & colt trust 4e A 1949
It I Ark & Louis let 4 421
J !.:
1934 M
Rut-Canada let gu g 4s _ _ _ _1949
Rutland let con g 43.4.
1941 3 J
Oct'29
100 101 102
10134 - - 10358 July'28
100 fof locos Oct'29
_ ____ 10014 Aug'28
9918 Sept'28
9112 Apr'29
10314
_. 103
__::
02T4 -_1.0958
et Jos & Grand Idl let 45_1947 J J
IN Lawr & Arlie let g be_
1996 J J
3d gold 86
1
.
3, 0
1 3
98
,
9
19
1
$t L & Cairo guar g 4e
ill I. Ir Mt k 8 gen eon 568.1931 A 0
1931 A 0
Stamped guar bs
Riv & 0 Div 1st g 4s
1933 M N
71
.
SI L M Bridge Ter gu g be 1930 A 3.
et L-San Fran lit lien 4a A 1950 M 6
Con 51 4%e eerie,. A
1978 M 6
1950 J 3
P Prior lien Se series B
St Louie& San Fr By gen 68.1931 3 J
General gold re4
1931 J 3
8812
85
88
9412 July'29
105 102 Aug'29
0812 97 Sept'29
96
-ell
985g Sale 984
9914
10134 Dec'28
95
-1i..ii8 aiale 9358
90
Oct'29
9734 100
8912
8812 Sale 87
9012
90 Sale 89
102
101 Sale 100
19012 Sale 10012 10012
9978
9912 Sale 9912
674
-8012 -92
90 Sale
_iiii, ;1..e_
_
9
-7-__
-ii- _9_778
10112
7
- ------ii
. -9-214
83
81
ig Sale
81
88
84
86
d 0 1 i Al iy. 0 Dia Juae. 4 Gas August.
ifi—serit'6
8412
8412
91
90
9414 July'28
9738
98
10018 Mar'21
7818 alay'28
Oct'29
102
93 Sept'29
6 May'28
712 Apr'28
92
8934
83
83
96
95
Oct'29
80
Oct'29
84
70/
4 83
1
98 -9-9-1i
97 100
85
9212
1004 10538
10018 106
974 997s
8312 8918
81
64
4 9418
/
891
9614 99
914 98
9712 101
10114 105
12
4
29
87
93
207
80
4 104
/
991
9214
8958
90
8812
95
9312
1024
1004
1064
95
94
9334
8812
10112
10012
10812
10378
111
So Pee coil 4e (Cant Pee col) 449 J
J D
Registered
let 4118(Oregon Lines) A_1977 M
1934 JO
20-year cony be
1968 MS
Gold 44e
May 1 1969
Gold 4 tee. _.
Ban Fran Term let 4a___1950 AU
AO
Registered
So Pee of Cal let eon gu g 58_1937 MN
J
1937
let
40—.
g
gu
So Par Coast
J
1955
So Pac RR let ref 48
J J
Registered
J
Southern By let cone g 58-1994
3,
Registered
Devel & gen 4s series A___1956 A0
P.O
Registered
1956 P.O
Develop & gen 68
P.O
195e
Develop & gen 64s
1996 J
Mom 1)1v lets 5e
J J
1951
5148
let
Div
Louis
8t
S
East Tenn reorg Ilea g be 1938 11,1
1938 MS
Mob & Ohio coil tr 4e
11(-1 un"
5
8
189
43
2
28
40
8
1
5
18
33
105
90
84
834 8712
8358 89
8114 85
9618 9918
8558 92
9412 991,
91
974
7914 87
45
32
9934 103
100 10418
Fel
9171.
95
90
1034 108
2912 39
101 103
92
96
4
1
9558 99/
4 10012
1
95/
9712 9934
9412 0612
93
93
944 9614
96
9612
95
9612
9658 100
9878 9934
10211 10818
102 102
10212 10812
Spokane Internal lots 5s__-1955 .1
Staten Island By 1st 4 84s _.l943 J D
Sunbury & Lewiston let 4m_ _1938 J
S
Superior Short Line let be_ _e1930 M 0
Term Men of St L let g 440_1939 A
Fj
4 le
43
119805
199
let cons gold 5s
Gen refund a f g 40
Texarkana & Ft S let 53.4e A
19433 J
Tex & N 0 com gold be
Texas & Pac let gold ba
i
(70 Mar
20
2d tne5.8(Mar'28cp on)Dec 2
1977 A 0
Gen & ref be melee B
Gen dr ref be series 0
La Div 11 L let g be
M
41 jA
7
996
Tex Fag-Mo Pee Ter 54s-1119
Tot & Ohio Cent 1st gu 58- —1936 J J
1935 A 0
Western Div let a 50
1935 J D
General gold 58
Toledo Peoria & Went let 40_1917 J .1
1950 A 0
4s
g
50-yr
W
&
L
St
Tol
1931 J J
A
ToI W V & 0 gu 4
let guar 414e series B__1933 J J
M S
1942
C
let guar 4e aeries
Toronto Ham & Buff let g 4e 1946 3 D
4 102
/
1011
9914 100't
4
914 1318
1004 1034
11
7912 8412
8812 931 2
75
-412-- 9678
99l 102
9178 93
13
2
27
-81174
78
914
75
8018
1214
87
9678
81
904
20
8038
9412
100
9818
97
8812
10478
102
871,,
101
92
9834
83
834
97
984
9158
95
100
8912
9012
1112
102
1004
43
113
418,
903,
101
2
11
8878 12
8834
8778 June'29
9414 ____ 944 Oct'29
5
10012
99
9514 61
9212
95 SE-S
,
17
934 60
98
8
4
1
87/
9
98
4 Sale
1
88/
83 May'29
86
100 10018 Sept'29
9614 9514 Apr'29
_
9112 59
9012 Sale 8918
4
89 1
-- 89
107 1 42
jai- gale- 106
July'29
10312
-T4 ki
191
90
88
8714 Sept'28
118 i 99
115's Sale 115
12158 Sale 12014 1214 47
8
9
,
'
862
242 Aug
86
__ 10
8 11_1:13
514
02
18
4 Sale
/
881
9834 - - -- 9834 July'29 -- -1
91
93
91
91
66
80
70
86
70
Nov'28
3
8538 9178
3514 8778
9212 9914
9714 102
8814 974
8924 100
884 91
83
83
109 103
954 9512
9212
85
8612 90/
4
1
10414 110
10312 108
8818 90
1091, 118
117 123
10212 10814
8278 89
9814 100
4 9311
1
85/
65
8112
99
99
5
99
98
95
97 1 10
103 ____ 95
103
9814
Oct'29
112
7
0
18
12
1
8,
10
4
8
1
53
00
18
5, 8012 90
87141
104 Sale 10278 10412 49' 9814 10412
98
98
98 Mar 29 ____
2 10112 10918
10518 Sale 10518 10518
95
95
95 Mar'29
9258 1024
23
4 100
1
100 Sale 98/
9458 10014
9912 Sale 9918 10018 485
4
/
974 1011
9934 36
9912 Sale 99
1004 10614
103 10334 10312 Oct'29
9618 10112
5
4
983
4
983
984 ---994 11,3
_---1103 Aug'29
25 1004
97 1 95 Sept'29
95
12
12
Sept'29
____ 12
12
91
86
8812 8912 9012 Oct'29
98
95
Apr'29
98
9512 95/
4
1
9514 ____ 9858 Apr'29
4 9912
1
97/
9018 ____ 9812 Oct'29
4s
94
4
841
3
89
4
1
87/
8718 89
98
9658
50
9658 23
854
1928 3 D
Ulster & Del let cone a be
86
74
Si
85
85 85
Stpd as to Dec'28 .9 June'29 1st ____ 80
85
55
Sept'29
7
0
5
7
dep
of
let cone 59 etre
5212
83
61
.
A0
1952 --let refunding g 44
95
89
9312 87
Salee 89
314 Sal
57
Union Pac let RR &Id gr't 4131947 J .1 9
92
90
3 J
___ 9312 90 Aug'29
Registered
9071
80
8918 47
June 2008 M
-8918 Sale 80
1st lien & ref 48
0918
gg
26
974
9512
J
1967J
Sale
97
Gold 41es
10914
105
3
1071
106 Sale 106
June 2008 M
let lien & ref rei
8224 8914
891 103
1968 J D 88 Sale 8612
40-year gold 4e
98
91
1944 M 13 ____ 95 94 Sept'29
U N J RR & Can gen te
96 Nov'28 _
1933 i .1
Utah & Nor let ext 4e
8714 I4-3-4
C
Oct'29
4
2
A
1
2
7
8
4
A..1955
1
7
8
series
4s
g
Vanden& cons
4
1
94/
92
1957 M N 8714
Cons s f 4e series B
94 19
Oct'29
10
15
Vera Crum & P assent 44e_ _1934 _ _ _
1004
8
975
Oct'29
98
M
4
,
1931
99
98
Virginia Mid be eerie. F
4
/
9614 1001
2
100
1936 M N 100 Sale 100
General 5.2
93 100
98 Sept'29
Va & Southw'n let gu 5e_ _2003 3 J 9112 103
954
8
787
3
87
1958 A 0 80 Sale SO
let cons 50-year be
994 106
172
Virginian Ry let es series A.1962 M N 103 Sale 10214 106
104
26 10018 104
1939 M N 102 sale 102
Wabash RR let gold 5e
954 10111
29
1939 F A 100 10018 9812 100
26 gold 56
9812 10414
Ref & gen f 514e see A _ _1975 M S 103 Sale 10218 10312 60
Debenture B 6s registered _1939 J J
-7658 -f6-15-8
7
IN:29
5 NA
91
77
-81- 9
1954 J J
let lien 50-yr g term 40
98 10112
Oct'29
_ __ 98
100
Del & Chic ext let g 5E1_1941 J
88
88
Jan'29
88
Dee Moines Div let g 4a 1939 J J 8212 99
78
4
1
85/
Sept'29
82
82
0
A
1941
79
4s
3
g
Omaha Div let
8112
9011
4
9
1
2
9
C
9
0c
9758
8
14841 M 8
Tol & Chic Div g 4s
9311 10811
76
512 Sale2
Wabash By ref & gen 5a 13_1976 A 0 98
834 92
92
159
1978 F A 8912 Sale 8912
Ref & gen 4 48. eeriee C
93 Nov'28
Warren let ref gu g 310_2000 F A
8.414
Mar'29
8414
M
Q
1948
4e
Wash Cent let gold
8212 86
8312 Sept'29_.
1945 F A
Wash Term 181 gli 31411
4 91
1
77/
1
77'lI
8
1
:8
S
7758
‘i-1:2 ;
1945 F A :
-7
7
i
let 40-year guar 48
97
98
_
_
Oct'29
98
A
F
58..1930
W Min W & N W let gu
73
82
109
81
912 Sale 79
1952 A 0 9
80
West Maryland let g 419_
894 100
85
96
93
Sale
.1
8
J
1977
955
A.
!wiles
let & ref 5188
4 1014
1
98/
10034 21
19373 J 1004 Sale 100
West N Y & Pa let g 53
844 9118
1
87
1943 A 0 87 Sale 87
Gen gold 4e
100
9418
30
9812
4
/
971
Sale
42
M
5
7
8
9
5&.._l946
Western Pao 1st see A
82
8812
8534 12
8512
JJ
1
61
36
2,
2
West Shore let 4s guar
81
8858
12
85
4
1
8234 8712 82/
Registrd
Wheeling & Lake Erie—
9912 9912
9911
5
-- 9912
1930 F A 9912
Ext'n & inept gold be
92
85
8534
854 19
Refunding 411s sertee A..1966 M 13 8578 -8-7
102 102
92 100 102 Feb'29
1968 M
Refunding (55 mew 13
9
8812
83
8558
808
M
1949
4
,
80
4s
coneol
RR let
7
62
24, 61
61
63
19623 D 60
IIk& East let gu g be
99 10031
_ 99 Apr'29
1938 J I) 98
11111& S F ist gold 5e.
3,
84
85
84
1-12
84
9
1
19603
80
4e..
Winston-Salem S B let
4
/
7838 49
7114 844
78 Sale 771
Oita Cent 50-yr let gen 48_ 1949 J
ft418
Sale
87
9118
871
N
4
/
M
71
87
48'38
let
term
&
elle
Dul
A
Sup
Oct'29,,_,' 79
79
Woe & Con East let 44e... _1943 J 3 7914 ---- 79
2660
BONDS
N. Y STOCK EXCHANGE
Week Ended Oct. 25.
New York Bond Record-Continued---Page 5
Price
Fridol9
Oa. 25.
Week's
Range or
Last Sale
I
n
02.2
Range
Since
Jan,1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 25.
.:4
.C
z•
Price
Frigag
Oct. 25.
Weeks,
Range or
Last Sale.
11
Range
Since
/ea. 1,
INDUSTRIALS
Ask Loa,
Ritt
filch No. Low
High
816
4.0 Low
Abitibi Pow & Pap 1st 5s___1953 J D 83 Sale 8212
Ilieh No. Low
High
8212 85
834 88
Denver Cons Tramw let 58__1933 A 0
Abraham & Straus deb 5148_1943
76 Dec'27
Den Chia & EL ist & ref I g 54'51M N 100 Sale
With warrants
9912 10134 32 --99141634
A 0 108 Sale 108
109
106 10212 120
Stamped as to Pa tax
MN 100 Bale 9012 10134 35
1951
Adriatic Elec Co esti 75... _1952 A 0 96 Sale 9512
96 1014
9812
9 9134 9144 Der)Corp(DO) Ist s f 78_194.2 34 S
61
Adams Express coil tr g 48_1948 M
61
2
55
73
87
74
85
.9 (314 884
85
Second stamped
5312 60
60
Cal Rubber let 15-yr s f 8e1936.3 D 74
1
60
51
70
87
65
75
105
72 10714 Detroit Edison 1st coil tr 1514_1933.33 10014 Sale
100
Alaska Gold M deb 68 A_ ___1925 191
101
5
9873 102
34 10
312 1014
10 Oct'29
let
&
Ml
ref
Is
series
A_JulY 1940
10112 10314 10012 10214 14
Con, deb 68 series B
99 1004
1928M 8
313 10
Oct'29
10
10
3
Gen.& ref 58 series A
1949 AO 10214 Sale 10212 10215 14
Albany Peter Wrap Pap 138_1948 A 0
997k 10414
0112 Aug'29
86
914 9834
let & ref 68 series B_ _July 1940 M
10612 Sale ,106
Allegheny Corp con tr 53__ _ _ 1944 F A 10112 Sale 100
108
21 10572 10853
105
599
98 112
Gen & ref 5a ser B
D 10212 Sale 10134 1023
1955
Coll & eonv 5.
