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financial
rontrie
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State St Municipal Compendium
VOL. 123.
SATURDAY, OCTOBER 30 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3201.
World Court, their disgust over the large money expenditures at the primary elections in several of the
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But there is another consideration to be taken into
Treas. William Dana Seibert;Sec. Herbert D.Seibert. Addresses of all, Office of Co.
account, which the party managers with their cusThe Coming Congressional Elections and the tomary blindness to patent facts, are completely
ignoring, but which, in our estimation, based on conInfluences Affecting Them.
The country is on the eve of another Congressional tact with the voters concerned, is destined to affect
election and it is important that the influences likely next Tuesday's elections more than all the other cirto affect the outcome should be clearly understood in cumstances just mentioned combined. There is deep
order that there may be no misinterpretation of the dissatisfaction on the part of a considerable portion
result. It will not be necessary to wait long for the of the electorate with the tax reduction measure
decision of the electorate, as the elections take place passed at the last session of Congress. This is, of
the coming Tuesday. The present is what is called course, a factor that will have to be reckoned with in
an off-year, it being the intervening date between all parts of the country. To those cognizant only of
the last Presidential election and the one to come the smug satisfaction expressed by official Washtwo years hence. It usually happens in an off-year ington with the tax reduction law, or Revenue Act
that the party in power experiences some reverses of 1926 as it is called, it will no doubt be difficult to
from the successes attained at the previous Presi- credit the statement that any dissatisfaction predential election, partly as a consequence of apathy vails. But it does, and, what is worse, it is resentful.
and indifference on the part of the voters, and partly The explanation is very simple. For the part of the
because of a larger or smaller feeling of discontent population referred to there has been no tax reducon the part of the public with the course of legisla- tion at all, but-actually an increase, and the revenue
tion or the action of the Government. On the pres- returns, as they are now coming in, month by month,
ent occasion the indications are that the reverses afford impressive testimony to the truth of the
will be more pronounced than usual, with something assertion.
We have reference to the proprietors of the small
more than a mere probability that the dominant
corporations, those in enjoyment of moderately large
party may lose control of the next Congress.
If the outcome should be in accord with these in- incomes, of which there are thousands in different
dications a variety of reasons will undoubtedly be parts of the country. If these derived their income
assigned as the cause of the political setback. We from unincorporated business, or if they obtained it
will be told that the voters have manifested their from investments, they would benefit from the reducdispleasure over the failure to legislate for the relief tions that have been.made in the normal tax on indiof the agricultural sections, their dislike of the atti- viduals, which normal tax has been cut under suc/%
tude of the Government t...nd of Congress in sanction- cessive tax reductions until now the tax is only 112
ing steps on the part of the United States to join the on the first $4,000 of taxable income, 3% on . the
Tive Throrrucig
2170
THE CIMONICLE
[Vim.. 128.
next $4,000 and no more than 5% on the remainder Class. The bill was somewhat
improved in this
of taxable income. But they are not subject to the particular in its passage through
the Senate, the
normal tax. They are subject instead to the cor- House surtax rates being slightly
reduced in a porporation income tax, and this has been raised, not tion of these lower brackets,
but not enough so to be
reduced. It has been increased from the already of any great consequence
or to afford any substanlarge figure of 1212 to 13 %. Ostensibly, the tial relief as an off.et
/%
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to the 1% increase in the
additional 1% is meant to count as an offset to the corporation income tax.
Remember, there is the
repeal of the capital stock tax. But while there were additional hardship that,as
just stated,the maximum
some good reasons for the repeal of the capital stock surtax rate of 20% under the
new law is reached on
tax, certain objectionable features being connected incomes running in excess
of $100,000, while the
therewith, the two by no means constitute exact previous 40% rate did
not apply except on incomes
equivalents. In the case of the larger corporations, above $500,000. Adding the
20% maximum surtax to
those with big tangible assets, the capital stock tax the 18% corporation income
tax, it will be seen that
undoubtedly amounted to a great deal more than the we have even now 38% for the
two combined, and
additional tax of 1% on corporate incomes, and applying on everything above
$100,000 of income. If
these stand to gain therefore. On the other hand, now we go a step further and
add the personal inIn the case of most of the smaller corporations the come tax of 3% levied by New York
State and which
reverse is true. In this last instance the capital is applies on amounts of income exceeding
$50,000, and
represented mainly by good-will, with little tangible we have income taxes altogether of
41%. And this
assets, and hence the capital stock tax has been corre- eight years after the signing of the
armistice!
spondingly low, amounting as a rule to much less
Yet there has been tax reduction, and very heavy
than the additional 1% tax they are now obliged to reduction at that, but it has not been
for the benefit
pay upon their corporate net incomes. It follows of the proprietors of the small
corporations. The
that their tax burden has been augmented by the benefit has been entirely to those
on the one hand
difference between the two. Either 132 or 121 2% with very large incomes and on
/
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%
/
the other hand to
Is an inordinate tax to have to pay anyway, and the those with very small incomes. By
raising the permatter is made still worse by the circumstance that sonal exemption of an unmarried
person from $1,000
in many States the corporations have to pay a State to $1,500 and that of the head of
a family from $2,500
Income tax in addition. In New York the corpora- to $3,500 no less than 2,500,000
persons are relieved
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tion income tax is 4 %,making the Federal and the from the payment of any Federal
income tax at all.
State tax combined 18%—that is corporations in
It is here where the rub comes in. Senator Smoot
this State have to pay over to Government 18% of put the reduction effected by the new
law at $387,their entire net income before they can think of 811,000. In other words, it was estimated
that unpaying anything to their shareholders in the way of der the bill in its final form the loss in 1926
Revedividends.
nue would reach the large figure given. That is
If the proprietors of the small corporations under what makes the small corporation proprietor sore
Federal tax law were allowed a credit on their sur- to the point of absolute resentfulness. He
reasons
taxes equal to the difference between the reduced that some tax payers have had their taxes reduced
n normal taxes on individuals and the increased tax in the aggregate sum of $387,000,000. He is not only
on corporations it would be a simple act of justice not allowed to share in this reduction, but finds that
and they wquld be better off to that extent and be he must pay a larger amount of taxes than
before.
put on a basis of equality with the private individual. If in reducing the maximum of the surtaxes
from
But this is denied them and always has been denied 40% to 20% the amount at which the maximum
rate
them. Furthermore, the changes in the surtax rates was to apply had been left at $500,000,
instead of
under the latest revision of the Federal taxes have being lowered to $100,000, and the surtaxes had
been
also been to the disadvantage of the small proprie- cut in two all along the line from $10,000 up, he
tor. The maximum of the surtaxes, as is known, would have shared at least equally with the recipient
has been rednced from 40% to 20%. But the maxi- of large incomes in the cut in taxes in that respect.
mum is now reached on incomes of only $100,000, He would still have lost the benefit of the cut in the
where previously it was not reached until the income normal tax rates, which were reduced from 2% to
amounted to over $500,000. The result is that the 1 % on the first $4,000 of taxable income,from 4%
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benefit of the surtax reductions accrues almost en- to 3% on the next $4,000 and from 6% to 5% on the
tirely to those in enjoyment of very large incomes, remainder of his .taxable income. These reductions
leaving those whose incomes fall in the so-called in the normal taxes do not count in his favor, since,
lower brackets out in the cold.
as already noted, he is obliged to pay instead the
The surtaxes begin at $10,000, and the revenue much higher corporation income taxes. These latbill as it originally came from the House made no ter, even before the latest revision, were over twice
reductions at all in the surtaxes on amounts of as large as the maximum of the normal taxes, and
income running from $10,000 a year to $44,000 a now have been raised a further 1%.
year, comprising the vast bulk of the business comIn other words, before the present change the normunity—the small proprietors, the great Middle mal tax on the income of individuals (whether de-
••••I
Om 30 10264
TTTE CT1RONTCLE
.2171
of *100,000,000
rived from business or investments) was 6% and revenues and obviously the collection
of back taxes cannot be made to do duty a second
2
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/
the corporation tax 12 %, making the difference
the magnitude of the
against the corporation tax payer (and we have in time in seeking to account for
far • in excess of what
mind particularly the proprietor of the smaller cor- Government revenues—so
2
1
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porations) 6 %. Now, with the highest normal anyone had expected. The figures appeared in the
morning. They are pertax reduced to 5% and the corporation tax raised.to daily papers last Sunday
fectly astounding in the results disclosed. All the
2
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/
2
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/
13 %, the difference against the latter is 8 %.
is obviously a flagrant injustice in such dis- reduced tax rates were in effect in this quarter,
There
crimination, and the proprietors of the small cor- which was not the case in the June quarter, and all
porations are cognizant of it and feel bitter about it. the taxes eliminated by repeal also disappeared
The final result of all this discrimination is that in this September quarter, and particularly the remade in
the corporation proprietor finds that he alone has peal of the capital stock tax which had to be
for its full
had his taxes increased, while everyone else has had a single payment and always counted
his taxes reduced in one way or another. At one end amount in this September quarter. Nevertheless,
of the line 2,500,000 tax payers have been relieved total internal revenue receipts in this quarter of
altogether from the payment of Federal income taxes 1926 were actually somewhat larger than in this
by reason of the raising of the exemption limits, and quarter of the previous year, being $693,702,427,
at the other end of the line the heaviest tax payers against $691,701,061. The miscellaneous internal
have had their taxes cut in twain. That we are not revenue receipts were only $161,118,571, against
indulging in hyperbole, or making exaggerated and $267,372,008, the abolition of the capital stock tax
unwarranted statements when we say that the class constituting the biggest item in the falling off; but
of tax payers referred to have had their tax burdens the income tax collections for the period from
increased becomes incontrovertibly clear when we July 1 to Sept. 30 in 1926 increased $108,254,803
examine the Federal revenue returns since the enact- over the corresponding three months of the previous
ment of the new revenue law. These show tremendous year, the 1926 income tax collections having been
increases as compared with the corresponding pe- $532,583,856, as against $424,329,053 in 1925. Corriod last year, notwithstanding that $387,000,000 of poration tax receipts, we are told, alone accounted
taxes have actually been cut off. The first revela• for more than $85,000,000 of the increased collection on that point came when the figures for the tions, the Treasury Department adding—so the disJune quarter and for the Government fiscal year patches said—"that this was expected in the face of
2
1
/
ending with that quarter were made public at the the increased tax rate of 13 % instead of the for2
1
/
beginning of July. These figures included both the mer rate of 12 %."
But the explanation, Or attempted explanation, is
of the
March installment and the June inaallment
income taxes at the lower rates. They showed that crude and superficial. No such increase was looked.
The $85,000,Government revenues under the new law had been for in official or unofficial quarters.
a
under-estimated to the extent of about $250,000,000. 000 increase is the amount of increase for single
Treasury De- quarter, and therefore is at the rate of $340,000,000
In a statment made public by the
partment the surplus of revenue for the fiscal year a year. The capital stock tax for a full year
then just closed was reported at $377,767,816 and yielded roughly only $90,000,000. The present inSecretary of the Treasury Mellon in comment- come tax collections are based on the incomes of
ing upon the magnitude of the surplus, pointed 1925, which was a better business year than 1924,
out that Treasury computations "amended as to in- and a part of the increase, though only a part, may
ternal revenue receipts by the Government actuary be attributed to that fact. But in any event, the
upon the passage of the Revenue Act in February in- fact is clearly established that the additional tax
dicated a surplus of $130,541,756." In seeking to of 1% imposed upon corporate incomes far exceeds
account for the difference between this $130,541,756 the amount of the repealed capital stock tax and the
of estimated surplus and the real surplus, larger by heavier tax burden thus imposed has fallen, as we
$247,226,060, Mr. Mellon said that it was evident have already indicated, upon the proprietors of the
that sufficient weight had not been given "to either small corporations. Of course, these did not need
the increased efficiency of the Internal Revenue any figures from Washington to apprise them of
Bureau, which has brought in approximately $100,- the fact that under last winter's tax revision they
000,000 of back income taxes in excess of the amount are called upon to pay more taxes than before. They
estimated, or to the extent to which tax reduction knew that already, to their sorrow, since it had been
was anticipated by the tax payers, thus creating forcibly impressed upon them when they paid their
additional taxable income, and, cor.sequently, an June and September installments of the taxes under
increase of Government revenue in the last six the new law. That furnishes the reason why they
months of the fiscal year by about $111,000,000 are thoroughly disgruntled, and it is in human naover the estimates." This was not considered alto- ture that they should feel so when they ponder upor
the fact that with taxes actually cut in the huge
gether convincing, and yet had to pass.
But now come the figures for the Sept. 30 quarter sum of $387,000,000 their own tax bills are larger
showing an even larger expansion in Government than before. As one of these afflicted tax payers
2172
THE CHRONICLE
[VOL. 123.
said to the writer,"we feel that we have been given tion at 94, to yield 7.50% to maturity. The bonds
almost immediately advanced to a premium of more
a raw deal."
The matter is made all the worse for these tax than two points. The American price was made low
payers by the repeated statements that keep coming primarily to secure the success of the issue, but also
from official Washington that no further tax revi- probably to some extent so that the price might be
co-ordinate with the British offering, where condisions need be looked for in the near future, notwithtions are such as to demand an offering price perstanding the way in which tax receipts are piling up, haps lower than
could have been obtained had the
thus putting off the day when relief from these op- entire issue been offered in this
market. Of the
pressive tax burdens is to come. Is it any wonder approximately $50,000,000 bonds offered abroad,
in these circumstances that many of the sufferers about 70% were offered in Great Britain and the
should conclude not to vote at all in the present rest in Holland, Switzerland and Sweden.
The Belgian loan, issued in connection with an acyear's Congressional elections and some should have
cepted program for the rehabilitation of the entire
actually made up their minds to vote against the
fiscal situation, provides primarily for the stabilizaparty in power on that account.
tion of currency at a newly established basis of
Of course, there is no reason why any of the ag- slightly over 23 cents to the
4
franc, or to put it more
grieved tax payers should turn by preference to the exactly, 174.31 francs to the pound sterling.
This
Democratic Party, since this latest tax revision is done with the establishment of a new unit of Belmeasure was a non-partisan or bi-party measure, the gian currency, namely the belga, equal to five francs,
Democrats having fathered no bill of their own, but approximately 13.96 cents. This was designed to be
the unit of Belgian exchange in foreign markets, and
having co-operated with the Republicans in putting
bears a relation to the franc similar in kind to that
the bill of the latter through and being generally
borne by the pound sterling to the shilling, the unit
commended for so doing, though the effect always quoted abroad
being simply a multiple of a subon such occasions is to relax vigilance on behalf of sidiary coin. Foreign bankers,
however, have objecthe public by both parties. Nevertheless, resent- tion to using a currency unit not represented
by the
ment or dissatisfaction always makes itself mani- actual coin unit in which their balances are carried,
fest against the party in power as being the re.spon- and after quoting Belgian exchange in belga for a
sible agent. Therefore there is reason to think that few days discontinued doing so and are again quotthe Republicans all over the country will suffer as ing exchange in francs. Through the Belgian loan
gold reserves are provided for the stabilization of
a consequence at the coming elections, and it is of
the currency, and ways and means are also provided
the highest importance that the fact should not be for a satisfactory
handling of the floating debt, sinklost sight of. These business men, it should be re- ing fund, bond maturities and
other necessary conmembered, are not in the habit of carrying their ditions of a sound currency situation.
With this step Belgium takes her place with Great
complaints to Washington, and that is why they receive so little consideration at the hands of the legis- Britain and the other countries that have placed
lators. At election time, however, their action is their currencies on a gold basis, and made the necescalculated to be impressive, and that is the danger sary sacrifices to go ahead in their interchanges
with the world on the usual business basis. This
menacing the present Administration.
step on the part of Belgium has not only brought
signal success to the floating of its own bond issue,
The Financial Situation.
but has stimulated demand for other European bonds
In our last issue we indicated that the stock mar- to such an extent that bond dealers are
beginning
ket reaction appeared to have culminated in the low to find difficulty in supplying investors even
at adprices registered on Tuesday, Oct. 19, when the Dow- vancing prices, although a few weeks ago
many forJones industrial average stood at 145.66 and the eign issues were something of a drug on
the market.
railroad average at 114.70. The evidence for this
seems still clearer at present, inasmuch as all classes
On Tuesday a syndicate headed by Kuhn, Loeb &
of securities have been somewhat stronger on most Co. offered $25,000,000 Western Union Telegraph
trading days, the industrial average Oct. 27 stand- 25-year 5s, 1955, at par, yielding 5%. This
issue also
ing at 151.87 and the railroad average at 118.77. met with eager absorption, advancing almost
immePerhaps more convincing, however, than the move- diately to a large fraction of a point premium.
This
ment of these stock averages has been the action of issue would seem to mark the passing of the 5% yield
investment bonds. The Dow-Jones average of 40 in connection with bonds of the highest grade.
Durinvestment bonds, which had been almost stationary ing the past three years there has been a marked seaduring the entire course of the stock market reaction, sonal trend in connection with bond prices, high
has during the past week advanced steadily from day levels being scored in June and low levels several
to day, and in the meanwhile a number of large new months thereafter. If this tendency continues to perissues have not only met with instant success, but sist, 5% yields in connection with bonds of this kind
may be well out of reach by next summer.
have advanced readily to handsome premiums.
The recent stock market reaction had the advanConspicuous in this category was the $100,000,000
Kingdom of Belgium Stabilization Loan 1926, of tage for the bears of a somewhat unstable technical
which $50,000,000 7s, 1956, were offered in this coun- position in the market itself. On top of this came
try and the remainder abroad. The American por- the disaster in Florida, the sharp decline in the price
tion of the loan was handled by a syndicate beaded of cotton, and an approaching election with considby J. P. Morgan & Co. and the Guaranty Trust Co. erable uncertainty as to whether or not the present
of New York. The bonds were offered for subscrip- Administration would lose part of its support in
OCT. 30 1926.]
THE CHRONICLE
2173
Yesterday morning a syndicate headed by the
Congress. Consequently, with the starting of the
decline in prices, most of the brokers and all but a Bankers Trust Co. and Harris, Forbes & Co. offered
few of the advice agencies became extremely bear- $25400,000 International Paper Co. 6s convertible
gold debentures, 1941, at 98, yielding 6.20%. The
ish, predicting the beginning of a bear market.
few weeks ago pessimism was at its height and debentures follow $40,064,000 secured funded debt,
A
public psychology seemed prepared for calamities of and provide funds for a program of rapid expansion
almost any magnitude. However, as usual, the mar- required by the continued increase in demand for the
ket has been governed by fundamental conditions, company's products. Earnings during the past ten
the evidence of the soundness of which has been years have averaged approximately 2.7 times all
almost overwhelming, as revealed by such develop- charges( including interest on the bonds now being
ments as the reporting of more than $150,000,000 offered, and during 1925 2.3 times such charges.
net income in the first nine months of the current Earnings in the current year are running ahead of
year by a single corporation—the General Motors those in 1925. The bonds are convertible on or after
Co.; record earnings since 1920 in the third quarter April 1 1927 into an equal amount of 7% cumulative
by the Steel Corporation, and increase of the Nor- preferred stock, and the right is attached to each
folk & Western dividend by paying of an extra larger $1,000 bond to subscribe for one share of common
than was expected, namely $3 in addition to the regu- stock at $50 on or before Oct. 1 1928.
lar $7. Freight car loadings for the week ended
Oct. 16 were not only at a new high for all time,
Cotton again is king—that is, if reference is to the
1,210,163 cars, but scored a material increase over mere size of the crop, and not to the price that is
the previous record of 1,187,011 cars made in the being realized for it in the market. A yield of 17,
week ended Sept. 18 this year.
454,000 bales is now indicated for the current year's
There have been a large number of dividend in- crop, according to the latest report of the Crop Recreases, the most notable being the increase in the porting Board of the Department of Agriculture at
regular rate of Pennsylvania Railroad from $3 to Washington. This is far in excess of any preceding
$3 50 per share of $50 par value. Perhaps the mat- year, and is based on conditions in the fields on Oct.
ter of greatest influence in the market was the de- 18. These figures are 827,000 bales larger than was
crease in brokers' loans for the week ended Oct. 20 indicated by the Department on Oct. 1 this year;
by an additional $71,936,000 following a decrease of 2,228,000 bales larger than was estimated in the
$81,953,000 during the previous week. This decline Oct. 18 1925 report for the crop of that year, and
brought the loans to $2,655,118,000, down from the 1,350,000 bales in excess of the final ginning returns
recent high on Sept. 29 of $2,812,971,000, and com- for 1925. No previous year has approached in yield
paring with $3,141,125,000 on Jan. 6, when the loans the latest estimate. Every indication since Sept. 1
were first reported. Price movements have been has pointed to a much larger crop, just as it did a
another contributory factor in restoring confidence, year ago.
the Irving Fisher index of wholesale prices showing
Ginnings have recently jumped, showing that the
a small increase from 148.1 on Oct. 15 to 148.4 on crop has of late been gathered much more rapidly
Oct. 22.
than previously. The Sept. 1 estimate of yield for
The Government cotton report of Oct. 25, showing the current year's crop was 15,166,000 bales, and
a large additional gain in the estimate of cotton, ginnings only 694,000 bales. A year ago the Sept. 1
namely 17,454,000 bales, as against an estimate of estimate was 13,740,000 bales and ginnings 1,187,000
16,627,000 on Oct. 1 did not prove to be a securities bales. These figures illustrate very strikingly the
market factor. During the period between these backwardness of the crop six weeks ago. A much
two cotton reports the price of cotton gradually larger yield was indicated for this year on Sept. 1
dropped from something below 14 cents to about than at the same time last year, but the ginnings this
1214 cents. It is now being appreciated that after year were very much smaller at that time than they
/
all is said the world is better off with a large supply were in 1925. Now the crop for 1926 is placed at
of cotton than a small one and that even in the 17,454,000 bales, while the ginnings at the same date
South the apparent immediate calamity is offset were 8,722,000 bales. On Oct. 18 1925 a yield of 15,
with many advantages. In the first place, there 226,000 bales was promised, with ginnings up to
will be a far greater tonnage for the railroads to that date of 9,519,000 bales.
haul, and in the next place there will be an intensive
The final outturn of the 1926 crop is yet to be deeffort to induce Southern farmers to diversify their termined, but in 1925 it was 88,000 bales larger
crops, something needed more than anything else in than the Oct. 18 1925 estimate of yield indicated.
the South. Furthermore, the present episode will Likewise in 1924 and in some other years prior
undoubtedly result in better facilities being pro- thereto, the October estimates have been exceeded in
vided for the handling of surplus cotton, both as to the final ginning returns, the additional production
credit and storage. If these facilities were ample, for 1924 being 964,000 bales in excess of the Oct. 18
the price of cotton would not fluctuate as violently estimate. As to the final yield this year the Crop
as it has done in the past. Furthermore, the great Reporting Board in its report, issued on Monday of
danger of the last decade has been not too much this week, says that there is some uncertainty as to
cotton, but too little, so that the large surplus pro- how much of the cotton, especially of the lower
vided by the abundant crop of this year should prove grades, will be left in the fields, owing to present
a blessing in the long run, if it is prevented from prices and to the scarcity of labor for picking. The
doing too much damage through foolish or forced current estimate of yield for this year is based on a
selling. It is more than possible that a large part production of 176.7 bales per acre; last year the
of this crop will be marketed at a price higher than final estimate was 167.2 bales per acre; in 1920 it"
that prevailing at present.
was 178.4 and in 1914 209.2. For the intervening
years since 1914, with the exception of those men-
2174
THE CHRONICLE
tioned, the yield per acre was considerably below the
indicated yield for 1926.
Practically all of the States of large production
show an augmented yield as compared with the earlier reports this year, and most of them larger than
in 1925. The indicated yield for Texas this year is
now given at 5,400,000 bales, as against 4,165,374
bales, the actual yield, in 1925. Since 1913 three
other years have recorded a production in excess of
4,000,000 bales for that State, 1914 the highest, at
4,595,000 bales. There has been a considerable increase during October the present year in Arkansas,
Mississippi, Alabama and Georgia, while Oklahoma
and South Carolina are both higher than was indicated at the opening of the month. Both North and
South Carolina show a heavier production this year
than last. Louisiana shows a gain for October this
year, although the yield will be smaller this year
than it was in 1925, and the same thing is true of
both Missouri and Tennessee. Quite a marked reduction from a year agO is noted for Florida, which,
however, holds a rather unimportant position as a
cotton growing State, although that State in its Oct.
18 condition shows considerable recovery from the
condition at the beginning of the month.
[voL. 128.
dollar, but on gold. 'There were two formulae for
stabilization. We could have tied ourselves to some
fixed proportion to foreign money of a gold standard or have chosen a direct sum in gold. The Government chose the Patter formula. It is far better,
especially for a little country such as ours. The
gold weight which will be attributed to the belga
is exactly .209211 grams. On this basis, the dollar
is worth 7.20, and if the pound is at par it will be
exactly 35 belgas.' M. Franck was warmly cheered
after his explanation. The stock market has reacted favorably to the reform instituted by the Government, State loans rising on an average of 4%.
The new regime will be put into effect immediately."
The American half of the $100,000,000 loan, consisting of 30-year 7% external sinking fund gold
bonds, was offered, as already stated, on Tuesday
morning, Oct. 26, by a powerful syndicate headed
by J. P. Morgan & Co. So large were the subscriptions that the books were closed at 10.30 a. m., a
half hour after they were opened.
The plan to stabilize the Belgian currency appears
to have been well received in London and in New
York and Washington. From the British capital
came the statement on Oct. 25 that "London finanStabilization of currency has been, and still is, cial opinion approves not only the
principle involved
one of the biggest financial problems growing largely in Belgium's stabilization of her
currency but the
out of the World War. Following the lead of Great method she has adopted to achieve it.
The London
Britain, that was able to return to the gold basis, portion of the stabilization loan,
amounting to
one European country after another has undertaken £7,250,000, was underwritten to-day.
It will be
the solution of the problem. Belgium apparently issued by Baring Brothers, Morgan,
Grenfell & Co.
has now also succeeded in stabilizing her currency, and the Westminster Bank. Comment
was general
at least in putting a plan into effect, with powerful to-day on the attractive terms of the
issue, the sebanking assistance from abroad, for that purpose. cret of which had been extraordinarily
well kept,
It is expected, both in European capitals and in and the underwriting was very eagerly taken.
The
this country, that what Belgium has been able to loan is regarded here as of the same order
as the
accomplish will make the task considerably easier reconstruction loans to Austria, Hungary and
Gerfor France. The steps taken by the Belgian Govern-- many, in the success of which the British investor
ment and its bankers with regard to this matter played a conspicuous part. The special credits by
were outlined in part as follows in a special Brussels foreign banks which will form part of the reserve of
dispatch to the New York "Times" on Oct. 25: the Belgian National Bank, have been granted, it
is
"From to-day the Belgian franc is stabilized at 174.30 stated here, mainly under the inspiration of
the
to the pound, 36 to the dollar; and 'there is a new Bank of England." The London allotment
was
monetary unit, the belga, based on gold, equaling 35 quickly taken also. According to a special
cable
to the pound and 7.20 to the dollar. The belga will dispatch from that centre on Oct. 27, "the
rush of
be used in foreign trade only. All decrees relating subscribers for the Belgian loan to-day was so
great
to the operation have been signed by the King. On that the lists closed a few minutes after
they had
Saturday contracts were signed in London for a loan opened. It is said that nearly
$1,000,000,000 was
of $100,000,000 for a term of 30 years. This external offered. As the total amount of the loan
was only
loan will go to the National Bank of Belgium, which about $36,000,000 the allotments will be
small." It
is now charged with carrying through the operation was added that "the terms of the loan were
considand which has received, in addition, a guarantee of ered attractive by investor and speculator
alike.
discount credits on the great issuing banks of coun- Possibly there may have been a psychologi
cal factor
tries with stable currencies. The National Bank also at work, since it is considered here that stabilialso holds reserves of foreign currencies on its own zation of the Belgian france in that it will eliminate
account and on that of the Government amounting unfair competition caused by depreciated currency
to $45,000,000, and these reserves may be called to will be nearly as advantageous to Britain as to Belplay an important part in the process of stabiliza- gium."
tion. The foreign loan will be floated in London,
Amsterdam and New York, not to mention other
As for Washington's position, it was stated in a
cities whose banks have taken part in the operation." special dispatch to the New York "Times," also on
The "Times" correspondent said also that "Gov- Oct. 25, that "news of the stabilization of the Belernor Franck of the Bank of Belgium appeared on gian franc was welcomed by high Government offithe Bourse this afternoon and explained why the cials here to-day. They regarded it as a step forGovernment had decided to establish the new cur- ward to European recovery. It was characterized
rency for foreign trading, while retaining the franc by a Cabinet member as 'one of the most important
in domestic circulation. He stated that the belga steps yet taken toward improvement of the internawas not based on the British pound or the American tional financial situation.' Unusual significance
OCT. 30 1926.]
THE CHRONICLE
2175
was attached to the Belgian move for the reason that
heretofore the franc of that country had been influenced a good deal by the condition of the French
franc. This was regarded as due to the proximity of
the countries. It does not now follow necessarily,
according to the view in informed quarters, that the
complete recovery of the Belgian franc will tend to
stabilize the currency of France. The importance
of the announcement was analyzed by an expert on
financial matters as indicating a return of the country to full industrial life, with ability to get plenty
of credit abroad. Commerce, it was explained, cannot develop to any great extent so long as there is
doubt of the value of the money to be paid for it.
'This kind of uncertainty has been a drag on the
entire European situation,' it was declared."
The attitude in France on the recent recovery in
her franc was outlined in an Associated Press dispatch'from Paris on Oct. 26. It was stated that
"increased confidence in French finances, resulting
in international speculation, is given in French banking circles as the reason for the recent improvement
in the franc, which to-day reached a point of 3
francs less to the dollar than at the beginning of
the month. Exchange experts say that the move
ment began abroad and that those who got on the
franc band wagon after Premier Poincare took
power,found their position made safe by the balancing of the budget and consequently continued their
operations. Others joined in the movement when
the budget for 1927 was introduced showing a surplus of nearly 600,000,000 francs."
The plan did not meet with special favor in Paris,
according to a special cable dispatch to the New
York "Times" on Oct. 25. It stated that "there is a
good deal of speculation in Paris to-day as to the
effect On the position of the French franc which will
result from Belgian stabilization at 174.31 to the
pound and the creation of the belga as a new unit.
France is by no means yet willing to consent to such
a sacrifice as Belgium has made and renounce all
idea of ultimate revalorization. Though such idea
may seem extravagant outside this country, it is
firmly held by some, even the most important men in
the country, that in time, if an effort is honestly
made, the franc can be brought back to 25 to the
pound and 5 to the dollar. No one, and certainly no
one in the present Government, will readily consent
to stabilization at a figure so low as that set by
Belgium. That attitude is fairly characteristic of
the public spirit just now, and any policy of stabilization such as Finance Minister Franck has just
completed for Belgium is not to be considered as
possible or desired in France just now. It is for
that reason all the more interesting to see what the
relations of the Belgian and French franc will be.
There are prophets here who declare even now that
• M. Franck has not removed Belgian money from
danger. Others are uttering warnings that it is impossible to keep the French franc as high as at present while the Belgian franc is fixed at 174.31."
Much stronger and more positive statements were
made in a special Paris cable message to the New
York "Herald Tribune," likewise on Oct. 25. The
correspondent said in part that "the stabilization
of the Belgian franc through the royal decrees issued
at Brussels to-day in no way will affect the activity
of the French Government in this direction, it was
said in quarters close to Premier Poincare to-night.
Simultaneously with the Belgian action the French
franc gained in value in to-day's trading and closed
at 32.81 to the dollar and 152.55 to the pound sterling, or about 10% stronger than the new stabilized
Belgian unit. It is insisted in official quarters here
that M.Poincare is in no hurry whatsoever to stabilize and is confident that the steady gain of the
French franc will continue. It was pointed out that
if the Premier had yielded to the clamor for stabilization three months ago he would have been forced
to carry out the operation with the franc at from 175
to 200 to the pound, whereas, by holding out, he
finds the fixation of the French currency possible
to-day at about 150."
On Tuesday, the day that the Belgian bonds were
formally offered, the first sale of the American
issue on the New York Stock Exchange was at
/.
9414 The bonds dropped only I/ below that level,
8
rising before the close to 9434 against 94, the offer/
,
ing price. As for the belga, the new monetary unit,
announcement was made that, on Tuesday also,.
"Belgium's new monetary unit, the belga, making itsfirst appearance on the market to-day, within a few"
hours sped past its intended parity against the dalar and the pound. It crossed the 3 o'clock finishing
line on the Bourse at a clip of 7.185 to the dollar
and 34.85 to the pound. On a gold basis, it was intended to equal exactly 35 to the gold pound and
about 7.20 to the gold dollar. Since the belga has
been set at 5 Belgian francs by the Government, the
latter was, therefore, worth 35.925 to the dollar." .1
In a formal statement issued on Oct. 24 Secretary
of the Treasury Mellon confirmed and elaborated
informal expressions of opinion, both by President
Coolidge and himself, relative to the purposes and
scope of the tariff manifesto unexpectedly issued in
Europe last week. In summarizing Mr. Mellon's
statement in part, the Washington representative of
the New York "Herald Tribune" said in a dispatch
on Oct. 24 that "Andrew W. Mellon, Secretary of
the Treasury to-day revealed his views on the 'world
bankers' manifesto,' which proposes a general reduction of tariff barriers to stimulate international
trade. He believes that these proposals do not apply
to the United States, nor do they menace its business welfare. In fact, Secretary Mellon considers
their conceptions and sponsorship as an aid to the
rehabilitation and stabilization of Europe's economic situation, disturbed by post-war problems,
Secretary Mellbn indorses the stand taken by the
Administration and voiced at the White House last
Tuesday, when the manifesto was made public. At that time President Coolidge, through his spokesman, let it be known that the Administration was
unalterably opposed to 'any, tariff tinkering which
might menace the welfare of the United States or
have any ill effect on the high standard of living
prevailing in this country.' In reference to the
European situation Mr. Mellon said conditions in
the Continental countries are far different, from a
commercial standpoint, from those in the United
States. The break-up of the old political units and
the rearrangement of the Continent along ethnical
and not commercial lines were declared responsible
for the present restriction in its trade movement
2176
THE CHRONICLE
[VOL. 123.
He termed a representative European unit to-day the Chamber of Deputies. M. Dariac issued the
a 'brain without a body.' Nations, he said, are cut statement as an addendum to an interview accorded
off from their markets and raw materials. Mr. to a correspondent for the Associated Press in which
Mellon took sharp issue with those who have argued he spoke of the report on the French war debts
that because artificial barriers hinder readjustment which will be submitted to the Finance Committee
in Europe the United States must change its tariff next week. The message,frank to the point of bluntpolicy. 'No such limitations exist in the United ness, he made clear was his personal opinion on the
States,' Mr. Mellon says. 'We have one transporta- debt question and not his opinion as President of
tion system, we speak one language and we have one the special commission. 'The time of loving one ankind of money among 120,000,000 people in an area other has passed. The time to pay has arrived. All
almost the size of Europe outside Russia. The right!' M. Dariac's message said. 'There were two
standard of living in Europe is quite different from ways of settling the debt. It could be placed on a
the standard in the United States, and unless we are plane of justice and amity or it could be looked at
willing to bring our standard down to that of Europe from purely the business viewpoint. The latter
we cannot consider a change in our tariff, however method has prevailed. By the first method the nadesirable such a change may seem to Europe.'"
tion which has always protested amity toward
Commenting on several other phases of the mat- France could have shown that it had not forgotten
ter, the Washington correspondent of "The Sun" what was right and could have regulated the debts
said in a dispatch on Oct. 25: "Secretary Mellon's as the American soldiers who fell in France would
statement on the international tariff manifesto, is- have wished. By the second method America would
sued here last night, was generally interpreted to- forget her past and ours; she would estimate that
day as an official declaration of the position of the budgets are not balanced with glorious memories;
Coolidge Administration and was regarded not only she would leave to their eternal peace the shades of
as an indorsement of the present protective tariff Washington, Lafayette, Rochambeau and those of
law, but as a warning to Europe not to expect to her soldiers who fell for the same ideal as French
see the present tariff rates lowered by the Repub- soldiers. She would present her bill as business
licans."
men. There would no longer be peoples with their
Comparatively few echoes of last week's announce- traditions, sympathies, history and common interment of the signing of the manifesto have appeared ests. There would be a tradesman and banker—
in cable dispatches this week from the leading Euro- America—and a client debtor—France. It is that
pean capitals. In this country the statement by method that has prevailed.
Secretary Mellon was regarded as final, so far as
the United States Government is concerned, and
As the week progressed nothing appeared in Paris
it has been doubted that much more will be heard cable advices to indicate that the war debt agreeabout the whole affair in the near future.
ment with the United States would be ratified at
an early date. On the contrary, considerable delay
It has been indicated in Paris dispatches again seemed practically certain. It was reported in a
this week, as was true near the close of last week, special Paris dispatch to the New York "Herald
that the French Government does not actually intend Tribune" on Oct. 27 that "Victor Henri Berenger,
to take up ratification of her war debt agreement French Ambassador to the United States, to-day bewith the United States during the remaining weeks gan preparations for his return to Washington,
of this year. The Paris correspondent of the New where, under instructions of the French GovernYork "Evening Post" cabled on Oct. 23 that "at the ment, he will begin a series of important conferences
conclusion of an important Cabinet Council at Ely- with Secretary of the Treasury Mellon on the subsee Palace, it was indicated that 'the solemn, irre- ject of the Franco-American war debt accord, still
vocable plebiscite" of the French people concerning awaiting ratification here. If the Ambassador's
ratification of the war debt settlements would not be mission is successful ratification will not be diffidefinitely made known until the session of Parlia- cult. Otherwise the Poincare Ministry will face dement during the first weeks of 1927. Accordingly, feat from the moment the debt accord is brought
the extraordinary session of both Houses, which is before the Chamber of Deputies." It was suggested
scheduled for Nov. 4, will concern itself solely with also that "M. Berenger's trip to Washington therewhat promises to be an exhaustive discussion of the fore becomes a plea direct from the Poincare Minisbudget. The inference is that the Government will try to the Coolidge Administration for assistance in
thereby be enabled to mark time to maintain the maintaining its rule. M. Berenger will ask for a
status quo of the franc. However, it is apparent documentary interpretation of the debt agreement
from discussion now going on in Paris that the on the part of the United States Government, assurPoincare Cabinet is really looking for what might ing the French legislators that the collection will be
carried out in a conciliatory spirit in the event of a
be termed a settlement out of court."
default on the part of France's debtors, principally
less novel plans for meeting war debts Germany, or in case of technical transfer difficulMore or
continue to appear at rather frequent intervals. On ties."
The very next day it was claimed in a special Paris
Oct. 23 the Paris correspondent of the Associated
Press told of still another one. He said that "the dispatch to the New York "Times" that there was
possibility of the creation of an international bank- nothing certain about the Ambassador returning in
ing organization to which all Europe would furnish the near future, nor about the report that he would
the necessary resources, for the paying off of war seek concessions in the war debt terms. It was
debts on installments, is suggested in a statement stated that "Ambassador Berenger, whose return
given to-day to the Associated Press by Adrien Da- to his post at Washington early next month was
riac, President of the special Debt Commission of rumored yesterday as the result of an interview he
OCT. 30 1926.]
THE CHRONICLE
has had with Foreign Minister Briand, refused today not only to set any date for that return, but even
to discuss its possibility." It was added that
"through Foreign Office press service the Ambassador issued a flat denial of various current stories
that he would on his return start trying to get this
time what he failed to get before in the share of reserves and interpretations of clauses of the debt
agreement which he signed with Secretary Mellon.
If these were the terms on which he was to return,
it was intimated, the Ambassador would not go and
it was further added that no such demand had been
made."
Dwight P. Morrow of the firm of J. P. Morgan &
Co., was quoted in an address, on Oct. 27, before the
Institute of Meat Packers in Chicago, as saying that
he "expects that France and Italy will be established
on a gold currency basis before the end of 1927,
which would bring all of the countries of Western
Europe 'to a basis of sound economy' after eight
years of economic dislocation and industrial rehabilitation." It was added in an Associated Press
dispatch from Chicago that evening that, "touching
upon the influence of each of the succeeding gold
restorations upon world trade, Mr. Morrow said that
each difficult step toward stability had produced
beneficial results on both international trade and
the internal economics of the respective countries involved. In the cases of Austria, Germany and England, the restoration has been followed by some
temporary hardships of readjustment, but the policy in each case has been gratifying in its effect upon
business specially. I believe that the nations which
still have the step before them are determined to
face the temporary hardships for the greater benefits
of sound economic policy."
2177
sale of the bonds for the purpose of financial aid to
the French Government must, for the present, be
set aside, the question arises, at least in French
minds, as to what else Germany may offer to obtain
the concessions she desires. It is being stated that,
after all, the bond sale project was suggested by Dr.
Stresemann to M. Briand, and that it is only logical
that if he cannot pay the price he should try to pay
another."
In a special wireless message from Berlin to the
New York "Times" on Oct. 22 it was asserted that
"the German Government made it plain to-day that
the policy of European rapprochement inaugurated
at Locarno and expanded at Thoiry would not be
checked by the recent friction over the proposed sale
of German Railway bonds." Announcement was
made in a special Berlin cable message to the New
York "Herald Tribune" on Oct. 27 that "utmost
astonishment is expressed in official circles here
over reports to Berlin via London and Paris that the
humor' concernWashington Government is in an
ing Germany's attitude on the Thoiry negotiations.
With the utmost emphasis, assertion is made in these
quarters that nothing is known here about the State
Department's alleged displeasure with the German
Government nor has anything been received from
the German Ambassador on 'hints' that he has been
given to understand that Germany would lose most
by a continuance of the Thoiry policy."
The Communist Party in Russia has taken further
steps to remove Leon Trotzky, Zinovieff and Kameneff—Opposition leaders—altogether from its ranks.
The latest act was to remove them from membership
in the party's Political Bureau. The New York
"Times" correspondent in Moscow cabled on Oct. 25
that "future developments will depend upon the success or failure of the Administration's economic polThe French and German Governments appear to icy. Ninety per cent of Russia's economic troubles
have "struck a snag" in their efforts to carry out the may be summed up in the phrase—lack of money.
plan agreed upon at Thoiry by Foreign Ministers It therefore is not unreasonable to suppose that the
Briand and Stresemann for settling their post-war pursuit of it as a 'national' policy would lead to the
problems. Their first important obstacle resulted logical conclusion of trying to reach a practical
from the seeming impossibility of selling the German working agreement with foreign capital. The AdRailway bonds which the German Government ministration believes it can do this for business purhad offered to France in return for evacuation of poses without the abandonment of State control."
German territory by French troops. Discussing this Announcement was made in an Associated Press
situation, and having referred to a conference in dispatch from Moscow on Oct. 26 that "the ComParis between Ambassador von Hoesch, from Ger- munist Party of the Soviet Union to-day elected the
many, with Foreign Minister Briand, the Paris rep- Praesidium of 37 members. They included Stalin,
resentative of the New York "Times" said in a dis- Rykoff, Bukharin, Tomsky, Voroshiloff, Molotoff,
patch on Oct. 22 that "unfortunately, the two diplo- Kuibysheff and Kalinin. Delegates to the number
mats had to recognize that the prospects of market- of 817, including 36 representatives of foreign Coming in the near future of a considerable portion of munist international sections, were present. Trotzky,
German reparations railway bonds was not bright. Zinovieff, Kameneff and the other deposed leaders
In fact, the prospect appeared so dull that it is un- were the object of much attention. M. Bukharin
derstood there was an agreement on both sides that presented an exhaustive report on the international
what had been laid down by the German and French situation, while M. Stalin has yet to report on the
Foreign Ministers as the first step in the Thoiry pro- internal position of the party and the status of the
gram will probably have to be abandoned for the Opposition. Subjects for discussion are the Soviet
present." He added that "it will be recalled that foreign policy, especially in China and colonial counin exchange for German assistance in marketing tries, and the existing economic situation. The conthese railway bonds held by the Reparations Com- ference will insist upon the retention by the Governmission the French were to agree in principle to ment of its foreign trade monopoly."
Proof continues to come to hand of a better realispeedy evacuation of the Rhineland, to early subof League control for allied control of zation on the part of radical political leaders in
stitution
armaments in Germany, the return to Germany of Russia of the futility of trying to put their ideas in
the Sarre Basin before the time set in the treaty and practice with respect to international affairs. The
other advantages. It now appearing that the early latest evidence of this kind appeared in a special
2178
THE CHRONICLE
Moscow dispatch to the New York "Evening Post"
last night. It stated in part: "Although the fifteenth conference of the Communist Party, which is
in session here to-day, is only preparatory to the
party congress, tradition makes its decisions binding, and in view of the situation which has developed
within the party it is held to have special significance this year. From the make-up of the presiding
board—not a single member of the Opposition is
included—and from the tenor of the speeches thus
far made it seems clear that the Communist Party
means to pursue internally a policy of industrial expansion and economic reconstruction with the special view of placating the peasants with goods as
cheap as possible. It renounces for the present or
the immediate future any hope of successful revolutionary activities abroad."
It has been indicated in cable dispatches from
Warsaw that Marshal Pilsudski was about to proclaim himself King, although Dictator already. In
a wireless message from Warsaw to the New York
"Times" on Oct. 26 it was said that "among Marshal
Pilsudski's followers, who expected a sudden appearance as King, there is the belief that his assumption of the throne awaits the dissolution of Parliament which will meet soon for a farewell session."
It was added that,"as the dissolution of Parliament
is in the hands of Pilsudski's President, it is said the
time will be opportune for him then to extend the
-supreme dictatorship which he now enjoys by assuming the title of Joseph I." It seems that recently
Pilsudski attended "a banquet of seventy of the most
loyal royalists on the estate of Prince Albrecht Rad-Owl11 at Nieswiez, in Northeast Poland." The New
• York "Times" Warsaw representative also said that
"rumors have been abroad for two months that Marshall Pilsudski desired a regency, and aside from
the Socialists there has been no objection, chiefly
because the average citizen is not interested in politics and prefers to have a Government of more durable quality than heretofore. Now that Marshal Pilsudski has held a conference with the leading Monarchists there is a belief that the actual declaration
of the monarchy will be delayed until the Sejm has
been thoroughly eliminated, when there will be fur'ther extension of Marshal Pilsudski's power, which
is now almost absolute."
The rumors as to what changes might take place
.in the form of Government continued. In a wireless
-Message from Warsaw to the New York "Times" on
"Oct. 27 it was stated that, "whether or not Marshal
Pilsudski has designs on the Polish crown, a conference is being held to-night by Marshal Pilsudski,
"President Moscicki, Vice-Premier Bartel and Minister of Justice Mesetowicz, an ultra-Right member
from Vilna's hostile border territory, with the reputed purpose of changing the form of the Polish Government." The correspondent also said that, "while
it is not known what course the change will take,
whether to a kingdom or a form of regency, or
merely a further curtailment of Parliamentary
power, a storm has arisen in all parties, which declare they have all been deserted by the dictator, who
has used them in turn, then thrown them down, the
latest being the Socialists, whom he wooed at the
recent. Sejm meeting for the purpose of effecting
passage of the budget."
[VOL. 123.
Announcement was made in an Associated Press
dispatch from the Polish capital, also on Oct. 27,
that "the Ministry of Finance has formed a special
committee to analyze the report of Professor Edwin
W. Kemmerer, the American economist, who made
a study of Polish finances. The committee will
work out a program for the enforcement of Professor
Kemmerer's recommendations. The Ministry to-day
decided to publish the report."
The British Imperial Conference has continued its
sessions in London. No important announcements
were made early in the week. Most of the sessions
were secret. On Oct. 25 foreign relations as surveyed by Austen Chamberlain, Foreign Secretary, a
few days before, "were discussed by the Prime Ministers of Canada, Australia, New Zealand and Newfoundland by Kevin O'Higgins for the Irish Free
State and by Lord Winterton for India." Announcement also was made that "a Prime Minister's committee was formed to-day to examine questions affecting imperial relations and other committees
were constituted to deal with nationality, overseas
settlement, research, communication, British policy
in the Antarctic and other matters. The Economic
Committee of the conference discussed industrial
standardization with special reference to the proposal to establish Empire standards."
In a special London wireless message to the New
York "Times" on Oct. 26 it was stated that "the Imperial Conference was able to announce to-day one
definite result of its present labors. This was its
settlement of the questions of the new Fiji-Canada
cable, laid by the Pacific Cable Board, which has
been in dispute many months between Canada and
Australia and New Zealand." It was made known
also that "through the settlement the British Government will introduce legislation to reorganize the
Cable Board and change the method of the appointment of the Chairman. Provision will be made to
dispose of future annual surpluses. Relations between the Board and the partner Governments will
be more clearly defined."
According to a London cable dispatch last evening, "there is a likelihood the Imperial Conference
will not make any definite pronouncement on the
acceptance by the Dominions of the Locarno security pact, of which Great Britain is a signatory.
There may be a general resolution recognizing the
spirit of Locarno and the good effect it has had on
European relations, but beyond that it is doubtful if
sufficient unanimity of view can be secured among
the dominion representatives."
Still further efforts have been made to bring the
strike of British coal miners to an end, but without
marked success. Speaking in the House of Commons on Oct. 26, "Prime Minister Baldwin killed
any hope of further Government intervention in the
coal strike when Parliament met this afternoon in
special session to renew the emergency regulations
necessitated by the strike. He confessed the failure
of all previous Government attempts to bring peace
between the warring mine owners and coal miners
and made it quite clear that they must find a way to
peace unaided by himself and his colleagues in the
Cabinet." The Prime Minister was quoted directly
as saying that "I do not think anything could do
more harm, after so many failures, than to enter into
OCT. 30 1926.]
THE CHRONICLE
2179
still further negotiations where you see no prospect future rubber supply outside of British control. For
of a settlement. We have made several offers and if it comes to a rubber shortage like last year's, high
they have all been turned down. I admit, of course, prices are likely to remain unless the rubber control
that this is failure—failure to that extent. Of can be released quickly at more than the nominal
course, it is a very tragic state of things. At the 100% rate. In Some quarters the new regulations
same time it is very wrong to mock people with false are regarded as an answer to efforts of cotton growhopes and suggestions that negotiations are in prog- ers to store crops in America with the help of Govress, when,in fact, there are none, and our proposals ernment loans to keep up the price."
The situation was further outlined in an Associhaving been rejected the Government has no furated Press dispatch from London on Oct. 24. The
ther proposals to make."
The Government having admitted its inability to correspondent said that, "by the Government's prosettle the strike, it was claimed in a special London posed new rubber regulations, restricting the export
dispatch to the New York "Herald Tribune" on Oct. of rubber from Ceylon and Malaya for another year,
27 that "intervention in the British coal strike by which will be put into effect, Nov. 1, it seems exprominent industrial and financial interests was tremely probable that the coming quarter will see a
foreshadowed to-night in reports that a large private reduction of the exportable allowance from the presloan was under consideration to tide the mining in- ent 100% to 80%. The average price of rubber for
dustry over the crisis. Disheartened by the Govern- the current quarter up to Oct. 20 was 20.149 pence,
ment's frank admission of failure in its efforts to and the average must exceed 21 pence, to justify conbring about peace, business leaders realize that the tinuance of the 100% standard of exports. Apprenation faces a grave economic depression unless the hension had existed in the market that the Colonial
tie-up, which will have lasted six months on Friday, Office might decide to cancel unused export coupis brought to an end." The correspondent admitted pons as a further measure of restriction. These unthat "the suggestion that a private loan may be used coupons will permit the export of an additional
floated through the Bank of Engla,r d for a virtual 40,000 tons, and, as they have not been interfered
subsidy of the mines could not be confirmed to-night, with,it is estimated that they will counteract a 20%
but it is known that Lord Derby, Lord Londonderry reduction in the exportable allowance for another six
and Montagu Norman, Governor of the Bank of Eng- months. It is recognized in the rubber market in
land, are attempting to work out a new basis for London that the situation is still largely dominated
negotiations. They are said to have drawn up a by the United States and depends to some extent
memorandum embodying a plan of settlement." on the growth of the motor industry there, and that,
Nothing further regarding this proposal appeared in although in the current year production exceeded
subsequent cable dispatches received up to the time consumption by roughly 40,000 tons, such surplus
of going to press. It was stated in a London cable would not be rated too high if the American motor
message yesterday afternoon, however, that "repre- industry developed as expected."
sentatives of the Trade Union Congress Council conAccording to cable advices from London, the Bank
ferred with Chancellor of the Exchequer Churchill
to-day to discuss results of the Council's previous of Norway (Norges Bank) has reduced its discount
2
1
/
meeting with leaders of the idle British miners. J. rate, this time to 4 %,from 5%,the figure to which
H. Thomas, a former member of the Cabinet, headed it had been reduced Sept. 13. Aside from this
the labor delegation. The Council met with miners' change, official discount rates at leading European
2
1
/
leaders to seek authority to continue the negotia- centres remain as heretofore at 7 % in Paris;
2
1
/
tions with the Government for a settlement of the in Belgium, Italy and Austria; 6 %in Berlin; 5 %
2
1
/
in Denmark; 5% in London and Madrid; 4 % in
mining dispute."
2
1
/
Sweden and 3 % in Holland and Switzerland. Open
The question of placing restrictions by the British market discount rates in London were steady and
4%,
/
Government on exportations of crude rubber has without change; short bills closed at 4 11-16@43
come to the front again. There had been rumors unchanged; and three months' bills at 4 13-16%, the
that the restrictions that had been in effect under same as last week. Call money in London wasfirm
the Stevenson plan would be removed. This proved early in the week, touching 4 %, but closed at
2
1
/
to be incorrect. Instead of removing the restric- 3/
58%, against 3/
4% a week ago. In Paris and
3
tions, on complaints from America, the Government Switzerland the open market discount rate has not
decided to continue them for another year from been changed from 7 % and 211-16%, respectively.
2
1
/
Nov. 1 next, with some changes. The London correspondent of the New York "Evening Post" asserted
The Bank of England in its latest weekly statein a dispatch on Oct. 25 that, "not only has the re- ment reported a shrinkage in its gold holdings to the
striction not been removed; it has been intensified. amount of £1,280,883, while the reserve of gold and
The minimum price at which the entire output was notes in the banking department fell £1,638,000, as
for the following quarter will be increased 10%. But a result of expansion in note circulation of £357,000.
reality it will be 48 cents for the coming twelve Moreover, the proportion of reserve to liabilities demonths. Under the Stevenson scheme it was to be clined to 27.32%, from 27.98% a week ago. For the
SO cents, at which figure it was admitted British week ending Sept. 22 it stood at the high point of the
growers would make a legitimate profit. • The new year, namely 30.28%. Last year the ratio was
4%. Declines occurred in
regulations rule, that if for any quarter of the year 23.75% and in 1924 at 193
the price of rubber averages over 48 cents the export the deposit items; public deposits fell £2,446,000 and
for the following quarter will be increased 10%. But "other" deposits £494,000. Loans on Government
there will be no export permitted over 100% of the securities increased £1,390,000, but loans on other seso-called standard. The result of this is that there curities dropped £2,678,000. The Bank's gold stock
is little protection for the consumer beyond some now is £152,814,940, which compares with £150,282,-
2180
THE CHRONICLE
799 in 1925 and £128,484,503 a year earlier (before
the transfer to the Bank of England of the £27,000,000 gold formerly held by the Redemption Account
of the Currency Note Issue). Reserve aggregates
£34,496,000, against £27,054,034 last year and £24,642,328 in 1924. Loans amount to £70,096,000. Last
year the total was £74,148,870 and in 1924 £76,203,838, while note circulation is £139,069,000, as against
£142,978,765 and £123,592,175 one and two years ago,
respectively. The 5% official discount rate that has
been in effect so long, remains unchanged. Clearings through the London banks for the week were
£744,398,000, as against £798,939,000 a week ago and
£809,302,000 last year. We append comparisons of
the different items of the Bank of England return
for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1925.
1924.
1923.
1922.
Oct.27.
Oct.28.
Oct.29.
Oct. 31.
Nov. 1.
Circulation
b139,069,000
Public deposits
17,756,000
Other deposits
104,851.000
Governm't securities 36,715,000
Other securities
70,096,000
Reserve notes &coin 34,496,000
Coin and bullion...a152.811,940
Proportion of reserve
to liabilities
27.32%
Bank rate
5%
142,978,765
11.106.077
102.614.776
30,178,644
74.148,870
27.054,034
150,282,799
123.592,175
13.989.141
110,981,608
41,788,443
76,203,838
24,642,328
126,484,503
124.792,730
11.443.899
107.836.734
42.303,506
72,020,272
22.631,407
127,674,137
2394%
4%
1994%
4%
19%
4%
123,158,840
15,034,269
108,844,733
50.664,553
68,189,891
22.726.482
127,435.322
18.34%
3%
Includes, beginning with April 29 1924, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred
to the
Bank of England on the British Government's decision to return to the gold standard
b Beginning with the statement for April 29 1925, includes £27,000,000
of Bank
of England notes issued In return for the same amount of gold coin and
bullion held
up to that time in redemption account of currency note Issue.
According to the weekly statement of the Bank of
France, of date Wednesday (Oct. 27); a further reduction of 410,168,000 francs occurred in note circulation, therefore, bringing the total of that item down
to 54,578,187,325 francs, which, however, compares
with 46,678,543,050 francs for the corresponding
period in 1925 and with 40,528,502,770 francs the
year previous. Advances made to the Government
by the Bank also showed a reduction. The State
repaid 400,000,000 francs during the week, and total
advances to the State by the Bank now aggregate
35,750,000,000 francs. For the same time in 1925
and 1924 the Government's indebtedness to the Bank
amounted to 29,950,000,000 francs and 22,700,000,000 francs, respectively. A small gain of 400 francs
in gold was reported. Total gold holdings now stand
at 5,548,789,850 francs in comparison with 5,547,557,742 francs last year and 5,544,430,239 francs in
1924. Other changes in the Bank's weekly report
were: Silver holdings increased 23,000 francs, bills
discounted 661,537,000 francs, treasury deposits
3,530,000 francs, and general deposits 693,032,000
francs. Trade advances decreased 53,926,000 francs.
Comparisons of the various items in this week's return
with the statement of last week and with corresponding dates in both 1925 and 1924 are as follows:
•
[VoL. 123.
marks. Liability figures indicate that notes in circulation were reduced 147,210,000 marks, although
there were increases in other maturing obligations
(134,334,000 marks) and in other liabilities (28,618,000 marks). On the assets side there were declines of 20,202,000 marks in bills of exchange and
checks and 23,715,000 marks in advances. Reserve
in foreign currencies fell 24,851,000 marks and deposits held abroad decreased 6,262,000 marks. Expansion occurred in silver and other coins 7,319,000
marks, investments 40,000 marks and other assets
56,900,000 marks. Holdings of notes on other banks
increased 3,627,000 marks. The Bank's gold holdings now stand at 1,679,241,000 marks, in comparison with 1,204,718,000 marks a year ago and 630,502,000 marks in 1924. Note circulation aggregates
2,824,529,000 marks. Last year it stood at 2,395,209,000 marks.
The Federal Reserve banks' weekly statements
that were issued at the close of business on Thursday
revealed moderate expansion in rediscounting and in
trading in the open market, in contrast with the reductions reported a week earlier. Gold holdings, on
the other hand, were somewhat lower. According
to the report for the combined System, rediscounting of bills secured by Government paper increased
$26,100,000 and rediscounts of "other" bills $19,200,000, so that total bills discounted for the week rose
$45,300,000. Holdings of bills purchased in the open
market increased $14,700,000. Total bills and securities (earning assets) showed an expansion of
$53,200,000, while deposits increased $23,600,000.
Gold reserve fell $2,500,000. The New York bank
lost $13,000,000 gold. Rediscounting of all classes
of paper expanded about $23,200,000. Total bills
and securities were augmented $29,100,000. Deposits gained $12,500,000. The amount of Federal Reserve notes in actual circulation showed comparatively slight changes. Locally there was a falling
off of $1,400,000; for the System a nominal increase
of $700,000 occurred. Member bank reserve accounts
expanded $3,400,000 for the banks as a group and
$9,300,000 at New York. Larger deposits, in combination with lessening of gold stocks, caused a reduction in the reserve ratios. For the System as a
whole the ratio of reserve declined 0.5%, to 73.6%,
while at New York there was a drop to 83.5%, or
1.9% off.
Last Saturday's statement of the New York Clearing House banks and trust companies reflected the
Oct. 15 financing operations and showed a loss in
surplus reserve of over $50,000,000, not only wiping
out the previous week's surplus, but leaving a deficit
of more than $23,000,000. Loans, however, were reBANK OF FRANCE'S COMPARATIVE STATEMENT.
duced $51,235,000, and net demand deposits declined
Changes
Statue as o
for Week.
Oct. 27 1926. Oct. 29 1925. Oct. 30 1924. $34,127,000, to $4,333,808,000, while time deposits
OM Holdings—
Francs.
Francs.
Francs.
Francs.
fell $1,392,000, to $589,698,000. The demand deposit
In France
400 3,684,468.943 3,683.236.834 3,690,109,332
Inc.
Abroad
1,864,320,907 1,864.320,907 1,864,320,907 total excludes $33,175,000 in
Unchanged
Government deposits,
Total
Inc.
400 5,548.789,850 5,547,5-7,742 5,544.430,239 a falling off in the latter item of
$12,799,000 for the
Silver
339,048,473
23.000
Inc.
310,179,197
302,885,574
Bills discounted_.
.Inc 661.537.000 5,334,416,803 3,586.932,043 5,450.896,774 week. Other lesser changes included a decline of
Trade advances_ __ _Dec. 53,926,000 2,160.309,286 2.596,199,528 2,368.527,030
$631,000 in cash in own vaults of members of the
Note circulation_ _ _Dec410.168,000 54.578.187,325 46,678.543,050 40,528,502.7
70
Treasury deposits_ _Inc. 3,530,000
36,481,544
37,119,259
15,087.795 Federal Reserve Bank, to $46,823,000, although this
General deposits_ __Inc 693,032,000 3,944,511,153 2,479,829,909 1.952,843,49
4 does
not count as reserve. Reserves of State banks
Advances to State—Dec400,000,000 35,750,000,000 29,950,000,000 22,700.000,0
00
and trust companies in own vaults declined $763,The German Reichsbank reported another de- 000, but the reserves kept
by these institutions in
crease in note circulation at the same time that gold other depositories increase
d $347,000. There was
holdings indicated an additional gain of 26,624,000 another decrease in the
reserves of member banks in
OCT. 30 1926.]
2181
THE CHRONICLE
same as heretofore. Here, also, however, the undertone of the market was easier. Out-of-town banks
were in the market, but offerings continue light; hence
the volume of business transacted was of moderate
proportions. New England mill paper and the shorter choice names are being dealt in at 432%, unchanged.
Banks' and bankers' acceptances were steady on a
small volume of business. The supply of prime paper
was not large, but the inquiry was also light and the
market remained inactive and devoid of new feature.
For call loans against bankers' acceptances the posted
Exchange this rate of the American Acceptance Council remains at
Call money on the New York Stock
/
week has ruled practically at 41 2%. A quotation of 4%. The Acceptance Counc makes the discount
4% in the so-called outside loan market has been rate on prime bankers' acceptances eligible for pur4
reported. Time money has shown a slightly easier chase by the Federal Reserve banks 33 % bid and
tone, with the demand comparatively light. The 34% asked for bills running 30 days; 34% bid and
4
4
expected flurry in demand loans incident to the end 33 % asked for 60 days; 4% bid and 37 % asked for
of the month preparations for interest and dividend 90 days; 44% bid and 4% asked for 120 days, and
4
disbursements on Nov. 1 did not materialize. This 434% bid and 41 % asked for 150 and 180 days.
was attributed to the surprisingly large supply of Open market quotations follow:
SPOT DELIVERY.
loanable funds. The plentifulness of money was sur-
the Federal institution, this time to the amount of
$54,129,000, which counterbalanced the drop in deposits and brought about a shrinkage in surplus
reserve of $50,012,450, which after eliminating last
week's excess reserve of $26,032,990, left in its place
a deficit in reserve of $23,979,460. The above figures
for surplus are on the basis of legal reserve requirements of 13% against demand deposits for member
banks of the System, but do not include $46,823,000
cash in vault held by these member banks on Saturday last.
90 Daps.
60 Daps.
SO Days.
3,(4)354
3I4033d
prising in view of the continued activity in business. Prime eligible bills
463%
Oct. 16 totaled over
DELIVERY WITHIN THIRTY DAYS.
FOR
Car loadings for the week ended
35( bid
Prime eligible bills
1,200,000 cars, another new high record in the his- Eligible non-member banks
314 bid
tory of American railroads. The big figures were
announced in the face of further reference by the
There have been no changes this week in Federal
"Iron Age" to a slackening in the orders for steel Reserve Bank rates. The following is the schedule
from automobile manufacturers, and trustworthy of rates now in effect for the various classes of paper
statements that the ingot production of the United at the different Reserve banks:
States Steel Corporation continues to decline. The DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
OCT. 29 1920.
surprisingly large earnings of the United States
Paper Maturing—
Steel Corporation, General Motors Corporation and
AJ tel WU After 6
Steel Corporation for the Sept. 30
the Bethlehem
but
Days, but
Within 6 Within 9
Within 90 Days.
quarter and the first nine months of this year atMonths. Months.
FEDERAL RESERVE
BANK.
tested to the high degree of prosperity in this counCom'rcial, Secured
Agrici & by U. S. Bankers' Trade Agrieul.e dorietal
try during the first three-quarters of 1926. Railroad
and
and
AccepLivestock Govern't AccepLivestock Livestock
Paper. ObligePaper.
earnings for September, while somewhat irregular,
Paper.
roamn.c
Hons.
4
4
generally were larger than for the corresponding Boston
4
4
4
4
4
4
4
4
New York
4
4
4
4
month of last year. The Atchison reported another Philadelphia
4
4
4
4
4
4
4
4
that month. Cleveland
4
4
4
4
4
4
big increase in both its gross and net for
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
The declaration of an extra cash dividend of 3% by Chicago
4
4
4
4
4
4
4
4
increase in the Penn- Si. Louis
4
4
4
4
the Norfolk & Western and the
Minneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
sylvania dividend from 6 to 7% a year called special Dallas
4
4
4
4
4
4
Ran Francisco
attention also to the prosperity of the railroads
an agricultural purpose and Secured
•Including bankers acceptances drawn for
The offerings of new securities have been on a large by warehouse receipts, &O.
scale. Meet conspicuous among the foreign offerSeasonal pressure of commercial offerings continued
ings was that of $50,000,000 30-year 7% external
to depress sterling exchange values so that there was
bonds of the Belgian Government by a syndicate
in the price level, bringing
headed by J. P. Morgan & Co. This was the Ameri- a further slight decline
as low as 4 84 3-16,
can half of the issue floated to stabilize the currency demand bills at one time to
export shipping point.
which is very close to the gold
of that country.
trad-
However, movements were narrow as ever and
y in character. In the
Dealing with specific rates for money, call loans ing inclined to be perfunctor
ns, demand sold at 4 843/s. On
this week remained motionless. the only rate quoted initial transactio
cotton and grain
being 43%, which was the figure at which all funds Monday a small accumulation of
bills over the week-end drove the quotation down
on call were negotiated on each of the five business
had steadied and
days of the week—Monday, Tuesday, Wednesday, Mc., but by Tuesday the market
%, with the bulk of the
Thursday and Friday. This compares with a range there was a recovery to 4 843
843j. Very little in the
last week of 4@5%. For fixed-date maturities a business put through at 4
. Large operators are
general easing was noted on freer offerings, which way of actual news transpired
attention elsewhere, and routine
4
eventually resulted in lowering quotations to 43 % still turning their
hand-to-mouth variety.
4
sixty and ninety days and 47 % for four, five business is strictly of a
for
are not particularly disposed to
and six months' money, as compared with a range While bankers
as to the future of sterling,
of 4%@5% for all periods last week. The inquiry, venture upon predictions
opinion seems to prevail that sterling will not be
however, was narrow, so that trading was dull and the
permitted to go much below current levels. Should
lifeless.
the pressure upon the market increase very materiCommercial paper rates have not been changed
believed that adequate support will be
A
from 41 % for four to six months' names of choice ally, it is
recessions. The
4
character, with names less well known at 43 %,the .forthcoming to prevent serious
2182
THE CHRONICLE
[VoL. 123.
British coal strike continues to drag wearisomely that arrangements had
been completed for a stabilialong and must be reckoned with as an unfavorable zation program that
included introduction of a new
market factor, more especially as coal bills are much and more conveni
ent currency unit. Banking
in evidence on the London market and have caused opinion at first was
said to be entirely favorable to
weakness in quotations from that centre. Cotton the move at this
time, since it was claimed that
and grain bills have been appearing locally in liberal Belgium's finances are
now upon a thoroughly sound
volume and are expected to play a prominent part basis, and that ample
credits are available foi the
in market calculations for some time to come. The protection of the
new unit. Moreover, internal
ability of sterling to hold its own despite the many political complications
which were present at the
untoward influences at present prevailing is at time of Belgian's
previous attempt at stabilization
tributed by some to the trend of the world money are now completely
lacking, while the fact that the
market. Firmness in the London money market belga is on a solid
gold exchange basis instead of
as against ease both here and on the Continent being stabilized arbitrar
ily should prevent speculawould explain, partly, the ease with which all tive attack. The fact that
French and Italian
demands against autumnal trade are being met.
currencies are both on the upgrade and profiting by
Referring to quotations in greater detail, sterling deflationary measures has
probably had not a little
exchange on Saturday last was not changed from to do with making this
new venture practicable.
4 84 5-16@4 844 for demand and 4 84 13-16@4 84% However, before the end of
the week difficulties arose
for cable transfers; trading was dull and featureless. over the bookkeeping
complications said to have
On Monday a small week-end accumulation of com- arisen as a result of the necessit
y of quoting in belgas
mercial offerings sent prices down fractionally, de- and at the same time keeping
Belgian balances in
mand ranging between 4 84 3-16 and 4 84 9-32 and francs, and the outcome was
that practically all of
cable transfers at 4 84 11-16@4 84 25-32. Firmer the leading banks and foreign
exchange brokers
conditions prevailed on Tuesday and there was a declared their intention of
resuming quotations of
recovery to 4 843@4 843 for demand and 4 84%@, Belgian exchange in francs, in
4
preference to the
4 84% for cable transfers. Wednesday's market was newly created belga. Just what
is to be the ultifairly steady, but dull and narrow; demand bills sold mate effect of this determi
nation could not be
at 4 843 (one rate) and cable transfers at 4 84%. ascertained.
3
Inactivity characterized trading on Thursday and
Aside from the launching of the new Belgian unit
quotations ranged at 4 843 and 4 84 5-16 for de- upon foreign marts, there
was nothing particularly
mand and 4 84%@4 84 13-16 for cable transfers. new or interesting in the leading
European currencies.
On Friday a firm tone, prevailed but quotations Considerable interest was
aroused by the violent upwere not changed; hence demand again sold at and-down movements in lire,
but it was conceded that
4 843@4 84 5-16 and cable transfers at 4 84%@ underlying causes for the
fluctuations were essentially
4 84 13-16. Closing quotations were 4 843 for the same as in the recent past.
In the early dealings
demand and 4 84% for cable transfers. Commer- good buying developed, partly
of speculative origin
cial sight bills finished at 4 841 s, sixty days at and partly in sympathy with
/
developments in Bel4 803s, ninety days at 4 783, documents for pay- gium, and this sent the quotation up
/
some 15 points,
ment (sixty days) at 4 803, and seven-day grain to 4.513. Later on, Government
selling, also
bills at 4 833/2. Cotton and grain for payment profit-taking sales, intervened, and there
was a sharp
closed at 484%.
drop to 4.24, though the close was at 4.32. Most
As to gold shipments, no engagements were re- of the selling emanated from Rome and
London.
ported except from Japan. The Japanese Financial French francs, while not especially active,
were
Commission announces that another $2,000,000 has well maintained and rose another 15 or
16 points,
left Yokohama for New York via S. S. Tenyo Maru. touching 3.163/2. In the late dealings
publication
The Bank of England reported receipts of gold from of an excellent Bank of France
statement had
South America to the amount of £250,000 in sover- a stimulating influence upon the
quotation. Reichseigns, and sold approximately £1,100,000 in bars and marks fluctuated moderately, opening
at 23.77,
exported small amounts in sovereigns to Holland, then sagging off to 23.75; but Austria
n schillings reSwitzerland, Spain and India.
main unchanged. Greek exchange was steady at
around 1.21. No changes of moment occurred in the
In the Continental exchanges the outstanding minor group of exchanges, although
gains were shown
features of the week have been the sensational fluctua- in Rumanian lei and in Polish
zloties.
tions in Italian lire and the definite stabilization of
The London check rate on Paris closed at 154.15,
Belgian exchange. Cable advices from Brussels early compared with 163.05 a week ago.
In New York,
this week stated that a new gold currency, to be sight bills on the French centre
finished at 3.153,
known as the Belga with a gold value of .209211 against 3.00; cable transfers at 3
.163/2,
grams had made its appearance officially and would and commercial sight bills at 3.143/2, against 3.01,
against 2.99 last
hereafter replace the old Belgian franc upon the lead- week. The new Antwerp belga closed
at 13.90% for
ing exchanges of the world. The par value has been checks and at 13.91 for cable
transfers; comparisons
set at 13.90 per belga, while business was transacted with the previous week on the old basis
are
at or near 13.913 . This represents a value equal to ticable. Reichsmarks finished at 23.773 not prac%
for checks
about five times that of the old franc. It is to be and at 23.79% for cable transfers,
against 23.76% and
utilized for foreign trade purposes solely, the old 23.783/ the previous Friday.
Austrian schillings
franc being retained in circulation internally. In closed the week at 141g,
/ unchanged. Lire closed at
English currency, the belga or ducat gold coin is 4.32 for bankers' sight bills and
at 4.33 for cable transworth 35 to the pound sterling. The pronounced fers. This compares with 4.33
and 4.34 a week earlier.
success that attended flotation of the first portion of Exchange on Czechoslovakia
finished at 2.96% (unthe new Belgian loan in this market is thought to changed);on Bucharest at 0.56%,
against 0.54; on Pohave been due in some measure at least to the fact land at 11.50, against 11.25,
and on Finland at 2.523.
OCT. 30 1926.]
2183
TITP, CHRONICLE
below a record for the
(unchanged). Greek exchange closed at 1.21 for tries of the world. We give
A
checks and at 1.211 for cable transfers, in comparison week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
and 1.193/ a week earlier.
with 1.19
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
OCT. 23 1926 TO OCT. 29 1926, INCLUSIVE.
Transfers in New York.
As to .the neutral exchanges formerly so-called, Country and Monetary Noon Buying Rate for Cable States Money.
Value in United
Unit.
kaleidoscopic changes in quotations on Norwegian
Oct. 23. Oct. 25. Oct. 26. Oct. 27. Oct. 28. Oct. 29.
$
$
$
$
exchange, also. considerable backing and filling in EUROPE$
$
.14098
.14069
.14079
.14091
.14092
Austria, schilling__ .14081
.1390
.1391
.1391
.1391
Spanish pesetas constituted the most noteworthy Belgium, belga"
.0278
.0281
007270 .007256 .007281 .007269 .007250 .007291
Bulgaria, ley
.029621
events of an otherwise rather dull week. Speculati've Czechoslovakia, kron .029617 .029622 .029617 .029618 .029613 .2658
.2658
.2658
.2658
.2660
Denmark, krone
.2659
activities were largely responsible for the fluctuations England, pound ster- .8481 4.8474 4.8472 4.8473 4.8473 4.8474
ling
025206 .025211 .025210 .025201 .025202 .025210
in the krone, which opened at 25.02, declined to Finland, markka
.0316
.0308
.0304
.0305
.0307
0302
France, franc
.2378
.2379
Action of the Germany, relchsmark. .011932 .2378 .012065 .2377 .2378 .2379
24.763/ and then rallied to 24.98.
.012073 .012043 .012114
.011991
Greece, drachma
.3998
.3998
.3998
.3998
.3999
.3999
Holland,
Norges Bank in lowering its discount rate was said Hungary,guilder
.1760
.1754
.1755
.1758
.1756
.1758
pengo
.0439
.0433
.0427
.0444
.0450
.0435
be for the purpose of preventing or discouraging Italy, lirakrone
to
.2491
.2492
.2497
.2500
.2500
.2484
Norway,
.1114
.1108
.1109
.1115
.1105
.1114
further advances. Some disagreement is said to have Poland, zloty
.0511.
.0511
.0511
.0510
.0510
.0513
Portugal, escudo
.005400 .005492 .005573 .004593 .005628 .005648
Rumania,len
arisen between the Norwegian authorities and private Spain, peseta
.1512
.1510
.1507
.1511
.1508
.1519
.2671
.2672
Sweden,krona
business interests over certain transactions in krone Switzerland, franc_ .2673 .2672 .2672 .2672 .1928 .1928
.1928
.1928
.1929
.1930
.017666 .017672 .017667 .017665 .017667 .017665
Yugoslavia, dinar
contrary to agreements with the Norwegian Bank. ASIA.6113
.6117
Guilders temain in their former rut, with the trading China- tael
.6263
.6138
.6025
.6058
Chefoo,
.6006
.5997
.6150
.5972
.6047
.5934
Hankow,tael
.5819
.5822
.5949
rate around 39.96. Swiss francs were slightly easier. Shanghai, tadl
.5866
.5786
.5741
.6133
.6283 . .6146
.6146
.6067
.6033
Tientsin, tael
.4671
.4671
Danish kronen were steady, but Swedish krona Hong Kong, dollar_ .4621 .4632 .4726 .4729 -.4330 .4335
.4385
.4345
.4293
.4356
Mexican dollar
again lost a point or so on dull trading. Spanish Tientsin or Pelyang. .4150 .4163 .4225 .4300 .4213 .4175
dollar
.4171
.4142
.4263
.4188
.4125
.4113
pesetas moved eratically, veering from 15.03 to Yuan, dollar
.3608
.3603
.3607
.3610
.3612
.3614
India. rupee
.4894
.4891
.4887
.4889
.4883
.4888
15.25; back to 15.05, then up again, to 15.13, with Japan, yen
.5606
.5606
.5608
.5608
.5608
.5608
Singapore(S.S.),dol
NORTH AMER.the close at 15.11. Speculation on reports that Canada, dollar
1 000792 1.000879 1.000986 1.001118 1.001307 1.001138
.999188 .999188 .099250 .999313 .999250 .999375
a new Spanish internal loan was to be floated, was Cuba, peso
.479250 .478917 .478733 .478667 .477333 .476833
Mexico, peso
Newfoundland, dollar .998281 .998398 .998563 .998906 .998594 .998633
responsible for the changes above noted.
SOUTH AMER..9264
Bankers' sight on Amsterdam closed at 39.98, Argentina peso (gold) .9277 .9272 .9267 .9268 .9266 .1365
.1370
.1382
.1364
.1390
Brazil, milreis
.1401
.1207
.1206
.1210
.1208
.1210
1213
.9959
against 39.96%; cable transfers at 40.00, against Chile, peso
.4968
.9967
.9985
.9997
.9982
Uruguay, peso
their unit o
the Belgian Government
On Oct.
39.98%, and commercial sight bills at 39.94, against currency. A26 1926is equal to five francs. adopted the "belga" as
belga
39.92% a week ago. Closing rates on Swiss francs
The New York Clearing House banks, in their
were 19.273/ for bankers' sight bills and 19.291 operations with interior banking institutions, have
%
for cable transfers, in comparison with 19.293/ gained $5,782,137 net in cash as a result of the curand 19.303 a week earlier. Copenhagen checks rency movements for the week ended Oct. 28.
finished at 26.54 and cable transfers at 26.58, Their receipts from the interior have aggregated
against 26.56 and 26.60. Checks on Sweden closed $7,151,137, while the shipments have reached $1,369,table:
at 26.673/2 and cable transfers at 26.71, against 000, as per the following
RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
26.69
A
and 26.731 , while checks on Norway CURRENCY
INSTITUTIONS.
finished at 24.93 and cable transfers at 24.97,
Gain or Loss
Out of
Into
to Banks.
Ranks.
Banks.
Week Ended October 29.
against 25.09 and 25.13 the previous week. Spanish
$1,359,000 Gain 95.782.137
97.151.137
pesetas closed at 15.11 for checks and 15.13 for Banks' interior movement
As the Sub-Treasury was taken over by the Fedcable remittances. A week ago the close was 15.09
eral Reserve Bank on Dec. 6 1920, it is no longer
and 15.11.
possible to show the effect of Government operaSouth American exchange ruled quiet and prac- tions on the Clearing House institutions. The Fedtically unchanged. Argentine checks were firmly eral Reserve Bank of New York was creditor at the
held and closed at 40.75 and cable transfers at 40.80, Clearing House each day as follows:
OF NEW YORK FEDERAL RESERVE BANE
(unchanged from last week). Brazilian milreis, DAILY CREDIT BALANCES CLEARING HOUSE.
AT
on the other hand, continue to fluctuate uncertainly,
Aggregate
Friday,
ranging from 14.10 to 13.70 and closing at 13.75 for Saturday. Monday, Tuesday. Wednesd'y, Thursday Oct. 29. for Week.
Oct. 23. Oct. 25. Oct. 26. Oct. 27. Oct. 28.
checks and 13.80 for cable transfers, against 13.90
$
$
$
$
$
$
$
and 13.95 a week ago. This is said to reflect the 81.'00 000 84.000 000 101 000000 80.000.000 84.000.000 90.000 090 Cr.555.000.000
mass of checks which come
uneasiness felt over the rate at which Brazilian cur- Note.-The foregoing heavy credits reflect the huge country in the operation of
York Reserve Bank from all parts of the
rency is to be stabilized when President-elect Luis to the New Reserve System's par collection scheme. These large credit balance,,
the Federal
the Clearing
the
however, reflect only
assumes office. Utterances on this subject have been House institutions, as a part ofitemsReserve Bank's operations withrepresented is
payable in New York City are
only the
of
The large volume of checks on institutions located
exchange re- the daily balances. accounted for in arriving at these balances, as such outside do
vague and unsatisfactory. Chilian
cheeks
New York are not
mained strong and finished at 12.10, unchanged, not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
while Peru was firmer, though closing at 3 61 (unchanged from the week preceding).
The following table indicates the amount of bulA general diminution in the feverish activity that lion in the principal European banks:
has marked trading in Far Eastern exchange was
Oct. 29 1925.
Oct. 28 1926.
noted and price levels responded to the recovery in
Total.
Silver.
silver the metal, by advances over the recent lows. Banks of
Gold.
Total.
Silver. I
Gold.
A
Hong Kong closed at 47 5-16@473 ,against 46 7-16
£
£ I1152,814,440 150,282,799
150,282.000
A
A France a_ 147,378,758
@,473'I; Shanghai at 58%@593., against 571 @571 ; England_ _ 152,814,940 13,360.000160,738,758 147,329,473 12,400,000159,720,000
c994.600 84,954,600 50,248,500 c994,600 51,243,100
Manila, Germany b 83.960.000 26.453.000128,715,000 101,467,000 25,906,000127,373,000
A
Yokohama, 49@493', against 487 @.49;
Spain
102,262,000
A
497 @.50 (unchanged); Singapore, 5634@.56% (un- Italy
45,470,000 4,153,000 49,623,000 35,645,000 3,343,000 38.988.000
34,863,000 1.920,000 36,783,000
and Netheri'ds 34,903,000 2,225,000, 37,128,000 10,891,000 3,519,000 14,410,000
changed); Calcutta, 363(@.3638 (unchanged),
/
Nat. Belg_ 10,955,000 3.366.000, 14.321,000
Switzer' d 17,491,000 2,912,000' 20,403.000 18,818,000 3,545,11i 22,363.000
'
A
Bombay, 36%®.373 (unchanged).
12,836,000
I 12,565,000 12,836,000
Sweden_ __ 12,565,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different coun-
Denmark _ 11,616.000
Norway___ 8,180.000
921,000 12,537,00 11,632,000
8.180,000 8,180.000
1,318,000 12,950,000
8,180,000
Total week 627,595,698 54.384,600681,980,298 82,192,772 52,945,600635.138,372
Prey. week 618.286.565 54.753,600673,040,165586.170.796 52.840,000639 011,398
• Gold holdings of the Bank of France this year are exclusive of £74.57270;
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £8.990,000 held abroad. c As of Oct. 7 1924.
2184
THE CHRONICLE
[VoL. 123.
removal. . . . There is nothing in the ConstituThe Power of the President over Removals from
tion which permits a distinction between the reOffice.
moval of the head of a department or a bureau, when
The decision of the Supreme Court in the Myers he
discharges a political duty of the President or
case, announced by Chief Justice Taft on Monday, exerci
ses his discretion, and the removal of execuputs an end, as far as a judicial ruling can do so, to tive
officers engaged in the discharge of their other
a rontroversy which has been carried on at intervals norma
l duties. The imperatiVe reasons requiring an
ever since the first session of the first Congress, in unrest
ricted power to remove the most important of
1789. Fortunately for the effect of the decision in his
subordinates in their most important duties must,
settling a point of constitutional interpretation and
therefore, control the interpretation of the Consti
political practice, the facts in the case are simple.
tution as to all appointed by him." Until Congr
ess
Frank S. Myers, postmaster at Portland, Ore., was
shall vest the appointment of postmasters
in the
removed from office in 1920 under an Executive
head of the Post-Office Department, "they
will be
order issued by President Wilson. Myers contested
subject to removal by the President alone, and
any
the legality of the.order on the ground that, by an legisl
ation to the contrary must fall as in conflict
Act of 1876, postmasters of the first class were sub- with
the Constitution."
ject to removal "by and with the advice and consent
Of the objections urged by Ass6ciate Justic
e Mcof the .Senate," and refused to vacate his office,
Reynolds, one of the three Justices who dissen
ted
whereupon he was ejected. The United States Court
from the decision of the majority, two in partic
ular
of Claims ruled against his claim to back salary,
and invite comment. "The serious evils,"
said Associate
the case was appealed to the Supreme Court, where
Justice McReynolds,"which followed the practice of
it was regarded as of sufficient importance to jusdismissing civil officers as caprice or interest
dictify the designation of Senator Pepper of Pennsyltated, long permitted under Congressional enactvania as a "friend of the Court" for the purpose of
ments, are known to all. . . . Nothing short
of
presenting the Congressional point of view.
The language clear beyond serious disput
ation should
argument of Senator Pepper was, of course, in oppobe held to clothe the President with authority wholl
y
sition to the claim of right in the President to
re- beyond Congressional control arbitrarily
to dismiss
move Myers in view of the provision of the statute.
every officer whom he appoints except a few judges
."
The Constitution is silent on the question of reWith all respect to the learned Justice, the language
movals from office. It provides for the appointmen
t seems unduly strong and the argument
somewhat
of officers by and with the advice and consent of
beside the mark. In so far as what is said applie
s to
the Senate, and gives to Congress the right to vest
the deplorable treatment of the civil service
from
appointment of "inferior officers" in the Presithe
which the country suffered for some years after
the
dent, or in the courts, or in heads of department
s, Civil War, it is a proper reminder of an evil
against
but how or by whom an officer once appointed shall
whose recurrence all needful safeguard4 should
be
be removed it does not say. A debate on the ques- maint
ained. The substance of the criticism,
howtion in the first Congress, when the establishment ever,
seems to be political rather than constitution
al,
of executive departments was being considered, re and politi
cal questions are outside the jurisdiction
suited in.a tacit recognition of the constitutional
of the Supreme Court. Moreover, it has long been
propriety of removals by the President without conan accepted canon of constitutional interpretation
sulting the Senate, although an affirmative vote in
that a power clearly implied by the Constitution is
the Senate was obtained only by aid of the casting not to be withhe
ld merely because it may be abused,
vote of the Vice-President, John Adams. The posi- and that impro
per motives, among which would certion thus indirectly assumed, backed as it was by the tainly seem
to be included caprice and arbitrariness,
presence in Congress of many of the men who had are
not to be imputed where the constitutional ausat in the Constitutional Convention, has served ever thority
is clear. To suggest that the President, if
since as authorization for such removals by presi- unrest
rained by the necessity of acting with
the
dential action whenever occasion for appealing to it advice
and consent of the Senate, may be gover
ned
has arisen. Mainly for political rather than consti- by caprice or
act in an arbitrary manner, not only
tutional reasons, however, the soundness of the Con- conjur
es up a situation of which the Admini
stration
gressional interpretation has continued to be chal- of Jackson
affords the only important illust
ration
lenged, and it is perhaps on that account that the thus far,
but seems also to overlook the fact
that
Supreme Court, in the words of Chief Justice Taft, such misconduct
, if it occurred, would be political
"has studiously avoided deciding the issue until it rather than consti
tutional, and should properly be
was presented in such a way that it could not be left to political conde
mnation or punishment.
avoided."
A second objection urged by Associate
Justice
-In the elaborate opinion rendered on Monday, one McReynolds will probably be
thought by many more
of the longest ever delivered by the Supreme Court, weighty. "To declare the
President," it is said,
the doctrine adhered to by the Presidents from the "vested with indefinite
and illimitable executive
beginning of the Government, and exercised in the powers would extend the
field of his possible action
Myers case by President Wilson, has been at last far beyond the limits observ
ed by his predecessors."
judicially affirmed. "The power of removal," Chief If such were to be the outco
me of the decision in the.
Justice Taft declared, "is incident to the power of Myers case, the decision
would certainly have to be
appointment, not to the power of advising and con- looked upon with regret.
No more in the presidency
senting to appointment, and when the grant of the than in any other
department of the Government is
executive power is enforced by the express mandate an indefinite and illimi
table extension of power to
to take care that the laws be faithfully executed, it be desired. Over agains
t this possible danger, on
emphasizes the necessity for including within the the other hand, is
a concrete situation not safely to
executive power as conferred the exclusive power of be ignored. The
mounting list of commissions, bu-
OCT. 30 1926.]
THE CHRONICLE
reaus and boards which have been created within
the Federal service in recent years has resulted in
the establishment of a large number of administrative bodies over whose operations the President has
in practice only a vague or indirect control. President Coolidge has protested earnestly against a system which multiplied administrative agencies whose
members the President, by and with the advice and
consent of the Senate, appoints, but which, once
established, are largely independent of Executive
supervision and yield only to statutory regulation
by Congress. It is not a desirable system, and it is
not safe. There is no proper place in our scheme of
government for a series of administrative bodies,
in part executive and in part essentially legislative,
whose policies may at any time run counter to those
of the President, yet over whose personnel the
President has hitherto lacked a clear authority.
This situation, unfavorable to good administration, the recent decision of the Supreme Court ought
materially to improve. Hereafter, any official whom
the President appoints the President may also constitutionally remove at his discretion; any law of
Congress to the contrary notwithstanding. Undoubtedly such a power is great, but it is nevertheless well that it should exist. We have not in this
country a responsible Government in the European
sense, and we cannot have such a Government under
the Constitution. The subordination of the Executive to the Legislature, with the tenure of office of a
Government dependent upon a party majority for
the time being in Congress, has no counterpart in the
system which the Constitution establishes. Time
and circumstance, however, have made the President the executive head of the Government in a far
wider sense than the framers of the Constitution appear to have contemplated, and it is desirable that
the responsibility which the country has long recognized as attaching to the presidential office, and in
regard to whose exercise it periodically expresses
approval or disapproval at the polls, should be
shown to be grounded in the authority of the Constitution as well as in political fact. It is such a
demonstration, fully sustaining the claim of right
on the part of the President to dismiss from office
any official whom the Constitution or the laws authorize him to appoint, that has now been given by
the Supreme Court.
We do not apprehend the dire consequences of
this constitutional enlargement of presidential
power which the dissenting members of the Court
appear to fear, nor do we think that there will be
much interest in proposals so to amend the Constitution as to shackle the President's hands. It is too
much to expect that appointments or removals will
not sometimes be made for partisan reasons, or that
criticism will be lacking, however impartial a President may strive to be, but the protection of the
country against any flagrant or long-continued abuse
of the great power which the Court has recognized
lies in the political responsibility of the President to
Congrus and the people, and the force of a public
opinion which no longer regards Federal offices as
party spoils.
2185
the manner born. They say what is to be will be, and
let care go hang. Of course there is a serpent in
every paradise, and the "fool's paradise" is no exception. But the tempter is welcome, because the
"fool" never listens to any command .save his own
desire. The "fool" believes life is a jest and that
he is king of the world in his own right. All knowledge is for his own consumption. All pleasure is
for his own embracement. He avows he did not
come here by his own volition, is entitled to be supported while here as a charge upon the divine order,
and ought to be assured of a better place in the
future since the present is still imperfect. If an
invention which is supposed to knit peoples together
in a common humanity happens along in his way in
his time and finds appropriate use in saving souls
at sea, he finds a nobler employment for it in "listening in" on a million-dollar series of baseball games
for which he will drop work at any time while the
air reports the doings of his favorite team. And
when perchance two sluggers get together in the
"stadium" he spends another million for ringside
seats or sits at home to listen raptly to the spirits
of the mighty deep report blow on blow.
In a fool's paradise only he works who must; only
he walks who cannot buy an automobile on the installment plan, a few dollars down. In fact, few in
this famous land believe that work is respectable
which does not command a "living wage" gauged by
the best that is to be had by any one. They count as
obsolete the example set by the Divine who labored
six days and rested on the seventh, satisfied that His
work was good. Five days of eight hours is enough
for any man who would enjoy the fullness of life;
this to be shortened gradually as machinery succeeds
in turning out "mass production"—but only upon
the basis of an increase in wages and a share in
profits. In "paradise" no man lives to himself;
he only lives who is a member of an "organization"
designed to bring all things to all men. He is an
individual, made, alas, in the image of his Maker,
but perfected only by "standardization" after his
own plan. He hearkens to the command to go forth
and subdue the earth and becomes at once an Atlas
bearing the burdens of a world, though his neighbor
is not aware that he loves him as he loves himself.
Knowledge he has through a marvelous and everworking system of education, but is not wise enough
to see that he is shallow in himself. In truth, he
grows in stature as he loses his identity in the club,
or order, or bloc, or government, and chameleon-like
takes on the qualities of his own imagining.
In this paradise of the fool "prosperity" is continuous and ever expanding. It is as if after a good
season a man sat in his granary and beheld his
gains as never diminishing. It is as if a man poured
the cornucopias of a hundred years upon a single
day, forgetting there was a past and must be a future. It is as if one rode in state down the highway
of life and from a bottomless purse flung the favor
of his wealth upon all the idlers along the way. In
this latest modern paradise there is a "forbidden
tree" and of the fruit of that tree those who possess
a free will and a power of evil are most prone to eat.
Prohibition whets the appetite. Labor and money
In "A Fool's Paradise."
that are said to be conserved are as nothing comThose who live in this delectable land give no pared to that full liberty to enjoy that intoxicates
thought to the morrow. In fact, they think little at those who Lid defiance to convention and law. Savall. They accept the good things of earth as if to ings banks may groan with deposits because "wine
2186
THE CHRONICLE
lis a mocker," but strong drink is a personal right
which must be preserved. In consequence, the furtive making of the inspiration known as "moonshine" proceeds in the home, while up and down the
highways and across the far borders and in from
the rolling seas come the surreptitious vendors of
'beverages that if not poisonous are full-proof and
part of the "fool's" happier and better life.
: In the new paradise there are no inconvenient pay-'days one is bound to respect. In the ancient days
•of economy and thrift men, and women, too, paid for
what they bought in coin of the realm. Now no one
pays cash for anything, though the country has more
gold than any other country ever had or has. Promises to pay in installments are as thick as autumn
• leaves. The fool says in his heart there is no God,
-and straightway seeks to prove it by defying all the
• moral laws from the time of Moses down. Honesty
of the common kind is at a premium, when found at
• all. Truth is subject to the self-interest of every
'man. Simple living is turned into the hilarious
-mourning note of full-frenzied jazz. It is better to
issue credit than to amass capital. Billions for amusements, though the cupboard is bare. Cities are the
.• haven of all those who were born on the farm, and
while in these the towers of Mammon pierce the
• skies, out in the "hicks" there are none so poor as to
mend a gap in the fence or to whitewash the chicken
houses or paint the barn. Concrete boulevards from
city to city crisscross the land, while the farms decay and prices decline. In paradise the day of
• judgment when 'debts are settled seems never to
• come.
Work stokes the engine of-progress. There is no
production without great labor. But the fool thinks
the wheels will keep turning forever through the
sheer momentum of temporary impulse. Thus prices,
profits and prosperity, once in existence, will con' tinue indefinitely in the same ratio. The fool is not
altogether without knowledge and wisdom of a kind.
But he does not live up to his capacity. He puts off
the evil day. He lives while he lives, though tomorrow he die. He borrows when he might pay
cash. He wastes while he preaches thrift, economy
and saving. He must save his sons from the deprivation and hard labor of his own youth. He believes in
education as the safety of the Republic, though he
has some dim idea that bookish lore, scientific research, and culture in art, will turn into money
when college days are over. So he spends lavishly
the taxes of the people for educational facilities, all
the time hoping his young hopeful will be able to
make money easily and get rich quick. Often he has
• little worldly goods himself. Public expense will
be paid by those who have accumulated wealth. And
if perchance this is not readily available, there is a
fountain filled with credit upon which the voters
may draw. Bonds are the magic formula for all
improvements. And as this forced prosperity progresses there is money in circulation and more work
for all, though personal zeal for work is negligible.
In an era of marked advance in prices and profits,
those who deal in curves and index numbers utter
warnings in vain. The proof of the pudding is in the
eating, the proof of prosperity is that it is here, high
prices, big production, mounting profits, employment everywhere. All is made of many parts, not
all equal, however. We are often made fools by figures. Statistics are always dangerous. He who
[v016.123.
reads as he runs has no eye for details: He only sees
the high lights, the totals. If perchance he is not
himself doing well it is said to be his own fault, in a
time of general prosperity. Contradictions, contrasts, are teachers. We are saving billions—the
they-sayers say. We are also spending billions. Who
dares to balance the annual savings against the annual spendings! In Paradise we are not concerned
with equations of this sort. Sufficient unto the day
is the spending thereof. 'Why, the they-sayers say,
are not the people enjoying life more than they ever
did? Some of them are. Some are not. But those
who are not feel the contagion of spending. The
high level, though artificial and fictitious, draws all
men up. Children are spending more in a week than
their parents when children did in a year. Oh, but
times are changed. Such comparisons are odious.
Would you bring back the blue jeans and the tallow
dip? No—but when there is more joy ought there
not to be more earning, more work?
In the fable of the original paradise everything
was free save the fruit of the forbidden tree. In the
modern paradise there are those who believe •the
world owes them a living and by theory, organization and government they are trying to collect the
debt. They did not seek the loan, they sow not, but
they would reap and enjoy. If by any device such as
credit they can gather in all the blessings they are
not loath to do so. Devotees of progress, they borrow from the future to better the present. Why
wait? Will not the future inherit all the institutions, improvements, savings and betterments of the
present. In a way, yes; but things wear out. You
cannot eat your cake and have it. Change is constant. Repairs and reforms will cost the future
much hard labor. The pay as you go system is not
fast enough. Now is the only important thought.
Why tax-burden the present when the future will
own all things? Why imagine the swift momentum
of to-day will slacken in to-morrow; is there not a
scriptural injunction to take no thought of the morrow? Why have Governments, general and local,
the power to issue bonds for improvements if the
power is to be hampered by heavy taxation? What
can change the momentum? It grows by what it
feeds on. Prosperity is naturally perpetual. Crops
may fail, wages fall, capital waste away—but what
of that!
Sometimes in the most salubrious climate a hurricane brings destruction. No one knows just where
and how it originated. Blowing a bubble till it
bursts is one way to destroy it, but a pin-prick will
do the same thing. The fool in paradise only sees
the iridescent colors of the bubble. He is obsessed
with optimism. He demands that the cause of depression be pointed out and dated. Has not the
United States more wealth, more gold, more trade,
foreign and domestic, than any other country? Are
not wages higher? Have we not had for a series of
years bumper or non-bumper crops? Of course if a
crop should fail—but it does not. Of course, production ought to be curtailed and controlled, that prices
be high. But which is it, prices or production, that
makes real prosperity? Of course, the elastic band
of credit may snap if stretched too far. But why
worry—we have the Federal Reserve. Of course, unemployment may come from too much production,
but who tries to stop the wheels of manufacture—
the farmer is our chief concern. The fool who lives
OCT. 30 1926.]
THE CHRONICLE
in paradise would live without work, gather all the
-fruits thereof, and through sheer perversity would
- eat of the forbidden tree. But somewhere in the
• divine economy, which is the only economics man
can know, there is a law which holds all things in
• their courses and he who tries to reap without sowing will surely come to grief.
Organized Labor and the Church.
The episode of disagreement over permission
labor leaders to occupy pulpits of the churches at
Detroit during the meeting of the American Federation of Labor in that city is one in which the public is little interested. Nor do the people or the
press care to take sides in such a quarrel, if one
exists. The relation of the Church to union labor is,
however, a matter of general importance, and is subject to comment. In a rational desire to increase
• "human welfare," the churches and the unions are
in natural agreement. But their approach • to the
• problem is not the same. Therefore they cannot
• work together, or in harmony. We might put it a
little differently to advantage: The Church is interested in labor and the unions are interested in union
labor. Of course, the unions claim the broad philanthropy of interest in all kinds of labor. So does the
Church, if labor be considered a divine command:
"Thou shalt eat thy bread in the sweat of thy brow."
If the Church undertakes to work with union labor
- and its policies it must needs accept the attitude of
union labor to all labor.
This it cannot do without becoming involved in
the partisan principles of union labor. Lending a
few pulpits to union labor leaders even to present
partisan views is a small matter one way or the
other—of local interest to Detroit, perhaps, but not
elsewhere. On the contrary, a Federation of
• Churches in America which undertakes to pass resolutions upon the status and rights of workingmen,
a thing it cannot do without taking sides on the
open or closed shop, the hours of the day or week,
and so-called living conditions, is perforce entering
the controversies that now exist between the industrial employers and the organized workingmen. In
our judgment it has no place there. In our opinion
it cannot favor the laboring man or the employer of
labor by so doing. To look upon man's labor from
the spiritual heights of the Church, is not to look
upon it as a practical question at issue between
"labor and capital."
What, then, is the interest of the Church in labor?
It is the interest in a spiritual design that was instituted in the Beginning for man's betterment. To
work is to develop. More, it is to create. Idleness
and sloth are degrading—mental as well as physical.
We might almost say that the chief interest is in
((work for work's
sake." The Church may preach
against the unrighteousness of giving a life for gold.
But if a man will not work save for the highest, and
in some cases exorbitant wages, will not this preachment lie against him also? However, this spiritual
admonition to work and thus build up the physical
and mental man, lift up the institutions of life, and
apotheosize the home, has nothing to do with wages
or profits. These are as they may be, or must be.
The employer and employee must make some. sort
of settlement. The Church intervenes as adviser or
proponent at its peril—and becomes of the color of
one or the other.
2187
What interest has the union in labor? Originally
to teach it its worth and dignity; latterly to gain advantages for it, by organization, to force, even to the
extent of the coercion of the "strike," its own demands as to wages, profits, management, hours and
conditions. It does not, thus, make for peace but
for war. And in doing these things it does not
speak for itself alone, but assumes by innuendo, insinuation and broad assertion, to speak for all labor.
At the same time it represents less than one-tenth
of the workers of the country. Can there be any real
spiritualizing tendency in this attitude and policy
to entitle organized labor to ally itself with the
Church, to stand in its pulpit and cloak itself in the
refinements of religion and in the voice of the Master and His disciples? There is a sort of mock-heroic
sympathy about both labor and the Church in endeavoring to affect this alliance—though if it is
analyzed it will be found there is more of pity in the
latter, more of cunning in the former.
There has crept into the Church in parts of the
world a false idea of the teachings of the Great
Leader, Christ—that He gathered His followers
from the poor and humble, and therefore these only
are worthy—that He told the young rich man to sell
all and give to the poor—that He said it is easier
for a camel to pass through the eye of a needle than
for a rich man to enter the Kingdom of Heaven—
that He accumulated no property and affected a
commonalty of ownership of the good things of
earth (though only in a spiritual sense)—that He
scourged the money changers out of the temple—
and that, to be brief, He represented the teachings
of modern Socialism. On this ground a certain part
of the Church finds its mission to take the part of
labor in this modern struggle, to go out from its
sanctuary and help it reform conditions, hours and
wages. Not in this sense did the Master of Men
proclaim the true relation of work and wages—
rather in the all-embracing statement: Render unto
Caesar that which is Caesar's and unto God that
which is God's.
We find an arrogance in this attempt of less than
four million workers to speak for forty millions that
is not in consonance with the religion of speaking the
exact truth. If the Church is to thunder this assumption from the pulpits of the country it is tantamount to an endorsement by the Church. What
proportion of unorganized workers compared to organized is to be found in the Church membership?
Can it be, for example, possible to keep the wages
of trades workers, by the power of organized labor,
at war levels, save at the expense of the unorganized
workers? Is the Church to align itself with one
and not the other? One of the greatest of the union
labor leaders, now dead, said more than once "I will
not obey the law" if it is enacted, referring to certain proposals. His successor, no longer following
the maxim that wages must be gauged by living costs,
now asserts that wages must follow the increase of
production though that be by the introduction of
labor-saving machinery—a wholly impossible plan
in practice, involving a confusion of individual efficiency with the power of the machine. Does the
Federal Council of Churches propose to take this
stand?
No, those who labor in the vineyards of life,
whether in field or factory, in home or shop, in bank
or hospital, whether with mind or body, whether for
\_218,8
THE CHRONICLE
wages or profits, if they give value received, if they
keep contracts, if they find in work for work's sake
deliverance and self-help and the help of others, are
doing the Master's work which the living Church is
bound to endorse and expound. But on the high and
unassailable plane of service, and not on the precepts of union labor, that demands a share in management of property it does not own, and a share in
profits it only partially creates (capital working as
well as men), and this before such profits can be
determined in the world's marts. Properly the
Church has nothing to do with these controversial
questions. Fighting the law and courts on injunctions one day and preaching from the pulpits the
next day, has in it an inconsistency both the Church
and union labor will do well to consider. Sympathy
is not the keynote of organization.
Let the Church keep itself unsullied from what we
term "the world." Let it preach and practice temperance and tolerance. Let it always propose love
rather than force. If it has over-emphasized the
power of faith, let it now proclaim the saving power
of works and work. It is teacher and exemplar, not
arbitrator or autocrat. Salvation by character is
sufficient for its administrative helpfulness—for
when all men are lifted up to the heights of "live and
let live" there will be few controversies between employers and employees. And let organized labor sit
at the foot of the throne of Love and leave man free
to make his own way, his own contracts, his own
method of success. By saving man successively the
Church saves all. By recognizing the rights of the
individual to organize the company union as well as
other unions the A. F. of L. will more nearly represent all labor than it does now. Labor is by no
means organized labor.
Characteristics of Bond Issues—
Industrial Variations.
When one speaks of railroad and public utility
companies he is referring to enterprises with many
uniform characterh tics. Industrial companies are
not so readily catalogued. Such companies run to
all sizes and types, and the field, as a whole, presents no strikingly similar tendencies throughout.
Hence financial methods are various.
As it happens, industrial financiing is particularly
responsive to the popular methods of the moment.
Witness the recent frequency of "A" and "B" stocks
and of bonds with convertible features and option
warrants for stock—which shows an eye to the fad
that there has been an active stock market. Under
present conditions the large industrial enterprises
of high credit do little borrowing, and any financing
is likely to be undertaken either with further
amounts of old mortgages of standard character or
with straight note issues of short term.
Beyond these methods there are naturally many
variations, each of which would occasion a separate
discussion. Industrial financing does not always
follow the simple and obvious route to a desired result. Leases and lease arrangements have been utilized in special financing, taking a distinct departure
from direct obligations and bonds guaranteed by
endorsement. A few instances may he cited.
The Montgomery Ward Properties Corporation sold
$5,750,000 first mortgage 5s, due 1946, and dated
May 1 1926. The corporation is a subsidiary of
[Vol... 123.
Montgomery Ward & Co., Inc., the large mail order
concern, organized to acquire warehouse and business properties used by the operating company.
The bonds are a first lien on these properties and,
according to the advertisement, the mortgage "will
also cover the corporation's interest in the lease of
such property to Montgomery Ward & Co., Inc., for
a term extending one year beyond the maturity date
of any bonds issued under the mortgage, at a rental
sufficient to pay interest and sinking fund charges
on all such bonds, taxes and corporate expenses of
the corporation. Montgomery Ward & Co., Inc., under the terms of this lease, will assume the payment
of all maintenance, necessary renewals, insurance
and other operating expenses of the leased properties, and will agree to pay to the Properties Corporation, five days in advance of the maturity date of
any bonds outstanding under the mortgage, sums
equal to the principal amount of such maturing
bonds."
Another case of plants and properties being vested
in a separate company and leased to the operating
concern is found in the Budd Realty Corporation
first and refunding 6s of 1941, of which $6,077,000
were offered on two occasions this year. With
$1,197,000 other mortgages they cover properties
leased to Edward G. Budd Manufacturing Co. and
Budd Wheel co., manufacturers of steel automobile
bodies and metal disc wheels. These properties are
leased to the two companies which "jointly and severally agree to pay all taxes, insurance and assessments and annual rentals at least equal to interest
and sinking fund on the entire funded debt of the
corporation."
An approach from a somewhat different angle appears in the $2,100,000 Central Manhattan Properties, Inc., 5% bonds, due 1946, dated 1926. The concern was organized to acquire certain land and buildings leased to D. A. Schulte, Inc., operating an extensive chain of cigar stores. The bonds and the
first mortgage of $2,400,000 (held by a large insurance company) run for twenty years, the leases
run for sixty. In 1946 a portion of both issues will
have been retired by sinking fund. "As security for
thee bonds, Central Manhattan Properties, Inc., will
deposit with the trustee, the D. A. Schulte, Inc.,
lease and assignment of its right to receive the net
rentals under these leases, so that all rental payments will be made direct to the trustee. The deeds
to all these properties will also be deposited with
the trustee."
It is to be seen,in this case, that the bonds are not
a direct mortgage, are not entirely retireable by maturity out of the proceeds of the lease and that the
lease has been assigned by the lessor to the trustee
for the bonds. Presumably, the lessee is cognizant
of the steps taken in connection with this financing.
The arrangement by which the Mercantile Prop/
1
2
erties, Inc., 5 % bonds, clue 1946, were issued under
date of Jan. 1 1926, while somewhat similar, bears
/
1
2
some variations. The $4,250,000 5 s are secured by
deposit with the trustee of certain leases and the
assignment thereof. The properties owned by this
concern are also covered by first mortgages and are
leased for a long term of years to F. W. Woolworth
Co., operating the large ten-cent store system. The
leases run beyond the term of the bonds and payments should account for the retiremelt of a portion
of both the mortgages and this issue by maturity.
OCT. 30 1926.]
TIIE CHRONICLE
2189
ration was adopted. He was "the only powerful
statesman of his day in America," says his biographer, "who was willing to risk political fortune
and social favor in an active effort to remove this
dark blot from the institutions of his native land."
Twenty years later he wrote the Bill for Establishing Religious Freedom adopted by Virginia, which
declared in enlarged and vigorous terms that "the
opinions of men are not the object of civil government, nor under its jurisdiction." Though these
words were struck out of the bill, the supporting
statements and the injunctions to civil magistrates
as to their restricted authority were left. The bill
as it stands is: "The first law ever passed by a popul.r Assembly giving perfect freedom of conscience,
and places its author among the great liberators of
mankind." About the same time appointed Ambassador to France to succeed Franklin, then infirm
with age, he endorsed a clause suggested by Franklin in a treaty made with Frederick the Great, Bing
of Prussia, containing the modern device to protect
neutrals in person and property and to secure -freedom of the seas in time of war.
As Secretary of State and constant adviser of
Washington, he early saw the evil of public debts.
Thomas Jefferson, the Great American.
The country was loaded with them, $11,000,000 owThe Revolutionary period gave us many memor- ing by the Government to France and Holland, with
able men. In the long course of years and in the private debts of American planters and merchants
new era we have entered some have become little to England, estimated at a much larger sum. He
better than memories and some are forgotten, while believed that the present had no right to load its
obligations upon the future generation, which alJefferson has continued a living force.
His life, which has been frequently and even vo- ways has heavy.enough obligations of its own. He
luminously written, we now have narrated in com- therefore.strenuously withstood all attempts at unplete, accurate and readable form in one volume by limited borrowing as leading to oppressive taxation,
a thoroughly competent and impartial author. Fran- as he also strove for strict economy. In 1816 he thus
cis W. Hirst, for many years the editor of the Lon- summarized his views in a letter to Governor Pludon "Economist," was induced by Lord Morley to mer: "I place economy among the first and most
undertake the task, and after much study, with ac- important of republican virtues, and public debt as
cess to a large amount of new material, has produced the greatest of the dangers to be feared." He lived
the book now published by Macmillan, which throws to see the whole public debt of the United States exfresh light on Jefferson's services, not only in the tinguished by the year 1835. The theory that private
formation of the Government of the United States, debts are a blessing he held to be ridiculous, and that
but in the understanding of political and economic irredeemable paper money is a "juggler's trick." The
principles that have important place in the problems bitter experience of the country through those early
years, despite his advice, is only too well known.
of both Europe and America to-day.
Jefferson was not dependent upon French examNearly a century ago Dr. Thomas Chalmers, of
ple. He was a student of Coke and Milton and John
whom Scotland is ever proud, called to Edinburgh
after rare service in Glasgow, soon had occasion to Locke. He went into public life and remained in it.
say out of his own experience: "No man is set up as Mr. Hirst says,"because he believed in republican
on a pedestal without quickly finding himself the tar- principles, desire to extend democracy, and was reget for mud throwing." Jeffersdn has not escaped. solved if possible that his fellow citizens should enOne must turn to the book before us to see how com- joy a full measure of individual liberty." He showed
pletely the "mud" is all swept aside, and how the his large-mindedness in the high place he gave to
strength and beauty of a great character stand forth, majority rule. He said to his old constituents in
strong as witnessed in his wisdom and his achieve- 1790 that "the will of the majority—the natural law
ment, and beautiful in his simplicity, his unselfish- of every society—is the only sure guardian of the
ness and his unfailing devotion to the good which rights of man. It may sometimes err, but we are
through a long public service he sought to accom- safe with it, for it soon returns to the right way."
plish.
He had not advanced, when Secretary of State, to
We must confine our notice to a few of his achieve- the full free trade position, but he urged a friendly
ments and his leading opinions, with several brief reciprocity. "Instead of embarrassing commerce,"
testimonies of his biographer. It is, of course, as he wrote, "uncle; piles of regulatory laws, duties
known that he wrote the Declaration of Indepen- and prohibitions, could it be relieved from all its
dence, but it is not so well known that at a time shackles in all parts of the world, the greatest mass
when a declaration for the abolition of slavery was possible would thus be produced of those things
impossible, he wrote into the Declaration a vigorous which contribute to human life and happiness, by
protest against the support of the American slave each being free to produce that which nature had
trade by Britain, and that it was stricken out in the fitted them to produce, and to exchange with others
•
sharp debate continuing two days before the Decla- mutual surpluses for mutual wants."
This issue and the one previously discussed were
offered 'with stock purchase warrants in one case
and in units with stock in the other, the idea apparently being that the amortization of the funded obligations would progressively clear the equities in
properties. It would appear that the Mercantile
2
1
/
Properties, Inc., 5 s are not in any sense an obligation of F. W. Woolworth Co. Having given a lease,
the lessee is obligated only to the extent of the terms
thereof. The assignment of a lease may conceivably
be made without the knowledge of the lessee. Longterm leases by responsible parties may be hypothecated; the capitalization of the payments due under
such instruments presumably presents little risk; in
some cases it may obviite the necessity of financing
with second mortgages on improved real estate.
Leases can provide excellent security under some
circumstances„ if one remembers that usually the
lessee's liability amounts to the terms of the lease—
and no more. Obviously, there is a distinction between leases drawn with the expressed intention of
providing for -funded obligations of the lessor and
leases assigned as security.
2190
.THE CHRONICLE
[Vol.. 123.
At the opening of the century, and during the eight science
, historian, sociologist and statesman he is
years of his administration as President, he kept zealou
s in search for truth and passionate in his
the country out of the wars raging in Europe, devot- champi
onship of the right. He pleads for the freeing himself to relieving his countrymen from the dom
of the slave, he argues for perfect freedom of
burdens accumulated during the struggle for inde- trade
and for abstention from the wars and armapendence. In .
1823, in a vigorous letter to President ments of Europe
. He is vigilant against abuses that
Monroe, he stated his position. He said: "I
have exist, and eager in his apostolic faith in a
new
ever deemed it fundamental for the United States
regime."
not to take active part in the quarrels of Europe.
His taste and ability as an architect appeared in
Their political interests are entirely distinct from
the remarkable group of buildings he erected for the
ours. They are nations of eternal war. On our
part University of Virginia, of which he was the founde
r,
never had a people so favorable a chance for trying
and in his home at Monticello, both of which atthe opposite system of peace and fraternity with
tracted wide attention for their classic novelty and
mandkind. We have few occasions for collision
with fitness. He had one of the finest libraries in
the
them, and with a little prudence and forbearance
country and was keenly interested in the education
these may generally be accommodated." When,
of the young, beginning with those living in his
however, at the suggestion of Lord Cannin
g, the neighborhood,"endeavoring," as he said,"to fix their
opportunity came for our taking a definite positio
n attention on the main objects of science, the freedom
to protect the continent against possible Europ
ean and happiness of man." These were to him "the
sole
invasion, in a special letter to President Monroe
, objects of all legitimate government." He founde
d
who sought his advice, he prompted the messag
e, a university that should have the aim and the ability
which a month later "infused with his spirit, was
to send forth young men inspired an prepared by
drafted and enounced by the President, his political
liberalized minds and enlarged views to live such
pupil and disciple, the last of the noble line of Virlives of useful service.
ginian Dynasts."
Is it any wonder that to the end of a long life he
Personally he was so gifted and accomplished "was
still the oracle whom all consulted," or that
that as Minister to France he played his part to per- at
the close of his second Administration his native
fection. The record reads: "Amid the savants and
State should formally make acknowledgment of his
men of science he was a model for all corners in
great services to the nation in a list extending
from
learning and scholarship, in varied and accurate
a model administration with patronage discar
ded,
information about affairs, in ease and refinement;
heavy taxes abolished, a national debt discha
rged
eager to learn, eager to impart, always ready to help
and the acquisition of new territory more extens
ive
a countryman, but a citizen of the world also whose than
the original possessions, to the establishing
of
door was never closed to merit." That he might the
principles of liberty on which the rights,
the
answer the inquiry made by a French gentleman peace,
the honor and the prosperity of the nation
about America, he gathered up some of his loose depend;
a list far too long to enumerate.
papers and had printed in Paris his "Notes on VirWe have had to wait for an Englishman of
rare
ginia:" It created a sensation. No Frenchman ability, a life-lo
ng student of economics and finance,
knew France as he knew Virginia. "It is to-day an to give us this story
of one of the greatest Americans,
encyclopedia of the author's interests, studies, ex- whose princip
les and example were never more
periments, researches and learning. As the man of valuable than
they are to-day.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
dropped sharply, partly on the liquidation of
October lard
Friday Night, Oct. 29 1926.
In a dull cash and speculative market.
Business is fair or quiet in some parts of the country and
Cotton has given a remarkable exhibition of
strength in
good in others. The car loadings have reached a new peak face of.a Govern
ment crop estimate on the 23d inst. of 17,for the latest peak reported. The mall order sales are of 454,000 bales, the largest
by far on record. It was offset by
much the same order, furnishing the impetus is they do to the fact that the
price had recently declined 6 cents, that
railroad traffic. The Pennsylvania Railroad Company, mills bought heavily,
that investors came in, and finally
after many years, has returned to dividends of 7%. Persis- that prompt action
was taken by President Coolidge's Comtent attempts are being made to settle the British coal strike, mission appointed to look
into the question of stabilizing
whose effects grow steadily more grave. Ocean tonnage is cotton prices in the Souther
n crisis which threatened intaken to supply Great Britain with coal, which might other- juriously to affect the trade of
the country. The Chairman
wise be employed in supplying, not merely Britain, but the of the Commission, Eugene Meyer
Jr., had cautioned the
Continent of Europe and other parts of the world, with our Southern cotton planter not to
become panic-stricken by a
grain, cotton, etc. Ocean tonnage under the circumstances Government estimate of the crop on
the 23d. The result was
is scarce and rates for It are advancing. This hampers the that the decline here on that day
was only about 30 points,
export trade in wheat, and there is said to be little Novem- and most of that was regained before
the close. The Fedber tonnage available to the cotton trade. In spite of this eral Intermediate Credit banks, It
is understood, will lend
the exports of cotton thus far this season makes a good $200.000,000, if necessary, on cotton
properly graded, stored
showing. Russia has been buying cotton futures here re- and orderly marketed. State
loan associations have been
cently. Japan wants American cotton. The Continent pre- organized In North Carolina, South
Carolina and Louisiana
fers it to East Indian cotton. Wheat has declined 2 to 3 and practically organized in
Texas and Oklahoma, with a
cents in a sluggish market, with export sales only 200,000 capital of from $1,090,000 to
$5.000,000. It is on the basis
to 300,000 bushels a day to England and the Continent. The of this that the Interme
diate Credit banks will advance
British are afraid to buy wheat heavily lest the coal strike funds to complete the work
of carrying, it is understood,
end suddenly, ocean tonnage be released from the coal about 4,000,000 bales under
the provisions prescribed. Hedge
trade and British markets be flooded with American grain. selling of cotton here,
the thing most dreaded, has of late
Corn has declined under large receipts and with little cash almost ceased, and prices
actually show a small net advance
memand. Other grain has declined. Provisions have for the week. Without going into
the question of the ad-
OCT. 30 19261
THE CHRONICLE
2191
visability of making these loans, which may set a more or one end of the county to the other. Telephone and teleless objectionable precedent, it is clear that the only real graph poles were uprooted. In New Jersey, Paterson and
remedy for excessive crops and low prices is diversification Camden suffered most. At Deal Lake the gale lifted a sheet
of crops in the South. Chairman Meyer wants the South of water out of the lake and carried it 300 feet from the
to reduce the cotton acreage 25 to 35% and put it into other shore, breaking the roof of the three-story frame shack
crops. That is the only panacea in the long run, whether housing the Coast Guard station. More than 100 trees were
It be for the cotton or the grain farmer. It is certain that uprooted in West Long Branch. The State highway was
the Government cannot go permanently into the merchan- blocked for miles by fallen telegraph poles. Other New
dise business. Its legitimate function is government; it is Jersey towns suffered heavily. The gale passed on into
New England.
not a merchant, disguised or otherwise.
The temperatures here on the 25th were 40 to 66 degrees,
Coffee has declined under pressure of offerings from
Brazil. Here is a lesson in the attempt artificially to sup- at Chicago 34 to 40, at Cincinnati 34 to 38, at Cleveland 36 to
port prices. Supplies of coffee in the interior of Brazil are 40, at Milwaukee 32 to 36, at Montreal 40 to 52, at Boston
believed to be large. Dealers knowing this have been hold- 60 to 70. At Dunkirk, N. Y., on Oct. 26 the Arkwright mills
ing aloof for lower prices and have been favored by a de- were covered with snow, and in some of the valley sections
cline in exchange as well as in coffee prices in the Brazilian it had reached a depth of 9 inches. Near Cassadaga, 14
markets. Sugar has declined somewhat, in sp:te of per- miles south, scores of automobiles unprepared for wintry
sistent reports that the recent hurricane In Cuba caused the weather, were stalled in the snow. At Rochester, N. Y., on
loss of some 200.000 to 250,000 tons. The high ocean freight Oct. 26, the first heavy snow of the season in western New
rates have affected this branch of trade also, so that the York was reported. Several inches of snow fell in the
sugar planter feels the British coal strike as well as the Genesee Valley and an inch in Ontario County towns. ToAmerican grain and cotton planter. The Cuban sugar day there was a light rain here, which soon ceased, but it
planter finds his market in Great Britain largely shut off has begun again to-night. The indications were for clear
for the time being. It is an impressive illustration of how and colder weather for to-morrow. To-day the temperature
great branches of business in these modern times interlock, at 8 p. m. was 62. Yesterday Chicago was 94 to 58, Cincinso that if one big industry suffers, as for instance, the coal nati 54 to 72, Kansas City 46 to 66. St. Paul 34 to 52.
mining industry in Great Britain. there is an evil repercussion in other branches of business the world over.
Board's Summary of Business CondiAt the South business has naturally suffered from the Federal Reserve
tions in United States—Growth in Industrial
low price of cotton, although trade is somewhat better than
Activity.
recently. Trade in the Central West has decreased someIndustrial and trade activity increased in September and
what. In the Far West it has improved. Soft coal prices
have advanced greatly, and trade is very active. Coke has Is at present in considerably larger volume than in midadvanced sharply. There has been noticeable activity in summer, the Federal Reserve Board announces in its sumthe shoe and leather trades. The jewelry business is also mary of business conditions in the United States issued
brisk. Less business has been done in steel and the produc- Oct. 27. The price of cotton has declined sharply within
tion has fallen off. The autotnoble production is much recent weeks, the Board adds, while prices of most groups
smaller than recently. Pig iron has been quiet, with inti- of commodities have advanced. Volume of bank credit has
mations of lower prices accepted here and there. The hard- increased seasonally, and money rates have remained firm..
ware trade is better than it was a year ago. The same is The Board goes on to say:
Production.
true of tobacco, building materials and furniture as well as
coal. Very few branches of business are less active than at
Production in basic industries and factory employment and payrollik•
changing but
Reserve
this time in 1925. Some, it is true, show no increase over according to the Federaladvanced Board's indexes, afterhighest points little
in September to the
sine*
for about four months,
the totals of a year ago. Recently failures have shown some List spring. The increase has been particularly large in textile mill actvity. Consumption of cotton has increased considerably, woolen mill
Increase. Seasonable goods sell more freely in the North.
is the largest since January. and employment has increased in
the Southwest and New England, owing to the cooler activityall branches of the textile industry. Iron and steel production was
nearly
tended to increase maintained from early in August until the latter part of October at a level
weather. Lower prices of textiles have
higher than for the corresponding period of previous years. Automobile
their sale.
output was reduced in September. but continued larger than a year ago.
The stock market at one time was stronger and then re- Mining of coal has steadily increased since mid-summer, and the weekly
acted in a smaller market. But bonds have been in brisk run of crude petroleum from wells in October reached the highest level
demand and higher. Sterling exchange was firm to-day since June of last year. Building contracts awarded during August and
September were only slightly smaller in value than the awards for the
after some recent decline and French and Italian rates have corresponding period of last year and in the first half of October far
advanced noticeably, francs reaching a new high to-day. exceeded those of a year ago. A substantial decline in contracts for resioffset by increases in awards for indusWith Belgium on a gold basis the new Belgian currency is dential structures has been largelyThe
trial and engineering projects.
Department of Agriculture Oct. 18
railroad earnings of 33 Class I estimate placed cotton production at 17,464.000 bales, an increase of
now being quoted. September
roads show a gross increase of 4.6% over last year, while about three-quarters of a million over the estimate made on the first of
the net operating income is 6% larger than then. Of late the month and of 1,350,000 bales more than last year's crop.
London has been quiet, but on the whole firm, with apparTrade.
Wholesale and retail trade increased in September and was slightly
ently no fear of higher money rates in this country and
larger than last year. Inventories of department stores increased slightly
with persistent efforts under way to settle the coal strike.
more than is usual in September, and at the end of the month were in
The general level of farm prices dropped from 134 to 120% about the same volume as a year ago. Railroad freight car loadings reached
of the pre-vvar level between Sept. 15 and Oct. 15, accord- new high weekly records in September, and shipments were maintained
early
ing to a Department of Agriculture announcement. Cotton during thegreat weeks of October in much larger volume than inisprevious
years. A
due to
part of the increase as compared with last year
and cottonseed prices dropped from 139 to 94% of the pre- shipments of coal and ore, but loadings of manufactured commodities have
also been larger.
war average during the month.
Prices.
At Fall River, Mass., the Parker and Chace mills issued
The general level of wholesale prices advanced slightly in September and
optimistic reports. At Danielson, Conn., the Connecticut
cotton to the lowest level
October, notwithstanding the drop
Mills Co. operating plants there, in Fall River, Mass., and since 1921. The Bureau of Labor in the price of of wholesale prices was
Statistics index
in Taunton, Mass., manufacturing tire fabrics and employ- about 1% higher in September than in August, reflecting advances both in
recent weeks
ing 1,200 hands, has signed a 15-year lease for a million- agricultural and in non-agricultural commodities. In while prices prices
of liveof corn, nonferrous metals and paper have declined,
dollar factory plant to he built at Albany-Decatur, Ala. stock, meats, poultry and dairy products, and bituminous coal have inThere is a steady demand for tire fabrics for various quan- creased.
Bank Credit.
tities, part of which is for delivery next year. Tire comBetween Sept. 22 and Oct. 20 the seasonal increase in the demand for
panies are said to have covered their requirements, not becommercial purposes was reflected in a concredit
yond the first of next year, with few exceptions. Charlotte, tinued for agricultural and
growth in the commercial loans of member banks in leading cities.
N. C., reports that smallness of stocks at mills and in deal- Loans on securities and holdings of investments declined, but the banks'
ers' hands has contributed largely to the stability of the total loans and investments were about $60,000,000 larger on Oct. 20 than
four weeks earlier.
cotton yarn market. Indications point to a buying moveAt the Reserve banks, the volume of member bank borrowing, after considerable fluctuations in response to temporary conditions, was in October
ment as soon as cotton prices Are stabilized.
level as in September.
Here on the 24th inst. there was a gale of brief duration at about the same average United States securities,There was little change
in the banks' holdings of
while acceptance holdthat did $1,000.000 damage to the city, injured 100 persons, ings continued to inerease, as is usual at this Reason.
Except for a temporary firming around the first of October, there has
steamboat in the Hudson River, damaged other
upset a
been little change in the condition of the money market. Rates
shipping and four coal boats sank in the harbor. On Long mercial paper and on acceptances have remained at the levels on comestablished.
in Nassau County, trees were reported down from lit September.
Island,
2192
THE CHRONICLE
(VoL. 128.
Decrease of 4% in Farm Prices from Sept. 15 to Oct. 15. and Business Conditions by the Federal Reserve Agent at
The general level of farm prices dropped from 134 to 130% New York states:
September sales
of the pre-war level from Sept. 15 to Oct. 15, the Department than a year ago. of department stores in this district were 6% larger
Increases occurred in most localities, and in Newark
of Agriculture announced in its monthly price report issued the year-to-year gain was the largest in several months. Apparel store
sales increased 12% and mail order sales 7% compared with Sept.
Oct. 28. The October index of 130, the Department says,
1925.
Collections on regular
accounts were
is 13% below October a year ago, and only 10 points above Installment accounts 10% chargethan a year ago.about 6% larger, and on
larger
Outstanding installment
the 1921 October farm price level. Cotton and cottonseed accounts, however, were only slightly larger than a year ago, whereas
alone dropped from 134 to 94% of the pre-war average dur- outstanding charge accounts were 12% larger.
Percentage Change Sept. 1926 from Sept. 1925.
ing the month. The report states:
Stock on
Accounts
Net
Rand End
Collet"ReceloLocalitySales.
of Month
netts*.
able.*
New York
+6.4
-0.3
+3.0
+14.1
Buffalo
+0.4
-0.2
-2.4
+1.7
Rochester
+4.9
-0.3
+20.9
+18.7
Syracuse
-6.7
-10.4
Newark
+14.2
+6.9
4-Ki
+Ili
Bridgeport
+14.8
+3.6
Elsewhere
+4.9
+4.4
4 8.9
.
2.9
4-Northern New York State
-1.8
---------Central New Yorks State
+2.6
Southern New York State
+7.4
Hudson River Valley District
-1.6
Capital District
+0.5
-__
---Westchester District
+25.6
All department stores
+6.4
-576
4.178
2
-0- :2
Apparel stores
+11.9
+16.8
__Mall order hourses
+7.0
•Exclusive of installment accounts.
A comparison of sales by individual departments indicates
a large increase
compared with last year in sales of musical instruments and radio, following
decreases in most previous months this year. Substantial increases
continued in the furniture, books and stationery, and men's and women's
ready-to-wear departments. Sales of departments carrying less essential
articles were relatively slow, and sales of silk and woolen goods were considerably below a year ago.
Net Sales
Stock on Hand
Percentage Change Percentage Change
Sept. 1928 from Sept. 30 1926 from
Sept. 1925,
Sept. 30 1925.
Musical instruments and radio
+32.1
-10.7
Furniture
+19.4
+9.4
Books and stationery
Purchasing power farm products
87
83
+14.8
+3.8
Women's and misses'
+10.5
-11.6
The Department's index of purchasing power of farm products is placed Men's and boys' wearready-to-wear
+9.9
- 2.0
at 83 for September this year compared with 88 in,September a year ago, Hosiery
+9.1
+0.5
Linens and handkerchiefs
100 representing the five-year period 1909-1914.
+7.6
-1.3
Shoes
+5.7
-3.1
Women's ready-to-wear accessories
+4.3
-4.5
+4.1
-18.9
September Wholesale Trade in New York Federal Re- Toys and sporting goods
Men's furnishings
+3.7
-2.0
Cotton goods
+3.3
serve District Lower Than Year Ago-Improve-5.7
Toilet articles and drugs
+1.1
+12.1
Home furnishings
ment as Compared with Recent Months.
+0.8
+1.3
Silverware and Jewelry
+0.1
+6.0
The Nov. 1 "Monthly Review of Credit and Business Luggage and other leather goods
-1.3
+5.0
Woolen goods
-20.5
-29.8
Conditions" by the Federal Reserve Agent at New York re- Silks and velvets
-22.1
-0.4
-3.7
-15.2
ports that "September wholesale trade in this district aver- Miscellaneous
Stocks of goods on hand at the end of the month were less than 1%
aged 4% lower than a year ago, a considerably smaller delarger than a year ago. The increases in stocks of
crease than in the previous two months, due largely to the year have been diminishing in recent months, while merchandise over last
sales have been high,
so that the rate of stock turnover has been steadily increasing.
fact that sales of women's clothing, although still below
The downward swing in the market price of cotton has been reflected by
a decline of 5 cents per pound,from 16.8 to 11.7 cents, in the farm price of
cotton from Sept. 15 to Oct. 15. This brings the farm price of cotton below
the five-year pre-war average of 12.1 cents for October. Cotton is now in
about the same relative position when compared with pre-war prices as corn,
oats and barley during the past year and with apples this fall.
The farm price of oats and barley advanced in face of a further decline in
corn prices; wheat and rye showed small price gains. The sharp rise in the
market price of hogs between September and Oct. 15 was not accompanied
by a similar advance in the farm price, as is usually the case. It is possible
that cholera losses are forcing local buyers to discount the market price
more than is usually necessary.
While butter prices advanced slightly, they continue at a lower level than
a year ago. The farm price of eggs advanced more sharply than market
prices from Sept. 15 to Oct. 15. While egg prices were higher than a year
ago in September, they dropped below in October.
INDEX NUMBERS OF FARM PRICES (AUGUST 1909
-JULY 1914 31 100).
,
1926
1925
1926
Oct.
Sept.
Oct.
Grains
121
135
123
Fruits and vegetables
152
136
136
Meat animals
141
148
148
Dairy and poultry products
154
139
144
Cotton and cottonseed
171
134
94
Unclassified
90
93
97
All groups
143
134
130
Non-agricultural wholesale prices
164
161
last year's level, showed substantial improvement compared
Gain in Chain Store Sales in New York Federal
with recent months. Actual increases over last year were reReserve District.
ported in only five lines, but in shoes and silk goods the gains
"All types of chain stores reported larger sales in Sepetmber
were the largest so far this year, and diamond sales were the
largest for the month of September in the past six years. than a year ago, but only in grocery, ten cent, and variety
Paper and drug sales continued larger than a year ago." stores were the increases sufficiently large to more than
offsett the opening of new stores in the computation of averThe bank also has the following to say:
Sales of cotton goods continued smaller in value than a year ago, but age sales per store. Both total sales and sales per store
When allowance is made for the reduction of nearly 20% in prices, which is compared more favorably with last
year in September than
indicated by the "Textile World" index of cotton goods prices, the actual
quantity of goods sold in recent months appears to have been considerably in August, however, in all lines." In stating this, the
larger. Stationery sales fell below the previous year's level for the first "Monthly Review," dated Nov. 1, of the Federal
Reserve
time since the spring of 1925, and wholesale grocers and machine tool dealBank of New York continues:
ers reported the largest decreases in more than a year. Decreases also ocThe increase on the number of stores was the smallest in over two and
curred in sales of men's clothing, hardware and jewelty.
At the end of the month jewelry and diamond stocks showed a large in- a half years. The rate of increase In number of stores in operation comcrease over a year ago, and hardware stocks, which were below last year's pared with last year has been steadily diminishing throughout the year.
Percentage Change Sept. 1926 from Sept. 1925.
level in August, were somewhat larger at the end of September. Stocks of
Number of
Total
Sales per
silk goods were slightly below the high level of a year previous, the first deType of StoreStores.
Sales,
Store.
+14.9
crease in more than a year, and decreases were also reported in shoes, gro- Variety
•
+112
Grocery
+11.2
ceries and cotton goods.
+23.9
+11.4
Drug
+27.7
+19.9
Collections continued smaller than a year ago but in a majority of report- Ten Cent
-6.1
+6.8
+10.3
+3.2
ing lines they compared more favorably with a year ago than in August. Shoe
+13.0
+9.9
-2.7
Outstanding accounts at the end of the month were slightly larger than last Tobacco
+7.6
+7.3
-0.3
Candy
+13.1
+3.4
year.
-8.5
Total
+10.8
+19.0
+7.3
Percentage Change
Sept. 1926 from
Percentage Change
August 1926.
Sept. 1926 from Sept. 1925.
Advance in New York State Factory Earnings Reflect
Commodity.
Net Stock end Net Stock end CollecFall Activity.
Acc'ts
Saks. of
Saks. of M'th. tions. Recelv'e.
Weekly earnings of New York State factory workers
averaged $29 30 in September, an advance of over 50 cents
+10.3
since August. While this is the highest average on record, it
+125.9
+15.5
represents widespread activity rather than a further rise in
+19.0
+10.4
the level of earnings. The redistribution of employment has
+13.4
-4.5
+3.5
also been involved in the recent increase in the average for
+39.3
+5.3
+4.6
+15.7
-5.5
+6.6
the combined industries. Employment has lost in several
-4.2
+8.2
•;"4- 5
.
of the lower paid industries such as textiles, food products,
+7.7
+12.11 4-- 75{
shirts and collars, while it has advanced in the metals where
9
+29.8J
many highly skilled workers are employed and where the
+21.6
-4.4
Weighted average
average wages of both men and women are high. This
• Quantity, not value.
statement was issued yesterday (Oct. 29) by Industrial
Commissioner James A. Hamilton. • It was based on reports
Department Store Sales in New York Federal Reserve from 1,650 firms employing over 35% of all the factory
District Larger than September. Last Year.
workers of the State. He also says:
earnings are a purely arbitrary means of relating payroll changes
' With reference to retail trade in the Federal Reserve Dis- to Average
employment and must not be confused with actual earnings of the
of New York the Nov.- 1 gonthly Review of Credit workers. They are obtained by dividing the number of employees in an
trict
Groceries
Men's clothing
Women's dresses
Women's coats and suits
Cotton goods-Jobbers _ _
Cotton goods-Commis'n_
Silk goods
Shoes
Drugs
Hardware
Machine tools
Stationery
Paper
Diamonds
Jewelry
+12.3
+9.7
-5.9
-1.6
-4.4
-17.3
-11.5
-3.6
-7.7
+7.7
+13.6 -29.4
+1.0
-2.9
-18.1
-1.4
+2.8
+12.91
-5.71
-1.9
+9.7
-2.1
--21.0
--8.1
-0.9
+15.1
-8.4
--19.1
-8.0
OCT. 30 1926.]
THE CHRONICLE
2193
nature of a
of this month, although there has been nothing in the
ng weekly payroll. The ginning
to exhibit surIndustry or group of industries into the correspondi
violent break in values. Railroad shares have continued
payrolls alone are
than in August
result is useful in estimating changes in working time as
prising strength. Business failures last month were fewer
the
not.
1925, and the total for the third quarter is by far
in the September in- or in September
Most of the Industries of the State were included
lowest for the year to date.
wood products and leather goods gained an
crease. Metals, textiles,
the increase
average of 50 cents. Within the metals group, however,
over a dollar.
Index Numbers of Retail Food Prices.
reached as much as $4 50 and there were several advances of
there was little change in
Clothing manufacturers were enlarging forces but
As we indicated last week (page 2049) the retail food index
after the August extension of working time. A large
the average wage
of the issued by the Bureau of Labor Statistics of the United States
reduction in hours in the average plants rather offset gains in most
other food manufactures.
Department of Labor shows for Sept. 15 1926 an increase
Women's Earnings Gain as Much as Men's.
%
of about 13 % since Aug. 15 1926; a decrease of nearly oneweighted
The September increases showed up even more clearly in the
of 1% since Sept. 15 1925, and an increase of a little
men and women. Men averaged $33 42, 72 cents more than third
figures for
cents.
more than 54M% since Sept. 15 1913. The index number
In August and women received an average of $18 55, a gain of 80
and the
In the clothing group, women's earnings were still advancing
of the principal articles of food are indicated in the Bureau's
for all
September increase of $1 20 was important in raising the average
women tabulation, as follows:
OF
women. Whereas men lost somewhat in the men's clothing shops
NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
received almost a dollar more than in August. In women's furnishing INDEX
FOOD IN THE UNITED STATES.
shops, millinery and rendiste houses, women were also busier and they
Butbenefited by the holiday activity in some other lines.
Year and Sirrn Round Rib Chuck Plate Pork
these gains
ter. Ch'ite
Men averaged more in the modiste and millinery shops and
Month. Steak Steak Roast Roast Beef Chops Bacon Ham Hens Milk.
responsible
were given more importance in the weighted figures. This was
85.3 ---In the 1907
71.5 68.0 76.1 --------74.3 74.4 75.7 81.4 87.2 85.5 -for raising the average 85 cents for men in the clothing trades.
73.3 71.2 78.1 --------751 76.9 77.6 83.0 89.6 90.1 -of 1908
88.5
unweighted figures for all employees where the varying respresentation
76.6 73.5 81.3 --------82.7 82.9 82.0 93.6 91.3 93.8 ---1909
was
80.3 77.9 84.6 --------91.6 94.5 91.4 91.0 94.6 87.9 -the different sewing industries is accepted only a very small advance
1910
95.5
80.6 78.7 84.8 --------85.1 91.3 89.3 93.5 97.4 97.7 -shown. A seasonal reduction in the shoe factories cut down the average 1911
91.0 89.3 93.6 --------91.2 90.5 90.6 100.0 100.0 100.0 100.0
1912
for all of these workers.
100.0 100.0 100.0 100.0
100.0 100.0 100.0 100.0
almost 1913
The increase in the earnings of men and women metal workers was
1023 105.8 103.0 104.4 104.1 104.6 10L8 101.7 102.2 100.5 94.4 103.6
1914
97.2 97.5 99.2 93.4
101.1 103.0 101.4 100.6 100.0 96.4 99.8 109.2 110.7 102.2 103.0 105.0
a dollar. Men in almost all lines were averaging more though the gains 1915
116.7
107.5 109.7 107.4 106.9 106.0 108.3 106.4 142.2 134.5 1254 127.2 150.4
were largest in the automobile and heating apparatus factories and jewelry 1916
124.0 129.8 125.5 130.6 129.8 151.7 151.9
electrical 1917
156.2
shops. Women benefited largely by the heightened activity in
155.1 166.3 170.2 185.7 195.9 178.1 177.0 174.2 150.7 162.4
153.2 165.5
1918
177.0 192.8
198.5 193.0
goods.
164.2 174.4 164.1 168.8 186.9 201.4 205.2 206.3 209.9 187.6 183.0 1889
1919
172.1 177.1 187.7 163.8 151.2 201.4 193.7 181.4 186.4 164.0 135.0 153.9
Men rather than women were affected by the continued advance of the 1920
118.2 166.2 158.2
152.8 154.3 147.0 132.5
furniture and piano industries and this was the case In textiles also. Most 1921
147.2 125.1 148.9
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 155.1 144.7 167.0
of the women in the wood products group are engaged in the manufacture 1922
153.9 150.2 143.4 126.3 106.6 144.8 144.8 189.1 164.3 155.1 135.0 159.7
146.7 139.6 168.4 165.7
and their earnings stayed 1923
of smaller articles such as pipes, penclies, &c.
155.9 151.6 145.5 130.0 109.1
1924
157.3 143.1 166.1
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8
1925
close to August.
In the chemicals the situation was reversed and where women averaged 1925
177.0 168.1 156.2 136.6 162.4
152.4 147.1 143.9 128.1 109.9 146.2 149.3 178.8 169.5 156.2 132.1 164.7
Jan
80 cents more in September, men lost 30 cents. Printing and paper goods
Feb_ _ _ _ 151.6 146.6 143.4 127.5 109.1 144.3 1504 190.3 173.2 155.1 144.9 165.2
shops were busier.
March 155 9 150.7 147.0 131.3 111.6 178.1 164.4 198.9 177.9 155.1 139.2 165.2
April... 159.1 155.2 150.0 125.0 114.1 175.2 172.6 197.0 177.9 153.9 135.5 164.3
160.6 157.0 1505 138.1 115.7 171.4 171.9
May
153.9 137.6 165.2
161.4 157.8 150.5 136.3 114.0 172.4 174.1 197.0 173.2 155.1125.9 165.6
June
The Trade Outlook, According to the Guaranty Trust
171.8
166.1 163.7 153.5 140.0 11617 186.7 180.4202.2 170.0 158.2 141.3 1663
July
York.
1905 182.6 204.1
Company of New
August - 165.4 162.3 153.0 125.1114.9 192.4 183.0 204.1 171.8 159.6 145.7 167.4
163.8 159.6 152.0 137.5 114.9
Sept
171.4 160.7 155.1 168.3
The general outlook for business during the next few
October. 162.2 158.7 151.5 137.5 116.5 186.2 188.7201.9 168.1 160.7 155.9 169.2
158.7 154.3 149.0 135.0 118.5 178.6 182.2 198.9 171.4 160.7 153.0 169.7
Nov
months remains favorable, despite the less encouraging po158.7 154.3 149.5 135.6 116.5 170.0 180.0 197.4
Deo
sition of agriculture resulting from the bad weather expe- 1926
181.2 159.6 144.6 170.1
Jan.... 160.6 157.0 151.5 138.1 119.8 173.8 178.5 198.1 182.6 159.6 142.3 169.7
199.3
rienced in numerous localities and the violent break in the
159.8 156.1 148.0 138.1 120.7 172.9 181.1 200.7 185.0 157.3 139.9 168.3
Feb_ _
120.7 177.1 179.3
March._ 160.2 156.5 151.0 138.1
156.2 132.9 165.2
price of cotton, states the "Guaranty Survey," published toApril_ 161.8 157.8 152.5 139.4 121.5 182.4 179.6202.6 190.1 156.2 130.5 162.9
163.4 160.5 153.5 140.6 120.7 191.9 182.6 207.8 192.5 155.1 131.3 161.5
May
day by the Guaranty Trust Co. of New York. "The latter
190.7 221.9 188.7
165.4 162.3 154.5 141.9 120.7 200.0
Juke
155.1 130.8 161.1
165.4 162.8 155.1 141.9 119.8 198.6 193.7 226.4184.0 156.2 132.1 161.5
Is without doubt the most important development of recent
July
177.9
August _ 1643 162.3 153.5 140.6 118.2 192.9 192.6225.7 177.5 157.3137.1 163.3
"Survey" conweeks bearing on the business outlook," the
Sept_ _ _ . 168.0 163.2 154.5141.9 119.8202.4 192.2 224.5
tinues. "With farm prices of raw cotton several cents below
the average cost of production, returns to cotton growers
will be severely curtailed, and the reduction of purchasing
power in the cotton belt will be felt by business throughout
the country." The "Survey" then continues:
Aspects of the Cotton Situation.
Fortunately, there are a number of factors which will tend to modify the
on has
effects of low cotton prices. The tendency toward crop diversificati
made considerable progress in most parts of the South since the disastrous
season of 1920, and the sections where the majority of farmers are solely
dependent on the fortunes of the one crop are comparatively few. The extremely large volume of the crop, with correspondingly low costs of production, will help to sustain the level of both gross and net returns. Credit
facilities much better than those of a few years ago will enable many producers to store their cotton until later in the season when- conditions may
be more favorable for marketing. Concerted action in this direction should
be greatly facilitated by the co-operative marketing organizations and by
bankers in the affected areas, who have shown commendable eagerness to
place every possible means of aid at the disposal of the cotton growers.
From the point of view of the cotton textile industry, the prospect of
plentiful supplies of raw materials at low prices is encouraging. Up to
the present time the decline in prima of cotton fabrics has not kept pace
with the decline in the price of raw cotton, so that price relationships between raw and finished goods are more favorable than at any other time in
the last five years. While it is likely that the prices of fabrics will show
some sympathetic weakness, there is reason to hope that the third consecutive large cotton crop will result in hastening the recovery of the industry
from the prolonged depression through which it has passed. The present
low price of raw cotton will also stimulate consumption in Europe.
The London Manifeato.
The economic manifesto issued in London on Oct. 19 over the signatures
of leading bankers and business men of sixteen countries is by far the most
Important expression that has yet appeared of a point of view which has
gained wide adherence in the last few years. This is that the existing
system at international tariff barriers not only is fundamentally wrong,
but is especially unfortunate in Europe at present in that it hampers the
recovery of the world, and particularly that of the former belligerent countries of Europe, from the economic loss and disorder wrought by the war.
To what extent the appeal is directed at the traditional American policy of
that the name
tariff protection can only be surmised. It is perhaps significant
signers. While the Adminof no industrialist appears among the American
the document, the
istration has not yet adopted a formal attitude toward
President's opinion is reported to be that not much could be done in the
without endangering the
way of downward revision of the American tariff
economic welfare of the country.
Trade Activity Sustained.
Business in general continues in about the same volume as a month ago.
Check payments in September and the first half of October continued
slightly above the totals for the corresponding periods last year. Railway
freight loadings have remained practically at the peak. The leading
branches of industry make an even more favorable showing. Commodity
prices in general have shown increased firmness for some time. Money
rates have shown further niodemte advances. A more definite tendency
toward lower price levels in the stock market has developed since the be-
Cof- Weighted
PotaCorn
Year and
Sugar Tea fee Food Inds,
Month. Lard Eggs Bread Flour Meal Rice toes
82.0
80.7 84.1 -- 95.0 87.8 ____ 105.3 105.3 --_-__. 84.3
1907
-------80.5 86.1 -- 101.5 92.2 -- 111.2 107.7 --------88.7
1908
90.1 92.6 ___. 109.4 93.9 ___. 112.3 106.6 -___
1909
93.0
103.8 97.7 ___. 108.2 94.9 -___ 101.0 109.3 --------92.0
1910
88.4 93.5 ____ 101.6 94.3 --__ 130.5 111.4 --------97.6
1911
98.9 ---_ 105.2 101.6 ____ 132.1 115.1 100.0 1000 100.0
93.5
1912
100.0 100.0 1(0.0 100.0 100.0 100.0 100.0 180.0 100.4 99.7
1913
102.4
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.2 100.6
1914
101.3
88.9
93.4 98.7 125.0 125.8 108.4 104.3 158.8 120.1 100.4 100.3
1915
113.7
146.4
111.0 108.8 130.4 134.6 112.6 104.6
1916
146.4
101.4
174.9 139.4 164.3211.2 192.2 119.0 252.7 169.3 106.9 102.4
1917
168.3
226.7 148.3 188.2 176.4 119.1
210.8 164.9 175.0 203.0
1918
185.9
128.9 145.3
233.5 182.0 178.6 218.2 213.3 173.6 223.5 205.5 134.7 157.7
1919
203.4
197.4205.4 245.5 216.7 200.0 370.6352.7
186.7
1920
153.3
182.4 145.5 128.1 121.8
113.9 147.5 176.8 175.8 150.0 109.2
1921
141.6
107.6 128.7 155.4 154.5 130.0 109.2 184.7 132.7 125.2 121.1
1922
146.2
142.4 136.7 109.2 170.6 183.6 127.8 126.5
112.0 134.8 155.4
1923
145.9
145.3
120.3 138.6 157.1 148.5 158.7 116.1 158.8 167.3 131.4 172.8
1924
157.4
151.0 167.9 184.8 180.0 127.6 211.8 130.9 138.8
147.5
1925
1925
154.3
144.3204.4 164.3 181.8 180.0 123.0 147.1 147.3 136.4 173.2
Jan
151.4
144.3 154.8 169.8 193.9 183.3 124.1 152.9 140.0 137.5 174.8
Feb151.1
175.5
March 146.2 113.3 167.9 193.9 183.3 125.3 147.1 140.0 138.1 174.8
150.8
146.8 110.4 167.9 184.8 183.3 126.4 141.2 136.4 138.8 175.2
April...
151.6
126.4 158.8 130.9 139.0
May- 143.0 113.9 167.9 184.8 180.0
155.0
144.9 122.6 167.9 184.8 180.0 126.4205.9 130.9 139.3 170.5
June
159.9
184.8 180.0 128.7258.8 129.1 139.3 170.5
148.7 133.9 167.9
July
160.4
139.6 170.8
August _ 153.8 141.7 167.9 184.8 180.0 129.9258.8 127.3 139.3 171.4
159.0
151.9 150.4 167.9 184.8 180.0 129.9 211.8 127.3 139.3 171.5
Sept
161.6
129.9 217.6 123.6
October. 152.5 174.8 167.9 178.8 176.7
167.1
147.5 201.2 167.9 181.8 176.7 131.0 305.9 120.0 139.2 171.8
Nov
165.5
167.9 184.8 173.3 131.0 305.9 121.8 139.3 172.1
143.0 191.9
Deo
1926
164.3
172.1
141.1 156.2 167.9 187.9 173.3 153.3341.2 121.8 139.9 172 1
Jan
161.5
Feb_ _ _ _ 140.5 127.0 167.9 190.5 173.3 133.3 335.3 121.8 189.9 172.1
159.9
March 138.6 111.6 167.9 187.9 173.3 134.5 329.4 121.8 139.9 171.5
162.4
167.9 184.8 170.0 134.5894.1 120.0 140.3 171.1
April... 136.1 111.9
161.1
121.8 140.4
May
136.1 112.8 167.9 184.8 170.0 134.8352.9
159.7
171.1
June.... 143.0 118.0 167.9 184.8 170.0 134.5 294.1 125.5 141.4 171.5
157.0
170.0 134.5241.2 125.5 141.5 171.1
July
144.9 122.0 167.9 181.8
155.7
141.7
August. 143.7 130.1 167.9 181.8 170.0 1333 211.8 127.8
Sant
R 141 A171.1
1A1 I 1A0 1 IA7 0 I,K 0 l'n A IRA X090 A 197
158.5
General Stability Found in Credit Men's Survey.
General stability exists throughout business, according
to the monthly business and credit survey of the Research
Men just
Department of the National Association of Credit
made public. Mr. Tregoe, Executive Manager of the association, said in commenting on the survey:
n nor
The situation is inherently sound; it calls for neither apprehensio
carefully, and
jubilation. Producers and diatributers who are going ahead
business
most of them appear to be doing just that, are confident of stable
situation
conditions for at least several months to come. While the cotton
general
calls for immediate and thoughtful attention, there seems to be a
crop
feeling that some plan of warehousing and restriction of next year's
of 1926
will meet the problem satisfactorily. One of the encouraging signs
American business refuses
is that when a really serious problem comes up,
and
to become panicky, but immediately attacks the question vigorously
toward
intelligently, and by so doing steadies itself and offsets any tendency
disorganization that may appear.
2194
THE CHRONICLE
[Ver.. 124.
The report of the Research Department based on a
survey conducted among credit managers and
treasurers in
New England reads as follows:
Much of the recent increase, it is true, is of
a seasonal nature, but In
most lines of business the current volume is well
ahead of that of last year
and of 1924. Manufacturing activity in the district
has incfe-ased steadily
since early summer. The current rate of operation
Of the concerns reporting, more than three-quarters
s is equal to the high
found their sales for level of February and March of this
year, arid is as great as at any time in
September were greater than those of August. About
69%, however, found the past two years. Building operation
s in the 'district also continue very
Increased sales in September 1926 as compared
with September 1925. active and the anthracite mines
are working close to capacity. Business
Considerably more than 60% of the credit managers
found that their sales payments, as reflected by debits in the
leading cities of the district, have
for the first nine months of 1926 were considerably
better than for the shown seasonal expansion since August
and continue as in practically every
first nine months of 1925.
month of the present year, to exceed the volume
Collections were found generally favorable and more
in the corresponding months
than 70% of the of previous years. Distribution of
goods in the district continues at an
managers found their collections were larger
in September than in August. active rate. Freight car loadings
in the Allegheny district have increased
Accounts receivable were somewhat larger on Oct.
1 1926 than on Oct. 1 seasonally in September arid October
arid are well above the level of any
1925, but the dfference was riot greatly
marked.
previous fall. Wholesale business in dry
goods, electrical supplies and
Anticipation of failures for the remainder of
the year as compared with jewelry was smaller than in Septembe
r 1925, but all other lines of wholethe same period last year are encouraging,
as about 60% look forward to sale and retaii trade showed large
no increase and a probable decrease
gains in September and current sales
in the number of failures. For the continue above those of last
year. Retail sales not only have been larger,
remainder of 1926 more than 80% of the
credit managers expect improved but stocks of goods are smaller and
sales and collections.
turnover more rapid this fall than in
1925.
The opinions of some of the credit managers
who supplied the information
The iron and steel industry in the district
reflect many encouraging and a few discourag
reports active buying of most
ing features. A number of products, with nearly all classes of
buyers in the market. Iron and steel
them are convinced that the stocks
of goods on retailers' shelves are suf- foundries in the district are
active and the volume of production, shipcfiiently low to stimulate buying within
a short time. Many of them also ments and unfilled orders has
been well above that of the fall of 1925.
discovered a feeling of optimism in
many quarters, which is indicative of a Output of pig iron and steel
ingots in the United States held close to
healthier state of mind among business
August
men than a year ago.
levels, but was considerably larger than in
1925, while unfilled orders of
In this district the credit managers find industrial
conditions showing the Steel Corporation, though increasing
from August to September, were
Improvement with a large majority of factories
working at nearly full time. less in the latter month than in
September 1925. Good demand exists for
On the other hand, some of the credit
managers believe that the country anthracite and the market for
steam sizes arid soft coal is, seasonally, more
Is overbuilt and express a fear
for the future in this field of activity. In active. Prices are higher on
some grades of both hard and soft
the retail field a number of the reporting
coals.
concerns are convinced that there
The woolen and worsted industry reports
are entirely too many retailers in business
the greatest improvement among
in proportion to the population. the textiles. Current sales at strong
and higher prices are larger than last
A limited number in a few fields,
particularly iron, discovered a general month or a year ago 811,I mill
activity is greater than at any time
sagging.
in the
past ten months. The prospect of a record high
yield has upset the raw
cotton market and quotations for finished goods have
also declined. Cotton
mills in the district, however, are quite active arid
First National Bank of Boston Reports New Englan
d ume of orders on their books. Silk mills also are have an increased volmore active, filling inBusiness as Showing Steady Gain.
creased orders, though mill operations, at 80% of
capacity, are less than
The First National Bank of Bost n in its New England they were a year ago. Many hosiery mills have increased operations. Demand for most seamless grades is only fair, but women's
full-fashioned
letter, issued under date of Oct. 25, finds business in that hosiery continues good
in
request and mills making this
section showing a steady gain since mid-summer. We quote close to capacity. Moderate improvement is reported grade are operating
in the market for
carpets and rugs, but null operations in the district continue
what it has to say herewith:
at about 60%
of capacity.
Business operations are proceeling into the autumn months
on a high
Considerable improvement has occurred in the leather industries
basis of activity. The uptura this fall was not so marked
. Packer
as a year ago, hides are in strong demand and kid and sole leather
are also selling more
owing to the remarkable stability that prevailed during the
summer months. actively with some price advances in the latter. Shoe
manufacturers report
Business sentiment is characterized by restrained optimism
.
fair demand and some increase in orders over last month.
Heavy rains throughout the district have delayed harvestin
General Conditions.
g and have
resulted in some crop damage. The oat, buckwheat,
Production In basic industries during September was
potato, corn and toslightly above the bacco
crops will have smaller yields than last year, but
preceding month and well ribose a year ago. Declines in
fruit and truck
some of the major
crops in the main compare well both in quantity and
Industries were more than offset by advances In a number
quality with those of
of other timer. last
season.
Steel mills are operating at about 81% capacity, although
shipments are
under production. While structural business has declined,
City Conditions.
the buying of
rails and cars has been unusually heavy. Froduction of
Meat of the cities in the district have shared
motor vehicles for
in the recent seasonal exSeptember was 6.7% below August, but the output for
the first nine months pansion of industry and trade. In all but three of the city areas for which
exceeded the corresponding period of 1925 by 14%.
Following a period of information is shown in the accompanying table [This we omit.—Ed
.1,
unusually heavy activity, building operations for the past
month were 8% factory operations were more active in September, while check payments
below August, but for the nine-months' period were
substantially above a were larger in all cities but Harrisburg. Retail trade conditions were
year ago.
somewhat mixed. Philadelphia stcres showed
a gain of nearly 33%, while
The textile situation appears to be Improving
all along the line. Silk five cities reported declines, the largest, of 8%, occurring in Reading.
mills have enjoyed a good volume of busitess for
As compared with 1925, the Wilmington area
the past two months, and
showed the greatest imthe outlook is promising for the remainder of the
year. Operations in the provements, with large increases in employment, wage payments, debits
and
silk Industry declitod slightly during September,
but this is attributed to retail trade. Similar improvement, though somewhat less pronounce
d,
seasonal causes. The woolen industry has been
working into a much better also is indicated in Philadelphia, Wilkes-Barre and York. In Harrisbur
g
position, with sales on the Increase and
i rhea firmer. The stability of raw and Reading, there were substantial gains in factory wage payments over last
wool prices for the past few moi.ths has
affair eri a satisfacotry basis for year, but retail sales in both areas were smaller than in September 1925.
transacting busitess. On the other hand, the
sharp break in cotton prices Lancaster reported declines in nearly all indicators, while factory operations
has had a restraining influence upon the goods
market, although the outlook were less active in the Allentown, Scranton and Williamsport areas.
for the cotton industry. In view of the possibilit
y of increased profit margins
Retail Trade.
and larger volume of business, appears
sery tromisIng at the moment.
Business at retail in this district continues seasonally active,
The most serious handicap that the industry
although
may face will be the tendency sales since Sept. 20 have been a trifle behind
the volume in the same period
toward over-production. Leather business
is reported to be increasing in last year. With the exception of slight
recessions In cotton goods, prices
volume, and operations of factories during Set
tember were well above the remain practically unchanged.
preceding month and a year ago. The bile
market is at the high point of
During September sales by reporting firms were 4.6% greater
the year, and leather prices are tending
than those
upward, although only a fair in the same month last year, and the volume
of businss in the first nine
volume of business is reported.
months of this year exceeded that for the corresponding period
Since midsummer. New England business
of 1925 by
has shown a steady gain. 2.9%. Increased sales are reported by departmen
t, apparel and shoe stores,
Better sentiment prevails than for some time
past. Many firms are operat- whereas credit houses report a slight decline
compared with gales of a year
ing at capacity. According to a revolt
by the Department of Labor and ago. Gains over sales for September 1925
were shown In Philadelphia, AlIndustries, employment in Massachusetts
during September
over the I receding mouth. Out of 39 leading industries, all increased 3.8% toona, Scranton, Wilkes-Barre, Williamstown, filmdom Wilmington arid York,
but 3 registered
whereas losses were reported by Allentown, Bethlehem, Chester,
gains in employment over August. Elixty-six
Harrisper cent of the workers were burg, Johnstown, Lancaster, Reading and
Trenton. Retail stocks at the
on a full-time basis.
end of September were somewhat lighter than those on the same
Distirbution of goods continues In heavy
date last
volume. Mail-order houses. year.
chain stores and department stores report large
increases over the correaWholesale Trade.
pointing period of 1925. This is substantiated
by heavy car loadings, which
Trailing at wholesale continues active and the volume of
for the first nine months of this year were well
sales since
above a year ago.
Sept. 20 compares favorably with that of the year previous.
Wholesale commodity prices, as reflected by
During Septemthe leading indicea, have ber, sales in all lines were seasonally
greater than those in August.
shown signs of stability. Some individual
Comcommodities, however, have pared with that for Septembe
r 1925, businesa in shoes, drugs,
deviated sharply from the general trend. silver
groceries,
prices have dropped to the hardware and paper was larger, whereas
sales of dry goods, electrical
lowest point since 1921. as a result of the heavy
supaccumulation of stocks at plies and jewelry were a little smaller.
Stocks at the end of September
Shanghai, and In anticipation of the establishment
,
of the gold standard In generally, were moderate, and
accounts, outstanding on Sept.
India, which country has been consuming about one-third
30 were, in
of the world's most cases, above those of a year ago.
silver supply. Reflecting indications of a record
crop, cotton prices have
declined to the lowest point In eleven years.
Brags.
Sales of drugs, which during September rose 4.8%
Following a sharp advance in money rates since
over those in August
July. an easier tendency
and 2.1% over those of a year ago, continue in
now prevails. This has been brought about by liquidation in the
moderate volume. Prices
stock remain unchanged. Stocks at
market and also by the fact that the seasonal
the end of September were 9%
commercial requirements
heavier than
those on the same date last year. Accounts
largely have been met. Following the close of the
outstanding also were 2.2%
crop moving period, a
greater than those of the year previous.
further relaxation in the Money market is anticipated.
Indications are that business will continue good throgh
the fall months.
Some of the irregularities that are appearing in certain
industries and in Merchandisin
g Conditions in Chicago Federal
agriculture may bring about a lot-down in business
activity, but any reReserve
action is likely to be moderate in extent.
District—Increased Activity in Wholes
ale
and
Retail Trade.
Business Conditions in Philadelphia Federal Reserve
Increased activity is reported in wholesale
and retail trade
in the survey of merchandising conditions
Dibtrict—r-Expinding Trade Reported.
contained in the
Monthly Business Conditions Report" of
The early fail has witnessed a general expansion of busithe Federal Reness activity in tpe .Plijkitdelithia Federal Reserve District, serve Bank of Chicago; the bank says:
.the Federal Reserve. Rank of Philadelphia states In Its reWholesale Trade.
September wholesale trade statistics repeated
view of the month,from which we also take the following:
to this bank reflect the
broadened activity usual In
the fall.
Each of the five commodity groups
OCT. 30 1926.]
registered expansion over August in sales and collections, higher accounts
outstanding, and lower inventories. Individually, the large majority
showed gains in sales and accounts on the books, two-thirds in collections.
and 33 out of 57 reduced their stocks during the month.
In comparison with Sentember 1925, the majority of grocery, hardware.
dry goods and shoe dealers mg:gusted a larger volume of goods sold this year.
while in drugs all excent one registered a decline. Cumulative sales for the
first three-quarters of 1926 are below last year for 46 firms and above for
36. with the grocery group averaging the one increase. Other.comparisons
with a year ago vary, about half the firms reporting smaller collections and
accounts receivable, and lower Inventories: grocery dealers averaged gains
in all three Items, and dry goods firms declines, while in hardware, drugs
and shoes trends were mixed.
Department Store Trade.
Department store trade In this district during Sentember developed the
customary seasonal features: an increase over the preceding month in the
volume of goods sold and of collections received. with an advance in accounts
outstanding, and a general addition to inventories. Aggregates in all four
items, furthermore, were ahead of a year ago.
Individually, four-fifths of the steres reports+ heavier sales than in August
and three-fourths larger than In Se- tember 1925. with 66% showing RAIREI
.
for the f rst nine months over last year: district increases amounted to 31.8%
11.4 and 7.9%. respectively, in these com-arisons. The advance in ac59
counts outstanding of 14.5% between Aug. 31 and Se:A. 30 reflects
Increases and 9 deelines, while the 2.9% Increase in September collections
over August re-resents 38 gains and 30 declines: in comParison with a year
ago three-fourths of the firms reported heavier accounts on their books.
and two-thirds larger collections.
With six exceptions, Sept. 30 Inventories exceeeel holdings on Aug. 31.
the group of 66 averaging an increase of 6.6%; unfilled or'ers for new goods
dropped during the month from 11.4% of 1295 purchases to 11.0%. In
comparison with Str+t. 30 1925. Increased stocks hell by 22 stores offset
declines for the others by 3.0%; Se gernber sales amounted to 35.4% of
average goods held, as against 32.5+7, last year: corresponding ratios for the
nine month periods are 274.8 and 360.8. respectively.
Retail Furniture Trade.
September sales of furniture furnishings and equipment by 35 retail
dealers in this district gained 45.8% over August, and for 36 were 11.0%
heavier than a year ago; corresponding increases in installment trade as
reported by nine houses, amounted to 27.4 and 18.8%. respectively. Total
collections advanced 2.8% in the month-to-month comnerison. but were
2.4% below September 1925. while installment payments increased 100
and 7.0% in the two com^arisons. Accounts outstanding rose 2.3% during the month to 6.7% higher than on Sept. 30 1925. Inventories at the
end of the month for 21 firms aggregated 3.0% higher than on Aug. 31,
and for 22, 14.9% above last year.
Effect of_Cotton Price Decline on Textile Industry in
Boston Federal Reserve District.
According to the "Monthly Review" (dated Nov. 1) of
the Federal Reserve Bank of Boston "the drastic decline in
cotton prices, accompanying reports of an unusually large
crop, has complicated the New England business situation."
Continuing the Bank says:
The drastic decline in cotton prices, accompanying reports of an unusually
large crop, has complicated the New England business situation. In
August and early September there was a big buying movement in cotton
goods. resulting in a material Improvement in New England mill activity,
but the lower price for raw cotton soon brought this period of good business
to an end. About the same time the wool market became less active, after
a period of considerable strength and good buying. The silk market turned
weak during the first half of October. This combination of circumstances
has introduced an element of uncertainty into the textile industry of this
district. Reports which have recently become available show that. taking
New England as a whole, business activity was noticeably better In September than in August. continuing an improvement which began in July. The
rate of activity in September this year was not as high as a year ago, but
was better than either two or three years ago. Activity In Metropolitan
Boston Increased in September even more rapidly than in New England as
a unit. These reports, based on records of the physical volume of business,
such as the number of pairs of shoes produced, the number of railroad cars
loaded, &c., indicate a relatively better condition than do reports of the
value of business paid for by checks. Check payments in New England
centers outside of Boston, after allowance is made for the usual fluctuation,
declined in September. Furthermore, If consideration be taken of the
continual tendency toward a greater use of checks, It will be found that the
current level of check payments is not high. This agrees with the general
level of the New England Business Activity Index, a measure which is not
affected by charging commodity prices. Department store trade in this
district during September was larger than a year ago and the daily average
of sales In Boston In the early part of October was above that of last year.
when sales were exceptionally good. Retail trade collections were very
poor in September. in fact, about the slowest on record. Outstanding
orders for merchandise, on the other hand, have increased rapidly In the
past few months. Early frost in September and snow in some parts of New
England in October apparently have not damaged the important cash
crops. Cranberry and apple crops are unusually large and prices are poor.
The yield of potatoes, on the contrary, Is belnw average and prices are good
for the second year in succession. Money rates were quite steady in October, at a slightly higher level than In September. The rise has been due in
part to seasonal demands for credit.
Retail Shoe Trade.
As Is customary, retail shoe trade expaneed during September. Fortythree reports received by this bank totaled sales 34.8% higher than the
August volume, individually 35 firms indicating Increases. In comparison
with a year ago, 32 gains and 13 de Teases averacel a net advance of 11.8%•
Collections likewise were heavier than In August or in September 1925.
For 19 firms accounts outstanding on Se-t. 30 amounted to 76.9% of the
month's sales as compared with 79.1% the cerresponding Aug. 31 ratio
Aggregate inventories were 2.5% higher than at the close of August and 1.0%
in excess of last year: two-thirds of the firms showed increases In the former
comparison and half In the latter.
Increase in Canadian Exports of Pulp and Paper
During September.
The monthly report issued by the Canadian Pulp & Paper
Association, shows that exports of pulp and paper in September were valued at $15,219,210, an increase of $1,268,389
over the total for the previous month. According to the
Montreal "Gazette" of Oct. 25, which also contains the
following advices:
Exports of wood-pulp in September were valued at 25.133.406. as
compared with $3.614,873 In August, and exports of paper at $10 085 804
as compared with $10,335,948 in August.
Detailed comparison with the totals for September. 1925 and 1926. Is
shown below:
-September 1926- -September 1925
Tons
Pulp
Tons.
1,223,991
40.127
1.910.517
Mechanical
58.246
1.331,750
17,308
1,325.659
Sulphite Si
16.404
1.520.860
26.286
1.071.182
Sulphite, unbld
19.034
766.625
12,694
826.048
Sulphite
13.390
Paper
Newsprint
Wrapping
Book (mut.)
Writing (cwls.)
All other
2195
THE CHRONICLE
107.074
5,133.406
97,415
4,843,226
143,524
1.627
6.350
2.220
9,460.633
192.779
54.699
16.351
361.342
116.278
1.737
2.953
598
8.190.090
235.864
36.623
4.569
375,643
Activities of Hosiery Mills in Philadelphia Federal
Reserve District.
The following preliminary rep3rt on the hosiery_ industry_
.
compiled-b y_the Bureau of the Census, is issued by the
Federal Reserve Bank of Philadelphia:
The following table shows the activities of the hosiery mills in the Third
Federal Reserve District in September and a comparison with those of
August.
Women's.
Men's.
Full-fashioned.
(In dozen pairs.)
tI
Seandess
Per Cent
Per Cent
Change
Change
Sept. from
Sept. from
1926. Aug. 1926. Aug.
1926.
1926.
Production __-- 24.785 + 10.1190.474
25,098 +26.9226.605
Shipments
Stock,finished &
+0.7411.467
In the gray.- - 72.0581
Orders booked_ 22.966 +49.1223,837
Cancell'ns reed 1,094 +23.3 8.653
Unfilled orders
end of month_ 20.0981 -8.9338176
Boys' and
Misses'.
fashfoned.
FullPer C
Change
from
Sept.
1926.
Aug.
1926.
Seamless.
Sept.
1926.
Per Cent
Change
from
Aug.
1926.
-1.8 136.530 -0.8
+4.7 144.041 -4 3
.
-3.3
-14.6
534,052
474.839
-5.6
+15.9
+1.6
681,977 +7.9 295.256 -2.2
306.732 + 11.9 145.454 +0.5
3,241 +176.5
9.393 -91.7
-5.4 1.459.135
Children's and
Infants'.
Per Cent
Per Cent
Change
Change
Sept. from
Sept. from
1926. Aug.
1926. Aug.
1926.
1926.
Production ____ 26.032 +45.8 78,960 +66 6
25.313, -11.1 35,235 +7.8
Shipments
Stock.finished &
In the gray_ _40,215 +17 6303.477 +15.9
Orders booked. 39.970 + 15.7 186.118 +49.5
770 +940.5
Canceirns reel 850 +2733.3
Unfilled orders,
end of month J55,470 +13.9259,541 +95.2
-0.1
Athletic and
Sport.
Per Cent
ha n ge
Sept,
from
1926.
Aug.
1926.
-3.
3
117.877
Total.
Sept.
1926.
Per Cent
Change
from
46.135 +38.1 1.036.
-7.8 964,87
33.73
Avg.
1926.
+3.7
-2.2
60,126 +21.7 1.864.576 +4.4
100,032 +140.4 1.025,11 +23.8
26.981 -78.6
2,980 +87.4
85.566 +285.3 2.335.974
+1.1
8.842.780
10,085.804
The value of the pulp and paper exports during the first nine months of
the year amounted to 5127.090.721 an increase of $15.570,856, or 14%
over the value for the corresponding months of 1925.
Exports of wood-puip in this peried were valued at S38,371.467, and
exports of paper at $88.719,254. compared with 334,181,917, and $77,337,948 respectively in the first nine months of 1925.
Figures for the nine months are as follows•
--9 Months 1925
9 AffMat 1926
Pulp
$
Tons.
Tom
s
Mechanical
227.765 6.701.435
275.387 8,343.600
Sulphite Ill
138.165 10,3.50.878
150.024 '11,722.462
13ulphite unbid
192.781 10.363,654
186.406 10.585,650
Sulphate
121.039 7.719.755
110.492 6.765.950
732.856 38.371.467
Paper
Newsprint
Wrtfeeing
Book (cwta.)
Writing (ewts.)
All other
669.203 34.181.917
1,262.340 83.192.275
14.284
1.768.084
41.852
360.951
15,561
115.893
3.282,051
1.017.500 71.713.472
15.728
2,135.063
286.309
30.668
69.887
8,234
3.132,317
77.337,948
88,719.254
Pulpwood exports have been smaller this year than in 1925. the total
for the nine months being 1.112.764 cords, valued at $11.064.662 compared
with 1,185,495 cords valued at $11,775.969 in the nine months of 1925.
Shipments of Standard Cotton Textiles in First Half
of October Exceed Production.
Shipments of standard cotton textiles during the first 15
clays of October exceeded production for the same period by
10,551,000 yds., or 10%, according to figures just compiled
by the Association of Cotton Textile Merchants of New
York. Shipments for these two weeks totalled 115,871,000
yds., against production of 105.320,000 yds. The association's announcement, made publuic Oct. 25, also says:
Them figures include all yardage reports made to the association by
its members, and represent a large majority of all the standard cotton
textiles produced In the United States. More than 200 kinds of cotton
cloth are included. Fancy or special cloths which are individual in design
are not grouped in the reports because they cannot be classed under statistical
summaries.
During the period under review stocks continued the decline which has
been evident under persistent buying demand since last July. Stocks on
hand Oct. 15 totalled 213.757.000 yds.. against 224,308.000 yds. Oct. I. a
decline of 4.7%. Since July 1, when stocks were 305.425,000 Yds.. the
2196
THE CHRONICLE
decline amounts to 27.7%. Stocks have been decreasing
by about 4%
during every two-week period for several months
Unfilled orders Oct. 15 totalled 309,823,000 yds.,
a decrease of 8.6%
from the total of 338,650,000 yds. reported Oct. 1,
but an increase of
about 65% since July 1, when unfilled orders
totalled 187,837,000 yds.
Sales for the period from Oct. 1 to 15 aggregated
87,044,000 yds., or
83% of the production for the period.
Exports of Cotton, Cotton Cloths, Yarns, Thread and
Hosiery.
The Department of Commerce at Washington on Oct.
26
issued its monthly report on the domestic exports of
cotton,
cotton cloths, yarns, thread and hosiery for the month
of
September and the nine months ending with September 1926,
with comparisons for the corresponding periods a year ago.
The exports of raw cotton were larger this year in quantity,
but smaller in value than in the month of September 1925,
794,584 bales having been shipped out in September 1926 as
compared with 752,324 bales in September 1925, the value of
these exports, however, was only 876,955,337, as against
$97,439,995. For the nine months' period ending with September this year the exports of raw cotton are smaller in both
quantity and value than in the corresponding period a year
ago, 4,660,971 bales having been shipped out in the nine
months' period ending with September 1926, as against
4,919,914 bales in the nine months' period ending with September 1925. The value of the exports is placed at only
$477,800,287 as compared with $632,773,412. The exports
of cotton cloths and cotton manufactures show a decrease in
quantity and value for the nine months' period. Below
is the report in full:
DOMESTIC EXPORTS OF COTTON,COTTON CLOTHS.YARNS,THREADS
AND HOSIERY.
Month of September.
1925.
Raw cotton, incl. linters, bales_
Value
Cotton mfrs., total value
Cotton cloths, total, sq. yds_ _ _
Value
Tire fabrics, sq. yds.•
Value
Cotton duck, sq. yds
Value
Other cotton cloths
Unbleached, sq. yds
Value
Bleached, sq. yds
Value
Printed,sq. yds
Value
Piece dyed, sq. yds
Value
Yarn dyed.sq. yds
Value
Cotton yarn, thread. &c.-'
Carded yarn, lbs
Value
Combed yarn, lbs
Value
Sewing, crochet, darning, and
embroidery cotton. lbs
Value
Cotton hosiery, doz. pairs_ _
Value
1926.
9 Mos. Ended September,
1925.
1926.
752,324
794,584
4.919.914
4,660,971
597.439,995 V6,955,337 $632,773,412 $477,800,287
511,401,615 $10,620.559 $113,087,524 $101,966,245
42,365,961 46,265,712 408,472,648 391,616,509
$6,547,331 86,309,830 564,538,071 $57,923,746
282.247
1.514.784
$126,416
$660,677
1,001,677
709,015
8.611,110
8,535,542
$435.245
$252.343 $3,758,823 $3,217,655
11,113,595
$1,218,246
6,672,644
$981,675
8,208,815
81,101,510
8,505,704
$1,589,918
6,863,526
$1,220.737
13,070,120
51,256,269
7,819,424
$957,744
8.898,103
$1,248,872
7,767,280
$1,295,847
7.719,523
$1,172,339
1,026,254
8425,223
666,151
$488,381
1,029.276
$350,866
710,965
$521,496
10,294,154
$4,374,917
6,460.228
84,722,086
10,952,633
$3,993,760
6,905,638
55.265,297
45,429
855,950
397,594
$735,258
111.863
3114,844
326,801
$572.937
804,159
$891,375
4,152,564
37.825.712
1,051,385
81,072.621
3,828.526
$8,858,117
90,546,164 91,070,016
$10,778,146 $9,757,236
70,691,825 75,102,227
$10,164,865 $9,678,939
87.663,878 73,352,836
$11.806,677 $10,635,584
82,358,665 78,145,244
515,579,363 $13,752,642
68,601,006 63.895,860
512,450,197 810,221,013
•Beginning Jan. 1 1926.
Great Britain Renews Stevenson Rubber Restrictions
with Added Export Regulations.
According to London Associated Press cablegrams Oct. 24,
the Colonial Office has decided that the Stevenson Scheme
for the restriction of rubber exports from Ceylon and Malaya
shall continue for at least another year, but under new regulations. These regulations will be put into effect Nov. 1 and
will not be changed until November 1927. In indicating the
new regulations which will govern exports, the Associated
Press accounts state:
If it should then be decided to continue the policy of restriction for a
further period, the official statement says, any changes that may then be
considered desirable will be made.
Following are the new regulations:
I. If the average price of rubber in London is under 21 pence, but not
under 15 pence per pound during any quarter, the exportable percentage
of standard productions for the ensuing quarter at the minimum rate of
duty will be reduced by 10. If, however, the reduction thus effected is
a reduction from the figure of 100%. the reduced percentage for the ensuing quarter will be 80.
2. If the average price of any quarter is not under 21 pence, but less
than 24 pence, there will be no change in the ensuing quarter. If, however,
in each of the three consecutive quarters the average price is not under
21 pence, then the percentage for the ensuing quarter will be increased
by 10.
3. If the average price for any quarter is 24 pence, or over, the percentage will be increased by 10 for the ensuing quarter. If, however,
the increase effectable under this regulation is an increase from 80%, the
Increased percentage for the ensuing quarter will be 100.
4. If the average descends below 15 pence in any quarter, the percentage in the ensuing quarter will be reduced to 60.
5. If the average exceeds 36 pence in any quarter, the percentgae in the
ensuing quarter will be increased to 100.
6. In no case will the percentage be increased above 100 or decreased
below 60.
By the Government's proposed new rubber regulations it seems probable
that the coming quarter will see a reduction of the exportable allowance
from the present 100% to 80%. The average price of rubber for the
[VOL. 123.
current quarter up to Oct. 20 was 20.149 pence, and the average must
exceed 21 pence to justify continuance of the 100% standard of exports.
Apprehension had existed in the market that the Colonial Office might
decide to cancel unused export coupons as a further measure of restriction.
These unused coupons would permit the export of an additional
40,000
tons, and as they have not been interfered with, it is estimated that they
will counteract a 20% reduction in the exportable allowance for another
six months.
It Is recognized in the rubber market in London that the situation Is
still largely dominated by the United States and depends to some extent
on the growth of the motor industry in America, and that, although in the
current year production exceeded consumption by, roughly, 40,000 tons,
such surplus would be none too high if the American motor industry
developed as expected.
Domestic Exports of Grains and Grain Products.
The Department of Commerce at Washington gave out
on Oct. 23 its monthly report on the exports of principal
grains and grain products for September and the nine months
ending with September, as compared with the corresponding
periods a year ago. As was the case in the previous month,
the total value of these exports shows a very substantial
ncrease over the same month of 1925, being $50,950,000
in September 1926, against but $35,898,000 in September
1925. Wheat exports in September this year were 23,700,000 bushels, as against only 9,391,000 bushels a year
ago; exports of wheat flour amounted to 1,560,000 barrels, against 800,000 barrels; rice exports, 2,633,000 pounds,
against only 1,068,000 pounds, and rye exports, 2,122,000
bushels, against 1,042,000 bushels. Barley, malt, oats and
corn, however, went out in smaller quantities in September
1926 as compared with September 1925. The details are as
follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN
PRODUCTS.
September.
1925.
1926.
August
1926.
9 Mos.End, September.
1925.
1926.
Barley. bushels__ _
9.601,000 2,663,000 1.523,000 22,594,000
Value
$8,255,000 31,914,000 $1,185,000 $21,351,000 10,183,000
57,743,000
Malt, bushels_ _ _ _
284,000
249,000
206,000
3,816,000
2,538,000
Corn. bushels_
1,121,000
883,000 1,029,000
7,294,000 18,214,000
value
81,214,000
$757,000
$976,000 $9,175,000 $18,062,000
Cornmeal, barrels_
30.000
42,000
32,000
233,000
316,000
Hominy&grita,lbs
1,664,000 1,822,000 2,287,000 13,956,000 20,487.000
Oats, bushels
5,305.000
849,000
328,000 22,314,000 10,632,000
Value
32.779,000
$407,000
$177,000 $11,959,000
Oatmeal, pounds_
18,698.000 17,508,000 13,424,000 103,216,000 $5,306,009
Rice, pounds
1,068.000 2,633,000 2,568,000 29,993,000 105,195,000
22,024,000
Value
$83,000
$87,000
$93,000 $1,778,000 $1,090,000
Rye, bushels
1.042,000 2,122,000
314,000 28,424,000 11,040,000
Value
81,071.000 $2,141,000
$3317,000 $36,999,000
Wheat, bushels_
9,391,000 23,700,000 28,995,000 73.781,000 $11,381,000
96.643,000
Value
$14,810,000 833,665,000 $41,992,000 $130,634,000 $142,265,000
Flour. barrels_ _ 800,000 1,560,000 1,442,000 $8,226,000
7.993,000
Value
$5,963,000 10,264,000 89,553,000 $64.809,000 D56,373.000
Biscuits. unsweetened, pounds_ _1
1,143,000
768,000
465,000 12,300.000
6,452,000
Sweetened,lbs.'
574.000
340.000
14,134.000
Macaroni, pounds_
533,000
766.000
443,000
6,309,000
5,994.000
Total value
835.898.000 50,950.000 855,694.000 8292,841.000 $253,893,000
{
New Models and Prices of Automobiles.
The Studebaker Corporation has added to its line of closed
cars a "Big Six" custom victoria for four passengers. Standard equipment includes four-wheel brakes of the Studebaker
design, disc wheels, full size balloon tires, front and rear
bumpers, automatic windshield cleaner, rear vision mirror
and rear traffic signal light.
Reports are current that the Marmon Motor Car Co.
is
planning to introduce about Dec. 1 a new line of
eight
cylinder passenger automobiles priced somewhat under
the
present model "75" line.
Automobile Parts-Accessory Production Shows
Decline.
Automotive parts and accessory production, which showed
a moderate decline in September from the August level,
•shows a further moderate recession for October, according
to the Motor & Accessory Manufacturers Association, and
is in line with the curtailment of production in the automobile plants, and the general seasonal recession in most
of the major industries from the high levels of production
activities that have been maintained throughout the summer months.
Taking 100 as the index figure for January 1925,
the
monthly business bulletin of the association, just issued
to
members, shows total paris, accessory and service equipment wholesale sales for September at an index figure
of
147, as compared with 152 for August, 133 for July and 141
for June. Parts and accessory shipments to ear and truck
manufacturers for original equipment stood at an aggregate figure of 151 for September, compared with 157 for
August, 135 for July and 140 for June.
Shipments to the trade by manufactures of replacement
parts in September stood at 120, showing no change from
the August figure, and comparing with 117 for July and
OcT. 30 1926.]
THE CHRONICLE
135 for June. Accessory shipments to the trade were 126
for September, as compared with 131 for August, 127 for
July and 140 for June. Shop equipment and tools were 165
for the month, compared with 166 for August, 142 for July
and 184 for June.
Automotive equipment jobbers, reporting to the association from all parts of the United States and Canada, indicated that their September business ranged substantially
ahead of August sales, and maintained a lead over the same
period last year. Some further recession is looked for in
November, but it will be moderate„ it is stated, and so far
appears no more than seasonal.
Increasing Retail and Wholesale Sales of Automobiles
in Philadelphia Federal Reserve District.
Both the number and value of automobiles sold at retail
and wholesale during September by 16 distributors in the
Philadelphia Federal Reserve District increased considerably over the volume in the preceding month, although
business in medium-priced cars decreased. Trading in used
cars and deferred payment sales declined noticeably in
number and value. In announcing this, the Federal Reserve
Bank of Philadelphia says:
2197
September than in August, although actual increases in
output and sales were small, owing to there being fewer days
in that month. Sales for lighting showed large seasonal
gains and were well ahead of last year's level, says the
Federal Reserve Bank of Philadelphia. Consumption of
electricity for power purposes was only fractionally higher in
September, but that month's total was 21% above that
of last year, while industrial purchases were 0.5% larger
than in August and 27% ahead of 1925. The statistics
follow:
ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICT
TWELVE SYSTEMS.
Change
Change
from
from
Aug.
Sept.
1926.
September 1926.
1925.
-0.0% +17.4%
1,295,000 k.w.
Rated generator capacity
372,252,000 k.w.h. +1.6
+19.0
Generated output
14,673,000 k.w.h. +56 8 +434.1
Hydro-electric
+12.4
309.671,000 k.w.h. -0.9
Steam
+38.0
47,908,000 k.w.h. +7.3
Purchased
+21.1
296,168,000 k.w.h. +2.3
Sales of electricity
+21.3
50,674,000 k.w.h. +13.1
Lighting
+8.4
7,171,000 k.w.h. +12.1
Municipal
+23.7
43,503,000 k.w.h. +13.3
Residential and commercial
213,449,000 k.w.h. +-0.5
+20.8
Power
1,726,000 k.w.h. -3.7
Municipal
+5.6
41,426,000 k.w.h. +0.7
+1.3
Street cars and railroads
+27.0
170,297,000 k.w.h. +0.5
Industries
+22.9
32,045,000 k.w.h. -0.7
All other sales
.000NMVNNI
++++++ I I
q . . 10
qq 1, .qqq
Lumber Industry Maintains Rate of Activity.
Compared with a year ago, aggregate sales of new cars at wholesale
rose again. Retail sales of less expensive cars and deferred payment sales
Reports received by the National Lumber Manufacturers
were much larger, but business in medium and high-priced cars dropped
considerably. Stocks of cars selling at over $2,000 at the end of September Association covering the activities of 376 of the principal
were about 27% heavier than those on the same date last year, Whereas softwood, and 137 of the chief hardwood, lumber mills of the
supplies of less expensive and medium-priced cars were lighter.
country, indicate a satisfactory current trend in the lumber
AUTOMOBILE TRADE
-PHILADELPHIA FEDERAL RESERVE DISTRICT industry. In comparison with reports for the week earlier,
-SIXTEEN DISTRIBUTORS.
September 1926 Changefrom- production and new business appear to be about the same,
-August 1926- -September 1925
- allowing for difference in number of reporting mills, with a
Number.
Value. Number,
Value.
Sales of new cars at wholesale
+4.8% +16.7% +18.8% slight increase in shipments. When compared with reports
+5.9%
Cars selling under $1,000
+18.9
+18.7
+3.4
+4.1
for the same period of 1925, there was little or no change.
Cars selling from $1,000 to $2,000
-11.9
-8.0
+88.8
+70.5
Cars selling over $2,000
-2.6
+1.1
•
The hardwood operations show apparent increases in proSales of new cars at retail
+6.6
+5.1
+19.8
+17.9
Cars selling under $1,000
+5.3
+5.0
+26.6
+57.8
duction, shipments and new business, but the number of
Cars selling from $1,000 to $2,000
-12.3
-15.4
-17.5
-30.7
Cars selling over $2,000
+24.2
+27.2
-19.0
-26.2
mills reporting this week is larger than last. Further facts
Stocks of new cars
+49.8
+30.8
-5.6
+0.3
are given in the Association's report, from which we quote:
Cars selling under $1,000
+88.8
+88.2
-16.5
-15.9
Cars selling from $1,000 to $2,000
+32.2
+28.3
+19.2
-1.7
Unfilled Orders.
Cars selling over $2,000
+3.8
+10.4
+42.6
+26.6
Sales of used cars
-10.8
-13.0
-14.4
-19.3
The unfilled orders of 233 Southern pine and West Coast mills at the end
Stocks of used cars
+7.0
+11.6
4-3.7
-10.8
of last week amounted to 639,171,767 ft., as against 635,077,591 ft. for
Retail sales on deferred payment
-19.5
-8.3
+15.5
+4.1
232 mills the previous week. The 124 identical Southern pine mills in
the group showed unfilled orders of 243.103.432 ft. last week, as against
Increase in Steel and Iron Foundry Operations in 251,105,985 ft. for the week before. For the 109 West Coast mills the
unfilled orders were 396.068,335 ft., as against 383,971,607 ft. for 108 mills
Philadelphia Federal Reserve District.
a week earlier.
Altogether the 363 comparably reporting softwood mills had shipments
According to the Federal Reserve Bank of Philadelphia,
For the Southern pine mills
production ard shipments of steel castings in this district 97% and orders 96% of actual production 94, and for the West Coast
these percentages were respectively 106 and
during September exceeded considerably the volume in the mills 88 and 96.
Of the reporting mills, the 333 with an established normal production for
previous month and that in September 1925. Unfilled
the week of 227,545,029 ft., gave actual production 100%,shipments 98%
orders, too, though smaller than in August, were over 31% and orders 97% thereof.
above those of a year ago. Details are given in the following
The following table compares the softwood lumber movement,as reflected
by the reporting mills of seven regional associations, for the three weeks
table:
indicated:
STEEL FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT.
Corresponding Preceding Week
Past Week.
Week, 1925. 1926 (Revised).
Mills
363
348
353
September
P. C. Change P. C. Change Production
241,602.086
233,724.342
242,609,606
Month ago.
Year ago.
1926.
235.142.177
Shipments
232,575,623.
Orders (new business) _ - - 232,268,180
230,149,136
239,951,695
Capacity, tons
0.0
11,840
Production, tons
7.784
+15.9
The following revised figures compare the softwood lumber movement of
Shipments, tons
5,257
+8.1
the same seven regional associations for the first 42 weeks of 1926 with the
Value
$1,021,076
+37.0
same period of 1925:
Unfilled orders, tons.
-23.5
3,702
Value*
Production.
Shipments.
Orders.
-26.2
$715,543
Raw stock-Pig iron, tons
10.054,250,370 10,264,476.317 10,255.284,911
1926
2,133
-2.6
Scrap, tons
10,195,061,055 10,094,253,405
6,927
1925
9,909.184.325
+0.2
Coke, tons
908
+37.4
The mills of the California White and Sugar Pine Association make weekly
*Figures of one plant omitted.
reports, but not being comparable, they are not included in the foregoing
Regarding iron foundry operations, the bank says:
tables or in the regional tabulation below. Thirteen of these mills, repreThe physical volume of shipments and unfilled orders during September senting 41% of the cut of the California pine region, gave their production
Increased 11 and 15%, respectively, over that in August, and the output for the week as 17,866,000 feet, shipments 13,874,000 and new business
of malleable iron castings was 7.4% higher. Compared with that of the 17,272,000. Last week's report from 18 mills, representing 49% of the cut,
year before, unfilled orders, shipments and production were greater, the was: Production, 23,478,000 feet; shipments. 16,833,000, and new business.
output of gray iron castings for sale alone showing a slight decline. Stocks 15.403,000.
West Coast Movement.
of pig iron and scrap were considerably heavier than those at the end of
September 1925, but supplies of coke were much lighter. Details are
The West Coast Lumbermen's Association wired from Seattle that of all
given in the table below:
new business taken for the 109 mills reporting for the week ended Oct. 23,
IRON FOUNDRY OPERATIONS, THIRD FEDERAL RESERVE DISTRICT. 52% was for future water delivery, amounting to 58.344,634 feet, of which
36,544,634 feet was for domestic cargo delivery, and 21.800,000 feet export.
New business by rail amounted to 47,826,021 feet, or 43% of the week's
September
P. C. Change P. C. Chance new business. Forty-three per cent of the week's shipments moved by
1926.
Month ago.
Year ago.
water, amounting to 44,768,899 feet, of which 32,118,441 feet moved coastCapacity, tons
wise and intercoastal, and 12,650,548 feet export. Rail shipments totaled
11,326
0.0
0.0
Production, tons
6,294
-2.3
+7.7
52,020,491 feet, or 51% of the week's shipments, and local deliveries 6,272,Malleable iron, tons
362
+7.4
+15.7
521 feet. Unshipped domestic cargo orders totaled 151,773.395 feet, forGray iron, tons
4,932
-2.9
+7.2
Jobbing, tons
eign 132,664,499 feet and rail trade 111.630,441 feet.
3,574
-1.3
-0.2
For further manufacture, tons
1,358
-6.9
+33.0
Labor.
Shipments, tons
5,210
+11.0
+1.6
Value
$761,658
+23.3
+3.1
Employment in the Pacific Northwest is holding at a higher point than is
Unfilled orders, tons
5,134
+15.0
+4.7
usual at this time of year, according to the Four L Employment Service.
Value
$760,093
+3.1
-2.2
Logging, both east and west of the Cascades, is well into the fall stride, and
Raw stock-Pig iron, tons
6,164
+13.2
+34.6
Scrap, tons
there is a much greater amount of general construction work being done than
3,350
+31.6
+37.8
Coke, tons
-10.1
1,647
-24.2
during October of last year. Douglas fir sawmills are operating on schedules that have held since midsummer. The pine sawmill industry is gradually tapering off for the season.
Increased Activity in Electric Power Operations in
Southern Pine Reports.
Philadelphia Federal Reserve District.
The Southern Pine Association reports from New Orleans that for
124
mills
5.74%
Operations of electric power systems in the Philadelphia belowreporting shipments werebelow above production and orders 5.980
7
production and 11.08%
shipments. New business taken durFederal Reserve District were considerably more active in ing the week amounted to 64,207,004 feet, shipments 72.209.556 feet
and
2198
THE CHRONICLE
production 68,289,319 feet. The normal production of these mills is 75,680.549 feet. Of the 121 mills retorting running time. 78 operatal full
time, 21 of the latter overtime. Three mills were shut down,and the rest
operated from one to the and one-half days.
The Western Pine Manufacturers' Association of Portland. Ore., with
four more mills reporting,shows some decrease in production, and shipments
and new busines's somewhat in advance of that reported for the week earlier.
The California Redwood Association of San Francisco. Calif- reports
a nondal decrease in production, a marked decrease in shipments and a
heavy decrease in r.ew business.
The North Carolina Pine Association of Norfolk, Va., with seven more
mills reporting, shows some decrease in production, a slight increase in shipments and a considerable reduction in new business.
The Northern Pine Manufacturers Association of Minneapolis. Minn.,
with two more mills reporting, shows f. little Increase in production, and
a slight decrease in shipments and new business.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (In Its softwood production) with five more mills reporting,
shows a substantial Increase in production, some decrease in shipments,
and new business well in advance of that reported for the previous week.
Hardwood Reports.
The hardwood mills of the Northern Hemlock & Hardwood Manufacturers
Association reported from 21 mills, production as 1,620,600 ft., shipments
4.070.000 and orders 3.446.000.
The Hardwood Manufacturers Institute of Memphis, Tenn.. reported
from 116 units, production as 19.025,752 ft.. shipments 20.903.564 and
orders 19.514.772. The normal producticn of these units is 20.008.000 ft.
The two hardwood groups totals for the week as compared with the
preceding week are:
Orders.
Mills. Production. Shipments..
Week ended Oct. 23
137 20,645,752 24,973.564 22.9611,772
Week ended Oct. 16
125 18.991,730 22.280.030 22.199.232
, For the past 42 weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 1,238,490,457 ft.,
shipments 1,230,615,686. and orders 1.265372.897.
West Coast Lumbermen's Association.
One hundred and eight mills reporting to the West Coast
Lumbermen's Association for the week ended Oct. 16 manufactured 114,162,131 feet, sold 110,786,078 feet and shipped
94,009,607 feet. New business was 3,376,053 feet less than
production and shipments 20,152,524 feet less than production.
For,. 128.
of gasoline one cent a gallon in the State. making the price
204 cents. exclusive of the two cents State tax. The Sincalir, Manhattan, Nicholas and other independent companies at once met the reduction.
In Detroit the White Star and Sun Oil companies have
met the reduction of one cent a gallon made by Standard 011
of Indiana on gasoline.
From Denver, Colo., on Oct. 27 came the report that the
Continental Oil Co. had reduced the price of gasoline one
cent a gallon in Colorado, Wyoming and Montana, making
the retail price 21 cents a gallon: The Continental Oil Co.
2
also reduced gasoline 1V cents a gallon in New Mexico and
kerosene one cent a gallon in Colorado, Wyoming and Montana. .
The Standard Oil Co. of New Jersey on Oct. 28 reduced
the export price of gasoline in cases % cent a gallon, making
the new price 27.15 cents.
Canadian gasoline prices on Oct. 28 were reported reduced 2 cents a gallon in Canada by the Imperial Oil and
other companies.
Quotations in the wholesale markets at Chicago on Oct.
29 were U. S. motor gasoline 9y,@9% cents a gallon, against
9% cents previously. Kerosene and fuel oil were not given.
Large Gain Reported in Crude Oil Output.
Crude oil output showed a large gain when it advanced
52,100 barrels per day, according to the weekly reports
issued Oct. 27 by the American Petroleum Institute, which
estimated that the daily average gross crude oil production
in the United States for the week ended Oct. 23 was 2,286,250
barrels, as compared with 2,234,150 barrels for the preceding week. The daily average production east of California was 1,667,350 barrels, as compared with 1,625,850
barrels, an increase of 41,500 barrels. The following are
estimates of daily average gross production by districts for
the weeks indicated:
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENT3 AND UNFILLED ORDERS.
Oct. 9
Oct. 2
Sept. 25.
Oct. 16.
Week Ended
DAILY AVERAGE PRODUCTION.
106
109
108
106
No. of fullis rt porting_
Oct. 2326. Oct.lg '26. Oct.926. Oct. 24'25.
(In Barrels)113,720,893
111.855,833
117.354,502 Oklahoma
Production (feet) - - -- 114,162,131
486.150
474.950
473,550
514,700
97.146.283
102.691.719
109,167.817
New business (feet)_ _ 110.786,078
114,300
114.800
109,7013
ansas
114,600
120,294,634
112,414,311 North Texas
Shipments (feet)
94,009.607
137,156.441
77,650
252.450
244,350
230,200
Unshipped balances:
Texas
55,300
55.900
55.800
79.550
115,626.298
112,718,826
122,202,546
130,518,371 East central Texas
Rail (feet)
100.300
70.900
100.800
99.150
West central
Domestic cargo (ft.) 145,537,481
132,819,202
137.912.822
156.076.480 Southwest Texas
44.050
42.950
42.800
43.650
Export (feet)
122.807.828
109.589,568 110.043,450
115.145,065 North Louisiana
48.000
55.450
57.000
57.900
150,150
205.400
Arkansas
149.850
149,900
Total (feet)
363.1471,607
370 158,818
401,739.916 Gulf Coast...
355 127,596
93,850
167,450
166.750
172,000
First 42 Weeks1923.
1926.
1925.
1924.
103.000
109.500
Eastern
109.000
109 000
Aver, number of mills_
106
115
124
132
84.400
62,850
64.650
(5.250
Wyoming
Production (feet). ___4.370.665.518 4,196,673,088 3.909.672,314 4.232,090,899 Montana
15.300
20.800
20.850
20.750
New business (feet)_ _4,495.776,561 4,320,902,708 3.928.727.135 4.288.633.648 Cobra o
4,450
8.100
7.500
7,900
Shipments (feet)
4 469.941,901 4.377,248.782 4,063,559,531 4,414,797,859 New Mexico
4.800
5.250
5,750
4.500
652.000
602,500
618.960
608,300
California
Gasoline Price Redu ctions Continue
-Crude Oil Price
Also Declines.
The reductions in the prices of crude oil and gasoline
which occurred during the week have not been unhooked
for by the trade, as the output of the former has increased.
while in the case of the latter the usual seasonal falling off
In consumption is partly responsible. Reports from Houston, Tex., on Oct. 26 stated that the Humble Oil & Refining
Co. had reduced Gray County, Texas (Pampa pool), crude
oil 25 cents a barrel and had estabIshed a flat rate of $1 25
a barrel for Wheel County crude, making it the same price
as that produced in Carson and Hutchinson counties. The
Humble Oil Co. posted prices for the f.rst time in Crane,
Upton and Crockett counties, Texas, its prices ranging from
80 cents a barrel for crude oil below 26 gravity, increasing
5 cents a barrel for each degree higher, making the top price
$1 35 a barrel for oil of 36 degrees gravity or above. This is
the same basis as that posted by the Kay County Gas Co.
On Oct. 29 the Gulf Production. Co., a subsidiary of Gulf
Oil Corporation, reduced Evangeline Southern Louisiana
crude 20 cents a barrel to $1 15. The Gulf Pipe Line Co. on
the same day made a reduction to $1 15 from $135 a barrel
in the posted price of Jennings (La.) crude oil.
Among the numerous reductions announced in the price
of gasoline throughout the week, an early one was that
made Oct. 23 when retail gasoline prices were cut 2 cents a
gallon at Rochester, N. Y., bringing the price to the lowest
In several months. Independent dealers now retail gasoline
at 20 cents per gallon and Standard at 22 cents. The cut is
the second s:nce the Automobile Club of Rochester began an
investigation into the price of gasoline.
On Oct. 26 the Standard Oil Co. of Indiana reduced tank
wagon and service station gasoline and kerosene prices 1
cent a gallon throughout its territory. The Sinclair Refining Co. and Texas Co. met the reductions immediately. The
new service station price in Chicago is 20 cents a gallon.
The Standard Oil Co. of Nebraska cut the tank wagon price
2,286.250 2.234,150 2.204.200 2.065,950
Total
The estimated daily average gross rroduction of the Mid-Continent
field, including Oklahoma. Kansas, north, east central, west central and
southwest Texas, north Louisiana and Arkansas, for the week ended
Oct. 23 was 1,288.950 bbls., as compared with 1,250,400 bbls. for the
preceding week, an increase of 38.550 bbls. The Mid-Continent productions, excluding Smackover, Arkansas. heavy oil. was 1.170,600 bbls..
as compared with 1.132.550 bbis., an Increase of 38.050 bbls.
In Oklahoma. I roductlon of North Praman is reported at 23.550 bbls.,
against 14.800 bbls.; South Praman, 6.450 bbis., against 6.750 bbls.; Tonkawa, 35.250 bbls., [wait st 36.350 bbis.; Garber, 24,650 bbls., against
25.000 bbis.; Burbank, 49,100 bbls., against 49.150 bbis.; Britsow-Slick,
27.100 bbls., against 27.150 bbls.; Cromwell, 15.150 bbis., against 15.100
bbls.; Papoose. 9,200 bbls., against 9,500 bbls.; Wewoka, 26.550 bbls.,
against 26.950 bbls.; Seminole, 69.600 bbis., against 47,200 bbls.
In north Texas, Hutchinson County is reported at 147,950 bbls., against
-handle, 14.000 bbls.. against 11.600 bbls.
143,050 bbls., and Balance Par
In east central Texas. Corsicana Powell. 24,200 bbls., against 24,300 bbls.;
Nigger Creek, 11.800 bbls- against 12.250 bbls.; Reagan County. west
central Texas, 29,800 bbls.. against 29.250 bbls.; Crane & Upton Counties,
11.850 bbls., against 11.000 bills.; and in the southwest Texas field, Luling,
20.450 bbls., against 20.650 bbls.; Laredo district, 16.250 bbis., against
16.850 bbls.; Lytton St rings, 3.600 Ws., against 3.650 bbls. In north
Louisiana. Haynesville is reported at 9.100 bbls., against 9.150 bbls.;
Urania, 15,250 bbls., against 15.450 bbls., and in Arkansas, Smackover
light. 13.800 bbls., against 14.000 bbls.; heavy, 118.350 bbis.. against
117,850 bbls., and Lisbon, 7,550 bbls., against 7.650 bbls. In the Gulf
Coast field, Hull is reported at 22.700 bbls., against 22,650 bbls.; West
Columbia,8,700 bbls., against 8,000 bbls.; Spindletop, 82,900 bbls., against
78.900 bbls.; Orange County. 6.650 bbls.. against 6,700 bbls., and South
Liberty. 3,650 bbls., against 4,050 bbis.
In Wyoming, Salt Creek is reported at 45,150 bbls., against 45,900 bbls.,
and Sunburst, Mont., 18.000 bbls., no change.
In California, Santa Fe Springs is reported at 47,500 bbls., no change;
Long Beach, 95,000 bbis., no change; Huntington Beach, 60,000 bbls.,
against 63.000 bbls.; Torrance, 27.1100 bbls., no change; Dominguez, 21,500
bbis., against 21.000 bbls.; Roserana-14.000 bbls., against 13.000 bbls.;
Inglewood, 41,000 bbis., no change: Midway Sunset, 94.000 bbls., no
change, and Ventura Avenue. 49,900 bbls.. against 48,800 bbls.
Curtailment in Steel Industry More Evident
-Composite Prices Stable.
Further slowing down in new demand for steel products
is reported this week, according to the observations of the
"Iron Age" in its market review issued Oct. 28. While
still connected chiefly with the curtailment at automobile
plants, which has brought a good many of them to a 50%
Om. 30 1926.)
THE CHRONTCLE
operation, it is affecting the structural industry more than
in recent weeks and is causing consumers in other lines to
limit their buying more strictly, declares the "Age" in
giving additional details, from which we quote:
2199
period for prices, accentuated by some seasonal and some unlocked for
factors. Producers are finding that intensified short buying is making for
unbalanced mill schedules and higher costs.
In the matter of costs, the strongly advancing tendency In coke promisee
to play a major role. Pig Iron prices already are influenced and If coke
prices maintain their upward pace it is inevitable that finished steel will ne
affected. Some coke oven operators are diverting their labor to the pre
,
duction of coal and are loathe to entertain inquiries for coke. Two
important producers have made a 50 cent advances in the Mahoning
Valley pig iron market lost week and $18 50 for No. 2 foundry and malleable is on a firmer basis. Eastern Pennsylvania prices likewise have
strengthened. Further complication arising from the fuel situation Is the
announcement of the Pittsburgh Coal Co. advancing wages to 5% above
the Jacksonville scale which is based upon $7 50 per 8
-hour day for common
,
labor. Recent adjustments In the Connelleville region have been limited to minor individual agreements with workmen, such as bonuses.
Shortened automotive schedules are being reflected in many directions
Strip, cold finishing and sheet mills have been receiving holdups. New
business in sheets, however. is good and at Chicago the roofing trade haw
been a heavy buyer. Demand for pipe from the oil countries is sufficient to
cause some makers to shorten their backlogs.
September developed a reversal in the import and export situation as
regards to iron and steel. Imports totaled 85,484 tons, a decrease from
August, while exports. at 182,871 tons, showed an Increase over August.
September imports of pig iron dropped shrply.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is 338 18. This compares with :38 14 last week and
$31, 13 the previous week.
More clearly than could be seen at the opening of October, it now
appears that much of the business taken in August and September will
carry some of the consuming industries through November. Thus, order
books are not likely to make so good a showing next month as in October.
while steel works schedules will ,come nearer to those of to-day, seeing
that consumption is holding up better than new buy ng.
The Steel Corp. ingot production this week is at 83% and its pig iron
production at 69%, neither greatly changed, but further reduction in
ingots is probable in November.
Leading independent companies are averaging close to 78% in ingots.
with the prospect of 75% or slightly less in the near future. In fact.
Youngstown producers are at 75% this week.
Steel Corp. earnings for the third quarter were surprisingly high at
$52,626.000. being the best since tire second quarter of 1918. The output
was evidently higher than for any peacetime quarter, and in addition
to large earnings of ore roads, there was an excellent showing in cement.
Alongside of the growing quietness in steel is the spectacular activity
in the coal market, with price advances that have extended to coke and
that may yet affect merchant pig iron. But as few steel producers buy
pig iron and fewer buy coke, the excitement in fuel is as yet quite without
bearing on the steel situation.
Further, coal exports are less than 10% of domestic production and
c
hiefly of high-grade gas coal.
Spot furnace coke has sold this week at $4 50 at ovens, and $5 is asked
for first quarter, whereas on contract coke for this quarter the price was
around $3. Merchant furnaces dependent on the market for coke are
Great Activity Stirs Bituminous Coal Markets as
not selling for first quarter, and around Pittsburgh the pig iron price for
Prices Rise—Anthracite Trade Active
this year is stiffening.
Elsewhere, however, pig iron has developed weakness, notably at St.
But Steady.
Louis and Cincinnati, and to some extent at Chicago. Cleveland sellers
The rising tide of foreign and domestic demand foz
have again been more active in southern Ohio at the expense of rices.
i
In the finished steel market railroad demand thus far has not eh en the bituminous coal broke bonds last week and culminated
in
stimulus lookei for early in the fall. Rail orders are about equal to those
placed last year up to Nov. 1—something over 1,000,000 tons—while runaway markets in every important trading center from
Columbus and Cleveland to the A tlan tic seaboard declares
car buying is considerably less.
Large buyers of steel bars are still postponing the issue on the fourth the "Coal Age" on Oct. 28th. Quotations
on spot tonnage
quarter price, since deliveries continue to be made on I.90c. contracts.
There is the complication in the Cleveland district of a 2c. mill price, in some cases jumped as much as $1 85 per ton and advances
Identical with the Pittsburgh district base, and as low as 1.90c.. Cleveland of 25(4)50c. were common in Eastern territory. This wave
mill. has been reported.
of increasing prices, at its crest at Hampton Roads, New
Some curtailment in sheet mill operations has resulted from the slackening
of automobile demand and the market does not have the firmness shown York and Boston, diminished in intensity as it rolled inland
in early October.
and bad spent its force by the time it reached the IndianaA freight boat Just placed at a Lake yard by the Interlake Steamship Ohio state
line, observes the "Age" in its weekly report
Co. will take 5,000 tons of plates and shapes and there is [retch Inquiry
which gives further details as follows:
for two boats of like size.
Although the movement caught many procrastinating consumerd
New railroad buying includes 1,500 cars for
'
the Louisville & Nashville,
which purchased also 18 locomotives. On Oct. 1, railroads has 16.846 unaware, it was the natural outcome of conditions which have been gathering strength since the summer. Chiefly sea result of the unusual buying
freight cars on order compared with 21.055 on the same (late last
for
year.
overseas shipment brought about by the prolonged strike in Great Britain,
In fabricated structural steel, the past
week was an aN erage one— the
curve of spot prices has been moving upward for months. In the
bookings of 23,000 tons in the larger 1 rojerts
face
and 33,000 tons in fresh of this
development, many buyers choose to gamble on the chances of a
inquiries. Included is considerable plate
work, 5,900 tons being let for collapse
in the market. For the time being at least, they have lost.
siphons in southern California and 6,000 to 10.000 tons for
a proposed
Excellent transportation service and a large surplus of idle coal mines
pipe line at Yakima, Wash.
have been acting as brakes upon the market. These things made the
Cold-finished steel bars in ordinary lots have settled
to 2.40c.. Pitts- band-to-mouth
buying policy which controlled the coal ordering of many
burgh. while 2.30c. still represents the market to
larger buyers.
large industrial consumers and some railroads a comparatively safe program.
With shipmeats of cast Iron mamma pipe equal
to i roduction, new But
changes in recent weeks have lessened the effectiveness of these checks.
business is falling off. Backlagos may be sufficien, however,
to steady
Consumer demand, as represented in the high rates of production which
operations for some time.
A change is coming over the ferromanganese situation. While much have marked bituminous operations for some time, has absorbed most of,
the surplus carrying capacity of the railroads and apparently„ the greater
of this year's buying was at the $88 figure due to active three-cornered
competition, little business can now be done at less than $95 per ton, part of the surplus labor available. Continuous operation on a weekly
basis in excess of 12.000,000 tons could hardly do otherwise. The Industry ,
furnace, with indications that next year's contracts will call for $100.
September exports of iron and steel at 182.071 gross tons exceeded passed the 12.000,000-ton mark the week ended Oct. 2. During the week
ended Oct. 16 the output was estimated by the U. S. Bureau of Mines at
those for August by 6.2%. Imports at 85,484 tons fell off 6.6%. For
12.376.000 tons, and preliminary loadings figures indicate that last week's
the nine months exports at 1,576,959 tons showed a gain of nearly
21%
over the same period of 1925. Imports of 872,442 tons to Oct. I this output also would exceed 12.000,000 tons. Under such conditions it is not
year re.resent a gain of 25.5%. Germany led in the September imports surprising that the permissive-embargo system should be in force at some
of the loading piers. While this system may aid in reducing or preventing
as well as in those for the nine months.
pier congestion, it also works to make transportation less fluid.
The "Iron Age" composite prices remain unchanged for the third
successive week. That for pig iron is
The bidding of export buyers, lake shippers anti industrial consumers and
$1971 per gross ton and that for finretail distributors for tonnage from three states has grown sharper.
ished steel is 2.453c, per pound, according to the composite
Prices
price table
which follows.
asked for West Virginia, Pennsylvania and Kentucky coals naturally
have
responded to this competitive actiVity. Some of the largest increases
Finished Steel,
have
Pig Iron.
Oct.26 1926, 2.453c. Per Pound.
been registered In the medium low-volatiles and in gas coals—because
Oct. 261926. $1971 Per Gross Ton.
the
One week ago
2 453e. One week ago
$1971 offerings of the choicest lo-volatiles have been so small. Where, as in New
One month ago
2 439c. One month ago
19 46 England,consumers insist upon Navy Standard or its equivalent, they
One year ago
have
2.403c. One year ago
20 38 paid dearly for their procrastination.
10-year pre-war average
1.689c. 10-year pre-war average
15 72
The "Coal Age" index of spot bituminous prices on Oct. 25 was 249 and
Based on prices of steel bare, beams, Based
on average of basic iron at the corresponding
tank plates, plain wire, open-hearth rails, Valley furnace and
weighted average price was $3 02. This was an Increase
foundry irons at
black pipe and black sheets, constituting Chicago, Philadelphia,
Buffalo, Valley of 47 points and 57c. over Oct. 18. These levels were the highest reached
am of the United States output.
and Birmingham.
since April 2 1923. It must be remembered however, that this Index.
•Low.
,iirn.
Low.
1926-2.453c. Jan. 5; 2.4030, May 18
while truly reflecting the situation in the spot market,standing alone would
1925-2.560c. Jan. 6; 2.3960. Aug. 18 1926.32154 Jan. 5 319 46 July 13 give an inflated idea of the average
1925__ 22 50 Jan. 13 18 96 July 7
relization on all bituminous coal. By
1924_.2.789c. Jan. 15; 2.460e. Oct. 14 1924-1923_2.824c. Apr. 24; 2.446c, Jan, 2 1923__ 2288 Feb. 26 19 21 Nov. 3 far the greater part of the 12.000.000 tons now being mined each week is
30 86 Mar. 20 20 77 Nov.20 reaching the consumer at prices
substantially below the top figures now
Buying of finished steel continues under check and, as ruling in the spot market.