4 27 100 1043a
1949.3 D 1024 Sale 100
1047s 508
9734 11112
Serial C
1962 P A 10012 104 10212 10212
1 100 10514
Allis-Chalmers Mfg deb 511....1937 M N 100 Sale 9912 100
22
98 101
Del United 1st cons g 414e 1932
'
3 94
9512 98 Sept'29
Alpine-Montan Steel let 7s_ _1965 M
9613 99
9334
1
9012 93
9314
904 97
Dodge Bros deb 65
1940 MN 96 Sale 96
984 161
Am Aerie Chern let ref e f 710'41 F A 105 Sale 105
9512 1057a
10512 21 10312 1061: Dold (Jacob) Pack let 6a
MN
1942
76 Sale 76
79
18
Amer Beet Sus cony deb 60_1935 F A 8312 85
76
88
85
6
85
80
90
Dominion Iron & Steel M_ _1939 St S 90
99
90
Oct'29
_
American Chain deb f 69._1933 A 0 9712 Sale 9712
90
98
9312 gg
12
98
Donner Steel let ref 7.
1942 .7
102 Sale 102
10214 14
AM Cot 011 debenture 5a
9834 10215
1931 MN 9818 99
9818 Oct'29
98
9914 Duke-Price Pow lit tte ear A '68 MN 10338 Sale 1034 1034
43 10184 10515
AM Cynamid deb 5a
1942 A 0 9612 Sale 9813
9334 97,2 Duquesne Light lit 414s A _ _1987 AO 973
9712 40
9814 113
Amer Ice a deb te _
96 1004
1953.3 17 91 Sale 8958
91
40, 874 9215 Molt Cuba Bug 15-yr s f g 714e '37 MS 81 4 Sale 9712
Sale 81
27
Amer 10 Chem cony 514s-1949 MN 10712 Sale 105
78
97
11412 3951 954 135
Ed El III Bkn let con g 4a. 1939 .1 J 9412 9512 9412
0ct:1
8 29
Amer Internet Corp cony 644s 49 J J 1071 2 Sale 1944 110 419, 101 12214 Ed Elec Ill
9315
97
let cons g 544
1995.3' 10653 ____11057s 1064
Mach & Fdy at Ca
4 10512 1107a
10334 10534 10334 1034
1 10334 1044 Edith Rockefeller McCormick
American Natural Gas Corp.1939 A
Trust coil tr 6% notes_ _ _ _1934 3.3 10012 Sale 100
10012 13
Deb 614a (with purch warr)'42 A 0 74 Sale 7312
91154 10212
8412 37
7312 964 Elec Pow Corp (Germany)6145'60 IN 8
9234 Sale 91
9234 33
8711 9(1
Am Sm & R ist 30-yr Mier A '47 A 0 10012 Sale 100
93
102
9814 102
Elk Horn Coal let & ref 6419.1931 J o 944 9612 95
954
9
Amer Sugar Ref 15-yr 6s_ _ _ _1937
9512
90
.1 103 Sale 10212 1031
62 10112 10478
Deb 7% note.(with waffle)'31 J o
85
13
Am Telep & Teleg cony 4a
7212 91
1936 F A
9412 Sale 9118
9413 181 9134 9712 Equit Gaa Light let con 85_ _1932 M e 80 Sale 80
994 9918 Aug'29
_
20-year cony 4148
98 1001a
1933M b 98
Oct'29
9938 98
101
Federal Light & Tr let 5e_ _1942 M
9414 9812 9512 Oct'29
30-yeer eoll tr re
914 9634
1948.3
10214 Sale 10214 103
50 101
6 104
14
1st lien a f 5e etamped
1942 M
961: Sale 95
9612
6
Registered
9034 9734
.1 0
Feb.29
101 101
let lien 8s stamped
1942 M e 10234 Sale 102
103
26
35-yr I deb 5e
101
104
1960
J 10214 Sale 102
1034 273 1014 10538
30-year deb 68 ear B
19143
97
9878
97
5
20-year f 5748
9514 103
1943 M N 1054 Sale 1044 10612 309 1044 10734 Federated Metals n I 7e
1939 J D -9934 Sale 994 10014 40
Cony deb 4 he
987s 105
1939
J 185 Sale 170
208 1641 12014 227
Flat deb 78 (with war,')
.3'
1946
105 Sale 10434 11212 69 1044 171
Am Type Found deb (is
1940 A 0 10414 Sale 104
16 102 10514
105
Without stock purch warranta_
9012 Sale 90
9114 75
Am Wet Wks & El col tete_ _1934 A 0 10018 Sale 99
8918 103
100,4 34
941 10012 Fisk Rubber let a 18.
1941 MS 954 974 974
9912 30
Deb g 88 ser A
84 11474
1975 M N 10512 Sale 105
1054 36 101 10634 Frameric Ind dt Deb 20-Yr 7146'42 J J 103 Sale 103
1043
Am Writ Pap 1st g 88
4 41 1014 l061s
1947 J .1 79 Sale 78
81
19
76
8513
Franclsco
MN
_1942
Huger
7
1st
%a_
f
96
Sale
95
974
8
Anglo-Chilean f deb 7s_ _1945 M 91 92 Sale 92
94 109
4
94
95
19
2 100
797. French Nat Mail SS Linea 7,19493 D 10212 Sale 10115 10212
43 1004 103
Mania(Comp Asuc)774a_ _ _1939 .1 .7 53
59
53
15
53
Gannett Co deb 6a
1943,F A 92 Sale 92
92 1 31
Ark & Mem Bridge & Ter 5a _1964 M
84
96
981
:100
9839
5
93 10312 Gas & El of Berg Co come 5a 1949'
984
100
Ltmour & Co ist 4 4e
100 106
1939 J D 89 Sale 8818
8412 924 Gen Gable 1st e She A__ _ _1947 J J 9912 Sale 9734 July'29
901s 126
9912 137
Armour & Coo! Del 51.414._ _1943J .1 87 Sale 86
9474 100
8334 9212 Gen Electric deb g 344
877s 124
1942 F A ____ 944 94
94
2
Associated 0118% gold notee 1935 M S 102 Sale 10114 102
9338 96
26 100 10314 Gen Else(Germany) 7s Jan 15'451J J
10112 Sale 10114 10234 32
Atlanta Gas L lst M
9915 1044
1947.1 D 1014 ____ 10134 Sept'29
10114 10134
8f dcb 6 lie with Warr _-_1940 J D 11414 126 123
1257s
Atlautio Fruit 7s ctfe dep__ _1934J D
3 11118 130
6
1212 124 May'28
D
Without
warreta
attacb'd
'403
9414 Sale 9414
Stamped ctfe of depoalt
914 9914
9434
7
11 D
6
124 May'29
"iiis 125, 20
-year. f deb tie
1948 MN 9312 Sale 8912
9312 112
Atl Gulf& W 853 L col tr 58_1959 J ./ 7134 Sale 7134
874 9412
56
67
75
Gen Mot Accept deb 68
77
1937 FA 101 Sale 101
102
172 100 104
Atlantic Refg deb S.
10374 I 100 Sale 100
9934 10315 Gaol Petrol let. I Se
10012 43
1940 P A 9934 Sale 994
9934 18
99 1024
Gen!Pub Sem,deb 6168
126 100 122
Baldw Loco Works let 5a___19401M N 10612 10712 10612 10719
107
1039 3.3 10112 Sale 100
3 10412 1074 Gaol Steel Cut 5 tie
with war '49 J J 10238 Sale 1024 1031,9 213
Baragua (Comp As) 7348_1937 J J 92 Sale 88
984 104
4
92
834 99
Good
Hope
Steel & I sec 79_1945 A0
Batavian Pete gee deb 4743_1042,J J 914 Sale 9078
95
4
9114 1004
9318 271
8913 9315 Goodrich (Ii F)Co let6 Sis_ _1947 I' 91 Sale 94
Beldang-Hemingway 6s
19361 J
844 85
85
3
9434 Goodyear Tire & Rub let be _ 1957 MN 10612 Sale 10614 10714 33 10614 10814
85
92 Sale 9114
Bell Telep of Pa Is aria) B19481 J loi1.2 Sale 10212 104
9312 372
883
4 95
12 102 10613 Gotham Silk Hoelery
deb 6s_1936 J o 9014 94 i 904
9113
1st & ref Is series C
5
1980.A 0 10512 Sale 105
89 100
10512 21 10214 10814 Gould Coupler 1.1.168
1940 FA 704 71 1 70
Berlin City Else Co deb 6 481951 J 11 90 Sale 90
81
687
704
4
11
9158 45
87
Gt
95
Cone
El
Power(Japan)78.1944 P A 9914 Salo 99
Deb sink fund 6158
1959 F A 91 Sale 874
100
42
9514 100
9112 101
85
92
let & gen a f 614s
1950 J
Berlin Elec El & Undg 8 45_1956 A 0 8914 Sale 87
94 Sale 93
9412 42
5634 9515
8912 44
8612 94
Gulf
States
J
D
Steel
1942
deb 51441
98
96
95
9618 21
Beth Steel let & ref 5. guar A '42 M N 100 Sale 100
9434 99
10012 28
9775 104
80-yr p ra & imp f 58_ _ _1936 J J 99 Sale 9812
9715 102
9934 154
Hackensack Water let 4e.„1952 J
8.112 ____ 8412 Oct'29
Cone 30-year 6s series A..1948 F A 10438 Sale 104
824 871.
10458 319 10212 10534 liftmen 141InIng 08
with stk purch
Cons 30-year 514e ser B
1963 F A 10412 Sale 10414 105
Ili) 10034 105
war for corn stock or Arn she '40 J J 9112 Sale
Blng& Blue deb 634e
8812
9234 13
1950 61
9112
894 04
95
91
94
9119 100
Hartford St Ry let 413
1930 MS 9612
Botany Cone :41111461M
__ 9612 Aug'99 -1934 A 0 61 Sale 58
0015 9615
61
18
497
8
744 Havana Elec console Se...1952 F
Bowman-Bin Hotels 75
8312
8312
6
1934 M
102 Sale 102
80 87
1024 22
9812
1034
Deb
S
series
594s
1951
of
1926_
B'way & 7th As let cons its...1943
6814 Sale 6814
6838
D
9
59 7012
_ 554 60 Sept'29
594 771,, Hoe(R)& Co 1st 634e ear A_1934 AO
Brooklyn City RR let M._ _1941 J J
Sale
85
85
85
8
83
941e
834 8314
8314
2
83
9212 Holland-Amer Line S. Ulan _1947 MN
Bklyn Edison Inc gen re A
97
1949 J J 103 Sale 103
98
1
98
98 1034
10334 19 10012 10515 Hudson Coal let.(Is ear A_1962
'
1) 73 Sale 72
General 88 seam B
1930 J J 9978 Sale 994 10019 24
7312
79
85
70
993
4
103
Hudson Co Gas let g 5,8
1940 M
Bklyn-Man R T sec 611
1968 J J 94 Sale 93
1004 22
99 105
9514 285
8854 9834 Humble Oil & Refining 5342_1932 J J 10014 10212 100
Bklyn Clu Co & Sub con gtd Is'41 M N ---- 707s 6812
9978 Sale 9934 10038 81
994 1024
6812
1
63
784
Deb gold 58
1937 AO 9934 Sale ' 9914
let M 'damped
1941 .1 J 70
993
4
79
10115
99
7478 83
Oct'29
6815 84
Illinois Bell Telephone 66
Brooklyn R Tr let cony g 4e.2002.3 .1
10312 83 10114 1044
1966 3D 103 Sale 102
9212 June'29
924 9212 1111nols Steel deb 44e
194( A0 9814 sale I 974
3-yr 7% secured notes__ _1921 .1 .3 105
9814 21
9378
100
0814 Nov'28
[larder Steel Corp mtge 68..1918 P A 8334 Sale , 8112
klyn Lin El lat g 4-58
1950 F A 8234 -83
9214
8334 77
8234
7 "8284
8314
Indiana Limestone 1st. I 68_1941 MN 82 Sale 70
Stamped guar 4-6a
26
90
1950 F A 8234 Bale 8212
92
75
8314 34
8212 93
Ind Nat Gaa & 0115a
1936 MN 101 18 Sale 10118
Ilklyn 1.114 Gas let cona g 5a 1945 MN 105 Sale
9711
18
102
10114
0318 105
26, 10112 1064 Indiana Steel let 54
1952 MN 1044 Sale 10434 10434 26 10114 105
let lien & ref 6s series A._1947 M N 11412 117
144 1144
9 112 118
Inland Steel 1.1 494,
197)4 AO 9238 Sale 9112
Cony deb 63411
93
58
89,
4 93
1936 J J 300
397
Oct'29
354 489
Inspiration Con Copper he 1931 MS 10038 Sale 10014
Buff & Stow Iron lets!58. _1932
1004 24 100 1021,
D
9212 June'29
__
9212 964 Interboro Metrop 414e
A0
912 20
1958
Ms 1912
Bush Terminal let 4s
1912 May'29
1952 A 0 864
_ 8612 Oct'29
85
88
Interboro
'.3
Rap Tran let Se ,1966
Como,55
253
6612 Sale 66
68
6014 7912
1955 J I 96
98
135
9618 14
8912 9934
Stamped
• J 6612 sale 6512
Bush Term Bldg.5.gu tax-ex 'Si) A 0 100 Sale
6712 291
7912
60
100
100
11
8038 1044
Registered
76 Mar'29
By-Prok Coke let 514e A _1945 34 N 9912 Sale 9914
76
764
9912
4
99
102
10
-year 14
1932
6
5814
57
58
84
5.5
494
Cal G dr E Corp unif & ref5a_ 1937 M N 100
9934
9934
l' 98 103
10-year cony 7% notes...1932 M
8712 Sale 8712
8934 30
Cal Petroleum cony dabs! as 1939 F A 9412 Sale 9412
8715 9934
95
13
lot Agri° Corp let 20-yr 58_ _1932 MN 9314 95
921
:102
Oct'29
03
Cony deb a f 5 44d
9015 95
1938 M N 99 Sale 9812
9912 43
9815 1034
Stamped extended to 1942- _ - MN 724 79
6
7278
73
72
Camaguey Sue lets' g 79_1942 A 0 75 Bale 75
8112
75
5
Int
9712
71
Cement
MN
cony
_1948
deb
_
6.3._
Sale
97
84
95
97
9314 11815
Canada SS L 1st & gen 8e
1941 A 0 95 Sale 95
9514
2
93 10112 Internet Match deb as
1947 MN 9612 sale 9612
98
269
Cent Diet Tel tel 30-yr 5a..J943 J D 101 Sale 101
93
99
102
6 10012 1044 Inter Mercan Marine s f 88_1941 A0 9712 Sale 9712
9713 102
98
37
Cent Foundry 1st.18. May 1931 F A 82
9678 974 Apr'29
984 Intermit Paper 58 ear A & B _1947
96
'
3 95 Sale 9212
61
95
Cent Hod G & E 5.4
84
9811s
Jan 1957 M S 10114
102
102
5 100 102
Ref a f (10 ter A
1955 M
9614 84
95 Sale 9412
Central Steel latgef8e
874
4 97
1941 MN 12134 Sale 12112 124
12 121 1241: Int Telco & Teleg deb g 4448 1952 J
94 Sale 92
Certain-teed Prod ...14e A__ _1948 1,1 B 70 Sale 70
914 350
884 954
7212 34
83
68
Cony
J
J 16512 Sale 130
deb 44e
1939
184 2180 10912 224
CesPedes Sugar Co 1st s I 7)0'39 M 113'
Oct'29
85
85 100
Kansas City Pow de Lt 68-1952 MS 10218 Sale 10218 103
34 1001:10531
Chic City & Conn Rye 5s Jan 1927 A 0
83 July'29
_
83
65
let gold 414seeriee B
1957 ▪ J 9338 96
98 Mar'29
G L & Coke ist gu g 58-1937 I J 10012
98
100
10012
3
994 103
Kansas Gas & Electric 13a.. _1952 MS 10334 Sale 10334 10434 18 1013 10015
Chicago Rya let 5.9 stamped
3 106
Keith (B F) Corp let 6s
1948 MS 8134 84
8134
8134
Aug 1 1929 lot 10% pald 1927 F A 75 Sale 75
7
7435 97
764 59
88
75
Kendall
MS
Co
534, with warr_ _1948
8914
8914 91
8914
1
Chile Copper Co deb M
1947
89
J 97 Sale 9434
964
97
117
9215 97
Keystone Telep Co let 5s..1935 J
794
7978 80
797a
1
Cln G & E 1st M 48 A
1968 A 0 874 Sale 874
794 95
881a 61, 84
894 Kings County El & P g 6a_ _ _1937 AO 994 10112 10112 Sept'29
Clearfield Blt Coal let 4s_ __ _1940 .1 .1
10012 1044
7238 90 Dec'28
Purchase money ths
1997 AO 12214 125 125
Oct'29
Colon 011 cone deb 65
1938 F A 8912 Sale 89
125 130
9134 70 -85Kings County Elev 1st g 48_1949 P A
844 80 Sept'29
Colo F & I Co gen s f Sit
1943.3 .1 97 Sale 9634
78
85
97
6
914 9912
Stamped guar 4s
1949 FA
_ 7934 7812
7812
5
Col Indus let & coil 5e gu_ -1934 F A 92
78
82
924 93
9314 12
90
984 Kings County Lighting Mr_ 1954
152:18 Sale 10218 10218
1 10015 10514
Columbia & E deb 6.9 May _1952 M N 100 Sale 9814 10018 384
.
•
1
9515 1001:
First
&
ref
614e
116
114
114
195
4
114
2 112 11614
Apr 15 1952 A 0 994 Sale 99
Debenture 5e
10014 186
984 10014 Kinney(OR)& Co 714% notes'36 J O 10312 107 10318 10314
3 10112 10712
Columbus Gas let gold 68_.1932JJ 90
97
95 June'29
95
9934 Kresge Found'n coil tr 6....l936 .31) 102 Sale 10114
102
27
Columbus Ry PA I. let 434e 1957 J
9112 9234 90
09 10412
Oct'29
8812 9334 Kreuger & Toll La with war_1959 MS 9534 Sale 95
9914 1009
Commercial Cable let g 48_ _2397 1;1 J 8712 _ _ _ 8712 Feb'29
95 10311
8715 871:
•
Commercial Credits! Se..,..1934 M N 90 Sale 90
98
3, 00
9912 Lackwanna Steel let Is A_ _1950 815 100 101 100
100
1935 J J 90 Sale 90
Col tr e f 614% notes
96 1021s
904 13
87
97
Lacel Oaa 0151 L ref&ext 54.1934 A0 99 Sale 99
10012
5
Comm'l [Doan Tr deb 8a___ _1948 M
97es 1017e
97 Sale 95
9714 86
9014 9812
Col & ref 54s aeries C.._ _1953 FA 10312 Salo 1023s
10312 23 1001e 10513
Cons deb 5148
1949 F A 9812 Sale 9412 101
327
9014 1104 Lautaro Nitrate Co cony 68_19.54
Com puting-Tab-Rec s I fla _ _1941 J J 10458 Sale 1044 105
5 1034 106
With warrants
96 Sale 95
97
259
Conn Ry & L 1st & ref g 4101951 J J 8938 99,4 95 July'29
05 104
99
95
Lehigh C & Nay
.1 94
414a 4.1954
9734 94
Oct'29
_
Stamped goer 4448
03
1951 J
9034
8938 9714 88
218
2 Oct'29
Ws 09
Lehigh Valley Coal let a 5e_ _1933
984 Sale 984
9914
6
Canso! A g ricul Loan 6%e...1958 J D 8212 Sale
9734 101
57
7812 8715
let 40-yr gu lot red to 413_1933
0414 99 1 96
96
5
90
Consolidated Hydro-Elec Works
90
let & ref s f ite
A
101 10112 101
1934
Oct'29
101 101
of tipper Wuertemberg 7e-1956 J J 9112 Sale 9114
934 18
8914 9734
1,0k ref it f ba
A 75
774 88 May'29
1944
Cone C al of141(1 1s1 & ref 54_1950 J D 70 Sale 70
80
9314
7212 25
63
7334
lst & ref s f 58
A 80 Sale 80
1954
80
5
7112 9312
Consol Gas(N Y) deb 614s_ _1945 F A 10434 Sale 10314 105
145 10314 10834
Ist & ref s f 5s
A
80
76
1984
88 May'29
Consumers Gas of Chic gu 5s 1936.3 D 91 Sale 91
88
88
91
91 1014
1
let & ref 1 re
A
Sale
75
76
1974
76
2
Consumers Power 1st M
72
1952 M N 10114
004
10212 15 100 104
_ 100
Lex Ave & PP 1st
g 5s_ 1993 34
_
374 May'28
Container Corp 1.1 6.
1946 J D 95,4 9612 95
913s
8 . 89 10012 Liggett & Myers Tobacco 78_1944 A
11812 gale 118
119
33 11434 1214
15-yr deb 511 with warr
1943 J D 75 Sale 75
68
9112
7512 24
Se
A 101 Sale 100
1951
103
34
Copenhagen Telco 5. Feb 15 1945 F A 91
98 103
9134 9038
91
89
91
8
Loew's Inc deb 641 with warr_1941 A
104 Sale 10334 108
46 103 1231s
Corn Prod Rent tat 25-yr if fe '34 M N 100 10012 19
0812
0 Sept' ....6
9615 103
Without stock pur warrants_ A
93 Sale 1 93
934 42
Crown Cork & Seal s fee._ _1947 J D 9812 Sale
91 1004
95 100
Lombard Else let 7e with war '62
9334
Sale 9334
9512 28
Crown-Willamette Pap ii....1051 .1 .1 100 Sale 9812 1011a 38
95 102
9913 10314
Without warrants
93 Sale 93
934
Cuba Cane Sugar cony 7s_ 1930 J
90
9734
5434 Sale 5434
544 794 Lorillard (I') Co 7.
554 57
0
A
1083
108
1944
4
107
108
Certifkutes of deposit
3 1061e 1131%
55 Sale 55
58
22
58
32
58
A
1951
86 Sale 8478
86
31
Cony deben stamped 8%_1930 J
764 914
5415 80
5578 33
Deb 534.
5-434 Sale 5434
Sale 85
854
1937
87
Ctrs of deposit
32
84
5512 Sale 5512
8971
56
5312 5718 Louisville Gas & El(Ky) 58_1952
21
1014 Sale 10034 1014 40
Cuban Am Sugar let coll 85_1931 M 8 9934 Sale
99 104
9912 10334 Louisville Ry let cone re__ _ _1930
97
994 100
94
90
90
Oct'29
_
Cuban Dom Sue 1st 714a_ _1944 MN 60
8912 95
9772 Lower Austrian Hydro El Fow55
60
604 60
6
Certilleates of depoett
60 Sale 60
61
36
70
59
1/41118945
A 80 Sale 80
1944
8014 _ _
Climb T & T let & gen 5s__ _1937 J .1 100 Sale
80
8774
98 103
10
9954 100
tloyamel Fruit let s f 64 A_ __1940 A 0 98
9913: 98
9713 102
9834 12
_
2661
New York Bond Record-Concluded-Page 6
BONDS
IS Y) FITOCK EXCHANGE
Week Ended Oct. 25.
?.
?g>
Price
Friday
Oct. 25.
West'e
Lange or
Last Sale.
z,c 7.65
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 25.
Prtea
40.
Friday
Oct. 25.
P7221's
Range or
Loll Saie.
Rases
Since
Jan,1,
i73
C4 c•Q
1701
HIM Na. Low
na Low
Bid
High
HIM No. Low
Ad Low
Bid
99 10658
10014 12
I 100 10112 100
'
02
994 Relnelbe Union 7e with war_1948
9754 24
McCrory Stone Corp deb 548'41 ID 9612 Sale 9638
98
69
91
Sale
4
953
J
J
954
93,2
8
80 10013
Without stk Dutch war,..1946
8114
Menet! Sugar let e f 714e_ _1962 * 0 8114 Sale 8114
5
9712 103
98
98 Sale 9712
5218 68
Rhine-Main-Danube 7s A_.J950 M
594 115
Manhat By (N Y) cons g 45.1990 AO 5812 Sale 5714
102
54
100
10012
100
Sale
tv1
10012
N
'50
7s
Pow
5854 60:1 Rhine-Westphalia Elec
54 60 May'29
5045
2013 ID 50
85
29
933a
89
4
1925 MN 8978 Sale 8534
9312 16412
Direct mtge (la
9518
9518
9518 100
Manila Elec Ry Oc Lt et bs_ _1963 M
85
933s
9112 47
8978
Cons m Cadf'28 with war_1953 P A 8978 90
824 9912
8234 Oct'29
89
Marion Steam Shoves f Os 1947 A 0 86
1
891€
8312
87
87
.87
84
Without warrants
Mfrs Tr Co ate of partic In
98 10212
9932 177
9812 Sale 98
5
9412 105
1944 M
Richfield 011 of Calif 69
98
A I Namm & Son let (is _1943 ID 98 Sale 97
4
96
90
90
1955 P A 90 Sale 90
9012 31
9752 Rime Steel isle f 7e
80
Market St Ry 7a eer A April 1940 Q J 8934 Sale 8958
7
104%
110
109
109
Sale
109
9912 Rochester Gas & El 7s ser B _1948 M
93
9912 17
Meridional El let 7e
1057 AO 9912 Sale 98
5 1034 107
4
239
b
r
O
p
l
A
:
3
7
5
9
0
10
106
S
he
9812
3
103
1948
mtge
Gen
C
8
series
1017
54s
10134
Sale
1
J
8
1017
Metr Ed let & ref 65 ear C. 1953
9518 1004 72
1977 MS ____ 9934
Gen rntge 4148 @erica D
8014
7438 7312 Oct'29
Melt West Side El(Chic) 4(1_1938 FA 72
90
90
90 Sept'29
N
9212 9858 Roch & Pitts C&Ipm 5a1948
93 July'29
Miag Mill Mach 7s with war 1950 ID
984
934
3
9412
94
Sale
9413
MN
84
1
9412
Lt
_1937
By
_
Joe
be_
St
let
Pr
dr
8512
8512
D
Without warrants
91)
99
2
9
1
2
2
Feb'
6
62
99
96 10018 St Joseph Stk Yds let 414e_ _1930 J J
99,2 114
Midvale Steel &0cony €1 5s_ 1936 MS 9858 Sale 9812
7
8112 77
6212
i2
J
19
8
995
974
Rock
L
stmpd_1955
St
5s
9812
AP
MI
Sale
4
973
J
J
9754
Milw El Ry & Lt ref & eat 4140'31
94
92
7g
June'29
92
96
J
•
1
98 103
St Paul City Cable cone 5s,1937
9934
Gene-al & tel be eeries A_ _1951 ID 9934 Sale 994
994 1074
10538 41
I 10214 10312 102
'
9652 10152 San Antonio Pub Sets 1st 88_1952
let & ref bs aeries B
1981 J D 9914 Sale 9914 10012 24
924 10012
9812 52
98 104
Saxon Pub Wits(Germany)75'45 P A 9714 Sale 97
.1 10212 Sale 10178 102st 76
Montana Power let be A_ _ _ _1943
834 9434
51
8912
88
Sale
1951 MN 8858
Gen ref guar 64s
9618 101
9412 51
Deb 5a series A
98 Sale 974
1952 J
75 101
16
80
1948 J J 75 Sale 75
Schuico Co guar 8 )4(1
Montecatint Mln & Agrlo76 101
32
80
7978 76
1948 * 0 75
Guar a f 84e eieries B
102 Sale 102
10414 32 102 127
Deb is with warrants
1937
9412 10014
9912 48
8
9914 Sharon Steel Hoop s f 5)41_1948 MN 994 Sale ; 99
93
II 954 Sale 9534
97
Without warrants
97
91
157
94
941.2
7
993s Shell Pipe Line s f deb 5a_ _1952 MN 9218 Sale I 9218
91
9412
Montreal Trani lst & ref 5o_1941 Ii
9214 984
109
95
1
90
VA Shell Union 011 s f deb 5s.__1947 MN 9412 Sale 9312
90
9112 90
Gen & ref a f Sc series A __1955 * 0 90
8312 94
8678 41
Sale 86
8612
O
J
%s.1952
6
let
Sept'29
Pow
El
9312
Shinyetsu
9814
AG
93
9312
90
Series B
1955
8238 9112
28
63
7712 8812 Shubert Theatre 63..June lb 1942• D 67 Sale , 67
8058 17
Morris & Co lat a f 4)0_1934 II 8012 Sale 80
9912 105
1
103
1935 J J 102 Sale 103
75
8112 Siemens & Halske e f 7s
75 Aug'211
90
Mortgage-Bond Co 49 ear 2_ _1968 * 0 73
105' 10018 108
103
10018
Sale
S
he
102
1
1951
95
Sale
Debsfaqs
10-25-year Is series 3
0712
9712
J
J
9712
9712
1932
101
94
9
97
96
Sale
9614
FA
6
94 102 Sierra & San Fran Power 58_1949
9484
9514 4
Murray Body let64e
1934 J
89
77
1
85
85
4
1946 FA 8014 85
Silesia Elec Corps f 4a
9912 104
10014
Mutual Fuel Gas lot su a 5€.1947 MN 100 Sale 100
27
99
9214
921
Sale
FA
9214
94
4
_
7s_
_1941
Silesian-Aaa Exp coll IT
Oct'29
98
98
Mut Un Tel gtd8s ext at 5% 1941 MN 9858
98
100
99
1
100
1929 MN 100 Sale 100
Simms Petrol 6% notes
Namm (A I) & Son-See Mfrs Tr
Sale 10018 10034 136 10012 10313
MS
10012
14
4
523
5012
Cons
_1937
_
7s
Sale
Sinclair
-year
5012
I5
64
011
1
50
Nassau Elec guar gold 4a
1951
98 100
99581 130
99 Sale 9834
1 101 10214
let lien coil fis series L _ _ _1930 M
Nat Acme 1st e 18€.1942 J
10178 102 10178 1017s
62
9778 10134
100
9313 9834
1938 ID 9958 Sale 99
1st lien 634€ series D
984 338
Nat Dairy Prod deb 5Sie
1948 F A 9778 Sale 9714
923,4 9734
93
96
93
Sale
96
17
331
30
Crude
4_1938
set
s
Sincalir
8214
01153i
30
Nat Radiator deb C 4a
1947 F A 30 Sale
95
92
57
9312
4
925
9358 Sale
_
994 Sinclair Pine Line Of 511
Oct'29
98
98
Nat Starch 20-year deb 5s_ 1930 J J 9812 100
9511.