Unquestionably the dilatory buyer—whether he be retailer, lake shipper,
this consumer policy of restraint swings into its third week,
railroad fuel agent or industrial purchasing agent—is
the sequel is developing in the way of reduced consumption nose for his procrastination. But it would contrary paying through the
to the facts to assume
be
asserts the "Iron Trade Review" this week. The situation that the lake trade, for example, which during the week ended Oct. 29
dumped 741.717 tons of cargo and 42.974 tons of vessel fuel at lower ports,
for the industry as a whole may be gaged from the fact that has paid $3
50@34 for the bulk of this tonnage.
current bookings of the Steel Corp. equal 80% of capacity
Compared with the excitement in the bituminous market of the East, the
situation in the anthracite trade seems almost moribund. Nevertheless hard
whereas its operating rate had been approximating 85%.
coal demand
of a weekly production
This shrinkage is attributed largely to overproduction of in excess of is active and large enough to take care prices
2.000.000 net tons. Moreover, the high
and
in the South, normal curtailment of automobile of free bituminous is having a favorable reaction on No. 1 short supply
cotton
buckwheat.
production at Detroit and halting buying of freight cars at Independent quotations on domestic coals show no important changes, but
there are persistent rumors that advances will be made the first of
the
Chicago, continues the "Review's" summary of conditions month.
affecting the market, issued Oct. 28 and from which we
The Connellsville coke market was unaffected Last week by the
increased
strength in coal.
quote:
No threats of a major recession have appeared. Hesitant buying and
The coal market has gone through a great deal in the way
contracting mill operations usually have a moolfying effect upon the price of
excitement and rapidly advancing prices in the past week, •
structure although prices have been subjected to pressure, shading is not
widespread and it is becoming increasingly evident that some of the caution and the probabilities are that what has so far happened is
bang exhibited by consumers in reality is resistance to the advance imposed but a precursor of that which is still to come
according to the
n the third quarter. The present may be appraised as a transitional "Coal
and Coal Trade Journal" as
expressed in its Oct. 28th
2200
THE CHRONICLE
[VoL. 123.
market review. Now we are in the midst of the effects of a Mines in its weekly statistical record of this industry. Coke
deranged situation abroad and distinctly disquieting condi- output during this period fell off by about 7,000 tons, actions in America. The ability to retain any degree of cording to the Bureau,from which we quote:
Production of soft coal during the week ended Oct. 16, including lignite
composure is being tested, observes the "Journal" adding:
It is natural for those at certain places to describe the market as actually
wild but viewing it as a whole it is acting with some evidence of restraint
and there is an absence of spreading in the matter of production and
marketing and price. The demand is large, the production is increasing.
However, the amount that comes from the mines is constantly being bid
for by many buyers: and therefore prices are advancing, in some cases, to
figures born of excitement. All of which can be described as a condition
that is not altogether abnormal, but which is exaggerated in its character
and at times, hectic.
Anthracite seems to be keeping its head clear. The natural time for its
large demand has arrived and the dealers are in fair shape to meet it.
New York appears to be well fixed; and while there is an evident scarcity
In New England, that territory is better taken care of this year than it has
been at the opening of many a previous winter, Chicago reports a rather
unexpected inquiry for hard coal; and at all other places where it is used,
the supply is being pressed but not stampeded.
The weather has, of course, been a mitigating factor in the demand for
coal for household and building uses, but there has been no lack of preparation for the inevitable. It looks now as if the dealers and customers were
going to enter the cold weather in pretty good shape. The increase in
bituminous prices is of course having a direct effect upon anthracite, but
It is an effect that is likely to accrue to the benefit of the coal man.
The purchasing agents of the industrials and the railroads are said to be
fully awake. More contracts are closed upon a basis favorable to the seller.
The crux of the market situation, so far as the immediate future is concerned, is just here. This element must buy. The coal it is after must be
obtained. If the trend of the coal cars is to tidewater for export, these
must stop and the only argument that can be used to stop them is higher
prices. What the agents buy will in the end dominate the quotations. If
their bidding sends prices up to very high figures there is nothing to be done
about it. Prices are flexible; their demands are not.
The not unexpected shortage of coal cars is at some points pronounced.
However,there is less derangement in this line than is sometimes observable
even under less pressing conditions. The railroads are going reasonably
well; so are their customers in the matter of emptying cars.
The strong activity on the Great Lakes in the past few weeks has had the
effect of easing off the demand at certain ports. Nevertheless ships are
being moved as fast as possible, and there is every indication that record
loading will go on so long as it is possible to do so.
The export situation is Just about where it has been for a considerable
time. The Delaware River is described a; full of ships waiting for piers to
take on coal. However, something like an embargo has appeared which
seems to be an action on the part of the railroads to prevent too great
accumulations at the ports. This was perhaps to be expected. It is never
regarded as pleasant, but on the other hand may be made to be somewhat
corrective.
What we have to look forward to in the near future is hazardous even to
conjecture. There are too many rapidly changing elements to be considered.
It can be said, however, that there is a distinct endeavor, emanating from
the strongest portion of the coal industry, to maintain a high degree of order
and decorum and oppose the wilder tendencies of the movement.
Output of Bituminous Coal and Anthracite Increases
Coke Production Slows Down.
With a gain of 13,000 net tons over the preceding week,
the output of bituminous coal during the week ended Oct. 16
rose to 12,376,000 net tons, as against 11,770,000 tons in the
same week last year. At the same time anthracite output
rose to 2,093,000 net tons, as against only 17,000 tons last
year, at the time of the strike, reports the U. S. Bureau of
and coal coked at the mines, is estimated at 12.376,000 net tons, a gain of
but 13,000 tons over the output in the preceding week.
Estimated United States Production of Bituminous Coal (Net Tons)
.a
(Including Coal Coked.)
1925
926-Cal. Year
Cal. Year
Week.
to Date.
to Date.b
Week.
Oct. 2
12,008,000 409,951,000 11,008,000 369,228,000
Daily average
1,587,000
2,001,000
1.762.000
1.835,000
Oct. 9c
12,363,000 422.314.000 11,681,000 380.909,000
Dail average
/
1,596,000
2,060,000
1.947,000
1.769.000
12,376,000 434.689.000 11,770,000 392,679,000
Daily average
2,063
„
1.962,000. .
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus one day's production first week in January to equalize number of days in the two years. c Revis'ed since last report. d Subject to
revision.
Total production of bituminous coal during the calendar year 1926 to
Oct. 16 (approximately 245 Working days) amounts to 434,689,000 net tons.
Figures for corresponding periods in other recent years are given below:
435.470,000 net tons11923
1920
452,755.000 net tons
324,916,000 net tons 1924
1921
369,463,000 net tons
1922
305,509,000 net tons 1925
392,679,000 net tons
ANTHRACITE.
Production of anthracite during the week ended Oct. 16 is estimated at
2.093.000 net tons, a gain of 24.000 tons, or 1.2%. over the output in the
preceding week. The average daily output during the first half of October
has been 347,000 tons,as against 338.000 tons for the month of September.
Estimated United States Production of Anthracite (Net Tons).
1926
1925
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
to Date.a
Week.
Oct. 2
2,052,000 61,998,000
14,000 61,269,000
Oct. 9
2,069.000 64,067.000
13,000 61.282.000
Oct. 16
2,093,000 66,160,000
17.000 61,299,000
a Minus one day's production first week in January to equalize number of
days in the two years.
Total production of anthracite during the calendar year 1926 to Oct. 16
amounts to 66.160,000 net tons. Figures for corresponding periods in other
recent years are given below:
1922
33,807,000 net tons 1924
70,055,000 net tons
1923
74,157.000 net tons[1925
61,299.000 net tons
BEEHIVE COKE.
Production of beehive coke for the week ended Oct. 16 is estimated at
201,000 net tons, a decrease of 7,000 tons, or 3.4%, from the week immediately preceding. The decrease was confined entirely to Pennsylvania
and Ohio. Compared with the corresponding week of 1925. a decline of
25,000 tons, or 11.1%, is noted. Cumulative output during 1926 to Oct.
16 amounts to 9.450,000 tons, about 23% more than during the same period
of 1925.
The"Weekly Courier" states that production in the Connellsville district,
due to activity in the coal trade, was reduced to 150,120 tons during the week
of Oct. 16, some plants running on a five-day basis.
Estimated Production of Beehive Coke (Net Tons).
-Week Ended
1926
1925
Oct. 16
Oct. 9 Oct. 17
to
to
1926.b
1926.c
1925.
Date.
Date.a
Pennsylvania and Ohio_162.000 172,000 182,000 7,696,000 5,846,000
West Virginia
15.000
15,000
13,000
609.000
484,000
7,000
Ala., Ky., Tenn. & Ga..10,000
16,000
515.000
714.000
Virginia
6,000
6,000
8.000
285,000
279,000
Colorado & New Mexico 5,000
5,000
4,000
208.000
189,000
Washington and Utah.... 3.000
3.000
3,000
137,000
154.000
United States total
201,000 208.000 226,000 9,450,000 7,666.000
Daily average
38.000
39,000
32,000
34.000 35,000
a Adjusted to make comparable the number of days in the two years.
b Subject to revision. c Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 27, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows an increase of
153,200,000 in bill and security holdings, as compared with
the reduction of $118,200,000 reported the preceding week,
and of $23,600,000 in deposits. Only nominal changes
were reported in total cash reserves and in Federal Reserve
note circulation. Holdings of discounted bills were $45,300,.000 and of acceptances purchased in open market $14,700,000
above the preceding week's totals, while Government
security holdings declined $6,800,000. After noting these
facts, the Federal Reserve Board proceeds as follows:
The New York Reserve Bank reports an increase of $23,300,000 in
discount holdings, Chicago an increase of $22,100,000, Boston $8.500,000,
San Francisco $6,300,000, and Dallas $3.700,000. Discount holdings of
the Philadelphia bank declined $6,900,000, of Richmond $5,700,000, and
of Atlanta $2,800,000. Larger holdings of acceptances purchased in the
open market were reported by most of the Reserve banks, the principal
Increases being $5,800,000 at the New York bank and $2,500,000 each at
Chicago and Boston. The System's holdings of U. S. bonds declined
$6,700,000, principally at the Minneapolis bank, while holdings of Treasury
notes and certificates showed little change for the week.
The principal changes in Federal Reserve note circulation comprise
Increases of $6.100,000 and $3,500,000 reported by the Cleveland and
Philadelphia Reserve banks, respectively, and a decline of $2,600,000
reported by Atlanta.
found on subsequent pages-namely, pages 2230 and 2231.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Oct. 27 1926 is as follows:
Increases(+J or Decreases(-)
During
Week.
Year.
Total reserves
-$700.000 +861.000,000
Gold reserves
-2,500,000
+40,800,000
Total bills and securities
+53.200.000
-7,900,000
Bills discounted, total
+45,300,000
+41,900,000
Secured by U.S. Government obligations +26.200.000
+22,900,000
Other bills discounted
+19,100,000
+19,000,000
Bills bought in open market
+14,700,000 -21,200,000
U. S. Government securities, total
-6,800,000 -24,600,000
Bonds
-6,700,000
-9.400,000
Treasury notes
-200,000 -112,600,000
Certificates of indebtedness
+100,000
+97,400.000
Federal Reserve notes in circulation
+700,000
+35,700,000
Total deposits
+23,600,000 -16,100,000
Members' reserve deposits
+3,400.000 -10,300,000
Government deposits
+19.100,000
-100.000
The Member Banks of the Federal Reserve System
Reports for Preceding Week-Brokers' Loans
in New.York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
The statement in full, in comparison with the preceding cover the week ending with Wednesday's business, and the
week and with the corresponding date last year, will be returns of the Federal Reserve banks are always given out
NT. 30 1926.]
titter the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
ending May 19, it was the practice to have them ready on
Thursday of the following week, and to give them out concurrently with the report of the Reserve banks for the next
week. The Reserve authorities have now succeeded in expediting the time of the appearance of the figures, and they
are made public the following week on Mondays instead of on
Thursdays. Under this arrangement the report for the week
ending Oct. 20 was given out after the close of business on
Monday of the present week.
The Federal Reserve Board's condition statement of 692
reporting member banks in leading cities as of Oct. 20
shows declines of $31,000,000 in loans and discounts,
$33,000,000 in investments, $153,000,000 in net demand
deposits, $77,000,000 in Government deposits and $107,000,000 in borrowings from the Federal Reserve banks.
Member banks in New York City reported reductions of
$32,000,000 in loans and discounts, $2,000,000 in investments, $9,000,000 in net demand deposits, $15,000,000 in
Government deposits and $96,000,000 in borrowings from
the Federal Reserve bank.
Loans on stocks and bonds, including U. S. Government
obligations, were $97,000,000 below the previous week's
total, the principal changes including decreases of $85,000,000 in the New York district and $12,000,000 and $10,000,000 in the Cleveland and San Francisco districts,
respectively, and an increase of $12,000,000 in the Chicago
district. All other loans and discounts increased $66,000,000,
increases of $55,000,000 in the New York district, $13,000,000 in the San Francisco district, and $10,000,000 in the
Atlanta district being offset in part by comparatively small
reductions in some of the other districts. Total loans to
brokers and dealers, secured by stocks and bonds, made by
reporting member banks in New York City were $72,000,000
below the Oct. 13 total, loans for their own account and for
out-of-town banks having declined $73,000,000 and $11,000,000, respectively, while loans for others increased
$12,000,000. As already noted, the figures for these member
banks are always a week behind those for the Reserve banks
themselves. The statement goes on to say:
Holdings of U. S. Government securities declined 85.000.000, only small
changes being reported by banks in any of the Reserve districts. Holdings
of other bonds, stocks: and securities declined $28,000.000, of which
$18.000,000 was at banks in the Chicago district.
Net demand deposits were $153,000,000 below the total reported for
Oct. 13, the principal changes in this item including reductions of $40,000,000 in the Chicago district, $28,000,000 in the New York district, $26,000,000 in the Cleveland district, $24,000.000 in the San Francisco district
and an increase of $17,000,000 in the Boston district. Government deposits
declined $77,000.000, reductions being reported for all districts.
Borrowings from the Federal Reserve banks were $107,000,000 below
the previous week's figure, banks in the New York district reporting a
reduction of $94,000,000 and those in the Boston district $23,000,000.
On a subsequent page—that is, on page 2231—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increases (+) or Decreases (—)
During
Year.
Week.
Loans and discounts, total
+$497,000,000
—$31,000,000
Secured by U. S. Govt. obligations---+1,000,000
—53,000.000
Secured by stocks and bonds
—98,000,000
+181.000.000
All other
+66.000,000
+369,000,000
Investments, total
—33,000.000
+103,000,000
U. S. securities
—5,000,000
—31,000.000
Other bonds, stocks and securities
—28,000.000
+134,000,000
Reserve balances with F. R. banks
—13.000,000
—14,000.000
Cash in vault
—27,000,000
—3.000,000
Net demand deposits
—153,000,000
—94.000.000
Time deposits
—13,000,000
+433.000,000
Government deposits
—77,000.000
+74.000.000
Total borrowings from F. R. banks
—107.000.000
—26,000,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Oct. 30) the following timmary of
conditions abroad, based on advices by cable and other
means of communication: .
CANADA.
A satisfactory condition of the wholesale trade
and a general improvement
of the retell trade of Canada over the past week, due largely to an increased
demand for boots and shoes, dry goods and other seasonable
apparel, is
reported. Reports from various commercial centres in the Dominion show
that collections range from fair to good, •
2201
THE CHRONICLE
GREAT BRITAIN.
Progress is reported in negotiations now said to be under way looking
toward the formation of a company to control the four big chemical and
explosive businesses of Great Britain.
The recent decision of the American Section of the Federation of Master
Spinners to further curtail operations in the mills spinning American cotton
(from half-time to one-third time) has been rescinded. The reversion to
-hour-a-week basis was well supported. The number of coal miners
the 24
working on Oct. 20 was stated to be 234,000.
GERMANY.
The German balance of trade which had been unfavorable during June,
July and August again showed an excess of exports over imports during September. For that month total imports amounted to 823,000,000 marks.
while total exports stood at 836,000,000 marks,leaving a favorable balance
of 13,000,000 marks. Imports of foodstuffs totaled 256.000.000 and raw
materials 438,000,000. On the other hand. exports of finished products
reached a total of 582,000,000 marks.
CZECHOSLOVAKIA.
Czechoslovak foreign trade for the first eight months of 1926 not only
totaled lower values both for imports and exports when compared with the
corresponding period of 1925. but also showed a lower favorable trade batance for the period, or 1,110,000.000 against 1,413,000,000 crowns. On the
other hand,the trade figures for the month of August marked a considerable
improvement over previous months. The improvement is due almost
wholly to reduced imports, which were valued at 920,000,000 crowns, as
compared with 1,166,000,000 crowns in July; at the same time exports increased slightly in value from 1,336,000,000 to 1,363,000.000 crowns. ,
ITALY.
The Milan Chamber of Commerce index numbers for Wholesale prices
registered steady declines during the month of September. From 682.3
at the close of the second week in September it dropped to 678.7 by the close
of the third week and at the end of the month stood at 673.4. This teeter
index is equivalent to an internal purchasing power of the lira of about
14.85% of its pre-war value. Between June 30, the close of the last financial year, and Aug. 31 the amount of Treasury bills maturing at from
3 to 12 months was reduced by 1,385,000,000 lire. Further reductions in
the floating debt were anticipated because of the present deflation process.
The budget surplus at the end of the first two months of the present operating financial year was in effect 31.000,000 lire more than the surplus recorded for the corresponding period of last year. This excludes the expenditures which were made this year out of the budget, such as the allotment
of 41,666,666 lire per month for the redemption of the Treasury debt to
the Bank of England and the 20.833,333 lire for railway expenditures.
This latter appeared in previous budgets under a special title as "capital
expenditures." The item for the redemption of the Treasury debt did not
appear in former budgets.
AUSTRIA.
During the latter part of September and the first three weeks of October
there was a continued moderate improvement in practically all commercial
and industrial lines in Austria. The situation was somewhat favored by
stronger franc and lire exchange, as well as by the British strike situation.
The financial position remained satisfactory, although increased demands
In Austria and in Hungary for short-term credits have somewhat stiffened
money rates.
FINLAND.
Trade conditions in Finland during September continued to be favorable.
Expert trade was normal, although the favorable balance for the month
was slightly below that of August. Lumber shipments were somewhat
heavier. Prices in the timber and pulp and paper markets were maintained
at satisfactory levels. Financial conditions remain easy. The cost of
living followed a continued rise during the past few months, showed a
decline of 10 points during September, while the other indices remained
practically the same. On Oct. 24 ratifications of the Finnish-Japanese
commercial treaty were exchanged, and this treaty will become effective
Nov. 1 1926.
DENMARK.
Slowly increasing industrial activity, improved conditions in the freight
market and declining unemployment make it apparent that Danish economic life is experiencing a slight turn to the better. There has been no
corresponding fundamental improvement, however. Wages are not definitely settled, unit cost of production is said to be too high in most industries, taxes and other public charges are claimed in Denmark to be burdensome and considerable capital is needed. Parliament convened on Oct. 5,
and it will be engaged in formulating plans for Government assistance in
numerous fields. Financial problems, together with the return of the crown
to actual parity and gold redemption, probably will also be given attention.
NORWAY.
The sudden appreciation of the crown was the major development in
Norway during the week ended Oct. 24. It is now only about 1 lZ cents
below par. Practically all bond quotations have shown recently an upward
trend and shares have registered increasing firmness. Numerous conversion loans have been made during the last few weeks and the number of
new loans floated is also appreciable. The unemployment situation is still
reported to be serious, notwithstanding the settlement of the paper and
pulp and margarine industry conflicts. The workers engaged in latter
field have accepted an immediate reduction of 12% in wages, which will
be followed by a further decrease of 3% in five months. The transport
workers have denounced the agreement which was to become effective
on Oct. 31. The number of unemployed now approximates 30.000—about
twice the total of a year ago.
PALESTINE.
In spite of the long slump experienced during the past eight or ten months
In the Tel
-Aviv district, some new industries are being launched there,
and some of the older ones, particularly the textile industries, show indications of safe recovery. A successful 1926-27 orange crop is anticipated
if normal weather continues, estimates placing the expected production
at 2,000,000 cases, as compared to 1.511,000 in the 1925-26 season. During •
1925 5.000 dunama of land (1,111 acres) have been purchased to be planted
in new orange groves. Jewish immigration is continuing at the same rate .
as in 1925, the total number of immigrants for the first eight months of .
1926 having been 18,077, as compared to 18,255 in the corresponding period •
of 1925.
EGYPT.
The Government has opened a credit of CE4,000,000 to inaugurate a
cotton financing scheme and assist the small cotton growers. By the
new .
scheme advances will be made through the banks on quantities of less
than
200 canters, the only charge to the cultivator being 4% per annum to
defray
warehouse and other expenses. The Government had been urged
to attempt to check a further drop in prices by continuing its policy
of Purchaaing
cotton,and had been authorized to do so by Parliament, but as
the Gov
2202
THE GETRONTGLE
ment already has on hand heavy stocks of cotton purchased during the past
18 mouths from the planters, and since the policy of Goverdment purchasing
so far Is said to have provel ['effective. It has now been abandoned and the
new cotton financing scheme adopted as an alternative.
•
GREECE.
The new Government is burdened by indebtedness incurred not only
for lure quantities of military and railroad sup) Iles, but rot the purchase
Of the Saioniki-Monastir railroad and for new loans as well: namely, the
Swedish match monopoly loan. the Foundation Company loan and the
Water works loan. Solving the financial problems of the country is said
to be the greatest task facing the new administration. The revived "Tithe"
tax, for exam, le, is not expected In Greece to bring In more than a fraction
Of the 434.000.000 drachmas for which it was budgeted. The income from
pledged revenues is, however, Increasing and it is estimated locally that the
floating debt has been reduced by approximately 1.500,000,000 drachmas
since the beginning of 1926. The success of the Saioniki Fair. Oct. 1 to 20.
and the active participation of Bulgaria there are reassuring elements in
the situation of the country.
CHINA.
Since the lifting of the Canton boycott arrivals of ocean shipping at
Hongkong are rapidly approaching pro-boycott figures. Clearances of
piece goods from Hongkong warehouses are also very satisfactory. Market
reports indicate an average (Top of mutton In China this year. Crops in
North Manchuria are above the average, although drought and floods have
reduced the yield in South Manchuria to about 80% of normal. A fair
harvest is anticipated In North China. The rice crop In central China is
below normal, but a better than average yield is exi ected In South China.
The silk crop in the Yangtze Valley is good with business proceeding satisfactorily. Prices in some lines have already advanced as a result of the
drop In exchange. Exports from Tie..tsin have improved slightly, but
are still below normal.
(VOL. 12&
transactions during October In coffee options, the planters preferring to
wait until the crop is gathered in the hope of obtaining better prices at that
time. The crop Is already more than a month late, and the first deliveries
In export quantities will be In December. it is reported. Money, which
was already difficult to obtain, has still further tightened.
HAITI.
The coffee crop of Haiti which was reported In September to be moving
early at satisfactory prices, Is not now coming in as rapidly as was expected,
and prices have declined. There is little new cotton planting because of
the continued low prices of that commodity. The sugar crop is said to
have good prospects, both as to yield and improved prices. For the fiscal
year ended Sept. 30 1926 Government revenues exceeded by 10% those of
1924-25. A marked decline In the value of imports is noticeable. A new
negotiable instruments law based on United States legislation Is to be
considered next month.
PORTO RICO.
The general business situation in Porto Rico continues to show slow
seasonal improvement. Conditions during October 1926 were slightly
better than In the preceding month and about equal to those of October
1925. Continued favorable weather conditions have improved the agricultural outlook. Coffee picking which began early In the month Is progressing and latest reports indicate a slight reduction in the yield from the
previous crop estimates of 30.000LIeo nds.
M Opou
.
Markets were generally dull in all parts of Mexico with the exception of
Monterey and Saltillo. where crops were unusually good. Bank credits
have been restricted and deposits of commercial houses show a decline on
account of the difficulty of collections. Official statistics show that during
the month of August 6.724.000 barrels of petroleum were produced and
that during September 6,623.000 were exported. Textile markets continue
dull and some failures have been reported. Sales of low-priced automobiles
SHANGHAI DISTRICT.
have increased.
PANAMA.
Business conditions In Shanghai show but slight change. The trans-Seasonal depression prevails as to retail sales. Imports were valued at
portatIon situation sh nes imi rovemeat between Shanghai and Hackow
and between Canton and Hongkong. Silk activity has been quite notice- approximately 7970.000 in September as compared with slightly Over
Able during the past month and productiou for the greater part of January 31.000.000 In August. Construction work has been started on the Chiriqui
Ry. and a temporary wharf commenced at Armuelles. This is southeast
I. reported as soli.
Low sliver and favorable prices of American cotton have created interest of the Boras del Toro district in the heart of the banana region. Rainfall
In Canton movements among Chinese merchants. The iron and steel has been adequate in Aguadulce district and sugar is reported to be making
market in the Yangtze Valley is slow, with the exception of the demand for a good growth.
COLOMBIA.
tin-plate waste. Exports to the United States during the first nine months
amounted to $44.390,000 (United States gold), as compared to $44,450,000
There is plenty of water in tho Magdalena River, but freight congestion
(United States gold) for the same period of last year.
continues at the up-river port of La Dorada and also at the port of Bueraventura and on the Pacific railroad. While sufficient water In the MagJAPAN.
dalena River permits river heats to navigate without Interruption, the fact
Japan's foreign trade continues to im-rove. Preliminary totals for the' that
the boats on the lower river are larger and more numerous than on the
segend ten days of October show extents of 63.300.000 yen and imports of
landed at La Dorada.faster than It, can
45.900.000 yen. an Increase of 3.400.000 yen in exports and a decline of upper river results In cargo being
be dispatched by railroad from La Dorada to Beltran and thence to Girardut
700.000 yen in imports compared with the i receding reriod
The weakness
by the insufficient tonnage on the upper lever. This Is a condition, however,
n the raw silk, cotton yarns and cotton textile markets is more ,
'
renounced. that
I
sometimes prevails to a limited extent even at times when river navigation is normal, but on aorount of the unusual dry spell experienced In
INDIA.
Colombia during the past year congestion of freight at transfer points have
The India pooja holidays are taking place with very little internal disturbance. but business is being adversely a ffecte.1 as usual. Little domestic been more acute. With cargo again moving regularly from the Caribbean
business is being transacted and export clearances have fallen off consider- ports to the interior by way of the river, shippers who diverted cargo temably. Uncertainty regarding the future course of silver and the outcome porarily to Buenaventura during the dry spell will again follow the usual
route via the Caribbean. This will improve conditions somewhat at
Of the Currency Commission's report is adding to the normal depression
Buenaventura. but until port facilities there are increased and more equipexpected with the holiday season.
ment is placed In service on the Pacific railroad freedom from congestion
PHILIPPINE ISLANDS.
at that port is problematical.
The general tone of business was slightly more optimistic during the week
ARGENTINA.
ended Oct. 23. The opera market inn roved. with better demand and InThere has been a slight Improvement In import trading In Argentina
creased Erica'. Trade was active and i reduction. %hell has been abnor- In the month of October as a result of good crop prospects and mere wetly°
mally high, was considerably lower than Iii recent weeks, materially re- buying by rural dealers in anticipation of increased sales during the coming
ducing stocks. All factors In the trade are now buying and all cutcohuuut harvest season. General conditions affecting export activities are, how011 mills are operating. The I resent provincial equivalent of resecado ever, far from satisfactory. According to the official Argentine crop re(dried col rut delivered at Manila is 12.25 pesos per picul of 139 pounds port of Oct. IS. the general condition of all crops Is good. A second official
(1 peso equals $0.50)•
estimate or the area planted to all cereals except corn Indicates a 2% InThe abaca market was good until receipt of reports of price reductions crease over 1925.
In Mexican sisal, when it became uncertain. Trading is now suspended,
Shipments or agricultural products are greatly retarded by a scarcity of
pending definite developments.
shipping space and high freight rates. The cattle market is weak as it reSale of the Government-owned Cebu cement plant to private interests sult of excessive offers of fine cattle. Wool trading is fairly good and
prices
was consummated on Oct. 20.
satisfactory. The exchange value of the Argentine peso was at a higher
The lower House of the Philippine Legislature has passed a measure level for October than for September.
taxing radio receiving sets $5 as an aid to the recently organized broadBRAZIL.
Misting company. The Senate has mutated an Act extending the GovernUnexpected fluctuation In exchange has aggravated the generally unsatisment
-controlled Manila railroad. on the Island of Luzon. 200 kilometers
factory situation which has prevailed In Brazil during the past month, but
(about 124 ndles) northward.
the forthcoming change of Administration on Nov. 15 has created it feeling
NEW ZEALND.
of optimism. It is stated that the latter is in favor of stabilizing the milt eli
General cenditions In New Zealand are somewhat quiet as the summer at it comrarathely low level. which it is believed will aid
domestic industry.
opens. Foreign trade during September. howev or. was more active than Coffee trade is said to ha% e been greatly ha relicam ed by
small stocks, but
eluting the same month In 1925. Imports increasing from £4.217,900 to on the 23d daily entries at Salutes were increased to
32.000 bags, and aftee
g5.I36.000 and exports from 11.235.500 to £2,400.000. Increased ship- Nov. 5 monthly entries will be gauged by the exports
from Santos for the
ments of butter. frozen meats and wool accounted largely for the export 25 working days of each I revions month. The recent
passage of a Federal
Increase. and these were taken in greatest amount by the United King- bill to rovide bonus for all Government employees
andsfeorot,hweerreszinurenituteloxe.
dom. the total value of all commodities exported there Increasing from of service payments on loans funded In 1914 will increa
1602.700 In September 1925 to £1.700.000 In the mouth under review. penclitures In 1927 and Is certain to necessitate an
increased budgeted
While the amount taken by the United States Increased only slightly to Income. possibly based In part on an upward tariff
revielon.
r25(1.000. imports Into New Zealand from the United States increased have been heavy and this, coupled with smaller coffee shipments,Imports
will by
£752.700 to £900.000, and consisted largely of motor vehicles, motor the end of the year probably diminish the large
fr
favorable trade balance
spirit. shom, apparel and electrical machinery. Over 3.000.000 gallons of which existed at the close of the first semester. Imports at Rio de
Janette
rnotor spirits and 929 automobiles Were imported into New Zealand from continue to be considerably larger than for the same period of
1925.
the United States during the month of September as compared with 319
PERU.
automobiles from Canada and 158 from the United Kingdom.
General business conditions In Peru during October were worse than for
AUSTRALIA.
any period since the post-war readjustment in 1921. The Instability of
The New South Wales legislative bill providing for preference In that exchange is held chiefly responsible for the present depressed conditions.
State for Australian and Empire goods has passed Its second reading. This Some lousiness is being transacted but under disturbed conditions. A numbill provides that shire and municipal councils must give at least 10% ber of merchants are reported to have canceled import Orders and are awaitpreference to Australian-made goods over Empire goods and a minimum ing further developments. Remittances to exporters are slightly better
Of preference of 10% to Empire goods over foreign manufactures, making than they have been, butt the difficulty of obtaining foreign bills has retarded
• toed Australian preference of 20% in relation to foreign goods. It is these transactions. About 60% of the l'eruvian mutton crop has hese
stated in Australia that the Federal Government Is planning for the Com- shipped. but mostly on consignment and the prevailing low prices are said
monwealth refineries to Increase Importation of oil and that additional to be below the cost of production. Sugar shipments have been steady,
the trade being stimulated by the recent rise in raw sugar 'Tires. Stocks
facilities will probably be provided at Sydney.
Wool sales at Sydney. Melbourne and Perth have held last week's prices, of import lines of merchandise are. In general, adequate for present needs
but fine wools Is noted from prices except In staple foodstuffs, mining machinery, machine tools and construe.
but at Melbourne and Perth a decline in all
prevailing Oct. 1. At Perth greasy merino brought as high as 24.4d. Hon materials.
URUGUAY.
per pound.
GUATEMALA.
Presidential and national council elections In November are absorbing
public attention and exerting a dampening effect upon business In general,
The general business depression of the last three months has been inalthough a fair volume of au ring trade is being done. The general econonde•
Vetoed by a three-cent decline in the price of coffee, the principal crop of ,
There were no outlook In country districts Ls favorable, although deptimaed , condition,
Use country, and by the unsettled politica.* situation.
OCT. 30 19261
TT-TE CHRONICLE
In certain
foreign markets threaten to affect adversely the normal expormovement of meats and hides. Shiume its at preseat are slack and frigt
orifices are not ooerating heavily. The new wool clip has not yet been
placed on the market. Shipping space is reported scarce and freight rates
show a tendency to rise.
Two projects were preaentei to the National Administrative Council
this week for imnrove I transport service between Montevideo an I Buenos
Aires via Colonia. one Includes the building of a new railway at the cost
of 12.500.00() pesos of English caultal. and the other the constriction of
an automobile highway to cost 6,001.009 pesos. American capital; both
Include fast ferry service between Colonla and Buenos Aires.
CHILE.
The gradual Improvement In Chilean economic conditions which had
slowly taking place suffered a setback in October. Consumers are
been
now appareatly withholding their funds for summer needs. Trade and
bank collections are easy. although some difficulty has been experienced
In this regard with certain textile traders. The nitrate market is still
quiet, copper mines are active and the coal market is firm.
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for Oct. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $4,906,198,326, as against $4,864,086,407 Sept. 1 1926
and $4.827.005,324 Oct. 1 1925, and comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European war, that is, on July 1 1914, the total was
only $3,402,015,427. The following is the statement:
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tee amount held by the Cuba's agencies of the Federal Reserve banks
I) Does not Imitate gold bullion or foreign cola outside of vaults of the Treasury.
Federal Reserve waits, and frederal Reserve agents.
During the month of September the value of the Danish Krone has
Increased from 98.51 to 98.94 gold Ore. The average various Dollar
quotations have therefore deareased from 3.77 39-100 to 3.77 1-100. (equal'
to 26.50c. to one Krone). The various Sterling quotations were 18.27 Kr.
per l'ound Sterling.
The decrease in the banks' outstanding loans and deposit activities ii.
continued, the three private I rincipal habits have thus during the month or
September brought down their outstanding loans with 16.000.000 Kr.,
.
while the deposits have been decrease I with 20.000.009 Kr. The de( rease
during September falls on about the same accounts as during the ['revealing
mostly on the business
months, namely It; the case ef the outstanding loans
accounts-esi e.lally on the cash-credit, and in the case of the deposits
especially on the account current and deposits on time, as the decrease in.
the debt to foreign countries Is continued.
On the other hand the outstanding loan of the National Bank at the end
of September was practically unchanged from that at the end of August.
The same fact applies to the circulating ammo-it of bills, which at the end
of September was 377.400.000 Kr. and at the end of August 376.500.000 Kr.
The transactions in stocks and bonds on the Cope thagen Stock Exchange
was somewhat larger In September than during the last[ receeding months,
Inasmuch as the average weekly business amounted to 1.800.000 Kr. for
stocks anti 3,100.000 Kr. for bonds against resnectively 800.000 and 1.500.000 Kr. in August There was an incrense In the index figures of all
kinds of stocks as well as of bonds during the month of September, the
stock Index for September being 84.9 (August 87.0i and the bond Index
being 86.1. when the rates of each tinge on July 1 1914 are fixed at 100.
The Statistical Departmeht's wholesale index was 162 In September as
that the Index Is thus unchanged
well as in August. In s,dte of the
there has ne‘ertheless been some increase for the Individual branches of •
-for instance the prices of building and textile material are lower,
trade
while the price of fuel Is somewhat higher.
The trade balance with the foreign countries shows for August a smal
Import surplus. namely 4.000.000 Kr. The import amounted to 122.000.000 Kr.. the export to 118.000.000 Kr. In August 192.5 the import
surplus amounted to 1.000.0110 Kr. liovvever the trade balance for this •
year up to the [ reseat has a very small im( ort surplus compared with the •
,
corres ondIng time last year. namely 10.000.000 Kr. this year against
72.000.000 Kr. In 1925.
During September the export of agricultural products was very nearly
-nevertheless the exportation of meat was quite a
the same as In August
The [Nees of the exported I millets were for
bit larger than in August
butter and eggs higher than In August, for bacon and meat somewhat lower •
The number of unemoloyel is still greater than at.the corresponding time
last year. but while in 1925 there was an Increase In the unemployment from
August to September. this year there was a decrease. The pvrt.entage of
unenwloyed was at the end of September this year 16.8%. against 10.6%
In September 1925. In the real Industrial [ rofessions the percentage thit
year was 18 I. against 10.8 In September last year.
The Government's revenue from taxation on articles of consumption was .
In September 13.500.000 Kr. including custom revenue 4.630.000 Kr. .
In September 1925 the corresponding figures were 13.500.000 and 4,100,000
Krone.
More Additions to the Reichsbank's Gold-Bank Is
Not Only Recalling Foreign Reserves, But
Buying New Gold.
Under date of Oet. 17 a copyright cablegram from Berlin
.iist4c44
. -.1.;F4 to the Ness' York ".Times" said:
4
7
4;Zit7i.
'
s
Last week's Reichsbank return as of Oct. 7, not only showed continuance
223 0
2 .0 0 0,
COo
t• •
Economic and Industrial Conditions in Denmark
During September.
The Danish National Bank of Copenhagen and the Danish
Statistical Department have the following to say in part
regarding the economic and industrial conditions in Denmark
durirg September:
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N C N N N
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r These amounts are not Included In the total 'since the money held In trust against
gold and silver certificates and Treasury notes of 1890 's included under gold coin
and bullion and standard sliver dollars. respectively
S The amount of money held In trust against gold anti silver certificates and
Treasury notes of 1890 should be deducted from this total before cmnbiiil ng it with
total money outside of the Treasury to arrive at the stuck of money In the United
Stares.
-20.4 1 of notes In process of redemption. SIR I. T.Q.413
e This total includes $1",
deposited
of gold deposited for redemption of I ederal Reserve notes'. . ;.I
for redemption of natio:tat bank notes. I .5 5 deposited for retirement of additional
Circulation ( et of May 30 1908). and $8.827.829 deposited as a reserve against
postal savings deposits
I Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.-601(1 certificates are secured dollar for dollar by gold held In the Treasury
for their redemption: silver certificates are sectored II tiler for it Mar by standard
silver dollars held in the Treasury for their redemption: United States IIIIIet4 are
held In the Treasury
This reserve
secured by a gold reserve of $1.5 IS Si:
fund may also be used for the redemptian of Treasury notes of IS )n, which are also
Federal
secured. dollar for dollar. by standard silver dollars. hell In the Treastry
Reserve notes are obligations of the United States and a first lien on all the assent
of the Issuing C eleral Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve wrens of to like itO mat of gold or of gold and such
discounted or purchased paper as Is eligible molar the terns of the Federal Reserve
including
Act. C ederal Reserve banks must maintain a gold reserve of at least 49
the gold redemption fund which must be deposited with the United States Treasurer,
against Federal oteserve note, in actual circulation. ...olvVik.1 money flu, been deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is 810 maintained In lawful money
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds
- NO00,
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2203
of recall of the Reichshank's own gold deposits from abroad, but purchases
of new gold. Thus wnile the total gold held in the bank's vaults at Berlin
rose 37,071,00f1 marks last week, the total gold owned by the bank also
increased 18,197,000.
The Reielisbank will not disclose the source whence le has lately been
obtaining gold. It is understood, however, that the greater part of the
Bank of England's gold exports of niore than • Z2,000,000, between the
middle of September end the middle of October, came to the Berlin market.
Sterling exchal.ge at Berlin has repeatedly been below the gold import
point, which private Berlin banks estimate to be 20.375 marks to the
pound sterling.
500
Italian Fascisti Now Number 1, ,000--3,000,000 Are
in Fascisti Labor Unions.
In advices from Rome Oct. 16 (copyright), the New York
"Times" said:
2204
THE CHRONICLE
Fascismo now has nearly 1,500,000 active adherents enrolled under its
banners, according to the latest official records. Of these 934,000 are
regular full•fledged Fascisti, 53,000 are women, 211,000 are juvenile
Fascisti between the ages of 14 and 18, and 270,000 are boy Fascisti, aged
14 and less.
The number would be far higher if it were not for the measures which
have been taken for strictly limiting the number of adherents. It is impossible now for any one to become a Fascist except by joining as a boy
under 14 and then being gradually promoted.
The small number of women who joined the Fascist movement—they represent less than 4% of the whole—is proof of the infinitesimal part women
play in politics in Italy.
The figures of Fascist membership do not take into consideration the
workmen belonging to Fascist trade unions. These number about 3,000,000.
The Fascist movement therefore controls the activities of about 4,000,000
men. Some idea of what this means in relation to the total population
can be gathered from the fact that at the time of its greatest war effort
Italy never had more than 5,000,000 men under arms.
International Offering of $100,000,000 Belgian Stabilization Bonds—$50,000,000 Offered in United States
—Issue Sold—Books Closed.
Public offering was made in the United States on Oct. 26
of an issue of $50,000,000 Kingdom of Belgium Stabilization
loan, external sinking fund 7% gold bonds by a syndicate
headed by J. P. Morgan & Co. and the Guaranty Co. of
New York. The issue was offered at 94% and accrued
interest, to yield 7.50% to maturity. These bonds are part
of $100,000,000 international stabilization loan issued for the
purpose of placing Belgium's currency again upon a gold
basis. The arrangements for the issue of the entire stabilization loan were as follows:
[VoL. 123.
Minister of State and member of the Cabinet of the Kingdon of Belgium, says:
Purpose of the Loan.
The proceeds of the loan will be paid directly to the National Bank or
Belgium, thus reducing by an equivalent amount of francs the debt of the
Government to the Bank. These funds received by the National Bank will
be devoted by it to immediate stagilization of the currency, in terms of the
Royal Decree, dated Oct. 25 1926,and the Royal Decree dated Oct. 201926,
whereby the National Bank is required,on and after the 25th day of October,
1926, to maintain a minimum reserve in gold and or (foreign currencies of
40% at least 30% being in gold) of its note circulation and other demand
liabilities; and Royal Decree dated Oct. 25 1926, whereby on and after the
aforesaid day the National Bank is required to redeem its notes in terms of
gold.
The National Bank is charged with the duty of carrying out the monetary
policy, and steps have been taken to provide the hank with all powers requisite for this purpose and to assure it of the necessary freedom of action.
We may also mention that, in connection with the stabilization program,
credits to the National Bank have been rranged by the Central and Reserve
banks of the following countries: Austria, England, France, Germany,
Holland, Hungary, Japan, Sweden, United States of America.
The present Government is a coalition Of all the important political
parties in Belgium, formed for the purpose of establishing sound financial
conditions, and all the decisios regarding stabilization and monetary
policy have been taken unanimously.
Preliminary Measures.
The way has been made clear for stabilization by the adoption of the
following important measures:
A. Reduction of Floating Debt.—Under the provisions of the royal decree
of July 31 1926 short term debt to the amount of francs 4,201.436,000
has been converted into preference shares of the Beldan National Ry.
Co., guaranteed by the Government, with the result that such internal
floating debt of the Government has been reduced to francs 2,153,000.000,
Inclusive of postal deposit accounts.
The external floating debt of Belgium amounts to the equivalent of
$24,148,000. The Government and the national bank have made full
provision in foreign currencies to meet this debt from funds already in
$50,000,000 principal amount in the United States cf America, £7,250.000
the stabilization loan.
principal amount in England, £1,250.000 principal amount in Holland. hand, exclusive of the proceeds of
B. Fonds d'Amortissement de la Dette Publigue.—Thls is an autonomous
Fcs. 32.000.000 principal amount in Switzerland, Kr. 9,000,000 principal
public institution created by Law of June 7 1926,to undertake all amortizaamount in Sweden.
tion of Government debt. It receives in addition to the sums specifically
The books were opened at the offices of J. P. Morgan at provided by law annually for amortization:
1. A special contribution for a period offour years of 1,500,000,000 francs
10 a. m. on Oct. 26 and shortly after it was announced that
new taxation voted for the purpose.
per annum, derived
in view of the heavy volume of early applications for the minimum preference shares of from
2. The
the Belgian National Railway Co. having a
United States issue of the loan, the New York syndicate total nominal value of 10,000,000,000 francs, of which part has been
managers had closed the subscription books at 10.30 o'clock. applied to debt conversion as above. The proceeds of the sale of the
balance, less 10%, will be devoted to retirement of Government debt.
A heavy oversubscription was reported. The London portion
3. The proceeds of the sale of State property.
C. Belgian National Railway Co.—The Societe Nationale des Chemins do
of the loan was offered on Wednesday Oct. 27 at 94; accordthat Fer Beiges, an autonomous organization, was created by law of July 23
ing to the Associated Press cablegrams from London
1926 to operate and finance the Belgian State Railways. Since the organ.
day, the applications to subscribe to the.loan were so many ization of the company,passenger and freight rates have been raised appro:dthat the lists were closed within a few minutes after they mately 37M % to 50%•
Receipts and Expenditures for 1926.
had been opened. The New York "Evening Post" in a
Upon the basis of the actual receipts and expenditures of the State in the
copyright message from London on Oct. 27 reported as
first eight months of the current year, we are confident that the Governfollows concerning the reception of the bonds there:
ment will be able to meet 1926 current expenditures by means of current
The subscription books on the Belgian loan were open only fifteen minutes Income. In this connection, it should be noted that the expenditures
times covered.
yesterday, and the bonds were about thirty
include various sinking fund provisions sufficient to permit after allowing
for the issue of Belgian Government 30
-year reparation bonds to the extent
The London portion was issued by Baring Brothers, of 512,000,000 francs) of a net reduction of the existing public debt by
Morgan, Grenfell & Co. and the Westminster Bank.
approximately 600,000,000 francs.
According to an Amsterdam cablegram yesterday to the
New York "News Bureau" from the central News, there
was a big rush for the Belgian loan which was offered in
Holland yesterday(Oct.29),and the issue was oversubscribed
many times.
The syndicate offering the bonds in the United States included the following:
J. P. Morgan & Co., the Guaranty Company of New York; First National Bank, New York; the National City Co., New York; Bankers Trust
Co., New York; National Bank of Commerce in New York; the Equitable
Trust Co., New York; the New York Trust Co.; Harris, Forbes & Co.;
Lee, Higginson & Co.; Kidder, Peabody & Co.; Dillon, Read & Co.; Brown
Brothers & Co.; Halsey, Stuart & Co., Inc.; First Trust & Savings Bank,
Chicago; Illinois Merchants Trust Co., Chicago; Continental and CommerCompany. Chicago; Central Trust Co. of Illinois. Chicago, and the Union
Trust Co., Pittsburgh
The bonds will be dated Nov. 1 1926 and will mature Nov.
1 1956. They will not be redeemable before Nov. 1 1936
except for the sinking fund. A cumulative sinking fund of
1% per annum,commencing Aug. 1 1928, is to be applied to
the purchase of bonds if obtainable at or below 105% and
accrued interest, or, if not so obtainable, to the redemption
on Nov. 1 1928 and annually thereafter, upon 45 days' notice, of bonds called by lot, at 105% and accrued interest.
The bonds will also be redeemable in whole or in part at the
option of the Government on Nov. 1 1936 or on any interest
date thereafter at 105% and accrued interest upon six months'
notice. They will be in coupon form in denominations of
$1,000 and $500, not interchangeable. Principal and interest(May 1 and Nov. 1) will be payable in United States gold
coin of the present standard of weight and fineness in New
York City, either at the office of J. P. Morgan & Co. or at
the Guaranty Trust Co. of New York, fiscal agents, without
deduction for any Belgian taxes present or future.
In a letter to the New York syndicate manager under
date of Oct. 25, with reference to the purpose of the loan and
the stabilization program and financial situation of Belgium,
Baron M.Houtart, Minister of Finance,and Emile Francqui,
The 1927 Budget.
The Government undertakes to present to the House of Representatives
budgets for the year 1927, the aggregate expenditures and receipts of which
are in balance and the expenditures of which will include sinking fund
provisions sufficient to effect a similar net reduction of approximately
1,350,000,000 francs in the public debt.
Government Debt.
The external debt of Belgium, inclusive of the Stabilization Loan and of
Inter-governmental debt, amounts to the equivalent of approximately
$853,872,000 or $108 per head of the population. The internal debt of
the Government, including all guaranteed debt, amounts to 32,645,421,741
francs or approximately 4,240 francs per head of the population.
If, in future. the Government shall issue any loan, whether internal or
external, having a lien on any specific revenues or assets, the bonds of
the Stabilization Loan, 1926, shall share ratably in any such lien.
It was noted in the New York "Times" that the first
sale of the bonds on the Stock Exchange on Oct. 26 was
at 943t,and after touching a low of 94% the price advanced
3
to 94%,closing at 94%. They have since steadily advanced
and closed yesterday at 96%. Belgium's stabilization on
gold basis is referred to in anotl.er item in this issue.
Federal Reserve Bank of New York Aids in 'Stabilization of Belgium—Secretary Mellon Praises
Belgium's Action.
Aside from the $100,000,000 international Belgium stabilization loan (details of which are given elsewhere in this
issue), the Federal Reserve Bank of New York is also aiding
in Belgium's stabilization program. While various accounts
as to the extent of the Bank's participation have appeared in
the newspapers, the Bank on Oct. 26 issued the following
statement:
As a part of the plans which have been completed for the stabilization of
the Belgian currency, the Federal Reserve Bank of New York, in association with other Federal Reserve banks, has indicated its readiness to cooperate with the Belgium bank of issue, the Banque Nationale de Belgique.
by participating with other banks of issue in the credit arrangement granted
to the Banque Nationale de Belgique under which the Federal Reserve
Bank of New York has agreed, if desired, to purchase up to a total amount
of ten million dollars of prime commercial bills from the Banque Nationale
de Belgique.
OCT. 30 1926.]
THE CHRONICLE
On Oct. 25 a copyright cablegram from Brussels to the
New York "Times" contained the following:
Nine banks of issue secure to the Banque Nationale a credit of835.000,000
the Federal Reserve Bank, the Banks of England. France and Holland, the
Reichsbank and the Banks of Japan, Sweden, Austria and Hungary.
2205
"The multiple of five is alone quoted in exchange matters and bears in
this connection the name of 'belga.' There is no question of new money.
The belga, 'monnalle de chance.' is a mere multiple of the franc. Both
will at all times be interchangeable on the basis of five francs for one belga..*:
Further advices from Brussels Oct. 27 (Associated Press)
Oct. 26 the New York "Times" printed the following stated:
On
A new metal currency, corresponding to multiples and subdivisions of
in the matter:
the newly created Belgian monetary standard, the belga, was instituted
Reserve Bank Aids Belgium.
to-day by a royal decree. The new currency will replace the 5 and 20
The participation by the Federal Reserve Bank in the bank credit which franc notes.
to the
remain in circulation, but vrill
-franc notes will
The present 5 and 20
bas been extended to the National Bank of Belgium in addition
public loan of the Government. marks a continuation of the policy an- be withdrawn gradually. To-day's measure will place from 125.000.000
at the time when a similar credit was extended to Belgiumabouta to 150.000.000 francs in metal money in circulation, as compared with the
nounced
year ago. The Federal Reserve Bank. as on the previous occation, agrees 25,000,000 now in circulation.
to buy prime Belgian commercial bills, should it be called upon to do so.
The National Bank of Commerce in New York furnishes
It is understood that in the life of the previous credit the Reserve Bank was
by it from
called upon to purchase any of these bills. The large number and im- the following translation of a cablegram received
not
portance of the banks sharing in the credit caused comment in Wall Street. Governor Franck of the National Bank of Belgium, of Brusrepresented, but
Not only are the Bank of England and the Bank of France
sels.
the principal former enemies of Belgium are sharing, including the ReichsWe inform you that by virtue of a decree for the stabilization of Belgian
bank and the banks of issue of Austria and Hungary.
money which appeared to-day in the official monitor, quotations of exA London cablegram, Oct. 25, to the same paper (copy- change in Brussels will from now on be established in Belga. One Belga
equals 5 francs and corresponds to a weight of fine gold of 0.209211 as a
right), said.
basis of stabilization. On this basis of parity the dollar equals Belga
The special credits by foreign banks which will form part of the reserve of 7.19193. Nothing Is modified as to the circulation and the redemption
Belgian National Bank, have been granted, it is stated here, mainly
the
power of the bank notes of the National Bank of Belgium issued in franca.
under the inspiration of the Bank of England.
Trading in New Belga in New York Market, along with
Stabilization of Belgian Currency on Gold Basis—
Paper Francs, Brings Confusion—New York
Belga New Monetary Standard.
Federal Reserve Seeks Advice from
Co-indemit with the issuance of a stabilization loan of
Brussels.
approximately $100,090,000 ($50,000,000 of which was
From last night's (Oct. 29) "Sun" it is learned that great
placed in the United States, as noted elsewhere in this issue). confusion prevailed among large local banks dealing in
Belgian money was put on a new gold basis on Oct. 26, Belgian exchange yesterday. It added:
with the creation of a new monetary standard—the belga—
In an effort to clear up the confusion which originated over the deequal to five paper francs, valued at about fourteen cents, cision of many institutions to quote both "belgas" and paper francs, the
Federal Reserve Bank cabled to the Banque Nationale Belgique for inand with a difinite gold value of .209211 grams.
structions and advice. The latter bank, which is the central institution
The Associated Press cablegrams from Brussels on Oct. 25 of Belgium, cabled all local banks here on Tuesday to supplant the Belgian
franc with belgas, the latter being the new international exchange unit
In announcing the stabilization plans said.
The Belgian franc will be stabilized at 173.31 to the pound sterling, or
about one-seventh of its pre-war value, but it will now longer be quoted on
the foreign exchange markets of the world. Instead there will be the belga
for the purpose of foreign trade.
Belgium's money, which has fluctuated in value from day to day since the
Germans invaded the country in 1914, now has the support of the leading
banks of issue of Europe. the United States and Asia. This support is expressed in an international loan to Belgium of $100,000,000, which will be
used to keep the Belgian franc up to its new par level, which will make it
about 36 to the dollar.
The loan will be placed upon the market to-morrow. It will bear interest
at 7% plus 1% for amortization, and will run for a term of thirty years.
The Federal Reserve Bank of the United States, the Bank of England, the
Bank of France, the German Reicbsbank and similar banks in Japan,
Holland, Sweden, Austria and Hungary have agreed to support the loan.
In addition, 835.000.000 in credits will be placed at the disposition of the
Bank of Belgium to assist in carrying out the immediate stagilization plans.
Bankers and business men in Belgium received the Government's stabilionly
zation announcement this afternoon with favorable comments. The
belga,
criticisms of any extent heard were aimed against the creation of the
which some traders view as an unnecessary measure.
this
Governor Franck of the Bank of Belgium appeared on the Bourse
establish the
afternoon and explained why the Government had decided to
franc in domestic cirnew currency for foreign trading while retaining the
or
culation. He stated that the belga was not based on the British pound
the American dollar, but on gold. "There were two formula for stabilization," he said. "We could have tied ourselves to some fixed proportion to
foreign money of a gold standard or have chosen a direct sum in gold. The
Government chose the latter formula. It is far better, especially for a
little country such as ours. The gold weight which will be attributed to the
belga is exactly .209211 grams. On this basis the dollar is worth 7.20,
and if the pound is at par it wil be exactly 35 belgas."
M.Franck was warmly cheered after his explanation. The stock market
has reacted favorably to the reforms instituted by the Government, State
loans rising on an average of 4%. The new regime will be put into effect
immediately.
Several royal decrees on the financial situation were made public to-night.
They forbid the quotation of anything but the belga for foreign exchange
transactions and guarantee the ratio of one franc to five balsas. Another
decree will turn over to the National Bank the total income of the new
foreign loan against the restitution of a similar amount of Treasury bonds.
It also was announced that the State's indebtedness to the bank will be
reduced from 6.705,000.000francsto a maximum of 2,000.000.000 by the new
foreign loan. The gold reserve of the National Bank was estimated at
335,000,000 francs. On a revaluation in the proportion of one gold to
seven paper francs, the State shows a book profit of 2.000.000,000 paper
francs which will be used to reduce the Government's indebtedness to the
National Bank.
Most of the evening papers approve of the Government's course, feeling
that all danger of failure has been averted by economies at home and sound
arrangements by the banks of issue abroad.
equivalent to five paper francs.
Up to a late hour no reply had been received from Brussels and none
is expected unitl to-morrow morning. Meanwhile the various banks
quoted belgas, francs or francs and belgas indiscriminately. Those who
continued quoting belgas insisted they were carrying out the Belgian
bank's instructions and that others not doing so were violating the rules.
The banks which quoted francs declared that their Belgian balances had
not been transformed from francs into belgas and that they were not
going to double their bookkeeping labors by quoting the two units interchangeably.
In some banking circles it was said that the whole confusion would have
been avoided if the Belgian banks had transformed foreign accounts into
belgas coincidentally with the cessation of dealings in Belgian paper francs.
Reference to the trading in the new I-elga in the New
York market was made as follows in the "Times" of Oct. 27:
Foreign exchange traders in New'York yesterday started to trade in the
new Belgian exchange known as the belga, and while the exchange is virtually pegged and will not fluctuate to any extent, still there was considerable interest in this newcomer to the foreign exchange tables. The day's
prices were 13.91 cents bid and 13.92 offered. The par of the Belgian
exchange is 13.904. representing 5 of the paper currency, which was valued
at approximately 2.78% cents. On the basis of parity the dollar equals
7.19193 belgas. On the basis of stabilization, the price translated into
weight of fine gold is 0.290211
The "Journal of Commerce" stated on Oct. 29 that it was
reported the previous day that foreign exchange dealers in
this market would very probably discontinue the use of
belga quotations in dealings in Belgian exchange and resume
quotations in Belgian francs on a par basis of 2.79. This
paper also said:
Since the announcement of the Belgian stabilization plans the belga has
been used as the unit in transactions in Belgian exchange on a basis of 13.90c.
Per belga.
The belga was created as a foreign trade unit, equal to five new gold
francs. Some confusion has arisen, however, over the necessity of keeping
foreign balances in francs, while trading was carried on it belga.
Belga Passes Intended Parity on Brussels Market.
The following Associated Press advices were reported from
Brussels, Oct. 26:
Belgium's new monetary unit, the belga, making its first appearance on
the market to-day, within a few hours sped past its intended parity against
the dollar and the pound.
It crossed the 3 o'clock finishing line on the Bourse at a clip of 7.185 to
the dollar and 34.85 to the pound. On a gold basis, it was intended to equal
exactly 35 to the gold pound and about 7.20 to the gold dollar.
Since the belga has been set at 5 Belgian francs by the Government, the
The cablegram to the New York "Times" from Brussels latter was, therefore, worth 35.925 to the dollar.
The paper franc opened at 174.30 to the pound, but this opening price
on Oct. 25 (copyright) had the following to say regarding the constituted its farewell appearance on the foreign exchange market where
Royal decrees.
it was replaced immediately by the belga. The closing price of the belga
paper francs to the pound.
The"Journal Official" published this afternoon a special edition containing was an equivalent of 174.25
The quotations against Paris were 22.20 belgas for 100 French francs.
all the royal decrees relating to stabilization of the franc. They were
preceded by a report to the King countersigned by all the Ministers, which
reads:
Annual Meeting of Northern New Jersey Clearing
"We have been able to take preliminary measures, thanks to the support
House Association—Exchanges for Year
the entire country. It now remains to gather the fruits of five months
of
$1,974,055,434.
of efforts and sacrifices and to take the final step.
"The franc will continue to take its part in the national economy and will
meeting on Oct. 21 of the Northern New
At the annual
remain what it always has been in relation to transactions and the execution
House Association, held at the Commerof contracts. The franc is henceforth guaranteed against a fall. Exchange Jersey Clearing
of the Belgian franc as against foreign currencies will be established hence- cial Trust Co. of New Jersey, Jersey City, the following
forth with a multiple of five. The Banque Nationale is adopting this
figures covering the operations for the year were shown:
multiple as the basis of its repayments in cash.
2206
THE CHRONICLE
[VOL. 123
Total amount of exchanges from Oct. 1 1926 to Oct. 1 1926 $1,974,055,433 89.
Total amount of balances from Oct. 1 1925 to Oct. 1 1926, $1,459,629,758 71.
Largest exchanges on any one day from Oct. 1 1925 to Oct. 1 1926—on
April 1 1926, $35,163,668.
Largest balances on any one day from Oct. 1 1925 to Oct. 1 1926—on
April 1 1926, 833,445,908.
with the loan, but it has indirectly guaranteed it by relieving the fund
concerned of certain charges for which it is liable to the State and which
now become security for the issue.
M.Bud reflected the general opinion here when he said that it
was thanks
to the American, Jeremiah Smith, that Hungary was financially
on her
feet. Mr. Smith had shown the way and the country was striving carefully
and confidently along the path he had indidated. M. Bud said.
The Government itself had no need for foreign credit, he continued. The
Officers and committees of the clearing house were elected budget was balanced and while taxation was heavy,it was equally distributed
and the burden was not too heavy to prevent the industrial and commercial
as follows for the year ending Oct. 20 1927:
development of the country.
President
-0. P. Vreeland, Greenville Banking & Trust Co., Jersey City.
"Thanks to conditions which now prevail," said Mr. Bud,"Hungary
is
Vice-President—Walter P. Gardner, New Jersey Title & Guarantee Trust now in a gsition to contribute
in some measure to the general recovery of
Co., Jersey City.
Europe from the upheaval of war.
Secretary—Willard M. Brown, New Jersey Title Guarantee & Trust Co.,
"Our national bank Is co-operating in the financial rehabilitation
of
Jersey City.
Belgium. We are glad to co-operate with that country, which was
our
Conference Committee—Two Years: F. A. Berenbroick, Weehawken enemy in the war, in the
work of peace, for the general stabilization of
Trust & Title Co., Union City; Herman Goelz, First National Bank, Hobo- currencies will be good for all of us."
ken. One Year: F. C. Ferguson, Union Trust & Hudson County National
Bank, Jersey City; IV. R. D. Andrews, Claremont Bank, Jersey City.
Arbitration Committee—Two Years: R. S. Carmichael, Commercial Proposed Flotation of First
Foreign Protestant Loan
Trust Co., Jersey City; Samuel F. Hartzel, Hoboken Trust Co., Hoboken.
in United States—$2,600,000 Bonds of Protestant
One Year: H. J. Gordon, Weehawken Trust & Title Co., Union City;
Church in Germany Welfare Institutions.
Joseph Harrison, Trust Co. of New Jersey, Bergen-Lafayette Branch.
Nominwling Committee—Two Years: Henry Brown Jr., First National
Another foreign religious loan—the third to be arranged
Bank, Jersey City; J. H. P. Reilly, Hudson Trust Co., Hoboken. One
Year: A. N. Terbell, Second Bank ; Trust Co., Hoboken; E. N. Farrier, with American bankers by religious denominations in GerLincoln Trust Co., Jersey City; E. A. O'Toole, Trust Co. of New Jersey, many—will shortly be offered in
this market. This time
Hoboken Branch.
the financing is on behalf of Protestant (largely Lutheran)
Clearing Committee—C. H. Coe, Chairman; A. W. Gilbart, It. M. Gidney.
institutions in Germany instead of Catholic organizations, as
Purchase of $6,000,000 Hungarian Consolidated Cities was the case in the previous financing. Howe, Snow &
Bertles, Inc., Redmond & Co. and Ames, Emerich & Co.
Loan by Speyer & Co.—Offering of Bonds—
are heading a syndicate which has just purchased a new
Books Closed, Issue Oversubscribed.
issue of $2,500,000 Protestant Church in Germany Welfare
It was announced on Oct. 27 that Speyer & Co. had
-year secured sinking fund gold bonds.
concluded negotiations for the purchase of $6,000,000 Institutions 7% 20
As in the case of the $5,000,000 Roman Catholic Church in
Hungarian Consolidated Municipal Loan twenty-year 7%
-year loan, series A,offered early this year,
sinking fund gold bonds, external loan of 1926. The bonds Bavaria 634% 20
were offered yesterday (Oct. 29) by Speyer & Co. at 93,4% and the $3,000,000 Roman Catholic Church Welfare In-year bonds offered this past
and interest, to yield about 7.65% if held to maturity. The stitutions in Germany 7% 20
lists were closed within a few hours, the issue having been summer, the Protestant Welfare Loan is the first of its kind
ever to be made externally for a foreign division'of the church.
heavily over-subscribed.
The present loan represents a direct obligation of the prinThe bonds, dated Sept. 1 1926, will become due Sept. 1
cipal Protestant Welfare Organization of Germany, known
1946. Principal and interest Jan. 1 and July 1 will be
payable in New York City, in United States gold coin of the in English as the Central Committee for Welfare Institutions
present standard of weight and fineness, free from all Hun- of the German Protestant Church, a corporation founded in
garian taxes, present or future, at the office of Speyer & Co., 1849, which binds the principal Protestant welfare, educaFiscal Agent for the loan. The issue is in coupon form in tional and religious organizations of Germany into a powerful
denominations of $1,000 and $500, registerable as to prin- unit and is recognized by the Protestant Church and by the
cipal. A cumulative sinking fund, beginning Jan. 1 1927, German Government as the official financial and adminiswill repay the entire issue at or before maturity by semi- trative representative of the German Protestants on welfare
annual drawings at par. The bonds will be secured by a matters. The private institutions in Germany are almost
direct charge on all the assets and revenues of 32 Hungarian entirely under religious auspices, and are grouped under
Municipalities, subject only to the charge of the Consoli- seven main organizations. The Protestant and Catholic
dated Municipal Loan of 1925 on the assets and revenues of organizations are comparable both in size and number of
these municipalities which participated therein. The institutions, each receiving 50% of the total amount allotted
aggregate revenues of these municipalities were in 1925 by the German Government for private welfare activities
about $5,500,000 equal (after deducting annual charges of each year. The welfare activities cover hospitals, care of
about $645,000 for the service of that loan) to more than aged, orphanages, help for prisoners, care of homeless and
eight times the annual interest and sinking fund on this travelers, workers' homes, eare of physical and mental deloan. For the service of this loan there have been specifi- fectives, convalescent homes,&c.
cally set aside revenues of these municipalities to be collected
by the Royal Hungarian Government. The proceeds of Esthonia Delivers $13,830,000 in Bonds to United States
—Final Steps in Funding of Indebtedness.
this loan will be expedned under the control of the Royal
Hungarian Government for capital purposes, about 90% for
Announcement was made on Oct. 18 by Secretary of
the
income-producing properties and the remainder for schools, Treasury Mellon, Chairman of the World War Foreign
Debt
buildings, &c.
public
Commission, that the Esthonlan Charge d'Affaires had
deIn July 1924 Speyer & Co. sold $7,500,000 Hungarian livered to the Treasury Department $13,830,000 in Esthonian
Government 7fi% reconstruction loan bonds at 873, now bonds, "in principal amount," in exchange for
original obliquoted at 99 , and a year later the same firm sold $10,000,- gations given by Esthonia to the United States for
6,
surplus
000 Hungarian consolidated municipal loan 73 % secured war supplies. The statement follows:
bonds at 89, now quoted at 97. Speyer & Co. in their
gold
Final steps were taken to-day in connection with the
funding of the
announcement of Oct. 27 regarding the purchase of the Indebtedness of the Republic of Esthonia to the United States,
Colonel Victor Mutt, Charge d'Affaires ad interim of the
Esthonian
new issue said:
Legation, delivered to the Treasury bonds of
The advance in the quotation for these loans since they were sold is
justified by the improved conditions in Hungary, as also evidenced by the
fact that the Council of the League of Nations in June of this year declared
that the financial stability of Hungary was assured and therefore terminated
the control by the Commissioner-General, Hon. Jeremiah Smith, Jr.
A portion of the previous Hungarian loans was placed abroad, but as the
amount of the new loan is comparatively small, no public offering of this
, issue will be made abroad.
the Government of the Republic
of Esthonia in the principal amount of $13,830,000, receiving
in exchange
original obligations given by his Government in connection
with the sale
of surplus supplies by the United States Liquidation
Commission (War
Department) and relief supplies furnished by the American
Relief Administration.
The Act approving the Esthonian settlement was signed
by the President on April 30 1926. The text of the Act was
The New York "Times" in a cablegram Oct. 27 (copy- given in our issue of May 1, page 2437. The Debt Funding
right) from its Budapest correspondent had the following to Agreement has also been approved by the Esthonian Government.
say regarding the loan:
"That the financial position of Hungary is established on a solid basis
by the negotiations now proceeding with Speyer & Co. of New
York for a loan of $6,000.000 for various cities and towns of Hungary,"
Hungarian Finance Minister Bud declared in an interview I had with him
yesterday. "The agreement will be signed either to-night or to-morrow
morning," he added.
It was signed to-day, and the terms on which the loan was concluded are
the best proof of the appreciation in Hungary's credit which has taken
place since the former loan floated in New York in July 1925. The interest,
which was then 7 %, is now reduced to 7%.
The negotiations were carried on by the Gordon Keith Co. and the Pest
Commercial Bank. The Hungarian Government is not directly associated
is shown
Portion of Bonds of Saxon State Mortgage Institution
Called for Redemption.
The National City Bank of New York, as trustee, has
issued a notice to holders of Sachsische Landespfandbriefanstalt (Saxon State Mortgage Institution) mortgage collateral sinking fund 7% guaranteed gold bonds, due Dec. 1
1945, that $31,000 principal amount of bonds of this issue
have been called for redemption out of moneys in the sinking
OCT. 30 1926.]
THE CHRONICLE
2207
fund at par and interest. Bonds selected for redemption
will be redeemed on and after Dec. 1 1926 upon surrender at
the head office of the National City Bank, 55 Wall Street.
Interest on all such bonds will cease on Dec. 1 1926.
Association, announced that his organization has increased by 2 cents a
pound its advance to members on all except the lower grades of cotton, thus
raising the advance to 9 cents on cotton graded as strict middling white
or better. Every bale pooled with the association has been withdrawn
from the market, Mr. Conwell announced. This action, Mr. Conwell
said, was taken to give further relief to cotton growers of Georgia and the
South.
Co-Operation Assured.
Part of City of Berlin Sinking Fund Gold Loan Called
Prominent Georgia bankers assured Mr. Meyer at the Saturday conferfor Redemption.
ence that Georgia would provide the organization he suggested and that he
The City of Berlin, Germany, has purchased for cancella- could go t (other Southern States and assure them that Georgia will be
bales proposed
A% ready with the other States to carry its share of the 4,000,000 approximately
tion through the sinking fund, $151,000 of its 25-year 61
to be financed. Georgia's share of this cotton will be
sinking fund gold loan of 1925. This represents the third 300,000 bales. Mills B. Lane, of Savannah, head of the Citizens and
sinking fund installment. The bonds were bought in the Southern chain of banks, assured Mr. Meyer that he would provide the
$1,000,000 for the organization if necessary, but said he was sure the banks
market by Speyer & Co., fiscal agents for the loan.
of Atlanta and other cities would co-operate quickly in this movement.
"Banks in Georgia are able to furnish necessary finances for carrying
the morning conference;
the
Port of Austrian Government Guaranteed Loan of "Insurplus cotton," Mr. Lane said in his speech atdo it. The way to help
fact, any two of several banks we have could
1923-1943 Called.
the farmers as far as marketing the cotton is concerned is for them to go
The trustees under the general bond of the Federal Re- into the co-operative marketing association."
Members of the special executive committee appointed to proceed with
public of Austria, dated May 31 1925, have issued a notice organization of the $1,000.000 corporation which will finance surplus cotton
under date of Oct. 27 to holders of Austrian Government for at least twenty months, were named as follows: J. S. Floyd, Atlanta;
guaranteed loan 1923-1943 7% sinking fund gold bonds, an- W.B. Spann, Atlanta; Charles B. Lewis, Macon; Robert F. Strickland, Jr.,
Atlanta; and John M. Graham, Rome.
nouncing that $434,300 principal amount of this issue have
According to the plan suggested by Mr. Meyer, Mr. Maddox and others,
out of the proposed finance corporation will in no way interfere with the activity
been drawn for redemption at 100% on Dec. 1 1926,
of the Georgia Cotton Growers' Co-Operative Association, of which Mr.
moneys in the sinking fund. Bonds bearing the serial numConwell is President, but will co-operate with that body. This assurance
bers drawn by lot will be redeemed and paid on and after was given Mr. Conwell at the conference. Mr. Meyer praised the coDec. 1 1926 at the office of J. P. Morgan & Co. on the presen- operation which he had found in Georgia existing between the association
tation and surrender of such drawn bonds. Interest will and bankers.
Georgia to Blaze Trail.
cease on all such drawn bonds on and after Dec. 1 1926.
In presenting his resolution, Mr. Maddox declared that Georgia should
set an example to other Southern States by taking definite action in organizing this finance corporation.
European Steel Combination Imposes Penalty of $4 a
"If Georgia waits on South Carolina, and Texas waits on Georgia, there
will be delay," Mr. Maddox said. "We appreciate the seriousness of the
Ton on Overproduction.
means for the orderly marketing of
ready
The following Associated Press advices were reported situation and areof the to provide the
crop. The remainder of the crop also must be
Georgia's share
are to get the results desired."
from Washington, Oct. 28:
marketed in an orderly fashion if we
Mr. Meyer, at the general conference held before noon and at the conEuropean steel and iron producers, in connection with the general combination in their industry have devised a new scheme of controlling pro- ference of the committee of bankers, urged definite action by the Georgia
duction, described to-day in reports to the Commerce Department from business men and bankers.
"If you go ahead and organize your finance corporation to carry this surD. J. Reagan, United States Trade Commissioners at Paris.
Whenever a plant produces more than its allotted tonnage,it is required plus cotton for 20 months and if the other States follow this example, you
to pay a penalty of $4 a ton to the general pool of the trust, and if any will see an early increase of two or three cents a pound in the price of
plant fails to attain its allotted output, it receives a bonus of $2 a ton on cotton," he said.
Marketing Machinery.
the amount below its quota.
This supplements an arrangement among the concerns that have pooled
Mr. Meyer said co-operative marketing machinery in all the Southern
their interests by which a general levy of $1 on each ton of output is paid to States should be used in marketing the cotton in an orderly manner but
the headquarters of the combined. One effect, Mr. Reagan noted as said the finance corporation was needed to handle the cotton taken off the
having already been brought about, was the general increase of European market for 20 months.
steel prices to a point that virtually covered the $1 levy. Germany,
"You've got to show the world you mean business," Mr. Meyer said.
France, Luxembourg and Belgium steel makers have all entered the "steel "The time you get a substantial amount of cotton off the market the price
entente," which, it is said, dominates the Continent.
will increase."
Mr. Meyer said reduction in acreage next year went hand in hand with
recommended by the
the plan to take 4,000,000 bales off the market
St. Louis Land Bank Reduces Interest on Farm Loans Memphis conference of bankers and business menas recently.
held
Mr. Meyer was introduced at the general conference of bankers and
to 5%. business
A reduction in interest rate for farm loans from 53-i to Nationalmen by Mr. Maddox. John K. Ottley, President of the Fourth
Bank of Atlanta, presided and stated the object of the meeting.
5%, effective Nov. 1, was announced on Oct. 22 by the Joseph R. Murphy, Secretary of the Georgia Bankers' Association, served
Illinois, as Secretary of the conference.
St. Louis Federal Land Bank, which operates in
Missouri and Arkansas. This, it is atated, follows similar
reductions by the Omaha and Wichita land banks. The
Associated Press advices from St. Louis on Oct. 22 said.
An increasingly large business and the ability to sell the bank's bonds
at the comparatively low rate of 4.15% were given by the President as
reasons for the reduction.
Georgia Bankers to Organize Million-Dollar Corporation to Finance Cotton, in Accordance with
Suggestion of Eugene Meyer-300,000
Bales to Be Retired.
Steps were taken on Monday of this week (Oct. 25) toward
the organization of a corporation with $1,000,000 capital,
with authority to make advances on cotton and to provide
for its storage until it can be marketed, the plans embracing
the retirement from the market of 300,000 bales of Georgia
cotton for a period of from eighteen to twenty-four months.
The work of developing the plans for the formation of the
new corporation was undertaken on Oct. 25 by a committee
of five Atlantic bankers, meeting in the directors' roomsof
the Atlanta dr Lowry National Bank. The corporation is
to be known as the Georgia Cotton Finance and Holding
Co. Monday's meeting was the outgrowth of conference a
of bankers and business men held on Oct. 23 at the Atlanta
Chamber of Commerce to adopt plans for assuring orderly
marketing of cotton outlined at the conference by Eugene
Meyer, Jr., of Washington, Chairman of the Special Cotton
Committee named by President Coolidge. Regarding this
conference the Atlanta "Constitution" of Oct. 24 said:
Prominent Speakers.
Speeches on various phases of the situation were made by J. K. Orr.
Martin Amorous of Marietta, Abial Winn, Valdosta, President of the Georgia Bankers' Association, and M. B. Wellborn, Governor of the Atlanta
Federal Reserve Bank.
In his speech Mr. Wellborn said the banks of the South are in a position
to finance the cotton crop and said banks of this district can finance 2,000.000 bales of cotton.
"The surplus cotton of the South should be marketed through the Co-operative marketing associations," Mr. Wellborn said. "They are already
on the ground and now new machinery should be set up."
Mr. Orr urged the growing of food crops in Georgia, stating that $100.000,000 a year goes from this State to other States for crops of this kind.
Mr. Amorous urged that all cotton farmers in Georgia join the cooperative marketing association and urged that bankers who finance crops
insist next year on a reduction in acreage.
Many Leaders Present.
Among the bankers present at the meeting were Robert F. Maddox.
John K. Ottley, Robert F. Strickland, Jr., J. S. Floyd and M.B. Wellborn.
Alanta; Mills B. Lane and John J. Cornell, Savannah; C. 0. Carpenter.
Macon, John M. Graham, Rome; J. B. Key Columbus; Frank Sheffield.
Americus; Able' Winn, Valdosta; H. P. Hunter, Elberton; W. R. Spann.
Atlanta; Charles B. Lewis, Macon; E. J. Brown, Albany; A. B. Kitchens.
Augusta; A. C. Williams, Washington, D. 0., chairman of the board
of the Federal Farm Loan Board;0. J. Drake, Friffin; L. M.Brand, Lawrenceville C. W. Skinner, Waynesboro and R. L. Turner, McDonough.
After the steps were taken to organize the $1,000,000 finance corporation, Mr. Meyer congratulated the Georgia men on this action. He suggested that the cotton surplus be held 20 or 24 months. The cotton should
be withdrawn from the market until conditions warrant its disposal, Mr.
Meyer said.
Mr. Meyer said the cotton withdrawn should be placed properly in
warehouses and said Federal Intermediate Credit banks would furnish credit
arrangements on this cotton and that these banks also will assist in proper
insurance of cotton placed in warehouses under these conditions, Mr.
Meyer praised the work of the State Co-operative Marketing Association and
After the general conference a spedal committee of the Georgia Bankers said the Intermediate Credit Banks already have loaned the association
Association adopted a resolution by R. F. Maddox, Chairman of the Board $33.500,000 this season.
of the Atlanta & Lowry National Bank, providing that a special executive
Georgia Cotton Increases Advance to Members on Cotton.
committee of five members proceed at once to organize the $1,000,000
Further relief for Georgia growers was seen Saturday in announcement
finance corporation suggested by Mr. Meyer. A meeting of the special
executive committee was called for 3 o'clock Monday afternoon at the that the Georgia Cotton Growers' Co-operative Association has increased
by 2 cents its advance to members on all except the lowest grades of cotton.
Atlanta and Lawry National Bank to proceed with the organization.
Almost simultaneously with action to organize the finance corporation, This raises the advance to 9 cents on cotton graded as strict low middling
Conwell, President of the Georgia Cotton Growers Co-Operative white or better.
J. E.
"t208
pro; CHRONICLE
Every bale of cotton pooled with the association is withdrawn from
the market and officials have announced that they will sell none at the
current price level.
In a letter of notification to the Georgia banks, President Conwell
authorizes members to draw at the rate of 7 cents a pound on all cotton
shipped for pooling, and announces that the grading and classing will
be expedited and an additional advance payment of 2 cents a pound will
be made on all that grades better than strict low middling white.
"The association cannot afford to make an advance on its members' cotton that will turn out to be more than the cotton is sold for," Mr. Conwell
said. "It cannot even afford to advance more than it can borrow at a
reasonable interest rate on the cotton, for it can make the advance to
members only on borrowed money.
Sound Financiers.
"Our advance of 9 cents a pound on all except inferior cotton will prove a
Vest help to our members and will at the same time keep the association on
sound financial basis.
"We are able to store and insure our members' cotton at rates which are
more than 40% lower than the individual farmers can obtain, and the
co-operative association offers the safest and soundest means available for
correcting the weakness in price that Is due to disorderly marketing.
"We are gratified that such wide spread recognition has been given to
the co-operative associations as furnishing the best means for relieving the
conditions of the cotton farmer this year, and we are convinced that as our
associations grow In membership we will eventually be able to reduce to a
harmless minimum wholesale dumping and forced selling which at present
do so much to take from the farmer the profits that he would make
through orderly marketing."
[Ver.. 128.
Whereas, at a regional conference of cotton producers, bankers and business men, held at Montgomery on Oct. 12 1926, certain plans and recommendations were adopted and similar plans and recommendations were•
adopted eta South-wide conference held at Memphis, Tenn., on Oct. 13
1926, which plans have been approved in principle by an advisory committee
appointed by President Coolidge, consisting of Cabinet members and others;
and,
Whereas, the Alabama Bankers Association ham named a committee of
20 prominent bankers of the State for the purpose of devising ways and
means to relieve the situation, and a State committee of eight prominent
citizens has been named by the Memphis conference for the same purpose.
Now. herefore, I, William W. Brandon, as Governor of the State of Alabama, in accordance with the recommendations of said conferences, de
hereby proclaim the week beginning Oct. 25 1926 as a time to be devoted
to the prosecution of vigorous efforts looking toward the handling and marketing in an orderly way of the cotton crop of the State of Alabama, and by
means of similar action to be taken during the same period in other States.
the handling and marketing in an orderly way of the cotton crop of the
entire South, and in connection therewith the securing of pledges from cotton producers, bankers, supply merchants and others, actively interested
In the production of cotton, for a substantial reduction In cotton acreage
for the year 1927.
And I do hereby urge the cotton co-operatives and the bankers, business
men and farmers of the State of Alabama to put forth th,ir best efforts during the said period to the working out of definite plans which will tend to
relieve the cotton producers of the State and will eventually result in the
greater prosperity of all. And I do hereby call upon all the people and bustness institutions of the State of Alabama to co-operate with the committee
appointed by the Alabama Bankers Association and the State-wide committee appointed by the Memphis conference and pledge their resources
and their best efforts toward the success of the movement.
In testimony whereof, I have hereunto set my hand and caused the great
seal of the State to be affixed at the capitol, in the city of Montgomery,on
tiller the 22d day of October, in the year of our Lord one thousand nine
hundred and twenty-six.
W. W. BRANDON.
Richmond Banks Established Revolving Fund of
$5,000,000 for Loans Against Warehoused Cotton.
The creation by Richmond, Va., banks of a revolving fund
of $5,000,000, which is to be made available, at current
A similar proclamation was issued as follows as of Oct. 23
rates, for the use of their customers in the Richmond Federal
Reserve District against properly warehoused cotton, was by Governor Dennis Murphree, of Mississippi:
Whereas, there was held in Memphis, Tenn., on Oct. 13 1926, a conferannounced on Oct. 23. The Richmond "Dispatch" of
ence of representatives of banks, agriculture and other lines and pursuits
Oct. 24 says:
of business from all of the cotton-growing States of the South, to consider
Twelve Richmond banks co-operated in creating the revolving fund
which will be made immediately available. Notice of the action has been
sent to all newspapers in the cotton areas of Virginia and the Carolinas.
Establishment of the fund is the most important action of the kind ever
taken by Richmond banking institutions.
Following are the banks participating In the revolving fund: Firstand
Merchants' National, State-Planters' and Trust, American National,
Central National, Bank of Commerce and Trusts. Union Bank and Federal
Trust, Savings Bank of Richmond, West End Bank, Richmond Trust,
Broadway National,South Richmond Bank, Mechanics, and Merchants.'
The banks issued the following statement:
"Had the South spent the money necessary to raise a 16,000,000-bale
crop of cotton and then because of boll-weevil, weather or other conditions,
produced but 5.000.000 bales, the loss would have been deplorable and
caused severe financial suffering.
"This year we find ourselves with an enormous yield of one of the most
valuable products of the earth. True, the size of the harvest has affected
seriously the present market value, but none the less there has been created
an asset of great value which can be utilized for the benefit of the South
and of the world.
"Hysteria, because of the present market conditions, cannot and will not
solve the problem. The important step to be taken now is so to conserve
such portion of the crop as may not be readily marketable as to insure its
adding materially to the wealth of the South, when and as it may be consumed at fair prices.
invoke Unusual Methods.
"While,from year to year, we oelleve in the general pirn line of selling
a crop with reasonable promptness, the present situation is so unusual that
unusual methods must be invokved and are therefore prepared to co-operate
to the fullest extent to enable such portion of the cotton crop as cannot be
profitably disposed of at this time to be warehoused and saved for future use.
"To this end the undersigned banks have presided a revolving fund of
g,5,000,000 which they shall be glad to make available for the use of the
Customers in the Fifth Federal Reserve District against properly warehoused cotton at current rates.
"We have ample warehouse facilities to care for the abundance of the
yield with which God has blessed us and a combination of courage, economy,
patience and financial co-operation should result in making this nonperishable asset a boon rather than the menace some pessimists now predict
it may be.
"Sound business Judgment rather than mere sentiment prompts this
action on the part of the Richmond financial institutions in the belief that
all clear-thinking farmers are now fully convinced as to the necessity for
reduced acreage in 1927, or until the existing surplus of cotton can be
consumed.
"This result will be the earlier achieved If stimulated by a great popular
movement throughout the South and the country at large for the ncreasd
Consumption of cotton goods of every description. Such a movement is
good business."
prompted both by economy and
Proclamations by Governors of Alabama and Mississippi
Designating Current Week as Cotton Acreage
Reduction Week.
proclamation was issued by Governor W. W.
On Oct. 21 a
Brandon, of Alabama, designating the present week (beginning Oct. 25) as a period to be devoted to efforts for the
orderly marketing of the cotton crop, and securing pledges
for the reduction of cotton acreage for next year. The
proclamation, it is stated, was issued at the request of the
agricultural committee of the Alabama Bankers Association
which met at Montgomery on Oct. 21 and considered the
cotton situation, says the Birmingham "Age-Herald,"
which gives as follows the text of the proclamation:
Whereas, the price of cotton, the great agricultural starie of the South,
upon which the prosperity of the South and of the entire nation is largely dependent is such that vigorous methods are necessary to meet a situation
which admits of no delay; and.
the decline in the price of cotton and to devise and put into operation a
plan that will insure better prices for this, the South's greatest crop, and to
prevent a recurrence of the present cotton situation: and
Whereas, these representatives in convention gave careful and thorough
consideration to the whole situation, and to methods for its Improvement
rem
and,
Whereas, the following conclusions were reached. to-wit: "That the indiscriminate dumping of cotton upon the market without regard to cost of
production or of the existence of machinery. both Federal and otherwise, to
market the present crop in a systematic, quiet and orderly manner, is not
warranted. That at least 4,000,000 bales of cotton should.be withdrawn
from the market for a considerable period of time for orderly marketing.
That a reduction of the cotton acreage for 1927 by at least 25% under the
cotton acreage for 1926 should be made, and there should be defhdte a
signed pledge on the part of every cotton grower to that effect"; and
Whereas, steps are now being aken throughout Mississippi to carry out
the plans of the Memphia-Southwide cotton convention;
Now. therefore, I. Dennis Muri hree, Lieutenant and Acting Governor of
the State of MI sissippi, do hereby proclaim and set aside the week beginning Oct. 25 and ending Oct.30. 1926,as"Cotton Acreage Reduction Week"
and call upon all loyal and patriotic citizens and organizations as well as
officials throughout the State, to do their full duty in lending assistance
to this movement, to the end that all citizens may be informed In complete
detail as to what their duties are. I further call upon all citizens to attend
meetings at the school houses of their respective school districts throughout
Mississippi on next Friday, Oct. 29, at 10 q'clock a. m.
British Spinners Go Back to Twenty-Four-Hour Week.
From the New York "Journal of Commerce" we take the
following Washington advices, Oct. 24:
The recent decision of British spinners of American cotton to operate
on a one-third full-time basis, instead of full time every other week, has
been rescinded, according to cabled reports reaching the Department of
-hour week, the movement
Commerce. Spinners are reverting to a 24
being well vupported, the report stated.
As a result of the decline in cotton prices, the committee of the Federation
of Master Cotton Spinners' Associations has decided to revise basic selling
prices on standard counts of yarn spun from American cotton by reducing
the raw material basis from 9.50d. (10.193) to 7.50d. (10.152) per pound.
Spinners are allowed an increase of one farthing (yi cent) in their margin
of profit under the new scale,and the net reduction in yarn prices, therefore,
amounts to only 1J4d. (10.035) per pound. The following list of minimum yarn prices is believed to have been in operation at the time the
revision was made:
Suggested
Production
Minimum
Counts—
Costs.
Prices,
20s weft
13.768.
j: 14.01d.
32s weft
15.00d.
15.66d.
42s weft
F 118.18d.
16.75d.
54s weft
21.25d.
II 22.55d.
20s twist
15.05d.
15.000.
18.32d.
36s twist
17.00d.
44s twist
21.50d.
20.268.
208 ringbeams
16.22d.
16.25d.
36s ringbeams
20.26d.
18.75d.
44s ringbeams
23.584.
22.25d.
Secretary Jardine, in Proposing Program of Safe
Farming, Says Need Is Fewer Acres of Cotton,
But More Cotton to the Acre.
In a statement offering suggestions for solving the difficulties of the cotton grower, Secretary of Agriculture Jardine points out that "there has been a steady drift to the
greater production of cotton, and this has been at the sacrifice of diversified crops." He urges the diversification of
crops, and as to cotton itself, he says "the need is fewer acres
of cotton but more cotton to the acre." He also advises
OCT. 30 1926.]
THE CHRONICLE
2209
farmers to adqpt a long-time program instead of the year-to- the New York Stock Exchange for one year on Thursday tif
year basis. The following is Secretary Jardine's statement, this week, Oct. 28, for alleged violation of the institution's
rules. Announcement of Mr. MacCrone's suspension was
issued under date of Oct. 23:
We are now working on the pressing problem of removing part of this made by President E. H. H.Simmons from the rostrunk,of
year's cotton production from the market, and reducing the next season's the Exchange as follows.
acreage to fit more nearly the demands of the markets of the world. I am
A charge and specification having been preferred under the fourth paraconfident that a plan will be put into effect which will succeed not only in
caring for this year's crop, but in placing future marketing of cotton on a
more equitable basis.
We are thus tackling first the two immediate difficulties. At the same
time that we are dealing with the present situation, however, we ought to
look ahead over a period of years. One of the main disadvantages that
Southern farming has faced is that it has been on a year-to-year basis
Instead of on a long-time program. We need always to look out for what
Is directly ahead of us, but we want also to adopt a program of safe, sound,
permanent agriculture that will fit the various difficulties that arise.
When we adopt a program for the coming year we want to make sure that
it is one which will not have to be discarded as soon as the emergency
disappears. To this end the resources of the Department of Agriculture
will be used to the fullest extent in co-operating with the agricultural
colleges, with farm organizations, and with all other agencies in the South.
The primary essential is to get production of cotton down to the needs of
.the world. In ten important Southern States the acreage of cotton increased from 30,600,000 in 1909 to 33,000,000 in 1919, and 46,000,000
for the present crop year. In the same 17 years the land planted to corn
decreased from 30,000,000 to 24,500,000 acres. The small grain crop
acreage went down from 14,400,000 acres to 12,800,000 acres.
Swine and dairy cattle likewise diminished in these States. The number
of swine was 14,800,000 in 1920. It was 8,9000,000, or only about twothirds as many, in 1925.
Obviously, there has been a steady drift to the greater production of
cotton, and this has been at the sacrifice of diversified crops.
The South needs a permanent program of safe farming. Such a program
is not a difficult one. Here are some elements in it.
1. Grow all the feed necessary for the live stock on the farm and ample
food to feed the family. Have dependable grain crops. Have a summer
and a winter garden. Keep enough cows, hogs and poultry to supply the
home needs and to furnish some products for sale.
2. Keep up the fertility of the soil. Cow peas, vetch and soy beans should
be grown for plowing under. Rye should be planted in the corn and cotton
field to prevent winter washing and leaching.
These practices will take care of the land left available through the
reduced cotton acreage. As to cotton itself, the need Is fewer acres of
cotton but more cotton to the acre. High-yielding quality cotton should
be planted and cared for well. Many farmers to-day are producing two
and three times the average yield of cotton by following approved methods
of production and using varieties of high quality. This indicates the
possibilities.
We can make Southern farming safe and profitable by such a program
of sound production, coupled with adequate marketing practices. The two
necessarily go together.
graph of Section 1, Article XX of the Constitution against Edward B.
MacCrone, a member of the Exchange, said charge and specification were
considered by the Governing Committee at a meeting held on Oct. 27 1926,
said Edward E. MacCrone being present; and the Governing Committee
having determined that said Edward E. MacCrone was guilty of said
charge and specification, said Edward E. MacCrone was suspended for one
year.
Article XX,Section 1,fourth paragraph of the Constitution is as follows:
"No employee shall be paid other than a fixed salary not varying with the
business unless the prior written approval therefor shall have been given by
the Committee on Quotations and Commissions."
The charge, of which Mr. MacCrone was found guilty, alleged in substance that the firm of E. E. MacCrone & Co.. with the knowledge and
acquiescence of Edward E. MacCrone, paid to two of its employees, who
managed the branch offices of the said firm located in the State of Michigan,
one-half of the net profits of the business of said offices, in addition to their
salaries, without having secured the prior written approval of the Committee on Quotations and Commissions.
This violation of the Constitution of the Stock Exchange in no way
affects Mr. MacCrone's relations with the customers of his Him or with
the public.
Mr. MacCrone was admitted te membership in the Exchange on Feb. 13
1919.
New York Curb Exchange Undertakes Investigation
Into fransactiuna in Mexican Oil Shares.
The following is from the "Sun" of _sst n g,ht (Oct. 29):
The Curb Exchange to-day lustitutel an investigation of transactions in
Mexico Oil, an issue which has advanced from 8 cents to 4j cents a share recently on an activ e tureov er. The investigation. it was reported this
afternoon, is not with a view to pre% enting a "comer" which, so tar as
known, does not exist, but to uetermine wuether or not practices against
the rules of the exchange, such as "wash &situ." have been going on.
The investigation begua to-thy with the ouipatah of a letter to all members of the exchange asking them for a trabeript of transactions in the stock
made by them or the farm they represent in the period Oct. 2 1926 to date.
The letter, which is signed by K. it. l'appens. First Assistant Secretary,
requests that the information be given immealately.
In some quarters it was believed that the influence of members of the
New York Stock Exchuage was being eaertal to obtain the information
requested. Mexico Oil Use been listen on the Curb for a long period, and
has been a frequent and sweetmeat performer among the so-called "penny
stocks."
Final Payment on Alberta and Manitoba Wheat Pools. Secretary Mellon's Statement Relative to Plea for
From the Montreal "Gazette" we take the following
Removal of Restrictions•_on European Trade—
Winnipeg advices, Oct. 14:
Defense of United States Tariff Policy.
A total of-38,850.000, representing a final payment of five cents per
.
.That the "plea for the removal of restrictions upon Euro. _ .
bushel on the 1925-26 crop, will be paid to farmi r:• in the Alberta, Saskatche
wan, and Manitoba wheat pools. It was announced to-night, following pean trade," made public in LiGndon on Oct. 19, is directed
sessions of the central selling agency at the Winhipeg offices.
to European and not American conditions is the view
One dollar per bushel was the initial payment made ler the 1925-26
statement
crop year, and this was followed by an interim payment of 20c. per taught I expressed by Secretary of the Treasury Mellon in a
and another interim payment of 20c., making, with the Sc. now given.• which he issued on Oct. 24 relative to the manifesto. The
total payment of $1 45.
text of the manifesto, signed by bankers here and abroad,.
J. A. McPhail, President of the Central Selling Agency, issued the
was given in these columns last week, page 2057. Secretary
following statement to-night:
"The final wheat pool payment for the 1925-26 crop year is being made Mellon's intention to give out a statement bearing on it was
to-day from the three provincial offices. The average central selling price made known in the same issue (page 2056). The Adminisfor the year on No. 1 northern wheat, basis Fort William, after carrying
tration's stand in support of the tariff policy of the United
charges and administrative costs have been deducted, is $1 45 per bushel.
"A total of $8,850,000 is being returned from the central office for disposal States is upheld by Secretary Mellon, who says:
by the three provincial pools.
"Provincial administrative expenses, elevator and commercial reserve
deductions. &c., will have to be taken from the amount returned to each
province before distribution is made to the grower."
The officers of the board were re-elected: Mr. McPhail, as President:
H. W. Wood, Edmonton, as Vice-President, and E. B. Ramsay, Filmore,
Oath., as Acting Secretary.
A cut in the tarisr would materially reduce rather than increase Our pureh.a-s abroad; it wotdu not enable foreign countries to sell more in the
American markets, but would prevent them from selling as much; it would
not help certain foreign nations to recover from the losses occasioned by
the war, but would retard such recovery.
In undertaking to show the effect of a change in the tariff
rates of this country Secretary Mellon cited the case of the
Daily Statement of New York Stock Exchange on Aluminum Company of America, saying in part:
If the present tariff on aluminum is maintained developments for the
Call Money Market.
expansion of domestic
the
made
The following are the daily statements issued this week tariff is removed thesebusiness will be will in the United States. Ifand
developments
occur in foreign countries
by the New York Stock Exchange regarding the call money part of the American market be supplied from abroad. The effect of
removing the tariff on aluminum would not in the least be to hurt the
market:
CALL LOANS ON THE NEW YORK STOCK EXCHANGE
Oct. 25—Renewal,4 %;high, 43i%;low. 435%;last, 4;5%. Moderate
turnover. Money in plentiful supply at close.
Oct. 26—Renewal, 43.5%; high,
%; low. 43.%; last. 43%. Moder
ate turnover. Money in supply at close.
Oct. 27—Renewal,434%: high. 434%; low, 43.5 %;last, 434%. A plentiful supply of funds throughout the day and only a relatively
light volume of business.
Oct. 28—Renewal, 435%; high, 435%; low, 434%; last. 435%. Money
,
steady all day at renewal rates and in supply at close.
Oct. 29—Renewal, 43'5%; high. 435%;low,435%;last, 435 %. An ample
,
,
supply to take care of all demands at renewal rate, with funds
=loaned at close. Turnover was relatively large.
Statements of previous weeks have appeared weekly in
our issues since July 10; last week's statement will be found
on page 2065 of our issue of a week ago.
New York Stock Exchange Suspends Edward E.
MacCrone, Detroit, for One Year for
Violating Regulations.
Edward E. MacCrone of the Detroit brokerage firm of
E. E. MacCrone Co. was suspended from membership in
Aluminum Company, but to deprive the United States of the benefit of
enlarged manufactory here. Less capital will be invested here and less
labor employed.
Secretary Mellon says, "what the plea of the bankers
seeks to accomplish in its final analysis is not a change in
the world, but to bring Lhout in Europe a condition similar
to that in the United States. It is not criticism of us but
emulation." He also observes that:
The situation in Europe since the war is different from the situation in
America. The two would only become comparable if we should consider
each of the forty-eight States a separate nation, each having its own tariff,
its own railroads, its own currency, and its own language. Under such
conditions the industrial power of the United States must and would end.
The following is Secretary Mellon's statement in full:
There has recently appeared in the press of the world a "plea for the removal of restrictions upon European trade." signed by many bankers of the
European countries and some of the bankers of this country, stating that
tariff barriers, special licenses and prohibitions imposed in Europe since
the war interfere with international trade and prevent it flowing in natural
channels and should be removed. The fact which gave rise to this situation
is the break-up of the old political unite and the rearrangement of the Continent along ethnical and not commercial lines. ..
•
For example, the Austro-Hungarian Empire was a commercial, manufaeturing and agricultural whole. To-day Austria, 'with Its plants, banking
2210
THE CHRONICLE
[VOL. 123.
facilities and railroads, is cut off from both its markets and its sources of duces and would causeigreat
financial losses to Brazil. A reduction in the
raw material. We have a brain without a body.
consumption of sugar in the United States to the world level would bring
•. is just as if we should make New York City with the southern portion financial ruin to Cuba, and
It
likewise a reduction in the consumption of wool
of New York State and the States of Connecticut and Rhode Island a sepa- would adversely affect Australia.
As the United States' consumption is
• rate country. The city would'be too large for the territory which-It-could 77% of the world's production
of raw silk, a reduction in the consumption
reach and the rest of the United States would be deprived of that intensive of raw silk to the world's
per capita average would destroy the market for
manufacturing and financial centre.
70% of the silk produced.
The situation in Europe Since the war is different from the situation in
A reduction in the consumption of nitrate in the United States would
America. The two would only become comparable if we should consider Injure Chile, and a reduction
in the United States in the use of shellac
each of the forty-eight States a separate nation, each having its own tariff, would cause financial
reverses in British India. American money going to
It. own railroads, its own currency and its own language. Under such Japan for the purchase of
silk, to Brazil for the purchase of coffee, to Cuba
conditions the industrial power of the United States must and would end.
for the purchase of sugar, to Chile for the purchase of nitrate and to British
India for the purchase of shellac enables these countries to increase their
Plea Seeks Change in European Conditions.
•
What the plea of the bankers seeks to accomplish in its final analysis is purchases from European countries, as well as the United States.
An individual out of employment generally speaking, is without purchasnot a change in the world but to bring about in Europe a condition similar
ing power and is a detriment, rather than an asset, to his community.
to that in the United States. It is not criticism of us, but emulation.
Likewise, a nation out of employment is a detriment to the rest of the world.
Nevertheless, our public thought and some of our press argued that because artificial barriers hinder readjustment in Europe, we must change our Conversely, a man well employedreflects prosperity and is a benefit to his
tariff policy; but one cannot take a policy which is essential to the relief of community; and a nation well employed reflects prosperity on other
countries. Preeminently the United States is prosperous and by furnishing
Europe under conditions arising out of the war and say that this policy
Is
proper for the United States, unless it can be established that conditions a market for such amazing proportions of what the world produces is reflecting prosperity on other nations. A fair survey of facts cannot lead to a
are the same. Conditions are not the same.
conclusion other than that the economic policies of the United States,and
Conditions Different in United States.
their resulting industrial activity and prosperity, have played a leading
The purpose of the policy in Europe is to provide a territory large enough role in aiding the world to recover from losses and damage wrought by the
to contain raw materials, manufactures and a market so that industry war.
may function where coal and iron and laborers are convenient and food may
Comparison of 1913 Tariff Law With That Now in Effect.
be produced where conditions for its production are favorable. No such
The tariff law of Oct. 3 1913. materially reducing import duties, did not
limitation exists in the United States.. We do not have to put a steel plant become effective as to all
its schedules until Jan. 11914. and early in August
In Kansas or grow wheat around Gary, Indiana. We have one transporta- the outbreak of the World
War caused a disruption of commerce. Theretion system; we speak one language and we have one kind of money among fore, the act
of 1913, uninterrupted by war conditions, was in operation for
120 million people in an area the size of most of Europe outside of Russia.
a period of but seven months. A comparison of imports during the seven
But there is a still greater distinction between Europe and the United months ending
July 31 1914, with the seven months ending July 311926, is
States. It is true there are different nationalities and different languages as fair a comparison as
can be made of the effect of the two laws. While
on the Continent, but generally speaking, the standard of living among the imports in general have
materially increased during the lapse of twelve
principal nations abroad is about on the same level, just as the standard of years, the kinds of imports,
rather than the quantities, are of most interest
living of the people of the United States is about the same, whether residents in a study of
foreign trade.
of Texas, or Minnesota, Massachusetts or California. But the standard of
In 1914 there was much unemployment, and, compared with this year.
living of Europeans is quite different from the standard of living of the the purchasing
power of the nation was materially reduced. The value of
United States. Unless we are willing to bring our standard in America imports of crude
materials for use in manufacturing during the sevendown to the level of that of Europe, we cannot consider a change in our month
period in 1914 was less than 3400.000,000. while during the corretariff, however desirable such a change may seem to Europe.
sponding months of this year the value of this group of imports was $1,120.
Our tariff policy has been mainly responsible for the development of
000.000. In 1914, this group was 34% of the total, and although the total
manufacturing in America. Our tariff policy has brought to labor the imports
have more than doubled, this year the imports of this group conhighest real wages in history. The development of manufacturing has
stitute 42% of the total importations.
been accompanied by improved methods and quantity production, and we
The use of large quantities of crude materials is the necessary result of
have been able to make and distribute at a relatively low price, considering industrial
activity and indicates healthy industrial conditions. In 1914.
the high cost of labor. In many lines we more than most foreign compe- partly
manufactured articled for further use in manufacturing amounted in
tition with its low labor costs. In turn, high wages have created a great value
to $180,000,000, or 15% of the total, while this year this group of
consuming population, which has been the principal factor in our reaching imports were
valued at $480,813,000, or 18% of the total. This increase
quantity production and thus low costs. A study of the industries in this was an
incidental also to increased industrial activity. Manufactured
country shows a very small margin of profit per unit and large profits in foodstuffs
in 1914 made up 14% of the total imports, while this year the
the aggregate possible only through large turnover. These reasons, I think, percentage
is 9; and of other finished manufactures the percentage in 1914
account for the present exceedingly prosperous condition generally of our was 22, and 18
this year. Finished manufactures, generally speaking, are
country.
competitive products, and the relatively large imports of 1914 without
Again, as I have said, the statement appears to be directed to European question served to aggravate
the unemployment situation then existing.
and not American conditions. Still, the appearance of the statement
In the light of experience the contention cannot be sustained that reduced
has been the occasion for an attack on American policies upon the assump- duties on competitive products would
increase the aggregatb quantities of
tion that our tariff is harmful to the restoration of world prosperity. I all things consumed in the United States. On the other
hand, the evidence
should like, therefore, to state my -views on American tariff policy.
is most convincing that the converse would obtain. Assuming that temporarily the importation of competitive products would increase with
- Present Tariff Law.
When the present tariff measure was in process of enactment, it was freely reduced duties and that the consumption of such conunodities in this
predicted that its passage would seriously restrict foreign trade, particularly country would not increase, but would decline, it would mean but one
import trade. Some extremists contended that the proposed rates were thing and that is that American labor would be deprived of making these
prohibitive and would result in a virtual embargo on commerce. The tariff commodities of the extent of the increase in the imports plus the decrease
law has now been in operation for four years and its influence on commerce in consumption. The decrease in consumption and the increase in imports
would all be at the expense of American industry—it would be at the
Is no longer a guess.
With disregard of the facts, statements are still being made that for- expense of the purchasing power of this nation and eventually would
eign countries at the present time are unable to sell in the American market. reduce this country's purchases of foreign products, whether competitive
This is not a fact. During the fiscal year which ended June 30 1926 mer- or non-competitive, dutiable or free.
Under the present law, generally speaking, competitive articles are
chandise with a tetal value of nearly 4A billion dollars was imported into
the United States. With due consideration to unit values, this represents dutiable and non-competitive articles free of duty. While imports are
a larger volume of imports by a very considerable margin than had ever steadily increasing, the increases are in the duty-free or non-competitive
products. For instance, dutiable imports in 1926 were about one and one
been brought to the United States in any preceding twelvemonth period.
The trend of trade during the past few years convincingly confirms the half billion, about the same as in 1924, but free imports increased in the
three years from two billion to nearly three billion dollars.
contention that the volume of imports is controlled by the purchasing power
Under our present American policy, foreign countries are able to sell
of the nation rather than the rate of import duties assessed. An unparalleled combination of high wages and industrial activity has raised the pur- the United States increasing quantities of the class of things the United
States does not produce. As a whole, these increased imports are of a
chasing power of the people of the United States to new high levels, which
has brought about increased consumption of commodities of practically kind that supply the needs of this nation's industries and not the kind that
injure such industries by displacing what they produce.
every description. A study of the consumption of the more common comNo doubt to those who have been misled into the belief that at present
modities in the United States,in comparison with the total world production,
foreign countries cannot sell to the United States, the statement that durshows what America means to the rest of the world.
ing the fiscal year 1926 no less than 65.2% of the total imports were free of
High Purchasing Power of United States.
duty is a distinct surprise and the fact that in 1926 imports free of duty
During the calendar year 1925 the world production of coal amounted to exceeded the total of imports both dutiable and free
of the year 1914 by
1,500,000,000 tons. The United States consumption of coal amounted to more than 60% is a revelation.
566,000.000 tons. In other words, with slightly over 6% of the world's
Effect of Reduced Tariff Rates.
population, the United States has consumed 37% of the total world's coal
It is apparent that reduced tariff rates would materially change the
production. In pig iron the percentage of world production consumed in
the United States was 48, in copper 46, in rubber 75, in coffee 51, in kind of imports and the percentages of the various great groups to the totals.
petroleum 75, in tin 52, in raw silk 77 and in nitrate 48. British India but it is anything but apparent that the totals would be increased, and there
exported during the fiscal year ending March 311925, 42.000,000 pounds is much to indicate that the totals would decline. It is a fallacy to assume
of shellac. Of this total, 21,000.000 pounds entered the United States. that reduced import duties will enable this country to increase its purchases
Shellac is an almost exclusive preduct of British India, and 50% of the abroad, for the measuring stick Is the nation's purchasing power and not the
amount of duty assessed. With business activity and high wages the
total exports found their way to the United States.
That the 6 or 7% of the world's population who live in continental United United States will continue to be of great economic benefit to other nations:
States should supply a market for such large proportions of the world's but any economic policy that will occasion unemployment in the United
total production of principal commodities is a consideration of greatest States and reduce its purchasing power will diminish this country's conImportance to the world's commerce, industry and the employment of sumption of commodities and cause large surpluses of the world's principal
labor. No economic survey of world conditions can reach correct con- products and result in serious financial losses to them.
A cut in the tariff would materially reduce rather than increase Our
clusions unless this major factor—the high purchasing power or the United
purchases abroad; it would not enable foreign countries to sell more in the
States—is taken into account and its effect intelligently understood.
Whether the economic policies of the United States, our industrial American markets, but would prevent them from selling as much; it would
actil ity and prosperous conditions are of benefit to foreign countries can not help certain foreign nations to recover from the losses occasioned by the
best be determined by analyzing the possible effect on other nations of a war, but would retard such recovery.
Bearing of Tariff on American Labor.
reduction of the per capita consumption of commodities in the United
States to the world average. If, for example, the consumption of rubber
Consider again what our tariff policy has meant to American labor. I
in the United States should be reduced to the world average, it would know personally of one manufacturing company which has plants in France.
mean that there would be no market for more than 50% of the world's In Brazil and in the United States. The wages paid labor to-day at these
present production. It would mean bankruptcy to certain dependencies three plants reduced to American currency are as follows: Unskilled labor
gets in France 7 cents an hour; in Brazil, 12y.4 cents; in this country, 40
whose livelihood IS predicated almost exclusively on the rubber industry.
A reduction in the consumption of coffee in the United States to the cents. Skilled labor. 10;i, 21 and 65 cents, respectively. In other worda,
level would wipe out the market for some 40% the world now pro- a laborer in this industry gets six times more per hour In America than he
world
OCT. 30 1926.]
THE CHRONICLE
does in France for the same kind of work. Can it be to the interest of the
United States that equality be established by the removal of the protection
of the tariff?
Aluminum Company of America.
As an example I might cite the case of the Aluminum Co. of America.
The raw product of aluminum is bauxite, deposits of which occur in the
United States, in British Guiana. and in many other countries of the
world. The principle cost of the manufacture of aluminum is electric
power and labor. The cheapest power in the world is hydro-electric:
the cheapest labor is foreign. The Aluminum Co. has many power properties in the United States, but others in foreign countries, and the largest
power of all is now being developed in Canada. From its plants in the
United States the American market is supplied; from its plants abroad the
foreign market is supplied. If the present tariff on aluminum is maintained, developments for the expansion of domestic business will be made
In the United States. If the tariff be removed, those developments will
occur in foreign countries, and part of the American market be supplied
from abroad. The effect of removing the tariff on aluminum would not
In the least be to hurt the Aluminum Co., but to deprive the United States
of the benefit of enlarged manufactory here. Less capital will be invested
here and less labor employed.
The same condition holds true of a great many other large manufacturing industries in the United States. If the tariff is taken off, a larger
share of manufacturing will be done abroad, where the costs are less.
The United States is the largest customer in the world to-day. If we
were not prosperous and able to buy. Europe also would suffer. It is
Inconceivable to me that American labor will ever consent to the abolition of protection, which would bring the American standard of living
down to the level of that in Europe; or that the American farmer could
survive if the enormous consuming power of the people in this country
was curtailed and his market at home destroyed.
2211
A hearing before the Senate Committee could not be had till the notice of
his removal was sent to the Senate or his successor nominated. From the
time of his removal until the end of his term, there were three sessions of
the Senate without such notice or nomination. He put off bringing his
suit until the expiration of the Sixty-sixth Congress, March 4 1921. After
that,and three months before his term expired, he filed his petition. Under
these circumstances we think his suit was not too late. Indeed. the
Solicitor-General, while not formally confessing error in this respect, conceded at the bar that no lathes had been shown.
By the 6th section of the Act of Congress of July 12 1876, 19 Stat. 80, 81.
c. 179, under which Myers was appointed with the advice and consent of
the Senate as a first-class postmaster, it is provided that—
"Postmasters of the first, second and third classes shall be appointed and
may be removed by the President by and with the advice and consent of the
Senate and shall hold their officers for four years unless sooner removed or
suspended according to law."
Consent to Removal Not Given by Senate.
The Senate did not consent to the President's removal of Myers during
his term. If this statute in its requirement that his term should be four
years unless sooner removed by the President by and with the consent
of the Senate is valid, the appellant. Myers', administratrix, is entitled to
recover his unpaid salary for his full term and the judgment of the Court
of Claims must be reversed. The Government maintains that the requirement is invalid, for the reason that under Article II of the Constitution the
President's power of removal of executive officers appointed by him with the
advice and consent of the Senate is full and complete without consent of
the Senate. If this view is sound, the removal of Myers by the President
without the Senate's counsent was legal and the judgment of the Court of
Claims against the appellant was correct(and must be affirmed.though for
a different reason from that given by that court. We are, therefore, confronted by the Constitutional question and can not avoid it. . . .
A veto by the Senate—a part of the legislative branch of the Government—upon removals is a much greater limitation upon the executive
United States Supreme Court Upholds Right of Presi- branch and a much more serious blending of the legislative with the executive than a rejection of a proposed appointment. It is not to be implied.
dent to Remove Executive Officers Without
The rejection of a nominee of the President for a particular office does not
Senate's Consent.
greatly embarrass him in the conscientious discharge of his high duties in
usually
A decision in which it is held that the President has the the selection of those who are to aid him, because the Presidenthis preffrom which to .select for offices, according to
has an
power to remove, without the authority of the Senate, erence, ample field and capable men. The Senate has full newts' to reject
competent
executive officers appointed by the President, by and with newly proposed appointees whenever the President shall remove the incumbents. Such a check enables the Senate to prevent the filling of offices
the consent of the Senate, was handed down by the United
those against whom there is tenable
with bad
States Supreme Court on Oct.25. The decision was delivered objection.or incompetent men or with
by Chief Justice Taft,
removal of an officer who has served under the
The power to prevent the
-6 of the Justices upholding the
power of the President and 3 dissenting from the majority President is different from the authority to consent to or reject his appointment. When a nomination is made, it may be presumed that the Senate
view. The dissenting opinions were those of Justices Holmes, Is, or may become, as well advised as to the fitness of the nominee as the
McReynolds and Brandeis. The Court held that the President, but in the nature of things the defects in ability or intelllgcece
has served
President has full discretion in removing such officers, with or loyalty in the administration of the laws of one who President, as an
or his
officer under the President, are facts as to which the
the exception of a few judges, notwithstanding any restric- trusted subordinates, must be better informed than the Senate, and the
confined for very
tions that the Congress might impose.
power to remove him may, therefore, be regarded as
to the
Regarding the conclusions of the Court the Associated sound and practical reasons,power ofGovernmental authority which has
removal is incident to the power of
administrative control. The
Press dispatches from Washington on Oct. 25, said:
appointment, not to the power of advising and consenting to appointment,
The decision set at rest a controversy between the legislative and execu- and when the grant of the executive power is enforced by the express mantive branches of the Government as old as the Constitution itself. From the date to take care that the laws be faithfully executed, it emphasizes the
first Congress up to the present these two departments of Government have necessity for including within the executive power as conferred the exclusive
been at odds as to power of removal of appointive office holders.
power of removal.
The question,frequently an issue for heated political debate, reached the
Restriction Held to Apply Only to Power to Appoint.
court in an appeal by Frank S. Myers, appointed by President Wilson to
Oliver Ellsworth was a member of the Senate of the First Congress, and
the postmastership at Portland, Ore., in July 1917, and subsequently
removed by him in Feb. 1920. His successor was not nominated and con- was active in securing the imposition of the Senate restriction upon appointfirmed until four years later, when the period for which he had been ments by the President. He Was the author of the Judiciary Act in that
Congress, and subsequently Chief Justice of the United States. His views
appointed had expired.
Mr. Myers challenged his removal as illegal because of the Act of Congress as to the meaning of this article of the Constitution, upon the point as to
of July 12 1876, which provided that postmasters of the first three classes whether the advice of the Senate was necessary to removal, like that of
"shall be appointed and may be removed by the President by and with the Madison,formed and expressed almost in the very atmosphere of the convention, was entitled to great weight. What he said in the discussion in
advice and consent of the Senate."
He contended he was entitled to pay for the full four years because the Senate was reported by Senator William Patterson, 2 Bancroft, History
President Wilson had not obtained the consent of the Senate for his removal. of the Constitution of the United States, 192, as follows:
"The three distinct powers, legistative. judicial and executive should be
The Court of Claims dismissed the suit, holding that it was not brought
faithfully
that the
In time, and Myers appealed to the higher tribunal. Here it was argued. placed in different hands. He shall take careshould belaws be
attentive to the
executed' are sweeping words. The officers
once and then ordered reargued again, and because of its importance, President to whom the Senate is not a council. To turn a man out of office
Senator Pepper, of Pennsylvania, a former President of the American Bar is an exercise neither of legislative nor of judicial power; it is like a tree
growing upon land that has been granted. The advice of the Senate does
Association, was appointed to represent Congress in the case.
certain
not make the
The opinion to-day was delivered by Chief Justice Taft, with Justices restriction;in appointment. The President appoints. There are
certain cases, but the restriction is as to the appoimtment and
Holmes, McReynolds and Brandeis each presenting separate dissenting not as to the removal."
opinions, all agreeing in the words of Justice McReynolds, that the position
The Constitutional construction that excludes Congress from legislative
taken by the court was revolutionary.
the
Under the opinion the President is recognized as having power, which power to provide for the removal of superior officers finds support in
second section of Article II. By it the appiontment of all officers, whether
cannot be restricted by Congress, to remove any Federal official comsuperior or inferior, by the President is declared to be subject to the advice
missioned by him or a precedessor, with the exception of a few judges.
the
The court held that, broadly, the power was placed in the President's and consent of the Senate. In the absence of any specific provision to
as a
hands to enable him to carry out the Constitutional injunction to see that contrary, the power of appointment to executive office carries with it.
necessary incident, the power of removal. Whether the Senate must conthe laws are well and faithfully executed, as it had been contended by those
That
who opposed Congressional control over removals, that unless such power cur in the removal is aside from the point we are now considering.
appointment of
were given the President might be paralyzed in the efficiency and proper ad- point is that by the specific constitutional provision for
removal, the power of apexecutive officers with it necessary incident of
ministration of executive duties.
1. In reviewing the reasons for this power, it was said, that otherwise the pointment and removal is clearly provided for by the Constitution, and the
the
President might find many of those upon whom he must rely for loyal legislative power of Congress in respect to both is excluded save by
This is
support out of harmony with his policies, and openly showing allegiance to specific exception as to inferior offices in the clause that follows.
inferior officers,
"but the Congress may by law vest the appointment ofsuch
adverse influences in Congress.
law, or in the
While it is expected that the White House will study the decision carefully as they think proper, in the President alone, in the courts of
by this Court. give
and perhaps consult with the Department of Justice about its interpreta- heads of departments." These words, it has been held
inferior officers
tion, there is no indication of any cases being in sight where the President to Congress the power to limit and regulate removal of such
by heads of departments when it exercises its Constitutional power to lodge
would desire to use this power of reproval.
United States vs. Perkins, 116 U. S.
the power of appointment with them.
The findings of the majority are of extraordinary length, 483,485. Here,then. Is an express provision introduced in words of excep24,000 words, it is stated, the dissenting opinion of Justice tion for the exercise of Congress of legislative power in the matter of
inferior executive officers. The
appointments and removals in
McReynolds constituting 20,000 additional words. From Phase "But Congress may by the case ofis equivalent to "excepting that
law vest"
the "United States Daily" we take from the majority Congress may by law vest." By the plainest implication it excludes Congressional dealing with appointments or removals of executive officers not
decision the following extracts:
falling within the exception and leaves unaffected the executive power
Jud,pment Was Adverse in Court of Claims.
of the President to appoint and remove them.
The Court of Claims gave judgment against Myers and this is an appeal
A reference of the whole power of removal to general legislation by Confrom that judgment. The court held that he had lost his right of action gress is quite out of keeping with the plan of government devised by the
because of his delay in suing, citing Arent vs. Lane, 249 U. S. 367: Nicohola framers of the Constitution. It could never have been intended to leave to
vs. United States, 257 U.8.71; and Norris vs. United States, 257 U. S.77. Congress unlimited discretion to vary fundamentally the operation of the
These cases show that when a United States officer is dismissed, whether great independent executive branch of government and thus most seriously
In disregard of the law or from mistake as to the facts of his case, he must to weaken it. It would be a delegation by the Convention to Congress of
promptly take effective action to assert his rights. But we do not find that the function of defining the primary boundaries of another of the three
Myers failed in this regard. He was constant in his efforts at reinstatement. great divisions of government. The inclusion of removals of executive
2212
THE CHRONICLE
officers in the executive power vested in the President by Article II, according to its usual definition, and the implication of his power of removal of
such officers from the provision of Section 2 expressly recognizing in him the
power of their appointment, are a much more natural and appropriate source
of the removing power.
It is reasonable to suppose also that had it been intended to give to
Congress power to regulate or control removals in the manner suggested, it
would have been included among the specifically enumerated legislative
powers in Article I, or in the specified limitations on the executive power in
Article II. The difference between the grant of legislative power under
Article I to Congress which is limited to powers therein enumerated, and
the more general grant of the executive power to the President under
Article II is significant. The fact that the executive power is given in
general terms strengthened by specific terms where emphasis is appropriate,
and limited by direct expressions where limitation is needed, and that no
express limit is placed no the power of removal by the executive, is a convincing indication that none was intended.
It is argued that the denial of the legislative power to regulate removals
in some way involves the denial of power to prescribe qualifications for office,
or reasonable classification for promotion, and yet that has been often exercised. We see no conflict between the latter power and that of appointment and removal, provided, of course, that the qualifications do not so
limit selection and so trench upon executive choice as to be in effect legislative designation. . . .
The possible extent of the field of the President's political executive
power may be Judged by the fact that the quasi-civil governments of Cuba,
Porto Rico and the Philippines in the silence of Congress had to be carried
on for several years solely under his direction as commander-in-chief.
In all such cases, the discretion to be exercised is that of the President in
determining the national public interest and in directing the action to be
taken by his executive subordinates to protect it. In this field his cabinet
officers must do his will. He must place in each member of his official
family, and his chief executive subordinate, implicit faith. The moment
that he loses confic e.ke in the intelligence, ability, judgment or loyalty of
any one of them, he must have the power to remove him without delay.
To require him to file charges and submit them to the consideration of
the Senate might make impossible that unity and co-ordination in executive
administration essential to effecthe action.
The duties of the beaus ot departments and bureaus in which the discretion of the President is exercised and which we have described are the
most important in the whole fkld of executive action of the Government.
There is nothing in the Constitution which permits a distinction between
the removal of the head of a department or a bureau, when he discharges a
a political duty of the President or exercises his discretion, and the removal
of executive officers engaged in the discharge of their other normal duties.
The imperative reasons requiring an unrestricted power to remove the most
important of his suboroinatem In their most important duties must, therefore, control the interpretation of the Constitution as to all appointed by
[vol.. 123.
Hamilton changed his view of this matter during his incumbency as
Secretary of the Treasury in Washington's Cabinet, as Is shown by hii
view of Washington's first proclamation of neutrality in the war between
France and Great Britain. That proclamation was at first criticized as
an abuse of executive authority. It has now come to be regarded as one
of the greatest and most valuable acts of the first President's Administration,
and has been often followed by succeeding Presidents. Hamilton's argument was that the Constitution by vesting the executive power in thePresident gave him the right, as the organ of intercourse between the
nation and foreign nations, to interpret national treaties and to declare
neutrality. He deduced this from Article II of the Constitution on the
executive power, and followed exactly the reasoning of Madison and his
associates as to the executive power upon which the legislative decision
of the first Congress as to Presidential removals depends, and he cites
it as authority. He said:
"The second article of the Constitution of the United States, section
first, establishes this general proposition, that 'the Executive Power shall
be vested in a President of the United States of America.'
"The same article, in a succeeding section, proceeds to delineate particular cases of executive power. It declares, among other things, that
the President shall be Commander-in-Chief of the Army and Navy of
the United States, and of the militia of the several States, when called
Into the actual service of the United States; that he shall have power.
by and with the advice and consent of the Senate, to make treaties; that
it shall be his duty to receive ambassadors and other public ministers,
and to take care that the laws be faithfully executed.
"It would not consist with the rules of sound construction, to consider
this enumeration of particular authorities as derogating from the more
comprehensive grant in the general clause, further than as it may be
coupled with express restrictions or limitations: as in regard to the cooperation of the Senate in the appointment of officers and the making of
treaties; which are plainly qualifications of the general executive powers
of appointing officers and making of treaties. The difficulty of a complete
enumeration of all the cases of executive authority, would naturally distate
the use of general terms, and would render It improbable that a specifics,
Om of certain particulars was designed as a substitute for those terms,
when antecedently used. The different mode of expression employed in
the Constitution, in regard to the two powers, the legislative and the.
executive, serves to confirm this inference. In the article which gives'
the legislative powers of the Government. the expressions are, 'All legislative powers herein granted shall be vested in a Congress of the United
Stes. In that which grants the executive power, the expressions are
ta
'The executive power shall be vested in a President of the United States.'
"The enumeration ought therefore to be considered, as intended merely
to specify the principal articles implied in the definition of executive power;
leaving the rest to flow from the general grant of that power,interpreted in
conformity with other parts of the Constitution, and with the principles of
free government.
"The general doctrine of our constitution then is, that the executive.
power of the nation is vested in the President;subject only to the exceptions
and qualifications, which are expressed in the instrument.
"Two of these have already been noticed; the participation of the Senate
in the appointment of officers, and in the making of treaties. A third
remains to be mentioned; the right of the legislature to 'declare war, and
grant letters of marque and reprisal.'
"With these exceptions, the executive power of the United States is
completely lodged in the President. This mode of construing the Constitution has indeed been recognized by Congress in formal acts upon full
Public Officials Subject to Administrative Control.
consideration and debate; of which the power of removal from office is an
important instance.
follow that if a
of neutrality
But this is not to say that there are not strong reasons why the President is merely an executiveIt will it is believed, has proclamationthe step which
act, as
been shown,
should have a like power to remove his appointees charged with other has been taken by the President is liable to no just exception on the score
duties than those above described. The ordinary duties of officers pre- of authority." 7 J. C. Hamilton's Works of liantilton. 80-81.
scribed by statute come under the general administrative control of the
The words of a second great constitutional authority quoted as in conflict
President by virtue of the general grant to him of the executive power, and with the Congressional decision are those
of Chief Justice Marshall. They
he may properly supervise and guide their construction of the statutes were used by him in his opinion in Marbury vs.
Madison, 1 Cranch, 137'
under which they act in order to secure that unitary and uniform execution (1803). The judgment in that case is
one of the great landmarks in the,
of the laws which Article II of the Constitution evidently contemplated in history of the construction of the Constitution of the United States, and is
vesting general executive power in the President alone. Laws are often of supreme authority first in respect to the power and duty of the Supreme
passed with specific provision for the adoption of regulations by a depart- Court and other courts to consider and pass upon the validity of acts of
ment or bureau head to make the law workable and effective. The ability Congress enacted in violation of the limitations of the Constitution when
and judgment manifested by the official thus empowered, as well as his properly brought before them in cases in which the rights of the litigating
energy and stimulation of his subordinates, are subjects which the Presi- parties require such consideration and decision, and second in respect to
dent must consider and supervise in his administrative control. Finding the lack of power of Congerss to vest in the Supreme Court original juriseuch officers to be negligent and inefficient, the President should have the diction to grant the remedy of mandamus in cases in which by the Constitupower to remove them. Of course there may be duties so peculiarly and tion it is given only appellate jurisdiction. But it is not to be regarded as
specifically committed to the discretion of a particular officer as to raise a such authority in respect to the power of the President to remove officials
question whether the President may overrule or revise the officer's inter- appointed by the advice and consent of the Senate, for that question was
pretation of his statutory duty in a particular instance. Then there may not before the court.
be duties of a quasi-judicial character imposed on executive officers and
The case was heard upon a rule served upon James Madison, Secretary
members of executive tribunals whose decisions after hearing affect interests of State, to show cause why a writ of mandamus should not Issue directing
individuals, the discharge of which the President can not in a particular the defendant. Madison, to deliver to William Marbury his commission as
of
case properly influence or control. But even in such a case he may considcr justice of the peace for the County of Washington in the District of Columthe decision after its rendition as a reason for removing the officer, on the bia. The rule was discharged by the Supreme Court for the reason that the
ground that the discretion regularly entrusted to that officer by statute has court had no jurisdiction in such a case to issue a writ of mandamus. . .
not been on the whole intelligently or wisely exercised. Otherwise he does
Joint Authority Conceded in Territorial Legislation.
not discharge his own constitutional duty of seeing that the laws be faithCongress in a number of acts followed and enforced the legislative decision
fully executed.
We have devoted much space to this discussion and decision of the of 1789 for 74 years. In the Act of the First Congress, which adapted to the
question of the Presidential power of removal in the First Congress, not Constitution the ordinance of 1787 for the Government of the Northwest
because a Congressional conclusion on a constitutional issue is conclusive, Territory, which had provided for the appointment and removal of executive
but first because of our agreement with the reasons upon which it was territorial officers by the Congress under the Articles of Confederation, It
avowedly based, second because this was the decision of the First Congress was said "In all cases where the United States on Congress assembled.
on a question of primary importance in the organization of the Government might, by the said ordinance revoke any commission or remove from any
made within two years after the Constitutional Convention and within a office, the President is hereby declared to have the same powers of revocamuch shorter time after its ratification, and third because that Congress tion and removal." (1. Stat. 53, c. 8). This was approved 11 days after
numbered among its leaders those who had been members of the Con- the act establishing the Department of Foreign Affairs and was evidently
vention. It must necessarily constitute a precedent upon which many in form a declaration in accord with the legislative constitutional construcfuture laws supplying the machinery of the new Government would be tion of the latter act. In the provision for the Treasury and War Depart,
based and would promptly evoke dissent and departure in future Con- ments,the same formula was used as occurred in the act creating the Departgresses. It would come at once before the executive branch of the Govern- ment of Foreign Affairs, but it was omitted from other creative acts only
ment for compliance and might well be brought before the judicial branch because the decision was thought to be settled constitutional construction.
for a test of its validity. As we shall see it was soon accepted as a final In re Hennen, 13 Peters 230, 259.
Occasionally we find that Congress thought it wiser to make express what
decision of the question by all branches of the Government.
It was of course to be expected that the decisions would be received by would have been understood. Thus in the Judiciary Act of 1789, formulawyers and jurists with something of the same division of opinion as that lated by a Senate committee, of which Oliver Ellsworth was chairman,
manifested in Congress, and doubts were often expressed as to its correct., -which was presumably engaged in drafting the measure during the Congressional debate over removals, and which became the law a month later
Den. But the acquiescence which was promptly accorded it after a few
on Sept. 24, we find it provided in Section 27 (1 Stat. 87, c. 20), "that
years was universally recognized.
A typical case of such acquiescence was that of Alexander Hamilton. a marshal shall be appointed in and for each district for the term of four
In the discussion in the House of Representatives in 1789. Mr. White years, but shall be removable at pleasure, whose duty it shall be to attend
and others cited the opinion of Mr. Hamilton in respect to the necessity the District and Circuit Courts." Section 35 of the same act provided for
for the consent of the Sentate to the removals by the President before the appointment of an attorney for the United States to prosecute crimes
they should be effective. (1 Annals, First Congress, 456.) It was ex- and conduct civil actions on behalf of the United States but nothing was
said as to his term of office or of his removal. The difference in the two
pressed in No. 77 of the "Federalist" as follows:
cases was evidently to avoid any inference from the fixing of the term that
Acceptance of Decision Succeeded Original Doubt.
a conflict with the legislative decision of 1789 was intended.
In the Act of May 15 1820, 3 Stat. 582, c. 102, Congress provided that
"It has been mentioned as one of the advantages to be expected from
the co-operation of the Senate in the business of appointments, that thereafter all district attorneys, collectors of customs, naval officers and
It would contribute to the stability of the Administration. The consent surveyors of the customs, navy agents, receivers of public moneys for land.
of that body would be necessary to displace as well as to appoint. A registers of the land office, paymasters in the army, the apothecary general.
change of the Chief Magistrate, therefore, would not occasion so violent the assistant apothecaries general, and the commissary general of purchases,
or so general a revolution in the officers of the Government as might be to be appointed under the laws of the United States shall be appointed for
expected if he were the sole disposer of offices."
the term of four years, but shall be removable from office at pleasure
OCT. 30 1926.]
THE CHRONICLE
It is argued that these express provisions for removal at pleasure indicate
that without them, no such power would exist in the President. We can
not accede to this view. Indeed the conclusion that they were adopted to
show conformity to the legislative decision of 1789 is authoritatively settled
by a specific decision of this court.
Express Authorization in Law Held Unnecessary.
In the Parsons case (167 U.S.324),already referred to,the exact question
which the court had to decide was whether under section 769 of the Revised
Statutes, providing that district attorneys should be appointed for a term
of four years and their commissions should expire at the expiration of four
years from their respective dates, the appellant, having been removed by
the President from his office as district attorney before the end of his term,
could recover his salary for the remainder of the term. If the President had
no power of removal, then he could recover. The court held that under
that section the President did have the power of removal because of the
derivation of the section from the Act of 1820, above quoted. In Section
769 the specific provision of the Act of 1820 that the officers should be
removable from office at pleasure was omitted. This court held that the
section should be construed as having been passed in the light of the
acquiescence of Congress in the decision of 1789. and therefore included the
power of removal by the President, even though the clause for removal was
omitted. This reasoning was essential to the conclusion reached and makes
the construction by this court of the Act of 1820 authoritative. . . .
It is said that for 40 years or more, postmasters were all by law appointed
by the Postmaster General. This was because Congress under the excepting clause so provided. But thereafter Congress required certain classes of
them to be, as they now are, appointed by the President with the consent
of the Senate. This is an indication that Congress deemed appointment
by the President with the consent of the Senate essential to the public
welfare, and until it is willing to vest their appointment in the head of the
Department,they will be subject to removal by the President alone and any
legislation to the contrary must fall as in conflict with the Constitution.
Summing up then the facts as to acquiescence by all branches of the
Government in the legislative decision of 1789 as to executive officers
whether superior or inferior, we find that from 1789 until 1863, a period of
74 years, there was no act of Congress, no executive act, and no decision of
this court at variance with the declaration of the First Congress, but there
was, as we have seen, clear affirmative recognition of it by each branch of
the Government.
Our conclusion on the merits sustained by the arguments before stated
Is that Article II grants to the President the executive power of the Government, i. e., the general administrative control of those executing the laws,
including the power of appointment and removal of executive officers, a
a conclusion confirmed by his obligation to take care that the laws be
faithfully executed; that Article II excludes the exercise of legislative
power by Congress to provide for appointments and removals except only
as granted therein to Congress in the matter of inferior offices; that Congress
is only given power to provide for appointments and removals of inferior
officers after it has vested, and on condition that it does vest, their appointment in other authority than the President with the Senate's consent; that
•the provisions of the second Section of Article II, which blend action by the
legislative branch, or by part of it, in the work of the executive are limitations to be strictly construed and not to be extended by implication; that
the President's power of removal is further established as an incident to his
specifically enumerated function of appointment by and with the advice of
the Senate, but that such incident does not by implication extend to removals the Senate's power of checking appointments; and finally that to
hold otherwise would make it impossible for the President in case of political
or other difference with the Senate or Congress to take care that the laws
be faithfully executed.
We come now to a period in the history of the Government when both
Houses of Congress attempted to reverse this constitutional construction
and to subject the power of removing executive officers appointed by the
President and confirmed by the Senate to the control of the Senate, indeed
finally to the assumed power in Congress to place the removal of such
officers anywhere in the Government.
This reversal grew out of the serious political difference between the two
Houses of Congress and President Johnson. There was a two-thirds
majority of the Republican party in control of each House of Congress which
resented what it feared would be Mr. Johnson's obstructive course in the
enforcement of the reconstruction measures in respect to the States whose
peoples had lately been at war against the National Government. This led
the two Houses to enact legislation to curtail the then acknowledged
powers of the President. It is true that during the latter part of Mr.
Lincoln's term two important voluminous acts were passed, each containing
a section which seemed inconsistent with the legislative decision of 1789
(Act of Feb. 25 1863, 12 Stet 665, c. 58, sec. 1, Act of March 3 1865, 13
Stat. 499, C. 79. sec. 12); but they were adopted without discussion of the
Inconsistency and were not tested by executive or judicial inquiry. The
real challenge to the decision of 1789 was begun by the Act of July 13 1866,
14 Stat. 92, C. 176, forbidding dismissals of Army and Navy officers in
time of peace without a sentence by court-martial, which this court in
Blake vs. United States, 103 U. S. 227, at p. 235, attributed to the growing
differences between President Johnson and Congress.
. Another measure having the same origin and purpose was a rider on an
Army Appropriation Act of March 2 1867, 14 Stat. 487, c. 170, See. 2,
which fixed the headquarters of the General of the Army of the United
States at Washington, directed that all orders relating to military operations by the President or Secretary of War should be issued through the
General of the Army, who should not be removed, suspended, or relieved
from command, or assigned to duty elsewhere, except at his own request,
without the previous gpproval of the Senate; and that any ordersor instructions relating to military operations issued contrary to this should be void:
and that any officer of the army who should issue, knowingly transmit, or
obey any orders issued contrary to the provisions of this section, should be
liable to imprisonment for years. By the Act of March 27 1868, 15 Stat. 44,
0.34, Sec. 2, the next Congress repealed a statutory provision as to appeals
In habeas corpus cases, passage of which was avowed by Mr. Schenck,
Chairman of the House Committee on Ways and Means, to be designed to
prevent this court from passing on the validity of reconstruction legislation.
(81 Congressional Globe-Pages 1881, 1883). Ex parte McArdle,7 Wall.506
Tenure of Office Act Was Passed Over Veto.
But the chieflegislation in support of the reconstruction policy of Congress
was the Tenure of Office Act of March 2 1867, 14 Stat.430, C.154, providing
that all officers appointed by and with the consent of the Senate should
hold their offices until their successors should have in like manner been
appointed and qualified, that certain heads of departments, including the
Secretary of War,should hold their offices during the term of the President
by whom appointed and one month thereafter subject to removal by consent of the Senate. The Tenure of Office Act was vetoed, but it was passed
over the veto. The House of Representatives preferred articles of impeachMent against President Johnson for refusal to comply with, and for
2213
conspiracy to defeat, the legislation above referred to, but he Was acquitted
for lack of a two-thirds vote for conviction in the Senate. . . •
What, then, are the elements that enter into our decision of this case.
We have first a construction of the Constitution made by a Congress which
was to provide by legislation for the organization of the Government in
accord with the Constitution which had just been then adopted, and in
which there were, as representatives and senators, a considerable number
of those who had been members of the Convention that framed the Constitution and presented it for ratification. It was the Congress that launched
the Government. It was the Congress that rounded out the Constitution
itself by the proposing of the first ten amendments which had in effect
been promised to the people as a consideration for the ratification. It was
the Congress in which Mr. Madison, one of the first in the framing of the
Constitution, led also in the organization of the Government under it. It
was a Congress whose Constitutional decisions have always been regarded
as they should be regarded as of the greatest weight in the interpretation
of that fundamental instrument. This construction was followed by the
legislative department and the executive department continuously for
seventy-three years, and this, although the matter in the heat of political
differences between the Executive and the Senate in President Jackson's
time, was the subject of bitter controversy, as we have seen. This court
has repeatedly laid down the principle that a contemporaneous legislative
exposition of the Constitution when the founders of our Government and
framers of our Constitution were actively participating in public affairs
acquiesced in for a long term of years, fixes the construction to be given its
provisions. . . .
Tenure of Office Act Held to Have Been Invalid.
We are now asked to set aside this construction thus buttressed and adopt
an adverse view, because the Congress of the United States did so during a
heated political difference of opinion between the then President and the
majority leaders of Congress over the reconstruction measures adopted as a
means of restoring to their proper status the States which attempted to
withdraw from the Union at the time of the Civil War. The extremes to
which the majority in both Houses carried legislative measures in that
matter are now recognized'by all who clamly review the-history of that
episode in our Government leading to articles of impeachment against
President Johnson and his acquittal. Without animadverting on the character of the measures taken, we are certainly justified in saying that they
should not be given the weight affecting proper constitutional construction
to be accorded to that reached by the First Congress of the United States
during a political call and acquesced in by the whole Government for
three-quarters of a century, especially when the new construction contended
for has never been acquiesced in by either the executive or the judicial
departments. While this court has studiously avoided deciding the issue
until it was presented in such a way that it could not be avoided, in the
references it has made to the history of the question, and in the presumptions it has indulged in favor of a statutory construction not inconsistent
with the legislative decision of 1789. it has indicated a trend of view that we
should not and can not ignore. When on the merits we find our conclusion
strongly favoring the view which prevailed in the First Congress, we have
no hesitation in holding that conclusion to be correct;and it therefore follows
that the Tenure of Office Act of 1867. in so far as it attempted to prevent
the President from removing executive officers who had been appointed by
him by and with the advice and consent of the Senate, was invalid and that
subsequent legislation of the same effect was equally so.
For the reasons given, we must therefore hold that the provision of the
law of 1876 by which the unrestricted power of removal of first-class postmasters is denied to the President is in violation of the Constitution and
invalid. This leads to an affirmance of the judgment of the Court of
Claims.
Before closing this opinion we wish to express the obligation of the Court
to Mr. Pepper for his able brief and argument as a friend of the Court.
Undertaken at our request, our obligation is none the less if We find ourselves obliged to take a view adverse to his. The strong presentation of
arguments against the conclusion of the Court is of the utmost value in
enabling the Court to satisfy itself that it has fully considered all that can
be said.
Judgment affirmed.
Regarding the dissenting views we quote the following
from the New York "Times:"
Justice Mckeynold's Views.
In his dissent. Associate Justice McReynolds saidi n part:
"May the President oust at will all Postmasters appointed with the
Senate's consent for definite terms under an Act which inhibits remove
without consent of that body. May he approve a statute which creates
an inferior office and prescribes restrictions on removal, appoint an incumbent, and then remove without regard to the restrictions. Has he
power to appoint to an inferior office for a definite term under an Act
which prohibits removal except as therein specified, and then arbitrarily
dismiss the incumbent and deprive him of the emoluments.
"I think there is no such power. Certainly it IS not given by any plain
words of the Constitution; and the argument advanced to establish it
seems to be forced and unsubstantial.
"A certain repugnance must attend the suggestlee that the President
may ignore any provision of an Act of Congress under which he has proceeded. He should promote and not subvert orderly Government. The
serious evils which followed the practice of dismissing civil officers as
caprice or interest dictated, long permitted under Congressional enactmente, are known to all. It brought the public service to a low estate
and caused insistent demand for reform.
"The long struggle for Civil Service reform and the legislation designed to
insure some security of ofifcial tenure ought not to be forgotten. Again
and again Congress has enacted statutes prescribing restrictions on removals and by approving them many Presidents have affirmed Its power
therein.
"Nothing short of language clear beyond serious disputation should be
held to clothe the Presdient with authority wholly beyond Congressional
control arbitvarily to dismiss every officer whom he appoints except a
few judges. There are no such words in the Constitution, and the asserted
Inference conflicts with the heretofore accepted theory that this Government is one of carefully enumerated powers under an intelligble charter.
"Constitutional provisions should be interpreted with the expectation
that Congress will discharge its duties no less faithfully than the Executive
will attend to his.
Powers oft he Legislature
"The Legislature is charged with he duty of making laws for orderly
administration obligatory upon all. It possesses supreme power over
national affairs and may wreck as well as speed them It holds the purse,
every branch of the Government functions under statutes which embody
its will; but may impeach and expell all civil officers
"The duty is upon it 'to make all laws which shall be necessary and
proper for carrying into execution' all powers of the Federal Government.
2214
THE CHRONICLE
[VOL 123.
We have no such thing as three totally distinct and independent departments; the others must look to the Executive for direction and support.
'In republican government the executive authority necessarily predominates.' The 'Federalist,' XLVI, XVII.
"Perhaps the chief duty of the President is to carry into effect the will
of Congress through such instrumentalities as it has chosen to provide.
Arguments, therefore, upon the assumption that Congress may willfully
Impede executive action are not important. . . .
"For the United States it is asserted—except certain judges—the President may remove all officers, whether executive or judicial, appointed
by him with the Senate's consent; and therein he cannot be limited or
restricted by Congress.
"The argument runs thus—the Constitution gives the President all
executive power of the national Government, except as this is checked or
controlled by some other definite provision; power to remove is executive
and unconfined; accordingly, the President may remove at will. Further,
the President is required to take care that the laws be faithfully executed;
he cannot do this unless he may remove at will all officers whom he appoints;
therefore he has such authority.
"The argument assumes far too much. Generally, the actual ouster of
an officer is executive action; but to prescribe the conditions under which
this may be done is legislative. The act of hanging a criminal is executive;
but to say when and where and-how he shall be hanged is clearly legislative.
permanent abuse is still within the power of Congress by the simple expedient
of requiring the consent of the Senate to removals in such cases."
Justice Brandeis pointed out that postmasters were inferior officers and
that Congress might have vested their appointment in the head of the
department.
"The sole question," he said, "is whether, in respect to inferior offices.
Congress may impose upon the Senate both responsibilities, as it may deny
to it participation in the exercise of either function."
He referred to the right of both appointment and removal.
"Continuously for the last 58 years," Justice Brandeis said, "laws comprehensive in character, enacted from time to time with the approval of
the President, have made removal from the great majority of the inferior
Presidential offices dependent upon the consent of the Senate. Throughout
that period these laws have been continuously applied. We are requested
to disregard the authority of Marbury vs. Madison and to overturn
this
long-established constitutional practice.'
Justice Brandeis disrupted the theory of the majority of the court, that
the President's power of removal "is beyond control, limitation or regulation
by Congress."
"Nor has any lower Federal court ever so decided," he
declared.
He said the power to remove a subordinate executve officer "is not
a
power inherent in a Chief Executive."
"The President's power of removal from statutory civil
inferior officers,
like the power of appointment to them, comes immediately
from Congress.
Protection of the Incumbent.'
"It is true that the exercise of the power of removal
is said to be an
"The Legislature may create post-offices and prescribe qualifications, Executive act; and that when the
Senate grants or withholds consent to
duties, compensations and term. And it may protect the incumbent in the a removal by the President it
participates in an Executive act. But the
enjoyment of his term unless in some way restrained therefrom. The real Constitution has confessedly granted
to Congress the legislative power
question, therefore, comes to this—does any Constitutional provision to create offices and to prescribe
the tenure thereof* and it has not in
definitely remit the otherwise plenary power of Congress over postmasters, terms denied to Congress the power
to control removals.
when they are appointed by the President with consent of the Senate.
"To prescribe the tenure involves
"The question is not the much mooted one whether the Senate is part which incumbency shall cease, for the prescribing the conditions under
possibility of removal is a condition
of the appointing power under the Constitution, and therefore must par- or qualification of the tenure."
ticipate in removals. Here the restriction is imposed by statute alone and
thereby made a condition of the tenure. I suppose that beyond doubt
Justice Holnie's Opinion.
Congress could authorize the Postmaster-General to appointall postmasters
In his dissenting opinion, which was brief. Associate
Justice Homes said:
and restrain him in respect of removals.
"The arguments drawn from the executive power of the
President and
"Concerning the instance that power to remove is a necessary incident of from his duty to appoint officers of the United
States (when Congress
the President's duty to enforce the laws it is enough now to say: the general does not vest the power elsewhere) to take care
that the laws be faithfully
duty to enforce all laws cannot justify infraction of some of them. More- executed and to commission all officers of the
United States seem to me
over. Congress, in the exercise of its unquestioned power, may deprive the a spider's web inadequate to control the dominant
facts.
President of the right either to appoint or to remove any inferior officer by
"Congress alone confers on the President the power to appoint and at
vesting the authority to appoint in another.
any time may transfer the power to other hands. With such powers
over
"Yet in that event his duty touching enforcement of the laws would Its own creation I have no more trouble in
believing that Congress has
remain. He must utilize the force which Congress gives. He cannot, power to prescribe a term of life for it free from
without permission, appoint the humblest clerk or expend a dollar of the in accepting the undoubted power of Congress interference than I have
to decree its end. I have
public funds. . . .
equally little trouble in accepting its power to prolong the tenure of the
Calls Ruling Revolutionary.
Incumbent until Congress or the Senate shall have assented to his removal."
"Congress has long and vigorously asserted its right to restrict
removals
and there has been no common executive practice based upon a contrary
view. The President has often removed, and it is admitted
that he may Loss of Life in Cuban Hurricane Placed
at 600—Approremove, with either the express or implied assent of Congress,but
the present
priation of $7,500,000 by Mexican Contheory is that he may override the declared will of that body.
"This goes far beyond any practice heretofore approved
gress Proposed.
or followed; it
conflicts with the history of the Constitution, with the ordinary
rules of
The loss of life in the hurricane which swept through westInterpretation and with the construction approved by
Congress since the
beginning and emphatically sanctioned by this court. To
adopt it would ern Cuba on Oct. 20 is placed at 600, this being indicated in
be revolutionary.
the following Associated Press account from Havana Oct. 25:
"In any rational search for answer to the questions arising upon
this
record, it is important not to forget that this is a Government of
With the toll of Wednesday's hurricane in Western Cuba still placed at
limited
powers definitely enumerated and granted by a written Constitution.
600 dead and 9,000 injured, the inhabitants to-day continued their work
aiding the suffering and homeless and pushing the work of reconstruction
"That the Constitution must be interpreted by attributing to its
words of
the meaning which they bore at the time of its adoption and
in view of and repair.
commonly accepted canons of construction, its history, early
President Machado is preparing to call an extra session of Congress to
and ioncontinued practices under it. and relevant opinions of this
vote $7,500,000 for relief and reconstruction. It is stated that materials
court.
"That the Constitution contains no words which specifically
houses are needed.
grant to the for the reconstruction of 15,000
President power to remove duly appointed officers. And
Eight speculators were arrested in Havana yesterday and confined in the
it is definitely
settled that he cannot remove those whom he has not
Cabanas fortress. The foreigners among them will be deported.
appointed—certainly
they can be removed only as Congress may permit.
The authorities are bending all efforts toward prevention of an epidemic
"That from its first session to the last one Congress has often
asserted and the Sanitary Department has issued an order for compulsory inoculaits right to restrict the President's power to remove inferior
officers, although tion against typhoid fever. Serum has been distributed to nearly all the
appointed by him with consent of the Senate.
towns and villages stricken by the hurricane.
"That many Presidents have approved statutes limiting
An American relief committee was formed in Havana to-day by the
the power of the
Executive to remove, and that from the beginning such
limitations have American Ambassador, General Crowder, and $10.000 of the $75.000 fund
been respected in practice.
received by the embassy has been utilized for needy Americans. Very few
"That this court, as early as 1803, in an opinion
never overruled and Americans in Havana. however, are in need of assistance.
rendered in a case where it was necessary to decide the question,
Government officials declared to-day that the November elections would
positively
declared that the President had no power to remove at
will an inferior be held as previously arranged.
officer appointed with consent of the Senate to serve for a
definite term
Under date of Oct. 21 advices (Associated Press) from
fixed by an act of Congress.
Havana said 6,500 were homeless and
added:
Decision on Judicial Power.
"That the proceedings in the Constitutional Convention of
Ten or more towns and villages are said to have been completely de1787, the
political history of the times, contemporaneous opinion, common
stroyed. The damage is expected to reach nearly $100,000,000.
canons of
construction, the action of Congress from the beginning and opinions
of this
To give relief and shelter to those made homeless by the
court, all oppose the theory that by vesting 'the executive power' in
the
President the Constitution gave him an illimitable right to remove
inferior storm, the President of Cuba appointed a committee conofficers.
"That this court has emphatically disapproved the same theory concern- sisting of E. Hernandez Cartaya, Secretary of the Treasury,
ing 'the judicial power' vested in the courts by words substantially the same Dr. Claudio G. Mendoza, counsellor-at-law, and Narciso
as those which vest 'the executive power' in the President.
Gelats, banker, and made appeal for public subscriptions.
"That to declare the President vested with indefinite and illimitable
executive powers would extend the field of his possible action far beyond Substantial contributions, it is said, have been made to
the limits observed by his predecessors and would enlarge the powers of the fund of this committee, but the task is beyond local
Congress to a degree incapable of fair appraisement.
resources and an appeal has come to the friends of Cuba in
"Considering all these things it IS impossible for me to accept the view
that the President may dismiss, as caprice may suggest, any inferior officer the United States to supplement its effort. Under the
whom he has appointed with consent of the Senate, notwithstanding a Chairmanship of Dwight W. Morrow, of J. P. Morgan &
positive inhibition by Congress.
Co., a Cuban relief committee has accordingly been formed.
"In the last analysis, that view has no substantial support, unless it be
the polemic opinions expressed by Mr. Madison (and eight others) during Contributions may be sent direct to the Cuban Relief Comthe debate of 1789, when he was discussing questions relating to a 'superior mittee in Havana, care of the Secretary of the Treasury,
officer' to be appointed for an indefinite term.
Treasury Building, or they will be forwarded without cost by
"Notwithstanding his justly exalted reputation as one of the creators and
early expounder of the Constitution, sentiments expressed under such cir- Messrs. J. P. Morgan & Co., 23 Wall Street, the National
cumstances ought not now to outweigh the conclusion which Congress City Bank, 55 Wall Street, and the Chase National Bank,
affirmed by deliberate action while he was leader in the House and has 57
Broadway, New York.
consistently maintained down to the present year, the opinion of this court
It was reported on Oct. 24 that the American Red Cross
solemnly announced through the great Chief Justice more than a century
ago, and the canons of construction approved over and over again.
in the relief extended by it in behalf of the hurricane sufferers
Dissent by Justice Brandeis.
Associate Justice Brandeis began his dissent by quoting Mr. Justice
the effect that in regard to inferior officers "the remedy for any
Story to
had contributed a total of $100,000, in addition to which
$10,000 was placed at the disposal of American Ambassador
Crowder at Havana for relief of American sufferers.
OCT.
1926.]
:
THE s RONICLE
rtial Investigation of Public Utility Industr
Advocated by Professor Ripley.
Asserting that for every virtue the public utility holding
company has an attendant defect, kindred to the motive of
self-interest, Professor William Z. Ripley, of Harvard University, in the. November "Atlantic Monthly," under the
caption "More Light!—And Power, Too," urges as "the
surest source of disinterested illumination, a comprehensive
examination into the whole subject of public utilities, preferably under the authority of the Federal Power Commission, or some other special board temporarily created for
the purpose."
Pointing out the wisdom, at least at this juncture, of refraining from advocacy of any particular program, he urges,
instead, that "the President recommend to Congress that
provision be made for an exhaustive inquiry, to be so prosecuted as to command the confidence of the entire country."
He places as the "downright need of the moment a searching
inquiry by real experts, stripped of all political bias and
affording a field day for all comers; an open contest in
which the truth, regardless of self-interest, shall prevail."
Contrasting public opinion of to-day with that of almost a
generation ago, Professor Ripley cites the "Rock Island
set-up of 1900, in the days before corporate jazz"—which
imposed two holding companies upon the operating property
and was regarded as "downright scandal"—with the present public utility holding structure, wherein six companies
are pyramided, "and the practice is so common as to arouse
no gossip whatsoever." This concentration of control he
characterizes as a distinctively American development. Its
responsibility, he says, cannot fairly be laid upon the doorstep of the industry itself but is an outcome of our Federal
form of government. Because of the diversity of State
laws, he finds utility managements compelled to resort to
artificial arrangements; "albeit," he adds, "perhaps not
without a modicum of quiet satisfaction that our conflicts of
laws are so badly permissive of profitable indirection."
As to the involved corporate structure of the utility holding company, he says: "It all seems so witness and tortuous, this conflict of State legislation over taxes, no par
stock and every other conceivable issue, and to it there is
no end." He asserts that "we are irresistibly trending to
one of two goals: either greater unanimity of State legislation or supercession of State incorporation for inter-State
business by direct assumption of Federal authority."
He condemns both the holding company wherein the
hierarchy is tied together by ownership of practically all
shares of subsidiaries, and the one which controls not only
the ownership of the operating concern, but in turn the
control of the operating concern.
He is also critical of the domination through common
stock control of banking houses which, he asserts, "may or
may not have a sufficient actual investment to hold them
to a steady course." "While," he says, "most of this banking service, it goes without saying, is above criticism, yet a
sufficient number of lapses have already occurred to reveal
the possibilities of wrongdoing."
He finds equally serious among public utilities the disposition of some holding companies to "adventure far afield
In search of profit, even though it carry them well beyond
the natural province of utility operations." In this regard,
he cites the interest of a water works and electric company
in several thousand acres of fruit lands, with another gas
and electric company interested in oil lands. Of the latter
he says: "Such a company is either a public utility, or it is
not. If it is, it has no possible right to be engaging in one
of the most speculative businesses (oil) in the United
States."
He finds the annual reports of the "full-flowered, interState super-corporations" obscure, to a point which transcends "the maze at Hampton Court, Einstein's theory of
relativity and current political platforms on prohibition."
Professor Ripley has considerable to say on public utility
financing, with specific reference as to the relative values
of bonds and preferred stocks. Pointing out that new capital issues of such companies in 1925 alone reached the stupendous total of $1,500,000,000, or over one-third of all corporate financing, he emphasizes that a substantial and everincreasing part of this new capital is being drawn from "the
little people," particularly by sale of customer securities.
While customer ownership has its advantages and value,
exemplified best perhaps in the case of American Telephone,
he sees in it a potential menace, unless the movement were
kept well in hand.
Im
2215
The following extracts are taken from the article:
With increasing intensity ,and particularly during the last two years,
there has been a marked tendency toward the growth of great electric
ght and power systems all over the United States. The number of new
all independent plants seems to be keeping pace with the growth of
the country; but the overpowering impulse of efficiency and economy is
putting an ever-increasing number of the important central power stations, first into closely co-ordinated tributary systems of their own, and
secondly into widespread interconnection one with another. Plainly visible
and also down out of sight, a boiling, seething corporate rearrangement is
taking place. A quarter, in fact, of the aggregate capitalization of the
electric light and power industry was affected one way or the other by this
movement during 1925. One reorganization alone involved $200,000,000,
three over $125,000,000, and 21 were in excess of $25,000,000 of capitalization. So far has the movement progressed at this writing that five of the
largest holding companies control 43% of the national central station
output. . . .
Utility managements are less to blame for this over-extended situation
than are the people of the United States. Corporations are oftentimes compelled by the diversity of State laws to resort to these artificial arrangements—albeit perhaps not without p. modicum of quiet satisfaction that our
conflicts of laws are so baldly 'permissive of profitable indirection. Thus
many States require that public utilities be conducted by domestic corporations; else they may be denied the enjoyment of such rights as that of
eminent domain. Hence the domestic operating concern has to be controlled
by a holding corporation chartered elsewhere, in order to couple up these
local privileges with others which may alone be attainable by going
abroad. . . .
Public utility finance under these merger transformations is going
through a process of change little comprehended by the general public, to
whom appeal must of course be made for the necessary funds attendant
upon its growth. The new capital issues by such companies in 1925 alone
reached the stupendous total of 41,500,000,000, upward of one-third of
the total new corporate financing of the country. Of bonds alone, $892,000,000 at par were placed on the market during the twelve-month. It is
peculiarly essential that these changes be clearly understood, because a
substantial and ever-increasing part of this new capital is being drawn
from the little people, particularly by the sale of customer securities. First
one must keep in mind clearly the distinction between the financing of the
basic or operating concerns and the issue of securities by the top holding
companies. As for the former, the unusual preponderance of funded indebtedness is noteworthy. Among railroads such indebtedness, although it far
exceeds that among industrial corporations, finds its equilibrium at about
a fifty-fifty figure. For the public utilities the normal minimum of
funded indebtedness is about 60% of the total capitalization, with the balance more or less evenly divided between preferred and common shares.
The public regulatory commissions are in part responsible for this relatively high proportion of senior issues among the operating companies,
assuming perhaps that essential industries, characterized by a fairly stable
rate of return independent of cyclical fluctuations, can well support so
heavy a burden of fixed charges.
The major reliance of the new holding corporations is upon the issuance
of preferred shares; and it is particularly in reference to these, since they
are most widely dispensed in connection with customer-ownership campaigns, that the true situation should be made clear. Such preferred shares
ought properly to stand first in their rightful claim to whatever income
from investments the holding corporations may be entitled to. If preceded by bonds of the holding company, they ought to be widely distributed
only in cases of exceptional soundness of the subsidiary concerns. Such
securities are in considerable measure the result of the discovery a dozen
years ago of the device of customer-ownership of public utilities. These
companies, eager to raise funds up to the full measure of the equity in
their properties, have since been enabled to dispose of such shares, too
often to represent the entire margin between feasible bond issues and the
full value of the property. Such financing, through offerings of preferred
shares to the general public in small allotments, is made directly, without
the intermediation of banking houses. That has the advantage, of course,
of eliminating commissions; but it is open to the marked disadvantage
that the long-time experience and natural conservatism of the banking
fraternity are denied to the consumer. ° Such preferred shares of holding
companies are not comparable as to security with similar shares, either of
operating companies or of railroads, for that matter. That, of course, is
why they yield so much higher rates of return.
A particular menace lies in the appeal, often under guise of a plea for
simplification of an involved corporate structure, for the little holder of
bonds of a local operating enterprige to give then up in return for shares
of the newly created finance corporation. This danger is contemplated in
the preamble to a resolution of the Board of Governments of the Investment
Bankers Association of America, May 14 1925, as follows: "It is obious
that, from the standpoint of sound investment, it is inappropriate for many
investors to exchange mortgage bonds of operating public utility properties
for the preferred and other stocks of public utility holding companies."
For obviously by such exchange the uninitiated investor may have shifted
his position from that of a preferred to that of a junior claimant upon
earnings. The record of preferred issues of operating companies is on the
whole excellent. By and large however, non-cumulative preferred shares
in any enterprise are not inaptly described by a leading lawyer as "waifs
of the stock market." They fall between two stools—neither a partner
sharing in the increment of future growth nor a true creditor with a prior
lien upon earnings and assets. They are exposed to the danger of vanishing returns soon to be set forth in another connection, as well as to the
possibility, unless duly safeguarded, of the intrusion of new securities
with claims upon earnings prior to their own. Nevertheless, within reasonable limits they have proven themselves a present help in time of
trouble—that is to say, a handy means for satisfying the gluttonous appetite of this lusty, growing industry for capital. The upshot of this warning, then, is not that their use should be prohibited; but that their possible precariousness should be safeguarded by some substantial measure
of public supervision. This the separate States are incompetent to
give. . .
The impotence of State administrative agencies in face of the growth of
these great combinations is indubitable. The Chairman of the Massachu.
setts Public Service Commission recently admitted before the State Legislature the inability of his Board to pass upon the details of long-time contracts for inter-State transmission of power, due to the fact that one party
had been chartered in another State. The Chairman of the up-State New
York Utilities Commission, in connection with the recent creation of the
Northeastern Power Co., likewise reported the impotence of his Commission
to deal with the terms of sale of the New York properties because the purchaser was chartered, as I recall it, in Delaware. Cases before the Supreme Court recently touch upon this issue.
company produces or buys
natural gas in Kansas and pipes it to connections in Missouri, there to dispose of it to utilities engaged in local distribution. The Supreme- Court
2216
THE CHRONICLE
[Vol.. 123.
held that neither State had power to regulate the rate. Apparently ConA previous article by Professor Ripley in the "Atlantic
gress has but to stretch forth the Federal arm in order to provide a suitable Monthly," criticising the
financial statements of corporaseem likely to
agency for this purpose. Matters of finance and accounting
play a larger part than those of rates in controversies of this sort. Over tions, was referred to in these columns Aug. 28, page 1050.
these the Federal Power Commission at the present time may take jurisdiction in those cases only where no competent State regulation obtains.
George W. York on Land Trust Certificates—Ruling of
But, even then, authority is specifically limited to electrical service geneAttorney-General of Ohio Regarding Taxability.
rated by water power. It would be a relatively simple matter to enlarge
the scope of this administrative body, by conferring plenary jurisdiction
An article on "Land Trust Certificates," prompted by the
over all inter-State matters, whether or not there were an existing State
agency, and by autherizing it to deal with electric service however gene- interest which has been awakened in this form of investment, particularly since the Attorney-General of Ohio ruled
rated, by steam as well as by water power.
A concluding word about customer-ownership as it has developed within In September that the certificates are not subject to State
the last decade. Its proportions are indeed prodigious. There are now
and local taxes, has been prepared by George W. York,
approximately 1,307,000 customers of public utilities who are shareholders
in their respective companies; and it is reported that the sale of securities President of Geo. W. York & Co., Inc., of Cleveland. Mr.
direct to such customers amounted to $296,000,000 in 1925—that is to say, York goes into the subject at considerable length, dscussing
about one-quarter of the total new financing done by central station commodern use, advantages, practical features,
panies. Not a few of us from the outset regarded this movement not only the history,
as of doubtful values, but as embodying elements of grave danger, certainly marketability, future, etc., of the certificates, and the inunless the movement were kept well in hand. At first it appeared as if formation which he presents is given herewith:
the prime impetus came from the desire to create a more favorable public
Hilton/.
environment, to the end, for instance, that these great companies should
Land trust certificates are frequently referred to as "ground rents,"
to a lesser degree be operated in what might be called an enemy country.
and conservative being an adaptation of that form of investment which is supposed to have
Unquestionably this phase of the matter under the sane
management of the American Telephone Co. has contributed substantially had its origin in the days of the Roman Empire.' Their use in England
to a public understanding of the main problems confronting concerns of its dates back to the 17th century. They were first coupled with the ownerparticular class. Succeeding this argument, successful propaganda—and it, ship of land in this country in connection with land grants, to Lord
too, contains an element of truth—ran to the effect that beneficial results Baltimore, of territory now constituting the State of Maryland. Their
would flow from local co-operation and initiative. Housewives, either in use spread to Pennsylvania and then to Ohio, Where the application of the
the densely populated cities or out in the open, passing the time of day in plan, in a strictly commercial sense, was first adopted. The merits of the
neighborhood gossip, would perhaps keep a watchful eye upon Tony in plan gradually became better understood until we find to-day land trust
the trenches or the lineman up aloft. Perhaps they would even report certificates (a refinement of ground rents), an investment held in highest
cases of inefficiency or malingering. But now the real reason has gradu- regard.
ally thrust its head above water. It is this: that by this device of cusModern Use.
tomer-ownership an almost inexhaustible reservoir of new capital may be
With the growth and expansion of our large cities, the constant increase
that this capital may be
tapped; together with the further advantages
in population, the improvement of lahd in the business section of our cities
drawn upon, not indirectly through payment of commissions to bankers, with the skyscraper type of buildings, and the demand for space therein,
but by direct'sales campaigns, through billboards and through the friendly favorably located real estate increased enormously in value. As these values
offices (for a commission) of the meter man and the bill collector, as well increased, the potential prospects for the sale of such real estate became
as of the technical employees.
correspondingly more limited in number. The market was one of distinct
The menace of a development reaching such proportions as it has within limitations. The result has been to centre the ownership of the best real
decade arises from a number of circumstances. The estate in the larger cities in a very limited number of wealthy families,
little more than a
first is that the creation of a great body of customer investors, while it estates and large institutions. The method of financing the sale of real
may operate to bring about a more co-operative spirit among the people at estate through the medium of land trust certificates has provided the
large in matters of franchise rate regulation and the like, may conceivably means by which the ownership of this land may be divided between twenty
work the other way in case of mismanagement or dereliction. The serious- or a hundred or a thousand individuals, and likewfbe furnishes a form of
ness of such an occurrence is fully understood by great corporations like investment that is bound to increase in popularity.
American Telephone, which treats the matter from the high standpoint of
a trustee upon whom the direst penalties are bound to be visited in case of
Definition.
recreance. But in the electric light industry, the appetite for new capital
A land trust certificate is an evidence of equitable ownership of an
and the freedom from banking connections and chaperonage have opened undivided interest in a certain definite parcel of land. The certificate
the door on occasion to practices falling far below the level of trusteeship. shows on its face what fraction of the whole interest it represents. The
Dewing, in his "Financial Management of Corporations." concludes that actual fee simple title to the land is in the name of a trustee who holds
the sale prices for such securities run on an average ten points above the the same in trust for the benefit of the certificate holders. It is not in
market quotations. I personally know of an instance in New England, any sense a mortgage, a bond, or a note, but is an evidence' of actual
specifically cited by Dewing also, where farmers were paying seven or eight equitable and beneficial ownership of the property designated therein,
dollars a share more for such securities than the price which prevailed over which has been trusteed as the basis for the issuance of certificates.
the counter not far away. Such things, of course, are the exception. But
Structure.
the greatest danger of all is the chance that some one of these great comThe legal structure for a land trust certificate issue is comparatively
panies may go on the rocks, a fearsome thing to contemplate under such
circumstances.
simple. Fee simple title to certain land is conveyed to a trustee (usually
Both the proportions and the character of this customer-ownership move- a large bank with trust powers) and certificates are issued by the trustee,
ment make it clear that questions of public responsibility are involved which each representing a certain undivided Interest in the entire property. A
call for the same measure of supervision as those which for long we have land trust certificate divides the ownership of real estate in a manner
been accustomed to extend to our savings banks. If for no other reason, similar to that in which a mortgage bond splits a mortgage. Each certifithe question of submission of these great inter-State holding companies to cate resembles, as far as a fractional division is concerned, the stock ownsome sort of Federal supervision and control would obtrude itself upon ership of a corporation when divided into no par shares. Each certificate
is saleable and transferable by endorsement, properly witnessed and attested
the public mind.
authorized to acknowledge deeds in the manner customary in
As to recommendations, several specific proposals for dealing with con- by an officer
transfer of real property.
crete issues are engaging. Disfranchisement of the stock of operating com- the
The duties an obligations of the trustees and the rights and privileges of
panies deposited as collateral for superposed issues of holding companies
the certificate ho era are set forth in a document known as the agreement
might perhaps act as a deterrent to undue corporate involvements; or the
rust, which is filed and recorded with the local county
requirement by law that all public utilities engaged in inter-State com- and declarc
ed wi the recording of deeds. The land is generally immerce should make their annual reports along standardized lines, and par- officer/Pita
provelf with n off e building or commercial structure, and as the fee
ticularly that they append thereto a certified copy of their Federal income
tOe fojland cavies with it the improvements thereon, it is the additional
tax returns. But such proposals either require uniform State legislation,
lue 1-epyesented by such improvements that constitutes the margin of
which is -beyond the range of possibility, or else drive us into the arms of
assurance of income to land trust certificate holders.
, ilfety
the Federal Government. And in any event such proposals call for precise 7The i'jii and its improvement are leased for a long period, generally 99
land
ticularlY
data, In order that the legislation shall be practicable; and
yeers, to a responsible lessee, on a rental basis that assures the periodic
that it shall not, in the endeavor to restrain the ill-intentioned fed; operate
payment to the trustee of sums sufficient to defray all expenses of the
to discourage the legitimate initiative Of the many. About a hundred such
trust and leave available for quarterly or semi-annual distribution to the
things we need inlormation. The light at present falls upon many of them
certificate holders a fixed return upon their investment.
In slanting shafts, due to the natural self-interest of those who now comMaturity.
mand the situation. The surest source of disinterested illumination would
A land trust certificate has no definite date of maturity. The purchaser
be a comprehensive examination into the whole subject of public utilities,
authority of the Federal Power Commission or some of a parcel of land does not expect the return of his money until the
preferably under the
other special board temporarily created for the purpose. Consequently a property is sold, and so it is, to some extent, with the land trust certifiwise policy at this juncture would seem to be to refrain—ostentatiously, as cate holder. There are, however, a number of ways of providing for the
it were—from advocacy of any particular program; but to urge instead repurchase of certificates, and whatever method or methods are used are ,
that the President recommend to the Congress that provision be made for embodied in the lease.
One method which is quite commonly used, is to lease the property at a
such an exhaustive inquiry, to be so prosecuted as to command the confi.
-dence of the entire country. The result would be a substantial contribu- schedule of rentals which, in addition to paying a certain return on the O
tion to the body of our information on a subject of profound importance outstanding certificates, provides an additional amount which is available \s
to the trustee to use in the repurchase of certificates in the open market/at this time to some millions of the people of the Unted States.
or by call by lot.
A searching inquiry by real experts, stripped of all political bias and
This amount is usually so fixed as to permit of the repurchase of all of
affording a field day for all comers; an open contest in which the truth, the certificates before the time of expiration of the lease. As these cerregardless of self-interest, shall prevail—this is the downright need of the tificatee are purchased they are held by the trustee for the benefit of all
moment. And if the objection be advanced that the whole truth might cast other certificate holders, until the entire issue has been
repurchased. When
a blight upon development here and there, the answer is ready at hand. all the certificates have been repurchased the trustee holds all for the
It was Abraham Lincoln who was wont to emphasize "the proneness of benefit of the lessee who may then, as beneficiary,
require the transfer
prosperity to breed tyrants." Something like this seemed recently to be of the fee title of the property and the cancellation of
the lease.
taking place in the domain of corporate management. Fortunately it was
Another method which is perhaps the older, is to provide purchase
possible effectively to nip it in the bud without an iota of disarrangement. options in the lease whereby the lessee may
acquire the property from the
Prosperity, not real but specious, may indeed be unduly protracted by arti- trustee by paying a sum of money sufficient to
repurchase all of the cerficial means; but in the end the truth is bound to prevail. Nor can the
tificates at a price which generally affords the certificate holder an attruth work harm to those whose custom it is to work -in daylight. It is
tractive premium or bonus on the investment.
the wrongdoer alone, delving in darkness and diligent in deviousness, who
Usual Practice.
fears the strong tonio of publicity. And so we close with those prefatory
The marketability of land trust certificates depends largely upon whether
words from Abraham Lincoln's "House Divided" speech—second in importance only to the Gettysburg Address: "If we could first know where they conform to the standards and requirements that have operated to
we are, and whither we are tending, we could better judge what to do, and influence certain customs in the creation of these certificates. When made
to comply with the laws of certain States and the by-laws of institutions,
how to do it,"
Otr.
-
which are large inveitars in this form of security, these certificates assume
a degree of safety, rom an investment standpoint, more secure than the
conservative type 'of first mortgage real estate bonds. The Ohio statete
eligibility of land trust certificates for the investment 47
relating to the ,
trust funds and savings banks, provides:
.w the-total:value of these certificates must not exceed, as te'any
particular issue, the value of the land nor 60% of the total value of the land
the improvements thereon. Nov any such institestions invest 4a such
and
certificates unless the lands are under lease for fi period of not less than
twenty-five years from the date of the issue.'
Other safeguards as to the carrying of insurance and the application of
funds for the construction of buildings where the land is unimproved, are
further stipulation of the statute.
As an example of a typical land trust certificate issue, take a case
where a property has a total value, land and buildings, of 12,000,100, of
which $1,000,000 Is represented by building value. An issue of land trust
certificates should he limited to 1,000 shares, each representing a value of
1-1000 of the land value, or *1,000. As certificates have no denomination or principal amount, they can be issued in any number that custom
and convenience would permit. The value of the land in its relation to the
number of shares in which the interest is divided, is the determining factor
In the selling price of the interests. In the example above mentioned, the
fee title could be divided into 10,000 interests, in which case each interest
would be worth 1-10,000 of the whole value, or $100. If the isme is sold
to yield 6% on the money invested, then the lease must require the payment of ground rental of not less than$80,000. In other words, in creating
a land trust certificate issue the sales value of the certificates is an amount
not to exceed the value of the land as appraised by recognized reliable
appraisers, and the improvements on the land should be of such value as
will produce rentals sufficient to pay a certain percentage of interest on
the money represented by the land trust certificates. The rate of rental
of the certificates is a matter which is governed by the particular features
which might enter into any one separate transaction, such as location of
the land, the type of the improvements thereon, and the then current
price of money, etc.
The Lease.
From the viewpoint of the investor, who is seeking first and above all
other considerations, a secure place for the employment of his funds and
a fair return on his money, land trust certificates offer a vehicle in the
•oldest 'known form of investment, namely, land. By no means does all
fend lend itself to this operation. To embrace all the merits of the invest.
.ment, the property should be located where values are soundly established
and in the path of growth of the city and increase in land values; there
should 'be an adequate improvement on the land and utilization of it that
.will produce a fair return on the total value of the land and building, after
.the payment of taxes, operating expenses and Government charges; it
should, concurrently, with or prior to the issuing of the certificates reprerenting its ownership, be leased to responsible parties; the improvement
-should be of such a value that any failure on the part of the lessee to live
up to his obligations would, through forfeiture of the lease, provide to the
certificate holders such worth as would necessarily make their estate of
greater value and earning capacity than they enjoy from the rentals re
calved from the lessee. It is evident, therefore, that the crux of the land
trust certificate operation is the lease. Therefore, the lease should be
drafted by, or should have the approval of, competent and experienced
attorneys, acting in behalf of the trustee and the security dealer who in
the first instance becomes the purchaser of the certificates. When it is
realized that the rights of the lessee are secondary to the paramount rights
of the owners of the land and that the lessee's estate is conditioned upon
the performance of the terms and conditions of the lease, it must necessarily follow that the rights of both parties should be clearly established
and the terms and conditions of the lease should be such as will promote
and assure the continuity of the leasehold estate and the regular payment,
through the trustee, of the rental to the certificate holders.
It must be further realized that at the time of purchase of certificates,
there must be no question of a worth in the property, both intrinsically
and upon an income basis, vastly greater than the value of the naked land.
Theoretically, the lessee is the owner of the building, inasmuch as through
his lease he has the use and enjoyment of the building. His funds are invested in it and he has every incentive to protect his investment. In the
larger operations secondary financing is frequently employed, and whether
It be through the medium of the sale of stock of the lessee company,
mortgaging of the lessee's estate, or in any other form, it always follows
and is junior to the land trust certificates. It has been customary, therefore, to permit the lessee, through the exercise of a purchase option, or by
the payment of a stipulated additional ground rent over a long period of
years, to provide the means of acquiring the entire estate at a price which
will be a fair premium to the land owners (the land trust certificate
holders).
Tax Features.
Inasmuch as land trust certificates are actual ownerships of land on
which the State and local taxes are paid by the lessee, it is the opinion
of eminent legal counsel that these certificates are not subject to such State
and local taxes, either as real or personal property. In some issues the
lessee also agrees to pay the normal Federal income tax upon the income to
each certificate holder, and in this case the owner of the certificate would
be exempt from paying State and local taxes and also the normal income
tax.
Practical Features.
Before this form of financing became so popular, many large estates
were built up through substantial investments in centrally located business
properties and derived their main income from ground rentals on such
property. The large amount of money required for such an operation was
prohibitive to the man of moderate means, and it is through the creation of
land trust certificate issues that investors may now share in the advantages
of investing in small or large amounts in the ownership of this class of
improved property.
In a land trust certificate operation, if the lessee defaults in any of the
provisions of the lease, there may be a forfeiture of the lease and the
trustee can obtain possession of the property and all improvements thereon,
for the benefit of the certificate holders. The advantage of this plan may
be easily seen.
• In order for the lessee to continue to use the property on which he has
large investments in buildings and improvements, rents must be promptly
paid and the requirements of the lease faithfully fulfilled. This investment
of money by the lessee provides every incentive to preserve the integrity of
his leasehold estate and thus protect the certificate holders' interest.
An interesting example of a land trust certificate operation is an issue
placed on the market in 1915 in the city of Cleveland. The fee simple
title in the land occupied by the Cleveland Athletic Club Building was
divided into 970 equal parts, valued at $1,000 each. At the time of the
Issue the land was appraised at $976,000 and the building was appraised
as $975,000. The land alone is now valued at more than $2,000,000, or
over twice the appraisal eleven years ago. In the meantime the owner of
2217
TIM CHRONICLE
the land trust certificate has received an income of 5%% on the funds
invested; there has been no impairment in the worth of investment; there
has been, at all times, a ready market in case he desired to Bell.
Advantages.
As an investment to the holder, it is particularly free from the uncertainties and vagaries of many forms of corporate securities; as differentiated from a mortgage, it constitutes a form of financing less burdensome
than the usual type ot mortgage loan.
Certain classes of business are benefited and placed upon a sounder
financial footing, if the funds which otherwise would be invested permanently in land are available to the operation of the business, affording
better credit, larger and more frequent turn-over of inventory and greater
profit from the use of such funds in the business. Paying for the use of
the land is consequently of greater benefit to such a company than Its
ownership, and still affords the prestige and advantages derived from
identity of building and permanency in location.
On the other hand, certain classes of investors (and their number is
legion) regard land as the safest form of investment. The problem and
vexations of management, vacancies, taxes, insurance, repairs, liability,
etc., coupled with the lack of assurance of a definite, regular income,
ofttimes offset the desirability of this form of investment. In the form
of land trust certificates the kind of investment this class desires is available. The value of the improvement on the land and the responsibility of
the lessee provide the security and assurance of regular return on the
investment, with the risk reduced to a minimum. The leases invariably
provide for the payment of the ground rental quarterly in advance, to the
trustee, and by the trustee are distributed to the certificate holders, either
quarterly or semi-annually. Payment is made by 'heck, which is more
convenient and safer than the collection of interest by cashing coupons. In
the case of the necessity of forfeiture of the lease, the certificate owners,
through their trustee, secure the possession and use not only of the land,
but of all the improvements upon it as well. -This fact has given use to
the expression that, from standpoint of profit, "the wont things that could
.happen to a land trust certificate issue would be the best thing."
Marketability.
Investigation of the records of the modern type of land trust certifiupon the
cates discloses no case in which there has ever been a default
sound values
payment of the rental. Representing therefore, as they do,
they
in improved land, paying a regular rate of return upon the investment,
funds and the
have become increasingly popular for the investment of trust
funds of savings banks and endowed institutions, and the non-speculative
a ready
class of investors. They maintain a high collateral loan value and
the
market value. This last mentioned feature is easily understood for
reason that they are purchased in the original instance solely on an investment basis, and the market prices on the presently outstanding issues
are within a narrow range, more so than even the stocks of the best banks.
In most instances the certificates issued against all the better known properties command a premium and the chief influence on the range of market
prices must necessarily be covered by the current price of money.
Future.
Land trust certificates have enjoyed an enviable record in the many
localities in which they have been in operation. The principal of actual
ownership of well located improved real estate, upon which these certificates are predicated, leads us to believe that as the plan and its merits are
better understood, there will be a constantly increasing interest in and
approval of this form of investment.
The ruling of the Attorney-General of Ohio referred to
above, follows:
3840.
Sept. 22 1928.
Syllabus:
of land trust certificates issued under a declaration of trust
Holders
executed by the Cleveland Trust Co., of Cleveland, Ohio, as trustee, dated
June 1 1922, are not required to list said certificates for taxation.
8840.
Sept. 22 1928.
Opinion:
The Tax Commission of Olvio, Columbus, Ohio.
Gentlemen: Acknowledgment is hereby made of your recent communication in which you enclose printed copy of an agreement and declaration
of trust executed by the Cleveland Trust Co., of Cleveland, Ohio, as trustee,
and you inquire if "a trustee's certificate issued thereunder is subject to
or exempt from general property tax." The declaration of trust which
you submit is in the ordinary form, in which the Cleveland Trust Co.
makes declaration that it holds certain real estate situated in the city of
Cleveland, Cuyahoga County, Ohio, in trust for holders of -certain land
trust certificates.
Said real estate is subject to a 99-year lease from the Cleveland Trust
Co. to the Crowell & Little Securities Co. Sundry deeds and conveyances
together with the aforesaid lease are filed for record in the Recorder's
office of Cuyahoga County. Said lease is renewable at the option of the
lessee for periods of 99 years perpetually. from the Cleveland Trust Co. to
the Crowell & Little Securities Co. with a rental payable thereunder of
$168,000 per annum in quarterly installments in advance.
The trustee in said declaration of trust acknowledges, declares and agrees
that the fee simple title and estate in and to said premises (subject, however, to such lease) and all of the trustee's right, title and interest in to
and under said lease and the rents to accrue thereunder, are held and
be held by said the Cleveland Trust Co., in trust, upon and subject to
•
the following trusts:
First. The trustees shall hold the trust estate and the rents, fames,
sole and exclusive uses and benefit of
profits and proceeds thereof, for the
the present and future holders of the certificates of equitable ownership
issued thereunder, or from securities and interest, and will, from time to
time, pay over to such holders thereof proportionate shares of the rents
received in said leases within a reasonable time after the receipt thereof
by the trustee;
Second. The beneficial interest and ownership in the trust estate shall
be divided into 2,800 equal shares which shall be represented and evidenced
by certificates of equitable ownership, and to be issued by the trustee;
Third. No holder of any such certificate of equitable ownership shall
have, as such, any legal title to the trust estate, but the interest of all
such certificate holders shall be equitable Only.
In the form of certificate of, equitable ownership submitted, it is provided that the certificate and the beneficial ownership of the trust property represented thereby may be conveyed and transferred upon the hooka
of the trustee by the holder thereof upon surrender of the certificate with
the conveyance and assignment upon the reverse side* thereof duly executed
by the holder, and it is provided that said conveyance must be in the
usual form for the execution and acknowledgment of a deed.
It will be noted that the trustee, the Cleveland Trust Co., makes declaration that it holds said trust real estate in trust for the holders 'of the cer-
2218
THE CHRONICLE
[VoL. 12$.
tificates issued under and in conformity to said declaration; and that each 1057. The Committee
on Public Relations of the Eastern
certificate represents at least 1-2,800 of the value of the entire issue of
the certificates, and that each of said certificates represents an equitable Railroads, in furnishing, under date of Oct. 23, information
Interest in said land. The land, of course, is taxable to the trustee who relative to the trainmen's demands has the following to say
holds the legal title. Said land is, therefore, not exempt from taxation, regarding the
agreement to arbitrate (signed Aug. 25):
and in this particular case the taxes are paid by the lessee, and the question, therefore, seems to be as to whether or not the holders of the aforesaid
The abritration agreement was formally signed on that day by J. G.
Welber, as Chairman of the Conference Committee of Managers of the
land trust certificates should list them for taxation.
The land trust certificate is exactly what its name implies—a certificate Eastern Railroads; L. E. Sheppard, President, Order of Railway Conevidencing an interest in the equitable ownership of land held in trust and ductors; and W. G. Lee, President, Order of Railroad Trainmen.
is, therefore, a real estate investment. It is not in any sense a mortgage,
Among the more important provisions of the arbitration agreement are
a leasehold bond or note, but is an evidence of actual ownership in what- the following:
ever property may be trusteed as a basis for the issuance of any particular
The specific questions to be submitted to the board for decision are the
series or designation of certificates. The certificate is merely an evidence questions enumerated in the proposition submitted by the parties of the
of the holder's simple individual share in the ownership of large parcels second part to the parties of the first part, a copy of which is annexed hereto
and made a part hereof.
of property.
In its award, the board shall confine
As these certificates are merely an evidence of ownership they have, of questions so specifically submitted to it.itself strictly to decisions as to the
The questions, or any one or more of the,, so submitted may be withcourse, no par value or . other fixed nominal value. Nothing but custom
and convenience govern the price at which the certificates are sold and the drawn from arbitration on notice to that effect signed by the auly accredited
representatives of each of the parties hereto and served on the board, or
Interest which accrues- thereupon. As the land trust certificate is merely upon the Chairman of the
board, at any time prior to the making of the
an evidence of ownership, there is, of course, no such thing as maturity, award.
The signatures of a majority of the members of the board affixed to its
and as it is merely an evidence of equitable ownership of real estate, no
award shall be competent to constitute a valid and binding award.
personal property taxes are payable thereon.
The board shall make and file
• In the case of Morrison vs. Manchester, 58 N. H., 538, at page 563, it of forty-five (45) days from the its award prior to the expiration bf the period
date on which the board begins its hearings.
is stated that:
but the parties hereto may agree, at any time prior to the making of such
award, upon an extension of such period (whether or not
"When an owner has left his farm in trust for his widow and children, extended).
Previously
and the trustee holding the legal title without any beneficial interest pays
The
the farm taxes and expenses out of the farm income, and pays the rest of award,award of the board shall become effective on the date fixed in its
and shall continue in force for the period of one year from the
the income to the widow and Children, a second tax for the same amount is effective date
thereof, and thereafter subject to thirty days notice by or to
not assessed on the equitable title of the widow and children. For the
purpose of taxation the legal title of the trustee and the equitable title any of such railroads.
The award of the board and the evidence of the proceedings before the
of the widow and children are not mere than the whole title, legal and board relating thereto,
certified under the hands of at least a majority of
equitable, which the testator had In his lifetime. If the testator, dividing
of the
the equitable title and beneficial intetest into four shares, gave two shares the membersUnited board, shall be filed in the clerk's office of the District
States for the Southern District of New York.
Court of the
to his widow and one share to each of his two children, directed the trustee
to issue to them certificates as evidence of their respective rights in the trust asSuch award so filed shall be final and conclusive upon the parties thereto
to the facts determined by the award and as to the merits of the conproperty, the united title of the trustee and the widow and children would troversy decided.
not be more than the title of the testator."
Any difference arising as to the meaning, or the application of the p
In Sears on "Trust Estates in Business Companies," it is stated in Sec- visions, of such award shall be referrea for a ruling to the board,
or to a
subcommittee of the board agreed to by the parties thereto.
tion 114, at. page 168, that:
P "It seems impossible to find any case maintaining or attempting to mainShortly after the signing of the arbitration agreement the Eastern railtain the proposition that the legal and equitable interest in the same property
may both be taxed, at least where trustee and beneficiaries reside in the roads and the conductors and trainmen announced their representatives on
same State. On the contrary, all theory of this being lawful as to capital the Board of Arbitration. Each side named two,according
to the provisions
stock and share of stock of a corporation is that they are distinct and inde- of the law. Daniel L. Cease, Editor
of "the Railroad Trainman," was
pendent properties, there being a legal interest in the former, and a legal
appointed as the representative of the trainmen, and E. P. Curtis, General
interest In the latter, that is to say, diverse legal interests in different
things. In a trust there is a legal interest and its dependency, an equitable Secretary, Order of Railway Conductors, was appointed as the representainterest. If the latter is destroyed a beneficiary ceases to be. but ,
the tive of the conductors. The railroads announced Robert V. Massey,
property resumes the status it had before the subsidiary interest began."
General Manager, Eastern Region, Pennsylvania Railroad, and William A.
It is therefore believed that the holders of the land trust certificates Baldwin, Vice-President, Erie Railroad, as their
representatives
authorized under the aforesaid declaration of trust are not required to list
These four men met on Sept. 14 to decide upon the fifth and sixth members
them for taxation.
of the Arbitration Board who were to represent the public. They were
You further inquire If it would• make any difference if the real estate unable to agree upon these representatives, and on
Sept. 28 notified ChairIn question was located outside of Ohio, or the trustee was a non-resident man Winslow of the Board of Mediation to this
effect.
of this State, or if, the trustee was a non-resident and the land was also
Under the law, the Board of Mediation then undertook the task
of
without the State.
appointing the neutral arbitrators. On Oct. 9 it was announced
that
It is believed that the said statement of changed status would make no William D. Baldwin, Chairman, Otis Elevator
Co., and Edgar E. Clark
difference in our answer as before herein stated.
of Clark & La, Roe. Washington, were appointed.
In "Sears Trust Estates," page 168, it is stated that:
The Committee on Public Relations also presents th
/"Therefore it may be said that in the State where both trustee and
cestui quo trust reside one tax Is all that may be imposed; and if they following table showing the present rate of pay for conductors
reside in different States, the tax is imposed where the property Is held."
and trainmen in passenger, freight and yard service on a
I am returning your copy of the declaration of trust.
daily basis, the new proposed schedule on a daily basis, and
Respectfully,
the increase between the two rates Of pay:
ATTORNEY-GENERAL.
Rates of Pay Proposed
Generally in Effect Rates
Submission of Wage Demands of Conductors and
as Present
of Pay
Increase
Class of Employes—
Per Day.
Per Day. Per Day.
Trainmen to Board of Arbitration.
Passenger Service—
Conductors
$670
$775
$105
Preliminary to the arbitration proceedings which were Assistant conductors and ticket collectors
550
684
134
opened in this city on Oct. 28, incident to the request for Baggagemen handling express, dynamo and
government mall
554
718
168
increased wages for conductors and trainmen of the Eastern Baggagemen handling dynamo and express_ __
554
684
130
Baggagemen handling dynamo and governrailroads, the completion of the membership of the Board of
ment mall
520
684
164
Arbitration was effected on Oct. 10, when the two neutral Baggagemen handling express and government 520
mall
684
164
Baggagemen handling either dynamo,express or
arbitrators were named. They are Edgar E. Clark of Clark, government mall
520
650
130
and La Roe, Washington, formerly Inter-State Commerce Baggagemen
486
616
130
and Brakemen
470
600
130
Commissioner, and William D. Baldwin, Chairman of the FlagmenFreight Service-Local
Conductors
668
774
Otis Elevator Co. ,The other members of the Board, Flagmen and brakemen
106
524
624
100
Through
previously named, and referred to in these columns Sept. 11, ConductorsFreight Service—
616
734
118
•
Flagmen and brakemen
page 1341, are
•
484
584
100
Yard Service—
For the Employes.
Conductors (foremen)
664
764
100
Daniel L. Cease, Editor, "The Railroad Trainman" (representing the Brakemen (helpers)
616
716
100
Switch-tenders
trainmen).
472
572
100
E. P. Curtis, General Secretary, Oorder of Railway Conductors (repThe Committee likewise says:
resenting the conductors).
For the Railroads.
Conductors and trainmen in road service, having as
they do a double
Robert V. Massey, Assistant Vice-President, Personnel, Eastern Region, standard of pay, enjoy more favorable bases of payment
than obtains for
Pennsylvania Railroad.
other classes of employment, because other classes have but a
single bash),
William A. Baldwin, Vice-President, Erie Railroad,
viz., hourly or daily basis. In through passenger service
conductors and
trainmen are paid on the basis of a day's work for a run of
150 miles or
On Oct. 27 Mr. Clark was elected Chairman of the Arbi- less. They receive additional pay for
mileage in excess of 150 miles, in
tration Board. The arbitration is conducted under the spite of the fact that the entire day's run may be performed well within the
provisions of the recently enacted Watson-Parker Railroad hours constituting a day's work. In the case of through passenger service
a day's
one-half hours. In through passenger
Labor Act. L. E. Sheppard, President of the Order of service, work consists of seven andspeed basis
if overtime accrues on a
of
Conductors was the first one to be accorded a hear- allowed in addition to amounts earned on the basis20 miles per hour, it IS
Railway
of mileage made.
ing by the Arbitration Board on Oct. 28; according to the
New York "Evening Post" in opening the case for the
trainmen he said he hoped the Board would arrive scientifically at a determination of the wage scale. The submission
of the demands of the trainmen, conductors and firemen of
the Eastern railroads for a 20% increase in wages was decided
upon by the representatives of the Eastern railroads and the
Brotherhood of Railway Conductors and Trainmen on Aug.
25, when it was found that the questions involved could not
be settled through the Federal Board of Mediation—also
created under the Watson-Parker Act. The decision of
Aug. 25 was made known in these columns Aug. 28, page
Standards of Pay Analyzed.
In short, turn-around and suburban passenger service, a day's work
consists of eight hours within a period of ten elapsed hours.
In this service
both miles and hours in excess of that constituting a day's pay are allowed.
If freight service, conductors and trainmen receive a
day's pay for a run
100 miles of less, whether the work requires eight hours or less. Additional
pay is allowed for mileage in excess of 100 miles, together with time and
one-half for any overtime that may accrue on a speed basis of
12A miles
per hour. To Illustrate: On a run of 125 miles, made in 11 hours, the
.
crew would be paid 125 miles (equivalent to one and one-fourth
days) Plus
one hour overtime at time and one-half. On a run of 150 miles, made in
7 hours, the crew would receive pay for 150 miles, or the equivalent of a
day and a half. If the crew made 70 miles and consumed 10 hours,
the/
would receive one day's pay and two hours overtime at the time and onehalf rate.
OCT. 30 1926.]
THE CHRONICLE
Yard Service.
In yard service, a day's pay is allowed for eight hours work or less, with
time and one-half for service performed beyond eight hours.
Requested Changes in Rules to Be Arbitrated.
1. The same increases shall apply to milk, mixed, work, miscellaneous
any service not enumerated as are applied to the service in which they
or
are now classified. Where there is a separate rate for milk, mixed, work.
miscellaneous or other service, it shall be increased in the same amount of
money compared with rates in effect this date, as the freight or passenger
rate, according to the overtime basis on which it is calculated.
This rule is designed to cover classes of service which do not definitely
come within the recognized classes, viz., passenger, through freight or
local freight.
2. All rates of pay in excess of standard rates and all mountain, desert
or other differentials to be maintained—that is, the same amount of money
now paid in excess of standard rates to be paid in excess of rates which may
be agreed upon.
This rule is designed to continue existing preferential conditions.
3. The adoption of the rates suggested shall in no case operate to bring
about a reduction in compensation now paid.
Self-explanatory.
4. Literal application of the following language "In all classes of service.
trainmen's time will commence at the time they are required to report for
duty and shall continue until the time they are relieved from duty."
This rule attempts to substitute a single method for paying for service
Incidental to a day's work for varieties of methods now in effect which are
based upon local conditions, and require separate payments for service
now included in the rates.
5. A through freight train is one that neither sets off nor picks up cars
nor loads or unloads freight enroute, nor does station switching. On all
other freight trains trainmen shall be paid not less than local or way freight
rates.
Employes on local freight trains receive higher pay than those on through
freight trains. The object of this rule is to require the transfer of a large
number of trains, now classified as through, to the local class. The effect
of this would be to increase the wages of crews whose trains are thus reclassified.
6. Not less than one brakeman shall be assigned to every passenger train
of two or more cars or on other passenger trains of less than two cars that
carry their baggage, mail or express matter for distribution.
The object of this rule is to require a brakeman on motorized and other
small passenger equipment. This rule would add a particular class of
employeeto a crew regaroless of the present make-up of crews and regardless
of the service requirements.
7. All rates and rules herein enumerated to be effective as of Jan. 1 1926.
except where agreements in effect have been made to a later date.
Self-explanatory.
Interested Parties.
The following Eastern railroads: Baltimore & Ohio; Boston & Maine'
Buffalo & Susquehanna; Buffalo, Rochester & Pittsburgh; Central Railroad
of New Jersey; Chicago, Indianapolis & Louisville; Cincinnati, Indianapolis
& Western; Delaware, Lackawanna & Western;Erie (including subsidiaries);
Hocking Valley; Lehigh Valley; Long Island; Monongahela; New York
Central Lines (including Boston & Albany, Cleveland, Cincinnati, Chicago
& St. Louis, Indiana Harbor Belt, Michigan Central and various N. Y.
Central subsidiaries); New York, Chicago & St. Louis (including CloveLeaf, Lake Erie & Western and subsidiaries); New York, New Haven &
Hartford (including Central New England); New York, Ontario & Western;
Pennsylvania Railroad (excluding Ohio River & Western Ry. and Waynesburg & Washington RE.); Pittsburgh & West Virginia and West Side Belt;
Reading Company (including subsidiaries); Rutland; Staten Island Rapid
Transit and Pittsburgh & Lake Erie (including Lake Erie & Eastern).
The following employees of these railroads (approximately 89,000):
Passenger-Train Service.
Conductors, assistant conductors and ticket collectors, baggagemen,
flagmen and brakemen.
Freight
-Train Service.
Conductors and brakemen.
Yard Service.
Car-retarder operators, foremen, helpers, switch-tenders.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Stock Exchange membership of Harold
L. Fish, deceased, was reported posted for transfer this week
to George L. Forman, the consideration being stated as
$140,000. This is the same as the last preceding sale.
The board of directors of the National City Bank of New
York at a meeting on Oct. 26 elected H. T. S. Green a
Vice-President. Mr. Green will continue to act in the
capacity of President and General Manager of the International Banking Corp., which is owned by the National
City Bank, in which position he has been active for many
years.
A meeting of the stockholders of the American ExchangePacific National Bank of this city will be held on Nov. 5
for the purpose of taking steps toward the liquidation of the
bank, and authorizing its conversion into a State bank
to be known as the American Exchange-Pacific Bank.
This is preliminary to the merger of the bank with the
Irving Bank & Trust Co., details of which were given in our
issue of Oct. 16, 1926.
A meeting of the stockholders of the Bank of America
of this city has been called for Nov. 11 to vote on the recommendation of the directors to increase the capital stock from
$6,500,000 to ,000,000. The meeting has several times
been postponed owing to the proceedings to dissolve the
voting trust. As we indicated last week (page 2068), the
Appellate Division of the Supreme Court on Oct. 22 denied
2219
the motion of the National Liberty Insurance Co. for permission to appeal to the Court of Appeals from a decision
that upheld the validity of the voting trust agreement.
The Irving Bank & Trust Co. has announced the appointment of H. Frederick Hill, of the John Reis Co., 805 Flat
bush Ave., Brooklyn, as a member of the advisory board of
the company's Elatbush office, at Flatbush Avenue and
Linden Boulevard, Brooklyn.
The directors of the Corn Exchange Bank of this city
have voted to increase the capital stock of the bank from
$10,000,000 to $11,000,000. A meeting of the stockholders
will be held on Nov. 30, to authorize the issuance of the
new stock, which will be offered to stockholders of record
Dec. 15 at $200 per $100 share. The subscription will be
payable Jan. 3 1927.
The new Bronx branch of the Chelsea Exchange Bank will
open for business to-day (Oct. 30) at 558 Claremont Parkway, near Third Avenue. A reception has been planned in
connection with the opening which will extend from noon
until midnight, at which Edward S. Rothschild, President,
and other officers of the bank will act as hosts. Useful gifts
will be distributed to new customers. The new branch will
be located at 558 Claremont Parkway until early in the new
year, when new quarters will be established in the bank's
own building at 3819 Third Avenue, Beguiled recently.
These quarters will be renovated when the bank takes possession of the property on Dec. 1.
At a meeting of the Board of Directors of the Commercial
Exchange Bank of New York (which institution is to succeed
the banking firm of Lionello Perera & Co.) the following
officers were elected: Mario Perera and Frank Pinto, Second
Vice-Presidents; R. Rojas, Assistant Vice-President; F.
Gonzales Rosa, H. Nathan, D. Infantino and Frank Landy,
Assistant Cashiers.
Dividends for the current period have been declared at
a meeting of trustees of the Security Trust Co. of Rochester,
N. Y., at the regular annual rate of 24%, and an additional
extra dividend of 12% was also declared, both payable
Nov. 1 next. These make the total of dividends to stockholders for the proent fiscal year 36%. The first dividend
to stockholders declared by the Security Trust Co. was at
the rate of 6% in 1894, less than two years after the formation of the corporation. This was later increased to 8, 10
and 12%, progressively, and in 1921 it was increased to 20%,
and an extra of 8% was paid at the same time. The following year the regular, and an extra of 10% was paid,
after which the regular rate was made 24%. The company's
stock of $100 par value is quoted at $1,000 bid on the Rochester market. Hiram W. Sibley, the first President, is the
only survivor of the officers chosen at the organization in
November 1892. The first home of the Security Trust Co.
was the remodeled residence of the late Nemiah Osborne,
at East Avenue, Main and Elm streets. Three years later
property at Main and South Water streets was purchased,
and the present building erected, to which was subsequently
added the remodeled Post-Express Building adjoining on
the south.
Announcement was made in Philadelphia on Oct. 25 of the
proposed consolidation of the Sixty-Third Street Title &
Trust Co. of that city with the Susquehanna Title & Trust
Co. of Philadelphia, according to the Philadelphia "Ledger"
of Oct. 26. A special meeting of the stockholders of the
former has been called for to-day (Oct. 30) to ratify the proposed merger. The Susquehanna Title & Trust Co. began
business on Dec. 13 1924 and has a combined capital and
surplus of $180,000 and deposits of more than $1,000,000,
while the Sixty-Third Street Title & Trust Co. started business in 1923 and has a combined capital and surplus of $150,000 and deposits in excess of $500,000. The banking quarters of the latter at Sixty-third Street and Lansdowne Avenue, it is understood, will be continued as the West Philadelphia office of the Susquehanna Title & Trust Co. The
main office of the latter is at 1611 Susquehanna Avenue. As
a preliminary step in the proposed merger, the Suqquehanna
Title & Trust Co. on Oct. 25 added to its directorate Victor
J. Hamilton, Charles Gans, John F. Booth, Le Roy Schoch
and B. I. de Young, all of whom, it is said, are connected
with the Sixty-Third Street Title & Trust Co. Samuel F.
Haxton is President of the Susquehanna Title & Trust Co.,
while Victor J. Hamilton heads the Sixty-Third Street Title •
& Trust Co.
2220
THE CHRONICLE
Effective Oct. 18 the Third National Bank of Gastonia,
N. C. (calita ized at $250,000) went into voluntary liquidation and has been succeeded by the Commercial Bank &
Trust Co. This is a preliminary step, it is understood, in
the proposed consolidation of the four Northern Carolina
banks mentioned in our issue of Sept. 18, page 1466, namely
the Third National Bank of Gastonia, the People's Loan &
Trust Co. of King's Mountain, the Farmers' Bank & Trust
Co. of Cherryville, and the Mount Holly Bank of Mount
Holly.
The Brotherhood Savings & Trust Co. of Pittsburgh, a
labor bank, failed to open for business on Oct. 16, following
the disclosure, of an alleged bond swindle involving, it was
said, $425,000, of which more than $100,000 belonged to the
bank. The State Banking Department ordered the bank
closed and took over its affairs following upon the arrest
late Friday night, Oct. 15, of four persons, including three
officers of the bank, on various charges growing out of,the
alleged swindle. Coincidentally a nation-wide search was
instituted for Charles E. Knapp, a bond salesman of Pittsburgh, who disappeared on Oct. 15 with a satchel containing
the $425,000 which had been entrusted to him by the other
defendants, it is understood, to purchase $800.000 of Liberty
bonds at a discount. On the night of Oct. 20, however,
Knapp was arrested at a mountain cabin near Uniontown,
Pa., and returned to Pittsburgh, only $554, it is said, being
then found in his possession. The four men arrested on Oct.
15 were R. A. McCrady,President of the Brotherhood Savings
& Trust Co.; William Kelly, Vice-President, and J. L. Nelson, Secretary, and Frank T. Redman, a broker. On Oct. 16
charges of alleged conspiracy were filed against McCrady,
Kelly, Nelson, Redman and Knapp, by Chief State Bank
Examiner R. P. Ferguson, and later in the day charges of
conspiracy were filed against all five defendants by city
authorities, with additional charges of embezzlement and
fraudulent misappropriation against each of the bank officials. Subsequently McCrady was released on bonds totaling $125,000. An account of the alleged swindle, as contained in a dispatch by the Associated Press from Pittsburgh, printed in the New York "Times" of Oct. 17, said:
McCrady told detectives Knapp approached him several weeks ago with
a proposition to buy Liberty bonds at a big discount and quoted the bond
salesman as saying he had several similar deals pending involving $8,000,000 of bonds of a bankrupt banker whose identity could not be disclosed.
The bank President related that Knapp appeared at the bank yesterday
(Oct. 15) and received the cash, which he first told detectives amounted to
$320,000, and later placed the figure at $425,000. Of the fund, $150,000
was said to have been contributed by a Pittsburgh broker, and the remainder was represented by the sum obtained from the bank and smaller amounts
from individuals.
Both men left the bank in a taxicab, Knapp taking the money with him,
according to McCrady's report to the police. At a nearby corner McCrady
left the automobile with the understanding, he said, that Knapp was to
get the bonds and return to the bank within a short time. When the sped.
fled time passed and the bond salesman failed to appear McCrady said he
did not become immediately alarmed, believing Knapp had been unavoidably
detained. After the police were notified some hours later it was learned
that Knapp's wife also was missing from their apartment.
Detectives said that they were told Knapp had received the money a week
ago to make the deal, but returned it later with the explanation that he
could not close negotiations at that time. The police were seeking to trace
the bonds and their ownership, but some of the officers were skeptical
whether any such securities existed.
[VoL. 128.
Goodfellow was held under charges of accessory in larceny and receiving
stolen goods. A hearing scheduled for to-day in the case of Knapp, McCrady
and two other officers of the bank and a broker on various charges growing out of the case was postponed until Friday.
The Brotherhood Savings & Trust Co., said to be the only
labor bank in Pittsburgh, was organized in 1923. At the
time of the closing, it is understood, it had total deposits of
$522,616 and total resources of $728,619.
That Frank H. Bessenger had tendered his resignation as
President of the Guaranty Trust Co. of Detroit and that
Frank G. Smith, a Vice-President of the First National
Bank in Detroit, had been chosen as his successor was reported in the Detroit "Free Press" of Oct. 14. Mr. Smith,
it was stated, had submitted his resignation to the First
National Bank to become effective Jan. 8 1927, when he
would have completed 40 years of service with the institution, and until that date would divide his attention between
his duties at the First National and those of his new position. Mr. Bessenger, it was stated, while retiring from the
presidency of the Guaranty Trust Co., would continue as a
director. His resignation as an executive officer was
influenced by his desire to have more time to devote to his
other extensive interests as a member of the firm of
Bessenger & Moore, real estate dealers, and in other
matters.
In announcing the resignation of Mr. Smith to
accept the
presidency of the Guaranty Trust Co., a statement
issued
on Oct. 13 from the office of Emory W. Clark,
Chairman of
the Board of the First National Bank, said in part:
Appreciating Mr. Smith's valuable service over this long
Mr. Smith goes with the bank's best of well wishes to his period of years,
new association
with the Guaranty Trust Co. of Detroit
Effective Monday, Oct. 18, the North Texas National
Bank of Dallas took over the current active banking
business of the Central National Bank of that city and of
its
affiliated institution, the Central Trust & Savings Bank.
The enlarged bank is capitalized at $1,000,000, with surplus
and undivided profits of $359,140; deposits of $11,689,303,
and total resources of $14,612,868. The personnel of the institution, which includes the active officers of the Central
banks, Is as follows: Everett S. Owens, President; Charles
S. Mitchell, J. W. Royall, Stanley A. Longmoor (and Cashiers), W. G. Kelly, Edward H. Cary and W. B. Head, VicePresidents; Ben C. Ball, Assistant Vice-President; D. W.
Forbes, J. W. Massie, Benton L. Joyner and E. L. Prewitt,
Assistant Cashiers, and J. L. Crosthwait, Auditor. The
directorate has been enlarged by the addition of ten of the
former directors of the Central banks. Among the latter
is T. M. Cullum, former active First Vice-President of the
Central banks. Mr. Cullum was reported in the Dallas
"News" of Oct. 17 as saying that the real estate of the
Central institutions, including the eight-story building on
Main Street near Stone Street, surplus funds and other
assets of the banks, amounting to about $1,000,000, were to
be liquidated by a committee representing the stockholders.
Mr. Cullum was also reported as saying that the Central
Title & Guaranty Co., an associated institution of the Central banks, would be in no way affected by the change and
would continue in business at its present quarters in the
Central Bank Building. In commenting on the absorption
of the Central banks, President Owens of the North Texas
National Bank was quoted in the paper mentioned as saying:
Newspaper advices from Pittsburgh the present week
stated that on Monday, Oct. 25, all but $30,500 of the $320,000 (the amount now said to have been taken by Knapp in
the alleged bond fraud) had been found and was in the possession of the authorities. We quote below from a dispatch
In succeeding to the business of the Central National Bank and the Cenby the Associated Press from Pittsburgh on Oct. 25 printed tral Trust & Savings Bank, directors of the North Texas National felt that
it would place this institution in a much better position to handle the
in the "Times" of Oct. 26:
Missing since Oct. 15, when Charles E. Knapp, a bond salesman, got an
investors' pool of $320,000 to buy Liberty bonds at bargain prices, the
money was found buried to-day near the home of Edward Goodfellow,
associate of Knapp.
Goodfellow was arrested when detectives traced to him a telephone call
made by Knapp after he fled with the money in a small satchel. A previous search on Goodfellow's property produced one package of about
$50,000, found buried near the garage. Under questioning, Goodfellow
admitted the remainder of the cash was also buried there, and accompanied
officers to his home and pointed out the various hiding places. Knapp,
when arrested after his flight, insisted he was held up and robbed
while he was on the way to obtain the bonds for the pool headed by R. A.
McCrady, President of the Brotherhood bank.
Most of the money recovered was wrapped in tar paper and tied with
twine. One roll was found buried in a milk bottle. It contained $175,000
in bills of large denomination.
Goodfellow said Knapp came to him the night of his disappearance and
said he had closed a big bond deal and had been given the money after
banking hours. The bond salesman gave him the money, Goodfellow said,
and asked him to keep it for him. Goodfellow said he left his home and
drove to his office after midnight and locked the money in his safe.
The next morning, he related, he saw newspaper accounts of the affair
and knew he would get into trouble if he revealed he had the money. lie
said he remembered in a dazed sort of way of burying the money, but
could not recall the exact circumstances.
business of its patrons in Dallas and the Southwest and to render a greater
service through the enlarged facilities created by the acquisition of this
additional business. The development of Texas and the Southwest demands
larger financial institutions to handle their rapidly expanding business
interests, and the enlarged North Texas National Bank will continue to
lend its every effort toward this service to its community and clientele. To
the thousands of new depositors who will come to us from the Central
banks we offer every facility of banking, both in its commercial and savings branches.
The Central National Bank was organized in 1914 as the
Central State Bank. In March of last year it became a
national institution, with the formation at the same time of
the Central Trust & Savings Bank as an affiliated institution. The North Texas National Bank succeeded the Southwest National Bank in May of last year.
A. N. Kemp, executive Vice-President of the California
Bank of Los Angeles and President of the California Group
Corporation (a subsidiary of the former) was recently elected
a director of the National City Bank of Los Angeles which in
June last was acquired by the California Bank, according to
the Los Angeles "Times" of Oct. 21. Other California Bank
OCT. 30 1926.]
THE CHRONICLE
2221
officials now members of the directorate of the National
City Bank include, it is understood, A. M. Chaffry (President), G. Allan Hancock, Harry J. Bauer, and George A. J.
Howard.
day and prices moved within narrow limits. General
Motors was under strong pressure and receded 2 points, and
United States Steel dropped to 1393/2. Railroad stocks were
in good demand at improving prices, particularly Southern
Pacific, which recorded a net gain of 2 points. Shortly after
Rt. Hon. Lord Shaughnessy, second Baron Shaughnessy, midsession a brisk rally developed in the oil group, Pan
American B spurting forward 13s points to 64%. The final
was elected a director of the Canadian Bank of Commerce, tone
was good.
In Toronto, on Oct. 22.
The 54th semi-annual statement of the Bank of Taiwan,
Ltd. (head office Talpeli. Japan), as of June 30 1926, just
received, shows total assets of yen 821,096,870, of which
cash in hand, at bankers and bullion and foreign money
amounted to yen 37,547.716. On the liabilities side of the
statement, current accounts, fixed deposits, etc., are given
as yen 232,136.786. bills payable yen 233,698,581 and bills
rediscounted at yen 177,086,231. The bank's subscribed capital is yen 45,000,000 and its reserve funds amount to yen
1,626,404. Hirozo Mori is President.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculati've activity on the New York Stock Exchange
again passed through a series of brisk upturns and sharp
recessions during the present week. Interest centred largely
in the two outstanding market leaders, United States Steel
and General Motors, though the oils, public utilities, specialties and railroad issues have at times displayed considerable
strength. The market again tuened upward in the brief
session on Saturday and many of the more active speculative
issued moved forward from 1 to 4 points. In the early
trading General Motors yielded 2 points, but the price
improved later in the day, and the close was at a net gain
%
of 13 points. Specialties also were in Strong demand at
rising prices, particularly United States Cast Iron Pipe &
Foundry, which moved forward nearly 7 points to 2033/2•
Trading was also brisk in United States Steel, which crossed
139 and ended the day with a gain of 2 points. Local traction stocks were among the outstandinstrong features,
e
l
Interborough Rapid Transit advancing 5 points, BrooklynManhattan Transit moving forward 2% points, and Third
Avenue registereing a net gain of 3 point.
The market was somewhat irregular oil Monday though
the general trend was .toward -higher levels. Some of the
market leaders, particularly United States Steel common and
General Motors, showed net losses at the clpse of the session,
while, on the other hand, such stocks as Timken Roller
Bearing, Eastman Kodak and American Linseed scored substantial gains. Trading was unusually light, and the turnover was the smallest of any full day since last July. Oil
stocks were fairly steady in the early trading, but later eased
off somewhat. Phillips Petroleum and General Asphalt
going lower, and Texas Co. showing a fractional advance.
Railroad stocks were irregular, most of the Southern stocks
moving downward, while such issues as Baltimore & Ohio,
and New Haven were in active demand at improving prices.
The outstanding feature of the market on Tuesday was the
strength of certain railroad stocks, particularly thcse of the
dividend-paying class such as Norfolk dr Western, which
moved up 13 points to 1673%, and Atchison, Southern
%
Pacific and Union Pacific, all of which scored Substantial
gains. Mercantile stocks were active and strong, expecially
Montgomery Ward, Sears-Roebuck, May Department Store
and R. H. Macy. In the final hour the market turned irregular and the trend generally downward.
Under the leadership of United States Steel and General
Motors the market moved vigorously upward on Wednesday,
some of the more active speculative stocks advancing as
much as 3 points. The favorable earnings .statements of
the two market leaders stimulated speculative enthusiasm
in the general list, and for a time the market was positively
buoyant Railroad stocks were especially strong and
:
substantial gains were recorded by Pennsylvania, Southern
Railway, Cheaspeake & Ohio, Atlantic 'Coast Line, New
Haven, Baltimore & Ohio, Atchison, Southern Pacific and
Union Pacific. Both the Pennsylvania RR. and Norfolk &
Western increased their dividends. United. States Steel
common moved forward to 1403% and General Motors sold
as high as 1.49%.. On Thursday stocks were fairly strong and
active until the final half-hour, when a wave of selling came
into the market and practically all of the gains of the early
trading were lost. The recessions were particularly sharp in
the railroad group, Nickel Plate moving down nearly 3
points,. Atlantic Coast Line 234 points, Norfolk & Western
1% points, and Baltimore & Ohio 1% points. Oil shares
were firm, Me/pcan Petroleum advancing a point and
Producers & Refiners gaining over 2 points. United States
Steel common at its high for the day touched 142, but
slipped back to 1393%. General Motors gained 3 points but
receded to 15034 in the final hour, and du Pont advanced
7 points and.yielded 534. The market was irregular on Fri-
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
&c.,
Bonds.
Stale,
Municipal &
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
'Thursday
Friday
763,800
977,998
1,185,112
1,522,580
1,740,861
1,130,700
84,915,000
4,743.000
6,547,000
7,501,000
7,602,000
9,129,000
81.546,500
2,797,000
3,349,000
4,993,000
7,157,000
3,348,000
$191.400
381.650
1,260.700
1,438,950
580,500
437,000
Total
7,321,051
840,437,000
$23,190,500
$4,290,200
Week Ended Oct. 29.
Sales at
New York Stock
Exchange.
Week Ended Oct. 29.
1926.
Stocks
-No. shares._
Bonds.
Government bonds--State dr foreign bonds.
Railroaddr misc. bonds
1925.
United
States
Bonds.
Jan. 1 to Oct. 29.
1926.
1925.
7,321,051
13,231,925
378,136,347
353.571,013
$4,290,200
23,190,500
40,437,000
$4,678,450
17,626,000
37,668,000
$216,667,950
550,408,450
1,633,615,200
$294,521,560
592,905,500
2,546,481,775
Total bonds
867.917,700 /59,972,450 82,405.691.600 $3,433,908,836
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
•
Boston.
Week Ended
Oct. 29 1926.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
P5ey. week revised
Philadelphia.
Baltimore.
Shares. Bond Sates. Shares. Bond Sates. Shares. Bond Sales.
10,533
17,370
19,932
25.492
29,590
11,561
$14,000
27,200
53,000
31,000
11,350
10.000
6,937
14,847
55,802
58.500
32,689
11,109
$3,600
3,400
101,100
30,500
29,300
41,000
654
3.363
2,005
2.948
1,044
1,139
83,600
10.300
41,000
25,000
22.100
24,200
114,478
8146,550
179,884
$208,900
11,159
8126,200
148.079
3143.250
138.471
1132.200
12.864
8158,200
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a decrease
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Oct. 30), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will be 5.9% smaller than for the corresponding week
last year. The total stands at $9,248,923,016, against $9,827,465,083 for the same week in 1925. At this centre there
is a loss for the five days of 8.8%. Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended Oct. 30.
1926,
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans
04,094,000,000
500.568.997
474,000,000
396,000,000
130,442,038
116,900,000
146.071,000
132,318,000
149,950,057
95,067,207
147,560,700
89,346,682
63,068,821
84.487,426,215
-8.8
527,474,352
-5.1
468.000,000
+1.3
371,000,000
+6.7
114,409,532 +14.0
128,100,000
-8.3
174,393.000 -16.2
123,856,000
+6.8
146,286,926
+2.5
93,855,005
+1.3
138,858.232
+6.3
94,614,627
-5.6
66,118,524
-4.6
Thirteen cities, 5 days
Other cities. 5 days
86.535,293,502
1,172,142,345
$6,934,392.413
1,113,298,020
-5.8
+5.8
Total all cities, 5 days
All cities, 1 day
07.707,435,847
1,541,487,169
$8,047,690,433
1,779,774,650
-4.2
-13.4
39.245.923.016
10.527.465.083
-5.8
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Oct. 23. For
that week there is a decrease of 0.9%, the 1.926 aggregate
of clearings being $10,398,055,829 and the 1925 aggregate
$10,496,154,330. Outside of New York City there is an
increase of 3.0%, the bank exchanges at this centre having
shown a loss of 3.7%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is an improvement of 36.2% and in the Philadelphia
Reserve District of 5.9%, but in the New York Reserve District (including this city) there is a falling off of 3.7%. The
Cleveland Reserve District has a gain of 4.4%, the Kansas
City Reserve District of 0.7% and the Dallas Reserve Dia-.
trict of 2.7%. The Richmond Reserve District shows a loss
of 10.0%, the Atlanta Reserve District of 20.8% (mainly
due to the falling off at the Florida points, Jacksonville having a decrease of 35.2% and Miami of 77.1%), and the Chicago Reserve District of 1.2%. For the St. Louis Reserve
District the totals are smaller by 1.0%, for the Minneapolis
Reserve District by 5.0% and for the San Francisco Reserve
District by 5.2%.
In the following we furnish a summary by Federal Reserve
districts.
SUMMARY OF BANK CLEARINGS.
Week Ended Oa. 23 1926.
1926.
1925.
5
Federal Reserve Dints.
768,741,034
let Boston_ _ _ _12 cities
5,753,322,031
Ind New York _11 "
637,540,226
Bid Philadelphia 10 "
442,868,783
ith Cleveland__ 8 "
387,782,295
5th Richmond - 6 "
245,235,593
5th Atlanta_ __ _13 '•
971,809,730
7th Chicago _ _ _20 "
249,629,589
Elth Si. Louis__ 8 "
148,919,798
9th Minneapolis 7 "
10th Kansas City12 "
288,241.332
11th Dallas
99,933,312
5 "
12th Ban Fran_ _17 "
586,032,106
Ine.or
Dec.
1923.
1924.
$
$
%
492,893,383
564,437,688 +36.2
5,974,046,441 -3.7 4,933,481,189
533,729,125
601,706,262 +5.9
370,593,202
424,253,629 +4 4
.
193,515,817
230,729,719 -10.0
221,083,820
309,663,745 -20.8
880,575,702
983,307,148 -1.2
238,903,209
252,457,554 -1.1
177,9)4,227
151,745,413 -5.0
278,552,568
285,353,520 +0.7
98,299,130
97,309,525 +2.7
464,171,618
618,143,6E6 -5.2
5
417,929,988
4,035,768,516
498,088,116
366,472,258
179,820,490
200,272,994
830,657,375
209,320,448
129,303,940
237,522,692
83,298,769
462,512,636
Total
129 cities 10.398.055,829 10,496,151,330 -0.9 8,884,742,988
4,774,762,194 4,635,131,352 +3.0 4,059,836,704
Outside N. Y. City
7,650,968,212
3,725,396,480
r.erserla
70 nirfew
3*,.77 own
171 Aln
,F,r, 4-1
g
171 1_17 2121
472.440 097
We now add our detailed statement, showing last week's
figures for each city separately, for the four-years.
Week Ended October 23.
Clearings at1926.
1925.
Inc. or
Dec.
5
$
%
-BostonFirst Federal Reserve Dist act
699,133 +13.3
792,376
Maine-Bangor__
3,096,040
3,150,603 -1.7
Portland
-Boston _ _ 707,000,000 501,000,000 +41.1
Mass.
2,958,546 -26.4
2,170,513
Fall River_ _ _ _
a
a
a
Holyoke
1,077,137
1,158,995 -7.1
Lowell
a
a
a
Lynn
1.458,287
2,007.720 -17.4
New Bedford_
5,957,392 -11.5
5,274.753
Springfield_ _
4.237,655
3,927,108
+7.9
Worcester
14.460.400
-Hartford.
16,646.284 -13.1
Conn.
I. New Haven...
6,956.472 +14.0
7,931.215
20,483,400
R.I.-Providence
19,228.600 +6.5
759,258
N.H.-Manches'r
746,835
+1.7
Total(12 cities)
768,741,034
564,437,688 +30.2
1924.
1923.
$
8
680,380
2,593,476
438,000,000
2,137,758
a
1,116,000
a
1.532,764
5,518,892
3,125.000
10,932,686
6,753.795
19,841,500
661.132
417,929,988
Total(11 cities) 5,753,322,031 5.974,046.441
Total(10 cities)
637.540,226
601,706,262
+5.9
533,729,125
Fourth Feder at Reserve D 'strict-Cle veland 5,652,000 +7.4
6,069,000
Ohio-Akron...
9.432,000
3,61)2,370
+9.5
3,945,788
4,268,430
, Canton
80.841.464
79,867,595 +1.2
. _
64,801,305
k Cincinnati
129,192,701 127,349,575 +14 109,920,661
, Cleveland
13,918,100 +18.7
16,526,500
Columbus
11,844.800
a
a
a
a
Dayton
a
a
a
a
r Lima
2,621,210 +2.5
2,687.712
1,953,817
I Mansfield
a
a
a
Springfield....
a
a
a
a
a
Toledo
5.998,738 -9.2
d5,448.434
3,770,356
Youngstown
a
a
a
a
?rt.-Erie
198.157.184 185,244,041
+7.0 164,601,833
Pittsburgh- '
(8 cities). 442,868,783 424,253,629 +4.4 370,593,202
L Total
..
" Fifth Federal Reserve Dist rid -Riches ond1,397,031 + 134
1.540.693
1,583,960
7J.Va.-liuntTn
9,908,890 -12.6
8,665,994
7,569.003
ia.-Norfolk
62.507.000
65.760,000 -13.6
56,846,592
Richmond _
3,127.468 -2.3
3.385.945
d3.054.867
-Charleston
I. C.
97.086,776
dd.-Baltimore. 110.789.872 124,708.365 -11.2
21,426,400
25,827.965 +3.9
e26,841,010
3.C.-Washing'n
1,4513,492
4,031,841
1,320,047
2,893,939
470,000,000
3,083,592
5,263,078
3,691,413
1,527,063
4,820,651
a
498,088,116
309,663.745 -20.8
224,083,820
200.272,994
245,235,593
172,803
672,505
140,861,857
6,125,955
2,116.792
2,203,668
20,828,000
2,317.566
5,822,897
34,432,743
2.659,579
10,502.568
6,432,390
1,250,528
1,058,528
583,425,178
a
1,144,704
4,240.756
2,167.589
2,220,769
880,575,702
830,657.375
4,834,895
149,500,000
33,722,644
329,451
31,426,812
17,427,499
319.843
1,342,065
4,673,052
132,300,000
28,518,719
388,219
27.145,309
14.840,850
307.816
1,146,483
-1.1 238,903.209
neapol is
+2.5
20,189,073
-6.9 115,015,575
-3.1
34,192,711
-23.4
2,208.407
-14.7
1,680,360
-3.9
778,810
+22.6
3,879,291
209.320,448
9.196,040
73,837,975
38,192,808
2,181,438
1,329,950
602.306
3,963.423
177,944,227
129,303,940
389,519
570,665
4,272,329
45.672.750
2,660,483
7.890,330
147,138,253
7,224,535
a
38,690,187
a
989,652
22,051,829
1,002,034
308.907
394,458
3,373,267
39,813,338
2,531,452
7,675,019
130,122.263
6,869,661
278,552.568
237,522,692
2,050,419
60,190,971
15,978.685
13,168,877
a
4,912,178
1,763,865
46,394,584
14,833,925
14,705,218
a
5,601,177
83.298,769
-5.2
22.136,945
'
a
1.040.149
22,584.347
672,885
38,312,828
11,821,000
a
1,601,131
43,183,184
15,155,254
a
a
4,703,223
8,405,579
147,154,000
15,743,735
4,906.105
7.846,228
3,137,108
154,000,000
2,592.951
928,800
3,021,500
-0.9 8.884.742,988 7.650,968.212
4.774,762,194 4,635,131,352
+3.0 4.059,836.704 3,725,396,480
1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat_ - Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert.-Moncton
Kingston
7,364,044
2.296,491
20.318.363
60,889.193
2,759,612
1,683.560
a
12,510,184
25,101.790
1.813.822
1,050,283
345.368
64.140,284
Total(8 cities). 249,629,589 252,457,554
Ninth Federal Reserve Dia trict - Min
10,325,167
Minn.
-Duluth..
10,072.370
92,861,521
Minneapolis_ _ _
99,690,600
34,767,969
St. Paul
35,870,108
2,128.727
No. Dak.-Fargo
2,779,748
1,585,734
S. D.
-Aberdeen
1,860,540
847,531
Mont.
-Billings _
881,478
4,403,149
Helena
3,590,569
n s at
179,820,490
7,097.869
2,605,955
21,938,189
69,621.047
2.512,461
1.664.795
a
15.508,891
3.772.054
31,845,213
1.716.770
1.600.000
447.685
63,752.891
Total(20 cities) 971,809,730 983,307,148 -1.2
Eighth Feder al Reserve D istrict -St. Louis-Evansville.
Ind.
5,783,475
5,597,126
+3.3
Mo.-St. Louis.. 154,500,000 159,300,000 -3.0
36,797.686
Ky.-Loulsville_ _
33,869,301
+8.6
Owensboro_
298,374
312,575 -4.6
Tenn.-Memphis
31,692,270
34,163,232 -7.2
-Little Rock
18,572,626
Ark.
17,399,850 +8.7
404.444
Ill. -Jacksonville
373.370 +8.3
1,580.714
Quincy
1,442,100 +9.6
1923.
464,171,616
462.512,626
Week Ended October 21.
1.766,802
8,726.087
54.145.000
3,927,404
91,929.197
19.326.000
193,515.817
1924.
$
$
Seventh Feder at Reserve 13 'strict-Chi cago
Mich.-Adrian_ _
270,724
226,082
199,242 +35.9
Ann Arbor_ __
.
720,464
1,066,050
988,907
+7.8
Detroit
189,569,646 193,796,584 -2.2 155,269,939
Grand Rapids_
8,663, 00
6,966,134
8.052,308 +7.5
Lansing
2,893,371
2,372,331
2.784,613 +3.9
Ind.
-Ft. Wayne
2,863,046
2,230,697
2.715,331
+5.4
Indianapolis_ _ _
23,497,000
18,138,000
16,412.000 +43.1
South Bend_ _ _
3,419,800
2.535.000
3,051,900 + 12.0
Terre Haute...
5,858,244
5,061,170
5,525.761
+6.0
Wis.-Milwaukee
43,893,619
36,468,741
38,380,134 +14.4
Iowa-Ced. Rap.
3,000,421
2,563,646
2,564.774 +17.0
Des Moines_ _
11,626,122
10,772,242
10,904,373 +6.6
Sioux City _ _ _ _
6.763,319
7.543.553
6.443,339 +5.0
Waterloo
1,277,377
1,324.115 -3.5
1,533,011
-Bloomington
Ill.
1,575,589
+1.8
1,549,311
1,381,487
653,348,032 677,010.773 -3.5 616,800,121
Chicago
a
Danville
a
a
a
Decatur
1,303,035
1,230,219 +5.7
1,259.977
5,027,528
Peoria
4.948.937 +3.6
4,493,045
Rockford
3,338,133
2,221,285
2,824,276 +18.2
2,555,174
Springfield_ _ _ _
2.600,251 -1.7
2,018,777
Outside N. Y
366,472,258
230,729,719 -10.0
207,782.295
Inc. or
Dec.
Total(17 cities) 586,032,106 618.143,686
Grand total (129
10398,055.829 10496.154,330
cities)
6,617,000
4,110,588
64,999,902
103,360,069
13,097,200
a
a
1,854,662
a
a
3.747.869
a
168.684,968
Sixth Federal Reserve Dist act-AtIant a
8,647,832 +14.5
9,901,261
Penn.-ChatVga.
2.826.227 +14.0
3.223.445
Knoxville
+6.5
22.692.971
24,175,372
Nashville
93,626.758 -32.7
63,019,990
leorgia-Atlanta
2.647.697 -2.2
, Augusta
2.589,987
1,946.426 +15.3
Macon
2,244,027
a
a
Savannah
a
40,275,114 -35.2
26,091,014
Fla.-Jack'nville.
24.512,008 -77.4
Miami
5,540.203
30.553.239 -4.4
29,220.855
kla. "Hirming'm.
-+3.0
2.130,771
Mobile
2,195,386
1,700,000 +15 3
bliss -Jackson..
1,959.578
479,950 -3.4
Vicksburg _ _ - 463.818
77,755.523 -4.1
1.8.-NewOrleans
74,610,657
, Total(6 cities).
1925.
Total(12 cities) 288,241.332 285,353.520 +0.7
Eleventh Fede rat Reserve District-D alias1,750,506
Texas
-Austin..
1,708,343 +2.5
62,539,220
Dallas
82,697,888 -0.3
16,304,822
Fort Worth_
16,430,489 -0.8
13,302,000
Galveston
10,888.000 +22.2
a
a
a
Houston
6,036.754
La -Shreveport.
5.584,805 +8.1
-3.7 4.933,481,189 4,035,768,516
Third Federal Reserve Dist rict-Philad el ph la1,973,515
1,601,909 +23.2
Pa.
-Altoona....
1,401,280
4,747,612
Bethlehem_ _ _ _
3,274,265 +45.0
4,392,579
1,689,816 -7.1
1,570,498
Chester
1.149,706
2,190,623
2.757,314 -20.6
Lancaster
2,663,337
603,000,000 572,000,000 +5.4 505.000,000
Philadelphia
3,710,893
Reading
3,739,540 -0.8
3,184,323
7,040,194
Scranton
5,454,046 +29.1
5,534.264
4,698,300
Wilkes-Barre
3,840.8113 +23.8
3,676,681
1,897,820
1,742,424
+8.9
York
1,529.326
6.710,771
-Trenton
5,646,082 +18.8
N. J.
5,197,629
a
Del.-Wilming'n.
a
a
a
1926.
99,933.312
97,309,525 +2.7
96.299,130
Total(5 cities).
Twelfth Feder al Reserve D istrict-San Franc'sco47.727.272
44.790,287 +6.5
39,743.206
-Seattle_
Wash.
14,119,000
13,401,000 +5.3
11,631,000
Spokane
a
a
a
a
Tacoma
2.012,882
2,259,406 -10.9
1.933.650
Yakima
47,904.707 -5.1
40,879,808
45,462.053
Ore -Portland.
68,283,933 +66.4
18,390,594
22.940,547
Utah-Salt L.C'y
a
a
a
a
Nev.-Reno _
a
a
a
a
Ariz.
-Phoenix
4,969.891
5,911,487 +0.2
6,838,854
Calif.-Fresno__
6,104,263
6,805,683 + 18.7
8,081.504
Long Beach _ _ _
Los Angeles_ _ _ 184,225,000 162,488,000 + 13.4 133,782,000
21,700,330 -4.8
15.762,159
20,657,265
Oakland
5,942.874 +13.8
5,370,639
6.761,655
Pasadena
10,365,536 -12.0
8.725,650
9,117.997
Sacramento
4,990.048 +21.6
6,066,713
3,842,697
San Diego....
San Francisco_ 201,318,000 212,858.000 -5.4 163,900,000
3,445,235 +10.3
3,800,906
3,137,305
San Jose
1.795,675 -31.1
1,236.597
1,105,285
Santa Barbara_
1.910,685 +15.5
2,206,461
1,881,269
Santa Monica_
3,290,800 +5.1
3,459,300
3,012,200
Stockton
712.888
2,591,545
367,000,000
2,437,356
a
1,215,523
a
1,418.230
4,883.518
2,936.000
9.966.604
5,866,349
18,284,400
617.575
492,893,383
Week.
Ended'Oe,tober 23.
Clearings at-
Total (7 cities). 146,919,798 154,745,413 -5.0
Tenth Federal Reserve Ohs trict - Kan sas Clt
d431,048
Neb.-Fremont..
451,569 -4.6
481,718
Hastings
555,452 -13.3
4,570,446
Lincoln
4,671,710 -2.2
45,805,362
Omaha
46,813,835 -2.2
3.188,368
Kan.
-Topeka__
3,625,736 -12.1
d8,295,639
Wichita
7,907,092 +4.9
Mo.-Kan. City_ 162.480,290 152,302.115 +6.7
7,121,994
St. Joseph__ _ _
7.472,083 -4.7
a
a
a
Okla.-Muskogee
Oklahoma City d32,937,571
36.433,263 -9.6
a
a
a
Tulsa
1,155,654
-Colo .Spgs
Colo.
1,172,815 -0.6
20,339,114
Denver
22,857,749 -11.1
e1,434,128
Pueblo
1.090,101 +31.6
Second Feder at Reserve D strict
-New York
6.299,538
-Albany.
5.570,788 + 13.0
N. Y.
5,402,040
5,577,672
1,196,960
Binghamton_ _
.
1,022,200 +17.1
835,200
843,000
54,080,583
Buffalo
48,094,491
65,363.464 -17.3
46,311,157
953,192
Elmira
849,803 +12.2
718,278
706,124
1,727,365
Jamestown_ _ _ _
1.781.220 -3.0
1,200,060
1,046,054
New York_ _ _ _ 5,623,293,635 5,841.022,978 -3.7 4,824,906,284 3,925,571.732
12,129,738
12.262.769 -1.1
Rochester
11.110,489
9,096,385
5,387,983
5,840,741 -8.1
Syracuse
4,255,522
4,083,667
c5,068,393
-Stamford
5,487,969 -7.7
Conn.
2,932,363
2,665,238
525.482
-Montclair
619.446 -15.2
N. J.
474.881
522,093
42,679,162
34,225,063 +24.7
33,551,581
Northern N.J_
39,345,394
.Total(13 cities)
[VoL. 123
THE CHRONICLE
2222
I
5
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
2.523.189
2,435,163
3,763.129
5,163,742
8.694.136
708.078
673.408
2,547,917
1,724.813
1,082.150
1,128.458
753.294
416,312
775.968
950.460
1,112,045
4,917.619
419,057
983.871
755,826
1925.
$
118,529.669
106.718,095
69.001,742
18.666,781
8,425.492
5.955,534
2.804.079
5,375,041
7,130,392
2.821.976
2,139,060
3.091,651
4,709.958
6,585,754
691,264
525.145
2,284,527
1,571.218
1,160,914
904.738
642.227
356,098
751.182
916,496
1,031,642
3,917.781
361,212
890.576
780.006
lacer
.
Dec.
%
+2.3
-3.7
+2.0
-1.2
-2.9
+3.2
+0.8
+25.9
+14.8
-10.6
+13.8
+21.7
+7.6
+1.6
+2.4
+28.2
+11.5
+9.8
-6.8
+24.7
+17.3
+16.9
+3.3
+3.7
+7.8
+25.5
+16.0
+10.5
-3.1
1924.
2
107,875,817
110,690,564
75.450.457
17,759,717
6,819.762
6.044.530
2,731,574
4,950,303
8,079.009
2.646.350
2,943,469
2.613,779
4,004,629
4,414,674
697,120
632,203
1,990,192
1,599,744
889,201
1,295,341
533,955
362.279
868.931
763,163
868,035
3,798,954
335,681
916,337
701,453
1023.
5
123,977,326
197,709,910
72,202,066
15,862,822
7,070,218
6,019.650
3,763,581
6,266,302
8,909,551
2,785.827
2,227,755
3,159,147
3,989,390
4,557.295
718,406
715.643
2,364,841
1,620,634
1,100,351
1,329,486
, 584.499
848,115
913,146
816.853
1.027.374
3,472,588
382,404
890,610
674,806
384,502,240 378,830,250 +1.5 373.337,200 472,960,597
a No longer report clearings. b Do not respond to requests for figures. c Wee
ended Oct. 20. d Week ended Oct. 21. e Week ended Oct. 22. * Estimated.
Total (29 cities)
OCT. 30 1926.]
THE CHRONICLE
2223
United Kingdom imports and exports of silver during the week ending
THE CURB MARKET.
the 6th inst. were:
Beyond some s'ight improvement in prices in the fore part
Imports.
Exports.
United
Germany
£41.790
of the week, which soon gave way to an irregular tendency, CanadaStates of America_ __ £47,175 British India
18,900
93.838
931 Other countries
14.175
there was nothing of interest in Curb Market trading this Other countries
£67,006
week. Business was very dull. Oil stocks were about the
£149,803
INDIAN CURRENCY RETURNS.
only issues to show any activity Vacuum Oil was a feature,
(In Lacs of Rupees)
Oct. 7.
Sept. 22. Sept. 30.
in circulation
advancing from 90% to 983, the close to-day being at 971
19645
19534
19652
4 Notes coin and bullion in India
Silver
10163
10273
10262
Buckeye Pipe Line rose from 425 to 44 Continental Oil Silver coin and bullion out of India
A
Gold coin and bullion
2535
.
2232
2555
improved from 173 to 18%, and ends the week at 18% Gold coin and bullion in India
out of India
Cumberland Pipe Line was off from 105% to 102, but re- Securities (Indian Government)
5739
58./85
Securities (British Government)
1400
1400
1399
covered finally to 104 Humble Oil & Refining sold up
No silver coinage was reported during the week ending the 7th inst.
The stock in Shanghai on the 9th inst. consisted of about 71,300.000
from 52% to 564 and at 553 finally Ohio Oil advanced
ounces in sycee, 73.000,000 dollars, and 4.400 silver bars, as compared
from 579. to 58% and sold finally at 583'
Standard Oil with about 72.400,000 ounces in sycee, 68,500,000 dollars, and 5,660
(Indiana) moved up from 615 to 64% and closed to-day at silver bars on the 2d inst.
%
-Bar Silver per Oz. Std.- Bar Gold per
Quotations
2 Mos.
Oz. Fine.
64. Standard Oil of N. Y. gained over a point to 313/ Octooer 7 During the Week- ensh.
8
.
84s. i1d.
26d.
26d.
Amer. Maracaibo Oil improved from 4% to 63/i and sold October 8
2511- 6d.
25 11-16d. 84s .11 d.
October 9
25 13-16d. 84s. 11 d.
-16d.
25 l3
finally at 64. Carib Syndicate rose from 163 to 19 and October 11
%
25 15-16d.
25 15-16d. 84s. 11)4d.
12
84s. 11 Ntd.
2554d.
20(cl.
closed to-day at 18%. Creole Syndicace improved from October 13
October
25 15-16d.
2514d.
845. 11)4d.
25.854d.
25.843d.
Ms. 11.4d.
125% to 133', the final transaction to-day being at 135%. Average
The silver quotations to-day for cash and two months' delivery are
Gulf Oil of Pa. sold up from 86% to 90. Among industrials
respectively %d. and 1-16d. above those fixed a week ago.
E. I. du Pont de Nemours & Co. sold up from 1553i to
159% in the fore part of the week, later transactions being
ENGLISH FINANCIAL MARKETS
-PER CABLE.
on the New York Stock Exchange. Glen Alden Coal adThe daily closing quotations for securities, &c., at London,
vanced from 176 to 1783 and ends the week at 1784.
3
Penn.
-Dixie Cement common moved up from 36% to 39. as reported by cable, have been as follows the past week.
Mon.,
London,
Sat.,
Wed.,
Tues.,
Thurs.,
Fri.,
Elsewhere changes were small. Public utilities were dull Week End.Oct.29. Oct. 23. Oct. 25. Oct. 26. Oct. 27. Oct. 28. Oct. 29.
and irregular. American Light & Traction common gained Silver. per oa__ 2414d. 24 9-16d. 24 13-16d. 24 15-16d. 24 7-16d. 24 1316d.
about seven points to 210
.and closed to-day at 209. Colum- Gold,per fine oa 84s.11 Md. 848.11%d. 843.11d. 843.11)4d. 846.1110. 8411.111.4d.
Con8ols,2)4%_
547-16
547-10
5414
549-16
5414
bia Gas & Electric advanced from 82 to 853 and reacted British, 5%-------10194
z9934
9994
9914
9594
finally to 83.
British, 4)4%. ____
z9394
9434
939(
9334
9334
French Rentes
A complete record of Curb Market transactions for the
On Paris)Jr- ----49.30
49.25
49.50
49.70
49.50
week will be found on page 2248.
French War L'n
DAILY TRANSACTIONS AT THE NEW YORK CURB'MARKET.
Week Ended
Oa. 29.
STOCKS (No. Shares).
Ind& Misr
Oil.
Saturday
Monday
Tuesday
Wednesday
'Thursday
Friday
53,356
98.105
53,310
161,290
102,358
101.926
78,303
69,895
192.960
140.270
108,800
173,570
Total
503,943
830,200
Mining
BONDS(Par Value).
Domestic. Por'n Govt.
10,510 21.043,000 $110,000
43,510
53.500
63,020
31,590
32,260
1,443,000
1,629,000
1,790,000
1,640,000
2,271,000
368.000
460,000
261,000
143.000
292,000
(in Parls)..fr_
56.25
56.50
56.65
56.40
57.25
The price of silver in New York on the same days has been.
Silver in N.Y., per oz.(cts.):
Foreign
5234
S Ex-interest.
5234
5394
5334
529(
53
Public
Debt of United States
-Completed Returns
Showing Net Debt as of Aug. 31 1926.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Aug.31 1926,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
THE ENGLISH GOLD AND SILVER MARKETS.
net debt on that date, we append a summary thereof, making
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of comparisons with the same date in 1925.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Oct. 13 1926.
234.390 $9,816,000 $1,634,000
GOLD.
The Bank of England gold reserve against notes on the 6th inst. amounted
to £153,285.935, as compared with £154.262.575 on the previous Wednesday
About £666.000 bar gold was available in the open market this week and of
this the Continent secured over £600,000 the small balance being taken
by India and the trade. Movements of gold to and from the Bank of
England have been announced since our last issue as follows:
Oct. 7.
Oct. 8.
Oct. 9. Oct. 11. Oct. 12. Oct. 13.
Received
Withdrawn- _ £133,000
£403,000 E37,000 £31.000 £141,000
The bulk of the withdrawals was in bar gold. The £47.000 sovereigns
withdrawn were destined as follows: £25,000 to France. £17.000 to
Switzerland, £5,000 to Spain. The withdrawals from the Bank of England
during the week under review totalled £745.000. decreasing the net Influx
since Jan. 1 1926 to £9,129,000, and increasing the net efflux since the
resumption of an effective gold standard to £2.466.000. United Kingdom
imports and exports of gold during the week ending the 6th inst. were:
Imports.
Exports.
Netherlands
£1,006,775
£15.400 Germany
British South Africa
11,950
488 898 Straits Settlements
Other countries
552
4.374 Other countries
£1,019.277
£508.582
During the month of September last the United Kingdom imports and
exports of gold were as follows:
Imports.
Exports.
Netherlands
£10,750 £111,055
Belgium
800
France
127
84,040
Switzerland
83,600
Spain and Canaries
10,000
Egypt
6.900
West Africa
182,209
489
Argentina, Uruguay and Paraguay
15.000
Other South American countries
10,545
5,000
Rhodesia
182.110
Transvaal
2,104,219
British India
107.470
Straits Settlements
117.725
Germany
330.5.35
Ceylon
54.500
Austria
45.900
Other countries
3.627
57.965
Total
£2,493.587 £1.030.979
The Transvaal gold output for September 1926 amounted to 839.939
fine ounces. as compared with 843.854 fine ounces for August 1926 and
797.247 fine ounces for September 1925.
SILVER.
The lower range of prices recently reached has elicited a certain amount
of Indian bear covering. Operators for a fall have been so prominent in
the Indian Bazaars that some naturally have chosen to make sure of their
profits even though an apprehension exists there and elsewhere that bottom
prices may not yet have been touched. Business has been fairly active
especially when prices seemed inclined to ease. The attitude of America
Is often very puzzling. Notwithstanding the fact that it has to provide
for the disposal of most of the production on that side of the globe-almost
three-quarters of the world's output
-it has been again more disposed to
buy from London than to sell here. As regards future prospects bear
covering at best is only a temporary support: the future of silver depends
on the long run on the absorptive power of the Far East. Hence the off
take in India and the imports of silver into China are the most important
factors, in view of a possible superabundance of supplies now that coinage
Is abandoned generally, except in China.
Aug. 31 1926. Aug. 311025,
Balance end month by daily statement. Soi
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
Total
$147,569,311
+2,344,432
$148,001,344
$134,713,787
36,359,174
77,216.542
9.671,615
3,904,098
$127,151,429
Balance, deficit +)or surplus(+)
(
$132,369,355
+432,033
1,375.866
37,984,255
74.292,922
14,874,624
$128,527,667
+56.186.120
INTEREST-BEARING DEBT OUTSTANDING.
Interest Aug. 311926. Aug. 31 1925.
Title of Loan
Payable.
2s. Consols of 1930
Q. J. 599.724,050
599,724.050
2s of 1916-1936
Q.
-F.
48,954,180
48.954,180
2s of 1918-1938
25,947.400
Q.
-F.
25.047.400
38 of 1961
Q.
-M.
49.800.000
49,800.000
36 Conversion bonds of 1946-1947
28.894.500
Q.
-J.
28.894,500
Certificates of indebtednest
.1.-J. 481.979,000
571,485.000
394s First Liberty Loan, 1932-1947
-J. 1,397,689,100 1,409,995.850
4s First Liberty Loan, converted
5.158.300
. .
4146 First Liberty Loan, converted
.1.-D.
532,873.250
414s First Liberty Loan, second converted__J.-D. 532,874,250
3,492.150
3,492,150
4s Second Liberty Loan, 1927-1942
M.
-N.
20.860,100
20,849,650
4146
Second Liberty Loan converted
414s Third Liberty Loan of 1928
4%a Fourth Liberty Loan of 1933-1938
414s Treasury bonds of 1947-1952
45 Treasury bonds of 1944-1954
394s Treasury bonds of 1946-1956
4$ War Savings and Thrift Stamps
2)4a Postal Savings bonds
04s to 5145 Treasury notes
+520.849,915
3,083,677.650
M.
-S. 2,393,936,950
A -5.). 6.324,471.950
763,948,300
1,047,087,500
494,898,100
Matured
358,907.496
.1.-J.
12,881.080
1.-13. 1,605,939.500
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
Net debt
3,083,696,150
2,849.377.350
6,324.480.200
763.948.300
1,047.088,500
383.369,396
12.234,220
2,404,241.400
19,281,109,606 20.165,620.296
243,376,871
263,292.286
9,883.740
17,735,970
819,534,370,217 20,446.648,552
+20,849,915
+6.186,120
519.513,520.302 20,440,462,432
a The total gross debt July 31 1926 on the basis of daily Treasury statements was
810.534.371.300 78, and the net amount of public debt redemption and receipts
in transit. etc.. was $1.084 0.
0 No deduction is made on amount of obligations of foreign Governments or
Other investments.
s Includes $1.229.700 4% Loan of 1925.
inunsterciat andAltscellantonsgnus
Breadstuffs figures brought from page 2287.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
receipts at Western lake and river ports
First we give the.
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Wheat.
Flour. I
Receipts atChicago
Minneapolis
Duluth
Milwaukee_
Toledo
Detroit
Indianapolis
5t. Louis__ - Peoria
Kansas City- _
Omaha
St. JosePld- - Wichita
Sioux City-
[Vox- 128.
THE CHRONICLE
2224
Corn.
Oats.
I Barley.
Rye.
964.19616s. bush.60155.bush. 56 lbs.bush. 321St.bush.48lbs.bush.561bs
.
480.000 4,352.000 1,026.000, 281,000
301,000
77,000
3,284,000
173.000
668,0001 408,000
122,000
1,435,0011
56.000
290,000
129.000
28,000
37.000
239.000
435,000
40,000
136.000
84,000
41,000
115,000
1.000
72.000
20.000
16.000
2,000
66,000
371.000
262.000
104,000
617,000
748,000
350,000
33.000
1,000
16.000 1,239,000
47,000
2k4.000
17,000
1,000
1,285.000
357.000
55,000
674,000
669,000
142.000
181,000
391.000
52,000
410,000
11,000
4,000
54,000
107.000
50.000
2,000
Total wk. '26
Same wk. '25
Same wk. '24
480,000 8.684.000
496,000 6.191,000
489,000 19,831,000
8.718,000
3.516,000
4,472,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 23, follow:
Flour.
Wheal.
Barrels.
New York _ ._
290,000
Philadelphia._
37,000
Baltimore_ ___
34,000
69,000
New Orleans•
Galveston_ _ _ _
70,000
Montreal ____
Boston
40,000
Corn.
Barley.
Oats.
Bushels.
1,952,000
161,000
133,000
392,000
209,000
5,359,000
163,000
Bushels.
35,000
551,000 8,369,000
Total wk. '26
Since Jan.1'2620,652,000 87,131,000
233,000
5,919,000
7,000
114,000
Rye.
Bushels. Bushels.
Bushels.
551,000
3,000
78,000
29,000
73,000
10,000
30.000
33,000
18,000
77,000
492.000
2,000
615,000
261,000 1,045,000
628,000
5,230.00027,054,00028,832,000
165,000 2,081,000 1,966,000
578,000 9,192,000
138,000
Week 1925_
Since Jan.1'2520.260,000 177,349,000 6,654,000 66,074,000 3,676.00028,578,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 23 1926, are shown in the annexed
statement:
Wheat.
Exports from-
Corn.
Flour.
Oats.
Rye.
Barle1,.
Bushels. Bushels.
1,747,294
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Barrels. Bushels. Bushels, Bushels.
138,820
36,643 178,976
13,000
15,000
17,000
20,000
1,000
69,000
1,000
30,000
23,000
1,000
59,000
81,000
111,000 424.000
16,000
565,000
116,000
742,000
3,143,000
Total week 1926-- 6,329,294
Same week 1925_ _ _ . 7,433,414
47,000
284,000
350,820
2.000
261,0102,001,553
216,643 602,976
56,0002,041,504
The destination of these exports for the week and since
July 1 1926 i as below:
Wheat.
Flour.
Reports for Week
and Since
July 150-
Week
oa. 23
1926.
Since
July 1
1926.
Week
Oct. 23
1926.
Corn.
Since
July 1
1926.
Week
Oct. 23
1926.
Since
July 1
1926.
Bushels.
Bushels. Bushels. Bushels,
Barrels. Barrels.
198,610
United Kingdom_ 65,276 1,353,833 1,716,310 41,784,680
17,000
243,580 1,979,090 4,359,984 61,243,883
17,000
Continent
253,000 2,811,000
201,980
14,000
5,000
916,000
So.& Cent. Amer_
11,000
187,000
16,000
16,000
423,000
West Indies
Brit.No.Am.Cols.
223.350
205,125
Other countries. __ 20,964
3,313,000
216,000 1,696,000
910,000 1,804,000 4,131,000
1,103,000
554,000 1.362,000
Total Oct. 23 1926-.32,668,000
5,326,000
Total Oct. 16 1926--29,883,000
5,156,000
191,000 3,102,000
Total Oct. 24 1925____27,634,000
Summary
71,389,000 18,631,000 47,419,000
American
5,326,000
Canadian
32,668,000
2,574,000 7,199,000
2,434,000 6,150,000
1,783,000 7,265,000
12,375,000 4,779,000
2,574,000 7,199,000
Total Oct.23 1926..__.104,056,000 18,631,000 52,745,000 14,949,000 11,978,000
Total Oct. 16 1926._ _ _103,287,000 16,908,000 52,878,000 14,513,000 11,377,000
Total Oct.24 1925____ 73,668,000 2,512,000 68,396,000 10,863,000 13.187,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 22, and since July 1 1926 and 1925,
are shown in the following:
Wheat.
1926.
934,000 538,000
3,518.000
656,000
4,178,000 1.097,000
8,043,000 2,417,000 3,428,000
Since Aug.16,028.000147,503,000 44,473,000 49,101,000 15,299,00015.192,000
1926
5,902,000142,025.000 42,715,000 99,394,00032,159,00011,119,000
1925
1924
6,306.000258,199,000 61,083,000117,408,00026,929,00031,848,000
Receipts at-
Canadian
Montreal
1,120,000
Ft. William dr Pt. Arthur_22,190,000
Other Canadian
9,358,000
Week
Oct. 22.
Since
July 1.
Corn,
I
1925.
Since
July 1.
1926.
Week
Oct. 22.
Since
July 1.
1925.
Since
July 1.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 10,720,000 162,601,000,114,317,000
50,000
998,000 1,260,000*
Black Sea_ _ 2,432.000 12,596,00% 9,976,000
161,000 6.503,000 8,624,000
211,000 9,406,000 21,000,000 7,384,000 69,404,
Argentina...
58,012.000
304,000 7,240,0001 13,392.000
Australia _
40,000 3,240,000 2,512,000
India
0th. countr's 1,080,000 4,425.0001
68,000
482,000 16,698,000
Total
.161,197,000 7,663,000 77.387.000 84.592,000
14,787,000 199,508,000
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the,
Currency, Treasury Department:
APpLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The First National Bank of Sayreville, N. J
Oct. 20
010C1,000•
Correspondent: Thomas E. Dolan, Sayreville, N. J.
Oct. 22
-The Broadway National Bank of New York, N. Y
1,000.000
Correspondent: Charles 0. Lockwood, 511 Fifth Ave.,
New York, N. Y.
Oct. 23
-The Security National Bank of Trenton, N. J
Correspondent: Harvey T. Satterthwaite, 137 East 2°(:).000
State
TrentonN j.
T'O
'
AORGANIZE APPROVED.
LSt TIO
e
-The Peoples National Bank of Burgettstown, Pa
Oct. 22
50,000,
Correspondent: Thomas B. Brown Jr., Burgettstown, Pa.
APPLICATION TO CONVERT RECEIVED.
-The Union National Bank of Elizabethtown, Ky
Oct. 20
50.000.
Conversion of Union Bank & Trust Co., Elizabethtown, Ky.
CHARTERS ISSUED.
-New First National Bank in New Hampton,Ia. 50.000 •
-12998
Oct. 18
President, C. C. Sheakley: Cashier, Clyde G. Bigelow.
-The Lincoln Park National Bank, Lincoln
-12999
Oct. 19
Park (P. 0. Detroit). Mich
100.000 •
Casnier, D. R. McLellan.
-The Flatbush National Bank of Brooklyn In
Oct. 21-13000
New York, N. Y
300,000
President, John E. Biggins.
Oct. 22
-13001-The Oilfields National Bank of Brea, Calif__
50,000
President, Alonzo H. Brown;Cashier, Walker 0.DONIS.
VOLUNTARY LIQUIDATIONS.
-The Third National Bank of Gastonia, No. Caro. 250.000
-11477
Oct. 18
,
Effective Oct. 18 1926. Liquidating agent, Wade S.
Buice, Gastonia, No. Caro.
Succeeded by Commercial Bank & Trust Co., Gastonia,
No. Caro.
-The Escondido National Bank,Escondido,Calif_
50.003
-8040
Oct. 19
Effective July 31 1926. Liquidating agent, H. W.
Brewer Jr., Escondiclio, Calif.
Absorbed by Southern Trust & Commerce Bank of San
Diego, Calif.
-The Fist National Bank of Rosston,
25,000.
-10737
Oct. 19
Effective Oct. 1 1926. Liquidating agent, P. II.
Rathbun, Rosston, Okla.
Succeeded by the Security State Bank, Rosston, Okla.
-Among other securities, the following,
Auction Sales.
not act.cally dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
The visible supply of grain, comprising the stocks in this week:
By R. L. Day & Co., Boston.
granary at principal points of accumulation at lake and
$ yer sh. Shares. Stocks.
Shank. Stocks,
5 per sh.
seaboard ports Saturday, Oct. 23, were as follows:
Total 1926
Total 1925
350,820 3,927,028 6,329,294 106,073,913
261.010 3,919,478 7,433,414 80,301,178
United States
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
afloat
"
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph. MO
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN
Wheat,
bush,
867,000
4,000
1,596,000
3,346,000
720,000
1,858,000
2,614,000
4,107,000
193,000
2,132,000
195,000
5,906,000
1,166,000
8,403.000
9,369,000
429,000
3,953.000
14,360,000
3,936,000
828,000
13,000
1,523,000
3,575,000
53,000
243,000
STOCKS.
Corn,
bush,
136.000
4.000
31,000
48,000
Oats.
bush,
787.000
55.000
118,000
160,000
113,000
1,397,000
8,728,000
Rye.
bush.
103,000
3,000
22,000
68,000
2,000
Barley.
bush.
21,000
3,000
4,000
60,000
91,000
2,188,000
51,000
155,000
14,000
9,231,000
250,000
9,000
1,123,000
306,000
828,000
1,478,000
1,000
422,000
526.000
193.000
1,433,000
47,000 1.554,610
284.000 2.108,255
275,000
45,000
7,638,000
1,956,000
9.187,000
18,038,000
301.000
338.000
610,000
4,000
106.000
752,000
268,000
2,524,000
72,000
189,000
9,000
87,000
137,000
250,000
33,0131
65,000
51,000
9,000
6,000
2,523,000
663,000
461,000
181.000
4,403,000
587,000
3,812,000 2,745,000
8.000
8.000
23.000
47,000
274,000
6,000
38,000
1,000
209,000
42,000
61,000
47,419,000 12,375,000 4.779,000
Total Oct. 23 1926_71.389,000 18,631,000 47.722.000 12,079,000 5,227,000
Total Oct. 16 1926:-73.404,000 16,908,000 65,294.000 9.080.000 5.922,000
Total Oct. 24 1925--46,034.000 2.321,000
York,51.000 bushels; Buffalo,
-Bonded grain not included above: Oats, New
Note.
against 220.000 bushels in 1925.
188,000; Duluth, 26,000; total, 265,000 bushels,
Buffalo, 1,752.000; Buffalo afloat. 270,000; DuBarley, New York, 64,000 bushels;
total, 3,176,000 bushels, against
luth, 218,000; Canal. 670.000; On Lakes, 202,000;859,000 bushels; Boston, 71,000;
Wheat. New York.
7,218.000 bushels in 1925.
Buffalo, 3,754,000; Buffalo afloat,
Philadelphia. 371,000; Baltimore, 526,000;
1.515.000; total, 7,549,000
1,566,000; Duluth, 285,000; Canal, 622,000; On Lakes,
bushels, against 11,374,000 bushels In 1925.
37134 10 Utah Consol. Mln. Co., par 35....$ lot ..
5 Metchante National Bank
10 American Glue Co., pref
391
4 Second National Bank
11134
336
10 Copley Square Trust, pref. v.t.c- 8234 .
50 Ihst National Bank
24534 10 J. S. Young Co., common
1 Atlantic National Bank
110
336
10 unite First Peoples Trust
4 First National Bank
72
22534 12 special units First Peoples Trust- 634..
9 Webster & Atlas Nat. Dank
24134 500 Arcade Malleable Iron Co.,
20 National Shawmut Bank
336
common A (Worcester)
20 First National Bank
3
372
600 Arcade Smelt. & Refg. Co.,
5 Merchants National Bank
common B (Springfield)
13534
2 Federal National Bank
25e,
23 No. Boston Ltg. Props., corn__ 9834 •
327
10 Old Colony Trust Co
6 American Trust Co
43334 20 Draper Corporation
63
6 Beacon Trust Co
25534 2 Bay State Fishing Co., corn
25
2 Beverly (Mass.) Trust Co
13034 8 units First Peoples Trust
72
1 Beverly Securities Co
10034 25 Quincy Mkt. Cold Storage &
5 Nashawena Mills
7234 ex-div.
Warehouse Co., common
3234:
25 Arlington Mills
7234 108 Fall River El. Lt. Co., par $25- 4834 58 Salmon Falls Mfg. Co
1134 26 Boston Woven Hose & Rubber
52 Arlington Mills
Co., common
7034
83
2 Potomska Mills
100 Fall River El. Lt. Co., par $25- 4834
65
25 Massachusetts Cotton Mills
67
25 No.Bost. Ltg. Props.,common. 9834 30 West Point Mfg.Co
13934 7 units First Peoples Trust
72
8 Naumkeag Steam Cotton Co.......152% 7 United El. Lt. Co., Springtield.-40734
10 Esmond Mills, pref
9934 ex-dly. 1 No. Bost. Ltg. Prope., pref
105
25 New London Northern RR_ __ _131
500 Allen Min.dc Mill. Co., par $101
5 Boston Holding Co., prat
6834 10 Louisiana Purch, Exp. Co.. Par!
2 Boston Wharf Co
$10
10734
$45 •
8 American Glue Co., pref
11034 800 Silver Bell Min. Co., par $10._ lot
22 New Bedford Gas & El. Lt. Co.,
$3,000 The Lincoln Worsted Co.
par $25
8234-83
let 7s, 1927, Mt. dep
5 State Theatre Co., pref
$2,000 Troy Fdy. ds Mach. Co.,
70
2 Heywood Wakefield Co., lst pref. 9634
inc. 8s, Aug. 1946, coup. Feb. $11
50 Springfield Gas Lt. Co., par $25_ 6334
lot
1925 & sub. on
1 Rand Kardex Bureau,Inc., pt. A.. 93
350 Park Bross Min. Co., par $1
13 Cambridge Gas Lt. Co., par $25_ 7834
$ par**.
Stelas•
10 Fall River El. Light Co., par $25 4834 200 Lowell Elec. Light Co
1 39-100 6 units First Peoples Trust
2034
72
87 Western Real Estate Trust
2special units First Peopled Trust__ 534 382 Lowell Elec. Light Co
1 42-100 226 Lowell Elec. Light Co.. par $25 6334
BondsPer cent. 20 units First Peoples Trust
72
510,000 Carson Hill Mining Co.,
1 unit First Peoples Trust
72
cony. 78, March 1927, coup.
8 special unit First Peoples Trust
10
March 1925 de sub.on
534
t BAWise, Hobbs & Arnold, Boston.1
$ per sh.
Shares. Stocks.
5.01d Colony Trust Co.. Boston_ _ _328
43 National Shawmut Bank_2413(-243
336
51First National Bank
Webster & Atlas National Bank 225
325
10 Old Colony Trust Co
10 Nashua Mfg. Co., common__ 46%
35
131York Manufacturing Co
58%
15 Wamsutta Mills
30
100 Tremont-Suffolk Mills
7 Boston Ground Rent Trust_112% & div.
56%
36 Salem Gas Light Co., par $25
1 Boston Athenaeum, par $300_ _ _ _750
10 Mass. Cities Realty Trust, par20
3, Ucipating preferred
510 Chatham Associates Trust__ _ 5
4 Fall River Gas Works, par
56% ex-div.
$25
460-100 Rand Kardex Bureau,
91
preferred A
$rer sh.
Shares. Stocks.
112 New England Guar. Corp., pf_ 82.25
lot
88 New Eng. Guar. Corp., corn__
5 Cambridge Electric Securities.
133 ex-div.
par $25
51)4
40 Parker Wire Goods Co
285 Mercantile Credit Plan, Inc.,
$1710
Preferred, par $10
lot
42% Mere. Cred.Plan, Kim,com.
800 Fall River Elec. Lt.Co., par $25 49
200 Caddo Cent. Oil & Ref. CorpSI lot
10 New Bedford Cordage Co.,
38
common. par $10
6 First National Stores, Inc.. pref _101
1 Southeastern Mass. Power &
Elec. Co., common, par $25_..„ 453.4
72
2 units First Peoples Trust
37%
10 Eastern Mfg. Co., 1st pref
Per cent.
Bonds.
$1,000 Washington Central trust
96 & hit.
debenture is, 1940
By Adrian H. Muller & Sons, New York.
Shares. Stocks.
$ per sh.
$18,000 Lido Corp.6% preferential
certificate of indebtedness due
Aug. 1 1925 with stock power
attached
315 lot
3
105 Phosphate Mining Co
500 Telephone Oil & Gas Co. of
Bonham, Texas, common
$1 lot
49 Fowler Sea Products Inc. of
N. J. el. "A"
315 lot
16 Fowler Sea Products Inc. of
N.J. Cl."B"
1 Elberon Beach Club of Elberon,
N.J., par $500
$9101
55 Low Moor Iron Co. of Va_...MOO lot
$ per sh.
Shares. Stocks.
100 Norwood Park Co. Inc., N. J.
$11 lot
common
5,251 Hudson Valley Investing
$15101
Corp., corn., par $1
106 Hudson Valley Investing Corp.
$26 lot
2nd pref., no par
40 George P Ide & Co. Inc.. 8%
$15
cum.pref
20 Chronicles of America, Cl. "A".
$601 lot
no par
7 National Bank of Kansas City _ _
48 Consol. Arizona Smelting Co.,182 lot
par $5
By Barnes & Lofland, Philadelphia.
Shares. Stocks.
$ per sh.
468
35 Manayunk National Bank
37 Phila. Elec. Co., par $25
48%
38 Wyoming Nat. Bank, WilkesBarre, Pa
156
5 Second Nat. Bank of WilkesBarre. Pa
505
320
8 No.Phila. Tr. Co., par 650
5 Continental Equitable Title &
Trust Co par $50
250%
2Southwestern Nat. Bank
204
5Penn National Bank
616
Nat. Bank of Commerce
8
26034
20 First Nat. Bank of Phila
470
7 Lehigh Valley Nat. Bank, Bethlehem,Pa
20534
5 Land Title & Tr. Co
785
27 Jefferson Title & Trust Co.,
par $50
71
5 Commonwealth Title Ins. & Tr_ _540
4 Commonwealth Title Ins. & Tr_ _536
5 Mutual Trust Co., par 350
132
15 United Security Life Ins. & Tr_ _214
2 Pa. Co.for Ins. on Lives, &c___ _861
20 Pa. Co. for Ins. on Lives, &c....860
10 Peoples Bank & Tr., par $50_ ...._169
2 Integrity Trust Co., par 350-.551
8 Mutual Trust Co.. par 550
132
40 Metropolitan Tr. Co., par $50_ _115
10 Sixty-ninth St. Term. Title &
Trust, par $50
100%
5 Fire Assoc. of Phila., par $10
5234
75 Commonwealth Casualty Co.,
22
par $10
$ per sh.
Shares. Stocks.
128
1 Amer. Dredging Co
27 Huntingdon it Broad Top Mtn.
$31 lot
RR.Se Coal, pref. v. t. c
4 Phila. Bourse, corn., par 350.--- 19
4 Phila. Bourse, corn., par $50.--_ 19
20%
50 Victory Ins. Co., par $10
4 Locust Gap Impt. Co., par 510- 53i
4
6 Tremont Coal Co
800 General Combustion Engineer$300 lot
big Corp., no par
37 Camden Fire Ins. Assoc., par $5_ 14
100 Knitting Yarn Corp. of N. Y.
$1,d00 lot
no par
40 Keystone Telep. Co. of Phila.,
55
preferred
9634
36 Hare & Chase, Inc., prof
50 Hare & Chase, Inc., corn., no
'
26
par
i per right.
Slights.
190
60-180 Franklin Trust Co
Per cent.
Bonds$2,000 Southwesternlight & Power
100
151 coll. 68, series A 1937
$100 Chic. & Western Indiana RR.
equip. 65, 1930
100%
$2,000 Paramount Broadway Corp.
lot s. f. 5%5, 1951
9534
$2,000 Jessup & Moore Paper Co.
lot s. f. Os, 1945
963.4
$1,000 Women's City Club of Phila.
20-yr. 5s, Mar. 1 194
90
$1,000 United Tree. (Pittsburgh)
general 5s, 1997
62
By A. J. Wright & Co., Buffalo.
Shares. Stocks.
S per sh.
1,125 Hudson Bay Mines, Ltd.,
$100 lot
Par 35
150.
100 March Gold, par 10c
375 Kirkland Hudson Bay Gold
Mines, Ltd., Par 81
$11 lot
2 Buffalo, Niagara & Eastern Power,
25
preferred, par 325
10 Niagara Co. Agricultural Assn.,
Inc
90
$ per sh.
Snares. Stocks.
5.000 Humestake Mines Finance
$100 lot
Co.. Ltd., par 31
5 Buffalo, Niagara & Eastern
31
Power, common, no par
320 Elmhurst Invest. Co., par 81 $10_
Per Cent.
Bonds.
31,000 Buffalo Athletic Club Bond-$700
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Central RR. of N. J. (guar.)
Nov. 15 Holders of rec. Nov. 8a
2
Cripple Creek Central. pref. (guar.)._
*1
Dec. 1 *Holders of rec. Nov. 15
Delaware & Hudson Co. (guar.)
'2)4 Dec. 20 *Holders of rec. Nov.27
Georgia Southern & Florida, corn
5
Nov. 26 Holders of rec. Nov. 12
First and second preferred
234 Nov.26 Holders of rec. Nov. 12
Hudson & Manhattan RR., common
*1% Dec. 1 'Holders of rec. Nov. 16
Illinois Central. corn. (guar.)
"I% Dec. 1 *Holders of rec. Nov. 5
Norfolk & Western, 001311. (guar.)
•134 Dec. 18 *Holders of rec. Nov.30
Common (extra)
Dec. 18 'Holders of roe. Nov.30
*3
Pennsylvania (guar.)
"8734e Nov.30 *Holders of rec. Nov. 1
Reading Company, let pref.(quar.).. *50c. Dec. 9 *Holders of rec. Nov. 3
Public Utilities,
Amer. European Securities. pref. (guar.) "$1.50 Nov. 15 *Holders of roe. Oct. 30
Amer. Superpower, panic. pref.(guar.)- 50c. Nov. 15 Holders of rec. Oct. 20a
Androscoggin & Kenneb. Ky., 151 pf.(qu) 134 Doe. 1 Holders of rec. Nov. 154
Brooklyn Edison Co. (guar.)
*2
Dec. 1 "Holders of rec. Nov. 12
Gape Breton Electric Co., pref
3
Nov. 1 Holders of rec. Oct. 25
Charlestown Gaa & Electric (guar.)._
"31.25 Nov. 1 'Holders of rec. Oct. 22
Extra
"250. Nov. 1 *Holders of rec. Oct. 22
Cities Service Pr.& Lt., pf.(monthly).* 58 1-3c Nov. 15 *Holders of rec. Nov. 1
Consolidated Gas of N.Y.,corn.(qu.) _ _ •$1.25 Dec. 15 *Holders of rec. Nov. 10
Cuban Telephone, corn.(guar.)
2
Sept.30 Holders of rec. Sept. 15a
Preferred (quar.)
134 Sept.30 Holders of roe. Sept. 15a
Derby Gas & Elec. Corp., $7 pref.((V.)- *31.75 Oct. 31 *Holders of rec. Nov. 1
Electric Power & Light, 2d pref.(quar.)_ $1.75 Nov. 1 Holders of rec. Oct. 16
Fosbay (W.B.) Co., corn.(monthly)_ _ 670. Nov. 10 Holders of rec. Oct. 31
Seven per cent preferred (montbly)_
580. Nov. 10 Holders of rec. Oct. 31
Preferred A stock (monthly)
67o, Nov. 10 Holders of rec. Oct. 31
Greenwich Water & Gas. pref. (guar.)_ _
134 Nov. 1 Holders of rec. Oct. 26
HIUminating & Pr. Securities, corn.(qu.) 45e, Nov. 10 Holders of rec. Oct. 30a
Preferred (quar.)
134 Nov. 15 Holders of rec. Oct. 30a
Louisville G & El.(Del.), com.A&B (qu.) 439(0. Doe. 25 Holders of rec. Nov.30
Montpelier & Barre Lt.& Pr., corn.(qu.) 50o. Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
134 Oct. 15 Holders of reo. Oat. la
134 Oct. 15 Holders of reo. Oct. la
7% prior preferred (qua?.)
2225
THE CHRONICLE
OCT. 30 1926.]
Name of Company.
When
Per
Cent. Payable.
Public Utilities (Concluded).
Massachusetts Gas cos.. Prof
*2
Peoples Lt.& Pr. Corp. corn. A (mthly.) 20e.
Seven per cent preferred
580.
Philadelphia Sub. Gas& Elec.. pi.(qu.). $1.75
Porto Rico Telephone, corn. (quar.)-2
Preferred
4
Southern Canada Power(guar.)
$1
Standard Power & Lt., pref.(qu.)
Tampa Electric Co.(guar.)
*62c.
United Ry.& Elec., Bait., corn.(guar.)_ *50e.
U.S.& Foreign Sec.,allot.ctfir.lat pf.(qu.) $1.50
Virginia Elec. & Power, pref.(guar.)_ _ $1.75
Washington (D. C.) Gas Light (guar.) . 90c.
Wisconsin Power & Light, pref. (guar.)_ .1%
Fire Insurance.
Pacific Fire (extra)
Books Closed.
Days Ittata104.
Dec. 1 'Holders of rec. Nov. 15
Nov. 10 Holders of rec. Oct. 31
Nov. 10 Holders of roe. Oct. 31
Nov. 1 Oct. 19 to Oct. 31
Oct. 1 Holders of roe. Sept. 150
Oct. 1 Holders of rec. Sept. 150
Nov. 15 Holders of rec. Oct. 300
Nov 1 *Holders of rec. Oct. 16
Nov. 15 'Holders of rec. Nov. 3
Nov. 15 *Holders of rec. Oct. 30
Nov. 11 Holders of rec. Oct. 11
Dee. 20 Holders of rec. Nov. I50
Nov. 1 Holders of rec. Oct. 150
Dec. 15 'Holders of rec. Nov.30
75c. Oct. 27 Holders of rec. Oct. 26
Miscellaneous.
Abbotts Alderney Dairies, 1st pt.(qu.). 134 Dec. 1 Holders of rec. Nov. 15a
Alaska Packers Association (guar.)
'2
Nov. 10 "Holders of rec. Oct. 30
American Chicle, corn. (guar.)
"75c. Jan. 1 *Holders of rec. Deo. 15
,g 1)4 Jan. 1 'Holders of rec. Dec. 15
6% preferred (guar.)
Amer. Home Products (monthly)
20
Dec. 1 Holders of rec. Nov. 150
Amer.Metal, common (guar.)
"$1.
Dec. 1 'Holders of rec. Nov. 19
Preferred (guar.)
"134 Dec. 1 *Holders of rec. Nov.20
*$1.25 Oct. 30 "Holders of rec. Oct. 20
American Meter (guar.)
Dec. 1 Holders of rec. Nov. 10
American Tobacco, corn. & corn. B (qu.) 32
2
Nov. 10 Oct. 31 to Nov. 10
Amparo Mining (guar.)
Arnold Bros., Ltd.(Toronto), pt. (qu.)_
134 Nov. 1 Holders of rec. Oct. 216
Oct. 31
Not closed.
Bachmann Emerich & Co., pref. (qu.)-- 2
334 Nov. 5 Oct. 24 to Nov. 2
Batchelder & Snyder Co., corn
2
Nov. 5 Oct. 24 to Nov. 2
Preferred
Berkey & Gay Furniture, prior pref.(qu) 134 Nov. 15 Nov. 8 to Nov. 15
•1y, Jan. 3 *Holders of rec. Dec. 3
Bethlehem Steel, pref. (guar.)
1
Nov. 1 Holders of rec. Oct. 200
Bourne Mills (guar.)
Nov. 15 Holders of rec. Oct. 310
2
Brompton Pulp & Paper, pref.(guar.)
Deo. 15 Holders of rec. Nov. 19
$1
Buckeye Pipe Line (guar.)
Dec. I Holders of rec. Nov. 10
"2
Butterlck Co
Dec.1 `Holders of rec. Nov. 10
Stock dividend
I '8
2% Nov. 11
Casey-Hodges Co., corn.(guar.)
1% Jan. 1
Preferred (guar.)
25c, Nov. 1 Holders of rec. Oct. 25
Conte Company, common (guar.)
25c. Nov. 1 Holders of rec. Oct. 25
Common (extra)
1% Nov. I Holders of rec. Oct. 25
Preferred A & B (quar.)
Holders of rec. Nov.,6
25e. Nov.
Centrifugal Pipe (guar.)
1
Nov. 1. Holders of rec. Nov. Sa
Chicago Mill & Lumber, corn.(guar.)Childs Co corn. ($.00 par) (quar,) - 60c. Dec. it dolders of rec. Nov.26
floc. Dee. I( Holders of rec. Nov.26
Common. no par value (quar.)
1% Dec. 1, Holders of rec. Nov.26
Preferred (guar.)
Chili Copper Co.(guar.)
...
------- 62346 Dec. 2: 'Holders of rec. Dec. 1*1
4 Dec. 1 'Holders of rec. Nov. 15
Cities Service, common (monthly)
Dec. 1 'Holders of rec. Nov. 15
Common (payable in corn. stock)
"34 Dec. 1 'Holders of rec. Nov. 15 •
Preferred and pref. B (monthly)
Coca-Cola International (guar.)
*$1.75 Jan. 1 'Holders of rec. Dec. 15
Holders of rec. Nov. 15
"134 Dec.
Congoleurn-Nairn, Inc.. pref. (guar.) _ _
13( Dee. 1 Holders of ree. Nov. 15a
Consolidated Cigar Corp., pref. (qu.)__ _
Conlon Corporation, corn.(guar.)
25c. Oct. 31 Oct. 21 to Oct. 31
•
Common (extra)
51.25 Oct. 31 Oct. 21 to Oct. 31
Preferred (guar.)
134 Oct. 31 Oct. 21 to Oct. 31
Dec. 15 Holders of rec. Nov.20
CooksvIlle Shale Brick, pref.(guar.) _
1
Detroit Steel Products (monthly)
25c. Nov. 1 Holders of rec. Oct. 200
Monthly
25c. Dec. 1 Holders of rec. Nov.200
Deere & Co., pref.(guar.)
1% Dec. 1 Holders of rec. Nov. 15
h23( Dec. 1 Holders of rec. Nov. 15
Pref.(acct. accum. dividend)
Diamond Match (guar.)
*2
Dec. 15 *Holders of rec. Nov.30
Dow Chemical, corn. (guar.)
Nov. 15 Holders of rec. Nov. 54
31
Preferred (guar.)
134 Nov. 15 Holders of rec. Nov. So
Eisemann Magneto Corp., pref. (guar.) $1.75 Nov. 1 Holders of rec. Oct. 20
Esmond Mills, corn. (guar.)
13.4 Nov. 1 Holders of rec. Oct. 23a
134 Nov. 1 Holders of rec. Oct. 23a
Preferred (guar.)
50e, Nov. 1 Holders of roe. Oct. 26
Falls Rubber, pref. (guar.)
Famous Players Canadian Corp.. let
Dec. 1 Holders of rec. Oct. 30
2
pref. (guar.)
Jan. 1 *Holders of rec. Dec. 15
'2
First Nat Pictures, pref.(guar.)
Fisk Rubber, 2d pref.(acct,accum. div.) *h35 Dec. 1 *Holders of rec. Nov. 15
13( Doe. 1 Holders of rec. Nov. 15a
General Asphalt, pref. (guar.)
Nov. 15 Holders of rec. Nov. 50
General Outdoor Advertising, el. A (qu.) $1
Preferred (guar.)
13.6 Nov. 15 Holders of rec. Nov. 56
Golden Cycle Mining & Reduc.(guar.).
Dee. 10 *Holders of rec. Nov.30
Dec. 1 Holders of rec. Nov. 15
Goodrich (B. F.) Co., corn.(guar.)
1% Jan. 3 Holders of rec. Dee. 15
Preferred (guar.)
Greenfield Tap & Die.6% pref. (quar.)_
13.6 Ian. 3 Holders to rec. Dec. 15
Jan. 3 Holders of rec. Deo. 15
2
8% preferred (quar.)
Hall(W.F.) Printing (guar.)
25c. Oct. 30 Holders of rec. Oct. 20
Harmony Mills, pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 280
Hatfield-Reliance Coal (guar.)
30e. Nov. I Holders of rec. Oct. 200
Hayes Wheel, common (guar.)
*75c. "lee. 15 *Holders of rec. Nov. 26
•1% aec. 15 "Holders of rec. Nov.26
Preferred (guar.)
Household Products (guar.)
*75c. Ooc. 1. 'Holders of rec. Nov. 15
*60c. fan. 15 'Holders of rec. Jan. 4
Illinois Brick (guar.)
Extra
*40c. lan15'27 *Holders of rec. Jan. 4
Quarterly
*60c. hp15•27 *Holders of reo. Apr. 4
Quarterly
ly15 27 *Holders of rec. July 4
.
*60c.
Quarterly
*60c. 0015'27 *Holders of rec. Oct. 4
Imperial Royalties, pref. (monthly)._
134 Oct. 30 Holders of rec. Oct. 25
Independent Oil& Gas(guar.)
25o. Jan. 17 Holders of rec. Dec. 30
Ingersoll-Rand Co.,corn.(guar.)
"75e. Doe. 1 'Holders of roc. Nov. 8
Common (extra)
Dec. 1 *Holders of rec. Nov. $
*51
Inland Steel,ovunon (guar.)
'623.4e Dec. 1 'Holders of rec. Nov. 15
Preferred Mar.)
Jan. 1 *Holders of rec. Dec. 15
Internat. Petroleum, Ltd •
25c. Nov. 15 Holders of coup. No. 121
Interstate Iron & Steel. pref.(guar.)._
Dec. 1 *Holders of rec. Nov.20
Preferred (acct. accum. dividends)- *55
Dec. I 'Holders of rec. Nov.20
1% Dec. 1 *Holders of rec. Nov. 15
Jones & Loughlin Steel. corn.(guar.) --- .
Keiner Williams Stamping (guar.)
40e. Oct. 30 Holders of rec. Oct. 20
Laclede-Christy Clay Prod. (quar.)
500. Nov. 1 Oct. 22 to Oct. 31
Lehigh Coal Ic Navigation (guar.)
Nov. 30 *Holders of rec. Oct. 30
"31
Nov.30 *Holders of rec. Oct. 30
O81
Extra
Liggett dc Myers Tob.,com&com.B(qu) 75e. Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 15
Lima Locomotive Works, corn.(quar.).. $1
.1% Nov. 10 *Holders of rec. Nov. 6
Lindsay Light, pref.(guar.)
50c, Dec. 31 Holders of rec. Dec. 13
Loew's, Inc.(guar.)
Deo. 31 Holders of rec. Doe. 13
$1
Extra
134 Dec. 1 Holders of rec. Nov. 1741
Lord & Taylor, 1st pref.(guar.)
Dec. 10 Holders of rec. Nov. 17.
5
Christmas dividend
50c. Dec. 1 Holders of rec. Nov. 15a
Martin-Parry Corp. (quar.)
McCord Radiator & Mfg., el. B (quar.)_ 500. Nov. 1 Oct. 23 to Oct. 31
50c. Nov. 15 Nov. 5 to Nov. 15
Medan (Fred) Mtg., corn.(guar.)
Merchants Refrigerating, pref.(guar.).- 1M Nov. 1 Holders of rec. Oct. 236
134 Dec. I Holders of rec. Oct. 28
Merrimack Mtg., corn.(gear.)
Dee. 1 Holders of reo. Nov. 10
2
Miller Rubber, pref. (qua?.)
134 Nov. 1 Holders of rec. Oct. 276
Mirror (The), pref.(guar.)
Nov. 1 Holders of roe. Oct. 20
2
Missouri-Illinois Stores, pref. (guar.).
1% Nov. 1 Oct. 26 to Oct. 31
Morris Plan Co.(Rhode Island)(quar.)_
Nov. 1 Holders of roe. Oct. MI
$1
Motor Products Corp., corn
$2.50 Nov. 1 Holders of rec. Oct. 30
uPreferred
134 Nov. 2 Holders-of rec. Oct. 26
Nashawena Mills(guar.)
Nov. 15 Holders of rec. Nov. 5
$1
National Supply, corn.(quar.)
New Amsterdam Casualty (Bait.) (go.). 62140. Nov. 1 Holders of rec. Oct. 190
Nov. 10 Holders of rec. Oct. 20
2
New Jersey Zino (guar.)
Dec. 10 Holders of roe. Nov.20
2
Extra
*Mo. Dec. 15 *Holders of rec. Nov. 13
Ohio Oil (guar.)
*50c. Dec. 15 Holders of roe. Nov. 13
Extra
13( Nov. 1 Holders of reo. Oct. 204
Package Machinery. pref. (guar.)
2
Dec. 1 Holders of rec. Nov. 10
Pathe Exchange, Inc.. prof.(guar.)
5c. Nov. 1 Holders of rec. Oct. 21
Peabody Coal Co., corn
13( Dee, 1 Holders of rec. Nov. 15
Pittsburgh Steel. pref. (guar.)
1311 Doe. 31 Holders of rec. Dee. 1
Pressed Steel Car, pref.(guar-)
2226
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
[VOL. 123.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Public Utilities (Condoled).
Providence Ice, 2d pref.(guar.)
1% Nov. I Holders of rec. Oct. 26a Havana Electric & Utilities, first pref.._ $3
Nov. 15 Holders of rec. Oct. 224
Pure Food Stores, Ltd. (Montreal)
First preferred
Nov. 15 Holders of rec. Oct. 22a
35
First and second preferred (guar.) _ _ _ I% Nov. 1 Holders of rec. Oct. 20
Idaho Power, preferred (guar.)
Nov. 1 Holders of rec. Oct. 15
Pure Oil Co.,corn.(guar.)
.3734c Dec. 1 *Holders of rec. Nov. 10
Illinois Northern utalue8.6% pref.(qu.) 134 Nov. 1 Holders of rec. Oct. 160
Common (extra)
$7 ',referred (guar.)
•12%c Dec. 1 *Holders of rec. Nov. 10
31.75 Nov. 1 Holders of rec. Oct. 20
Reid Ice Cream Co., corn.(guar.)
Indianapolis Pow & Light, lot pf. (qU.)_ .51.75 Nov. 1 .Holders of rec. Oct. 20
75c. Jan. 3 Holders of rec. Dec. 20
Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 20
Interstate Railways, common
30c. Nov. 1 Or, 21 to Nov. 1
Rolls-Royce Co. of America, preferred_ _ *$1.75 Nov. 16 *Holders of rec. Oct. 30
Kentucky Utilities, Junior pref. (quar.)134 Nov. 20 Holders of rec. Nov. la
Rome Wire, class A (guar.)
Key System Transit. prior Prof Mani_ *61.75
75c. Nov. 1 Oct. 26 to Oct. 31
Class B (guar.)
Knoxville Power & Light, pref.(guar.)._
25c. Nov. 1 Oct. 26 to Oct. 31
Nov.
Holders of rec. Oct. 20
Russell Motor Car, Ltd., pref. (guar.)._
Lawrence Gas & Electric (guar.)
1% Nov. 1 Oct. 15 to Oct. 31
6254c. Nov.
Holders of rec. Oct. 15
Sagamore Mtg. (guar.)
Nov. 4 Holders of rec. Oct. 27a Long Island Lighting,common (quar.)_.. 50c. Nov.
2
Holders of rec. Oct. 21
St. Louis Screw, preferred (guar.)
Lowell Electric Light Corp.(guar.)
$1.75 Nov. 1 Oct. 27 to Nov. 1
6234e. Nov.
Holders of rec. Oct. 150
Savage Arms,common (guar.)
Manila Elec. Corp., common (guar.)
Dec. 1 *Holders of rec. Nov. 15
5$1
500 Deo, 3 Holders of rec. Dee. 150
.1% Jan. 2 *Holders of rec. Dec. 15
First preferred (guar.)
Massachusetts Gas Cos.. common (qu.) $1.25 Nov.
Holders of rec. Oct. 15
Second preferred (guar.)
Middle v‘ cot Utilities, common (guar.) II .50 Nov. 15 Holders of rec. Oct. 30
*1% Feb. 15 *Holders of rec. Feb. 1
Sherwin-Williams Co., common (quar.)
Milw. Elec. Ry. & Lt , pref. (guar.)... 13.4 Nov. 1 Holders of rec. Oct. 200
Nov. 15 Holders of rec. Oct. 30a
2
Extra
Nov. 15 Holders of rec. Oct. 300 Mohawk & Iludson Power, pref. (guar.) $1.75 Nov. 1 Holders of rec. Oct. 20
1
Preferred (guar.)
Second preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 15
$1.75 Nov. 1 Holders of roe
Silver (Isaac) & Bros. Co., pref.(guar.). 1% Nov. 1 Holders of rec. Oct. 20a Montreal Lt., Ht.& Pow. Consol.(qu.). 50c. Nov. 15 Holders of rec. Oct. 20
Oct. 310
Skouras Bros., class A (guar.)
Montreal Light, Heat & Power (guar.) _ _
75c. Nov. 1 Oct. 29 to Nov. 2
2
Nov. 15 Holders of rec. Oct. 310
Montreal Water & Power, corn.(guar.). 6234c. Nov. 15 Holders of rec.
Class B (guar.)
30c. Nov. 1 Oct. 29 to Nov. 2
Oct. 30
Standard Sanitary Mfg., corn. (quar.)_ _ $1.25 Nov. 20 Holders of rec. Nov. 4
Preferred (guar.)
154 Nov. 15 Holders of rec. Oct.
National Flee Power Co., corn. A (Qui - 45c. Nov. 1 Holders of rec. Oct. 30
Preferred (guar.)
134 Nov. 20 Holders of rec. Nov. 4
20
National Power & Light, corn. (guar.)... 20c. Dec. 1 Holders of rec.
Stevens Manufacturing (guar.)
•1%
*Holders of rec. Oct. 18
Nov. 15
Nevada-Calif. Elec. Corp., pref.(guar.).
Sullivan Packing, preferred (guar.)
2
Oct. 30 Oct. 20 to Oct. 31
Nov. 1 Holders of
Northern N.Y. Utilities, pref.(gnarl_. $1.75 Nov. 1 Holders of ree. Sept.30
Superior Steel, common (guar.)
50e. Dec. 1 Holders of rec. Nov. 15
rec. Oct. 15
Union-Buffalo Mills Co., 1st pref
Non'ern States Power,corn., el A (qu.) 2
3% Nov. 15 Nov. 9 to Nov. 15
Nov. 1 Holders of rec. SePt.30
Northwest Utilities, 7% pref. (quar.)_
Second preferred
2% Nov. 15 Nov. 9 to Nov. 15
154 Nov. 15 Holders of rec. Oct. 30
Union Cotton Mfg.(quar.)
Ohio Edison, 6% preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 27a
134 Doe. 1 Holders of rec. Nov. 15
Union Copper Land & Mining
6.6% preferred (quar.)
1.65 Dec. 1 Holders of rec. Nov. 15
25e. Nov. 15 Holders of rec. Nov. ba
7% preferred (guar.)
Union Oil Associates (guar.)
50c. Nov. 10 Holders of rec. Oct. 16
13.4 Dec. 1 Holders of reo. Nov. 15
Union Storage
6.6% preferred (monthly)
555. Nov. 1 Holders of ma Oct. 15
2% Nov. 10 Holders of rec. Nov. la
United Biscuit, class A (guar.)
6.6% preferred (monthly)
Dec. 1 *Holders of rec. Nov. 10
55o. Doe. 1 Holders of rec. Nov. 15
0$1
U.S.,Hoffman Machinery,corn.(quar.)_ 750. Dec. 1 Holders of rec. Nov.20a Ohio Fuel Corp.(one month clIvidend)
162-3 Nov. 15 Holders of rec. Oct. 304
Common (extra)
Nov. 15 Holders of rec. Oct. 310
250. Dec. 1 Holders of rec. Nov.200 Pacific Lighting Corp., corn.(guar.)..._ 4
U. S. Steel Corp., common (guar.)
Preferred (guar.)
134 Nov. 15 Holders of rec. Oct. 310
Dec. 1
134 Dec. 30
Pacific Power & Light, pref. (guar.)._
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 18
134 Nov. 29 Nov. 2 to Nov. 3
Penn-Ohio Edison, 7% pref.(quar.)
United States Storee, Prior pref. (quar.)_
Dec. 1 Holders of rec. Nov.20
1% Dec. 1 Holders of rec. Nov. 16
Philadelphia Co.. common (guar.)
Van Raalte Co., 1st pref. (guar.)
$1
Dec. I *Holders of rec. Nov. 17
Oct. 30 Holders of rec. Oct. la
Six per cent preferred (guar.)
Vapor Car Heating (guar.)
$1.50 Nov. 1 Holders of rec. Oct. la
$2.50 Nov. 10 Holders of rec. Nov. la
Philadelphia Rapid Transit, corn.(guar.) 31
Va.-Carolina Chemical, prior pf.(qu.)-- •1% Dec. 1 *Holders of rec. Nov. 16
Nov. 1 Holders of roe. Oct. 150
Preferred (guar.)
White (.1. G.) & Co., Inc.. pref.(guar.)- 1)4 Dec. I Holders of rec. Nov. 15
$1.75 Nov. 1 Holders of rec. Oct. 1
Pittsburgh Utilities, common
White(J. G.) Engineering, pref.(guar.)$1
Nov. 1 Holders of rec. Oct. 10
134 Dec. 1 Holders of rec. Nov. 15
Common (extra)
White(J. G.) Managem't Corp., pt.(qu.) 1% Dec. 1 Holders of rec. Nov. 15
(x) Nov. 1 Holders of rec. Oct. 10
Preferred
White Motor Co (quar)
334 Nov. 1 Holders of rec. Oct. 10
Dec. 31 *Holders of rec. Dec. 15
.$1
Preferred (extra)
Will & Baumer Candle,common (quar.)_ 25c. Nov. 15 Holders of rec. Nov. 1
214 Nov. 1 Holders of roe. Oct. 10
Portland Gas & Coke. pref.(quar.)
Wood, Alexander & Junes, Ltd., let
1% Nov. I Holders of rec. Oct. 18
Power & Light Securities Trust
50e. Nov. 1 Holders of rec. Oct. 15
preferred (quay.)
1% Nov. 1 Holders of rec. Oct. 25
Wright Aeronautical Co.(ruar.)
25c. Nov. 30 Holders of rec. Nov. 15a Public Service Elec. Power, pref.(guar.) 31.75 Nov. 1 Holders of rec. Oct. 150
Public Service of Nor. Ills., corn.(guar.) 2
Yale & Towne MN.(sneelal)
Nov. 1 Holders of rec. Oct. 15
Dec. I holders of rec. Nov. 10
$I
Six per cent preferred (guar.)
134 Nov. 1 Holders of reo. Oct. 15
Seven per cent preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 15
Below we give the dividends announced in previous weeks Securities Corp. Gen., corn. (guar.)- - $1 Nov. 1 Holders of rec. Oct. 210
Preferred (guar.)
and not yet paid. This list does not include dividends an$1.75 Nov. 1 Holders of rec. Oct. 2I0
50c. Nov. 1 Holders of rec. Oct. 180
nounced this week, these being given in the preceding table. Sierra Pacific Elec. Co., corn.(qu.)
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 18a
Southern Calif. Edison, common (guar.) 50c. Nov. 15 Holders of rec. Oct. 20a
Elouth'n Colorado Pow.,com.,c1. A (qu.)_ 50o. Nov.25 Holders of rec. Oct. 30
Per
When
Books Closed.
Standard Gas & Electric Co.
Name of Company.
Cent. Payable
Days Inclusive.
Common (payable In common stock) f1-200 Jan26 V Holders of rec. Dee.
Standard Power & Light, pref.(guar.).- $1.75 Nov. 1 Holders of rec. Oct. 310
16
Railroads (Steam).
Tennessee Elec. Pow.6% 1st Pt.(qu.)
134 Jan. 2 Holders of rec. Dee. 15
Atchison Topeka & Santa Fe, corn.(qu.) 134 Dee. 1 Holders of rec. Oct. 29a
7% first preferred (guar.)
13.4 Jan. 2 Holders of rec. Dec. 15
Baltimore & Ohio, common (guar.)
154 Dec. 1 Oct. 17 to Oct. 18
7.2% first preferred (guar.)
1.80 Jan. 2 Holders of rec. Dec. 15
Preferred (quay.)
I
Dec. 1 Oct. 17 to Oct. 18
6% first preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15
Chesapeake & Ohio. preferred A
334 Jan 1'27 Holders of rec. Dec. Si
6% first preferred (monthly)
50e. Dec. 1 Holders of rec. Nov. 15
Cincinnati Sandusky & Cleveland
$1.50 Nov I Oct. 26 to Nov. 2
6% first preferred (monthly)
50c. Jan. 2 Holders of rec. Dec. 15
Cuba Railroad, preferred
3
Febl'27 Hold. of Mo. Jan. 15 '270
7.2% first preferred (monthly)
60e, Nov. 1 Holders of rec. Oct. 16
Elmira & Williamsport common
$1.15 Nov I Holders of rec. Oct. 26*
7.2% first preferred (monthly)
600. Dec. 1 Holders of rec. Nov. 15
Internat. Rys. of Cent. Am., pref.(qu.)- 134 Nov. 15 Holders of rec. Oct. 29a
7.2% first preferred (monthly)
60e. Jan. 2 Holders of reo. Dec. 15
Mahon inp Coal RR..common (guar
$12.50 Nov. 1 Holders of rec. Oct. 25a Texas Power ,k Light, pref.(guar.)
I% Nov. 1 Holders of rec. Oct. 16
Missouri-Kansas-Texas. pref. A (quar.).. 134 Nov. 1 Holders of rec. Oct. Ifia
Union Street Ky. New Bedford may.)
1
Nov. dl Holders of rec. Oct. 210
New York Central RR.(guar.)
134 Nov. 1 Holders of rec. Oct. 5a
United Gas Impt., stock dividend
25
Nov. 15 Holders of rec. Oct. 15a
Norfolk & %Veslern, adj. pref. (quar.)_
1
Nov. 19 Holders of rec Oct. 300
United Lt.& Pr., old coin., el. B& B(qu) 600. Nov. 1 Holders of rec. Oct. 15
Northern Pacific (guar.)
Nov. I Holders of rm. Sept. 30a
134
New common,class A & B (guar.)._
12c, Nov. 1 Holders of rec. Oct. 15
Pitts. & West Virginia, corn.(guar.)._
154 Oct. 30 Holders of rec. Oct. 150 Utica Gas dc Electric, pref. (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 200
Common (guar.)
13.4 Jan, 31 Hold. of rec. Jan. 15'270
Washington Water Power.654% DI.(q11.) 134 Dec. 15 Holders of rec. Nov.240
Reading Company,common (Quar.)-Nov. 11 Holders of rec. Oct. 14a
$1
Dee. 1 Holders of rec. Nov.21
West Chester Street Ry., pref.(guar.).St. Louls-San Francisco Ry.. pref.(go.)- 134 Nov. 1 Holders of rec. Oct. 155
West Penn Electric Co.,7% pref.(guar.) 134 Nov. 15 Holders of rec. Nov. la
Southern Railway, common (quar.)_ _
154 Nov. 1 Sept. 22 to Oct. 12
West Penn Power Co..6% pref.(guar.). I% Nov. 1 Holders of roe. Oct. 15a
Wabash Ry.. pref. A (guar.)
I% Nov 26 Holders of rec. Oct. 25a
Seven per cent preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 15a
$1.75 Nov.20 Holders of rec. Oct. 31a
Wisconsin River Power, pref. (quar.)Public Utilities.
623.4c. Oct. 31 Oct. 22 to Oct. 30
York Railways, pref. (guar.)
Adirondack Power & Light,corn (mthly) 16*. Oct. 31 Holders of rec. Oct. 20s
COMMOD (monthly)
100. Nov. 30 Holders of rec. Nov 200
Banks.
Amer. Dist. Teleg. of N.J., corn.(qu.)
750. Oct. 29 Holders of rec. Oct. 15a Amalgamated (quar.)
2
Nov. 1 Holders of rec. Oct. 25a
American Gas & Electric, pref.(quar.)
$1.50 Nov. 1 Holders of rec. Oct. 11
Dec. 1 Holders of rec. Nov. 19
Amer. Colonial Bank of Porto Rico (qu.) 4
American Light & Traction,corn.(guar.) 2
Nov. 1 Oct. 16 to Oct. 28
4
Nov. I Holders of rec. Oct. 22a
Chemical National (bl-monthly)
Preferred (guar.)
134 Nov. 1 Oct. 16 to Oct. 28
6
Nov. 1 Holders of reo. Oct. 300
Corn Exchange (guar.)
Amer.Su perpower Corp.,corn.A&B(qu.) 30c. Dec. 31 Holders of rec. Nov. 300
Com. A & B (in partic. pref.stock)_
n50c. Dec. 31 Holders of rec. Nov. 300
Trust Companies.
First preferred (guar.)
$1.50 Jan. 3 Holders of rec. Dec. la
4
Nov. 1 Holders of rec. Oct. 210
Farmers Loan & Trust (quar.)
American Telex). & Teleg.(guar.)
23.0 an 1527 Holders of rec. Dec. 20a Kings County, Brooklyn (guar.)
1234 Nov. 1 Oct. 24 to Oct. 31
Quarterly
234A pr 1527 Holders of rec. Mar. 15a
10
Extra
Nov. 1 Oct. 24 to Oct. 31
Amer. Water Works& Elec.,corn.(guar) 134 Nov. 15 Holders of rec. Nov. la
7% first preferred (guar.)
1% Nov. 15 Holders of rec. Nov. In
Fire Insurance.
Androscoggin & Kennebec, 2d pref
1
Dec. I Holders of rec. Nov. Ito Westchester (quay)
50o. Nov. I Oct. 22 to Oct. 31
Associated Gas& Elm,clam A (guar.).- (I) Nov. 1 Holders of reo. Sept. 30
100. Nov. I Oct. 22 to Oct. 31
Extra
$6 preferad (guar.)
D$1.50 Dec. 1 Holders of rec. Oct. 30
1634 preferred (guar.)
P$ 1.6234 Dec. 1 Holders of rec. Oct. 30
Miscellaneous.
Bangor Hydro-Elec. Co.,common (qu.).. 154 Nov. 1 Holders of rec. Oct. 11
Brazilian Tr., L.& Pow.,ordinary (qu.). 134 Dec. 1 holders of rec. Oct. 30
Nov. 1 Holders of rec. Oct. 150
Abraham & Straus, Inc., pref. (quar.)
Broad River Power, preferred (guar.)._ _
I% Nov. 1 Holders of rec. Oct. 15
Acme Wire, preferred (guar.)
2
Nov. 1 ilolders of rec. Oct. 180
Brooklyn-Afanhattan 'Fran., pt. A (qu.). 1 S4,1 an 15'27 Holders of roe. Dee. 31
Allied Chemical & Dye Corp.. com.(qu.) $1
Nov. I Holders of rec. Oct. 154
Preferred series A (guar.)
134A pr 1527 Holders of rec. Apr. 1
Allis-Chalmers Mfg., common (quar.)-- 1% Nov. 15 Ilolders of rec. Oct. 230
Cambridge Electric Light (guar.)
$1
Nov. 1 Holders of rec. Oct. 21a
Amalgamated Sugar, 1st pref.(guar.) - 2
Nov. I Holders of rec. Oct. 160
Cedar Rapids Mfg. & Power (quar.)__
34 Nov. 15 Holders of rec. Oct. 31a
American Brick, corn. (guar.)
250. Nov. 1 liolders of roe. Oct. 258
Central Power & Light, pref.(quar.)---194 Nov. 1 Holders of roe. Oct. 15
Common (extra)
Sc. Nov. 1 Holders of rec. Oct. 250
Central & S. W Utli.. pr. lien & p1.(qu.) 31.75 Novd15 Holders of rec. Oct. 30
50e. Nov. 1 Holders of rec. Oct. 250
Preferred (guar.)
Chicago Rap.Tran., prior pf.
650. Nov. 1 Holders of rec. Oct. 19a
American Can, corn. (guar.)
500. Nov. 15 Holders of rec. Oct. 30a
650. Dec. 1 Holders of rec. Nov. 16a
Prior preferred (monthly)
American Chain, class A (guar.)
50e. Dec. 31 Dec. 22 to Jan. 2
Nov. I Holders of rec. Oct. 2r,a
Elec.
Clev.
134
pref (quar.)
American Cigar, corn. (guar.)
2
Nov. 1 Holders of rec. Oct. 15
Columbia Gas & Electric, own.(quar.).... $1.25 Nov. 15 Holders of rec. Oct. 300 American Coal (guar.)
$1
Nov. 1 Oct. 12 to Nov. 1
Seven per cent series A (guar.)
13.4 Nov. 15 Holders of rec. Oct. 30a
Amerada Corporation, common (guar.). 500. Oct. 30 Holders of rec. Oct. 154
Columbus Ry.,P.& L., Sec. B, pref.(qu.) $1.63 Nov. 1 Holders of rec. Oct. 16
American Glue, preferred (guar.)
2
Nov. 1 Holders of rm. Oct. 166
Nov. 1 Holders of rec. Oct. 15
2
Commonwealth-Edison (quar.)
American Hardware Corp.(guar.)
$1 Jan 1'27 Holders of rec. Dee. 166
Commonwealth Power Corp.. corn. (tIU.) 50c. Nov. 1 Holders of rec. Oct. 14
Amer. Home Products Corp. (guar.).
- 20c. Nov. 1 Holders of rec. Oct. 150
134 Nov. 1 Holders of rec. Oct. 14
Preferred (guar-)
Amer. La France Fire Eng., corn. (qu.)_ 250. Nov. 15 Holders of rec. Nov. la
Community Pow.& Light, 1st pref.(qu.) 1% Nov. 1 Oct. 21 to Nov. 1
Amer. Laundry Machinery. corn.(guar.) 750, Dec. 1 Nov.23 to Dec. 1
2 Dec. 1 Nov. 21 to Dec. 1
abscond preferred
Common (extra)
25o. Dec. 1 Nov. 23 to Dec. 1
ConnecticutRy.&Lte..COM.&pf.(qu.) _3 1.1234 Nov. 15 Nov. 1 to Nov. 15
Common (guar.)
$1
Marl'27 Holdersof rec.Feb.21'27
Consumers Power,6.6% pref. (monthly) 134 Jan. 2 Holders of rec. Dec. 16
American Linseed, pref.(guar.)
Jan 3'27 Holders of rec. Dec. 170
1.65 Jan. 2 Holders of rec. Dec. 16
6.6% preferred (guar.)
Preferred (guar.)
Aprl'27 Hold. of red.Mar.18'270
7% preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 16
American Machine & Foundry. pref.(qu.) 1% Nov. 1 Holders of rec.
Oct. 2I0
6% preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 16
1% Dec. 31 Holders of rec. Dec. 17
American Mfg•, common (guar.)
6% preferred (monthly)
50c Dec. 1 Holders of rec. Nov. 16
Preferred (guar.)
134 Dec. 31 Holders of reo. Doe. 17
6% preferred (monthly)
Jan 2'27 Holders of rec. Dec. 16
Amer. Radiator, common (guar.)
50o.
$1.25 Dec. 31 Holders of rec. Dec. 150
6.6% preferred (monthly)
55c. Nov. 1 Holders of roe. Oct. 16
Preferred (quay.)
134 Nov. 15 Holders of rec. Nov. la
6.6% Preferred (monthly)
American Sales Book. pref.(guar.)
She. Dec. 1 Holders of ree. Nov. 16
1% Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
Holders of res. Doe. 16
Amer.Shipbuilding,common (guar.)... 2
550. Jan 2'27
Nov. 1 Holders of rm. Oct. 154
Dallas Power & Light, pref. (quar.)Preferred (guar.)
13-4 Nov. I Holders of rec. Oct. 21
1% Nov. 1 Holders of rec. Oct. 150
Eastern States Power, pref. (guar.) _ - - $1.75 Nov. 1 Holders of rec. Oct. 20a
Amer.Smelting & Refining, corn.(guar.) $2
_
Nov. 1 Holders of rec. Oct. 154
Edison Electric Ilium. of Boston (guar.) 3
Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
1% Dec. I Holders of rec. Nov. ba
Edison Elec. Ilium. of Brockton (guar.). 6214c Nov. 1 Holders of rec. Oct. 22a
American Soda Fountain (guar.)
1% Nov 15 Holders of rec. Nov. 1
Electric Bond & Share, pref. (guar.)
Holders of roe. Oct. 11
American Stores (guar.)
134 Nov. 1
50c. Jan. 1 Dec. 17 to Jan. 1
Elec. Investors, Inc., $7 pref. (guar.)--- $1.75 Nov. 1 Holders of rec. Oct. 15
Extra
50c. Dec. 1 Nov. 16 to Dec. 1
$6 preferred (quar.)
American Vitrified Products, prof.(qu.)_
$1.50 Nov. 1 Holders of rec. Oct. 15
1% Nov. 1 Holders of rec. Oct. 20
2I0 Anaconda Copper Mining (guar.)
Fall River Gas Works(guar.)
75e. Nov. 1 Holders of rec. Oct.
75c Nov. 22 Holders of rec. Oct. Ion
Fort Worth Power & Ltd., pref.(quar.)_
Archer-Daniels
-Mid.. pref. (guar.)
13.4 Nov. 1 Holders of rec. Oct. 16
13.4 Nov. 1 Holders of rec. Oct. 216
General Public Service, cony. M.(qu.)
Holders of rec. Oct. 8
Artloom Corp., pref. (qu.)
51.75 Nov. 1
1% Doe. 1 Holders of rec. Nov. 200
154
134
134
154
154
154
154
1%
OCT. 30 1926.]
2227
THE CHRONICLE
Per
When
Cent. Payable
Name of company.
Books Closed
Days Inclusive.
Miscellaneous (CottMuted).
Armstrong Cork, common (quar.)
$1 M Jan. 2 Holders of rec. Dec. 17
Common (payable in common stock)-- 15
Jan. 15 Holders of rec. Dec 17
Preferred (guar.)
144 Jan. 2 Holders of rec. Dec. 17
Art Metal Construction (quar.)
250. Nov. 1 Holders of rec. Oct. 25a
Associated Dry Goods, corn.(guar.)._
620. Nov. 1 Holders of rec. Oct. 160
First preferred ((Mar.)
134 Dec. 1 Holders of rec. Nov. 130
Second preferred (guar.)
1( Dec. I Holders of rec. Nov. 130
Atlantic Ice dr Coal preferred
33( Jan 1'27
Atlantic Refining, preferred (quar.)- 13( Nov. 1 Holders of rec Oct. 150
Atlas Powder, prof.(quar.)
Nov. 1 Holders of rec. Oct. 20a
Auburn Automobile, stook dividend
e5
Nov. 2 Holders of rec. Oct. 200
Austin. Nichols & Co., pref. (quar.)
131 Nov. 1 Holders of rec. Oct. 150
Babcock & Wilcox (guar.)
13( an2'27 Holders of rec. Dee. 20a
Quarterly
14( Apr117 Hold,of rec. Mar.20'27o
Balaban & Katz, common (monthly)... 25c. Nov. 1 Holders of rec. Oct. 20
Common (monthly)
25e. Dec. 1 Holders of rec. Nov.20
Common (monthly)
25c. Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
1 41 Jan. 1 Holders of rec. Dec. 20
Bang Service Stations. Inc., p1. (qu.)
2
Nov. 1 Oct. 22 to Oct. 31
Barnhart Brothers & Spindler
First and second preferred (quar.)___
13( Nov. 1 Holders of rec. Oct. 23a
Benesch (Isaac)&Sons,Inc.,A com.
(go.) 75c. Oct. 30 Holders of rec. Oct. 20
Preferred (quar.)
50e. Oct. 30 Holders of rec. Oct. 20
Best-Clymer Co. (guar.)
75e
Nov. 1 Holders of rec. Oct. 200
.
Bigelow-Hartf. Carpet,corn. dr pf,(qu.)_ 81.50 Nov. 1 Holders of rec. Oct. 14
flaw-Knox Co., corn.(quar.)
3
Nov. 1 Oct. 22 to Oct. 31
First preferred (quar.)
1M Nov. 1 Oct. 22 to Oct. 31
Bloomingdale Bros., preferred (quar.)._
1M Nov. 1 Holders of rec. Oct. 200
Bond & Mtge. Guarantee (guar.)
4
Nov. 15 Holders of rec. Nov. 8
Borden Company,corn.(quar.)
$1
Dec. 1 Holders of roe. Nov.15a
Common, extra
25c. Dec. 1 Holders of rec. Nov. 15a
Brill (J. G.) Co.. coin
$2 91 2-3 Nov. 1 Holders of rec. Oct. 290
Preferred (quar.)
Nov. I Holders of rec. Oct. 29a
British Columbia Fish & Packing (guar.) lit Dee. 10 Holders of rec. Nov.30
Brockway Motor Truck (guar.)
50e. Nov. 1 Oct. 21 to Oct. 31
Stock dividend
e2
Nov. 1 Oct. 21 to Oct. 31
Brown Shoe, preferred (guar.)
14( Nov. 1 Holders of rec. Oct. 200
Bunte Bros., pref.(quar.)
13 Nov. 1 Holders of rec. Oct. 25
Burns Bros.,common (quar.)
$2.50 Nov. 15 Holders of rec. Nov. la
Common B (quar.)
50c Nov. 15 Holders of rec. Nov. la
Prior Prof. (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15a
Butler Bros.(quar.)
Nov. 15 Holders of rec. Oct. 300
3
Byers(A. M.)Co.,Prof.(gust.)
1M NOv. 1 Holders of rec. Oct. 150
California Packing (guar.)
$1 Doe. 15 Holders of rec. Nov. 300
Canada Cement, preferred (guar.)
1M Nov 16 Holders of rec. Oct. 31
Canada Dry Ginger Ale, stook
Jan15'27 Holders of rec. Jan 1 '27a
Canadian Converters (guar.)
I M Nov. 15 Holders of rec. Oct. 31
Cartier, Inc., pref. (qar.)
Oct. 30 Holders of rec. Oct. 156
Celotex Co., corn.(In common stock)... 1100 Oct. 30 Holders of rec. Oct. 30a
Century Ribbon Mills, pref.(Wan).
- 1M Doe. 1 Holders of rec. Nov. 19a
Cerro de Pasco Copper (guar.)
$1
Nov. 1 Holders of rec. Oct. 140
Charlton Mills (quar.)
Nov. 1 *Holders of rec. Oct. 13
Chase(A. W.) Co., Ltd., pref.(quit.).. 2
Nov. 10 Holders of rec. Oct. 31
. Chic. Wilm.& Fraok. Coal, pref. (altar.) $1.50 Nov. 1 Holders of rec. Oct. 20
Chicago Yelloiv Cab Co.(monthly)
33 1-8e Nov. 1 Holders of roe. Oct. 20a
Monthly
33 1-3o Dec. 1 Holders of rec. Nov.190
Chief Consolidated Mining (quar.)
*100 Nov. 1 *Holders of rec. Oct. 10
Christie, Brown & Co., corn. (quar.)- 300. Nov. 1 Holders of rec. Oct. 15o
Preference (guar.)
13( Nov. 1 Holders of rec. Oct. 20
Chrysler Company.corn.(guar.)
*75c. Jan
2 *Holders of rec. Dec. 15
Preferred
Jan 3'27 Holders of rec. Dec. I5a
$2
Cities Service Co.. common (monthly).
Nov. 1 Holders of rec. Oct. 16
Common (payable in common stock)._
13 Nov. 1 Holders of rec. Oct. 16
Preferred and preferred B (monthly).
34 Nov. 1 Holders of rec. Oct. 16
Bankersshares (monthly)
16.21c Nov. 1 Holders of rec. Oct. 15
Cleveland-Cliffs Iron (guar.)
1
Oct. 25 Holders of rec. Oct. 15
Clinchfield Coal Corp., Prof.(quar.)
13 Nov. 1 Holders of rec. Oct. 250
Cluett,Peabody & Co.,Inc.,oom. 4 11.)- $1.25 Nov. 1 Holders of rec. Oct. 210
(
1
Collins dr Adman Co.,corn.(gu.)(No.1) $1
Nov. 1 Holders of rec. Oct. lbo
Convertible preferred (guar.)
1.3( Nov. 1 Holder, of rec. Oct. lla
Columbian Carbon (guar.)
$1
Nov. 1 Holders of rec. Oct. 160
Connecticut Mills, 1st pref. (quar.)--13. Nov. 1 Holders of rec. Oct. 180
Consolidated Laundries(Mum)
1500. Oct. 30 Holders of rec. Oct. 20
Continental Can, Inc., common (quiz.). $1.25 Nov 15 Holders of rec Nov. 55
Continental Motors Corp (guar.)
20c. Oct. 80 Holders of rec. Oct. 150
Crucible Steel, corn. (guar.)
I)( Oct. 80 Holders of rec. Oct. 164
*3
Cudahy Packing,6% preferred
Nov. 1 *Holders of roe. Oct. 20
*334 Nov. 1 *Holders of rec. Oct. 20
Seven per cent preferred
Cuneo Press, Inc. (guar.)
81
Dec. 15 Holders of rec. Dee. 1
Cuyamel Fruit (guar.)
Nov. 1 Holders of rec. Oct. 160
$1
Davega, Inc. (quar.)
250. Nov. 1 Holders of rec. Oct. 15.
Davis Mills (quar.)
134 Dec. 24 Holders of rec.dDec. Ila
Dominion Bridge(quar.)
Nov. 15 Holders of rec. Oct. 300
1
Draper Corporation (extra)
12% Jan1527 Holders of roe. Aug. 28
Eagle-Picher Lead, common (quar.)
40e. Dec. 1 Holders of roe. Nov. 15
Eastern Dairies, Inc., corn.(quar.)
50c. Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
134 Nov. I Holders of rec. Oct. 16
Eaton Axle & Spring. corn,(guar.)
500. Nov. 1 Holders of roe. Oct. 15.
Electric Household Utilities Corp
r50c. Oct 30 Holders of rec. Oct. 19
Electric Refrigeration, common (guar.)- 50o. Nov. 20 Holders of rec. Oct. 2Pa
Common (payable In common stock)_ _ 114 Nov. 20 Holders of rec. Oct 29a
Elgin National Watch (quar.)
82Mc Nov. 1 Holders of rec. Oct. 15
Eureka Pipe Line (quar.)
Nov. 1 Holders of rec. Oct. 15o
81
Eureka Vacuum Cleaner (guar.)
$1
Nov. 1 Holders of roe. Oct. 200
Exchange Buffet Co. (guar.)
3734c Oct. 80 Holders of rec. Oct. 160
Fair (The), common (monthly)
200. Nov. 1 Holders of rec. Oct. 216
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 21s
Fairbanks
-Morse & Co., cum.(gnat%)
750. Dec. 81 Holders of rec. Oct. 158
Preferred (quar.)
13( Doe. 1 Holders of rec. Nov. 15s
Fajardo Sugar (quar.)
234 Nov. 1 Holders of rec. Oct 20
Famous Players-Lasky Corp., pref.(qu.) 2
Nov. 1 Holders of rec. Oct. 16
Federal Purchase Corp., el. A (qu.)
750. Nov. 2 Holders of rec. Out. 16
Class B (quar.)
250. Nov. 2 Holders of rec. Oct. 16
Federal Terra Cotta. pref.(quar.)
Nov. 15 Holders of rec. Nov. 5
2
Firestone Tire& Rubber,7% pref.(cm.).
Nov. 15 Holders of rec. Nov. 1
Fisk Rubber, let pref. (quar.)
1,' Nov. 1 Holders of rec. Oct. 160
First convertible preferred (guar.).- 13( Nov. 1 Holders of rec. Oct. 15e
Second preferred (guar.)
13( Nov. 15 Holders of rec. Nov. la
Fitzsimmons & Connell Dredge dr Dock
(guar.)
500. Dec. 1 Holders of rec. Nov. 20a
Foote Bros.Gear dr Maoh.Co.. Pref.(gu.) 13( Jan1'27 Holders
of rec. Sept. 20
Franklin (H.11.) Mfg., pref.(guar.)
13( Nov. 1
General Box Corp., pref. A & B (guar.)- 81.25 Dec. 1 Holders of rec. Oct. 20
Holders of rec. Nov.20a
General Cigar, common (quar.)
$1
Nov. 1 Holders of rec. Oct 204
Seven per cent preferred (guar.)
134 Dec 1 Holders of rec. Nov.23.
Debenture preferred (quar.)
134 Jan. 8 Holders of rec. Doe. 23.
General Development(guar.)
26e. Nov.20 Holders of rec. Nov. 10
General Motors. 7% Prof.(guarj
13( Nov. 1 Holders of rec. Oct. 46
Six per cent pref.(Guar.)
134 Nov. 1 Holders of rec. Oct. to
Six per cent debenture stock (qu.)
134 Nov. 1 Holders of roe. Oct. to
General Necessities Corn.
(monthly). 1
Nov. 15 Holders of roe. Nov. 6
Monthly
1
Dec. 15 Holders of too. Dee. 6
dividend
Stock
Dec. 81 Holders of rec. Doe. 20o
425
General Tire & Rubber, corn.(guar.)
50e. Nov. 1 Holders of rec. Oct. 20
Gilchrist Co. (guar.)
750. Oct. 31 Holders of rec. Oct. 16
Gillette Safety Razor (guar.)
Dec. 1 Holders of rec. Nov.
21
500. Dec. 1 Holders of rec. Nov. 1
Extra
15( Nov. 1 Holders of rec. Oct. 15.
Gimbel Bros.. pref.(guar.)
C. G. Spring & Bumper
Common (in corn. stk. on each 10 shs.) 12-10 Nov.15 Holders of rec. Nov. 8
Common (in corn.stk. on each 10 du.) 13-10 Feb1527 Holders of rec. Feb.8'27
.33
4 Nov 1 *Holders
Globe Automatic Sprinkler. pref
of rec. Oct. 21
Globe-Wernicke Co.. common
$1.50 Jan1'27 Holders of roe. Doe. 20
Gobel (Adolph). Inc.. cony Prof. (qu.) *31.16 Nov I *Holders of rec. Oct. 25
8434 Nov. 15 Holders of rec. Oct. 26a
Goodyear Tire dr Rubber. Prof
Goseard(H. W.) dr Co.. Com.(nethlY)-- 83 1-3c Nov. 1 Holders of roe. Oct. 20
33 1-3c Dee. 1 Holders of rec. Nov. 19
Common (monthly)
33 I-3a Jan 3'27 Holders of rec. Dee, 20
Common (monthly)
Gotham Silk Hosiery. lit & 26 DI. PM./ 13( Nov. 1 Holders of rec. Oct. 150
Jan. 2 Holders of rec. Dec. 20
Grant(W.T.) Co., preferred (guar.)... *2
ay. RAO
Name of Company.
When
Per
Cent. Payable.
Miscellaneous (Continued).
Grand (F.& W.) 6-10-25 Cent Stores
144 Nov. I
Preferred (guar.)
Great Lakes Dredge & Dock (quar.)
Nov 15
2
Guenther Publishing, preferred (quar.)
234 Nov. 16
Preferred (acct. accumulated diva.)
8234 Nov. 16
Gulf States Steel. Preferred (guar.)
134 Jan 2'27
Hamilton-Brown Shoe(monthly)
Nov. I
$1
Hartman Corporation, class A (quar.)
50o. Dee, 1
Class A (quar.)
500. Mar127
(guar.)
Class A
50e. J'ne117
Class B (guar.) in class A stock
(o) Dec. 1
Class B (quar.) in class A stock
Class B (quar.) In class A stock
1
Hart S,haffner de Marx. Inc.,corn.(qu.) 1 % jMare . 30
b n v1 22
o 1.
Hayes Ionia Co.(monthly)
100. Nov. 1
Monthly
100. Dec. 1
Monthly
100. Jan l'27
Monthly
100. Feb117
Monthly
100. Marl'27
Hellman (Richard),Inc., partic. pf.(qu) 6234e. Nov. 1
Hercules Powder. pref. (guar.)
134 Nov. 15
Hibbard. Spencer,Bartlett & co.(mthlY)
350. Oct. 29
Monthly
350. Nov.26
Monthly
350. Doe. 31
Extra
200. Deo, 31
Hollander (A.)& Son,Inc.. corn.(guar.) 6234c. Nov. 15
Hollinger Consolidated Gold Mines.... 2
Nov. 4
Holly Sugar Corp., preferred (guar.).
- 15‘ Nov. 1
Hood Rubber Co., preferred (guar.).-- 134 Nov. 1
31.88 Nov. 1
Preference (734%) (guar.)
Horn & Hardart, common (guar.)
3734c Nov. 1
1234o Nov. 1
Common (extra)
Dec. 31
s
Hudson River Navigation. pref
Hunt Bros Packing, class A (guar.).
- 50o. Nov. 1
350. Nov. 1
Hupp Motor Car. corn, (guar.)
81
Nov. 16
Indiana Pipe Line (guar.)
Nov. 15
81
Extra
3234c. Nov. 1
Independent Packing.corn.(quar.)
134 Nov. 1
Preferred (guar.)
500. Nov. 1
Indian Motooycle, corn.(guar.)
Industrial Finance Corp.,6% pref.(ciu.) 134 Nov. 1
134 Nov. 1
7% pref. and deb.stook (guar.)
Internat. Agricultural Corp., pr. Pf.(q113 134 Dec. 1
Nov. 1
International Cigar Machinery (qnar.). $1
International Harvester. pref (guar.).
134 Dec. I
International Nickel, preferred (quar.)_ _
134 Nov. 1
International Paper. corn. (quar.)
500. Nov. 15
M Nov. 1
International Shoe, pref. (monthly)_
8734e. Nov. 1
Interstate Term W'hse. pref.(quar.)
Intertype Corporation. corn.(guar.)._ 250. Nov.15
Ipswich Mills, preferred (guar.)
.v. 1
134
Iron Products (quar.)
50c. set. 29
Jaeger Machine. common (gnar.)
32 4c
Kaufmann Dept. Stores, pref. (guar.)._
144
Kayser (Julius) dr Co. erannlon (guar.). 756 Nov. 1
Kellogg Switchboard & Stipp. com.(qu.) 82.Oct. 30
Preferred (quar.)
15 Oct. 30
Kelsey Wheel Co., preferred (quit.).
134 Nov. 1
Kidder Peabody Accept., pref. A
$2.50 Nov. 1
Kinney(0 R.) Co., enm0101:1 (quar.)--- $1
Jan. 3
Preferred (guar.)
2
dFeb. 1
Kirby Lumber (guar.)
134 Dec. 10
Hat, common
Knox
$3
Nov. 1
Class A participating stock
Si
Nov. 1
Second preferred (guar.)
115i Nov.Nov.
Kress (S. H.)& Co., common (quar.)
760. Nov. 1
Landay Bros., Inc., class A (quar.)
Lannon Monotype Machine (guar.)_ _
134 Nov. 30
Lehn dr Fink Co. (guar
750. Dec. 1
Liquid Carbonic Corporation (quar.)
90e. Nov. 1
Loew's Boston Theatres(quar.)
15c. Nov. I
Loeves Ohio Theatres. Inc 1St pf (qu.) 2
Nov.
134 Nov. 1
Loose
-Wiles Biscuit. 2d pref. (guar.)._
2
Lord & Taylor, 2d pref.(guar.)
Nov. 1
Louisiana Oil Refining,634% pref.(qu) 1.6234 Nov. 15
Luther Manufacturing (quar)
2
Nov. 1
1,‘ Nov. 1
Macy (R.H.)& Co., pref.(guar.)
Marmon Motor Car, common (No. 1).. $1 Dee. 1
Maytag Co. (quar.)
50e. Doe. 1
50o. Nov. 1
McCall Corp., corn.(guar.)
134 Nov. 1
McCrory Stores, pref. (guar.)
McIntyre Porcupine Mines, Ltd
25e. Dec. 1
Melville Shoe, corn. (guar.)
75c, Nov. 1
2
Preferred (guar.)
Nov. 1
Mercantile Stores, Inc., corn.(guar.).
- $1 Nov.15
Preferred (guar.)
$1.75 Nov. 15
Merchants Manufacturing (quar.)
1
Nov. 1
Metropolitan Chain Stores first and
t-'econd preferred (quar.)
134 Nov. 1
Miami Copper Co.(guar.)
3734c. Nov.15
Mid-Continent Petroleum, pref.(quar.) $1.75 Dec. 1
Missouri Portland Cement(quiz.)
50c. dOct.30
Mohawk Mining (quit.)
52
Dec. 1
Montgomery Ward dr Co., corn.(guar.). 21
Nov. 15
Moon Motor (guar.)
37340. Nov. 1
Moore Drop Forging, class A (quar.)_
61.50 Nov. 1
Morris Plan Bank (Cleveland) (quar.)_ _
2
Nov. 1
Motor Wheel Corporation, pref.(guar.). 2
Nov. 15
Muirbead's Cafeterias. preferred
25c, Nov. 1
Mullins Body Corp., pref.(quar.)
2
Nov. 1
Munsingwear, Inc. (quar.)
75e. Dec. 1
Munyon Remedy Co.(quar.)
150, Deo, 15
Nash Motors,common (quiz.)
50e. Nov. 1
Common (extra)
50e. Nov. 1
National Biscuit, common (quar.)
Jan, 15
31
Common (extra)
31
Nov. 15
Preferred (quar.)
134 Nov.30
National Brick, preferred (quar.)
134 Nov. 15
National Carbon, preferred (quar.)
2
Nov. 1
National Casket,common
51.50 Nov.15
National Cloak dr Suit .pref.(quar.)
13( Dec. 1
Natl. Department Stores. lot pref.(qu.) 134 Nov. 1
Second preferred (guar.)
1% Dec. 1
National Grocer, preferred
Jan 1'27
3
National Lead, pref.(quar.)
134 Dec. 15
National Refining, coin. (quar.)
3740 Nov. 15
National Tea, preferred (guar.)
81.6234 Nov. 1
Neisner Bros., pref. (guar.)
13( Nov. 1
Newberry (J. J.) Co., pref.(guar.)
13( Dec. 1
New Cornelia Copper Co.(quit.)
50c. Nov.22
Newton (George B.) Coal, preferred...-. 3)4 Nov. 1
New York Air Brake, corn.(guar.)
75c. Nov. 1
Y.
N.Y dr Honduras Rosario Mining
234 Oct. 30
Extra
234 Oct. 30
New York Merchandising, pref.(guar.). 514 Nov.
.
1 75 N ov
North American Cement. pref.(quiz.)
North Central Texas 011 (guar.)
15c, Dec. 1
Oil Well Supply, preferred (quiz.)
13( Nov. 1
Ontario Biscuit, corn.(quar.)
50c. Nov. 1
Nov. 1
2
Preferred (quar.)
Ontario Steel Products, corn. (quar) _
Nov. 15
1
_
Preferred (quar.)
134 Nov. 15
Onyx Hosiery, corn. (quar.)
80c. Nov. 5
134 Dec. 1
Preferred (guar.)
Oppenhelm. Collins & Co.. coin.(quar.)
N
Nov. 11,
2
Oppenheimer (S.) & Co.. pref. (quar.)- - $1
OrPheUM Circuit, Inc., corn.(monthly). 6 2-32 Nov. 1
Monthly
8 2-3 Dec. 1
Monthly
16 2-3e Jan 217
Preferred (guar.)
2
Jan 2'27
Books Closed
Days Inclusive.
Holders of roe. Oct. 160
Holders of rec. Nov. 6
Holders of rec. Oct. 16
Holders of rec. Oct. 16
Holders of tee. Dee. 158
Oct. 24 to Oct. 81
Holders of rec. Nov. I7a
Holders of rec.Feb.16'27a
Holders of rec. May 174
Holder, of rec. Nov. 175
Holders of rec.Feb15'274
Hold. of rec. May 17'274
Holders of rec. Nov. 166
Holders of rec. Oct. 280
Holders of rec. Nov.25e
Holders of roe. Doe. 26a
Holders of roe. Jan. 26a
Holders of rue. Feb. 25a
Holders of rec. Oct. 21
Holders of rec. Nov. 5
Holders of tee Oct. 22
Holders of tee. Nov.19
Holders of res. Dee. 24
Holders of rec. Dee. 24
Holders of rec. Oct. d2I4
Holders of roc Oct. 19
Holders of rec. Oct. 15
Oct. 21 to Nov. 1
Oct. 21 to Nov. 1
Oct. 9 to Oct. 81
Oct. 9 to Oct. 31
Holders of rec. Dec. 15
Holders of rec. Oct. 15
Holders of tee. Oct. 20s
Holders of rec. Oct. 22
Holders of rec. Oct. 22
Holders of rec. Oct. 21
Holders of rec. Oct. 21
Holders of rec. Oct. 204
Holders of rec. Oct. 21
Holders of rec. Oct. 21
Holders of rec. Nov. 150
Holders of rec. Oct. 21
Holders of rec. Nov. 100
Holders of rec. Oct. 144
Holders of rec. Nov. is
Holders of rec. Oil. 15
Holders of rec. Oct. 25
Horders of rec. Nov. la
Holders of rec. Oct. 21.
Holders of rec. Oct. 14.
Holders of rec. Nov. 194
Holders of rec. Dec. 20a
Holders of rec. Oct. 184
Holders of rec. Oct. 90
Holders of rec. Oct. 91
Holders of rec. Oct. 21.
Holders of rec. Oct. 15
Holders of rec. Dec. 230
Holders of rec.dJan. 21cs
Dec. 1 to Dec. 10
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 20a
Holders of rec. Oct. 15a
Holders of rec. Nov.20a
Holders of rec. Nov. 150
Holders of reo. Oct. 201
Holders of fee. Oct. 23
Holders of rec Oct. 24
Holders of rec. Oct. 18a
Holders of rec. Oct. 184
Holders of rec. Nov. la
Holders of rec. Oct. 19a
Holders of rec. Oct. 18.
Holders of rec. Nov. 10
Holders of rec. Nov. 150
Holders of rec. Oct. 20
Holders of rec. Oct. 204
Holders of rec. Nov. la
Holders of rec. Oct. 21
Holders of rec. Oct. 21
Holders of rec. Oct. 30
Holders of rec. Oct. 30
Holders of rec. Oct. 230
Holders of rec. Oct. 20
Holders of rec. Nov. la
Holders of rec. Nov. 150
Oct. 22 to Oct. 24
Holders of rec. Oct. 30
Holders of rec. Nov. 44
Holders of rec. Oct. 15.
Holders of rec. Oct. 15
Holders of rec. Oct. 25
Holders of rec. Oct. 30
Holders of rec. Oct. 31
Holders of rec. Oct. 160
Holders of rec. Nov. 170
Holders of rec. Nov.30
Holders of rec. Oct. 20a
Holders of rec. Oct. 200
Holders of rec. Dec. 3I0
Holders of rec. Oct. 29.
Holders of rec. Nov. 170
Holders of rec. Oct. 30a
Holders of rec. Oct. 20a
Holders of rec. Nov. la
Holders of rec. Nov. 230
Holders of rec. Oct. 150
Holders of rec. Nov. 160
Dec. 21 to Doe. 31
Holders of rec. Nov. 190
Holders of rec. Nov. la
Holders of rec. Oct. 20
Oct. 16 to Oct. 31
Holders of rec. Nov. 16
Holders of rec. Nov. d5a
Oct. 26 to Oct. 31
Holders of roe. Oct. 14a
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Holders of rec. Oct. 200
Holders of rec. Nov. 10
Holders of rec. Oct. 15a
Holders of rec. Oct. 20a
Holders of rec. Oct. 20o
Holders of rec. Oct. 30a
Holders of rec. Oct. 30a
Holders of rec. Oct. 26a
Holders of rec. Nov.20a
Holders of rec. Oct. 29a
Oct. 26 to Oct. 29
Holders of rec. Oct. 20.
Holders of tee. Nov.20*
Holders of reo. Dee. 20.
Holders of reo. Dec. 150
2228
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
OMB Elevator, pref.(guar.)
154 Jan13`27 Holders of rec. Deo. 310
Outlet Company,corn.(guar.)
75c. Nov. 1 Holders of rec. Oct. 200
Common (extra)
500. Nov. 1 Holders of res. Oct. 200
First preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 200
Second preferred (guar.)
114 Nov. 1 Holders of rec. Oct. 20a
Pacific Coast Biscuit, corn.(No. 1)
1234c Nov. 1 Holders of rec. Oct. 15
Preferred (No. 1)
431ge Nov. 1 Holders of rec. Oct. 15
Pacific Coast Co., 1st pref. (quar.)
134 Nov. 1 Holders of rec. Oct. 254
Second preferred (guar.)
1 Nov. 1 Holders of rec. Oct. 250
Packard Motor Car (monthly)
200, Oct. 30 Holders of rec. Oct. 154
Monthly
20o. Nov.30 Holders of rec. Nov. 154
Pan-Amer. West,Petrol, A & B (guar.). 50c. Oct. 30 Holders of rec. Oct. 90
Paramount Oshawa Theatres, of. (qu.)- 1% Nov. 1 Holders of rec. Oct. 30
Lathe Exchange, class A & B (guar.)._ 750. Nov.
Holders of rec. Oct. Ila
oPeabody Coal. preferred (monthly
).. 59e. Nov.
Holders of rec. Oct.d21
Penmans. Limited, corn. (guar.)
2
Nov. 1 Holders of rec. Nov. 5
Preferred (quar.)
1)4 Nov.
Holders of rec. Oct. 21
Peoples Drug Stores. Inc., pref.(guar.). 2
Nov. 1
Holders of rec. Nov. I
Perfection Glass(Canada)(No. 1)
5
Nov.
Holders of roe. Oct. 15
Phillips-Jones Corp.. pref. (quar.)
Holders of rec. Oct. 20a
134 Nov.
Pick-Barth (Albert)& Co., cl. A pf.(qu.) 435(0 Nov. 1 Oct. 27 to Nov. 14
Pierce, Butler Lir Pierce Mfg.,8% pf.(qu.) 2
Holders of rec. Oct. 20a
Nov.
Seven per cent.preferred (quar.)
Holders of rec. Oct. 200
1X Nov.
Piggly-Wiggly Western States el. A (qu.) 3734o Nov.
Holders of rec. Oct. 16
Plant (Thomas G.) Co., first pref.(qu.)_
154 Oct. 3 Holders of rec. Oct. 20
Postum Cereal common (quar.)
Holders of rec. Oct. 210
$1.25 Nov.
Prairie 011 & Gas (quar.)
50e. Nov.3 Holders of rec. Oct. 304
Prairie Pipe Line (guar.)
Oct. 3 Holders of roe. Sept.300
2
Procter & Gamble Co..common (quar.)_ $1.75 Nov. 1 Holders of rec. Oct. 25a
Pro-phy-lac-tic Brush, corn. (extra)__
Holders of rec. Nov. I
50e. Nov. 1
Preferred (quar.)
114 Dec. 1 Holders of rec. Dec. 1
P.udence Company, pref., series 01 1926 314 Nov.
Holders of rec. Oct. 20
Pullman Company (quar.)
Nov. 1 Holders of rec. Oct. 3e0
2
Pyrene Manufacturing, corn. (quar.)_ _ _
Oct. 20 to Oct. 31
214 Nov.
quaker Oats, pref. (guar.)
114 Nov.3 Holders of rec. Nov. 1
Qukisett Mills, preferred (guar.)
Holders of rec. Nov. 200
3
Dec.
Reed (C. A.) Co.. class A (quar.)
Holders at rec. Oct. 21
50c. Nov.
Republic Iron & Steel, common (guar.)_ $1
Holders of rec. Nov. 15
Dec.
*Holders of rec. Dec. 15
Preferred (guar.)
•134 Jan.
Holders of roe. Oct. 15
RIcelltix Dry Goods,common (guar.).- 37)40. Nov.
St. Joseph Lead (guar.)
500. Dec. 2 Doe. 10 to Dec. 20
Extra
250. Dec. 20 Dec. 10 to Doe. 20
Holders of rec. Oct. 210
St. Lawrence Flour Mills, pref.(quar.)_ _
134 Nov.
Holders of rec. Oct. 2?a
13i Nov.
St. Louis Car Co.. preferred (quar.)
_
Holders of rec. Oct. 154
62).60 Nov,
Salt Creek Producers (guar.)
Savage Arms,second preferred (guar.)
•134 Nov. 1 *Holders of roe. Nov. 1
Holders of rec. Oct. 15
Savannah Sugar Refining, corn.(guar.). $1.50 Nov.
Holders of rec. Oct. 15
1% Nov.
Preferred (quar.)
Nov. 1 Nov. 7 to Nov. 15
3
Scotten-DIllon Co. (quar.)
4
Nov. 1 Nov. 7 to Nov. 15
Extra
Holders of rec. Oct. 23
134 Nov.
Scott Paper, 7% pref. (quar.)
Scruggs-Vandervoort-Barney Dry Goods,
Oct. 22 to Oct. 31
50c. Nov.
common (quar.)
62140 Nov.
Holders of rec. Oct. 15a
Sears ,Roebuck & Co.(quar.)
Holders of rec. Oct. 15
Seeman Bros., common (no par) (quar.)_ 50c. Nov.
1 14 Nov. 1
Holders of rec. Oct. 26a
Shell Union 011 Corp.. pref. A (quar.) _ _
Dec. 22 to Jan. 1
Shreveport-El Dorado Pipe Line (quar.)_ 250. Jan.
Jan.
Dec. 22 to Jan. 1
Extra
$1
Simmons Co., preferred (guar.)
114 Nov.
Holders of rec. Oct. 15a
2
Sinclair Consolidated 011, pref. (quar.)_ _
Nov. 1
Holders of rec. Nov. 1 a
Skelly 011 (quar.)
50c. Dec. 1 Holders of rec. Nov 15a
Nov. 1
Holders of rec. Nov. 1
Smith (A. 0.) Corp., common (guar.)._ $1
Holders of rec. Nov. 1
Preferred (quar.)
1)4 Nov. 1
-Southern Dairies, Inc., class A (quar.)
31 Oct. 3 Holders of Teo. Oct. 154
1 .?.1. Dec.
Standard Oil (Ohio) pref. quar.)
Holders of rec. Oct. 26
Steel Co.of Canada,corn.& pref.(guar.) 154 Nov.
Holders of rec. Oct. 7
$1 .25 Nov.
Sterling Products (guar.)
Holders of rec. Oct. 150
Stewart-Warner Speedometer (guar.)._ _ $1.50 Nov. 1 Holders of rec. Oct. 30.
Oct.d24 to Oct. 31
Stover Mfg. & Engine. pref. (quar.)_ _ _ I% Nov.
Supertest Petroleum Corp., common... 50c. Nov.
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Preferred,tlass A (quar.)
334 Nov.
3
Nov.
Holders of rec. Oct. 20
Preferred .class B (quar.)
Telautograph Corporation, common_ _ 300. Nov.
Holders of roe. Oct. 15a
30e. Nov.
Holders of rec. Oct. 230
Thompson (.7. R.) Co.(monthly)
30c. Dec.
Monthly
Holders of rec. Nov.230
Thompson Products, pref.(guar.)
154 Deo.
Holders of rec. Nov. 200
Tidewater Associated 011, corn. (quar.)_ 300. Nov.
Holders of roe. Sept. 114
134 Nov. 1 Holders of roe. Nov. la
Tide Water Oil, preferred (guar.)
Tobacco Products Corp., el. A (quar.)
134 Nov.1 Holders of ree. Oct. 27a
1% Nov.
Troxel Mfg. .preferred (quar.)
Holders of rec. Oct. 200
Tung-Sol Lamp Works, coin. (quar.)_._ 200. Nov.
Holders of rec. Oct. 20a
450. Nov.
Holders of roe. Oct. 20a
Class A (guar.)
50c. Nov. 1 Holders of rec. Oct. 164
Union 011 of California (quar.)
51.25 Dec.
Union Tank Car,common (quar.)
Holders of roe. Nov. 10,2
Union di United Tobacco Co. Corp.
Common (No. 1)(quar.)
6234c Oct. 3 Holders of rec. Oct. 154
2
Doe,
Holders of rec. Nov. 154
United Drug, corn. (quar.)
First preferred (quar.)
87110 Nov.
Holders of rec. Oct. 150
United Profit Sharing Corp. pref
6
Oct. 3 Holders of rec. Sept. 304
United Verde Extension Mining (guar.). 75e. Nov.
Holders of roe. Oct. 8a
tr.S.Cala Iron Pipe dr Fdy..corn.(au.). 214 Doe. 1 Holders of rec. Doe. la
1% Dec. 1 Holders of rec. Doe. la
Preferred (guar.)
2
Nov. 1 Holders of rec. Oct. 20a
U.S. Rubber, first preferred (quar.)
_
Holders of roe. Oct. 150
Universal Pipe & Radiator, pref.(guar.) 1)4 Nov.
75c. Nov. 1
Vanadium Corp.(quar.)
Holders of rec. Nov. la
$1.
Dec. 1 Holders of roe. Dec. la
Extra
8740 Nov.
Holders of roe. Oct. 160
Vick Chemical (guar.)
51.75 Nov.
Vivaudou (V.). Inc., pref. (guar.)
Holders of roe. Oct. 16
Oct.d21 to Oct. 31
Waltke(Wm.)& Co., common (guar.). _ 60c. Nov.
114 Nov.
Oct.d21 to -Oct. 31
Preferred (quar.)
154 Nov.
Holders of rec. Oct. 230
Washburn-Crosby Co., pref.(quar.)--Holders of rec. Nov. 15
Weber & Hellbroner. preferred (guar.)„ 1% Doe.
$1.75 Oct. 3 Holders of rec. Sept. 30a
Westinghouse Air Brake ((mar.)
Oct. 30 Holders of rec. Sept.300
Westinghouse Elec.& Mfg..corn.(guar.) $1
Nov. 1 Holders of rec. Oct. 194
White Sewing Machine, pref. (quar.)__.. $1
500. Nov. 5 Holders of rec. Oct. 15
Wilcox (H .F.)011 & Gas (guar.)
37140 Nov. 15 Holders of rec. Nov. la
Williams 011-o-Matic Heat.(guar.)
334 Nov. 15 Holders of rec. Nov. 30
Wilson & Co.. preferred (No. 1)
Wolverine Portland Cement (guar.)._ _ _ 30o. Nov. lb Holders of rec. Nov. 5
Dec. 1 Holders of rec. Nov. 10
Woolworth (F. W.) Co.(guar.)
El
Doe. 15 Holders of reo.dNov. 100
Extra
Wrigley (Wm.)Jr.& Co.(monthly).... 290. Nov. 1 Holders of rec. Oct. 20
25e. Doe. 1 Holders of rec. Nov.30
Monthly
•From unofficial sources. t The New York Stock Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until further notice. t The
New York Curb Market Association has ruled that stook will not be quoted exdividend on this date and not until further notice
a Transfer books not closed for this dividend. d Correction. •Payable in stock.
g Payable In scrip. Son account of accumulated
IPayable In common stock
dividends. m Payable In preferred stock.
1 At the rate of 214% of one share of Class A stook for each share held.
n Payable in participating pref. stock at par, cash being paid In lieu of tractional
shares.
•et the rate of one-fortieth share of class A stock for each share of class B amok.
the rate of 475-100 of ashore
I) In lieu of cash, dividends may be taken in stock at
of class A stock for each share of $6 dividend stock and 5 15-100 of a share of class A
stock for each share of $6 50 dividend stock.
r Payable in stock on basis of $20 per share.
S At rate of 8% per annum for period from May 1 to Dec. 311925.
Transfer books closed from Nov. 7 to Nov. 15, both inclusive.
a Checks for dividend of 50c, on common and 81.25 on pref. declared payable
May 1 to holders of record April 20, payment of which was stopped by the Court,
Save been mailed.
ti Company reports monthly dividends reported in this column last week as payable
Dee. 1 and Jan. 1 not declared as yet.
Extra dividend on Pittsburgh Utilities common stock is 8187.500.
Ii Vox. 123.
THE CHRONICLE
Weekly Returns o New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Oct. 23. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Staled in thousands of dollars-that is, three ciphers (000) omitted.)
1 New
Capita Profits.Loans,
Reserve
Week Ending
Discount, Cash
Time Ban*
with
Net
Oct. 23 1926. 'Nat'l, June 30 Investircuin I Legal Demand
DeState, SepL.30 ments, Vault. Deposi- Deposits. posits. lotion.
(000 omitted.) Tr.Cos.Sept.3
tortes.
Members of Fed. Res.Bank. I Average. Average Average
Bank of N Y .1
$
$
$
$
$
Trust Co_._ 4,000 13.200
71,506
465 7,174
Bk of Manhat'n, 10,700 15,571 172,899 3.100 17,598
Bank of America' 6.500 5,143 77,597 1,605 10,903
National City__ 50,000 63.133 658,504 6,173 73,287
Chemical Nat__ 4,500 18,535 144,390 1,208 15,919
Am Ex-Pac Nat 7,500 13.095 147,989 2,021 17,736
Nat Bk of Corn_ 25,000 41,943 354,864
789 40,403
ChatPh NB &T 13,500 12,763 215,971 2,721 21,420
Hanover Nat... 6,000 28,003 115,983
519 13,267
Corn Exchange_ 10,000 14,767 203,376 5,762 24,845
National Park_ 10,000 24,152 184,07
763 16,010
Bowery es E rr... 3,000 3,224 80,048 1,747 6,250
First National._ 10,000 74,875 277.979
601 25,098
Irving Bk dr Tr 18,500 15.882 300,973 2,748 38,180
Continental_ _ _ _ 1,000 1.234
7.b05
124
987
Chase National_ 40,000 36,7821 552.218 6,956 71,644,
500 2,933 26,161
Fifth Avenue__
813 3,392
6751 14,00
Commonwealth.
800
512 1,413
16.759
Garfield Nat'l.... 1,000 1,782
443 2.329
Seaboard Nat'l_ 6,000 10,415 122,590
881 15,404
Bankers Trust_ 20,000 34.555 3241.843
914 34,185
U S Mtge dr Tr_ 3,000 4.820, 59.715
702 6,993
Guaranty Trust 25,00 24,6061 419.179 1,356 44.240
41,020
Fidelity Trust__ 4.000 3,154
733 4,642
New York Trust, 10,000 21,320 173.314
593 19,252
570 13.754
Farmers I. ds TrI 10,000 19,820 141,120
Equitable Trusti 30.00 22,144 270,048 1,600 29,799
Average. Average
$
3
51,618 7,589
128,355 27,489
82,761 3,609
*702,604 96,513
122,781 3,048
133,658 9,442
303,817 18,747
161,257 43,129
99,814
175,532 31:332
122,833 6,791
43,048 17,857
190,001 13,232
271,668 27.069
6,081
440
*522,236 33,295
2
;:ge
16,195
117,478
*281,021
53.851
*392,879
35,250
141,483
*102,852
*308,578
Affe•
$
--90
348
4.945
--8,140
-,,,
3:493
1,486
8,471
---1,977
--4",379 _-
447
3,048
37,251
4,861
54,861
4,127
19,143
22,332
27,739
...48
------.------- --
Total of averages 329,500 533,5385,128.921 46.407 574,104 c4,249,249 517.76324.995
Totals, actual condition Oct. 235,107,427 46,823539,183c4,214,222 520,437 25,109
Totals, actual condition Oct. 16 5,157,927, 47,454 593,312 c4,247,123 521,822 25,042
Totals, actual condition Oct.
48,010608.751 c4.272,808 523,25625,061
9.5.204.0471
State Banks Nov Members of Fed'i Res've Bank.
24,306, 2,188 2,073
Greenwich Bank 1.0001 2,583
22,648 2,890 -State Bank ._ _ 5,0001 5,869 108,7121 4,680 2,603
39,809 84.423 ---Total of averages
8,000
8,252
133,018 6,848
4,876
62,457 67,113
Totals, actual condition Oct. 23 133,0271 6.625 4,873
Totals, actual condition Oct. 16 133,5401 7,416 4,385
Totals, actual condition Oct. 9 132.1091 7,028 4,399
Trust Com palflies Not Mem rs of Fed '1 Res' ye Bank.
Title Guar & Tr 10,000 18,580 65,196 1,744 4,441
21,836
922 1,748
Lawyers Trust_ 3,000 3,394
82,253 87,120
83,252 67,024
61,575 68.980
40,949
17,165
1,376
850
Total of averaged 13,000, 21.974
87.032
2,886
6,189
58,114
2,226
Totals, actual condition Oct. 23
Totals, actual condition Oct. 16
Totals, actual condition Oct. 9
86,410
86,632
87,300
2,625
2,597
2,670
6,182
6,123
6,251
57.333
57,560
59,063
2,141
2,244
2,148
Gr'd aggr., arge.348,500556,7855.348.971 65,921584.969 4,369,820 587,10224,995
-58,587-3,660 +4,714
Comparison with prey„week
-7,074-2,789 +89
Gr'd aggr., act'icond'n Oct. 235,326.864 56,073550,038 4,333,308 589,698 25,109
-51.235-1,394782 -34,127-1,392 +67
Comparison with prey. week
Ord
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'l cond'n Oct. 165.378,099
aggr., nett cond'n Oct. 95,423.846
aggr., act'icond'n 'Oct. 25,507.436
cond'n Sept.25 5.412,675
aggr.,
aggr., ace!cond'n Sept.18 5.424.001
attar., curl cond'n Sept.11 5,388.423
57,467603,820
57.708619,401
53,571 571,685
54,671509,828
52.305550.832
58,883628,702
4,367,935 591,090 25.042
4,393,448 592,384 5,081
4,409,892 587,126 24.616
4,372,410 588,60824.621
4,346.567 591,85724,697
4.364,977605.426 24,673
-17. S. deposits deducted from net demand deposits in the general totals
Note.
above were as follows: Average total Oct. 23, f39.403.000. Actual totals Oct. 23.
833,175.000; Oct. 16.845.974.000: Oct.9,853.319,000: Oct. 2,855.845.000; Sept.25,
855.836,000; Sept. 18, $55.837,000. Bills payable, rediscounts, acceptances and
other liabilities, average for week Oct. 23, 5560,844,000: Oct. 16, 3598,004,000
Oct. 9, $591.824,000: Oct. 2, 8593,742,000; Sept. 25, 8597.000,000: Sept. 18, $588.078,000. Actual totals Oct. 23, $549,853,000; Oct. 16, $604,130,000; Oct. 9, $628,470,000; Oct. 2, $560,657,000; Sept. 25, 3604,522,000.
* Includes deposits in foreign branches not included In total footing as follows
National City Bank, 8163,268.000: Chase National Bank, 811,284,000; Bankers
Trust Co., $27,530,000; Guaranty Trust Co., $69,103,000: Farmers' Loan es Trust
Co., *2,203,000; Equitable Trust Co.. $81,977,000. Balances carried in bank In
foreign countries as reserve for such deposits were: National City Bank,825,486.0001
Chase National Bank, $3,120,000; Bankers Trust Co., $2,373,000: Guaranty Truitt
Co., 83,323.000; Farmers' Loan & Trust Co., *2,203,000; Equitable Trust Co.,
$8,963,000.
O Deposits In foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables.
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks
State banks*
Trust companies*...
Total Oct. 23-Total Oct. 16._..
TotalOct. 9
Total Oct. 2...-
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
S
574.104.000 574.104,000 567.935,260
4,676,000 11,524,000 11,242,260
6.189,000 8,855.000 8,717.100
8
6,188,740
9.514,000 584.969,000 594,483.000 587,894,620
9,886.000 580.255,000 590,141,000 588.861,680
9.809,000 590.469,000 600,278,000 596,188,290
9,573,000 595,964.000 605.537.1.00 596,761,560
8,588,38
0
1,279.320
4,089,710
440
8,775,
6.848.000
2,866,000
281,740
137.900
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banki
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follpww
810
Oct. 23, $15,532.890; Oct. 16, 515,818,810: Oct.9, 815.656,670: Oct. 2, 315,560.
Sept. 25, 515,637,150.
OCT. 30 1926.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositorle:
Members Federal
Reserve banks.
State banks*
Treat companies._
Total Oct. 23__
Total Oct. 16
Total Oct. 9
Total Oct. 2..
$
6,625,000
2,625,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks.
BOSTON CLEARING HOUSE MEMBERS.
$
$
$
539,183,000 539,183,000 563.461,970 -24,278,970
92,460
4,873,000 11,298.000 11,205,540
207,050
6,182,000 8,807.000 8,599,950
9,250,000 550,038,000 559,288,000 583,267,460 -23.979,480
10,013,000 603,820,000 613,833,000 587,800,010 26,032,990
9,698,090 619,401.009 629,099,000 591,105,670 37,993,330
9.665,000 571,685,000 581,350,000'604,710,720 -23,360,720
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Sank ineludes also amount of reserve required on net time deposits, which was as follows:
Oct. 16,$15,613,110; Oct.9.813,697.680: Oct. 2,815.529.680: Sept. 25,815.584.550.
2229
Oct. 27
1926.
Changes from
Previous Week.
Oct. 20
1926.
Oct. 13
1926.
$
$
$
$
Capital
69,500,000 Unchanged
69,500,000
69,500,000
Surplus and profits
94,002,000 Unchanged
94,002,000
94,002.000
Loans, Meets & invest_ 1.080,633,000 Dec. 7,897,000 1,068,530,000 1,067,358,000
Individual deposits
710,242.000 Dec. 4,847,000 715,189.000 690,600,000
Due to banks
133,320,000 Dec. 10,344,000 143,664,000 135,229,000
Time deposits
235,682,000 Inc.
204,000 235.478,000 232,922,000
United States deposits_
17,745,000 Dec. 6,909,000
24.654,000
33,771,006
Exchanges for Cl'g H'se
30,715,000 Dec. 5,542,000
36,257,000
31,305.000
Due from other banks
84,686,000 Dec. 9,700,000
94,386,000
77,302,000
Res've in legal deposles
82,227.000 Dec. 1,348,000
83,575,000
81,259.000
Cash In bank
11,308.000 Dec.
112,000
11,420,000
10,778.000
Res've excess in F.R.Bk
241,000 Dec.
769.000
1.010.000
706.006
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows. return for the week ending Oct, 23, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
Previous Week. to be kept with the Federal Reserve Bank. "Cash in vaults"
Oct. 16.
Loans and investments
$1.210,449,600 Inc. $208,500
Gold
9,000 is not a part of legal reserve. For trust companies not mem4,323,000 Dec.
Currency notes
874,600
24,418,600 Dec.
Deposits with Federal Reserve Banks of New York_
829,100 bers of the Federal Reserve System the reserve required is
97,901,400 Dec.
Total deposits
1,248,874,300 Dec. 4,796,700 10% on demand deposits and includes "Reserve with legal
Deposits eliminating amounts due from reserve depositaries and from other banks and trust comdepositaries" and "Cash in vaults."
panies in N.Y.City,
exchange & U.S. deposits_ 1,173,153,000 Inc. 2,262,700
Reserve on deposits
166,553,300 Dec. 2,616,000
Percentage of reserves 20.5%.
RESERVE.
State Banks
-Trust Compantes-Cash in vault
.$43,817,500 16.8.5%
$82.825,500 15-02%
Deposits in banks and trust cos_ _ _ 12,191,500
27,718,600
5.02%
4.68%
Total
$56,009,000 21.53%
$110,544,300 20.04%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 16 was $97,901,400.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those fur the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedJune 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,513,234,700
6,680,128,900
6,690,902,700
6,590.587,300
6,464,762,300
6,5438,t61,000
6.649,515.100
6,574,966,900
6,544,607,200
6,538,084.700
6,588,168,500
6,593,206.900
6,625,391,700
6.616,162,700
6.683,007.800
6.668,046,700
6,617,799,100
6.111!) 4_n on
$
5,506,256,100
5,701,049,700
5.619,613,100
5.537,899,000
5.511,878,400
5,497,566,600
5.562.538,500
5.700,303,900
5,437.978,000
5.522,021,300
5.512,541,300
5,569.556,300
5,607,019,600
5,578.966.700
5,662,751,200
5,660,177,400
5.558 315.0.10
,-, u,orx non
$
81,499,400
85,751,100
89,326,100
87,442,700
81,662,300
82,039,100
81,793,500
83,952.500
80.536,800
82,328,600
83,086,700
87,287,200
85,257,300
83.188,800
84,153,500
85,684,200
89,2011,200
54.662.800
715.419.000
754,610,700
736,547,200
730,145,100
702,008.100
723,588,600
727.017,800
712,571,100
709,242,000
708,699,500
105.865,300
713,794,700
725,144,400
718,452,500
733,798.400
730,174,600
719,799,100
722 75(1 700
s
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
Included in the "Clearing House Returns" in the foregoing.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars-Mal is, three ciphers 1000) omitted.)
CLEARING
NON-MEMBERS C014141.
Week Ending
Oct. 23 1926.
Members of
Fed's Res've Bank.
Grace Nat Bank_ _.
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. fits_
Colonial Bank
Total
Trust Company.
Not Member of the
Federal&WOE Bank.
meth.Tr.,Bayonne
Loans,
DUNet
counts,
Profits. Investrunts,
dkc.
Reserve
Cash
with
Net
Net
in
Legal Daman , Time
Vault. Deposi- Deposits.Deposits.
tortes.
Average. Average. Average. Average,
$
$
$
8
52
1,071
7,257
3,906
a
1,000
$
1,883
$
13,349
1,000
1.883
13,349
52
1,071
7.257
3,906
400
1,200
1,0061
3,216
9,827
34,030
795
3,640
411
1,745
8,874
29,05
.
2.962
5,280
1,600
4,222
43,857
4,435
2.156
35,929
8,242
500
1
610
9,158
452
66
3,71
5,881
50011
610
9,158
452
3,71.
6,881
6,717, 66,364
+524
I
4,939
-273
3,293 a46.901
+4
+480
18,029
cirri aggr.. Oct. 16
Ged aggr., Oct. 9
Gird aggr., Oct. 2
6,717
6,545
6,545
6,545
5,212
4,973
4,917
4.834
3,289
3,478
3.285
3,340
18,036
18,003
17,949
17.895
•
3.100!
3.000
3,000,
3,000
65,840
66.345
05,729
68.572
66
846.421
a47,077
a46,025
a48.586
cied agar.. Sept. 25
United States deposits deducted. 827,000.
Bills payable, rediscounts, acceptances, and other liabilities, $2,319.000.
Excess reserve, $338,730 decrease.
Capital
Surplus and profits
Loans, disc'ts & Investm'ts
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit's_
Reserve with F. R. Bank...
Cash in vault.
Total reserve & cash held__
Reserve required
Excess req. & cash in vault
Membersof
Trust
F.R.Systein Companies
49,975.0
150,266,0
946,054.0
38,655,0
107,255,0
136,747,0
031,083,0
153,976.0
921,808,0
68,182,0
•10,523,0
78,705,0
69,046.0
9,659,0
_7
5,000,0
17,778,0
46,982,0
281,0
15,0
860,0
26,305,0
2,172,0
29,337.0
3,029,0
1,377,0
4,406,0
4,138,0
268,0
1926
Total.
54,975,0
168.044,0
993,036,0
36,936,0
107,270,0
137.607.
857,388,0
156,148,0
951,143,0
3,029,0
68,182.0
11.900,0
83,111.0
73,184,0
9,927.0
Oct.. 16
1926.
Oct. 51
1926.
54.975,0 54,975,0
168,044,0 168,044,0
100,070.0 1004,319,0
41,889,0 35,238.0
116,218.0 101,287.0
145,194.0 143.780.0
664,478.0 651,456.0
154,229.0 153.838,6
963.901,0 948,874,0
3.269,0
3,523,0
69.409,0 69,797,0
12,271.0 11,951,0
85,203,0 85,017,0
73,434.0 73,623,0
11,769.0 11,394,0
•Cash in ',Sun not counted- as reserve for Federal Reserve members.
Condition o the Federal Reserve Bank o New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct. 27 1926 in
comparison with the previous week and the corresponding
date last year.
Oct. 27 1926. Oct. 20 1926. Oct. 28 1925'
Resources$
$
$
Gold with Federal Reserve Agent
373,623,000 373,725,000 345,431,000
Gold redemp. fund with U. S. Treasury_
8,082,000
9,375,000
8,924,000
Gold held exclusively eget. F.R.notes 381,705,000
Gold settlement fund with F. R. Board_ 247,261,000
Gold and gold certificates held by bank_ 370,188,000
Total gold reserves
Reserves other than gold
383,100,000
262,782,000
366,298,000
354.355,000
291,206,000
362.372.004'
999.154,000 1,012,180,000 1,007,933,000
24,775,000
25,873.000
24,988,000
Total reserves
1,023,929,000 1.037,168,000 1.033,806,000
Non-reserve cash
19,411,000
16,664,000
17,161,000
Inns discounted. Secured by U. S. Govt. obligations_
89,586,000
78,595,000
92,559,000
Other bills discounted
42,761,000
63,696,000
30,494,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
132.347,000
48,231,000
109,089,000
42,401,000
156,255,000
36,394,000
1,322,000
23,675,000
29,087,000
1,322,000
23,675,000
29,087,000
1,257,000
52,307.000
1.555,
000
54,084,000
54,084,000
55,119,000
918,000
Total bills and securities (See Note)
234,662,000
205,574,000
248,686,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
650,000
167,541,000
16,740,000
2,869,000
640,000
650,000
195,653,000 152,799,000
17,183,000
16,740,000
4,014,000
2,590,000
Total U. S. Government securities
Foreign loans on gold
3.100
Grand aggregate_
comparison with prey. weeki
Total
Week Ended Oct. 23 1926.
Two Ciphers (00)
omitted.
Total resources
0
1,463,055,000 1,475,536,000 1,476,539.00
LiabilitiesFed'I Reserve notes in actual circulation_ 372,362,000
Deposits
-Member bank, reserve &eel
834,984,000
Government
6,933.000
Foreign bank (See Note)
3,682,000
Other deposits
7,836,000
373,791,000
825,680,000
4,893,000
2.279,000
8,131,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
840,983.000 900,248,000
161,210,000 126,675,000
32,045,000
35,756,000
58,749,000
59,964.000
4,033,000
3.832,000
Total liabilities
853,435.000
137,115,000
36,160,000
59,964.000
4,019,000
354,789,000
868,831,000
10,689,000
10,753.000
9,975,000
1,463,055,000 1,475,536,000 1.476,539,000
Ratio of total reserves to deposit and
Fed'l Res've note liabilities combined..
83.5%
82.4%
85.4%
Contingent liability on bills purchased
for foreign correspondents
10,463,000
11,228,000
9,882,000
NOTE.
-Beginning with the statement of Oct. 7 two new items were added in
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, All other earning assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and
curities." The latter term has been ad Med as a more accurate description of the
total of the discounts, acceptances ano 'unities acquired under the provisions of
seem-ma 13 and 14 of the Federal Reserv Act, which are the only items include&
berets
2230
[Vol.. 123.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 28, 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
iciest week appears on page 2200, 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 OCTOBER 27 1926.
Oct. 27 1926. Oct. 20 1926. Oct. 13 1926. Oct. 6 1926. Sept. 29 1926. Sept. 22 1926. Sept. 15 1926. Sept. 8 1026 Oct. 28 1925.
RESOURCES.
$
$
$
$
$
6
$
$
$
Gold with Federal Reserve agents
1,411,623,000 1,409,541,000 1,329,143,000 1,383,196,000 1.359,115.000 1,384,679.000 1,429,247,000 1,408,431,000 1,377,127,000
Gold redemption fund with U. S. Treas.
54,130,000
51,568,000
57,044,000
47,770,000
62,930,000
65,555,000
53,954,000
58.339.000
61,894,000
Gold held exclusively agst. F.R. notes 1,465,753.000 1,461,109.000 1,386,187.000 1,446,126,000 1,424,670,000 1,443,018,000 1,491,141,000 1,462,385.000 1,424,897,000
Gold settlement fund with F.R.Board
727,545,000 745,626,000 817,152.000 745,469,000 762,134.000 743,656,000 696,619,000 734.727.000 716,589,000
Gold and gold certificates held by banks_ 630,029.000 619,140,000 615,583,000 621,789.000 620,337,000 639,323,000 644.901.000 634,353.000 641,063,000
Total gold reserves
Reserves other than gold
2,823,327,000 2.825.875,000 2,818,922.000 2.813,384.000 2.807,141,000 2,825,997,000 2,832,661.000 2,831,465,000 2,702,549,000
130,750,000 128,928,000 126,305.000 128,674,000 130,113,000 131,643,000 132,404.000 130,501,000 110,511,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,954,077,000 2,954,803,000 2,945,227,000 2,942,058,000 2,937,254.000 2,957,640,000 2,965,065,000 2,961.966,000 2,893,060,000
52,932,000
54,926.000
47,184,000
50,441,000
52,841,000
49,838,000
52,275.000
45.483.000
52,352,000
316,185,000
315,738,000
290,035,000
296.587.000
339,205,000
364,696,000
288,717.000
334,872,000
365,993.000
350.637,000
319,076,000
342.560.000
268,609,000
296,926,000
Total bMs discounted
Bills bought in open market
U. S. Government securities:
Bonds
'Treasury notes
Certificates of indebtedness
631,923,000
307,541,000
586.622.000
292,824.000
703,901,000 623,589,000
291,312,000 273,262.000
716,630.000
275,623,000
661.636,000
270.407,000
46,611,000
135,901,000
117,662.000
53,287,000
136.145,000
117,532,000
53,803,000
135,516.000
118.849.000
53,537,000
135,379,000
117,419.000
55.322,000
138,305.000
108,414,000
Total U. S. Government securities_
Other securities (see note)
Foreign loans on gold
300.174,000
2,500,000
306.964.000
2,500.000
308,168.000
3,700.000
306,335.000
3,700,000
302.041.000
3.700.000
293,285,000
296,709,000
565.535,000
262,480.000
324,831.000
289,436.000
614.267.000
265,984,000
589,994,000
328,717,000
51.409.000
146,213,000
107.546,000
49,093,000
147,435.000
291,493.000
45.459000
220.418.000
46.407.000
56,020,000
248,477,00
20,260,000
305,168.000
3.700.000
488.021.000
3,700,000
312,284,000
3,700,000
324,757,000
3,220,000
3,399,000
Total bills and securities (see nota)
Due from foreign banks (see note)
Uncollected items
Bank premises
all other resources
1,242,138,000 1,188,910.000 1.307.081.000 1.206.886.000 1,297,994.000 1.240,911.000 1,319,736,000 1,196,235.000 1,250,087,000
650,000
650.000
718,000
648,000
717,000
648,000
640,000
648.000
669,000
693,558.000 807,671.000 747.408.000 731,382.000 675.918.000 749,939,000 895,695,000 667.549,000 684,027,000
60,039.000
60,047.000
60.014.000
60,007,000
60,012,000
60.001.000
61,557,000
59,991,000
59,938,004.)
13,561.000
13,752,000
13,789,000
18,120,000
13.704.000
13.901.000
13,409,000
13,476.000
16.754,000
Total resources
LIABILITIES.
B. It. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
5,017,063,000 5,080.560.000 5.121,421,000 5,004,905,000 5,035,363,000 5,075,315,000 5,306,963,000 4.948,594,000 4,960,423,00
0
Total depOsitS
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,281,131,000 2,257,556,000 2.274,226.000 2.259,847,000 2,330,386,000 2,332.003.000 2,417,346.000 2,242,32400 2,297,264,000
638,465,000 727.440.000 725,275,000 649.483,000 624,068.000 663.202.000 802,314.000 596.902.000 617,350,000
124,392,000 124.002.000 123,901,000 123,855.000 123,796.000 123,839,000 123.787.000 123,711,000 116,602,000
220,310,000 220,310,000 220.310.000 220.310,000 220,310.000 220,310.000 220,310,000 220,310,000 217,837,000
22,254,000
21,419,000
21.410.000
20,437,000
20.337,000
19,874,000
19,138,000
16,599,000
18,823,000
1,730,511,000 1,729,833.000 1.756,299.000 1,730,973,000 1,716.466.000 1,716.087.000 1,724.068.000 1.746.524,000 1,694,771,000
2,216,896,000 2,213,488.000 2,217,091,000 2,211.909,000 2,248.876,000 2.230.591.000 2,369,136.000 2,207.185,000 2,227,212,000
38.546,000
19.416.000
30,560,000
23,557.000
51.703.000
67.613.000
4,084,000
5,565.00
38,
670,000
8,258,000
6,855.000
5.894.000
11,829.000
6.586,000
14.840.000
12,071,000
15.01.000
11,339.000
17,431,000
17.797.000
20.681,000
17.978,000
17.795,000
18,959,000
19,311,000
28.485.000
18,235.000
Total liabilities
5,017,063,000.5,080.560,000 5,121,421,000 5,004,905,000 5,035.363,000 5,075,315,000 5,306,963.000 4.948.594.000 4,960,433,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
69.9%
70.4%
70.3%
70.8%
69.3%
68.5%
69.8%
71.4%
69.7%
Ratio of total reserves to deposit and
74.1%
73.1%
73.7%
71.6%
73.6%
F. R. note liabilities combined
72.6%
73.1%
74.3%
72.5%
Contingent liability on bills purchased
43,981,000
45,385,000
42.853,000
45,296.000
44,228.000
40,945,000
45.124,000
36,849,000
for foreign correspondents
44,824,000
$
$
$
$
$
2
$
Dtsfrittuffon by Ma,
,rities$
$
88,824.000
81,062,000
91.107,000
77,575,000
81.131.000
83.679.000
90,732,000
95,272,000
80,100.000
1-15 day bills bought in open market
487,139,000 447,760,000 552,134,000 462.120,000 559,138.000 494,841.000 409,370.000 456,632,000 451,142,000
1-15 days bills discounted
1,475.000
750.000
337,000 192,000,000
730,000
3,149,000
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
55.152,000
56,753.000
55,497,000
55.581,000 49,684,000
61,678,000
49.831,000
58,526,000
62,260,000
16-30 days bills bought In open market.
50.160,000
46,164.000
44,123.000
41,440,000
42,886,000
46.492.000
46,671,000
37,471,000
43,079,000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
63,460.000
65.387,000
88,301,000
73.136,000
70.409.000
77.042.000
76,556,000
82.448,000
84,092,000
31-60 days bills bought in open market_
62,859,000
62,940,000
66,823,000
63.744,000
69,102.000
57,690.000
65,550,000
67.478.000
61,099,000
31-60 days bills discounted
1,860,000
44,138,000
44,103,000
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
50,445.000
48,682.000
70,404,000
51.565,000
55,991.000
44,400,000
50.171.000
62.677.000
67,887,000
81-90 days bills bought in open market_
45,354,000
43.619,000
..,5,802.000
36,325,000
37.634,000
42.486,000
30,389,000
33.116,000
33,131,000
61-90 days bills discounted
38,853.000
39.138,000
44,103,000
43.811,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
9,173,000
12,086.000
7,995.000
12,506.000
11,760.000
11,352,000
16,214,000
10,365.000
13,202,000
Over 90 days bills bought in open market
5.341,000
6.006.000
5.847.000
7.263,000
5,697,000
7,816,001
8,133,000
7,475,000
6.626.000
Over 90 days bills discounted
68,811.000
68,071.000
73,316,000
34,463,000
73,394,000
73,563,000
73,559,000
15,251,000
Over 90 days certif. of indebtedness
45,677,000
Over 90 days municipal warrants
_-_-_-_-_-_-=
.,
p
F. It. notes received from Comptroller 2,945,863,000 2.937.76.000 2,914,314.000 2,919,310,000 2,919,203.000 2,923,819,000 2,912,691,000 2.863,816.000 2,928,964,C00
F. It. notes held by F. R. Agent
877,685,000 863 777,000 851.172,000 858,782.000 853,802.000 856.912.000 841,328,000 807,709,000 921,892,000
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
2,068,178,000 2.074099.060 2,063,142,000 2,060,528,000 2,065,401,000 2.066.907.0602.071.363,000 2.056,107,000 2,007,072,000
306,429,000 306,428,000 306,428,000 306,433,000
96,106,000
96,715,000 105,002,000 92,258.000
1,009,088,000 1,006,398.000 916.813.000 984.505,000
900,057,000 837.644,000 947.286,000 859,423.000
306.633,000
95,579,000
956.903.000
953.368.000
306,634,000 304.134,000 304.134.000
107,211,000
92,072,000 102,055,000
970.834,00 1,033,041,000 1.002,242,000
895,994.000 800,852.000 855,953,000
305,731,000
110,614.000
960,782,000
870,683,000
,
, „
..fl uLfl.Wfl hOi,ó54,OIJlJ„
)
,
,
•
.
, . .
.
. „
,
-Beginning with the statement of Oct. 7 1925. two new items were added in order to show separately the amount of balances he d abroad and amounts due
NOTE.
foreign correspondents. In addition, the caption, -All other earning assets," now made of Foreign Intermediate Credit Bank debentures, has been changed to "Other
to
securities." and the caption, -Total earning assets" to "Total bills and securities." The latter item has been adopted as a more accurate description of the total of the
discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items included therein.
'Revised figures
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 27 19214
Two ciphers (00) omitted.
Federal Reserve Banks!
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan, City Dallas, San Fran.
Total.
$
RESOURCES.
Gold with Federal Reserve Agents 142,629,0
Gold red'n fund with U.S.Treas.. 6,749,0
$
$
$
$
5
$
$
$
8
$
$
$
373,623,0 88,444,0 161,124.0 47,655,0 116,020,0 158,615,0 17,863,0 47,370,0 50,526.0 29,314,0 178,440,0 1,411,623,0
8,082,0 10,513,0 3,176,0 2,333,0 4,255,0 5,142,0 1,064,0 2,543,0 5,935,0 2,042,0 2,296,0
54,130,0
Gold held excl. agst. F.R. notes 149,378,0
Gold settle't fund with F.R.Board 50,497,0
33,726,0
Gold and gold certificates
381,705,0 98,957,0 164,300,0 49,988,0 120,275,0 163,757,0 18,927,0 49,913,0 56,461,0 31,356,0 180,736,0 1,465,753,0
247,261,0 56,323,0 63,164,0 33,031,0 26,808,0 125,154,0 23,543,0 18,831,0 36,879,0 14,130,0 31,924,0 727,545.0
370,188,0 30,642,0 44,974,0 11,205,0 4,693,0 66,032,0 14,212,0 6,698.0 6,041,0 10,825,0 30,793,0 630,029,
0
233,601,0
12,215,0
999,154,0 185,922,0 272,438.0 94,224.0 151,776,0 354,943,0 56,682,0 75,442,0 99,381,0 56,311,0 243,453,0 2,823,327,0
24,775,0 7,142,0 10,088,0 6,540,0 11,039,0 22,415,0 13,481,0 2,832,0 5,193,0 7,970,0 7,060,0 130,750,0
Total gold reserves
Reserves other than gold
245,816,0 1,023,929.0 193,064,0 282,526,0 100,764,0 162,815,0 377,358,0 70,163,0 78,274,0 104,574,0 64,281,0 250,513,0 2,954,077,
0
Total reserves
16,664,0
751,0 2,661,0 2,682,0 4,047,0 9,115,0 3,323,0
5,428,0
52,841,0
741,0 2,464,0 1,713,0 3,252,0
Non-reserve cash
Bills discounted:
0
89.586,0 24,477,0 43,865,0 15,146,0 5,038,0 68,114,0 15,166,0 7,222,0 3,810,0 5,401,0 20,155,0 316,185,
Elec. by U. S. Govt. obligations 18,205.0
14,200,0
42,761,0 16.439,0 30,257,0 26,720,0 48,312,0 37,967,0 27,005,0 4,877,0 10,152,0 14,699,0 42,379,0 315,738,0
Other bills discounted
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
Total U. S. Govt. securities--
32,405,0
34,296,0
132,347,0 40.916,0 74,122,0 41,866,0 53,350,0 106,081,0 42,171,0 12,099,0 13,962,0 20.070,0 62,534,0
48,231,0 26,015,0 28,148,0 13,701,0 34,829,0 44,488,0 5,716,0 13,449,0 17.648,0 14,151,0 26,869,0
631,923,0
307,541,0
542,0
4,235,0
4,832,0
585,0 1,121,0
1,322,0
23,675,0 16,580.0 21,465,0
29,087,0 2,763,0 12,104,0
1,191,0
2,662,0
3,207,0
261,0 20,248,0 1.800,0
1,498,0 12,867,0 10,190,0
107,0 14,687,0 7,620,0
8,563,0 8,189,0 2,705,0
84,0
4,003,0 8,499,0 8,286,0 21,941,0
4,920,0 11,311,0 10,181,0 16,843,0
46,611,0
135,001,0
0
117,662,
it 500(1
54084.0 19.928.0 34.690.0
7.060.0
1.866.0 47.802.0 19.610.0 17.4880 27 ow n 91 1190 25 5511 0
300.174,0
OCT. 30 1926.]
RESOURCES (Concluded)
TWO Ciphers (00) omitted.
THE CHRONICLE
Boston. New York.
$
)ther securities
Total bills and securities
Due from foreign banks
Jncollected items
lank premises
kll other resources
PhUa. Cleveland. Richmond Atlanta. Chicago. EC Logs.Minneap. Kass. OW Dailms. ItatsFran.
8
76,310,0
2231
8
8
2,000,0
8
$
8
8
500,0
$
..
8
TOW.
$
2,500.0
$
234,662,0 88,859,0 136.960,0 62,627,0 90,045,0 198,371,0 67,497,0 43,534,0 59,609.0 55,393,0 128,271.0 1,242,138.0
650,0
650,0
167,541,0 60,784,0 64,474,0 59,581.0 27,303,0 84,935,0 32,932.0 14.878,0 44,861,0 28.261,0 41,825,0 693,558,0
16,740,0 1,598,0 7,409,0 2,364,0 2,958,0 7,933,0 4,111.0 2,943.0 4,668,0 1.793,0 3,462,0 6 0.407,0
2.869,0
403.0
315,0 1.026,0
828,0 1,480,0
585,0 2,329,0
13,752,0
405,0 2,884,0
505.0
66.183,0
4,068,0
123,0
Total resources
397,928,0 1,463,055,0 345,371,0 495,056,0 222,421,0 287,996,0 679,192,0 178,611,0 142,699,0 216,681.0 151,846,0 430.207.0 5,017,083,0
LIABILITIES.
P'. R. notes In actual circulation_ 151,273,0 372,362,0 116,714,0 209,346,0 79,645,0 172,197.0 212,923,0 45,718,0 65,249,0
67,494,0 49.853.0 187,737,0 1,730.511,0
Deposits:
Member bank-reserve acc't_ 150,844.0 834.984,0 135,563.0 183,030,0 67,717,0 69,421,0 330,493,0 79,902,0
49.939.0 92,314,0 56,444.0 166,245.0 2,216,896,0
Government
5,303,0
6,933,0 3,018,0 1,323,0 4.126,0 3.985,0 5,330,0 1,749,0 1,584,0
1,322,0
38,546.0
1,773,0 2.100,0
Foreign bank
479.0
674,0
3,682,0
252,0
334.0
599,0
863.0
271,0
202,0
246.0
8,258,0
221,0
435.0
Other deposits
102,0
988,0
48.0
72,0
7.836,0
90,0 1,601,0
253,0
249,0
646.0
17,431,0
15.0 5,531,0
Total deposits
156,728,0 853.435,0 139,252,0 186,015,0 72,225,0 73,748,0 338,287,0 82,175,0 51.974,0 94,528,0 58,453,0 174,311,0 2.281,131.0
Deferred availability 'tame
63,013.0 137,115,0 55,352,0 61.256,0 57,115,0 26.730,0 77,429,0 34,511,0 13.575,0 40,293.0 30.548,0 41,528,0 638,465.0
Dapital paid In
8,800,0
36.160,0 12,527,0 13,554,0 6,108,0 5,032.0 16,695,0 5.334,0 3,085.0 4,187,0 4,304,0 8,606,0 124,392.0
3urplus
17,020,0
59,964,0 20,464,0 22,894,0 11.919,0 8,700,0 30,613.0 9,570,0 7.501,0 8,979,0 7.615,0 15,071,0 220,310,0
fal other liabilities
1.094,0
1,409,0
1,589,0 3,245,0 1,303,0 1,315,0 1,200,0
4,019,0 1,062,0 1,991,0
22.254,0
1.073,0 2,954,0
al liabilities
397,928,0 1,463.055.0 345,371,0 495.056.0 228.421,0 287,996,0 679,192,0 178,611,0 142,699,0 216,681,0 151,846.0 430,207,0 5.017.063,0
Memoranda.
Reserve ratio (per cent)
79.8
66.3
71.5
83.5
. 75.4
68.5
66.2
54.9
66.8
64.5
69.2
59.4
73.6
)ntingent liability on bills purchased for foreign correspondla 3.191.0
10.463,0 3,989,0 4,493,0 2.225,0 1,679,0 5.752,0 1,805,0 1,344,0 1.637,0 1.470,
2.897,0
40.945,0
r. R. notes on hand (notes
ree'd
from F. R. Agent lees notes In
circulation)
34,543,0
104,858,0 31.729.0 18,530.0 13,884.0 30,515,0 38.521,0
5,265.0
4,740,0
7,003,0
4.352,0 43,727.0
337,667,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS OCT. 27 1926.
Federal Reserve Agent at-
Batton.
Phila.
New York.
Cleveland. Richmond Atlanta. Chfengo. Si. Louts Minneay. Kan. City Dallas. Sass Fran.
Total.
(Two Ciphers (00) omitted.)
$
F.R.notes reed from Comptroller 241,716,0
F.R.notes held by F. B.. Agent__ 55,900,0
$
$
3
$
S
$
$
$
$
s
769,340.0)l87.443.0 274,316,0 124,058.0 266,822.0456.561,0 72,343,0 85,836,0 113,982,0 68,982,0 285.464.02.94&863.0
292,120,01 39,000,0 46,440,0 30,529,0 63,110,0 205,117.0 21,360,0 15.847.0 39,485.0 14,777,0 34.000,01 877.685,0
F.R.notes Issued to F. R. Bank
Collateral held as security for 185,816.0
F. R. notes issued to F R. Bk.:
Gold and gold certificates__ 35,300,0
Gold redemption fund
13,329,0
Gold fund-FR,Board
94,000,0
Eligible paper
68.701,0
477,220,01148,443.0 227,876,0 93,529,0 202.712,0 251,444,0 50,983,0 69,989.0 74,497.0 54.205.0 231,464,0 2,068,178.0
Total collateral
I5
s
8.780,0 28.805,0 14,238,0
168.698.0
7,945,0 13,507,0
10,000,0 306.429,0
19,156
23,925,0 10.667,0 12,344,0 4,350,0 3,782,0 2,971,0 1,618,0
863,0 3.666.0 4,158.0 14.433,
96.106.1)
77,777,0 140,000,0 14,500,0 98,000,0 155.644,0 8,300,0 33,000,0 46.860.0 6,000,0 154.007,0 1,009.088.0
181,000
149,239.0 64,102,0 101,030,0 52,389.0 88,129,0 150,470,0 47,877,0 25.336,0 31,345,0 34,065.0 89,364.01 900,057,0
522.863.0 152.546,0 262.154.0 100.044.0 204.149.0 309.085.0 65.740.0 72.706.0 81.871.0 03.379.0 267.814„311.680.0
209,330.0
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
and liabilities of the 0(2 member banks from which weekly returns are obtained. These figures are items of the resources
always week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in a
the
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon statement
the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2201
I. Data for all reporting member banks la each Federal Reserve District at close of business OCTOBER 20 1928. (Three
ciphers (000) omitted.)
Federal Reserve District.
Boston, New York
Number of reporting banks
38
93
Loans and discounts, gross:
s
$
Secured by U.S.Gov't obligations
8,217
45,230
Secured by stocks and bonds
378,148 2,189.367
All other loans and discounts
655,803 2.854,171
Total loans and discounts
1,042,168 5,088,768
Investments:
41
U. B. Government aecurities
151,823 989,002
Other bonds. stocks and securities 241,331 1,142,109
Phila. Cleveland. Richmond Atlanta. Chicago. St. Lewis. Minseap. Kea.
50
75
35
Delfts. San Fran.
31
24
19.834
561,360
797,590
4,990
5.592
17,992
146.632 104.214 898.209
373,148 428,243 1,274.975
$
6.808
186,780
335,153
$
3.410
70.345
175,764
4,452
106.993
310,245
4,051
5.959
137.729
72,477 319,680 5,443.886
243,421 956.051 8,794,199
810,510 1,378,784
524,770 538,049 2,191.178
528,741
249,519
421,690
319,949 1.281,890 14,375,814
62,076
115.998
58.986
47,955
103.045
92,900
195.945
s
11,194
409.681
389,635
s
89,321 288.085
264,743 362,633
$
s
$
s
67
70,647
67.256
45,916
58.412
312,855
450.276
137,903
104,328
763,131
178,074
106,941
862,673 642.3772.954,307
40,993
41,852 241,897
13,887
11,787
49.481
379,112 342.684 1,801.516
209,720 224.198 1,056,879
4,162
8,089
19,808
706,815
47,621
7.985
404.900
218.026
2,958
356,460 617.635
25.694
55.745
5,634
11.879
209,354 497,574
122,264 149,588
913
2,290
s
47
78.576
468,636 5,562,581
6,443
16,912
5.669
30,245
39,043
18.215
11,543
15,727
6,930
2,296
3,027
4.427
3,015
7.250
26,353
24,303
213.387
182,663
50.656
396,050
23.355
35,914
57,258
27,270
9,228
7,454
10,265
129,644 1.070,447
168,645
52 183
45.053
27.852
31.358
17.1137
17,871
15005
349,836
153 370
79,706
29 R i a
50,603
23 514
97,234
42500
81,267
1 19
a40
692
398.525 1,750,326 19,938.395
29,880 110,049 1,628.749
11,411
22,888
285,564
273,318 784,951 12,993,034
101,535 881.219 5,723.240
6,156
15,534
160.254
58,194
4/9
s
249,366 2,474,914
219.270 3,087,667
21,906
qn
s
65
53,792
24,784
82,689
11,863
Total.
99
Total investments
393,154 2,131.111 354,064 650,718
MI
Total loans and Investment!!
1,435,322 7,219.879 1,164.574 2,029,502
Reserve balances with F.R.Bank
77.641 132.284
102,035 723,058
Cash in vault
32.658
16,790
78,201
22,963
Net demand deposits
948,879 5,543,430 762,232 1.045,104
Time deposits
426,798 1,268.272 243,388 821,373
Government deposits
12,387
20,838
47,214
19,907
BMA pay. & rails. with F. R. Bk.:
Secured by U.B.Gov't obligations
30.616
12,483
60,215
8,050
All other
27.578
9,423
22,474
3,813
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
Due from banks
68
25594
107.469 2,179,153
54 071
554 025
2. Data of reporting member banks in New York City. Chicago. and for the whole country.
AU Reporting Member Ranks.
Oct. 201928.
Number of reporting banks
Loans and discounts, gross:
Secured by U. S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
investments
G.S. Government securities
Other bonds, stocks and securities
Total investments
Total loans and investments
Reserve balances with F.R. Banks__
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts
with
Federal Reserve Banks:
Secured by U. S. Gov't obligations_
All other
Total borrowings from F. R. bks_.
Oct. 13 1926.
Reporting Member Banta in N. Y. City.
Reporting Member Banks In Chkeye
Oct. 211925. Oct. 20 1926. Oct. 13 1926. Oct. 21 1925. Oct. 20 1926. Oct. 13 1926.
Oct. 21 1925.
693
723
692
55
55
61
46
48
48
a
$
s
$
$
s
s
$
s
137,048,000
190,570,000
137,729.000
41,779.000
42,041,000
66,800.000
12,939,000
12,465,000
20,415,000
5,443,886,000 5,541,607,000 5,263,386,000 1.901,252,000 1,989,004,000 2,060,883,000 677.383.000 664.935,000 639,107.000
8,794,199,000 8.728,278,000 8.424.738.000 2,507.952.000 2,451,764,000 2.297.830.000 714.780,000 712.561.000 680.810.000
14,375,814,000 14,406,933.000 13,878,694,000 4.450.983,000 4,482,809,000 4,425,313.000 1,405,102,000 1,389,961.000 1.340,332.000
2,474.914,000 2,480,235,000 2,506,042,000 869,182.000 865.455,000 888.641.000
3,087,867,000 3,115,492,000 2,953.581,000 830.866,000 836,416,000 850,243,000
167,487,000
221,543,000
170.636.000
190,688,000
5.562.581.000 5,595,727,000 5,459,623,000 1,700,048,000 1,701.871,000 1,738,884.000
370,369,000 389,030,000 361.324,000
19,938,395,000 20,002.660.000 19,338,317,000 6.151.031.000 6.184,680.000 6,164.197,000 1.775.471,000 1,778,991,000 1,701,656,000
1,828,749.000 1,642,265,000 1,642,759.000 664,958.000 687,842,000 683,204,000 167,045.000 175,681,000 179,005,000
285,564,000
312,725,000
288,918,000
62,914,000
20,789,000
23,490,000
64.515,000
71,207,000
24.763,000
12,993,034,000 13,145,947,000 13,087,116.000 4,979,163.000 4,987,789,000 5,125.249,000 1,215,990.000 1,228,110,000 1,200,559.000
5,723,240,000 5.735,708,000 5,289,811,000 827.376,000 831,440,000 791,908,000 518,319,000 520,681,000
484.888,000
236,817,000
160,254,000
86,689,000
43.248,000
10,667,000
21,546,000
14,152,000
58.581,000
3,353.000
213.387,000
182,663,000
259.569,000
243,524,000
396.050,000
503 093 000
. .
222.138,000
199,891,000
24,750,000
20,057.000
73.750,000
66.739,000
422.
029 000
.
44 807,
.
000 140,489.000
LOADS to brokers and dealers (secured by stocks
and bonds) made by reporting
member banks in New York City:
For own account
818,623,000 891,053.000
For account of ouk-of-town banks
1,109,454,000 1,120,735.000
For account of others
727,041.000 715,266,000
Total
2,655,118,000 2.727,054,000
On demand
1,940.459,000 1.998,184,000
On time
714.659.000 728.870.000
*Revised figures.
164,978.000
205.391,000
50.295.000
43,321,000
6.775,000
5.438.000
17,195,000
9.458.000
14,281,000
3,895,000
93,616.000
12,213,000
26.653,000
18,176.000
[Von. 121.
THE CHRONICLE
2232
tlankers7 Gazette.
Quotations or U. S. Treas. Ct s. of Indebtedness, &c.
Maturity.
Int.
Role.
Bid.
Asked.
Maturity.
/rd.
Bate.
Bid.
Asked.
Wall Street, Friday Night, Oct. 29 1926.
Dec. 15 1926_ 334% 100
1001,1 Mar.15 1927_ _ _ 4,4% 1001131 10011n
Railroad and Miscellaneous Stocks.
-The review of the Dec. 15 1927_ 434% 1001561 101 June 15 1927... 334% 9916(3 100
Stock Market is given this week on page 2221.
United States Liberty Loan Bonds and Treasury
The following are sales made at the Stock Exchange this
-Below
Certificates on the New York Stock Exchange.
week of shares not represented in our detailed list.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
STOCKS.
Sales
Range for Week.
Range Since Jan. 1.
Week Ended Oct. 29. for
Exchange. The transactions in registered bonds are given
Week
Lowest.
Highest.
Highest.
Lowest.
in a footnote at the end of the tabulation.
Railroads.
Par.Shares $ per share. 3 per share. $ per share. Per share.
Albany & Smut
100 30 209 Oct 27209 Oct 27 203
Feb 220 June Daily Record of U. S. Bond Prices, Oct. 23. Oct. 25. Oct. 26. Oct. 27. Oct. 28. Oct. 29.
Chic St P M & Om_ _100
100 50 Oct 231 50 Oct 23 48
Apr .5734 Sept
July
Cleveland & Pittsb-50
30 7134 Oct 28 7134 Oct 28 70
Jan 73
,,
,
High 1001, 1001, 1001, 1001, 1009 ,, 1001,
,,
s,
,,
,,
Cont RR of Cuba. pref. 2,400 7034 Oct 29 7134 Oct 28 70% Oct 71% Oct First Liberty Loan
334% bonds of 1932-47__ Low_ 1001.,, 1002,12 100"as 100"32 100"n 100"3,
Morris & Essex
50
July
11 8034 Oct 28 8034 Oct 28 7934 Jan 83
Close 1001, 1001, 1001, 1001, 100",, 10011st
,,
,t
(First 3420
:,
,,
Y & Harlem
50
Jan
N
35 17934 Oct 25 180 Oct 27 175
Apr 205
1
157
69
64
Total sales in $1,000 units__
23
19
N Y Rye ate, 2d stmpd.., 338 138 Oct 25 141
Sept
Oct 25 108
July 141
--- Converted 4% bonds ofIIllgii
---- 100Ws,
---- 100ws,
---Reading rights
10,800 1934 Oct 25 20 Oct 23 16% Mar 22% Feb
Low_
__ __ 100,1,,
1932-47 (First 4,0_
____ 1001.1,
-----Southern Railway rights- 42,160
Oct
% Oct 23 1
% Oct 1
Oct 27
Close
---- 1002232
---- 100"31
-----Twin City R T, pref- 100
100 101
Oct 29 101
Jan 102% Feb
Oct 29 101
Total sales in $1,000 units_ __
__ __
----1
lacks Shr & Pac, pref.100
Oct
Mar 97
100, 97 Oct 26 97 Oct 26 91
Converted 434% bondrigh 1021,, 102 ,, 102" ,, 1020,, 1021•,, 10211r,
,
7,
Industrial & Misc. I
,
of 1932-47 (First 4%.) Low_ 102',, 102 n 1024,2 102.32 102.32 102.ss
July
Mb Penf Wrap P. 04.100 2001 9734 Oct 29 98 Oct 29 9634 Oct 98
Close 102.32 102.32 1022n 102.32 102.32 102un
Sept
Amalgamated Leather.. 400 1431 Oct 25 1434 Oct 25 1434 Oct 21
71
66
25
20
34
Total sales in $1,000 units__
12
Preferred
100 800 105 Oct 23 10534 Oct 29 102
July 113 Sept
--__
____ 1011,
,,
____
____ 101,0,1
Second Converted 434% High
Am La France Fire Eng
_______ 1011,
,,
____
_ _ __ 101wn
bonds of 1932-47 (Firel Low_
Oct 103 May
7% preferred
100 100 95 Oct 27 95 Oct 27 95
I
Second dqe
Feb
Amer Type Found, p1100 200 103 Oct 23 103 Oct 23 10234 Aug 107
Total sales in $1,000 units_ __
_______
1
Barnet Leather
• 300, 45 Oct 26 46 Oct 23 40 May 5734 Feb
____ 100 ,,
,
econd Liberty Loan
High
____
____
---Byers & Co. pref_ _ _ _100
100 10134 Oct 2710134 Oct 27 9834 Mar 10134 Oct
Low.
__ __
____
-----__ 100 ,,
,
---4% bonds of 1927-42_ _
Can Dry Ginger Ale_ _• 7,900 34 Oct 23 38 Oct 27 3234 Oct 49 Sept
(Second 4s)
Central Alloy Steel__ * 2,700 2834 Oct 25 30 Oct 29 2834 Oct 3334 Aug
2
__ __
____
_ __ _
-__ _
Total sales in $1,000 units_ __
Preferred
100
100 10634 Oct 2910634 Oct 29 10634 Oct 10634 Oct
Converted 44% bondsrIgh 100032 100"32 100"32 100,232 100"n 1002.22
Apr 152 May
Coca-Cola Internat'l___• 20014934 Oct 27,152 Oct 27 137
Low_ 100"32 100"32 100"as 10022n 100"31 100"21
of 192742 (second
Oct 8634 Oct
Columbia G & El ctfs_ _•23,300 8234 Oct 231 8634 Oct 28 79
(Close 1001, 100"3, 100"aa 1002.12 100"sa 10015sa
,,
434s)
Continental Bak, el A__•36,100' 5534 Oct 23 6534 Oct 28 5034 Oct 9334 Aug
73
9
71
361
205
39
Total sales
units__
Oct 28, 74 Oct 1534 Sept rhIrd Liberty in $1,000
Class B
•57,1001 8 Oct 23 934
,
,, 101,
,, 101 3i 101.32 101"3, 101'sa
High 101,
Loan
Oct 9634 Aug
Preferred
100 2,500, 88.34 Oct 26 90 Oct 28' 87
Low. 101232 1012n 101231 1012:2 101232 10123s
44% bonds of 1928
Mar 126
Apr
Oct 29,117
Continental Can, pf.. me 400 12034 Oct 29 121
101'31 1021,ss
,
Close 101231 101.32 101 32 101
(Third 434*)
Crown Willamette
I
54
66
82
24
24
46
Total sales in $1.000 units,..
let pref cern/
• 2001 9834 Oct 271 9834 Oct 25 9834 July 9834 Oct Fourth Liberty Loan
32
1113th 1022.31 102Haa 1022'n 102"aa 1021, 102221,
Oct
Aug 107
Cushman Sons, pf 8%.*
100 107 Oct 28 107 Oct 28 106
434% bonds of 1933-38
Low. 10211,, 10211s, 10212n 102"32 10231 102"st,
Deere & Co, pref
100
10010834 Oct 2810834 Oct 2810434 Mar 109% June
,,
4
(Fourth 434s)
ChM 102",, 1021,n 1021, 102"., 1021.33 1021,
Detroit Edison rights__ 3,100 33.4 Oct 23' 334 Oct 25 334 Oct 334 Oct
78
18
517 1 350
,
10
44
Total sales in $1.000 units..
Oct
Du Pont de Nero, new. 33,900 159% Oct 29164 Oct 28 15934 Oct 164
108 ,, 108•3s 108ust
,
,,
Treasury
1111gb 1071, 10811, 108
Feb
Durham Hosiery
50 200 10 Oct 28 1034 Oct 28 8 May 19
108221 108132 1082n
Low 1072232 107"32 108
448, 1947-52
Apr llf 34 Oct
100 11734 Oct 27 11734 Oct 27 115
EastmaulKodak, pre11110
:2 108%
108 n 1082
,
Close 107"aa 1072.aa 108
Elk Horn Coal Corp_ _ _• 8,300 1334 Oct 23 1634 Oct 29 834 June 1634 Oct
16
s
11
1
42
1
Teta sates in $1,000 sinks_ .
Mar 30
Oct
Preferred
50 1,100 2534 Oct 23. 30 Oct 29, 21
,
____ 104 33 1041033 104143
,
,
{Mei 104 33 104 33
Engineers Public Serv_.• 1,300 1934 Oct 23 1934 Oct 32 1934 Oct 2434 July
,2
---- 1042n 104.32 1042
4e. 1944-1954
Low. 1033232 103u3s
Oct 9634 Aug
•
Preferred
400 93 Oct 26 9334 Oct 26, 93
2,
____ 104.32 1041.32 1040
Close 10423a 104
Erie Steam Shovel
5 3,900 2334 Oct 25 2434 Oct 27 2134 Oct 2534 Oct
76
58
129
___
13
26
Total sales in $1,000 units__
Oct
Oct 101
Preferred
100 200 100 Oct 25 100 Oct 25 100
Higli 101,,n 101"at 101"n 101":1 101":3 101",s
Oct 3434 Aug
Federal Motor Truck..• 6.900 2334 Oct 27 2534 Oct 29 23
n
331s, 1946-1956
Low. 101"n 101"n 101"t3 101"st 101,, 101"13
Jan 10934 Mar
Franklin-Simon, pref.100 10010834 Oct 2710834 Oct 27 106
Close 1011.3a 1012131 101123a 101.2"32 1012.3a 101,131
Oct 4814 Aug
Gen Gas& Elec class li _• 100 3634 Oct 27 3634 Oct 27 36
45
26
11
1
Total sales in 11.000 units__ _
10
1
Hartman Corp class IL• 1,500 26 Oct 26 2634 Oct 28 2534 Aug 30 Sept
J..n 120
Jones & L Steel, pref.100
100 114
Oct 25 114 Oct 25 114
Aug
Note.
-The above table includes only sales of coupon.
Oct, 6134 Oct
Kraft Cheese
25 700 5934 Oct 23 6134 Oct 25 58
Liquid Carbonic ctfe___* 1,300 4334 Oct 23 4534 Oct 29, 4334 Oct 484 Sept bonds. Transactions in registered bonds were.
Aug
Loose-Wiles, 1st pref_100
Jan 118
10011734 Oct 251174 Oct 25 112
Louisiana 011, pref._ -100 200 95 Oct 23 95 Oct 23 9334 July' 97
July
1011,1 te 101 214
,,
8 1st 411s
102232 to 102'n I 8 3d 4345
McCrory Stores
• 100 72 Oct 28 72 Oct 26 7014 Oct, 17
Feb 16 2.1 434s
100.32 to 100.3,1167 4th 445
102232 to 102111s
Marland Oil rights
% Oct 25
% Oct, 1
Oct
19,800
34 Oct 23
Murray Body ctfs
• 5,600 734 Oct 26 8 Oct 291 734 Oct 1134 Aug
N Y Steam, 155 pref
*
10010534 Oct 2710534 Oct 27. 9934 Apr 105% Oct
Foreign Exchange.-Sterling exchange was quiet and
July 984 Feb
Omnibus Corp, pref_ _100 500 88 Oct 23 88 Oct 23 88
Oct 74 Sept slightly easier on increased offerings. Continental exchange
Otis Steel, prior pref.100 300 6534 Oct 29C 68 Oct 26' 66
Oct was strong, though not especially active, with francs, lire
Oct 28 28% Oct 31
Peerless Mo.or
oli 4,100 2834 Oct 28 31
Oct 2% Sept
Peoples Gas, Cale righ,.1 3,euu 2 Oct 23 24 Oct 25 2
Penick & Ford, pref.100
July 104 June and Norwegian krone all scoring good gains.
10010034 Oct 26 10034 Oct 26 99
To-day's (Friday's) actual rates for sterling exchange were 4 84(e)
Jan 81% Jan
Porto Rican-Ant Tob.100 400 69 Oct 27, 7034 Oct 28 60
Pub Fiery of NJ. new..• 18,700 3134 Oct 29, 3134 Oct 28 31% Oct 31% Oct 4 84 5-16 for checks and 4 81 A 9.44 81 13-16 for cables. Commercial on
Oct 48
Oct banks, sight, 4 84 A 0.4 84 3-16; sixty days, 4 8034,044 80 3-16: ninety
Purity Bakeries,cl A _ _ 25 900' 4/ Oct 29 48 Oct 28 47
• 1.0001 423's Oct 281 4234 Oct 29 42% Oct 42% Oct days, 4 78 @4 78 5-16, and documents for payment (sixty days). 4 80 A
Class 11
Oct 99
Oct @480 7-16; cotton for payment, 4 84A 04 84 3-16, and grain for pay100' 99 Oct 28 99 Oct 28 99
Preferred
100
Oct 5034 Oct ment, 4 841:.@4 843-16.
10
Real Silk Hosiery . 7,600 44 Oct 28 4634 Oct 25 44
To-day's (Friday's) actual rates for Paris bankers' francs were 3.130
Reis (Robert) dr CoJuly 3.1534 for short. German bankers' marks are not yet quoted for long and
Ma 85
100 200 77 Oct 271 78 Oct 27 77
hn preferred
Sloss-Sheff S& 1, pf _ _ 100 20010434 Oct 2310434 Oct 2310034 Jan 110 June short bills. Amsterdam bankers' guilders were 39.92 A 039.94 for short.
So Porto Rico Sug rights
1001 134 Oct 29. 1 si Oct 29 134 Oct 134 Oct
Exchange at Paris on London, 154.15 fr.: week's range, 154.15 fr. high
Spalding Bros, 1st p1_100 4,600 .5234 Oct 23 5434 Oct 28 5034 Oct 54% Oct and 158.85 fr. low.
The range for foreign exchange for the week follows:
25 4,600 5234 Oct 23' 5431 Oct 28, 5034 Oct 54% Oct
Texas Co certlfs
Checks.
Cables.
6 Oct 27 634 Oct 28 6 Sept 12 Jan
Sterling Actual
Milted Dyewood____100
Feb High for the week
4 8434
4 8474
• 400 1334 Oct 25 1434 Oct 25 1231 Apr 22
Van Raalte
4 81 3-16
4 84 1-16 '
100 784 Oct 25 7834 Oct 25 7834 Oct 87% Feb Low for the week
weet'g'house El let p1.50
July
Mar 101
Paris Bankers' Francs
W Penn Pow 6% PL.l00 200 9934 Oct 23 9934 Oct 23 95
3.1634
3.1734
White Sew Mach pref_• 4.200 5031 Oct 28 5234 Oct 25 4634 Oct 64% Oct High for the week
Low for the week
3.0034
3.1)134
•No par value.
Germany Bankers' Marks
High for the week
23.7734
23.7934
Low for the week
23.75
New York City Banks and Trust Companies.
23.77
Amsterdam Bankers' Guilders
AU prices dollars per share.
High for the week
39.98
40.00
Bid. Ask. Trust Co,. Bid. Ask.
Banks.
Banks-N.Y. Bid. .Ask.
Low for the week
39.96
39.98
New York.
218 223
America._ _ _ _ 305 315 Hamilton__
-Chicago, par. St. Louis, 154425c. per $1.000
Domestic Exchange.
1010 1025 American_
Amer Ex Pac_ 455 450 Hanover
discount. Boston, par. San Francisco, par. Montreal, $1.09375 per
605 630 Bank of N Y
Harriman
Amer Union._ 200 207
$1,000 premium. Cincinnati, par.
&Trust Co.;I 635 840
219 223
Bowery EastR 390 400 Manhattan
550 625 Bankers Trust 630 840
Broadway Cen 345 365 Mutual*
Bronx Bore*. 1300 1450 Nat American 245 265 Bronx Co Tr.! 310 330
-The review of the Curb Market is
The Curb Market.
495 510 National City 614 618 Central Union 894 900
Bronx Nat_
295 300
Bryant Park* 200 225 New Nerh'ds• 325 330 County
given this week on page 2223.
1493 497 Empire
359 3135
Butch & Drov 145 150 Park
A complete record of Curb Market transactions for the
Capitol Nat_ 215 230 Penn Exch.__ 130 140 Equitable Tr_ 274 277
Tr_ 538
week will be found on page 2248.
Cent Mercan_ 275 285 Port Morris__ 245 ___ Farm L. & rust 285 542
290
525 530 Fidelity 1
Central -----14.5 1.55 Public
415 430
705 715 Fulton
405 410 Seaboard
Chase
(70 175 Guaranty Tr_ 405 408
Seventh
CURRENT NOTICES.
Chath Phenix
841) ___ Irving 13ank
354 358 Standard
Nat Bk At Tr
& 'I rust Co. 294 299
590 605
-The results of what is believerito be the first concerted effort by pracChelsea Exch* 288 298 State*
157 (62 Lawyers Trust ___
_
795 810
Chemical_
tical authorities to collect and catalogue available information and data
If tercrer 512 517
190 205 M
TradeUnited
800
Colottial*
purpose of increasing the efficienty of investment advertising are
for the
1
387 . 90 UM ted States* 298 303 Mutual(WeetCommerce
230
now ready in published form, it is announced by C. 11. Henderson, PresiCom'nwealth* 295 305 Wash'n Ilte. 640 750 N chester) --- 215 .539
Y Trust... 535
Brooklyn.
285 275
dent of the Financial Advertisers' Association. The Investment DepartContinental
Terrill nal Tr _ 175 18.5
580 588 Coney Island* 375 ..-- Title Gu & Tr 660 675
Corn Exch.._
ment Research Committee of the Association, of which A. E. Bryson, Vice200
Cosmoplane_ 235 260 Dewey•
President and Director of Advertising of Halsey, Stuart & Co., is Chairman,
4N) 418 USMtg &Tr. 380 390
Fifth Avenue 2200 2500 First
290 300 United States. 1700 730
MechanIcs'•
has spent, we are informed, approximately a year in making a complete
2525 257.5
First
Westchee'r Tr 500
350
307
160 175 Montauk*
Franklin
survey of the investment advertising field, and much of what was learned Is
Brooklyn.
313
Garfield
370 350 Municipal •
incorporated in this report, which is divided into four subjects, each handled
330 345 Brooklyn.... 795 805
Nasrtis
Globe Exch.... 220 230 Peo le
Kings County 2000 2100
by a special sub-committee. The chairmen of the various sub-committees
840
Grace
350
290
hildwood.- _ 280, -- are as follows: Market, H. G. Hodap, Advertising
QUeensbor0 •_ 200
Greenwtch•
525 550
Manager, National City
(x) Ex-dividend. Co., New York; Media, H.B. Matthews, Advertising Manager, S. W.Straus
(1) New stock.
•Banks marked () are State banks
5
& Co., New York; Methods, Paul T. Bollinger, Harris, Small & CO.. Dep Ex-rights.
troit; Direct Mail, Edmond Bowshelle, A. B. Leach & Co., New York.
New York City Realty and Surety Companies.
It is expected that this work will be used as the basis for the DOW text book
AU prices dollars Per share
on financial advertising to be sponsored by the Financial Advertising AssoBid. Ask.
BUJ Ask.
Bid. Ask.
ciation. All the members of the Investment Bankers Association will
48 Mtge Bond- 140 150 Realty Assoc
Alliance WIty1 47
(Bklyn)corn 218 225
receive a copy of the Research Committee's report. Those interested in
218 221
Amer Surety_ 184 187 INat Surety
94
1st pref.... 89
receiving a copy but who are not members of the I. B. A. or the F. A. A..
Bond & M G- 315 320 N Y Title &
88
93
2d pref. _
Mortgage_ 447 454
Lawyers Mtge 280 283
may obtain copies through Preston E. Reed, Secretary, Financial AdverUS Casualty_ 310 325 Westchester
Lawyers Title
tisers' Association, 231 South LaSalle St., Chicago.
Title & Tr_ 500
&Guarantee 273 278
2233
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING Slit PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Oct. 23.
Monday,
Oct. 25.
Tuesday,
Oct. 26.
Wednesday, Thursday,
Oct. 27.
Oct. 28.
Friday,
Oct. 29.
5 per share $ per share 5 per share $ per share $ per share $ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
PER SHARE
Range sines Jan. 1 1926.
On haste of 1.00-share tots
Lowest
6 Per share
Highest
91
91
92
Ex-dividend.
92; 923 *9114 921,
2
Industrial & Miscellaneous.
POO Abitibi Power & Paner _No par
4May 21
703
Lowest
ROAMIt
8 Per share 8 per share 8 Per Shari
Railroads.
Par
4
152 15314 151 1523 15114 154
153 1547 1537 155; s151 1524 74,900,Atch Topeka & Santa Fe__100 122 Mar 30 161 Sept 1
2
997 997
8
4
8 993 993
4 997 100
997 100
8
997 100
2,800 Preferred
8
997 100
100 944 Mar 5 100 June 12
0118
114 *118
114 •118
114 •118
114
*118
5001 Atlanta Birm & Atiantle...100
114
114
Ps
12May 28
10 Jan 2
1943 1947 192 19412 193 194
4
8
19314 19812 194 19914 19312 196
8,700, Atlantic Coast Line RR.
--100 18112 Mar 30 2624 Jan 2
101; 10214 10112 10212 10214 103
10214 103; 10212 1037 10213 10314 31,800 Baltimore & Ohio
8
100 8312Mar 3 109 4Sept 7
3
0
7112 718 *7112 72
*7112 72
72
72
.72
400, Preferred
7212 *72
721g
100 671: Jan 6 7372 Aug 20
4012 4014 4012 41
1340
41
*4112 4 2 4112 42
4 4,5001B .(Igor d: Aroostook
42 12 423
50 33 Mar 2 46 Feb 1
102 •10112 102 *10112 102 *10112 102 110112 102 *10112 102
010112
JPreferred
100 977
8Feb 8 101 July 12
60
613
4 62
62; 62 623
4 61; 62
613 8214 6212 84; 17,700 BkIn-Manh Trac v t c_No par 544 Mar 31 6914 Feb 5
4
83
83
0
8212 84
*8212 8312 •83
84
83 83
83
83
500 Preferred v to
No par 78 Mar 31 881 Aug 23
:
157 16% 1612 1712 1614 164 1614 163
2
4 1614 1718 15; 174 19,800 Brunswick Term & Ry See 100
812 Mar 4 1712 Aug 30
8212 *80
8212 *80
•80
8212 *80
8212 *8012 8212 *8012 8212
Buffalo Rochester & Pitts 100 69 4 Mar 26 873
3
4July 20
4,8018
_ 594 5912 *5914 6012 55914 6012 *594 6012 •5912 6017
100 Canada Southern
100 58 Jan 15 61 June 14
- -14 162 16212 16214 1627 1627 164
162 162
2
2
1637 1637 1633 1633
8
4
8
4 4.000 Canadian Pacific
100 14612 Jan 9 188 214ept 7
,
260 280
270 270
0
270 27012 *271 285 *275 280 *275 280
500 Central RR of New Jersey.100 240 Mar 30 305 Jan 11
1663 16712 16614 168
4
16714 16812 16712 169; 169 1717 1673 1697 75,400 Chesapeake & 01110
4
100 112 Mar 2 1.781.Sept 21
__ ____ ____ 3116612 _ __ ____
0164 - -_ *164
__ 31165
___ .._ _
Preferred
100 119 Jan 20 151 Sept 24
58
113 *8 _812 18
83
8
818 lig
818 _618
8
8
800 Chicago & Alton
100
44 Sept 18 11118 Feb 20
7; 8
73
3 75
8
8
84
74 7;
712 734 *714 712 2,800 Preferred
100
812May 18 1814 Feb 13
245 290 *275 290 •245 290 *245 290 *245 290 0
0
245 290
C C C St Louie
&
100 17314 Mar 29 275 Aug 24
•32
34
3212 3212 *31
3212 *31
4
33
33
*31
313 3212
600 Chic & East Illinois RR
100 3014May 10 37 Feb 10
41423 44
42% 427 0
4
1213 44
4312 44
4312 4312 42; 43
800 Preferred
100 3812 Mar 31 5184 Feb 10
83
4 83
4
83
4 9
•83
4 9
9
9
8% 9
*84 9
1,800 Chicago Great Western...100
734 Mar 31
12188ePt 9
2414 23; 243
24
2 237 2412 24
243
4 2412 254 244 243
2 9,300 Preferred
100 1614 Mar 30 313
sSept 9
1
914 054
9 4 9%
94 93
10
4 *94 94
912 94 10
1,500 Chicago Milw & St Paul
MO
9 Mar 29 1412 Jan 6
•87
2 9
9
9
812 9
85
8 918
8; 94
918 9; 5,100
Certificates
812 Apr 20 14 Jan 8
100
g
1712 177
1714 18
1712 1814 18
1814 1818 19
184 183
8 9,800 Preferred
24 Aug 24
100 1412 Mar 31
16
16
16
1612 16
163
4 1612 174 1712 177
17
177 10,300 Preferred certificates..._100 14 Apr 20 233 Aug 24
8
s
73 73
73 14 74
73
75
744 75
754 7512 76
7512 6,300 Chicago & North Western.100 6514 Mar 30 8334 Sept 10
•122 125 •122 125
122 122
122 122
122 122
12214 12214
400 Preferred
100 11812 Jan 4 12612 Apr 30
62; 6253 6214 6312 6314 6414 6414 65; 643 653
3
4 64; 6.5; 39,600 Chicago Rock lel dr Pacifie_100 4013 Mar 3 6314 Oct 1
0102 104 • 8 104
102 4
10318 10312 *10314 104
103; 10:17g •10212 1023
4
400 7% preferred
100 96 Mar 4 105 Oct 1
4 923 923
913 913
,
4
4
4 92 4 923
4 923 923
4
4 917 923 *92
4
92; 1,400 6% preferred
,
100 8314 Mar 31 92 4 Oct 2;
•90
90
91
92
*89
92
*89
92
92
*89
*89
92
200 Colorado & Southern
100 52 Mar 3 9614 Oct 13
*71
74
74
071
7018 7012 *70
•70
74
74
•70
74
100 First preferred
100 62 Mar 2 74 Oct 13
0
70
80
74
0
70
3167
72
*68
70
70
70
.69
70
200 Second preferred
100 59 Jan II
72 Sept 27
170 171
171 17112 17114 17212 17212 1744 173 1733 172 172
4
2,300 Delaware & Hudson
100 15014 Mar 30 18312Sept 2
142 14212 143 143
142 142
143 144
144 1443 144 14414 3,000 Delaware Lack & Western. 50 129 Mar 30 15312 Jan 12
4
3,383 394 *383 40
4
4
40
40
42
4012 4214 0
*41
11
4212
800 Deny & Rio Gr West pref._ 100 3712May 19 47 Jan 2
4 38; 3912 383 39
3812 383
4
39
39 3
4 393 39; 3918 3914 15,700 Erie
2
100 2212M.r 29 40 Jan 2
4712 473
4 4714 47; 47; 48
47; 487
8 47; 484 47; 477 11,000 First preferred
;
4
100 333 Mar 30 504 Oct 6
46
545
4514 4514 *45
64
*4514 4618 4512 4512 •45
457
200 Second preferred
100 30 Mar 3(1 47,, Oct 6
3
4 75 4 753
7513 75
3
4 764 7614 7612 77; 7712 78
77; 773
4 5,800 Great Northern preferred...104
6E Mar 30 8012Sept 10
02
19; 19; 19
19
1914 1912 1912 1912 1914 194 1912 1913
1,400 Iron Ore Properties_ No par
1414 Oct 20 2714 Feb 15
•36
3612 *38
3612 36
3614 36
37
3712 374 *3613 37
2,500 Gulf Mobile & Northern_101
11 Sept 2,
2512 Apr 20
)
10512 1064 •10512 10814 *105 10614 311053 10614 10614 10714 *105 106
4
1.200
Preferred
100 95 Mar 29 109 Sept 0
38
38
377 3814 38
8
3814 38
384 38; 2,100 Hudson & Stanhattan
3814 3812 39
100 345 Jan 22 40 Apr 8
8
074
0
74
76
76
0
74
76
•74
76
*74
*74
76
76
Preferred
100 673 M ar 31
7914July 26
4
8
012012 1217 120 1214 *12012 12112 121 124
1237 124
123 123
3,300 Illinois Central
100 113121Alar 3 131 Sept 7
•12012 126 *12012 125 *12012 125 •122 126 *12012 126 *121 126
Preferred
109 11512 Mar 30 12912Sept 7
75; 75; 7512 7512 0
75
7512 7513 75; *75
7534 753 703
4
4
200 Railroad Sec Series A._1000 7114 Jan 6 77 June 23
•2814 2712 *2512 2712 *254 2712 •25 4 2713 0
3
2512 2712 *254 2712
Int Rya of Cent America..100 2514 Mar 30 31 Feb 13
65
65
NH
*61
*61
65
*6112 65
*61
65
*131
65
Preferred
100 02 Star 30 66 June 24
4114 434 414 4212 403 4114 4014 41
4
4012 4114 42
4418 19,500 Interboro Rapid Tran v t 0_100 2412 Jan 15 5214May 25
2 *_112 s
112 11._ _ _ _
P2 o__
112
Iowa Central
100
1 Aug 14
312 Jan 15
42
42
424 4112 42
43
427 444 427 4412 427 43
8
9,200 Kansas City Southern
100 3414 Mar 3 514Sept 9
•83
65 •64
65
*64
65
*64
65
65 65
•64
65
100
Preferred
100 60;Mar 31 683
2Sept 10
58412 86
88
*85
86
86
88
874 87
87; 88
2,200 Lehigh Valley
88
50 7512 Mar 3 9312July 15
12712 1271: 128 128
129 1294 128 13014 1274 131
12812 12812 2,500 Louisville & Nashville
100 118 Mar 30 144 Sept 3
•87
94
1387
•87
94
94
1387
94
94
*87
.87
94
Manhattan Elevated guar 100 84 Mar 3 923 Apr 20
4
4934 504 49
50; 493 49 4 48
2
493
3
8 48
48; 48; 507 10,300
Modified guaranty
100 3813 Jan 26 617
8May 28
•4
612 *4
*5
7
8
8
*5
*5
8
*5
8
Market Street Railway___ 100
418July 31
10 Feb 9
30
519
*19
30
25
*20
*20
*19
25
22
3119
22
Preferred
100 1912 Oct 22 40 Feb 9
•413 42
4
*414 42
•4134 42
*4134 42
*413 42
4
41.7 42
8
400 Prior preferred
100 3918June 21
5133 Feb 10
•1112 18
*1112 18
*1112 18
*12
*1113 18
18
411112 18
Second preferred
100 113 Oct 21 2212 Feb 10
4
•15
2 17
8 .15* 17
8
1; 1; •14 1; *14
17
a
*13
3
100 Minne.apolis & St Louis_ _100
17
37 Jan 11
13
8July 26
38
3814 38
38 .35
40
39
*35
35
*35
35
39
500 Minn St Paul & 55 Marle_100 34 Apr 21 5212 Feb 3
63
*55
*55
•55
055
62
62
60
63
*58
200 Preferred
6313 60
100 55 Mar 20 79 Feb 3
'80
60
8312 *60
6313 *60
82
60
*563 634
100 Leased lines
4
634 *60
100 64 Oct 28 667 Feb 24
8
3112 314 32; 3112 3234 3134 3172 5,200 Mo-Kan-Texaa R1L--No par 2912 Oct 20 4718 Feb 9
3114 3112 31
3138 31
92 92
9112 917
924 *9214 9213 9212 925* 9212 92% 3,200 Preferred
8 92
100 82 Mar 2 95 Jan 4
374 3712 374 377
3914 , 384 3912 3812 3912 17,000 Missouri Pacific
8 374 38
38
100 27 Mar 3 45 Sept 1
8614 863
4 88; 87
87
8712 87; 8912 894 9012 8812 897 14,100 Preferred
8
100 7112Star 3 95 Sept 3
*45
4 814 5434 5
51
5
43
300 Nat Rys of Mex let pref_ _100
5
4
6
512 512 *44 53
43 Apr 10
4
834 Jan 7
2
2
2
2
2
13
4 2
2
2
24 2,600 Second preferred
•2
2
100
13 Oct 27
4
413 Jan 7
•121 125 3
921 128 *121 128 *121 128 *121 129 *121 129
New On Texas & Mexico..100 120 Mar .30 13212 Jan 9
1325 133
8
131; 1327 1314 133
4
132; 1343 134 1354 1323 13414 47,800 New York Central
4
100 117 Mar 30 147128ent 7
*194 195 *193 194
19314 196
196 198
196 19612 3,800 NY Chic & St Louis Co_ 100 130 Mar 3 20112Sept 21
19514 198
41101 10212 1310112 10212 10112 10112 *10112 102 *10112 10212 102 102
300 Preferred
100 93 Mar 11 106 July 8
387 3912 397 40; 4012 403
8
4 40; 433
4 423 444 42; 4312 97,600 N Y N II & Hartford
4
100 303 M ar 30 483
8
2July 17
24
24; 2418 25
244 2514 2472 25; 25
25; *248 25; 7.800 N Y Ontario & Western-100 193 Mar 30 287 Feb 13
4
g
94 10
912 9 8
7
9
9
*9
912 *9
913
1012 1,400 NY Railways pref ctts_No par
912
6 Jan 25 2014 Feb 5
017
20
174 1718 *17
19
•17
*17
100 New York State Rallways.100 17', Oct 25 2812 Jan 14
20
19
19
*17
39
39
•35
39
*35
3813 *35
700 Norfolk Southern
384 37
37
277 Apr 15 443
3
*35
3Sept 2
37
1647 16514 16512 16714 16634 1693 1683 168
8
164; 166
:
28.300 Norfolk & Western
4
7 1641 167
a
100 1394131er 30 170, Oct 2
•84
8512 •84
8512 *84
85
*84
8512 *84
8512 *83
85
Preferred
100 84 Jan 7 85 3 Aug 11
3
78
763
8 75; 76; 75 4 763
3
4 7614 775* 77
77; 761 7714 17.200 Northern Pacific
:
100 653 Star 30 8212 Aug 28
4
•14
20
•14
20
*12
20
•12
•I2
20
20
20
1312
Pacific Coast
100 15 Oct 19 48 Jan 6
54
5412 544 5412 5412 5618 5512 5718 56; 3
5634 57 139,000 Pennsylvania
741
50 4832131er 30 57, Oct 27
,
0167 1813 167 167 1317
8
8
18
•17
18
19
*18
18
20
300 Peoria & Eastern
100 1573 Oct 19 263 Jan 14
4
10714 1074 10512 10714 *10612 10712 1063 1083 10814 1084 1073 108
4
4
4
2,000 Pere Marquette
100 67 Mar 3 111•:Sept 24
*91
9212 590
9212 •91) 93
921: 1390
•90
92 92
100 Prior preferred
9212
100 79 Mar 1
96 July 7
*8614 88
*
8614 8712 *8614 88
.8614 88
*8814 88
*8614 88
Preferred
100 704 Mar 29 917
8July 17
0148
___ •148
15012 15018 *148
___ •148
_ •148
_
2 Pitts Ft Wayne& Chic pre 100 14212 Jan 2 150 Oct 8
01077 109 *10613 109 13107 109
3
107 10712 108 1173
112 1 124 3,500 Pittsburgh & West Va
100 85 Mar 30 1193 Jan ILI
2
854 857
3 8512 8612 85 8 86; 86
3
89
8712 89
863 88
4
22,100 Reading
50 79 Mar 30 100 July 9
*138
4012 40
40
1338
4012 •39
4013
4012 40
40
200
First preferred
54) 40 Jan 5 42 Apr 26
04112 4312 *414 4312 •4112 4312 4212 423 *38
4 •42
200 Second preferred
4312 *4112 4212
40 40 Mar 30 45 Sept 24
545
51
42
4212 *43
48
4512 4512 *48
49
*40
51
300 Rutland RR pref
100 42 Apr 8 6114 Aug 2
954 9612 9513 96
9512 963
4 96
9712 9614 97; 9614 964 5,900 St Louis-San Francisco__ _100 85 Mar 30 102 Sept 7
90
00
•89
91
1389
91 '
389
91
*8912 91
*89
91
100 Preferred A
100 8312 Apr I 9214July 14
61
61
6112 6112 62 62
624 0212 62
62
61
6114
1,000 St Louis Southweetern
100 574 Star 19 74 Feb 0
e7813 79
*7612 78
*7612 77
*7612 79
77
77
•7512 7712
100 Preferred
100 72 Mar 19 8014Ju1y 27
2912 294 297 297
8 293 293
4
4 30
31
3014 31; 30
3018 4,100 Seaboard Air Line
2712 Mar 31 51 Jan 2
34
*31
32
32
32
34
3412 36
364 37
3513 3614 5,800
Preferred
100 314 Mar 31 48; Feb 18
8
1044 1047 10412 1047 1043 105 4 10514
4
3
4
10658 100 10714 1063 10918 59,800 Southern Pacific Co
100 9618 Mar 30 11014Sept 3
4
11614 1163 117 11712 117 11712 117 11918 11812 119
3
7 1183 11918 16,500 Southern Railway
s
8
100 1033 Mar 30 131 14Sent 3
937 937
934 937 *9314 94
9313 934 •9314 9412 9312 9312
700 Preferred
100 87 2 Apr 6 9512 Aug 5
,
4812 4812 49
49
49
49; 4912 504 493 5012 48; 49
3
5,400 Texas & Pacific
100 424 Mar 30 61; Jan 13
4
343 353 *34
4
3434 3412 3412 3454 3454 53413 35
100 13i, Jan 8 43 Apr 23
35
35
2,400 Third Avenue
3159
594 5914 5914 *6012 63
6212 6212 *6212 66
•62; 65
400 Twin City Rapid Transit...100 5914 Oct 2' 783 Jan 4
4
1604 16112 160 161
16014 16218 18112 1624 18112 1627g 1607 16212
8
12,600 Union Pacific
100 141 12 Mar 30 16812 Oct 1
4
794 793 *79
7934 *79
7912 .79
80
7913 791
: 7
400 Preferred
94 7912
4
100 743 Jan 6 81 14 Aug 28
4
*23 4 30
*238 30
3
*2334 30
0
2334 30
*2334 30
*2334 30
United Rallwa.3 Investml.100 194 Mar 3 2712 Apr 7
*75 105
•75 105
•75 105
*75 105
0
75 105
0
75 105
Preferred
100 65 Mar 2 100 Oct 1
37; 387
2 3812 3914 3 14 394 39
8
401
3912 407
2 3912 40
3
12,100 Wabash
100 337 Mar 30 52 Jan 12
2
74
7412 3727 73
7212 73
723 731
4
734 734 73
7312 6,600 Preferred A
4
100 68 Mar 30 783 Jan 13
358
63
*58
63
*58
63
*58
63
058
63
61
61
100
Preferred B
100 57 Mar 29 72 Jan 29
4
113 114 118 113
117 1178
4
4
2
12
1212 1214 1212 1213 12; 4,300 Western Maryland
100 11 Star 3 16; Jan 4
0204 2112 2012 2012 *1912 21; 214 2113 2111 213 •213 22
4
8
3
3Sept 2')
1,500 Second preferred
100 163 Mar 30 243
3312 3312 *33
53312 35
35
3412 34; *33
35
*33
35
400 Western Pacific new
100 33 Oct II 3914 Jan 2
•804 31
807 8078 *804 31
8
8111 8113 *81
8112 *81
8112
4Sept II
200 Preferred new
100 7712 Jan 15 863
2514 28
26
2512 26
4
253
25 4 27
3
25; 267
3 25; 26
14,600 Wheeling & Lake Erie Ry_100 18 Mar 30 32 Jan 2
4312 4312 *421y 43
4312 44
43
457
8 4512 4512 *4312 4413 2.300
4
100 37 Mar 30 873 Aug 20
Preferred
9212 9213 09112 9212 91
•Bid and asked arises.
PER SHARE
Range for Previous
Year 1925.
98 Sent 14
11614 Jan
9212 Feb
3
Jan
1474 Jan
71 Mar
627 Apr
2
3514 Mar
89 June
3518 Jan
727 Jan
8
3 Feb
48
Apr
58
Jan
13612 Mar
265 Mar
8914 Mar
10514 Apr
3; Apr
512 Apr
140 May
293 Mar
4
40 Mar
9
Jan
1914 Mar
314 Apr
7 Sept
7 Apr
127 Oct
47
Apr
1013 Apr
4
4012 Mar
92
Jan
82 Mar
4413 Jan
60 Mar
1404 Des
98 Der
Ilss Dec
268 Dec
9412 Dee
1g
67 Nov
5612 Nov
100
Oct
64 Nov
83 4 Dec
3
174 Nov
92 3 Mal
,
59 May
152; Jan
321
Jae
13012 Doi
130 Del
10 Feb
53
1912 Feb
200 Dee
3814 Aug
574 Jan
15 Feb
32; Feb
16; Jan
11 Nov
2812 Jan
22 Nov
807 Dec
2
120 Dee
587 D.
8
100 Dee
8912 Mar
7011 Sept
664 Dee
54 Jan
13312 Mar
125 Mar
34; Oct
264 May
35 June
34 June
60
Apr
25 Dec
21 Mar
894 Mar
2134 Mar
6412 Feb
111 Mar
11212 Apr
6814 Aug
18
Jan
5912 Jan
1312 Mar
112 Jan
28; Mar
57
Jan
69 Mar
106
Jan
64 May
3218 Mar
6 Nov
20 Jan
424 Nov
15 Dec
214 Oct
20; Apr
40 Mar
5712 June
2814 Jan
744 Jan
305* Jan
71 Mar
1': June
112 June
11314 June
11314 June
118 June
8812 Jan
28 Mar
20; Apr
6212 Aug
155 Apt
1473 June
4
60 Jan
39; Dec
467 Jan
2
43 4 Jan
3
82; Del
40; Jan
363 Sent
3
10914 Sept
3832 Aug
72 July
12512 Dee
12514 Dee
7414 Dec
3313 Sent
6612 July
3412 Feb
312 Mat
51 Dec
6314 Dec
8812 Del
148 Deo
11912 Sept
514 Feb
12 Sept
4614 Sept
6514 Sept
354 Sept
4 Mal
57 Nov
8614 Nov
63 Feb
4512 Sept
9212 Dee
41/4 Dec
9112 Dec
314 Dec
34 Dec
13712 Dei
13712 DOI
183 De(
98% Not
47 De1
3434 Aug
5 Dec 12 Jun,
21 Dec 38 Jul]
217 Apr 45 Sep
2
12312 Mar 151 De
,
7512 Jan 86 De
5814 Apr 784 De
20 Aug 404 De
4212 Apr 5.53 De
3
134 Apr 21; Dot
4
613 June 851 De
:
78 July 8934 De
6812 Apr 79; Da
Jan 144 Not
139
63 Mar 123 De
693 Mar 9114Juni
4
357 Marl 41 Jun
8
384 Mar, 443
3Juni
42 Apr, 627 Jas
3
5712 Jan 10214 Ain
76
Jan, 9214 Jul]
434 June 694 Dot
7018 June 783 De,
4
203 Jan 544 No,
3
35 Mar 5112 Aui
96
Oct 108; Jai
77; Jan 1204 De
83 Jan 9512 Sep
434 Jan 59 De
713 AM
155* Sep
58
Jan 7814 De
13314 Apr 15314 Jai
72
Jan 774 Jul]
18 Aug 3312 Mc
484 Mar 837 De
1912 Mar 4714 Aui
554 Jan 737 De,
3812 Jan 604 A1,2
11 Mar
183 Ate
2
16 Mar 264 Jai
19 4 July 391: De
,
72 July 81 De
10 4 Star 32 De
3
22 Apr 5372 De
fl
,
Jae
7111. ma
New York Stock Record-Continued-Page 2
2234
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 23.