89
91 I 61
89 Sale 89
89 10454 Skelly 011 deb 51421
National Tube 1st e f be__ _ _19d2 M N 1044 Sale 10454 10434 23
10232
9971)
18
102
Sale
1014
10112
2
MA
3M
392
3
99 10312 Smith (A 0) Corp lst 646_19
1994
10014 10112 10038 10038
Newark Conaol Gas cone 59_1948 J
14 10(112 107
48 10172 107
South Porto Rico sugar 7s_ _1941 J D 104 10414 10012 104
New England Tel & Tel be A 1952J
10412 Sale 10211 105
86
99e 10414
9
98
el& Tel 1 st a f Es 1941 J J 1004 Sale 10014 101
pd
96 10014 Soultheli
peily
let g 4 4e series B
1981 M N 98 Sale 98
408 100 101
101
100% Sale 100
When
96%
81
89
New On Pub Sere 1st be A._1952 A 0 89 Sale 89
16
87
J D 8712 Sale 8412
7912 0612 Southern Colo Power 88 A..1947 I 1 103 Sale 10212 10312 17 100 10412
First & ref So series
10514
10
82
79
8714 S'west Bell Tel let & ref be_ _1954 F A 103 Sale 10212 1034 28 101
81
82
N Y Dock 50-year let g 4a_1951 F A 81
91312 10112
98 Sept'29
Spring Val Water 1st g ba_ _ _1943 M N 96 102
75% 00
7612 28
1938 A () 76 Sale 7578
&Maio% notes
11
974 10234
9812
9814
N
9914
1024
M
1930
18
56
let
113
51111ing
11012
11218
Standard
1154
A0
Sale
112
Y Edison let & ref 8 411 4_1941
9534 105
1946 M S 99 103 10134 10212 10
35 101 105 , 1st
103
ref 51-le
let lien & ref 5s aeries 13 _ _1944 * 0 103 Sale 102
355 ' 100 1033s
102
9
105
984 10712 Stand 011 of N I deb ba Dee 15'46,F A 102 Sale 101
NY Gas El LIlt & Pr g be_ _1948 J O 1034 10472 104
9714 80 I 9212 98
9512
Sale
96
14
D
_1951J
94
of
011
Stand
deb
9212
Y
N
9112
90
4148_
FA
a
947
9212
Purchase money gold 45. _1949
9312 12 ! 8934 100
9718 9818 Stevens Hotel let(18 series A_1945.1 1 90 Sale 90
9712 Sept'29 -- _
NYLE&W Dock & Imp 561943 J J 971s 101
16 I 85
98
75
98 10012 Sugar Estates (Oriente) 7a...1942 36 S 75 Sale ' 75
N Y&QE1L&P letir5s1930 FA 9858 100 09 Sept'20 _ _
5 102 107
10312
____
103
D
10312
J
1951
66
5e
Syracuse
lets
Jart'29
Lighting
56
54 56
Y Rys Ist R E & ref 4e_ _1942 J J 40
2 10014 10512
100
Tenn Coal Iron RR gen 5e_1931 1 1 100 Sale 100
58
58
5614 Nlar'29
40 Certificates of deposit
99 110
65
102
1
268 Tenn Cop Ac Chem deb 6s 13_1944 15 8 9914 Sale 99
-9-7; 1 Aug 29 - - -1
SO-year ad) Ina 5s __ _Jan 1942
10212 107
3 Tennessee Elec Pow let 6(4_1947 J D 10414 Sale 10418 106
1
1 July'29
1
2
Certificates of deposit
10258 4815 100 103
834 86
714 2411 Texas Corp cony deb 5s_ _ _ _1944 A 0 10078 Sale 100
8
8 Sale
R Y Rya Corp Inc (5e_ -.Jan 1905 Apr
66
50
43
54
1 5112 Sale 5312
.11 8
5M
960
195
1
7212 87
Third Ave let ref 4s
73
1965 Ii 73 Sale 73
Prior lien 68 series A
39
3212 804
35
Ad]Inc 59 tax-ex NY Jan 1960,A 0 33 Sale 3212
N 10312 __ _- 10358 1033e
1 10114 106
NY & Richt") Gam tat 8s A_ _1951
9214 85
9714
90
92
94
19374 J 92
2512 85
20
Third Ave By let e 5s
64
N Y State Rya let cone 4346_1982 MN 22 Sale 20
3
9812
9512 9934
9812 Sale 9014
3014 26
2612 70
Toho Elec Pow let 72
1962 MN 27 Sale 27
let cone 6 34o series 13
9838 10012
6% gold notes _ _July 15 10291 J 9618 9512 964 July'29
N Y Steam let 25-yr 6s ser A 1947 MN 10412 Sale 10.112 10512 30 103 108
9612 116
9514 9634
96 Sale 9578
9812 72
J
3j
52
193
8% gold notes
93 101
984 Sale 9712
N Y Telep let & eon a 1440_1939 M
11114 42 10984 11138 Tokyo Dec Light Co. Ltd80-year deben a f 8e. _Feb 1949 P A 110 Sale 110
9112
86
8912 110
8858 Sale ! 8778
74 10424 10812
107
1st 6s dollar series
20-year refunding gold 60_1941 * 0 105 Sale 105
9812 10012
24
994 Sale 9914
100
31
96
Toledo Tr L & P 514% 110565 1930 J
94 101
1948 JO 94 Sale 94
N Y Trap Rock let Os
1021
52
98 10434
994 Sale ' 99
Transcont 011634€ with war 19381
10012 18
9952 103
Niagara Falls Power let 5a...1032 1J 100 Sale 100
9212
91
92 Sept'29
89
1 1004 1031s
Without warrants
10114
Ref & gen 8a
Jan 1932 A 0 10114 Sale 10114
2
9912
95 10011
-9914 10112 9919
10414 14
99 10414 Trenton 0 A El let e 50----1949 M
Niag Lock & 0 Pr let Es A_ _1955 A 0 10112 Sale 101
8714 103,2
8714
8914 11
Truax-Traer Coal cony 6)48_1943 MN 8714 88
Norddeutsehe 1.101.1 (Brenlen)25 101 10318
24
88
94
85
Trumbull Steel let s f 6s_ _ _1940 M N 10212 Sale 10212 1023
1947 MN 8778 Sale 864
20-years f Os
4972
49% 62
497g
1
___ 50
18
57
80
S 55 Sale 55
.51
Twenty-third St By ref bs__1982 1 J
Nor Amer Cem deb 614a A 1940
911, 994
0352
5
33
9812 102
Tyrol Hydro-Elec Pow 734s- 1982
AS -9312 Sale 9312
5.MN
11 5
9954 Sale 9918 100
No Am Edison deb fs ear A 1967 M
9212
11
91
87
Sale
8612
88
G r
ua sec s f 711
99 10374
Deb 64e err 11_ __Aug 151963 F A 10212 Sale 10112 10378 81
98
26
95 100
9758 Sale 9758
974 28
9734 Sale 96
98 10314 Ujigawa El Pow s 78
Nor Ohio Trao & Light 11s_ _ _1947 M
9714
97
r
'
Sale
101
97
30
97
S
M
58_19321
0
*
28
(Mo)
100
Sale
4
4
Pr
1003
1013
&
Lt
Elec
Union
9712
100
Nor States Pow 25-yr 5a A_ _1941
Oct'29
98
97 1013s
1933M N 9814 99
6 104 10812
Ref & ext Se
lst & ref 5-yr ths serlee B._1941 A0 106 Sale 10538 106
1
_
Oct'29
9132 10534 UnEL&P(III) lets 54seerA254,1 J 10012 104 10012 101 2 31 100 104
North W T tat ill g 45.4e gtd_1934 J J _98 95
8712
June'29
81
81
7718
0
A
1945,
5s
92
88
8512 9211 Union Elev By (Chic)
Norweg Hydro-El Nit 54s-1957 MN i6i4 Sale 8634
1
98 10113
19311.1 J 10058 ____ 10018 10018
Ohio Public Service 73.4€ A _ _1940 AO 11058 11212 11232 11212 11 10914 11312 Union Oil 1st lien e 56
106
10912
10434
8
10514
Sale
106
A
1942iF
__May
A
FA
series
de
8
30-yr
8
1115
11512
4
10914
11118 11634 1093
181 & ref 7s series 13
1947
9612 37, 94 10133
96
98
12 102 10712
let lien e f bs series C _Feb 1935!A 0 96
105
10314 Sale 10314
Ohio River Edison lett3s........1948 J
100
26
9412 10011
s 9912 Sale 98
MN
21 m
43
95
6
8312
United Biscuit of Am deb 88_19
8218 91
Old Ben Coal let as
1944 P A 83 Sale 83
971.4
90
9312
Sale
4 113
963
934
10012 11
98 1024 United Drug 25-yr be
Ontario Power N F let 5(1_1943 FA 99 10012 100
71
8412
70
10
70 Sale 70
J
4.M
937
10
_
Oct'29
United Rye St L 1st g 4s
97 103
Ontario Transmiselon let 5a_194 MN 98 1001 08
Oct'29
90 100
99
99
97
6e
15-yr
78
2
9558
977
B
Co
SS
United
90
Oriental Decal guar Os
9412 Sale 9412
1053
8012 9012
8634 64
88 1 123
Un Steel Works Corp 640 A_1951;11 D 8512 Sale 8512
90
83
Esti deb 514s tat Ws
1958 MN 8512 Sale 8512
86
9014
9
81
1951 J I) ____ 8534 84
1
Serles C
8712
934
86
Oslo Gas & F.I Wke exti 58_1963 M
8712 Sale 8712
Otte Steel let M Os err A_ _ _ _1941 MS 10212 Sale 10158 10212 46 100 10312 United Steel Wks of Burbach
5 10018 108
7s_ _ _ _19511A 0 10312 Sale 10218 10312
Esch-Dudelange
99 10212
Pacific Gas & El gen & ref ba 1942 J .1 10012 Sale 9912 101 1 99
11234
127
84
90
100 1 73
9712 10012 US Rubber lot & ref bs ser A 1947J J 8814 Sale 8814
Pac Pow & Lt 1st & ref 20-yr 5s'30 PA 9912 Sale 9914
9912 1023a
107
9912 10314
10-yr 7)4% secured uotes_1930 F A 100 Sale 994 1004
Pacific Tel & l'el let ba
1937 ii 10112 Sale 10012 10152 29
15 101 10558 US Steel Corp(Coupon Apr 1063 MN 1094 Sale 1094 1094 99 107 1094
103
Ref nitge 5s series A
1052 MN 10234 103 10214
106% 109
Oct'29
109
10712 47 10212 11014
ml 10-60-yr beIRegis_ _Apr 1963 MN
Pan-Amor P & T cony s f (18_1934 MN 10412 Sale 1044
2, 71% 90
734
7114 Sale 1 7134
5 10258 105
let lien cony 10-yr 7e
Universal Pipe & Bad deb 85 1938 J
1930 FA 10412 Sale 10412 10412
91
77
8112
79
86
1953 A 0 80
57
98
92
9812 Unterelbe Pr & Lt fla
Pan-Am Pet Co(of Cal)cony 69'40 J O 98 Sale 9612
89
9612
934 31
99
974 103
5
Utah Lt & Tree 1st & ref 59..1944 A 0 9234 Sale 9212
Paramount-B'way 1et534e,1951 J J 9834 Sale 9712
90 101
9812 Sale 9812 10012 20
44
99
96 10054 Utah Power & Lt let 53
Paramount-Fern's-Leaky Os 1947 J O 9612 Sale 9612
96 10454
IN Sept'29
F A
0 JI
54
94
6
82
86
Park-Lax let leasehold 8 48_1953 .)