Monday,
Oct. 25.
Tuesday,
Oct. 26.
Wednesday, Thursday,
Oct. 27.
Oct. 28.
Friday,
Oct. 29.
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Week..
PER SHARE
Range Sines Jan. 1 1928
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
$ per shire $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscel. (Con.) Par $ per share $ per share $ per shares per share
*5412 56
5212 53 4 *54
3
700 Abraham & Straus____No par 43 May 20 5912Sept 27
5412 545 *53
8
58
*5312 57
58
100 10418 Mar 19 111 Sept
110 110 *110 112
5110 124 *110 112 5110 112 *110 112
100 Preferred
28-100 Albany Pert Wrap Pap_No par 2612 Oct 6 273
*2612 27
2612 2612 *2612 27
*2612 27
*2612 27
52612 27
4June 23
100 131 Jan 6 155 July 24 119 -Jan 1333- -Oct
100 All America Cables
138 138 *137 138
139 139
5139 146 *139 146 5139 142
4
100 997 Mar 18 136 Sept 22
8
127 127 *120 125
125 126
12312 12312 124 124 5122 125
600 Adams Express
90 Apr 11714 Oct
100 10 Mar 19 22 Sept 24
1414 1718 1414 1514 *1512 153
51718 18
13 Apr 20
Oct
1512 7,700 Advance Rumely
4 1514 1512 515
100 48 Oct 25 65 45ept 24
49
8 6,400 Preferred
483 4912 4918 50
8
5212 48
5312 533
4 48
47 Feb 6214 Oct
3
497 497
8
912 Oct 4
1
800 Ahumada Lead
918 Jan 4
7
7
7
7
718 Oct 125 May
67
8 67
8
s
s 73
67
8 67
8 *65
57
73
8
12612 12978 129 13058 13018 1317 1307 131
8
12612 128 *127 130
863 Jan 11732 Dec
4
4,300 Air Reduction, lnc____No par 10714May 19 14512 Aug 9
8
718 Oct 20 16 Feb 10
No par
83
4 9
83
8 9
938 Dec 157 Jan
4 8,800 Ajax Rubber, Inc
85
8 87
8
812 83
87
8 9
884 82
4
2
*7
8
1
*7, 1
*7
8
1
*7
8
1
7 Oct 22
8
1
1
*78
1
2 Jan 4
400 Alaska Juneau Gold Min__ 10
1
212 Oct
Jan
8
4
8
12612 1275 12512 1287 1275 1293 128 1303 75,700 Allied Chemical & Dye_No par 106 Mar 30 147 Sept 22
8
1257 12812 126 128
8
80 Mar 11658 Dec
8
4
100 1183 Mar 20 12214 Aug 17 117
•12014 12012 *12014 12012 12018 12014 12014 12014 120 12012 12012 12012
400 Preferred
Jan 12114 Nov
100 7814 Mar 26 945 Jan 14
8
8614 863
8 86
85
85
*8512 8612 8412 85
8 2,000 Allis-Chalmers Mfg
877
8 8612 873
7112 Jan 9714 Dee
100 105 Apr 7 11012May 24 10314 Jan 109 Dec
5109
__ *109 11012 11012 11012 11012 11012
200 Preferred
5109 110 *109
No par 2414May 20 327 Aug9_8
2814 283
28
28
i8
8
28
2814 275 283
8 4,800 Amerada Corp
4 277 283
4 2712 8
115 117
8
8 12
9 Oct 14 343 Jan 14
12
12
1212 117 117 •1112 12
8
1112 113
4 2,400 Amer Agricultural Chem__100
2
8
1312 Mar -297- -Oct
8
100 40 Oct 27 9612 Jan 14
1,900 Preferred
4218 43
43
43
40
42
4212 4212 4114 4114 417 42
8
3612 Mar 8212 Dee
Note, new
10 343
81%lar 31
46 Oct28
8,500 Amer Bank
*43
4312 43 .44
3912 Dec 443 Dec
4512 46
44
447
8 4412 46
433 44
4
8
50 55 Jan 15 5812July 10
100 Preferred
*52
58
*52
58
552
58
*52
58
552
58
5312 Jan 5812 Sept
56
56
100 2012Sept 13 3834 Feb 5
2214
521
2212 521
22
200 American Beet Sugar
2212 *21
*21
2178 22
2958 Oct 43 Jan
2212 *21
100 06 Oct 9 83 Feb 24
*57
61
*57
61
61
61
6112 *57
100 Preferred
*57
61
*59
61
8
78 Dec 877 June
18
8
2,100 Amer Bosch Magneto_No par 16 May 19 343 Jan 4
177 177 *18
8
18
1818 18
18
8
2618 Mar 5412 Jan
1812 18
1812 18
132 13212 132 132
13512 13814 3,900 Am Brake Shoe & F___No par 110 May 19 180 Feb 2
13212 135
132 133
9014 Mar 156 Deo
135 136
100 11014Mar 24 12814 Feb 18 10712 Jan 11458 Dec
Preferred
4
4
*114 11914 *11412 1193 *114 119 *11412 1193 *115 11934 *115 1193
4
3858 3814 3812 3812 3914 387 393
8 38
383
4 5,200 Amer Brown Boveri El_N0 par 3014 Mar 29 50 Aug 9
8
8 38
3814 385
2
473 Dec 537 Oct
4
,
100 86 2 Mar 31 9718 Jan 16
100 Preferred
96
96
*9512 95
9018 Nov 98 Dee
*9512 96
*9512 96
*9512 96
*9512 96
25 3878 Mar 30 6318 Aug 4
4884 4934 4814 4978 483 4912 4812 5212 5114 5312 55014 5138 189,500 American Can w 1
4714 Dec 493 Dec
8
4
100 121 Jan 4 1267
8July 27 115
200 Preferred
125 125
*123 12512 *123 1235 *123 126 *123 125
125 125
8
8
Jan 1217 Sept
8
9812 9914 99
9712 Apr 1153 Sept
1,900 American Car & Fdy_ _No par 9112 Mar 31 1147 Jan 12
99
97
963 963
4
4 97
4
97
97
97
97
100 120,2 Oct 10 12914June 23 1203 Apr 128 July
123 12314
500 Preferred
•120 124 *120 1233 *120 123 *120 123 *120 123
4
4
2212 Oct 27 Feb
8
247 25
*247 25
8
8
25
8
*247 2512 255* 253 *247 2514 1,300 American Chain, class A_ _ _25 2314 Mar 30 2614July 20
8
25
No par 31 Oct 11 51 Jan 4
400 American Chicle
*34
35
37
Jan 62 Apr
*3412 3512 3412 35
353 353
4
535
36
35
4 35
No par 28 Oct 13 4714 Jan 7
3412 3412 *3314 3412
200 Do certificates
37
Jan 5812 Apr
*3412 35
35
35
53412 35
53412 35
812 812 4,400 Amer Druggists Syndlcate__10
414 Jan 5 1038 Aug 19
812 812
812 812
812 812
4
414 Dec
812 858
63 Jan
85
8 83
4
8
100 1057 Mar 31 140 Jan 6 125 Apr 166
500 American Express
4
Jan
1233 1233 11912 120
4
1223 1223 *120 1223 *120 1233 123 123
4
4
4
4
2714 Apr 513 Sept
1412 1518 10,600 Amer & For'n Pow new_No par 1 412 Oct 20 4238 Jan 2
1514
143 153
4
8 15
1514 155
8 15
8
153
4 1412 15
No par 79 Oct 1 98 Feb 13
1,600 Preferred
8414 853
8
87
Jan 94 Feb
8
8412 843
4 845 85
8412 85
85
85
*85
86
7 May 10 1712 Feb 9
400 American Hide & Leather_100
8
812 Mar 143 Dee
74
3
*714
718 712
712 712
*714 7 4
3
712 712
712 712
100 3312May 7 6714 Feb 9
200 Preferred
*36
40
38
38
40
5812 Sept 757 Jan
3912 3912 *38
8
*37
40
*38
40
5
1,000 Amer Home Products. No par 23 8 Oct 8 263 Apr 29 _
25
25
25
4
25
243 243 *2412 25
4
4
247 25
8
247 25
8
loo los Mar31 136 June 8 ii" Mar iii" Dec
8 3,100 American Ice
12412 1255 *12312 1247
8
12012 12118 121 125
12014 121 *12014 121
100 8112 Oct 18 863
82
4June 1
Preferred
8212 *81
7412 Mar 86 July
8212 581
8212 *80
8212 *80
*80
8212 580
4July 19 463 Feb 16
4
3218 Mar 467 Nov
8
365 3712 3614 3712 3612 3734 18,700 Amer International Corp 100 313
8
37
a 37
3714 3714 3614 367
8
8
1114 Jan 20 Nov
4 1212 1212 1212 1212 123 1212 1212 121s 1,900 American La France F E___10 1214Sept 2 157 Jan 4
8
125 123
8
8 123 123
100 2058 Oct 20 527 Jan 4
321
8
7,300 American Linseed
4 304 3212 31
20 Mar 5914 Nov
313 323
4
31
3112 33
2918 2914 30
100 6734 Oct 19 87 Jan 4
7714 76
764 2,900 Preferred
Oot
63 Jan 89
77
7714 7612 7612 77
78
7512 75
*73
8
8
4
8
102 10312 1033 10412 10314 1043 10,800 American Locom new__No par 9014 Mar 31 1197 Jan 4 10412 Jan 1447 Mar
10112 102
101 10112 10112 102
100 116 Aug 9 12014 Feb 11 115 Aug 124 Feb
Preferred
*119 120 *119 120 *119 120 *119 11912 *119 11912 5119 11912
*727 74
8
900 Amer Machine & Fdy_ _No par 1151.1 Oct 11 8012 Aug 16
*73
74
74
74
74
8 74
725
72
72
71
100 114 July 15 122 Aug 23
Preferred
___ *12112 125 *121 125 *121 125
*118 124 5121 124 *121
4
443 4514 453 4534 3,400 Amer Metal Co Ltd___No par 413 Oct28 573 Feb 16
4
45
45
8
8
4514 Mar -575; Oct
4514 45 45
3
*4514 45 4 45
100 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
Preferred
*110 115 *112 115 *112 115 *112 115 *112 115 *112 115
4May 19 7212Sept 8
61
6114 6112 6212 6212 6318 6112 6214 7,400 Am Power & LIght.„-Ne par 503
6018 61
6018 6112
25 101 1,May 19 1223 Aug 9
109 11012 109 109
109 110
8
2,400 American Radiator
2
897- Jan 1221- Nov
8
10712 10912 108 110 5109 110
4
8134 *81
100 Amer Railway Exprees___100 7738 Mar 31 8412SePt 21 276 Sept 84
813 *8112 813 *8112 8184
4
Jab
8014 8014 581
*80
81
200 American Republics. No par 47 Oct 8 74 Jar 5
547
50
*46
50
*42
50
47
50
51
.1
48 Jan 793 Dee
*46
51
*46
61
6134 7,100 American Safety Razor___100 42 Apr 14 703 Aug 17
62
4
6014 6212 61
61
617
2 60
367 Jan 7634 Nov
8
60
6012 61
512 Jan 2 117 Mar 12
8
518 Dec 1412 Feb
714 738 4,300 Amer Ship & Comm __No par
7
73
8
7 4 73
,
8
7
12
73*
71s
71a
*714 712
8
1283 13014 129 130
4
903 Mar 14412 Dec
8
1295* 13112 13114 13212 13014 1311 20,400 Amor Smelting & Refining_100 1095 Apr 21 152 Aug 17
12812 130
100 1127 Mar 31 12014 Aug 17 105 Jan 11514 Oct
11978 1197 11912 1191
8
8
300 Preferred
120 120 *11912 120 *11912 120
12
•119 120
100 12134 Oct 6 lf5 Feb 9 13814 Apr 164 Nov
132 132
132 132
700 American Snuff
129 129
127 127 *12612 129
•12512 127
42
4218 421.3 4214 4214 4213 1,300 Amer Steel Foundries_No par 40 May 11 47 Aug 3
42
375 June 4712 Dec
8
5413 4218 4218 4218 42
4
Preferred
100 11014Sept 21 115 Feb 23 108 Jan 11363 Oct
•111 11114 5111 11114 *111 11114 5111 11114 5111 11118 5111 11118
100 6514 Apr 14 823 Feb 3
4
11,000 Amer Sugar Refining
7512 7414 75
7618 75
8
473 Jan 775 Dee
s
2
7412 7518 7412 7514 747 7612 75
9114 Jan 10414 Nov
100 100 June 19 10758 Aug 13
700 Preferred
1037 1037 10314 10314 10312 lO3ls
8
8
4
4
4
*10212 1023 1023 1023 103 103
3,100 Am Sum Tob new etts.No par 2914 Aug 13 40 Oct 2---35
357
8 3414 35
35
35 8 3512 35
3
3412 3514 3512 36
100 1412 Apr 28 36 Aug 19
Option A ctfs
__
Feb
4
373 June 47 200 Amer Telegraph & Cable_100 2512July 6 4118 Feb 10
30
2912 2912 529
30
30
*29
30
30
3012 *29
529
8
4
100 13958June 18 1503 Feb 15 1305 Jan 145 Dee
4 6,600 Amer Telep & Teleg
4
8
4
8
4
1453 14614 146 14614 14638 1465 1465 1463 14612 1463 14612 1463
85 Feb 12112 Oct
4Sept 8
8Mar 31 1243
50 1113
8
1,300 American Tobacco
4
8
4
4
4
11912 11912 119 1193 1193 1193 12012 12012 1207 1207 120 1203
100 10618 Jan 4 113 May 26 10412 Jan 110 Nov
8
1,100 Preferred
11014 11012 11014 11014 *10912 11014 11014 11014 1103 11078
*11012 111
8412 Feb 11912 Oct
50 11018 Mar 31 124 Sept 8
8
4
119 11914 *11912 12014 1193 12012 1195 12014 2,600 Common Class B
4
•1183 1193 11812 119
4
8
117 117
400 American Type Founders__100 114 Jan 22 135 Feb 13 103 Apr 1353 Nov
11612 11612 *11514 117
511514 117 *11514 117 511514 117
343 Jan 7614 Dec
8
4
20 433 Apr 13 74 Jan 4
5318 5312 4,800 Am Water Works & Elee
52
5312 5314 54
5014 5012 51
8 50
497 507
8
9714 Aug 103 Feb
100 10112Mar 3 10814 Jan 27
*10314 1068 *10314 1063 *10314 106 *10314 106
1st preferred (7%)
4
4
4
4
*10314 1063 510314 1063
4
343 May 643 Jan
4
2
100 19 June 9 427 Jan 13
2914 5,800 American Woolen
2812 2812 2812 2818 2812 2812 3038 29
28
28
28
6912 May 9618 Jan
4
100 56 Apr 30 893 Jan 4
500 Preferred
8
8 8112 8112
4
4 8012 8012 8012 8012 813 813
793
4 793 793
*79
12 Aug 13
712 Jan
112 Dec
55 Jan 13
8
*7
8
1
7
8
114
100
1,900 Amer Writing Paper pref
I
1
1
1
1
I
118
*1
12 Dec
4 Jan
412 Jan 13
12 Aug 4
Preferred certificates____100
-- 7 May 1212 Jan
518May 19 1218 Feb 4
500 Amer Zinc, Lead & Smelt___25
714
714
712
57
-Is; -iii4 714 634 634 32 3338 *32 3312
2478 May 4478 Dec
25 20 May 19 4818 Feb 4
700 Preferred
8
8
3512 307 307
8 35
*293 307
4
*293 32
4
3514 Apr 5314 Nov
4 8,200 Anaconda Copper Mining_50 4112Mar 30 5178 Aug 6
4 4738 4778 4712 473
4 4714 4712 4718 473
4712 4714 473
47
26
Jan 4612 Dee
4
8June 11 443 Jan 2
42
425
8 4112 4258 2,200 Archer, Dan'Is, MidVd_No par 347
4
4112 4112 42i2 *413 42
41
4014 41
9012 Jan 105
Oct
100 100 Mar 4 108 Oct 16
Preferred
8
8
8
8_ _ *1057 10914 *1057 10914 *1057 10914
8
•10514 1083 *1057 1085* *1057
8
9018 Mar 100
8
Oel
200 Armour & Co (Del) pref_ _100 90I4May 21 977 Jan 13
*9214 928 *9212 923 59212 9234
4
4
*92 92-34
*93
933
4 93 93
20 Mar 2712 Oct
3,500 Armour of Illinois Class A-25 1318May 22 2512 Feb 13
8
147 .147
3
5
8
8
,
143 147
8
148 15
4
147 147
8
8 143 14 8 147 18
16 Dec 203 Oct
5 4May 20 17 Jan 4
3
25
4
Class B
1,100
*8
818
77
8 8
*8
818
8
8
s
77
s 77
*8
814
90 Dec 9314 Nov
100 80 Apr 30 93 Feb 11
Preferred
*84
88
584
88
88
*84
88
*84
88
*84
88
5
84
8 Jan 175 Oct
8
1,800 Arm Cons Corp tem ctf No par 18 Apr 12 3134 Jan 6
26
25
2512 2514 2514 26
25
2312 24
22
25
*23
15 Jan 203 Nov
2
100 Art Metal Construction____ 10 1918 Jan 2 2334 Oct 0
*203 23
4
*203 23
4
4
5203 23
4
4
4
2213 213 5203 23
23
*22
39 June 6034 Dec
45ept 23 6312 Jan 21
No par 463
4 5112 5112 1,800 Artloom
8
5212 523 828
5112 5134 51
51
51
52
551
4
100 108 Mar 18 1113 Feb 1 10112 Aug 110 Dee
Preferred
__ _ *110
__ *110
_ *110 112 5110
*110__ *110
4612 Aug 613: Nov
8
4338 42
4238 4218 - 4 7,100 Associated Dry Goods..-100 3714 Mar 30 547 Jan 9
425
-8 4114 413
0
8 4 58 41
0
4 4 405 - - 54012 - - 3
94
Jan 102
Oct
100 96 Mar 25 10212 Jan 6
300 1st preferred
*993 103
4
100 100
100 10018 599 102
*99 100
*99 100
Jan 10814 Feb
100 102 May 19 108 Jan 28 101
28 preferred
5104 107 *105 107 *105 107 5105 107 5105 107 *105 107
32 Mar 4714 Dec
4
25 443 Jan 6 60 Mar 4
Associated 011
51
549
*49
51
51
548
'
54812 51
*4312 5012 54812 5012
6838 Jan 6
20
Jan 77 Sept
3218 3438 4,900 All Gulf & W 188 Line___100 29 Oct 1 i
4
3114 303 3214 3114 3214
3118 3138 31
32
*21
31
Jan 60 Sept
100 3314 Oct 27 5614 Jan 30
300 Preferred
351s 34
3512
*33
3512 3314 3314 *34
36
3512 3512 *33
9512 Jan 11712 Feb
100 97 Mar 3 12838May 24
6,800 Atlantic Refining
4
1013 1007 1013 10112 10278 102 104
4
4
100 10012 100 1011s 1003
4
100 1158 Oct 1 120 June 22 113 Sept1173 Jun2
400 Preferred
116 116 *115 116
11612 11612 116 116
10116 117 511612 117
45 June 65 Dee
NC par 54 Mar 4 61 Aug 28
300 Atlas Powder
'
5912 5912 591 *5912 60
5912 *58
*58
59
5912 59
*58
9012 Oct94 Jam
100 94 Jan 8 9718 Aug 16
100 Preferred
*95
98
9612 96
59612 98
59612 98
59612 98
59612 98
911( Feb 21 Dec
8 Oct 21 1712 Jan 30
No par
400 Atlas Tack
9
5812 93
4
9
814 814 *863 912 *814 9
*814 912
22 July 3212 Jan
718 Oct 23 28 Jan 29
1,300 Austin, Nichols&Co vto No par
5
812 9
58 2 9
,
*814 9
9
812 *8
8
4
873 Jan 95 Aug
2
100 57 Sept 29 93 Jan 6
718 78
Preferred
300
59
*54
58's 59
60
60
63
•60
65
*60
65
NU
12 Dec
218 Feb 11
14 Oct 9
414 Ma,
1,400 Auto Knitter Hosiery_ _No par
58
*14
14
14
3
8
3
8
38
38
3
8
38
3
$
38
8
11834 118 12038 115 1194 35,100 Baldwin Locomotive Wks_100 927 Mar 31 13612 Jan 4 107 Mar 146 Feb
116
11514 1163 11512 11612 116 11634 •112 1123 *11214 1123 1123 1123
8
100 105 Mar 31 114 Feb 6 107 Aug 1165 Jan
8
100 Preferred
4
4
4
4
4'112 113
*112 1123
*112 11714
25 2312May 11 3312 Jan 2
183 Aug 3312 Dec
4
6,100 Barnsdall Corp class A
2558 26
4 2518 26
s
,
3
12 25 13 25 2 253 2512 2514 253 523
2518 253
25 2212 Oct 27 2912 Jan 2
16 Aug 30 Dec
300 Class B
24
523
24
2212 2212
*2212 23
*2212 24
24
*22
7
8
No par 39 Mar 31 507 Aug 9
3814 Sept5314 Feb
2,200 Bavuk Cigars, Inc
48
4 4812 4838 48
483
4
4
4 483 483 48
8
4 473 483
•4612 473
b
20 525* Oct
7734 Aug
60 Ma
71 s Feb
500 Beech Nut Packing
*5514 56
56
*55
56
55
3 55
5412 54 4
73
5412 *54
4
*54
37 Sept4138 Dec
2914 295
8 2,500 Beld'g H'way Co tern ctiNo par 27 8Sept 28 393 Jan 4
283 283
4
293 2912 2914 2912 2918 2914 443 46
2
30
5 l,eb 0
1 5
100 03014JuneM ay 20 101188 pt 2
00
529
e
2
Jag
033714 June
une
18,300 Bethlehem Steel Corp
4438 45
4
4
4 443 4512
443
44
4412
8 44
437 447
8
June 1062313
10318 10314 2,000 Preferred (7%)
103 103
1027 103
8
10272 103
8
51025 10318 10278 103
400 Bloomingdale Bros___ _No par 28 June 11 35 Sept 7
32
32
531
*31
-- ---- ---*3012 32
32
•30
*2912 32
31
100 10414June 21 109 Sept 27 _
31
Preferred
*107 109 *107 109
---:- ---- - 418 Mar 24
934 Jan 11
*107 109 *107 109 *107 109 *107 109
No par
878 Oct
41g May
614 3,600 Booth Fisheries
8 *6
65
6
814 7
eAs
8
*512 6
100 343 Oct 11 5112 Jan 7
*512 6
4
25 June 52 Oct
1st preferred
1,600
*46
50
*4612 50
4618 4712 50
42
*39
42
42
•39
200 Botany Cons Mills class A..50 20 May 25 4112 Jan 4
403* Aug 46 July
8
8
8
233
4 235 235 5235 2412 *23513 2412 6,000 Briggs Manufacturing_No par 24 Oct20 3712 Jan 4
233 523
4
233 523
4
523
27
Oct 4412Ma3
'2 2614
255 2612 2573 2612 25
8
8 2538 2578 2512 26
2514 253
3 Jan 18
12May 5
100
5 Ocl
158May
British Empire Steel
*38
1
*38
1
*12 1
*12 1
*12 1
512
1
93
4June 29 27 Jan 28
100
Ocl
22 July 36
1st preferred
*912 23
*912 23
23
29
*912 23
*912 23
*912 23
112June 24 1018 Jan 11
100
14 021
632 July
28 preferred
'
21
8 *112 212 *112 212 *112 15512 1,000 Brooklyn Edison, Inc
8 •112 23
*112 23
8 •112 23
100 133 Mar 31 163 Sept 8 12058 Jan 15612 Not
154
5154 155
1533 1538 *15312 1533 *15112 15314 153 156
4
4
4
No par 68 Mar 30 9714 Aug 6
7318 Dec 10014 Nos
2,900 Bklyn Union Gas
8 9212 9212 9212 93
933
9212 93
9114 9114 91
9112 92
8
2912June 1 485 Jan 7
No pa
46 Dec 4614 Del
300 Brown Shoe Inc
3514
35
36
534
36
*3312 36
*3334 3512 *35
*35
36
Oal
100 107 June 5 111 Mar 10
96 Mar 109
Preferred
____ ___
____ 5108
_ 510714
_ •I0714 _ _ 510714._._ 5108
*10714
3
8
24 June 493 Jai
500 Brunsw-Balke-Collan'r_No par 2438 Mar 30 39 4Sept 15
3414 3414
36
*34
6
3
8
3214 I2
-12 3314 333
3
3
33 --- 5- 534
9212 Feb 136 Del
100 Burns Bros new clAcom No par 121 Mar 31 144 July 23
135 135 5133 136
•13212 13512 *133 134 5133 13512 5133 134
8
17 Mar 39 Del
New class B com___NO par 297 Mar 31 44 Feb 13
34
*33
34
533
34
*33
53212 35
*3212 34
•3314 35
100 97 Mar 30 10312June 22
9112 July 99 001
100 Preferred
*100 10112
510012 102 510012 10212 510012 10212 10012 10012 5100 10112 *108 111
65 Jan 103 Bap
1,200 Burroughs Add Mach __No par 7712 Apr 13 11712Sept 15
110
s
s
1077 1077 10712 10712 108 10878 109 10912 110
,
•Bid and asked prime; no sales on this day. a Ex
-i61.2 --7-(2 --iiis
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see third
page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Oct. 23.
Monday,
Oct. 25.
Tuesday,
Oct. 26.
Wednesday, Thursday.
Oct. 27.
Oct. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926.
On basis of 100
-share lots
2235
PER SHARE
Range for Previous
Year 1925.
Friday,
Oct. 29.
Lowest
Highest
Lowest i Highest
$ per share $ per share g per share $ per share $ per share $ per share Shares. Indus.
& Miami'.(Con.) Par $ per share $ per share $ per share $ per
*2414 25
25
25
share
*25
2512 25
25
254 27
*2612 27
900 Bush Terminal new _ __No par
Ws Mar 18 3414 July14
*903 9114 *903 914 *903 9118 *9014 9114 *903 9114 *9034 91
145 June 26 Dec
8
4
4
4
4
Debenture
100 86 Apr 6 93 Aug
80 May 897 June
*10214- -- *102 4 - - *10 4 - - •1024 -- - *10214 . _ *10214 __ _ ___
8
,
2
Bush Term Bidgs, pref_ _ 100 9912 Jan 20 10314 Oct 2
2
9612 Jan 103 Dec
*43
4 44
43
4 - 8 *4'8 - 8
47
47
47
8 47
s
45
8 - 8
900,Butte Copper & Zinc
-8
45
47
8 45
5
412Sept 28
614 Feb 10
594 607
8 61
6314 6212 6414 63
834 Jan
414 Mar
6612 643 667
4
8 63 4 6412 20,200 Butterick Co
3
100 1734Mar 3 71 Sept 15
17 May 283 Jan
12
125
8 12
123
8
8 123 1212 1214 1228 1212 1212 1214 123
4
8 3,000 Butte & Superior Mining
10
718May 18 1614 Jan 11
66
67
67
66
75
67
6'2 May 2414 Jan
7218 7434 7118 7112 69
2,900 By-Products Coke_ _ _ _No par 53 June 30 90
70
Sept
37
3612 *35
*36
*35
3612 *36
3612 *3612 3712 3612 3612
100 Byers & Co (A M)___ _No par 28 Mar 29 4112June 27
23
663 663
4
Oct 444 Oct
4 6612 6612 6678 684 6812 6812 68
/
1
6814 *6712 68
3.800 California Packing__ __No par 66'1 Oct IS 17912 Feb 18
4 10012 Jan 3612 Nov
3014 30
3014 30
30
303
8 30
3014 3018 3014 3018 305
8 5,200'California Petroleum
25 293 Oct 11 3818 Feb 10
4
18
4 17
237 Jan 343 Dec
8
8
13
4 13
8
4 *13
4
17
8
13
4 13
4
13
4
134
13
4
13
4 1,000 Callahan Zinc-Lead
10
112 Mar 28
25 Jan 15
8
643 643 *644 65
8
114 Oct
8
43 Feb
4
6512 66
653 6614 6714 6712 663 6738 2,000 Calumet Arizona Mining
4
8
10 5512 Mar 29 733 Aug 9
.164 1638 *1614 163
8
45 Apr 6118 Dec
4 1612 1612 163 163
4
4 16
1638
2,200 Calumet & Hecla
16
16
25 133 Mar 31
8
1812 Aug 9
1214 May 185 Jan
15912 16312 16114 162
16312 164
8
163 16314 163 1653 161 16212 6,800 Case Thresh machine
4
100 6212 Jan 4 176 Aug 6
4
4
*1113 113 *1113 113 *11134 113 *1113 114
24 Mar 6812 Dec
4
112 112 *112 114
4001 Preferred
100 96 Jan 5 11812 Aug 10
60 Mar 10712 Dec
*73
4 8
8
8
8
8 18
818 818
818 814
83
8
8 1,900 Central Leather
100
718May 3 2012 Jan 5
5118 5212 5238 53
8
515 52
4
143 Mar 235 Oct
8
*53
54
5212 523
3,300 Preferred
4 5214 53
100 4314 Apr 28 683 Jan 5
4
*12
4914 Mar 71
1014 1218
13
1034 11
*1012 1114 *103 1114 1114 1114
Oct
4
800 Century Ribbon Mills_No par
1014 Oct 25 327 Jan 8
8
875 *80
8
875 *80
*80
8
303 Sept 4712 Mar
4
875 *7612 875 *80
8
8
875 *80
8
875
8
1 Preferred
100 83 May 25 90 Jan 21
94 Dec 983 Jan
4
6218 6214 617 6212 613 6134 6158 62
4
6112 6112 617 62
8
3,100 Cerro de Pasco Copper_No par 5712 Jan 22 7312 Aug 9
4318 Mar 6438 Nov
4112 4112 4112 4112 4112 4112 4134 4134 4218 4234 4212 4258
1,800 Certain-Teed Products_No par 3618May 20 4912 Jan
5
•10518 110 *1054 110 *10518 110 *10512 110 *1053 110 *1053 110
403 Mar 5834 Sept
4
4
4
1st preferred
100 100 May 22 106 Sept 28
4,117 1212 *1178 1212 *1178 124 1114 12
8
8912 Jan 110 Sept
*1114 113 *1114 113
4
4 2,300 Chandler Cleveland MotNopar
1114 Oct 27 26 Feb 11
28
28
28
28
23
28
2414 2712 253 27
4
9.700 Preferred
255 26
8
No par 2114 Oct 27 4514
10612 107 *106 10712 *106 10712 10712 1083 103 108
4
2,100 Chicago Pneumatic Tool _100 9412 Apr 8 120 Feb 15
1073 110
4
Jan 2
8014 Mar 128 bee
8 47
47
4614 463
*4658 4712 *463 473
4
4 4712 471
473 473
600 Childs Co
4
4
No par 4518May 19 663 Jen 4
8
3218 324 3214 32
4978 Mar 747 Oct
32
8
3214 3218 3238 3218 3214 32
32
6,000 Chile Copper
25 30 Mar 3 363 Jan 6
8
3012 Mar 375 Jan
*24
25
25
25
*24
8
26
*24
26
*22
251 *22
2514
200 Chino Copper
5 16 Mar 3 2512 Oct 2
33
19 Apr 2838 Feb
*30
35
.30
32
32
32
32
32
32
33
*30
300 Christie-Brown certifs_No par 2912 Oct 15 633 Jan 4
4
628 Dec 6412 Dee
4
4
4
333 3412 333 3414 335 3414 334 343
8
8 3378 343
8 337 343 31,900 Chrysler Corp new_ __ _No par 2812 Mar 30 5478 Jan 9
8
8
100 100 *100 104 *100 10012 10012 10012 10018 1001 10018 10018, 1,000
Preferred
No par 93 Mar 30 108 Jan 2 10018 July 111 i
.6312 64
64
64
-7 Noy
6214 6312 62
6212 62
*62
62
62
1,200 Ciuett. Peabody & Co---_100 8014 Mar 31 6812 Jan 7
5812 Mar 7184 Jan
*11312 115 *11312 115
11312 11312 *11312 115 •____ 115 *113 114
100 Preferred
100 10314 Jan 13 118 Sept 17 10312 Jan 109 Sept
14714 14912 14718 1497 14812 14917 14914 153
8
15512 15712 34,700 Coca Cola Co
156 160
No par 128 Mar 24 165 Sept 13
80 Jan 1773 Nov
567 564 *5518 56
8
4
5514 5514 553 5512 56
8
562
565 *56
8 1,100 Collins & Alkman
8
4May 27 5984 Sept 18
No par 343
*112 114 *ill 11114 *111 114 *113 114 *11218 1141 *11118 114
Preferred
100 9834May 27 119 Sept 20
3312 393
39
39
8 3814 387
8 39
4112 41
397 4012 14,200 Colorado Fuel & Iron
42
8
100 273
8Mar 3 494 Oct 2
3214 Apr 4814 Jan
6312 6512 645 65
6318 64
8
65
6514 6412 65
*6412 6514 3,100 Columbian Carbon v t c No pa
555 Jan 26 697 Feb 23
8
8
45 Mar 62 4 Dee
833
3
4 84 84
83
84
863
8 853 867
8
8 867 88'2 x86
8614 15,800 Col Gas & Elec
8
No par 6312Mar 29 90 Jan 9
45 4 Jan 86
3
*11414 11412 11414 11412 11412 11412 11412 1145 11412 11412 *113 1133
Oct
4 1,500 Preferred
8
100 11134Sept 13 1157 Aug 3 10414 Jan 11412 Dee
8
*22
2212 22
224 *217 2212 22
8
22
213 22
8
2038 2118 1,900 Commercial Creclit____No par 20 Oct 11 4712 Jan 14
3812 Sept 5518 Dec
•____ 233 *20
4
24 •____ 24 •____ 24 •____ 24 •____ 24
Preferred
26 2212 Aug 30 2614 Jan 13
2514 Sept 2712 Oct
*2312 2512 *2312 24
*2311 24
*24
2612 *24
2612 *24
Preferred B
2612
25 2312 Aug 5 278 Jan 11
4
.8912 62
*8612 61
2614 Sept 273 Dec
303 go *8912 92
4
4
8912 8912
*8912 92
200 1st preferred (630
100 8912 Oct29 9912 Feb 26
•56
58
58
*5.3
*56
53
*56
58
57
*56
100 Comm Invest Trust__ _No par 55 Apr 12 72 Jan II
56 • 56
50 Jan 8412 Nov
*97 100
*97 100
*97 100
*97 100
*97 100
*97 100
7% preferred
100 97 June 7 104 Jan 28 100 Nov 10712 Nov
9114 91
*91
91
903 903 *9012 91
4
91
91
*9012 91
200 Preferred (6).)
100 89 May 7 100 Jan 13 ____ ___ ____ ___
1773 1793 177 179
4
4
1753 1791 17712 181
8
18312 1873 12,700 Commercial Solvents B No pa 11814 Jan 4 2041s Oct 1
182 185
4
76 May 189 203 2114 2114 2112 2078 2114 207 215
Jan
4
8
19,100 Congoleum-Nairn Ine_No par 1212May 13 2938Sept 1
8 213 223
4 2112 22
8
154 Nov 4311 Jan
*4612 48
464 464 465 477
8
a 48
4914 49
2,600 Congress Cigar
49
494 *48
No par 4012May 17 53 Sept 29
*12
84
*12
3
4
*12
3
4
*12
Conley Tin Foil stpd_ No par
*12
4
2 Oct 8
3
4
*12
3
4
1 Mar 12
12 May17 Feb
6918 69 2 695 704 70
,
8
7112 7114 72
7112 7212 70
6.700 Consolidated Clgar
71
No par 4514 Apr 15 81 Aug 30
2612 Jan 63% Dee
*91 100
'91 101
*94 100
*94 100
Preferred
*94 100
*94 100
100 91 Mar 31 1073
8July 28
793 Jan 96 Dec
4
2
2
13
8 2
2
2
2
2
2
2
2,500 Consolidated Distrib're No par
2
2
112 Aug 13
612 Jan 7
318 Jan
93 Feb
105 8 1063* 1052 1053 1053 107
8
3
8
4
4
10612 10778 106 10734 10618 10714 27,400 Consolidated Gas(NY) No Par 87 Mar 30
1154 Aug 6
7418 Mar 97 De<
3
3,
8
3 8 34
,
3
33
8
3
314
318 314
114May 10
3
3'8 11,800 Consolidated Textile__ _No par
37 Oct 18
8
2 4 June
3
514 J4111
72
724 72 4 725
,
8 7238 7212 73
7412 7312 7412 7312 7312 3,800 Continental Can, Inc_No par 70 Mar 30 9212 Jan 2
6012 Mar 9312 Del
1271E 12712 12712 12712 *127 128
127 12714 127 128
12714 12714
1,000 Continental Insurance
25 122 Mar 31 14434 Jan 9 103
Jan 140 Dec
1012 103
4 103 103
4
4 105 103
8
4 105 107
8
8 1012 103
8 8,000 Cont'l Motors tern ctfs_No par
4 1012 107
9 8May 17 13 Jan 5
7
814 Jan
463 465
8
1512 Oct
8 4614 465
8 457 4614 463 463
8
8
4 4612 4714 463 4718 15,900 Corn Products Refin w 1_ 25 35 8Mar 30 483 Oct 2
4
.
5
4
3238 May 4238 Dec
•124 128 *1233 126 *12384 126 *1233 124
4
4
125 125
475 Preferred
125 125
100 12212 Jan 6 12918 Apr 28 11818 Jan 127 Jul)
5412 '5314 5412 5412 5412 •5412 5512 5512
*53
'
1
1,400 Coty, Inc
564 5612 57
No par 4412 Mar 29 603 Jan 4
4
48 Aug 604 Dee
703 703
4
4 69
71
69 69
6914 71
71
701z 3,300 Crucible Steel of Amer1ca__100 64 Apr 15 8112 Jan 4
7114 70
6412 Mar 845 Not
•100
8
1003 10038 *993 10038 1003 10012 *993 10012 10012 10012
8
4
8
400 Preferred
4
100 96 Mar 30 102 Aug 5
92 May 102 Dec
32
*3112 29
32
30
3012 303 32
4
31
3114 3112 5,600 Cuba Co
32
No par 2814 Oct 30 533
8June 20
4414 Dec 543 Oct
2
98 9 8
,
,
9
'8 918
9,
8 9,
s
1,800 Cuba Cane Sugar
912 912
No par
1358May 22 1112 Jan 29
93
8 912
9
918
7 4 Oct 1458 Feb
3
4118 414 4118 4214 4118 4134 414 4134 39
•40 4 42
,
3,700 Preferred
41
100 3512.1une 8 4938 Feb 4
3718 Oct 6258 Feb
24
24
*2334 24
2312 24
*2312 24
8
10 2014 Aug 10 3038 Jan 28
2414 2412 235 2412 1,300 Cuban-American Sugar
20
Oct 3312 Mai
•100 103 *100 103 *100 103 *100 103 *100 103 *100 103
Preferred
100 973 Jan 5 104 Feb 5
4
937 Nov 101 Mai
8
•1612 17
*1612 17
*1612 17
1612 1612
*1612 17
100 Cuban Dom'can Sus new No par 1512Sept 24 2014June 7
*1612 17
101 101 *10114 102 *10114 102
1014 103
2,000 Cudahy Packing
102 1021 10114 102
100 76 Apr 21 11018Sept 17
9312 Dec 107
Gel
92
9312 *93
95
*93
95
93
600 Cusbman's Sons
*93
93
94
*93
94
No par 7712Mar 1 10512Sept 2
62 Mar 104
Oct
*4312 4412 *4312 4412 *433 4412 *4334 443 *435 45
4
4
443 443
300 Cuyamel Fruit
4
4
No par 4218 Apr 15 51 Jan 14
8
44 Nov 59 Mai
*2514 253
4 2514 2512 2512 26
2,200 Davison Chemical v t c_No par 23, Oct 2(
26
2712 29
27
4
273 28
8
464 Feb 17
277 Apr 494
8
13814 13814 13838 13812 138 138
1,200 Detroit Edison
138 13814 1373 13818 *138 1381
4
100 12312 Mar 30 14118 Feb 1 110 Jan 15912 Jill
Selr
314 3112 31
3112 31
32
2,500 Devoe & Reynolds A_ _No par 31 Oct 7 1044 Feb 10
3118 32
31
31
31
31
53 Oct 9014 Da
223 24
4
2314 233
4 227 2312 23
8
2318 23a 23,900 Dodge Bros Class A___No par 2114May 17 4714 Jan 2
2314 24
231
213 June 483 Nol
4
4
823 83
4
8212 83
8 4,100 preferred certifs
824 827
4 8212 825
8 8212 83
8212 823
No par 7912May 17 90 July 20
73'2 May 914 Oe
914 91
94 9 4
3
97 1018 1018 101
8
1012 10'2 2,500 Dome Mines, Ltd
104 107
No par
8 Oct 18 20 Mar 13
123 Apr 1818 Nol
4
4213 441
43 43
43
4318 4338 4378 43
4318 43's 6,000 Douglas Pectin
431
No par 19 Mar 20 4412 Oct 23
14
*11514 11614 11514 11514 1153 1155 •11512 11614 11512 115'2 116 116
8
8
800 Duquesne Light 1st pref___100 11112 Mar 3 1163 Aug 10 105 Feb 2312 Ant
4
Jan 1134 Do
1163 1163 11612 1207 11912 120
4
4
8
a 6,200 Eastman Kodak Co__ _No par 1065
11918 119 119's 11812 1187
11918
8Mar 30 123 Aug 23 1048 July 118
4
Jai
2318 2314 2314 233
8 2312 233
s 2,000 Eaton Axle &
8
4 233 237
8 237 237
8
8 237 237
4
_ _No par 23 Oct 23 323
4
1012 Feb 3012 De
31212 316
3113 3163 3123 318
4
4
24,900 E I du Pont de NemCo_100 1934 Mar 29 360 Feb 14
319 325
4
32012 327
316 320
SpringOct 2 13414 Jan 27114 No
*10612 107
,
10612 10612 *10612 107
14 *10614 107
106'2
10612
500 6% non-vol deb
10618 106
100 10034 Apr 20 10818 Oct 7
94 Jan 10412 No'
12
12
1134 113
4 113 12
4
4 1,500 Eisenlohr & Bros
8
121s 125 *1212 123
12
12
25 103 Oct II 2012 Feb 1
4
65
65
*664 663
4 6618 661s 663 6612 664 67
67
67
1.200 Electric Autolite
8
No par 613 Mar 31 82 Feb 1
4
10
1014 10
10
934 10,500 Electric Boat
934 10
938
1018
934 10
10
No par
4 Mar 23 107
8Sept
22_155 16
8
153 16
4
153 154 155 15 4 153 16
4
1512 16
6,500 Cleo Pow & Lt ctfs
4
8
3
No par 1514 Oct 7 3412 Feb 10
1732 Apr 40% Jul:
•10114 10318 *101 10318 *102 10318 *102 10318 10112 102
1013* 1013*
300 40% pr pd
9912 Mar 30 115 Feb 11 100 Mar 110 Jun
*101
_
*101
*101
___
•10112 __
Pref full paid
102,2 Oct 5 11012 Feb 26 10012 Ma 1103 Jun
94 4
'
1944 9434 - 3- *9458 95
95
4
9478
300 Preferred certits
*945 943 *10112- 4 *944 - 8
945 9438
8912 Ma r 24 9814 Sept 10
444 453* 4414 455
897 Aug 048 Do
8
4
8 4312 45
4314 4518 23,700 Electric Refrigeration_No par 4314 Oct 29 7812June
4412 46
44
45
23
84
84
*84
843
4 83 8 845
7
8 8378 8484 8412 8512 837 84
8
3,800 Elee Storage Battery__No par 714 Mar 3 9418
•114 212 *114 212 *114 21
Aug 19
603- Mar 80 be
4
*114 21
212 *114
*114
212
Emerson-Brantingham Co_100
I May 20
4 Feb 1
53 Jul:
*812 14
*11
118 May
14
*11
14
*11
14
*11
14
14
*11
Preferred
100
5 May 20 244
4
*653 6612 66
8 May 264 An
66
*66
6612 6612 661 *86
67
*66
67
300 Endicott-Johnson Corp_ - - 50 6512 Mar 31 728, Jan 29
Feb 8
*118 119'2'118 120 *118 119
63 4 Apr 747 Sep
3
4
118 118 *1173 119
8
1177 119
700 Preferred
4
100 114 Jan 7 120 Sept 15 111 May 1183
•117 121 *117 121 *11718 121 *11718
4 Or
121 *11718 121 *11718 121
Equitable Office Bldg pfd_100 997
83une 17 13214July 28
.51
*51
52
52
*51
52
51
52
4 5112 5112
513
900 Eureka Vacuum Clean_No par 43 May 19 56
51
*15
July 15
•1514 17
4812 Nov 5712 De
153 *15
8
1512 *15
153 *15
151 •15
8
154
Exchange Buffet Corp_No par 1434July 20 17 Apr 22
*212 412 *212 412 *212 412 *212 4's
1312 July 19 Is
/
1
4
213 44 *212 4 2
Fairbanks Co
,
25
2 Apr 16
3 4Sept 11
3
424 4214 4218 4278 4214 4234 4314 443
/
1
214 Mar
434 Au
*423 437
4
8 3,000 Fairbanks Morse
8
8 427 43
No par 4012 Oct 20 59 4 Feb 10
3
4
t093 10984 *108 111 *108 111 *108 111 *108 111 *108 111
3214 Jan 5458 Oa
100 Preferred
100 108 Oct 8 115 Feb
8
113 1135 11212 1143 1133 11414 11312 114's 1135 115
8
4
8
113, 11414 14.900 Famous Flayere-Lasky_No par 103% Jan 19 12712Jun 9 10612June 11018 No
8
*11812 1183 1183 11938 *11812 11914 11812 1181 *11914 123 *11914 12112
4
e 11
4
9014 Feb 114 4 Jul
3
300 Preferred (8%)
100 115 Mar 31 124 Mar 11 1037 Feb 120 Jul
*303 31
8
4
*30
4 314 *303 3158 *31
4
33
315
8 315 323
1,500 Federal Light & Tree
4 33
8
15 28 Mar 31 393 Feb 3
*8712 90
8
*8712 90
28
Oct 3714 De
*8712 90
*8712 90
*8712 90
*8712 90
Preferred
No par 86 June 18 9112Sept
*58
60
*60
80
824 Sept 89 De
*59
80 .59
80
80
*88
80
*75
Federal Mining & Eimeit'g_100 41 May 22 1114 Jan 28
4
703 "70
*693 7018 70
4
5
1514 Mar 9511 De
71
71
71
704 7018 7014 7014 1,100 Preferred
100 61 Mar 3 105
*184 190 *183 190 *183 190 *183 190 *185 190 *186 194
4912 Mar 947 Di
2
Fidel Phen Fire Ina of N Y. 25 160 Apr 15 20014 Jan 8
Jan 23 1471/ Jan 179 De
*1312 14
•14
15
*1312 14
*1312 14
*1312 1412 1412 15
200 Fifth Ave Bus tern ctfa_No par 14 Oct 14 215
•_ __ 101 *___ 101 *____ 101 *____ 101
8 Feb 9
12
Jan 173 Jul
4
*99 101
*99 101
First Nat'l Plc, let pref.._ _100 96 May 18 107 Feb 13
i914 2914 2914 2914 2914 2914 2914 2914 2914 30
3014 3014
900 First Nat'l Stereo
No par 2814 Oct 20 493 Feb 5
8
8 185 1714 165 1714
384 Dec 40 De
1612 167
8
1678 1712 1738 18
174 177 39,700 Fisk Rubber
8
No par 1414May 20 2614 Jan
7814 78
7814 *78
1012 Mar 28 4 Dc
7814
7812 7812 7812 79
3
*7814 80
800 1st preferred stamped__ _100 767 Apr 19 8414 Mar 13
79
8
*66 100
*96 100
16
*96 100
*96 100
100 let preferred cony
9814 9814 *9814 100
100 94 June 3 107 Mar 1
4612 46
4512 4614 46
464 463 4712 47
8
473
4 464 4712 17.400 Fleischman Co new____No par 3214 Mar 29 5612 Feb I
4
4 813 8134 8112 8134 81
823
80
8312 80
8212 8012 8012 4,100 Foundation Co
No par 763 Oct 10 1793 Jan 29
4
4
90 Jan 18334 No
8 7412 7614 74
747
73
763* 7312 7412 7114 733
8
4 7114 747 53,900 Fox Film Class A
No par 5518 Mar 31 85 Jan 2
4
684 Sept 85 De
8
8 2912 313
283* 294 288 3012 293 303
8 304 415
8 3014 314 78,900 Freeport Texas Co
No par 1958 Jan 13 3412June 3
8 Mar 247 0*
291g •2918 2912 2912 2912 294 2912 293 2912 294 293
8
29
8 1.100 Gabriel Snubber A
8
No par 28,8 Oct IS 42 Feb 11
2878 Aug 3972 No
*512 6
*512 8
55
8 55, *512 6
*512 6
*54 6
100 Gardner Motor
No oar
512June 9
3
9 4 Jan 4
41s Jan
44
*42
413 423 *43
4
4
1614 Ms
43
43
43
4212 421
43
1,100 Gen Amer Tank Car
43
100 39 Mar 29 663 Jan 2
8
4412 Aug 60 0*
*102 104 *102 104 *102 104 *102 104 *102 104 *102 104
Preferred
100 9912June 24 10512July 27
9334 Feb 104 No
71
728
03
8 7 4 72
7112 7412 73
7458 733 7614 733 753 39,700 General Asphalt
4
8
4
100 50 Mar 3 9414 Aug 28
424 Mar 70 De
/
1
112 112 *112 115
*10812 115 *10812 115
115 115
114 114
400 Preferred
8
100 947 Mar 3 14018 Aug 28
8612 Mar
51
5114 5114 5114 5112 5112 5112 5212 5218
3.000 General Cigar. Inc new_No Par 46 Mar 29 59 2 Feb 11 - - - - ---- 109 De
52
5214 52
,
- -.- _11614 *11512 11614 115 115 *114 11614 *114 11614 *114 11614
*114
100 Preferred (7)
100 109 Jan 11 11512 Feb18 105
Jan 11114 ids
*110 115 •110 115 *110 115 *110 115 *110 115 *110 115
Debenture preferred (7)_100 10914 Apr 12 11812 Feb 10 104 July 116 De
5312 534 5318 533* 533 *53
8
5312 5312 5312 5312 531
*53
800 Oen Outdoor Adv A__ ,.No par 51 Mar 30 564 Aug 4
4518 Aug 543 Ser
4
4 333 333
*33
4
3418 334 338
4 333 333
4
4 334 345
8 4,600 Trust certificates____No par 265 Mar 30 3512 Aug 3
8 3414 345
8
2618 Aug 343 De
8
General Electric
100 285 Apr 15 38612 Feb 19 22714 Feb 337 Au
/
1
4
LW- 13
iii, ii5; iii4 -ail:: iii. iiiii4 iiis 51 iii. lir;
No par 79 June 9 9512 Aug 14
•Bid and *eked prices: no Bales on this day. g En-dividend. a Kr-rhibta.
-- .6
25
New York Stock Record-Continued-Page 4
2236
For sales during the week of stocks usually Inactive, see fourth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Oct. 23.
Monday,
Oct. 25.
Tuesday,
Oct. 26.
Wednesday
Oct. 27.
Thursday,
Oct. 28.
Friday,
Oct. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 18926
-share tots
On Oasis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
Par $ Per share $ per share $ per share $ per share
per share $ per share $ Per share $ Per share $ per share Shares. Indus. & MIscell. (Coo.)
$ per share
8
.
115, Ma 22 107 Oct 1172 July
1138 118* 4,900 General Electric special--10 11
1114 1138
114 1114 1114 11% 1114 1132 114 11%
6138 Dee
4
1
/
800 General Gas & Eleo A No par 34 Mar 30 59 Jan 2 58 Dec 100 Dee
40
4112 *39
4924 4012 *40
40
39% 3912 40
3913 391
4Sent 10 99 Dec
No par 95 M,, 11 993
Preferred A (7)
100
99
99 •98
*98
*98
99
99
4
1
/ 98
98
4
1
/ 9812 *98
'98
par 10513 Apr 8 113 Sept 9 110 Dec 110 Del
No
200 Preferred A (8)
111 111 *1104 113 *111 113
110 113 *110 111 *1104 111
0
4
/
NO Par 921 Apr 27 96 Jan 4
200 Preferred B (7)
1
/
*944 96
*9412 96
4
1
/ 9412 95
94
4
/
*941 96
95
*9412 96
8
3
No par 11314 Mar 29 225 4 Aug 9 643 Jan laid Nov
4
1
/
144 1471 145 15014 1493* 15314 14814 15114 807.900 General Motors Corp
4
1
/
14334 147% 144 147
Jan 115 Dee
102
100 11312 Jan 29 1203
4Sept
700 7% preferred
8
8
2
11838 118% 118% 118% 1187 11878 1183 1183
*118 11812 11812 11812
100 9814 Apr 13 105 June 29 8812 Apr 9912 Nov
300 6% Preferred
1
/
10311 1034 *103 ____ *103 10712 1034 10312 10312 ---*1034
4
1
/
25 49 Mar 2 7018June 23 42 Jan ggte flea
General Petroleum
Nov 80% Oct
18
93
par 6012
81
4
811 81% 82
"io 80 "ill 81 81 8114 *104/ ____ *104 8212 *104 8114 4,700 Gen Ry Signal new ____No 100 103 Mar 31 10472 Aug 4 68 July 105% Nov
904
Apr 14
Jan
100 Preferred
*104 ____ 104 104 *104
Oct 5812 Jan
49 Jan 4 42
300 General Refractorles-No par 36 May 27
2
2
422
1
/
*45
4614 464 4614 * 8 47% *4232 475 •423 473
45 45
No par 454 Mar 30 78% Jan 19 47 Mar 83 Dec
4,300 Gimbel Bros
8 4713 4712 4612 47
8
472 483
46
4612 4612 47
45% 4612 *
100 10014 Oct n 111% Jan 7 10214 Mar 11412 Nov
100 Preferred
1
/
3
8
100 4 100 4 *101 102 *101 102 *10114 10312 *10134 103 *10112 103
4
3
No par 15 2June 3 253 Jan 4 1213 Mar 264 Dec
1914 3.200 Glidden Co
191 11119
194 1912 19
19
1918 194 19
Oct
19
19
37 Mar 51
2
4
4814 463 473 10.600 Gold Dust Corp v t o No par 4112Mar 31 567 Feb 3 36% Jan
4
4614 46
8 46
463
7434 Nov
44% 4413 444 4412 45
4
par 45 Oct 20 703 Feb 9
5034
._ No
4912 12,400 Goodrich Co (B F)
5014 49
50% 50
4812
494 50 2 4914 50% 50
,
Jan 102 Nov
100 95 June 25 100 Feb 16 92
100 Preferred
8
*963 9712 *9612 9712
Oet
4
1
96
0 / 9714 *9312 9714 *9615 9714 9612 9612
4
1
/
1,300 Goodyear T & Rub pf v to.100 98 Mar 30 109% Aug 1 8618 Jan 114%
4
10112 1013 101% 1017
107 10712 210312 10312 10314 10314 10112 102
3
100 105 8 Jan 22 109 Sept 14 103 Apr 109 Dee
100 Prior preferred
10713 10712 *107 108 *107 108
3
42 Des
0106 108 *105 4 108 *10532 108
39 Dec
2
62% 10.400 Gotham Silk Hosiery...No par 334 Mar 30 627 Oct 29
8 61
613
61% 61
62
60
3
4
1
/ 57
*56
4
573 59 4 60
No par 4712July 12 10 Oct 29
10,700 New
60
4
56
56% 574 583
8 5818 5912 583 5912 59
7
4
9913 Dec 10253 I- /1
4
1
/ 56
55
100 98 Ayr 6 125 Aug 17
600 Preferred
118 118
1164 11632 *114 119 *118 119
117 *113 117
*112
8
187 Dee 23 setts
No par 1012 Oct23 2112 Jan 23
2,200 Gould Coupler A
1012 11
1212 1112 12
12
12
4
1
/ 1212 1214 1214 12
12
13 Mar 21% Dec
45ept 18
8,200 Granby Cons M Sm & Pr_ 100 1618[Oar 31 323
,
31 2
14
4 30% 3112 31% 314 3114 31% 3112 3172 314 9912 1,600 Great Western Sugar tern ctf25 89 Apr 14 10614 Feb 2
31' 313
Jan 443i2 JUIN
91
9918
*9912 101
994 101% *9911 100
9913 9928 100
99
Apr 11512 Dan
100 1084 Mar 30 11814 July 22 107
Preferred
11612
311312 11612 *11312 11612 114 11612 *114 11612 *114 11612 *114
1914 Jan
4
113 Mar
934 Apr 3 2212 July 24
Cananea Copper_ 100
700 Greene
20
3
3
4
1
/ 191/ 19 4 19 4 20
19
37 Sept
19% 19 4 *1912 20
3
*1912 20
1
/
64 Jan
518 Jan 5 10% Feb 1
714
Par
700 Guantanamo
,
713 4712 753
7% 7 2 •7
3
6718 Mar 95 Nov
8
100 513 Oct21 9332 Jan 4
714 *668 714
*7
4 14,600 Gulf States Steel
5314 563
1
/
5518 544 56
54
5312 54
5138 54
59
56
424 July 89 Feb
class A___ _100 45 June 18 57 Feb 26
500 Hanna 1st pref
57
55
55
5312 5312 *54
55
*53
*5312 55
55
*53
100 Hartinan Corp daqs A_No par 26 Oct 20 2614 Oct 7
264
*26
26
2614 26
2614 *26
26
2614 •26
*26
,
26 4 *
30 Mar 4912 No;
No par 24 Sept 24 48 Jan 14
800 Hayes Wheel
25
25
*2413 25
25
25
2414 2414 25
3
*2414 2 4 .24
66 May 77 4 Jan
43
25 68 Mar 29 80 July 12
200 Helme(0 W)
79
7818 7818 *78
78
78
*7612 78
4
1
/ Jan
*7612 78
*7612 78
27 Dec 48
300 Hoe (10 & Co tern etfe_No par 1712May 27 3512 Aug 11
,
*2418 28 2
2812
2612 2613 28
Jan
•2418 2711 *2418 2712 *2412 2712 *6011 62
43 Jan 50
100 4712 Jan 4 63 Oct 9
Mining
100 Homestake
*6012 62
62
62
4
1
/
*6012 63
*604 63
3412 Jan 47 Nov
3
*60 4 63
700 Househ Prod.Ino.tem ctfNopor 40 Mar 3 48% Jan 8
*423 43%
4
43
4 42
423
42
Jan
41% 42
*4134 42
*41214 43
59 Apr 85
2,000 Houston 011 of Tex tern otts100 6014 Mar 31 71 Jan 5
*5314 55
52% 5312
52
1612 June 3118 NOY
*5112 5212 5114 511 *5112 5212 52
No par 27 Jan 8 45 Sept 15
2,700 Howe Sound
8 4134 42% 41% 4214 41% 42 118.700 Hudson Motor Car
3
8 4112 412
33 Jan 1394 Nov
4114 4128 41% 413
No par 4311 Oct 29 12314 Jan 4
4414 40% 42%
41
2
4 42% 443
443
44% 44
44
2
1414 Mar 31 Nov
43% 45
2012 6,500 Hupp Motor Car Corp- ___10 17 Mar 2 283 Jan 4
2014 2014 2012 20
8 201g 2014 20
203
4
1
/
13 Jan 415 June
19% 2014 20
17,600 Independent 011 & Gas_No par 1928 Mar 30 34 Jan 2
8
263 2718 2612 2718 261z 27
4
2
263 27 4 267 2712 263 27
4
,
15 Oct'19 244 Feb 4
13 Mar 24 Aull
No par
500 Indian Motooycle
15
15
*1512 16
16
•15
16
1612 16
1414 Dec
1612 16
1
/
54 Jan
7% Oct 20 13% Feb 13
10
*16
800 Indian Refining
*8
2 8%
83
2
83
812 812
814
*8
8
4
1
/ 84
7
8
712 Oct20 1212 Feb 13
6 Sept 1233 Dal
• 10
spa 818
84 4,900 Certificates
8
*712 842 *712 812 •711 81
77 Mar 110 Dee
8
8
100 90 May 14 106 Sept 17
Preferred
9712
9712 *05
9712 *95
9712 *95
95
9712 *
9712 *95
77 Nov 10712 Dec
*95
4 9612 9312 1,600 Ingersoll Rand new ____No par 8014 Mar 31 104 Jan 5
97% 973
9418 971
92
9214 92
91
4
91
383 May 50 Feb
91
No par 3412May 11 434 Jan 7
1,700 Inland Steel
3812 3812 3812 39
381
8812 3812 *38
2 3812 3812 38
387
4
100 1083 Mar 16 115 Feb 9 10412 Apr 112 Sept
_ _ _ 1103
400 Preferred
4
4 1103
4
110 4 1103
3
4
4
3
2214 Apr 32 4 Jan
11014 11014 1103 11034 *11014 1103 *11014 257
.20 20% Mar 30 26% Feb 10
Copper..
4 2,600 Inspiration Cons
2 25% 253
2
8 253 257
8
257
3
8
257 25% 2512 2512 25 2 26
1312May 10 21% Feb Il
4
4 1512 16% 16% 153 15,000 Intercont'l Rubber___No par
1614 1512 163
7I
Jan 241* Nov
15
15% 1518 1518 15
2614 Jan 22
No par 10 8 Oct 2
2.200 Internat Agricul
4 1014 1014 10% 1014
103
8
1012 103 *10
11
3
*10 4 10% 11
40 Apr 85 Nov
100 61 Oct29 95 Jan 27
6912 1,800 Prior preferred
7118 7118 7014 7112 64
73
73
75
75
1
/ Nov
*7412 75
5112 12,100 Int Business Machines.No par d3812 Mar 30 52%Sept. 15 110 Mar 1764
3
8 51% 514 52 2 51
4
/
Jan 8112 Bent
52
8
4 501 5118 5012 5112 507 49% 49
49 4 51,
8
Cement__No par 4438 Oct 20 717 Jan 21
494 49% 5.500 International
50
49
49
48
*
8
4912 477 50
Nov 107 Aug
4812
100 101% Oct IS 106 Jan 26 10218
500 Preferred
101% 10214
102 102
101% 101% 102 102
6912 Dee
10112 102
4 Jan
312
5
*10112 102
404 4112 4
04 40% 29,800 Inter Comb Eng Corp_.No par 3312 Mar 30 612 Jan
41
3814 3914 39
4
984 Mar 13814 Feld
38% 39% 372 39
12714 12738 6,000 International Harvester...100 11214 Mar 29 13812 Oct 4
125% 12614 126 12712 12712 129
4
1
/
1264 12714 125 127
4
100 118 Jan 5 1263 Aug 7 114 Mar 121 Nov
100 Preferred
4
4
4
1243 1243 1243 *124 125
1
/
74 June 14% Feb
.12212 125 •123 125 *123 124% *123
2
6 Sept 21 123 Feb 17
8 3,900 Int Mercantile Marine___ _100
84 83
84
8
7% 712
7% 7%
3
7% 7 4
27 Aug 5234 Feb
8 8
73
100 27 Mar 30 46% Feb 16
58,200 Preferred
37
4 35
8 3212 3414 324 343
4 333
8
563 Dec 60% Dee
4
33% 3 % 32% 33% 323 623
12,800 International Match pref. _35 5312 Mar 3 6628 Feb23
613 63% 61% 63
8
8 6212 63%
60%
4
503 60
4
/
241 Mar 4812 Nov
59
4614 Jan 5
59
4 35% 361g 14,100 International Nickel (Tbe).25 32% Mar 30 10414 Apr 21
3512 35% 3512 35% 363
4
/
4
04 Jan 102 Nov
35
3
35 3 343 351 35
100 10118 Jan 29
Preferred
*101 2
,
_ *10112
-*10112
*1013
Oct
.4814 Mar 76
4--3
*1013 -100 444 Apr 15 63 4 Aug 28
4
4 -5;i456 nternational Paper
55% 544 543 1
/
544 5412 5413 5412 5412 54% 55
,
54 2 154 *1012486 July 993 Oct
100 89 May 7 9812 Jan 2
3 964 9612 1,800 Preferred (7)
2 9653 9653 319612 963
963
9612 96
96
par 135 May 6 175 Jan II 108 Feb 19934 July
9512 96%
International Shoe____No
165 *155 165 •155 165
8712 Apr 144 Aug
100 III Mar 3 133 Jai, 25
.165 175 *155 165 *155 165 *155 11434 11518 118
11514 115% 8,100 Internat Telep & Teleg
4
2
11414 1143 114
18 July 21/3 Oct
11412 115
No par 1812July 24 29 Jun 7
114 115
200 102ertYPe Corp
1912 19
•1912 21
20
20
1612 July 263 Des
3
2
*19 4 20
*1912 20
100 25 Jan 4 43% Aug 17
*194 20
800 Jewel Tea. Ins
3814 3912 *3814 39
38
38
38
100 11512 Jan 29 125 Feb 9 10212 Jan 11512 Dec
3738 3738 •3712 38 .37
Preferred
*121 123 *121 123
4
113 Dec 217e Feb
123 *121 12512 31121 12512 41121 123
Inc,stpd 100 10 Oct 20 1912 Feb 5
122
•
200 Jones Bros Tea,
104
3538 Aug 65 Nov
1414 Oct 18 66 Feb 19
$ups 1012 •1012 1012 1012 1012 *104 1012 *1018 10% •1012 1612 2,200 Jordan Motor Car
No par
4 1612
1611 163
16
16
4
/
11June
% Jan 8
14 May
14 Mar 4
10
1518 1514 1512 16
14% 15
100 Kansas Gulf
8
3
8
3
*14
*14
8
3
99
2
Jan 109 s Sept
4
/
*1
8
3
*14
par 10714 Mar 29 113 Oct 27
14
14
8
3
*14
300 Kan City P&L 1st p1 A_No
112 113 *112 114 *112 11318
188 Mar 4218 Des
47% Jan 14
*11214 115 *11112 115 *112 115
700 Kayser (J) Co•t c__ -No Par 3314512y 20 211 Feb 6
4014 403
41
4
4
1
/ 4113 41
4
/
411 *40
1214 Mar 2133 July
4
/
4012 •40
9 Oct 9
._..25
Tire..
4012 4018 *40
8
114 107 1114 1012 1038 4.400 Kelly-Springfield
10
41 Mar 74 July
*
8 105 11
100 4312 Oct20 74% Feb 5
1012 1012 103
10
500 8% preferred
50
*45
45
4713 45
43 Mar 72 July
4
/
4712 4712 46
47
*45
100 50 Oct20 731 Feb 5
45
45
1,600 6% preferred
55
55
*50
*50
64
53
124 Dec
55
5412 *52
100 83'1 Oct k.8 126 Feb 4
5412 *.50
*50
500 Kelsey Wheel, Inc
8412
834 8312 •83
88
4
1
/
•83
86
4612 Mar 59 Nov
86
87
*86
No par 49% Mor 30 6214 Oct 14
86
86
60% 61% 65,200 Kennecott Copper
4
1
/
3 July
8
603 60%
2
4
218 Jan 2
13 Sept
12May II
8 6011 61% 60% 6112 603 61
603
60
12 1,200 Keystone Tire et Rubb_No par
12
%
4
/
*1
8
3
Oct
75 Mar 100
3
3
12
par 4132Sept 13 8218 Jan 7
13
No
8
8
3
8
3
53
Kinney Co
4412
8
42% 427 •43
45
*42
*4212 45
*4212 45
10 42% Mar 30 82 Jan 29
•4212 47
17,100 Kresge (S El) Co new
2N
5114 49% 50
50
4914 51
4
4
4888 49
100 113 Feb 18 1143 Feb 26 ii61- Wu: ii8- Oct
4
8
3 4812 473 49
48
Preferred
11312 *110 11312 *110 11312
2812 Dec
3
2
45 4 Jan
1518 Mar 25 333 Jan 14
*110 113 4110 11312 *110 11312 *110
300 Kresge Dept Stores____No par 7014 Mar 26 9314 Feb 1
2212
2212 •20
2212 •20
2112 *20
88
Ian 97% June
100
2012 2212 *19
3
19 4 193
Preferred
75
*73
4
1
/ 75
*73
*734 75
*7314 75
*7212 75
(St Louls)._100 146 Mar 29 17512July 10 11014 Jan 178 Mat
*7212 75
400 Laclede Gas L
162 162 •162 164
160 162
161 162
•161 163 *161 163
1912May 14 244.1une 14
Oil dr Transport-No nor
4
20
20
03
2 4 203 214 26,500 Lago
4
2
197 204 20
No par 3912May 7 713 0(428
7
19% 19% 19 2 20
20,100 Lambert Co
718
691s 71
Feb - Oct
a7112 69% 70% 70
6% Aug 18 14 Jan 4
No par
8 70
6712 7138 6914 717
& Tire
2
*712 77
700 Lee Rubber
*74 8
*74 8
8
3714 Dec 4412 Oct
2
8
No par 30 4 Mar 30 414 Jan 2
•712 8
712 8
3
3 35
3518 3312 35% 2.600 Lehn az Fink
354
5
355 35 3 35
1714May 4 22 June 25
35
No par
3534 35
*35
Life Savers
1,500
1934 21
21
21
21
21
21
57 Mar 92 Dee
21
21
new.._25 7212 Mar 31 95', Oct 1r
21
21
21
9518 9518 1,000 Liggett & Myers Tob
95
9414 944 95
164 Jan 124 Dee
3
94
1
/
100 11934 Jan 18 129 4May 5
9212 9212 9312 9312 *93 124 31123 125 *123 125 •123 125
100 Preferred
4
/
551 Mar 89% Dee
25 71 Mar 24 9.,Oct 28
new
124 *12214 12412 124
•122
8 93% 9612 94% 94% 13,000 "B"
60 June 743a Jan
4
3 92% 93 937
No par 5312 Mar 31 69% Jan 4
9212 924 9272 9312 92
700 Lima Loo Wks
59
59
60
*58
59
59
22 Feb 4434 Nov
57
57
57
No par 3414 Mar 2 48 Sept 28
57
59
4
/
32.100 I., ew1 Incorporated
59
45
445* 4514 4412 44%
1
/
Jan
94 Apz
6
6 Oct 8 1114 Feb 10
4 4414 4553 44
,,.,./Vo par
4414 4414 443
44
700 Loft Incorporated_ ;;
618 618
4
/
4
1
/
4
/
61 61
618 6
14 Mar 43 Sept
4212July 23 5012 Feb 3
618 618
61g 612
618
*6
1,300 Long Bell Lumber:4-Na Par 88 Mar 30 161., Oct 1
46
4434 4514 4528 4512 46
77 Feb 143% Dec
100
4412 4412 *4412 45
Loose-Wiles Biscuit
4412
1,800
*44
141 14214 143 143
135 140
135 135
100 12014 Nlar 30 167 Sept 8 104 Feb 148 Dee
134 140
100 20 preferred
*140 143
154 *136 154
04
3 , Jan 39% Sepll
25 2734 Oct 25 4214 Feb 3
140 140 *13514 164 *135 164 2 *136
*140 164
4
28% 28% 282 28% 9,400 Lorillard
2 287
8
100 11118 Apr 5 120 Aug 31 10818 Feb 116 Aug
27% 2912 277 2812 283 11422 1132 1132 •1133 114
4
4
400 Preferred
4
2912 29%
8
133 Aug 23% Feb
8June 21
12 Mar 3 197
8
8
8
1125 112 8 1123 11253 •1125* 143
1412 14% 3,100 Louisiana Oil temp eds.No par 223 Mar 31 264 Feb 10
113 113
143 143
8
4
4
1434 *1412
2
' Dr, 263 July
4
-NO Par
A.
1414 1418 1414 1418 24
14
3
4
233 23% 23 4 23% 1,300 Louisville(1 & El
4
*233 24
31% Feb 60 Dec
8
2
233
No par 22, Oct 21 5514 Feb 4
2312 244
*2312 24
,
254 2518 2712 *2614 27 2 6,100 Ludiurn Steel
2438 25
100 122 Oct 76 138 Feb 9 114 Mar 141 Sept
,
3
223 27 3 23
28
124% 2,700 Mackay Companies
123
2712
66 Mar 783 Feb
4
4
100 68 Mar 19 7312 Feb 9
122 1263 12212 125 *12312 124 •
800 Preferred
70
12914 12914 128 129
4
8 704 7014 704 7018 70
No par 933 Oct 21 159 Jan 4 117 Jan 242 Nov
7053 703
Mack Trucks, Inc
2
3
7114 7114 *7013 714 903 93
,
3
9114 93 4 9311 95 2 93 4 957 125,600
4
Jan 113 Aug
100 1003 Jan 4 113 June 10 104
4
9114 94
300 lit preferred
944
111 111
92
110 110 *108 112
11014 1104 110 112
Jan 106% Aug
4
99
100 102 Oct 5 1083 Sept 3
311012 112
200 2d preferred
102 10214
102
6912 Jan 112 Oct
100 103 *101 102 *100 120 2
800 Macy (11. H)& Co. lno-No par 8612 Mar 29 12834Sept7
.118 119
104 *100 103
4
/
1211 *119
*101
4
100 11434 Oct20 1183 Jan 14 114% Jan 118 Aug
11912 120 *119
100 Preferred
118 118
3
*114 4 11611
118 118
4
4
34 Mar 46 Nov
.No par 34 Aar 19 44% Feb 10
1143 1164 •1143 11612 *1143 11612 35
1,800 MM a Copper
4
4
1
/ 36
4
36
3
114 4 1143 *1143 1161
3612 36
•36
1412 Oct 27 2812 Jan 5
2114 Dec gm Jan
36
36
500 Mallinson (H R)5: Co_No par
1412 •14
2 357 36
15
3614 363
79 July 8214 Juno
100 55 June 4 82 Feb
•1412 1512 1412 145* 1412 60
Manatl Stant' pref
15
100
145
59
*
59
16
*57
*15
60
•57
32 Mar 59 Mar
60
*57
60
5218 3,300 Maui' Else Supply.-.No par 44 Oct 16 87%July 19
*57
51
52
60
52
*57
54
*52
2014 Mar 34% Nov
25 21% Oct20 32% Jan 4
53
52
4 55
235e 23% 1,600 Manhattan Shirt
,
53
53
4
/
47
234 2312 2322 2312
2812 Mar 491 Apr
3
Manila Electric Corp...No par 2712 Mar 20 45 2Sept 14
44
*38
44
2318 2312 2312 2314 234 *38
23
*38
4
1
/
44
2
1611 Oct 6
203 Sept 35 Jan
44
*38
44
*38
1712 174 3,100 Maracaibo Oil Expl____No par 4914 Mar 30 28 Feb 2
44
•38
1753 1753
4
/
178 1814
8
633 une 17
323 Mar 601 Del
2J
No par
1688 177
17
23,500 Mariam' Oil
17
4
17
533 54
17
834 5312 5312 54
1038 Mar 32% 0Ot
No par 2412 Oct 21 33 Mar 11
2 5212 5314
900 Marlin-Rockwell
523
52
5253 52
27% 2712 2712 2714 274
27
17 May 20 23 June 25
19 Dec 3718 J10
27
3126
300 Martin-Parry Corp-- _ _ No par
26
21
*20
2512 254 26
21
20
11
Jan 10714 D•
*2012 21
51
21
Alkali Wkstem ct1.51) 624May 12 1064 Jan 2
*20
21
21
21
844 9,100 Mathieson
*20
139 Dee
4
1
/
2 83
81 14 83,
81
8114 8012 8028 80 14453 14012 143, 14214 1443 58,400 May Department Store,...50 1067251 ay 17 141 1 Oct 21 101/ Mar 124 June
80
4
80
*79
2
4
100 122% Feb 2 125 June II 1161 Mar
,
8
3
200 Preferred
139 1427 14212 145 4 14114 12412 *1244 - --- •1243 __ __
4
1383 1394
4
4
1
/ Oct
21% Nov 26
19 Mar 3 2412Sept 8
No par
____ *124 --- 12412
3
111241-- *124
2312 23% 234 23 4 8,800 Maytag Co
3
2314 24
79 Mar 130 4 Oct
6
100 McCrory Stores Class B No par 72 Mar 30 121 Jan II
3
24
.72 731- 2234 23% 72 2
W2212, -2 3 *72 73 ..23I2 73% 7212 7222 .7258 7572 *73 7414
5
Jan 22 4 Oet
16
Porcupine Mines_ _5 2214 Oct 11 30 Feb 15
800 McIntyre
4
/
Jan 241 Nov
4
233 *2414 - -- - 2412 2412
18
8 2414 Feb 9
235*
8
200 Metro-Cold orytt Pictures pf.27 2214 Jan
23 1 23 .2312 238 *233 ____
*235s 21
:
9 Dec 221 Jan
4
6 Feb 25 1344July 23
4 233 23% •2353 24
• *234 23% *233 23
233 233
8
8
1,000 Mexican Seaboard 011 No par
8
4 87
83
3
K May 23 4 Jai
814 812 *812 8%
5 11 Mar 3 17* Oct I
4
83
8
83
812 83
8,000 Miami Copper
f' 8% 8%
17% 1712 1712 17, 1
2534 Aug 38 Nov
N. 2
4
/
1714
1753 1714
17
171s 17
171
8,100 Mid-Continent Perm. _Na par 271.huv n 37
17
28% 2913 2915 2953 2914 295*
8 285* 29
3
28 8 282
1283* 28%
4
1
/
Ex-dividend. a Ex 1ghta
•But and asked priced: no Wed on this day a
4_
2237
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
rAGIC AWAKE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 23.
Monday,
Oct. 25.
Tuesday,
Oct. 26.
Wednesday, Thursday,
Oct. 27.
Oct. 28.
Friday,
Oct. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
r1Sli Bli AKE
Range Sines Jan. 1 1926.
On baste of 100
-share lots
Range for Previous
Year 1925.
Lowest
Highest
Lowest
Highest
5 per share $ per share $ per share Week. Indus. & Miscell.(Con.) Par $ per share $ per share $ per share $ per share
834 Apr 9414 Oct
100 90 Mar 30 10018 Aug 12
98 12 9812 9812 99
9914 9914
500 Mid-Corn Petrol pref
24 Jan 8
7
8
7
8
314 June
5 Apr
8
7
8
1
7 Oct 25
4
78 14 18,100 Middle States Oil Corp____10
12
12
3
8
14 Feb
111 Feb
12
12
14 Jan 8
10
12 3,600
la Oct 8
Certificates
96 Jan 147 Aug
500 Midland Steel Prod pret___100 107 Mar 30 13312 Feb 23
8
1103 1103 1103 1103 1103 11038
8
8
8
8
4
1,000 Miller Rubber Mfg_ _ __No par 30 May 17 443 Feb 25
35
35
35
354 *3412 35
64 Apr 9914 Aug
8
100 693 Mar 26 8312 Jan 14
8,900 Montana Power
80
813
4 7914 8014 783 79
4
41 Mar 844 Nov
6912 705
8 6712 694 6718 69's 203,600 Montg Ward dr Co Ill corp_ _10 56 May 19 82 Jan 2
223 Mar 42 Dea
4
8
12iii Oct 15 373 Feb 10
No par
1312 1414
14
1438 1414 1414 4,700 Moon Motors
514 514
514 514
514 514 7,100 Mother Lode Coalition_No par
94 Jan
6 May
712 Feb 8
514July 12
195 Dec 2012 Dec
8
8
No par 137 Oct 8 2312Juoe 3
*1318 1478
500 Motion Picture
1478 1478 *14
15
40 Nov 447 Oct
8
4May 19 5338 Feb 10
No par 333
2,200 Motor Meter A
353 3534 3614 3612 36
4
36
18 Apr 35 June
No par 201aSept 21 3378 Feb 15
2112 2114 22
8 1,500 Motor Wheel
217 217
8
22
13 Aug 2112 Feb
4
3
No par 10 4 Oct 23 193 Feb 1
200 Mullins Body Corp
*1014 11
*1014 11
*1014 11
3014 Apr 39 Deo
45u1y 6
No par 3434 Apr 6 383
300 Munsingwear Co
*35
377 *35
8
435
37
38
54 Dec 4211 Mar
3 May 8 157 Feb 20
No par
4
300 Murray Body
*738 812 *734 812 *73
4 8
No par 52 Mar 24 66 Feb 23 1934 Jan 488 Oct
5578 5614 564 5812 5518 5614 8,700 Nash Motors Co
44 Mar 125 Dec
7*3
718 Oct 28 127 Jan 9
8
8
*7
712' 71
71
714 1,600 National Acme stamped_ _ _100
65 Apr 79 Dec
25 74 Jan 8 9812June 25
937 95
8
9358 9514, z9214 9214 8,900 National Biscuit
Preferred
100 126 Jan 27 13112 Apr 28 1234 Mar 12814114a7
1 31294 131
13014 13014 *129 131 '
100
385 387
8
8 3714 384 38
383 39
8
39
8 8,300 Nat Cash Register A w I No par 374 Oct23 54 Jan 5
3858 39
383 387
8
2018 2018 203 203
24
20
- 4
4
4912 Dec 8 7 Oct
100 1814 Oct 20 57 J831 2
8
1,600 National Cloak & Sult
8 20
2018 20
20
20
20
*67
69
Jan
100 67 Oct 20 924 Jan 8
4437
70
Preferred
684 *65
4
67
873 Dec 104
4
69
*6514 69
*6514 69
4 65
8
42 Jan 817 Nov
66
6512 663
63 4 67
3
6514 6712 67 673
4
4 863 6712 24,100 Nat Dairy Prod tern ctrallo par 53 Apr 14 80 Jan 2
24
24
3812 Jan 45 May
8
2418 2454 2434 *25
24
25
25
4 1,300 Nat Department Storm No par 24 Oct 25 423 Jan 7
4
257
8 253 253
Jan
96 Apr 102
4
100 803 Oct 15 97 Jan 19
*90
9012 *90 903 *90
1st preferred
4
100
9012 1390
9013 9014 9014 •91314 9012
*1814 2014 19
20
20
*2014 21
295 Dec 434 Oct
8
600 Nat Distill Prod ette___No par 1212May 18 34 Jan 4
19
8
8
1918 1918 193 193
*4112 43
*4112 43
*4112 43
Preferred temp ott_No par 374 Aug 2 7318 Jan 4
Oct
5212 Jan 81
4114 4114 415 415
300
8
8 4218 4218
2212 23
2318 24
*2212 23
8
25 Apr 415 Dec
25
27
277 30
4
2812 2912 4,300 Nat Enam & 8tamping...100 2118July 14 4012 Jan 2
1380
85
85
4
75 June 893 Jan
4
Preferred
100 76 July 13 893 Jan 4
*80
*80
85
*80
85
85
*82
*82
85
4
100 138 Apr 15 1743 Jan 5 13812 Apr 17434 Nov
0148 151 *149 151 *148 151 *14812 151 *14858 151
100 National Lead
1483 1483
4
4
4116 11612.116 11612 118 116 '
100 116 Jan 16 120 May 20 11412 Sept 119 Sept
Preferred
3116 117 *116 117 *116 117
100
1818 1912 19
194 19
8
4
1914 19
1912 11,000 National Pr & Lt ctfs_-No par 163 Mar 2 383 Jan 21
193
1912 19
4 19
2 73
7312 737 737
73
54 8 -Dec if Jan
3
2
743
8 7312 7412 7312 737
2 735 7378 4,100 National SUP519
8
50 5512 Jan 4 73 Oct 14
125 125 4
'121 130 *121 130 *121 130
4122 130
No par 119 May 15 238 Jan 4 201 Dec 250 Dee
200 National Tea Co
8
1247 1247
4
1.514 Oct 14
8
113 Apr 1163 .7511
4
1514 15
15
1518 15
4June 1
154 15
5 113
1518 26,400 Nevada Consol Copper
1518 15
1518 15
40
3112 Oct 5612 Jan
40
40
4 40
40
No par 3612 Jan 2 4612Sept 7
1,600 NY Air Brake
4012 4 3
40
0 4 4012 4012 40
324 3214 3218 3314 33
313 Mar 8112 Dm
4
4
3338 323 3312 3314 3334 3238 3258 2,800 NY Canners temp Mfa_No par 30 Oct 20 843 Jan 29
4
84
84
*83
8514 4
'83
8514 *83
Preferred
No par 82 Oct 19 85 Apr 29
200
83
854 *83
8514 83
34
34
48
4134
35
18
*324 3413 *3212 35
8
100 32 Oct 2 457 Feb 5 -- l'Har . 14 Nov
200 New York Dock
35
35
*3212 35
*70
72
1370
72
*70
5218 Jan 76 Dee
72
100 69 May 13 74 Feb 5
*70
200
71
72
Preferred
71
*7014 72
2814 2814 *2814 2812 2814 2812 2812 2812 *2814 2812 2812 2812
2754 Oct 29 Jan
4
900 Niagara Falls Power pf new_25 2758 Mar 31 283 Oct 7
475 4812 48
8
Oct
4112 Jan 75
473 48
8
48 8 48
3
10 42 Mar 30 67 Jan 14
4812 4814 4878 4818 484 24,300 North American Co
5012 '
4 '50
4858 Jan 5012 Sept
350 .
1350
503 4
51
300
5012 5012 5012 5012 5012 5012
Preferred
50 49 Jan 2 5214 Aug 31
9414 Dec 9612 Dec
9614 9614 9614 9612 96
8Sept 18
98
96
600 No Amer Edison pref __No par 9118 Mar 31 967
9618 *98
9614 9614 9614
438 4 8
5
454 45
8
1218 Sept 1814 Aug
412 514
41s Oct 20 1518 Jan 14
5 8 53
3
8
4 514 3,200 Norwalk Tire & Rubber-__ _I
412 514 *43
16
1514 1512 *14
8 Jan 1814 Nov
*1412 16
1712 Jan 7
*15
8Mar 1
1534 *15
100 Nunnally Co (Tbe)____No par 133
153
4
153 415
4
3212 3314 *3212 3314 *32
34
1333
3338 Dec 38 Nov
25 30 July 2 3638 Oct 10
3218 3214 3212 *31
1,200 011 Well Supply
32
1358 1434 1312 14
137 137
Feb 23
8
4 1312 1312 13
No par 12 Oct 16 2214
1318 1358 133
4 4,000 Omnibus Corp
39
39 z3812 3812 38
*3818 40
8
No par 3114 Feb 2 4512June 29 185 Jan 39 Dee
38
38
387
8 3814 3813 2,000 Onyx Hosiery
41034 10918 1097 1097 1137 1137 113 113 *110
4
8
784 Mar 97 Nov
8
8
8
Preferred
100 95 Apr 17 1137 Oct 26
500
11212 110 110
80
6012 6012 80
*6014 6112 61
814 «80
4118 Sept53 Dec
3
6134 *59
6012 1,000 Oppenheim Collins & CoNo par 47 Jan 12 63 8SePt 29
3
3
285 283
8
8 28 4 28 4 2834 2834 *2812 2834 2834 2834 *2812 283
7
25 4 Jan 32 4 July
3
1 2712Mar 25 3114June 29
500 Orpheum Circuit, Inc
0102 105 *102 105 13102 105 *102 105 *102 105 4
98 Jan 107 Sept
Preferred
100 101 Jan 13 105 Apr 21
'102 105
11514 11514 115 116
1163 119
4
8758 Feb 14012 Atm
119 119
4
1183 12014 *118 1191
4
50 108 May 20 1293 Feb 5
3,800 Otis Elevator
*10312 108 *10312 108 *10312 108 4
'104 108 4
4
Preferred
100 1023 Jan 13 10912 Aug 30 101 Feb 112 July
'104 108 *107 108
814 812 *814 812
*812 8 4
3
8 Mar 1814 Aufl
8 4 83
3
8 Oct 18 1418 Jan 19
814
No par
4 *814 83
800 Otis Steel
8
4
._ .
*--- 103 4 _ _ 103 *___ 103 *_ _ 103 *____ 103
9712 Mal
5014 Ma
8
100 85 May 17 1077 Feb 17
Preferred
_ _ _ 103
7934 8012 794 7914 79
7918 85
8
424 Mar 693 Nov
8134 '
3804 82
3
28 53 4 Mar 29 85 Sept 18
$1112 80'2 2,300 Owens Bottle
483 483 *49
4
4
52
*49
52
*49
4914 Nov57 Not
52 '
349
No par 44 May19 52 Apr 5
100 Outlet Co
4
'49
52
52
13100 104 *100 104 '
3100 104 *102 104 *102 104
4
98 Nov 1007 Da
Preferred
100 9712 Apr 1 105 Sept 2O
100
103 103
*12812 130
12812 12812 129 129 *12912 130
7
100 118 Mar 31 133 8Sept 21 10212 Jan 1374 Nov
500 Pacific Gas & Electrlo
12812 12812 *128 1291
138
13
138
8 13
8
183 13
13
8 13
8
514 Aug 7812 Del
No par n1 May 13 8318 Feb 13
8
138
138 3,800 Pacific Oil
13
8 138
323 334 327 3314 325 3314 33
4
8
8
15 Jan 484 Nov
333
4 334 3338 334 341s 13,000 Packard Motor Car
4
10 313 Mar 31 4514July 7
1112 113
4 115 1212 1212 1234 123 13
8
Oaf
17 8May 32
3
4
124 1278 12
1218 6,400 Paige Det Motor Car -No par 11 18 Oct22 2812 Jan 4
*61
63
807 62
4
6114 6112 62
7
594 Sept 83 8 Mai
62
62
645
8 3,900 Pan-Amer Petr & Tram_ _50 5618 Mar 31 764 Jan 2
63 • 63
61
6113 814 6184 6114 8134 6113 817
6018 Aug 8412 Mal
8
Class B
6484 43,500
8
50 567 Mar 31 783 Jan 4
8 6112 6314 63
4131
3112 3078 3112 3012 307
3
3714 Oct 49 4 Del
8 31
31
303 3112 314 3112 2,000 Pan-Am West Petrol B_No par 30 Oct 13 46 Jan 2
4
13
1314 13
1312 13
614 Del
214 Aug
13
13
1312 14
412 Jan 21 32 June 17
7,300 Panhandle Prod & Ret_No par
16
153 17
8
*138
75
4138
75
*88
37
Oct 6012 Del
Preferred
74 '
100 51 Jan 19 9938June 16
100
3
68
74
*72
75
69
69
183 184 21
4
25 Sept 3512 Jai
4
2114 203 2114 *1913 2112 *1912 2112 1912 1913 1,200 Park & Tilford tern ctts_No par 1838 Oct 23 2818 Jan 4
512 512
5
512 512
512 54
______ ..,-.
54 512 *512 574 *54 57
84 Feb 5
1
800 Park Utah CM
514Sept 30
47
4814 4614 487
70 Nov - 3 00
7,200 Pathe Exchange A____No par 41 Oct 11 83 Jan 7 8 4614 4614 46
44
90 s
44
47
4612 41
2018 2018 *2012 21
17 Dec 28 Ap
No par 167 Jan 28 23 June 16
2012 2012 *204 204 *2012 20
8
203 2138 2,500 Penick St Ford
4
14
1412 14
4
1814 18
123 Apr 2638 Jat
7,100 Penn Coal &
7 Aug 6 19 Oct 26
-- „,,50
171
19
1612 17
1414 1718 16
3 30,200 Penn-Seaboard St'l v1.4 /V5 par
214 Jan 4
5 Oct 26
8
Coke'
7
8
7
8
3 Jai
1 Aug
3
8
3
4
7
8
3
4
3
8
3
8
3
8
3
8
3
4
122 122
122 122 *121 122 *121 12212 1203 121
12012 12084 1,100 People's G L & C (C1110_100 117 Jan 4 130 Feb 11 112 Jan 123 00
4
*7112 74
*714 75
200 Philadelphia Co (Plttsb)---50 5914Mar 2 763 Apr 8
*72
74
5112 Mar 6714 De
*71
8
75
7212 73
*72
74
414734 50
*4734 50
4512 Jan 49 Jul)
6% preferred
34712 50
*4734 50
50 45 Oct 11 5114July 7
*473 50 '
4
*4712 50
43
44
43
44
4May 5218 Jou
42 4 4414 27,300 Phil& & Read C & 1.....No par 384 Apr 14 483 Feb 13
3
425 433
8
373
4 4214 43
4
4212 44
*4212 45
*42
45
*43
45
*4112 44
Certificates of int_ __No par 363
*42
44
38 July 5012 Sal
4June 14 4612 Jan 11
*42
44
*4812 55 '
34812 55
Phillips-Jones Corp___No par 49 Sept 30 55 4 hit/ 29
*4818 54
*4812 55 '
51 Nov 9018 Jai
3
*4812 54
3
4812 55
22
2212 227 2414 2334 247
8
8,300 Phillip Morris & Co, Ltd
10 16 Apr 3 2512 Oct 28
24
2512 2418
8 2312 24
123 Mar 2514 Pen
4
473 4834 4734 483
4
4 48
483 47,100 Phillips Petroleum____No par 40 Mar 30 523
4
4838 4754 484 48
484 48
3614 Mar 4718 Jun,
4Sept 1
1336
38 '
336
Phoenix Hosiery
*36
37
38
3712 *36
3718 *36
2 *36
5 31 Mar 30 447 Jan 9
8
18 Apr 424 Jul;
13100 102 *100 102 *100 102 *100 102
Preferred
200
100 94 Mar 25 103 Oct 24
101 103 *100 10334
Apr 99 135
84
2114 217
8 2114 2218 22
225
4
4 2212 2314 2212 2318 2212 2234 12,500 Pierce-Arrow Mot Car No par 19 May 15 434 Jan 9
8
107 Mar 473 00
106 106
107 1074 1073 10814 10812 110
2,100
4
Preferred
100 7612 Apr 15 12714 Aug 19
1103 11114 109 109
4
,
43 Mar 100 No
4
12
12 • 4
12
12
12
12
12
12
12
25
34 Fel
17 Jan 30
8
12 Oct 1
'2 2,300 Pierce 011 Corporation
114 Nov
*11
411
14
13
12
12
*11
Preferred
500
12
1118 1112 *11
13
100 1112 Oct 27 2718 Jan 30
2014 Dec 40 Fel
212 212
3,800 Pierce Petrol'm tern °MEIN° par
3
3
3
3
278 3
212 2
23
8 23
4
4
24 Aug 26
8 Fel
14
44 Dec
7 Jon 30
32
324 33
39
3812 38
3778 3812 3912 40's 15,400 Pittsburgh Coal of Pa__ _101) 29 June 9 424 Jan 5
3614 38
3714 May 5414 54.1
72
*71
73
74
74 'bIt 8,800
7312 7378 734 7312 7312 74
Preferred
80 May 99 Jal
100 70 June 21 85 Jan 5
*97
98
497
98
209 Pittsburgh Steel pret
*97 100
*97 100
397 100
97 97 '
94 Mar 1034 Jai
100 94 Mar 29 98 Feb 1
4412 4614 4634 50
4812 5013 48
48
50'4 2,800 Pitts Term Coal
*46
48
49
3
100 39 Oct 1 834 Jan 9
30 Apr 83 4 Jai
86
88
86
*SO
*82
1,300
4
86
88
385
88
8612 8812 '
87
Preferred
100 74 Oct 29 9214 Feb 5
79 July 8814 No'
9314 9412 934 95
4
944 967
4 954 9812 9754 994 963 98*2 28,700 Posein Cer Co Inc new _No par 7512 Mar 30 1247 Feb 3
6438 Nov 121 De
8
397
g
39
4 39
3934
41
*3914 4012 *39
*3912 40
4384 393
300 Pressed Steel Car new
100 34101ay 19 4314 Aug 31
80
*79
80
78
477
80
793 793
4
4
7918 794 *793 81
200
9412 Jai
Preferred
100 7812 Oct 21 95 4 Jan 7 idls July 3
18
1858 1818 183
175 18
8
203 26,600 Producers & Refiners Corp_50 II Mar 29 203 Oct 29
4 183 18*2 1854 2012 20
8
8
1212 Aug 323 Fel
4
*3712 39
39
4 2,200
*3712 39
4
4•37
3712 39 • 39. 4114 413 418
Preferred
8
50 303
27 Sept 475 Fel
4
4May 11 413 Oct 29
9214 9214 9212 925
921
92
8 9234 937
8 9312 95
9414 951 10,500 PubServCorp of NJ new No par 72 Mar 2 977 Sept 15
8
62 8 Mar 877 A1111
3
4
3
499 1004 99 4 9934 *994 101
*9914 10018 *9914 101
4119 101
100 9612 Apr 7 101 Oct 1
100 6% Preferred
109 109 *10834 110 *1083 110 *109 110
109 109 *10812 109
4
200
7% preferred
di Jan 1013 No;
100 10318 Jan 12 10938July 9
'
.
1234 12414 *12318 12414 4 1234 12414 *12318 124 *12318 12414 *12314 1241
8% preferred
100 115 Mar 2 1244 Oct 20 1084 Apr 119 Or
3
3
8
/02 4 102 4 10234 10358 10234 1023 *10234 1037 *103 1037 *103 iO37s
4
1,000 Pub Serv 10s.° & Gas pfd.100 97 Jan 22 10418Sept 27
8
9212May 10018 De,
4
4
4
12 1137 *112 1133 *112 1133 *112 1133 1133 1133 1134 113's
Oc
200 Pub Service Elea Pr pref_100 106 Jan 18 114 Aug 5
4
4
4
99 Jan 108
176 177
76 17712 176 178
177 17914 2174 175
178 179
6,225 Pullman Company
100 14514 Mar 31 19914Sept 16 129 Mar 17312 Sell
338
39
383 39
4
4
*3814 383
.383 39 '
14
4
4 3712 371
4 373 373
700 Punta Alegre Sugar
33 July 47 Jai
50 33 Apr 14 47 Feb 4
2 253* 26
26
2654 2612 263
2552 255
4
4 2612 2634 9,100 Pure 011 (The)
4 283 263
2518 Aug 334 Fel
25 254 Oct 20 31 Jan 4
'109 110 *109 110 *109 110
.
109 111 *109 111 *109 111 4
8% Preferred
4June 25 10212 Jan 10812 Sep
100 106 Apr 14 1123
58
554 5654 555 5738 5514 5714 153,400 Radio Corp of Amer_No par 32 Mar 30 6312 Oct 22
4 55
8
8
564 587
57
59
394 Nov 777 Jai
*4814 49
483 49
*4914 4912 4912 4912 494 50
4
*4814 49
45 Dee 54 Fel
600
Preferred
8
50 445 Mar 31 50 Oct 29
3912 Aui
3
33 4 Nov
Rand Mines. Ltd
4
No par 3234 Apr 30 413 Oct 1
8
153 153
8
8 1512 Me *163e 1512 1532 1532 1532 1532 1512 1512 2000.
1138 Apr 173 Fel
Hay Consolidated Copper_10 1012Mar 3 15 4 Oct 14
,
*42
43
*42
42
43
4218 424 *42
423 *42
4
43 Oct 6014 De
4234
41
300 Reid Ice Cream
No par 4044 Oct 18 56 Jan 4
77
8 878 *84 814
84 812
818 84
8 8 812
0
10 May 204 Jul;
81s
4
Ws 2,000 Rels (Robt) & Co
712July 24 183 Feb 23
No par
993 994 100 1013 1024 104
4
10012 10012 100 100
1024 1027
4
463 Jan 117e4 De
4
8 2,400 Remington TypewrIter____100 8312 Apr 20 127 Feb 3
Jan 1094 Oc
3113 1184
*113 11814 *113 11814 *113 11614 *113 11614 *113 11614'
7% 1st preferred
100 106 Apr 21 118 Oct 1 100
3110 114
8% 2d preferred
13110 114 *110 114 *110 114 *110 114 *110 114 '
100 105 Apr 1 11514 Aug 27 103 Sept 11312 Ap
9
9
*83
8 9
88 88
5
8
87
8
5
812 87
125 June 234 Jai
8
8
812 83
4
4 7,900 Replogle Steel
Oct 27 157 Jan 4
8
No par
54
544 5458 55
5434 5574 545 5512 4,200 Republic Iron & Steel
5418 56
4218 Apr 6438 Jai
8
3
554 56
100 44 May 10 63 8 Jan 7
*9512 96
96
*95
Jai
*954 96
*953 98
4
*9512 96
8414 July 95
4,
9512 96
100 914 mar 30 99 Sept 15
Preferred
512 51
*512 6
5
43
8 47
54
*512 6
8 July
4
414 5
18
2,700 Reynolds Siring
Jai
414 Oct 29 1054 Jan 5
No par
4
1097 1143 11418 1157 113 114
2
8
4
10912 1097 1094 110
8
7212 Mar 95 4 No•
8
10912 10912
3
30,800 Reynolde (RJ) Tob Class B 25 90 Mar 30 1157 Oct 28
4
16
80
80
*76
*76
80
$0
n7 85 *77 85
476
85 June 9712 Fel
Roasts insurance Co
25 79 Sept 17 100 Jan 20
'4818 4814 4818 4818 4818 484 2,700 Royal Dutch Co(N Y shares)_ 473 Oct 21 573 Jan 9
48
484 48 4814 4
4474 48
4814 Mar 573 Jai
8
8
4
8 3914 391
3912 40
40
8 394 397
35 4 July 5212 Ma,
4014 40
*3912 397
3
4018 3,100 St Joseph Lead
4May 11 4818 Feb 10
10 363
*5014 51 '
35012 51
*5012 51
*5012 503 *5012 503
4
48 Dec 5012 De
4
45012 51
Safety Cable
No par 4214 Mar 31 55 Sept 27
*78
80
ns 80 784 7818 *77 80
80
*77
80
4812 July 101338 Ma
400 Savage Arms Corporation. 100 73 Mar 31 10212 Feb 10
80
*4
5
'412 5
43
8 43
4
4
37
4
8 3 8 1,000 Seneca Copper
7
41 Nov
3 4 Oct 29 1014 Jan 4
7
412 412 4
11 No
No par
461
82
62
6112 8214 *62
621 .61
8July 28
6214 1,200 Shubert Theatre Corp_No par 52 Mar 4 705
6112 81
5112 Dec Mill De
4161
4512 4578 4412 444 2,400 Schulte Retail Stores
45
45
444 4512 46
44
45
No par 4212 Mar 30 13812 Jan 23 10134 Sept13474 De
45
100 1I212 Jan 6 120 Sept 9 110
Preferred
*11414 120 *11414 120 *11414 120 *11414 11818 *11414 120 *11414 120
Jan 118 Al2
124 1314 13
1314
13
13
413
1312 *1314 131 ' 4 134 *13
No par 1212 Mar 3 144 Mar 12
1,200 Seagrave Corp
1314 Nov
163 Jun
4
-rights n Ex-dividend one share o Standard 011 of Cantons& new
•Bid and &eked mice( no sales on this day z Ex-dividend. a Ks
$ per share $ per share $ per share
9812
9812 *98
9812 *98
4
98
7
8
7
8 1
7
1
1
8
42
442
8
4
5
8
1
8
5
5
11018 11014
*110 111 *110 111
43312 347 *3412 35
345 35
8
4
8014 797 794
7812 7812 79
674 6814 7114
663 6712 66
4
1314 1318 1312
1314 13
413
514 514
514 514
514 512
15
15
15
15
14
14
354 3512 36
3514 3514 35
*2112 22
2112 2114 *2112 22
*1014 13
*1014 11
103 11
4
'3512 374 *3512 374 3514 3512
73
73
4 78
4
78
*714 812
5512 5814 5538 553
4
553 56
8
*74 8
74 75
8
712 712
934 94
93
934 9314 94
412912 13014 *129 13014 *129 13014
*1
2238
New York Stock Record—Continued—Page 6
For sale, during the week of stocks usually inactive. see sixth page preceding
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday.
Oct. 23.
Monday,
Oa. 25.
Tuesday,
Oa. 26.
Wednesday. Thursday,
Oct. 27.
Oct. 28.
Friday,
Oct. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I 1926
On basis of 100-*hare lots
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
per share
per share $ ner share $ ver share $ ner share Shrzres. Indus. & Miscell. (Con.) Par $ per share $ per share
$ Per share
$ per Shall $ per share
1g 53% 54% 53
523 527
8
8 51% 53% 53% 54
54 4 52% 53, 25.300 Sears.Roebuck & Co new.Vopar 444 Mar 29 58% Sept 7
,
2
*54% 547
5412 5412 544 541
5412 6612 5774 583 96
4
57
1,800 Shatuck (F (1) ..._ _Vs par
47 Mar 30 69% Min 4
- - 14 ivlei 92 Aug
4
6
493 403 *42
43
4
42
4
42
•42% 43% 42% 42% •42% 433
300 Shell Transport dr Trading E2 4012Ju)y 28 48% Jan 4
4
9,2 Sept 49 Dee
3
2918 29% 2978 2912 3014 29% 2934 29% 29% 2914 29% 48,100 Shell Unlon 011
29
No par 24 Mar 3 3012Sept 3
213 Aug 2812 Dee
8
8
107% 107/ *10712 108 905% 108 *10512 108 •I0512 107 *106 10712
100 103 Mar 3 114 July 2
100, Preferred
99,2 Jan 10614 Nov
1712 17% o173 18
4
17)2 18
173 18
4
18
10 15). Aug 18 28% Jon 2
18
18%
183 11.600'Slinuis Petroleum
8
173 Sept 263 Jan
4
4
313 32
31 3 32
32
32
32
33
3214 32% 32
No par 28% Oct 15 54,2 Jan 4
3212 2,700 Simmons Cu
31 14 Mar 54% Nov
.
*106 1967 106 106 *1053 106% 1053 1((53 •10512 106% •10512 106%
4
4
Preferred
100 05% Oct 27 10912.1itly 2 10018 Jan 16618 Dec
200
4
17% )77
8 .1712 177
17)2 17%
173 18
4
17% 1814
17% 183 15,000 Sinclair Cons 011 Corp_No par
163 Oct 9 2418 Feb 23
4
4
17 Jan 247 Feb
8
9414 9.5
*9414 95
9412 9412 95
95
95
9512 98
400
Preferred
9718
100 90 Mar 30 9912June 24
78% Jan 9418 Feb
303 31 12 31 12 31,
4
2 314 31% 317 32)8 3214 32% 32
8
32% 7.400 Skelly 011 Co
25 2818 Mar 30 374.1tine 28
21% Mar 3212 Nov
120 120
11312 118 9113 I I9
117 1191
119 121
1,700 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14212 Aug 10
11814 11814
804 Mar 14312 Dee
113 113 912 114
114 11534 11414 115% 115 1153 114 1143
4
4 4,600 South Porto Rico Sugar_100 92 Apr 15 14712 Feb 2
62
Jan 10918 Dee
*110 117 910 117 91141 1174 •11.0 117 *1143 117,4 913 114
I Preferred
4
100 110 Opt v 11718 Feb 8
993 Jan 1134 Dee
4
303 30% 3014 30% 301 102 .3012 337
8
8
30% 3012 3012 303
4 2.600 Southern Calif Edison
25 3014 Oct 25 33 July 19
43
43
42% 42% 42)4 4212 41
4212 42
4212 413 42
5,909 Southern Dairies Cl A No par 41
8
Opt 27 5512July 17
193 19/
8 19l 2,)19% 20 I 19% 2,112 2018 20% 20
No par 1712 Oct 20 3.53 Mar II
20% 7.600 'Class El
4
91% 1212 9112 (512 91% 14
*11 121 14
*1112 14
•11 12 1412
Spear & Co
No par
II June 2 17% Feb 19
)3l Dee - - -- 1 1
2
4 7 -ii
.
*75
80
*75
79 4 75
3
79
*75
79
*75
100 72 Apr 20 8212 Jan 13
Preferred
794 *75
79,2
7814 Dec 92 May
2114 2114 21
9114 22
21
•2112 22
21 14 217
No oarp 183 Aor 191 31% Feb 5
81 2012 217
jst2 Feb 3674 Sept
'
8 1,703 Spicer Mt{ Co
4
90212 105 *10212 105 90212 104 9021s 104 *102 12 101 1 902 2 101
Preferre.1
100, 101 .110 12, 10512Seut 1
92
Apr 108 Jail
52% 5314 53,4 53% 5318 53% 53
5318 51)4 5114 51% 54
9,307 Standard 1345 & El Co.No pal 51 M kr 2 69 Feb 8
4014 Jan Cl
Oct
95 8 56
3,
5512 55% 53% 56
5534 55% 535 53 8 9)4 54,
Preferred
50 533 M .1.30 57% Feb 9
4
2 2,291
sots Mar 5612 Nov
•1341a4 7014 *653 704 9712 6912 711
4
93
10.),Statidard Milling
74
7,4 2
7012 *33
1.01 67 8 Oct.20 9212 Feb 4
62 May 88 Dee
93
88
93
87
93
87
*83
1 Preferrel
100 80 M kr 2 90 Feb 5
87
93
87
87 I •83
81
Jan 863 Dec
4
6018 60% 604 8134 6918 601
: 60
6114 BO
6014 63
6134 25,401 Standard 4)1111f Cal new Vs par 52 NM ky 14 83%Sent 8
41)4 4112 41% 4138 4112 41% 4112 42
414 4214 42% 42% 21.511 Standard 011 of New Jersey 2' 40'2 M kr 3 46% its • 2 ifi MRI•
Feb
7g
91614 1163 1161 1 11614 11614 11614 116 A 116% 118% 116.2 116% 116 2 2,2.0
4
10 I 1154 ‘ 26 119 8M-ky 18 1I614 J fly 119
Pref nmi-votint.
,
14
Feb
51
512 512 .5% 6
*5% 53
4 *512 6
, 43
49) Stead Plate Glass Co_Vo pa
5% 5%
54
01 ky 21
5. Awl 16
2
10% Feb LO
Jan
88% 88% 88
88% 9712 88% *33
Vs par 75 M kr 27 91 %Sept 4
883 833
4
4 8314 83,2 1,511 Sterillif Pr..' lets
833
6214 Mar 82 De0
6514 6414 65
135
64,4 65
64% 66
65s 86% 264 2 84'2 7,93) Stewart-War,, ap Corp No par 61 ,Soil r 92% Jan 2
55 Mar 96% Dee
97
58
57
57
57% 5713 *57
58
53
53 I 574 57,
731 Stim nberg Carburetor .Vo par 57 Ora 4 7714 Jan 4
4
61 Mar 89% Oct
49
5014 49% 5012 4914 5014 5) 5112 43% 513
4 4.04 51% 81,811 StudetirCorp(Tne) new .Vo par
414 Jan 68% Nov
119 119 9.18 120 918 12) ,918 12) •118 120 1 120 129
14712NFg 28 122%8e pe 2
14 I
20) Preferred
13 82 1.m t 13 112 Mar 125 Sept
5
2
2 11
2% 214
214
212'
214 2%
par
2
1 ,2.I tly 27
2. 10,23) Sahli:trine Boat
4
2 4 2'4
No
,
3% Feb 21
3 ()et
12 Mar
32% 3212 3212 32 2 92
3212 •32
3212 92
32,2' 32% 32%
37 I San 011
.
,
V's par 301 M kr 30 41% Jan 4
Millt Nov 43% Nov
23
3% 4
8 24
3
2% 318I
3 12
28 3
3
1 J
No par
29
3
% 4 8 93,411 merlor 011
44 Jan 8
2 Dec
618 Feb
9312 28
*2312 28
9312 '28
2612 28, •27
29 .27
8
23
100 1912 ‘nr 12 34%4ent 7' 20 May 4 3 Jan
911 443erlor Steel
8
*1378 14% 14% 1413 •1414 1412 •1413 15
144 154
15
15
3,27) Sweets Co of America
_50
8', .or 13 1718Sept 13
1512 Oct
5% Mar
7
7
7 1
7
7
7
*6% 7
64 814
871 Sy mutton te no ctfs..No pa
, 5% Oct 20 1412 Jan 4
* 4 7
63
ILO% Jan 20% Sent
13% 13 4
•1318 14
13
,
13
13
13
117 13
1314 13
8
par 11% Oct 20 20% Feb 4
etfa
2,7.11
Class A te
193 Dec
4
q.PS
9112 12, •1112 1212 91% 1212 9112 1213 12
12
•12
1212
Apr 5 147 Jan 19
2
II
..No par
10) Telatitorraph Corp..
4
11
1614 Nov
Aug
1118 11)4
107 II
113, 1118 11.200'Tenn Coup & C
8
107 II
8
11 14 II% 1112 117
No par
10 4 Oct 19 16 Feb 5
3
7% Apr
16 Dee
53% 53)4 5312 5312 541
523 53 2 53
54
4
5214 52)
54 12 31.5)0 Texas Company (The)
48 Mar 30 58 Aug 31
,
2
42% Jan 55 Dee
39
413 42
42
4114 4212 41% 4238 42% 43
42
43
,
91,200 Texas Gulf Sulphur a No pa
39 Get 25 4618 Oct 1
13
13
1414 143
1312 1314 1312 133* 14%
13
4 137 1412 15,700 Tog:As Paelfle Coal & 011._ 10 12 Oct 20 19, Jan 7 1117- Aug Ws; Feb
2
8
3, 00 900 900 900
8
830 830 .800 900 810 810
802 805
42 Tema Pacific Land Trust_ Int 51f) Mar 19 1035 May 27 255
Apr 857 Dee
9712 25
112712 284 .2712 28
2712 2712 *2712 2812
•27% 28
200 The Fair.
34 Jan 14
No oar 27,8 Mar 31
3214 Sept 394 3
4et
443
3 4 471 .4618 4712 .4618 4712 96% 47
3
45% 48
96
47
TI, pson 1.1 R1 Co
25 421451:ky 7 5012Sept 1
•2713 2814 2714 27, *2612 2712 27, 27,4 2712 271 .2812 2718
4
4
800 Tide Water 011
I(X) 2 14 Oct 21 394 Jan 25 161 Sept - 8 Dee
)
367
90
8812 8111 •88
89
1388
*88
89
9814 891 98
100 R812 Oct 25 103 Jan 25
Preferred
90
100
99 Nov 101
Oct
81114 8214 7714 8414 791 1 8312 79% 81 14 78
8114 77% 79% 165,300 Timken Roller Rearing. No par 44/8 Mar 3 85 Oct 21
37% Mar 593 Oct
8
1061* 11171* 111712 10812 10814 109% 109 11014 1071 109
106)4 107
,
1)14) 9514 Apr 12 116%flept 22
18.100 Ti ilarell Products Corp
70
Jan 10134 Nov
11414 1144 11412 11412 11412 115 *11312 11412 113 113
1138 1133
100 103 Mar 3 1183
4
1 '
'I
2Sept 21
93,8 Jan 110% Nov
3% 33
4
3% 33
3% 33
4
3% 33
4
4
3% 33
4
4
5,2July 9
3% 33 10.800 Tramiel', 011 temetf new.Vopar
3 Mar 4
3,2 Sent
5% May
9514 18s *1514 18% 9514 18% 9514 18% *1514 17,2 9514 17 12
Tratisue& Williams 41.7 .Vo par 15 Aug 28 27 Jan 28
24% Sept 35
Jan
51
91
521s 51
51
5212 *51
51
91
52
91
52
200 Underwriter Typewriter..._ _25 50 'Sept 30 63% Jan 7
3818 Mar 8514 Nov
44
44
43
4414 44
44
44
3
4414 43 4 44
43
44% 2.030 Union Rag & Paper Corp. _100 3 May 21
71 14 Jan 5
36
Apr 86
Oct
9212 93)4 91% 93% 92
92
9412 9214 937
93
93% 92
21.409 Unlon Carbide & Carb.NO par 7712 Mar 29 91 ik Oct 1
543 5.5% 54% 55% 54
8
5412 55
54% 5412 54% 5414 543 14,100 Union 011 California
4
2
3714 Jan 20 583
4Sept 23
33
Oct 438 Feb
116% 1167 915 118
114% 11514 11312 118
8
11512 115% 11512 11512 1.300 Union Tank Car.
100 8414 Mar 31 120 Oct 1
94 Dec 134 June
0
115 4 11612 *11512 116% 116 116 916 116)4 118 116 918 118%
3
I1)) 11314May 22 118 July 12 1134 June 11718 May
400
,
Preferrekl
— .. Oulied Alloy Steel...
.No par 2512 Jan 21 35%.Iiily 15
24 May 36% Mar
1431- 64 93 4
92)3 - - 2 .
-931.2 - 3 - 93- 93
41; -fti- 11-4-3- -933.4 94-- - 2,200 UnItts1 Cigar Stores
4
4
25 83,4 Feb 4 1093 A4114 17
6014 Jan 11512 Nov
0118 124 918 125 •t 18 12.5 918 125 *118 125
121 121
300
Preferred
100 1147 Mar 4 125 June 30 115 Dee 13314 Dec
,
158 157
157 157% 156 159
155 155
15818 15912 1573 15812 3,800 United Drug
4
100 134 Mar 30 171 Sept 8 1107 Feb 16212 Oct
8
9734 5814 573 573 ' 573 53
98
5818 58
58
58
68
4
4 1%
300
Is, Preferred
50 5512 Mar 5 59 July 8
52
Jan 5812 Nov
113% 11312 11214 114 •112 113
•112 113
113 113, 11218 11414
2
1,101) United Frkill new
No par 98 Apr 15 11812Sept 8
_
4,171, IS
9712 IR
•1712 18
18
18
18
18
9712 18
300 United Paperboard .
100 1712 Oct 20 3812 Mar 2
1814 Apr • 131 Di;
914% 9712 94% 9712 09412 9712 9412 9612 •95
9612 94,2 964
I Util, ergal Pictures lot pfd 100 90 Mar 8 9712July 8
94% Dec 103.2 (let
4 17% 1712 17
17% 16% 193
16% 173
4 19
14,900 Universal Pipe & Rad No par 13% Mar 31 283 Jan 5
20%
1918 193
4
4
26
Dee 507 Feb
8
64
6912 64
94
69
1164
Ba
69
69 69
300 Preferred
*17% 69%
.190 52 Mar 30 7812 Jan 5
65 July 114
Feb
200% 202
201 205
1984 20412 19934 203
201 20618 200 203
14,500 US Cast iron Pipe & I'd .100 150 May 19 24812 Aug 3 131 14 Apr 250
Feb
1048 106 106
1044
195 105 *105 108
.
400
10574 105%
OVA 106
Preferred
4
10014 Mar 8 109 July 9
91 July 113 Aug
49% 50% 5012 52% 5214 53
52% 53% 53
523 53
4
55
16.000 US Dim rib Corp tern of No par 39 Mar 30 61 12 Feb 13
3018 Feb 634 Dee
8 5412 .55% 54% M
54
55 8 553
5418 547
3
54
4 54% 54%
1,100 US Hoff Medi Corp vtc,Vo pa, 457 Jan 2 593 Feb 4
8
23
Jan 4914 Oct
80% 77% 79% 78
78
80
7818 78, 101.000 1) S Industrial Aleohol.....101
80% 7814 79% 77
) 45%5110)30 .2 Sept 17
1
7014 Dec 98
Oct
106 106 •106 109
106 106
906 107
1057 105% 1053 1053
Preferred
8
500
100 994 Apr 22 108 Sept 20 102
Dec 115 June
5812 58% 594 59% 59 2 5912 6014 5912 593
7.800 U 8 Realty & lmpt new.No par 4144 Mar 29 717 Jan 4
5712 5912 58
,
4
573 587
8
5612 58
8 5814 61% 6012 62% 603 623
4
.
4 593, 60% 88.500 United States Rubber.
100 5014May 19 884 Jon 23 -33 2 Mar Vii; Nov
-110812 10612 10108 1083 *1011 107
10512 10512 105% 1057 106 106
1st Preferred
4
800
100 101%51m:10 109 Jan 19
923 Mar tow. Nov
4
3112 31% 31% 31 14 31% 31 12 302 317 317
31
31
30
8
4 3.000 t) S Smelting. Ref & Mb.,54) 3 • Ort 23 497 Jan 2
,
30
Feb 51
Dee
43
44
4212 423
1,800
44
44% 45
Preferred
44, 4412 42
2
423 43
50 42 0028 50 Jet
44
Am 494 Del
8
4
3
4
1347 141 580.000 United States Steel Corp.. 00 117 Apr 15 159% Aug 17 112% Mar 13914 Nov
135 4 1391 1 1373 13912 137 138% 137% 141% 1393 142
129 12911 12912 12912 •12838 129
Preferred
100 12412 Mar 3 131) ..likne II 12218 May 126%
700
129,4 129'8
128% 128% 92812 129
,
Jan
*634 65
•623 65
4
LI S Tobacco
92
65
3 85
94
*623 65
94
65
4
No par 5612 Jan 4 85 Sept 9
51 12 Mar 5914 Noe
am% 120 918 120 •I18 121
Preferred
113 118
300
11813 11812 91712 120
100 112 Mar 19 11812 Opt 8 1053 Apr 114
8
Sept
106% 10612 •10612 110 *10612 110 .106% 110
10 93 Apr I 106 Oct I
•141) 109
100 Utah Copper
90 109
82 • Mar Ill Nov
30
30% 80% 3018 30
29 8 30 • 294 30
7
*2914 30
30% 2,200 Utilities Pow & IA A___No par 284 Mar 31 37 Feb IS
30 Aug 38 Aug
4018 4018 4014 4014 411% 4014 41
No par 211 Mar 3 43 Aug 18
403 403
4
4 3,300 Vallrilliljla earl/
9912 4012 40
25% May 343 July
4
5 461 461
46% 9513 4812 *4312 4612 4812 46 1
1.000 Vick Chemical
8
46% 545
No Par 4314.1111y 21 52 Aug 6
*45
8
Virginia-Caro Chem_,Vo par
3 Feb 26
8
I% Jan 15
83 Jilly
4
14 Sept
------ to,. 978 to
No par
9 Oct 2
New
2512 Feb 3
93
4 97
4 2.100
--e34 (34 918 cos
177 Dee 217 Deo
8
8
...... "15No par
34July 2
I% Jan 8
1 Aug
8
4% July
"3578 I61; -52%
-544
100 3138 Oet 1 • 69 Jan 4
08 13 8 -55i,
-32.8001 6% pref w I
5614 Nov 6378 Deo
88
96
88
8718 877
8814 97
88
.._ _100 81 Oct 15 98, Jan 8
8 87
1,300 7% pref w 1......
88
88
8
88
0214 NOV 9512 Dee
48
43
*47
97
48
48
47
97
47
48
300 Virginia Iron Coal & Coke 109 40 May 15 50 June 10
48
*47
30 June 46 . Dec
31)
30
311
3014 30% 31
313
8 31)
8 5.700 VIvioniou (V) new.-....N0 par 26 Mar:))) 32% Aug 3
2912 291
3
99 8 30
74 Jan 283 Dec
4
1 Preferred
4
14
4
100 943 Jan 29 10 a Sept 2.4
s100114 102 90014 102 900 102 900 1023 901) 1023 *100 1023
4
Waldorf System
21% 2113 21 12 21 14 214
21% 2114 202 .21
Jan 12 21% Aug 19
1,401
8
17
No Par
21% 213
21
14% Aug -19 i 'Jan
- .7
1214.1kine 2 2314 Jan 27
153 1518
9514 15%
.
18
Na par
18
800 Walworth Co etfs
9512 16
1512 1512 *tali 16
21 14 Dee 2414 Dee
100 100 •10012 10212 90012 102,
403 Ward Raking Class A__No par 99 June 30 1115 Jan 2 116
2
4
1023 104 900 105 900 105
Dee
Apr leg
8
8 26
257 2618 257 257
8
No par 21 14 Chu 20 85% Feb I
28% 10,400: Class it
27% 26
4 25% 28
23% 253
374 Mar 9512 Oct
No par 8812 Oct 7 1101 2 .lan 15
9.) '89's 90
8912 8912 •89% 90
Preferred (10111
99
100
9918 89% 9918 911
9412 Feb 112 Des
3
4512 47% 44% 48% 43% 46% 4312 4314 98.209 Warner Bros Pictures A....111 12 .1tine II 6914Sopt 15
453 4714
8
45% 48
174 Dec
2% Oct
No pa
2,801 Warren Bros
, 4378 Apr 15 5-34 Oct 28
573 55612 573
4
% 5614 53
5414 5512 55% 564 5512 5512 55
43 June 5012 July
*56
573
4 57
1,909 Weber & llellbr. new c No par 53 Am 20 85,2 Jan 13
58
57
5318 61
56
.
a5
56
95
51
Apr 190% MO
yeem eckk Huhu, Telegraph 1011 134,2 Mar 30 1577 Sept 8
14412 14514 144% 146% 944% 146
1.703
4
144% 1443 14312 144
.
944 148
11614 Jan 1447 Sept
,
121312 1273 12514 1263
4
4 3.307 Westinghouse Air Brake . 50 10514 Mar 31 1391 2Sept 8
125% 125% 125% 125% 125 125% 12514 126
Aug
97
Apr 141
2,400 Westinghouse Elec Or '.11g..54) 65 May if) 7
6814 673 BR
4
,2 67% 88
8
9% Feb 10
8
667 87% 6718 67% 67, 6712 87
Jan
664 Mar 84
13%m a y 10 191 2.11ily
800 Weston Else Inatrutnent
16
98 4 163* 9618 163
,
4
16% 16
1618 16
18
96% 113,
28
4
9 4 Apr 20% AUll
,
32%' •32
323 92
8
323
8
1001 Class A
2714 Jan 4 3212 Oct 7
323
8
92 32% 3212 32121 •32
19% Mar 28% Dec
495
99 I 98% 9812 9812 9812
200 West Penn Elec cl A vtf No par 85% Jan 6 9 12 Oct 20
99
9)5
99
9812 *95
1395
101 101
100 951251.ky 17 101 Sept 1.)
1100% 1007 99 100,
Preferred
8
300
4
99 100
•981 99
:
9812 99
300 WW1 Peon Power pref.A70 pill:. 10tL::N:z111.4:r; 25 115 Sept 21 104
11312 11312
4
113% 1133 913% 115
•11334 114 *11334 114
11318 11314
Jar, III— Jul
2.100 White Eagle 1111
4 25% 26
20 29% Feb 10
25% 2512 254 254 25% 25% 2518 25% 25% 253
2512 Ang 3i% Fely
574
M
57
15
4
54 55 54 54)1 5 55% 557 5812 2512 59 2514 57% 43.100 R lilte Rock Mln Spell .V0 par 22 Oct 22 90 Feb II 5714 Mar 1041 Aug
!
25%
4
25,
267
24
8 4.800 White
MI% Feb 3
41 2514 25%
283
26% 24
0
28
331s Dec 49% A 111
3
4
3
4July 22
7
8 1.000 W1Ck wire Spencer Steel ca.._
3
4
*3
4
7
8
3
4
7
8
3
4
7
8
7
8
7
8
4414
3% Jan 6
538 May
2 Dec
1912 2012 1912 193 58.700 WIllys Overland Me)
4
s 18 May 17 34
1914
1834 197
3
4 19% 19 4 18% 19% e8et, 20
8
918 Jan 347 NO
100 9912 Oct 25 99 Jan 4
90
Preferred
90
90
89
91
1.800
Feb 4
4 88121 8811 9812 90
98 4 893
3
724 Jan 1237 Doe
8
4
6 May 20 1212 Oct 21
103 10% 103 11 12 3,900 Whams & Co. Inc, now „No par
4
4
103
103 11,
4
1118 113* 10% 11
4
2
8 21, 2214 4.6001 Class A
21% 21% 2114 217
237 Oct 21
8
4
213 2218 2112 22
213* 22
l"
3.6001 Preferred
73% 7214 73
7112 713 7212 73
7312 OM 28
713 713
4
4 71143 723
8 71
8
25 1.35,
4M.ky 19 222 Jan 4 flit; -isit; 22
4
1813 165% 16414 1663 183,8 16512 52,000, Woolworth Co(F W1
,
161 1623 1604 16212 1610 183
8
i
6 -153
2212 1914 2112 18,100jWorthltaton P & Ai
100
94 Oct 29 44% Jan 6
4 20
8
9714 28
223 233
23
26
274 24
3
3514 AUK 79 8 21133
57
1110 55 Oct 2' 811 Feb 2
200, Preferred A
*51
59
1.51
55 '
Jan
1355
55
63
*55% 60
*54
58
78 Nov gs
1,200, Preferred 13
43
4214 42
100 4 3 Oct 27 65 Feb 24
4
52
yo% Feb
*48
413 424 42
4
4712 4712 434 45
58 Aloe
23% 28
284 2,300 Wrighi Aeronantleal.__No par 24,2 Mar 311 2113
s 2714 284 27% 273
26% 263
4July 18
1 273 27% 28
16 Mar 32% July
52
No par 47 Am 3 594 Felt II
800 Wrigley(Wm Jr)
52
52
52
52% 523* 5213 5212 *4834 52
*487 51
8
25% Mar 571, oe%
69
30') Yale & Towne
25 anis Mar 4 72% '1* 26
.8912 69
99
70
70
•88
98
71) •68
70
70
62 Sept 704 July
.JIM) 20 Slay 24 39%Seikt 8
4 273 2318 86,003 Yellow Truck & Coach..
8
8 2718 233
8 2678 27% 2714 277
263 2818 2718 277
4
4 °
22% (Set 403 0 0
100 9118 Apr 3 1071
90') Preferred
103 100
•99 101
10112 101 12 901 102
100 100
100 100
0173
Oct 100
90
2rlept 2
9,101 Youngstown Sheet & T.574/ par 69 May 14 954 Aug 9
1 85
4
843* 8218 845
83
84% 843 85%
84
84
84
63 Mar 902 NOV
-dividend 1 Li-dIvIdend and ex-rights.
•Rid and asked pilaw no sales on Ulla day a Zs
1
In
IT) 11 Z17,,
Y1
2239
New York Stock Exchange—Bond Record. Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of ,uoting bonds was changed and prices are now
and interest“--except for Income and defaulted bonds.
r,
BONDS
N.Y.STOf K EXCHANGE
Week Ended Oct. 29.
Price
Friday.
Oct. 20.
1Veek's
Ran
Lout .'oli
Bid
Ask Low
U. S. Government.
High No.
First Liberty Loan
J D 10011a Sale 10011.210019
3N% of 1932-1947
,373
J 1.) 100 101
100.3,100"n
Cony 4% of 1932-47
J 13 10211,, Sale 102 22 1021°n 23
,
Cony 4N % of 1932-47
J D 1012"4, Sale 101"32101"3,
2
2d cony 4N % of 1932-47
Second Liberty Loan
St N 100I34, Sale 1001n 100 n
2
,
40 of 1927-1942
M N 1001,44 Sale 100",2100"32 576
Cony 414% of 1927-1942
Third Liberty Loan
MS 1013,, Sale
296
414% of 1928
Fourth Liberty Loan
A 0 102171, Sale 10211,410211a 1987
4)4% of 1933-1938
1947-1952 A 0 1043 Sale 107334,10,114: 76
.1
Treasury 4)48
1944-1954 J 0 1021544 Sale 103 n32104 1'42 21'z
Treasury 48
1940-1956 M S 101,11,, Sale 101"32101'
339
TreasurY 3348
State and City Securities.
8
N Y City— 4 s Corp stock _196(1 M 8 1003* 1007 10012 Oct'26
1961 N S 10112
4h8 Corporate stock
101 14 Oct'26
1966 A () 10112 1017 1017 OcC26
8
4345 Corporate stock
8
1972 A 4) 1015 102 1015 Oct'26
4345 Corporate stork
8
8
1971 J 0 106 1063 1063 Oct'26
434s corporate stock
4
4
J 1053 1065 10638
4)45 Corporate stock .211ly1967
8
8
1063
8
5
1965
he Corporate stock
8
D 1 1153* 1065 1053 Oct'26
4
1963 M S 10'52 1.313 10618 0(126
the Corporate stock
8
stack
1959 M N
983* 983 983 0(1'26
Corporate
8
41
6% Corporate stock
1958 M N
983 987 983 SepC26
8
8
4
4% Corporate stock
1957 M N
983 98, 983 Sent'26
8
8
4
1956 NI N
4% Corporate Stock
07's Oct'26
1955 NI N
6% Corporate stock
97.8 Oct'26
1936 51 N
4% Corporate stock
99 Niar•26
44
2% t.orporate stock_ _ _1957
N 41514 -_-__ 1053 (MC26
.
8
45% Corporate stock _ - 195 N N 10514 _ _ 1053 Sept 26
8
334% Corporate stk _May 195- 1 1 N
893 89
4
A0,226
3h% Corporate stk _Nov 195 \t N
_
81112 OcC26
3345 Corporate stock
195. 0 N
89
Apr 26
New York State Canal Lm 4a.196 3 J
10212 Oct'26 1961
413 Canal
10212 Aug'26
196: -.45
102 May'26
1942 1 J
45 Canal
1025 Nlar•25
8
Ns Canal !mot
1964 J J
102
Apr26
Highway !mot regist'd.1958
4e
1017 Nlar'26
8
Highway Improv't 4145_ _196 51 i
I 1014 Nlay•26
Virginia 2-35
1991
J
7612 Feb•25
Foreign Gov't and Municipal's
I „
Argentine Govt Put) Wk,6s_19611 k 0 9814 Sale
75
8
984 .
9
Argentine (Nat Govt of) 714.1927 F A 1005 Sale 1003
8
8
1005
8 66
13Ink fund fle of June 1925.1959 J 1) 9718 Sale 973
98 I 97
8
Extl a 168 of Oct 1925._ _1959 A 0 98 Sale 9712
98181 71
8451,, A
91,,1 f• d
_ 195- NI S 9812 Sale 98
911 I 78
External 65 series B. _Dee 1958 J D 981 Sale 9712
1183
8 63
.
Esti 5 I(18 of May '26 temp 1960 M N
9778
75
8
977 Sale 9714
Argentine Treasury 58 L....1945 M S 91 Sale 91
12
91
Australia 30-yr 58. _July 15 1955.1 J
82
95 Sale 973
4
98
Austrian (Govt) a 178
I) 101 12 Sale 101
1943 J
1021s
32
Bavaria (Free State) 6348,
.1945 F A
4
903 Sale 96
Belgium 25-yr exts f 7348 9.1945 J I
, 10818 Sale 10712
-yearn 18,
20
1941 F A 1071 Sale 107
1118
1971i 2)111
1
,
-year external 6)4a
1949 M S 9212 Sale 9114
92% 188
25
External 8 f 6s
597
1955 J
87
8714 Sale 85
External 30-year e 1 76
1955 J D
9612 11113
9(11 Sale 9414
.
StabIllza.leti 1 ri 7s
111:e
9034 369:1
963 Sale 9414
8
(Norway) 8185
N 112-3* Sale 1123
194551
Bergen
8
1123
8
1
25-year sinking fund 05_1949 A 0 9912 9978 9912 Oct'26
Berlin (Germany) 6345
1950 A 0 9612 Sale 96
965 172
8
Bogota (City) ext'l 51 88_1945 A 0 102 Sale 102
102141
6
Bolivia (Replibile of) 85- -1947"N 111127 Sale 10212
8 57
1033
8
1
N
Bordeaux (City of) I5-yr 68.1934
9012 149
8
895 Sale 88
Brazil (11 S of) external 85_194 .1 1) 10418 Sale 10354
10414
72
Fxternal 5 f fiSts of 1926_1957 A 0 8113 Sale 8812
811
160
4
160
95
1952 J
71( (Central Railway)
4
943 Sale 9412
8
1043
8
8
734e (coffee tireur) f (flat) 1952 A 0 1114 18 10412 1043
60
1112
Bremen (Nlate of) ext'l 75_11135 M N 1112 Sale 111014
4
ie13
4
Buenos Aires (l lty) eat!63481955 J J
9934 Sale 9918
101 12 29
Canada (I)(minion of) 5a
1931 A 0 lolls Sale 11)1134
10178 67
10
-year 5348
.
1929 F A 1013 Sale 111112
4
10412 1111
55
11152 M N 1114 Sale 104
977
8 20
4 he
1916 F A
973 Sale 97%
4
0,120
Carlsbad (City) 9I 88
111:1 1114 103
1954 J
CLIII O(epribee) ext'l s f 88 1941 F A 111812 11183 10812
4
53
111818
8 93
1003
20
-year external 7s
1942 M N 10014 Sale 100
10818 38
25-year sinking fund 8a. _ 1940151 N 1118 10818 1118
933
5 84
External sinking fund 62 1960
0 9:114 Sale 9314
65
96
Chile 'Mtge Itk 6 1.48 June 30 19573 I) 9512 Sale 95
f 11Na of 1926 .June 30 19011.1 I) 9712 Sale 1 97
ChInese Oliikeung I(y) 58.. 1951 J 1) 3012 Sale 3012
36
9 4 89
32
7
Christtants (Osioi 311..yr 8f 681)154151 S
4
_ 11113 Oct'26 -Cologne (city) Gormany61481950 M
41612 97
9614 Sale 56
Colombia (Repribile)645. 19271A 0 101ile 10014 100
2
1011
Copenhagen 25-years f 514, 1944 J
8 44
997
9954 Sale 9912
Cordoba (Prov) ArgentIna 7,1)142 J J
4
9814
9814 Sale 98
Cuba 5,01 1904
102
8
1944 M S 1003
1003
4
4
External 513 of 1914 see A 1949 F A 10154
2
102
102
External 141/111 4 he
11
9I
1949F A
91
917 94
8
Sinking hind 5545
10212 37
1953 J J 10214 10212 102
Czechoslovakia (Rep of) 86_1951 A 0 10212 Sale 10212
103
68
Sinking in(nd Rs ser 11. _ _ .1952 A 0 10241 Sale 111214
14
10234
45
External f 48series A__1945 A 0 101 12 Sale 101
102
Danish Cons MunIclp fie A__1946 F A
Series Is a f 8s
194(1 F A
Denmark 20-year Os
1942 .1 J
Dept orf
(aldas(Colornbla17Ne'46 J J
moninican Rep Con A,ln, s f 58•58 F A
Custom Adminletrn 540.1942 M S
Dresden (City) external 7E1_1945 M X
Dutch East Indies esti 66_1947 J J
-year fla
40
1962 M S
go-year external 53-4.
1953 M S
80-year external 514s
1953 M N
El Salvador(Repub) 88
1048 J J
Eluland (Republic) extl 65_1945 M S
External alnk fund 78,_ _1950 M 8
Finnish Mun Loaii 6)45 A 1954 A 0
External 64a series It. _ .1954 A 0
freneh R0f11111 25-yr ext'l 5,.1945 (xl 5
20.year external loan 748 194 J I)
External ls of 1924
1949 J D
German Republic eXC1 78. _ 1949 A 0
German Cent Mule Bank 78_11950 M
Oral (Municipality) 130
1954 51 N
Ot Brit & Ire!(UK of) 5145 1937 F A
10-year eotiv 5148
1929 F A
Greater Prague(City)7he-1952 M N
1964 M N
Greek Government 7s
1952 A 0
Haiti (R5OUblie) 8 f 68
Heidelberg (Germany)ex:7448
503 j
Hungarian Minim loan 7145 1945 J J
Hungary (Kingd of) s f 7 Ns 1944 F A
Ind Bank of Japan 6% notea.1927 F A
Judy (Kingdom of) ext'l 78. _1951 J D
Japanese Govt f loan 49____193 .1 J
1954 F A
ref 11148
Oriental Development 68_1953 M s
(Germany) a f 7s_ _1947 F A
/.elpzig
-year Re 1934 M N
tyons(City of) I5
m arwiliea (City of) 15-yr 69 1934 MN
M N
Mexican Irrigation
1943
AnientIng I 4148
2$5.--2
a Option 4319
1103 Sale
4
111118 Sale
1037 Sale
8
96 Sale
10214
9712 Sale
9912 Sale
104% Sale
104% Sale
10234 Sale
1 11312 Sale
108 Sale
90 Sale
991! Sale
933 Sale
2
94 Sale
165 sa le
0 %Sl
101 Sale
11113
4
9
1103
4
11018 29
119112
10414 93
1037
8
58
911
9512
_
111214 0c1•211
9712
97% 32
51
993
4
993
8
1047
8 81
8
11145
4 67
1043
8
1043
111312
14
10234
10314
10112
11
111711
108
9
8914
911
45
9912 56
99
43
94
934
12
94
9312
0
166,4 2264
04
% 78
165 2
00
101 12 595
9912
105 Sale 1115
10514 199
997
8
75
997 Sale 9938
8
9914 Sale 99
9914
10
1047
8 35
1043 Sale 043
4
8
11718 Bale 11712
1173
8
19
10214 Sale 0112
10212 105
8912
II
891 Sale 89
.
52
9914
977 Bale 9712
8
3
101:102
1
.
1021
013*
97 Sate 9618
073 193
8
993 Sale 9918
4
100
39
100 Sale (10
10018 45
89;213412 S&la 91%
92 951
8934 7)
8 Ie 8914
9812 Sale 9812
234
99
92 Sale 9112
92
86
9914 Sale 9813
91 11
9 1 144
9
5
2
90 Sale 88
911 Sale 88
9012 15(
30 Mar'26
3418 35
36
Oct'26
aange
Since
_ran. 1
Low
1111
99133,00
"n
100134, 101
10014, 01114,
101314,033w
1061n Os"a
102.o 0415as
100144021u
Price
Friday.
Oct. 2
Week's
Range or
Last Sak
g
Range
Since
Jan. 1
High No, Low
.454 Low
High
_
4212 55
5112 0(1'26
: 4
3412 501
42%
521
2
38
42
Aug'26
481
3712 May•25 - - _
27t4 34
417 4212 34 July'26
8
12
2014 371a
8
277
8
283 2812 273
8
2538 2512
257 SepC26
8
-263 2712 233 Aug'25
8
8
21 -2358
275
8
2712 Sale 2712
22
3132
4
233 Sale 213
4
243 105
4
3912 5214
4212 Oct'26
42
44
407 10 3712 5312
8
8
407
6
100
96 10212
9934 Bale 0034
8 1071, S 106% 110
1073 10712 1073
8
69 10314 1047
1033 Sale 1033
11)4
4
4
4
9934 10278
10112 45
1013 Sale 101 18
8
10118 Sale 10118
101 12 46 100 10234
64 100 10212
1(12
0)13 Sale 10112
4
95
9915
9812 73
9812 Sale 9818
17
100 1111
9812 10114
993
, 100
8 10012 103
10214 102% 10214
1(1214
1 10112 105
104 Sale 104
104
97 1011
4
10014 67
10014 Sate WO
702
13
7012 Sal,, 71112
61
7IN
89 Sale 8814
8218 91
591g 102
10114
10212 Sale 10212
6
98% 1037
2
17 11012 11414
114 Sale 114
114
103 111312 10438
20 10418 108
10518
10012 102 10234
9
101
98% 105
97) 104 •
14
102 Sale 101 12
10
214
10114 Sale 10034
97 103
111112 46
5 103 107
10414 1043 105
10514
4
Bid
High
9911,40113w
99,1,401 11n
101 114,02330
101.4, 021344
100
10012
10(02
1003
4
10512
10478
1045
8
10412
4
973
4
973
9778
97%
9714
98
10412
111414
873
4
8814
883
4
101.3*
10212
1013
4
BONDS
N.Y STOCK EXCHANGE
Week Ended Oct. 2 r.
Mexico(U S) extl 58 01 1899 £'45 Q J
Assenting 55 of 1899
1945 _
Assenting 55 large
Assenting 5s small
1954 J O
Gold deb 4s of 1904
Assenting 48 of 1904
Assenting 4s of 1904 small
Assenting 4501 1910
'.3
Assenting 48 of 1910 large
Assenting 48 of 1910 small
Trees(is 0( 31 assent (large)'33 J J
Small
Montevideo 7s_ ‘.
1952 J 0
Netherlands 65 (flat Slices) .1972 MS
30-year external 68 (flat)_ _1954 A0
Norway 20-year extl 6s
1943 FA
20-year external es
1944 FA
30-year external 68
1052 AO
40-years f 534s ten:11)
1965
Oslo (('ity) 30-year s f 6s
1955 MN
Panama (Rep) extl 5 Ns.... _1953 in
Peru (Rep of) external 8a
1944 A0
1940 MN
Esti sink fd 7348 temp_
Poland (Rep of) gold 68
1941) AO
Esti sink fd g Rs
1951)• J
Porto Alegre (('Ity of) 85_ _ .1961 J O
Queensland (State) extl 8176 1941 AO
1947 FA
25-year external Os
Rio Grande do Sul extlef 86.1940 A0
Rio de Janelro 25-yr s f 85_1946 AO
25-yr extl 88
1947 AO
Rotterdam (City) extl 6a
1964 MN
101
10214
1023
8
102
1163
4
106%
10634
106%
99
99
983
4
9778
977
8
99
106
1055
8
8912
1952 lxi N
8912 Rao Paulo (City)8 f 8s
89
San Paulo (State) eat sI8s._1936• J
10212
External s f 88 Int reets_ _.19&) 1 J
10212
External water loan 75_ .,i956 M S
102
Santa Fe (Prey Aug Rep) 70_1942 NI 5
1942 J J
Seine (France) extl 75
102 11014 Serbs. Croats & Slovenes MA 962 MN
1936
1017 1(1178 Solssons ((ity) extl 6s
SI N
11014 1101t Sweden 20-year 65
1939• D
External loan 5345
1954 M N
Swiss Confeirn 20-yr s I 85. _1940 .1
973 98% Switzerland Govt ext 5 N13._1946 A0
2
1003 10218 Tokyo City 58 loan of 1912..1952 MS
8
96
997 Trondhjem (('ity) esti 6148_1944 J
8
957 100
8
Upper Austria (Prov) 7s.
i945
D
9614 11:194 Uruguay (Republic) esti 88_1946 FA
4
953 993
4
External s f 65
1961 MN
9712 9978
Railroad
9314 Ala Gt Sou 1st eons A 58___1943 J O
85
9618 9912 Ala Mid 1st guar gold 58.___ 1946 Si N
928
100 11)3
&Alb Susi, cony 31:s
AO
94% 97
Al leg & West 1st g
4a
1948 AO
992
105 1104 Alleg Val gen guar g 411
MS
July 1995 Qi
19534 10858 Ann Arbor let g 4a
95
88
Atch Top & S Fe—Gen g 48,1995 AO
81 12 877
8
Registered
AO
91% 973
4
Adjustment gold 45_ _July 1995 Nov
0414
.
Registered
Nov
11214 115
Stamped
July 1995 MN
98 10178
Registered
• N
8518 97
Cony gold 4s 1909
1955• D
9634 1114
Cony 48 1905
D
1955
9612 10418
Cony K 48 Issue of 1910_1960
D
East Okla Div 1st g 4s.„..192)1 MS
81 14 9 12
10012 105
Rocky Mtn Div let 45_ _ _ _1965 J
8878 90
Trans-Con Short L 1st 48_1958 .1 1
8918 9612
Cal-Ariz 1st & ref 4545 A _1962 MS
103% 108
Alt Knox v & Nor 1st g 58.__1946 1 D
9212 102
All & Churl A I. 181 A 4148_1944 J 1
9714 10134
lat 30-year 55 aeries IL...1944 J
lie 3, lic.08 Atlantic City 1st cons 48..... 1951 J
10118 10338 All Coaat Line 1st cons 48 July '52 MS
102 11153
8
10-year secured 78
1931 MN
4171
: 99
General unified 4Ns
D
1964
11114 1114 18
LA N eoll gold 48_ __Oct 1952• N
111714 too, A tl & Danv let g 48
19411 J J
too 10212
21148
48
1 94 8.1
1 48
1117 1093 All & Yad 1st g guar 4e..„1941 AC)
8
9314 93% Austin & NW let gu g 5s
1941 J J
943 9812
4
963 1002 Balt & Ohio 1st g 4
4
s___1111Y 19411 AO
3 ,1x 4878
Registered
July 1948 Q
-year cony 450
20
99 1021/
MS
97
Registered
91
MS
Refund & gen 58 series 14_1933
D
1995
93
9 4 1111
9814 101
181R 58
50
10-year Os
953 99%
4
1 94 1 .1
192
Ref & gen 68 series C
98 1112
1955 1 D
P I. E & W Va Sys ref 48__194, SI N
9-3 10212
4
Southw Div 1st 58
883 111114
4
1951 1 1
1113
Tol &(in Div 1st ref 4s A 1959 J
2000 M
993 111334
4
Ref & gen 5s series I)
9914 104
Battle Crk & Stiff 1st go 38__1989 JO
Beech creek (81 gu g 4s,___1936 J
957 103
8
Registered
JO
10812 11214 Beech crk Ext 1st g 310_ ,1 A (
1 5
1944
10812 112
lugi Sandy 1st 48
in
1112 10512 Bost & N V Air Line 1st 45 1955 FA
9512 96
Brune & W let 1211 gold 45_1938 J J
1111 12 10512 Buffalo R & P gen gold 58
1937 M
9372 993
Consol 4,
2
is
1957 MN
9214 99$4
Registered
MN
10334 11163 Burl C R & Nor lat 5a
,,
1934 AC)
11E134 10612
10112 10412 Canada Sou cons go A 5s_ __1962 A 0
102 1043. Canadian Nat 4 Na.Sept 15 1954 M
103 10914
5-year gold 4148..Feb 15 1930 F A
843 90
4
Canadian North deb a 1 75. _1940 J
20
-years f deb 6 548
9412 100
1946 J .1
8914 9412
10-yr gold 4 he....Feb 15 1935 F A
8914 95
Canadian Pac Ily 41 4 deb stock_ J J
X
9812 1563 Carl)& Shaw 181 gold 48. ___1932 M
8
9212 .0 12 Caro Cent 1st cons g 4s
8618 9114 Caro Clinch & 0 1st 3-yr 5e.1949 j I)
19: l n
04
1013 11153*
8
1st & eon g fle series A__ _1952 J D
94 111104 Cart & Ad let go g 414
9618 1110
Cent linttich U P 1st g 45. __194l1 j I)
19 .1 D
10314 1(1818 Central of Ga let g bs_Noy 1945 F A
11718 119
Consol gold 5a
1945 M N
927 10212
8
Registered
M N
8912
84
10-year secured 6,.
.June 19293
Ref & gen 54e serif% 11_1959 A 0
95% 99%
9618 10218
Chatt Div our money R 45_1951 J D
843 1)10
4
Mae & Nor Div 1st g 56_1946
J
931: 102
Middle Division 5s
4
993 10078 Cent New Ens 1st go 4e____1940
61
j
J
19
4
881
, 943 Central Ohio ream 4SW
19341 NI
1833 91;12 Central RR of Ga coil g 52_1937 M 52
2
92 2 99
3
c
Central of NJ gen gold 5e-1987 J?
85
94
1987
Registered
9912 Cent Pee 1st ref ittl g 4s___1949 F A
95
F A
8118 901
:
Registered
8111 9012
M tote guar gold 3 Ns. _Aug 19293 D
30
o ..igh Rt L Let RU 4e...14154 A 0
Thjot nt .
..,i
31
1904) F A
2834 40
5112 70
107 10812
105 Sale
1115 Sale
9612 Sale
9412 Sale
93 Sale
95 Sale
87% Sale
10618 Sale
10378 Sale
11312 Sale
_
103
743 7518
8
MO Sale
9018 91
110 Sale
9518 Sale
198
195
105
9614
9418
9134
9334
853
4
1053
2
10334
11314
1023
4
7412
100
91
10912
4147
8
5
10814
105t4
13
12
10534
9
612 37
947
8 35
205
93
126
95
877
2 71
10614 42
24
1114
,
11312 3
10312 511
4
7518
10014
17
1
91
211
110
9518 94
10012
10214
10112
9412
93
84
81
81
10312
10112
113
111232
67
9914
90
10712
943
2
10104
10612
196
9712
95
94
PS
877
s
1054
11714
106
77
10112
94
111
97
103% Aug'26
10012 Rept'26
2
5163
8
RON
_
8612 Oct'26
2
9418
943
8
7
73
79
92
927
8 79
9012 Oct'26
8718 Or1'28 --4
873 Seld'26
9
8712
87%
_
85 Bept•211
4
5718
8718
2
874
8712
873 Aug'26
4
9912
2
9912 Sale 9912
8914 Oct'26 --8914 93
3
90
90 Sale 90
3
967
8
97
96%
_
111314 1043 111312 Apr'26
4
3
97%
97% 97%
11031. sale 1113,
19318
8
6
_
8512 July'25
85
.
11
93N Rel.'. 9112
94
1057
8 35
105 Bale 105
1
973
4
973
97%
4
7
90% 90
90
9014
15
803
8
797 801' 80
8
3
7038
70
703 Sate
8
81 12 8211 8212
1
8212
1013, __ 1 0318 Oct'26 - - -
1017 10354
2
WON 102
8418 86 4
1
823 861,
4
923 96
s
757 8211
4
8912 94
8814 9114
3
843 88 4
4
8734 8734
8412 89
8314 85
8434 89 2
1
8412 89 8
7
8312 873
s
9834 100
8
8612 89 4
88
92
947 9911
8
10312 10312
9644 9811
10212 10441
72
1117 Sale 9114
s
9178
883 9134 88% OcC20
4
963 Sale 9
8
96% 1)8
618
9512 Bept'26
130
987 Sale
8
99
19118
01312 Rai, 1031,
1:1312 till
11)34, 28
1027 Side 10278
8
111712 Sul, 10738
10734 63
92, Sale .1112
s
2:4
921,,
111114 Sale 1111178
1111 1 ,! 131
8012
983 99
4
18
79%
957 Sale 95
8
99
278
6212
6212
3
9414 9612 944 0(.1'26 - 94
A lig•26
Aug'26 - 7812 823 811
4
9
1134 91 12 9912 ()et'2A _
76
2
4
7634
763 763
4
9514 Sept•26 - - 10234 1031. 1023
1
10234
4
9218 Sale 913
921
. 39
8
8818 Oct'26
88
93
-10012 __„ 101
Oct'26 ---
894 9
211
884 9
2
011
94
984
4
88%95I
9312 983
4
10218 1115
1521 10341
:
104 109
898,, 923*
98 102
7444 8114
9714 99
6512
61
93
95 2
7
94
94
82
80
897 911
2
2
727 7914
8
9314 9514
1017 103%
8
8712 9212
8714 884
10104 1013*
5
11143* 10434 11143
8
1043
8
6
943*
943* Sale 9412
11
9878 99
9878
9834
11514
15
11514 1153, 115
9
1173 Sale 1173
4
2
1173
4
97
9718 43
9712 97
60
86
8512 Sale .8514
9312
9414 July'26
RC* SepC26
8412
1
4
1023
10212 104 1323
4
, 16
1078
111712 111734 111712
7
88%
8818
89
88
823 Rept•26 ____
8
8212 81
10218 10514 106 Sept•26
1037
2 32
8
11133 Sale 1033
8
1013 Feb'26
2
1007
2 _
2
8
1027
8
8
10218 1927 11127
29
111434
4
10478 105 1043
8
867 881z 8918 Oct'26 - 1027
8
__ 1027 Sept 211
8
_
Oct'26
102 10212 102
75
2
743 7614 75
4
9812 ____ 99
0(1'26
995
8
100
Ort•26 ---.
111112 112 11012 Oct'26 ._
10912 ....... Ill)
Oct'26
9218
9218 Sale 9114
7
_ 90 Sept•26
9(1
9712
9712 Sale 9712
88% ROI, R878
R87
8
A
loll, sem I'll
111111 ISO
10278 10518
9:114 9514
9912
98
1143 11714
4
1167 11814
2
9612 9814
8018 87
94
9414
81 12 84 2
3
10132 111372
107 10912
813 90
4
791e 843*
10318 10(1
111212 1043$
10152 111111
111218 1037.
1011s 1061
4
8612 8812
100 10314
1011g 102
68
76/4
9812 99%
98% 1013$
10854 113
108% 1111.
887 92%
a
10234
111012 101
863 883
8
8412 851
943 Sale
8
79 Sale
9217 Bale
._
8718 871
8412 _
8712 88
8414 „_
8718 Sate
88
89
92
105
9314
90
76
65
7614
119114
14 i
.7
107
9814
94 4
1
821s
76
83
10311
:63 ny
a
87
90
9712 102
2240
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 29.
New York Bond Record—Continued—Page 2
Price
Friday,
Oct. 29.
Week's
Range or
Last sate
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 29.
Price
Friday.
Oct. 29.
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low
High
Bid
High
Ask Low
High No. Low
1173
11812 11812 Day & Mich let cons4355_1931 J J 9778
4
- 11812 Oct'28
977 June'26
4
2
8
977 981
10014 10114 10138 Oct'26
- -10014 1013 Del & Hudson 1st & ref 48___1943 MN 9378 Sale 9314
4
9412 -HO
90% 95
1033 10312 10312 103%
7 10228 105%
8
30
-year cony 55
1935 AO 115 Sale 11418
173 10818 12212
116
10114 10314
10212 Oct'26
15
-year 5546
1937 MN 10 , 10 13 10412 Oct'26
44
8
4
1027 10512
963 Sale 9612
4
10-year secured 76
92
97
96% 35
1930 J D 10714 108 108
1 1997 109 4
0
05411: 109
108
7
9412
94%
033 94% D RR & Bdge 1st gu 45 g...,_1936 FA 9412
8
95 Apr'26
99 Sale 983
77
4
99
977 997 Den & R G=ist CMS g 48 1936 J J 903 Sale 90
8
8
115
4
91
8512 91
10018
10012 Sept'26
1004 10214
Como! gold 048
1938 J J 943 Sale 94
4
95
89
943
4 20
843 87% 864 Aug'26
4
83
Improvement gold 58
88
1928 J D 9912 Sale 99
9912 21
87 Sale 87
5
87
853 88% Den & KG West gen 5s_Aug 1955 MN 7238 Sale 69
4
4431:
777
62
723 635
4
3395
8412 863 8412 Oct'26 _
4
827 8712 Des M & Ft D 1st gu 48
8
1935• J 38
41
39 Sept'26
9912 _
102 July'26
9834 102
Temporary Ws of deposit_ _
3314 35
3
35
9614
703 Sale 69
4
703
4 70
65
7112 Des Plaines Val 1st 434s
1947 MS 937
8
963 Aug'26
4
8
9812 98 4
_
70
6814 Oct'26
Det & Mack—lst lien g 46 1995 J D 7112 75
64
70
71 June'26
5912 Sale 59
5912 70
Gold 4s
513 6138
8
1995 J D 63
677 65 Sept'26
8
6
5912 60
51
5814
5814
59 4 Detroit River Tunnel 4346..1961 MN 9614 Sale 954
3
928 626
674 4 9 4
7
8
9 14
1
8618 Sale 8618
8618
Dul Missabe & Nor gen 513_1941 .1
833 87
4
10312
10312 Oct'28
4
10313 1048
8412 Feb'26
8412 84% Dul & Iron Range 1st 58_ _ A937 AO 10178 10212 1013 Oct'26
0
3
0
1811 : 19 1:
0
-95E2 - -1- 9314 9334 72 9138 9412 Dul Sou Shore & All g 58 1937 J J 8212 83 83 4 83
64 4
2
9952 9972 99% 9978 14 9634 100,
4
9913 9912 East Ry Minn Nor Div 1st 48_'48 AO 903 93
_
9913 Mar'26
4
91 Sept'26
91
9112
927 Sale 9258
8
927
s 53
903 9312 East T Va & Ga Div g 58
1930 J J 100% Sale 1003
8
5 10012 1018
8
1003
8
4
9218 Mar'26
Cons 1st gold 58
914 923
1956 MN 1053 10612 1053 Oct'26
8
4
4
4
100% 1088
10534 106 10538
6 1023 10618 Elgin Joliet & East 1st g 5s 1941 MN 10114 10212 10138 Oct'26
1057
8
8
105 10712 10512 Oct'28
10338 10712 El Paso & S W 1st 5s
1965 AO 1043 -- -- 10512 Oct'26
4
78
79 Sale 783
79
8
7318 79% Erie 1st consol gold 75 ext 1930 MS 10714 10712 10712
6 1021348 1108
411
1
1073
005 4 1 6
4
8 10138 10618
-- 10538 105%
105%
1st cons g 45 prior
1998 J J 8014 Sale 80
7412 801
4
8012 69
247
Sale 68%
691s
Registered
6914
1997 J
644 7078
764 7912 777
6
777
8
8
1st consol gen lien g 48
1996 J J 73 Sale 713
346
4
73
77
84 ;
% 7 4
7 8
Chic Ind & Loulsv—Ref 65_1947 J J 11312
11338 Oct'26
Registered
11078 1133
2
1998• J
_ 68
Oct'28
85
8812
' Refunding gold 58
1947 J J 1034 -- 104
Oct'26
Penn coil trust gold 4s
1951 FA 9713 Sale 9712
101 104
3
9712
9882 95 11
1
_
Refunding 46 Series C
1947 J .1 9038 _ _ _ 9038 Sept'26
79% 903
8
50-year cony 43 series A 1953 AO 7712 Sale 76
7713 71
6714 7712
10
General 55 A
987
8
9812
1966 M N 984 _
B
92
Series
1953 AO 7712 Sale 76
993
4
6714 7712
7712 169
2 10314 1083
107
General 68 B
May 1966 J J 107 Sale 107
Gen cony 48 series D
1953 AO 834 Sale 823
4
4
8312 92
7318 85
Chic Ind & Sou 50
9914 Aug'26
-year 46_1958 J J 8914 92
1955 JJ 111 Sale 1103
Erie & Jersey 1st sf6s
8312 92
8 111
24 104 111
Chic L S & East 1st 4146_1989 J D 9614 - -- 9638 Sept'26
95
Genesee River 1st 5 f 58 1957 JJ 111 Sale 11012
963
8
7 10414 111
111
5414 20
5434 Erie 83 Pitts gu g 3345 B
8
C M & Puget Sd 1st gu 4s___1949 .1 J 5414 Sale 537
1940 22 8814 91
47
89 June'26
10
5414 Sale 5414
US Tr certifs of deposit ______
1940 Si 8814 91
5414
Series C 334s
457 543
8
8
884 Sept'26
8
88 82
6
69
12
22
84
Ch M & St P gen g 45 Ser A_61989 :1--:1 84 Sale 83
1954 MN 90 Sale 883
8138 87
Est RR extl s f 75
542
8
90
8112 90
81 Sept'26
81
81
Registered
@ J
Oct'26
77
2 J 1004 101
General gold 3348 ser B__61.989 J J 74
7014 743 Fla Cent & Penn ist ext g 58_1930
4
733
4
993 Apr'26
8
98 100
8
93
4
1943 2 J 10018 10178 101
9038 95
Gen 43is Series C__May 19893 J 93 Sale 923
Consol gold 58
::
Oct'26
9,5832 16948
59814 02
9114 Apr'26
9114 Florida East Coast 1st 4i3s_1959
D
91
Registered
1
9812
9813
5612 149
56 Sale 5312
1974 M S 987 Sale 98
Gen & ref series A 4 yis_ _62014 A 0
8
4814 5612
1st & ref 55 series A
99
113
97 10012
5614 205
Guar Tr certifs of deposit....... 56 Sale 5314
4714 5614 Fonda Johns & Gloy 454s
1952 MN 594 597 594
5912
8
3
123
55
Gen ref cony ser B 5s__a2014 FA 55 Sale 5214
8
4
4712 5514 Fort St U D Co lat g 450_1941 2 J 923 973 9014 Dee'25
75
54
Guar Tr certifs of deposit_ _ _
_ 54 Sale 52
4
5614 Ft WA DenC lstg 5148
1961 J D 1063 ____ 1063 Sept'26
47
4
103 107
1934 J J 104 Sale 10334 10414 48 102 106
let sec 6s
9812 9814 Oct'28
Ft Worth & Rio Grist g 48 1928 J 2 97
96
983
8
19322 D 5514 Sale 5214
5514 95
Debenture 4348
47
1933 A o 10714 109 10713 Oct'26
553 Frem Elk 23Mo Val 1st 88
4
107 10812
5412 57
55 Sale 523
4
Bankers Tr certifs of deposit
463 55%
4
137
55
1925J D 55 Sale 5212
Debenture 48
45% 5513 GH&SAM&P 1st 58_1931 MN 10012 1003 10012 Oct'26
4
67
55
55 Sale 5214
1.7 8 Mtge & Tr ctfs of dep8
1931 J J 997 10012 100
467 5512
2d extens 5s guar
8
100
2
5518 54
1934 J J 554 Sale 5212
4712 5.514 Galv Hous & Rend 1st Ss__ _1933 AO 9618 963 9614
25-year debenture 46
4
9678
9
543 Sale 5212
4
5412 91
Farm L & Tr cti. of dep—
4
5512 Ga & Ala Ry 1st cons 5s_Oct 1945 J J 973 Sale 973
47
4
98
4
_
9913 June'26
1926 J J
Chic & Mo Riv Di.. •
9812 994 Ga Caro & Nor 1st gu g 5s 1929 J J 9934 10018 993
4
9934
1
7812 7714
777
8 69
Chic & N'weat gen e 3 11
73
1946 AO 7134 72
743 7812 Georgia Midland 1st 35
1987 M N 78
8
Oct'28
7412 July'26
Q F 7414 76
Registered
97 Sept'26
7413 7412 Gr RA I ext 1st gu g 4348_1941 3,
8772 Oct'28
1987 M N 8812
General 43
8538 8912 Grand Trunk of Can deb 78_1940 AO 11514 11512 11518
1153
8 18 1 9 1969 901.93037395360371:1:14 ,248:
111
87 Aug'26
Q F
Registered
10712 27 106% 108930:6252:0879092 1 38:1 21 1:
15-year s 16s
1936 MS 10714 Sale 10718
8614 87
8814 Oct'28
Stpd 4s non-p Fe' n tax '87 M N
8
1936 J J 1133 Sale 11314
85% 894 Great Nor gen 76 series A
1135 164
8
:
8
Gen 430stpd Fedi • 1ax_1987 MN if 2l2 Sale 10213 1027 121 10114 103
11318 Apr'26
J J
Registered
112 1 13
9: 4:
11
11
1073
8 15 103 10838
General 58 stamped... __1987 M N 10732 10712 10714
1st & ref 4345 series A1961 J , 964 Sale 9612
6
963
4
914 9711
Oct'26
79-1929 A 0 103 10312 103
Sinking fund 6s__
8
4 10638 31 102 8 108
10112 10578
General 5 Si s series B
1952 J J 1065 Sale 1053
,
1023 Sept'26
4
Registered
A 0
1017 Sale 1014
8
1023 1033
102
General 58 series C
1973
4
36
4
101
79-1929 A 0 101
101
Sinking fund Es__.
931 171
10012 10318
General 4345 series D
1976.2' 9314 Sale 9214
Oct'26
-12
79-1929 A 0 101 1101 101
84
Registered
Oct'26
10012 101
Green Bay & West deb ctfs A.__ _ Feb 83
9 100 1017
10112
Sinking fund deb 58
1933 M N 10114 10112 10114
223
8 21
Feb 2218 2234 22
Debentures ctfs B
8
10114 Aug'26
: 9114 July'26
Registered
MN
10114 10114 Greenbrier Ry 1st gu 48____1940 MN 9118
9 10612 10818 Gulf Mob & Nor 1st 5,4,5—A950 AO 104 4
10714
1930 J D 10612 Sale 10612
1043
8 10438 10
10
-year secured 7sg
,
8 10614
11114 11412 Gulf A S I 1st ref & tar g 58 _91952 J J 1057 812A- 1057
15
-year secured 83413 g___ _1936 M S 11112 112 11112 Oct'26
8 -9
9 10881 138 117 2
0873 2 985
61114
1023
8 37
May 2037J D 101 10212 102
lat 23 ref g 5s
9% 10414
9
87
4
4
96 4
,
Chic R I & P—Railway gen 481988 J J 863 864 863
9614 15
Hocking Val 1st cons g 4348_19995' 9614
85
88
9138 971k
90 May'26
847 Oct'26
8
J
J
Registered
1999 J J 933
4
Registered
8.33 8512
4
90
90
471
92
98
1934 A 0 92 Sale 9114
Refunding gold 4s
1937 MN 9714 - '- 9714 Oct'26
Housatonic Ry cons g 5s
8712 92
893 Aug'26
8
10014
A 0
5 1003' 1061
10014
Registered
1937 J J 1004
8814 9013 H & T C 1st g int guar
66
621
1013 Mar'26
4
4
1930 MN 1013
W 1st 6s
Waco
1018 10184
4
9912 4 8634 9012 Houston& N A Term 1st 5s_1937 J J 9838
9914 Oct'26
Ch St I- N 0 Mem Div 48_1951 3 D 8914 Sale 8914
Belt
19811: 198112
0 2 1)
920
0
0
Oct'28
5
10014
St L & P 1st cons g 58____1932 A 0 101 102 101
101 102
Houston E & W Terlst g 58_1933 MN 10018 -- 10014
7 10278 10412
8
8
100, Aug'26
8
4
Chic St P M & 0 cons 6s___1930 J D 1033 1037 10338 1033
1933 MN 10018
1st guar 58 red
100 10112
944 Sept'26
9714 161
Cons 65 reduced to 3.346_ _1930 J D 9414 95
941s 95
Hud & Manhat 55 series A1957 FA 9714 Sale 9612
9914 994 Oct'26
97
Apr'26
1930 M S 99
Debenture 55
9814 101
FA
Registered
97
97
Oct'28
99 10018 99
Stamped
813 117
4
9812 10014
Adjustment Income 55 Feb 1957 AO 804 Sale 81
754 8312
127
91
Chic T H&SoEast 1st 5s__1960 J D 91 Sale 9012
77
92
93
933 Oct'26
4
8414 78
Dec 1 1980 M S 8414 Sale 834
Incguss
763 853 Illinois Central 1st gold 4s1951 J
8
4
973
4 41
1951 ▪ 2 91189214 93 Mar'26 -Chic Un Sta'n 1st gu 4345 A_1963 J D 9718 Sale 974
9418 98
Registered
9111 93
3
9 1j
7
91 Sept'26
10512 36 101 1057
1963J J 10514 Sale 105
1951 22 8612
1st 58 series 13
8
1st gold 3545
8314 91
8
1944 J D 10138 1017 10114
1013
Guaranteed g 5s
4
4 26 100 103
J J 84 16- 823 Jan'25
Registered
2 11578 11914
118 Sale 118
118
1983 J
87 Sept'26
,
1st 8 1, s series C
Extended 1st gold 33-4s.. _1951 AO 8412 87
-i378 W4
4
71
1951 MS 673 73
Chic & West Ind gen g 6s__p1932 Q M 10534 106 1053 Sept'26
Feb'26
1st gold 35 sterling
9912 10612
71
71
4
9012 90'4
883 145
4
-year 48
1952 J J 863 Sale 86
81
Como! 50
Collateral trust gold 48_ ._1952 AO 90
9014
8714
8812 92
1962M S 104 Sale 10338 10412 44 10012 105
A0 8414 _ _ _ 803 Nov'25
1st ref 5546 ser A
4
Registered
_ 10238 104
8
1952 M N 1033 10514 10312 Oct'26
1955 M N 9314 Sale 923
Choc Okla & Gulf cons 5s
4
9314
1st refunding 4s
9
8312 82
974 Oct'26
1937 2 J 9718
1952J J 82
Cin H & D 2d gold 4348
96
Oct'28
Purchased lines 33
-is
983
4
-813 - 11136i8 814
8
2
9512 Oct'26
2i 794
8412 July'25 ____
93
9512
CI St LAC Mg 48_ _Aug 1938 Q F 954
Registered
9314 July'26
8
Aug 1936 Q F 9418
Registered
Collateral trust gold 45_1953 MN 873 Sale 8718
9314 9314
873
4 27
85 19 4
-13
903
4
91
1942 M N 9012
Si N 8512
8512 Oct'26
ClnLeb&Norgu4sg
Registered
8912 91
85'I
8
1928 J J 10012 ____ 10012 Oct'28
N 1063 10714 106
1955
100 10112
Cin S & CI cons 1st g 5s
106
Refunding 55
2 105 10511
88
1934 J J 10212 Sale 10214
103
15-year secured 5538
36 1013 104
4
9
86%
112,8 Sale 112
8812
Ch & St L gen 48_1993 J D
1936 2J
85
8812
Cleve CM
11218 16 11118 1135
15-year secured 634s g
4
99% 10
413
1931 2 J 9914
- 99%
-year deb 4,
927 927 July'26 8
1950 J O 90
9714 995
8
s
20
Cairo Bridge gold 4s
903 927
8
4
8
_
102 Aug'26
1993 .1 D 1027 _
102 10418
General 53 Series 11
Litchfield Div 1st gold 35_1051 J J 7518 7612 7514
7514
3
74
7814
24 10134 1037
8
103
1 10278 Sale 10278
1929 J
8314 83
Ref & impt 6s series A
Loulsv Div & Term g 3348_1953 J J 82
Oct'26
4
803 83
19412 J 10612 10712 1074 Oct'26
81
105 108
8214 81 18 Aug'26
J
Registered
68 series C
7733% 77212
12
7838 859
1023
1963J J 10234 Sale 102
4 91
7512 73
9934 1033
Omaha Div ist gold 38_ ___1951 FA 75
4
51) series•D
75
1
8
Oct'26
_ 1939
75, 7612 75
9312
Cairo Div 1st gold 4s._ i939 J J 9212 933 92
8
91
St Louis Div & Term g 38_1951 J J
Oct'26 Oct'26
853 85
4
1951 J J 8418 8434 8412 Oct'26
813 857
Gold 3148
4
s
Cin W & M D1V 1st g 48_1991 J J 85
814 8714
7
8
8
8814
8
8212 84,
Springfield Div 1st g 3I48- 1951 22 837 ____ 84 Sept'26
St L Div 1st coil tr g g 45-1990 MN 873 Sale 873
8212 85
___ 8314 Feb'26
M N 843
1951 FA 8912
Western Lines 1st g 48
834 8314
Registered
9018 Oct'26
891 9012
4
49112 Oct'26
1951 FA
89
9112
Registered
84 Aug'25
Col Div tat g 48.„1940 M S 904 93
Spr &
___ 8112 May'26
8112 00
III Central & Chic St L & N 0—
W W Val Div 1st g 46____1940 J J 901
210418 1073
Joint 1st ref 58 series A....1983 J O 10218 Sale 102
4
1023
8 12
9912 10312
C CC & I gen con8 g 6s_ _1934 J J 10414 107 10418 Sept'26
10114 Sept'26
10.14 1023
1951 JO 10414 10712 10414 Sept'28
_4
Gold 5s
Cloy [or & W con 1st g 58__1933 A 0 10118
10314 10512
-- _ 9953 Scpt'26
J D
,
,
Registered
99 8 99 8
10214 Apr'26
Cleve & Mahon Val g 58— _ _1938 J J 991
10214 10214
2- 4
1051 ii) 795 ___ 7512 Feb'26
1935 M N 9814 993 9818 Oct'26
8
963 984
8
Gold 3345
g 4Sis
CI & Mar 1st gu
7813 7813
994 Aug'26
8
9918 9918 Ind Bloom & West 1st ext 48_1940 AO 913
91 Sept'26
Cleve & P gen gu 4%8 ser B_1942 A 0
9213 9233
0112 Mar'26
.1 9112
1950 .1
1942 J J
10112 10112 Ind III & Iowa 1st g 45
2
904
913
4
S ries 4545
4
893 92
413_ 1956 i2 82
1948 M N 8512 ____ 8514 Oct'26
8312 86
85
Ind & Louisville 1st gu
8312 Oct'28 ---Series C 3345
7938 8412
_ 8438 Sept'26
8
843 8512 Ind Union Ry gen 55 ser A 1965 J J 102
1950 F A 841,
10214
10214
Series I) 310
4 19038 104
0614 9938 9913 5 9734 10112 Gen & ref 55 series B
1965 J J 10138
10212 Sept'26 ---- 10078 10312
gu 434s_1961 A 0 9912 1Cleve Shor Line let
7 10512 1(483 Int & Grt Nor I st fis ser A _ _1952 J
1073
4
106 Sale 1047
8
1972 A 0 10734 Sale 07
8 10612 33 103 10812
Cleve Union Term 534s
1033
8
8 34 10034 1043
7914 Sale 783
Adjustment 65 ser A July 1952 Aprl
1973 A 0 1033 Sale 103
4
4
1st a f 5s aer B
66
793 117
4
83
8
773 Sale 77%
Aprl
4
Stamped
863 883
4
J D 8812 -- 883 July'26
8
1945
8
7734
Coal River Ry 1st gu 4s
6914 We
5
9912
9814 99 2 lot Rys Cent Amer 1st 53.._ _1972 MN 7614 767 7614
9812 -- 9912
7612
8
,
4
7614 81
Colorado A South, 1st g 4s_ _1929 F A
56
97
8
1941 MN 9512 Sale 95
9538 9712
8
1st coil tr 6% notes
41'33_1935 M N 963 Sale 963
9412 98
Refunding & eaten
0512 14
8718 9212 Iowa Central 1st gold 55_ _ 1938 J D 55
56
58
1948 A 0 8918 9212 90 Aug'26
Col & 11 V Ist ext g 48
3
56
65111
56
8718 90
-- 8918 Aug'26
5512 5512
Certificates of deposit
1955 F A
13
5512 65
Col & To! 1st ext 4s
57
853 Sept'26
4
88
1951 MS 17
81
8912- 78
Refunding gold 43
853
1718 17
4
Conn & Paasum Riv 181 48_1943 A 0
4634 2318
Oct'26
3
9312 Sale 9312
9312
7513 9.312 James Frank & Clear 1s1 43A959 J D 8918 9114 90
Consol Ry deb 43
1930 F
Oct'26 ---8838 903
Oct'28
73
73
654 73
Non-cony 4s •
1954 J J 72
1938 J J 10212
70
KaA&GRIstgug 58
70
-- 70 Sept'26
Registered
J D
Apr'26 ---- 101 101
- 101
1
72
1990 AO 837 87
6513 75
8
Kan & M ist gu g 4s
72 Sale 72
87
Non-cony debenture 46_ __195,5 J J
84
83
Oct'26 ---2
72
72
8
1927 ii 997 Sale 994
6.512 74
73
9972 1004
2d 20
-year 55
72
Non-,en, 1. bonlure 4s...1956 J J
9
997
8
Oct'26
1928 MN 10138 102 10112 10218
883 9(312 EC Ft SAM cons g 6s
4
Cubs RR 1st 50
9 10018 103%
-year 58 g___1952 J 2 9412 9512 96
3 105 110
107
K C Ft S 23 M Ry ref g 4s1936 AO 9212 Sale 92
1st ref 7148
1936J D 107 Sale 107
8918 93
9214 45
4
9712 11)0
__
983 10234 .
KCAMR&B 1st gu 53_1929 AO 9914 997 997 Oct'28
9912
8
lat lien & ref 65 ser B
8
1936,1 D 9912 Sale 994
4
97 12 42
76
9214 983 Kansas City Sou let gold 38_050 A0 7318 Sale 72
72
4
Cuba Northern Ry 1st 6s
1966 .1 J 97 Sale 97
7
7318
Apr 1950 J J 98% Sale 9812
Ref & impt 58
93e3 99111
983
4 90
Charleston & Savannah 58__1938 J J
Choi A Ohio fund & impt ta_1929 J J
1939 M N
1st consol gold 58
Registered
1939 M N
Gen,ral gold 4.548
1992 M S
Registered
1992 M S
20
-year cony 434s
1930 F A
Craig Valley 1st g 55
1946 J J
Potts Creek Branch 1st 45_1946 J J
R Sz A Div 1st con g 48
1989 J J
2d consol gold 48
1989 J J
Warm Springs V 1st g 5s_ _1941 M S
Chic & Alton RR ref g 38...1949 A 0
Ctf dep stud Apr 1926 int__
Railway first lien 3As__1950
Cite dep Jan '23 & sub coup
Chic Burl & Q
--Ill Div 3348_1949 J J
J
Registered
Illinois Division 45
1949 J J
Nebraska Extension 48_ _1927 M N
Registered
M N
General 48
1958 M S
Registered
M S
1st & ref 5s serles A
1971 F A
Chicago & East 111 let 6s
1934 A 0
C & Ill Ry (new co) gen 58_1951 MN
Chic & Erie 1st gold 58
1982 M N
Chicago Great West 1st 48..1959 M S
a Due Jan. h Duo Feb. •Due May. p Due Deo. a Option sale
2241
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 29.
Price
Friday,
Oct .29.
Week's
Range or
Last Sale
44
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 29.
Price
Friday.
Oct. 29.
Week's
Ranpe or
Last Sale
Ran.,
Sines
Jan, 1
High
Ask Low
Bid
Hith N • Lew
High
High No. Low
Ask Low
Bid
85
4
883 N Y Central& Hudson River—
4
874 130
8
Kansas City Term 1st 4a___1960 ii 875 Sale 863
764 8112
1997J J 80 Bale 7912
8
3
80
ortgager335
MRegine ed s
92
86
ii 87
Oct'26
92
90
Kentucky Central gold 4a__1987
12 804
75
4
783 Oct'26
1997 J J
9112
81
8712 Oct'26
Kentucky & Ind Term 4355_1961 J J 8214 86
,
9638 10
94 4 96 I
8
,
1934 M N 96
9612 953
Debenture gold 48
854 8812
8
8812 Sept'26
1961 ii 873 88
Stamped
9414 9414
9434 Sept'2
M N
Registered
103
100
10134 Oct'26
8
Lake Erie & West let g 58 1937 J J 1017
924 97
9414 15
8
1942J J 9412 Sale 935
-year debenture 48
30
9838 101
4
8
1941 J J 995 993 9938 Oct'26
20 gob 08
93 Feb'25 -Registered
1
78% 82
794
7914
1997 J D 7912 81
Lake Shore gold 335s
7
75 8 80
78
8
17
Lake Shore coil gold 3355_1998 F A 78 Sale 773
80
77
7712 Sept'26
1997 J D
Registered
78
76
Oct' -.76
1998 F A
Registered
98% 9912
4 41
983
8
8
985 9178 983
1928 NI
gold 48
Debenture
84
78
8018 Oct'26 -7914 80
Mich Cent colt gold 3355 1998 F A
19
MN 973 Sale 9714
9614 974
9712
8
1931
-year gold 48
25
80
77
3
78 4 Sept'2
1998 F A
Registered
96 Dec'25
1931 MN
Registered
964 13
954
92% 9514
1937 A 0 9518 96
8
10414 12 102 1045 N Y Cblc & Bt L 1st g 4s
Lab Val Harbor Term 59_ _ _1954 FA 1044 Sale 104
8
945
92
5
94 8 July'26 -1937 A 0
Registered
99
90
4
-1940 J J 9812 983 9818 Oct'26
Leh Val N Y lat gu 13 4358
4
2
935 973
3
96 4 35
4
1931 M N 963 Sale 9614
25-year debenture 48
8258 8712
3
8612
Lehigh Val (Pa) cons g 48_2003 MN 8612 Sale 8612
1044 114 10212 105
1931 M N 10312 Sale 10314
2d 6s series A B C
83
80
MN
8012 May'26
Registered
12
10414 81
98 10412
Refunding 5359 series A 1974 A 0 104 Bale 103
99
92
19
9614
2003 MN 95% Sale 9514
General cons 4355
984 105
8
Refunding 535a series B 1975 J J 1037 Sale 10312 10378 48
4
4
4 13 1003 1053
8
8 1033
Lehigh Val RR gen 55 series_2003 MN 1035 Sale 1033
9614
11
6412
92
2
961
8
N Y Connect 1st gu 435s A 1953 F A 955 96
102 105
Oct'26
8
Leh V Term Ry Ist gu 58_1941 AO 1025 ____ 105
1004 104
Oct'26
1953 F A 10212 103 102
1st guar 58 series 13
85
8
905
8
897 893 Sept'26
4
Leh & N Y lst guar gold 48_.1945 MS 88
8918 915
4
9154 Oct'26 ---N Y & Erie 1st ext gold 48 1947 M N
1 10512 110
AO 1075 11014 108
108
8
Lea & Emit let 50-yr 58 g11-1965
93
98
98 Sept'26 -1933M
3d ext gold 4358
8
845 8712
8612 Oct'26
88
1952 MN 86
Little Miami 45
10012 10011
8
1005 Mar'26
1930 A 0 10018
4th ext gold 58
1 109 1093
4
Oct'26
109
1935 AO 109
Long Dock consol g 68
12 99
98
1928 J D 9814 994 99 Mar'26 -.5th ext gold 45
10018 101
Oct'26
4
8
Long Did 1st con gold 58Juli 1931 Q J 1003 ____ 1007
9918
94
12
1946 M N 994 99 9918 Oct'26 -9412 9712 N Y & Greenw L gu g 55
9712 Aug'26
let consol gold 48____July1931 Q J
794 79 1
1
7
3
N Y & Harlem gold 335s_2000 MN 79 8 ____ 79 8 Oct'26 - - 90% 93
4
1938 J D 913 ____ 92 Aug'26
General gold 45
97
97
J D 9414 ____ 97 July'26
1932
Gold 45
80 July'25 -8
843 91% N Y Lack & W let & ref 58_1973 MN
1949 M
8812 894 8812 Oct'26
Unified gold 45
_ 101 Oct'26 - 554 Wi1973 M N 10518
First & ref 4358
97% 994
8
8
1934 J D 9912 997 997 Oct'26
Debenture gold 58
NYLE&W1st7sexL,,,.1930MS 10112 102 10618 July'26 - - lms 10614
1
94 100
1937 MN 9714 98
9712
-year p m deb 5s
20
9712
4 14 10054 10112
4
1932 F A 1003 Sale 1003
4 1003
90% N Y & Jersey 1st 5s
85
28
8
887 874
884
88
Guar refunding 99id 4s ..1949 M
90%
90
904 Oct'26
4 92
4
99% 1003 NY & Long Branch gen g 481941 M S 90
99 100 100 Sept'26
Nor Sh 13 1st con g gu 68_01232 Q
9158
88
Term 48_1939 A 0 90_ 9158 Oct'26
NY&NEBost
994 101
10018 10018 10018
1004
1927 M
Louisiana & Ark 1st g 58
ii 73
704 7712
Oct'26
75 1947 M
6
8
865 9012 NYNH &H n-c deb 49
90
88
9014
&Jeff Bdge Co ell g 48_1945 MS 86
Lou
_
60 June'25
M
Registered
1 10212 1053
4
8
Louisville & Nashville 56_1937 MN 1033 104 10312 10312
70 Aug'26 -aft 76
s
677 73
Non-cony debenture 3358_1947 M
9314 9578
1940 J
95% 14
Unified gold 48
9514 9514 954
8
65¼
61% 68
Non-cony debenture 3358_1954 A 0 6512 Bale 6512
4 100% 104
10114
trust gold 58...1931 MN 10114 Sale 101
Collateral
_
Oct'26
73
1
66 4 7514
Non-cony debenture 45__.1955 J J 73 _
55 10614 108
10512 106
1930 MN 10512 Sale .
-year secured 78
10
4 18
733
8
675 75
8
Non-cony debenture 4s__ A956 M N 735 Bale 73
4 1053 11014
8
8
8
s 1073
181 refund 5350 series A.2003 AO 1075 Sale 1075
74
2
6.64
5
65 8
61
1956 J J 6512 67
Cony debenture 3355
10314 10814
AO 1003 10612 1053 Oct'26
4
4
2003
1st & ref 56 series B
3
4
973 1054
8
1948 .1 J 1053 Sale 103 8 10518 114
Cony debenture 65
96 10014
8
9914 17
1st & ref 435s series C_2003 AO 9914 Sale 987
4
102
96 102
102
_
J J
Registered
104 107
4
1930 J J 1033 10412 10414 Sept'26
M 1st gold 6s
N 0&
291
9612 102
4 102
1940 A 0 102 gale 1003
Collateral trust 68
10312 104
2d gold Gs
1930 J J 10312 10412 10334 Oct'26
49
70
70
68
1957 M N 70 Sale 6654
Debenture 48
913 9212
8
92 Sept'26
93
Paducah & Mem Div 4s 1946 FA 92
_
844 894
8
8912 887 Oct'26
Harlem It & Pt Ches let 481954 M N 89
6512 68
Louis Div 2d gold 3s..1980 MS 6718 ____ 6712Oct'26
St
2
105 1001
4
55—.1927 A 0 10014 1003 0014 Oct'26
4
983 99% NY & Northern 1st g
____ 9838 Aug'26
100
Mob & Monte lot g 435s_ _1945
14
74
74 Sale 7312
6784 76
NYO&W ref lst g 4s_June 1992 M
8518 89
7
8
873
4
South Ry Joint Monon 48_1952 J J 863 8814 87
2
6812
6213 71
1955 J D 68 Sale 6812
General 4s
1
9014 9312
9218
Atl Knoxv & Cin Div 45 1955 MN 9218 Sale 9218
_ 8612 Apr'25 -N Y Providence & Boston 45.1942 A 0
9914 100
Lousy Chi & Lex Div g 4355'32 MN
994 10014 9912 Oct'26
1 -561 147 2
8718
-1.
2
8712 89 s
4
1013 1014 NY & Putnam let con gu 48 1993 A 0 88- 5 8712
4
Mahon Coal RR 1st 58
1934 J J 10178 ____ 1013 Mar'26
Oct'26 -- 100 10014
4 _ 100
1927 MS 993
N Y & R 13 1st gold 58
6012 87
8
647 Oct'26
Manila RR (South Lines) 45.1939 M N 6512 66
4
3
4
853
771e 897
8.634 85 4
3
6212 7615 N Y Busq & West 1st ref 58_1937 J J 8412 7114 Sept'26
1959 M N
1st 4a
71 14 72
73
64
6912 7118 Oct'26
1937 F A 68
2d gold 4358
100 101
Oct'26
Manitoba Colonization IA _1934 J D 100 10012 100
7412
63
8
_
19403' A _75 685 Oct'26
General gold 58
85 85
3s..l941J J
8318 ___ 85 Apr'26
M800B&NWlst3V
974 99
1943 M N 55 Ica% 99 July'26 - 1 1007 102
8
Terminal 1st gold 58
1013
4
8
Mich Cent Det & Bay City 59.'31 M 8 101 1017 1013
8 16
773
3
69 8 781
2
8
775 Sale 76
8
N Y W'ches & B 1st tier I 4358'46 J
995 101
M S
Registered
101 June'26
9258 95%
8
955 July'26
Mich Air Line 48
1
1940 . J
8812 292
774 8812
1950 A0 88 Bale 86
80% Nord Ry ext'l s f 6355
79
79 Mar'26
M
& 13 lat gold 3358
1951
4
JL
833
4
773 90
4 19
873
4
83
2
8512 Norfolk South lot & ref A 55_1961 FA 873 Sale 8712
.5s
85
1952 M N
85
96
1st gold 31
85
98 101
Oct'26
8
5
93 8 987 Norfolk & South let gold 55_1941 MN 8714 874 100
20
-year debenture 4.8
1929 A 0 9818 ____ 984 Oct'26
1054 1094
9012 96
Norfolk & Wet gen gold 65_1931 MN 105 10612 108 6ept'26
0 9414 96
9812 Oct'26
1940 A
Mid of N J 1st ext 58
4
_ _ _ 1083 Oct'26 -- 10f112 110
Improvement & ext 6s._.1934 FA 1085
10018 10158
Milw L & West Imp g 55..1226 F A 10014 10112 10012 Oct'26
8
3 1084 10715
1064
8
81932 AO 1067 10714 1067
New River 1st gold
9514 9618 9412 Dec'25
MB & Nor let ext 435a(blue)1934 .1 D
9
92%
1
901g 93 4
1996 A0 9214 Sale 92
N & W Ry lst cons g 4s
-534 - -142
Conti ext 4 1-45 (brown)-- -1934 1 D 9514 9612 9912 Oct'26
8
9212
__ 9012 905 Oct'26 -89
1996 A0
Registered
93
89
Mil Spar & N W 1st Ertl 4s__ _1947 I51 8 9118 92
8
915 Oct'26
8
8
925 927 925 Oct'26
8
8
907 9412
Div'l let lien & gen g 48.1944 J
8
List gu 3355_1941 J J 8312 ____ 813 Dec'25
Mllw & State
10 138 167
197
167
1929 NI 5
10-yr cony. 9.
9
93
8
93
8
91
Pocah C & C joint 4s_ 1941 J o 927 Sale 927
4
Minn & St Louis let 7s
1927 J D 973 100 103 Nov'25
1044 Aug'26 -- 10012 10412
64
MN 57
North Cent gen & ref 55 A1974 MS 10414
57
1
58
57
57
1st consol gold 58
1934
9314 Oct'26 -9714
88
MN
633 North Ohio 1st guar g 55-- 1945 * 0 9314 94
56
_
4
56
57
Oct'26
57
Temp ctfs of deposit
864 91
9018 Sale 8944
9054 31
1997 Q
North Pacific prior lien 45
23
18
1812 20
Oct'26
18
let & refunding gold 411_ _1949 M
12
89
89
86
1997 Q J 89 Bale 89
Registered
8
123 1614
8
15
14
14
Ref & ext 50-yr 58 ser A__1962 Q F 13
34
66
8
614 66
a2047 Q F 66 Sale 653
General lien gold 38
let guar g 7s
1927 J D 99 102 102 Sept'25
84
64
60
8
a2047 Q F 655 66
Registered
8
J
857 914
8712 Sale 8718
28
M St P & S B M eon g 48 Int gu'38
4
873
6412 25
9412 Sale 94
9512
87
Ref & impt 4358 series A2047 J
7
9712 993
4
4
1st cons te
4
973
1938 J J 9712 Sale 973
11238 Apr'25 ---J J 8818
Registered
4
18
9712 993
8
975 Sale 9712
98
1st cons 58 gu as to int_
1938 J
4
1123 198 joirg
M
Ref & impt 65 series B____2047 J J 1124 Bale 112
10212 Sale 1023
8 36 101% 10
8 1025
6
-year coil trust 6355
10
1931
4
/
.11014 Mar'26
not4 no1
J
8
Registered
6 10038 1035
10314
1st & ref 135 series A
1946 ii 10314 Sale 103
2
102
984 104
Ref & Inapt 58 series C __2047 J J 102 103 102
47
8
92
885 9712
1949 MS 92 Sale 90
25
-year 5155
5 26
8
9814 10314
D _ _2047 ..t j 1025 Sale 10134 1025
93
Ref & Impt 58 series
93
93 Mar'26
1st Chicago Terms f 45
1941 MN 9318
4
3
93 10112 Nor Pac Term Co let g 613_1933 ii 109 4 11014 11014 Oct'26 -- 1093 11014
9412 _ _
10112 Oct'26
.1949 J
Mississippi Central 1st 68.
4
8
1938 A0 1037 105 1043 May'26 -- 10112 10514
8612 16
4
8
845 873 Nor of Calif guar g 58
Mo Kan & Tex-1st gold 45_1990 in 8612 Bale 8612
8
10212 1034
1930 j J 10212 ---- 1025 Oct'26
9914 103
126
North Wisconsin let 68
102
Mo-K-T RR—Pr 158 ser A 1962 J J 102 Sale 101
8012 8612
8.534 8514
4 20
853
1962 1 J 85
-year 48 series B
40
5
7958
82
794 81
7954
73
6 102% 10414 Og & L Cham 1st gu 413 g_1948 j
103
4
1932 J J 103 Sale 1023
-year 65 series C
10
4
903 Dec'25
9214
500
9012 953 Ohio Connecting Ry 1st 48_1943 NI
4
94
8
Cum adjust 58 ser A Jan_1967 AO 94 Sale 937
2
•36i 10254
- 12
1936 JD 10138 102 10158 Oct'26
Ohio River RR let g 58
Missouri Pacific (reorg Co)
101101 1024
1937 AO 10012 10114 102 June'26
General gold 58
108
8914 100
98
8
181 & refunding 55 ser A 1965 FA 98 Bale 975
10118 15 100 1014
100 Sale 100
Oregon & Cal 1st guar g 5s 1927 J
4 10612 86 10154 107
1st & refunding Os ser D 1949 FA 10614 Sale 1055
4
92
9214 92
8914 92%
MN 1055 Sale 1057
82 10154 10714 Oregon RR & Nay con g 45_1946• D 92
8
1065
8
8
let & refund 65 ser E int_1955
8 10434 108
106 110 106
1064
7412 Ore Shore Line 1st COLIS g 55_1946 J
65
7312 279
8
General 48
1975 MS 7314 Sale 723
106 1084 10614 Oct'26
10512 108
1946
Guar cons 55
1
93
88
93
Mo Pao 3d 78 ext at 4%...,.1938 MN 93 Bale 93
9818 Sale 98
9818 35
1
9872 987
1929
Guar refunding 45
8718 67
8
87 Sale 863
834 88
1961
Oregon-Wash 1st & ref 45
99 Sept'25
1945 J J 10018
Mob & Bit prior lien g 58
8
8
935 Sale 935
93% 12
e
911 96
ii 8412 853 8412
6
4 9 8
8412
613 -- 7- Pacific Coast Co 1st g 58_ _1946
Mortgage gold 45
4
1945
6
4
4
933
4
4
A 933 943 933
4
9112 9
4
785 87
Pac RR of Mo let extl g 45 1938
Small
4
784 Sept'26
1945 J J 943
1014
10112 Oct'26
100 10112
2 1007 103%
2d extended gold 5s_-_&_1938
8
10118
Mobile & Ohio new gold 68..1927 J o 10512 1053 10118
4
9754 Oct'26
9614 984
9714
2 10012 10614 Paducah dr Ills 1st e f 4 355...1955
1st extended gold 65..3 uly1927 Q J 10012 101 10012 10012
314
83
7312 83
1958 FA 8212 sale 8054
90
9212 Oct'26
9212 Paris-Lyons-Med RR 6s_
General gold 45
1938 MS 9212
202
93
93
82
3
Sinking fund external 7s_..1958 MS 9214 Sale 91
98 4 101
Oct'26
99
8
Montgomery Div let g 58_1947 FA 987 100
914
9114 Sale 891g
4
/
911 298
82
1954 NI
7
100
9912 10012 Paris-Orleans RR s f 75
100
St Louis Division 58
1927 J D 100
5 1005 1034
101% Sale 10214
8
10214
1942 M
87
8
985 Paulista Railway 78
4
Mob & Mar 1st gu gold 45..1991 MS 9012 903- 903 Oct'26
4
___ 9314 Aug'26
5
934 947
8
1095 11212 Pennsylvania RR eons g4s 1943 MN 945
Mort C 1st gu g 6s
1937 ii 11118 11212 11112 Oct'26
9334 Oct'26
9118 99 4
43
N 9334 95
10914 10914
1948
J J
1091 i Oct'26
Registered
Consol gold 48
4
9114 984
10112 10278
J J 10318 10312 10914 Oct'26
45 Inert !nod dollar_May 1 1948 MN 9354 941 933 Oct'26
1st guar gold 5s
1937
13
4
4 10114
8
973 1015
8
1960 FA 1004 Sale 1003
4
773 815
Consolidated 4358
Morris & Essex let eu 3353_2000 J
7812 80 10214 July'26
8 88
983
944 9918
8
General 4358 series A .._ _ _ 1905 J D 9812 Sale 9818
8 10012 16 10012 1015
Nashv Chatt & St L let 58 1928 AO 10012 10112 1003
106% 48 1024 1064
• A 101% 10312 10318 Aug'26
1988 J D 10614 Sale 10614
4
1013 1031s
General 58 series B
1937
N Fla & B Ist gu g 5a
1
/
10712 38 1064 10812
1930 AO 10714 Sale 10718
30 Sept'25
10-year secured 75
Nat Ry of Mex pr lien 4 1 59_ _1957 ii
.
1124 42 11112 11313
Apr'25
19
1936 FA 112 Bale 11134
-year secured 6358
15
July 1914 coupon on
1 1114 1124
11114
11114
11118
22
2212
FA
15
17 Sale 17
4
Registered
173
Assent cash war rct No 3 on
185
,
9812 10212
8
1964 SIN 1017 Sale 10112 101%
40
8712 Aug'25
-year gold 58
-year s f 48
Guar 70
1977 AO
87
Oct'26
87
87
3
2 15
--- Pa Co PI 3 355 coll tr A reg-1937 M
A
2318 Sept'26
April 1914 coupon off
85
83
8514 Oct'26
Oct'26
1812 2112 23
4
173 27
Guar 335s coil trust ser B_1941 FA
Assent cash war rct No 3 on
8412
84
8412 Aug'26
3812 July 25
Guar 3
1942 J o
trust ctfs C
Nat RR Mex prior lien 4%8_1926 ii
8313
82
8
8412835 June'26
8418 85
J J
23
23 June'26
23
1944 J o
Guar 3358 trust etra D
July 1914 coupon on
9612 974
8
15
28
2712
2714 3512
Guar 15 -year gold 4s_,1931 * 0 975 974 9712 Oct'26
-25
Assent cash war rct No 3 on.
8611 8914
8
887 8814 Oct'26
28 Apr'25
Guar 45 series E
1952 MN 88
consol 45
1951 AO
let
1812 June'26
AO
18I 21
April 1914 coupon on
1
7912 8713
85
1514 30
1518
8512 85
13
20% Peoria & Eastern lat cons 45_1940 * 0 84
Assent cash war rct No 3 on
35
Oct'26
42
Income 40
1990 Apr. 4014 404 40
10014 104
Oct'26
9514 10018 Peoria & Pekin Un 1st 5155_1974 A0 101 10112 10112
1945 J J 9718 101 10118 July'26
New England cons 55
4 21 101 1g 1044
1033
87
81
Pere Marquette 1st ser A 58_1956 J J 10318 Sale 103
1945 ii 8618 ____ 8614 Sept'26
Cense'45
8Sag 887
8814 18
2
8
843 8514
1st 48 series B
1956 J J 8814 Sale 874
1986 FA 8412 ____ 8438 Sept'26
J June RR guar Ist 4s
5
4
945
9312 114114
6
8
924 975 Phlla Halt & Wash let g 415._1943 MN 9418 9514 9434
4
953
NO& NE lar ref&imp 4%5 A'52• J 958 Sale 95%
10612 1114
4
8814 17
84
8814
4
General 55 series B
1974 FA 109 1103 10918 Oct'26
1st 45_1953 J J 8814 Sale 863
New Orleans Term
21
42
6
404 45
8
AO 1003 Sale 997
9614 10034 Philippine Ry 1st 30-yr s f 4s 1937 J J 42 Sale 4112
4
1003
8
N0Texas & Mex n-e Inc 58_1935 AO 100 Sale 10014
10514 Mar'25
8 78
1007
96 10078 Pine Creek registered 6s
1932 .1 D 10538
1954
1st 5sseries B
Oct'26
4 9914 99
10518 17 10218 10512 PCC&StLeu4 .58 A
557
— 2 11104
AO 105 Sale 105
1
1940 * 0 973 1954
1st 515s series A
4
99
99
4
Oct'26
97
964 994
Series II 4358 guar
9412 97
1942 AO 973 99
1 96% 98
N & C Bdge gen guar 4355..1945 J 0 1003 10114 1003 Oct'26
9812 Aug'26
4
1
/ 9812
97
4
Series C 4 qs guar
1942 MN
4
4
993 102
'acting 55_1935 A
NY13 &MB
Oct'26
94
10712
9 104% 109
9311 98
Series D 45 guar
108 107
1945 MN
NY Cent rtit cony deb 68-1935 M N 107
944 Aug'26
_
10612 May'26
Series E 335s guar gold_1949 FA 947
10612 10612
924 944
M N
Ng Registered
9518 Aug'26
889
14
Series F 45 guar gold
1953 J o 9412 95
FA 89
8912 8812
4
855 9014
.9554
927
1998
Consol 45 series A
9412 Oct'26
4
9712 34
Series CI 48 guar
9214 9712
AO
Sale 96%
1957 MN 933 ____
93
95%
Ref & kept 4358'A"..2013 AO 9712 Sale 10418
1054 139 10118 10554
4
1043
Ref &!mot 58 series C----2013
2 1034 10378
1033
4
4 1033
AO
Registered
o Due Oct.
•Due Jan. d Due April. p Due Dos.
s Option ale
2242
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 29.
New York Bond
Price
Friday.
Oct. 29.
e.
Bid
Pltta Cm n Chic & St L (Concluded)
Series II 43
1960 F A
F
Series 1 cons guar 4 413_
1964 m N
Series J 4 . s
General M 58 aeries A____1970 J
Registered
J
Gen mtge 53 series 13
1975 A D
O
Pitts& L Erie 2der 5a
01928 A 0
Pitt8 Niel( & Y 1st go 60
1932j j
Pitts Sh & 1. E let g 5a
19943 j
411 a
lit consul gold 55
Pitts Va & Char let 4s
1943 m N
Putts V & Ash 1st cons 51:1_. 12 3 D
1 47 231 N
8
1st gen 48 series A
let gen 53 series it
1962 F A
Providence Serur deb 418„.._1957 M N
Providence Term lit 49
1956 m s
Week's
Range or
Last Sale
Ask Low
10414
10414
10538
19112
1110
10018
923
8
10'24
High NO
Southern-let cons g Si......1994 J J
Registered
J D
Devel & gen 48 serlea A__.1956 A 0
Develop at gen 68
1958 A 0
1956 A 0
Devel & gen 6'.5
1996 J J
Mem Div ist g 4 1 .8-55
1951 J J
St Louis Div len g 45
East Tenn reorg lien g 58_ _1938 M S
Mob & Ohio coil tr 45.....19314 M S
Spokane Internal mete Is. _ _1955 J J
Superior Short line lit 58_ _e1930 M 81
Term 513811 Of St L 1st g 4'..ca.1939 A 0
11144 F A
let eons gold his
19533 J
Gen refund 2 f g 4s
Texarkana A Ft S Ist 5355 A 19511 F A
1943 J J
Tex A N ()con gold 58
200 1 0
0
Texas & Pac ist gold 58
1931 j j
La Div I) I. lot ft 5a
Tex Pac-Nlo Pac Ter 548_1964 74 S
Ted A Ohio Cent 1st gut 58.-1935 J 3
1935 A 0
Weeeteru Div 1st g 5e
11)353 0
General gold 58
1917 J J
Toledo Peoria A West 4s
Tol St L & W 50-yr g 48
1950 A 0
Tol W V & 0 gu 4 103A
1931 J J
Series B 4 .^.,8
19333 1
Series C 48
194274 S
Tor Ilam & Buff 1st g 4s.._ -1946 2 I)
Water A Del 1st cons a Sa_ _ 1929
let refunding g 48
1952
Union Pacific 1st 6 4e3
1947
Registered
20
-year cony 4a
1927
Registered
1St at refunding 413
22008
let lien A ref 55
e21108
10
-year perm secured 6s__19213
887 Sale 8814
8
887
8
102
11212 Sept'26
19818
108 Sept'26
10212
_ 10234 Oct'26
R912 9034 8918 Oct'26
80 Sale 82
Oct'26
797 Sale 79%
8
8014
81 13 Sale
8112
7834
73 Sale 7234
733
8
9534 Sale 9418
9.58
9912 91% 9214 Oct'26
9513 Sale 9312
9512
100 10012 10018
10018
10111 Sale 10114
10114
1023 10312 10214 Sept'26
4
108
10618 Sept'26
,
88 4 88% 88
88 I
8113 May'26
9818 Sale 9818
9834
1003 Sale 10012
4
101 18
1003 - - - - 100
4
Oct'26
9) Sale 893
4% 90 I
86
Oct'26
1033
4
- 10312 Oct'26
9412 ____ 95 Sept'26
923 Sale 9218
4
93
High
9714
9813
98
10434
102
1114%
101
101
10314
1013
4
993
4
01
10212
6212
8310
1.00,
8
91 12
10438
6834
84%
954 99
13
16
1
32
157
1
10
18
59
6
305
113
17
59
138
498
2
51
7
4
80
2
2
1
20
23
_
33
235
218
332
58
45
2
_
_
12
_
211
21
8
_
133
6612
6613 6612 6618
42
4034 Oct'26
38
9414
94 Sale 94
4
923 ____ 9214 Sept'26
9934
9912 Sale .9912
9912 May'26
9012
9014 Sale 9018
1074
108 10814 1074
10211
10214 Sale 1024
h Due July.
1
14
_
74
16
22
26
k Due Aug.
t,
BONDS
N.Y.STO('K EX'CHANGE
Week Ended Oct. 29.
9714
9514
96
100
102
9913
100
1 0.
10078
1013
4
90
9414
993
4
78
10012
9512
514
U N J RR & Can gen 4s...._1944 M S
Utah he Nor mat ext 48
19333 J
Vandalia e0118 11 48 series A I955 F A
Consol 4s series Is
1957 M N
Vera Cruz & P lit 6114 1 48_1934 J
July 1914 coupon on
J J
As.senting lot 4 s
1934 ..
Virginia Nlid [is series F
1931 J J
General 55
1936 M N
Vi A S011411W. lit gil 55 .21)11:1 J J
0
1st eons 511-year 55
1958 A 0
Virginian 1st 55 se•ries A
1962 M N
Wabash lit gold 55
141:191M N
211 gold 55
1939 F A
Ref f 5388 series A ... _ . 19751 M S
Debenture 1468 registered.1939,M
1st lien 5:1-yr g term 43...195411 3
Det A( hi ext Ist g 5s.. _ .1941 J
Des Moines Dly ist g 4s_ - 11)39 3 J
Om Div 1st 12 3. 5
1941 A 0
Tol & Ch Div g43
1941 M S
Warren 1st ref 3nI g 3 45
2001 F A
Wash Cent lit gold 45
1948
M
Wash Term 1st 6113 _a
1945 F A
1st 40-year guar 45
1945 F A
Price
Friday.
oa. 29.
Week's
Range or
Last Sale
87% 90
78% 95%
7814 82
76
877
8
6914 76
91
96%
8812 94
9214 983
4
997 10013
8
102
101
10214 10414
1053 108 8
4
,
8512 90%
843 8512
8
96% 983
8
1011 1023
4
4
8
993 1017
91
87
811
85
100% 1043
4
94% 95
93
90
8(112
3612
9218
8318
9914
99
86
.10614
10172
80
48
9512
9:3%
100
9912
9034
10
912
1033
4
p Due Nov
Anaconda Cop MID 1st 6s 19.5.1,F
Registered
15-year 1.011Y itch 75
19381 F
Andes Cop 51111 con.- deb 75 1943 .1
Anitio-Chilean Nitrate 7s
1945 M
A flung(Comp (A zue) 7 8 1939 J
Ark he hlem Bridge & Ter 53 1964 M
Armour A (o. 1st real est 4 ,5'3e)
Armoor he(0 1)1 Del 5 48 .11.141 J
.
Associated 0116 gold notes 1(I5 NI
Atlanta Gas I. 1st Si --------.147 J
Atlantic Fruit is c•trel dep. 1034_
Stamped 1.118 elf
.
At) atlf he W 11)51.eol tr 55.19593
Atlantic Refg deb 55......-1937 I
Range
Since
Jan. 1
44
Bid
Ask Low
High No . Low
High
9414 ____ 9212 Dee'25
9414
98
Oct'26
9518 911
9012
9013 Aug'26
9014
88
9012 ____ 9012 0(.1'26
8812 903
4
24
26
20 Sept'25
24
Apr'26
24
24
25
Oct'26
22
33
101 Sept'26
1110-34
101
101
102%
1023a Sept'26
1111 102%
101 19212 10114 00.'26
0912 103
93
94
96 Sept'26
9 4 96
03
10212 Sale 1013
4
10212 44
9934 103%
1027 Sale 1027
8
8
12 1111 104
10314
1007 1023 101
2
4
10118
2
0813 102
1023 Sale 111234
4
10312 130
9812 105
5114 -- 9314 Fel)'25
837 85
8
8412 Aug'26
81lb
84
10212 -- -- 10234 July'26
101 102%
8312 89
8834 Sept'26
8414 90
82 Sale 82
82
7718 834
1
813 8:313 90
4
9012
4
87
90%
8(112 Sept'26
80
81
85
88
85% Sept'26
84
84
853 87
8
8518 Sep..'26
8337
8
83
91 12
8312 Oct'26
83
91%
95
98%
10012
80
10234
10114
W Mio W & N W lit go 55. 19:31) F A
7
9812 100
9812 Oct'26
West Maryland lit g 48. _1952 A 0 7414 Sale 73%
22.5
74
-e 8 92
-65
4 West N Y A Pa 1st g 5s_ _1937 J J 10113 1013 0214 Sept'26
4
744 81
Gen gold 43
1443 A 0 8712 Sale 8712
7
87 3
,
89
94%
IIII•Orne g 55
Apr 1 1943 Nov
_
45
Feb'25
75% 833 Western Poe lit sec A 59_1946 M S 993 99%
4
2
9938
20
9934
87
92
181 gold 68 series B
1946 M S 103% 104
03%
8
104
7814 8514 West Shore 1st 45 guar
2361 .1 J
8613 Sale 85%
8612 13
9713 9912
Registered
2361 J J 85%
8514
8512 50
Wheeling & L E 1st g 58....1926 A 0
- - -- 993 Sept'26
8
95
9612
Wheeling Div 181 gold 58.1928 J J 9912 100
9912 Oct'26
1(10 101
Ext'n A impt gold Si ....1930 F A 100
_
05
Oct'26
1))014 1003
8
Refunding 4 5 series A_ .1966 M S 8912 90
8913
90
4
9534 973
4
RR lit consol 4s
1949 NI S 8614 863 8612
4
8713
5
Wilk & East lit gu g 58_1942 J fl 72 Sale 7112
72
5
W111 A S F lit gold 55.
1938 J ID 1023
4
- 10234 Apr'28
99% 11104 Winston-Salem 811 let 48.__1960 J J 86% 863
Oct'26
77% 8412 W12( ent 50-yr lot cell 45 .1949 J J 8214 Sa e4 87
8214 61
81
80
84
Sup A Dill div A term 1st 45 '311 M IN 89 Sa'e 884
48
89
93
99% Wor & Con East 1st 4 ,s. 19431 J J
86 June'26
1013 103
8
9914 10318
INDUSTRIALS
9214 984 Adams Express coil tr g 43_.1948M S 8918 Of)
89
11
84% 9614 Ajax Rubber let 15-yr Sf 88_19:36 .1 D 104 Sale 8812
103
104
14
101 1116 18 Alaska Gold NI deb 63 A
I925 M S
312 4% 4
Oct'26
10018 10113
Cony deb 65 series Ii
1926 M S
312 512 4
Oct'26
10213 104
Alpine-Mouton Steel 7a_-__1955 M S 90 Sale 90
91
0
9418 97% Am Agric Chem 1st 5s
1928 A 0
103 • Oct'26
8418 88
I torefef 7 ag
1941 F A
Sale 0313
1033
4 84
75
82
Amer Beet Sue cony deb 62.1935 F A
7218 Sale
9218
91% 9514 American ('halo deb a f 68..1933 A 0 101 14 Sade 924
101
20
10114
8912 9732 Am Cot (111 debenture 58...1931 M N
9314 943 9412 Oct'26
4
86
9212 Am Dock At Inuit en 89
J 10512 _ _10512 Ju y'26
4
11)114 101, Amer Ire deb 73.. July 15 19391..,.
135 12178
7
122
87
91
A m Mach A 17
(ly f 6s ....I939 A 0 102114 103 103
103
9018 9'34 Am Republic I orp deb 58..1937
,
A 0 9914 Sac 99
14
9914
953 973 Am Slm & Ii at 30-yr hisser A '47 A 0 10118
4
4
Sale 100%
10112 238
let NI 65 seriem
1947 A 0 10812 Sale
14
10812
11/311 1119
.34 Amer Sugar Ref 15-yr Os .11.137 J J 105 Sae 10818
10414
105
64
107 108
Am l'elep A Teleg roll tr 48 1929 .1 j 9818 Sa'e 0818
9814 117
99 100
Convertible 4s
19'
9314 9313 92% Oct'26
9712 99
20-year cony 4 45
1933 m
9812 9912 9812 Oct'26
93
95%
30-year roll IF Ss
19463 D 10212 Sale 102
10212 59
9214 93
Registered
I.) o
_
103 June'26
8918 99
35-yr s I deb 55
IOflOJ J 1003 Sale 1(1(112
8
s
1007 973
101% 1053
4
20
-year 8 f a ,111
1943,M N 10512 Sa'e 10514
1053 256
4
Am Type Found deb 65.
111401* 0 10218 111212 10218
10212 36
84
89
Am Wat Wks A E'er 59_ _.. -1934 A 0 961 Sale 9638
8
97
9
111013 1023 Are Writ PaPer 5r 7-54 = 1939 3J
6212 Sale 5738
6212 61
108 110
Temp interchangeable etfs deli.1_ _
6214 Sale 5713
6212 320
10214 111234
1067 Sale 10614
3
137
86 104 108
101112 June'26 _ _ _
10134 10012
853 Sale 815
8
857 226
8
8
81 14 8014
11214 Sale III%
1123
4
91
19 11374
11812 Sale 11818
118% 89 112 118%
1057 10612 10534
8
10578
8 10134 10612
893 8978 89%
2
89%
2
86
91
111014 103 10012 Oct'26
99% 101
91 14 9212 9118
91 18
8713 93
13
83
813 853 Oct'26
4
4
81
87%
993
8
10012 Sept'26
0913 101112
9813 1024 Oct'26
98
95% 9812
102,
10214
10212 25 101 1116
4
8714 Sale 8612
8714
15
843 87 2
4
,
10312 Sale 10312
104
8
136 1013 101
98% 111214
99% - -- 9913 Sept'26 _ _
105% Sale 13
3 103 10712
534
10534
100 Sale 100
130
3
993 101
4
9914 105
105
1033 Sale 105
4
2
101
_ _ _ _ 101
101
1 10018 1017
8
4
11804 111111
10012 11/03 10013 Oct'211
1J012 101 10012
10013
6
973 10214
8
20
30
20
1
20
15
37%
8913 90
Oct'26
90
87% 9038
98 Mar'26
07% 98
99 100
96% Dee'25
99
93
Oct'26
93
93
93
94
8718 9014
89% ---- 89% Oct'26
a Due Jan. 5 Due May. •Due June.
Low
9714 Sept'28
9812 Aug'26
98 Sept'26
1043 10314
4
1043 113
4
102
Oct'26
Sale 10314
1941 1 50
111034 100
Aug'26
10714 106
Oct'26
10134 Sept'26
1 1-4
, 26
91% May'25
_ 10018 Oct'213
9118 Mar'26
10312 10278 Sep t'26
6812 Aug'26
84% Aug'26
Reading Co gen gold 45
1997 .11
9712 9812 98, Oct'26
2
Registered
J J
44% May'25
Jersey ( entral coil g 4a___1951 * 0 01 18 92
91 18
91 12
Gen & ref 4 382 aeries A._ 1997 J J
977 Sale 973
8
8
97%
R1chm & Darn deb 58 Mimed 1927 * 0 100 Sale
,
100
997
8
1948 NI N
Rich & Nleck ist g 48
78 4
,
. 7913 Oct'26
Richm Term Ry lit gu 5a
1952• J 1013 102 10113 Sept'26
8
.12
Rio Grande June 1st gu 513_ _1939 JO 10018 _
10014 Oct'26
Rio Grande Sou lit gold 413 .1949 J
6
12
7
Oct'26
Guaranteed (Jan 1922 coup on)
6 May'25
Rio Grande West lit gold 48.1939 ▪ J
J
9012 _
_ 91
91
Nit:6e & coil trust 45 A ____1949 A0 833 Sale 821g
4
833
4
RI Ark A Louis lit 4 4s____11134 MS 9412 Sale 944
9412
Rut-Canada 1st en g 43____1949 J J
4
783 89% 79% Oct'26
Rutland 18t eon g 4 s
1941
893 9I38 91
4
Oct'26
St Jos & Grand Is] let a 413..1947
8.514 Oct'26
Lawr & Adir lit g 58
199t1
99
9914 Sept'26
2d gold 62
1996 A 0 102 106 101 Sept'25
St LA Cairo guar g 48
1931
9.513 - - - 9513
9512
St L Ir Mt & S gen eon g S9_1931 A
10014 Sale 10018
1003
2
Stamped guar 58
1931 A
_ 10113g Sept'26
Unified A ref gold 48
1929
974 Sale 974
973
8
Registered_
_ 93 Sept'25
Riv A G Div lit g 48 ._ 1933
923 Sale 92%
8
923
8
St L M Bridge Ter gli g 58._ _1930 A 0 100 10012 10014
100%
St LA San Fran (reorg co) 45 1950
J• 83% Sale 8314
84
Registered
_ 8214 Oct'26
Prior lien series B Si
1950
Jj 9914 Sale 98%
991 1
Prior lien series C 55
1928
102 Sale 101%
10218
Prior lien 5 ' 5 aeries D
1942
102 Sale 1013
4
102
Cum adjust series A 6s...61955 A
.
08 Sale 96%
08
Income series A 68
81960 Oet
9212 Sale 91
9212
St Louis & San Fr Ity gen 68.1931 j
105 1053 1057 Oct'26
4
General gold 58
1931 J
111912 Sale 10013
10012
St L Peor & N W 1st gu 55 1948 J J l0312 10413 10334 A ne'211
St Louis Sou 1st go g 431 .. _1931 m s
943 Oce211
8
St L SW 13t g 45 bond ctfs..1989 m N
8612 Sale 11612
863
4
2d g 413 Income bond rife_ p1989 J J
7918 89% 79
Oct'26
Consul gold 48
1932 J D
9412 Sale 9414
9413
lit terminal & unifying 50.1952 J .1
9.514 Sale 95
9514
St Paul& K C Sh
1st 4.4_1941 F
9213 Sale 91 13
9212
19:31 1 F 8912
St Paul A Duluth maths
10114 Sept'26
1st consul gold 45
1968 j
93
18
89% Sept'26
1947
St Paul E Gr Trunk 4 1 A
927 Oce20
8
St Paul Minn & Man coo 48.1933 J
983 __ 97
s
Oct'26
Registered
0
9212 July'25
let consol g 4a
1933J D 10734 118% 1073 Sept'26
8
Registered
J
108
Aug'26
68 reduced to gold 4 48_1933 J J
9812 100
9938
9938
Registered
1933 J
9712 Aug'26
Mont ext lit gold 48
1937 .1 D
943 Sale 943
4
4
943
4
Registered
J
93 Scpt'26
Pacific ext guar 48 (sterling)'40 J
90
91
893
8
893
2
St Paul Union Depot 58__1972 J J 10414 Sale 10414
10412
SA A Ar Pass 1st Jill g 48_-_1943 .1 J
Santa Fe Pres A Phen 58____1942 M S
Say Fla at West 1st g 13a
1934 A 0
1st gold 5s
1934 A 0
Scioto V & N E lit gu g 43..1989 181 N
Seaboard Air line g 48
1950 A 0
Gold 48 stamped
1950 A 0
Adjustment 58
Oct 1949 F A
Refunding 4s
1959'A 0
1st & cons 68 aeries A
19451M S
AU & litrui 30-yr lit g 4s_d1933 NI El
Seaboard All Fla 1st gu Ils A _ 1935 F A
Seaboard A Roan 58 extd
1931 J J
So Car & Ga lit ext 5 _s__1929 M N
1936 F A
SA N Ala cons get g Ss
Gen cons guar 50-yr 5a. I963 A 0
So Pac coil 45(Cent Pac coil) t'49 J I)
Registered
J D
June 1929 NI 5
20-year cony 4s
-year cony 58
20
1934 .1 I)
-year gold 5.9
1944 M N
20
San Fran Terml 1st 4a.......1950 A 0
Registered
A 0
-Gil 658
1937 M N
So Par of Cal
1937 J j
So Pac Coast lit au g 4s
10553 J
So Pae RR 1st ref 45
Range
Since
Jan. 1
4 4
9478 _
Record----Continued- Page 4
A 10314 Sale 10318
10312
1027 Sept'26
A 10618 Sale 10578
10618
.1 10612 Sale 10513
10612
9(312 Sale 9334
N
9012
.1
86% 89 4 8714
3
8714
S 9913 Sale 9913
9912
91 Sale 9038
9118
9334 Sale 9314
.1
94
103 Sale 102%
103
I) 1005
8
_ 99% Mar'25
D
153 24
2
15 Sept'26
_
217
8
2018 Jan'26
.1
6614 Sale 6614
67
J 10034 Sale 10./13
1007
8
195
9/332
79%
1021,
88
_9578 1004
10034 11164
83% 87
83
86
99 12 101
9'112 10212
99%
91
904
80%
89%
81
0414 743
4
1023 10212
4
8514 8814
801s 87
8012 9 %
0
7814 861
8
2
983
6674
111034
83%
89
85
10112 11)5
4
5
414
312
8914 9112
10234 1004
10315 108
91113 1014
9814 102
9313 9714
3
10512 1063
118 1344
1110,4 104
98 10044
99 10134
8 109
10
102 1051*
96% 983
4
95%
92
9714 1024
11)04 1034
10234 103
97% 102
10234 111684 •
1111114 105
9554 9911
42
6213
41 18 62 3
,
148
185
118
1
6
48
91
14
101 14 10412
11122 s 10273
'
10214 10714
3
967 108
,
93 2 110013
8412 92%
2
9418 997
9014 92%
92
9618
102 103%
6
13
15
28
2oia 2ols
6512 7113
9934 102%
Ilaidw Loco Works 1st 59_1940 M N
Baragua (Co p Az) 7 15_ ,Z 1 0
194 3 1
1 3
Ilorilaloll Curl, hill 65
ic)'lclillg-llenlillg'vay 1(3.
1936
J
Bell 'Telephone. of (Si 58
194:4 J J
lithe ref 5- series C
,
11160 A 0
Beth Steel 181 A ref 55 guar A '42 M N
30-yr p m he imp s f Sis ...1936 J J
Cons 311-year fls series A ..194/31F A
Cons 30 year 5 a eeries 13.195:11F A
Bing he iting del) fl s ..... 1950 M
Booth Fisheries deb 8 f 65_19261 0
Botany rotes Mills 8 .5. _1934 A ()
Brier Hill Steel isi 5 S.
1942 A 0
11'way at 7th Ay 1st e it 52...1943 J
Ctrs of dell suited June '26 int
Brooklyn (Sty RR 58
1991 J i
Itklyn Ed151011 Inc gen 58 A 1949 3 3
1 31) 1 1
,
Ills nerie8
Gneral
e
1Sklyn-Man R T see 68
VON .1 j
Bklyn Ou Co he Sub e011gtd .194 1 3 24
58'41 N1 3
let Si
Brooklyn R Tr lit cony rt 48.2002 J
3-yr 7'3- secured notes
7
1921 J
Ctfa of deposit stamped . 5 F_ _.
190
.. A
1)745111)74511 tin El Ist g 4-56
Stamped gear 4-52
Ilklyn 1.71) Gus 101 1.008 R 58 1945 M N
1st lien he ref 68 series A 1947 M N
('oily deb 5 .a
..
1,. 36 * J
1 . 5:;52
Buff he 51150 Iron s f 52
111932 • D
1111811 Ter1T1111111 181 48
*0
Consol .5s
33
Bush Term 1311165 53 go tax-ex 0 AO
'
1064 Sale 11618
10618
3 10214 ItO
104 Sale 1 14
104
1 103 106%
97 SPin 98
97
74
116
III
95
9612 9512
9612 20
94% 100%
10234 Sale 10174
1023
4 94 100% 10372
102% Sale 10234
1027
8 46 1011 103%
9912 Sale 98%
993
4
5
115% 1924
967 Sale 9634
8
9714
35
93
9818
10078 Sale 10012
101
954 1013
171
2
957 Sale 95
2
953
4 80
8712 97%
925 9314 92%
9234
9012 95
14
97 Sale 9612
97
6
70
97%
8414 8412 8418
8412
10
804 9514
10314 Sale 103
10314
105
35 101
7078 71 12 717 Oct'26
7014 76%
697 707 6818 Sepo4113 __z_
8
8
t'2 2
v2
.
18, 73
8
94
9412 94
9314 95,
1
104 10414 1033
4
104
8
15 1023 105 4
3
104 10431 10512 Oct'26 --__
10338 11)(118
961 Sale 953
4
4
063 :382
4
9214 98
60
61 18 6118
61 18
64%
6t(
1_
7412 79
79 Aug'26 ____
79
72
8812 Aug'25 ___ _
8812 8811
13612 Nov'25 ____
12318 Mar'25
-oil, gi;l- - 923
e
4
9314
11
88's 97I
Sale 923
4
923
4
2
8102 95%
10032'4
14 1(1214
10212
8
2 1003 1943
4
11414 11412 113
Oct'26
II() 114
15034 1557 154
8
155
28 126 166
91 June'26 ... _
92
91
89% 9114 91
91
2
,
873 92 4
4
95 Sale 95
95%
32
9814
90
99% Sale 99%
100
16
95114 101
Cal A E Corp unit he ref 53.19:37 NI N
Cal Petroleum 8 f g 0 5----19:1:1 * 0
Camaguey Sum lit sfgls ..1942 * 0
Canada SS Lines IS! coil Sf is '42 1.1 N
Cent Dist Tel 151 311-yr 58_1943 .1
Cent Folindry lit a f (is_ NI II, 1931 F A
Cent Leather lit lien s f 62_1945 2 J
10112 102
10334 Sale
9712 98
10412 105
1027 Sale
8
97
983
4
10212 Sale
s Option sale.
1013 Oct'26
1033
4
104
59
973
4
9812
10
105
Oct'26
111278
1027
8
2
9,
74
9714
1024
102% 123
10014
10.33
11
91112
101 18
101 18
93%
100
102'8
4
1053
0117$
111,511
103%
99 4
3
103
v
2243
New York Bond Record-Continued-Page 5
BONDS
N.Y.ST0('IC EXCHANGE
1Veek Ended Oct. 29.
r,
o)ls
t
Price
Friday.
Oct. 21.
Feet's
Range or
Last Sale
Range
Since
Jan. 1
c`a<
BONDS
N.Y.STOCK EX CHANGE
Week Ended Oct. 29.
Price
Friday.
Oct. 21).
Week's
Range or
Last Sale
840
4
Range
Since
Jan. 1
Bid
11118
Ask Law
H188 No Loto
Hid
Mgt
.958 Low
High No. Low
11 115% 12318 Kings County Elec 1st g 48_ 1949
A
8014 Oct'26
149
121 12 Sale 121
80
82
77% 8216
121 12
2
Stumped guar 48
A
2
4414 56
51
5112
81)
8112 80
7712 89
80
Kings county Lighting 513_ _1954
111112 I03
1
1(13 Sale 103
102
103
98% 103
Il)i' 102 101%
First & ref 650
1954
7412 Sale
1093 112 112
8
74
7412 52
112
106 112
OA 81
105 Sale 1115
104 105 1(14
104
1011, 107
10512 46 10 134 10912 K limey(CIO& Co 7)453 notes '36
10312 Kresge Found'n roll tr 65_ .1930
11li78 22 100 101
2 11113
1) 10117 Sale 10034
10214 Sale I021
8
8
10214
11 10214 10012 Lackawanna Steel 1st 5s A._1950 M
7
10334 Sale 10358
10334
9814 11812 93%
9812
9614 100
953 Sale 943
1111 Sale 10034
17 100 103%
4
9534 141
94% 9712 Lac Gas L of St I. ref&ext 53.1934 A
101
4
8218
Coll & ref 530 series C.. _1953 F A 104 Sale 10312
19 102% 105
8218
82 May'26
82
104
9.514
10
9512
430 A 1954 J
9714 977 97% Oct'26
9014 953 Lehigh C & Nav
8
4
9718 10018
9512
833 917 Lehigh Valley Coal let R bs_ _19:13 J
4
9034 9012
2
10018 10058 10118 Oct'26
90
1004 10114
91
8
4
1st 40-yr gu hit red to 4%.1933
100 10012 10018
10014
9412 .
9.5
9914 101 14
Oct'26
9412 95
9914 100%
1
1st & ref s bs
1954 F A
100
99% 101
9912 101 14 9914 0(.1'26
99% 100 1110
Lex Ave & P F 1st gu g 5s_ .1993 51
4012 Feh'28
10
Oct'25
39% 4012
Liggett & 54 yers Tobacco 78_1944 A
123 124 12278
4 118 1261,
123
Columbus Gas 1st gold 5s_.1932.1 J
A 0 117
Registered
12012 May'26
97
98% 1003
4
9812 9812 Oct'26
12012 122
Commercial Cable 1st g 49. _2397 Q .1
2
195F8
A 10114 Sale 101
5
8034
803 Sale 80
4
75
8134
10114
993 103%
4
Commercial Credit S f Gs_ _1934 51 N
Registered
A
9818
9812 Sale 9912
9912
98 10018
9918 Sept'26
16
9918 100
4
4
..1941
19
1935
9312 9:334 9312
9812 99
9812
Col tr a f 53i% notes
9:112
9212 993 Liquid Carbonic Corp 6s.
.
1
98 100
9918
Commonwealth Power 6s_ ._1947 M N 10412 Sale 1.1334
99 8 Sale 9918
3
10412 41 102% 10512 Loew's Inc deb as with warr.1114
9918 99%
9912 52
ComOuting-Tab-Ree 5 65_ _1941 2
Lorillard Co (P) 75
1944 AO 11712 120 11 12
3 1151212118
105 10512 105
2 111412 106
19512
110'4
Registered
A0
Conn Ry & L Ist & ref g 450 1951.1 J
11814 June'26
9318 9312 9:112 Sept'26
9()
9412
- 11812 118%
1451 .1 J
bs
11
Stamped guar 414s
1951 PA
993 Sale 99
4
9318 9414 9412 OcC211
95
90
983 10212
2
993
4
Consolidated Cigar s f 6s_ _ _1936 A 0 9912 Sale 9912
PA
9912 35
Registered
9614 Ort'25
9912 9912
41
Louisville Gas & Electric 5s_1952 MN 100 Sale 993
Cons Coal of Nld 1st & ref 58.1950 3 D
8
100
8212 Sale 8212
7812 86
827
8 57
1057 102 10414 106
8
Consol Gas(N Y) deb 5 Sia_ .1945 F A 10534 Sale 11153
Louisville Ely 1st cons 5s. _1930 3 J
9112 93
93
Oct'26
8912 96
4
3
Lower Austrian Hydro-Elec Co
Cont. Pap & Bag 5111186 149..1944 F A
7514 781
. 75
73% 82
75
1944F A
8512 86
2
Consumers Gas of Chic gu 58 1936 J D 101 14
1st s f 850
857
4
8
10214 Oct'26 -- -8212 88
9814 1023
85%
Consumers Power lot 58...._1952 51 N 10018 Sale 100
9712 1113
10102 31
Manati Sugar 730
1942 AO 99 Sale 9814
4
Copenhagen Telep ext 6s...1950 A 0 100 Sale 09%
2
1(51
99
99 1(11
93% 103
653
8 33
4
Corn Prod Refg let 25-yr s f 55 '34 M N
10334 Oct'26
10012 1033 Manhat Ry (N Y) cons g 48_1990 AO 6514 Sale 64%
5914 6912
9.514 Sale 95
57 Sept'26
2(1 45
2013.30 57
6o4
Crown Cork & Seal 1st 81 68.1942 F A
17
53
63
8234 95%
957
2
_1951
j 9912 Sale 993
96
9634 97
Manila Elec Ry & I,t 8 f 58_ _1953 M
Crown-Willamette Pap 6s._
9912 34
99 100
004'26
8912 98
8
967 Sale 967
8
8
86
16
Market St Ry 75 series A._ _1940 Q J
97
Cuba Cane Sugar cony 78_ _ _1930. 3
9:112
1
9234 Sale 92%
96
97
9912
88
5 1114 10811
Metr Ed 1st & ref g 66 ser B.1952 F A 1(17% 108 107%
(7onv deben stamped 8%_1930 J J
9618 S le 96
108
92 100
96% 97
11
lot & ref 55 series C
10014
Cuban Am Sugar 1st coil 88_1931 M S 10734 1118 10712
17 10612 109%
1953 J J 1111114 Sale 993
9034 10114
10734
3 10212 10614
4
10534
Cuban Dom Sug 1st 7)0...1944 M I\
9712 24
1953 J D 105$4 Sale 1053
9714 Sale
91 14 9914 Metropolitan Power 6(3
733 Sale 733
4
733
4
7112 7452
Climb T & T 1st cir gen 5s
1937 .1 J 1013 1017 111134
8
18 10014 102% Metr Weer Side El (Chic) 45.1938 F A
8
101%
104 Sale 104
Cuyamel Fruit let s 165 A...1940 A 0 9612 Sale 95%
10412 32 10114 10514
9612
8
933 97% NI Id-1 out Petrol 1st 650_1940 M
4
105
8
07
92% 98
Midvale Steel &0 cony 81 58 1936 M S 963 Sale 9612
2
4
5
Davison Chemical deb 630.1931 / J
10
Mllw Elec Ry&Lt ref&ext 45031 1 3
96% 99
97
97% 973 973
4
4
97
92 Sale 92
92
92
2
100
Deny City Tramw lot con 55 1933 A 0
General & ref 55 A
1951 J D 100 10012 100
2
983 1001,
9218 Aug'25
44
100
9012 ISO
98 Sale 97%
Den Gas& El. 1st & ref 8 f g 58.51 M
1
19613 D
1st & ref 5.8 13
94
- %
93
97
967
8
9718 967
8
Stamped as to Pa tax
105 Aug'26
M N
9
1st & ref g Os series O_...1053 51 S
10034 105
9814 Sale 97
9814
9312 9812
3
9912 Sale 991g
993
8
3
99
Dery Corp (1) G) 1st s 7e_ _1942 M S
997
Milwaukee Gas Light 1st 0_1927 M N
4
74
7 3 91
4
713 Sale
4
713
4
23
Detroit Edison lot colt tr 58.1933.1 J 101 12 102 101 12
101%
7 100% 103% Montana Power 1st 5s A _ _ _1943 J .1 101 12 Sale 1(1118
997 105
4
10134
5
let & ref 58 series A.July 1940 M
10 10038 108
963 97
4
96%
9612 983
9 s
87
1023
4
Montreal Tram 1st & ref 5s _1941 J J
4
10212 Sale 11123
8
_
Gen & ref 56 series A
40 100 104%
93 12 93
9212 93
Gen & ref s f 58 series A_ _1955 A 0 93
Oct'26
1949 A 0 102 Sale 1013
102
8
5
17 106 10 4 Nlorris & Co 1st s f 430_ _ _ _1939 J .1
84
1st & ref Os series B_ _July 1990 M
88
95% 9512 8514
108 Sale 1073
108
83
8512
4
Gen & ref 58 ser is
81
81. May'26
Mortgage-Bond Co 45 ser 2_19661A 0 80
80
81
1955.1 D 111218 10214 1013
16214 107 10(118 104
8
1
9612 9712 9612
Det United 1st cons g 4;0..1932 .1 . 94 Sale 933
26
10-25-year 55 series 3
9614- 98
90
9712
1932 J J
9612
11
94
4
Dodge Bros deb 68
11
338
9514 9612 9514
9514
8312 96%
194(1 M N
9212 973 Murray Body 1st 6 145
1934
953 Sale 9412
8
4
_
Dold (Jacob) Pack 1st 138
152
Mutual Fuel Gas 1st go g 5s.194754 N 101 12 1113 131
Oct'26
9 18 103
1942,54 N
81
81 12 81
81
693 86
4
Dominion Iron & Steel 58..1939,51 S
12
5 100 10214
4
4
34
1013
4
393 Sale 393
8
62% Mut Un istd bonds ext 4%_ _1941 MN 1013 ____ 1013
8
4018
Donner Steel let ref 78
lb
8
98 Sale 97%
927 98
1942 J 21
98
Duquesne 1,t 1st 4te coil Os__ _1949 J 3 106 Sale 10512
31 1043 107
60
21
Nassau Elec guar gold 4s
58% 04%
19511.1 J
60 Sale 593
4
1063
4
1st coil trust 550 series 11_1049,3 J 105 Sale 105
102
16
21 10484 1063 National Acme 730
1931'J D 102 Sale 101
98 102
8
10518
9912 64
Nat Dairy Prod 67 notes...1940 M N
99% Sale 99
9512 10012
Cuba Bug I5-yr 81 g 7140'37 51 S 116 Sale 10,512
East
10212 101
29 103 108% Nat Enam & Stampg 1st 53.19203 D 101
OcC28 --- 10018 103
106
Ed El III Bkn 1st con g 4s...1939 J J
9914
997 Nat Starch 20-year deb 56..1930 3 .11
8
_
993 Oct'26 - - 4
9914 10312
94
Oct'26
93
Ed Else III 1st cons g
-78
3 1 3%2
_ ._19952 3 106%
1952 M N 1031_2 16.- %12 sep1.6
1 )2
t312.
1013 10414
4
103 108% National Tube 1st 53
8
- 1067 Sept'26
Elec Pow Corp(Germany)630•50 M
857 9514
8
5s59
Registered
M N
10214 10214
9514 Sale 95
9514
Elk Horn Coal 1st & ref 650.193112 D
8
11
1948 J D 10284 Sale 1023
10012 10334
993 Sale 99
4
9818 10018 Newark Consol Gas 55
10284
99 3
4
Deb 7% notes (with warrts'31 .1 D 101 Sale 9912
10214
41 10072 10312
42
New England Tel & Tel 58_ _1952 J D 10214 Sale 10112
973 100
4
101
Empire Gas & Fuel 730._ _ .1937,M N 1033 Sale 10314
943 Sale 933
8
1st g 450 series 13
8
9412{ 405
1961 M N
9252 943g
4
1337 158 101 12 124
8
1st & ref 650(with warets) 411 A 0 08 Sale 9612
9612 994 N Y Air Brake 1st cony 65_ _1928 M N 101% 102 102
Oct'26
_
10072 103
.
983 271
Equip Gas Light let con 5s._1932M
9512 54
993 10012 100
4
4
Oct'26
9912 1003 New On Pub Serv 1st bs A..1952 A 0 95 Sale 9912
9 % 96%
0
Federal Light & Tr 1st 513_ _1942 M
95
First & ref bs series B
9512 9412
9412
2
1955 J D
3
95% Sale 95%
9518
9212 98
9
014 95%
Sat lien 6s stamped
833 Sale 8384
8
83%
3
8112 8612
4' 100 1043 N Y Dock 50-year Ist g 4s_ _1951 F A
8
1942 M S 10312 Sale 10312
104
30-year deb 6s ser 13
11518
18 115 118
4
98 Sale 9718
93
973 NY Edison 1st & ref 630 A_19411A 0 115 Sale 115
4
1954 J 1 3
:
98
21) 102 104%
Federated Metals at 78
:10002:2
First lien & ref 5s B
1944 I A 0 252384
20
87 Sale 87
8412 98
1939
88
D
Fisk Rubber Ist s f 8s
Sale
104 100
4
16 11312 1163 N Y Gas El Lt & Pow g 5s_ _1948 J
19411545 116 Sale 115
118
..
Ft Smith I.t & 'Fr 1st g 5s_ ..1936 M
9114 Sale 911
911
12
7514 8 .
Purchase money gold 48..1949 F A
8918 92
14
873 Sale 873
8
8
8712
101 July'26 _- 101 101
Frarnerle Ind & Dev 20-yr 73042 3
9.534 119
88
9:,3 NYLE&WC&RIt550_1942 MN 101
4
0518 Sale 9414
Sept'26
Francisco Sugar 1st 51 730_1942 M N
10118 10234
103% 107% N Y E & W Dock & l,npSsl943J J
102% 104
Oct'26
Oct'26
French Nat Mail SS Lines 7s 1949 J D
10014 10354
8l N Y & Q El L & P 1st g 55_ _ _1930 F A 10012 101 1(11
79
8812 Sale 86
8914 312
58
55
Apr'26
NY Rys 1st R E& ref 4s...1942 J J
52
60
58
80%
41 10
603
Gas& El of Berg Co cons g 581949 J D 102 103 1023 Sept'26
Certificates of deposit
46
F2
10038 1023
4
4
312 - 712 412
412
1
412 1014
Gen Asphalt cony 6s
30-year adj Inc 55... _Jan 1942 A 0
3 102 110
1939 A 0 106 10712 107%
13712
312 10
5 Aug'26
Gen Electric deb g 3Sig_ _ _1942 F A
Certificates of deposit
__
312 1014
87
02
91
9134 913 Oct'26
4
I27 Sale 26
N Y Rys Corp Inc 133_ __Jan 1985
843 107
2 4 94
7
22
Gen Elec(Germany) 7s Jan 15.453 J 1023 Sale 1013
51'
_
37
1112%
8
4
84 Sale 83
8112 8818
Prior Ilen 68 series A
19853 J
B f deb 650 with war
9
9 11412
118'u
11512 138
1940J 0 11.514 Sale 11314
_ 10114 Oct'26
91
- 10034 102%
97
9814 N Y & RIchm Gas let 65_ _ _1951 M NT 10.314
Without warr'ts attach'd '40
98
98 Sale 97
523, Sale 49
115134 136
49
Gen' Petrol 1st st5s
5934
983 10112 N Y State Rys I st cons 4 501962 M
4
1940 F A 10113 Sale 10018
4
Sale
21
1st eons 650 series B
Gen Refr 1st f g (3e ser A _ 1952 F A 10112 Sale 11(i014
1982 54 N
69
82
10112 30 10014 10314
1)133, Sale16 12
1603'342
NY Steam 1st 25-yr(laser A.I947 M
4
Good Hone Steel & I sec 79. _1945 A 0 9612 Sale I 96
16053727314
963
4 86
41001 101% 10411
9812 Sale 98
N Y Telep 1st & gen s f 4545_1939 51 N
Goodrich (13 F) Co 1st 6145.1947.1 J 105% Sale 11)514
28 104 107
97
99%
1053
4
19 4 21 1097g 11112
103
8
Goodyear Tire & Rub 1st 88_1991 MN 12012 Sale 120
30-year debens f 6s_..Feb 1949 F A 11014 Sale 11018
49
22
19
12012 151 19212 197
10-year SI deb g 8s
20-year refunding gold 68_1941 A 0 10814 Sale 10818
23 109% 112%
1083
4 63 10712 10913
193111r A 110 11014 110
11014
us
Gould Coupler 1st f 68_ _ _ _1940 F A
10334 102 101
59
Niagara Falls Power 1st 58_ _1932 .1
10114
97
3 100 103
85
93
91 Sale 91
_ 1 100 401
Granby Cons Al S & P con 6s A'28 MN 100 101 100
4 105
Ref & gen Os
Jan 1932 A 0 105
10518
3 1043 10611
4
Oct'26
Stamped
Niag Lock & 0 pr 1st 58 A..1955 A 0 10018 1003 10018
8
10012
100 101
10014
3
4
1928 M N 100 102 10012
99 1013
Cony deb 76
95
95 18 9514
9538 10
1327 No Amer Cement deb 85,8 A 1940 M
12912 24
95 100
1930 M N 127 Sale 127
01 Cons El Power(Japan)76.19441 F A
10318 Sale 10212
39 1a 3 96's North America Edison (18_ _1952 M
v° 8
0
10318 25 10114 105
953
4
95 Sale 0518
Great Falls Power let 515s 1940 M N 10334 104 103% Oct'26
104% Sale 104%
Secured 5 f g 850 scr 13..1948 51
105
15 1037 106
100 10412
8
Nor Ohio 1 rat & Light 65.. _1947 M
96 Sale 9584
,
06
10
923 99
4
Hackensack Water 1st 4s_..1952 J J
14% 8818 Nor'n States Pow 25-yr 5s A _1941 A 0 9984 Sale 993
19014
65
973 101
4
841 85% 8418 Oct'26
8
Hartford St Sty 1st 48
90 90
10512 Oct'26
Registered
A 0
1930 51 S . 8
Oct'26
90
99
897
9914
Havana El fly L & P gen 55 A'54 M S
1st & ref 25-yr Os series 13.1941 A 0 105 Sale 105
8
9212 1047
10514
9 10414 10612
10414 Oct'26
Havana Elec consol g 58_ _ _ .1952 FA
9814 9912 9814 Oct'26
077 97
k
9412 10018 North W T 1st Id g 430 gtd..1034 J J
Oct'26
0.5
9612 9514
Hershey Choc 1st & coll 5%81940 J J 1013 Sale 1013
9918 10214
102
57
4
4
Hoe(R)& Co 1st650 • A 1934 AO
3
9112 9914 Ohio Public Service 73i s A__1946 A 0 115$4 117 11614
9712
11612 22 112 116%
9712 Sale 0712
Holland-Amer Line (is (Hat)_1947 MN
1st & ref 78 series B
79
93%
1947
A 11418 11434 11414
7 110% 119
114 8
,
9112 Sale 9218
933
4 88
Hudson Co Gaa 1st g 5s... _1940 M Is 102% Sale 102%
5 100% 10312 Ohlo River Edison 1st 681948 J .1 1053 Sale 10434
F_
8
102%
135% 24 10114 10614
Humble Oil& Refining 650.1932 .1 .1 10214 10212 102
3
26 10118 103 Old lien Coal 1st 63
1944 F A 91
9112 91
88
10234
9714
9114
Ontario Power N F 1st 55.. _1943 F A 101 Sale 10012
7
101
9938 10211
Illinois Bell Telephone 58... _1956 J
4
_
99313 101
1023
4 62 1003 10312 Ontario Transmlssion bs_ _ ..1945 M 90 10012 10032 10018 Oct'26
102% Sale 10212
Illinois Steel deb 4 lis
1940 A 0 9714 Sale 9714
21
6
943 98 Pacific Gas .4, El gen & ref 55.1942 J
4
100 Sale 9912
98
109
9712 10012
Ind Nat Gas & 011 55
1936 M N
5
13
91 18 9812 Par Pow & Lt I st&ref 20-yr 5s'30 F
973
4
4
4
130
9912 10112
9734 Sale 97 4
3
993 Sale 993
Indiana Steel 1st 58
1952 M N 104 Sale 10312
12 10114 10518 Pacific 'rel & Tel 1st 55
104
10153
_ 10114
1937 .1
1317
8 25 10038 10252
Ingersoll-Rand 1st 58 Dec 311935 J J 100% _
20
Ref mtge 55 series A
98% 10212
4
102
993 Dee'25
4
1952 M 92 101 18 10112 1003
Inland Steel deb 550
1945 M N 10012 Sale 10012
33 -983 104 Pan-Amer P & T cony at 68_1934 51 N 10514 Sale 10414
4
12
101
10512 159 104 112%
Inspiration Con Copper 6548.1931 M
1st 10-year 7s
10.512 44 103% 1077
101 Sale 101
7 10018 102
4
101%
1930 F A 1051 Sale 10514
Interboro Nletrop coil 430_ _1958 A 0 ____
13
9212 98
Apr'25
_
Paramount-Bway 1st 530_1951 J J
963
9718
10
11
9612 97
Guaranty Tr Co etre den
10
8512 96
13
13
Park-Lex st leasehold 6 A8...1953
90 Sale 90
90
13 May'26
CU del) stpd asstd 16 z, sub_ _ _
3 100 102%
_
_ Pat & Passaic G & El cons 55.1949 M
10214 Sale 10214
1012 May'25
10214
Interboro Rap 1'ran 1st
1.9663 J -71i8Sale 71%
11014 11312
11312 091 29
.
6212 75% Poop Gas & C st eons g (18_ _1993 A
71% 141
Stamped
J .1
9812 10314
13
10252
7578
,
7134 Sale 71
62
Refunding gold 55
10114 101a4 131 2
713 339
4
19471 M
65
10-year
1932 A 0 75 Sale 743
10472 59 10312 10814
64
8
4
783 Philadelphia Co coll tr 65 A _1994 F A 1043 Sale 10418
4
7518 61
10-year cony 7% notes...1932 M S
19
985 10112
8
8
1007
853 9714
4
10012 Sale 10012
Sale 95
I5-year cony deb 530. _1938 M
953 124
4
9512
lot /WIC Corp 1st 20-yr 55_ _1932 M N
9
10118
9912 10234
5
92 Sale 92
8814 9812 Phila & Reading C & ref 58_1973,3 J 101 18 10112 13012
9512
Stamped extended to 1942... M N
8312 8112
83
8218 91%
8312
Inter Mercan Marine sf6s..1941 A 0 8914 Sale 883
10814
36 103 110
84% 08 Pierce-Arrow Mot Car deb 81819431M S 10818 Sale 108
4
8912 338
International Paper .58
1947 J J
0758 10772
0612 Sale 9512
993 111012 10018 Oct'28 - 8
913 98 Pierce Oil f 8s
8
9812 70
Dec 15 1931 J D
Ref s f 66 ser A
1955M
6 10114 10434
1023
4
10(1 Sale 99%
4
9612 10012 Pillsbury Fl Mills 20-yr 68..1943 A 0 1023 Sale 102%
10018 293
Int Telep & Teleg cony 550 1945 M S 108% Sale 10812
9912 Sept'26
9812 100
28 107 1161 1 Pleasant Val Coal 1st g f 58.1928 J
10918
_
903 Oct'26
9018 93
90% 93
Porah Con Collieries lets f 581957 J J
/Mena Works Os(flat price)
.1947 J J 10714 Sale 10714
10412
7 102
138
28 103 116 Port Arthur Can & Dk 66 A.1953 F A 10414 Sale 10414
Kansas City Pow & Lt 58. _ _1952 M
10212 Sale 102%
39 10014 104
10514
1953 F A 10414 -- 10484 Oct'26
1027
8
1st 51 (is series B
1C811888 Gas & Electric (18.._ _1952 M
10012 10
4
1047 Sale 1(143
8
99 104
24 101% 106% Portland Elec Pow 1st CsB.1947 M N 10012 1003 10012
4
1053
4
Kayser (Julius) & Co 151 f 7542 F A 10718 Sale 10612,
_
99% 10012 10018 Oct'26
998 10212
8
2 105 10712 Portland Gen Elec 1st 5s_ __1935 J J
10718
F) Corp let 65... _1946 M
Keith (B
9578
4
98 Sale 97
9814
4
953 - - - 9572
4
92 8 96
,
9612 99 Portland Ry 1st & ref 58. __1930 M N
Kelly-SPrillgr Tiro 8 notes. 1031 M N 10314 Sale 10314
20
58.1942 F A
9104 91
90
9
074
883 9434
4
104%
44 1027 108 Portland Ry LA P 1st ref8
Keyston Telep Co 1st 58_1935 J J
100
93 Sale 91%
99 10312
16
93
1st lien & ref 68 series B._ _1947 M N 100 Sale 100
93
90
1937 A 0 103
Kings County El & P g 5s
4
4
_ _ _ 103 Sep261'
1063
4
102 1(14
9 10554 10812
1st & refund 750 series A.1046 M N 1083 Bale 1063
_
Purchase money 138
19971 A 0 120 123 122% Oct'26
3
1053
4
1207 124 Porto Rican Am Tob 8a__1931 M N 104% _-_- 104 4
8
1043 10514
2
Central Steel 1St g 1 8a____1941 At •
Chic City & Conn Rye 551(1'11927 A 0
Ch 0 LA Coke 1st gu g 5s_ .1937 J
1927 F A
Chicago Rys let 58
Chile Copper cony Os ser A_ _1932 A 0
Cinema Gas & Elec let & ref 58'56 A 0
Jan 1 1961 A 0
545 ser 13 due
Cities Serv Pow & L 516s_ __1944 NI N
Clearfield 1311 Coal let 4s__ _1940 .1 J
Colo F & 1 Co gen s f 59_1943 F A
Col Indus 1st & coll 55 gu._ _1934 F A
1927 J J
Columbla 0 & E 1st 58
1927 .1 .1
Stamped
Col & 9th Av 1st gu g
6
0
is 1667;
10112
•
Optlon sale
10511
2244
THE CHRONICLE
New York Bond Record-Concluded-Page 6
[VoL. 123.
Quotations of Sundry Securities
All bond prices are "and Intercst" arc -pt where marked
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 29.
F1
;
tr .
Oct. 29.
Week's
Range or
Last Sale
Range
Since
Jan. 1
Standard Oil Stocks P r Md. Ask.
Public Utilities
Per et Baru
Anglo-Amer Oil vot stock_ £1 *193 1912 American Gas Sc Electric__t 10512 10612
8
Non-voting stock
£1 *185 19
8
*96
9612
6% Preferred new
Biel
Ask Low
High N . Low
High Atlantic Refining
100 10234 10314
M&N 10012 10114
Deb 65 2014
Premed Steel Car cony g 5s_ _1933 J J 94
5
9412 94
94
94
Preferred
9818
100 11514 116 Amer Light & Trac com_100 208 211
Prod & Ref 51 8s(with warls)'31 .1 D 113
_ 11114 Sept'26
11014 1123
4 Borne Scrymser Co
100 240 260
Preferred
100 108 111
Without warrants attached___ J D 110 fif 11118 Oct'26
10934 11214
New
*60
65 Amer Pow & Light pref.. _100 9712 98
Pub Serv Corp of N J sec 68_1944 F A 10312 Sale 1033
29 100 1043
8
104
4 Buckeye Pipe Line Co _ _ _ _50 *4512 4614
Deb 6s 2016
M&S 104 105
Pub fiery Elec & Gas 1st 5.58l959 A 0 1047 10518 1047
6 1033 10614 Chesebrough Mfg new__ _25 *72
8
8 1054
4
73 Amer Public Util com_ _ _100
73
1st & ref 5s
1964 A 0 105 Sale 105
3 1034 10512 Continental Oil v t c
105
10 185 183
8
4
7% prior preferred_ .,_...100 92
95
Pub Serv El Pow dr Ltg 6s_ _1948 A 0 10714 10712 10714
Crescent Pipe Line Co
10714 13 10138 109
50 *15
16
4% panic preferred _100 80
85
Punta Alegre Sugar deb 78..1937 J J 10918 1093 108
25 104 111
109
4
Cumberlandllpe Line_ _ _100 10412 105 Associated Gas& Elea pref_t *49
51
Remington Arms 65
1937 M N 9212 Sale 92
9212 59
8014 9212 Eureka Pipe Line Co__ _ _100 4212 44
Secured g 635s 1954_ _J&J 104 1043
4
Repub I & 10-30-yr 585 f_ _1940 A 0 993
9
10014
9714 10014 Galena Signal 011 com_ _ _100 11
4
-- 100
12 Blackstone Val G&E com_50 *100 10112
Ref & gen 5 1,5s series A__ _1953 J J 97 Sale 9612
50
97
Preferred old
9212 973
100 4514 50 Com'w'ith Pow Corp new_ _ t *3912 393
4
4
Rheinelbe Union 75 with war 1946 J J 11412 Sale 11212 11414 209
0512 1141 1
Preferred new
100 33
36
Preferred
100 8914 90
Without stk purch warqs_1946 3 J 953 Sale 953
97
4
96
4
93
973
4 Humble Oil & Refining_.25 *5518 5512 Consol Gas 6% pref
50 583 5912
4
Rhine-Main-Danube 78 A_ _1950 M S 10214 Sale 102
10214 64
9812 10214 Illinois Pipe Line
100 134 13514 Elec Bond & Share pref _100 10512 106
Rhine-Westpballa Elec Pow 75'50 53 N 100 Sale 9912 100
28
95 10018 Imperial 011
*3614 3612 Elec Bond & Share Secur.-t *6612 67
Rime Steel 1st 78
1955 F A 9018 91
7
9214
Indiana Pipe Line Co_ _50 53
90
88
9214
56 Lehigh Power Securities -t *14
1414
Robbins & Myers s 78
1952 3 D 77 Sale 71
9
International Petroleum__ _t *3014 3012 Mississippi Riv Pow pref.100 95
77
53
77
97
Rochester Gas & El 7s ser 13_1946 M S 11112 11314 11114 Oct'26
National Transit Co_ _12.50 1318 1338
111 114
First mtge 55 1951_ _ _J&J 10012 10112
Gen mtge 53413 series C1948 M S 10514 10512 10514 Oct'26
New York Transit Co_ _ _100 26
1045 106
8
2812
SF g deb 75 1935_ _M&N 102
Hoch & Pitts C&Ipm 5s_ _1946 MN 901
2_ 9014 Sept'26
9014 9012 Northern Pipe Line Co_ _100 625 64
8
National Pow & Light Wet-t *101 102
Rogers
-Brown Iron gen&ref 78'42 M N 51 1
ii 52
52
50
25 *5814 5912 North States Pow com_ _100 104 105
733
4 Ohio 011
Stamped
M N 51 Sale 50
21
52
49
25 *1814 195
6512 Penn Mex Fuel Co
Preferred
4
100 10114 102
Prairie Oil& Gas new__ _ _25 *4938 493 Nor Texas Elec Co com_100 20
4
25
fit Jos Ry Lt.4 Pr 5.9
1937 M N 95
9512 95
Prairie Pipe Lune new _100 12312 24
95
2
9114 97
Preferred
58
100 53
St Joseph Stk Yds lst 4358_1930 J J 973g _
9718 Aug'26
100 193
953 9718 Solar Refining
8
96 Ohio Pub Serv. 7% pref_100 10312 10454
St L Rock Mt & P & strapd_1955 J .1 767 8 7138 78
Oct'26
7612 814 Southern Pipe Line Co new *2312 24
Pacific Gas & El 1st pref _100 993 10012
4
St Paul City Cable cons 58_ _1937 J J 953
4
South Penn Oil
96
Oct'26 ---9514 98
25 *3514 353 Power Securities corn
•5
8
10
San Antonio Pub Serv 1st 68_1952 J .1 10534 ____ 1053
1 10138 1064 Southwest Pa Pipe Lines.100 55
4
4 1053
57
Second preferred
27
*23
Saxon Pub Wks(Germany)7545 M S 100 Sale 100
Standard 011 (California)__ _ *6012 603
923 10018
4
10014 15
4
Coll trust 6s 1949_ _ _J&D 90
93
Schulco Co guar 61-5e
19463 J 100 Sale 99
83
100
99 10038 Standard 011 (Indiana)_ 25 *64
6418
Incomes June 1949. _F&A *83
87
Sharon Steel Hoop 1st ser A '41 M S 108 10812 108
108
Standard Oil (Kansas). _ _25 *18
9 1073 109
8
1812 Puget Sound Pow & Lt_ _100 27
29
Sheffield Farms 1st & ref 6 Sc,s '42 A 0 10712 1073 1073 Oct'26
- 1067 10812 Standard 011 (Kentucky).25 •11712 11812
4
4
8
6% preferred
100 8312 8512
Sierra & San Fran Power 55_1949 F A 9412 Sale 9412
9112 9812 Standard Oil (Neb)new _25 *4514 46
9514 11
7% preferred
100 10212 105
Sinclair Cons 011 15
-year 78_1937 M
9614 Sale 96
9612 86
933 995
4
8 Standard 01101 New Jer_ _25 4218 4214
1st dr ref 534s 1949_ _J&D 100 101
1st l'n col tr 6s C with war_1927 J D 10018 Sale 993
4 10014 69
Preferred
9138 1133
8
100 1163 11612 Republic Ry & Light___ _100 94
4
9512
1st lien 635s series B
19383 D 9138 Sale 91
35
92
945
8 Standard Oil of New York.25 *313 3178
4
87
Preferred
100 115
Sinclair Crude 011 3-yr 65 A_1928 F A 1003 Sale 10012 1007 127 10018 10112 Standard 011(Ohio)
8
4
100 296 299 South Cal Edison 8% pf _ _25 *34
35
3-yr 6% notes B Feb 15_ _1926 F A
10118 Oct'26 -- 10038 10112
Preferred
100 11612 118 Stand G & E 7% pr pf _ _100 1013 10211
4
Sinclair Pipe Line s 58
25
1942 A 0 923 Sale 9212
93
8
9414 Swan & Finch
87
100 1512 102 Tenn Elec Power 1st pref 7% 103 10312
Skelly Oil 635% notes
1927 A 0
_ 108 Sept'26 --- 1113 148
Union Tank Car Co
8
11512 Toledo Edison 7% pref_ _100 10314 104
100
Smith (A 0)Corp 1st 635s_ _1933 MN 1013 102 102
4 100 10212
102
4
Preferred
100 116 11618
8% preferred
100 114 115
Vacuum 011 new
9714 Western Pow Corp pref _100 98
25 *96
99
South Porto Rico Sugar 713_ _1941 J D 10714 Sale 10714
2 1053 1093
10714
4
10
4 Washington Oil
Chic it 5th Ld Bk Bonds
South Bell Tel & Tel 1st s f 581941 3 J 10212 1023 10212 1027
8 17 10118 18312
4
Other Oil Stocks
534s Nov 1 1951 opt 1931_ - 10212 10412
Southern Colo Power 6s_ __ _1947 .1 J 995n Sale 9914
993
4 15
9712 1027
Atlantic Lobos 011
112 58 Nov 1 1951 opt 1931_ 101 10212
8
*114
S'west Bell Tel 1st & ref 5s 1954'F A 102: Sale 10212 1023
4 32 10088 10358
0 8
0
Preferred
50 *3
33 55 May 11952 opt 1932__ 10114 10212
4
Spring Val Water g 58
1948'M N 9914 Sale 9912 Aug'26 -9914 1004 Gulf 011
25 *8914 9014 4158 Nov 1 1952 opt 1932__ 10012 102
14 -Standard Milling let 58
1930IM N
99
9914
985 10112 Mountain Producers
8
10 *24
2418 4358 Nov I 1952 opt 1932-- 9914 1003
4
1st & ref 5358
1945M S 10012 101 1003
4 1003
4
7
977 1014 Mexican Eagle 011
8
5 *414 5 4,58 May 1 1963 opt 1933__ 1003 10214
4
Steel & Tube gen 5 f 78 ser C_195I J J 10818 ____ 1077
8 10712 109
8 10778
National Fuel Gas
100 165 170 58 Nov 1 1963 opt 1933_ 10112 1023
4
Stevens Hotel 1st & ser A..1945 S J 9914 fale 9914
10
100
75
991 1 1003
4 Salt Creek Consol 011_ _ _ _10
8 4)4s Nov 1 1961 opt 1934_
4
993 1003
Sugar Estates (Oriente) 75_1942 _ _
1
9712 973 973
4
4
4
973
Salt Creek Producers_ _10 *283 29 434s Oct 1 1965 opt 1935_ _ 100 4 101
8912 100
4
Superior 0111st s f 75
1929 FA I 973 ____ 96
8
Oct'26 -95
Railroad Equipments Pe Cl. Basis Pac Coast of Portland, Ore
9712
Syracuse Lighting let g Se_ _1951 J D 1023
Oct'26 -___ 103
Atlantic Coast Line 135
100 103
5.15 5.00
55 1955 opt 1935_ _ _M&N 10114 10314
Tenn Coal Iron & RR gen 55_1951 J J 10312 105 10514 Oct'26 -- 10218 1051 1
8Equipment 630
4.90 4.70
5s 1954 opt 1934_ _M&N 101, 103
8
Tennessee Elec Powlst 65_19471
D 1057 Sale 105
8
10513 50 1025 106
Baltimore dr Ohio 68
8
5.15 5.00
Sugar Stocks
Third Ave 1st ref 4s
1960 .1 J 62 Sale 6112
25
62
5512 6512
Equipment 4)4s & 55_
4.85 4.62 Caracas Sugar
50 5114 214
Ad)Inc & tax-ex N Y Jan 1960 A 0 543 Sale 5118
4
5438 341
4112 654 Buff Roch Ai Pitts equip 138_ 5.20 5.00 Cent Aguirre Sugar com_ _20 8212 84
Third Ave Ry 1st g 58
1937J J 97 Sale •97
97
2
9258 9812 Canadian Pacific 4345 & 68_ 4.95 4.65 Fajardo Sugar
100 135 137
Toho Elec Pow 1st 7s
1955 M S 9512 Sale 954
9538 30
9012 983
5.15 4.95 Federal Sugar Ref corn.. _100 35
4 Central IIR of N J 68
45
6% gold notes _ _July 15 1929 J J 9812 Sale 9812
9858 81
Chesapeake & Ohio 65
9612 99
5.20 5.00
Preferred
65
100 50
Tokyo Elec Light 6% notes_1928 F A 983 Sale 9812
985
8 72
8
Equipment6;0
96
9912
5.15 4.90 Godschaux Sugar.Inc
4
t *2
Toledo Edison 1st 78
1941 M S 1077 Sale 1073
4
5 10714 1093
108
8
Equipment 6s
4.95 4.75
4
Preferred
100 15
25
Toledo Tr L & P5)4% notes 1930 J .1 9812 Sale 9814
5
101
Chicago Burl & Quincy (is- - 5.20 5.00 Holly Sugar Corp com_ _ _ _ t *32
98 101
35
Trenton G & El lst g 5s_ _1949 M S 102 103 102 Aug'26 -- 10018 1023
4 Chicago & North West 68_ _ 5.15 5.00
Preferred
100 75
80
Trumbull Steel 1st s f 68_ _ _ _1940 F A 97 Sale 963
26
97
Equipment6 Ms
4
9412 99
4.95 4.75 National Sugar Refining _100 127 130
Twenty-third St Ry ref 58_ _ _1962 .1 J 6312 Sale 6312
Chic RI & Pac 4355 & 58.,, 4.85 4.70 New Niquero Sugar
6312
61
75
100 60
70
Tyrol Hydro-Elec Pow 7358_1955 M N 97 Sale 97
Equipment 68
6
973
8
9414 973
5.25 5.05 Santa Cecilia Sug Corp pf100
4
12 3
Colorado & Southern 6s_
5.20 5.00 Savannah Sugar corn
t *140 145
Ujigawa El Pow s f 75
1945 MS 9718 Sale 963
98
8
43
Delaware & Hudson 68
98
96
5.15 5.00
Preferred
100 119 123
Undergr'd of London 4, _1933 .1 .1 935 ____ 96 Apr'26 4s_
'
Erie 4358 & 58
8
94
96
5.00 4.75 Sugar Estates Oriente pf _100 .64
68
Income 65
1948 is 9318 ___
95 Aug'26
Equipment 65
5.25 5.05
90
95
Tobacco Stocks
Union Elee Lt & Pr(Mo)58_1932 MS 10114 Sale 1003
6 10012 10212 Great Northern 68
101
4
5.20 5.00 American Cigar com_..10O 130 135
Ref & alt 58
1933 MN 101 Sale 101
1013
4 21 10018 1025
Equipment 55
4.85 4.70
8
Preferred
100 100
Lin E L&F(Ill)Istg 5358 eer A1954 is 1013 Sale 102
1023
8
7 10012 1023
4
4.85 4.70 British-Amer Tobae ord__ El *2314 2318
4 Hocking Valley 55
Union Elev 1ty(Chic)55_ _ _ _1945 AO 82 827 82
Equipment 6s
Oct'26
7712 8512
8
5.20 5.00
Bearer
£1 *225 24
8
Union 011 1st lien sf58
1931
J 1017 102 1013 Oct'26 -Illinois Central 4)4s & 588
4.75 4.60 Imperial Tob of G B & Ired .277 29
8
10018 102
8
30-yr 6s series A
May 1942 FA 107 10712 1063
Equipment65
5.12 5.00 Int Cigar Machinery_ _ _ _100 104 108
4
1063
4
3 1004 10814
1st lien s f 58 series C
1935 F/. 9818 Sale 9818
Equipment 75 & 6)48
4.85 4.70 Johnson Tin Foil & Met..100 65
983
9518 99
4 37
United Drug 20-yr 6s_Oct 15 1944 AO 1053 Sale 10512 1063
4
4 23 10312 10712 Kanawha & Michigan 6s_ _ _ 5.30 5.10 MacAndrewa & Forbes_ _100 40
42
United Fuel Gas 1st s f 65_ _1936 iJ 1027 Sale 102
Equipment 434s
8 19 10112 10412
1027
s
5.00 4.80
Preferred
100 101 104
United Rye St List g 4s_ _1934 J J 7514 77
Kansas City Southern 5348
7712 Oct'26 -7412 79
, , 5.10 4.85 Mengel Co
IGO 40
42
United SS Co 15-yr 641
1937 MN 903 Sale 90
Louisville dr Nashville 65
5.12 5.00 Porto Rican-Amer Tob_ _100 67
4
903
8712 95
4 59
70
United Stores Realty 20-yr 65'42 AO 10412 Sale 104
Equipment 634s
4.90 4.75 Universal Leaf Tob corn.100 70
10412 13 103 105
76
US Rubber 1st & ref 5s ser A 1947 .11
Michigan Central 5s & 65._ _ 4.95 4.75
943 Sale 9314
8
Preferred
943 199
913 95
8
4
100 97 100
Registered
is
_ 9278 Sept'26
927 9278 MinnSt P& SS M 4545& 58 5.10 4.85 Young (5 8) CO
8
100 118 122
10-yr 7 St % secured notes 1930 FA 1063 Sale 10618
Equipment 6349 &
8 24 1055 1085
5.25 4.90
1067
4
8
Preferred
5
100 104 107
11 S Steel Corp fcoupon Apr 1963 MN 107 Sale 1063
107
111 103 1073
8
4 Missouri Kansas & Texas 65 5.30 5.00 Rubb Stks (Ciere'd quotas's')
f 10-60-yr 5eiregist__ Apr 1963 MN
10512 Oct'26 -- 1043 10612 Missouri Pacific 6s& 634s.._ 5.20 4.90 Falls Rubber corn
4
•012 912
Utah Lt& Trac ist & ref 5s1944 AO 9212 Sale 9214
Mobile & Ohio 5;is & 55_ _ _ 4.90 4.65
8618 94
Preferred
9234 121
25
19
Utah Power & Lt 1st 5.5
1944 FA 974 Sale 963
4
993
4 New York Central 43'f9 dr 58 4.80 4.60 Firestone Tire & Rub comb0 *114 115
9714 39
95
Utica Elec L & P 1st 5s
1950 is
Equipment 68
5.12 5.00
1025 Oct'26
8
1003 1023
8
4
6% preferred
100 100 10218
Utica Gas& Elec ref & ext 58 1957 Si 102- -- 1013 Oct'26 --- 1004 10278
Equipment 75
1013 1017
4
4.90 4.75
8
4
7% Preferred
100 9712 987
,
Vertientes Sugar 1st ref 78_ _1942 JO 98 Sale 9712
98
9012 9912 Norfolk & Western 434s _ _ _ _ 4.70 4.55 general Tire de Rub com_ _25 *140 145
16
Victor Fuel 1st s f 58
1953 J
55
5.00 4.75
_
57 Aug'26
Preferred
5314 6412 Northern Pacific 78
100
Va-Caro Chem lst 7s
Pacific Fruit Express 7s_ _ 4.95 4.75 Goodyear Tire & R cona_100 _ _ _ _ 10612
1947 JO 10512 ____ 106
I 105 110
106
3312
Pennsylvania RR eq 58 & 6s 5.12 4.65 Goody'r R dr It of Can pf.100 29
StPd as to payt 40% of prin
9612
1947
let 713
10512 Sale 10512 10818
4 10434 11112 Pittsb & Lake Erie 6358
- 5.05 4.80 India Tire & Rubber new.. t •293 3112
4
asstd
Equipment 6s
Ctf of deposit
10512 ____ 10812 Oct'26
5.15 5.00 Mason Tire & Rubber cora.1' •114 2
10412 110
Ctf of deposit stpd
10512 ____ 0812 Sept'26 -- 1067 10812 Reading Co 434s dr 58
4.70 4.55
Preferred
8
100
18
St Louis dr San Francisco 55_ 4.85 4.70 Miller Rubber preferred_100 17
Va Iron Coal & Coke 1st g 581949 17-i 9314 ____ 933 Oct'26 -4
9114 98
100 101
1934 Si 983 Sale 985
4
Va Ry Pow 1st & ref fai
8
1
8 Seaboard Air Line 53511 & 6e 5.25 4.95 Mohawk Rubber
983
9712 1015
4
9
100
Walworth deb 6 45(with war)'35 AO 92 Sale 913
4
5
4.70 4.60
92
Preferred
89
9512 Southern Pacific Co 4358_
74
Equipment 78
95
15
1st sink fund 65 series A_ _ _1945 AO 9412 Sale 9412
4.90 4.70 SelberlIng Tire & Itubber_ _ t •2
9114 97
-.
112 22
Southern By 4355 & 58
6
3
4.85 4.70
Warner Sugar Refin 1st 79_1941 JO 8512 Sale 85
6614 2
8 12
0
Preferred
79 100
100 933 96
4
1939 J J 60
Equipment 68
5.15 5.00
61
60
Warner Sugar Corp 1st 7s
58
Water Bonds.
887
s
4
Wash Water Power 51 541- _1939 J J 1023 ____ 10238 Oct'26 -- 10112 10278 Toledo & Ohio Central 6s_ _ _ 5.20 5.00 Arkan Wat 1st 58'56 A.A&O 9512 96
___ 1017 Oct'26 -- 10178 10338 Union Pacific 75
8
4.90 4.70 Blrm WW 1st 535eA'54.A&O 10212 10318
Weetehes Ltg g 58 stmpd gtd 1950 JO 1021
Short Term Securities
1944 MN 10112 102 10112 10112
22 100 10214
1st M 58 1954 ser
West Ky Coal 1st 78
Anaconda Cop MM 65'29.1da 10214 10212 Butler Wat Co e f 5s13_ _J&D 9612 971s
11
101
West Penn Power ser A 581946 MS 101 Sale 10014
997 103
8
'27.J&J 100
4
1963 MS 10012 101 10012 10012
4
1st 58 series E
993 10314 Chic RI dr Pac 58 1929.J&J 993 100
4
58 Sept 2 1931_ _ _ _ MarS 1 9612 6115 104 1064 Federal Sug Ref 65'33.M&N 82
1953 AO 105105
105
86 CityW(Chatt)5148'54AJ&D 10212 10315
let 11355 series F
- 38 43 100 100 8 Missouri Pacific 55 '27_ _J&J 100 10014
1956 J D 10012 1604 10012 1007
ist M 58 1954
,
1st sec 58 series 13
J& D 9612 9711
Sloss-ShefI S d4 I 68'29_1 84A 1013 1023 City of New Castle
j
,
4
7914 16
79 Sale 79
1950
4
91
65
West Va C & C 1st 69
Water
Wise Cent 5358 Apr 15 1927_ 10012 1003
8
5s Dec 2 1941____J&D 1 93
95
Indus. & Miscellaneous
8
1018
8 58 10018 10314
1944 AO 10114 Sale 1003
Western Electric deb Ea
Clinton WW 1st 55'39_F&A 89
American Hardware
25 *87
4 101 10312
89 Com'w'th Wat 1st 5)45/.'47 10112
Western Union coil tr C112 55_1938 J J 10212 Sale 10212 103
Babcock & Wilcox
100 114 116
99
99,
8 11
Fund & real eat g 4%9
9614 100
Connellsv W 550ct2'39A&01 92
9318
-.
1050 MN 9918 100
.25
11114 22 110313 11718 Bliss(E W)Co new
27 E St L& Int Wat 55'42 J&J 93
1936 PA 111 Sale 11038
I5
-year 6 1-is g
94
Preferred
50 *57
8 10412 17 10338 107
1931 MN 10412 Sale 1043
1st Si 6s 1942
Westinghouse E & M 75
J&J 100
95 Hun'n Wat 150)554 A_M&S 103
1053 Aug'26
4
MN
10534 1053
4 Borden Company cora_ __t *93
Registered
100 14
17
Sale 10014 101 255 9978 101 Celluloid Company
Mid States WW 6836 M&N 98
20
-year g 53
1946 53 S
100 58
Preferred
62 MonmConW 1st 58'56AJ&D 95
953
4 25
95
953
4
Wheeling Steel Corp 1st 5)451948 J J 954 Sale 95
Childs Company pref __ _100 11512 11712 Monon Val Wat 5358'50 J&J
98
9778 Sale 9712
16
White Sew Mach 6s(with war)'36 j
9412 101
9912
100 170 175 Muncie WW 58 Oct 2'39 101 92
46
1
46
7012 Hercules Powder
Wickwire SPen St'l 1st 79
1935 is 4714 Sale 46
Preferred
100 116 118 St Joseph Water 59 1941A&O 9312 WI;
6014 Mar'26
Certificates of deposit
6014 6014
International Silver pref _100 104 - - - - So Pitts Wat 1st 58 1960 J&J 96
Ctfs of deposit stamped
7012 704
MN _80 7012 Mar'26
97
50
2
9712
1st M 58 1955
Wickwire SP Sal Co 78 Jan 1935 MN :1218 4714 4618
394 6812 Lehigh Valley Coal Sales-50 *95
Fdr A 9712
Phelps Dodge Corp
100 130 134 Ter II WW 65 '49 A _ _J&D 102
102
Willys-Overland 8 1 6 14s_ _._1033 MS 1017 Sale 1013
79 10114 105
s
4
Royal Baking Pow com_100 163 169
Wilson & Co 1st 25-yr a f 68_ _1941 AO 997 Sale 9912 100
1st NI 5s 1956 ser B F&A 93
8
65
955 101
3
100 101 103 Wichita Wat 1st 65'49_M&S 102
Preferred
Registered
93 Feb'25
Westphalia tin El Pow 6345_1950 3D 9312 Sale 9314
933
4 25
1st MM 1956 ser BF
3 4 -- -3- Singer Manufacturing_ _.100 360 363
- 1 93 4
&A 93
Singer Mfg Ltd
El *.)12 614
Winchester Arms 735s
4 14 1015 105
5
1941 AO 10412 Sale 10412 1043
Younien Sheet & T 20-yr 65_1943 Si 1037 Sale 1037
41 10114 105
8 104
8
•Per share. t No par value. b Basle. d Purchaser also pays accrued dividend.
a New stock. 1 Flat price. k Last sale. ti Nominal. z Ex-dividend. p Fa-rights.
I Option sale.
4Canadian quotation. s Sale price.
**a.
BOSTON STOCK EXCHANGE- Stock Record...B4'erp...
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 23.
•
A
Monday,
Oct. 25.
Tuesday,
Oct. 26.
Wednesday, Thursday,
Oct. 27.
Oct. 28.
Friday,
Oct. 29.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
'
Range Since Jan 1 1926
2245
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
Railroads.
172 *2171 172
171 171
17078 17078 1701 171
/
4
171 172
159 Boston & Albany
100 159 Jan 9 175 Feb 13 156 Feb
8214 8212 83
8214 8214 8214 8214 82 8214 8214 8214
1645; Jan
746 Boston Elevated
100 77 May 3 8512July 15
*100
__ 10012 10012 .10012
7514 Mar 85 Jan
_ 100 10012 --------30 Preferred
100 89 Feb 27 102 Mar 20
120
119 119 *11812 120 '
92 Jan
3118 fg *118 120
42 1st preferred
100 11518 Jan 16 122 Jan 7 109 Mar 10414 Dec
10412 105 *105 106 *105 10512 10514 10514 10514 10514
105
130 Dec
147 2d preferred
100 9812 Jan 9 112 Jan 2
55
5414 55
94 Mar 116 Dec
543 55
4
543 5478 543 5512 *5412 55
8
4
1,760 Boston & Maine
100 35 Mar 30 58121uly 26
*50
52
*50-_-- *50 -_
10 Apr 4912 Dec
._ *50
52
____ ____ ___ ___
Preferred
100 32 Apr 14 53 June 30
-- _ *80 2014 8014 8014 8014 8014 *79
1112 Apr 46 Dec
8014 --------120 Series A 1st pref
100 59 Apr 15 82 Oct 2
____ *120 ____ *120
17 Apr 65 Dec
____ *120
____ •I20
____ ____ ____ ______
Series B 1st pref
100 84 Apr 15 122 Sept 29
____ *102 ____ *102 ____ *102
29 Apr 8712 Dec
____ *102
____ ___ ____ ____ __
Series C 1st pref
100 74 Apr 15 110 Sept 29
__ *150
*150
25 Apr 7912 Dec
*150
__ *150 ------------22 Series D 1st pref
100 105 Jan 29 156 Sept 30
1053 +105 I 6
0
4
- 105 105
3512 Apr 116 Dec
105 10512 105 10512 104 104
261 Prior preferred
94 Apr 16 107 Sept 17
___ *181
___ *181
96 Dec 99 Nov
__ *181
_
181 181
--------17 Boston & Providence
100
24
34 24
*323 03
4
323 - 4 323 323 --------485 East Mass Street Ry Co__ 100 217512Mar 19 182 Jan 29 167 Feb 180 May
4 9234
4
28 Oct 6 61 Jan 6
67
65
65
26 Sept 5212 Nov
*63
6512 65 65
65 65
30 1st preferred
..__- ---100 5912 Apr 29 71 Jan 2
•62
65
64
*62
60 July 73 Dec
64
61
61
62
62
20 Preferred B
____ ---100 56 May 6 69 Jan 13
43
42
42
4212 4212 4212 4212 *42
51 Aug 70 Dec
--------411
43
Adjustment
100 40 Apr 29 4914 Jan 29
50
50
50
4912 50
35 Sept 50 Dec
+50
_
51
51
5
51
280 Maine Central
100 49 Sept 1 60 Feb 3
393
8 40
40
/ 4012 4012 40 - / 427 44
1
4
23 May 56 Dec
/ 42
1
4
1
4
8
423 4314 5,342 NY N II &Hartford
8
100 317 Mar 30 483
8
95
8July 17
95
95
28 Mar 46 Dec
95
95
/
1
4
*95
97
*95 ------------70 Northern New Hampshire_100 81 Apr
8 95 Oct 4
70 Feb 90 Dec
*123 124 *123 124
124 124 *123
____ 123 123
15 Norwich & Worcester pref_100 120 Apr 22 130 Aug
____ ______ *123
9 100 Jan 125 Oel
*123
*123 124 *123
__ •123
___ ____ ____ ____ __ Old Colony
100 111 Jan 6 125 Sept 1
*101 103 *101 103
96 Jan 113 Oct
103 103 *101 103 *101 103
____ ____
10 Vermont Sc Massachusetts_100 993 Mar 12 105 July 26
4
87 Feb 101 Dec
Miscellaneous.
212 212
*212 318
212 212
212 222 *212 314 ---- ---360 Amer Pneumatic Service_25
21;Sept 22
5 Jan 7
*203 2112 2034 2034 *1912 2012 2012 2012 2014 2012 --------130 Preferred
4
212 Mar
5 Dea
50 2014 Oct 28 2414June 3
145 14614 1453 14614 146 146
/
1
4
1612
4
/ 1461 14634 14614 1464 14638 14
1
4
/
4
/
1
1,585 Amer Telephone & Teleg-100 13912June 24 150 4 Feb 15 13038 Mar 2412 Dec
3
51
Jan 145 Dec
50
5112 5114 52
/ 52
1
4
5114 5114 4912 51
50
No par 4812July 13 71 Jan 2
511 1,
/
4
167 Amoskea NM
8
*7212 75
6112 May 87 Aug
*7212 75
75
75
73 73
*7212 75
80 Preferred
---- ---No par 72
/
1
4July 2 78 Feb 23
•__._ 20 *2--- 20 *z..._ 20 *z_ __ _ 20
704 May 86 Aug
/
1
/
1
4
____
_ _ ____ ____ ____
Art Metal Construe, Inc____10 20 Jan 16 2112 Jan 23
*54
57
14
*54
57
•54
Jan
56
16 Aug
*54
56
55 - 55
__ ____
25 Atlas Plywood tr ctfs
5212 Apr 14 63 4 Jan 19
3
4612 Aug 6712 Dec
*8
*8
9
9
*8
9
*8
9
*8
9
____ ____
Atlas Tack Corp
No par
814 Oct 11
1714 Jan 2
*16
94 Aug 21 Dec
/
1
163 *1512 1612 *16
4
163 *16
4
164 *1614 17
/
1
___Beacon Oil Co com tr ctis____
1418May 11 2012 Jan 14
76
76
76
76
75
75
75
75
75
75
75 75
399 Bigelow-Haat Carpet_ No par 7412 Oct 7 9812 Jar 2 02 Nov
/
1
4
10712 1071 *10714 109 *10714 109 *10714 109 *10714 109
10212 Oct
---- ---5 Boston Cons Gas pref 6M%100 10512 Jan 25 10912June 21 103
*59(4 62
*5914 62
Jan 10814 Aug
*591 62
/
4
*5914 62
*5814 60
__ ____
Dominion Stores, Ltd__No par 57 May 8 6812 Feb 1
2814 Jan 74 Oct
Preferred A
100 104 Jan 5 11218June 9
i3
4
99 June 100 Dec
41s4
4 1
*13
4 2
*134 2
____
100 East Boston Land
10
11
/
4May 20
312 Jan 21
612 7
7
112 Apr
7
63 Sept
8
738 738 *612 73
8 *612 738 '
3
612 7
225 Eastern Manufacturing
312Mar 8
5
7 0°1.26
/
1
4
3 July
45
*45
45
52
64 Jan
*45
51
47 47
45
45
360 Eastern SS Lines, Inc
463
46
4
4
37 •
25 45 Oct 7 8812 Jan 22
_ 37 *
42 Mar 89 Del
37 •_
/
1
4
37 4.
37
_ _ __ ____
Preferred
No pa
3812 Oct 6 45 Jan I)
;9(04 93 '
35 Jan 464 Oct
'56
/
1
93
iii)T4 93
*510 93
4
'166i 93
, 4
____
_ ___
lst Preferred
100 9014 Oct 8 9912 Jan 9
89 Jan 100 July
*16
*16
18
17
17
17
*16
17
16
16
16
16 --170 Economy Grocery Stores
16 Oct20 26 Feb 5
18 Aug 2312 Sept
21912 21934 220 220
220 220
220 221 '220 221
22012 22012
315 Edison Electric Illum
100 2207 Jan 15 250 Feb 11 200 Jan 213 May
*22
24
24
*22
•22
24
*22
24
*22
24
____
Galveston-Houston Elec 100 14 June 22 27 Oct 4
Oct 38 Jan
17
*1114 121 *1112 121 *1114 1212 *1114 121 +1114 1212 ____ ____ ___
/
4
__
__ _ General Pub Serv Corp com- 1134 Apr 12 17 Jan 22
3712 371
4
*2363 371
37
37
363 3718 35
4
680 Gilchrist Co
363
4 353 - 4
4 323
No par 3414 Apr 20 4038 Jan 12 223 -- Aug 4
43 July
941 941
/
4
941 9424 943 95
/
4
8
95
95
95
665 Gilette Safety Razor
9514 9412 954
/
1
No par 8812Mar 30 11312 Feb 6
12 '
310
5712 Jan 11512 Dee
•11
12
*10
12
*10
12
*10
12
Greenfield Tap & Die
25 10 May 6 14 Sept 17
*61
11 May 151/ June
6112 6112 6122 61
6112 *61
62
*6112 62
____ ____
150 Hood Rubber
No par 56 Aug 14 6834 Feb 4
52 May 72 Oct
Internat Cement Corp_No par 52 May 17 6814 Feb 9
5212 Jan 80 Oell
'
3
.25 __
'.25 -- - '
3
3.25 __
*.25
par .10 Jan 2
•_ _
_
.25 *
.25 *_ _
ai ii_ _ j iii_+.25 .i - .._ ____ ____ International Products_No 100 .30 May 19 .25 Mar 24 .05 Dec 2 Jam
i5
____ ____
Preferred
.55 Jan 5 .10 Dec 1012 Jan
ii 94 .i54 _ r _ iii 94 *Ai .__ _ *A_i .
74 Kidder. Peab Accep A pref_100 293 Apr 15 96 July 30
_ -,- - ,83
4 834
712 824 Jan 9512 Nov
/
1
712
812 9
9
912
9
- 194
933 Libby. McNeal & Libby
10
11
_10
612 Aug 13
93 Feb 1
4
72 *27
*.r7
614 Apr
712 *z7
93 Jan
8
712 *27
722
7
94 Loew's Theatres
71
/
4
7
25 . 6 July 8 1218 Jan 18
7
1114 Aug 1378 Jag
87
86
•286
87
86
87
8612 863
4 8612 87
87 8714
837 Massachusetts Gas Cos_100 80 Apr 20 FS Oct 5
.26712 6814 6712 6712 3
68 Feb 85 Dec
673; 6812 67
68
6712 6712 6712 68
185 Preferred
100 65 Jan 6 7018 Feb 20
6312 Jan 70
106 106 *106 10612 *106 10612 10612 10612
106 106
Oct
*106 107
50 Mergenthaler Linotype_No par 2104 June 2 2110 Mgy I 167
Jan 197
Oct
Mexican Investment, Inc__ 10
7 4 Apr 22 143
3
8May 26
7 Sept 163 Jar
/
1
4
wiiii- 66- iiii- 4
66- ....5 - Ili' ; "- - -- .i. .- - 6 07 o
67
____ __ _ _ Mi. Riv Pow stpd pref _100 89 Apr 9 96 Jan 4
8712 Jan 9614 Nos
212 212
212 212 *212 234 *212 23
4
212 212
80 National Leather
212 2
10
/
1
4
2 Aug 4
412 Jan 5
334 Dec
•2312 25
02312 25
2414 25
63 Jar
4
25
26
25
25
25
3.007 Nelson (Herman) Corp
25
5 154 Jan 9 2912July 19
/
1
111 Dec
/
4
'.20 .25 '
3.20 .25 '
3.20 .25
.25 .25 '
3.20 .25 ____ ____
200 New Eng Oil Ref Co tr etre__ .20 Jan 2 .95 Apr 29 .10 Dec 17 Doi
*4*4 _ _
.
2 June
*4
_
*4
*4
Preferred tr etre
IN
3 July 15 1012 Jan 6
5 4 Apr 12 &pi
3
101 1-61 100 1-61- 100 fin 100 1- 61- *100 161 _ iiif)_ 1- 0
246 New England Pub fiery prior pf 95 Sept 20 101 Sept 1
6
•____
4 •___
4
*2
_ __
*2
4
*2
4_ _ _
.
. __
_
New Eng South Mills__No par
I Oct 1
8 Feb 18
27 Dec 11 Yet
4
*7
14
*6
8
*6
2
*6
8
*6
8
45 Preferred
6
6
100
5 Aug 5 28 Jan 29
20 Dec 55 Jar
11412 115
11414 1143 11414 1143 11414 11422 11414 11412 11414 11412 1,151 New Eng Telep &
8
8
Teleg_100 110 Apr 1 1183 Feb 17
/
1
4
4
99 Apr 12211 Nos
•90 _ __ *90__ *90
__ *90
__ *90
No Amer VB.! 1st pf full paid__ 89 Feb 15 96 Feb 25
_
90 Sept 100 Mal
*19
1912 *19 2912 *19 1912 319 1912 *19 2012 --____
_ ____
1st pref 25% paid
18 Feb 1 27 Feb 25
20 May 28 Mai
42 42
42
42
4112 42
42
42
4112 42
41
4112 - 12
435 Pacific Mills
100 3512Ju1y 6 55 Jan 2
50 Dec 8112 Jar
*244
49 '
3244
49 *2441 47 *2441 47
/
4
/
4
441 4414 -- /
4
20 Plant (Thos G), 1st pref
100 40 Mar 25 6814 Jell 12
-32 Aug 75 Oci
16
1614 •157 __ _ *157 __ _
4
4
16
16
-- 512
110 Reece Button Hole
10 15 Feb 8 1714 Aug 26
1514 Aug 18 Api
*112 11
/
4
112
112 *____
112 112 11 • 16 16 1512 1-112 200
112 112
112 Jan 19
11 Apr 28
/
4
114 Nov
23 Jar
4
10412 10412 104 104 *104 10412 104 1041 iiii1-2 10412 104 104
120 Swed-Amer Inv part pref-100 98 May 28 110 Aug 6
9914 Dec 101 De(
*114 11412 11412 11412 114 114
11412 1143 11414 1143 11412 115
4
4
189 Swift & Co
100 111 Apr 21 117 Feb 20 10914 Apr 120 Fet
*6712 69
69
69
6812 6812 69 691 *69
70
____ ____
/
4
140 Torrington Co
25 54 Mar 31 72 Sept 10
4512 Apr 7312 Del
•13
1312 1312 13
/ 1312 1312 *1312 14
1
4
1312 -_
13
___
270 Union Twist Drill
7 Jan 5 1512 Feb 11
5
3 Oct712 Jaz
48
/ 49
1
4
4812 49
4812 49
483 491 49
4914 49 49
/
4
4
1,141 United Shoe Mach Corp
25 47 Mar 31 5314 Aug 25
40 July 50 Nol
/
1
4
ns
2812 *28
2812 28
28
28
28
2814 2812 *2812 29
710 Preferred
25 28 Jan 2 30 June 25
2612 Jan 29 Oci
106 106
105 108 *21053
/
1
4
410714 *21051210714 *21053
4106 105 105
140 US & Foreign See 1st pref f pd 100 May 19 135 Feb 16
98 Mar 12412 De
81
81
80
81
803 82
4
8114 8114 81
817 ---8
415 1st pref 75% paid
60 May 30 90 Apr 3
241/ Jan 73 Noi
2114 2114 2114 2114 21
2112 2118 2118 21
-14
2112 21
21
835 WaldortSys.Inc, new sh No par 17 Jan 6 223 Oct 19
4
*37
1412 Aug19 4 Jai
39
37
3
39
+37
39
37
37
37
37
___- ---69 Walth Watch el B com _No par 29 Jan 18 40 Feb 5
56
56
5 Jan 34 De
56
56 .256
58
57
57
56
____ ____
56
128 Preferred trust °Us
100 52 Jan 23 60 July 19
105 105 310512 110 *10512 110
17
/ Jan 57 De
1
4
10512 10512 •10512 110
15 Prior preferred
----100 101 Sept 30 11012 Apr 13
1512 1513 153 157
65 Jan 105 De
4
8 153 153
4
4 153 161g
4
1614 1614 16 -16
792 Waiworth Company
41%lay 28 23 Jan 27
20 123
5412 55
5512 557
163 June 2714 Jul]
4
8 553 557
4
8 553 5614 5614 573
4
4 5614 57
2,412 Warren Bros
50 44 Mar 25 573 Oct 28
4
37
Jan 5011 Juli
4112 411 *41
42
*41
42
42
42
*42
43
_- ---105 let preferred_
50 39 Apr 15 43 May 24
•45
*45
47
375 Ian 43 Jul:
8
47
*45
/
1
4
47
*45
46
*4218 47
____ ____ ___
2d preferred
50 42 Apr 16 47 Feb 10
'13
131 *13
4012 Jan 48 De
131 •13
1312 1312 131 *13
1312 ---- ---_
350 Will & Baumer Candle emu_
4
103 Aug 18 1712 Jan 2
11 Mar 217 De
8
Mining.
(i_ _
.30 *_-__
.30•_
.3
.30 3_
.30
Adventure Consolidated____25 .05 Mar 15 .40 July 19 .05 Dec .25
47- 5 .2 '.05 .25 '.05 .25 •____ .25 ' ._ _ .25 *' - .30
.
0
3
Jai
'
3
.05
+.05
3.05 .25
Algomah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar .25
..2.90
3
.9
.95 .95 *a.90
.95
Jai
.90 .90 '
3
(2.90 .99 $11.90 .99
100 Arcadian Consolidated.- 25 .25 Mar 27
101
*10
13 Aug 4 .50 Dec
*9 4 101
8
3
10
3 Jai
10
10
10
103 1038 •I0
8
1012
3312 351 •35
205 Arizona Commercial
914May 25 123 Jan 2
5
36
4
3512 3512 •35
912 Mar 15 8 Fel
3
36
*35
36
+35
30 Bingham Mines
36
10 29 June 2 55 4 Jan 4
1612 164 1612 17
3
1612 163
2814 July 6014 Oc
4 1614 163
4 16
1614
16
1618 2,178 Calumet dc Hecht
25 1314June 7 183 Aug 9
.20 .30 +.20 .30 ..20 .30 '
.20 .2 '
3
8
1238 June 1878 Jai
3
3.20 .30 '
3.20 .30
125 Carson Hill Gold
1 .20 June 10 .50 Jan 2 .20 May .90 Au,
4 144 148
4 144 15
/
1
4
143 143
/
1
141 147
/
4
143 15
4
144 15
/
1
681 Copper Range Co
25 13 May 20 20 Jan 4
212 23
*212 3
*212 3
18 Dec 33 Jai
.2
/ 3
1
4
*2
/ 8
1
4
*24 3
/
1
105 East Butte Copper Mining_ 10
24 Oct 13
.50 *21.30
/
1
4 Feb 3
.50 *a.30
•a.30
3 June
.50 *a.30 .50 *a.30 .50 *0.30 .40
64 Jai
Franklin
25 .30 Sept 9
11 Jan 20 .04
/
4
3
.50 1
1
*.50
*.50
Jan
1
11 Jai
/
4
.50 .50 +.55 1
•.55
1
35 Hancock Consolidated
25 .50 Feb 25
17
17
181
114July 17 .50 June
18
17
183
111 Fel
4 18
4
19
19
19
1812 20
2,270 Hardy Coal Co
114
114
114
1 14 Mar 29 2114 Jan 4
1,
114
1512 July 23 Jai
114
1
1
.1
112 *1
112
375 Helvetia
181 183
25 .75 Oct 11
184 187
2 Jan 11
1 Dec
180 180
3 Fel
/
1
4
185 1881 188 191
189 198
987 Island Creek Coal
•1011/4_ 310174 _
I 141 Mar 29 198 Oct 29 121 Mar 165 De
310118
- •10114
-- •10114 _ _ 103 103
16 Preferred
1 9912 Jan 4 106 July 28
-V 31114 - 1i •1112 1
1214 *113 -9414 May 10012 De
1112 -4 I2
111 113
/ - - 4 113 113
4
4
325 Isle Royale Copper
4
25
912June 7 14 Aug 9
/
1
4
*13
8 11 '138 113
9 Apr 2012 Jai
/
4
11 112
/
4
13
13
17
; 17
8
17
8 2
1,100 Keweenaw Copper
25 .50 Jan 2
278Sept 30 .50 June
1
ii: Jun
1
.60 .60
'
3.75
11
.75 .75 .
3.75 1
.80 .80
248 Lake Copper Co
1
1
25 .60 Oct26
+1
8July 14
13
Apr
1
114
114 *1
3 Jai
*1
11
/
4
1
1
•1
30 La Salle Copper
114
25 .80 June 12
212 Mar 15
1 Dec
34 Jai
•17
2 212 317
/ 21
•17
8 21s •17
8 21
317
4 218
*2
214
Mason Valley Mine
5
.30 .50 .
11 Jan 26
/
4
2
3
/
1
4Sept 17 .95 Sept
3.30 .50 +.30 .5 '
2 Jai
/
1
4
•.30 .60 '
3.30 .50 •.30 .50
Mass Consolidated
25 .25 Mar 16 .75 July 19 .40 May
*a.50
.50 .5
.75
.75
.50 .5
114 Jai
.50 .51 $a.50 .75
*21.60
395 Mayflower-Old Colony
112 Jan 5 .50 Nov
25 .50 Oct 25
45 45
3 IN
443 45
4412 45
4
45
45
4412 45
24212 43
915 Mohawk
25 30 Mar 30 46 Oct 18
2512 June 41
/ 231
1
4
23
Jai
2314 23
23
2313 2314 2312 •223 2212
*23
23
8
450 New Cornelia Copper
4___
5 1812may 19 24 Aug 9
.18 •___
.1 •_
18 Mar 25 Jai
.18•_
.18 *__
.18
___
New Dominion Copper
.05 Jan 30 .20 June 10 .10 July .85 Fel
• : 22 •____ 22 *____ 22 +____ 22 •____ 22 *____ 22
New River Company
100 22 Sept 28 25 Feb 4
25 Apr 31 Alt
itiO 63 60 60 62 62 63 63 65 652 65 70
495 Preferred
100 45 July 13 72 Feb 11
40 June 65 Alt
•5
538
*5
5
5
514 *5
53
/1
514 5 4 3
518 513
60 Nipissing Mines
7 8 Jan 27
7
43 July
684 Jai
5 Slily 8
5
8
.28
4 3
3
3
3
3
27
8 27
8
27
4 27
8
27
8 278
480 North Butte Mining
15
2 Apr 13
3 813ept 20 .89 June
7
114 *0.80
11 *a.80
37 No
11 *0.85
/
4
4
114 *0.86
114 *0.88
11.2.82
1,
4
Ojibway Mining
I Apr 29 .15 Nov
25 .50 Jan 4
17
16
16
114 Ja
*16
*16
17
*16
17
17
•16
17
•16
10 Old Dominion Co
124 12
12
/
1
12
163 Dec 27 Jou
25 14 May 26 20 July 17
4
1112 12
1112 1234 3,545 P'd Cr'12
111 iiis 1118 22
/
4
Pocahontas Co No par 1012Mar 29 15 Jan 2
1012.1'8(12e 18 Sep
18 - 18
4
18
/ 183 *1812 19
1
4
18
/
1
4
1812 *1712 1811 '18-- _
235 Quincy
19 Apr 3912 j
25 1512May 24 25 July 16
a
•2612 2712 *2612 2712 27
27
*2612 2714 2612 2612
28
*27
30 St Mary's Mineral Land
25 2512May 25 3812 Feb 10
2811 Apr 48 ja
*44 4
/
4
/
1
/ *414 5
1
4
4
4
•3 4 4
3
150 Seneca Mining
412 412 *41 5
9 Jan 4
/
1
4
4 Oct 24
7 Nov
/
1
4
0.30 .50 '
11 No
.50 *.30 .50 $.30 .50 '
3.30 .50
.35 .35
.30
•
100 Shannon
10 .33 Oct 9 .80 Jan 5 .50 May
us ja
..25 .45 '
3
.25 .45 '.25 .40 *.25 .40 '
3
3.25 .40
$.25 .45 3
Superior & Boston Copper- 10 .25 Sept 30
1 Mar 1 .70 May
4
5
510
478 5
43 413is
43
4
8
4 47
8 5
2 Ja
47
4
/ 5
1
4
7,715 Utah-Apex Mining
43 Oct 26 1134 Feb 5
5
4
3
/ Jan 8',4 Ja
1
4
112 112
135
Pia Pia
112
•111 18.4
leie lel&
138
8
112 1,200 Utah Metal & Tunnel
1 .00 Jan 8 2% Mar 13 .40 :lily .98
3
*45 .50 •45 .50 0.45 .50 '.45 .50 '
3.45 .50 •.45 .50
Ja
Victoria
25 .40 May 24 .75 Feb 23 .22 Nov
14 Is
*.12 .23 *.10 .20 *.13 .20 *.13 .20 *.13 .20 *33 .20
Winona
25 .10 Sept 13 .40 July 20 .10 Dec
Wyandot
25 .40 Feb 1 .46 Mar 22 .05 Anr .48 la
21
VA
•pld and asked prices; DO plea on this day. a Assessment paw. a Rs-dna dividend, 2New suck. s Hs
-dividend. r Ex-r1ghta.
Hz
-dividend and rights.
*2170
8214
•100
119
105
5414
*50
*79
3120
*102
*150
*105
*181
33
*65
.62
*41
50
39
*9434
2246
[Vol.. 123.
THE CHRONICLE
'awe
et.uuy
Last IVest's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares
Outside Stock Excharres
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Oct. 23 to 0,.t. 29, both inclusive.
SOndlt-
',sass
Last Week's Range Sales
Sale
of Prices.
for
Price Low. High. Week.
AUG& W 158 L 5s__1959
East Maas Street RR
1948
Series A 4$3s
1948
Series B 53
1948
Series C 605
Series D 6s
1948
1937 104
Hood Rubber 7s
Keystone Tel Co 5113.1955
1951
69
1929
Fried Krupp 7s
1931
Maas Gas 433.
9834
1945
5338
Miss River Power 53_ _195.
Nat Cottons'd Prud 648'41
New England T & T 591932
Pneum'c Scale Corp 8s 1936
P.C.Pocah Co 7s deb 1935 1034
Richfield 011 Co6s_ _194,
So Ice Utilities Co 63..1946
1044 l0134
Swift & Co 55;
66
Range Sines Jan. 1.
Low.
65
6634 $3.000
65
65
71
69
85
85
80
70
104 1044
90
9034
9834 99 '
99
9933
9854 984
102 102
1004 10034
91
91
10013 10013
104 104
1004 10333
974 97A
9613 964
lot
.
1014
3.000
750
1,000
800
10.000
12.000
25 000
10.000
2.000
1,000
1.000
2.000
1.000
1,000
49 000
2.000
1.000
9 000
Apr
Mar
62
Mar
65
Apr
77
Apr
74
Oct
104
Oct
90
984 Oct
Oct
99
Jan
96
994 Feb
99
Mar
91
Oct
10013 Feb
104
Oct
Mar
100
9744 Oct
95
Apr
9954 Ione
High.
74
Feb
7034 June
7613 June
Jan
99
88 June
10653 June
914 Oct
99
Oct
994 Oct
99 June
1054 Apr
1024 July
95
Aug
102 'May
Oct
104
Feb
111
Sept
99
Oct
100
02341
Aug
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Oct. 23 to Oct. 29, both
inclusive, compiled from official sale
Stocks-
lists.
ow.
rtg.uy
Last Week's Flange for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
10
Alliance Insura.nce
American Elec Pow Co_ _50
•
American Stores
Bell Tel Cool Pa. pref._50
Cambria Iron
•
Cougoleum Co. Inc
East Shore G & E 8% pf.25
Electric Storage Battery.00
Horn & Hardart iN Y)corn
.00
General Asphalt
Giant Portland Cement.50
50
Preferred
Insurance Co of N A_ -10
Keystone Telephone_ _50
50
Preferred
Kirbbaum, 7% CUM pref
Lake Superior Corp....100
60
Lehigh Navigation
50
Lehigh Valley
10
Lit Brothers
Minehill & schuy I Hay_ -50
Penn Cent L & P. cum pi_•
50
Pennsylvania RR
Pennsylvania Salt Mfg._50
Philadelphia Co (Pitts)_ -50
Preferred (cumul 6%)-50
Mile Electric of Penne_.25
25
Power receipts
•
Phlla Insulated Wire
Mlle Rapid Transit---50
Phi's & Read C at 1 Co- •
Philadelphia Tractitai--50
PIMA & Western, pref- -50
50
Reading Company
Shreve El Dorado PlpeL 20
Scutt Paper Co. pref __ _100
Stanley Co of America_ ...•
Tonu-Belmont Devel. _1
I
Tonopah Mining
50
Union Traction
50
United Gas Impt
_ ___
Dividend stock__
"A" •
LT 8 Dairy Products-- .
Victor Talking Machine_ _1
Wein Jersey &Sea Shure.50
Westmoreland Coal, new.50
York Railways, pref. _50
1713
7234
1123.
404
25
54
50
2734
4934
83
5134
5613
2634
85
3913
107
86
103
55
Range Since Jan. 1.
Low.
RCA.
1614 1813 3.170 1633 Oct 20,4 Semt
Jail
Jar, 54
10 36
4/
47
Mai 9434 Jan
890 60
7034 7234
235 10913 Apt 1134 June
11 114 11214
Jut
102 38
403.( Sept
4014 40 • i
120 1353 Ma) 29
2233
22
Sept
14 25
Ma. 2653 Feb
25
25
Jan 934 Aug
855,
508 73
84
51 , 54
916 49
Sept 5531 Oct
135 58
Mai 93
Sept
7134 744
300 31
Mal 624 July
5841 50
54
200 344 Jai. 56
53
July
1.024 49
Mai 6434 Jan
50
5134
46
444 Oct
444 414
71.4 Jan
20
20
10 17
July 2934 Jan
9144 911.4
55 91
Oct 9144 Oct
434 Jan
134 July
350
14 14
105 109
745 974 Mu: 1204 Feb
44 80)4 Apr 934 July
87
87
Mar 334 Jan
2644 2713 1.145 25
5044 5034
114 5044 Oct, 1244 June
ill) 704 (Sept 91
7113 72
Feb
54
5734 84.440 4854 Mar 5734 Oct
Jan 91
76
75
80 71
Feb
20 6633 Feb 764 Apr
724 725.
48
5 48
Oct 5053 July
48
4734 501, 28.574 414 Apr 6734 Jan
954 914
695
934 Oct
354 Apr
25 50
Jan 68
63
Jan
63
5I 41 513;,
460 41
Oct 574 Feb
43
390 2744 May 5834 Feb
4414
Feb
5854 57
600 564 Jan 65
:MI
3d
474 Jan 41
Aug
20
IWO 82
Apr 994 July
8534 89
Oct
3.565 134 July 28
274
25
Feb
52 89
Jan 101
984
98
80
May 924 Sept
85)2 18.325 55
2in Apr
24 233 3.270
444 Jan
34 Oct
314 4
734 Feb
5,0.0
Jan 434 Jan
887 38
301v
39
102 10734 8.129 8434 Mar 14444 Jan
83
86% 2,865 8141 Oct 8641 Oct
July 3854 Mar
15 31
33
33
Mar 10633 Oct
1.130 80
964 103
93 40
Oct 48
July
40
40
Apr 56
55
52
Jan
315 49
3531 35:4
50 3553 Sept 3853 Feb
Bonds
98
93
Amer Gas & Elec 5a...2007
621,
Cons Trao N J 1st 5.5_ _1932 6234 62
5633 57
Elec & Peon tr ctfs 43_1945 57
5034
50
Inter-State Rys cull 43.1943
03
92
Keystone Telep 1st 5s _ 1935 93
98
98
Lehigh C & N cons 434s 54
63
63
Peop Pass tr ctis 4s_ _1943 63
Phil.Co cons & cull trust
99
99
stmpd ak fd & red _1951
102 102
1960
Mille Electric 5s
1966 1034 10233 1034
1st 5s
10634101)34
1953
5138
1972 10234 10244 10234
5148
65
65
gold tr ett 4.1949
Unit By.
95.,
95
Vnrk Railways let 5s 1937 95
8954 Feb 1014
$5,601
Jan 6944
20.000 58
15.000 5613 Oct 6933
June 5641
50
77.001
13.008
Jan 9341
91
Oct 100
4111)1)98
63
Sept 684
13,001
May
Feb
Feb
Feb
Feb
June
Jan
994
10313
1044
108
103
65
9654
May
Apr
June
June
May
Jan
July
3.000
2.1101
14.800
2.004
23.00(1
5.000
10 000
9634
1014
102
10333
10041
57
95
Jan
Oct
Mar
Mar
Aug
June
Oct
•No par value.
Baltimore Stock Exchange.-Reoord of transactions at
Baltimore Stock Excha tge 0 t. 23 to Oct. 29, both inclusive, compiled from official s t,oN lists.
Stocks-
owes
rrtaao
Lost Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares,
.
Amer Wholesale pref _.100
Arundel Corp new stock_ .•
50
Baltimore Trust Cu
25
Benesch (1) pref
10
Ins
Central Fire
50
Century Trust
Ches&P. Tel of Ball p1100
•
Commercial Credit
25
Preferred
25
Preferred B.
too
64% preferred
Conant Gus. E L & Pow.,'
100
613% preferred
100
7% preferred
8% preferred
100
Consolidation Coal_ _100
100
Continental Trust
East Roll Mill new stk. •
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of America...25
Finance Service, class A 10
Oa So & Fla 1st pref. _100
•
Hare & Chase
veno5.553 cl ..,,,,t y t ..)ra Inn
3354
12934
114
2144
2354
894
1104
12654
43
236
18
R911.1
9814 983.4
3334
33
12954 1294
2634 2634
25
25
159 159
114 11444
'22
21
23
23
2314 2341
9/4 91
8
5134
51
11•143 1104
11244 11334
12641 12641
'
39
236 238
284 30
6644 6634
131
131
814 841
1734 18
94
94
24
24
294.1 11.)4g
40
465
40
57
13
25
71
841
16
124
224
94
23
14
47
814
20
235
5
20
35
105
7
25
25
Range Since Jan. 1.
Low.
98
2844
120
2654
25
153
11044
204
23
234
8934
45
totig
109
124
36
233
27
6214
117(4
83.4
174
9334
23
81
June
Apr
Apr
Jan
Sept
July
Jan
Oct
Sept
Oct
Oct
Jan
Mar
Mar
Jan
Mar
Aug
Oct
Jan
Mar
Oct
Sept
Jan
Apr
Mar
High.
Feb
101
Jan
36
Fob
154
Jan
27
2841 Feb
Feb
182
June
116
4634 Jan
2654 Jan
2714 Jan
Feb
97
574 Feb
1114 Aug
11344 Sept
12831 Feb
Feb
53
Feb
252
Feb
48
Feb
85
131 • Oct
Jan
12
214 Jan
9454 Mar
2613 Mar
Jan
89
1
Lorraine Pet Co._ lc shares
.50 1.10
424 4254
Manufacturers Finance_25
25
2034 204
let preferred
'25
1941 11%4
2d preferred
25
2141 2141
Trust preferred
97
98
Maryland Casualty Co-.25 98
Mercantile Trust Co._ _.50 40714 40744 407%
4333 44
Merch & Miners. new. •
_25
224 23
Morton Vail True pref.
36
36
Mortgage & Accept. pref.50
1914
19
Mt V-Woodb Milla v t r IOU
744 78
100
Preferred v t r
New Amsterd'm Cris Co.10 5013 5034 51
804 8033
50
Northern Central
160 160
Penne Water & Power_ Wu 160
13
13
•
Silica Gel Corp
94
94
Stand 0 Eq pf with war.100
1933 2034
United Ry & Electric_ _50
22113 223
.50
US Fidelity & Guar
Bonds1947
Balt Elec stpd 5s
Comml Credit 5538_1935
Consolidated Gas 59.1939
Cons GEL&P 4145.1935
54% notes ser E..1952
Elkhorn Coal 7. war'ta 1931
1932
6148
01055.1 iJ.uuti 6
_1952
Md Elec Ry
64s.Npt News & HampC1 &
1944
El let 55
United Ry de El 4s _ _104 ;
1941
Income 45
1938
Funding 55
1927
6% notes.
114.1
69 when issued
Wash Balt & Annan 5s 1941
1
•4, rItl•••••:,
Range Since Jan. 1.
Low.
.40
1,900
2 4234
66 204
46 1914
62 20
138 94
10 402
231 4134
26/5 20
20 2833
933
20
152 6244
292 49
9 784
80 141
100 13
2 88
2.112 17
323 187
Feb
Oct
Oct
Aug
Mar
May
Apr
Apr
Apr
June
May
June
Mar
Jan
May
Oct
Oct
Jan
Mar
High.
1.10
684
23
2434
23
102
4074
47
2334
50
20
83
564
82
171
22
94
20)4
225
Oct
Feb
Jan
Feb
Jan
Jan
Oct
Sept
Sept
Aug
Oct
Oct
Jan
June
Jan
Jan
Oct
Oct
Sept
10344 10344 $1,000 10134 Jan 1034 Oct
Feb
Oct 96
9333 9314 3.01)0 93
2.000 1004 Apr 10334 June
103 103
9714 98
Sept
954 Feb 99
7.00(
98
1.000 10433 Jan 10644 Aug
1064 1064 10654
Oct 10014 Oct
10014 13.009 99
1004 99
Apr
3.000 9833 Jude 100
9934 1011
100
904 Oct
2.000 994 Oc
1)95i 3 954
964 964 6,000 9144 Apr 974 Mar
10331
91
70
4914
73
73
9944
974 97
64
6354
19,(4 I')
91
7044
59
7344
9944
98
6454
.
19•1 1 4
2.000 8934
23.110 69
26.900 48
13.000 674
5,090 9714
10,000 9114
6,000 62
4,1)1)0 meg
Jan 91
Mar 714
Mar 51
Jan 734
Jan 9914
Jan 98
July 734
oct 1024
Oct
Mar
Aug
Oct
Aug
Oct
Feb
Aug
• No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Oct. 3 to Oct. 29, both inclusive,
compiled from official sales lists.
Stacks-
........
Last Week's Range for
Week.
u/Prices.
Sale
Par. Price. Low. High. Shares
Adams Royalty Co. corn •
Al America Radio class A 5
Amer Pub Serv, pref._ _100
Am Pub Ut I Co, par pf.100
American Shipbu IdIng.100
Amer States Secur Corp A •
Clue 13
*
Warrants
Armour & Co (Del). P1-100
Armour & Co. pref.---100
Common el a v t a_ _25
.
Associated Invest't. corn *
Auburn Auto Co. oom.-25
Balaban & Katz v t a_ _ _25
Beaver Board v to B.....
Preferred cert ficates_100
Bendix Corp class A_ ....10
10
Burg & Beck, corn
Brach ,k Sons(E J), corn *
20
Butler Brothers
Cent III Pub Secy. pref.. •
Cent Ind Power, pref _100
Cent Pub Sere (Del).---•
Central SW.7% pref.- •
Prior lien preferred.- --•
Warrants
Chic City & Con Ry pt sh •
•
Preferred
Chic N 9 & M ilw. com.100
Prior lien preferred--100
100
Pr.terred
Chic Rye part ctf ser 1_100
Comm'wealth Edison-100
5
Consumers Co new
100
Preferred
•
Continental Motors
25
Crane Co
Crown-Wirtte Pap 1st pf •
50
Cuneo Press A
100
Deere & Co prof
100
Diamond Match
Eddy Paper Corp (The). •
El Household Util Corp_10
•
Elec Research Lab
5
Evans & Co. Inc. el A
5
Class B
•
Fair Co(The)
Fits Simons di Connell
Dock & Dredge Co
Foote Bros(0 & M) Co- •
/.0
Gill Mfg Co
•
Godchaux Sugar
•
Gossard Co (H W)
-100
Great Lakes D &
D_Greif Bros Coop'ge Acom •
Hammermill Paper Co_ -10
100
Preferred
Hart, Schaff & Marx..100
Hibbard. Spencer, Bart25
le.5s & Co
10
Hupp Motor
25
Illinois Brick
Illinois Nor Util pref._ _100
Kellogg Switchb'd pref_100
Ky Hydro-Elec pref _100
Ky Util Co cum pfd--__50
25
Kraft Cheese Co
Kup'henner & Co(B)Inc 5
Laclede 0& E pr lien-100
La Salle Ext. Univ (ill). _10
LIbby.MeN & Libby.newl0
10
Lindsay Light
McCord Radiator Mfg A_•
•
McQuay-Norris Mfg
•
•Middle West Utilities_...
100
Preferred
Prior lien preferred._100
.
Midland Steel Products. •
Midland Util prior lien. 100
100
Preferred A
•
Morgan Lithograph Co..
Nat Carbon pref. new.100
Nat Elec Pr A w I pref _100
10
National Leather
•
National Standard
North American Car corn •
Nor West Util pr In pref 100
100
7% preferred
•
Novadel"preferred
974
79
78
234
241
13
85
364
5633
8333
36
49
2733
884
164
•
99
2013
4133;
137
634
1034
4813
11734
17
304
2634
274
2313 26
1313 14
97
9734
79
79
78
77
244 233
244 3
34
13
924 9353
844 8544
1413 .15
36
3633
554 58
624 6354
333 334
38
38
36
3634
484 5034
30
28
2733 2834
8813
88
8713 8/53
1653 1633
9213 93
984 9934
204 2233
14
13
3
353
4113
40
9013 100
71
71
5
5
13633 137
634
6
73
73
104 1034
484 4834
0834 9834
4994
49
108 108
11653 1174
24
26
1143 12
15
17
304 31
2633 27
2734 28
28
114
4
3
3433 3333
139
140
384 3813
33
108.4
107
28
51
5113
8
914
1104
10453
115
9934
5833
314
94
28
1114
4
3
3433
141
3854
35
10833
107
1,900
280
130
26
90
400
557
2,253
385
536
540
125
4,310
792
20
10
900
4,600
1.510
4,220
13.
10
755
40,
600
2,03,3
2.50
700
101
110
10
30
565
235
60
80
254
110
90
147
175
795
185
490
460
250
625
Range Since Jan. 1.
Low.
2313 Oct
Apr
9
May
92
Oct
79
May
70
14 May
Mar
1
34 May
Aug
90
7944 May
May
13
0
3
Aug
4053 Mar
62
Sept
3 June
Mar
32
2513 Mar
28
Jan
2744 May
2713 Oct
May
87
July
85
12
Apr
894 Mar
93 June
1053 Jan
4 May
254 Aug
May
37
Mar
99
Oct
71
July
5
13554 Aug
553 Aug
70
Sept
94 May
4733 Oct
9734 Mar
4513 July
106
Feb
116
Mar
18
Apr
II% Oct
84 July
25
May
2434 05t
27 May
70 26
200
9
200
234
275
14
375 314
330 122
145 36
150 32
30 lorg
150 107
High.
3713 Feb
Jan
19
July
99
Feb
91
954 Jan
854 Feb
544 Feb
June
1
Mar
98
9234 Mar
254 Feb
374 Mar
7234 Mar
7654 June
553 Aug
Aug
45
384 Oct
Sept
55
374 Feb
30
July
91
Jan
Jan
93
164 Oct
0633 July
Feb
100
254 July
44 Jan
Jan
7
6133 Feb
Mar
101
Jan
83
Mar
12
145 June
1054 Feb
Feb
93
134 Jan
Jan
60
10014 Jan
Feb
50
110
Aug
12544 Feb
27 June
Jan
25
3213 Jan
32
Sent
Sept
29
334 Jan
Jan 32
1514
May
May
534
7
May
Mar •39
Mar 171
May 43
Jan 36
Oct Ito
Oct 125
June
Jan
Aug
Feb
Jan
Jan
MAY
June
Apr
Jan
734 7313
55 70
Apr 794 Apr
20
2044
425 19
Mar 2854 Jab
504 52
Sept
3,375 37
Jan 57
9113 914
12 90
May 0231 oet
Or)
96
40 96
Aug 102 June
934 9313
10 914 June 954 Aug
5154 514
30 49
Mar 524 Aug
60
6144
135 55
May 0034 Jan
Sept
3514 3553
60 2913 Jan 36
9834 981.4
to mg Oct too Mar
8
833
193
Sept 1414 Jab
7
853 10
5.750
7)4 Mar 1013 Sept
2
2
334 Feb
100
14 July
38
3833
475 36
May 49Si Sept
17
17
10 1544 June 1944 Feb
1104 11133 2.595 108
May 1344 Jan
10453 105
559 974 Jan 1114 Feb
115 11553
595 10634 Jan 1234 Feb
4353 4353
Oct 495 Feb
50 40
99 100
482 98
Mar 104 June
97
9
9
97
0
2
.825 492014 MarJan 65 1 June
6054 2Oct
57
Apr
124 124
Oct 128
50 124
964 Feb
934 934
55 92
July
243 244
213 may
300
414 Jan
3033 3113 2.160 26
Sept 3313 Oct
Jan
284 2834
Mar 32
50 26
Jan
964 9634
Jan 99
20 93
4
9254 954
40 9154 May 973 Ana
Able
Oct • 28
2514 2534 • 250 24
OCT. 30 1926.]
c....., .
Last Week's Rance for
Sale
of Prices.
Week.
Stock' (Continued) Par Price. Low. EWA. Snares
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
2247
1,11.1f
OU.W4
Last Week's Renee for
Sate
,./Prices.Week
Stocks (Continsted)7 Par Price. Low, High Shares.
Sperry Flour Co. com_100
41
41
60
Preferred
100
91
91
20
Spring Valley Water_ 100 103
10234 103
123
Standard 011 of Calif_ _25 6034 60
61
15.005
Texas Consolidated 011_ _10
750 80c
1.900
Union Bank & Trust
160
160 160
22
Union 011 Associates_ ___25 544 6454 564 5.416
Union 011 of California_ _25 5494
5414 554 9.500
Union Sugar, corn
25
194 20
145
Preferred
25
274 2734
25
US Petroleum
1
1.70
1.70 1.70 2,000
Waialua Agrlcul Co,Ltd.20
34
354
151
Wells Fargo Bk & Un Tri00
255 255
20
West Amer Finance, pref 10
94 914
500
Western Dairy Products_ •
44
44
5
Western Power, pref_ _100
98
98
10
West Coast Life Ins Co_ _ _1
4
4
163
Yellow & Check Cab A_ _10
9
9
9
725
Zellerbach Corporation_ • 2634 2634 27
1.061
Preferred
Too
94
944
100
• No par value.
Range Since Jan. 1.
Low.
High.
134 1434
315 1234 Oct 214 Feb
194 194
52&
40
1114 June 24
Oct 61.4 Jan
Feb
2034 20
2034
350 19
90
Oct 97
May 23 • Aug
Jan
1234 1234
100
50 1234 July 13
Jan 108
Feb
July
664 57
524 Mar 634 Sept
380 334 Mar 604 Aug
127 129
140 127
2134
Jan
Oct 140 June
134 June
113
1/24 113
1C,0
104 112
Sept 175
Jan 1164 Mar
July
1804 (744 1804
3634 Jan 67 June
38a 128
Jan 185
Aug
1064 1064 1094
35 105
3734 Jan 6634 June
Feb 1084 JuLY
364 284 364 7.640 254 Aug
194 Oct 294 Feb
364 Oct
454 4334 49
3.5zo 314 June 584 Jan
25
Aug 29
Jan
19
194
3,a 174 June 254 Jar
134 June
2
Aug
10
10
294 May 364 Feb
35 10
Oct16
53
5111 544 6.890 4934 Jan 554 Jan
235
Feb 260
Oct
Sept
24
24
200 22
834 May
Apr 2534 Jan
10
Feb
54
64
54
100 54
44
Aug 45 June
Out 644 Feb
6434 6634
1.570 614 Sept93
94 June 984 Feb
Jan
1144 1144 115
940 I i0
34 June
Apr 118
44 Jan
Feb
19
184 194
1,600 144 Apr 2234 Jan
9
May 104 Mar
11
11
244 May 294 Aug
10 10
July 154 Mar
464 464
94
20 44
Oct98
Apr 5034 Sept
Aug
924 92
941. 1.070 724 Jan
9434 Oct
36
36
37
600 344 Oct584 Jan
24 234
700
Pittsburgh Stock Exchange.
4 Mar
34 Sept
-Record of transactions
1234
114 12,, 1.900 11
Oct28
Feb at Pittsburgh Stock
17
Exchange Oct. 23
17
20 15
Apr 31
Mai
88
88
inclusive, compiled from official gales lists. to Oct. 2..s, both
30 8i4 Mar 92
May
50
4934 50
28o 424 Api 54
Sept
174 174
2., 1734 Oct 38
Mai
Sates
144
137 1413
1.320 125
Mar 171
Last Week's Range for
Jul)
Range Since Jan. 1.
117 117
0, 1134 Apr 121
Sate
ofPrices.
Aug
Week.
7
7
Stocks70
3
Par. Price. Low. tarh. shares.
Apr
8
SePI
Low.
25
High.
27
84 Aug 27
4.0
Ocl
734
734 8
Amer Vitrified Prod com.50 27
300
734 June 1434 Fet
26
27
585 23
Aug 334 Jan
774 66
Preferred
7134 76.2to 5834 Mar 814 Jai
100
90
904
90 90
114
Apr 944 Jan
1/4 114
Am wind GI Mach cum 100
zo 1i2
Sept 117
Jot
57
58
225 57
Oct 80
11334 1124 1i3 A
J1LD
Preferred
2,0,3) 10134 May 114
100
80
Aui
80
70 80
16
Oct 914 Jan
1434 1634
Arn w indow Glass Co pf.00
760 13
Oct 234 Fel
101 107
10 1064 Jan 112
Feb
6
64
Arkansas Nat Gas com_100
200
6
Oct 104 Fel
84
8
831 12,646
54 Feb
84 Oct
5
5
Auto Finance Co cont.._ • 16
200
5
Oct 104 Fel
15
15
20 15
July 25
62
Apr
5134 524
131aw-Knor Co
03., 49
A pl 574 De
i5
71
71
79 45
Mar 80
30
294 30,, 2,40.., 26
Sept
Byers(A M)Co pref.-100
Mar 32
Fel
1014 1014
91 98
Apr 105
Aug
27
2834
Carnegie Metals Co
5.0/0 21
May 394 Sep
.0 12.4
12
12n
500 12
Sept 21
454 45
Feb
454
Columbia Gas& El com 100
1,,90 424 Mar 504 Fel
83
83
30 7994 Aug 83
Oct
Preferred w I
Bonds
974 98
126 95
Aug 984 Bent
Consolidated Ice pref. 50
Armour & Co 448.-1939
15
15
15 16
Oct 24
Feb
904 904 $8.000 904 Oct 914 Ma
Devonian Oil
Armour & Co of Del 20
i0 144 144 144
692 124 Apr 17
Jan
Dupueene Lt 7% pref_100 11534 116 1164
year gold 548
1943
95 112
Mar 116
Oct
934 9334
1,000 93
Harbison-walk Ref com100
May 954 Ma
Chicago City Ry 5s._1927 75
132 132
88 132
Oct150
Feb
75
70%
3,000 67
Preferred
Mar 814 Set
Chic City az Con Ry 531927
100
105 105
70 105
Feb 105
Feb
514 52
10.900 444 July 564 Ja
Houston Gulf Gas
Chicago Ha's 65
•
54
1927 74
54 634
896
534 Oct 10
Feb
74
74
1,000 07
Independent Brew com _50
Apr 82
ist mtgectts of dep 613'27
Ja
.
3%
34 4
507
234 Jan
7334 734 3.000 734 Oct 7734
654 Mar
Preferred
tis Series A
50
6
0
836
6
1927
1
8
534 Feb 84 Mar
614 5134 15.000 45
Jones-Laughlin Steel Pf 100 116
Mar 544 Set
45 Series 11
116 11934
1927
30 114
Jan 1194 Aug
394 39n
1.000 29
Lone Star Uas
July 46
Commonw Edison 58..1543
Se;
2a 444 4334 444 2,766 30
Apr 46 . Oct
1034 103n
4,11110 1004 Mar 105
Nat Fireproofing coin...100
Commonw Llec 5s_ _1943
Jul
8
8
200
10334 10334
8 Sept184 Feb
1,000 10234 Oct l034 01 .
Preferred
HousGLICosig 6481931
100 274 274 274
2.0 26
Sept 39
Jan
95
SO ys 24.000 95
Northwestern Eiev 65.194 i
Sept 99
FE , Ohio Fuel Corp
20
434 45
627 33
5511 as u
Apr 45
511101on
Oot
Iran
iiM Le
Certificate of deposit_ _ _ 444 434 45
.
4.708 414 Sept 45
. Ohio
Oct
Oil& Gas
• No par value.
5
54 54
120
6
July
514 Sept
Okla Nat Gas ctf of dep._
204 19A 20)4 5,733 194 Oct 204 Sept
Pittsburgh Brewing com _50
434 4%
1.0
3
Jan
7
mar
Preferred
San Francisco Stock Exchange.
50
12
12
200 11
Jan 15
Feb
-Record of transaction ; Pittsburgh Coal pref. _100
7214 74
74 7014 Oct 8314 Jan
at San Francisco Stock Exchange
Pittsburgh 011 & Gas_ __b
334 311
426
34 Aug
6
Jan
Oct. 23 to Oct. 29, bot I Pittsb Plate Glass com _100
278 280
139 270 June 310
inclusive, compiled from official
Jan
Pittsburgh Trust
215 226
100
sales lists:
6 210
Feb 225
Jae
Salt Creek Consul 011...10
754
74 734
25
714 Oct 10
Feb
San Toy Mining
1
30
3c
1,250
3c
Jan
5e July
sates
Stand Sanitary Mfg com 25 9411 894 94h
1.960 894 Oct 1834 Jan
LW,
eek's Rung, fur
Range Since.Jan, 1.
Tidal Osage Oil
100 244 224 25
5.627
8
July 25
JU,Se
Oct
ofPrices.
IVeek.
Union Steel Casting
Stocks35
35
Par Price. t.ow.
40./ 31
Oct 35
Oct
. shales.
U S Glass Co
Low.
High.
25 154 154 16
174 1514 Sept 194 Jan
aest'house Air Brake_ _50
American Bank
1264 127
120 108
.00
Mar 139 •Sept
197 198
16 14.034 Mar 200
West Penn Rys pref _ _100
Anitio California Trust_.00
00
.
95
95
14 904 Jan 95
340 340
July
Bonds
lo 332
Jan 305
Anglo & London Paris Nat
M
Cent Dist Telep lst 59.1943
Bauk
1021.4 1024 42.000 1024 Oct 1024 Oct
100 194
194 196
90 1914 Jan 202 Jun
Pittsb McK & Conn 58193i
Armour de Co"A",corn_ •
984 9834 2.000 97
Feb 984 Aug
.4% /5
300 13 May 254 Pc
Associated 011
20 49
•No par value.
49
40
10 464 J5" 00
Mar
Haut:Italy Corporation...2u 0034
6014 004 2.391, 72
Note.
-Sold last week and not reported: 1,302 Ohio Fuel Corp., ctf. of
API 351
Ay
Bonk of italy
dep.. at
Wu 40/ A 444 yy
431462)434; 740 Pittsburgh Brewing, pref.. at 120124; 231 Union
34, 436
Mar 405
Sep
Calamba sugar. prefSteel Casting,
84,, 8234 82k.
(Al
o 60 June 91
Feu corn., at 35.
Common
68
69
261/ 66
Jai. 75
Fc
California Copper
it,
64
54 6
St. Louis Stock Exchange.
200
54 Oct
S
Sept
-Record of transactions
Cold Oregon Pow, preLiOu
10.04 1024
Mal 1044 0.1 at St. Louis
50 100
Cold PacUtIlla Corp
Stuck Exchange 0„,. 23 to Oct. A, both
• 681
Dan ash
2.331/ uti4 Oct 160
Fell
Cohl Petroleum, cum- _ 25 o034
inclusive, compiled from official sales lists.
10
;>015 2.400 30
011 384 Fe
Caterpillar Tractor_ _100 LA
132 130
0.044 1/14 Mar lo0 • Fe
Cuaot Counties toao
Priway •
tat preferred
owes
,00 94
94
94
23 91
Mar
Jan 95
Last Week's Range for
Crocker-1;mA. Nat Bank.00
Range Since Jan. 1. .
3.0 3.034
.51) 300 June 340
Jul
Sale
ofPrices.
East Bay tt ater A. pref.,00 3.0
Week.
ton
u(1
StocksSo,,
22, 944 Ja/
Par. Price. Low. MIA Shares.
Li, preferred
9534 Sept,
Low.
High.
102 104
So t02
inn 1114 Fe
Emporium Corporation_ •
37
Bank Stocks31
Mar 34 J uu ,
bU :A
Federal Telegraph Cu_ _i0
11
114
44..
834 Jo., 134 A ; Boatmen's Bank
100
Fireman's Fund Maur155 155
10 153
Jan 1604 Max
90
91
SO
Oct 9734 Sep , Nat'l Bank of Comm_ _100 164
Foster & Weimer,cum. -.0
183 16454
84 155
Jan 171
Feb
124 12>s
4.11 Ii
May
13
Jul ,
Great w intern Pow,0_100 1034
103 10.3%
164 /01
may iko SeP ; Miscellaneous Stock.
Haiku Fruit&Pack (free).20
94 93*
Amer Credit indemnity_25
34.
Apr al
6
Fe
Hale Bros, Inc
53
55
20 49
Mar 56
•
Oat
364 3O
101.1 354 May 38 34 Ma , Best Clymer Cu
Hawaiian Gummi & Sug.26
*
50
50
100 50
Oct 85
Feb
4.014 47
1.0
Boyd-Welsh Shoe
44
July 48
Ye
• 41
Hawaiian Pineapple- - -20
404 41
302 3634 Ma
444 Feb
6434 6434
Brown Shoe, corn
20 48
Jan 004 Ja
Hammon Sugar
100 33
35
3514
185 30 June 444 Feb
40
44)
0 39
Cert-teed Prod, hat pre1.100
Mar 41
Sep
Honolulu Consul Ohl
108 108
25 984 Apr 106
10 3734 37
Ocl
E L Bruce. cum
3/34
350 36
Mar 404 Jou
Hunt Bros Pack Cu"A" •
•
36
36
75 38
Oct534 Jail
26
294, 1.0040 24 Juue 2634 ou
Preferred
Hutchinson Sugar Plant_15
100
97
97
40 97
Oct10114 Mai
12
3o 11 Apr id Fe Ely & Walk 13 Cl. corn..25 30
1234
Illinois Pacific Wass"A" •
31)
30
169 28
Oct35
Aug
29
29
21.10 204 Apr 33
Fred Medart Mfg,corn.,
A
Hey System Trail. pr pf. WO 69
.• 30
29
30
30 29
Oct34
Jan
67
204u 60
70
Oct 894 Ja
Fulton Iron Works, pref100
Preferred
60
61)
100
5 SO
Aug
27
994 Fall
3, 21
Hamilton-Brow° Shoe, 25 10
2134
Oct 65
ja
Langendorf Baking "A". • 13
43
44
71 41
Oct67
Jam
390 124 Sept 13 _00
1234
Huss Ilan Rein. cum
& Elec. pref _ -100 984 9634 13
• 34
LA
34
34
Oct41
20 34
Jae
101)
4 94,i May 106,5 Sep Huttig 8 & D, gyp/
Magnavox Cu
*
•
30
Oct44
20 30
Ocl
650 [On
1,300 690 July
International Shoe. corn_ * 1574 15714 30
1.
80 Ja
Marine Corp. pref
1.
60
9>s
30 133
15414
May 17514 Jarl
13,01.61n
I.L234Jo. 1.6234 Be
zo
Preferred
Mercantile Trust Co -100
foo
ling 11.1714
10 107
Oct 11154 Joe
300
10 285
Joh iison-S & S Shoe
Jan 305
Fe
North American 011__10 384 384 300
•
58
68
10 50
May
9854 Jar
39
4.0 324 Mar 42
Mu-Ill Stored, coin
A
Onowea Sugar
•
15
20
15
30 • 1494 Jun
1734 lting
39 5 304
00 3434 July 40
Missouri Porti Cement._25 55
Se
Paallhall Sugar Plant'n.-20
55
56
308 484 Mar 67
114
Nat final Candy. coin_ _10
211
May 1234 Se
tO
_Jar__
Pacific Gas & Elea, cum.100 12834 1284 114
0 87
81
87
427 70
AP
92
129
a
rar
600 118
Pedigo-Weber Shoe
Mar 134
Se
lot preferred
• • 3214 324 324
.
100 119
May 39
40 27
Jar
994 10034
76.1 97
Polar Wave Ice, A
Apr tozg Jul
pacific Ltg Corp,coat_ _100 3/1
•
314 314
3/ 1 3.1
615 314 Oct 3734 Fel
2d 301
Rice-Stir 1)0, 1st pref_100 1064 106
Ja 3.13
Jo.
6% preferred
100 9634 964 97
1064
105 108
Oct 109
Jar
20,, 044 Juue 994 Se
Common
Pacific 011
• 1.37n
• 21
21
'4194
13411 21
Oct 2594 Feb
1.374 1.60 1,260 96c Ma. 1.64A A
Sheffield Steel, corn
Pacific Tel & Tel. pref _ _100 104
•
26
28
May 2914 Jar
1034 iO4
5 24
111.1
Southwest Bell Tel, pref100 114
904 Mar 104
0
fine Cos. Inc,com_ _.• 109 A /04 10334
Paraf
1134 114)4
132 1124 Apr 11514 Sep
400 844 Ja
St Louis Car, pref
101
Au
Phillips Petroleum
• 484 48
100
140)4 90 14
10 90
May
Jot
97
484
9.0 4134 Apr 6234 Se
Wagner Electric, coin_
}ugly wiggly. West States
20
•
20
100 1334 July 3414 Jai
Wagner Elec Corp, prat.100 70
70
”A'
70
• 194 1934 20
50 614 July 85
Jai
g Wm Watch°, cum
60 1934 Sep
20
Alt
• 4534 454 4534
pig p Whistle pfd
100 40
154 164
Apr 4934 Rep
335 1594 Oct 164 Se ,t
Richfield Consul 011
2311 234 24
244 0 1,
00
23
Mining Stocks
-jr Sacram RR. cum--100
134 2
La)
4
A Jul
Jaa Consul Lead & Zinc Co._* 1
19
Preferred
22
100
939 15
11
Oct 28
13
Ma;
14/
74 00
32
Joa
100
SJ Lt &Pow.cam
51
51
10 42 Jun
a
. Street Railway Bonds-59
Ja
Prior preferred
100
1064 1064
20 1024 Ja
103% 01, E St I. & Sub Co 5s._1932
8734 57(4 424.000 8334 Jan 8734 .0c
priuf pref
6% par
94
94
14 92
Aug 94
OcIt United Railways 45...1934 76
78
Schlesinger(B F) A. cora..• 29x
7834 313/00 75
244 24 %
Jan 7834 Ap
56 22A June 274 A g
45, cent( of deposit_1934
764 7634 6,000 74
Shell Union 011, corn
29
Jan 7834 AP
294 1,056 234 Mar 304 A If
Sherman & Clay
Miscellaneous Bonds
7% prior preferred..100
90% 91
;
43 87
Aug 96)4 F,b Hinloch Telep 68
1928
10134 1014
1.000 10134 Oct 1024 Jim
Sou Calif Gas, pref.,...l00 107K 984 984
5 96
Jan 984 03 Houston 01184s
1935 1004 1004 1004
1.000 994 June 10034 •- Oe
Southern Pacific
100
106 108%
335
9614 Misr 1104 Se
* No par value.
Omnibus vot tr ctfa w I a.
•
Penn Gas Elec w 1
•
Pick Barth & Co pref A •
Common v to
1
Pines Winterfront A
5
Pub Berv of Nor Ill
•
7% preferred
100
Quaker Oats Co
•
Preferred
100
Q R S Music com
•
Real Bilk Hosiery Mills_10
Reo Motor
10
Ryan Car Co (The)-----5
Sears. Roebuck & Co_ _ --•
Bo Colo Pr Elec A cam_25
Standard Gas & Electric.*
-Warner Speedum •
Stewart
Swift & Co
100
Swift International
16
Tenn Prod Corp,cola_
•
Thompson (J R)
25
Union Carbide & Carbon_•
Milted Biscuit. class A- --•
United Iron Works v t c_50
United L & P. A WI new..
•
B,w I new
•
Preferred class A w la_ •
Preferred claw B w la_ -•
United Paper Board--100
U B Gypsum
20
Preferred
100
Univ Theatres Cone el A..4
Vesta Battery Corp
10
Wahl Co
•
Ward(Montgomery)&Coal
Preferred
100
Class A
•
Williams 0110 Mat,corn.*
Wulff Mfg Corp
•
Voting trust certificates•
Wrigley Jr
•
Yates Machines, part pref•
Yellow Tr&Coach Mfg B /0
Yellow Cab Co Inc (Chic)•
THE CHRONICLE
2248
of transactions at
Cincinnati Stock Exchange Oct. 23 to Oct. 29, both inclusive, compiled from official lists.
-Record
Cincinnati Stock Exchange.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. LOW. High. Shares.
108 110
Am Laundry Mach corn 25 109
25
25
American product
Amer Rolling Mill com_ _25 4434 4434 46
1104 11031
Preferred
100
9% 10
Amer Thermos com
37
37
Preferred
Buckeye Inc
100 45
4034 45
140 140
Champ Coated Pap com100
Churngold Corp
51
53
* 52
130 130
CM Union Stock Yards_100
2134 2234
City Ice & Fuel
*
80
80
Cooper Corp (new) _ _100 80
101 104
Preferred
100 104
54
Dixie Ice
100 54
54
11034 11034
Dow Drug pref
100
Ea.gle-Picher Lead com_ _20 2934 2934 2934
22
22
Formica Insulation
* 22
43
59
Giant Tire
*
42
4234
Gibson Art com
* 42
90
90
GlobeWernickeem undp 100
*
43
45
Gruen Watch corn
108 109
Preferred
100
Hatfield-Reliance com___*
15
15
Jaeger Mach
* 2734 2734 27%
100 100
Johnston Paint pref _ _ _100
131
Kroger com
10
13134
1734 19
McLaren "A" Cone
* 1734
7
734
Paragon Refining com_ _25
Proctor & Gamble com_ _20 15934 15934 160
162 162
8% pref
100
112 11234
6% pref
100
9534 9534
Pure 0116% pref
100
100 10934 10934 10934
8% pref
100 100
Putman Candy pref_ .._i00 100
46
46
*
U S Can corn
100 10034 10034 10134
Preferred
154 180
20 180
U S Playing Card
8334 88
U S Front & Litho com_100
96
96
100 96
Preferred
734 734
*
U El Shoe com
4534 4534
100
Preferred
Whitaker Paper corn53% 55
: 2834 283.4 2834
Western Paper
Banks
Fifth-Third-Union units100
100
rat National
322
327
Public Utilities
Cincinnati & Sub Tel_ _ _50 8934 8934
100 91% 903s
Cin Gas & Elcc
124
Cin Gas Transportation 100 124
8834
C N & C Lt & Trac com 100
6634
100
Preferred
100 11034 110%
Ohio Bell Tel pref
TractionsCln Street Ry
50
3334
Railroads'
322
327
90
9131
124
8834
6634
Ill
3334 343.4
OA
OA
924
25
1,970
137
60
4
502
21
253
2
161
10
26
2
9
492
20
237
1,139
6
134
26
10
6
5
324
265
550
866
25
13
18
19
2
100
70
303
55
5
580
10
180
50
Range Since Jan. 1.
High.
Low.
Mar
108
2434 Apr
4534 Oct
May
108
Aug
12
May
40
Jan
30
Oct
140
4934 Aug
Aug
125
2234 Oct
6531 July
9934 June
Mar
54
Jan
110
2634 May
Apr
20
23% Jan
3634 Feb
Oct
90
Jan
36
10334 Feb
1434 Apr
2734 Oct
Jan
99
Mar
105
1734 Oct
634 May
13934 Jan
Feb
160
10834 Apr
8534 Jan
10534 Apr
Mar
99
3931 July
Mar
99
Apr
137
80% Jan
July
91
534 Mar
44
Aug
43 June
2734 Apr
2 318
14 321
14734
2734
47
111
2034
4434
45
183
70
153
2534
80
108
54
111
35
27
59
44
100
50
109
18 34
2934
10234
13031
2034
954
164
163
11434
98
11434
100
63
104
180
95
100
8%
5634
56
3134
May 326
Jan 335
320 81
Apr
90
289 88
Mar 95
11 12% la
125
32 8134 Jan 9334
Apr 7034
5 63
10 109
Jan 115
840
33
Oct
9/
01
kin,/
Jan
Feb
Oct
Sept
Mar
Mar
Oct
Apr
Feb
Jan
Jan
Ma
Jan
Oct
Mar
July
Jan
Oct
Sept
Apr
Aug
Aug
Jan
Oct
Mar
Jan
Feb
Jan
July
Feb
Apr
Sept
Apr
Mar
Jan
Feb
Oct
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Apt
Oct
Apr
B
Jun(
Jun(
July
3
35
July
can
Pot
* No par value.
New York Curb Market. Below is a record of the
transactions in the New York Curb Market from Oct. 23 to
Oct. 29, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Ames
r'rtaay
Last 1Veek's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Stocks-
Indus. & Miscellaneous.
Ala Great South, corn_ _50
.50
Preferred
Alabama Pow Co 57 pfd__.
Alpha Portland Cement_ •
*
AIUMIDUDI Co. corn
100
American Arch Co
Am Brown Boyer' El Corp
•
Founders shares
Am Cyanamid, cl B com_20
100
Preferred
Amer Eleetrice, class A _ _25
•
Corn vot trust etfs
•
Amer Gas & Elec. eom•
Preferred
American Hawaiian 88_ _10
Amer Lt & Trac, com__100
100
Preferred
Amer Pow At Lt, pref___100
Am Pub UM,prior pref.100
Participating pre( __ _100
American Rayon Products.
Amer Road Machinery_100
Amer Rolling Mill, com_25
Am Seating (new corp) vt,c•
Convertible preferred__'
Amer SuPerpow Corp, A..*
•
Class B
.
Participating pref _ _ _25
•
First preferred
Am WritPap,newpf vtc.100
Arizona Power, coin _ _ _100
Arkansas Lt dr Pow, pf_100
Assoc Gas& Elec. class A_•
Atlantic Fruit & sugar--•
Atlas Portland Cment____•
Auburn Auto common__25
Automatic Fuel Saving _ _ _•
Babcock & Wilcox Co_ _100
Beaverboard Cos pref _ _100
•
Mae(E W)& Co
Bohack(H C), com _ _ _ _100
Bohn Aluminum & Brass.•
*
Bon Ami Co corn A
Borden Company
50
Botany Consol Mills, corn.'
Bradley Fireproof Prod_ _1
Brazilian Tr, L &P.ord.100
arm Corp (new). clue A..*
Class B
•
Brit
-Amer Tob. ord bear.£1
Ordinary registered_ _ _ £1
Brockway Mot Trk, com_•
..........s.,.. re. sin
in
107
34
8834
106
96
209
9734
14
4
4431
3734
3814
2734
324
25
3434
434
55%
5%
38
2614
5551
95
500
4354
2036
2334
st,4
117
11734
107
39%
69
106
117
118
107
3931
70
108
1814 1834
3336 34
8834 8836
2234 2234
734
734
104 108
96
9634
814 9
2033.4 210
10934 110
9734 98
90
90
7834 7834
143.4
14
4%
4
44% 45
3531 3734
3834
37
2734 2834
2934 2934
253.4 26
95
95
2934' 3236
25
19
10054 100%
3434 35
1
1
4036 4354
5534 5534
5% 534
114 11414
38
38
2214 2715
150 150
13% 14
5534 5634
94% 9534
8% 8%
500 50c
10834 11034
40% 4331
19% 2134
2234 23%
2334 2336
3836 3834
ft% am
•
.b3
WWW
a
'1WS8888888 8888n
a8688a888888H88888588888888888850
Week Ended Oct. 29.
Range Since Jan. 1.
Low.
High.
95
Mar 13434
9434 Mar 135
10634 Oct 107
37
Sept 4534
70.
544 Jan
106
Oct 13234
Sept
Sept
Oct
July
Feb
Feb
1634 Oct 2234 Aug
Feb
3234 Oct 47
Feb
86% Sept 96
July 2434 Feb
20
634 Sept 1134 Feb
Mar 11034 Sept
64
9011 Apr 9634 July
1114 Jan
73( July
Jar
Mar 264
195
Mar 1153.4 Jan
105
Apr 9934 Oct
92
90
Oct 9734 Aug
Mar
7834 Oct 89
Jul) 3534 Jan
.
11
434 Ocl
May
3
44% Oct5931 Feb
3234 July 38% Sep'
3634 Oct 4034 June
1934 Mar 3714 Jar
2114 Mar 39 I Jar
23
mar 263.4 Sept
May 9534 Sept
93
Sept
2936 Oct34
19
Oct3934 Jar
Apr 102
Aug
94
2534 Mar 3834 Alit
234 Fel
89
0 Jan
4034 OCt 5334 Mat
4134 Mar 73
Mar
5
Oct534 Oct
Jar
Oct149
112
Star 45
34
Ata
1614 May 2734 Or'
15 0 June 150 Juni
1314 June 1734 Jar
5534 Oct56% Or'
Jar
913.4 May 110
Ma
May
13
4
May
1% Jar
50
Mar 11034 Oc
89
313.4 Sent 5734 Jar
Jai
Sept 33
13
£211£ July 314 JUDI
1213-4 July 3036 JUDI
2434 Apr 4314 Oc
934 Fel
634 Oct
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
rVoL. 123.
Range Since Jan. 1.
Low.
High.
Feb
Jan 335
200 179
100 228
225 228
Bucyrus Co corn
Aug
Jan 112
25 100
100
108 108
Preferred
800 23% July 38% Jan
3036 3134
Buff Niag&EastPow,com_•
Feb 3114 July
100 24
25 2534 2534 2534
Preferred
Apr
Feb 26
160 15
100 15% 15% 1534
Celluloid Co, com
Aug
Feb 75
100 51
60
100 59
59
Preferred
Aug
150 117 June 205
• 165% 163 167
Celotex Co, com
225 88 June 9714 Aug
100 89% 8954 9134
Preferred 7%
Central Leather (new corn)
Oct
400 17% Oct 21
Class A vot trust Ws...* 17% 1734 19
Feb
Jan 99
10 90
9234 9234
Cent States Elec,8% 91100
Jan
1,100 15% May 27
17% 19
Centrifugal Pipe Corp_ •
914 Feb
4
July
800
734
5% 734
Checker Cab Mfg,class A.*
Feb 44% Aug
600 42
43
4334
Chic Nipple Mfg. class A.50
Oct
500 2534 Apr 32
3 - i 3131 32
-1 S
50
Class B
Apr 119% Jan
20 114
1163.4 11636
100
Childs Co, pref
20 484 4534 4831 19,500 37% Feb 48% Oct
Cities Service, corn
100 9134
903', 9134 4,600 82% Apr 9134 Oct
Preferred
8% Oct
Oct
1,900
7
8%
8
10
Preferred B
Mar 82% Aug
900 74
100 8234 7034 82%
Preferred BB
Oct 33% Jan
100 18
18
18
•
Cohn-Hall-Marx Co
I% Oct
2.1 21,300
3% Jan
2
Colombian Syndicate
Columbia Gas & El(new co)
Aug 85% Oct
85% 9,000 78
83
82
Common w 1
Aug 9914 Sept
Preferred w 1
100 97% 97% 98% 2,000 92
Com'wealth Power Corp
Mar 433.4 Sept
• 39% 3834 40% 7,800 29
Common
Mar 91
Oct
900 82
100 8934 89% 90
Preferred
Feb
250 3034 Mar 76
60
• 5834 52
Warrants
114 Oct
534 Jan
100
1% 1%
Consol Dairy Prod
Feb
1,500 4454 Jan 58
Con Gas, E L&P Bait corn* 5134 513.4 5134
Aug 2854 Feb
21%
800 21
• 214 21
Consol Laundries
Oct
600 6834 Oct 71
70% 71
Cons RRs of Cuba, pref.100
Aug
25 9534 Oct 104
95% 95%
Conn G & El.6% pt pf 100
Continental Tobacco_ __ _• 2314 20% 23% 3,200 1131 May 23% Sept
400 2334 Oct 3514 June
2434 2534
£1 2534
Courtaulds, Ltd
Oct
Oct53
52
52
100 52
52
Cudahy Packing new com
Oct
32% 34
600 26
Feb 34
10 3
4
Cuneo Press, com
17% 18
600 1534 May 2334 Jan
Curtiss Aeropl AM,coin_• 1736
300 7514 June 8914 Feb
7931 so%
Preferred
100
Sept115% Sept
11334 11334
10 113
*
Curtis Publishing, pref
Mar
29
100 29
Oct 33
29
Davies (Wm) class A.._..*
700 510 June 1014 Jan
331 3%
•
De Forest Radio Corp_
Jan
20 130
14054 14034
Mar 159
Dixon (Jos) Crucible_.,100
•
19% 1934 1,000 11
May 1934 Oct
Doehler Die-Casting
Jan
3% 454
1,500
3%
3% Oct 11
DubillerCondCorporatlon•
19
21
2,600 1734 Oct 2634 Jan
Dunhill International
*
46,500 149
155% 159
Aug 18011 Oct
du Pont deN&Co new corn•
•
934 10% 4,300
334 May 1434 Sept
934
Durant Motors, Inc
Feb
9% 9%
100
934 Oct 21
Duz Co, class A
•
Feb
100
8% 8%
Oct •22
8
Class A v t c
420 104% Jan 110
July
Eiec Bond & Share pref_100 105% 105% 106%
Jan
Eiec Bond & Share Secur_• 66% 65% 6734 10,000 5634 Mar 86
3,100 3011 Mar 7414 Jan
3634 38
Elec Invest without wart._• 37
Feb
May 32
200 21
2634 2634
Empire Pow Corp part stk•
4
Jan 39% Oct
3934 15,600
Estey-Welte Corp class A_• 39% 38
14
1434
900
14)4
634 Sept' 1414 Oct
Class B
3
334 3,300
Oct 1034 Jan
3
3
Fageol Motors Co com__10
Feb
140 12454 Apr 169
137 137
Fajardo Sugar
100
Sept
27
27%
400 1934 Sept 28
Fanny FarmerCandyShops•
3134 3134
600 30
May I 3314 June
Federal Purch Corp cl A.•
11% 1134
100 934 Sept 13% June
•
Cla.ss B
Jan
11 11
300 11
June 22
Federated Metals Corp_ __•
37
37
200 37
Oct 3934 June
Feltman & Curme Shoe A •
7
7
100
33.4 Mayi 1034 Sept
Film Inspection Machine_•
Jan
125 9634 Aug 100
Firestone T & R
pf_100 9334 97% 9834
Mar
391 399
80 331
Oct 655
Ford Motor Coot Can-100 392
Jan
16% 1734
1,500 1334 Mar 20
• 17
Fortino Co. class A
Foundation Co
Jan
2,700 15
153.4 18
Mayl 55
Foreign shares class A •
Fox Theatres. ci A, com__' 2534 24% 26% 10,100 1934 Mar, 344 Jan
20% 2034
200 1834 Oct 33
Jan
Franklin (IIH) Mfg, com..'
82
2' 7834 June 90
82
July
loo'
Preferred
500
934 Aug
5% 534
334 Mar
Radio_ ...*
Free(1-Eisemann
26
• 30
3134 43,200 1734 Jan 3734 Sept
Freshman (Chas) Co
20 4234 May 63
62
62
Oct
Galv-Hous El Co, pref _100
1,300
534 6%
2% Feb
8
534
Aug
•
Garod Corp
General Baking. clam A...' 55% 5234 56% 21,100 4434 Apr 7934 Jan
6
5% 631 12,200
•
534 Mar 1734 Jan
Class B
39% 39%
20
2234 Mar 393.4 Oct
General Electric(Germany)
300 2814 July 38% Aug
38% 38% 3834
Common stock receipts- _
175 40
50
53
Mar 5834 Aug
General Fireproofing. corn* 50
40
100 38-4 Oct 5658 Jan
40
General lee Cream Corp_ _•
100 1134 Oct 1634 Feb
1134 1134
General Pub Serv, com___*
94
95
2,200 89
Feb
Mar 114
Gillette Safety Razor___.' 94
1034 103,4
400 1034 Oct 1534 July
C G Spring & Bump corn •
1134 1134
700
Apr 124 Sept
5
Prod, corn_ .._10 11%
Gleasonite
178% 176 1783', 1.600 13834 Jan 184
seat
Glen Alden Coal
24
24%
300 2334 Oct 2554 Oct
Cobol (Adolf), Inc. corn...'
May 50
Mar
com__100 3134 31% 32% 4,500 28
Goodyear T & R
1
1
100 500 Sept
134 Apr
Griffith(D W). class A__ _*
6% 634
1,000
6
July
8% Jan
634
Happiness Candy St el A_•
300
614 6%
711 Jan
554 June
•
Founders' shares
100 100
200 9934 Feb 100
Oct
Hay Elec & Util, 1st pf_100
1334 135-4
100
83.4 Apr 211£ July
Hazeltine Corporation_ __•
1234
12)4
1234
200 13
Feb
July
19
Hellman (Itich'd) Co corn •
2234 2234
300 2
Jan
234 Oct26
Hires(Chas) Co cl A com_•
333 337
20 333
Sept
Sept 347
Home Insurance Co.__100
400 41
Mar 62% Jan
Horn & Harden,com_ _• 52% 52% 53
106% 108
80 105
June
ioo
Apr 116
Preferred
28% 28%
300 24
Feb
2834 June
Irnp'l Tob of G B & Ire_ _ £1
634 7
6%
4,000
6
Oct 1914 Jan
Industrial Rayon, class A_•
5034503.4
25 50
Jan
Oct64
Insur Co of North Amer..10
134 234
1,300
154 Oct834 Jan
lot Concrete Inc fdrs sh.10
30
30
500 25
Jan
Sept 39
International ULU,class A •
•
434 434
800
334 Sept914 Jan
Class B
13714 141
•
250 130
Jab`
Ma 165
Johns-Manville, Inc
1834 isg
loo 16 May 20% Feb
Kruskal & Kruskal, Inc__*
32
32
* 32
200 32
Feb
Mar 37
Lumley Bros clans A
20
20
100 17
•
Oct 4754 Jan
Land Co of Florida
10634 106%
50 103
50
Mar 12036 Feb
Lehigh Coal dr Nay
Lehigh Power Securities
1334 143', 10,800 10
Jan
Mar 22
New consolidated corp_* 14
96
96
50 80
Aug
Mar 102
Lehigh Valley Coal Salee.50
4334 44
6,800 3614 Mar 45% June
Lehigh Val Coal ctfs, new.. 44
1,400
8% 934
Sept
734 Mar 10
Libby, McNeill & Libby_ 10
14034 141%
Jan
100 125
Libby Owens Sheet Glass25 141
Aug 219
7.50
1
3% Jan
2,500 10c
Apr
Liberty Radio Chain St__•
40
40
400 39% May 46% Feb
MacAnd & Forbes, corn_ _*
600 13% Sept 15% Oct
Madison So Gard Co v to' 14% 14% 14%
1
1%
1% Jan
500 73e Sept
Marconi Wirel Tel of Can _1
4% 4%
(14 Jan
4%
600
3)4 Sept
Marc Wire! Tel of Lond.£1
200 48% Oct 50% Sent
Marmon Motor Car com _* 4814 4834 4834
1934 2034
200 17
May 25% Jan
McCord Rad Mfg v t c___* 19%
Feb
25 55
Apr 62
Melville Shoe common_ _ _* 6011 60% 60%
134 134
•
1,000
2% Jan
1% Sept
Mesabi Iron Co
32
32
200 24% Mar 30% Jan
Metropol Chain Stores_ _.•
11014 11134
3 ,
M
1,300 107% May 135
•
Middle West Util. cora115 115
100 98
100 115
Jan 12234 Fag
Prior lien stock
10454 105
300 97
100
Jan 11114 Fe
7% preferred
2434 2436
100 21% May 254 Mar
Midvale Company
Feb
10034 10034
4
97
Sept 103
Miller Rubber, pref_ ..i00
1,200 204 mar 2856 Feb
Mohawk & Hod Pow,corn* 23% 2234 23%
• 10314 103% 10334
425 10134 MaY los
Mar
First preferred
3814 39
• 39
500 25
July 41% Aug
Mohawk Valley Co
10
104
700 10
Oct 141£ Aug
• 10
National Baking, corn
2134 2234
400 1534 Mar 26)4 Jan
Nat Elm Power. class A._' 22%
44 Jan
234 234
100
214 May
10
National Leather
600 97
Mar 10214 Jan
Nat Power & Light. pref__• 10134 10134 102
Jail
1834 1834
400 15% Mar 24
Nat Pub Serv, corn, cl A _ _•
Mar le% July
400 10
• 1334 1334 1334
Common.class B
OcT. 30 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High
•
National Standard Co_
31
31
200 29
Oct 33% Oct
National Sugar Refin _ _100
125 127
100 102
Mar 12954 June
Neigner Brod, Inc, pref _100
95% 9635
20 95% Oct 97
Oct
Neptune Meter. class A__•
23% 23%
100 23% June 25% Jan
Nev-Cal Elec Corp,com 100
20
20
100 1835 Mar 4435 Jan
9% 1034
New Mex & Ariz Land-1 1034
700
9% Apr 17
Jan
N Y Telep, 634% pref_100 11234 11235 113
125 110% Apr 11535 June
53
60
N Y Transportation._ _10 60
2.900 46
Oct
July 60
-Pond corn _• 1934 19% 1934
Niles-Bement
100 19
Jan 27% Feb
North American Cement.*
17
1735
200 16
Oct 21
Sept
Northeast Power. com--• 1734 16
1735 5.000 15% Oct 36)4 Jan
Northern Ohio Power Co.' 1334 12
1334 4,500 11
Mar 2634 Jan
Nor Ontario L & P. pf _ _100 80
79
80
80 77% Sept 85
Aug
102% 104% 2,000 98% May 13634 Jan
Nor StatesP Cerli.eom-100
Preferred
100
101% 102%
125 99% Apr 10344 Oct
Pacific Steel Boiler
•
13
13
100 11
Apr 18% Feb
Parke, Davis & Co
25
130 130
100 111
Apr 130
Oct
Penney(JC)& Co cl A p1100
99
99
10 98
July
Aug 99
Penn Ohio &cur Corp_ •
935 934 1,600
635 May 1031 Sept
Preferred
83
84
3.400 7935 Oct 86
Oct
Penna-Dixie Cementcom_• 3934 3634 3934 8,700 3835 Oct 4334 Sent
Penns Pow dr Lt, pref ____* 10634 10631 10654
125 10434 Jan 109
Aug
Penn Water & Power-100 160
160 161
170 13035 Mar 174
Jan
Peoples Drug Stores inc. •
30
3134
600 20
Mar 3414 Mar
PhIlip-Morr Cons Inc corn• 12
11
12% 7.400 10 Sept 12% Oct
Class A
25 1834 18% 1941
500 18% Oct 21% Sept
plck(Albert),Barth & Co
Common vot trust etf__1 1345 1235 1335 8,200 10
Apr 1335 Oct
Pillsbury Flour Mills- _50
43
4335
200 36
Feb 50% Sept
Pitney Bowes Postage
Meter Co
635 635
•
100
5
841 Feb
Apr
156 156
Plttab dr L E RR cont. -50
50 130
Mar 178
Sept
prtryburgh Plate Gla8s_100
275 275
10 274
Jun 310
Jan
Procter dc Gamble com_20 159
159 160
430 14235 Jane 163
Jan
pro-phy-lao-tic Brushloom*
4935 51
200 42
Feb 51
Oct
31
Pub Ser Corp of NJ new.'
31% 3,800 30% Oct 32% Sept
puget Sound P&L.corn 100
2634 2635
300 26
Oct 6635 Jan
Purity Bakeries class A-25
46
47% 1,600 35
Mar 4735 Oct
Class B
3935 43
3,400 24
Ma
43
Oct
Preferred
100
97
98
370 91
Ma 100% Sept
Pyrene Mfg
12% 12%
10
100 10%
12% Oct
Rand-Kardex Bureau__• 4134 4134 42% 2.400 34% Mar 48
AD
Jan
Realty Associates. cony.._'
21935 226
130 195
Oct 245 June
Rem-Noisel Typew corn'
34
3435
200 3034 Mar 52% Jan
Boo Motor Car
10 1934 19% 19)5 2,300 1935 Oct 25% Jan
Republic Mot Truck v t o_•
335 4
900
3% Oct 16% Jan
Richmond Radiator, corn.* 16
16
16
200 15
Jan 23
Feb
Preferred
39
100
40
200 3635 Feb 43
Oct
Rickenbacker Motor
•
134
1% 1% 9.100
134 Oct
9% Jan
Royal Typewriter'. com...•
46
46
20 44 Sept 4935 Jan
•
41
St Regis Paper Co
4134
200 39 Sept 5034 June
Seeman Brothers, corn
28
5 2734 27
600 27
Aug 30
Oct
seiberling T & R, corn_ •
22
22
100 20
May 28% Jan
I3ervel Corp (Del), com_.• 1335 13
1435 10,600 13
Oct 22% July
Sharon Steel Hoop
28
28
50
300 20
4
Mar 395 Sept
Sierra Pao Elec Co,corn 100
2335 24
700 23
Mar 28% Jan
Silica Gel CorP,00M.V t e.•
1235 1335
400 1135 Mar 22% Jan
Singer Manufacturing.-100
360 361
60 295 May 401
Sept
Singer Mfg, Ltd
6
6
£1
200
5 May
9
Jan
Sills Viscous ord (200 lire)
Den recta Chase Nat Bk_
6
535 6
400
5
Oct 1335 Apr
27% 27%
Sou Calif Edison, prof A.25
100 2745 June 33 June
Preferred B25 2434 2435 2435
300 24% Oct 33 June
South CR 1311 elAcom_•
3445 34%
300 3334 Aug 36
Oct
Preferred
86
86
100
2
8534 Oct 91)1 June
Southern 0& P.class A_..• 21% 21% 22
400 21% July
2734 Feb
S'esatern Pow & Lt. corn.' 29
2835 29% 5.500 2134 Mar 4844
Jar.
Corn vot trust certif.....'
2835 28%
300 28
Aug 2835 Oct
Participating preferred.*
67% 67%
300 59
Mar 6944 Sept
Warrants to pur corn stk.
835 835
300
7
Mar 1544 Feb
Southwest Bell Tel pl._100 114
114 11434
120 9935 Feb 118
July
Bouthw P & L.7% pret_100
10335 10334
10 99% Feb 104% Aug
Stand Publishing class A 25
5
5
5%
600
435 Oct 1935 June
Stand Sanit Mfg, com_25
91% 9145
25 91% Oct 102
July
Stromberg-Carlson
34
34
200 28
Mar 38
Apr
Stroock (8) dr Co,
43% 43% 4435
300 39
Apr 47% Sept
Stutz Motor Car
• 1834 17% 18;t 1,800 1635 Oct 3734 Jan
Swift dr Co
114% 114%
150 110
100
Apr 116% Feb
Swift International
1835 19
1,800 14% May 22% Jan
15
Tampa Electric Co
45% 4644
300 4535 Oct 87 May
•
Thompson(RE)Itadlo vtc •
50c 70c
2,100 500 July
5% Jan
Timken-Detroit Axle_-10 1134 11% 12
900
835 Mar 13% Aug
Tobacco Prod Exports._.'
3% 335
400 335 Oct
334
4% Jan
Todd Shipyards Corp_
38
38
100 29
•
Jan 40% Sept
Trans-Lux Day Pict Screen
Class A common
•
835
7% 835 3,800
6% June 14
Jan
Travelers Insurance_ --100
1156 1170
9 1131 ',Oct 1243 Sept
Trumbull Steel colaal0a-25
1035 10%
200
8% Jan
13% Feb
Tublze Artif Silk class B__•
160 165
130 160
Oct 240
Jan
Tung Sol Lamp Wks,corn •
8% 935
700
7% Mar 1034 Jan
Class A
*
1835 19
600 17% May 19% Sept
United Artists Theatre Co
Allot ars for horn & pf stk
98
98
100 98
Oct 101
June
United Biscuit cl A
• 36
36
36
100
Oct 44% July
Class B
8
7% 934 1,200 36
735 Oct 17% June
United Elec Coal Cos v too 28
2635 28
300 23
Mar 4434 Feb
United Gas Impt
55 1.0734 10235 108% 3,800
84
Mar 144% Jan
New stock w I
86
86
200
Oct 86,31 Oct
United Light & Power A....• 1234 1135 1244 22,100 82
10% Oct 28
Preferred A
•
8435 87
100 85 June 88% Feb
Oct
Preferred B
49
49
•
100 49
Oct 5134 Oct
United Profit Sharing come 10
10
10
400
944 Oct 10% Sept
un Rys&ELBalt.com_50 z20
20
20% 2,500 1735 Jan
20% Oct
United Shoe Mach, com.25
4934 4934
100 47
Apr 53
Aug
US Light dr Heat,com-10 3145 30% 33
2,000 16
Mar 33
Oct
Preferred
7
7
10
7
700
545
7% May
Universal Pictures
3634 36% 1,100 2934 Mar
•
July 40
Feb
Utilities Pow & Lt. el B_ _• 1445 1435 15
3,100 1334 Aug 18
Feb
234
234 234
Uri'Shares Corp,opt Warr _
500
2% Oct
6
Feb
98 10235
Victor Talking Mach_100
700
Warner Bros Pictures '37
3335 39% 13,600 68 . Apr 10634 Oct
8 June
Sept
Warner Quinlan Co _
* 25
25
25
300 23% Mar 65
Wesson 011& Snow corn vto•
54
.54
200 4944 June 3034 June
5741 Sept
Western Auto Supply, part
26
Preferred with warrants.*
26
100 22
Ma
28
Jan
44% 45
Western Dairy Prod cl A_• 45
300 44
Aug 53 June
16
16
Class Byte
100 1334 Jun
•
16% Oct
93
93
West Md Ry, 1st prof __100
10 70
May 93
Oct
Western Power, pref-100 99
9831 99
70 9134 Mar 99
Jan
R'estmoreland Coal
56
56
25 50
50 56
Mar 56
Oct
23
23% 2,000 23
White Rock Min Spg,corn*
Oct 30% Mar
1634 15% 17
White Sew Mach corn
5.600 14
'Oct 2935
57% 57%
Winnipeg Elea Co,com.100
100 4735 July 5734 Sept
Oct
1344 15
Yellow Taxi Corp. N Y__• 14
7,400
9
Mar 17% Ant
Former Standard Oil
Subsidiaries.
Anglo-Amer 011 (vot oh) £1
Voting stock etre of dep.
Non-voting stock--£1
50
BuckeyePipe Line
Chesebrought Slid
25
Continental 011 v t 0-.10
Cumberland Pipe Line-100
100
Eureka Pipe Line
Galena-Signal Oil com-100
100
New preferred
100
Old preferred
Humble 011 & Refining-25
1935
1835
18%
18%
1131
3534
455'
85yi
1835 1935 11,100 1644
18
18%
300 16
18% 18% 2.300 1634
42% 44
400 42
72
73
400 65
1734 18% 26,800 17%
102 105y
60 102
45
45
100 4334
11% 1145
200
9%
3531 3634
102 85.
4545 4835
80 45%
15241 5644 6,600 52
May 1934
May
1835
Mar 1844
Oct 69%
Jan 754'
Oct 2535
On 137
Oct 63%
Oct 32%
Oct 85
Oct 9734
Oct 6834
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
Apr
Jan
Apr
2249
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
ofPrices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Illinois Pipe Line
100
Imperial Oil (Can)
•
Indiana Pipe Line
so
National Transit_ -12.50
New York Transit
100
Northern Pipe Line
100
Ohio 011
25
Penn Mexico Fuel
25
Prairie 011 & Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
25
Southern Pipe Line
50
Standard Oil (Indiana)_25
Standard Oil (Kansas)_ _25
Standard Oil(KY)
25
Standard Oil(Nob)
25
Standard 011 of N Y
25
Standard Oil(0)'eom-100
Preferred
100
Vacuum Oil
25
36%
27%
64%
58;5
19
49%
12334
3535
64
1835
117%
4535
31%
298
975'
Range Since Jan. 1.
Low.
High.
135 135
50 131
June
34% 36% 7,300 32% May
55
55
250 165
Oct
13
1331
500 13
Oct
2734 27%
100 27% Oct
64% 64)5
150 64% Oct
57% 58% 2,100 554( July
18% 19%
400 15
Mar
49% 5035 8,300 48
Mar
12334 123% 1,000 122% Sept
194 194
10 184% June
34% 3535 1,000 34;5 June
24
24
100 24
Oct
6145 64
23,300 6035 Oct
17% 18% 1.500 1635 Oct
11635 117%
800 108
Mar
44
4535
600 42
Apr
3041 31% 34.200 30% Apr
291 298
70 288
Oct
11831 118%
30 116% Feb
90% 9831 7,300 90% Oct
144%
3844
70
2944
51%
8034
67%
2434
6031
12735
220
27
70%
36%
13445
51%
4934
382
122
1093(
Apr
Jan
Mar
Jan
Mar
Feb
Jan
July
Feb
Mar
Aug
Jan
July
Jan
Jan
,Tan
May
Jan
Jan
July
Jan
200
6%
14%
8%
3%
July
Feb
Jan
Oct
May
ao
Other 011 Stocks.
Allen 011
1
Amer Contr 011 Fields 5
Amer Maracaibo Co
•
Arkansas Natural Gas__10
Atlantic Lobos Oil, corn_•
Barnsdall CorpStk pur war(per 100 war)
Beacon 011 Co, corn
British American 011_ _ _ 25
Carib Syndicate__
Creole Syndicate..
Crown Cent Petrol y..orp.•
Darby Petroleum
•
Derby 011 & Refg, pref *
Euclid 011
1
Gibson Oil Corp
1
Gilliland Oil, corn, v t ty •
Glenrock 011
10
Gulf Oil Corp of Pa.__ -25
International Petroleum_-•
Kirby Petroleum
•
Leonard Oil Developl_25
Lion 011 Refining
•
Livingston Petroleum.. •
Magdalena
Mexican Eagle Oil
5
Mexican Panuco OU----10
Mexico 011 Corp
10
Mountlin Gulf 011
1
Mountain Producers--10
National Fuel Gas
100
New Bradford 011
5
New York OR
25
Northwest Oh
1
Ohio Fuel Corporation_25
Certificates of depositPandem 011 Corp
•
Pantepec 011 of Venezuela*
Pennok Oil Corp
Red Bank 011
25
Reiter-Foster 011 Corp...'
Richfield Oil of Calif _ _25
Royal-Can 011 Syndlcate-•
Ryan Consul Petroleum..'
Salt Creek Consul 011-10
Salt Creek Producers___10
Shreve-El Dorado P L..25
Tidal Osage voting stock.'
Non-voting stock
•
Tide Water Assoc 011___•
Preferred
100
Union Oil Associates
Venezuela-Mex 011 Corp_
Venezuelan Petroleum-5
Wilcox 011 & Gas new-•
Woodley Petroleum Corp.'
••y.. 011 & Gas
80c
6%
8%
135
16%
60
18%
1345
1%
4
llis
334
90
30%
1%
7%
22%
2%
234
370
24;5
16534
5%
4c
z44%
7%
12
1434
23
38e
2841
24%
2434
2134
9735
631
2635
260
ito
9c
1.000
500 800 30,300
4% 6% 36.500
8
8% 1,800
1% 155
300
Sc
45c
4
5%
135
May
Oct
Oct
June
Oct
100 100
10 82 June
16
1634 1,800 14% Star
60
60
300 60
Oct
1634 19
48,400
934 Mar
1245 1374 43.000 10
Mar
1y 2
1,200
135 Mar
3
4
1,200 750 Apr
1434 1434
100 1235 Mar
1
111, 13,000 600 Oct
244 334 22,400
234 Oct
1
88e
700 630 Mar
40
40
1,000
40 Oct
8635 90
5,500 82
Apr
3035 3134 25,100 28% Mar
134 135 1,300
Oct
1
7
8
4,100
6% Apr
2135 2274 9,500 20 May
500 600
700 50e Oct
23,4 241 11,800
245 Oct
435 435
500
4% Oct
235 245 12,300
2)4 Oct
30c 45c 173,300
80 Apr
134 1%
100
134 Aug
23
2435 6,800 23
AP
164 16535
40 131
Apr
534 541 1,200
5% Oct
9% 10
200
8
Mar
3c
40
4,000
30 May
4434 45
1,100 33
Ma
4334 4451 2.200 42% Sep
635 734 5,700
6
Oct
1174 1235 6,400 11% Oct
1335 1345
500 12
Oct
21
25
300
635 Feb
13
1435 5,000 12
Oct
22
23
200 22
Oct
250 38c 15,000
200 Apr
534 5%
200
434 Oct
7% 7%
600
734 Oct
27
29
13.100 26% Oct
25
25
100 11
Jan
2231 25
8.400
7% Apr
2034 25
16.400
831 May
21
2174 6,000 2035 Oct
9734 9735 2,500 9754 Mar
55
55
100 54% Oct
1135 1231
500 1134 Oct
535 635 9,700
4% Jan
26
2635
500 22
Mar
734 73-4
300
445 May
190 2134 56,000
Sc Jan
125
May
19% Jan
60
Oct
22% Feb
16
Sent
744 Jan
4
Oct
19 June
334 Feb
7% May
2
Jan
15c Feb
95 San
37% Jan
3% Feb
123( Feb
25% Feb
1% Jan
2% Oct
634 July
534 Feb
390 Oct
145 Jan
26
Jan
16534 Oct
13% Jan
17
Jan
70 June
45
Oct
4435 Oct
934 May
12% Oct
22,1 Feb
38 May
303( Aug
27% Sept
1% Sept
734 Jan
10
Feb
36
Jan
2635 Oct
25
Sept
25
Oct
27
Mar
99% Mar
55% Oct
12% Oct
7% Mar
3634 June
934 Sept
350 May
Mining Stocks.
Amer Comm'l Min dr M111.1
60
(le
Sc
Amer Tin & Tungsten.._ _ _1
Sc
Arizona Globe Copper
70
7.4
-1
134
Calaveras Copper
134
1
Calumet &Jerome Cop.
Sc
80
..l
11% 12
Carnegie Metals
10
235 335
Congo' Copper Mines---1
3
Sc
3c
Cortez Silver Mines Co.
60
..1
2% 2%
Cresson Congo'G M & M.1
50
40
Divide Extension
Sc
1
4
Engineer Gold Mines,Ltd 5
3% 4
60
Eureka Croesus
50
60
1
Falcon Lead Mines
630 700
1 67o
100 10c
Forty-Nine Mining
1 10e
1% 235
Golden Centre MInes„ 5
9c
Hawthorne Mines, Inc--.1
Sc 100
Hecht Maytag
1645 17
25c 17
Kay Copper Co
1%
lric
1
Kerr Lake
80o 950
5
Kirkland Lake G M,Ltd_l 600
600 600
Mason Valley Mines
235
2
2)4
5
New Jersey Zinc
178 185
100 185
Newmont Nrr,.:ng Corp_10 72
70
74
Nipissing Mines
534
5 5% 5
Noranda Mines Ltd
18% 19
•
Ohio Copper
430 43e
1
,
115a 114a
Premier Gold Min, Ltd__1
Red Warrior Mining
160 160
1
Reorg Div Annex Min_10c
50
70
Reorg West Divide Min 10c
70
7o
7e
South Amer Gold & Plat...1
335 3%
345
Spearhead Gold Mining_ _1
30
30
3c
Teck-Hughes
5
4% 5%
1
Tonopah Mining
3% 335
1
United Eastern Mining__ 1 454,
45c 46c
United Verde Extens_50c
25
2534
Utah Apex
431 5
5
5
Utah Metal & Tunnel
1,1
134 141
1
Wenden Copper Mining 1
235 235
West End Extension
30
30
1
3,000
30 July 130 Aug
1,000
20 Aug 100 Aug
3,000
70 May
310 Feb
300
I Aug
4
Jan
1,000
Sc Jun
160 Feb
400 11% Sep
21
Jan
6.000
3% May
134 Apr
24,000
30 Oct 140 Aug
100
144 June
2% Jan
5,000
3c Feb
7c Mar
3,600
334 Oct 28% Feb
14,000
30 Apr
16c Aug
15,700
610 Aug
80e Sent
2,000
Sc Feb 190 Al)!'
7,100
I Mar
3 May
54,000
Sc Oct
32o Feb
1,100 1535 Mar 19% Mar
18,400
1.611 Oct
234 Mar
200
80c Oct
134 Feb
300 60c
1% Feb
Oct
1,000
135 June
245 Sept
590 178
Oct 210
Jan
2,300 4635 Jan 77
Oct
3,300
7% Jan
5 June
3,100 12% Mar 1935 Aug
3,000
750 Jan
400 Oct
100
241 Mar
laic Oct
1,000 150 July 35e Feb
31,000
So Oct 220 June
5,000
70 Oct
70 Oct
90
% July
3% Oct
1,000
20 Feb
6c May
7,200
535 Oct
2111, Jan
500
3% Oct
7% Feb
3,000 300- June 590 Sept
200 2444 Oct 133 Feb
2,600
445 Oct 1154 Feb
1,800
134 Feb
235 Mar
100
2% May
335 Jan
1,000
30 Mar
70 May
Bonds Allied Pack deb 88_1939
Aluminum Co 78
1933
Am 0 dr El 68. new_2014
American l'ower dr Light6s.old without warr_2016
Amer Rolling Mill6s..1938
Amer Seating 60 • 1936
American Thread 6s_ _1928
Amer W Wks & El 68_1975
Amer Writing Paper 651947
Anaconda Cop Min 68_1929
71% 7245 $9,000 70% May
105)1 10544 105% 21,000 10534 Oct
10145 101 101% 167,000 98% Apr
99% gm 100 183,000 96
Jan
103
103 103
8,000 101
Jan
98% 98
9835 33,000 97% Oct
101% 10131 10174 12,000 10145
Sep
97
96)5 97
89,01)
85% 81)5 85% 345,000 92% Mar
7734
102% 10235 102% 18,000 102%' Aug
Oct
89
Jan
107% Feb
101% Oct
100)4
103%
10035
10334
9834
85%
10344
Aug
July
July
Jan
Sent
'Oct
Aug
2250
Bonds (Con)inued)-
THE CHRONICLE
Friday
Last Week's Range Sales
Sate
of Prices.
for
Price. Low. Mob. Week.
Audi= Nat Corp Os_ _1940
Without warrants
1 98
APpaPscb El Pow 59_1956 95
Assoc Gas & Nice 68..1955 100
Assoc'd Sim Hardw 6348'33 974
1949 184
Atlantic Fruit 85
Beaver Board Co 813_1933 98%
Bell Tel of Canada 58.1955 1004
Berlin Electric 6348.._1929
Boston&Maine RR 68 1933 100.4
Brunner Tur & En 7%8'55 85%
Buffalo Gen Elea 58 -1958 102%
Burneister & Wain of Co-1
penhagen 15-yr 68_1940
Calif Pet Corp 5348_ _1938, 9834
Canada SS Lines fm__ _19411 97
Canadian Nat Rya 75_1935 111
Canadian Pac 44s...1046'
Carolina Pow & Lt 58_1956 9914
1966 9534
Cities Service 613
Cities Serv 78. Ser 13...1 66 12034
Cities Serv 88 ser E_ _ _1966 12o34
Cons G,El & P 6s see A.'49
1952
534s series E
Consul Publishers 6348.'36 974
Consondated Textile 8e '411 844
Container Corp 6s_ _ _ _1946 97
Cosg Meeb Coal 648_1954 934
Cuba Company 68-.1929 100
Cuban Telep 7 e__ _1941 11134
Cudahy Pack deb 546.19371 9434
1946, 90%
68
Detroit City Gas 65..19471
Detroit Edison deb 69_1932
-111(n Pin 141 Os 10,e1 10234
Duke
East Term Off Bldg 640'43
Eitingon-Schild 6s. _ _1938 9734
Elec Refrigeration 68_1936 9834
Europ'n Mtg & Inv 748'501 99
1933
Federal Sugar 68
1946 90%
Fiat 20-yr e f 78
Flak Rubber 54e -__10311 97%
Florida Pow al Lt. 56_1954 9334
Oak tRobt) Co 78--.1937
Galena-Signal 011 7n...1930 8434
Galena-Sig Oil of Tex 65'33
Gatineau Power 58-.1955 93%
19411 97%
68
General Ice Cream 648'35 115
General Petroleum 68_1928 101%
Goodyear T & R 59„.1928i 97%
Goody'r T & R Cal 546'311
Grand Trunk RY 6%s 1938
Great Cons Elec 645 1950 873-4
1937 10034
Gulf 011 of Pa .58
Bamberg Elec Co 7...1935
Havana E'er RY 548-1951,
V)Ith corn stk porch war-1 90
1936
Hood Rubber 78
111 Central itit 448. Lao, 96)4
Moder Steel Corp 7e. FAB 994
laden 011 & Gas 648-1931
Indiana Limestones_ 1941 9734
Indianapolis P & L 60_1936 102%
Internet Gt Nor 58 0-1956 954
Interstate Nat Gas 6s-1936
1154
With warrants
Itbout warren ta
Internet Paper 613, w 1.1941 08
Keystone Telep 54s...1955 89
Krupp (Fried), Ltd, 7131929 9934
Laclede Gas Lt 5340..1935
Lehigh Pow Scour 68_2026 9334
Libby. McN & Lib 70.1931
Liggett Winchester 78_1942
Leonard 'Clete. ino, 73.41,1'46
With stock perch warts
Loewe Inc 65 with war 1941
Long laid IAA: Co 60-1945
Manitoba Power 5348.1951 96
Mansfield Min & Smeniug
1041 100%
(Germany) 78
Masa Gas Cos 549-1940 102%
Mies Mill Mach 78- _ _1956 9434
Montgomery Ward 58_1946
Montreal L. H & P 58 A_'51 994
Morris & Co 748_1930 10234
Nat Dist Prod 6%5-.1945 97%
Nat Pow & Light Os A 2026 96
Nevada-Calif Elec 58_1953 93
1941 10134
Nevada Cone 5s
New Orl Tex dt M RR 58'58 101%
Nor States Pow 634s_.1933 109%
1933
6345 gold notes
Ohio Power 58 ser /3-1952
1956 9034
434e Series D
1951
79
Ohio River Edison 5s-1051. 9534
Okla Natural Gas 69..1941'
19411 9434
Otis Steel 58
Pan Amer Petrol 68 1940 90%
Park Ave Bldg Mayfair
6a_ _ _1940
House. N
Penn-Ohio Edison 68_1950, 113
Penn-Dixie Cement 65 19411 994
Penn Pow & Light 55_1052
19531 99
&series D
1960,
Phila Electric 58
1947.
548
Elec Pow 53413-1972 10234
Phila
100
Phila Rapid 'Fran 68-1962
Pub Serv Corp NJ 5348'561 9934
1933
Pure Oil Co 6348-Rand-Kardex Bur 5481931
Richfield Oil of Calif 68 '41
Sauda Falls Co 58-.1955 9534
95%
Saxon Public Wks63481951
1946 100%
Schulco Co 648
1935
Schulte R E Co 68
65 without cool ath-1935
1931 984
Serve! Corp 6s
1931 100
Shawsheen Mills 7s
78-1928 11)034
Siemens & Lialske
1935 101
7s
Siemens & Halske-BS
13338 with warrants_ 1951 99
Silesian-American 7s 1941 9534
Sloes-Sheff 8 & I 6s__ _1929
1934 103%
Solvay & Cie 6s
Southeast P & L 65_2025
95
Without warrants
Southwest P & L 68 A.1022
Sou Calif Edison 58___1051 98
68
1944
Southern Gas Co 6345_1935
Stas 011 of N Y0348.1933 1054
nd
Sun Oil 548
11839 9934
-Oct 15 1932 98
Swift dr Co b.
Thyssen (Aug) 1&13 71-1930
Ttdal-Osage Oil 78...,.1931
Low.
High.
974
94%
92%
95
18
934
9934
97
944
85
99%
Oct
July
Mar
Jan
Oct
Feb
Jan
Mar
Jan
June
Jan
10134
97%
10334
98
3334
10034
10114
9934
10134
1014
103%
July
May
Aug
Sept
Jan
Sept
June
Sept
Sept
Feb
May
94
9444 18.000
9834 98% 185.000
9634 97
15.000
111 111
3.000
9634 97
36,000
9935 99% 94.000
9434 9534 337,000
116 121
40,000
12234 128% 9,000
107 10734 3 000
100% 106% 3 000
974 9734 18,000
8434 854 7.000
97
97
1,000
93
934 6,000
100 100
12.000
110% 111% 1 .000
9334 944 28.000
96* 97
11.000
94
9834
964
110
964
9734
9134
10134
109
105%
105
97
80
80
90
100
10834
91
9434
July
Oct
Oct
Jan
Sept
May
Apr
Jan
Jan
Feb
Mar
Sept
June
June
Apr
Oct
Jan
July
Jan
95
98%
9734
11434
97
100%
954
121
12834
108
107
100
92
994
96%
107
112
96%
97%
July
Oct
Sept
June
Oct
May
Oct
Oct
Oct
May
June
Aug
Feb
Aug
Jan
Sept
Mar
Aug
Sept
107 107
9.000
136 1374 23 000
10234 10234 112,000
100 100
5,000
974 9734 12.000
9934 99
30.000
98
99
5.000
8534 858.000
8934 9134 199,000
9734 97% 96.000
92
9234 121.000
10434 1044 3.000
8234 8434 20.000
97
97
5.000
93
9334 87.000
9734 98
62.000
115 115
6.000
10154 1914 37.000
9734 9734 16.000
9534 06
4.000
1004 10634 11.000
87% 883.4 48.000
1004 100% 9.000
BM 1004 8.000
10444
124%
100%
100
96
9634
9234
85
9934
9334
9134
103
80%
7
93
9734
III
100%
964
95%
107%
85
98%
94
Jan
Apr
Apr
May
Aug
Oct
Jan
May
Oct
Apr
Mar
May
Oct
Oct
Oct
Sept
Sept
Aug
Aug
Oct
May
Apr
Feb
Jan
1074
137%
1034
1014
98
107
10034
9834
. 9334
984
9634
10534
104
98%
95
99%
138
102%
99%
99
1094
8834
101
100%
Sept
Oct
Aug
Aug
Aug
Jan
June
Feb
July
Jan
June
Mar
Mar
Sept
Aug
July
Jan
Jan
Jan
Apr
June
July
June
Oct
89
90
47.000 8834
11144 10434 3.000 104
064 06% 105.000 9634
98
9634 97.000 94
97
9734 28,000 954
9714 97% 52.000 97
102% 103% 344.000 96%
95
90 149.000 9434
Oct 924 Aug
July 10554 June
Sept 9644 Sept
June 984 Oct
May 1004 Feb
Oct 00(4 Aug
July 10334 Oct
Oct 96
Oct
115 115%
974 9934
98
95
89
90%
99
99%
100% 1004
034 9334
103* 10434
10434 111734
Aug
Oct
Oct
Apr
Jan
Jan
Mar
Oct
May
10.000 110
331.100 9.3.4
10.000 98
1i3.000 83
94,000 9034
5.000 98
88.000 93
14,000 103%
3,000 106%
934
9734
9934
94%
Trans
-Conti Oil 7s___1930
United Oil Prod 8s. _ _ _1931
United Rye of Hay 7348 '36
17 S Rubber 64% notes '27
Sri 1 64% notes..1928
Serial 634% oote8_1929
Serial 64% notes- -1930
Serial 634% notea__1931
Serial 6 ,,,4% notes_ .1932
Serial 634% note8__1934
Serial 6,,% notes_1935
Serial 64% notes_1936
Serial 63.4% notes_ _1938
Serial 64% notes_ _1939
Serial 614% notes .1940
U S Sntelt & Ref 5348,1935
United Steel Wks Bunnell,
Luxemburg 75
1951
US Steel Works A 6%e'51
With stk our ware. Rer A
Without stock pur ware.
Series C
Valvoline Oil Os
1937
Wabash Ity 58
1976
Warner Bros Pie 648_1928
Western Union Tel 55_1951
3834
10034
10134
10134
10034
101
10034
10034
9634 97
354 3334
110 110%
100% 10034
1014 102
1014 1014
1015.4 10154
101% 102
10034 10034
10134 101%
101 101
100% 100%
10034 10034
101% 10134
101 101%
1004 101
9634 97
9734
9134
9734
10434
96
9551
10534 105
10034 10034
973.4
9134
9834
98%
92
9634
10434
9611
,
1034
10034
Range Since Jan. 1.
Low.
High.
13.000
6.000
6.000
5,000
10,000
5.00(1
8.000
13 000
1.000
10,000
1.000
12.000
2.000
1,000
6.000
28.000
91
June
3034 Aug
109 34 Jan
10034 Oct
101
July
101
Aug
1)1
July
10034 Aug
100
Aug
10034 Mar
100
Mar
10014 Mar
100% Mar
10034 Mar
100
Jan
100
Jan
99
45
1124
10234
10254
1034
10234
10234
102%
10234
1024
10234
10244
10234
10234
103
33,000
9234 May
9754
Oct
3 0.000 9534 Sept 9934
3
50.000 91% Oct 02
74.000 96
Aug 100
1,000 103% Jan 105
468,000 9134 Oct 98
59.000 105
Oct 122
568,000 1004 Oct 10034
Aug
Oct
Aug
May
Oct
Sept
Oct
July
Feb
Aug
Mar
June
Apr
AIN
Jan
Jan
Apr
May
Feb
May
Apr
AIN
Aug
Foreign Government
and Municipalities.
Antiogula (Dept of). Col7s gerles A
1945 93
78, series A new....1941
1945 93
7s series B
Austria (Prey of Lower)
1950
7345
Baden (Germany) 78..1951 984
Buenos Aires (Frov)7 43'47 984
1936
75
1952 9534
75
Daniell Cone Munic 6).28 55 974
.
Denmark (King) 548-10
94
55 9
1970
(is
Finland (Republic)6348'56 94
German Cons Munle 75 '47 99
Hamburg (State) Ger 65'46 9434
Hungarian Land Mtge Inst
1001 9734
74s series A
Indust Mtge Bk of Finland
1944 9934
151 14 roll s f 75
Italian Pub Util 78.. _1952 90%
Medellin (Colombia) 83'48
Netherl'dis (King) Os B '72
1946 98
Oslo (City)6348
1056 100
Peru 7348
Prussia(Free St atoll 34s '51 9734
Rollie!) Catholic Church o
Bavaria 61.48
1946 9234
Russian Govt 6 ge..... _ 1919 --_ __
634% certificates...1919 164
5345
1921 --__-.
1921 ----634'l. certineates
Saxon State Mtge Inv 75'45 9954
Switseri'd Govt 5145_1929 10134
93
93
93
934 $25,000
9334
5.000
9351 85.000
96
9934
984
93
954
9734
9934
100%
94
994
953.4
4.000
149,000
60,000
25.000
59.000
33.000
95.000
17.000
117 000
10.0.000
399.000
9734 97)4
8.000
9534
9851
9734
9734
944
9734
9914
1004
94
98%
94%
90
Jan
93
Oct
913.4 Apr
954 July
93
Feb
9634 Aug
9634 Sept
9334 Sept
96
May
98
Mar
9934 Jan
94
Sept
944 Mar
9234 Oct
95
June
934 Sept
9334 Oct
934 Oct
984
9954
1014
100(4
9734
9934
100
10134
94%
994
9534
Mar
Oct
Feb
Apr
May
July
Sept
Jan
Sept
Oct
Oct
9934 Sept
9834 994 73.000 9654 Jan 00 June
89% 9051 226.000 87
Mar
May 93
10234 102% 12.000 98
Jan 104
Aug
10734 10734 6.000 106% Mar 10934 Aug
9534 964 27.000 93
Mar 97% May
100 10034 81.000 100
Aug 100% Aug
9734 9754 244.000 95% Sept 9754 Oct
92
1734
154
1634
1634
93
10134
93
18
16%
17
1634
99%
1014
64.000 9134
10.000 13
155,000 12
47.000 12
68.0191
12
43(5)13 9214
7,o00 10134
Aug 97
Mar 18
June 17
June 17
June 17
Mar 9934
Oct 102(4
Oct
Oct
Feb
Feb
Feb
Sept
Jan
• No par value. k Correctiou. I Listed on the Stock Exchange this week, where
additional transactions will be found. 0 New stock. a Option sale. 8 EX-rights
and bonus. v Ex-cash and stock dividends. w When issued. z Hz
-dividend,
y Ex.rights. z Ex-stock dividend.
Mar 103% Aug
July 100
Sept
Mar 10334 July
Apr 98
Apr
-Miller, Franklin. Basset & Co., engineers and accountants, announce
that their division of public accounting is. now represented In Berlin, Vienna,
Prague. Budapest and Zurich with a principal office at 80. Bishopsgace.
London, E.C. 2, England.
7.000
49.1100
76.000
37.000
76.0110
14.000
19.000
03.000
26.000
12,000
47.000
46.000
16.000
54,000
57.000
1.000
25.000
10.0410
39.000
50,000
94
99%
91%
97
994
102
95
98
92
914
994
108
102%
94
8034
1054
944
99
934
99%
May
Jan
Oct
July
Oct
Sept
June
Auk
Oct
June
Oct
Mar
Aug
Jan
Aug
May
June
Sep
Sent
Oct
101
1034
9634
984
9934
10534
99
984
9534
102
10134
131
10434
10114
93%
107
96%
994
99
105
June
June
Oct
Aug
Oct
Apr
Jan
Sept
June
Oct
Oct
Jan
Jan
June
June
June
Aug
Sept
June
July
100 100
1124 113%
0934 181834
99
119
9834 99%
101% 101%
10e% 106%
111234 1024
100 100%
99% 9934
1034 1034
1104 112
90
90
9534 964
94% 954
100 100%
93% 9334
86
864
98% 99
100 100
100% 100%
10034 101%
5,000
5.000
22.000
1.000
17.000
5.000
6,000
91,000
16.000
13,000
20,1)00
65.000
48,000
42,000
88.000
17.000
19.000
44.000
41,000
8.000
11,000
8,000
100
98
99
9734
97%
101%
106%
100%
974
98
10234
1014
99
94
91%
100
92
83
98
96
96%
94
Oct
AP
Sep
Ma
June
Oct
Jan
Mar
Jan
Aug
Jan
Mar
Oct
Mar
Aug
July
AP
AP
Oct
May
Jan
Jan
10234
116%
9934
100
100%
103%
10834
10334
101%
9034
1044
118
99
97
9534
101
9834
90
109
10234
101 4
1024
May
Sept
Sept
May
June
June
June
May
May
June
Aug
Jan
Oct
July
Oct
Aug
Jan
July
June
• Jan
Sent
Sept
9934 61,000 99
Oct 9934 Oct
99
94% 9
534 88.000 9334 Oct 9534 Sept
1024 1024 8.000 102
Jan 1034 June
10234 103% 18.000 1014 Aug 104% May
95
9734
98
10034
100
10534
9934
98
10234
103
Bonds (Concluded)-
Aug
Aug
Oct
Oct
0t
Aug
Feb
Jan
Apr
122
101
98
91
99%
101%
95%
105
108%
100 10034
Um A 104%
94% 9934
97
96
9934 994
1044 103
9634 9734
98
964
924 93
1004 10134
jou% 1014
109 110
102% 103
9734 98
89% 9034
10634 10034
95% 11534
99
99
94
95%
9934 094
94%
97)4
97%
10034
100
105%
99%
9734
102%
103
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low, High. Week,
Range Since Jan. 1.
98
98
4.000
9434 95
56,000
100 10034 105,000
9734 9734 74.000
184 1834 9.000
9834 98% 28.000
100% 100% 30 000
98% 993( 11,000
100% 10034 4,000
8534 86
2.000
102 10234 32,000
100% 10134 14,000
09
1.19% 51.000
10234 104.4 5.000
954 90
25.000
(Vox,12B.
258,000 89
Mar 95% June
2,000 97% Oct 97% Sept
118.000 9734 Aug 99 June
2.000 9634 Jan 101% June
5.000 95
Mar 1004 June
33.000 104%. Oct 107% Jan
18.000 9734 Jan 10035 June
76.000 964 Jan 9834 Apr
Jan 1024 July
34,000 93
2,000 102% Oct 10534 May
CURRENT NOTICES.
-Harold J. Browne, formerly with John Nickerson & Co., and Albert E.
Marsh, formerly of A. E. Marsh & Co.. announce the formation of the firm
of Browne & Marsh. with offices at 25 Pine Street, New York, to continue
the general investment business heretofore conducted by A. E. Marsh & Co
Chatham Phenix National Bank & Trust Co. has been appointed
trustee under trust Indenture of the Consalidated (Agar Gorporation. dated
Oct. 15 1928. securing an issue of 31 1 1.0.M.000 10
-year 6% sinking fund
convertible gold notes. due Oct. 15 1936.
Henry I lents & Co. have issued a circular setting forth the Investment
possibilities of Cotton at present price levels. It is pointed out that low
prices stimulate consumption and that with reduced yields and greater use
the staple will go higher.
-Ralph B. Leonard & Co.. 25 Broad St., New York. specialists In bank
stocks, have prepared a new analysis of the new Sept. 30 statements of the
New York City banks, showing comparative earnings for the past three
years.
Hodenpyl Hardy Securities Corp. have prepared an analysis on the asset
value and earning power of the Union Pacific system
and its investments
n the securities of other railroads
i
Guaranty Trust Co. of New York has been appointed transfer agent
for the class A common stock, no par value, and cumulative first preferred
6% series,$50 par value,of the Second international Securities Corporation.
The Bank of America has been appointed registrar of 120.000 shares of
class A common and 120.000 shares of cumulative first preferred 6%
stock of the Second International Securities Corporation.
Tobey & Kirk, members of the New York Stock Exchange, announce
that Frank S. Shaw and Wilbur F. Preston are now associated with them
in their unlisted department.
-Irving Bank & Trust Co. has been appointed transfer agent of the
first preferred, second preferred and common stock of the Indiana ConStInters Gas & By-Product Co.
-Hodgson, Benjamin Sc Healey, 150 Broadway, New York, announce
that George W. Kirtland, formerly with Horwitz & Co., has become
associated with them In their trading department.
Dresser & Escher of New York City announce that Allan 0. Neuroth
formerly with Hambleton & Co.. has become associated with them.
-The Empire Trust Co. has been appointed transfer agent of the pro.
ferred stock and common stock of the Associated Utilities Corp.
-II. D. Walbridge Co., inc.. 14 Wall St., New York, have prepared an
analysis on Fidelity Trust Co. of New York.
-Boland & Preina, 49 Wall Street, New York, announce that .1. E.
McKeon has joined their sales organization.
knuestatent autt Azattaati
2251
--
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the
third week
of October. The table covers 14 roads and shows 5.22%
increase in comparison with the same week ast year.
-Gross from Railway- -Net from Railway- -Net after Taxes
1926.
1925.
1926.
1925.
1926.
1925.
Boston & Maine
September. 7,171.053 7.226,883 1,757,626 2.012,931 1,490.444 1.744.685
From Jan 1_60.783.602 60,651,890 14,800.413 13,270,232 12,529.874 10.895.276
Brooklyn E 13 Terminal
Third Week of October.
1926.
1925.
Increase. Decrease.
September _
129,088
119,642
55,481
60.814
47,605
42.592
From Jan!. 1 120 334 1,073,808
456,860
437.709
$
388.278
369,456
$
$
$
Buffalo Rochester & Pittsburgh_
Buff Rochester & Pitts
406,746
375.761
30.985
Canadian National
September. 1 613 859 1,518,057
6.299,542 6.050.783 248.759
362 564
305.595
279.559
255.591
Canadian Pacific
From Jan 1.13,522,959 11,897,458 2,796.234 1,857,890 2.280,061 1,527,601
5,084.000 4,508.000 576.000
Duluth South Shore & Atlantic_
116.024
Buffalo & Susquehanna
116.696
672
Georgia & Florida
37,500
September. 101,923
37,900
113,719
400
-9,962
-7.167 -12,162 -10,567
Great Northern
3.327.000 3,157.726 169,274
From Jan 1_
902,826 1,189,320 -93,213 -15,230 -118,713 -45.853
Mineral Range
5,244
6.372
1,128 Canadian Pacific
Minneapolis & St Louis
392.097
390,630
1.467
September _18,875,404 18.909,071 6,448,823 6,267.619
Mobile & Ohio
406,851
433,897
27,046
From Jan 1 137331,784 124674.088 28.632,021 21.635,921
Nevada California & Oregon
10.476
10.509
33 Central of Georgia
St Louis Southwestern
597.700
573.758
23.942
September. 2,854,468 2,844,716
Southern Ry System
4.083.730 4,254,487
923,855
769,279
904.066
763,596
170,757
From Jan 1_23,911,398 22,040,822 5,938.825 5,152,406 4,833,435 4.148,282
Texas & Pacific
806.536
798,116
8.420
Western Maryland
Central RR of N 2
614,089
399,765 244,324
-September. 5,623,027 4,423,100 1,744,857 1.150,828 1,259,375
--806,092
Total (14 roads)
22,217,535 21,114.400 1.303,171 200,036
From Jan 1_44.761,870 42,978,003 12,772.786 11.774,272 9,033,252 8,392,046
Net increase (5.22 ,
)
1.101 135
Central Vermont
September. 781,679
755,137
200.077
178,124
181.046
159,015
In the table which follows we also complete our summary
From Jan 1_ 6,739,145 8,358,023 1,084,132
570,264
912,210
397.859
of the earnings for the second week of October.
Ches &Ohio Lines
September _11.841,665 11,048,095 4.255,478 2.994,581 3,496.192 2,546,822
From Jan 1.07,681.34! 89,992,423 30,235,834 24,062.936 24,602,280 19,839,916
second Week of October.
1926.
1925.
Increase. Decrease
Chicago & Alton
September _ 2,800,586 2,754,192
$
639.133
752.368
$
531.049
651,628
$
3
Previously reported (11 roads)_ - 21.339.024
From Jan 1_23,164,502 22,622,654 5,020,276 5.398.988 4,045,447
21.124.399 533,997 319,372
4,501,970
Duluth South Shore & Atlantic_
105.702
124.399
18.697 Chicago Great Western
Mineral Range
September 2,393,920 2,370,099
5,031
640,034
704.470
5.808
534,327
777
620.894
Nevada California & Oregon_ _ _
From Jan 1.A8,766.058 17,847,023 3,888,252 3,035;702 3,079,307
9,634
10.509
875
2,366,460
Chicago Ind & Louisville
Total (14 roads)
21.459.391 21,265.115 533,997 339.721
September 1.684,000 1,621,294
*325,000 *313,152
Net increase (0.91%)
104 271
From Jan 1_13,739,000 13,013,312
*2,183,000 *1.920,728
In the following we shoe the weekly earnings for a number Chicago Milw & St Paul
September _15.460,555 16,123,515 4,499,708 4,820.679 3.763.082 4,116,021
of weeks past:
From Jan 1.118607705 118391,528 22,544,207 20,627,048 15.788.677 13,833,755
Chicago & North Western
September _14,484,267 14,449,080
Current
*3,095.087 *3.109.273
Previous
Increase or
Week.
From Jan 1115171,582 109300,158
Year.
•18,052.168.15,631.170
Year.
Decrease.
%
Chicago It I & Pacific
September _12.209,815 11.774,806
$
$
*2,728.154 *2.400.339
$
3d week June (15 roads)- -- - 19,039.129 17,158.394
Fr'm Jan 1101.855.183 96,0.15,341
*7.307,906 *3,182,579
4th week June (15 roads)._ __ 25.593.738 23.231.988 +1.880.735 10.98 Chicago
St Paul Minn & Om+2.361.750
•
it week July (15 roads)____ 18.862.723 17.481.987 +1.380.736 10 17
September. 2.451,365 2.631,179
7.90
654,636
716.063
week July (15 roads)_,._. 18.873.507
527,192
544.880
2d
From Jan 1_19,532,541 19,909.647 3.500.719 3.938.492 2.504,591 2.765.273
17.886.208
+987.209 5.52
Bd week July (15 roads)__... 19.558.751 18.149.032
4th week July (15 roads ___ _ 28.153.394 26.762.794 +1.4(19.719 7.82 Clinchfield4-1.390.60(1 5.19
Septem ber _ 727,701
week Aug. (15 roads)---- 19.791,756
1st
733,703
306.765
306.811
226.766
236.784
18.665.206
From Jan 1_ 8,108,188 4,472,020 2,302,126 2,389.774 1.741,975
2d week Aug.(14 roads)--- - 23.509.600 22.158.613 +1,126,550 6.03
1,879.452
3(1 week Aug. (15 roads)_ _ _ _ 20.284.661 19.377.682 +1.350.987 6.09 Colorado & Southern
+91)6.979 4.68
4th week Aug. (15 roads)____ 29.857.268
September _ 1,273,455 1.139.519
*233.927 0225.532
1st week Sept (15 roads)._ 19,862.1165 28.327.016 +1.530.252 5.40
From Jan 1_ 9.181,679 8,762,040
19.068.0111
•1.074,817 .858,143
+793.975 2.91
2d week Sept.(15 ros(1s)_ __ _ 21.117.872 21 .681 .685
-563.R13 2.60 Delaware & Hudson
Id week Sept.(15 roads)____ 22.446.081
September. 4.275.711 3.373,168 1,416.549
+42.782 0.01
624.768 1,209.549
512,164
4th week Sept.(II roa(is)_ __ _ 31.049.5)18 22.4113.299
From Jan 1.34.040.890 31.417.879 8,837.293 7.812.746 7.935.275
30 220.186
+829.412 2.68
6,799,461
1st week Oct. (14 roads)____ 22.080.405
-184.639 0.82 Del Lack & Western
2d week Oct. (14 roads)._ 21.459.391 22.265.044
September _ 8.012,903 6,154.704 2.627.845 1.238.606 1,912.601
21.2,6.115
4-i9i.241 0.9i
3d week Oct. (14 roads)__ _ - '22.217,535 '21.114.400
721.760
From Jan 1_65.346,182 63,165,370 19,295,538 17,102.538 13.478.974
+1.10:1.135 5.22
11,837,109
We also five the following comparisons of the monthly Denver & Rio Grande
September 3,516.986 3,463.893
*1,005.015 *885,451
totals of railroad earnings, both gross and net (the
From Jan 1.24.719,345 23,744,938
*5.569,008 *4.524,581
net before
the deduction of taxes), both being very comprehensive. Detroit & Mackinac
September _
154.849
158.091
They include all the Class A roads in the country,
*30.945
*20.312
From
*98.608 *128.520
mileage each month as stated in the footnote to with a total Detroit Jan 1_ 1.219.430 1,290.152
Terminalthe table.
September.213.935
227,372
59.647
77.030
41.482
59.934
From Jan 1_ 1,965,289 1,867.668
482,742
620.123
Gross Earninas.
330,739
452,988
Net 8:amino.
Erie RR
Month
September _10.593,480 9.064.538 2.874.214 2.411.689 2.510.530
Increase Or
Increase Or
From Jan 1.81,278,588 79.339,344 14,168,365 15,363,710 10,881,707 2.040.121
1925.
1924.
Decrease.
1925,
12,076.355
1924.
Decrease.
Chicago & Erie
September _ 1.432.837 1.242.292
$
706.719
$
552.179
642.822
$
495.394
Sept__ 564.443.591 540.063,587 +24.381.007 177.242.895
From Jan 1_10.935,617 10,487.788. 4,489.978 4,127.366 3,915.028
3.626,079
Oct _ _ 590.161.046 571.576.038 +18.585.008 180.695.428 159.216.004 +18.026.891
NJ&NYRRNov__ 531.742.071 504.781.775 +26.960.296 148.157.616 168,640,671 + 12.1)54.757
September _
133,536
139.500
20.493
32,662
16.849
Dee_ _ 523.041.764 504.450.580 +18.591,184 134.445,634 131,381,847 + 16.775.769
28.961
From Jun 1_ 1,205.020 1,236,663
124.000.958 +10,354,676
180.837
184.188
146.870
151,066
Evansv Ind & Terre Haute
1928.
1925.
1926.
1925.
September
233,858
218,851
Jan __ 480.062.657 484.022,695 -3.960.038
86.988
78.013
77.815
72.929
+946.994
From Jan 1_ 1.884.123 1.777.662
Feb.. 459.227.310 454,198.055 +5.029.255 102.270,877 101.323.883
565.743
830,109
576,699
509.739
99.480.690
-38.008 Florida East Coast485.236,659 +43.668.624 133.642.754 99.518.658
March
.
109,081.102 +24.561.652
April 498.448.309 472,629.820 +25.818.489
Septem ber _ 1.858.000 2,406,028
114.685.151 102.9211.855 +11.764.296
*302.000 *424,271
May _ 516.467,4801487.952,182
From Jan 1_22.834,000 20,7,6,081
+28 515.298128.541.566
.
*4,135,000 *4,195,381
June - 538.758.7971506.124.782 +32 634,035..4 2.47li 112,904.074 +15.677.492 Galveston W hart
130.920.8116 + 18.571.582
July.. 655,471,276 521.596.191 +33.875.085101 ,
September _ 207,147
.070612 135.644 Ani +21.45-5 11
127,916
96.116
43.471
71,516
Aug- - 577,791,746'553,933,904 +23,857.842
21,971
From Jan 1_ 1,325,645 1.159.214
179.416.017 166.426.264 +12.989.753
443.861
280.670
268,017
112,092
Note.-Pereentage of Increase or decrease
in net /or alcove wombs has been Green Bay & Western11.32% inc.; Oct., 7.14% inc.;
Septem ber _
130.701
128,441
23.888
29.999
Nov., 12.77% Inc.; Dec. 3.69% Inc.
13.888
1925-Sept.. .93% inc.; Feb., 0-04%
1926-..ian„0
19.999
From Jan 1_ 1.210.075 1,118,593
dec : March, 2256% Inc.; April. 11 .43%
276.110
279.940
188,970
209,146
Inc:. Gulf Mobile
May, 13.89% Inc.; June, 14.18% Inc.: July. 15.35%
.4 NorthernInc.; Aug.. 7.86% Inc.
In September the length of road covered was
Sepiem ber
600.146
548.599
223.210
209,713
236.587 miles In 1924; in October, 236.724 miles, 236,752 miles In 1925. against
172.272
155,388
From Jan 1_ 4.692.749 4,603,080 1,480.101 1.406,335
against 236.564 miles: In November,
236.726 miles. against 235.917 miles: In December,
1.075,669 1,065,661
236.959 miles. against 236 057 Hocking Valley
miles; In January 1926, 236.944 miles, against 236.599
September _ 1,701,731 1,790,898
miles In 1925: In February,
236,839 miles. against 236.529 miles: in March,
524,.'81
425.404
411.639
330.017
238.774 miles.
From Jan 1.14,816,360 14,268.928 4.555.283 3.715.292
In April, 236,518 miles, against 236.526 miles; in May. 236.833 against 236,500 miles:
3.521,838 2.819,512
miles. against 236.858 Illinois Central System
miles: In June. 236.510 miles. against 236.243 mile%
in July, 238,885 miles, against
September _16,598,601 15.675.916
235.348 miles: in August, 236.759 miles. against
*2.936.925 *2,958.851
236.092 miles.
From Jan 1.136213300 128973,647
*21,340,935'21.059.655
Net Earnings Monthly to Latest
International Great Northern
Dates.
-The table
September. 1,845,734 1,391,022
following shows the gross and net earnings
.378.749 *353.651
From Jan 1_13.499,652 12,382.388
for STEAM
*1,627.773 .1,404,853
railroads reported this week.
Lake Terminal
September. 104,908
_
-Gross from Railway- -Net from
110,160
21,122
13.099
14.955
6.927
Railway '-Net after Taxes
From Jan 1_ 897,463
1926.
900.976
1925.
108.478
74,379
53.154
20,225
1926.
1925,
1926.
Lehigh valley
1925.
September _ 7.265,399 5.572.689 1,924,992
887,890 1.521.033
591.409
Akron Canton & Youngstown
From Jan 1_59.447.152 58,387,171 14,727,023 14,780,612 11,477.227 11,528,777
September _ 310,696
291,176
114.627
112,487
98.105
95.458 Louisville & Nashville
From Jan 1_ 2,457,796 2,352,200
794.454
September _12,343.277 12,594.939
966.871
626,345
830,262
*2.420.237 *2,825,818
Ann Arbor
From Jan 1.109742590 104167.442
n0,753,903.19,170.869
September _ 508.693
522.748
150.624
128.344
125.024
107.369 Maine Central
From Jan 1_ 4,324.302 4,280.523 1,002,828 1,063.742
September. 1,742.584 1,718,276
440,565
373,203
337.363
271,395
794,531
886,662
From Jan 1_15,185,649 15,096.580 3,179,995 3,235.514 2.276.175 2,330.177
Ateh Topeka & Santa Fe
September' _24,517.537 21.362.161 10.953.802
Minneapolis & St Louis
7.968.539
September. 2.335.000 1,556,137
Jan 1184618,507 168415.329 61,541.539 45,205,081 8,410,481 6.047.775
From
•166.000 *288.631
44,273,264 31.211,922
From Jan 1_10,804,000 11.050,608
*44,000 *170,573
Atlanta Birm & All
Minn St P & S 51475.139
September
473,651
*32,424
51inn St P&SSM System*45,230
From Jan 1_ 4,330,165 3,936,036
*138,710
September _ 4.696.807 5,849,741 1,582,199 2.455,362 1.334,438 2.149,724
*63.230
Atlantic city
From Jan 1.34.809.430 33,987,968 7,757,829 9.071,863 5.602.888 6,782,475
543.541
September. 499,706
167,406
95.301
131.877
72.605 Missouri Pacific
1_ 3.896,129 4.218,588
From Jan
864,367
974,758
September _12,237,547 11,577.706
576,954
.2,231.157 *1.988.375
770,473
n
From Jan 1_98,751,793 96,123.779
Atlantic Coss
*14, 65,126.12.439,354
4
54,487 7.842.841
September. l19
A
t -1.
1.172.002 2,394,923
595.377 1.694.566 Mobile & Ohio
September. 1,660,825 1,743.038
504.288
594.425
From Jan 1.73,727,184 67,865,427 20.679,533 21,005,950 15,804,950 16,383,814
393.606
488,986
From Jan 1_14,487,457 14,036,916 3,864.784 3,873,126 2,928,986
Baltimore & Ohio
3,052.485
Montour
234 21,502.631 6.789,175 6.211.176
September _22.751,
September _
59,884
122,384
1_184771923 172750.521 48,316,653 40,890.031 5.694,004 5.380.023
7.702 --11.107
2,498
From Jan
39,951,515 33,284.642
From Jan 1. 765.064
737,282 -56,845 -40.527 -90,789 -14,104
-78.207
Bangor & Aroostook
Nash Chatt & St Louis
582,043
595 156
223.699
164.252
166,949
16 September. 4,978084 5,120.680
September _ 1.974,528 2,050.566
418,189
112.931
444.813
308.053
:
369.762
1,447,753 1,440,036 1,043,121 1,021,718
From Jan 1.
1
From Jan 1.18,000,269 17.570,894 3.858,949 3.244,741 2.875.402
2,673,309
2252
THE CHRONICLE
-Gross from Railway- -Na from Railway- -Na after Fazes
1925.
1926,
1925,
1926.
1926.
1925.
5
Newburgh & South Shore
-8,627
37,771
3,810
50,739
152,404
169,432
September _
191,267
215,163
309,529
336,240
From Jan 1_ 1,516,438 1.495.090
New Orleans Gt Northern
60,536
64,181
76,047
80,247
September _ 274,125
245.629
468.837
567.779
640,297
From Jan 1_ 2.362,647 2.148,962
737,612
New York Central
September _35,393,370 34,422.645 10,266,864 10,152,803 7,773,351 7,834,984
From Jan 1297179.118 284300,351 77,539,864 73,707,001 56,830.072 54,085,787
Michigan Cent/7'1September 8,623,204 8,297,265 2.935,831 3,201.260 2,344,798 2,622,972
From Jan 1_72,753.016 68,140,666 23,636,787 22,246,835 18,966,971 17,901,942
C CC & St Louis
/September _ 8476,689 8,248,569 2,458,630 2.542,205 1,932,388 2,003,763
From Jan 1_70.287,206 67,643,599 18,064,094 18,384,553 13,928,336 14,249,073
Cincinnati Northern
172,238
155,176
206,068
190,305
457,629
September _ 459.942
992,930 1,022,072
From Jan 1_ 3,570.010 3,451,494 1,227,140 1,248,334
& Lake Erie
Pittsburgh
281,208
502.079
473,598
712,879
September 2,963,208 2,618,559
From Jan L24,961,793 23,836,690 4,901,691 4,648,835 3,258,727 3,049,187
New York Chic & St L
September _ 4,851,370 4,808,329 1,370,915 1,617,959 1,099,091 1,373,330
From Jan L40,947,485 40,333,391 11.107,439 11,300,940 8,789,194 9,074,884
NYNH& Hartford
September _11.824,620 11,626,695 3,551,209 3,345,063 3,094,667 2,922,452
From Jan L99,935,276 97,889,839 26,159,651 25,097,930 22,085,926 21,409.825
N Y Ontario & Western
128,078
214,563
167,311
268,054
992,280
September _ 1,325,931
From Jan 1_10,836,178 10,515,154 2,653,324 2,316,030 2.196,290 1,935,881
N Y Bust/ & Western
40.122
38,286
69,064
67,534
397,317
September _ 412,128
664,952
461,109
925,180
724,539
From Jan E 3,693,601 3,934,890
Norfolk Southern
151,658
166,051
196,015
231,478
749,024
September _ 825.619
From Jan L 7,441,715 6,665.539 2,202,870 1,669,661 1,723,114 1,260,551
Norfolk & Western
Septet/ ber _11,015,880 10,133,044 4.850,939 4,216,119 3,750,137 3,390,715
From Jan L87,251,093 76,197,924 34,883,207 25,940,253 27,198,279 20,211,677
Northern Pacific
*4,114.348 *4.403.572
September 9,701.388 10,709,000
*12,487,065 *9,900,167
From Jan 1_71,062,690 69,582,737
Pennsylvania System
Pennsylvania Co
September _63,040.729 60,031,150 17.544,934 16.180.760 13.443,955 12,719.225
From Jan 1521390,880 494468,246 117138,319 106193.536 88,521,262 82,056,603
Bait Cites & Atlantic-"
36,313
25.206
33,428
31,049
165,877
145,472
September _
From Jan 1_ 1.085.578 1.150,724 -84,801 -33,660 -135,019 -65,892
Monongahela
281,702
289.947
256,412
253,649
525,904
September _ 575,402
From Jan 1_ 4,827,726 4.153,406 2,272,280 1,890,730 2,033,244 1,701,195
W Jersey & Seashore
227,705
264,434
354,651
125,463
September _ 1,354,736 1.431,668
From Jan 1_10,233,610 10,804,272 2,152,951 2,649.318 1,240,179 1,649,940
& Pekin Union
Peoria
29,249
20,402
38,402
4,249
154.786
143,650
September _
214,017
325,236
170.236
378,017
From Jan L 1,290,557 1,387,679
Pere Marquette
*1.125,177 *996,585
September _ 4.363,364 3.972,098
*7,208,132 *5,762,551
From Jan L33,957,588 30,690,893
& ShawmutPittsburgh
27.100
42.076
41,889
27.326
121,672
135.302
September _
274,962
162,263
141,466
276,826
918,250
From Jan 1_ 1,236,455
Pitts Shawmut & North
32,106
41,749
34,846
44.754
172,177
170,584
September _
213,720
259,093
238,015
286,272
From Jan 1_ 1,454,214 1,367,336
Pittsburgh & West Va128,671
174,011
180,207
243,303
429,409
466,588
September _
957,316
From Jan 1_ 3,791.713 3,569,605 1,613,141 1,355,877 1,103,770
Reading Co
1,457.064
September _ 8,501,634 7,138,847 2,542,046 1.823,189 2,109,445 14,426,905
From Jan 1_71,935,772 69,778,399 17,652,670 17,730,084 13,680,556
Richm'd Fred'k'b'g & Pot
307,522
191.046
374.826
255,150
986,512
September _ 945,365
From Jan L 9,860,899 9,630,707 3,366,083 3,584,475 2,678,191 3,004,341
Rutland
98,545
110,900
144,562
133,111
597,407
September _ 607,104
528,524
652,467
From Jan L 5,087,794 4,853.787 4362,560 4,086,222
St Louis Southwestern
433,977
477,218
526,907
575,464
September _ 1,624,730 1,608,362
From Jan 1_13,264,287 13,142,818 4,268,185 3,981,685 3,651,075 3,456,575
Total System
560.926
524,584
681,096
656.309
September 2,312,020 2,380,428
From Jan 1_18,606,700 18,751,709 4,105,743 3,957,395 3,215,124 3,188,948
Seaboard Air Line
1,260,457
September _ 5,102,841 5,489,334 1,419,476 1,498,303 1,126,082 9.095,344
From Jan 1_50,154,580 44,985,235 13,091,237 11,242,764 10,471.210
Sonthern Pacific System
Atlantic S /3 Lines
98,252
83,591
112,788
87,632
September _ 1,037.838 1,038,216
From Jan L 9,255,073 8,315,208 1,219,608 -224,844 1.139,069 -356,156
System
Southern Railway
September _17.807,256 17,812,685 6.297,853 6,549.078 5,134,519 5,251,623
From Jan 1154842,140 146327,926 47,512,973 44,858,151 37,292,872 35,764,356
Southern By Co
September _13,437.933 13,411,556 4,789,250 4,841,045 3,934,086 3,843,534
From Jan 1115912.958 109124,769 34,909,348 31,811,118 27,417,692 25,065,152
Ala Great Southern
286,208
269,497
345.499
333,723
937,763
September - 955.679
1,797,351
From Jan 1- 7,941,355 7,667,596 2,356,271 2,273.660 1,807,251
Cm N 0& T P
602,315
564,300
719.871
707,061
September 2,003,618 1.916,249
5,230,723
From Jan 1.17.663,156 17,190,084 5,890,555 6,153,570 4,760.871
Georgia So & Florida
203,877
68,297
248,695
93,199
628,457
September _ 500,794
1,396,546
From Jan 1- 5,305,820 4,751,089 1,336,189 1,671,404 1,057,895
New Orleans & Northeast
174,108
171,385
231675
223,059
551,624
September _ 556,527
1,161,598
From Jan 1_ 4,662,716 4.389,182 1,689.284 1,630,555 1,156,771
North Alabama
63,321
43,386
67,782
47,386
140,633
116,037
September _
461,581
372,312
518,373
425,228
From Jan 1_ 1,074,139 1,167,285
Texas & Pacific
*740.680 *884,926
September 3,068,315 3,728,278
*3,856.791 *3,711,569
From Jan 1_25,468,114 24,824,363
Ulster & Delaware,
10,620
7,167
16,120
12,917
131,564
117,781
September _
124,259
75,981
173,761
127,732
From Jan L 1.002,269 1,126,628
Union Pacific System8,709,631 8,646,242 7,709,968
September_22,307,265 21,463,258 9,906,667 37,821,519 32,696.824 27.573,954
From Jan 1150250,435 138756,965 44,011,565
Union RR (Penna)273,039
344,276
335,670
410.276
998,255
September _ 1,109,761
1,906,232 1,881,970 1,649,998
From Jan 1_ 9,225,772 8,676,373 2,253,377
Utah
74,172
29.585
83,788
39,928
195,847
September _ 125.097
318.707
266,123
386,772
352,423
From Jan 1_ 1.187,588 1,214,181
For» 123.
-Gross from Railway- -Net from Railway- -Net after Taxes
1925.
1926.
1928,
1925.
1925.
1926.
$
Wabash
*1,751.069 *1,745,950
September _ 6,371,815 5,997,618
*13,044,545+12.428,376
From Jan L52,862,556 50,904,531
Western Maryland
*571.698 *513,780
September _ 2,305,619 1,720,504
*4,153,973 .3.576.908
From Jan 1_17,306,641 14,641,529
Wheeling & Lake Erie
471,906
476.475
607.328
638,529
September _ 1,949,301 1,873,167
From Jan L15,699,880 15,014,587 4,679,387 4,368,082 3,376.390 3,178,074
*After rents.
Fixed
Total Net
Balance.
Charges.
Income.
$
13,965
13,262
*27.227
Sept'26
Georgia & Florida
31,542
13,390
'25
*44,932
73,151
120,029
From Jan 1 to Sept 30 '26 *193,180
43,961
119,324
'25 *163,285
Sept'26 *3,032,288 1,797,914 1,234,374
NY New Haven Ac Hartford
990,379
'25 *2,900,732 1,910,353
From Jan 1 to Sept 30 '26'22,305,459 16,310,620 5,994,839
'25.22,091,549 17,181,512 4,910,037
74,202
118,055
Sept'26 *192.257
NY Ontario & Western
11,017
116.177
'25 *127,194
912,986
to Sept 30 '26 *1.979,803 1,066.817
From Jan 1
768,445
'25 *1,823,853 1,055,405
326,369
230,259
Sept'26 *566,628
St Louis Southwestern (including St
349,753
232.076
'25 *581,829
Louts Southwestern of Texas)
From Jan 1 to Sept 30 '26 *3,301,524 2,101,593 1,199,931
'25 *3,294,060 2,108,043 1,186,017
332,403
254,915
587,318
Sept'26
Western Maryland
258,500
250,955
'25
519,455
From Jan 1 to Sept 30 '26 4,253,884 2,240,679 2,013.205
1,367,494
'25 3,643,048 2,275,554
Net Income
.-Grossfrom Railway- -Available for Int
1925.
1926.
1926.
1926.
1925.
1925.
s
$
$
5
xas Lines
Missouri-Kansas-Te
584,201
640,836
September _ 5,305,233 5,010,778 1,229,537 1,175,468
From Jan 1_41,911,325 41,615,312 9,076,194 9,111,654 3,763,510 3,714,573
.-Grossfrom Railway- -Available for Int.- -Surplus after Chgs
1925.
1926.
1926.
1925.
1925.
.
1926
$
$
s
$
$
$
St Louis San Francisco (incl sub lines)
980,604
September _ 8,368.794 8,510,151 2.397,925 2.231,463 1,103.282
From Jan L69,745,031 68,789,367 16,958,398 16,120,721 5,374.456 4,789,836
Balance,
Fixed
Net After
Gross
Surplus.
Charges.
Taxes,
Earnings.
$
Companies.
278,404
154,251
Sept'26 1,569,866 *432,655
Gulf Coast Lines
305,682
124.943
'25 1,275,843 *430,625
From Jan 1 to Sept 30 '26 12,449,177 *2,941,792 1,355,686 1,586,106
'25 11,321,656 *3,503,391 1,092,400 2,413,991
•Includes other income.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
Community Power & Light
Co & Subsids (incl N Mex
b135,151
b164,824
330,729
Utilities Co-affil co)__Sept 395,667
12 mos ended Sept. 30-- 4.022.671 3,306,729 b1.440.660 b1,371,262
c Elec Power & Lt Corp. Sept 4,144.754 3,919,356 *1,837,202 *1.657,766
12 mos ended Sept. 30_48,749,154 44,366,267*20.754.860*18,216,217
*334,008
*276,041
807.876
Florida Power & Lt Co_ _ Sept 943,498
12 mos ended Sept 30_ _12,871.383 8,100,324 *4,997,380 *3,308,754
Philadelphia Co and AffiliSept 4,558,121 4,436.444 al.061.599 a967,805
ated Corps
9 mos ended Sept 30_ -47,944,383 45.254.073a14.518,825a13,140,812
35.610
54,569
60,031
88,535
Sept
Southern Gas Co
228,537
506,346
441,072
795.381
9 mos ended Sept 30__
• After taxes. a After taxes and depreciation. b After taxes & interest.
c Earnings of subsidiary companies only.
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
Companies.
520,355
10,000
30,355
84,256
Aug '26
Arizona Edison
3140,496
80,000
220,496
610,266
Co 8 mos end Aug 31 '26
Aug '26 2.945,140 *c189,892 *235,383 b-45,491
W I SS
Atl C &
b125,436
Lines & Subs SS Cos '25 2.457,509 *c344.982 *219,546
b94,319
8 mos ended Aug 31 '26 26,426,554*c2,005,079 *1,910,760
'25 19.679,296*c2,987,815 *1,535,886 b1,451,929
161.129
c56,578
Light, Sept '26
Binghamton
c53,174
139.994
Heat & Power Co '25
323,035
320.240
12 mos ended Sept 30 '26 1,862.711 *c643,275
302,215
'25 1,610,532 *c606,012
303.797
Sept '26
c78,246
191,390
River
Broad
e42,604
'25
139,148
Power Co
487,500
644,647
12 mos ended Sept 30 '26 2.085.396*c1,132,147
41,087
131.386
Sept '26
Florida Public
24,148
'25
93.991
Service Co
272,672
405.802
*678.474
12 mos ended Sept 30 '26 1,551,830
87,716
'25
935,672
212,158
*299,874
General Gas & El Sept '26 1,991,498 a699,205
'25 1,713.019 a529.051
Corp & sub cos
2,755,068
12 mos ended Sept 30 '26 23,196,613*a8,648.960 5,893,892 1,632,151
'25 20.358,389*a7.028.164 5.396,013
140,443
Sept '26 4,811,436 1,678,385 1,537,942
Interboro Rapid
'25 4,574,416 1,481,830 1.535,892 -54,062
Transit Co
ended Sept 30 '26 13,345.856 3,176,321 4,617,212 -1,440,891
3 mos
92,891
'25 14,221,542 4,683.695 4,590,804
-6,505
37,523
280,375
Aug '26
31,018
Lake Shore Elm17.623
'25
34,879
275.933
52.502
Irk By Co
5.888
290.627
296,515
8 mos ended Aug 31 '26 2,152,788
102,583
'25 2,128,783
290,649
393,232
72.554
29,426
242,846
Lt Sept'26
101.981
Manchester Tr,
59,133
25.767
'25
204.977
84.900
& Pow Co & Subs
662,996
268,850
931.846
9 mos elided Sept 30'26 2,106,094
574,899
231,213
'25 1,849,634
806,112
784,755 a310,656
Sept '26
Metrop Edison
'25
716,180 a297,921
Co & sub cos
2,331.709
12 mos ended Sept 30 '26 9,389,128*a4,108.524 1,776,815 1,928,782
25 8.380.067*a3,659,123 1,730,341
'
Sept' 26
206.394
c55.808
Power
New Jer
'25
116,560
c32.116
& Lt Co
283,140
295.933
12 mos ended Sept 30 '26 2,193,211 *679,073
202.574
170.737
'25 1,242,932 *c373,312
62,952
*96,913
284,513
Sept '26
5159,866
New York Dock
41.663
*91.975
'25
267.302 5133,638
Company
490,509
9 mos ended Sept 30'26 2,503,696 51,318,092 *827,583
478,062
'25 2,509,896 51,345,867 *867,805
......
48,468
181,753
Nor Caro Pub Ser Sept '26
47,222
'25
147,627
Co & sub cos
340,298
327,261
*667,559
Virginian
651,934
1,064,904
12 mos ended Sept 30 '26 1,996,284
744,728
283,142
292,878
'25 1831.582 *576,020
September _ 2,273,019 1,669,886 1,215,111 . 5,071,303 6,696,986 4,073,917
7,901,66.4 .
From Jan 1-16,974,544 13,932,165
OCT. 30 1926.]
THE CHRONICLE
2253
Balance,
Month ofSeptember
—12 Months Egged Sept. 30—
Net after
Fixed
Gross
Surplus.
Surplus
s
Charges.
Earnings.
Taxes.
Surplus
Gross,
Net.
Aft ',ages. Gross.
Net.
Aft. Chges.