9512 Utica Elec L & P let f g 5e.119
8238 861 85
5 10112 107
9912 105
Utica Gas & Elec ref & ext 52 1957 J J 102 105
Pat & Pamela0& El cons be 1949 MS 99 1011 10012 10012
5
9014 15
8812 118
19471 0 90 Sale 8912
644 18
84
58
Paths Exch deb 7a with warr 1937 MN 6078 Sale 6078
Utilities Power & Light
9732
66
7512 24
47
73
68
Penn-Dixie Cement Os A. _1941 MS 69
9714 VertlenUm Sugar let ref 78..1942 1 D 7512 Sale 75
68
73
40
25
Oct'29
2018 Sale 26
110 113
111
Victor Fuel Islet 58
Peon Gas & C let eons g 6s..1943 AO 111 Sale 111
83
887s
6914
6914
73
6014
35
I
S
S
M
1
M
9
3
5
4
9
111014
19
661
10534 Vs Iron Coal & Coke let g
Refunding gold ba
103 104 10318 105
1947
9712 101
29
101
99
SI S
99
Va fly & Pow 1st lc ref be _ _1934 J J 10014 Sale 10014
Oct'29 _ _ _ _
99
Registered
8712 104,2
69
1041
9918 204
954 100
Walworth deb 84€ (with war)'35 A 0 1034 Sale 103
Philadelphia Co sec 58 set A_1987 J O 9834 Sale 98
8434 88
1
88
8718 ____ 88
98
Phlla Elec Co let 434s
9518 10012
Without warrants
1907 MN 98 Sale 98
8312 95
65
95
94
81
Phila & Reading C & Ire 55.1973 .1 J 8714 Sale 8612
let sink fund (is series A_ __1945 A-0 9314 Sale 8912
8712 13
957s 10712
14
1021
11514
101
D
10212
J
4
1013
_1941
874
111
MS
7a_
Cony deb 613
let
Refin
4
Warner Sugar
9114
1949
104 Sale 1033
593s 8534
2
61
111
91
8612 94
Phillips Petrol deb 5its
Warner Sugar Corp let 7a___1039 I J1 ___ 590 61
1939 II) 9012 Sale 5912
9914
94
27
95
-9412 Sale 94
10512 10924 Warner-Quinlan deb 85
1939 M
Pierce-Arrow Mot Car deb 881943 MS
10512 Sept'29 _
9814 102ss
Oct'29
99
99 101
Pierce 011(10 al 8e_ _Dec 15 1931 JO 10512 106 10512 Oct'29 _ , 10518 107
Wash Water Powers f 5s....l939 J
1 10018 1053€
101
101 106
Pillsbury Fl Mills 20-yr 86....1943 A 0 10318 1044 10312 10412
Wenches Lig g 5estrupd gtd 1950 J D 10018 10114 101
9934 104
23
5 119 15412 West Penn Power set A 56..1946 M
10014 Sale 1004 1015
Pirelli Co(Italy) cony 78_
1952 M N 120 13514 12924 12934
22 100 105
105
5
9412
9412 95
105 107 104
Porch Con Collieries 1st s 581957 2 1 9412 95,2 9412
let 5s aeries E
5 101 107
100 1054
Oct'29 _ _
19
let 54is series F
Port Arthur Can & Dk Os A_1953 F A 10234 10312 102
3M
83
95
A 0 107 Sale 10458 107
47 100 10418
102
1956 J D 10154 104 10118
Oct'29
10112 1054
let sec 5a °erica
let M 15e series 11
1953 F A
10338 103
1318 3314
2212 25
12
96 10314 West Va C &C let 6s
19501 J 22 Sale 22
Portland Elec Pow let 6e B 1947 MN 9712 Sale 96
98
64 10012 10384
lova
101
Sale
0
9212
7
10112
98
102
A
Western
Portland Gm Else let 5€
1944
Electric deb 5e
98
1935 1
96
97,2
100 10414
Oct'29
9552 99
_1930 MN 97
Portland By 1.t& ref
Western Union coil It cur 56_1938 .1 1 10278 Sale 102
977s 9714 Oct'29 _ _ _ _
9914
95
1
23
9612
97
9512 100
Portland Ry I.& P let ref 58_1942 F A 9834 9714 9634
Fund & real eat a 4466_ _ _ _196( ,
14 N 96118 9712 9612
11
98
9612 10212
/5-year C As
let lien & ref (I8 series IL 1947 M N
10812 10014 1084 10912 40 10614 111
9612 9712 9712
9934 1033s
105 10712
10278 122
25-year gold 5a
let lien & ref 74a series A 1946 M N 10512 Sale 10512 10512
10134 1024 101
7812 90
76
83
9334 31
J 8112 Sale 8112
A
1 D
.F
11
3
89 107
Porto Rican Am Tob cony 6s 1942 J J 92 Sale 92
Westphalia Un El Pow OS..1953
98 102
10034 31
145
95
89
Postal Teleg & Cable coil 531.1953 J J 94 Sale 93
96
Wheeling Steel Corp let 54e 10481 1 100 Sale 100
8412 88
99
88
13
8814
80
let & ref 414€ series B._ _1953 A 0 874 Sale 854
Pressed Steel Car cony a 58._1933 J J 87 Sale 87
99
46 172 300
240
White Eagle 011* Ref deb 5)0'37
Pub Sart Corp N J deb 410_1948 F A 220 Sale 220
98 1057a
49 10014 10512
Pub Sere El & Gas let & ref ba '85 J D 103 Sale 10212 103
With stock porch warrants__ _ Fit 8 100 10112 10018 10112 13
98 130
Oct'29
9878 99
9734 30
9554 9972 White Sew Mach Cs (with war)'36 J J
19671 D 9714 Sale 9714
let & ref 44s
9912
80
8612
-84 Sale 84
7214 34
88
71
Punta Alegre Sugar deb 71_1937 J J 7112 Sale 7112
Without warrants
81 10012
Oct'29
9912 69
8218 8412 81
1940 11.i
1937 F A 99 Sale 98
Panic f deb (is
9834 10014
Pure 011 f 514% notes
81
40
414
1
40
41
40
Bakeries
95
€1(lets 15e_ 1948 J J 9312 94
8934 95
Purity
1
93
Wickwire Seen St'l let 7s_ _1935
3972 47
Oct'29
40
3
9412
93 101
45
1937,M N 94 Sale 94
Ctf dep Chase Nat Bank
Remington Arms Cs
34
60
9014
3812
24
41
99
40
deb
9114
3912
210
35
544a
Baud
with
N
&Fri
94
1935
'47!M
war
7s_Jan
Wickwire
Co
St'l
Sp
Rem
94 Sale
48
37
11
15 101 10358
40
- 35
37
40
July 1948 M 8 10211 103 10314
Ctt dep Chase Nat Bank_ _
Repubhe Brass 8s
1034
99 10251
10112 47
Repub 1*5 10-30-yr ba s f__1940 A 0 10212 Sale 10112 10212 31 100 10314 WIllys-Overland e f 8 411_ _ _ _1933 61 5 10012 Sale 99
2
9712 103,
Ref 6, gem 6 448 series' A _19531 J J 102 Sale 102
19
9912 104
Wilson & Co let 25-yr f 88_ _1941 A 0' 100 Sale 9912 10014 48
103
19 10814 103
Winchester Repeat Arms 7)0'41 A 0 107 Sale 10612 107
9914 101
188
101
Youngstown Sheet & Tube 5a 1978 .1 .1 10013 Sale 993
-.
231
2662
FINANCIAL CHRONICLE
[VoL. 129.
Outside Stock Exchanges
of transactions at
the Boston Stock Exchange, Oct. 19 to Oct. 25, both inclusive, compiled from official sales lists:
Boston Stock Exchange.-Record
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
RailroadBatton & Albany
100
Boston Elevated
100
Preferred
100
100
bit preferred
100
211 preferred
gleston & Maine
100
Preferred stamped
Prior preferred stod 100
Fier A let yid etpd ._109
Ser C let pref stpd -100
Ser D lot pf stpd _ _100
0/de Jet Ry &U S Y Pi-100
Ewa Maas St Ry corn_ _100
100
lot preferred
East Mass St Ry Adjust 100
100
Maine Central
100
Preferred
N Y N H & Hartford-.ion
Norwich Worcester Prel100
100
Old Colony
Pennsylvania RR
50
Vermont & Mass
100
72
88
91
109
100%
36
86)5
122)5
126
9735
172
72
8755
102
88
175
73
89
103
90
91
91
109 110
82
81
112 112%
170 170
100 10054
13% 15%
54
54
36
42
85
8855
77
77
117 129%
120 120
126 1275(
9334 10135
115 115
Range Since Jan. 1.
Low.
High.
200 18854 Oct 132
668 6844 Oct 884(
21 87
Aug 101
69 100 Sept 116
303 85% Oct 108
23
53
127
70
20
257
1.345
235
405
581
43
1,281
48
67
4,446
10
83
104)4
71
100
140
99
134(
54
36
62
77
82%
115
120
7214
113
July
May
Apr
Apr
Mar
June
Oct
Oct
Oct
Jan
Oet
Mar
Oct
Apr
Mar
Apr
96
12054
9045
124
180
10754
27
70
5045
8634
84
132
134
139%
110
121
Jan
Jan
Jan
May
Jan
Aug
July
Sept
Aug
Sept
Feb
Feb
Jan
Jan
Oct
Jan
Oct
Feb
Feb
Aug
Feb
Friday
Sales
Last Wears Range for
Sale
of Prices.
Wed.
Stocks ;Concluded) Par. Price. Low. High. Shares.
Copper Range Co
25 20
17
21% 3,872
East Butte Copper Ni1n.10
144 1% 1.000
Hancock Consolidated ..26
2
2
15
Helvetia
25
75o 75c
100
Island Creek Coal
49
48% 49%
65
isle Royal Copper
25 184( 18
2044
715
Keweenaw Copper
25
3
314
152
La Salle Copper Co
25
1
1
1,000
Mayflower & Old Colony 25 300
30e 30e
100
Mohawk
25 58
5644 62
2,857
New Domln Copper
1 45c
45o 460
520
New River Co pref_ __I00
64
64
50
North Butte
15
4
331 5
3,091
OBbway Alining
25
255 255
13
Old Dominion Co
25
8
7
8% 2,295
P C Pocahontas Co
• 13
13
1545 1,815
Quincy
28 384( 38
43
4,827
St Mary's Mineral Lana_25 32
29
36
1,560
Utah Apex Mining
5
3%
3% 4% 1,750
Utah Metal & Tunnel_..1 800
75c 85c
2,175
Victoria Copper MinIng_25
1% 1)5
200
BondeAmoskeag Mfg 8s____1948
80
8134
Breda Co (Ernesto) 75 1954 75
75
79
Chic Jet RI U BY 58 1940
9845 99
East Mass Street RR
4148 gelled A
1948
50
50
55 series B
1948
59
60
Fox New Eng Tina 635s'43
964( 98%
Hood Rubber Co 7s ..1936
95
95
Int Hydro-Elec eyed 6.1944 102
10145 107
Karstadt (Itud) Inc 65 1943
78
80
Koholyt Corp 83s._ 1943
78
78
Mass Gas Co 4)45_ _ _ _1931 98
9751 98
New Engl Tel & Tel 55 1932 99
9845 99
P C Pocahontas7sdeb_1935
110 110
Swift & Co 55
1944
100 100
Ruhr Hous Corp 6)03_1958
72
72
Western Tel & Tel 55..1932 10034 100 10044
• No par value s Et Ol•Mend
$175,000
6.000
33,000
Range Slue Jan. 1.
Low.
High.
17
Oct 3254 Mar
114 Sept
5
Mar
1% May
445 Aug
500 May
155 Mar
4514 Oct 66
Mai
18
Oct 35
Mae
3
Oct
7m Mar
1
Sept
34 Mar
260 Sept
1
Alai
41
Jan 644 Sept
150 July 750 Mar
58
Jan 87
AM
354 Oct
834 Mee
2 May
514 Jan
7
Oct 194 Jan
11
Feb 22
Mar
32 May 50
Feb
29
Oct ta
Mao
24 Oct
604 Mae
750 Oct
214 Ida/
114 Jan
3 Sept
78
70
94
Aug 90
Jan
Oct 9634 Feb
June 10036 Jan
14.000 50
Oct 64
Jan
2,000 58
Mar 80
Feb
Illiscellaneou•5,000 79
Mar 10855 Jan
•
Air Investors Inc
8
8
Oct 23% May
100
8
1,000
824 June 196
Jan
Amer Equities Co corn__ _
284 30% 1,10' 2855 Oct 33% Aug
35,000 100
Am 109% Sept
Am Founders Corp COM stk - 1173-4 110 122
Jan 12234 Sent
36.757 71
30,000 75
Oct 98
Jan
Laser. & Gen Sec Corp_
77
7734
300 67% Sept 7744 Oct
5,000 78
Oct 91
Feb
Amer Pneumatic Service 25
745
2% Jan 1534 July
300
7)I 9
13,000 953( Aug 9914 Jan
Preferred
25 2245 20
July 29)4 July
23%
300 16
38,000 9814 July 100% Jan
100
1st stamped
45
4714 47%
Mar
20
50% July
2,000 102
Aug 125
Mar
Amer Tel & Tel
100 265% 269% 290% 7,141 193
Jan 31034 Sept
6,000 99)4 Oct 102
Jan
• 15% 1554 16)5 1,329 15
&mottoes Mfg Co
July 24
Jan
3.000 70 Sept 75
Aug
Bigelow-Hartf Carpet--- _• 90
90
92
Oct 108% Apr
789 90
19.000
98
Jun•
100%
Feb
Preferred
100 100
100 100
Oct 107 May
10 z100
Blue Ridge Corp
134( 13%
20 134( Oct 2934 Aug
Boston Personal Prop Trust 30
30
Oct 414 Sept
32%
190 80
Chicago Stock Exchange.-Record of transactions at
Brown & Co
80
82
Oct 94
200 80
Jan
Columbia Grapbli
40% 5245 2,490 4034 Oct 88% Jan Chicago Stock Exchange, Oct. 19 to Oct. 25, both inclusive,
Continental Securities Corti
62
86
Oct 120
106 62
Mar compiled from official sales lists:
Cont Shares Inc corn
56
70
56
Oct 78 Sept
9,023 56
Credit Alliance Corp el A._ 28)5 28
32
Oct 47% Jan
5,335 28
Friday
Sales
Crown Cork & Intl Corp.. 14
1614 2,357 14
14
Oct 20% Aug
Last Week's Range for
Range Since Jan. 1.
Detroit Aircraft Carl)
954 Oct 1554 Oct
100
94 914
Sale
of
Prices.
Week.
East Boston Land
10
4%
44 5
3% Oct
850
8 MAY
StocksPar. Price. Low. High. Shares.
Low.
High.