Companies.
t
Michigan Public
Northern
31,442 Baton Rouge Electric Co
Aug '26
6,143
2.442
1,000
Service Co
1926
76,454
23,292
17,216
927,443
314,603
338,950
268,392
45,787
22.602
8.000
8 mos ended Aug 31 '26
1925
65,421
20,424
14,388
762,468
266,263
197,314
62,582
020,783
Nor Pa Power Co Sept '26
Blackstone Valley Gas & Electric Co & Sub Cos
'25
55.062
013,883
1926
445.297
160,266
112,755 5,383,015 1,928,315 1,385,048
136.432
745.419 *0281.852
145.430
12 mos ended Sept 30 '26
1925
418,093
163,682
132,526 4,927.364 1,859,760 1,453,761
—9.762
492,473
*31.357
041.119
Penn Coal & Coke Sept 26
'25
495.440
g43,921 —18.800 Cape Breton Electric Co. Ltd
*25.121
Corp & Subs
1926
50,711
12,381
6,673
603.980
118,611
49,589
9 mos ended Sept 30 '26 4,311,520 *104,015 g370,927 —266,912
1925
45,433
10,394
4,675
571,659
77,960
9,213
'25 3.968.753 *-61A88 0396.046 —457.534
Sept '26 8,624.4875c2,623.507 1.551,443 1.072.064 Edison Electric Illum Co of Brockton
Public Service
1926
140,110
49,392
48,691 1,732,992
574,260
566,410
'25 7,542.143*c2.153.360 1,421,299
732.061
Corp of N
1925
131,449
38,167
39,461 1,659,402
610.956
619,848
12 mos ended Sept 30'26 103,482.072*c30915.662 17,727,771 13.187.891
'25 92,455.004*c25612,448 16,945,266 8,667,182 The Electric Light & Power Co of Abington & Rockland
1926
55,223
12,756
12,427
576.433
104.611
Reading Transit
103,388
Sept '26
236.692
a23,101
1925
51,372
12,598
12,036
505,885
92,108
'25
86.795.
238,636
St sub cos
017,946
161. 20 El Paso Electric Co
7
101.619
12 mos ended Sept 30 '26 2.962,354 *0263.339
'2.5 3.026.481 *0263.092
89,540
178.512
1926
236,324
86,834
72,976 2,736.558 1,028,394
863,699.
1925
212,435
Sept '26 2.516.585 1.669,443
73,911
60,079 2,506.551
873,058
Southern Calif
669.7%4
489,496 1,179,947
'25 2,250,446 1,530,766
905.529 Fall River Gas Works Co
Edison Co
625,237
12 mos ended Sept 30'26 26,920,670 17,597,516 6,206,427 11,391.089
1926
84,985
20,064
20,060
993,419
221,723
217,695.
'25 24.040.140 14.489.020 5,372.523 9.116.497
1925
86.488
23,961
23,607 1,007,849
265,362
263,228
Sept '26 1.245.159 *250.700 e219,801
30.899 Galveston-Houston Elec Co & Sub Cos
Third Avenue
'25 1,210.829 *238.246 e223,613
14,613
Railway System
1926
395,969
117,613
50,265 4,361.038 1,214,528
473,940
,
123.498
3 mos ended Sept 30'26 3,830,98,4 *780,299 e656,801
1925
331,520
89,323
34,040 3,940,510 1,023.885
417,901
'25 3,643.120 *681.492 e675.099
6.393 Haverhill Gas Light Co
35.476
West States Mil Co Aug '26
11,009
6,974
1.500
1926
60,468
13,751
13,731
130,531
130,112674,958
540.053
88,931
8 mos ended Aug 31 '26
52,053
12.000
1925
55,216
12,581
12,576
636.389
147,344
147,032-
•Includes other income. b After rents. c After depreciation. e Includes amortization of debt discount and expenses. g Includes depreciation, I Before taxes. k Includes taxes.
a After depreciation and rentals.
New York City Street Railways.
Gross
Net Corp.
*Net
Fixed
Income.
Revenue. Revenue. Charges.
Companies.
July '26
100.562
Brooklyn City
47,449
952,932
148.010
117.995
'25
951,304
56,774
174.769
338.141 1.161,770
7 mos ended July 31 '26 6.787.452 1.139.910
918.567
'25 6,752.804 1,249,583
331,016
Brooklyn Heights
July'26
1.560
57.954 —50,178
7,776
(Receiver)
'25
1.560
57,954 —51.067
6.887
7 mos ended Jul 31 '26
405.678 —353,437
11,036
52,241
'25
11,220
405.697 —357,807
47.890
Brooklyn-Queens Co Ju1y'26
56,466 —15,653
212,866
40.813
25
52.088 —67,883
206.050 —15.795
399,976 —135.090
7 mos ended July 31 '26 1,416.462
264.885
'25 1,513,255
370,286 —273.109
97.177
July'26
Coney Island &
62.865
34,033
291.625
96.898
Brooklyn
31,115
'25
32,283
287,277
63,398
7 mos ended July 31 '26 1,669.021
17.5.099
230.861
405,961
'25 1,678,780
22,008
223.972
245,980
July'26
6.584
Coney Island &
23,897
13.705
20,289
Gravesend
'25
--93
27.626
13.723
13.6.30
7 mos ended July 31 '26
71,541
95,035 —96,000
41.543
'25
-.131.130
72.825
94.969
13.839
July'26
Nassau Electric
565,797
125.342
95.167 , 30.175
'25
531,019
--1.927
93,824
91.897
326,239
7 mos ended July 31 '26 3,430,988
656.013
329,773
'25 3.480.229
650,764 --150.085
500.679
July'26
South Brooklyn
144,029
31,977
58,809
26.832
'25
144.836
33,680
64.214
30,534
7 mos ended July 31 '26
771. 63
0
52.736
238.207
185,472
'25
66.672
860.216
247.449
180,777
•
Manhattan Bridge July'26
1,666
19.704
373
2,038
--538
'25
19,978
344
—194
7 mos ended July 31 '26
8,934
135.355
11,310
2.377
3.126
'25
2,124
147.649
5.250
Interborough R T July'26 2.278,863 —18,058 1,098,549-1116.606
456,864
Subway Division
'25 3.474.644 1,548,319 1.091.455
7 mos ended July 31 '26 24.465.829 10,571,219 7.820,715 2,150:504
'25 23.964,189 10.484,192 7.561.754 2.922.438
699.764 --421.480
Elevated Div July'26 1,719.101
278.284
689.494 --64,83
'25 1,766,463
624.657
7 mos ended July 31 '26 11,221,239 2.895.329 4,923,459 1,184,369
'25 11.276.066 3.107.978 4.823.643 --1715.665
New York Rapid
July'26 2.948.928 1,330,254 2.295,769 --965.514
377.400
496.666
Transit Corp
874,066
'25 2.633.622
7 mos ended July 31 '26 21,596,524 7,960.620 6.600.143 1.360,478
'25 18.249,943 6,024,501 3,481.950 2.542.551
88.241
Third Avenue Ry
222,366
July'26 1,353,348
310,607
6,372
System
220,854
'25 1,231.253
227,226
7 mos ended July 31 '26 8.632,522 1,613,375 1.544,309
136,486
'25 8.427,787 1,485.208 1,549.565 —64.357
New York Rys
65.277
July'26
73.189
663,361
138.466
61,814
'25
89,317
686,982
151,131
7 mos ended July 31 '26 4.178,074
208.809
506,699
715,508
'25 4,508,169
868.567 1,088.542 --219.975
--97
Eighth Avenue
July'26
3.176
8.3,718
3.079
--2.719
25
89,554
2.065
--654
7 mos ended July 31 '26
17,425 --83,345
559,100 —65.920
'25
624.143 —64.428
14,518 —78.946
Ninth Avenue
July'26
44,563
4.024 --12,551
—8.528
25
40.371 —20.274
3.900 —24.174
7 mos ended July 31 '26
29.033 —104.299
292.001 —75.267
'25
27.862 —143.915
279.552 —116,053
July'26
N Y & Harlem
53,856
99.076
54,895
108.751
'25
46,610
96996
50,386
7 mos ended July 31 '26
375.130
709:766
737:980 '362.850
'25
351,100
416,745
279.239
767.845
Second Avenue
July'26
97.542
17.490
--2,133
15.357
(Receiver)
'25
86,125
17,298 —14,990
2,308
7 mos ended July 31 '26
607,307
122.202 —82,708
39.503
'25
503,973
18.905
111.369 —92,464
N y & Queens
July'26
64,036
25,425 —17,795
7.630
(Receiver)
'25
69,344
25,260 —11,080
14,180
7 mos ended July 31 '26
441,214
100.541
67,029
167.571
'25
466,394
175,720 --105.404
70.316
July'26
Steinway Rys
66,889
4,511
3,214
7,635
(Receivers)
'25
63,723
4,500
1,727
6.227
7 mos ended July 31 '26
444.965
35.450
2,705
38,155
'25
390,779
31,311
6.333
37,644
July'26
Ocean Electric
39.818
19.907
7,915
11.992
'25
54,606
31,314
10.832
20.482
7 mos ended July 31 '26
149,125
37.548
30,005
7.543
'25
182,688
40.115
36.662
--3.453
July'26
Manhattan &
41,209
5,231
9.803
--4.573
Queens (Receivers) '25
35.993
10.003
10.496
403
7 mos ended July 31 '26
261,548
50,938
80.573 --17,426
'25
240.950
54.187
69,282 --15.095
July'26
Richmond Light
67.079
9.793
11,729
--1.935
'25
& RR
63.307
.7,484
11.098
—3,614
403.702
7 mos ended July 31 '26
1,538
82.833 . 81,294
'25
479,306
6.925
79.906 --72,981
July'26
56,952
Jamaica Central
8.571
1.902
6.662
25
190.487
31.556
9,554
22.032
3 mos ended July 31 '26
'25
* Incluie sother income. —Deficit.
Jacksonville Traction Co
1926
131,022
47,560
31.954
1925
113,091
41,104
24,562
The Lowell Electric Light Corp
1926
134,330
45,108
43,770
1925
125,462
39,311
38,263
North Texas Elec Co & Sub Cos
1926
202,958
63,518
33,828
1925
200,438
65,597
36,157
Puget Sound Power & Light Co & Sub Cos
1,114.925
1926
430,681
190,186
1925
1,027,934
316,485
137,731
Savannah Electric & Power Co
60,839
31,813
1926
195 093
52,204
1925
161.105
22,030
Sierra Pacific Electric Co & Subs
31,220
11.3.10
27.219
1926
34,786
31,373
1925
92,657
Tampa Electric Co & Sub Cos
155,297
150.622
405,030
1926
123.889
117,232
298.240
1925
Month of August
East Texas Electric Co & Sub Cos
221,416
593,840
1926
150,478
237,423
78,781
57,884
1925
El Paso Electric Co (Del)
61,845
223,480
75.719
1926
200,938
67,885
54,296
1925
1,602,683
1,230,331
593,480
396,428
401,334
1,712,391
1,594,805
599,438
555.569
687,783.
551,820.
2,520,328
2;523.353
825.074
819,285
489.773
475,291
267,880
13,326,940 5,332,679 2,729,116
12,707.137 4,813,488 2,683,390
2,177.614
1,913.545
811,485
694,093
446,347
321,414
1,207,701
1,146,531
517,711
458.817
473.750
396,764
4,645,811 1,774,095 1,694,810
2,970.472 1,271.392 1,215.984
12 Months Ended Aug.315,366.820
2,522,448
1,706,568
796,853
858.670
595.983.
2,712.669 1,015,471
2,500,693
868,465
850,803
660,751
Earnings of Large Telephone Companies.—The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
No. of Co.
Gross
Stations in
August 1926
August 1925
8 months 1926
8 months 1925
Net
Operating Operating Operating
Service
Earnings. Expenses. Revenues. Income,
Aug. 31.
$
$
3
3
13,532,914 72.997.729 49,536,563 23,461,166 16,900.670
12,730,289 66,178,815 45,447,412 20,731,403 15,112.275
13,532,914 574627,453 386304,683 188322.770 135942,357
12,730,289515571,042 32189,529 163381,513 119767.138
FINANCIAL REPORTS
Annual, 4Bec., Reports.—The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including Sept. 25 1926.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
Page.
Public Utilities (Concluded)— Page.
Steam Railroads—
Minn., Northfield & Southern Ry 1759 , Milwaukee Ele,tric By.& Light Co_1876.
1872' Montreal Light. Heat & Power ConNew York Central RR
1872
solidated
Portland & Rumford Falls Ry
1876
Seaboard Air Line By
1872 National Power & Light Co. sub.) 1634
(&
Public Utilities—
Page. National Puolir Service Corp. 1877, 2139
Adirondack Power & Light Corp_ _ _ _1760 New England Telep. & Teleg. Co_ __1634
American Telephone & Telegraph Co.I992 Newport Electric Corp.(R. I.)
1763
American Utilities
2136' New York steam corp
2139
Associated Electric Co
2136 Niagara Falls Power Co
1997
1873. Northern New York Utilities, Inc___1634
Associated Gas & Electric Co
Associated Telephone Utilities Co_ _1630 1 Northern Ohl, Power Co
2139
16311Northern Ohio Power & Light Co.,
Broad River Power Co
1635, 2139
16271
Brooklyn City RR. Co
Brooklyn-Manhattan Transit Corp_2137 Northern Pennsylvania Power Co_ _1763
1877
Central Illinois Light Co
2137 Northern States Power Co
1635
1632, 2137 Ohio Central Telephone Co
Cities Service Co
2140
Cleveland Electric Illuminating Co._1873 Ohio Edison Co
2137 Pacific Telephone & Telegraph Co_ _2140
Colonial Gas & Electric Co
2140
(W.Va.)_1761 Peoples Gas Licht & Coke Co
Columbia Gas& Elec. Co.
2140
2138 Philadelphia Rapid Transit Co
Commonwealth Edison Co
1997, 2140
Commonwealth Light & Power Co..1995 Pittsburgh Utilities Corp
2140
Commonwealth Power Corp_ _1632, 2138 Public Service Co. of N. H
1874 Public Service Corp. of N.1_1997, 2140
Connecticut Power Co
2140
Consolidated Hydro-Electric Works_1781 Public Service Elec. & Gas Co
1998
Consumers Power Co., Mich_.1996,2138 Rochester Gas & Electric Corp
San Joaquin Light & Power Corp._J763.
Continental Gas & Electric Corp..._1873
2141
1761 Shenango Valley Water Co
Dallas Power & Light Co
1632 Southern Bell Telep. & Teleg. Co___2141
Delaware River Water Co
2141.
Eastern Oregon Light & Power Co_ _1874 Southern California Edison Co
2141
1633 Southern Gas Co
.
Empire Gas & Fuel Co_ .
1762 Southern Indiana Gas & Elec. Co_-_2141
Engineers Public Service Co
1763
Fall River (Mass.) Electric Lt. Co 1762 Spring Valley Water Co
1878
1633 Standard Gas at Electric Co
Federal Light & Traction Co
1633 Suburban Light & Power Co.(Ohio)-2142
Federal Water Service Corp
1996 Tennessee Electric Power Co
2142
General Gas & Electric Corp
1878. 1998
1875 Tide Water Power Co
Gulf States Utilities Co
2139 Tokyo Electric Light Co.. Ltd
1763
Illinois Power Co
Ujigawa El. Pow. Co.(Japan) 1998. 2142
Indiana Consumers Gas & By1875 Union Gas Corporation
1764
Products Co
1879
Interborough Rap. Transit Co.1634, 2133 United Light di Power Co
1764, 19 8
International Telephone & Telegraph United Rya. Invest. Co
9
1634'Washington Water Power Co
1998Corp
1998
International Utilities Corp__ _1782, 2138 Western Union Telegraph Co
1876 West Penn Power Co
1635
Kentucky Utilities Co
Lincoln Telephone & Telegraph Co_ _1762 . Westphalia United Electric Power
.098
Corp.(Germany)
2139
Maine Gas Compani s
1634 West Virginia Water Service Co..
....1879.
Metropolitan Edison.Co
2254
THE CHRONICLE
[VOL. 123.
Industrials
Industrials (Concluded)Page.
NET EARNINGS FOR NINE MONTHS ENDED SEPT. 30.
Alaska Juneau Gold Mining Co
1879 (Walter M.) Lowney Co
1640
*Net Earnings1926.
1925.
1923.
1924.
Alaska Refrigerator Co
1764 McIntyre Porcupine Mines, Ltd
2147 January
813.810.149 813.027.058 814.771.103 $10,561,241
American Bosch Magneto Corp
2143 Madison Square Garden Corp 1640, 1884 February
` 14.385.381 12.357,801 16.238.867 9,527.181
American Chain Co., Inc
1879 Magma Copper Co
2147 March
•16.865.755 14.498.133 19.065.475 14,691,647
, American Chicle Co
2143 Marland Oil Co
1884, 2133
'Amer. Furniture Bldg. Corp
1784 Mathleson Alkali Works
2147
Total (first quarter).-$45.061.285 $39.882.992 $50.075.445 $34,780.069
Amer. Home Products
1999, 2142 Mid-Continent Petroleum__ __2004, 2147 April
$15.705,202 $13.376.821 $16.048.911 014,399.988
Amer.International Corp
2143 Midland Steel Products Co
2147 May
16,159,866 13.803.453 13.419,194 17.698,675
Amer. La France Fire Engine Co__ _2143 Montgomery, Ward & Co.. Chicago_1770 June
15,949,037 13.443.947 11.912.934 15.759,518
Amer. Railway Express Co
1879 Moon Motor Car Co
1640
Amer. Seeding Machine Co
1785 Morgan Lithograph Co.(Cleveland)
.1885
Total (second quarter9$47.814.105 040.624,221 $41.381,039 $47,858,181
Amer. Shipbuilding Co
1627 Morgan s,Inc
1641 July
817.798,795 813.908.513 810.430.105 815.767,003
Amer.Ship & Commerce Corp
1993 Motion Picture Capital Corp
1885 August
17.244.097 14.399,265 10,107.685 16,997,467
, Amer.Smelting & Refining Co
1870 Nash Motors Co
1886 September
17.583.934 14.092.634 10.180.625 14,289,210
Amer. Window Glass Co
2143 National Baking Co
2005
Amoakeag Company
1999 National Biscuit Co
2147
Total (third quarter)
.852.626.826 $42,400.412 $30.718.415 847,053.680
Androscoggin Mills
1636 National Dairy Products Core
2005 Total nine months
145,502.216 122.907.625 122,174.899 129,691,930
Apco Manufacturing Co
2143 National Grocers Co., Ltd
2005
*After deducting interest on subsidiary cos.' bonds outstanding.
Arctic Dairy Products Co
2000 National Steel Car Corp., Ltd
1770
viz.:
Artloom Corporation
20('0 National Tea Co., Chicago
2005
1926.
1925.
1923.
1924.
Atlantic Gulf dr West Indies S.S.L 1765 National Theatre Supply Co_ _1641, 1886 January
$699,059
8698.547
$655,853
$685.765
' Atlas Plywood Corp
1636 New York Athletic Club
608.314
2005 February
698,070
655,698
684,507
Auburn Automobile Co
1880 North Central Texas Oil Co__1886, 2005 March
696.803
697.989
655.221
684,022
April
Barnsdall Corp
1765 Oriental Development Co.. Ltd.
699.897
697.049
650.879
680.543
Bayuk Cigars, Inc
2143 (Japan)
699,538
2005 May
648.651
693.395
674,090
Beechnut Packing Co
2143 Otis Elevator Co
697,608
2005 June
719,955
691,405
671.333
Benzo-Gas Motor Fuel Co
689.477
2000 OtisSteel Co
2147 July
August
Bing & Bing, Inc
2144 Pacific Coast Glass Co
1642
707:096
688.977
Boston Woven Hose& Rubber Co_ 1880 Pacific Steel Boller Co
688.576
1770 September
685,485
708.034
665.068
, Botany Consolidated Mills, Inc_ _1636 Pandem Oil Corp
1886
INCOME FOR NINE MONTHS TO SEPTEMBER 30.
Briggs Mfg.Co
2144 Park Utah Consolidated Mines Co 1886
1926.
• Brunswick Term. at Ry. Secure. Co_2000 Peerless Motor Car Corp
1925.
1923.
1924.
2148
0
(Edward G.) Budd Mfg.Co
$
1880 Penn. Coal & Coke Corp
$
1770 Net earnings
$
145,502,216 122,907,625 122,174,899 129,691,930
Burroughs Adding Mach.Co__1766, 1880 Penn. Dixie Cement Corp
1642
Deduct
By-Product Coke Corp
2001 Penn. Salt Mfg Co
1770 For sinking funds,
depreCalifornia Petroleum Corp
2144 Pepperell Mfg. Co
2148
ciation 8z reserve funds 46.214,502 41.829.838
Carnegie Metals Co
36.899.200 38.410.310
1786 Phillips Petroleum Co
2148 Interest
12,973.060 13,370.448 13.753,462 14,119,022
Central Leather Co
1881 Pie Bakeries of America. Inc
2148 Prem,on bds.
redeemed881.250
Chicago Pneumatic Tool Co
808.221
772,500
2001 Piggly Wiggly We3tern States Co__ _1887
750,000
Childs Company
1637 Pittsburgh Steel Co
•
1887, 1903
Total deductions
60.068.812 56.008.507 51,402,662 5.3.301,832
Chile Copper Co
1770 Balance
1766 Plymouth Cordage Co
•. 85.433.404 66.899.118 70.772.237 76,390,098
' Chrysler Corp
2144 Pneumatic Scale Corp., Ltd
2006 • Dividends
, Cohn-Hall
-Marx Co
2001 Poetum Cereal Co., Inc
2148 Preferred
18.914,757 18,914.757 18,914,757 18,914.757
Coldak Corp
2144 (The) Pullman Co
1626 Common
(5 X %)26.685,879 x26.685,879 x26,685,879 y(4)20332099
Colorado Fuel & Iron Co
2145 Real Silk Hosiery Mills, Inc
1643 Sums approp d and exp.
Commercial Solvents Corp
2145 Reid Ice Cream Corp
1643
or to ho exp. acct. of
2145 Reliance Manufacturing Co
1643
' Congress Cigar Co
add'ns. impts. or betConsolidated Cigar Corp
2145 Republic Iron & Steel Co
2149
terments to plants and
Richfield Oil Co. of Calif
Continental Baking Corp
1882
1771
properties
20.000.000
2145 St. Lawrence Paper Mills. Ltd
Corn Products Refining Co
1643
_ Court-Livingston Office Bldg
1637 Salmon Falls Mfg Co
1644 Undiv.sun earns.,9 mos
39,832.768 21,298.482 25.171,601 17.143,242
1628 Schul o Co.,Inc
(The) Cuba Company
2149
x Includes extra dividend of 1M% In addition to regular dividends of
Cuneo Eastern Press, Inc
1882 Scullin Steel Co.(St. Louis)
1771
%.
Cushman's Sons, Inc
2145 Seagrave Corp
2149 3X %. y Includes extra dividend of
Dewey Portland Cement Co'
1637 Sears, Roebuck & Co., Chicago
Unfilled Orders as Previously Reported (V.
1772
123. p. 1941.)
Dodge Bros., Inc
2145 Shreveport El Dorado Mole Line Co_2149
Sept. 1926.
June 1926.
Mar. 1926.
Dec. 1925.
Sept. 1925.
Dome Mines, Ltd
2145 Siemens & Halske
1644
3.593.509
3,478,642
4,379.935
5,033,864
3,717,297
2145 Simms Petroleum Co., Inc
Douglas-Pectin Corp
2006 -v. 123, p. 2007.
• Dubilier Condenser & Radio Corp_ _ _1767 Skelly 011 Co
1772, 1887
Durant Motors Inc
1628 (A. 0.) Smith Corp., Milwaukee___1887
Cuba Cane Sugar Corp.
Durham Hosiery Mills
1767 Southern Dairies, Inc
1644
(Annual Report-Year Ended Sept. 30 1926.)
Eaton Axle & Spring Co
1883, 2145 Southern Realty Corp
1644
Economy Grocery Stores Corp
1767 Standard Textile Product Co
1772 INCOME AND SURPLUS
ACCOUNT FOR YEARS ENDING SEPT. 30.
Elk Horn Coal Corp
1767 Sterling Products, Inc
1887
Equitable Office Bldg. Corp
1925-26.
2002 Stewart
-Warner Speedometer Corp_2149
1924-25.
1923-24.
k 1922-23
Fageol Motors Co.(Oakland, Cal.) 2002 Telautogmph Corp
4.471,357 3.683,291
1645 Produe. raw sugar (bags) 4,273,768
3,284,731
Receipts
(The) Fair (Department Stores)----1628 Tennessee Copper & Chemical Corp_1888
$31.819.941 $36.536.247 853.424.441 $50,411,096
Famous Players-Lasky Corp
2146 Texas Gulf Sulphur Co
1645, 2140 Sugar sales
Molasses sales
Federal Motor Truck Co
367.129 2,510.847 1,438,034
1638 (John R.) Thompson Co
168,693
First National Pictures, Inc
80.233
118.871
2146 Tilden Lumber &Min Co
2007 Other earnings
230,694
251,613
Forhan Co
2002 Tonopah Mining Co
2149
Total earnings
$32,267,302 $39.165,965 $55,093,169 $50.831,402
Gabriel Snubber Mfg. Co
2146 Transcontinental Oil Co
2150
Expenses
Gardner Motor Co.. Inc
2146 Transue & Williams Steel Forging
$15.968,113 819,351.509 029,436,370 826,888.110
General Electric Co
Co
2146
2150 Cost of cane
Dead season
3,860.553 3.469.646 3.804.975 2.447.408
Traung Label & Lithograph Co
General Fireproofing Co
2146
1772
5,443.786 4.526.015 4.437,471
General Refractories Co
1639 Trumbull Steel Co
2007 Crop exp.(Cuba- U.8.) 4,765.877
989,080
985.963
Glidden Co
1639 Tung-Sol Lamp Works. Inc
1772 aFiscal year charges
856,289
922.559
4,353,608 5.074,047 3.957.802 3,527,731
Globe Grain & Milling Co
2002 Union Carbide & Carbon Corp
2150 Sugar expenses
Godchaux Sugars, Inc
1757 Union Oil Co. of California
1888
Total expenses
829.937,231 834.324,951 $42,581.451 $.38.223.279
Great Atlantic & Pacific Tea Co--- _1768 United Biscuit Co.. Bt. Louis
2007
$2,330,071 $4,841,014 $12,511,719 $12.608,123
Gulf States Steel Corp
2146 United Cigar Stores Co
1645 Operating profit
Deductions
(M.A.) Hanna Co
2146 United Dyewood Corp
1773, 1888
2,642,277 2,665,447 2,675,511
Harbison-Walker Refractories Co__ _2146 United Fruit Co., Boston
1888 Interest on bonds
2,675.511
Hares Construction Co., Inc
2003 U. S. Dairy Products Co
1889 Miscellaneous interest
257,780
Other int. and Income
Cr.89,338 Cr.319.827 Cr.295.931
Hayti:3n Corp. of America
1768 U. S. & Foreign Securities Corp
-2150
Taxes paid during year
9,213
8,487
(Richard) Hellman, Inc
1639 U. S. Smelting, Refining & Mining
20,712
61,629
Holland (Mich.) Furnace Co
Co
1768
1773 Miscellaneous expenses..
26.927
Universal Gypsum & Lime Co
400.000
Hood Rubber Co., Watertown.
1646 Res. for conthigencies_
250,000
Res, for depreciation__ _ 1.750,000 1,750.000 1,750,000
1883 Universal Pictures Co., Inc
Mass
1889
1,750.000
Loss on sale of property2146 Universal Pipe & Radiator Co.. Inc.
Houston 011 Co.of Texas
358,855
2146
Howe Sound Co
1646,2150 Reserve for obsolescence
of plants
1639 Utah-Idaho Sugar Co
Hudson Motor Car Co
1,500,000
1646
Additional taxes & exp..
15,025
1,142
2003. 2147 Venezuela Petroleum Co
Hupp Motor Car Corp
1889
380.762
Indian Motocycle Co
1883 Virginia Iron, Coal & Coke Co
2150 Other reserves
3,033,100
750,000
2003 Waldorf System, Inc
Independent Oil& Gas Co
2150
Balance, surplus-- Joss$1,997,106
0735.766 03.047.565 86.477.422
International Agricultural Corp.__ _1628 Ward Baking Corp
1773 Previous
surplus
14.017.961 13.282,195 10,234,631
Warren Brothers Co
International Combustion Engineer1889
3,757,209
1768. 1639 Weber & Hellbroner
ing Corp
1646
Bal.,surp., Sept. 30_$12.020,855 $14.017.961
2004 Western Electric Co
Jordan Motor Car Co
2150
$13,282.195 810.234.631
a General Insur., Cuban taxes on sugar and Cuban taxes on
Joubert & Gosiln Mach.& Fdy. Co_1640 Westinghouse Elec. & Menu!. Co 1646
real estate.
-V. 122. p. 354.
1769 Wheeling Steel Corp
2008 &c.
Kaynee Co.(Cleveland,0.)
1757 White Eagle Oil& Refining Co
2150
Kerr Lake Mines. Ltd
Phillips Petroleum Co.(& Subsidiaries).
2147 White Sewing Machine Corp
2008
(S. S.) Kresge Co
1640 Wilcox Products Corp
2008 (Results for Quarter
Kresge Department Stores, Inc
and Nine Months Ended Sept. 30 1926.)
2004, 2147 Wilson & Co
1646
Lego Oil & Transport Co
2004 (Wm.) Wrigley Jr Co
2150
Lake of the Woods Milling Co
Pres. Frank Phillips, in a report to the directors, gives
2004 Youngstown Sheet & Tube Co
2150
Lambert Pharmacal Co
the results of operations for the past quarter and the nine
2004. 2147
Landay Bros., Inc
MA
RINA
months of this year, with some comparisons. Pres. Phillips
.
says:
United States Steel Corporation.
-171 successful completions were
Oil Division.
the quarter
(Report for Quarter and Nine Months Ended Septl 30 1926.) and eight wells were purchased, making a total ofmade duringin operation
2.154 wells
EARNINGS FOR QUARTER ENDED SEPTEMBER 30.
1924.
1925.
1926.
1923.
Unfilled orders (V. 123,
3.717.297 3,473,780 5.035.750
IL 1941) Sept. 30-tons 3.593,509 $42,400,412
$30,718,415 $47,053,680
Total earnings (see note)052,626,826
Deduct
-
Sink, funds on bonds of
sub. cos., deprec'n and
depletion reserves_ _ _ -$13.548.171 $11,233,089 $8,277.805 $10.686,745
Int. on U. S. Steel Cor4,273,910 4,407,654 4,536.792 4,660,476
poration bonds
269.407
250,000
257.500
293.750
Prem. on bonds redeemon U. S.
Sinking funds
2.801.090 2,685.439 2.575.708 2,441.024
Steel Corp. bonds._
$20.916.921 $18.595.589 $15.640.305 $18.045.745
Total deductions
31.709.905 23.804.823 15.078,110 29.007.935
Balance
Div. on pref. stk.(1
) 6.304.919 6.304.919 6,304.919 6.304.919
Div.on corn. stk.(1.1 0) 8,895,293035)6353781(IX)6353781 a X/6353781
3
/
(135)2541512 35)2541,512 )1270.756
(
(X
do
Extra
Bums approp. & exp. or
to be exp. acct. add'ns
impt, or betterm•ts to
plants and properties..
10,000.000
Surplus for quarter_ _ _S16,509.693 38.604,611 def$122.102 $5.078.479
Note.
-The net earnings, as shown above, are stated after deducting bond
Interest of the subsidiary companies, all expenses incident to operations,
comprising those for ordinary repairs and maintenance of plants; also
estimated taxes (including Federal income taxes).
on Sept. 30 1926. located on 374 properties comprising 57,402
acres. In
the nine months the company had 358 successful completions and 73
unsuccessful completions. The dry holes were equal
to about 17% of
the total wells drilled in comparison to an average of nearly
34% for
Mid-Continent area as a whole. Properties on which were located the
85
wells have been purchased during the nine months, which
makes a net
increase of 395 wells and 87 new producing
properties comprising 14,096
acres during this period. Successful completions
months
of 1926 shows an increase over the same period for the first ninewells on
of 1925 of 179
48,p
s gesent policy is to drill only offset wells
pe ies
for the protection of its oil and gas reserves from drainage or
contracts require drilling. At present 198 wells are eitherwells where lease
drilling or authori7ed.
which program must of necessity be indefinitely continued
since the corny has more than 2,500 known prove location to be drilled. In the
ore
district alone the company has 15,000 acres in the _proven
'aannh
area of the pool, which will require a large expenditure to develop. Because
of inadequate transportation facilities and the present unsatisfactory
price for oil produced in this territory, the company
the major
part of this production, which not only requires an is storinginvestment
for facilities for storing the oil but deprives us of a additional
large amount of cash
income.
At present we are engaged in the transfer of 3.000.000
of empty
steel storage from Burbank and other districts to the barrels
l'anhandle area
in Texas. The program hero will probably be doubled between now aid
f
spring. In
the:eldestage ofarof the oil
e drilling VetfelLprcXtt!eeprolrsgnrtTiiTuerh
time
as it can uri moved at a price more commensurate
its value. In
addition to the Panhandle area, the company's large with of acreage in
block
Wilbarger County. Texas, must be developed on account of leasehold
requirements.
THE CHRONICLE
OCT. 30 1926.]
The company recently discovered a well of approximately 1,000 barrels
per day of 39 gravity oil at 2,500 ft. in Jones County, Texas, on a block
of some 6,300 acres. This property will also require some further drilling.
In addition to the above major situations the company has proven acreage
in many other pools which must be developed to protect it from drainage.
Taking the situation as a whole our expenditures for development will be
nearly as large for the coming nine months as they have been for the past
nine months.
Net production of crude oil for the quarter was 4,568.115 barrels; a
daily average of 49.653 barrels, compared with a daily average of 32,535
barrels for the preceding quarter and 27,101 for the third quarter of last
year. Net production for the nine months of 1926 was 9,777.709 barrels,
a daily average of 35,725 compared with 7,144,285 barrels, a daily average
of 26,154 barrels for the same period of last year.
Present production of 78,000 barrels gross and 63,000 barrels net per
day is 77% greater than the average for the first nine months of this year
and 140% greater than the average for the same period of 1925.
Inventories of crude in storage on Sept. 30 1926 amounted to 1,934.094
barrels. Stored oil in all districts except Burbank and Panhandle has been
sold. At the present rate we are reducing Burbank storage all tanks will be
practically empty by Jan. 11927.
-On Sept. 30 1926 there were 36 permanent
Natural Gasoline Division.
natural gasoline plants in operation which is a net increase during the
quarter of one plant, and an increase of five for the 9 months. There are
several other plants or additions being built now, which will be completed
during the next quarter, thereby materially increasing our production. The
largest of these being the Johnson plant in the Panhandle.
The third quarter's production amounted to 41,217,456 gallons, a daily
average of 448.016 gallons, compared with 435 858 gallons for the preceding
quarter and 335,571 gallons for the third quarter of last year.
Total production for the 9 months was 118,338.818 gallons emnared with
83,459.502 gallons for the same period of last year, which is an increase of
nearly 42%.
The total volume of gas put through plants during the first 9 months of
this year was 64,347,693,000 Cu. ft. compared with 55.552.806.000 Cu. ft.
during the same period of 1925. The average yield per thousand Cu. ft.
during the 9 months of 1926 was nearly 23% greater than for the corresponding period of 1925.
Inventories of natural gasoline on Sept. 30 1926 amounted to 5,904.890
gallons. a decrease of 3,673,261 gallons during the quarter. We have continued up to this date to decrease inventory and it is now little more than a
working balance.
Gas Division -The total sales of the Gas Division during the quarter
were 17,923.498,000 cu. ft. compared with 15,011,865.000 Cu. rt. last
quarter and 16,342.949,000 Cu. ft. during the third quarter of last year.
Total sales for the 9 months of this year were 47.675,816.000 cu. ft. compared with 44,513,987,000 Cu. ft. during the same period of last year. The
average sales price for this year was nearly 25% greater than for corresponding period last year. We are now operating 16 booster plants which are
delivering on an average of 42,338,000 Cu. ft. of gas daily. The balance of
•
gas sales is coming from dry gas wells.
Land and Geological Division.
-The Land Department acquired 54.227
-making a net increase
net acres, and sold,released or assigned 21,515 acres
of 32,712 acres during the quarter and an increase of 37.449 net acres
during the 9 months this year. The total acreage owned or controlled as
of Sept. 30 1926 was 648.,7 acres located in Oklahoma, Kansas, Texas,
Kentucky, Louisiana and Arkansas.
Record Earnings.
-The company's net earnings for the quarter after all
charges including interest. Federal and State tax reserves, but before
depletion,and depreciation, were 810,626.579, which is the largest in its
history. This is comparable with $8.079.752 in the preceding quarter and
$5,556,275 in the third quarter of last year.
RESULTS FOR 9 MONTHS ENDED SEPT. 30.
1925.
1926.
from oil
Income
$24,769,825 $15.326.277
do gasoline, gas & miscellaneous
15,186.128 11,164,640
New Equipment -Locomotives Installed by the Class I railroads of this
country the first nine months this year totaled 1,664. the Car Service
was
Division of the American Railway Association has announced. This coran increase of 322 locomotives over the number installed during the
responding period last year and 7 locomotives over the number installed
during the corresponding period in 1924. Locomotives on order on Oct. 1
this year totaled 443, compared with 237 on the same date last year and 285
on the same date in 1924.
Freight cars installed in service the first nine months this year totaled
1925,
85.383. a decrease of 28,432 under the corresponding period in Of theand a
decrease of 35,344 under the corresponding period of 1924. 8.158 total
were
period this year.
number installed during the nine months
installed during the month of September, including 3.646 box cars. 3,313
refrigerator cars. Class I railroads on Oct. 1 had 16.846
coal cars and 468
freight cars on order compared with 21,055 on the same date last year and
49.702 on the same date in 1924.
These figures as to freight cars and locomotives include new and leased
equipment.
-Freight cars in need or repair on Oct. 1 totaled
Repair of Freight Cars.
149.078 or 6.5% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was a decrease of 11,419 cars under the number reported on Sept. 15
at which time there were 160.497 or 7%. It also was a decrease of 30.493
cars compared with the same date last year. Freight cars in need of heavy
repair on Oct. 1 totaled 114,167 or 5%, a decrease of 6.893 cars compared
with Sept. 15. while freight cars in need of light repair totaled 34,911 or
1.5%. a decrease of 4.526 cars compared with Sept. 15.
Repair of Lecornotires.-Locomotives in need of repair on Oct. 1 totaled
8.889 or 14.2% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was a decrease of 497 locomotives under the number in need of' repair
on Sept. 15. at which time there were 9,386 or 15%. Of the total number
of locomotives in need of reapir on Oct. 1 this year, 4,703 or 7.5% were in
need of classified repairs, a decrease of 323 compared with Sept. 15. while
4,186 or 6.7% were in need of running repairs, a decrease of 174 compared
with•the number in need of such repairs on Sept. 15. Serviceable locomotives in storage on Oct. 1 totaled 4.680 compared with 5,086 on Sept. 15.
Matters Covered in "Chronicle" Oct. 23: (a) Report of RR. Securities
Committee of Investment Bankers Association-Adverse decision in western
-p. 2079.
freight rate case.
-Control of Hamilton Belt Ry.Baltimore & Ohio RR.
The I. C. Commission on Oct. 11 approved and authorized the acquisi-S.
tion by the company of control of the railroad of the Hamilton Belt Ry.
under an operating contract. The report of the Commission says in part:
All of the capital stock and funded indebtedness of the Belt company
is owned by the applicant, either directly or through its subsidiaries. The
Belt company does not own any equipment and has no operating organization. Since 1917, and before that time, the line has been operated by
the applicant for the account of the Belt company. Connection between
the two railroads is made through trackage rights over the Cincinnati,
Indianapolis dr Western RR. between Hamilton and West Hamilton Jct.,
134 miles.
Under the present method of operation the Belt company is required
interto keep separate accounts, to file tariffs and reports, and to maintaininto a
change accounting records. The two companies propose to enter
railroad.
contract under which the applicant will continue to operate theapplicant
but as a part of its own system. The contract provides that the
shall receive all the revenues: that it shall furnish all money necessary to
properly operate, maintain, and keep in repair the properties of the Belt
company,to make any necessary improvements,additions,and betterments,
to pay all taxes, assessments, and charges. interest on the indebtedness of
the Belt company, and 'the necessary expenses of maintaining the Belt
company's corporate organization. The contract is to continue In force
until terminated by either party upon 6 months'notice.
$39,955.953 $26.490,917
6.969.587
Operating expenses
9.367.819
1,138.659
General de administrative expenses
1,488 682
1,069,901
taxes
Interest &
852.870
Reserve for abandoned leases, Federal taxes, &c.,
1.300.000
3,418.986
contingencies
6,685.078
Estimated depreciation & depletion
9.066.604
2$50,270
Dividends
5,413,356
Net earnings available for surplus
$10,347.636 86.477.422
During the current quarter company set aside $1,300.000 for abandoned
leases, Federal taxes and contingencies, making a total of $3,418.986
reserve for these items during first three quarters. After the above deductions, earnings for the common stock were $10 31 per share, before the
beekeeping item of 89.066.604 estimated depletion and depreciation,
leaving 315,760.992 available for common stock, which is equivalent to
$6 55 per share on the 2,407,082 shares outstanding.
Sept. 30 balance sheet reflects current assets as being over three times
current liabilities and about double total indebtedness. Although expenditures in the 9 months for capital account have been larger than ever before
the company is still free of laank or other indebtedness, with the exception
of purchase money obligations and current bills for materials and equipment. Looking into the future as far as it is possible to see in the industry
we do not contemplate any necessity for borrowing or financing.
Your attention is invited to the major item of nearly 28,500.000 additions to capital assets which were made during the first 9 months of this
year. In the opinion of the management these large expenditures have
been justified as evidenced by increases reflected in above comparisons,
together with added and increased reserves in which investments we
have been most fortunate and which we confidently believe are conservatively worth $50,000,000 over and above costs. These values together
with nearly $25,000,000 of cash earnings from operation reflect a situation
we hope you will feel Justified our procedure.
CONSOLIDATED BALANCE SHEET SEPT. 30.
1925.
1926.
1926.
1925.
Assets-$
$
piants&prop'ty.135,690,886 103,871,709 Capital surplus al10,592,100 78.106,427
Anall., notes es
3,200,000
Bonds outstand_
accept. reedy. 7,450,713 3,859,838 Notes payable_
2,127,891
Inventories __ _- 10,238,954 10,300,764 Notes & accepSecurities
tances payable 5,076,784 8.243,862
4,018
Invest. & adv_
. 250,545
538.754
Accts. payable
Exp. paid In adv.
557,172
671,485
79,488 Accruals
962,833
Cash On deposit_ 3,810.933 2,470,562 Diva. payable
1,805,312
Due on stk. purRes.for Fed tax.,
chase warrants
7,710
abandonments
11,309
Deferred charges
& coining_ _ 4,245,461 2,829.483
and advances_ 1,133,091
658,443 Depletion & depreen reserve 33.084,758 24,689,712
Deferred Habil__ 4,349,904
Total
159.154,318 121.256,133
159,154.318 121,256,133
Total
a Authorired, 2,500,000 shares without nominal or par value. Outstand
tag, 2,407,082 shares without nominal or par value. $91,177,860; earnings
current Year, $24,827,597; less dividends, $5,41.5.356.-V. 123, p. 2148.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Board of Arbitration under Watson-Parker. Law Begins Ilearirws in Wage
Increase Demands of Conductors and Trainmen on Eastern Railroads.
"New York Times" Oct. 29. p. 25.
-Class I railroads on Oct. 15 had 86.932 surplus freight cars
Car Surplus.
in good repair and immediately available for service, according to reports
filed by the carriers with the Car Service Division of the American Railway
Association. This was a decrease of 13.137 cars compared with Oct. 8.
at which time there were 100.069. Surplus coal cars in good repair on Oct.
15 totaled 16.453. a decrease of 3,741 within approximately a week, while
surplus box cars totaled 48.295, a decrease of 7.072 cars during the same
period. Reports also showed 11.742 surplus stock cars, a decrease of 666
cars below the number reported on Oct. 8 while surplus refrigerator cars
totaled 4,117, a decrease of 1.298 cars within the same previous Period.
2255
Control of Dayton & Union RR. Approved.
The Commission on Oct. 16 approved the acquisition by the company
of control of the railroad of the Dayton & Union RR. under an operating
contract. The report of the Commission says in part:
The Dayton owns a line of railroad extending from Union City, Ind., in
a general southeasterly direction to Dodson. Ohio. 31.94 miles. Entrance
into Dayton. Ohio. 15.05 miles east of Dodson.is secured by trackage rights
over a line of the Pennsylvania System. In 1917 the Toledo & Cincinnati
RR., which is controlled by the B. & 0. through ownership of its entire
capital Stock, acquired 880 shares or about 50.99% of the Dayton's capital
stock. On May 15 192.i the B. & 0. acquired from the New 'York Central
RR. 770 additional shares, of a par value of $50 each, at a price of $100 a
share, and now owns,either directly or through its subsidiary, about 95.60%
of the total outstanding capital stock of the Dayton. The owners of the
remaining 76 shares are unknown. These shares are evidenced by certificates issued from 1863 to 1871. At the hearing it was represented on
behalf of the B.& 0.that if the owners of the 76 shares should be discovered,
it would be willing to acquire their stock at a.price at least equal to that
paid to the New York Central for its holdings.
New Joint Terminal at Philadelphia to Be Opened Nov. 1.
The Baltimore & Ohio and the Reading Company announce the opening
Nov. 1 1926 of the Philadelphia Perishable Products Terminal, Philadelphia, Pa., a new agency station to be operated jointly by both companies.
Commencing on that date the citrus and deciduous fruit auction heretofore
conducted on Baltimore & Ohio Pier 22, South Wharves, Phila., 'will be
transferred to the new Auction Sales Building, which is part of the facilities offered: The facilities at this terminal consist of: Auction Sales Building, Private Sales Building and Cold Storage Warehouse (this unit now under construction), and team delivery yard.
This terminal is served only by the rails of the Baltimore & Ohio RR.Co.
and the Reading Co., and is located in the heart of the City of Philadelphia, Pa., between Delaware Ave. and Weccacoe Ave., extending from
Jackson St. to Ritner St., an area of approximately 23 acres, and will be
devoted exclusively to the handling of fruits, vegetables, dairy freight and
other perishable traffic. This station is equipped with all modern facilities for the efficient handling and prompt delivery of such traffic.
F. X. Milholland, assistant to senior vice-president, announces that
the company will open a new passenger terminal in Brooklyn, N. Y.. about
the middle of November. The new station will be on the ground floor of
the Central Building on Joralemon St., near Court St., right in the heart
of the business district of Brooklyn and close to Borough Hall. From
this station the company will operate to and from all trains motor coach
service directly alongside of trains in Jersey City, similar to that which
has been in operation in Manhattan since Aug. 29.-V. 123. 1/• 1757.
Bartlett Western Ry.-Final Valuation.
-S. C. Commission has placed a final valuation of 8240.000 on the
The I.
owned and used property of the company as of June 30 1918.-V. 121 .p,
1097.
-Changes in Personnel.Central RR. of New Jersey.
•
R. B. White has been elected President. succeeding William G. Beeler,
who has been elected Chairman of the Board and of the Executive Committee. Arthur Hamilton has been elected Vice-President in charge of
-V. 123. p. 1379.
Freight Traffic, succeeding T. B. Koons. resigned.
Chicago Milwaukee & St. Paul Ry.-Minority Lose App881.-The U. S. Circuit Court of Appeals, sitting in Chicago, Oct. 28, filed a decision denying the application of the
Jameson bondholders committee for leave to appeal from
the order recently handed down by Judge James H. WilkerS. District Court, denying the Jameson comson of the
mittee intervention in the fpreclosure proceedings pending
in the Federal Court in Chicago, brought by the Guaranty
Trust Co. of New York and Merrel P. Callaway as trustees
under the gen. & ref. mtge. of the Chicago Milwaukee &
St. Paul Ry. and the United States Trust Co. of New York
'
and Edward W. Sheldon as trustees of the 1st mtge. of the
Chicago Milwaukee & Puget Sound Ry.
Last week the Jameson committee through its counsel, ex-Governor
Nathan L. Miller, argued at length before the U. S. Circuit Court of
Appeals the various claims of the committee which had been passed upon
and denied by the District Court. He endeavored to obtain leave to file
a petition praying for the issuance by the Circuit Court of Appeals of an
2256
THE CHRONICLE
order to show cause why a writ of mandamus should not be issued against
the District Judge before whom the foreclosure proceedings have been
pending since June 1925, compelling him to permit the Jameson committee
to intervene in these proceedings. The Guaranty Trust Co. of New York
and Merrel P. Callaway, as trustees of the general and refunding mortgage
of the railway company, appeared in the mandamus 'proceedings against
the District Judge. through their attorneys, Edwin S. S. Sunderland cf
New York and Horace Kent Tenney of Chicago. The United States Trust
Co. of New York and Edward W. Sheldon were ropresented by William
A. W. Stewart of New York and William B. Hale of Chicago.
The counsel for the Jameson committee repeated the various charges that
had been made before the District Court.
The decision handed down by the Circuit Court of Appeals, without
ainion isLhs decnisIoncoofutlrelefnotrirteheCrallscoonnscisotingiof atigeset.ltseeteil;,3
e a,;d
Jut e
District Judge Wilkerson erred in his decision deOing intervention, parn
ticularly since he did not grant the request of the committee that the
Kuhn Loeb-National City Co. plan of reorganization be brought before the
Court and its fairness determined prior to the sale of the property of the
Chicago Milwaukee & St. Paul Ry. Co. The sale of this property is now
being advertised throughout the country. Advertisements thereofappeared
for the first time on Monday. Oct. 25. The sale will take place at Butte,
Mont., on Nov. 22 1926.
The decision of the Circuit Court of Appeals, in effect, finds that the
various claims and charges which have been made by the Jameson commince have not been sustained and that the action of District Judge Wilkerson in refusing intervention was correct. In speaking of the conduct
of the foreclosure proceedings by the trustees and in commenting upon
charges of the Jameson committee. District Judge Wilkerson said in the
his
opinion filed on Sept.28 1926: "The charges in the petition for intervention
have not bean sustained. The trustees have acted in strict accordance with
their duties under the terms of the mortgages and indentures of which they
are trustees. . . . To a very high degree the trustees have acted in the
Interest of all the bondholders, giving due effect to the terms of the mortgages and indentures which are binding upon trustees and all bondholders
alike. Under the terms of the mortgages and indentures the majority
bondholders were entitled to the dee ee which has been entered."
In reference to the final decree of foreclesure and sale under the
of which the sale will take place, the District Court said: "It wouldterms
seem
impossible to draft a decree which more completely safeguards the rights of
stockholders and bondholders."
p
Sale of Road Setfor Nov. 22.
-Herbert A. Lundahl has been
appointed special master by Judge Wilkerson to sell the
entire road, equipment, &c., on Nov. 22 next at Butte,
Mont. The upset price has been fixed at $122,500,000.
Federal Judge Wilkerson. at Chicago, has approved the application of
the receivers of this company to expend approximately $800.000 for improvements, including roller bearings for 127 sleeping cars. The order for
roller bearings involves $282.900 and was placed with Timken Roller
Bearing Co.
-V. 123, p. 1994.
Consolidated Railroads of Cuba.
-Listing.
The New York Stock Exchange has authorized the listing of $39,984,300
6% cumulative preferred stock (par $100), with authority to add to the
list $15,700 additional, making the total amount applied for $40,000,000
(total authorized amount).
Company was incorporated and organized on July 28 1924 in Cuba.
Following its organization, and in exchange for shares of both classes of
Its capital stock, the company acquired the following assets: From Cuba
Co. 500,000 shares of the common stock of Cuba RR.(without par value).
From stockholders of Ferrocarriles del Norte de Cuba (Cuba Northern
Rys.) 139.681 shares of the common stock of that corporation (par $100
each), and in consideration of its promissory note in the sum of $5.692,700.
payable on demand and with interest at 67 per annum, after demand, the
0
company acquired the following assets: From Cuba RR. 50,000 shares
of the common stock of Ferrocarril de Camaguey y Nuevitas (Camaguey
& Nuevitas Ry.) of the par value of $100 each.
In 1925 the company purchased the capital stock of Ferrocarril Espirituano, S. A. (Espirituano Ry.). consisting of 3,000 shares, par $100 each.
Concurrently therewith the company sold 5 shares of said stock to enable
directors of Ferrocarril Espirituano to qualify as such. On Sept. 30
1926
the company sold at the cost to it the remainder of said stock, consisting
of 2,995 shares, to Cuba RR.
All of the outstanding shares of the common stock of Consolidated Railroads of Cuba are pledged with and held by Horatio S. Rubens, William H.
Woodin, Herbert C.Lakin, Jose M.Tarafa and Guy W.Currier,
until June 14 1936 (or at such earlier date as the trustees may as trustees,
discretion with the consent of Cuba Co.), under a written depositfix in their
trust agreement, dated June 14 1924, and trust certificates and option
have
Issued by the trustees to the former holders of said common stock of been
consolidated Railroads of Cuba in exchange therefor.
Consolidated Railroads of Cuba is, at present. solely a holding company.
Its subsidiaries are Cuba RR.and Ferroearriles del Norte de Cuba, and
affiliated companies are Ferrocarril Espirituano, S. A., Compania its
de
Fomento de Puerto Tarafa, and Compania Industrial y Naviera Cubana.
-V. 123, p. 1500.
Delaware & Hudson Co.
-Stockholders Vote Power to
Board.
The stockholders at a special meeting Oct. 25 approved tile extension of
authority to the board of managers to transfer to a separate
the
company's transportation properties and allied interests. corporationcorThe new
poration will be under Delaware & Hudson ownership and the name of the
Delaware & Hudson Co. will be preserved.
The move, as explained by Pres. L. F. Loree, affords the board of managers more leeway in dealing with a perplexing problem. In May, a year
ago, stockholders voted to give the board a free hand in proceeding along
lines of se ire rating the coal properties from the railroad. Mr. Loree intimated that the task had proven exceedingly difficult of neeomp.ishment
and no bidders were found willing to pay the price which the board fe't the
coal properties should bring. The authorization approved by the stockholders at this time permits the board to start out again and try to solve
the problem from another angle. That the new job will be easier was the
opinion expressed at the meeting.
In discussing the complications of managing a property like the Delaware
& Hudson, Mr. Loree recalled that 53 different ortanizations function In
the D. & H. corporation. On the subject of the difficulties attending the
formulation of a plan for segrelation of the company's coal properties,
Mr. Lorca referred to the Lehigh Valley and Reading as examples of the
length of time required to effect a separation of Interests.
-V. 123. P.
1247, 111.
-Stock.
Detroit & Ironton RR.
[vou 128.
Georgia Southern & Florida Ry.-Initial Common
Dividend of 5%.-The directors have declared an initial
dividend of 5% on the common stock and the regular semiannual dividends of 2% on the 1st and 2d preferred
stocks, all payable Nov. 26 to holders of record Nov. 12.
-V. 122, p. 2639.
Great Northern Railway.
-Listing.
The New 'I ork Stock Exchange has authorizedthe listing of $15,000,000
general mtge. 43% gold bonds, series
D, dated July 1 1926 and due
July 1 1976.
Income Account for Period Jan. 1 to June 30
1926.
Railway operating revenues, $47.198.051: railway
operating
expenses, $36.007,001: net revenue from railway
Ry. tax accruals, $4,474,091: uncollec. ry. revs., operations__$11,191,050
$5,258
4.479,350
Railway operating income
$6,711,700
Total non-operating income
6,912,586
Gross income
$13.624.286
Deduct
-Rentals, $827,122: rniscell, tax accruals,
$78,772
905,894
Int,on funded debt. $8,818,855:int. on unfunded
Amort. of disct, on fund. debt,$111.931; miscell. debt.$3,828 8,822,683
Inc. charges,
$330.261
142,192
Net income
$3,753.514
Income applied to sinking and other reserve funds
Cr.$2,729
Div. appropriations of inc. (2)i% payable
Feb. 1 1926)
6.222.810
Balance, deficit
62,466,566
General Balance Sheet,
Dec. 31 '25. June 30'26.
Dec. 31 '25. June 30'28.
Assets$
$
Liabilities
Invest.In road &
Capital stock_.248,915,550 248,925,850
equipment_ _472,757,18 475,345,479 Prem.on
cap.sik
81,268
81,268
Impts on leased
Grants in aid of
railway prop_
110,866
131408
construction__
487,257
435,847
Sinking funds_
865
77 Long term debt_320,716,681 320,460,752
Dep. in lieu of
Loa ts& bills pay 8,500.000 9,000,000
mtges. prop'y
Aud. accts. &
sold
36,102
38,032
wages pa mble
Misc. phys. prop 4,466,752 4,520,261 Misc. accts. py 8,121,305 7,239.71
1,026.155
869,350
Inv.In affil. cos_237,027,617 240.267,174 lot.maid,
lined 8,082,773 7,889,326
Other investm'ts 5,002,121 6,146,948 Divs.
matured
Cash
19,063,872 11,608,716
Unpaid
14,851
9,781
Demand loans &
Funded debt madeposits
35,000
35,000 tured-Unpd_
285,500
1,500
Time drafts dr
Unmatured
deposits
5,590.000 1,010.000 accrued Int.
420,859
428,733
Special deposits_
531,299
143,762 Unmat'd rents
Loans at bills rec
205,884
20,388
accrued
4,688
Traffic & car ser.
Other curr.'lab_
182,003
190,534
bal. receivable
422,974
196,680 Def. liabilities 13,171.558 13,633,261
Net bal.rec.from
Tax liability... 8,320,944 6,083,054
agts.& conduc 2,853,987 2,936,891 Ins. & casualty
Misc. accts. rec_ 10.490,575 12,4,9,149
reserves
2,198,032 2,200,298
Mails & suppl- 9,942,816 10,0.0.278 Oper. reserves
308,550
297,332
Int. & dive. rec_
15,393
176,577 Accr. deprec.0th .curr. assets
.79,420
74,591
Road
2,624,123 2,711,766
Deferred assets_ 13,051,637 13,512,518
Equipment._ - 28,061,826 27,154,438
Unadj. debits 15,037,959 15,834,139
Misc. physical
property
28,132
32,080
0th. unadjusted
credim
8.683,995 9,106.685
Corporate sun._ 40,575,274 40,608,755
Profit & loss, sur 91,981,627 97,359,032
Total
796.742.258 794.759.047
Total
Announcement is made that temporary general 796,742.257 794.759.047
bonds may be exchanged for definitive engraved mtge.. series D. 4X%
bonds upon presentation
of temporary bonds at the office of the company,
offering, see V. 123. p. 3601.)-V. 123. p. 1994. 32 Nassau St. (For
Grosse River RR.
--Final Valuation.
-
The I.
-S. C. Co-nmission has placed a flnal valuation
owned and used properties of the company as of June 30of $224,541 on the
1918.-V. 109,P.
577.
Hamilton Belt Ry.-Control,
See Bala /lore ni Ohio RR. above.
-V.121. p. 327.
Illinois Central RR.
-Equipment Trusts.
-
A chicago tuvtatment house was successful lo parchasing
securities of a Chicago rai.road for the first time in years. an Issue of
Stuart & Co., Inc., was announced as the successful bidderwhen Halsey,
for the issue
of $4,665.040 4 % equipment trust contra:at.s.
he successful bid by an organization n filch has its
headquarters In
Chicago marks the first victory of the Chicago banking
group in their
efforts to have the Chicago railroads centre th( ir railroad
Chicago rather than New York. It is also the first time financing in
in over seven
years that a Chicago investment house has had the
leading position in
the hfferingisof a offer: inissoecago lyasItid.
T oe last sue ralirdad
hj or asw k r he
$25,000.000 3-year notes of
the Southern Ry., which were offered in Feb. 1919 by
and the Continental & Commercial Trust & Savings Halsey. Stuart & Co.
bid was 98.815, the railroad company announced.Bank. The successful
The bids were submitted in accordance with the recent ruling of the I.
-S. C. Commission
that equipment issues of railroads must be s dri on a
W. 123. is. 1871). 'the cortificates, which all maturecompetitive basis
each Oct. 1 from 1927 to 1941,inclusive, were sold by the serially $310,000
railroad in connection with the purchase of over $6,0110.000 of' new
equipment.
-V. 123.
p. 2134. 1994.
International Rys. of Central
America.-26Earnings.1925.
15,:-.01.6l3 $4,738.989
$2,105,483 81,929.082
625.110
591.768
375,000
375.000
$1.105,373' $962.314
Kentucky & Indiana Terminal RR.
The 1.-S. C. Commission on Oct. 18 authorized-Notes.
the company to issue
six 1.rJrnissDry notes, in the face amount of
order of time Lima Locomotive Works, Inc., $30,000 each, payable to the
and to
company to evidence the rental payable for certain deliver them to that
Nine Months Ended Sept. 30 2
Gross earnings (estimated)
Balance after taxes
Bond interest
Preferred dividends
Balance applicable to common stock
-V. 123. p. 1871.
-S. C. Commission on Oct. 16 authorized the company to issue
The I.
$2,972,200 capital stock. The reporter the Commission says:
The applicant was incorporated in Delaware in 1920 with an authorized
capital stock of $1,000,000. No steps have been taken to amend its charter
locomotives.
to provide for the issue of additional stock, as the applicant states it will p. 1905.
-V. 121.
await our authorization of the issue before such applicaticn is made. The
Lake Erie Franklin & Clarion RR.
road is leased to the Detroit 1oledo & Ironton RE., which operates it.
The 1.-S. C. Commission on Oct. 16 autnortzed the-Notes.
C. C. 600, we authorized the appliBy our order of May 13 1921, 67 I.
company to issue four
cant to construct a line of railroad 15 miles long from Springwells, or Ford- 8% promissory notes aggrezating $27.500. 'she
company shows that cash
son, to Flat Rock, Mich., provided that the construction be completed on advances to assist in paynrInt a interest on its first
or before Dec. 31 1922. The time for completion of the construction was been made from time to thee by Charles Miller, itsmortgage bonds have
President, and that
later extended to Dec. 311923. At this date the construction work on the Interest matured on Its notes held by him remains
unpaid. The company's
main line, excepting electrification, was practically compilltited. Construc- balance sheet as of May 31 1926 shows miscellaneous
accounts payable to
tion has now been completed with the exception of separation of two grade him totaling $13.998. and interest matured and
unpaid due him amounting
crossings. By our order of June 10 1921, we authorized the applicant to to $16,829. As evidence of part of this
indeotenness, it now proposes to
Issue and sell at par $1.000,000 of its common capital stock, the proceeds issue at par, to the order of Charles Miller, three
payable throe years after date, and one for $.5.000 notes for $7,500 each,
to be used for the construction of the aforesaid road.
payable on demand, each
The applicant represents that the cost of constructing the line mentioned note to bear interest at the rate of 6% per annum,
-.V. 121, p.455.
above was considerably more than that originally estimated,and it therefore
Lake Superior & Ishpeming RR.
seeks authority to issue $2,972,200 of additional capital stock to cover the
-Final Valuation.
The I. C.Commission has placed a final
-S.
Increased cost of construction.
the
valuation of $4,831,350
Arrangements have been made to sell the entire Issue of stock at par for owned and used properties of the company as of June 30 1916.-V. on
121,P
2399.
cash to Henry Ford or his assigns.
-V. 121, p. 2399.
Litchfield & Madison
Federal Valley RR.
-Notes.
The 1.-S.
Commk.slon on Ry.-Trackage Rights.The 1.-S. C. Commission on Oct. 16 authorized the company to Issue Litchfield & Afadison Ry. Co. Oct. 16 issue I a cortil tea authorizing the
to operate, under
a part of
132.561 of promissory notes, to retire maturing notes in the same amount.
- the railroad of the Chicago & North Western trackage rights overMadison
Ky.in Macoupin and
V. 122, p. 2036.
counties, Ill.
-V. 122, p. 2943.
Ocr. 30 1926.]
THE CHRONICLE
Minneapolis & St. Louis RR.—Receiver'8 Certificates.—
The 1.-S.
ommission on
Oct. 19 approved the issuance
of receiver's certificates to renew or refund obligations for a of $500,000
like amount
maturinggin October and November 1926.—V. 123.
p. 708.
Missouri Southern RR.—Final Valuation.—
r The I.-S. C. Commission has placed a final valuation of $813,640 on the
owned and used yfroperty of the company as of June 30 1914.—v.
109. p.888.
it Norfolk & Western Ry.—Proposed Acquisition of Control
4 Virginian Ry. Denied by I.S. C. Commission.—The 1.-S. C.
Commission on Oct. 11, denied the proposed acquisition by
the;?Norfolk & Western Ry. of control of the railroad of the
Virginian Ry. by lease. In denying the application the
Commission said: "Upon the facts presented we are unable
to find that the acquisition by the N. & W. of control of the
Virginian Ry., under the terms of the lease described in
application, will be in the public interest. An order willthe
be
entered denying the application." •
The Report of the Commission says in part:
The Norfolk & Western Ry.
2257
a whole it fails to establish that the N. & 'W. could effect
savings which It anticipates. Witnesses on behalf of the N.&the operating
W.admitted
on cross-examination that they were unable to state how the Virginian
would
be operated, and that they would not know until after they had actually
operated both properties. In the absence
it could appear that the evidence relating of a definite plan for operation,
to prospective operating economies is largely speculative. . . .
The president of the C. & 0. testified that if the pending application
should be denied and the Virginian should be allocated to the C.& 0.,
that company, or the Nickel Plate system as the case may be, would make
every reasonable effort to bring about the acquisition and control of the
Virginian on terms and conditions that would meet our approval. Testimony was offered by the C.& 0.to the effect that its lines and the Virginian
are so located geographically as to be complementary and supplear
entary;
that greater use would be made of the Virginian by it than by the N.& W.
or by the Virginian itself; that unified
lines and those of
the Virginian would provide an efficient operation of its route for Virginian
and economical
coal to the west; would enable it to avoid large capital expenditures;
and
would result in operating economies in handling
-bound coal,
in greater utilization of Virginian equipment andeast and west and in
shop facilities,
the
elimination of cross-hauls of both loaded and empty cars.
The testimony
for the C. St 0. is that its use of the Virginian as a main line into Norfolk
would enable it to avoid an almost immediate expenditure
of $16.000,000
for double-tracking its James River division: that by using the Virginian's
coal piers and terminals at Sewall's Point in connection with the railway,
it could save $5,000,000 for the construction of an additional coal pier
and
tracks now needed at Newport News;
using Virginian coal
cars more efficiently it could avoid the and that by 5,690 coal cars at
purchase of
estimated cost of $11.380,000. The testimony for the N. & W. is thatan
it
would not have immediate need for the
terminals at Sewall's
Point to handle the combined tonnage of Virginianroads. The N. &
two
W.
offered considerable testimony in an effort theovercome the claimed operabig ecoromies to be effected by the C. & 0.to in the case of the
As
the testimony of the C. & 0. goes largely into technical details. N. & W.
While the
testimony is claimed to be based upon operating performance, much of
it
is. of necessity, theoretical. .
On b half or the City of Norfolk and the Norfolic-PortsProuth Freight
Traffic Commission it is contenced that if the Virginian is leased to
the
N. & W. the latter will control the only reasonable all-rail route between
Norfolk and practically all western territory
Ohio Riser; that
the policy of the N. & W. will be dictated in north of theof northern ports
the interest
to the detriment of Norfolk: that the Pennsylvania. through its control
of
the N. & W.. the Virginian, and the New York, Philadelphia & Norfolk,
would practically monopolize the situation at Norfolk
far as traffic
from and to the east, west, and north is concerned; and in sothe execution
of the proposed lease would be disastrous to the City ofthat
Norfolk,
of Virrinia, and the country at large, without a single benefit the State
accruing
therefrom. . . .
The Commonwealth of Virginia and its State Corporation Commission
insist that the proposed lease is ultra vires the charters of both the N.& W.
and the Virgi-ian, and that both companies are prohibited
into the lease by the constitution and statutes of Virginia.from entering
because their
railroaCs are parallel and competing. The charters of the two companies
ana the various provisions of the State constitution and statutes bearing
upon the consolidation of transportation compelles were introduced in
evidence. Section 3857 of the code of Virgii Ia. 1919. as amended by the
acts of 1920. authorizes one railroad corporation to purchase or lease the
properties of another, but with the
shall authorize or be construed tolimitation that "nothing in this chapter
permit the purchase. lease,
solidation or merger of the works, property, or franchises cfsale. conrailroads
competitive between points both of which are within this State, or lines
between the same terminal points noth of which are within this State."
The N.& W.contends that the proposed lease is lOt affected
by the limitations of this statute because the competition between the two raliroaos
is
unsubstantial: and the two lines are not between the same terminal points
both of which are in Virginia. The record clearly establishes that the two
lines are in direct competition between Virginia points. The charters
of
the Virgil tan and the N. ife W.do not
those companies
to enter.into the proposed lease, and specifically authorizeof Virginia
the attorney general
cites
a number of decisions of the U.S. Supreme Court to the effect that railroad
a
corporation can not lease its properties to another company unless specifically authorized by its charter, or aided by some other legislative action.
Even granting that Congress has the power to authorize the leasing or consolidation of competing carriers, the State claims that the N.& W.and the
Virginian can not be permitted to assert. such right
derogation of their
contract with the C nunonwealth of Virginia, whic in
created them.
Tin legislature of West Virginia, on March 30 1n5, passed an act forbidding a railroad corporation fro . acquiring control by lea e or
,
of any parallel or competing line. The constitutional and otherwise
statutory
objections raised by the State of Virginia are advanced also on behalf of
the
City of Norfolk and the Norfolk-Portsmouth Freight Traffic Commission.
In answer to these objections the N. & W.cites paragraph (8) of
Section 5
of the Inter-State Commerce Act which provides that carriers affected
by
any order made under that section are relieved
tions by law, State or Federal. In view of theof all restraints or prohibidisposition of the application upon the facts it appears unnecessary to consider these various
legal
contentions.
The State further alleges in its brief that the record shows that
competition created by the construction of the Virginian has been the great
of
benefit to the cities and communities
and
is undisputed that the two companiesserved by it onlythe N.& W.; that it
control the
direct east and west
entrance through the Alleghenies between the northwest and
the port of
Norfolk; and that the approval of the
opoly which would benefit no one butproposed lease would create a monN. & W. and the stockholders
of the Virginian and would be injurious the only to the
communities served
by the two carriers, but to the public atnot and especially
large
to the greatest
military and naval port in the United States.
The Chamber of Commerce of Williamson, W.
In favor of the application. Williamson is not Va., is the sole intervener
It is located on the N. & W. alone, and is more served by the Virginian.
than
nearest junction of that carrier with the Virginian. 100 miles west of the
. . .
on July 2 1925. filed an application under
paragraph (2) of section 5 of the act for an order
control, by lease, of the railroad of V'. Virginian authorizing it to acquire
Ry. Intervening petition,
in opposition to the application were filed by the Commonweal
th
State Corporation Commission ot Virginia, the Chesapeal of Virginias
thee & 011ie Py.,
Baltimore & Ohio RE.. the cities of
the
Norfolk, Va.,
W. Va.; the town of Salem. Va., the Norfolk-Portsmouth and Princeton,
Freight Traffic
Commission. and various other associations of
business men and individual
shippers. The chamber of commerce of
Williamson. W. Va., intervened
in favor[of the authority sought.
our tentative p an for the consolidation of railroads, 63 I.
In
CI. C. 455.
the Virginian is grouped with the C. & 0. In system No. 8. Shortly after
the tentative plan was made public the N. & W. opened negotiations for
the lease of the Virginian, but terms were not agreed upon. In august,
1924, a joint lease of the Virvinian by the
&
proposed by the Van S'•-c•Inge.' i• teretes, N.t W. and the C. & 0. was
by the N. & W. In February 1925 new in th • proposal was rejected
negotiations were instituted,
which resulted in the draft of the proposed lease now
under consideration.
The record shows that in the
commissions were involved, consummation of the proposed lease no bankers'
all arrangements having been made
the interested companies. The C. & 0. intervened and opposeddirectly by
the granting of the application. It claims that as we had tentatively allotted
the
Virginian to it, it did not consid ir it necessary
securing control of the V irginian pending the to take further steps toward
issue of our final plan for the
consolidation of railroads.
Under the proposed lease the Virginian
W. the
right to the use of all of its assets, personal transfers to the N. & holdings
and real,
of securities of other railroad and certain industrial including its , for the
ccrporations
term of 999 years. subject to all
existing
agreements. and other liens affecting the mertgages. equipment trust
thereof. The lessee agrees to pay as rental leased property, or any part
an amount Wel to 6% annually
upon the preferred and common stock of the
lessor outstanding at the
effective date of the lease; such sums as
may be
lessor to maintain its corporate organization and necessary to enable the
may be required of it under the lease, by law, to enable it to do what
ever
or by any public authority; all expenses in connection with the Federal
properties
of the lessor and its subsicharist: all tases and valuation of the the leased
assessments on
properties and the income therefrom,
including tates which may have been
levied prior to the effective date of the
may become due under Stion 15a oflease; all amounts, if any, which
Section
includintr any such amounts as may relatethe Iuter-State Commerce Act,
to a
date of the lease; all Insta Inients of interest on period prior to the effective
its subsidiaries; all dividends which, during the obligations of the lessor
or
declared and become due and payable upon the term of the lease, may be
any
issued by the lessor cr its subsidiaries: all rentalsshares of stock hereafter
whicn. during too term.
may become due and 'Payable under any lease
tofore or hereafter made by the lessor or any or operating contract hereThe lessee agrees to keep i sured such ofof its subsidiaries.
the leased properties as are
usually insured by railroad companies;
to pay the lessor s current obligations to perform all of the lessor's contracts:
against loss cr dama•te arising out of and liabilities; to indemnify the lessor
the operation or maintenance of the
leased property; to perform and discharge all
on the lessor by law or otherwise; to defendduties and obligations imposed
actions, suits, or proceedings
against the lessor; to maintain the leased
properties in as good condition as
when received; to replace equipment
destroyed or retired; and to pay or
refund all of the lessor's capital obligations,
with the right to reimbursement in securities of the lessar at their
such securities to he met by the lessee fair market value, the obligation of
during the term of the lease. The
lessee may make improvements and extensions
and shall be entitled to
reimbursements for the amounts
or other securities of the lessor, to thus expended in shares of stock, bonds,
the extent that the amount of such capital
expenditures shall have been agreed upon either prior
to or after they were
made. The lease provides for an
accounting between the parties, and
grants the lessor an option, in the event of
default by the lessee, to proceed
by proper court action to recover the amount
due, or to terminate the lease
and re-enter. Based upon the figures
of Jan. 11926. the applicant, according
to its evidence, will be
under the lease to make annual payments
of $8,204.789, plus theobligatedthe
cost to
Virginian of maintaining its corporate
organization. . . .
Our tentative valuation of the
properties of the Virginian. including
the Virginian Terminal Ry., as of June
30 1916. was $55.420,314. This
valuation included $4,748.077 on
account of working capital, including
materials and supplies. The
valuation engineer of the Virginian estimated
the value of the properties, less
depreciation, as of June 30 1925, to be
$118.907.978. This amount was
reached by adding $2,011,871 to our
tentative valuation vci ich addition,
it is
by the et gineering section of our bureau testified, has been recommended
added the Lleb charges Cu capital account of valuation. To this total was
In conclusion the report of the Commissio
June .-s0 1925 an ei We; o ore equated for additions and betterments to
to a 1025 basis. .
The conclusion that the proposed lease would result n says:
•
Witnesses for the N. & W
in
mating existtestified
the applicant to avoid large capital that the proposed lease will enable ing routes and channels of trade appears warranted by the record. The
necessary in th near future. . . expenditures that would otherwise be chief traffic official of the N. & W. testified that under unified operation
of the Virginian and N. & W. the use of the
EN ide,ce wtis catered by the N. & W.
Deepwater route would be
to the effect that its railroad and discouraged, but that it would be
the Virginian are connecting
kept open if found to be an efficient
testimony Was devoted to a and not competing lines, and considerable route. No reason appears why the N.& W.would be interested in maintaindiffere,,tiation of market, route. and carrier ing a competitive through route
con petition. The N. & W. claims that there
via Deepwater, which would short-haul Its
is no competition betwe.ens own traffic. As heretofore pointed out,
the two roads as to coal, which constitutes
a substantial volume of traffic
seven-eights of the Virginian' moves through the Deepwater
traffic, and that competition
extends only to a very small part of the larg.ely if the Virginian should gateway, and this traffic would be Increased
merchandise traffic. The conclusion
join the C.& 0. in rates on
-bound
Under the proposed lease all competition between the west, of thecoal.
competition appears inev itable from that the two lines are in direct carrier
lines
the record. . .
companies would be eliminated. Important shipping points wouldtwo
At the date of the hearing the Pennsylvani
be
a RR. and its affiliated com- deprived of competitive
.
panies owned 115.580 shares of preferred
-irgivian testified
and 465,550 shares of the connnon that the elimination of service. The president of the N
stock of the N. & W. This is 50.2% of
the preferred and 29.6% of the town through which the competition in rates and service would injure any
Common outstanding. ,
two roads pass, and this conclusion is corroborated
by the testimony of the protestants.
It is admitted that if the N.
Nothing herein
betterments by the issue of bonds & W. desired to finance additions and
the Pennsylvania, through its ownership • final disposition should be construed as indicating our views regarding the
f
of the Virginian.
of a majority of the Irefel red stock, could veto the reposition,
Applications for authority to acquire control of railroads under the
or any
Lope I
o
1l tiirectors . Inter-State Commerce Act must be supported by a clear and strong showing
nia or botgf
-by & W. are eingtprf e:
s ifficet• roefreyiedreczotogikc4
i
the Pennsylvania,
of public gain. If serious doubt exists regarding the wisdom of the proposed
While the Pennsylvania does not own or control
•
of the N. & W.'s capital stock, it appears that a majority of both classes • grouping, that doubt must be resolved against the applications. Real and
its
give it a large influence in that company's affairs, concentrated holdings substantial advantages of railroad grouping are capable of reasonable
over the issue of any obligations to be secured by with an absolute control proof. So are the disadvantages. There must be of record a substantial
; preponderance ofevidence in favor ofan application before we are warranted
The N. W. controls the Pocahontas Coal &a mortgage.
298,340 acres of the low volatile coal lands of Coke Co., which owns'In giving it favorable consideration.
southern West Virginia.
These coal fields are in competition with those served
Extra Dividend of 3% Declared on Common Stock.—The
mt. in Pennsylvania. The
by the Pennsylvania
testimony is
greatest coal-carrying road in the country, that the Pennsylvania is the directors on Oct. 26 declared an extra dividend of 3% and
and that it has always opposed
any great development of the New River and
4
Kanawha, W. Va., fields. the regular quarterly dividend of 13 % on the outstanding
Certain of the protestants allege that the execution
of
would give to the Pennsylvania the means and power of the proposed lease common stock, both payable Dec. 18 to holders of record
stifling
ment of the low volatile fields of southern West Virginia as the develop- Nov.30. An extra dividend of 1% was paid on the
common
the Pennsylvania fields; that the Pennsylvania's interest incompetitors of
the
is a constant meance to the southern West Virginia coal operator;N. & W. stock in June 1916, March 1917, Dec. 1922, 1923, 1924
and that and 1925.
the adding ofthe Virginian to the N.& W.
As of Dec.31 1925, the Pennsylvania RR.owned
as contemplated by the proposed
lease, would be destructive to the public interest.
$44,698,200 of the company's outstanding $137,994,700
The C. & 0. introduced much testimony in an
claims of the N. & W. with respect to the operatingendeavor to refute the common stock, par $100.—V. 123, p. 1759.
economies it
able to effect. This testimony went into elaborate details, would be
including
Northern Central Ry.—Listing.-engine ratings, engine terminals,
:Lad: n,
u
methods
The New York Stock Exchange has authorized the listing of
I repair shops, use of facilities, &c.electrified zones,testimony of
$5,231,000
Considering the
as additional gen. & ref. mtge. 5% gold bonds, series A, due March
1 1974.
THE CHRONICLE
2258
[VoL. 123.
by
Decatur and Albany. and it furnishes under contract all the current used all
Birmingham Electric Co. in Greatef Birmingham and Bessemer and
in Alexander City. Cordova,
the current used by the local public utilities
Opelika, Sylacauga, Lafayette and Piedmont. It also serves under con11111 1
industrial power consumers.
-Stock Placed on 7% Annual Dividend tract a number of large direct service a total of 57,000 customers' meters.
ia RR.
Pennsylvan
Company now has in
indirectly to
directors on Oct. 27 declared a quarterly divi- and current is being supplied directly and of the systemmore than 100.000
-The
Basis.
is approximately
connected
customers. The
4
dend of 13 % on the outstanding $499,173,400 capital stock, 681,988 h.p., and present year ended load 31 1926 the electrical output of
for the
Aug.
payable Nov. 30 to holders of record Nov. 1. Pre- the system was over 1,312.000,000 k.w.h. requirements of the Birmingpar $50,
Contracts -Company
viously the company paid 1M% quarterly. (See also Nor- ham Electric Co., which supplies all the power
does practically the entire electric light, power and
&c. In
folk & Western Ry. above.) Record of dividends paid local street railway business in Greater Birmingham, Bessemer, utilities,
addition the company has contracts to furnish power to other public cotton
since 1900 follows:
ore mines, steel mills, marble quarries, brick plants, cement mills,
1923-25. x1926. mills, &c. It is estimated that comparatively small additions to the dis1921. 1922.
1906. 1907. 1908-20.
1900-05.
6% yearly 434% 434% 6% yearly 636% tributing lines will result in materially increasing the earnings of the com7%
634%
6% yearly
x Including dividend of 1 ;.4% payable Nov. 30.
pany.
Authorized. Outstanding.
CapitalizationNumber of Stockholders Decrease.
600,000 shs. 391,020 shs.
Common stock (no par value)
,
On Oct. 1 stockholders of the company numbered 140,153, a decrease of Preferred stock (no par value)
compared with
390.000 shs. a173,183 she.
484 as compared with Sept. 1 last and a decrease of 5.430 as shares which
Dividend $7 per share cumulative
200,000 shs. a32,262 she.
Oct. 11925. The average holding on Oct. 1 1926 was 71.24 holdings on
Dividend $6 per share cumulative
4,352 shs.
10,000 shs.
with 71 on Sept. 1 and 71.11 on Aug. 1. Foreign
stock par $100, 7% cumulative
compares
Preferred
1994.
$13,000,000 b$12,170,000
Oct. 1 of this year totaled 3.66%.-V. 123, p. 2135,
Income debenture certificates due 2020
6.000,000
First mtge.. lien & ref. 5s. due 1956 (this issue)-}
17.700,000
-Subject to the approval
-Rights.
do 5s, 1951
Southern Railway Co.
1. 21.000.000
do 6s. 1951
called to be held First mortgage 5s, due 1946
d10,221.000
of the stockholders at the general meeting
d
c1799,900
(Closed)
on Nov. 18 1926 and to the necessary governmental sanction, Underlying divisional bonds
afforded the right
5,186 shares of no par value sold on time payments maturing
a Including
the stockholders of record Nov. 24 will be
-foreclosable
durinp.the next few months. b These debentures are non
to subscribe for $10,000,000 additional stock in the pro- security having a contingent interest in the balance available after the payexcept by
portion of 1 share of new stock for each 18 shares of pre- ment of preferred stock dividends. c Unlimited additionalthe conservative
first mortgage
of the indenture. d $39,302.000
ferred or comm n stock, or both, then held. Rights restrictions $1,276,000 additional underlying divisional bonds (including
bonds and
expire on Dec. 28. Subscription warrants will be mailed those to be pledged in connection with the authentication of bonds now
mortgage lien
offered) are pledged
on or about Nov. 29 1926 to stockholders entitled thereto. and refunding bonds under the indenture securing the first bonds may be
and no additional first mortgage 5%
warrants may return issued except for pledge thereunder.
Holders desiring to subdivide full share
Earnings Twelve Months Ended Aug. 31 1926.
them to J. P. Morgan & Co., transfer agents, 23 Wall St.,
$12,811.487
Gross earnings, including other income
N. Y. City, who will issue in exchange new full share war- Operating expenses, maintenance and taxes
6,763,882
whole shares.
and have
which have been delivered to the Pennsylvania RR., lessee, amount
passed beyond the control of this company, making the total
$13,531,000.-V. 122, p. 3079.
applled for
rants for the same aggregate number of
Fractional warrants will be transferable by delivery merely.
Subscriptions may be made in New York funds at the
office of J. P. M rgan & Co. as follows: 20% on or before
Dec. 28 1926;40% on Aug. 1 1927 and 40% on Nov. 1 1927.
Subscribers may pay the full amount of their subscriptions,
or the balance remaining due thereon, either on or before
Dec. 28 1926 or on Feb. 1 1927 or Aug. 1 1927. See also
V. 123, p. 2136.
-Tentative Valuation.
Sussex R.R. (of N .J.)
-S. C. Commission has placed a tentative valuation of $1,075.000
The I.
on the owned and used properties of the company as of June 30 1918.V. 118, p. 1013.
Virginian Ry.-Lease to Norfolk & Western Ry. Denied
-See Norfolk & Western Ry. above.
-S. C. Commission.
by I.
-V. 122, p. 1599.
--Listing.
Western Pacific RR.
of $2,600,000
The New York Stock Exchange has authorized the listing
additional (authorized $50,000,000) 1st mtge. 5% gold bonds, series A,
due March 11946. making the total amount of series A bonds apy8lled for
$30,780,000. There are also $3,000,000 series B bonds issued and listed.
Consolidated Income Account 6 Months Ending June 30 1926.
June 30'26.
June 30'26.
$1.072,402
$5.902.146 Non-oper. income
Freight revenue
1,041,508
revenue
Passenger
$1,991,936
Gross income
186.885
Mail & express revenue_
1,014.210
305,270 Interest
Miscellaneous revenue__
87,787
Rental ofleased property..
336,716
$7,435,809 Hire of equipment
Total revenue
19,476
5,858,371 Miscellaneous deductions_
Expenses operating
65,245
657,004 Amort. of disc. on fd. debt
Taxes
900
Uncollectible ry. rev
$468,503
Net income
$919,534
Operating income
Consolidated General Balance Sheet.
Dec. 31 '25. June 30'26.
Dec. 31 '25. June 30'26.
$
LiabilitiesAssetsTotal investmls125,687,878 126,883,021 Common stock_ 47,528,514 47,528,814
assets 6,612,225 6,002,229 Preferred stock. 27,500,000 27,500,000
Total curr.
498,238
498,045
2,858 Prem.on cap.stk
3,184
Wkg.fd. adv__ _
Unadi. debits__ 3,251,022 3,260,596 Long term debt_ 38,684,302 38,257,902
Debt to OM.cos 1,524,476 2,425,000
135,554,309 136,148,704 Total curr. liab_ 2,305,339 2,283,115
Total
215,479
17,767
Deferred nab_ _ _
Excess of par
Unadl. credits__ 10,716,780 11,226,468
val. over book
5,397,428 5,032,028
Surplus
value of cap.
& bds. of sub.
1,381,660
companies __ 1,381,660
134,172,649 134,767,044
Total
-V. 123, p. 578.
Total
134,172,649 134,767,044
-Final Valuation.
Wyandotte Southern RR. (Mich.).
-S. C. Commission has placed a final valuation of $100.953 on the
The I.
owned and used properties of the company as of June 30 1918.
PUBLIC UTILITIES
-Acquires Control of
Adirondack Power & Light Corp.
Port Henry Light, Heat & Power Co.
to acquire
the company
The New York P. S. Commission has authorized Port Henry Light, Heat
stock of the
the outstanding 500 shares of common
-V. 123, p. 2136.
& Power Co.
$6,047,605
Net earnings
Annual interest on funded debt with public (incl. this offering)-- 2,996,046
$3,051,560
Balance
-The present installed generating capacity of the comPhysical Property.
pany's plants aggregates 418.600 h.p.. of which over two-thirds is hydroelectric. The property includes two hydro-electric plants on the Coosa
-electric developments in the
River which are among the largest hydro
South. The Lock 12 plant 45 miles southeast of Birmingham has a comwith six generating units aggregating 110,000 h.p. capleted installation
pacity. The Mitchell Dam plant 14 miles down-stream from the Lock 12
plant, has a present installed capacity of 72,000 h.p., with provision for
an ultimate capacity of 120,000 h.p
The first installations at two new hydro-electric plants on the Tallapoosa
River were completed in 1924. The one at the site designated as the Upper
Tallassee plant has a present installed capacity of 8,500 h.p., with provision
for an ultimate installation totaling 50.000 h.p. to be made when the dam
is raised to its full height. Immediately (low]; stream the company purchased from the cotton mills plants at Tallassee Falls the right to build a
dam and install a power plant. An installation of 10,600 h.p. is now in
operation. The full development when completed will have an ultimate
capacity of about 70,000 h.p.
The Warrior reserve steam plant with a Capacity of 100.000 h.p. is 01111
of the largest steam generating stations in the South. It is located at
Gorges, 25 miles northwest of Birmingham, on the Black Warrior River in
the heart of the Warrior coal fields.
Further, to provide for the demand for power in Alabama and adjoining
States during the present year, the company has leased from the U. S.
Government for a period of one year, subject to termination, its 80,000 h.p.
steam plant constructed during the war at Sheffield, Ala.
In addition, the company'owns a reserve steam turbine station of 15,000
h.p. capacity located at Gadsden, 60 miles northeast of Birmingham, a
steam reserve plant at Montgomery of 6,700 h.p. capacity, a steam
reserve plant at Sheffield of 2.900 h.p. capacity, a steam reserve plant at
Selma of 700 h.p. capacity, and a hydro-electric development of 1,900 h.p.
at Jackson Shoals about 40 miles east of Birmingham.
The generating stations are connected with each other and with Birmingham and other markets by a comprehensive system of transmission lines:
in
the transmission lines in operation aggregating over 3,000 circuit miles
length.
-In order to meet the rapidly growing demands
Hydro-Electric Plants.
New
company, plans have been made
for power in the territory served by theother governmental authority oband the necessary Federal licenses and
-electric plants on the Coosa
construction of additional hydro
tained for the
and Tallapoosa rivers.
Martin Dam, the principal plant of the series on the Tallapoosa River,
which is located at Cherokee Bluffs, 7 miles upstream from the Upper
Tallassee plant mentioned above, is now nearing completion. The first
expected
two units of 45,000 h.p. each are now in test operation and it is the total
that a third unit will be in operation about Jan. 1 1927, making
initial capacity of this plant 135.000 h.p. Provision is being made for an
ultimate capacity of 180,000 h.p. This development is planned for the
storage of flood waters to be released in times of drought, the reservoir
covering approximately 40.000 acres of land. Its completion will make
possible the utilization of the full capacity planned for the Upper Tallassee
and the Tallassee Falls sites.
On the Tallapoosa River. upstream from Cherokee Bluffs, a series'of
three or more plants have been planned for which the necessary govern$S
mental authority, including Federal license, has been obtained.
-electric plant on the Coosa River will be the third
The additional hydro
and largest of the company's plants on that river. It is to be located at
Lock 18, 20 miles downstream from Mitchell Dam. Preliminary construetion is now under way and the initial installation of 108,000 h.p. should be
in operation by the fall of 1928. with provision made for an ultimate installation of 180,000 h.p.
Management -'1'he operations of company and affiliated companies:are
supervised by Southeastern Power & Light Co.
To Issue No Par Pref. Stock.
The Alabama P. S. Commission has authorized the companyZto IBM.)
50,000 shares of cumul. pref. stock (no par value) to bear eitheqa Wes
-V. 123, p. 1381.
$7 cumulative annual dividend.
-To Create an Issue of
American Light & Traction Co.
-Harris, Forbes &
-Bonds Offered.
Alabama Power Co.
Prior Preference Stock.
-Offers to Retire Present
Co., and Coffin & Burr are offering $6,000,000 first mortgage $50 000,000 Preferred Stock.
lien and refunding gold bonds, 5% series, due 1956. The Outstanding
The stockholders will vote Dec. 8 (a) on creating a new class of stock to
bonds are priced at 983' and interest, to yield about 5.10% be known as prior preference stock of the par value ot 35d,....u.000 divided
the
and their issuance has been approved by the Alabama into 500.000 shares of the par value of $100 each; and (b) on decreasingsaid
authorized preferred stock from $25,000,000 to $14,236,200, par $100,
Public Service Commission.
142,362 shares being the number thereof heretofore issued and now outInterest payable M. & N. in
Dated Nov. 1 1926; due Nov. 1 1956. any interest date, on 30 days'
on
New York City. Callable, all or part,thereafter at 102 through Nov. 1
through Nov. 1 1932.
notice, at 10234
thereafter at 101 through
1938, thereafter at 1013.4 through Nov. 1 1944,
in each case. Denom.
Nov. 1 1950. and thereafter at 10034. plus interestthereof. United States
$1,000 and multiples
C* $1,000 and $500, and r*
Company agrees to pay interest
Mortgage & Trust Co., New York,trustee.
not exceeding 2%.
without deduction for any normal Federal income tax
Ala., Oct.22.
Data from Letter of Pres.Thos. W.Martin, Birmingham,
wholesale practically all the urban popu-Serves directly or at
Company.
the
lation and industrial power requirements in a territory comprising Birthe important
northern two-thirds of the State of Alabama, includingall the electric light
mingham industrial district. Company does, directly,
and power business in more than 150 cities, towns and communities, including Montgomery, Anniston, Tuscaloosa. Gadsden, Attalla, Talladega,
Huntsville. Selma, Roanoke, Decatur, Sheffield, Florence, Tusctunbia,
Demopolis and Albany; all the street railway business in Montgomery.
HuntsAnniston, Tuscaloosa, Gadsden, Sheffield. Florence, Tuscumbia and Selms,
ville, and the gas business in Montgomery, Anniston, Tuscaloosa.
standing.
If the creation of the class of prior preference stock is effected, there
shall be offered to each of the holders of the outstanding preferred stock
the option to exchange such preferred stock, share for share, for prior
preference stock.
Each of the shares of prior preference stock so to be offered and issued
shall(1) be entitled to cumulative dividends at the rate of634% per annum,
and (2) be redeemable at 115 and diva.
President Alanson P. Lathrop, Oct. 20, says in part:
The present6% preferred stock is not subject to redemption, and although
some of the total authorized amount thereof now remains unissued the
board deems it inadvisable to issue any more irredeemable preferred stock.
-v. 123. p• 1872.
-To Increase
American & Foreign PowerlCo., Inc.
Common Stock-To Acquire Holdings of Electric Bondi&
-Earnings.Share Co. in Havana Electric &IEltilities Co.
OCT. 30 1926.]
THE CHRONICLE
The stockholders will vote Nov. 12 on increasing the authorized common
stock (no par value) from 1.500.000 shares to 1,800.000 shares.
The directors have arranged in behalf of the company to acquire from
the Electric Bond & Share Co. all of its holdings in the Havana Electric &
Utilities Co., which controls the Havana Electric Ry., Light & Power Co.
If the stockholders confirm the action of the directors, the Electric
Bond & Share Co. will receive as full payment for its holdings of securities
in the Havana company and as compensation for its overhead costs and
its risks (a) either 20
-year 6% debentures of the American & Foreign
Power Co., Inc., or 20
-year 6% debentures of a Cuban subsidiary, equal in
principal amount to the actual costs of Electric Bond & Share Co. to date
of payment, excluding overhead costs but including interest at the rate
of 6% per annum, and (b) 300,000 shares of common stock of American &
Foreign Power Co., Inc.
The railway properties in Havana formerly owned by the Havana Electric
Ry., Light & Power Co.,and the railway properties in Camaguey and
Santiago, formerly owned by the Cuban subsidiary of the American &
Foreign Power Co., Inc., have been sold to the Havana Electric Ry. Co.
Consol. Income Account of Co. & Oper. Subs. (Inter-Co. Items Eliminated).
12 Months EndedJune30'26. Dec. 31 '25. Dec. 31 '24.
Gross earnings of subsidiaries
$9,024,072 $8,847,971 $6,648,873
Net earnings of subsidiaries
$3.317.509 $3.378.433 92,922,208
Non-operating revenue of subsidiaries
736,706
866,878
86,546
Total income ofsubsidiaries
$4,054,215 $4,242,311 $3,008,754
Gross earns, of co. & undistrib. inc.
of subs. applic. to American &
Foreign Power Co., Inc
$3.770.944 $3,971.718 $3,089,957
Expenses of company
$338.685
$262,307
$316,704
Interest of company
215.454
114.434
20.558
Divs. on preferred stock of company_ 2,464.551
2.274.083
1,456,657
applic. to deprec. & to co.'s
2d preferred & common stocks_ __
$752,254 $1.320.894 $1,296,038
-The above statement includes earnings only for the periods during
Note.
which the respective properties have been owned.
-V. 123, p. 80.
American Utilities Co.
-Acquires Additional Properties.
This company through subsidiaries, is acquiring the ice properties in
New Iberia and Paterson. La., the electric property in Farmerville, La.,
the electric and water property in Kinder, La., and the electric, water
ice property in Kirbyville, Tex. It is understood that negotiations and
are
pending for the acquisition of other properties.
--V. 123, p. 2136.
American Water Works & Electric
-Power
Co., Inc.
Output Increases.
-
Net power output of the company for Sept. 1926 was
against 108,805,143 k.w.h. for Sept. 1925 a gain of 127.682,152 k.w.h.,
or 17%. For the first three quarters of 1926 the net 18,877,009 k.w.h.,
.
power
was
1,080.35.657 k.w.h.. comparing with 953,322 999 k.w.h. output first
the
9 months of 1925,an increase of 127.012.658 k.w.h., or over for
13%. V. 123.
p. 1760.
Associated Gas & Electric Co.
Earnings.
Statement for All Properties Only Since Dates
of Acquisition.
-Increase-12 Months Ended Aug. 311926.
Amount. %
1925.
Gross earnings & other hacome--327,464,011 $12,923,490 $14,540,521
112
Oper. exp. maint., taxes, net
earns. aPplic. to minorities &
all amort. of debt disc't & exp_ 15,364,393
8,258,616 7.105,777 86
Pref. diva. of subs. & affil. cos.
& all interest
7,014.327 2,500,833 4,513,494 180
Pref. diva. paid or accrued
1,274,339
574,013
700,326 122
Prov.for replacem'ts & renewals_ 1.547,680
661,357
886,323 134
Class A prior. divs. ($2 per sh.)577.184
x458,130
119.054 26
Bal.for class A partic., class B
& common divs. & surplus__ $1,686,088
$470.541 $1,215,547 258
x Includes common dividends prior to issue of class
A
Note.
-The above figures are based on all propertiesstock.
only since their
addition to the Associated System. The increase
in gross and net earnings
for all properties for the entire period are 12% and
16%, respectively.
consolidated
Reports Largest Earnings in History-Cites Accomplishments This Year.
-
For the eighth consecutive month this
of earnings for the 12 months ended year the company In its statement
over the identical preceding periods.Aug. 31 shows continued increases
The present
earnings of $27,464.011, against $12,923,490 in thereport shows gross
12 months ended
Aug. 31 1925. an increase of 112%, due in
of properties and in part to the progressivepart to Associated's acquisition
gains in earnings of subsidiary
, operating companies and the putting
into service of new bonstruction.
. The earnings cover properties only since
their addition to the Associated
System, and are the largest earnings in the history of the system.
The current statement points out that If the gross and net earnings
of
all properties now in the system were included
for
the comparative or preceding year of their operationsthe full 12 months of
as well as the current
year the Increases for the system would be
12% and 16%, respectively.
The report recites a number
dressed to stockholders earlier of accomplishments since a letter was adin the year in answer to inquiries from
them and others who desired information
about the company with a view
to investing in its securities. It also
states
system is soon to be published, this time as that the annual report of the
the usual detailed figures about earnings, part of the year book, giving
assets, property and statistics
of operation of interest to the system's security holders.
Announcement is made that during the past eight
System has been completely paid for; nearly 40 months the Penn Public
independent plants in
western Tennessee and Kentucky, mostly
a half ago, have been acquired; a number municipally owned a year and
of additional plants adjacent to
Associated properties principally in New York
and Pennsylvania have been
added to the system; and substantial minorities of
voting common stocks
of important subsidiaries, including Staten Island Edison Corp.,
have
been acquired so that with a
single exception
stocks of every subsidiary are owned and over 99% of the voting common
as to the exception, over 90%
owned.
is
Of outstanding Interest among the recent financial developments
in the
system is the fact that there have been retired 38 separate issues
of bonds
and preferred stocks aggregating, with partial purchases of other issues.
over $40,000,000. This was probably a more wholesale retirement and
voluntary cleaning up than has ever before been
tion. The elimination of the large number undertaken by any corporaamounts, with their numerous mortgages, trustof these issues of varying
indentures, preferred stock
agreements and other complications made
possible permanent
on a comprehensive scale without the expensive, difficult and financing
involved
proceedings which would otherwise have been
necessary. This simplification of the system's capital structure has all been carried out this year, one
ofthe results being that the holdings ofthe company's securities by customers
and employees are continually increasing as they are also among other
Investors. Tho statement calls attention to the relatively simple capital
structure as contrasted with what would have existed
had
done through the company's various subsidiaries instead offinancing been
by the parent
organization. The policy of the management
is stated to be
public as a matter of general practice of securities against the
sale to the
of numerous
separate companies.
2259
British Columbia Electric Ry., Ltd.
-Bonds Being Paid.
The $500,000 74 Western Power Co. of Canada debentures. due Nov. 1.
',
will be paid off at the Bank of Montreal, London, New York and Montreal.
The bonds are not being replaced by any other Issue.
-V.122. p. 3080.
California Telephone & Light Co.
-To Issue Bonds.
The company has applied to the California RR.Commission for authority
to issue $190,500 1st mtge. 6% bonds at not less than par, the _proceeds
to be used to reimburse the treasury for capital expenditures
.-V.123,1).2137.
Central Maine Power Co.
-Bonds Sold.-Harris, Forbes
& Co. and Coffin & Burr, Inc., have sold at par and int.
g3,000,000 1st & gen. mtge., 5% bonds series D. Dated
July 1 1925; due July 1 1955 (see description in V.121, p. 73)
.
Data from Letter of Pres. Walter S. Wyman, Augusta, Me., Oct. 22.
Company.
-Incorporated in 1905 by the consolidation of two small
electric light and power properties in Oakland, which had together an
annual gross income of about 921,000. Company has had a continuous
growth from that time until to
-day it is the most extensive electric light
and power system in the State of Maine, and forms
system of hydro-electric plants, transmission and a single comprehensive
distributing lines with
gross earnings for the 12 months ended Sept. 30 1926 of over $3,300,000.
The present development is due not only to the unification over a long
period of years of more than 60 companies, but also to a steady increase
in business in the communities served.
Through the control of 100% of their common stocks the company
controls the Androscoggin Electric Co., doing the electric light and power
business in Lewiston and Auburn and operating the interurban road from
those cities to Portland. and the Waterville Fairfield & Oakland
connecting these three communities. Earnings of these propertis are Ry.
not
included with those of the Central Maine Power Co.
Company is so tied together by its 670 miles of transmission lines, and
the power plants are so distributed as to provide delivery
consumption of reliable current in the quantity desired at a at the point of
minimum cost
of production, transmission and distribution. The strength of the company's position in a section widely known for its textile, paper, shoe, and
shipbuilding industries, is established by its ownership of 42,290 11.p.
of developed water power (now being increased to 69,290 h.p.) and
control of over 150.000 h.p. of undevelpoed hydro-electric sites located its
in
the principal power streams of the State. The locations of the hydroelectric plants on these power streams, with their different characteristics
of drainage area, stream flow, and storage, provides an unusual reliability
of hydro-electric capacity.
Over 99)i% of the common stock of company is owned by New England
Public Service Co., a subsidiary of Middle West Public Utilities Co.
CapitalizationAuthorized. Outstanding.
Common stock
$5,000,000
$2,500,000
Preferred stock,6% cumulative
660.800
660.800
7% cumulative
14.339,200
11,558,300
First & gen. mtge. series B 6s. 1942
{ 811.500
Series C 5)s, 1949
1.550,000
Seriee D 5s, 1955 (incl. this Issue)
7,000.000
c
First mortgage 5s, due 1939
(closed)
4,379.000
Other divisional lien bonds
a
500.000
a Closed (except for deposit with trustee under the first and general
mortgage) by company's covenant in latter mortgage. h Limited only
by the conservative restrictions of the mortgage.
Since Jan. 1 1919 over $10,000,000 of 7% pref. stock has been
the largest part of which has been sold to residents of the territory issued,
served
by the company. Both 6% and 7% pref. stock issues rank equally and
have paid dividends regularly since their issuance, a period of over
18
years.
Purpose.
-Proceeds will be used to provide funds to
Dec. 1 1926 $3,000,000 1st & gen. mtge. bonds, due 1941. retire by call on
Earnings of System 12 Months Ended Sept. 30.
[Inter-company Charges Eliminated .1
1926.
1925.
Gross income
$5,028,703 $4,873,505
Deprec. and maintenance expenditures
654,053
646.509
Steam expense
88.480
188.964
Income taxes
121,323
103.326
Other taxes
288.244
285.046
Other operating expenses
1.695.454
Int. and guaranteed clivs. on stock of subsidiaries_ 1,723.906
1,025.928
1.053.895
Balance
$1,126,770
$900,312
Condensed Balance Sheet Sept. 30 (Before Giving Effect to Above
Financing)
1926.
1925.
1926.
1925.
AssetsLiabilities
Fixed capital
27,236,210 23,526,924 Common stock___ 2,500,000 2.500,000
Cash
1,041,815
477,040 Pref.stoek. %___ 660,800
660,800
Current assets..._ 2,997,860 2,833,385 Pref. stock, 7%_..11,558,300
9,821.600
Prepayments
133,138
127,304 Pt. stk.,7% subs°.
Investments
1,564,345 1,372,513
on part pay. plan
267,200
Unadjusted debits 2,190,490 1,864,050 Prem.on pref.stk_ 235.500
887,067
743,149
Funded debt
14,2'0,500 12,382,500
Current liabilities_ 2,939,179 1,890,183
Accrued liabilities_ 433,883
510,883
Total(each side).35,163,858 30,201,217 Reserve & surplus_
1,708,629 1,424,902
-V. 123, p. 1873.
Charlestown (Mass.) Gas & Electric
-Extra Div.
The directors have declared an extra dividend of Co.
to the usual quarterly dividend of $1 25 a share on 25c. a share in addition
the outstanding caylal
stock, par $25. both payable Nov. 1 to holders of record
Oct. 22.
amounts were paid on Aug. 2 last.
-V. 123, p. 579.
Cities Service- Co. Tenders
-Debentures Called.
Bids will be received on or before Nov. 11)
for the sale
of $2,000.000 series D 7% convertible gold debentures, to the company
due Jan. 1 1966.
At prices not exceeding 102 and int.
The company has called for redemption on Dec.
1 at the New York
Trust Co., 100 Broadway, N.Y.
gold debentures at 107 and Mt. City.$1,000,000 of series E 8% convertible
-V. 123, p. 2137.
Cities Service Refining Co.
-Contract.
The company has just placed a contract with the Bethlehem
Shipbuilding
at Quincy, Mass., for a 12,000-barrel steel
oil barge, which will be
used for transportation of the oil products of the
Corp*
Cities Service Refining
Co. from their refinery at Boston, Mass. The barge will be constructed
on the new Isherwood Bracketless System. It can
be
for transporting
oil not only around Boston Harbor, but also along used coast.
-V. 122.
the
p. 3080.
ilitZ;nsolidated Gas Electric Light & Power Co. of
Baltimore. Earnings.-Quer.End. Sept. 30- -9 Mos. Sept. 301926.
1925.
1926.
1925.
Gross revenue
$5.395.959 $5.017,549 $18,190,188 $16.581,217
Exp., taxes and deprec
3,281,250 12.117,912 10,582,547
3.765,866
Makes Offer to Holders of Granville Electric & Gas Co. and
Operating income- -__ 31,630.093 $1,736.299 $6,072.276 $5,998.670
Other income
Erie Lighting Co. Bonds.180,787
77.738
55,657
165,595
See Eastern New York Electric & Gas Co., Inc., and Erie Lighting Co.
Gross income
-V. 123, p. 2136, 1873.
below.
$1,685,780 $1,814,037 $6,253,062 86,164.265
Fixed charges
724,919
774,730
2.177,592
2,309,689
Dividends
Athens (Ga.) Ry. & Electric Co.
565.087
733,395
2.2e4,917
1,661,822
-Bonds Called.
All of the outstanding gen. mtge. and coll, trust s. C. 8% gold bonds.
Surplus
$474,220 $1,860,554 $2,192,754
$222,436
series A, dated June 1 1921, have been called for redemption Dec. 1 next -V.123, p.
1502.
at par and int., plus a premium on the par value as will be equivalent to
a yield of 6% for the unexpired term of the bonds. Payment will be
Community Water Service Co.
-To Acquire Control of
made at the Colonial Trust Co.. trustee, Philadelphia, Pa.
-V.120, p. 700.
New Rochelle Water Co.
-Financing by Latter Proposed.
Atlantic Public Utilities, Inc.
-Forms Operating Co.
- It is announced that the New Rochelle Water Co., supplying This company has acauired electric light and power properties at Moore- chelle,
New RoBronxville,
field and Romney. W. v a•, heretofore owned by the Romney Electric Co.. and Fort Slocum. North Pelham, Pelham Manor, Eastchester. Tuckahoe
all in Westchester County, N. Y., has arranged to
and has organized the Potomac Valley Power Corp. to operate in this see- fer all of its
common stock to the Community Water Service Co. Thetranstion.-Nr. 123, p. 2137.
valu
of the property, it Is said, Is about $5,000,000. Cyrus
T. Lloyd, associate
2260
[Vol- 123
THE CHRONICLE
with the New Rochelle Water Co. for over 20 years, will be President,
and Reeves J. Newsom, Vice-President.
P. W. Chapman & Co., Inc., have purchased a new issue of 1st mtge.
bonds of the New Rochelle Water Co., offering of which will be made prob-V. 123, p. 323.
ably the first part of next week.
basis which, at current market prices, amounts to more than the cash dividend rate. Through the exercise of this option, the return exceeds these
-V. 123, p. 82.
figures."
-To Issue Stock.
Fall River Gas Works Co.
The stockholders will vote Nov. 10 on increasing the authorized capital
stock (par $25) from 62.504 shares to 71.433 shares. If the increased stock
by the shareholders and the Massachusetts Department of
The company was recently granted an extension of time until Dec. 31 is approved
Public Utilities, it is proposed to offer it to shareholders at $45 a share in
1927 for the construction of its line from Dallas to Irving Texas, by an the ratio of one new for each seven shares now held. The proceeds of the
action of the County Commissioner's Court. This line. it Is proposed, new stock are to be used to pay floating debt of $275,000 and to furnish part
will be an electric line connecting Dallas and the Irving territory. E. P.
of the funds needed to complete the company's construction program.
-V. 105, p. 1617.
Hopkins is President of the company.
V. 123. p. 1250.
-Franchise Extended.
Dallas Southwestern Traction Co.
-Initial Preferred Dividend.
Derby Gas & Electric Corp.
The directors have declared a quarterly dividend of El 75 per share on
the outstanding $7 dividend preferred stock (for the period ending Oct. 31.
1926). payable Nov. 1 to holders of record Oct. 20. See also V.123. p. 980.
Duluth (Minn.) Street Ry.-Rate Decision.
The Minnesota Railroad & Warehouse Commission has fixed an Sc. cash
fare with 5 tokens for 35c., an increase of more than a cent over existing
rates. The Minneapolis-St. Paul rates fixed some time ago by the Com-V. 123, p. 1996.
mission are Sc. cash, or 6 tokens for 40c.
Eastern New York Electric & Gas Co., Inc. (Formerly
-Offer to Bondholders
Granville Electric & Gas Co.).
The Associated Gas & Electric System, in an advertisement,
says:
The holders of the cense]. mtge 59' gold bonds due Oct. 1 1933 of Granville Electric & Gas Co. may for a limited time exchange for $7 dividend
series preferred stock of the Associated Gas & Electric Co. as follows:
10shares of said stock for each $1.000 of bonds of 1933; with cash adjustment
for interest and dividends. The holder of a $1.000 5% bond will increase
his return frcm $60 to $70. The present dividend policy of the Associated
Gas & Electric Co. gives holders of its preferred stock the option of receiving
dividends to class A stock upon a basis which, at current market prices,
amounts to more than the cash dividend rate. Through the exercise of
this option, the return exceeds these figures.
-Report.
Electric Power & Light Corp. (& Subs.).
Combined Income for 12 Months Ended June 30 1926 (Including Sub. Cos.).
Gross earns. of Elec. Pr. & Lt. Corp. and undistributed Inc. of
sub. cos. applicable to Elec. Pr. & Lt. Corp. after renewal
$5.835,832
and replacement (depreciation) appropriations *
.
Expenses of Electria Power & LightCorp.
117 892
Interest deductions of Electric Power & Light Corp
2,772 796
Preferred dividends of Electric Power & Light Corp
788 622
Second preferred dividends of Electric Power & Light Corp_ __ _
$1,501,963
Balance
* Renewal and replacement (depreciation) appropriations for the 12
months ended June 30 1926 were $3.925.777.
-The following Is a
Gross and Net Earnings of Oneraling Subsidiaries.
statement, for the 12 months ended June 30 1926. of gross and net earnings
of all operating subsidiaries controlled at that date, irrespective of the
dates of acquisition of such subsidiaries. Electric Power & Light Corp.
was not organized until March 11 1925, but for comparative purposes the
earnings of subsidiaries controlled at Dec. 31 1925. are given for the entire
12 months period ended that date, irrespective of the dates of acquisition
of such subsidiaries.
June 30'26. Dec. 31 '25.
12 Months Ended$47813 800 $44,614.878
Gross earnings of subsidiaries
20,122,782 18,417,861
Not earnings of subsidiaries
Comparative Balance Sheet.
June 3026. Dec. 31 '25
3026. Dec. 31 '25.1
June
Mal:VidesAss.ts.
Investments_ __ _ 90.583,292 88,034.036 Capital stock._ .x93,572,750 92,086,550
317,468 1,402,045 Loans payable_ 7,558,000 2,510.000
Cash
897,016
923,353
Divs. declared__
Notes & loans rec.291,086
778,636
11,186.310 5.095,345 Accts. payable.
Subsidiaries
32,331
31,814
982.347 Accrued accts. _
54,147
Others
713.578
721,560
842,050 Surplus
844,235
Accts. rec., subs
96,264
493,103
Acctsrec.,others
Reacquired cap.
68.527
97,509
stock
9,997
10,050
Prepaid taxes_
103,586,113 96,530,611
Total
103,586,113 96.530.611
Total__
x Represented by 418.373 shares of $7 div. pref. stock. 110.841 shares
1.626 061 shares of common stock. Uncalled
$7 div. 2d pref. stock and
balance of $7,780,930 on pref. stock subscriptions, not included in assets
or liabilities.
-At June 30 1926 there were outstanding option warrants entitling
Note.
holders to purchase an aggregate of 763.048 shares of common stock, without
-V. r23. P• 1875.
limitation as to time, at $25 per share.
-Bankers
-Bonds Offered.
Electrical Securities Corp.
Trust Co., Jackson & Curtis and Parkinson & Burr are
offering at 983-f and int., to yield about 5.10%, $1,000,000
collateral trust sinkinE fund 5% Eold bonds ;22d series).
Dated Nov. 1 1926; due Nov. 1 1956. Denom. $1,000 c*. Int. payable
M. & N. without deduction for Federal normal income tax up to 2% at
office of Guaranty Trust Co. of New York, trustee. Red., all or part, at
103 and int. on any int. date upon 21 days' notice.
-Corporation was incorp. in 1904. Is a subsidiary of General
Business.
Electric Co. and owns securities of various public utility companies.
-From time to time the corporation has issued series of
Capitalization.
collateral trust sinking fund bonds, collaterally secured.by pledge of public
utility securities. Including this issue, 22 series have been issued to date
with an acirregate principal amount of $17.500,000. Three series aggregating 33.000,000 have been retired by operation of sinking funds and by
hinds received from the sale of underlying collateral, and the remaining 19
series, issued to a principal amount of $14500.000, have been reduced in
like manner to a present outstanding principal amount of $9,278,000,
Including this issue. In addition, the fifth series, now outstanding to the
amount of $62,000, has been called for redemption on Dec. 1 1926. which
Corporation has outstanding 21.000.000 5% cum. pref. stock on
full dividends have been paid regularly since May 1905, and $2,500,000
dividedns
common stock, all owned by General Electric Co., on which
of 8% annually have been paid since Jan. 1909.
1926 of more than $3,100,000.
Corporation also had a surplus as of Sept.30
-As security for the 22d series bonds, there will be pledged with
Security.
companies
the trustee preferred and common stocks of various public utility
on
having a present market value of approximately 1,280,0. earnings
sufficient in each instance to cover tots dividend requirements
which are
with a substantial margin.
-Operations have been continuously profitable. For the 10
Earnings.
per year
years enoed Dec. 31 1925 earnings after taxes averaged $715305
Including the
against interest requirements on all bonds now outstanding. 31 1925 such
series, of $463,900 annually. For the year ended Dec.
22d
earnings amounted to $976,730.
-A sinking fund will be provided sufficient to retire about
Sinking Fund.
lot
36% of the issue prior to maturity by purchase or by redemption by
at 103 and int.
-Hale,
Federal Water Service Corp.
-Stock Offered.
Waters & Co., New York, are offering at $26 a share to
yield about 7.70% an additional issue of 60,000 shares
class A stock (no par value).
After dividends upon the preferred stock, class A stock is entitled to noncumulative dividends at the rate of $2 per share per annum, payable
quarterly: and. In addition, to either Si of the aggregate amount of any
further divs. declared in such year upon the class A stock and the class 21
stock, or to the same div. per share as is declared on the class B stock.
whichever is greater. After rights of preferred stock have been satisfied,
class A stock shall be preferred upon liquidation over class B stock up to
$50 per share; thereafter, any assets and funds remaining are to be distributed
ji to the class A stock and % to the class B stock. Red. on any div. date.
at $110 per share. Each share of class A stack will have equal voting rights
with class 13 stock if for any calendar year less than the $2 divs, are paid;
such voting rights to continue until the $2 div. has been paid for a full
calendar year. The total class B snares issued may not exceed the total
class A shares issued. Transfer agent, Lawyers Trust Co. Resristrar,
The Equitable Trust Co. of New York. Free from present normal Federal
income tax.
Data From Letter of C. T. Chenery, President of the Corporation.
-The constituent companies of the corporation, now owned
Business.
and presently to be acquired, supply water for domestic and industrial
purposes to various communities in Nov York, New Jersey, Pennsylvania,
West Virginia, Ohio, Michigan. Indiana, Illinois and California. In
addition, sewer service is rendered in Ocsan City. N. J. The total population of the territories served is estimatel to be in excess of 630,000.
The physical properties are in excellent operating condition. and according
to engineers who have investigated the properties, the water supply is
adequate for the present needs, and. with the installation of normal additions, for the future needs of the communities served. The distribution
systems now total over 1,212 miles of mains, afford fire protection with
6.086 hydrants and serve a total of 107.313 active consumers.
Capitalization Upon Completion of Financing.
Outstanding.
Authorized.
$5.000 000
6 cony, gold debs.. ser. A (V .123. p. 1633)
2,500 000
$4 000 a
7 cumulative preferred stock
000
65 000 shs.
M350 000 shs.
Class A stock (this issue)
50.000 shs.
Class B stock
100 000 shs.
the indenture providing for the issue thereof. b 181,819
a Limited by
shares reserved for conversion of 69' convertible gold debentures.
-Based upon actual earnings for the year ending June 30 1926,
Earnings.
the consolidated earnings of the properties for the following 12 months,
after giving effect to this and other financing, to rate increases now in
effect or approved, to additional pumping contracts, and to the elimination
of certain officers' salaries of subsidiary companies, are as follows:
$2,850,284
Gross revenues
Oper. exp., taxes & maint. & deprec. as provided in present
1,330,202
subsidiary mortgages
Annual int. & thy. requirements on sub, co, securities and pref.
598,826
stocks held by the public
Balance
Int. requirements, res. for Fed. Inc. taxes & pref, stock city.
requirements
$921,256
530,000
$
Balance
02
19 5000
331: 6
Present div. requirements on class A stock
-Application has been made to list this stock on the Boston
Listing.
-V. 123, p. 2138.
Stock Exchange.
-Capital Increased.
Gas Utilities, Inc., Columbus, 0.
The company has filed a certificate at Dover. Del., increasing its authorized stated capitalization from $5,000.000 to $10,000,060, to consist of
$2,500,000 pref. stock, par $100. and 75.000 shares of no par value common stock.
-To Pay Notes.
Gulf Public Service Co.
The $800,000 6% one-year notes. dated Nov. 1 1925. will be paid at
maturity, Nov. 1 1926. There will be no new financing in connection
-V. 122. p. 2650.
with the same.
Havana Electric Ry.-In Full Operation.
Speyer & Co. have received advices from Frank Steinhart, President of
the Havana Electric Ry. Co.. that the company is again in full operation.
On v negligible damage was sustained from the hurricane last week.
V. 123, p. 1875.
Havana Electric & Utilities Co.
-Holdings in Co.
Owned by Electric Bond & Share Co. to be Acquired by American
& Foreign Power Co., Inc.
See American & Foreign Power Co., Inc., above.
-V. 123, p. 1875.
-To Pay Notes.
Illinois Power 8c Light Corp.
-
The Galesburg Railway, Light & Power Co. 7% notes, due Nov. 1, will
-V. 123, p. 1762, 1251.
be retired on that date.
Interborough Rapid Transit Co.
-Earnings.
Net earnings of the Interborough System under the "Plan."
-Month of September- -3Mos.End. Sept.301926.
1925.
1925.
1926.
Gross revenue,all sources $4,811,436 $4,574,416 $13,345,856 $14,221,531
r ro
m for ngepating &
ExPaintainior property_ 2,855,570
.
s
and u ni d c a
Taxe pa y to srce
t
_ta_
S _! 277,481
2,831,268
9,290,696
8,750,188
261.318
878,839
787,648
Available for charges_ $1.678,385 31,481.829 33,176,321 $4,683,695
Rentals pay. city for
663,681
221,718
original subways
221,281
664,718
Rentals pay. as int. on
452,060
150.687
Manhattan Ry. bonds
150,687
452,060
76,397
Miscellaneous rentals__ _
23,368
73,589
29,610
Int. pay. for use of
borrowed money &
sk,fd. requirements:
Int. on I. R. T. 1st
2,018,178
674,205
mtge. 59
672,726
2,022.616
Int. on I. R. T. 7%
594,210
secured notes
197,441
592.323
198.070
To Decrease Dire torate.Int. on I. R. T. 6%
The stockholders will vote Nov. 10 on authorizing the officers to execute
123,871
45,446
-year notes
10
136,338
41.290
number of directors of the corporation
and file a certificate changing (a) the
79,847
Int, on equip. tr. ctfs_
21,512
64,538
28,200
from 11 to 9. and (b) the location of the principal business office of the
Sink, fund on I. R. T.
the city of Schenectady, N. Y., to the City of New York,
corporation from
554,270
1st mtge. bonds_ _ _ _
194,521
583,563
184,757
-V. 123. p. 2138.
N. Y.
28,290
Other items
9,044
27,468
9,272
Dividend rentals:
-Offer to Bondholders.
Erie Lighting Co.
Ry.stk.
7% on Manh.
The Associated Gas & Electric system, in an advertisement, says: "The
not assenting to
holders of 1st mtge. 5%, s. f. gold bonds, due April 11967, of Erie Lighting
58,176
"plan of readjust."_
76.184
25,594
19,392
Co. may for a limited time exchange them for $7 dividend series pref. stock
59' on assenting Manh.
of the Associated Gas & Electric Co. as follows: 10 shares of stock for each
708.447
695,582
231,860
Ry. stock
236,149
adjustment for interest and dividends. The
$1,000 of bonds, with cash
holder of a 31,0005% bond will increase his return from $50 to 370. The
3673,730
Balance, deficit
3309.603 32.212,658
$116.813
present dividend policy of the Associated Gas & Electric Co. gives holders
.of its pref. stock the option of receiving dividends in class "A"stock'won a -V. 123. p. 2133.
OCT. 30 1926.]
THE CHRONICLE
Indiana Hydro-Electric Power Co.
-Additional Stock.
The company has applied to the Indiana P. S. Commission for authority
to issue $316.000 additional 7% preferred stock at not less than 90% of
par, the proceeds to be used to reimburse the treasury for expenditures,
&c.
-V. 123, p. 1634.
International Ry. Co., Buffalo, N. Y.
-Earnings.
-Income Account for Nine Months ended September 30.
1926.
1925.
1923.
1924.
$8.095.985 $7,980.166 $7,741.174 $7,269,457
Operating revenue
Operation and taxes_ _ _ _ 6.843,938 6,950.729
6.920,570
7.043.486
Operating income- - $1.252.047 $1,029.437
40.019
41.726
Non-operating income_ -
$697,688
38.747
2261
Montana Power Co.
-Earnings (Including Sub. Cos.).-Quar. End. Sept. 30.- -9 Mos. End. Sept. 30Period1925.
1926.
1926.
1925.
Gross earnings
$2,267,970 $2,033,195 $6,723,485 $6.203,024
Oper. expenses and taxes
778,746
737,819 2,349,490
2,210,382
Int. and bond discount_ _
1,368,692
460.458
457,687
1,367.356
Balance, surplus
-V. 123, p. 1763.
$1,031,537
$834,917 $3,005,303 .02,625,285
Montpelier & Barre Light & Power Co.
-Vermont
Properties Contracted for by Foshay Co.
-
$348,887
28.287
The Foshay interests have contracted for, and on Jan. 15 will take over,
the Montpelier & Barre Light & Power Co. and its subsidiary, the Green
Mountain Power Co. of Vermont. These properties serve a population of
$1,292.066 $1,071.163
Gross income
$377,174 over 50.000 people with electric light and power, being the largest operating
$736,435
1.097,455
Income deductions
1.170,050 electric property in Vermont. They serve the granite quarries and finishing
1.163.434
1,090,397
sheds which comprise one of the largest granite producing areas in the world.
$194,611 def392,271 def$353,963adef$792.876
Netincome
The properties of the Montpelier company will be taken into the Peoples
a This loss from operation for the nine months ended Sept. 30 1923 rep- Hydro-Electric Vermont Corp., a subsidiary of the Peoples Light St Power
-V.123, p. 1876.
resents strike costs.
Corp., which will own all of the common stock of the Green Mountain
Power Co. The Peoples Hydro-Electric Vermont Corp. already operates
Ironton Electric Co.
-Bonds Called.
extensively in Vermont, owning the Burlington Traction Co. and electric
All of the outstanding first mortgage 6% gold bonds, dated Dec. 11919. properties in Vergennes and surrounding territories. The Green Mountain
have been called for payment Dec. I next at 103 and interest at the Bank of Power Co. is just completing a new hydro-electric development.
North America Sz Trust Co., trustee, Philadelphia. Pa.
-V.122, p. 3339.
It is stated that by this new addition to its holdings, the Peoples Light
& Power Corp. will have property valued in excess of $18,000,000.
Kansas City Public Service Co.
It is announced that stockholders of the Montpelier company who desire
-Restores Line.
Railway service over the Twelfth St. bridge into the Argentine district to sell (at the same price per share as the price to be paid for stock of the
of Kansas CityNan., was resumed on Oct. 14 by the company, pursuant corresponding class purchased from the trustees) should send their certifito an order of Judge Kimbrough Stone in the Federal Court. The service cates, properly indorsed, to the American Trust Co., Boston, Mass., on or
was discontinued two years ago. The line will be known as the Argentine- before Dec. 15. The date set for delivery to the purchasers and for payment
Twelfth St. Line and the route is the same as that of the old Argentine by them is Jan. 15 1927. The stock trust agreement provides that the
trustees may sell all of the deposited stock, but not a part thereof, at such
line.
The Central Union Trust Co. of New York has been appointed registrar price and terms as approved in writing by three-fourths interest of each
class of stock. See also V. 123, p. 1876.
for 183,645 4-10 shares of common stock and 83,364 shares of preferre
-V. 123. p. 2139.
stock.
Kentucky Utilities Co.
-New Line Ready Nov. 1.
-
Completion of the company's new 11,000
-volt trawnrission line from
Paducah to Barlow. Ky., is scheduled for Nov. 1. The new line, 26 miles
long, will link the towns of Barlow, LaCenter and Kenvil, placing them in
direct communication with the Paducah generating center.
-V. 123. p.
1996, 1876.
Nevada-California Electric Corp.
-Bonds Called.
-
All of the outstanding 1st lien 6% gold bonds, series A. dated Jan. 1
1916. have been called for payment Jan. 1 1927 at 103 and int. at the
International Trust Co., trustee, Denver, Colo., or at the Bankers Trust
Co., N. Y. City.
-V. 123. p. 1382, 843.
New England Telep. & Teleg. Co.-Earnings.-
Key System Transit Co.
-New Directors.
-
PeriodHerbert Clayburgh, Bruce Maiden and C. P. Murdoch have been elected Operating revenue
directors, succeeding Miles Standish, J. P. Carleton and the late P. E. Operating expenses
Taxes
Bowles.
-V. 122. p. 2651.
Uncollectibles
Keystone Telephone Co. of Phila.-Bonds Offered.
A. C. Allyn & Co., Inc., New York, are offering at 983/2
and int., to yield over 6.10%, a new issue of $2,000,000
1st lien & ref. mtge. 6% bonds, series B.
Date Oct. 1 1926; due Oct. 1 1951. Interest payab'e A. & 0. Denom.
$1000 and $.,00c'. Red. all or part on 30 days notice on any int. date
to and incl. Oct. 1 1931 at 105 and int.; thereafter to and incl. Oct. 1 1939
at 101 and int.; thereafter to and incl. Oct. 1 1941 at 103 and int.; thereafter
to and Inc. Oct. 1 1946 at 102 and int.; thereafter to and incl. April 1
1950 at 101 and int., and thereafter to maturity at 100 and int. Principal
and int. payable at the office of Pennsylvania Co. for Ins. on Lives &
Granting Annuities, Philadelphia, trustee, or at the option of the holder
in New York, without deduction for normal Federal income tax not to
exceed 2%. Free of Pennsylvania 4-mili tax. Corporation will refund
any taxes assessed and paid by the holder upon the income derived from
or on the ownOrship of these bonds, under the laws of any State or Commonwealth or Possession of the United States, not in excess of 5 mills per
annum on each dollar in principal amount, to holders resident in such
State or Possession.
Listed.
-Bonds are listed on the Boston Stock Exchange.
Data from Letter of F. Clark Durant Jr., President of the Company.
Business.
-The Keystone Telephone System. operating under perpetual
franchises. supplies complete automatic telephone service in Philadelphia.
Pa., Camden, N. J. and furnishes service also in other prosperous and
growing communities in these States. By far the larger part of the com'
pany's subscribers are of a commercial nature, the service being used by the
largest banks, newspapers and manufacturing establishments in both
Philadelphia and Camden.
Security.
-Secured by a direct mortgage on all the physical property of
the company now or hereafter owned. Further secured by a pledge of
$5,000 000 1st mtge. 5% gold bonds of the company. due July 1 1935.
of which an additional $5 000 000 are outstanding with the public, the issue
being closed at $10,000,000. The 1st lien & ref. mtge.gold bonds,therefore,
now share ratably in the direct first mortgage lien of the 1st mtge. 5% gold
bonds, and will be secured by a direct first mortgage upon the entire physical
property of the company now owned upon retirement at maturity in 1935
of the latter issue.
Earnings.
-The earnings of the company and its subsidiary for the 12
months periods ending June 30 were as follows:
1926.
1925.
Gross earnings
$1.950.151 $2.041.645
Oper. exp., incl. maint.& taxes other than inc. taxes- 1.025.428 1,041.265
Net earnings
$924,723 $1 000 380
Annual int. requirements on total mtge. debt(Ind this issue)___
$496500
Net earnings for the 12 months ended June 30 1926 were thus more than
twice the annual interest requirements on the total mortgage debt to be
outstanding with the public Including this issue.
Valuation.
-Based upon appraisals by Day & Zimmermann. Inc,
engineers. Philadelphia. the value of the physical properties of the company
and its subsidiary is in excess of $19,000.000, or more than twice the entire
principal amount of the company's mortgage debt to be presently outstanding with the public.
Capitalization (to be Outstanding upon Completion of Present Financing).
let lien & ref. mtge. gold bonds, series B 6s (this issue)
$2.000 000
Series A 5 s 1955 (V 121
do
199
2,300 000
First mortgage 5% gold bonds, due July 1 1935
*5,000 000
One-year 5% gold notes
700 000
$4 cumulative preference stock (no par)
she.
.
50
4
0
Common stock (par $50)
she.
Closed at $10000000; 85.000.000 principal amount will be pledged
•
under the 1st lien & ref. mtge.-V. 123, p. 2139.
Louisville Ry.-Accepts Franchise.
-
The company has formerly accepted the
new franchise
ordinance which was recently approved by provisions of the of Louisville,
the City Council
Ky. The ordinance stipulates that the fare is to be continued at the
present rate of 7c. for a single trip, with general transfer privileges. The
company will report monthly to the Board of Public Works and on April 1
of each year file with the Board and with the General Council a statement
of the investment, revenues and expenses of the preceding calendar year.
-Ir. 123, p. 1762.
Lowell (Mass.) Gas Light Co.
-Stock Approved.-
The Massachusetts Department of Public Utilities has authorized the
company to issue. at $50 a share, 2.400 additional shares of capital stock.
par $25. to be sold to employees and customers of the company. The new
stock will be known as Series A.
Employees may purchase 10 shares of the stock or such amount as will
bring their present holdings up to 20 shares. Customers may buy 5 snares
of the stock or such amount as will bring their present holdings up to 5
shares. The proceeds of the issue will be used to retire notes outstanding
as the result of capital expenditures on the company's property. See also
V. 123. P. 581.
Mohawk-Hudson Power Corp.
-To Acquire Troy Co.
-
The New York P. S. Commission has authorized the company to acquire
all or more than 10% of the 75.000 no par shares of outstanding capital stock
of the Troy Gas Co. The corporation which owns the majority of the stock
of gas and electric companies operating around Troy, N. Y. intends to issue
five-sixths of a share of its $7 cumul. pref. stock and one ;hare of common
-V.123. p. 1634.
stock in exchange for each share of Troy company stock.
-Quar. End. Sept. 30- -9 Mos. Sept. 301926.
1925.
1926.
1925.
$15.725,035 $14,210,427 $46,537,214 $39.398,344
11.309.776 11.276.516 32,799,506 31.629,510
1,158,467
3,541.6111 2,381,008742.117
1. 5,580
131.594
402.482J
Total operating inc_
43,125,198 $2,056.214 $9.793,615 $5,387,826
Net non-operating rev.. _
203.257
519,540'
526,105
162,019
Total gross income__ $3,328,455 $2,218,233 810,319.720 15,907,366
Int. on funded debt..___ 1,033,262
1,749.787
583,263 2.374,786
Other interest
1.708.7785.755
641,395
641.002
Rent, &c
176,743
371,193
484,281
111.115
Dividend appropriation_ 2,212,926
830.254 6,625.977
3.321,018
Balance, deficit
-V.123, p. 2139.
$100,232 surS52,600 sur$193,278 $1,243,405-
New Jersey Power & Light Co.
-Acquisition.
-
The sale of the business of the Community Light & Power,Inc.. operating
In Quakertown and vicinity, to the New Jersey Power & Light Co., has
been approved by the New Jersey P. U. Commission.
-V. 123, p. 1877.
New Rochelle (N. Y.) Water Co.
-Proposed Financing.
-
See Community Water Service Co. above.
New York State Railways.
-Earnings.
Earnings Statement Nine Months Ended Sept. 30 1926.
Gross earnings, $7.749.415; open exp.. incl. deprec. & taxes.
86.195.705: gross income
81.553.710
Bond interest, $969,907; other interest & deductions, 1179,058_ 1,148,965
Net income
-V. 123. p. 1114.
$404.744
Niagara Lockport & Ontario Power Co.(& Subs.).-
-Quar. End. Sept. 30--9 Mos. Sept. 30Period1926.
1925.
1926.
1925.
Sales of electric energy.. _ $1,992.346 $1,721,329 $5.870,611 $5,013,811
Cost of energy sold
678.336
630.147
1,855,161
1.665.939
Operating expenses
368.883
288.273
993,707
803.139
Net earnings
Other income
1945.128
28.198
8802.909 $3,021.744 $2,544,733
51,856
86,011
95,293
Gross income
Taxes,rentals, &c
Interest on funded debt..
Appropriations to res'ves
$973,326
211.929
243.312
126,224
$854.765 $3,107.755 82.640.025
143.527
645,619
454.317
244,888
731.179
728,547
97.547
282.251
377.039
Surplus for period_ _ _ -V. 123, p. 582.
$391,861
$368.802 81.353,918 81,174,911
North American Co.-Earnings.Pres. Frank L. Dame, New York, Oct. 26, says: "The consolidated
income statement shows substantial increases in gross earnings and net
Income which are now the largest in the history of the company.
The policy of regular quarterly stock dividends inaugurated by the
company in April 1923 has been found most satisfactory to both the stockholders and the company. A conservative stock dividend policy is admirably adapted to the electric light and power business. The operating
companies must keep pace with the growth of the communities they
in order to retain exclusive rights in their territories. Past records serve
show
that the electric light and power business has doubled on the average
approximately in periods of five years. I see no reason why this should
not continue on account of the many new applications in the use of electricity for both domestic and commercial purposes.
"In a company such as yours about 50% ofthe financing should be done
by bonds of subsidiaries, perhaps one-half of the balance by subsidiary
preferred stocks sold locally, but, unless the holding company makes additional investments in the common stocks to keep a balanced capital structure, the credit of the subsidiary companies will be impaired. Company's
dividend pollcy provides a substantial part of the money needed for this
purpose.
Consolidated Income statement (Company and Subsidiary companies).
12 Mos.End. Sept.30- 1926.
1923.
1924.
1925.
Gross earnings
$113,687.873 $83.897.396 $78.513.133 $70,787.940
Oper.expand taxes.._ _ 63,529,887 51,458.427 49.658.757 45.000,459
Net income from oper_$50,157,986 $32.438.970 S28.854,376 $25,787,481
Other net income
1.442.256
3.783,063
167,202
3.623,479
Total income
$53,781,465 $36.322,032 $30.296.632 825.954.684
Interest charges
9.936.595
16.509.258 10,754.795
8.385.614
Pref. divs, of subsidiaries 8.358.310
3.075.145
2.266.560
1,723,664
Minority interests
1.271,567
1,041.679
1,333.957
961.144
Reserves for depreciation 11.555.362
8.429.719
7.844.2.9
6,195,643
1.744.968
1.819.995
1.194,932
Divs.onNer.Am.pf.stk.
1.141,125
3.030,353
Divs.onNo.Am.com.stk. 3.836.387
2.747,102
2,900.683
Sur.aft.all dive.&res.$10,368.387 $7.915,486 $5.265.545 $1,616,809
Total to depr. res. and to
surp. after all diva_ __ _S21.923.558 816.345.204 $13,109.764 $10.842.453
It is noteworthy that, of the North American System's four groups or
properties, three are now producing over one billion kilowatt hours of eleotrinity annually and the fourth, now slightly under a billion output, will
probably pass this mark before the beginning of 1927. The total electricoutput of the North American System for the 12 months ending Sent. 30.
2262
THE CHRONICLE
1926 was approximately 4,700,000,000 k.w.h., making it the largest pro'
ducer of electricity of any system in the country unified under single ownership.
-V. 123, p. 2139.
New York Steam Corp.
-Listing.
-
[VOL. 123.
Sub. Co. to Acquire Properties of Montpelier ct Barre Light
cfc Power Co.
See that company above.
-V. 123, p. 1997.
Philadelphia & Easton Transit Co. Doylestown, Pa.
The New York Stock Exchange has authorized the listing of 30.000 shares
of cumulative preferred stock, $6 dividend series, without par value.
-To Go Out of Business-Property to Be Sold for Junk.
The issue of 30,000 additional shares of cumul. pref. stock $6 dividend
President A. H. Sicklen, writing to the "Chronicle" Oct. 25, states that
series was authorized at the meeting of stockholders held on Aug. 24 1926,
be proand by resolution of the board of directors Sept. 23 1926, and was ap- "the property will be sold for junk and the proceeds of the sale will of road
miles
proved by the New York P. S. Commission Oct. 6 1926. See offering in rated among the bondholders." [The company operates 32 Pennsylvania
between Doylestown and Easton Pa. Late in 1925 the
V. 123, p. 2139.
Edison Co. purchased the transmission line of the company for $10,000.
Company at last reports had outstanding $364,400 1st mtge. 5% bonds.
Oberpfalz Electric Power Corp.
-Bonds Called.
Certain 1st mtge.7% sinking fund gold bonds, due June 1 1946, aggregat- due Oct. 1 1940.1-V. 121. p. 2638.
ing $14.500, have been called for payment Dec. 1 at par and int. at the
Port Henry Light, Heat & Power Co.
-Control.
New York Trust Co., 100 Broadway, N. Y. City.
-V. 123, p. 983.
See Adirondack Power & Light Corp. above.
-V. 110, p. 665.
Peninsula Telephone Co.
-Earnings.
-
The company reports for the year ending Sept. 30 1926, gross earnings of
$2,221,010. and net earnings of $890,797 after allowing for operating
expenses and taxes. After providing 8375,000 for annual interest on the
company's $5,000,000 1st mtge. 534% bonds, there remained a balance of
$615,797.-V. 122, p. 3607.
Peoples Gas Light & Coke Co.
-Listing.
The New York Stock Exchange has authorized the listing of $4,235.000
additional capital stock (auth. $60,000.000) par $100 each, on official
notice that it has been issued and paid for in full, making the total amount
applied for $46,585.000. The additional stock was offered at par to stockholders of record Oct. 15 1926 to the extent of 10% of their holdings.
Rights expire Nov. 15 1926, subscriptions to be paid for at the election of
the stockholders either (a) in one payment on or before Nov. 15 or (b) in
4 installments of 25% each on or before Nov. 15 1926. Feb. 15 1927. May
16 1927 and April 19 1927, respectively, or (c) in 10 installments of 10%
each, the first on or before Nov. 15, and one of the nine succeeding installmints on or before the 15th day of each of the succeeding consecutive
calendar months ending with the month of Aug., 1927, except that the
Jan., 1927, installment shall be payable on or before Jan. 17 1927. and the
May. i927. installment shall be payable on or before May 16 1927.
Consolidated Income Account 6 Mos. End. June 30 1926.
1,619,890
Operating revenue
$19,533,892 Interest on funded debt
53,745
Amortized bond discount__
Coat of production, distill).
60,025
12,375,228 Other int. & misc
& general expense
Rent of leased plant facilities
753,936
$2,994,047
Net income
96,126
Bad debts written:off
1,501,910 Surplus at beginning of period 20,599,787
Taxes
768,972 Adj. appl. to prior periods_ _ Dr293,967
Retirement reserve
1,684.222
Dividends paid
rt
It
24,037,720
r Operating income
689,985
Other Income
0
Surplus at end of period....121,615,645
$4,727,706
Total income
Consolidated Balance Sheet.
June 30'26. Dec. 31'25.
June:30'28. Dec. 31'25.
Assets 17W Wi4;
Capital stock outLand, buildings,' •
standing
42,238,300 42,027,100
r plant. &c
127,242,835125,921,768
do subscribed
3,000
214,200
Cash & sec, with
58.177,000 58,177,000
trustees
2,073,537 2,148,115 Bonds
Gold notes
Provident tr. fd.
5,750.000 5,750,000
(Contra)
1,386,553 1,317,302 Real estate mtge.
notes
Insur.fd.(Contra) 1,193,570 1,118,509
957,000
907,000
537,194
388,333
Corporate stocks_ 1,869,083 2,105,573 Notes payable_ .._
Corporate bonds_ 2,034,374 3,021,636 Acc'ts payable_ _ _ 1,067,651
965,065
Cash
4,092,157 4,195.836 Costs' deposits,
565.042
638,821
Notes receivable_ 1,192,717
49,550 &c
Acc'ts receivable_ 4,218,281 3,897,559 Divids. declared,
not due
Sundry advances
844,766
840,542
& deposits.__
818.515
711,040 Matured bond int.
349,380
unpaid
310,035
Matured bond int.
2,023,108 2,718,549
deposits
349,380
310.035 Accrued taxes
672.763
649,070
Inventories
2,190,811 1,975,239 Accrued interest_
Sund. def. credits
.
73.967
41,423
Subsc. to capital
stock
2,100
92,237 Retirement res_ _ 15,334,774 14,593,076
Provident reserve
Prepaid ins.,taxes,
1,386,553 1,317,302
&c
110,039
124,226 (invested)
Insurance reserve
Commuted lease
1,193,570 1,118,509
rentalS. &c
3,942,035 4,044,354 (invested)
Casualty reserve_
115.820
116,790
Disc. & comm. on
1,339,377 1,164,141
stocks & bonds
830,250
883,994 Contingent res
Deferred expenses 1,029,654 1,036,697 Res. for uncoil.
269,197
173,072
bills
118,772
Sundry reserves_
186,867
Tot.(each side)154.575,891 152,953,668 Surplus
21,615,645 20,599,787
-V. 123, p. 2140, 1115.
Public Service Co. of New Hampshire.
-Bonds to be
Offered.
Public offering of a new issue of $3,150,000 1st & refunding mtge. gold
bonds. 5% series of 1956, will be made early next week by a syndicate
composed of Tucker, Anthony dc Co., Old Colony Corp. and Hill. Joiner
& Co. Proceeds of this issue along with other recent financing are to
reimbursethe company for the retirement of capital obligations amounting
to $1,171,500 and for expenditures made in additions to its physical properties.
The Public Service Commission of New Hampshire has issued an order
permitting five companies controlled by the New England Public Service
Co. in New Hampshire to effect a merger to make up the new Public
Service Co. of New Hampshire. The principal companies participating in
the merger are the Manchester Traction, Light & Power Co., the Keene
Gas & Electric Co., the Laconia Gas & Electric Co.. the Ashuelot Gas &
Electric Co. and the Souhegan Valley Electric Co. See V. 123, p. 2140.
Public Service Corp. of New Jersey.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
Oct. 20 of 3,557,275 shares common stock without par value, on official
-V.123.
notice of issuance in exchange for the outstanding common stock.
p. 2140.
Queens Borough Gas & Electric Co.
-Bonds Offered.
.&
W C. Langley Co. and Bonbright & Co. Inc., are offering
W.
at 99M and int., to yield 5.03%, $1,500,000 additional
refunding mtge. gold bonds, 5% series. Dated Sept. 1
1925, due Sept. 1 1955.
•
Interest payable M. & S. at the office or agency of the company in
New York. Red. all or part on any int. date on at least 30 days notice.
at 107 on or prior to Sept. 1 1929 and at 1% less during each period of four
consecutive years thereafter up to and including Sept. 1 1953, and at par
thereafter to maturity, plus bit. in each case. Denom. c* $1,000. $500
and $100, and r* $1,000, $5.000. $10,000 and multiples of $10,000. Company agrees to pay the normal Federal income tax to the extent of 2% and
to refund the Penn. and Conn. personal property taxes not exceeding 4
inids per annum, and the Mass. income tax, against the holder, not exceeding 6% per annum on income derived from the bonds. Trustee.
Guaranty Trust Co., New York.
-Authorized by the New York P. S. Commission.
Issuance.
Data From Letter of Carleton Macy, President of the Company.
-Furnishes electric light and power and gas in the Fifth Ward
Company.
(Rockaway District), Borough of Queens, City of New York, and in the
adjacent portion of the town of Hempstead, County of Nassau, including
Lawrence, Cedarhurst, Lynbrook, Malverne,Inwood, Woodmero, Hewlett,
Valley Stream and East Rockaway. Over 99% of the common stock of
company is owned by Long Island. Lighting Co. The eletrtric properties
of the two companies, which are interconnected by a high tension transmission line, serve substantially all of Long Island up to the New York city
line and the Rockaway District of the Borough of Queens.
-Proceeds will be used to reimburse the company for additions,
Purpose.
extensions and improvements to the properties of the company.
Earnings 12 Months Ended Aug. 31.
1926.
1925.
Gross income
$2,623,276 $2,999,372
Operating expenses, maintenance and taxes
1,744,469
1,975.239
Net income for interest charges
$878,807 $1,024,133
317,500
Annual int, charges on all bonds outstanding, incl. this issue_ _
$706,633
Balance available for retirement reserves, &c
Capitalization Outstanding with Public (After This Financing).
-5% series of 1955 (incl. this issue)__- - $1,950,000
Ref. mtge. gold bonds
2,000,000
6% series of 1953
do
aUnderlying 5% bonds (intges. closed except for ref. purposes)_ 2,000,000
2,450.000
Preferred stock,8% cumulative
2,000,000
Peoples Light & Power Corp.
-Bonds Offered.
-G. L. Common stock (paying 8%)amount ($2.000,000) may not be increased.
a The total outstanding
Ohrstrom & Co., Inc. New York, are offering at 9534 and Additional bonds if issued for refunding purposes shall be pledged under
-V. 122, p. 2497.
.
.to yield over 5:95%, $2,100,000 additional 1st lien the refunding mortgage.
-Earnings.534% gold bonds, series of 1941. Duo July 1 1941. (See
Radio Corp. of America.
-Qua?' End. Sept.30- -9 Mos.End. Sept. 30.
description in V. 123, P. 84.)
1926.
Period1925.
1926.
1925.
• Business.
-Corporation, through its subsidiary properties and upon
acquiring properties now under contract of purchase, will supply public Gross inc.from sales, &c.$14,734,110 $7,351,142 $38,941,743 $27,165,531
12,618,020
7,709.417 34,955,122 25,986.530
utility service in 12 States, serving a total population in excess of 235.000. xExpenses
Sale of electricity Is the main source of revenue and the electric properties
52.116,090 def$358,275 13,986,621 51.179,001
Profit
are, for the greater part, hydro-electric systems. These various properties
x General operating and administration expenses, depreciation, cost of
divide into the following groups: (a) Wisconsin and Minnesota; (b) Iowa,
Illinois. Indiana and Ohio: (c) Washington, Oregon and Idaho; (d) Cali- sales, patent amortization, estimated Federal taxes and accrued reserve
-V. 123. p. 1505.
fornia; (e) Arizona; and (f) Vermont.
for year-end adjustments.
The physical properties of the constituent companies and the properties
Rapid Transit in New York City.
-Five-Cent Fare
now under contract of purchase are as follows: The electrical properties
consist of 28 fully-equipped power plants, of which 18 are hydro-electric. Referendum Is Barred from Ballot Nov. 2.
The total installed capacity is 14.600 h.p., of which 10,500 h.p. is hydroThe proposed referendum on a five-cent fare cannot go on the ballot in
electric. In addition, there is now under construction a new hydro-electric
generating station, whose capacity will be 2,000 h.p., which will make a the coming New York City election, the Court of Appeals decided in an
total capacity of 16.600 h.p. The properties also include power sites for opinion handed down at Albany Oct. 22. In the case of the five-cent fare
further hydro-electric development which, when developed, will add ap: the decisions of the lower courts were reversed.
Judge Cuthbert W.Pound worte the opinion upholding the right of Frank
proximately 19.000 h.p. to the total generating capacity. The transJ. McCabe to bring proceedings for a peremptory order of mandamus to
mission and distributing lines are in excess of 715 miles.
The gas service consists of 37 miles of mains and plants having a total compel the Board of Elections to omit from the ballot the five-cent fare
daily capacity in excess of 600.000 cu. ft. The water service consists of referendum. painted out that in case the Board of
The Court
about 169 miles of mains and 21.500.000 gallons daily pumping capacity duty and proceeded to submit a defective local Elections failed to do its
law to be voted upon by
supplying 14,070 customers. As of July 31 1926 there were 32,681 con- the electorate, a citizen might obtain a
mandamus order requiring the persumers.
-V. 123, p. 1998.
Authorized. Outstanding. formance of such duty.
Capitalization1st lien 5;i% gold bonds, series of 1941, including
Shore Line Electric Ry. (Conn.).
-Sale of Land.
(V.123.p.84) $5,600,000
this issue
Robert W. Perkins, receiver, has been authorized to sell six tracts of
$2,400,000 a2,400,000
Convertible 534% and 5% serial gold notes
.000,000
1,277,700 land owned by the company in Essex, Preston and Norwich, Conn. The
5
preferred stock
7'7 cumulative
100.000 shs. 25,000 shs. sale is the result of action brought by the United States Trust Co., New
Class A common stock (no par)
-V. 118, P. 70
100,000 shs. 36,000 she. York, and the Old Colony Trust Co., Boston, Mass.
5•
Class B common stock (no par)
$1.000.000
% gold notes.
a 51,400,000 5;4% gold notes and
Southern Sierras Power Co.
-To Refund Bonds.
- this
-The appraised value of the various properties including
Valuation.
The California RR. Commission has approved the application of
Properties now under contract of purchase, less depreciation, is in excess company to issue $2.470,000 1st & ref. bonds at not less than par in conof $12,000.000.
refunding of the outstanding 1st mtge. 6s, due Sept. 1
Constituent Properties and Those Now Under nection with the
Consolidated Net Earnings of
1936, and $300,000 6% serial bonds of the recently acquired Coachella
Contract of Purchase.
-V. 123, p. 2141.
Dec. 31 '25. July 31 '26. Valley Ice di Electric Co.
Year Ended$1.663,359 $1.638.704
Southwestern Bell Telephone Co.
Gross revenue
-Earnings.
901,641
846,825
OPer. exp., maint. & taxes, other than Fed. taxes_
1925.
Nine Months Ended Sept. 301926.
Gross revenue
$43,462,682 $.38,182.M
$735,063
$716,534
Balance
9.2 .
35
$308,000 Operating income
11.456,597
on 1st lien 53.65, incl. this issue
Annual int. requirement
4
Management.-Tte management a corporation is in charge of W. B. -V. 123. P. 8 5.
Foshay Co.
Southwestern Light & Power Co.
-Acquisitions.
[The California RR. Commission has authorized the People's California
the Sayre
The citizens of Sayre,
Hydro-Electric Corp., a subsidiary, to issue not exceeding $35,000 of stock municipal lighting plant Okla. on Oct. 7. approved the sale of voted on
to ilia above
and not exceeding $65,000 of bonds for the purpose of acquiring the proper- Oct. 12 to sell the light and ice plants company. Weatherford
to the Southwestern compallY. TV
permisties of the Fort Bragg Electric Co. The applicant had applied for
purchased.
sion to issue $225.000 in securities for this purpose. The Fort Bragg privately-owned electric system at Devol has also been
123. P. 845
company serves that city and also furnishes energy to Mendocino.1
OCT. 30 1926.]
THE CHRONICLE
Springfield (Mass.) Gas Light Co.
-To Issue Stock.
-
A special meeting of stockholders will be held Nov. 1 for the purpose of
authorizing an application to the Massachusetts Department of Public
Utilities for authority to increase the capital stock to care for improvements and extensions to property. The amount of stock to be authorized
is not specified. The capitalization now consists of $3,880,225 capital
stock, par $25.-V. 120. P. 2685.
Stettin Public Utilities Co.
-Definitive Bonds.
-
2263
Troy (N. Y.) Gas Co.
-Mohawk-Hudson to Acquire Int.-
See Mohawk-Hudson Power Corp. above.
-V. 123, p. 1635.
Twin City Rapid Transit Co.
-Earnings(Ind. Subs.).-
. -3Mos.End. Sept.30- -9 Mos.End. Sept.30Period1926.
1925.
1926.
1925.
Gross earnings
52.881.885 $2,847,326 59.479,051 59,231.792
Operating expenses
2,167.170
2,253,774
6,913,957
6,853,485
Fixed charges and taxes_
536,076
537,165
1,664.009
1,663.697
Harris, Forbes & Co. announce that the definitive 1st (closed) mtge.
sinking fund 7% gold bonds, due April 1 1946, are now ready at their Net income
office to be exchanged for outstanding interim receipts. For offering, -V. 123, p. 712.
see V. 122, p. 3212.
$178,639
$56,387
$901,085
$714,610
Utah Power & Light Co.
-Acquisition.-
Texas Power Corporation.
-Bonds Sold.
-A new issue
of $1,600,000 first (closed) mortgage 30
-year 6% bonds was
offered Oct. 25 at 99 and interest, to yield about 6.07% by
Emery, Peck & Rockwood, G. H. Walker & Co., Paine,
Webber & Co., and Taylor, Ewart & Co., Inc. The issue
was oversubscribed the day of offering.
Dated Sept. 1 1926: due Sept. 1 1956. Principal and interest (M.& S.)
payable at office of Continental & Commercial Trust & Savings Bank,
40hicago, trustee, or at First National Bank, New York. Denom. 31.000,
$500 and $100 C. Redeemable, all or part, on thirty days' notice on any
Interest date on or before Sept. 1 1932, at 105; thereafter on or before
Sept. 1 1938 at 104: thereafter on or before Sept. 1 1944 at 103; thereafter
on or before Sept. 1 1950 at 102;thereafter on or before March 1 1956 at 101.
Company will agree to reimburse holders of these bonds if requested within
sixty days after payment, for the Penn., Calif., Conn. or Kan.4 mills and
Maryland 4% mills taxes; for the Dist. of Col.. Mich. and Kentucky personal property taxes not exceeding 5 mills per $1 per annum;for the Virginia
personal property tax not exceeding 5% mills per $1 per annum,and for the
Mass. income tax on the interest of the bonds not exceeding 0% of such
Interest per annum. Interest payable without deduction for normal
Federal income tax not to exceed 2%.
Sinking Fund.
-Indenture provides for a sinking fund beginning Jan. 1
1929 and extending in increasing amounts to Jan. 11955. These sinking
fund payments aggregate $801,000 and are to be used in redemption of the
first mortgage bonds through purchase or call. The sinking fund should
retire one-half of this issue by maturity.
Data from Letter of Pres. F. H. Wilimont, Seguin, Tex., Oct. 16 1926.
Company.
-Recently organized in Texas for the purpose of constructing,
maintaining and operating power plants with all necessary equipment and
transmission lines. Is about to construct three hydro-electric plants on the
Guadalupe River between the towns of New Braunfels and Seguin and about
30 miles northeast of San Antonio. The entire project, including the
preparation of plans and specifications, has been under the direction of
Fargo Engineering Co.
The three dams are to be of reinforced concrete in connection with which
all lands, water and flowage rights have been acquired. Based upon extended investigations of rainfall and flowage conditions by Fargo Engineering Co. there will normally be sufficient supply of water to operate the installed capacity of 8.880 k.w. The power stations will be concrete substructures, brick super-structures and the water wheels and the electric
equipment to be installed will be of the latest design.
Power Contract.
-Corporation has entered into a 30
-year contract expiring
Dec. 31 1957 (over a year beyond the maturity of its bonds) with Comal
Power Co., a subiidiary corporation of American Light & Traction Co.,
and affiliated corporation of San Antonio Public Service Co.,under the terms
of which Comal Power Co. agrees to purchase substantially all ofthe current
which the Texas Power Corp. will be able to generate and deliver. It is
estimated the average annual output will be 34,000,000 k.w.h.
For all current received Comal Power Co.is to pay at the rate of734 mills
per k.w.h., with the proviso that during the first 15 years, while the plants
are in operation its annual payments to Texas Power Corp. shall be at least
$165,000, with the understanding that any excess in payments made over
the contract price of 73 mills per k.w.h. shall be adjusted in succeeding
months.
This contract guarantees a minimum annual revenue of $165,000, which
according to engineers' estimates will be sufficient after all operating expenses, maintenance charges and taxes to pay annual interest charges on
the company's entire funded debt. This is a continuing contract and will
be binding on successive owners until expiration.
Comal Power Co., which is to purchase the current, has just completed a
steam station at New Braunfels with an initial installation of 30,000 kw.,
tnd designed for an ultimate capacity of approximately 120.000 k.w.,
Which is considered to be one of the largest and most modern in Texas.
The Comal Power Co.'s transmission lines will connect with and supply
current to the lines of San Antonio Public Service Co. and South Texas
Public Service Co., subsidiaries of American Light & Traction Co., West
Texas Utilities Co. and Texas Central Power Co., controlled by Middle
West Utilities Co. and Texas Public Utilities Co., which is operated under
supervision of Electric Bond & Share Co.
,
Security.
-Secured by a direct (closed) first mortgage on all the company's real property, dams, generating plants, flowage rights (subject to
certain farm mortgages), and franchises, now owned or hereafter acquired,
including the power contract but excluding certain surplus lands not essential to the project nor included in the engineers' valuations.
CapitalizationAuthorized. Outstanding.
Common stock (no par value)
10,000 abs. 10.000 shs.
Preferred stock, $7 cumulative (no par value)
5,000 5115. 4,000 abs.
First mortgage 6% gold bonds
21,600,000 $1,600.000
General mortgage 6%% gold bonds
400,000
400,000
Earnings.
-It is estimated that corporation will have average gross
earnings of $255.000 and net earnings after payment of operating expenses,
maintenance charges and taxes, of $206,950, equal to 2.15 times the annual
interest charge 0 the $1,n..000 first mortgage 6% gold bonds presently
o.
to be issued. Through the operation of the company's sinking fund,
outstanding first mortgage bonds will gradually be retired with a corresponding reduction semi-annually in the amount of bond interest charges.
Third Avenue Ry.-Agreement Reached with White Plains.
This company has taken over the property of the Moab (Utah) Power &
Light Co. with about 175 customers.
-V.122. p. 2331.
Virginia Electric & Power Co.
-Ordinances Passed.-
The Norfolk City Council this week passed two ordinances granting
the company increases in the bus and trolley fares to 10c. cash fare, 8 1-3c.
tickets, and $1 50 weekly passes. The ordinances also provide for the
partial rerouting of the transportation systems for the purposes of unification
and improved operating economy.
-V. 123, p. 1879.
Western Power Co. of Canada.
-Bonds Paid.-
See British Columbia Electric Ry. Co., Ltd., above.
-V. 112, p:68.
Western Union Telegraph Co.
-1125,000,000 Bonds
Sold.
-Kuhn, Loeb & Co. have sold at 100 and int. $25,000,000 25-year 5% gold bonds.
Dated Dec. 1 1926; due Dec. 11951. Denom. $1,000 and $500 c* & r*.
Int. payable J. & D. Not redeemable before Dec. 1 1936. Red. as a
whole but not in part, at the option of the comapny, upon not less than
60 days' prior notice, on Dec. 1 1936 or on any subsequent int. date up to
and incl. Dec. 1 1946 at 105 and int., and thereafter at 100 and int., plus a
premium equal to 34% for each 6 months between the redemption date and
the date of maturity. Chase National Bank, New York. trustee. Both
principal and interest will be payable in gold coin of the U. S. of America
of or equal to the present standard of weight and fineness, and without
deduction for any tax or taxes (other than Federal income taxes) which the
company or the trustee may be required to pay thereon or to retain therefrom under any present or future law of the U. S. of America, or of any
State, county, municipality or other taxing authority therein.
Listing.
-Application will be made in due course to list these bonds on
the New York Stock Exchange.
Purpose.
-To reimburse the treasury of this company for expenditures
made on account of extensions, additions and improvements to its plant and
equipment (outside of the State of New York), and to provide funds for
further extensions, additions and improvements (outside of that State).
Company.
-Since its incorporation in 1851 has acquired by purchase,
lease or stock ownership some 535 telegraph corporations and properties.
With its 24,428 offices the company conducts a national telegraph system,
supplying about 83% of the telegraph service in the United States, in addition to which, through its cable system and connections, the Western Union
establishes telegraph communication with all parts of the world.
Capital Stock.
-Company has outstanding $99,786,530 stock, having a
present market value of approximately $143,500.000. Company has paid
dividends on its stock uninterruptedly since 1874; from 1917 to 1925 at the
rate of7% per annum and since the beginning of 1926 at rate of8% per ann.
Funded Debt.
-The outstanding funded debt of the Western Union Telegraph Co. and its subsidiary companies, including this issue of bonds,
will amount to $72,648.400.
Earnings.
-The net income of the company, after charging all operating
expenses and rentals of leased plants and taxes (other than Federal income
taxes), but before payment of interest on its bonds, for the year ended
Dec. 31 1925 amounted to $20,659,775, or almost 9 times such interest for
the same period, winch amounted to $2.336,516. For the 9months ended
Sept. 30 1926 such net income applicable to bond interest (Sept. income
being estimated) amounted to $14,814,300, while the bond interest for the
same period amounted to only 51.753,982. Such net income of the company applicable to interest charges for the 5 years ended Dec. 31 1925 averaged $16,998,100, or nearly 8 times the interest charges during the same
period.
Issuance.-Tne issue and sale of the bonds are subject to the approval
of the stockholders and will be submitted to the stockholders at a special
meeting to be held Nov. 24 1926.-V. 123. p. 1998, 1384.
Westphalia United Electric Power Corp.
-Bonds Ready.
-Speyer & Co. announce that the definitive 1st mtge. s. f.
gold. bonds 6M% series due 1950, are now ready for delivery
at their office, 24-26 Pine St. N. Y. City, in exchange for
and upon surrender of their interim receipts. (For offering,
'
see V. 121, p. 2640.)-V. 123, p. 1998.
Western United Gas & Electric Co.
-Earnings.-
Twelve Months Ended Sept. 30-1925.
1926.
Gross earnings
$6,627,612 $5,863,419.,
Net earnings
2,514,123'"
2,998,334
Pres. A. E. Fitkin announces that for the 9 months ended Sept. 30 1926
merchandising and job sales amounted to $514,402. September sales alone
totaled $131,866.-V. 123, p. 713.
INDUSTRIAL AND MISCELLANEOUS
Refined Sugar Prices.
-On Oct. 28 Federal reduced price 5 pts. to 5.7.5c,
per lb. and .Arbuckle Bros. 5 pts. to 5.75c. per lb.
Price of Lead Reduced.
-American Smelting & Refining Co. reduced
price 10 pts. to 8.25c. per lb.
-"Wall Street News," Oct. 26.
Battery Prices Reduced.-Presto-oLite Co., Inc., reduced prices 25% on
all batteries.
-Boston "News Bureau," Oct. 28, p. 16.
Reduction Made in Price of Brass.
-American Brass Co.reduced prices on
brass and copper materials g cent per lb.
-Boston "News Bureau" Oct. 28.
.
P 8.
Advance in Price of Alcohol.
-National Distillers Products Corp. and
U. S. Industrial Alcohol Co. advanced price of denatured alcohol 2c.
gallon to 55 +37%c. per gallon in carload. lots and girums.-"Sun" Oct. 27,
p. 35.
Publishers and Pressmen Sign Three-Year Wage Agreement.
-Certain wage.
Increases are specified, together with bonuses for Saturday night work for
Sunday editions of newspapers.
-"Times" Oct. 27, p. 17.
Matters Covered in "Chronicle" Oct. 23.-(a) New capital flotations in
September and for the nine months ended Sept. 30.-p. 2041-2047.
This company and the city authorities of White Plains, N. Y., are
reported to have reached an agreement whereby buses will be run for
five years on all routes now covered by trolleys. Buses will re-establish
service to Mamaroneck from White Plains on a 20c. fare, but trolleys
will be retained to Tarrytown, N. Y., with fare increased to 10c.
3 Months Ended Sept. 30
1925.
1924.
1926.
Transportation
$3,718,944 $3,539,549 53,531.886
Advertising
37.500
37,500
37,500
Rents
62,802
71,457
62.910
Sale of power
3 083
3 161
3.138
Total operating revenue
$3,830.984 $3,643.120 $3,635,326
Air Reduction Co.
-Earnings.Maintenance of way & structure
495,294
498.125
543.395
Quars. End.
1923.
1924.
Maintenance of equipment
1925.
368,148
449.687
383,925 Gross income Sept. 30-- 1926.
Depreciation of accruals
$3,142,373 52,572,948 $2,082,391 $2,588,891
62,305
Cr.62,082
Cr.44.629 Operating expenses
1,654.853
1,455.895
1.759,879
2,035,990
Power supply
222,771
215.979
247,263
f
Operation of cars
1.258,281
1,238.163
1,281.978
$626,495
$934.038
Opmating
$813,068
Injuries to persons & property
281,541
267.499
257,757 Additions to Income_.._ $1,106,378
249.154
276,454
reserves_ _ _
296.427
General & miscellaneous expense
461,408
153.930
147.869
147,811 Bono int. & expense_ ___
29,180
Total operating expense
$2,842.269 $2,755,240 $2,817.500 Special credit
16,073
operating revenue
Net
988.715
887.880
817.826
Taxes
259.421
255.727
$366,113
242.432 Net prof. before Fed.tax $644,969
5655.704
$516,640
Operating income
$729.294
5632.153
$575,393 -V. 123, p. 2143.
Interest revenue
51.005
49.340
72,495
-Earnings.Amerada Corporation.
Gross income
$780,299
$681,492
$647,888
9 Mos. End.
Quarter Ended
Deductions
Period'26. June 30 '26. Mar. 31 '26. Sept. 30'26:
Sept. 30
Int.:(1) 1st mtge. bonds
128.270
128,270
137,020 Gross operlincome
$4,298,483 23,989.047 52,305.761 $40,593,291
()1st ref. mtge. bonds
219,905
219,905
219,905 Oper.costs,admin. exp.,
(3) Adjustment mtge. bonds
281.700
281,700
281.700
1.441.966
916,457
leases abandoned, &c.. 1.617,068
3.975,491
Track and terminal privileges
4,867
4,939
3,445
Miscellaneous rent deductions
2,275
2,174
1,772
Operating income_ _ _ _ $2,681,415 82,547.080 51.389,305 56,617,800
Amortization debt disc. & expense
5,613
5,633
5,468 Other income
79.549
40.997
62,367
182.913
Sinking fund accruals
8.370
8.370
8.370
Miscellaneous
Cr.691
17.616
16,584
Total income
- $2.743.782 $2,626.629 81.430.302 56.800.713
Interest on series C bonds
6.492
6.492
1.236,397
Depr., depl. & Fed. tax. 1,248,840
618,675
3,103.911
Total deductions
$656,801
$675,099
$674,534
$123,499
Net income
51.494,942 $1,390,232
$6,393 ded$26,645
Net income
2811,628 $3,696.802
133, p. 1252.
-V. 123, p. 1764.
2264
T 11 14g
[Volk 1211.
CHRONICLE
-Earnings, &c.
Allis-Chalmers Mfg. Co., Inc.
American Safety Razor Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 200,000
Net Profit after Prov. for
share: of capital stock without par value (authorized 250,000 shares), on
Federal Taxes.
Sales Billed
official notice of issuance in exchange for 200.000 shares of capital stock,
1925.
1926.
1925.
1926.
Month of$276.836 par $100 per share, now outstanding, on the basis of exchange of one share
8260.689
$2,442.826 82,419.833
January
281,455 of capital stock without par value for one share of capital stock of $100
277.131
2,417.870 2.413.802
February
288,762 par value.
290.581
2.467.322 2.297.317
March
1153 Consolidated Statement of Income et Expense (Corporation et Subsidiary Co.).
5828.401
57.t2.0lg 57.130.952
Total 1st quarter
288.703
288,703
on preferred stock
Dividends
Year Ended
6Mos.End.
$558.35!
June 30'26. Dec. 31 '25. Dec. 31 '24.
$539699
Balance for 1st quarter
8275,908 Total revenue from operation
8270,606
82.728.201 85,773,867 $5,326,620
$2,444,206 82,308 804
April
271.497 Cost of operation
265.158
2,013,346 4,479.440 4,094,791
2.428.169 2,365.896
May
282.617
290.395
2.481.692 2.368.050
June
Operating income
8714.855 81.294.427 $1.231,829
$830.022
8826.158
$7.354,067 $7,042.750
Total 2d quarter
98.098
61.332
111,451
288,703 Other income
288.703
Dividends on preferred stock
$541.319
$537,455
Total income
Balance for 2d quarter
8776.187 81,405.878 81,329.926
$289,297 Depreciation
$299.348
$2.531,177 $2433004
158.954
July
170.662
89.687
274,511 Federal income taxes
308.986
2.651,705 2.419.341
150.000
August
8.5 000
155.000
262.299 Dividends on stock
317.327
2,628,972 2,446.225
400,000
September
300.000
750,000
3925.861
$826,107
$301,490
Balance
37.811.854 $7.298,571
Total 3c1 quarter
$620,972
$330,216
288.703
288,703
Dividends on preferred stock
Consolidated Balance Sheet.
$537,405
$636.959
Joe 30'26. Dec .31'25.
.1'ne 30'26. Dec .31'25.
Balance for 3d quarter
S
Assets$
$
Liabilities$
$22,493.939 $21,472.273 $2,580.221 82.503,182
Total nine months
10,800,000 10,800,000
Capital stock
The unfilled orders on hand as of Sept. 30 1926 amounted to 813.323.325. Land, buildings.
machinery,&c_ _ 1,988,698 1,968,077 Accts. pay., trade_
45,848
46,813
as compared with $10,147,073 at the beginning of the year. an increase of
426,979
699,858 Credit bal.on cust.
over 317. Bookings of new business for the current nine months amounted Cash
17,266
255,188 accounts
12,686
to $25.670.191. as compared with $21,491,989 for the same period a year U. S. securities_ _ _ 995,188
Marketable secur.,
Miscell. & accrued
-V. 123. p. 1508.
ago.
68,461
204,663
at cost
45,938 items
38,999
Customers' accts.
-Earnings.
Installm't of mtge.
American Bank Note Co.
9 Mos. End.
350,000
& notes recely'le 896.376
855,864 on real estate_
Quarter Ended
37,090 Federal income tax 161,194
155,000
Sept. 30'26. June 30'26. Mar.31 '26. Sept. 30 '26. Sundry accts. rec. 51,168
Period750
$439.975 $1,637.097 Inventories
1,422,776 1,206,285 Rents rec. prepaid
8584,109
750
$613.012
:Operating profit
145,143 Adver'g,&c..suppl 85.902
40,364
46,499
84,244 Surplus
3,080,868 2,767,393
58.281
Other income
Due from affil. cos 134,543
74,836
$480,339 81,782,240 *Cash & U. El.
$630,608
8671,293
Total Income
195,759
63,324
Govt.securities.
65.298
1,000,000
67,138
Depreciation
196,982 Investments-Stk.
41,174
87.188
68,620
Misc. charges. &c
202,304
67.434
In affil. cos. at
67,434
67,435
Preferred dividends_ _ _ _
593.430
197.810
271,600
197.810
cost
271,600
197.810
Common dividends
32,875
Other investmls
27,984
8593,765 Deferred charges.... 161,576
200,717
7.
. .,)
21h811Ei 7138110,597
.
1
SuV270F.A
Good-will, pats. &
iexpenses and Fdra1tirs.7,468,001 7.468.001 Total (each side). _14,140,345 14,195.683
trade-marks._
-Earnings.
American Hide & Leather Co.30- -9 Mos.End. Sept.30*In purchasing good-will on Sept 22 1919 the corporation assumed a
-Ouar. End. Sept.
.
contingent obligation not exceeding 81.600 000, against which there was
1925.
1926.
925.
1926.
Periodof $1,000 000.
$649,323 a special reserve fund decided that the On Feb. 25 1926 the United States
$67,475
$219,248
833,403
•Net earnings
Board of Tax Appeals
transactionsfor which this contingent
187.400 liability was assumed were not taxable
173,328
62.438
59,372
Depreciation
transactions -V. 123, li• 1636.
$461,923
$240,803
$156.810
loss$92.776
Net profit
American Trading Co.-Obituary.-interest on loans
• Results from operations after charging repairs,
Vice-Presideet William E. Peck died in New York City on Oct. 22.
-V. 123, p. 713.
and reserves for taxes.
-V.118. P. 1395
.
-Earnings.
American Metal Co., Ltd.
1926-9 Mos.-1925.
Period end. Sept. 30- 1926-3 Mos.-1925.
Net income after charges.
deprec..&c. $705.728 81,206,547 82.098,881 $3,040,173
Fed.taxes,
-V.123.P. 1999.
American Type Founders Co.
-Annual Report.
-
Years End. Aug. 31- 1925-26.
1924-25.
1922-23.
1923-24.
Net sales
812.790.753 812.133.600 811.197.877 811,863.790
8.055.423 7.613.155 6.048,733 6,318,201
Cost of goods sold
84,735.330 84,520.445 $5,149.144 85,545,589
Gross
-Stock Interest income
461.325
American Paulin System, Inc., San Francisco.
Alexander & Greeley, San Francisco, are Sell., admin., &c., exp.... 2,723,182 2.928.990 3.484,953 3,680.879
-Wright,
Offered.
cum. pref. partic. stock and 4,000
offering 8,000 shares 7%
Operating income_ _ _ _ $1,550,823 $1,591,455 $1.664.191 81.864.710
455,160
284,278
shares common stock in units of four shares of pref. stock Other income
stock at $125 per unit.
and two shares of common
Profit
32.005.983 31.875.733 81,664391 $1.864.710
-J. Callable, all or part, on any div. date
payable Q.
Pref. aividenus
on 30 days' notice at $27 50 per share and diva Divs, exempt from normal
Federal income tax. Exempt from California personal property tax.
Registrar, American Bank, San Francisco. Transfer agent, office of the
company, San Francisco. Pref. stock participates with common in any
diva paid until pref. has received 10%•
Authorized. Outstanding.
Capitalization8200,000
5200.000
7% cum. pref. partic. stock (par $25)
300.225
450.000
Common stock (par $25)
Data from Letter of H. E. Linden, V.-Pres. & Gen. Mgr.
-Incorporated in California. Organized to acquire and own
Company.
the assets and business heretofore conducted under the name of Navigator
Instruments, Inc. (of Calif.). Company will sell instruments of precision,
such as altimeters, barometers, pressure gauges and manometers (blood
pressure instruments) in the United States. Mexico. Canada, Central
America, South America, Australia, New Zealand, China, Japan, Fiji
Islands, Samoan Islands and New Guinea. These instruments, known
as Paulin System instruments, after the inventor,J.G.Paulin of Stockholm.
Sweden, will be sold under a grant of exclusive selling rights in the above•
mentioned countries from the well-known Swedish company Svenska
Aktiebolagat Navigator, with whom Mr. Paulin is connected as Chief
Engineer. The major portion of the American Paulin System's business
will be wholesale distribution through established dealers.
-It is conservatively estimated that the net profits, on a
Earnings.
yearly scale of 3,000 instruments, will be approximately $45,000, which is
more than three times the annual dividend requirements on the pref. stock,
and on the sale of 6,000 instruments per year, which can be reasonably
oxpected, the net profits will exceed $100,000, which is more than seven
times such dividend requirements.
-Proceeds will be sued for the acquisition of the assets and
Purpose.
valuable selling rights now owned by the Navigator Instruments, Inc..
and also to supply the it: ourary working capital to immediately carry
on an active sales campaign, and for other corporate purposes.
-Application will be made in due course to list the common
Listing.
stock on the San Francisco Stock & Bond Exchange.
Reserve for deprecia'n
Federal taxes paid
Net profit
Previous surplus
513.879
183,418
538.006
163.600
492.075
161.358
728,815
144.923
81.308.688 $1,174,127 81.010,757
4.232.501
3.747,202 3.283,698
8990,972
2,690,824
85.541.187 84.921.329 $4,294,455 83,681.598
Total surplus
280.000
280.000
256,761
197.897
Preferred diva. (7%)
(8%)480.000(710408.828(650290.493(5%)200.000
Common diva
Surplus Aug.31
-V.123, p. 1636.
84,781,187 $4,232,501
$3,747,202 $3,283,698
-Balance Sheet.American Window Glass Co.
Aug. 2726, Aug. 28'25
Liabilities$
$
Common stock.._13,000,000 13,000,000
Preferred stock__ 4,000.000 4,000.000
Accts. payable__ 346,074
432,774
Pref. div. payable_ 140,000
140,000
Royalty payable_ 222,289
320,999
Tax reserve
1,038,807 1,007.948
Prepaid royalties_
35,211
Tot.(each side).29,592,608 29,641,310 Profit & loss surp_10,845,438 10,704,378
-V.123, p. 2143.
Aug.27 '26. A ug.28 '25.
$
$
AssetsPEts, g'd-will, &c_22,285.247 22,424,259
Malls & supplies_ 4,314,944 4,230,829
20,879
20.142
Investments
5,000
5,000
Treasury stock. _ _
Cash.notes,&c.,rec 2,864,675 2,846,223
114,120
102,601
Prepaid ins., dge
American Window Glass Machine Co.
-Earnings.
. •
1924-25.
Years End. Aug 31- 1925-26.
x1923-24.
1922-23.
$1,463,470 $1,630,765 $1,419,898 $3,092,634
Royalty received
17,766
Other income
19,090
29.754
44.670
$1,480.236 $1,649,855 $1,484,588 $3.122,388
Total income
50.508
General expenses
48,895
45,525
35.628
192.372
Taxes
250.590
390.249
141.894
489.965
Preferred dividends.-489,965
612,450
489.965
779.898
Common diva (cash)
1,299,830 1,299,830
974,873
Com.diva (Lib. bonds)_
150.000
American Piano Co.-Earnings.sur. or def_ _ _ der$32,507 def$439.425 def$652.749841.099.284
Mos.End. Sept.30Balance.
.
--Quar. End.Sept.30- -9
1925.
1926.
x For 16 months. April 1 1922 to Aug. 31 1923.-V. 121. p. 2276.
1925.
1926.
.
Period83,067.476 $3,563,885 $8.796.156 $10,135.057
Net sales
Archer-Daniels-Midland Co.(& Subs.).
-Earnings.
7.595.125 9.334,378
3,190,761
Exp., depr. & Fed. taxes 2.680.821
12 M .s..Eid. 11 M ,
s.End. -Yrs.End. Sept. 30Aug.3I 'N. Aug.31 '25.
Period1923.
1924.
$1,201.031
$800.679
$373.124
$388655
Net income
82.223.738 $2,513,517 81,091,288 x$254,767
315.000 Net profit
313.041
105.000
104.347
Preferred dividends....
379.372
130,113
340.715
355,044
260.372 Provision for deprec
258.4.0
86.804
88..34
Common dividends
258.s87
Prov. for Federal tax
15,582
272,575
92,031
315.000
73.646
339.500
350.000
$225.307 Preferred dividends_
$629,580
$181,320
$.96.174
Surplus
-V. 123. P. 5
84•
Balance, surplus
$1,270.480 $1,560,727
$35,426
8294.214
Profit and loss surplus
3.160.847 1,890,367
35,428
-Earnings.
329.640
American Pneumatic Service Co.
a Being the proportion of earnings accruing to the company from its
1926.
1925.
Nine Months Ended Sept. 28$363,345 Incorporation. May 10 1923 to Sept. 30 1923.
$269.181
Netfrom Lamson Co
Consolidated Balance Sheet Aug. 31.
320.560
394.870
Earnings from tube rentals, &c
1926.
1925.
1925.
1926.
$683,905
8664,051
$
Assets5
Liabilities$
$
Totalincome
381.282 Oil mills, tank sta427,166
7% cum. pref.stk. 4,500,000 4,850,000
Charges
302,623
236,885
lions & tank cars
Corn. stk.(200,000
Netincome, before taxes
totaled 82.927.303. compared with
deprec.)_ _ _x7,264,239 7,330,848 shares no par
(less
Current assets as of Sept. 30 1926
3,969.349 2,974,449 value)
5,000,000 5,000,000
32.786,262 Sept. 30 1925; current liabilities 8467.699. against $474,705, Inventories
14I,920
leaving net working capital of $2,459,604, compared with $2,311,557. Notes & accts. rec. 1,982.885 1,862,534 Accounts payable_ 174,549
53,743
32,644
21,612 Advances
Due officers & emp
-V.123, p. 457.
15,485
487,000
135,845 Due to off.& empl.
Advances
35,803
20,000
20.000 Prov. for conting.
• American Republics Corp. & Subs.).-EarninSept. 30- Liberty bonds
Mos. to
412.624
1,092,416 1,533,3481 Incl. Fed. tax__ 467,987
Cash
-Quar. End. t. 30- -91926.
1925.
43,658
i925.
34,453
34,531 Gen. taxes accrued
Investments
45,421
1926.
Period1
1 i Initial surplus _ _ _ _ 1,548,945 1,548,945
$8,478,611 $7,723.842 $22 391.254 823.310 826 fi'dwill, pats., &c.
Sales
50.563
43,573 i Curr.sur. balance_ 3,160,847 1.890 357
Cost of sales
.
7 2i3 290 6,015,127 18,664.075 18.725.53o Deferred charges
1.501.448 1,636.058
522,480
516.719
Gen., adm.& misc. exp..
14,933.550 13,956.7401 Total
Total
14,033,550 13,956,740
Net profit
8748.602 81.186.235 $2.225.731 $2.949,235
x After deducting 31.905.072 reserve for denreciation.-V. 123, p. 2143.
Other Inc. charges (net). Cr358,289 Dr131.215 C1'148,600 Dr232,386
-Definitive
Net inc. (after deducting
Anglo-Chilean Consolidated Nitrate Corp.
2,378,804
926,126 2,108,489
res. for Fed. inc. tea)_ 1,014.717
Bonds and Common Stock Soon Readyfor Delivery.-.
-V. 123. p. 457.
-year 7%
The Bankers Trust Co., trustee, is now prepared to receive 20
debenture bonds in temporary form. 1)efinitive bonds, as well as common
stock of the corporation at the rate of 7% shares for each $1,000 principal
amount, will be ready for delivery within a short time. Fractional shares
will be delivered in the form of scrip. See also V. 123, p. 2143.
Art Metal Construction
End. Sept. 30-• -9 Mos.End. Sept. 30
Co.-EarnigsQu
-1926.
1925.
Period1925.
1926.
$1,887,409 $1,476,902 $5.930.762 $4.613.611
Shipments
4,136,857
1,331,344
5,205,745
Cost of goods shipped.__ 1,707.274
24,000
60,000
Estimated taxes
19,000
97,000
80.143
240.427
Dividends
80.142
240,428
Surplus
_v. 123, p. 714.
$75,992
$46,415
$387,589
$176,326
Atlantic Gulf & West Indies SS. Lines.
-Earnings.PeriodAugust gross
Net after depreciation
Gross income
int. rent and taxes
Net income
-v. 123, p. 1765.
2265
THE CHRONICLE
OCT. 30 1926.]
-Month of August----8 Mos. Aug. 311926.
1925.
1925.
1926.
$2,945,140 $2,457.508 $26. 26.554 $19,679.296
139,162
2,760,878
331.969
1,568.051
189,892
2,987.815
2,005,079
334.982
235,383
1,535,886
219.546
1,910,760
def45,491
125,43s
1.451.928
94,319
Auburn Automobile Co.
-Earnings.-Quarter Ended- -9 Mos. Ended.Sept. 30'26. June 30 '26. Mar.31 '26. Sept.30'26.
PeriodNet earnings after taxes,
deprec. and reserves
$220,624
$781,471
$287,848
$272,999
-v. 123. P. 1880.
Barnet Leather Co., Inc.-Earnings.-
third quarter of 1925. Current operations are at the rate of approximately
82% of capacity as compared with 80% at this time in 1925.
The value of orders on hand Sept. 30 1926 was $44,553,571 as compared
with $50,010.117 at the end of the previous quarter and $46.509,167 on
Sept. 30 1925. With the growth of the policy of buying for immediate
consumption, it is quite evident that the value of orders on hand Is becoming
less important as a barometer for conditions in the industry. There was
a large and steady demand for most lines of products throughout the third
quarter with no accumulation of stocks. The buying of seasonal products
such as rails and railroad supplies while negligible during the third quarter
has been substantial during October and with good demand continuing
for other products the value of orders on hand has been steadily increasing
since the first of the month.
The directors declared the regular quarterly dividend on the preferred
stock, payable Jan. 3 1927, to stockholders of record on Dec. 3 1926.
Results for 3 and 9 Months Ended Sept. 30.
-Quar. End. Sept. 30- -9 Mos.End. Sept.
.
Period1925.
1926.
1925.
1926.
Total income
$10,585,064 $8,337,762 $34,654,135 $28,445,605
Int. charges, incl. prop.
of disc, on and exp. of
bond and note issues
9,901.479
2,873,037
3,262,116
9,544,293
Prov. for depreen, obsol.
and depletion
3,161,049
2,984,987
9,344.991
8.958,761
Preferred dividends...-. 1,718,645
3,227.202
5.080,160
1,075,774
Balance. surplus
-V. 123, p. 2143.
$2,832.333 $1,014,885 $10,684,691
$6,368.184
Bon Ami Co., New York.
-Common Stock A Sold.
Dominick & Dominick and Chas D. Barney & Co., New
York, have sold 80,000 shares Bon Ami Co. common A
stock (voting-non-callable) at $55 a share. The offering
does not represent any new financing by company.
-Quar. End. Sept. 30- -9 Mos.End. Sept.30.
Period1926.
1925.
1925.
1926.
Class A stock is entitled to preferential dividends at the rate of $4 a share
884,215
$158.785
$177.276 a year (not cumulative). After the holders of the common 13 stock have
Net earnings*
$58869
Preferred dividends--- _
17,500
78.750 received $2 50 a share as dividends in any calendar year, all further dividend
26,250
35,000
payments in such year shad be distributed equally between the holders of
Balance, surplus
$66.715
$98.526 the common A and the common B stocks, each considered as a class.
$32.619
$123785
Surplus as of Sept. 30_ _ _ 1.008.650
6,8.573 Unissued stock of both classes may only be issued in the proportion of one
618.573
1,008 650
* After deducting charges for maintenance and repairs of plants, deprecia- share of common A stock to 2 shares of common B stock, so that the issued
tion and estimated amount of Federal and State taxes, &c.
and outstanding shares of common stock shall always be in the ratio of
-The result is subject to adjustment at the end of the year, when one of common A to two of common B. Upon dissolution, whether volunNote.
accounts • are finally audited, and to change incident to income tax rulings. tary or involuntary, one-half of all assets shall be distributed ratably to
,23, p. 985.
V.
the holders of common A stock and the other half to the holders of common
agent, Bank of America, New York. Registrar,
Beach Hotel Co., Chicago.
-Notes Sold.
-A. G. Becker B stock. TransferNew.York.
Bankers Trust Co.,
Listing.
& Co. have sold $1,750,000 1st mtge. 6% gold notes at par Stock -Application will be made to list this stock on the New York
Exchange.
and interest.
Authorized. Outstanding.
Capitalization•
Dated June 25 1926 (bearing interest from July 1 1926). due July 1 Common A stock (no par value)
200,000 shs. 100.000 shs.
1928. Principal and interest (J. & J.) payable in Chicago. Denom. Common B stock (no par value)
400,000 she. 200.000 shs.
$1.000 c*. Red. all or part on 30 days' notice at 101 and int. Foreman
Data from Letter of Eversley Childs, President of the Company.
Trust & Savings Bank, Chicago, trustee. Int. payable without deduction
Company.-Incorp. in 1915, in Delaware, to take over a business estabfor normal Federal income tax not in excess of 2%, and certain State taxes lished in
1886. Company manufactures, through subsidiaries, and sells a
will be refunded.
f ue cleaning and polishing compound,"Bon Ami." It is marketed in the
Data From Letter of Ronald F. Brunswick,President of the Company. tom of both cake and powder under its well-known trade mark. "Boni
Security.-These notes are a direct obligation of the company, which owns Ami" has been favorably known as a cleansing and polishing compound
anti operates the Chicago Beach Hotel, and will be secured by a direct for over 40 years. This has been accomplished through house to house
closed first mortgage on approximately 15% acres of Chicago real estate. sampling and national advertising. In late years its use has been conThe mortgaged property will embrace approximately 11% acres of land siderably broadened, principally as a fine cleansing and polishing comfronting on Hyde Park Boulevard and extending north to the present shore pound for windows, mirrors, porcelain, aluminum, brass, nickel and metal
line of Lake Michigan, and approximately 4 acres of land to be made by ware, painted walls and woodwork, white fabric shoes, &c. This, together
fill-in, to extend from the present shore line to the new Outer Drive, now with the use of labor saving machinery in the factories, has resulted in a
being built by the Chicago South Park Commissioners. The mortgaged substantial increase in earnings. The factories are located at Manchester,
property comprising approximately 689,600 sq. ft., has been independently Conn., and Montreal, Que.
appraised at $4,351,562, making this a 46% loan.
Earnings -Net income from operations of the company and its subhe Chicago Title & Trust Cu. will issue its mortgage title guarantee sidiaries, after Federal taxes, which would have been available for the
policy in the sum of $1,750,000, the total amount of this issue, guaranteeing $4 dividend on this common A stock during the four years and 8 months
title of company, to the mortgaged property.
ended Aug. 31 1926, was as follows:
Financial.
-Company is proceeding with a plan for the subdivision.
Amount. Annual Rate per Share.
Improvement and sale of these properties. The trust indenture provides 1926 (to Aug. 31)
$718.068
*$10.25
for partial releases of the mortgaged property on payment to the trustee 1925
990,879
9.90
of specified release prices, to be applied solely to the retirement of these 1924
891.624
8.91
notes through purchase at not exceeding the redemption price or through 1923
771,273
7.71
call by lot. The sales price of the properties under this mortgage, it is 1922
704.378 •
7.04 .
conservatively estimated, will be several times the principal amount of
* Estimated. The actual earn
to Aug. 31 were $7 18 a share.
this issue. In addition, the company expects to realize substantial sums
The sales, expressed in dollars. have increased every year since 1913.
through the sale of other valuable contiguous land, aggregating approxi- When the price was increased in 1920. the quantity of sales declined less
mately 5% acres, which it owns.
than 1% but they have increased in every other year since 1913.
There will also be available for the payment of interest and principal
Company will inaugurate the payment of dividends within 3 months at
of these notes, earnings of the new Chicago Beach Hotel, owned by the the annual rate of $4 a share on the common A stock.
company. Such earnings before depreciation, interest and Federal taxes,
Current Position.
-Current assets on Aug. 31 1926 were over 33j times
have been calculated by certified public accountants at $376.796 for 1924 the current liabilities, including reserves for Federal taxes, and cash and
and 8374,231 for 1925 against total maximum annual interest charges of call loans receivable alone exceeded all liabilities by more than $70.000.
$270.000 on the company's $2,750.000 15
Directors.
-F. C. Bingham, Eversley Childs, Richard S. Childs, Wm.
-year 1st mtge. 6% gold bonds
and this issue of $1,750.000 1st mtge. 6% gold notes. The $2.750,000 Hamlin Childs, Alfred W. Erickson. Frank B. Foster, Nathan T. Pulsifer,
15-year 1st mtge. bonds are secured by a mortgage on the new Chicago Wm. W. Robertson.
-V. 116, p. 1415.
Beach Hotel and its site of approximately 4 acres, and are not secured by
any mortgage lien on any of the property covered by the mortgage securing
Borg & Beck Co.
-Earnings.
these notes, except a first lien upon power house site which may be released
9 Months Ended Sept. 30-1926.
1925.
from the hotel mortgage upon provision of other power facilities and pay- Net profit after taxes and charges
$631.000
$420,000
ment of $5,000
.
-V. 123, p. 459.
Purpose.
-Proceeds of this issue and of the 1st mtge. bonds, due 1941.
will be used for the retirement of outstanding obligations of the company,
BourneMills, Fall River.
-Balance Sheet.for the development of the company's property and for other corporate
AssetsOct. 2'26. Sept. 3025. LiabilitiesOct. 2'26. Sept. 30'25.
purposes.
Real est. & constr,
Capital stock
$1,000.000 $1,000,000
machinery,do_ _51.056,895 $1,068,962 Accts.& notes pay.
50,000
Beech-Nut Packing Co.
233,252
-Earnings.
Cotton, stock in
Tax reserve
36,786
178,921
9 Mos. End. Sept. 30
1926.
1925.
1923.
1924.
process & cloth_ 248,394
442,046 Profit and loss__
435,309
408,863
Net profits
S1,954,188 $2,111,034 $1,972,428 $1,907,843 Cash & acets rec. 115,355
86,028
Previous surplus
3,198.538
2,347,371
1,321,476
2,699,788 Bonds
101,551
224,000
Total(each side) $1,522,195 $1,821,036
Adjustments
.. r10,670Cr8,728
,
Cr4,160 -V. 122. p. 2334.
Total surplus
$5.163,396 $4,458,405 $3,302,632 $4,111,791
Bourne Rubber Co.
-Dividend of 432% to Creditors.
Dividend (cash)
727.500
729,621
734,010
509,010
A third dividend of 4%% for creditors of the company was authorized
Profit & loss, surplus- $4,435,896 $3,728,784 $2.568,623 $4,102,781 on Oct. 25 under a decree entered in the Rhode Island Superior Court at
Providence, R. I., by Justice Willard B. Tanner. Dividends aggregating
Condensed Balance Sheet Sept. 30.
25% already have been paid, the Court was informed.
-V. 121, p. 1105.
1926.
1925.
1926.
1925.
Assets-$
Brill Corp.
-To Pay Dividend on Class A Shares.
8
Liabilittes$
$
Real estate, buildIn a letter to stockholders advising them that permanent certificate's for
Common stock__ 7,500.000 7,500,000
ings, do
5,129,381 4,601,272 Pref. stock, cl. A__
4,500
4,500 shares of stock are ready for delivery, Secretary H. C. Wick says: "Is
Mtges.and secured
Pref,stock, cl. B__ 1,119,500 1,119,500 answer to numerous inquiries received, the management takes this opporloans on real eat.. 102,169
97,846 Lotzifitypay.iw_ SM 5
tunity
c
t able b
a:)g)
(
175.506 upon of advising the stockholders that it is now expected an initial dividend
Treas. stock, Pref.
the class A stock will be paid after the close of the fiscal year now
,
class R
124,000
43,800 Short term notes
current.'-V. 122. p. 2657.
Patents, tr.-mks.,
mat'cl or called_
623
623
1
&c
1 Dividends payable
Broadway Department Store, Inc., of Los Angeles,
242.535
Securities owned.. 1,800.386 1,754.086 Expenses & taxes_ 242,500
234,463
242,798
719,695
-Debentures Offered.
-Dillon, Read & Co. are offering
Cash
729.798 Reserves
1,772,769 1,571,945 Calif.
623
Cash for red. notes
623 Surplus paid in__ 100,025
104,035 at 98 and int., to yield over 6.20%, $3,000,000 15-year 6%
Securities
56,670
56.670 Earned surplus___ 4,435,896 3,728,784
sinking fund debentures dated Nov. 1 1926 and due Nov. 1
Accts. & notes rec. 1,281.936 1,202,117
Inventories (cost)_ 6,849.285 5,764,147
1941.
Due from sub. co_ 225.839
253,323
Issue of $3,000,000 7% 1st Pref. Stock Placed Privately.
Deferred assets_. 145,850
186,543
Tot.(each side) 16435834 14,690,225
In connection with the above offering Dillon, Read & Co.
-1r, 123, P. 2143.
have placed privately an issue of $3,000,000 of 7% cum.first
Bethlehem Steel Corp.
-Earnings.
-In making public pref.
carrying certain
the statement of earnings for the third quarter of 1926, rants,stock, and dividends, tocommon stock purchase waryield over 7.05%.
at 99
E. G. Grace, President, said:
Earnings during the third quarter of 1926, after deducting all charges
and preferred dividends, were equal to $1 57 per share on the common
stock as compared with $2 04 per share in the second quarter of 1926, and
S0.56 per share in the corresponding quarter of 1925. Total earnings
for the first 9 months of 1925 were $5 93 per share as compared with $3 53
for the first 9 months of 1925 and 51 48 per share for the rirst 9 months
ofco...orations
1924.
averaged 80.3% of capacity during the third
quarter as
compared with 82.6% during the previous quarter, and 59.7% Miring the
The debentures are redeemable, all or part, by lot on any interest date
on 30 days' notice at 103 to and incl. Nov. 1 1931, at 102 thereafter to
and incl. Nov. 1 1936, and 101 thereafter prior to maturity. The indenture
provides -for an annual sinking fund payable semi-annually of $120.000.
or 15% of net earnings of the preceding fiscal year after allowance for
dividends on 1st pref. stock,whichever is greater,to be usedin the purchase
or redemption by lot of these debentures.
-Company.-Was organized to acquire the Broadway Department Store
which, with its predecessor, has conducted business in Los Angeles at
the same location for more than 30 years. Sales for 1925 aggregated
2266
THE CHRONICLE
[VOL. 128.
the present organization embracing 652 employees has been built up.
Present company was incorp. in 1905. Company has 2 packing plants.
Tacoma and Spokane. In addition, It has 50 distributing branches and
markets in 24 cities and towns throughout the States of Washington,
Oregon, Idaho and Alaska.
Total assets of the company as of Dec. 31 1925 were 84,211.032, and net
worth $2,433,671, represented by capital and surplus. The company
carries no "good-will" account, although conservatively worth $500,000.
Business.
-The business of the company is confined exclusively to meat
and allied products which it distributes throughout the Pacific Northwest,
including Alaska, under its well and favorably known "T. O." brand.
Business has consistently shown a steady growth and has always operated
Bush Terminal Co.-Earnings.-Quer. End. Sept. 30- -9 Mos. End. Sept. 30- at a profit, even in 1920, a post-war year of abnormal economic conditions.
Figures on its kill and volume of sales for the past five years follow:
1925.
Period1926.
1925.
1926.
Gross earnings
$2,323,061 $2,278.991 $6,808,147 $6,641,756
Bogs
Total
Cattle
Sheep
Total
Operating expenses
1,150,850 3,615,752
3.472.606
1.208.021
Killed.
Sales.
Killed.
Killed,
Kill.
1,013,717 1921
Taxes
343.141
356,379
1,015.336
86,639.391
87,504
33.314
184.273
63.455
Interest
826,065 1922
279.013
775,373
254,252
6,660,691
96.443
34,213
46,186
176,842
Depreciation
130.950 1923
43,853
131,966
43.989
123,998
7,384.586
40,373
57,804
222.175
112,070
1924
7,468 242
41,990
61,563
215.623
Surplus
$473,658
$448,896 $1,269,720 $1,198,417 1925
136,757,77517
8.457,791
39.613
234.105
-V. 123. p. 1766.
Figures on these items for the first 6 months of 1926 are well in excess of
for the above period.
Butterick Co., N. Y.
-Resumes Common Dividends-Also the average-For the 5-year period 1921 to 1925, inclusive, after depreciaEarnings.
Declares 8% Stock Dividend.
-The directors on Oct. 27 de- tion and Federal taxes of $508,040. earnings applicable to the payment of
annually
clared a cash dividend of 2% and an 8% stock dividend on interest have averaged this bond $212,983, or 4.75 times the maximum interest requirements on
issue.
the outstanding capital stock, par $100, both payable'Dec. 1
-year period. 1923 to 1925, inclusive, after depreciation and FedFor the 3
of $346.745. earnings
to holders of record Nov. 10. In 1916 a total of 23(% in eral taxesannually $259.599, or applicable to the payment of interest have
5.77 times the maximum interest requirecash was paid; no dividends since. Record of payments averaged this bond issue.
ments on
For the first 6 months of 1926-Jan. 1 to June .30, inclusive-net earnings
from 1902 to date follows:
applicable to the payment of interest were $192,142, or
1910-15.
'16. '16.'17-25 times the maximum interest requirements on this bond at the rate of 8.54
l'02.
1903-06.
'07.
'08.
'09.
Issue.
3% yriy.
23.1
None
5%
4% yrly.
136
,
23i
3%
Purpose.
-Proceeds will be used principally to retire floating indebtedCommentn on the above divider ds. Chairman Jos. A Moore said that ness incurred for plant improvement and additions and for other corporate
they made up the entire dividend allowance for 1926 and were not regular purposes.
dividend payments. "The compel y has earned about $3 a share for the
-Bonds are the joint and several obligations of the Carstens'
Security.
past 10 years," Mr. Moore said. "s.ne money has been put back into the Packing Co. and Thomas Carstens, and are secured by a first (closed)
business. That method of financing seemed to me to be wrong and I took mortgage on the properties of the company, valued at $1,826,179 (depresteps to change it. With the proceeds of a bond issue during September, ciated value).
the outstanding preferred stock was retired and all debts paid. The comCentral Leather Co.
pany now has approximately $1,500.000 on hand, which places it in the po-Listing.
sition to apply earnings to dividends."
The Now York Stock Exchange has authorized the listing of certificates
Mr. Moore said that plans to offer stock in the company to employees of deposit issued by Bankers Trust Co. for 7% cum,pref, stock, representing
are in operation, the method being to purchase stock in the open market in the aggregate not to exceed $33,299,050 of pref. stock, on officlarnotice
and allot it to employees on deferred payments. Full details of the plan of the issue thereof for a like par amount of said pref. stock deposited
have not been worked out, Mr. Moore said, although the company has been under the plan; also the listing of certificates of deposit issued by Bankers
-V. 1.23. p. 1510, 1385.
purchasing stock to be used for the purpose.
Trust Co. for common stock, representing in the aggregate not to exceed
839.701,030 of common stock on official notice of the issue thereof for a
-Listing.
(A. M.) Byers Co.
like par amount of said common stock deposited under the plan. (See
The New York Stock Exchange hasauthorizeg the listing of(a)$2.427,900 plan in V. 123. 13. 1881.)
additional 7% cumul. pref.- stock (par $100). and (b) 10.000 additional
Results for Three and Nine Months Ended Sept. 30.
shares of common stock without par value, making the total amounts, the
•
-Quer. End. Sept. 30- -9 Mos. End. Sept. 30listing of which has been applied for (after deducting $76,700 preferred
Period1926.
1925.
1925.
1926.
stock retired and canceled), $6.851,200 7% cumul. preferred stock and
Set income after charges
160,000 shares common stock without par value.
and reserves
8538.627
$343,575
$131,564 S1,870,315
Income Account 9 Months Ended June 30 1926.
233,985
& aisct. on bonds....
Int.
219.009
745,557
719.025
(Company and Orient Coal & Coke Co.]
Net sales
$8,537,757
Balance, surplus
3304,642
$124,566 loss$287,461 $1,124,761
Cost of sales, oper., adrn. & selling exp. & taxes except Federal- 6,731.988 -V. 123, p. 1881.
Federal income taxes
165,419
approximately $17,000,000. The company plans to construct prior to
Feb. 1 1932 a building at least seven stories in height costing approximately
$1,750,000 on property adjoining the main store. The corporation holds
a 94-year lease on this property. It is expected that the additional space
will result in a sales increase of approximately 15%.
-Earnings of the corporation, before Federal taxes, averaged
Earnings.
$1,113.376 for the four years 1922 to 1925 incl. Earnings for the six
months ended June 30 1926 amounted to $512,324. These earnings
eqnalled more than six times the maximum annual Interest charges of
$180,000 on the debentures.
Net income
Other net income
$1,640,350
128,203
Total
Depreciation and depletion
Interest charges
Preferred dividends
$1,768 553
478 440
218 780
232 223
Net profit
$849,111
Comparative Consolidated Balance Sheet,
J'ne 3026. Sept.30'25
J'ne 30'26. Sepi.30'25.
a
s
Assets$
$
7% panic. pref.__ 4,423,300 4,500,000
Land, buildings,
8750,000
750,000
mach'y ,k equip. 8,853,104 8,853,C 99 Common
1 Capital surplus__ 2,673,884 2,673,884
Good-will
1
A. M. Byers Co.
Car trust ctts. pur.
let mtge.(Ia.__ 3,807,500 4,539,000
In hands of trust.
75,000
Inventories
3,274,901 3,883,561 Orient Coal,k Coke
Co. 1st mtge.6s.
700,000
Adv. pay. on ore
1,267 Car trust ctfs
75,000
contracts
258,948
904,413 Accounts payable_ 174,406
162,095
Accts.receivable__ 950,350
625 Accrued liability on
Notes receivable__
7,558
70,311
ore contracts
Inv. in marketable
144,235
786,758 Accrued payroll.. _ 154,223
secur. at cost__ 789,821
886,303 1,279,421 Accrued gen Roma
Cash
60,281
66,922
436,999
Os expenses
Deferred charges_
311,201
Accr. current Fed.
Pref, stock ousels
.
229,678
187.315
taxes
for employees__
90,010
86,815
75,085
Accrued bond ins..
Cash with trustees
77,408
78,750
73 Pref. div. declared.
75,299
for red, of bonds
494,143
585,484
Reserves
2,554,689 1,816,351
Surplus
Century Ribbon Mills, Inc.-Earnings.-
-Quar. End. Sept. 30- -9 Mos. End, Sept. 3 0
1926.
Period1925.
1926.
1925.
$34,943
Net aft. depr. & Fed.tax
$102,199
$353,181
$148,026
30.459
Preferred dividends.. _ _ ..
31,675
92,102
95,872
Common dividends
50,000
50,000
150,000
Balance surplus
$20,524
$4.484
$5,924
$107,309
-V. 123. P 715.
Certain-teed Products Corp.-Earnings.-Quar. End. Sept.30- -9 Mos.End, Sept. 30Period1925.
1926.
1926.
1925.
Oper. profit after repairs,
maint. and deprec_ _ _ _ $1,668.961 $1.512.838 $4.738.638 $4,570,036
4.451
26,330
Other income
16,787
34,938
31.673.412 $1,539,168 $4,755,426 $4.604,973
Gross income
Less- Selling, admin.,
896,714
884,154
2,682,582
gen. expand bank int.
2,541.364
124.755
Interest on bonds
387.303
104,600
64,500
Federal taxes
277.600
203.000
2,725
Sundry adjustm'ts, debit
cr680
8672.098
8465.758 41,792,518 $1,473,986
Balance, surplus
x Equivalent, after providing for diva, on 1st and 2d preferred stocks to
-V.123. p. 836.
$4 67 per share on 307,000 shares of common stock.
Chandler-Cleveland Motors Corp.
-Sales.
-
Showing an increase of 185% over last year's corresponding figures.
September sales of the Hulett Motor Car Co.of N.Y.City were the greatest
of any month in the company's history, it was announced on Oct. 18.
The company handles the sales of the Chandler for the Metropolitan
district. Not only did the month's total establish a new record but the
total of sales during the three-quarter year period just closed, was the
Total
15,497,495 16,326,451 greatest ever registered by the company, it was also
15.497,495 16,326,451
Total
announced.
a Authorized and issued, 150.000 shares of no par *value, but at stated
W. M. S. Mead, Vice-President in charge of exports of the Chandler
value of $5 per share.
-V. 123, p. 1766.
Cleveland Motors Corp., says in substance: "Reports recently receiver'
from 90 of our foreign dealers, In almost as many foreign countries, indicate
-Earnings. that the Chandler-Cleveland company will exceed all previous yearly
Calumet & Hecla Consolidated Copper Co.
-Quer. End. Sept. 30- -9 Mos. Sept. 30- foreign sales. Last year slightly more than 15% of our total business was
1925.
Receipts1926.
1926.
1925.
export but an even higher percentage is figured for 1927."-V. 123. p. 1510.
Copper sales
$3,538,756 $3,005,372 810,485,501 $9,349,531
-Earnings.
20.161
24,478
Custom milling & smelt_
53.991
61,137
Childs Company.
1,773
Dividends
4,770
58,627
gsn'TedE
9 Mos. End
63,320
28,501
139,382
69,876
Sept. 30'26. Sept. 30'25. Sent, 30'26. Sept. 30'25.
Interest
Period
31
47
Miscellaneous
8,104
48,041 Gross income
86,887,386 $6,523,673 $20,206,461 $18,655,020
6,261.508 6,044,080 18,387,049 17,363.314
Expenses and tavs
$3,622,269 $3.060,170 $10,691,749 $9,587,211
Total receipts
Disbursements
Operating income_ _ _ _
$625,878
8479.592 $1,649,412 $1,291,706
$3,419,311 $5,263,897 $6,601,690 $17,241,981 Other income
Copper on hand
37,573
283,210
87,022
125,523
2.343,194
7,437,226
6,689.767
Prod.,sell., adm.& taxes 2,489,383
1.085.026
3,286,037
1,066,430
3.080,335
Deprec. & depletion..
Total income
$663,451
$566,614 $1,974,935 $1,574,916
5,152
12,528
36,673
69,628 Depreciation
Miscellaneous
296,093
514,497
184,030
861,434
Net income
$367,358
Total expenditures-- $6,980,275 $8.702,648 $17,361,625 $27,081,711
$382,584 $1,113,501 $1,060,419
Less copper on hand_ __ _ 3,528,556 5,607.267 6,947,867 16,982.341 -V. 123, p. 1882.
Net expendituies--- - $3,451,719 $3,095,381 810.413,758 $10,099,370
Coca-Cola Company.-Earnings.835.210
$277,992
$512.160
$170,550
Loss for period
-Quar. End. Sent 30- -9 Mos.End. Sent• 30
-V. 123, p. 985.
Period1926.
1925.
1925.
1926.
receipts
(and Thomas Carstens), Ta- Gross& gen. expenses.. 89,220.229 $8,219,439 $24,212.369 $22,535,701
Carstens' Packing Co.
Mfg.
5,602,143 4.773,529 14,863.449 14,448.486
-Merchants' Trust Co., Interest, discount, &c
224,571
-Bonds Offered.
186.226
coma, Wash.
99,931
1,221,417
Wells-Dickey Co., St. Paul, and Lumbermen's Trust Co,
Portland, Ore., are offering $750,000 1st (closed) mtge. 6%
serial gold bonds at prices ranging from 98 and int. to 100.48
and int., to yield from 532% to 634%, according to maturity.
Dated Aug. 11926; due serially Aug. 1 1927 to 1941. Denom. $1,000.
$500 and $100 c*. Prin. and int. (F. & A.) payaole at the office of Lumbermen's Trust Co., Portland, Ore., without deduction for the normal
Federal Income tax up to but not exceeding 2% per annum. Callable all
or part on any int. date, but if in Jaen, in inverse numerical order, upon at
least 30 days notice at 102k and int., except that bonds called from the
proceeds of the sale of mortgaged property are callable at par and int.
Lumbermen's Trust Co. and Robert Emery Smith. Portland, Ore., trustees.
Company.
-Organized as Carstens Brothers in 1890. The business began
with a small retail butcher shop and a capital of less than $1.000. From
this small beginning, with 3 employees, and almost entirely from earnings,
Net inc. bef. Fed. tax.. $3,431,860 $3,345,979 $5.127.503 $7,862,644
-V.123, p. 586.
Chrysler Corporation-Earnings.
-
Period Ended Sept. 30 1926
Net operating profits
Federal taxes
Preferred dividends
Common dividends
Surplus
Previous surplus
Total surplus
Preferred stock purchased
Profit and loss. surplus Sept. 30 1926
Quarter. 9 Months.
84,436.940 813,453.184
1,733.372
563,372
1.307,294
440.574
6.090,930
2,030,310
$1,402,684 $4,321.588
43,867.768
$18,189.356
mi383,830
$17,805.526
OCT. 30 1926.]
THE CHRONICLE
Consolidated Balance Sheet Sept. 30.
1926.
1925.
A ssetsLand, bidgs., &a _ 823,477,994 19,304,126
25,000,000 25,000,000
Good-will
7,428,348 7,089,195
Cash
Marketable sec
8,515,226
Fret,stock city__ __ 435,376
Accept. & certifs.
15,655,033
of deposit
Car shlp'ts against
8,610,552 7,716,504
drafts
Cust'rs notes, rec_ 1,050,997
261,806
Customers & dealers' accounts_ __ 1,066,275 1,218,758
Due from Canadian Govern't__ 109,187
205,883
13,480,897 11,520,401
Inventories
1,957,276
345,145
Other assets
Deferred assets_ _ 1,070,866
599,732
1926.
1925.
2267
the pref. stock, together with an extra dividend of 251% on account of
accruals, both payable Dec. 1 to holders of record Nov. 15. An extra
dividend of )4 of 1% was paid on the pref. stock in each of the three previous
quarters. After payment of the dividend Just declared, there will remain
10% in arrears on this issue.
-V. 123, p. 586. 1511.
Capital stock_ _ _b56,259,939 56,259,939
554% gold bonds_ 1,951,000 3,500,000
Acets payable_ _ _ _10,301,164 13,220,986
-Export Sales Increase.
Dodge Bros., Inc.
Dividends payable 429,432
441,272
During the first nine months of 1926 exports have totalled 31,368 pasAm.int.,taxesAc 588,668
325,102
senger cars, trucks and buses, compared with 25.492 in the corresponding
Distrib. dc dealers'
deposits
271,946 period last year, a gain of 22.7%. This compares with an estimated
289,369
increase of 4% for the automotive industry as a whole. According to
Fed, tax provision 536,080
Reserves
3.471,246 3,508,154 D. T. Stanton, director of export sales, Australia and South America
Unapprop. surplus15,286,094 9,299,185 are proving especially receptive markets for Dodge Brothers products.
-V.123, p. 2145.
Approp. purchase
treasury stock. x2,090,000 2.090,000
(E. I.) du Pont de Nemours & Co.,Inc.
-Issues Q Ua rterly•
91.202,994 88,916,585 Total
Total
91,202,994 88,916,585
a After depreciation of $10,522,085 v Represented by 214.681 shares of
no par value preferred stock: 2.693,338 shares of no par common stock and
32 shares of preferred, and 13,742 shares common, deliverable under Maxwell Motor Corp. plan. x Upon retirement of this stock this item will
become part of the unappropriated surplus.
-Material in transit not included in either assets or liabilities in
Note.
amount of $2.636,420.-V. 123, P. 2144.
Coldak Corp.
-Notes Sold.
-
The banking syndicate headed by Redmond & Co.,who offered the 81,150.-year 656% convertible notes at 995i and int., an000 collateral trust 7
nounces that the issue has been oversubscribed. A description of the notes
follows:
Dated Sept. 15 1926: due Sept. 15 1933. Denom. $1.000 and 8500 c*.
Principal and int.(M.& N.) payable at Central Union Trust Co.. New York,
trustee, without deduction for Federal income tax up to 2% per annum.
Corporation will reimburse to notehoider upon request the personal property tax not exceeding 5 mills per annum or the income tax not exceeding
6% per annum of any State, which includes Conn., Penna., Maryland,
District of Columbia. Mich. and Mass., and any other State in which any
such tax may be imposed and paid by a notehoider in respect to such notes.
Red. all or part on any int. date on not less than 30 days notice at 105 and
int. if red. on or before Sept. 15 1928. the premium to decrease 1% in each
12 months thereafter, but the redemption price to be not less than 101,
subject to exercise of the conversion right until the tenth day before the
redemption date.
Conrertible on and after April 1 1927 until maturity or the tenth day
before redemption date at the principal amount of the notes into the class .4
stock of the corporation at the following prices for such stock: $12 per share
beginning April 11927, for one year: $14 per share beginning April 1 1928.
for one year: $16 per share beginning April 1 1929. for one year; $25 per
share beginning April 1 1930. until maturity.
Company.
-Is engaged in the manufacturing and selling of electrical
refrigeration machines for household apartment and commercial usages.
Was incorp. in Delaware in Jan. 1926 and acquired the assets owned, used
and controlled by a predecessor company. Has recently acquired the entire
capital stock of Alaska Refrigerator Co., also engaged in manufacturing
refrigerators (V. 123, p. 1764).
The Coldak unit during the past six years has been thoroughly
installations in hundreds of homes and many apartment houses tested,
having
proved it to be in actual operation a perfected product. Engineers who
have spent years of study on electrical refrigeration pronounce it to be a
superior machine. A few of its advantages are its simplicity of design,
multiple distribution of refrigeration (over 20 refrigerators can be cooled
by a single machine), minimum of vibration and noise and a very low service charge.
The acquisition of the Alaska Company will not
with the manufacturing and distributing of its products but will interfere a larger market
provide
and enable the Coldak Corp. to produce complete refrigerating units.
Listing.
-The notes have been admitted to the Boston Stock Exchange
list. See also V. 122, p. 2144.
Statement.
-The company for the first time in recent years
has issued a quarterly statement of earnings.
The statement shows that total income for the three months ending
Sept. 30 1926 amounted to $13,874,874. After deducting provision for
Federal taxes and interest on funded debt, net income amounted to 513.437,856. Debenture dividend amounted to 81.183.907.leaving 812.253.949
earned on common stock. On the basis of the 1,330,829 shares then
outstanding, this is equal to 59 21 per share, as compared with $4 74
per share for the quarter ending Sept. 30 1925 and $1 53 per share for
the quarter ending Sept. 30 1924.
The income from investment in General Motors for three months ending
Sept. 30 1926 amounted to $8,815,641, equal to $6 62 per share.
•s
The income statement for the quarter and nine months ended Sept. 30
follows:
Statement of Consolidated Income and Surplus.
-3 Mos.End. Sept.30- -9 Mos.End. Sept.30.
1925.
Inc.from operations_ ...a$4,044.723 $4,038.044 811,662: 85 $10,763,528
2
Inc. from investment in
General Motors
8,815.641
3,291.537 20.129,413
7,216,924
Inc.from misc.sec.,&c._ bl ,014,510
330,095 x4,281,416
1,811,571
Total incomd
513,874.874 $7,659,676 536.073.114 819.822,023
Pros',for Federal taxes_ _
414,853
164.227
810,630
715,953
Interest on funded debt.
22,165
155,465
67.314
794,353
Divs,on deb.stock
1,183,907
1,026,351
3.625,836 3.078.942
Amt.earned on corn_ _812,253,949 $6,313,633 $31,569,334 $15.232,775
Amt.earned per share on
basis of 1,330,829 shs.
common stock now
outstanding
$921
51 74
$2372
$1145
Surplus Account.
1926.
1925.
1924.
Surplus at beginning of year
$62.669,541 555.881.491 $54.642,476
Net income nine months
35,195,170 18,311,717 10,668.658
Sur.resultingfrom revaluation of70%
int. in 1,875,000 shs. of General
Motors Corp.common stock
36.285,893
Appropriation of surplusfor40% corn.
stock dividend paid Aug. 10 1925-dr38,022,040
Appropriation ofsurplus to provide for
prom. and discount on 755% bonds
dr3,000.000
Total
897,864,711 572,457,061 562,311.134
Dividends on debenture stock
3,625,836 3.078.942 3,078.648
Dividends on common stock
23.286,449 8,743.228
5.702.626
Surplus at Sept. 30
870.952,426 560,634.891 553,529.860
a Incl. E. I. du Pont de Nemours & Co.'s equity in earnings of
companies. b Incl. dividends received from investment in controlled
Securities Co. 7% cum. cony. pref. stock, which stock was Managers
redeemed
for cash in July 1926. x Incl. approximately 52.000.000 representing
Interest received from the Government on account of the refund of taxes
overpaid for the ten years 1915 to 1924 incl.
The New York Stock Exchange has authorized the listing on or after
Oct. 28 of 2,661,658 shares (no par value) common stock (authorized
5,000.000 shares) on official notice
Congress Cigar Co., Inc.
-Definitive Certificates Ready.
- outstanding certificates of common of issuance in exchange for present
Goldman, Sachs & Co. announce that temporary stock certificates for
stock of the par value of 8100 per
capital stock may now be exchanged for definitive certificates at the office share on the basis of two shares of no par value each for each share of the
par value of 8100.-V. 123. p. 1883. 1638.
of the Equitable Trust Co. of New York, 37 Wall St., N. Y. City.
-V.
123, p. 2145.
Durant Motors, Inc.
-Earnings.-
Colin Campbell, V.-Pres., announces that net operating profit of Star
Connor Lumber & Land Co.
-Bonds Called.
All of the outstanding bonds dated Nov. 1 1921 have been called for re- car division for September was $269,243 after depreciation and deduction
demption on Nov. 1 1926 at the First Wisconsin Trust Co.. Milwaukee. of Federal income taxes. For the four months including June, July,
Wis., or, at the option of the holder, at the Illinois Merchants' Trust Co., August and September the total net operating profit was 81.255.743.
Chicago, Ill. The bonds due May 1 and Nov. 1 1927 are redeemable at This operation includes the following companies: Durant Motor Co.(N. J.)
101 and int.; those due May 1 and Nov. 1 1928 at 102 and int.; May 1 and and branches; Durant Motor Co.(Mich.) and branches, Durant Motor Co.
Nov. 1 1929 at 103 and int.: May 1 and Nov. 1930 at 104 and int.; May 1 (Calif.) and branches, Durant Motors of Canada, Ltd., and branches,
Adams Axle Co., New Process Gear Co. Warner Corp. and
and Nov. 1 1931 at 105 and int.; May 1 and 1
Hayes
-Hunt
Nov. 1 1932 at 106 and int.;
May 1 1933 at 107 and int., and those due semi-annually from Nov. 1 1933 Corp.. all of which are operating almost exclusively on Star car business.
'
-V. 123, p. 1638.
to May 1 1938 incl. at 102 and int.-V. 119, p. 329.
Continental Asphalt & Petroleum Co.
-Sale.
-
The "Chronicle" has been informed that the above corporation has passed
through receivership and is now out of business.
-V.121. p. 1351.
CornProducts Refining Co.
-Earnings:Results for Nine Months Ending Sept. 30.
*Net earnings
Other income
1926.
.925.
1923.
1924.
$9,317.448 86,324,415 $9,586,598 $9,782,192
1.679,859
702.111
871,650
1,315.598
Total income
$11,087,307 $7,640,013 510,458,248 $10,484,903
Int, and depreciation
2,480,068
2,377.989
2.347.632
2,498,338
Preferred dividends_
1,312,500
1.303,417
1,312.500
1,312.500
Common dividends_ _(6%)3.795.000(6)3,795,000 x3,765,000(434)2240280
Corn.stock extra •
(1%)632.500
(2)41120140
Balance, surplus
$2.867,238
5154.522 82.882,410
x Includes 2 % paid April 1924 on tne old 550.000,000 stock 83.473,437
(par $100)
and 2% paid uly 1924 on the new $62.500,000 stock, par $25 after the
declaration of a 25% stock dividend paid in
April) and 2% pat October
the then outstanding 363.250.000 stock
192400
(par
* After deducting maintenance and repairs and$25).
estimated amount of
Federal taxes, &c.
-V. 123. p. 2145.
8829 Fort Hamilton Parkway (Alocin
Apts.), Bklyn.El. W. Straus & Co. announce that permanent
631%
gold bonds are now ready to be exchange for interim 1st mtge. fee serial
receipts outstanding.
For offering, see V. 122, p. 3610.
Electric Auto-Lite Co.(& Subs.).
-Earnings.
-
Income Account for Nine Months Ended Sept. 30
.926.
Net after depreciation and operating expenses
82.6.4.534
Administration expenses and adjustments
747,829
Interest
24..92
Profit before Federal taxes
$1.842,513
Profit before Federal taxes for the third quarter
totaled $640.636. compared with $530,658 in the preceding
ended March 31 1926.-V. .23, p. 848. quarter and 5671,219 in quarter
Eureka Vacuum Cleaner Co.-Earnings.-
-Quar. End. Sept. 30- -9 Mos.End. Sept. 30
-Period1926.
1925.
1926.
1925.
Net sales
$2,586,368 32.233.731 58,277.514 86.547.323
Cost of sales
747,414
762,169
2,413.839
2.040.854
Expenses
1,462,908
1,167.056
4,565.595
3,549.121
Other deductions (net).
11.722
Cr.5.218
16.357
28.221
Fod, tax prov
49,183
38,715
179.783
116.141
Consolidated Cigar Corporation.
-Earnings.Net income
5.140
9
.
-3 Mos.End. Sept.30- -9 Mos. End. Sept.30- -V. 123,
8271,009 $1.101,939
$812,985
p. 717; V. 122. p.13261
Period1926.
1925.
1925.
1926.
Net earnings after exp.&
(_E. S. Evans & Co., Inc.
)
-Earnings.charges but bef. taxes_41,412.237
Nine Months Ended Sept. 30$442,149 42.332.450 51,070.257
1926.
1925.
x Includes earnings of G. H. P. Cigar Co.
Net profits after Fed. taxes (867.133 in 1926)...... 8430.152
-V. 123. p. 2145.
The consolidated balance sheet as of Sept. 30 1926 shows total 3350.349
Consolidated Cold Storage Co.
assets of
-New Financing,
$2.154.705. Current assets are given at $728.972 and current liabilities
is
it Is reported that additional cold
facilities will be
Philadelphia by this company, which storage to be perfecting provided in at $97,287. Company surplus is $1.483,963.-V. 123. P. 1512.
is
plans for the
erection of a new warehouse and for a said
25
Fabrics Building, Chicago.
-year lease of the cold storage
-Bonds Offered.
-De Wolf
facilities to be provided by the new warehouse now being erected jointly
by & Co., Inc., Chicago, and A.
Baltimore & Ohio RR. and the Reading Co.,
B. Leach & Co., Inc., New
the
as part of their new fruit,
vegetable and produce terminal, a terminal which will be one of the largest York, are offering at
and int. $1,350,000 1st mtge. (fee)
100
of its kind in the world.
)
It is reported that the financing will be handled by a group managed by 63.4% sinking fund gold bonds (closed issue .
Dated Sept. 151926: clue Sept. 151946. Int. payable M.& S. Denom.
Spencer Trask & Co., Brown Brothers & Co., Howe, Snow & Beetles ,Inc.
81.000. $500 and $100 c*. Red. all or part on any int. date upon 60 days'
and Harrison. Smith & Co.
notice at 103 and int. to and Incl. Sept. 15 1931; at 102 and int,
Cudahy Packing Co., Chicago.
-Stock Increased.
-The to and incl. Sept. 15 1941; and at 101 and int. thereafter to thereafter
stockholders on Oct. 26 increased the authorized common Principal and int. payable at Foreman Trust & Savings Bank,maturity.
Chicago.
trustee, without
income tax not to
stock from $26,449,500 ($21,249,500 outstanding), par $100, 2%. Among thededuction for normal Federalproper application exceed
State taxes refundable upon
are the
$36,449,500, par $50. Two shares of new stock, par $50, following: Penn. and Conn. 4 mills tax, Maryland 454 mills tax, Calif.
to
tax,
tax. Kentucky
are to be issued in exchange for each share of present com- 5 mills int., Kansas 2)4 mills3% income tax 5 mills tax, Mass.6% income
tax on
New Hampshire
on int.
-V. 123, p. 1882.
mon stock.
Data from Letter of Lewis E. Berger, President of
Franklin St.
Building Corp.
Deere & Co. of Moline, Ill. 23
- %% Accum. Pref.
- Fabrics Building.
-Is situated at 323-333 South Franklin St.
declared a regular quarterly dividend or Div.
Toe directors htve
between
15f% on Jackson Boulevard and Van Buren St., Chicago, in the
heart of the whole-'
sale section and adjacent to the financial and insurance districts. The
building is a modern store, office and garage structure, of strictly fireproof
reinforced concrete construction, containing a total area of 152,475 sq. ft.
The property was completed in 1925 and is 100% leased and occupied.
-story
To accommodate present demand for additional office space. a 6
addition will be presently erected on the rear section(now 6stories in height),
which will contain approximately 3‘ .625 sq.ft. and make the entire building
a uniform height of 12 stories with a total area of 185,000 sq. ft. The
foundations and equipment of the present building, including plumbing.
heating and elevator service, were designed to serve the addition now to
be built.
-Secured by a closed first mortgage on the land in fee, fronting
Security.
100 ft. on Franklin St. with a depth of 153 ft. and the building, covering
the entire lot area, including the 6
-story addition about to be constructed.
,Appraisals of the land and building as made by Mark Levy of Mark Levy
& Brother, are as follows: Land, $768,686; building, $1,542,215; total
value of security. $2.310,901. The total first mortgage bond issue thus
represents less than 59% of the fair market value of the land in fee and
building (including additional stories provided fer).
-The present building is 100% leased and
Leases and Rental Demand.
occupied and is the recognized centre in Chicago of the cotton and silk
fabrics business. The additional office space to be built will be leased to
firms engaged in the same lines of business, and based on applications and
Inquiries it is expected that leases will be concluded for all of the new space
before completion. Among the present tenants are: H. R. Mallinson &
Co., Inc.; Cone Export & Commission Co.; Turner-Halsey & Co.; Wellington Sears & Co.; Lawrence & Co.; Hunter Mfg. & Commission Co.; and
William Iselin dicCo. The garage is leased until Oct. 31 1936, to the F. B.
Tire & Accessory Co.
-The earnings statement of the property on the basis of leases
Earnings.
in effect Nov. 1 1926, and prevailing operatingexpenses and on estimated
income and expenses for the space to be added, are as follows:
Rentalsfrom leases now in effect for stores, offices and garage space.S188,368
45.840
Rentals resulting from addition
Total
Operating expenses (including taxes and insurance)
$234,208
53,712
$180,496
Balance available for interest
Sinking Fund.
-Mortgage provides for monthly payments to the trustee
equal to 1-12 of the annual interest and sinking fund requirements of this
Issue, these payments aggregate as follows: Oct. 15 1926 to Sept. 15 1928,
incl., at the rate of $84,375 per annum; Oct. 15 1928 to Sept. 15 1936,incl.,
at the rate of $115,000 per annum; Oct. 15 1936 to Sept. 15 1947. incl.,
at the rate of $120,000 per annum. The unexpended balance of this fund
after payment of current bond interest will be applied by the trustee from
time to time to the purchase of the bonds of this issue in the open market
at or below the current redemption price. It is estimated that over 75%
of this bond issue will be retired at or before maturity by operation of
the sinking fund.
-Definitive Bonds Ready.
First National Properties, Inc.
The Guaranty Trust Co. of New York is now prepared to exchange its
interim receipts for definitive 1st mtge. 6%% serial gold bonds. See
V. 122, p. 2954.
-Wipes Out Dividend Arrearages on
Fisk Rubber Co.
-The directors have declared a cash dividend
.
2d Pref. Stock.
of $35 a share on the outstanding $995,800 7% 2d pref.,
payable Dec. 1 to holders of record Nov. 15, thus wiping out
all accumulations on this issue. The action leaves the
company free of all past due capital obligations.
It is officially stated that the company will close its fiscal
year Oct. 31 free from bank obligations and with a ratio of
quick assets and liabilities of at least 10 to 1.-V.123, p. 1512.
-Earnings.Fleischmann Co.
-Quar. End- Sept. 30- -9 Mos.End. Sept. 30.
1925.
1926.
1925.
1926.
PeriodNetincome,after charges
$4,738,984 $3.766.268 $13,476,951 $9,854,625
and taxes
-V. 123. P. 587.
-Preliminary Earnings for Third
General Motors Corp.
-According to an official summary of the income
Quarter.
account and balance sheet issued Oct. 26, the earnings of
the corporation for the 9 months ended Sept. 30 1926 not only
exceeded any 9 months in its history, but also were greater
than the earnings of any previous entire calendar year. The
statement follows:
Net earnings, including the corporation's equity in subsidiary companies,
were 3149,317.553. compared with $80,921,018 for the corresponding period
of 1925. After deducting $5.733,325 on account of dividends on the senior
securities, there remains $143,584,228 applicable to the common stock.
This is equivalent to $17 77 per share on the common stock, which compares with $9 71 per share for the corresponding period of 1925, after making allowance for the difference in the number of shares outstanding. It
will be recalled that on June 30 1926 the 40% minority interest in Fisher
Body Corp. was acquired, and in Sept. a 50% stock dividend was paid. The
earnings per share are. therefore, calculated on the basis of 8,700,000 shares
outstanding subsequent to June 30, and prior to June 30 on the basis of
7.742.399 shares of stock, or the equivalent of the 5,161.599 shares then
outstanding after giving effect to the 50% stock dividend.
While the earnings applicable to the 40% minority interest in Fisher
Body Corp. were not consolidated with the earnings of General Motors
Corp. prior to June 30 1926, it is nevertheless of interest to note that the
combined net earnings of the two corporations for the first 9 months of 1926
aggregate $157.731.833, compared with the net earnings of GeneralMotors
ct $149,317,553 shown above.
The balance sheet as of Sept. 30 1926 shows that cash and marketable
securities were $169,223,579.
For the 9 months ended Sept. 30 sales to dealers totaled 996.321 cars,
compared with 612,047 in 1925. an increase of 63%. For the same period
retail sales by dealers to users were 962,295 cars, compared with 624,389 in
1925. an increase of 54%. For these 9 months both the corporation's sales
to dealers and the dealers' sales to users were greater than the total figures
for any previous entire calendar year. The indicated increase In stock of
cars was necessary to allow the corporation's 20.000 dealers to have a complete line of the various new models introduced during the month of August,
and to support the increased volume of business to the dealers.
Forms New Subsidiary Co.-Pres. Alfred P. Sloan Jr.
recently announced the incorporation in Delaware of the
Delco Remy Corp. to take over the sale of products manufactured by the Dayton Engineering Laboratories Co. of
Dayton, Ohio, and the Remy Electric Division at Anderson,
Int. The announcement furhter states:
n nue to
These producing divisions will lotirson. 7cphrreyd!?anntehedmoesanunfoatct
affect
executive
p t° 1 a
urgs 4ave been operating under tge same E. Wilson
at
es bog
the
will continue as heretofore. C.
management. Trade contacts
corporation with G. B. Stone,
is President and General Manager of the new-V. 123, p. 2002, 2146.
Vice-President and General Sales Manager.
-Acquires Right to Sell
General Railway Signal Co.
Miller Train Control Equipment.
-V.123, p. 2146.
See Union Switch & Signal Co.
General Refractories Co.-Earnings.-
-Quar. End. Sept. 30- -9 Mos. End. Sept. 301925.
1926.
1925.
1926.
Period$427,297 $1,849.195 81,455,531
$462,109
Total income
405,659
412.079
127,854
135,198
Interest, taxes, &c
169,619
179,184
53,894
Depreciation & depletion
58,683
337,500
447,240
112,500
Dividends
167,632
Surplus
--V. 123, p. 1639.
(VOL
THE CHRONICLE
2268
$100,596
$133,049
$410,692
$542,753
-Earnings.General Outdoori Advertising Co., Inc.
9 Mos. End.
Quarter Ended
Results forSept.30'26. June 30'26. Mar. 31 '26. Sept. 30'26.
Operating revenues
$8,183,596 87,931,690 $6.668,010 $22,783,296
Operating expenses, incl.
depreciation
6,143,071 19,386,208
6.425,174
6,817.963
Earns from operations $1.758.422 $1,113.727
Miscellaneous income__ _
133.682
95.456
$524.939 $3.397,088
295.618
66.480
Gross earnings
$1,853,878 $1,247,408
Amort. of adv. display
plants
564,787
Interest
16.682
21.259
Prov. for Fed. taxes_ _ _ _
166,157
165,260
$591,419 $3,692,705
10.178
79.355
564.787
48.119
410,772
Net profit
$501,886 $2,669,027
$1.101,675 $1,065,466
Commenting on the operations for the quarter, Kerwin H: Fulton,
President. said:
"In the first 9 months of this year, after providing for regular dividends
for the three quarterly periods on the 6% preferred stock and on the class A
stock, and for two regular dividends on the common stock, the company
earned a surplus of 81.495.940.
"In the third quarter, after providing for dividends on the 6% preferred
and class "A" stocks, there was a balance of $930.383 which is at the
quarterly rate of $1 45 per share on the common stock without taking into
-V.123, p. 1639.
consideration the participating features of class A stock."
-Export Business.
Gillette Safety Razor Co.
Thomas W. Pelham. director of sales, is quoted in substance as follows;
"The export business of the company now comprises 40% of the total
business of Gillette Co. Within another 5 years it should be 6-1%. Gillette
now has branches in most countries of the world under locally-organized
companies. The managing directors are Americans who are acquainted
with the company's policies. The remaining personnel is native.
"Our prices are the same throughout the world-as near as the various
currencies allow-and if there is a duty we pay It and do not add it to
the price. We have almost daily cables from branches, and weekly and
monthly reports of sales, cash, profits, styles, &c. We also have contact
men from our sales, statistical and accounting departments in these countries. About 50% of our foreign sales are made by managing directors
who travel around their respective territories as salesmen. In smaller
countries such as Cuba. we have agencies rather than branches. However,
in all of these agencies we have one of our own salesmen traveling. We
-roughly
find that an agent can do the business for us at a smaller cost
one-half what it would cost us to maintain a branch.
"We have agencies in Mexico and Cuba; a branch in Brazil: an agent
in the Argentine. where our business amounts to about $1.000 000 a year;
a man who tours the west coast of South Africa; we have an agent in Australia and one in New Zealand, each with one of our salesmen; an agent
in the Philippines, China. Japan, India, &c., and even in the negro part
of West Africa we recently had an order for 50,000 razors and as many
-V. 123, p. 2146, 2002.
packages of blades."
-Annual Report.
Gold Dust Corporation.
Years Ended Aug. 31Profit
Depreciation
Interest
Balance
Other income
1926.
$1,316,368
174,280
274,713
$867.375
1924.
1925.
$987,225 $1.129,099
156,767
138,898
367.882
170,442
$677,885
$604,450
68.648
$673,098
Net profit
$677,885
8867,375
Consolidated Balance Sheet Aug. 31.
1925.
21926,
Assetsa1998.
1925.
LiabilitiesLand, buildings,
Common stock_ _ _ x$742,398 $229,943
equip.. &C., less
Am.Cot.011 debs_ 5,000,000 3,259,000
.
depreciation_ _ _83,827,693 $1,679,501 Am.Cot.011 notes 752,000
1 Oblig'ns assumed_ z255,000
Good-will, Ac___y 1,447,206
Accounts payable,
Notes receivable on
552,555
are
555,856
247,000
30,000
prop. sales
54,317
96,800
762.585 2,246,929 Accrued Interest__
Cash
479.692 Construe. work in
Bills & accts. rec-. 890,221
151,351
917.634
progress
2,595,407
Inventories
2,218,359 1,350,984
27,393 Surplus
47,300
Deferred charges-Total
89,620.413 55,598.149
$9,620,413 55.598,149
Total
a The balance sheet is after giving effect as of Aug. 31 1926 to the final
transactions in connection with acquisition of Dailey properties since
consummated. x Represented by 288,093 common shares, no par value.
y Acquired in purchase of Dailey 'business and properties. z In connection
with Dailey purchase with respect to pref. stock of Morris Howard Realty
Co., called for Nov. 1 1926.-V. 121, p. 2410.
-Preferred Dividend AcGoodyear Tire & Rubber Co.
-President
cruals-Litigation re. Management Stock, &c.
in a letter to the stockholders and
P. W. Litchfield, Oct. 22,
voting trust certificate holders, says:
Under date of Aug. 18 1926 I communicated by letter to you that various
plans were being considered by the management of the company for the
adjustment of deferred dividends on the preferred stock, then amounting to
$29 75 per share, either separately or in conjunction with refunding the
company's outstanding senior securities-first mortgage bonds, debentures
and prior preference stock.
On Oct. 4 1926 I presented to the board of directors at a meeting held
that day, a communication dealing with these subjects and embodying a
plan designed to conserve the company's cash resources and thus to place
the company in a stronger position with respect to dividends on preferred
and common stock through a large reduction in the existing annual sinking
fund charges. By unanimous vote at that meeting I was authorized to
confer with the voting trustees of the preferred and common stock acting
under voting trusts created at the time of reorganization of the company in
1921, for the purpose of getting their views upon the matters referred to in
my communication to the board.
Such conferences have been held and the results thereof were reported by
me to the directors at a meeting held Oct. 14 1926. From the facts disclosed in such report and from my general knowledge of the situation. I am
of the opinion that if the controlling majority of the common stock voting
trustees adhere to their views as now expressed, no plan for refunding the
senior securities and working out an adjustment between preferred and
common stockholders can be accomplished except at the price of maintaining
the common stock voting trust. The holders of the management stock have
expressed not only willingness but a desire to have accomplished a refunding
which will permit them to surrender the management stock. I also understand that the preferred stock voting trustees are willing voluntarily to
dissolve the preferred stock voting trust in connection with a refunding of
the senior securities and an adjustment between preferred and common
stockholders provided the common stock voting trustees will likewise dissolve their trust.
In view of this situation, a majority of the directors were not willing, in
fairness to the preferred stockholders, further to delay relief in the matter
of their dividend accumulation. Although, as the stockholders have been
previously advised, the company is not in a position at this time to Pay
off in cash the entire preferred stock dividend accumulation (amounting to
819,361,181 as of Oct. 13). a majority of the directors at their meeting on
Oct. 14 were of the opinion that a partial cash payment might be made at
this time, and accordingly, by a vote of 8 to 5, the board directed that payment of$4 75 per share against the accumulated arrearages be made Nov. 15
to holders of preferred stock of record Oct. 25, thereby reducing the dividends in default to $25 per share.
At the same meeting the directors rejected, also by an 8 to 5 vote, a suggestion that the entire preferred stock dividend accumulation be funded
through an issue of additional preferred stock. In view of the heavy sinking
funds under our present senior financial structure. it seemed inadvisable to a
majority of the board to fund the entire preferred stock dividend accumulation in this manner unless the senior securities should at the same time be
replaced by others having more moderate sinking fund requirements so that
regular payment of current dividends on the preferred stock outstanding, if
augmented by such dividend funding, could be more easily and certainly
maintained, as I believe would be possible if the refunding plans suggested In
my letter of Oct. 4 were adopted.
OCT. 30 1926.1
THE CHRONICLE
2269
Following the voting of the $4 7.5 per share payment on account of the
Hercules Powder Co.
preferred stock dividend accumulation, the directors declared the way still
-Quarterly Report.
to be open to the reception and consideration of suggestions for the adjustIncome Statementfor Nine Months Ending Sept.30.
ment of the remaining dividend accumulation (amounting to $25 per share)
1926.
1925.
1924.
refunding of senior securities to make such adjustment practicable. Gross receipts.
1923.
and the
I again urge that stockholders decline to give proxies to, or to deposit Net earns., all sources__320.768.723 317.902.708 815.596.488 817.102.835
x2.476.780
2.318.502
1,510.257
2.100.040
stock with, any self-constituted committee from which they may receive Preferred dividend
563.950
549.490
541.121
communication, but that they maintain full freedom to act independently.
532.954
As above indicated. no such committee has any official connection with the
Avail. for improve'ts
company or its management.
or common dies_ _ _ $1,912.830 $1.769.011
$969.136 31.567.087
Certain litigation in retard to the management stock and the direct ws
a After deducting all expenses incident
of the company selected by the management stack has been started In t`te and extraordinary repairs, maintenanc to manufacture and sale, ordinary
e of plants, accidents, depreciation.
Ohio courts. Proper defense is being interposed and It is not felt that the taxes, &c.; also interest on
Aetna bonds.
litigation need cause stockholders any uneasiness.
-V. 123. p. 2146.
Consolidated Balance Sheet Sept. 30.
Goodyear Tire & Rubber Co. of Can., Ltd.
-Report
.1926.
1925.
1926.
1925,
Years End. Sept. 30- 1925-26.
Assets1924-25.
1923-24.
1022-23.
$
Liabilities
x Total earnings
$2,246.611 $1,462.852 31,275.378 $1,522.361 Plants & property_27,249.481 25.453,522 Capital stock,corn
14,700.000
Depreciation reserve_ _ _
589.276
413.412
1.376,428 1.700,584 Preferred stock _ _ _10,9 6.800 14,300.000
437.643
490,027 Cash
10.534.700
Divs. on prior pref. and
Accts. receivable 4.530,102 3.669,032 Aetna bonds
_ 3.059.075
preferred stock
Collateral loans
1.100,000 1.07.1.000 Accounts payable_ 502,471 3,261,675
,
492,003
Account arrr rs
157.500
157,500
78.750
353.079 Investment secur_ 2,494,004 2,075.596 Preferred dividend
95.872
92.179
Current years' divs
521.988
521,988
3.933,158 3.933.008 Deferred credits._ 156,682
521.988
521.967 Liberty bonds_
54.829
Materials & supp_ 3,440,100 2,768,223 Fed'I taxes (est.),._ 612,657
399.031
Balance. surplus
$977,877
Finished products. 2,329.075 2,212.507 Reserves
$369.952
3236.997
3157.287
5,432,987 3,901,106
it After providing for income
Note.-Ilive. on the 7% pref.tax. are in arrears to amount of $78,750. Deferred charges__ 127.453 168,221 Profit and loss_ __ _11,063,255 10,020.170
stock
-p. 123, p. 1388
Total
46.579.800 43,055.693 I Total
46.579,800 43.055.693
Note.
-The assets and business of Aetna Explosives
Gould Coupler Co.
-Earnings
.purchase° June 7 1921 by Hercules Explosives Corp., Co., Inc., were
-Quar. End. Sept. 30- -9 Mos. End. Sept.30- Hercules Powder
a subsidiary of
Co. and consolidated in the balance sheet. The Aetna
Period1926.
1925.
1925.
1026.
bonds outstanding were assumed by Hercules Explosives Corp.
Net profit
44.747
-V. 123.
$43.746
3356.218
2460,942 p. 2003.
Other income
2,435
5.458
26.899
13,910
Houston Gulf Gas Co.
Net income
-Earnings.
87.182
349.204
3383.117
$474.852
This company
Less int. 001st lien bds_
58.000
59.066
175,140
128.816 gross earnings for which started operations in the spring of 1926. reports
Sept. of 3245.076 and a net after operating expenses and
Net prrfit
taxes of $154102. The company reports that in the Refuesio field
logs $50,818 loss$9.861
$207.977
alone.
3346.036 it has approximately 450.000
After depreciation. selling and general expenses.
cu. ft. of open flow gas
provision for reserves ana for State and Federal taxes. interest on notes, line. This is approximately 10 times the capacity of attached to its pipe
the company's line.
-V. 123. P. 5 .
88
-V. 123. p. 1633.
(M. A.) Hanna Co.-Earnings.-Quer. End. Sept. 30- -9 Vas. End. Sept. 30Hugo Stinnes Industries, Inc.
-Two Companies Formed
Period1926.
1925.
1026.
1925. in Maryland to Finance Stinnes Interests.-Full details of the
Operating income
$927,495
$634.295 31.800.541
3790.975 financing
Interest
of the Stinnes interests of Germany by a group of
99.750
99,7. 2
300,725
308.866
Depreciation & depletion
329.472
289.588
842.903
734.664 American investment organizations were made public at
Federal taxes
75.269
21.728
113.269
39.735 Chicago, Oct.
28. The first announcement that $25,000,000
Net income
$423,004
$223,237
$534,640 def$292,290 of securities would be sold in this country was made in
-v. 123. p. 2146.
Berlin about two weeks ago by Hugo Stinnes Jr., son of the
Hartman Corp.
famous German industrialist. Two American corporations,
-Guaranty of Lease, &c.'
See Hartman Realty Trust below.
-V. 123. p. 1883.
Hugo Stinnes Industries, Inc. and Hugo Stinnes Corp.,
Hartman Realty Trust.
-Bonds Offered.-Hallgarten & are being created (incorp. in Maryland Oct. 23 1926), and
Co. and Ames, Emerich & Co. are offering at 973i and int., $12,500,000 of securities of each organization have been
underwritten by Halsey, Stuart & Co., Inc., A. G. Becker
to yield about 534%, $1,250,000 first
5%sinking fund gold bonds. Principal(closed) mortgage & Co. and Newman, Saunders & Co., Inc. Public offerings
, interest and sink- of
the securities will probably be made in the near future.
ing fund payable out of rentals paid by Hartman Furniture &
Carpet Co. of Illinois, under a lease guarantee
A statement issued by the bankers further states:
d by the HartHugo Same.; Industries. Inc. (capitalized at 300.000 shares capital
man Corporation.
stock,
no par
Dated Dm I 1920: due Oct. 1 1941.
Principal
payable in Chicago and New York. Redeemable and interest (A. & 0.),
est date upon 30 days' notice at following prices, all or part, on any interbefore Oct. 1 1929: thereafter and on or before and interest: 10245 on or
Oct. 1 1932. 102: thereafter
and on or before Oct. 1 1935, 101
thereafter
101: thereafter and on or before April 11041. and on or before Oct. 1 1038,
10044. Denom. 31.000. $500
and $100 c5 Interest payable without deduction
.
for normal Federal income
tax not in excess of 2°4 Penn. 4 mill tax
refunded. Foreman Trust &
Savings Bank, Chicago. trustee.
Data from Letter of Martin L. Straus, Pres.
Hartman Corp., Chicago,
Oct. 20.
Organisation and Bwiness.-Flartman Realty Trust has been organized to
acquire title in fee simple for the benefit of
Co. of Illinois. a wholly owned subsidiary Hartman Furniture & Carpet
estate located in Chicago, formerly owned of the Hartman Corp.to real
by the company. and 'to lease
such properties.
The Hartnian Corp.. through ownership
subsidiary companies. operates a chain of 15 of the entire capital stock of
man Furniture & Carpet Co., Illinois. the retail furniture stores. Hartoperates II modern stores in Chicago, whileprincipal subsidiary, owns and
the other subsidiaries own one
retail store in each of the following cities: Omaha. Denver. Minneapolis,
Milwaukee and St. Joseph
The Hartman Corp.. organized in Virginia in
1916,is the outgrowth of a business in operation under this name since
1888.
, During the past year the corporation discontinue its mail order
business,
leasing its mailing lists for a. substantial revenue.d
It is now devoting its
entire attention to sales through its retail
stores of furniture and house
furnishings, largely on credit and the proceeds
of the present issue will be
used to increase the working capital of
Hartman Furniture & Carpet Co. of
Illinois, to construct a garage and for other
corporate purposes of the company.
Properties.-Propertlen to be acquired by
leased, according to the terms noted herein, Hartman Realty Trust, and
consist of valuable well-located
land and buildings. situated principally near
the Central Manufacturing
District, Chicago. The properties are
streets, on Wentworth Ave. and La Sallesituated between 39th and 41st
69th St. and Stewart Ave. Buildings areSt., except for a small parcel on
devoted to warehouse, delivery
and garage purposes and their
and a permanent value for the excellent location indicates a ready market
properties. They consist of modern, wellbuilt structures, with an aggregate floor
space of over 474.000 sq. ft.
Vnittation.-The total reproduction
value, less depreciation. of the properties to be mortgaged, as certified by independent
Such properties include a garage to be presently appraisers. is $1.682.643.
constructed at a cost of
approximately 3125.000.
Lease.-All of the above properties are to be leased to
& Carpet Co. of Illinois. for a period expiring not earlierHartman Furniture
the maturity, of these bon& at a net rental sufficient than one year after
to pay ail interest.
premium and sinking fend charges, and
outstanding at maturity. Company the principal amount of these bonds
further agrees to maintain the properties and pay all Insurance and taxes.
The performance of Hartman Furniture &
Illinois, under
the terms of the lease is to be guaranteed by Carpet Co. ofCorp.
the Ilartman
Earnings of the Hartman
Corporation.-Consolida
man Corporation available for dividends, afterind net earnings of Hartall charges. including
Federal taxes. during the past four calendar
years, have been reported as
follows for the years ended Dec. 31:
Net Profits Available for
Diridends.
1923.
1922.
1924.
4-Yr. Arg.
1925.
31.605.376
31.776.399
$1.164.339
31.450.072
For the first nine months of 1926 net retail $1.254.175
sales
compared to 310.870,172 for the first nine months totaled 314.121.263 as
of 1925, an increase of
29.9%•
Earnings of Hartman Furniture & Carpet Co.
of Illinois have
been the principal factor in the earnings of the Hartman Corp.. and always
In 1925
were equal to 3972.902. or 77% of the consolidated net earnings of Hartman
Rental payments to meet interest and sinking
Corp.
operating charge of Hartman Furniture & Carpet fund will constitute
-Under the terms of the sinking Co., of Illinois.
an5inking Fund.
fund, Hartman Realty
Trust covenants to pay to the trustee In cash or bonds at par value
on
Aug. 15 1927. and on each Feb. 15 and Aug. 15 thereafter 316.000 plus an
amount equal to interest accrued to the next interest date on bonds previously retired by means of such sinking fund. These payments are calculated
to retire approximately 54% of the issue before maturity.
-25% Stock Dividend, ctc.Hood Rubber Co.
special meeting of stockholders
value,. will Issue $12.500.000 20
-year 7%
The Industries, all of whose capital stock will debentures. due Oct. I I 946.
Corp. (capitalized at 1.200.000 shares capitalbe owned by the Hugo Stinnes
stock,
or coatrol stocks representing majority interests In a no par value) will own
group
engaged in the whole field of production, transportation of corporations
and
and retail distribution of coal and coke, and doing an Internationa wholesale
These industries, which will constitute the major activity of l business.
family In the future, also include•iseral important by-proouctthe Stinnes
plants and
related enterprises, producing and selling gas, electric power,
chemical
products, glass. brick. Sze.
Hugo Stinnes Corp., which will issue 312.500.000 10
-year °7,- notes, due
Oct. 1 1936. iii addition to acquiring all of the stock of the7Hugo
Stinnes
Industries. Inc. will also acquire, by stock ownership. the
group of diversified manufacturing enterprises uot related control of a
to
Mdustry. Income producing real estate, both city and country. the coal
Including
important hotels, office buildings, apartment houses and extensive
farm
and timber lands, marketable securities and long term
The city real estate includes seven hotels, among them accounts receivable.
the Hotel
of Berlin, one of the largest and most luxurious hotel buildings Esplanade
In Europe,
and the Atlantic at Hamburg; three large office builaings
in Berlin, one in
Hamburg. and 36 smaller office buildings,
While the most part of the properties are apartment houses and residences.
in Germany. there are some coal
terminal and distributing facilities In Holland,
Belgium. Denmark,Sweden
and Italy and timber lands in Sweden.
It Is planned to liquidate the larger part of the manufactur
'
ing plants not
related to the coal industry, as well as part
of
real esttae, marketable
securities and long term accounts receivable, thefavorable
as
opportunities
present themselves.
In a formal statement explaining the financing, the
investment houses say:
The improved conditions In Germany and the
strengthened position of
the companies constituting the Stinnes holdings makes
time for financing on a sound and permanent basis,the present a logical
thus affording the
opportunity to retain and operate successfully those properties
out of which
tl.e original Stinnes fortune was created and
time which will allow ample opportunity forbuilt up; also, over a period of
to dispose of such assets as are not essential to the realization of fair values.
the re% ised plan of operation.
The adoption of the plan which
of the Stitine, family interests In will result eventually In the concentration
surprising one, for coal was the the coal and arsociat el industries Is not a
foundation
famil/ has been engaged in the inoustry sinceof the family fortune. The
1808 and the principal coal
mine has been controlled by the family since
first demonstrated his genius; as a busIdess 1858. The ehler Hugo Stinnes
organizer when he started the
coal terminal and marketing organization In
1893.
Hupp Motor Car Co.
-Report.-Quarter Ended
PeriodSept..3026. Sept.30'25
Net sales
-9Months EndedSept. 30 '26. Sept.30'25.
3414.108.517 $9.203.904$43.890.874432.436.123
Costs. exp.& deprec____:12.939.942
7.763.278 z40.340.724 27.301.657
Profits
$1,168.575 31,440.627 33,550.150 35.134.466
Federal taxes, &c
157.7.57
842.601
479.270 2.398.720
Common dividends
228.452
228.452
685.357
685.357
Surplus
$782.364
3.369.574 32.385.522 32.050.389
a Including $374.519 profit on sale of plant assets. y Includes $174.974
other income for the quarter ended Sept. 30 1926 and $515.830 for
9 months ended Sept. .30 1926. z Includes $113.716 depreciation for the
the
3 months and $345,991 depreciation for the 9 months ended Sept.30 1926.
Assets-
Comparative Balance Sheet.
Dec.3125.
Sest.30'26.
$
Lamd, eryl,7.400.771
n achlubui dle_
:
s
Cash
6.021.136
U.S. certificates_ 3,500.000
Drafts A accts. rec 2.438.010
Inventories
5,566.038
Notes receivable- 1,250,000
Investments
85,328
Deterred charges.- 150,038
Good-will, trademarks. &a
1
Sept.30'26.
$
iiil stock._ 9.138.090
Common
7.986.558 AccountsPaY- &c. 3,398.284
2.077.910 Accr. Int.. tax .&c 2.501.233
2,911.591 Federal tax reserve 594.270
1.557.082 Res. unrealized
6.020.716
prof. cap,
1.250.000 Dealers' dep'ts, &c 133.870
141.316 Surplus
"3°810.3331231476
09
9
61,642
has been called for Nov. 1 to authorize
A
1
the issuance of 30.000 shares of common stock as a 25% stock dividend,
and 50,000 shares of common stock and $5,000.000 10
-year convertible
Total
26,411.322 22,006,827
note recently sold by bankers. Compare V. 123,
,
P. 1768 and 1883.
-V.122. p. 2147.
Total
Dec.31'25.
$
9.138.090
3,143.674
791.700
545,374
127.936
7, 17053
342 99
9
9
26,411,322 22.006,827
2270
THE CITTRONTCLE
(Vol,. 123.
Dated Oct. 1 1926: due Oct. 1 1e41. Int. payable A. & 0. Principal
coin or in
-Extra Dividend of 40 Cents. share and and int. payable in New York or Boston ii II cited States go'd 8. Federal
Illinois Brick Co.
of 40 cents per
Montreal in Canadian gold coin, without deduction tw any U.
The directors have declared an extra dividend
Red. all
the outstanding
four regularly quarterly dividends ef 60 cents each onJan. 15 to holders income tax not exceeding 2%. Penn. 4 mills tax refundable. at 1023
$4.700.000 capital stock. par $25. The extra sill be paidJan. 15. April 15. or part on the first day of any month on at least 30 days' notice
through Oct
of record Jan. 4: and the regular dividends are payable July 4 and Oct. 4. I through Oct. 1 192:1: at 102 through Oct 1 1932: at 101% to maturity.
1 1935; at 101 through Oct. 1 1938: at 109% thereafter prior
July 15 and Oct. 15 to holders of record Jan. 4. April 4.
.
respectively. During the current year four regular quarterly dividends of incl. Interest in all cases. Denom. $1.000. $500 and $100 c5 Chase
-V. 122. p. 757.
National Bank. New York trustee.
60 cents per share were paid.
Conrertible non" after April I 1927 to and including the date of maturitv,,
-Larger Dividend
cumulative 7% preferred stock at the rate of one share fir each $100
Illinois Pacific Glass Co.
per share into
The directors have declared a quarterly dividend of 50 centsNov. 1 to debenture. At the time of any conversion on or before Oct. 1 1928 holders
Clang A and B common stocks payable
shall have the right to purchase common stock at. the rats of 350 per share,
on the no par value
holders of record Oct. 20. This is at the rate of $2 per share per annum. on the basis of one share of common stock for each $I 000 of debentures so
compared with the dividends at the rate of $1 54) yearly previously paid. converted. In case of debenteree caned for redemption. these privileges
may he exercised within the period provided In the Indentnre.
Results for 9 Months Ended Sept. 30 1926.
Listing.-Ape'lentbn will be made to list these debe !tures on the New
.618
5410
Profits
193.960 York Stock Exchange.
total
0
Res. for Federal taxes, 322.030: dim. declared. 3171.930:
Data from Letter of Pres. A. R. Graus•ein, New York. 01.2^.
$
925.688
Balance, surplus
Comnanu.-Orzanized In 1818. Is, with its s IL lia nJs the lar met
Manufacturer of paper In the word and one of the Tar rest holders of water
Balance Sheet Sept. 30 1926.
power in North Amerlm,. The capacity of Its pip and paper mills Is
Lia'iittiles
Asset:
$3 601.472 more than twice as great as that of any other company on tnis cnntinert.
Capital stock
Cash
152.215 It now has In operation 21 paper and polin mills. Including some of the
414 510 Clieweet liabilities
Accounts receivable
0 largest and most efficient plants in the world.
57 49
514 674 Deferred misc. liahilities
Notes and acceptances
414 371
Growth -There has been a steady and substantial increase In demand
1.171 813 Res. for depreciation,
Inventories
6 for company's principal products. The consumption of newsnrint paper
61.20
2,051. 12 Provision for bad debt_
Property account
71 IS
ii the United States has nractically dont)*el bet yeen 1111 and 1925 with
500 Other reserves
Investments
142 618 an almost unbroken rec ird of annual strewth averaging 6.6% a year. This
82.181 Surplus
Deferred miscellaneous_ _ _
2 721 year consumption is running at a rate of 13% or more in excess of last
Surplus from revaluation..
year's record. There has also been a farce increase in the demand for
$4.505.332
Total
$4 505.332 sulphite villa due both to the increased consumption of honk and magazine
Total
-V. 122. p. 619.
papers and to its use as a raw material be the rayon industry.
advancin r
Company is
-New
-Earnings
Independent Oil & Gas Co. 30- -9 Mos. End.Director. a definite and still furtherworked out its cemmaiding position by following
program fir the enlarrement of Its
carefully
Sept..38-Quar. End. Sept.
1925.
present manufacturing facilities to meet this etearli'y increasing demand
1926.
1925.
1026.
Period86.3 ".747 $4.739.304 and for the development 'of its extensive water powers and other latent
$2880030 $1.594.286
Gross earnings
1.500 270 resources. At the Three Rivers newsprint mill. 4 new machines have been
3.117 • 4
751.076
1.432 897
Operating costs
16.843 added during 1926 bringi ig the total capacity of the mill up to 700 tons
93
211 5
3.712
86.996
Interest 8c discounts
908.278 of newsprint per day. The 600 ten Gatiecem newsprint mill is rapidly
1,328.425
333.151
502.331
Lleprec. & depl. reserve.
,
150.000 approaching cnmpletion and It is expected that by PIO 1927 the entire
35.837
35.837
Res. for Fed. inc. tax_ _.:
mi" will he in onorntinn. The °alarm neat of the Kinawa menhirs mill
completed and the mill Is now producing at the rate of 250 tons
$506.348 S1.760.397 $2.163.914 has been
Net avall.for suratrdivs. $830 968
its
companyos Texas of b cached so phite n op a clay. Cerrnaly IS fIrthermore extending Vie
C. Frank Kelsey of Fort Worth. Tex.. manager of the
recently acquired {craft pope- mill In Bastrop Is.. and Is plaaning
,
operations, has been elected a director. succeeding Wade R. Ja 1109. Mr. construction or a new kraft pane- mill in the South as well as substanti il
-V. 12.1. p. 2003.
a vice-president.
Kelsey has also been elected
tmpenve nents to others of its American mills.
Hadro-Electric DeNd-nment.-The water powers which the company aid
-New Director.
Indian Motocycle Co.
,
moneri
now have In nnerntio or under ClI4V ICE1011
has been elected a director. Increasing the Its wholly 601 OM hue. (503 031 h.p. hydrreertric and 100 000 h.P•
J. Roy Allen. of New York.
aggro tate
-V. 123, p. 2147.
board to 9 members.
capab e of being Increased through further development and
hydraulic).
to about 400 000 h.p. The
-The direc- thrall M utilization of undeveloped sites under way1Is the project being
-Extra Dividend of $1.
Ingersoll-Rand Co.
principal hydro-e'ectric development now
an extra dividend of $1 per share, undertaken be the company's wholly owned subsidiary. Gatineau Pooer
tors on Oct. 27 declared
on the Gatineau River of a capacity of 373.503 h•Ill•
Co.. for
and the regular quarterly dividend of 75 cents per share at three the installation which are exnectol to be In operation early next
p'ante two of
for the sale
on the common stock, no par value, both payable Dec. 1 to year and the third by the fall of 1928.beLong term contractsInstallations
power to
generate-I by these
holders of record Nov. 8. On July I last the company paid of over 90% of the primary with the Ontario Hyden-Ftlectric Power Comexeceted
heel
-V.123, have alreadyothers. whin. with the sale of the remaining power not yet
a special cash dividend of $I per share on this issue.
mission and
contracted for. it Is estimated, will produce net comings amounting to
p. 988.
over twice the annual interest charges on the $10 000 000 bonds and debentures (of which $12 500 030 bonds are held in ()sera v for completion
Inland Steel Co.-Earnings.-9 Mns. End. Sept. 30- of initial development) issued by Gatineau Power Co. to finance this con-Qvar. End. Sept. 301025.
11126.
struction pro cram.
1925.
1926.
Period-Company and wholly owned subsidiaries own 21 paper
Mlii Pronely.
4
$2.673.316 $1.70 078 $7.875.011 85.405 572
Net after expenses
1.510 433 and prep mills located In Wain°. New Hampshire Vermont. Massachusetts,
1.548 601
487 013
537 974
Deprec. & depletion
447.500 New York. Louisiana and the Provinces of Quelm and Ontario. Canada.
1.291.901
50
117 7
434 014
Federal taxes__..
Int. &
,
525 000 These mills have a daily capacity of 2.514 tons of Va'1113 classes of pulp
525 000
175 000
175 000
Preferred dividends___..
2.217.7.50 and paper for sale, now being increased to approximately 3 250 tons.
739.250 2.217.750
739.250
Common dividends
For various economic considerations, chiefly the more abundant simples
$705.859 of pulp wood and water power In Canada. the company has been following
3274.983 $2,291.769
1787.836
Surplus
thrau th the construction'of
the policy of adding to its newsprint capacityof
-V. 123. p. 589.
its American mills for the
mine In Canada and the conversirm of many
Corp.(& Subs.).- production of higher grades of paper. The Imp Irtant mill properties of
International Business Machines
the company are stratecically located from the standpoint of both water
Earnings.power and labor supply.
-Quar. End. Sept.30- -0 Mw.End.Sept.30.
The most important plant Is the Three Rivera (Qua.) mill, which has a
1925.
1926.
1925.
1926.
capacity of MO tons of newsprint now almost attained and Is one of the
PeriodInt.,
lowest cost producers .on the centhent. The Kipawa ‘1111, with a present
Net income after
$648,861 S2.435.108 $1.997.274 capacity of 250 tans of bleached sulphite pun a day, located in the Province
deprec. and Fed. taxes. $863,292
of Quebec. Is metered to be the most modern and efficient pant of this
123. p. 719.
-V.
with
character In North America. It is equipped the modern machinery and
.Corp.-Earnings,
production of the highest
International Cement
has unusual natural advantages which insure
Stone &(7o.. In a circular dealing with the company state In part: grade of bleached sulphite pulp at very moderate costs.
Hayden.
It has no
Including the above mil's. company and wholly owned subsidiaries own
The corporation Is In an extremely strong financial position. eliminated
completely
funded debt. the 32.176 581 in 1919 having beenassets being over 3 time and operate 3 ground wood mills for the manufacture of mechanical pulp,
6 combination ground wood and paper mills. 6 combination ground wood,
by 1924. Its current predtion Ls excellent: currs nt
and net
current liabilities: cash exceeding 52.000.000: earningsquick assets exceeding sulphite and paper mills, one paper mill. one !craft pulp mill, one kraft
have been made for pulp and paper mill. one combination paper and soda pulp mill and two
Very liberal deductions from
$5.700.000
of bleached sulphite mills. The diversity of the output of these mills during
depreciation and dep'etion. The productive capacity at the beginning
carried at a valuation 1925 is indicated be the following tabulation sho ring production exclusive
1927. when present construction Is completed, will be
depreciation of less than $2 30 per barrel.
of pulp for use In the manufacture of paper by the company.
net of
1926.
Output -TonsEarnings for the first e months of 1926 were equivalent to $4 75 per share
of earnings for Newsprint paper
35912.85M
452,357
on the 562.500 shares of stock now outstanding. Estimate
The above are on the basis
26,315
55:i7:556372
the last 3 months give VI 25 for the full year.been outstanding only since Bag and wrapping paper
67.508
papers
of 562.500 shares whereas this amount has
also do not specialty writing, paper
52,094
Book and
Aug. II (increased from 500.000 shares). The 1926 earnings
increased productive capacity
include earnings to be derived from the 1927.
2
3'5
6 10
609.3 5
Total paper
517,073
which will be available at the beginn ng of
125.052
108.083
Pulp for outside sale
Consolidated Balance Sheet as of Aug. 31 1926 (Incl. Subs.).
Main/diesAssets734.357
$9.768.401
Total paper and pulp
625.156
7% preferred stock
Capital assets: plants.
-The company and wholly owned subsidiaries own in
Timber Limits.
529.690.537 Common (562.500 abs..
property. dtc
18.595.339 fee 1,631,229 acres of timber lands and stumpage rights and Canadian Crown
no par)
2.097.846
Cash
timber limit leases covering an additional 10,826.413 acres, a total of
28 176 Capital stk. of subs. not
Marketable securities__
183 497 12.457.642 acres or an aggregate substantially larger
combined
owned
Accts. recble., less res_- 1,950.160 Accts. & accruals payable 1,438 874 areas of Massachusetts, Connecticut. Rhode Island and than the
Long Island. The
253.346
leas reg.
Notes receivable,
733 702 pulp wood on lands owned in fee 18 estimated to be in excess of 6,000.000
4,260,622 Divs. payable Sep. 30'26
Inventories
628.244 cords. while that on lands held under Canadian Crown leases is estimated
Provision for inc. taxes..Reserve for fluctuations
to exceed 39.7110.000 cords. These holdings constitute one of the largest
Dr.42.919 Empls' subscrm. to capiin exchange
162.461 areas of timber lands controlled by any one group in eastern North America.
tai stock
355,903
item&
&
Deferred
85.25.5
vapiatriza.ron. -Consolidated capitall .ation statement of company and
Surplus of subs. set aside
6.997.899 wholly owned subsidiaries (except Gatineau Power Co.). as of Aug. 31
Earned surplus
1926. adjusted to give effect to the present financing and to increases in
138,593.672 the authorized amounts of capital stocks, follows:
Total
$38.593,672
Total
0
o6 9
(eiesizs
m. n 0
Authored . Outstag1.
d
Funded Debt
-y. 123. p. 850, 332.
Divisional bonds and purchase money mtges-18,036.000
Morgan First and refunding mtge.5% bonds. due 1947.. (closed)
-J. P.
International Mercantile Marine Co.
a
Refunding mtge.6% bonds,series A.due 1955..
to Board.
22 0 8
525.000,000 25:0020,0V
and Charles Steele ReturnSteele. a member of J. P. Morgan & Co., 6% Cony, gold debentures (this issue)
CapitalMorgan and Charles
r 0
.7. P.
831.820.00
Oct. 28 to the directorate of the International Mercan- P eferred stock 6% and 7% cumulative
s.
were restored on
1.000.000 abs.
they resigned when negotiations were being Common (no par value)
restricted
tile Marine Co.. from which
mortgage is
a The issuance of additional bonds under
firm. Morgan. Grenfell & Co., for the sale of
conducted by the LondonBritish shipping syndicate headed by Furness, by the conservative provisions of the indenture,
a
the White Star Line to 122 p. 2509.)
-Average consolidated annual earnings of company and wholly
Earnings.
include
Withy & Co. (See V.
Mr. Morgan and Mr. Steele to the board, owned subsidiaries, for the 10 years ended Dec. 311925, adjusted to period,
In announcing the election of
that negotiations for the sale of the earnings or estimated earnings of properties acquired during this
explained
were after liberal porovision for maintenance, available for interest, depreciation,
the International company
which Morgan, Grenfell St Co.
White Star Line to interests with was further explained that Mr. Morgan
as certified to by F. W. Lafrentz & Co., were $10.844.457 or approxiIt
Identified had been termintated. the board in April for the reason that the &c..
mately 2.7 times the annual interest requirements on the above funded
Mr. Steele had "retired from & Co. was interesed in the syndicate debt. Earnings as above, for the year ended Dec. 31 1925, amounted to
and
arcade!'
London firm of Morgan,
-V. 123, p. 719.
S9.455.825. as certified to by F. W. Lafrentz & Co., or over 2.3 times such
White Star Line."
negotiating for the purchase of the
annual times requirements. Similar earnings for the first 8 months of
1926 were substantially larger than in the
0 Debentures Sold. The reserves for depreciation and depletioncorresponding period of 1925.
-$25,000,00
liberal, averhave been veryamounting for
International Paper Co.
Forbes
the 10 years ended Dec.
syndicate headed by Bankers Trust Co., Harris, Union aging $3,684.602 for31 1925 to S3.588,505. 31 1925. and
-A
the year ended Dec.
the
for
& Co., Lee, Higginson & Co., Blair & Co.,Inc.,
Purpose of Issue.-Proceecis from the sale of this Issue will bo used
expenditures
Trust Co. of Pittsburgh, Continental & Commercial Co., the company's development program and to reimburse it for
sold heretofore matte in this connection.
Halsey, Stuart & Co., Inc. and Redmond & Co. have
-The book value of the capital assets of company and wholly
Valuation.
*125.000,000.
Power Co.),is in
t98 and hit. to yield over 6.20% $25,000,0006% convertible owned subsidiaries(except Gatineau is conservativelyexcess of to be subestimated
a
The•present value of these assets
old debentures.
OCT. 301926.]
THE CHRONTCLE
stantially in excess of the book value. The equity behina
, now to be outstanding will be represented by common and the 'untied deot
preferred stocks
which have a market value based upon current quotati
ons aggregating over
$55,000,000.
Consolidated Balance Sheet Aug 31 1926.
[Adjusted to give effect to the present financi
ng.]
AssetsLiabilities
Plants and properties*_ $83,303,523 7% Cumul. pref.
stock_ $28,932,100
Woodlands
18,292.352 6% Cumul. pref.
2.887,900
Other securities & inv'ts 23,728.823 Common stock stock_
37.495.250
Stks. & bonds of co. and
Common stk.
4,759
underlying bonds____
2.653.762 Funded debt subscrip- 70,150.100
Cash
I A' 467 Accounts payable
400.
7,805.837
Arrcunts receli able- _
7.9
,5,982 Accrued divs. payable
449.749
Notes receivable
485.637 Insurance reserves ____
1.156.966
Inventories & cash advs.
Res, for contingencies,
for logging operations 24,181.310
taxes and miscell_
12.959,497
Sinking funds
50,941 Surplus
21.979.152
Prepaid expenses
2.137.387
Deferred charges
4,721,115
Total (each side). _ -3183.821.300
* After deduction of reserves for depreciation.
Contingent Liabi tie.- -Cuaranty
Paper Co. for $908.000 (secured byof notes of the Bonaventure Pulp &
31.995.000
gold bonds of the it. Lawrence Pulp & Paper 1st mtge. sinking fund 6%
Corp.).
Preferred Stock Offered to Employees.
-
The company announces the offering to
to officers and employees of wholly ownedits officers and employees, and.
subsidiaries, of its cumulative
7% preferred stock. The price named
in the offer which is open until
Dec. 1 next is $94 a share. Under
limited in proportion to the salary the terms of the plan, subscriptions are
or wages of the employee, an employ
receiving , or less a week being entitle
0
ee
a week, but more than $30. for 4 shares,d to apply for 3 shares. $40 or less
and
The option is given employees of paying so on.
or in weekly, semi-amonthly or m inthly for the shares allotted outright
installments, each installment
being at least 31 a week per share,$2
paid monthly. Commencing Jan. when paid semi-monthly and $4 when
1928. a bonus will be paid each subscriber still holding the stock and in1the
employ of the company amount
to $1 per share and increasing
ing
1932. Dividends will be paid$1 each year until $5 a share Is paid Jan. 1
on stock being purchased
on installments
and arrangements will also be made to
give subscribers full voting
-V. 123, p. 2147.
Power.
International Salt Co.
-Quarterly
Report (In^l. Subs.).-
2271
regular quarterly dividend of 50 cents per share, both
payable
Dec. 31 to holders of recor I Dec. 13.
Record of Dividends Paid.-laitlal of
50c.
the.. ti May 1921. 50c. quarterly: then none per share paid Feb. 1 1920;
until Dec.
31 1923. when 50c.
was paid: March 31 1924 to Sept.
30 1926 Incl., 50c. quarterly.
-V. 123,
p. 1640.
Lord & Taylor, New York.
-Declares Christmas Dividend
of 5% on Common Stock.
-The directors on
an extra (Christmas) dividend on the comm Oct. 25 declared
on stock, payable
Dec. 10 to holders of record Nov. 17.
An extra
dividend of like amount was paid on Dec. 10 last Christmas
year. Regular quarterly dividends are being paid
on this issue at the
rate of 10% per annum.
The directors also declared the usual quarte
of 1% on the first pref. stock, payable Dec. rly dividend
1 to holders of
record Nov. 17.-V. 122, p. 893.
Louisiana Oil Refining Corp.-Tarnings.PeriodEarninf s
Deductions
Interest
Deprec. & depletion
Est. Federal tax
--Quar. Ended &pt.30- -9 Mos. End. Sept.
301926.
1925.
1926.
1925.
51.220.021 $1,00 .049 $3.25{.r82 31,840.135
. .
:0.157
59.016
113.521
45.207
75.542
174.06.5
204.64
428.075
1.171.315
671.200
129.717
Net Income.
$1115610 a3897.350 y$1 .848.98
6 y2810.789
a Before Federal taxes. depletion mini depreciation.
y Before Federal
taxem.- V. 123. p. /451.
Mser*olie Petroleum
,
quigit;o
A published statement %bleb the "Chrer
iele"
stantially cirrect sas The company has paid urderstards to be subS2C0.0(11 rash ter a block
of 736 acres cl se to the O'Hern & Seae,,r
d wells In Duval ('runty, Tex.,
in Survey No. 174, six miles a uth of the Cole
field. The first (1 Bern &
Seac rd well is a 50.000.000 cubic fret pins sell
spraying nil, The No. 2,
located 450 feet north. Is on the same said
in. with a core showing a high percentage ofat 1,782 feet and ready to drill '
011.-V. 122, P• 1179.
Quar. End.&nt 30. -9 Mos.
.
PeriodSept• 30Earnings after deducting all ex- 1926.
Maytag Co. (Del.).
-Earnings.
penses except Federal taxes_ _
Qua ter Pnied
_$149.440 $.399.349 $658 177 $frIP.440
9 Mos.End.
Fixed charges and sinking fund__
Sell. no *?.6. J
104.092
30'M. Ma-.31 '16.9eot. 30'26.
95.021
274.2 I 9 28.'A64 Net sales
$7 489
0
Net earnings before Fed'I taxes.$
Netprofit aft.chgs.&tax $1.748 444 57 710 7'13 21 611.841 21 831,01$
.587 31.657.274 31.416.410 $1.822.270
245.348 $304.328 5393.958 $553.3
-V. 123. p. 1769.
76 -V. 123. p. 852.
International Standard
Electric Corp.-Belaian Order.
The corporation's allied cable
structions Electriquas de Charler company In Belgium. "Atelers des ConAdministration for interurban oi." has received an order from the Belgian
toll cables, extending from Brussel
Luxembourg and from
s to
opp 000 Belgian francs. Brussels to Mons-Chareefol. to the value of 57 The Brussels-Luxembourg
cable forms a link In
the projected London-Rome long
distance line.
The cables are to be
loading coils and repeatemanufactured by the Charleroi company and the
rs by the Standard's Belgian
associated company,
the Bell Telephone Mfg. Co.
-V. 123. p. 1881.
Mid-Continent Petroleum
-Report.
An official memorandum issued in Corp.(& Subs.).
connection with the quarterly statement says In part:
The total net earnings for the 9 months
ended Sept. 30 1926 were $11,020.001 as compared with $11.254,263
'rhe earnings for 1925. however. for the 9 months ended Sept. 30 1925.
Included an adjustment in crude oil inventory amounting to 31.064
.832 so that the actual operating profit for
the first 9 months of 1926
for the same period of last is over $830.000 in excess of the operating profit
year.
Current assets of the company as
of Sept. 30 1926 were $26.372.984 and
current liabilities $2.252,020. a
ratio
Interstate Iron & Steel Co.
are sufficient to pay in full the entire of almost 12 to I. Current assets
indebtedness of the company (includ
ing its first mortgage bonds) and
The directors have declared a dividen -5% Back Dividend.
its outstanoing preferred
7to clear up all a
and the regular quarterly dividend d of5,
Tearages• balance remaining of over $5,800,000 for the common stock.stock, with a
of
both payable Dec. 1 to holders
on the pref mad stock.
Through the operation of the sinking
fund, the first mortgage bonds
was paid on account of accumu of record Nov. 20. On March I last 3% have been reduced from
$12.50
lations on June 1 33i%
-V. 123. p. 1388. 1256.
and on Sept. 14%. of Sept. 30 1926. In addition0.000 as of Marc% 1 1925 to 511.131.000 as
$600.0
held in the treasury of the company. 00 have been purchased by and are
Intertype Corp., Brooklyn, N.
The net daily production of crude
-Earnings.
which is the greatest in the historyoil is now approximately 21.000 barrels
(Subject to adjustment at end Y.
of fiscal year..
all high gravity crude and 90 is of the company. The production is
-Quar. End. Sept 30.- -9
.
in the State of Oklahoma and is either
I.
PeriodMos. End. Sept. 30- on or near the company s pipe line system
1926.
The company now has over
1925.
1.600 producing wells
Gross profits before dept.
1926.
$438.933 51.108.494 $1.331.033 which 320 acres are inlocated on over 35,000 acres of developed looses. of
Less- lead and branch $338.533
the Seminole pool. During the past
year the undeveloped acreage has been increased
office selling expenses..
over
184.336
2
165.759
Depreciation
505.971 leases in Oklahoma, Kansas and Texas. the 1000 through the purchase of
549.1103
32.972
total undeve
33 814
Reeerve for taxes
110 870
97 012 now in excess of 310.000 acres. Most of the additio loped leases being
17.500
nal acreavr has been
23.800
6.500
110.810 purchased after an examination of the leases by
the Geloeical Department.
The present developed and uniavaloped
Net to surplus
acreage
$103.725
5215 571
5382.221
2616 650 nections of the company furnish ample protect with the pipe line conR. R. Swartwout. Chairman of
ion for a crude oil supply
Chairman of the board of directo executive committee, has been elected of its refinery at West Tulsa.
During the past year the company has
Becker. President, succeeds Mr. rs. succeeding H. R. Swartz. Neal Dow
made many additions and im. of Mr. Swartz. C. W. Gaskell Swartz as a director caused by resignation provements. It has purchased a one-half interest in the
, Vice
Jomack
has resigned, and D. R. Salisbury, -President in charge of manufacture. (Okla.), with a well settled production and a large undeveloped Oil Co.
acreage,
assistant to President and Gen. Sales located principally in Creek County, Okla.,and
Mgr., and H. G. WhInus
has laid
pipe lines
200
H. G. Willnus will contin. Secretary, have been elected Vice-Presidents. to facilitato new fields. It has opened offices in Texas over New miles of
ue to act as Secretray.-V. 123. p. 483.
and
te the operation of its Land and
Mexico
Producing Department, and
has constructed four additional natural
Island Creek Coal Co.-Earnings.Oklahoma. It has now a daily output gasoline plants in the State of
of more than 100,000
Quar. End. Sept. 30- -9 Mos. End. Sept.
Period30- natural gasoline for which it has a ready market. The refinergallons of
1926.
Tulsa has been greatly improved by
y at West
1925.
1926.
Tons coal mined
1925.
the additio
1.766,758
1.645.123
4.747.452 4.423,688 on which the company owns patents, the install n of tank and tubs stills,
Net income x
ation of a ne v fuel system
$623.5
$618.335 22,041,037 $1.555,375 whereby it is now burning a product that
x After Federal taxes, depreci 39
was formerly worthless, and by
ation and depletion.
increasing over 75% the output of
-V. 123. P. 20 4
its lubricating and bright stock
0.
for which there is a large deman
plants
Island Refining Corp.
d in
-Meeting Called.
The management of the compa the domestic and export markets.
A meetunrr of the bondholders'
ny is now devoting much time
committee has been called Oct. 28 1926 In distributing end of the business
to the
the Board Room of the Real Estate
the construction and purchase and during the past nine months, through
Trust Co.. Broad and Chestnut
Phila., as the Philadelphia
bondholders committee desires to discussSts., subsidiary companies in which of service and bulk stations, and through
Island Refining situation with
the
all holders of the bonds or certificates of an outlet for one-third of its the company has an interest, it has developed
deposit.
output
under its own trade name throug . Its products are now being marketed
The committee consists
h station located in the States
of Kenscat. E. IT. Paxson and of R. W. Taylor. Wm. F. Fischer. W. A. Cole- tucky, Indiana, Illinois, Wisconsin, Iowasand
J. E. Bacon. with Dimner Beeber
Missouri, and it will be
the policy of the company to increas
Building. Phila.. counsel.
, Land Title
-V. 122. D. 2201.
all or a largo majority of its produc e this output from time to time until
ts are sold through its own station
Aside from this the company
s.
Jones & Laughlin Steel Corporatio
require any large expenditure has no expansion program on hand which will
n.
-Earnings.Periods Ended Sept. 30 1926of money.
Quarter.
gt Months.
Earnings after taxes
Consolidated Income Statement.
$5.856.883 $16.282,351
Depletion and depreciation
-Quar.End. Sept.30- -9 Mos.
1.385,977
'PeriodEnd.Sept.303.877.109
1926.
1925.
1926.
Operating profit
Net earnings
1925.
24,527.938 54,352.834 $12.137,773 $12,505,218
54.470.906 312.405.242 Leaseholds aband., &c
Interest on bonds. &c
100.148
229,878
213.119
429.042
645.686 Int., & amort. of bond
635.157
Net income
discount
224,674
215,428
54.257.787 511.759.556 Preferred dividends_
Preferred dividends
688,730
615,798
114.283
998.947
Common dividends
349.397
2.992.782
716.650
Sur. bet. depr. & depl1.863.290
$3,203.117 53.907.528 511,020.001 $11,254.263
Surplus
Consolidated Balance Sheet.
52,542.190 56,903.484
-V.123.11.589.
Sept. 30'26. Dee.31 '25.1
Sept.30'26. Dec.31 '25.
Assets5
(S. S.) Kresge Co.
1 Liabilities$
-Opens Eleven New Stores$
Oil reserves
$
.
a40.970,360 36,641,336 7% preferred stock 6,434.615 6.574.7
The company announces the opening of 11
40
new stores In the 30
period ended Oct. 16. making the total
-day Ref.. plants, pipe
Common stock _c40,879,231 40,879.230
lines.&c
number in operation as of the
616,867,497 14,976,844 18t mtge.6 Hs___ .11.131,000 11.762.
latter date 352 stores. Of the new stores
000
opened six were of the large Investments
392,767 1.370,106 Leasehold pur.obli.
25c. to SI class, while five were of the 5
952,500
-and-l()
-cent type. The number of U.S. Treas. certits 1,035,563 2,049,687 Account
each class now operating is 97 of the 25c.
s payable_ 1,
'76.464
-to-31 and
-and-10c. Loanssec. by N.Y.
Accrint. &gen.tax 523.317 1,430,490
kind. Increases of 21 and 29, respectively, since the 255 of the 5
790.450
Stock Exchange
end of 1925.-V. 123,
Federal taxes
2147.
152.239
P.
453,027
collateral
lat M.15-yr.5Si% 3.000,000 2.000,000 Leasett'd pur.oblig.
mat. Mar.25'27
P Lehigh Coal & Navigation Co.
-Extra Dividend of2%.- sink, fund gold
and prior
1,097,306
947.000
bondsin treasury 589,823
The directors on Oct. 27 declared an extra dividend of 2%
Rentals, accr. diva.
on pref.stk..&e. 172.999
and the usual quarterly dividend of 2% on the outstanding Cash with sink. M.
agents
79,807
955
1.924 Surplus
$29,243,400 capital stock, par $50, both payable
24.606.519 13.898,275
Cash
8,110,173 7,198,0
Nov. 30 Accts.& notes rec.. 4.605,138 3,471.864
holders of record Oct. 30.
43
to
nerd & crude oils_ 7,272,927 5.573,894
E. B. Lelsenring has been elected a member of the board of manage
Marl & supplies 2.258.3
to succeed the late Bayard Henry. Mr. Leisenring is President of rs Prep.exp.dhic.,&c. 1.399,161 3,078.756
27 1,405,062
the
Llagelbrook Coal Co.
-V. 122. p. 3612.
Total
86,503,690 77.767.520
Total
Loew's, Inc.
86.503.690 77.767.520
-Extra Dividend of V.
-The directors on
a Less reserve for depletion and depreciation:
also undeveloped
Oct. 27 declared an extra dividend of $1 per share and the and intangibles. b After deducting $15.694.561 reserve for leaseholds
c Represented by 1,357.461 2-5 shares of no
depred
par valse.-V. 123,9.ation
2148.
uk,
Vol.... 11.!:3
THE CHRONICLE
2272
.-No Financing.
Liability Insurance Co
Manufacturers'
of
Pres. D. 'I'. Winter, In an advertisement in the New York "Times"
notifying its various
Oct. 23. said: "The company takes this means of is not issuing any new
in this vicinity that it
policy holders and stockholders
and
stock and has not authorized the issuance of any since June, 1925. is
notice
further. Is not contemplating any such issue. The purpose of this general
stockholders and the public in
to warn such policy holders and
unagainst purchasing any stock offered by any brokers or others, using any
authorized literature or employing discredited agents in disposing of
such stock."
The above was republished to correct an error appearing in an advertisement similar to the above published on Oct. 13 1926, wherein the date
June 1925
of last stock issue was shown as Jan. 1925. The stock issue of authorized
distributed by Suizbacher, Granger & Co. and others was duly
p. 2004.
-V. 123,
by this company.,
Motion Picture Capital Corp.-Earnings.1926.
Aine Months Enued .Sept. 30-Net income after taxes
Preferred dividend',
Common dividends
$333.086
36.648
197.355
1925.
$162.665
40.070
79.271
-Earnings.
New Jersey Zinc Co.
-Extra Div. of 2%.
The directors have declared an extra dividend of 2%, payable Dec. 10
to holders of record Nov. 20. The last extra disbursement, amounting to
2%, was made on July 10 1926. The company is also paying regular quarterly dividends at the rate of 8% per annum.
Earnings for Quarter's Ended Sept. 30.
1923.
1924.
1925.
1926.
x Income
$1.713.823 $1.798.426 $1,095,006 $1,090.793
40,000
Bond interest
40.000
40.000
40.000
979.632
Dividends (2%)
981,632
981,832
981.632
$71,161
Balance, surplus
$73,374
8692.191
$776.794
The net income for the first three quarters of 1926 follows: First quarter,
31.683.896: 2d quarter, $1.607,538: 3rd quarter. $1.673.823: total 9 months
84.965.257. less dividends paid and declared (8%), $3.926.528: surplus for
9 months ended Sept. 30 1926. $1.038.729.
x Including dividends from subsidiary companies and after deduction
for expenses, taxes, maintenance, repairs and renewals, betterments,
depreciation and contingencies.
iVole - -Extra dividend of 2% paid July 10 1925 was declared from surplus
-V. 123. p. 1770.
accumulated in current year.
$43,324
$99,083
New York Dock Co.
-Earnings.
Balance Sheet Sept. 30.
1924.
1925.
1926.
9 Months Ended Sept. 301926.
1925.
82.503.695 32.509.896 82,407.613
Gross revenues
1925. I Liabilities1926.
Assets1,185.604
1,060,960
1,164,028
8% cum. pref.stk_ $613,400 $613,400 Expenses
Furn. & fixtures.
827.582
950.130
867,805
$4,489 Common stock....y2,078,230 1,571,909 Taxes,interests, &c
$4,543
less depreciation
500 Cap.stk.of Cinema
36.250
Investments
$396,523
3478,062
3490,509
Fin. Corp. not
Net income
Due from subs
,
9 320 -V. 123. p. 591.
8,0001 held by co
preferred stock
1,975,000
658,538 Funded debt
741.506
Cash
Northern Paper Mills, Green Bag, Wis.-Bonds Called.
Notes payable. _ 4,639.161
Notes. accts. ar
All of the outstanding bonds dated Nov. 1 1919 have been called for pay.
12.436
commissions rec.x8,187.509 x5.072.513 DI vs. payable._ _ _
18,138 ment No. 1 next at 103 and int, at the First Wiscorsin Trust Co., trustee,
1,305
Accounts payable_
advances
Contract
3,119.834 Milwaukee, Wis., or at the First Trust St Savings Bank, Chicago, 111.-V.
Bank loans
sec by m Wes.&c 199.123
6.653 123. p. 990.
24.626
39,872 Accrued Int. pay..
Accrued Int. reedy 122.708
54.000
deposits
Guarantee
Mot. plc. negatives 188,401
-Earnings.Nunnally Co.
62.728
26.298
129.046 Res. for Fed. tax..
Deferred charges__ 266.749
-Quar. End. Sept. 30- -9 Mos. End. Sept. 3012.768
Res. for comm. adj
1925.
1926.
1925.
1926.
Period378,070
- 126.392
Deferred credits
213,690
101.666 Net profit after exp., but
Total(each side)_.$9.746,970 $5,912,957 Surplus
$118,111
$154,467
$47,998
$31,303
before tax
x After 8148.167 reserve for losses. y Represented by 175.464 shares of -V. 123. p. 722.
-V.123. 1885.
no par value.
Balance,surplus
-Injunction Dissolved-Declares
Motor Products Corp.
a Dividend of $2 50 on Preferred and $1 on Common Stock.
The U. S. District Court for the Eastern District of Michigan having
dissolved (on Oct. 25) the injunction issued in the stilt of Wallace v. Motor
Products Corp. et al., the directors of the corporation (organized In 1926)
bas declared dividends of $2 50 per share on the outstanding preferred
ahares and of $1 per share on the outstanding common shares of the corporation for the 6 months eliding Oct. 31 1926. payable on Nov. 1 1926. to
the holders of' record Oct. 30 1926. Checks for the dividend on both
classes of shares of the corporation that became payable on May 1 1926,
but the payment of which was stopped by the injunction that has now been
dissolved._ have been mailed. See also V. 122. p. 2565.
N. B. Wallace has appealed to the U. 8. Circuit Court of Appeals at
Cincinnati on the question of jurisdiction, the suit against the Motor Products Corp., In which he seeks to set aside the sale of properties and assets
of the 1923 corporation to the present corporation. The case is expected
-V.122,p. 2665.
40 be brought up In the January hearings at Cincinnati.
-Report.-Ogilvie Flour Mills Co., Ltd.
1922-23.
1923-24.
1924-25.
Years Ended Aug. 31- 1925-26.
Trading profits. incl. Inv.
$824,227
8758.145 $1,152,217
inc. aft. bd. int. & dee $1,000,873
250.000
Special depreciation_
140.000
140,000
140.000
140.000
Preferred dividend (7%)
($51375.000
a356,250 (12)300,000 (12)300,000
Common dividends
(85)375,000 ($.3i225.000 (13)325.000 (10)250,000
bonus
do
13134,227
3110.873
$137,217
$36.895
Balance, surplus
a Being 3% on the 32,500.000 stock (par $100) and three quarterly
dividends of $1 25 each on the 75.000 shares of no par value.
Comparative Balance Sheet Aug. 31.
1925.
1926.
1925.
1926.
$
Assets8
8
Preferred stock._ 2.000.000 2.000.000
Water powers, mill
plants, ate
4,872,635 5,057,924 Common stock_ _ .12,500.000 2,500.000
First mtge. bonds_ 2,350,000 2.350.000
Good-w111, tradeAccount,s payable. 1,869,743 1,913,261
marks, patent
-Earnings.
Motor Wheel Corp. & Subs.
1
1 Provision for Interrights, &o
9 Mos. End.
Quarters Ended
380.000
est and dividends 530.000
633,269
1.913.197
Sept 30'26. June 30'26. Mar.31 '26. Sept. 30'26. Cash
Period5.000,000
Accounts
3843,827 $2,199,036 Stocks onrecelvile_ 1,422,780 1,403,032 Re t account loss, 5.000.000
3627.372
3727.896
Gross earnings
hand__. 960,006 1,217,081 Profit and
290.309
235.342
777.099 Investments
251,448
Expenses,Fed. taxes,&c
2.286.0110 2.175,218
7,367.213 8,016.170 surplus
$553,518 81.421.997
3392.030
3476.448
Balance
16,544,832 16.327,477
Total
Total
16,544.832 16, 27.477
157 234
47.710
47.613
61.910
Other income
-V. 123. P• 1515.
a Represented by 75,000 no par value shares.
3601.228 31.579.231
3439.643
3538.358
Total income
-The directors
Ohio Oil Co.
-Extra Dividend of 50 Cents.
68,103
23.091
21.753
23.257
Interest. &c
Net profit
Preferred dividends....
Common dividends
$515.101
19.910
275.000
$417.890
19.924
275.000
$578.137 81.511.128
59,886
20,052
825.000
275.000
Balance. surplus
-V. 123. p. 1258.
3220.191
1122.966
$283.085
$626,242
-Earnings.
Mount Royal Hotel Co., Ltd.
1926.
1925.
Nine Months End. Sept. 30$2,437,046 $2,231.875
GrossIncome
Net profit after deduction of interest charges and
418,000
327.505
depreciation
-V. 122. p. 2665.
-Sale.
Murray Body Corp.
By order of Federal Judge Charles 0. Simons. William S. Sayres Jr.,
medal master, will sell the entire assets of the company at public auction
-V. 123, p. 1257.
Nov. 24 at the company's office. Detroit.
National Acme Co.-Earnings.-Quar.End.sent.30- -9 mos.End.Sept.30.
1926.
1925.
1925.
1926.
PeriodNet profit after Interest
$300.336
3238.489
$199.722
depreciation_ ____ loss$40.223
and
The net loss of 340.223 after all charges for the third quarter of 1926 was
due largely, it is said, to loss of approximately 864.000 taken In July when
the company wrote off extraordinary expenses, including heavy inventory
-V. 123. p. 722.
shrinkage.
National Dairy Products Corp.(& Subs.).-Bal. Sheet.
have declared an extra dividend of 50c. per share and the
usual quarterly dividend of 5043. per share on the outstanding $60,000,000 capital stock, par $25, payable Dec. 15
to holders of record Nov. 13. Like amounts were paid on
Sept. 15 last. Record of dividends paid since 1917 follows:
1917. '18. '19. '20. '21 '22. '23. '24. '2)5.y'26.
8 8
20 20 20 :10 20 20 9 6
Regular (per cent)
76 76 68 60 23 *zo
__ 2 6
Extra (per cent)
* Also $300% in stock. y Incl. diva. payable Dec 15.-V. 123, p. 722;
-Extra Dividend.Pacific Fire Insurance Co.
The directors have declared an extra dividend of $1 75 per share. payable
Oct. 2790 holders of record Oct. 26.-V. 122. p. 2511.
-Annual Report.Packard Motor Car Co.
1923-24.
1924-25.
1922-23.
Years end. Aug. 31 - 1925-26.
Sales-Carriages,trucks.
parts, marine & avia$77.363.954 360.475.989 846.003.679 35.5.670.465
tion engines
60.590.322 48.667,341 39.881,552 44.321.931
Cost of sales
Gross profit
Other income
$16.773.632 311.808.648 36.122,127 $11,348.534
1.070.43.3
1.035.161
1.003.938
857.360
$17.808.794 $12.879.081 37.126.062 312.205.893
Gross income
2.917.697
1.960.195
Sell., gen. & acim. exp
2.218.495
2.558.376
1,270.598
1.684,340
Federal taxes
618.716
590.699
424,848
Int. on borrowed money_
Proportion of bond dls889.022
count and expense-2.000.000
912,804
Contingencies
July 31 '26 Dec.31'25
$
$
Liabilities7% pref stk.,cl. A.6.924.400 6,924,400
Prof. from fac. oper--$13.206.758 39.648.289 $3,404.064 $5.684.934
5,000.000
Class B
Corn.stk & sur..y28.245,780 22,068,430 Profit from operation of 2.636.830 2.542.791
1,396.945
branches and subs---1.401,110
Mln. stkhldrs' Int.
In cap. & cur. of
315.843.586 312.191.081 84.805.174 37.081.879
Net profit
117,009
131.705
subsids
15.170.338 945443 8.676.023 17.004.438
Pref. stk of subs_10.739.015 9.337.165 Previous surplus
15-year 6% notes.14.400.000 15,000.000
S31.013.924 $21.679.524 813.481.197 824.086,317
Total surplus
Bonds of sub. ens. 5.305.075 5,158.175
1 140.331
686.993
1.029.322
Preferred dividends_
Long term purch.
4,746.046
x8.302.221
2.852 424
2.495.871
Common divs. (cash)
1,116.265
obligations
(31%)
Rate
276.123
Notes payable.... 2.811.756
.
....f ----(10099 --11,8414
(25%)6,273.400
3
Stock
Accts. pay. & seer. 7,944.468 6.262,872
1.076,147
Prem.on pref.stock red_
Llab. for sub. cos.'
are.
stks. to be
8
Profit & loss surplus_ _ $16.438.303 315.170.338 *9.488.442 $ ,876.024
1,049.500
under pur. contr
x includes dividends payable Sept., Oct. and Nov. 1926, amounting to
141.592
Divs. pay. & accr_ 170.013
$1.802.558, or 6%.-V. 123. p. 853.
Prov. for Fed. tax_ 1.9841.323 1,118.01)0
844.535
68.295,801 Res. for coating__ 760.629
Pan American Western Petroleum Co.-Earnings.-Tot.(each side)_85,545.328
Quar. End. 9 Mos. End.
machinery and equipment, 861.167,451: less deprec.
a Land, buildings,
2.000.000 shares of no par value
Sept. 30'26. Sept. 30 '26.
Period310,228,798. y Authorized,
reserves,
-V. 123, p. 2005.
39.393.111 $25 815.870
Gross sales
1.029.338 shares, no par value.
Issued July 31 1926.
7.417.982 19.226.251
Operating costs, ittc
920,054
2,593.785
1,epreciation & depletion
Distillers' Products Corp.-.
National
- Expenses
174.605
551.898
Sept. 30- -9 Mos. End. sent. 30
-Quar. End.
1925.
431,540
1926.
1,222.549
Interest
1925.
1926.
Earnings for$339,207 $1.379.412 Federal tax
145.341
3375.944
395.466
Earnings from operations
263.394 Dividends
221.030
250.005
99.044
750.015
08.366
Interest & discount
*198.925 31.326.033
Balance,surplus
Net before deprec.,Fed.
$1,116.018 -V. 123. p. 853.
$118.177
3276.900
$27,100
taxes. amort., &c
-V. 123, p. 722.
-Bonds Offered.-Leight,
(The) Park Plaza, Chicago.
July 31 '26 Dee.31 '25
$
$
Assets.x50.938.654 41,279.725
Capital assets_ _
4.531.074 4,872.363
Cash
608,953
Marketable secs__ 641.040
Acets & notes rec.,
reserves.... 7.044.633 4.172.434
less
7,442.753 4,161.597
Inventories
Rec fr. off. & empl. 708.123
190.595
of sub. cos
155.330
228.630
Life Insurance.- 928,385
531.361
advances
Inv. &
52.754
62.698
Slaking funds.-.. 716,995
408,034
Deferred charges.purch__12,301,446 11,963,758
Good-will
-Registrar.Supply Co.
National Theatre
registrar of 15.000 shares
The '.;base National BAnk has been appolotmi D. 1886.
-V.123.
of preferred stock allotment certificates.
:
Holzer & Co. Chicago, are offering at par and int. $300,000
1st mtge. senal 634% coupon gold bonds.
THE CHRONICLE
OCT. 30 1026.]
2273
Dated Sept. 15 1926; due serially, 1928 to 1936. Int. payable M. & S.
(Albert) Pick & Co., Chicago.
-Registrar.
Authorized, $300,000. Callable in whole or in part on any int. date upon
The Central Union Trust Co. of New York has been appointed registrar
60 days' notice, in reverse of the numerical order of the bonds at 102 and for 100,000 shares of preferred stock.
-V. 123, p. 1770.
and int. payable at office of Leight, Holzer & Co., Chicago.
int. Principal
Security.-Secured by a direct closed first mortgage on the land (88x
Pittsburgh Rolls Corp.
-Control.
162 ft.) owned in fee and a tnree-story and English basement semi-fireproof
Bee Union Steel Casting Co. elow.-V. 117, p. 97.
furnished hotel building under censtruction at 1232 North La Salle St.,
Chicago. The building will contain 176 rooms, each with bath or shower.
Prudence Co., Inc.
-Forms Company in Illinois.
The rooms will be completely furnished.
This company announces that the Prudence Co., Inc., of Illinois, has
The value of the security upon completion of the building is appraised just been formed for time purpose of making first mortgages on well-located
at $502,000. as follows. Building, $387.000* land, $115,000.
improved income producing properties in Chicago
Earnings.
-Based on the extremely low rental of $12 a week per room, and to sell Prudence bonds, Prudence certificates and and in nearby cities
the gross annual Income is estimated at $109.824. The net income after guaranteed by its own capital, surplus and reserve individual mortgages
operating expenses, taxes. &c., Is estimated at over 33( times the maxi- William M. Greve, President of the Prudence Co., of over $12,500.000.
Inc., of New York,
mum annual interest requirement.
in discussing this announcement stated: "Because of the unusual growth
of business of the company in New York and the extension of its field of
Peerless Motor Car Corp.
-Listing.
operation, coupled with the increased demand for
The New York Stock Exchange has authorized the listing of 613,429,450 gages on income earning properties, the Prudence conservative first mortCo. will enter this new
aommon stock (par $50).-V. 123. p. 2148. 1642.
territory through the medium of the Prudence Co. of Illinois, whose principal office will be located at 11 South La Salle St., Chicago.,
Penick & Ford, Ltd., Inc.-Earnings.The Boston Stock Exchange has been advised that definitive guaranteed
Quar;er Ended Sep'. 301925.
collateral trust 533'3 gold bonds, due May 1 1961. are now deliverable.
Gross income
$765,977 (For offering of bonds, see V. 122. p. 3353.)-V. 123. p. 2006.
$1,174.032
.
Selling, administrative & general expense
422.008
575,899
Interest on funded debt
61.685
59,490
Public Industrials Corp.
-Transfer Agent.
Depreciation
98,045
230,545
The Bank of New York & Trust Co. has been appointed transfer agent
for 200.000 shares of common stock and 10,000 shares of class B stock.
Net income before Federal taxes
$184,240 both of no par value.
$308.098
-V. 123. p. 1378.
'rhe Central Union Trust Co. of New York has been appointed registrar
Pennsylvania Coal & Coke Corp.(& Subs.).
-Earns.- for the stock.
-Month of September- -9 Jos. Sept. 30Pure Oil Co.
-Extra Dividend of 12 , Cents.
6
-The direc9 9i.
r Pe iod9 .
19 ..
e 6.
Gross earnings
$492,473
$495.440 $4,311.520 $3,968,753 tors on Oct. 25 declared an extra dividend of 12c. per share
Operating exps. & taxes
on the common stock, par $25, in addition to the usual quar(not incl. Fed. taxes)_
476.816
4,186.448
488.481
4.346.018
Operating income_ _
Miscellaneous Income _ _
$15 657
15.700
Gross income
Deprec. & depletion._
Other charges
$31,357
23.497
17,622
$25.121
24.344
19.577
$10 .01 loss$61.488
209.841
210,325
185.721
161.086
$9.782
$18,801
$266,913
Net def. bet Fed. tax_
-V. 123. p. 1770.
$6.959 loss$34,499 loss$217.696
18.162
138,514
156.208
$457,534
terly dividend of 373c. per share, both payable Dec. 1 to
holders of record Nov. 10. An extra dividend of like amount
was paid on the common stock on March 1,June 1 and Sept. 1
last.
-V. 123, p. 1124, 591.
Purity Bakeries Corp.
-Listing.
The New York Stock Exchange has authorized the listing of (1) $5,492,500 7% cum. pref. stock. par $100: (2) 4.124.775 class A stock, par
$25 each, and (3) 210.826 shares, class B stock, without par value.
Consolidated Balance Sheet (Corporation and Subsidiaries)
Jas. 2 '26. Sept. 11'26
Jan. 226. Sept. 11261
Assets
Cash
72,135
2,865
717,852 Notes payable____
753.551
U.S. Govt. secs 1,478,758 1,384,230 Accounts payable_ 701.604
457,645
312,639
Other securities_ _ _
162,520 Est. Fed. taxes_ _ _ 231.724
3,025
Pepperell Mfg. Co., Boston.
Cust'ts accts. rec. 282,707
-New Trustee.
302.769 Fund. debt (subs.) 2.028,000 1,903,700
Russell II. Leonard has boon elected a trustee, succeeding P. Y. 8 'eclat accts. rec. 117.909
82.584 Mln.stockh.int. In
De Normandie.-V. 123. p. 2148.
889,583
413,296
Bad debt reserve
subsidiaries_ _
Dr12.574 Dr19.408
Inventories
1.132,034 1,101,748 7% pref. stock._ 5,457,585 5,492,597
Pershing Square Building, Los Angeles, Calif.
-Bonds Life Insurance_ _ 32,539
3,988,100 4,123,800
31,640 Class A stock
6,870.028 87,950,318
Offered.
-S. W. Straus & Co., Inc. are offering $1,150,000 Bond sink.funds
156,210 Class B stock
148,074
1st mtge. leasehold 6% serial coupon gold bonds at prices Freed. exp. & del. 731,847 650,575
charges
ranging from 98.51 and int. to 100 and int. to yield from Property & plant_ 8,889,968 9,084,934
Good-will
Tot.(each eride)_20.018.720 20,858,853
6,884,887 7,020,999
6% to 6.40%. according to maturity.
a Represented by 210,8123 shares no par value (of which 73 shares
Dated Aug. 11926; due serially Aug. 1 1927-1942. Legal for investment
national banks. Denom. $1,000. $500 and $100 c*. Callable at 103 are scrip).
by
and int. for first 5 years and at 102 and int. thereafter; bonds and coupons Consolidated Statement of Operations of Purity Bakeries Corp. & Subsidiaries.
(F. & A.) payable at offices of S. W. Straus & Co. United States Federal
Year
36 Weeks
Income tax, 2% paid by borrower.
Ended
Ended
Security.
-This bond issue constitutes a direct closed first mortgage on
&pl. 11 '28. Jan. 2'26.
the leasehold estate In the completed building described below and in the Sales
$18 182,203 $24,373.408
underlying land. The bonds are further protected by Straus Plan provisions Cost of sales
15.832.524 21.813.350
for monthly deposits to meet principal and interest payments when due. Interest on funded debt
148.476
96.021
Leasehold Estate.
-The land on which the Pershing Square Building stands Depreciation
524.914
352.191
is the northeast corner of Fifth and Hill Sts. It fronts approximately Estimated Federal taxes
223.224
234,992
115 ft. on the east side of Hill Street and ajoproximately 100 feet on the Propor.of earns. applic. to min,stkhold'gs in subs..
31.318
233,109
north side of Fifth St. This land is held under a ground lease dated Oct.
10 1923, and running for 99 years at a fxed annual rental without revaluaNet cense!. Income (accruing to parent co.)
$1.635.156 $1,430,336
tion.
-V. 123, p. 1124.
Bonding.-The building is a 13-story and basement store and office
building of reinforced concrete full fireproof construction erected in 1924.
Quaker City Cold Storage Co.
-First Mtge. Bonds
This building contains approximately 85.900 sq. ft. of rental office space
on the third to thirteenth floors inclusive, and approximately 9.400 sq. ft. Offered. Spencer Trask & Co., Brown Brothers & Co.,
of rental loft space on the second floor. 9 stores with a total frontage Howe, Snow & Bertles, Inc., and Harrison. Smith & Co. are
of approximately 140 ft. occupy the street floor together with the main
entrance and elevator lobby op Tiling onto Hill St. and store entraces on offering at 99 and int., to yield about 6.08%, $2,000,009
Fifth St. and Hill St. leading to the second floor. The basement is occupied 1st mtge. sinking fund gold bonds, 6% series due 1951.
by a cafe. This property is adequately protected by fire and earthquake
Dated Nov. 11926' due Nov. 11951.Int. payable M.& N.at FidelityInsurance.
Valuation -The value of the property mortgaged as security for this Philadelphia Trust (jo., Philadelphia, trustee, and at agency of the combond Issue, the leasehold estate in the building and in the underlying land. pany in New York. Red. on 30 days' notice as a whole at any time or in
Is independently appraised in excess of $1.917,500. This bond issue, there- part on any int, date at 105 and int. Denim. $1.000 and $500 c*. Company will agree to pay interest without deduction for any Federal income
fore, amounts to less than 60% of the value of the security.
Earnings.
-The net annual earnings from this property, after deductions tax not in excess of 2% and to refund the Mass. Income tax on tne hit, not
for taxes. Insurance, ground rent, operation and maintenance, it is esti- exceeding 6% of such int, per annum. Under present laws these bonds
mated, will amount to $178,265, available for payments required under this will be free of the Penna, personal property tax.
Security.
-The 1st mtge. sinking fund gold bonds will be secured by a
bond issue. This is 2.47 times the greatest annual interest charge and
is $79,765 in excess of the greatest combined annual interest and serial direct 1st mtge. on all mortgageable property to be owned by the co.
Sinking Fund.
-The mortgage will provide for a sinking fund at a rate
principal requirements hereunder. This estimate is based on the actual
current earnings and expenses of the building applied to a normal status estimated to be sufficient to redeem this entire series of bonds by maturity.
of occupancy.
$1,250,000 Debentures Offered.
-The same bankers are
Borrowing Corporation.
-These bonds are the direct obligation of Fifth &
Bill Building Co., among the principal stockholders of which are many offering at 98 and int., to yield about 6.70%, $1,250,000
prominent and responsible citizens of Los Angeles.
15-year 6% convertible gold debenture bonds.
Dated Nov. 1 1926; due Nov. 11941. Int. payable M.& N.at Seaboard
Phillips Petroleum Co.
-New Director, &c.
E. E. Loomis, President of the Lehigh Valley RR. has been elected a National Bank, New York, trustee, without deduction for any Federal
income tax not in excess of 2%. Company will agree to refund the Mass.
director.
Since the company started 9 years ago with less than $2,000.000 assets, income tax on the int, not exceeding 6% of such int, per annum. Bonds
Phillips Petroleum stockholders have Invested approximately $58.000.000 will be free of the Penna, personal property tax. Red. on or after May 1
in common stock, It is announced. Net earnings for the same period have 1929 on 60 days' notice, as a whole at any time or in part on any int. date.
been nearly 696,000.000 from which the company has paid $18.000,000 in at 105 and int, to and incl. Nov. 11931. the premium thereafter decreasing
dividends,leaving $78,000,000 which has been added to surplus and reserves. %% annually to maturity. Denom. $1.000 and $500 c.
Convertible at the option of the holders on or after Nov. 1 1928 at any
Earnings for the current year are estimated at $35.000.000 after all charges,
Including State and Federal taxes, but before depletion and depreciation. time up to 30 days prior to any date specified for redemption into 10 shares
of $7 cumulative participating pref. stock (without par value) for each
-V. 123. P. J.48.
$1,000 of these debenture bonds. The $7 cum, panic. pref. stock will be
Pierce Petroleum Corp.-Earnings.entitled to participate equally witn the common stock in further dividends
-Quer. End. Sept. 30- -9 Mos. End. Sept. 30- (non-cum.) not exceeding $1 per share in any year in which dividends in
Periodexcess of 64 per share are paid on the common stock, and in the event of
1926.
1925.
1926.
1925.
Gross profit
$2.285.308 62,128.640 $6.112.143 66.498.290 any increase in the common stock beyond 20.000 shares the pref. stock
Gen. adm. exp. &c__
1.868.459
1.901.544
5.228.418
5.287.617 shall automatically be entitled to cum. dividends at the rate of $8 per
share per annum thereafter.
Int. & exp. on eundediz
floating debt
54.704
53.988
167.457
140.230 Data from Letter of President Horace P.Serrill, Philadelphia,Oct.2$.
18.000
Prov. for uncollec. sects_
15.000
54.000
Authorized. Otitstand'g.
61.000
CapitalizationDepreciation
223.906
193.380
678.113
554.167 1st rntge. sinking fund gold bonds
$5.000.000 $2,000.000
2.000.000
1,500,000
15
-year 64% cony. gold debenture bonds
Net profit
$120.239 loss$35,283 loss$15,845
$455.275 $I cum. partic. pref. stock (without par value)___ _20.000 shs.
--V. 123, p. 723.
20.000 shs. 20,000 elm.
Common stock (without par value)
gold debenture bonus.
-year
15
-Total Oil Deliveries (in Barrels).
Pipe Line Statistics.
- a All reserved for conversion ofStorage 63 % cony, In Penna. Dec. 27
Co. was incorp.
Company.
-Quaker City Cold
C. H. Pforzhetmer & Co., New York,specialists in Standard Oil securities, 1922 as the Consolidated Cold Storage Co.. a holding company owning all
give the following statistics taken from the "Oil City Derrick":
the outstanding common shares of its operating subsidiaries. Company
Regular and Other Deliveries in Month and Nine Months Ended Sept. 30. assumed its present name on Oct. 25 1926. and through the acquisition,
1926-Sept.
-1925.
1926-9 Mos.-1925,
free of all liens and encumbrances, of all the properties and assets of the
925.132 . 766.369 6.699.620 7.314.978 operating companies, other than franchises and pipe lines, will itself exercise
National Transit Co
.
652.186 7.565.2266.524,446 the functions of an operating company. All franchises and pipe lines win
..
Southwest Penn Co
861.036
768.340 6.884.459 6.972.078 be vested in wholly owned subsidiaries.
Eureka Pipe Line Co
Pipe Line Co
2.174.007 2.254.401 21.688.142 21.586.679
-Company will furnish cold storage facilities for
Buckeye
Business and Properties.
2,056,683 1.957.89218.800.445
the three trunk iine railroads entering Philadelphia, which handle approxiIndiana Pipe Line Co
352,052
278.609 2.535.386 2.760.962 maielY 90% of all the perishable freight coming into the city. It willhandie
Cumberland l'ipe Line Co
206977' 133.524 1.471,664 1.670.060 a large percentage of the perishable products shipped over the lines of the
Southern Pipe Line Co
362,112
550.264 5.230.834 5,017.637 Pennsylvania RR.and consigned to Philadelphia. and through a subsidiary
New York Transit Co
683,838.. 804,390 7,256,982 7.836,740 now acts as terminal agent for the road at its present Quaker City plant.
Northern Pipe Line Co
1,047,681 . 1.065,321 9,217,182 10.093.279 Througn a 25
-year lease of the cold storage facilities to be provided by the
Illinois Pipe Line Co
new warehouse now being erected Jointly by the Baltimore & Ohio RR
-V. 123. ri• 591.
Peoples Drug Stores Inc.
-Opens New Stores.-
The company announces that It has acquired two stores, one in Danville
and one in Portsmouth, Va. and has opened an additional store In Washington. D. C. bringing the total number of stores in operation up to 40.
'
'
an Increase of 22 since the first of the year.
-V. 123. p. 2006.
2274
THE CH ROWITTLE
and the Reading Co.. it will, in effect, also become terminal agent for
both
of these railroads at that plant.
Company will own two of the largest cold storage warehouses now operating in Philadelphia. with an aggregate capacity of 2.250,000
and will erect a third warehouse adjacent to its present Quaker cubic feet,
plant
with a capacity of 1,800.000 cubic feet. It will also operate the City Baltinew
more & Ohio
-Reading cold stcmge warehouse of
pacity now nearing completion. With its added 1,550,000 cubic feet cawill have a capacity greatly in excess of any other facilities, the company
city and because of this and the favorable locations similar property in the
roads and adjacent to the Delaware River water of its plants on all railfront will undoubtedly
be the predom inant factor in the cold storage business Philadelphia.
in
The
need for additional cold storage facilities in the city
of Philadelphia has
long been recognized and there is urgent demand by
users for such facilities
at the present time.
In connection with the plants the company will
have an ice-making capacity of 245 tors per day and through its whollycontrol an extensive system of pipelines,furnishing owned subsidiaries will
refrigeration service for
commission merchants and produce dealers for whom
it does a large cold
storage business.
Purposes.
-Proceeds ofthe sale of these debenture bonds and of$2,000,000
1st mtge.stoking fund gold bonds.6/ series due
1951. will be used to build
and equip the new Quaker City cold storage
warehouse, to equip the new
Baltimore & Ohio-Reading cold storage
warehouse,
bonds and other obligations, to provide additional to retire outstanding
working capital and for
other corporate purp, son
Valuatton.-A total valuation of $4,243.128, or
well in excess of the total
funded debt to be presently outstandleg,
the company, is arrived at as felines: for the entire assets to be owned by
*Cost of reproducti •n, less depreciation, of
*Value of Baltimore & Ohio-Reading lease, tangible assets_ _ $3.493,128
on basis of earnings_
500.000
Working capital
250.000
Total
$4,243,128
* As estimated by Day & Zimmermann
, Inc.. engineers.
Earnin, s.
-Day & 71onmermann. Inc.. estimate that when the
new Quaker City plant and the new
operation and when proposed Baltimore & GhiaReading plant are in full
eperating economies have been effected, the
earnings of the company avaLable for
should ameunt to $534.950. or more than fixed charges. depreciate n. &c.,
ing fund charges on the entire funded twice the annual interest and sinkincluding this issue. The si oking fund debt to be presently outstanding,
gold bonds 6; series due 1951. is at aon the first mortgage sinking fund
rate estimated to be sufficient to
retire all of the bonds of that series by
maturity.
[VOL. 123
memo eu in the Rana bareex Bureau. In
that the Governme.nt would order the disposition this event it is possible
of the Globe-Wernicke
Co. stock.
"In any event the decision can only
planned for some five years hence. It affect a development which was
will not
,
operation or tne profit of the present companies.' in any way impede the
H. Yeiser Jr., V.-Pres. of the Globe-Wernic
ke
pany was not involved in any way in equity Co., said that his comproemGovernment in New York charging violation of the Inge filed by the
Clayton Anti
-Trust
Act. "The company has no connection with
the affair, he said. "It
has never taken any action in tne matter and,
therefore, cannot be involved.
I can state this positively. 1 he only
ones affected are inoividual stock;
holders who have contracted to sell
He said this was entirely a matter their stock to the other company.'
the Globe-Wernicke Co. and the New"between Individual stocknol, ens of
York concern."
-V.123 p. 1515.
es been
Replogle Steel Co.-Earnings.-
-Quar. End. Sept 30- -9 Mos.End. Sept. 30
Period
1926.
1925.
1926.
1925.
Sales. ry. oper. rev, and
other income
$1,579.686 $1,531.247 $4,352.004 $4,080.186
Costs and expenses
1,184.850
1,146.885 3.295,523
3,153,874
-Total income
$394836
$384.363 $1.056.481
$926,312
Depreco depleition, &c_
142,224
157.801
444.238
473,910
Federal taxes
33,514
78,194
Net income
3219.098 4226,562
3534,049 x$452,402
x Before Federal taxes.
-V. 123. p. 1124.
Rheinelbe Union, Germany.
-Definitiv
e Bonds Ready.
Temporary bonds with non-detachable
issue of $25.000.000 Rheinelbe Union 20 stock purchase warrants for the
-year 751 sinking fund mtge. gold
bonds are now exchangeable for definitive bonds at
the office of the Amer-kap Exchange-Pacific National Bank. (See
offering in V. 122, P. 895-)
V. 122, p. 3465.
Richfield Oil Co. of Calif.
-Li ling.
-
The 1.500,000 shares of the $25 par value common stock
was listed on Oct. 18 on the San Francisco Stock Bond of the company
Los Angeles Stock Exchange. Arrangeoneets are Low Exchange and the'
being trade to have
the stock listed regularly on one of the large eastern
company rece-tly co.rpleted public financing Inver% it gexchanges. The
mtge. 6% bonds In connection with the readjustru eta $12 000 000 1st
acquisition of new properties and conten plated increase program and the
in production
Rainier Pulp & Paper Co., San Francisco.
-Bonds refl.-lug capacity. ik substantial amount of the bonds wore absorbed In and
the
Arraugewents are being made to list the bonds of
Sold:-Blyth, Witter & Co. announced (Tuesday) Oct. 19 east Los Angeles
the San Francisco and
Exchanges.
the purchase and resale to investors at par and interest of a
The directors are expected to meet within the next
week for declaration
new issue of $1,300,000 1st mtge.7% sinking fund gold bonds. of a I Mal -I Mead 0., the capital stock.
Earnings for the 7 months ended July 31 1926, after Federal taxes and,
Dated Sept. 11926. due Sept. 11941. Principal and interest(M.
& S.) interest, were $2.5'0.001. At the same rate, it is estimated that earnings •
payable at , ells Ferro Bank & Union Trust Co., San Francisco, trustee. for the year will amount to
33.543.986.
Dewitt. $1,000 and $500 c*. Red, all or part on any int.
Earnings for Quarter and 9 Months Ended Sept. 30
int. prior to ararch 1 1932: thereafter at t'' less each date at 105 ard
1926.
without deductien for neriral Federal income tax, notyear. Int. p- id
exceetlina 2%. Sales of oil
Quarter.
9 Months.
Annual sinking fund payments, beginning Sept. 1 1928,
and
of $70,000 will Cost of sales, products (net)
38.732.140 323.409.718 ,
retire $910,000 par value by maturity.
includiag lease & oper. expenses_ _ 6.793.027 17.741.101
CapitaerationOutstaneing.
Gross profit
*1st mtge. bonds,series of 1941 (this Issue) Anthnrized.
.$5,000.000
31.939.113 35.668.
$1,300,000
617
Divideads from subsidiaries, &c
Preferred stock
383.520
754,162'
2.500.000
960.000
Common stock no par value,
21,60)shs.
Gregg income
* Additional first mortrage bonds may only40,000 shs.
$2.322.633 $6.422,779
be issued under restrictions Marketiog and sailing
described in the indenture.
expenses
2.5:38,657
831.566
AdreListrative expenses
•
Data From Letter cf President E. M. Mills.
228.676
498.405
Outcome charges, incl. let., deple. & depreciation348.036
983.207
Company
Pr( perti s --Company was °manias(' in Delaware to enrage
in the manufacture of sulphite pulp. At Shelton, vs ash., the company
Net profit
owns approximately 16 acres of land fronting on tidewater,
3914.354 $2,402,510
on which is -V.123.p. 2006.
now being constructed a manufacturing plant having
130 tons of unbleached sulphite or 110 tons of bleached a daily capacity of
Rio Tinto (Mines) Co., Ltd.
sulphite. Buildinas
-Dividends.
are of reinforced concrete all equipment and machinery is
Holders of share warrants to bearer have been informed
new and modern.
that they will
Closely adjoining the plant are 2 large sawmills owned
-yearly divide-id on preference
and operated, receive payment of the half
respectively, by the Simpson Lowing Co. and the McCleary
of 2s. 6d. per share, lee; Income tax, and of the Interimshares at the rate
dividend on the
from s' hich companies the Rainier company has contracted Lumber Co.. ordinary shares at the rate of 20i.
to purchase
per share, less income tax. on and after
electric energy and steam at low rates. Company has
Nov. I 1926. on prese datiee
a
the Simpson Logging Co. and other contracts whereby it contract with share coupon No. 54. either of preference share cminan No.59 and ordinary ,
at
low cost wood supply, ample for Its requirements for over is assured of a Societe Generale. 29. Boulevardthe company's office in London, or at the
20 years.
Haussmann. Paris.
-V. 123. P. 2006.
Securit".- 'Secured by a first mortmee on the
all other fixed assets now owned in fee or hereafterplant and equipment and
Rolls-Royce of America, Inc.
acquired, and lay deposit
-Resumes Pref. Divs.with ana assignment to the trustee of all wood, electric power
The directors on Oct. 25 dec.ared a dividead of $1 75 per share
and steam
on the •
contracts.
Preferred stack. payable Nov. 15 to holders of record Oct.
30. This
Purpose.
--Company receives approximatel
from the sale is the first distribution to be made since 1921of preferred and common stocks, which, with y $1.000,000 of these
The campany reported profits in 1925 of' $519,169. While no figures.
the proceeds
bonds.
will be invested in the plant or held as working capital.
are available for the current year. the deficit of $d38
approximately $2,000.000 will be invested in fixed assets..Of this amount 0-it with sufficient surplus accumulated to warrant 354 has been wiped
the present action of,
Earnings.- -%' ith the prices for principal raw materials, and for steam the direct rs. No action was taken, however. with re text
and power necessary to their manufacture, fixed by contract for a term of of back dividends, which now amount to $35 per share of to the payment .
preferred stock.
years, it is possible to estimate manufacturing costs very closely. Based The method of dealing with the arrears will have to wait
until after the I
upon these figures and a Imo ledge of the market, it is estimated that the -mutts of 1°26 have been ascertained. (Boston
"News Bureau.")-.
earnings from the present plant, before bond interest, should be approxi- V. 122. p. 1778.
mately $500,000 per annum, or equivalent to about 5kg times interest
requirements on these bonds.
St. LRwrence Flour Mills Co., Ltd.
-Annual RePort.Additional Bonds. -Additional bonds, up to $3,700,000, may be issued
Years End. Aug. 31- 1925-26.
1924-25.
1923-24.
1922-23.
in series, in amounts representing not to exceed 60 7,, of the actual and Profits
$54.554 loss$98.300
3145.900
3110.883
reasonable cost of new properties or extensions as defined in the trust Band Interest
5.805
indenture, provided, however, net enmities, after all charges, includin
Taxes
x1'3.117
7.342
13.087
taxes and depreciation, for a period of 12 months preceding the date when Depreciation
13.500
66.620
such bonds arc proposed to be issued, shall have been equivalent to not Preferred dividend (7%)
40.250
40.250
40.250
40.258
less than 2! times the amount necessary to pay the annual interest on all Common dividends
(234)30.000
(6)72,000
(6)72.000 ,
bonds outstanding and those proposed to be outstanding.
Management. -The management of the company will be in the hands of
Balance.surplus
def$4.672 def$253.895
320.518 def$20.259
men who have had a Ion: and successful experience in the pulp and paper Total p. & I. surplus_ _ -- 3158.825
$163.497
$417.392
$396,873
Industry. More than 50% of the preferred and common stock is in the
a For preceding year.
hands of Isadore Zellerbach, M. it. Ili Prins. E. M. Mills, J. D. Zellerbach
Comparative Balance Sheet Aug. 31.
H. L. Zelerbach, all of whom are active officers in tho Zellerbach Paper
and
f
Assets1928.
1925. 1 LiabilitiesCo.. and Senator Mark E. Reed, President of the Simpson Logging Co.
1926.
1925.
Plant
3962.898 $962,426 Common stock___$1,200
,000
Go dwill, &o
930.224
930.224 Preferred stuck__ 575,000 $1,200.000
Rand Kardex Bureau Inc.
575,000
-Injunction Granted Govern- Cash
7.844
19.743 Bonds and Interest
91,405
92,415
'
ment against Company-duit Brought to Prevent Acquisition Accts.receivable__ 144.615 153.728 Accounts payable_ 28,358
41.534
Inventories
386.647
294.760 Sundry credits.__
of Globe-Wernicke Co. Stock.1,134
1.263
Sundry debits_ ___
51,614
48,311 Bank loans
375,000
295.000
Feieral .1u ge Winslow issue l a preliminary injunction at New York Equipment
23,500
23.500 Depreciation
80,120
66,620'
on Oct. 26 restraining the company from acquiring more stock of the Investments
12.000
12,000 Suspense account_
8,4 0
8,460'
Globe Wernicke Co. pen mg the outcome of the Government's suit against
Unclaimed dive..
1,042
902
the companies an .others for al'ege • violation of the Clayton Act.
Total(each side42,519,343 $2,444,690 Profit &loss,sure163,497'
168,825
The Anti-Trust Division of United States Attorney Buckner's off:ce -V. 121, p. 2052.
of which Special Assistant Unitol States Attorney Alexam or B. Boyce
St. Louis Rocky Mountain & Pacific Co.-Earnings.Is head, began the action in the Unite o States District Court on Oct. 21.
It allege i that the Ran ; Kar ex Bureau was acquiring Globe Wernicke
-Quar.End. sept. 30-- -9 Mos.
End.Sept.30Period
Co. stock in violation of the law forbt loin; such acquisitions where the
1926.
1925.
1926.
1925. ,
effect is substantially to lessen inter-State competition.
Gross earnings
$601,645
3585.126 31.774,696 31.662.482
In addition to the corporations name 1, the Government incheel as a Cost, expenses & taxes_ _
427.9 1
411,194
1,268.696
1,211.223 ,
defen ant the Fourth & Central Trust Co. of Cincinnati, Ohio. cepository Interest charges
53.825
54,125
161.925
162,867
of the Globe Wernicke Co. At tile fi ingot the suit Ju 'go Winslow grants 1 Deprec. and depl. and
amortiz. of developm't
Mr. Royce a temporary or 'tar preventing the trust company from receiving
65,352
64,746
195.818
193,355
further eeposits of stock of the Globe Wernicxe Co. an I also from exNet income
changing stock alrea y eposite , for stock of the Ran-i Kar 'ex Bureau.
$54.477
355.061
3148.2.5
$95.03
6
The preliminary Injunction grantet Oct. 27 takes the place of the tem- -v. 123. p. 592.
porary restraining orner and will remain in effect until the settlement of
St. Louis University, St. Louis, Mo.-Notes Offered.
the pen ing action.
In connection with the Government suit, James H. Rand Jr., Pres. Federal Commerce Trust Co.,
St. Louis,is offering at 100 and
of the Ran, Kan ex Bureau. sue tne following ..tatement:
"This action t oes not allege monopoly or infringement of the Snerman int. $200,000 1st mtge. real estate serial 5% gold notes.
Anti
-Trust Law. It is iirecte ; particularly against an agreement for the
Dated March 15 1926: due
acquisition of the Globe-Wernicxe Co some give years nence tarough its. (M. & S. 152 %%able atserially March 15 1927-19 6. Principal and '
'Federal Commerce Trust
excnange of stock. It is the Government's chief contention tnat the Louis. Denom. s1,
and $500 c*. Red., all or part, Co., trustee. St.
terms of the agreement are not in accor ar ce witn the Clayton Act.
on any Mt, date
days' notice at 101 and
"So far as the action is concernel. I am satisfied that we have violated upon 30 -These notes are theits,
Security.
direct obligation of St. Louis University.
neither the spirit nor the letter of the law. Other large corporations have a corporation of the State of
Missouri,
been attacke in IssUeS similar to those involved in this case an 1 the Supreme year 184 . The Culver iltv has eme having received its charter in the
-termed a steady IVO th u til
now
Court has never. to my knowledge. returned a decision against the ac
- has an enrollment of about 3,500 students and owns properties It St.
in
fendant cerpomtion.
Louis having a value of over $3,000,000, with a mortgage indebtedness.
"Even if we assume a reversal. the most adverse result would be a incleding this issue, of only
$310,000.
decree uirecting the Rand Kareex Bureau to terminate control through
These notes are further
the voting trust agreement of the Globe-Wernicke Co., which has not fireproof gymnasium, nowsecured by a closed let mtge, on the large new
nearing completion, and the lot on which It '
OCT. 30 1926.]
2275
THE CHRONICLE
Is situated, on the south side of Wet Pine Boulevard, between Grand Ave.
and Spring St., in St. Louis. This lot has a frontage of 153 feet on West
Pine Boulevard and a depth of 213 feet.
Savage Arms Corp.-Earnings.-
.
-Quar. End. Sept. 30- -9 Mos.End. Sept.30'Period1926.
1925.
1925.
1926.
Net after taxes & depr__ $174,903
$430,522
$174,572
$536,009
-Nr. 123. p. 592.
Security Title Building, Inc., Los Angeles.
-Bonds
-M.H. Lewis & Co.; Banks, Huntley & Co.; SteOffered.
Sterling, and Bayly Brothers, Inc., Los Anvens, Page &
geles, are offering at 100 and interest, 50,000 first (closed)
mortgage leasehold 63.% serial gold bonds.
Dated Aug. 1 1926: due serially Aug. 1 1931 to 1941,inclusive. Principal
and interest (F. & A.), payable at California Bank, Los Angeles, without
deduction for the normal Federal income tax, up to 2% per annum. Denom.
41.000 and $1.00 c*. Callable all or part on any interest date at 103 and
interest if called for payment prior to Aug. 11931, thereafter the call price
reduces Si of 1% each year,commencing Aug.11931. California Trust Co.,
Los Angeles, trustee. Exempt from personal property tax in California.
Company.-- ecently organi: ed in California to acquire a 99-year lease
running to the year 2025, covering the southeast corner of Sixth St. and
Grand Ave., Los Angeles. This property has a frontage of approximately
125 ft. on Grand Ave. and approximately 130 ft. on Sixth St., and is one
of the largest and most valuable building sites in the downtown business
section. Company proposes to immediately erect thereon a limit height
13-story and basement class A steel frame bank and office building, to be
known as "Security Title insurance Building" and to cost at least $1,425.000 including carrying charges.
Ownership and Managnnent.-The entire second and third floors of the
building and approximately one-third of the ground floor and basarment
have been leased to the Security Title Insurance & Guarantee Co. for a
term of years v e:1 beyond the langest maturity of these bonds. Security
Title Insurance & Guarantee Co. Is one of the four largest title insurance
comranies in alfornia and has total resources in excess of $2,250,000. It
has offices in 17 cities and serves over 40% of the area of the entire State.
It has purchased, through its holding company,a substantial amount of the
preferred and common stock of Security 9itle Building, Inc., and, consequently, mill be one of the princiral owners of the building.
California Group Corp., affiliated in stock ownership with California
Bank. has agreed to lease approximately one-third of the ground floor and
basement, having a fronts e of 51 ft. on Grand Ave.. this lease to run well
beyond the longest maturity of these bonds. In all probability, tai a entire
space will be occupied by a branch of California Bank. California Group
Corp. has like wise agreed to pure} ase a very substantial block of both
preferred and common stock of the company.
The remainder of the capital stock of the company will be owned princiaplly by Edwards & Wildey Co., one of the largest owners and operators cf
business and subdivision properties in Southern California. and the buildini
will be under their management.
Security.'--Secured by a closed first mortgage on the 99
-year leasehold
estate, including the building, which property, without giving any valuation
to the 99
-year lease, will represent an investment of at least $1.425,000.
Purpose.
-Proceeds will be disbursed by the trustee, and in this connec.
tion a 100% Contractor's faithful performance bond issued by Fidelity &
Deposit Co. of Maryland will be deposited with the trustee.
Dtcome.-Based upon leases already negotiated and careful
the management, cuupany's gross annual operating revenue,estimates by
after deduction for vacancies, sh mid approximate 8400,000. and the total annual
operating expense, Including ground rent, taxes and insurance, should not
exceed 5200.000, leavin r at least $200.000 annual surplus available for the
payment and interest of this bond issue. Federal taxes and depreciation.
(F. G.)Shattuck Co.
-Plans to Open
This campany, owners and oPeratars of the 100 New T pe Stores.
Schrafft Storm Oct. 27
opened a new type of St.re at 11 Madisan Ave.. N. Y. City. This new
unit will sell candies, baked goods and a selected line of Schrafft products.
It will differ from oth Schrafft Stores through omission of
and sada fountala service. 1 his latest step by the campany restaurant
is supplementary to the plan announced eerier in the year for opening additional
stores of the larger and more c stly t pa.
In all, the campany is expected to open 100 of the new and smaller type
stores through ut Greater ew York. Due to
cast of operation and
smaller inventory per unit the company will belower In this way to extend
able
Its chain into upper Manhattan. the Bronx. Brooklyn and
Queens,entering
a large new territory at present untouched.
-Qua, 1(nd. sem. 30- -9 Mos.End. Sept.30
.
Period1926.
1925.
1926.
1925.
Profit aft. exp.& deprec. 8248,316
$269.267 $1,041,137
t832,494
Federal taxes (est.) --123,274
27.553
110.308
33.658
- Net increase
5917.863
$210,763
$235.609
$772,156
-V. 123, p. 592.
Silesian-American Corp.
-Output of Subsidiary Cos.
This
corporation, which recently placed through bankers an issue of
515.000.0(s) 15
-year 7% collateral trust sini ins' fund old bonds in this
market and abroad, reports that Liesche Spolka Akcyjna,its a-holly owl ea
subsLiary, together with co..trolics con pas lea. pro tt.curb g Septere her
268.310 metric tons of tord ara: 8.550,000 pouncs of metallic zinc. This is
the largest proceed° of coal ft on, these properties in any one month for
0
several years. The pri.(heal business of these con pal les. Nis.: the output
of metallic zinc, was at the am ual rate of over 46.500 is etric tons as compared with an average annual output of approxir ably ?8,000 metric tons
for the three years a .dx.I
3i 1923.-J. 123. p. 592.
No. of
Total Net
No. of
Producing Producing Producing Production.
(Barrels).
Wells.
Properties. Acreage.
112
2,444.00
Oct. 2 1919
26
2.874.550
536
110
10.049.45
Dec. 31 1921
996
4.416.775
18.456.21
Dec. 31 1924
174
5.119,442
1,086
19.520.93
Dec. 31 1925
197
2.729.887
20.809.43
1.154
July 31 1926
207
-The figures in the following table bring together for
Statistics of Growth.
interesting points of progress:
convenient comparison some
Calendar Years- 7 Mos.End.
1925.
July 31 '26
1924.
518.296.828 $23,007,516 514,495,204
Gross volume of business
Net available for surplus and reserves 54,707.054 $8.538.864 56,174,988
Surplus income
$22,342 $3,755,716 53,525,658
Land held under lease or in fee at end
398.534
290.789
269.249
of period (acres)
1,154
996
1.086
Oil& gas wells owned at end of period
2.729.887
4.416,775 5.119,442
Net crude oil produced (bbls.)
Output of gasoline (gallons)_ _ _ _ __ - 88,166.160 104.501.640 63,480,652
•
Output oflubricating oil and other re21.533,207 29.352,b86 20,033,940
Cl .ed lin•ht oils (gallons)
709,846
Output of fuel oil (barrels)
1,410,417
1,384.090
Company's refined products sold
thrcu-h its own stations (gallons)_ _ 23.250.490 27,522.296 18.300,431
-As of July 31 1926. the company's properties of a fixed or
Resources.
capital nature were carried on its books at $57.670.508. against an out
stead'.g capitalization of $25545865 in capital stock and $3.850,500 of
funded debt. As of the same date, a surplus account of $8,376,982 had
been built up, while reserve account for depletion and depreciation stood at
525.758.160. or more than the par value of the capital stock outstanding.
Condensed Consolidated Balance Sheet as at July 31 1926 (Incl. Subsidiaries).
Liabilities.
Assets
Capital stock
$25.545.865
Leasehold properties, ser8.376,982
$57,670,509 Surplus
a ice stations. &c
Res.for depl'n and depen 25,758.160
Investments and special
1,637.540 MI o-ity stock holders'inaccou .ts
255,019
Cash & U.S. Govt.securs 1,002.054 teract in subsi.laries_
73 ;% first mtge. bonds
,
•
2.035.000
Notes.accep.& accts.rec.
(leas. res. of 4112,229)- 2.323.905 6V% cony, gold notes._ 1,815,500
In ve Aeries
4,604,272 Deferred obligations for
450.272
400.634 leases, tank cars, &c.._
Deferred charges
3,070,254
Notes & acc'ts payable
Accrued interest. taxes.&c. 268,628
Reserves for earns. tIz. sus63,233
567.638,913 pense, &c.,unadj.cred.
Total (each side)
-V. 123. p. 2006.
Standard Plate Glass Co.-Earnings.-
-Quar. End. Sept. 30- -9 Mos.End.Sept.301925.
1926.
1925.
Period1926.
$882,012 $1.114,208
5262.774
Net after depreciation- $283.411
833.688
646.338
278.507
Expenses
214,844
Operating profit
Other Income
Total income
Interest. &c
Net profit
-V. 123. p. 725.
$235.674
140.165
$280.520
176.183
843.239
59.594
$375.839
169.001
$456.703
146.909
$52.804 loss$16.355
8206.838
8309,794
868.567 loss815,733
58,972
40.842
5109.409
56.605
-Annual Report.
(B. F.) Sturtevant Co.
Consolidated Earnings Fiscal Year Ended June 30 1926.
58.891.786'
Net sales. $6.770.369: other income. 461,417: total
6.165.025
Cost of sales_
229,610
Depreciation. $153,398: interest. 1176.212; total
$437,151
Net income
Comparative1 21ance Sheet June 30.
B:
5
i
Ltablittag1926.
1925.
Assets1926.
33.450.000 53,450.000
Real estate
$1.260,934 $1,174,871 Capital stock
Mach.,equip.,&c_ 1,818,418 1,707,542 N,,tes payaLle
1,600.000 1,100,000
382,289 • Accounts payal le_ 236.849
208.584
527.008
CashN s & acceptRes. tor city. State
21.065
ances receivable
75,389
78,7411 & Federal taxes_ 157.384
Accts.receivable_ 1,531,868 1.041.947, Res. for deprec.,
Accts. & loans rec
I plant assets....._ 1.183.230 1.029,838
not current
529.704
1,444.683 1,228.343.
530.109 Surplus
Mdse. Inventory__ 2,235,452 2,049.805
Prepaid items__ _
34.813
31.779
Stocks and bonds
57,594
32,733
Total
38.072346 87,037,851
-V. 121. p. 2170.
Total
88.072.146 37,037,851,
Superior Steel Corp.-Earnng
-Quartffs Ended--9Mnnths EndedPeriodSept. 30'26. Sent. 30'25. Sent. 30'26. Sent. no '25.
Net sales. less discounts_ $1,527.411 81.397.855 85.549.718 44.126.472
Mfg. costa, selling, adm.
and general expenses_ 1.393,975
3.843,028
4.992.135
1.245.594
Balance
Other income
$133.436
21.525
4152.261
17.563
$577.583
62.127
4283.444
52.210
Total
Spicer Manufacturing Corp.(& Subs.).
-Earnings.- Res. for income taxes, 5154.961 8169.824 8619.710 5335.654
Fed., &c..
.
.
-Quar. End. Sept. 30- -9 Mos. End. Sept. 30int. amertiz., 8re
4321,892
8343.345
$101,991
8105.844
Perioa-1926.
1925.
1026.
1925.
Dividends
100.000
50.000
Gross profit
$588.638
5672.574 $1,880.297 $1.878,830
ham.. sell. & gen. exps_
129,257
119.227
379.947
374,225
Balance
8176.365
$2,970
563,980
413.962
-V. 123. p.726.
Balance
$459.381
4553.347 51.500.350 4..501.605
Miscellaneousincome_ _
8.281
17,562
46,119
70.464
Sweets Co. of America.
-Earnings.Quarter Ended Sent, 301925.
1928.
Total profit
$467.662
5570.909 51.546,469 41.575,069 Profit before depreciatien. &c
Interest and discount
10.494
35.191
47.751
73.182
Profit after depreciation for the quarter ended Sept.3 1924was $39,7 91
52 4 .
5 08
356 4 6
0 3
At the annual meeting William A. _Greer (of Greer. Crane & Webb) and
Net before Fed. taxes 8457,168
$535,718 81,498.718 $1,501,887 H. A. Fehn. Vice-Pres. and Gel. Mgr. of the company were added to
-v.123. p. 725.
the board of directors.
-V.123. D. 466.
Skelly Oil Co.-Earnings.-
Telautograph Corp -Earnings.-Quar. Er, id. Sept. 30- -9 Mos.End.Sept• 30.
i 3 -Period3 ifos. End.Sept.30- -9 Mos. End. Sent 920 5.
1926.
1925.
1926.
1925.
Period1926.
1925.
1926.
Gross earnings '
$7.772.137 $7468 088 419 647 656 517.414.701 Net profits after
'
expenses
-Exp.,& ord. taxes, &c.... 4,677.973
5.183 723 10,920 689 9.915 348
but before Fed'I taxes_
8173,361
8137.185
559.166
479,606
Interest
105 887
232.798
440 276
740.637 -V.123, p. 1645.
Deprec. & dept., &c_ _ _ - 1.073.594
1.280 498 3.265.551
3.662.311
-Listing.
Tennessee Copper & Chemical Corp.
Net before Pod. taxes_ 41.914.682
$768.069 $5 021.140 33 096.413
The New York Stock Exchange has authorized the listing of 31.600.0010
The company announces that the earnings of $5 021.140 for the first
-year 6% convertible debenture gold bonds, Series A. due Oct. 1 1941.
9 months of 1926 established a new high record. Earnings for Sept. 1923 15The Exchange
has also authorized the listing of up to 90.600 additionar
reached a now high peak for the company, the net for the month totaling
.nmon stock (without par value) on official notice of issuance on
$792,331, as compared with 8644,257 for August and $478 093 for July. . shares of co
coaverslon of the 15
-year 6% convertible debenture gold bonds. Series A.
Review, &c.-Tho company has issued a special circular, Condensed Income Statement 6 Months Ended June 30 1926 (Consolidated).
dated Sept. 25, giving a review of its growth and present Cast ofsales,iacl. all manufacturing expenses except deprecia'n_ 54.789,598 .
Belli -is and administration expenses
509.394
position,from which the following is taken:
I..terest _
lit
1.049
company.-Orgatized in Delaware and began doing business in October orga..ization expenses
58.047
producer of cruae oil, company operates chiefly in the Mid- Depreciation
1919. As a
206,007
Continent field-in Kansas. Oklahoma, Texas, Arkansas, Louisiana and Federal income taxes
21,411
New Mexico. Its reflaery, with capacity ro refine 16.000 bbls. of crude oil
-is located at El Dorac.o, Kan. Its natural gasoline plants, 16 in
daily
Net profits
$648,490
operation and 3 under construction, are located in Oklahoma, Texas and
See also V. 123, p. 1888, 2149.
Arkansas. The refined products are marketed principally through its own
--nearly 300 in nurr.ber-and through some 4.000 dealers. in Kanstations
Texas Co.
-Plan Effective-Exchange of Stock.
sas, Oklahoma, Missouri, Nebraska, Colorado, North Dakota. South DaThe plan for exchange of stock of the company for that of the new Texas
kota, Minnesota. Iowa. WisConsin and Illinois.
Corp. having become effective. stock of the Texas Co. may for a limited
Deeelopment.-Company's physical development in respect of producing time be
exchanged direct for stock of the new corporation at its offices.
properties, acreage and wells is shown by the following summary.
17 Battery Place, N. Y. City.
-V. 123. p. 2149.
2276
THE CHRONICLE
Texas Corporation.
-Listing.
The New York Stock Exchange has authorized the listing of $150,000
capital stock (par $25 each) upon official notice of the Issuance thereof
after payment in full of subscriptions therefor, and $164.450.000, consisting of 6.578.000 shares, upon official rotice of the issuance thereof from time
to time in exchange for shares of the Texas Co., share for share, or upon surrender of certificates of deposit for shares of Texas Co. on same basis, making the total amount applied for $164,000,000.-V. 123, p. 1125.
[Vol,. 123.
& Eastern RR. and for use on the Toledo-Detroit division of the New York
Central RR.
The Miller automatic atop device is an adjunct to the already established
automatic signal systems and its purprse is to compel obedience to signal
indications and track conditions. The system minimizes the human element with its attendant possibility of error.
-V. 123. p. 2150.
Union Twist Drill Co.-Pref. Stork Redured.-
Since July 1 1926 the company has acquired 3.803 shares of preferred
stock In addition to 4,219 shares already held in the sirking fund. reducing
Texas Pacific Coal & Oil Co.-Earnings.the amount at present outstanding in the hands of the public to 22,374
-Quar. End. Sept. 30- -9 Mos. End. Sept. 30- shares.
.
-V. 123, 9.726.
Period1926.
1926.
1925.
1925.
Gross
$2,593.752 $1.722.252 $6.407,536 $4,633.757
United Electric Coal Companies.
-Annual Report.
Expenses
1,655.155
1,233.074
3,797,982
3,057,061
Year Ended July 311925.
1926.
Profit from oper., before royalties, deprec. and depl $1.102.988
$963.903
Operating profit
$938.597
$489.178 $2,609.554 $1,576,696
Other income
193,172
225.711 Profit from sale of securities
33,000
151,045
545.994
Gross profit
5963.903
Gross income
51,135.988
$1,131.769
$640.223 $3155548 $1.802,407
276.159
306:109
Deductions
136.137 Royalties, depletion and depreciation
181.809
66,676
55,333
Interest on mortgage bonds
129.116
213.168
Federal taxes and other deductions
Net Income before de40.651
70.629
preciation & deple'n $1,065.093
$584,890 $2.973,739 $1,666.270
Net income
$517.978
-V.123. p. 593.
5545.781
Pr,,un and 1. ss Accr.unt.-Credit balance Aug. 1 1925. $1.487.976:
,
Transue & Williams Steel Forging Corp.
-Balance net income for the year 1926. $545,781: total surplus, $2,033.757. Deduct:
Iincollectible accounts written off and sundry adjustments (net), $25,869.
Sheet Sept. 30.Dividends: 7% general preferred stock. $14.750: (flys. on common stock.
1925.
Assets1926.
LtabVitfes1926.
$146,700; profit and loss surplus. July 311926. $1.861,188.
1925.
500.000
Property dr plant $1,127.445 $1,046,601 Capital stock
$500.000
Balance Sheet July 311926.
199.876
Cash
162.624
131.941 Accounts payable_ 193.645
Assets
Ltabnitiea108.566
Notes & acc'ts rec. 329.635
95.190
526.041 Accruals
1st Preferred 8% cumul- $3 .
50.000 Coal prop., land, bldgs.,
Inventory
629 370
83 500
600.654 Unpaid dividend _
equip.. &c.. less deprec.
Gen. preferred 7% cum_ _ _
377,100
2,500.000 2,500,000
Securities owned_ _ 1,266,793 1,391,631 Capital surplus
and depletion
85.566.763 Common stock
x670,913
338,431
Profit & loss surp_ 227.032
Coal lands under pur.contr 1,440.000 Bonded debt
3,146.500
260.370 Cont. for pur. of coal landsy1,440.000
$3,515,867 $3.696,874 Cash
Total
Total
$3.515,867 $3,696.874
Invest'ts (Elec. Coal Co.)
58.077 Current liabilities
259.642
-V.123. p. 2150.
Represented by 100.000 shares of no par value.
Special cash deposits
29,454 Res. for taxes & conting
50,342
Other assets
665.976 Long term debts
273.076
Corn. stk. In treas, res. for
-Earnings.
Trumbull Steel Co.
Surplus
1,861.188
employees
170.000
9 Mos, End.
Sept. 30'26. -Quarter Ended
Deferred charges, &c
271.622
June 30 '26. Liar. 31 '26. Sept. 30 '26.
Period
$1.066.508
$910.148 $1,053.770 $3.030,426
Operating profit
Total
$8.462.262
Total
88.462.262
26.417
45.686
139,121
211.224
Other Income (net)
x Represented by 120.000 shares no par value. y Payable in cash.
$1,112.195 $1,049,269 51.080.187 $3, 41.651 $540,000; payable In income bonds, Interest and principal payable only
Total
210.000
210.000
Depreciation
210,000
630,000 from profits from the purcha.sed property, $900.000: total. 81.440.000.
The company on June 1 1926 acquired by purchase the entire property
Int., exp., incl, amortiz.
316.667
316.667
316.667
of bond discount
950.000 and assets of the Chicago Collieries Co. located at Danville, 111.-V. 121.
P. 2889.
$522,602
$585.528
$553,520 $1,661,650
Net profits
United Fruit Co.
-Stock to Employees Approved.
Note.
-Preferred dividends in arrears, $874,886.
The stockholders on Oct. 27 approved the plan to give employees of the
Comparative Balance Sheet.
company the right to purchase stock at $96 a share. Employees may
Sept.30'26.Dee.31 '25. purchase stock to the amount of their annual salary, payment to be made
Sept.30'26. Dec.31 '25.
Liabilities
Assets
at the rate of $2 a share monthly. See V. 123. P. 1888, 2007.
Permanent assets_34.820.753 35,079,749 7% cum. pref. stk. 9.998,700 9.998,700
2 496.289
606.595 Common stock and
Cash
United Lead Co.
-Acquires Building.
surplus.:
19,678.902 18,177,782
U. S. Govt. sec. &
The company has acquired one of toe buLdings formerly used by the
accrued Interest_ 2,738,715 1,001,563 Accounts payable
C. Pardee Steel Works, Perth Amboy, N. J., and will remodel for a branch
111,263 and accruals... 2.319,850 2,203,792 plant to be occupied by a subsidiary, the United Lead Co. Line Products
Notes &accept. rec. 137,630
750,263 15-year 1st mortTrustee acct.(bal.) 397.732
comprising a reorganization of the company operating as the
gate skg. Id. 6s.13.000.000 13.000,000 United Lined Tube & Valve Co., 184 Franklin St., Boston,
Accts. receivable__ 2,459,762 2,245,310
with Plant
Mdse. Inventory__ 3.829,469 4,390,495 7% 10-yr. gold deb 5,000,000 5,000.000 in the Roxbury district. This business will be removed to Perth Amboy
Capital stk. owned 1,825,346 2,811,262 Gen. conting. res. 505,272
445,284 and considerably extended. The plant will be devoted to the production
Deferred charges._ 1,797,028 1,827,060
of lead-lined iron, copper and brass pipe, lead-lined iron valves and
Total (each side) 50.502.724 48,825.559 engineering products. A complete machine shop will be installed kindred
for the
finishing department. Employment will be given to about 50 men.
Represented by 574,378 shares on par value.
-V. 123, p. 2007.
Thomas G. W. Fine will he manager of the Perth Amboy works. It Is
expected to begin operations in November. ("Iron Age.")
-V. 118. P.
Union Steel Casting Co.
-Listing.
1678.
The Pittsburgh Stock Exeriange has authorized the listing of 114,544
shares (without par value) common stock and 28,636 shares (par $100)
United States Dairy Products Corp.-Earnings.of preferred stock, of which 113.076 shares of common stock and 28,269 Consol. Earns. Statement 8 Mos. Ended Aug. 31 1926 (Excl. Inter-Co. Accts.).
shares of preferred stock are placed on the list; the balance to be placed on Net sales and other income
$9,548,612
the list upon notification of its issuance.
8,099.064
Company is engaged in the manufacture of heavy and medium weight Cost of sales and operating expenses
123,886
steel castings; the products consisting principally of steel castings for both Interest and discount 634% notes
102,129
steam and electric locomotives, such as engine frames, driving wheel centres Other interest
Miscellaneous deductions
37,973
and miscellaneous castings; also, castings for vault and safe construction,
434.962
electrical machinery,annealing equipment. dic.; the company having special- Appropriated for depreciation
100.000
ized for almost 20 years on vanadium steel for locomotive frames and other Federal taxes (estimated)
locomotive and miscellaneous castings. The company's subsidiary (PittsNet income available for sinking funds and dividends
$650,598
burgh Rolls Corp.) Is engaged in the manufacture of iron, steel. Phoenix
-V. 123, p. 1889.
metal and alloy rolls for the rolling mill industry.
Prior to June 1 1926 the Union Steel Casting Co. owned 8,742 shares
United States Distributing Corp.-Earnings.(58%) of the 15,000 outstanding shares of common stock of Pittsburgh
-Quar. End. Sept. 30- -9 Mos.lond. Sept.30Rolls Corp.. the remaining 6.258 shares(42%) being in the hands of individPeriod1925.
1926.
1925.
ual stockholders. On June 1 1(126 stockholders of the Pittsburgh Rolls Net profit after deplet'n, 1926.
Corp. were offered in exchange for each share of common stock one share
deprec.
$268,215
5248,682
5910,308
5530.296
of the old $100 par value common stock of Union Steel Casting Co. After Preferred & Fed. taxes__
dividends_ _ _ _
14,871
29,534
47.030
89.321
consummation of this offer of acquisition, the Union Steel Casting Co.
Balance
4253,334--$219,148
$863,278
-owned 97Si% of the outstanding stock of l'ittsburgh Rolls Corp.
$440.975
-V. 123, p. 594.
Consolidated Income Account, 6 Months Ended June 30 1926.
[Union Steel Casting Co. and Pittsburgh Rolls Corp.)
United States Hoffman Machinery Corp.
-Extra Divi$944,659 dend
Net sales, $3,105,871; cost of sales, $2,161.212; gross profit_ _
-The directors have declared an extra diviof 25 Cents.
157,912
Selling, administrative and general expenses
dend of 25 cents per share in addition to the regular quar$786,747 terly dividend of 75 cents per
Profit
share on the common stock,
29.754
Other income
both payable Dec. 1 to holders of record Nov. 20. Like
$816.501 amounts were paid on this issue on June 1 and
Total
Sept. 1 last.
111,488
Depreciation
-Quar. End. Sept. 30- -9 Mos. End, Sept. 30.
94,735
Federal income tax
Period1926.
1925.
1926
1925.
$518700
$524087 51.323 784 51.313.506
5610.278 Operating profits
Net Income
41.899
Other income
31 971
102.785
138,691
Consolidated Balance Sheet Co. and Pittsburgh Rolls Corp.) June 30 1926.
$556 058 31.462 475 81.416.291
Gross income
$.560 599
Liabilities
Assets
Int. and other charges
37 483
47 459
107.746
133.155
$234.283 Income tax, &c
$726.431 Accounts payable
Cash
68 875
56.519
161.424
145.868
3,966 Dividends payable
92.802 Amortization of patents..
Notes receivable
54.812
54.663
164.251
163.746
11,841
726,015 Accrued Insurance, taxes, &c.,..
Accounts receivable
Net income
$3399.429
5397,417 -$1,026,054 $973,522
556,859 Reserves
-For Federal taxes._ 385,862 -v. 123. p. 1773.
Inventories
55,449
521.0061 Workmen's comp. Ins. cl'ms
Marketable securities, at cost_
For fire hazards
41,889
7,812
Mortgage loan
U. S. Light & Heat Corp.
-Earnings.
101,712
24,644
Other reserves
Deferred charges
Quarter EndedSept. 30 '26. June 30'26. Mar.31 '26. 9 Months.
2,826,900 Net earnings before Fed.
5.12 .685 Pref. stock, 7% cumulative
Land, bldgs. de equip.. &c_
3.580.823
1,157,188 Capital surplus
taxes
$332,013
Good-will and patent rights_
$190,478
$180,344
$702.834
Earned surplus
1,517.046 -V. 123. p. 1392.
28,848,608
$8.848,608 1 Total
Works Corp.(Germany).
United Steel
-To Redeem Bonds
Total
the subsequent acquisiDillon, Read & Co., as fiscal agent, announce that interim receipts
The above balance sheet is after giving effect toof the l'ittsburgh Rolls
2% sinking fund mortgage gold bonds, series A and C. have
tion by Union Steel Casting Co. of 5,891 sharesUnion Steel Casting Co. for 25-year 65+ by lot tor redemption on
,'ec. 1 1926. This is the first
been designated
Corp. capital stock and to the issuance by the
of one share of 7' cumulative preferred stock (par $100) and 4 shares of redemption since the bonds were placed on the American market in June
common stock (without par value) in exchange for each share of $100 par 1926. Of the bonds to be redeemed, $300.000 are series A and $108.000
are series C.
-V. 114, p. 1544.
value common stock outstanding.
Bonds designated for redemption are payable on Dec. 1 1926 at the
Nassau St.,
-Smaller Dividend.
- principal office of Dillon. Read
at
Union Copper Land &Mining Co. cents per share, payable of J. Henry Schroeder & Co.. in& Co., 28 England, at N. Y., orthe the office
London,
100% of
25
principal
The directors have declared a dividend of
thereof.
Nov. 15 to holders of record Nov. 5. In Nov. 1924 and 1925, dividends of amount the sinking fund provision the corporation agreed to
Under
provide a
1920.
-V. 121, p.
50 cents per share were paid.
sinking fund sufficient to retire the entire issue of series A bonds by malot at 100 and int, at
turity, by semi-annual call
rate of
-This Co. and General Rail- $600,000 to and incl. Dec. by1938, and of $1,800,000the annual to maUnion Switch & Signal Co.
1
thereafter
-V. 123, p.2007.
way Signnl Co. Acquire Right to Sell Miller Train Control Equip. turity.
Announcement was made last week by the Miller Train Control Corp.
(V.) Vivaudou, Inc.-Earnings.that the Miller company has granted a co-license to the General Railway
-Qttar. End. Sept. 30- -9 Mos. End. Sept. 30.
Signal Co..- and the Union,Switch Si. Signal Co. to manufacture and sell the
Period1926.
1925.
Miller systems of train control and .train stop devices in the United States
1926.
1925.
and also in. the Dominion of Canada. The Miller company reserves the Net profit after deprec. &
chgs., before FM.tax_
8369.465
right, however, to sell these devices to railroads operating west of the
579,585 51,145,949
$410.514
Illinois Ry., the Elgin Joliet -V. 123. p. 1517.
Rocky Mountains, to the Chicago & Eastern
OCT. 30 1926.]
THE CHRONICLE
-Earnings, &c.
Warner-Quinlan Co.
-
2277
Wheeling Steel Corp.
-Earnings (Inc2.
Subsidiaries).Hayden, Stone & Co. In a statement Oct. 28 state that Warner-Quinlan
Quar. End. Sept. 30-- -9 Mos. End. Sept. 30PeriodIn 1926 has been rapidly expanding its volume of business. During the 3
1926.
1925.
1926.
1925.
months of July. August and Sept. gasoline sale: were over 300% ahead of Total Income, after repairs and maintenance $2.617,390 $2,433.445 $7.503,916 $6,565,143
the same months last year. Sales of asphalt in Sept. established a new high
record. amounting to over 10 600 tons. Asphalt business in recent
monthly
Deduct
months the bankers state has been 18% ahead of last year. The excellent Provision for deprec'n,
business enjoyed by Warner-Quinlan during 1926 has been reflected In
exhaus'n of min'Is. &c_
925.876 , 886.493
2.710.207
2.565.539
most satisfactory profits. In the 9 months to Sept. 30 1926 earnings Baud. &c.. Interest
396.492
421.358
1.279.133
1.211.025
available for reserves, taxes and dividends amounted to $621.818
Pref. diva.. A & B
:862.410
464.185 x2.189.074
1.591.200
Warner-Quinlan is capitalized with $1.253.000 in 7% bonds. $500 000 of
7% preferred and 149 880 shares of common on which dividends of $2 per
Balance
$432.612
8661.409 81.393,610 $1,129,271
x Includes deferred payment on A & 13 preferred.
share are being.paid. The annual common dividend requirement is. therefore, slightly less than $300 000. Based on results attained In the 9 months
Consolidated Balance Sheet.
to Sept. 30 It seems conservative to anticipate in all of the fiscal year to
Jan. 1 '26. June30'26.
Dec.31 next, earnings before taxes and reserves of over $5 per share. While
Jan. I '26. Jutu130'26.
Assets
it is only possible to estimate reserves and taxes at this time, it is believed
LiaVittesthat final net earnings ;ate- reserves and tams will be about $3.50 per share. Land. bldgs., maPreferred A stock. 4,969.899 4.970.016
chinery. &c____67,367,582 66,451.442 Preferred 13 stock.22.559.800 22.559.800
The balance sheet reveals a satisfactory financial position with net quick
assets on Sept. 30 last. of 81 243.090. This represents a 9 month's gain in Inc. in & adv to
Common stock_ _ _39,470,594 39,482.972
assoc. cos.(cost) 3.720.725 3.603.395 Funded debt
working capital of $173.759 and was acceomplished despite the rather
_ _27.914.500 26,903.000
liberal mpeaditures for property araoutt
254 1,268.785 Notes payable_ _
bk h were only partially Cash with s f.agts.
177.700
175.000
capitalized.
Inventories
26,011,573 23,937.602 Accounts payable. 3,247,045 2,964.828
The corporation has in 1926 made an innovation In its method of selling Adv. payments on
Accrued liabilities. 1.766.247 1,481,395
Instead of confining its sales entirety to wholesale distribution
ore contracts.._ 454,978 1,379,343 Dividends payable 464.267
gasoline.
663,389
the corporation has entered the retail fled and is now operating a number of Accts. & notes reReserves for receivable, less res. 7.369,043 8,651,770
filling stations In and around New York. This element of diversification
&e
1,124,129 1,172,318
Inv. In marketable
should prove beneficial in stabilizing earnings.
-V. 123. p. 856.
Res, for accidents
securities
613,398
513.298
&
Warner Sugar Corp.
-Lowry & Co., Inc., to Manage Time ctfa. of dep._ 815.000 1.000.000 Dot.contingencies 3,851,196 4,067.066
prof, from sale
C uih
3.943.906 4,104.122
of capital assets.
.
Properties653,725
Deferred charges 3.038.755 2.934.487 Surplus
7.789,837 8,750,835
The directors have approved a contract with Lowry & Co., Inc., for the
management of the Warner refinery at bldgeaater, N. J.. and the Warner
Total
113.335,214 113844 343
Total
113 335,214 113844.343'
a.ida.
pr p rty in Cuba, known as Cenral all.
The
According to l'res. G. K. Morrow. this contract Is purely a business was consolidated income account for the six months ended June 30 1928
given In V. 123, p. mos.
agreement and does not Involve any change in the officers or directors of
the Warner company. lie also stated that the contract does not include an
Yale 8c Towne Mfg. Co.
-Special Dividend of 4%.option for purchase, but that Lowry & Co., Inc.. will operate the proper
A special dividend of $I per share has been declared. payable Lee. 1 to
tits for an unmentionr d sum. It is understood that either party can withdraw from the agreement on 30 days' notice. Refined sugars made will holders of record Nov. 10. A special distribution of OLe atrount was
pail Oct. 1 1924 and on Dec. 22 1925 on the outstanding $10.000.000
continue to be sold under the Warner trade name.
-V. 123, .1393, 95.
capital stock, par $25.
The company also pays regular quarterli dividend of $I per share the
Warren (0.) Tool & Forge Co.
-Obituary.
next one payable Jan. 2 19'i6.
-V. 123. p. (28.
President James D. Robertson died on Oct. 28.-V. 114. P. 1418.
Washington Hall Apartments (Hartland Apartment
Co.), Washington, D. C.
-The F. H.
-Bonds Offered.
Smith Co., Washington, D. C., is Offering at par and
interest $600,000 1st mtge. 614% coupon gold bonds.
'Dated Sept. 1 1926. Due serially Sept. 1 1928-1931. Coupons payable
M.& S. Callable at 102 and interest during first three %mars, thereafter at
101 and interest. Denom. $1,000. $.500 and $100 c•. bonds and coupons
payable at office of the F. H. Smith Co.. Washington. D. C. Bonds will
provide for payment of the normal Federal income tax up to 2% and for
the refund of the Penna.. Conn.or Vermont 4 mills tax. Maryland 44 mills
tax. Virginia 54 mills tax. Dist. of Col. 5 mills tax. Mass. State Income tax
up to 6% of the interest per annum, New Hemp. State tax up to 3% of the
Interest per annum, or any other State tax up to 5 mill', per annum.
-Secured by a first mortgage on the land and the building located
Security.
at the northeast corner of 14th and Fairmont streets, N. W., Washington.
D.C. The property fronts 140 ft. on 14th St. and 132 ft. on Fairmont St.
The lot contains approxbnately 21,217 sq. ft. Plans call for a modern fireproof structure of eight stories and basement, equipped with two elevators.
There will be 147 apartments. arranged In suites of 1. 2.3 and 4 rooms,each
with bath. Plans call for modern equipment Including electric refrigeration.
On the 14th St. frontage there will be six storm
Valuation and Earrungs.-Independent appraisals of the value of the
property at completion have been made by two real estate authorities of
Washington. D. C., Charles N. Riker and John W. Thompson. The
minimum appralaai places the value of the land at 8265.212 50. and the
building at $605.000. or a total valuation of $870.213.
The building, as shown by the plans and specifications, it is estimated,
should produce an annual gross rental of not less than 8129.781.
(Glover) Watson, Detroit, Mich.
-Bonds Offered.
Benjamin Dansard & Co., Detroit, are offering, at 100 and
interest, $150.000 (closed) first mortgage 6%% real estate
sinking fund gold bonds.
Dated Sept. 15 1926: due Sept. 15 1936. Denom. $1,000. $500 and
8190 c*. Principal and Interest payable in Detroit at office of the Union
Trust Co. trustee. Redeemable, all or part, by lot on 30 days' notice at
102 and !Merest. Interest payable M.& S. without deduction for normal
Federal income tax up to 2%.
Security.
-An security for payment of the bonds the Union Trust Co.. as
trustee, has taken title to real estate aggregating 421 lots in Dearborn
Township. Of these lots, 398 have been sold on contract at selling prices
edits $437.257. The selling prices of the unsold lots amount to
es
O. giving the properties pledged a total value, based on the selling
prices. 8480,567
-more than three times the amount of the bond Issue.
The property has been appraised by the reale state department of the
Union Trust Co as follows: Appraised value of real estate. $316.800.
Purpose -Proceeds are to be used chiefly for the retirement of existing
indebtedness against the properties and to pay for improvements to be installed In the subdivisions In which the properties are located.
-V. 122. p.
1040.
MV
Wayagamack Pulp & Paper Co., Ltd.
-Stock Split Up.
-
The company announces that upon surrender of common share certificates on Dec. 1 next sharehohlers will receive two shares of :10 par value for
each $100 par value share held at present. There being outstanding $5.000.000. or 50.000 shares, of capital stock, the company will have 100.000
shares outstanding when this exchange Is made effective.
-V. 123. p.856.
Western Real Estate Trust (Mass.).
-Rights.
-
The Massachusetts Department of Public Utilities has authorized the
company to issue at par ($1001 R INV) additional shares of capital stock
Is, stockholder; of record Sept 30. In the ratio of one new share for each
four held. The proceeds are to be 'ISM to continue the trust's pallcy of
paying err mortgages on its properties and In acquiring new properties as
favorable opportunities occur.
The trustees are Charles F. Adams. Alfred D. Foster. Moses Williams,
William Minot. Treasurer, and Edwin D. Brooks.
Westinghouse Electric &
-Bookings, &c.
We give below authorized figures ofMfg. Co.
bookings and billings
the quarter
ended Sept. 30. Figures given In the "Chronicle of Oct. for page 2008.
16.
prell.ninary.
were
Queries End. Sept. 30- 1926.
1925
.
x1923.
1924.
Bookings
$4E008.310 $43 285 770 $34.705.397 $41,940,000
Billings
49.31 ..230 40 170 055 39.572.995 38.619.500
x Approximate figures.
-V. 123. p. 2008. 1646.
White Rock Mineral Springs Co.
-Earnings.-
-Oiler. End. Sept. 30- -9 Mos.
End.Sept• 30
period1926.
1925.
1926.
1925.
Net income after taxes
charges
$224.885
and
$237.253
$693.360
8799.197
-Nr, 123. p. 594.
White Sewing Machine Corp.-Earnings.-Quar.
Net after int. & &pron.,
&c
Federal taxes
Netprofit
2008.
End. Sept. 30- -9 Mos•
End. Sept. 301926.
1925.
1926.
1925.
$339.858
$333.746 81.083.293
$769.306
46,200
41.718
134.200
96.161
8293.658
$292.028
$952.093
$673.142
Worthington Pump 8c Machinery Corp.
-Resignation.
Feustman. Vice-President, has
resigned. No successor has as yet
L. P.
.
-V, 123. p 858.
been elected to fill the vacancy.
Yellow Truck & Coach Mf
o.
-Earnings.-
Ow. End. Sept. 30- -9 Mos. End. Sept.30Period1926.
1926.
925.
1.925. _.
Profit after depreciation- $129.205
$439.870 81.594.098 31,819.726
Federal taxes
16.674
54.413
227.553
213.019
Net profit
8112.531
Prof.(Yellow Acc. Corp.)
51.415
8385.457 81.381.079 81.592.173
298.097
Total net profit
-V. 123. p. 1126.
8385.457 81.679.176 31.592.173
8163.946
CURRENT NOTICES.
-The seventh annual edition of their "Manual of Sugar Companies"
has just been issued by Farr & Co.. members of the New York Stock Exchange and specialists in sugar securities. The 1926 edition is the most
comprehensive so far published by this firm, containing 73 pages of useful
statistical Information. covering 103 sugar-producing and refining companies. Of these, the more important companies are completely described,
with statistics on production, earnings. dividends over 5 to 7-year periods,
and a copy of the latest available balance sheet. A new feature of this
year's Manual Is a brief review of tne Porto F3Ican sugar Industry, witn a
reference map of Porto Rico showing all sugar mills active in the last(192528) sugar Reason, with location of railroads, rivers, lakes. reservoirs. Irrigation canals. &c. A complete list of Cuban sugar mills, with individual
output for the past four years. Is included, also a brief description of the
Hawaiian sugar industry, with a comparative 5
-year table of results for six
representative Hawaiian companies. In addition, various statistical table.
are included, relating to sugar production throughout the world. and other
Informative matters pertaining to the sugar industry In general. The booklet is distributed free onapplication to Farr & Co.. 90 Wall St.. N. Y. City,
-H. Hentz & Co. have issued a special circular touching upon the
investment possibilities of cotton at present levels. Attention is called to
the large crop, but offsetting this the circular stresses the fact that when
cotton Is cheap It enters into many Industries in which its use is impossible
except at low prices. Enormous prospective consumption by the ordinary
manufacturing trade is also stressed. It is pointed. out that in previous
years domestic consumption of American cotton has run as high as 7.000.000
bales and exports have been as much as 10.500.000 bales, but not concurrently. ii. Flentz & Co. advance the idea that this season may witness
a concurrence of these large disappearances, in which event practically the
entire crop will have been taken care of before the end of the season,
-Announcement is made of the(118301ution of the firm of Burley. Peabody
& Cmigmyle. 100 Broadway, New York, and the formation of Burley &
Blgoney, with offices at 115 Broadway. and the firm of Craigmyle & Co.,
with offices at 120 Broadway. bata firms to deal In investment securities
The old firm was made up of Andrew B. Burley George R. Peabody and;
Ronald M. Craigmyle. Mr. Burley and Mr. Bigoney, who was formerly
with Remick. Hodges & Co.. will constitute the new firm. Burley& Bigoney
at 115 Broadway. The new firm of Craigmyle & Co. Is made up of Ronald
M. Cralgrnyle and Hamilton Long, the latter as special partner.
American capital and business methods have completely reorganized
the Porto Rican sugar industry and have placed the island among the
world's important producers. Porto Rico has raised sugar for 400 years,
but present production levels. it Is pointed out, were not reached until the
United States: annexation In 1818. Annual sugar output has advanced
from 60 000 tons In 1837. the last year of Spanish supervision. to 538 330
tons, estimated for 1926. according to a study of Porto Rican sugar conditions just completed by Messrs. Farr & Co.,and included In the 1928 edition
of their "Sugar Manual."
Bertram A. Unger, who for many years prior to 1922 transacted a large
business in foreign exchange and foreign securities in New York, has again
opened offices at 49 Wail St., New York. Mr. Unger during the past. four
years has been prominently identified with financial reconstruction work in
the Central European States and has been Vice-President of the Metro
Bank of Budapest and Vienna and has been connecwd with other large
banking houses whose business he Is now representing In America under
the firm name of Bertram A. Unger & Co.
Schibener, Boenning & Co.. Philadelphia. regret to announce that
Charles F. Schibener retires from the firm as of Nov. 1 1926. The business
will be conducted by the remaining partners, Henry D. Boenning, Daniel
S. Blackman and Arleigh P. Hess, trading under the name of Boenning &
Co.. members Philadelphia Stock Exchange. at 1615 Walnut St., Philadelphia. Pa.
-Harper & Turner. members Philadelphia Stock Exchange.Philadelphia,
have prepared for distribution a booklet entitled -The Port of Happiness.'
which contains a chart that shows the hmards encountered while_past.
.
through the "Sea of Life" to the "Say of Independence."
[VOL. 128.
THI4, CHRONICLE
2278
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
--DRY GOODS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
[The Introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."1
Friday Night, Oct. 29 1926.
COFFEE on the spot was dull early in the week with
%
Santos 4s 2034 to 203 e. and Rio 7s 164 to 163 e. Fair
%
to good Cucuta, 2334 to 2434c.; prime, 25 to 25140.; Laguayra. washed, Caracas, fair, 23 to 2434c. Porto Cabelloa,
natural,2234 to 23e.; washed,26 to 27e. Colombian, Ocana,
2334 to 24e. Bucaramanga, natural, 2634 to 27c.; washed,
%
2634 to 2734c. Honda,Tolima,and Giradot,263 to 275c.
Medelin, 283 to 29e. Manizales, 27 to 2754c. Bourbon,
%
separations, 6-7s at 188 0.; 7-8s at 16.35c.; part Bourbon
4
or flat bean 2-3s at 20340.; 3s at 19.50 to 20.35c.; 3-5s at
-6s at 19c.; 5 6s at 1934e.
,
4
19% to 2034e.; 4-5 t at 5
3
19;4c.•.
Santos peaberry 3s at 21c.; 4-5s at 19.15 to 19.40c. Rio
7s at 15.55 to 15.600.; future shipment Santos, NovemberDecember, Bourbon 4s at 19c.; part Bourbon 4s at 19.30c.;
January-March 4s, part Bourbon, 18.50e. On the 28th
Inst. cost and freight offers included prompt shipment
/
-4s
Bourbons 3s at 19% to 20;4c.• 3 at 1930.; 3-5s at 19.10
l9.25c.; 5s at 19%sc.; 5-6s at
to 19.60c.; 4-5s at 18.85 to '
18.40 to 18.75c.; 6-7s at 18c.; part Bourbon flat bean 2-3s
at 2134c.; 2-4s at 19.40 to 20c.• 3-5s at 19 to 19.45c.; 4-6s at
18.70c.• 6s at 18c.; 6-78 at 18;ic.• separations 7-8s at 17i
to 27%c. Santos peaberry 4-gs at 19.40e. Rio 3-5s
colory at 16.70c.; 7s at 15.40 to 15.60c. Victoria 7-8s at
15.20 to 15.50e. Future shipment Santos, NovemberDecember 3-5s part Bourbon at 18.90 to 191 20.; 4-5s at
/
%
%
183c.; January-March 3-5s at 183 e. To-day cost and
freight market was reported rather more active at slightly
lower prices. One view was that as firm offers were lower,
It looked as though Brazil was still anxious to make sales
and rid itself of some of its rapidly increasing and apparently
burdensome stocks. Futures on the 25th inst. declined
30 to 50 points with exchange breaking and a Brazilian
pressure to sell. The regretable financial situation involved
In steadily fall in the rates of exchange natura ly tended to
undermine confidence.
Santos on the 25th inst. reported terme prices unchanged
to 100 reis net lower, exchange off 5-32 to 6 15-16d. and
dollars 60 reis net higher. Rio cable was unchanged to
150 reis higher, exchange off 3-16d. to 6 5-16d. and dollars
100 reis net higher. The sales at New York on the 25th
Inst. were 86,000 bags, including switches from December
to July at 130 to 13.5 points, July to September 148 points.
December to March at 52 to 55 points and July to September
at 51 points. On the 26th inst. prices advanced some 20 to
30 points with cost and freights 25 to 40 points higher.
Covering was heavy. Brazilian cables were stronger. A
rally was due. The sales of futures were 60,500 bags,
Inclusive of switches, from December to July at 140 points
and May to July at 33 points. Santos opened 200 lower to
875 higher in terme prices with exch nge off 1-32d. at
6 29-32 and the dollar rate up 30 reis. Rio closed 3.50 to
450 reis net higher with exchange unchanged at 6 15-I6d.
and dollars 10 reis net lower.
Recently futures advanced a little over 100 points. Yet
fundamentally some think the situation is weak. Large
crops are ahead. Roasters seem confirmed in their hand-tomouth buying policy. They do not return to the old time
method of anticipating requirements for considerable time
ahead. But the relatively small deliveries for consumption
in this country for the crop year up to date suggests to some
the probability that on the eve of the season of the largest
consumption invisible supplies are low and that if no cause
arises to interfere with the normal growth of consumption in
the period an increasing demand from roasters may be
expected. But it is conceded that the course of coffee prices
will depend largely upon developments in Brazil. In view
of the uncertainty inherent in the exchange situation, the
general dissatisfaction with the Defense Committee and the
good outlook for the next crop some are inclired to sell on
bulges. Futures on the 28th were 23 to 28 points lower on
poor cables and lower cost and freights in some cases. Santos
was 25 to 250 reis lower, exchange 1-32d. lower at 6 29-32d.,
dollars up 90 reis. Rio dropped 125 to 200 reis, exchange
off 1-16d. at 6 15-16d. and dollars 90 reis net higher. It is
pointed out that the local trade appear willing to sell the
market short on weak cables only to run to cover whenever
exchange rates improve. Prices have recently risen 30 to
60 points on trade covering and long buying, for local and
foreign account. Brazil has at times been steadier. To-day
futures closed unchanged to 7 points higher with sales of
32,250 bags. At one tinl prices were generally higher,
especially December. But later on there was a reaction.
December dropped from 15.55 to 15.35c. end ng at 1.5.49e.
Closing prices for the week show a decline of 1 to 4 points.
Spot oinoffie )c _ 16 pi-% I ;Torch
Deeombor._1"..40n
I Mn y
SUGAR.
-Prompt Cuban
14.0Ra 14(3/ 14.951July
I September .13.06a ..14./0 14.2'
raws were quiet early at 2%e.
to 2 13 16e. Futures declined sharply on the 25th inst. on
reports that the damage done by the recent storm in Cuba
had been exaggerated. British cables reported that refi ers
had advanced 6d. with home-grown up 3d. The English terminal market was firm at a rise of °Ad. to 3d. Penis were
offered at 13s. 6d. and Cubas at 13s. 9d. H. A. Himley's
Havana cable reported that communication with outports
had been suspended and for week ending Oct. 25 stated
receipts at six outports of 2,016 tons. exports, 19.063 tons
and stock, 250.754 tons. A year ago the total stock of
Cuban raw sugars at all ports was 509.906 tons. December
liquidation was a feature on the 25th inst. Cuban cables
seemed to indicate that 20% crop damage was done in the
zone normally producing 1,000,000 tons.
Business remained quiet despite reports that losses from
the recent hurricane in Cuba will amount to 200,000 to
300,000 tons in actual srgar, representing a money loss of
nearly $20,000,000. With the prevailing high freight
of 50s. to European points, practically putting a ban on
exports and with a continuance of the coal scarcity in the
British Isles, Tate-Lyles refinery shut down. On the 26th
.
inst. London fell 3d. to SW. Cuban and Peruvian sugar
was nominally quoted in the United Kingdom market at
13s. 9d. Receipts at Cuban ports for the week were 40,024
tons, against 55,466 in the previous week, 21,790 in the
same week last year, and 24,852 two years ago; exports,
72,191, against 133,924 in the previous week, 58,288 in the
same week last year and 25,362 two years ago;stock,445,106,
against 477,273 in the previous week, 500,009 in the same
week last year and 166,787 two years ago. Of the exports
U. S. Atlantic ports received 43,326 tons; New Orleans,
11,800 tons; Savannah, 3,793 tons; Canada, 2,824 tons;
Japan 3,071 tons, and Shanghai, 7,377 tons. Some stated
that with cutting of cane delayed until Jan. 1 the old crop
situation was strong. They contended that there was a
close enough adjustment of supplies to demand in Cuba
and the United States to cause a tight sr:nation in December
and January. As of Oct. 11 the total amount of sugar
in Cuba, as estimated by one authority, was 875,000 tons.
It is recalled that between Oct. 11 1925 and Jan. 16 1926
Cuba exported about 975,000 tons. Although United
States stocks are some 100,000 tons greater than last year,
if Europe and the Far East take as !much sugar from now on
as last year, some look for higher prices.
One Havana dispatch stated the complete figures
for the week ending Oct. 23 as follows. Arrivals, 44,198;
exports, 82,021; stock, 452,554. New York, 21,177; Philadelphia, 8,723; Boston, 4,591; Baltimore, 6,264; New
Orleans, 8,099; Savannah, 8,167; Galvesto , 2,741; interior
of United States, 1,317; Canada, 5,767; France, 2,143;
China and Japan, 10,449, and Sweden, 2,583 tons. Havana
wired the National City Bank. "Although some wires are
still out of commission and communication has not yet been
re-established with parts of the district affected by the
storm, actual sugars were warehoused in only four cities in
the storm zone and,the loss from that source is negligible,
probably not exceeding 5,000 tons. The greatest damage to
any single mill thus far reported will approximate $150,000,
and at no mill is the.damage so great that it cannot be repaired in time to grind in January. These estimates are
based on opinions of large and small cane growers, country
storekeepers and limit-owners in the storm districts." Havana
cabled. "A Committee of sugar growers has recommended
to President Machado that the comings
crop be limited to
about 4,500,000 tons. The planters als suggest that a
world sugar conference should be called to prevent overproduction."
Rams of late are said to have been weaker at 2303.. Futures
/
on the 28th were 1 to 2 points lower. The sales were only
19,500 tons. 'Wined was weaker at 5.73 to 6e. Some
60.000 bags sold it seems on the 27th inst. at 23 e. prompt;
4
also 2 cargoes on the 26th for the first half of November.
According to one dispatch the dumping of 100,000 tons of
foreign sugar and the appearance of 150,000 tons of subsidized home grown beet sugars really accounted for the reco t closing down of the Tate-Lyle refinery. Cubas and
Perus to the United Kingdom were nominal at 13s. 9d. Today f t. res were 3 to 4 points higher with sales of 20,300 tons.
Havana cabled that 20% of the sugar cane in the affected
area will be lost, with a reduction apparently of 200,000 tons.
The Havana Sugar Club puts the loss at 25%; others say
anywhere from 18 to 30. Some reports say that the loss is
250,000 to 275,000 tons. This is considered an overestimate.
Cuban prompt sugar was quoted at 23 0. with buyers said
/
to be bidding 2 11-16e. Final prices show a decline in
OCT. 30 19261
TUE CHRONTCLE
2279
futures for the week of 1 to 3 points and in prompt Cuban at 27.15e. There was a better export demand for both
of 1-16e.
gasoline and kerosene. New York refined export prices:
Spot (unofficial) _c_ _2 ti I March
2.75a -(July
2.90a -_ Gasoline, cases, cargo lots, U. S. Motor
specifications,
December_ _ --2.74a2.75 I May
2.82a - 1September_ _- -2.98a -LARD on the spot was quiet and steady at one time. deodorized 27.15c.; bulk refinery 113/e.; Kerosene, cargo
Prime Western c.a.f., New York, 14.45 to 14.55c.; refined lots, cases 19.15c.; W. W. 150 degrees 20.65c.; Petroleum,
Continent, 15%c.• South America, 16%c.; Brazil, 173/c. refined, tanks, wagon to store 18c.; Kerosene, bulk 45-46
4
'
To-day spot was lower. Prime Western, 13.90c.• efined 150 W. W.delivered N. Y. tank cars 1130.; Motor gasoline
Continent, 15%e.; South America, 163/c.• Brazil, 173/e. garages (steel bbls.) 21c.; Up-State 21c.; single tank cars,
'
On the 25th inst. hogs closed 10c. lower; Western receipts delivered New York 133/ to 133/c.; Naphtha, V. M. P.
were about 105,000. Liverpool was urchanged to 6d. deodorized in steel bbls. 21c.
Basin
$2.40
lower. October liquidation was noticeable later in the Oklahottla. Ka1113118 and Texas $1.65 Elk Muddy
28
-23.9
Big
2.25
week. Prices on the 28th inst. fell 15 to 20 points. The
32-32.9
1.9, Lance Creek
2.40
52 and
3.57 'Tomer 35 and above
2.20
decline in corn had some effect. Hogs, too, were 10c. lower. Louisiana above
and Arkansas
Caddo
The receipts were slightly larger than expected, totaling
32-34.9
1.95 Below 26 deg
1.40
35-37 9
2.10 32-34.9.
2.28
102,200, against 87,300 last week and 94,100 last year.
33 and above
2.25 38 and above.
2.48
The Liverpool lard market closed unchanged to 3d. lower. Pennsylvania
$3.40 Buckeye
,ureka
$3.05 7
$3.2¢
341 Moots
To-day futures closed 20 to 42 points lower and cottonseed Corning
2.45 Bradford
2.37
rebel!
2.4n /Arne
9
.43 "richtnn
2.10
oil 2 to 6 points higher with steady buyirg for local account gomerset. light_ _ _ 2.55 Indiana
2.75 Plymouth
1.90
and not a little covering, caused by the abserce of aggressive Rork creek
2.25 Prineeton
2.7 gaynesville.33deg. 2.1
Canadian
2.80 Gulf Coastal "A"- 1.
selling and in spite of the break in lard. Lard was affected Smackover,27 deg. 1.50 corgirana
heavy
1 15 ne Boto
2.
by the weakress in October. At one time this month it
RUBBER was active here on the 25th inst. at a decline
was 55 points lower. Liquidation was a corsnicuous factor.
There was very little demand. But buying by commission of 25 to 30 points net. Opinion was divided as to the effect
houses finally checked the decline. The grain trade sold of the new export laws. On the basis of 80%, exports
lard. Hogs were steady with the top $13 55. Western announced the next quarter will allow exports of only
hog receipts were 74,000. agairst 70,000 a year ago. Chicago 67,000 tons. During the following quarter this may be
expects 6,000 on Saturday. Final prices show a decline on raised to 100% if the average price goes above 24d. Increases in exports from 80% will always be 20% under the
lard for the week of 37 to 52 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. new regulations. British Malaya may produce 335.000 tons,
against the present quota of 370,000 tons. London cabled
Sat.
Mon.
Thurs. Fri.
Tues.
Wed.
October delivery_ - -cts_13.80
that from Ceylon and Malaya for the coming quarter there
13.80
13.80
13.67
13.87
13.25
December delivery----13.20
13.10
13.30
13.10
13.25
12.85
will probably be a reduction of the exportable allowance
Janitors delivery
,
13.10
13.10
12.87
13.30
13.07
13.22
PORK quiet; mess, $37; family, $40; fat back pork, $30 from the present 100% to 80%. It had been feared that the
to $32. Ribs at Chicago were weak: cash, 13.750., basis Colonial Office might cancel unused export coupon?. It
40 to 60 lbs. average. Beef quiet and steady; mess, $18 to has not done so. These unused coupons will permit the
$20; extra India Tress, $33 to $34; No. 1 canned corned beef, exportation of 40,000 tons more. They will counteract a
$3; No. 2, 25 6 lbs., $18 50. Cut meats declined; pickled 20% reduction in the exportable allowance for another six
hams, 10 to 20 lbs., 233/ to 253/c.; pickled bellies, 6 to 12 months. For that reason the action of the British Governlbs., 213/ to 22e.; bellies, clear, dry salted, boxed, 18 to ment has largely fallen flat. New York prices at the close
20 lbs., 18.3.; 14 to 16 lbs., 20c. Butter, lower grade to on the 25th inst. were. October, 42.30c.; November new and
high scorirg, 27 to 483/e. Cheese, 22 to 26e. Eggs, old, 42.70e.; December, 43c.; January, 43.30c. Outside
prices. Ribbed sheets, spot, 423/ to 423/c.; October, 423/
medium to extras, 31 to 56c.
/
to 423
OILS.-Lir seed was in better demand and higher at clean, 0.; November,423/ to 43e. First latex "repe, 423/c.;
11.1e. for spot raw oil in carlots, cooperare basfs. Irquiries specky thin, brown crepe, 403/c.; light clean crepe, 403/c.;
brown crepe, 393/c.; No. 2 amber, 403/c.; No. 3,
were mostly for immediate delivery. Paint and linoleum
interests were taking larger quantities, but are not interested 403/c.; No. 4, 403/c. In London on Oct. 25 the new
restriction regulations had little effect. The trade was
in forward delivery. Stecks of spot oil are fair. Raw,tanks, far more interested in the question of estate assessments.
10.3e.• boiled, tanks, 10.7e.Cocoarut oil, Ceylon, f.o.b. Until that is cleared
up little activity
coast tanks, 83/c.; Manila, coast tanks, 83/c. Chira wood, 21d. to 213/d.; November, 213/d. was expected. Spot
to 213/d.; December.
'New York,snot, bbls., 153/c.; coast, tanks. October-Novem- 213/d. to 213/d.; January-March, 21%d. to 22d.;
April
ber, 12e. Corn, crude, tanks, plant, high acid, 83/c. June, 223/cl. to 223 d. The announcement of new rubber
%
Olive, Den.,$1 50th $1 60. Soya bean,coast, tar ks, 1()3/c.; export rules by the British Colonial Office clarified the
'blown, bbls., 143/c. nominal. Lard, prime, 167 3.; extra situation.
4
strained winter, New York, 133/e. Cod, domestic, 62e.
The trading here on the 25th inst. was mostly in March,
Newfoundland, 65 to 66e. Turpentine, 873/ to 923/e. December and January. The total sales were 720 tons
Rosin, $13 45 to $16 60. Cottorseed oil sales to-day, agairst 445 on the 23d and 3973/ tors on the 22d. The
including switches, 7,900 bbls. P. crude S.E., 73/c. Prices outside market was quiet. Manufacturers criticize the new
closed as follows:
export regulatiors as unfavorable. The provisiors were deSpot c
8.50a
I January8.63a8.65 I April
8.90e8.95
November- __ _8.45aR 60 February
8.94-8. 5 clared to be unjustified in the light of present prices to pro8.68n.75 I"ay.
9
December.-_R 50a
_ I AIarch
9.00(19.20 ducers. It is stated that the corsumption is increasing.
8.711a8.80 June
Cottorseed Oil -The bearish Bureau report on col ton Stocks, however, have been accumulating at the rate of
caused a break of 25 to 27 points. December went to 8 40e.• 1,200 to 1,500 tors a week. The new rules are considered
January to 8.55c., March to 8.72e. and May to 8.94e. bullish on future prices. The rules it was pointed out,imLater a good den-and appeared and most of the loss was re- pose price insurarce in the form of a 48e. price for the restoracovered with the final charges 1 point lower to 7 points higher tion eventually of as much as 40% of the export tonnage.
.
with sales of 16,200 bbls. The market followed cotton. Only a severe slump in automobile production and distribuDespite the size of the crop estimate good buying appeared tion would nullify them. Factories did not materially inafter the break to a new low. Western buyers bid 73/e. crease their purchases. They have quietly bought considerfor crude oil after the close without sellers and this was an able recently. The stock in London on Oct. 25 showed an
advance of Wos. from the official final quotations. Futures increase for the week of 1,430 tors. It is therefore 41,080
fell on the 25th inst. with cottonseed oil but rallied with it tors now against 39,650 last week, 33,249 a month ago and
later despite the big cotton crop estimate of 17,454,000 bales. 5,190 a year ago. London deliveries for the week were 1,388
'The market acted oversold. Cash demand was not active, tons ar imports 2,818. Sirgapore on Oct. 25 was irregular.
however.
Spot firm; futures a shade lower. Spot, 203/d.; November%
PETROLEUM.
-The Standard Oil Co. of Indiana cut December, 205 d.; January-March, 203/d. ex-godown
,
gasoline lc. on the 26th inst. And the Standard Oil Co. of Singapore and Perarg had stocks of 25,997 tons on Oct. 1
Nebraska made a similar reduction in the tank wagon agairst 23,362 tors on Sept. 1 and 18,840 Jan. 1. Ceylon
• price throughout its territory. These reductions were met has shipped only 80.85% of her exportable quota. For the
by other companies. Kerosene was also cut lc. by the 8 months ended with Aug. 31 exports were 36,549 tons from
Indiana con- pany. In the Gulf market gasoline was easier. Ceylon which has a quota under the restriction act of 45,208
United States motor was offered at 103/c. in bulk and for tons for that period. Apart from any carry-over from 1925,
• 64-66 gravity, 375 e. p., 12e. was asked. Cased gasoline Ceylon has accumulated export rights in 8 months amounting
was quiet. Local gasoline was steady at 12e. for United to 8,659 tors-in market larguage, unused coupons.
States motor at refineries and 13e. in tank cars delivered
New York
to trade. The jobbing demand improved, owing to more London was was quiet but steady late in the week though
favorable weather. Stocks on hand are large. Kerosene 28th closed rather depressed at times. December on the
here at 42.80e., January at 42.200., February
was in better demand owing to the cooler weather. Stocks at 43.05c., March at 44c., May at 44.30e.,
and
are fair. Water white, 1030.; prime white, 103/e. Con- 44.60e. Outside prices were: Ribbed smoked July at
/
sheets,
sumption is fully up to expectations. A good export inquiry spot-October
and November, 42%c.; December, %
was reported. In the Gull prime white was offered at 83/c. 427gc.; January-March, 435 3c.; first latex crepe,423 to
/
/
423/0.;
and water white at 93/ to 93/c. Cased kerosene quiet. clean thin, brown crepe, 393/c., light clean crepe, 403/e.;
Bunker oil steady at $1 65 to $1 75 f.o.b. New York harbor specky, brown crepe, 38%c.; No. 2 amber.
403/c.; Paras,
refineries and $1 713/ to $1 813/ f.a.s. New York harbor. Caucho Ball, Upper,
283/ to 29c.; up-river fine
Diesel oil was in rather better demand at $2 50 f.o.b. re- to 39c.; central scrap, 28 to 283/c.; Guayale, spot, 383/
washed and
fineries. Gas oil was a little more active at68 0. for 36-40 dried, 313/ to 32c. London on the 28th:
/
Spot and Noand 6o. for 28-34. Lubricating oil quiet; Pennsylvania vember, 207 d. to 21d.; December,
%
213/d. to 213/d.;
600 s.r. unfiltered cylinder oil more freely offered at 18e.
January-March, 213/ to 213/d.; April-June, 22d. to 223/d.
The Standard Oil Company of New Jersey late in the week Singapore spot, 203/d.; November
-December, 20d.;
lowered cased gasoline Me. United States Motor was quoted January-March,21d. New York to-day
was quiet with sales
a
2280
THE CHRONICLE
128.
of 141 lots, mostly in December, March and July. Prices it is true, w'ant from a fortnight to three weeks leeway on
were in the main firm. Arrivals to-day were 2,173 tons; deliveries.
thus far this week, 26,362 tons. December new ended I TOBACCO.
-Northern Wisconsin binders were in demand
at 42.90c.; January, 43.200.; March, 44.10c.; July, 44.60c. and packers' stocks it seems have been greatly reduced. Old
Outside business was dull. December sold at, 4334c.
crop (potations have been steadied by advices that the Ohio
HIDES have been in somewhat better demand and in the crop is relatively small. A rising demand for Sumatra is
case of city packer. Butt brands were 153ie. and Colorados reported. As to new crop Sumatra the reports are none tO
at 150. Country hides were steady but slow. River Plate encouraging. In many parts of the country cigar manufat3,
frigorifico hides were rather firmer; 4,000 Sansinena steers turers are operating at 100%. Wisconsin binders,22 to 25(34
sold at $38 50 or 17%c. c. & f. Both the United States and Northern, 38 to 50c.; Southern, 25 to 35c.; New York State
Europe are said to be inquiring more frequently. Common seconds, 45c.; Ohio Gehhardt binders, 20c.• Little Dutch, 21
'
dry hides: Antioquias, 24c.; Orincccs, 21c.; Maracaibo, 20c.; to 22c.; Zimmer Spanish, 28c.; Havana 1st Remedios, 860.
/
Central America, 201 ,c.; Sava,nillas, 21c.. Packer hides: I COPPER has been quiet and easier. A lot of 500,00d
Native steers, 163.c.; cows, native, 14c.; bulls, 11 to 113'o. lbs. of copper, it was rumored, was offered at 14c., delivered
Latterly bids on common dry have been about Mc. under in the Valley, but the real market level was regarded as
the asking quotations. The available stock here is said to 14.05c. Another rumor was to the effect that the Copper
be 5,000. River Plate weakened and 6,000 frigorifico. Exporters, Inc., were about to reduce their quotation of
.Argentine sold at $38 or 1734,c. c. & f. City packer have 14.40c. c.i.f. European ports, but no change was reported.
been quiet. New York City calfskins in rather better Deliveries from the Lake smelters are of fair volume, but
demand and it is stated 4 ears of 5-7s sold at $1 60; 7-8s were to the Detroit district they are a little below normal owing
quoted at $2 and 9-12s at $2 70.
to a slowing up in the automobile industry. A heavier
movement is looked
in
on
OCEAN FREIGHTS.
-Coal tonnage was in steady 26th inst. dropped 5s.for £58 November. London £59 the
for
to
2s.
demand. Gram was relet from Montreal to Italy at 45c. futures; sales, 150 tons of spot 6d. for spot and futures;
and 450 tons of
It seems incredible.
electrolytic unchanged at 166
• ClIARTERs included coal from Atlantic range to Port Said, $11. early futures. Later on the price here10s. for spot and 167 for
was more generally quoted
November;from I I ampton heads to United Kingdom,32s. 3d., Dec 5 canoe ing;same. 31s., Dec. 15 canceling; Ilampton Roads to Las Palmas, 38s. at 14c., but it was said that some customers had to pay
9d.. Nov.: Atlantic range to Quebec. $2 50. Nov.: Hampton Roads or Bel14.10e. A feature of the week was the reduction of Mc. by
timore to Gibraltar and (or, we‘t Italy. $9, Nov. i-l0 canceling;
Hampton Roads to Atlantic Islands. 88. Nov.: from Hampton Roads to the American Brass Co. of mostly all of their products
United Kingdom. Ms.. first half December: from Atlantic range to Santos, copper, brass, bronze, nickel
silver, as well as bare copper
$7 50. Dec. 20 to Jan 10 canceling; from Atlantic range to west Italy, $9,
Nov. 25 canceling: from Atlantic range to west Italy. $9, November: from wire, which usually is left unchanged in the first reduction
Hampton Roads or Baltimore to Copenhagen. $8 50, November: from by this company. Settling prices on the 27th inst. on the
Atlantic range to west Italy.$8 35. Doc. 25 canceling; from Hampton Roads
or Baltimore to Las Palmas or Gibraltar, 40... November: from Hampton local metal exchange were 5 points higher at 14c. bid, 14.20o.
Roads to United Kingdom, 36s., Dec. 10 canceling: from Hampton Roads asked and 14.05c. settling price, spot and October with
to Piraeus.$9. November from Sydney.C. B.. to United Kingdom.27s. 64._
Dec. 20 canceling: from Hampton Roads to United Kingdom. 35s., last half 5 points higher in settling price for November. Standard
November. from Atlantic ranee to Atlantic Islands. $8, Dec. 7 canceling; copper in London on the 27th advanced 7s. 6d. to /58 10s.
from Gulf to Italy, $10 50. November:from Hampton Roads to west Italy,
$8 75, last half November; from Hampton Roads to Pernambuco. 40$., for spot and 159 78. 6d. for futures; sales, 500 tons of spot
first half November;from Atlantic range to Cha note, Quebec.$2 75, Novem- and 1,300 tons of futures; electrolytic unchanged at.£66 10s.
ber;from Hampton Roads to Rio de Janeiro. $7 25. November:from Atlantic range to Casablanca. $9 50. November;from Hampton Roads to Unitel for spot and 167for futures. New York has latterly reported
Kingdom, 38s. 6d., November: from New Orleans to Genoa or Savona. sales at under 14e. It was rumored that 13.95c. had been
•$1.0 50. first half November. Grain from Montreal to vest Italy. 45c., accepted; generally, 14c. was quoted
delivery to the Valley.
November; from Vancouver to United Kingdom-Continent. 45s., Columbia
River loading Is. 3d. extra, November-December: from one port of north London declined 5s. on standard copper; spot, 158 5s.;
Pacific. Vancouver. Puget Sound or Columbia River to United Kingdom- futures,£59
2s. 6d.
Continent, 39s., November: from Vancouver to United Kingdom-Continent, 43s. 9d.; Columbia River or Puget. Sound. Is. 3d. extra. December:
TIN early in the week was lower. Considerable demand
Vancouver to United Kingdom-Continent. 40$.: option Columbia
from
River or l'uget Sound, Is. 3d. extra, November-December:from Vancouver appeared at the low level however, and prices on the 27th
to United Kingdom-Continent, 42s. 64.; Columbia River or Puget Sound, irst. advanced
to Mc. There was some speculative
3d. extra, Dec. 30; from Vancouver to United Kingdom-Continent.
468. 3d.; option Columbia River or Puget Sound. 47s. 6d., December; buying. There was also a good demand from dealers.
New York to Santos (wheat and (or) flour In bags), $8. November; from Consumers were good buyers on the 26th inst. but on the next
Vancouver to United Kingdom-Continent. 36s. 6d.. early November;
from Vancouver to United Kingdom-Continent. 36s. 6d., November:from day when prices advanced they appeared to be out of the
Vancouver to one port United Kingdom-Continent, 404.; option Puget market. They were supposed to have covered their requireSound or Columbia River loadings, 41$. 3d., November-December; 33.000
qrs.from Montreal to United Kingdom,6s. 6d.; option Bordeaux-Hamburg. ments on the 26th inst. at the low prices. The automobile
6s. 3d_ Nov. 10-28 canceling: from Montreal to Rotterdam, 34c.: heavy. industry, which is a large consumer of tin, is working at only
35c.. barley. Nov. 1-15 canceling. Time: 906 net. 12 months West Indies 50% of capacity and the demand from canners is expected to
trade, $2, January: 1.308 net, short period 'West Indies trade, $3, delivery
New York. November; 3.657 net, north Atlantic to United Kingdom. $3. fa'l off considerably. Spot standard in London declined £4
November: 888 net. 12 months In West Indies trade. $2 10: delivery north 10s. on the 26th inst. to £306 for spot and futures dropped
of Hatteras. December-January; 1.142 net. 6 months West Indies trade,
58. to £301 10s.• sales 150 spot and 750 tons of futures;
$1 70, January: 1.876 net. 3 or 4 months West Indies trade, $1 25. January.
Tankers: 2.628 net. Curacao to New York, 39c.: 3,532 net. clean, Califor- spot Straits declined £4 10s. to £313 10s.; Eastern c, i. f.
nia to United Kingdom-Continent. 50s., February-March; 4.245 net, clean, London fell 15s. to £311 5s. on sales of 150 tons. On the
27th
Gulf to north of Hatteras. 41c.. November; 4,035 net, Gulf to north of
Hatteras, 36c.. November; steamer, Gulf to north of Hatteras, 36c., No- London spot standard tin advanced 10s. to £306 10s. and
vember: 4.623 net, Gulf to north of Hatteras, Mc..-November; 3,199 net, futures rose is. to £302 5s.; spot Straits advanced 10s. to
Gulf to United Kingdom-Continent, 35s.. clean, November-December:
4,609 net, Gulf to United Kinadom-Continent. Ms.. January: 6,000 tons. £314; Eastern c. i. f. London declined £2 to £309 5s. on
clean. Gulf to French Atlantic, 28s., Decernber-Jnauary: 7,500 tons, clean, sales of 250 tons. Here on the 27th spot Straits sold at
693c.;
north of Hatteras to United Kingdom-Continent, 24s. 6d..• option Gulf
%
loading, 27s. fid .• option California. 45s., December: 7.600 tons. clean, November at 684 to 683..c.; December at 675 c.; January
Abadan to United Kingdom, 34s. 5d., December-January; 5.000 tons. at 67e.
According to announcement by the Board of
machine oil from Hamm to Calais, Dunkirk and (or) Rouen. 25s., November-December: 3.800 tons, machine oil from Datum to Calais. Dunkirk Managers the New York Metal Exchange will deal only in
and (orRouen, 25s. 30., December; 3.400 tons, clean, from Constan-a to tin after November 15th. Straits shipments for October
United Kingdom-Continent.27s. 134., October: 5.400 tons, gas oil from Tampico to United Kingdom. 30$.. November: 6.700 tons, clean, from Gulf to were estimated at 5,500 tons or over 1,000 less than for the
French Atlantic. 27s. 6d., October-Novee-ber: 3,500 tons, gas oil from Con- same month last year. On the 28th inst. London dropped
stanva to La Vallee, 25s., November-rec•mber: 6,400 tons, clean, from fully £2 15s. New York dropped
Me. Supplies are so
north Atlantic or Gulf to French Atlantic. 24s. 6d. and 27s. 60.. NovemberDecember. Case ell. 200,000 cases. from Guff to AuStralasia, basis 49c.. liberal that buying halts. Spot Straits here 677 c.; Novem%
December; sulfur rr, m Cuff to Marseilles and (or) COO, $11, November. ber. 68c. Standard spot in London
£303 15s.; futures £ 300.
from Gulf to River Plate. $12. November-December: sugar from Cubs or.
Cuba to Hatteras. 21c
United Kingdom-Continent. 455.. November; from
LEAD was in fair demand and steady. The American
prompt.
Smelting Co. was quoting 8.25c., New York, while the
-The British coal strike continues and it means a St. Joseph Lead Co. was asking 8c., East St. Louis. It
COAL.
continued sharp demand on this side. Coal freights were re- was reported, however, that 5 points lower could be done
ported lower. England seeir s to be rationing coal. As at E.st St. Louis. One of the big battery makers reduced
winter approaches the strike may break. There is said to prices 20%. Lead ore was quoted at 3102 50. London
be much suffering among the miners. They stick to the on the 26th inst. fell 5s. to £30 5s. for spot, and futures
strike, however, for the time being. Hampton Roads is dropped 6s. 3d. to £30 3s. 9d. On the 27th inst. London
handling big quantities. On the 22d the steamer loadings advanced 2s. 6d. to £30 7s. 6d. for spot and futures rose
there were 102,407 tons. Prices are strong and apparently 3s. 9d. to £30 7s. 6d. Of late prices have been steadier
tend upward. Tidewater premiums over the mine-mouth with a better demand, especially in the Central West.
plus rail freight price of the principal products are still paid. New York remained at 8.25c.; East St. Louis, 8c. London
Steamer loadings at Lake Erie ports are decreasing. The on the spot was 5s. higher on Thursday at £30 12s. 6d.;
total for Oct. 18 week was 758,180 tons, against 948,603 tons futures, £30 10s.
a year ago. The Lake movement for industries to all apZINC fell to the lowest price seen in several weeks when
peararce was heavier than then. In Pittsburgh on the 27th the price on the 26th inst. went to
7.25c. East St. Louis with
advanced $I. Soft coal was $8 75, with the November-December at
inst. prices
tendency upward, and $12 named as a possibility. In ore was $1 lower at $48 in7.223/c. Trade was quiet. Zino
the tri-State
At London
Portland and Norfolk prices were also steadily advancing. on the 26th inst. spot declined 6s. 3d.district. I6s. 3d. and
to £33
Paris complains of a fuel famine. In fact, that is what pre- futures fell 5s to £33 16s. 3d.; sales, 2,475 tons futures. On
vails all over Europe. Strenuous efforts are to be made, it the 27th inst. London advanced 3s. 9d. to £34 for spot and
is understood, by industrial leaders and financiers in London 134 for futures. Latterly prices dropped 2M points to 7.20
to end the strike, which threatens a tie-up of British indus- to 7.223/i. East St. Louis. High grade 9 to 934c. delivered
tries. Later it was stated that some of the published reports New York. Spot in London was higher at £34 2s.,6d.
of prices were unsteady. It is pointed out that the highest
STEEL.
-Output
price at the mine has not been over $5. There is a low level United States Steel has fallen off 5% in two weeks. The
83% and
Corp.
of $4, below which good Pittsburgh and West Virginia run- leading independents at 78. is now operating at
Business has been even smaller
of-mine gas and steam coal are not obtainable. Dealers,
OCT. 30 1926.]
2281
THE CHRONICLE
than it was in the 'previous week. Iron and steel scrap
has been in good demand in the East and the Bethlehem
Steel Co. recently took 40,000 tons. The sale of steel
products lags plainly. Birmingham is doing some business
in connection with the rebuilding of Miami, but it, is only
moderate. Finished steel in general is and has been quiet.
October business will make a less favorable showing than
that of September. Then the specifications were very large.
October is usually a month of large output, but that is not
the case this year. Pittsburgh advices, however, say that
output is outrunning new 1- usiness. It caused a decrease in
the output there. There is ony a moderate business in
plates. Wire products do not sell well. Smaller trade is
being done in sheets with auto companies. Incidentally
the sales of bolts, nuts and rivets in the Pittsburgh section
are small. Dulness characterizes the trade in steel and iron
bars. Recently rails were active and there is a better
demand now for light rails. The big crop and the low
price of cotton hurts steel business in general at the South.
It is said that sales of steel rails up to date are 1,000,000
tons. Steel bare are quoted at 2c. with big shipments on
old contracts at 1.500. Plain wire at Pittsburgh has sold,
it is said, at 2.450., a decline of 5c.
PIG IRON has been rather quiet. The coke situation
largely dominates iron with the British coal strike still on.
And $5 was paid for beehive furnace coke for the first quarter. There is but little demand for iron for the fourth quarter. To all appearance at least consumers are pretty well
supplied. And there is very little inquiry for the first quarter of 1927. Neither bids nor offerings are at all eager.
The British coal strike is the secret of the disorganized coke
market. It is said that standard foundry coke has sold at
$5 50. Iron buyers hold aloof because they think the settlement of the coal strike across the water would casue lower
prices for both coke and iron. Eastern Pennsylvania iron
was quoted at $21 to $21 50 for No.2 plain foundry; Buffalo,
$18 50 to $19; Virginia, $22 to $23; Chicago, $21 to $21 50
Valley, $18 to $18 50. These are merely nominal quotattions. Imports of pig iron at Atlantic seaboard points have
been small. At Philadelphia last week only 100 tons arrived, and it was all from Holland. Very little business has
been done in European or East Indian iron in the East.
Dutch iron for the time being, among foreign irons, has had
the preference, such as it was. German has been neglected.
It is not likely to be penalized on the duty. it seems. Later
in the week it was stated that eastern Pennsylvania was selling at $21, furnace base. Some producers, however, announced an advance of 50c. per ton to $21 50 base. Basi •
pig iron was said to be firmer at $21 to $22 per ton ;copperbearing low-phosphorous iron was said to be firmer at $21 to
$22 per ton; copper-bearing low-phosphorous iron, $24;
copper-free iron,$23 25 to $23 75 furnace. England wanted
American low-phosphorous which normally it exports to the
United States. There was an inquiry for 1,000 tons of copper-bearing iron. Massachusetts iron was said to have risen
50c. to $21, but this report was denied.
WOOL has been in smaller demand. American wool
commands the readiest sale as being cheaper than foreign of
the same quality. Mills in Boston are said to be busy.
Foreign markets have been firm. In Australia the lower
grades have recently declined 2 to 3c. clean basis. The rail
and water shipments of wool from Boston from Jan. 1 to
Oct. 21, inclusive, were 163,069,000 lbs., against 142,359,000
pounds for the same period last year; receipts from Jan. 1 to
Oct. 21, inclusive, were 299,513,167 lbs. against 262,754,600
lbs. for the same period last year. Ohio and Pennsylvania
fleeces in Boston.
COTTON.
Friday Night, Oct. 29 1926.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
535,376 bales, against 587,297 bales last week and 618,810
bales the previous week, making the total receipts since
Aug. 1 1926, 4,574,391 bales, against 3,519,854 bales for
the same period of 1925, showing an increase since Aug. 1
1926 of 1,054,537 bales.
Receipts 01
-
Sat. I Me17. I Tors. I Wtd.
Thrrs. I Fri. I Total.
Galveston
25.862 17.009 48.758 17,362 11,797,
Texas City
20.310 37.650 30,970 17.916 21.325
Houston.
24,004 16.229 26.98.5 30.575 15.160
New Orleans__
Mobile
2.099 4,551 5.554
863 4.939
Pensacola
Jacksonville
Savannah
5.335 11.804 6.05 6.416 5.8114
Charleston
2.479 2.986 6.955 3.141 3,509
927
164
888
834
899
Wilmington
Norfolk
2,340 2,190 3,211 1.822 3,707
325,
__-_
633
New York
84
Boston
iOO193
Baltimore
100
Philadelphia_-
---I
19.477 140.265
6.840 6.840
20.494 148,665
14.393 127.346
3.477 21,483
821
82
12
12
5.543 40.797
3,294 22.364
490 4.202
5.833 19.103
-___
1.043
_
293
2.782 2.78g
Totals this week_ 83.356 93.008 129,456 79.662 67.177 82.717 535,376
• Houston statistics are no It n; ir ti n onto I n an interior basis, but only
on a port basis. We are changing accordingly.
The following table shows the week's total receipts, the
total since Aug. 1 1926 and stocks to-night, compared with
last year:
This
Stock.
1925.
1926.
Receipts to
Oct. 29.
ince Avg
Since Avg 7 his
1 1926. Wk. 111925
1926.
1925.
Galveston.
140.265 1.171.381 146.707 1.057.121 628,724 482.461
24,079
1
Texas City
6.840
30.367
Houston•
148.665 1.603.441 27.679 640.192 676.437
Port Arthur. &c.
New Orleans
127,346 710.373 105.384 821.8g6 501.394 418.140
Gulfport
Mobile
45,737
43.346
21,483 141.086 8.552 104.913
Pensacola
2.812
82
8.073
685
421
Jacksonville
26
485
12
14 909
146
Savannah
40,797 489.083 33.206 485.518 191.707 168.512
Brunswick
100
100
400
Charleston
62.318
22.364 235.040 13.862 134.377 108.030
Georgetown
Wilmington
4.202
20.935
30.000
41.782 9.867
54.717
Norfolk
19,103 119.474 25.927 188.209
78.235 116.115
N'port News, &c
New York
1,042
3.097 1.512
2.730
96.445
40.403
Boston
722
293
3.787 1.509
3.926
1.414
Baltimore
775,
2.782
16.882 1.045
1.728
8.180
Philadelphia
100
379
6.719
3.563
Totals
535.376 4.574.391 376.061 3,519.854 2.382.069 1.366.877
• Houston statistics are no longer ci ir piled unan interior basis, but only
on a port basis. We are changing accordingly.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Rectipts atGalveston._
Houston. &c•
New Orleans_
Mobile
Savannah..,.
Brunswick
Charleston.. _ _
Wilmington....
Norfolk
N'port N.. &c.
Alf others_ _ _ _
1926.
1925.
1924.
14 1.2 .5 146.707
1-18.6 5
27 679
127. ;-',6 105.384
:1,4;"
8.552
40,7.17
33.206
__
100
22,364
13.862
4.0;
9.867
19.103
25.927
11.1'1
1923.
1922.
1921.
171.346
49.021
90 503
6.501
24.316
141.935
91 573
49.149
2.851
16.775
10.253
6.841
22.165
8.802
7.763
25.401
168.062
64 665
70.153
4.986
14.186
250
3.609
8.108
14.722
7.419
-4.77;1
16.339
111.944
12.999
56.325
6.168
21.547
378
914
3.182
15.084
66
10.270
4.777
leo
11
De!eine unwashed, 45 to 46c.: 34-blood combing, 45 to 46c.: H-blood Total this wk_ :3 .176 376.061 388.465 349.036 365.080 238.187
combing. 45 to 411c.: H-blood combing 45 to 46c.: fine unwashed, 40 t
nce Aug.
4,-, 4,'Cl 3.519.854 3,025.668 2.669.656 2,436.002 2.291.13
42c.; Michigan and Nov York fleeces,'Detains un• ether', 43 to 44c.: .!-5
blood combing. 43 to 44c.: 51-blood combinz 45 to 46c.: H-blood combing.
* Houston s atistics ate no It mu t, n
to aninterior beats, but only
45 to 460.: fine unwashed. :18 to 39c. New York prices for Australian, on a port basis. N e tire changing accordingly.
clean basis In bond 6 I-70s c‘mbitt 51 04 to Si OR: 64-706 clothing."c. to
Si 00: 5 60s. 85 to 87c.: 56s, 72' • 75e • cos/ Zeal .11,1, mop' haaio .n b n I.
The exports for the week ending this evening reach a total
,
58-60s. 7' to ?i.e.. ot,-58s. 68 to 71c.: 50-56s, 60 to 62c.: 48-50s. 50 to 52c.
Argentina advises say that average estimates of the wool
clip show total production of about 340,000 bales, including
10,000 car y-over and 33,099 of the second clip. Home consumption is estimated at 20,000 bales and the estimated
exportable surplus, therefore, is about 325,000 bales for the
year ended Sept. 30 1927. Four estimates on quantities of
grades average 40% coarse crossbreds, 19% medium crossbreds, 23% fine crossbreds, and 16% merinos. However,
one important house calculates 25% coarse, 25% medium,
35% fine, and 15% merinos. In Liverpool on the 26th inst.
at the opening of the East India wool auctions where some
17,000 bales were to be offered in four days, there were no
choice clothirg wools offered. Carpet wt.ols composed most
of the sales. Good medium wools were urcharged to 5%
higher. Waste wools were dull, weak and occasionally reported in buyers' favor, sometimes 10% decline. An erican
buyers wanted clean wools. Some of the better Jonas and
Vicaneers were to be offered later. One cable said 18
was paid for good Kandahar. Offerings were to include 900
bales of .lurias,. 3,900 bales of icaLeres, 1,300 bales of
Kandahars, 4,100 bales of yellow, 3,700 bales of greys,
800 bales of Bibruck-Harnal, and 1,500 bales of Jesselmere
and Marwar whites. Sales of Aleppo washed wools and
Awassi-Karadi are reported in Boston at 38 to 40c., ac• cording to quality, spot and to arrive. There are reports
of an export embargo being imposed by the Russian Govt.
of 223,236 bales, of which 48,496 were to Great Britain,
3,381 to France, 62,719 to Germany, 22,847 to Italy,
to Russia, 50,253 to Japan and China, and* 35,540 to other
destinations. In the corresponding week last year total
exports were 182,132 bales. For the season to date aggregate exports have been 2,305,254 bales, against 2,14g.954
bales in the same period of the previous season. Below are
the exports for the week and for the season.
Brported to
Week Ended
Oct. 29 1026. Great
rm,
Exports from- Britain. France. many.
Galveston
Houston
New Orleans_ __
Mobile
Pensati.,la
Serene ab
Charleston
Norfolk
New York
Boston
Philadelphia_
Los Angeles.
San Francisco
Seattle
Total
Total 1925
Total 1924
9,983
15,913
11,285
4,953
82
, 10
4.775
421
324
770
Arian&
itatu. Russia. China. Other.
8.400 14.030
12,250
19.870 9,455
1.810 8.281 9.351
9.347
9.554
250
14.193
15.951
8.954
700
1.771
100
3.200
732
1.300
6.061
5,575
Total.
44.643
64.470
32.201
5.203
82
3.825 18.029
150 17.101
15.939
5,814 9.438
100
324'
2.070
6.061
6.576
3,381 82.710 22.847
50.253 35.540 223.236
37.870 13.114 50.531 5.750
79,029 24.866 83.638 22.289
54.103 20,982 162.132
36.5:39 23,883 270.344
48.496
2282
TIIE CHRONICLE
Prost
4a9.1 1926 to
(16,
0 eat i
Ocs. 29 ,ttzo
Exportsfrom- Britain. I FIValee.1 mans.
Exported to
Japan&
Italy. Russia. China. Other.
Galveston_- 149.558 88.903 139.528 48.045 37.417 41.92 89.453
. 171.628 113,107 153.628 70.957 82.950 69.609 46,987
Houston- _
3,339
Texas City...
53,756 17.271 52,061 38,886 17.506 80,849 25.333
New Orleans.
23.730
Mobile
132 18,668
300
2,500 1,003
Pensacola_ __
1,686
3,087
4.452
Savannah......
73,176
100 178.284 4,300
6,800 10.258
Charleston..
331 95,243
18.044
9,388 2,377
Wilmington _
3.000
10,500 4,262
Norfolk
20.102
34.236 3.200
16.013
New York__
26.758 14.063 28,683 9,497
24.963
Boston
220
100
938
Baltimore.
290
52
400
Philadelphia
718
1.177
Los Angeles_
550 3.550
4.402
2,450
BanFrancisco
36,169
8
Seattle
34,249
200
Total
Total.
594.828
688.936
3.309
283.862
46,333
5.073
274,488
127.865
17.762
58,290
119,325
1.258
852
1.895
10.952
36.177
34,449
550.157 234.657 717,620 177,847 117.873283.938 223.162 2.305.254
Total 1925
587.199 207,844 684.371 138,475 98.323238.727 218,0152,148,954
Total 1924 _ _ 614,657 246,338 428,919 161.957 53,235191.144 179,251 1.875.561
NOTE -Exports to roatuto.-It has never been our practice to Include In the
above tables reports ef cult ,a to Canada. the reason being that virtually all the
Cotton detained to the ootelnion comes overland and It la impossible to get return*
Concerning the Name from week to week, while reports from the customs district'.
On the Canadian border are always very slow in coming to hand. In view, however.
Cl the numerous Inquiries we are receiving regarding the matter, we will say that
for the mouth ot note,..ter the exports to tile Dominion the present season have
been 13.041 bales. In the corresponding month of the preceding season the export*
were 20,478 bales. For the two months ended June 30 1926 there were 20.341
bales exported as against 20.478 bake for the corresponding two months of 1925
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On :.hiphocud, Ant Marvelfor
Grief
(it rOthi r
artLraring
Oet. 29 al
lie in. France. s+ any. For ion wise. Total.
:to( k.
- Galveston _ _ _ 25.400 17.100 20.000 40.400 8 000 110.90
677.824
New Orleans_ _
6.122 19.206 15.445 43.212
343 84.328 417.1.66
Savannah
9.000
10.000
5.10 19.500 172.207
_
Charleston- - _ _
1.438 1.438 106.592
Mobile
s:oga 1.882
7 W)
.
175 17.693
28.044
Norfolk
2.200
2.200
76.035
4.000 1.666 5:566 8.000 1.666 23.000 808.242
Other ports*
Total 1926- - 54.808 40.188 5.1.445 99.162 11.456 256.059 2.126.010
Total 1925.. 7.1.376 36.866 58.392 67.885 15.03525I.554 1.115.323
Total 1924.. 57.000 33,858 44.161 49.062 22.781 1206.862 968.461
•Estimated.
rvou 123.
bids have not been generally accepted. In Liverpool of late
the spot sales have been 10.000 bales a day. Also, the hedge
sales there.have likewise been smaller. The small offer:ngs
from the South have attracted general attention. They have
led to considerable covering, partly of good-sized blocks.
Wall Street. uptown and other interests have been buying
to a certain extent for investment. On any decline the market runs into a good many buying orders on a scale. According to some reports, investment buying has formed
about one-third of the purchases. Exports of cotton cloths
from the United States during September. it turns out, were
46,265 000 square yards, valued at $6 309,000, against 38.568 000 squa:e yards, valued at $5,481.060. in August, and
42,365,000, valued at $6,547,000, In September last year.
Some think that the big crop will be offset to a considerable
extent by a big world's consumption. Of late there has been
some improvement In Manchester's cloth trade with India,
and yarns have sold more freely. It is admitted that the
China trade Is dull. Killing frost has prevailed in portions
of all of the cotton States during the week except Texas.
On the 28th it was as low as 27 degrees in North Carolina.
It has been 25 to 32 ill many other parts of the cotton belt.
On the other hand, there is no big speculation for a rise.
There is nothing like an old-fashioned bull market. The
crop is believed to be 18,000.000 bales. Tile next Government report will appear,on Nov. 8. It is expected to show
an increase in the estimate over the last one, 17.454,000
bales. 'The weather recently, moreover, has been favorable
for picking and ginning. Some are dubious as to the advisability of holding back 4.0(10.000 bales, especially for any
such length of time as 18 months. 'They tilink it would be
far better policy in tile long run to sell the cotton and then
diversify the crops at the South. There is more or less
hedge selling. Tile textile trades are quiet in this country.
There is a general disposition apparent to hold off for lower
prices. If tile South is not a very large seller it is a steady
seller and at t mes during the week Liverpool has been a
kind of wet blanket. Many of tile rank and file here are
bearish. They are skeptical as to the ultimate success of
the holding back movement.
To-day prices advanced 15 to 20 points, with Liverpool
cables rather better than due, and what is more, the hedge
se.ling small. Oklahoma will withdraw 400.000 bales of its
crop. The movement to hold cotton at the South seems to
be spreading. Spot markets were higher. Exports made a
rather good allowing. Spinners' takings were somewhat
disappo lamp.% The increase in the world's visible supply
of American cotton was noticeably large. It excited comment. There was some hedge selling. In the afternoon and
with bearish weekly statistics about half the early advance
was lost. The general expectation is that the Government
report will further increase the crop estimate on Nov. 8.
But the distinguishing characteristic of the week has been
the subs dence of the hedge selling which at one time was
so depressing a factor. Movements of prices of late, however, have been small. Final quotations show a rise for the
week of 12 to 20 points. Spot cotton ended at 12.65c., a rise
for the week of 10 points.
The following averages of the differences between grades,
as figured from the Oct. 28 quotatiors of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Nov.5:
Speculation in cotton for future delivery has been only
fairly active, but the tone has latterly been firmer. The
South has been offering less freely. The holding back
movement seems to be gaining headway. Loan corporations
are being established in the Carolinas, Louis aria, Mississippi and Texas, with a capitalization of from $1,4100,000 to
$5,000,900. the latter in Texas. It may be added that the
corporation in Texas has not actually to all appearances
been organized, but it has been authorized by the executive
committee of the Texas Banking Associat.on. The effect
has been to reduce hedge selling here. And the last Government report on the 25th inst., although it put the crop
at 17,454,000 bales, had remarkably little effect. This
figure is as against 16,103,679 bales in D25. 13.627,936 in
1924, 10,139,671 in 1923, 9.762.069 bales in 1922 and 7,953,641 in 1921. The yield for 1926 is 176.7 pounds of lint cotton per acre, against 167.2 in 1925; 157.6 .n 1924; 144.2 the
five-year average 1921-1925, and 153.7 the ten years from
1916 to 1925. The ginning up to Oct. 18 was 8,722.066 bales. Middling fair
1.14 on *Middling "yellow" stained
3.52 oft
against 9,518,946 for the same time last year and 7,613,081 Strict good middling
.93 on 'Good middling "blue" stained 2 18 off
Good middling
68 co Strict middling "blue" stained_ __2.88 off
In 1924. The total for the period from Oct. 1 to Oct. 17 was •itrirt middling
44 on *Middling "blue" stained
3 75 off
3,079,067 'lbs., against 2,392,798 for the same period last Middling
Saab Good middling spotted
03 on
.99 oil Strict middling spotted
.22 off
year. The ginning was 800,000 hales smaller than expected. erict low middling
Low middling
2 38 of' Middling spotted
1 f.2 off
The crop prospect increased since the previous report 827,- ▪Strict good ordinary
3 81 ill "Strict low middling spotted__ _2.40 off
Good ordinary.
4 98 oft *Low middling spotted
000 bales.
gtrlet good mid "yellow" tinged.° 12 off Good mid, light yellow stained_ 3 93 off
1.40 off
Eugene Meyer Jr., Chairman of the President's Cotton Good middling 'yellow" tinged_ .71 off "Strict mid, light yellow stained.. 3.90 off
Strict middling "yellow" tinged...1 18 off *Middling light yellow stained
Commission, said at Atlanta on Saturday evening, Oct. 26, 'Middling "yellow" tinged
3.00 off
2 43 off Good middling "gray"
.83 off
that the Federal Intermediate Credit banks have available "Strict low mid."yellow" tinged 3 75 off *Strict middling ''gray"
1.27 off
off
for the orderly marketing of cotton through organized agen- "Low middling "yellow" tinged 5 22 off *Middling "gray"
2.03 Off
Good middling "yellow" stained 2.25
cies and with the staple properly graded and stored $200.- "Stile* mid 'yellow" stained . 2 78 off 'Not deliverable on future contracts,
000,000. Mr. Meyer reiterated his warning to growers and
The official quotation for middling upland cotton in the
others not to become excited or panicky over the figures of New York market each day for the past week has
been:
the Government crop estimate on Oct. 25.
Oct. 23 to Oct. 29Sat. Mon. Tues. Wed, Thurs. Fri.
12.60 1240 12.45 12.45 12.05 12.65
Spot markets of late have been rising. The basis has been Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS.
stronger. Offerings have been smaller. The scarcity and
The quotations for middling upland at New York on
dearness of ocean freights militated against export business very plainly, but on Thursday there was a revival of Oct. 29 for each of the past 32 years have been as follows:
12.65c. 1918
31.35e. 1910
the old rumor that the coal strike in Great Britain was 1926
14.40e. 1902
8.70C.
20.25c. 1917
1925
27.85c. 1909
14.85e. 1901
8.00c.
about to be settled. It seemed to find greater credence. 1924
24.20c. 1916
18.85c. 1908
9.35c, 1900
9.44c.
industrial and financial interests, it is 1923
31.75c. 1915
12.30c. 1907
Prominent British
10.80c. 1899
7.388.
24.30c. 1914
1906
10.50c. 1898
5.31c.
intimated, may intervene with a view to ending the strike, 1922
19.20e. 1913
1921
14.40c. 1905
10.650. 1897
6.000*
22.20e. 1912
although an attempt in the same direction by the Trades 1920
11.350. 1904
10.00c. 1896
7.94c.
38.35c. 1911
9.450. 1903
10.354. 1895
8.880.
Union Council has failed like the efforts of the British 1919
MARKET AND SALES AT NEW YORK.
Government. There is a fuel famine In Europe. Coal prices
are rising sharply in Norfolk, Pittsburgh and Portland. As
Fittures
soon as this trouble is settled it is believed that cotton exSALES.
Spot Market
Markt
ports from American ports will be greatly stimulated. As
Clem d.
Otos(d.
Spot. Canted Total.
. it is, the United States Shipping Board Is doing what it can
----Steady.
7.100
to relieve the scarcity of ocean tonnage. Spot demand has Saturday-- Steady. 5 pts. adv.. Barely steady.._ 7,100
Monday
unchanged _ Very steady- -2.500
1.300
been good, mainly, however, from Europe, although there is Tuesday __ _ Quiet. 15 pts. dec__ Barely steady.. _ 7,600 1,200 8.000
400
Wednesday. Quiet. unchanged ._
1.000
i,000
not much November tonnage available. Domestic mills Thursday - Steady. 10 pts. adv. Steady
Barely steady- _ 10,400 4,800 15.200
have bought as a rule on only a moderate scale. They have Friday
Steady. 10 pts. adv.. Steady
1.504
1.564
taken the higher grades to a fair extent, but have been
28. 04 6.400 35.304
,
bidding low prices for the commoner descriptions and these Since Aug. 1
144 475 72.700 217.175
OCT. 30 1926.]
THE CHBONICIE
2283
FUTURES.
-The highest, lowest and closing prices at corresponding periods of the previous year, is set out in detail
w:
New York for the past week have been as follows:
Saturday,
Oct. 23.
Monday.
tact. 25.
Tuesday.
act. 26.
Wednesday. Thursday,
4.c.1. 27.
cu. 28.
Fr day,
Oct 29.
October
Range._
Closing_
Nor.
- ---Range..