East Gas & Fuel Assn corn _
36
36
42
2,861 3245 Aug 554 Sept
100 77
434% prior pref
Oct 83 Sept Abbott Laboratories cOm-• 40
7634 78
300 76
3855 42
800 3834 Oct 52 May
100 91
6% cum pfd
91
Oct 9444 Oct
1,259 91
93
Arnie Steel Co ___ ____26 109
100 115
1,850 8344 Feb 145
Aug
Eastern 1313 Lines Inc_ _ _2o 99
99 112% 2.514 99
Jan 1274 July Adams 31 I)) Mfg cem--.• 3445 3345 38
1.000 2654 Aug 4314 Feb
Preferred
• 47
47
Apr 50 Sept Adams Royalty Co oom--• 11
47
530 45
11
1534 2,550 11
Oct 25
Jan
Eastern Utility Inv Corp__ ------ 25
25
Jan 30
229 12
Aug Addressograph Int corn,.' 32
3134 34
8,500 3145 Oct 3634 Sept
Scummy Grocery Stores
41
40
96
312 22% Jan 59
Oct Ainsworth Mfg Corp oom10
35
3845
700 3445 Mar 5834 Aug
Rights
Oct
470
3
34
3
33( Oct All American Mohawk A-5
5
7
11
2,900
5
Oct 39
Jan
Raison Flee Ilium
100 275
270 299% 4.478 270
Oct 440
Aug allied Motor Ind Inc eoru.• y37
36
434 8,100 2954 Mar 574 Feb
Iiknpl (Rom) AaeOe
31% 31
Oct 4954 Jan
3554 5,928 31
Preferred
• 534 49
5645
550 46 May 5534 Oct
Galveston nous Elea pf 100
20
29
80 20 Sept 61% Jan Allied Products "A"
•
5654 5754
650 6914 Jan 81
May
General Capital Corp
61
Oct 83 Sept Altorfer Bros Co cony pia •
58
70% 4,837 58
40
4034
250 86 June 63
Jan
Georgian Inc(The) DI A-20 1214 1045 12%
160 10% June 1714 Feb Amer Commw Pow "A" •
2434 3154 11,350 21 May 3236 Aug
German Credit & Inv Corp
Class B
•
46
100
2345
May
4634
Oct
4634
25% lot pref
16
Sept 20
16
400 18
Jan Amer Equities Co corn.. • 2735 2755 3034 6,000 2734 Oct 3334 Aug
Gilchrist Co
• 21
19
Oct 335( Jan swot Pub dery pref. _1(8i
2145 1,055 19
10114 102
300 9954 Jan 1084 Aug
Gillette Safety Razor 00.• 1244 123 133
981 10014 June 142% Aug Amer Radio & Tel Eit Corp*
64
514 8
1,850
544 Oct 3754 MO
Greenfield Tap & Die_ __25 16% 16
Jan 25% Sept American Service Co.cow• 10
18
340 12
9
10
4,000
9
Oct 16
Feb
Greif Bros Coop'ge class A.
45
Jan 50 Sept Am States Pub Ser A corn.•
45
20 39
28
29
950
Aug 29
2554
Jan
Hathaway Bakeries CIA..
Oct 47
39
38
145 38
Jan art Metal W as Inc Corn,.' 2845 2544 34
8,918 2536 Oct 5734 Feb
Class B
27
2545 30
1,529 25% Oct 3514 Feb limo° Investment Co_ •
62
6455
300
Oct
6644
4814
Aug
Preferred
Jan 130 Sept Assoc Tel & Tel el A
120 125
50 110
•
60
60
450 5954 Oct 6236 Sept
•
Hood Rubber
32
110 18
31
May 394 Sept Assoc Tel OBI Co com---• 3244 30
38
27,600 26 June 52
Aug
Hygrade Lamp Co
38)4 38% 4351
85 3634 Sept 52% Jan
Was Stores Corp corn...* 30
30
33
1,650 30 June 744 Feb
Preferred
98
98
70 9314 Sept 108
Feb Auburn Auto Co corn ___.• 230
200 395
8.750 13154 Jan 510
Sent
Insurance Sec Inc
10
July 3311 Jan Automat Wash Co cony pf* 20
25% 25%
100 25
20
223.4 1,900 20
Oct 40 May
Insuranshares Corp cl A.
150 1734 Oct 2414 July Backstay Welt Co corn. •
1754 1754
40
404
450 373-4 Sent 5234 Jan
Internal Carriers Ltd eon. 18% 14% 21% 19.101 1434 Oct 284 Sept
Balaban & Katz v t c...25
79
76
150 69 May 88
Jan
International Corn.
19% 2754
985 1934 Oct 10255 Feb Bancoky Co (The) com.10 28
2854 3134 13.870 2654 Oct 3494 Oct
Intl Hydro Elor System A
61
10 43 May 61
61
Oct Bastian-Blessing Co corn-. 45
4974 1,400 35
38
Mar 62
Aug
Jenkins Television nom._
735
634 Oct 12
7
1,808
8
Aug Baxter Laundries Inc A...• 17
1834 2,050 13
13
Oct 28
Jan
Kidder Peab scam A p1100 90% 9034 90%
70 9014 Apr 9344 Feb Beatrice Creamery com-50
108 115
550 78
Mar 130
Oct
Libby McNeill & Libby-10 18% 17
255 1034 Apr 22
1854
Sept Bendtx Aviation com.---• 4845 41
5941 80,950 41
Oct 104
July
Za•w's Theatres_
_ _28
94(
94 Oct 13
203
94 9%
Jan Bina'Mfg Co cl A cony of• 26
26
27
950 26
Oct 8734 Jan
Marine Midland Corp__10
Oct 78
55
673.4
660 55
Oct Borg-Warner Corp oom_111 4834 37
5444 118,050 37
Oct 152
Jan
Mass Gas Co pref
100
75
75
56 744 Oct 85
Aug
100
9914 9954
50 9934 Oct 104
7% Preferred
Aug
Mass Utilities AM, cam_. 1114 10
14% 22,904 10 June 18 June Brach & Sone (E./) com..• 2141 2054 2215
950
Oct
2054
2914
Jan
Mergenthaler Ltnotype.100 103
103 1034
640 1004 Feb 11254 Mar Bright Star Elec Co A- •
434 5
550
435 Oct 26
Jan
National Leather
10
244 211
38
244 Oct
5% Jan
Class B
2
294
*
350
2
Oct 18
May
Natl Service Co
4 MAY
782
554 7
9 Sept Brown Fence & Wire ol A-• 20
2254
20
1,300
19
Sept 3654 Jan
New Eng Equity Corn-- ------ 39% 41
310 3434 Feb 4454 Apr
•
Claw
1634
1434
"B"
1,400
14% Oct 37
Jan
New England Pub Serv_ *
91
90
July 98% Jan Bruce Co E L common...* 60
130 89
73
54
3,600 40
Aug 8654 Aug
New Engl Pub eery pr old* 100
100 101
90 96% Oct 10434 Jan Runty& Watch Co tom--• 30
30
3651
800 28 June 40
SOPS
New Eng Tel & TeL.._106 160
160 170
1,524 140
Apr 175 Sent Bunts Bros common__ _10
2534 2545
100 25
Sept 3434 Mar
North Amer Aviation Ina814 Oct 19)4 May Burnh Trad Corp allot Mb 55
8% 8%
20
59
55
3,900 55
Oct 8544 Sent
Nor Texas Elec
100
1
Sept 10
1
60
Jan Hinter Brothers
2955 18,050 25
20 2645 25
Oct 45
Jan
Nor Texas Else let pf--100
5
4 Sept 35% Jan Campbell Wyant & Can
10
MUM)Mille
101) 30
2834 3034 1,280 28 June 8714 AIM
Foundry
• 32
35
30
1.000 30
Oct 49
Aug
Plant (Thos G) lot Pt _100
17
17
100 15 June 25
Jan Canal Constr Co cony pf.• 1436 1494 16
350 1434 Oct 2194 Jan
Public Utility Holding COM 2855 24
37
78.862 24
Oct 38
Oct Castle (A AD & Co
60
10 60
8645 4.450 60
Oct 7954 Jan
Reece But Hole MacbCol0 1734 17),c 17%
120 1644 Sept 1854 Mar CeCo Mfg Co Ins nom -.5 4131 40
4844 12,100 40
Oct 81355 Feb
Sec Immo DRY rem ea-- 40
as 43
1,695 38
Oct 49 Sept
Rights
14
114
5,200
4
Oct
634 Feb
Corp
Intl
Sec
Second
10 20
Oct 21
Aug Cent Illinois Sec Co Ws
3455 51,100 33
3355 33
Oct 40
Oct
Shay/mut Amen Con Kik__
2244 2054 24% 7,418 201( June 35 Sept CentraIIIIPubServ pref •
98
95
250 94
Mar 98
Jan
Sterling See Corp pref
28% 28%
25 2734 July 31
Jan Cent Pub Serv class A--_-• 5136 49
5645 39.600 35
Jan 5734 Oct
Stone & Webster Inc
134% 1345(
250 108 May 200
Aug
•
Common
76
75
250
24
Jan 76
Oct
100 132
132 138
Swift & Co
349 124
July 145% Sept Central SW OM Pret •
9854 99
300 94
Jan 103
• 78
Aug
Torrington Co
73
8154
665 70% Apr 85 Sept
Prior lien. Dna
• 10194 101 102
250 100
Jan 109
Aug
Tower Mfg
2
354 1,885
235
Oct 174 Feb
2
140
Common
•
13334
300 704 Mar 186
Aug
2744 35%
Tr-Continental Coro
690 274 Oct 561( Aug
New
2634 32,850 16
22
16
Oct 2614 Oct
50
52
Union Twist Drill
5455 1.957 25
Mar 65% July Chain Belt Co corn
• 46
48
50
600 4534 June 5934 Jan
United Carr Fastener Corp
21
21
35 21
Aug 2244 Sent Chain Stores Prod Corp Pf•
19
19
100 1854 July 2054 July
United Founders Corp..-- 65
46
7545 70,030 46
Oct 7554 Oct Chic City & Con Ry Pt Pt* 1691 1544 1531
600 14
Oct 31
Mar
United Shoe Mach Corp.25 67% 6355 7145 4,534 60
Aug 87
Jan Chicago Corp corn,.23
37% 205,250 18
• 35
Feb 73
Aug
25 31
Preferred
475 81
31
31
Oct 3154 Jan
Convertible preferred..' 45
4044 4934 39,150 4036 Oct 69
Aug
48
48
US Brit Inv $3 pfd allot elf
1155 88
Oct 48
Oct Chicago Flee AMR A
755 845
•
200
734 Aug 15
Jan
S Elec Power Corp
Oct 3394 Oct Chicago Flex abate cool 5 1736
3345 83,315 24
27% 24
1745 1736
250 1734 Sept 1754 Sept
US & Int Ser Corp pref.- 28% 28
855 28
Oct 5234 July Chic Investors Corp Corn
3655
35
' 2855 24
14,050 24
Oct 5194 Aug
lg 8& Overseas Corn Corn.. 30
13,845 30
Oct 38 Sept
35
30
Preferred
• 45
4855 10.950 41
41
Oct 58
Aug
25
Cone cOm•
15 23 May 3834 Sept City Rad lo Stores corn--• 313.4 30
25
32
700 24
May 363-4 Sept
Oct 155
1,975 99
Preferred
10045 99 116
Aug Cities Service Co corn __-• 49
43
6755 246.500 3834 AMC (584(
Oct
Venezuela Holding Corp
Apr
100
2
3
944 Jan
3
Rights
145
% 291 39,200
% Oct
244 Oct
Venezuelan Mt Oil Coro 10 79% 7614 79
11,045 66
Feb 83 Sept Club Alum Bien Co
334 535 2,700
•
344 Oct 3454 Feb
Waltham Watch Class B
Aug 83 'Oct Coleman Lamp & Stove25 46
83
81
Prior preferred
Oct 102
10 98
100
98
98
Jan
45
Common
•
45
50 45
Oct 80
Feb
Warren Bros
90 139
Apr 20754 Oct Commonwealth Edleon.100 342
174 203
50 174
33014 384
11.175 209
Jan 44954 Aug
let preferred
Aug 6554 Oct
235 41
ao 61% 59 62
Rights
32
38
30
34,000 28
Oct
Oct
3944
2d preferred
Apr 63
15 50
50
60
60
Oct Community Tel Coalmine 27
28
27
750
June 353,4 Feb
Westfield Mfg Co corn__ 32% 32% 37%
Mar 8814 June Com'ty Wat Serv corn...' 184 184 204 1,050 2814
970 27
1614 Oct 214 Oct
Whitenights Inc
355
Oct
250
250
1734 Jan Consol Serv Co et( of dep-- ------ 35
250 500
100 35
35
Mar 38
Aug
Whittelsey Mfg Co A
Oct 14% July Construction Material...* 18
6
690
8
7
654
18
224
500 18
Oct
Feb
• 4014 3654 4135 1,050 3636 Oct 38
Preferred
55
Feb
MintntiOnneureere Co eommon 5
845
745 845 2,750
7
Mar 1394 Jan
Arizona Commercial
5
134 Sept
145
Vot. tr. Mfg. pur. warr.•
534 Jaa
134 144 3,007
3
3
3
750
254 May
Jan
844
Calumet & Hecht
26 3634 3435 40
1,235 344 Oct 60)4 Mar
7% cum preferred-100 85
85
85
350 85 June 80
Feb
Cliff Mining Co
25
Oct 38
15
25 15
15
Mar Coat Chlo Corn allot etts_• 7741 71
82
84.090 21
mit 07 LC Rant
OCT. 26 1929.]
•
Cord Corp
Corp Sec of Chic allot ctf
25
Crane Co common
Curtis Lighting Ina cam
Curtis Mfg. Co cony
5
DeckerC&Co"A"com -100
•
Dexter Co (The) oom
El Household URI Corp_10
Else Research Lab Inc_ •
Empire G & F7% pref_100
6% preferred
100
Em[,Pub Service A
•
Federated Publica's $2 Pf-•
F te Bros G & M Co.__ 5
General Box Corp coin_ •
General Candy Corp cl A 5
GenTheatEqCorp com___•
Gen Water Wks& El A __.•
Gerlach Barklow corn
•
Preferred
Gleaner Corn Harv com__•
Godchaux Sug Inc "B" •
Ooldblatz Bros Inc corn_ .•
Great Lakes Aircraft A__•
Great Lakes D & D_100
Greif Bros Co-op"A"oorn •
Grigsby-Grunow Co corn.*
OroundGrippShoescom _ •
Hall Printing Co com _ le
Harnischfeger Corp corn._•
Hart-Carter Co cony or •
Hart Schaffner dr Marx 100
•
Hormel G & A
Houdaille-HersheY Corp A•
•
Class B
Emma= Ligonier corn •
Illinois Brick Co
25
Indep Pneu Tool v t C _ *
Inland Util Inc el A
•
Insuli Util Invest
WIthout warrants
•
2nd pref
•
Iron Fireman Mfg Co v t e•
Jefferson Electric Co corn •
Kalamazoo Stove oom_ •
Katz Drug Co corn
•
Kellogg SwItchbd oom__10
Ken-Bad Tube&Lp A com•
Kentucky Util Jr cum pfd50
Keystone St & WI corn...
Keystone Wat Wks& El A'
La Salle Ext Univ com__10
lAne Drug oom v I
•
Cum Preferred
Lawbeck Corp(The) al ctf •
Leath & Co common
•
Cum preferred
•
Lehman Corp(The)cap stk.
LIM), McNeill & Libby _10
Lincoln Printing oorn____•
50
7% Preferred
Lindsay Light Co com-10
Lion Oil Ref Co corn
•
Loudon Packing Co
•
Lynch Glass Mach Co___•
2663
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Stocks (Continued) Par. Price. Low. High. Shares.
21
72%
11
17%
67%
84%
18%
39%
29
16%
100
30
15
40
31%
29%
22%
160
51
28%
28%
27
26%
82%
98
30
58
9
21
37
254
11
19%
38%
98
19%
22%
44%
23%
20
•
McCord Rad Mfg A
McGraw Electric Co coin.' 37
MoQuay-Norris Mfg Co_
58
Manhattan-Dearborn oom• 46%
Marks Bros Thee pref_• 144
Material Service com_ _10
53
Meadow Mfg Co corn. _ •
Mer & Mfrs Sec el A com.• 25
Mid-Cont Laund A
•
Middle West Tel Co corn... 25
355
Middle Welt Utilities
New
36%
404
Rights
100 119%
Preferred
• 109%
88 cum preferred
$6 cum prior lien pref. •
100 125%
Prior lien pref
Midland Steel Prod corn.' 95
Midland United Co corn. •
Midland Util 7% prof A100 97
Miss Val ULU Inv pr In pfd
MO-Kin Pipe Line corn. • 22%
M °dine Mfg corn
• 62
_
Mohawk Rubber Co corn.'
Monroe Chem pref
•
Common
•
Monsanto Chem W new • 70
Mosser Leather Corp corn •
Morgan Lithograph corn' 15%
Morrell & Co too Ctfe___.• 66%
Muncie Gear class"A"...•
6
•
5
Common
Muskegon Motilpee con•A• 22
Nachman SprIngf'd corn_., 49
Nat Battery Co pref
• 37
Nat Elea Power A narri__ • 31%
National Leather oom __ _10
241
Nati Republic invest trust
58
Nat Secur Invest Co corn.' 35
Certificates
• 100
Nat Shareholders corn. e 2534
Nat Standard
• 38
Nat Term Corp
cornpart pfd.• 16
Nat Un Radio Corp corn.' 19
Nobblitt-Sparke Ind oom_• 50
North American Car etorn_• 44
North Amer 0 & El al A.
22%
No Am Lt & Pr Co corn..' 694
NorthAm WatWkshrEl'A' •
N & S Am Corp A corn_ • 31
Northwest Bancorp com-50 82
Rights
1%
Northwest Eng Co corn..' 26
Ontario ittfg Co eom
• 36
Oshkosh Overall Co corn.*
Convertible preferred_ _• 17
Fac Pub Sec Cool"A"come
Parker Pen(The)Co corn10 45
Peabody Coal cony B
•
Penn Gas & Else "A"oom•
Peoples Light & Power A..
, 47%
Perfect Circle (The) Co •
Pines Winterfront own__
54
Polymet Mfg new
29%
• 28
Poor & Co class II
•
Potter Co(The)cam
• 154
Proems Corp corn
Pub Serv of Nor III com__• 310
Rights
3554
• 295
Quaker oats co corn
100
Preferred
• 244
Q-R-E3 De Vry com
Railroad Shares Corp com• 114
Rath Packing Co earn In 28
Raytheon Mfg
49
16
71
44
25
27
76,250
30
100% 31,650
350
44%
650
29
600
29
Range Since Jan. 1.
Low.
16
71
44
20
27
High.
Oct 37% Sept
Oct 100% Oct
Sept 48% Mar
Oct
Aug 31
Jan
Sept 37
1,350
10
12%
174 18
550
3,000
65
76%
5
7% 3,600
50
91% 91%
200
84% 844.
1,300
27
28%
150
32
32
18% 22% 8,350
450
10
10
250
6
6
35
514 6.450
29
31
1,050
16
600
17
21
250
20
4,81
100 121
34% 35
700
1,25
28% 33
13
17% 16,30
4
210 210
44
250
455e.
30
59% 421,700
39
39
50
284 34%
3,200
284 31
1.000
20
22% 4,600
100
160 160%
50
52%
900
23
38% 10,600
2354 39
9,900
264 29
370
26
600
27
750
60
66
25% 27
7,350
99 142,300
65
400
884 88%
95 100
9,300
29
4,600
33%
1,400
39% 42
100
88
88
6,200
51
66
75,4 11% 12.450
20% 25%
7.250
150
52
52
3.000
35% 39%
42% 43%
200
250
2% 2%
2,200
74 13
18
21
1,300
9214 94%
100
45
15
15%
37% 40
60
1,75
96 105
16% 20% 44.400
21% 24% 3,350
42% 44%
55
900
5% 6
22
28% 17,85
53
53
5
85
20
21
Oct
10
16
June
Jan
30
Oct
5
91% Oct
84% Oct
24
may
Jan
25
1855 Oct
July
8
6 June
Aug
31
2554 Sept
1554 Aug
20
Oct
Mar
90
1554 June
28
Mar
Oct
13
190
AP
39% Feb
Oct
30
35% Feb
23
Mar
28
Oct
20
Oct
July
160
3314 Jan
23
Oct
23% Oct
254 July
25% Aug
Jan
54
24% Aug
30
Jan
84% June
Oct
95
24% Jan
3934 Oct
Oct
88
28% June
7% Oct
19
June
50% Feb
3534 Oct
42% Oct
214 July
734 Oct
18
July
92% Oct
14
Sept
374 Oct
96
Oct
38
38
200
36
38% 6.950
450
55
60
45
52% 11,900
14
15%
1,400
284 31%
400
4
64 4,550
20
29% 6.700
18
22%
650
850
24% 27%
6.750
300 420
42% 568.350
30
24,950
30
53
2.550
1194 119%
450
1094 109%
50
110% 1104
850
125% 125%
50
95
95
10,650
22% 30
100
97
97
50
93%
92
32% 29,350
19
1,850
65%
60
200
20
20
50
35
35
50
18
18
200
71
48
50
10
10
70
15%
14
300
66% 70
20
6
5
1,55
5%
4
4.15
24%
19
1,65
49
543-4
1,400
40
35
7.900
27% 40
24 234 4.050
2.850
61
56
3034 4114 11,350
2.250
95 102
2,600
25%
25
2,850
3754 41
550
154 16%
10,900
24
15
4914 58%' 8.850
30
4934 6,600
1,500
20% 23
67
704 7,750
400
23
22
243-4 343.4 15.000
3,700
90
79
14 14 2,300
210
29%
25
800
39
35
150
4
6
300
17
18
1,200
294
21
850
464
44
50
174 17%
1714 20% 2,000
1,400
474 53%
-60
464
41
4,700
52
67
364 6,450
29
400
28%
28
600
27
32
184 3,959
13
341
300 330
41% 6,148
31
290
295 305
12
103 108
247-4 3554 4,95
11
12% 71,41
600
25% 29
40
52
2,500
323-4 Sept
36
Oct
5214 June
45
Oct
14
Oct
28
July
3
Oct
20 June
18
Oct
24% Oct
157% May
30
Oct
30
Oct
116
June
98
Jan
90
Jan
119
June
90 June
22% Oct
90
Mar
88 June
19
Oct
48
Mar
20
Oct
35
Oct
15% July
48
Oct
10
Sept
14
Oct
58% Apr
Oct
5
Sep
4
19
Oct
49
Oct
35
Oct
27
Mar
214 Aug
56
Oct
Feb
25
95
Oct
25
Oct
3754 Oct
14% May
15
Oct
82% Mar
30
Oct
1834 June
Sept
67
22
Oct
2414 Oct
Oct
79
14 Oct
25
Oct
20% July
Oct
6
17
Oct
Oct
21
Apr
44
8% June
17% Oct
4614 May
41
Oct
52
Oct
29
Oct
224 Mar
27
Mar
13
Oct
205
Jan
31
Oct
294
June
100% July
24% Oct
11
Oct
25% Oct
40
Oct
lox may
20 June
42
Jan
354 Jan
22 [Oct
404 Apr
20
Mar
Jan
27
2634 July
90% Sept
224 Jan
984 Mar
96% Jan
July
37
324 Oct
32% July
11% Oct
May
10
66
Sept
31% Oct
Fet
26
Feb
30
149
Aug
Sept
38
Jan
36
Jan
32
July
290
48
Sept
694 Sept
4834 Sept
Oct
36
3354 Sept
344 Jan
Feb
190
58% Sept
591 Feb
Feb
511
30% July
Jan
41
67% Sept
27% Oct
149% Aug
90
July
108
Aug
Aug
38
Mar
59
131
Jan
Oct
73
19% Jan
Feb
42
5254 Mar
58
Jan
451( Oct
554 Jan
29% Jan
32
Jan
10234 Jan
25% Mar
46
Jan
135% Sept
22)4 Sept
28
July
46
July
7% Oct
3834 May
60
Feb
30
Jan
44% Jan
3954 Oct
76
May
54% Aug
3354 Jan
424 Jan
294 Feb
38% Aug
3534 Feb
28% Sept
570
Sept
Sent
50
704 Sept
202
Sept
194
Sept
194
Sept
212
Sept
122
Sept
3514 Sept
102% Sept
98
June
4234 May
75
Jule
66
Jan
51
Jan
26% Jan
8014 Oct
Jae
2434
56% Jan
80% July
81
Jan
Jan
30
3634 Jan
7634 Feb
64
Jan
661( July
5% Jnn
7234 Sept
6534 Sept
118
Sept
25% Oct
56
Feb
Aug
20
43% Sept
6414 Oct
70
Jan
26
Feb
90
July
25% Sept
Aug
44
99% Sept
1% Oct
48
Feb
45% Sept
154 Mar
27
Mar
38% soot
Jar)
57
30
Aug
314 July
Feb
58
Aug
67
9054 Aug
41
Oct
4314 Aug
44% May
83
Jan
435
Aug
45% Oct
369
Feb
120
Jan
Sept
52
1254 Oct
Sept
44
81% Apr
Saks
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Reliance Mfg Co corn_ _ _10
RollinsFlos Mills cony Di-•
Roes Gear & Tool
•
Mfg Co corncorn._Rud
Ryon Car Co(The) com.25
Ryerson & Bon Inc corn...•
18%
51
39
36
10
391i
19
53
42%
39%
Sally Frocks. Inc. corn...* 25
Sangamo Electric Co _-• 38%
Seaboard Util Shares Corp' 11
Sheffield Steel Corp corn.' 65
Signode Steel Strap warn
30 26
Preferred
So Colo Pow CIA corn... _25 27
Standard Dredge cony DI-• 28
• 25%
Common
19
Standard Pub Serv
• 154
Stelnite Radio Co
30
Sterling Mot Tr pfd
Stone & Co (11 0)corn --• 35%
Studeb Mail Order corn-. 14
• 23%
Class A
Super Maid Corn earn....' 52
Sutherland Pap Co corn _10 12%
100 135
Swift & Co
15 31
4wift International
•
Tenn Prod Corp corn_
Thome Co (J R) com_ _ _25 39%
Time-043i Controls "A".• 27
TN-Utilities Corp corn •
Unit Corti of Am prof...-' 18
United Drydocks Inc corn • 12
• 34
United Gas Co corn
Un Repro Corp part pi A • 14
20 74
flSGyp,um
• 1754
Lines Inc pref
US Radio & Telev corn ' 24
Utah Radio Products corn*
Ut & Ind Corp. 00m
• 31%
• 35
Cony. pref
Utilities Pow&LtCorPcIA • 40
• 22
Common
Van Sicklen Corp part A-• 27
Viking Pump Co corn....* 16%
• 26
Preferred
•
Vogt Mfg common
• 23
Vortex Mfg
•
Class A
•
Wahl Co(tom
•
Warchel Corp pref
Ward(Montg y)&CocIA- •
Waukesha Motor Co oom • 155
Wayne Pump Co corn_ *
Convertible preferred--• 29%
_• 204
West Con 1.311 Inc A
Western Grocer Co com _25 15%
West Pow Lt&Tel lit pt A'
Wextark Rad SW the, many 424
•
Wieboidt Stores Inc
Williams 011-0-MAW( own*
Winton Engine Co corn ' 6051
Convertible preferred'
Yates-Amer Mach part PI• 23
Yellow Cab Co Inc (Chia)• 26%
Lenitia Radio Corp oom__• 294
29
39
12%
73
1%
26
28%
31%
31
20%
19
25
36
15
24
56%
133-4
137
33)4
16%
42
32
53
20%
12
40
18
644 76%
174 17)4
224 35%
18%
11
41%
28
434
30
39% 44
19% 28%
27
28%
16% 16%
2554 267-4
28
28
214 27
31
27
13
15
28
21
129 133)4
155 170
16
16%
33%
29
204 22%
13
15%
29
27
55
40
37
35
13
15%
Ng 70
69
68
244
21
29
25
2534 38%
25
37
10
60
14
26
21%
27
24
18
14%
25
34%
14
23
50
124
133%
30
14%
39%
26
53
16
1154
31%
63.4
BondsChic City & Con Ry 5s '27
Chicago City Ity 55...1927 78
Chic GA9 Lt & C Co fas 1937
1927 76
Chic Rys 58
Certif of deposit 1927___ -----Commonwealth Edison1953
5s series A
Consumers Gas 1st 59 1936
El Paso Nat Gas 648_1938
1943
654s
Met West Side El 4s__1938
Northwestern Elev 5s_1941
Pub Serv Cool Nor III1962
534s
South Gas ULU 634s A 1939
1944
Swift & Co 1st 5s
• No par value.