12.10-12.10
Closing. 12.2312.25- 05-12.0712
12.18-12.31
Dec.Range- - 12.33-12.48 12.00-12.40 12.20-.12.53 12.06,12.21 12.22 12.40 12.3! -12.46
,
Closing. 12.33-12.35 12.35-12.37 t 2.20-12.22 12.19-12.21 12.28-12.30 12.41 12.42
Range_ Closing.
Feb.Range-.
Closing
March
Range._
ClosingRange_ _
Closing.
MayRange..
ClosingJune
12.41-12.55 12.10-12.49 12.31-12.62 12.15-12.29 12.33-12.49 ,2.4l 12.54
12.43,12.44 12.46-12.47 12.31-12.33 .2.27-12.28 12.36-12.38 12.41 12.50
12 61 12.60
12.55 ---- 12.58 ---- 12.44 ---- 12.40 ---- i2.50 ---- 12.61
12.66-12.81 12.35-12.74 12.56,12.90 12.40-12.55 12.61-12.75 12.61 12.82
12.67-12.68 12.70-12.74 12.56.12.57 12.54-12.55 12.65-12.66 ,2.71 12.73
---- ---- ---- ---- 12.79-12.79 12.64-12.64 ---- ------12.73 ---- 12.81 ---- 12.68 ---- ,2.65 ---- 12.71 ---- 12.8:
12.84-13.00 12.56-13.00 12.80-13.14 12.65,12.78 12.83-12.96 12.91 13 01
12.84-12.86 12.96-12.97 12.80-12.82 12.77-12.78 12.86,12.86 12.91 12.97
Range._
12.92-1292
Closing. 12.95-13.06-12.90-12.89 ---- 12.97 ---- 13 01
July13.05-13.18 12.75-13.22 1303-13.37 12.90-13.03 1309.13.21 13.1, -13.26
Range- Closing 13.05 -13.17-13.19 13.03-13.04 13.01 -13.08-13.10 .3.11 13.19
August
Range._
13 3' -13.32
Closing 13.1213.2513.10 ---- 13.10 ---- 13.20 ---- 13.21
Sept.
Range.. 13.19-13.20 13.15-13.25 13.40-13.42 13.20-13.21--13 31 13.55
Closing ,3 20 ---- ,1 35 ---- k3 Al ---- IA vn ____ kg 2n __-- 13 A!
Range of future prices at New York for week ending
Oct. 29 1926 and since trading began on each ontion:
Op ion Jo -
Range for Week.
Range Since Beginning of Oottoa.
Oct. 1926
12.60
Nov. 1926._ 12.10 Oct. 26'12.10 Oct. 26 12.10
Dec. 1926._ 12.00 Oct. 25 12.53 Oct. 26 12.00
Jan. 1927_ _ 12.10 Oct. 25111.62 Oct. 26 12.10
Feb. 1927.. 12.60 Oct. 29 12.60 Oct. 29 12.60
Mar. 1927.. 12.35 Oct. 25 12.90 Oct. 26 12.35
AprIl 1927_ _ 12.64 0.1. 2712.79 Oct. 26 12.60
May 1927.. 12.56 Oct. 25 13.14 Oct. 26 12.56
June 1927.. 12.92 Oct. 27 12.92 Oct. 27 12.92
July 1927._ 12.75 Oct. 25 13.37 Oct. 26 12.7.1
Aug. 1927_ _ 13.32 Oct. 29 13.32 Oct. 2.1 13.32
Sept. 1927.. 13.15 Oct. 25 13.55 Oct. 29113.13
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
8 1926 19.70 Nov. 6 1925
26 1926 18.20 Feb. 5 1926
25 1926 18.50 Jan. 4 1926
25 1926 18.28 Sept- 8 MO
29 1926 18.10 Sept. 1 1926
25 1926 18.50 Sept 8 1926
22 1926 16.10 July 6 1926
25 1926 18.65 Sept. 8 1926
27 1926 16.00 Sept. 23 1926
25 1926 18.51 Sept. 2 1926
29 1926 14.23 Oct. 14 1926
22 1926 14.50 Oct. 15 1926
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Oct. 29 Stock at Liverpool
Stock at London
Stock at Manchester
1926.
bales_ 821.000
Total Great Britain
Stock at. Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1625.
4E8.600
51.000
34.660
872.000
532.000
161.600
1.9.000
0,000
21,000
11.000
201.010
93.000
4.660
40.000
16.600
5.000
1.060
1924.
354.600
1.01,0
27.060
1923.
352,660
1.000
33.060
382.000
1.660
72,600
77.000
4.000
42.100
386.000
13.600
53.000
64,660
3.060
71.600
2: 6
1 6 .8
0
1:28
.
1 1 ......)21_0
. 600
Total Continental stocks
320.000 360.000 248.000 212.000
_
-_
Total European stocks
1.192.000 862.000 630.000 598.000
India cotton afloat for eMrope
87.060
20.000
23,060
58.060
American cotton afloat for Europe 703.000
686.000 552.000 613,600
Egypt,BrazilAc..afloat for Europo 116,000
93.000
154.000 125.060
Stock In Alexanoria. Ezypt
249.000 211.600 193,660 227.060
Stock In Bombay, India
259,000 310.000 314.060 328,606
Stock In U.S. ports
°.38.,69
736.147
Stock In U. S. interior towns__ _1.1611,1 83 1,366.877 1.175.823 1,086,495
1.516,009 1,166,181
U.S. exports to-day
1.300
349
18,321
Total visible supply
6,148.052 5.193,976 4,226.825 3.768,991
Of the above, totals of American and other
descriptions are as follows:
American-Liver mol stock
bales_ 431.000 197,000 179.000
66.000
Manchester stock
37.000
21.660
24.000
28.000
Continental stock
272,000 321,000 216.000 159.060
American afloat for Europe
703.000 686.000 552.060 613.000
U. S. port stocks
2.381.0 19 1.366.877 1.175,323 736.147
U. S. interior stocks
1.166.1,
83 1.516.099 1,196.181 1.086.495
U. S. exports to-day
1.300
18.321
349
Total American
5.056,052 4.114,976 3,357.825 2,784.991
Indian. Brazil, &c.
East
Liverpool stock
387,000 301.000 175.000 186.000
London stock
1,000
1,000
Manchester stock
14,000
6,000
9.000
6,000
Continental stock
48.000
39,000
32,060
53.000
afloat for Europe
Indian
20,000
23,000
58.000
87.000
Egypt, Brazil, &c.. afloat.
116.000 154.000 125,000
93.000
Stock in Alexandria. Egypt
248.000 211.000 193,000 227,000
Stock in Bombay. India
259.000 310,000 314.000 328.000
-.Total East India. &c
1,092.000 1.079,000 869.000 984.000
Total American
5,056,052 4,114.976 3,357.825 2.784,991
Total visible supply
Middling uplands, Liverpool_ _ _ 6,148,052 5,193,976 4.226,825 3,768.991
6.85d.
13.58d. 17.44d.
Middling uplands, New York__. 12.65c. 10.35d.
19.75c.
23.65c.
32.80c.
Egypt, good Sake!, Liverpool_ _ _ _ 16.20-i.
23.80d. 26.60d.
19.658.
Peruvian. rough good. Liverpool_ 13.50-i. 23.00d. 21.00d.
18.75d.
Liverpool
Broach, fine,
6.200.
9.70d.
12.458. 14.7Fd.
Tinnevolly, good, Liverpool
6.75d. 10.10d. 13.30d.
15...0d.
Continental imports for past week have boon 184,000 bales.
The above figures for 1926 show an it crease ovi r last
week of 4C6,557 bales, a gain of 954,076 over 1925, an
increase of 1,921 227 bales over 1924, and an increase of
2,379,C61 bales ovur 1923.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Moreo,ent to Oct. 29 1926.
Morement to Oct. 30 1925.
1
Towns.
Receipts.
I Ship- Stocks
Ship- I Stocks
mows. Oct. i
meta,. I Oct.
Week. Season. r Week. • 29. 1 Week. Season. Week.1 30.
Ala..Blrming'm
Eufalua
Montgomery
Selma
Ark.. Helena_ _
Little Rock__
Pine Bluff___
Ga.. Albany
Al hens
Atlanta
Augusta
C.
,Iumbus_
Macon
Rome
La.. Shreveport
Miss..Columbus
Clarkadale
Greenwood_ _
Meridian....
Natchez
X'leksburg - -Yazoo City.
._
Mo.. St. Louis_
N.C..Oreensb'ro
Raleigh
Okla.. Altus__
Chickasha__
Oklahoma__
S.C Green vine
Greenw.II
_
Tenn .51emphls
Nashville__ _
Tex.. A 1,
11ene__
Brenham_ A11,0111
Dallt41
Houston_
Paris
San Antonio
Fort Worth._
29.873 8.146 12.557, 7.322, 38,321 7,493 11.518
7.168
13.193
1,500
603 7.000 4,0001 29.791 2.000 16.000
73.860 4.569 23,48431 3.493 72,860 2.175 26.344
6.959
52.619 4.517 33,4521 2.715 65.594 3.592 31.306
6.684
39,831 4.644 38,832. 4.668
5.464
44,311 2,3171 27.630
10.81
98,787 8.333 64,868 12,042 103.023 7.994 42,842
12,48
74.265 7,977 57,623 4,928 69.592 3.278, 45.377
360
8.760
219 3,7011
127
7.462
1001 2.441
15.892 1.565 9.634 2.150
2.650
16.555
975 11,893
19.6,00
f 0.686
.339 70.075 8,461
85.581 7.470 48.188
12.876 168.929 5,869 .03,123 10,192 181.710 8.912105.318
20,111 1,995 6,5811 4.125 34.169 3.122 16,546
2,733
,
4,614
52.796 3,470 14,963, 2.314
45.258 1.499, 27.835
14.926 1,950 13,7161 2,682
3.558
21.684 1.700 11.528
10,211
75.817 4,820 38.332' 8,747 108,057 8.052 34,601
20.818 2,565 9,550 1.6261 25.159 2,304 10.521
3.178
9,943 83,963 6,868 92,8811 9.4051 103.144 6.765 61.727
11.36
77.617 7.160 84.442 10.834 108.115 7.645 63.190
31.142
2.314
650 15.816 4.3071 38.286 2.522 16.062
2.112 20.954 3.386 9.940 2.1)001 35.887 1,000 15.782
£5,277
1,937
8.0 19.404 2.177
32.781 2.147 16.139
1.599
20.193
958 21.793 2.538
33.760 1.730 21,397
23.854 118.331 24.450 8.461 28.78
146.748 29.146
679
2,490
11.809 1,376 13,035 1.470
16,597 1.242 7.460
1.600
6,129 1.000 4.891
427
4,322
400
583
18,556 5.004 8.516 9.134
7.766
25.270 5.919 11.053
8.132
28.731 6.217 8.897 13.231
39,228 9.228 14.593
27.101 4.321 16,511 6.924
7.113
33.334 6.259 10.180
62.493 4.704 31,689 8.40
8.076
64.962 6.079 34.925
241 2,024
561
2.110
387
3.390
182 3.376
95.975 :21.814 69.186272.579 67.525 433.782 64.803142.201
2.651
454
530
660
59
1.557
669'
451
1
30 440 6.070 1.683 6.6
5.680
32.003 8.543. 1.111
16.061
1.378
548 6,727
17
3.181
731 4.186
21.164 2.111 3.383
1.717
514
5.705
45& 1.430
44 721 5,673 16,784 8.798
7.744
61.995 5.729 16.591
•
•
231.2212.128.903155.477591.463
1,311
21.545 1.557 2.501, 6,825 64,828 5.026, 7.015
48,872 2.456 3,0671 1.479
1.794
17.700 2.0841 1,717
30.498 5.590 7,456 4,881
7.012
27.498 4,7151 5.174
Receipts.
Total.
towns122.664 2.114 3') ..29 :1889)66681 507,3854.412.103 380.8221516099
.
* Houston s sttistics are no I m ter compiled on an Interior basis, but only
on a port basis. We are chandnz accordinxly.
The above total shows that the interior stocks have increased during the week 90,558 bales and are to-night
349 416 bales less than at the same 1, i.d last year. The
,r
receipts at all towns have been 1:-.4,21 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1926
-----1925
Oct. 29since
:Anal
,
Shirr) dll'
,,k.
At g. 1.
Tr-k.
24.450
18.360
331
1.896
7.731
16.666
122.048
73.885
2.254
10.628
69.899
117.090
29.148
15 660
1.941
2.410
5 888
10.452
148.849
70.160
5.006
12.307
57.894
127.237
Total gross overland
69.434
Overland to N. Y.. Boston, Sm.._ 4.217
Between interior towns.
589
Inland. &c.. from South
17.204
395.804
65.495
415.453
24.148
5.427
176.268
4.066
522
8.924
14.836
5.923
92.903
Via
Via
Via
Via
St. !MUIR
Mounds. &c
Rock Island
Louisville
Via Virginia points
Via other routes. &c
Deduct Shipments
-
Total to be deducted
22.010 205.843
Leaving total net overland •
47.424
• Including movement by rail to Canada. 189.961
Atm 1.
13.512
113.662
51.983
301.791
The foregoing shows the week's net overland
this year has been 4 ,424 bales, against 51,f83movement
bales for
the week last year, and that for the season to
the
aggregate net overland exhibits a &crease from a date ago
year
of 111,830 bales.
In Sight an
1926
Spinners'
1925
-
Since
Tot-hum
'Week.
Aug. 1.
Receipts at ports to Oct. 29
535.376 4.574.391
Net overland to Oct. 29
47.4 ,4
189.961
Southern consumption to Oct. 29_ 110.000
1.268.000
Total marketed
692,800 6,032.352
Interior stocks in excess
90.558
598.760
Excess of Southern mill takings
over consumption to Oct. L._
•79.328
Came into sight during week.. _ 783,358
Total in sight Oct. 29
6.551.784
North. spinners' takings to Oct.29 66,865
543,965
• Decrease.
Since
Week.
Ana. 1.
376.061 3.519.854
51.983
301.791
90.000 1.180.000
518.044 5.001.645
131.054 1.351.331
140.990
649.098
6.493.966
63.354
Movement into sight in previous years:
WeekBales. I Since Aug. 11924-Oct. 29
Bales.
641.226 1924
462.385 1923
1923
-Nov. 2
475.219
5.043.670
4.561.646
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
We
Closing Quotatiens for Middling Cotton on
Ended
Oct. 29.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Port Worth_ _ _ -
Saturday. Monday. Tuesday. Wortley. Thursd'y. Friday.
12.40
12.30
11.55
11.89
12.00
11.75
12.50
12.35
12.00
11.35
12.45
12.37
11.60
11.91
12.06
12.30
11.81
12.50
12.35
12.00
11.35
11.40
12.30
12.18
11.45
11.75
11.94
12.30
11.69
12.50
12.20
11.90
11.20
11.20
12.30
12.18
11.45
11.81
11.94
12.20
11.69
12.25
12.20
11.90
11.20
11.20
12.40
12.27
11.55
11.90
12.19
12.30
11.81
12.25
12.30
11.90
11.30
11.30
12.1:0
12.50
11.1 5
12.06
12.25
12.40
11. 4
9
12.25
12. 0
13.00
11.50
11. 0
[Vox,. 122.
THE. CHRONICLE
2284
-The closing according to reports to the United States Department of
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton Agriculture, and made public on Oct. 18. About 1,800,000
tons, or nearly 75% of the total, was used in North Carolina,
market for the past week have been as follows:
South Carolina, Georgia and Alabama. The average price
Ft.
T es.
Tlp re.
Mon.
Wel.
Sc.
paid for the fertilizer in the 11 States was $32 59 a ton, with
Oct. 29.
Oct. 23.
Oct. 26.
Oct. 28.
Oct. 25.
Oct. 27.
an aggregate of $79,639,000, compared with $32 39 a ton
and an aggregate of $74.707,000 last year. The average
October __ 12.34 bid
November
cot of fertilizer per acre of cotton this year was $4 36 for an
December. 12.38-12.40 12.47-12.49 1229-12.32 12.27-12.28 12.37-12.39 12.49-1252
January __ 12.43-12.45 12.50-12.52 12.35-12.38 12.32-12.35 12.45-12.46 12.56-12.59 average of 268 pounds. Last year the application was 273
February
pounds of fertilizer on the average, where used, at a cost of
March__ 12.62-12.66-12.69 12.50-12.53 12.48-12.50 12.60-12.61 12.72-12.74
$4 42.
April
May
12.77-12.89-12.90 12.70-12.72 12.68-12.69 12.79-12.80 12.90-12.92
Sales of fertilizer for all purposes in 11 cotton States for
June
sales
July
93
1 2. -13.03 -12.90-12.92 12.8712.97-12.99 13.07-13.09 the year ended approximately in June 1926, based on
August
of tags, totaled approximately 4,883,000 tons, compared
September
-tons in 1925.
Oct 1927. 13 08 bid 13 21
--13.23-13.25 13.32-13.33 with 4,697,000
bid 13.05-13.10
Tone
AGRICULTURAL DEPARTMENT'S REPORT ON
Steady
Steady
Steady
Spot
Steady
Steady
Steady
Vary ...Ala
AtnoAll
litn.Ato
Ataaelv
.
V.,/ ...n d.r
Pliantly
omit..
-The
PRODUCTION AND CONDITION OF COTTON.
Agricultural Department at Washington on Monday of this
-Reports to week (Oct. 25) issued its report on production and condition
WEATHER REPORT BY TELEGRAPH.
us by telegraph this evening indicate that the weather during of cotton as of Oct. 18, making the crop 17,454,000 bales of
the week has been colder than in previous weeks and som• 500 pounds gross weight, or 827,000 bales more than the
places in the orthern and eastern parts of the cottonbelt Department's estimate for Oct. 1 1926. Last year at this
reported frost. Rain has fallen during the week in most time the Department of Agriculture placed the crop at
sections of the belt and in a few instances precipitation has 15,226,000 bales and the actual crop turned out to be
been heavy.
16,103,679 bales. 'I he present estimate is 2,086,000 bales
-Picking of cotton in this State has been largely more than the first estimate of the Department for the presTexas.
completed in the southern half and is well along in the central ent crop given out on July 16 this year. The following is the
and northeastern parts, but much cotton still remains in the complete official text of the present report:
northwest. There have been some complaints of damage by
A United States cotton crop of 17.454.000 bales (500 pounds grOSS
weight) In 1926 Is indicated by reports as of Oct. 18 to the Crop Reporting
rain to open cotton.
Board of the United States Department of Agriculture. The Board's
-The weather has been favorable for farm report Is based upon data concerning condition, probable yields. ginnIngs,
Mobile, Ala.
field statisticians, sinners
work. Picking is slowing down. There is not much cot- &c.. from crop correspondents of agriculure and extensionand co-operating
departments.
State boards (or departments)
ton left in the fields. Low prices are checking shipments.
Upon the 47.207 MO acres for harvest in 1926 (p-e'lmlnary estimate). the
Galveston. Texas
Abilene
Brenham
Brownsville
Corpus t hristi
Inallas
Henrietta
Hesrville
Lagapavas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley. Ark
Eldorado
Little Rock
Pine Bluff
Alexandria. La
Amite
New Orleans
Shreveport
Okolona. Miss
Columbus
Greenwood
Vicksburg
Mobile. Ala
Deem ur
Montgomery
Selma
GUIAWVII16. Fla
/Audi:son
Savannah. Ga
Athens
Augusta
Columbus
Charleston. S.C
Greenwood
Columbia
Conway
Charlotte, N. C
Newlwrn
Weldon
Memphis
Rain. Rainfall.
1 day 0.10 in.
dry
2 days 0.87 in.
1 day 0.34 in.
2 days 0.06 in.
1 day 0.02 In.
dry
1 day 0.28 in.
1 day 0.32 In.
.2 days 0.20 In.
2 days 1.14 in.
1 day 0.40 in.
2 days 0.36 in.
2 days 0.28 In.
1 day 0.42 in.
dry
dry
dry
4 days 0.58 In.
1 day 0.48 in.
2 days 1.30 In.
2 days 0.48 In.
Thermometerhigh 84 low 60 mean 72
high 86 low 46 mean 66
high 90 low 46 mean 68
high 90 low 62 mean 76
high 88 low 62 mean 75
high 86 low 48 mean 67
high 82 low 42 mean 62
high 84 low 38 mean 61
high 84 low 42 mean 63
high 84 low 38 mean 61
high 86 low 48 mean 67
high 82 low 38 mean 60
high 80 low 46 mean 63
high 78 low 40 mean 59
high 86 low 52 mean 69
high 84 low 40 mean 62
high 78 low 39 Mean 59
high 84 low 39 mean 62
high 78 low 35 rmv, 57
high 80 low 37 mean 19
high 78 low 20 n can ;9
high 83 low 35 21., 59
2.12 in.
high 77
low 33
mean 55
3 days 2.05 In.
1.26 In.
1 day
1 day 0.91 In.
1 day 0.61 in.
2 days 1.88 In.
2 days 0.46 in.
2 days 0.70 In.
3 days 2.54 In.
dry
7
I day
..5 days 0.44 In.
3 days 0.14 in.
2 days 0.05 in.
1 day 0.31 In.
2 days 1.78 in.
2 days 0.86 In.
2 days 0.30 in.
3 days 0.96 In.
high 81
high 82
high 80
high ...
high 82
high 80
high 78
high 80
high 79
hizh 78
high 73
high 79
high 79
high 87
high 86
high 78
high 79
high 81
low 33
low 41
low 38
low _
low 42
low 28
low 30
low 30
low 39
low 14
low 32
low 39
low 39
low 40
low 39
low 39
low 31
low 37
mean 57
mean 62
mean 59
mean 71
mean 62
mean .54
mean 54
mean 55
mean 59
mean 63
mean 53
mean 59
mean 59
mean 64
high 84
low 40
mean 62
high 76
high 76
high ....
high 81
high 71)
high 74
htsh 73
high 76
low
low
low
low
low
low
low
low
37
34
36
31
32
32
27
32
mean 57
mean 55
mean ..
mean 56
mean 51
mean 53
noun 50
mean 54
9 days
dry
2 days
2 days
.2(lays
2 days
2(lays
I day
1 day
4 nays
0.31 In.
0.32 in.
0.62 In.
0.49 In.
0 14 In.
0.31 In.
0.48 in.
0.95 in.
mean 63
mean 58
mean 55
mean 59
crop of 17.454.000 bales would approximate a yield of 176.7 pounds of lint
cotton per acre.
The final outturn of the crop will depend upon whether the various Influences affecting the crop during the remainder of the season are more or less
favorable than usual.
-Range forecasts will be omitted during remainder of the season.
Note.
Production In 1925 was 16.103.679 hales: In 1924. 13,627.936 b tles: In
1923. 10.139.671 bales: In 1922. 9.762.069 bales: and in 1921. 7.953,641
bales.
The yield per acre in 1925 was 167.2 pounds; In 1924. 157.6 pounds; for
the five years 1921-1925. 144.2 pounds: and for the ten years 1916-1925.
153.7 pounds.
petal's by States follow:
A4774.
L
&ate.
Virginia
North Larollna__
South Carolina....
Georgia
Florida
Missouri
...
Tennessee
A labania
MisaLtelppi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
All other
fr.d
pet Acre.
noicwea.a
11 tat
1926.
(Prelint- Oct.8 Oct. 1
(nary). 1926. .92(3
I., S. 1.05.
Aces.
91.000 236
2.036.000 182
2.677 000 209
3.927.000 179
110.006 122
473.000 237
1,167.000 197
3.730 000 179
3.724.000 225
1.916.000 41,0
18.001.000 143
4.954.000 (60
3.888.000 188
129.000 293
168.000 2)19
167.000 349
49.000 195
Sinai
Asti
mate
I925b
Los.
231 250
282 261
200 160
63 155
.09 180
227 275
160 210
a 68 185
205 275
175 232
142 113
57 155
168 205
293 298
'21)9 350
349 340
,66 2i 4
Proaucilon OW Las
&MS WI.Balel
Final
Census
Ginstags
1925.
Bales.
1noicated
Oct. 18
1926.
Bales
45.000
1.200.000
1.170.000
4
, 70 OW
28.000
235.000
480.000
1.400.000
1.750.000
760.000
5.400.000
1.600.000
1.530.000
79.000
10.1 00(
122.000
20.000
Oct. 1
1926.
Bales.
44.000
1.200.000
1,120.000
1.340 000
25.000
225.000
360.000
1,310.000
1.600.000
700.000
5.350.000
1,630.000
1.370.000
79.000
105.000
122.001
17 000
53.000
1.102.000
889.000
1,164.000
38.000
294.000
517.(100
1.357.000
1.991.000
910.000
4.165.1)00
1,691.000
1.605.000
64.000
1111.000
122.000
24.000
47.207.000 176.7 168.4 167.2 17.454.000 16.627.0181 16,104.000
U. S. total
Lower California
130.000 294 302 255
((lld Me‘lco) c.
80.000
82.000
d80.000
a On area left for harvest. b Per iarvested tare. c Not Included in California
figures, nor In United States total. d Estimate is U. S. Depswient of Agriculture.
CROP REPORTING BOARD,
1.
W. , Callander. Chairman.
J. A. Becker.
Approved:
S. A. Junes.
J. B. Shepard,
C. F. MARVIN,
D A. McCandiles,
AMIN Secretary.
C. S. Houten,
Frank Parker,
I.. C. Heidelberg.
The following statement we have also received by teleCOTTON GINNING REPORT.
-The Bureau of the
graph, showing the height of rivers at the points named at
Census on Oct. 25 issued the following report showing the
8 a. m. of the dates given:
cc/. 29 1926. Oct. 301925. number of bales of cotton inned in each of the cotton-growing
Feel.
Feet.
States in the present season up to Oct. 18, in comparison
I .0
3.0
Above zero of gauge..
New Orleans
with corresponding figures for the preceding seasons. This
12.6
18.5
Above zero of gaugeMemphis
17.0
10.6
Above zero of gauge..
Nashville
report shows that for the present season 8,722,066 bales of
11.8
P .5
Above zero of gaugeShreveport
cotton have been ginned, comparing with 9,518,946 bales
39.4
Above zero of gauge..
18.8
Vicksburg
last year and but 7,615,981 bales two years ago.
-The
1921; COTTON CROP ESTIMATE.
EGYPTIAN
Alexandria, Egypt, gave out on
Ministry of Agriculture at
Itunnthg Bales (Coun(ing round as
half bales and excluding lingers).
Oct. lithe second cotton crop estimate for the 19'26 EgypStale.
1926.
1924.
tian crop. The report follows:
1925.
weather conditions were
Just after the publication of the first estimate
Alabama
an
659,628
903.688 1,064,116
unfavorable to the ripening of the crop, later on thatimprovement set in.
severe than
alma year. Accord- Arizona
39,146
47.b98
.
31,206
The pink boll worin attack iv wore
-turn Is superior
the quality and ginning out
ing to reports received to oat°. It Is slightly lower, this being attributed to
to that of last year. but in grade
districts.
delayed picking In many
of all the information
The MiAstry of Agriculture, after consideration follows:
crop of 1926 as
at present available, estimate the
Total :seed Avge. per Total Ginned Avge. per
Feddan.
Cotton.
Feddan.
Cobon.
Variety.
Cantors.
Cantors. Cantors,
Cantors.
2.80
2.748.992
2.80
2.748.992
Sakeilaridis
5.08
4.087.137
4.62
3.715.579
Other varieties
6.464.571
6,836.129
Total
3.83
3.82
Average
will be published In
A final estimate with any necessary modification
November.
MORE FERTILIZERS USED IN COTTON BELT
THIS YEAR.
-The application of fertilizer over a larger
cotton area this year resulted in the use of a total of 2,444,000
tons on cotton alone, compared with 2,307,000 tons last
year, although less fertilizer was used per acre in 11 States,
Arkansas
California
Plorloa
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas.
Virginia
All other
738.904
42.036
21.913
919.40
512.6b9
1,036.392
78.135
12.773
497,101
335.426
544.986
18.3.733
2.844.331
9.636
3,725
703,115
17.307
35.959
1,051.058
683.292
1,182.435
72.983
16,536
711,268
550,996
731,187
234.742
2,405,881
21,752
5.113
532.148
25.993
16.301
668.466
368,511
725,252
31.189
14,339
191.890
596.281
3(32.328
1(15.795
3,275.144
1,394
1.176
United States
8.722.066 9.518.946 7.616.981
stathdes in tnis report inclu..e 258.199 rouno bales tor j940: 145.960
for 1925. an,'203,424 for 1924.
The statistic, for 1926 In tails report are subject to slight corrections when
check°, against the In (hi nail returns of the ginners being transmitted by
until. The Corrected statistics of the quantity of cotton ginned this season
prior to Oct. 1 are 5,642,9119 uales.
Ocr. 30 1926.]
THE CHRONICLE
-Cotton conConsumption, Stocks, Imports and Exports-United States.
sumed during the month of September 1926 amounted to 571,105 bales.•
hand in consuming establishments on Sept. 30 was 937,129
Cotton on
bales, and in public storage and at compresses 3,293,217 bales. The
number of active consuming cotton spindles for the month was 32,134.682.
The total imports for the month of September 1926 were 10.007 bales and
the exports of domestic cotton, including linters, were 794.584 bales.
-The estimated world's production of commercial
World Statistics.
cotton, exclusive of linters, grown in 1925. as compiled from information
secured through the domestic and foreign staff of the Department of Commerce, is 26,927,000 bales of 478 pounds lint, while the consumption
of cotton (exclusive of linters in the United States) for the year ending
July 311925. was approximately 22,640,000 bales of 478 pounds lint. The
total.number of spinning cotton spindles, both active and idle, is about
162.000,000.
2285
Receipts at Ports.
Ends,
Week
1928.
'hocks at Interior Towns. 'Receiptsfrom Plantations
1925. 1924.
1928.
1925.
1924. t 1928. 1925. 1924.
July
30._ 85,2221 45.020 35,170 819.353 180,805 182,549' 19,663 35,388 11.719
Aug.
8._ 53.308! 41.207 13.558 542,251 150.547 183,7381 22,217 31,149 14,747
13__ 73,869 43.254 49_702' 522,013 164.545 158,959 53.631 57.252 24,923
20__ 87,880 93.836 35,004 511.748 191,601 164.199 77,618120.892 40,244
27-- 113.195 148,5661113,41d 496.117 270,980 186,946 97.800227,659136,161
Sept.
!
3_ 187.8911250,0171165.180 488.1271 357,322 224,720 179,901 336.359 -Oa
10_ _ 208,8011211,619 222.1211 490.340 525,502 306.499211.014379.797 202.954
304.900
17_ 330,427458.650276.460 533.485 643,994 415.060373.572 473,097 384,961
24_ 410.234425,890491,223 631,415 872,105 544,092 508,164 554.001 420,260
Oct.
1-567.7041
.494.293366,4061 744,323 957.762 603,535680,612580.130425.849
8-623,656367.670,320,698 869,7931,137,618 796,030748,126 547.516
1.5_ 618,810423,8131441,485 975.40211,267,365 898,351 724,419553.560513.193
22_ _ 587,297383,026.339,292 1,076,1231,385,045 1,057,209688,020,500.706 543.800
29._ 535,376376,0611388,465 1.166,6831.516,099 1,196,181 625,934507,115498,150
527,437
COMMENTS CONCERNING COTTON REPORT.
The United States Department of Agriculture, in giving out
its cotton report on Oct. 25, also added the following comThe above statement shows: (1) That the total receipts
ments:
from the plantations since Aug. 1 1926 are 4,974,002 bales;
Continued improvement of the prospects of the cotton crop since Oct. 1 in 1925 were 4,869,233 bales, and in 1924 were 4,037,798
leads on Oct. 18 to an indicated total production of 17.454,000 bales of500 bales. (2) That although the receipts at the
outports the
pounds gross weight. This is an increase of 827,000 bales over the indica- past week were 535,376 bales,
the actual movement from
tion for Oct. 1.
plantations was 625,934 bales, stocks at interior towns
Extensive defoliation of the cotton plants by the leaf worms,coupled with
having increased 90,558 bales during the week. Last year
warm weather and the general absence offrost, have advanced the maturing
of late bolls and permitted rapid picking. Reports from substantially all receipts from the plantations for the week were 507,115
of the cotton belt are that the production of cotton is greater than was bales and for 1924 they were 527,437 bales.
expected.
A yield of 176.7 pounds of lint per acre is indicated, or 8.3 pounds more
than the indication for Oct. 1. This factor of the production is combined
with the largest acreage to be harvested ever estimated, and the result is a
large indicated crop. There is no question now that the largest crop in
the history of the country has been grown. On the other hand, the low
price and scarcity of pickers, especially in the western part of the belt, will
probably result in a considerable quantity of the lower grades not being
picked.
The present estimate of 17,454,000 bales refers to the indicated total
ginnings for this season and is subject to some uncertainty with regard to
how much of the crop produced will be harvested. Because of the low
price cotton farmers are discouraged and may not be disposed to pick the
last remnants of the crop, even if they can do so. In consequence of elements of uncertainty with regard to the picking of the entire production of
cotton, the crop indicated on Oct. 18, ginned and to be ginned, may vary
somewhat from the final figure.
CONSOLIDATED COTTON REPORT.
-The Bureau of
the Census and the Agricultural Department made public
Monday (Oct. 25) their consolidated cotton report, which is
as follows:
Oct. 18 1926 Consolidatea Cotton Report.
Ginnings to Oct. 18
8.722.066 runninq bales
Indicated total production
17.454,000 bales, 500-lbs. gross
Indicated yield of lint cotton
176.7 pounds per acre
Census Bureau.
-Census report shows 8.722.066 running bales (countimt
round as half bales) ginned from the crop of 1926 prior to Oct. 18 compared
with 9,518,946 for 1925 and 7,615.981 for 1924.
Agriculture Department.
-A United States production of 17,454,000 bales
(500pounds gross weight), based upon Oct. 18 indications, is shown by the
Crop Reporting Board of the U. S. Department of Agriculture.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for -the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight for the like period.
Cotton Takings.
Week and Season.
1926.
Week.
1925.
Season.
G
i
Week.Season
Visible supply Oct. 22
5,741,495
4,830,364
_____
Visible supply Aug. I
3.646,413
2,342,887
American in sight to Oct. 29__ _ 783,358 6,551,784 649,098 6,493,966
Bombay receipts to Oct. 28_ _ _ _
2,000
158.000
13,00
164,000
Other India shipm'ts to Oct. 28
4.000
100.000
3.000
117,000
Alexandria receipts to Oct. 27
70.000
308,400
74.000
433.200
Other supply to Oct. 27_*-b- _
14.000
244.000
12,000
249,000
Total supply
6,614,853 11.008,597 5.581.462 9,800,053
Deduct
Visible supply Oct. 29
6,148.052 6,148,052 5,193.976 5.193.976
Total takings to Oct. 29-a-466,801 4,860,545 387.486 4,606,077
Of which American
367,801 3.740,145 329,486 3,491,877
Of which other
99.000 1.120.400
58,000 1.114.200
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the tote estimated consumption by Southern mills,
1,268,000 bales in 1926 and 1,180.000 bales in 1925
-takings not being
available-and the aggregate amounts taken by Northern and foreign
spinners, 3,592.545 bales in 1926 and 3,426,077 bales in 1925, of which
2.472.145 bales and 2.311,877 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
FOREIGN COTTON CROP PROSPECTS.
-A report of The receipts of India cotton at Bombay and the shipments
the latest available information received up to Oct. 25 as to from all India ports for the week and for the season from
cotton production in foreign countries has been compiled by Aug. 1, as cabled, for three years have been as follows:
the Foreign Service of the Bureau of Agricultural Economics
as follows:
1926.
1925.
1924.
India's cotton area planted up to Oct. 1 was 22.143,000 acres, compared with 22.752,000 acres planted up to the same date last year and
21,785,000 acres in 1924-25, according to a cable received by the United
States Department of Agriculture from the Indian Statistical Department at
Calcutta. Planting is still continuing and will not be completed in Hyderabad and the Punjab until December. The final acreage figure for al
India for last season was 27.960.000 acres, and in the 1924-25 season
26,801.000 acres. For the 14
-year period from 1912-13 to 1925-26 the
percentage which the second estimate of acreage was
estimate
ranged from 77 to 90.5. While the ratio of the second of the final the fwa
estimate to
showed a wide variation, the year-to-year changes of the two estimates
showed a close relationship. This relationship of previous years
Indic:to
that the final estimate will be between 25.300,000 and 27,100,000 acr
.
Cotton crop_ conditions in India are, on the whole, satisfacto
A
cable to the United States Weather Bureau, dated
conditions are favorable in Bombay and in the Central Oct. 16. states that
Provinces rains have
been light to heavy. In the Punjab weather is dry
rain in parts of Madras and the crops are reported to while there has been
be fair. Rainfall has
been light to heavy. Rainfall has been light to
moderate in Bengal, but
more rain is needed, and in the United
ported. In Bihar. Oris.sa and Assam Provinces light rain in parts is reThe Brazilian Meteorological Service conditions remain uncnanged.
reports that
of September weather was warm and dry throughout during the first part
the northern cottongrowing region with some rain and cooler weather in central
and
Brazil. according to Consul-General Gualin at Rio de Janeiro. southern
dition of the plants in the north was satisfactory, and picking The conwas
tinuing with good yields. In central and southern Brazil the land conwas
being prepared for the next crop.
Area sown to cotton this season in Uganda is approximately
586,000
compared with 617,000 acres last season. according to a
acres,
cable from
the International Institute of Agriculture at Rome. Cotton planting has
been completed throughout the country under favorable
weather conditions. The progress of the crop in the Province of Buganda and Eastern
Province is reported to be satisfactory.
BOOK ABOUT THE EGYPTIAN COTTON MARKET.
-G. D. Economou & Co., of Alexandria, Egypt, have
recently published a book entitled "Some Information About
the Egyptian Cotton Market." This serviceable little book
not only contains statistics and information about Egyptian
cotton, but it also explains the methods and rules of the
Alexandria Cotton Exchange for conducting its transaction.4. Various tables are given showing the equivalents of
the Egyptian weights, measures and moneys, along with
other data of interest to persons interested in Egyptian
cotton.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Oct. 28.
Receipts at
-
Since
Week.'Aug 1.
.
Bombay
Erports
from
-
2,000
Since
Week. Aug. 1.
158,000 13.000
For the Week.
Total all
1926
1925
1924
3,000
12,000
-- -
8,000
83,000
Contineat.
Japan &
China.
Total.
3,000
5:666
3,000
3,000
17,000
3.000
1,000
9,000
14,000
67,000 134.000 202.000
97,000 97.000 203,000
35,000 166,000 215,000
4,000
3,000
3,000
5;666
4,000
3,000
3.000
7.000
15,000
3,000
164,000
Since August 1.
Great Conti- Japan&
Great
Britain. sent, China. Total. Britain.
Bombay
1926
1925
1924
Other India
1926
1925
1924
Since
Weat.IAug. 1.
7,000
25,000
4,000
93.000
92,000
30,000
7,000
20,000
6.000
100.000
117,000
34,000
8.000 160,000 134,000 302.000
34,000 189,000 97,000 320,000
18,000 65,000 166,000 249,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
11,000 bales. Exports from all India ports record a decrease
of 13,000 bales during the week, and since Aug. 1 show a
decrease of 18,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, E-gypt,
October 2.
7
Receipts (cantars)This week
Since Aug. 1
i
Exports (bales)-
1926.
1925.
1924.
350,000
1,539.564
370,000
2,166,436
,
460.000
2,309,690
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
36,955 7,250 37,783 8,000 42.139
To Manchester, &c
7,000 34.129 11,000 31,309
To Continent and India_ 8,000 62.695 11,250 63,280 11.000 45.414
13.750 70.072
To America
12.469
600 11,015 4,500 9,901
Total exports
15,000 145.258 30,100 143,387 37,250 167,526
Note.
-A canter is 99 lbs. Egyptian ba es weigh
•
This statement shows that the receipts for the weekabout 750 lbs.
ending Aug. 27 were
350,000 canters and the foreign shipments 45.000 bales.
THE CHRONICLE
2286
MANCHESTER MARKET. Our report received by
cable to-night from Manchester - states that the market in
Demand for India is
cloth is firm and in yarns steady.
Improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison.
1925.
322 Con
Twist.
1013T-
851 Lbs. Shirt- Cotton
ing,. Common Middrg
to Finest.
Usirds
e. d
d.
d. e. d.
15 @Mt 13 0 013 2
32s Cop
Twist.
834 Lbs. Start- Cotton
tugs. Common Middrg
Utrrds.
to Finest.
d.
e. d.
d.
d. s. d.
d.
13.53
,
1
10.02 203 621h 16 4 618 7
Aug.3
3
3
2
6113
018 8
618 7
0118 8
13.35
12.93
13.07
12.60
016 1
618 0
016 2
016 2
12.51
13.01
13.57
12.91
@16
12.72
11.53
11.54
11.27
10.35
15 @IBM
14(6183S
15346 113%
1534616M
13 0
13 0
13 2
13 2
613 2
013 2
013 4
013 4
9.74
9.35
9.58
10.17
2034(
52134
20 621
20 0,21
20 621
113
18
18
18
1554©17
1534(5 17
1534(517
15 611334
13 4
13 4
13 4
13 3
613 6
613 6
013 6
013 5
10.07
10.16
9.52
8.43
1934(52034
20 @21
2031622
20%622
15 5
15 4
15 6
15 6.
14;461554
1334614%
13346143i
13 61435
1254614X
12 6
12 0
12 2
12 0
12 0
613 2
612 4
012 6
012 3
012 3
7.79
7.09
7.35
8.70
6.85
183 621
,
4
1834620%
18 calsu
18 019%
1751019
15 5
15 2 015 8
14 6 4015 2
14 6 015 2
14 2 014 6'
Sent.-
SHIPPING NEWS. As shown on a previous page, the
exports of cotton from the United States the past week have
The shipments in detail, as made
reached 223,236 bales.
• up from mail and telegraphic returns, are as follows:
Bales.
-Columbus, 300: George
-To Bremen-Oct. 26
NEW YORK
700
Washington, 400
421
-Celtic, 321; Lancastria, 100
To Liverpool
-Oct. 22
50
-Oct. 22
-Zeeland. 50
To Antwerp
532
-Alberta, 532
-Oct. 22
To Venice
200
-Alberta, 200
-Oct. 22
To Trieste
600
-Oct. 22-Drottingholm, 600
To Gothenburg
100
To Bergen-Oct. 25-Stavangerfjord, 100
13
To Rotterdam-Oct. 22-Noorda3n, 13
3,102
-Nile,3,102
-Oct.23
To Bombay
1.949
-Oct. 21-Chelma. 1,949
To Oporto
1,771
-Oct. 21-Rochambeau, 1,771
To Havre
-Oct. 25--Cranian, 5,226
-To Liverpool
NEW ORLEANS
8,384
-West Ivis.3,158
Oct. 26
-West Ivis,
0c1. 26
-Oct.25-Cranian,738
To Manchester
2
.901
2,163
1,693
-Mar Blanco, 1.693
-Oct.25
To Barcelona
45:221
172
-Oct. 25-Monstella.
To Genoa
-Oct. 25-Jadden, 4,172
To Japan
5,175
-Oct. 25-Jadden, 5.175
To China
100
-Oct. 23-Gilda. 100
To Trieste
4,233
-Oct. 23-Gilda, 4,233
To Venice
-Mineola, 22
22
-Oct. 22
To Valparaiso
300
-Oct. 27-Abangarez. 300
To Porto Colombia
-Oct. 26-Gilda, 2.861
2,861
-To Venice
HOUSTON
1,020
-Radnor, 1,020
-Oct. 26
To China
25
To Trieste
-Oct.26-Gilda.25
-Candidate, 5,426-Oct. 23-La-Oct. 25
To Liverpool
15,713
bette, 10.287
200
-Oct. 25
-Candidate, 200
To Manchester
1,610
-Lancaster Castle, 1,610
To Havre
-Oct.25
-Lancaster Castle, 500
To Antwerp
-Oct. 25
1,40
52
4
-Lancaster Castle. 1,448
-Oct.25
To Ghent
-Oct.25-Monvisa,2,786: Maddalena Odero, 3,689 6,475
To Genoa
To Japan-Oct. 23-Fernhill, 8,150; Naples Marti. 3.250....
-Radnor,4.550
18.850
-Belgium Mani. 2,900_ -Oct. 26
Oct. 22
-Maria de
To Bremen
-Oct. 20
-Stanley. 6,572-Oct. 28
7,537
Larrinaga, 211: Pio Panne°, 754
724
-Rio Panuco, 724
-Oct. 28
To Hamburg
-Oct. 22--P. de Satrustegui, 2,950-_-Oct. 25To Barcelona
4,550
Prusa, 1,600
1,975
-West Chatala, 1.975
-Oct.26
To Oporto
982
To Rotterdam-Oct. 27-Eelbeck, 982
HALVESTON-To Barcelona-Oct. 25-Prusa, 1,975; P. de
4,275
Satrustegui, 2,300
-Candidate,
-Oct.25-Labette,5,159.. _ _Oct. 22
To Liverpool
9,878
4.719
546
-America. 546
-Oct. 23
' To Oslo
-America, 50
50
To Copenhagen-Oct. 23
2,931
-America, 2,931
-Oct. 23
To Gothenburg
-Stanley,8,218: Holger,4,032
12,250
To Bremen-Oct.22
-Candidate,85
85
-Oct. 22
To Manchester
-Bengal Maru,
To Japan-Oct. 21-Fernhill, 1,075--Oct. 26
8.400
7,325
6,228
To Rotterdam-Oct. 27-Beemsterdijk, 6,228
-Jeannette Skinner, 8,964
-To Bremen-Oct. 28
8,964
NORFOLK
-Manchester Skipper, 1,225_ __Oct.
-Oct. 23
To Manchester
2,525
29-Kerhonkson, 1.300
-Savannah, 2.250
2,250
-Oct. 23
To Liverpool
3,200
To Genoa-Oct. 23-City of St. Joseph. 3.200
-Mar Tirreno, 3,826
3,826
SAVANNAH
-To Barcelona-Oct. 26
To Bremen-Oct.23-Jobshaven, 6,400_ -Oct 28-Homeside,
14,043
7,643
10
-Hans Arp, 10
To London-Oct. 23
150
-Oct. 28-Homeside, 150
To Hamburg
-act. 27
CHARLESTON To Bremen-Oct. 26-Rapot, 6,326
16.476
-West Alsek, 10.150
475
-West Alsek. 475
-Oct. 27
To Hamburg
-West Alsek, 150
150
To Rotterdam-Oct.27
250
-To Barcelona-Oct. 21-Cardonia, 250
MOBILE
4.953
-Oct.25-Coahoma County,4,953
To Liverpool
-Pacific Shipper, 270
270
-Oct.26
SAN PEDRO-To Liverpool
-Pacific Shipper, 500
500
To Manchester Oct. 26
1,300
23-Witram, 1.300
To Bremen-Oct.
-Seattle Spirit. 100
100
-To Bremen-Oct. 15
BOSTON.
-President Van Burean,
-To Japan-Oct. 22
SAN FRANCISCO
-Montreal Mani, 1,928; Siberia Meru,3,166.. 5,374
280_ _ _Oct.25
li
-President Van Buren, 384---Oct. 25
-Oct. 22
To China
687
Montreal Marti, 53; Siberia Meru, 250 324
-Oct. 11-Winifredian, 324_
-To Liverpool
PHILADELPHIA
TOWNSEND-To Japan-Oct.19-Shidzuoka Mani,4,500 4,500
PORT
2,075
19-Shidzuoka Mare. 2,075
-Oct.
To China
82
-Oct.25-Coahoma County,82
PENSACOLA-To Liverpool
[Vol.. 128.
Oct. 29.
Oct. 22.
Oct. 15.
Oct. 8.
41,000
52.000
47,000
43.000
22,000
30,000
27,000
22.000
3,000
5,000
7,000
3.000
65.000
56.000
69,000
43.000
754,000 778.000 768,000 821,000
357.000 380.000 380.000 434,000
125,000
39,000
83,000
67,000
97,000
2 ,.000
59.000
44,000
305,000 306.000 360.000 317,
219,000 221,000 289.000 243,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Market,A fair
Good
Quiet.
12:15 I
business
Good
Good
Good
demand, demand, demand, demand.
P. M.
doing.
Mid.Upi'ds
Sales
6.73
6.64
6.69
6.60
6.71
6.85
4,000
8,000
8,000
10,000
10,000
8,000
Barely st'y Steady
Quiet
Futures.
Steady Steady. unSteady
Market 'J 1 to 4 pts 7 to 11 pts. 15 to 17pts. 101014pts. 2 to 3 pts. changed to
decline,
opened I advance,
advance,
decline.
advance. 1 pt decline
Market, 1 Steady
Steady
Steady
.
Quiet
Very ste'dy Barely st Y.
7109 pts 12 to 19pts. 14 to 16pts. 8 to 13 pts. 10 to 16pts. 4 pts.dec.to
4
advance,
decline,
P. M.
advance.
0'1100100 3 nts. adv
decline
Prices of futures at Liverpool for each day are given below:
Sat.
Oct. 23
to
Oct. 29.
Mon.
Tues.
Wed.
Thurs.
Fri.
1251 12.54 1251 4:00 1251 4:00 1251 4:00 1251 4:00 1254 4:00
p. m p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m p. m.p. m P• m•
d.
d.
6.60
October
November --------6.64
__ __ 6.68
December
__ __ 6.75
January
__ __ 6.77
February
__ __ 6.84
March
__ 6.86
April
__ __ 6.92
May
__ __ 6.94
June
6.99
July
__ __ 7.02
August
__ __ 7.05
September
October 1927_ _ __ __ 7.09
d.
6.49
6.54
6.59
6.66
6.68
6.75
6.77
8.84
6.86
6.92
6.95
6.98
7.02
d.
6.41
6.45
6.52
6.58
6.60
6.68
6.70
6.7:
6.:1
6.87
6.00
6.93
6.97
d.
6.54
6.58
6.65
6.71
6.73
6.80
6.82
6.90
8.92
6.99
7.02
7.05
7.09
d.
6.55
6.60
6.67
6.74
6.76
6.83
6.85
6.92
8.94
7.01
7.05
7.07
7.11
d. ! d.
6.45, 6.47
6.50 6.51
6.56 6.55
6.62 6.82
6.64 6.64
6.711 6.71
6.74 6.73
6.811 6.80
6.83 6.82
6.911 6.89
6.94 6.92
6.97i 6.9
7.011 6.9
d.
6.51
6.53
6.59
6.65
6.67
6.73
6.75
6.82
6.84
6.91
6.94
6.97
7.01
d.
6.83
6.64
6.88
8.74
6.76
6.82
6.84
6.91
6.93
6.99
7.02
7.05
7.09
d.
d.
6.651 6.65
6.601 6.66
6.7 6.68
6.753 6.74
6.77 8.76
6.811 6.80
6.831 8.82
6.891 8.88
soil 6.90
s.oI 6.96
7.00!6.99
7.021 7.01
7.051 7.05
5,221
BREADSTUFFS
Friday Night, Oct. 29 1926.
Flour has recently advanced, but business has not increased. Advances merely reflect a rise in wheat from time.
Trade sticks to the rut. A review of one week in this respect would do for almost any week. Prices do change, but
the volume does not, or at least changes very little. Perhaps if events bring about a further marked advance in
wheat, like that of late last week, some buyers may show
a little nervousness and for the moment increase their purchases. But experience suggests that it would be only for
the moment. Export trade, too, is quiet, largely or partly
because of the scarcity and dearness of ocean tonnage.
Wheat declined on the 25th inst., with Liverpool and
Buenos Aires cables disappointing and Argentine crop
news favorable. Added to this was heavy profit taking.
Canadian marketings were larger. On the 23d inst. they
were 3,500,000 bushels. Export business was small. The
lack of export business was a surprise, as there was a
rumor that freight rates were easier, with an increasing
supply of tonnage. Yet premiums at the Gulf of Mexico
were lower. No. 2 hard wheat was He. over December
f. o. b. vessels loading within 15 days. Rumors that some
coil vessels were turning to the grain trade again were
bearish in Liverpool but bullish on this side. But there was
a decrease in the United States visible supply last week of
no less than 2,015,000 bushels. That suggests rapid consumption. The total supply is now 71,389,000 bushels,
against 46,034,000 a year ago. And it was estimated that
France will have to import 70,000,000 bushels of wheat this
year because of curtailed production of wheat and rye.
There were reports of unfavorable weather in Central and
Western Europe, which it was believed would interfere with
seeding fall crops. On the other side the trade seemed
"mixed" as to whether the settlement of the coal strike In
England would end in bearing bearish or bullish in North
America. Paris cabled that restrictions on the exportation
of wheat, barley, oats and other foods had been decided
223,236 upon by a Cabinet Council. Winnipeg wired Oct. 28: "MarTotal
ketings continue heavy. Bulls point to inspections of only
-Current rates for cotton from 499 cars of contract wheat on to
-day's sheet out of 1.389
COTTON FREIGHT.
New York, as furnished by Lambert & Burrows, Inc., are cars inspected. Exporters report continued inactivity for
export. Europe buying sparingly and curtailing consumpas follows, quotations being in cents per pound:
High StandHigh StandHigh
Standtion." Liverpool cabled: "The foreign demand for wheat
Df73,Ptly. nut.
Density. ord.
Density. ard.
.80e. Shanghai .8750. .8254e. is small, as importers are afraid of declining prices due to
.50e.
Liverpool 1 00
Oslo
1.30
60g. .75c.
Itockholm .500. .65c. Bombay
Manchener1.00
1 30
the probability of an early settlement of the Brirsh coal
.400. .550.
.50e. .85c. Bremen
Antwerp
.35e. 50e. Trieste
strike and the consequent lowering of freight rates." Allt3Ghent
.50e. .650. Hamburg .35e. .60e.
.4234e. .57 sic. Fiume
Me.
.750.
Havre
.40e. .55e. Piraeus
Mina's crop is estimated at 150,000,000 bushels. or 43.000,.35e. .500. i Ashen
Salonlca
.75c. .90c.
.750.
Rotterdam .5oc. .6ie. Oporto
.600.
010 imAiels larger than last year. This is called conserva.65e.
.500.
Venice
A5e
Genoa
Barcelona .300.
.112340. .7740.
tive. Export trade has been quiet. At Winnipeg the CanaJapan
growers' pool has been selling. The East and
LIVERPOOL.
-By cable from Liverpool we have the fol- dian wheat
Northwest followed suit. But there was a certain resistance
owing statement of the week's sales, stooks, &o.,at that
OCT. 30 1926.]
THE CHRONICLE
not to be disputed. Shorts covered later. Old bulls took
hold again. Argentina needs rain. Frosts have done harm
there. Alberta and Australia will have larger crops.
/
To-day prices closed unchanged to 14c. lower here, and
In Chicago, i/f3c. lower to %c. higher in Minneapolis and
% to Wc. higher in Winnipeg. At one time to-day prices
were % to Y2c. higher in Chicago. But the market lacked
real snap. For five days in succession Chicago December
has, so far as closing prices were concerned, kept within a
/
range of 14c. Naturally, that occisioned remark. The
cables early in the day were steady. But the export demand was light. Some 200,000 to 300,000 bushels were sold
to England and the Continent. Ocean freights were still
firm. Rumors that efforts are being made to end the coal
strike in England had no effect. Its ending would naturally
tend to stimulate export business in American wheat. But
meanwhile Argentine and Australian crop news is favorable. Big operators lean to the short side. Winnipeg, it is
true, was firm. There was snow in parts of Canada. The
crop movement there may be hampered. That affected
Winnipeg. It had no great influence in Chicago. American
receipts were large. There may be, however, some decrease
In the visible supply on Monday. World shipments are estimated at anywhere from 15,000,000 to 16,000,000 bushels.
Sentiment is divided at Chicago. This keeps prices in a rut.
Deliverieg on October contracts at Winnipeg •were 84,000
bushels. Canada has marketed thus far this season about
150,000,000 bushels. That is practically the same as the
total at this time last year. North American exports for
the week are about 12,000,000 bushels. That caused some
buying at one time for both sides of the account. The ending was steady, too, with prices practically unchanged, in
American markets and slightly higher, as we have seen, at
Winnipeg. But the ending for the week shows a decline
. compared with last Friday of about 2c.
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
December
149% 147% 147% 147% 147% 147%
May
153% 152% 15234 1524 152% 1524
July
1454 14514 145
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
Sat. Mon. Tues. Wed. Thurs.Fri.
December
153
151% 150% 1494 149k 149
May
152
1494 149f5 1504
1514 151
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts-1554 15434 154% 15434 1544 154%
DAILY CLOSING PRICES OF WIIEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in eIevator_ctsj4434 143
142% 142$
1424 143
May delivery in elevator
1484 148
1474 147% 147g 147
July delivery in elevator
140% 1404 140
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery in elevator_ _cts-148
147% 146% 1454 145% 1454
December delivery in elevator
143% 142% 141
140
140% 140
May delivery in elevator
146% 1464 145
144% Hot 144ff
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 774 7734 7734 7734 76% 75%
844 84% 84% 85% 844 83
May delivery in elevator
88
87
86
July delivery in elevator
Oats declined slightly in response to the falling prices at
one time for wheat. There was little trading. The United
States visible supply decreased last week 308,000 bushels,
however, against an increase in the same week last year.
The total is 47,419,000 bushels, against 65,294,000 a year
ago. A decline in corn affected oats later, although the
decline was not marked.
To-day prices closed 14 to %c. lower. At one time to-day
/
/
July was 14c. higher. There was very little life in the
market. Long liquidation was one of the features, however,
so far as there were any. The decline in corn again left its
impress on this market. Also, there was very little cash
demand. Cash prices were tending downward. There was
little demand for futures on the long side. Most of the buying was to cover shorts. Naturally, this tended to weaken
the technical position. Still, the fluctuations kept within
very narrow limits. Last prices showed a decline for the
week of % to 3fic.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 544 544 5434 544 544 54
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 4434 444 444 44
44
43
May delivery in elevator
484 484 4834 4834 48% 477
July delivery in elevator
48
474 47
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery in elevator_ --cts_1159i 5934 59% 60
60
623(
December delivery in elevator
54
5434 54% 544 54% 54%
May delivery in elevator
567
564 5634
56% 5654 56
Rye declined as other grain sought lower levels. The
United States visible supply increased last week 296,000
bushels, against a decrease in the same week last year of
227,000 bushels. The total now is 12,357,000 bushels, against
1,680,000 last year.
To-day prices closed %c. lowes, though at one time they
were %c. higher. A reaction came later, as wheat turned
downward. There was very little trading. No export demand was reported. It looks, too, as though the visible
supply early next week would show a noteworthy increase
in this country. With supplies increasing, foreign demand
lacking, ocean freights scarce and high, cash demand only
moderate in this country and speculation more or less dormant, rye at the moment has few friends on the bull side.
Closing prices show a decline for the week of 3 to 3%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery In elevator_cts_1024 101% 1004 10054 1004 994
May delivery in elevator
1084 108
106% 1064 107 106g
Closing quotations were as follows:
GRAIN.
Wheat, New York—
Oats, New York—
No. 2 red fob. new
1 M9 \ No. 2 white
54
No. 1 Northern
1 62%
No.3 white
52%
No.2 hard winter, f.o.13-1 5734 Rye. New York—
Corn, New York—
No.2 f.o.b
108
No. 2 yellow (new) N. Y___ 914 Barley, New York
No.3 yellow (new)
89%
Malting
814E1834
FLOUR.
Spring
60(848 10 Rye flour patents
16 20(416 5ff
Clears.patents$7 10
first spring
740 Semolina No.2.1b
7
5c
Soft winter straights__ 6 40@ 6 85 Oats goods
2 75(e 285
Hard winter straights.... 7 50 7 85 Corn flour
2 35@ 245
Hard winter patents__ 7 85
8 35 Barley goods—
Hard winter clears
6 25@ 7 00
Coarse
a 75
Fancy Minn. patents__ 9 20@1O 05
Fancy pearl Nos. 2.3
City mills
9 30(4)10 001
and 4
7 00
For other tables usually given here, see page 2123.
Indian corn fluctuations kept within narrow bounds early
in the week. There was a slight trend towards lower prices.
But the market did not follow wheat. The crop is rather
disappointing. Chicago wired: "Corn has gained friends
within the past week and a number of large professionals
who have been bearish and short for months have covered,
and while they have not taken the buying side, they see no
good on the short side. There are disappointing husking
returns from western Iowa, Nebraska and other points,
where good yields had been expected." The United States
visible supply increased last week, however, 1,723,000 bushels, against a decrease last year of 1,134,000 bushels. The
total is now 18,631,000 bushels, against 2,321,000 a year ago.
Topeka, Kan., wired: "Soil dried out sufficiently in all sections to permit field work. Corn has been needing frost to
assist in the curing process and was much benefited by
dryer weather and lower temperatures at week-end. Some
husking has been done for pressing needs, but practically
no corn is dry enough to crib." One report said: "Corn
situation not greatly changed since first frost. Corn that
was not dented when first frost occurred is now, and will
only be used for feed. We think about 70% of corn seen
recently will grade. Don't think loss from moulding important to date, as only latest poorly matured corn is
mouldy.
Husking will be general soon, as the crop is dry enough
to
crib." The weather has latterly been good for marketing.
It is fairly under way now.
To-day prices closed 1 to 1%c. lower. There was only a
fair business. Prices got down to nearly or quite the low
level of the season. The receipts were large. That fact
Moreover, the cash demand was only moderate.
told.
Liquidation was the order of the day. Now and then
there
were rallies on profit taking by the shorts. Also, at one
time, when wheat showed more firmness, there was some
buying of corn. But the cash markets were weak, despite
a fair amount or buying of corn. But the cash markets were
weak, despite a fair amount of buying of late by the Pacific
Coast. Showers occurred in different parts of the belt.
Same of the crop news was unfavorable. But bullish news
was powerless to stay the downward swing of prices. Next
week there may be some reduction in the crop estimates.
That is the expectation in sonic quarters, Nobody pop;
much attention to it. Final prices show a decline for the
week of 2 to
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tura. Wed. Thurs, Fri
eta- 9514 95
9334 9434 9234 91%
No. 2 yeuow
2287
WEATHER BULLETIN FOR THE WEEK ENDED
OCT. 26.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Oct. 26,follows:
There was considerable storm activity during the week, and some rather
marked temperature changes near the close. The tropical storm which
moved over western Cuba early In the week curved northeastward and
passed a short distance off the southeast coast of Florida, with high winds
and heavy rainfall in the extreme southern portion of the State. but no
winds of hurricane force at land stations. The 24
-hour precipitation at
Miamrand Key West for the period ending at 8 a. m.. October 21, was
4.62 and 4.82 inches, respectively.
On the morning of the 19th a depression was chartered over eastern Oklahoma and moved rapidly thence during the following two days to the
coast of Maine, attended by precipitation quite generally from the middle
Mississippi and Ohio Valleys northward and northeastward. Following
this storm much cooler weather overspread the South and Southeast, but
it had become warmer in the Northwest.
During the latter part of the week a second disturbance moved from
Texas northeastward, reaching eastern New York by the morning of the
25th. This storm increased greatly in intensity and was attended by gales
along the Atlantic seaboard and the lower Lake region; heavy rains fell
in the middle and north Atlantic coast areas. Following the storm much
cooler weather overspread the Southern States, with temperatures as low
as freezing reported on the morning of the 25th as far south as Memphis,
Tenn.. and Little Rock, Ark. In the meantime it had become much
warmer in the Northwest.
Chart I shows that the weekly mean temperatures were below normal
in practically all of the eastern half of the country, the minus departures
ranging generally from 6 degress to as much as 10 degrees in the area from
the Ohio and lower Missouri Valleys northward. In the Southeast and
the west Gulf section about normal warmth prevailed, while over the
western half of the country temperatures were generally, and in most cases
substantially, above normal. In Rocky Mountain districts and the Great
Basin the plus departures from normal ran from 5 degrees to as much as
9 degrees. In the East freezing temperatures extended as far south over
Appalachian Mountain districts as western North Carolina, and in the
Mississippi Valley locally to central Arkansas.
Chart II shows the geographic distribution and total of rainfall for
the seek. The amounts were heavy In the immediate Ohio Valley and
from the Virginias northward, and were substantial in most sect', tis of
the Lake region and in pars of the west Gulf area. 'rhere were also
heavy falls In the extreme Southeast and locally in east Gulf districts.
Elsewhere the ameunts were light to moderate, with very little
over the western half of the country, except the Pacific Northwest. rainfall
There
AT 411 401111UilliCli of sunshine In the South and trim the
Gr • t Plaing
wNtwartt. but in central and northern district* east of the Plans much
cloudy weather prevailed.
2288
THE CHRONICLE
Further rains in the area from the Ohio Valley and Lake region eastward continued unfavorable for outdoor work and caused further interruption to seeding and harvesting operations, with considerable complaint
of root crops rotting and corn molding in shock. Otherwise the weather
was generally favorable, and seasonal farm operations made satisfactory
advance. In the south Atlantic area and east Gulf districts light rainfall
the latter part of the week was beneficial for fall seeding and for minor
late crops, but more is still needed in many sections south of Virginia and
east of the lower Mississippi Valley.
The first general frost of the season overspread the lower Missouri and
Ohio valleys during the week, with a light deposit extending as far south
as the northern portions of the east Gulf States, but damage was not material, as staple crops had practically matured. In the trans
-Mississippi
States the weather was generally favorable, except that it continued too
dry in parts of Texas, and moisture is still badly needed over a considerable area of the west-central Great Plains. West of the Rocky Mountains
showers were helpful in the north Pacific section, but moisture continued
deficient and badly needed in most of the Great Basin.
SMALL GRAINS.—The soil continued generally too wet for field
much of the Ohio Valley area and Northeast and the seeding ofwork in
winter
wheat has been practically ended in those areas, with a considerable reduction in intended acreage in many places because of unfavorable weather
for field work. In Illinois some wheat has been sown in soil too wet for
good results. West of the Mississippi River conditions were more favorable,
with seeding practically finished in most sections; good progress was made
in southeastern Kansas, where work had been delayed because of wet soil.
In Oklahoma the dry weather permitted fair progress in sowing, except that
it was too dry in the extreme northwest portion, while moisture was still
needed to the northward, including an area comprising western Kansas,
southwestern Nebraska and eastern Colorado. In the far Northwest conditions were favorable for winter wheat, except for dryness in parts of eastern Oregon.
Fair progress was made in harvesting grain sorghums in the lower Great
Plains, but much of this crop is still in the field in Oklahoma, and some
has been badly damaged by previous heavy rains. Rice threshing made
good advance in Arkansas and Louisiana until interrupted the latter part
of the week by rain. Good progress was also reported in California where
harvest has been nearly completed. Cutting and threshing late flax was
favored in the northern Plains area.
CORN.—The greater portion of the corn belt experienced the first general frost of the season, but without material damage, as the crop had
mostly matured, with cutting nearly done where this method of harvest
is practiced. West of the Mississippi River the week was very favorable
for drying out corn, the freeze on the 24th being especially helpful in the
upper Mississippi Valley. To the eastward, however, cloudy, damp.
and rainy weather was unfavorable, with considerable complaint of molding in shock in some sections and the crop too moist to begin cribbing.
COTTON.—There was some slight interruption by light rains to picking
cotton the latter part of the week over the eastern half of the belt, but in
" general this work continued to make good progress in that area, although
some districts reported a slowing up in harvest because of labor shortage
and low prices. Rapid opening of bolls was checked in the interior and
northern portions of the eastern belt by the,cool weather.
In Arkansas and Louisiana, the first part of the week was favorable
for picking and ginning, but there was interruption the latter part by
rain, especially in the former Stath where rainfall was rather heavy. Harvest
was retarded also in eastern Oklahoma, but in the western portion of that
State fairly good progress was made. In Texas, picking is largely completed'in the southern half, is well along in the central and northeastern
portions, but much is still out in the northwest; there were further complaints of damage to open cotton by rain in parts of the State.
rvoL. rst
THE DRY GOODS TRADE.
Friday Night, Oct. 29 1926.
In view of the Government's forecast for a cotton crop in
excess of 17,000,000 bales, textile markets during the past
week acted surprisingly well. Ordinarily, prospects of such
an abundant yield would encourage buyers of cotton goods
to hesitate before placing additional commitments, which in
turn would influence purchasers of other lines to follow a
similar course in the hopes of lower values. However, such
has not been the case. While it is true that a certain amount
of backwardness was noticeable in certain directions, it
was generally felt that the fundamental position of the industry is sound. Although it was pointed out that low prices
for cotton goods would stimulate consumption at the expense of other lines, this theory was not accorded much
credence, as it is generally known that there is an unusual
shortage of available stocks and that an actual need exists
of merchandise coincident with a seasonal expansion in
consumer demand. An example of this was found in the
woolen goods division, where sales have continued to expand beyond expectations. As a result, factors are optimistic as to the future. As to silks, the demand for fall
lines,was noticed to be gradually tapering off and business
Interest has turned more to the new spring me
lkchandise.
New novelty weaves and designs were reported to be doing
well and additional lines are expected to be shown shortly,.
In contrast to this activity, prices for raw silk have continued to decline. The latter is expected to work to the
advantage of the manufacturer, rather than lead to undue
competition. Floor coverings have continued active, despite
persistent reports concerning a contraction in the construction of homes and buildings.
DOMESTIC COTTON GOODS.—Influenced by the Government estimate of a record cotton crop, buyers of domestic
cotton goods were not quite so active during the week.
However, considering the fact that some seventeen and a
half million bales of cotton are in prospect, prices were comparatively steady. The Government report issued on Monday, placed the indicated yield at 17,454,000 bales, or approximately 1,000,000 bales in excess of the previous record
The Weather Bureau also furnishes the following resume yield. The estimate was based on conditions as
of Oct. 18,
of the conditions in the different States:
to which date 8,722,066 bales of this year's crop had been
Virginia.—Richmond: Weather favorable for late crops. Corn cut and ginned. The indicated total production
showed an increase
in shock or silos; some husking done. Tobacco mostly cut; curing advanced.
Gathering and shipping apples continue. Wheat seeding progressing; of 827,000 bales between Oct. 1, the date of the previous
early coming up; plowing delayed in most localities by dry condition of estimate, and Oct. 18. However,
accompanying the foresoil. Pastures fair. Damaging frost on 22d in many portions of interior.
North Carolina.—Raleigh: Warm first part of week; much cooler at close cast was a statement claiming that uncertainty existed as
with freezing in mountains and heavy frost in portions of central; apparently to how much of the crop will be harvested owing
to the low
little damage. Continued generally favorable for cotton, but picking slowing up account shortage of labor and low prices; some open cotton blown prices and the scarcity of labor for picking. The situation
out by wind. Beneficial showers on Sunday, but unevenly distributed; has been orderly and at no time has there been any
indicamore needed for small grains, fall truck, and water supply.
South Carolina.—Columbia: Cotton opening slowly in northwest because tion of a panicky undertone. As a matter of fact, sentiment
of cool nights, but rapidly elsewhere; picking well along, except in Pied- has been unusually confident. Mills have fortified themmont. Plowing and seeding of winter grains became general with rains of
24th. Cabbage, spinach, and truck along coast improved. Molasses selves, and according to reports, some of them have placed
snaking continues.
orders for delivery of raw cotton three years ahead. Orders
Georgia.—Atlanta: Favorable harvesting weather continued, though
moderately cool with light frost on two days; no damage; showers last for finished goods have come forward unabated, owing to a
three days beneficial, but more needed. Opening of late cottonbolls scarcity of stocks and increased consumer demand. For
checked in north by cool weather, but picking well advanced. Fine apple instance, the call for various printed goods,
despite the
and pecan crops being harvested. Sowing wheat, oats, and rye proceeding
maintenance of earlier high prices, has been a feature. Buy'slowly.
Florida.—Jacksonville: Mostly dry and sunshiny, except in extreme ing has steadily broadened, and it was said that
some of
south where heavy rains incident to storm of 20th. Beneficial rains in
west and local showers in north and central improved seed beds, truck. the printers were so busy that it required a month or more
cane, strawberries, oats, and rye; more rain needed on uplands of pen- to make deliveries on a number of styles. Another
active
insula. Dry weather favorable for harvesting sweet potatoes and hay, and
improving color of citrus, which continue to drop and split. Trucking fabric has been ginghams, especially the higher grades.
inactive in Okeechobee district.
Print cloths, 28-inch, 64 x 64's construction, are quoted at
Alabama—Montgomery: Light to heavy frosts in scattered places of
central and north with freezing in extreme northwest on Monday; show- 5%c., and 27-inch, 64 x 60's, at 4%c. Gray goods in the 39ers latter half. Condition of corn, sweet potatoes, sugar cane and pea- inch, 68 x 72's construction, are quoted at 7%c., and 39-inch,
nuts mostly fair to good. Sowing oats progressing slowly. Condition of
pastures and truck crops varies from poor to good; needing rain in many 80 x 80's, at 9%c.
sections. Picking and ginning cotton slow to good progress; picking
WOOLEN GOODS.—Cold weather has had a stimulating
finished or nearizg completion in many sections; condition of unpicked
crop mostly fair to good.
effect upon the markets for woolens and worsteds. DeMississippi.—Vicksburg: Cotton picking and ginning made mostly fair
seasonal fabrics has exceeded expectations and
progress to Thursday or Friday, when scattereo showers occurred, con- mand for
tinuing to Sunday. Housing corn mostly good progress to Thursday or prospects of a further improvement were considered bright.
Friday. Light frost in north and central on Monday. Progress of pastures Many factors have expressed a greater
degree of confidence
mostly fair.
Louisiana—New Orleans: Harvesting cotton, corn and rice made In the future of woolen goods than they have for some time
excellent progress until Saturday, when rains interfered, but operations re- past. This improvement in sentiment has
been due to the
sumed with cool, bright seather at end of week. Picking cotton well advanced in all sections and nearly finishea on uplands, but ginning not large sales of fall and spring merchandise and the knowlExcellent for rice threshing until rains. Cane poor and sucrose edge that stocks are unusually light.
pushed.
Quotations for raw
low: cool weather beneficial for ripening.
Texas—Houston: Moderate temperatures; dry in northwest, extreme wool in practically all markets have been firmer under the
southwest and west; light to good rains elsewhere. Except in dry dis- stimulus of a steadily increasing demand for
cloths and
tricts, where poor, pastures commercial truck„ and fall-sown grains made
However, any likelihood of advances are frowned
good progress. Soil preparation and grain sowing made fair to very good clothing..
advance, except where too wet; early-sown grain up and making good upon, as it is believed that the current activity is being
growth. Further complaint of d mage to cotton staple by heavy rains; stimulated principally by the low
and attractive prices.
picking nearly completed in south and 'well along in north cehtral and northDuring the week a few more independents opened their lines
east, but much to be done in northwset. Citrus fruits good to excellent.
.—Oklahoma City: Cool week with light to heavy frosts, but of women's wear spring
Oklahoma
fabrics.
no material damage; sunshine normal; light to moderate rains in northcentral and east. Fairly good progress in picking and ginnihg cotton in
FOREIGN DRY GOODS.—Reports of a more active dewest, but retarded In east by rain and wet, muddy fields; further deterioration in condition reported in east. Fair progress in harvesting corn mand for all classes of merchandise prompted a more opand grain sorghums, but much still in fields and some badly damaged by thnistie undertone in the linen market.
Salesmen on the
wet weather. Too dry for planting wheat in extreme northwest, but fair
road were favorably received and retailers have been orderprogress elsewhere.
Arkansas.—Little Rock: Weather favorable for farm work until Friday ing ilb larger quantities owing to the fact
that prices were
when two or three days' rain, followed by colder Monday; freezing in
north, heavy frost in central, and light in south. Small amount of late considered attractive. During the week there was a gooa
corn injured, but damage negligible. Picking cotton and rice threshing deal of business transacted in damasks,
towels, napkins
suspended at close of week: resumed Tuesday. Some plowing done.
Tennessee.—Nashville: Moderately low temperatures with light rain and other household items. At the same time the demand
until last of week when good rains benefited fall-sown crops. Cotton for dress goods continued to expand. The
best call for the
opening rapidly with picking and ginning making excellent progress; rain
at end of week caused moderate damage; cold in west at end of week will latter goods was for the solid shades, although various of
stop further maturing. Little plowing and seeding of wheat in some the printed and woven fancies have sold well.
In the handcounties, while in other counties progress fair.
Kentucky.—Loutsville: Low temperatures caused rather slow germi- kerchief division, the call for all whites was very active,
nation of sins; wheat sowing continued first four days; progress slow being surpassed only by the demand for novelties for the
in north', but better in south where practically completed, stopped y
Burlaps were quiet and easier. Light
heavy rains near close. Last cutting of tobacco; curing very slowly. holiday trade.
Complaints of corn molding in shock continue; still too damp to gather.
weights are quoted at 7.10c. and heavies at 9.10c.
OCT. 30 1926.]
THE CHRONICLE
ftate and Titg 311tvartment
2289
measures which will be designated and appear on the ballot
as follows:
-This Act provides for a bond
1. Veterans' Welfare Bond Act of 1925.
issue of $20,000,000 to be used by the Veterans' Welfare Board in assisting
California war veterans to acquire farms or homes.
-Assembly Constitutional
2. Taxing Highway Transportation Companies.
Amendment 37.
-$10,000,000 Highway Bond Measure panies, owning or Adds Sec. 15 to Art. XIII of Constitution. Taxes comArizona (State of).
operating, (as common carriers), upon public highways
motor
between
-On next Tuesday,Nov.2,an initiative vehicles fixed termini or over a regular route,jitney buses,stages or trucks
on November Ballot.
for transporting persons. 4Si %, and those so operating
measure providing for the issuance of $10,000,000 State for transporting property 5% of their gross receipts; exempts property so
all
highway bonds will be voted on by the electorate of this used from halfother taxes and licenses; appropriates half of such taxes to
and
to counties, exclusively for maintaining and repairing public
State. The bonds would be coupon bonds bearing interest State
highways; empowers Legislature to change such percentages.
Oleomargarine.
rate not exceeding 5% per annum, payable semi-annually
-Referendum upon Act of Legislature amending
3.
at a
(J. & J. 1) at the office of the State Treasurer or at such Sec. 12 of"Genera. Dairy Law of California" and adding tnereto Sec.21 .
Further regulates the manufacture and sale of oleomargarine and prohibts
banking house as the State Treasurer may designate, would be use of dairy terms and spnbols in connection therewith; in addition to
by those dealing In oleomargarine, requires them to
in the denomination of $50 or any multiple thereof, would annual license payablefor each pound of oleomargarine sold during each
pay State two cents
run for a term of not to exceed 15 years and would be issued quarter, except oleomargarine delivered for sale outside of this State;
provides that all fees be credited to oleomargarine enforcement and dairy
and reissued and sold in such amounts and at such time or control fund to further purposes of Act.
times as may be required for the construction and improve-Initiative measure. Requires every distributor of
4. Gasoline Tax.
thent of public highways in the State. The bonds would be gasoline. distillate and other motor vehicle fuels, to pay license tax of
in
one
sold only after public notice in a daily newspaper published law;cent per gallon,tax addition to two -cent license tax now required by
to be applied toward paying one-third of refunds
said additional
the city of Phoenix for a period of thirty days. No bonds now required by law, and balance credited to State Highway Construction
in
and used for acquiring rights-of
would be sold for less than par and accrued interest and all Fund under jurisdiction of California -way for, and construction of, high
Highway. Commission; declares Ac
ways
bonds issued under the Act be expressly exempted from any effective Jan. 1 1927 and subject to amendment or repeal by the Legis
State tax. Section 6 of Subdivision 4 of the Act provides lature after Jan. 1 1939.
-Senate Constitutional Amendment 23.
5. Salaries of State Officers.
for the creating of a State Highway Bond Sinking Fund to Amends Sec. 19 of Art. V of Constitution. Declares compensation of
Comptroller. Treasurer, and Surveyor-General, shall
used only for the purpose of paying interest on, purchas- Secretary of State, year, Attorney-General and Superintendent of Public
be
be $7,000 each per
ing and redeeming outstanding bonds issued under the pro- Instruction. $8,000 each per year; such compensation to be in full for all
official services during their respective terms of office; provides that the
visions of the Act. Section 6 reads:
such compensation but can not increase the same.
Section 6. There is hereby created and established a fund to be known as Legislature may diminishmeasure. Creates board, appointed by Governor,
the "Arizona State Highway Bond Sinking Fund." Whenever the money to6. Racing.-Initia.ive horse racing and pari-mutuel betting within race
regulate and license
accruing to the State Highway Fund for any year from the following sources traek enclosure; limits racing period at each track; prohibits licensing
shall exceed four million dollars ($4,000,000), plus interest payable during racing at tracks constructed, without board's approval, after Nov. 1 1926:
such year on outstanding bonds issued under the provisions of this Act, &nits licensee's return to 9% on capital invested; prescribes as license
such excess shall be deposited in and credited to said Arizona State High- fees $500 each race day and licensee's net profits above return allowed;
way Bond Sinking Fund:
fees to board's salaries and expenses, dividing balance equally
(a) All money received from the State road tax, passenger seating ca- appropriates
between Veterans' Welfare Board and State Agricultural Board; authorizes
pacity tax, truck tonnage tax and the Motor Vehicle Fuel License Tax.
exhibits.
All money and fees received by law from the registration of motor licenses for limited period at county fairs or agricultural
(b)
-Senate Constitutional Amend7. Taxation of Short Line Steam Railroads.
vehicles and licenses of automobiles, or other motor propelled or driven
Subject to
Amends. Sec. 14 of Art. XIII
vehicles, from permits issued to drivers of motor vehicles, from the issuing ment 40. Legislature, changes State tax on of Constitution.
steam railroads not exceeding
change by
of certificates of title to motor vehicles, and from fines and penalties imposed 250 miles in length, operated separately and not as part of another railroad
under such laws.
7% to 5, % of
4
(c) Any excess of money actually received from the foregoing sources dur- owning or operating lines exceeding such length. fromsuch classification
Constitution; if
ing the previous year over the estimate for such year, except so much of gross receipts ascertained as provided in
violates Federal Constitution, or prejudices State's rights to tax other
such excess as may be required to refund a deficit for a previous year, as steam railroads at different rate, taxes all steam railroads 7%, or perhereinbefore set out.
Said Arizona State Highway Bond Sinking Fund shall be used solely for centage hereafter adopted.
8. State Hiohways.-Initiative measure adding Art. XXIV to Constituthe purpose of paying interest on, purchasing and redeeming outstanding tion. Classifies highways as primary and secondary, enumerating primary.
bonds issued under the provisions of this Act.
Arranges counties, by names, in two groups. Appropriates $5,000,000
primary
The Act, known as the "State Highway Department annually for 12 years for construction, allocating three-fourths to highway
In proportion group primary highway mileage, to entire primary
Finance Bill," bears the following title:
mileage, and one-fourth to secondary in proportion group land area to
An Act providing for the levy of a State road tax, a passenger seating State land area. Allocates one-third maintenance funds to primary
-capacity tax, a truck tonnage tax, a motor vehicle fuel license tax, and the highways according said mileage ratio, balance to primary and secondary
manner of collecting the same; providing for the registration and licensing highways in proportion group registration of vehicles to State registration.
of distributors of motor vehicle fuel; defining what constitutes the sale of Permits, electors approving, group bond indebtedness or taxation.
motor vehicle fuel; providing penalties for not filing statements; providing
9. Repeal of Wright Act.
-Initiative measure. Repeals Act of Legisexemptions and refund of tax on certain sales; providing for the distribution lature commonly known as Wright Act, approved by electors on referendum
of the proceeds of the taxes by this act created; providing penalties for the Nov. 7 1922, which Act provided for enforcement by State of California
violation of the motor vehicle fuel license tax; creating a State Highway of the Eighteenth Amendment to United States Constitution. prohibited
Fund and making appropriation therefor; providing the purposes for which all acts or omissions prohibited by Voistead Act, adopted penal provisions
the State Highway Fund shall be used and making of such fund available of that Act, imposed duties on courts, prosecuting attorneys, sheriffs,
for such purposes without further appropriation; requiring the State High- grand juries, magistrates and peace officers in this State, extended their
way Department to prepare a budget and directing as to the contents, jurisdiction, and provided for the disposition of fines and forfeitures.
-Senate Constimanner of appropriation and approval ofsuch budget; providing the manner
10. Bonds for State Buildings and University Buildings.
of payment of moneys from such fund; authorizing the issuance of bonds tutional Amendment 39. Adds Sec. 4 to Art. XVI of Constitution.
of the State of Arizona in the sum of ten million dollars ($10,000.000); cre- Directs issuance of $'8.500,000 of State bonds, and the use of the proceeds
ating an Arizona State Highway Bond Sinking Fund from the revenue thereof, as provided in "California State Buildings and State University
accruing to the State Highway Fund; limiting the use of money received Bonds Act of 1925." for completion and equipment of State buildings at
In excess of the estimated revenues; providing for the cancellation of bonds Sacramento, the erection and equipment of State buildings at Los Angeles
purchased or redeemed; exempting from State taxes bonds issued under this and buildings for University of California at Berkeley and Los Angeles;
validates said Bond Act of 1925: declares section self-executing but permits
Act; requiring a biennial report by the State Treasurer.
The voters will also have submitted to them a proposed legislation in furtherance thereof. from Taxation.-Assembly Constitu11. Exempting Secondary Schools
Constitution.
tional Amendment 27. Amends Sec. la
amendment to Section 10 of Article V. of the State Consti- Exempts from taxation the buildings and of Art. XIII ofground within
equipment, the
consecutive which such buildings are located, not exceeding one hundred acres in area.
tution, to prohibit persons who have served two
terms in a State office from thereafter being elected to such 'and the securities and income used exclusively for educational purposes,
educational institution in California of secondary grade,
office other than members of the judiciary and members of of any for profit, and accredited to the University of California. not conducted
the State Legislature. Section 10 as amended would read:
12. Tax Exemption for Veterans and Others.
-Senate Constitutional
No person shall be eligible for election to any State office in which such Amendment 26. Amends Sec. 1 of Art. XIII of Constitution. Extends
person shall have served two consecutive terms therein at any time, except tax exemption provisions of present section to include those veterans who
members of the judiciary and members of the Legislature, to whom this have been released from active duty because of disability resulting from
enactment shall never apply; Provided, however, that no person shall be service in time of peace, and to widows and widowed mothers of such
eligible to succeed himself or herself to the office of State Treasurer for the veterans, upon same conditions as therein stated; also exempts from taxation
succeeding two years after the term for which he or she shall have been all real property owned by Ladies of Grand Army of the Republic and all
property owned by California Soldiers Widows Home Association,
elected.
If approved, this amendment would not be operative until of13. Suffrage.-Assembly Constitutional Amendment 20. Amends Sec. 1
Art. II of Constitution. Declares that no alien ineligible to citizenship
shall ever exercise the privileges of an elector in this state: extends the absent
the election of 1928.
voters provisions of present section to those engaged in the civil or CongresBelgium (Kingdom of).
-$50,000,000 External Loan sional service of the United States or of the State, and to those who because
disability are absent from their precincts or unable to go to
Floated.
-A large banking syndicate headed by J. P. Morgan of injury orplaces.
the polling
14. Corporations.
& Co. and the Guaranty Co. of New York, offered and sold
-Assembly Constitutional Amendment 14. Amends
Sec. 11 of
increase of stock
on Oct. 26 (the issue being oversubscribed) $50,000,000 7% or bonded Art. XII of Constitution by requiring that anyby the holders of
indebtedness of a corporation be assented to
30
-year external sinking fund gold bonds of the Kingdom of at least two-thirds of the amount in value of the stock instead of by a
majority, as now provided, and eliminates the present provision requiring
Belgium at 94 and accrued interest, to yield 7.50% to ma- that
turity. Date Nov. 1 1926. Due Nov. 1 1956. Not re- days such increase be made at a meeting called for that purpose after 60
public notice.
15. School Districts.
deemable before Nov. 1 1936, except for the sinking fund.
-Assembly Constitutional Amendment 11. Adds
Redeemable also in whole or in part, at the option of the Sec. 14 to Art. IX of Constitution. Empowers,the Legislature, by general
law, to provide for the incorporation and organization of school districts,
Government, on Nov. 1 1936, or on any interest date high school districts, and junior college districts, of every kind and class,
classify
thereafter, at 105 and accrued interest, upon six months and toSalaries such districts.
16.
of Judges.
-Senate Constitutional Amendment 41. Amends
notice. Prin. and int.(M.& N.) payable in U. S. gold coin See. 17 of Art. VI of Constitution. Provides that the judges of Supreme
Court, District Courts of
Superior
the present standard of weight and fineness in New York stated times during their Appeal, and in office,Court, shall severally, at
of
receive for their service
continuance
City, either at the office of J. P. Morgan & Co. or at the such compensation as is or shall be provided by law; declares that the State
and that
of each
Guaranty Trust Co. of New York, fiscal agents, without shall pay $3,000 of the salaryshall paysuperior court judge,salary, as the
the
the remainder of his
deduction for any Belgian taxes, present or future. With county for which he is elected be established.
same is now or may hereafter
17.
to the sinking fund provision of the loan'the official Art. Re uiring Bible in Schools -Initiative measure amending Sec. 8 of
regard
IX of Constitution. Forbids appropriating public mcney for support
circular describing the bonds says:
of sectarian or denominational schools or those not exclusively controlled
cumulative sinking fund of 1% per annum. commencing Aug. 1 1928, by public school officers; prohibits teaching sectarian or denominational
A
Is to be applied to the purchase of bonds, if obtainable at or below 105% doctrines, directly or indirectly, in public schools; authorizes purchase,
and accrued interest, or, if not so obtainable, to the redemption on Nov. 1 with public funds, and use of Holy Bible therein, requiring copy thereof
1928, and annually thereafter, upon 45 days notice, of bonds called by lot, in every public school library and classroom; permits daily study thereof
in school and reading therefrom by teacher, without comment, but requiring
at 105% and accrued interest.
pupil to read or hear it read, contrary to wishes of
Further information regarding this loan may be found in no18. Water and Power.-Initiative measure adding parent or guardian.
Art. XIVa to ConstiGovernor
"Department of Current Events and Discussions" on tution. Creates board, appointed bywater and and subject to recall.
our
electric energy, acquire
authorized to develop and distribute
a preceding page.
by any legal means any property therefor and do anything convenient
thereto, including using and reserving State lands and waters; gives State
California (State of).
-Measures on November Ballot.
- and political subdivisions certain preferential rights as against privately
owned public utilities
On Tuesday, Nov. 2, there will be submitted to the voters Issuance of bonds notselling water or electric energy to public; authorizes
exceeding $500.000,000, to further suchurposes.
p
of this State for their adoption or rejection, twenty-eight requiring board to fix rates to meet expenses and retire bonds in fifty years.
NEWS ITEMS
2290
THE CHRONICLE
[Von. 123.
19. Pensioning Judges.
-Assembly Constitutional Amendment 25. Adds disposition, possession and enjoyment of real
estate in the State of Florida
Sec. 26 to Art. VI of Constitution. Declares Supreme Court, District by foreigners who
are
Court of Appeal and Superior Court Judges, 60 years of age and not im- under the provisions not eligible to become citizens of the United States
of the laws and treaties of the United States.
peached, terminating service aggregating 24 years in one or more of said
courts, shall receive for life monthly salary equalling half that last received;
Idaho (State of).
-Compensation of State Legislators Would
permits those who have not practiced law after such termination, if otherwise equalified, to serve as judges in courts wherein they were last eligible Be Increased Under Proposed Constitutional Amendment on
and in inferior courts of record, receiving therefor such additional com- November Ballot.
-There is proposed, in an amendment to
pensation as legislature prescribes.
20. Reapportionment Commission.-Initlative measure adding Sec. 6.34 to the State Constitution to be voted on Nov. 2, an increase
Art. IV of Constitution. Creates reapportionment commission composed in the compensation of the
State legislators. The amendof Secretary of State, Attorney-General and Surveyor-General. If Legislature fails, at first session after each census, to adjust senatorial and assem- ment affects Section 23 of Article HI. Section 23, as
bly districts and reapportion representation as provided by Constitution, amended, would provide:
requires said commission to make such adjustment and reapportionment,
Section 23. Compensation and Mileage of Members. Each member of
and file same with Secretary of State, within 3 months after adjournment
Legislature shall receive for his services a sum not exceeding $10 per
of such legislative session. Declares said commission shall make and file the from
day
such reapportionment on basis of 1920 census within 3 months after this for each the commencement of the session but such pay shall not exceed
member, except the presiding officers, in the aggregate.
amendment takes effect.
for per diem allowance for any one session; and shall receive each the$800
sum
21. Political Subdivisions Incurring Indebtedness.
-Assembly Constitu10 cents per mile
tional Amendment 36. Amends Sec. 18 of Art. XI of Constitution. De- ofWhen convened each way by the usual traveled route.
in extra session by the Governor, they shall each receive
clares that whenever-two or more propositions for incurring any indebted- $10 per day;
but no extra session shall continue for a longer period than
ness or liability are submitted at the same election to the electors of any
county, city, town, township or school district, the votes cast for and 20 days. except in case of the first session of the Legislature. They shall
against each proposition shall be counted separately, and when two-thirds receive such mileage as is allowed for regular sessions. The presiding officers
of the Legislature shall each in virtue of his office receive an additional
of the qualified electors, voting on any one of such propositions, vote in compensation
equal to one-half his per diem allowance as
favor thereof, such proposition shall be deemed adopted.
vided. That whenever any member of the Legislature shall a member: Protravel on a free
22. Exempting Forest Treesfrom Taxation.
-Senate Constitutional Amend- pass in coming to
ment 10. Amends Sec. 123( of Art. XIII of Constitution. Exempts from of miles actually or returning from a session of the Legislature, the number
taxation inmature forest trees :planted on lands not previously bearing of such member.traveled on such pass shall be deducted from the mileage
merchantable timber, or planted or of natural growth, upon lands from
which 70% of merchantable original growth timber over 16 inches in
Under Section 23 as it now stands the pay per day for a
diameter has been removed: declares maturity of forest trees or timber regular
session is $5, the aggrgeate sum is placed at not exshall be determined, after 40 years from planting or removal of original
timber, by a board comprising assessor of county wherein same are located ceeding $300,and the pay per day for a special session is
$5.
and representatives from State boards of forestry and equalization.
23. Election at Primary.
Indiana (State of).
-Constitutional Amendment for State
-Senate Constitutional Amendment 20. Adds
Section 234' to Article II of Constitution. Declares candidate for judicial, Income Tax on
Ballot Next Tuesday.
-The voters of this State
school, county, township, or other non-partisan office, receiving at primary
election votes on majority of all ballots cast for such office shall be elected will have submitted to them on Nov. 2 a proposed constituthereto; where two or more candidates are to be elected to an office and tional amendment to permit
the State Legislature to levy an
more candidates receive a majority than are to be elected, those securing
highest votes of those receiving such majority, and equaling number to income tax. The amendment, if adopted, will become
be elected, shall be elected; declares freeholder'i; charter governs whenever Section 8 of Article X. Section 8
as proposed for adoption
it provides different method of election.
24. Irrigation Districts; and Transfer of Funds.
-Senate Constitutional reads:
Amendment 24. Amends Section 31 of Article IV of Constitution. AuthorSection 8. The General Assembly may levy and collect a tax upon income.
fres irrigation districts, in order to obtain water and other necessary from whatever source derived, at such rates, in such manner, and with such
property, to acquire stock of corporations owning water rights, water works. exemptions as may be prescribed by law.
franchises or concessions, subject to obligations imposed by law upon other
stockholders therein; requires city or county treasurer, upon resolution
Kansas (State of).
-Compensation of State Legislators as
of governing body of political subdivision, to transfer temporarily funds
thereof, not exceeding 85% of taxes accruing thereto, to meet obligations Proposed Under an Amendment to State Constitution to Be
November Election.
incurred for maintenance, replacing same from such taxes before using Voted on at
-On Nov. 2 a proposed
tatter for other obligations.
25. Taxation and Local Assessment Exem_ption.-Senate Constitutional amendment to Section 3 of Article II, relating to the compensation of members of the State Legislature, will be voted
Amendment 32. Adds Section lb to Article XIII of Constitution. Declares
that all property used or held exclusively for the burial or other permanent on. Section 3 as proposed for adoption
reads as follows:
deposit of the human dead or for the care, maintenance or upkeep of such
Section 3. The members of the
property or such dead, except as used or held for profit, shall be free from tion for their services the sum of Legislature shall receive as compensa$8 per day for each day's actual service
taxation and local assessment.
during any regular or special session and 5
each mile
26. Giving Appellate Courts Trial Court Powers.
-Assembly Constitutional traveled by the usual route in going to and cents per mile for place of
returning from the
Amendment 16. Adds Section 4% to Article VI of Constitution.
meeting; but such compensation
Legislature, in cases where jury trial is not matter of right or is Declares of $480 for any regular session, shall not in the aggregate exceed the sum
nor more than $240 for any special session;
may empower appellate court to ascertain the facts from evidence waived,
shall
in trial
court, or from additional evidence in appellate court, and make findings and such sums all constitute all of the compensation of members of the
Legislature for
purposes whatsoever.
of fact contrary or additional to those made by trial court,
and
purposes hear additional evidence concerning facts occurring for such
Michigan (State of).
-General Revision of State Constidecision on appeal and direct entry of any judgment or order before its
case may tution .Listed Among Proposed
require.
Propositions on November
e
judicial Cound1.-Senate Constitutional Amendment 15. Adds Ballot-Increase in Compensation of
Legislative Members also
Section la to,and amends Sections 6.7 and 8 of, Article VI of
Constitution. Proposed.
-At the November election, next Tuesday, the
Creates judicial council, with chief justice as chairman and ten
judges
selected by him from various courts,to regulate court practice and procedure voters of this State Will have submitted to them
the question
and exercise functions provided by law; eliminates judges pro
tempore and
provisions for judge acting when requested by Governor or Superior Judge; of whether or not they are in favor of a general revision of the
authorizes chairman to assign judge to act when calendar congested,
State constitution and a convention therefor.
judge
unable to act, or vacancy exists, allowing assigned judge larger salary
At the same time the electorate will also vote on a proassigned position; changes provisions for filling Super* Court vacancies.of
28. Legislative Reapportionment.
-Initiative measure. Amends Constitu- posed amendment to Section 9 of Article V which provides
tion, Article IV, Section 6. For choosing legislators requires
Legislature, for increasing compensation of members of the Legislature
immediately following each Federal census, and next Legislature
using
1920 census, to divide State into forty senatorial and eighty assembly from $800 to $1,200 for regular session and from $5 per
districts, comprising contiguous territory, with assembly
diem for extra session.
in population as possible, no county or city and county districts as equal diem to $10 per
containing
Also to be voted on are two other proposed amendments
than one senatorial district, and no senatorial district comprising more
more
than three counties of small population; creates Reapportionment
Com- to the State constitution. One of these, besides, amending
mission, comprising Lieutenant-Governor, Attorney-General,
General, Secretary of State and State Superintendent of Public Surveyor Section 5 of Article VIII, would also add to said article a
Instruction,
to make apportionment if Legislature fails to act.
new section (No. 31) which, if carried, would read as follows:
Section 31. The Legislature shall
Colorado (State of).
-Voters to Ballot Next Tuesday on poration by any two or more cities,by general law provide for the incorvillages or townships or
Proposed Constitutional Amendment to Create a Public Utilities bination or parts of same, of metropolitan districts comprisingany comterritory
within their limits, for the purpose of acquiring, owning and operating
Commission and on Other Amendments.
-On Tuesday next, either within or without their limits as may be prescribed by law, parks
Nov. the people of this State will cast their votes on a pro- or public utilities for supplying sewage disposal, drainage, water, light,
-2,
posed amendment to the State Constitution to create a Pub- power or transportation, or any combination thereof, and any such district
may sell or purchase,
lic Utilities Commission with exclusive power and jurisdic- scribed by law, sewageeither within or without its limits as may be predisposal or drainage rights, water, light, power or
tion to regulate all public utilities within the State of Colo- transportation facilities. Any such districts shall have power to acquire
and succeed to any or all of the rights, obligations and property of such
rado except those municipally owned, and except irrigation cities villages and townships respecting or connected with such functions
systems whose chief business is furnishing water for irriga- or public utilities: Provided, That no city, village or township shall surrender any such rights, obligations or property without the approval
tion.
thereof by a majority vote of the electors thereof voting
Another proposed constitutional amendment to be voted Such general law shall limit the rate of taxation of such on such question.
districts for their
and restrict their
municipal
on at the same time would affect Section 6 of Article X., contractingpurposes Under such generalpowers of borrowing money and
debts.
law, the electors of each district
which, as amended, would read as follows:
shall have power and authority to frame, adopt and amend its charter
Section 6. All laws exempting from taxation property other than that upon the approval thereof by a majority vote of the electors of each city,
hereinbefore mentioned, shall be void; provided, however, that the General village and township, voting on such question, and, through its regularly
Assembly shall have power to enact laws requiring the payment of motor constituted authority, to pass all laws and ordinances relating to its municivehicle registration license fees which shall be in lieu of ad valorem taxation pal concerns, subject to the constitution and general laws of this State.
of such motor vehicles.
The other proposed amendment would also
new
The voters will also pass on a measure to provide revenues
for the construction, maintenance and improvement of public highways, by a tax upon the sale of petroleum products
and by graduated motor vehicle registration license fees.
By another proposed constitutional amendment also to be
voted on, Article XXII. would be amended, enabling the
Legislature to provide for the manufacture, importation and
sale of intoxicating liquors by and through the State, for personal or domestic use, ii operative so long as in conflict with
the laws of the United States.
Florida (State of).
-Proposed Constitutional Amendment.
-The voters of this State will, on Nov.2,pass on a proposed
amendment to Section 18 of the Declaration of Rights in the
Constitution of the State of Florida, relating to the ownership, inheritance, disposition and enjoyment Of property
in the State of Florida by foreigners. Section 18 as proposed for adoption reads:
Section 18. Foreigners who are eligible to become citizens of the United
States under the provisions of the laws and treaties of the United States
shall have the same rights as to the ownership, inheritance and disposition
of property in the State as citizens of the State. but the Legislature shall
have power to limit, regulate and prohibit the ownership, inheritance,
add a
section to Article XIII, which, if adopted, would be known
as Section 5 and would read as follows:
Section 5. Subject to this constitution the Legislature may authorize
municipalities, subject to reasonable limitations, to condemn and to take
the fee to more land and property than is needed in the acquiring, opening
and widening of boulevards, streets and alleys, or for any public use, ana
after so much of the land and property has been apporpriated for any such
needed public purpose, the remainder may be sold or leased with or without
such restrictions as may be appropriate t.) the improvement made. Bonds
may be issued to supply the funds to pay in whole or in part for the Meet
property so appropriated, but such bonds shall be a lien only on the
property so acquired and they shall not be included in any limitation of the
loonded indebtedness of such municipality.
Minnesota (State of).
-Three Proposed Constitutional
Amendments on November Ballot.
-Three proposed amendments to the State Constitution will be balloted on in this
State on next Tuesday, Nov. 2.
Amendment No. 1 affects Section 2 of Article VI, which
if adopted, would provide for the election of two more
associate justices of the Supreme Court with full authority
as members of the court, replacing the present two commissioners, without additional expense.
Amendment No. 2 proposes to add a new article to State
Constitution with regard to promoting forestation and re-
OCT. 30 1926.]
2291 •
THE CHRONICLE
forestation of lands in this State. The proposed amendment,
if adopted, would authorize legislation providing for setting
aside a part of the lands owned by the State for the purpose
of forestation and reforestation, and permitting privately
owned lands to be so set aside by act of the owner thereof,
and, by way of encouragement, permitting the taxation of
such lands and the timber and other forest products thereof
on a special basis, which need not be uniform with the basis
of taxation of other lands in the State. A similar measure
was voted on in Nov. 1924, but was defeated, failing to
receive the required .majority.
Amendment No. 3 affects Section 3 of Article X relating
to corporations. The effect of the proposed amendment,
if adopted, will be to abrogate the present fixed rule of
stockholders' liability prescribed by the Constitution and
to place the matter of prescribing and regulating the liability
of stockholders in all corporations created under the laws of
the State entirely within the control of the Legislature,
subject to change from time to time as they may see fit.
New York City.—Amendment Making Ex-Mayor Nylon
Eligible for Pension Held Invalid by Court of Appeals.—The
Court of Appeals on Oct. 19 declared invalid the amendment
which the New York Municipal Assembly attempted to
make in the city charter whereby former Mayor John F.
Hylan would have been eligible for a pension of $4,215 a
year. The decision was in an appeal from rulings of the
lower courts in favor of a taxpayers' action brought by
William J. Schiefelin to restrain payment of the proposed
pension of $4,215 a year under a local law passed just before
Mayor Hylan retired. Justice Joseph M. Proskauer of the
New York Supreme Court granted the original injunction.
Under authority of the home rule amendment the Municipal
Assembly undertook to amend the New York City charter
by reducing the retirement age from sixty to fifty-five years
and the ten-year service requirement to five years. At
the time of his retirement Mayor Hylan was fifty-five years
old and had been in the city's service less than ten years.
As to the points of the decision the Albany correspondent
of the New York "Times" in a dispatch dated Oct. 19 said:
The lower courts held that the State and county employees within
New York City also were affected and that the Municipal Assembly did
not have authority to change the system as to them, as it provided greater
deductions from salaries to the retirement fund and that the local law was
Illegal as well as the pension allowance.
Judges Pound and Cardozo dissented from their colleagues. No opinion
was written.
The Coney Island "Times
-Journal" in discussing the case
editorially had the following to say:
But for the public-spirited action of the Citirens' Union through its
President. William J. Schieffelin, in taking a test case to the courts and
carrying it up to the Court of Appeals, the Court of last resort, the city today would have to pay former Mayor John F. Hylan the nice little pension
for life of $4.215 a year.
When Mr. Itylan left office he was about 56 years old. Under the rule
of the city a city official must have served in office until he reached the
age of 60 before he became entitled to a pension.
Mayor Hylan, with the aid of his political friends, quietly had a bill
passed by the Municipal Assembly whereby the age for retirement on pension
was reduced five years, thus fixing the age of 55 as the age for retirement.
This cleverly brought him within the pension term of office and having
contributed to the pension fund he filed his claim in due course before he
went out of office, entitling him to draw from the taxpayers for the remainder
of his fife this tidy little pension of $4,000 odd. The "Times-Journal.
watching municipal affairs closely, called attention at the time to this
outrage.
But it was discovered by legal experts that this bill was illegally passed
and that the Municipal Assembly really had no power to make thechanges
it ordered. Thereupon, Mr. Schieffelin brought his suit to stop the pension
being paid by the city. Justice Wagner in the Supreme Court upheld the
contention of the plaintiff. The case was carried by Mr. Hylan to the
higher court, which upheld the lower court, and then it was taken to the
Court of Appeals, and this week the latter has rendered its decision sustaining the original opinion.
And so, Mr. Hylan loseshis pension and the taxpayers ought to be thankful, for this was the first time, as far as is known, where a Mayor of this
city, especially one who raised his own salary to $25.000 a year, claimed a
pension from the city.
Mr. llylan is a lawyer, enjoying good health, and able enough apparently
to earn his own living just as many others have to do on leaving office, and
be ought to be able to take care of himself without asking the taxpayers
to pay him $4.000 a year for the rest of his life.
in obtaining homes. The bonds would bear interest at a
rate of not exceeding 5% per annum, payable semi-annually;
would be coupon or registered bonds of the denomination of
$100 or some multiple thereof, and would be payable 20
years from date of issue. The bonds shall be dated, issued
and sold from time to time in such amounts as the Board of
Advisers may find necessary to provide sufficient funds to
meet applications made to and approved by it. The Board
of Advisers will consist of the Secretary of State, who shall
be Chairman ex officio of the Board; the Commissioner of
Agriculture, the Attorney-General, the Commissioner of
Labor and Printing, and the Treasurer of the State of North
Carolina, of which Board the Treasurer of the State shall
be ex officio the Treasurer. The proposition is being submitted under authority of an Act passed by the 1925 Legislature known as "World War Veterans' Loan Act" (Chapter 155, Laws of 1925).
St. Louis, St. Louis County, Mo.—Consolidation of
City and County Proposal Defeated.—The plan for the consolidation of the City of St. Louis and St. Louis County into
one legal subdivision under the municipal government of
the City of St. Louis, submitted to the voters on Oct. 26,
was defeated by the county voters, although the proposition
received a majority of 7 to 1 in the city. The returns, as
given by the St. Louis "Globe-Democrat" of Oct. 27 with
but six of the 121 precincts in the county to be heard from,
follow:
City
County
For.
54.558
10,772
Against.
8,097
21.049
Total.
62.625
31.821
The combined vote was:
65.330
For
29.116
Against
36.214
Favoraole majority
by a two to one
Thus it is seen that though the county rejected the plan
majority, voters of the combined area favor vinsolidation of the two
communities by more than two to one. However, favorable majorities
in both city and county were required for adoption of the proposal, the
votes being counted separately.
Texas (State of).—Validation Bills Signed be Governor.—
Governor Miriam A. Ferguson has signed al of the 557
bond validation bills except a few on which hearings are to
be held passed by the Thirty-Ninth Legislature, which was
called in special session Sept. 12, primarily in order to pass
necessary legislation to validate bonds issued for road
districts and restore their value on the market.
Attorney-General Will not Approve Road Bonds until Tom
Green County Case is Settled.—C. A. Wheeler, Assistant
Attorney-General, announced on Oct. 20, according to the
Dallas "News" of Oct. 21, that the Attorney-General
will not approve any road bonds which were voted previous
to the decision of the United States Supreme Court in the
Archer County District Case, until the Supreme Court
passes on the question involved in the mandamus case
of Tom Green County to compel the Attorney-General
to approve $500,000 special road bonds of that county.
The Tom Green County case was started on March 30
as stated in these columns, to compel the AttorneyGeneral to approve $500,000 special road bonds of
that county on the ground that the decision of the U. S.
Supreme Court in the Archer County Road District Case
did not extend to road bond of counties. The counsel for
Tom Green County has now filed with the Supreme Court
a copy of the new validating Act as a supplemental argument
to show that if there was any doubt as to the validity of the
bonds before the Act of Validation, they now stand validated
by specific Act of the Legislature and the Attorney-General
.
should be ordered to approve them. The Attorney-General
will, however, approve road bonds to be hereafter voted by
districts under the new bond law signed by the Governor
last week, according to another statement made by the
Assistant Attorney- General.
Wisconsin (State of).—Voters to Pass on Two Proposed
Constitutional Amendments at November Election.—Two proposed amendments to the State Constitution will be submitted to the people of this State on Nov.2. One of the amendments, relating to the recall of elected public officers, would
add a new section (12) to Article XIII. Section 12, if approved, would read:
New York City.—Board of Estimate Passes 1927 Budget
of $474,893,300.—The largest budget in the city's history
was passed Thursday, Oct..28, by ..the Board of Estimate.
The
$474,893,300, is the same as proposed for
adoption by the Board of Estimate lest week, and it now
figure,
goes to the Board of Aldermen wh;ch conducts two public
hearings before it is permitted to pass the figures. It is
'
unprecedented for the Board of Aldermen to change the
budget authorized by the Board of Estimate, although it is
Section 12. The qualified electors of the State or of any county or of any
congress onal, judicial or legislative district may petition for the recall of
empowered to decrease the budget if it sees fit.
any elective officer after the first year of toe term for which he was elected,
New York (State of).—State Referendum on Modification by fil.ng a pet.tion with the officer with whom the petition for nomination
the recall of such
to such
of Volstead Act.—At the November election, to be held next officer. office in the primary election is filed, demanding in number to at
Such petition shall be signed by electors equal
Tuesday, the voters will have submitted to them the question least 25% of the vote case for the office of Governor at the last preceding
State, county or district from which such officer is to be re"Should the Congress of the United States modify the Federal election in theofficer with whom such petition is filed shall call a special
called. The
the
Act to enforce the eighteenth amendment so that the same election to be held not less than 40 nor more than 45 days from beenfiling
of such petition. The officer against whom such petition
shall not prohibit the manufacture, sale, transportation, shall continue to perform the duties of his office until the has of filed
such
remit
importation or exportation of beverages which are not in special election shall have been officially declared. Other candidates for
provided by law in prithe
fact intoxicating as determined in accordance with the such office may be nominated in who manner as is the highest number of
shall receive
mary elections. The candidate
laws of the respective States ?" This question is being votes shall be deemed elected for the remainder of the term. The name of
filed
submitted under authority of Chapter 850, Laws of 1926. the candidate against whom the recall petition isof theshall go on the ticket
petition. After one
days after the filing
unless he resigns
A petition to enjoin the submission of the referendum had such petition andwithin ten
special election no further recall petition shall be filed
for which he was
been sought but as announced in our issue of Aug. 21, against the same officer during the term its provisions shallelected. This
be treated as
of
page 1004, it was denied in an opinion handed down by article shall be self-executing and all facilitate its operation, but no law
mandatory. Laws may be enacted to
shall be enacted to hamper, restrict or impair the right of recall.
Supreme Court Justice Thomas C. T. Crain on Aug. 13.
The other amendment proposed would amend Section 5
North Carolina (State of).—$2,000,000 World War
Veterans' Loan Bonds to Be Voted on.—Olt Nov. 2 the voters of Article V. to read as follows: during his
continuance in office,
shall receive,
of this State will vote on a proposition to issue $2,000,000 anSection 5. The Governornot less than five thousand dollars. to be fixed by
annual compensation of
bonds to be designated "State of North Carolina World War law, which shall be in full for all traveling or other expenses incident to his
duties. The compensation prescribed for Governor immediately
Veterans' Loan Bonds," the proceeds from which would be adoption of this amendment shall continue in force until changed byprior to the
the Legislaused to make loans to aid veterans of the late World War ture in a manner consistent with the other provisions of this Constitution.
2292 •
THE CHRONICLE
Under the amendment to Section 5, if approved, instead
• of the Governor's salary being fixed by the Constitution, the
Legislature will have power by law to fix it at not less than
-$5,000, which shall be in full for all traveling and other expenses incident to his duties.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
[vol.. 123.
100,000 public park bonds. Due Dec. 1 as follows: 31,000 1927 to 1936,
incl.; 32,000 1937 to 1946, incl.; $3,000 1947 to 1956, incl., and
$4,110 1957 to 1966, incl.
25,000 niarket house bonds. Due Dec. 1 as follows: $500 1927 to 1956,
incl, and 31,000 1957 to 1966, incl.
Date Dec. 1 1926. Principal and interest
office of the City Director of Finance or atithe(J. 8; D.) payable at the
City
York. Purchaserkto pay for all expenses.eA National checkBank, New
certified
for 2%
the bid required.11Theselarelthe bonds mentioned in V. 123, p. 2162.of
JP BELOIT, Rock County, Wis.-BONDS OFFERED.-B". roas,
Jity Clerk, received sealed bids until Oct. 29 for
41.% coupon
storm sewer bonds. Date Nov. 1 1926. Denom,$25,000 Due $2,000,
31,000.
1927 to 1938, incl., and $1,000, 1939. Bonds to be furnished by purchaser.
BERLIN, Worcester County, Md.-BOND DESCRIPTION.
-The
310,000 5% coupon electric light plant bonds awarded on Oct. 4 to Townsend Scott & Son, of Baltimore, at par (V. 123. p. 2162). are described as
follows: Date July 1 1926. Denom. $500. Due $1,000 Jan. 1 1928 to
1937, inclusive. Interest payable J. & J.
BINGHAMTON, Broome County, N. Y.
-BOND SALE.
-The following 3 issues of 4;1% bonds, aggregating -$680.000, offered on Oct. 26V. 123, p. 2162
-were awarded to a syndicate composed of Redmond &
Co., Phelps, Fenn & Co. and Pulleyn & Co., all of New York,
Peoples Trust Co. of Binghamton, at 100.92. a basis of about and the
4.14%:
$500,000 school building bonds. Date Sept. 1 1926. Due 320.000 1927
to 1951. incl.
105,000 paving bonds. Date April 11926. Due $11,000 1927 to 1931.
incl., and $10,000 1932 to 1936, incl.
75,000 bridge bonds. Date June 1 1926. Due $5,000 1927 to 1941,incl.
BIRMINGHAM, Oakland County, Mich.
-The
3160,000 bonds offered on Oct. 11-V. 123, p. -BOND SALE.
-were awarded as
2022
follows:
To the Detroit Trust Co.. Detroit:
398.000 special assessment sewer and street bonds as 4s at a premium
of $8 70, equal to 100.009, a basis of about
4.49%.
To the Security Trust Co. of Detroit:
$62,000 water bonds as 5)45.
Date Oct. 1 1926. Due serially 1927 to 1931, inclusive.
BLACKSBURG, Cherokee County, No. Caro.
-BOND SALE.
The Citizens Southern Co. of Atlanta has purchased an issue of $30,000
% street impt. bonds. Date Oct. 1 1926. Denom. 31,000. Due
1946, incl. Principal and int. (A. & 0.) payable at
$3.000 Oct. 1 1937 to
the National Park Bank, New York City. Legality approved
by J. N.
Nathans, Charleston.
Financial Statement.
Actual values
$3,500,000
Assessed values. 1925
487.359
Total bonded debt (including this issue)
5171.000
Less water and light bonds
$61.900
Less sinking fund
8,710
70,610
Net debt
100,390
Population, 1920 Census, 1.512.
BLAWNOX, Allegheny County, Pa.
-BOND SALE.
-The $115,000
43 % borough bonds offered on Oct.22-V. 123. p. I905
,
6
-were awarded to
J. H. Holmes & Co. of Pittsburgh. Date Nov. 1 1926.
in
1930. 1932. 1934. 1936 and 1938; 315,000, 1940. 1942 Due $10,000
and 1944, and
320.000 1946.
BONIFAY, Holmes County, Fla.
-BOND SALE.
-The $31,500 6%
coupon impt. bonds offered on Oct. 16-V. 123. p. 1659
to the Bank of Bonifay, Bonifay. at 96.25. Date Sept. -were awarded
1926.
Due serially, Sept. 1 1927 to 1935 incl. Int. Denom.
31.000. 3150.
payable
M. & S. In our issue of Sept. 25-V. 123. p. 1659
-we Incorrectly reported the amount to be $31,000.
ABERDEEN, Moore County, No. Caro.
-BOND OFFERING.77
W
Daub. Secretary Board of Trustees, will receive sealed bids until 11 a. m.
Nov. 10 for $50,000 graded coupon school bonds. Date Oct. 1 1926.
Denom. $1,000. Due $2,000 Oct. 1 1927 to 1951, inclusive. Rate of
Interest to be named by bidders. Principal and interest (A. & 0.) payable
in New York City. The bonds will be prepared under the supervision of
the United States Mortgage & Trust Co.. New York City, which will
certify as to the genuineness of the official's sirnatures, and the seal impressed thereon. Legality approved by Caldwell & Raymond, New York
City, and J. L. Moorehead, Durham. The forms will be furnished by
the Secretary or the above mentioned trust company. A certified check
for 2% of the bid required.
Financial Statement.
Bonded debt (including these bonds)
$131,000
Assessed valuation of property for 1926
3.500,000
Population, estimated, 3,000.
AINSWORTH, Brown County, Neb.-BOND SALE.
-James T.
Wachob & Co. of Omaha has purchased the following two issues of 42(%
bonds aggregating $52,500:
$26,500 sewer bonds.
1$26,000 waterbonds.
AKRON, Summit County, Ohio.
-BOND OFFERING.
-B. J. Hill,
Director of Finance, will receive sealed bids until 12 m. NoN. 22 for $2,800.000 4 % coupon sewer bonds. Date Dec. 1 1926. Denom. $1.000.
Due $70,000 March and Sept. 1 1927 to 1946, incl. Principaliand interest
(M. & S.) payable at the National Park Bank, New York.
ALLISON SCHOOL DISTRICT, San Diego County, Calif.
-BOND
SALE.
-The $23,000 53-5% school bonds offered on Oct. 18-V. 123,
IL 2021-were awarded to the Freeman, Smith St Camp Co. of Los Angeles,
at a premium of $1,407 60, equal to 106 12; a basis of about 4.80%. 'Date
Sept. 20 1926. Due Sept. 20, as follows: $1,000. 1935 to 1941, incl., and
32.000. 1946 to 1949, Incl.
ALTO, Cherokee County, Tex.
-The $40,000 6%
-BOND SALE.
sewer bonds registered on Sept: 27-V. 123, p. 1904
-were awarded to
H. C. Burt & Co. of Austin at par.
BOND SALE.
-The $17,000 6% school bonds registered on Oct. 2 were
also awarded to H. C. Burt & Co. at par.
ALVARADO SCHOOL DISTRICT (P. 0. Oakland), Alameda
County, Calif.
-BIDS REJECTED.
-All bids received for the $16.000
5% school bonds offered on Oct. 18-V. 123. p. 2161-were rejected.
AMARILLO INDEPENDENT SCHOOL DISTRICT, Potter County,
Texas.
-BOND OFFERING -George M. Wadill, Sec. Board of Education, will receive sealed bids until 7:30 p. m. Nov.9 for $250,000 5% school
bonds. Date Oct. 11926. Denom. $1,000. Due Oct. 1 as follows: $1,000,
1927; 36.000. 1938 to 1946, incl.; 38,000, 1947 to 1951, incl.• 39.000. 1952
to 1956, incl.; 310,000. 1957 to 1961. incl.. and 336.000. 1962 to 1966, incl.
'
The Board of Education will reserve for investment 350.000 of the bonds
maturing as follows: $4,000, 1927 to 1931, incl.; $5,000. 1932 to 1936,
incl.. and 35.000. 1937. Prin. and int. (A. & 0.) payable in N. Y. City.
Successful bidder to pay for printing the bonds and legal opinion of Wood &
Oakley, Chicago. A certified check for 3% of the amount of the bonds
bid for required. These are the bonds offered on Sept. 14-V.123, p. 1138.
Financial Statement.
Assessed valuation of all property. 1925
BRADENTON, Manatee County, Fla.
$26.280,486
-BOND OFFERING.
Assessed valuation of all property. 1926 (approximated, rolls
Hine, City Clerk, will receive sealed bids until 2 p. m.Nov.30.for -L. L.
3453.000
not complete)
38,300,000 6% special assessment paving bonds. Date Nov. 11926. Denom. 31,000.
Actual value (estimated) of all property in the district, 1926_ _ 57,450,000 Due Nov. 1 as follows: 345.000, 1927 to 1935 incl.,
and $48.000, 1936.
Total bonded debt, not including this issue
705,000 Prin. and bit. payable at the National Bank of Commerce, N. Y. City.
Other indebtedness
A certified check for 315,000, payable to Geo. B. Wallace. Mayor,required.
None
'Sinking fund on hand
383,350
BRADFORD, Starke County, Fla.
-BOND SALE.
Bonds held by board
-The $450,000
20.000
6% road bonds offered on Oct. 19-V. 123,
-were awarded to
103,350 Caldwell & Co. of Nashville, and John Nuveenp. 1139
& Co. of Chicago, jointly,
at 95. Date July 1 1926. Due serially July 1 1931 to 1956, incl.
Net indebtedness
$601.650
Population, 1926 (estimated). 40.000. Basis of assessment, 2-3 of
CEDAR COUNTY (P. 0. Tipton), Iowa.
-BOND ELECTION.
-An
actual value. Rate 1926. including sufficient amount to take care of election will be held on Nov. 2 for the purpose of voting
on the question
interest and sinking fund, this issue, 92 cents.
of issuing $1,229,000 road bonds.
ANDOVER, Essex County Mass.-BONDS OFFERED-George A.
CHARITON, Lucas County, Iowa.
-BOND SALE.
-The
Higgins, Town Treasurer, received sealed bids-until 2 p. m. Oct. 29 for Lucas National Bank of Chariton, has purchased an issue of Chariton &
$5,500 4N%
350.000 4% coupon memorial hall library bonds. Date Nov. 1 1926. fire engine bonds at 102. Date Sept. 1 1926.
Denom. 31.000. Due 310.000 Nov. 1 1927 to 1931, incl. Principal and
CHATTANOOGA, Hamilton County, Tenn.
interest(M.& N.) payable at the Old Colony Trust Co., Boston. Legality
-BOND SALE.
-The
followmg two issues of 4)4% bonds, aggregating $545,000, offered on
to be approved by Ropes, Gray, Boyden & Perkins of Boston.
-were awarded to F. B. Keech & Co. and Pulleyn
Oct. 25-V. 123, p .2022
ASBURY PARK, Monmouth County,
J.
-BOND OFFERING.- & Co., both of New York. jointly, at 100.31. a basis of about 4.48%:
Thomas H. Pratt. Director of the Department of Revenue and Finance, $420.000 public school bonds. Due Oct. 11956.
will receive sealed bids until IP a. m. Nov.9 for an issue of 41i% or 44%
125,000 children's hospital bonds. Due Oct. I 1946.
,
coupon or registered public improvement bonds not to exceed $3e1.000.
Date Oct. 1 1926.
no more bonds to be awarded than will produce a premium of $1,000 over
• CHERRYVALE, Montgomery County, Kan.
$351,000. Date Nov. 15 1926. Denom. 31,000. Due $27,000 Nov. 15
-BOND SALE.
-The
Guarantee Title & Trust Co. of Kansas has purchased an issue of $17.557
1927 to 1939 inclusive. Prin. and int. (M. & N.) payable in gold at the
59
City Treasurer's office. Legality approved by Reed. Dougherty, Hoyt & 5% coupon internal impt. bonds at par. Date Feb. 11927. Due serially
Washburn of New York. A certified check for 2% of the amount of bonds in 1 to 10 years. In V. 123. P. 2022, we incorrectly reported the amount
sold to be $17.557,595.
bid for is required.
CHIPPEWA COUNTY (P. 0. Chippewa Falls), Wis.-BOND
ASHLAND, Jackson County, Ore.
-BOND ELECTION.
-An election
ELEC-An election will be held on Nov. 2 for the purpose of voting on
will be held on Nov. 2 for the purpose of voting on the question of issuing TION.
the question of issuing $855,220 State highway bonds.
350.0.000 water bonds.
CINCINNATI SCHOOL DISTRICT, Hamilton County,
AUGUSTA, Richmond County, Ga.-BOND SALE.
-The following
Ohio.
-All bids received for the following
three issves of 43/i v; bonds, aggregating $400,000, offered on Oct.,25- BIDS REJECTED.
bonds aggregating 31,133,000, offered on Oct. 25--V. 123, P. 2022 43.4% rejected:
-were awarded to the Cid,ens & Southern Co. of Atlanta,
V. 123. p. 1904
-were
Due Sept. 1 as follows: $40,000,
$990,000 school bonds..
at a premium of 39.052, equal to 102.26, a basis of about 4.29%:
1927 to 1941,
incl., and 339,000, 1942 to 1951. incl.
3200.000 sewer bonds.
143,000 school bonds. Due Sept. 1 as follows: 39,000, 1935 to 1941, incl.,
115,000 hospital bonds.
and 38,000, 1941 to 1951, incl.
85.000 water works bonds.
Date Nov. 1 1926. The bonds will be re-offered at a later
Date Sept. 1 1926. Due Sept. 1 as follows: $13,000 1927 to 1946,
date as 434s..
CLARENCEVILLE, Clare County, Mich.
ncl., and $14.000 1957 to 1956, ,ncl.
-BOND DESCRIPTION.
The $22,000 4)4% coupon school bonds
AUGUSTA WATER DISTRICT (P.O. Augusta), Kennebec County, Detroit, at 101.53-V. 123, p. 2022-a purchased by the Bank of Detroit.
basis of about 4.41% are described
--The $300.000 4% coupon water extension and as follows: Date Oct. 25 1926.
-BOND SALE.
Me.
Denom. $1.000. Due Oct. 25 1956.
!improvement bonds offered on Oct. 25-V. 123. p. 2022-were awarded Date of award Oct. 2.
to Harris, Forbes & Co. of Boston at 98.32, a basis of about 4.18%. Date
CLIFFS1DE PARK (P. 0. Cliffside) Bergen County,
-BOND
-Oct. 1 1926. Due $10,000 Oct. 1 1927 to 1956, inclusive.
-The three issues of 43(4% bonds offered on Oct. N. J.
SALE.
123. P•
-were awarded as follows:
BAILEY COUNTY COMMON SCHOOL DISTRICT NO. 12 (P. 0. 2022
-The 317.0006% school bonds registered
-BOND SALE.
To Kountze Bros. of New York:
Muleshoe), Tex.
purchased by the State Board of Education $223,000 (1223.000 offered) assessment bonds at a
-were
on Oct.2-V.123, p. 1904
premium of
to 100.32. a basis of about 4.68%. Due Oct. 15 $726. equal
at par.
as
319.000. 1927 to 1930, incl., $22.000. 1931. and 325.000. follows:
BALDWINSVILLE, Onondaga County, N. Y.
-BOND SALE.
1932 to
1936. incl.
On Sept. 7 Geo. B. Gibbens & Co. Inc.. of New York, purchased an issue
To R. M. Grant & Co. of New York:
of $19,000 street improvement bends as 4.60$. at 100.13, a basis of about 3100,000 (3101.000 offered) public impt. bonds
paying 3101,204 93, equal
4.58%. Due $1,000 Jan. 1 1927 to 1945, inclusive.
to 101.204. a basis of about 4.62%. Due Oct.
follows:
15
-BOND OFFERING.
34.000. 1928 to 1946, incl., 35,000, 1947 to 1950, as
-RayBEAUMONT, Jefferson County, Tex.
incl., and
34,000. 1951.
mond Edmonds. City Clerk, will receive sealed bids until 4 p. m. Nov. 2
CONCORD, Merrimack County, N. H.
following seven issues of 5% bonds aggregating 31.250,000:
for the
-The
-TEMPORARY
$3325,000 street and highway bonds. Due Dec. 1 as follows: $3,500 1927 $50.000 temporary loan offered on Oct. 27 (V. 123. p. 2162) LOAN.
were awarded
to 1936, incl.• 36.500 1937 to 1946. incl.; 19,500 1947 to 1956, to Salomon Bros. dr Hutzler of Boston on a 4% discount basis plus a pre1966, incl.
mium of $1. 50. Due Dec. 15 1926.
incl. and 313.000 1957 to
'
300,000 city 'hall and auditorium bonds. Due Dec. 1 as follows: $3,000
CONROE, Montgomery County, Texas.
-BOND OFFERING.
1927 to 1936. incl.; 36.000 1937 to 1946, incl.; 39,000 1947 to 1956, C. T. Darby. Mayor, will receive sealed
bids until
for
Incl.
incl., and 312,000 1957 to 1966,
$55,000 sewer bonds. These are the bonds offered 2:301)• m• Nov. 18,
for sale on June 3-V.
250,000 sewerage bonds. Due Dec. 1 as follows: 13,000 1927 to 1936, incl.; 122, p. 2990.
$5.000 1937 to 1946, incl.; $7,000 1947 to 1956, incl., and $10,000
COOK COUNTY (P. 0. Chicago), III.
-BOND ELECTION.
-An elec1957 to 1966, incl.
150,000 fire department bonds. Due Dec. 1 as follows: $2,000 1927 to tion will be held on Nov. 2 for the purpose of voting on the question of
incl.; $4,000 1947 to 1956, incl.. Issuing $15,000,000 road bonds.
1936. incl.; $3.000 1937 to 1946,
CRANFORD SCHOOL DISTRICT (P.0.Cranford), Union County,
and $6,11111111 1957 to 1966, incl.
-BOND DESCRIPTION.
100,000 police department bonds. Due Dec. 1 as follows: 31.000 1927 to N. J.
-The two issues of school bonds. aggre1936, incl.; 32.000 1937 to 1946, incl.; $3,000 1947 to 1956, incl., gating $545.000, purchased by the State Teachers' Pension and Annuity
Fund at par-V. 123, p. 2162
and $4,1141141 1957 to 1966, incl.
-are described as follows:
OCT. 30 1926.]
THE CHRONICLE
$298,000 Orange Ave. school bonds. $6,000. 1928 to 1940 incl.; $8,000.
1941 to 1954 incl.. and $9,000, 1955 to 1966 incl.
247,000 Lincoln school addition bonds. Due as follows: $7,000, 1928
to 1932 Incl.; $8.000. 1933 to 1938 incl.; $9.000. 1939 to 1944
Ind.. and $10,000.. 1945 to 1955 incl.
Date Dec. 31 1926. Denom. $1,000.
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND OFFERING.
W.0. Beals. County Treasurer, will receive sealed bids until 2 p. m. Nov.
20 for $8,517 205% Patoka Twp.road bonds. Date Oct.4 1926. Denom.
$425 86. Due $425 86. May 15 and Nov. 15 1928 to Nov. 15 1937, incl.
Interest payable M. & N. 15.
CRAWFORD COUNTY (P. 0. Bucyrus) Ohio.
-The
-BOND SALE.
following 2 issues of bonds. aggregating $69.000. were awarded on Oct. 21
to the State Teachers Retirement System at 101.506:
$40,000 5% inter-county highway No. 485 bonds (offered on that date
V. 123. p. 2162-). Date June 15 1926. Due $5,000 Oct. I 1927
to 1934, incl.
29,000 road impt. bonds.
CRISP COUNTY (P. 0. Americus), Ga.-BOND ELECTION.
An election will be held on Nov. 2 for the purpose of voting on the question
of issuing $1,250,000 hydro-power bonds.
CROSBY, Divide County No. Dak.-WARRANT SALE.
-The
Wells-Dickey Co. of Minneapolis recently purchased an issue of $37,500
7% waterworks warrants. Date Sept. 1 1926. Denoms. $1.000 and one
for $500. Due Sept. 1 as follows: $2.000, 1928 to 1936. incl., $3.000.
1937: $2.000, 1938 to 1945, incl. and $500, 1946. Principal and interest
(M• & S.) payable at the First National Bank. Minneapolis. Legality
.
approved by Simpson, Junell & Dorsey of Minneapolis.
CROTON, Westchester County, N. Y.
-On Sept. 21
-BOND SALE.
the Sunswick Corp. purchased an issue of $15,000 street impt. bonds at a
premium of $37 50, equal to 100.25.
DANVILLE, Hendricks County, Ind.
-The 210,000
-BOND SALE.
5% water-works bonds offered on Oct. 23 (V. 123. p. 2023) were awarded
to Thos. D. Sheering & Co. of Indianapolis at a premium of $337 25, equal
to 103.37-a basis of about 4.27%. Date Oct. 1 1926. Due $1.000
Nov. 1 1927 to 1936, inclusive.
DARIEN, Fairfield County, Conn.
-Stephen
-BOND OFFERING.
R. Hoyt. Town Treasurer, will receive sealed bids until 8
m. Nov.
for $250,0004% coupon high school bonds. Date Oct. 1 1926. Denom.
p.
81.000. Due Oct. 1 as follows: 815.000, 1927 to 1931 incl.; $17.000.
1932 to 1936 incl., and $18.000. 1937 to 1941 Incl. Prin. and int.(A.& 0.)
payable at tne Home Bank & Trust Co., Darien. The bonds will be
prepared under the supervision of the Old Colony Trust Co.. Boston,
which will certify as to the genuineness of the officials and the seal impressed thereon. Legality will be approved by Ropes, Gray. Boyden &
Perkins, Boston. A certified check for 2% of the par value of the bonds,
payable to the Town Treasurer, is required.
DELAWARE (State of).
-BOND OFFERING.
-Thomas S. Fouracre,
State Treasurer, will receive sealed bids until 1 p. m. Nov. 5. for $.600.000
4% coupon highway bonds. Date Jan. I 1926. Denom. $1.000. Due
Jan. 1 1966. Redeemable at 105 on any interest date after Jan. 1 1927
upon due legal notice. Bonds may be registered and when registered cannot be again converted into coupon bonds. The State Of Delaware reserve
the right to purchase and take $350,000 of the issue for investment in its
sinking fund at the price per bond as is bid for the remaining $250,000 of
the bonds. A certified check for 5% of bid, payable to above named
official is required. These are the bonds mentioned in V. 123. p. 2162.
Financial Statement, June 1 1926.
Assessed valuation for year 1926
$252.002.108 81
Bonded debt including this issue
10.921,78500
Sinking fund
1.693.302 34
DE SOTO PARISH SCHOOL DISTRICTS (P. 0. Mansfield), La.
BOND SALE.
-The following two issues of bonds. aggregating $190,000
offered on Oct. 15-V. 123, p. 1660
-were awarded to the Well, Roth &
Irving Co. of Cincinnati as 6s as follows:
$145.000 Mansfield School District bonds at a premium of $3.625, equal to
102.50, a basis of about 5.24%. Due Jan. 15 as follows: $4,000
1928 and 1929; $5.000, 1930 to 1932, incl.; $6,000, 1933 and 1934
$7.000, 1935 to 1938, incl.,• $8,000. 1939; $9,000. 1940 and 1941
$10,000, 1942;$11,000, 1943 and 1944 and $12,000. 1945 and 1946
45,000 Ward 3 School District bonds at a premium of $1.125. equal to
102.50, a basis of about 5.49%. Due Jan. 15 as follows: $1.000.
1928 to 1930. incl.; $2,000, 1931 to 1939. inch; $3,000, 1940 to
1943, incl., and $4,000, 1944'to 1946, incl.
DULUTH, St. Louis County, Minn.
-An elec-BOND ELECTION.
tion will be held on Nev. 2 for the purpose of voting on the question of
Issuing $500,000 city improvement bonds.
EASTCHESTER (P. 0. Tuckahoe), Westchester County, N. Y.
BOND SALE.
-The 157,000 43 % coupon lateral sewer bonds offered on
Oct. 27 (V. 123, p. 2023) were awarded to Rutter & Co. of New York at
- 100.63-a basis of about 4.36%. Date Oct. 11926. Due Oct. 1 as follows:
$3,000 in 1927 and $6,000. 1928 to 1936, inclusive.
EAST CHICAGO, Lake County, Ind.
-J.
-BOND OFFERING.
Kalman Reppa, City Comptroller, win receive sealed bids until 2 p. m.
Nov. 8 for $150,000
% refunding bonds. Date Nov. 1 1026. Denom.
81,000. Due $15,000 Nov. 1 1927 to 1936, incl. Interest payable M.& N.
Legality approved by Matson, Carter, Ross & McCord of Indianapolis.
A certified check for 2% of the amount bid is required.
ELM CITY GRADED SCHOOL DISTRICT, Wilson County, No.
Caro.
-BOND OFFERING.
-Karl B. Bailey, Secretary Board of Trustees,
will receive sealed bids until Nov. 3 for $40,000 5% school bonds. Denom.
$1,000.
ENGLEWOOD, Bergen County, N. J.
-BOND OFFERING.
-Robert
Jamieson. City Clerk, will receive sealed bids until 8 p. m. Nov. 9 for the
following two issues of bonds, aggregating $863,000:
$518.000 school bonds. Due Nov. 1 as follows: $14,000. 1928 to 1949 Ind.,
and 815.000. 1950 to 1963 incl.
345,000 improvement bonds. Due Nov. 1 as follows: 210.000, 1928 to
1930, incl., and 815,000. 1931 to 1951 incl.
Dated Nov. 1 1926. Denom. $1,000. Prin. and int.(M.& N. payable
in gold at the United States Mortgage & Trust
New York. No more
bonds to be awarded than will produce a premium of $1,000 over each of the
Co..
above issues. The bonds will be prepared under the supervision of the
U. S• Mtge.& Trust Co., New York, which will certify as to the genuineness
of the signatures of the officials and the seal impressed thereon. Legality
approved by Hawkins, Delafield & Longfellow. New York City. A certified check for 2% of the amount of bonds bid for is required.
ENNIS, Ellis County, Tex.
-BOND SALE.
-Garrett & Co. of'Dallas
have purchased an issue of 840,000 sewer bonds at par.
EUCLID, Cuyahoga County, Ohio.
-BOND OFFERING -Robert
Topping, Village Clerk, will receive sealed bids until 12 m. Nov. 22 for the
following coupon bonds, aggregating $145.387 62.
$23.922 89 impt.(village's portion) bonds. Due Oct. 1 as follows:$2,22289
in 1928. and $2.400. 1929 to 1927. incl.
121,464 73 impt special assessment bonds. Due Oct. 1 as follows: $12,464 73. 1928: 812.000, 1929; $12.500. 1930: 812.000. 1931 and
1932; $12,500, 1933. and $12.000. 1934 to 1937, incl.
Date Oct. 1 1926. A certified check for 10% of the amount bid for is
quired•
FAIRVIEW TOWNSHIP (P. 0. Erie), Erie County, Pa.
-BOND
-W. H. Ryan, Secretary Board of Supervisors, will receive
OFFERING.
sealed bids until 11 a. in. Nov. 3 for $9,500 5% road bonds. Date Nov. 1
Denom. $1,900. except one for 81.500. Due Nov. 1 as follows:
1926.
$1,500, 1936 and $1,000. 1937 to 1944, incl. Prin. and int. (M. & N.)
payable at the Marine National Bank, Erie. A certified check for $95 Is
required.
FORT COLLINS, Lorimer County, Colo.
-BOND SALE.
-Gray,
Emery, Vasconells & Co. and Sidle, Simons, Day & Co., both of Denver.
rintly, purchased the following two issues of bonds aggregating $78,000:
70,00 Paving District No. 20 bonds. Due May 1 1946.
0
8.000 storm sewer bonds. Due May 11936.
Date May 11926.
FRANKLIN COUNTY (P. 0. Brookville) Ind.-BOND OFFERING.
-G. A. Hoffman, County Treasurer, will receive sealed bids until 2 p. m.
Nov. 6 for $9,989 43.5% road bonds. Due semi-annually in 1 to 10 years.
2293
FREEPORT, Nassau County N. Y.
-BOND OFFERING.-Howard E.
Pearsall. Village Clerk, will receive sealed bids until 8 p. m. Nov. 12 for
$450,000 not exceeding 5% coupon sewer bonds. Date Nov. 1 1926.
Denom. $1,000. Due $15,000 Nov. 1 1911 to 1960, inclusive. Rate of
interest to be in multiples of Y,j of I% and must be the same for all of the
bonds. Principal and interest(M.& N.) payable at the Freeport Bank of
Freeport. Legality approved by Clay & Dillon of New York. A certified
check for $9,000. payable to the Village, is required.
FROSTPROOF, Polk County, Fla.
-BOND OFFERING.
-J. W.
Truitt. Town Clerk, will receive sealed bids until 7:30 p. m. Nov. 1 for
$91.000 6% direct obligation street impt. bonds. Due serially in 1 to 10
years. A certified check for 3% of the amount of bonds bid for required.
Legality approved by Caldwell & Raymond, N. Y. City. In our issue
of Oct. 23-V. 123. p. 2163
-we incorrectly reported the amount_ of bonds
to be $78,000.
GALATIA TOWNSHIP (P. 0. Galatia) Saline County, Ill.BOND SALE.
-The Hanchett Bond Co. of Chicago has purchased an issue
of $8,000 53i% dredge ditch bridge reconstruction bonds.
GALION, Crawford County, Ohio,
-BOND OFFERING.
-Jacob
Keene, City Auditor, will receive sealed bids until 12 m. Nov. 15 for the following four issues of5 V,% special assessment bonds, aggregating $44.000:
$4,500 street bonds. Denom.$500. Due $500 April 1 1929 to 1937 intl.
19.500 street bonds. Denom. $550, except one for $250. Due April 1 as
follows: $2,200. 1929 to 1936 incl., and $1,900 in 1937.
12,500 street bonds. Denom. $700. except one for $600. Due April 1
as follows: $1,400, 1929 to 1936 incl., and $1.300, 1937.
7,500 street bonds. Denom.$850, except one for $700. Due $850 April 1
1929 to 1936 incl. and $700 April 1 1937.
Date Oct. 1 1926. Prin. and int. (A. & 0.) payable at the City Treasurer's office. A certified check for $1,000, payable to the City Treasurer,
is required.
GARDNER, Worcester County, Mass.
-Frank
-BONDS OFFERED.
B. Edgell, City Treasurer, received sealed bids until Oct. 28 for $15,000 4%
coupon sewer bonds. Date Oct. 1 1926. Denom. $1.000. Due $1,000
Oct. 1 1927 to 1941, incl. Prin. and int. (A. & 0.) payable at the First
National Bank, Boston. The bonds will be prepared under the supervision
of the First National Bank. Boston. which will certify as to genuineness of
the signatures of the officials and the seal impressed thereon. Legality of
the bonds will be approved by Ropes, Gray, Boyden & Perkins, Boston.
GARFIELD HEIGHTS (P.O. Bedford), Cuyahoga County, Ohio.
BOND SALE.
-The following 2issues of5% bonds,aggregating $98,385 06,
offered on Oct. 19-V. 123, p. 1660
-were awarded to Geo. W. York & Co.
4 7Ckev
o. o :eland at a premium of 81.416, equal to 101.43, a basis of about
f
$38,867 36 Montview Ave. impt. special assessment bonds. Due Nov. 1
as follows: $3,867 36 in 1927:84,000, 1928 to 1934. inci.,; $3,000.
1935. and $4,000, 1936.
59,517 70 Cranwood Park Boulevard special assessment bonds. Due
Nov. 1 as follows: $5,517 70 in 1927 and $6.000, 1928 to 1936.
Inclusive.
Date April 1 1926. No mention was made by the Village Clerk of the
$90,000 Turney road impt. bonds offered on the same date.
GLADES COUNTY ROAD AND BRIDGE DISTRICT (P. 0. Moore
Haven), Fla.
-CORRECTION.
-We are informed by N. S. Wainwright.
Clerk Circuit Court, that the reported sale of $767,000 6% coupon road
anerrondg us.
ms ci bri eoe bonds to the W. T. Taylor Co. in February
-V. 122. p. 1204GRAFTON SCHOOL DISTRICT, Jersey County, III.
-BOND
DESCRIPTION.
-The $15.000 6% coupon school bonds purchased by
the Grafton State Bank of Grafton
-V. 123, p. 2023
-at 105 are described
as follows: Date Aug. 1 1926. Denom. $100. Due serially 1927 to 1946.
Incl. Int. payable F. & A.
GRANT COUNTY (P. 0. Marion), Ind.
-BOND OFFERING.
Arthur Green, County Auditor, will receive sealed bids until 12 m. Oct. 27
for $8,221 53 6% drainage bonds. Date Nov. 15 1926. Denom. $822 15.
except one for 3822 18. Due $822 15 Nov. 15 1927 to 1935 incl. and $822 18
Nov. 15 1936. Prin, and int.(.M & N.) payable at the County Treasurer's
office.
GROVETON, Trinity County, Tex.
-BOND ,SALE.
-The Brown,
Crummer Co. of Wichita has purchased an issue of $47,780 25 6% water
and sewer bonds at 97.50.
HADDONFIELD, Camden County, N. J.
-M. M.
-BOND SALE.
Freeman & Co. of Philadelphia have purchased an issue of $338.000 5%
temporary improvement bonds. Date Oct. 1 1926. Denom. $1,000.
Due Oct. 1 as follows: $239,000, 1932. and 899.000 in 1936. Prin. and int.
(A. & 0.) payable at the Haddonfield National Bank. Legality approved
by Caldwell & Raymond. New York.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-The
four issues of 5% bonds, aggregating $42,350. offered on Oct. 20 were
awarded as follows:
To State Teachers' Retirement SYstem.
$19,000 inter-county highway No. 512 bonds offered on that date (V. 123.
p. 1906) at a premium of $252, equal to 101.32, a basis of about
4.67%. Due Oct. 1 as follows: $4,000, 1928, and $3,000, 1929 to
1933 inclusive.
To Asset. Goetz & Moerlein of Cincinnati.
15,250 Bluffton-Carey road bonds offered on that date (V. 123, p. 2023)
at a premium of $127 34, equal to 100.83, a basis of about 4.74%.
Due 33.250 in 1928 and $4,000 1929 to 1931 incl.
To A. E. AO & Co. of Cincinnati.
8,100 Mulholland Road bonds offered on that date (V. 123, p. 2023)
at a premium of $37, equal to 100.45. a basis of about 4.80%•
Due $4,100 in 1928 and $4.900 1929.
HELENA SCHOOL DISTRICT (P. 0. Helena), Lewis and Clark
County, Mont.
-BOND OFFERING.
-Sealed bids will be received by the
District Clerk until Dec. 3 for $250,000 4Si% school bonds.
•
HENDERSONVILLE, Henderson County, No. Caro.
-BOND SALE.
-The following two issues of 5%% impt. bonds. aggregating $350,000.
offered on Oct. 25-V. 123, p. 2163
-were awarded to Caldwell & Co. of
Nashville as follows:
$200,000 street paving bonds at par. Due Oct. 1 as follows: $15.000.
1929 to 1940 incl., and $20,000, 1941.
150,000 sewer and water bonds at a premium of $550, equal tp 100.42.
a basis of about 5.1 ,%. Due Oct. 1 as follows: 55.000, 1929
and 810.000. 1955 and 1956. •
Date OWct.1195419217.1"
HOOD COUNTY COMMON SCHOOL DISTRICT NO. 5 (P. 0.
Cranbury), Tex.
-BOND SALE.
-The 86.500 5% coupon or registered
bonds registered on Sept. 6 (V. 123. p. 1787) were awarded to the Hood
Co. of Granbury at a premium of $50. equal to 100.76. Dated Aug. 1
1926. Dehorn. $325. -Due serially, 1927 to 1946 inclusive.
HOOD COUNTY INDEPENDENT SCHOOL DISTRICT (P. 0.
Cranbury), Tex.
-BONDS REGISTERED.
-The State Comptroller of
Texas registered on Oct.7 an issue of88.5005% school bonds. Due serially.
INTERLACHEN, Putnam County, Fla.
-BOND OFFERING.
Charles B. Drake, Town Clerk, will receive sealed bids until 2 p. m.Nov. 10,
for 230,000 6% water works and electric light coupon bonds. Date Sept. 1
1925. Due Sept. 1 1955. Principal and interest (M. & S.) payable at
the Hanover National Bank. New York City. Legality approved by
John C. Thomspn or Thomson, Wood & Hoffman, New York City. A
certified check, payable to the town for 2% of the bid. required.
IRONTON, Lawrence County, Ohio.
-BOND OFFERING.
-Will H.
Hayes, City Auditor, will receive sealed bids until 12 m. Nov. 19 for 850.000
534% refunding water works bonds. Date Sept. 15 1926. Due Sept. 15
as follows: $3,000, 1928 to 1933 incl., and $4,000, 1934 to 1941 incl.
and int. (M. & S.) payable at the First National Bank, Ironton. A Prin.
certified check for $500 is required.
ISLIP, Suffolk County, N. Y.
-BOND OFFERING.
-Frank Rogers,
Town Supervisor, will receive sealed bids until 1 p. m. Nov. 5 for
$45,000
5% coupon town bonds. Date Nov. 1 1926. Denom. $500. Due 84.500
Jan. 1 1928 to 1937 incl. Prin. and int. (J. & J.) payable at the First
National Bank, Islip.
JACKSON, Jackson County, Mich.
-BONDS
-Clifton H.
Vedder, City Clerk. received sealed bids until 2 p.OFFERED.
m. Oct.
43( and 4M% special assessment paving bonds. Date 26 for $65.000.
Denom. $1,000 and $500. Due serially 1927 to 1935, incl. Oct. 15 1926.
2294
THE CHRONICLE
JACKSON UNION SCHOOL DISTRICT (P. 0. Jackson), Jackson
County, Mich.
-BOND OFFERING.
-J. F. Clark, Sec. Board of Education, will receive sealed bids until 4 p. m. Nov.3 for $700,000 4)' or 434%
school building bonds. Date Nov. 11926. Denom.$1,000. Due $28,000,
1928 and 1929; $30,000. 1930: $31.000, 1931; $32.000, 1932; $34.000, 1933;
835.000, 1934; 836.000, 1935 and 1936; $38,000. 1937: $41,000, 1938:
$42,000. 1939; $44,000, 1940; $46,000. 1941; 847,000, 1942; $48,000, 1943:
$51,000. 1944, and $53,000, 1945. Bonds to be printed and furnished by
purchaser. A certified check for 2% of bid Is required.
JEFFERSON DAVIS PARISH ROAD DISTRICT NO. 1 (P. 0.
Jennings), La.
-BOND SALE.
-The $70,000 Ward 2 road bonds offered
en Sept. 9-V. 123, p. 1408
-were awarded to Sutherlin, Barry & Co. of
New Orleans at par. Date Oct. 11926. Due Oct. 1 as follows: $1,500,
1927 to 1932. incl.; $2.000. 1933 to 1936, incl.; $2,500, 1937 to 1940, incl.;
83.000. 1941 to 1943, incl.; $3,500, 1944 and 1945: $4,000, 1946 and 1947;
$4,500, 1948 and 1949, and $5.000. 1950 and 1951. Rate of interest not
given.
JENKINTOWN, Montgomery County, Pa.
-BOND SALE.
-The
8240,000 4g% coupon borough bonds offered on Oct.25-V. 123. p.1906
were awarded to Graham, Parsons & Co. of Philadelphia at 100.41. a basis
of about 4.47%. Date Nov. 11926. Due Nov. 1 as follows: $100,000 in
1931 and $140,000 in 1956.
JOPPA SCHOOL DISTRICT, Massac County, III.
-BOND SALE.
The H. 0. Speer & Sons Co. of Chicago has purchased an issue of $30,000
high school bonds.
KENMORE, Erie County, N. Y.
-BOND SALE.
-The following 3
issues of 5% bonds, aggregating $145,775, offered on Oct. 25-V. 123,
p. 2024
-were awarded to the First National Bank of Kenmore at 102.599,
a basis of about 4.65%:
$65,000 water bonds. Due $2,500, Nov. 1 1931 to 1956, incl..
65.775 street paving bonds. Due $13,155, Nov. 1 1927 to 1931. incl.
15.000 sewer bonds. Due $3,000. Nov. 1 1927 to 1931, incl.
Date Nov. 11926.
KING COUNTY (P. 0. Seattle), Wash.
-BOND ELECTION.
-An
election will be held on Nov. 2 for the purpose of voting on the question
of issuing the following two issues of bonds aggregating $1.875.000:
$1,575,000 city-county building bonds.
300,000 bridge construction bonds.
LACASSINE ROAD DISTRICT NO. 1 (P. 0. Welsh), Jefferson
Davis Parish, La.
-BOND SALE.
-The $330,000 road bonds offered on
Sept. 9-V. 123, p. 1277
-were awarded to Sutherlin, Barry & Co. of
New Orleans at a premium of $175, equal to 100.58. Due Oct. 1 as follows:
$500, 1927 to 1939, incl.; $1,000, 1940 to 1947, incl.; $1,500. 1948 to 1952,
incl.; and 12.000, 1953 to 1956. incl. Rate of interest not given.
LAFAYETTE, Tippecanoe County, Ind.
-BOND OFFERING.Crolyn Koerner, City Controller, will receive sealed bids until 10 a. m.
Nov. 8 for $52,000 434% municipal parking ground bonds. Denom.
$1.000. Due Jan. 15 as follows: $5.000, 1929 to 1932, incl.; $6,000, 1923:
55.000, 1934; $5,000, 1935 to 1937. incl., and $6,000 in 1938. A certified
check for 3% of the bid, payable to the city, is required.
LAKE COUNTY (R. 0. Crown Point), Ind.
-BOND OFFERING.
Otto G. Fifield, County Treasurer, will receive sealed bids until 10 a. m.
Nov. 10 for the followinl
of bonds, aggregating $48,000.
820.000 4 h % Hobart
. gravel road bonds. Date Oct. 15 1926.
Denom. 11.000. Due $1,000. May and Nov. 15 1927 to 1936.
incl. Interest M. & S.
23.0005% St. John Twp. gravel road bonds. Date Aug. 15 1926. Denom. $700. Due $700. May and Nov. 15 1927 to 1936,incl. Int.
M.& S.
Legality approved by Matson. Carter, Ross and McCord.
LAKE MILLS INDEPENDENT SCHOOL DISTRICT, Winnedago
County, Fla.
-BOND DESCRIPTION.
-The 1.83.000 4)4% coupon school
bonds purchased by Geo. M. Bechtel & Co. ot Davenport, at 101.39-V.
122. p. 2533
-are described as follows: Date April 1 1926. Denom,$1,099.
Due serially, Nov. 1 1929 to 1945, incl. Int. payable(M.& N.).
LAKE WALES, Polk County, Fla.
-BOND OFFERINO.-W. F. Anderson, City Clerk, will receive sealed bids until 1:30 p. m. Nov. 3 for the
following two issues of 6% bonds, aggregating $290,000:
$180,000 street impt. bonds. Due serially in 1 to 10 years.
110,000 municipal impt. bonds. Due in 15 years.
A certified chock for 3% of the bid required. Legality approved by
Caldwell & Raymond, New York City.
LARAMIE COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Burns),
Wyo.-BOND SALE.
-The $11.000 5% school bonds offered on Oct. 1
-were awarded to the Stock Growers' National Co. at
-V. 123. p. 1408
a premium of $380, equal to 103.45, a basis of about 4.69%. Date Sept. 1
1926. Due $1,000 Sept. 1 1936 to 1946 incl.
LARCHMONT, Westchester County, N. Y.
-PRICE PAID.
-The
price paid for the $13,000 disposal chimney camouflaging bonds awarded
on Oct. 18 to-the Larchmont Trust Co.
123, p. 2164-was 100.13, a
basis of about 4.23%. The bonds were-V.as 434s. Date Nov. 1 1926.
sold
Due $1,000 Nov. 1 1927 to 1939 incl.
LAUREL, Prince George County, Md.-BOND OFFERING.
-Sealed
bids will be received by the City Clerk until Nov. 8 for $20,000 5% water
works bonds.
LAURENS,Laurens County,So. Caro.
-BOND SALE-The Citizens
& Southern Co. of Atlanta has purchased an issue of $34,000 V.I% water.
works and sewerage bonds. Dated Oct. 1 1926. Denom. $1.000. Due
Oct. 1 as follows:$2,000. 1931 and 1934;$3.000, 1937 and 1940;$4,000. 1943.
1946 and 1949. and $6.000. 1952 and 1955. Prin. and int. (A. & 0.)
payable at the Hanover National Bank, N. Y. City. Legality approved by
Caldwell & Raymond, N. Y. City. •
Financial Statement.
Actual values (est.)
$10,000,000
Assessed values, 1926
1,900.000
Total bonded debt (including this issue)
$496,500
Less waterworks bonds
205,500
Net debt
291,500
Population, 1920. 4,629; population (est.), 5,000.
LEXINGTON, Davidson County, No. Caro.
-BOND SALE.
-The
following three issuer of coupon bonds aggregating $300.000, offered on
Oct. 26 (V. 123, p. 1778). were awarded to Harris, Forbes & Co. of New
York and the Waclrovia Bank & Trust Co.of Winston-Salem. jointly, as 5s.
at a premium of $3,345. equal to 101.11, a basis of about 4.90%:
$160.000 water, light and sewer bonds. Due Sept. 1 as follows: $3,000,
1927 to 1941 incl., and $5.000. 1942 to 1964 incl.
75,000 street inapt. bonds. Due Sept. 1 as follows: $4,000, 1928 to 1942
incl., and $3,000, 1943 to 1947 incl.
65,000 municipal building bonds. Due Sept. 1 as follows: 81,000, 1928
to 1042. incl., and $2,000. 1943 to 1967 incl.
Dated Sept. 1 1926.
LINCOLN PARK (P. 0. Dearborn, R. F. D. No. 2) Wayne County,
-The $43,000 special assessment paving bonds
Mich.
-BOND SALE.
-were awarded to Stranahan, Harris
offered on Oct. 20-V. 123, p. 2024
& Ostia. Ind of Toledo as 531s, at a premium of $56, equal to 100.13.
1926. Denom. $1,000. Due serially, 1927 to 1932, Incl.
Date Nov. 1
Int. payable M. & N.
LITTLE ROCK STREET IMPROVEMENT DISTRICT NO. 444,
-W. C. Bulman, District
-BOND OFFERING.
Pulaski County, Ark.
Chairman will receive sealed bids until 2 p. as. Oct. 30 (to-day) for $34,200
5% or 534% street improvement bonds. Date Nov. 15 1926.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0.
-L. E. Lampton, County
Los Angeles), Calif.
-BOND OFFERING.
Clerk, will receive sealed bids until 2.as. Nov.8 for $5,000,000 5% flood
control bonds. Date July 2 1924. Denom.$1.000 and $500. Due July 2
as follows: $757,500, 1927; $210.500. 1928 and $112,000, 1929 to 1965,
Encl. Principal and interest (J. & J.), payable at the County Treasurer's
office or at Kountze Bros., New York City. A certified check -for 3%
of the amount of the bonds bid for, payable to the Chairman Board of
Supervisors, required. Legality approved by O'Melveny, Milliken, Tuner
& Macneil of Los Angeles.
Financial Statement.
$2,321,691,390
• Assessed valuation (1926)
13,313,000
Total bonded debt (including this issue)
1,722.880
Total acreage (approximate)
[Irma. 123.
LUDOWICI, CONSOLIDATED LOCAL SCHOOL DISTRICT,
Long County, Ga.-BOND OFFERING.
-J. D. Groover, SecreatryTreasurer Board of Trustees, will receive sealed bids until 12 m. Nov. in,
for $25,000 6% coupon or registered school bonds. Date Jan. 1 1927.
Denom. $1,000. Due $1,000 jan. 1 1928 to 1952, incl. Principal and int.
(J. & J.) payable at any bank or banks in the United States. Legality
approved by M. Price, Ludowici. Purchaser to furnish the bonds. A
certified check payable to the above named official, for 2% of the bid.
required.
MC COOK, Red Willow County, Neb.-BOND SALE.
-The tinned
States Trust Co. of Omaha was awarded the $105,000 water extension
bonds as eta. Date Nov. 11926. Denom. 81,000. Due Nov. 100 46,
optional Nov. 1 1931. Int.(M. & N.) payable at the County Treasurers'
office, Mc Cook. These are the bonds voted at the election held on Sept.
29.-7. 123, p. 1661.
McKEESPORT, Allegheny County, Pa.
-BOND OFFERING.
Sealed bids will be received until Nov. 1 for $100,000 4 or 43i% city bonds.
These are the bonds originally scheduled for sale on Oct.11-V.123,P•17 .
88
McKEES ROCKS SCHOOL DISTRICT (P. 0. McKees Rocks),
Allegheny County, Pa.
-BOND OFFERING.
-Sealed bids will be
received until 8 p. m.(Eastern standard time) Nov. 8 by A. D. Levy, Sec.
Board of Directors, for $300.000% coupon or registered school bonds.
Denom. $1,000. DateJuly 1 1926. Int.
J. & J. Due on July 1 as follows:
$25,000, 1932 and 1934; $15,000, 1935: $25,000, 1936, 1938 and 1939,
and 1941: $30,000. 1943 and 1944. 1947 and 1949, and $15,000, 1951.
Purchaser to furnish legal opinion and pay for printing of the bonds. At
option of purchaser the bonds will be changed in form as follows: The
date will be made Oct. 1 1926 and the maturities will be Oct. 1 of the
respective years and the rate of interest to 434%. These are the bonds
originally scheduled to be sold on Sept. 7-V. 123. p. 1408.
McNARY (P. 0. Selmer), McNary County, Tenn.
-BOND SALE.A syndicate composed of Caldwell & Co. of Nashville, I. B. Tigrett & Co.
and Little & Wooten. both of Jackson, have purchased an issue of $120,000
5)1% road bonds. Date Oct. 1 1926. Due serially, 1931 to 1957. in&
Int. payable A. & 0.
MAHONING COUNTY (P. 0. Youngstown) Ohio.
-BOND OFFERING.
-F. A. Rolla, Clerk Board of County Commissioners, will receive
sealed bids until 10 a. as. Nov. 15 for 87.484 a% Center-vale Ave. road
impt. bonds. Date Nov. 1 1926. Denom. $500, except one for $484.
Due Oct. 1 as follows: $484, 1928: $500, 1929 and 1930, and $1,000..1931
to 1936. Incl. Bidders to satisfy themselves as to legality. A certified
check for $500, payable to Frank H. Vegan, County Treasurer, is required.
MAINE (State of).-Bids.-FollowIng is a list of other bidders for the
1500,0004% coupon "Kennebec Bridge" bonds awarded to Estabrook & Co.
of Boston, at 99.64, a basis of about 4.03%-V. 123, p. 2164Bidder
Rate Bid.
Merrill, Oldham & Co., Boston; R. L. Day & Co., Boston
National City Co., New York; Old Colony Corp., Boston' Altantic
99.45
Corp. of Boston; First National Corp., Boston; Timberlake & Co.
Portland
Eldridge & Co., Boston
Harris, Forbes & Co., New York; Merrill Trust Co., Bangor
E. H. Rollins & Sons, Boston,• ekrthur Perry & Co., Boston: Fidelity
Trust Co. Portland; Chas. H. Gilman & Co.. Portland
.
99 291
99:.
W. A. Harriman & Co. New York
•
Howe, Snow & Bertles, New York
'
MANATEE, Manatee County, Fla.
-BOND SALE.
990 227899
-The $99,00 8%
improvement bonds offered on Oct. 12-V. 123, p. 1907
-were awarded to
Farson, Son & Co. of New York City. at 90. a basis of about 8.30%. Due
19.000, 1927 and *10.000, 1928 to 1936, incl. In V. 123. p. 2021, we
reported the only bid received for these bonds was rejected.
MANCHESTER,Hillsborough County, N. H.
-BONDS OFFERED.
W.0.McAllister, City Treasurer,received sealed bids until 2 p. m. Oct.28
for the following 2 issues of 4% coupon bonds aggregating $120,000:
$100,000 highway bonds. Date Aug. 1 1926. Due $20,000 Aug. 1 1927
to 1931, incl. Interest F. & A.
20,000 culvert bonds. Date Oct. 1 1926. Due $2,000 Oct. 1 1927 to
.
1936, incl. Interest A. & 0.
Denom. $1,000. Legality to be approved by Ropes, Gray, Boyden &
Perkins of Boston. Principal and interest payable at the National Shawmut
Bank, Boston, or the Amoskeag Trust Co., Manchester.
MARATHON COUNTY (P.O. Wausau), Wis.-BOND ELECTION.
An election will be held on Nov.2 for the purpose of voting on the question
of issuing $3,000,000 road bonds.
MARCELLUS AND SKANEATELES UNION FREE SCHOOL DISTRICT NO. 2 (P. 0. Marcellus), Onondago County, N. Y.
-BOND
OFFERINO.-I. A. Share, District Clerk, will reteive sealed bids until 5
p.m.Nov.8for 180.000 notexceeding 5% coupon or registered school bonds.
Date Oct. 1 1926. Denom. $1,000. Due Oct. 1 as follows: 12,000. 1927
to 1933, incl.; $3,000, 1934 to 1941, incl.; 84,000. 1942 to 1949, incl., and
15.000. 1950 and 1951. Principal and interest (Al & 0.) payable at the
First National Bank, Marcellus, in New York exchange. A certified
check for $8,000, payable to the District Treasurer, Is required.
-BIDS REJECTED.
MARFA, Presidio County, Texas.
-All bids received for the following two issues of bonds, aggregating $114,000, offered
on Oct. 22-V. 123, p. 2165-were rejected:
358,000 water works bonds.
56,000 sewer bonds.
MARSHALLTOWN INDEPENDENT SCHOOL DISTRICT, Marshall
-The 190,000 04% coupon school bonds
County, lowa.-BOND SALE.
-were awarded to the Fidelity Savings
offered on Oct. 20-V. 123. p. 2024
Bank of Marshalltown, at a premium of $602 50, equal to 100.66. Date
Dec. 1 1926. Denom. $1,000. Due serially Dec. 1 1928 to 1934, lad.
Int. payable J. & D.
MASON CITY, Cerro Gordo County, Iowa.
-BOND SALE.
-The
$179,990 funding bonds offered on Oct. 20 (V. 123, p. 2165) were awarded
to Geo. M.Bechtel & Co. of Davenport. Dated Oct. 11926. Dun Oct. 1
as follows: $4,000, 1928 to 1932 incl.• $7,000, 1933 to 1937 incl.; $10,000,
'
1938 to 1942 incl.: 115.000. 1943 to 1945 incl., and $29,000, 1946. Rate of
Interest not given.
MEDFORD, Grant County, Okla.
-BOND SALE.
-11. D. Reed of
Medford has purchased an issue of $30,000 6"7,, coupon sewer bonds at a
premium of $450, equal to 101.50. a basis of about 5.86%. Dated Nov. 1
1926. Denoms. 31.000 and $2,000. Due $1,000 Nov. 1 1928 to 1945 incl.,
and $2,000 Nov. 1 1946 to 1951 incl. Int. payable M.& N.
MEIGS COUNTY (P. 0. Becatur), Tenn.
-BOND SALE.-Littg,
Wooten & Co. of Jackson has purchased an issue of 125,000 6% highway
bonds. Date Oct. 1 1926. Due Oct. 11946.
ME.I.ROSE, Middlesex County, Mass.
-LOAN OFFERING.
-9. H.
Buttrick, City Treasurer, will receive sealed bids until 11 a. m. Nov. 8
for the purchase on a discount basis of a 1100.000 temporary loan. Denom.
$25,000 $10,000 and $5,000. Due $50.000 June and Aug. 13 1997. The
notes will be engraved under the supervision of the Old Colony Trust Co.,
Boston. Legality approved by Ropes, Gray, Boyden & Perkins, Boston.
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Erie), Erie
-R.S. Penfield, District Secretary, will
-BOND OFFERING.
County,Pa.
receive sealed bids until 12 m.(Eastern standard time) Nov. 8 for 327,000
434% school bonds. Date Nov. 1 1926. Denom. $1,000. Due $9,000
Nov. 1 1946, 1951 and 1956. Prin. and int. (M. & N.) payable at the
Central Bank & Trust Co., Erie. A certified check for $500, payable to
the District Treasurer, is required.
MONROVIA, Los Angeles County, Calif.
-BOND ELECTION.
An election will be held onNov.2 for the purpose of voting on the question
of Issuing A26,000.000 water bonds.
MORTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Bar-BOND OFFERING.
berton R. F. D. No. 4), Summit County, Ohio.
Arthur Wunderlich, Clerk Board of Education, will receive sealed bids
until 1 p. as. (Central standard time) Nov. 4 for $120,000 5% school
bonds. Date Oct. 1 1926. Denom. $2,500. Due $2,500 April and
Oct. 1 1927 to Oct. 1 1950 incl. Prin. and int. payable at the Peoples
Savings & Banking Co., Barberton. A certified check for 5% of the
amount bid for, payable to the Board of Education, is required.
MOUNT VERNON, Westchester County, N. Y. -BOND SALE.
-The six issues of bonds, aggregating $612,000, offered on Oct.1211"(V. 123.
p. 2165), were awarded to the First National Bank of Mount Vernon as
4345, as follows:
$220,000 incinerator bonds at a premium of $946. equal to 100.43. a basis of
about 4.20%. Due $11,000 Nov. 1 1928 to 1947 incl.
OCT. 30 1926.]
THE'CHRONICLE
2295
-The First Trust
OHIOWA, Fillmore County, Neb.-BOND SALE.
Co. of Lincoln, has purchased an issue of $27,500 water works bonds at a
premium of $50, equal to 102.03.
-The following three
-BOND SALE.
OLNEY, Young County, Texas.
Issues of 6% coupon bonds, aggregating 180.000. registered on Oct. 7-were awarded to 0. Edgar Honnold of Oklahoma at 102:
V. 123, P. 2025
$25,000 street improvement bonds.
40,000 city hall bonds.
15.000 water works bonds.
Due serially, 1927 to 1966 incl. Int. payable A. & 0.
ORLEANS PARISH SCHOOL DISTRICT (P. 0. New Orleans),
-A. J. Tete, Sec. Parish School Board, will
-BOND OFFERING.
La.
receive sealed bids until 8 p. in. Nov. 23 for $1,000,000 4 Vi% school bonds.
Date Dec. 1 1925. Denom. $1,000. Due Dec. 1 as follows: $94,000,
1927; 197,000, 1928: 1101,000, 1929; 1106,000, 1930; 1110,000, 1931;
$115,000, 1932; 1120.000, 1933; $125,000, 1934, and 8132.000. 1935.
Prin. and Mt. (J. & D.) payable in gold in N. Y. City, New Orleans, or
Chicago, at holder's option. These bonds are offered for sale with coupons
Nos. 1 and 2, due June and Dec. 1 1926, detached, and these coupons
are not to be considered in fixing the price. A certified check, payable
to the School Board, for 2% of the amount of bonds bid for, required.
Legality approved by John 01. Thompson, N. Y. City.
PALM BEACH COUNTY SCHOOL DISTRICTS (P. 0. West Palm
-BOND SALE.
-The following three issues of school bonds
Beach), Fla.
aggregating $950,000Zoffered on Oct. 26-V. 123, p. 2025
-were awarded
to Prudden & Co. of Toledo as follows:
$800.000 53/% Special Tax School District No. 1 bonds at a premium of
$412, equal to 100.05, a basis of about 5.24%. Date July 11926.
Due July 1 as follows: $20,000. 1928. and $30,000, 1929 to 1954.
incl. Int. payable J. & J.
100,00Q 6% Special School District No. 3 bonds at a premium of $201.
equal to 100.20, a basis of about 5.98%. Date April 1 1926.
Due $4,000 April 1 1928 to 1952. incl. Int. payable A. & 0.
50,000 6% Special Tax School District No. 6 bonds at a premium of
$560. equal to 101.12, a basis of about 5.89%. Date July 1 1926
Due $2,000 July 1 1928 to 1953. incl.
-BOND OFFERING.
-John E. Powell,
PERRY, Taylor County, Fla.
Town Clerk, will receive sealed bids until 11 a. In. Nov. 13 for 3135,000
special assessment street impt. bonds. A certified check for 5% of the
bid required.
PERSIA INDEPENDENT SCHOOL DISTRICT, Harrison County,
-W. G. Bilker, Secretary Board of Directors,
MUSCATINE INDEPENDENT SCHOOL DISTRICT (P. 0. Musca- lowa.-BOND OFFERING.
tine) Muscatine County, Iowa.
-Sealed bids were will receive sealed bids until 8 p. m. Nov. 10 for $26,000 refunding bonds.
-BONDS OFFERED.
received by the District Secretary on Oct. 30 for $50,000 434% coupon Date Jan. 1 1927. Purchaser to furnish the bonds and legal opinion.
school bonds. Date Aug. 1 1926. Denom. $1,000. Due Aug. 1 1946.
PHILADELPHIA SCHOOL DISTRICT (P. 0. Philadelphia), PhilInt. payable F. & A.
-BOND SALE.
-The 2 issues of bonds, aggregating
adelphia County, Pa.
-were awarded as follows:
NAMAHA SCHOOL DISTRICT, Namaha County, Neb.-BOND 14.000.000, offered on Oct. 25-V. 123, p. 1907
-The United States Trust Co. of Omaha, has purchased an Issue of
SALE.
To a syndicate composed of the Bankers Trust Co., New York, W. H.
$20,000 4%% high school bonds. Denom. $1,000. Due $1,000, 1927 Newbold's Son & Co. and the Bank or North America & Trust Co., both
of Philadelphia:
to 1946, incl.
school bonds at 100.0596, a basis of about 4.24%. Date
NASHVILLE, Berrien County, Ga.-BOND OFFERING.
-J. W. 32,250,000 4).(% 11926. Due $112,500, May 1 1937 to 1956, incl.
Nov.
Moore. City Clerk, will sell at public auction on Oct. 30 (today) $20,000
To the Finance Committee of the School District:
paving bonds.
$1,750,000 4% school bonds at par. Date Nov. 1 1926. Due $87,500.
May 1 1937 to 1956, incl.
NATCHITOCHES PARISH ROAD DISTRICT NO. A2 (P. 0.
Natchitoches, Natchitoches County La.-BOND OFFERING.
-W.H.
PLEASANTVILLE FIRE DISTRICT (P. 0. Pleasantville), WestAvery, President of Police Jury, will receive sealed bids until 11 a. m. chester County, N. Y.
'
-The following 2 issues of bonds,
-BOND SALE.
Dec. 15 for $60,000 6% road bonds. Date Jan. 11927. Denom. $1,000.
awarded to
Due serially, Jan. 1 1928 to 1947, incl. Legality •to be approved by a aggregating $35,000, offered on Oct. 8--V. 123, p. 1663-were
par:
reputable attorney and furnished free to the successful bidder. A certified the Mount Pleasant Bank of Pleasantville atfollows: $500, 1927 to 1934.
$5.000 fire district bonds. Due Sept. 1 as
check for $2,000, required.
incl., and $1,000 in 1935.
NEW.CAST
,
x4
1..E5 Lawrence,Cilonty, Pa.
-BOND OFFERING.-Cor- 30,060 fire district bonds. Due Sept. 1 as follows: $2,000, 1927 and 13,500.
delia'J. Jones:. tY,
(3lerk', itill-tedigire sealed bids until 10 a. m. Nov. 22'
Date•
-to 192 ,.Incl.
.1 1 95
36
for $110.000 4 .% •Intproveinent :bonds. Date Nov. 1 1926. Denom.
1928t.1
$1,000. Due -Nei.•1 n's'follows: 810000- 1931; $5,600, 1932 to 1941 Incl.,;
,
.
-BOND DESCRIPPOCAHONTAS, Pocahontas County, Iowa.
and $10,000. 1042 to 1946 incl. Prin. and int. tM. & N.) payable at the TION.
% coupon water works bonds purchased by Geo.
-The $5.800
City Treasurer's office. A certified check for $1,000 is required.
-V. 123, p. 2025
-at par are described
M. Bechtel & Co. of Davenport
NEW MILFORD, Bergen County, N. J.
- as follows: Date Nov. 1 1926. Denom. $500. Due serially, Nov. 1
-BOND OFFERING.
John Kobel, Borough Clerk, will receive sealed bids until 8:30 p. m. Nov. 1927 to 1932 incl.
3 for the following 4fi% coupon or registered bonds, aggregating $198,000:
-The P`Ird
-BOND SALE.
POINT PLEASANT,Ocean County, N. J.
$92,000 assessment bonds. Due Oct. 15 as follows: $8.000, 1927 to 1932, National Bank of Toms River was awarded Oct. 23 an issue of $90,000 5%
incl., $10,000, 1933 and 1934, and $12,000, 1935 and 1936.
series A water bonds, at a premium of $455, equal to 100.50.
106,000 public impt. bonds. Due Oct. 15 as follows: $6,000. 1928 to
POMELLO DRAINAGE DISTRICT (P. 0. Tampa) Hillsborough
1938, incl., and $8,000, 1939 to 1943, incl.
-BOND SALE.
-The $237,000 6% drainage bonds offered
DateOct.15 1926. Denom.$1,000. Prin.andint. (A. & 0.) payable in County, Fla.
gold at the Peoples Trust Co., Hackensack. No more bonds to be awarded on Oct. 12-V. 123, p. 1663-were awarded to the Canal Construction 0o.
than will produce a premium of $1,000 over each of the above Issues. If the of Melbourne. Date Dec. 11926.
bids received do not permit the award of either Issue at 41% then and in
-The
-BOND SALE.
PORTER COUNTY (P. 0. Valparaiso), Ind.
that event the bonds of such issue will bear interest at the rate of 5%. $20,000 4)4% road bonds offered on Oct. 23-V. 123, p. 2025
-were
Legality approved by Reed, Dougherty, Hoyt & Washburn, New York awarded to the Merchants National Bank of Muncie at a premium of
City. A certified check for 2 of the bonds bid for, payable to the Borough.
%
11, equal to 101.55. a basis of about 4.17%. Date Oct. 15 1926.
is required. These are the bonds scheduled to be sold on Nov. 13-V. 123, 1311 $1,000, May 15 and Nov. 15 1927 to Nov. 15 1936, incl.
Due
p. 2165.
POWELL COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Garrison),
NEW ORLEANS, Orleans County, La.
-An Mont.
-BOND ELECTION.
-F. E. McClure, County Clerk, will receive
election will be held in November for the purpose of voting on the question sealed -BOND OFFERING. 18 for $7,000 not exceeding 6% school bonds.
bids until 2 p. m. Nov.
of issuing $7,500.000 public improvement bonds
A certified check for $700 required.
NEWPORT TOWNSHIP SCHOOL DISTRICT (P. 0. Wanamle),
PRINCETON SCHOOL DISTRICT (P. 0. Princeton), Mercer
Luzerne County,Pa.
-BOND SALE.
-The $90,000 4 M% school building
-The sale of the
-BOND SALE NOT COMPLETED.
bonds offered on Oct. 15 (V. 123, p. 1662) were awarded to the Glen Lyon County, N. J.
$42,500 43% coupon school bonds on July 16 to Outwater & Wells of
Bank of Glen Lyon.
.
Jersey City at 101.45, a basis of about 4.39%-V. 123. p. 484-was not
NEWTON SCHOOL DISTRICT (P.O. Newtown), Hamilton County, completed owing to a technicality in the advertising. The bonds are being
Ohio.
-BOND SALE.
-The $100.000 5% school bonds offered on Oct. 23 re-offered on Oct. 29 as stated in V. 123. p. 2166.
-V.123, p. 2025
-were awarded to Seasongood & Mayer of Cincinnati at
PUEBLO COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Pueblo),
a premium of $3,882, equal to 103.88, a basis of about 4.59%. Date
-An election will be held on Nov. 23 for
-BOND ELECTION.
Sept. 15 1926. Due Sept. 15 as follows: $4,170, 1928 to 1950, incl., and Colo.
$4,090 in 1951.
the purpose of voting on the question of issuing the following three issues
of bonds aggregating $462,000;
NILES CENTRE,Cook County, 111.
-BOND SALE.
-The Niles Ccnter
State Bank of Niles Center purchased on Oct. 11 an issue of $85.000 5% 3200.000 funding bonds.
162.000 refunding bonds.
coupon municipal building bonds at a premium of 14.500, equal to 105.29,
100,000 school building bonds.
a basis of about 4.35%. Denom. $1,000. DUO in 10 years.
G. G. Robertson. Secretary.
NOCONU, Montague County, Texas.
-BOND DESCRIPTION.
-BOND OFFERING.
-W. A.
RAVENNA, Portage County, Ohio.
The $50.000 6% coupon city bonds purchased at par by II. C. Burt & Co.
of Austin
-V. 123. p. 2025
-are described as follows: Date Nov. 10 1926. Root. City Auditor, will receive sealed bids until 12 in. (Eastern standard
time) Nov. 16 for $20,000 5% pumping unit bonds. Date Sept. 15 1926.
Denom. 11.000. Due serially, 1927 to 1966 incl. Int. payable A. & 0.
Denom. $1,000. Due $2,000 Sept. 15 1928 to 1937, incl. Principal and
NORTH CASTLE WATER DISTRICT NO. 1 (P. O. Armonk), West semi-annual interest, payable at the Second National Bank. Ravenna.
ch
County, N.Y.
-BOND SALE.
-The $125,000 coupon or registered
bonds offered on Oct. 25(V. 123, p. 2025) were awarded to Batchelde,r, A certified check for $350 is required.
water
-BOND SALE.
-Little.
RHEA COUNTY (P. 0. Dayton), Tenn.
Wach & Co.of New York as 4.40s at 100.31, a basis of about
Date
Oct. 11926. Due Oct. 1 as follows: 15,000, 1931, and $8,000, 192 to 1946 Wooten & Co. of Jackson have purchased an issue of$20.000 5% highway
4.37%.
Inclusive.
bonds. Data Oct. 1 1926. Due Oct. 1 1946.
.
NORTH LITTLE ROCK, Pulaski County, Ark.
-An election will
-BOND ELECTION.
RHODE ISLAND (State of).
-MATURITY.
The $400,000 507 viaduct 1mpt. bonds awarded to the American Southern be held on Nov. 2 for the purpose of voting on the question of issuing the
c
Trust Co., and M. W.Elkins & CO. both of Little Rock, jointly, on Oct. 23 following bonds, aggregating $6,560,000:
-v.123, p. 2166
-at 97,a basis of about 5.32%,mature as follows: $8,000,
$3,000,000 Washington Bridge bonds.
1927; 19,000, 1928 and 1929; 110,000. 1930 and 1931; 311.000. 1932 and
600,000 Rhode Island State College improvement bonds.
1933; $12.000, 1934; $13,000, 1935 and 1936; 114,000. 1937; 315.000, 1938
660,000 Rhode Island College of Education building bonds.
and 1939; 316,000, 1940; 117,000, 1941; $18,000, 1942: 119.000. 1943:
875.000 Court House bonds.
$20.000, 1944; 121,000, 1945; 122,000. 1946: 123.000. 1947: 124,000, 1948;
925,000 State Office Building bonds.
$25.000, 1949; $26,000. 1950 and 119.000. 1951. Justin Matthews, Chair500.000 bridge construction bonds.
man Board of Commissioners.
-BOND OFFERING.
RICHLAND COUNTY (P.O. Mansfield), Ohio.
NORTH LITTLE ROCK SCHOOL DISTRICT, Ark.
-BOND SALE. -Menan Well, Clerk Board of County Commissioners, will receive sealed
-The Bankers Trust Co. of North Little Rock purchased on Oct. 13 an bids until
535% road improvement
Issue of $75,000 school bonds. These are the bonds offered in V. 123, p. Date Dec.10 a. in. Nov. 3 for $9,000Due $3,000 Oct. 1 1927 tobonds.
1929,
1 1926. Denom. $1,000.
1789.
incl.
interest (A. & 0.) payable at the County Treasurer's
OAKWOOD VILLAGE SCHOOL DISTRICT (P. 0. Dayton), Mont- office. Principal andcheck for 5% of the par value of the bonds, payable
A certified
gomery County. Ohio.
-BOND SALE.
-The $28,500 51./,% coupon school to the County Auditor is required.
bonds offered on Oct. 27 (V. 123, P. 2025) were awarded to Seasongood &
RIVER ROUGE, Wayne County, Mich.
-BOND OFFERING.
-RayMayer of Cincinnati at a premium of $1,481, equal to 105.16, a basis of
about 4.67%. Date Oct. 1 1926. Due Oct. 1 as follows: $1,000, 1928; mond J. Peters, City Clerk, will receive sealed bids until Nov. 1 for $198,$1,500, 1929; 11,000, 1930: $1,500, 1931 to 1933 incl.; $1,000, 1934, and 220 50 not exceeding 6% special assessment street paving bonds. Date
Nov. 11926. Due 1927 to 1931, incl. A certified check for 1% of amount
$1,500, 1935 to 1947 inclusive.
bid
City Treasurer is required. These are the bonds schedOCEANSIDE SCHOOL DISTRICT, San Diego County, Calif.
- uledpayable to the Oct. i9
to be sold on
-V. 123, p. 2026.
-The $21.000 school bonds offered on Oct. 18-V. 123, p.
BOND SALE.
RIVERTON, Fremont County, Wyo.-BOND DESCRIPTION.
-The
-were awarded to the Freeman, Smith & Camp Co. of Los Angelei.
2025
as 5s,at a premium of $262 56, equal to 101.25, a basis of about 4.86%. $13.500 5% coupon refunding bonds awarded to Peck, Brown & Co. of
-V. 123, p. 1908
-are described as follows: Date Sept. 1
Date Sept. 20 1926. Due Sept. 20 as follows: $1,000, 1929 and 1930: Denver at par
$2.000, 1031:11,000, 1932 and 1933:82,000, 1934;$1.l00, 1935 to 1945,Incl. 1926. Denom. $1,000 and one for $500. Due $1,000, Sept. 1 1942 to
1953, incl., and $1,500, 1954.
andl$2.000. 1946.
165,000 highway improveinent bonds at a premium of $709,equal to 100.42
a oasis of about 4.18%. Due Nov. 1 as follows: $5,000. 1928.
and $20,000, 1929 to 1936 incl.
154,000 highway repaving bonds at a premium of $662 20, equal to 100.43,
a basis of about 4.18%. Due Nov. 1 as follows: $17,000, 1928 to
1935 incl., and $18.000 in 1936.
48.000 Department of Public Works equipment bonds at a premium of
$206 40. equal to 100.43, a basis of about 4.12%. Due $12,000
Nov. 1 1928 to 1931 incl.
20.000 drainage bonds at a premium of $86, equal to 100.43. a basis of
about 4.20%. Due Nov. 1 as follows: $2,000, 1928, and $1,000.
1929 to 1946 incl.
5,000 sewerage bonds at a premium of $21 50, equal to 100.43, a basis
of about 4.20%.
Date Nov. 1 1926.
Financial Statement.
$8,798,031
Net bonded debt
119,157,082
Assessed valuation 1926
MOUNT VERNON INDEPENDENT SCHOOL DISTRICT, Linn
County, Iowa.
-BOND OFFERING -Herbert Rumble, Secretary Board
of Directors, will receive sealed bids until 1 p. m. Nov. 10. for $115.000
coupon school building and site bonds. Date Nov. 1 1926. Denom.
$1,000. Due Nov. 1 as tollows: $3,000. 1928 to 1933, incl.: $4.000. 1934
to 1945, incl. and $49.000, 1946. Bidders to bid on split interest rates.
Principal and interest (M.& N.), payable at the District Treasurer's office.
'
A certified cheek for $1.000 required. Legal opinion of attorneys furnished
to the successful bidder.
MULTNOMAH COUNTY(P.O.Portland), Ore.
-BOND ELECTION.
-An election will be held on Nov.2for the purpose of voting on the question
of issuing $11,500,000 bridge bonds.
MURRAY CITY, Hocking County, Ohio.
-BOND OFFERING.W. E. McKnabb, Village Clerk, will receive sealed bids until 12 m. Nov.6
for $2,640 25 6% net deficiency notes. Date Aug. 15 1926. Denom.
$264 except one for $264 05. Due $264 05 Feb. 15 1927, $264 Aug. 15
1927, and $264 Feb. and Aug. 15 1928 to Aug. 15 1931 incl. Interest
payable F.& A.
MURPHY ROAD DISTRICT (P. 0. Harrisville), Ritchie County,
W. Va.-BOND SALE POSTOPNED.-The sale of $150,000 5% coupon
road bonds offered on Aug. 17-V. 123, p. 878
-has been postponed to a
further date. H. K. Dunlop, Assistant Secretary State Sinking Fund
,
Commission.
2296
THE CHRONICLE
RIVERVIEW, Mich.
-BOND OFFERING.
-James L. Hole, Village
Clerk, will receive sealed bids until 7.30 p. m. Nov. 2 for $7.960. not
exceeding 6% lateral sewer bonds. Due in 3 to 6 years. A certified check
for $1,000, payable to the Village is required.
RIVIERA, Palm Beach County, Fla.
-BOND SALE.
-The $158.000
6% improvement bonds offered on Sept. 28-V. 123. p. 1663
-were awarded
J. Quinn & Co. of Miami at par.
ROSE AND HURON'
CENTRAL SCHOOL DISTRICT NO. 2 (P. 0.
North Rose), Wayne-County N. Y.
-BOND DESCRIPTION.
-The
$200,000 coupon or registered school bonds awarded on Oct. 11 to Harris,
'
Forbes & Co. of New 'York as 4345. at 100.198-V. 123. p. 2026-a basis
of about 4.46%, are described as follows: Date Sept. 1 1926. Denom.
$1,000. Coupon bonds registerable as to principal only or as to both
principal and interest. Due serially Sept. 1 1927 to 1966, incl. Int.
payable M. & S.
ST. PAUL, Ramsey County, Minn.
-BOND ELECTION-An election will be held on Nov.2for the purpose of voting on the question ofissuing
$500.000 waterworks bonds.
ST. PETER SCHOOL DISTRICT, Nicollat County, Minn.
-BOND
SALE.
-The Northwestern Trust Co. of St. Paul has purchased an issue
of $130,000 43-% high school building bonds at par. Date April 11926.
Denom. $1,000. Due April 1 as follows: $5.000 1927 to 1929. incl.;
$6,000 1931) and 1931, $8,000 1932 and 1933, $9,000 1934. $10,000 1935
to 1937,incl.; $11,000 1938 and 1939. and $13,000 1940 and 1941. Interest
payable A. & 0. Legality approved by Ambrose Tighe and Harold W.
Moody of St. Paul.
SAN ANTONIO (P. 0. Lake Jovita), Bexar County Tex.-BOND
OFFERING.
-P. J. Muller, City Clerk, will receive sealed bids until 7.30
'
p.m. Nov.2,for the following two issues of6% bonds aggregating $165,000:
$110,000 impt. bonds. Date Jan. 1 1927. Due $11,000. Jan. 1 1928 to
1937, incl. Principal and interest (J. & J.) payable at the National Park Bank. New York City.
55,000 water works bonds. Date Oct. 1 1926. Due Oct. 1 as follows:
$1,000, 1928 to 1931,incl.:$2,000. 1932 to 1943,incl., and $3,000,
1944 to 1952, incl. Principal and interest (A. & 0.) payable at
the Bank of Pasco County, Dade City, or at the National Park
Bank, New York City.
Denom. $1,000. A certified check for $3,000, covering both issues,
required.
SAN DIEGO, San Diego County, Calif.
-BONDS VOTED.
-At an
election held on Oct. 19 the voters authorized the issuance of $2,000,000
water bonds, by ratio of 12 for to 1 against.
-The following
-BOND SALE.
SARASOTA, Sarasota County, Fla.
two issues of6% coupon bonds, aggregating $148,000, offered on Oct.18V. 123, p. 2026-were awarded to Magnus & Co. of Cincinnati at 93:
$127,000 city bonds. Due Oct. 15 as follows: $5,000, 1927; $10.000. 1928
to 1931: $12.000, 1932; $15,000, 1933 and 1934 and $20,000.
1935 and 1936.
21,000 dtv bonds. Due Oct. 15 as follows: $5,000. 1927 and $8.000
108 and 1929.
Date Oct. 15 1926. These bonds were sold privately; at the time offered
all bids were rejected.
-The following
SAVANNAH, Chatham County, Ga.-BOND SALE.
three issues of 43 % bonds aggregating $1.400.000 offered on Oct. 25V. 123, p 2026
.
-were award to a syndicate composed of Eldredge & Co.
of New York and the Citizens & Southern Co. and J. L. Hilsman & Co.,
both of Atlanta. jointly, at 102.27, a basis of about 4.28%;
$900,000 sewerage system bonds. Due $30,000. Aug. 1 1927 to 1956, incl.
250,000 water works system bonds. Due $10.000. Aug. 1 1927 to 1951,
incl.
250.000 Bay St. Viaduct bonds. Due $10,000. Aug.1 1927 to 1951,incl.
Date Aug. 11926. The issue of $600,000 refunding notes offered on the
same date was not sold.
-BOND SALE.
-James P. McDonald
SEATTLE,King County, Wash.
of Seattle, has purchased an issue of $2.000 7% Local Improvement District
No. 4337 bonds at 100.01.
SHANNON CITY CONSOLIDATED SCHOOL DISTRICT, Union
-The $8,000 434% coupon school bonds
County, lowa.-BOND SALE.
-were awarded to E. T. Dufree of
. offered on Oct. 23-V. 123, p. 2167
Lorimor at a premium of$85.equal to 101.06. Date Nov.11926. Denom.
$500. Due serially. Int. payable M.& N.
-BOND SALE.
-The following bonds,
SHARON, Mercer County, Pa.
aggregating $125,000, offered on Oct. 26-V. 123, p. 2167
-were awarded
to the National City Co. of New York at a premium of $1,136 25, equal to
100.90, a basis of about 4.32%:
$75,000 434% sewer and sewage disposal plant bonds. Due $3,000,
Oct. 1 1931 to 1955, incl.
50,000 43-i% paving and sewer bonds. Due Oct. 1 as follows: $5,000 in
1931 and 1936 and $10,000, 1941, 1946, 1951 and 1956.
Date Oct. 1'1926.
SILVER CITY INDEPENDENT SCHOOL DISTRICT,Mills County,
-A. P. Reeve, Secretary of Board of Educa-BONDS OFFERED.
Iowa.
tion, received sealed bids until Oct. 28 for $9,000 not exceeding 434%
school bonds. Due serially June 1 1928 to 1936, incl.
SOUTH MILLS SCHOOL DISTRICT (P. 0. Camden), Camden
-BOND OFFERING.
-S. B. Seymour, Register of
County. No. Caro.
,
Deeds, will receive sealed bids until 12 m. Nov. 1 for $20,000 6% school
bonds. Date Nov. 1 1926. Denom. $1,000. Due $1.000 Nov. 1 1928
to 1947, incl. A certified check for 2% of the bid required.
SPICE VALLEY SCHOOL TOWNSHIP (P. 0. Williams), Lawrence
-Laurin S. Chase, Township Trustee,
-BOND OFFERING.
County, Ind.
will receive sealed bids until 1 p. m. Nov. 18 for $4,0130 5% school bonds.
Date Nov. 11926. Denom. $500. Due $500 July 1 1928 and $500 Jan. 1
and July 1 1929 to Jan. 1 1932. incl. Principal and semi-annual interest,
Payable at the Bedford National Bank, Bedford.
SPOKANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 203
-BOND DESCRIPTION.
-The $35,000
%
(P. 0. Sp- kane), Wash.
school bonds purchased by Cantril, Richards & Blum, Inc., of Spokane
-at 101.01. are described as follows: Date Oct. 1 1926.
V. 123, p. 1909
Denom. $500, $300 and $200. Due serially Oct. 1 1928 to 1948, incl.
Principal and int. (A. & 0.) payable at the fiscal agency of the State of
Washington, in New York City.
Financial Statement.
$958,599 00
Assessed valuation (1925)
(estimated)
1,917.198 00
Real valuation
35,000 00
Total bonded debt (this issue)
-LOAN OFFERING.
-Harold
STAMFORD, Fairfield County, Conn.
Town Treasurer, will receive sealed bids until 12 m. Nov. 1 for
S. Nichols,
the purchase on a discount basis of a $300000 temporary loan. Denom.
be en$25.000, $10,000 and $5,000. Due Aug. 15 1927. The rotes will Legalgraved under the supervision of the Old Colony Trust Co., Boston.
Boston.
ity approved by Ropes, Gray, Boyden & Perkins of
-BOND OFFERING.
-L. E.
STARKE COUNTY (P. 0. Knox), Ind.
Mosher, County Treasurer, will receive sealed bids until 1 p. m. Nov. 3
Date Sept. 15 1926.
for $10,300 5% Railroad Township road bonds. to Nov. 15 1936, incl.
Denom. $515. Due $515 May 15 and Nov. 15 1927
Interest payable M. & N. 15.
-L. E.
-BOND OFFERING.
STARKE COUNTY (P. 0.Knox), Ind.
until 1 p. m.
Mosher, County Treasurer, will receive sealed bids1 to 10 years. Nov. 1
semi-annually in
for $10,300 5% road bonds. Due
SUMNER, Bremer County, lowa.-BOND DESCRIPTION-The
awarded
Geo. M.
$10.000 43-% coupon waterworks system bonds p. 1909 to 99.71. are
-at
Bechtel & Co. of Davenport, on Sept. 21-V. 123.
described as follows: Date Oct. 1 1926. Denom. $500. Due serially,
Nov. 1 1928 to 1934, incl. Int. payable (IA • & N•)•
-Victor I. Jeep, of
TEKAMAH, Burt County, Neb.-BOND SALE.
Omaha, has purchased an issue of $32,000 434% sewer refunding bonds at
par. Due Sept. 15 1945.
-W. B. Guit-BOND OFFERING.
TOLEDO, Lucas County, Ohio.
teau, Director of Finance, will receive sealed bids until 12 m. Nov. 23 for
the following bonds, aggregating $572,500:
$17,500 4 % public playground bonds. Date Sept. 1 1926. Denom.
$1.000. except one for $500. Due Sept. 1 as follows: $1,000, 1928
to 1944 incl., and $500, 1945.
[VOL.123
30.000 4)4% park bonds. Date Oct. 1 1926. Denom. $1.000. Due
$1,000 Oct. 1 1928 to 1957 inclusive.
75.000 4%% sewer construction, city's portion, bonds. Date Oct. 15
1926. Denom. $1,000. Due $3,000 Oct. 15 1928 to 1952 incl.
100,000 44% street improvement city's portion bonds. Date Oct. 1
1926. Denom. 31,000. Due $10,000 Oct. 1 1928 to 1937 incl.
350,000 4%% Main Street grade crossing bonds. Date Nov. 1 1926.
Denom. $1,000. Due Nov. 1 as follows: $12,000, 1928 to 1954
incl., and $13,000, 1955 and 1956.
Prin, and semi-ann. Int. payable at the U. S. Mtge. & Trust Co., N. Y.
City. A certified check for 2% of the amount of bonds bid for, payable to
the Commissioner of the Treasury, is required.
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-W. B.
Guitteau, Director of Finance, will receive sealed bids until 12 m. Nov. 23
for the following bonds aggregating $108,500:
% South Ave. bridge bonds. Date Oct. 15 1926. Denom.
$90,000
$1,000. Due Oct. 15 as follows: $4,000 1928 to 1947, incl.,
and $5,000 in 1948 and 1949.
11,000 43% water front improvement bonds. Date Oct. 1 1926.
Denom. $1,000. Due 41,000 Oct. 1.1928 to 1938, incl.
7.500 434% park building bonds. Date Sept. 1 1926. Denom. $1,000
except one for $500. Due Sept. 1 ds follows: $500 1928
and $1,1300 1929 to 1935, incl.
Principal and semi-annual interest payable at the United States Mortgage
& Trust Co., New York. A certified check for 2% of the amount of bonds
bid for, payable to the Commissioner of the Treasury is required.
TOPEKA, Shawnee County, Kan.
-The
-INTEREST RATE.
$99,113 05 internal improvement water main bonds awarded to the State
School Fund Commission on Oct. 23-V. 123, p. 2167
-bear interest at
the rate of 434%. Etta M. Covell, City Clerk.
TRIADELPH1A SCHOOL DISTRICT (P.O.Logan), Logan County,
W. Va.-BOND SALE.
-Walter, Woody & Heimerdinger and the Well,
Roth & Irving Co., both of Cincinnati, jointly, recently purchased an issue
of $100,000 5% school bonds. Dated Sept. 1 1926. Denom. $1,000.
Prin. and int. (A. & 0.) payable at the National City Bank, N. Y. City.
Legality approved by Chapman, Cutler & Parker of Chicago.
TRIMBLE COUNTY (P. 0. Bedford) Ky.-BOND SALE.
-Seipp,
Princell & Co. of Chicago, have purchased an issue of $50,000 5% road
bonds. Due serially, 1931 to 1956. incl. These bonds are part of an
authorized issue of $94,000.
TROY, Rensselaer County, N. Y.
-James A.
-BOND OFFERING.
McCarthy, City Comptroller, will receive sealed bids until 10 a. m. Nov. 1
for $10(),000 4)4% coupon or registered public impt. bonds. Date Nov. 1
1926. Denom. $1,000. Due $5,000 Nov. 1 1927 to 1946, incl. Int. Payable semi-annually. A certified check for 1% of the par value of the bonds.
Financial Statement, Oct. 20 1926.
General debt
Water debt
Sinking fund
231 6
:42 74
81 3
8
4938
Certificate of indebtedness for harbor and dock and public$41:
er
improvements (temporaryloan)
00 00
Real estate assessed valuation for 1926
62,473,646 00
923 4
Franchise assessed valuation for 1926
3,481,609 00
Total assessed valuation for 1926
65,905,255 00
Population (1920 census), 72,013.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-The
-BOND SALE.
following 434% bonds, aggregating $102,000, offered on Oct. 15-V. 123.
p. 1791-were awarded to the Guardian Trust Co. of Cleveland at a
premium of $1.207 40, equal to 101.18, a basis of about 4.18%:
$77.000 I. 0. N. No. 35, Section Q bonds. Due $3,000 April and Oct. 1
1928: $3,000 April 1 1929; $4,000 Oct. 1 1929, and $4,000 April
and Oct. 1 1930 to Oct. 11937, incl.
25,000 I. C. N. No. 330, Section El bonds. Due $1,000 April and Qct. 1
1928 to Oct. 11933,incl., $1,000 April land $2,000 Oct. 1 1934 to
Oct. 1 1936, incl., and $2,000 April and Oct. 1 1937.
Date Nov. 1 1926.
TWO HARBORS,Lake County, Minn.
-BOND SALE.
-The $10,000
5% coupon refunding waterworks bonds offered on Oct. 18-V. 123, II.
-were awarded to the First National Bank of Two Harbors at par.
19019
Date Oct. 20 1926. Denom. $1,000. Due Oct. 20 1946. Int. payable
A. & 0.
TYRONE, Blair.County, Pa.
-BOND OFFERING.
-J. H. Harklerode,
Borough Secretary, will receive sealed bids until 8 p.
m.
Nov. 15 for $75,000
4%% coupon or registered impt. bonds. Date May 15 1926. Denom.
$500. Due May 15 1946: optional May 15 1936. Prin. and int.(M.& N.)
payable in Tyrone.
-BOND OFFERING.UNION COUNTY (P. 0. Elizabeth), N. J.
N. R. Leavitt. County Treasurer, will receive sealed bids until 12 m. Nov.3
for an issue of 434 or 434% coupon or registered park bonds not to exceed
$500,000, no more bonds to be awarded than will produce a premium of
$1,000 over $500.000. Date Nov. 15 1926. Denom. $1,000. Due Nov.
15 as follows: $10,000. 1928 to 1971 incl., and $12,000. 1972 to 1976 incl.
Prin. and int. (M. & N.) payable in gold at the Central Home Trust Co.,
Elizabeth. Legality approved by Reed. Dougherty. Hoyt & Washburn,
New York City. A certified check for 2% of the par value of the bonds is
required.
-BOND OFFERING.
UNION COUNTY (P. 0. Monroe), No. Caro.
J. D. Simpson, Clerk Board of County Commissioners, will receive sealed
bids until 11 a. m. Nov. 15. for $75,000, not exceeding 6% coupon court
house bonds. Date Nov. 15 1926. Due Nov. 15 as follows: $2,000, 1931
to 1945, incl., $3,000, 1946 to 1950, incl., and $5,000, 1951 to 1956, incl.
Interest rate to be in multiples of % of 1%. Principal and in (M.&
payable in New York City. Legality approved by Reed, Dougherty, Hoyt
& Washburn, New York City. A certified check payable to the County
for 2% of the bid, required.
UNION COUNTY (P. 0. Marysville), Ohio.
-BOND SALE.
-The
following three issues of 6% bonds, aggregating 596,100, offered on Oct. 25
-were awarded to the State Teachers' Retirement
-V. 123, p. 2026
System at a premium of $3,610. equal to 103.75, a basis of about 4.49%:
$30.800 Inter-County Highway No. 115, Sec. D, road construction bonds.
Due Sept. 1 as follows: $6,000, 1927 to 1930 inch,. and $6,800
in 1931.
28,200 Inter-County Highway No. 238, Sec. 13, road construction bonds.
Due Sept. 1 as follows: $6,000, 1927 to 1930 incl., and $4,200
in 1931.
37,100 bridge construction bonds. Due Sept. 1 as follows: $7,500,
1927 to 1930 incl., and $7,100 in 1931.
Date Sept. 1 1926.
•
VANDERBURGH COUNTY (P. 0. Evansville), Inch-BOND SALE.
-The $20,800 454% Knight Twp. road bonds offered on Oct. 23-V. 123,
-were awarded to the Merchants National Bank, Muncie, at a
P. 2027
premium of $312, equal to 101.50. Due semi-annually in 1 to 10 years.
VENANGO, Perkins County, Neb.-BOND OFFERING.
-A. J.
Karraker, Village Clerk, will receive sealed bids until 8 p. m. Nov. 10 for
$15,000 6% electric transmission line bonds.
VENTURIA, McIntosh County, No. Dak.-BOND SALE.
-J.
Hockstetter, Village Clerk, will receive sealed bids at the County Auditor's
office in Ashley, until 2 p. m. Nov. 1 for $2,500 7% electric light bonds.
Date Sept. 1 1926, Due Sept. 1 1946. Principal and int. (M. & N.)
payable at the First National Bank, Minneapolis. A certified check for
2% of the bid, required.
VERNON,Wilbarger County,Tex.
-BOND SALE.
-The following two
issues of 534% bonds aggregating $80,000, registered on Sept. 28-V. 123.
-were awarded to H. C. Burt & Co. of Austin, at a premium of
P. 1909
$3,955, equal to 103.49, a basis of about 5.31%. Date Aug. 10 1926.
Denom. $1,000. Due Aug. 10 1966. Interest payable A. & O.
VERMILION, Clay County, So. Dak.-BOND SALE.
-Thompson
& Co. of Vermilion recently purchased an issue of $25,000 5% water supply
bonds at a premium of $225, equal to 100.90, a basis of about 4.79%•
Date Oct. 1 1926. Denom. $1,000. Due 1946; optional 1931.
-The
VOLUSIA COUNTY (P. 0. De Land), Fla.
-BOND SALE.
Volusia County Bank & Trust Co. of De Land was awarded the $300,000
6% County Commissioners Districts Nos. 2 and 3 bonds offered on Oct.
-at a premium of $200, equal to 100.06. a basis of
25-V. 123 p. 1909
about 5.99/. Date July 11926. Due July 1 as follows: $5,000, 1930 and
1931; $10.0 0, 1432 to 1934. incl., $15,000, 1935: $20.000. 1936 to 1939,
incl., $25,000, 1940 to 1942, incl., and $30,000. 1943 to 1945, incl.
2297
THE CHRONICLE
OCT. 30 1926.]
All bids received for the other three issues of 6% bonds aggregating
$515,000, offered on the same date were rejected.
VOLUSIA COUNTY SCHOOL DISTRICTS (P. 0. De Land), Fla.
-The two issues of 6% bonds, aggregating $37,500
BONDS NOT SOLD.
-have not been sold. George W.
offered on Oct. 21-V. 123, p. 1664
Marks, Secretary Board of Public Instruction.
WAUSHARI COUNTY(P.O. Wautoma), Wis.-BOND ELECTION.
An election will be held on Nov. 2 for the purpose of voting on the question
of issuing $1,050,000 road bonds.
-Charles W.
-BOND OFFERING.
WAVERLY, Pike County, Ohio.
Milberg, Village Clerk, will receive sealed bids until 12 m. Nov. 6 for
$2,883 76 6% funding net deficiency notes. Date Sept. 1 1926. Denom.
$961 25. Due $961 25 Mar. and Sept. 1 1927 and $961 25 Mar. 1 1928.
Tht. payable M. & S.
-The
-WARRANT SALE.
WEST CONCORD, Dodge County, Minn.
$25.000 sewer warrants offered on Oct. 21 (V. 123. p. 2167) were awarded
Webber & Co. of Minneapolis as 54s.
to Paine.
-The
-LOAN OFFERING.
WESTFIELD, Hampden County, Mass.
Town Treasurer will receive sealed bids until 12 m.Nov. 1 for the purchase
on a discount basis of a $100,000 temporary loan. Due Oct. 6 1927.
-Arthur Perry
-BOND SALE.
WEYMOUTH, Norfolk County, Mass.
& Co. of Boston were awarded on Oct. 22 the following 4% coupon bonds.
$40.700, at 100.08, a basis of about 3.98%:
aggregating
330.700 street widening bonds. Due Nov. 1 as follows: $3,700. 1927, and
$.3.000. 1928 to 1936 incl.
10.000 water department bonds. Due ¶1.000 Nov. 1 1927 to 1936 incl.
Dated Nov. 1 1926. Prin. and semi-ann. int. payable in Boston.
-The Old
-NOTE SALE.
WEYMOUTH, Norfolk County, Mass.
Colony Corp. of Boston was awarded on Oct. 29 $100,000 notes on a
4.03% discount basis, plus a premium of $1 50. Due Dec. 22 1926.
-BOND OFFERING.-Arvilla
WILLOUGHBY, Lake County, Ohio.
Miller. Village Clerk, will receive sealed bids until 12 m.(Eastern standard
Nov. 22 for $2,210 25 5h % fire dept. building impt. bonds. Denom.
time)
WOO except one for $210 25. Date Oct. 18 1926. Due $210 25 Oct. 1
1928 and $200 Oct. 1 1929 to 1938 in. Prin. and int. (A. & 0.) payable
at the Cleveland Trust Co., Willoughby branch. A certified check for
5% of the amount of bonds bid for, payable to the Village Treasurer, is
• required.
-BOND ELECTION.
WINNEBAGO COUNTY(P.O. Rockford), III.
An election will be held on Nov. 2 for the purpose of voting on the question
of issuing $3,000,000 road bonds.
-The $310,000
-BOND SALE.
WINTER PARK,Orange County,Fla.
6% impt. bonds offered on Oct. 26-V. 123. p. 1910-were awarded to
Wright, Warlow & Co. of Orlando at 95.69, a basis of about 6.91%. Date
July 1 1926. Due ¶31.000 Jan. 1 1928 to 1937 incl.
-BOND SALE.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
The following three issues of 5% bonds, aggregating $38,000. offered on
-were awarded to the State Teachers Retirement
Oct. 26-V. 123, p. 2027
System at a premium of $508, equal to 101.33. a basis of about 4.62%:
$10,000 Ferdig road bonds. Due $1,000 March and Sept 1 1928 to
Sept. 11932, incl.
10,000 Joseph road bonds. Due $1,000 March and Sept. 1 1928 to
Sept. 1 1932, incl.
18,000 Carter road bonds. Due $1,000 March and Sept. 1 1928 and
$2,000 March and Sept. 1 1929 to Sept. 1 1932. incl.
Date Oct. 1 1926.
-The
-BOND SALE.
YAKIMA COUNTY (P. 0. Yakima), Wash.
Washington Bond & Finance Co. has purchased an issue of $10,000 6%
NEW LOANS
Sub-District J bonds of Drainage Impt. District No. 9 at 93.50. Date
Nov. 15 1926. Denom. $200. Due on or before Jan. 1 1944.
-BOND ELECTION.
YAKIMA COUNTY (P. 0. Yakima), Wash.
An election will be held on Nov. 2 for the purpose of voting on the question
of issuing $850,000 court house bonds.
CANADA, its Provinces and Municipalities.
-R. A. Lialey & Co. of Toronto
BELLEVILLE, Ont.-BOND SALE.
were awarded on Oct. 25 an issue of $115,931 5% impt. bonds at 99.41
Due in 10, 20 and 30 installments.
-The Council
BERTIE TOWNSHIP, Ont.-BONDS AUTHORIZED.
passed a $17,000 water main by-law.
-An issue of $90,000 local
BRANTFORD, Ont.-BOND SALE.
improvement bonds has been sold to local investors.
-At the elections
-BOND ELECTION.
BURNABY DISTRICT, B. C.
in January, the ratepayers will be asked to vote on a $200,000 water works
by-law.
COBALT,Ont.-MATURITY.-The $35,000 5% school bonds awarded
on Oct. 11 to the Canadian Bank of Commerce of Toronto at 99.03, a basis
ofabout 5.09% (V.123. p.2167) mature $2,276 80. 1927 to 1956 inclusive.
-Sealed bids were reCOLLINGWOOD, Ont.-BONDS OFFERED.
% 10
-installment, and $28,300 5% 10
ceived until Oct. 22 for $8,814
-installment bonds. The latter issue is guaranteed by Simcoe
and 30
County. W H. Wbipps. Treasurer.
-The Council
CRYSTAL BEACH, Ont.-BONDS AUTHORIZED.
passed a $25,800 sewer by-law.
-At the municipal elections
HAMILTON, Ont.-BOND ELECTION.
on Dec. 6 the ratepayers will be asked to vote on by-laws totalling
$1.196,000.
-The price paid for the $200.000 5%
HULL, Que.-PRICE PAID.
school bonds awarded on Oct. 19 to Mead & Co. of Montreal and Bell.
Gouinlock & Co. of Toronto, jointly (V. 123, p. 2168), was 97.18. a basis of
about 5.29%. Date Mar. 1 1926. Due serially Mar. 1 1927 to 1956 incl.
-The $56,000 5X%
LAVAL SUR LE LAC, Que.-BOND SALE.
improvement bonds offered on Oct. 15 (V. 123. p. 1792) were awarded to
La Corporation des Obligations Municipales of Montreal at 97.50. ,a basis
of about 5.78%. Date Nov. 11926. Due serially in 10 years.
-W. N. Snyder will receive
NORTH BAY, Ont.-BOND OFFERING.
sealed bids until 12 m. Oct. 30 (to-day) for the following bonds, aggregating
:
$468,604
$339,254 5%% impt. bonds. Due in 20 annual installments.
111,850 5% impt. bonds. Due in 20 annual installments.
17,500 5% local impt. bonds. Due in 10 annual installments.
-The $130,000 5% improveRIVIERE, Du Loup, Que.-BOND SALE.
-were awarded to the
ment bonds offered on Oct. 25-V. 123. p. 2168
Corporation of Municipal Obligations, Ltd., and L. G. Beaubien & Co.,
Montreal, jointly, at 95.22, a basis of about 5.47%. Due in
both of
30 years.
-The Council passed a
THOROLD, Ont.-BONDS AUTHORIZED.
$60,000 water main by-law.
-Sealed bids were received until
WESTON, Ont.-BOND OFFERING.
Oct. 29 for $126,015 34 5% improvement bonds. Due in 20 annual installments.
FINANCIAL
NEW LOANS
NOTICE OF BOND ISSUE AND
SALE BY
The Village of Melrose
Curry County, New Mexico
$500,000
Exempt
From Federal Income Taxes
5Y2%
Municipal Trust
Ownership Certificates
Secured by
Tax Liens on Improved Property
St. Louis, Mo.
Oklahoma City, Okla.
To Yield 5.50%
HERBERT C.HELTER &CO.
INCORPORATED
Sixty Wall Street
New York
Tel. Hanover 0267
We Specialize in
City of Philadelphia
•
38
3 s
2
1
/
4s
41/0
/8
41 2
5s
51
As
5
%8
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
•
PUBLIC NOTICE IS HEREBY GIVEN
that the Board of Trustees of the Village of Melrose, In the County of Curry and State of New
Mexico, intend to issue, negotiate and sell
negotiable coupon bonds of said village in the
amount of Forty-five thousand Dollars ($45.000.00), or so much thereof as may be necessary.
for the purpose of securing funds for the construction of a system for supplying water for
the said Village of Melrose.
Said bonds will bear date of November 1st,
1926. and will be redeemable at the option of said
village ten years after date and absolutely due
and payable thirty years after date, bearing
interest at the rate of five and one-half (531%)
per centum or six (6%) per centum per annum.
payable semi-annually, and consisting of fortyfive bonds in the denomination of One Thousand
Dollars ($1,000.00) each, said bonds, principal
and interest, being payable at the banking House
of Kountze Brothers. In the City of New York.
U. S. A.
The Board of Trustees of the said Village of
Melrose, New Mexico, Invite bids for said bonds.
and all bids shall be sent to the Clerk of the
said Village of Melrose, New Mexico. on or
before 2:00 o'clock P.M.the 1st day of November,
A. D. 1926. The Board reserves the right to
reject any and all bids offered. All bids are
to be accompanied by an unconditional certified
check on a National Bank, for $2,000.00. which
check is to be forfeited in case said bidder refuses
to comply with the terms of the purchase contract.
The Bonds are to be sold by the Board of
Trustees of said Village for cash to the highest
and best responsible bidder and in no case for
less than their par value and accrued Interest,
to date of delivery.
THE BOARD OF TRUSTEES OF THE
VILLAGE OF MELTICIE, NEW MEXICO.
(SEAL) By GEORGE 0. CARVER, Mayor.
ATTEST:
0. DAVIS, Village Clerk.
Jerome B. Sullivan
FOREIGNC
GOVERNMENT IE O•
MUNICIPAL &
R.R. BONDS
42 BROADWAY - NEW YORK
Members New York Curb Market
Direct Private Wires to Boston. Chicago.
Detroit, Montreal. Toronto. Cleveland,
Pittsburgh, Columbia and Findlay. Ohio.
Orders executed in all markets
No margin accounts accepted
HENDERSON
HELM & CO., Inc.
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Rubber Exchange
of Net, York.
Rubber Exchange
Clearing House.
Crude Rubber
Rubber Futures
Weekly Market Letter
upon reque8I
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New York
Phone BOWLING GREEN 6101
USE AND CONSULT
The Financial Chronicle
Classified Department
(Opposite Inside Back Cover)
2298
[VoL. 123.
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CHICAGO, ILL.
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Inquiries solicited on Chicago
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INVESTMENT SECURITIES
CORPORATION BONDS
GARARD & CO.
Municipal, Government &
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Charles A. Parcells & Co
ALABAMA
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Chicago Board of Trade
Joel Stockard Sc, Co., Inc.
ST. LOUIS
Member St. Louis Stock Exchange
CHICAGO
A. 0. Slaughter & Co.
314-18 Dime Bank Bldg.
DETROIT
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Merchants-Laclede Bldg.
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J. D. CURRIE
& CO.
Members Detroit Stock Exchange
Penobscot Bldg. • DETROIT • Cherry Il600
POTTER, KAUFFMAN & CO.
OAGLAI..LUM
39 So. La Salle St.
Rapids
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509 OLIVE ST.,
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CLEVELAND
Corporation
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MILWAUKEE
DETROIT
EDGAR, RICKER &CO.
East Water & Mason Streetp
MILWAUKEE, WISCONSIN.
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BUFFALO
Founded 1865
A. J. WRIGHT & CO.
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