22
5634
434
36%
10
424
1,750
2,600
2,650
100
150
1,800
1,650
700
81.450
1.300
550
100
950
5,600
2,950
2.100
7,350
150
1,550
1,950
1,250
5,050
300
4,550
6.900
40
90
800
10
12,800
95
2,800
6.550
25,850
2,950
2,850
13,800
79,600
29,150
750
2,060
1.100
200
1,400
100
2,650
2,300
800
400
1,950
150
150
450
250
400
100
14,32
400
3.850
1,15
100
6,650
5.250
30,730
Range Since Jan. 1.
as
36
8
87
66
79
101
994
106
103
71
7034
19,000
101
9954 5.000
5.000
106
5.000
103
9,000
73
1,000
7014
103 103
984 9834
1004 100%
1,000
3,000
1,000
Oct
Oct
Oct
Aug
Jan
July
25
Oct
3514 Jan
10
Oct
58% Apr
14 June
24
Oct
21% Oct
27
Oct
24
Oct
17
Oct
14% Oct
Oct
25
3414 Oct
Oct
10
15
Aug
Mar
50
12% Oct
124% June
Oct
30
14% Oct
394 Oct
Mar
26
45
Aug
16
Oct
11% Oct
22 June
6% Oct
45% Apr
17% Apr
22% June
11
Oct
20% Feb
25
Feb
27% July
194 Oct
26
Sept
15
May
224 June
28
Oct
2154 Oct
27
Oct
13
Oct
Oct
21
129
July
Oct
155
16
Oct
Oct
29
204 Oct
Oct
13
Oct
27
June
87
Oct
35
Oct
13
60% Oct
Mar
57
Oct
21
Oct
25
25% Oct
7.000 85
10.000 78
6.000 10034
13.000 76
76
76
78% 79% 13,000 7534
66
78
wog wog
High.
Low.
18%
51
30%
6834
57
44%
18
50
Jan
Aug
Feb
Mar
Jan
July
35
Sept
46% Jan
1814 Sept
Jan
90
44 Jan
32% Jan
35% Sept
61
Feb
89% Mat
33% Feb
Jan
49
Feb
86
38% Oct
22
Feb
Jan
30
Jan
74
Jan
21
Aug
145
Aug
46
28% Jan
Jan
62
Aug
50
Sept
61
87% Jan
Jan
23
51% Sept
42% Jan
923.4 Sept
Aug
19
141
Feb
Jan
66
55
Aug
Aug
55
55% Sept
July
40
3814 Jan
19% Aug
May
32
35% Aug
32)4 Sept
Aug
42
Jan
27
Jan
36
135
I3e911
210
mar
Apr
35
46
Jan
28% July
Jan
25
8514 Jan
74% Sept
Jan
57
29% Jig
Sept
77
Jan
94
323i Apo
Jan
85
6214 Feb
Jan 84
May
Oct 8734 July
Oct 1014 Feb
Oct 8834 Mar
July
Oct 85
9934 Mar 103
994 Oct 9954
99
May 118
9834 Jan 112
71
Oct 783.4
Oct 96
78
Mar
Oct
Aug
Aug
Feb
Feb
98% Apr 98% Apr
Feb
9634 Sept 102
y Ex-rights.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Oct. 19, to Oct. 25, both
inclusive, compiled from official sales lists:
Stocks-
.sales
Friday
Last IVeek's Range for
Ilteek.
of Prices.
Sale
Par. Price. Low. High. Shares.
2%
•
Almar Stores
•
American Stores
Bankers Securities pref._ 50 43
Bell Tel Co of Pa pref.-100 11454
Bornot Inc
• 1534
Budd(E G) Mfg Co
Preferred
49
Budd Wheel Co
Preferred when issued_._ ______
50
Cambria Iron
Camden Fire Insurance... _ _2754
614
Central Airport
Commonwealth Cas Co_10
Consol 'Frac of N J_ -100
Cramp Ship & Eng_ _100
Electric Storage BatterY 100
10 44
Fire Association
Fishman & Sons A
59
Horn & Hardart(Phil)com•
Horn&Hardart(NY)corn.
100
Preferred
Insurance Co of N A_ _10
Interstate Equities Corp__ ______
Empire Corp
1334
Keystone Watch Case-- •
Lake Superior Corp_ _ _ _100 15
Lehigh Coal & Navin_ _ _50 14014
Manufacturers Cas Insur__ 384
Mark (Louts) Shoes Inc_ •
Minehill & Schuykill Hav50
Penn Cent L AC P cum pf__*
Pennroad Corp
Pennsylvania Insurance__ _
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50 1054
Phila Dairy Prod pref
Phila Elec Power pref _ _ _25 32
Phila Insulated Wire
*
43
Philadelphia Inquirer
Preferred (when Issued). 4834
Phila Rapid Transit_ ___50 45
50 43
7% Preferred
Phlla Germ dr Norris RR 50
Philadelphia Traction_ _ _50
Phila. & Western Ry ___ _50
2
.o
"..-.--.
Range Since Jan. 1.
Low.
High.
84 Jan
214 Oct
234 6% 9,740
Jan
6414 6534 20,700 64% Oct 97
Oct 6334 Jan
24,100 43
48
43
May
June 118
995 114
1144 114%
8% Jan 1034 Oct
600
104 1014
154 1634 74,600 14 June 6774 Mar
Jan
Jan 94
564
809
79
75
Jan 1087-4 Mar
5,900 34
65
42
BMA
Oct 22
100 17
17% 1734
Jan
Oct 78
50 30
3834
38
Oct 4254 Jan
11,700 30
30
27
May
654 Oct 13
100
654 634
1.800 22 June 3374 July
264
23
Jan
Oct 61
100 46
46
46
314 Mar
% Oct
100
4
14
Oct
1.034 79% June 102
9754
93
Oct 5234 Mat
2,900 43
46
43
Aug
Oct 81
3,600 43
70
59
Oct 235
Sept
10 205
205 205
1,800 5034 Oct 6434 Sept
5034 54
Fell
25 994 Aug 108
100 100
Oct 9134 Oct
3,000 80
84
80
Oct 203-4 Oct
2034 5,600 18
18
100 1354 Oct 1354 Oci
1334 1354
52 474 Jan 56 June
56
56
Jar
May 42
1434 1834 17,000 14
Oct 171
Atil
1,500 133
133 150
Jar
Oct 71
454 5.410 37
37
34 Jar
14 Aug
14 154 9.200
70 534 Oct 5334 0c1
5354 5334
Fel
20 733-4 Sept81
76
76
Jul)
1914 2034 77,600 15% May 30
Mai
Oct175
4,300 125
125 139
Aur
Mar 110
38,500 73
9214 101
sop
June 116
1,000 89
1043-4110
Jar
July 93
171 85
92
90
323'4 7.300 314 Sept3434 Ma
32
Jan 66
Aur
90 57
66
60
Oct53% Oc
400 43
45
43
Oct534 Aui
1,800 48
50
48
Oct5354 Ain
1.410 45
48
45
Oct 5774 Jai
4534 4,885 43
43
Feb 13234
Jai
44 126
126 126
500 4134 Oct 5574 Jai
464 4634
900
2
Oct
354
934 Jal
2
92(1 23ki
200 2334 Oct 3034 Jai
2664
FINANCIAL CHRONICLE
4
31
3734
9534
5674
22
1834
5374
RightsBudd Wheel
Fischman
General Asphalt
United Gas Improvements
14
Si
4
4
34
534
14
1% 13,200
1
2,300
84 2,900
234 10,600
BondsConsol Trac NJ 1st 581932
Elec & Peoples tr ctfs 4s '45
Phlia Elec (Pa)Ist lien & ref 5s____1960
1st 5s
1963
let lien & ref 554s__1947
Phila Elec Pow Co 53-4s'72
78
44
78
$3,000
4853 10,000
1024
10174
10-1
10454
10234
800
104
9,500
104
13,000
106
40,000
Rtretchridra A. CInth to '48
04 44
AA t4
5000
Oct 8454
Oct 26
Aug 2334
Oct 3351
Jan 8154
Oct
94
"is
Oct
Sept
4
Oct 357-3
Sept 4253
June 215
Oct 814
Mar 49
May 5934
Mar 95%
Jan 6474
Apr 263-3
Oct 2534
June 57
74
Oct
73 Oct
5% Oct
154 Slay
76
44
July
Oct
Jan
Jan
Oct
Jan
July
Mar
Oct
Jan
Apr
Oct
Feb
Oct
Oct
Sept
Sept
Sept
Oct
Jan
Oct
4
Sept
1
Oct
1074 Oct
3"i,July
Jan
Jan
8434
5434
Jan
10031 May 105
101
Oct 10533 Jan
Apr
104
Oct 107
Jar
Oct 106
104
04,
4 Oct 100 t4 Feb
• No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Oct. 19 to Oct. 25, both
inclusive, compiled from official sales lists:
h rway
Sales
Lau Week's Range for
Sale
Week.
of Prices.
Par. Price, Low. High. Shares,
Stocks-
Allegheny Steel corn
*
Aluminum Goods 'Mfg..*
Amer Vitrified Prod, pf 100
Arkansas Gas Corp corn__*
10
Preferred
Armstrong Cork Co
•
Blaw-Knox Co
25
Carnegie Nietals Co
10
Clark (D L) Co corn
•
Consolidated Ice pref___50
Crandall McKenzie & 11_ •
10
Devonian Oil
Dixie Gas & VOL pref- -100
•
Donohoes, class A
•
Duff Norton corn
Follansbee Bros pref...100
Barb-Walker Ref corn_ _ _•
•
Horne (Joseph) corn
Jones & Laughlin pref 100
Koppers Gas & Coke pt 100
25
Lone Star Gas
50
Nat Fireproofing corn
50
Preferred
Peoples Say & Trust _ _100
1
Phoenix Oil pref
Pittsburgh Brewing corn 50
Preferred
50
Pittsburgh Coal pref __100
Pittsburgh Forging
Pittsburgh Plate Glass _100
Pgh Screw dr Bolt Corp_ ..•
Pgh Steel Fdy corn
•
Plymouth 011 Co
5
San Toy Mining
1
Stand Steel Springs
"
Suburban Electric Dev *
Third National Dank.. _100
Union National Bank_ _100
United States Glass _25
United Eng & Fdy corn. _*
VanadiumAlloySteel corn *
Westinghouse Air Brake _it
Wiser Oil Co
25
Witherow Steel corn
•
UnlistedAmer Austin Car
Amer Fruit Growers pfd
Copper Welding Steel ____
Internet Rustless Iron_ _ __
Shamrock 011 & Gas
West Public Service v t c _
67
26
16
834
73
4734
1234
15
13
173-3
71
9914
50
2811
185
10
60
224
27
26
53
180
8
48
60
531
68
44
1774
33
Low.
Feb
66
69
202 60
Oct
26
27
720 26
Sept
79
180 79
79
14
20
6,775
334 Jan
7% Jan
834 8% 9,356
71
764 1,905 6134 Jan
July
39
544 10,166 38
Oct
12
15
1.150 12
995 144 Aug
1434 1534
2474
510 1933 Mar
20
24
26
Oct
400 24
12
1474 1,390
6
Mar
7531 80
Jan
485 70
17
174
70 1534 May
40
40
Oct
100 40
96
96
25 9474 June
71
73
Jan
953 52
37
37
20 33
Aug
122 122
10 119
Aug
9953 100
565 98
Sept
36
554 35,711 36
Oct
28
30
635 104 Jan
3433 39
415 28% Jan
185 102
79 160 June
50c 50c
300 300 Mar
2
2
48
14 Aug
25
53-3 514
571 Oct
500 8874 Apr
10334 1034
9
505
9
Oct
143-4
60
66
570 60
Oct
20
2434 8,918 20
Oct
27
2851
Oct
1,105 27
23
31
1,907 2233 May
4e
4c
4,000
3c Sept
55
62
Oct
755 55
19
19
Oct
20 19
180 180
Feb
66 150
515 515
Apr
5 512
8
Oct
1011
8
8
Jan
45
5074
1,395 38
72
73
Feb
275 60
56
5934
700 4434 May
Slay
1474 1434
25 13
53
6634 14,703 3134 Jan
534
70
60
4
14
25
RightsBlaw-Knox Co
33
BondsShamrock Oil & GM as
Range Since Jan. 1.
97
64 2,840
50
70
77
4.005
571 27.115
1774
7,165
3831 26.477
13-4
97
18,695
$2,000
High.
00
40
88
26
874
764
63
21
20
26
29
17
8035
174
4374
9933
75
40
122
10334
68
35
414
208
85c
4
8
10354
15
75
2874
65
36
25c
95
29
180
520
15
54
82
67
IS
80
Mar
Feb
Jan
Sept
Aug
Oct
Sept
July
Feb
Feb
Jan
Aug
May
Oct
Mar
Jan
Sept
Jan
Oct
Feb
Sept
Sept
Feb
Sept
Aug
Apr
Feb
Oct
Oct
Jan
July
Aug
Oct
Jan
July
Jan
Oct
Feb
Feb
Aug
June
Aug
Aug
Mar
54 Oct
Oct
70
Oct
60
4
Oct
Sept
14
2434 Apr
1234 Sept
70
Oct
80
Oct
9
Sept
1734 Oct
46
Sept
4 Oct
234 Sept
Oct
97
97
Oct
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Oct. 19 to Oct. 25, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low: High. Shares.
Appalachian Corp w I__ _.•
Arundel Corp
•
50
Baltimore Trust Co
100
Baltimore Tube
100
Preferred
Berl-Joyce Aircr Corp corn.
Black & Decker common..
23
Preferred
Central Fire Insurance_ 10
Century Trust
50
Ches Sc Po Tel Bait pf __100
Commercial Credit
•
Preferred
25
Preferred B
23
651% 1st preferred_ _100
Consol Gas E L& Pow_ _.•
Voting trust
6% Preferred son 0.100
571% pref w I ser E_ _100
5% preferred
100
Consolidation Coal_ _ _ _100
Preferred
100
Continental Trust
100
Drover de Mech Nat Bank_
Range Since Jan. 1.
Low.
8%
831 1054 2,995
8%
4354 17,135 38
41
38
864 165
220 245
245
12
12
12
63 56%
56% 63
12 1933
20
1951 20
56
53
5753 5.801 3174
345 27
27
27
27%
100 32
38
37
524 178
209 240
210
28 113%
11534 115% 11574
7 44
53
63
24
31
24
24
24
76 25
26
25
25
20 90
914
90
423 88
108 122
115
51 114
114 114
114
121 100
10951 109 109%
55 104%
105 106
106 100
100% 100% 104
340 11%
14
164
1514
5 40
45
45
50 200
253 253
88 392
417 440
Oct
Oct
Jan
Oct
Oct
Oct
Jan
July
May
May
Jan
June
June
May
Oct
Mar
Oct
Mar
May
June
Sept
July
Jan
Oc
@FedFRASER